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Business -Type Activities — Business -type activities, which are the City's utility operations of water, sewer, <br />street light, recycling, and stone water, increased the City's net position by $2,565,639. Key elements of this <br />increase are as follows. <br />• Revenues exceeded expenses before transfers by $2,689,639, increasing $691,246 from the prior year. <br />• Capital grants and contributions increased $1,084,028 from the prior year. This is primarily due to <br />capital contributions related to the Parkview apartment building in the COR. <br />• Investment earnings decreased $485,238. The city is required per the Governmental Accounting <br />Standards Board to reflect all investments at market value as of December 31St of the current year. The <br />city reflects any changes in market value against interest earnings. The continuation of low interest <br />rates has resulted in the decrease in earnings. <br />Governmental Activities — The following graph illustrates the City's governmental activities: <br />1.2,000,000 <br />:1.0,000,000 <br />3,000,000 <br />6,000,000 <br />4,000,000 <br />2,000,000 <br />Expenses and Program Revenues — Governmental Activities <br />C eneraI <br />Goovei nrnent <br />I'L bDuc safety <br />Ii ways& <br />streets <br />CUVtU e & <br />I::ecreatuof <br />IIIIIIIIII Pro ;ram I: everuues 11111111111 Iiiixpenses <br />Interest & FIscaD <br />Charges <br />The increase in program revenue, as was previously noted, was attributed to the contribution received from the <br />Residence at the COR apartment building. Without this one-time funding, the graph would more clearly reflect <br />the need for property taxes to supplement the governmental activities of the City. The trend of property taxes <br />shows an increasing reliance on this source of revenue. <br />31 <br />