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<br />The following is a summary of the City's changes in net assets:
<br />
<br /> Changes in NetAssets
<br /> Governmental Business-Type
<br /> Activities Activities Total
<br /> 2009 2008 2009 2008 2009 2008
<br />Revenues
<br />Program revenues
<br />Charges for services $ 1,409,107 $ 1,897,620 $ 3,944,612 $ 3,831,256 $ 5,353,719 $ 5,728,876
<br />Operating grants and contributions 614,816 2,201,372 59,963 674,779 2,201,372
<br />Capital grants and contributions 2,700,471 5,122,028 102,512 373,612 2,802,983 5,495,640
<br />General revenues
<br />Prop erty taxes 13,019,854 12,345,279 13,019,854 12,345,279
<br />General grants and contributions 204,752 310,111 204,752 310,111
<br />Sale of cap ital assets 5,816 57,975 5,816 57,975
<br />Investment earning; 1,116,588 1,736,468 734,353 1,003,886 1,850,941 2,740,354
<br /> Total revenues 19,071,404 23,670,853 4,841,440 5,208,754 23,912,844 28,879,607
<br />Exp enses
<br />General government 4,690,824 4,862,284 4,690,824 4,862,284
<br />Public safety 4,438,324 4,3 13,520 4,438,324 4,313,520
<br />Highway s and streets 4,795,460 3,756,861 4,795,460 3,756,861
<br />Culture and recreation 1,067,125 1,064,587 1,067,125 1,064,587
<br />Water utility 1,291,952 1,247,248 1,291,952 1,247,248
<br />Sewer utility 1,076,451 883,214 1,076,451 883,214
<br />Street Ligj1t utility 148,140 123,839 148,140 123,839
<br />Recycling utility 298,631 300,755 298,631 300,755
<br />Stonn Water utility 358,522 300,444 358,522 300,444
<br />Interest and fiscal charges 1,330,224 1,342,305 1,330,224 1,342,305
<br /> Total exp enses 16,321,957 15,339,557 3,173,696 2,855,500 19,495,653 18,195,057
<br />Changes in net assets before transfers 2,749,447 8,331,296 1,667,744 2,353,254 4,417,191 10,684,550
<br />Trans fers 91,800 572,758 (91,800) (572,758)
<br />Changes in net assets $ 2,841,247 $ 8,904,054 $ 1,575,944 $ 1,780,496 $ 4,417,191 $ 10,684,550
<br />
<br />Governmental Activities - Governmental activities account for 64% growth in the City's net assets
<br />(almost $3 million). Property taxes increased $674,575, (over five percent) during the year. This
<br />percentage change reflects the increasing reliance on property taxes to finance government activities.
<br />Operating grants decreased over $1.5 million due to state aid dollars received in 2008 and not repeating in
<br />2009. Capital grants decreased due to a onetime $3 million letter of Credit received in 2008. Expenditures
<br />held constant with the exception of the highways and streets function. The highways and streets function
<br />experienced a $1,038,599 increase (27 percent) in expenditures. This reflects the abatement of penalties
<br />and interest related to the special assessments in the Town Center development. There was also a
<br />significant decrease in investment earnings of$619,880 (36 percent) due to the downturn in the economy.
<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 $1.6 million, accounting
<br />for 36% of the total growth in the City's net assets. Key elements of this increase are as follows.
<br />· There was a 27% decrease in investment earnings due to the downturn in the economy.
<br />· Expenses, overall, increased eleven percent. This represented an inflationary increase in the cost
<br />of providing service and an aggressive approach in the water utility in exchanging out-dated
<br />water meters with radio read meters.
<br />· Transfers had a significant change from the previous year. Last year the Enterprise Funds
<br />contributed to the Governmental Funds for the future public works site and the Governmental
<br />Funds contributed capital assets to the Enterprise Funds. The net effect of these transfers was
<br />$572,758. Neither contribution repeated in the current year.
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