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The following is a summary of the City's changes in net assets:
<br />
<br /> Activities
<br />2005 2004
<br />
<br />Changes in Net Assets
<br />Business-Type
<br />Activities Total
<br /> 2005 2004 200._~5 2004
<br />
<br />Charges for services $ 3,960,586 $ 3,750.373 $ 2.787,158 $ Z428,716 $ 6.747,744 $ 6,179,089
<br />Operating grants and conaq0utinr~s 14,044,119 655,299 - - 14,044,119 655299
<br />Capital grants and c ontr~ut'ions 4.201.673 6~o75,214 7,199,843 7.371,i33 11,401.516 14.346,347
<br />
<br />Property taxes 8,807,253 7)54,549 - - 8,807253 7)54,549
<br />General grants and conmbutions 250,483 506,401 - - 250,483 506,401
<br />Procee& on sale of cap,al assets 15237 - - - 15.237
<br />Invesanent earmngs 1,139,598 57&300 388,682 263,042 1,528280 839.242
<br />Total revenues 32,418,949 20,418,136 10.375,683 10,062,891 42,794,632 30,481,027
<br />
<br />Expe~es
<br />General govemmeut 7,093,819 4,465,269 - - 7,093,819 4,465.269
<br />Public safety 3,422,844 2.960,172 - - 3,422,844 2.960,192
<br />Highways and streets 1,637,803 1,231,632 - - 1,637,803 1,231,632
<br />Culture and recreation 719,591 625,960 - - 719,591 625.960
<br />Water utility - 851.196 812,186 851,196 812,186
<br />Sewer ut~t~ - - 740~917 660,230 740~917 660~230
<br />Street Light utile.3' - 88,881 81,832 88,88l 81,832
<br />Recycling utfl~y - 196,654 174,897 196,654 174.897
<br />Storm Water ut~y - - 279,824 250.037 279,824 250,037
<br />[merest and fiscal chaxges 756,527 733,164 - - 756,527 733,164
<br /> Total expenses 13,630.584 10.016.217 2,157,472 1,979.182 15,788,056 11.995399
<br />
<br />Changes in net assets ~fore transfers 18,788,365 10,401,919 8.218,2.11 8,083,709 27,006,576 I8,485,628
<br />Transfers 062.092) 47.000 16Z09'2 (47.000) -
<br />
<br />Changes in net assem $18,6262.73 $10,448,919 $ 8380303 $ 8,036,709 $ 27,0~6,576 $ I8,485,628
<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, 2004, and 2005.
<br />Prior to the total reduction of local government aid, the City had received $303,894 in 2002.
<br />
<br />The City's net assets increased by $27 million during the current fiscal year.
<br />
<br />Governmental Activities - Governmental activities increased the City's net assets by $18.6 million,
<br />thereby accounting for 69% 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, street light, recycling, and storm water, increased the City's net assets by $8.4 million, accounting
<br />for 31% of the total growth in the City's net assets. The key element of this increase was due to the
<br />capital contributions to the water and sewer utilities, which produced $5,587,572 in revenue.
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