|
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 />2011 2010 2011 2010 2011 2010
<br />Assets
<br />Current and other assets $ 45,991,067 $ 41,554,388 $ 23,870,643 $ 22,996,688 $ 69,861,710 $ 64,551,076
<br />Capital assets, net of 63,894,321 59,831,812 51,748,092 52,500,049 115,642,413 112,331,861
<br />depreciation
<br />Total assets $ 109,885,388 $ 101,386,200 $ 75,618,735 $ 75,496,737 $ 185,504,123 $ 176,882,937
<br />Liabilities
<br />Current and other liabilities $ 1,864,642 $ 950,154 $ 106,583 $ 150,929 $ 1,971,225 $ 1,101,083
<br />Long -term liabilities 31,688,639 25,914,028 - - 31,688,639 25,914,028
<br />Total liabilities $ 33,553,281 $ 26,864,182 $ 106,583 $ 150,929 $ 33,659,864 $ 27,015,111
<br />Net Assets
<br />Invested in capital assets, $ 39,794,321 $ 38,466,812 $ 51,748,092 $ 52,500,049 $ 91,542,413 $ 90,966,861
<br />net of related debt
<br />Restricted 22,103,948 21,604,295 22,103,948 21,604,295
<br />Unrestricted 14,433,838 14,450,911 23,764,060 22,845,759 38,197,898 37,296,670
<br />Total net assets $ 76,332,107 $ 74,522,018 $ 75,512,152 $ 75,345,808 $ 151,844,259 $ 149,867,826
<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+ and reaffirmed the rating
<br />in December 2011. This has also allowed the City to continue to provide quality public services at a tax rate
<br />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.
<br />27
<br />
|