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VADNAIS LAKE AREA WATER MANAGEMENT ORGANIZATION <br />STATEMENT OF NET ASSETS <br />December 31, 2006 <br />Statement 1 <br />Assets: <br />Cash and investments <br />Primary Government <br />Governmental Activities <br />2006 2005 <br />$158,810 $168,284 <br />Liabilities: <br />Accounts payable 24,107 527 <br />Escrow deposits payable 31,493 21,636 <br />Due to other governments 7,318 5,920 <br />Retainage payable - 30,101 <br />Deferred revenue 38,878 72,791 <br />Compensated absences payable: <br />Due within one year 2,820 3,057 <br />Total liabilities 104,616 134,032 <br />Net assets: <br />Unrestricted 54,194 34,252 <br />Total net assets $54,194 $34,252 <br />The accompanying notes are an integral part of these financial statements. <br />10 <br />