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CITY OF LINO LAKES, MINNESOTA
<br />STATEMENT OF NET ASSETS - PROPRIETARY FUNDS
<br />December 31, 2005
<br />Statement 7
<br />Water
<br />Totals
<br />Sewer 2005
<br />Assets
<br />Current assets:
<br />Cash and cash equivalents $ 1,759,526 $ 3,498,064 $ 5,257,590
<br />Accounts receivable 130,602 170,161 300,763
<br />Special assessments receivable:
<br />Due from county 708 708 1,416
<br />Prepaid items 5,145 5,950 11,095
<br />Total current assets 1,895,981 3,674,883 5,570,864
<br />Non - current assets:
<br />Special assessments, long term 147,489 147,489
<br />Capital assets:
<br />Construction in Progress 356,061 356,061
<br />Buildings 48,690 - 48,690
<br />Equipment 105,935 160,042 265,977
<br />Water and sewer systems 17,198,789 19,895,691 37,094,480
<br />Total capital assets 17,709,475 20,055,733 37,765,208
<br />Less: allowance for depreciation (3,202,712) (3,794,672) (6,997,384)
<br />Net capital assets 14,506,763 16,261,061 30,767,824
<br />Total noncurrent assets 14,654,252 16,261,061 30,915,313
<br />Total assets 16,550,233 19,935,944 36,486,177
<br />Liabilities
<br />Current liabilities:
<br />Accounts payable $ 30,982 $ 4,612 $ 35,594
<br />Salaries payable 2,917 2,840 5,757
<br />Contracts and retainage payable 15,860 - 15,860
<br />Other accrued liabilities 1,510 1,510
<br />Accrued interest payable 59,786 59,786
<br />Bonds payable - current portion 295,000 - 295,000
<br />Compensated absences payable - current portion 8,937 8,937 17,874
<br />Total current liabilities 414,992 16,389 431,381
<br />Non - current liabilities:
<br />Bonds payable - long term 2,130,000 - 2,130,000
<br />Compensated absences payable - long term 4,813 4,813 9,626
<br />Total noncurrent liabilities 2,134,813 4,813 2,139,626
<br />Total liabilities 2,549,805 21,202 2,571,007
<br />Net assets
<br />Invested in capital assets, net of related debt 12,081,763 16,261,069 28,342,832
<br />Unrestricted 1,918,665 3,653,673 5,572,338
<br />Total net assets $ 14,000,428 $ 19,914,742 $ 33,915,170
<br />The accompanying notes are an integral part of these basic financial statements.
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