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<br /> CITY OF CENTERVILLE, MINNESOTA
<br /> STATEMENTS OF NET ASSETS
<br /> PROPRIETARY FUNDS
<br /> DECEMBER 31, 2007 AND 2006
<br /> Business-type Activities - Enterprise Funds
<br /> Water Sewer
<br /> 2007 2006 2007 2006
<br />ASSETS
<br />CURRENT ASSETS
<br />Cash and temporary investments $ 789,125 $ 541,512 $ 1,748,626 $ 2,187,926
<br />Receivables
<br />Accounts 57,872 66,598 88,819 98,390
<br />Special assessments
<br />Current 1 461 328
<br />Delinquent 540 540
<br />Due from other funds 675,000
<br />Inventories 8,985 8,472
<br />Prepaid items 13,531 12,344
<br />TOTAL CURRENT ASSETS 856,523 617,043 2,526,516 2,298,988
<br />NONCURRENT ASSETS
<br />Special assessments receivable - deferred 117,575 138,014 59,895 68,426
<br />Capital assets
<br />Depreciable 4,953,671 4,960,218 3,330,109 3,336,656
<br />Less accumulated depreciation (895,165) (731,582) (953,267) (849,051)
<br />TOTAL NONCURRENT ASSETS 4,176,081 4,366,650 2,436,737 2,556,031
<br />TOTAL ASSETS 5,032,604 4,983,693 4,963,253 4,855,019
<br />LIABILITIES
<br />CURRENT LIABILITIES
<br />Accounts payable 13,842 7,275 863 328
<br />Accrued salaries payable 1,172 918 1,172 918
<br />Due to other governments 1,196 767 124
<br />TOTAL CURRENT LIABILITIES 16,210 8,960 2,159 1,246
<br />NONCURRENT LIABILITIES
<br />Due within one year
<br />Accrued compensated absences payable 4,108 4,180 4,108 4,180
<br />TOTAL LIABILITIES 20,318 13,140 6,267 5,426
<br />NET ASSETS
<br />Invested in capital assets, net of related debt 4,058,506 4,228,636 2,376,842 2,487,605
<br />Restricted for future expansion 71,631 71,631
<br />Unrestricted 953,780 741,917 2,508,513 2,290,357
<br />TOTAL NET ASSETS $ 5,012,286 $ 4,970,553 $ 4,956,986 $ 4,849,593
<br />The notes to the financial statements are an integral part of this statement.
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