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CITY OF ELK RIVER, MINNESOTA
<br />STATEMENT OF NET ASSETS
<br />DECEMBER 31, 2006
<br />Primary Government
<br />GovernmentalBusiness-typeComponent
<br />ActivitiesActivitiesTotalUnit - HRA
<br />ASSETS
<br />Cash and investments$ 27,879,096$ 12,122,459$ 40,001,555$ 171,932
<br />Restricted cash and investments - 445,900 445,900 -
<br />Cash with fiscal agent 538,007 - 538,007 -
<br />Receivables (net):
<br /> Interest 135,727 95,517 231,244 -
<br /> Taxes 415,397 - 415,397 10,527
<br /> Accounts 698,413 1,781,269 2,479,682 1,012
<br /> Special assessments 5,327,725 - 5,327,725 -
<br /> Notes 559,290 - 559,290 400,000
<br />Due from other governments 215,753 23,523 239,276 -
<br />Due from primary government - - - 355,052
<br />Internal balances 215,246 (215,246) - -
<br />Inventories - 2,246,561 2,246,561 -
<br />Prepaid items 57,199 59,953 117,152 -
<br />Deferred charges - 219,189 219,189 -
<br />Property held for resale - - - 720,000
<br />Capital assets:
<br /> Nondepreciable 39,759,682 3,030,587 42,790,269 -
<br /> Depreciable (net) 61,611,987 73,771,962 135,383,949 -
<br /> Total assets 137,413,522 93,581,674 230,995,196 1,658,523
<br />LIABILITIES
<br />Accounts payable 1,255,278 1,605,787 2,861,065 3,353
<br />Salaries payable 132,875 25,951 158,826 975
<br />Due to other governments 187,322 88,449 275,771 -
<br />Due to component unit 355,052 - 355,052 -
<br />Accrued interest payable 228,457 237,977 466,434 -
<br />Unearned revenue 370,824 1,049 371,873 -
<br />Non-current liabilities:
<br /> Due within one year 2,091,095 1,441,628 3,532,723 43,964
<br /> Due in more than one year 17,327,658 16,265,156 33,592,814 460,036
<br /> Total liabilities 21,948,561 19,665,997 41,614,558 508,328
<br />NET ASSETS
<br />Invested in capital assets,
<br /> net of related debt 82,663,610 59,410,729 142,074,339 -
<br />Restricted for:
<br /> Debt service 2,842,412 445,900 3,288,312 -
<br /> Landfill mitigation 1,950,625 - 1,950,625 -
<br />Unrestricted 28,008,314 14,059,048 42,067,362 1,150,195
<br /> Total net assets$115,464,961$73,915,677$189,380,638$1,150,195
<br />The notes to the financial statements are an integral part of this statement.
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