That is all very interesting. However, the City of Albuquerque's (where I live) CAFR for FY 2005 shows net assets (assets minus obligations) of $1.3 billion. Of that, about 69% is buildings, land and equipment...that is, everything from the spare tire on a fire engine to the airport. According to the report, $138.3 million is unobligated and available to meet ongoing and future obligations, such as paying salaries, utility bills, paving streets, and so forth. I really can't see much hidden here, and I have reviewed a lot of financial statements.