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2006 CAFR
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2006 CAFR
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Management's Discussion and Analysis <br />As management of the City of Roseville, we offer readers of the City of Roseville's <br />financial statements this narrative overview and analysis of the financial activities of the <br />City of Roseville for the fiscal year ended December 31, 2006. We encourage readers to <br />consider the information presented here in conjunction with additional information that <br />we have furnished in our letter of transmittal, which can be found on pages 1 -4 of this <br />report. <br />Financial Highlights <br />• The assets of the City of Roseville exceeded its liabilities at the close of the most <br />recent fiscal year by $158,535,869 (Net assets). Of this amount, $31,576,164 <br />(unrestricted net assets) may be used to meet the government's ongoing <br />obligations to citizens and creditors in accordance with the City's fund <br />designations and fiscal policies. <br />• The City's total net assets from operations increased by $4,094,782. <br />• As of the close of the current fiscal year, the City of Roseville's governmental <br />funds reported combined ending unreserved fund balances of $21,141,514. <br />• At the end of the current fiscal year, undesignated fund balance for the general <br />fund was $3,181,985 or 29% percent of total general fund expenditures. <br />• The City of Roseville total bonded debt decreased by $1,245,000 during the <br />current fiscal year. <br />Overview of the Financial Statements <br />The discussion and analysis are intended to serve as an introduction to the City of <br />Roseville's basic financial statements. The City of Roseville's basic financial statements <br />comprise three components: 1) government -wide financial statements, 2) fund financial <br />statements, and 3) notes to the financial statements. This report also contains other <br />supplementary information in addition to the basic financial statements themselves. <br />Government -wide financial statements. The government -wide financial statements are <br />designed to provide readers with a broad overview of the City of Roseville's finances, in <br />a manner similar to a private- sector business. <br />The statement of net assets presents information on all of the City of Roseville's assets <br />and liabilities, with the difference between the two reported as net assets. Over time, <br />increases or decreases in net assets may serve as a useful indicator of whether the <br />financial position of the City of Roseville is improving or deteriorating. <br />The statement of activities presents information showing how the City's net assets <br />changed during the most recent fiscal year. All changes in net assets are reported as soon <br />as the underlying event giving rise to the change occurs, regardless of the timing of <br />related cash flows. Thus, revenues and expenses are reported in this statement for some <br />items that will only result in cash flows in future fiscal periods (e.g. uncollected taxes and <br />earned but unused vacation leave). <br />13 <br />
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