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6.1 B MANAGEMENT'S DISCUSSION AND ANALYSIS Page 29 accounting used for fiduciary funds is much like that used for proprietary funds. These activities are excluded from the City's other financial statements because the City cannot use these assets to finance its own operations. The fiduciary fund financial statement may be found on page 28 of this report. 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 Financial Statements may be found on pages 29-63 of this report. GOVERNMENT-WIDE FINANCIAL ANALYSIS 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 $421.4 million at June 30, 2010. � Cit�s Net Assets (in Millions) Governmental Business-type II Acti viti es Acti vi ti es Tota I 2010 2009 2010 2009 2010 2009 Variance $ $ $ $ $ $ Cash and investments 111.125 125.737 47.644 48.134 158.769 173.871 -8.686% Other assets 31.839 29.126 38320 37.189 70.159 66.315 5.797% Capital assets 213J33 216J60 162.384 154.815 376.117 371.575 1.222% Total assets 356.697 371.623 248.348 240.138 605.045 611.761 -1.098% Long-term debt outsta ndi ng 63.002 76.223 80.935 82.972 143.937 159.195 -9.584% Other liabilities 32.807 32.112 6.852 5.569 39.659 37.681 5.249% Total liabilities 95.809 108.335 87.787 88.541 183.596 196.876 -6.745% Netassets: Invested in capital assets, net of debt 169.093 161.627 90.878 81.617 259.971 243Z44 6.877% I Restricted 54.629 52.369 5.660 5.548 60.289 57.917 4.096% Unrestricted , Other unrestricted net assets 37.166 49.292 64.023 64.432 101.189 113.724 -11.022% I Total net assets 260.888 263.288 160.561 151.597 421.449 414.885 1.582% The largest portion (62%) 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 (14%) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net assets ($101.2 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. 6