AgdaPkt 2007-12-17 - Laserfiche WebLink

Browse Search

M��G��'r's D�SC�ss�o��A��,�s�s Notes to the Financial Statements Notes to the Financial Statements provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The Notes to the Flnanclal Statements may be found on pages 29-60 of thls report. GOVERNMENT-W�E F�TANC�AL ANAL�S�S As noted earlier, net assets may over time serve as a useful indicator of the City's financial position. The City's assets exceeded liabilities by$400.4 million at June 30, 2007. Cit�'s Net Assets(in Millions) Governmental Business-type Activities Activities Total 2007 2006 2007 2006 2007 2006 Variance $ $ $ $ $ $ Cash and investments 124.877 124.820 62.958 73.127 187.835 197.947 -5.108% Other assets 33.945 31.201 49.459 42.490 83.404 73.691 13.181% Capital assets 219.882 213.812 108.737 91.790 328.619 305.602 7.532% Total assets 378.704 369.833 221.154 207.407 599.858 577.240 3.918% Long-term debt outstanding 79.554 83.133 87.114 73.507 166.668 156.640 6.402% Other liabilities 25.044 23.163 7.730 10.768 32.774 33.931 -3.410% Total liabilities 104.598 106.296 94.844 84.275 199.442 190.571 4.655% Net assets: Invested in capital assets, net of debt 156.908 159.098 70.507 31.200 227.415 190.298 19.505% Restricted 54.757 64.855 6.139 36.639 60.896 101.494 -40.000% Unrestricted Other unrestricted net assets 62.441 39.584 49.664 55.294 112.105 94.878 18.157% Total net assets 274.106 263.537 126.310 123.133 400.416 386.670 3.555% The largest portion (57%) of the City's net assets 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 assets (15%) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net assets ($112.105 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 assets, 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 assets increased by$13.7 million during the current fiscal year. 6