3.6. HRSR 11-05-2007BALANCE SHEET ITEM # 3.G.
SEPTEMBER 2007 image: 1
10/4/2007
CITY OF ELK RIVER 11:05 AM
As of: 9/30/2007 Balances
Fund Type: CU Component Unit
Fund: 910 - HRA
Assets
Acct Class: 1000 Current Assets
1010 Cash 199,220.38
1190 Notes Receivable 400,000.00
1310 Due From Other Funds 331,971.97
Acct Class: 1000 Current Assets 931,192.35
Acct Class: 1600 Capital Assets
1620 Buildings & Structures 720,000.00
Acct Class: 1600 Capital Assets 720,000.00
Total Assets 1,651,192.35
Liabilities
Acct Class: 2000 Current Liabilities
2020 Accounts Payable -8,497.10
Building Purchase (non-current liability)** 460,035.82
Acct Class: 2000 Current Liabilities 451,538.72
Total Liabilities 451,538.72
ReservesBalances
Acct Class: 2400 Fund Equity
2400 Fund Balance 1,188,725.71
2600 Change In Fund Balance 10,927.92
Acct Class: 2400 Fund Equity 1,199,653.63
Total ReservesBalances 1,199,653.63
Total Liabilities & Balances 1,651,192.35
** =The City's financial system is on the modified accrual basis of accounting and the current financial 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.