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Oilrvi <br />AR <br />. <br />Vadnais Lake Area Water Management Organization <br />March 24, 2010 <br />Page 8 <br />The purposes and benefits of a General fund balance are as follows: <br />Purposes and Benefits <br />• Expenditures are incurred somewhat evenly throughout the year. However revenues are not received evenly. An <br />adequate fund balance will provide the cash flow required to finance the General fund expenditures. <br />• Expenditures not anticipated at the time the annual budget was adopted may need immediate Board action. These would <br />include capital outlay replacement, lawsuits and other items. An adequate fiord balance will provide the financing needed <br />for such expenditures. <br />The 2009 General fund operations are summarized as follows: <br />Variance with <br />Final Final Budget - <br />Budgeted Actual Positive <br />Amounts Amounts (Negative) <br />Revenues $ 386,184 $ 439,504 $ 53,320 <br />Expenditures 386,784 395,352 (8,568) <br />Net change in fund balances (600) 44,152 44,752 <br />Fund balances, January 1 210,267 210,267 <br />Fund balances, December 31 $ 209,667 $ 254,419 $ 44,752 <br />The positive variance in revenues was due to the Organization receiving a number of grants during the year. The Organization <br />received $30,000 from St. Paul Regional Water Service and $25,100 from the Pollution Control Agency. <br />952.835.9090 • Fax 952.8.35.3261 <br />www.aemcpas.com <br />