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• <br />• <br />Vadnais Lake Area Water Management Organization <br />March 19, 2008 <br />Page 8 <br />The purposes and benefits of a General fund balance are as follows: <br />Purposes and Benefits <br />• Expenditures are incurred somewhat evenly throughout the year. However revenues are not received evenly. An <br />adequate fund balance will provide the cash flow required to finance the General fund expenditures. <br />• Expenditures not anticipated at the time the annual budget was adopted may need immediate Board action. These would <br />include capital outlay replacement, lawsuits and other items. An adequate fund balance will provide the financing needed <br />for such expenditures. <br />The 2007 General fiord operations are summarized as follows: <br />Variance with <br />Final Final Budget - <br />Budgeted Actual Positive <br />Amounts Amounts (Negative) <br />Revenues $ 234,000 $ 373,865 $ 139,865 <br />Expenditures 460,305 385,413 74,892 <br />Net change in fund balances (226,305) (11,548) 214,757 <br />Fund balances, January 1 57,014 57,014 <br />Fund balances, December 31 $ (169,291) $ 45,466 $ 214,757 <br />952.835.9090 • Fax 952.835.3261 <br />www.aemcpas.com <br />