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BALANCE SHEET ITEM # 3 - ~- <br />Page: 1 <br />5/8/2007 <br />CITY OF ELK RIVER 11:04 AM <br />As of: 3/31/2007 Balances <br />Fund Type: CU Component Unit <br />Fund: 910 - HRA <br />Assets <br />Acct Class: 1000 Current Assets <br />1010 Cash 186,638.02 <br />1190 Notes Receivable 400,000.00 <br />1310 Due From Other Funds 358,207.79 <br />Acct Class: 1000 Current Assets 944,845.81 <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 1,664,845.81 <br />Liabilities <br />Acct Class: 2000 Current Liabilities <br />Building Purchase (non-current liability)*" 504,000 <br />2070 Due To Other Funds 7,198.04 <br />Acct Class: 2000 Current Liabilities 511,198.04 <br />Total Liabilities 511,198.04 <br />Reserves/Balances <br />Acct Class: 2400 Fund Equity <br />2400 Fund Balance 1,144,761.53 <br />2600 Change In Fund Balance 8,886.24 <br />Acct Class: 2400 Fund Equity 1,153,647.77 <br />Total Reserves/Balances 1,153,647.77 <br />Total Liabilities & Balances 1,664,845.81 <br />*" =The City's financial system is on the modified accrual basis of accounting and the current financial resources measurement focus . <br />"Governmental 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 />