7998-R1_ML&P_Hollis_2020-2021_AnnualReport_Web

TOWN OF HOLLIS, MAINE NOTES TO FINANCIAL STATEMENTS JUNE 30, 2021

NOTE 5 - CAPITAL ASSETS The following is a summary of changes in capital assets for the year ended June 30, 2021:

Balance, 7/1/20 (Restated)

Disposals/ Transfers

Balance, 6/30/21

Additions

Non-depreciated assets: Land Construction in progress

$

268,063

$

-

$

- - -

$

268,063 25,539 293,602

-

25,539 25,539

268,063

Depreciated assets: Land improvements

75,250

75,250

Buildings and improvements Machinery and equipment

2,074,220 624,059 1,646,510 12,169,335 16,589,374 (6,513,514) 10,075,860 10,343,923 $

-

(1,000)

2,073,220 658,349 1,383,273 12,551,061 16,741,153 (6,783,368) 9,957,785 10,251,387 $

173,545

(139,255) (263,237) (403,492) 281,700 (121,792) -

Vehicles

-

Infrastructure

381,726 555,271 (551,554)

Less: accumulated depreciation

3,717 29,256

Net capital assets

$

(121,792) $

Current year depreciation: General government

$

34,510 86,476 422,721

Public safety Public works Recreation

7,847

Total depreciation expense

$

551,554

NOTE 6 - LONG-TERM DEBT A summary of changes in the long-term debt for the year ended June 30, 2021 is as follows:

Balance,

Balance, 6/30/21

Current Portion

7/1/20

Additions Deletions

Bond payable

2,700,000 $

$

-

(300,000) $

2,400,000 $

300,000 $

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