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VADNAIS LAKE AREA WATER MANAGEMENT ORGANIZATION <br />RECONCILIATION OF THE BALANCE SHEETS <br />TO THE STATEMENT OF NET ASSETS <br />GOVERNMENTAL FUNDS <br />YEAR ENDED DECEMBER 31, 2007 <br />Total fund balances - governmental $ 45,466 <br />Amounts reported for the governmental activities in the statement <br />of net assets are different because: <br />Capital assets used in governmental activities are not financial <br />resources and therefore are not reported as assets in governmental funds. <br />Cost of capital assets <br />Noncurrent liabilities, are not due and payable in the current period <br />and therefore are not reported as liabilities in the funds. <br />Compensated absences <br />165,587 <br />(6,929) <br />Total net assets - governmental activities $ 204,124 <br />The notes to the financial statements are an integral part of this statement. <br />-6- <br />