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CITY OF MONTE VISTA, COLORADO
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<br /> NOTES TO THE BASIC FINANCIAL STATEMENTS
<br /> December 31, 2011
<br /> Depreciation expense was charged to the functions/programs of the primary government as follows:
<br /> Governmental activites:
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<br /> General Government $ 144,401
<br /> Public Safety 62,062
<br /> IHealth and Welfare 2,619
<br /> Highways and Streets 188,028
<br /> Culture and Recreation 128,175
<br /> Urban Development 11,152
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<br /> Leased Buildings 28,279
<br /> Total depreciation expense-governmental activities $ 564,716
<br /> Business-type activities:
<br /> City Service Utility $ 135,786
<br /> Wastewater Treatment Facility 9,958
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<br /> Leased Buildings 1,922
<br /> Total depreciation expense-business-type activities $ 147,666
<br /> NOTE 6 PREPAID WATER STORAGE EXPENSE I
<br /> The City entered into a contract with San Luis Valley Irrigation District in September 2010 for a 30 year lease of I
<br /> water storage in the amount of$630,000. A$100,000 installment was paid in 2010 and the remainder will be paid
<br /> before the end of 2012. The prepaid amount will be recognized as expense over the life of the lease in equal
<br /> amounts of$21,000 per year beginning in 2011.As of December 31,2011 the balance of prepaid water storage
<br /> expense is $79,000.
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<br /> NOTE 7 OPERATING LEASES I
<br /> The City has entered into an operating lease arrangement for several copy machines. Rental Expense for the
<br /> operating lease for the year ended December 31, 2011 was approximately$5,826.
<br /> NOTE 8 LONG-TERM LIABILITIES I
<br /> Changes in Long-term Liabilities
<br /> Balance Balance Due Within
<br /> 12/31/2010 Additions Deletions 12/31/2011 One Year
<br /> Governmental activities:
<br /> Bonds Payable $ 3,375,000 $ - $ 125,000 $ 3,250,000 $ 130,000
<br /> Capital Leases Payable - 235,475 50,662 184,813 43,810
<br /> Bond Issuance Costs 30,960 - 1,720 29,240 1,720
<br /> Compensated Absences 154,307 - 7,948 146,359 15,251
<br /> Governmental activities $ 3,560,267 $ 235,475 $ 185,330 $ 3,610,412 $ 190,781 1
<br /> Business-type activities:
<br /> Notes Payable $ 1,109,161 $ 400,000 $ 51,882 $ 1,457,279 $ 60,910
<br /> Debt Issuance Costs 14,932 - 1,300 13,632 1,300
<br /> Compensated Absences 92,900 - 38,178 54,722 -
<br /> Business-type activities $ 1,216,993 $ 400,000 $ 91,360 $ 1,525,633 $ 62,210
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