2018 Popular Annual Financial Report For the fiscal year ending June 30, 2018 | Page 11

T he T own ’ s N et P osition
G arner ’ s N et P osition
Assets
FY 15-16 FY 16-17 FY 17-18
$130,780,442 $133,785,703 $131,759,583
654,824 3,141,493 2,565,727
44,839,922 52,802,115 61,368,514
396,113 254,193 1,570,464
$86,199,231 $83,870,888 $71,386,332
Deferred outflows of resources
Liabilities
Deferred inflows of resources
NET POSITION
N
ET POSITION IS THE DIFFERENCE be-
tween total assets and deferred outflows
of resources and total liabilities and de-
ferred inflows of resources. A positive net posi-
tion means Town assets exceed liabilities.
($60.84 million) reflects the Town’s investment
in capital assets. The net investment in capi-
tal assets category is defined as the Town’s in-
vestment in its own assets (e.g. land, buildings,
equipment and infrastructure) less any related
debt still outstanding issued to acquire those
The Town had a positive net position of items. The Town uses these assets to provide
$71,386,332 as of June 30, 2018. Overall, net services to citizens.
position decreased by $12.5 million in FY 17-18,
primarily due to a prior-year restatement as the An additional $4.2 million of net position (5.8
outcome of a new accounting standard (GASB percent) is restricted. These resources are sub-
Statement No. 75) that changed the way the ject to specific external legal restrictions that
Town accounts for post-employment benefits limit the Town’s ability to use these funds be-
yond the purpose for which they are provid-
(OPEB), primarily health care.
ed. The remaining $6.4 million of net position
Approximately 85.2 percent of net position (9 percent) is unrestricted.
N et P osition by F iscal Y ear
(in millions)
$80
84.13
84.03
82.39
85.65
85.69
86.20
N et P osition
I nvestment
83.87
71.39
60
Restricted
(5.8%)
Unrestricted
(9%)
40
20
FY 10-11 11-12
12-13
13-14
14-15
15-16
2018 POPULAR ANNUAL FINANCIAL REPORT
16-17
17-18
Capital assets
(85.2%)
10