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VADNAIS LAKE AREA WATER MANAGEMENT ORGANIZATION <br />BALANCE SHEET <br />GOVERNMENTAL FUNDS <br />December 31, 2006 <br />Statement 3 <br />Assets 2006 2005 <br />Cash and investments $158,810 $168,284 <br />Liabilities and Fund Balances <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 I ` <br />Deferred revenue 38,878 72,791 <br />Total liabilities 101,796 130,975 <br />Fund balance: <br />Unreserved: <br />Designated: <br />171 <br />Cash flow 57,014 37,309 <br />Total liabilities and fund balance <br />Fund balance reported above <br />Amounts reported for governmental activities in the statement of net assets are <br />different because: <br />Long-term liabilities, including compensated absences payable, are not due and <br />payable in the current period and therefore are not reported in the funds. <br />Net assets of governmental activities <br />$158,810 $168,284 <br />$57,014 $37,309 <br />(2,820) (3,057) <br />$54,194 $34,252 <br />The accompanying notes are an integral part of these financial statements. <br />12 <br />