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GOVERNMENT -WIDE FINANCIAL ANALYSIS (CONTINUED)
<br />The following is a summary of the City's net position:
<br />Net Position
<br />Governmental Business -Type
<br />Activities Activities Total
<br />2013 2012 2013 2012 2013 2012
<br />Assets
<br />Current and other assets $ 39,649,243 $ 37,508,556 $ 29,034,615 $ 27,577,456 $ 68,683,858 $ 65,086,012
<br />Capital assets, net of 62,529,256 64,638,822 50,494,576 50,843,868 113,023,832 115,482,690
<br />depreciation
<br />Total assets $ 102,178,499 $ 102,147,378 $ 79,529,191 $ 78,421,324 $ 181,707,690 $ 180,568,702
<br />Liabilities
<br />Current and other liabilities $ 736,466 $ 832,139 $ 64,885 $ 90,724 $ 801,351 $ 922,863
<br />Long-term liabilities 36,831,840 37,385,586 - 36,831,840 37,385,586
<br />Total liabilities $ 37,568,306 $ 38,217,725 $ 64,885 $ 90,724 $ 37,633,191 $ 38,308,449
<br />Net position
<br />Net investment in capital assets $ 40,374,256 $ 41,998,822 $ 50,494,576 $ 50,843,868 $ 90,868,832 $ 92,842,690
<br />Restricted 16,128,452 14,632,006 - 16,128,452 14,632,006
<br />Unrestricted 8,107,485 7,298,825 28,969,730 27,486,732 37,077,215 34,785,557
<br />Total net position $ 64,610,193 $ 63,929,653 $ 79,464,306 $ 78,330,600 $ 144,074,499 $ 142,260,253
<br />The City's financial position is the product of many factors. For example, the determination of the City's net
<br />investment in capital assets involves many assumptions and estimates, such as current and accumulated
<br />depreciation amounts. A conservative versus a liberal approach to depreciation estimates, as well as
<br />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 />resulted in an upgraded bond rating. In November 2009, Standard and Poor's (S&P) upgraded the City's bond
<br />rating from an AA- to an AA+ and reaffirmed the rating in December 2011, March 2012, and September 2013.
<br />This has also 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 net
<br />position, both for the government as a whole, as well as for its separate governmental and business -type
<br />activities.
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