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<br />NOTE 5 – NET POSITION/FUND BALANCES
<br />
<br />A. Net Investment in Capital Assets
<br />
<br />The government-wide Statement of Net Position at December 31, 2021 includes the City’s net investment
<br />in capital assets calculated as follows:
<br />
<br />Governmental Business-Type
<br />Activities Activities Total
<br />Net investment in capital assets:
<br />Capital assets
<br />Nondepreciable 5,049,210$ 1,585,722$ 6,634,932$
<br />Depreciable, net of accumulated depreciation 22,565,005 18,906,400 41,471,405
<br />Less capital related long-term debt outstanding – (2,115,281) (2,115,281)
<br />Less capital related accounts/contracts payable (139,256) (3,506) (142,762)
<br />Total net investment in capital assets 27,474,959$ 18,373,335$ 45,848,294$
<br /> B. Governmental Fund Balance Classifications
<br />
<br />At December 31, 2021, a summary of the City’s governmental fund balance classifications are as follows:
<br />
<br />Permanent Other
<br />Improvement Governmental
<br />General Revolving Funds Total
<br />Nonspendable
<br />Prepaid items 31,152$ –$ 3,878$ 35,030$
<br />Restricted for
<br />Tax increment purposes – – 1,129,558 1,129,558
<br />Cable TV – – 90,729 90,729
<br />Total restricted – – 1,220,287 1,220,287
<br />Committed for
<br />Economic development authority – – 654,042 654,042
<br />Assigned for
<br />Compensated absences 99,096 – – 99,096
<br />Subsequent year’s budget 140,000 – – 140,000
<br />Capital improvements – 4,990,120 261,891 5,252,011
<br />Park improvements – – 565,169 565,169
<br />Public safety capital equipment – – 173,067 173,067
<br />Total assigned 239,096 4,990,120 1,000,127 6,229,343
<br />Unassigned 2,899,564 – (223,538) 2,676,026
<br />Total 3,169,812$ 4,990,120$ 2,654,796$ 10,814,728$
<br /> C. Minimum Unassigned Fund Balance Policy
<br />
<br />The City Council has formally adopted a fund balance policy regarding the minimum unassigned fund
<br />balance for the General Fund. The policy establishes the City will strive to maintain an unassigned
<br />General Fund balance of 50.0 percent of the subsequent year’s General Fund budgeted expenditures. At
<br />December 31, 2021, the unassigned fund balance of the General Fund was 55.3 percent of the subsequent
<br />year’s budgeted expenditures.
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