CITY OF WEST BUECHEL, KENTUCKY AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2007 STEPHENS & LAWSON Certified Public AccountantsCITY OF WEST BUECHEL, KENTUCKY. AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2007‘CONTENTS Independent Auditor's Report Basi Financial Statements: Government-Wide Financial Statements — Statement of Net Assets Statement of Activities Fund Financial Statements — Balance Sheet — Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances ~ Governmental Funds ‘Notes to the Basic Financial Statements Required Supplementary Information: ‘Budgetary Comparison Schedule ~ General Fund ‘Budgetary Comparison Schedule — Special Revenue Funds ‘Report on Internal Control Over Financial Reporting and on Compliance and (Other Matters Based on an Audit of Financial Statements Performed in Acoordance with Government Auditing Standards PAGE 7 aa 25