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CITY OF LINO LAKES, MINNESOTA
<br />STATEMENT OF NET ASSETS
<br />December 31, 2010
<br />Statement 1
<br />Governmental Business -type
<br />Activities Activities
<br />Total
<br />ASSETS
<br />Cash and investments $ 16,900,487 $ 9,792,728 $ 26,693,215
<br />Cash and investments with escrow agent 4,271,142 4,271,142
<br />Accrued interest receivable 54,444 54,444
<br />Accounts receivable 142,875 384,017 526,892
<br />Due from other governments 140,549 1,590 142,139
<br />Internal Balances (559,111) 559,111 -
<br />Taxes receivable 538,764 - 538,764
<br />Special assessments receivable 8,857,806 40,408 8,898,214
<br />Long -term notes receivable 225,000 225,000
<br />Prepaid items 183,813 20,988 204,801
<br />Inventory - 27,576 27,576
<br />Unamortized bond issue costs 229,300 4,468 233,768
<br />Permanently restricted cash and investments 100,000 100,000
<br />Capital assets:
<br />Land 2,809,059 2,809,059
<br />Other capital assets, net of depreciation 39,141,168 30,442,635 69,583,803
<br />Total assets 73,035,296 41,273,521 114,308,817
<br />LIABILITIES
<br />Accounts payable 266,618 37,644 304,262
<br />Salaries payable 221,625 11,363 232,988
<br />Contracts and retainage payable 17,561 - 17,561
<br />Accrued interest payable 411,113 11,941 423,054
<br />Due to other governments 52,834 - 52,834
<br />Other accrued liabilities 208 208
<br />Non - current liabilities:
<br />Due within one year 2,429,475 418,632 2,848,107
<br />Due in more than one year 21,906,943 416,646 22,323,589
<br />Total liabilities 25,306,169 896,434 26,202,603
<br />NET ASSETS
<br />Invested in capital assets, net of related debt 22,562,217 29,648,461 52,210,678
<br />Restricted for:
<br />Debt service - expendable 8,328,025 8,328,025
<br />Environmental improvements - nonexpendable 100,000 100,000
<br />Unrestricted 17,703,885 10,728,626 28,432,511
<br />Total net assets $ 48,694,127 $ 40,377,087 $ 89,071,214
<br />The accompanying notes are an integral part of these basic financial statements.
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