2013-12-31 Annual Financial Report

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Management’s Discussion and Analysis As management of the City of Centerville, 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, 2013. Financial Highlights The assets of the City exceeded its liabilitiesat the close of the most recent fiscal year by $21,686,182 (net position). Of this amount, $4,461,946(unrestricted net position) may be used to meet the City’s ongoing obligations to citizens and creditors. The City’s total net positionincreased$343,121.A further breakdown of net position ischronicled under Government wide financial statement analysis. At the end of the current fiscal year, unassignedfund balance for the General fund was $1,253,989, or 66.0percentof total General fund expenditures. The City’s total debt increased $262,259, during the current fiscal year.The increase was mainly due tothe issuance of the refunding 2013A bond issue, which was offset by regularly scheduled debt payments 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 contains other supplemental information in addition to the basic financial statements themselves.