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<br />Management's Discussion and Analysis <br /> <br />As management of the City of Centerville, Minnesota, (the City), we offer readers of the City's [mancial statements this narrative <br />overview and analysis of the [mancial activities of the City for the fiscal year ended December 31, 2006. <br /> <br />Financial Highlights <br /> <br />. The assets ofthe City exceeded its liabilities at the close of the most recent fiscal year by $19,475,544 (net assets). Of <br />this amount, $5,484,173 (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 $2,004,923. <br /> <br />. As ofthe close of the current fiscal year, the City's governmental funds reported combined ending fund balances of <br />$4,875,411 a decrease of $554,031 in comparison with the prior year. Approximately 31.6 percent of this total amount, <br />$1,540,685, is available for spending at the City's discretion, but has been designated for specific purposes. <br /> <br />. At the end of the current fiscal year, unreserved fund balance for the General fund was $1,540,685, or 74 percent oftotal <br />General fund expenditures. While these funds are not legally reserved, they are designated for future purposes. <br /> <br />. The City's total debt increased $1,599,541, during the current fiscal year. Major activity in debt occurred from the <br />issuance of $2,700,000 in bonds. <br /> <br />Overview ofthe Financial Statements <br /> <br />This discussion and analysis is intended to serve as an introduction to the City's basic financial statements. The City's basic <br />financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) <br />notes to the financial statements. This analysis contains other supplemental information in addition to the basic financial <br />statements. <br /> <br />-1- <br />