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CITY OF ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2003 <br /> <br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED <br /> <br />The City's investments are categorized above to give an indication of the level of custodial credit risk assumed at year- <br />end. Category 1 includes investments that are insured or registered or for which the securities are held by the City or its <br />agent in the City's name. Category 2 includes uninsured and unregistered investments for which the securities are held <br />by the counterparty's trust department or agent in the City's name. Category 3 includes uninsured and unregistered <br />investments for which the securities are held by the counterparty or by its trust department or agent but not in the City's <br />name. <br /> <br />B. Deferred Revenue <br /> <br />Governmental funds report deferred revenue in connection with receivables for revenues that are not considered to be <br />available to liquidate liabilities of the current period. Governmental funds also defer revenue recognition in connection <br />with resources that have been received, but not yet earned. At the end of the current fiscal year, the various components <br />of deferred revenue and unearned revenue reported in the governmental funds were as follows: <br /> <br />Unavailable Unearned <br /> <br />Delinquent property taxes receivable: <br /> General Fund <br /> Improvement Bonds <br /> Nonmajor Funds <br /> <br />$ 77,936 $ <br />987 <br />23,424 <br /> <br />Delinquent special assessments: <br /> Improvement Bonds <br /> Nonmajor Funds <br /> <br />Special assessments not yet due: <br /> Improvement Bonds <br /> Nonmajor Funds <br /> <br />Notes receivable not yet due: <br /> Nonmajor Funds <br /> <br />66,624 <br />145,146 <br /> <br />4,955,011 <br />1,778,677 <br /> <br />262,741 <br /> <br />Unearned miscellaneous fees: <br /> General Fund <br /> Nonmajor Funds <br /> <br />Total deferred/unearned revenue for governmental funds <br /> <br />C. Capital Assets <br /> <br />21,500 <br />14,000 <br /> <br />$ 7.310.54~6 $ 35:500 <br /> <br />In accordance with GASB Statement No. 34, the City has reported all capital assets including infrastructure in the <br />government-wide statement of net assets. Adjustments due to restatement represent the changes due to implementation <br />of GASB Statement No. 34 and a policy change related to capitalization thresholds. Capital asset activity for the year <br />ended December 31, 2003 was as follows: <br /> <br />43 <br /> <br /> <br />