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Notes to Financial Statements

The notes provide additional information that is essential to a full understanding of the data provided in the government- wide and fund financial statements. The notes to the financial statements begin on page 39.

Other Information

In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning budgetary information beginning on page 68. Combining and individual fund statements and schedules and other supplementary information can be found on pages 74 - 105.

The City as a Whole

Condensed statements of net assets at June 30, 2010 and 2009 are shown below.

THE CITY’S

NET ASSETS

Business-Type

Activities

2010

2009

Governmental

Activities

2010

2009

Total Primary 2010

Government 2009

77,612,316 $

70,935,518

$

24,847,871 $

30,615,345

226,805,191

208,853,433

131,470,442

126,988,347

$

304,417,507 $

279,788,951

$

156,318,313 $

157,603,692

$ 102,460,187

$ 101,550,863

358,275,633

335,841,780

$ 460,735,820

$ 437,392,643

Capital Assets (Net) Total Assets

Long-Term Liabilities

$

176,516,055 $

169,408,970 $

16,607,907 $

17,607,384

$ 193,123,962

$ 187,016,354

Other Liabilities

24,252,456

16,623,794

5,595,649

5,518,086

29,848,105

22,141,880

Total Liabilities

$

200,768,511 $

186,032,764 $

22,203,556 $

23,125,470

$ 222,972,067

$ 209,158,234

Net Assets:

14,971,016

15,082,475

736,834

718,588

15,707,850

15,801,063

(11,955,064)

(10,704,869)

12,934,193

18,148,941

979,129

7,444,072

Invested in Capital Assets,

Total Net Assets

$

103,648,996 $ 93,756,187 $ 134,114,757 $ 134,478,222 $ 237,763,753

$ 228,234,409

$ 221,076,774 $ 204,989,274

$ 120,443,730 $ 115,610,693

Net of Related Debt $ Restricted Unrestricted

100,633,044 $ 89,378,581

As noted earlier, net assets may serve over time as a useful indicator of a government’s financial position. The City’s combined net assets at June 30, 2010 were $237,763,753, an increase of $9,529,344, or 4.2%, from a year ago.

The largest portion of the City’s net assets, $221,076,774 reflects its investment in capital assets less any related debt used to acquire those assets that is still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.

An additional portion of the City’s net assets, $15,707,850, represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net assets in the amount of $979,129 may be used to meet the City’s ongoing obligations to citizens and creditors.

Changes in the City’s net assets during the years ended June 30, 2010 and 2009 follows.

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