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GOVERNMENT -WIDE FINANCIAL ANALYSIS (CONTINUED)
<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 />Governmental
<br />Activities
<br />2010 2009
<br />$ 41,554,388 $ 44,218,457
<br />59,831,812 58,161,969
<br />Net Assets
<br />Business -Type
<br />Activities
<br />2010 2009
<br />$ 22,996,688 $ 22,069,982
<br />52,500,049 51,823,362
<br />$101,386,200 $102,380,426 $ 75,496,737 $ 73,893,344
<br />Liabilities
<br />Current and other liabilities $ 950,154 $ 969,035 $ 150,929 $ 436,972
<br />Long -term liabilities 25,914,028 27,991,607
<br />Total liabilities $ 26,864,182 $ 28,960,642 $ 150,929 $ 436,972
<br />Net Assets
<br />Invested in capital assets, $ 38,466,812 $ 34,736,969
<br />net of related debt
<br />Restricted
<br />Unrestricted
<br />Total net assets
<br />22,658,700 21,780,289
<br />13, 396, 506 16, 902, 526
<br />$ 74,522,018 $ 73,419,784
<br />Total
<br />2010 2009
<br />$ 64,551,076 $ 66,288,439
<br />112, 331, 861 109, 985, 331
<br />$176,882,937 $176,273,770
<br />$ 1,101,083 $ 1,406,007
<br />25,914,028 27,991,607
<br />$ 27,015,111 $ 29,397,614
<br />$ 52,500,049 $ 51,823,362 $ 90,966,861 $ 86,560,331
<br />22,658,700 21,780,289
<br />22,845,759 21,633,010 36,242,265 38,535,536
<br />$ 75,345,808 $ 73,456,372 $149,867,826 $146,876,156
<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 and
<br />accumulated depreciation amounts. A conservative versus a liberal approach to depreciation estimates, as well
<br />as capitalization policies, will produce a very significant difference in the calculated amounts.
<br />The City has taken a conservative financial approach, carefully analyzing revenues and expenditures /expenses
<br />to assure operation of a balanced budget. The ongoing management of revenue and expenditures /expenses has
<br />continued to improve the City's net assets, and has resulted in an upgraded bond rating. In November 2009,
<br />Standard and Poor's (S &P) upgraded the City's bond rating from an AA- to an AA +. This has also allowed
<br />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 net
<br />assets, both for the government as a whole, as well as for its separate governmental and business -type
<br />activities.
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