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MANAGEMENT'S DISCUSSION AND ANALYSIS

Within this section of the City of Sulphur, Louisiana's annual financial report, the City's managementis pleased to providethis narrative discussion and analysis of the financial activities of the City for the fiscal year ended June 30, 2007. The City's financial performance is discussed and analyzed within the context of the accompanying financial statements and disclosures followingthis section.

FINANCIAL HIGHLIGHTS

  • The City's assets exceeded its liabilities by $104.3 million (net assets) for the fiscal year reported.

  • Total revenues of $26.2 million exceeded total expenditures of $20.8 million, resultingina

current year surplus of $5.5 million.

  • Total net assets are comprised of the following;

    • (1)

      Capital assets, net of related debt, of $88.5 million include property and equipment, net of accumulated depreciation, and reduced for outstanding debt related to the purchase or construction of capita! assets.

  • (2)

    Net assets of $1.0 million are restricted by constraints imposed from outside the City such as debt covenants, grantors, laws, or regulations.

  • (3)

    Unrestricted net assets of $14.8 million represent the portion availableto maintainthe City's continuing obligations to citizens and creditors.

  • The City's governmental funds reported total ending fund balance or $22.6 million this year. This compares to the prior year fund balanceof $22.0 million reflecting an increase of $0.6 million during the currentfiscal year.

  • At the end of the current fiscal year, unreserved fund balance for the General Fund was $12.5 million or 94% of total General Fund expenditures and 178% of total General Fund revenues.

The above financial highlights are explained in more detail in the "financial analysis" section of this document.

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