TOWN OF CARY, NORTH CAROLINA
UTILITY SYSTEMS ENTERPRISE FUND
SUB-FUND COMBINING STATEMENT OF NET ASSETS
June 30, 2005
With Comparative Totals for June 30, 2004
Schedule 8
	Utility						Utility System		June 30,
	System		Water		Sewer		Capital
	Operations		Projects		Projects		Reserve		2005		2004
ASSETS
Current Assets
Equity in Pooled Cash and Investments	$25,253,803		21,583,083		23,065,926		39,931,915		109,834,727		95,450,840
Accrued Interest on Investments	161,914		---		---		498,673		660,587		547,013
Accounts Receivable, net of allowance for         doubtful accounts	4,555,592		1,698,617		2,046,852		466,054		8,767,115		9,250,064
Due from Other Funds	---		---		---		---		---		---
Inventories	---		---		---		---		---		---
Miscellaneous Prepayment	---		---		---		---		---		---
Restricted Cash - Unspent Debt Proceeds	---		---		---		---		---		---
Restricted Cash - Customer Deposits	---		---		---		---		---		---
Equity in Pooled Cash and Investments-Restricted	713,616		---		---		441,503		1,155,119		15,795,316
Asset	---		---		---		---		---		---
Asset	---		---		---		---		---		---
TOTAL CURRENT ASSETS	30,684,925		23,281,700		25,112,778		41,338,145		120,417,548		121,043,233
Non-Current Assets
Deferred Bond Expenses	991,776		---		---		---		991,776		1,084,461
Long-term Notes Receivable	4,977,911		---		---		---		4,977,911		5,805,109
Assessments Receivable	---		---		---		---		---		---
Noncurrent asset (PF only)	---		---		---		---		---		---
Noncurrent asset (PF only)	---		---		---		---		---		---
Noncurrent asset (PF only)	---		---		---		---		---		---
TOTAL NONCURRENT ASSETS	5,969,687		---		---		---		5,969,687		6,889,570
Capital Assets
Land, Land Improvements and Construction in Progress	12,537,757		4,611,765		32,894,165		---		50,043,687		32,699,183
Other Capital Assets, Net of Accumulated Depreciation	251,376,618		---		---		---		251,376,618		251,950,437
Water and Sewer Distribution System-NOT USED	---		---		---		---		---		---
Building, Equipment and Vehicles-NOT USED	---		---		---		---		---		---
Construction in Progress-NOT USED	---		---		---		---		---		---
TOTAL CAPITAL ASSETS, NET	263,914,375		4,611,765		32,894,165		---		301,420,305		284,649,620
TOTAL ASSETS	300,568,987		27,893,465		58,006,943		41,338,145		427,807,540		412,582,423
LIABILITIES AND NET ASSETS
Current liabilities
Accounts Payable and Accrued Liabilities	1,604,970		233,004		1,511,180		2		3,349,156		4,313,375
Compensated Absences	496,650		---		---		---		496,650		511,934
Due to Other Funds	139,833		---		---		---		139,833		345,832
Debt Payable	6,650,301		---		---		---		6,650,301		5,638,233
Accrued Debt Interest Payable	1,080,634		---		---		---		1,080,634		1,262,329
Retainage Payable	---		50,347		1,222,423		---		1,272,770		930,630
Deferred Revenues	28,571		542,019		205,594		1,173,695		1,949,879		2,095,354
Liability	---		---		---		---		---		---
Liability	---		---		---		---		---		---
TOTAL CURRENT LIABILITIES	10,000,959		825,370		2,939,197		1,173,697		14,939,223		15,097,687
Non-Current liabilities
Compensated Absences	44,599		---		---		---		44,599		---
Deposits	713,616		---		---		---		713,616		692,023
Deferred Revenue - Capacity Charges	3,916,134		---		---		---		3,916,134		3,916,134
Debt Payable, net of deferred loss on refunding	104,739,995		---		---		---		104,739,995		104,124,550
Installment Purchase Payable	---		---		---		---		---
State Revolving Loan Payable	---		---		---		---		---		---
Deferred Bond Premium	168,175		---		---		---		168,175		178,290
Purchased Capacity Liability	773,509		---		---		---		773,509		870,641
Developer Fee Credits	5,000		---		---		4,142,966		4,147,966		2,705,740
Claims Incurred But Not Reported	---		---		---		---		---		---
Noncurrent liability (PF only)	---		---		---		---		---		---
Miscellaneous	---		---		---		856,445		856,445		1,531,445
Noncurrent liability (PF only)	---		---		---		---		---		---
Noncurrent liability (PF only)	---		---		---		---		---		---
TOTAL OTHER LIABILITIES	110,361,028		---		---		4,999,411		115,360,439		114,018,823
TOTAL LIABILITIES	120,361,987		825,370		2,939,197		6,173,108		130,299,662		129,116,510
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	180,207,000		27,068,095		55,067,746		35,165,037		297,507,878		283,465,913
TOTAL NET ASSETS	$180,207,000		27,068,095		55,067,746		35,165,037		297,507,878		283,465,913