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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 />$215,192,728 at December 31, 2022. Total net position increased by $9,175,482 from current year operating
<br />results.
<br />By far, the largest portion of the City's net position (59 percent) reflects its investment in capital assets (e.g.,
<br />land, buildings, machinery, infrastructure, and equipment), less any related debt used to acquire those assets that
<br />is still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets
<br />are not available for future spending. Although the City's investment in its capital assets is reported net of
<br />related debt, it should be noted that the resources needed to repay this debt must be provided from other sources,
<br />since the capital assets themselves cannot be used to liquidate these liabilities.
<br />The following is a summary of the City's net position:
<br />Summary Statement of Net Position
<br />Governmental
<br />Business -Type
<br />Activities
<br />Activities
<br />Total
<br />2022
<br />2021
<br />2022
<br />2021
<br />2022
<br />2021
<br />Assets
<br />Current and other assets
<br />$
<br />72,626,918 $
<br />56,014,868
<br />$
<br />44,461,716 $
<br />48,675,454
<br />$
<br />117,088,634 $
<br />104,690,322
<br />Capital assets, net of
<br />depreciation
<br />88,271,396
<br />84,205,527
<br />63,486,708
<br />58,014,508
<br />151,758,104
<br />142,220,035
<br />Total assets
<br />$
<br />160,898,314 $
<br />140,220,395
<br />$
<br />107,948,424 $
<br />106,689,962
<br />$
<br />268,846,738 $
<br />246,910,357
<br />Deferred outflows of resources
<br />OPEB plan deferments
<br />$
<br />539,144 $
<br />87,802
<br />$
<br />- $
<br />-
<br />$
<br />539,144 $
<br />87,802
<br />Pension plan deferments
<br />9,240,986
<br />5,479,282
<br />232,460
<br />318,114
<br />9,473,446
<br />5,797,396
<br />Total deferred outflows of resources
<br />$
<br />9,780,130 $
<br />5,567,084
<br />$
<br />232,460 $
<br />318,114
<br />$
<br />10,012,590 $
<br />5,885,198
<br />Liabilities
<br />Current and other liabilities
<br />$
<br />6,466,702 $
<br />5,991,152
<br />$
<br />80,941 $
<br />182,082
<br />$
<br />6,547,643 $
<br />6,173,234
<br />Long-term liabilities
<br />54,229,001
<br />32,905,558
<br />716,367
<br />395,230
<br />54,945,368
<br />33,300,788
<br />Total liabilities
<br />$
<br />60,695,703 $
<br />38,896,710
<br />$
<br />797,308 $
<br />577,312
<br />$
<br />61,493,011 $
<br />39,474,022
<br />Deferred inflows of resources
<br />Leases receivable for subsequent years
<br />$
<br />1,379,641 $
<br />-
<br />$
<br />- $
<br />-
<br />$
<br />1,379,641 $
<br />-
<br />OPEB plan deferments
<br />611,952
<br />325,258
<br />-
<br />-
<br />611,952
<br />325,258
<br />Pension plan deferments
<br />164,764
<br />6,614,912
<br />17,232
<br />364,117
<br />181,996
<br />6,979,029
<br />Total deferred inflows of resources
<br />$
<br />2,156,357 $
<br />6,940,170
<br />$
<br />17,232 $
<br />364,117
<br />$
<br />2,173,589 $
<br />7,304,287
<br />Net position
<br />Net investment in capital assets
<br />$
<br />63,796,121 $
<br />57,322,004
<br />$
<br />63,486,708 $
<br />57,940,442
<br />$
<br />127,282,829 $
<br />115,262,446
<br />Restricted
<br />20,624,484
<br />19,886,753
<br />-
<br />-
<br />20,624,484
<br />19,886,753
<br />Unrestricted
<br />23,405,779
<br />22,741,842
<br />43,879,636
<br />48,126,205
<br />67,285,415
<br />70,868,047
<br />Total net position
<br />$
<br />107,826,384 $
<br />99,950,599
<br />$
<br />107,366,344 $
<br />106,066,647
<br />$
<br />215,192,728 $
<br />206,017,246
<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 a high -quality bond rating. The City's AA+ bond rating was reaffirmed by Standard and Poor's
<br />(S&P) in November 2022. This has also allowed the City to continue to provide quality public services at a tax
<br />rate that is affordable.
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