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VADNAIS LAKE AREA WATER MANAGEMENT ORGANIZATION
<br />VADNAIS HEIGHTS, MINNESOTA
<br />STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES -
<br />BUDGET AND ACTUAL
<br />GENERAL, EURASIAN MILFOIL AND SAVE THE LAKE FUNDS
<br />YEAR ENDED DECEMBER 31, 2007
<br />(With comparative actual amounts for the year ended December 31, 2006)
<br />2007 2006
<br />Variance with
<br />Budgeted Amounts Final Budget
<br />Actual Positive Actual
<br />Original Final Amounts (Negative) Amounts
<br />REVENUES
<br />Intergovernmental
<br />Member assessments $ 228,000 $ 228,000 $ 228,000 $ $ 177,400
<br />Grants 3,000 3,000 144,065 141,065 36,691
<br />Interest on investments 500 500 1,461 961 104
<br />Miscellaneous 2,500 2,500 339 (2,161) 1,440
<br />TOTAL REVENUES
<br />234,000 234,000 373,865 139,865 215,635
<br />EXPENDITURES
<br />Projects 171,305 201,305 180,373 20,932 104,960
<br />Programs
<br />Monitoring 12,500 69,500 53,094 16,406 4,705
<br />Maintenance 21,000 26,500 15,049 11,451 4,373
<br />General and administrative
<br />Wages 132,000 116,000 85,514 30,486 53,880
<br />Payroll taxes and employee benefits - - 14,361 (14,361) 7,432
<br />Legal 1,500 1,500 4,909 (3,409) 2,465
<br />Professional services 26,400 15,900 13,771 2,129 4,807
<br />Information systems 11,000 8,000 4,894 3,106 1,211
<br />Insurance 3,200 3,200 3,280 (80) 2,562
<br />Office (supplies, postage, and rent) 10,000 10,000 5,740 4,260 4,049
<br />Staff training and expenses 1,400 1,400 1,720 (320) -
<br />Telephone - - 722 (722) 1,854
<br />Miscellaneous 10,000 7,000 1,986 5,014 3,634
<br />TOTAL EXPENDITURES 400,305 460,305 385,413 74,892 195,932
<br />EXCESS (DEFICIENCY) OF REVENUES
<br />OVER (UNDER) EXPENDITURES (166,305) (226,305) (11,548) 214,757 19,703
<br />FUND BALANCES, JANUARY 1 57,014 57,014 57,014 37,311
<br />FUND BALANCES, DECEMBER 31 $ (109,291) $ (169,291) $ 45,466 $ 214,757 $ 57,014
<br />The notes to the financial statements are an integral part of this statement.
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