Laserfiche WebLink
VADNAIS LAKE AREA WATER <br />MANAGEMENT ORGANIZATION <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2003 <br />Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br />The accounting policies of the Vadnais Lake Area Water Management Organization conform to generally <br />accepted accounting principles as applied to governmental units by the Govemmental Accounting Standards <br />Board (GASB). The following is a summary of significant accounting policies. <br />A. FINANCIAL REPORTING ENTITY <br />The Vadnais Lake Area Water Management Organization was created in the exercise of joining <br />powers to meet the requirements of the Metropolitan Surface Water Management Act, re -codified as <br />Minnesota Statutes chapters 103B and 103D. <br />Its general purpose is to establish an organization to jointly and cooperatively develop a water <br />management plan and program to (1) protect, preserve, and use natural surface and groundwater <br />storage and retention systems; (2) minimize capital expenditures necessary to correct flooding and <br />water quality problems; (3) identify and plan for means to effectively protect and improve surface and <br />groundwater quality; (4) establish more uniform local policies and official controls for surface water, <br />wetland, and groundwater management; (5) prevent erosion of soil into surface water systems; (6) <br />promote groundwater recharge; (7) protect and enhance fish and wildlife habitat and water recreational <br />facilities, and secure other benefits associated with the proper management of surface ground water, <br />and be in accordance with the Act. <br />The Organization is governed by a Board of Commissioners which consists of seven members, one <br />from each of the following. participating governmental units: <br />City of North Oaks <br />City of White Bear Lake <br />St. Paul Regional Water Services <br />City of Lino Lakes <br />White Bear Township <br />City of Vadnais Heights <br />City of Gem Lake <br />All property of the Organization is owned by the members entities in proportion to the total <br />contribution of each participating governmental unit as required by the previous annual budget. <br />The accounting policies of the Organization conform to generally accepted accounting principles as <br />applicable to governmental units. <br />L <br />11 <br />