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GOVERNMENT -WIDE FINANCIAL ANALYSIS (CONTINUED)
<br />By far, the largest portion of the City's net position (58 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 />are 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 />Net Position
<br />Governmental Business -Type
<br />Activities Activities
<br />Total
<br />2015 2014 2015 2014 2015 2014
<br />Assets
<br />Current and other assets $ 41,435,416 $ 36,073,670 $ 34,682,382 $ 31,025,767 $ 76,117,798 $ 67,099,437
<br />Capital assets, net of
<br />depreciation 66,751,689 63,312,601 49,340,145 50,427,368 116,091,834 113,739,969
<br />Total assets $ 108,187,105 $ 99,386,271 $ 84,022,527 $ 81,453,135 $ 192,209,632 $ 180,839,406
<br />Deferred outflows of resources
<br />Pension plan deferments
<br />$ 949,100 $
<br />$ 57,996 $ $ 1,007,096 $
<br />Liabilities
<br />Current and other liabilities $ 1,457,170 $ 1,091,801 $ 98,503 $ 109,936 $ 1,555,673 $ 1,201,737
<br />Long-term liabilities 34,206,246 33,242,334 408,072 - 34,614,318 33,242,334
<br />Total liabilities $ 35,663,416 $ 34,334,135 $ 506,575 $ 109,936 $ 36,169,991 $ 34,444,071
<br />Deferred inflows of resources
<br />Pension plan deferments $ 532,988 $ $ 27,127 $ $ 560,115 $
<br />Net position
<br />Net investment in capital assets $ 41,216,689 $ 41,657,601 $ 49,340,145 $ 50,427,367 $ 90,556,834 $ 92,084,968
<br />Restricted 18,430,141 15,273,582 18,430,141 15,273,582
<br />Unrestricted 13,292,971 8,120,953 34,206,676 30,915,832 47,499,647 39,036,785
<br />Total net position $ 72,939,801 $ 65,052,136 $ 83,546,821 $ 81,343,199 $ 156,486,622 $ 146,395,335
<br />Total net position increased by $10,091,287 which represents an increase of $14,480,585 from current year
<br />operating results, while the change in accounting principle mentioned earlier reduced unrestricted net position
<br />by $4,389,298. The change in accounting principle for pensions significantly increased deferred outflows of
<br />resources, long-tenn liabilities, and deferred inflows of resources, as presented in the table above.
<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 May 2015. This has also allowed the City to continue
<br />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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