3.3. HRSR BALANCE SHEET 12-01-2008BALANCE SHEET
Page: 1
OCTOBER 2008
CITY OF ELK RIVER
As of: 10/31/2008 Balances
Fund Type: CU Component Unit
Fund: 910 - HRA
Assets
Acct Class: 1000 Current Assets
1010 Cash 372,497.92
1190 Notes Receivable 400,000.00
1310 Due From Other Funds 420,368.79
Acct Class: 1000 Current Assets 1,192,866.71
Acct Class: 1600 Capital Assets
1620 Buildings & Structures 720,000.00
Acct Class: 1600 Capital Assets 720,000.00
Total Assets 1,912,866.71
Liabilities
Acct Class: 2000 Current Liabilities
Building Purchase (non-current liability)** 355,668.54
Acct Class: 2000 Current Liabilities 355,668.54
Total Liabilities 355,668.54
Reserves/Balances
Acct Class: 2400 Fund Equity
2400 Fund Balance 1,535,755.79
2600 Change In Fund Balance 21,442.38
Acct Class: 2400 Fund Equity 1,557,198.17
Total Reserves/Balances 1,557,198.17
Total Liabilities & Balances 1.912.866.71
** =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
SEPTEMBER 2008
CITY OF ELK RIVER
As of: 09/30/2008 Balances
Fund Type: CU Component Unit
Fund: 910 - HRA
Assets
Acct Class: 1000 Current Assets
1010 Cash 381,256.90
1190 Notes Receivable 400,000.00
1310 Due From Other Funds 420,368.79
Acct Class: 1000 Current Assets 1,201,625.69
Acct Class: 1600 Capital Assets
1620 Buildings & Structures 720,000.00
Acct Class: 1600 Capital Assets 720,000.00
Total Assets 1,921,625.69
Liabilities
Acct Class: 2000 Current Liabilities
Building Purchase (non-current liability)** 355,668.54
Acct Class: 2000 Current Liabilities 355,668.54
Total Liabilities 355,668.54
ReservesBalances
Acct Class: 2400 Fund Equity
2400 Fund Balance 1,535,755.79
2600 Change In Fund Balance 30,201.36
Acct Class: 2400 Fund Equity 1,565,957.15
Total Reserves/Balances 1,565,957.15
Total Liabilities & Balances 1,921,625.69
** =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.