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The following is a summary of the City's changes in net assets:
<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 />Changes in net assets before transfers
<br />Transfers
<br />Changes in net assets
<br />Changes in Net Assets
<br />Governmental Business -Type
<br />Activities Activities
<br />Total
<br />2919 7009 2919 2QQB 2919 7009
<br />Revenues
<br />Program revenues
<br />Charges for services $ 1,839,273 $ 1,409,107 $ 3,986,557 $ 3,944,612 $ 5,825,830 $ 5,353,719
<br />Operating grants and contributions 326,986 614,816 49,873 59,963 376,859 674,779
<br />Capital grants and contributions 2,828,240 2,700,471 310,040 102,512 3,138,280 2,802,983
<br />General revenues
<br />Property taxes 12,144,908 13,019,854 - - 12,144,908 13,019,854
<br />General grants and contributions 114,692 204,752 - - 114,692 204,752
<br />Sale of capital assets - 5,816 - - - 5,816
<br />Investment earnings 1,283,533 1,116,588 631,042 734,353 1,914,575 1,850,941
<br />Total revenues 18,537,632 19,071,404 4,977,512 4,841,440 23,515,144 23,912,844
<br />4,998,807 4,690,824 - - 4,998,807 4,690,824
<br />4,153,361 4,438,324 - - 4,153,361 4,438,324
<br />5,791,896 4,795,460 - - 5,791,896 4,795,460
<br />1,048,690 1,067,125 - - 1,048,690 1,067,125
<br />1,295,721 1,291,952 1,295,721 1,291,952
<br />1,101,554 1,076,451 1,101,554 1,076,451
<br />158,369 148,140 158,369 148,140
<br />307,662 298,631 307,662 298,631
<br />- - 350,521 358,522 350,521 358,522
<br />1,316,893 1,330,224 - - 1,316,893 1,330,224
<br />17,309,647 16,321,957 3,213,827 3,173,696 20,523,474 19,495,653
<br />1,227,985 2,749,447 1,763,685 1,667,744 2,991,670 4,417,191
<br />(125,751) 91,800 125,751 (91,800)
<br />$ 1,102,234 $ 2,841,247 $ 1,889,436 $ 1,575,944 $ 2,991,670 $ 4,417,191
<br />Governmental Activities - Governmental activities account for 37% growth in the City's net assets (approx.
<br />$1.1 million). Charges for services increased by 31 %, or $430,000 due to an increase in the amount of public
<br />projects and the staff time charged to each. Property taxes decreased $874,946 (approximately seven percent)
<br />during the year. This percentage change reflects the current economy that stills sees a large number of
<br />foreclosures and job loss. The highways and streets function experienced a $996,436 increase (21 percent) in
<br />expenses. This increase was due to the construction of a county road in which the city contributed in the cost
<br />of construction, but does not own.
<br />Business -Type Activities - Business -type activities, which are the City's utility operations of water, sewer,
<br />street light, recycling, and storm water, increased the City's net assets by $1 9 million, accounting for 63% of
<br />the total growth in the City's net assets. Key elements of this increase are as follows.
<br />• There was a 14% decrease in investment earnings due to the lower percentage of business -type
<br />activities funds contributed in respect to overall total funds contributing for the distribution of pooled
<br />interest earnings.
<br />• Transfers had a significant change from the previous year. The increase of $217,551 is due to a
<br />contribution in capital assets from the Governmental Funds.
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