|
-38-
<br />NOTE 6 – NET POSITION/FUND BALANCES
<br />A.Net Investment in Capital Assets
<br />The government-wide Statement of Net Position at December 31, 2022 includes the City’s net investment
<br />in capital assets calculated as follows:
<br />Governmental Business-Type
<br />Activities Activities Total
<br />Net investment in capital assets
<br />Capital assets
<br />Nondepreciable 4,759,890$ 735,625$ 5,495,515$
<br />Depreciable, net of accumulated depreciation 23,640,480 20,104,941 43,745,421
<br />Less capital related long-term debt outstanding – (1,879,724) (1,879,724)
<br />Less capital related accounts/contracts payable (81,867) – (81,867)
<br />Total net investment in capital assets 28,318,503$ 18,960,842$ 47,279,345$
<br />B.Governmental Fund Balance Classifications
<br />At December 31, 2022, a summary of the City’s governmental fund balance classifications are as follows:
<br />Permanent Other
<br />Improvement Governmental
<br />General Revolving Funds Total
<br />Nonspendable
<br />Prepaid items 34,508$ –$ 4,071$ 38,579$
<br />Restricted for
<br />Tax increment purposes – – 1,366,532 1,366,532
<br />Cable TV – – 56,621 56,621
<br />Park improvements – – 218,039 218,039
<br />Total restricted – – 1,641,192 1,641,192
<br />Committed for
<br />Economic development authority – – 658,457 658,457
<br />Assigned for
<br />Compensated absences 98,255 – – 98,255
<br />Subsequent year’s budget 160,760 – – 160,760
<br />Capital improvements – 4,702,027 245,914 4,947,941
<br />Public safety capital equipment – – 264,303 264,303
<br />Total assigned 259,015 4,702,027 510,217 5,471,259
<br />Unassigned 3,072,714 – (218,496) 2,854,218
<br />Total 3,366,237$ 4,702,027$ 2,595,441$ 10,663,705$
<br />C.Minimum Unassigned Fund Balance Policy
<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, 2022, the unassigned fund balance of the General Fund was 55.6 percent of the subsequent
<br />year’s budgeted expenditures.
|