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ELK RIVER MUNICIPAL UTILITIES
<br /> ELK RIVER,MINNESOTA
<br /> STATEMENT OF NET ASSETS
<br /> DECEMBER 31, 2003 AND 2002
<br /> 2003
<br /> Electric Water Total
<br /> ASSETS
<br /> CURRENT ASSETS
<br /> Cash and temporary investments $ 1,720,812 $ 3,233,474 $ 4,954,286
<br /> Receivables
<br /> Accrued interest 24,758 24,758 49,516
<br /> Accounts 1,065,683 65,057 1,130,740
<br /> Other receivables 103,057 44,049 147,106
<br /> Due from other city fund - - -
<br /> Due from other governments 137,313 - 137,313
<br /> Inventories 706,324 34,486 740,810
<br /> Prepaid expenses 14,110 4,703 18,813
<br /> TOTAL CURRENT ASSETS 3,772,057 3,406,527 7,178,584
<br /> CAPITAL ASSETS
<br /> Production 5,537,170 8,554,828 14,091,998
<br /> Transmission 453,005 - 453,005
<br /> Distribution 20,747,671 15,533,926 36,281,597
<br /> General 5,208,228 663,965 5,872,193
<br /> Construction in progress 6,399 9,673 16,072
<br /> CAPITAL ASSETS,COST 31,952,473 24,762,392 56,714,865
<br /> LESS ACCUMULATED DEPRECIATION (11,033,606) (3,803,343) (14,836,949)
<br /> TOTAL FIXED ASSETS,NET 20,918,867 20,959,049 41,877,916
<br /> OTHER ASSETS
<br /> Special assessments receivable - - -
<br /> Unamortized bond discount - 128,818 128,818
<br /> TOTAL OTHER ASSETS - 128,818 128,818
<br /> TOTAL ASSETS $ 24,690,924 $ 24,494,394 $ 49,185,318
<br /> See Notes To Financial Statements.
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