17-2956 Comprehensive Annual Financial Report SEPT 30, 2016

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CITY OF CASSELBERRY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS Continued September 30, 2016 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, 2016. 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 2016 by $122,074,988 (net position). Of this amount, $19,750,746 (unrestricted net position) may be used to meet the government's ongoing obligations to citizens and creditors. • The City's net position increased by $4,011,144 of which governmental activities decreased the net position $(1,342,026) and proprietary funds increased net position by $5,353,170. ® At September 30, 2016, the City's governmental funds reported combined ending fund balances of $25,564,332, a decrease of $(1,950,384) in comparison with the prior year. Contributing to the decrease in governmental funds fund balance was a reduction in the Infrastructure Surtax Fund balance of $2,378,350 for capital projects. • The City's capital assets increased overall by $4,313,390, with governmental activities contributing an increase in capital assets of $1,260,827. • The City's long-term debt decreased by $2,112,566. Governmental long-term debt decreased by $1,038,828 and enterprise funds long-term debt decreased by $1,073,738. These decreases were primarily attrributable to regularly scheduled debt service payments. • A special item of $760,730 has been included on the Government -Wide Statement of Activities. This item represents the change in net pension liability that occurred as a result of fire consolidation that took effect on October 1, 2015. This is the difference between the net pension liability of $301,813 and the deferred outflows of $1,062,543 attributable to Seminole County . 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.