Agenda - Council - 06/14/2022 - Laserfiche WebLink

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GOVERNMENT-WIDE FINANCIAL STATEMENTS In addition to fund-based information, the current reporting model for governmental entities also requires the inclusion of two government-wide financial statements designed to present a clear picture of the City as a single, unified entity. These government-wide financial statements provide information on the total cost of delivering services, including capital assets and long-term liabilities. STATEMENT OF NET POSITION The Statement of Net Position essentially tells you what the City owns and owes at a given point in time, the last day of the fiscal year. Theoretically, net position represents the resources the City has leftover to use for providing services after its debts are settled. However, those resources are not always in spendable form, or there may be restrictions on how some of those resources can be used. Therefore, net position is divided into three components: net investment in capital assets,restricted, and unrestricted. The following table presents the components of the City's net position as of December 31, 2021 and 2020, for governmental activities and business-type activities: As of December 31, 2021 2020 Change Net position Governmental activities Net investment in capital assets $ 5713221004 $ 5217561077 $ 41565,927 Restricted 1918861753 181957,706 929,047 Unrestricted 2217411842 22,4991652 242,190 Total governmental activities 99,9501599 94,2131435 51737,164 Business-type activities Net investment in capital assets $ 5799401442 561166,921 1,773,521 Unrestricted 4811261205 4415681513 31557,692 Total business-type activities 10610661647 10017351434 513311213 Total net position $ 20690179246 $ 19419481869 $ 1190681377 Net position increased by $11,068,377 in the current year as presented above. At the end of the current fiscal year, the City is able to present positive balances in all categories of net position, both for the government as a whole, as well as for its separate governmental and business-type activities. The same situation held true for the prior fiscal year. The increase in net position within governmental activities presents the overall operating results of the governmental funds, as previously discussed, along with the continued development and investment in infrastructure within the City. The current year construction of the public works campus contributed to the increase in net investment in capital assets for governmental activities. The change in net position of business-type activities is consistent with the change of the utility enterprise operations previously discussed. -14-