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CITY OF GEM LAKE, MINNESOTA <br />STATEMENT OF NET ASSETS <br />PROPRIETARY FUNDS <br />DECEMBER 31, 2007 <br />ASSETS <br />Cash and Investments <br />Customer Accounts. Receivable <br />Accrued Interest <br />Special Assessments Receivable <br />Prepaid Expenses. <br />Capital Assets: <br />Utility Plant:in Service <br />Accumulated Depreciation <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 />Sewer <br />utility <br />$ 126,370 <br />16,128 <br />3;911 <br />1,723 <br />1;437 <br />570,775 <br />[39, 342j <br />.681,202 <br />48 <br />531,633 <br />149,521 <br />$. 681,154 <br />See accompanying Notes to Basic Financial Statements. <br />(11) <br />