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BALANCE SHEET <br />NLY 2010 Page: 1 <br />CITY OF ELK RIVER <br />As of: 07/31/2010 Balances <br />Fund Type: CU Component Unit <br />Fund: 910 - HRA <br />Assets <br />Acct Class: 1000 Current Assets <br />1010 Cash 718,386.83 <br />1190 Notes Receivable 400,000.00 <br />1310 Due From Other Funds 309,718.11 <br />Acct Class: 1000 Current Assets 1,428,104.94 <br />Acct Class: 1600 Capital Assets <br />1620 Buildings & Structures 720,000.00 <br />Acct Class: 1600 Capital Assets 720,000.00 <br />Total Assets 2,148,104.94 <br />Liabilities <br />Acct Class: 2000 Current Liabilities <br />Building Purchase (non-current liability)** 167,126.17 <br />Acct Class: 2000 Current Liabilities 167,126.17 <br />Total Liabilities 167,126.17 <br />Reserves/Balances <br />Acct Class: 2400 Fund Equity <br />2400 Fund Balance 1,971,086.00 <br />2600 Change In Fund Balance 9,892.77 <br />Acct Class: 2400 Fund Equity 1,980,978.77 <br />Total Reserves/Balances 1,980,978.77 <br />Total Liabilities & Balances 2,148,104.94 <br />** =The City's financial system is on the modified accrual basis of accountingand the current financial resources measurement focus. <br />"Government funds, with their focus on current financial resources, do not report liabilities for the following. Unmatured principal and interest <br />of long-term debt" (GAAFR, page 174). T`he City records long-term debt related liabilities as part of the GASB 34 conversion entries and will <br />show up on your year-end accrual statements. What finance will do is manually insert the long-term liability in your balance sheet to more <br />closely reflect accrual accounting. <br />