Annual Comprehensive Financial Report 2022

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Analysis of Net Position As noted earlier,net position may serve over time as a useful indicator of a government's financial position. In the case of the County, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by$318.5 million at the close of the most recent fiscal year. By far the largest portion of the County's net position reflects its investment in capital assets (e.g., land,buildings,infrastructure, and equipment) less any related debt used to acquire those assets that is still outstanding. The County uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the County'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 County's net position represents resources that are subject to external restrictions on how they may be used. At the end of the current fiscal year,the County is able to report positive balances in two of its three categories of net position,both for the government as a whole, as well as for its separate governmental activities. All three categories of net position are positive for its business-type activities. The County's net position increased by$132.0 million from the prior year, which was an increase of$98.6 million(295%) from the increase that was experienced last fiscal year. The main reasons for the large increase in the current year's increase over last year,was due to a substantial decrease in expenditures related to the County's net pension liability,which was offset by a slight decrease in overall revenues. See further discussion regarding the changes in the County's net position in the section labeled Analysis of Changes in Net Position. The County's net capital assets increased by$45.3 million(3 percent) due to the large amount of capital improvement projects done by the County during the current fiscal year and infrastructure related assets that were contributed. See further discussion of the increase in capital assets on page 25. The County's long-term liabilities outstanding decreased by $221.2 million(13 percent) due primarily to the principal payments made for both bonds and SRF loans and amortization of related bond premiums totaling $36.9 million and the changes in the net liabilities of the other post-employment benefit obligation and the pension obligation. There was a$131.1 million decrease in the County's net pension liability and a$61.5 decrease in the net other post- employment benefit obligation. See further discussion of the increase in long-term debt outstanding on page 25. - 20 -