Finance Committee Agenda and Packet 2015 06 29

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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, 2014. City staff encourages readers 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 City's assets and deferred outflows of resources exceeded its liabilities and deferred inflows of resources at the close of the most recent fiscal year by $214.3 million (net position). Of this amount, $25.4 million (unrestricted net position) may be used to meet the government's ongoing obligations to citizens and creditors. • The City's total net position increased by $11.8 million, or 5.8 %. ■ During the year, the City's revenue from taxes and other revenues for governmental programs exceeded the expenses by $1.0 million. This is a decrease of $2.9 million from the prior year. ■ In the City's business -type activities, net position increased by $10.8 million. ■ The City's total long -term debt, excluding compensated absences payable, and excluding the debt issued from the Urban Revitalization District, decreased by $1.3 million. • At the close of the current fiscal year, the City's governmental funds reported combined ending fund balances of $20.5 million, a decrease of $3.6 million from the previous year. Of this amount, $2.3 million (11%) is deemed unassigned fund balance, $0.2 million (1%) is assigned, $0.5 million (3 %) is committed, $16.8 million (82 %) is restricted, and $0.6 million (3 %) 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. The report also presents budgetary comparison statements. 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 20