AgdaPkt 2015-01-12 Joint SA Amended

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7.1.A. - Page 36 , Management's Discussion and Analysis For the year ended June 30, 2014 GOVERNMENT -WIDE FINANCIAL ANALYSIS As noted earlier, net position may over time serve as a useful indicator of the City's financial position. The City's assets exceeded liabilities by $510.8 million at June 30, 2014. City's Net Position (in Millions) Governmental Business -type Activities Activities Total 2014 2013 2014 2013 2014 2013 Variance $ $ $ $ $ $ Cash and investments 132.376 112.195 79.290 63.422 211.666 175.617 20.527% Other assets 37.339 35.741 37.218 41.070 74.557 76.811 - 2.934% Capital assets 187.660 193.550 191.219 183.989 378.879 377.539 0.355% Total assets 357.375 341.486 307.727 288.481 665.102 629.967 5.577% Total deferred outflows of resources 1.611 1.691 1.611 1.691 - 4.731% Long -term debt outstanding 13.015 12.896 81.619 85.764 94.634 98.660 - 4.081% Other liabilities 50.428 46.484 10.898 11.690 61.326 58.174 5.418% Total liabilities 63.443 59.380 92.517 97.454 155.960 156.834 - 0.557% Net Position: Net investment in capital assets 184.625 190.191 117.928 110.901 302.553 301.092 0.485% Restricted 49.269 43.957 6.553 6.638 55.822 50.595 10.331% Unrestricted 60.038 47.958 92.340 75.179 152.378 123.137 23.747% Total net position 293.932 282.106 216.821 192.718 510.753 474.824 7.567% The largest portion (59 %) of the City's net position reflects its capital assets (e.g., land, buildings, machinery, and equipment) less any related debt used to acquire those assets that is still outstanding. The City uses these capital assets to provide services to residents; accordingly, these assets are not available for future spending. Although the City's investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. An additional portion of the City's net position (10.9 %) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net assets ($152.4 million) may be used to meet the government's ongoing obligations (although portions of these unrestricted net assets may by law or contract be only used for specified purposes and may not necessarily be used for any general governmental purpose) to residents and creditors. At the end of the current fiscal year, the City is able to report positive balances in all three categories of net position, both for the government as a whole, as well as for its separate governmental and business - type activities. The same situation held true for the prior fiscal year. The City's net position increased by $35.9 million during the current fiscal year. 8