|
<br />-17-
<br />GOVERNMENT-WIDE FINANCIAL STATEMENTS
<br />
<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 />
<br />STATEMENT OF NET POSITION
<br />
<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 />
<br />The following table presents the components of the City’s net position as of December 31, 2024 and
<br />2023, for governmental activities and business-type activities:
<br />
<br />2024 2023 Change
<br />Net position
<br />Governmental activities
<br />Net investment in capital assets 33,174,862$ 34,807,488$ (1,632,626)$
<br />Restricted 2,589,059 2,199,073 389,986
<br />Unrestricted 11,541,168 10,249,996 1,291,172
<br />Total governmental activities 47,305,089 47,256,557 48,532
<br />Business-type activities
<br />Net investment in capital assets 9,456,028 7,617,563 1,838,465
<br />Unrestricted 3,430,415 5,088,544 (1,658,129)
<br />Total business-type activities 12,886,443 12,706,107 180,336
<br />Total net position 60,191,532$ 59,962,664$ 228,868$
<br />
<br />As of December 31,
<br />
<br />The City’s total net position at December 31, 2024 was $228,868 more than the previous year.
<br />
<br />Governmental activities net position increased by $48,532. The increase was primarily in the unrestricted
<br />portion of net position as presented in the table above. The net investment in capital assets was down in
<br />the current year, as depreciation exceeded the amount of capital asset additions in fiscal 2024.
<br />
<br />Business-type activities net position increased by $180,336. 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, sewer, and storm water infrastructure assets using unrestricted resources.
<br />
<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.
|