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<br />CITY OF CENTERVILLE, MINNESOTA
<br /> STATEMENT OF NET ASSETS
<br /> DECEMBER 31, 2007
<br /> Governmental Business-type
<br /> Activities Activities Total
<br />ASSETS
<br />Cash and temporary investments $ 5,899,131 $ 2,922,564 $ 8,821,695
<br />Receivables
<br />Accrued interest 20,660 20,660
<br />Delinquent taxes 84,827 84,827
<br />Accounts 60,074 155,212 215,286
<br />Special assessments 1,383,180 188,575 1,571,755
<br />Due from other governments 2,653 2,653
<br />Internal balances (675,000) 675,000
<br />Inventories 8,985 8,985
<br />Prepaid items 13,340 13,531 26,871
<br />Deferred charges 129,147 129,147
<br />Capital assets
<br />Land 4,324,917 4,324,917
<br />Depreciable assets (net of accumulated depreciation) 7,839,964 6,820,392 14,660,356
<br />TOTAL ASSETS 19,082,893 10,784,259 29,867,152
<br />LIABILITIES
<br />Accounts payable 126,406 14,751 141,157
<br />Accrued salaries payable 13,655 2,575 16,230
<br />Contracts payable 61,228 61,228
<br />Due to other governments 138,963 1,366 140,329
<br />Accrued interest payable 108,776 108,776
<br />Deposits payable 98,394 500 98,894
<br />Deferred revenue 15,011 15,011
<br />Noncurrent liabilities
<br />Due within one year
<br />Accrued compensated absences payable 30,028 9,377 39,405
<br />Bonds payable 1,293,750 1,293,750
<br />Due in more than one year
<br />Bonds payable 7,851,897 7,851,897
<br />TOTAL LIABILITIES 9,738,108 28,569 9,766,677
<br />NET ASSETS
<br />Invested in capital assets, net of related debt 3,148,381 6,820,392 9,968,773
<br />Restricted for
<br />Future expansion 71,631 71,631
<br />Debt service 3,658,146 3,658,146
<br />Unrestricted 2,538,258 3,863,667 6,401,925
<br />TOTAL NET ASSETS $ 9,344,785 $ 10,755,690 $ 20,100,475
<br />The notes to the financial statements are an integral part of this statement.
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