Regular Fire Board Meeting - July 10, 2024

Net Position June 30, 2022

Balance

Balance

6/30/2021

6/30/2022

Net Investment in Capital Assets

$ 524,170 (175,685 )

481,609 (73,728)

Unrestricted

348,485

407,881

Total Net Position

Government-wide Financial Analysis

As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. In the case of the Ganado Fire District, total net position was $407,881 at the close of the most recent fiscal year. A large portion of the District’s net position reflects its investment in capital assets (e.g., land, construction in progress, buildings, machinery, vehicles, and equipment); less any related debt still outstanding used to acquire those assets. The District uses these capital assets to provide services to Citizens; consequently, these assets are not available for future spending. Although the District’s investment in its’ capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. The following page contains a comparative analysis between the current and the prior fiscal year for the government-wide statements. Condensed Statement of Net Position Governmental Activities

2021

2022

Assets Current and other assets

$

7,794

$

2,408

Capital Assets, being depreciated, net

524,106 531,964

481,609 484,017

Total Assets

Deferred Outflow of Resources Deferred outflows Related to Court Ordered Tax Refund

368,161 900,125

0

Total Assets and Outflow of Resources

484,017

Liabilities

Current liabilities Total liabilities

551,640 551,640

76,136 76,136

Net Position: Net Investment in Capital Assets

524,170

481,609 (73,728)

Unrestricted (Deficit)

(175,685 )

Total Net Position

$

348,485

$

407,881

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