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<br />I <br /> <br />Management's Discussion and Analysis <br /> <br />I <br /> <br />As management of the City of CentervilIe, Minnesota, (the City), we offer readers of the City's financial statements this narrative <br />overview and analysis of the [mancial activities of the City for the fiscal year ended December 31, 2007. <br /> <br />I <br /> <br />Financial Highlights <br /> <br />· The assets of the City exceeded its liabilities at the close of the most recent fiscal year by $20,100,475 (net assets). Of <br />this amount, $6,401,925 (unrestricted net assets) may be used to meet the City's ongoing obligations to citizens and <br />creditors. <br /> <br />. The City's total net assets increased by $624,931. <br /> <br />. As of the close of the current fiscal year, the City's governmental funds reported combined ending fund balances of <br />$4,895,765 an increase of $20,354 in comparison with the prior year. Approximately 29.2 percent of this total amount, <br />$1,428,071, is available for spending at the City's discretion, but has been designated for specific purposes. <br /> <br />. Atthe end ofthe current fiscal year, unreserved fund balance for the General fund was $1,428,071, or 59.5 percent of <br />total General fund expenditures. While these funds are not legally reserved, they are designated for future purposes. <br /> <br />· The City's total debt increased $1,493,356, during the current fiscal year. Major activity in debt occurred from the <br />issuance of $2,600,000 in bonds. <br /> <br />Overview of the Financial Statements <br /> <br />This discussion and analysis is intended to serve as an introduction to the City's basic [mancial statements. The City's basic <br />[mancial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) <br />notes to the [mancial statements. This analysis contains other supplemental information in addition to the basic financial <br />statements. <br /> <br />-1- <br />