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The following is a summary of the City's net assets:
<br />
<br /> Net Assets
<br /> Governmental Busk~ess-Type
<br /> Activities Activities Total
<br />2005 2004 2005 2004 2005 2004
<br />
<br />Current and other assets $ 55,662,283 $ 30318,961 $17,217,271 $13,387,422 $ 72,879,554 $ 43,706,383
<br />Capital assets, net of 31,478,456 1&289,576 36,311,701 31,664,220 67,790. I57 47,953,796
<br />depreciation
<br />Total assets $ 87,140,739 $ 46,608,537 $ 53,528,972 $ 45,051,642 $ 140,669,711 $ 91,660,179
<br />
<br />Liabilities
<br />Current and other liabilities $ 3,851,214 $ 3,352,774
<br /> Long-term liabilities 33,460,608 12,053,119
<br />
<br />$ 203,371 $ 106,344 $ 4,054,585 $ 3,459.118
<br />- - 33,460,608 12,053,119
<br />
<br />Totalliabilities $37,311,822 $15,405,893 $ 203,37~1 $ 106,344 $ 37,515,193 $15,512,237
<br />
<br />Net assets
<br />Invested in capital assets, $ I2,267,296 $ 8,768,136 $ 36,311,701 $ 31,664,220 $ 48,578,997 $ 40,432,356
<br />net of related debt
<br />Restricted 18,296,241 7,597,395 - - 18,296241 7,597,395
<br />Unrestricted 19,265,380 14,837,113 17,013,900 13,281,078 36,279,280 28, I18,191
<br />
<br /> Total net assets $ 49,828,917 $ 31,202,644 $ 53325,601 $ 44,945,298 $ 103,154,518 $ 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, bet 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.
<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 assets, both for the government as a whole, as well as for its separate governmental and business-type
<br />activities.
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