2004 Annual Comprehensive Financial Report

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statements, additional information at the bottom of the governmental funds statement is provided, or on the subsequent page, that explains the relationship (or differences) between them. • Proprietary funds - Services for which the City charges customers a fee are generally reported in proprietary funds. Proprietary funds, like the government -wide statements, provide both long- and short-term financial information. o The City's enterprise funds (one type of proprietary fund) are the same as its business -type activities, but provide more detail and additional information, such as cash flows. o Internal service funds (the other kind of proprietary fund) are used to report activities that provide services and asset replacement for the City's other programs and activities - such as the City's fleet management fund. These funds are reported with governmental activities in the Government Wide Statements. Financial Analysis of the City as a Whole Net assets • The City's combined net assets increased by $3.6 million from 2003 to 2004. (See Figure 3.) • Figure 3 City of Louisville Net Assets (millions) Governmental Business -type Total Activities Activities Total Percentage 2003 2004 2003 2004 2003 2004 Change II Current and other assets 29.9 30.5 13.7 8.9 43.6 39.4 -9.6% Capital assets 47.2 59.0 74.6 78.2 121.8 137.2 12.6% • Total assets 77.1 89.5 88.3 87.1 165.4 176.6 6.8% Long-term debt outstanding 3.9 10.5 19.7 18.5 23.6 29.0 22.9% Other liabilities 3.9 5.7 1.3 1.8 5.2 7.5 44.2% Total liabilities 7.8 16.2 21.0 20.3 28.8 36.5 26.7% Net assets Invested in capital assets, net of related debt 43.1 48.7 59.9 Restricted 13.7 13.2 0.7 Unrestricted 12.5 11.5 6.7 Total net assets 69.3 73.4 67.3 58.6 0.6 7.6 66.8 103.0 107.3 14.4 13.8 19.2 19.1 136.6 140.2 (Note: Amounts reported in the Management's Discussion and Analysis agree with amounts reported in the • Statement of Net Assets in the Basic Financial Statement section of the CAFR.) 4.2% -4.2% -0.5% 2.6% • 15