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CITY OF SOUTH BEND <br />NOTES TO FINANCIAL STATEMENTS <br />(Continued) <br />Condensed Statement of Net Assets <br />Assets: <br />Current assets $ 251,512 <br />Deferred charges 26,735 <br />Restricted assets 1,292,677 <br />Capital assets 2,987,323 <br />Total assets $ 4,558,247 <br />Liabilities: <br />Current liabilities $ 2,098,208 <br />Current liabilities payable from restricted assets 523,834 <br />Noncurrent liabilities 3,161,629 <br />Total liabilities $ 5,783,671 <br />Net assets: <br />Invested in capital assets, net of related debt $ (639,306) <br />Restricted 1,213,815 <br />Unrestricted (1,799,933) <br />Total net assets $ (1,225,424) <br />Condensed Statement of Revenues Expenses and Changes in Net Assets <br />Operating revenues $ 1,565,649 <br />Depreciation expense 152,814 <br />Other operating expenses 1,446,929 <br />Operating income (34,094) <br />Nonoperating revenues (expenses): <br />Investment earnings 53,550 <br />Interest expense (207,678) <br />Amortization (4,336) <br />Transfers (44,200) <br />Change in net assets (236,758) <br />Beginning net assets (988,666) <br />Ending net assets $ (1,225,424) <br />66 <br />