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6.1 B <br /> Page 26 <br /> MANAGEMENT'S DISCUSSION AND ANALYSIS ' <br /> This section of the City's Comprehensive Annual Financial Report presents a narrative overview and analysis of the <br /> City's financial activities for the fiscal year ended June 30, 2010. We encourage readers to consider the <br /> information presented here in conjunction with the accompanying transmittal letter and basic financial <br /> statements. <br /> FISCAL YEAR 2OO9�lO FINANCIAL HIGHLIGHTS <br /> Excluding one-time-only revenues, the City experienced little to no growth in revenues as the local economy <br /> continued to suffer during the recession. Financial highlights of the year include the following: <br /> • The City's total net assets increased $6.6 million in FY 2009/10, after a$15 million decrease in the <br /> preceding year. At June 30, 2010, net assets totaled $421.4 million. <br /> • Total City revenues, including program and general revenues, were $164.9 million, an increase of $1.4 <br /> million over the prior year, while total expenses were $158.4 million, a decrease of $.3 million from FY <br /> 2008/09. <br /> • Net assets in governmental activities decreased $2.4 million, while net assets in business activities <br /> increased $8.9 million. <br /> • Governmental program revenues were $27 million, an increase of $3 million from FY 2008/09's $24 <br /> million. <br /> • Governmental program expenses decreased to $113.4 million in FY 2009/10, down $1 million from the <br /> prior year. <br /> • Revenues from business-type activities decreased to $53 million in FY 2009/10, down $1.6 million from <br /> the prior year. <br /> • Expenses of business-type activities increased to $45 million in FY 2009/10, a$.8 million increase from the <br /> prior year. <br /> • General fund revenues of $82.7 million increased by $.5 million from the prior year. <br /> • General fund balance of $24.7 million at the fiscal year end decreased by $14.4 million from the prior <br /> year. <br /> OVERVIEW OF THE COMPREHENSIVE ANNUAL FINANCIAL REPORT <br /> This Comprehensive Annual Financial Report is in six parts: <br /> 1. Introductory section, which includes the transmittal letter and general information <br /> 2. Management's Discussion and Analysis (this part) <br /> 3. The Basic Financial Statements, which include the government-wide and the fund financial statements, <br /> along with the notes to these financial statements <br /> 4. Required supplementary information <br /> 5. Combining statements for non-major governmental funds and fiduciary funds <br /> 6. Statistical information <br /> 3 <br />