2018 Comprehensive Annual Financial Report

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CITY OF CASSELBERRY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS September 30, 2018 The City of Casselberry, Florida's (the "City") Management's Discussion and Analysis (the "MD&A") presents an overview of the City's financial activities for the fiscal year ended September 30, 2018. 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 and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources at the close of fiscal year 2018 by $139,541,169 (net position). Of this amount, $23,601,939 (unrestricted net position) may be used to meet the government's ongoing obligations to citizens and creditors. • The City's net position increased by $7,268,605 of which governmental activities increased the net position $2,693,605 and proprietary funds increased net position by $4,575,000. • At September 30, 2018, the City's governmental funds reported combined ending fund balances of $21,998,815, an increase of $1,032,784 in comparison with the prior year. Contributing to the increase in governmental funds fund balance was an increase in the General Fund of $1,626,083. This increase was offset by reductions in the Infrastructure Surtax Fund balance of $(309,647), and the Lake Concord Park Fund balance of $(258,320). • The City's capital assets decreased overall by $(443,748), with governmental activities contributing an increase in capital assets of $312,630 while business -type activities accounted for an offsetting decrease of $(756,378). • The City's long-term debt decreased by $(1,352,515). Governmental long-term debt decreased by $(1,352,202) and enterprise funds long-term debt decreased by $(313). These decreases were primarily attributable to regularly scheduled debt service payments offset by new leases for 2018. 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 is comprised of three components: 1) government -wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.