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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 />$176,830,870 at the close of December 2018. Total net position increased by $9,300,334 from current year
<br />operating results.
<br />By far, the largest portion of the City's net position (55 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 />2018 2017 2018 2017 2018 2017
<br />Assets
<br />Current and other assets $ 47,057,946 $ 43,770,999 $ 43,585,362 $ 39,362,619 $ 90,643,308 $ 83,133,618
<br />Capital assets, net of
<br />depreciation 67,681,135 66,914,791 53,653,338 53,855,285 121,334,473 120,770,076
<br />Total assets $ 114,739,081 $ 110,685,790 $ 97,238,700 $ 93,217,904 $ 211,977,781 $ 203,903,694
<br />Deferred outflows of resources
<br />OPEB plan deferments $ 20,955 $ $ - $ $ 20,955 $
<br />Pension plan deferments 3,842,824 5,165,609 177,917 203,009 4,020,741 5,368,618
<br />Total deferred outflows of resources $ 3,863,779 $ 5,165,609 $ 177,917 $ 203,009 $ 4,041,696 $ 5,368,618
<br />Liabilities
<br />Current and other liabilities
<br />Long-term liabilities
<br />Total liabilities
<br />Deferred inflows of resources
<br />Pension plan deferments
<br />$ 741,057 $ 595,650 $ 99,725 $ 598,232 $ 840,782 $ 1,193,882
<br />32,404,808 34,400,353 543,043 581,651 32,947,851 34,982,004
<br />$ 33,145,865 $ 34,996,003 $ 642,768 $ 1,179,883 $ 33,788,633 $ 36,175,886
<br />$ 5,303,755 $ 5,486,996 $ 96,219 $ 78,894 $ 5,399,974 $ 5,565,890
<br />Net position
<br />Net investment in capital assets $ 43,551,135 $ 42,129,791 $ 53,653,338 $ 53,855,285 $ 97,204,473 $ 95,985,076
<br />Restricted 20,935,216 19,679,434 20,935,216 19,679,434
<br />Unrestricted 15,666,889 13,559,175 43,024,292 38,306,851 58,691,181 51,866,026
<br />Total net position $ 80,153,240 $ 75,368,400 $ 96,677,630 $ 92,162,136 $ 176,830,870 $ 167,530,536
<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 June 2018. 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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