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Management Discussion & Analysis
<br /> Financial Highlights
<br /> Governmental Business type Government wide
<br /> Activities Activities
<br /> Activities
<br /> S(whole) 2011 2010 2011 2010 2011 2010
<br /> Total Assets 517,651,245 520,908,273 275,840,661 250,583,137 793,491,906 771,491,410
<br /> Total Liabilities 224,587,699 228,756,515 111,439,332 95,891,883 336,027,031 324,648,398
<br /> Net assets
<br /> Capital net of debt 195,361,678 186,771,216 103,923,028 122,108,095 299,284,706 308,879,311
<br /> Restricted 9,354,772 8,840,610 12,937,988 13,320,967 22,292,760 22,161,577
<br /> Unrestricted 88,347,096 96,539,932 47,540,313 19,262,192 135,887,409 115,802,124
<br /> Total net assets 293,063,546 292,151,758 164,401 329 154,691,254 457,464,875 446,843,012
<br /> Change vs.pr.Year 911,788 17,965,301 9,710,075 8,411,134 10,621,863 26,376,435
<br /> Expenses 154,902,096 135,058,294 46,323,473 45,486,515 201,225,569 180,544,809
<br /> Revenues 152,772,708 153,672,418 59,074,724 53,248,826 211,847,432 206,921,244
<br /> • Government wide net assets (total assets less total liabilities) as of December 31, 2011
<br /> were $457,464,875.
<br /> • Government wide net assets increased by $10,621,863 or 2.4% during fiscal 2011.
<br /> Governmental activity net assets increased by $911,788 or .3% whereas business-type
<br /> activity net assets increased by$9,710,075 or 6.3% during fiscal 2011.
<br /> • Total assets as of December 31, 2011 of $793,491,906 increased by $22,000,496 or
<br /> 2.9% as compared to total assets as of December 31, 2010.
<br /> • Total liabilities as of December 31, 2011 were $336,027,031, increased by $11,378,633
<br /> or 3.5% as compared to total liabilities as of December 31, 2010.
<br /> • As of December 31, 2011, government wide net assets of$299,284,706 were invested in
<br /> capital assets net of debt and are, therefore, not available for spending. Net assets of
<br /> $135,887,409 were classified as unrestricted net assets and may be used to meet
<br /> ongoing obligations to creditors. A total of $22,292,760 was classified as restricted for
<br /> debt service and capital outlay.
<br /> • Government wide revenue achieved in fiscal 2011 amounted to $211,847,432, an
<br /> increase of $4,926,188 or 2.3% versus government wide revenues achieved in fiscal
<br /> 2010. Governmental activity revenue decreased by $899,710 or.5%, whereas business-
<br /> type activity revenue increased by$5,825,898 or 10.9%.
<br /> • Government wide expenses in 2011 amounted to $201,225,569, an increase of
<br /> $20,680,760 or 11.4% as compared to expenses of $180,544,809 in 2010. Government
<br /> activity expenses increased by $19,843,802 or 14.6%, while business-type activity
<br /> expenses increased by $836,958 or.2%, when compared to fiscal 2010.
<br /> • Explanatory commentary concerning the changes in assets, liabilities, revenue and
<br /> expenditures can be found in later sections of this MD&A.
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