3.3. HRSR 06-07-2010BALANCE SHEET
MAY 2010 Page: 1
CITY OF ELK RIVER
As of: 05/31/2010 Balances
Fund Type: CU Component Unit
Fund: 910 - HRA
Assets
Acct Class: 1000 Current Assets
1010 Cash 640,363.39
1150 Accounts Receivable 109.08
1190 Notes Receivable 400,000.00
1310 Due From Other Funds 309,718.1 I
Acct Class: 1000 Current Assets 1,350,190.58
Acct Class: 1600 Capital Assets
1620 Buildings & Structures 720,000.00
Acct Class: 1600 Capital Assets 720,000.00
Total Assets 2,070,190.58
Liabilities
Acct Class: 2000 Current Liabilities
Building Purchase (non-current liability)** 219,621.69
Acct Class: 2000 Current Liabilities 219,621.69
Total Liabilities 219,621.69
ReservesBalances
Acct Class: 2400 Fund Equity
2400 Fund Balance 1,918,590.48
2600 Change In Fund Balance -68,021.59
Acct Class: 2400 Fund Equity 1,850,568.89
Total ReservesBalances 1,850,568.89
Total Liabilities & Balances 2,070,190.58
** =The City's financial system is on the modified accrual basis of accounting and the current~nancial resources measurement focus.
"Government funds, with their focus on current financial resources, do not report liabilities for the following. Unmatured principal and interest
of long-term debt" (GAAFR, page 174). The City records long-term debt related liabilities as part of the GASB 34 conversion entries and will
show up on your year-end accrual statements. What finance will do is manually insert the long-term liability in your balance sheet to more
closely reflect accrual accounting.