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CITY ❑F GEM LAKE, MINNESOTA <br />STATEMENT OF NET ASSETS <br />PROPRIETARY FUND <br />DECEMBER 31, 2008 <br />(WITH COMPARATIVE DATA AS ❑F DECEMBER 31, 2007) <br />2008 <br />Sewer <br />Utility <br />ASSETS <br />2007 <br />Totals <br />Cash.and Cash Equivalents $ 177,201 $ 126,370 <br />Customer Accounts Receivable 14,933 16,128 <br />Accrued Interest 1,166 3,911 <br />Special Assessments Receivable 482. 1,723 <br />Prepaid Expenses 7,364 1,437 <br />Total Current Assets 201,146 149,569 <br />Capital Assets: <br />Utility Plant in Service 570,775 570,775 <br />Accumulated Depreciation (50,558) (39,142) <br />Net Capital Assets 520,217 531,633. <br />Total Assets 721,363 681,202 <br />Accounts Payable <br />LIABILITIES <br />NET ASSETS <br />Invested in Capital Assets, Net of Related ❑ebt <br />Unrestricted <br />104 48 <br />520,217 531,633 <br />201,042 149,521 <br />Total Net Assets $ 721,259 $ 681,154 <br />See accompanying Notes to Basic Financial Statements. <br />