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OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
<br />Further, a statistical section has been included as part of the annual comprehensive financial report to facilitate
<br />additional analysis, and is the third and final section of the report.
<br />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 />$251,702,435 at December 31, 2024. Total net position increased by $23,250,520 from current year operating
<br />results.
<br />By far, the largest portion of the City's net position (67 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 />2024 2023 2024 2023 2024 2023
<br />Assets
<br />Current and other assets $ 66,922,957 $ 72,408,674 $ 32,966,160 $ 44,940,105 $ 99,889,117 $ 117,348,779
<br />Capital assets, net of
<br />depreciation 111,196,429 97,844,103 97,821,087 73,355,151 209,017,516 171,199,254
<br />Total assets $ 178,119,386 $ 170,252,777 $ 130,787,247 $ 118,295,256 $ 308,906,633 $ 288,548,033
<br />Deferred outflows of resources
<br />OPEB plan deferments $ 899,946 $ 502,803 $
<br />Pension plan deferments 6,174,804 7,594,871
<br />Total deferred outflows of resources $ 7,074,750 $ 8,097,674 $ 111,213 $
<br />- $ $ 899,946 $ 502,803
<br />111,213 157,822 6,286,017 7,752,693
<br />Liabilities
<br />Current and other liabilities
<br />Long-term liabilities
<br />Total liabilities
<br />157,822 $ 7,185,963 $ 8,255,496
<br />$ 4,119,931 $ 4,384,112 $ 2,319,569 $ 1,592,532 $ 6,439,500 $ 5,976,644
<br />48,048,879 52,336,569 370,664 520,046 48,419,543 52,856,615
<br />$ 52,168,810 $ 56,720,681 $ 2,690,233 $ 2,112,578 $ 54,859,043 $ 58,833,259
<br />Deferred inflows of resources
<br />Leases receivable for subsequent years $ 1,178,551 $ 1,167,032 $ - $ $ 1,178,551 $ 1,167,032
<br />OPEB plan deferments 552,416 644,049 552,416 644,049
<br />Pension plan deferments 7,553,769 7,531,492 246,382 175,782 7,800,151 7,707,274
<br />Total deferred inflows of resources $ 9,284,736 $ 9,342,573 $ 246,382 $ 175,782 $ 9,531,118 $ 9,518,355
<br />Net position
<br />Net investment in capital assets
<br />Restricted
<br />Unrestricted
<br />Total net position
<br />72,783,568 $ 66,959,661 $ 95,749,335 $ 71,932,644 $ 168,532,903 $ 138,892,305
<br />14,022,396 18,598,778 - 14,022,396 18,598,778
<br />36,934,626 26,728,758 32,212,510 44,232,074 69,147,136 70,960,832
<br />123,740,590 $ 112,287,197 $ 127,961,845 $ 116,164,718
<br />251,702,435 $ 228,451,915
<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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