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ELK RIVER MUNICIPAL UTILITIES
<br />ELK RIVER, MINNESOTA
<br />STATEMENTS OF NET ASSETS -CONTINUED
<br />DECEMBER 31, 2011 AND 2010
<br /> Electric
<br /> 2011 2010
<br />CURRENT LIABILITIES
<br />Accounts payable $ 2,042,190 $ 1,864,669
<br />Salaries and benefits payable 74,499 71,655
<br />Accrued interest payable 103,131 111,260
<br />Due to other City funds 400,105 382,538
<br />Due to other governments 193,408 122,278
<br />Customer deposits payable 334,508 273,537
<br />Unearned revenue _ _
<br />Compensated absences -current portion 92,925 1 13,845
<br />Notes payable -current portion 183,444 182,436
<br />Bonds payable -current portion 559,000 548,000
<br />TOTAL CURRENT LIABILITIES 3,983,210 3,670,218
<br />NON-CURRENT LIABILITIES
<br />Net other postemployment benefits liability 35,759 30,096
<br />Compensated absences -less current portion 122,1 19 100,788
<br />Notes payable -less current portion 1,979,438 2,162,882
<br />Bonds payable, net -less current portion 5,927,922 6,483,597
<br />TOTAL NON-CURRENT LIABILITIES 8,065,238 8,777,363
<br />TOTAL LIABILITIES 12,048,448 12,447,581
<br />NET ASSETS
<br />Invested in capital assets, net of related debt 18,250,260 18,411,908
<br />Restricted for debt service 724,500 724,500
<br />Unrestricted 8,741,345 7,257,689
<br />TOTAL NET ASSETS _$ 27,716,105 $ 26,394,097
<br />The notes to the financial statements are an integral part of this statement.
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