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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 $13,259,187 from current year operating
<br />results.
<br />By far, the largest portion of the City’s net position (61 percent) reflects its investment in capital assets (e.g.,
<br />land, buildings, machinery, infrastructure, and equipment), less any related debt used to acquire those assets that
<br />is still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets
<br />are not available for future spending. Although the City’s investment in its capital assets is reported net of
<br />related debt, it should be noted that the resources needed to repay this debt must be provided from other sources,
<br />since the capital assets themselves cannot be used to liquidate these liabilities.
<br />The following is a summary of the City’s net position:
<br />Summary Statement of Net Position
<br />Governmental Business-Type
<br />Activities Activities Total
<br />2023 2022 2023 2022 2023 2022
<br />Assets
<br /> Current and other assets 72,408,674$ 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 />Restricted 18,598,778 20,624,484 - - 18,598,778 20,624,484
<br />Unrestricted 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 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 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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