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ELK RIVER MUNICIPAL UTILITIES
<br />ELK RIVER, MINNESOTA
<br />STATEMENTS OF NET ASSETS
<br />DECEMBER 31, 2008 AND 2007
<br />2008
<br />ASSETS
<br />CURRENT ASSETS
<br />Cash and temporary investments
<br />Cash with escrow agent
<br />Receivables
<br />Accrued interest
<br />Accounts, net of allowance
<br />Special assessments
<br />Other receivables
<br />Due from other City fund
<br />Due from other governments
<br />Inventories
<br />Prepaid expenses
<br />TOTAL CURRENT ASSETS
<br />Electric Water Total
<br />$ 3,908,552 $ 1,935,458 $ 5,844,010
<br />- 2,592,096 2,592,096
<br />27,557 9,188 36,745
<br />1,983,269 230,436 2,213,705
<br />- 1,018 1,018
<br />39,919 57,354 97,273
<br />- 128,850 128,850
<br />3,161 - 3,161
<br />1,329,459 31,611 1,361,070
<br />61,628 8,687 70,315
<br />7,353,545 4,994,698 12,348,243
<br />CAPITAL ASSETS
<br />Land 200,236 81,539 281,775
<br />Land improvements 63,147 - 63,147
<br />Buildings 2,725,341 738,145 3,463,486
<br />Equipment and machinery 3,783,851 334,493 4,118,344
<br />Infrastructure 42,873,557 30,401,283 73,274,840
<br />Construction in progress 144,499 51,106 195,605
<br />CAPITAL ASSETS, COST
<br />LESS ACCUMULATED DEPRECIATION
<br />49,790,631 31,606,566 81,397,197
<br />(19,975,453) (8,085,680) (28,061,133)
<br />TOTAL CAPITAL ASSETS, NET
<br />OTHER ASSETS
<br />Restricted cash
<br />Unamortized bond discount
<br />TOTAL OTHER ASSETS
<br />TOTAL ASSETS
<br />29,815,178 23,520,886 53,336,064
<br />724,500 - 724,500
<br />128, 894 124,941 253, 83 5
<br />853,394 124,941 978,335
<br />38,022,117 28,640,525 66,662,642
<br />The notes to the financial statements are an integral part of this statement.
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