3.3 EDSR 09/10/2007BALANCE SHEET ITEM #3.3.
AUGUST 2007 ~ 1
9/6/2007
CITY OF ELK RIVER 3:52 PM
As of: 8/31/2007 Balances
Fund Type: CU Component Unit
Fund: 910 - HRA
Assets
Acct Class: 1000 Current Assets
1010 Cash 225,032.94
1190 Notes Receivable 400,000.00
1310 Due From Other Funds 331,971.97
Acct Class: 1000 Current Assets 957,004.91
Acct Class: 1600 Capital Assets
1620 Buildings & Structures 720,000.00
Acct Class: 1600 Capital Assets 720,000.00
Total Assets 1,677,004.91
Liabilities
Acct Class: 2000 Current Liabilities
Building Purchase (non-current liability)** 460,035.82
Acct Class: 2000 Current Liabilities 460,035.82
Total Liabilities
Reserves/Balances
Acct Class: 2400 Fund Equity
2400 Fund Balance 1,188,725.71
2600 Change In Fund Balance 28,243.38
Acct Class: 2400 Fund Equity 1,216,969.09
Total Reserves/Balances 1,216,969.09
Total Liabilities & Balances 1,677,004.91
** =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.
BALANCE SHEET
Page: 1
9/6/2007
CITY OF ELK RIVER 3:53 pm
As of: 8/31/2007 Balances
Fund Type: 11 Special revenue funds
Fund: 920 - EDA
Assets
Acct Class: 1000 Current Assets
1010 Cash 618,216.37
Acct Class: 1000 Current Assets 618,216.37
Total Assets 618,216.37
Liabilities
Total Liabilities 0.00
ReservesBalances
Acct Class: 2400 Fund Equity
2400 Fund Balance 511,681.74
2600 Change In Fund Balance 106,534.63
Acct Class: 2400 Fund Equity 618,216.37
Total ReservesBalances 618,216.37
Total Liabilities & Balances 618,216.37