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CITY OF GEM LAKE, MINNESOTA
<br />STATEMENT OF NET POSITION
<br />DECEMBER 31, 2019
<br />
<br />
<br />
<br />See accompanying Notes to Basic Financial Statements.
<br />(4)
<br />
<br />Governmental
<br />Activities
<br />Business-Type
<br />Activities Total
<br />ASSETS
<br />Cash and Investments 984,319$ 216,986$ 1,201,305$
<br />Taxes Receivable 22,300 - 22,300
<br />Special Assessments Receivable 922,080 6,896 928,976
<br />Accounts Receivable 12,648 19,231 31,879
<br />Due from Other Governments 2,506 - 2,506
<br />Accrued Interest 1,253 209 1,462
<br />Prepaid Items 1,050 2,826 3,876
<br />Internal Balances (233,627) 233,627 -
<br />Capital Assets:
<br />Capital Assets Not Being Depreciated 2,500 - 2,500
<br />Capital Assets Being Depreciated 2,483,860 1,537,630 4,021,490
<br />Accumulated Depreciation (883,278) (226,598) (1,109,876)
<br />Total Assets 3,315,611 1,790,807 5,106,418
<br />LIABILITIES
<br />Vouchers and Accounts Payable 28,584 7 28,591
<br />Accrued Interest Payable 15,969 - 15,969
<br />Due to Other Governments 7,157 25,731 32,888
<br />Payroll Taxes and Withholdings 769 - 769
<br />Unearned Revenue 9,400 - 9,400
<br />Long-Term Liabilities:
<br />Amounts Due Within One Year 90,000 - 90,000
<br />Amounts Due in More than One Year 1,177,363 - 1,177,363
<br />Total Liabilities 1,329,242 25,738 1,354,980
<br />NET POSITION
<br />Net Investment in Capital Assets 335,719 1,311,032 1,646,751
<br />Restricted for Debt Service 749,099 - 749,099
<br />Restricted for Park Improvements 45,317 - 45,317
<br />Unrestricted 856,234 454,037 1,310,271
<br />Total Net Position 1,986,369$ 1,765,069$ 3,751,438$
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