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STATEMENT OF ACTIVITIES
<br />The Statement of Activities tracks the City's yearly revenues and expenses, as well as any other
<br />transactions that increase or reduce total net position. These amounts represent the full cost of providing
<br />services. The Statement of Activities provides a more comprehensive measure than just the amount of
<br />cash that changed hands, as reflected in the fund -based financial statements. This statement includes the
<br />cost of supplies used, depreciation of long-lived capital assets, and other accrual -based expenses.
<br />The following table presents the change in the net position of the City for the years ended December 31,
<br />2020 and 2019:
<br />Net (expense) revenue
<br />Governmental activities
<br />General government
<br />Public safety
<br />Highways and streets
<br />Culture and recreation
<br />Economic development
<br />Interest and fiscal charges
<br />Business -type activities
<br />Water utility
<br />Sewer utility
<br />Street light utility
<br />Recycling utility
<br />Storm water utility
<br />Total net (expense) revenue
<br />General revenues
<br />Property taxes
<br />Franchise fees
<br />General grants and contributions
<br />Investment earnings
<br />Gain on sale of capital assets
<br />Total general revenues 18,651,374 15,493,131
<br />2020 2019
<br />Expenses
<br />$ 5,640,679
<br />6,468,397
<br />4,028,294
<br />1,917,228
<br />481,858
<br />839,444
<br />1,657,356
<br />1,723,238
<br />169,463
<br />366,764
<br />777,252
<br />Program
<br />Revenues
<br />$ 1,473,207
<br />1,555,090
<br />4,203,434
<br />444,218
<br />3,379,710
<br />2,258,630
<br />216,545
<br />366,164
<br />1,477,351
<br />$ 24,069,973 $ 15,374,349
<br />Net Change
<br />$ (4,167,472)
<br />(4,913,307)
<br />175,140
<br />(1,473,010)
<br />(481,858)
<br />(839,444)
<br />1,722,354
<br />535,392
<br />47,082
<br />(600)
<br />700,099
<br />Net Change
<br />$ (3,428,684)
<br />(4,356,156)
<br />(1,890,207)
<br />(732,939)
<br />(845,651)
<br />2,272,274
<br />722,969
<br />45,550
<br />6,958
<br />875,004
<br />(8,695,624) (7,330,882)
<br />13,744,948 12,894,388
<br />423,045
<br />2,053,933 5,617
<br />2,427,076 2,584,698
<br />2,372 8,428
<br />Change in net position $ 9,955,750 $ 8,162,249
<br />One of the goals of this statement is to provide a side -by -side comparison to illustrate the difference in the
<br />way the City's governmental and business -type operations are financed. The table clearly illustrates the
<br />dependence of the City's governmental operations on general revenues, such as property taxes and
<br />unrestricted grants. It also shows that, for the most part, the City's business -type activities are generating
<br />sufficient program revenues (service charges and program -specific grants) to cover expenses. This is
<br />critical given the current downward pressures on the general revenue sources.
<br />The increase in general grants and contributions reflects the federal CRF grant received in 2020. The net
<br />change in highways and streets, when compared to prior year, was largely due to an increase in capital
<br />grants received to finance street projects of the City. The economic development function was added in
<br />the current year and will be used moving forward to record the City's spending for economic
<br />development purposes.
<br />-17-
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