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VLAWMO Annual Financial Report 2006
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VLAWMO Annual Financial Report 2006
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9/19/2019 2:28:47 PM
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8/2/2019 4:15:30 PM
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Finance Dept
Finance Category
Audit
Finance Number Identifier
VLAWMO Annual Financial Report 2006
Date
12/31/2006
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VADNAIS LAKE AREA WATER MANAGEMENT ORGANIZATION <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2006 <br />Note 5 DESIGNATIONS OF FUND EQUITY <br />At December 31, 2006 and 2005 the Organization had the following fund equity reservations and designations: <br />December 31, <br />General Fund: <br />Designated for cash flow <br />2006 2005 <br />$57,014 $37,309 <br />Note 6 LONG-TERM DEBT <br />CHANGE IN LONG-TERM LIABILITIES <br />Long-term liability activity for the year ended December 31, 2006, was as follows: <br />Governmental activities: <br />Compensated absences payable <br />Balance Balance Due Within <br />12/31/05 Additions Deletions 12/31/06 One Year <br />$3,057 $2,820 ($3,057) $2,820 $2,820 <br />Compensated absences are generally liquidated by the General Fund. <br />Note 7 EXCESS OF EXPENDITURES OVER APPROPRIATIONS IN INDIVIDUAL FUNDS <br />For the year ended December 31, 2006, there were excess expenditures over appropriations in the General Fund <br />as follows: <br />General fund <br />Note 8 RISK MANAGEMENT <br />Under <br />Budget Actual Budget <br />$186,400 $195,930 ($9,530) <br />The Organization is exposed to various risks of loss related to torts, theft of, damage to and destruction of assets; <br />errors and omissions; injuries to employees; and natural disasters. Property and casualty and worker's <br />compensation liabilities are insured. The Organization retains risk for the deductible portions of the insurance. The <br />amounts of these deductibles are considered immaterial to the general purposed financial statements. <br />There were no significant reductions in insurance from the previous year or settlements in excess of insurance <br />coverage for any of the past three fiscal years. <br />24 <br />
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