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Management's Discussion and Analysis Financial Report <br />Town of Debeque, Colorado <br />December 31, 2004 <br />Our discussion and analysis of Town of Debeque, Colorado's financial performance provides an <br />overview of the town's financial activities for the fiscal year ending December 31, 2004. Please <br />review in conjunction with the iransmittal letter and the town's financial statements. <br />REVIEWING THE ANNUAL REPORT <br />The annual report covers mulriple financial statements. The Statement of Net Assets and the <br />Statement of Activities supply data about the activities of the town as a whole and provide <br />information regarding the town's finances. For government activities, these statements provide <br />long-term and short-term information about the town 's overall status. Financial reporting is <br />similar to that found in the private sector with its basis in full accrual accounting. Fund financial <br />statements show town operations in more detail than govemment-wide statements, as they <br />provide informarion about the town's most important funds. <br />FINANCIAL HIGHLIGHTS <br />Due to this year's operarions, the town's net assets are as follows: Net assets of business-type <br />activiries were $1,641.3 thousand and net assets of governmental ac6viries were $2,244.9 <br />thousand. <br />• The current year's expense total was $576.0 thousand as compared to the $664.4 thousand <br />generated in fees and charges, grants, general revenues, and taxes for governmental programs <br />(before extraordinary items). In the previous year, expenses were $643.6 thousand as compazed <br />to the $633.1 thousand generated in tax and other revenues for governmental programs (before <br />extraordinary items). <br />• For business-type activities, town revenues were $184.6 thousand. Expenses were $200.4 <br />thousand. <br />• The annual cost of all town programs was $776.4 thousand. The previous year's cost was <br />$845.8 thousand. <br />The Town is presently installing a new water treatment plant to increase the treatment <br />compacity and bring the system into current technology at a cost of $452 thousand. The Town <br />applied for an Energy Impact Grant to help fund the cost of these improvements and received a <br />loan of $100 thousand and two grants for a total of $175 thousand to offset this cost. <br />M1 <br />