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<br />VADNAIS LAKE AREA WATER
<br />MANAGEMENT ORGANIZATION
<br />COMBINED STATEMENT OF REVENUE, EXPENDITURES AND
<br />CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
<br />GENERAL FUND
<br />For The Year Ended December 31, 2002
<br />Statement 2
<br />2002
<br />Over
<br />(Under)
<br />Budget Actual Budget
<br />2001
<br />Actual
<br />Revenue:
<br />Intergovernmental:
<br />Member assessments $46,900 $46,900 $ - $46,380
<br />Grants 4,000 102,036 98,036 9,228
<br />Charges for services 1,000 600 (400) 480
<br />Investment income 1,300 920 (380) 2,164
<br />Other revenue 500 623 123 428
<br />Total revenue 53,700 151,079 97,379 58,680
<br />Expenditures:
<br />Salaries 50,920 42,272 (8,648) 41,501
<br />Payroll processing 560 547 (13) 559
<br />Office expenses 3,000 2,530 (470) 2,394
<br />Technical consulting 800 744 (56) 785
<br />Audit 2,000 (2,000) 2,000
<br />Insurance 2,500 2,590 90 2,342
<br />Training 700 803 103 155
<br />Legal 500 139 (361) 435
<br />Information systems 2,000 600 (1,400) 892
<br />Education 300 85 (215) 900
<br />Projects 600 14,799 14,199 9,977
<br />Miscellaneous 1,000 1,300 300 1,252
<br />Total expenditures 64,880 66,409 1,529 63,192
<br />Revenue over (under) expenditures ($11,180) 84,670 $95,850 (4,512)
<br />Fund balance - January 1 43,148 47,660
<br />Fund balance - December 31 $127,818 $43,148
<br />The accompanying notes are an integral part of these financial statements.
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