village of wellington, florida

Other InformationIn addition to the basic financial statements and accompanying notes, this report also presents certainrequired supplementary information. This information includes budgetary comparisons for the general fundand major special revenue funds. It also includes statistical information on the assessed condition of theVillage’s road system and on budgeted road maintenance expenses. Required supplementary information canbe found on pages 52-57 of this report.The major capital projects fund and the combining statements referred to earlier in connection withnonmajor governmental funds are presented immediately following the required supplementary information.Combining and individual fund statements and schedules for the major capital projects fund and thenonmajor funds can be found on pages 58-67 of this report.GOVERNMENT-WIDE FINANCIAL ANALYSISAs noted earlier, net assets may serve over time as a useful indicator of a government’s financial position. Inthe case of the Village of Wellington, assets exceeded liabilities by $337.1 million at the close of the mostrecent year. The largest portion of the Village’s net assets (63.1%) reflects its investment in capital assets, netof related debt. The Village uses capital assets to provide services to citizens; accordingly, these assets are notavailable for future spending.Restricted net assets of $72.6 million are reported in both the governmental and business-type activities.These net assets have limits on their use that are externally imposed (gas tax, impact fees, and bondcovenants) and imposed by enabling legislation (planning, zoning and building and surface watermanagement). These resources can be used only for future construction; planning, zoning and building;surface water management; or debt service activities. The remaining unrestricted net assets may be used tomeet the government’s ongoing operations.Village of Wellington's Net AssetsGovernmentalBusiness-TypeActivities Activities Total2009 2008 2009 2008 2009 2008Current and other assets $ 91,330,272 $ 82,333,822 $ 44,089,345 $ 54,776,470 $ 135,419,617 $ 137,110,292Capital Assets 132,350,735 125,438,141 110,284,068 108,827,510 242,634,803 234,265,651Total Assets $ 223,681,007 $ 207,771,963 $ 154,373,413 $ 163,603,980 $ 378,054,420 $ 371,375,943Long-term debt outstanding $ 20,065,498 $ 21,321,191 $ 11,097,764 $ 13,212,164 $ 31,163,262 $ 34,533,355Other liabilities 7,674,832 4,757,694 2,081,559 5,640,257 9,756,391 10,397,951Total Liabilities $ 27,740,330 $ 26,078,885 $ 13,179,323 $ 18,852,421 $ 40,919,653 $ 44,931,306Net Assets:Invested in capital assets, net $ 113,282,864 $ 105,313,318 $ 99,398,303 $ 96,014,639 $ 212,681,167 $ 201,327,957Restricted 50,839,732 50,931,320 21,733,487 8,742,086 72,573,219 59,673,406Unrestricted 31,818,081 25,448,440 20,062,300 39,994,834 51,880,381 65,443,274Total Net Assets $ 195,940,677 $ 181,693,078 $ 141,194,090 $ 144,751,559 $ 337,134,767 $ 326,444,6375