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<br />The following is a summary of the City's changes in net assets: .
<br />
<br /> Changes in Net Assets
<br /> Governmental Business-Type
<br /> Activities Activities Total
<br /> 2007 2006 2007 2006 2007 2006
<br />Revenues
<br />Program revenues
<br />Charges for services $ 2,256,674 $ 2,654,179 $ 3,509,852 $ 3,255,794 $ 5,766,526 $ 5,909,973
<br />Operating grants and contributions 3,025,480 1,892,686 3,025,480 1,892,686
<br />Capital grants and contributions 522,815 7,944,042 2,242,294 9,694,600 2,765,109 17,638,642
<br />General revenues
<br />Property taxes 11,562,407 10,409,249 11,562,407 10,409,249
<br />General !,>rants and contributions 508,664 48,331 508,664 48,331
<br />Sale of capital assets 24,795 26,585 24,795 26,585
<br />Investment earnings 1,648,318 1,686,095 1,041,621 812,753 2,689,939 2,498,848
<br />Total revenues 19,549,153 24,661,167 6,793,767 13,763,147 26,342,920 38,424,314
<br />Expenses
<br />General government 3,878,438 10,515,659 3,878,438 10,515,659
<br />Public safety 3,809,016 3,780,436 3,809,016 3,780,436
<br />Highways and streets 2,689,259 1,892,391 2,689,259 1,892,391
<br />Culture and recreation 977 ,766 887,158 977,766 887,158
<br />Water utility 912,094 906,795 912,094 906,795
<br />Sewer utility 838,452 771,870 838,452 771,870
<br />Street Light utility 110,837 108,639 110,837 108,639
<br />Recycling utility 283,746 232,052 283,746 232,052
<br />Stonn Water utility 440,697 258,731 440,697 258,731
<br />Interest and fiscal charges 1,415,874 1,437,427 1,415,874 1,437,427
<br />Total expenses 12,770,353 18,513,071 2,585,826 2,278,087 15,356,179 20,791,158
<br />Changes in net assets before transfers 6,778,800 6,148,096 4,207,941 11 ,485,060 10,986,741 17,633,156
<br />Transfers (818,207) (263,123) 818,207 263,123
<br />Changes in ~et assets 5,960,593 $ 5,884,973 $ 5,026,148 $ 11,748,183 $ 10,986,741 $ 17,633,156
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<br />The City has become increasingly reliant on property taxes to fmance its governmental activities as
<br />revenue from the state, primarily local government aid, has substantially decreased over the past four
<br />years. The City saw the elimination of local government aid for the periods of 2003-2007. Prior to the
<br />total reduction of local government aid, the City had received $303,894 in 2002.
<br />
<br />The City's net assets increased nearly $11 million during the current fiscal year.
<br />
<br />Governmental Activities - Governmental activities increased the City's net assets by almost $6 million,
<br />thereby accounting for 54% of the total growth in the City's net assets. Property taxes increased nearly
<br />$1.2 million during the year. Most of this increase is the product of a restricted tax levy for debt service.
<br />Expenses overall decreased significantly from 2006. The City had expensed over $2.5 million of Ralf
<br />Funded Projects and over $1.5 million in TIF funded improvements during 2006. This level of activity
<br />did not repeat in 2007.
<br />
<br />Business- Type Activities - Business-type activities, which are the City's utility operations of water,
<br />sewer, street light, recycling, and storm water, increased the City's net assets by $5 million, accounting
<br />for 46% of the total growth in the City's net assets. . The key element of this increase was due to the
<br />capital contributions to the water and sewer utilities, which produced over $2 million in revenue.
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