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<br />. <br /> <br />. <br /> <br />. <br /> <br />Management's Discussion and Anatysis <br /> <br />As management of the City of Arden Hills, Minnesota, (the City), we offer readers of the City's financial statements this narrative <br />overview and analysis of the fmancial activities of the City for the fiscal year ended December 31, 2005, <br /> <br />Financial Highlights <br /> <br />. The assets of the City exceeded its liabilities at the close of the most recent fiscal yearby $31,358,740 (net assets), Of <br />this amount, $11,083,682 (unrestricted net assets) may he used to meet the City's ongoing obligations to citizens and <br />creditors. <br /> <br />. As of the close oflhe current fiscal year, the City's governmental funds reported combined ending fund balances of <br />$9,153,443, a decrease of$I,989,439 ill comparison with the prior year. <br /> <br />. At the end of the curreut fiscal year, unreserved fund balance for the General fund was $1,264,272, or 40 percent of total <br />2006 General fund budgeted expenditures, While these funds are not legally reserved, they are designated for future <br />purposes, <br /> <br />. The City's total debt decreased by $2,545,000 during the curtent fiscal year, The key factor in this decrease was that <br />$2,545,000 of bonds that were refunded in 2004 were called in 2005, <br /> <br />Overview of the Financial Statements <br /> <br />Tbis discussion and analysis is intended to serve as an introduction to the City's basic fmancial statements. The City's basic <br />financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) <br />notes to the financial statements. Tills report also contains other supplemental information in addition to the basic financial <br />statements themselves. <br /> <br />-1- <br />