2019 Popular Annual Financial Report volume 1 | Page 11

T he T own ’ s N et P osition
G arner ’ s N et P osition
Assets
FY 16-17 FY 17-18 FY 18-19
$133,785,703 $131,759,583 $133,138,590
3,141,493 2,565,727 3,683,445
52,802,115 61,368,514 63,781,739
254,193 1,570,464 2,202,319
$83,870,888 $71,386,332 $70,837,977
Deferred outflows of resources
(e.g. Town’s share of future pension expenses)
Liabilities
Deferred inflows of resources
(e.g. property taxes paid in advance)
NET POSITION
N
ET POSITION IS the difference between
total assets and deferred outflows of
resources and total liabilities and deferred
inflows of resources. A positive net position
means Town assets exceed liabilities.
The Town had a positive net position of
$70,837,977 as of June 30, 2019. Overall, net
position decreased by $0.55 million in FY 18-19,
primarily due to the Town utilizing reserve funds
for the purchase of land for future development.
(It had decreased by over $12 million in FY 17-18
due to a new accounting standard that changed
how the Town accounts for post-employment
benefits, primarily health care.)
Approximately 90 percent of net position ($63.71
million) reflects the Town’s investment in capital
assets. The net investment in the capital assets
category is defined as the Town’s investment in
its own assets (e.g. land, buildings, equipment
and infrastructure) less any related debt still out-
standing issued to acquire those items. The Town
uses these assets to provide services to residents.
An additional $3.9 million of net position (5.4
percent) is restricted. These resources are subject
to specific external legal restrictions that limit the
Town’s ability to use these funds beyond the purpose
for which they are provided. The remaining $3.3
million of net position (4.6 percent) is unrestricted.
N et P osition
I nvestment
N et P osition by F iscal Y ear
(in millions)
$80
84.03
82.39
85.65
85.69
86.20
Unrestricted
$3,271,208
(4.6%)
83.87
60
71.39 70.84
17-18 18-19
Restricted
$3,853,148
(5.4%)
40
20
11-12
12-13
13-14
14-15 15-16
(fiscal year)
16-17
2019 P opular A nnual F inancial R eport
Capital assets
$63,713,621
(90%)
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