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<br /> <br />tervi{{e <br /> <br />1880 :Main Street. Centerviffe, :M'N 55038 <br /> <br />'Esta61~4ia{ 1SS7 <br /> <br />(651) 429-3232 . 'FtL>C(651) 429-8629 <br /> <br />Management's Discussion and Analysis <br /> <br />As management of the City ofCenterville, Minnesota, (the City), we offer readers of the City's [mancial statements this narrative <br />overview and analysis of the financial activities of the City for the fiscal year ended December 31, 2004. This is the first year of <br />implementation of GASB Statement No. 34 for the City and some comparative data is not available. <br /> <br />Financial Highlights <br /> <br />The assets of the City exceeded its liabilities at the close of the most recent fiscal year by $18,498,850 (net assets). Of this <br />amount, $6,200,404 (unrestricted net assets) may be used to meet the City's ongoing obligations to citizens and creditors. <br /> <br />. The City's total net assets increased by $2,779,378. <br /> <br />. As ofthe close of the current fiscal year, the City's governmental funds reported combined ending fund balances of <br />$5,665,554 an increase of$703,165 in comparison with the prior year. Approximately 22.9 percent of this total amount, <br />$1,297,956, is available for spending at the City's discretion, but bas been designated for specific purposes. <br /> <br />. At the end of the current fiscal year, unreserved fund balance for the General fund was $1,297,956, or 69.1 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 by $2,345,000, 62 percent during the current fiscal year. The key factor in this increase <br />was the issuance of $2,980,000 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 />financial statements comprise three components: I) goverrunent-wide financial statements, 2) fund financial statements, and 3) <br />notes to the financial statements. This report also contains other supplemental information in addition to the basic [mancial <br />statements themselves. <br /> <br />-1- <br />