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CITY OF GEM LAKE, MINNESOTA
<br />STATEMENT OF NET ASSETS
<br />DECEMBER 31, 2007
<br />ASSETS
<br />Cash and Investments
<br />Taxes Receivable
<br />Special Assessments Receivable
<br />Accounts Receivable
<br />Accrued Interest
<br />Prepaid Expenses
<br />Internal Balances
<br />Unamortized Bond Issue Costs
<br />Capital Assets:
<br />Capital Assets Not Being Depreciated
<br />Capital Assets Being Depreciated
<br />Accumulated Depreciation
<br />Total Assets
<br />LIABILITIES.
<br />Vouchers and Accounts Payable
<br />Accrued interest Payable
<br />Payroll. Taxes and Withholdings
<br />Unearned Revenue
<br />Long -Term. Liabilities:
<br />Amounts Due Within One Year
<br />Amounts Due in More than One Year
<br />Total Liabilities
<br />NET ASSETS
<br />Invested in Capital Assets, Net of Related Debt
<br />Restricted for Debt Service
<br />Unrestricted
<br />Total Net Assets
<br />Governmental Business -Type.
<br />Activities Activities Total
<br />$ 610,044 $.
<br />12637.(}
<br />$ 736,414
<br />24,788
<br />-
<br />2.4,788
<br />555; 722
<br />1; 723
<br />557,44.5
<br />6,880
<br />16,128
<br />23;.008
<br />5;273.
<br />3.911
<br />9,184
<br />396
<br />1,437
<br />1,833
<br />37,104
<br />-
<br />37,704
<br />814,132
<br />-
<br />814,132
<br />701,032
<br />570,775.
<br />1,271,807
<br />(149, 976)
<br />(39,142)
<br />(169,118)
<br />2,605,995
<br />681,202
<br />3,287,197
<br />47,077 48 47,125
<br />30.818 303818
<br />72,207 72,207
<br />1,513,200 - 1,613,200
<br />1,663,302 48 1,663,350
<br />(220;21.9) 531,633 311,414
<br />891,602 - 891,602
<br />271,310 149,521 420,831
<br />$ 94208 $ 681,154 $ 1,623,847
<br />See accompanying Notes to Basic Financial Statements.
<br />(3)
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