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<br />. <br /> <br />Management's Discussion and Analysis <br /> <br />As management oftbe City of Arden Hills, Minnesota, (the City), we offer readeTs of the City's financial statements this narrative <br />overview and analysis of tbe fmancial activities of the City for the fiscal year ended December 31, 2005. <br /> <br />Financial Highlights <br /> <br />. Tbe assets oftbe City exceeded its liabilities at the close of the most recent fiscal year by $31,358,740 (net assets). Of <br />this amount, $11,083,682 (unresuicted net assets) may be used to meet the City's. ongoing obligations to citizens and <br />creditors. <br /> <br />. As of the close of the current fiscal year, the City's governmental funds reported combined ending fund balances of <br />$9,153,443, a decrease ofS],989,439 in comparison with the prior year. <br /> <br />. <br /> <br />. At the end of the CillIen! fiscal year, unreserved fund balance for the General fund was $ J ,264)72, or 40 percent oftotal <br />2006 General fund budgeted expenditures. VI/hile 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 current fiscal year. The key factor in this decrease was that <br />$2,545,000 of bonds that weTe refunded in 2004 were called in 2005. <br /> <br />Overview of the Financial Statements <br /> <br />This discussion and analysis is intended to serve as an introduction to the City's basic financiaJ statements. The City's basic <br />fmanciaI statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) <br />notes to the financial statements. TlUs report also contains other supplemental information in addition to the basic financial <br />statements themselves. <br /> <br />. <br /> <br />-1- <br />