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CITY OF GEM LAKE, MINNESOTA <br />Schedule 3 <br />SEWER ENTERPRISE FUND <br />BALANCE SHEETS <br />December 31, 2005 and 2004 <br />ASSETS <br />Current Assets <br />2006 2004 <br />Cash and cash equivalents <br />$ 421969 $ <br />134,315 <br />Investments <br />231,176 <br />128,110 <br />Accounts receivable <br />10,080 <br />7,542 <br />lnterest receivable <br />5,711 <br />1,887 <br />Due from capital projects fund <br />_ <br />5;1$3 <br />Total Current Assets <br />289,936 <br />277iO37 <br />Property and Equipment,. at Cast <br />Sewer system <br />49,000 <br />49,000 <br />Less: Accumulated depreciation <br />3,267 <br />2,287 <br />Property and Equipment, Net <br />46,733 <br />46,713 <br />TOTAL ASSETS' <br />$ 335,669 $ <br />32:3,756 <br />LIABILITIES AND FUND EQUITY <br />Fund Equity' <br />Retained earnings $ 302,863 $ 290,944 <br />Paid -in capital 32,806 320806 <br />Total.Fund and Equity 335,669 323,750. <br />TOTAL LIABILITIES AND FUND EQUITY $ 336,669 $ 323,150 <br />See Independent Accountant`s Compilation Report <br />9 <br />