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<br />7
<br />
<br />GOVERNMENT-WIDE FINANCIAL ANALYSIS
<br />
<br />Net Assets. As noted earlier, net assets may serve over time as a useful indicator of the City’s financial
<br />position. In the case of the City, total assets exceeded liabilities by $355.6 million at the close of fiscal
<br />year 2011-12, an increase of $23.4 million.
<br />
<br />
<br />2012 2011
<br />Amount
<br />change 2012 2011
<br />Amount
<br />change 2012 2011
<br />Amount
<br />change
<br />Current Assets 66,191$ 80,811$ (14.6) 19,486$ 24,181$ (4.7) 85,677$ 104,992$ (19.3)
<br />Non-Current Assets 39,905 20,302 19.6 (1,106) (7,289) 6.2 38,799 13,013 25.8
<br />Capital Assets 283,137 305,233 (22.1) 39,716 29,295 10.4 322,853 334,528 (11.7)
<br />Total assets 389,233 406,346 (17.1) 58,096 46,187 11.9 447,329 452,533 (5.2)
<br />- -
<br />Current and other liabilities 17,868 20,865 (3.0) 4,882 1,393 3.5 22,750 22,258 0.5
<br />Long-term liabilities 59,579 95,186 (35.6) 9,379 2,828 6.6 68,958 98,014 (29.1)
<br />Total liabilities 77,447 116,051 (38.6) 14,261 4,221 10.0 91,708 120,272 (28.6)
<br />- -
<br />Net assets:- -
<br />Invested in capital assets,- -
<br /> net of related debt 251,253 256,543 (5.3) 30,737 26,832 3.9 281,990 283,375 (1.4)
<br /> Restricted 54,371 37,489 16.9 - - - 54,371 37,489 16.9
<br /> Unrestricted 6,162 (3,737) 9.9 13,097 15,134 (2.0) 19,259 11,397 7.9
<br />Total net assets 311,786$ 290,295$ 21.5 43,834$ 41,966$ 1.9 355,620$ 332,261$ 23.4
<br />TotalGovernmental Activities Business-Type Activities
<br />City of San Leandro
<br />Net Assets at June 30, 2012
<br />(in thousands)
<br />
<br />By far the largest portion of the City’s net assets (80%) reflects its investment in capital assets (e.g.,
<br />infrastructure, land, buildings, machinery, and equipment), less any outstanding related debt used to
<br />acquire those assets. Because the City uses these capital assets to provide services to citizens, these
<br />assets are not available for future spending. Although the City investment in its capital assets is reported
<br />net of related debt, it should be noted that the resources needed to repay must be provided from other
<br />sources (future income), since the capital assets themselves cannot be used to liquidate these liabilities.
<br />
<br />An additional portion of the City’s net assets, 15%, represents resources that are subject to external
<br />restriction on how they may be used. The remaining balance of $19.3 million or 5% represents
<br />unrestricted net assets.
<br />
<br />Total governmental activities assets decreased by $17.1 million compared to fiscal year 2010-11 for a
<br />combination of reasons. The reduction of $22 million in net capital asset, the cash transfer from
<br />governmental funds to private purpose trust fund for $20 million and the prepayment of the Pension
<br />Obligation Bond of the public safety side fund - refinancing the existing CalPERS public safety side
<br />fund at a lower interest rate.
<br />
<br />Liabilities in the total governmental activities decreased by $38.6 million compared to fiscal year 2010-
<br />11. The majority of the decrease is due to the issuance of the Pension Obligation Bond (POB) for $18
<br />million and the transfer of the previous Redevelopment Agency long term debt for $55 million as the
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