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Schedule 3 <br />CITY OF GEM LAKE, MiNNESOTA <br />SEWER ENTERPRISE FUND <br />BALANCE.SHEETS <br />December 31, 2006 and 2005 <br />ASSETS <br />Current Assets <br />Cash and cash equivalents <br />Investments <br />Accounts receivable <br />Interest receivable. <br />Total Current,Assets <br />Property and Equipment, at Cost <br />Sewer. system <br />Less: Accumulated depreciation <br />Property and Equipment, Net <br />TOTAL ASSETS <br />LIABILITIES AND. -FUND EQUITY <br />Current Liabilities. <br />Accounts payable <br />Total Current Liabilities <br />Fund Equity <br />Retained earnings. <br />Paid -in capital <br />Total Fund Equity <br />TOTAL LIABILITIES AND FUND EQUITY <br />2006 2005 <br />$ 32,284 $ <br />4.2,969 <br />88,735 <br />231,176 <br />12,381 <br />10,080 <br />3,268 <br />5,711 <br />136,668 <br />289,936. <br />49,000 <br />49.,000 <br />4,247 <br />3,267 <br />44,753. <br />45,733 <br />$ 181,421 $ 335;669 <br />$: 474. $ <br />474 - <br />148,141 302,863 <br />32,806 32,806 <br />1.80,947 33,51669 <br />$ 181,421 $ 335,669 <br />See independent Accountant's Compilation Report <br />1 t) <br />