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Government -wide Financial Analysis
<br /> As noted earlier, net position 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 $21,343,061 at the close of the most recent fiscal year.
<br /> By far, the largest portion of the City's net position ( 66 percent) reflects its investment in capital assets (e.g., land, buildings,
<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 investment
<br /> in its 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 position
<br /> Governmental Activities Business -type Activities
<br /> Restated Increase Increase
<br /> 2012 2011 (Decrease) 2012 2011 (Decrease)
<br /> Assets
<br /> Current and other assets $ 4,169,758 $ 3,624,326 $ 545,432 $ 4,175,666 $ 3,707,148 $ 468,518
<br /> Capital assets 15,905,997 17,012,545 (1,106,548) 6,872,677 6,913,746 (41,069)
<br /> Total assets 20,075,755 20,636,871 (561,116) 11,048,343 10,620,894 427,449
<br /> Liabilities
<br /> Noncurrent liabilities outstanding 9,327,285 9,363,568 (36,283) 13,102 14,268 (1,166)
<br /> Other liabilities 374,124 357,096 17,028 66,526 25,321 41,205
<br /> Total liabilities 9,701,409 9,720,664 (19,255) 79,628 39,589 40,039
<br /> Net position
<br /> Net investment in
<br /> capital assets 7,126,016 7,686,960 (560,944) 6,872,677 6,913,746 (41,069)
<br /> Restricted for
<br /> Future expansion - - - 71,631 71,631 -
<br /> Debt service 2,945,918 2,925,802 20,116 - - -
<br /> Cable TV 20,126 25,453 (5,327) - - -
<br /> Unrestricted 282,286 277,992 4,294 4,024,407 3,595,928 428,479
<br /> Total net position $10,374,346 $10,916,207 $ (541,861) $10,968,715 $10,581,305 $ 387,410
<br /> An additional portion of the City's net position ( 14.1 percent) represents resources that are subject to external restrictions on how
<br /> they may be used. The remaining balance of unrestricted net position ($4,306,693) may be used to meet the City's ongoing
<br /> obligations to 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 position, both for the City
<br /> as 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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