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<br />
<br />
<br />GOVERNMENT-WIDE FINANCIAL ANALYSIS
<br />
<br />Net Position. As noted earlier, net position 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 $188 million at the close of fiscal year
<br />2014-15, a decrease of 41.4% due to the implementation of GASB 68.
<br />
<br />
<br />By far the largest portion of the City’s net position ($245.5 million) reflects its investment in capital assets
<br />(e.g., 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 assets
<br />are not available for future spending. Although the City investment in its capital assets is reported net of
<br />related debt, it should be noted that the resources needed to repay must be provided from other sources
<br />(future income), since the capital assets themselves cannot be used to liquidate these liabilities.
<br />
<br />$21.2 million of the City’s net position represents resources that are subject to external restriction on how
<br />they may be used. The remaining balance of ($86.3) million represents unrestricted net position which
<br />may be used to meet the City’s ongoing obligations to citizens and creditors within the restrictions set
<br />forth by various funding sources.
<br />
<br />Total governmental activities assets decreased by $14.4 million compared to the prior fiscal year 2013-14
<br />for a combination of reasons. The reduction of $15.6 million in net capital asset is mainly due to the annual
<br />depreciation of assets; offset by a $5.9 million increase in cash and investments, a $3.3 million increase
<br />in accounts receivable, a $8.7 million decrease in loans receivable, a $449,000 increase in internal
<br />balances, and a $351,000 increase in other assets.
<br />
<br />2015 2014
<br />%
<br />change 2015 2014
<br />%
<br />change 2015 2014
<br />%
<br />change
<br />Current Assets 74,606$ 65,172$ 14.5% 33,534 29,333 14.3% 108,140$ 94,505$ 14.4%
<br />Non-Current Assets 8,908 17,171 -48.1% (2,413) (1,965) 22.8% 6,495 15,206 -57.3%
<br />Capital Assets 240,039 255,631 -6.1% 74,598 69,428 7.4% 314,637 325,059 -3.2%
<br />Total assets 323,553 337,974 -4.3% 105,718 96,796 9.2% 429,271 434,770 -1.3%
<br />Deferred inflows 9,167 - 757 - 9,924 - >100.0%
<br />.
<br />Current and other liabilities 16,805 15,906 5.7% 5,417 6,044 -10.4% 22,222 21,950 1.2%
<br />Long-term liabilities 154,707 54,012 186.4% 53,685 38,208 40.5% 208,392 92,220 126.0%
<br />Total liabilities 180,679 69,918 158.4% 59,859 44,252 35.3% 230,614 114,170 102.0%
<br />Deferred outflows 25,989 - 2,258 - 28,247 - >100.0%
<br />Net assets:
<br />Invested in capital assets,
<br /> net of related debt 212,968 225,402 -5.5% 32,506 31,513 3.1% 245,473 256,915 -4.5%
<br /> Restricted 21,207 14,371 47.6%- - N/A 21,207 14,371 47.6%
<br /> Unrestricted (98,956) 28,283 -449.9% 12,609 21,031 -40.0% (86,347) 49,314 -275.1%
<br />Total net assets 135,219$ 268,056$ -49.6% 45,115 52,544 -14.1% 180,333$ 320,600$ -43.8%
<br />Net Assets at June 30, 2015
<br />(in thousands)
<br />TotalGovernmental Activities Business-Type Activities
<br />9
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