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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 />$228,451,915 at December 31, 2023. Total net position increased by $13,259,187 from current year operating
<br />results.
<br />By far, the largest portion of the City's net position (61 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 />is 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 />Summary Statement of Net Position
<br />Governmental Business -Type
<br />Activities Activities
<br />Total
<br />2023 2022 2023 2022 2023 2022
<br />Assets
<br />Current and other assets $ 72,408,674 $ 72,626,918 $ 44,940,105 $ 44,461,716 $ 117,348,779 $ 117,088,634
<br />Capital assets, net of
<br />depreciation 97,844,103 88,271,396 73,355,151 63,486,708 171,199,254 151,758,104
<br />Total assets $ 170,252,777 $ 160,898,314 $ 118,295,256 $ 107,948,424 $ 288,548,033 $ 268,846,738
<br />Deferred outflows of resources
<br />OPEB plan deferments $ 502,803 $ 539,144 $ - $ $ 502,803 $ 539,144
<br />Pension plan deferments 7,594,871 9,240,986 157,822 232,460 7,752,693 9,473,446
<br />Total deferred outflows of resources $ 8,097,674 $ 9,780,130 $ 157,822 $ 232,460 $ 8,255,496 $ 10,012,590
<br />Liabilities
<br />Current and other liabilities $ 4,384,112 $ 6,466,702 $ 1,592,532 $ 80,941 $ 5,976,644 $ 6,547,643
<br />Long-term liabilities 52,336,569 54,229,001 520,046 716,367 52,856,615 54,945,368
<br />Total liabilities $ 56,720,681 $ 60,695,703 $ 2,112,578 $ 797,308 $ 58,833,259 $ 61,493,011
<br />Deferred inflows of resources
<br />Leases receivable for subsequent years $ 1,167,032 $ 1,379,641 $ - $ - $ 1,167,032 $ 1,379,641
<br />OPEB plan deferments 644,049 611,952 644,049 611,952
<br />Pension plan deferments 7,531,492 164,764 175,782 17,232 7,707,274 181,996
<br />Total deferred inflows of resources $ 9,342,573 $ 2,156,357 $ 175,782 $ 17,232 $ 9,518,355 $ 2,173,589
<br />Net position
<br />Net investment in capital assets $ 66,959,661 $ 63,796,121 $ 71,932,644 $ 63,486,708 $ 138,892,305 $ 127,282,829
<br />Restncted 18,598,778 20,624,484 - - 18,598,778 20,624,484
<br />Unrestncted 26,728,758 23,405,779 44,232,074 43,879,636 70,960,832 67,285,415
<br />Total net position $ 112,287,197 $ 107,826,384 $ 116,164,718 $ 107,366,344 $ 228,451,915 $ 215,192,728
<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 fmancial 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 a high -quality bond rating. The City's AA+ bond rating was reaffirmed by Standard and Poor's
<br />(S&P) in October 2023. This has also allowed the City to continue to provide quality public services at a tax
<br />rate that is affordable.
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