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CITY OF ELK RIVER, MINNESOTA
<br />STATEMENT OF NET ASSETS
<br />PROPRIETARY FUNDS
<br />DECEMBER 31, 2011
<br />LIABILITIES
<br />Current liabilities:
<br />Accounts payable
<br />Municipal Liquor
<br />Garbage
<br />95,660
<br />105,995
<br />Current Year
<br />Prior Year
<br />Current Year
<br />Prior Year
<br />ASSETS
<br />Due to other governments
<br />62,867
<br />-
<br />-
<br />Current assets:
<br />Due to other funds
<br />-
<br />_
<br />Cash and investments
<br />$ 1,797,477
<br />$ 4,122,226
<br />$ 540,516 $
<br />467,670
<br />Restricted cash and investments
<br />_
<br />_
<br />-
<br />-
<br />Receivables (net):
<br />Compensated absences payable - current
<br />38,328
<br />29,464
<br />Interest
<br />10,274
<br />21,608
<br />2,959
<br />2,290
<br />Accounts
<br />-
<br />-
<br />13,001
<br />12,028
<br />Due from other governments
<br />Total current liabilities
<br />601,817
<br />-
<br />19,312
<br />Due from other funds
<br />-
<br />-
<br />107,723
<br />106,340
<br />Inventories
<br />1,001,736
<br />899,467
<br />-
<br />-
<br />Prepaid items
<br />-
<br />4,678
<br />4,126
<br />-
<br />Total current assets
<br />2,809,487
<br />5,047,979
<br />664,199
<br />607,640
<br />Noncurrent assets:
<br />Bonds payable
<br />570,000
<br />730,000
<br />Deferred charges
<br />1,274
<br />1,688
<br />780,711
<br />-
<br />Capital assets:
<br />Total liabilities
<br />1,229,498
<br />1,300,107
<br />96,609
<br />Nondepreciable
<br />823,761
<br />823,761
<br />Depreciable
<br />3,051,787
<br />3,051,787
<br />1,771,000
<br />-
<br />Accumulated depreciation
<br />(1,347,678)
<br />(1,224,548)
<br />_
<br />-
<br />Total capital assets
<br />2,527,870
<br />2,651,000
<br />4,629,560
<br />567,590
<br />Total noncurrent assets
<br />2,529,144
<br />2,652,688
<br />-
<br />-
<br />Total assets
<br />5,338,631
<br />7,700,667
<br />664,199
<br />607,640
<br />LIABILITIES
<br />Current liabilities:
<br />Accounts payable
<br />305,609
<br />303,366
<br />95,660
<br />105,995
<br />Salaries payable
<br />19,489
<br />18,099
<br />949
<br />826
<br />Due to other governments
<br />62,867
<br />-
<br />-
<br />_
<br />Due to other funds
<br />-
<br />_
<br />Unearned revenue
<br />1,836
<br />1,967
<br />Accrued interest
<br />13,688
<br />16,500
<br />Compensated absences payable - current
<br />38,328
<br />29,464
<br />Notes payable - current
<br />-
<br />-
<br />Bonds payable - current
<br />160,000
<br />150,000
<br />-
<br />-
<br />Total current liabilities
<br />601,817
<br />519,396
<br />96,609
<br />106,821
<br />Noncurrent liabilities:
<br />Compensated absences payable
<br />48,851
<br />46,585
<br />-
<br />-
<br />Net other postemployment benefits obligation
<br />8,830
<br />4,126
<br />Notes payable
<br />-
<br />_
<br />Bonds payable
<br />570,000
<br />730,000
<br />Total noncurrent liabilities
<br />627,681
<br />780,711
<br />-
<br />Total liabilities
<br />1,229,498
<br />1,300,107
<br />96,609
<br />106,821
<br />NET ASSETS
<br />Invested in capital assets, net of related debt
<br />1,797,870
<br />1,771,000
<br />-
<br />-
<br />Restricted for debt service
<br />_
<br />_
<br />-
<br />-
<br />Unrestricted
<br />2,311,263
<br />4,629,560
<br />567,590
<br />500,819
<br />Total net assets
<br />$ 4,109,133
<br />$ 6,400,560
<br />$ 567,590
<br />$ 500,819
<br />The notes to the financial statements are an integral part of this statement.
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