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GOVERNMENT -WIDE FINANCIAL ANALYSIS (CONTINUED) <br />Investment earnings increased $173,492. The city is required per the Governmental Accounting Standards Board <br />to reflect most investments at market value as of December 31' of the current year. The city reflects any changes <br />in market value against interest earnings. An increase in invested funds along with interest rates that have slowly <br />began to rise, has resulted in the increase in earnings. Property tax collections saw an increase of $462,114 or <br />4% which was attributed to the city increasing their 2017 tax levy by 5% over the 2016 adopted levy. <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 $4,249,001. Key elements of this <br />increase are as follows. <br />• Revenues exceeded expenses before transfers by $4,382,001, with this excess increasing $1,445,035 <br />from the prior year. <br />• Charges for services increased $1,080,022 from the prior year. This is primarily due to an increase in <br />utility rates and developer fees for water, sewer, and storm water utility connections. <br />• Investment earnings increased $166,966. The city is required per the Governmental Accounting <br />Standards Board to reflect most investments at market value as of December 31' of the current year. <br />The city reflects any changes in market value against interest earnings. An increase in invested funds <br />along with interest rates that have slowly began to rise, has resulted in the increase 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 />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 />