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Management's Discussion and Analysis <br />As management of the Vadnais Lake Area Water Management Organization, (the Organization), Vadnais Heights, Minnesota, we <br />offer readers of the Organization's financial statements this narrative overview and analysis of the financial activities of the <br />Organization for the fiscal year ended December 31, 2013. We encourage readers to consider the information presented here in <br />conjunction with the financial statements, which follow this section. <br />Financial Highlights <br />• The assets of the Organization exceeded its liabilities at the close of the most recent fiscal year by $639,398 (net position). <br />Of this amount, $512,658 (unrestricted net position) may be used to meet the Organization's ongoing obligations. <br />• The Organization's total net position increased by $30,880. The increase is due to the Organization receiving more grants <br />monies during the year than anticipated. <br />• As of the close of the current fiscal year, the Organization's govenunental fund reported combined ending fund balances of <br />$526,607, an increase of $52,074 in comparison with the prior year. This increase in fund balance is due the Organization <br />receiving more grants than anticipated during the year. <br />• The ending General fund balance was $526,607. Of this balance, $186,000 is committed purposes disclosed in the financial <br />statements. <br />• The Organization's unrestricted cash and temporary investments increased to $588,720 from $543,273 during 2013. <br />-15- <br />