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I
<br /> IFINANCIAL ANALYSIS
<br /> Net Assets.Net assets may serve over time as a useful indicator of a government's financial position. As of December 31, 2009,
<br /> Iassets exceeded liabilities by$19.8 million.
<br /> The following table provides a summary of the Town's governmental and business-type net assets for 2009.
<br /> I Net Assets
<br /> Governmental Business-
<br /> Activities type Total
<br /> Activities
<br /> I2008 2009 2008 2009 2009
<br /> Assets
<br /> Current and other assets $3,176,100 $3,285,574 $ 2,739,403 $ 2,690,928 $ 5,976,502
<br /> I Capital assets 8,127,190 8,676 250 13,055,828 12,650,569 21,326,819
<br /> Total assets 11,303,290 11,961 824 15,795,231 15,341,497 t 27,276,414
<br /> fi
<br /> F.
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<br /> Liabilities
<br /> Current and other Liabilities 692,242 •,„,
<br /> r
<br /> 740,957 ' 815,503 ,,
<br /> 435,849 1,176,806
<br /> Long-term liabilities 26,907 13,971 6,570,165 6,261,030 6,275,001
<br /> I Total
<br /> Liabilities 719,149 754,928 7,385,668 6,696,879 7,451,807
<br /> Net Assets
<br /> I Invested in capital
<br /> assets 8,088,305 8,649 343 - 6,189,575 6,082,865 14,732,208
<br /> Restricted 107,932 100,927 - 100,927
<br /> I Unrestricted 2,387,904 2,456,626 2,219,988 2,561,753 5,018,379
<br /> Total net
<br /> assets $10,584,141 $11,206,896 $ 8,409,563 $ 8,644,618 $ 19,851,514
<br /> I The Town of Palisade's assets were 3.6 times the Town's total liabilities at December 31,2009.Total current assets were 5.1 times
<br /> total current liabilities. As previously noted the Town of Palisade has five long-term liabilities.The total amount of the long-term
<br /> liabilities is a combination of five loans;two loans are with the Colorado Water Conservation Board for repair and replacement of
<br /> the cottonwood creek water line, and the cabin reservoir expansion project. The third loan is an impact loan from the Division of
<br /> I Local Government for an addition to the Palisade sewer lagoons. The fourth and fifth loans are from the Drinking water revolving
<br /> fund disadvantaged community loan program with the Colorado Water Resources&Power Development Authority to re-build the
<br /> water treatment plant.
<br /> IApproximately 75%of the Town's net assets are capital assets net of related debt that are being used in the operation of the Town
<br /> and new infrastructure assets that are provided and maintained by the Town. Infrastructure assets completed and in place before
<br /> January 1, 2004 are not included in net assets. In prior years, capital assets for non-proprietary funds were only shown on the
<br /> I combined balance sheet as the "general fixed assets" account group. These assets were not included with other assets in
<br /> governmental fund type funds.
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