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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 /> $206,017,246 at the close of December 2021. Total net position increased by $11,068,377 from current year
<br /> operating results.
<br /> By far, the largest portion of the City's net position (56 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 /> is 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 /> Summary Statement of Net Position
<br /> Governmental Business-Type
<br /> Activities Activities Total
<br /> 2021 2020 2021 2020 2021 2020
<br /> Assets
<br /> Current and other assets $ 56,014,868 $ 66,140,545 $ 48,675,454 $ 45,267,792 $ 104,690,322 $ 111,408,337
<br /> Capital assets,net of
<br /> depreciation 84,205,527 71,275,456 58,014,508 56,166,921 142,220,035 127,442,377
<br /> Total assets $ 140,220,395 $ 137,416,001 $ 106,689,962 $ 101,434,713 $ 246,910,357 $ 238,850,714
<br /> Deferred outflows of resources
<br /> OPEB plan deferments $ 87,802 $ 65,284 $ - $ - $ 87,802 $ 65,284
<br /> Pension plan deferments 5,479,282 2,118,987 318,114 62,276 5,797,396 2,181,263
<br /> Total deferred outflows of resources $ 5,567,084 $ 2,184,271 $ 318,114 $ 62,276 $ 5,885,198 $ 2,246,547
<br /> Liabilities
<br /> Current and other liabilities $ 5,991,152 $ 6,417,792 $ 182,082 $ 226,705 $ 6,173,234 $ 6,644,497
<br /> Long-term liabilities 32,905,558 36,499,319 395,230 509,015 33,300,788 37,008,334
<br /> Total liabilities $ 38,896,710 $ 42,917,111 $ 577,312 $ 735,720 $ 39,474,022 $ 43,652,831
<br /> Deferred inflows of resources
<br /> OPEB plan deferments $ 325,258 $ 365,833 $ - $ - $ 325,258 $ 365,833
<br /> Pension plan deferments 6,614,912 2,103,893 364,117 25,835 6,979,029 2,129,728
<br /> Total deferred inflows of resources $ 6,940,170 $ 2,469,726 $ 364.117 $ 25,835 $ 7,304,287 $ 2,495,561
<br /> Net position
<br /> Net investment in capital assets $ 57,322,004 $ 52,756,077 $ 57,940,442 $ 56,166,921 $ 115,262,446 $ 108,922,998
<br /> Restricted 19,886,753 18,957,706 - - 19,886,753 18,957,706
<br /> Unrestricted 22,741,842 22,499,652 48,126,205 44,568,513 70,868,047 67,068,165
<br /> Total net position $ 99,950,599 $ 94,213,435 $ 106,066,647 $ 100,735,434 $ 206,017,246 $ 194,948,869
<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. The City's AA+bond rating was reaffirmed by Standard and Poor's(S&P)
<br /> in September 2021. This has also allowed the City to continue to provide quality public services at a tax rate
<br /> that is affordable.
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