Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Notes to Basic Financial Statements, Continued
For the fiscal year ended June 30, 2008
(7) CAPITAL ASSETS
Capital assets activity for the primary government for year ended June 30, 2008 is as follows:
Balance at
July 1, 2007
as restated
Increases
Decreases
(1)
Transfers
(1)
Balance at
June 30, 2008
Governmental activities:
Capital assets, not being depreciated:
Land $ 112,070,378 33,170,130 — — 145,240,508
Land held under easement 72,066,823 171,000 — — 72,237,823
Construction in progress 23,236,388 25,005,482 (395,836) (4,539,297) 43,306,737
Total capital assets, not being depreciated 207,373,589 58,346,612 (395,836) (4,539,297) 260,785,068
Capital assets, being depreciated:
Buildings 237,269,287 1,406,215 (1,138,561) 16,317,332 253,854,273
Improvements other than buildings 91,707,172 1,022,537 (1,431,384) (14,104,263) 77,194,062
Utility Systems 3,575,000 173,272 — 1,450,296 5,198,568
Machinery and equipment 33,886,085 902,973 (2,071,710) 323,932 33,041,280
Infrastructure 323,765,332 740,984 (281,488) 552,000 324,776,828
Total capital assets being depreciated 690,202,876 4,245,981 (4,923,143) 4,539,297 694,065,011
Less accumulated depreciation for:
Buildings (32,467,630) (6,333,244) 737,123 (5,167,548) (43,231,299)
Improvements other than buildings (41,025,352) (2,855,140) 927,544 5,236,514 (37,716,434)
Utility Systems (128,104) (75,212) — — (203,316)
Machinery and equipment (20,785,144) (2,653,517) 1,987,996 (106,796) (21,557,461)
Infrastructure (117,121,989) (10,225,240) 112,442 37,830 (127,196,957)
Total accumulated depreciation (211,528,219) (22,142,353) 3,765,105 — (229,905,467)
Total capital assets, being depreciated, net 478,674,657 (17,896,372) (1,158,038) 4,539,297 464,159,544
Subtotal governmental activities 686,048,246 40,450,240 (1,553,874) — 724,944,612
Business-type activities:
Capital assets, not being depreciated:
Land 69,634,413 3,000,000 — — 72,634,413
Construction in progress 30,426,373 23,500,964 (248,616) (10,793,760) 42,884,961
Total capital assets, not being depreciated 100,060,786 26,500,964 (248,616) (10,793,760) 115,519,374
Capital assets, being depreciated:
Buildings 59,279,645 554,779 (2,550,181) 10,656,602 67,940,845
Improvements other than buildings 35,934,110 857,487 (2,445,906) (11,124,431) 23,221,260
Machinery and equipment 114,251,058 9,995,639 (753,603) 2,938,661 126,431,755
Infrastructure 254,442,114 2,423,254 (589,281) 8,322,928 264,599,015
Total capital assets being depreciated 463,906,927 13,831,159 (6,338,971) 10,793,760 482,192,875
Less accumulated depreciation for:
Buildings (19,929,030) (2,703,645) 1,616,326 (7,406,751) (28,423,100)
Improvements other than buildings (27,293,493) (599,403) 2,351,384 8,896,819 (16,644,693)
Machinery and equipment (64,255,270) (14,515,779) 585,598 (1,490,068) (79,675,519)
Infrastructure (48,849,467) (7,317,052) 212,407 — (55,954,112)
Total accumulated depreciation (160,327,260) (25,135,879) 4,765,715 — (180,697,424)
Total capital assets, being depreciated, net 303,579,667 (11,304,720) (1,573,256) 10,793,760 301,495,451
Subtotal business-type activities 403,640,453 15,196,244 (1,821,872) — 417,014,825
Total $ 1,089,688,699 55,646,484 (3,375,746) — 1,141,959,437
(1) In FY07-08, as a result of a review of assets categorized as improvements, certain assets were reclassified
between category types and assets that did not meet the capitalization thresholds were disposed.
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