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6.C. - Page 37 of 196 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, 2020. We encourage all readers to consider the information presented here in conjunction with the accompanying transmittal letter and basic financial statements. FISCAL YEAR 2019-20 FINANCIAL HIGHLIGHTS The financial effects of the COVID-19 pandemic and resulting stay-at-home orders were only incurred during the last four months of FY 2019-20. As the pandemic continues, staff is monitoring actual revenues received and being proactive in continuing to control expenditures. Financial highlights of the fiscal year include the following: • The City's total net position increased $36.2 million in FY 2019-20, after a $62.9 million increase in the prior fiscal year. At June 30, 2020, net position totaled $481.2 million, comprised of $169.2 million for governmental activities and $312.0 for business -type activities. • Total City revenues, including program and general revenues, were $298.9 million, a decrease of $9.2 million over the prior fiscal year, while total expenses were $262.7 million, an increase of $17.5 million from FY 2018-19. • Net position in governmental activities increased $8.8 million, while net position in business -type activities increased $27.4 million. • Governmental program revenues were $53.5 million, which reflects a decrease of $18.3 million over the prior fiscal year. • Governmental general revenues increased to $138.4 million in FY 2019-20, up $9.6 million from the prior fiscal year. • Governmental program expenses increased to $177.7 million in FY 2019-20, up $17.5 million from the prior fiscal year. • Total program revenues from business -type activities decreased to $100.8 million in FY 2019-20, down $6.6 million from the prior fiscal year. • Total expenses of business -type activities did not change from FY 2018-19 to FY 2019-20, and was stable at $85.0 million. • General fund revenues of $165.0 million increased by $5.4 million over the prior fiscal year. • General fund expenditures of $142.4 million increased by $19.8 million over the prior fiscal year. • General fund balance of $55.8 million at June 30, 2020 increased by $4.5 million over the prior fiscal year. OVERVIEW OF THE COMPREHENSIVE ANNUAL FINANCIAL REPORT This Comprehensive Annual Financial Report includes six parts: 1. Introductory section, which includes the transmittal letter and general information 2. Management's Discussion and Analysis 3. 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 124