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GOVERNMENT -WIDE FINANCIAL ANALYSIS
<br />As noted earlier, net position may serve over time as a useful indicator of a government's financial position. The
<br />City's assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by
<br />$167,530,536 at the close of December 2017. Whereas, total net position increased by $5,290,300 from current
<br />year operating results.
<br />By far, the largest portion of the City's net position (57 percent) reflects its investment in capital assets (e.g.,
<br />land, buildings, machinery, infrastructure, and equipment), less any related debt used to acquire those assets that
<br />are still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets
<br />are not available for future spending. Although the City's investment in its capital assets is reported net of
<br />related debt, it should be noted that the resources needed to repay this debt must be provided from other sources,
<br />since the capital assets themselves cannot be used to liquidate these liabilities.
<br />The following is a summary of the City's net position:
<br />Net Position
<br />Governmental Business -Type
<br />Activities Activities Total
<br />2017 2016 2017 2016 2017 2016
<br />Assets
<br />Current and other assets $ 43,770,999 $ 42,387,777 $ 39,362,619 $ 36,502,299 $ 83,133,618 $ 78,890,076
<br />Capital assets, net of
<br />depreciation 66,914,791 67,880,710 53,855,285 51,959,594 120,770,076 119,840,304
<br />Total assets $ 110,685,790 $ 110,268,487 $ 93,217,904 $ 88,461,893 $ 203,903,694 $ 198,730,380
<br />Deferred oufflows of resources
<br />Pension plan deferments
<br />$ 5,165,609 $ 7,553,638 $ 203,009 $ 267,548 $ 5,368,618 $ 7,821,186
<br />Liabilities
<br />Current and other liabilities $ 595,650 $ 811,993 $ 598,232 $ 120,669 $ 1,193,882 $ 932,662
<br />Long-term liabilities 34,400,353 41,407,533 581,651 639,331 34,982,004 42,046,864
<br />Total liabilities $ 34,996,003 $ 42,219,526 $ 1,179,883 $ 760,000 $ 36,175,886 $ 42,979,526
<br />Deferred inflows of resources
<br />Pension plan deferments
<br />$ 5,486,996 $ 1,275,498 $ 78,894 $ 56,306 $ 5,565,890 $ 1,331,804
<br />Net position
<br />Net investment in capital assets $ 42,129,791 $ 42,170,710 $ 53,855,285 $ 51,959,594 $ 95,985,076 $ 94,130,304
<br />Restricted 19,679,434 18,323,930 19,679,434 18,323,930
<br />Unrestricted 13,559,175 13,832,461 38,306,851 35,953,541 51,866,026 49,786,002
<br />Total net position $ 75,368,400 $ 74,327,101 $ 92,162,136 $ 87,913,135 $ 167,530,536 $ 162,240,236
<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 June 2017. This has also allowed the City to continue
<br />to provide quality public services at a tax rate that is affordable.
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