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6.1. B. - Page 29 <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, 2011. 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 2010�11 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 from the impacts of the recent recession. Financial highlights of the year include the <br /> following: <br /> • The City's total net assets increased $11.9 million in FY 2010/11, after a$6.6 million increase in the <br /> preceding year. At June 30, 2011, net assets totaled $434.4 million. <br /> • Total City revenues, including program and general revenues, were $169.8 million, an increase of $4.9 <br /> million over the prior year, while total expenses were $157.9 million, a decrease of $.4 million from FY <br /> 2009/10. <br /> • Net assets in governmental activities increased $.3 million, while net assets in business activities increased <br /> $11.6 million. <br /> • Governmental program revenues were $27 million, which reflected no change over FY 2009/10. <br /> • Governmental program expenses decreased to $109.5 million in FY 2010/11, down $3.9 million from the <br /> prior year. <br /> • Revenues from business-type activities increased to $59.3 million in FY 2010/11, up $6.3 million over the <br /> prior year. <br /> • Expenses of business-type activities increased to $48.5 million in FY 2010/11, a$3.5 million increase from <br /> the prior year. <br /> • General fund revenues of $84.9 million increased by $2.2 million over the prior year. <br /> • General fund balance of $24.8 million at the fiscal year end increased by $.1 million over the prior 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 />