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DISCUSSION <br /> ACFR Preparation Guidelines and Contents <br /> The City's ACFR is prepared in accordance with the guidelines and standards <br /> established by the Government Finance Officers Association and the <br /> Governmental Accounting Standards Board (GAB). The ACFR includes the <br /> following major sections and information.- <br /> Introductory <br /> nformation:Introductory Section <br /> • Letter of Transmittal — provides information about the City's profile, <br /> economic conditions and outlook, and major initiatives and <br /> accomplishments. <br /> Financial Section (key section of the ACFR) <br /> • Independent Auditors' Report — report card on the truth and fairness of the <br /> City's financial statements. <br /> • Management's Discussion and Analysis — provides an overview of the City's <br /> activities and financial performance. <br /> • Basic Financial Statements — present the City's financial results and <br /> conditions. The key reports include balance sheet, income statement, and <br /> cash flow statement. <br /> o Government-wide Financial Statements — provide a broad overview of <br /> the City's finances, in a manner like private-sector businesses. <br /> o Fund Financial Statements — focus on near-term inflows and outflows <br /> of spendable resources. Useful information in determining what <br /> financial resources are available in the near future to finance the <br /> City's programs. <br /> o Notes to Financial Statements — an integral part of the financial <br /> statements that provides additional information pertaining to City <br /> operations. <br /> o Supplementary Information — includes budgetary comparison <br /> schedules and pension and other post-employment benefits (OPEB) <br /> plans. <br /> • Statistical Section (current and historical information — up to10 years) <br /> o Financial Trends <br /> o Revenue Capacity Information <br /> o Debt Capacity Information <br /> o Demographic and Economic Information <br /> o Operating Information <br /> Financial Highlights <br /> Governmental Activities and Business-Type Activities - Net Position <br /> The City's total net position increased by $21.5 million from FY 2020/21 of which $22.9 <br /> million is governmental activities, primarily due to revenues exceeding expenditures <br /> offset by a decrease of$1.4 million in business-type activities, primarily due to <br /> increased water and sewer expenses. The City's net position was $774.4 million at the <br /> close of FY 2021/22. Net position represents the difference between assets and <br /> deferred outflows of resources and liabilities and deferred inflows of resources. <br /> Page 4 of 7 <br />