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. T\1ANAbEMEI\'T'S. DISCUSSION AND .A.~AI:YSIS . Notes to the Financial Statements. .... . Notes to the. Financial Statements provide additional infonnation.that is essential to a.full understanding of the data .. provldedin the govemment~wide a~d fund financial statements. : . . ... The Note.\" to the.Financial Statements' ma~' be found on pages 29-62 of:this.:report.;.., GOVERNMENT-WIDE FINANCIAL ANALYSIS . . . ;:.; ..\~:noted'earlier ;.nct .assets may" over time' serve as: a useful: indicator 6fthe City?s financial1 position. 'The City's ;- ':,assets exceeded liabilities by $420.6 million at June 30, 2008:.. . . ., . . .' . . ..City's ~Net :Asse.ts:(in Millic)DS).:. .. Cash and investments Other assets: Capital assets ,. Total. 'assets. Long~t~~debt outstanding . Other:l.iabilities Tomlliabilities: .., Gpvemmcnral Activities 2008 2007 . . . $ . $:. . . 129.434.,124.877:; . 33.391 '..33.946 . : ., 214.032 2l9.8-8.l .376.857 378;704 ' Business-tYPe A"1ivities. . 2008. 2007. S :$ 53~ 786 .. 62.958 25.066 48.803 163.231. 108.73& 242.083 220.499 2008 $ . 183~220 58:457 377.263 618.940 Total 2007 $ 187.835 82.749 .328:619 599.203 : :.: 84;789 . ; 6'.692 91.481 86A59 .7.730. 94.189 i.: :162.rl:3' 0:. 166.013' . 36.237 32~774. 198.350 198.787 79.554 : 25.044 104.598 77.324 29.545. 106.8.69 Net assets: Invested i.n capital as.sets,: .. net of debt. Restricted: ' Uprestiicted . Oilie~ unrestr.i cted net assets: T otalnct assets 156.560. 50.323 . 78.786 5.786 70.507 . '. 6.139 . 235.346 . ;..227.415. 56.109 60.896 .156_90S. i.: 54..757 . 66;030 49.664.:.;: 129.135 .150:602 :..;'. :126.310 420.590 . .. 63.105 269.988 62,441 .274.106 . : 1 ii: 105 400.416 Variance -2.457%. -29.356% '14.803% , 3.294% -2.349% .. 10.566% . -O.220oio 3,487.% -7.861% 15.191% .5.038% . . . . . The:l~r~st portion (56%) of. the.City>s:netass~ts reflects.i.its capital assets (c.g'" larid, .~ui1dings.. machinery, and. . . equipment) less. any rClated . debt use.d to acquire those assets' that is still outstanding. . The :City uses thesc. capital assets to -provide services to .res,idents; accordingly, these assets are. not available tor future ~'Pending- Although the City's investment.in capi;al assets is reported net of related debt, it should be noted'tl1at the. resources .needed to . : . repay this debt must be1provided from other sources, since the capital :asseis themselves cannot be. used l()liquidate ;.. '; thes:e liabilities. " -. .. ....,. ...... .. . :An additional portion o{the Citfs.netassets (1 ~%). representk ~eso,u~~es' that..are subject t~ .external restribtions on. :how 'they may be used:. The remaining. balance; of unrestrictc&net assets ($i29~ l35 million) may be used~to meet . the government's ongoing obligations (although'portions of these unrestricted net ass"ets may by law or contract be only used for specified: purp<>ses and..maynot necessarily .be .used .for any general governmental purpose.) to ; residents and creditors.." . . . .' . . ,At the elid of the current fiscal year, the City is. able to report positive balances in:all three .categories;~f.ne1.assetS~;: both:for the g~vernmcnt as a whole, as well as .for its separate governmental and business-type activities'. 'me same situation:heJd true for the pr~or fiscal year. . The Clty~s' n~t a~scts :increascd by-:$20.2 ~illion during the curr~nt fiscalye~~:, . . !: . ) . ., .. 'I . : . .... 6 . ~ - . ...