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GOVERNMENT -WIDE FINANCIAL ANALYSIS (CONTINUED)
<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 />Net Position
<br />Governmental Business -Type
<br />Activities Activities
<br />Total
<br />2012 2011 2012 2011 2012 2011
<br />$ 37,508,556 $ 45,991,067 $ 27,577,456 $ 23,870,643 $ 65,086,012 $ 69,861,710
<br />64,638,822 63,894,321 50,843,868 51,748,092 115,482,690 115,642,413
<br />$ 102,147,378 $ 109,885,388 $ 78,421,324 $ 75,618,735 $ 180,568,702 $ 185,504,123
<br />Liabilities
<br />Current and other liabilities $ 832,139 $ 1,864,642 $ 90,724 $ 106,583 $ 922,863 $ 1,971,225
<br />Long-term liabilities 37,385,586 31,688,639 - - 37,385,586 31,688,639
<br />Total liabilities $ 38,217,725 $ 33,553,281 $ 90,724 $ 106,583 $ 38,308,449 $ 33,659,864
<br />Net position
<br />Net investmen
<br />Restricted
<br />Unrestricted
<br />Total net position
<br />n capital assets
<br />$ 41,998,822 $ 39,794,321 $ 50,843,868 $ 51,748,092 $ 92,842,690 $ 91,542,413
<br />14,632,006 22,103,948 - - 14,632,006 22,103,948
<br />7,298,825 14,433,838 27,486,732 23,764,060 34,785,557 38,197,898
<br />$ 63,929,653 $ 76,332,107 $ 78,330,600 $ 75,512,152 $ 142,260,253 $ 151,844,259
<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. In November 2009, Standard and Poor's (S&P) upgraded the City's bond
<br />rating from an AA- to an AA+ and reaffirmed the rating in December 2011 and March 2012. This has also
<br />allowed the City to continue to provide quality public services at a tax rate that is affordable.
<br />At the end of the current fiscal year, the City is able to report positive balances in all three categories of net
<br />position, both for the government as a whole, as well as for its separate governmental and business -type
<br />activities.
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