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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
<br />Operating rants and contributions
<br />Capital grants and contributions
<br />General revenues
<br />Property taxes
<br />General grants and contributions
<br />Sale of capital assets
<br />Investment earnings
<br />Total revenues
<br />Expenses
<br />General government
<br />Public safety
<br />Highways and streets
<br />Culture and recreation
<br />Water utility
<br />Sewer utility
<br />Street Light utility
<br />Recycling utility
<br />Storm Water utility
<br />Interest and fiscal charges
<br />Total expenses
<br />Transfers
<br />2008
<br />$ 1,897,620 $
<br />2,201,372
<br />5,122,028
<br />12,345,279
<br />310,111
<br />57,975
<br />1,736,468
<br />23,670,853
<br />4,862,284
<br />4,313,520
<br />3,756,861
<br />1,064,587
<br />Changes in net assets before transfers 8,331,296
<br />Governmental
<br />Activities
<br />1,342,305
<br />15,339,557
<br />2007
<br />2,256,674
<br />3,025,480
<br />522,815
<br />11,562,407
<br />508,664
<br />24,795
<br />1,648,318
<br />19,549,153
<br />3,878,438
<br />3,809,016
<br />2,689,259
<br />977,766
<br />-6-
<br />1,415,874
<br />12,770,353
<br />572,758 (818,207)
<br />Changes in net assets 8,904,054 $ 5,960,593
<br />Changes in Net Assets
<br />Business-Type
<br />Activities
<br />2008 2007
<br />3,831,256 $ 3,509,852 $
<br />373,612 2,242,294
<br />• -
<br />1,003,886
<br />5,208,754
<br />1,247,248
<br />883,214
<br />123,839
<br />300,755
<br />300,444
<br />6,778,800 2,353,254
<br />1,041,621
<br />6,793,767
<br />912,094
<br />838,452
<br />110,837
<br />283,746
<br />440,697
<br />2,855,500 2,585,826
<br />(572,758) 818,207
<br />2008
<br />5,728,876
<br />2,201,372
<br />5,495,640
<br />12,345,279
<br />310,111
<br />57,975
<br />2,740,354
<br />28,879,607
<br />4,862,284
<br />4,313,520
<br />3,756,861
<br />1,064,587
<br />1,247,248
<br />883,214
<br />123,839
<br />300,755
<br />300,444
<br />1,342,305
<br />18,195,057
<br />4,207,941 10,684,550
<br />Total
<br />Governmental Activities - Governmental activities account for 83% growth in the City's net assets
<br />(almost $9 million). Capital grants and contribution make up $4.6 million of this increase. Proceeds
<br />from a $3 million letter of credit settlement and proceeds from the sale of redeveloped properties by TIF
<br />funds make up most of this increase. In addition, property taxes increased $782,872, nearly seven percent
<br />during the year. This percentage change reflects the increasing reliance on property taxes to finance
<br />government activities.
<br />A contribution of $876,750 was made from the utility funds to the facilities fund for a proportionate share
<br />of the future public works land. In 2007, Governmental Funds contributed to the Enterprise Funds for the
<br />construction of water/storm/sewer utilities. The net effect of both of these transactions makes up the near
<br />$1.4 million change in transfers from year to year.
<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 $1.8 million, accounting
<br />for nearly 17% of the total growth in the City's net assets. Key elements of this increase are as follows.
<br />• Charges for services increased nine percent or $321,404. This was the result of a five to ten
<br />percent rate increase on water, storm drain and recycling charges.
<br />• Expenses, overall, increased ten percent. This represented an inflationary increase in the cost of
<br />providing service.
<br />• Transfers had a significant change from the previous year. Due to the slowdown in the building
<br />industry, Governmental Funds contributed fewer capital assets to the Enterprise Funds.
<br />Whereas, the Enterprise Funds contributed $876,750 to the Governmental Funds for the future
<br />public works site.
<br />2007
<br />$ 5,766,526
<br />3,025,480
<br />2,765,109
<br />11,562,407
<br />508,664
<br />24,795
<br />2,689,939
<br />26,342,920
<br />3,878,438
<br />3,809,016
<br />2,689,259
<br />977,766
<br />912,094
<br />838,452
<br />110,837
<br />283,746
<br />440,697
<br />1,415,874
<br />15,356,179
<br />10,986,741
<br />1,780,496 $ 5,026,148 10,684,550 $ 10,986,741
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