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<br />CITY OF RAMSEY
<br />
<br />Statement of Net Assets
<br />December 31, 2007
<br />
<br /> Governmental Business-Type
<br /> Activities Activities Total
<br />Assets
<br />Cash and temporary investments $ .31,770,778 $ 20,076,236 $ 51,847,014
<br />Receivables
<br />Unremitted taxes 70,435 70,435
<br />Delinquent taxes 565,592 565,592
<br />Unremitted special assessments 6,771 6,771
<br />Delinquent special assessments 11,086 11,086
<br />Deferred special assessments 7,837,766 13,933 7,851,699
<br />Accounts 85,754 954,079 1,039,833
<br />Interest 326,239 326,239
<br />Due from other governmental units 355,564 16,525 372,089
<br />Inventory 3,637 3,637
<br />Prepaids 109,775 37,782 147,557
<br />Land held for resale 342,000 342,000
<br />Restricted assets - temporarily restricted
<br />Cash and investments for capital projects 67,666 67,666
<br />Cash and investments for debt service 1,569,497 1,569,497
<br />Capital assets
<br />Land 3,446,349 100,000 3,546,349
<br />Construction in progress 4,458,221 9,298,436 13,756,657
<br />Buildings and structures 25,159,675 2,509,688 27,669,363
<br />Improvements other than buildings 3,326,451 9,497,064 12,823,515
<br />Office equipment 709,044 709,044
<br />Motor vehicles 3,311,998 3,311,998
<br />Machinery and equipment 4,877,192 210,563 5,087,755
<br />Infrastructure 15,492,788 15,492,788
<br />Water and sewer lines 35,496,946 35,496,946
<br />Less accumulated depreciation (6,693,451) (7,939,639) (14,633,090)
<br /> Total capital assets, net of depreciation 54,088,267 49,173,058 103,261,325
<br /> Total assets $ 97,207,190 $ 70,275,250 $ 167,482,440
<br />Liabilities
<br />Accounts and contracts payable $ 552,022 $ 100,716 $ 652,738
<br />Salaries and benefits payable 185,033 185,033
<br />Accrued interest payable 111,694 111,694
<br />Due to other governmental units 119,874 41,212 161,086
<br />Unearned revenue 2,600,990 33,390 2,634,380
<br />Long-term liabilities
<br />Due within one year 2,398,761 2,398,761
<br />Due in more than one year 29,564,333 29,564,333
<br /> Total long-term liabilities 31,963,094 31,963,094
<br /> Total liabilities 35,532,707 175,318 35,708,025
<br />Net assets
<br />Invested in capital assets, net of related debt 27,548,267 49,173,058 76,721,325
<br />Restricted for
<br />Debt service 1,943,999 1,943,999
<br />Tax increment 3,430,477 3,430,477
<br />Capital improvements 7,180,704 7,180,704
<br />Storm water management 920,836 920,836
<br />Grants and contributions 3,149,994 3,149,994
<br />Unrestricted 17,500,206 20,926,874 38,427,080
<br /> Total net assets 61,674,483 70,099,932 131,774,415
<br /> Total liabilities and net assets $ 97,207,190 $ 70,275,250 $ 167,482,440
<br />See notes to basic financial statements
<br /> -12-
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