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MANAGEMENT'S DISCUSSION AND ANALYSIS 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, 2004. We encourage readers to consider the information presented here in conjunction with the accompanying transmittal letter and basic financial statements. FISCAL YEAR 2003/04 FINANCIAL HIGHLIGHTS The City continues to struggle with the effects of the economic slowdown that began in the spring of 2001 and which hit the technology sector particularly hard. Financial highlights of the year include the following: . The City's total net assets increased $7.96 million in FY 2003/04, after a $6.7 million increase in the preceding year. At June 30, 2004, net assets totaled $358.2 million. Total City revenues, including program and general revenues, were $125.3 million, an increase of $5.8 million from the prior year, while total expenses were $117.4 million, an increase of $4.5 million from the FY 2002/03. . . Net assets in governmental funds increased $7.7 million, while net assets in business activities increased $.3 million. Governmental program revenues were $29.1 million, an increase of $3.9 million from FY 2002/03's $25.2 million. . . Governmental program expenses increased to $85.2 million in FY 2003/04, up $1.3 million from the prior year. Revenues from business-type activities increased to $32.5 million in FY 2003/04, up $2.6 million from the . prIor year. . . Expenses of business-type activities increased to $32 million in FY 2003/04, a $3 million increase from the . prIor year. General fund revenues of $65 million increased by $.5 million from the prior year. General fund balance of $38.9 million at the fiscal year end declined by $.5 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