TOWN OF CARY, NORTH CAROLINA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
June 30, 2005	Utility		Governmental
	Systems		Activities -
EXHIBIT L	Enterprise		Internal
	Fund		Service Funds
ASSETS
Current Assets
Equity in Pooled Cash and Investments	$109,834,727		3,894,368
Accrued Interest on Investments	660,587		5,949
Accounts Receivable, net of allowance for         doubtful accounts	8,767,115		54,783
Due from Other Funds	---		---
Inventories	---		54,896
Miscellaneous Prepayment	---		---
Restricted Cash - Unspent Debt Proceeds	---		---
Restricted Cash - Customer Deposits	---		---
Equity in Pooled Cash and Investments-Restricted	1,155,119		---
Asset	---		---
Asset	---		---
TOTAL CURRENT ASSETS	120,417,548		4,009,996
Non-Current Assets
Deferred Bond Expenses	991,776		---
Long-term Notes Receivable	4,977,911		---
Assessments Receivable	---		---
Noncurrent asset (PF only)	---		---
TOTAL NONCURRENT ASSETS	5,969,687		---
Capital Assets
Land, Land Improvements and Construction in Progress	50,043,687		---
Other Capital Assets, Net of Accumulated Depreciation	251,376,618		1,360,000
Water and Sewer Distribution System-NOT USED	---		---
Building, Equipment and Vehicles-NOT USED	---		---
Construction in Progress-NOT USED	---		---
TOTAL CAPITAL ASSETS, NET	301,420,305		1,360,000
TOTAL ASSETS	427,807,540		5,369,996
LIABILITIES AND NET ASSETS
Current liabilities
Accounts Payable and Accrued Liabilities	3,349,156		119,498
Compensated Absences	496,650		30,222
Due to Other Funds	139,833		---
Debt Payable	6,650,301		---
Accrued Debt Interest Payable	1,080,634		---
Retainage Payable	1,272,770		---
Deferred Revenues	1,949,879		---
Purchased Capacity Liability	100,264
Developer Fee Credits	431,000
Liability	---		---
Liability	---		---
TOTAL CURRENT LIABILITIES	15,470,487		149,720
Non-Current liabilities
Compensated Absences	44,599		2,714
Deposits	713,616		---
Deferred Revenue - Capacity Charges	3,916,134		---
Debt Payable, net of deferred loss on refunding	104,739,995		---
Installment Purchase Payable	---		---
State Revolving Loan Payable	---		---
Deferred Bond Premium	168,175		---
Purchased Capacity Liability	673,245		---
Developer Fee Credits	3,716,966		---
Claims Incurred But Not Reported	---		610,202
Miscellaneous	856,445		---
Noncurrent liability (PF only)	---		---
Noncurrent liability (PF only)	---		---
TOTAL NON-CURRENT LIABILITIES	114,829,175		612,916
TOTAL LIABILITIES	130,299,662		762,636
NET ASSETS
Invested in Capital Assets, Net of Related Debt	$185,550,036		1,360,000
Restricted for Unspent Grant Proceeds	---		---
Restricted for Deposits Held	713,616		---
Net Assets - restricted (PF)	---		---
Unrestricted Net Assets	111,244,226		3,247,360
TOTAL NET ASSETS	$297,507,878		4,607,360
TOTAL LIABILITIES AND NET ASSETS	$427,807,540		5,369,996
The accompanying notes are an integral part of these basic financial statements.