TOWN OF CARY, NORTH CAROLINA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
June 30, 2007	Utility		Governmental
	Systems		Activities -
EXHIBIT L	Enterprise		Internal
	Fund		Service Funds
ASSETS
Current Assets
Equity in Pooled Cash and Investments	$141,356,239		7,677,166
Accrued Interest on Investments	1,592,050		12,654
Accounts Receivable, net of allowance for         doubtful accounts	9,852,828		175,875
Due from Other Funds	---		---
Inventories	---		66,984
Miscellaneous Prepayment	---		---
Restricted Cash - Unspent Debt Proceeds	---		---
Restricted Cash - Customer Deposits	---		---
Equity in Pooled Cash and Investments-Restricted	9,592,315		---
Asset	---		---
Asset	---		---
TOTAL CURRENT ASSETS	162,393,432		7,932,679
Non-Current Assets
Deferred Bond Expenses	1,143,658		---
Long-term Notes Receivable	---		---
Assessments Receivable	---		---
Noncurrent asset (PF only)	---		---
TOTAL NONCURRENT ASSETS	1,143,658		---
Capital Assets
Land, Land Improvements and Construction-in-Progress	53,705,173		---
Other Capital Assets, Net of Accumulated Depreciation	340,459,773		1,250,197
Water and Sewer Distribution System-NOT USED	---		---
Building, Equipment and Vehicles-NOT USED	---		---
Construction-in-Progress-NOT USED	---		---
Total Capital Assets, net	394,164,946		1,250,197
TOTAL NON-CURRENT ASSETS	395,308,604		1,250,197
TOTAL ASSETS	557,702,036		9,182,876
LIABILITIES AND NET ASSETS
Current liabilities
Accounts Payable and Accrued Liabilities	4,390,409		75,403
Compensated Absences	---		---
Due to Other Funds	(545,587)		---
Debt Payable	6,842,503		---
Accrued Debt Interest Payable	1,072,385		---
Retainage Payable	1,681,537		---
Deferred Revenues	472,807		---
Purchased Capacity Liability	106,836		---
Developer Fee Credits	838,039		---
Liability	---		---
Liability	---		---
TOTAL CURRENT LIABILITIES	14,858,929		75,403
Non-Current liabilities
Compensated Absences	691,913		37,067
Deposits	1,236,182		9,000
Deferred Revenue	1,543,912		---
Debt Payable, net of deferred loss on refunding	117,046,786		---
Installment Purchase Payable	---		---
State Revolving Loan Payable	---		---
Deferred Bond Premium	646,858		---
Purchased Capacity Liability	462,911		---
Developer Fee Credits	4,351,876		---
Claims Incurred But Not Reported	---		590,633
Morrisville Merger Debt	2,793,182		---
Miscellaneous	1,034,492		---
Noncurrent liability (PF only)	---		---
Noncurrent liability (PF only)	---		---
TOTAL NON-CURRENT LIABILITIES	129,808,112		636,700
TOTAL LIABILITIES	144,667,041		712,103
NET ASSETS
Invested in Capital Assets, Net of Related Debt	$272,873,371		1,250,197
Restricted for Unspent Grant Proceeds	---		---
Restricted for Deposits Held	1,236,182		---
Net Assets - restricted (PF)	---		---
Unrestricted Net Assets	138,925,442		7,220,576
TOTAL NET ASSETS	413,034,995		8,470,773
TOTAL LIABILITIES AND NET ASSETS	$557,702,036		9,182,876
The accompanying notes are an integral part of these basic financial statements.