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The following is a summary of the City's net assets:
<br />
<br />Assets
<br /> Current and other assets
<br /> Capital assets, net of depreciation
<br />
<br /> Total assets
<br />
<br />Liabilities
<br /> Current and other liabilities
<br /> Long-term liabilities
<br />
<br /> Total liabilities
<br />
<br />Net Assets
<br />
<br />Governmental Business-Type
<br />Activities Activities Total
<br />
<br />$ 30,318,961 $ 13,387,422 $ 43,706,383
<br />16,289,576 31,664,220 47,953,796
<br />
<br />$ 46,608,537 $ 45,051,642 $ 91,660,179
<br />
<br />$ 3,352,774 $ 106,344 $ 3,459,118
<br />12,053,119 - 12,053,119
<br />
<br />$ 15,405,893 $ 106,344 $ 15,512,237
<br />
<br />Net assets
<br />Invested in capital assets, net of related debt $ 8,768,136 $ 31,664,220 $ 40,432,356
<br />Restricted 7,597,395 - 7,597,395
<br />Unrestricted 14,837,113 13,281,078 28,118,191
<br />
<br />Totalnet assets $ 31,202,644 $ 44,945,298 $ 76,147,942
<br />
<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
<br />and accumulated depreciation amounts. A conservative versus a liberal approach to depreciation
<br />estimates, as well as capitalization policies, will produce a very significant difference in the calculated
<br />amounts. For these reasons, it is important to view the net assets balance as a starting point to evaluate
<br />future years' results, rather than to just focus on the current balance.
<br />
<br />The City has taken a conservative financial approach, carefully analyzing revenues and
<br />expenditures/expenses to assure operation of a balanced budget. The ongoing management of revenue
<br />and expenditures/expenses has continued to improve the City's net assets, and has resulted in improved
<br />bond ratings over the last several years. This has also allowed the City to continue to provide quality
<br />public services at a tax rate that is affordable.
<br />
<br />At the end of the current fiscal year, the City is able to report positive balances in all three categories of
<br />net assts, both for the government as a whole, as well as for its separate governmental and business-type
<br />activities.
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