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Annual Audit Reports
As of and for the Year Ended April 30, 2012 and
Independent Auditor's Report
DOWNLOAD FULL FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR'S REPORT
MANAGEMENT'S DISCUSSION AND ANALYSIS As of and for the Year Ended April 30, 2012
The discussion and analysis of Village of Broadview's (the "Village") financial performance provides an overall review of the Village's financial activities for the year ended April 30,2012. The management of the Village encourages readers to consider the information presented herein in conjunction with the basic financial statements to enhance their understanding of the Village's financial performance. Certain comparative information between the current year and the prior is required to be presented in the Management's Discussion and Analysis (the "MD&A").
Financial Highlights - Government-wide Financial Statements
> The Village of Broadview's net assets increased by $3.7 million or 34.9% compared to the prior year. The Village ended the fiscal year with net assets of $14.3 million.
> During the year, revenues of $20.4 million exceeded expenses of $15.7 million, less impairment of property held for resale of $1.0 million, resulted in an increase in net assets of $3.7 million. Net assets of business type activities increased by $0.8 million or 9.8%, while net assets of governmental activities increased by $2.9 million or 120.8%.
> General revenues accounted for $14.7 million in revenue or 84% of all governmental revenues. Program specific revenues in the form of charges for services and fees, and grants accounted for $2.9 million or 16% of total governmental revenues.
> The governmental activities had $13.7 million in expenses related to government activities. However, only $2.9 million of these expenses were offset by program specific charges and grants .
> At the end of the current fiscal year, unassigned fund balance for the General Fund was in a deficit position of $3.0 million.
> The Village's total debt decreased by $3.4 million during the current year to $26.9 million.
Overview of the Financial Statements
This discussion and analysis are intended to serve as an introduction to the Village's basic financial statements. The basic financial statements are comprised of three components:
> Government-wide financial statements,
> Fund financial statements, and
> Notes to basic financial statements .
This report also contains other supplementary information in addition to the basic financial statements.
Government-wide financial statements
The government-wide financial statements are designed to provide readers with a broad overview of the Village's finances, in a manner similar to a private-sector business, and are reported using the accrual basis of accounting and economic resources measurement focus.
The statement of net assets presents information on all of the Village's assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the Village is improving or deteriorating.