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ITEM # 3.3. <br />BALANCE SHEET <br /> Page: 1 <br />OCTOBER 2007 11 /5/2007 <br />CITY OF ELK RIVER 6:49 PM <br />As of: 10/31/2007 Balances <br />Fund Type: CU Component Unit <br />Fund: 910 - HRA <br />Assets <br />Acct Class: 1000 Current Assets <br />1010 Cash 209,239.09 <br />1190 Notes Receivable 400,000.00 <br />1310 Due From Other Funds 325,825.47 <br />Acct Class: 1000 Current Assets 935,064.56 <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 1,655,064.56 <br />Liabilities <br />Acct Class: 2000 Current Liabilities <br />Building Purchase (non-current liability)** 460,035.82 <br />Acct Class: 2000 Current Liabilities 460,035.82 <br />Total Liabilities 460,035.82 <br />Reserves/Balances <br />Acct Class: 2400 Fund Equity <br />2400 Fund Balance 1,188,725.71 <br />2600 Change In Fund Balance 6,303.03 <br />Acct Class: 2400 Fund Equity 1,195,028.74 <br />Total Reserves/Balances 1,195,028.74 <br />Total Liabilities & Balances 1,655,064.56 <br />** =The City's financial system is on the modified accrual basis of accountingand the currentftnancial 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 />