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Management's Discussion and Analysis - Continued <br />March 24, 2010 <br />Changes in Net Assets <br />December 31, Increase <br />2009 2008 (Decrease) <br />Revenues <br />Program <br />Charges for services $ 381,790 $ 412,765 $ (30,975) <br />Operating grants and contributions 28,830 6,833 21,997 <br />Capital grants and contribution 30,750 30,750 <br />General <br />Unrestricted investment earnings 1,225 6,302 (5,077) <br />Miscellaneous 1,439 119 1,320 <br />Total revenues <br />444,034 426,019 18,015 <br />Expenses <br />General government 232,082 182,076 50,006 <br />Programs 47,454 55,335 (7,881) <br />Projects 110,805 28,264 82,541 <br />Total expenses 390,341 265,675 124,666 <br />Change in net assets 53,693 160,344 (106,651) <br />Net assets, January 1, 364,468 204,124 160,344 <br />Net assets, December 31, $ 418,161 $ 364,468 $ 53,693 <br />• Although charges for services decreased, the cash flows from charges for services were higher during the current year <br />than the prior year. This was due to approximately $72 thousand of recognized revenue in 2008 actually being collected <br />in 2007. This amount was recorded as deferred revenue as of December 31, 2007. <br />• Capital grants and contributions increased $30,750 primarily due to grant proceeds from the St. Paul Regional Water <br />Service and the Minnesota Pollution Control Agency. <br />-16- <br />