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The following is a summary of the City's changes in net assets:
<br />Revenues
<br />Program revenues
<br />Charges for services $ 2,654,179 $ 3,960,586 $ 3,255,794 $ 2,787,158 $ 5,909,973 $ 6,747,744
<br />Operating grants and contributions 1,892,686 14,044,119 - - 1,892,686 14,044,119
<br />Capital grants and contributions 7,944,042 4,201,673 9,694,600 7,199,843 17,638,642 11,401,516
<br />General revenues - -
<br />Property taxes 10,409,249 8,807,253 , - - 10,409,249 8,807,253
<br />General grants and contributions 48,331 • 250,483 - - 48,331 250,483
<br />Sale of capital assets 26,585 15,237 -- - 26,585 15,237
<br />Investment earnings 1,686,095 1,139,598 812,753 388,682 2,498,848 1,528,280
<br />Total revenues 24,661,167 32,418,949 13,763,147 10,375,683 38,424,314 42,794,632
<br />Changes in net assets before transfers
<br />Transfers
<br />Changes in Net Assets
<br />Governmental Business -Type
<br />Activities Activities
<br />2006 2005 2006 2005
<br />Expenses
<br />General government 10,515,659 7,093,819 - - 10,515,659 7,093,819
<br />Public safety 3,780,436 3,422,844 - - 3,780,436 3,422,844
<br />Highways and streets 1,892,391 1,637,803 - - 1,892,391 1,637,803
<br />Culture and recreation 887,158 719,591 - - 887,158 719,591
<br />Water utility - -- 906,795 851,196 906,795 851,196
<br />Sewer utility - -- 771,870 740,917 771,870 740,917
<br />Street Light utility - - 108,639 88,881 108,639 88,881
<br />Recycling utility - - 232,052 196,654 232,052 196,654
<br />Storm Water utility - - 258,731 279,824 258,731 279,824
<br />Interest and fiscal charges 1,437,427 756,527 - - 1,437,427 756,527
<br />Total expenses 18,513,071 _13,630,584 2,278,087 2,157,472 20,791,158 15,788,056
<br />6, 148,096 18,788,365 11,485,060 8,218,211 17,633,156 27,006,576
<br />(263,123) (162,092) 263,123 162,092
<br />2006
<br />Total
<br />2005
<br />Changes in net assets $ 5,884,973 $ 18,626,273 $ 11,748,183 $ 8,380,303 $ 17,633,156 $ 27,006,576
<br />The City has become increasingly reliant on property taxes to finance 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, 2004, 2005, and
<br />2006. Prior to the total reduction of local government aid, the City had received $303,894 in 2002.
<br />The City's net assets increased by $17.6 million during the current fiscal year.
<br />Governmental Activities -- Governmental activities increased the City's net assets by $5.9 million,
<br />thereby accounting for 33% of the total growth in the City's net assets. A significant portion of this
<br />increase represents capital contributions. Land that the municipal center /parking ramp sits on represents
<br />$2.2 million. The Rhinestone Bridge and area streets represent about $2.7 million.
<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 $11.7 million,
<br />accounting for 67% of the total growth in the City's net assets. The key element of this increase was due
<br />to the capital contributions to the water and sewer utilities, which produced $9,694,600 in revenue.
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