2015-04-22 CC Packet - Laserfiche WebLink

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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 31,2014. Financial Highlights • The assets of the City exceeded its liabilities at the close of the most recent fiscal year by$21,944,747(net position). Of this amount,$4,826,082(unrestricted net position)may be used to meet the City's ongoing obligations to citizens and creditors. • The City's total net position increased$258,565. A further breakdown of net position is chronicled under Government wide financial statement analysis. • At the end of the current fiscal year,unassigned fund balance for the General fund was$1,317,741,or 67.7 percent of total General fund expenditures. • The City's total debt decreased$856,981,during the current fiscal year. The decrease was mainly due to regularly scheduled debt payments. -13-