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Vadnais Lake Area Water Management Organization <br />March 19, 2008 <br />Page 7 <br />Financial Position and Results of Operations <br />Our principal observations and recommendations are summarized on the following pages. These recommendations resulted from <br />our observations made in connection with our audit of the Organization's financial statements for the year ended <br />December 31, 2007. <br />General Fund <br />The fund balance at December 31, 2007 was $45,466, a decrease of $11,548 in comparison with the prior year. The total fund <br />balance represents 12 percent of the 2008 budget. <br />A table summarizing the General fund balance in relation to budget follows: <br />Year <br />Percent <br />General General of Fund <br />Fund Balance Budget Fund Balance to <br />December 31 Year Budget Budget <br />2005 $ 37,311 2006 $ 186,400 20 % <br />2006 57,014 2007 460,305 12 <br />2007 45,466 2008 380,000 12 <br />$550,000 <br />$500,000 <br />$450,000 <br />$400,000 <br />$350,000 <br />$300,000 <br />$250,000 <br />$200,000 <br />$150,000 <br />$100,000 <br />$50,000 <br />$- <br />Fund Balance as a Percent of Next Year's Budget <br />$460,305 <br />$380,000 <br />$186,400 <br />12% <br />12% <br />20% <br />• <br />• <br />• <br />2005 2006 2007 2008 <br />"miGeneral Fund Balance ■—Budget <br />952.835.9090 • Fax 952.835.3261 <br />www.aemcpas.com <br />