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GOVERNMENT -WIDE FINANCIAL STATEMENTS <br />In addition to fund -based information, the current reporting model for governmental entities also requires <br />the inclusion of two government -wide financial statements designed to present a clear picture of the City <br />as a single, unified entity. These government -wide financial statements provide information on the total <br />cost of delivering services, including capital assets and long-term liabilities. <br />STATEMENT OF NET POSITION <br />The Statement of Net Position essentially tells you what your city owns and owes at a given point in time, <br />the last day of the fiscal year. Theoretically, net position represents the resources the City has leftover to <br />use for providing services after its debts are settled. However, those resources are not always in spendable <br />form, or there may be restrictions on how some of those resources can be used. Therefore, net position is <br />divided into three components: investment in capital assets, restricted, and unrestricted. <br />The following table presents the components of the City's net position as of December 31, 2023 and <br />2022, for governmental activities and business -type activities (utility fund operations): <br />Net position <br />Governmental activities <br />Net investment in capital assets <br />Restricted <br />Unrestricted <br />Total governmental activities <br />Business -type activities <br />Net investment in capital assets <br />Unrestricted <br />Total business -type activities <br />Total net position <br />As of December 31, <br />2023 2022 Change <br />$ 28,247,394 $ 28,318,503 $ (71,109) <br />2,103,290 1,641,206 462,084 <br />10,499,248 10,024,011 475,237 <br />40,849,932 39,983,720 866,212 <br />18,887,277 18,960,842 (73,565) <br />6,079,346 4,679,804 1,399,542 <br />24,966,623 23,640,646 1,325,977 <br />$ 65,816,555 $ 63,624,366 $ 2,192,189 <br />Net position for governmental activities increased by $866,212 in 2023, as presented above. The <br />investment in capital assets decreased $71,109 this year, mainly due to depreciation activity in the current <br />year. The change in this category of net position typically depends on the relationship of the rate at which <br />the City is adding capital assets, the rate capital assets are being depreciated, and how the City finances <br />the purchase and construction of capital assets. The restricted portion of net position increased $462,084, <br />due to increases in the amounts restricted for public safety and tax increment purposes. The increase in <br />unrestricted net position is due to operating results in the current year. <br />The change in net position for business -type activities is consistent with our earlier discussion of the <br />utility operations, which are presented under the same, full accrual basis of accounting. <br />-17- <br />