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GOVERNMENT -WIDE FINANCIAL ANALYSIS (CONTINUED) <br />Investment earnings decreased $141,808. The city is required per the Governmental Accounting Standards <br />Board to reflect all investments at market value as of December 31st of the current year. The city reflects any <br />changes in market value against interest earnings. The continuation of low interest rates has resulted in the <br />decrease in earnings. Operating grants and contributions saw a large decrease of $9,490,833 which was <br />attributed to the Residence at the COR apaittnent building in 2015. Charges for services decreased by $738,606 <br />resulting from decreased building and development activity and the permit/development fees that it generated. <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 position by $2,722,521 net of the prior period <br />adjustment as previously reported. Key elements of this increase are as follows. <br />• Revenues exceeded expenses before transfers by $2,936,966, increasing $247,327 from the prior year. <br />• Capital grants and contributions increased $613,922 from the prior year. This is primarily due to capital <br />contributions from developers for water, sewer, and storm water utility improvements. <br />• Investment earnings decreased $59,862. The city is required per the Governmental Accounting <br />Standards Board to reflect all investments at market value as of December 31st 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 />7,000,000 <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 />I • I I • I • <br />General Public Safety Highways & Culture & Interest & Fiscal <br />Government Streets Recreation Charges <br />• Program Revenues • Expenses <br />The graph clearly reflects the need for property taxes to supplement the governmental activities of the City. The <br />trend of property taxes shows an increasing reliance on this source of revenue. <br />31 <br />