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Business -Type Activities — Business -type activities, which are the City's utility operations of water, sewer, street light, recycling, and storm water, increased the City's net position by $1,133,706. Key elements of this increase are as follows. • Revenues exceeded expenses before transfers by $1,245,706. • Operating grants and contributions increased nearly 39% or $22,119. This is attributable to an increase in funds received from Anoka County for the Select Committee on Recycling and the Environment (SCORE) grant. This program is increasing funding to encourage municipal recycling programs. • Although Capital grants and contributions decreased $826,343 from the prior year, it has increased over $400,000 from 2011 activity. In 2012, substantial trunk charge contributions were made from the developer of the Residence at the COR apartment building constructed in 2012. This infrequent contribution from a large project does not accurately reflect the growth the city has experienced from this revenue source. • Investment earnings decreased $674,850 (210%). The city received over $800,000 in actual interest earnings, but is required per the Governmental Accounting Standards Board to reflect all investments at market value as of December 31 of the current year. The city reflects any changes in market value against interest earnings. The net result in market value changes for 2013 resulted in a loss in interest earnings. Governmental Activities — The following graph illustrates the City's governmental activities: Expenses and Program Revenues — Governmental Activities Ds■s'n6. tj L'ol {P sC 1 ill ',OAR IT s ; Ina'rst C� Doan' s ■C { Cis s Cz vus I" rski■ Git I'}se vusas■j st 9s ■€st The graphs show the governmental activities and their income clearly reflect the need for property taxes to supplement the activities of the City. The trend of property taxes shows an increasing reliance on this source of revenue. 31