Laserfiche WebLink
7.1. G. - Page 32 <br /> MANAGEMENT'S DISCUSSION AND ANALYSIS <br /> This section of the City's Comprehensive Annual Financial Report presents a narrative overview and <br /> analysis of the City's financial activities for the fiscal year ended June 30, 2013. We encourage readers <br /> to consider the information presented here in conjunction with the accompanying transmittal letter and <br /> basic financial statements. <br /> FISCAL YEAR 2012/13 FINANCIAL HIGHLIGHTS <br /> During fiscal year 2012/13, the City experienced growth in revenues as the local economy began to <br /> show signs of recovery from the recent recession. Financial highlights of the year include the following: <br /> • The City's total net position increased $20.7 million in FY 2012/13, after a $21.1 million increase <br /> in the preceding year. At June 30, 2013, net position totaled $476.2 million. <br /> • Total City revenues, including program and general revenues, were $182.7 million, an increase <br /> of $8 million over the prior year, while total expenses were $162 million, a decrease of $10.7 <br /> million from FY 2011/12. <br /> • Net position in governmental activities increased $9.3 million, while net position in business <br /> activities increased $11.5 million. <br /> • Governmental program revenues were $33.6 million, which reflected an increase of $4.5 million <br /> over FY 2011/12. <br /> • Governmental program expenses decreased to $103.2 million in FY 2012/13, down $13.6 million <br /> from the prior year. <br /> • Revenues from business -type activities increased to $69.7 million in FY 2012/13, up $5 million <br /> over the prior year. <br /> • Expenses of business -type activities increased to $58.7 million in FY 2012/13, a $2.9 million <br /> increase from the prior year. <br /> • General fund revenues of $92.4 million increased by $4.1 million over the prior year. <br /> • General fund balance of $21.8 million at the fiscal year end increased by $1.9 million from the <br /> prior year. <br /> OVERVIEW OF THE COMPREHENSIVE ANNUAL FINANCIAL REPORT <br /> This Comprehensive Annual Financial Report is in seven 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 <br /> statements, 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 /> 4 <br />