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<br />Management Discussion and Analysis
<br />February 6, 2004
<br />Page IV
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<br />An additional portion of the City's net assets, 20.2 percent, represents resources that are subject to external restrictions
<br />on how they may be used. The remaining balance of unrestricted net assets, $6,136,859, may be used to meet the City's
<br />ongoing obligations to citizens and creditors.
<br />
<br />At the end of the current fiscal year, the City is able to report positive balances in all three categories of net assets, both
<br />for the City as a whole, as well as for its separate governmental and business-type activities. The same situation held
<br />true for the prior fiscal year.
<br />
<br />There was no change in restricted net assets reported in connection with the City's business-type activities.
<br />
<br />The City's net assets increased by $3,771,108 during the current fiscal year. Approximately 40 percent of this increase is
<br />attributable to a one-time prior-period adjustment in the City's enterprise funds that was necessary to accommodate the
<br />new reporting requirements of GASB Statement No. 34.
<br />
<br />FunctionslPrograms
<br />Primary government
<br />Govennnenmlacti~ties
<br />General government
<br />Public safety
<br />Public works
<br />Economic development
<br />Culture and recreation
<br />Miscellaneous
<br />Interest on long-term debt
<br />
<br />Toml governmenml acti~ties
<br />
<br />Business-type acti~ties:
<br />Water
<br />Sewer
<br />
<br />Toml business-type acti~ties
<br />
<br />Toml primary government
<br />
<br /> Changes in Net Assets
<br /> Program Revenue Net (Expense) Revenue and Changes in Net Assets
<br /> Operating Capiml
<br /> Charges for Grants and Grants and Govemmenml Business-type
<br /> Expenses Semces Contnbutions Contnbutions Acti~ties Acti~ties Toml
<br />$ 1,123,551 $ 25,406 $ $ $(1,098,145) $ $ (1,098,145)
<br /> 820,296 236,054 155,531 (428,711) (428,711)
<br /> 390,644 81,181 2,948 1,541,247 1,234,732 1,234,732
<br /> 47,037 (47,037) (47,037)
<br /> 76,067 4,706 1,270 219,000 148,909 148,909
<br /> 29,247 (29,247) (29,247)
<br /> 11 0,989 (110,989) (110,989)
<br /> 2,597,831 347,347 159,749 1,760,247 (330,488) (330,488)
<br /> 201,323 289,963 517,452 606,092 606,092
<br /> 270,450 327,872 278,282 335,704 335,704
<br /> 471,773 617,835 795,734 941,796 941,796
<br />$ 3,069,604 $ 965,182 $ 159,749 $2,555,981 (330,488) 941,796 611,308
<br />General revenues:
<br />Taxes:
<br /> Property mxes, levied for general purposes 1,425,172 1,425,172
<br /> Tax increments 39,070 39,070
<br /> Other mxes 764 764
<br />Smte grants and contributions not restricted to specific programs 20,801 20,801
<br />Unrestricted investment earnings 88,548 75,832 164,380
<br />Miscellaneous 12,020 12,020
<br />Transfers 10,540 (10,540)
<br /> T oml general revenues, special items, and transfers 1,596,915 65,292 1,662,207
<br /> Change in net assets 1,266,427 1,007,088 2,273,515
<br />Net assets - beginning 6,313,109 5,635,253 11,948,362
<br />Prior period adjustment 1,497,593 1,497,593
<br />Net assets - ending $ 7,579,536 $8,139,934 $ 15,719,470
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