AgdaPkt 2009-12-14 - Laserfiche WebLink

Browse Search

6.1 B - Attachment No. 4 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, 2009. We encourage readers to consider the information presented here in conjunction with the accompanying transmittal letter and basic financial statements. FISCAL YEAR 2008/09 FINANCIAL HIGHLIGHTS Excluding one-time-only revenues,the City experienced a decline in revenues as the local economy suffered during the recession. Financial highlights of the year include the following: • The City's total net assets decreased $15 million in FY 2008/09, after a $20.2 million increase in the preceding year. At June 30,2009,net assets totaled$405.7 million. • Total City revenues, including program and general revenues, were $163.5 million, a decrease of $4.1 million over the prior year, while total expenses were $158.6 million, an increase of$11.2 million from FY 2007/08. • Net assets in governmental activities decreased $6.7 million, while net assets in business activities decreased$8.2 million. • Governmental program revenues were $24 million, a decrease of$5.7 million from FY 2007/08's $29.7 million. • Governmental program expenses increased to $114.5 million in FY 2008/09, up $11.6 million from the prior year. • Revenues from business-type activities increased to $54.7 million in FY 2008/09, up $3.9 million from the prior year. • Expenses of business-type activities decreased to $44.2 million in FY 2008/09, a$.4 million decrease from the prior year. • General fund revenues of$82.2 million decreased by$2.3 million from the prior year. • General fund balance of$39 million at the fiscal year end decreased by$7.4 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 information 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 information 5. Combining statements for non-major governmental funds and fiduciary funds 6. Statistical information 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