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,, LRRWMO Meeting Minutes • May 16, 1996 Page 2 Present Annual Audit Knutson presented the 1995 annual audit for the year ended January 31, 1996 identifying a cash balance of $48,505 and $17,005 of liabilities with $9,967 due to permit applications for their review and a balance of $33,767 for use for future expenditures. Approximately $6,000 remains for Plan Update expenses to be paid. Twenty-three permits were issued for the yeaz at $50 each or over $1,150 of service fees for the LRRWMO plus the Challenge Grant of $5,200 and $2,267 of Wetland Conservation matching grant reimbursement. The excess of revenue over expenditures is $6,837 and the carry forwazd balance is $33,767. Knutson then reviewed the cash flows and audit notes. Knutson reviewed a bar chart detailing the fund balance since the organization began which indicates the receipt of grants have kept costs down. He also reviewed a bar chart detailing City contributions since inception. These audit figures aze the same as presented preliminarily in March and show the LRRWMO is in a good financial position to pay bills for 1996. Weaver inquired if money invested in the 4M fund resulted in a higher return. Knutson explained CD interest was just over 4% and the 4M fund was 5% so it earned more money. Weaver pointed out the LRRWMO budgeted a $9,000 deficit and even with payments. on the Plan • update, ended up with a positive $6,800 balance. Knutson concurred and noted expenditures were kept down for administration fees to run the organization which builds up the fund balance. Weaver added this further justifies the reduction in member City dues. Jankowski commented on the receipt of unanticipated grants and questioned what a reasonable fund balance is of an organization such as the LRRWMO. Knutson noted that 10% of the fund balance would only be $2,000 and suggested the LRRWMO determine what a reasonable balance would be. Moved by Weaver, seconded by Haas, to accept the annual audit for years ended January 31, 1996. Vote: 3 ayes, 0 nays. Motion carried. Report on New Grant Funds Knutson reported that at the Mazch meeting, the LRRWMO adopted a resolution to apply for a matching grant from BWSR and through several conversations, they agreed to grant the entire dollar amount to the LRRWMO. Knutson advised he completed and submitted the application and workplan/budget with a signed resolution. The BWSR will consider this request late in May and if approved, the LRRWMO will receive matching funds of $15,600 in June. It was noted BWSR is offering this matching grant in recognition that there is a significant cost involved for the Plan update. Jankowski reviewed the other grants received and pointed out that with the receipt of this grant, the actual cost of the Plan Update to member cities would be approximately $10,000. Haas questioned the source ofBWSR's funds. Knutson noted it is probably from State tax dollars.