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<br />CITY OF ORONO, MINNESOTA
<br />Notes to Financial Statements (continued)
<br />December 31,1996
<br />NOTE 3 - PROPERTY, PLANT, AND EQUIPMENT
<br />A. Changes in General Fixed Assets
<br />Balance
<br />Beginning
<br />of Year Additions Deletions
<br />Balance
<br />End
<br />of Year
<br />—>Land and improvements $ 1,250,680 $ 303,528 $$ 1,554,208
<br />Buildings and improvements 3,205,130 -—3,205,130
<br />Equipment 1,355,565 193,601 53,973 1,495.193
<br />$ 5,811,375 $ 497,129 $53,973 $ 6.254.531
<br />B. Proprietary Fund Type Property, Plant, and Equipment
<br />(Golf
<br />Water Sewer Course
<br />Operating Operating Operating Total
<br />i Land and improvements $ 57,132 $ 16,654 $127,977 $ 201.763
<br />Buildings and improvements 756,594 31,014 51,550 839,158
<br />•-7 Equipment 77,843 71,879 116,942 266,664JDistribution/collection system 2,083,535 8,582,393 10,665,928
<br />Work in progress -86,497 *86.497
<br />2,975,104 8,788,437 296,469 12,060,010
<br />Less accumulated depreciation 966.854 2,809.380 71,207 3.847.441
<br />$ 2,008,250 $ 5,979,057 $225,262 $ 8,212,569
<br />NOTE 4 - DEFERRED CREDITS AND REVENUE
<br />A. Contract for Deed
<br />The City sold a section of land to a homeowners’ association on a contract for deed in February 1984. The
<br />sales price of $100,000 will oe received in equal quarterly payments over a 15-year period, without
<br />interest. At December 31,1996, the remaining balance of $5,560 on the contract for deed is recorded as
<br />deferred revenue in the General Fund until collected and available to finance current operations.
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