Laserfiche WebLink
<br />The City's financial position is the product of many factors. For example, the determination of the City's <br />investment in capital assets, net of related debt i:qvolves many assumptions and estimates, such as current <br />and accumulated depreciation amounts. A conservative versus a liberal approach to depreciation <br />estimates, as well as capitalization policies, will produce a very significant difference in the calculated <br />amounts. <br /> <br />The City has taken a conservative financial approach, carefully analyzing revenues and <br />expenditures/expenses to assure operation of a balanced budget. The ongoing management of revenue <br />and expenditures/expenses has continued to improve the City's net assets, and has resulted in improved <br />bond ratings. In 2006, the Moody's bond rating for the City was upgraded to an Aa3. This has also <br />allowed the City to continue to provide quality public services at a tax rate that is affordable. <br /> <br />At the end of the current fiscal year, the City is able to report positive balances in all three categories of <br />net assets, both for the government as a whole, as well as for its separate governmental and business-type <br />activities. <br /> <br />-5- <br />