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The following is a summary of the City's changes in net position:
<br />Governmental Business -Type
<br />Activities
<br />2012 2011 2012 2011 2012 2011
<br />Revenues
<br />Program revenues
<br />Charges for services $ 2,303,722 $ 1,979,537 $ 4,578,453 $ 4,151,812 $ 6,882,175 $ 6,131,349
<br />Operating grants and contributions 2,008,709 298,077 57,239 50,279 2,065,948 348,356
<br />Capital grants and contributions 3,866,331 4,187,265 1,315,030 88,349 5,181,361 4,275,614
<br />General revenues
<br />Property taxes 11,454,519 11,671,760 - - 11,454,519 11,671,760
<br />General grants and contributions 9,175 120,932 - - 9,175 120,932
<br />Sale of capital assets 14,716 14,716
<br />Investment earnings 474,076 903,786 320,894 460,228 794,970 1,364,014
<br />Total revenues 20,116,532 19,176,073 6,271,616 4,750,668 26,388,148 23,926,741
<br />Expenses
<br />General government 18,976,842 5,559,732 - - 18,976,842 5,559,732
<br />Public safety 4,218,066 4,307,045 - - 4,218,066 4,307,045
<br />Highways and streets 5,659,428. 6,129,272 - - 5,659,428 6,129,272
<br />Culture and recreation 1,216,583 1,267,292 - - 1,216,583 1,267,292
<br />Water utility 1,228,012 1,358,050 1,228,012 1,358,050
<br />Sewer utility 1,152,760 1,149,318 1,152,760 1,149,318
<br />Street Light utility - - 165,651 163,758 165,651 163,758
<br />Recycling utility - - 302,936 302,947 302,936 302,947
<br />Storm Water utility 496,309 410,666 496,309 410,666
<br />Interest and fiscal charges 2,555,567 1,302,228 2,555,567 1,302,228
<br />Total expenses 32,626,486 18,565,569 3,345,668 3,384,739 35,972,154 21,950,308
<br />Changes in net position before transfers (12,509,954) 610,504 2,925,948 1,365,929 (9,584,006) 1,976,433
<br />Transfers 107,500 1,199,585 (107,500) (1,199,585)
<br />Changes innetposition (12,402,454) 1,810,089 2,818,448 166,344 (9,584,006) 1,976,433
<br />Net Position - beginning 76,332,107 74,522,018 75,512,152 75,345,808 151,844,259 149,867,826
<br />Net Position- ending $ 63,929,653 $ 76,332,107 $ 78,330,600 $ 75,512,152 $ 142,260,253 $ 151,844,259
<br />Governmental Activities - Governmental activities account for the $12,402,454 million decrease in the City's
<br />net position. The general government function experienced a $13,417,110 increase (approx. 241 percent) in
<br />expenses. The increase in governmental expenditures was primarily due to non - capital administrative
<br />expenditures (legal, development and financial) in relationship to the development of The COR. Projects
<br />within The COR associated with these expenditures include the Northstar Commuter Rail Station and
<br />contributions appropriated to The Residence at the COR apartment building. Property taxes decreased
<br />$217,241 (approximately 2 %) during the year. This percentage change reflects the current economy that stills
<br />sees a large number of foreclosures and job loss. Investment earnings also decreased $429,700 or 48% as a
<br />result of a less favorable investment environment due to financial markets. Charges for services increased by
<br />16 %, or $324,185. Operating grants and contributions increased approximately $1,700,000 due to county
<br />funding received for non - capital public improvements. Capital grants and contributions decreased 8% or
<br />$320,934 due to a reduction in public improvement activity. The highways and streets function experienced
<br />nearly a $470,000 decrease (8 %) in expenses. This decrease is due to a reduction in public improvement
<br />projects from the prior year.
<br />30
<br />Changes in Net Position
<br />Activities Total
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