TOWN OF CARY, NORTH CAROLINA
UTILITY SYSTEMS ENTERPRISE FUND
SUB-FUND COMBINING STATEMENT OF NET ASSETS
June 30, 2007
With Comparative Totals for June 30, 2006
Schedule 8
	Utility System		Water		Sewer		Utility System		June 30,
	Operations		Projects		Projects		Capital Reserve		2007		2006
ASSETS
Current Assets
Equity in Pooled Cash and Investments	$40,899,688		21,836,970		23,545,901		55,073,680		141,356,239		122,524,890
Accrued Interest on Investments	505,302		---		---		1,086,748		1,592,050		986,506
Accounts Receivable, net of allowance for         doubtful accounts	7,407,314		1,657,167		518,828		269,519		9,852,828		11,053,192
Due from Other Funds	---		---		---		---		---		---
Inventories	---		---		---		---		---		---
Miscellaneous Prepayment	---		---		---		---		---		---
Restricted Cash - Unspent Debt Proceeds	---		---		---		---		---		---
Restricted Cash - Customer Deposits	---		---		---		---		---		---
Equity in Pooled Cash and Investments-Restricted	1,236,181		---		8,356,134		---		9,592,315		1,191,106
Asset	---		---		---		---		---		---
Asset	---		---		---		---		---		---
TOTAL CURRENT ASSETS	50,048,485		23,494,137		32,420,863		56,429,947		162,393,432		135,755,694
Non-Current Assets
Deferred Bond Expenses	1,143,658		---		---		---		1,143,658		920,953
Long-term Notes Receivable	---		---		---		---		---		---
Assessments Receivable	---		---		---		---		---		---
Noncurrent asset (PF only)	---		---		---		---		---		---
Noncurrent asset (PF only)	---		---		---		---		---		---
Noncurrent asset (PF only)	---		---		---		---		---		---
TOTAL NONCURRENT ASSETS	1,143,658		---		---		---		1,143,658		920,953
Capital Assets
Land, Land Improvements and
Construction in Progress	15,128,854		4,811,959		33,764,360		---		53,705,173		37,938,807
Other Capital Assets, Net of Accumulated Depreciation	340,459,773		---		---		---		340,459,773		324,113,847
Water and Sewer Distribution System-NOT USED	---		---		---		---		---		---
Building, Equipment and Vehicles-NOT USED	---		---		---		---		---		---
Construction-in-Progress-NOT USED	---		---		---		---		---		---
TOTAL CAPITAL ASSETS, NET	355,588,627		4,811,959		33,764,360		---		394,164,946		362,052,654
TOTAL ASSETS	406,780,770		28,306,096		66,185,223		56,429,947		557,702,036		498,729,301
LIABILITIES AND NET ASSETS
Current liabilities
Accounts Payable and Accrued Liabilities	799,757		238,652		3,299,244		52,756		4,390,409		3,294,849
Compensated Absences	---		---		---		---		---		---
Due to Other Funds	(545,587)		---		---		---		(545,587)		(170,103)
Debt Payable	6,842,503		---		---		---		6,842,503		6,897,063
Accrued Debt Interest Payable	1,072,385		---		---		---		1,072,385		1,234,361
Retainage Payable	---		226,382		1,455,155		---		1,681,537		577,028
Deferred Revenues	---		---		---		472,807		472,807		1,065,812
Liability	---		---		---		---		---		---
Liability	---		---		---		---		---		---
TOTAL CURRENT LIABILITIES	8,169,058		465,034		4,754,399		525,563		13,914,054		12,899,010
Non-Current liabilities
Compensated Absences	691,913		---		---		---		691,913		621,852
Deposits	1,236,182		---		---		---		1,236,182		1,191,106
Deferred Revenue	1,543,912		---		---		---		1,543,912		---
Debt Payable, net of deferred loss on refunding	117,046,786		---		---		---		117,046,786		100,887,297
Installment Purchase Payable	---		---		---		---		---
State Revolving Loan Payable	---		---		---		---		---		---
Deferred Bond Premium	646,858		---		---		---		646,858		158,060
Purchased Capacity Liability	569,747		---		---		---		569,747		673,245
Developer Fee Credits	---		---		---		5,189,915		5,189,915		4,579,020
Morrisville Merger Debt	2,793,182		---		---		---		2,793,182		3,187,686
Miscellaneous	61,970		---		---		972,522		1,034,492		860,620
Noncurrent liability (PF only)	---		---		---		---		---		---
Noncurrent liability (PF only)	---		---		---		---		---		---
TOTAL OTHER LIABILITIES	124,590,550		---		---		6,162,437		130,752,987		112,158,886
TOTAL LIABILITIES	132,759,608		465,034		4,754,399		6,688,000		144,667,041		125,057,896
NET ASSETS - to hide all but TOTAL line
Net Assets - Capital net of debt	---		---		---		---		---		---
Net Assets - restricted (PF)	---		---		---		---		---		---
Net Assets - restricted (PF)	---		---		---		---		---		---
Unrestricted Net Assets	274,021,162		27,841,062		61,430,824		49,741,947		413,034,995		373,671,405
TOTAL NET ASSETS	274,021,162		27,841,062		61,430,824		49,741,947		413,034,995		373,671,405
TOTAL LIABILITIES AND NET ASSETS	$406,780,770		28,306,096		66,185,223		56,429,947		557,702,036		498,729,301