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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 $21,675,689 at the close of the most recent fiscal year.
<br />By far, the largest portion of the City’s net assets ( 67 percent) reflects its investment in capital assets (e.g., land, buildings, machinery
<br />and equipment); less any related debt used to acquire those assets that are still outstanding. The City uses these capital assets to
<br />provide services to citizens; consequently, these assets are not available for future spending. Although the City’s investment in its
<br />capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from
<br />other sources, since the capital assets themselves cannot be used to liquidate these liabilities.
<br />City of Centerville’s Summary of Net Assets
<br />Governmental ActivitiesBusiness-type Activities
<br />IncreaseIncrease
<br />20112010(Decrease)20112010(Decrease)
<br />Assets
<br />Current and other assets$ 3,802,503$ 5,654,390$(1,851,887)$ 3,707,148$ 3,597,296$ 109,852
<br />Capital assets 17,012,545 16,118,270 894,275 6,913,746 7,186,009 (272,263)
<br />Total assets 20,815,048 21,772,660 (957,612) 10,620,894 10,783,305 (162,411)
<br />Liabilities
<br />Noncurrent liabilities outstanding9,363,568 10,852,586 (1,489,018) 14,268 13,897 371
<br />Other liabilities 357,096 559,903 (202,807) 25,321 12,024 13,297
<br />Total liabilities 9,720,664 11,412,489 (1,691,825) 39,589 25,921 13,668
<br />Net assets
<br />Invested in capital assets,
<br />net of related debt 7,686,960 5,308,831 2,378,129 6,913,746 7,186,009 (272,263)
<br />Restricted for
<br />Future expansion - - 71,631- 71,631 -
<br />Debt service 2,925,802 4,010,824 (1,085,022) - - -
<br />Unassigned 456,169 1,040,516 (584,347) 3,595,928 3,499,744 96,184
<br />Total net assets$ 10,360,17111,068,931$ 708,760$ $ 10,757,38410,581,305$ (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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