AgdaPkt 2018-12-17 Joint Special

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6.G. - Page 32 of 187 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, 2018. We encourage readers to consider the information presented here in conjunction with the accompanying transmittal letter and basic financial statements. FISCAL YEAR 2017-18 FINANCIAL HIGHLIGHTS During fiscal year 2017-18, the City continued to experience growth in revenues as the local economy continued to grow. Financial highlights of the fiscal year include the following: • The City's total net position increased $5.1 million in FY 2017-18, after a $25.9 million increase in the prior fiscal year. At June 30, 2018, net position totaled $382.1 million, comprised of $124.7 million for governmental activities and $257.4 for business -type activities. • Total City revenues, including program and general revenues, were $264.0 million, an increase of $27.2 million over the prior fiscal year, while total expenses were $259.0 million, an increase of $48.1 million from FY 2016-17. • Net position in governmental activities decreased $200 thousand, while net position in business - type activities increased $5.3 million. • Governmental program revenues were $57.3 million, which reflects an increase of $15.1 million over the prior fiscal year. • Governmental general revenues increased to $111.4 million in FY 2017-18, up $8.1 million from the prior fiscal year. • Governmental program expenses increased to $162.5 million in FY 2017-18, up $25.2 million from the prior fiscal year. • Total revenues from business -type activities increased to $95.4 million in FY 2017-18, up $4.0 million from the prior fiscal year. • Total expenses of business -type activities increased to $96.5 million in FY 2017-18, a $22.9 million increase over the prior fiscal year. • General fund revenues of $143.1 million increased by $13.5 million over the prior fiscal year. • General fund expenditures of $125.9 million increased by $13.7 million over the prior fiscal year. • General fund balance of $30.2 million at June 30, 2018 decreased by $2.2 million over the prior fiscal 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 information 2. Management's Discussion and Analysis 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 information 5. Combining statements for non -major governmental funds and fiduciary funds 6. Statistical information 5 211