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L <br />L <br />L <br />Management's Discussion and Analysis - Continued <br />March 19, 2008 <br />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 <br />Organization, assets exceeded liabilities by $204,124 at the close of the most recent fiscal year. <br />By far, the largest portion of the Organization's net assets (81 percent) reflects its investment in capital assets (e.g., land, <br />buildings, machinery and equipment). The Organization uses these capital assets to provide services to its member cities; <br />consequently, these assets are not available for future spending. <br />Summary of Net Assets <br />December 31, Increase <br />2007 2006 (Decrease) <br />Assets <br />Current $ 594,943 $ 158,810 $ 436,133 <br />Capital 165,587 165,587 <br />Total assets <br />760,530 158,810 601,720 <br />Liabilities <br />Current 549,477 101,796 447,681 <br />Noncurrent 6,929 2,820 4,109 <br />Total liabilities <br />556,406 104,616 451,790 <br />Net assets <br />Invested in capital assets 165,587 165,587 <br />Unrestricted 38,537 54,194 (15,657) <br />Total net assets $ 204,124 $ 54,194 $ 149,930 <br />At the end of the current fiscal year, the Organization is able to report positive balances in both categories of net assets. <br />-y- <br />