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CITY OF ELK RIVER, MINNESOTA
<br />STATEMENT OF NET ASSETS
<br />PROPRIETARY FUNDS
<br />DECEMBER 31, 2006
<br />Municipal LiquorGarbage
<br />Current YearPrior YearCurrent YearPrior Year
<br />ASSETS
<br />Current assets:
<br /> Cash and investments$ 2,277,746$ 1,681,215$ 192,402$ 92,631
<br /> Restricted cash and investments - - - -
<br /> Cash with fiscal agent - - - -
<br /> Receivables:
<br /> Interest 11,801 5,770 997 318
<br /> Accounts 1,566 2,613 12,165 9,464
<br /> Due from other governments - - - -
<br /> Due from other funds - - 93,848 89,956
<br /> Inventories 856,147 801,734 - -
<br /> Prepaid items 4,500 4,514 - -
<br /> Total current assets 3,151,760 2,495,846 299,412 192,369
<br />Noncurrent assets:
<br /> Deferred charges 3,345 3,758 - -
<br /> Capital assets:
<br /> Nondepreciable 823,761 823,761 - -
<br /> Depreciable 3,269,095 3,242,829 - -
<br /> Accumulated depreciation (952,285) (811,031) - -
<br /> Total capital assets 3,140,571 3,255,559 - -
<br /> Total noncurrent assets 3,143,916 3,259,317 - -
<br /> Total assets 6,295,676 5,755,163 299,412 192,369
<br />LIABILITIES
<br />Current liabilities:
<br /> Accounts payable 406,471 418,712 114,875 82,549
<br /> Salaries payable 8,901 9,287 111 31
<br /> Due to other governments - - - -
<br /> Due to other funds - - - -
<br /> Deferred revenue 1,049 556 - -
<br /> Accrued interest 22,500 31,500 - -
<br /> Compensated absences payable - current 22,602 20,216 - -
<br /> Notes payable - current - - - -
<br /> Bonds payable - current 50,000 - - -
<br /> Total current liabilities 511,523 480,271 114,986 82,580
<br />Noncurrent liabilities:
<br /> Compensated absences payable 18,656 15,889 - -
<br /> Notes payable - - - -
<br /> Bonds payable 1,150,000 1,200,000 - -
<br /> Total noncurrent liabilities 1,168,656 1,215,889 - -
<br /> Total liabilities 1,680,179 1,696,160 114,986 82,580
<br />NET ASSETS
<br />Invested in capital assets, net of related debt 1,940,571 2,055,559 - -
<br />Restricted for debt service - - - -
<br />Unrestricted 2,674,926 2,003,444 184,426 109,789
<br /> Total net assets$ 4,615,497$ 4,059,003$ 184,426$ 109,789
<br />The notes to the financial statements are an integral part of this statement.
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