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BALANCESE~T YT ~®~m <br /> Page: 1 <br />JULY 2D09 <br />CITY OF ELK RIVER <br />As of; 7131120D9 Balances <br />Fund Type; CU Component Unit <br />Fund; 910 ~ HRA <br />Assets <br />Acct Class; 1 DOD Current Assets <br />1010 Cash 546,918.33 <br />1194 Notes Receivable 400,000.00 <br />13 l D Due Fram Other Funds 369,125,92 <br />Acct Class; 1000 Current Assets 1,31b,044.25 <br />Acct Class. 160D Capital Assets <br />1624 Buildings & Structures 720,000.00 <br />Acct Class; 1600 Capital Assets 72D,OO0,DD <br />Total Assets 2,036,044,25 <br />Liabilities <br />Acct Class; 2DOD Current Liabilities <br />Building Purchase anon-current liability}~`~ 320,070.29 <br />Acct Class; 200D Current Liabilities 320,D70.29 <br />Total Liabilities 320,070,29 <br />ReserveslBalances <br />Acct Class; 2400 Fund Equity <br />2400 Fund Balance 1,694,608.89 <br />2G00 Change In Fund Balance 21,365.07 <br />Acct Class; 2400 Fund Equity 1,715,973,96 <br />Total ReserveslBalances 1,715,973,96 <br />Total Liabilities & Balances 2 036 044,25 <br />~~ =The City's f nancial system is on the ma~'tfiea' accrual basis of accounting and the cz~rrent~nancial resources measurement focus, <br />"Govea'nment funds, with their focus an current financial resources, da not report liabilities far the following. Unmatured pc'incipal 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 yauryear-end accrual statements. What f Hance will do is manually insert the long-term liability in your balance sheet to mare <br />closely reflect accrual accounting. <br />