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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, 2015. <br />Financial Highlights <br />• The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflow of resources at the close <br />of the most recent fiscal year by $21,064,577 (net position). Of this amount, $4,717,663 (unrestricted net position) may be <br />used to meet the City's ongoing obligations to citizens and creditors. <br />• The City's total net position decreased $395,579. A further breakdown of net position is chronicled under Government wide <br />financial statement analysis. <br />• At the end of the current fiscal year, unassigned fund balance for the General fund was $1,167,292, or 59.7 percent of total <br />2015 General fund expenditures. <br />• The City's total debt decreased $647,171, during the current fiscal year. The decrease was mainly due to regularly scheduled <br />debt payments. <br />-13- <br />