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ELK RIVER MUNICIPAL UTILITIES
<br /> ELK RIVER,MINNESOTA
<br /> STATEMENT OF NET ASSETS-CONTINUED
<br /> DECEMBER 31,2003 AND 2002
<br /> 2003
<br /> Electric Water Total
<br /> LIABILITIES AND NET ASSETS
<br /> CURRENT LIABILITIES
<br /> Accounts payable $ 710,553 $ 188,011 $ 898,564
<br /> Salaries and benefits payable 213,510 58,520 272,030
<br /> Accrued interest 32,850 118,827 151,677
<br /> Due to other city fund 215,976 150,085 366,061
<br /> Due to other governments 6,264 - 6,264
<br /> Notes payable-current portion 122,484 - 122,484
<br /> Bonds payable- current portion 166,250 1,353,750 1,520,000
<br /> TOTAL CURRENT LIABILITIES 1,467,887 1,869,193 3,337,080
<br /> LONG-TERM LIABILITIES
<br /> Notes payable,less current portion 2,652,940 - 2,652,940
<br /> Bonds payable, less current portion 1,605,000 6,535,000 8,140,000
<br /> TOTAL LONG TERM LIABILITIES 4,257,940 6,535,000 10,792,940
<br /> TOTAL LIABILITIES 5,725,827 8,404,193 14,130,020
<br /> NET ASSETS
<br /> Invested in capital assets net of related debt 16,372,193 13,070,299 29,442,492
<br /> Unrestricted 2,592,904 3,019,902 5,612,806
<br /> TOTAL NET ASSETS 18,965,097 16,090,201 35,055,298
<br /> TOTAL LIABILITIES AND NET ASSETS $ 24,690,924 $ 24,494,394 $ 49,185,318
<br /> See Notes To Financial Statements.
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