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MANAGEMENT'S:. DISCUSSION AND. .ANAL YSIS I .!This section of the. City:'s ComPrehensive Annua:I Financial" Report presents a'narrativc oven4ew .and, analysis..of ,.. .the. City'.s fmancial. activities for the fiscal year ended June ~O, 2008. Wc.:.encourage .'readers to consider the information-presented :here.in conjunction'with th,e .accompanying transmittal letter and basi~ .financial statements. 'FISC~L YEAR 2007/08 FINANC:I~L HIGHLl~HTS ':, . Excluding one-timc-:only rev~ues, the' City. conthn.ied .io experience'moderate-r~venue growth as the local.ecOnomy . i...:; continued to expand.. ;Financial highlights. of the year include the -following: . .'. . · The CitY's total. net assets increased $20~2. million. in FY"2007/08, after' a $13.7rn.iIlion increase in the ... precedini;(year. ..:At June 30, ?008~. net ~ssets totaled $420~6 inil~ion. -.:..,. .: . . . · ..: .T9tal City revenues,,including program and genera.lrevenues,were,$167.6 million,an increase of $12..8 . million over the prior year, while ,total :expenses. were $147 million. an increase of $6-.4 million from FY .' 2006/07.' . . . . . '. .. . .. ..! Net' assets in. :govemmental actlVities. d.ecreased $4.J,I . ~illidi1~: while net. assets in business activities :. . increased.:.$24 million. . . . . . . . ... .. '. . · G()VemmentaJ program reven~es were $29.7 million, an increase of$2.1 Dlil1ion fr9m FY2006/07's .$27.6 . million. .. . '. ,.. . .:i · Govern~ental 'progr~ni expe~ses increased :t~:$102.~! mplion:in FY 2007/08, up $3.3 'million from the prior. ... ' year.::. .. .,R~ve.~ues frombminess~type actj",ities :mcreased to .$50.8}nilli(mit~ :FY2007/08, up $6.5 million from ~he .;pnor'year.: . ii ..:. ... , ... .. . j .. Expenses of business-type activities increased to $44.6 million. in F):': 2007/08, a $3.1 million increase from :t.heprioryear. .... ; ,.. .':. . ", . I, ... . . . General fund re~enU~s~f$84.5.~~lli~rhnd.~~~ ~y $""1.8 milli~ntrom.:th~ ~rior,yea~... .. . General fund balance. of $46 million :a~,the :fiscaH'ear,en~;ihcr~s~d!by .$1~5':i1:tillion::frorn the prior year.. ". . .. . .: O~E~VlEW OF TilE COMPRE~ENsrvE ANNUAL FINANCIAL REpOR~:. ... This Cohtprehensive Atlnu~I'financial Repo,rt:is in s~x p'a~s:.. . ~.: . .:. . 1.In~od~ctory secti~n,:: whic~ i~clude~ the t~rismiitaliletter.~d: g~~~ral.infor~ati"on., . . 2. .:!Manage~ent's Discus.sion:an~: ~a}ysis (tllis part) , .., .. , ' , : J;:: :;Fhe Basic Financial Statements;i which Include the .govemment-wideand!the fLind financial statements, . .. ;. . ~Iong.wiili ~e. not~s t~;these finarCi~rstaternents.~. ........ . 4. . Required supplementatYinfonriation,. .. ... ". .: . ..': ,. .. .. ... 5. Combining siat:ment.s for ~on~major govemn1cntal funds a;nd fi~~ciarY. funds: . .6. . .Btatisticaf information: : . . .. . , .. ':j The. Basic Financiai Statements. . . . .., .... .. . .. The Basic Financial Statements.. comprise the City.wide Fimmcial :.Statements::and the Fund Financial :Statements; . these itwo. sets of financial statements pro"\ide .two different ..views of .the 'City's tinan:c1al. activities and financial . . po..sitioru . . . . . .. .. .... . , , .... ... : 3 . i " : ;. :.:: ". .. ;....J..;..,~~~J~ i'i:~ :i.