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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, 2014. <br /> <br />Financial Highlights <br /> <br /> <br />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 <br />amount, $4,826,082 (unrestricted net position) may be used to meet the City’s ongoing obligations to citizens and creditors. <br /> <br /> <br />The City’s total net position increased $258,565. A further breakdown of net position is chronicled under Government wide <br />financial statement analysis. <br /> <br /> <br />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 <br />General fund expenditures. <br /> <br /> <br />The City’s total debt decreased $856,981, during the current fiscal year. The decrease was mainly due to regularly scheduled <br />debt payments. <br /> <br /> <br />-13- <br /> <br />