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<br />CITY OF CASSELBERRY, FLORIDA
<br />MANAGEMENT'S DISCUSSION AND ANAL YSIS - Continued
<br />Seplember 30, 2006
<br /> Net Assets
<br /> Governmental Activities Business-type Activities Total
<br /> 2006 2005 2006 2005 2006 2005
<br />Assets
<br />Current and othel Assets I 18,894,345 I 18,392,866 I 20.894,800 I 18,167.973 I 39,789.145 I 36,560,839
<br />Capital Assets (Net) 29,572,009 29,559.517 29,615.638 29,141,819 59,187,647 58,701,336
<br />T olal Assets 48.466,354 47,952.383 50,510,438 47,309,792 98.976.792 95.262,175
<br />liabilities
<br />Current and other liabilities 5.529,160 1.858,296 3,559.888 1,075,186 9,089,048 2,933.482
<br />Long.term liabilities 11,048,603 14,725,029 13,161,460 14,504,063 24,210,063 29,229,092
<br />Total liabilities 16.577,763 16.583,325 16.721,348 15.579.249 33.299.111 32,162,574
<br />Net Assets
<br />Invested in Capital Assets.
<br />Net of Related Debt 15,210.803 14,496,569 15.724,098 14,584.718 30,934,901 29,081,287
<br />Restricted 9,258,066 8.716,250 9,258,066 8.716,250
<br />Unrestricted 7,419.722 8,156,239 18,064,992 17,110,402 25,484.714 25,266,641
<br />T otaJ Net Assets I 31,888,591 I 31,369,058 $ 33,789,090 I 31,695,120 I 65,677,681 $ 63,064,178
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<br />The largesl portion of the City's net assets (47.3%) reflects its investment in capital assets (e.g., land,
<br />buildings, equipment, and infrastructure); Jess any related outstanding debt used to acquire those assets.
<br />The City uses lhese capital assets to provide services to citizens; consequently, these assets are not
<br />available for future spending. Although the City's inveslment in its capital assets is reported net of related
<br />debt, il should be noled thai the resources needed 10 repay this debt musl be provided from other
<br />sources, since the capital assets themselves cannot be used to liquidate these liabilities.
<br />
<br />The City has restricted net assets ($9.3 million) for capital projects and special revenues. The remaining
<br />balance of unrestricted net assets ($25.4 million) may be used to meet the government's ongoing
<br />obligations to citizens and creditors.
<br />
<br />The total assets of the City increased from the prior year by $3.7 million. The largest contributor of this
<br />increase was the acquisition of wastewater disposal rights in the Iron Bridge Expansion for $2.3 million by
<br />Ihe City's Utility Fund. The total liabilities of the City increased slightly from the prior year by $1.1 million.
<br />The current liabilities of the City increased by $6.2 million due primarily 10 the reclassification of $3 million
<br />in debt that is due in Ihe coming fiscat year, as well as an increase in currenl accounts payable of $1.9
<br />million from the prior year.
<br />
<br />The change in the City's nel assets from the prior year's change in nel assets differed by $324 thousand.
<br />The City's overall activity within the year was consistenl with its operalions in the prior year. In the prior
<br />year, expenditures were elevated due to increased spending for hurricane recovery efforts around the
<br />City, but was offset by increased related grant revenues. The City's 2006 fiscal year had decreased
<br />expenditures and decreased associated revenues. There were no large activities in the City over the
<br />fiscal year 2006.
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