Notes are an integral part of the basic financial statements.
8
 
MILLE LACS SOIL AND WATER CONSERVATION DISTRICT
 
 
 
 
 
MILACA, MINNESOTA
 
 
 
 
 
 
 
STATEMENT OF NET ASSETS AND
 
 
 
 
 
 
GOVERNMENTAL FUND BALANCE SHEET
 
 
 
 
 
 
 
DECEMBER 31, 2006
 
 
 
 
 
 
 
 
 
General
Adjustments
 
Statement of
 
 
 
 
Fund
 
 
 
Net Assets
 
Assets
 
 
 
 
 
 
 
Cash and investments
 
 
$
115,716
$
-
$
115,716
Due From Other Governments
 
1,005
 
-
 
1,005
Prepaids
 
 
 
1,479
 
-
 
1,4 79
Capital Assets:
 
 
 
 
 
 
 
 
 
Equipment (net of accumulated depreciation)
 
-
 
488
 
488
Total Assets
 
 
$
118,200
$
488
$
118,688
Liabilities
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
 
 
$
3,274
$
-
$
3,274
Accrued Payroll
 
 
 
2,184
 
-
 
2,184
Deferred Revenue
 
 
 
55,408
 
-
 
55,408
Long-term liabilities:
 
 
 
 
 
 
 
 
 
Due within one year
 
 
 
-
 
-
 
-
Due after one year
 
 
 
-
 
6,144
 
6,144
Total Liabilities
 
 
$
60,866
$
6,144
$
67,010
Fund Balance/Net Assets
 
 
 
 
 
 
 
Fund Balance/Net Assets
 
 
 
 
 
 
 
 
 
Unreserved
 
 
 
 
 
 
 
 
 
Designated, Future Projects
$
-
$
-
$
 
Undesignated
 
 
 
57,334
 
(57,334)
 
 
Total Fund Balance
 
 
$
57,334
$
(57,334)
"$
 
Net Assets
 
 
 
 
 
 
 
 
 
Invested in capital assets
 
 
 
 
 
$
488
$
488
Unrestricted
 
 
 
 
 
 
51,190
 
51,190
Total Net Assets
 
 
 
 
 
$
51,678
$
51,678

9