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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 full understanding of the data provided in the government-wide and
<br />fund fInancial statements. The notes to the fmancial 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 goverrunental funds are presented following the notes
<br />to financial statements. Combining and individual 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, TIet assets may serve over time as a useful indicator of a government's financial position. In the case oftbe City,
<br />assets exceeded liabilities by $31,358,740, at tbe close of the most recent fiscal year.
<br />
<br />By far, the largest portion ofthe City's net assets (65 percent) reflects its inveshnent in capital assets (c.g_, land, buildings,
<br />machinery and equipment), less any related debt used to acquire those assets that are st1ll outstanding. The City uses these capital
<br />assets to provide services to citizens; consequently, these assets are not available for future spending. Although tbe City's
<br />llvesllnent in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must
<br />be provided from other sources, since the capital assets themselves cannot he used to liquidate these llabiIities_
<br />
<br /> Summary of Net Assets
<br /> Governmental Activities
<br /> Increase
<br /> 2005 2004 (Decrease)
<br />$ 11,42],159 S i3,183,816 S (l,762.657) $
<br /> 12,250,386 [[,156.374 1,094.012
<br /> 23,67],545 24,340,190 (668.645)
<br />
<br /> I3usiness-type Activi!ies
<br /> Increase
<br />2005 2004 (Decrease)
<br />1,814,514 $ 2,268,807 S (454,293)
<br />10,393,723 9,444,977 948,746
<br />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 />Total assets
<br />
<br />Liabilities
<br />Long-term liabilities
<br />outstanding
<br />Other liabilities
<br />
<br />2.478,353-
<br />1,39],631
<br />
<br />5,033,]57
<br />] ,484,624
<br />
<br />(2.554,804)
<br />(92,993)
<br />
<br />60,130
<br />590,928
<br />
<br />52.812
<br />] 92,4()]
<br />
<br />7,3]8
<br />398.527
<br />
<br />Total liabilities
<br />
<br />(2,647.797)
<br />
<br />651,058
<br />
<br />245,213
<br />
<br />405,845
<br />
<br />3.869,984
<br />
<br />6,517,78]
<br />
<br />Netassels
<br />Invested in capital assets,
<br />net of related debt
<br />Restricted for debt service
<br />Umestricted
<br />
<br />Total nelassets.
<br />
<br /> 9,88J,335 6,245,206 3,636,J29 10393,723 9.444,977 948,746
<br /> 2,342,323 (2,342,323)
<br /> 9,920,226 9,234,880 685,346 ],163,456 2,023,594 (860,138)
<br />S 19,80],561 $ 17 ,822,409 $ 1,979,152 $ ]1,557,]79 S 11,468,571 S 88.608
<br />
<br />The remaining balance of unrestricted net assets ($11 ,083,682) may be used to meet tbe 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 />.The City's net assets increased by $2,067,760 during the current fiscal year, $901,778 of this increase was due to a ptiorpetiod
<br />adjushnent.
<br />
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