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Vadnais Lake Area Water Management Organization <br />March 24, 2010 <br />Page 7 <br />Financial Position and Results of Operations <br />Our principal observations and recommendations are summarized on the following pages. These recommendations resulted from <br />our observations made in connection with our audit of the Organization's financial statements for the year ended <br />December 31, 2009. <br />General Fund <br />The fund balance at December 31, 2009 was $254,419, an increase of $44,152 in comparison with the prior year. The total <br />fund balance represents 59 percent of the 2010 budget. <br />A table summarizing the General fund balance in relation to budget follows: <br />Year <br />Percent <br />General General of Fund <br />Fund Balance Budget Fund Balance to <br />December 31 Year Budget Budget <br />2005 $ 37,311 2006 $ 186,400 <br />2006 57,014 2007 460,305 <br />2007 45,466 2008 380,000 <br />2008 210,267 2009 386,784 <br />2009 254,419 2010 432,693 <br />$500,000 <br />$400,000 <br />$300,000 <br />$200,000 <br />$100,000 <br />Fund Balance as a Percent of Next Year's Budget <br />20 % <br />12 <br />12 <br />54 <br />59 <br />$460,305 <br />$380,000 <br />$432,693 <br />$386,784 <br />S186,400 <br />54% <br />59% <br />12% <br />12% <br />20% <br />• <br />♦ <br />2005 <br />2006 <br />2007 <br />2008 <br />—•—General Fund Balance ,-FBudget <br />2009 <br />2010 <br />952.835.9090 • Fax 952.835.3261 <br />w�.W.aenxpas.cmi <br />