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<br />GOVERNMENT-WIDE FINANCIAL ANALYSIS (CONTINUED)
<br />The following is a summary of the City's net assets:
<br /> Net Assets
<br /> Governmental Business-Type
<br /> Activities Activities Total
<br /> 2009 2008 2009 2008 2009 2008
<br />Assets
<br />Current and other assets $ 44,218,457 $ 45,507,063 $ 22,069,982 $ 23,091,539 $ 66,288,439 $ 68,598,602
<br />Capital assets, net of 58,161,969 56,050,476 51,823,362 49,355,231 109,985,331 105,405,707
<br />depreciation
<br />Total assets $ 102,380,426 $ 101,557,539 $ 73,893,344 $ 72,446,770 $ 176,273,770 $ 174,004,309
<br />Liabilities
<br />Current and other liabilities $ 969,035 $ 984,540 $ 436,972 $ 566,342 $ 1,406,007 $ 1,550,882
<br />Long-term liabilities 27,991,607 29,994,462 27,991,607 29,994,462
<br />Total liabilities $ 28,960,642 $ 30,979,002 $ 436,972 $ 566,342 $ 29,397,614 $ 31,545,344
<br />Net Assets
<br />Invested in capital assets, $ 34,736,969 $ 31,255,476 $ 51,823,362 $ 49,355,231 $ 86,560,331 $ 80,610,707
<br />net of related debt
<br />Restricted 21,780,289 20,919,497 21,780,289 20,919,497
<br />Unrestricted 16,902,526 18,403,564 21,633,010 22,525,197 38,535,536 40,928,761
<br />Total net assets $ 73,419,784 $ 70,578,537 $ 73,456,372 $ 71,880,428 $ 146,876,156 $142,458,965
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<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 />
<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 an upgraded
<br />bond rating. In November 2009, Standard and Poor's (S&P) upgraded the City's bond rating from an
<br />AA- to an AA+. This has also allowed the City to continue to provide quality public services at a tax rate
<br />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.
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