VLAWMO Annual Financial Report 2009

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Management's Discussion and Analysis As management of the Vadnais Lake Area Water Management Organization, (the Organization), Vadnais Heights, Minnesota, we offer readers of the Organization's financial statements this narrative overview and analysis of the financial activities of the Organization for the fiscal year ended December 31, 2009. We encourage readers to consider the information presented here in conjunction with the financial statements, which follow this section. Financial Highlights • The assets of the Organization exceeded its liabilities at the close of the most recent fiscal year by $418,161 (net assets). Of this amount, $254,759 (unrestricted net assets) may be used to meet the Organization's ongoing obligations. • The Organization's total net assets increased by $53,693. The increase is due to revenues exceeding expenses. • As of the close of the current fiscal year, the Organization's governmental funds reported combined ending fund balances of $254,419, an increase of $44,152 in comparison with the prior year. This increase in fund balance is due to revenues in excess of expenses. • The ending General fund balance of $254,419. All of this fund balance is dedicated to ongoing programs and capital projects including Whitaker pond restoration, Birch Lake Plan implementation, and others. • The Organization's unrestricted cash and temporary investments increased to $336,474 from $241,868 during 2009. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the Organization's basic financial statements. The Organization's basic financial statements are comprised of three components: 1) government -wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contain other required supplemental information in addition to the basic financial statements themselves. -11-