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<br />City of Centervitfe <br />Narrative for Financial Statements <br />Year Ended December 31, 2003 <br /> <br />Attached are the audited financial statements for the General Fund and Enterprise Funds <br />for the City of Centerville. These reports are summarized from the audited <br />comprehensive annual financial statement. <br /> <br />General Fund <br />Revenues: <br />1. Taxes <br />Property tax revenues are at 96.25 % for the year. This is due to three factors: the <br />amount of market value homestead credit for the year 2003 should have been <br />$104,019; a surplus TIF settlement in the amount of $58,940 was received; the <br />remaining difference constitutes delinquent taxes. <br /> <br />2. Intergovernmental <br />In the 2003 legislative session, the city lost all of its LGA, $13,413, and most of <br />the MVHC, $84,431, resulting in a total loss of $97,844 for fiscal year 2003. The <br />first half of the reduced Market Value Homestead Credit (MVHC), in the amount <br />of$9,794, was received in October and the second half, in the amount of$9,674, <br />was received in December. The police state aid payment, in the amount of <br />$25,249, was received in December and exceeded the amount anticipated. State <br />fire aid in the amount of $116,282, also exceeding the amount anticipated, was <br />received in November and was transferred to the Centennial Fire Department in <br />December. PERA aid, in the amount of$I,333 was also received in two <br />payments. <br /> <br />3. Licenses and Permits <br />Permit revenue exceeded budget by $53,293 for the year. The budget amount for <br />licenses and permits was increased in the year 2004; however, permit revenues <br />will begin to drop off as the City reaches full development potential. Next to <br />taxes and intergovernmental revenue, permit revenue is the third largest source of <br />city income. <br /> <br />4. Charges for Services <br />Assessment searches and map sales are below budget for the year. Since charges <br />for services are a minor part of the budget, the overall impact is negligible. <br /> <br />5. Interest <br />Interest income was slightly above budget for the year. <br /> <br />6. Fines and Forfeits <br />Due to alcohol and tobacco sting activity, fine revenue is above budget for the <br />year. <br />