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BALANCE SHEET item # 3.3. <br /> a~ <br /> MAY 2007 6/5/2007 <br />CITY OF ELK RIVER 11:30 AM <br />As of: 5/31/2007 Balances <br />Fund Type: CU Component Unit <br />Fund: 910 - HRA <br />Assets <br />Acct Class: 1000 Current Assets <br />1010 Cash 155,383.76 <br />1190 Notes Receivable 400,000.00 <br />1310 Due From Other Funds 358,207.79 <br />Acct Class: 1000 Current Assets 9]3,591.55 <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 1,633,591.55 <br />Liabilities <br />Acct Class: 2000 Current Liabilities <br />Building Purchase (non-current liabi lity)** 504,000.00 <br />Acct Class: 2000 Current Liabilities 504,000.00 <br /> Total Liabilities <br />ReservesBalances <br />Acct Class: 2400 Fund Equity <br />2400 Fund Balance 1,144,761.53 <br />2600 Change In Fund Balance -15,169.98 <br />Acct Class: 2400 Fund Equity 1,633,591.55 <br /> Total Reserves/Balances 1,633,591.55 <br /> Total Liabilities & Balances 1,633,591.55 <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 />