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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 $2,565,639. Key elements of this <br /> increase are as follows. <br /> • Revenues exceeded expenses before transfers by$2,689,639,increasing$691,246 from the prior year. <br /> • Capital grants and contributions increased $1,084,028 from the prior year. This is primarily due to <br /> capital contributions related to the Parkview apartment building in the COR. <br /> • Investment earnings decreased $485,238. The city is required per the Governmental Accounting <br /> Standards Board to reflect all investments at market value as of December 31It of the current year.The <br /> city reflects any changes in market value against interest earnings. The continuation of low interest <br /> rates has resulted in the decrease in earnings. <br /> Governmental Activities—The following graph illustrates the City's governmental activities: <br /> Expenses and Program Revenues—Governmental Activities <br /> 12,000,000 <br /> 10,000,000 <br /> 8,000,000 <br /> 6,000,000 <br /> 4,000,000 <br /> 2,000,000 <br /> General Public Safety Highways& Culture& Interest&Fiscal <br /> Government Streets Recreation Charges <br /> ■Program Revenues ■Expenses <br /> The increase in program revenue, as was previously noted,was attributed to the contribution received from the <br /> Residence at the COR apartment building. Without this one-time funding,the graph would more clearly reflect <br /> the need for property taxes to supplement the governmental activities of the City. The trend of property taxes <br /> shows an increasing reliance on this source of revenue. <br /> 31 <br />