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GOVERNMENT -WIDE FINANCIAL STATEMENTS
<br />In addition to fund -based information, the current reporting model for governmental entities also requires
<br />the inclusion of two government -wide financial statements designed to present a clear picture of the City
<br />as a single, unified entity. These government -wide financial statements provide information on the total
<br />cost of delivering services, including capital assets and long-term liabilities.
<br />STATEMENT OF NET POSITION
<br />The Statement of Net Position essentially tells you what the City owns and owes at a given point in time,
<br />the last day of the fiscal year. Theoretically, net position represents the resources the City has leftover to
<br />use for providing services after its debts are settled. However, those resources are not always in spendable
<br />form, or there may be restrictions on how some of those resources can be used. Therefore, net position is
<br />divided into three components: net investment in capital assets, restricted, and unrestricted.
<br />• Net Investment in Capital Assets — The portion of net position reflecting equity in capital assets
<br />(i.e., capital assets minus related debt).
<br />• Restricted Net Position — The portion of net position equal to resources whose use is legally
<br />restricted minus any noncapital-related liabilities payable from those same resources.
<br />• Unrestricted Net Position — The residual balance of net position after the elimination of net
<br />investment in capital assets and restricted net position.
<br />The following table presents the components of the City's net position as of December 31, 2020 and
<br />2019, for governmental activities and business -type activities:
<br />As of December 31,
<br />2020 2019
<br />Change
<br />Net position
<br />Governmental activities
<br />Net investment in capital assets $ 52,756,077 $ 44,658,317 $ 8,097,760
<br />Restricted 18,957,706 21,006,537 (2,048,831)
<br />Unrestricted 22,499,652 16,759,261 5,740,391
<br />Total governmental activities 94,213,435 82,424,115 11,789,320
<br />Business -type activities
<br />Net investment in capital assets 56,166,921 55,575,211 591,710
<br />Unrestricted 44,568,513 46,993,793 (2,425,280)
<br />Total business -type activities 100,735,434 102,569,004 (1,833,570)
<br />Total net position $ 194,948,869 $ 184,993,119 $ 9,955,750
<br />Net position increased by $9,955,750 in the current year as presented above. At the end of the current
<br />fiscal year, the City is able to present positive balances in all categories of net position, both for the
<br />government as a whole, as well as for its separate governmental and business -type activities. The same
<br />situation held true for the prior fiscal year.
<br />The increase in net position within governmental activities presents the overall operating results of the
<br />governmental funds, as previously discussed, along with the continued development and investment in
<br />infrastructure within the City. The change in net position of business -type activities is consistent with the
<br />change of the utility enterprise operations.
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