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CITY OF GEM LAKE, MINNESOTA <br />STATEMENT OF NET ASSETS <br />PROPRIETARY FUND <br />DECEMBER 31, 2008 <br />(WITH COMPARATIVE DATA AS OF DECEMBER 31, 2007) <br />ASSETS <br />Cash -'and Ca8h Equivalents <br />Custornbe Accounts Receivable <br />Accrued Interest. <br />Special Assessments. Receivable <br />Prepaid Expenses. <br />Total Current Assets. <br />Capital,Assets: <br />Utility Plant in Service <br />Accumulated Depreciation <br />Net Capital: Assets <br />Total Assets <br />LIABILITIES <br />Accounts Payable <br />NET ASSETS <br />Invested in Capital Assets, Net of Related Debt <br />Unrestricted <br />Total Net Assets <br />See accompanying Notes to Basic Financial Statements. <br />01 ) <br />2008 <br />Sewer 2007 <br />Utility Totals <br />$ 177.1201 <br />$ 1.26,370 <br />14,933 <br />16,128 <br />1,166 <br />3;911 <br />48Z <br />1,72S <br />7,364 <br />1,437 <br />201,1.46 <br />1491569' <br />,570,775. 570,775 <br />(50;558. (39,142). <br />520,217 531.,633 <br />721,363 $81,202 <br />10.4 48 <br />520,217 531,633 <br />201,042. 149,521 <br />$ 721,25.9. $ 681,154 <br />