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MANAGEMENT'S DISCUSSION AND ANALYSIS This section of the City's Comprehensive Annual Financial Report presents a narrative overview and analysis of the City's financial activities for the fiscal year ended June 30, 2005. We encourage readers to consider the infonnation presented here in conjunction with the accompanying transmittal letter and basic financial statements. FISCAL YEAR 2004/05 FINANCIAL HIGHLIGHTS The City continues to experience moderate revenue growth as the local economy gradually recovers from the "dot- com" economic implosion that occurred in the early part of this decade. Financial highlights of the year include the following: . The City's total net assets increased $17.14 million in FY 2004/05, after a $7.96 million increase in the preceding year. At June 30, 2005, net assets totaled $375.3 million. Total City revenues, including program and general revenues, were $143.7 million, an increase of $18.4 million from the prior year, while total expenses were $126.5 million, an increase of $9.1 million from FY 2003/04. . . Net assets in governmental funds increased $17.5 million, while net assets in business activities decreased $.3 million. Governmental program revenues were $39.5 million, an increase of $10.4 million from FY 2003/04's $29.1 million. . . Governmental program expenses increased to $92.2 million in FY 2004/05, up $7.0 million from the prior year. Revenues from business-type activities increased to $34.1 million in FY 2004/05, up $1.6 million from the prIor year. Expenses of business-type activities increased to $34.4 million in FY 2004/05, a $2.4 million increase from the prior year. General fund revenues of $70 million increased by $5 million from the prior year. General fund balance of $38.6 million at the fiscal year end declined by $.3 million from the prior year. . . . . OVERVIEW OF THE COMPREHENSIVE ANNuAL FINANCIAL REpORT This Comprehensive Annual Financial Report is in six parts: 1. Introductory section, which includes the transmittal letter and general infonnation 2. Management's Discussion and Analysis (this part) 3. The Basic Financial Statements, which include the government-wide and the fund financial statements, along with the notes to these financial statements 4. Required supplementary infonnation 5. Combining statements for non-major governmental funds and fiduciary funds 6. Statistical infonnation The Basic Financial Statements The Basic Financial Statements comprise the City-wide Financial Statements and the Fund Financial Statements; these two sets of financial statements provide two different views of the City's financial activities and financial position. 3