2012-04-11 CC Packet - Laserfiche WebLink

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Management's Discussion and Analysis As management of the City of Centervi I le, Minnesota, (the City), we offer readers of the City's financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended December 31, 2011. Financial Highlights • The assets of the City exceeded its liabilities at the close of the most recent fiscal year by $21,675,689 (net assets). Of this amount, $4,052,097(unrestri cted net assets) may be used to meet the City's ongoing obligations to citizens and creditors. • The City's total net assets increased by $558,134. A further breakdown of net assets in chronicled under Government wide financial statement analysis. • At the end of the current fiscal year, unassigned fund bad ance for the General fund was $1,123,658. While these funds are not legally reserved, they are designated for future cash flow purposes. • The City's total debt decreased $1,489,389, during the current fiscal year. The decrease was mai ndy due to the refi nance of 2004B and 2007A bond issues and annual principal payments. • The City determined the requi rements of GASB 45 wi I I not have a material effect on the fi nancial statements. This i ncl udes the implicit ratecomponent of post - employment benefits. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the City's basic financial statements. The City's basic financial statements comprise three components: 1) government -wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This analysis containsother supplemented information in addition to the basic financial statements themselves. -13-