06-1659 Comprehensive Annual F - Laserfiche WebLink

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CITY OF CASSELBERRY, FLORIDA MANAGEMENT'S DISCUSSION AND ANAL YSIS September 30, 2005 The City of Casselberry, Florida's (the "City") Management Discussion and Analysis (the "MD&A") presents an overview of the City's financial activities for the fiscal year ended September 30, 2005. Please read it in conjunction with the letter of transmittal in the introductory section, and the City's financial statements following the MD&A. Financial Highlights The assets of the City exceeded its liabilities at the close of fiscal year 2005 by $63.1 million (net assets). Of this amount, $25.3 (unrestricted net assets) may be used to meet the City's ongoing obligations to citizens and creditors. At September 30, 2005, the City's governmental funds reported combined ending fund balances of $16.5 million, a decrease of $0.9 million in comparison with the prior year. At September 30, 2005, unreserved fund balance for the General Fund was $5.4 million or 27.3% of total General Fund expenditures and transfers out. Governmental funds revenues decreased $290 thousand or 1.4 % from the prior fiscal year. An increase ($1 million) in tax and intergovernmental revenues was mostly offset by a decrease ($859 thousand) in grants and contributions revenue. Governmental funds expenditures decreased $2 million due primarily to a decrease from 2004 in hurricane recovery related expenditures ($1 million) and from the purchase of property from the CRA Fund in 2004 ($972 thousand). Business-type funds net assets increased $1.3 million or 4.3% from the prior fiscal year. The City issued two Sales Tax Revenue Notes totaling $2,577,000 during the fiscal year 2005. During the fiscal year 2005, the City received reimbursements from the Federal and State governments for hurricane recovery costs. The total amount received was $2,525,129 which represented 98.04% of the allowable costs for reimbursement ($2,575,616) incurred by the City. These costs were incurred in the latter part of fiscal year 2004 and the early part of fiscal year 2005. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the City's basic financial statements. The City's basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financiai statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-wide financial statements The government-wide financial stafements. which consist of the following two statements, are designed to provide readers with a broad overview of the City's finances, in a manner similar to a private-sector business. The statemenf of net assefs presents information on all of the City's assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the City is improving or deteriorating. The statement of activities presents information showing how the government's net assets changed during fiscal year 2005. All changes in net assets are reported as soon as the underlying event, giving rise to the change, occurs, regardless of the timing of related cash ffows. Thus, revenues and expenses 3