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CITY OF LITTLE CANADA, MINNESOTA
<br />STA 1 IMENT OF NET ASSETS
<br />PROPRIETARY FUNDS
<br />December 31, 2005
<br />Statement 6
<br />Assets:
<br />Business -Type Activities Enterprise Funds
<br />Water Sewer Total
<br />Operating Operating 2005
<br />2004
<br />Current assets:
<br />Cash and cash equivalents $249,601 $328,432 $578,033 $584,506
<br />Receivables:
<br />General customers 242,252 332,270 574,522 562,387
<br />Other 4,250 4,250 3,947
<br />Due from other governmental units:
<br />Certified to county 17,057 15,624 32,681 39,617
<br />Other - 3,321 3,321 539
<br />Prepaid expense - 66,298 66,298 64,551
<br />Total current assets 513,160 745,945 1,259,105 1,255,547
<br />Noncurrent assets:
<br />Capital assets:
<br />Equipment 592,335 111,140 703,475 684,622
<br />Mains and systems 8,792,387 5,642,444 14,434,831 14,109,776
<br />Total capital assets 9,384,722 5,753,584 15,138,306 14,794,398
<br />Less: Allowance for depreciation (4,004,167) (2,899,020) (6,903,187) (6,607,297)
<br />Net capital assets 5,380,555 2,854,564 8,235,119 8,187,101
<br />Total assets 5,893,715 3,600,509 9,494,224 9,442,648
<br />Liabilities:
<br />Current liabilities:
<br />Accounts payable 55,314 33,119 $88,433 103,505
<br />Salaries payable 5,703 5,869 11,572 9,799
<br />Due to other governments 3,835 - 3,835 -
<br />Compensated absences payable - current portion 1,099 1,129 2,228 1,980
<br />Total current liabilities 65,951 40,117 106,068 115,284
<br />Noncurrent liabilities:
<br />Compensated absences payable 4,806 4,941 9,747 7,059
<br />Total liabilities 70,757 45,058 115,815 122,343
<br />Net assets:
<br />Invested in capital assets, net of related debt 5,380,555 2,854,564 8,235,119 8,187,151
<br />Unrestricted 442,403 700,887 1,143,290 1,133,154
<br />Total net assets $5,822,958 $3,555,451 $9,378,409 $9,320,305
<br />A -7
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