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I
<br /> ITown of Palisade, Colorado
<br /> STATEMENT OF NET ASSETS
<br /> IDecember 31,2009
<br /> I Governmental
<br /> Activities Business-type
<br /> Activities Total
<br /> ASSETS
<br /> I Cash and investments
<br /> Property taxes receivable $ 2,188,218 $ 2,475,519 $ 4,663,737
<br /> 453,963 453,963
<br /> Accounts receivable 642,272 166,627 808,899
<br /> I Lodging tax receivable 1,121 1,121
<br /> Inventory(at cost) 23,683 23,683
<br /> Capital assets
<br /> Land 274,674 226,126 500,800
<br /> Construction in process 533,055 - 533,055
<br /> Infrastructure(net of depreciation) 1,889,295 1,889,295
<br /> Swimming pool(net of depreciation) 180,839 - 180,839
<br /> I Community center(net of depreciation) 228,233 -
<br /> 1,049,09 228,233
<br /> Sewer system(net of depreciation) 1,049,098 1,049,098
<br /> Water system(net of depreciation) - 11,355,342 11,355,342
<br /> I Buildings and improvements(net of depreciation) 5,209,026 6,216 5,215,242
<br /> Equipment and furniture(net of depreciation) 361,128 13,787 374,915
<br /> Note Issuance Costs(net of amortization) - 25,099 25,099
<br /> Total assets $ 11,961,824 $ 15,341,497 $ 27,303,321
<br /> ILIABILITIES
<br /> Accounts payable $ 102,766 $ 24,742 $ 127,508
<br /> I payable 31,460 31,460
<br /> Accrued wages 15,415 3,967 19,382
<br /> Accrued interest - 59,187 59,187
<br /> I Deferred revenue 453,963 453,963
<br /> Compensated absences payable 124,417 41,279 165,696
<br /> Current portion long-term liabilities 12,936 306,674 319,610
<br /> I Long-term liabilities due more than one year:
<br /> Notes and capital leases payable 13,971 6,261,030 6,275,001
<br /> Total liabilities 754,928 6,696,879 7,451,807
<br /> I NET ASSETS
<br /> Invested in capital assets,net of related debt 8,649,343 6,082,865 14,732,208
<br /> Restricted for emergencies 100,927 - 100,927
<br /> I Unrestricted 2,456,626 2,561,753 5,018,379
<br /> Total net assets 11,206,896 8,644,618 19,851,514
<br /> ITotal liabilities and net assets $ 11,961,824 $ 15,341,497 $ 27,303,321
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<br /> I
<br /> The accompanying notes are an integral part of this financial statement.
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