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4. TEMPORARY INVESTMENTS (Continued) <br /> Concentration of Credit Risk <br /> The Authority's investment policy places no limit on the amount the government may invest in <br /> any one issuer. At September 30, 2010, the Authority's investment portion consisted of the <br /> following investments: <br /> Percentage of <br /> Investment Type Total Portfolio <br /> Federal Home Loan Bank 100.00% <br /> Credit Risk <br /> Federal Home Loan Bank notes were rated AAA by Standard & Poor's. <br /> All credit ratings met acceptable levels required by legal guidelines prescribed in both the PFIA <br /> and the Authority's investment policy. <br /> 5. CAPITAL ASSETS <br /> An analysis of changes in physical facilities for the year ended September 30, 2010, follows: <br /> Retirements <br /> Beginning and Ending <br /> Balance Additions Adjustments Balance <br /> Capital assets, not being depreciated: <br /> Construction in progress $ 123,680 $ - $ - $ 123,680 <br /> Total capital assets, not being depreciated 123,680 - - 123,680 <br /> Capital assets, being depreciated: <br /> Water production and distribution system 15,312,130 - - 15,312,130 <br /> Less accumulated depreciation for: <br /> Water production and distribution system ( 6,775,999) ( 461,171) - ( 7,237,170) <br /> Total capital assets, being depreciated net 8,536,131 ( 461,171) - 8,074,960 <br /> Investment in capital assets from: <br /> Contributions by participations $ 8,659,811 $( 461,171) $ $ 8,198,640 <br /> Depreciation expense of $461,171 charged to water services function/program. <br /> 13 <br />