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VADNAIS LAKE AREA WATER MANAGEMENT ORGANIZATION <br />VADNAIS HEIGHTS, MINNESOTA <br />STATEMENTS OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES <br />GOVERNMENTAL FUNDS <br />YEARS ENDED DECEMBER 31, 2007 AND 2006 <br />2007 2006 <br />REVENUES <br />Intergovernmental <br />Member assessments $ 228,000 $ 177,400 <br />Grants 144,065 36,691 <br />Interest on investments 1,461 104 <br />Miscellaneous 339 1,440 <br />TOTAL REVENUES <br />373,865 215,635 <br />EXPENDITURES <br />Current <br />General government 136,897 81,894 <br />Programs 68,143 9,078 <br />Projects 180,373 104,960 <br />TOTAL EXPENDITURES <br />EXCESS (DEFICIENCY) OF REVENUES <br />OVER (UNDER) EXPENDITURES <br />FUND BALANCES, JANUARY 1 <br />385,413 195,932 <br />7 <br />(11,548) 19,703 <br />57,014 37,311 <br />FUND BALANCES, DECEMBER 31 $ 45,466 $ 57,014 <br />7 <br />The notes to financial statements are integral part of this statement. <br />-7- <br />