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Management Discussion & Analysis
<br /> Statement of Net Assets (continued)
<br /> Improvement in the net asset position of the City should be viewed as a favorable development
<br /> indicative of the conservative and responsible fiscal management policy maintained and followed
<br /> by City Management, especially in light of the revenue constraints due to state enacted property
<br /> tax reform in 2009 and soft economic conditions experienced in fiscal 2011. The increase in
<br /> business type net assets was due primarily to a 9% increase in sewer rates which will be used to
<br /> support long-term capital projects of the Wastewater utility.
<br /> Total assets increased $22,000,496 or 2.9% as compared to the asset level as of December 31,
<br /> 2010. The increase in assets is largely attributed to an increase in capital assets net of
<br /> depreciation.
<br /> The increase in capital assets of$14,816,809 is the result of several major capital construction
<br /> projects capitalized or in process during the period. Major projects include the Eddy Street
<br /> Commons development, Coveleski Stadium improvements, several street and intersection road
<br /> improvement projects, several sewer rehabilitation projects, and water and wastewater utility
<br /> equipment projects.
<br /> Total liabilities increased by $11,378,633 or 3.5% as compared to the liability level as of
<br /> December 31, 2010. The increase in liabilities is largely attributed to additional sewer bonding
<br /> and an increase in OPEB liabilities in connection with retiree health insurance benefits.
<br /> Government wide net assets of$299,284,706, are invested in capital assets net of debt and are
<br /> therefore, not available for spending. A total of $135,887,409 is classified as unrestricted net
<br /> assets and may be used to meet ongoing obligations to creditors. Net assets in the amount of
<br /> $22,292,760 are classified as restricted for debt service and capital outlay.
<br /> Statement of Changes in Net Assets
<br /> Governmental Business type Government wide
<br /> Activities Activities
<br /> Activities
<br /> $(whole) 2011 2010 2011 2010 2011 2010
<br /> Revenue
<br /> Program Revenue
<br /> Charge for services 10,853,623 17,187,806 54,576,584 51,212,835 65,430,207 68,400,641
<br /> Operating grants 32.091,246 29,467,573
<br /> Capital rants - - 32,091,246 29,461,573
<br /> 9 2,328,468 1,472,233 4,291,731 1,889,165 6,620,199 3,361,398
<br /> General Revenue
<br /> Taxes
<br /> Property lax 76,445,349 77,315,641 - 76,445,349 77,315,641
<br /> Other tax 22,555,664 19,850,720 - - 22,555,864 19,850,720
<br /> Unrestricted grants 3,964,336 4,883,081 - 3,964,336 4,883,081
<br /> Investment earnings 1,050,768 868,023 206,409 146,826 1,257,177 1,014,849
<br /> Other revenue 3,483,054 2,627,341 3,483,054 2,627,341
<br /> Total Revenue 152,772,708 153,672,418 59,074,724 53,248,826 211,847,432 206,921,244
<br /> Expenses
<br /> General government 16,783,351 8,261,861
<br /> Public safety 73,530,442 63,150,142 - 16,783,351 8,261,861
<br /> Highways&streets 7,574,003 9,526,537 73,530,4442 2 63,150,142
<br /> Culture&recreation 15,566,794 16,036,194 ' 7,574,003 9,526,537
<br /> - 15,566,794 16,036,194
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