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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 />$194,948,869 at the close of December 2020. Total net position increased by $9,955,750 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 />Assets
<br />Current and other assets
<br />Capital assets, net of
<br />depreciation
<br />Total assets
<br />Summary Statement of Net Position
<br />Govemmental Business -Type
<br />Activities Activities
<br />Total
<br />2020 2019 2020 2019 2020 2019
<br />66,140,545 $ 51,956,945 $ 45,267,792 $ 47,582,978 $ 111,408,337 $ 99,539,923
<br />71, 275, 456 66, 783, 317 56,166, 921 55, 575, 211 127, 442, 377 122, 358, 528
<br />$ 137,416,001 $ 118,740,262 $ 101,434,713 $ 103,158,189 $ 238,850,714 $ 221,898,451
<br />Deferred outflows of resources
<br />OPEB plan deferments $ 65,284 $ 27,297 $ - $ $ 65,284 $ 27,297
<br />Pension plan deferments 2,118,987 2,745,148 62,276 128,436 2,181,263 2,873,584
<br />Total deferred outflows of resources $ 2,184,271 $ 2,772,445 $ 62,276 $ 128,436 $ 2,246,547 $ 2,900,881
<br />Liabilities
<br />Current and other liabilities $ 6,417,792 $ 4,601,510 $ 226,705 $ 113,771 $ 6,644,497 $ 4,715,281
<br />Long-term liabilities 36,499,319 35,007,416 509,015 544,044 37,008,334 35,551,460
<br />Total I iabil ities $ 42,917,111 $ 39,608,926 $ 735,720 $ 657,815 $ 43,652,831 $ 40,266,741
<br />Deferred inflows of resources
<br />OPEB plan deferments $ 365,833 $ 37,433 $ - $ $ 365,833 $ 37,433
<br />Pension plan deferments 2,103,893 4,043,743 25,835 59,806 2,129,728 4,103,549
<br />Total deferred inflows of resources $ 2,469,726 $ 4,081,176 $ 25,835 $ 59,806 $ 2,495,561 $ 4,140,982
<br />Net position
<br />Net investment in capital assets $ 52,756,077 $ 44,658,317 $ 56,166,921 $ 55,575,211 $ 108,922,998 $ 100,233,528
<br />Restricted 18,957,706 21,006,537 18,957,706 21,006,537
<br />Unrestricted 22,499,652 16,759,261 44,568,513 46,993,793 67,068,165 63,753,054
<br />Total net position $ 94,213,435 $ 82,424,115 $ 100,735,434 $ 102,569,004 $ 194,948,869 $ 184,993,119
<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 December 2020. This has also allowed the City to continue to provide quality public services at a tax rate that
<br />is affordable.
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