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2015 Annual Report • Finance Department • St. Anthony Village, Minnesota <br /> <br /> <br /> <br />11 <br /> <br />DEVELOPED MWMO FUND BALANCE MANAGEMENT TOOL <br />Finance Staff have been working to meet this long term goal of the <br />Mississippi Water Management Organization (MWMO). Given the nature <br />of the MWMO’s operations, project funding is typically raised through <br />the annual levy process in advance of the project construction. If the <br />project is a significant commitment the funds for that project will be <br />raised over multiple levy cycles. The MWMO level of financial support <br />varies project to project. <br />The organization was established in 2002 and over that time certain projects levied have been <br />subsequently removed from local jurisdictions capital program. Furthermore various projects <br />have merited additional funding while others did not require all the funding originally allowed. <br />These factors along interest earnings have created a cumulative balance of funds that are <br />available beyond active project needs. <br />Finance staff has assisted in calculating the amount of cumulative funds available. The Executive <br />Director and Finance staff worked closely together to create a management tool for the Board use <br />in reallocating the available funds to support upcoming projects and establish a reserve for <br />unidentified project opportunities that may arise. The tool was introduced at the Board Retreat in <br />January 2016 and will be continue to be a component of the annual Budget process going <br />forward. <br /> <br />Annual Fund Balance Review Process <br />Available <br />Funds <br />Adopted <br />Budget <br />Revenue <br />Cost to <br />Complete <br />Active <br />Projects <br />Earmarked <br />for <br />Unidentified <br />Projects <br />+ - - = Funds <br />Available for <br />Future <br />Projects <br />Projects Are Completed, Cancelled <br />and/or New Projects Approved <br />Throughout the Year