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CITY OF LINO LAKES, MINNESOTA
<br />STATEMENT OF NET ASSETS - PROPRIETARY FUNDS
<br />December 31, 2006
<br />Water
<br />Totals
<br />Sewer 2006
<br />Assets
<br />Current assets:
<br />Cash and cash equivalents $ 4,113,623 $ 4,115,128 $ 8,228,751
<br />Accounts receivable 143,482 192,568 336,050
<br />Prepaid items 5,361 50,941 56,302
<br />Unamortized bond issue costs 20,967 - 20,967
<br />Total current assets 4,283,433 4,358,637 8,642,070
<br />Non - current assets:
<br />Special assessments, long term 130,705 - 130,705
<br />Capital assets:
<br />Buildings
<br />Equipment
<br />Water and sewer systems
<br />Total capital assets
<br />Less: allowance for depreciation
<br />Net capital assets
<br />Total noncurrent assets
<br />Total assets
<br />48,690 - 48,690
<br />108,296 210,570 318,866
<br />18,189,822 20,783,469 38,973,291
<br />18,346,808 20,994,039 39,340,847
<br />(3,553,327) (4,196,150) (7,749,477)
<br />14,793,481 16,797,889 31,591,370
<br />14,924,186 16,797,889 31,722,075
<br />19,207,619 21,1 56,526 40,364,145
<br />Liabilities
<br />Current liabilities:
<br />Accounts payable $ 19,859 $ 5,212 $ 25,071
<br />Salaries payable 2,040 1,880 3,920
<br />Other accrued liabilities 12,988 12,988
<br />Accrued interest payable 58,510 58,510
<br />Bonds payable - current portion 2,015,000 - 2,015,000
<br />Compensated absences payable - current portion 10,413 10,413 20,826
<br />Total current liabilities 2,118,810 17,505 2,136,315
<br />Non - current liabilities:
<br />Bondspayable - longterm 1,851,125 - 1,851,125
<br />Compensated absences payable - long term 5,108 5,108 10,216
<br />Total noncurrent liabilities 1,856,233 5,108 1,861,341
<br />Total liabilities 3,975,043 22,613 3,997,656
<br />Net assets
<br />Invested in capital assets, net of related debt 12,688,053 16,797,889 29,485,942
<br />Unrestricted 2,544,523 4,336,024 6,880,547
<br />Total net assets $ 15,232,576 $ 21,133,913 $ 36,366,489
<br />The accompanying notes are an integral part of these basic financial statements.
<br />IV -9
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