HomeMy WebLinkAboutANNUAL FINANCIAL STATEMENTS 2008
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AUGUSTA, GEORGIA
Annual Financial Statements
For the Year Ended December 31, 2008
AUGUSTA, GEORGIA
Annual Financial Report
Year Ended December 31, 2008
Table of Contents (continued)
Page
COMBINING AND INDIVIDUAL FUND STATEMENTS
NON MAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet - Nonmajor Governmental Funds
92 - 93
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances -
Nonmajor Governmental Funds
94 - 95
Combining Balance Sheet - Nonmajor Special Revenue Funds
96-99
Combining Statement of Revenues, Expenditures and Changes in Fund Balances -
Nonmajor Special Revenue Funds
100 - 103
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual-
Nonmajor Special Revenue Funds
Urban Services District Fund
Emergency Telephone System Fund
Capital Outlay Fund
Law Enforcement Fund
Occupation Tax Fund
Special Assessment Fund
Hotel/Motel and Promotionrrourism Fund
Housing and Neighborhood Development Fund
Urban Development Action Grant Fund
Federal Drug Fund
State Drug Fund
5% Victim's Crime Assistance Fund
Supplemental Juvenile Service Fund
Building Inspection
Weed and Seed Federal Grant Fund
Wireless Phase Fund
Perpetual Care - 1 Fund
Landbank Authority Fund
Downtown Development
Canine Forfeitures Fund
NPDES Permit Fees Fund
Transportation and Tourism Fund
104
105
106
107
108
109
110
III
112
113
114
115
116
117
118
119
120
121
122
123
124
125
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual-
Nonmajor Debt Service Funds
2006 GO Sales Tax Bonds Debt Service Fund
126
FINANCIAL SECTION
The purpose of that report is to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on the internal control over financial
reporting. That report is an integral part of an audit performed in accordance with Government Auditing
Standards and should be considered in assessing the results of our audit.
Management's Discussion and Analysis and the schedules of funding progress and employer contributions are
not a required part of the basic financial statements but are supplementary information required by the
Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted
principally of inquiries of management regarding the methods of measurement and presentation of the required
supplementary information. However, we did not audit this information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise Augusta, Georgia's basic financial statements. The combining and individual fund statements and the
accompanying schedule of expenditures of Federal awards as required by U.S. Office of Management and
Budget Circular A-133, Audits of States, Local Governments and Non-Profit Organizations for the year ended
December 31, 2008, are presented for purposes of additional analysis and are not a required part of the basic
financial statements. The combining and individual fund statements and the accompanying schedule of
expenditures of Federal awards have been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
C.fuAMp I ~ , ~J h-L/?
Augusta, Georgia
October 20, 2009
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Management's Discussion & Analysis
(unaudited)
The Management's Discussion and Analysis of the Annual financial Statements of Augusta, Georgia (the "Government")
provides an overall narrative and analysis of the Government's financial statements for the fiscal year ended
December 31, 2008. This discussion and analysis is designed to look at the Government's financial performance as a
whole. Readers should also review the additional information provided in the transmittal letter, which can be found
preceding this narrative, and the complete financial statements, with notes, which follow this narrative, to enhance their
understanding of the Government's financial performance.
Financial Highlights
Key financial highlights for the year ended December 31,2008 are as follows:
. The Government's combined net assets totaled $801.7 million.
. The Government's total net assets increased by $48.4 million, primarily due to capital spending funded by the
Special Purpose Local Option Sales Tax revenues, federal aviation grants, and other tax revenues.
. As of the close of the current fiscal year, the Government's governmental funds reported combined ending fund
balances of $284.3 million, a decrease of $11.8 million from the prior year. Approximately 62% of this total
amount, or $177 million, is available for spending at the government's discretion (unreservedfund balance).
. At the end of the current fiscal year, unreserved fund balance for the General Fund was $18.3 million, or 14% of
total General Fund expenditures for the fiscal year. Of this amount, $4.7 million has been designated for other
purposes, leaving $13.6 million, or 74% of total General Fund fund balance, as undesignated.
. Combined Revenue totaled $361.3 million, of which governmental activities totaled $226.7 million and business-
type activities totaled $134.6 million. Current year revenues increased approximately 3.6% from those ofthe prior
year.
. Overall expenses totaled $312.9 million of which governmental activities totaled $202.2 million and business-type
activities totaled $110.7 million. Current year expenses increased approximately 8% over those of the prior year.
. Expenses of governmental activities exceeded program revenue by $157.9 million, resulting in the use of general
revenues (mostly taxes).
. Total Outstanding Long-Term Debt, excluding compensated absences, increased approximately $6.0 million.
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The government-wide statements are divided into three categories: 1) governmental activities, 2) business-type activities
and 3) component units. The governmental activities include most of the Government's basic services such as general
administration, judicial services, public safety, public works, health and welfare, culture and recreation, and housing and
development. Property taxes and state and federal grant funds finance most of these activities. The business-type activities
are those services that the Government charges a fee to customers in order to provide. These include Water and Sewer,
Augusta Regional Airport, Waste Management, Municipal Golf Course, Transit, Daniel Field Airport, and Garbage
Collection. The final category is component units. The Augusta-Richmond County Board of Health is a public health
department. Although legally separate from the Government, the Government appoints a voting majority of the board.
Augusta Canal Authority and Downtown Development Authority are also component units for which the Government is
fiscally responsible.
Fund Financial Statements
A Fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for
specific activities or objectives. The Government, like other state and local governments, uses fund accounting to ensure
and demonstrate compliance with finance-related legal requirements.
The fund financial statements focus on individual parts of the Government, reporting the Government's operations in more
detail than the government-wide statements. All of the funds of the Government can be divided into three categories:
governmental funds, proprietary funds and fiduciary funds. These fund categories use different accounting approaches and
should be interpreted differently.
Governmental Funds
Most of the basic services provided by the Government are financed through governmental funds. Governmental funds are
used to account for essentially the same functions reported as government activities in the government-wide financial
statements. However, unlike the government-wide statements, these funds focus on how assets can readily be converted
into cash and the amount of funds left at year-end that will be available for spending in the next year. Governmental funds
are reported using an accounting method called modified accrual accounting, which focuses on current financial resources.
Such information may be useful in evaluating the government's short-term financing requirements. These statements
provide a detailed short-term view of the Government's finances that assists in determining whether there will be adequate
financial resources available to meet the Government's current needs. The relationship between government activities in
the govemment-wide financial statements and the governmental funds financial statements is described in a reconciliation
that is a part of the fund financial statements.
The Government has five governmental fund types: the General Fund, Special Revenue Funds, Debt Service Funds, the
Capital Projects Funds, and the Permanent Fund. Only five individual funds are being considered major funds - the
General Fund, Fire Protection, Special Purposes Local Option Sales Tax Fund (SPLOST) Phase 111, Special Purposes Local
Option Sales Tax Fund (SPLOST) Phase IV and Special Purposes Local Option Sales Tax Fund (SPLOST) Phase V .
Proprietary Funds
The Government has two types of proprietary funds used to account for activities that operate similar to commercial
enterprises found in the private sector. Funds that charge fees for services provided to outside customers including other
local governments are known as Enterprise Funds. These funds are used to report the same functions presented as business-
type activities in the government-wide financial statements. Funds that charge fees for services provided to departments
within the reporting government are known as Internal Service Funds. Proprietary funds use the accrual basis of
accounting, thus there is no reconciliation needed between the government-wide financial statements for business-type
activities and the proprietary fund financial statements, except for the allocation of internal service fund activity.
The Government has seven enterprise funds: Water and Sewer, Augusta Regional Airport, Waste Management, Municipal
Golf Course, Transit, Daniel Field Airport, and Garbage Collection. The Government has seven internal service funds: Risk
Management, Fleet Operations, Workers Compensation, Employee Health Benefits, Unemployment, Long-Term Disability
Insurance and GMA Leases. The Water and Sewerage Fund and Augusta Regional Airport are the only funds being
considered major funds for presentation purposes.
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Net Assets
Net assets may serve over time as one useful indicator of a government's financial condition. The assets ofthe Government
exceeded liabilities by $801.7 million as of December 31, 2008.
The largest portion ofthe Government's net assets, $442.5 million or 55%, reflects its investment in capital assets such as
land, buildings, equipment and infrastructure (road, bridges, sidewalks, water lines and sewer lines) less any related debt
used to acquire those assets that is still outstanding. The Government uses these capital assets to provide services to its
citizens; therefore, these assets are not available for future spending. Although the Government's investment in its capital
assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from
other sources, since the capital assets themselves cannot be used to liquidate these liabilities.
An additional portion of the Government's net assets, $205.2 million or 25%, represents resources that are subject to
external restrictions on how they may be used. The remaining balance of unrestricted net assets, $153.9 million or 20%,
may be used to meet the Government's ongoing obligations to citizens and creditors.
Several particular aspects of the Government's financial operations positively influenced the total unrestricted
governmental net assets:
. Continued diligence in the collection of property taxes by maintaining a collection percentage of 99% for real
and personal property.
. Continued low .cost of debt due to the County's high bond rating.
. Continued diligence in the maintenance of35 - 50 day unreserved fund balance in the General Fund.
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Changes in Net Assets
Governmental activities. Governmental activities increased the Government's net assets by $17.1 million, and thereby
accounting for 43% of the total growth in the net assets ofthe Government. Key elements ofthis increase are as follows:
Governmental Revenues. Property tax and other taxes continue as the main source of revenue of the
Government amounting to 74% in 2008, compared to 71 % in 2007. Sales tax revenues contributed approximately
$74 million to the increase in net assets.
Governmental Functional Expenses: As reflected in the summary of changes in Net Assets, the
Government expended 50% of the appropriations for judicial and public safety expenditures. The Government
continues to commit substantial financial resources for the safety of its citizens. Other expenditures accounted for
the remaining 50%.
Business-type activities: Business-type activities increased the Government's net assets by approximately $31.2
million accounting for 64% of the total growth in the government's net assets. Key elements ofthis increase are as follows:
. The Waste Management Fund reported an increase in net assets of $7.2 million. This increase was due to
maintaining volumes similar to 2007 volumes. The increase in volumes was stemmed from a volume based
discount issued in 2004.
. The Water and Sewer Fund reported an increase in net assets of$12.5 million. This increase was largely due to an
increase in user charges due to rate increases approved upon issuance of the most recent Water & Sewer Revenue
Bonds in 2004.
. The Augusta Regional Airport Fund reported an increase in net assets of $1.5 million. This increase was largely
due additional cash generated from operations and intergovernmental revenue received for capital spending.
. Garbage Collection net assets increase of$1.7 million. This increase was due to increase in user fees for services.
Financial Analysis of the Government's Individual Funds
Augusta, Georgia uses fund accounting to demonstrate compliance with finance-related legal requirements.
Governmental Funds
The focus of the Government's governmental funds is to provide information on near-term inflows, outflows and balances
of usable resources. Such information is useful in assessing the Government's financial requirements. In particular, the
unreserved fund balance may serve as a useful measure of a government's net resources available for spending at the end of
the fiscal year. The combined fund balance of all the governmental funds is $284.3 million, of which $177 million, or 62%,
is unreserved and undesignated.
General Fund
The General Fund is the primary operating fund of the Government. At the end of the current fiscal year, total fund balance
of the General Fund was $19.2 million, of which $18.4 million, or 96%, was unreserved. A portion ofthe unreserved fund
balance in the General Fund is designated for risk benefit, in the amount of $4.7 million. As a measure of the General
Fund's liquidity, it may be useful to compare both undesignated and designated fund balance to total fund expenditures. As
of December 31, 2008, total unreserved fund balance, both undesignated and designated, represents 15% of total general
fund expenditures.
The fund balance ofthe General Fund decreased $13.6 million (41%). Key factors to this result includes the budgeted use
of $5.1 million of fund balance, the onetime use of $10 million in fund balance for the Economic Revitalization project
involving Gilbert Manor and the Medical College of Georgia, the delay in receiving $2.1 million for the Homeowner Tax
Relief Grant from the State of Georgia until June of 2009. As part of the SPLOST referendum that was approved on
June 16,2009, the $10 million for the Economic Revitalization Project will be returned to the fund balance in 2009.
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Capital Assets and Debt Administration
Capital Assets
The Government's investment in capital assets for its governmental and business-type activities as of December 31, 2008
amounts to $878.9 million (net of accumulated depreciation). This investment in capital assets includes land, buildings,
improvements, equipment, infrastructure and construction in progress. Infrastructure assets are items that are normally
immovable and of value only to the Government, such as roads, bridges, streets and sidewalks, drainage systems and other
similar items.
Major capital asset transactions during the year included construction of infrastructure, buildings, acquisition of public
safety vehicles, construction of water and sewerage systems, and construction of a new airport terminal and building.
Additional information on the Government's capital assets can be found in Note 3 of the notes to the financial statements of
this report.
The Government's Capital Assets
(net of depreciation)
December 31, 2008
Figure 4
Governmental Business-type
Activities Activities Total
Land $ 20,607,064 $ 16,969,704 $ 37,576,768
Buildings 52,565,308 48,388,343 100,953,651
Improvements other than buildings 21,552,593 6,614,679 28,167,272
Water and sewerage sy stems 289,880,437 289,880,437
Infras truct ure 72,293,034 12,756,929 85,049,963
Vehicles, machinery and equipment 16,260,972 18,700,867 34,961,839
Richmond County Public Facilities 2,109,247 2,109,247
Construction in progress 84,164,763 216,106,692 300,271,455
Total $ 269,552,981 $ 609,417,651 $ 878,970,632
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Economic Factors and Next Year's Budget and Rates
The following key economic indicators reflect the growth and prosperity of the Government.
. The Government has an unemployment rate of 7.1 %, slightly higher than the state average of 6.2%.
. There is a budgeted use of existing fund balance in the 2009 adopted budget.
. The 2009 tax digest decreased by 1.4%, with .47% of this from normal factors such as increased exemptions and
the remaining .93% from reassessments.
. In 2008 the monthly Local Option Sales Tax collections decreased at a rate of .49% over 2007.
Budget Highlights for the Fiscal Year Ending December 31, 2009
Each year, the County's overall goal is to provide essential services to our citizens as cost effectively and professionally as
possible. The Augusta Commission works diligently to plan for the future while insuring current programs and services are
working as smoothly as possible. We continually seek to improve. We are pleased that through our fiscal responsibility we
are able to maintain our current level of service without an increase in taxes.
Governmental Activities: The Ad Valorem Taxes are projected to remain steady or slightly decrease from the 2008
level. The 2009 tax digest has shown a decrease of approximately 1.4%. Other taxes are expected to slightly increase with
an expected 1% increase in sales tax revenues. The FY 2009 budget for the general fund is expected to be slightly above
the 2008 level due to funding for the operating deficit of the transit department, and the continued rise in the cost of fuel
and operating supplies. Funded in the judicial area is the new state court judge position, a public defender position for
Juvenile Court, and a drug court. Various cultural and recreational programs were added and funding budgeted for
demolition of condemned houses and an additional medical outreach program. The general economic climate for the city
government of 2009 is expected to be stable. The undesignated fund balance should increase by $12.1 million due to the
receipt of the $2.1 million for 2008 Homeowners Tax Relief grant that was received in 2009 and the passage of the
SPLOST Referendum on June 16,2009 that will return $10 million to the General Fund fund balance.
Business - type Activities: Overall Water and Sewer revenue is projected to increase of more than 3% due to the
increased rates.
Requests for Information
This report is designed to provide an overview of the Government's finances for those with an interest in this area.
Questions concerning any of the information found in this report or requests for additional information should be directed
to the Finance Director, Augusta-Richmond County, Georgia, 501 Greene Street, Augusta, Georgia 30901. Questions
concerning any ofthe information found in this report relating to the Richmond County Board of Health should be directed
to the Department of Health at 950 Laney Walker Blvd., Augusta, Georgia 30901. Questions concerning any of the
information found in this report relating to Augusta Canal Authority should be directed to Augusta Canal Authority, 1450
Greene Street, Suite 400, Augusta, Georgia 30903. Questions concerning any of the information found in this report
relating to Downtown Development Authority should be directed to Downtown Development Authority, 111 Tenth Street,
Augusta, Georgia 30901.
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Business-type activities:
Waste management
Water and sewer
Airports
Municipal golf course
Transit
Garbage collection
Total business-type activities
AUGUSTA, GEORGIA
Statement of Activities
Year Ended December 31, 2008
Program Revenues
Operating Capital
Charges for Grants and Grants and
Expenses Services Contributions Contributions
$ 37,327,653 $ 14,972,483 $ 75,848 $
16,553,255 8,121,058 424,287
84,098,300 6,726,775 819,191
17,542,611 1,916,462 173,210
2,755,659 138,192 418,445
22,494,025 1,935,406 2,819,567
10,291,908 27,057 5,715,628
10,000,000
1,136,879
202,200,290 33,837,433 10,272,966 173,210
5,485,075 11 ,340,418
65,098,051 81,177,713
19,526,505 16,601,421 2,156,501
651,455 483,127
5,067,023 714,085 336,403 135,678
14,946,189 14,011,008
110,774,298 124,327,772 336,403 2,292,179
$ 312,974,588 $ 158,165,205 $ 10,609,369 $ 2,465,389
$ 16,251,980 $ 2,419,450 $ 12,648,361 $
1,585,243 698,416 380,586 462,062
765,540 18,438 365,291 628,705
$ 18,602,763 $ 3,136,304 $ 13,394,238 $ 1,090,767
General revenues:
Property taxes
Sales taxes
Franchise taxeS
Other taxes
Unrestricted governmental revenues
Revenues from use of money and property
Miscellaneous
Transfers
Total general revenues and transfers
Change in net assets
FunctionslProe:rams
Primary government:
Governmental activities:
General government
Judicial
Public safety
Public works
Health and welfare
Culture and recreation
Housing and development
Housing and development - MCG
Interest on long-term debt
Total governmental activities
Total primary government
Component units:
Richmond County Department of Health
Augusta Canal Authority
Downtown Development Authority
Total component units
Net assets - beginning,
Prior period adjustment
Net assets - beginning, as restated
Net assets - ending
The notes to the financial statements are an integral part of this statement.
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AUGUSTA, GEORGIA
Balance Sheet
Governmental Funds
December 31, 2008
Fire Special Sales
General Protection Tax Phase III
Assets
Cash and temporary investments $ 17,200,861 $ 15,936,274 $ 40,122,034
Receivables (net of allowance for doubtful accounts)
Taxes 6,556,016 1,031,063
Accounts 6,694,490 2,405
Interest 84,404
Note
Intergovernmental 1,875
Prepaid items 277,773
Inventory 87,297
Restricted assets
Reserve account
Perpetual care
Due from other funds 2,513 ,921
Total assets $ 33,332,233 $ 16,969,742 $ 40,206,438
Liabilities and fund balances
Liabilities:
Accounts payable $ 2,214,800 $ 407,712 $ 1,364,297
Due to other funds
Accrued salaries and vacation 4,394,094 1,068,023
Other accrued liabilities 1,539,031
Deferred revenue 5,969,603 756,911
Total liabilities 14,117,528 2,232,646 1,364,297
Fund balances:
Reserved for:
Encumbrances 499,745 68,221 7,762,788
Project Maintenance
Inventory/prepaid items 365,070
GOB Projects
Unreserved - designated for:
Other 10,924,360
Risk benefit 4,705,061 250,000
Unreserved - undesignated 13,644,829 3,494,515 31,079,353
Unreserved, reported in nonmajor:
Special revenue
Debt service
Capital projects
Permanent
Total fund balances 19,214,705 14,737,096 38,842,141
Total liabilities and fund balances $ 33,332,233 $ 16,969,742 $ 40,206,438
The notes to the financial statements are an integral part of this statement.
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AUGUST A, GEORGIA
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
Year Ended December 31,2008
Fire Special Sales
General Protection Tax Phase III
Revenues
Taxes - property $ 34,689,439 $ 5,156,426 $
Taxes - other than property 50,611,562 10,924,360
Licenses and permits 1,202,725 250
Use of money and property 2,584,056 355,652 1,521,728
Charges for current services 16,376,340 169,090
Fines and forfeitures 5,586,506
Intergovernmental 4,373,592 236,659
Contributions and donations 39,693
Other 60,571 52,637
Total revenues 115,524,484 16,658,415 1,758,387
Expenditures
Current:
General government 26,482,840 54,460
Judicial 15,097,688
Public safety 55,846,525 22,237,391
Public works 6,526,018 2,044,815
Health and welfare 2,684,708
Culture and recreation 13,192,943 28,362
Housing and development 1,950,215
Housing and development - MCG 10,000,000
Capital outlay 630,674 8,819,675
Debt service 46,668
Total expenditures 131,827,605 22,868,065 10,947,312
Excess (deficiency) ofrevenues
over (under) expenditures (16,303,121) (6,209,650) (9,188,925)
Other financing sources (uses)
Transfers in 3,937,079 4,858,923 2,167,667
Transfers (out) (2,460,104)
Capital lease proceeds 1,167,644
Total other financing sources (uses) 2,644,619 4,858,923 2,167,667
Net change in fund balances (13,658,502) (1,350,727) (7,021,258)
Fund balance - beginning 32,873,207 5,419,764 45,863,399
Prior period adjustment 10,668,059
Fund balance - beginning, as restated 32,873,207 16,087,823 45,863,399
Fund balance - ending $ 19,214,705 $ 14,737,096 $ 38,842,141
The notes to the financial statements are an integral part of this statement.
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AUGUSTA, GEORGIA
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Year Ended December 31,2008
With comparative amounts for December 31, 2007
Revenues
Taxes - property
Taxes - other than property
Licenses and permits
Use of money and property
Charges for current services
Fines and forfeitures
Intergovernmental
Contributions and donations
Other
Total revenues
Variance with
Bud~eted Amounts Final Budget -
Actual Positive 2007
Original Final Amounts '(Negative) Actual
$ 40,532,709 $ 36,502,943 $ 34,689,439 $ (1,813,504) $ 36,747,206
50,537,400 50,537,400 50,611,562 74,162 49,841,876
1,557,000 1,557,000 1,202,725 (354,275) 1,601,287
2,134,728 2,463,643 2,584,056 120,413 3,464,322
17,306,670 16,872,385 16,376,340 (496,045) 16,947,571
6,261,500 6,261,500 5,586,506 (674,994) 6,034,855
2,625,990 4,900,156 4,373,592 (526,564) 2,763,323
7,020 20,420 39,693 19,273 34,693
32,000 42,020 60,571 18,551 51,373
120,995,017 119,157,467 115,524,484 (3,632,983) 117,486,506
Expenditures
Current:
General government
Judicial
Public safety
Public works
Health and welfare
Culture and recreation
Housing and development
Housing and development - MCG
Debt service
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Net change in fund balances
28,322,996 25,334,279 26,482,840 (1,148,561) 25,025,439
15,257,248 15,902,224 15,097,688 804,536 14,189,686
53,641,931 58,248,486 55,846,525 2,401,961 51,785,481
7,626,920 7,753,793 6,526,018 1,227,775 5,441,076
2,623,250 2,686,662 2,684,708 1,954 2,143,037
13,704,302 13,935,417 13,192,943 742,474 13,069,396
2,049,070 2,597,736 1,950,215 647,521 2,047,398
10,000,000 10,000,000
48,940 48,940 46,668 2,272 117,278
123,274,657 136,507,537 131,827,605 4,679,932 113,818,791
(2,279,640) (17,350,070) (16,303,121) 1,046,949 3,667,715
4,246,770 19,758,711 3,937,079 (15,821,632) 2,545,843
(1,967,130) (2,408,641 ) (2,460,104) (51,463) (2,994,833)
1,167,644 1,167,644 1,967,750
2,279,640 17,350,070 2,644,619 (14,705,451) 1,518,760
$ $ (13,658,502) $(13,658,502) 5,186,475
32,873,207 27,686,732
$ 19,214,705 $ 32,873,207
Other financing sources (uses)
Transfers in
Transfers (out)
Capital lease proceeds
Total other financing sources (uses)
Fund balance - beginning
Fund balance - ending
The notes to the financial statements are an integral part of this statement.
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AUGUST A, GEORGIA
Statement of Net Assets
Proprietary Funds
December 31,2008
Enterprise Funds
Water Augusta Other Internal
and Sewer Regional Enterprise Service
System Airport Funds Total Funds
Assets
Current assets
Cash and temporary investments $ 41,561,059 $ 7,714,343 $ 29,554,129 $ 78,829,531 $ 1,429,656
Receivables (net of allowance for doubtful
Accounts 14,960,128 537,328 3,269,456 18,766,912 4,816,413
Interest 196,014 6,321 202,335
Intergovernmental 47,527 47;527
Prepaid expenses 252,461 252,461
Inventory 2,139,850 263,941 211,397 2,615,188
Total current assets 59,109,512 8,563,139 33,041,303 100,713,954 6,246,069
Noncurrent assets
Restricted cash and investments 79,536,168 18,674,455 1,366,799 99,577,422 11,848,014
Deferred bond issuance costs 5,798,705 962,075 299,152 7,059,932
Prepaid bond interest 15,090,560 15,090,560
Capital assets, net 528,265,940 54,958,411 26,193,300 609,417,651 424,008
Total noncurrent assets 628,691,373 74,594,941 27,859,251 731,145,565 12,272,022
Total assets 687,800,885 83,158,080 60,900,554 831,859,519 18,518,091
Liabilities
Current liabilities
Accounts payable 8,554,224 799,832 1,509,631 10,863,687 739,920
Accrued interest 5,802,751 5,802,751
Due to other funds 662,394 1,288,387 80,413 2,031,194 164,432
Accrued salaries and vacation 1,188,325 359,974 373,730 1,922,029 53,298
Other accrued liabilities 226,146 226,146
Current portion of notes payable 2,091,948 2,091,948
Current portion of leases payable 763,452 1,045,166 1,808,618
Current portion of revenue bonds payable 5,610,000 1,650,000 7,260,000
Total current liabilities 24,673,094 2,448,193 4,885,086 32,006,373 957,650
Noncurrent liabilities
Closure/postclosure accrual 9,184,152 9,184,152
Revenue bonds payable 452,334,181 19,605,000 3,911,778 475,850,959 16,214,270
Notes payable 22,501,286 22,50 I ,286
Capital leases 6,893,894 2,083,382 8,977,276
Total noncurrent liabilities 481,729,361 19,605,000 15,179,312 516,513 ,673 16,214,270
Total liabilities 506,402,455 22,053,193 20,064,398 548,520,046 17,171,920
Net assets
Invested in capital assets, net of related debt 108,725,899 44,617,749 18,867,085 172,210,733 424,008
Restri cted 8,881,448 9,410,117 2,688 18,294,253
U nrestri cted 63,791,083 7,077,021 21,966,383 92,834,487 922,163
Total net assets $ 181,398,430 $ 61,104,887 $ 40,836,156 $ 283,339,473 $1,346,171
Some amounts reported for business-type activities in the statement of net assets are different
because of the following:
Certain internal fund assets and liabilities are included with business-type activities. $ (J 13,514)
Certain internal fund expenses are allocated to business-type activities. (93,203)
Total net assets for business-type activities $ 283,132,756
The notes to the financial statements are an integral part ofthis statement.
34
AUGUSTA, GEORGIA
Statement of Cash Flows
Proprietary Funds
Year Ended December 31, 2008
Enterprise Funds
Water Augusta Other Internal
& Sewer Regional Enterprise Service
System Airport Funds Total Funds
Operating activities
Cash received from customers $ 74,455,709 $ 16,841,684 $ 27,102,070 $ 118,399,463 $
Cash received from contributions 31,226,688
Cash advanced from other funds 80,413 80,413 48,925
Cash paid to suppliers (18,329,523) (13,989,764) (21,670,511) (53,989,798) (28,509,365)
Cash paid to employees (12,446,338) (3,684,815) (4,729,780) (20,860,933) (3,413,756)
Cash paid for interfund services used (4,342,131 ) (1,355,987) (5,698,118)
Net cash provided by (used in)
operating activities 39,337,717 (832,895) (573,795) 37,931,027 (647,508)
Noncapital financing activities
Transfers in 7,735,311 7,735,311 562,426
Transfers out (574,674) (574,674) (298,178)
Operating grants 472,081 472,081
Interest expense on operating capital (376) (376) (103,231)
Other revenue 220,148
Other expense (47,009) (47,009)
Net cash provided by (used in) noncapital
financing activities (47,009) 7,632,342 7,585,333 381,165
Capital and related financing activities
Proceeds from grants 2,724,455 173,870 2,898,325
Proceeds from sale of property 9,574 7,300 12,822 29;696 6,665
Proceeds from capital leases 1,699,071 1,699,071
Interest on bond funds 4,174,179 4,174,179
Other miscellaneous income 1,505,652 6,294 1,511,946
Purchase of capital assets (94,369,228) (5,293,988) (9,868,645) (109,531,861)
Payments on bonds issued (1,585,000) (1,585,000)
Interest paid on capital debt (22,570,740) (1,037,087) (249,897) (23,857,724) (509,767)
Payments on capital leases (1,036,071) (1,167,459) (2,203,530)
Principal paid on revenue bonds (5,260,000) (5,260,000)
Net cash used in capital and
related financing activities (119,052,286) (2,093,668) (10,978,944) (132,124,898) . (503,102)
Investing activities
Interest received 828,771 622,257 820,136 2,271,164 446,876
Net cash provided by investing activities 828,771 622,257 820,136 2,271,164 446,876
Net decrease in cash and cash
eq u iva I en ts/investmen ts (78,885,798) (2,351,315) (3,100,261 ) (84,337,374) (322,569)
Cash and cash equivalents/investments
Beginning of year 199,983,025 28,740,113 34,021,189 262,744,327 13,600,239
End of year $ 121,097,227 $ 26,388,798 $ 30,920,928 $ 178,406,953 $ 13,277,670
The notes to the financial statements are an integral part of this statement.
36
AUGUSTA, GEORGIA
Statement of Fiduciary Net Assets
Fiduciary Funds
December 31, 2008
Private-purpose
Pension Trust Fund Agency
Trust Funds Joseph R. Lamar Funds
Assets
Cash and cash equivalents $ 4,190,004 $ 845 $ 9,003,086
Investments
U.S. Government securities 18,963,902
Corporate bonds 7,819,524
Equity securities 30,903,346
Receivables (net of allowance for doubtful accounts)
Taxes 21,490,053
Accounts 1,620
Interest 396,898
Perpetual care 5,000
Total assets 62,275,294 5,845 30,493,139
Liabilities
Accounts payable 11,374
Due to others 9,003,086
Uncollected taxes 21,490,053
Total liabilities 11,374 30,493,139
Net assets
Held in trust for pension benefits and
other purposes $ 62,263,920 $ 5,845
(See Schedules of Funding Progress)
The notes to the financial statements are an integral part of this statement.
38
40
42
AUGUSTA, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31,2008
Note 1 - Summary of significant accounting policies (Continued)
Information for the Department of Health is presented for the year ended June 30, 2008, which were the latest financial
statements available. The Department of Health operates with the June 30 fiscal year end, which is different from the
governments fiscal year end.
Augusta Canal Authority - A voting majority ofthe board is appointed by the Government.
Richmond County Department of Health - A voting majority of the board is appointed by the Government.
Downtown Development Authority - A voting majority ofthe board is appointed by the Government.
B. Basis of Presentation
Government-wide statements: The statement of net assets and the statement of activities display information about the
primary government. These statements include the financial activities of the overall government. Eliminations have
been made to minimize the double counting of internal activities. These statements distinguish between the
governmental and business-type activities of the Government. Governmental activities generally are financed through
taxes, intergovernmental revenues, and other non-exchange transactions. Business-type activities are financed in
whole or in part by fees charged to external parties. Likewise, the primary government is reported separately from
certain legally separate component units for which the primary government is financially accountable.
The statement of activities presents a comparison between direct expenses and program' revenues for the different
business-type activities of the Government and for each function ofthe Government's governmental activities. Direct
expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to
a particular function. Program revenues include (a) fees and charges paid by the recipients of goods or services offered
by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements
of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as
general revenues.
Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though
the latter are excluded from the government-wide financial statements. Major individual governmental funds and
major individual enterprise funds are reported as separate columns in the fund financial statements.
Fund financial statements: The fund financial statements provide information about the Government's funds.
Separate statements for each fund category - governmental, proprietary and fiduciary - are presented. The emphasis of
fund financial statements is on major governmental and enterprise funds, each displayed ih a separate column. All
remaining governmental and enterprise funds are aggregated and reported as nonmajor funds.
Proprietary fund operation revenues, such as charges for services, result from exchange transactions associated with the
principal activity of the fund. Exchange transactions are those in which each party receives and gives up essentially
equal values. Nonoperating revenues, such as subsidies and investment earnings, result. from non-exchange
transactions or ancillary activities.
The Government reports the following major governmental funds:
General Fund - The General Fund is the general operating fund of the Government. The General Fund accounts
for all financial resources except those that are required to be accounted for in another fund. The primary revenue
sources are ad valorem taxes, state grants, and various other taxes and licenses. The primary expenditures are for
public safety, recreation, street maintenance and improvements, and sanitation services.
Fire Protection Fund - The Fire Protection Fund is a special revenue fund that accounts for the receipts and
disbursements of tax revenues restricted for fire protection services in the unincorporated atea only. The primary
revenue source is ad valorem taxes, and the primary expenditures are for public safety.
44
AUGUSTA, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31,2008
Note 1 - Summary of significant accounting policies (Continued)
5% Crime Victim's Assistance Fund - This fund accounts for the 5% surcharge on certain fines with the proceeds
used for a victim's assistance program.
Supplemental Juvenile Service Fund - This fund accounts for supervisory fees collected on juvenile cases.
Building Inspection Fund - This fund accounts for building inspection licensing and fees revenue and related
expenditures.
Weed and Seed Federal Grant Fund - This fund accounts for a grant designed to target high risk areas for teens
and weed out the bad influences and sow the seed for a better life.
Wireless Phase Fund - This fund accounts for activities associated with 911 charges for wireless service.
Perpetual Care I Fund - This fund accounts for monies collected from sale of perpetual care contracts at
Government-owned cemeteries after October 1, 1970, as well as receipt of investment earnings on all perpetual care
investments and payment of cemetery maintenance expenditures.
Landbank Authority - This fund accounts for property owned by the County for the future progress of Augusta,
GA.
Downtown Development Fund - This fund accounts for excise taxes collected on rental motor vehicles, and debt
payments made and appropriations given to the Downtown Development Authority.
Canine Forfeitures - This fund accounts for proceeds recovered from drug arrests, which are allocated to the canine
unit in return for their assistance.
NPDES Permit Fees - This fund accounts for a per acre environmental fee charged to all contractors who disturb
more than one acre of land at a building site.
Transportation and Tourism Fund - This fund accounts for a fee to provide enhanced public transportation
services and to enhance the tourism opportunities in the Historic Heritage District The Government has implemented
a $1.00 per night room fee. In exchange for the transportation fee, payers of the fee shall be entitled to free use of
the public transportation systems for the duration of their hotel stay in Augusta. The revenues generated by the
transportation fee shall be used to fund and enhance public transportation operation, management of the Trade
Exhibit and Event Center, and to revitalize the Historic Heritage Districts of Augusta to enhance the transportation
and tourism services available in Augusta.
Debt Service Funds
2006 GO Sales Tax Bonds Debt Service Fund - This fund accounts for the general obligation bonds related to the
General Obligation Sales Tax Bonds, Series 2006. The bonds are to be repaid with funds from SPLOST Phase V.
Caoital Proiects Funds
Community Development Fund - This fund accounts for the financing and construction of various community
development projects. Financing is provided by grants received from the U.S. Department of Housing and Urban
Development.
Special Sales Tax Phase II Fund - This fund accounts for financing and construction of various construction and
road improvements, drainage, jail improvements, and museums. Financing is to be provided by receipts from a
1991 special one percent local option sales tax referendum.
46
AUGUSTA, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31, 2008
Note 1 - Summary of significant accounting policies (Continued)
Additionally, the Government reports the following fund types:
Pension Trust Fund - The Government has pension trust funds that account for the Government's employees'
pension plans. The Government maintains the following pension trust funds: 1945 Pension Trust Fund, 1977
Pension Trust Fund, and the General Retirement Fund.
Private Purpose Trust Fund - The Government has a private-purpose trust fund that accounts for resources
legally held in trust to finance awards for children attending Joseph R. Lamar School. The principal amount of the
gift is to be maintained intact and invested. Investment earnings are used for the awards. The Government
maintains the following private-purpose trust fund: Joseph R. Lamar Fund.
Agency Funds - Agency funds are custodial in nature and do not involve the measurement of operating results.
Agency funds are used to account for assets the Government holds on behalf of others. The Government
maintains the following agency funds: Tax Commissioner, which accounts for tax billings, collections and
remittances made by the Tax Commissioner on behalf of the County and other governmental agencies; Probate
judge, which accounts for the receipt and disbursement of licenses and other fees collected by the Probate Judge;
.Sheriffs Department, which accounts for the receipt and disbursement of funds collected by the department from
individuals posting bond; Civil Court, which accounts for the receipt and disbursement of court-ordered fines, fees
and garnishments made on behalf of third parties; and Clerk of Court, which accounts for the receipt and
disbursement of court-ordered fines and fees made on behalf of third parties and traffic violation fines.
C. Measurement Focus and Basis of Accounting
Government-wide, Proprietary and Fiduciary Fund Financial Statements - The government-wide, proprietary fund and
fiduciary financial statements are reported using the economic resources measurement focus, except for agency funds
which have no measurement focus. The government-wide, proprietary fund and fiduciary financial statements are
reported using the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the
time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which
the Government gives (or receives) value without directly receiving (or giving) equal value in exchange, include
property taxes, grants, and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year
for which the taxes are levied. Revenue from grants and donations is recognized in the fiscal year inwhich all eligibility
requirements have been satisfied.
Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges
provided, 2) operating grants and contributions, and 3) capital grants and contributions, including special assessments.
Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general
revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and
expenses generally result from providing services and producing and delivering goods in connection with a proprietary
fund's principal ongoing operations. The principal operating revenues of the Government enterprise funds are charges
to customers for sales and services. The Government also recognizes as operating revenue the portion of tap fees
intended to recover the cost of connecting new customers to the system. Operating expenses for enterprise funds
include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and
expenses not meeting this definition are reported as nonoperating revenues and expenses.
Governmental Fund Financial Statements - Governmental funds are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Under this method, n,venues are recognized when
measurable and available. "Measurable" means the amount ofthe transaction can be determined and "available" means
collectible within the current period. The Government considers all revenues available if they are collected within 60
days after year-end. Expenditures are recorded when the related fund liability is incurred, expect for principal and
interest on general long-term debt, claims and judgments, and compensated absences, which are recognized as
expenditures to the extent they have matured. General capital asset acquisitions are reported as expenditures in
governmental funds. Proceeds of general long-term debt and acquisitions under capital leases are reported as other
financing sources. 48
AUGUSTA, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31, 2008
Note 1 - Summary of significant accounting policies (Continued)
The State statutes authorize the Government to invest in obligations of the United States government and agencies
thereof, general obligations of the State of Georgia or any of its political subdivisions, or banks and savings and loan
associations to the extent that they are secured by the Federal Deposit Insurance Corporation.
G. Investments
Investments are reported at fair value. Fair value is determined as follows: short-term investments are reported at cost,
which approximates fair value; securities traded on national exchanges are valued at current prices or current prices of
similar securities; securities for which an established market does not exist are reported at estimated fair value using
selling prices for similar investments for which there is an active market; fair value of real estate is based on appraised
values.
H. Inventories and prepaid expenses
Inventories in the governmental funds are valued at cost using the first-in, first-out method. Inventories in the
proprietary funds are valued at the lower of cost (first-in, first-out) or market. The costs of governmental fund-type
inventories and prepaid expenses are recorded as expenditures when consumed rather than when purchased. Reported
inventories and prepaid expenses are equally offset by a fund balance reserve which indicates that they do not
constitute "available spendable resources".
I. Interfund receivables/payable and Internal Balances
During the course of operations, numerous transactions occur between individual funds for goods provided or services
rendered. These receivables and payables are classified as "due from other funds" or "due to other funds" on the
balance sheet of the fund financial statements and as "internal balances" on the statement of net assets in the
government-wide financial statements.
J. Bond discounts and issuance costs
Bond discounts and issuance costs for proprietary funds are deferred and amortized over the term of the bonds using
the effective-interest method. Bond discounts are presented as a reduction of the face amount of bonds payable,
whereas issuance costs are recorded as deferred charges.
K. Restricted asset
Certain assets of the Debt Service Fund and Enterprise Funds are classified as restricted assets on the balance sheet
because their use is limited by applicable debt covenants.
L. Capital assets
Capital assets are defined by the government as assets with an initial, individual cost of more than a certain cost and an
estimated useful life in excess of one year. Minimum capitalization costs are $5,000 for all categories of capital assets.
Purchased or constructed capital assets are reported at cost or estimated historical cost. Donated capital assets are
recorded at their estimated fair value at the date of donation. General infrastructure assets acquired prior to January 1,
2001, consist of the streets network that were acquired or that received substantial improvements subsequent to
January 1, 1980. The streets network is reported at estimated historical cost using deflated replacement cost. The cost
of normal maintenance and repairs that do not add to the value of the asset or materially extend assets' lives are not
capitalized.
Depreciation is computed using the straight-line method. A summary of the estimated useful lives is as follows:
Vehicles
Furniture and fixtures
Machinery and equipment
Buildings and improvements
Water and Sewer systems
Infrastructure
5 years
7 years
10 years
30 years
30 - 70 years
30 years
50
AUGUSTA, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31, 2008
Note 3 - Detailed notes on all funds
A. Deposits and investments
Primary government
Deposits:
Custodial Credit Risk for deposits is the risk that, in the event of bank failure, a government's deposits may not be
returned to it. At December 31, 2008 approximately $$358,800,000 of the Government's approximate $360,800,000
bank balance was uninsured. Ofthese uninsured deposits, none were collateralized with securities held by the financial
institution's trust department or agent in the Government's name, approximately $343,400,000 were collateralized with
securities held by the financial institution, by its trust department or agency, but not in the Government's name, and
approximately $15,400,000 were uncollateralized
Investments:
Primary Government (Other than Pension Trust Funds)
The investment policy of the Government is consistent with the State of Georgia's policy, which is to maximize the
protection of State funds on deposit while accruing an advantageous yield on those funds in excess of those required
for current operating expenses (Official Code of Georgia Annotated [OCGA] 50-17-51).
Authorized pool investments are limited to the following in accordance with State statutes:
1) Obligations of the State of Georgia or of other states;
2) Obligations issued by the United States government;
3) Obligations fully insured or guaranteed by the United States government or a United States government agency;
4) Obligations of any corporation of the United States government;
5) Prime banker's acceptances;
6) Repurchase Agreements;
7) Obligations of other political subdivisions of the State; and
8) Commercial paper issued by domestic corporations.
Authorized investments are subject to certain restrictions.
Pooled cash and cash equivalents and investments are grouped into portfolios for investment purposes according to the
operating needs ofthe State of Georgia and other pool contributors.
Pension Trust Funds
In accordance with Official Code of Georgia Annotated Public Retirement System Investment Authority Law, Public
Retirement Systems may invest in the following:
1) United States or Canadian corporations or their obligations with limits as to the corporations' size and credit
rating.
2) Repurchase and reverse repurchase agreements for direct obligations of the United States government and for
obligations unconditionally guaranteed by agencies.
3) FDIC insured cash assets or deposits.
4) Bonds, notes, warrants, loans or other debt issued or guaranteed by the United States government.
5) Taxable bonds, notes warrants or other securities issued and guaranteed by any state, the District of Columbia,
Canada or any province in Canada.
6) Bonds, debentures or other securities issued or insured or guaranteed by an agency, authority, unit, or corporate
body created by the government of the United States of America.
7) Investment grade collateralized mortgage obligations.
8) Obligations issued, assumed or guaranteed by the International Bank for Reconstruction and Development or the
International Financial Corporation.
9) Bonds, debentures, notes and other evidence of indebtedness issued, assumed, or guaranteed by any solvent
institution existing under the laws of the United States of America or of Canada, or any state or province thereof,
which are not in default and are secured to a certain level.
52
AUGUSTA, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31, 2008
Note 3- Detailed notes on all funds (Continued)
The Georgia Extended Asset Pool (GEAP) is offered by the State of Georgia to counties, municipalities, public
colleges and universities, board of education, special districts, state agencies, and other authorized entities as. an
alternative to Georgia Fund I. A primary objective of GEAP is the prudent management of public funds on behalf of
state and local governments. GEAP was designed for those investors seeking taxable income higher than money
market rates and willing to accept price fluctuations.
Deposit and investment transactions are subject to a variety of risks. The Government's adopted investment policies
seek to promote the safety of principal, provide adequate liquidity for operation needs, earn market rates of return on
investments consistent with liquidity needs and investment quality, and conform with legal requirements.
Interest rate risk is the risk that changes in interest rates will adversely affect the value of an investment. The
Government's investment policy states that the Government will structure its portfolio to meet cash requirements for
ongoing operations, thereby avoiding the need to sell securities prior to their maturity. The policy also emphasizes the
purchase of shorter term or more liquid investment. The policy does not place formal limits on investment maturities.
The Georgia Fund 1 has an interest rate risk of24 day weighted average maturity.
Credit Risk is the risk that an issuer or counterparty to an investment will not fulfill its obligations. The Government's
investment policy seeks to minimize credit risk through diversification of investments within the choices allowed under
state statutes. Investments in all corporate securities are limited to investment grade or higher as rated by a nationally
recognized rating agency.
All of the Government's investments in u.s. Government securities carry the explicit guarantee of the U.S.
government. U.S. Agency securities underlie the repurchase agreements.
Concentration of credit risk is the risk of loss attributed to the magnitude of an investment in a single issuer.
Disclosures are required for any issuer that represents 5% or more of total investments, exclusive of mutual funds,
external investment pools and investments issued or guaranteed by the U.S. government. No single issuer represented
more than 5% of the total portfolio. The Government does not have a formally adopted policy for managing
concentration of credit risk.
There are no limits on fixed income securities issued directly by the U.S. government or any agency thereof.
Deposits and investments are reconciled between the financial statements and note disclosure as follows:
Basic financial statements:
Cash and temporary investments
Restricted cash and investments
Pension and agency funds
Total
$ 317,786,241
158,089,954
70,879,862
$ 546,756,057
Notes to the financial statements:
Cash on hand
Deposits
Investments
Total
$ 26,800
340,946,704
205,782,553
$ 546,756,057
Department of Health
At June 30, 2008, all of the Department of Health's deposits were either secured by Federal Depository Insurance
Corporation (FDIC) or by collateral held by the agent in the Government's name.
54
AUGUSTA, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31, 2008
Note 3 - Detailed notes on all funds (Continued)
Finally, the Fiduciary fund financial statements include $21,490,053 in taxes receivable recorded in agency funds.
This amount is excluded from the foregoing schedule and represents the amount of receivables billed on behalf of other
governments in an agency relationship. Also, included in the Fiduciary fund financial statements and excluded from
the foregoing schedule are interest receivable totaling $396,898 and accounts receivable totaling $1,620 in the pension
trust fund.
In a prior year, the former City of Augusta entered into an agreement with the Georgia Housing and Finance Authority
(GHFA) to aid in the administration of Federal funds granted through the State for HUD's Rental Rehabilitation
Program. The Government acts only in an administrative capacity and does not directly receive or disburse any funds
related to this project. Therefore, the receipts, disbursements and related notes receivable for the GRF A program have
not been included in the financial statements.
C. Capital assets
A summary of changes in capital assets is as follows:
Governmental Activities
December 31, December 31,
2007 Additions Disposals 2008
Capital assets, not being depreciated
Land $ 20,408,148 $ 198,916 $ - $ 20,607,064
Construction in process 93,987,005 31,860,267 ( 41,682,509) 84,164,763
Total capital assets not being depreciated 114,395,153 32,059,183 (41,682,509) 104,771,827
Other capital assets:
Land and Site Improvements 8,443,824 1,688,566 10,132,390
Buildings 78,760,613 5,799,036 (1,539,120) 83,020,529
Building improvements 7,901,158 10,399,716 18,300,874
Vehicles 33,497,590 1,738,465 (1,692,407) 33,543,648
Machinery and equipment 11,372,754 4,455,617 (122,473) 15,705,898
IT - hardware 3,690,705 758,666 (455,737) 3,993,634
IT - software 2,910,231 187,919 (189,885) 2,908,265
Furniture and fixtures 1,542,163 362,705 (5,985) 1,898,883
Other capital 20,980 20,980
Infrastructure 76,644,594 15,891,320 92,535,914
Richmond County Public Facilities 12,655,483 12,655,483
Total other capital assets 237,419,115 41,302,990 ( 4,005,607) 274,716,498
Less accumulated depreciation for:
Land and site improvements (3,145,423) (47,916) (3,193,339)
Buildings (29,645,247) (2,190,062) 1,380,088 (30,455,221)
Building improvements (3,299,587) (387,745) (3,687,332)
Vehicles (25,696,042) (2,820,188) 1,655,554 (26,860,676)
Machinery and equipment (7,185,168) (788,256) 115,773 (7,857,651 )
IT - hardware (3,512,922) (79,145) 455,737 (3,136,330)
IT - software (2,603,989) (237,117) 189,885 (2,651,221 )
Furniture and fixtures (1,215,268) (88,939) 5,985 (1,298,222)
Other capital (6,236) (6,236)
Infrastructure (17,750,708) (2,492,172) (20,242,880)
Richmond County Public Facilities (10,546,236) ( 1 0,546,236)
Total accumulated depreciation (104,600,590) (9,137,776) 3,803,022 (109,935,344)
Other capital assets, net 132,818,525 32,165,214 (202,585) 164,781,154
Governmental activities capital assets, net $ 247,213,678 $ 64,224,397 $ (41,885,094) $ 269,552,981
56
AUGUST A, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31, 2008
Note 3 - Detailed notes on all funds (Continued)
(As restated)
Balance Balance
December 31, December 31,
2007 Additions Disposals 2008
Augusta Regional Airport
Capital assets not being depreciated:
Land $ 5,632,542 $ 108,610 $ $ 5,741,152
Construction in progress 27,230,787 33,009 (27,230,787) 33,009
Total capital assets not being depreciated 32,863,329 141,619 (27,230,787) 5,774,161
Other capital assets:
Site improvements 2,794,955 289,318 3,084,273
Building improvements 1,703,324 1,703,324
Buildings 7,696,589 31,701,638 39,398,227
Vehicles 2,102,860 2,102;860
Machinery and equipment 2,503,271 390,329 2,893,600
Furniture and fixtures 321,221 280,668 601,889
Other capital 166,144 166,144
Information tech - hardware 74,411 74,411
Information tech - software 35,832 35,832
Infrastructure 25,570,701 (278,797) 25,291,904
Total capital assets being depreciated 42,969,308 32,661,953 (278,797) 75,352,464
Less accumulated depreciation for:
Site improvements (1,062,212) (244,107) (1,306,319)
Building improvements (1,121,054) (31,679) (1,152,733)
Buildings (5,584,490) (971,779) (6,556,269)
Vehicles (1,700,066) (88,122) (1,788,188)
Machinery and equipment (1,360,657) (215,486) (1,576,143)
Furniture and fixtures (289,560) (54,431) (343,991)
Other capital (166,144) (166,144)
Information tech - hardware (68,468) (1,288) (69,756)
Information tech - software (27,292) (641) (27,933)
Infrastructure (12,515,978) (664,760) (13,188,738)
Total accumulated depreciation (23,895,921) (2,272,293) (26,168,214)
Other capital assets being depreciated, net 19,073,387 30,389,660 (278,797) 49,184,250
Augusta Regional Airport capital assets, net $ 51,936,716 $ 30,531,279 $ (27,509,584) $ 54,958,411
58
AUGUSTA, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31, 2008
Note 3 - Detailed notes on all funds (Continued)
Department of Health
Capital asset activity for the Department of Health for the year ended June 30, 2008 was as follows:
June 30, 2007 Additions Disposals
Capital assets, not being depreciated
Land $ 1,647,997 $ $ $
Other capital assets:
Buildings 7,896,066
Improvements 556,193
Equipment 365,511 305,796
Vehicles 152,393
8,970,163 305,796
Less accumulated depreciation for:
Buildings (1,100,737) (202,505)
Improvements (354,574) (27,810)
Equipment (145,939) (30,384)
Vehicles (76,210) (11,839)
Total accumulated depreciation (1,677,460) (272,538)
Other capital assets, net 7,292,703 33,258
Govemmental activities capital assets, net $ 8,940,700 $ 33,258 $ $
June 30, 2008
1,647,997
7,896,066
556,193
671,307
152,393
9,275,959
(1,303,242)
(382,384)
(176,323)
(88,049)
(1,949,998)
7,325,961
8,973,958
Augusta Canal Authority
Capital asset activity for the Augusta Canal Authority for the year ended December 31, 2008 was as follows:
December 31,
2007 December 31,
As restated Additions Deletions 2008
Capital assets not being depreciated:
Land $ 467,000 $ $ $ 467,000
Construction in process 53,651 38,991 92,642
Total capital assets not being depreciated 520,651 38,991 559,642
Capital assets being depreciated:
Leasehold improvements 3,869,106 99,049 3,968,155
Boats 697,071 697,071
Vehicles 24,621 24,621
Machinery and equipment 17,081 2,494 19,575
Computer equipment 17,976 673 18,649
Office equipment 4,602 4,602
Furniture and fixtures 23,924 8,752 32,676
Infrastructure 10,068,985 496 10,069,481
Total capital assets being depreciated 14,723,366 111,464 14,834,830
Less accumulated depreciation for:
Leasehold improvements (683,196) (145,123) (828,319)
Boats ( 112,693) (27,883) (140,576)
Vehicles ( 13,498) (2,676) (16,174)
Machinery and equipment (10,695) (2,097) (12,792)
Computer equipment (15,741) (661) (16,402)
Office equipment (4,087) (261 ) (4,348)
Furniture and fixtures (19,612) (1,746) (21,358)
Infrastructure (281,846) (239,639) (521,485)
Total accumulated depreciation (1,141,368) (420,086) (1,561,454)
Total capital assets being depreciated - net 13,581,998 (308,622) 13,273,376
Governmental activities capital assets, net $ 14,102,649 $ (269,631) $ $ 13,833,018
60
AUGUSTA, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31, 2008
Note 3 - Detailed notes on aU funds (Continued)
E. Deferred/Unearned Revenues
The balance of deferred revenues in the fund financial statements (includes both the deferred and unearned amounts
disclosed below) and unearned revenues in the government-wide financial statements at year-end is composed of the
following elements:
Taxes receivable net of allowance - General Fund
Taxes receivable net of allowance - Fire Protection Fund
Taxes receivable net of allowance - Nonmajor governmental funds
Grant income received in advance of being earned - General Fund
Business license income received in advance of being earned - General Fund
Housing and Development long-term notes receivable - Nonmajor governmental funds
F. Landfill closure and postclosure costs
State and Federal laws and regulations require the Government to place a final cover on its landfill when closed and
perform certain maintenance and monitoring functions at the landfill site for thirty years after closure. In addition to
operating expenses related to current activities of the landfill, an expense provision and related liability are being
recognized based on the future closure and postclosure care costs that will be incurred near or after the date the landfill
no longer accepts waste. The recognition of these landfill closure and postclosure care costs is based on the amount of
the landfill used during the year. The estimated liability for landfill closure and postclosure care costs has a balance of
$9,184,152 as of December 31, 2008, which is based on 91.77% usage (filled) of Cell II C and 14.62%usage (filled) of
Cell III stage 1, which are operating currently, and 100% usage (filled) of Cells II A and II B. This liability is recorded
in the Waste Management Enterprise Fund. It is estimated that an additional $14,466,433 be recognized as closure and
postclosure care expenses between the date of the statement of net assets and the date the landfills are expected to be
filled to capacity, which is in 2012 and 2123, respectively. The estimated total current cost of the landfill closure and
postclosure care, $23,650,585, is based on the amount that would be paid if all equipment, facilities, and services
required to close, monitor, and maintain the landfill were acquired as of December 31, 2008. However, the actual cost
of closure and postclosure care may be higher due to inflation, changes in technology, or changes in landfill laws and
regulations.
The Government expects to finance the costs for the estimated landfill closure and postclosure care costs as they
become due during the coming thirty years through the regular operations of the Government.
G. Long-term debt
Primary government
1. Governmental activities
In a prior year, a portion of the Certificates of Participation (Series 1993) was defeased by the creation of an
irrevocable trust fund. Original proceeds remaining from the issue were used to purchase U.S. Government
securities that were placed in a trust fund. The investments and fixed earnings from the investment are sufficient to
fully service the defeased debt until the debt matures. For financial reporting purposes, the debt is considered
defeased and, therefore, not included as a liability in the government-wide financial statements Funds. As of
December 31, 2008 the amount of defeased debt outstanding but removed from the governmental debt is $755,000.
62
AUGUSTA, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31, 2008
Note 3 - Detailed notes on all funds (Continued)
Continued
Year ending
December 31
Certificates of Participation
Total
Principal
Interest
Principal Interest
2009
2010
2011
2012
2013
2014 - 2018
2019 - 2023
2024 - 2028
$
- $
802,180
802,180
802,180
802,180
802,180
4,010,900
4,010,900
3,542,962
$
8,785,000 $
9,135,000
9,505,000
1,723,480
1,365,080
992,280
802,180
802,180
4,010,900
4,010,900
3,542,962
16,888,000
16,888,000
$
16,888,000 $ 15,575,662 $
44,313,000 $ 17,249,962
Certificates of Participation
In June 1998, the Government entered into a lease pool agreement with the Georgia Municipal Association (the
"Association"). The funding of the lease pool was provided by the issuance of $150,126,000 Certificates of Participation
by the Association. The Association passed the net proceeds of $15,989,693 through to the participating municipalities
with the Government's participation totaling $16,888,000, net of original issue discount of $898,307. The lease pool
agreement with the Association provides that the Government owns their portion of the assets invested by the pool and is
responsible for the payment of their portion of the principal and interest of the Certificates of Participation. The principal
of $16,888,000 is due in a lump sum payment on June 1, 2028. Interest is payable at a rate of 4.75% each year. The
Government draws from the investment to lease equipment from the Association. The lease pool agreement requires the
Government to make lease payments back into its investment account to fund the principal and interest requirements of the
1998 GMA Certificates of Participation. Equipment in the amount of $2,866,7 15 was leased during 2008.
2. Business-type activities
Revenue bonds
Water and Sewer:
$160,000,0002004 Water and Sewer Bonds - due in interest only payments (Jf$8,400,000
through October 2032. Principal due in annual installments beginning October 2033 through
October 2039. From $19,500,000 to $26,510,000, plus interest of 5.25%.
$ 160,000,000
$149,400,0002002 Water and Sewer Bonds - due in annual installments of$235,000 to
$20,610,000 starting October 2002 through October 2032, plus interest varying from 2.50%
to 5.75% on $57,840,000 serial bonds, with interest of5.0% on $91,560,000 term bonds.
105,960,000
$97,080,0002000 Water and Sewer Bonds - due in annual installments of$355,000 to
$11,105,000, plus interest at 4.4% to 5.25% through October 2030.
9,290,000
$177,010,0002007 Water and Sewer Bonds - due in annual installments of $2,060,000 to
$12,260,000 plus interest at 4.0% to 5.0% through October 2030 (this liability is reflected in the
Water and Sewer Fund net of deferred refunding amount of$7,536,107).
174,950,000
Total
Less: Deferred refunding amounts
Less: Bond issue discounts
Add: Bond issue premiums
450,200,000
(7,205,362)
(887,660)
15,837,203
Total revenue bonds - Water and sewer
$ 457,944,181
64
AUGUSTA, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31, 2008
Note 3 - Detailed notes on all funds (Continued)
Business-type Activities
Year ending Notes Payable Revenue Bonds Total
December 31 Principal Interest Principal Interest Principal Interest
2009 $ 2,091,948 $ 1,100,880 $ 7,260,000 $ 23,896,904 $ 9,351,948 $ 24,997,784
2010 2,276,281 1,035,938 8,155,000 23,601,138 10,431,281 24,637,076
2011 2,388,070 924,149 7,820,000 23,283,130 10,208,070 24,207,279
2012 2,505,412 806,807 7,760,000 22,960,448 10,265,412 23,767,255
2013 2,628,586 683,635 8,095,000 22,628,957 10,723,586 23,312,592
2014-2018 12,351,807 1,420,629 46,920,000 106,698,584 59,271,807 108,119,213
2019-2023 351,130 7,046 58,745,000 93,972,790 59,096,130 93,979,836
2024-2028 82,245,000 77,028,209 82,245,000 77,028,209
2029-2033 105,445,000 53,945,553 105,445,000 53,945,553
2034-2038 116,265,000 25,641,349 116,265,000 25,641,349
2039-2043 26,510,000 1,391,775 26,510,000 1,391,775
$ 24,593,234 $ 5,979,084 $ 475,220,000 $ 475,048,837 $ 499,813,234 $ 481,027,921
Series 2007 Water and Sewerage Revenue Bonds
During 2007, the Government issued $177,010,000 in Series 2007 Water and Sewerage Revenue Bonds. A portion of
the proceeds from the sale of these bonds was used to refund all of the former Series 1996 and 1997 Water and
Sewerage Revenue Bonds in the amount of $56,875,000. The remaining portion of the bond proceeds of $120,135,000
was used to advance refund a portion of the Series 2000 and 2002 Water and Sewerage Revenue Bonds. The current
refunding resulted in a difference between the reacquisition price and the net carrying amount of the old debt of
approximately $4,300,000. This difference, reported in the accompanying financial statements as a deduction from
bonds payable, is being charged to operations through the year 2030 using the effective-interest method. The refunding
decreased the total debt service payments over the next 21 years by approximately $5,600,000 and produced an
economic gain of approximately $3,700,000. The advance refunding resulted in a difference between the reacquisition
price and the net carrying amount of the old debt of approximately $3,200,000. This difference, reported in the
accompanying financial statements as a deduction from bonds payable, is being charged to operations through the year
2030 using the effective-interest method. The refunding decreased the total debt service payments over the next 23
years by approximately $7,200,000 and produced an economic gain of approximately $4,600,000. Proceeds of
approximately $126,793,000 from the defeased issues were used to purchase U.S. Government Securities. Those
securities were deposited in an irrevocable trust fund with an escrow agency to provide for all future debt service
payments on the above mentioned bonds. As of December 31, 2008, the amount of these defeased debts outstanding
but removed from the Water and Sewer Fund is $121,265,000.
Series 2004 Water and Sewerage Bonds
During 2004, the Government issued $160,000,000 in Series 2004 Water and Sewerage Revenue Bonds for the purpose
of financing the costs of making additions, extensions and improvement to the Utilities' water and sewer system.
Series 2004 Solid Waste Management Authority of Augusta Revenue Bonds
During 2004, the Government issued $11,475,000 in Series 2004 Solid Waste Management Authority of Augusta
Revenue Bonds for the purpose of paying all or a portion of the costs of improving and equipping the Government's
municipal solid waste landfill.
Series 2002 Water and Sewerage Revenue Bonds
During 2002, the Government issued $149,400,000 in Series 2002 Water and Sewerage Revenue Bonds. A portion of
the proceeds from the sale of these bonds was used to pay the outstanding balance of the Georgia Environmental
Facilities Authority revolving loan in the amount of $8,815,000 with an interest rate of 5.5%. The remaining portion of
the bond proceeds of $140,585,000 was issued for the purpose of financing the costs of making additions, extensions
and improvements to the Utilities' water and sewer system. A portion of the net proceeds of $8,692,368 (after payment
of $153,574 of underwriting fees and other issuance costs) was used to repay the Georgia Environmental Facilities
Authority revolving loan.
66
AUGUSTA, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31,2008
Note 3 - Detailed notes on all funds (Continued)
The Airport Passenger Facility Charge and General Revenue Bonds Series 2005A and 2005B are payable through 2035
primarily from Passenger Facility Charge No. 99-01-C-AGS approved by the Federal Aviation Administration in 2004.
Should the proceeds of the Passenger Facility Charge not be sufficient to pay when due interest and principal on Series
2005A and 2005B, the interest and principal shortfall will be paid from Airport Net General Revenues, derived by the
Government from the ownership and operation of the Airport, remaining after the payment of expenses of operating,
maintaining, and repairing the Airport ("Net General Revenues"), and (2) those passenger facility charge revenues that
are allocable to the 2005 Project ("PFC Revenues"). The total principal and interest remaining to be paid on the Series
2005A and 2005B Revenue Bonds was approximately $28,744,000 as of December 31, 2008. There were no principal
payments in the current year, while interest paid was approximately $699,000. Total Passenger Facility Charge revenue
was $683,000 for the year ended December 31, 2008.
The Series 2005C Revenue Bonds are payable through 2031 solely from and secured by a first priority pledge or and
lien on Net General Revenues only. Annual principal and interest payments on the bonds are expected to require less
than 35 percent of net revenues through 2012. The total principal and interest remaining to be paid on the bonds was
approximately $13,118,000 as of December 31, 2008. There were no principal payments in the current year, while
interest paid was approximately $338,000. Total net general revenues were $1,488,000 for the year ended
December 31, 2008.
Financial covenants
Pursuant to the Bond Resolution, the Augusta Regional Airport is subject to meeting certain financial covenants related
to the Airport Revenue Bonds. The financial covenants include requirements to (i) provide for 100 percent of the
Expenses of Operation and Maintenance and for the accumulation in the Operation and Maintenance Reserve Fund of
the Operating Reserve; and (ii) produce Net General Revenues, together with Other Available Moneys, in each fiscal
year which will (a) equal at least 125 percent of the Debt Service Requirement on all General Revenue Bonds then
outstanding for the sinking fund year ending on the next January 1 and at least 100 percent of the debt service or other
amounts payable on all Subordinate Bonds and Other Airport Obligations payable from Net General Revenues then
outstanding for the year of computation, (b) enable the Aviation Commission to make all required payments, if any, into
the Debt Service Reserve Account, the PFC Debt Service Reserve Account, the Rebate Fund, the Renewal and
Replacement Fund and on any Contract or Other Airport Obligation, (c) enable the Aviation Commission to accumulate
an amount to be held in the Capital Improvement Fund, which in the judgment of the Aviation Commission is adequate
to meet the costs of major renewals, replacements, repairs, additions, betterments, and improvements to the Airport,
necessary to keep the same in good operating condition or as is required by any governmental agency having
jurisdiction over the Airport, and (d) remedy all deficiencies in required payments from the Revenue Fund from prior
fiscal years. As of December 31, 2008 and 2007 the Airport was in compliance with all covenants.
Department of Health
The Department of Health's long-term liabilities represent compensated absences and an obligation under capital lease.
The debt for compensated absences was $621,886 and the debt for the obligation under capital lease was $434,485 at
June 30, 2008.
Downtown Development Authority
Development Authority Refunding Revenue Bonds, Series 2003:
In May of 2003, the Development Authority ofthe City of Augusta issued $4,035,000 Development Authority Revenue
Bonds, Series 2003. The proceeds of these bonds were used to redeem two previous issuances of revenue bonds,
Development Authority Parking revenue Bonds, Series 1989 and 1991. The original bond issuances were used to fund
the construction of two parking decks in downtown Augusta, Georgia.
The Series 2003 Bonds are limited, special obligations of the Authority and are secured from payments received under
an intergovernmental lease between the City of Augusta and the development Authority for use of the two parking
decks.
68
AUGUSTA, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31, 2008
Note 3 - Detailed notes on all funds (Continued)
The assets acquired through capital leases as of December 31, 2008 are as follows:
Governmental Business-type
Activities Activities
Vehicles $ 3,255,244 $ 748,875
Machinery and equipment 396,414 9,169,202
3,651,658 9,918,077
Less: accumulated depreciation (1,170,288) (1,099,501)
Carrying value $ 2,481,370 $ 8,818,576
I. Changes in long-term liabilities
Primary government
The following is a summary of long-term debt transactions ofthe year ended December 31, 2008:
Beginning Ending Current
Balances Additions Reductions Balances Portion
Govemmental activities:
Bonds and notes payable:
General obligation bonds payable $ 35,875,000 $ - $ 8,450,000 $ 27,425,000 $ 8,785,000
Add: Bond issue premiums 593,229 148,307 444,922 148,307
Revenue bonds payable 46,053 46,053
Total bonds and notes payable 36,514,282 8,644,360 27,869,922 8,933,307
Certificates of participation 16,888,000 16,888,000
Less: original issue discount (718,646) (44,916) ( 673, 730) (44,916)
Total certificates of participation 16,169,354 (44,916) 16,214,270 (44,916)
Other liabilities:
Compensated absences 4,050,544 4,875,708 4,323,805 4,602,447 4,602,447
Capital leases 1,743,688 1,167,644 1,450,619 1,460,713 1,071,498
Claims and judgments 4,978,257 514,670 1,152,984 4,339,943 3,171,222
Total other liabilities 10,772,489 6,558,022 6,927,408 10,403,103 8,845,167
Governmental activities long-term
liabilities $ 63,456,125 $ 6,558,022 $ 15,526,852 $ 54,487,295 $ 17,733,558
Business-type activities:
Revenue debt:
Revenue bonds payable $ 482,065,000 $ - $ 6,845,000 $ 475,220,000 $ 7,260,000
Less: deferred refunding amounts (7,536,107) (330,745) (7,205,362)
Less: bond issue discounts (962,064) (74,404) (887,660)
Add: bond issue premiums 16,642,203 658,222 15,983,981
Total revenue debt 490,209,032 7,098,073 483,110,959 7,260,000
Other liabilities:
Compensated absences 770,930 896,293 866,684 800,539 800,539
Notes payable 7,102,161 19,196,880 1,705,807 24,593,234 2,091,948
Capital leases 2,623,729 9,787,903 1,625,738 10,785,894 1,808,618
Closure/postclosure accrual 12,771,074 668,218 4,255,140 9,184,152
Total other liabilities 23,267,894 30,549,294 8,453,369 45,363,819 4,701,105
Business-type activities long-term
liabilities $ 513,476,926 $ 30,549,294 $ 15,551,442 $ 528,474,778 $ 11,961,105
70
AUGUSTA, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31, 2008
Note 3 - Detailed notes on all funds (Continued)
J. Due Fromrro Other Funds
The composition of inter fund balances as of December 31, 2008 are as follows:
Due to Other Funds
Water and Nonmajor Nonmajor Internal Funds
Due from other funds Sewer Fund Bush Field Governmental Enterprise Service Total
General Fund $ 662,394 $ 1,288,387 $ 318,295 $ 80.413 $ 164.432 $ 2,513,921
Nonmajor Governmental 179.433 179,433
Total interfund balances $ 662,394 $ 1,288,387 $ 497,728 $ 80,413 $ 164,432 $ 2,693,354
Amounts were due to other funds primarily for timing of payments from agency funds.
Transfers To/From Other Funds
Transfers in (out) for the year ended December 31,2008 are summarized below:
Fire Special Nonmajor
General Protection Sales Tax Govern- Nonmajor Internal
Transfers out Fund Fund Phase III mental Enterprise Service Total
General Fund $ $ $ $ 877,321 $ 1,064,820 $ 517,963 $ 2,460,104
Internal Service 200,000 51,122 251,122
Nonmajor
governmental 3,937,079 4.858.923 2,167,667 6,044,695 17,008,364
Special Sales Tax
Phase IV 243,903 243,903
Special Sales Tax
Phase V 9,716,000 9,716,000
Total trausfers $ 3,937,079 $ 4,858,923 $ 2,167,667 $ 10,793,321 $ 7,404,540 $ 517,963 $ 29,679,493
Transfers are used to move unrestricted revenues in the general fund and nonmajor governmental funds to finance
various programs that the Government must account for in other funds in accordance with budgetary authorizations,
including amounts provided as subsidies for nonmajor governmental funds, nonmajor enterprise funds and internal
service funds.
Note 4 - Other information
A, Risk management
The Government is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors
and omissions; and natural disasters for which the Government is self-insured. The Risk Management Funds (an
internal service fund) are utilized by the Government to account for and finance its self-insured risks of loss. The Risk
Management Funds are maintained to provide general liability insurance, workers' compensation coverage, and
unemployment coverage. The Government is self-insured for workers' compensation coverage through a self-
insurance program that is administered under contracts with a third party administrator. Future claims can be paid
from designated funds established in 1987 from previously unrestricted-unreserved funds. Balances as of
December 31, 2008, include the following:
General Fund
Fire Protection Fund
Risk Management Fund
$ 4,705,061
250,000
1,010,168
Total reserve
$ 5,965,229
72
AUGUSTA, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31, 2008
Note 5 - Pension plans
A. Plan descriptions, contribution information and funding policies
The Government has seven single-employer pension plans and one agent multiple-employer pension plan currently in
existence. The Government has a single-employer post-retirement plan that provides medical and death benefits to
eligible retirees and their spouses. These plans are defined benefit plans. The Government also has a single-employer,
defined contribution plan. The following is a summary of funding policies, contribution methods, and benefit
provisions for each plan.
Single-emplover pension plans
1945 Plan
The 1945 Plan was available to all former Richmond County employees hired prior to October 1, 1975 that met the
Plan's age and length of service requirements. Participants in the Plan who retired at or after age 60 are entitled to a
monthly benefit equal to 2% of average earnings multiplied by years of service. Also, the benefit is not to exceed 60%
of the average earnings. The Plan provides death and disability benefits. These benefit provisions and all other
requirements including amendments are established by Government ordinance. The Plan also provides for reduced
benefits if the participant elects to retire after attaining age 50 and completing 15 years of service. Employees are
required to make contributions to the Plan equal to 5% of earnings. The Government is required to contribute the
remaining amounts necessary to fund the Plan. If a participant terminates employment prior to completion often years
of credited service, the participant receives a lump-sum amount equal to his total contributions to the Plan, with 5%
interest computed from January 1, 1997. After completion of at least ten years of credited service, the participant
receives a monthly benefit deferred to his normal retirement date, equal to the benefit computed as for normal
retirement multiplied by the percentage based on completed years of credited service, as follows: 50% after 10 years,
increasing 10% each year to 100% after 15 years of credited service. This is a closed retirement plan (new employees
may not participate in the Plan). The 1945 Plan does not issue a stand-alone financial statement report.
The funding policies for the 1945 Plan provides for actuarially determined periodic contributions at rates that, for
individual employees, remain stable over time so that sufficient assets will be available to pay benefits when due. The
attained age aggregate cost method has been used to compute the normal cost for the plan. Any unfunded plan costs
are spread over the average future working lifetime of the participants as a level percentage of payroll. The significant
actuarial assumptions used to compute pension contribution requirements are the same as those used to determine the
standard measure of the pension obligation.
1977 Plan
During the year ended December 31, 2008, the employees in the 1977 Plan transferred their existing benefits plan into
a revised GMEBS plan. The 1977 Plan was available to all former Richmond County full-time employees who were
not participants in the 1945 Plan provided that they were not hired after reaching age 60. Normal retirement for the
Plan is age 65 or the date when age 62 is attained and an employee completes 25 years of credited service. At that
time, the employee is entitled to a monthly benefit equal to 1 % of average earnings multiplied by years of credited
service. The Plan provides death and disability benefits. These benefit provisions and all other requirements including
amendments are established by Government ordinance. The Plan also provides for reduced benefits if the participant
elects to retire after attaining age 50 and completing 15 years of service. Employees are required to make contributions
to the Plan equal to 4% of earnings. The Government is required to contribute the remaining amounts necessary to
fund the Plan. If a participant terminates employment prior to completion of five years of credited service, the
participant receives a lump-sum amount equal to his total contributions to the Plan, with interest. After completing at
least five years of credited service, the participant receives a monthly benefit deferred to his normal retirement date,
equal to the benefit computed as for normal retirement. This is a closed retirement plan (new employees may not
participate in the Plan). The 1977 Plan does not issue a stand-alone financial statement report.
74
AUGUSTA, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31, 2008
Note 5 - Pension plans (Continued)
The employer contributions are determined as part of a November 1, 2008 actuarial valuation using the projected unit
credit actuarial cost method. The actuarial value of plan assets are computed with a smoothing method that uses a roll
forward of prior year's actuarial value with contributions, disbursements, and expended return of investments, plus
10% of investment gains (losses) during 10 prior years. Normal cost is funded on a current basis. The Plan is subject to
the minimum funding standards of the Public Retirement Systems Standards Law. Since the Government's policy is to
contribute the pension expense in each year, the funding strategy should provide sufficient resources to pay employee
pension benefits on a timely basis. The significant actuarial assumptions used to compute pension contribution
requirements are the same as those used to determine the standardized measure of the pension obligation. The plan's
unfunded actuarial accrued liability is being amortized over 30 years as a level dollar.
Membership ofthe defined benefit plans are as follows:
Retirees and beneficiaries
receiving benefits
Terminated plan members
entitled to but not yet
receiving benefits
Active
Plan
members
1945 Plan
General Pension Plan
Policemen's Pension Plan
Firemen's Pension Plan
City Employees' Pension Plan
General Retirement Plan (City 1949)
GMEBS
33
o
2
5
9
144
210
o
o
o
o
o
9
142
4
o
o
o
o
135
1,926
Total
403
151
2,065
The costs of administering the plans are financed through investment earnings.
Defined contribution olan
Augusta-Richmond County Board of Commissioners Retirement Savings Plan (the "1998 Plan")
All full-time employees with more than one month of service are eligible to participate in the Retirement Savings Plan.
The Plan is a defined contribution plan under Section 401(a) of the Internal Revenue Code, and is administered by
Nationwide Life Insurance, PPA support. The Plan was organized and may be amended by a majority vote of the full-
body ofthe governing board, the Augusta-Richmond County Commission. Employees contribute four percent (4%) of
their salary, and the Government contributes two percent (2%) of the employee's salary. Contribution requirements
may be amended by a majority vote of the full-body of the governing board, the Augusta-Richmond County
Commission. At December 31, 2008, there were approximately 290 plan participants. Participants are considered
fully vested in the Government's contributions after completing five (5) years of service. For the year ended
December 31, 2008, the employees' contributions were approximately $455,050, and the Government's contributions
were approximately $228,195.
Richmond County Department of Health - General Retirement Plan
All current full-time employees of the Department of Health participate in the Employees' Retirement System of
Georgia (ERS), which is a cost-sharing multi-employer, defined benefit, public employee retirement system. The
Department contributes at a specified percentage of active members payroll determined by actuarial valuation. The
contribution requirements of plan members and the Department are established and may be amended by the ERS Board
of Trustees. Retirement contributions made on behalf of eligible participants for the year ended June 30, 2008 were
$608,015. Members become fully vested after ten years of service.
76
AUGUSTA, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31, 2008
Note 5 - Pension plans (Continued)
Firemen's
Pension Plan
City Employees'
Pension Plan
Amortization method
Amortization period
Actuarial asset valuation method
Actuarial assumptions:
Investment rate of retum
Projected salary increases
Post retirement benefit increases
Inflation
12/31/08
Actuarial present value of total
Projected benefits
N/A
N/A
N/A
12/31/08
Actuarial present value of total
Projected benefits
Valuation date
Actuarial cost method
N/A
N/A
N/A
8.0%
N/A
N/A
N/A
8.0%
N/A
N/A
N/A
General Retirement
Pension Plan (City 1949)
GMEBS
Valuation date
Actuarial cost method
Amortization method
Amortization period
Actuarial asset valuation method
01/01/08
Aggregate cost method
Level percentage of payroll
Various periods to comply with state law
Market value plus receivables
11/01/2008
Projected unit credit
Level dollar
Varies for the bases
Sum of actuarial value at beginning of year
and the cash flow during the year plus the
assumed investment return, adjusted by 10%
of the amount that the value exceeds or is less
than the market value at end of year. The
actuarial value is adjusted, if necessary, to be
within 20% of market value.
Actuarial assumptions:
Investment rate of return
Projected salary increases
Post retirement benefit increases
Inflation
8.0%
5.5%
4.0%
4.0%
8.0%
5,5%
None
None
The aggregate actuarial cost method is used to determine the annual required contribution of the employer for the
General Retirement Pension Plan (City 1949). Because the method does not identify or separately amortize unfunded
actuarial liabilities, information about the Plan's funded status and funding progress has been prepared using the entry
age actuarial cost method for that purpose, and the information presented is intended to serve as a surrogate for the
funded status and funding progress ofthe Plan.
Three-year trend information is as follows:
Fiscal Annual Actual Percentage of Net Pension
Year Pension County APC (Asset)
Beginning Cost Contribution Contributed Obligation
2006
1945 Plan 01/01/2006 $ 331,330 $ 331,330 100% $ (9)
1977 Plan 01/01/2006 974,653 1,035,126 106% (307,239)
General Pension Plan 01/01/2006 13,219 13,219 100%
Policemen's Pension Plan 01/01/2006 50,480 50,480 100%
Firemen's Pension Plan 01/01/2006 179,202 179,202 100%
City Employees' Pension
Plan 01/01/2006 297,368 297,368 100%
General Retirement Plan
(City 1949) 01/01/2006 138,517 138,517 100%
GMEBS 01/01/2006 271,945 271,945 100%
78
AUGUSTA, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31,2008
Note 5 - Pension plans (Continued)
City
Employees'
Pension Plan
General
Retirement
Pension Plan
(City 1949)
Annual required contribution
Interest on net pension obligation
Adjustment on annual required contribution
Annual pension cost
Contributions made
Increase (decrease) in net obligation
$
276,009 $
$
Net pension obligation (asset) (beginning of year)
Net OPEB obligation (asset) (end of year)
$
$
Annual required contribution
Interest on net pension obligation
Adjustment on annual required contribution
Annual pension cost
Contributions made
Increase (decrease) in net obligation
$
$
Net pension obligation (asset) (beginning of year)
Net OPEB obligation (asset) (end of year)
$
$
E. Funded status
The funded status of each plan as ofthe most recent valuation date is as follows:
Actuarial (Funded) (F AAL)
Accrued Unfunded UAALas
Actuarial Actuarial Liability AAL A%of
Valuation Value of AAL (FAAL) Funded Covered Covered
Date Assets Entry Age UAAL Ratio Payroll Payroll
1945 Plan
01/01/08 9,839,493 $ 11,083,498 $ 1,244,005 89 $ 252,660 492
General Pension Plan
12/31/08
Policemen's Pension Plan
12/31/08 188,987 188,987
Firemen's Pension Plan
12/31/08 558,594 558,594
City Emolovees' Pension Plan
12/31/08 1,265,155 1,265,155
General Retirement Plan (Citv 1949)
01/01/08 74,862,875 70,398,531 (4,464,344) 106 6,416,602 (70)
GMEBS
11/01/08 48,945,634 64,678,455 15,732,821 76 60,618,181 26
The schedule of funding progress, presented as required supplementary information following the notes to the financial
statements, presents multi-year trend information about whether the actuarial value of plan assets is increasing or
decreasing over time relative to the actuarial accrued liability.
80
AUGUST A, GEORGIA
Notes to Financial Statements - Continued
Year Ended December 31, 2008
Note 5 - Pension plans (Continued)
In the January 1, 2008 actuarial valuation, the projected unit credit actuarial cost method was used. The actuarial
assumptions include a 5.5% investment rate of return (net of administrative expenses), based on the employer's own
investments and used to discount liabilities at the valuation date, and an annual healthcare cost trend rate of 8%
initially, reduced by decrements to an ultimate rate of 5% after three years. The UAAL is being amortized as a level
percentage ofpayroU on an open basis. The remaining amortization period at January 1,2008 was 30 years.
Note 6 - Joint venture and related organization
Joint venture
Under Georgia law, the Government, in conjunction with the sixteen counties and fifty-four cities in east Georgia known as
the Central Savannah River Area (CSRA), is a member of the CSRA Regional Development Center (CSRA RDC). The
CSRA RDC is a public organization that assists local governments in planning for common needs, cooperating for mutual
benefit, and coordinating for sound regional development. The operations are mainly financed by membership dues and
financial assistance provided by the State of Georgia. Membership in the CSRA RDC is required by the Official Code of
Georgia Annotated (O.C.G.A.) g58-8-34 with annual dues based on a per capita amount. During the year ended
December 31, 2008, the Government paid $170,350 in such dues, which was based on a per capita amount of $.55. The
CSRA RDC Board membership is composed of one city official, one county official, and one private sector individual from
each county. O.C.G.A. g58-8-39.1 provides that the Government is liable for any debts or obligations of the CSRA RDC.
The Comprehensive Annual Financial Report ofthe CSRA RDC may be obtained from:
CSRA Regional Development Center
3023 River Watch Pkwy
Augusta, Georgia 30907
Related organization
The Government officials are responsible for appointing the members of the boards of another organization, but the
Government's accountability for these organizations do not extend beyond making the appointments. The Government
commission appoints the voting majority of the members of the Augusta-Richmond County Coliseum Authority and the
Housing Authority ofthe City of Augusta, Georgia.
Note 7 - HoteIlmotellodging tax
The Government has levied a 6% lodging tax. A summary of the transactions for the year ended December 31, 2008
follows:
Lodging tax receipts
$ 3,689,623
Disbursements to the Augusta-Richmond County Coliseum Authority and the Augusta
Convention and Visitors Bureau -for promotion oftourism
(3,400,491 )
Balance oflodging tax funds on hand at end of year
$
289,132
The Government has received audit reports from the Augusta-Richmond County Coliseum Authority and the Augusta
Convention and Visitors Bureau, covering the lodging tax monies. The subcontractor's expenditures were for promotion of
tourism as required by O.c.G .A. g48-13-51.
Note 8 - Significant contingencies
Federal and State assisted programs
The Government has received proceeds from several federal and state grants. Periodic audits of these grants are required
and certain costs may be questioned as not being appropriate expenditures under the grant agreements. Such audits could
result in the refund of grant monies to the grantor agencies. Management believes that any required refunds will be
immaterial. No provision has been made in the accompanying financial statements for the refund of grant monies.
82
84
AUGUSTA, GEORGIA
Defined Benefit Pension Trusts - Required Supplementary Information
(Unaudited)
December 31, 2008
Schedules of funding progress
Actuarial (Funded) (FAAL)
Accrued Unfunded UAAL as
Actuarial Actuarial Liability AAL A%of
Valuation Value of AAL (FAAL) Funded Covered Covered
Date Assets Entry Age UAAC Ratio Payroll Payroll
1945 Plan
01/01/95 $ 9,936,022 $ 9,440,717 $ (495,305) 105 % $ 598,795 (83) %
01/01/96 11,537,840 9,566,390 (1,971,450) 121 629,034 (313)
01/01/98 13,934,975 9,431,701 (4,503,274) 148 160,888 (2,799)
01/01/99 13,760,620 12,535,885 (1,224,735) 110 598,795 (205)
01/01/00 13,038,384 12,251,489 (786,895) 106 168,818 (466)
01/01/01 12,352,795 12,069,544 (283,251 ) 102 180,462 (157)
01/01/02 11,023,816 10,075,638 (948,178) 109 184,511 (514)
01/01/03 8,897,080 9,878,269 981,189 90 193,921 506
01/01/04 9,124,231 10,075,778 951,547 91 193,922 491
01/01/05 8,854,874 10,619,028 1,764,154 83 220,633 800
01/01/06 9,009,519 10,338,640 1,329,121 87 223,443 595
01/01/07 9,749,998 10,469,945 719,947 93 240,629 299
01/01/08 9,839,493 11,083,498 1,244,005 89 252,660 492
1977 Plan*
01/01/95 $ 4,439,451 $ 3,333,577 $ (1,105,874) 133 % $ 6,797,338 (16) %
01/01/96 5,446,380 4,332,024 (1,114,356) 126 8,952,224 (12)
01/01/97 6,285,732 5,510,585 (775,147) 114 11,509,974 (7)
01/01/99 9,976,793 14,137,712 4,160,919 71 24,454,857 17
01/01/00 10,836,439 15,060,421 4,223,982 72 21,709,421 19
01/01/01 11,136,602 15,575,523 4,438,921 72 21,705,175 20
01/01/02 14,065,581 16,860,437 2,794,856 83 21,029,237 13
01/01/03 12,609,297 18,150,192 5,540,895 69 22,187,948 25
01/01/04 15,744,214 21,606,884 5,862,670 73 22,187,948 26
01/01/05 17,680,815 27,427,503 9,746,688 64 19,071,203 51
01/01/06 19,872,346 28,094,174 8,221,828 71 19,130,743 43
01/01/07 23,686,629 30,488,774 6,802,145 78 18,882,710 36
General Pension Plan
12/31/96 $ - $ 564,008 $ 564,008 - % $ - %
12/31/97 637,605 637,605
12/31/98 533;575 533,575
12/31/99 511,305 511,305
12/31/00 524,410 524,410
12/31/01 525,089 525,089
12/31/02 114,862 114,862
12/31/03 98,789 98,789
12/31/04 81,433 81,433
12/31/05 125,270 125,270
12/31/06
12/31/07 40,450 40,450
12/31/08
Policemen's Pension Plan
12/31/96 $ - $ 417,725 $ 417,725 - % $ - %
12/31/97 391,153 391,153
12/31/98 389,072 389,072
12/31/99 246,783 246,783
12/31/00 246,217 246,217
12/31/01 355,840 355,840
12/31/02 380,143 380,143
12/31/03 337,186 337,186
12/31/04 290,791 290,791
12/31/05 332,653 332,653
12/31/06 251,635 251,635
12/31/07 201,920 201,920
12/31/08 188,987 188,987
86
88
90
AUGUSTA, GEORGIA
Combining Balance Sheet
Nonmajor Governmental Funds
December 31, 2008
Debt Service
Special Capital Fund
Revenue Project 2006 GO Sales
Funds Funds Tax Bonds
Assets
Cash and temporary investments $ 14,492,338 $ 5,311,043 $ 15,456
Investments
Receivables (net of allowance for doubtful accounts)
Taxes 2,225,075
Accounts 1,689,101
Interest 45,366
Note 3,638,581
Restricted assets
Perpetual care
Due from other funds 179,433
Total assets $ 22,224,528 $ 5,356,409 $ 15,456
Liabilities and fund balances
Liabilities:
Accounts payable $ 1,289,140 $ 400 $
Due to other funds 497,728
Accrued salaries and vacation 281,556
Other accrued liabilities 59,117
Deferred revenue 5,207,927
Total liabilities 7,335,468 400
Fund balances:
Reserved for:
Encumbrances 800,994 304,679
Project maintenance 1,596,460
Unreserved - undesignated 14,088,066 3,454,870 15,456
Total fund balances 14,889,060 5,356,009 15,456
Total liabilities and fund balances $ 22,224,528 $ 5,356,409 $ 15,456
92
AUGUSTA, GEORGIA
Combining Balance Sheet
Nonmajor Special Revenue Funds
December 31, 2008
Emergency
Urban Services Telephone Capital Law
District System Outlay Enforcement
Assets
Cash and temporary investments $ 1,448,854 $ 890,351 $ 5,559,428 $ 459,293
Receivables (net of allowance for doubtful accounts)
Taxes 1,559,468 660,609
Accounts 568,257 430,639 5,244
Note 49,924
Due from other funds
Total assets $ 3,626,503 $ 1,320,990 $ 6,220,037 $ 464,537
Liabilities and fund balances (deficits)
Liabilities:
Accounts payable $ 31,983 $ 58,824 $ 308,862 $
Due to other funds 179,433
Accrued salaries and vacation 9,844 137,692
Other accrued liabilities 17,381
Deferred revenue 1,029,235 472,877
Total liabilities 1,267,876 196,516 781,739
Fund balances (deficits):
Reserved for:
Encumbrances 487,736
Unreserved - undesignated 2,358,627 1,124,474 4,950,562 464,537
Total fund balances (deficits) 2,358,627 1,124,4 7 4 5,438,298 464,537
Total liabilities and fund balances (deficits) $ 3,626,503 $ 1,320,990 $ 6,220,037 $ 464,537
96
AUGUST A, GEORGIA
Combining Balance Sheet
Nonmajor Special Revenue Funds - Continued
December 31, 2008
5% Victim's Supplemental Weed and
Crime JuveniIle Building Seed Federal
Assistance Services Inspection Grant
Assets
Cash and temporary investments $ 205,616 $ 37,454 $ 1,065,510 $
Receivables (net of allowance for doubtful accounts)
Taxes
Accounts 70,259 600
Note
Due from other funds
Total assets $ 275,875 $ 38,054 $ 1,065,510 $
Liabilities and fund balances (deficits)
Liabilities:
Accounts payable $ 63 $ 377 $ 21,292 $
Due to other funds
Accrued salaries and vacation 18,527 43,146
Other accrued liabilities 127
Deferred revenue
Total liabilities 18,717 377 64,438
Fund balances (deficits):
Reserved for:
Encumbrances 6 1,723
Unreserved - undesignated 257,152 37,677 999,349
Total liabilities and fund balances (deficits) 257,158 37,677 1,001,072
Total liabilities and fund balances (deficits) $ 275,875 $ 38,054 $ 1,065,510 $
98
AUGUSTA, GEORGIA
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Special Revenue Funds
Year Ended December 31, 2008
Emergency
Urban Services Telephone Capital Law
District System Outlay Enforcement
Revenues
Taxes - property $ 7,204,224 $ $ 3,337,694 $
Taxes - other than property 8,829,904
Licenses and permits
Use of money and property 107,693 29,062 23,701 15,722
Charges for current services 291,833 3,030,054 69,922
Fines and forfeitures
Intergovernmental 173,210
Contributions and donations 2,800
Other 2,423
Total revenues 16,433,654 3,059,116 3,539,828 85,644
Expenditures
Current:
General government 1,406,267 9,447 1,383,470
Judicial 5,143
Public safety 3,346,780 85,052
Public works 447,399 239,868
Culture and recreation 6,673 374,571
Housing and development 301,676 198,000
Capital outlay 1,998 1,475,355 163,918
Debt service 1,462,972
Total expenditures 2,162,015 3,358,225 5,139,379 248,970
Excess (deficiency) of revenues
over (under) expenditures 14,271,639 (299,109) (1,599,551) (163,326)
Other financing sources (uses)
Transfers in 300,000 200,000
Transfers (out) (12,073,365) (101,471)
Transfers in (out) between nonmajor funds (2,541,652)
Total other financing sources (uses) (14,615,017) 300,000 98,529
Net change in fund balances (deficits) (343,378) 891 (1,501,022) (163,326)
Fund balance (deficits) - beginning 2,702,005 1,123,583 6,939,320 627,863
Fund balance (deficits) - ending $ 2,358,627 $ 1,124,474 $ 5,438,298 $ 464,537
100
AUGUSTA, GEORGIA
Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Continued
Nonmajor Special Revenue Funds
Year Ended December 31,2008
5% Victim's Supplemental Weed and
Crime JuvenilIe Building Seed Federal
Assistance Services Inspection Grant
Revenues
Taxes - property $ $ $ $
Taxes - other than property
Licenses and permits 974,253
Use of money and property 7,713 990 31,305
Charges for current services 9,997
Fines and forfeitures 316,428
Intergovernmental
Contributions and donations
Other
Total revenues 324,141 10,987 1,005,558
Expenditures
Current:
General government 7,550 1,540 25,390
Judicial 325,642 4,463
Public safety
Public works
Culture and recreation
Housing and development 1,007,410
Capital outlay 15,961
Debt service
Total expenditures 333,192 6,003 1,048,761
Excess (deficiency) of revenues
over (under) expenditures (9,051) 4,984 (43,203)
Other financing sources (uses)
Transfers in 9,511
Transfers (out) (12,661)
Transfers in (out) between nonmajor funds
Total other financing sources (uses) 9,511 (12,661)
Net change in fund balances (deficits) (9,051) 4,984 (33,692) (12,661)
Fund balance (deficits) - beginning 266,209 32,693 1,034,764 12,661
Fund balance (deficits) - ending $ 257,158 $ 37,677 $ 1,001,072 $
102
AUGUSTA, GEORGIA
Urban Services District Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Nonmajor Special Revenue Funds
Year Ended December 31, 2008
With comparative amounts for December 31, 2007
Variance with
Final Budget -
Amended Positive 2007
Budget Actual (N egative) Actual
Revenues
Taxes - property $ 7,457,255 $ 7,204,224 $ (253,031 ) $ 7,601,005
Taxes - other than property 8,889,940 8,829,904 (60,036) 8,905,059
Use of money and property 55,000 107,693 52,693 217,294
Charges for current services 285,000 291,833 6,833 320,515
Total revenues 16,687,195 16,433,654 (253,541) 17,043,873
Expenditures
Current:
General government 1,515,772 1,406,267 109,505 1,475,249
Public works 515,434 447,399 68,035 432,535
Culture and recreation 7,350 6,673 677 3,337
Housing and development 355,510 301,676 53,834
Total expenditures 2,394,066 2,162,015 232,051 1,911,121
Excess (deficiency) ofrevenues
over (under) expenditures 14,293,129 14,271,639 (21,490) 15,132,752
Other financing sources (uses)
Transfers (out) (11,758,760) (12,073,365) (314,605) (11,063,859)
Transfers in (out) between nonmajor funds (2,534,369) (2,541,652) (7,283) (2,744,075)
Total other financing sources (uses) (14,293,129) (14,615,017) (321,888) (13,807,934)
Net change in fund balances $ (343,378) $ (343,378) 1,324,818
Fund balance - beginning 2,702,005 1,377,187
Fund balance - ending $ 2,358,627 $ 2,702,005
104
AUGUSTA, GEORGIA
Capital Outlay Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Nonmajor Special Revenue Funds
Year Ended December 31, 2008
With comparative amounts for December 31, 2007
Variance with
Final Budget -
Amended Positive 2007
Budget Actual (Negative) Actual
Revenues
Taxes - property $ 3,433,470 $ 3,337,694 $ (95,776) $ 3,566,186
Licenses and permits 490 (490)
Use of money and property 23,710 23,701 (9) 6,500
Charges for current services 25 (25)
Intergovernmental 173,210 173,210 546,384
Contributions and donations 2,800 2,800
Other 2,425 2,423 (2) 15,182
Total revenues 3,636,130 3,539,828 (96,302) 4,134,252
Expenditures
Current:
General government 3,138,370 1,383,470 1,754,900 320,012
Judicial 44,661 5,143 39,518 112,344
Public works 535,374 239,868 295,506 273,833
Culture and recreation 463,340 374,571 88,769 14,241
Housing and development 285,260 198,000 87,260
Capital outlay 3,825,312 1,475,355 2,349,957 1,582,572
Debt service 1,661,015 1,462,972 198,043 1,671,957
Total expenditures 9,953,332 5,139,379 4,813,953 3,974,959
Excess (deficiency) of revenues
over (under) expenditures (6,317,202) (1,599,551 ) 4,717,651 159,293
Other financing sources (uses)
Transfers in 6,584,392 200,000 (6,384,392) 540,000
Transfers (out) (267,190) (101,471) 165,719
Transfers in (out) between nonmajor funds 1,200,000
Total other financing sources (uses) 6,317,202 98,529 (6,218,673) 1,740,000
Net change in fund balances $ (1,501,022) $ (1,501,022) 1,899,293
Fund balance - beginning 6,939,320 5,040,027
Fund balance - ending $ 5,438,298 $ 6,939,320
106
AUGUSTA, GEORGIA
Occupation Tax Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Nonmajor Special Revenue Funds
Year Ended December 31, 2008
With comparative amounts for December 31, 2007
Revenues
Licenses and permits
Use of money and property
Other
Total revenues
Variance with
Final Budget -
Amended Positive 2007
Budget Actual (Negative) Actual
$ 2,500,000 $ 2,290,711 $ (209,289) $ 2,305,262
60,000 16,222 (43,778) 78,123
1,500 1,487 (13) 1,788
2,561,500 2,308,420 (253,080) 2,385,173
Expenditures
Current:
General government
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Net change in fund balances
5,220 5,220 5,088
5,220 5,220 5,088
2,556,280 2,303,200 (253,080) 2,380,085
(2,556,280) (2,303,200) 253,080 (2,380,085)
(2,556,280) (2,303,200) 253,080 (2,380,085)
$ $
Other financing sources (uses)
Transfers (out)
Total other financing sources (uses)
Fund balance - beginning
Fund balance - ending
$
$
108
AUGUSTA, GEORGIA
Hotel/Motel Tax and Promotionffourism Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances (Deficit)- Budget and
Nonmajor Special Revenue Funds
Year Ended December 31, 2008
With comparative amounts for December 31,2007
Revenues
Taxes - other than property
Total revenues
Variance with
Final Budget -
Amended Positive 2007
Budget Actual (Negative) Actual
$ 4,390,000 $ 4,482,649 $ 92,649 $ 4,420,564
4,390,000 4,482,649 92,649 4,420,564
Expenditures
Current:
Culture and recreation
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
(2)
(92,651 )
(92,651)
(2)
4,420,563
4,420,563
4,390,000
4,390,000
4,482,651
4,482,651
Net change in fund balances
$
(2) $
(2)
Fund balance - beginning
Fund balance (deficit) - ending
$
(1)
$
110
AUGUSTA, GEORGIA
Urban Development Action Grant Fund (UDAG)
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Nonmajor Special Revenue Funds
Year Ended December 31,2008
With comparative amounts for December 31, 2007
Amended
Budget
Actual
Variance with
Final Budget -
Positive
(Negative)
2007
Actual
Revenues
Use of money and property
Other
Total revenues
12,550
6,818 $
3,900
10,718
(5,732) $
3,900
(1,832)
11,182
151
11,333
$
12,550 $
Expenditures
Current:
General government
Housing and development
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
7,900
90,353
98,253
7,900
79,923
87,823
10,430
10,430
7,704
86,380
94,084
(85,703)
(77,105)
8,598
(82,751)
Other financing sources (uses)
Transfers in
Transfers in (out) between nonmajor funds
Total other financing sources (uses)
35,550
50,153
85,703
50,154
50,154
(35,550)
1
(35,549)
Net change in fund balances
$
(26,951) $
(26,951)
(82,751)
Fund balance - beginning
176,892
259,643
Fund balance - ending
$
149,941
$
176,892
112
AUGUSTA, GEORGIA
State Drug Fund
Schedule of Revennes, Expenditures and Changes in Fund Balances - Budget and Actual
Nonmajor Special Revenue Funds
Year Ended December 31, 2008
With comparative amounts for December 31, 2007
Variance with
Final Budget -
Amended Positive 2007
Budget Actual (Negative) Actual
Revenues
Use of money and property $ $ 33,268 $ 33,268 $ 52,446
Fines and forfeitures 800,000 33,949 (766,051 ) 149,566
Total revenues 800,000 67,217 (732,783) 202,012
Expenditures
Current:
Public safety 576,857 58,353 518,504 81,325
Capital outlay 223,293 7,439 215,854 47,559
Total expenditures 800,150 65,792 734,358 128,884
Excess (deficiency) of revenues
over (under) expenditures (150) 1,425 1,575 73,128
Other financing sources (uses)
Transfers in 150 (150)
Total other financing sources (uses) 150 (150)
Net change in fund balances $ 1,425 $ 1,425 73,128
Fund balance - beginning 1,081,836 1,008,708
Fund balance - ending $ 1,083,261 $ 1,081,836
114
AUGUSTA, GEORGIA
Supplemental Juvenile Service Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Nonmajor Special Revenue Funds
Year Ended December 31,2008
With comparative amounts for December 31, 2007
Revenues
Use of money and property
Charges for current services
Total revenues
Variance with
Final Budget ~
Amended Positive 2007
Budget Actual (Negative) Actual'
$ $ 990 $ 990 $ 2,124
34,500 9,997 (24,503) 17,750
34,500 10,987 (23,513) 19,874
Expenditures
Current:
General government
Judicial
Total expenditures
Excess (deficiency) ofrevenues
over (under) expenditures
Net change in fund balances
14,500 1,540 12,960 1,500
20,000 4,463 15,537 6,143
34,500 6,003 28,497 7,643
4,984 4,984 12,231
$ 4,984 $ 4,984 12,231
32,693 20,462
$ 37,677 $ 32,693
Fund balance - beginning
Fund balance - ending
116
AUGUSTA, GEORGIA
Weed and Seed Federal Grant Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Nonmajor Special Revenue Funds
Year Ended December 31, 2008
With comparative amounts for December 31, 2007
Variance with
Final Budget -
Amended Positive 2007
Budget Actual (Negative) Actual
Other financing sources (uses)
Transfers in $ 12,670 $ $ (12,670) $
Transfers (out) (12,670) (12,661) 9
Total other financing sources (uses) (12,661) (12,661)
Net change in fund balances $ (12,661) $ (12,661)
Fund balance - beginning 12,661 12,661
Fund balance - ending $ $ 12,661
118
AUGUSTA, GEORGIA
Perpetual Care - I Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Nonmajor Special Revenue Funds
Year Ended December 31,2008
With comparative amounts for December 31, 2007
Revenues
Use of money and property
Total revenues
Variance with
Final Budget -
Amended Positive 2007
Budget Actual (Negative) Actual
$ 79,800 $ 38,524 $ (41,276) $ 50,889
79,800 38,524 ( 41,276) 50,889
Expenditures
Current:
Culture and recreation
Capital outlay
Total expenditures
Excess (deficiency) ofrevenues
over (under) expenditures
Net change in fund balances
62,800 53,877 8,923 56,361
17,000 17,000 20,903
79,800 53,877 25,923 77 ,264
(15,353) (15,353) (26,375)
$ (15,353) $ (15,353) (26,375)
402,580 428,955
$ 387,227 $ 402,580
Fund balance - beginning
Fund balance - ending
120
AUGUSTA, GEORGIA
Downtown Development Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances (Deficit) - Budget and
Nonmajor Special Revenue Funds
Year Ended Decem ber 31, 2008
With comparative amounts for December 31, 2007
Variance with
Final Budget -
Amended Positive 2007
Budget Actual (Negative) Actual
Revenues
Taxes - property $ $ $ $ 75
Taxes - other than property 460,000 474,957 14,957 479,443
Other 95,527 95,527
Total revenues 460,000 570,484 110,484 479,518
Expenditures
Current:
General government 629,190 628,262 928 632,988
Housing and development 154,790 154,790 154,790
Debt service 15,000 11 ,031 3,969 27,050
Total expenditures 798,980 794,083 4,897 814,828
Excess (deficiency) of revenues
over (under) expenditures (338,980) (223,599) 115,381 (335,310)
Other financing sources (uses)
Transfers in (out) between nonmajor funds 338,980 346,263 7,283 347,080
Total other financing sources (uses) 338,980 346,263 7,283 347,080
Net change in fund balances (deficit) $ 122,664 $ 122,664 11,770
Fund balance (deficit) - beginning (122,662) (134,432)
Fund balance (deficit) - ending $ 2 $. ( 122,662)
122
AUGUSTA, GEORGIA
NPDES Permit Fees
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Nonmajor Special Revenue Funds
Year Ended December 31, 2008
With comparative amounts for December 31,2007
Variance with
Final Budget -
Amended Positive 2007
Budget Actual (Negative) Actual
Revenues
Licenses and permits $ 30,000 $ 14,545 $ ( 15,455) $ 32,725
Use of money and property 2,000 2,815 815 4,535
Total revenues 32,000 17,360 (14,640) 37,260
Expenditures
Current:
Public works 32,000 5,560 26,440 18,398
Capital outlay 21,800 21,800
Total expenditures 53,800 5,560 48,240 18,398
Excess (deficiency) ofrevenues
over (under) expenditures (21,800) 11,800 33,600 18,862
Other financing sources (uses)
Transfers in 21,800 (21,800)
Total other financing sources (uses) 21,800 (21,800)
Net change in fund balances $ 11,800 $ 11,800 18,862
Fund balance - beginning 91,354 72,492
Fund balance - ending $ 103,154 $ 91,354
124
AUGUSTA, GEORGIA
2006 GO Sales Tax Bonds Debt Service Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Nonmajor Debt Service Funds
Year Ended December 31, 2008
With comparative amounts for December 31, 2007
Variance with
Final Budget -
Positive 2007
Budget Actual (Negative) Actual
Revenues
Use of money and property $ 550 $ 5,812 $ 5,262 $ 10,743
Total revenues 550 5,812 5,262 10,743
Expenditures
Debt service 9,716,550 9,716,550 9,727,939
Total expenditures 9,716,550 9,716,550 9,727,939
Excess (deficiency) of revenues
over (under) expenditures (9,716,000) (9,710,738) 5,262 (9,717,196)
Other financing sources (uses)
Transfers in 9,716,000 9,716,000 9,727,390
Total other financing sources (uses) 9,716,000 9,716,000 9,727,390
Net change in fund balances $ 5,262 $ 5,262 10,194
Fund balance - beginning 10,194
Fund balance - ending $ 15,456 $ 10,194
126
AUGUSTA, GEORGIA
Combining Statement of Revenues, Expenditures and Changes in Fnnd Balances
Nonmajor Capital Project Funds
Year Ended December 31, 2008
Total Nonmajor
Community Special Sales Capital Project
Development Tax Phase II Funds
Revenues
Use of money and property $ $ 255,900 $ 255,900
Intergovernmental 2,803 2,803
Total revenues 258,703 258,703
Expenditures
Current:
General government 9,070 9,070
Public safety 7,598 7,598
Public works 55,055 55,055
Capital outlay 150,450 150,450
Total expenditures 222,173 222,173
Excess (deficiency) of revenues
over (under) expenditures 36,530 36,530
Other financing sources (uses)
Transfers (out) (2,167,667) (2,167,667)
Total other financing sources (uses) (2,167,667) (2,167,667)
Net change in fund balances (2,131,137) (2,131,137)
Fund balance - beginning 137,697 7,349,449 7,487,146
Fund balance - ending $ 137,697 $ 5,218,312 $ 5,356,009
128
AUGUSTA, GEORGIA
Combining Statement of Net Assets
Nonmajor Enterprise Funds
December 31, 2008
Municipal
Waste Golf
Management Course Transit
Assets
Current assets
Cash and temporary investments $ 25,792,902 $ 722 $ 1,057,328
Receivables
Accounts 1,327,295 18,594 254,090
Interest
Inventory 9,732 201,665
Total current assets 27,120,197 29,048 1,513,083
Noncurrent assets
Restricted cash and investments 1,366,799
Deferred bond issuance costs 299,152
Capital assets, net 17,652,111 1,381,025 3,205,736
Total noncurrent assets 19,318,062 1,381,025 3,205,736
Total assets 46,438,259 1,410,073 4,718,819
Liabilities
Current liabilities
Accounts payable 455,052 19,645 52,403
Due to other funds
Accrued salaries and vacation 66,494 36,666 230,838
Other accrued liabilities 226,146
Current portion of leases payable 320,058
Current portion of revenue bonds payable 1,650,000
Total current liabilities 2,717,750 56,311 283,241
Noncurrent liabilities
Closure/postclosure accrual 9,184,152
Revenue bonds payable 3,911,778
Capital leases 388,033
Total noncurrent liabilities 13,483,963
Total liabilities 16,201,713 56,311 283,241
Net assets (deficit)
Invested in capital assets, net of related debt 12,746,353 1,381,025 3,205,736
Restricted 2,688
Unrestricted 17,487,505 (27,263) 1,229,842
Total net assets (deficit) $ 30,236,546 $ 1,353,762 $ 4,435,578
130
AUGUSTA, GEORGIA
Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets
Nonmajor Enterprise Funds
Year Ended December 31, 2008
Municipal
Waste Golf
Management Course Transit
Operating revenues
Charges and fees $ 11,340,418 $ 483,127 $ 714,085
Total operating revenues 11,340,418 483,127 714,085
Operating expenses
Personal services and
employee benefits 1,039,891 322,741 3,074,360
Purchased/contracted services 483,475 58,156 153,976
Supplies 861,768 174,083 737,595
Repairs and maintenance 154,827 20,173 327,923
Interfund/interdepartmental charges 1,005,264 46,770 196,615
Other costs 800
Depreciation 1,046,800 28,190 563,568
Closure/postclosure accrual 668,218
Total operating expenses 5,261,043 650,113 5,054,037
Operating income (loss) 6,079,375 (166,986) (4,339,952)
Nonoperating revenue (expense)
Interest revenue 778,097 17,039
Sale of property 12,822
Other revenue 1,201 4,961
Intergovernmental 472,081
Interest expense (219,727) (376)
Total nonoperating revenue (expense) 571,192 825 494,081
Income (loss) before transfers 6,650,567 (166,161) (3,845,871)
Transfers in 74,880 4,089,845
Transfers between nonmajor funds 574,674
Change in net assets 7,225,241 (91,281) 243,974
Total net assets (deficit) - beginning 23,011,305 1,445,043 4,191,604
Total net assets (deficit) - ending $ 30,236,546 $ 1,353,762 $ 4,435,578
132
AUGUSTA, GEORGIA
Combining Statement of Cash Flows
Nonmajor Enterprise Funds
Year Ended December 31, 2008
Municipal
Waste Golf
Management Course Transit
Operating activities
Cash received from customers 12,194,862 $ 468,485 $ 460,397
Cash advanced from other funds
Cash paid to suppliers (6,306,212) (251,871) (1,206,294)
Cash paid to employees (1,046,150) (307,969) (3,037,113)
Cash paid for interfund services used (1,005,264) (46,770) (196,615)
Net cash provided by (used
in) operating activities 3,837,236 (138,125) (3,979,625)
Noncapital financing activities
Transfers in 574,674 74,880 3,845,942
Transfers out
Operating grants 472,081
Interest expense on operating capital (376)
Net cash provided by noncapital
financing activities 574,674 74,504 4,318,023
Capital and related financing activities
Proceeds from sale of property 12,822
Proceeds from grants
Proceeds from capital leases 473,413
Payments on bonds issued (1,585,000)
Payments on capital leases (442,351 )
Purchase of capital assets (8,179,944) (159,952)
Interest paid on capital debt (233,705)
Other miscellaneous income 1,200 4,961
Net cash provided by (used in) capital
and related financing activites (9,954,765) 1,200 (154,991)
Investing activities
Interest received 778,097 17,039
Net cash provided by investing activities 778,097 17,039
Net increase (decrease) in cash
and cash equivalents/investments (4,764,758) (62,421) 200,446
Cash and cash equivalents/investments
Beginning of year 31,924,459 63,143 856,882
End of year $ 27,159,701 $ 722 $ 1,057,328
134
AUGUSTA, GEORGIA
Combining Statement of Cash Flows - Continued
Nonmajor Enterprise Funds
Year Ended December 31, 2008
Municipal
Waste Golf
Management Course Transit
Reconciliation of operating income
(loss) to net cash provided by
(used in) operating activities
Operating income (loss) $ 6,079,375 $ (166,986) $ (4,339,952)
Adjustments to reconcile operating
income (loss) to net cash
proided by (used in) operating activities:
Depreciation and amortization 1,046,800 28,190 563,568
Closure/post closure costs 668,218
Accounts receivable 854,444 (14,642) (253,688)
Inventory (565)
Accounts payable (539,749) 1,106 13,200
Accrued salaries and vacation (6,259) 14,772 37,247
Other accrued liabilites (10,453)
Due to other funds
Decrease in closure liability ( 4,255,140)
Total adjustments (2,242,139) 28,861 360,327
Net cash provided by (used in)
operating activities $ 3,837,236 $ (138,125) $ (3,979,625)
Reconciliation of cash and cash
equivalents to the balance sheets
Cash and cash equivalents in current assets $ 25,792,902 $ 722 $ 1,057,328
Restricted cash and cash equivalents included
in noncurrent cash and investments 1,366,799
Net cash and cash equivalents $ 27,159,701 $ 722 $ 1,057,328
136
138
AUGUSTA, GEORGIA
Combining Statement of Net Assets
Internal Service Funds
December 31,2008
Risk Fleet Workers
Management Operations Compensation
Assets
Current assets
Cash and temporary investments $ 1,078,076 $ 253,328 $ 41,461
Accounts receivable 32
Total current assets 1,078,076 253,360 41,461
Noncurrent assets
Restricted investments 204,761
Capital assets, net 316,164 107,844
Total noncurrent assets 316,164 107,844 204,761
Total assets 1,394,240 361,204 246,222
Liabilities
Current liabilities
Accounts payable 29,996 472,475 83,585
Due to other funds
Accrued salaries and vacation 37,912 15,386
Total current liabilities 67,908 487,861 83,585
Noncurrent liabilities
Revenue bonds payable
Total noncurrent liabilities
Total liabilities 67,908 487,861 83,585
Net assets (deficit)
Invested in capital assets, net of related debt 316,164 107,844
U nrestri cted 1,010,168 (234,501) 162,637
Total net assets (deficit) $ 1,326,332 $ (126,657) $ 162,637
140
142
AUGUSTA, GEORGIA
Combining Statement of Cash Flows
Internal Service Funds
Year Ended December 31, 2008
Risk Fleet Workers
Management Operations Compensation
Operating activities
Cash received from contributions $ 1,600,258 $ 5,358,452 $ 1,461,966
Cash received from General Fund
Cash paid to suppliers (1,256,924 ) (5,154,551) (1,476,186)
Cash paid to employees (351,412) (129,195)
Net cash provided by (used in) operating activities (8,078) 74,706 (14,220)
Noncapital financing activities
Transfers in
Transfers out (251,122) (2,593)
Interest earned (expensed) on operating capital
Other miscellaneous income 198,848
Net cash provided by (used in) noncapital financing
activities (52,274) (2,593)
Capital and related financing activities
Proceeds from sale of property 6,665
Interest paid on capital debt
Net cash provided by (used in) capital and related
financing activities 6,665
Investing activities
Interest received 45,432 364
Net cash provided by investing activities 45,432 364
Net increase (decrease) in cash and cash equivalents (14,920) 78,778 (13,856)
Cash and cash equivalents/investments
Beginning of year 1,092,996 174,550 260,078
End of year $ 1,078,076 $ 253,328 $ 246,222
144
AUGUSTA, GEORGIA
Combining Statement of Cash Flows - Continued
Internal Service Funds
Year Ended December 31, 2008
Risk
Management
Fleet
Operations
Workers
Compensation
Reconciliation of operating income (loss)
to net cash provided by (used in) operating activities
Operating income (loss)
Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating
activities:
Depreciation and amortization
Change in assets and liabilities:
Accounts receivable
Accounts payable
Accrued salaries and vacation
Due to other funds
$
(18,157) $
(4,073) $
(365)
Net cash provided by (used in) operating activities
1,722 38,365
14,409
(11,729) 37,789 (13,855)
5,677 2,625
10,079 78,779 (13,855)
$ (8,078) $ 74,706 $ (14,220)
Reconciliation of cash and cash equivalents
to the balance sheets
Cash and cash equivalents in current assets
Restricted cash and cash equivalents included in
noncurrent cash and investments
Net cash and cash equivalents
$
1,078,076 $
253,328 $
41,461
$
1.078,076 $
253,328 $
204,761
246,222
146
148
150
152
154
AUGUSTA, GEORGIA
Combining Statement of Changes in Fiduciary Assets and Liabilities
Agency Funds
December 31, 2008
January 1, 2008 Additions Deductions December 31, 2008
Tax Commisioner
Assets
Cash and cash equivalents $ 2,271,354 $ 79,670,431 $ 79,879,749 $ 2,062,036
Investments
Receivables
(net of allowance for doubtful accounts)
Taxes 21,448,784 146,761,976 146,720,707 21,490,053
Total assets $ 23,720,138 $ 226,432,407 $ 226,600,456 $ 23,552,089
Liabilities
Due to others $ 2,271,354 $ 79,670,431 $ 79,879,749 $ 2,062,036
Uncollected taxes 21,448,784 146,761,976 146,720,707 21,490,053
Total liabilities $ 23,720,138 $ 226,432,407 $ 226,600,456 $ 23,552,089
Probate
Assets
Cash and cash equivalents $ 9,148 $ 105,033 $ 105,184 $ 8,997
Total assets $ 9,148 $ 105,033 $ 105,184 $ 8,997
Liabilities
Due to others $ 9,148 $ 105,033 $ 105,184 $ 8,997
Total liabilities $ 9,148 $ 105,033 $ 105,184 $ 8,997
Sheriff
Assets
Cash and cash equivalents $ 2,067,972 $ 3,664,750 $ 3,839,700 $ 1,893,022
Total assets $ 2,067,972 $ 3,664,750 $ 3,839,700 $ 1,893,022
Liabilities
Due to others $ 2,067,972 $ 3,664,750 $ 3,839,700 $ 1,893,022
Total liabilities $ 2,067,972 $ 3,664,750 $ 3,839,700 $ 1,893,022
Civil Court
Assets
Cash and cash equivalents $ 433,471 $ 2,013,215 $ 1,969,449 $ 477,237
Total assets $ 433,471 $ 2,013,215 $ 1,969,449 $ 477,237
Liabilities
Due to others $ 433,471 $ 2,013,215 $ 1,969,449 $ 477,237
Total liabilities $ 433,471 $ 2,013,215 $ 1,969,449 $ 477,237
156