|
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 ❑f
<br />depreciation
<br />Total assets
<br />Net Position
<br />Governmental Business -Type
<br />Activities Activities
<br />Total
<br />2013 2012 2013 2012 2013 2012
<br />$ 39, 649, 243 $ 37, 508, 556 $ 29, 034, 615 $ 27, 577, 456 $ 68, 683, 858 $ 65, 086, 012
<br />62, 529, 256 64, 638, 822 50, 494, 576 50, 843, 868 113, 023, 832 115, 482, 690
<br />$ 102,178, 499 $ 102,147, 378
<br />$ 79,529,191 $ 78,421,324 $ 181,707,690 $ 180,568,702
<br />Liabilities
<br />Current and ❑ther liabilities $ 736,466 $ 832,139 $ 64,885 $ 90,724 $ 801,351 $ 922,863
<br />Long-term liabilities 36,831,840 37,385,586 - 36,831,840 37,385,586
<br />Total liabilities $ 37,568,306 $ 38,217,725 $ 64,885 $ 90,724 $ 37,633,191 $ 38,308,449
<br />Net position
<br />Net investment in capital assets $ 40, 374, 256 $ 41, 998, 822 $ 50, 494, 576 $ 50, 843, 868 $ 90, 868, 832 $ 92, 842, 690
<br />Restricted 16,128, 452 14, 632, 006 16,128, 452 14, 632, 006
<br />Unrestricted 8,107, 485 7,298,825 28, 969, 730 27, 486, 732 37, 077, 215 34, 785, 557
<br />Total net position $ 64, 610,193 $ 63, 929, 653 $ 79, 464, 306 $ 78, 330, 600 $ 144, 074, 499 $ 142, 260, 253
<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, March 2012, and September 2013.
<br />This has also 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.
<br />29
<br />
|