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VADNAIS LAKE AREA WATER MANAGEMENT ORGANIZATION <br />VADNAIS HEIGHTS, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS <br />DECEMBER 31, 2009 <br />Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED <br />Net Assets <br />Net assets represent the difference between assets and liabilities. Net assets are displayed in three components: <br />a. Invested in capital assets, net of related debt - Consists of capital assets, net of accumulated <br />depreciation reduced by any outstanding debt attributable to acquire capital assets. <br />b. Restricted net assets - Consist of net assets restricted when there are limitations imposed on their use <br />through external restrictions imposed by creditors, grantors, laws or regulations of other governments. <br />c. Unrestricted net assets - All other net assets that do not meet the definition of restricted" or "invested <br />in capital assets, net of related debt". <br />Comparative Data/Reclassifications <br />Comparative total data for the prior year has been presented for the fund financial statements in order to provide <br />an understanding of the change in financial position. Certain amounts presented in prior year data have been <br />reclassified in order to be consistent with the current year's presentation. <br />Note 2: STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY <br />Budgetary Information <br />Annual budgets are prepared on a basis consistent with accounting principles generally accepted in the United States of <br />America for the General fund. All annual appropriations lapse at year end. The Organization does not use <br />encumbrance accounting. <br />During the budget year, supplemental appropriations and deletions are or may be authorized by the Board. The Board <br />authorized an amendment during the year. The amendment was the effect of the Organization adding the Water <br />Resources Technician. Although an amendment was made, total appropriations remained the same. <br />For the year ended December 31, 2009, expenditures were in excess of appropriations as follows: <br />General <br />Excess of <br />Expenditures <br />Over <br />Fund Budget Actual Appropriations <br />$ 386,784 $ 395,352 $ 8,568 <br />The excess of expenditures over appropriations was funded by revenues in excess of budget. <br />-35- <br />