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- 7.1.A. - Page 32 <br /> MANAGEMENT'S DISCUSSION AND ANALYSIS <br /> This section of the City's Comprehensive Annual Financial Report presents a narrative overview and <br /> analysis of the City's financial activities for the fiscal year ended June 30, 2014. We encourage readers to <br /> consider the information presented here in conjunction with the accompanying transmittal letter and <br /> basic financial statements. <br /> FISCAL YEAR 2013 -14 FINANCIAL HIGHLIGHTS <br /> During fiscal year 2013 -14, the City experienced growth in revenues as the local economy continued to <br /> recover from the recent recession. Financial highlights of the year include the following: <br /> • The City's total net position increased $35.9 million in FY 2013 -14, after a $20.7 million increase <br /> in the preceding year. At June 30, 2014, net position totaled $510.8 million. <br /> • Total City revenues, including program and general revenues, were $207 million, an increase of <br /> $24.3 million over the prior year, while total expenses were $171 million, an increase of $9 million <br /> from FY 2012 -13. <br /> • Net position in governmental activities increased $11.8 million, while net position in business <br /> activities increased $24.1 million. <br /> • Governmental program revenues were $38.8 million, which reflected an increase of $5.2 million <br /> over FY 2012 -13. <br /> • Governmental program expenses increased to $112.2 million in FY 2013 -14, up $9 million from <br /> the prior year. <br /> • Revenues from business -type activities increased to $85.3 million in FY 2013 -14, up $15.6 million <br /> over the prior year. <br /> • Expenses of business -type activities increased to $58.8 million in FY 2013 -14, a $.1 million increase <br /> from the prior year. <br /> • General fund revenues of $105 million increased by $12.6 million over the prior year. <br /> • General fund balance of $23.8 million at the fiscal year end increased by $2 million from the prior <br /> year. <br /> OVERVIEW OF THE COMPREHENSIVE ANNUAL FINANCIAL REPORT <br /> This Comprehensive Annual Financial Report is in seven parts: <br /> 1. Introductory section, which includes the transmittal letter and general information <br /> 2. Management's Discussion and Analysis (this part) <br /> 3. The Basic Financial Statements, which include the government -wide and the fund financial <br /> statements, along with the notes to these financial statements <br /> 4. Required supplementary information <br /> 5. Combining statements for non -major governmental funds and fiduciary funds <br /> 6. Statistical information <br /> 7. Internal Controls <br /> 4 <br />