Local governments, book value

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	Fourth quarter 2003	First quarter 2004	Second quarter 2004	Third quarter 2004	Fourth quarter 2004	First quarter 2005	2003	2004
Millions of dollars, at quarter end
Total assets	275,476	278,322	283,009	286,001	286,091	290,919	275,476	286,091
Non-financial assets	221,612	224,071	226,757	230,189	233,229	237,155	221,612	233,229
Non-residential structures	170,031	171,685	173,516	175,968	178,106	180,416	170,031	178,106
Machinery and equipment	6,863	7,062	7,261	7,414	7,569	8,479	6,863	7,569
Land	44,718	45,324	45,980	46,807	47,554	48,260	44,718	47,554
Net financial assets	-11,390	-11,339	-10,942	-11,532	-11,905	-12,085	-11,390	-11,905
Financial assets	53,864	54,251	56,252	55,812	52,862	53,764	53,864	52,862
Currency and bank deposits	11,903	12,931	13,301	13,558	12,752	12,805	11,903	12,752
Other deposits	268	47	104	78	50	51	268	50
Foreign currency deposits	10	23	7	8	6	19	10	6
Trade receivables	2,525	2,370	2,400	2,370	2,310	2,360	2,525	2,310
Other loans	52	164	160	158	162	161	52	162
Canada short-term paper	466	329	539	775	470	540	466	470
Other short-term paper	5,296	4,810	5,245	5,143	3,550	4,053	5,296	3,550
Canada bonds	2,932	2,695	2,792	2,217	1,966	2,069	2,932	1,966
Provincial bonds	2,921	3,157	3,241	3,178	2,855	2,864	2,921	2,855
Municipal bonds	1,660	1,555	1,844	1,920	1,686	1,678	1,660	1,686
Other bonds	4,188	4,226	4,574	4,435	4,226	4,413	4,188	4,226
Government claims	2,437	2,785	2,690	2,800	2,784	2,731	2,437	2,784
Other financial assets	19,206	19,159	19,355	19,172	20,045	20,020	19,206	20,045
Liabilities and net worth	275,476	278,322	283,009	286,001	286,091	290,919	275,476	286,091
Liabilities	65,254	65,590	67,194	67,344	64,767	65,849	65,254	64,767
Trade payables	6,104	7,317	7,377	7,457	7,517	7,667	6,104	7,517
Bank loans	2,770	2,373	2,327	2,316	2,316	2,310	2,770	2,316
Other loans	3,418	3,718	3,636	3,863	3,835	3,799	3,418	3,835
Other short-term paper	110	164	108	65	55	85	110	55
Municipal bonds	37,081	37,285	38,334	38,707	38,959	38,982	37,081	38,959
Government claims	66	66	66	66	66	66	66	66
Other liabilities	15,705	14,667	15,346	14,870	12,019	12,940	15,705	12,019
Net worth	210,222	212,732	215,815	218,657	221,324	225,070	210,222	221,324

Fourth quarter 2003

First quarter 2004

Second quarter 2004

Third quarter 2004

Fourth quarter 2004

First quarter 2005

2003

2004

Millions of dollars, at quarter end

Total assets

275,476

278,322

283,009

286,001

286,091

290,919

275,476

286,091

Non-financial assets

221,612

224,071

226,757

230,189

233,229

237,155

221,612

233,229

Non-residential structures

170,031

171,685

173,516

175,968

178,106

180,416

170,031

178,106

Machinery and equipment

6,863

7,062

7,261

7,414

7,569

8,479

6,863

7,569

Land

44,718

45,324

45,980

46,807

47,554

48,260

44,718

47,554

Net financial assets

-11,390

-11,339

-10,942

-11,532

-11,905

-12,085

-11,390

-11,905

Financial assets

53,864

54,251

56,252

55,812

52,862

53,764

53,864

52,862

Currency and bank deposits

11,903

12,931

13,301

13,558

12,752

12,805

11,903

12,752

Other deposits

268

104

268

Foreign currency deposits

Trade receivables

2,525

2,370

2,400

2,370

2,310

2,360

2,525

2,310

Other loans

164

160

158

162

161

162

Canada short-term paper

466

329

539

775

470

540

466

470

Other short-term paper

5,296

4,810

5,245

5,143

3,550

4,053

5,296

3,550

Canada bonds

2,932

2,695

2,792

2,217

1,966

2,069

2,932

1,966

Provincial bonds

2,921

3,157

3,241

3,178

2,855

2,864

2,921

2,855

Municipal bonds

1,660

1,555

1,844

1,920

1,686

1,678

1,660

1,686

Other bonds

4,188

4,226

4,574

4,435

4,226

4,413

4,188

4,226

Government claims

2,437

2,785

2,690

2,800

2,784

2,731

2,437

2,784

Other financial assets

19,206

19,159

19,355

19,172

20,045

20,020

19,206

20,045

Liabilities and net worth

275,476

278,322

283,009

286,001

286,091

290,919

275,476

286,091

Liabilities

65,254

65,590

67,194

67,344

64,767

65,849

65,254

64,767

Trade payables

6,104

7,317

7,377

7,457

7,517

7,667

6,104

7,517

Bank loans

2,770

2,373

2,327

2,316

2,310

2,770

2,316

Other loans

3,418

3,718

3,636

3,863

3,835

3,799

3,418

3,835

Other short-term paper

110

164

108

110

Municipal bonds

37,081

37,285

38,334

38,707

38,959

38,982

37,081

38,959

Government claims

Other liabilities

15,705

14,667

15,346

14,870

12,019

12,940

15,705

12,019

Net worth

210,222

212,732

215,815

218,657

221,324

225,070

210,222

221,324