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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 />Assets
<br />Current and other assets
<br />Capital assets, net of
<br />depreciation
<br />Total assets
<br />Summary Statement of Net Position
<br />Governmental Business -Type
<br />Activities Activities
<br />Total
<br />2022 2021 2022 2021 2022 2021
<br />72,626,918 $ 56 014.868 $ 44,461,716 $ 48,675,454 $ 117,088,634 $ 104,690,322
<br />88,271,396 84.205.527 63,486,708 58,014,508 151,758,104 142,220,035
<br />160,898,314 $ 140,220.395
<br />107,948,424 $ 106.689,962
<br />268,846,738 $ 246,910,357
<br />Deferred outflows of resources
<br />OPEB plan deferments $ 539,144 $ 87,802 $ - $ $ 539,144 $ 87,802
<br />Pension plan deferments 9,240,986 5.479,282 232,460 318,114 9,473,446 5,797,396
<br />Total deferred outflows of resources $ 9,780,130 $ 5.567,084 $ 232,460 $ 318,114 $ 10,012,590 $ 5,885.198
<br />Liabilities
<br />Current and other liabilities
<br />Long-term liabilities
<br />Total liabilities
<br />$ 6,466,702 $ 5.991,152 $ 80,941 $ 182,082 $ 6,547,643 $ 6,173.234
<br />54,229,001 32.905,558 716,367 395,230 54,945,368 33,300.788
<br />$ 60,695,703 $ 38.896,710 $ 797,308 $ 577,312 $ 61,493,011 $ 39,474.022
<br />Deferred inflows of resources
<br />Leases receivable for subsequent years $ 1,379,641 $ $ - $ $ 1,379,641 $
<br />OPEB plan deferments 611,952 325,258 611,952 325,258
<br />Pension plan deferments 164,764 6.614,912 17,232 364,117 181,996 6,979.029
<br />Total deferred inflows of resources $ 2,156,357 $ 6,940,170 $ 17,232 $ 364,117 $ 2,173,589 $ 7,304.287
<br />Net position
<br />Net investment in capital assets
<br />Restricted
<br />Unrestricted
<br />Total net position
<br />63,796,121 $ 57.322.004 $ 63,486,708 $ 57.940.442 $ 127,282,829 $ 115,262,446
<br />20,624,484 19.886.753 20,624,484 19,886,753
<br />23,405,779 22.741,842 43,879,636 48,126,205 67,285,415 70,868,047
<br />107,826,384 $ 99.950.599 $ 107,366,344 $ 106,066,647
<br />215,192,728 $ 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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