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Changes in Net Assets Governmental activities increased the City's net assets by $2.1 million, <br />thereby accounting for 44% of the total growth in net assets. Business -type activities increased <br />the City's net assets by $2.7 million, accounting for 56% of the total growth in net assets. <br />Figure 6 <br />Schedule of Changes in Net Assets <br />tmillions) <br />Governmental Business -type <br />Activities Activities Total <br />2008 2007 2008 2007 2008 2007 <br />Revenues: <br />Program Revenues: <br />Charges for Services <br />Operating Grants Contributions <br />Capital Grants Contributions <br />General Revenues: <br />Sales Use Taxes <br />Property Taxes <br />Investment Earnings <br />Other <br />Total Revenues <br />Expenses: <br />General Government <br />Finance <br />Police <br />Public Works <br />Planning <br />Library <br />Parks Recreations <br />Interest on Long -Term Debt <br />Water. Wastwater. Stormwater <br />Golf <br />Total Expenses <br />Increase ldecrease} in net assets <br />3.1 3 -8 8 -8 8.1 11.9 11.9 <br />0.7 0 -7 0.7 0.7 <br />0.3 3 -3 1 -2 1.4 1.5 4.7 <br />10.6 <br />10 -9 <br />10.6 <br />10.9 <br />2.8 <br />2.6 <br />2.8 <br />2.6 <br />12 <br />0 -9 <br />0 -7 0.7 1.9 <br />1.6 <br />2.0 <br />1.8 <br />2.0 <br />1.8 <br />20.7 <br />24.0 <br />70.7 10.2 31.4 <br />34.2 <br />2.4 <br />3 -6 <br />2.4 <br />3.6 <br />0.3 <br />0.3 <br />0.3 <br />0.3 <br />4.1 <br />3 -8 <br />4.1 <br />3.8 <br />4.7 <br />4 -7 <br />4.7 <br />4.7 <br />0.8 <br />0 -7 <br />0.8 <br />0.7 <br />1.3 <br />1 -1 <br />1.3 <br />1.1 <br />4.7 <br />3 -6 <br />4.7 <br />3.6 <br />0.3 <br />0 -3 <br />0.3 <br />0.3 <br />6 -1 5.5 6.1 <br />5.5 <br />1 -9 2.0 1.9 <br />2.0 <br />18.6 <br />18.1 <br />S.0 7.5 26.6 <br />25.6 <br />2.1 5.9 2.7 2.7 4.8 8.6 <br />Financial Analysis of Funds <br />As the City completed the year, its governmental funds reported a combined fund balance of <br />$20.3 million, an increase of $150,757 over last year. Some items to be noted, within various <br />funds are: <br />The General Fund had a decline in fund balance of $695,102. This was due to a one- <br />time transfer of $1,512,500 to the Capital Projects Fund for specific property acquisition. <br />Excluding inter -fund transfers, General Fund revenue exceeded General Fund <br />expenditures by $730,965 <br />17 <br />