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VADNAIS LAKE AREA WATER <br />MANAGEMENT ORGANIZATION <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2003 <br />Note 3 CHANGES IN GENERAL FIXED ASSETS <br />A statement of changes in general fixed assets is as follows: <br />Equipment <br />Balance Balance <br />Beginning End <br />of Year Additions Deletions of Year <br />$5,915 $825 ($1,000) $5,740 <br />Note 4 RELATED PARTY TRANSACTIONS <br />REVENUE <br />The Organization assesses each member entity on a yearly basis to provide funds to operate the Organization's <br />business. Revenue from assessments to members in 2003 is as follows: <br />2003 <br />Revenue <br />City of North Oaks $13,790 <br />City of White Bear Lake 10,560 <br />St. Paul Regional Water Services 1,589 <br />City of Lino Lakes 1,423 <br />White Bear Township 5,354 <br />City of Vadnais Heights 12,853 <br />City of Gem Lake 1,331 <br />Total $46,900 <br />Note 5 DEFINED BENEFIT PENSION PLANS - STATEWIDE <br />A. PLAN DESCRIPTION <br />All full-time and certain part-time employees of the Organisation are covered by defined benefit plans <br />administered by the Public Employees Retirement Association of Minnesota (PERA). PERA <br />administers the Public Employees Retirement Fund (PERF) which is cost -sharing, multiple -employer <br />retirement plan. This plan is established and administered in accordance with Minnesota Statute, <br />Chapters 353 and 356. <br />16 <br />