Activity for the Communications Utility for the year ended December 31,2012 was as follows: Beginning
Capital assets, not being depreciated: Construction in progress Total capital assets, not being depreciated
Capital assets, being depreciated Machinery and equipment lnfrastructure Total capital assets, being depreciated
Less accumulated depreciation Machinery and equipment lnfrastructure Total accumulated depreciation
Total capital assets, being depreciated, net
Com m unications U tility capital assets, net
Balance lncreases Decreases Balance Ending
$ 1,273,710 $ 7,382,169 $ 7,245,470 $ 1,410,409 s 1,273,710 $ 7,382,169 $ 7,245,470 $ 1,410,409
$ 385,777 32,084,505
$ 18,861,591 $ 1,204,555 3,026,616 17,906,062
$ 18,042,81 3 17,205,059
$ 32,470,282 $ 21,888,207 $ 19,110,617 $ 35,247,872
$ 259,923 $ I,394,732
21,333 $ 2,269,939 78,575 $ 4,436,295
202,681 7,228,376
$ 9,654,655 $ 2,291,272 $ 4,514,870 $ 7,431,058 $ 22,815,627 $ 19,596,935 $ 14,595, 747 * S 27.816,814
$ 24,089,337 $ 26,979,104 $ 21,841,217 $ 29,227,223
"Cedar Falls Utilities uses FERC utility accounting which allows for depreciation calculated using the composite straight-line method. Under this method it is common for accumulated depreciation deletions to exceed the cost removed.
D. Leases Sartori Memorial Hospital
On January 1, 1997, the operations of Sartori Memorial Hospital (Hospital) were sold to Covenant Health Systems, lnc. As part of this sale, the City entered into a lease agreement with Sartori Memorial Hospital, lnc. (SMH), whereas the City will lease to SMH the land and buildings owned by the City and used in the Hospital's operations. The initial term of the lease shall be for a period of 25 years, with variable lease payments each year. The lease may be extended for up to three additional terms, with each additional term being for a period of five years. At the termination of this lease, Covenant Health Systems, lnc. will also pay to the City an amount of $660,378, which represents the liability arising from accrued vacation of Hospital personnel as of December 31, 1996. The present value of this liability as of June 30, 2013, is recorded as a receivable and deferred revenue in the Hospital Fund in the amount of $543,459.
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