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GOVERNMENT -WIDE FINANCIAL STATEMENTS
<br />In addition to fund -based information, the current reporting model for governmental entities also requires
<br />the inclusion of two government -wide financial statements designed to present a clear picture of the City
<br />as a single, unified entity. These government -wide financial statements provide information on the total
<br />cost of delivering services, including capital assets and long-term liabilities.
<br />STATEMENT OF NET POSITION
<br />The Statement of Net Position essentially tells you what the City owns and owes at a given point in time,
<br />the last day of the fiscal year. Theoretically, net position represents the resources the City has leftover to
<br />use for providing services after its debts are settled. However, those resources are not always in spendable
<br />form, or there may be restrictions on how some of those resources can be used. Therefore, net position is
<br />divided into three components: net investment in capital assets, restricted, and unrestricted.
<br />The following table presents the components of the City's net position as of December 31, 2024, and 2023,
<br />for governmental activities and business -type activities:
<br />Net position
<br />Governmental activities
<br />Net investment in capital assets
<br />Restricted
<br />Unrestricted
<br />Total governmental activities
<br />Business -type activities
<br />Net investment in capital assets
<br />Unrestricted
<br />Total business -type activities
<br />Total net position
<br />As of December 31,
<br />2024 2023
<br />$ 72,783,568
<br />14,022,396
<br />36,934,626
<br />123,740,590
<br />95,749,335
<br />32,212,510
<br />127,961,845
<br />$ 251,702,435
<br />$ 66,959,661
<br />18,598,778
<br />26,728,758
<br />112,287,197
<br />71,932,644
<br />44,232,074
<br />116,164,718
<br />$ 228,451,915
<br />Change
<br />$ 5,823,907
<br />(4,576,382)
<br />10,205,868
<br />11,453,393
<br />23,816,691
<br />(12,019,564)
<br />11,797,127
<br />$ 23,250,520
<br />The City's total net position on December 31, 2024, was $23,250,520 more than the previous year.
<br />Governmental activities increased $11,453,393 and business -type activities increased $11,797,127.
<br />The increase in net position within governmental activities presents the overall operating results of the
<br />governmental funds, along with the continued development and investment in infrastructure within the City.
<br />The increase in business -type activities net position matches the enterprise funds activity previously
<br />discussed.
<br />At the end of the current fiscal year, the City is able to present positive balances in all categories of net
<br />position, both for the government as a whole, as well as for its separate governmental and business -type
<br />activities. The same situation held true for the prior fiscal year.
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