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Government -wide Financial Analysis
<br />The financial analysis will focus on the net assets (Table 1) and changes in net assets (Table 2) of
<br />the City's governmental and business -type activities.
<br />As noted earlier, net assets may serve over as a useful indicator of a government's financial
<br />position. At December 31, 2003, the City's assets exceeded liabilities by $198,491,845, an
<br />increase from 2002 by $12 million. By far the largest portion of the City's net assets (67 percent)
<br />reflects its investment in capital assets, less any related debt used to acquire those assets that is
<br />still outstanding. Capital assets are used to provide services to citizens, and they are not available
<br />for future spending. Although the investment in capital assets are reported net of related debt, it
<br />should be noted that the resources needed to repay this debt must be provided from other sources,
<br />since the capital assets themselves cannot be used to liquidate these liabilities.
<br />City of South Bend's Net Assets
<br />Table 1
<br />Governmental Business -Type
<br />Activities Activities
<br />2002 2003 2002 2003
<br />Total
<br />2002 2003
<br />Current and other
<br />assets $106,619,275 $165,297,545 $37,313,622 $31,239,361 $143,932,897 196,536,906
<br />Capital assets (net) 85,545,344 96,911,501 155,734,418 157,102,338 241,279,762 254,013,839
<br />Total assets 192,164,619 262,209,046 193,048,040 188,341,699 385,212,659 450,550,745
<br />Long -term liabilities
<br />outstanding 120,766,624 164,196,443 55,554,721 51,869,211 176,321,345 216,065,654
<br />Other liabilities
<br />Total liabilities
<br />Net assets:
<br />Invested in capital
<br />assets, net of related
<br />debt
<br />Restricted
<br />20,192,250 29,281,402
<br />140,958,874
<br />27,574,195
<br />7,167,628
<br />193,477, 845
<br />31,254,629
<br />6,381,082
<br />7,317,584
<br />62,872,305
<br />76,027,343
<br />44,235,716
<br />6,711,844
<br />58,581,055
<br />102,466,792
<br />14,456,725
<br />27,509,834
<br />203,831,179
<br />109,131,445
<br />51,403,344
<br />35,993,246
<br />252,058,900
<br />133,721,421
<br />20,837,807
<br />Unrestricted 16,463,922 31,095,490 10,100,807 12,837,127 26,564,729 43,932,617
<br />Total net assets $51,205,745 $68,731,201 $130,175,735 $129,760,644 $181,381,480 $198,491,845
<br />At the end of the current fiscal year the City is able to report positive balances in all three categories of net
<br />assets, both for the government as a whole, as well as for its separate governmental and business -type
<br />activities.
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