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VADNAIS LAKE AREA WATER
<br />MANAGEMENT ORGANIZATION
<br />STATEMENT OF REVENUE, EXPENDITURES AND
<br />CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
<br />GENERAL FUND
<br />For The Year Ended December 31, 2003
<br />Statement 2
<br />2003
<br />Over
<br />(Under)
<br />Budget Actual Budget
<br />2002
<br />Actual
<br />Revenue:
<br />Intergovernmental:
<br />Member assessments $46,900 $46,900 $ - $46,900
<br />Grants 4,500 136,500 132,000 102,036
<br />Charges for services 500 1,040 540 600
<br />Investment income 1,000 501 (499) 920
<br />Other revenue - - 623
<br />Total revenue 52,900 184,941 132,041 151,079
<br />Expenditures:
<br />Salaries 51,380 46,360 (5,020) 42,272
<br />Payroll processing 560 539 (21) 547
<br />Office expenses 3,100 3,089 (11) 2,530
<br />Technical consulting 800 651 (149) 744
<br />Audit 2,500 5,000 2,500
<br />Insurance 2,600 2,441 (159) 2,590
<br />Training 700 415 (285) 803
<br />Legal 500 (500) 139
<br />Information systems 1,000 1,722 722 600
<br />Education 1,000 - (1,000) 85
<br />Projects 1,500 17,093 15,593 14,799
<br />Miscellaneous 1,000 1,121 121 1,300
<br />Total expenditures 66,640 78,431 11,791 66,409
<br />Revenue over (under) expenditures ($13,740) 106,510 $120,250 84,670
<br />Fund balance - January 1 127,818 43,148
<br />Fund balance - December 31 $234,328 $127,818
<br />The accompanying notes are an integral part of these financial statements.
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