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A portion of the City's net assets (37.6 %) reflects its investment in capital assets (e.g., land, buildings,
<br />machinery, and equipment), less any related debt used to acquire those assets that is still outstanding.
<br />The City uses these capital assets to provide services to citizens; consequently, these assets are not
<br />available for future spending. Although the City's investment in its capital assets is reported net of
<br />related debt, it should be noted that the resources needed to repay this debt must be provided from other
<br />sources, since the capital assets themselves cannot be used to liquidate these liabilities.
<br />The remaining balance of unrestricted net assets ($110.8 million) may be used to meet the government's
<br />ongoing obligations to citizens and creditors.
<br />At the end of the current fiscal year, the City of San Marcos is able to report positive balances in all
<br />three categories of net assets, both for the government as a whole, as well as for its separate
<br />governmental and business -type activities. The same situation held true for the prior fiscal year.
<br />Current and other assets
<br />Capital assets
<br />Total assets
<br />Long -term liabilities
<br />outstanding
<br />Other liabilities
<br />Total liabilities
<br />Net assets:
<br />Invested in capital assets,
<br />net of related debt
<br />Restricted
<br />Unrestricted
<br />Total net assets
<br />TABLE 1
<br />CITY OF SAN MARCOS' NET ASSETS
<br />Governmental Activities
<br />2007 2006
<br />Business -type Activities
<br />Totals
<br />2007 2006
<br />$ 73,966,873 $
<br />45,969,157
<br />$ 90,802,386 $
<br />83,187,875
<br />$ 164,769,259 $
<br />129,157,032
<br />89,044,350
<br />72,936,051
<br />131,455,336
<br />118,744,436
<br />220,499,686
<br />191,680,487
<br />163,011,223
<br />118,905,208
<br />222,257,722
<br />201,932,311
<br />385,268,945
<br />320,837,519
<br />69,541,325
<br />40,115,930
<br />99,464,767
<br />91,021,844
<br />169,006,092
<br />131,137,774
<br />13,371,258
<br />9,363,940
<br />13,707,486
<br />13,905,106
<br />27,078,744
<br />23,269,046
<br />82,912,583
<br />49,479,870
<br />113,172,253
<br />104,926,950
<br />196,084,836
<br />154,406,820
<br />34,026,741
<br />50,982,992
<br />37,167,271
<br />31,937,728
<br />71,194,012
<br />82,920,720
<br />7,178,953
<br />4,288,565
<br />-
<br />-
<br />7,178,953
<br />4,288,565
<br />38,892,946
<br />14,153,781
<br />71,918,198
<br />65,067,633
<br />110,811,144
<br />79,221,414
<br />$ 80,098,640 $
<br />69,425,338
<br />$ 109,085,469 $
<br />97,005,361
<br />$ 189,184,109 $
<br />166,430,699
<br />Governmental activities. The City's governmental revenues increased when compared to the prior
<br />year by 20.8% or $8.6 million. Property tax revenue increased due to increased property valuations and
<br />the addition of new property throughout the City. The assessed value of the property in the City
<br />increased by $127.3 million or 6.2% as compared to the prior year while the City property tax rate of
<br />$0.4702 per $100 assessed valuation remained the same as in the prior year.
<br />6
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