For the fiscal year ended December 31, 2004, the City spent 3.1 million. Approximately 75 percent came from the City's general fund and 25 percent came from other funds. The City's contribution is based largely on the number of employees of the City and their pay, benefits, pensions, and other related expenditures. Total expenses and salaries for the fiscal year were 4.1 million. The City's expenditures for each of the four fiscal years were 1.3 million for 2002 and 1.3 million for 2003. The City made a capital contribution of 0.3 million to the Capital Improvement Fund in 2004. The City's financial statement of operations for the reporting period from January 1, 2004, to December 31, 2004, shows that the City incurred a loss of 2.5 million and a net loss from continuing operations of 5.8 million, or a loss of 2.0 million plus tax benefit of approximately 2.7 million. We recognize income for the tax benefit as part of net income from continuing operations. We do not use the same accounting methodologies as the Audit Committee for assessing this income tax benefit or the City of Reading. The following table summarizes cash generated by continuing operations for the fiscal years ending December 31: (Millions) 2 2 2002 Cash generated from continuing operations 4,521 2,832 3,717 2,829 2,764 Net loss from continuing operations — — (1,716) (1,716) (1,716) Net cash used in operating activities 3,637 2,903 3,619 2,883 2,820 Cash generated by operating activities 4,521 2,832 3,717 2,829 2,764 Cash used in investing activities 5,913 2,879 5,095 3,716 2,746 Cash generated by financing activities 6,011 3,000 6,093 3,000 2,800 Net cash used in financing activities 6,011 3,000 6,093 3,000 2,800 The accompanying notes are an integral part of these financial statements.
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City Council City of Reading 1000 Market Street Reading, Ohio 45215 We have reviewed the Report of Independent Accountants of the City of Reading, Hamilton County, prepared by Wattenberg & Associates,
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