Regular Fire Board Meeting - July 10, 2024

Net Position June 30, 2020

Balance

Balance

6/30/2019

6/30/2020

Net Investment in Capital Assets

$ 619,522 (256,428)

571,146

Unrestricted

(168,268)

372,522

402,878

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 $402,878 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

2019

2020

Assets Current and other assets

$

14,664

$

14,521

Capital Assets, being depreciated, net

619,522 634,186

571,146 585,667

Total Assets

Liabilities

Current liabilities

251,320 10,344 261,664

182,789

Non-Current liabilities

0

Total liabilities

182,789

Net Position: Net Investment in Capital Assets

619,522

571,146

Unrestricted (Deficit)

(256,428)

(168,268)

Total Net Position

$

372,522

$

402,878

15