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Exhibit C-1 <br />CITY OF GEM LAKE, MINNESOTA <br />SEWER ENTERPRISE FUND <br />BALANCE SHEET <br />December 31, 2003 and 2002 <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 />Fund Equity <br />Retained earnings <br />Paid -in capital <br />Total Fund Equity <br />TOTAL LIABILITIES AND FUND EQUITY <br />See Independent Accountant's Compilation Report <br />7 <br />2003 2002 <br />$ 41,874 $ 26,706 <br />203,922 197,982 <br />7,241 6,437 <br />3,003 4,002 <br />256,040 235,127 <br />49,000 <br />49,000 <br />1,307 <br />327 <br />47,693 <br />48,673 <br />$ 303,733 $ 283,800 <br />$ 270,926 $ 250,994 <br />32,806 32,806 <br />303,732 283,800 <br />$ 303,732 $ 283,800 <br />