The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020: Cash and cash equivalents, governmental activities $ 400,000 Cash and cash equivalents, business-type activities 842,000 Receivables, governmental activities 474,000 Receivables, business-type activities 1,401,000 Inventories, business-type activities 548,000 Capital assets, net, governmental activities 14,227,000 Capital assets, net, business-type activities 7,482,000 Accounts payable, governmental activities 685,000 Accounts payable, business-type activities 589,000 General obligation bonds, governmental activities 8,219,000 Revenue bonds, business-type activities 3,382,000 Long-term liability for compensated absences, governmental activities 378,000 From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2020. Assume that outstanding bonds were issued to acquire capital assets and restricted assets total $583,000 for governmental activities and $200,000 for business-type activities. (Negative amounts should be indicated by a minus sign) Write a one-page memo to the Mayor and City Council of Southern Springs discussing the Statement of Net Position for the City. Highlight key information and implications for the city's decision-makers.

Write a one-page memo to the Mayor and City Council of Southern Springs discussing the Statement of Net Position for the City. Highlight key information and implications for the city's decision-makers.