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Government -Wide Financial Analysis <br />Net Assets As of December 31, 2008, the City's assets exceeded its liabilities by $175.9 <br />million (Figure 3). This amounts to an increase in combined net assets of $4.9 million, or 2.9 <br />from 2007 to 2008. <br />The largest portion of the City's net assets (79 reflects its investment in capital assets (e.g., <br />land, buildings, machinery, and equipment), less any related debt used to acquire those assets <br />that is still outstanding. The City uses these capital assets to provide services to citizens; <br />consequently, these assets are not available for future spending. Although the City's <br />investment in its capital assets is reported net of related debt, it should be noted that the <br />resources needed to repay this debt must be provided from other sources, since the capital <br />assets themselves cannot be used to liquidate theses liabilities. <br />Figure 3 <br />Schedule of [Jet Assets <br />(millions) <br />Long -Term Debt Outstanding <br />Governmental <br />Business -type <br />13.5 <br />Total <br />21.3 <br />Activities <br />Activities <br />Total <br />Of <br />5.0 <br />2008 2007 <br />2008 2007 <br />2008 2007 <br />Change <br />Current Other Assest <br />S 27..6 S 26.5 <br />15.2 13.1 <br />42.8 39.6 <br />8.3% <br />Capital Assets <br />87 -0 86.0 <br />74.9 75.6 <br />161.9 161.6 <br />-02% <br />Total Assets <br />114.6 112.5 <br />90.1 88.7 <br />204.7 201.2 <br />1.5% <br />Long -Term Debt Outstanding <br />7 -8 <br />8.5 <br />13.5 <br />14.8 <br />21.3 <br />23.3 <br />-8.2% <br />Other Liabilities <br />5 -6 <br />5.0 <br />1.9 <br />1.9 <br />7.5 <br />6.9 <br />0.0 <br />Total Liabilities <br />13.4 <br />13.5 <br />15.4 <br />16.7 <br />28.8 <br />30.2 <br />-6.3% <br />Net Assets: <br />Invested in Capital Assets. <br />Net of Related Debt <br />79 -1 <br />77.5 <br />60.2 <br />59.6 <br />139.3 <br />137.1 <br />1.2f0 <br />Restricted <br />10 -3 <br />10.1 <br />1.0 <br />0.9 <br />11.3 <br />11.0 <br />2.7°/0 <br />Unrestricted <br />12.4 <br />11.4 <br />13.5 <br />11.5 <br />25.9 <br />22.9 <br />13.15E <br />Total Net Assets <br />$101.2 <br />99.0 <br />74.7 <br />72.0 <br />$175.9 <br />$171.0 <br />2.9% <br />Charges for services are the City's largest revenue source and account for 38% of all revenues <br />(Figure 4). Charges for services are the main funding source for the City's business -type <br />activities. Sales and use tax, the main funding source for the City's governmental activities, <br />account for 30% of all revenues. The total cost of all programs and services increased in almost <br />all areas due to a general increase in operational costs. The City's largest expenses come from <br />business activities (Figure 5). <br />15 <br />