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CITY OF ROSEVILLE, MINNESOTA <br /> II <br /> MANAGEMENT'S DISCUSSION AND ANALYSIS <br /> For Year Ended December 31, 2014 <br /> II OVERVIEW OF THE FINANCIAL STATEMENTS <br /> As management of the City of Roseville, we offer readers of the City's financial statement this <br /> I I narrative overview and analysis of the financial activities of the City for the fiscal year ended <br /> December 31, 2014. We encourage readers to consider the information presented here in <br /> conjunction with the City's financial statements and the additional information that we have <br /> furnished in our letter of transmittal, which can be found on pages 1-4 of this report. <br /> Financial Highlights <br /> I <br /> • The net position of the City of Roseville exceeded its liabilities at the close of the most recent <br /> fiscal year by $185,354,583 (Net position). Of this amount, $30,038,427 (unrestricted net <br /> position) may be used to meet the government's ongoing obligations to citizens and creditors in <br /> accordance with the City's fund designations and fiscal policies. <br /> • The City's total net position from operations increased by$5,765,760. <br /> • As of the close of the current fiscal year, the City of Roseville's governmental activities reported <br /> combined ending unrestricted net position of$24,616,003. <br /> • At the end of the current fiscal year, unassigned fund balance for the general fund was <br /> ' $5,205,951 or 39% of total general fund expenditures. <br /> • The City of Roseville total bonded debt and certificates of indebtedness decreased by $6,355,000 <br /> during the current fiscal year. <br /> 111 This discussion and analysis is intended to serve as an introduction to the City's basic financial <br /> statements. The City's basic financial statements are comprised of three components: <br /> ' 1) government-wide financial statements, 2) fund financial statements and 3) notes to the <br /> financial statements. This report also contains other supplementary information in addition to the <br /> basic financial statements themselves. <br /> ' Government-wide Financial Statements <br /> The government-wide financial statements are designed to provide readers with a broad <br /> overview of the City's finances, in a manner similar to a private-sector business. <br /> ' The Statement of Net Position presents information on all of the City's assets, liabilities and <br /> inflows, with the difference between the two reported as net position. Over time, increases or <br /> decreases in net position may serve as a useful indicator of whether the financial position of the <br /> City is improving or deteriorating. To assess the overall health of the City, one needs to consider <br /> additional non-financial factors such as changes in the City's property tax base and the condition <br /> of the City's infrastructure. <br /> ' The Statement of Activities presents information showing how the City's net position changed <br /> during the fiscal year. All changes in net position are reported when the underlying event giving <br /> rise to the change occurs, regardless of the timing of the related cash flows. Thus, revenues and <br /> expenses are reported in this statement for some items that will only result in cash flows in the <br /> future fiscal periods (e.g., uncollected taxes and earned but unused compensated absences). <br /> I <br /> 15 <br />