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GOVERNMENT -WIDE FINANCIAL STATEMENTS
<br />The City's financial statements include fund -based information that focuses on budgetary compliance,
<br />and the sufficiency of the City's current assets to finance its current liabilities. The GASB Statement
<br />No. 34 reporting model also requires the inclusion of two government -wide financial statements designed
<br />to present a clear picture of the City as a single, unified entity. These government -wide statements
<br />provide information on the total cost of delivering services, including capital assets and long -term
<br />liabilities of the City's governmental activities, and combines them with business -type activities.
<br />Statement of Net Assets
<br />The Statement of Net Assets essentially tells you what your city owns and owes at a given point in time,
<br />the last day of the fiscal year. Theoretically, net assets represent the resources the City has leftover to use
<br />for providing services after its debts are settled. However, those resources are not always in spendable
<br />form, or there may be restrictions on how some of those resources can be used. Therefore, the Statement
<br />of Net Assets divides the net assets into three components: net assets invested in capital assets, net of
<br />related debt; restricted net assets; and unrestricted net assets.
<br />The following table presents the components of City's net assets as of December 31, 2011 and 2010, for
<br />governmental activities and business -type activities:
<br />As of December 31, Increase
<br />2011 2010 (Decrease)
<br />Net assets
<br />Governmental activities
<br />Invested in capital assets,
<br />net of related debt $ 39,794,321 $ 38,466,812 $ 1,327,509
<br />Restricted 22,103,948 21,604,295 499,653
<br />Unrestricted 14,433,838 14,450,911 (17,073)
<br />Total governmental activities 76,332,107 74,522,018 1,810,089
<br />Business -type activities
<br />Invested in capital assets,
<br />net of related debt 51,748,092 52,500,049 (751,957)
<br />Unrestricted 23,764,060 22,845,759 918,301
<br />Total business -type activities 75,512,152 75,345,808 166,344
<br />Total net assets $ 151,844,259 $ 149,867,826 $ 1,976,433
<br />The increase in governmental and business -type activities represents the results of operations as presented
<br />on the next page. The shift between components of net assets in governmental activities reflects the
<br />City's use of unrestricted resources in the current year for capital asset infrastructure additions.
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