Financial Highlights

Statement of Activities (changes in Net Position)

The Statement of Net Position presents information on all City assets and deferred outflows of resources and liabilities and deferred inflows of resources, with the difference reported as net position. This data is inclusive of all the activities of the City but does not include City component units. Net position is one way to measure the City’s financial health, or financial position.

Suffolk’s fiscal year (FY) runs July 1 to June 30. The City’s statement of activities for fiscal years ending June 30,2022 are shown in the chart below.

FY2021-22 Net Position $655.7 Million

NET POSITION (IN MILLIONS)

* FY2021 Net position restated relating to the implementation of GASB 87

The City of Suffolk’s overall net position increased $68.7 million from the prior fiscal year. The three components of net position are:

Net Investment In Capital Assets

The most significant portion of net position ($454.8 million) is invested in capital assets to provide a variety of public goods and services to citizens. For that reason, these assets are not available for future spending. Suffolk’s investment in capital assets are reported net of related debt. Net Investment funds are 69% of the net position.

Restricted Net Post

This portion of net position ($31.1 million) is restricted, representing funds that are limited to construction activities, payment of debt, or specific programs by law. Restricted funds are 5% of the net position.

Unrestricted Net Position

The remaining portions of net position ($169.8 million) is unrestricted, representing resources that are available for services. Unrestricted funds are 26% of the net position.

Financial Awards and Recognition

Aaa/AAA Municipal Bond Rating From Moody’s, Standard & Poor, And Fitch Rating Agency

Certificate in Achievement for Excellence in Financial Reporting

For the 37th consecutive year

GFOA Award for Outstanding Achievement in Popular Annual Financial Reporting

For the 6th consecutive year

Distinguished Budget Presentation Award

For the 12th consecutive year