|
Government-wide Financial Analysis
<br />
<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 $21,944,747 at the close of the most recent fiscal year.
<br />
<br />By far, the largest portion of the City’s net position ( 64 percent) reflects its investment in capital assets (e.g., land, buildings,
<br />machinery and equipment); less any related debt used to acquire those assets that are still outstanding. The City uses these capital
<br />assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City’s investment
<br />in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from
<br />other sources, since the capital assets themselves cannot be used to liquidate these liabilities.
<br />
<br />City of Centerville’s Summary of Net position
<br />Governmental ActivitiesBusiness-type Activities
<br />IncreaseIncrease
<br />20142013(Decrease)20142013(Decrease)
<br />Assets
<br />Current and other assets$ 4,111,423$ 4,394,334$ (282,911) $ 4,322,341$ 4,174,554$ 147,787
<br />Capital assets 15,616,337 16,220,214 (603,877) 7,042,412 6,852,137 190,275
<br />Total assets 19,727,760 20,614,548 (886,788) 11,364,753 11,026,691 338,062
<br />Liabilities
<br />Noncurrent liabilities outstanding 8,728,978 9,586,931 (857,953) 16,687 15,715 972
<br />Other liabilities 376,643 336,438 40,205 25,458 15,973 9,485
<br />Total liabilities 9,105,621 9,923,369 (817,748) 42,145 31,688 10,457
<br />Net position
<br />Net investment in
<br />capital assets 6,921,337 6,907,384 13,953 7,042,412 6,852,137 190,275
<br />Restricted for
<br />Future expansion - - - - 71,631 (71,631)
<br />Debt service 2,969,448 3,140,853 (171,405) - - -
<br />Street projects 165,065 237,170 (72,105) - - -
<br />Cable TV 20,403 15,061 5,342 - - -
<br />Unrestricted 545,886 390,711 155,175 4,280,196 4,071,235 208,961
<br />Total net position$ 10,622,139$ 10,691,179$ (69,040) $ 11,322,608$ 10,995,003$ 327,605
<br />An additional portion of the City’s net position (14.4 percent) represents resources that are subject to external restrictions on how they
<br />may be used. The remaining balance of unrestricted net position ($4,826,082) 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 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.
<br />-17-
<br />
<br />
|