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GOVERNMENT -WIDE FINANCIAL ANALYSIS (CONTINUED)
<br />The City has taken a conservative financial approach, carefully analyzing revenues and expenditures/expenses
<br />to assure operation of a balanced budget. The ongoing management of revenue and expenditures/expenses has
<br />resulted in a high -quality bond rating. The City's AA+ bond rating was last reaffirmed by Standard and Poor's
<br />(S&P) in October 2023. This has also allowed the City to continue to provide quality public services at a tax
<br />rate that is affordable.
<br />At the end of the current fiscal year, the City reported positive balances in all three categories of net position,
<br />both for the government as a whole, as well as for its separate governmental and business -type activities.
<br />Changes in the City's proportionate share of state-wide pension obligations contributed to the differences in
<br />amounts presented as deferred outflows, noncurrent liabilities, and deferred inflows in the previous table.
<br />Ongoing construction and reconstruction of City streets, spending for a new water treatment plant, and its
<br />respective trunk watermain improvements increased capital assets and the net investment in capital assets portion
<br />of net position, while reducing current and other assets.
<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
<br />Total
<br />2024 2023 2024 2023 2024 2023
<br />Revenues
<br />Program revenues
<br />Charges for services $ 3,155,387 $ 2,401,214 $ 7,656,188 $ 7,512,798 $ 10,811,575 $ 9,914,012
<br />Operating grants and contributions 996,098 2,004,445 88,200 100,369 1,084,298 2,104,814
<br />Capital grants and contributions 9,887,748 5,163,608 7,812,542 3,949,772 17,700,290 9,113,380
<br />General revenues
<br />Property taxes 23,041,341 20,126,982 23,041,341 20,126,982
<br />General grants and contributions 3,760 3,223 3,760 3,223
<br />Investment earnings 2,530,184 2,562,165 1,940,725 3,147,802 4,470,909 5,709,967
<br />Gain on sale of capital assets 94,090 20,000 94,090 20,000
<br />Total revenues 39,708,608 32,281,637 17,497,655 14,710,741 57,206,263 46,992,378
<br />Expenses
<br />General government 5,645,480 5,347,691 5,645,480 5,347,691
<br />Public safety 8,894,134 8,717,911 8,894,134 8,717,911
<br />Highways and streets 7,783,629 8,670,486 7,783,629 8,670,486
<br />Culture and recreation 2,430,888 2,194,755 2,430,888 2,194,755
<br />Economic development 1,488,674 1,705,446 1,488,674 1,705,446
<br />Interest and fiscal charges 1,317,942 1,258,959 1,317,942 1,258,959
<br />Water utility 2,243,736 2,062,314 2,243,736 2,062,314
<br />Sewer utility 2,411,209 2,209,802 2,411,209 2,209,802
<br />Street light utility 167,123 173,924 167,123 173,924
<br />Recycling utility 549,993 527,182 549,993 527,182
<br />Storm water utility 1,022,935 864,721 1,022,935 864,721
<br />Total expenses 27,560,747 27,895,248 6,394,996 5,837,943 33,955,743 33,733,191
<br />Changes in net position before transfers 12,147,861 4,386,389 11,102,659 8,872,798 23,250,520 13,259,187
<br />Transfers (694,468) 74,424 694,468 (74,424)
<br />Changes in net position 11,453,393 4,460,813 11,797,127 8,798,374 23,250,520 13,259,187
<br />Net position - beginning 112,287,197 107,826,384 116,164,718 107,366,344 228,451,915 215,192,728
<br />Net position - ending $ 123,740,590 $ 112,287,197 $ 127,961,845 $ 116,164,718 $ 251,702,435 $ 228,451,915
<br />30
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