Financial Highlights

• Net position increased by $3,901,542 or 7.78% and unrestricted net position decreased to $8,755,712 from $7,984,327.
• Total revenues increased $2,928,582 or 13.11% and total expenses decreased $534,648 or 2.44%.
• Income taxes increased $1,555,466 or 14.87%.
• Total fund balances of governmental activities increased by $1,801,721 or 8.90%.
• Governmental fund revenues increased $1,347,698 or 5.80% and governmental fund expenditures increased $323,190 or 1.50%.
• The net position of the City’s business-type activities increased by $839,435 or 11.01%.
• Total revenue of business-type activities decreased $1,089,074 or 29.72% and total expenses increased $21,850 or 0.56%.
• The General Fund balance increased $1,572,709 or 10.55%.
• The General Fund revenues increased $324,139 or 1.93% and expenditures increased $618,786 or 5.14%.

Using this Annual Financial Report

This annual report consists of a series of financial statements. The Statement of Net Position and Statement of Activities provide information about the activities of the City as a whole and present a longer-term view of the City’s finances. Fund financial statements provide the next level of detail. For governmental activities, these financial statements tell how services were financed in the short-term as well as the amount of funds available for future spending. The remaining statements provide financial information about activities for which the City acts solely as a trustee or agent for the benefit of those outside government.

Reporting the City as a Whole

Statement of Net Position and the Statement of Activities

While this document contains a large number of funds used by the City to provide programs and activities, the view of the City as a whole looks at all financial transactions and asks the question, “How did we do financially during 2024?” The Statement of Net Position and the Statement of Activities help to answer this question. These statements include all assets and deferred outflows of resources, liabilities and deferred inflows of resources using the accrual basis of accounting, which is similar to the accounting used by most private-sector companies. All current year’s revenues and expenses are taken into account regardless of when cash is received or paid. These two statements report the City’s position and changes in that net position. This change informs the reader whether the City’s financial position, as a whole, has improved or diminished. In evaluating the overall financial health, the reader of these financial statements should take into account non-financial factors that also impact the City. Some of these factors include the City’s tax base, the condition of its capital assets, and the reputation of the public schools to assess the overall health of the City.

In the Statement of Net Position and the Statement of Activities, the financial information of the City is divided into two kinds of activities: