AgdaPkt 2021.02.22 Joint SA PFA - Laserfiche WebLink

Browse Search

6.C. - Page 41 of 196 City of Redwood City Management's Discussion and Analysis For the fiscal year ended June 30, 2020 GOVERNMENT -WIDE FINANCIAL ANALYSIS 225.966 169.692 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 $481.2 million at June 30, 2020. 388.997 7.14% City's Net Position (in Millions) 54.296 10.264 Governmental Business -type 60.464 64.218 Activities Activities (128.072) Total 2020 2019 2020 2019 2020 2019 Variance (8.172) 148.90% 169.222 Cash and investments 195.601 189.750 125.080 106.899 320.681 296.649 8.10% Other assets 42.489 46.564 54.709 50.609 97.198 97.173 0.03% Capital assets Total assets Total deferred outflows of resources Long-term debt outstanding Other liabilities Total liabilities Total deferred inflows of resources Net Position: Net investment in capital assets Restricted Unrestricted Total net position 247.094 225.966 228.745 223.355 475.839 449.321 5.90% 485.184 462.280 408.534 380.863 893.718 843.143 6.00% 314.054 310.033 85.171 88.595 399.225 398.628 351.472 347.055 100.483 101.593 451.955 448.648 7.35% 0.15% 5.42% 0.74% 205.03% 247.094 225.966 169.692 163.031 416.786 388.997 7.14% 50.200 54.296 10.264 9.922 60.464 64.218 -5.85% (128.072) (119.855) 132.068 111.683 3.996 (8.172) 148.90% 169.222 160.407 312.024 284.636 481.246 445.043 8.13% The largest portion (86.6 percent) 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, as the capital assets themselves cannot be used to liquidate these liabilities. An additional portion of the City's net position (12.6 percent) represents resources that are subject to external restrictions on how they may be used. Unrestricted net position may be used to meet the government's ongoing obligations (although portions of unrestricted net position 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. The City's unrestricted net position has a balance of $4.0 million, an increase of $12.2 million from the prior fiscal year. The City's total net position increased by $36.2 million, or 8.1 percent, during the current fiscal year. This increase is comprised of $8.8 million in governmental activities net position and $27.4 million in business - type activities net position. 9 128