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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 position by $1,133,706. Key elements of this <br />increase are as follows. <br />• Revenues exceeded expenses before transfers by $1,245,706. <br />• Operating grants and contributions increased nearly 39% or $22,119. This is attributable to an increase <br />in funds received from Anoka County for the Select Committee on Recycling and the Environment <br />(SCORE) grant. This program is increasing funding to encourage municipal recycling programs. <br />• Although Capital grants and contributions decreased $826,343 from the prior year, it has increased <br />over $400,000 from 2011 activity. In 2012, substantial trunk charge contributions were made from the <br />developer of the Residence at the COR apartment building constructed in 2012. This infrequent <br />contribution from a large project does not accurately reflect the growth the city has experienced from <br />this revenue source. <br />• Investment earnings decreased $674,850 (210%). The city received over $800,000 in actual interest <br />earnings, but is required per the Governmental Accounting Standards Board to reflect all investments <br />at market value as of December 31 of the current year. The city reflects any changes in market value <br />against interest earnings. The net result in market value changes for 2013 resulted in a loss in interest <br />earnings. <br />Governmental Activities — The following graph illustrates the City's governmental activities: <br />6,000,000 <br />5,000,000 <br />4,000, 000 <br />3,000,000 <br />2,000,000 <br />1,000,000 <br />Expenses and Program Revenues — Governmental Activities <br />111111 j I <br />General Public Safety Highways & Culture & Interest & <br />Government Streets Recreation Fiscal Charges <br />• Program Revenues • Expenses <br />The graphs show the governmental activities and their income clearly reflect the need for property taxes to <br />supplement the activities of the City. The trend of property taxes shows an increasing reliance on this source of <br />revenue. <br />31 <br />