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• CITY OF FALCON HEIGHTS, MINNESOTA
<br />MANAGEMENT'S DISCUSSION AND ANALYSIS
<br />December 31, 2003
<br />Notes to the Financial Statements -The notes provide additional information that is essential
<br />to a full understanding of the data provided in the government-wide and fund financial
<br />statements. The notes to the financial statements can be found on pages 44-61 of this report.
<br />Other Information -The combining statements referred to earlier in connection with non-major
<br />governmental funds are presented immediately following the notes to the financial statements,
<br />along with statistical tables for the City. Combining and individual fund statements and
<br />schedules can be found on pages 66-77, and statistical tables on pages 78-94 of this report.
<br />Government-wide Financial Analysis - As noted earlier, net assets may serve over time as a
<br />useful indicator of a government's financial position. In the case of the City of Falcon Heights,
<br />assets exceeded liabilities by $ 12,214,461 at the close of the most recent fiscal year.
<br />Forty-nine percent of the City of Falcon Heights' net assets are unrestricted. Another 37%
<br />reflects the City's investment in capital assets (e.g, land, buildings, machinery and equipment);
<br />less any related debt used to acquire those assets that is still outstanding. The City of Falcon
<br />Heights uses these capital assets to provide services to citizens; consequently, these assets are
<br />not available for future spending. Although the City of Falcon Heights' investment in its capital
<br />• assets is reported net of related debt, it should be noted that the resources needed to repay this
<br />debt must be provided from other sources, since the capital assets themselves cannot be used to
<br />liquidate these liabilities.
<br />City of Falcon Heights' Net Assets
<br /> Governmental Business-type
<br /> Activities Activities Total
<br /> 2003 2002 2003 2002 2003 2002
<br />Current and Other Assets $ 5,814,968 $ 6,028,853 $ 2,175,397 $ 2,065,711 $ 7,990,365 $ 8,094,564
<br />Capital Assets 6,332,225 6,376,397 652,865 688,173 6,985,090 7,064,570
<br />Total Assets 12,147,193 12,405,250 2,828,262 2,753,884 14,975,455 15,159,134
<br />Long-tens Liabilities
<br />Outstanding 2,440,000 2,960,000 - 2,440,000 2,960,000
<br />Other Liabilities 312,372 114,230 8,621 3,693 320,993 117,923
<br />Total Liabilities 2,752,372 3,074,230 8,621 3,693 2,760,993 3,077,923
<br />Net assets:
<br />Invested in capital assets,
<br />Net of Related Debt 3,892,225 3,416,397 652,865 688,173 4,545,090 4,104,570
<br />Restricted 1,671,000 1,794,562 - - 1,671,000 1,794,562
<br />Unrestricted 3,831,596 4,120,061 2,166,775 2,062,018 5,998,371 6,182,079
<br />Total Other Amounts Available $ 9.394.821 $ 9,331,020 $ 2.819,640 $ 2,750,191 $ 12.214;461 $ 12,081,211
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