2016-12-31 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, 2016. Financial Highlights • The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflow of resources at the close of the most recent fiscal year by $21,092,484 (net position). Of this amount, $5,431,199 (unrestricted net position) may be used to meet the City's ongoing obligations to citizens and creditors. • The City's total net position increased $27,907. 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 $1,309,108, or 59.7 percent of total 2016 General fund expenditures. • The City's total debt increased $1,405,402, during the current fiscal year. The increase was mainly due to issuance of the crossover refunding bond and an increase in City's proportionate share for pension liability. -13-