City of Oakwood, Ohio
Management’s Discussion and Analysis
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| Governmental Activities | Business-Type Activities | Total | ||||
|---|---|---|---|---|---|---|
| 2024 | 2023 - Restated | 2024 | 2023 - Restated | 2024 | 2023 - Restated | |
| Assets: | ||||||
| Current and Other Assets | $28,591,362 | $25,834,906 | $5,532,912 | $5,746,722 | $34,124,274 | $31,581,628 |
| Net OPEB Asset | 217,971 | 0 | 44,655 | 0 | 262,626 | 0 |
| Capital Assets | 37,647,829 | 36,123,471 | 4,513,590 | 3,491,418 | 42,161,419 | 39,614,889 |
| Total Assets | 66,457,162 | 61,958,377 | 10,091,157 | 9,238,140 | 76,548,319 | 71,196,517 |
| Deferred Outflows of Resources: | ||||||
| Deferred Charge on Refunding | 0 | 0 | 0 | 0 | 0 | 0 |
| Pension | 5,215,423 | 6,446,247 | 427,519 | 582,709 | 5,642,942 | 7,028,956 |
| OPEB | 637,700 | 1,052,611 | 38,313 | 88,255 | 676,013 | 1,140,866 |
| Total Deferred Outflows of Resources | 5,853,123 | 7,498,858 | 465,832 | 670,964 | 6,318,955 | 8,169,822 |
| Liabilities: | ||||||
| Other Liabilities | 782,651 | 1,604,224 | 454,832 | 539,203 | 1,237,483 | 2,143,427 |
| Long-Term Liabilities | 21,786,529 | 22,093,668 | 1,605,301 | 1,716,495 | 23,391,830 | 23,810,163 |
| Total Liabilities | 22,569,180 | 23,697,892 | 2,060,133 | 2,255,698 | 24,629,313 | 25,953,590 |
| Deferred Inflows of Resources: | ||||||
| Property Taxes | 2,771,098 | 1,494,415 | 0 | 0 | 2,771,098 | 1,494,415 |
| Leases | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue in Lieu of Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Pension | 503,901 | 795,943 | 5,739 | 18,465 | 509,640 | 814,408 |
| OPEB | 879,127 | 944,113 | 26,786 | 10,045 | 905,913 | 954,158 |
| Total Deferred Inflows of Resources | 4,154,126 | 3,234,471 | 32,525 | 28,510 | 4,186,651 | 3,262,981 |
| Net Position: | ||||||
| Net Investment In Capital Assets | 37,647,829 | 36,123,471 | 4,513,590 | 3,491,418 | 42,161,419 | 39,614,889 |
| Restricted | 3,089,524 | 2,550,552 | 44,655 | 0 | 3,134,179 | 2,550,552 |
| Unrestricted | 4,849,626 | 3,850,849 | 3,906,086 | 4,133,478 | 8,755,712 | 7,984,327 |
| Total Net Position | $45,586,979 | $42,524,872 | $8,464,331 | $7,624,896 | $54,051,310 | $50,149,768 |
The largest impacts on the City’s financial statements in 2024 and 2023 had absolutely no impact on the City’s financial condition; GASB Statement 68, “Accounting and Financial Reporting for Pensions—an Amendment of GASB Statement 27” and GASB Statement No. 75, “Accounting and Financial Reporting for Postemployment Benefits Other Than Pension” (OPEB). GASB Statement No. 75 and GASB Statement No. 68 required the City to recognize a liability of $.87 million for OPEB and $19.3 million for pension. For reasons discussed below, these liabilities serve only to distort the true financial position of the City. Users of this financial statement will gain a clearer understanding of the City’s actual financial condition by adding deferred inflows related to pension and OPEB and the net pension and OPEB liabilities to the reported net position and subtracting the net pension asset and deferred outflows related to pension and OPEB. The resulting net position would be $66,374,108 which is $12.3 million more than the net position presented.
Governmental Accounting Standards Board standards are national and apply to all government financial reports prepared in accordance with generally accepted accounting principles. Prior accounting for pensions (GASB Statement No. 27) and postemployment benefits (GASB Statement No. 45) focused on a funding approach. This approach limited pension and OPEB costs to contributions annually required by law or actuarially determined, which may or may not be sufficient to fully fund each plan’s net pension liability or net OPEB liability. GASB Statements No. 68 and No. 75 take an earnings approach to pension and OPEB