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GOVERNMENT -WIDE FINANCIAL STATEMENTS
<br />In addition to fund -based information, the current reporting model for governmental entities also requires
<br />the inclusion of two government -wide financial statements designed to present a clear picture of the City
<br />as a single, unified entity. These government -wide financial statements provide information on the total
<br />cost of delivering services, including capital assets and long-term liabilities.
<br />STATEMENT OF NET POSITION
<br />The Statement of Net Position essentially tells you what the City owns and owes at a given point in time,
<br />the last day of the fiscal year. Theoretically, net position represents the resources the City has leftover to
<br />use for providing services after its debts are settled. However, those resources are not always in spendable
<br />form, or there may be restrictions on how some of those resources can be used. Therefore, net position is
<br />divided into three components: net investment in capital assets, restricted, and unrestricted.
<br />The following table presents the components of the City's net position as of December 31, 2023 and
<br />2022, for governmental activities and business -type activities:
<br />Net position
<br />Governmental activities
<br />Net investment in capital assets
<br />Restricted
<br />Unrestricted
<br />Total governmental activities
<br />Business -type activities
<br />Net investment in capital assets
<br />Unrestricted
<br />Total business -type activities
<br />Total net position
<br />As of December 31,
<br />2023 2022
<br />$ 34,807,488
<br />2,199,073
<br />10,249,996
<br />47,256,557
<br />$ 34,806,497
<br />3,266,043
<br />10,415,538
<br />48,488,078
<br />Change
<br />$ 991
<br />(1,066,970)
<br />(165,542)
<br />(1,231,521)
<br />7,617,563 6,630,980 986,583
<br />5,088,544 5,628,694 (540,150)
<br />12,706,107 12,259,674 446,433
<br />$ 59,962,664 $ 60,747,752 $ (785,088)
<br />The City's total net position at December 31, 2023 was $785,088 less than the previous year.
<br />Governmental activities net position decreased by $1,231,521. The decrease was primarily in the
<br />restricted portion of net position as presented in the table above. An increase in economic development
<br />spending in the current year reduced amounts restricted for tax increment when compared to the prior
<br />year.
<br />Business -type activities net position increased by $446,433. The change in the net investment in capital
<br />assets portion of net position is consistent with our earlier discussion for enterprise funds with an increase
<br />in water infrastructure assets using unrestricted resources from the water utility operation. The overall
<br />change compared to the prior year was largely driven by an increase in investment earnings, capital
<br />contributions, and transfers from governmental activities.
<br />At the end of the current fiscal year, the City is able to present positive balances in all categories of net
<br />position, both for the government as a whole, as well as for its separate governmental and business -type
<br />activities. The same situation held true for the prior fiscal year.
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