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<br />
<br />The following is a summary of the City’s changes in net position:
<br />Changes in Net Position
<br />Governmental Business-Type
<br />Activities Activities Total
<br />2013 2012 2013 2012 2013 2012
<br />Revenues
<br />Program revenues
<br />Charges for services 1,779,150$ 2,303,722$ 4,492,104$ 4,578,453$ 6,271,254$ 6,882,175$
<br />Operating grants and contributions 1,180,725 2,008,709 79,358 57,239 1,260,083 2,065,948
<br />Capital grants and contributions 3,208,950 3,866,331 488,687 1,315,030 3,697,637 5,181,361
<br />General revenues
<br />Property taxes 10,421,456 11,454,519 - - 10,421,456 11,454,519
<br />General grants and contributions 38,577 9,175 - - 38,577 9,175
<br />Sale of capital assets 12,940 - - - 12,940 -
<br />Investment earnings (charges)(411,446) 474,076 (353,956) 320,894 (765,402) 794,970
<br />Total revenues 16,230,352 20,116,532 4,706,193 6,271,616 20,936,545 26,388,148
<br />Expenses
<br />General government 3,735,657 18,976,842 - - 3,735,657 18,976,842
<br />Public safety 4,074,688 4,218,066 - - 4,074,688 4,218,066
<br />Highways and streets 5,215,260 5,659,428 - - 5,215,260 5,659,428
<br />Culture and recreation 1,415,736 1,216,583 - - 1,415,736 1,216,583
<br />Water utility - - 1,293,201 1,228,012 1,293,201 1,228,012
<br />Sewer utility - - 1,190,551 1,152,760 1,190,551 1,152,760
<br />Street Light utility - - 176,736 165,651 176,736 165,651
<br />Recycling utility - - 308,629 302,936 308,629 302,936
<br />Storm Water utility - - 491,370 496,309 491,370 496,309
<br />Interest and fiscal charges 1,220,471 2,555,567 - - 1,220,471 2,555,567
<br />Total expenses 15,661,812 32,626,486 3,460,487 3,345,668 19,122,299 35,972,154
<br />Changes in net position before transfers 568,540 (12,509,954) 1,245,706 2,925,948 1,814,246 (9,584,006)
<br />Transfers 112,000 107,500 (112,000) (107,500) - -
<br />Changes in net position 680,540 (12,402,454) 1,133,706 2,818,448 1,814,246 (9,584,006)
<br />Net Position - beginning 63,929,653 76,332,107 78,330,600 75,512,152 142,260,253 151,844,259
<br />Net Position - ending 64,610,193$ 63,929,653$ 79,464,306$ 78,330,600$ 144,074,499$ 142,260,253$
<br />
<br />Governmental Activities – Governmental activities account for $680,540 of the increase in the City’s net
<br />position. The general government function experienced a $15,241,185 decrease (approx. 80 percent) in expenses.
<br />The decrease in general governmental expenditures was primarily due to substantial prior year non-capital
<br />administrative expenditures (legal, development and financial) associated with the development of The COR
<br />that were not incurred in the current year. Significant decreases in current year expenditures include the
<br />completion of the Northstar Commuter Rail Station, The Residence at the COR apartment building, and a change
<br />in The COR development management outsourcing contract. Interest and fiscal charges decreased $1,335,096
<br />due to a reduction in interest and fiscal agent charges related to 2012 bond issuances. Property taxes decreased
<br />$1,033,063 (approximately 9%) during the year. This percentage change reflects a nearly 5% decrease in total
<br />levy from prior year. Investment earnings also decreased $885,522 or 187%. The city received over $800,000 in
<br />actual interest earnings, but is required per the Governmental Accounting Standards Board to reflect all
<br />investments at market value as of December 31 of the current year. The city reflects any changes in market value
<br />against interest earnings. The net result in market value changes for 2013 resulted in a loss in interest earnings.
<br />Charges for services decreased by nearly 23%, or $524,572. Operating grants and contributions decreased
<br />approximately $828,000 due to prior year county funding received for non-capital public improvements which
<br />were not applicable in the current year. Capital grants and contributions decreased 17% or $657,381 due to a
<br />reduction in public improvement activity.
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