|
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 />$271,861,837 at December 31, 2025. Total net position increased by $20,159,402 from current year operating
<br />results.
<br />By far, the largest portion of the City's net position (72 percent) reflects its investment in capital assets (e.g.,
<br />land, buildings, machinery, infrastructure, and equipment), less any related debt used to acquire those assets that
<br />is still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets
<br />are not available for future spending. Although the City's investment in its capital assets is reported net of
<br />related debt, it should be noted that the resources needed to repay this debt must be provided from other sources,
<br />since the capital assets themselves cannot be used to liquidate these liabilities.
<br />The following is a summary of the City's net position:
<br />Current and other assets
<br />Capital assets, net of depreciation
<br />Gov emmental Activities
<br />Business -Type Activities Total
<br />2025 2024
<br />2025 2024
<br />2025 2024
<br />$ 64,587,872 $ 66,922,957
<br />119,556,986 111,196,429
<br />$ 27,075,972 $ 32,966,160 $ 91,663,844 $ 99,889,117
<br />114,179,524 97,821,087 233,736,510 209,017,516
<br />Total as sets $184,144,858 $178,119,386
<br />Deferred outflows of resources
<br />OPEB plan deferments
<br />Pension plan deferments
<br />Total assets
<br />Liabilities
<br />Current and other liabilities
<br />Long-term liabilities
<br />Total liabilities
<br />Deferred inflows of resources
<br />Leases receivable for subsequent years
<br />OPEB plan deferments
<br />Pension plan deferments
<br />$141,255,496 $130,787,247 $325,400,354 $308,906,633
<br />$ 794,118 $ 899,946
<br />4,964,317 6,174,804
<br />$ — $
<br />149,572 111,213
<br />$ 794,118 $ 899,946
<br />5,113,889 6,286,017
<br />$ 5,758,435 $ 7,074,750
<br />$ 149,572 $ 111,213
<br />$ 5,908,007 $ 7,185,963
<br />$ 4,050,369 $ 4,119,931
<br />44,647,118 48,048,879
<br />$ 2,236,794 $ 2,319,569
<br />362,265 370,664
<br />$ 6,287,163 $ 6,439,500
<br />45,009,383 48,419,543
<br />$ 48,697,487 $ 52,168,810
<br />$ 2,599,059 $ 2,690,233
<br />$ 51,296,546 $ 54,859,043
<br />$ 987,781 $ 1,178,551 $
<br />501,015 552,416
<br />6,433,677 7,553,769
<br />— $
<br />227,505
<br />— $ 987,781 $ 1,178,551
<br />501,015 552,416
<br />246,382 6,661,182 7,800,151
<br />Total deferred inflows of resources $ 7,922,473 $ 9,284,736 $ 227,505 $ 246,382 $ 8,149,978 $ 9,531,118
<br />Net position
<br />Net investment in capital as sets
<br />Res tricted
<br />Unrestricted
<br />$ 82,689,945 $ 72,783,568 $112,202,886
<br />11,974,763 14,022,396
<br />38,618,625 36,934,626 26,375,618
<br />$ 95,749,335 $194,892,831
<br />11,974,763
<br />32,212,510 64,994,243
<br />$168,532,903
<br />14,022,396
<br />69,147,136
<br />Total net position $133,283,333 $123,740,590 $138,578,504 $127,961,845 $271,861,837 $251,702,435
<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 />29
<br />
|