3.3. HRSR 12-03-2007ITEM # 3.3.
BALANCE SHEET
Page: 1
OCTOBER 2007 11 /5/2007
CITY OF ELK RIVER 6:49 PM
As of: 10/31/2007 Balances
Fund Type: CU Component Unit
Fund: 910 - HRA
Assets
Acct Class: 1000 Current Assets
1010 Cash 209,239.09
1190 Notes Receivable 400,000.00
1310 Due From Other Funds 325,825.47
Acct Class: 1000 Current Assets 935,064.56
Acct Class: 1600 Capital Assets
1620 Buildings & Structures 720,000.00
Acct Class: 1600 Capital Assets 720,000.00
Total Assets 1,655,064.56
Liabilities
Acct Class: 2000 Current Liabilities
Building Purchase (non-current liability)** 460,035.82
Acct Class: 2000 Current Liabilities 460,035.82
Total Liabilities 460,035.82
Reserves/Balances
Acct Class: 2400 Fund Equity
2400 Fund Balance 1,188,725.71
2600 Change In Fund Balance 6,303.03
Acct Class: 2400 Fund Equity 1,195,028.74
Total Reserves/Balances 1,195,028.74
Total Liabilities & Balances 1,655,064.56
** =The City's financial system is on the modified accrual basis of accountingand the currentftnancial 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.