Laserfiche WebLink
6.G. - Page 36 of 187 <br />City of Redwood City <br />Management's Discussion and Analysis <br />For the fiscal year ended June 30, 2018 <br />GOVERNMENT -WIDE FINANCIAL ANALYSIS <br />As noted earlier, net position may, over time, serve as a useful indicator of the City's financial position. <br />The City's assets exceeded liabilities by $382.1 million at June 30, 2018. <br />Cash and investments <br />Other assets <br />Capital assets <br />Total assets <br />Total deferred outflows of <br />resources <br />Long-term debt outstanding <br />Other liabilities <br />Total liabilities <br />City's Net Position (in Millions) <br />Governmental <br />Business -type <br />Activities <br />Activities <br />Net investment in capital assets 199.264 <br />Total <br />161.939 <br />2018 <br />2017 <br />2018 <br />2017 <br />2018 <br />2017 <br />Variance <br />6.227 <br />74.467 <br />66.042 <br />12.76% <br />Unrestricted (139.527) <br />86.738 <br />86.001 <br />168.357 <br />164.549 <br />99.839 <br />99.597 <br />268.196 <br />264.146 <br />1.53% <br />43.154 <br />35.352 <br />40.024 <br />47.532 <br />83.178 <br />82.884 <br />0.35% <br />199.611 <br />193.154 <br />218.460 <br />203.549 <br />418.071 <br />396.703 <br />5.39% <br />411.122 <br />393.055 <br />358.323 <br />350.678 <br />769.445 <br />743.733 <br />3.46% <br />54.451 <br />38.554 <br />7.335 <br />6.127 <br />61.786 <br />44.681 <br />38.28% <br />306.831 <br />231.927 <br />91.733 <br />85.633 <br />398.564 <br />317.560 <br />25.51% <br />32.378 <br />30.707 <br />16.318 <br />14.058 <br />48.696 <br />44.765 <br />8.78% <br />339.209 <br />262.634 <br />108.051 <br />99.691 <br />447.260 <br />362.325 <br />23.44% <br />Total deferred inflows of <br />resources 1.702 3.779 0.124 0.300 1.826 4.079 -55.23% <br />Net Position: <br />Net investment in capital assets 199.264 <br />192.119 <br />161.939 <br />142.830 <br />361.203 <br />334.949 <br />7.84% <br />Restricted 64.924 <br />59.815 <br />9.543 <br />6.227 <br />74.467 <br />66.042 <br />12.76% <br />Unrestricted (139.527) <br />86.738 <br />86.001 <br />107.757 <br />53.526 <br />21.019 <br />-354.66% <br />Total net position 124.661 <br />165.196 <br />257.483 <br />256.814 <br />382.144 <br />422.010 <br />-9.45% <br />The largest portion (94.5%) of the City's net position reflects its capital assets (e.g., land, buildings, <br />machinery, and equipment) less any related debt used to acquire those assets that is still outstanding. <br />The City uses these capital assets to provide services to residents; accordingly, these assets are not <br />available for future spending. Although the City's investment in capital assets is reported net of related <br />debt, it should be noted that the resources needed to repay this debt must be provided from other <br />sources, as the capital assets themselves cannot be used to liquidate these liabilities. <br />An additional portion of the City's net position (19.5%) represents resources that are subject to external <br />restrictions on how they may be used. Unrestricted net position may be used to meet the government's <br />ongoing obligations (although portions of unrestricted net position may, by law or contract, be only used <br />for specified purposes and may not necessarily be used for any general governmental purpose) to <br />residents and creditors. The City's unrestricted net position has a deficit balance of $53.5 million, which <br />is due to the recording of the City's net pension liability of $245.6 million and the City's net other <br />postemployment benefits liability of $58.0 million. <br />The City's net position decreased by $39.9 million during the current fiscal year, due to prior period <br />adjustments of $45.0 million offset by the current fiscal year's positive change in net position of $5.1 <br />million. The prior period adjustments were related to the implementation of GASB Statement No. 75, <br />requiring the reporting of the unfunded liability of other postemployment benefits (see note 1 of the <br />notes to the Basic Financial Statements). <br />9 215 <br />