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The following is a summary of the City's changes in net assets:
<br />
<br />Governmental
<br />Activities
<br />
<br />Changes in Net Assets
<br />
<br />Business-Type
<br />Activities
<br />
<br />Revenues
<br /> Program revenues
<br /> Charges for services $ 3,750,373 $ 2,428,716
<br /> Operating grants and contributions 655,299 -
<br /> Capital grants and contributions 6,975,214 7,371,133
<br /> General revenues
<br /> Property taxes 7,954,549 -
<br /> General grants and contributions 506,401 -
<br /> Investment earnings 576,300 263,042
<br /> Total revenues 20,418,136 10,062,891
<br />
<br />Total
<br />
<br /> 6,179,089
<br /> 655,299
<br />14,346,347
<br />
<br />7,954,549
<br /> 506,401
<br /> 839,342
<br />
<br />30,481,027
<br />
<br />Expenses
<br />General government 4,465,269 - 4,465,269
<br />Public safety 2,960,192 - 2,960,192
<br />Highways and streets 1,231,632 - 1,231,632
<br />Culture and recreation 625,960 - 625,960
<br />Water utility - 812,186 812,186
<br />Sewer utility - 660,230 660,230
<br />Street Light utility - 81,832 81,832
<br />Recycling utility - 174,897 174,897
<br />Storm Water utility - 250,037 250,037
<br />Interest and fiscal charges 733,164 - 733,164
<br /> Total expenses 10,016,217 1,979,182 11,995,399
<br />
<br />Changes in net assets before transfers 10,401,919 8,083,709 18,485,628
<br />Transfers 47,000 (47,000) -
<br />
<br />Changes innet assets $ 10,448,919 $ 8,036,709 $ 18,485,628
<br />
<br />The City has become increasingly reliant on property taxes to finance its governmental activities as
<br />revenue from the state, primarily local government aid, has substantially decreased over the past three
<br />years. The City saw the elimination of local government aid for the periods of 2003 and 2004. Prior to
<br />the total reduction of local government aid, the City had received $303,894 in 2002.
<br />
<br />The City's net assets increased by $18.5 million during the current fiscal year.
<br />
<br />Governmental Activities - Governmental activities increased the City's net assets by $10.4 million,
<br />thereby accounting for 57% of the total growth in the City's net assets.
<br />
<br />Business-Type Activities - Business-type activities, which are the City's utility operations of water,
<br />sewer, streetlight, recycling, and storm water, increased the City's net assets by $8 million, accounting for
<br />43% of the total growth in the City's net assets. The key element of this increase was due to the capital
<br />contributions from the water and sewer utilities, which produced $5,647,568 in revenue.
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