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• <br /> • <br /> • <br /> • MANAGEMENT'S DISCUSSION & ANALYSIS <br /> • <br /> • This discussion and analysis of the Town of Monument's financial performance provides <br /> an overview of the Town's financial activities for the fiscal year ended December 31, <br /> • 2008. Please read it in conjunction with the Town's financial statements. This report <br /> • contains other supplementary information in addition to the basic financial statements <br /> • themselves. <br /> • Financial Highlights <br /> • <br /> • • The assets of the Town of Monument exceeded its liabilities at the close of 2008 by <br /> • $16,704,667 (net assets). Of this amount, $3,771,349 (unrestricted net assets) may be <br /> used for the Town's obligations to citizens and creditors. <br /> • • At December 31, 2008, the Town of Monument's governmental funds reported <br /> combined ending fund balances of$3,238,090, a decrease of$936,830 in comparison <br /> • with the prior year. $1,159,301 of this total amount is available for spending at the <br /> • government's discretion(unreserved fund balance). <br /> • The unreserved fund balance for the General Fund was $965,676, or 19.5% of the <br /> • total General Fund expenditures. <br /> • • Sales and use taxes revenue, the Town's largest source of revenue was $2,821,726 for <br /> • 2008 as compared to $2,294,138 for the prior year, an increase of 23%. The key <br /> • factor for this increase was the continued success of the Monument Marketplace in <br /> attracting new business and increased development. <br /> • <br /> • Using This Annual Report <br /> S <br /> • This discussion and analysis is intended to serve as an introduction to the Town of <br /> • Monument's basic financial statements. The Town of Monument's basic financial <br /> statements comprise three components: <br /> • <br /> • 1) the government-wide financial statements <br /> 1110 2) fund financial statements <br /> 3) notes to the financial statements <br /> • <br /> • Government-wide Financial Statements <br /> • The government-wide financial statements are designed to provide readers with a broad <br /> overview of the Town of Monument's finances, in a manner similar to a private-sector <br /> • business. <br /> S <br /> • This statement of net assets presents information on all of the Town of Monument's <br /> • assets and liabilities, with the difference between the two reported as net assets. Over <br /> time, increases or decreases in net assets may serve as a useful indicator of whether the <br /> • financial position of the Town of Monument is improving or deteriorating. <br /> • <br /> • <br /> • <br /> • <br /> • <br /> • <br />