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Management Letter <br />- Liquor Fund: <br />• 2047 net income before transfers <br />is $455,574. <br />• An analysis of 2007 activity is as <br />follows: <br />Member of HLB International <br />16 <br />Tautgies Redpath, ltd. <br />Market Place <br />Silver Lake Village <br />2007 <br />Amount <br />Percent <br />Amount <br />Percent <br />Amount <br />Percent <br />Operating revenues <br />$3,063,474 <br />100.0% <br />$3,123,711 <br />100.0% <br />$6,187,185 <br />100.0% <br />Cost of goods sold <br />2,336,790 <br />76.3% <br />2,374,716 <br />76.0% <br />4,711,506 <br />76.1% <br />Gross margin <br />726,684 <br />23.7% <br />748,995 <br />24.0% <br />1,475,679 <br />23.9% <br />Other operating expenses <br />480,402 <br />15.7% <br />504,975 <br />16.4% <br />985,377 <br />15.9% <br />Net income from operations <br />246,282 <br />8.0% <br />244,020 <br />7.6% <br />490,302 <br />7.9% <br />Net nonoperating revenues <br />(expenses) <br />(11,196) <br />0.2% <br />(23,532) <br />0.8% (34,728) <br />(0.6%) <br />Income before transfers <br />$235,086 <br />7.8% <br />$220,488 <br />7.1% <br />$455,574 <br />7.4% <br />Member of HLB International <br />16 <br />Tautgies Redpath, ltd. <br />