UTILITIES AND BUSINESS SERVICES
Total revenues
Water
Total expenses
Increase in net position
The Town borrows most of the money that
it spends for major capital improvements by
selling general obligation bonds or from loans
that do not require collateral. The Town’s
to pay principal and interest on bonds for
the convention center included in the above
debt principal will be paid from general tax
revenues and fees.
The Town has several pension plans that its
employees participate in and has made a
commitment to the employees to fund their
Accounting Standards Board (GASB)
still needs to be contributed to the plans.
plans and the Town plans to fund its portion of
the liability over the next ten years. The Town
health benefits and an actuarial liability of
years.
By selling tax
exempt bonds, the Town obtains
financing at a low interest rate and
spreads the cost of the project over
many years instead of adding the total
cost to your tax bill in one year.
The Town’s statement of net position provides
a “snapshot” of where we stood financially
year. Net position represents the Town’s
spendable resources and ownership (equity)
in the assets that make up the Town’s land,
infrastructure, and buildings.
7
Report to Citizens
Total assets (owned)
Total liabilities (owed)
Excess of assets over liabilities:
Restricted for loans and food tax receipts _
Total net position