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<br /> • Changes in Net Assets
<br /> •
<br /> • The Town's net assets increased $6,562,170 during 2008. Governmental Activities
<br /> • reported a $518,258 increase, not including the Change in Accounting Principle of
<br /> • $6,230,145 (Infrastructure), with sales tax revenue and property taxes being the largest
<br /> contributors. A decrease of $186,233 for Business Type Activities was realized, due to
<br /> • building out the new Water Plant.
<br /> • CHANGES IN NET ASSETS
<br /> • 2008 2007 2008 2007
<br /> • Governmental Governmental Business Business
<br /> • Type Type Type Type
<br /> Activities Activities Activities Activities 2008 Total 2007 Total
<br /> • Revenues:
<br /> • Program revenues:
<br /> Charges for Services $260,491 $244,508 $741,696 $728,125 $1,002,187 $972,633
<br /> •
<br /> Operating Grants& 193,743 204,712 - 193,743
<br /> -
<br /> 204,712
<br /> SContributions
<br /> Capital Grants& 36,415 34,150 171,000 207,470 207,415 241,620
<br /> •
<br /> Contributions
<br /> General revenues:
<br /> •
<br /> Property taxes 597,099 490,124 - -
<br /> 597,099 490,124
<br /> • Sales and use taxes 2,693,724 2,582,230 111,227 112,809 2,804,951 2,695,039
<br /> -
<br /> Specific ownership taxes 68,282 66,191 - - 68,282 66,191
<br /> Franchise taxes 249,644 235,265
<br /> • 249,644 235,265
<br /> • Tobacco tax 16,775 43,075 - - 16,775 43,075
<br /> • Investment income 91,683 218,986 26,512 88,744 118,195 307,730
<br /> • -Other Misc 58,861 600 197,148 186,027 256,009 186,627
<br /> Change in Acct Principle 6,230,145 6,230,145
<br /> • Total revenues 10,496,862 4,119,841 1,247,583 1,323,175 11,744,445 5,443,016
<br /> • Program expenses:
<br /> • General government 1,343,756 1,344,102 - - 1,343,756 1,344,102
<br /> • Public safety 1,151,651 1,204,278 - - 1,151,651 1,204,278
<br /> Public works 1,065,165 788,845 - - 1,065,165 788,845
<br /> • Interest on long-term debt 187,887 207,176 67,961 96,478 255,848 303,654
<br /> • Water - - 1,365,855 1,351,676 1,365,855 1,351,676
<br /> • Total expenses 3,748,459 3,544,401 1,433,816 1,448,154 5,182,275 4,992,555
<br /> • Increase(decrease)in net 6,748,403 575,440 (186,233) (124,979) 6,562,170 450,461
<br /> • assets
<br /> Net assets 1/1/07 2,536,268 1,960,828 7,606,229 7,731,208 10,142,497 9,692,036
<br /> • Net Assets 12/31/08 $9,284,671 $2,536,268 $7,419,996 $7,606,229 $16,704,667 $ 10,142,497
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