2008 Annual Financial Report - Laserfiche WebLink

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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, 2008. Financial Highlights • The assets of the City exceeded its liabilities at the close of the most recent fiscal year by $20,558,681 (net assets). Of this amount, $9,321,531 (unrestricted net assets) may be used to meet the City's ongoing obligations to citizens and creditors. • The City's total net assets increased by $458,206. • As of the close of the current fiscal year, the City's goverrunental funds reported combined ending fund balances of $2,057,528, a decrease of $2,838,237 in comparison with the prior year. Approximately 56.3 percent of this total amount, $1,157,516, is available for spending at the City's discretion, but has been designated for specific purposes. • At the end of the current fiscal year, unreserved fund balance for the General fund was $1,157,516, or 44.0 percent of total General fund expenditures. While these funds are not legally reserved, they are designated for future purposes. • The City's total debt decreased $1,293,750, during the current fiscal year. Major activity in debt occurred from the payment of the City's bonds. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the City's basic financial statements. The City's basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This analysis contains other supplemental information in addition to the basic financial statements. -I-