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MD&A-2

• The City issued $118.1 million in general obligation bonds to refund remaining general obligation public

improvement and housing bonds which will reduce gross future debt service payments by $14.8

million over the next fifteen years

• The City issued $49.9 million in revenue bonds to refund remaining water and sewer revenue bond

obligations which will reduce gross future debt service payments by $6.5 million over the next ten

years

• The City drew down $2.5 million from the PNC Bank drawdown program to fund various capital

projects at the Convention Center Complex

• The City of Raleigh maintained its AAA/Aaa general obligation bond rating from all three major rating agencies.

OVERVIEW OF THE FINANCIAL STATEMENTS

The City’s basic financial statements consist of two sections: introductory and financial. As Figure A-1 shows,

the financial section has three components – management’s discussion and analysis (this section), the basic

financial statements and required supplementary information. The basic financial statements include two kinds of

statements that present different views of the City:

• The first two statements are government-wide financial statements that provide both long-term and short-

term information about the City’s overall financial status.

• The remaining statements are fund financial statements that focus on individual parts of the City government,

reporting the City’s operations in more detail than the government-wide statements, as follows:

• The governmental funds statements tell how general government services such as public safety and

public works, for example, were financed in the short-term as well as what remains for future spending.

• Proprietary fund statements offer short and long-term financial information about the activities

the government operates as a business, including the water and sewer enterprise, the convention

and performing arts complex and the operations of mass transit, stormwater management, parking

facilities and solid waste services. Internal service funds are also presented within this section.

• Fiduciary fund statements provide information about the financial relationships—for example, the

retirement plan for the City’s employees—in which the City acts solely as a trustee or agent for the

benefit of others to whom the resources in question belong.

City of Raleigh

Management’s Discussion and Analysis

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Summary Detail

Management’s

Discussion

and Analysis

Basic

Financial

Statements

Required

Supplementary

Information

Government-wide

Financial

Statements

Fund

Financial

Statements

Notes To The

Financial

Statements

Components of the Financial Section