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BALANCE SHEET <br /> Page: 1 <br />SEPTEMBER 2008 <br />CITY OF ELK RIVER <br />As of: 09/30/2008 Balances <br />Fund Type: CU Component Unit <br />Fund: 910 - HRA <br />Assets <br />Acct Class: 1000 Current Assets <br />1010 Cash 381,256.90 <br />1190 Notes Receivable 400,000.00 <br />1310 Due From Other Funds 420,368.79 <br />Acct Class: 1000 Current Assets 1,201,625.69 <br />Acct Class: 1600 Capital Assets <br />1620 Buildings & Structures 720,000.00 <br />Acct Class: 1600 Capital Assets 720,000.00 <br />Total Assets 1,921,625.69 <br />Liabilities <br />Acct Class: 2000 Current Liabilities <br />Building Purchase (non-current liability)** 355,668.54 <br />Acct Class: 2000 Current Liabilities 355,668.54 <br />Total Liabilities 355,668.54 <br />ReservesBalances <br />Acct Class: 2400 Fund Equity <br />2400 Fund Balance 1,535,755.79 <br />2600 Change In Fund Balance 30,201.36 <br />Acct Class: 2400 Fund Equity 1,565,957.15 <br />Total Reserves/Balances 1,565,957.15 <br />Total Liabilities & Balances 1,921,625.69 <br />** =The City's financial system is on the modified accrual basis of accounting and the current financial resources measurement focus. <br />"Government funds, with their focus on current financial resources, do not report liabilities for the following. Unmatured principal and interest <br />of long-term debt" (GAAFR, page 174). The City records long-term debt related liabilities as part of the GASB 34 conversion entries and will <br />show up on your year-end accrual statements. What finance will do is manually insert the long-term liability in your balance sheet to more <br />closely reflect accrual accounting. <br />