6/23/2008 4:35:06 PM
6/23/2008 4:26:36 PM
City of Auburn
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<br />CITY OF AUBURN: 2007 CAFR <br /> <br />MANAGEMENT'S DISCUSSION AND ANALYSIS <br /> <br />MANAGEMENT'S DISCUSSION AND ANALYSIS <br /> <br />The City of Auburn's (the "City") discussion and analysis is designed to: <br /> <br />. Assist the reader in focusing on significant financial issues <br />. Provide an overview of the City's financial activity <br />. Identify changes in the City's financial position (its ability to meet future years' challenges) <br />. Identify any material deviations from the approved budget <br />. Identify individual fund issues or concerns <br /> <br />Management's Discussion and Analysis is designed to focus on the current year's activities, resulting <br />changes and currently known facts. Therefore, it should be read in conjunction with the Transmittal <br />Letter and the City's financial statements. <br /> <br />Financial Highlights <br /> <br />. Total government-wide net assets, the amount by which total assets exceed total liabilities, <br />equal $436.3 million. A total of $343.1 million, or 79% of total net assets, is invested in <br />capital assets, net of debt related to the capital assets, and includes assets such as utility <br />systems, streets, buildings, land, vehicles and equipment. An additional $2.2 million of net <br />assets is restricted for purposes of endowment and debt service. Of the remaining $91.0 <br />million of net assets, the majority is legally restricted, reserved by City policy for specific <br />purposes, or is restricted for use by the City's utilities. <br /> <br />. The net increase in government-wide net assets during 2007 was $26.6 million. Of this <br />amount, $22.8 million was directly related to the increase in City-owned capital assets and <br />infrastructure. <br /> <br />. On a government-wide basis, government net assets increased by $12.1 million during <br />2007. Of this amount $11.8 million is related to the capitalization of construction projects, <br />and the balance of the increase is due to lower than anticipated expenditures. <br /> <br />. Business-type net assets increased by $14.5 million during 2007. Of this amount, $10.8 <br />million is related to infrastructure assets donated by developers, $1.7 million is related to <br />utility system development charges, and the rest is related to increases in the sanitary sewer <br />and storm drainage funds. <br /> <br />. Government fund balances at year-end totaled $39.1 million. Of this amount, $37.6 million, <br />or 96%, is unreserved and available to fund ongoing activities. However, the majority of the <br />unreserved fund balance relates to special revenue funds and, as such, is legally restricted <br />for specific purposes. Included in unreserved fund balance is $6.0 million in the cumulative <br />reserve fund that is intended to provide resources in the event of significant downturns in <br />certain City funds or provide for capital needs as designated by the City Council. <br /> <br />Compared to 2006, total government fund balances decreased by $2.3 million. This <br />decrease is a result of planned use of fund balance in the capital projects fund. <br /> <br />. The general fund's unreserved fund balance of $14.4 million at year-end is relatively <br />unchanged from 2006. The slight increase of $14,392 for 2007 is the result of budgeted use <br />of accurately forecasted general fund revenue, offset by planned net transfers out of the <br />general fund. <br /> <br />. Total City debt payments during the year, net of compensated absences, was $2.3 million. <br />Total outstanding debt, including bonds and loans, totaled $27.8 million at December 31st. <br />This ending debt balance is a decrease of $2.5 million and is the result of scheduled debt <br /> <br />15 <br />
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