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<br />Management Discussion and Analysis - Continued
<br />April 14, 2006
<br />
<br />. Notes to Financial Statements
<br />
<br />The notes provide additional information that is essential to a fun understanding of the data provided in the government-wide and
<br />fund financial statements. The notes to the financial statements can be found on pages 39 - 54 of this report.
<br />
<br />Other Information
<br />
<br />The combining statements referred to earlier in connection with nonmajor governmental funds are presented following the notes
<br />to [maneial statements, CombinIDg and individnal fund statements and schedules can be found on pages 38 - 51 of this report
<br />
<br />Government-wide Financial Analysis
<br />
<br />As noted earlier, net assets may serve over time as a useful indicator of a government's financial position. In the case of the City,
<br />assets exceeded liabilities by $31,358,740, at the close of the most recent fiscal year,
<br />
<br />By far, the largest portion of the City's net assets (65 percent) reflect, its investment in capital assets (e,g" land, bnildings,
<br />machinery and equipment), less any related debt used to acquire those assets that are still outstanding. The City uses these capital
<br />assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City's
<br />investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must
<br />be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.
<br />
<br />Total assets
<br />
<br /> Summary of Net Assets
<br /> Governmental Activities Business-type Activities
<br /> Increase Increase
<br /> 2005 2004 (Decrease) 2005 2004 (Decrease)
<br />S 11,421,159 $ 13,183,816 s (1,762,657) $ ],814,5]4 $ 2.268,807 $ (454,293)
<br /> 12,250,386 11,156,374 1,094,012 10,393,723 9,444,977 948,746
<br /> 23,671,545 24,340,190 (668,645) 12,208,237 11,713,784 494.453
<br />
<br />.
<br />
<br />Assets
<br />Current and other assets
<br />Capital assets
<br />(net of depreciation)
<br />
<br />Liabi]ities
<br />Long-tenn liabilities
<br />outstanding
<br />Otherliabiiities
<br />
<br />2,478,353
<br />1,391,631
<br />
<br />5,033,157
<br />1.484,624
<br />
<br />(2,554,804)
<br />(92,993)
<br />
<br />60,130
<br />590,928
<br />
<br />52.8]2
<br />192,401
<br />
<br />7,318
<br />398,527
<br />
<br />3,869,984
<br />
<br />6,517,781
<br />
<br />(2,647,797)
<br />
<br />651,058
<br />
<br />245)13
<br />
<br />405,845
<br />
<br />Total liabilities
<br />
<br />Net assets
<br />Invested in capital assets,
<br />net of related debt
<br />Restricted for debt service
<br />Unrestricted
<br />
<br />Total net assets
<br />
<br /> 9,88],335 6,245,206 3,636,129 LO,393,723 9,444,977 948,746
<br /> 2,342,323 (2,342,323)
<br /> 9,920,226 9,234,880 685,346 1,163,456 2,023,594 (860,138)
<br />$ 19,801,561 $ 17,822,409 $ 1,979,152 $ 11,557,179 $ ] 1.468,571 $ 88,608
<br />
<br />The remaining balance of unrestricted net assets ($11,083,682) may be nsed to meet the City's ongoing obligations to citizens
<br />and creditors.
<br />
<br />At the end of the current fiscal year, the City is able to report positive balances in all three categories of net assets, both for the
<br />City as a whole, as well as for its separate governmental and business-type activities.
<br />
<br />.
<br />
<br />The City's net assets increased by $2,067,760 during the current fiscal year, $90],778 of this increase was due to a prior period
<br />adjustment.
<br />
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