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Our discussion and analysis of the City of Myrtle Beach, South Carolina’s (the City) financial performance provides an overview of the City’s financial activities for the fiscal year ended June 30, 2010. Please read it in conjunction with the transmittal letter, which begins on page v, and the City’s financial statements, which begin on page 12.

Financial Highlights

  • The assets of the City exceeded its liabilities at the close of the most recent fiscal year by $237,763,753 (net assets).

  • The City’s total net assets increased by $9,529,344. This is the result of an increase in net assets of our governmental-type activities of $9,892,809, or 10.6%, and a decrease in net assets of our business- type activities of $363,465, or 0.3%.

  • The City’s total revenues amounted to $144,513,625 during the year ended June 30, 2010. Revenues of governmental activities totaled $113,378,111, an increase of 26.4%, and revenues of business-type activities were $31,135,514, a decrease of 0.3%.

  • During the year ended June 30, 2010, the City’s total expenses amounted to $134,984,281. Expenses of governmental activities totaled $103,433,602, an increase of 19.1%, and expenses of business-type activities were $31,550,679, a 1.3% decrease.

  • At June 30, 2010, the City’s governmental funds reported combined fund balances of $38,997,765, a decrease of $1,010,788 in comparison to the prior year.

  • There was an increase in the City’s investment in capital assets for the current fiscal year in the amount of $17,951,758, or 8.6%, for governmental activities and an increase of $4,482,095, or 3.5%, for business-type activities.

  • At year-end, the City had $195,273,209 in outstanding bonds payable, note payable and capital lease

obligations compared to $188,168,899 last year, an increase of 3.8%.

Using This Annual Report

This annual report consists of a series of financial statements. The statement of net assets and the statement of activities (on pages 12 - 15) provide information about the activities of the City as a whole and present a longer-term view of the City’s finances. Fund financial statements start on page 16. For governmental activities, these statements tell how these services were financed in the short term as well as what remains for future spending. Fund financial statements also report the City’s operations in more detail than the government-wide statements by providing information about the City’s most significant funds. The fiduciary fund financial statement on page 38 provides financial information about an activity for which the City acts as an agent on behalf of the City’s firemen. The notes to the financial statements are an integral part of the financial statements and begin on page 39. This report also contains other information in addition to the basic financial statements.

Reporting the City as a Whole

Our analysis of the City as a whole begins on page 5. One of the most important questions asked about the City’s finances is, “Is the City as a whole better off or worse off as a result of the year’s activities?” The statement of net assets and the statement of activities report information about the City as a whole and about its activities in a way that helps answer this question. These statements include all assets and liabilities using the accrual basis of accounting, which is similar to the accounting used by most private-sector companies. All of the current year’s revenues and expenses are taken into account regardless of when cash is received or paid.

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