2011 Annual Comprehensive Financial Report

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Management's Discussion and Analysis This section of City of Louisville, Colorado's annual financial report presents the discussion and analysis of the City's financial performance during the fiscal year that ended on December 31, 2011. Readers are encouraged to consider the information presented here in conjunction with the transmittal letter at the front of this report and the financial statements, which follow this section. Financial Highlights The assets of the City exceeded its liabilities at the close of the most recent fiscal year by $184.7 million (net assets). Of this amount, $20.8 million (unrestricted net assets) may be used to meet the government's ongoing obligations to citizens and creditors. The City's total net assets increased by $6.6 million, or 3.7 %. During the year, the City's revenue from taxes and other revenues for governmental programs exceeded the expenses by $3.3 million. This is an increase of $0.9 million from the prior year. In the City's business -type activities, net assets increased by $3.3 million. The City's total long -term debt, excluding compensated absences payable, has decreased by $1.9 million. At the close of the current fiscal year, the City's governmental funds reported combined ending fund balances of $21.5 million, an increase of $2.1 million from the previous year. Of this amount, $5.4 million (25 %) is deemed unassigned fund balance, $161,000 (1 %) is assigned, $1.5 million (7 %) is committed, $14.0 million (65 %) is restricted, and $0.5 million (2 %) is non - spendable. Overview of the Financial Statements This annual report consists of four parts — management's discussion and analysis (this section), basic financial statements, required supplementary information, and a section that presents combining statements for non -major governmental funds and internal service funds. Budgetary comparison statements are also presented. The basic financial statements include two kinds of statements that present different views of the City: The first two statements are government -wide financial statements that provide both long- term and short -term information about the City's overall financial status. The remaining statements are fund financial statements that focus on individual parts of the City government, reporting the City's operations in more detail than the government -wide statements. o The governmental fund statements tell how general government services were financed in the short term as well as what remains for future spending. 11