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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 />$162,240,236 at the close of December 2016.
<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 />2016 2015 2016 2015 2016 2015
<br />Assets
<br />Current and other assets $ 42,387,777 $ 41,435,416 $ 36,502,299 $ 34,682,382 $ 78,890,076 $ 76,117,798
<br />Capital assets, net of
<br />depreciation 67,880,710 66,751,689 51,959,594 49,340,145 119,840,304 116,091,834
<br />Total assets $ 110,268,487 $ 108,187,105 $ 88,461,893 $ 84,022,527 $ 198,730,380 $ 192,209,632
<br />Deferred outflows of resources
<br />Pension plan deferments
<br />Liabilities
<br />Current and other liabilities
<br />Long-term liabilities
<br />Total liabilities
<br />Deferred inflows of resources
<br />Pension plan deferments
<br />$ 7,553,638 $ 949,100 $ 267,548 $ 57,996 $ 7,821,186 $ 1,007,096
<br />$ 811,993 $ 1,457,170 $ 120,669 $ 98,503 $ 932,662 $ 1,555,673
<br />41,407,533 34,206,246 639,331 408,072 42,046,864 34,614,318
<br />$ 42,219,526 $ 35,663,416 $ 760,000 $ 506,575 $ 42,979,526 $ 36,169,991
<br />$ 1,275,498 $ 532,988 $ 56,306 $ 27,127 $ 1,331,804 $ 560,115
<br />Net position
<br />Net investment in capital assets $ 42,170,710 $ 41,216,689 $ 51,959,594 $ 49,340,145 $ 94,130,304 $ 90,556,834
<br />Restricted 18,323,930 18,430,141 18,323,930 18,430,141
<br />Unrestricted 13,832,461 13,292,971 35,953,541 34,206,676 49,786,002 47,499,647
<br />Total net position $ 74,327,101 $ 72,939,801 $ 87,913,135 $ 83,546,821 $ 162,240,236 $ 156,486,622
<br />Total net position increased by $5,753,614 which reflects an increase of $3,063,947 from current year operating
<br />results, while the prior period adjustment mentioned earlier increased net position by $2,689,667.
<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 July 2016. This has also allowed the City to continue
<br />to provide quality public services at a tax rate that is affordable.
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