Years Ended 1997 & 1996 Financial Statements

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Appendix D To: LRRWMO Board From: Jim Knutson, Deputy Treasurer Subject: Assessment of changes in Fund Balance Date: April 18, 1997 As part of the annual reporting requirements of the Minnesota Board of Water and Soil Resources, I submit this memorandum summarizing the changes in fund balance for the fiscal year ending January 31, 1997. Revenues: The Organization assessed participating Cities $1a,600 to cover administrative costs. In 1996, there wer2 15 applications for construction in the LRRWMO area with each applicant paying a$500 permit fee to cover the review costs of the application. Tota1 revenue generated from the permits was $5,869. Grant income from a Wetland Conservation Block Grant totaled $2,310 in 1996 and $15,600 from a S2cond Generation Watershed Management Plan Grant. The Organization earned $2,905 on its investments during the year. Tota1 Revenues $a1,28a Expenditures: The Organization incurred legal fees in the amount of $382 f.or revisions to the Organization's plan during 1996. The revisions were required as a result of recent legislative actions. The cost of the annual audit by a CPA, as required by statute, was $750. Insurance for the Organization was $1,841. Administrative charges by the Engineer for 1996 was $324. Secretarial services and supplies totaled $3,724. The Organization participated in a lake level monitoring program in 1996 for a cost of $660. Tota1 administrative costs were $7,682. The permit review cost by our engineer totaled $5,119 in 1996. Local water plan review update cost $9,454 in 1996. Total Expenditures $22,254 _ __ _ Fund Balance: Revenues exceeded expenditures by $19,030 in 1996 and increasing the fund balance to $52,797 at January 31, 1997. Change in Fund Balance $19,030