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C ITY OF R OSEVILLE,M INNESOTA M ANAGEMENT’S D ISCUSSION AND A NALYSIS For Year Ended December 31, 2021 F INANCIAL A NALYSIS OF THE G OVERNMENT AS A W HOLE As management of the City of Roseville, we offer readers of the City’s financial statement this narrative overview and analysis of the financial activities of the City for the fiscal year ended December 31, 2021. We encourage readers to consider the information presented here in conjunction with the City’s financial statements and the additional information that we have furnished in our letter of transmittal, which can be found on pages 1 through 4 of this report. Financial Highlights The assets and deferred outflows of the City of Roseville exceeded its liabilities and deferred inflows at the close of the most recent fiscal year by $206,461,952 (Net position). Of this amount, $24,229,768 (unrestricted net position) may be used to meet the government’s ongoing obligations to citizens and creditors in accordance with the City's fund designations and fiscal policies. The City’s total net position from operations increased by $9,415,677. As of the close of the current fiscal year, the City of Roseville’s governmental activities reported combined ending unrestricted net position of $23,015,928. At the end of the current fiscal year, unrestricted fund balance for the general fund was $8,383,918 or 46% of total general fund expenditures. The City of Roseville total bonded debt decreased by $7,040,000 during the current fiscal year. This discussion and analysis is intended to serve as an introduction to the City’s basic financial statements. The City’s basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-wide Financial Statements The government-wide financial statements are designed to provide readers with a broad overview of the City’s finances, in a manner similar to a private-sector business. The Statement of Net Position presents information on all of the City’s assets and deferred outflows, and liabilities and deferred inflows of resources, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating. To assess the overall health of the City, one needs to consider additional non-financial factors such as changes in the City’s property tax base and the condition of the City’s infrastructure. The S tatement of Activities presents information showing how the City’s net position changed during the fiscal year. All changes in net position are reported when the underlying event giving rise to the change occurs, regardless of the timing of the related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in the future fiscal periods (e.g., uncollected taxes and earned but unused compensated absences). Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities) from functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the City include general government, public safety, public works, economic development and recreation. The business- 17