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<br />
<br />GOVERNMENT-WIDE FINANCIAL ANALYSIS (CONTINUED)
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<br />The following is a summary of the City’s net position:
<br />
<br />Net Position
<br />Governmental Business-Type
<br />Activities Activities Total
<br />2013 2012 2013 2012 2013 2012
<br />Assets
<br /> Current and other assets 39,649,243$ 37,508,556$ 29,034,615$ 27,577,456$ 68,683,858$ 65,086,012$
<br /> Capital assets, net of 62,529,256 64,638,822 50,494,576 50,843,868 113,023,832 115,482,690
<br /> depreciation
<br /> Total assets 102,178,499$ 102,147,378$ 79,529,191$ 78,421,324$ 181,707,690$ 180,568,702$
<br />Liabilities
<br /> Current and other 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$
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<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.
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<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.
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<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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