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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 of the financial activities of the City for the fiscal year ended December 31, 2012, <br /> Financial Highlights <br /> • The assets of the City exceeded its liabilities at the close of the most recent fiscal year by $21,343,061 (net position). Of this <br /> amount, $4,3 06,693 (unrestricted net position) may be used to meet the City's ongoing obligations to citizens and creditors. <br /> • The City's total net position decreased by $154,451. A further breakdown of net position is chronicled under Government <br /> wide financial statement analysis. <br /> • At the end of the current fiscal year, unassigned fund balance for the General fund was $1,202,827. While these funds are <br /> not legally reserved, they are designated for future cash flow purposes. <br /> • The City's total debt decreased $37,449, during the current fiscal year. The decrease was mainly due to regularly scheduled <br /> debt payments, which was offset by the issuance of the refunding 2012A bond issue. <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 financial <br /> statements comprise three components: 1) government -wide financial statements, 2) fund financial statements, and 3) notes to the <br /> financial statements. This analysis contains other supplemental information in addition to the basic financial statements themselves. <br /> -13- <br /> 33 <br />