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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 />GovernmentalBusiness-Type
<br />ActivitiesActivitiesTotal
<br />201420132014201320142013
<br />Assets
<br /> Current and other assets36,073,670$ 39,649,243$ 31,025,768$ 29,034,615$ 67,099,438$ 68,683,858$
<br /> Capital assets, net o
<br />f
<br /> depreciation 63,312,601 62,529,256 50,427,367 50,494,576 113,739,968 113,023,832
<br /> Total assets$ 99,386,271$ 102,178,499$ 81,453,135$ 79,529,191$ 180,839,406$ 181,707,690
<br />Liabilities
<br /> Current and other liabilities$ 1,091,801$ 736,466$ 109,936$ 64,885$ 1,201,737$ 801,351
<br /> Long-term liabilities 33,242,334 36,831,840 - - 33,242,334 36,831,840
<br /> Total liabilities$ 34,334,135$ 37,568,306$ 109,936$ 64,885$ 34,444,071$ 37,633,191
<br />Net position
<br />Net investment in capital assets$ 41,657,601$ 40,374,256$ 50,427,367$ 50,494,576$ 92,084,968$ 90,868,832
<br />Restricted 15,273,582 16,128,452 - - 15,273,582 16,128,452
<br />Unrestricted 8,120,953 8,107,485 30,915,832 28,969,730 39,036,785 37,077,215
<br />Total net position$ 65,052,136$ 64,610,193$ 81,343,199$ 79,464,306$ 146,395,335$ 144,074,499
<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 2014. This has also allowed the City to
<br />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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