CAFR 2011 Final with opinion (2)

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i i 1 Analysis of Net Assets As not earlier,net assets may serve over time as useful indicator of a government's financial position. In the case of the County, assets exceeded liabilities by$607.4 million at the close of the most recent fiscal year. a By far the largest portion of the County's net assets percent)reflects its investment in capital 1 assets e.g., land, buildings, infrastructure, and equipment) less any related debt used to acquire I 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 assets 9 percent)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 all three categories of net assets, both for the government as a whole,as well as for its separate governmental and business-type activities. The County's net assets increased by$55.6 million during the current fiscal year,which was $30.4 million more than the increase during last fiscal gear. Real property tax revenue increased by approximately$7.0 million,but this was offset by a corresponding increase in expenses of approximately by$6.8 million. Capital grants and contributions also increased by approximately $25.3 million relating mostly to highways and streets. The County's net capital assets increased by$79.1 million clue to the large amount of capital improvement projects done by the County during the current fiscal year. See further discussion of the increase in capital assets on page 21. The County's long-term liabilities outstanding increased by$23.4 million 6 percent)clue primarily to drawdowns of the State Devolving Fund bans and issuance of bonds,which were offset by the County's required principal payments on debt from the prig gear. See further discussion of the increase in long-term debt outstanding on page 22. � 16 -