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Business -Type Activities — Business -type activities, which are the City's utility operations of water, sewer, street light, recycling, and storm water, increased the City's net assets by $166,344, accounting for 8% of the total growth in the City's net assets. Key elements of this increase are as follows. • There was a 27% decrease in investment earnings due to the lower percentage of business -type activities funds contributed in respect to overall total funds contributing for the distribution of pooled interest earnings. • Transfers had a significant change from the previous year. There was a $1,199,585 out of the proprietary funds. The water fund transferred $1M to the debt service fund to help offset the municipal center debt so that the total amount did not need to be levied in a year with decreasing market values and weakened economy. Governmental Activities — The following graphs illustrate the City's governmental activities: Expenses and Program Revenues — Governmental Activities $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $— General Public Safety Highways Culture and Interest and Government and Streets Recreation Fiscal Expenses • Program Revenues Charges The graphs show the governmental activities and their income clearly reflect the need for property taxes to supplement the activities of the City. The trend of property taxes shows an increasing reliance on this source as the state has withdrawn their support that was previously received as local government aid and market value homestead credit. Property Taxes 61% Revenue by Source — Governmental Activities Other 5 0 0 _ Charges for Services _ 10% 29 General Grants and Contributions 1% Operating Grants and Contributions 1% Capital Grants and Contributions 22%