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NOTE 6 — NET POSITION/FUND BALANCES
<br />A. Net Investment in Capital Assets
<br />The government -wide Statement of Net Position at December 31, 2023 includes the City's net investment
<br />in capital assets calculated as follows:
<br />Net investment in capital assets
<br />Capital assets
<br />Nondepreciable
<br />Depreciable, net of accumulated depreciation
<br />Less capital -related long-term debt outstanding
<br />Less capital -related accounts/contracts payable
<br />Total net investment in capital assets
<br />B. Governmental Fund Balance Classifications
<br />Governmental Business -Type
<br />A
<br />$ 4,293,959 $ 614,676 $ 4,908,635
<br />23,980,939 19,911,769 43,892,708
<br />— (1,639,168) (1,639,168)
<br />(27,504) — (27,504)
<br />$ 28,247,394 $ 18,887,277 $ 47,134,671
<br />At December 31, 2023, a summary of the City's governmental fund balance classifications are as follows:
<br />Nonspendable
<br />Prepaid items
<br />Restricted for
<br />Cable TV
<br />Tax increment purposes
<br />Park improvements
<br />Public safety
<br />Total restricted
<br />Committed for
<br />Economic development authority
<br />Assigned for
<br />Compensated absences
<br />Subsequent year's budget
<br />Capital improvements
<br />Public safety capital equipment
<br />Total assigned
<br />Unassigned
<br />Total
<br />Permanent Other
<br />Improvement Governmental
<br />General Revolving Funds Total
<br />$ 39,554 $
<br />105,483
<br />182,070
<br />— $ 4,293
<br />$ 43,847
<br />— 806
<br />806
<br />— 1,471,705
<br />1,471,705
<br />— 197,648
<br />197,648
<br />— 433,096
<br />433,096
<br />2,103,255
<br />2,103,255
<br />713,987 713,987
<br />105,483
<br />182,070
<br />5,605,205 383,682 5,988,887
<br />— 367,950 367,950
<br />5,605,205 751,632 6,644,390
<br />2,878,628 — (219,580) 2,659,048
<br />$ 3,205,735 $ 5,605,205 $ 3,353,587 $ 12,164,527
<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, 2023, the unassigned fund balance of the General Fund was 47.4 percent of the subsequent
<br />year's budgeted expenditures.
<br />191FA
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