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Government -wide Financial Analysis
<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 $21,675,689 at the close of the most recent fiscal year.
<br />By far, the largest portion of the City's net assets ( 67 percent) reflects its investment in capital assets (e.g., land, buildings, machinery
<br />and equipment); less any related debt used to acquire those assets that are still outstanding. The City uses these capital assets to
<br />provide services to citizens; consequently, these assets are not available for future spending. Although the City's investment in its
<br />capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from
<br />other sources, since the capital assets themselves cannot be used to liquidate these liabilities.
<br />City of Centerville's Summary of Net Assets
<br />Governmental Activities
<br />Assets
<br />Current and other assets
<br />Capital assets
<br />Total assets
<br />Liabilities
<br />Noncurrent liabilities outstanding
<br />Other liabilities
<br />Total liabilities
<br />Net assets
<br />Invested in capital assets,
<br />net of related debt
<br />Restricted for
<br />Future expansion
<br />Debt service
<br />Unassigned
<br />Total net assets
<br />Increase
<br />2011 2010 (Decrease)
<br />Business -type Activities
<br />Increase
<br />2011 2010 (Decrease)
<br />$ 3,802,503 $ 5,654,390 $ (1,851,887) $ 3,707,148 $ 3,597,296 $ 109,852
<br />17,012,545 16,118,270 894,275 6,913,746 7,186,009 (272,263)
<br />20,815,048
<br />21,772,660
<br />(957,612)
<br />10,620,894
<br />10,783,305
<br />(162,411)
<br />9,363,568
<br />10,852,586
<br />(1,489,018)
<br />14,268
<br />13,897
<br />371
<br />357,096
<br />559,903
<br />(202,807)
<br />25,321
<br />12,024
<br />13,297
<br />9,720,664
<br />11,412,489
<br />(1,691,825)
<br />39,589
<br />25,921
<br />13,668
<br />7,686,960
<br />5,308,831
<br />2,378,129
<br />6,913,746
<br />7,186,009
<br />(272,263)
<br />-
<br />-
<br />-
<br />71,631
<br />71,631
<br />-
<br />2,925,802
<br />4,010,824
<br />(1,085,022)
<br />-
<br />-
<br />-
<br />456,169
<br />1,040,516
<br />(584,347)
<br />3,595,928
<br />3,499,744
<br />96,184
<br />$11,068,931
<br />$10,360,171
<br />$ 708,760
<br />$10,581,305
<br />$10,757,384
<br />$ (176,079)
<br />An additional portion of the City's net assets ( 13.8 percent) represents resources that are subject to external restrictions on how they
<br />may be used. The remaining balance of unrestricted net assets ($4,052,097) may be used to meet the City's ongoing obligations to
<br />citizens and creditors.
<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 City as
<br />a whole, as well as for its separate governmental and business -type activities. The same situation held true for the prior year.
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