Assets and Deferred Outflows: As of June 30, 2019, total assets and deferred outflows amounted to $117.6 million. Of this amount, investment in capital assets (net of depreciation) of $75.2 million, or 63.9% of total assets, represented the largest asset class. Investments amounted to $18.5 million or 15.7% of total assets. During the year, total assets and deferred outflows decreased by $10.8 million, primarily due to decreases in cash and cash equivalents used for operations.
Liabilities and Deferred Inflows: As of June 30, 2019, total liabilities and deferred inflows amounted to $121.5 million. Net pension and OPEB liabilities amounted to $65.5 million. The University's proportion of the net pension liability and net OPEB liability of the Kentucky Employees Retirement System and the Kentucky Teachers' Retirement System was based on a projection of the University's long-term share of contributions to the pension and OPEB plans relative to the projected contributions of all participating universities, actuarially determined. Long-term debt includes bonds payable for the housing and dining system and energy-related equipment and technology equipment purchased under a Master Lease Agreement. During the year, total liabilities and deferred inflows decreased by $5.9 million, primarily due to the decrease in the net pension liability related to KTRS.
Net Position: Net position of the University was $(3.9) million at June 30, 2019 and was reported in three net position categories: net investment in capital assets $69.7 million, restricted nonexpendable $3.6 million, restricted expendable $4.8 million, and unrestricted $(82.0) million.
The Statement of Revenues, Expenses and Changes in Net Position is prepared on the accrual basis of accounting, whereby revenues and assets are recognized when the service is provided and expenses and liabilities are recognized when others provide the service, regardless of when cash is exchanged. All items that increase or decrease net position must appear on the Statement of Revenues, Expenses and Changes in Net Position as revenues, expenses, gains or losses.
Financial activities are reported as either operating or non-operating. GASB Statement No. 35 requires state appropriations, gifts, investment income and endowment income to be classified as non-operating revenues. Accordingly, the University reports an operating loss prior to the addition of non-operating revenues. The utilization of long-lived capital assets is reflected in the financial statements as depreciation, which amortizes the cost of an asset over its expected useful life. Tuition revenue is reduced by gift scholarships and institutional aid, and is reported net of scholarship allowances in the financial statements. A summarized comparison of the University's revenues, expenses and changes in net position for the years ended June 30, 2019 and 2018 is as follows.
5.