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MANAGEMENT'S DISCUSSION AND ANALYSIS 6.1. B. - Page 32 funds is much lil<e 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 29-65 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 $434.4 million at June 30, 2011. City's Net Assets (in Millions) Governmental Business-type Activities Activities Total 2011 2010 2011 2010 2011 2010 Variance $ $ $ $ $ $ Cash and investments 114.220 111.125 48.000 47.644 162.220 158.769 2.174% Other assets 30.408 31.839 42.642 39357 73.050 71.196 2.604% Capital assets 210.624 213.733 171.594 162384 382.218 376.117 1.622% Total assets 355.252 356.697 262.236 249385 617.488 606.082 1.882% Long-term debt outstanding 61.283 63.002 78.918 80.935 140.201 143.937 -2.596% Other liabilities 32.821 32.807 10.111 6.852 42.932 39.659 8.253% Totalliabilities 94.104 95.809 89.029 87.787 183.133 183.596 -0.252% Net assets: Invested in capital assets, net of debt 169.198 169.093 101.836 90.878 271.034 259.971 4.255% Restricted 48.959 49.496 5.839 5.660 54.798 55.156 -0.649% Unrestricted Other unrestricted net assets 42.991 42.299 65.532 65.060 108.523 107.359 1.084% Total net assets 261.148 260.888 173.207 161.598 434355 422.486 2.809% 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 (13%) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net assets ($108.5 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