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Management’s Discussion and Analysis <br />As management of the City of Centerville, Minnesota, (the City), we offer readers of the City’s financial statements this narrative <br />overview and analysis ofthe financial activities of the City for the fiscal year ended December 31, 2010. <br />Financial Highlights <br />The assets of the City exceeded its liabilities at the close of the most recentfiscal year by $21,117,555(net assets). Of <br />this amount, $4,540,260(unrestricted net assets) may be used to meet the City’s ongoing obligations to citizens and <br />creditors. <br />The City’s total net assets decreased by $683,818.A further breakdown of net assets in chronicled under Government <br />wide financial statement analysis. <br />As of the close of the current fiscal year, the City’s governmentalfunds reported combined ending fund balances of <br />$2,837,564, a decrease of $3,058,911in comparison with the prior year. Approximately 25.7percent of this total <br />amount, $729,670,is available for spending at the City’s discretion. <br />At the end of the current fiscal year, unreserved fund balance for the General fund was $1,063,198. While these funds <br />are not legally reserved, they are designated for future cash flow purposes. <br />The City’s total debt decreased $2,884,850, during the current fiscal year.The decrease was mainly due to the crossover <br />refunding bond payment of $2,565,000 and other schedule principal payments. <br />The City determined the requirements of GASB 45 will not have a material effect on the financial statements. This <br />includes the implicit rate component of post-employment benefits. <br />Overview of the Financial Statements <br />This discussion and analysis is intended to serve as an introduction to the City’s basic financial 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. This analysis contains other supplemental information in addition to the basic financial <br />statements themselves. <br />-13- <br /> <br />