2004 Annual Comprehensive Financial Report

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The increase in the City's long-term debt outstanding is a result of new debt in the amount of $7.4 million incurred for the construction of a new Library. The decrease in the restricted assets is due to the release of debt service payments previously restricted as a result of refunding and the purchase of surety bonds. Capital assets of the City increased $15.4 million or 12.6% due primarily to the capitalization of the Northwest Parkway project and the new Police Building. Changes in net assets The City's total revenues decreased by 1.5% to $26.5 million (See Figure 6). The decrease is primarily due to the elimination of use tax on residential construction. Sales and use taxes account for 42% of all revenues (See Figure 4). Charges for services account for 34% of all revenues. The total cost of all programs and services increased in almost all areas due to due to fixed costs increases in gas and electric and maintenance. (See Figure 6 and the narrative that follows). Figure 4 Sources of Revenue for Fiscal Year 2004 Unrestriced Investement Earnings 3% Property Tax, 10% Sales and Use Tax, 42% Other 6% Charges for Services, 34% ntergovernmen tal Revenues, 1% Other Grants, 5% Governmental Activities Figure 5 Functional Expenses for Fiscal Year 2004 Other, 4% 'Interest, 2% Business Type Activities, 31% Parks and Recreation, 17% General Government, 19% Public Works, 12% Police, 15%I Revenues for the City's governmental activities increased by 3.7% or $.7 million. This increase is a result of a new mill levy collected for the library, investment earnings and charges for services from building permits. The expenses for the City's governmental activities increased by 11.4% or $1.6 million. This increase was due mostly to increased expenditures for Parks and Recreation, General Government, Police and Public works due to fixed costs increases for utilities and maintenance. 16