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6.1.F. - Page 31 <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, 2012. 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 2011�12 FINANCIAL HIGHLIGHTS <br /> During fiscal year 2011/12, the City experienced growth in revenues as the local economy began to show signs of <br /> recovery from the recent recession. Financial highlights of the year include the following: <br /> • The City's total net assets increased $21.1 million in FY 2011/12, after an $11.9 million increase in the <br /> preceding year. At June 30, 2012, net assets totaled $455.5 million. <br /> • Total City revenues, including program and general revenues, were $174.6 million, an increase of $4.8 <br /> million over the prior year, while total expenses were $172.7 million, an increase of$14.7 million from FY <br /> 2010/11. <br /> • Net assets in governmental activities increased $11.7 million, while net assets in business activities <br /> increased $9.4 million. <br /> • Governmental program revenues were $29.1 million, which reflected an increase of $2.1 million over FY <br /> 2010/11. <br /> • Governmental program expenses increased to $116.8 million in FY 2011/12, up$7.3 million from the prior <br /> year. <br /> • Revenues from business-type activities increased to $64.6 million in FY 2011/12, up $5.3 million over the <br /> prior year. <br /> • Expenses of business-type activities increased to $55.9 million in FY 2011/12, a $7.4 million increase from <br /> the prior year. <br /> • General fund revenues of$88.3 million increased by$3.4 million over the prior year. <br /> • General fund balance of$19.8 million at the fiscal year end decreased by$5 million from 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 /> 7. Internal Controls <br /> 3 <br />