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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 />2023 and 2022:
<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 />2023 2022
<br />Expenses
<br />Program
<br />Revenues Net Change Net Change
<br />$ 5,347,691 $ 1,406,459 $ (3,941,232) $ (2,951,044)
<br />8,717,911 3,050,054 (5,667,857) (6,347,603)
<br />8,670,486 4,188,975 (4,481,511) 2,407,017
<br />2,194,755 923,779 (1,270,976) (1,047,305)
<br />1,705,446 — (1,705,446) (1,096,422)
<br />1,258,959 — (1,258,959) (564,462)
<br />2,062,314 5,505,480 3,443,166 3,126,831
<br />2,209,802 3,206,979 997,177 1,458,559
<br />173,924 234,607 60,683 57,627
<br />527,182 516,815 (10,367) (7,563)
<br />864,721 2,099,058 1,234,337 1,692,807
<br />Total net (expense) revenue $ 33,733,191 $ 21,132,206 (12,600,985) (3,271,558)
<br />General revenues
<br />Property taxes 20,126,982 17,637,477
<br />Franchise fees — 4,859
<br />General grants and contributions 3,223 3,644
<br />Investment earnings (charges) 5,709,967 (5,221,440)
<br />Gain on sale of capital assets 20,000 22,500
<br />Total general revenues
<br />25,860,172 12,447,040
<br />Change in net position $ 13,259,187 $ 9,175,482
<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 taxes, unrestricted grants,
<br />and unrestricted investment earnings. In contrast, the City's business -type activities tend to rely more
<br />heavily on program revenues like charges for services (sales) and program -specific grants to cover
<br />expenses. This is critical given the current downward pressures on the general revenue sources.
<br />The change in net (expense) revenue presented in the table above, when compared to the prior year, is
<br />primarily due to the amount of developer contributions and capital grants recognized from year-to-year.
<br />These contributions fluctuate with the size and number of completed development projects. Positive
<br />adjustments on investments in the current year increased investment earnings compared to prior year, as
<br />seen in the above table.
<br />-15-
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