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CITY OF LINO LAKES, MINNESOTA
<br />STATEMENT OF NET ASSETS - PROPRIETARY FUNDS
<br />December 31, 2007
<br />Statement 7
<br />Water
<br />Total
<br />Sewer 2007
<br />Assets
<br />Current assets:
<br />Cash and cash equivalents $ 2,745,671 $ 4,892,219 $ 7,637,890
<br />Accounts receivable 163,773 199,727 363,500
<br />Due from other governmental units 225 225
<br />Due from county 271 271 542
<br />Prepaid items 6,819 55,386 62,205
<br />Unamortized bond issue costs 16,842 - 16,842
<br />Total current assets 2,933,601 5,147,603 8,081,204
<br />Non - current assets:
<br />Special assessments, long term 112,661 112,661
<br />Capital assets not being depreciated:
<br />Construction in progress - 13,054 13,054
<br />Capital assets being depreciated:
<br />Buildings 48,690 - 48,690
<br />Equipment 115,317 216,508 331,825
<br />Water and sewer systems 18,992,909 20,817,569 39,810,478
<br />Total capital assets 19,156,916 21,047,131 40,204,047
<br />Less: allowance for depreciation (3,918,950) (4,613,277) (8,532,227)
<br />Net capital assets 15,237,966 16,433,854 31,671,820
<br />Total noncurrent assets 15,350,627 16,433,854 31,784,481
<br />Total assets
<br />Liabilities
<br />18,284,228 21,581,457 39,865,685
<br />Current liabilities:
<br />Accounts payable 26,806 16,593 43,399
<br />Salaries payable 4,546 3,803 8,349
<br />Accrued interest payable 28,310 - 28,310
<br />Bonds payable - current portion 325,000 325,000
<br />Compensated absences payable - current portion 12,480 12,480 24,960
<br />Total current liabilities 397,142 32,876 430,018
<br />Non - current liabilities:
<br />Bonds payable - long term 1,526,887 1,526,887
<br />Compensated absences payable - long term 4,011 4,011 8,022
<br />Total noncurrent liabilities 1,530,898 4,011 1,534,909
<br />Total liabilities 1,928,040 36,887 1,964,927
<br />Net assets
<br />Invested in capital assets, net of related debt 13,402,921 16,433,854 29,836,775
<br />Unrestricted 2,953,267 5,110,716 8,063,983
<br />Total net assets $ 16,356,188 $ 21,544,570 $ 37,900,758
<br />The accompanying notes are an integral part of these basic financial statements.
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