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Water
<br />0
<br />0
<br />11,676,058
<br />12,275,029
<br />11,676,058
<br />12,275,029
<br />Wastewater
<br />0
<br />0
<br />16,024,235
<br />16,125,258
<br />14,402,563
<br />16,125,258
<br />Civic center
<br />0
<br />0
<br />3,460,137
<br />3,592,627
<br />3,460,137
<br />3,592,627
<br />Building department
<br />0
<br />0
<br />1,052,861
<br />1,134,986
<br />1,052,861
<br />1,134,986
<br />Parking
<br />0
<br />0
<br />1,451,385
<br />1,739,235
<br />1,451,385
<br />1,739,235
<br />Solid waste
<br />0
<br />0
<br />3,775,137
<br />4,015,831
<br />3,775,137
<br />4,015,831
<br />Golf course
<br />0
<br />0
<br />1,706,537
<br />1,778,107
<br />1,706,537
<br />1,778,107
<br />Total expenses
<br />100,841,289
<br />111,282,406
<br />39,146,350
<br />40,661,073
<br />139,987,639
<br />151,943,479
<br />Changes in net assets before
<br />transfers
<br />17,512,923
<br />261,928
<br />(2,024,230)
<br />(2,483,378)
<br />17,012,484
<br />(2,221,450)
<br />Transfers
<br />12,533
<br />14,873
<br />(12,533)
<br />(14,873)
<br />0
<br />0
<br />Change in net assets
<br />17,525,456
<br />276,801
<br />(2,036,763)
<br />(2,498,251)
<br />17,1 10,365
<br />(2,221,450)
<br />Beginning net assets (restated)
<br />51,205,745
<br />68,323,770
<br />130,175,735
<br />128,138,972
<br />181,381,480
<br />196,462,742
<br />Ending net assets
<br />68,323,770
<br />68,600,571
<br />128,138,972
<br />125,640,721
<br />196,462,742
<br />194,241,292
<br />Governmental Activities
<br />Governmental activities net assets increased by only $276,801. This minimal increase is
<br />due to revenues decreasing by 6.4 million or 5.4 %. Conversely, expenses increased by
<br />$10.4 million or 10.3 %. The major decrease in revenues is a decrease in property taxes
<br />which has been explained earlier. The increase in expenses is due to increases in capital
<br />investments related parks, streets and infrastructure. Also, the City experienced increased
<br />costs related to insurance costs.
<br />Business -type Activities
<br />Business -type activities had a decrease in changes of net assets of ($2.5) million in 2004.
<br />The majority of the decrease is due to an income loss in the Wastewater and the
<br />Waterworks departments. The Wastewater department has needed to invest in major
<br />capital upgrades to both their facility and infrastructure. In late 2004 new rates went into
<br />effect that will help reduce the operational deficit as well as invest in the needed capital.
<br />Waterworks is also experiencing a shortfall of revenue due to user rates that are not
<br />covering operational and capital needs. In 2005 Waterworks will be petitioning to
<br />increase these rates to cover these costs.
<br />Financial Analysis of the Governments' Funds
<br />As noted earlie , the City of Sout Be pd uses fund accol�t�tip to,en urea and d .Qmonstrate
<br />cprupll "ce wit finance- related ega req ire Tents. X11 oft o flans n tie City can be
<br />divided into three categories: government un s, proprietary un s and i uciary funds.
<br />Governmental funds. The purpose of the City's governmental funds is to provide
<br />information on near -term inflows, outflows, and balances of spendable resources. Such
<br />information is useful in assessing the City's financing requirements. In particular, unreserved
<br />fund balance may serve as a useful measure of a governments net resources available for
<br />spending at the end of the fiscal year.
<br />At the end of the current fiscal year, the City's governmental funds reported a combined
<br />ending fund balance of $115,221,287. Of this annount, $73 631,193 (64 percent) is unreserved
<br />fund balance, which is available for spending at the City's discretion. The majority of this
<br />unreserved fund balance is for major capital projects that have been designated by the City
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