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CITY OF HUGO, MINNESOTA
<br />MANAGEMENT'S DISCUSSION AND ANALYSIS
<br />An additional portion of the City of Hugo's net position (9 percent) represents resources that are subject
<br />to external restrictions on how they may be used. The balance of the City's restricted net position
<br />decreased 6 percent from the prior year, primarily as a result of scheduled debt service payments made
<br />during the year. The City of Hugo's balance of unrestricted net position at December 31, 2015
<br />($25,143,396) may be used to meet the government's ongoing obligations to citizens and creditors.
<br />Unrestricted net position increased by 4 percent during the year due primarily to capital grants received
<br />for street and utilities construction.
<br />At the end of the current fiscal year, the City of Hugo was able to report positive balances in all
<br />categories of net position, both for the government as a whole, as well as for its business -type
<br />activities. The same was true at the end of the prior fiscal year.
<br />Governmental activities. Governmental activities increased the City of Hugo's net position by
<br />$3,092,479. The most significant factors accounting for this increase relate to increased property tax
<br />and service revenue as a result of increased housing development within the City and a decrease in
<br />interest expense as a result of the refunding of the 2004 and 2005 general obligation bonds.
<br />Business -type activities. Business -type activities increased the City of Hugo's net position by
<br />$1,529,999. The majority of this increase is attributable to noncash capital contributions and charges for
<br />services.
<br />A condensed version of the Statement of Activities follows:
<br />Revenues:
<br />Program revenues:
<br />Charges for services
<br />Operating grants and contributions
<br />Capital grants and contributions
<br />General revenues:
<br />Property taxes
<br />Grants and contributions not
<br />restricted to specific programs
<br />Other
<br />Total revenues
<br />Expenses:
<br />General government
<br />Public safety
<br />Highways and streets
<br />Community development
<br />Parks
<br />Interest on long-term debt
<br />Sewer and water
<br />Total expenses
<br />Increase in net position before transfers
<br />Transfers
<br />Increase in net position
<br />Net position, beginning of year, as restated
<br />Net position, end of year
<br />City of Hugo, Minnesota's Change in Net Position
<br />Governmental Activities Business -Type Activities Totals
<br />2015 2014 2015 2014 2015 2014
<br />$ 599,373 $ 600,768
<br />342,514 260,534
<br />2,618,455 1,964,258
<br />5,930,619 5,169,220
<br />$ 2,536,840 $ 2,388,668
<br />1,041,058
<br />818,017
<br />$ 3,136,213 $ 2,989,436
<br />342,514 260,534
<br />3,659,513 2,782,275
<br />5,930,619 5,169,220
<br />12,987 8,351 12,987 8,351
<br />89,291 284,622 317,129 432,261 406,420 716,883
<br />9,593,239 8,287,753 3,895,027 3,638,946 13,488,266 11,926,699
<br />1,122,799
<br />1,134,472
<br />1,766,538
<br />1,605,641
<br />2,798,767
<br />1,652,444
<br />44,810
<br />29,743
<br />629,830
<br />695,534
<br />245,855
<br />420,400
<br />6,608,599 5,538,234
<br />2,984,640 2,749,519
<br />107,839 108,279
<br />3,092,479 2,857,798
<br />35,903,243 33,711,516
<br />$ 38,995,722 $ 36,569,314
<br />1
<br />2,257,189 1,980,909
<br />2,257,189 1,980,909
<br />1,637,838 1,658,037
<br />(107,839) (108,279)
<br />1,529,999 1,549,758
<br />34,084,247 32,757,229
<br />$ 35,614,246 $ 34,306,987
<br />1,122,799
<br />1,134,472
<br />1,766,538
<br />1,605,641
<br />2,798,767
<br />1,652,444
<br />44,810
<br />29,743
<br />629,830
<br />695,534
<br />245,855
<br />420,400
<br />2,257,189
<br />1,980,909
<br />8,865,788
<br />7,519,143
<br />4,622,478 4,407,556
<br />4,622,478 4,407,556
<br />69,987,490 66,468,745
<br />$ 74,609,968 $ 70,876,301
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