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CITY OF OEM LAKE, MINNESOTA
<br />STATEMENT OF NET ASSETS
<br />DECEMBER 31, 2008.
<br />(WITH COMPARATIVE DATA. AS OF DECEMBER 31, 2007)
<br />2008 2007
<br />Governmental Business -Type
<br />Activities Activities
<br />ASSETS
<br />Total
<br />Governmental Business -Type
<br />Activities Activities
<br />Cash and Investments $ 672,152 $ 177,201 $ 849,353 $ 61.0,044 $ 126,370
<br />Taxes Receivable 9,123 9,123 24,788 Special Assessments Receivable 533,208 482. 533,690 555,722 1,723
<br />Accounts Receivable 7,945 14,933 22,878 6,880: 16,128
<br />Accrued interest 4,131 1,166 5,297 5,273 3,911
<br />Prepaid Expenses 396 7,364 7,760 396 1,437
<br />Unamortixed Bond Issue Costs 34,877 34,877 37,704
<br />Capital Assets:
<br />Capital Assets Not Being Depreciated - - - 814,132 -
<br />Capital Assets Being. Depreciated 1,611,680 570,775. 2,182,455 701,032 .570,775
<br />Accumulated Depreciation (201,607) (50,558) (252,165) (149,976) (39,142)
<br />Total Assets 2,671,905 721,363 3,393,268 2,605,995 681,202
<br />LIABILITIES
<br />Vouchers and Accounts Payable 27,149 104 27,253 47,077
<br />Accrued Interest Payable 26,213 26,213 30,818
<br />Long Term Liabilities:.
<br />Amounts Due Within One Year 89,156 89,156 72,207
<br />Amounts. Due in More than One Year 1.,425;81.7 1,425,817 1,513,200.
<br />Total Liabilities 1,568,335 104 1,568,439 1,663,302
<br />48
<br />48
<br />NET ASSETS
<br />Invested in Capital Assets, Net of Related Debt (104,900) 520,217 415,317 (220,219) 531,633
<br />Restricted for Debt Service 881,714 - 881,714 891,602
<br />Unrestricted326,756 201,042. 527,798 271,310 149,521
<br />Tatar Net Assets $. 1,103,570 $ 721,259 $ 1,824,829 $ 942,693 $ 681,154
<br />See accompanying Notes to Basic Financial Statements.
<br />(3)
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