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Management Discussion &Analysis
<br /> Economic development 34,648,975 30,744,012 - 34,648,975 30,744,072
<br /> Interest on long term debt 6,798,531 7,339,548 - - 6,798,531 7,339,548-
<br /> Wafer utility -
<br /> Wastewater utility _ 11,972,840 12,525,246 11,972,840 12,525,246
<br /> 22,260,005 21,403,663 22,260,005 21,403,663
<br /> Building
<br /> Civic ding ter - - 3,100,484 2,989,586 3,100,484 2.989,586
<br /> department - - 871,299 930,120
<br /> 871,299 930,120
<br /> Parking - - 1,467,646 1,438,288 1,467,646 1,438,288
<br /> Solid waste - - 4,962,157 4,204,056 4,962,157 4,204,056
<br /> Golf course - - 1,689,042 1,995,556 1,689,042 1,995,556
<br /> Total Expense 154,902,096 135,058,294 46,323,473 45,486,515 201,225,569 180,544,809
<br /> Change in net assets
<br /> Before transfers/special (2,129,388) 18,614,124 12,751,251 7,762,311 10,621,863 26,376,435
<br /> Transfers 3,041,176 (648,823) (3,041,176) 648,823 -
<br /> Change in net assets 911,788 17,965,301 9,710,075 8,411,134 10,621,863 26,376,435
<br /> Beginning net assets 292,151,758 274,186,457 154,691,254 146,280,120 446,843,012 420,466,577
<br /> (restated)
<br /> Ending net assets 293,063,546 292,151,758 164,401,329 154,691,254 457,464,875 446,843,012
<br /> Governmental Activities
<br /> Net assets for governmental activities increased by $911,788 during fiscal 2011. Revenue of
<br /> $152,772,708 decreased by $899,710, or .6%, Expenses were $154,902,096 during 2011, an
<br /> increase of$19,843,802, or 14.7% as compared to fiscal 2010.
<br /> The revenue decrease was due to lower revenue from charges for service and property taxes
<br /> primarily in the General Fund. The increase in expenses was due primarily to spending on capital
<br /> projects such as Coveleski Stadium, the Potawatomi Conservatory and land acquisition for a new
<br /> high school in the downtown area along with increased spending on public safety, as the police
<br /> and fire department staffing was restored to full strength.
<br /> Interest on long term debt of $6,798,531 decreased by $541,017 consistent with existing
<br /> repayment obligations.
<br /> Business Type Activities
<br /> Net assets from business type activities increased by $9,710,075 during fiscal 2011. During 2011,
<br /> revenue of $59,074,724 increased by $5,825,898 or 10.9% when compared to fiscal 2010.
<br /> During 2011, expenses of $46,323,473 increased by $836,958 or 1.8%% when compared to
<br /> fiscal 2010.
<br /> Revenue increased primarily as the result of a 9% increase in sewer rates for 2011 designed to
<br /> provide funding to cover long-term wastewater and sewer capital improvements. Additional
<br /> capital grant funding was received from the state revolving fund to cover sewer and wastewater
<br /> projects.
<br /> Expenses during 2011 were consistent with 2010 with slight increases in the wastewater utility to
<br /> cover spending on capital projects and in solid waste to cover higher landfill costs. Expenses for
<br /> the water utility, building department and Blackthorn golf course were lower in 2011 than in fiscal
<br /> 2010 as these departments experienced stagnant or declining revenue and adjusted their
<br /> expenses accordingly.
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