Summary of the Financial Position
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- Category: Science
- Date Submitted: 10/12/2014 05:10 PM
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Narrative Summary of the CAFR for
University Park
1. Summary of the financial position
For the fiscal year 2013 ended on September 30, 2013, the City of University Park has the total asset of $172, 978,392 and total liabilities of $8,372,944. Within the exceeded amount of $164,605,448, 71% of this amount is related to provide variety of services to its citizens through its investment in capital assets, which was funded on a pay-as-you-go basis. The remaining balance of $48,287,378 is in the category of unrestricted net position with the purpose of meeting the government’s ongoing obligations to citizens and creditors. Effected by changes in both governmental activities and business-type of activities, the overall net position of the City of University Park increased $162,593 compared to fiscal year 2012. The major factors drove this increasing includes the construction of University Park Public Library, as well as capital projects related with SMU.
The funds of the City of University park are divided into either government fund or proprietary funds. During fiscal year 2013, the City established 2 new individual government funds, which are considered as major funds and presented in separate columns in the governmental fund balance sheet. As of the end of fiscal year 2013, the combined ending fund balance of governmental funds is $36,655,038, a $2,261,972 lower than the prior year. It is worth mention that as the end of fiscal year 2013, The City of University Park has no obligations relates to long-term debt and The City has no plan to issue new debt either.
2. Financial short-term and long-term outlook
2.1 The Short-term and Long-term Outlook for University Park’s Revenue
In past five years, University Park’s revenues have come from various sources, including tax revenues (property tax and sales tax), charges for services, franchise fees, interest, gain on sale of capital assets, contribution donations and other revenues. Except for 2009, proceeds from...
University Park
1. Summary of the financial position
For the fiscal year 2013 ended on September 30, 2013, the City of University Park has the total asset of $172, 978,392 and total liabilities of $8,372,944. Within the exceeded amount of $164,605,448, 71% of this amount is related to provide variety of services to its citizens through its investment in capital assets, which was funded on a pay-as-you-go basis. The remaining balance of $48,287,378 is in the category of unrestricted net position with the purpose of meeting the government’s ongoing obligations to citizens and creditors. Effected by changes in both governmental activities and business-type of activities, the overall net position of the City of University Park increased $162,593 compared to fiscal year 2012. The major factors drove this increasing includes the construction of University Park Public Library, as well as capital projects related with SMU.
The funds of the City of University park are divided into either government fund or proprietary funds. During fiscal year 2013, the City established 2 new individual government funds, which are considered as major funds and presented in separate columns in the governmental fund balance sheet. As of the end of fiscal year 2013, the combined ending fund balance of governmental funds is $36,655,038, a $2,261,972 lower than the prior year. It is worth mention that as the end of fiscal year 2013, The City of University Park has no obligations relates to long-term debt and The City has no plan to issue new debt either.
2. Financial short-term and long-term outlook
2.1 The Short-term and Long-term Outlook for University Park’s Revenue
In past five years, University Park’s revenues have come from various sources, including tax revenues (property tax and sales tax), charges for services, franchise fees, interest, gain on sale of capital assets, contribution donations and other revenues. Except for 2009, proceeds from...