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CITY OF LINO LAKES, MINNESOTA
<br />STATEMENT OF NET ASSETS
<br />December 31, 2007
<br />Statement 1
<br />Governmental Business -type
<br />Activities Activities
<br />Total
<br />ASSETS
<br />Cash and investments $ 19,098,706 $ 7,637,890 $ 26,736,596
<br />Cash and investments with escrow agent 108,210 108,210
<br />Accrued interest receivable 281,701 281,701
<br />Accounts receivable 209,741 363,500 573,241
<br />Due from other governments 153,894 225 154,119
<br />Taxes receivable 286,892 286,892
<br />Special assessments receivable 9,386,721 113,203 9,499,924
<br />Long -term notes receivable 225,000 - 225,000
<br />Prepaid items 183,680 62,205 245,885
<br />Unamortized bond issue costs 235,826 16,842 252,668
<br />Permanently restricted cash and investments 100,000 - 100,000
<br />Capital assets:
<br />Land 2,809,059 - 2,809,059
<br />Construction in progress 5,738,921 13,054 5,751,975
<br />Other capital assets, net of depreciation 41,138,720 31,658,766 72,797,486
<br />-- Total assets 79,957,071 39,865,685 119,822,756
<br />LIABILITIES
<br />Accounts payable 282,018 43,399 325,417
<br />-
<br />Salaries payable 140,141 8,349 148,490
<br />Contracts and retainage payable 814,388 - 814,388
<br />Accrued interest payable 444,534 28,310 472,844
<br />'" Due to other governments 1,822 1,822
<br />Non - current liabilities:
<br />Due within one year 2,143,424 349,960 2,493,384
<br />Due in more than one year 22,677,596 1,534,909 24,212,505
<br />Total liabilities 26,503,923 1,964,927 28,468,850
<br />NET ASSETS
<br />Invested in capital assets, net of related debt 36,789,153 29,836,775 66,625,928
<br />Restricted for:
<br />Debt service 10,224,467 10,224,467
<br />Environmental improvements - nonexpendable 100,000 100,000
<br />Unrestricted 6,339,528 8,063,983 14,403,511
<br />Total net assets $ 53,453,148 $ 37,900,758 $ 91,353,906
<br />The accompanying notes are an integral part of these basic financial statements.
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