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GOVERNMENT -WIDE FINANCIAL ANALYSIS
<br />As noted earlier, net assets may serve over time as a useful indicator of a government's financial position.
<br />The City's assets exceeded liabilities by $142,458,965 at the close of December 2008.
<br />By far, the largest portion of the City's net assets (57 percent) reflects its investment in capital assets (e.g.,
<br />land, buildings, machinery, and equipment), less any related debt used to acquire those assets that are still
<br />outstanding, The City uses these capital assets to provide services to citizens; consequently, these assets
<br />are not available for future spending. Although the City's investment in its capital assets is reported net
<br />of related debt, it should be noted that the resources needed to repay this debt must be provided from
<br />other sources, since the capital assets themselves cannot be used to liquidate these liabilities.
<br />The following is a summary of the City's net assets:
<br />Assets
<br />Current and other assets
<br />Capital assets, net of
<br />depreciation
<br />Total assets
<br />Liabilities
<br />Current and other liabilities
<br />Long -term liabilities
<br />Total liabilities
<br />Governmental
<br />Activities
<br />2008 2007
<br />$ 45,507,063
<br />56,050,476
<br />$ 964,540
<br />29,994,462
<br />$ 30,979,002
<br />$ 3,569,613
<br />31,963,094
<br />$ 35,532,707
<br />Net Assets
<br />ImAasted in capital assets, $ 31,255,476 $ 27,548,267
<br />net of related debt
<br />Restricted 20,919,497 16,626,010
<br />Unrestricted 18,403,564 17,500,206
<br />Total net assets $ 70,578,537 $ 61,674,483
<br />Net Assets
<br />Business -Type
<br />Activities
<br />2008 2007
<br />Total
<br />2008 2007
<br />$ 43,118,923 $ 23,091,538 $ 21,102,192 $ 68,598,601 $ 64,221,115
<br />54,088,267 49,355,232 49,173,058 105,405,708 103,261,325
<br />$ 101,557,539 $ 97,207,190 $ 72,446,770 $ 70,275,250 $ 174,004,309 $167,482,440
<br />566,342 $
<br />$ 566,342 $ 175,318 $ 1,550,882 $ 3,744,931
<br />29,994,462. 31,963,094
<br />175,318 $ 31,545,344 $ 35,708,025
<br />$ 49,355,232 $ 49,173,058 $ 80,610,708 $ 76,721,325
<br />20,919,497 16,626, 010
<br />22,525,196 20,926,874 40,928,760 38,427,080
<br />$ 71,880,428 $ 70,099,932 $ 142,458,965 $131,774,415
<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.
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