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The following is a summary of the City's net assets:
<br />Assets
<br />Current and other assets
<br />Capital assets, net of
<br />depreciation
<br />Total assets
<br />Liabilities
<br />Current and other liabilities
<br />Long -term liabilities
<br />Total liabilities
<br />Net Assets
<br />Invested in capital assets,
<br />net of related debt
<br />Restricted
<br />Unrestricted
<br />Total net assets
<br />Governmental
<br />Activities
<br />2006 2005
<br />$ 38,735,783 $ 55,662,283
<br />52,028,348 31,478,456
<br />$ 90, 764,131 $ 87,140, 739
<br />$ 2,270,674 $ 3,851,214 $ 823,752 $ 203,371
<br />32,779,567 33,460,608 - -
<br />$ 35, 050,241 $ 37, 311, 822 $ 823,752 $ 203,371 $
<br />$ 23,424,366 $ 12,267,296
<br />13, 860, 707 18, 296, 241
<br />18,428,817 19, 265, 380
<br />$ 55,713,890 $ 49,828,917
<br />$ 18,563,114 $ 17,217,271
<br />47,334,422 36,311,701
<br />- 13, 860, 707 18,296, 241
<br />17, 739, 362 17, 013, 900 36,168,179 36, 279, 280
<br />$ 65, 073, 784 $ 53,325, 601 $ 120, 787,674 $ 103,154, 518
<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 involves 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 />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 />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 />Net Assets
<br />Business -Type
<br />Activities
<br />2006 2005
<br />2006
<br />Total
<br />2005
<br />$ 57,298,897 $ 72,879,554
<br />99,362,770 67,790,157
<br />65, 897, 536 $ 53, 528, 972 $ 156, 661,667 $ 140,669, 711
<br />3,094,426 $ 4,054,585
<br />32,779,567 33,460,608
<br />35, 873,993 $ 37, 515,193
<br />47, 334,422 $ 36, 311, 701 $ 70, 758,788 $ 48,578, 997
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