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Management Letter <br />- Liquor Fund: <br />® 2006 net income before transfers <br />is $406,477. <br />• An analysis of 2006 activity is as <br />follows. <br />Member of HLB International 16 LAj= Tautges Redpath, Ltd, <br />Market Place <br />Siiver Lake Village <br />2006 <br />Amount <br />Percent <br />Amount <br />Percent <br />Amount <br />Percent <br />Operating revenues <br />$2,933,693 <br />100.0% <br />$2,881,145 <br />100.0% <br />$5,814,838 <br />100.0% <br />Cost of goods sold <br />2,250,480 <br />76.7% <br />2,200,662 <br />76.4% <br />4,451,142 <br />76.5% <br />Gross margin <br />683,213 <br />23.3% <br />680,483 <br />23.6% <br />1,363,696 <br />23.5% <br />Other operating expenses <br />459,758 <br />15.7% <br />469,580 <br />16.4% <br />929,338 <br />16.0% <br />Net income from operations <br />223,455 <br />7.6% <br />210,903 <br />7.2% <br />434,358 <br />7.5% <br />Net nonoperating revenues <br />(expenses) <br />(5,714) <br />0.2% <br />(22,167) <br />0.8%0 <br />(27,881) <br />(0.5%) <br />Income before transfers <br />$217,741 <br />7.4% <br />$188,736 <br />6.6% <br />$406,477 <br />7.0% <br />Member of HLB International 16 LAj= Tautges Redpath, Ltd, <br />