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COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2016
G RGIA 0,464, a it �aW , ¢ ' '{ eta 4 x 7 h h a.Rx < �, 4` 3: *41.: Hyl Vr+, ' + i a it• a ° ;„ .. `«,• Ft 4 41$ , -4% 3 as Augusta's River Region by Rhian Swain Comprehensive Annual Financial Report For the year ended December 31, 2016 Prepared By: The Augusta, Georgia Finance Department Donna B. Williams, CGFM Director of Finance THIS PAGE INTENTIONALLY LEFT BLANK AUGUSTA, GEORGIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2016 Prepared by: Augusta, Georgia Finance Department Donna Williams, CGFM Director of Finance THIS PAGE INTENTIONALLY LEFT BLANK AUGUSTA, GEORGIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2016 TABLE OF CONTENTS Page INTRODUCTORY SECTION Letter of Transmittal—Finance Director i—v GFOA Certificate vi Organizational Chart vii Listing of Principal Officials viii and ix FINANCIAL SECTION Independent Auditor's Report 1 -4 Management's Discussion and Analysis 5-16 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position 17 and 18 Statement of Activities 19 and 20 Fund Financial Statements Balance Sheet—Governmental Funds 21 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position 22 Statement of Revenues, Expenditures and Changes in Fund Balances—Governmental Funds 23 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 24 General Fund—Statement of Revenues, Expenditures and Changes in Fund Balances—Budget(GAAP Basis)and Actual 25 Fire Protection Fund—Statement of Revenues, Expenditures and Changes in Fund Balance—Budget(GAAP Basis)and Actual 26 Statement of Net Position—Proprietary Funds 27 Statement of Revenues, Expenses and Changes in Fund Net Position—Proprietary Funds 28 Statement of Cash Flows—Proprietary Funds 29 and 30 Statement of Fiduciary Net Position—Fiduciary Funds 31 Statement of Changes in Fiduciary Net Position—Fiduciary Funds 32 Notes to Financial Statements 33- 105 Required Supplementary Information: Schedule of Funding Progress—Other Post-employment Benefit Plan 106 Schedule of Changes in the Government's Net Pension Liability and Related Ratios—1945 Plan 107 Schedule of Changes in the Government's Net Pension Liability and Related Ratios—General Retirement Plan 108 Schedule of Changes in the Government's Net Pension Liability and Related Ratios—Georgia Municipal Employees Benefit System Plan 109 AUGUSTA, GEORGIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2016 TABLE OF CONTENTS (CONTINUED) Page FINANCIAL SECTION (CONTINUED) Required Supplementary Information(Continued): Schedule of Government Contributions—1945 Plan 110 Schedule of Government Contributions—General Retirement Plan 111 Schedule of Government Contributions—Georgia Municipal Employees Benefit System Plan 112 Schedule of Pension Investment Returns—1945 Plan 113 Schedule of Pension Investment Returns—General Retirement Plan 114 Schedule of Contributions—Richmond County Health Department 115 Schedule of Proportionate Share of the Net Pension Liability— Richmond County Health Department 116 Combining and Individual Fund Statements and Schedules: Nonmajor Governmental Funds Combining Balance Sheet—Nonmajor Governmental Funds 117 Combining Statement of Revenues, Expenditures and Changes In Fund Balances—Nonmajor Governmental Funds 118 Combining Balance Sheet—Nonmajor Special Revenue Funds 119- 123 Combining Statement of Revenues, Expenditures and Changes In Fund Balances—Nonmajor Special Revenue Funds 124- 128 Budgetary Compliance—Special Revenue Funds Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Urban Services District 129 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Emergency Telephone System 130 Schedule of Revenues, Expenditures,and Changes in Fund Balance—Budget and Actual—Tax Allocation District 1 131 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Tax Allocation District 2 132 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Tax Allocation District 3 133 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Tax Allocation District 4 134 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Occupational Tax 135 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Special Assessment 136 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Hotel/Motel Tax and Promotion/Tourism 137 AUGUSTA, GEORGIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2016 TABLE OF CONTENTS(CONTINUED) Page FINANCIAL SECTION (CONTINUED) Combining and Individual Fund Statements and Schedules(Continued) Budgetary Compliance—Special Revenue Funds(Continued) Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Housing and Neighborhood Development 138 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Urban Development Action Grant 139 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Federal Drug Fund 140 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—State Drug Fund 141 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Downtown Development 142 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Convention Center 143 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Law Library 144 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—5%Victim's Crime Assistance 145 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Supplemental Juvenile Services 146 Schedule of Revenues, Expenditures and Changes in Fund Balance— Budget and Actual—Building Inspection 147 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Perpetual Care—I 148 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—TIA Discretionary Projects 149 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—NPDES Permit Fees 150 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Transportation and Tourism 151 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Drug Court 152 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—DUI Court 153 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Urban Redevelopment Projects 154 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Urban Redevelopment Agency 155 AUGUSTA, GEORGIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2016 TABLE OF CONTENTS Page INTRODUCTORY SECTION Letter of Transmittal—Finance Director i—v GFOA Certificate vi Organizational Chart vii Listing of Principal Officials viii and ix FINANCIAL SECTION Independent Auditor's Report 1 -4 Management's Discussion and Analysis 5-16 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position 17 and 18 Statement of Activities 19 and 20 Fund Financial Statements Balance Sheet—Governmental Funds 21 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position 22 Statement of Revenues, Expenditures and Changes in Fund Balances—Governmental Funds 23 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 24 General Fund—Statement of Revenues, Expenditures and Changes in Fund Balances—Budget(GAAP Basis)and Actual 25 Fire Protection Fund—Statement of Revenues, Expenditures and Changes in Fund Balance—Budget(GAAP Basis)and Actual 26 Statement of Net Position—Proprietary Funds 27 Statement of Revenues, Expenses and Changes in Fund Net Position—Proprietary Funds 28 Statement of Cash Flows—Proprietary Funds 29 and 30 Statement of Fiduciary Net Position—Fiduciary Funds 31 Statement of Changes in Fiduciary Net Position—Fiduciary Funds 32 Notes to Financial Statements 33-105 Required Supplementary Information: Schedule of Funding Progress—Other Post-employment Benefit Plan 106 Schedule of Changes in the Government's Net Pension Liability and Related Ratios—1945 Plan 107 Schedule of Changes in the Government's Net Pension Liability and Related Ratios—General Retirement Plan 108 Schedule of Changes in the Government's Net Pension Liability and Related Ratios—Georgia Municipal Employees Benefit System Plan 109 AUGUSTA, GEORGIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2016 TABLE OF CONTENTS (CONTINUED) Page FINANCIAL SECTION(CONTINUED) Required Supplementary Information(Continued): Schedule of Government Contributions—1945 Plan 110 Schedule of Government Contributions—General Retirement Plan 111 Schedule of Government Contributions—Georgia Municipal Employees Benefit System Plan 112 Schedule of Pension Investment Returns—1945 Plan 113 Schedule of Pension Investment Returns—General Retirement Plan 114 Schedule of Contributions—Richmond County Health Department 115 Schedule of Proportionate Share of the Net Pension Liability— Richmond County Health Department 116 Combining and Individual Fund Statements and Schedules: Nonmajor Governmental Funds Combining Balance Sheet—Nonmajor Governmental Funds 117 Combining Statement of Revenues, Expenditures and Changes In Fund Balances—Nonmajor Governmental Funds 118 Combining Balance Sheet—Nonmajor Special Revenue Funds 119- 123 Combining Statement of Revenues, Expenditures and Changes In Fund Balances—Nonmajor Special Revenue Funds 124- 128 Budgetary Compliance—Special Revenue Funds Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Urban Services District 129 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Emergency Telephone System 130 Schedule of Revenues, Expenditures,and Changes in Fund Balance—Budget and Actual—Tax Allocation District 1 131 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Tax Allocation District 2 132 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Tax Allocation District 3 133 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Tax Allocation District 4 134 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Occupational Tax 135 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Special Assessment 136 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Hotel/Motel Tax and Promotion/Tourism 137 AUGUSTA, GEORGIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2016 TABLE OF CONTENTS(CONTINUED) Page FINANCIAL SECTION (CONTINUED) Combining and Individual Fund Statements and Schedules(Continued) Budgetary Compliance—Special Revenue Funds(Continued) Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Housing and Neighborhood Development 138 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Urban Development Action Grant 139 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Federal Drug Fund 140 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—State Drug Fund 141 Schedule of Revenues,Expenditures and Changes in Fund Balance—Budget and Actual—Downtown Development 142 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Convention Center 143 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Law Library 144 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—5%Victim's Crime Assistance 145 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Supplemental Juvenile Services 146 Schedule of Revenues, Expenditures and Changes in Fund Balance— Budget and Actual—Building Inspection 147 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Perpetual Care—I 148 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—TIA Discretionary Projects 149 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—NPDES Permit Fees 150 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Transportation and Tourism 151 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Drug Court 152 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—DUI Court 153 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Urban Redevelopment Projects 154 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—Urban Redevelopment Agency 155 AUGUSTA, GEORGIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2016 TABLE OF CONTENTS(CONTINUED) Page FINANCIAL SECTION (CONTINUED) Combining and Individual Fund Statements and Schedules(Continued) Budgetary Compliance—Special Revenue Funds(Continued) Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—TIA Projects 156 Nonmajor Debt Service Funds Combining Balance Sheet—Nonmajor Debt Service Funds 157 Combining Statement of Revenues, Expenditures and Changes In Fund Balance—Nonmajor Debt Service Funds 158 Budgetary Compliance—Debt Service Funds Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—2009 GO Sales Tax Bonds Debt Service 159 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—2010 GO Sales Tax Bonds Debt Service 160 Schedule of Revenues, Expenditures and Changes in Fund Balance— Budget and Actual—Coliseum Authority Revenue Bonds Debt Service 161 Schedule of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual—2016 GO Sales Tax Bonds Debt Service 162 Nonmajor Capital Project Funds Combining Balance Sheet—Nonmajor Capital Project Funds 163 and 164 Combining Statement of Revenues, Expenditures and Changes In Fund Balance—Nonmajor Capital Project Funds 165 and 166 Nonmajor Enterprise Funds Combining Statement of Net Position—Nonmajor Enterprise Funds 167 Combining Statement of Revenues, Expenses and Changes In Fund Net Position—Nonmajor Enterprise Funds 168 Combining Statement of Cash Flows—Nonmajor Enterprise Funds 169 and 170 Internal Service Funds Combining Statement of Net Position—Internal Service Funds 171 and 172 Combining Statement of Revenues, Expenses and Changes In Fund Net Position—Internal Service Funds 173 and 174 Combining Statement of Cash Flows—Internal Service Funds 175 and 176 Schedule of Expenditures of Special Purpose Local Option Sales Tax Proceeds 177- 184 Pension Trust Funds Combining Statement of Fiduciary Net Position—Pension Trust Funds 185 Combining Statement of Changes in Fiduciary Net Position—Pension Trust Funds 186 Agency Funds Combining Statement of Assets and Liabilities—Agency Funds 187 Combining Statement of Changes in Assets and Liabilities—Agency Funds 188 and 189 AUGUSTA, GEORGIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2016 TABLE OF CONTENTS(CONTINUED) Page STATISTICAL SECTION Net Position by Component 190 Changes in Net Position 191 -193 Fund Balances of Governmental Funds 194 Changes in Fund Balances of Governmental Funds 195 and 196 Governmental Tax Revenues by Source 197 Assessed Value and Estimated Actual Value of Taxable Property 198 Direct and Overlapping Property Tax Rates 199 Principal Property Taxpayers 200 Property Tax Levies and Collections 201 Ratios of Outstanding Debt by Type 202 and 203 Ratios of General Bonded Debt 204 Direct and Overlapping Governmental Activities Debt 205 Legal Debt Margin 206 Pledged Revenue Coverage 207 Demographic and Economic Statistics 208 Principal Employers 209 Full-time City Government Employees by Function 210 Operating Indicators by Function 211 and 212 Capital Asset Statistics by Function 213 and 214 INTRODUCTORY SECTION THIS PAGE INTENTIONALLY LEFT BLANK G G R G 1 A June 29,2017 To the Honorable Mayor, Members of the Commission, and Citizens of Augusta, Georgia State law requires that every general purpose local government publish, within six months of the close of each fiscal year, a complete set of audited financial statements. The Comprehensive Annual Financial Report(CAFR) of Augusta, Georgia (the "Government") for the fiscal year ended December 31, 2016, is published to fulfill that requirement. Management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal control that it has established for this purpose. Because the cost of internal control should not exceed anticipated benefits; the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. Mauldin and Jenkins, LLC, Certified Public Accountants, have issued an unmodified ("clean") opinion on Augusta, Georgia's financial statements for the year ended December 31, 2016. The Independent Auditor's Report is located at the front of the financial section of this report. Management's Discussion and Analysis (MD&A) immediately follows the Independent Auditor's Report and provides a narrative introduction, overview and analysis of the basic financial statements. The MD&A complements this letter of transmittal and should be read in conjunction with it. Profile of the government The consolidated government of Augusta-Richmond County is a political subdivision created and existing under the laws of the State of Georgia and presently has as its formal or legal name"Augusta, Georgia." The Consolidated Government was created on January 1, 1996, pursuant to Acts of the General Assembly of the State of Georgia. The consolidation of the City of Augusta and Richmond County were separately approved by a majority of the qualified voters of the City and the County at an election held on June 20, 1995. On January 1, 1996, the Consolidated Government became a consolidated city-county government, with territorial limits covering all of what was formerly Richmond County. The Cities of Blythe and Hephzibah, small communities with populations of approximately 724 and 4,026, respectively, still hold their own municipal charters within the consolidated territory. The relationship between the Government and the Cities of Blythe and Hephzibah is similar to that of counties to municipalities located within the territorial limits of such counties. Augusta, Georgia, as a consolidated city-county government, has all of the governmental and corporate powers of both municipal corporations and counties under Georgia law. Under the terms of the Consolidation Act, the Augusta-Richmond County Commission may exercise and is subject to all of the rights, powers, duties, and obligations previously applicable to the governing authorities of the City and the County. Consolidation is intended to result in the removal of duplicate services formerly rendered by the City and County governments. As a result of consolidation, the Consolidated Government provides, under one management, public services throughout its territorial limits, which would have been provided separately by the City and the County. G o R G I A The City was originally chartered in 1789 by the General Assembly of the State of Georgia, making it Georgia's second oldest city. As a city, the Consolidated Government would rank as the second largest, by population, in the State of Georgia. The Consolidated Government is located in the central eastern portion of the State of Georgia on the south bank of the Savannah River, which is the Georgia-South Carolina state boundary, approximately 155 miles east of Atlanta, Georgia and 75 miles southwest of Columbia, South Carolina. Richmond County has a land area of approximately 325 square miles. At its highest point, Richmond County is situated at 520 feet above sea level. Richmond County is located on the Fall Line, which is the natural division of the Piedmont Plateau and the Coastal Plain of Georgia. Its physical features include rolling slopes in the north, transitioning to more level terrain in the south. Average rainfall is 43 inches per year, and average temperatures range from a high of 91 degrees in the summer to a low of 34 degrees in the winter. Augusta, Georgia is the home to Augusta University which has a student enrollment of approximately 8,530 and Paine College (a historically black college) with a student enrollment of approximately 550. Augusta, Georgia is the regional center of east central Georgia with a stable economy based on a broad mix of industry, healthcare facilities, service organizations, and governmental institution. The Government provides a full range of urban services for its citizens. These services are overseen by the Administrator who is appointed by a 10-member Board of Commissioners. Commissioners hold part time positions and are elected, in staggered voting cycles to four year terms. Augusta has a full time Mayor also elected to a four-year term. Additional information about current activities of the Government can be obtained at our website,www.augustaga.gov.com. In accordance with State Law and the Government's charter, Augusta, Georgia adopts an annual operating and capital budget. The budget process provides a professional management approach to establishing priorities and an orderly means of directing the Government's various services. Developed on a line item basis with a focus on the cost of services, the Government's budget is adopted by the Mayor and Commission after a required public hearing and two public notices. The legal level of budgetary control is the department/fund level. Local Economy Augusta, Georgia remains the industrial and retail center for east central Georgia. Trends in the local economy indicate that the business outlook continue to improve. Augusta, Georgia's top five industry sectors are government (Federal, state and local), healthcare, manufacturing, hospitality and retail; growth was seen in all sectors. The largest employer in Augusta, Georgia is Fort Gordon with a workforce of over 19,800. Over its 73- year history, Fort Gordon has adapted to new missions, growing to respond to the Army's needs and the world's situations. The installation is widely known as the home of the Signal Corps and U.S. Army Signal Center of Excellence, the Armed Forces' largest information technology and communications training site. In fiscal year 2013, more than 12,000 enlisted personnel and officers were trained in 160 high-tech courses involving 18 different military occupational specialties and officer skills. The Center not only trains Army students, but also instructs Air Force, Navy and Marine service members in the communications arena. The Signal Center serves as the personnel proponent for Soldiers in Signal careers, including 60,000 Active Army, United States Army Reservists and Army National Guard worldwide. ii HEEORGIA Fort Gordon is a vibrant installation with 18 major military commands and organizations, featuring joint service presence of thousands of sailors, airmen and marines as well as Soldiers. There is a growing synergy between military intelligence, communications and military medical communities. Fort Gordon is also home to the following organizations: o Dwight David Eisenhower Army Medical Center: serves nearly 61,000 beneficiaries (active duty, family members and retirees)within a 40-mile radius; Eisenhower Army Medical Center, which employs the largest number of Fort Gordon civilians (1600+), is one of the Army's most advanced health care and tracking medical facilities. There is also a Warrior Transition Battalion and campus with nearly 400 Wounded Warriors.' o NSA-CSS Georgia: one of three joint regional centers that provide global operational intelligence; recently completed construction on a 575,000 sq.ft.facility o 513th Military Intelligence Brigade: conducts theater-level, multi-discipline intelligence and security operations during war and military operations other than war o 35"' Signal Brigade: deploys, installs, operates, manages and maintains and protects theater tactical communications in support of joint and combined operations for all combatant commanders Augusta, Georgia's famous golf course, the Augusta National Golf Club, hosts the Masters Tournament. This is the Professional Golfers Association (PGA) Tour's first major golf tournament of each year. This tournament is one of the most prestigious in the sport and is one of the four major championships. The best professional and amateur golfers in the world come to Augusta during the first full week of April each year. Augusta, Georgia is also host to the Augusta Southern Nationals Drag Boat Race and the IRONMAN 70.3 the largest half IRONMAN competition east of the Mississippi River. In 2012, the Transportation Investment Act (TIA) of 2010 was approved in only three of twelve regions established by the legislature. In the Central Savannah River Region, which includes Augusta, Georgia, the referendum was approved by a 54-46% margin. The 1% additional sales tax began on January 1, 2013. Augusta, Georgia has 50 of the 84 projects approved for this region. Augusta's Georgia Cyber Innovations and Training Center, a $60 million facility with 168,000 square feet of office space funded by the State of Georgia with a $12 million, 575 space parking deck funded by Augusta, Georgia broke ground in June 2017. The center is expected to have a significant economic impact in the region. An Augusta University study expects current area employers to add over 800 potions, increasing their cybersecurity workforce by 138 percent. The Center and Parking Deck will open in July 2018. Long-term financial planning and major initiatives Augusta, Georgia operates under a set of fiscal policies which establishes operational objectives and promotes continuity in fiscal decision-making, and long-term financial stability of the Government. These policies cover financial areas in operating budget, reserve fund balances, accounting, auditing and financial reporting, and purchasing. The Government strives to maintain a minimum unassigned fund balance in its General Fund, which is 75 to 90 days of operations based on budgeted expenditures. This minimum fund balance is to protect against cash flow shortfalls related to timing of projected revenue receipts and to maintain a budget stabilization commitment. Due to an Ice Storm in 2014 the Government is currently below this level. The Government has established a budget policy that is anticipated to replenish the reserves to the desired levels in 5 years. iii 4ORGIA The Government has established a financial and budgetary policy which is reviewed and updated as necessary by approval of the Augusta, Georgia Commission. Budgetary control is maintained at the department level. No increase in the overall budget can be made without the approval of the Commission and an amendment to the budget. Unencumbered appropriations in the annual operating budget lapse at fiscal year-end. Augusta, Georgia's financial condition is demonstrated by the Aa2, rating from the national rating agency Moody's for its general obligation bonds and revenue bonds. The Government's ratings were reaffirmed in November 2016. Major Initiatives Transportation Investment Act of 2010 (TIA). On July 31, 2012, voters within the Central Savannah River Area (CSRA) Region, which includes the Government, approved the TIA, which was created by the Georgia General Assembly in 2010 to provide state-wide funding for transportation needs across the state in the form of a 1% sales tax. This is a regional program with project lists compiled by the county and city governments within each region and approved by the Transportation Roundtable of the region and the Georgia Department of Transportation (GDOT) Program Director. The CSRA region includes 13 counties and the cities therein. Of the total funds collected, 75%will go to regional projects and 25%will go to the local governments to use at their discretions. The discretionary funds will be invaluable in meeting local needs not presently funded due to a lack of GDOT monies. Approval of the TIA will accelerate our preparation for present and future transportation needs and will provide opportunities not only for better and safer roads, but also for job creation and economic development. Of the 84 projects approved 50 are located in the County. Major road projects include: o Broad Street Improvement($25 million) o Calhoun Expressway Reconstruction($8.8 million) o Greene Street Improvements($9.9 million) o Marks Church Road Widening ($7.8 million) o Riverwatch Parkway Resurfacing($10 million) o Telfair Street Improvements($19.2 million) o Berckmans Road Widening($16.7 million) o 5th Street Bridge restoration($9.1 million) o Gordon Highway Improvements($14 million) o 15th Street Widening($21.4 Million) o Riverwatch Parkway Median Barrier renovation($8.6 million) o Windsor Spring Road Widening($43 million) o Wrightsboro Road Widening($21.6 million) Projects will be funded in three phases; the tax collections will end in 2022. 1% Special Purpose Local Option Sales Tax(SPLOST)—2016-2021. The current SPLOST program was renewed by referendum on November 3, 2015.As part of the SPLOST renewal, a general obligation(GO) bond was approved, not to exceed $28.5 million, to begin funding the construction of urgently needed projects.The 2016-2021 package reflects anticipated collections of$215,500,000. Project categories that are to receive funding include: o Public Safety-$45.5 million o Quality of Life-$28 million o General Government-$11 million o Infrastructure—$70.1 million o Government Facilities-$52.5 million iv G E" O R G 1 A Acknowledgements The Government Finance Officers Association of the United States and Canada (GFOA) awarded the Certificate of Achievement for Excellence in Financial Reporting to Augusta, Georgia for its CAFR for the fiscal year ended December 31, 2015. This was the first year that Augusta achieved this prestigious award. In order to be awarded a Certificate of Achievement, the Government has to publish an easily readable and efficiently organized CAFR that satisfied both Generally Accepted Accounting Principles and applicable program requirements. The Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. The preparation, design and publication of this Comprehensive Annual Financial Report could not have been accomplished without the efficient and dedicated service of the entire finance office staff. We would also like to express our gratitude and appreciation to the firm of Mauldin &Jenkins, LLC for their technical guidance and assistance to make this a quality report. Sincere appreciation also goes to the various elected officials, and county department directors for their assistance and positive attitude throughout the year in matters pertaining to the financial affairs of the Government. Finally, credit also must be given to the Mayor, Administrator, and County Commissioners for their unfailing support for maintaining the highest standards of professionalism in the management of the Government's finances. Respectfully submitted, esn Donna B.Williams, CGFM Director of Finance v AUGUSTA, GEORGIA FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2016 G[) Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Augusta-Richmond County Georgia For its Comprehensive Annual Financial Report for the Fiscal Year Ended December 31, 2015 ":040v Executive Director/CE© vi AUGUSTA, GEORGIA FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2016 a. t.- c, c E :V- _ c 4.., 1 cl s.e. r ....: f„ til , .. ID t/0 C E a' ,..... i c x iv i ! 1 LS E •-• ...'- nn .,.. .... .., 2, -...:4 :.L", _ ..,, I_ .. m. .LP. a. ,. E• 1 , 9 ,A II c Y E _ —. .....,, E.7 :.• / 1 1 I 1 U ! I1 ro E 7. '12: ...e. , :, G. a, ..a: a` F E -0 I < , i P.: 1 a I i El tj p,, " — uc i ti 17 1 4."•A:': I :,,2.Ec: c r L \\111 vii AUGUSTA, GEORGIA PRINCIPAL OFFICIALS FOR THE YEAR ENDED DECEMBER 31, 2016 Mayor and Commission Hardie Davis, Jr. Mayor Grady Smith Mayor Pro-Tern, Commissioner William Fennoy Commissioner Dennis Williams Commissioner Mary Davis Commissioner Sammie Sias Commissioner Bill Lockett Commissioner Ben Hasan Commissioner Sean Frantom Commissioner Wayne Guilfoyle Commissioner Marion Williams Commissioner Elected Officials J. Carlisle Overstreet Chief Judge Superior Court Michael N.Annus Judge, Superior Court James G. Blanchard,Jr. Judge, Superior Court Carl C. Brown Judge, Superior Court Daniel J. Craig Judge, Superior Court Sheryl B. Jolly Judge, Superior Court J. Wade Padgett Judge, Superior Court J. David Roper Judge, Superior Court Richard A. Slaby Chief Judge, State Court David D. Watkins Judge, State Court Patricia W. Booker Judge, State Court John Flythe Judge, State Court William D. Jennings, III Chief Judge, Civil and Magistrate Court H. Scott Allen Judge, Civil and Magistrate Court Harry B.James, Ill Judge, Probate Court Mark Bowen Coroner Ashely Wright District Attorney Steve Smith Marshal Richard Roundtree Sheriff Kellie K. McIntyre Solicitor General Steven Kendrick Tax Commissioner Elaine Johnson Clerk of Court viii AUGUSTA, GEORGIA PRINCIPAL OFFICIALS FOR THE YEAR ENDED DECEMBER 31, 2016 Appointed Officials Janice Allen Jackson Administrator Chester Brazzell Deputy Administrator Ted Rhinehart Deputy Administrator Donna B.Williams Finance Director Sharon S. Broady Animal Services Director Herbert Judon,Jr Executive Director,Augusta Regional Airport Lynn Bailey Board of Elections Director Takiyah A. Douse Central Services Lena Bonner Clerk of Commission Kellie Irving Compliance Director Abie Ladson Engineering Director Mark Johnson Environmental Services Director Chris James Fire Chief Hawthorne E.Welcher, Jr. Housing & Development Director Michael Loeser Human Recourses Director Tameka Allen Information Technology Director Jennifer S. McKinzie Judge, Juvenile Court Pamela James Doumar Judge, Juvenile Court Andrew MacKenzie General Counsel Melanie Wilson Planning& Development Director Geri Sams Procurement Director Katherine M. Mason Circuit Public Defender Patrick Stephens Director Augusta Public Transit Evan A. Joseph Warden—RC Correctional Institution H. Glenn Parker Recreation, Parks& Facility Director Alveno Ross Chief Appraiser Tom Wiedmeier Public Utilities Director Daniel Dunlap 911 Emergency Services ix THIS PAGE INTENTIONALLY LEFT BLANK FINANCIAL SECTION . THIS PAGE INTENTIONALLY LEFT BLANK MAULDIN &JENKINS INDEPENDENT AUDITOR'S REPORT To the Board of Commissioners of Augusta,Georgia Augusta, Georgia Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of Augusta, Georgia (the "Government"), as of and for the year ended December 31, 2016, and the related notes to the financial statements, which collectively comprise Augusta, Georgia's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement,whether due to fraud or error. Auditor's Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of the Richmond County Department of Health, the Augusta Canal Authority, the Downtown Development Authority, or the Augusta-Richmond County Coliseum Authority,which represents 100%of the assets, net position, and revenues of the aggregate discretely presented component units. Those statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for the Richmond County Department of Health, the Augusta Canal Authority, the Downtown Development Authority, and the Augusta-Richmond County Coliseum Authority, is based solely on the reports of the other auditors. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements,whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. 300 MULBERRY STREET,SUITE 300•POST OFFICE BOX 1877•MACON,GEORGIA 31202-1877.478-464-8000•FAX 478-464-8051•www.mjcpa.com MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS Opinions In our opinion, based on our audit and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business- type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of Augusta, Georgia as of December 31, 2016, and the respective changes in financial position and, where applicable, cash flows thereof and the respective budgetary comparisons for the General Fund and the Fire Protection Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis (on pages 4 through 16) and the Schedules of Funding Progress (on page 106), the Schedules of Changes in the Government's Net Pension Liability and Related Ratios(on pages 107 through 109), the Schedules of Government Contributions (on pages 110 through 112), the Schedules of Pension Investment Returns (pages 113 and 114), the Schedule of Contributions — Richmond County Health Department which was audited by other auditors on page 115, and the Schedule of Proportionate Share of the Net Pension Liability — Richmond County Health Department which was audited by other auditors on page 116 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information We have previously audited the Government's December 31, 2015, financial statements, and we expressed unmodified audit opinions on the respective financial statements of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information in our report dated June 28, 2016. In our opinion, the summarized comparative information presented herein as of and for the year ended December 31, 2016, is consistent, in all material respects, with the audited financial statements from which it has been derived. 2 Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise Augusta, Georgia's basic financial statements. The introductory section, combining and individual nonmajor fund financial statements and schedules, the schedule of expenditures of special purpose local option sales tax proceeds, as required by the Official Code of Georgia 48-8-121, and the statistical section, as listed in the table of contents, are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual nonmajor fund financial statements and schedules and the schedule of expenditures of special purpose local option sales tax proceeds are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual nonmajor fund financial statements and schedules and the schedule of expenditures of special purpose local option sales tax proceeds is fairly stated, in all material respects, in relation to the basic financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. We also previously audited, in accordance with auditing standards generally accepted in the United States of America, the basic financial statements of Augusta, Georgia as of and for the year ended December 31, 2015 (not presented herein), and have issued our report thereon dated June 28, 2016, which contained unmodified opinions on the respective financial statements of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information. The combining and individual nonmajor fund financial statements and schedules for the year ended December 31, 2015, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the 2015 financial statements. The combining and individual nonmajor fund financial statements and schedules have been subjected to the auditing procedures applied in the audit of the 2015 basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare those financial statements or to those financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual nonmajor fund financial statements and schedules are fairly stated in all material respects in relation to the basic financial statements as a whole for the year ended December 31,2015. 3 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated June 29, 2017, on our consideration of Augusta, Georgia's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. 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 internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Augusta, Georgia's internal control over financial reporting and compliance. 72( 4 fr4 /° ee Macon, Georgia June 29, 2017 4 AUGUSTA, GEORGIA MANAGEMENT'S DISCUSSION AND ANALYSIS 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, 2016. This discussion and analysis is designed to look at the Government's financial performance as a whole. Readers should also review the 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 31,2016, are as follows: • The Government's combined net position totaled$1.1 billion. • The Government's total net position increased by$70.8 million, primarily due to capital spending funded by the Special Purpose Local Option Sales Tax revenues, Transportation Investment Act (TIA) 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$225.3 million, an increase of$42.6 million from the prior year. Approximately 5.3% of this total amount, or$11.9 million, is available for spending at the government's discretion(unassigned fund balance). • At the end of the current fiscal year,total fund balance for the General Fund was$30.4 million, or 21.8%of total General Fund expenditures for the fiscal year. Of this amount, $3.4 million has been assigned for risk management, and$21.7 million,or 71.5%of total General Fund balance, as unassigned. • Combined revenue totaled $431 million, of which governmental activities totaled $268.9 million and business-type activities totaled $162.1 million. Current year revenues increased approximately 7%from those of the prior year. • Overall expenses totaled $360.3 million of which governmental activities totaled $199.9 million and business-type activities totaled $160.4 million. Current year expenses decreased approximately 3.5% over those of the prior year. • Expenses of governmental activities exceeded program revenue by $143.3 million, resulting in the use of general revenues(mostly taxes). 5 MANAGEMENT'S DISCUSSION AND ANALYSIS Required Components of Annual Financial Report Management's Basic Discussion and Financial Analysis Statements Government-Wide Fund Notes to the Financial Financial Financial Statements Statements Statements Detail ► Summary Basic Financial Statements The first two statements in the basic financial statements are the Government-wide Financial Statements. They provide both short and long-term information about the Government's financial status. The next statements are the Fund Financial Statements. These statements focus on the activities of the individual parts of Augusta, Georgia's government. These statements provide more detail than the government-wide statements. There are four parts to the Fund Financial Statements: 1) the governmental funds statements; 2) the budgetary comparison statements; 3)the proprietary fund statements; and 4)the fiduciary fund statements. The next section of the basic financial statements is the notes. The notes to the financial statements explain in detail some of the data contained in those statements. After the notes, supplemental information is provided to show details about the Government's non-major governmental funds and internal service funds, all of which are added together in one column on the appropriate basic financial statements. 6 MANAGEMENT'S DISCUSSION AND ANALYSIS Government-wide Financial Statements The government-wide financial statements provide a broad view of the Government's operations in a manner similar to a private-sector business. The statements provide both short-term and long-term information about the Government's financial position,which assists in assessing the economic condition at the end of the fiscal year. These statements are prepared using the flow of economic resources measurement focus and the accrual basis of accounting. This means the statements take into account all revenues and expenses connected with the fiscal year even if cash involved has not been received or paid. The government-wide financial statements include the following two statements: The Statement of Net Position presents information on all of the Government's assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Government is improving or deteriorating. The Statement of Activities presents information showing how the Government's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will not result in cash flows until future fiscal periods(e.g., uncollected taxes and earned but unused vacation leave). This statement also presents a comparison between direct expense and program revenues for each function of the Government. 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, 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, Downtown Development Authority, and the Richmond County Coliseum 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. 7 MANAGEMENT'S DISCUSSION AND ANALYSIS 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: 1) governmental funds, 2) proprietary funds and 3) 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 government-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: 1)the General Fund, 2)Special Revenue Funds, 3)Debt Service Funds, 4) the Capital Projects Funds, and 5) the Permanent Fund. The Government reported four major governmental funds: 1)the General Fund, 2)Special Purposes Local Option Sales Tax Fund(SPLOST)Phase VI, 3) Special Purposes Local Option Sales Tax Fund (SPLOST)Phase 7, and 4)the Fire Protection Fund. 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, Transit, Daniel Field Airport, Stormwater and Garbage Collection. The Government also 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 Sewer,Augusta Regional Airport,Stormwater,and Garbage Collection funds are the only funds being considered major funds for presentation purposes. 8 MANAGEMENT'S DISCUSSION AND ANALYSIS Fiduciary Funds The Fiduciary Funds are used to account for assets held by the Government as an agent for individuals, private organizations,other governments and other departments. The Government is responsible for ensuring that the assets reported in these funds are used only for their intended purposes and only by those to whom the assets belong. These funds are not reflected in the government-wide financial statements because the resources are not available to support the Government's operations or programs. Government-wide Financial Analysis Governmental Business-type Governmental Business-type Activities Activities Total Activities Activities Total 2016 2016 2016 2015 2015 2015 Current and other assets $ 280,931,547 $ 206,517,090 $ 487,448,637 $ 239,489,276 $ 201,074,754 $ 440,564,030 Capital assets 663,237,471 690,445,670 1,353,683,141 625,927,698 699,986,941 1,325,914,639 Total assets 944,169,018 896,962,760 1,841,131,778 865,416,974 901,061,695 1,766,478,669 Deferred outflow s of resources 12,100,998 5,915,740 18,016,738 7,424,034 5,257,407 12,681,441 Long-term liabilities 203,814,566 553,182,234 756,996,800 157,688,861 552,142,771 709,831,632 Other liabilities 22,681,655 14,551,229 37,232,884 41,462,393 30,022,126 71,484,519 Total liabilities 226,496,221 567,733,463 794,229,684 199,151,254 582,164,897 781,316,151 Deferred inflow s of resources 5,732,791 4,697,473 10,430,264 8,865,242 5,275,845 14,141,087 Net position: Net investment in capital assets 557,318,725 183,134,044 740,452,769 547,217,942 182,241,232 729,459,174 Restricted 188,414,660 92,929,966 281,344,626 126,202,046 87,266,093 213,468,139 Unrestricted (21,692,381) 54,383,554 32,691,173 (8,595,476) 49,371,035 40,775,559 Total net position $ 724,041,004 4 330,447,564 $ 1,054,488,568 $ 664,824,512 $ 318,878,360 $ 983,702,872 Net Position Net position may serve over time as one useful indicator of a government's financial condition. The assets of the Government exceeded liabilities by$1.1 billion as of December 31,2016. The largest portion of the Government's net position, $740.5 million or 70.2%, 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. 9 MANAGEMENT'S DISCUSSION AND ANALYSIS An additional portion of the Government's net position, $281.3 million or 26.7%represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position,$32.7 million or 3.1% 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 position: • Continued diligence in the maintenance of 75-90 days unreserved fund balance in the General Fund. • 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 Government's high bond rating. Changes in Net Position Governmental activities.Governmental activities increased the Government's net position by$58.9 million,and thereby accounting for 83.6%of the total growth in the net position of the Government. Key elements of this increase are as follows: Governmental Revenues Property tax(27%)and other taxes(51.6%)continue as the main source of revenue of the Government amounting to 78.6% in 2016, compared to 78.1% in 2015. Sales tax revenues contributed approximately$91.1 million to net position. Governmental Functional Expenses: As reflected in the summary of Changes in Net Position,the Government expended 56.4% 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 44.6%. Business-type activities: Business-type activities increased the Government's net position by approximately $11.6 million. A significant portion of the increase was the result of the revenues received in the new Stormwater Fund. 10 MANAGEMENT'S DISCUSSION AND ANALYSIS The Government's Changes in Net Position Governmental Business-type Governmental Business-type Activities Activities Total Activities Activities Total 2016 2016 2016 2015 2015 2015 Revenues: Program revenues: Charges for services $ 42,025,258 $ 156,012,150 $ 198,037,408 $ 40,801,567 $ 137,145,924 $ 177,947,491 Operating grants and contributions 11,506,644 - 11,506,644 9,416,362 - 9,416,362 Capital grants and contributions 3,014,581 5,812,783 8,827,364 4,916,444 4,584,343 9,500,787 General revenues: Roperty taxes 72,649,913 - 72,649,913 69,708,757 - 69,708,757 Other taxes 138,841,209 - 138,841,209 132,821,646 - 132,821,646 Unrestricted investment earnings 904,567 237,285 1,141,852 691,938 370,714 1,062,652 Mscellaneous - 33,882 33,882 367,735 27,579 395,314 Total revenues 268,942,172 162,096,100 431,038,272 258,724,449 142,128,560 400,853,009 Expenses: General government 36,221,517 - 36,221,517 33,802,731 - 33,802,731 Judicial 20,818,733 - 20,818,733 21,323,507 - 21,323,507 Riblic safety 92,071,561 - 92,071,561 73,686,078 - 73,686,078 Riblic works 12,391,998 - 12,391,998 33,487,270 - 33,487,270 Health and welfare 7,653,264 - 7,653,264 1,874,971 - 1,874,971 Culture and recreation 13,619,543 - 13,619,543 14,958,432 - 14,958,432 I-busing and development 14,427,031 - 14,427,031 13,488,008 - 13,488,008 hterest on long-term debt 2,674,676 - 2,674,676 2,442,546 - 2,442,546 Waste management - 11,051,624 11,051,624 - 14,379,585 14,379,585 Water and sewer - 99,080,160 99,080,160 - 96,512,927 96,512,927 Airports - 14,955,310 14,955,310 - 16,284,997 16,284,997 Transit - 6,326,833 6,326,833 - 6,021,423 6,021,423 Stormy ater - 9,317,090 9,317,090 - - - Garbage Collection - 19,643,236 19,643,236 - 19,354,476 19,354,476 Total expenses 199,878,323 160,374,253 360,252,576 195,063,543 152,553,408 347,616,951 Increase(decrease)in net position before transfers 69,063,849 1,721,847 70,785,696 63,660,906 (10,424,848) 53,236,058 Transfers (9,847,357) 9,847,357 - (3,861,383) 3,861,383 - Change in net position 59,216,492 11,569,204 70,785,696 59,799,523 (6,563,465) 53,236,058 Net position,January 1 664,824,512 318,878,360 983,702,872 643,019,089 332,002,585 975,021,674 Rior period adjustments - - - (37,994,100) (6,560,760) (44,554,860) Net position,January 1, as restated 664,824,512 318,878,360 983,702,872 605,024,989 325,441,825 930,466,814 Net position,December 31 $ 724,041,004 $ 330,447,564 $ 1,054,488,568 $ 664,824,512 $ 318,878,360 $ 983,702,872 11 MANAGEMENT'S DISCUSSION AND ANALYSIS 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 unassigned 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$225.3 million, of which$11.9 million, or 5.3%, is unassigned. 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$30.4 million,of which$21.7 million or 71.5%was unassigned. A portion of the fund balance in the General Fund is designated for risk management, in the amount of$3.4 million. As a measure of the General Fund's liquidity, it may be useful to compare both unassigned fund balance to total fund expenditures. As of December 31, 2016,total unassigned fund balance, represents 15.6%of total general fund expenditures. The fund balance of the General Fund increased by $3.4 million, or 12.6%. Key factors to this result include reimbursement from FEMA and GEMA of costs from an ice storm that occurred in February 2014. On March 6,2014, portions of Georgia, including the Government, received federal disaster designation as a result of the ice storm. The Government has not yet received the final reimbursements from FEMA or GEMA and anticipates additional reimbursements will be received. The Government designated its reserve assigned to Risk Management to be used for the Government's portion on non-reimbursed expenses. Additionally, the Government planned a systematic replacement of that reserve at the rate of$1.125 million per year until the reserve totals$4.5 million and funds used for non-reimbursed expenses incurred during the ice storm have been replenished. During the year, the Government revised the budget on several occasions. Generally, budget amendments fall into one of five categories: 1) amendments to appropriate fund balance for encumbrances from the prior year; 2) amendments made to adjust the estimates that are used to prepare the original budget resolution once exact information is available; 3) amendments made to recognize new funding amounts from external sources, such as Federal and state grants; 4) increases in appropriations that become necessary to maintain services; and 5) amendments to transfer appropriations between departments.The fifth category has no effect on the final budget and, therefore, is not addressed in this narrative. General Fund Budgetary Highlights The actual operating revenues for the General Fund were lower than the budgeted amount by approximately $780 thousand or(.5%). The individual sources within the revenues fluctuated both positively and negatively. The 2016 adopted budget(November 17, 2015)projected Ad Valorem tax revenues at 2015 levels with no projected growth in the tax digest and no increase in sales tax revenues. 12 MANAGEMENT'S DISCUSSION AND ANALYSIS Special Sales Tax VI, Special Sales Tax 7 and Fire Protection Funds Major funds included in the fund financial statements are the SPLOST Fund Phase VI, SPLOST Fund Phase 7, and Fire Protection Fund. The Government uses Capital Projects Funds to account for the acquisition and construction of major capital facilities that are not financed by Proprietary Funds. The proceeds of the special purpose 1%sales tax are accounted for in Capital Projects Funds until improvement projects are completed. The SPLOST Fund Phase Vl's fund balance is $60.9 million, all of which is held for specific construction and improvement projects and capital acquisitions. The SPLOST Fund Phase 7's fund balance is$14.0 million, all of which is held for specific construction and improvement projects and capital acquisitions. The Government's uses the Fire Protection Fund mainly to account for receipts and disbursements of tax revenues for the fire protection services in the unincorporated area only. Primary revenue source is ad valorem taxes and primary expenditures are for public safety.The Fire Protection Fund's fund balance is$15.9 million,all of which is held for specific for public safety projects. Increase in the fund balance for SPLOST phase VI and 7 is due to the programmed expenditure rate is over a longer period than the collection period. The collection period for these funds is 5 and 6 years respectively, while expenditures on the capital projects being funded will take place over an extended period of up to 15 years. Proprietary Funds The activities of the Government that render services to the general public on a user charge basis, or that require periodic determination of revenues for public policy are accounted for as Enterprise Funds. The Government's proprietary funds provide the same type of information found in the government-wide statements but in more detail. Unrestricted net position at the end of the year were as follows:Water and Sewer System Fund,$14.0 million;Augusta Regional Airport, $5.6 million; Garbage Collection Fund$14.7 million; Stormwater Utility Fund$3.4 million; Nonmajor Enterprise funds,$17.2 million. The total growth(reduction)in net position for previously mentioned funds were$(2.0) million, $2.2 million, $1.2 million, $4.1 million, and $6.1 million, respectively. Other factors concerning the finances of these funds have already been addressed in the discussion of the Government's business-type activities. 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, 2016, amounts to $1.4 billion (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. 13 MANAGEMENT'S DISCUSSION AND ANALYSIS 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. The Government's Capital Assets(net of depreciation) Governmental Business-type Activities Activities Total Land $ 23,265,992 $ 19,537,903 $ 42,803,895 Land and site improvements 20,234,558 9,756,391 29,990,949 Buildings 32,202,552 57,457,850 89,660,402 Building improvements 207,269,328 1,243,949 208,513,277 Water and sewerage systems - 512,669,096 512,669,096 Landfill cells - 18,669,450 18,669,450 Infrastructure 96,248,991 21,443,604 117,692,595 Vehicles, machinery and equipment 23,714,317 14,802,159 38,516,476 Construction in progress 260,301,733 34,865,268 295,167,001 $ 663,237,471 $ 690,445,670 $ 1,353,683,141 Additional information on the Government's capital assets can be found in Note 6 of the notes to the financial statements of this report. Long-Term Debt As of December 31,2016,the Government had a total of$757 million in outstanding long-term debt. Of this amount, $562.1 million consists of revenue bonds backed by the revenues of the water and sewer system,waste management system and the Augusta Regional Airport and $28.9 million consists of general obligation bonds. A table of the Government's outstanding debt can be found below. The Government's Outstanding Debt General Obligation and Revenue Bonds Governm ental Businesss-type Activities Activities Total 2016 2015 2016 2015 2016 2015 GO bonds $ 28,878,951 $ - $ - $ - $ 28,878,951 $ - Revenue bonds 59,179,526 60,640,632 502,945,438 516,020,255 562,124,964 576,660,887 Other debt 115,756,089 112,805,633 50,236,796 53,337,673 165,992,885 166,143,306 Total debt $ 203,814,566 $ 173,446,265 $ 553,182,234 $ 569,357,928 $ 756,996,800 $ 742,804,193 14 MANAGEMENT'S DISCUSSION AND ANALYSIS Long-Term Debt (Continued) Comparative debt 700,000,000 600,000,000 500,000,000 400,000,000 ■2016 300,000,000 ■2015 200,000,000 100,000,000 GO bonds Revenue bonds Other debt The Government's bond rating of AA2 by Moody's Investor Service was confirmed in September 2016. Augusta's bond ratings are clear indications of the sound financial condition of the Government. The high ratings are a primary factor in keeping interest costs low on the Government's outstanding debt. The State of Georgia limits the amount of general obligation debt that a unit of government can issue to 10% of the total assessed value of taxable property located within that government's boundaries. The legal debt margin for the Government is$571 million based on the 2016 County-wide bond digest of$5.71 billion. Additional information regarding the Government's long-term debt can be found in Note 7 of the notes to the financial statements of this report. Economic Factors and Next Year's Budget and Rates The following key economic indicators reflect the continued stability of the Government: • The U.S.Army moved the Army Cyber Command headquarters to Fort Gordon as the new home of the Cyber Center of Excellence. • Huntsman Pigment has completed construction of a$199 million facility, production will commence in 2017. • The Georgia Cyber Innovations and Training Center, a $60 million facility with 168,000 square feet of office space funded by the State of Georgia with a$12 million, 575 space parking deck funded by Augusta,Georgia broke ground in June 2017. The center is expected to have a significant economic impact in the region. An Augusta University study expects current area employers to add over 800 potions, increasing their cybersecurity workforce by 138 percent. The Center and Parking Deck will open in July 2018. 15 MANAGEMENT'S DISCUSSION AND ANALYSIS Economic Factors and Next Year's Budget and Rates (Continued) • Textron Specialized Vehicles announced plans to expand their campus by 235 acres, adding more that 600,000 square feet and hiring up to 400 people. • Several companies have relocated or expanded in the Government in support of the Army Cyber Command relocation: • Unisys relocated to downtown Augusta with an anticipated work for of 700 • ADP is expanding its campus by 60,000 square feet and adding 450 employees • The Government has received the following national and state rankings: • CNBC: Best City for a starter home • U.S. News&World Report: One of the best places to retire. • Digital Journal: Ranked fourth in the top places to live in the US. • Association of County Commissioners of Georgia—County of Excellence award • The Government has an unemployment rate of 6.7%, higher than the state average of 5.5%. Budget Highlights for the Fiscal Year Ending December 31, 2016 Each year, the Government overall goal is to provide essential services to our citizens as cost effectively and professionally as possible. Available resources must be allocated in a manner that balances the basic needs of our citizens for public safety and infrastructure with those associated that provide an enhanced quality of life, such as recreation and cultural arts. The Augusta Commission works diligently to plan for the future while ensuring current programs and services are working as smoothly as possible. We continually seek to improve. Governmental Activities: The Ad Valorem Taxes are projected to increase slightly above the 2015 level. Other taxes are expected to remain stable. The FY 2016 budget for the general fund is expected to be slightly above the 2015 level,primarily due to increases to salaries for public safety personnel. Costs associated with the operating deficit of the transit fund are borne by the General Fund.The Government has not yet identified a continuing dedicated source of revenue to sustain that system's operations. The general economic climate for the city government of 2016 is expected to be stable. Business—type Activities: Overall Water and Sewer revenue is projected to increase by 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, 535 Telfair Street, Suite 800,Augusta,Georgia 30901. Questions concerning any of the 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, 936 Broad Street, Suite 107,Augusta, Georgia 30901. 16 BASIC FINANCIAL STATEMENTS AUGUSTA,GEORGIA STATEMENT OF NET POSITION DECEMBER 31,2016 Primary Government Business- Governmental Type Activities Activities Total ASSETS Cash and cash equivalents $ 148,501,008 $ 59,239,480 $ 207,740,488 Investments 55,262,267 913,363 56,175,630 Taxes receivable 7,505,849 - 7,505,849 Accounts receivable,net of allowances 20,155,736 31,182,126 51,337,862 Interest receivable 6,240 17,854 24,094 Notes receivable 2,891,569 - 2,891,569 Due from other governments 3,911,397 527,580 4,438,977 Due from component units 56,613 - 56,613 Internal balances 4,089,065 (4,089,065) - Inventories 80,627 2,585,377 2,666,004 Prepaid expenses 858,623 21,402 880,025 Restricted assets,cash and cash equivalents 33,278,011 104,209,671 137,487,682 Restricted assets,investments - 766,658 766,658 Noncurrent-prepaid items - 11,142,644 11,142,644 Other assets 4,334,542 - 4,334,542 Capital assets Nondepreciable 283,567,725 54,403,171 337,970,896 Depreciable,net of accumulated depreciation 379,669,746 636,042,499 1,015,712,245 Total assets 944,169,018 896,962,760 1,841,131,778 DEFERRED OUTFLOWS OF RESOURCES Pension 12,100,998 2,408,371 14,509,369 Deferred charge on refunding - 3,507,369 3,507,369 Total deferred outflows of resources 12,100,998 5,915,740 18,016,738 LIABILITIES Accounts and retainage payable 10,774,217 8,434,585 19,208,802 Accrued liabilities 9,637,594 6,116,644 15,754,238 Unearned revenue 2,269,844 - 2,269,844 Due to other govemments - - - Due to primary government - - - Claims payable 6,350,513 - 6,350,513 Payable from restricted assets-current maturities of long-term debt - 12,355,000 12,355,000 Other postemployment benefit obligation due in more than one year 46,530,209 - 46,530,209 Note payable due within one year - 3,486,993 3,486,993 Note payable due in more than one year - 14,060,069 14,060,069 Capital leases due within one year - 1,342,423 1,342,423 Capital leases due in more than one year - 1,010,626 1,010,626 Bonds payable due within one year 1,275,000 - 1,275,000 Bonds payable due in more than one year 86,783,477 490,590,438 577,373,915 Compensated absences due within one year 5,599,553 1,257,106 6,856,659 Compensated absences due in more than one year - - - Net pension liability due in more than one year 40,387,814 8,038,080 48,425,894 Landfill postclosure care costs due in more than one year - 21,041,499 21,041,499 Certificates of participation due in more than one year 16,888,000 - 16,888,000 Total liabilities 226,496,221 567,733,463 794,229,684 DEFERRED INFLOWS OF RESOURCES Deferred charge on refunding - 4,419,191 4,419,191 Pension 1,398,249 278,282 1,676,531 Deferred revenue-effective hedge 4,334,542 - 4,334,542 Deferred inflows relating to capital projects - - - Total deferred inflows of resources 5,732,791 4,697,473 10,430,264 NET POSITION Net investment in capital assets 557,318,725 183,134,044 740,452,769 Restricted for. Judicial 1,088,001 - 1,088,001 Perpetual care Expendable 334,017 - 334,017 Nonexpendable 526,110 - 526,110 Public safety 21,119,538 - 21,119,538 Public works 8,246,484 8,246,484 Culture and recreation 13,166 - 13,166 Housing and development 2,182,281 - 2,182,281 Capital outlay 126,080,464 74,424,084 200,504,548 Debt service 28,824,599 18,505,882 47,330,481 Other purposes - - - Unrestricted (21,692,381) 54,383,554 32,691,173 Total net position $ 724,041,004 $ 330,447,564 $ 1,054,488,568 The accompanying notes are an integral part of these financial statements. 17 Component Units Augusta- Richmond County Augusta Downtown Richmond County Department of Canal Development Coliseum Health Authority Authority Authority $ 4,998,993 $ 435,083 $ 10,169 $ 4,914,778 - - - 108,182 33,443 158,380 15,000 160,833 1,245,528 - - - - 38,411 - - - 25,810 - 323,641 768,650 233,019 - 1,947,997 1,706,247 - 1,674,426 6,421,948 15,719,882 836,680 7,927,758 14,647,909 18,852,463 1,094,868 15,109,618 1,161,904 - - - 1,161,904 - - - 576,112 39,957 3,364 1,614,097 4,780 34,997 36,881 - - 217,828 - - 803,686 - - - - 56,613 - - 61,915 - - - 6,116 - - - 300,680 50,596 - - 169,133 - - - 8,104,011 - - - 10,026,433 399,991 40,245 1,614,097 856,360 - - - - - 231,223 - 856,360 - 231,223 - 8,301,914 17,426,129 836,680 9,602,184 - 768,650 - 38,704 3,046,839 - 16,796 - (6,421,733) 257,693 (30,076) 3,854,633 $ 4,927,020 $ 18,452,472 $ 823,400 $ 13,495,521 18 AUGUSTA,GEORGIA STATEMENT OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31,2016 Program Revenues Operating Capital Charges for Grants and Grants and Governmental Functions/Programs Expenses Services Contributions Contributions Activities Primary government: Governmental activities: General government $ 36,221,517 $ 15,533,080 $ 4,187,753 $ 359,229 $ (16,141,455) Judicial 20,818,733 3,288,556 476,964 - (17,053,213) Public safety 92,071,561 12,640,313 658,449 1,322,980 (77,449,819) Public works 12,391,998 2,500,347 2,066,252 1,332,372 (6,493,027) Health and welfare 7,653,264 756,526 339,719 - (6,557,019) Culture and recreation 13,619,543 2,862,414 15,381 - (10,741,748) Housing and development 14,427,031 4,444,022 3,762,126 - (6,220,883) Interest on long-term debt 2,674,676 - - - (2,674,676) Total governmental activities 199,878,323 42,025,258 11,506,644 3,014,581 (143,331,840) Business-type activities: Water and sewer system 99,080,160 91,967,807 - - - Augusta Regional Airport 14,627,150 14,046,296 - 2,750,132 - Garbage collection 19,643,236 19,448,658 - - - Waste management 11,051,624 14,868,570 - - - Transit 6,326,833 1,898,118 - 2,973,372 - Daniel Field Airport 328,160 119,147 - 89,279 - Stormwater utility 9,317,090 13,663,554 - - - Total business-type activities 160,374,253 156,012,150 - 5,812,783 - Total primary government $ 360,252,576 $ 198,037,408 $ 11,506,644 $ 8,827,364 $ (143,331,840) Component units: Richmond County Department of Health $ 14,392,405 $ 4,180,010 $ 11,403,820 $ - $ - Augusta Canal Authority 2,562,221 1,002,109 332,648 1,030,933 - Downtown Development Authority 318,602 24,000 176,818 33,523 - Augusta-Richmond County Coliseum Authority 6,873,543 5,374,215 - - Total component units $ 24,146,771 $ 10,580,334 $ 11,913,286 $ 1,064,456 - General revenues: Property taxes 72,649,913 Franchise taxes 24,481,414 Sales taxes 91,066,216 Insurance premium taxes 12,223,371 Other 11,070,208 Unrestricted investment earnings 904,567 Gain on sale of capital assets - Transfers (9,847,357) Total general revenues and transfers 202,548,332 Change in net position 59,216,492 Net position,beginning of year 664,824,512 Net position,end of year $ 724,041,004 The accompanying notes are an integral part of these financial statements 19 Net(Expense)Revenue and Changes in Net Position Augusta- Richmond County Augusta Downtown Richmond County Business-Type Department of Canal Development Coliseum Activities Total Health Authority Authority Authority $ - $ (16,141,455) $ - $ - $ - $ - (17,053,213) - - - - (77,449,819) - - - -- - (6,493,027) - - - - (6,557,019) - - - - (10,741,748) - - - - (6,220,883) - - - - (2,674,676) - - - - (143,331,840) - - - - (7,112,353) (7,112,353) - - - - 2,169,278 2,169,278 - - - - (194,578) (194,578) - - - - 3,816,946 3,816,946 - - - - (1,455,343) (1,455,343) - - - - (119,734) (119,734) - - - - 4,346,464 4,346,464 1,450,680 1,450,680 - - - - $ 1,450,680 $ (141,881,160) $ - $ - $ - $ - $ - $ - $ 1,191,425 $ - $ - $ - (196,531) - - - - - - (84,261) - - - - - - (1,499,328) - - 1,191,425 (196,531) (84,261) (1,499,328) 72,649,913 - - - - 24,481,414 - - - - 91,066,216 - - - - 12,223,371 - - - - - 11,070,208 - - - 1,460,320 237,285 1,141,852 1,263 1,497 446 6,347 33,882 33,882 - 23,909 - 6,086 9,847,357 - - - - - 10,118,524 212,666,856 1,263 25,406 446 1,472,753 11,569,204 70,785,696 1,192,688 (171,125) (83,815) (26,575) 318,878,360 983,702,872 3,734,332 18,623,597 907,215 13,522,096 $ 330,447,564 $ 1,054,488,568 $ 4,927,020 $ 18,452,472 $ 823,400 $ 13,495,521 20 AUGUSTA,GEORGIA BALANCE SHEET GOVERNMENTAL FUNDS DECEMBER 31,2016 Nonmajor Total Special Sales Special Sales Fire Governmental Governmental General Tax Phase VI Tax Phase 7 Protection Funds Funds ASSETS Cash and cash equivalents $ 11,482,913 $ 61,633,174 $ 10,630,690 $ 122,046 $ 59,448,508 $ 143,317,331 Investments - - - 17,142,391 24,295,991 41,438,382 Taxes receivable 4,289,168 - - 640,170 2,576,511 7,505,849 Accounts receivable 3,940,089 - 3,519,962 - 12,695,685 20,155,736 Interest receivable - - - - 6,240 6,240 Notes receivable - - - - 2,891,569 2,891,569 Due from other governments 2,891,690 - - - 1,019,707 3,911,397 Due from other funds 14,788,243 - - - - 14,788,243 Due from component units 56,613 - - - - 56,613 Prepaid expenditures 740,140 - - - 118,483 858,623 Inventory 80,627 - - - - 80,627 Restricted cash - 1,050 - - 33,276,961 33,278,011 Advance to other funds 4,456,908 - - - - 4,456,908 Total assets $ 42,126,391 $ 61,634,224 $ 14,1bU,652 $ 1/,904,60/ $ 136,329,655 $ 2/2,745,529 LIABILITIES,DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES LIABILITIES Accounts payable $ 3,896,799 $ 699,995 $ 42,893 $ 887,634 $ 3,891,662 $ 9,418,983 Accrued liabilities 5,071,362 28,573 129,466 781,396 228,167 6,238,964 Unearned revenue 1,217,693 - - - 956,338 2,174,031 Due to other funds 22,656 - - - 18,325,102 18,347,758 Total liabilities 10,208,510 728,568 172,359 1,669,030 23,401,269 36,179,736 DEFERRED INFLOWS OF RESOURCES Unavailable revenue- intergovernmental - - - - 5,147,951 5,147,951 Unavailable revenue- notes receivable - - - - 2,856,107 2,856,107 Unavailable revenue- property taxes 2,090,609 - - 333,266 791,008 3,214,883 Total deferred inflows of resources 2,090,609 - - 333,266 8,795,066 11,218,941 FUND BALANCES Nonspendable: Prepaid expenditures 740,140 - - - 118,483 858,623 Inventory 80,627 - - - - 80,627 Long-term notes receivable - - - - 35,462 35,462 Advances to other funds 4,456,908 - - - - 4,456,908 Restricted for: Judicial - - - - 1,088,001 1,088,001 Perpetual care Expendable - - - - 334,017 334,017 Nonexpendable - - - - 526,110 526,110 Public safety - - - 15,902,311 5,217,227 21,119,538 Public works - - - - 8,246,484 8,246,484 Culture and recreation - - - - 13,166 13,166 Housing and development - - - - 2,182,281 2,182,281 Capital outlay - 60,905,656 13,978,293 - 51,196,515 126,080,464 Debt service - - - - 28,824,599 28,824,599 Committed to: Public works - - - - 2,652,177 2,652,177 Public works-stormwater - - - - 134,764 134,764 Housing and development - - - - 4,658,845 4,658,845 Capital outlay - - - - 8,756,566 8,756,566 Assigned to: Risk management 3,400,000 - - - - 3,400,000 Unassigned 21,749,597 - - - (9,851,377) 11,898,220 Total fund balances 30,427,272 60,905,656 13,978,293 15,902,311 104,133,320 225,346,852 Total liabilities,deferred inflows of resources,and fund balances $ 42,726,391 $ 61,634,224 $ 14,150,652 $ 17,904,607 $ 136,329,655 $ 272,745,529 The accompanying notes are an integral part of these financial statements. 21 AUGUSTA,GEORGIA RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET POSITION DECEMBER 31,2016 Amounts reported for governmental activities in the statement of net position are different because: Total fund balances-governmental funds $ 225,346,852 Capital assets used in governmental activities are not financial resources and,therefore,are not reported in the funds. 663,233,051 Revenues in the statement of activities that do not provide current financial resources are reported as unavailable revenues in the funds. 11,218,941 Net other post employment benefit obligation is not a financial liability in governmental fund activities and is therefore not reported in governmental funds. (46,530,209) Net pension liability included in governmental activities is not a financial liability and,therefore,is not reported in governmental funds. (29,685,065) Certain long-term liabilities are not due and payable in the current period and are therefore not reported in the funds. (100,758,422) Internal service funds are used by management to charge the cost of fleet management,insurance,and participation in the Georgia Municipal Association Certificates of Participation program to individual funds. The assets and liabilities of the internal service funds are included in governmental activities in the statement of net position. 1215,856 Net position of governmental activities $ 724,041,004 The accompanying notes are an integral part of these financial statements. 22 AUGUSTA,GEORGIA STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE YEAR ENDED DECEMBER 31,2016 Nonmajor Total Special Sales Special Sales Fire Governmental Governmental General Tax Phase VI Tax Phase 7 Protection Funds Funds Revenues Property taxes $ 52,253,395 $ - $ - $ 8,092,149 $ 9,476,269 $ 69,821,813 Franchise taxes 24,481,414 - - - - 24,481,414 Sales taxes 29,330,350 8,499,382 27,198,969 - 26,037,515 91,066,216 Insurance premium taxes - - - 12,223,371 - 12,223,371 Other taxes 4,575,814 - - 610,170 5,884,224 11,070,208 Licenses and permits 1,626,614 - - - 4,849,180 6,475,794 Intergovernmental 7,018,636 - - - 7,096,663 14,115,299 Charges for services 20,276,802 - - 178,152 7,431,617 27,886,571 Fines and forfeitures 5,012,033 - - - 950,881 5,962,914 Interest revenue 436,552 181,556 11,303 36,334 320,148 985,893 Other revenues 1,232,798 21,405 - 1,500 451,056 1,706,759 Total revenues 146,244,408 8,702,343 27,210,272 21,141,676 62,497,553 265,796,252 Expenditures Current: General government 37,901,455 - - - 2,363,149 40,264,604 Judicial 19,424,233 - - - 764,199 20,188,432 Public safety 60,285,013 - - 25,760,746 4,120,317 90,166,076 Public works 4,560,057 - - - 27,167,136 31,727,193 Health and welfare 2,366,803 - - - - 2,366,803 Culture and recreation 13,459,396 - - - 1,445,034 14,904,430 Housing and development 1,478,483 - - - 13,212,944 14,691,427 Intergovernmental payments - - 4,200,000 - - 4,200,000 Capital outlay - 9,822,065 3,553,613 - 6,972,827 20,348,505 Debt service: Principal - - - - 1,245,000 1,245,000 Interest - - - - 1,991,802 1,991,802 Fiscal agent fees - - - - 3,616 3,616 1 Bond issuance cost - - - - 366,193 366,193 Total expenditures 139,475,440 9,822,065 7,753,613 25,760,746 59,652,217 242,464,081 Excess(deficiency)of revenues over(under) expenditures 6,768,968 (1,119,722) 19,456,659 (4,619,070) 2,845,336 23,332,171 Other financing sources(uses): Issuance of debt - - - - 26,115,000 26,115,000 Premium on bonds issued - - - - 2,763,951 2,763,951 Proceeds from sale of assets 212,931 - - 1,461 5,922 220,314 Transfers in 2,326,810 658,658 - 6,256,866 9,669,093 18,911,427 Transfers out (5,895,118) - (5,478,366) - (17,385,300) (28,758,784) Total other financing sources(uses) (3,355,377) 658,658 (5,478,366) 6,258,327 21,168,666 19,251,908 Net change in fund balances 3,413,591 (461,064) 13,978,293 1,639,257 24,014,002 42,584,079 Fund balance,beginning of year 27,013,681 61,366,720 - 14,263,054 80,119,318 182,762,773 Fund balance,end of year $ 30,427,272 $ 60,905,656 $ 13,978,293 $ 15,902,311 $ 104,133,320 $ 225,346,852 The accompanying notes are an integral part of these financial statements. 23 AUGUSTA,GEORGIA RECONCILIATION OF THE STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31,2016 Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balances-total governmental funds. $ 42,584,079 Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which capital outlays exceeded depreciation in the current period. 37,660,861 The net effect of various miscellaneous transactions involving capital assets(i.e.,sales,trade-ins,and donations)is to decrease net position. (350,543) Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds. 2,828,100 The issuance of long-term debt provides current financial resources to governmental funds,while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however,has any effect on net position. Also,governmental funds report the effect of premiums,discounts,and similar items when debt is first issued,whereas these amounts are deferred and amortized in the statement of activities. This amount is the net effect of these differences in the treatment of long-term debt and related items. (27,417,845) Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore,are not reported as expenditures in governmental funds. 3,720,810 Internal service funds are used by management to charge the cost of fleet management,insurance,and participation in the Georgia Municipal Association Certificates of Participation program to individual funds. The net revenue of certain activities of internal service funds is reported with governmental activities. 191,030 Change in net position of governmental activities $ 59,216,492 The accompanying notes are an integral part of these financial statements. 24 AUGUSTA,GEORGIA GENERAL FUND STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES• BUDGET(GAAP BASIS)AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Variance Budgeted Amounts with Final 2015 Original Final Actual Budget Actual Revenues: Property taxes $ 51,488,010 $ 51,488,010 $ 52,253,395 $ 765,385 $ 52,104,322 Franchise taxes 25,238,380 25,238,380 24,481,414 (756,966) 24,880,891 Sales taxes 31,110,000 31,110,000 29,330,350 (1,779,650) 28,152,547 Other taxes 4,410,000 4,410,000 4,575,814 165,814 4,523,523 Licenses and permits 1,716,030 1,716,030 1,626,614 (89,416) 1,740,283 Intergovernmental 4,615,950 5,848,540 7,018,636 1,170,096 6,233,781 Charges for services 20,009,500 20,240,170 20,276,802 36,632 18,732,502 Fines and forfeitures 5,266,180 5,266,180 5,012,033 (254,147) 5,796,995 Interest and penalties 385,500 385,500 436,552 51,052 347,540 Other revenues 1,306,450 1,325,760 1,232,798 (92,962) 1,266,912 Total revenues 145,546,000 147,028,570 146,244,408 (784,162) 143,779,296 Expenditures: Current: General government 33,758,110 39,126,290 37,901,455 1,224,835 34,504,731 Judicial 20,820,600 20,063,430 19,424,233 639,197 19,642,181 Public safety 62,223,210 61,399,780 60,285,013 1,114,767 59,638,526 Public works 5,342,220 4,834,860 4,560,057 274,803 7,099,532 Health and welfare 2,400,100 2,537,890 2,366,803 171,087 2,341,192 Culture and recreation 13,993,150 13,975,410 13,459,396 516,014 13,493,941 Housing and development 1,641,670 1,629,970 1,478,483 151,487 1,519,054 Total expenditures 140,179,060 143,567,630 139,475,440 4,092,190 138,239,157 Excess of revenues over expenditures 5,366,940 3,460,940 6,768,968 3,308,028 5,540,139 Other financing uses: Proceeds from the sale of assets 220,000 220,000 212,931 (7,069) 190,823 Transfers in 2,271,240 2,262,240 2,326,810 64,570 2,319,076 Transfers out (6,733,180) (6,733,180) (5,895,118) 838,062 (5,374,165) Total other financing usues (4,241,940) (4,250,940) (3,355,377) 895,563 (2,864,266) Net change in fund balances 1,125,000 (790,000) 3,413,591 4,203,591 2,675,873 Fund balance,beginning of year 27,013,681 27,013,681 27,013,681 - 24,337,808 Fund balance,end of year $ 28,138,681 $ 26,223,681 $ 30,427,272 $ 4,203,591 $ 27,013,681 The accompanying notes are an integral part of these financial statements. 25 1 AUGUSTA,GEORGIA FIRE PROTECTION FUND STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES• BUDGET(GAAP BASIS)AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Variance Budgeted Amounts with Final 2015 Original Final Actual Budget Actual Revenues: Property taxes $ 7,785,470 $ 7,785,470 $ 8,092,149 $ 306,679 $ 7,922,764 Insurance premium taxes 11,849,000 11,849,000 12,223,371 374,371 11,284,618 Other taxes 610,170 610,170 610,170 - 542,720 Charges for services 175,510 176,260 178,152 1,892 159,343 Interest and penalties 25,000 25,000 36,334 11,334 25,880 Other revenues 2,500 2,500 1,500 (1,000) 6,509 Total revenues 20,447,650 20,448,400 21,141,676 693,276 19,941,834 Expenditures: Current: Public safety 26,226,150 26,747,340 25,760,746 986,594 25,789,246 Total expenditures 26,226,150 26,747,340 25,760,746 986,594 25,789,246 Deficiency of revenues under expenditures (5,778,500) (6,298,940) (4,619,070) 1,679,870 (5,847,412) Other financing sources: Proceeds from the sale of assets - - 1,461 1,461 9,014 Transfers in 5,778,500 6,257,000 6,256,866 (134) 5,778,500 Total other financing sources 5,778,500 6,257,000 6,258,327 1,327 5,787,514 Net change in fund balances - (41,940) 1,639,257 1,681,197 (59,898) Fund balance,beginning of year 14,263,054 14,263,054 14,263,054 - 14,322,952 Fund balance,end of year $ 14,263,054 $ 14,221,114 $ 15,902,311 $ 1,681,197 $ 14,263,054 The accompanying notes are an integral part of these financial statements. 26 AUGUSTA,GEORGIA STATEMENT OF NET POSITION PROPRIETARY FUNDS DECEMBER 31,2016 Water and Augusta Nonmajor Internal Sewer Regional Garbage Enterprise Service System Airport Collection Stormwater Funds Total Funds ASSETS CURRENT ASSETS Cash and cash equivalents $ 11,040,710 $ 8,167,113 $ 12,721,814 $ 3,123,061 $ 24,186,782 $ 59,239,480 $ 5,183,677 Investments - 584,354 - - 329,009 913,363 13,823,885 Accounts receivable,net of allowance 21,815,273 944,233 3,731,948 1,492,279 3,198,393 31,182,126 - Interest receivable - 17,714 - - 140 17,854 - Due from other funds - 22,656 33,784 - 17,674,655 17,731,095 1,337,580 Due from other govemments - 527,580 - - - 527,580 - Prepaid expenses - - - - 21,402 21,402 - Inventory 2,333,761 149,368 - - 102,248 2,585,377 - Restricted cash 85,403,207 14,739,799 - - 4,066,665 104,209,671 - Restricted investments - 766,658 - - - 766,658 - Total current assets 120,592,951 25,919,475 16,487,546 4,615,340 49,579,294 217,194,606 20,345,142 NONCURRENT ASSETS Prepaid bond insurance 1,487,137 - - - - 1,487,137 - Prepaid bond Interest 9,655,507 - - - - 9,655,507 - Advance to other funds - - - - - - 1,327,482 Other assets - - - - - - 4,334,542 Capital assets: Nondepreciable 42,164,169 7,738,345 294,342 663,617 3,542,698 54,403,171 - Depreciable,net of accumulated depreciation 529,795,756 61,761,608 5,348,491 - 39,136,644 636,042,499 4,420 Total noncurrent assets _ 583,102,569 69,499,953 5,642,833663,617 42,679,342 701,588,314 5,666,444 Total assets 703,695,520 95,419,428 22,130,379 5,278,957 92,258,636 918,782,920 26,011,586 DEFERRED OUTFLOWS OF RESOURCES Pension 1,391,088 534,705 81,848 221,807 178,923 2,408,371 - Deferred charges on refunding 3,507,369 - - - - 3,507,369 - Total deferred outflows of resources 4,898,457 534,705 81,848 221,807 178,923 5,915,740 - LIABILITIES CURRENT LIABILITIES Payable from current assets: Accounts and retainage payable 4,056,622 802,175 1,529,529 516,468 1,529,791 8,434,585 1,355,234 Unearned revenue - - - - - 95,813 Accrued expenses 5,762,300 200,529 33,383 54,612 65,820 6,116,644 2,648,751 Accrued interest - - - - - - Due to primary government - - - - - - Due toother funds 13,466,856 1,633,159 - - 409,145 15,509,160 - Capital lease payable-current portion 1,153,659 - - - 188,764 1,342,423 - Notes payable-current portion 3,486,993 - - - - 3,486,993 - Compensated absences-current portion 761,280 306,827 34,194 69,076 85,729 1,257,106 - 28,687,710 2,942,690 1,597,106 640,156 2,279,249 36,146,911 4,099,798 Payable from restricted assets: Bonds payable-current portion 11,410,000 350,000 - - 595,000 12,355,000 - 11,410,000 350,000 - - 595,000 12,355,000 - Total current liabilities 40,097,710 3,292,690 1,597,106 640,156 2,874,249 48,501,911 4,099,798 NONCURRENT LIABILITIES Advance from other funds 410,235 618,696 - - 4,755,459 5,784,390 - Capital lease payable-long term portion 752,028 - - - 258,598 1,010,626 - Notes payable-long term portion 14,060,069 - - - - 14,060,069 - Bonds payable-long term portion 472,198,041 11,095,943 - - 7,296,454 490,590,438 - Net pension liability 4,642,836 1,784,609 273,173 740,295 597,167 8,038,080 - Landfill postclosure care costs-long term portion - - - - 21,041.499 21.041,499 - Certificates of participation - - - - - - 16,888,000 Total long term liabilities 492,063,209 13,499,248 273,173 740,295 33,949,177 540,525,102 16,888,000 Total liabilities 532,160,919 16,791,938 1,870,279 1,380,451 36,823,426 589,027,013 20,987,798 DEFERRED INFLOWS OF RESOURCES Deferred charge on refunding 4,419,191 - - - - 4,419,191 - Pension 160,738 61,784 9,457 25,629 20,674 278,282 - Deferred revenue-effective hedge - - - - - - 4,334,542 Total deferred outflows of resources 4,579,929 61,784 9,457 25,629 20,674 4,697,473 4,334,542 NET POSITION Net investment in capital assets 84,452,867 58,034,201 5,642,833 663,617 34,340,526 183,134,044 4,420 Restricted for capital outlay 60,237,585 14,186,499 - - - 74,424,084 - Restricted for debt service 13,119,259 1,319,958 - - 4,066,665 18,505,882 - Unrestricted 14,043,418 5,559,753 14,689,658 3,431,067 17,186,268 54,910,164 684,826 Total net position $ 1/1,863,129 $ 79,100,411 $ 20,332,491 $ 4,094,684 $ 55,593,459 330,974,1/4 $ 689,246 Adjustment to reflect consolidation of internal service fund activities related to enterprise funds (526,610) Net position of business type activities $ 330,447,564 The accompanying notes are an Integral part of these financial statements. 27 AUGUSTA,GEORGIA STATEMENT OF REVENUES,EXPENSES AND CHANGES IN FUND NET POSITION PROPRIETARY FUNDS FOR THE YEAR ENDED DECEMBER 31,2016 Water and Augusta Nonmajor Internal Sewer Regional Garbage Enterprise Service System Airport Collection Stormwater Funds Total Funds OPERATING REVENUES Charges for services $ 91,054,955 $ 14,020,122 $ 19,373,658 13,663,554 $ 15,190,712 $ 153,303,001 $ 42,679,547 Miscellaneous 912,852 26,174 75,000 - 1,695,123 2,709,149 18,461 Total operating revenues 91,967,807 14,046,296 19,448,658 13,663,554 16,885,835 156,012,150 42,698,008 OPERATING EXPENSES Personnel costs 16,197,196 5,268,526 957,659 3,043,569 1,866,394 27,333,344 498,806 Cost of sales and service 8,569,950 2,842,501 16,255,263 3,585,163 6,104,207 37,357,084 4,877,971 Supplies 15,968,197 2,511,242 476,704 164,381 4,386,562 23,507,086 1,939,012 Claims and damages - - - - - - 4,603,007 Administration 9,278,381 356,830 1,512,425 2,422,419 1,449,053 15,019,108 30,672,813 Depreciation expense 28,964,019 3,145,824 441,046 - 3,562,423 36,113,312 545 Miscellaneous - - 104,660 - 104,660 - Total operating expenses 78,977,743 14,124,923 19,643,097 9,320,192 17,368,639 139,434,594 42,592,154 Operating income(loss) 12,990,064 (78,627) (194,439) 4,343,362 (482,804) 16,577,556 105,854 NONOPERATING REVENUES(EXPENSES) Bond issuance expense (376,378) - - - - (376,378) Gain on disposal of assets 33,882 - - - - 33,882 (305,261) Interest expense (19,735,315) (502,171) - - (337,634) (20,575,120) (220,805) Interest income 40,194 30,885 30,009 1,322 134,875 237,285 317,820 Total nonoperating revenues(expenses) (20,037,617) (471,286) 30,009 1,322 (202,759) (20,680,331) (208,246) Income(loss)before contributions and transfers (7,047,553) (549,913) (164,430) 4,344,684 (685,563) (4,102,775) (102,392) CAPITAL CONTRIBUTIONS - 2,750,132 - - 3,062,651 5,812,783 - TRANSFERS Transfers in 5,000,000 - 1,408,860 - 3,688,497 10,097,357 - Transfers out - - - (250,000) - (250,000) - Total transfers 5,000,000 - 1,408,860 (250,000) 3,688,497 9,847,357 - Change in net position (2,047,553) 2,200,219 1,244,430 4,094,684 6,065,585 11,557,365 (102,392) NET POSITION,beginning of year 173,900,682 76,900,192 19,088,061 - 49,527,874 791,638 NET POSITION,end of year $ 171,853,129 $ 79,100,411 $ 20,332,491 $ 4,094,684 $ 55,593,459 $ 689,246 Adjustment to reflect consolidation of internal service fund activities related to enterprise funds 11,839 Change in net position of business type activities $ 11,569,204 The accompanying notes are an integral part of these financial statements. 28 AUGUSTA,GEORGIA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED DECEMBER 31,2016 Water and Augusta Nonmajor Internal Sewer Regional Garbage Enterprise Service System Airport Collection Stormwater Funds Total Funds CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users $ 87,902,273 $ 14,855,789 $ 19,352,740 $ 12,171,275 $ 6,671,740 $ 140,953,817 $ 43,085,083 Payments to suppliers (32,290,410) (5,405,664) (18,281,091) (8,749,112) (12,251,530) (76,977,807) (41,520,036) Payments to employees (16,610,757) (5,441,318) (934,877) 613,193 (1,936,927) (24,310,686) (501,663) Net cash provided by(used in) operating activities 39,001,106 4,008,807 136,772 4,035,356 (7,516,717) 39,665,324 1,063,384 CASH FLOWS FROM NONCAPITAL AND RELATED FINANCING ACTIVITIES Transfers in - - 1,408,860 - 3,688,497 5,097,357 - Transfers out 5,000,000 - - (250,000) - 4,750,000 - Net cash provided by(used in)noncapital and related financing activities 5,000,000 - 1,408,860 (250,000) 3,688,497 9,847,357 - CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisitions of capital assets (22,824,404) (1,096,704) (1,176,344) (663,617) (2,704,247) (28,465,316) - Proceeds from sale of capital assets 1,927,157 - - - - 1,927.157 - Proceeds from issuance of capital leases 119,347 - - - - 119,347 - Principal payments on capital leases (976,354) - - - (199,609) (1,175,963) - Principal payments on notes payable (3,518,783) - - - - (3,518,783) - Principal payments on bonds payable (10,900,000) - - - (575,000) (11,475,000) - Payments of bond issuance cost - (27,882) - - - (27.882) - Capital grants received - 2,750,132 - - 3,062,651 5,812,783 - Interest paid (20,829,339) (502,171) - - (355,936) (21,687,446) (220,805) Net cash provided by(used in)capital and related financing activities (57,002,376) 1,123,375 (1,176,344) (663,617) (772,141) (58,491,103) (220,805) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments - - - - (3,102) (3,102) - Proceeds from sale of investments - 2,121,653 - - - 2,121,653 (420,666) Interest received 40,194 28,853 30,009 1,322 134,900 235,278 317,820 Net cash provided by investing activities 40,194 2,150,506 30,009 1,322 131,798 2,353,829 (102,846) Change in cash and cash equivalents (12,961,076) 7,282,688 399,297 3,123,061 (4,468,563) (6,624,593) 739,733 Cash and cash equivalents: Beginning of year 109,404,993 15,624,224 12,322,517 - 32,722,010 170,073,744 4,443,944 End of year $ 96,443,917 $ 22,906,912 $ 12,721,814 $ 3,123,061 $ 28253,447 $ 163,449,151 $ 5,183,677 Classified as: Cash and cash equivalents $ 11,040,710 $ 8,167,113 $ 12,721,814 $ 3,123,061 $ 24,186,782 $ 59,239,480 $ 5,183,677 Restricted cash 85,403,207 14,739,799 - - 4,066,665 104,209,671 - $ 96,443,917 $ 22,906,912 $ 12,721,814 $ 3,123,061 $ 28,253,447 $ 163,449,151 $ 5,183,677 (Continued) 29 AUGUSTA,GEORGIA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED DECEMBER 31,2016 Water and Augusta Nonmajor Internal Sewer Regional Garbage Enterprise Service System Airport Collection Stormwater Funds Total Funds Reconciliation of operating Income(loss)to net cash provided by(used in)operating activities: Operating income(loss) $ 12,990,064 $ (78,627) $ (194,439) $ 4,343,362 $ (482,804) $ 16,577,556 $ 105,854 Adjustments to reconcile operating income(loss)to net cash provided by(used in)operating activities Depreciation 28,964,019 3,145,824 441,046 - 3,562,423 36,113,312 545 Change in assets and liabilities: (Increase)decrease in accounts receivable (2,273,804) 932,406 48,540 (1,492,279) (1509,764) (4,294,901) - (Increase)decrease in due from other funds - - (7,750) - (8,340,031) (8,347,781) 337,805 Decrease in advance from other funds - - - - - - 49,270 Increase in due from other governments - (266,970) - - - (266,970) - Decrease in prepaid expenses 295,742 - - - - 295,742 - (Increase)decrease in inventory 104,491 (12,570) - - 8,752 100,673 - Decrease in other assets - - - - - - 829,787 Increase in deferred outflows of resources-pension (579,705) (213,213) (42,895) (221,807) (71,061) (1,128,681) Increase(decrease)in accounts payable 1,125,885 308,234 (43,545) 516,468 (93,003) 1,814,039 391,270 Increase(decrease)in accrued expenses (7,105) 9,245 6,846 54,612 6,338 69,936 82,827 Increase in unearned revenue - - - - 95,813 Increase(decrease)in due to other funds (1,967,888) 21,855 (136,708) - (16,670) (2,099,411) - Increase(decrease)in advance to other funds 176,158 122,202 - - (581,425) (283,065) - Increase(decrease)in deferred inflows of resources-pension (243,740) (98,481) (9,961) 25,629 (33,094) (359,647) Increase in net pension liability 371,716 92,275 68,122 740,295 29,381 1,301,789 Decrease in deferred revenue-effective hedge - - - - - - (829,787) Increase in compensated absences 45,273 46,627 7,516 69,076 4,241 172,733 - Net cash provided by(used in) operating activities $ 39,001,106 $ 4,008,807 $ 136,772 $ 4,035,356 $ (7,516,717) $ 39,665,324 $ 1,063,384 NONCASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Principal payments on notes payable $ 2,241,709 $ - $ - $ - $ - $ 2,241,709 $ - Interest paid 214,271 - - - - 214,271 - $ 2,455,980 $ - $ $ $ - $ 2,455,980 $ The accompanying notes are an integral part of these financial statements. 30 1 AUGUSTA,GEORGIA STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS DECEMBER 31,2016 Private-purpose Agency Pension Trust Fund Funds Trust Funds Joseph R.Lamar ASSETS Cash $ 10,206,193 $ 2,281,318 $ 2,045 Investments,at fair value: Government securities - 3,101,873 5,000 Common stock - 52,680,735 - Mortgage backed securities - 4,311,482 - Mutual funds - 7,566,917 Accounts receivable - 2,547,290 - Taxes receivable 15,844,496 - - Interest receivables - 31,815 - Total assets $ 26,050,689 $ 72,521,430 $ 7,045 LIABILITIES Accounts payable $ 10,206,193 $ 2,447 $ - Uncollected taxes 15,844,496 - - Total liabilities 26,050,689 2,447 - NET POSITION Restricted for pension benefits - 72,518,983 - Restricted for other purposes - - 7,045 $ - $ 72,518,983 $ 7,045 The accompanying notes are an integral part of these financial statements. 31 AUGUSTA,GEORGIA STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FIDUCIARY FUNDS FOR THE YEAR ENDED DECEMBER 31,2016 Private-purpose Pension Trust Fund Trust Funds Joseph R.Lamar ADDITIONS Contributions: Employer $ 4,674,068 $ - Employee 134,131 - Total contributions 4,808,210 - Investment earnings: Interest 2,754 4 Net increase in fair value of investments 4,688,878 Net investment earnings 4,691,632 4 Total additions 9,499,842 4 DEDUCTIONS Benefits 9,400,293 - Administrative expenses 497,812 - Total deductions 9,898,105 - Change in net position (398,263) 4 NET POSITION,BEGINNING OF YEAR 72,917,246 7,041 NET POSITION,END OF YEAR $ 72,518,983 $ 7,045 The accompanying notes are an integral part of these financial statements. 32 I THIS PAGE INTENTIONALLY LEFT BLANK AUGUSTA, GEORGIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2016 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Augusta, Georgia (the"Government") is located in the east central section of the state on the south bank of the Savannah River, which serves as the boundary between Georgia and South Carolina. The Government is on the fall line and has a landscape dotted with foothills which descend to the coastal plain. The Government is the head of the navigation on the Savannah River and is 135 miles east of Atlanta, 127 miles northwest of the port of Savannah, and 72 miles southwest of Columbia, South Carolina. The Government is the trade center for 13 counties in Georgia and five in South Carolina, a section known as the Central Savannah River Area. The Government was created by legislative act in the State of Georgia in 1995 from the unification of the two governments, the City of Augusta, Georgia and Richmond County, Georgia. On June 20, 1995, the citizens of Richmond County and the City of Augusta voted to consolidate into one government named Augusta, Georgia. The officials for the new government were elected and, based on the charter, took office on January 1, 1996. The unified government combined all functions and began financial operations January 1, 1996. The Government is governed by a full-time Mayor, with a term of four years, and a 10-member Commission, who serve on a part-time basis and are elected to staggered terms of four years. The Mayor and Commission appoint an Administrator who serves as a full-time administrative officer and is responsible for the daily operations of the Government. The financial statements have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The more significant of the Government's accounting policies are described below. A. Reporting Entity As required by generally accepted accounting principles, these financial statements present Augusta, Georgia and its component units. The component units discussed below are included in the Government's reporting entity because of the significance of their operational or financial relationship with the Government. Discretely Presented Component Units The Richmond County Department of Health (RCDH)was established pursuant to an act of the General Assembly of the State of Georgia in 1955. The RCDH is governed by a 12-member board consisting of one member of the Augusta-Richmond County Commission. The Government provides financial support to the RCDH and appoints a majority of the members. The RCDH has a June 30 year-end. Separate financial statements for the RCDH can be obtained from its administrative office at 950 Laney Walker Blvd.,Augusta, Georgia 30901. 33 NOTES TO FINANCIAL STATEMENTS NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) A. Reporting Entity (Continued) Discretely Presented Component Units(Continued) The Augusta Canal Authority(Canal Authority)was established pursuant to an act of the General Assembly of the State of Georgia in 1989. The Canal Authority is governed by a 12-member board. The Government provides financial support to the Canal Authority and appoints a majority of the members. Separate financial statements for the Canal Authority can be obtained from its administrative office at 1450 Greene Street, Suite 400, Augusta, Georgia 30903. The Downtown Development Authority (DDA) was established pursuant to the Downtown Development Authority Law (O.C.G.A. section 36-42-1, et seq. as amended with the power and authority to issue interest-bearing revenue bonds in accordance with the applicable provisions of the Revenue Bond Law of the State of Georgia O.C.G.A. Sections 38-82-60 through 38-82-85). The DDA is governed by a seven-member board consisting of one member of the Augusta- Richmond County Commission. The Government provides financial support to the DDA and appoints a majority of the members. Separate financial statements for the DDA can be obtained from its administrative office at 936 Broad Street, Suite 107,Augusta, Georgia 30901. The Augusta-Richmond County Coliseum Authority (Coliseum Authority) was established pursuant to an act of the General Assembly of the State of Georgia in 1973. The Coliseum Authority is governed by a seven-member board. The Government appoints a majority of the members and the Coliseum Authority is fiscally dependent on the Government. The Coliseum Authority has a June 30 year-end. Separate financial statements for the Coliseum Authority can be obtained from the Civic Center, 601 Seventh St.,Augusta, Georgia 30901. Blended Component Units The Urban Redevelopment Agency (URA) was established pursuant to a resolution adopted by the Augusta-Richmond County Commission April 1, 2010, activating the URA in accordance with the O.C.G.A. Chapter 61 Title 36; Section 36-61-17(b), "Urban Redevelopment Law". The URA is governed by a five-member board. The Government appoints a majority of the members and the URA is fiscally dependent on the Government and the URA's debt is expected to be repaid almost entirely from the resources of the Government. Separate financial statements for the URA are not prepared. The Augusta Port Authority (Port Authority) was established pursuant to an act of the General Assembly of the State of Georgia in 1959. The Port Authority provides services exclusively to the Government. The mission of the Port Authority is to manage the resources and assets of the Savannah River and adjacent riverfront, to encourage and promote riverfront development, recreation, and tourism in the City of Augusta by way of economic development activities, events and special programs. The Port Authority is governed by a 12-member board. The Government provides financial support to the Port Authority and appoints a majority of the members. Separate financial statements for the Port Authority are not prepared. 34 NOTES TO FINANCIAL STATEMENTS NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) A. Reporting Entity (Continued) Blended Component Units(Continued) Richmond County Public Facilities, Inc. is a non-profit organization, tax exempt under Internal Revenue Code Section 501(c)(3). The purpose of this organization is to construct and maintain buildings and equipment to be leased by the Government, the Department of Family and Children Services, and the Richmond County Board of Education. Richmond County Public Facilities, Inc. is part of the reporting entity of Augusta, Georgia, due to the services provided being exclusively to the Government. Richmond County Public Facilities, Inc. issued Certificates of Participation to provide funds for the Government to refund the 1990 Certificates of Participation issue and for certain capital projects. The related assets are included in the financial statements of the Government as part of governmental activities.The Certificates of Participation were retired during 2001. Separate financial statements for Richmond County Public Facilities, Inc. are not prepared. B. Government-wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government and its component units. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities,which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. 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 demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include: 1)charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment, and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead 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. 35 NOTES TO FINANCIAL STATEMENTS NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. Measurement Focus, Basis of Accounting and Basis of Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and the fiduciary fund financial statements, although the agency funds have no measurement focus. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of the related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due. Property taxes, sales taxes, franchise taxes, licenses, and investment income associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period, if available criteria are met. All other revenue items are considered to be measurable and available only when cash is received by the Government. The Government reports the following major governmental funds: The General Fund is the Government's primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund. The Special Sales Tax Phase VI Fund accounts for the receipts and disbursements of the one percent(1%)sales tax approved by the taxpayers on June 16,2009. Collections began January 1, 2011. The City of Augusta bonded $30.5 million in 2009 and $22 million in 2010 of the estimated $184.7 million SPLOST. The revenue sources are sales tax and earned interest and expenditures will be primarily for the following: $10 million dollars was returned to the general fund as a reimbursement for the one time use of general fund balance for the purchase and demolition of the Gilbert Manor Housing projects by the Medical College of Georgia for the expansion of MCG's dental school; $18 million for renovations to the municipal building; $17 million to replace emergency services vehicles; and $10.9 million to parks and recreation. Of the estimated $184.7 million, $124 million will go towards infrastructure and $60.7 million will go towards non infrastructure projects. 36 NOTES TO FINANCIAL STATEMENTS NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. Measurement Focus, Basis of Accounting and Basis of Presentation (Continued) The Special Sales Tax Phase 7 Fund accounts for the receipts and disbarments of the one percent (1%) sales tax approved by the taxpayers on November 3, 2015. Collection began April 1, 2016. Augusta bonded of $26,115,000 in 2016 of the estimated $215,550,000. The revenue sources are sales tax and earned interest and expenditures will be primarily for the following: $45.5 million for public safety, including $7.5 million for three new fire stations, $15 million for public safety vehicles and $ 15 million for a new radio system; $28 million for recreation and quality of life projects; $11 million for general government projects; $ 70.15 million for infrastructure and$52.5 million for government facilities. The Fire Protection Fund is used to account for the receipts and disbursements of tax revenues restricted for fire protection services in the unincorporated area only. The primary revenue source is ad valorem taxes, and the primary expenditures are for public safety. The Government reports the following major business-type funds: The Water and Sewer System Fund is used to account for the activity of providing water and sewer services to the residents of the Government. All activities necessary to provide such services are accounted for in this fund, including, but not limited to, operations, maintenance, financing and related debt service,and billing and collection. The Augusta Regional Airport Fund accounts for the operations of Augusta Regional Airport at Bush Field, the only airport within the County from which service from the major airlines is available. The Garbage Collection Fund is used to account for receipt and expenses related to the Government's garbage collection contract. The Stormwater Utility Fund is used to account for receipt and expenses related to the Stormwater Utility. 37 NOTES TO FINANCIAL STATEMENTS NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. Measurement Focus, Basis of Accounting and Basis of Presentation (Continued) Additionally,the Government reports the following fund types: The special revenue funds account for revenue sources that are legally restricted to expenditure for specific purposes. The capital project funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital assets. The debt service funds are used to account for the accumulation of resources that are restricted and assigned for the payment of principal and interest on long-term debt. The permanent fund accounts for the principal originally donated for the sale of perpetual care contracts at government-owned cemeteries after October 1, 1970. The principal must be maintained intact and invested. The agency funds are used to account for the collection and disbursement of monies by the Government on behalf of other governments and individuals, such as cash bonds, traffic fines, support payments and ad valorem and property taxes. The pension trust funds account for all activities of the Government's employees' pension plans. The private purpose trust fund 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 internal service funds account for all activities related to the Government's risk management, employee health benefits, workers compensation, unemployment, long term disability insurance, fleet operations, and GMA leases. 38 NOTES TO FINANCIAL STATEMENTS NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. Measurement Focus, Basis of Accounting and Basis of Presentation (Continued) 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. 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 enterprise funds are charges to customers for sales and services provided. Operating expenses for the 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. D. Cash and Cash Equivalents The Government maintains a cash and investment pool in which the General Fund and all funds share. Each fund's portion of the pool is displayed on its respective balance sheet as cash and cash equivalents and includes non-pooled cash and investments separately held. Funds which have an excess of outstanding checks over bank balance have had these balances reclassified as a due to the General Fund for purposes of financial statement presentation. Interest income is allocated to each fund monthly based on its average monthly balance. For the purposes of financial statement presentation, the Government considers all highly liquid investments (including funds held by the State Treasurer in the Georgia Fund 1 and restricted funds) purchased with an original maturity of three months or less, or with insignificant early withdrawal penalties, to be cash equivalents. The investment in the Georgia Fund 1 represents the Government's portion of a pooled investment account operated by the office of the State Treasurer. The pool consists of U.S. Treasury obligations, securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, banker's acceptances, overnight and term repurchase agreements with highly rated counterparties, and collateralized bank accounts. The investment in the Georgia Fund 1 is stated at fair value. Exceptions include the Government's pension plans which classify only cash as cash equivalents in order to appropriately report investment activity. Cash equivalents include amounts in certificates of deposit, repurchase agreements, and U.S. Treasury bills, and are stated at cost which approximates market. All deposits are stated at cost plus accrued interest,which reasonably estimates fair value. 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. Additionally, the Government does not consider investments maintained in the Georgia Extended Asset Pool (GEAP)to be cash equivalents due to the nature of the investments and their maturities. 39 NOTES TO FINANCIAL STATEMENTS NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) E. Investments Statutes authorize the Government to invest in U.S. Government obligations, U.S. Government agency obligations, State of Georgia obligations, and the Local Government Investment Pool of the State of Georgia (Georgia Fund 1). GEAP was created under the OCGA 36-83-8, but investments are restricted to those enumerated by OCGA 50-5A-7 and Chapter 17 of Title 50. GEAP is managed by the State of Georgia as a variable net asset value fund. GEAP is available to all public entities that have a minimum of$1,000,000 in funds available for investment for a period of one(1) year or longer.The value of an investment in GEAP will fluctuate over time, and it is possible to lose money by investing in the fund. The pool also adjusts the value of its investments to fair value as of year-end. Investments in this fund are not guaranteed or insured by any bank, the FDIC, the State of Georgia or any other government agency. Investments are reported at fair value. Short-term investments are reported at cost, which approximates fair value. Securities traded on a national or international exchange are valued at the last reported sales price at current exchange rates. Investments that do not have an established market are reported at estimated fair values. In accordance with Official Code of Georgia Annotated Public Retirement System Investment Authority Law, Public Retirement Systems may invest in: 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; 10) Secured and unsecured obligations issued by any solvent institution existing under the laws of the United States of America or of Canada, or any state or province thereof, bearing interest at a fixed rate, with mandatory principal and interest due at a specified time with additional limits; 11) Equipment trust obligations or interests in transportation equipment, wholly or in part within the United States of America, and the right to receive determinate portions or related income; 12) Loans that are secured by pledge or securities eligible for investment; 13) Purchase money mortgages or like securities received upon the sale or exchange of real property acquired; 14) Secured mortgages or mortgage participation, pass-through, conventional pass-through, trust certificate, or other similar securities with restrictions; 40 NOTES TO FINANCIAL STATEMENTS NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) E. Investments (Continued) 15) Land and buildings on such land used or acquired for use as a fund's office for the convenient transaction of its own business with restrictions; 16) Real property and equipment acquired under various circumstances. Investments in the pension trust funds are reported at fair value. Cash deposits are reported at carrying amount which reasonably estimates fair value. F. Short-Term Interfund Receivables/Payables Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the year are referred to as either "due to/from other funds" (i.e., the current portion of interfund loans) or "advances to/from other funds" (i.e., the non-current portion of interfund loans). All other outstanding balances between funds are reported as "due to/from other funds." Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as "internal balances." Advances between funds, as reported in the fund financial statements, are offset by a fund balance nonspendable account in applicable governmental funds to indicate that they are not available for appropriation and are not expendable available financial resources. G. Prepaid Items Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both governmental-wide and fund financial statements. Prepaid items are accounted for using the consumption method. H. Inventory Inventory in proprietary funds is valued at the lower of cost (first-in, first-out method) or market. Inventory in the General Fund, which is valued at cost (first-in, first-out method) consists of expendable supplies held for consumption. Inventories of governmental funds are recorded as expenditures when consumed rather than when purchased. I. Capital Assets Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges, sidewalks, and similar items), are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the Government as assets with an initial, individual cost of$5,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. 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. Donated capital assets are recorded at estimated fair market value at the date of donation. 41 NOTES TO FINANCIAL STATEMENTS NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) I. Capital Assets (Continued) The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend useful lives are expensed as incurred. Major outlays for capital assets and major improvements are capitalized as projects are constructed. Interest incurred during the construction period of capital assets is included as part of the capitalized value of the assets constructed. Interest in the amount of$505,638 was capitalized during the year ending December 31,2016. Depreciation is provided on the straight-line method over the following estimated useful lives: Primary Government Land and site improvements 30 years Vehicles 5 years Furniture and fixtures 7 years Machinery and equipment 10 years Buildings and improvements 30 years Water and Sewer systems 30-70 years Infrastructure 30 years J. Long-Term Obligations In the government-wide financial statements, and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund type statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are reported as expenses in the year the debt is issued. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued and premiums on the issue are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. 42 NOTES TO FINANCIAL STATEMENTS NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) K. Compensated Absences The vacation policy of the Government provides for the accumulation of up to 43 days earned vacation leave with such leave being fully vested when earned. For the Government's government- wide financial statements and proprietary fund financial statements, an expense and a liability for compensated absences and the salary-related payments are recorded as leave is earned. The Government has assumed a first-in, first-out method of using accumulated compensated time. The portion of that time that is estimated to be used in the next year has been designated as a current liability in the government-wide financial statements. No accrual has been established for accumulated sick leave of employees since it is the Government's policy to record the cost of sick leave only when it is used. L. Deferred Outflows/Inflows of Resources In addition to assets, the statement of net position and the governmental funds balance sheet will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The Government has two items that qualify for reporting in this category. The deferred charge on refunding is reported in the government-wide and proprietary fund statements of net position. A deferred charge on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded debt or the refunding debt. The contributions made by the Government to their pension plans before year end but subsequent to the measurement date of the Government's net pension liability are also reported as deferred outflows of resources. In addition to liabilities, the statement of net position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of fund balance that applies to future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The Government has six types of items that qualify for reporting in this category. Unavailable revenue is reported only in the governmental funds balance sheet. The governmental funds report unavailable revenues from property taxes and other receivables, and these amounts are deferred and will be recognized as an inflow of resources in the period in which the amounts become available. An Effective hedge is reported in the government-wide and internal service fund statements of net position. The effective hedge results from the change in market value of a swap agreement related to the certificates of participation. The amount is deferred and will mature on June 1, 2028, at the same time as the certificates of participation. Deferred charge on refunding is reported in the government-wide and governmental fund statements. A deferred charge on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded debt or the refunding debt. The other three items relate 43 NOTES TO FINANCIAL STATEMENTS NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) L. Deferred Outflows / Inflows of Resources (Continued) to the Government's defined benefit pension plans and are reported in the government-wide and proprietary fund Statements of Net Position, under the heading Pension. Experience differences result from periodic studies by the Government's actuary, which adjust the net pension liability for actual experience for certain trend information that was previously assumed. These experience differences are recorded as deferred outflows of resources and are amortized into pension expense over the expected remaining service lives of plan members. Changes in the actuarial assumptions which adjust the net pension liability are also recorded as deferred inflows of resources and are amortized into pension expense over the expected remaining service lives of plan members. The difference between expected projected investment return on pension investments and actual return on those investments is also deferred and amortized against pension expense over a five year period. M. Fund Equity Fund equity at the governmental fund financial reporting level is classified as "fund balance." Fund equity for all other reporting is classified as"net position." Fund Balance — Generally, fund balance represents the difference between the assets and liabilities under the current financial resources measurement focus of accounting. In the fund financial statements, governmental funds report fund balance classifications that comprise a hierarchy based primarily on the extent to which the Government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. Fund balances are classified as follows: • Nonspendable— Fund balances are reported as nonspendable when amounts cannot be spent because they are either: (a)not in spendable form (i.e., items that are not expected to be converted to cash)or(b)legally or contractually required to be maintained intact. • Restricted— Fund balances are reported as restricted when there are limitations imposed on their use either through the enabling legislation adopted by the Government or through external restrictions imposed by creditors, grantors or laws or regulations of other governments. • Committed— Fund balances are reported as committed when they can be used only for specific purposes pursuant to constraints imposed by formal action of the Augusta- Richmond County Commission through the adoption of a resolution. Only the Augusta- Richmond County Commission may modify or rescind the commitment or through resolution. 44 NOTES TO FINANCIAL STATEMENTS NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) M. Fund Equity (Continued) • Assigned—Fund balances are reported as assigned when amounts are constrained by the Government's intent to be used for specific purposes, but are neither restricted nor committed. Through resolution, the Government has authorized the Administrator and Finance Director to assign fund balances. • Unassigned—Fund balances are reported as unassigned as the residual amount when the balances do not meet any of the above criterion. The Government reports positive unassigned fund balance only in the General Fund. Negative unassigned fund balances may be reported in all funds. Flow Assumptions—When both restricted and unrestricted amounts of fund balance are available for use for expenditures incurred, it is the Government's policy to use restricted amounts first and then unrestricted amounts as they are needed. For unrestricted amounts of fund balance, it is the Government's policy to use fund balance in the following order: 1) committed, 2) assigned, and 3) unassigned. Net Position — Net position represents the difference between assets plus deferred outflows of resources and liabilities plus deferred inflows of resources in reporting which utilizes the economic resources measurement focus. Net investment in capital assets, consists of capital assets, net of accumulated depreciation, reduced by the outstanding balances of any borrowing used (i.e., the amount that the Government has spent) for the acquisition, construction or improvement of those assets. Net position is reported as restricted using the same definition as used for restricted fund balance as described in the section above. All other net position is reported as unrestricted. The Government applies restricted resources first when an expense is incurred for purposes for which both restricted and unrestricted net position are available. 45 NOTES TO FINANCIAL STATEMENTS NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) N. Management Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from these estimates. NOTE 2. RECONCILIATION OF GOVERNMENT-WIDE FINANCIAL STATEMENTS AND FUND FINANCIAL STATEMENTS A. Explanation of Certain Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position The governmental fund balance sheet includes a reconciliation between fund balance — total governmental funds and net position—governmental activities as reported in the government-wide statement of net position. One element of that reconciliation explains that "certain long-term liabilities are not due and payable in the current period and therefore are not reported in the funds." The details of this difference are as follows: Accrued interest payable $ (749,879) Bonds payable (83,290,000) Unamortized premium on bonds (4,768,477) Compensated absences (5,599,553) Claims and judgements payable (6,350,513) Net adjustment to reduce fund balance-total governmental funds to arrive at net position-governmental activities $ (100,758,422) 46 NOTES TO FINANCIAL STATEMENTS NOTE 2. RECONCILIATION OF GOVERNMENT-WIDE FINANCIAL STATEMENTS AND FUND FINANCIAL STATEMENTS (CONTINUED) B. Explanation of Certain Differences Between the Governmental Fund Statement of Revenues, Expenditures, and Changes in Fund Balances and the Government-wide Statement of Activities The governmental fund statement of revenues, expenditures, and changes in fund balances includes a reconciliation between net changes in fund balances — total governmental funds and changes in net position of governmental activities as reported in the government-wide statement of activities. One element of that reconciliation explains that "Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost of those assets is allocated over their useful lives and reported as depreciation expense." The details of this difference are as follows: Capital outlay $ 59,702,253 Depreciation expense (22,041,392) Net adjustment to increase net changes in fund balances -total governmental funds to arrive at changes in net position of governmental activities $ 37,660,861 Another element of that reconciliation states that "the issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position." The details of this difference are as follows: Issuance of revenue bonds $ (26,115,000) Premium on bond issuance (2,763,951) Amortization of bond premiums 216,106 Principal payments Bonds payable 1,245,000 Net adjustment to decrease net changes in fund balances -total governmental funds to arrive at changes in net position of governmental activities $ (27,417,845) 47 NOTES TO FINANCIAL STATEMENTS NOTE 2. RECONCILIATION OF GOVERNMENT-WIDE FINANCIAL STATEMENTS AND FUND FINANCIAL STATEMENTS (CONTINUED) B. Explanation of Certain Differences Between the Governmental Fund Statement of Revenues, Expenditures, and Changes in Fund Balances and the Government-wide Statement of Activities (Continued) Another element of that reconciliation states that "some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds." The details of this difference are as follows: Accrued interest $ (308,362) Compensated absences (93,007) Claims and judgements 2,655,345 Net pension liability 5,671,964 Net other postemployment benefit liability (4,205,130) Net adjustment to increase net changes in fund balances -total governmental funds to arrive at changes in net position of governmental activities $ 3,720,810 NOTE 3. LEGAL COMPLIANCE — BUDGETS A. Budgets and Budgetary Accounting The Government generally follows these procedures in establishing the budgetary data reflected in the financial statements: 1. Budgetary hearings are held in August to discuss departmental budgets. 2. The Administrator presents the tentative budget to the Commission in October. 3. The permanent budget is legally adopted by the Commission prior to the start of the next year. 4. All budget revisions or changes must be approved as required by Georgia law and administrative policy. Transfer of budgeted amounts within operating categories within departments can be requested by department directors. Transfer of budget amounts involving capital outlay or salaries require approval of the Augusta-Richmond County Commission. The Augusta-Richmond County Commission must approve revisions that alter the total expenditures of any department or fund. Budgets for capital items may be re-appropriated in the ensuing year's budget. Departments may request for other budget items to be re-appropriated in the form of a budget adjustment, contingent upon the Commission's approval. 5. Formal budgetary integration is employed as a management control device during the year for the General, Special Revenue, and Debt Service Funds. Capital Projects Funds have project linked budgets. 6. Budgets for these funds are adopted on a basis consistent with accounting principles generally accepted in the United States of America(GAAP). 48 NOTES TO FINANCIAL STATEMENTS NOTE 3. LEGAL COMPLIANCE — BUDGETS (CONTINUED) A. Budgets and Budgetary Accounting (Continued) Budget information for expenditures represents the operating budget(as amended)as approved by the Augusta-Richmond County Commission. B. Encumbrances Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation, is employed as an extension of formal budgetary integration for the General Fund, Special Revenue Funds, Debt Service and Capital Projects Funds. Encumbrances are recorded when purchase orders are issued, but are not considered expenditures until liabilities for payments are incurred. Encumbrances for outstanding purchase orders do not lapse at year end. C. Excess Expenditures Over Appropriations For the year ended December 31, 2016, the following special revenue funds had excess of actual expenditures over appropriations,which were funded by available fund balance: Excess Urban Services District General govemment $ (452,355) Urban Development Action Grant Housing and development (61,857) Urban Redevelopment Agency Housing and development (7,151) 49 NOTES TO FINANCIAL STATEMENTS NOTE 4. CASH AND INVESTMENTS Total deposits and investments as of December 31, 2016, are summarized as follows: Amounts as presented on the entity-wide statement of net position: Cash and cash equivalents $ 207,740,488 Investments 56,175,630 Restricted cash and cash equivalents 137,487,682 Restricted investments 766,658 Amounts as presented on the fiduciary statement of net position: Cash and cash equivalents-Agency Fund 10,206,193 Cash and cash equivalents-Pension Trust Funds 2,281,318 Investments-Pension Trust Funds 67,661,007 Cash and cash equivalents-Private-purpose Trust Fund 2,045 Investments-Private-purpose Trust Fund 5,000 Total $ 482,326,021 Cash deposited with financial institutions $ 357,717,726 Investments held at financial institutions 111,461,980 Investments held by the State of Georgia 13,146,315 $ 482,326,021 As of December 31, 2016,the Government held the following investments(in thousands): Investment Maturities(in Years) Investment Type Fair Value Less than 1 1-5 6-10 11-15 16-20 21-25 26-30 Rating Entity wide: Georgia Extended Asset Pool $ 13,146 $ 13,146 $ - $ - $ - $ - $ - $ - AA+f Guaranteed hv.Contract 13,824 - - 13,824 - - - - AA- Certificates of deposit 29,972 29,249 723 - - - - - N/A 56,942 42,395 723 - 13,824 - - Pension Trust Funds: Government securities $ 3,102 $ - $ 1,471 $ 561 $ 614 $ - $ - $ 456 AAA Common stock 52,681 52,681 - - - - - - WA Mortgage backed securities 4,311 - - 945 146 100 285 2,835 AA+ Mutual funds 7,567 7,567 - - - - - - N/A 67,661 60,248 1,471 1,506 760 100 285 3,291 Private Purpose Trust Fund: Government securities $ 5 $ - $ - $ - $ 5 $ - $ - $ - AA+ 5 - - - 5 - - - Total fair value $ 124,608 $ 102,643 $ 2,194 $ 1,506 $ 14,589 $ 100 $ 285 $ 3,291 50 NOTES TO FINANCIAL STATEMENTS NOTE 4. CASH AND INVESTMENTS (CONTINUED) Credit Risk. State statutes authorize the Government to invest in obligations of the State of Georgia or other states; obligations issued by the U.S. government; obligations fully insured or guaranteed by the U.S. government or by a government agency of the United States; obligations of any corporation of the U.S. government; prime bankers' acceptances; the local government investment pool established by state law; repurchase agreements; and obligations of other political subdivisions of the State of Georgia. Interest Rate Risk. 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 investments. The policy does not place formal limits on investment maturities. Fair Value Measurements. The Government categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs. The Government has the following recurring fair value measurements as of December 31,2016: Investment Level 1 Level 2 Level 3 Fair Value Equity stocks $ 52,680,735 $ - $ - $ 52,680,735 Mutual funds 7,566,917 - - 7,566,917 Govemmental bonds 3,111,873 - - 3,111,873 Mortgage backed securities 910,624 3,395,858 - 4,306,482 Total investments measured at fair value $ 64,270,149 $ 3,395,858 $ - $ 67,666,007 Investments not subject to level disclosure: Georgia Extended Asset Pool 13,146,315 Certicates of deposit 29,972,090 Investments recorded at cost: Guaranteed Investment Contract 13,823,883 Total investments $ 124,608,295 The Government's investment in equity stocks, mutual funds, governmental bonds, and mortgage backed securities classified in Level 1 of the fair value hierarchy are valued using prices quoted in active markets for those investments. The investments in mortgage backed securities classified as Level 2 of the fair value hierarchy are valued using a matrix pricing technique. Matrix pricing is used to value securities based on the securities' relationship to benchmark quoted prices. 51 NOTES TO FINANCIAL STATEMENTS NOTE 4. CASH AND INVESTMENTS (CONTINUED) Fair Value Measurements (Continued). The Georgia Extended Asset Pool (GEAP) is an investment pool which does not meet the criteria of GASB Statement No. 79 and is thus valued at fair value in accordance with GASB Statement No. 31. As a result, the County does not disclose the investment in the GEAP within the fair value hierarchy. The Guaranteed Investment Contract is a nonparticipating interest-earning investment contract and, accordingly, is recorded at cost. Custodial Credit Risk— Deposits. The Government does not have a formal custodial credit risk policy. Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover deposits or will not be able to recover collateral securities that are in the possession of an outside party. State statutes require all deposits and investments (other than federal or state government instruments) to be collateralized by depository insurance, obligations of the U.S. government, or bonds of public authorities, counties, or municipalities. As of December 31, 2016, the Government did not have any balances exposed to custodial credit risk as uninsured and uncollateralized as defined by GASB pronouncements. Custodial Credit Risk— Investments. Custodial credit risk for investments is the risk that, in the event of the failure of the counterparty, the Government will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. State statutes require all investments (other than federal or state government instruments) to be collateralized by depository insurance, obligations of the U.S. government, or bonds of public authorities, counties, or municipalities. Custodial Credit Risk— Deposits—Component Units. As of June 30, 2016, the Department of Health did not have any balances exposed to custodial credit risk as uninsured and uncollateralized as defined by GASB pronouncements. As of December 31, 2016, the Downtown Development Authority did not have any balances exposed to custodial credit risk as uninsured and uncollateralized as defined by GASB pronouncements. As of December 31, 2016, the Canal Authority's bank balance of $1,329,308, which $579,308 was exposed to custodial credit risk as follows: $80,328 was uninsured and uncollateralized; $498,980 was uninsured and collateralized with securities held by the financial institution, by its trust department or agency, but not in the Canal Authority's name. As of June 30, 2016, the Coliseum Authority's bank balance of $4,916,486, which $4,166,486 was exposed to custodial credit risk as follows: $3,521,173 was uninsured and collateralized by the financial institution in the Coliseum Authority's name and $645,313 was uninsured and collateralized with securities held by the financial institution's trust department or agent, but not in the Coliseum Authority's name. 52 NOTES TO FINANCIAL STATEMENTS NOTE 4. CASH AND INVESTMENTS (CONTINUED) General Retirement and 1945 Pension Plans — Investments. The Plans' policy in regard to investments, including the allocation of invested assets, is established and may be amended by the Retirement Plans Management Committee by a majority vote of its members. The Plan is authorized to invest in obligations of the United States Treasury or its agencies and instrumentalities, collateralized mortgage obligations, asset and mortgage backed securities, taxable bonds that are obligations of any state and its agencies, instrumentalities, and political subdivisions, and in certificates of deposit of national or state banks that are fully insured or collateralized by United States obligations. Additionally, the Plan is authorized to invest in common stocks, money market instruments, and corporate bonds and debentures, which are not in default as to principal and interest. The Plans' investment policy adopts the following asset allocation mix to achieve the lowest level of risk for the Plan: Equity Securities 75%at market value, and Fixed Income Securities 25%. General Retirement and 1945 Pension Plans — Credit and Interest Rate Risk— It is the Plan's policy to limit investments in common or preferred stock of a corporation to those corporations listed on one or more of the recognized national stock exchanges in the United States of America, or those traded on the NASDAQ National Market. The policy also limits stock investments to not more than 5% of the assets of any fund in common or preferred stock of any one issuing corporation. Domestic bonds are limited to those with ratings that meet or exceed investment grade as defined by Moody's, S&P, or Fitch. U.S. Government Treasuries and Agency bonds are not classified by credit quality. Corporate equities, international equities, and mutual funds invested in equities are also not classified by credit quality. As of December 31, 2016, the General Retirement Plan and the 1945 Plan had $62,133,042 and $5,527,965, respectively, invested in the following types of investments as categorized by credit and interest rate risk: Weighted Average Fair Value Credit Quality Maturity (years) Investment Common stock $ 52,680,735 N/A N/A Govemment securities 3,101,873 AAA 10.31 Mortgage backed securities 4,311,482 AA+ 27.48 Mutual funds 7,566,917 N/A N/A $ 67,661,007 53 NOTES TO FINANCIAL STATEMENTS NOTE 4. CASH AND INVESTMENTS (CONTINUED) General Retirement and 1945 Pension Plans — Concentration - On December 31, 2016, the Plans did not have debt or equity investments in any one organization, other than those issued by the U.S. Government, which represented greater than 5%of plan fiduciary net position. General Retirement and 1945 Pension Plans— Rate of Return — For the year ended December 31, 2016, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense for the General Retirement Plan and the 1945 Plan, was 6.2%and 7.1%, respectively. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. NOTE 5. RECEIVABLES Receivables consisted of the following at December 31,2016: Special Nonmajor Water and Special Sales Fire Governmental Sewer General Tax Phase VII Protection Funds System Receivables: Taxes $ 5,011,219 $ - $ 763,407 $ 2,698,286 $ - Accounts 4,191,869 3,519,962 - 12,695,685 22,035,359 Interest - - - 6,240 - Notes - - - 2,891,569 - Due from other governments 2,891,690 - - 1,019,707 - Gross receivables 12,094,778 3,519,962 763,407 19,311,487 22,035,359 Less allowance for uncollectibles (973,831) - (123,237) (121,775) (220,086) Net total receivable $ 11,120,947 $ 3,519,962 $ 640,170 $ 19,189,712 $ 21,815,273 Augusta Nonmajor Regional Garbage Stormwater Enterprise Airport Collection Utility Funds Total Receivables: Taxes $ - $ - $ - $ - $ 8,472,912 Accounts 944,233 4,099,776 2,594,788 3,356,241 53,437,913 Interest 17,714 - - 140 24,094 Notes - - - - 2,891,569 Due from other governments 527,580 - - - 4,438,977 Gross receivables 1,489,527 4,099,776 2,594,788 3,356,381 69,265,465 Less allowance for uncollectibles - (367,828) (1,102,509) (157,848) (3,067,114) Net total receivable $ 1,489,527 $ 3,731,948 $ 1,492,279 $ 3,198,533 $ 66,198,351 54 NOTES TO FINANCIAL STATEMENTS NOTE 5. RECEIVABLES (CONTINUED) Property taxes attached as an enforceable lien on property as of February 15, 2017. Property taxes were levied on September 13, 2016, and payable on or before November 15, 2016. The Government bills and collects its own property taxes. Property taxes levied for 2016 are recorded as receivables, net of estimated uncollectibles. The net receivables collected during the year ended December 31, 2016, and collected by February 28, 2017, are recognized as revenues in the year ended December 31, 2016. Net receivables estimated to be collected subsequent to February 28, 2017, are recorded as revenue when received. Prior year levies were recorded using substantially the same principles, and remaining receivables are reevaluated annually. Notes receivable of the primary government consist of the Department of Housing and Urban Development's Housing Rehabilitation Program loans to individuals and owners. Financing has been provided by various federal and state grants. 55 NOTES TO FINANCIAL STATEMENTS NOTE 6. CAPITAL ASSETS A. Primary Government Capital asset activity for the Government's governmental activities for the year ended December 31, 2016,was as follows: Beginning Ending Balance Increases Decreases Transfers Balance Governmental Activities: Capital assets,not being depreciated: Land $ 23,165,992 $ 100,000 $ - $ - $ 23,265,992 Construction in progress 203,425,736 56,975,956 - (99,959) 260,301,733 Total capital assets,not being depreciated 226,591,728 57,075,956 - (99,959) 283,567,725 Capital assets,being depreciated: Land and site improvements 29,930,218 5,765 - - 29,935,983 Buildings 86,698,060 24,995 - - 86,723,055 Building improvements 217,698,856 77,763 - - 217,776,619 Vehicles 50,367,040 1,196,312 (1,229,333) - 50,334,019 Machinery and equipment 23,934,219 431,246 (684,468) - 23,680,997 Information tech-hardw are 6,626,595 684,505 (35,600) 99,959 7,375,459 Information tech-software 5,429,480 205,711 - - 5,635,191 Furniture and fixtures 5,043,913 - - - 5,043,913 hfrastructure 144,865,845 - - - 144,865,845 Richmond County Public Facilities 15,145,545 - - - 15,145,545 Total capital assets, being depreciated 585,739,771 2,626,297 (1,949,401) 99,959 586,516,626 Less accumulated depreciation for: Land and site improvements (7,805,281) (1,896,144) - - (9,701,425) Buildings (47,856,489) (9,071,074) - - (56,927,563) Building improvements (9,513,010) (994,281) - - (10,507,291) Vehicles (37,312,875) (2,589,115) 1,184,118 - (38,717,872) Machinery and equipment (15,498,103) (1,426,085) 378,595 - (16,545,593) Information tech-hardw are (5,539,605) (330,562) 35,600 - (5,834,567) Information tech-software (4,445,178) (465,501) - - (4,910,679) Furniture and fixtures (1,891,217) (455,334) - - (2,346,551) Infrastructure (43,886,560) (4,730,294) - - (48,616,854) Richmond County Public Facilities (12,655,483) (83,002) - - (12,738,485) Total accumulated depreciation (186,403,801) (22,041,392) 1,598,313 - (206,846,880) Total capital assets,being depreciated,net 399,335,970 (19,415,095) (351,088) 99,959 379,669,746 Governmental activities capital assets,net $ 625,927,698 $ 37,660,861 $ (351,088) $ - $ 663,237,471 The above schedule includes the net book value of capital assets related to internal service funds as of December 31, 2016, of$4,420. 56 NOTES TO FINANCIAL STATEMENTS NOTE 6. CAPITAL ASSETS (CONTINUED) Capital asset activity for the Government's business-type activities for the year ended December 31, 2016,was as follows: Beginning Ending Balance Increases Decreases Transfers Balance Business-type Activities: Capital assets,not being depreciated: Land $ 19,518,091 $ 19,812 $ - $ - $ 19,537,903 Construction in progress 29,781,967 15,171,147 (1,893,275) (8,194,571) 34,865,268 Total capital assets,not being depreciated 49,300,058 15,190,959 (1,893,275) (8,194,571) 54,403,171 Capital assets,being depreciated: Site improvements 15,519,781 - - 223,179 15,742,960 Building improvements 2,924,630 - - 148,422 3,073,052 Landfill Cell IIC 9,399,876 - - - 9,399,876 Landfill Cell IIIC 23,655,864 - - - 23,655,864 Landfill Cell 2A 3,595,731 - - - 3,595,731 Buildings 105,663,509 4,971,359 - 3,023,085 113,657,953 Vehicles 20,970,496 2,528,427 (90,217) - 23,408,706 Machinery and equipment 41,556,182 947,898 (85,900) - 42,418,180 Furniture and fixtures 1,508,094 - - - 1,508,094 Water and sewerage system 813,490,453 4,719,037 - 4,799,885 823,009,375 Contributed water and sewerage system 10,563,423 - - - 10,563,423 Infrastructure 42,333,481 - - - 42,333,481 Information tech-hardware 592,399 107,636 - - 700,035 Information tech-softw are 948,993 - - - 948,993 Total capital assets, being depreciated 1,092,722,912 13,274,357 (176,117) 8,194,571 1,114,015,723 Less accumulated depreciation for: Site improvements (5,281,589) (704,980) - - (5,986,569) Building improvements (1,746,499) (82,604) - - (1,829,103) Landfill Cell IIC (9,399,876) (1,202,602) - - (10,602,478) Landfill Cell IIIC (5,806,512) (374,456) - - (6,180,968) Landfill Cell 2A (958,860) (239,715) - - (1,198,575) Buildings (53,341,206) (2,858,897) - - (56,200,103) Vehicles (16,663,191) (1,010,486) 90,217 - (17,583,460) Machinery and equipment (31,297,464) (2,576,661) 85,900 - (33,788,225) Furniture and fixtures (1,394,236) (25,702) - - (1,419,938) Water and sew erage system (286,133,713) (25,607,719) - - (311,741,432) Contributed water and sewerage system (8,995,098) (167,172) - - (9,162,270) Infrastructure (19,835,287) (1,054,590) - - (20,889,877) Information tech-hardware (348,504) (93,889) - - (442,393) Information tech-software (833,994) (113,839) - - (947,833) Total accumulated depreciation (442,036,029) (36,113,312) 176,117 - (477,973,224) Total capital assets,being depreciated,net 650,686,883 (22,838,955) - 8,194,571 636,042,499 Business-type activities capital assets,net $ 699,986,941 $ (7,647,996) $ (1,893,275) $ - $ 690,445,670 57 NOTES TO FINANCIAL STATEMENTS NOTE 6. CAPITAL ASSETS (CONTINUED) Depreciation expense was charged to functions/programs of the primary government as follows: Govemmental activities: General govemment $ 902,287 Judicial 1,305,775 Public safety 6,133,438 Public works 5,749,443 Health and welfare 5,292,277 Culture and recreation 2,642,782 Housing and development 15,390 Total depreciation expense-govemmental activities $ 22,041,392 Business-type activities: Water and sewer system $ 28,964,019 Augusta Regional Airport 3,145,824 Garbage collection 441,046 Waste management 2,983,543 Transit 450,997 Daniel Field Airport 127,883 Total depreciation expense-business-type activities $ 36,113,312 Richmond County Department of Health Capital asset activity for the Richmond County Department of Health for the fiscal year ended June 30, 2016,was as follows: Beginning Ending Balance Increases Decreases Balance Capital assets,not being depreciated Land $ 1,947,997 $ - $ - $ 1,947,997 Total capital assets,not being depreciated 1,947,997 - - 1,947,997 Capital assets,being depreciated: Buildings 9,981,306 71,486 - 10,052,792 Improvements 556,193 - - 556,193 Equipment 751,526 271,200 - 1,022,726 Vehicles 118,958 - - 118,958 Total capital assets,being depreciated 11,407,983 342,686 - 11,750,669 Less accumulated depreciation for: Buildings (3,765,537) (256,072) - (4,021,609) Improvements (556,193) - - (556,193) Equipment (611,461) (28,609) - (640,070) Vehicles (108,426) (2,423) - (110,849) Total accumulated depreciation (5,041,617) (287,104) - (5,328,721) Total capital assets,being depreciated,net 6,366,366 55,582 - 6,421,948 Department of Health capital assets,net $ 8,314,363 $ 55,582 $ - $ 8,369,945 58 NOTES TO FINANCIAL STATEMENTS NOTE 6. CAPITAL ASSETS (CONTINUED) Augusta Canal Authority Capital asset activity for the Augusta Canal Authority for the year ended December 31, 2016, was as follows: Beginning Ending Balance Increases Decreases Balance Capital assets,not being depreciated: Land $ 689,043 $ - $ - $ 689,043 Land improvements 592,276 235,769 - 828,045 Construction in progress 121,105 72,174 (4,120) 189,159 Total capital assets,not being depreciated 1,402,424 307,943 (4,120) 1,706,247 Capital assets,being depreciated: Buildings 1,018,054 - - 1,018,054 Leasehold improvements 4,248,749 - - 4,248,749 Boats 707,620 - - 707,620 Vehicles 56,121 - - 56,121 Machinery 43,509 - - 43,509 Computer equipment 15,525 - - 15,525 Office equipment 3,799 - - 3,799 Furniture and fixtures 32,676 - - 32,676 Infrastructure 14,424,786 635,781 - 15,060,567 Total capital assets,being depreciated 20,550,839 635,781 - 21,186,620 Less accumulated depreciation for: Buildings (133,759) (28,838) - (162,597) Leasehold improvements (1,892,455) (166,393) - (2,058,848) Boats (336,283) (28,938) - (365,221) Vehicles (38,020) (3,771) - (41,791) Machinery (22,748) (2,265) - (25,013) Computer equipment (6,379) (3,105) - (9,484) Office equipment (526) - - (526) Furniture and fixtures (32,051) (100) - (32,151) Infrastructure (2,388,012) (383,095) (2,771,107) Total accumulated depreciation (4,850,233) (616,505) - (5,466,738) Total capital assets,being depreciated,net 15,700,606 19,276 - 15,719,882 Canal Authority capital assets,net $ 17,103,030 $ 327,219 $ (4,120) $ 17,426,129 59 NOTES TO FINANCIAL STATEMENTS NOTE 6. CAPITAL ASSETS (CONTINUED) Downtown Development Authority Capital asset activity for the Downtown Development Authority for the year ended December 31, 2016,was as follows: Beginning Ending Balance Increases Decreases Balance Capital assets,being depreciated: Port Royal parking deck $ 2,600,000 $ - $ - $ 2,600,000 Furniture and equipment 7,920 - - 7,920 Total capital assets,being depreciated 2,607,920 - - 2,607,920 Less accumulated depreciation for: Port Royal parking deck (1,696,656) (66,664) - (1,763,320) Furniture and equipment (7,920) - - (7,920) Total accumulated depreciation (1,704,576) (66,664) - (1,771,240) Downtown Development Authority capital assets,net $ 903,344 $ (66,664) $ - $ 836,680 Augusta-Richmond County Coliseum Authority Capital asset activity for the Augusta-Richmond County Coliseum Authority for the fiscal year ended June 30, 2016,was as follows: Beginning Ending Balance Increases Decreases Balance Capital assets,not being depreciated: Land $ 1,674,426 $ - $ - $ 1,674,426 Total capital assets,not being depreciated 1,674,426 - - 1,674,426 Capital assets,being depreciated: • Building and facilities 29,765,722 5,285 - 29,771,007 Machinery,equipment and other 1,916,292 29,917 - 1,946,209 Total capital assets,being depreciated 31,682,014 35,202 - 31,717,216 Less accumulated depreciation for: Building and facilities (21,326,923) (759,724) - (22,086,647) Machinery,equipment and other (1,629,717) (73,094) - (1,702,811) Total accumulated depreciation (22,956,640) (832,818) - (23,789,458) Total capital assets,being depreciated,net 8,725,374 (797,616) - 7,927,758 Coliseum Authority capital assets,net $ 10,399,800 $ (797,616) $ - $ 9,602,184 60 NOTES TO FINANCIAL STATEMENTS NOTE 7. LONG-TERM DEBT A. Primary Government The following is a summary of long-term debt activity for the year ended December 31, 2016: Beginning Ending Due Within Balance Additions Reductions Balance One Year Governmental activities: Revenue bonds $ 58,420,000 $ - $ (1,245,000) $ 57,175,000 $ 1,275,000 General obligation bonds - 26,115,000 - 26,115,000 - Deferred amounts: Unamortized discount (54,902) - 11,374 (43,528) - Unamortized premiums 2,275,534 2,763,951 (227,480) 4,812,005 - Total bonds payable 60,640,632 28,878,951 (1,461,106) 88,058,477 1,275,000 Certificates of participation 16,888,000 - - 16,888,000 - Compensated absences 5,506,546 5,191,338 (5,098,331) 5,599,553 5,599,553 Claims and judgments 9,005,858 1,499,188 (4,154,533) 6,350,513 - Net pension liability 39,080,150 19,826,511 (18,518,847) 40,387,814 - Other post-employment benefit obligation 42,325,079 4,205,130 - 46,530,209 - Governmental activities long-term liabilities $ 173,446,265 $ 59,601,118 $ (29,232,817) $ 203,814,566 $ 6,874,553 Business-type activities: Revenue bonds $ 488,939,999 $ - $ (11,475,000) $ 477,464,999 $ 12,355,000 Add deferred amounts Unamortized discounts (759,972) - 45,328 (714,644) - Unamortized premiums _ 27,840,228 - (1,645,145) 26,195,083 - Total bonds payable 516,020,255 - (13,074,817) 502,945,438 12,355,000 Notes payable 21,065,845 - (3,518,783) 17,547,062 3,486,993 Capital leases 3,409,665 119,347 (1,175,963) 2,353,049 1,342,423 Compensated absences 1,084,373 1,141,524 (968,791) 1,257,106 1,257,106 Net pension liability 6,736,291 4,987,456 (3,685,667) 8,038,080 - aosure/postclosure liability 21,041,499 - - 21,041,499 - Business-type activities long-term liabilities $ 569,357,928 $ 6,248,327 $ (22,424,021) $ 553,182,234 $ 18,441,522 For governmental activities, compensated absences, claims and judgments, and net pension liability are generally liquidated by the General Fund. For business-type activities, compensated absences and net pension liability are liquidated by the related Proprietary Fund. 61 NOTES TO FINANCIAL STATEMENTS NOTE 7. LONG-TERM DEBT (CONTINUED) A. Primary Government (Continued) Governmental Activities Debt The Government issues bonds to provide funds for various projects. The bonds outstanding as of December 31, 2016, are as follows: Balance at Interest December 31, Rate 2016 Augusta-Richmond County Coliseum Authority, Series 2010 2% to 5% $ 17,190,000 Municipal Building Renovation Project, Series 2014 2% to 5% 28,500,000 Laney Walker and Bethlehem Project, Series 2015 .65% to 2% 11,485,000 57,175,000 Less: Unamortized discounts (43,528) Add: Unamortized premium 4,812,005 $ 61,943,477 Revenue Bonds In September 2010, the Coliseum Authority issued $22,120,000 of Augusta-Richmond County Coliseum Authority(Georgia) Revenue Bonds(Coliseum and TEE Center Project), Series 2010(the "Series 2010 Bonds to: (1) finance certain capital improvements to the existing multi-use coliseum and civic center-type facility, the Augusta Entertainment Center Complex, to be owned and operated by the Coliseum Authority pursuant to an Intergovernmental Service Agreement between the Coliseum Authority and the Government, and (2) construct a new multi-use coliseum and civic center-type facility to be known as the Augusta Trade, Exhibition, and Event Center(TEE Center)to be sold by the Coliseum Authority to the Government pursuant to an Agreement of Sale. The Coliseum Authority will use$5,000,000 of the proceeds from the sales of the Series 2010 Bonds for capital improvements of the Augusta Entertainment Center Complex. The remainder of the proceeds will be used to construct the TEE Center. The Series 2010 Bonds are special limited obligation debt of the Coliseum Authority payable solely from the hotel/motel tax payments made by the Government to the Coliseum Authority under the Intergovernmental Service Agreement and the Agreement of Sale (the Agreements). The Series 2010 Bond debt, its proceeds and the corresponding capital improvements to the Augusta Entertainment Center Complex and the TEE Center construction are reflected on the Government's financial statements. Under the terms of the Agreements, the Coliseum Authority will acquire the TEE Center site and authorize the Government to, on its behalf, construct and install the TEE Center Project and acquire equipment in the name of the Coliseum Authority. The real property and other required property interest for the construction of the improvements has been secured subject to revised deeds and related instruments being prepared based on "as built" surveys. Upon the completion of the surveys, final documents will be prepared and the premises will be conveyed to the Coliseum Authority as required by the Agreements. Upon completion of the TEE Center, the Coliseum Authority will sell the TEE Center to the Government for the entire balance of the Series 2010 Bond Obligation. 62 NOTES TO FINANCIAL STATEMENTS NOTE 7. LONG-TERM DEBT (CONTINUED) A. Primary Government (Continued) Governmental Activities Debt(Continued) Revenue Bonds(Continued) In August of 2014, the Urban Redevelopment Agency issued Revenue Bonds (Municipal Building Renovation Project, Series 2014). The proceeds of these bonds were used to finance the construction, renovation and expansion of various municipal buildings. Interest on the bonds is variable from 2% to 5%. Interest is payable semiannually on April 1 and October 1 of each year with principal payable annually beginning October 1, 2018, ranging from $1,270,000 to $2,125,000 through October 1, 2034. In September of 2015, the Urban Redevelopment Agency issued Revenue Bonds (Laney Walker and Bethlehem Project, Series 2015). The proceeds of these bonds were used to refund the Laney Walker and Bethlehem Project, Series 2010 bonds and finance the costs of certain urban redevelopment projects. Interest on the bonds is variable from .65% to 2%. Interest is payable semiannually on April 1 and October 1 of each year with principal payable annually beginning October 1,2016, ranging from $355,000 to$10,390,000 through October 1, 2020. Annual debt service requirements to maturity for the revenue bonds as of December 31, 2016, are as follows: Principal Interest Total Year ending December 31, 2017 $ 1,275,000 $ 1,962,169 $ 3,237,169 2018 2,575,000 1,931,119 4,506,119 2019 2,670,000 1,837,609 4,507,609 2020 12,755,000 1,765,719 14,520,719 2021 2,475,000 1,449,869 3,924,869 2022-2026 14,035,000 5,586,095 19,621,095 2027-2031 15,210,000 2,636,495 17,846,495 2032-2034 6,180,000 405,926 6,585,926 $ 57,175,000 $ 17,575,001 $ 74,750,001 63 NOTES TO FINANCIAL STATEMENTS NOTE 7. LONG-TERM DEBT (CONTINUED) A. Primary Government (Continued) Governmental Activities Debt(Continued) General Obligation Bonds In December 2016, the Government issued sales tax bonds in the amount of $26,115,000. The General Obligation Bonds, Series 2016, bear interest of 5%with final maturity in 2020. Proceeds of the bonds were used to: pay the cost of any one or more of the following capital outlay projects to be owned or operated or both by the Government, or by one or more local authorities pursuant to intergovernmental contracts with the Government: road, street, bridge, and drainage improvements; acquisition, improvement and renovation of administrative buildings; library and museum improvements and renovations; acquisition of renovated municipal building pursuant to an intergovernmental agreement with the Urban Redevelopment Agency of Augusta; public safety facilities, equipment, and vehicles; information technology; and parks, recreational and cultural facilities. The Government intends to make its payments under the contract from its portion of the revenues generated by sales and use tax and a direct annual ad valorem property tax; however, the Government's portion of the revenue from the taxes are not pledged to such payments or to secure the payment of the bonds. Principal Interest Total Year ending December 31, 2017 $ - $ 1,037,346 $ 1,037,346 2018 - 1,035,750 1,035,750 2019 13,060,000 1,305,750 14,365,750 2020 13,055,000 352,750 13,407,750 $ 26,115,000 $ 3,731,596 $ 29,846,596 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 through to the participating municipalities with the Government's participation totaling $16,888,000. 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 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. 64 NOTES TO FINANCIAL STATEMENTS NOTE 7. LONG-TERM DEBT (CONTINUED) A. Primary Government (Continued) Governmental Activities Debt(Continued) Certificates of Participation (Continued) Annual debt service requirements are as follows: Principal Interest Total Year ending December 31, 2017 $ - $ 802,180 $ 802,180 2018 - 802,180 802,180 2019 - 802,180 802,180 2020 - 802,180 802,180 2021 - 802,180 802,180 2022-2026 - 4,010,900 4,010,900 2027-2028 16,888,000 1,604,360 18,492,360 $ 16,888,000 $ 9,626,160 $ 26,514,160 As part of the issuance of the certificates of participation, the Government entered into an interest rate swap agreement. Under the Swap Agreement, the Government is required to pay (i) a semiannual (and beginning July 1, 2003, a monthly)floating rate of interest based on the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index (plus a 31 basis points spread) to, or on behalf of, the Swap Counterparty (the "Swap Payment"); and the Swap Counterparty will pay to, or on behalf of, the Government a semi-annual payment based on a rate equal to the fixed rate on the certificates of participation (4.75%) times a notional amount specified in the Swap Agreement, but generally equal to the outstanding unpaid principal portion of such Contract, less the amount originally deposited in the Reserve Fund relating to the Contract, and (ii) a one-time Swap Premium to be paid on the effective date of the Swap Agreement. The semiannual payments from the Swap Counterparty with respect to the Government are structured, and expected to be sufficient to make all interest payments due under the Contract, and related distributions of interest on the Certificates. Monthly interest payments between the Government, the holders of the Certificates of Participation, and the Swap Counterparty can be made in net settlement form as part of this agreement. Under the Swap Agreement, the Government's obligation to pay floating payments to the Swap Counterparty in any calendar year may not exceed an amount equal to the SIFMA Municipal Swap Index plus 5% to be determined on the first business day of December in the preceding year. This agreement matures on June 1, 2028, at the same time of the certificates of participation. This derivative qualifies as a fair market hedge. 65 NOTES TO FINANCIAL STATEMENTS NOTE 7. LONG-TERM DEBT (CONTINUED) A. Primary Government (Continued) Governmental Activities Debt(Continued) Certificates of Participation (Continued) In the unlikely event that the Swap Counterparty becomes insolvent, or fails to make payments as specified in the Swap Agreement, the Government would be exposed to credit risk in the amount of the Swap's fair value. To minimize this risk, the Government executed this agreement with counterparties of appropriate credit strength, with the counterparty being rated Aa3 by Moody's. At December 31, 2016, the floating rate being paid by the Government is 1.03%and the market value of this agreement is $4,334,542, a decrease of$829,787 from the market value at the end of the previous year. The market value of the hedge was determined using settlement prices at the end of the day on December 31, 2016, based on the derivative contract. This market value is reported as an asset in GMA Leases Fund in the statement of net position. As this derivative is an effective hedge, qualifying for hedge accounting, the inflow from the hedge (any change in fair value from inception until year end)is deferred and reported as deferred inflow of resources in the statement of net position. Business-type Activities Debt Revenue Bonds The Government issues bonds to provide funds for various projects. The revenue bonds outstanding as of December 31, 2016,are as follows: Balance at Interest December 31, Rate 2016 Water and Sewer, Series 2007 4.00% to 5.00% $ 133,379,999 Water and Sewer, Series 2012 3.00% to 5.00% 138,830,000 Water and Sewer, Series 2013 0.70% to 4.85% 19,440,000 Water and Sewer, Series 2014 3.00% to 4.50% 167,515,000 Airport, Series 2015 5.00% 10,525,000 Waste Management, Series 2004 3.00% to 4.00% 625,000 Waste Management, Series 2010 3.00% to 4.50% 7,150,000 477,464,999 Less: Unamortized discounts (714,644) Add: Unamortized premium 26,195,083 $ 502,945,438 66 NOTES TO FINANCIAL STATEMENTS NOTE 7. LONG-TERM DEBT (CONTINUED) A. Primary Government (Continued) Business-type Activities Debt(Continued) Revenue Bonds(Continued) Descriptions of the bonds issued are provided below. During the year ended December 31, 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 1996 and 1997 Bonds of approximately $4,300,000. This difference, reported in the accompanying financial statements as a deferred outflow of resources, 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 of the 2000 and 2002 Bonds 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 deferred outflow of resources, is being charged to interest expense 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. The bonds are due in annual installments of $2,060,000 to $12,260,000 plus interest at 4.0% to 5.0% through October 2030. The current outstanding amount of the debt was $151,284,999 as of December 31, 2016. During the year ended December 31, 2012, the Government issued $138,830,000 in Series 2012 Water and Sewerage Revenue Refunding and Improvement Bonds for the purposes of: (1) refunding all of the Series 2002 Water and Sewerage Revenue Bonds, (2) financing the costs of making additions, extensions, and improvements to the water and sewer system, (3)funding a debt service reserve account for the 2012 Series Bonds, and (4)financing the costs of issuing the 2012 Series Bonds. The advance refunding of the 2002 series resulted in a difference between the reacquisition price and the net carrying amount of the old debt of approximately $600,000. The difference, reported in the accompanying financial statements as a deferred outflow of resources, is being charged to increase expenses through the year 2033 using the effective-interest method. The refunding decreased the total debt service payments over the next 11 years by approximately $78 million and produced an economic gain of approximately $40 million. The bonds are due in annual installments of $4,155,000 to $20,095,000 plus interest at 3.0% to 5.0% through October 2042. 67 NOTES TO FINANCIAL STATEMENTS NOTE 7. LONG-TERM DEBT (CONTINUED) A. Primary Government (Continued) Business-type Activities Debt (Continued) Revenue Bonds(Continued) During the year ended December 31, 2013, the Government issued $22,070,000 in Series 2013 Water and Sewerage Revenue Bonds for the purposes of: (1) funding, in part, the debt service reserve account for the Prior Lien Bonds, (2) funding a debt service reserve for the Series 2013 Bonds and (3) paying the costs of issuance of the Series 2013 Bonds. Principal payments are due in annual installments commencing on October 1, 2014 through 2033. Interest payments are due in semi-annual installments on each April 1 and October 1 at varying rates between 0.7%and 4.85%. During the year ended December 31, 2014, the Government issued $169,180,000 in Series 2014 Water and Sewerage Revenue Refunding and Improvement Bonds for the purposes of: (1) refunding all of the Series 2004 Water and Sewerage Revenue Bonds, (2) financing the costs of making additions, extensions, and improvements to the water and sewer system, (3)funding a debt service reserve account for the 2014 Series Bonds, and (4)financing the costs of issuing the 2014 Series Bonds.The advance refunding of the 2004 series resulted in a difference between the reacquisition price and the net carrying amount of the old debt of approximately $4.9 million. The difference, reported in the accompanying financial statements as a deferred inflow of resources, is being charged to increase expenses through the year 2039 using the effective-interest method. The refunding decreased the total debt service payments over the next 11 years by approximately $66.3 million and produced an economic gain of approximately$33.1 million. The bonds are due in annual installments of $820,000 to $24,635,000 plus interest at 3.0% to 4.5% through October 2039. The Airport General Revenue Refunding Bonds Series 2015A and 2015B 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 2015A and 2015B bonds, 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 those passenger facility charge revenues that are allocable to the 2005 Project("PFC Revenues"). The Series 2015A bonds are payable in semi-annually interest only payments of 5.00% beginning January 1, 2016, and principal payable annually beginning January 2026 ranging from $530,000 to $825,000 through January 1, 2035. The Series 2015B bonds are payable in semi-annually interest only payments of 5.00% beginning January 1, 2016, and principal payable annually beginning January 2017 ranging from$350,000 to$515,000 through January 1,2025. 68 NOTES TO FINANCIAL STATEMENTS NOTE 7. LONG-TERM DEBT (CONTINUED) A. Primary Government (Continued) Business-type Activities Debt (Continued) Revenue Bonds(Continued) 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% 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 year which will: (a) equal at least 125% 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% 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 years. As of December 31, 2016,the Airport was in compliance with all covenants. During the year ended December 31, 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. The bonds are due in annual installments of $170,000 to $1,700,000, starting December 1, 2005 through December 1, 2019, plus interest of 3.0% to 4.0% payable semi-annually on June 1 and December 1, beginning December 1, 2004. The Government intends to make its payments under the contract from its portion of the revenues generated by a direct annual ad valorem property tax; however, the Government's portion of the revenue from the taxes is not pledged to such payments or to secure the payment of the bonds. 69 NOTES TO FINANCIAL STATEMENTS NOTE 7. LONG-TERM DEBT (CONTINUED) A. Primary Government (Continued) Business-type Activities Debt(Continued) Revenue Bonds (Continued) During the year ended December 31, 2010, the Government issued $9,165,000 in Series 2010 Solid Waste Management Authority of Augusta Revenue Bonds for the purpose of paying all or a portion of the costs of improvements to the Government's solid waste and recycling facility, including improvements to the gas collection and control system and paying the cost of issuing the Series 2010 Bonds. Payments are due in annual installments of $250,000 to $660,000 starting October 1, 2011 through October 1, 2030, plus interest from 3.0% to 4.5% payable semi-annually on April 1 and October 1, beginning April 1, 2011. The Government intends to make its payments under the contract from its portion of the revenues generated by a direct annual ad valorem property tax; however, the Government's portion of the revenue from the taxes is not pledged to such payments or to secure the payment of the bonds. Annual debt service requirements to maturity for the revenue bonds as of December 31, 2016, are as follows: Principal Interest Total Year ending December 31, 2017 $ 12,355,000 $ 21,080,841 $ 33,435,841 2018 12,930,000 20,505,491 33,435,491 2019 13,540,000 19,893,604 33,433,604 2020 13,960,000 19,251,904 33,211,904 2021 14,615,000 18,581,423 33,196,423 2022-2026 84,240,000 81,726,613 165,966,613 2027-2031 103,924,999 59,916,070 163,841,069 2032-2034 106,920,000 37,757,825 144,677,825 2035-2041 99,265,000 13,710,075 112,975,075 2042 15,715,000 550,025 16,265,025 $ 477,464,999 $ 292,973,871 $ 770,438,870 70 NOTES TO FINANCIAL STATEMENTS NOTE 7. LONG-TERM DEBT (CONTINUED) A. Primary Government (Continued) Business-type Activities Debt(Continued) Notes payable The Government has incurred debt to the U.S. Army — Fort Gordon Garrison Command for the purchase of the water and sewer system and to the Georgia Environmental Finance Authority for improvements to the water and sewer system. These notes are as follows at December 31, 2016: Original Interest Due December 31, Purpose Amount Rate Date 2016 Fort Gordon asset purchase $ 19,196,880 5.11% 2018 $ 2,967,829 Water and sewer improvements 6,553,217 4.00% 2019 1,237,814 Water and sewer improvements 8,040,345 3.00% 2031 6,314,145 Water and sewer improvements 8,250,814 3.00% 2035 7,027,274 17,547,062 Less current maturities (3,486,993) $ 14,060,069 Notes payable debt service requirements to maturity are as follows as of December 31,2016: Principal Interest Total Year ending December 31, 2017 $ 3,486,993 $ 530,760 $ 4,017,753 2018 1,775,501 403,718 2,179,219 2019 1,087,401 354,980 1,442,381 2020 758,665 325,540 1,084,205 2021 781,741 302,464 1,084,205 2022-2026 4,280,160 1,140,862 5,421,022 2027-2031 4,747,831 450,234 5,198,065 2032-2033 628,770 11,853 640,623 $ 17,547,062 $ 3,520,411 $ 21,067,473 71 NOTES TO FINANCIAL STATEMENTS NOTE 7. LONG-TERM DEBT (CONTINUED) A. Primary Government (Continued) Business-type Activities Debt (Continued) Capital Leases The Government has entered into lease agreements as lessee for financing the acquisition of various equipment. The lease agreements qualify as capital leases for accounting purposes (titles transfer at the end of the lease terms) and, therefore, have been recorded at the present value of the future minimum lease payments as of the date of their inceptions. The following is an analysis of leased assets under capital leases as of December 31, 2016: Business-type Activities Equipment $ 9,862,550 Less: Accumulated depreciation (7,495,770) $ 2,366,780 The above includes current year depreciation expense of leased assets under capital lease of $977,464. The following is a schedule of future minimum lease payments together with the present value of net minimum lease payments as of December 31, 2016: Business-type Activities Fiscal year ending December 31, 2017 $ 1,387,331 2018 707,772 2019 320,127 2020 23,979 Total minimum lease payments 2,439,209 Less amount representing interest (86,160) Present value of future minimum lease payments $ 2,353,049 72 NOTES TO FINANCIAL STATEMENTS NOTE 7. LONG-TERM DEBT(CONTINUED) A. Primary Government (Continued) Business-type Activities Debt(Continued) Landfill Postclosure Care Cost 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 30 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 $21,041,499 as of December 31, 2016, which is based on 92.95% usage (filled) of Cell II C and 8.79% usage (filled) of Cell III, 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 $8,366,605 be recognized as closure and postclosure care expenses between the date of the statement of net position and the date the landfills are expected to be filled to capacity, which is in 2017 and 2140, respectively. The estimated total current cost of the landfill closure and postclosure care, $29,408,104 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, 2016. 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 30 years through the regular operations of the Government. 73 NOTES TO FINANCIAL STATEMENTS NOTE 7. LONG-TERM DEBT (CONTINUED) B. Discretely Presented Component Units Richmond County Department of Health Long-term debt activity for the Richmond County Department of Health for the fiscal year ended June 30, 2016,was as follows: Beginning Ending Due Within Balance Additions Reductions Balance One Year Capital leases $ 125,772 $ - $ (57,741) $ 68,031 $ 61,915 Net pension liability 7,779,532 324,479 - 8,104,011 - Compensated absences 462,205 294,980 (287,372) 469,813 300,680 Department of Health long-term liabilities $ 8,367,509 $ 619,459 $ (345,113) $ 8,641,855 $ 362,595 Capital Leases The Department of Health has entered into a long-term lease agreement for a building. The lease agreement qualifies as a capital lease for accounting purposes (title transfer at the end of the lease term)and, therefore, has been recorded at the present value of the future minimum lease payments as of the date of its inception. The following is an analysis of the leased asset under capital lease as of June 30, 2016: Buildings $ 600,000 Less: Accumulated depreciation (155,625) $ 444,375 The above includes current year depreciation expense of leased assets under capital lease of $22,500. The following is a schedule of future minimum lease payments together with the present value of net minimum lease payments as of June 30, 2016: 2017 64,716 2018 17,024 Total minimum lease payments 81,740 Less amount representing interest (13,709) Present value of future minimum lease payments $ 68,031 74 NOTES TO FINANCIAL STATEMENTS NOTE 7. LONG-TERM DEBT (CONTINUED) B. Discretely Presented Component Units (Continued) Augusta Canal Authority Long-term debt activity for the Augusta Canal Authority for the year ended December 31, 2016,was as follows: Beginning Ending Due Within Balance Additions Reductions Balance One Year Compensated absences $ 46,490 $ 37,537 $ (33,431) $ 50,596 $ 50,596 Augusta Canal Authority long-term liabilities $ 46,490 $ 37,537 $ (33,431) $ 50,596 $ 50,596 NOTE 8. INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS The composition of interfund balances as of December 31, 2016, is as follows: Due to/from other funds: Receivable Fund Payable Fund Amount General Nonmajor Govemmental Funds $ 303,777 General Water and Sewer System 13,039,088 General Augusta Regional Airport 1,445,378 Nonmajor Enterprise Funds General Fund 27,730 Augusta Regional Airport General Fund 22,656 Garbage Collection Nonmajor Enterprise Funds 33,784 Nonmajor Enterprise Funds Nonmajor Governmental Funds 17,646,925 Internal Service Fund-GMA Leases Nonmajor Governmental Funds 374,400 Internal Service Fund-GMA Leases Water and Sewer System 427,768 Internal Service Fund-GMA Leases Augusta Regional Airport 187,781 Internal Service Fund-GMA Leases Nonmajor Enterprise Funds 347,631 $ 33,856,918 75 NOTES TO FINANCIAL STATEMENTS NOTE 8. INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS (CONTINUED) Advances to/from other funds: Receivable Fund Payable Fund Amount General Fund Nonmajor Enterprise Funds $ 4,456,908 Internal Service Fund-GMA Leases Water and Sewer System 410,235 Internal Service Fund-GMA Leases Augusta Regional Airport 618,696 Internal Service Fund-GMA Leases Nonmajor Enterprise Funds 298,551 $ 5,784,390 Due to/from component units: Receivable Entity Payable Entity Amount General Fund Augusta Canal Authority $ 56,613 These balances resulted from the time lag between the dates that: (1)interfund goods and services are provided or reimbursable expenditures occur, (2) transactions are recorded in the accounting system, and (3) payments between funds are made. Advances to/from other funds represent amounts not expected to be repaid within one year from the date of the financial statements. The composition of interfund transfers during the year ended December 31, 2016,were as follows: Transfer Rom Special Nonmajor Sales Tax Stormwater Governmental Transfer To General Phase 7 Utility Funds Total General $ - $ - $ - $ 2,326,810 $ 2,326,810 Garbage Collection - - 250,000 1,158,860 1,408,860 SPLOST Vt - - - 658,658 658,658 Fire Protection - 478,366 - 5,778,500 6,256,866 Water and Sewer - 5,000,000 - - 5,000,000 Nonmajor Governmental Funds 2,656,621 - - 7,012,472 9,669,093 Nonmajor Enterprise Funds 3,238,497 - - 450,000 3,688,497 Total $ 5,895,118 $ 5,478,366 $ 250,000 $ 17,385,300 $ 29,008,784 Transfers are used to: (1) move revenues from the fund that statute or budget requires to collect them to the fund that the statute or budget requires to expend them, (2) use unrestricted revenues collected in the General Fund to finance various programs accounted for in other funds in accordance with budgetary authorizations, and (3)to transfer funds from Special Sales Tax Phase VI Fund to Fire Protection Fund and Water and Sewer Fund to pay for approved projects in resolution. 76 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS A. Primary Government 1945 Plan Plan Description Plan administration. The 1945 Plan (the "1945 Plan"), a single-employer defined benefit pension 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. The Pension and Audit Committee makes recommendations for changes to the 1945 Plan to the Augusta-Richmond County Commission which has the authority to amend the 1945 Plan document. The committee is comprised of the Augusta—Richmond County Commission Mayor, Mayor Pro-Tem, the Chairman of the Augusta- Richmond County Commission Finance Committee, the Government's Administrator, and the Government's Finance Director. The Plan was created by resolution of the Richmond County Board of Commissioners in March 1945. In February 2001, the Augusta-Richmond County Commission, as successor to the Richmond County Board of Commissioners, approved the restatement of the 1945 Plan effective January 1, 1997. 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. Plan membership.At December 31, 2016, pension plan membership consisted of the following: Active participants 2 Retirees and beneficiaries 21 23 Benefits provided. 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. 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. 77 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) A. Primary Government (Continued) 1945 Plan (Continued) Plan Description (Continued) Contributions. Employees are required to make contributions to the 1945 Plan equal to 5% of earnings. The Government is required to contribute the remaining amounts necessary to fund the 1945 Plan. The contribution amount is determined using actuarial methods and assumptions approved by the trustees and must satisfy the minimum contribution requirement contained in the State of Georgia statutes. Administrative costs of the 1945 Plan are financed through investment income. If a participant terminates employment prior to completion of 10 years of credited service, the participant receives a lump-sum amount equal to his total contributions to the 1945 Plan, with 5% interest computed from January 1, 1997. After completion of at least 10 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. For the year ended December 31, 2016, the active member contribution rate was 5.0% of annual pay, and the Government's contribution rate was 170.2% of annual payroll. Net Pension Liability of the Government The Government's net pension liability was measured as of December 31, 2016, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. Actuarial assumptions. The total pension liability in the December 31, 2016, actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation 2.0% Salary increases 3.0% on average, including inflation Investment rate of return 7.25%, net of pension plan investment expense Mortality rates were based on the RP-2000 Healthy Annuitant Mortality Table for Males or Females, as appropriate,with adjustments for mortality improvements based on Scale AA. 78 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) A. Primary Government (Continued) 1945 Plan (Continued) Net Pension Liability of the Government(Continued) All actuarial assumptions were reviewed prior to the preparation of the December 31, 2016, valuation. As a very significant portion of the actuarial liability is attributable to inactive lives, the two assumptions(investment return and mortality table)that have the most significant impact on the liabilities were revised to reflect the actuary's anticipated future experience of the plan. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the pension plan's target asset allocation as of December 31, 2016, are: Equity Securities—6%and Fixed Income Securities—2.5%. Discount rate. The discount rate used to measure the total pension liability was 7.25%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that Government contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the pension plan's fiduciary net position was projected to be available to make all future benefit payments of current plan members. Therefore, the long- term expected rate of return on pension plan investments was applied to all projected benefit payments to determine the total pension liability. 79 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) A. Primary Government (Continued) 1945 Plan (Continued) Net Pension Liability of the Government(Continued) Changes in the Net Pension Liability of the Government. The changes in the components of the net pension liability of the Government for the year ended December 31, 2016,were as follows: Total Pension Plan Fiduciary Net Pension Liability Net Position Liability (a) (b) (a)-(b) Balances at 12/31/15 $ 8,204,147 $ 6,185,751 $ 2,018,396 Changes for the year: Service cost - -Interest 586,898 - 586,898 Difference between expected and actual experience (388,216) - (388,216) Contributions—employer - 242,708 (242,708) Contributions—employee - 7,121 (7,121) Net investment income - 260,609 (260,609) Benefit payments, including refunds of employee contributions (757,676) (757,676) - Other (483,086) - (483,086) Net changes (1,042,080) (247,238) (794,842) Balances at 12/31/16 $ 7,162,067 $ 5,938,513 $ 1,223,554 The Plan's fiduciary net position as a percentage of the total pension liability 82.9% The required schedule of changes in the Government's net pension liability and related ratios immediately following the notes to the financial statements presents multiyear trend information about whether the value of plan assets is increasing or decreasing over time relative to the total pension liability. 80 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) A. Primary Government (Continued) 1945 Plan (Continued) Net Pension Liability of the Government(Continued) Sensitivity of the net pension liability to changes in the discount rate. The following table presents the net pension liability of the Government, calculated using the discount rate of 7.25%, as well as what the Government's net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower(6.25%)or 1-percentage-point higher(8.25%)than the current rate: Current 1%Decrease Discount Rate 1%Increase (6.25%) (7.25%) (8.25%) $ 1,716,300 $ 1,223,554 $ 788,058 Actuarial valuations involve estimates of the value of reported amounts and assumptions about the probability of events far into the future, and actuarially determined amounts are subject to continual revision as results are compared to past expectations and new estimates are made about the future. Actuarial calculations reflect a long-term perspective. Calculations are based on the substantive plan in effect as of December 31, 2016, and the current sharing pattern of costs between employer and employee. Pension Expense and Deferred Outflows of Resources Related to Pensions For the year ended December 31, 2016, the Government recognized pension expense of ($594,619). At December 31, 2016, the Government reported the net difference between projected and actual earnings on pension plan investments in the amount of$433,098 as a deferred outflow of resources,which will be recognized in pension expense as follows: Year ended December 31: 2017 $ 132,689 2018 132,689 2019 132,689 2020 35,031 Total $ 433,098 81 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) A. Primary Government (Continued) General Retirement Plan Plan Description Plan administration. The General Retirement Plan (the "Plan"), a single-employer defined benefit pension plan, was available to all former City of Augusta employees hired after March 1, 1949 and before March 1, 1987, whose age did not exceed 35 years at the time of their employment and are not participants of the 1977 Plan are covered under the General Retirement Plan. The Pension and Audit Committee makes recommendations for changes to the Plan to the Augusta-Richmond County Commission which has the authority to amend the Plan document. The committee is comprised of the Augusta-Richmond County Commission Mayor, Mayor Pro-Tern, the Chairman of the Augusta-Richmond County Commission Finance Committee, the Government's Administrator, and the Government's Finance Director. The Plan was created by an Act of the General Assembly of Georgia (Senate Bill No. 130) on March 1, 1949. In February 2001, the Augusta-Richmond County Commission, as successor to the Richmond County Board of Commissioners, approved the restatement of the 1945 Plan effective January 1, 1997. 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. Plan membership.At December 31, 2016, pension plan membership consisted of the following: Active participants 46 Retirees and beneficiaries 197 Vested terminated 7 250 Benefits provided. Pension benefits vest after an employee is 45 years of age and has 15 years of full-time employment. An employee may retire at age 60 with 25 years of service and receive annual pension benefits equal to 2% of the employee's average salary earned during the last three years of employment, multiplied by the number of full-time years of employment. The Plan provides death and disability benefits. These benefit provisions and all other requirements including amendments are established by Government ordinance. All full-time employees hired before July 1, 1980, must contribute 8% of gross earnings and employees hired after July 1, 1980, must contribute 5% of gross earnings to the Plan, with the Government contributing remaining amounts sufficient to provide future pensions. 82 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) A. Primary Government (Continued) General Retirement Plan (Continued) Plan Description(Continued) Contributions. Employer contributions for 2016 are determined as part of the January 1, 2016, actuarial valuation using the frozen entry age cost method. The contribution amount is determined using actuarial methods and assumptions approved by the trustees and must satisfy the minimum contribution requirement contained in the State of Georgia statutes. Administrative costs of the General Retirement Plan are financed through investment income. The unfunded accrued liability is composed of pieces that are amortized over various periods to comply with Georgia law as a level percentage of payroll. When the actuarial value of assets exceeds 150%of the present value of accrued benefits, the Official Code of Georgia Annotated states that there is no minimum required contribution. 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. For the year ended December 31, 2016, the active member contribution rate was 7.9% of annual pay, and the Government's contribution rate was 147.5% of annual payroll. Net Pension Liability of the Government The Government's net pension liability was measured as of December 31, 2016, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. Actuarial assumptions. The total pension liability in the December 31, 2016, actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation 2.0% Salary increases 3.0% on average, including inflation Investment rate of return 7.25%, net of pension plan investment expense 83 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) A. Primary Government (Continued) General Retirement Plan (Continued) Net Pension Liability of the Government(Continued) Mortality rates were based on the RP-2000 Healthy Annuitant Mortality Table for Males or Females, as appropriate, with adjustments for mortality improvements based on Scale AA. All actuarial assumptions were reviewed prior to the preparation of the December 31, 2016, valuation. As a very significant portion of the actuarial liability is attributable to inactive lives, the two assumptions(investment return and mortality table)that have the most significant impact on the liabilities were revised to reflect the actuary's anticipated future experience of the plan. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the pension plan's target asset allocation as of December 31, 2016, are: Equity Securities—6% and Fixed Income Securities—2.5%. Discount rate. The discount rate used to measure the total pension liability was 7.25%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that Government contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the pension plan's fiduciary net position was projected to be available to make all future benefit payments of current plan members. Therefore, the long- term expected rate of return on pension plan investments was applied to all projected benefit payments to determine the total pension liability. 84 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) A. Primary Government (Continued) General Retirement Plan (Continued) Net Pension Liability of the Government(Continued) Changes in the Net Pension Liability of the Government. The changes in the components of the net pension liability of the Government for the year ended December 31, 2016, were as follows: Total Pension Plan Fiduciary Net Pension Liability Net Position Liability (a) (b) (a)-(b) Balances at 12/31/15 $ 90,180,914 $ 67,508,179 $ 22,672,735 Changes for the year: Service cost 213,829 - 213,829 Interest 6,511,618 - 6,511,618 Difference between expected and actual experience 392,380 - 392,380 Contributions—employer - 2,381,619 (2,381,619) Contributions—employee - 127,008 (127,008) Net investment income - 2,957,821 (2,957,821) Benefit payments, including refunds of employee contributions (6,718,694) (6,718,694) - Administrative expense (5,649,139) - (5,649,139) Net changes (5,250,006) (1,252,246) (3,997,760) Balances at 12/31/16 $ 84,930,908 $ 66,255,933 $ 18,674,975 The Plan's fiduciary net position as a percentage of the total pension liability 78.0% The required schedule of changes in the Government's net pension liability and related ratios immediately following the notes to the financial statements presents multiyear trend information about whether the value of plan assets is increasing or decreasing over time relative to the total pension liability. 85 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) A. Primary Government (Continued) General Retirement Plan (Continued) Net Pension Liability of the Government(Continued) Sensitivity of the net pension liability to changes in the discount rate. The following table presents the net pension liability of the Government, calculated using the discount rate of 7.25%, as well as what the Government's net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower(6.25%)or 1-percentage-point higher(8.25%)than the current rate: Current 1%Decrease Discount Rate 1%Increase (6.25%) (7.25%) (8.25%) $ 26,576,951 $ 18,674,975 $ 11,876,739 Actuarial valuations involve estimates of the value of reported amounts and assumptions about the probability of events far into the future, and actuarially determined amounts are subject to continual revision as results are compared to past expectations and new estimates are made about the future. Actuarial calculations reflect a long-term perspective. Calculations are based on the substantive plan in effect as of December 31, 2016, and the current sharing pattern of costs between employer and employee. Pension Expense and Deferred Outflows of Resources Related to Pensions For the year ended December 31, 2016, the Government recognized pension expense of ($2,096,706). At December 31, 2016, the Government reported the net difference between projected and actual earnings on pension plan investments in the amount of $4,504,238 as a deferred outflow of resources,which will be recognized in pension expense as follows: Year ended December 31: 2017 $ 1,377,539 2018 1,377,539 2019 1,377,539 2020 371,621 Total $ 4,504,238 86 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) A. Primary Government (Continued) Georgia Municipal Employees Benefit System Plan Plan Description Employees from the City of Augusta hired after March 1, 1987, and before consolidation on December 31, 1996, and who were not participants in any other employer-sponsored retirement plan, and Augusta Canal Authority employees are covered under the Georgia Municipal Employees Benefit System (GMEBS), an agent multiple-employer defined benefit pension plan. The GMEBS Plan provides pension benefits, deferred allowances, and death and disability benefits. In 2008 this plan was reopened to participants of the 1998 Defined Contribution Plan who opted to convert to the GMEBS Plan. Participation in this plan is mandatory for all new employees. These benefit provisions and all other requirements including amendments are established by Government ordinance. A participant may retire after reaching the age of 65 if the participant is not classified as public safety personnel; participating public safety personnel may retire at age 65 or age 55 with 25 years of total credited service, whichever is earlier. Early retirement may be taken at age 55 with 10 years of credited service. Benefits vest after 10 years of service. Employees who retire at or after age 55 with 10 or more years of service are entitled to pension payments for the remainder of their lives equal to 1 'A% of their final five-year average salary times the number of years of which they were employed as a participant in the GMEBS. The final five-year average salary is the average salary of the employee during the final five years of full-time employment. Pension provisions include deferred allowances, whereby an employee may terminate his or her employment with the Government after accumulating 10 years of service but before reaching the age of 55. If the employee does not withdraw his or her accumulated contributions, the employee is entitled to all pension benefits upon reaching the age of 55. Employees must contribute 4%of their gross earnings to the Plan. In addition, the Government must provide annual contributions sufficient to satisfy the actuarially determined contribution requirements as amended by GMEBS. The GMEBS Retirement Fund issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained by writing to Georgia Municipal Employees Benefit System, 201 Pryor Street, SW,Atlanta, Georgia 30303. Plan membership. At July 1, 2016, the date of the most recent actuarial valuation, there were 2,959 participants as follows: Active participants 2,316 Retirees and beneficiaries 542 Vested terminated 101 2,959 a 87 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) A. Primary Government (Continued) Georgia Municipal Employees Benefit System Plan (Continued) Plan Description(Continued) Contributions. The Plan is subject to minimum funding standards of the Georgia Public Retirement Systems Standards law. The Board of Trustees of GMEBS has adopted a recommended actuarial funding policy for the plan which meets state minimum requirements and will accumulate sufficient funds to provide the benefits under the plan. The funding policy for the Plan, as adopted by the Commission, is to contribute an amount equal to or greater than the actuarially recommended contribution rate. This rate is based on the estimated amount necessary to finance the costs of benefits earned by plan members during the year, with an additional amount to finance any unfunded accrued liability. The Government is required to contribute the difference between the actuarially determined rate and the contribution rate of plan members, as determined by the Commission. For the year ended December 31, 2016, the active member contribution rate was 4.1% of annual pay and the Government's contribution rate was 5.7% of annual payroll. Government contributions to the Plan were $4,790,116 for the year ended December 31, 2016. Net Pension Liability of the Government The Government's net pension liability was measured as of March 31, 2016. The total pension liability used to calculate the net pension liability was determined by an actuarial valuation as July 1, 2016, with update procedures performed by the actuary to roll forward to the total pension liability measured as of March 31, 2016. Actuarial assumptions. The total pension liability in the January 1, 2016, actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation 3.25% Salary increases 3.25%, plus service based merit increases Investment rate of return 7.75%, net of pension plan investment expense, including inflation Mortality rates for were based on the RP-2000 Combined Healthy Mortality Table with sex-distinct rates, set forward two years for males and one year for females. The actuarial assumptions used in the July 1, 2016, valuation were based on the results of an actuarial experience study for the period January 1, 2010—June 30, 2014. 88 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) A. Primary Government (Continued) Georgia Municipal Employees Benefit System Plan (Continued) Net Pension Liability of the Government (Continued) Cost of living adjustments were assumed to be 3.25% although the Plan allowance for annual cost of living adjustment is variable, as established by the Commission, in an amount not to exceed 3.25%. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the pension plan's target asset allocation as of March 31, 2016, are summarized in the following table: Long-term expected real Asset Class Target Allocation rate of return* Domestic equity 45% 6.75% International equity 20% 7.45% Real estate 10% 4.55% Global fixed income 5% 3.30% Domestic fixed income 20% 1.75% Cash -% Total 100% * Rates shown are net of the 3.25% assumed rate of inflation. Discount rate. The discount rate used to measure the total pension liability was 7.75%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that Government contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all of the projected benefit payments to determine the total pension liability. 89 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) A. Primary Government (Continued) Georgia Municipal Employees Benefit System Plan (Continued) Net Pension Liability of the Government(Continued) Changes in the Net Pension Liability of the Government. The changes in the components of the net pension liability of the Government for the year ended December 31, 2016,were as follows: Total Pension Plan Fiduciary Net Pension Liability Net Position Liability (a) (b) (a)-(b) Balances at 12/31/15 $ 139,456,536 $ 118,381,210 $ 21,075,326 Changes for the year: Service cost 5,634,438 - 5,634,438 Interest 10,567,608 - 10,567,608 Difference between expected and actual experience 692,737 692,737 Contributions—employer - 5,375,663 (5,375,663) Contributions—employee - 3,861,596 (3,861,596) Net investment income - 469,404 (469,404) Benefit payments, including refunds of employee contributions (6,200,611) (6,200,611) - Other - - - Administrative expense - (263,919) 263,919 Net changes 10,694,172 3,242,133 7,452,039 Balances at 12/31/16 $ 150,150,708 $ 121,623,343 $ 28,527,365 The Plan's fiduciary net position as a percentage of the total pension liability 81.0% The required schedule of changes in the Government's net pension liability and related ratios immediately following the notes to the financial statements presents multiyear trend information about whether the value of plan assets is increasing or decreasing over time relative to the total pension liability. 90 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) A. Primary Government (Continued) Georgia Municipal Employees Benefit System (Continued) Net Pension Liability of the Government(Continued) Sensitivity of the net pension liability to changes in the discount rate. The following presents the net pension liability of the Government, calculated using the discount rate of 7.75%, as well as what the Government's net pension liability would be if it were calculated using a discount rate that is 1- percentage-point lower(6.75%)or 1-percentage-point higher(8.75%)than the current rate: Current 1%Decrease Discount Rate 1%Increase (6.75%) (7.75%) (8.75%) $ 47,692,021 $ 28,527,365 $ 12,929,325 Actuarial valuations involve estimates of the value of reported amounts and assumptions about the probability of events far into the future, and actuarially determined amounts are subject to continual revision as results are compared to past expectations and new estimates are made about the future. Actuarial calculations reflect a long-term perspective. Calculations are based on the substantive plan in effect as of March 31, 2016, and the current sharing pattern of costs between employer and employee. 91 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) A. Primary Government (Continued) Georgia Municipal Employees Benefit System (Continued) Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions For the year ended December 31, 2016, the Government recognized pension expense of $4,189,162. At December 31, 2016, the Government reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Difference between expected and actual experience $ 47,179 $ - Changes in assumptions - (1,676,531) Net difference between projected and actual earnings on pension plan in stments 5,842,132 - Govemment contributions subsequent to the measurement date 3,682,722 - Total $ 9,572,033 $ (1,676,531) Government contributions subsequent to the measurement date of $3,682,722 are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ending December 31, 2017. Other amounts reported as deferred inflows of resources related to pensions will be recognized in pension expense as follows: Year ended December 31: 2017 $ 923,647 2018 923,647 2019 923,647 2020 1,326,291 2021 115,548 Total $ 4,212,780 92 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) A. Primary Government (Continued) Firemen's Pension Plan and the City Employees' Pension Plan These Plans covered former City of Augusta employees. Policemen and firemen hired before 1945 are covered under the General Pension Plan. Firemen hired between 1945 and 1949 are covered under the Firemen's Pension Plan. Other former City of Augusta employees hired between 1945 and 1949 are covered by the City Employees' Pension Plan. Pension benefits are being paid under these Plans to retired employees and beneficiaries. These are closed retirement plans (new employees may not participate in the plans). During the year ended December 31, 2016, the Firemen's Pension Plan has one participant with Government contributions of$23,523; and the City Employees' Pension Plan has four participants with Government contributions of$172,871. These plans do not issue stand-alone financial statement reports. Retirement Savings Plan (the "1998 Plan") All full-time employees with more than one month of service and Canal Authority employees were eligible to participate in the Retirement Savings Plan. The 1998 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 of the 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, 2016, there were approximately 222 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, 2016, the employees' contributions were $255,453, and the Government's contributions were $127,728. This is a closed retirement plan (new employees may not participate in the Plan). B. Component Unit Richmond County Department of Health Plan Description ERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly during the 1949 Legislative Session for the purpose of providing retirement allowances for employees of the State of Georgia and its political subdivisions. ERS is directed by a Board of Trustees. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. ERS issues a publicly available financial report that can be obtained at www.ers.qa.qov/formspubs/formspubs. 93 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) B. Component Unit (Continued) Richmond County Department of Health (Continued) Plan Description(Continued) Benefits provided. The ERS Plan supports three benefit tiers: Old Plan, New Plan, and Georgia State Employee's Pension and Savings Plan (GSEPS). Employees under the old plan started membership prior to July 1, 1982, and are subject to plan provisions in effect prior to July 1, 1982. Members hired on or after July 1, 1982 but prior to January 1, 2009, are new plan members subject to modified plan provisions. Effective January 1, 2009, new state employees and rehired state employees who did not retain membership rights under the Old or New Plans are members of GSEPS. ERS members hired prior to January 1, 2009, also have the option to irrevocably change their membership to GSEPS. Under the old plan, the new plan, and GSEPS, a member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 60 or 30 years of creditable service regardless of age. Additionally, there are some provisions allowing for early retirement after 25 years of creditable service for members under age 60. Retirement benefits paid to members are based upon the monthly average of the member's highest 24 consecutive calendar months, multiplied by the number of years of creditable service, multiplied by the applicable benefit factor. Annually, postretirement cost-of-living adjustments may also be made to member's benefits, provided the members were hired prior to July 1, 2009. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension, at reduced rates, to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS. Contributions. Member contributions under the old plan are 4% of annual compensation, up to $4,200, plus 6% of annual compensation in excess of $4,200. Under the old plan, the state pays member contributions in excess of 1.25% of annual compensation. Under the old plan, these state contributions are included in the member's accounts for refund purposes and are used in the computation of the members' earnable compensation for the purpose of computing retirement benefits. Member contributions under the new plan and GSEPS are 1.25%of annual compensation. The Health Department's contractually required contribution rate, actuarially determined annually, for the year ended June 30, 2016, was 19.97% of annual covered payroll for the old and new plan members and 21.69% for GSEPS members. The Health Department's contributions to ERS totaled $ 1,065,340 for the year ended June 30, 2016. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. 94 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) B. Component Unit (Continued) Richmond County Department of Health (Continued) Plan Description(Continued) Actuarial assumptions: The total pension liability as of June 30, 2015, was determined by an actuarial valuation as of June 30, 2014, using the following actuarial assumptions, applied to all periods included in the measurement: Inflation 3.00% Salary increases 5.45—9.25%, including inflation Investment rate of return 7.50%, net of pension plan investment expense, including inflation Mortality rates were based on the RP-2000 Combined Mortality Table for the periods after service retirement, for dependent beneficiaries, and for deaths in active service, and the RP-2000 Disabled Mortality Table set back eleven years for males for the period after disability retirement. The actuarial assumptions used in the June 30, 2014, valuation were based on the results of an actuarial experience study for the period July 1, 2004—June 30, 2009. The long-term expected rate of return on pension plan investments was determined using a log- normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of pension plan investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Long-term expected real Asset Class Target Allocation rate of return* Fixed income 30.0% 3.0% Domestic large equities 39.7% 6.5% Domestic mid equities 3.7% 10.0% Domestic small equities 1.6% 13.0% International developed market equities 18.9% 6.5% International emerging market equities 6.1% 11.0% Total 100% * Rates shown are net of the 3.00% assumed rate of inflation. 95 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) B. Component Unit (Continued) Richmond County Department of Health (Continued) Plan Description (Continued) Discount rate: The discount rate used to measure the total pension liability was 7.50%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and State of Georgia contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Sensitivity of the Health Department's proportionate share of the net pension liability to changes in the discount rate: The following presents the Health Department's proportionate share of the net pension liability calculated using the discount rate of 7.50%, as well as what the Health Department's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.50%) or 1-percentage—point higher (8.50%) than the current rate: Current 1%Decrease Discount Rate 1%Increase (6.5%) (7.5%) (8.5%) $ 11,487,727 $ 8,104,011 $ 5,219,263 Net Pension Liability, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At June 30, 2016, the Health Department reported a liability for its proportionate share of the net pension liability. The net pension liability was measured as of June 30, 2015. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2014. An expected total pension liability as of June 30, 2015, was determined using standard roll forward techniques. The Health Department's proportion of the net pension liability was based on contributions to ERS during the fiscal year ended June 30, 2015. At June 30, 2015, the Employer's proportion was 0.200030%, which was an increase of 0.007390% from its proportion measured as of June 30, 2014. 96 NOTES TO FINANCIAL STATEMENTS NOTE 9. PENSION PLANS (CONTINUED) B. Component Unit (Continued) Richmond County Department of Health (Continued) Net Pension Liability, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions(Continued) For the year ended June 30, 2016, the Health Department recognized pension expense of $455,766. At June 30, 2016, the Health Department reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Differences between expected and actual experience $ - $ (64,750) Net difference between projected and actual earnings on pension plan investments - (584,718) Changes in proportion and differences between employer contributions and proportionate share of contributions 96,654 (206,892) Health Department contributions subsequent to the measurement date 1,065,340 - Total $ 1,161,994 $ (856,360) Health Department contributions subsequent to the measurement date of$ 1,065,340 are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2017. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: Year ended December 31: 2017 $ (345,064) 2018 (351,170) 2019 (260,621) 2020 197,149 Total $ (759,706) Pension Plan Fiduciary Net Position Detailed information about the pension plan's fiduciary net position is available in the separately issued ERS financial report which is publically available at www.ers.ga.aov/formspubs/formspubs. 97 NOTES TO FINANCIAL STATEMENTS NOTE 10. OTHER POSTEMPLOYMENT BENEFITS Plan Description The Government maintains the Augusta-Richmond County Other Post-Employment Benefit Plan (the "OPEB Plan"), a single employer post-employment defined benefit plan. The OPEB plan provides medical and death benefits to eligible retirees and their spouses. Separate publicly available financial statements are not issued for the OPEB Plan. Funding Policy The Government intends to continue to fund the OPEB Plan on a pay-as-you-go basis. The OPEB Plan is fully funded by the Government and plan members are not required to contribute. Contribution requirements may be amended by a majority vote of the full-body of the Augusta- Richmond County Commission. Participant Data At December 31, 2016, the date of the most recent actuarial valuation, there were 2,123 participants as follows: Active employees 1,512 Retired participants receiving benefits 611 Total membership 2,123 Annual OPEB Cost and Net OPEB Obligation The Government contributed $4,014,820 to the OPEB Plan for the year ended December 31, 2016. The Government's annual other post-retirement benefit(OPEB) cost(expense) is calculated based on the annual required contribution of the employer (ARC), an amount actuarially determined in accordance with the parameters of GASB Statement 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities(or funding excess)over a period not to exceed 30 years. 98 NOTES TO FINANCIAL STATEMENTS NOTE 10. OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) The Government's annual pension cost and net OPEB obligation for the OPEB Plan for the current year is as follows: December 31, 2016 Annual required employer contribution $ 8,804,271 Interest on net OPEB obligation 2,327,879 Adjustment to annual required contribution (2,912,200) Annual OPEB cost 8,219,950 Employer contributions made or accrued 4,014,820 Increase in net OPEB obligation 4,205,130 Net OPEB obligation beginning of year 42,325,079 Net OPEB obligation end of year $ 46,530,209 Trend Information Fiscal Year Annual OPEB Percentage of Net OPEB Ending Cost(APC) APC Contributed Obligation 12/31/2016 $ 8,219,950 48.8 % $ 46,530,209 12/31/2015 7,820,420 47.6 42,325,079 12/31/2014 7,530,194 41.5 38,229,228 12/31/2013 7,530,193 39.3 33,973,493 12/31/2012 7,593,837 31.9 29,568,318 99 NOTES TO FINANCIAL STATEMENTS NOTE 10. OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) As of January 1, 2015, the most recent valuation date, the funded status of the OPEB Plan is as follows: Actuarial UAAL as a Actuarial Accrued Unfunded Percentage Actuarial Value of Liability(AAL) AAL Funded Covered of Covered Valuation Assets Entry Age (UAAL) Ratio Payroll Payroll Date (a) (b) (b-a) (a/b) (c) (b-a)/c) 1/1/2016 $ - $ 103,599,420 $ 103,599,420 - % $ N/A N/A The required schedule of funding progress immediately following the notes to the financial statements presents multiyear trend information about whether the actuarial value of plan net position is increasing or decreasing over time relative to the actuarial accrued liability. Actuarial valuations involve estimates of the value of reported amounts and assumptions about the probability of events far into the future, and actuarially determined amounts are subject to continual revision as results are compared to past expectations and new estimates are made about the future. Actuarial calculations reflect long-term perspective. Calculations are based on the substantive plan in effect as of January 1, 2016, and on the pattern of sharing costs between the employer and plan members to that point. Actuarial Assumptions The assumptions used in the January 1, 2015, actuarial valuation are as follows: Valuation date January 1, 2015 Actuarial cost method Projected Unit Credit Amortization method Level Percent of Pay (open) Amortization period 30 years Asset valuation method Market Value Actuarial assumptions: Discount rate 5.50% Annual health care cost trend rate 8.00% initially, reduced by decrements to an ultimate rate of 5.00% after three years 100 NOTES TO FINANCIAL STATEMENTS NOTE 11. 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. The Government purchases commercial insurance to cover employee life, health, property and liability, and disability insurance programs. There were no significant reductions of insurance coverage compared to the prior year. Settled claims in the past three years have not exceeded the coverages. The Government records an estimated liability for indemnity workers' compensation claims against the Government. Claim liabilities are based on estimates of the ultimate cost of reported claims (including future claim adjustment expenses). Claims liabilities include specific, incremental claim adjustment expenses and allocated loss adjustment expenses. Because all workers'compensation claims are expected to be settled within one year, the related unpaid claims liability is not discounted and the entire liability is classified as current. Activity is accounted for in the General Fund. Changes in the balances of claims liabilities during the last two years ended December 31, are as follows: December 31, 2016 December 31, 2015 Unpaid claims, beginning of fiscal year $ 8,504,445 $ 9,797,917 Incurred claims and changes in estimates 1,499,188 1,495,433 Claim payments (4,154,533) (2,788,905) Unpaid claims, end of fiscal year $ 5,849,100 $ 8,504,445 The $5,849,100 noted above along with an additional $501,413 in litigation claims payable as discussed in Note 12 are reported in the Government's Statement of Net Position. Total accrued claims and judgments liability amounts to$6,350,513 as of December 31, 2016. NOTE 12. COMMITMENTS AND CONTINGENCIES Litigation The Government is involved in several pending lawsuits. The nature of the lawsuits varies considerably. Management and the Government's legal counsel have determined an aggregate liability, which is reasonably possible to arise from the proceedings of up to $501,413. The entire amount is believed by management and legal counsel to be probable and is recorded as claims and judgments payable on the government-wide statement of net position as of December 31, 2016. The Government will continue to assert its position in a defense against these claims. 101 NOTES TO FINANCIAL STATEMENTS NOTE 12. COMMITMENTS AND CONTINGENCIES (CONTINUED) Contractual Commitments At December 31, 2016, in addition to the liabilities enumerated on the balance sheet, the Government also had contractual commitments on uncompleted construction contracts in the amount of approximately$3,061,683 for the completion of various projects. Grant Contingencies The Government has received Federal and state grants for specific purposes that are subject to review and audit by the grantor agencies. Such audits could lead to the disallowance of certain expenditures previously reimbursed by those agencies. Based upon prior experience, Government management believes such disallowances, if any,will not be significant. NOTE 13. RELATED ORGANIZATIONS The Government's governing council is responsible for all of the board appointments of the Housing Authority of the City of Augusta, Georgia. However, the Government's powers with respect to the Housing Authority of the City of Augusta, Georgia do not extend beyond these appointments and, accordingly, the Government has no financial accountability for the Housing Authority of the City of Augusta, Georgia. NOTE 14. JOINT VENTURE Under Georgia law, the Government, in conjunction with the 16 counties and 54 cities in east Georgia known as the Central Savannah River Area (CSRA), is a member of the CSRA Regional Commission (CSRA RC) and is required to pay annual dues thereto. During its year ended December 31, 2016, the Government paid $195,820 in such dues. Membership in a regional commission is required by the Official Code of Georgia Annotated (OCGA) Section 50-8-34 which provides for the organizational structure of the CRC in Georgia. The CSRA RC Board membership includes one city official, one county official, and one private sector individual from each county. OCGA 50-8-39.1 provides that the member governments are liable for any debts or obligations of an RC. Separate financial statements may be obtained from the CSRA Regional Commission, 3023 River Watch Parkway,Augusta, Georgia 30907. NOTE 15. HOTEL/MOTEL LODGING TAX The Government has imposed a 6% hotel/motel tax on lodging facilities. Revenues collected during the year ended December 31, 2016, were $5,872,693; $4,512,963 was paid to the Augusta- Richmond County Coliseum and the Augusta Convention and Visitors Bureau to promote tourism within Richmond County, and $1,360,000 was used for debt service on the Augusta Richmond County Coliseum Authority Revenue Bond Series 2010. 102 NOTES TO FINANCIAL STATEMENTS NOTE 16. LEASES The Government is lessor of terminal space, land and buildings at Augusta Regional Airport at Bush Field and Daniel Field under various operating leases. Revenues and related expenses for Augusta Regional Airport at Bush Field are recorded in the Augusta Regional Airport at Bush Field Fund while the revenue and related expenses for Daniel Field are recorded in the Daniel Field Airport Fund. Some of the leases provide for additional payments based on usage activity in addition to non-cancelable amounts of fixed rates. During 2016, rental income totaled $1,053,154 and $89,573 in the Augusta Regional Airport at Bush Field and Daniel Field Airport Funds, respectively. NOTE 17. DEFICIT FUND BALANCES / NET POSITION The Special Assessment Fund reported a deficit fund balance of $427,951; the Housing and Neighborhood Development Fund reported a deficit fund balance of $378,096; the Urban Redevelopment Agency Fund reported a deficit fund balance of $209,756; the TIA Projects Fund reported a deficit fund balance of $8,732,047; the Fleet Operations Fund reported deficit net position of $127,421; and the GMA Leases Fund reported deficit net position of $325,177 at December 31, 2016. The Special Assessment Fund, Housing and Neighborhood Development Fund, Urban Redevelopment Agency, and TIA Projects Fund deficits are intended to be eliminated through increased transfers from other funds. The Fleet Operations Fund and GMA Leases Fund deficits are intended to be eliminated through an increase in user charges. NOTE 18. DEPARTMENT OF THE ARMY REVENUE In September 2007, the Government entered into a contract with the Department of Defense(DOD) for the privatization of the water and wastewater system for the army base located at Fort Gordon, Georgia. The contract term is for fifty(50) years with a renewal option. The contract provides for selling the existing infrastructure assets to the Government, paying for renewal and replacement of infrastructure, reimbursing the cost of any new assets added to the water and wastewater system, and paying the Government to operate and maintain the water and wastewater system. Payments from the DOD to the Government are provided for in different ways for each type of payment. Sale of existing infrastructure assets to Utilities and payment for operations and maintenance—The amortized cost of the initial purchase of the infrastructure is passed along to the DOD as allowable part of the cost to operate and maintain the water and wastewater system. As a result, the payment for purchase of the existing infrastructure is considered an offset resulting in a non-cash transaction. The liability for the purchase of the assets is recorded as a note payable to the Department of the Army. A monthly entry is recorded to reflect the amortization of the scheduled note payable payment including interest and an equal amount of revenue representing operation and maintenance of the system. In addition, depreciation expense is recorded equal to the principal balance and interest expense on the note payable. The total amount of these expenses is expected to equal the total amount of the related revenue over the life of the contract. For the years ended December 31, 2016 and 2015, $2,455,980 and $2,455,980, respectively, was recorded as Department of the Army revenue and was used to reduce the outstanding balance on the Department of the Army note payable. 103 NOTES TO FINANCIAL STATEMENTS NOTE 18. DEPARTMENT OF THE ARMY REVENUE (CONTINUED) Payment for renewal and replacement of infrastructure—Payments for renewal and replacement of the water and wastewater system were calculated based on an estimated schedule of asset replacement with inflation over the fifty(50)year term of the contract. This estimated cost was then amortized on a present value basis to a monthly amount. This amount, along with the estimated monthly payment for operations and maintenance agreed upon at the contract signing date, are billed monthly to the DOD and are expected to remain constant for the first two (2) years of the contract. After the first two (2) years of the contract and every three (3) years thereafter, the monthly amount of either of these payments may be renegotiated within contractually specified limits. For the years ended December 31, 2016 and 2015, the Government recognized $5,128,257 and$5,208,041, respectively, of revenue for these payments as department of the Army revenue. Reimburse the cost of any new assets added to the system — Any new assets required for the infrastructure of Fort Gordon are approved by the DOD, contracted by Utilities and reimbursed in full at the completion of the project by DOD. For the years ended December 31, 2016 and 2015, reimbursements for such projects totaled $3,949,610 and $499,296, respectively, and payments were recorded as Department of the Army revenue. NOTE 19. TAX ABATEMENT PROGRAMS As of December 31, 2016, the Government provides tax abatement through two programs: Tax Allocation Districts(TAD'S)and Enterprise Zones 1). Tax Allocation Districts were authorized in 1985 under the Redevelopment Powers Law(Art. IX, Sec. II Para. VII of the Georgia Constitution as amended) to finance infrastructure and other redevelopment costs within a tax allocation district. Incremental tax revenue (Ad Valorem and Sales Tax) collected in the district may be used to reimburse a developer in accordance with an approved redevelopment agreement. 2). Enterprise Zones are designated geographical areas where Ad Valorem taxes are abated for up to 10 years and other incentive to businesses that create five or more new jobs and residential investment with a minimum 5:1 improvement value. 104 NOTES TO FINANCIAL STATEMENTS NOTE 19. TAX ABATEMENT PROGRAMS (CONTINUED) Augusta Economic Development Authority Tax Abatements Under the agreement entered into by AEDA, County Ad Valorem revenues were reduced by $2,332,101. Tax Abatement Program Amount Abated TAD 2 Ad Valorem Taxes $ 144,566 Sales Tax 598,705 Total TAD 2 743,271 TAD 3 Ad Valorem Taxes $ 577,301 TAD 4 Ad Valorem Taxes $ 25,275 Enterprise Zones Harrisburg $ 2,007 Laney Walker 42,024 Rocky Creek 15,980 Total Enterprise Zones 60,011 Economic Development Authority Ad Valorem Taxes $ 2,332,101 105 THIS PAGE INTENTIONALLY LEFT BLANK REQUIRED SUPPLEMENTARY INFORMATION THIS PAGE INTENTIONALLY LEFT BLANK REQUIRED SUPPLEMENTARY INFORMATION OTHER POST-EMPLOYMENT BENEFIT PLAN SCHEDULE OF FUNDING PROGRESS Actuarial UAAL as a Actuarial Accrued Unfunded Percentage Actuarial Value of Liability(AAL) AAL Funded Covered of Covered Valuation Assets Entry Age (UAAL) Ratio Payroll Payroll Date (a) (b) (b-a) (a/b) (c) (b-a)/c) 1/1/2016 $ - $ 103,599,420 $ 103,599,420 - % $ N/A N/A 1/1/2015 - 98,256,111 98,256,111 - N/A N/A 1/1/2013 - 95,489,631 95,489,631 - N/A N/A 1/1/2012 - 95,489,631 95,489,631 - N/A N/A 1/1/2011 - 91,479,290 91,479,290 - N/A N/A 1/1/2010 - - - - N/A N/A 1/1/2009 - - - - N/A N/A The assumptions used in the preparation of the above schedule are disclosed in Note 10 to the financial statements. 106 THIS PAGE INTENTIONALLY LEFT BLANK NONMAJOR GOVERNMENTAL FUNDS THIS PAGE INTENTIONALLY LEFT BLANK AUGUSTA, GEORGIA REQUIRED SUPPLEMENTARY INFORMATION 1945 PLAN SCHEDULE OF CHANGES IN THE GOVERNMENT'S NET PENSION LIABILITY AND RELATED RATIOS FOR THE YEAR ENDED DECEMBER 31, 2016 2015 2014 Total pension liability Service cost $ 586,898 $ 644,381 $ 3,063 Interest on total pension liability (388,216) (656,594) 691,884 Benefit payments, including refunds of employee contributions (757,676) (791,036) (890,165) Other (483,086) 557,115 Net change in total pension liability (1,042,080) (246,134) (195,218) Total pension liability-beginning 8,204,147 8,450,281 8,645,499 Total pension liability-ending(a) $ 7,162,067 $ 8,204,147 $ 8,450,281 Plan fiduciary net position Contributions-employer $ 242,708 $ 290,565 $ 299,600 Contributions-employee 7,121 6,611 6,661 Net investment income 260,609 13,630 521,224 Benefit payments, including refunds of member contributions (757,676) (791,036) (864,962) Net change in plan fiduciary net position (247,238) (480,230) (37,477) Plan fiduciary net position-beginning 6,185,751 6,665,981 6,703,458 Plan fiduciary net position-ending(b) $ 5,938,513 $ 6,185,751 $ 6,665,981 Government's net pension liability- ending(a)-(b) $ 1,223,554 $ 2,018,396 $ 1,784,300 Plan fiduciary net position as a percentage of the total pension liability 82.9% 75.4% 78.9% Covered-employee payroll $ 142,642 $ 132,431 $ 132,346 Net pension liability as a percentage of covered-employee payroll 857.8% 1524.1% 1348.2% Notes to the Schedule: The schedule will present 10 years of information once it is accumulated. 107 AUGUSTA, GEORGIA REQUIRED SUPPLEMENTARY INFORMATION GENERAL RETIREMENT PLAN SCHEDULE OF CHANGES IN THE GOVERNMENTS NET PENSION LIABILITY AND RELATED RATIOS FOR THE YEAR ENDED DECEMBER 31, 2016 2015 2014 Total pension liability Service cost $ 213,829 $ 211,811 $ 196,121 Interest on total pension liability 6,511,618 7,012,898 7,212,710 Difference between expected and actual experience 392,380 (9,987,646) - Benefit payments, including refunds of employee contributions (6,718,694) (6,640,017) - Assumption changes (5,649,139) 8,602,628 (6,390,348) Net change in total pension liability (5,250,006) (800,326) 1,018,483 Total pension liability-beginning 90,180,914 90,981,240 89,962,757 Total pension liability-ending(a) $ 84,930,908 $ 90,180,914 $ 90,981,240 Plan fiduciary net position Contributions-employer $ 2,381,619 $ 2,256,722 $ 2,256,722 Contributions-employee 127,008 145,707 185,458 Net investment income 2,957,821 416,945 4,737,674 Benefit payments, including refunds of member contributions (6,718,694) (6,640,017) (6,144,565) Net change in plan fiduciary net position (1,252,246) (3,820,643) 1,035,289 Plan fiduciary net position-beginning 67,508,179 71,328,822 70,293,533 Plan fiduciary net position-ending(b) $ 66,255,933 $ 67,508,179 $ 71,328,822 Government's net pension liability- ending(a)-(b) $ 18,674,975 $ 22,672,735 $ 19,652,418 Plan fiduciary net position as a percentage of the total pension liability 78.0% 74.9% 78.4% Covered-employee payroll $ 1,614,364 $ 2,173,529 $ 2,906,852 Net pension liability as a percentage of covered-employee 1156.8% 1043.1% 676.1% Notes to the Schedule: The schedule will present 10 years of information once it is accumulated. 108 AUGUSTA, GEORGIA REQUIRED SUPPLEMENTARY INFORMATION GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM PLAN SCHEDULE OF CHANGES IN THE GOVERNMENT'S NET PENSION LIABILITY AND RELATED RATIOS FOR THE YEAR ENDED DECEMBER 31, 2016 2015 Total pension liability Service cost $ 5,634,438 $ 6,206,501 Interest on total pension liability 10,567,608 10,017,506 Differences between expected and actual experience 692,737 (769,614) Changes of assumptions - (2,547,031) Benefit payments, including refunds of employee contributions (6,200,611) (5,417,945) Net change in total pension liability 10,694,172 7,489,417 Total pension liability-beginning 139,456,536 131,967,119 Total pension liability-ending(a) $ 150,150,708 $ 139,456,536 Plan fiduciary net position Contributions-employer $ 5,375,663 $ 5,710,844 Contributions-employee 3,861,596 3,742,322 Net investment income 469,404 10,245,983 Benefit payments, including refunds of member contributions (6,200,611) (5,417,945) Administrative expenses (263,919) (223,210) Net change in plan fiduciary net position 3,242,133 14,057,994 Plan fiduciary net position-beginning 118,381,210 104,323,216 Plan fiduciary net position-ending(b) $ 121,623,343 $ 118,381,210 Government's net pension liability-ending(a)-(b) $ 28,527,365 $ 21,075,326 Plan fiduciary net position as a percentage of the total pension liability 81.0% 84.9% Covered-employee payroll $ 93,424,736 $ 87,533,530 Net pension liability as a percentage of covered-employee payroll 30.5% 24.1% Notes to the Schedule: The schedule will present 10 years of information once it is accumulated. 109 AUGUSTA, GEORGIA REQUIRED SUPPLEMENTARY INFORMATION 1945 PLAN SCHEDULE OF GOVERNMENT CONTRIBUTIONS FOR THE YEAR ENDED DECEMBER 31, 2016 2015 2014 Actuarially determined contribution $ 242,708 $ 290,565 $ 299,600 Contributions in relation to the actuarially determined contribution 242,708 290,565 299,600 Contribution deficiency(excess) $ - $ - $ Covered employee payroll $ 142,642 $ 132,431 $ 132,346 Contributions as a percentage of covered-employee payroll 170.15% 219.41% 226.38% Notes to the Schedule: (1)Actuarial Assumptions Valuation Date December 31,2016 Cost Method Entry Age Normal Actuarial Asset Valuation Method Smoothed market value,5 year smoothing period Assumed Rate of Return on Investments 7.25% Projected Salary Increases 3.00% Cost-of-living Adjustment 2.00% Amortization Method Closed level dollar for unfunded liability Remaining Amortization Period None remaining (2)The schedule will present 10 years of information once it is accumulated. 110 AUGUSTA, GEORGIA REQUIRED SUPPLEMENTARY INFORMATION GENERAL RETIREMENT PLAN SCHEDULE OF GOVERNMENT CONTRIBUTIONS FOR THE YEAR ENDED DECEMBER 31, 2016 2015 2014 Actuarially determined contribution $ 2,381,619 $ 2,256,722 $ 2,256,722 Contributions in relation to the actuarially determined contribution 2,381,619 2,256,722 2,256,722 Contribution deficiency(excess) $ - $ - $ Covered employee payroll $ 1,614,364 $ 2,173,529 $ 2,906,852 Contributions as a percentage of covered-employee payroll 147.53% 103.83% 77.63% Notes to the Schedule: (1)Actuarial Assumptions Valuation Date December 31,2016 Cost Method Entry Age Normal Actuarial Asset Valuation Method Smoothed market value,5 year smoothing period Assumed Rate of Return on Investments 7.25% Projected Salary Increases 3.00% Cost-of-living Adjustment 2.00% Amortization Method Closed level dollar for unfunded liability Remaining Amortization Period None remaining (2)The schedule will present 10 years of information once it is accumulated. 111 AUGUSTA, GEORGIA REQUIRED SUPPLEMENTARY INFORMATION GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM PLAN SCHEDULE OF GOVERNMENT CONTRIBUTIONS FOR THE YEAR ENDED DECEMBER 31, 2016 2015 Actuarially determined contribution $ 4,617,582 $ 4,571,313 Contributions in relation to the actuarially determined contribution 5,375,663 5,710,844 Contribution deficiency(excess) $ (758,081) $ (1,139,531) Covered employee payroll $ 93,424,736 $ 87,533,530 Contributions as a percentage of covered-employee payroll 5.75% 6.52% Notes to the Schedule: (1)Actuarial Assumptions Valuation Date July 1,2016 Cost Method Projected Unit Credit Actuarial Asset Valuation Method Sum of actuarial value at beginning of year and the cash flow during the year pluse 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 to be within 20%of market value. Assumed Rate of Return on Investments 7.75% Projected Salary Increases 3.25%plus service based merit increases Cost-of-living Adjustment 1.50%-3.25% Amortization Method Closed level dollar for unfunded liability Remaining Amortization Period 10 years (2)The schedule will present 10 years of information once it is accumulated. 112 AUGUSTA, GEORGIA REQUIRED SUPPLEMENTARY INFORMATION 1945 PLAN SCHEDULE OF PENSION INVESTMENT RETURNS FOR THE YEAR ENDED DECEMBER 31, 2016 2015 2014 Annual money-weighted rate of return, net of investment expenses for the Government's Pension Plan 7.1% -1.8% 7.0% Notes to the Schedule: The schedule will present 10 years of information once it is accumulated. 113 AUGUSTA, GEORGIA REQUIRED SUPPLEMENTARY INFORMATION GENERAL RETIREMENT PLAN SCHEDULE OF PENSION INVESTMENT RETURNS FOR THE YEAR ENDED DECEMBER 31, 2016 2015 2014 Annual money-weighted rate of return,net of investment expenses for the Government's Pension Plan 6.2% -1.2% 8.2% Notes to the Schedule: The schedule will present 10 years of information once it is accumulated. 114 AUGUSTA, GEORGIA REQUIRED SUPPLEMENTARY INFORMATION RICHMOND COUNTY HEALTH DEPARTMENT SCHEDULE OF CONTRIBUTIONS EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA FOR THE YEAR ENDED JUNE 30, 2016 2015 2014 Actuarially determined contribution $ 1,069,702 $ 1,008,221 $ 862,168 Contributions in relation to the actuarially determined contribution 1,069,702 1,008,221 862,168 Contribution deficiency(excess) $ - $ - $ Health Department's covered employee payroll $ 4,569,392 $ 5,027,680 $ 5,085,028 Contributions as a percentage of covered-employee payroll 23.41% 20.05% 16.96% Note:The schedule will present 10 years of information once it is accumulated. 115 AUGUSTA, GEORGIA REQUIRED SUPPLEMENTARY INFORMATION RICHMOND COUNTY HEALTH DEPARTMENT SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA FOR THE YEAR ENDED JUNE 30, 2016 2015 Health Department's proportion of the net pension liability 0.200030% 0.207420% Health Department's proportionate share of the net pension liability $ 8,104,011 $ 7,779,532 Health Department's covered-employee payroll $ 4,569,392 $ 5,027,680 Heatlh Department's proportionate share of the net pension liability as a percentage of covered-employee payroll 177.35% 154.73% Plan fiduciary net position as a percentage of the total pension liability 76.20% 77.99% Note:The schedule will present 10 years of information once it is accumulated. Notes to the Schedule: (1)Changes of assumptions: There were no changes in assumptions or benefits that affect the measurement of the total pension liability since the prior measurement date. (2)Method and assumptions used in calculations of actuarially determined contributions: There actuarially determined contribution rates in the schedule of contributions are calculated as of June 30,three years prior to the end of the fiscal year in which contributions are reported. The following actuarial methods and assumptions were used to determine the contractually required contributions for the year ended June 30,2016 reported in that schedule Valuation Date June 30,2013 Cost Method Entry Age Normal Actuarial Asset Valuation Method Five-year smoothed market Inflation rate 3.00% Projected Salary Increases 5.45%-9.25% Investment rate of return 7.50%, net of pension plan investment expense, including inflation Amortization Method Level dollar,open Remaining Amortization Period 25 years(open) 116 AUGUSTA, GEORGIA NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS Special revenue funds are used to account for specific revenues that are legally restricted, committed, or assigned for expenditures of particular purposes. Urban Services District Fund is used to account for revenue primarily from ad valorem taxes from areas within the former city limits and expenditures related to governmental services such as"Urban Street Lights" and"Solid Waste Collection". Emergency Telephone System Fund is used to account for the receipt and disbursement of revenues of the emergency telephone response system. Tax Allocation District 1 Fund is used to account for the receipt of the incremental increase of property taxes over the base years and expenditures committed to economic development. Tax Allocation District 2 Fund is used to account for the receipt of the incremental increase of property taxes over the base years allocated sales tax revenue generated and expenditures committed to economic development in the Village at Riverwatch Tax Allocation District. Tax Allocation District 3 Fund is used to account for the receipt of the incremental increase of property taxes over the base years and expenditures committed to economic development in the Doug/Bernard Dixon Airline Tax Allocation District. Tax Allocation District 4 Fund is used to account for the receipt of the incremental increase of property taxes over the base years and expenditures committed to economic development in the Downtown Tax Allocation District. Occupational Tax Fund is used to account for the receipt and disbursement of tax revenues restricted for fire protection services in the unincorporated area only. Special Assessment Fund is used to account for the receipt and disbursement of street light assessment taxes for the installation of street lights in the Government. Hotel/Motel Tax and Promotion/Tourism Fund is used to account for the receipt and disbursement of hotel/motel and beer/wine tax revenues to the Augusta-Richmond County Convention &Visitors Bureau and the Augusta-Richmond County Coliseum Authority. Housing and Neighborhood Development Fund is used to account for the financing and construction of various community development projects from grants received from the U.S. Department of Housing and Urban Development. Urban Development Action Grant(UDAG) Fund is used to account for loan transactions in relation to urban development action grants. Repayments of initial grant revenue loaned to qualified recipients are restricted to additional financing to qualified applicants. AUGUSTA, GEORGIA NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS (CONTINUED) Federal Drug Fund is used to account for activities associated with drug education and enforcement. State Drug Fund is used to account for activities associated with drug education and enforcement. Convention Center Fund is used to account for activities associated with the operations of the Augusta Convention Center. Law Library Fund is used to account for certain fees received from the various courts of the Government. The resources are restricted by state law for support of the Law Library. 5% Crime Victim's Assistance Fund is used to account for the 5% surcharge on certain fines with the proceeds used for a victim's assistance program. Supplemental Juvenile Service Fund is used to account for supervisory fees collected on juvenile cases. Building Inspection Fund is used to account for building inspection licensing and fees revenue and related expenditures. Perpetual Care I Fund is used to account 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. Downtown Development Fund is used to account for excise taxes collected on rental motor vehicles, and debt payments made and appropriations given to the Downtown Development Authority. TIA Discretionary Projects Fund is used to account for the receipts and disbursements from the discretionary (25%) portion of the regional transportation special district local option sales and use tax (TSPLOST)allocated to Augusta. NPDES Permit Fees Fund is used to account 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 is used to account 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 operations, manage the Augusta Convention Center, and revitalize the Historic Heritage Districts of Augusta to enhance the transportation and tourism services available in Augusta. Drug Court Fund is used to account for activities associated with drug education and enforcement. DUI Court Fund is used to account for activities associated with DUI court. AUGUSTA, GEORGIA NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS (CONTINUED) The Urban Redevelopment Agency (URA) is used to account for the use of the related loan funds to assist the Government in alleviating economic deterioration. Urban Redevelopment Projects Fund is used to account for the use of the related loan funds to assist the Government in alleviating economic deterioration by means of increasing public and private investments in order to aid in economic recovery to strengthen the economics, employment, and tax base of the Government. More specifically, the proceeds will finance the development of the Laney-Walker and Bethlehem Urban Redevelopment Area. TIA Projects Fund is used to account for the receipts and disbursements of projects funded by the regional transportation special district local option sales and use tax(TSPLOST). AUGUSTA,GEORGIA COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS DECEMBER 31,2016 Permanent Total Special Debt Capital Fund Nonmajor Revenue Service Projects Perpetual Governmental ASSETS Funds Funds Funds Care-II Funds Cash and cash equivalents $ 20,280,026 $ - $ 38,642,372 $ 526,110 $ 59,448,508 Investments 2,392,033 - 21,903,958 - 24,295,991 Taxes receivable 2,228,445 - 348,066 - 2,576,511 Accounts receivables 12,352,985 - 342,700 - 12,695,685 Interest receivable - - 6,240 - 6,240 Notes receivable 2,891,569 - - - 2,891,569 Due from other governments 1,019,707 - - - 1,019,707 Prepaid expenditures 118,483 - - - 118,483 Restricted cash 4,368,126 28,908,835 - - 33,276,961 Total assets $ 45,651,374 $ 28,908,835 $ 61,243,336 $ 526,110 $ 136,329,655 LIABILITIES,DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES LIABILITIES Accounts payable $ 3,161,899 $ - $ 729,763 $ - $ 3,891,662 Accrued liabilities 228,167 - - - 228,167 Unearned revenue 956,338 - - - 956,338 Due to other funds 17,853,954 84,236 386,912 - 18,325,102 Total liabilities 22,200,358 84,236 1,116,675 - 23,401,269 DEFERRED INFLOWS OF RESOURCES Unavailable revenue-intergovernmental 5,147,951 - - - 5,147,951 Unavailable revenue-notes receivable 2,856,107 - - - 2,856,107 Unavailable revenue-property taxes 617,428 - 173,580 - 791,008 Total deferred inflows of resources 8,621,486 - 173,580 - 8,795,066 FUND BALANCES Nonspendable: Prepaid expenditures 118,483 - - - 118,483 Long-term notes receivable 35,462 - - - 35,462 Restricted for: Judicial 1,088,001 - - - 1,088,001 Perpetual care - - - - - Expendable 334,017 - - - 334,017 Nonexpendable - - - 526,110 526,110 Public safety 5,217,227 - - - 5,217,227 Public works 8,246,484 - - - 8,246,484 Culture and recreation 13,166 - - - 13,166 Housing and development 2,182,281 - - - 2,182,281 Capital outlay - - 51,196,515 - 51,196,515 Debt service - 28,824,599 - - 28,824,599 Committed for: Public works 2,652,177 - - - 2,652,177 Public works-stormwater 134,764 - - - 134,764 Housing and development 4,658,845 - - - 4,658,845 Capital outlay - - 8,756,566 - 8,756,566 Unassigned (9,851,377) - - - (9,851,377) Total fund balances 14,829,530 28,824,599 59,953,081 526,110 104,133,320 Total liabilities,deferred inflows of resources and fund balances $ 45,651,374 $ 28,908,835 $ 61,243,336 $ 526,110 $ 136,329,655 117 AUGUSTA,GEORGIA COMBINING STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED DECEMBER 31,2016 Permanent Total Special Debt Capital Fund Nonmajor Revenue Service Projects Perpetual Governmental Funds Funds Funds Care-II Funds Revenues: Property taxes $ 5,349,563 $ 370,000 $ 3,756,706 $ - $ 9,476,269 Sales taxes 25,706,170 - 331,345 - 26,037,515 Other taxes 5,884,224 - - - 5,884,224 Licenses and permits 4,849,180 - - - 4,849,180 Intergovernmental 6,043,346 - 1,053,317 - 7,096,663 Charges for services 7,336,199 - 95,418 - 7,431,617 Fines and forfeitures 950,881 - - - 950,881 Interest income 95,272 7,583 209,000 8,293 320,148 Other revenues 451,056 - - - 451,056 Total revenues 56,665,891 377,583 5,445,786 8,293 62,497,553 Expenditures: Current General government 2,363,149 - - - 2,363,149 Judicial 764,199 - - - 764,199 Public safety 4,120,317 - - - 4,120,317 Public works 27,167,136 - - - 27,167,136 Culture and recreation 1,445,034 - - - 1,445,034 Housing and development 13,212,944 - - - 13,212,944 Capital projects - - 6,972,827 - 6,972,827 Debt service - - - - - Principal 355,000 890,000 - - 1,245,000 Interest 1,153,302 838,500 - - 1,991,802 Fiscal agent fees 1,802 1,814 - - 3,616 Bond issuance cost 1,396 364,797 - - 366,193 Total expenditures 50,584,279 2,095,111 6,972,827 - 59,652,217 Excess(deficiency) of revenues over (under)expenditures 6,081,612 (1,717,528) (1,527,041) 8,293 2,845,336 Other financing sources(uses): Proceeds from issuance of debt - 26,115,000 - - 26,115,000 Premium on bonds issued - 2,763,951 - - 2,763,951 Proceeds from sale of assets 5,922 - - - 5,922 Transfers in 7,982,340 1,365,352 321,401 - 9,669,093 Transfers out (16,721,291) (37,875) (626,134) - (17,385,300) Total other financing sources(uses) (8,733,029) 30,206,428 (304,733) - 21,168,666 Net change in fund balances (2,651,417) 28,488,900 (1,831,774) 8,293 24,014,002 Fund balances,beginning of year 17,480,947 335,699 61,784,855 517,817 80,119,318 Fund balances,end of year $ 14,829,530 $ 28,824,599 $ 59,953,081 $ 526,110 $ 104,133,320 118 AUGUSTA,GEORGIA COMBINING BALANCE SHEET NONMAJOR SPECIAL REVENUE FUNDS DECEMBER 31,2016 Urban Emergency Tax Tax Tax Tax Services Telephone Allocation Allocation Allocation Allocation ASSETS District System District 1 District 2 District 3 District 4 Cash and cash equivalents $ 1,798,076 $ 719,692 $ - $ 595,015 $ 50,634 $ 44,768 Investments - 2,374,081 - - - - Taxes receivable 736,581 - - 59,145 1,432,719 - Accounts receivables - 639,048 - - - - Notes receivable - - - - - - Due from other governments 483,962 - - - - - Due from other funds - - - - - - Prepaid expenditures - - - - - - Restricted cash - - - - - - Total assets $ 3,018,619 $ 3,732,821 $ - $ 654,160 $ 1,483,353 $ 44,768 LIABILITIES,DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES LIABILITIES Accounts payable $ 23,674 $ 93,970 $ - $ - $ - $ - Accrued liabilities - 126,292 - - - - Unearned revenue - - - - - - Due to other governments - - - - - - Due to other funds - - - - - - Total liabilities 23,674 220,262 - - - - DEFERRED INFLOWS OF RESOURCES Unavailable revenue-intergovernmental - - - - - - Unavailable revenue-notes receivable - - - - - - Unavailable revenue-property taxes 342,768 - - - - - Total deferred inflows of resources 342,768 - - - - - FUND BALANCES(DEFICIT) Nonspendable: Prepaid expenditures - - - - - - Long-term notes receivable - - - - - - Restricted for: Judicial - - - - - - Perpetual care - - - - - - Public safety - 3,512,559 - - - - Public works - - - - - - Culture and recreation - - - - - - Housing and development - - - 654,160 1,483,353 44,768 Committed to: Public works 2,652,177 - - - - - Public works-stormwater - - - - - - Housing and development - - - - - - Unassigned - - - - - - Total fund balances(deficit) 2,652,177 3,512,559 - 654,160 1,483,353 44,768 Total liabilities,deferred inflows of resources and fund balances $ 3,018,619 $ 3,732,821 $ - $ 654,160 $ 1,483,353 $ 44,768 119 Hotel/Motel Tax and Housing and Urban Federal State Occupational Special Promotion/ Neighborhood Development Drug Drug Downtown Tax Assessment Tourism Development Action Grant Fund Fund Development $ - $ 42,185 $ 310,691 $ 658,155 $ 51,401 $ 621,728 $ 948,568 $ - - 324,673 - - - - - 32,242 - - - 2,406,765 35,462 - - - - - - 203,744 - - - - $ $ 366,858 $ 310,691 $ 3,268,664 $ 86,863 $ 621,728 $ 948,568 $ 32,242 $ - $ 419,094 $ 297,525 $ 236,759 $ 5,481 $ - $ 25,476 $ - - 8,790 - 46,898 - - - - - - - 956,338 - - - - - 92,265 - - 52,133 - - 32,206 - 520,149 297,525 1,239,995 57,614 - 25,476 32,206 - - - 2,406,765 - - - - - 274,660 - - - - - - - 274,660 - 2,406,765 - - - - - - - - 35,462 - - - - - - - - 621,728 923,092 - - - 13,166 - - - - - - - - - - - - 36 - (427,951) - (378,096) (6,213) - - - - (427,951) 13,166 (378,096) 29,249 621,728 923,092 36 $ - $ 366,858 $ 310,691 $ 3,268,664 $ 86,863 $ 621,728 $ 948,568 $ 32,242 (Continued) 120 AUGUSTA,GEORGIA COMBINING BALANCE SHEET NONMAJOR SPECIAL REVENUE FUNDS DECEMBER 31,2016 5%Victim's Supplemental Convention Law Crime Juvenile Building Perpetual ASSETS Center Library Assistance Services Inspection Care-I Cash and cash equivalents $ 15,500 $ 122,070 $ 717,220 $ 47,117 $ 1,916,439 $ 332,814 Investments - 17,952 - - - - Taxes receivable - - - - - - Accounts receivables - - 9,647 - - 1,203 Notes receivable - - - - - - Due from other governments - - - - - - Due from other funds - - - - - - Prepaid expenditures 118,483 - - - - - Restricted cash - - - - - - Total assets $ 133,983 $ 140,022 $ 726,867 $ 47,117 $ 1,916,439 $ 334,017 LIABILITIES,DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES LIABILITIES Accounts payable $ 112,814 $ 4,037 $ 52 $ - $ 37,474 $ - Accrued liabilities - - 5,861 - 30,525 - Unearned revenue - - - - - - Due to other funds - - 2,695 - - - Total liabilities 112,814 4,037 8,608 - 67,999 - DEFERRED INFLOWS OF RESOURCES Unavailable revenue-intergovernmental - - - - - - Unavailable revenue-notes receivable - - - - - - Unavailable revenue-property taxes - - - - - - Total deferred inflows of resources - - - - - - FUND BALANCES(DEFICIT) Nonspendable: Prepaid expenditures 118,483 - - - - - Long-term notes receivable - - - - - - Restricted for: Judicial - 135,985 718,259 47,117 - - Perpetual care - - - - - 334,017 Public safety - - - - - - Public works - - - - - - Culture and recreation - - - - - - Housing and development - - - - - - Committed to: Public works - - - - - - Public works-stormwater - - - - - - Housing and development - - - - 1,848,440 - Unassigned (97,314) - - - - - Total fund balances(deficit) 21,169 135,985 718,259 47,117 1,848,440 334,017 Total liabilities,deferred inflows of resources and fund balances $ 133,983 $ 140,022 $ 726,867 $ 47,117 $ 1,916,439 $ 334,017 121 TIA NPDES Urban Urban Discretionary Permit Transportation Drug DUI Redevelopment Redevelopment Projects Fees and Tourism Court Court Projects Agency $ 7,977,730 $ 134,764 $ 701,601 $ 151,406 $ 174,958 $ 2,147,494 $ - - - - 8,442 24,657 - - - - - - - - 449,342 332,001 - - _ - - - - - - - - 4,368,126 $ 8,309,731 $ 134,764 $ 701,601 $159,8488 $ 199,615 $ 2,147,494 $ 4,817,468 $ 63,247 $ - $ 14,825 $ - $ 3,174 $ 23,901 $ 1,324 - - - - 9,801 - - - 4,576,558 63,247 - 14,825 - 12,975 23,901 4,577,882 - - - - 449,342 - - - - 449,342 - - - 186,640 - - - - 159,848 - - - 8,246,484 - - - - - - - 134,764 - - - - - - 686,776 - - 2,123,593 - - (209,756) 8,246,484 134,764 686,776 159,848 186,640 2,123,593 (209,756) $ 8,309,731 $ 134,764 $ 701,601 $ 159,848 $ 199,615 $ 2,147,494 $ 4,817,468 122 AUGUSTA,GEORGIA COMBINING BALANCE SHEET NONMAJOR SPECIAL REVENUE FUNDS DECEMBER 31,2016 Total Nonmajor Special TIA Revenue ASSETS Projects Funds Cash and cash equivalents $ - $ 20,280,026 Investments - 2,392,033 Taxes receivable 2,228,445 Accounts receivables 11,313,073 12,352,985 Notes receivable - 2,891,569 Due from other governments - 1,019,707 Due from other funds Prepaid expenditures - 118,483 Restricted cash - 4,368,126 Total assets $ 11,313,073 $ 45,651,374 LIABILITIES,DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES LIABILITIES Accounts payable $ 1,799,072 $ 3,161,899 Accrued liabilities - 228,167 Unearned revenue - 956,338 Due to other funds 13,098,097 17,853,954 Total liabilities 14,897,169 22,200,358 DEFERRED INFLOWS OF RESOURCES Unavailable revenue-intergovernmental 5,147,951 5,147,951 Unavailable revenue-notes receivable - 2,856,107 Unavailable revenue-property taxes 617,428 Total deferred inflows of resources 5,147,951 8,621,486 FUND BALANCES(DEFICIT) Nonspendable: 118,483 Prepaid expenditures Long-term notes receivable - 35,462 Restricted for: Judicial - 1,088,001 Perpetual care - 334,017 Public safety - 5,217,227 - 8,246,484 Public works Culture and recreation - 13,166 Housing and development - 2,182,281 Committed to: Public works - 2,652,177 Public works-stormwater - 134,764 Housing and development - 4,658,845 Unassigned (8,732,047) (9,851,377) Total fund balances(deficit) (8,732,047) 14,829,530 Total liabilities,deferred inflows of resources and fund balances $ 11,313,073 $ 45,651,374 123 THIS PAGE INTENTIONALLY LEFT BLANK AUGUSTA,GEORGIA COMBINING STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR SPECIAL REVENUE FUNDS FOR THE YEAR ENDED DECEMBER 31,2016 Urban Emergency Tax Tax Tax Tax Services Telephone Allocation Allocation Allocation Allocation District System District 1 District 2 District 3 District 4 Revenues: Property taxes $ 4,620,769 $ - $ - $ 142,483 $ 561,032 $ 25,279 Sales taxes 4,906,780 - - 598,705 - - Other taxes 11,261 - - - - - Licenses and permits - - - - - - Intergovernmental - - - 179,196 871,687 - Charges for services - 3,455,344 - - - - Fines and forfeitures - - - - - - Interest income 18,658 11,317 - 695 143 132 Other revenues 6,780 1,871 - - - - Total revenues 9,564,248 3,468,532 - 921,079 1,432,862 25,411 Expenditures: Current General government 2,149,485 - - - - - Judicial - - - - - - Public safety - 3,923,016 - - - - Public works - - - - - - Culture and recreation - - - - - - Housing and development - - - 447,322 - 33,958 Debt service Principal - - - - - - Interest - - - - - - Fiscal agent fees - - - - - - Bond issuance cost - - - - - - Total expenditures 2,149,485 3,923,016 - 447,322 - 33,958 Excess(deficiency) of revenues over (under)expenditures 7,414,763 (454,484) - 473,757 1,432,862 (8,547) Other financing sources(uses): Proceeds from sale of assets - - - - - - Transfers in - 722,730 - - - - Transfers out (8,234,480) - (18) - - - Total other financing sources(uses) (8,234,480) 722,730 (18) - - - Net change in fund balances (819,717) 268,246 (18) 473,757 1,432,862 (8,547) Fund balances(deficit), beginning of year 3,471,894 3,244,313 18 180,403 50,491 53,315 Fund balances(deficit), end of year $ 2,652,177 $ 3,512,559 $ - $ 654,160 $ 1,483,353 $ 44,768 124 Hotel/Motel Tax and Housing and Urban Federal State Occupational Special Promotion/ Neighborhood Development Drug Drug Downtown Tax Assessment Tourism Development Action Grant Fund Fund Development $ - $ - $ - $ - $ - $ - $ - $ - - - 5,872,963 - - - - - 3,314,964 - - - - - - - - - - 3,762,126 - - - - - 2,051,514 - - - - - - - - - - - 84,831 205,979 - 2,833 - - - 181 1,459 2,425 - 17,965 - - 391,463 - - - - 3,335,762 2,051,514 5,872,963 4,153,589 181 86,290 208,404 - 8,969 42,020 - - - - - 9,909 - - - - - 47,915 145,834 - - 5,087,430 - - - - - - - - 4,512,963 5,341,026 63,137 - - 154,611 8,969 5,129,450 4,512,963 5,341,026 63,137 47,915 145,834 164,520 3,326,793 (3,077,936) 1,360,000 (1,187,437) (62,956) 38,375 62,570 (164,520) - 2,358,530 - 1,194,920 - - - 164,520 (3,326,793) - (1,360,000) - - - - - (3,326,793) 2,358,530 (1,360,000) 1,194,920 - - - 164,520 - (719,406) - 7,483 (62,956) 38,375 62,570 - - 291,455 13,166 (385,579) 92,205 583,353 860,522 36 $ $ (427,951) $ 13,166 $ (378,096) $ 29,249 $ 621,728 $ 923,092 $ 36 (Continued) 125 AUGUSTA,GEORGIA COMBINING STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR SPECIAL REVENUE FUNDS FOR THE YEAR ENDED DECEMBER 31,2016 5%Victim's Supplemental Convention Law Crime Juvenile Building Perpetual Center Library Assistance Services Inspection Care-I Revenues: Property taxes $ - $ - $ - $ - $ - $ - Sales taxes 329,747 - - - - - Othertaxes - - - - - - Licenses and permits - - - - 1,516,705 - Intergovernmental - - - - - - Charges for services 791,626 158,521 - 3,945 - - Fines and forfeitures - - 283,304 - - - Interest income - 188 1,901 159 8,024 15,680 Other revenues - - - - -Total revenues 1,121,373 158,709 285,205 4,104 1,524,729 15,680 Expenditures: Current General government - - 10,930 1,140 140,696 - Judicial - 154,195 211,314 12,425 - - Public safety - - - - - - Public works - - - - - - Culture and recreation 1,437,712 - - - - 7,322 Housing and development - - - - 1,255,598 - Debt service Principal - - - - - - Interest - - - - - - Fiscal agent fees - - - - - - Bond issuance cost - - - - - - Total expenditures 1,437,712 154,195 222,244 13,565 1,396,294 7,322 Excess(deficiency) of revenues over (under)expenditures (316,339) 4,514 62,961 (9,461) 128,435 8,358 Other financing sources(uses): Proceeds from sale of assets - - - - - - Transfers in - - 103,230 - - - Transfers out - - - - - - Total other financing sources(uses) - - 103,230 - - - Net change in fund balances (316,339) 4,514 166,191 (9,461) 128,435 8,358 Fund balances(deficit), beginning of year 337,508 131,471 552,068 56,578 1,720,005 325,659 Fund balances(deficit), end of year $ 21,169 $ 135,985 $ 718,259 $ 47,117 $ 1,848,440 $ 334,017 126 TIA NPDES Urban Urban Discretionary Permit Transportation Drug DUI Redevelopment Redevelopment Projects Fees and Tourism Court Court Projects Agency $ - $ - $ - $ - $ - $ - $ - 3,339,124 - - - - - - - 17,511 - - - - - - - 875,249 - - - - - - - 53,661 323,106 - - 21,154 405 3,480 539 713 5,186 - - - - 6,000 - 11,500 15,477 3,360,278 17,916 878,729 60,200 323,819 16,686 15,477 - - - - 386,265 - - - - - 3,552 - - - 409,929 - - - - - - - - 288,124 - - 1,106,924 9,281 - - - - - - 355,000 - - - - - - 1,153,302 - - - - - - 1,802 - - - - - - 1,396 409,929 - 288,124 3,552 386,265 1,106,924 1,520,781 2,950,349 17,916 590,605 56,648 (62,446) (1,090,238) (1,505,30 - - - - - - 5,922 - - - - 88,410 2,700,000 650,000 - - (1,100,000) - - - (2,700,000) - - (1,100,000) - 88,410 2,700,000 (2,044,078) 2,950,349 17,916 (509,395) 56,648 25,964 1,609,762 (3,549,382) 5,296,135 116,848 1,196,171 103,200 160,676 513,831 3,339,626 $ 8,246,484 $ 134,764 $ 686,776 $ 159,848 $ 186,640 $ 2,123,593 $ (209,756j 127 AUGUSTA,GEORGIA COMBINING STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR SPECIAL REVENUE FUNDS FOR THE YEAR ENDED DECEMBER 31,2016 Total Nonmajor Special TIA Revenue Projects Funds Revenues: Property taxes $ - $ 5,349,563 Sales taxes 16,531,814 25,706,170 Other taxes - 5,884,224 Licenses and permits - 4,849,180 Intergovernmental 1230,337 6,043,346 Charges for services - 7,336,199 Fines and forfeitures - 950,881 Interest income - 95,272 Other revenues - 451,056 Total revenues 17,762,151 56,665,891 Expenditures: Current General government - 2,363,149 Judicial - 764,199 Public safety - 4,120,317 Public works 21,669,777 27,167,136 Culture and recreation - 1,445,034 Housing and development - 13,212,944 Debt service Principal - 355,000 Interest - 1,153,302 Fiscal agent fees - 1,802 Bond issuance cost - 1,396 Total expenditures 21,669,777 50,584,279 Excess(deficiency) of revenues over (under)expenditures (3,907,626) 6,081,612 Other financing sources(uses): Proceeds from sale of assets - 5,922 Transfers in - 7,982,340 Transfers out - (16,721,291) Total other financing sources(uses) - (8,733,029) Net change in fund balances (3,907,626) (2,651,417) Fund balances(deficit), beginning of year (4,824,421) 17,480,947 Fund balances(deficit), end of year $ (8,732,047) $ 14,829,530 128 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-URBAN SERVICES DISTRICT SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Property taxes $ 4,741,110 $ 4,620,769 $ (120,341) $ 4,801,085 Sales taxes 5,180,000 4,906,780 (273,220) 4,657,668 Other taxes 20,000 11,261 (8,739) 13,406 Interest income 10,000 18,658 8,658 18,849 Other revenues - 6,780 6,780 - Total revenues 9,951,110 9,564,248 (386,862) 9,491,008 Expenditures: Current General government 1,697,130 2,149,485 (452,355) 1,970,651 Public works 19,500 - 19,500 - Total expenditures 1,716,630 2,149,485 (432,855) 1,970,651 Excess of revenues over expenditures 8,234,480 7,414,763 (819,717) 7,520,357 Other financing uses Transfers out (8,234,480) (8,234,480) - (8,481,057) Total other financing uses (8,234,480) (8,234,480) - (8,481,057) Net change in fund balance - (819,717) (819,717) (960,700) Fund balance,beginning of year 3,471,894 3,471,894 - 4,432,594 Fund balance,end of year $ 3,471,894 $ 2,652,177 $ (819,717) $ 3,471,894 129 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-EMERGENCY TELEPHONE SYSTEM SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Charges for services $ 2,928,000 $ 3,455,344 $ 527,344 $ 3,385,675 Interest income 2,000 11,317 9,317 6,583 Other revenues 231,630 1,871 (229,759) _ 191 Total revenues 3,161,630 3,468,532 306,902 3,392,449 Expenditures: Current Public safety 5,074,820 3,923,016 1,151,804 3,829,150 Total expenditures 5,074,820 3,923,016 1,151,804 3,829,150 Deficiency of revenues under expenditures (1,913,190) (454,484) 1,458,706 (436,701) Other financing sources Transfers in 1,498,170 722,730 (775,440) 745,270 Total other financing sources 1,498,170 722,730 (775,440) 745,270 Net change in fund balance (415,020) 268,246 683,266 308,569 Fund balance,beginning of year 3,244,313 3,244,313 - 2,935,744 Fund balance,end of year $ 2,829,293 $ 3,512,559 $ 683,266 $ 3,244,313 130 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-TAX ALLOCATION DISTRICT 1 SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Sales taxes $ - $ - $ - $ - Total revenues - - - - Expenditures: Current Housing and development - - - - Total expenditures - - - - Deficiency of revenues under expenditures - - - - Other financing sources Transfers out - (18) (18) - Total other financing sources - (18) (18) - Net change in fund balance - (18) (18) - Fund balance,beginning of year 18 18 - 18 Fund balance,end of year $ 18 $ - $ (18) $ 18 131 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-TAX ALLOCATION DISTRICT 2 SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Property taxes $ 62,670 $ 142,483 $ 79,813 $ 61,277 Sales taxes 440,000 598,705 158,705 562,888 Intergovernmental 79,310 179,196 99,886 75,612 Interest income - 695 695 206 Total revenues 581,980 921,079 339,099 699,983 Expenditures: Current Housing and development 581,980 447,322 134,658 609,197 Total expenditures 581,980 447,322 134,658 609,197 Net change in fund balance - 473,757 473,757 90,786 Fund balance,beginning of year 180,403 180,403 - 89,617 Fund balance,end of year $ 180,403 $ 654,160 $ 473,757 $ 180,403 132 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-TAX ALLOCATION DISTRICT 3 SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Property taxes $ 11,800 $ 561,032 $ 549,232 $ 11,805 Intergovernmental 18,550 871,687 853,137 18,083 Interest income - 143 143 41 Total revenues 30,350 1,432,862 1,402,512 29,929 Expenditures: Current Housing and development 30,350 - 30,350 - Total expenditures 30,350 - 30,350 - Net change in fund balance - 1,432,862 1,432,862 29,929 Fund balance,beginning of year 50,491 50,491 - 20,562 Fund balance,end of year $ 50,491 $ 1,483,353 $ 1,432,862 $ 50,491 133 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-TAX ALLOCATION DISTRICT 4 SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Property taxes $ 33,380 $ 25,279 $ (8,101) $ 32,954 Interest income - 132 132 41 Total revenues 33,380 25,411 (7,969) 32,995 Expenditures: Current Housing and development 34,000 33,958 42 - Total expenditures 34,000 33,958 42 - Net change in fund balance (620) (8,547) (7,927) 32,995 Fund balance,beginning of year 53,315 53,315 - 20,320 Fund balance,end of year $ 52,695 $ 44,768 $ (7,927) $ 53,315 134 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-OCCUPATIONAL TAX SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget _ Actual Variance Actual Revenues: Licenses and permits $ 3,261,000 $ 3,314,964 $ 53,964 $ 3,201,683 Interest income - 2,833 2,833 1,105 Other revenues 19,210 17,965 (1,245) 7,638 Total revenues 3,280,210 3,335,762 55,552 3,210,426 Expenditures: Current General government 8,970 8,969 1 8,560 Total expenditures 8,970 8,969 1 8,560 Excess of revenues over expenditures 3,271,240 3,326,793 55,553 3,201,866 Other financing uses Transfers out (3,271,240) (3,326,793) (55,553) (3,201,868) Total other financing uses (3,271,240) (3,326,793) (55,553) (3,201,868) Net change in fund balance - - - - Fund balance,beginning of year - - - - Fund balance,end of year $ - $ - $ - $ - 135 EMIL I AUGUSTA,GEORGIA SPECIAL REVENUE FUND-SPECIAL ASSESSMENT SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Charges for services $ 2,523,490 $ 2,051,514 $ (471,976) $ 2,033,318 Total revenues 2,523,490 2,051,514 (471,976) 2,033,318 Expenditures: Current General government 49,230 42,020 7,210 37,550 Public works 5,510,850 5,087,430 423,420 5,019,831 Total expenditures 5,560,080 5,129,450 430,630 5,057,381 Deficiency of revenues under expenditures (3,036,590) (3,077,936) (41,346) (3,024,063) Other financing sources Transfers in 2,358,530 2,358,530 - 2,545,000 Total other financing sources 2,358,530 2,358,530 - 2,545,000 Net change in fund balance (678,060) (719,406) (41,346) (479,063) Fund balance,beginning of year 291,455 291,455 - 770,518 Fund balance(deficit),end of year ,$ (386,605) $ (427,951) $ (41,346) $ 291,455 136 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-HOTEL/MOTEL TAX AND PROMOTIONfTOURISM SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Other taxes $ 6,335,000 $ 5,872,963 $ (462,037) $ 5,574,471 Total revenues 6,335,000 5,872,963 (462,037) 5,574,471 Expenditures: Current Housing and development 4,975,000 4,512,963 462,037 4,217,858 Total expenditures 4,975,000 4,512,963 462,037 4,217,858 Excess of revenues over expenditures 1,360,000 1,360,000 - 1,356,613 Other financing uses Transfers out (1,360,000) (1,360,000) - (1,360,000) Total other financing uses (1,360,000) (1,360,000) - (1,360,000) Net change in fund balance - - - (3,387) Fund balance,beginning of year 13,166 13,166 - 16,553 Fund balance,end of year $ 13,166 $ 13,166 $ - $ 13,166 137 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-HOUSING AND NEIGHBORHOOD DEVELOPMENT SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Intergovernmental $ 8,482,030 $ 3,762,126 $ (4,719,904) $ 3,512,838 Other revenues 704,120 391,463 (312,657) 45,430 Total revenues 9,186,150 4,153,589 (5,032,561) 3,558,268 Expenditures: Current Housing and development 10,381,070 5,341,026 5,040,044 4,803,515 Total expenditures 10,381,070 5,341,026 5,040,044 4,803,515 Deficiency of revenues under expenditures (1,194,920) (1,187,437) 7,483 (1,245,247) Other financing sources Transfers in 1,194,920 1,194,920 - 1,247,010 Total other financing sources 1,194,920 1,194,920 - 1,247,010 Net change in fund balance - 7,483 7,483 1,763 Fund balance(deficit),beginning of year (385,579) (385,579) - (387,342) Fund balance(deficit),end of year $ (385,579) $ (378,096) $ 7,483 $ (385,579) 138 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-URBAN DEVELOPMENT ACTION GRANT SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Interest income $ 1,280 $ 181 $ (1,099) $ 552 Other revenues - - - 700 Total revenues 1,280 181 (1,099) 1,252 Expenditures: Current Housing and development 1,280 63,137 (61,857) 4,825 Total expenditures 1,280 63,137 (61,857) 4,825 Net change in fund balance - (62,956) (62,956) (3,573) Fund balance,beginning of year 92,205 92,205 - 95,778 Fund balance,end of year $ 92,205 $ 29,249 $ (62,956) $ 92,205 139 m. AUGUSTA,GEORGIA SPECIAL REVENUE FUND-FEDERAL DRUG FUND SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Fines and forfeitures $ 200,000 $ 84,831 $ (115,169) $ 38,123 Interest income - 1,459 1,459 1,176 Total revenues 200,000 86,290 (113,710) 39,299 Expenditures: Current Public safety 200,000 47,915 152,085 21,428 Total expenditures 200,000 47,915 152,085 21,428 Excess of revenues over expenditures - 38,375 38,375 17,871 Other financing sources Proceeds from sale of assets - - - 600 Total other financing sources - - - 600 Net change in fund balance - 38,375 38,375 18,471 Fund balance,beginning of year 583,353 583,353 - 564,882 Fund balance,end of year $ 583,353 $ 621,728 $ 38,375 $ 583,353 140 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-STATE DRUG FUND SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Fines and forfeitures $ 250,000 $ 205,979 $ (44,021) $ 387,123 Interest income - 2,425 2,425 1,842 Total revenues 250,000 208,404 (41,596) 388,965 Expenditures: Current Public safety 250,000 145,834 104,166 80,333 Total expenditures 250,000 145,834 104,166 80,333 Net change in fund balance - 62,570 62,570 308,632 Fund balance,beginning of year 860,522 860,522 - 551,890 Fund balance,end of year $ 860,522 $ 923,092 $ 62,570 $ 860,522 141 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-DOWNTOWN DEVELOPMENT SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Property taxes $ - $ - $ - $ - Total revenues - - - - Expenditures: Current General government 9,910 9,909 1 9,617 Housing and development 154,610 154,611 (1) 154,610 Total expenditures 164,520 164,520 - 164,227 Deficiency of revenues under expenditures (164,520) (164,520) - (164,227) Other financing sources Transfers in 164,520 164,520 - 164,227 Total other financing sources 164,520 164,520 - _ 164,227 Net change in fund balance - - - - Fund balance,beginning of year 36 36 - 36 Fund balance,end of year $ 36 $ 36 $ - $ 36 142 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-CONVENTION CENTER j SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Sales taxes $ 350,000 $ 329,747 $ (20,253) $ 278,534 Charges for services 1,111,140 791,626 (319,514) 822,644 Total revenues 1,461,140 1,121,373 _ (339,7671 1,101,178 Expenditures: Current Culture and recreation 1,461,140 1,437,712 23,428 1,191,696 Total expenditures 1,461,140 1,437,712 23,428 1,191,696 Net change in fund balance - (316,339) (316,339) (90,518) Fund balance,beginning of year 337,508 337,508 - 428,026 Fund balance,end of year $ 337,508 $ 21,169 $ (316,339) $ 337,508 143 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-LAW LIBRARY SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Charges for services $ 160,720 $ 158,521 $ (2,199) $ 191,098 Interest income - 188 188 309 Total revenues 160,720 158,709 (2,011) 191,407 Expenditures: Current Judicial 160,720 154,195 6,525 170,129 Total expenditures 160,720 154,195 6,525 170,129 Net change in fund balance - 4,514 4,514 21,278 Fund balance,beginning of year 131,471 131,471 - 110,193 Fund balance,end of year $ 131,471 $ 135,985 $ 4,514 $ 131,471 144 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-5%CRIME VICTIM'S ASSISTANCE SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Fines and forfeitures $ 295,000 $ 283,304 $ (11,696) $ 292,899 Interest income 250 1,901 1,651 1,003 Total revenues 295,250 285,205 (10,045) 293,902 Expenditures: Current General government 10,930 10,930 - 10,200 Judicial 456,190 211,314 244,876 237,121 Total expenditures 467,120 222,244 244,876 247,321 Excess(deficiency)of revenues over expenditures (171,870) 62,961 234,831 46,581 Other financing sources Transfers in 171,870 103,230 (68,640) 176,040 Total other financing sources 171,870 103,230 (68,640) 176,040 Net change in fund balance - 166,191 166,191 222,621 Fund balance,beginning of year 552,068 552,068 - 329,447 Fund balance,end of year $ 552,068 $ 718,259 $ 166,191 $ 552,068 145 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-SUPPLEMENTAL JUVENILE SERVICES SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Charges for services $ 14,000 $ 3,945 $ (10,055) $ 7,225 Interest income 1,000 159 (841) 120 Total revenues 15,000 4,104 (10,896) 7,345 Expenditures: Current General government 1,140 1,140 - 990 Judicial 13,860 12,425 1,435 13,111 Total expenditures 15,000 13,565 1,435 14,101 Net change in fund balance - (9,461) (9,461) (6,756) Fund balance,beginning of year 56,578 56,578 - 63,334 Fund balance,end of year $ 56,578 $ 47,117 $ (9,461) $ 56,578 146 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-BUILDING INSPECTION SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Licenses and permits $ 1,414,680 $ 1,516,705 $ 102,025 $ 1,220,427 Interest income - 8,024 8,024 3,891 Total revenues 1,414,680 1,524,729 110,049 1,224,318 Expenditures: Current General government 189,910 140,696 49,214 121,046 Housing and development 1,634,085 1,255,598 378,487 1,043,159 Total expenditures 1,823,995 1,396,294 427,701 1,164,205 Net change in fund balance (409,315) 128,435 537,750 60,113 Fund balance,beginning of year 1,720,005 1,720,005 - 1,659,892 Fund balance,end of year $ 1,310,690 $ 1,848,440 $ 537,750 $ 1,720,005 147 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-PERPETUAL CARE-I SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Interest income $ 16,000 $ 15,680 $ (320) $ 17,241 Total revenues 16,000 15,680 (320) 17,241 Expenditures: Current Culture and recreation 77,940 7,322 70,618 23,087 Total expenditures 77,940 7,322 70,618 23,087 Net change in fund balance (61,940) 8,358 70,298 (5,846) Fund balance,beginning of year 325,659 325,659 - 331,505 Fund balance,end of year $ 263,719 $ 334,017 $ 70,298 $ 325,659 148 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-TIA DISCRETIONARY PROJECTS SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Sales taxes $ 4,011,090 $ 3,339,124 $ (671,966) $ 3,421,038 Interest income - 21,154 21,154 6,857 Total revenues 4,011,090 3,360,278 (650,812) 3,427,895 Expenditures: Current Public works 4,550,630 409,929 4,140,701 1,057,505 Total expenditures 4,550,630 409,929 4,140,701 1,057,505 Excess(deficiency)of revenues over(under)expenditures (539,540) 2,950,349 3,489,889 2,370,390 Other financing uses Transfers out (203,580) - 203,580 - Total other financing uses (203,580) - 203,580 - Net change in fund balance (743,120) 2,950,349 3,693,469 2,370,390 Fund balance,beginning of year 5,296,135 5,296,135 - 2,925,745 Fund balance,end of year $ 4,553,015 $ 8,246,484 $ 3,693,469 $ 5,296,135 149 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-NPDES PERMIT FEES SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Licenses and permits $ 20,000 $ 17,511 $ (2,489) $ 17,407 Interest income - 405 405 268 Total revenues 20,000 17,916 (2,084) 17,675 Expenditures: Current Public works 44,000 - 44,000 65,834 Total expenditures 44,000 - 44,000 65,834 Net change in fund balance (24,000) 17,916 41,916 (48,159) Fund balance,beginning of year 116,848 116,848 - 165,007 Fund balance,end of year $ 92,848 $ 134,764 $ 41,916 $ 116,848 150 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-TRANSPORTATION AND TOURISM SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Charges for services $ 900,000 $ 875,249 $ (24,751) $ 874,401 Interest income - 3,480 3,480 3,057 Other revenues 921,180 - (921,180) - Total revenues 1,821,180 878,729 (942,451) 877,458 Expenditures: Current Housing and development 721,180 288,124 433,056 148,713 Total expenditures 721,180 288,124 433,056 148,713 Excess of revenues over expenditures 1,100,000 590,605 (509,395) 728,745 Other financing uses Transfers out (1,100,000) (1,100,000) - (550,000) Total other financing uses (1,100,000) (1,100,000) (550,000) Net change in fund balance - (509,395) (509,395) 178,745 Fund balance,beginning of year 1,196,171 1,196,171 - 1,017,426 Fund balance,end of year $ 1,196,171 $ 686,776 $ (509,395) $ 1,196,171 151 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-DRUG COURT SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Fines and forfeitures $ 135,000 $ 53,661 $ (81,339) $ 123,441 Interest income - 539 539 154 Other revenues - 6,000 6,000 - Total revenues 135,000 60,200 (74,800) 123,595 Expenditures: Current Public safety 173,550 3,552 169,998 71,030 Total expenditures 173,550 3,552 169,998 71,030 Excess(deficiency)of revenues over(under)expenditures (38,550) 56,648 95,198 52,565 Other financing sources Transfers in 38,550 - (38,550) - Total other financing sources 38,550 - (38,550) - Net change in fund balance - 56,648 56,648 52,565 Fund balance,beginning of year 103,200 103,200 - 50,635 Fund balance,end of year $ 103,200 $ 159,848 $ 56,648 $ 103,200 152 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-DUI COURT SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Fines and forfeitures $ 300,000 $ 323,106 $ 23,106 $ 335,093 Interest income - 713 713 511 Total revenues 300,000 323,819 23,819 335,604 Expenditures: Current Judicial 440,850 386,265 54,585 347,239 Total expenditures 440,850 386,265 54,585 347,239 Deficiency of revenues under expenditures (140,850) (62,446) 78,404 (11,635) Other financing sources Transfers in 140,850 88,410 (52,440) 11,700 Total other financing sources 140,850 88,410 (52,440) 11,700 Net change in fund balance - 25,964 25,964 65 Fund balance,beginning of year 160,676 160,676 - 160,611 Fund balance,end of year $ 160,676 $ 186,640 $ 25,964 $ 160,676 153 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-URBAN REDEVELOPMENT PROJECTS SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Interest income $ - $ 5,186 $ 5,186 $ - Other revenues - 11,500 11,500 - Total revenues - 16,686 16,686 - Expenditures: Current Housing and development 3,200,000 1,106,924 2,093,076 1,063,413 Total expenditures 3,200,000 1,106,924 2,093,076 1,063,413 Deficiency of revenues under expenditures (3,200,000) (1,090,238) 2,109,762 (1,063,413) Other financing sources Transfers in 2,700,000 2,700,000 - 1,560,000 Total other financing sources 2,700,000 2,700,000 - 1,560,000 Net change in fund balance (500,000) 1,609,762 2,109,762 496,587 Fund balance,beginning of year 513,831 513,831 - 17,244 Fund balance,end of year $ 13,831 $ 2,123,593 $ 2,109,762 $ 513,831 154 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-URBAN REDEVELOPMENT AGENCY SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Interest income $ - $ - $ - $ 2,019 Other revenues - 15,477 15,477 33,754 Total revenues - 15,477 15,477 35,773 Expenditures: Current Housing and development 2,130 9,281 (7,151) 7,684 Debt service Principal - 355,000 (355,000) 6,710,000 Interest 1,155,000 1,153,302 1,698 1,135,579 Fiscal agent fees 4,604 1,802 2,802 4,315 Bond issuance cost 1,396 1,396 340,150 Total expenditures 1,163,130 1,520,781 (357,651) 8,197,728 Deficiency of revenues under expenditures (1,163,130) (1,505,304) (342,174) (8,161,955) Other financing sources(uses) Proceeds from issuance of debt - - - 11,785,098 Proceeds from sale of assets - 5,922 5,922 372,423 Transfers in 650,000 650,000 - 550,000 Transfers out (2,700,000) (2,700,000) - (1,560,000) Total other financing sources(uses) (2,050,000) (2,044,078) 5,922 11,147,521 Net change in fund balance (3,213,130) (3,549,382) (336,252) 2,985,566 Fund balance,beginning of year 3,339,626 3,339,626 - 354,060 Fund balance(deficit),end of year $ 126,496 $ (209,756) $ (336,252) $ 3,339,626 155 AUGUSTA,GEORGIA SPECIAL REVENUE FUND-TIA PROJECTS SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Sales taxes $ 36,394,500 $ 16,531,814 $ (19,862,686) $ 14,516,311 Intergovernmental - 1,230,337 1,230,337 - Total revenues 36,394,500 17,762,151 (18,632,349) 14,516,311 Expenditures: Current Public works 36,394,500 21,669,777 14,724,723 16,944,978 Total expenditures 36,394,500 21,669,777 14,724,723 16,944,978 Net change in fund balance - (3,907,626) (3,907,626) (2,428,667) Fund balance(deficit), beginning of year (4,824,421) (4,824,421) - (2,395,754) Fund balance(deficit),end of year $ (4,824,421) $ 58,732,047 $ (3,907,626) $ (4,824,421 156 AUGUSTA, GEORGIA NONMAJOR GOVERNMENTAL FUNDS DEBT SERVICE FUNDS 2009 GO Sales Tax Bonds Debt Service Fund is used to account for the resources accumulated and payments made for the principal and interest on the General Obligation Sales Tax Bonds, Series 2009. The bonds are to be repaid with funds from SPLOST Phase VI. 2010 GO Sales Tax Bonds Debt Service Fund is used to account for the resources accumulated and payments made for the principal and interest on the General Obligation Sales Tax Bonds, Series 2010. The bonds are to be repaid with funds from SPLOST Phase VI. 2016 GO Sales Tax Bonds Debt Service Fund is used to account for the resources accumulated and payments made for the principal and interest on the General Obligation Sales Tax Bonds, Series 2016. The bonds are to be repaid with funds from SPLOST Phase 7. Coliseum Authority Revenue Bonds Debt Service Fund is used to account for the resources accumulated and payments made for the principal and interest on the Augusta-Richmond County Coliseum Authority Revenue Bonds, Series 2010. AUGUSTA,GEORGIA COMBINING BALANCE SHEET NONMAJOR DEBT SERVICE FUNDS DECEMBER 31,2016 Total Coliseum Nonmajor 2009 GO Sales 2010 GO Sales 2016 GO Sales Authority Debt Tax Bonds Tax Bonds Tax Bonds Revenue Bonds Service ASSETS Debt Service Debt Service Debt Service Debt Service Funds Restricted cash $ - $ - $ 28,519,358 $ 389,477 $ 28,908,835 Total assets $ - $ - $ 28,519,358 $ 389,477 $ 28,908,835 LIABILITIES AND FUND BALANCES LIABILITIES Due to other funds - - - 84,236 84,236 Total liabilities - - - 84,236 84,236 FUND BALANCES Restricted for: Debt service - - 28,519,358 305,241 28,824,599 Unassigned - - - - - Total fund balances - - 28,519,358 305,241 28,824,599 Total liabilities and fund balances $ - $ - $ 28,519,358 $ 389,477 $ 28,908,835 157 AUGUSTA,GEORGIA COMBINING STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR DEBT SERVICE FUNDS FOR THE YEAR ENDED DECEMBER 31,2016 Total Coliseum Nonmajor 2009 GO Sales 2010 GO Sales 2016 GO Sales Authority Debt Tax Bonds Tax Bonds Tax Bonds Revenue Bonds Service Debt Service Debt Service Debt Service Debt Service Funds Revenues: Property taxes $ - $ - $ - $ 370,000 $ 370,000 Interest income - 117 5,204 2,262 7,583 Total revenues - 117 5,204 372,262 377,583 Expenditures: Debt service Principal - - - 890,000 890,000 Interest - - - 838,500 838,500 Fiscal agent fees 14 - - 1,800 1,814 Bond issuance cost - - 364,797 - 364,797 Total expenditures 14 - 364,797 1,730,300 2,095,111 Excess(deficiency)of revenues over(under)expenditures (14) 117 (359,593) (1,358,038) (1,717,528) Other financing sources(uses): Proceeds from bond issuance - - 26,115,000 - 26,115,000 Premium on bonds issued - - 2,763,951 - 2,763,951 Transfers in 5,352 - - 1,360,000 1,365,352 Transfers out - (37,875) - - (37,875) Total other financing sources(uses) 5,352 (37,875) 28,878,951 1,360,000 30,206,428 Net change in fund balances 5,338 (37,758) 28,519,358 1,962 28,488,900 Fund balances(deficit), beginning of year (5,338) 37,758 - 303,279 335,699 Fund balances, end of year $ - $ - $ 28,519,358 $ 305,241 $ 28,824,599 158 AUGUSTA, GEORGIA DEBT SERVICE FUND-2009 GO SALES TAX BONDS DEBT SERVICE SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Property taxes $ - $ - $ - $ - Total revenues - - - - Expenditures: Debt service Principal - - - 11,800,000 Interest - - - 472,000 Fiscal agent fees - 14 (14) 25 Total expenditures - 14 (14) 12,272,025 Deficiency of revenues under expenditures - (14) (14) (12,272,025) Other financing sources: Transfers in - 5,352 5,352 12,273,000 Total other financing sources - 5,352 5,352 12,273,000 Net change in fund balance - 5,338 5,338 975 Fund balance(deficit),beginning of year (5,338) (5,338) - (6,313) Fund balance(deficit),end of year $ (5,338) $ - $ 5,338 $ (5,338) 159 AUGUSTA, GEORGIA DEBT SERVICE FUND-2010 GO SALES TAX BONDS DEBT SERVICE SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Interest income $ 100 $ 117 $ 17 $ - Total revenues 100 117 17 - Expenditures: Debt service Principal - - - 5,700,000 Interest - - - 114,000 Fiscal agent fees - - - 100 Total expenditures - - - 5,814,100 Excess of revenues over expenditures 100 117 17 (5,814,100) Other financing sources(uses): Transfers in - - - 5,815,000 Transfers out - (37,875) (37,875) - Total other financing sources(uses) - (37,875) (37,875) 5,815,000 Net change in fund balance 100 (37,758) (37,858) 900 Fund balance,beginning of year 37,758 37,758 - 36,858 Fund balance,end of year $ 37,858 $ - $ (37,858) $ 37,758 160 AUGUSTA, GEORGIA DEBT SERVICE FUND-COLISEUM AUTHORITY REVENUE BONDS DEBT SERVICE SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Property taxes $ 370,000 $ 370,000 $ - $ 401,500 Interest income - 2,262 2,262 434 Total revenues 370,000 372,262 2,262 401,934 Expenditures: Debt service Principal 890,000 890,000 - 865,000 Interest 838,500 838,500 - 864,450 Fiscal agent fees 1,500 1,800 (300) 1,350 Total expenditures 1,730,000 1,730,300 (300) 1,730,800 Deficiency of revenues under expenditures (1,360,000) (1,358,038) 1,962 (1,328,866) Other financing sources: Transfers in 1,360,000 1,360,000 - 1,360,000 Total other financing sources 1,360,000 1,360,000 - 1,360,000 Net change in fund balance - 1,962 1,962 31,134 Fund balance,beginning of year 303,279 303,279 - 272,145 Fund balance,end of year $ 303,279 $ 305,241 $ 1,962 $ 303,279 161 AUGUSTA, GEORGIA DEBT SERVICE FUND-2016 GO SALES TAX BONDS DEBT SERVICE SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31,2016 Original and 2015 Final Budget Actual Variance Actual Revenues: Interest income $ - $ 5,204 $ 5,204 $ - Total revenues - 5,204 5,204 - Expenditures: Debt service Principal 28,503,020 - 28,503,020 - Bond issuance cost 375,930 364,797 11,133 - Total expenditures 28,878,950 364,797 28,514,153 - Deficiency of revenues under expenditures (28,878,950) (359,593) 28,519,357 - Other financing sources: Bond proceeds 26,114,999 26,115,000 1 - Premium on bonds issued 2,763,951 2,763,951 - - Total other financing sources 28,878,950 28,878,951 1 - Net change in fund balance - 28,519,358 28,519,358 - Fund balance,beginning of year - - - - Fund balance,end of year $ - $ 28,519,358 $ 28,519,358 $ - 162 THIS PAGE INTENTIONALLY LEFT BLANK AUGUSTA, GEORGIA NONMAJOR GOVERNMENTAL FUNDS CAPITAL PROJECT FUNDS Community Development Fund is used to account 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. Capital Outlay Fund is used to account for the disbursement of revenues for all capital expenditures in General Fund departments. Capital expenditures are defined as any non-disposable item over$500 which includes vehicles, office and computer equipment, communications equipment, building renovations and office furniture. Law Enforcement Fund is used to account for revenue and capital expenditures of the Sheriffs Department and Jail. Special Sales Tax Phase II Fund is used to account 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. Special Sales Tax Phase Ill Fund is used to account for the receipts and disbursements of one percent (1%) sales tax collected from 1996 through 2000. The primary revenue sources are sales taxes, and the primary expenditures are capital outlay projects, primarily for public works, recreation and outside agency projects. Special Sales Tax Phase IV Fund is used to account for expenditures specifically budgeted from revenue from the one percent (1%) sales tax (Phase IV) collected from the years 2001 through 2006 to be used primarily for public works, recreation and outside agency projects. Special Sales Tax Phase V Fund is used to account for receipts and disbursements of the one percent (1%) sales tax collected began March 2006 and expired December 2010. The revenue sources are sales tax and earned interest, and expenditures will be for capital outlay projects, primarily for public facilities, public works, recreation, and outside agency projects. The funds will also be used to repay $44 million bonds issued for the expansion at the Webster Detention Center and the construction of the Augusta Convention Center. Additionally, the funds will be used for the repayment of$8 million bonds issued by the Canal Authority. Coliseum and TEE Center Capital Projects Fund is used to account for the costs of acquiring, constructing, and installing certain capital improvements to the existing multi-use coliseum and civic center type facility, known as the Augusta Entertainment Center Complex, and to account for a portion of the costs of acquiring, constructing, and installing a new multi-use coliseum and civic center type facility, to be known as the"Augusta Convention Center and Reynolds Street Parking Deck." Public Roads Fund is used to account for the receipts and disbursements of projects funded by the local maintenance and improvement grants(LMIG). AUGUSTA,GEORGIA COMBINING BALANCE SHEET NONMAJOR CAPITAL PROJECT FUNDS DECEMBER 31,2016 Community Capital Law Special Sales Special Sales ASSETS Development Outlay Enforcement Tax Phase II Tax Phase III Cash and cash equivalents $ 137,697 $ 57,979 $ 332,796 $ 124,404 $ 8,043,412 Investments - 8,757,644 - - 6,573,157 Taxes receivable - 348,066 - - - Accounts receivables - 269,723 14,975 - - Interest receivable - - - - - Total assets $ 13T,697 $ 9,433,412 $ 347,771 $ 124,404 $ 14,616,569 LIABILITIES,DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES LIABILITIES Accounts payable $ - $ 472,476 $ 4,159 $ 43,855 $ 16,226 Due to other funds - 374,402 - - 12,510 Total liabilities - 846,878 4,159 43,855 28,736 DEFERRED INFLOWS OF RESOURCES Unavailable revenue-property taxes - 173,580 - - - Total deferred inflows of resources - 173,580 - - - FUND BALANCES Restricted for: Capital outlay 137,697 - - 80,549 14,587,833 Committed for: Capital outlay - 8,412,954 343,612 - - Total fund balances 137,697 8,412,954 343,612 80,549 14,587,833 Total liabilities,deferred inflows of resources and fund balances $ 137,697 $ 9,433,412 $ 347,771 $ 124,404 $ 14,616,569 163 Total Coliseum and Nonmajor TEE Center Capital Special Sales Special Sales Capital Public Project Tax Phase IV Tax Phase V Projects Roads Funds $ 11,825,941 $ 12,847,944 $ - $ 5,272,199 $ 38,642,372 6,573,157 - - - 21,903,958 - - 348,066 34,758 23,244 - - 342,700 5,317 923 - - 6,240 $ 18,439,173 $ 12,872,111 $ - $ 5,272,199 $ 61,243,336 $ 16,341 $ - $ - $ 176,706 $ 729,763 - - 386,912 16,341 - - 176,706 1,116,675 - - - - 173,580 - - - - 173,580 18,422,832 12,872,111 - 5,095,493 51,196,515 - - 8,756,566 18,422,832 12,872,111 - 5,095,493 59,953,081 $ 18,439,173 $ 12,872,111 $ - $ 5,272,199 $ 61,243,336 164 AUGUSTA,GEORGIA COMBINING STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR CAPITAL PROJECT FUNDS FOR THE YEAR ENDED DECEMBER 31,2016 Community Capital Law Special Sales Special Sales Development Outlay Enforcement Tax Phase II Tax Phase III Revenues: Property taxes $ - $ 3,756,706 $ - $ - $ - Sales taxes - 331,345 - - - Intergovernmental - - - - 1,033,122 Charges for services - - 95,418 - - Interest income - 8,521 998 535 60,986 Total revenues - 4,096,572 96,416 535 1,094,108 Expenditures: Capital outlay - 3,445,365 33,222 202,741 351,529 Total expenditures - 3,445,365 33,222 202,741 351,529 Excess(deficiency) of revenues over (under)expenditures - 651,207 63,194 (202,206) 742,579 Other financing sources(uses): Transfers in - 321,401 - - - Transfers out - - - - - Total other financing sources(uses) - 321,401 - - - Net change in fund balances - 972,608 63,194 (202,206) 742,579 Fund balances,beginning of year 137,697 7,440,346 280,418 282,755 13,845,254 Fund balances,end of year $ 137,697 $ 8,412,954 $ 343,612 $ 80,549 $ 14,587,833 165 Total Coliseum and Nonmajor TEE Center Capital Special Sales Special Sales Capital Public Project Tax Phase IV Tax Phase V Projects Roads Funds $ - $ - $ - $ - $ 3,756,706 - - - - 331,345 20,195 - - - 1,053,317 - - - - 95,418 74,698 40,514 1,991 20,757 209,000 94,893 40,514 1,991 20,757 5,445,786 199,331 238,659 - 2,501,980 6,972,827 199,331 238,659 - 2,501,980 6,972,827 (104,438) (198,145) 1,991 (2,481,223) (1,527,041) - - - - 321,401 - (626,134) - (626,134) - - (626,134) - (304,733) (104,438) (198,145) (624,143) (2,481,223) (1,831,774) 18,527,270 13,070,256 624,143 7,576,716 61,784,855 $ 18,422,832 $ 12,872,111 $ - $ 5,095,493 $ 59,953,081 166 THIS PAGE INTENTIONALLY LEFT BLANK AUGUSTA, GEORGIA NONMAJOR ENTERPRISE FUNDS Waste Management Fund is used to account for the provision of landfill services to residents and industries of the Government.All activities necessary to provide such services are accounted for in this fund including, but not limited to, administration, operations, billing and collection. Transit Fund is used to account for the operations of the Augusta Public Transit which provides scheduled bus service within Richmond and Columbia counties. Daniel Field Airport Fund is used to account for revenue and expenses related to Daniel Field Airport. AUGUSTA,GEORGIA COMBINING STATEMENT OF NET POSITION NONMAJOR ENTERPRISE FUNDS DECEMBER 31,2016 Daniel Total Nonmajor Waste Field Enterprise Management Transit Airport Funds ASSETS CURRENT ASSETS Cash and cash equivalents $ 24,057,814 $ - $ 128,968 $ 24,186,782 Investments - - 329,009 329,009 Accounts receivable,net of allowance 2,271,062 801,321 126,010 3,198,393 Interest receivable - - 140 140 Due from other funds 17,674,655 - - 17,674,655 Prepaid expenses 21,402 - - 21,402 Inventory - 102,248 - 102,248 Restricted cash 4,066,665 - - 4,066,665 Total current assets 48,091,598 903,569 584,127 49,579,294 NONCURRENT ASSETS Capital assets: Nondepreciable 1,548,978 1,928,616 65,104 3,542,698 Depreciable,net of accumulated depreciation 33,579,047 4,183,060 1,374,537 39,136,644 Total noncurrent assets 35,128,025 6,111,676 1,439,641 42,679,342 Total assets 83,219,623 7,015,245 2,023,768 92,258,636 DEFERRED OUTFLOWS OF RESOURCES Pension 139,898 39,025 - 178,923 Total deferred outflows of resources 139,898 39,025 - 178,923 LIABILITIES CURRENT LIABILITIES Payable from current assets: Accounts payable 504,105 951,676 74,010 1,529,791 Accrued expenses 54,611 11,209 - 65,820 Due to other funds 347,631 - 61,514 409,145 Capital lease payable-current portion 188,764 - - 188,764 Compensated absences-current portion 68,848 16,881 - 85,729 1,163,959 979,766 135,524 2,279,249 Payable from restricted assets: Bonds payable-current portion 595,000 - - 595,000 595,000 - - 595,000 Total current liabilities 1,758,959 979,766 135,524 2,874,249 NONCURRENT LIABILITIES Advance from other funds 298,551 4,456,908 - 4,755,459 Capital lease payable-long term portion 258,598 - - 258,598 Bonds payable-long term portion 7,296,454 - - 7,296,454 Net pension liability 466,918 130,249 - 597,167 Landfill postclosure care costs-long term portion 21,041,499 - - 21,041,499 Total long term liabilities 29,362,020 4,587,157 - 33,949,177 Total liabilities 31,120,979 5,566,923 135,524 36,823,426 DEFERRED INFLOWS OF RESOURCES Pension 16,165 4,509 - 20,674 Total deferred inflows of resources 16,165 4,509 - 20,674 NET POSITION Net investment in capital assets 26,789,209 6,111,676 1,439,641 34,340,526 Restricted for debt service 4,066,665 - - 4,066,665 Unrestricted 21,366,503 (4,628,838) 448,603 17,186,268 Total net position $ 52,222,377 $ 1,482,838 $ 1,888,244 $ 55,593,459 167 AUGUSTA,GEORGIA COMBINING STATEMENT OF REVENUES,EXPENSES AND CHANGES IN FUND NET POSITION NONMAJOR ENTERPRISE FUNDS FOR THE YEAR ENDED DECEMBER 31,2016 Daniel Total Nonmajor Waste Field Enterprise Management Transit Airport Funds OPERATING REVENUES Charges for services $ 14,357,646 $ 730,452 $ 102,614 $ 15,190,712 Miscellaneous 510,924 1,167,666 16,533 1,695,123 Total operating revenues 14,868,570 1,898,118 119,147 16,885,835 OPERATING EXPENSES Personnel costs 1,381,407 484,987 - 1,866,394 Cost of sales and service 1,387,298 4,542,616 174,293 6,104,207 Supplies 3,523,584 845,073 17,905 4,386,562 Administration 1,441,123 - 7,930 1,449,053 Depreciation expense 2,983,543 450,997 127,883 3,562,423 Total operating expenses 10,716,955 6,323,673 328,011 17,368,639 Operating income(loss) 4,151,615 (4,425,555) (208,864) (482,804) NONOPERATING REVENUES(EXPENSES) Interest expense (337,634) - - (337,634) Interest income 131,930 - 2,945 134,875 Total nonoperating revenues(expenses) (205,704) - 2,945 (202,759) Income(loss)before contributions and transfers 3,945,911 (4,425,555) (205,919) (685,563) CAPITAL CONTRIBUTIONS - 2,973,372 89,279 3,062,651 TRANSFERS Transfers in - 3,688,497 - 3,688,497 Total transfers - 3,688,497 - 3,688,497 Change in net position 3,945,911 2,236,314 (116,640) 6,065,585 NET POSITION,beginning of year 48,276,466 (753,476) 2,004,884 49,527,874 NET POSITION,end of year $ 52,222,377 $ 1,482,838 $ 1,888,244 $ 55,593,459 168 AUGUSTA,GEORGIA COMBINING STATEMENT OF CASH FLOWS NONMAJOR ENTERPRISE FUNDS FOR THE YEAR ENDED DECEMBER 31,2016 Daniel Total Nonmajor Waste Field Enterprise Management Transit Airport Funds CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users $ 4,758,671 $ 1,888,935 $ 24,134 $ 6,671,740 Payments to suppliers (6,657,775) (5,457,661) (136,094) (12,251,530) Payments to employees (1,484,646) (452,281) - (1,936,927) Net cash used in operating activities (3,383,750) (4,021,007) (111,960) (7,516,717) CASH FLOWS FROM NONCAPITAL AND RELATED FINANCING ACTIVITIES Transfers in - 3,688,497 - 3,688,497 Net cash provided by noncapital and related financing activities - 3,688,497 - 3,688,497 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisitions of capital assets (63,385) (2,640,862) - (2,704,247) Principal payments on bonds payable (575,000) - - (575,000) Principal payments on capital leases (199,609) - - (199,609) Capital grants received - 2,973,372 89,279 3,062,651 Interest paid (355,936) - - (355,936) Net cash provided by(used in)capital and related financing activities (1,193,930) 332,510 89,279 (772,141) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments - - (3,102) (3,102) Interest received 131,930 - 2,970 134,900 Net cash provided by(used in)investing activities 131,930 - (132) 131,798 Change in cash and cash equivalents (4,445,750) - (22,813) (4,468,563) Cash and cash equivalents: Beginning of year 32,570,229 - 151,781 32,722,010 End of year $ 28,124,479 $ - $ 128,968 $ 28,253,447 Classified as: Cash and cash equivalents $ 24,057,814 $ - $ 128,968 $ 24,186,782 Restricted cash 4,066,665 - - 4,066,665 $ 28,124,479 $ - $ 128,968 $ 28,253,447 (continued) 169 AUGUSTA,GEORGIA COMBINING STATEMENT OF CASH FLOWS NONMAJOR ENTERPRISE FUNDS FOR THE YEAR ENDED DECEMBER 31,2016 Daniel Total Nonmajor Waste Field Enterprise Management Transit Airport Funds Reconciliation of operating income(loss)to net cash used in operating activities: Operating income(loss) $ 4,151,615 $ (4,425,555) $ (208,864) $ (482,804) Adjustments to reconcile operating income(loss) to net cash used in operating activities Depreciation 2,983,543 450,997 127,883 3,562,423 Change in assets and liabilities: Increase in accounts receivable (1,422,238) (9,183) (78,343) (1,509,764) Decrease in inventory - 8,752 - 8,752 Increase in due from other funds (8,340,031) - - (8,340,031) Increase in deferred outflows of resources-pension (46,096) (24,965) - (71,061) Increase(decrease)in accounts payable (311,346) 154,309 64,034 (93,003) Increase in accrued expenses 5,576 762 - 6,338 Decrease in due to other funds - - (16,670) (16,670) Decrease in advance to other funds (347,630) (233,795) - (581,425) Decrease in deferred inflows of resources-pension (30,595) (2,499) - (33,094) Increase(decrease)in net pension liability (26,855) 56,236 - 29,381 Increase in compensated absences 307 3,934 - 4,241 Net cash used in operating activities $ (3,383,750) $ (4,021,007) $ (111,960) $ (7,516,717) 170 THIS PAGE INTENTIONALLY LEFT BLANK AUGUSTA, GEORGIA INTERNAL SERVICE FUNDS Risk Management Fund is used to account for the receipt and disbursement of settlement exposure and damage expense claims, commercial insurance premiums and bond on certain employees and elected officials. Fleet Operations Fund is used to account for the operation and maintenance of Government vehicles. The Fund bills other Government funds at amounts that will approximately recover all the cost of the services provided. Workers Compensation Fund is used to account for the receipt and disbursements of workers compensation claims. Employee Health Benefits Fund is used to account for the receipt and disbursement of employee group health insurance claims. Unemployment Fund is used to account for the receipt and disbursement of unemployment benefits. Long-term Disability Insurance Fund is used to account for the receipt and disbursement of long-term disability claims. GMA Leases Fund is used to account for the receipt and disbursement of the lease pool agreement with the Georgia Municipal Association. AUGUSTA,GEORGIA COMBINING STATEMENT OF NET POSITION INTERNAL SERVICE FUNDS DECEMBER 31,2016 Risk Fleet Workers Employee Management Operations Compensation Health Benefits Unemployment ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,238,728 $ 263,151 $ 260,694 $ 3,313,152 $ - Investments - - - - - Due from other funds - - - - - Total current assets 1,238,728 263,151 260,694 3,313,152 - NONCURRENT ASSETS Advance to other funds - - - - - Other assets - - - - - Capital assets: Depreciable,net of accumulated depreciation - 4,420 - - - Total noncurrent assets - 4,420 - - - Total assets 1,238,728 267,571 260,694 3,313,152 - LIABILITIES CURRENT LIABILITIES Accounts payable 4,265 390,199 260,694 681,658 - Accrued expenses 12,464 4,793 - 2,631,494 - Unearned revenue 95,813 - - - - Total current liabilities 112,542 394,992 260,694 3,313,152 - NONCURRENT LIABILITIES Certificates of participation - - - - - Total long term liabilities - - - - - Total liabilities 112,542 394,992 260,694 3,313,152 - DEFERRED INFLOWS OF RESOURCES Deferred revenue-effective hedge - - - - - Total deferred outflows of resources - - - - - NET POSITION Investment in capital assets - 4,420 - - - Unrestricted(deficit) 1,126,186 (131,841) - - - Total net position $ 1,126,186 $ (127,421) $ - $ - $ - 171 Total Long-term Internal Disability GMA Service Insurance Leases Funds $ 34,076 $ 73,876 $ 5,183,677 13,823,885 13,823,885 1,337,580 1,337,580 34,076 15,235,341 20,345,142 1,327,482 1,327,482 4,334,542 4,334,542 4,420 5,662,024 5,666,444 34,076 20,897,365 26,011,586 18,418 - 1,355,234 2,648,751 95,813 18,418 - 4,099,798 16,888,000 16,888,000 16,888,000 16,888,000 18,418 16,888,000 20,987,798 4,334,542 4,334,542 4,334,542 4,334,542 4,420 15,658 (325,177) 684,826 $ 15,658 $ (325,177) $ 689,246 172 AUGUSTA,GEORGIA COMBINING STATEMENT OF REVENUES,EXPENSES AND CHANGES IN FUND NET POSITION INTERNAL SERVICE FUNDS FOR THE YEAR ENDED DECEMBER 31,2016 Risk Fleet Workers Employee Management Operations Compensation Health Benefits Unemployment OPERATING REVENUES Charges for services-interfund services $ 1,746,569 $ 4,479,004 $ 4,161,447 $ 30,575,313 $ 26,633 Miscellaneous 16,664 1,797 - - - Total operating revenues 1,763,233 4,480,801 4,161,447 30,575,313 26,633 OPERATING EXPENSES Personnel costs 374,252 124,554 - - - Cost of sales and service 627,429 4,158,475 - 92,067 - Supplies 144,031 102,707 - - - Claims and damages 421,705 - 4,154,669 - 26,633 Administration 87,499 94,520 6,778 30,483,246 - Depreciation expense - 545 - - - Total operating expenses 1,654,916 4,480,801 4,161,447 30,575,313 26,633 Operating income(loss) 108,317 - - - - NONOPERATING REVENUES(EXPENSES) Loss on disposal of assets (305,261) - - - - Interest expense - - - - - Interest income 4,722 - - - - Total nonoperating revenues,net (300,539) - - - - Change in net position (192,222) - - - - NET POSITION,beginning of year 1,318,408 (127,421) - - - NET POSITION,end of year $ 1,126,186 $ (127,421) $ - $ - $ - 173 Total Long-term Internal Disability GMA Service Insurance Leases Funds $ 223,125 $ 1,467,456 $ 42,679,547 - - 18,461 223,125 1,467,456 42,698,008 - - 498,806 - - 4,877,971 222,374 1,469,900 1,939,012 - - 4,603,007 770 - 30,672,813 - - 545 223,144 1,469,900 42,592,154 (19) (2,444) 105,854 - - (305,261) - (220,805) (220,805) 19 313,079 317,820 19 92,274 (208,246) - 89,830 (102,392) 15,658 (415,007) 791,638 $ 15,658 $ (325,177) $ 689,246 174 AUGUSTA,GEORGIA COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS FOR THE FISCAL YEAR ENDED DECEMBER 31,2016 Risk Fleet Workers Employee Management Operations Compensation Health Benefits Unemployment CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users $ 1,763,233 $ 4,480,801 $ 4,161,447 $ 30,575,313 $ 26,633 Payments to suppliers (1,205,889) (4,324,830) (4,137,867) (30,130,895) (27,616) Payments to employees (377,109) (124,554) - - - Net cash provided by(used in)operating activities 180,235 31,417 23,580 444,418 (983) CASH FLOWS FROM CAPITAL AND RELATED Interest paid - - - - - Net cash used in capital and related financing activities - - - - - CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sales of investments - - - - - Interest received 4,722 - - - - Net cash provided by (used in)investing activities 4,722 - - - - Change in cash and cash equivalents 184,957 31,417 23,580 444,418 (983) Cash and cash equivalents: Beginning of year 1,053,771 231,734 237,114 2,868,734 983 End of year $ 1,238,728 $ 263,151 $ 260,694 $ 3,313,152 $ - Classified as: Cash and cash equivalents $ 1,238,728 $ 263,151 $ 260,694 $ 3,313,152 $ - $ 1,238,728 $ 263,151 $ 260,694 $ 3,313,152 , $ - Reconciliation of operating income(loss)to net cash provided by(used in) operating activities: Operating income(loss) $ 108,317 $ - $ - $ - $ - Adjustments to reconcile operating loss to net cash used in operating activities Depreciation - 545 - - - Change in assets and liabilities: Decrease in due from other funds - - - - - Decrease in other assets - - - - - Decrease in advance from other funds - - - - - Increase(decrease)in accounts payable (21,038) 30,935 23,580 358,671 (983) Increase(decrease)in accrued expenses (2,857) (63) - 85,747 - Increase in unearned revenue 95,813 - - - - Decrease in deferred revenue-effective hedge - - - - - Net cash provided by(used in) operating activities $ 180,235 $ 31,417 $ 23,580 $ 444,418 $ (983) 175 Total Long-term Internal Disability GMA Service Insurance Leases Funds $ 223,125 $ 1,854,531 $ 43,085,083 (223,039) (1,469,900) (41,520,036) - - (501,663) 86 384,631 1,063,384 - (220,805) (220,805) - (220,805) (220,805) - (420,666) (420,666) 19 313,079 317,820 19 (107,587) (102,846) 105 56,239 739,733 33,971 17,637 4,443,944 $ 34,076 $ 73,876 $ 5,183,677 $ 34,076 $ 73,876 $ 5,183,677 $ 34,076 $ 73,876 $ 5,183,677 $ (19) $ (2,444) $ 105,854 - - 545 337,805 337,805 829,787 829,787 49,270 49,270 105 - 391,270 - 82,827 - - 95,813 (829,787) (829,787) $ 86 $ 384,631 $ 1,063,384 176 AUGUSTA,GEORGIA SCHEDULE OF EXPENDITURES OF SPECIAL PURPOSE LOCAL OPTION SALES TAX PROCEEDS FOR THE YEAR ENDED DECEMBER 31,2016 Estimated Original Current Percentage SPLOST Estimated Estimated Prior Current of Phase Project Cost Cost Years Year Total Completion Phase I Pineview Drive $ - $ 136,416 $ 136,416 $ - $ 136,416 100% Phase I Flood Control Feasibility Study - 20,796 20,796 - 20,796 100% Phase I Small Projects 181,230 181,230 181,230 - 181,230 100% Phase I Adjusting roadway structure 100,289 82,700 82,700 - 82,700 100% Phase I Phinizy Swamp drainage 163,998 58,617 58,617 - 58,617 100% Phase I Stevens Creek/Clausen Road 358,584 361,888 299,329 - 299,329 83% Phase I Jackson Road widening 108,776 108,776 108,776 - 108,776 100% Phase I Berckmans Road 1,793,000 9,441 9,441 - 9,441 100% Phase I Belair Road Extension 666,005 741,074 741,074 - 741,074 100% Phase I Turpin Hill Rdwy. 1,102,076 1,020,879 1,020,879 - 1,020,879 100% Phase I Doug Bernard Parkway 2,170,763 1,874,524 1,874,524 - 1,874,524 100% Phase I Rocky Creek Tributary 130,832 132,038 63,706 - 63,706 48% Phase I Hyde Park Drg 94,945 94,945 94,945 - 94,945 100% Phase I Belair Hills Estate 33,700 33,700 33,700 - 33,700 100% Phase I Windsor Spring Road,Section I 2,780,104 2,780,104 2,780,104 - 2,780,104 100% Phase I Windsor Spring Road,Section II 1,708,213 1,707,397 1,707,396 - 1,707,396 100% Phase I Windsor Spring Road Off-site 69,793 69,793 69,793 - 69,793 100% Phase I Tobacco Road-Phase II 1,591,127 1,511,764 1,511,764 - 1,511,764 100% Phase I Barton Chapel Road,Phase II 1,488,591 963,324 992,624 - 992,624 103% Phase I Peppreidge Drive 4,150 4,150 4,150 - 4,150 100% Phase I Boykin Rd Drainage 62,500 62,500 62,500 - 62.500 100% Phase I Hephzibah-McBean/Brothersville 329,440 364,875 364,874 - 364,874 100% Phase I International Boulevard Extension 340,000 289,800 289,800 - 289,800 100% Phase I Radio Control RR Switches - 100,000 100,000 - 100,000 100% Phase I Parham Rd Improvement - 7,334 7,361 - 7,361 100% Phase I Camp Angehele Road - 12,343 12,343 - 12,343 100% Phase I Corridor&Gateway Enhance - - - - 0% Phase I SR 121 @ Wndsor Spring Traffic 85,800 28,399 28,399 - 28,399 100% Phase I Pinnacle Place Drg Imp - 688,025 688,026 - 688,026 100% Phase I ARC Drainage Imp Phase I - - - - - 0% Phase I Walton Way Extension - 544,470 544,473 - 544,473 100% Phase I State Rd 121/US25 Windsor - 886,288 212,244 - 212,244 24% Phase I Traffic Signs Upgrade - 50,273 50,274 - 50,274 100% Phase I Storm Pipe Replacement - 143,068 141,146 - 141,146 99% Phase I Warren Lake-Rock Creek - 13,243 13,243 - 13,243 100% Phase I Winchester Drainage Improvement - 441,261 220,453 - 220,453 50% Phase I Small projects 417,978 239,172 239,162 - 239,162 100% Phase I NPDES 504,705 515,992 515,378 - 515,378 100% Phase I JLEC 2,000,000 1,886,471 1,809,182 - 1,809,182 96% Phase I Bobby Jones Expressway 284,286 237,618 237,618 - 237,618 100% Phase I Bobby Jones @SR 56 187,000 171,457 171,457 - 171,457 100% Phase I Fury's Ferry Rd 126,500 - - - - 0% Phase I Jackson Road widening 2,537,671 2,318,812 2,318,812 - 2,318,812 100% Phase I Perimeter Parkway Improvements 981,820 870,614 870,614 - 870,614 100% Phase I Wrighisboro Road Operational 251,000 210,210 210,210 - 210,210 100% Phase I Belair Road 555,851 88,600 88,600 - 88,600 100% Phase I Wheeler Road widening 1,576,000 1,015,885 974,456 - 974,456 96% Phase I Cane Creek Channel Imp 1,421,720 1,105,881 1,105,881 - 1,105,881 100% Phase I Rae's Creek Channel Improvement 1,758,382 1,756,878 1,756,878 - 1,756,878 100% Phase I Olive Road realignment 134,796 134,796 7,996 - 7,996 6% Phase I North Leg Bridge Widening 22,000 - - 0% Phase I Wheeless Road 819,500 819,500 566,348 - 566,348 69% Phase I Lakeside Drainage 323,447 265,389 265,389 - 265,389 100% Phase I Hyde Park 1,716,000 1,048,444 1,048,444 - 1,048,444 100% Phase I Apple Valley drainage improvements 769,061 769,061 755,779 - 755,779 98% Phase I SR 4/US1 16,500 12,413 12,413 - 12,413 100% Phase I Windsor Spring Road 1,055,386 919,146 919,146 - 919,146 100% Phase I Tobacco Road 3,046,858 2,736,545 2,736,545 - 2,736,545 100% Phase I Lock&Dam Road 404,522 364,826 364,826 - 364.826 100% Phase I Barton Chapel Rd,Phase 1 29,300 29,300 29,300 - 29,300 100% Phase I Barton Chapel Road,Phase II 2,036,000 2,769,553 2,769,553 - 2,769,553 100% Phase I SR 10/US 223 Gordon Highway 84,500 74,893 74,893 - 74,893 100% Phase I Pepperidege Drive Intersection 172,177 156,358 156,358 - 156,358 100% Phase I SR 56 at Phinizy 399,425 342,695 342,695 - 342,695 100% Phase I Fall Line Freeway 77,000 - - - 0% Phase I Paving Various Rd.,Phase V 1,200,000 725,423 725,423 - 725,423 100% Phase I Boykin Road Drg. 1,466,809 1,367,118 1,367,118 - t367,118 100% Phase I SR 56 @Old Waynesboro Rd 416,000 461,687 461,686 - 461,686 100% Phase I Willis Foreman Road Dr. 350,100 440,304 440,302 - 440,302 100% Phase I Sand Ridge Storm 341,800 218,682 218,682 - 218,682 100% Phase I SR 56 Old Savannah Road 552,500 375,003 375,004 - 375,004 100% Phase I Walton Way Extension 1,385,000 - - - - 0% Phase I Skinner Mill Road Culvert Extension 153,100 11,876 11,876 - 11,876 100% Phase I Rocky Creek Hazard Mitigatio 717,860 62,064 62,064 - 62,064 100% Phase I Rock Creek/Warren Lake Restoration - 1,358,300 1,156,179 202,099 1,358,278 100% Phase I Wayfinding Signage Program - 1,000,000 1,000,000 - 1,000,000 100% Phase I East Augusta drainage - 1,147,379 1,147,379 - 1,147,379 100% Phase I Council Drive 102,459 102,459 102,459 - 102,459 100% Phase I General Roadway 361,393 361,393 361,393 - 361,393 100% Phase I Trees and landscaping 96,000 55,477 55,476 - 55,476 100% Phase I Albion Acres 142,534 142,534 142,534 - 142,534 100% Phase I 5th Sheet storm sewer improvements 154,250 70,584 70,584 - 70,584 100% Phase I 3rd Level Canal cleaning 700,000 733,559 588,419 - 588,419 80% Phase I Walton Way Reconstruction 600,000 600,000 600,000 - 600,000 100% Phase I 15th St Utility Relocation 350,000 - - - - 0% Phase I 9th Street Parking renovation 50,000 1,736 1,736 - 1,736 100% Phase I Laney-Walker reconstruction 96,600 180,600 146,923 - 146,923 81% Phase I Rae's Creek 440,000 1,163,167 989,578 - 989,578 85% Phase I Eisenhower Emergency Driveway - 41,754 14,346 - 14,346 34% Phase I Wayfinding Signage Program - 200,500 200,500 - 200,500 100% (continued) 177 AUGUSTA,GEORGIA SCHEDULE OF EXPENDITURES OF SPECIAL PURPOSE LOCAL OPTION SALES TAX PROCEEDS FOR THE YEAR ENDED DECEMBER 31,2016 Estimated Original Current Percentage SPLOST Estimated Estimated Prior Current of Phase Project Cost Cost Years Year Total Completion Phase Il Delta Cost Sharing $ 144267 $ 144,267 $ 144267 $ - $ 144,267 100% Phase II Sand Hills Park 50,000 48,286 48,286 - 48,286 100% Phase II Reynolds Park renovation 63,000 48,000 47,243 - 47,243 98% Phase II Tanglewood Park renovation 30,000 30,000 25,849 - 25,849 86% Phase II Wood Park 45,000 45,002 45,002 - 45,002 100% Phase II Lake Olmstead Bike Trail 90,000 90,000 90,000 - 90,000 100% Phase II Radford Park renovation 34,868 32,679 32,679 - 32,679 100% Phase II Katherine Street 145,178 152855 153,855 - 153,855 101% Phase II Georgia Regional 927 7 7 - 7 100% Phase II Suburban Forces Capital Equipment II 1,411,000 1,428,614 1,391,675 - 1,391,675 97% Phase II Butts Memorial Bridge repair 245,000 184,540 184,899 - 184,899 100% Phase II Phinizy swamp drainage Improvement I 273,884 1,443 1,443 - 1,443 100% Phase II Alexander Drive culvert repair 36,870 34,219 34,219 - 34,219 100% Phase II Alexander Drive Culvert Repair II 18,500 18,570 18,597 - 18,597 100% Phase II Rees Creek Channelization IV 13,325 13,194 13,194 - 13,194 100% Phase II Traffic engineering improvement Phase II 460,000 450,574 454,961 - 454,961 101% Phase II Paving various roads 1,026,875 518,021 518,021 - 518.021 100% Phase II Paving Various Roads - 829,506 564,027 - 564,027 68% Phase II Lovers Lane Land Acquisition - 357,111 195,994 - 195,994 55% Phase II Resurfacing Hephzibah McBean Road - 330,088 333,089 - 333,089 101% Phase II Canal Authority 500,000 501,801 501,801 - 501,801 100% Phase II Arts Council 100,000 100,000 97,618 - 97,618 98% Phase 11 Fore Augusta 100,000 100,000 100,000 - 100,000 100% Phase II Historic Augusta 100,000 100,000 100,000 - 100,000 100% Phase II Museum 200,000 200,000 200,000 - 200,000 100% Phase II New Hope Community Center 100,000 - - - - #DIV/0! Phase II Imperial Theater 150,000 150,000 150,000 - 150,000 100% Phase II Augusta Mini Theater 150,000 879,174 879,174 - 879,174 100% Phase II Riverwalk Playground 40,000 41,353 40,412 - 40,412 98% Phase II ARC drainage improvements Phase I 116,750 94,260 94,260 - 94,260 100% Phase II ARC drainage improvements Phase II 53,100 50,729 50,729 - 50,729 100% Phase II SR 56 @ Goshen Road 88,000 362,718 362,718 - 362,718 100% Phase II Belair Road improvement 2,361,000 2,385,750 618,088 20,289 638,377 27% Phase II Berckman's Road 2,713,000 14,284 14,284 - 14,284 100% Phase II Courtney's Detention Pond Emer Rep 70,805 71,074 69,923 - 69,923 98% Phase II Travis/Plantation Road 2,361,000 368,255 183,366 - 183,366 50% Phase II Washington Road Sidewalk 276,000 1,311 1,311 - 1,311 100% Phase II SR 4/15th l cr 2207(Central Ave) - 117,434 32,233 - 32,233 27% Phase II Richmond Hill Rd Sidewalks - 117,645 117,645 - 117,645 100% Phase II Alexander Dr Emergency Repair - 74,688 75,077 - 75,077 101% Phase II Powell Rd Culvert Replacement - 234,036 234,464 - 234,464 100% Phase II Point West Drainage - 1,023,399 916,292 - 916,292 90% Phase II Oates Creek Rehab Proj - 843,266 213,266 - 213,266 25% Phase II Wilkerson Garden - 680,543 498,983 - 498,983 73% Phase II Kimberly Clark Industrial Park 2,215,000 2,215,000 962,972 119,245 1.082,217 49% Phase II Municipal Building 8,721,250 8,610,942 8,623,367 - 8,623,367 100% Phase II Library(South Richmond) 700,000 709,881 654,985 - 654,985 92% Phase II Board of Health 7.000,000 7,000,000 7,000,0007,000,000 100% Phase II Augusta Mini Theater 850,000 856,245 816,593 - 816,593 95% Phase II Lucy Craft Laney Museum 800,000 762,295 762,295 - 762,295 100% Phase II Georgia Golf Hall of Fame 4,000,000 4,000,000 4,000,000 - 4,000,000 100% Phase II Bethlehem Community Ctr 27,194 61,320 61,320 - 61,320 100% Phase II Administration 182,795 181,816 181,816 - 181,816 100% Phase II Warren Rd Renovation 373,249 373,249 373,249 - 373,249 100% Phase II Bennie Ward 110,000 109,508 109,508 - 109,508 100% Phase II Riverfront Pavilion 655,648 655,561 655,561 - 655,561 100% Phase II May Park 525,000 522,779 522,779 - 522,779 100% Phase II West Augusta Soccer Field 1,000,000 999,739 999,739 - 999,739 100% Phase II WT Johnson renovation 306,500 305,831 305,831 - 305,831 100% Phase II Belair/Flager Road renovations 112,650 112,602 112,602 - 112,602 100% Phase II Dyess Park renovation 192,993 192,993 192,773 - 192,773 100% Phase II South Augusta Recreation Administrative Complex 7,550,000 7,552,419 7,552,419 - 7,552,419 100% Phase II Aquatic Natatorium 5,143,000 5,140,093 5,140,093 - 5,140,093 100% Phase II Golden Camp/Belle TERR 929,119 927,295 927,925 - 927,925 100% Phase II Belle Terrace Renovation 232,111 233,169 233,169 - 233,169 100% Phase II Elliott Park 100,000 100,089 99,911 - 99,911 100% Phase II Heath Pool 5,000 - - - - #DIV/0! Phase II Jones Pool 35,000 35,017 35,017 - 35,017 100% Phase II Doughty Park 50,000 50,479 50,479 - 50,479 100% Phase II Eastview Park 227,500 169,161 169,161 - 169,161 100% Phase II Hephizah/Carroll Park 175,358 175,185 175,185 - 175,185 100% Phase II Jamestown Park 112,566 112,566 112,566 - 112,566 100% Phase II McBean Park 140,000 140,949 139,735 - 139,735 99% Phase II Minnick Park 55,000 53,849 53,849 - 53,849 100% Phase II Savannah Place 245,000 248,769 244,942 - 244,942 98% Phase II Blythe Community Center 708,000 703,302 703,302 - 703,302 100% Phase II Chafee Park Gym renovation 124,889 14,374 14,374 - 14,374 100% Phase II Hillside Park renovation 50,000 47,400 45,894 - 45,894 97% Phase II Lock 8 Dam renovation 75,000 34,992 34,993 - 34,993 100% Phase II Julian Smith renovation 742,207 742,182 742,182 - 742,182 100% Phase II Fleming Building renovation 100,000 90,884 90,883 - 90,883 100% Phase II Gracewood Park renovation 152,076 152,242 202,373 - 202,373 133% Phase II Lake Olmstead Park 43,793 43,793 43,793 - 43,793 100% Phase II Fleming Athletic Complex 133,850 133,170 133,170 - 133,170 100% Phase II Cheater Avenue renovation 151,500 151,500 147,926 - 147,926 98% Phase II Boykin Road Park 40,000 39,811 39,811 - 39,811 100% Phase II Eisenhower Park Gym 1,477,000 1,476,000 1,476,000 - 1,476,000 100% Phase II Surburban Forces Widening 150,000 150,570 1,580 - 1,580 1% Phase II Suburban forces 4,143,317 1,895,070 1,861,072 - 1,861,072 98% (continued) 178 AUGUSTA,GEORGIA SCHEDULE OF EXPENDITURES OF SPECIAL PURPOSE LOCAL OPTION SALES TAX PROCEEDS FOR THE YEAR ENDED DECEMBER 31,2016 Estimated Original Current Percentage SPLOST Estimated Estimated Prior Current of Phase Project Cost Cost Years Year Total Completion Phase II Suburban Forces $ 5,000000 $ 195598 $ 255,144 $ - $ 255,144 130% Phase II Resurfacing various roads Phase V 633,250 602,707 603,587 - 603,587 100% Phase II General Easement 50,000 51,046 37,555 - 37,555 74% Phase II Administration 5,720,000 5,902,501 5,930,993 - 5,930,993 100% Phase II Administration 1,780,000 1,785,159 1,682,589 - 1,682,589 94% Phase II New Savannah Road 1,431,000 7535 7,535 - 7,535 100% Phase II Sidewalk Contract Phase II 296,000 354,116 354,116 - 354,116 100% Phase II Fury's Ferry Road 22,000 116 116 - 116 100% Phase II Alexander Drive 2,022,795 6,805,137 6,648,810 - 6,648,810 98% Phase II Washington Road Sidewalk III 200,000 348 348 - 348 100% Phase II Oct Savannah Road/Twigg Street 2,060000 2,079,360 1,145,092 91,644 1,236,736 59% Phase II Stevens CreeklClaussen Road 1,421,250 1,127,009 1,127,009 - 1,127,009 100% Phase II Forest Park Subdivision drainage 815,348 698,269 698,269 - 698,269 100% Phase 11 Bobby Jones Expressway 165,000 444,049 115,461 - 115,461 26% Phase II Wrightsboro Road 1,984000 3,325,198 2,996,686 - 2,996,686 90% Phase II Warren Road 1,211,000 3,213,799 2,647,298 - 2,647,298 82% Phase II Miscellaneous 155,425 157,013 157,013 - 157,013 100% Phase II Tanglewood&Kingston s/d drainage 797,500 695,996 695,996 - 695,996 100% Phase II Hillwood Crest/Whitehead Drive 358,856 247,177 247,177 - 247,177 100% Phase II Skinner Mill Road Extension 1,517,311 1,519,459 1,519,459 - 1,519,459 100% Phase II Cook Road&Glendale 2,811,281 1,713,330 1,713,330 - 1,113,330 100% Phase II Sibley Road Railroad Crossing 129,950 130,444 685 - 685 1% Phase II Wylde Road Railroad Crossing 129,950 130,444 685 - 685 1% Phase II Windsor Spring Road 2,133,000 5,906,213 4,546,595 - 4,546,595 77% Phase II Old Savannah Road 961,000 1,171,425 100,275 - 100,275 9% Phase II Richmond Hill Road 1,028,500 784,660 784,660 - 784,660 100% Phase II Bobby Jones Expressway 110,000 36,618 36,618 - 36,618 100% Phase II Dunham Court 127,000 97,178 97,178 - 97,178 100% Phase II Wheeles Road Bridge 13,200 13,250 13,231 - 13,231 100% Phase II Traffic engineering improvements 111,000 91,657 91,657 - 91,657 100% Phase II SR 4/US 1 55,000 290 290 - 290 100% Phase II Marvin Griffin Road 1,375,600 3,496,450 1,274,606 12,251 1,286,857 37% Phase II Antler Drive West drainage improvements 377,000 244,932 245,290 - 245,290 100% Phase II Morgan Road 1,571,000 5,396,615 4,955,408 - 4,955,408 92% Phase II Woodcrest/CSX Drainage 175,400 923 923 - 923 100% Phase II Deans Bridge @Tobacco 165,000 78,613 78,613 - 78,613 100% Phase II Fall Line Freeway Section II 55,000 290 290 - 290 100% Phase II Paving various roads Phase IV&V 269,209 270,627 270,627 - 270,627 100% Phase II Paving various roads Phase VI 950,000 176,130 176,130 - 176,130 100% Phase II Willis Foreman Road 147,751 138,533 138,533 - 138,533 100% Phase II Birdwell Road Wetlands Bank 11,000 58 58 - 58 100% Phase II McCombs Road Section I 790,884 712,838 712,838 - 712,838 100% Phase II McCombs Road Section II 961,665 722,511 722,511 - 722,511 100% Phase II Library 1,700,000 1,701,742 1,701,649 - 1,701,649 100% Phase II Animal Control renovation 1,220,946 979,527 979,528 - 979,528 100% Phase II New administrative offices 2,350,000 2,377225 1,183,514 - 1,183,514 50% Phase II Shiloh Community Center 575,000 575,000 560,948 - 560,948 98% Phase II Springfield Baptist Church 1,300,000 1,275,732 1,275,732 - 1275,732 100% Phase II New Hope Community Ctr 250,000 250,000 250,000 - 250,000 100% Phase II Beulah Grove 200,000 200,000 200,000 - 200,000 100% Phase II Hyde Park renovation 122,350 97,402 91,955 - 91,955 94% Phase II Central Park renovation 70,000 65,375 65,375 - 65,375 100% Phase II Bayvale Park renovation 26,000 9,021 6,984 - 6,984 77% Phase II Heard Avenue Park renovation 6,000 3,883 3,883 - 3,883 100% Phase II Troup St Pk Renovation 10,000 - - - - #DIV/0I Phase II Hickman Park renovation 100,000 91,044 80,831 - 80,831 89% Phase II McDuffie Woods Park renovation 150,000 148,330 148,330 - 148,330 100% Phase II Meadowbrook Park renovation 45,000 47,554 47,216 - 47,216 99% Phase II Julian Smith BBC)renovation 187,000 186,558 186,558 - 186,558 100% Phase II Blount Park renovation 19,000 2,600 2,600 - 2,600 100% Phase II Augusta Canal Master 100,000 103,312 103,312 - 103,312 100% Phase II Big Oak Park renovation 65,000 65,230 47,118 - 47,118 72% Phase II Wood Street South Ball Field 47,000 47,234 44,858 - 44,858 95% Phase II Wood Lake Park renovation 100,000 100,834 98,963 - 98,963 98% Phase II Royal(Barrett)Park renovation 12,000 5,086 5,086 - 5,086 100% Phase II Garrett 500,000 500,000 500,000 - 500,000 100% Phase II West Vineland Park renovation 20,000 20,119 20,119 - 20,119 100% Phase II Bedford Heights 35,000 35,215 32,262 - 32,262 92% Phase II 4-H Camp Park renovation 20,000 18,830 17,478 - 17,478 93% Phase II Resurfacing various roads Phase VI 1,350,000 1,123,739 1,123,739 - 1,123,739 100% Phase II Suburban Forces Capital Equipment 1,664,000 1,670,778 1,717,688 - 1,717,688 103% Phase II Railroad Street slope repair 289,500 33,459 33,459 - 33,459 100% Phase II Wheeler Road Signal Plan Analysis 10,000 7,799 7,799 - 7299 100% Phase II Gordon Highway median barrier 185,000 185,783 3,554 - 3,554 2% Phase II Mason Road Bridge @ Claudia 275,000 197,329 197,329 - 197,329 100% Phase ll Bungalow Road 776,000 3,964,567 3,146,617 - 3,146,617 79% Phase II Woodlake Subdivision 939,000 942,567 43,817 - 43,817 5% Phase II Pepperidge Point Retention Pond 50,000 32,667 32,677 - 32,677 100% Phase II Windsor Spring Rd Sec IV - 1,582,042 1,589,199 - 1,589,199 100% Phase II Windsor Spring Rd Sec V - 2,604,840 2,487,967 72,992 2,560,959 98% Phase II Flood control feasibility 1,637,649 2,778,036 2,778,036 - 2,778,036 100% Phase II Dover-Lyman Project - 2,008,170 33,198 19,254 52,452 3% Phase II Wrightsboro Road Adaptive Traffic Control - 389,118 62,929 - 62,929 16% Phase II Washington Road Adaptive Traffic Control - 164,850 119,058 - 119,058 72% Phase II Broad Street Sanitary Sewer - 240,447 144,004 - 144,004 60% Phase II Interstate Parkway Storm Drainage - 56,807 56,790 - 56,790 100% Phase II Hyde Park Drainage Improvements - 1,223,499 1,223,499 - 1,223,499 100% Phase II P and Z Handicap Project - 170,660 142,410 11,900 154,310 90% Phase II Frontage Road Resurfacing - 230,000 229,335 - 229,335 100% Phase II NSC Discovery Center 1,500,000 1,500,000 1,500,000 - 1,500,000 100% Phase II P and Z Handicap Access 26,250 26,250 26,250 - 26,250 100% (continued) 179 AUGUSTA,GEORGIA SCHEDULE OF EXPENDITURES OF SPECIAL PURPOSE LOCAL OPTION SALES TAX PROCEEDS FOR THE YEAR ENDED DECEMBER 31,2016 Estimated Original Current Percentage SPLOST Estimated Estimated Prior Current of Phase Project Coat Cost Years Year Total Completion Phase II Augusta Canal-handrail $ 50,000 $ 50,133 $ 50,133 $ - $ 50,133 100% Phase II Laney Walker Boulevard - 2,486,984 2,486,984 - 2,486,984 100% Phase II Adjusting Roadway Structure V - 72,369 72,369 - 72,369 100% Phase II Discovery Center Ent 353,137 352,954 352,954 - 352,954 100% Phase II St.Sebastian Extension 1,368,969 1,651,504 1,647,366 - 1,647,366 100% Phase II 2nd Street Outfall 762,760 1,546,089 1,546,089 - 1,546,089 100% Phase II 6th Street handicap ramp 517,347 625,358 611,966 - 611,966 98% Phase ll Turknett Springs Detention 228,161 337,300 306,132 - 306,132 91% Phase II Augusta Commons 1,825,291 3,652,638 3,652,638 - 3,652,638 100% Phase II CSO 10,500,000 10,546,852 9,629,637 - 9,629,637 91% Phase II Wetlands 10,500,000 10,508,941 9,591,726 - 9.591,726 91% Phase II Third Level Canal Cleaning 491,506 500,339 495,478 - 495,478 99% Phase II Walton Way reconstruction 1,273,638 1,275,936 1,277,021 - 1,277,021 100% Phase II Augusta Canal 950,000 1,955,937 1,885,044 - 1,885,044 96% Phase II Goodale Landing 124,030 101,706 101,706 - 101,706 100% Phase II Resurfacing various streets 3,406,729 214,225 214,225 - 214,225 100% Phase II Resurfacing various streets 1996 127,935 128,275 128,275 - 128,275 100% Phase II Resurfacing Various Roads 756,500 519,928 519,928 - 519,928 100% Phase II Street&drainage improvement 694,599 145,550 145,550 - 145,550 100% Phase II Administration 2,774,251 2,779,256 2,376,389 - 2,376,389 86% Phase II East Augusta drainage 35,450 - - - - #DIV/01 Phase II Jackson Road widening 200,000 200,000 200,000 - 200,000 100% Phase II Perimeter Parkway 25,000 9,458 9,458 - 9,458 100% Phase II Crane Creek 150,000 399 399 - 399 100% Phase II Belair Rd Ext 75,000 75,005 - 75,005 - 75,005 100% Phase II Rae's Creek Channel Phase II 257,000 683 683 - 683 100% Phase II Centennial Park Fountain 85,000 85,594 81,443 - 81,443 95% Phase II Paving various roads 50,000 50,090 133 - 133 0% Phase II Rae's Creek TrunklSewer - 1,112,325 808,993 - 808,993 73% Phase II Street Drainage Improvement-East Augusta - 1,013,736 879,054 3,955 883,009 87% Phase II Berckman Road Sidewalk - 3,809 3,809 - 3,809 100% Phase II 3rd Ave/Nellieville Guardrail - 27,320 24,420 - 24,420 89% Phase II Floyd Creek Drainage Improvement - 10,180 - - - 0% Phase II Adjusting Rd/Way Structure 200,000 62,498 62,498 - 62,498 100% Phase II Immaculate Conception 250,000 503,281 253,281 - 253,281 50% Phase II Willow Creek 40,000 70 70 - 70 100% Phase II Georgia Golf Hall of Fame 2,000,000 2,000,000 2,000,000 - 2,000,000 100% Phase II Laney Walker Q East B 15,000 34 34 - 34 100% Phase IV 4-H Club Road 41,000 65,480 65,232 - 65,232 100% Phase IV Bob Baurie Boat Landing 150,000 104,069 100,326 - 100,326 96% Phase IV May Park 120,000 130,022 124,773 - 124,773 96% Phase IV Old Govemment House 120,000 124,100 123,423 - 123,423 99% Phase IV The Boathouse 90,000 105,866 104,537 - 104,537 99% Phase IV Elliot Park 400,000 418,785 403,899 - 403,899 96% Phase IV Savannah Place Park 455,000 860,104 843,553 - 843,553 98% Phase IV Augusta Soccer Complex 120,000 131,890 130,865 - 130,865 99% Phase IV Diamond Lakes Regional Park 5,800,000 1,697,163 1,699,174 - 1,699,174 100% Phase IV McDuffie Woods Center 90,000 7,188 8,161 - 8,161 114% Phase IV Augusta Aquatics Center 180,000 187,263 184,783 - 184,783 99% Phase IV Augusta Golf Course(*1) 1,600,000 1,612,422 1,611,649 - 1,611,649 100% Phase IV Belle Terrace Park 120,000 51,557 51,447 - 51,447 100% Phase IV Blythe Recreation Center 120,000 124,157 110,685 - 110,685 89% Phase IV Brookfield Park 1,200,000 1,254,681 1,252,082 - 1,252,082 100% Phase IV Warren Road Center 120,000 147,228 131,499 - 131,499 89% Phase IV McBean Community Center 1,020,000 1,161,469 1,161,467 - 1,161,467 100% Phase IV Transit(purchase buses) 250,000 385,336 77,681 - 77,681 20% Phase IV Additional funds required to build a new Shelter 1,000,000 1,256,184 1,256,183 - 1,256,183 100% Phase IV Board of Health 2,000,000 2,000,000 2,000,000 - 2,000,000 100% Phase IV Materials for new facilities 1,000,000 1,027,405 1,027,404 - 1,027,404 100% Phase IV JLEC(Re-roofing at 401 Walton Way) 395,500 413,807 200,666 - 200,666 48% Phase IV Phinizy Road Jail,JLEC and 911 282,500 202,034 196,410 - 196,410 97% Phase IV Records Retention Building Roof 107,400 110,546 110,547 - 110,547 100% Phase IV JLEC(Replace exterior finish) 565,000 978,791 632,102 - 632,102 65% Phase IV Judicial/Courts Building 20,000,000 28,064,546 26,059,024 - 26,059,024 93% Phase IV Tree replacement 398,000 387,635 387,291 - 387,291 100% Phase IV Irrigation automation 102,000 150,782 150,643 - 150,643 100% Phase IV Payoff existing leases 4,084,637 3,430,393 3,430,388 - 3,430,388 100% Phase IV Construction of Station#7(Willis Foreman Road Area) 1,500,000 1,510,886 1,410,852 - 1,410,852 93% Phase IV Combine Station#land#19(East Boundary&Broad Area) 1,521,000 1,635,180 1,633,737 - 1,633,737 100% Phase IV Construction of Station#19 1,479,000 1,489,679 1,425,037 - 1,425,037 96% Phase IV County Forces 3,672,500 4,605,514 4,419,638 - 4,419,638 96% Phase IV Miscellaneous grading&drainage 4,650,000 4,032,636 3,903,684 - 3,903,684 97% Phase IV Resurfacing County Forces 5,975,000 1,609,111 1,538,772 - 1,538,772 96% Phase IV Resurfacing 8,500,000 11,128,220 9,293.686 - 9,293,686 84% Phase IV Paving various dirt roads 7,000,000 3,450,668 3,392,355 - 3,392,355 98% Phase IV Rail Road crossing improvement 750,000 825,258 101,238 - 101,238 12% Downtown traffic signal&street light-upgrades-A(Broad Street Phase IV Area) 2,656,200 3,155,000 3,151,577 - 3,151,577 100% Phase IV Area) 1,469,000 1,524,760 1,362,369 59,731 1,422,100 93% Phase IV East Boundary improvements 1,318,700 6,497,352 6,318,568 - 6,318,568 97% Phase IV Wheeler Road operational 433,600 52,674 52,674 - 52,674 100% Phase IV Wrightsboro Road Widening Phase I 3,143,700 3,499,470 1,299,282 20,150 1,319,432 38% Phase IV Washington Road intersection 849,800 1,548,183 1,328,853 - 1,328,853 86% Phase IV Hollywood S/D Area 2,640,800 325,163 325,160 - 325,160 100% Phase IV Telephone system upgrade 527,082 535,811 535,812 - 535,812 100% Phase IV GIS 474,400 482,274 475,060 - 475,060 99% Phase IV Document imaging system 418,518 425,586 425,588 - 425,588 100% Phase IV Springfield Village 200,000 200,000 81,284 - 81,284 41% Phase IV Dyess Park 60,000 65,882 65,743 - 65,743 100% Phase IV Newman Tennis Center 120,000 123,020 114,958 - 114,958 93% Phase IV South Augusta Branch Library 1,625,000 5,926,028 5,713,015 - 5,713,015 96% (continued) 180 AUGUSTA,GEORGIA SCHEDULE OF EXPENDITURES OF SPECIAL PURPOSE LOCAL OPTION SALES TAX PROCEEDS FOR THE YEAR ENDED DECEMBER 31,2016 Estimated Original Current Percentage SPLOST Estimated Estimated Prior Current of Phase Project Cost Cost Years Year Total Completion Phase IV Library-main branch $ 7,375,000 $ 9,925,122 $ 9,899,693 $ - $ 9,899,693 100% Phase IV Greene Street Property Purchase - 1,084,585 1,084,585 - 1,084,585 100% Phase IV Construction of Station#8 1,500,000 1,500,957 1,438,500 - 1,438,500 96% Phase IV Station 15(Wrightsboro Road) 1,500,000 1,699,791 1,690,789 - 1,690,789 99% Phase IV Engines 3,484,000 3,454,544 3,454,540 - 3,454,540 100% Phase IV Aerials 1,300,000 1,312,973 1,311,971 - 1,311,971 100% Phase IV Construction of Station#12(Heph Mcbean Area) 1,500,000 1,341,361 1,275,233 - 1,275,233 95% Phase IV Paving various dirt roads 1,000,000 920,725 346,883 - 346,883 38% Phase IV East Boundary Street&drainage improvements 1,318,700 203,632 171,413 - 171,413 84% Phase IV Wrightsboro Road improvements 1,500,000 1,733,383 1,765,965 - 1,765,965 102% Phase IV Walton Way Extension/Davis Road 350,000 356,940 82,892 - 82,892 23% Phase IV Windsor Spring Road Section IV 1,250,000 1,300,500 307,298 - 307,298 24% Phase IV Windsor Spring Rd Section V(SR88 Hepzibah - 1,257,484 7,484 - 7,484 1% Phase IV St.Sebastian Way/Greene St/15th Street 3,457,800 14,085,185 14,051,417 - 14,051,417 100% Phase IV Traffic improvement 621,500 857,352 839,626 - 839,626 98% Phase IV ANIC/Hopkins Street Improvements 2,000,000 1,333,550 1,074,423 - 1,074,423 81% Phase IV Windsor Spring Road Section IV(Willis Foreman to Tobacco Road) 678,000 869,518 850,639 • 850,639 98% Phase IV Rifle Range Road @ Belair Road 62,200 5,981 5,981 - 5,981 100% Phase IV Lake Olmstead Park 425,000 456,222 456,221 - 456,221 100% Phase IV Bemis Ward - 106,111 95,267 - 95,267 90% Phase IV Fleming Tennis - 100,195 100,195 - 100,195 100% Phase IV Meadowbrook Park - 90,899 91,633 - 91,633 101% Phase IV Hepzibah Community Ctr - 84,885 61,753 - 61,753 73% Phase IV DDA - 859,248 796,471 - 796,471 93% Phase IV St Sebastian Way/Greene St - 728,524 133,524 - 133,524 18% Phase IV Belair Hills Est Imp(W&S) - 112,603 112,605 - 112,605 100% Phase IV ARC Drainage - 1,185,200 1,185,200 - 1,185,200 100% Phase IV Resurfacing PH VIII - 1,088,851 1,088,852 - 1,088,852 100% Phase IV Lake Aumond Dam Improvements - 121,204 108,221 - 108,221 89% Phase IV Belair Hills Estate - 7,147,891 7,085,345 - 7,085,345 99% Phase IV Walton Way Extension/Davis Rd - 84,357 84,357 - 84,357 100% Phase IV Windsor Spring Rd Section V(SR88 Hepzibah - 1,219,170 1,140,726 61,630 1,202,356 99% Phase IV Apple Valley Park - 34.871 34.104 - 34,104 98% Phase IV Pension Property Purchase - 1,272,514 1,272,514 - 1,272,514 100% Phase IV Replacement of Old Equipment - 577,908 579,906 - 579,906 100% Phase IV Remodel Stations 3,4,11,13,14&17 - 324,729 324,729 - 324,729 100% Phase IV Remodel Station#4 - 111,629 111,629 - 111,629 100% Phase IV Remodel Station#6 - 1,360,818 1,360,818 - 1,360,818 100% Phase IV Fire Training Center - 737,607 737,607 - 737,607 100% Phase IV Laney Stadium - 3,521,074 3,521,074 - 3,521,074 100% Phase IV Augusta Museum of History - 1,140,036 1,132,902 - 1,132,902 99% Phase IV 13th Street Streetscape - 100,125 3,625 - 3,625 4% Phase IV Barrett Plaza Lighting - 95,470 95,470 - 95,470 100% Phase IV Pension Property Cleanup - 2,490,068 2,490,062 - 2,490,062 100% Phase IV Remodel Station#3 - 238,175 238,175 238,175 100% Phase IV Willis Foreman Road Bridge Study - 241,942 155,773 - 155,773 64% Phase IV Willis Foreman Road Bridge - 2,433,570 1,558,210 - 1,558,210 64% Phase IV Remodel Station#11 - 106,435 106,435 - 106,435 100% Phase IV Construction Station#10-Land - 758,801 732,086 - 732,086 96% Phase IV Training Tower and Bum Simulator - 1,551,850 1,551,850 - 1,551,850 100% Phase IV Renovation of Administrative Center - 2,934,271 2,567,798 - 2,567,798 88% Phase IV Paving Various Roads-Phase X - 2,010,859 1,983,467 - 1,983,467 99% Phase IV Construction Station#10 - 2,152,334 1,993,803 - 1,993,803 93% Phase IV Augusta Levee Certification - 1,078,786 1,078,932 - 1,078,932 100% Phase IV Rocky Creek Drainage Project - 3,878,788 912,550 - 912,550 24% Phase IV Broad Street Improvements@ Bus Terminal - 238,159 235,579 - 235,579 99% Phase IV Turknett Springs Detention - 299,700 141,465 - 141,465 47% Phase IV Bus Bam - 3,397,379 2,800,507 - 2,800,507 82% Phase IV Industry Infrastructure - 822,627 785,408 - 785,408 95% Phase IV Bulter Creek Park - 86,204 86,204 - 86,204 100% Phase IV On Call Construction Services - 324,500 266,680 57,820 324,500 100% Phase IV Village West Storm Drainage - 413,144 409,381 - 409,381 99% Phase IV Gordon Highway Adaptive Traffic Control - 343,501 342,777 - 342,777 100% Phase IV Frontage Road - 942,839 927,123 - 927,123 98% Phase IV On Call Appraisal Service - 134,000 102,946 - 102,946 77% Phase IV Wrightsboro Road Drainage - 900,000 875,725 - 875,725 97% Phase IV Sand Hills Park 1,080,000 2,279,464 1,195,646 - 1,195,646 52% Phase V Judicial Center-County Court House 40,016,200 40,256,351 38,743,273 - 38,743,273 96% Phase V Webster Detention Center 36,000,000 41,635,948 41,305,632 - 41,305,632 99% Phase V Exhibit Hall 20,000,000 32,198,161 31,141,801 - 31,141,801 97% Phase V Sheriff Administration Relocation 3,000,000 550,000 518,171 - 518,171 94% Phase V RCCI Renovations 750,000 814,110 813,227 - 813,227 100% Phase V Augusta Regional Airport-Heb Base - 787,550 773,550 - 773,550 98% Phase V Main Library 14,700,000 14,727,172 14,727,172 - 14,727,172 100% Phase V Augusta Canal Improvements 2,500,000 2,500,000 2,500,000 - 2,500,000 100% Phase V Augusta Canal Bond Repayment 8200,555 8,200,555 8200,555 - 8,200,555 100% Phase V Bond Debt Service 5,417,800 5,417,800 - - - 0% Phase V Redundant Fiber Ring 1,000,000 1,410,632 1,310,616 938 1,311,554 93% Phase V Digital Othophotography 286,480 374,721 453,070 - 453,070 121% Phase V Pictometry 113,520 117,568 116,645 - 116,645 99% Phase V Wireless Access Point 200,000 202,079 196,809 - 196,809 97% Phase V Disaster Recovery Plan 400,000 412,635 409,441 - 409,441 99% Phase V Software Application Consolidation - 1,024,663 317,924 - 317,924 31% Phase V Flood Land Acquisition 500,000 2,100,000 2,059,152 - 2,059,152 98% Phase V Wrightsboro Road Project 4,000,000 3,500,000 - - - 0% Phase V D'Antignac Street Flood Avoidance 1,000,000 4,837,815 4,835,482 - 4,835,482 100% Phase V Administration-Engineering 2,500,000 3,141,780 3,130,111 11,663 3,141,774 100% Phase V Marks Church Road Improvement 2,500,000 2,391,770 1,793,424 115,327 1,908,751 80% Phase V Fire Stations&Training Center 6,000,000 6,000,000 - - 0% Phase V Lake Olmstead Stadium 360,000 400,000 399,927 - 399,927 100% Phase V Augusta Soccer Park 180,000 180,077 165,629 - 165,629 92% (continued) 181 AUGUSTA,GEORGIA SCHEDULE OF EXPENDITURES OF SPECIAL PURPOSE LOCAL OPTION SALES TAX PROCEEDS FOR THE YEAR ENDED DECEMBER 31,2016 Estimated Original Current Percentage SPLOST Estimated Estimated Prior Current of Phase. Project Cost Cost Years Year Total Completion PhaseV The Boat House $ 90,000 $ 90,000 $ 90,000 $ - $ 90,000 100% PhaseV Apple Valley Park 315,000 315,559 300,554 - 300,554 95% Phase V WT Johnson Park 67,500 67,500 63,636 - 63,636 94% Phase V MM Scott Park 270,000 271,999 233,923 - 233,923 86% PhaseV Diamond Lakes Park 720,000 785,020 782,324 - 782,324 100% PhaseV Jamestown Park 135,000 198,989 197,938 - 197,938 99% PhaseV Wood Park 270,000 270,000 270,946 - 270,946 100% PhaseV Valley Park 22,500 22,541 13,407 - 13,407 59% Phase V Goshen/Brown Road Park 135,000 135,0000%- 0% Phase V McDuffie Woods Park 90,000 91,982 91,950 - 91,950 100% PhaseV McBean Park 180,000 180,122 179,461 - 179,461 100% PhaseV Fleming Tennis Center 112,500 113,754 112,591 - 112,591 99% PhaseV Lock and Dam Park 49,500 51,709 51,689 - 51,689 100% Phase III Martin Luther King drainage 273,794 727 727 - 727 100% Phase III Inter City Arts-Imperial 300,000 300,000 225,000 - 225,000 75% PhaseV May Park 67,500 67,500 67,500 - 67,500 100% PhaseV HH Brigham Park 117,000 117,019 116,684 - 116,684 100% PhaseV Land Acquisition 180,000 253,010 224,452 22,398 246,850 98% PhaseV Dyess Park 63,000 63,588 33,106 - 33,106 52% PhaseV Brookfield Park 45,000 45,025 41,294 - 41,294 92% Phase V Lake Olmstead Park 207,000 207,000 200,888 - 200,888 97% PhaseV Blythe Park 180,000 255,900 168,378 87,480 255,858 100% PhaseV Newman Tennis Center 108,000 108,277 108,870 - 108,870 101% PhaseV Meadowbrook Park 108,000 108,000 81,203 - 81,203 75% Phase V Administration-Recreation 500,000 657,042 643,572 851 644,423 98% PhaseV Augusta Marina 67,500 67,500 67,103 - 67,103 99% Phase V Old Government House 45,000 45,000 40,700 - 40,700 90% PhaseV Doughty Park 27,000 27,216 14,662 - 14,662 54% PhaseV Fleming Park 67,500 67,514 62,882 - 62,882 93% Phase V Hickman Park 27,000 27,040 4,240 - 4,240 16% Phase V Aquatics Center 90,000 90,041 86,574 - 86,574 96% Phase V Boykin Road Park 27,000 27,0000%- 0% Phase V Eisenhower Park 45,000 45,908 44,405 - 44,405 97% Phase V Warren Road Park 31,500 31,506 29,976 - 29,976 95% Phase V Carrie Mays Park-CNG Remediation - 326,371 365,166 - 365,166 112% Phase V Brigham Park Tennis Courts - 24,659 15,407 - 15,407 62% Phase V Imperial Theater 500,000 500,000 500,00 - 500,000 100% Phase V Augusta Mini Theater 500,000 500,000 500,00 - 500,000 100% PhaseV Lucy Craft Laney Museum 200,000 203,036 184,734 - 184,734 91% Phase V The MACH Academy 100,000 100,000 100,001 - 100,001 100% Phase V Recreation,Historic,Cultural and Other Buildings 400,000 405,010 198,496 - 198,496 49% Phase V Augusta Museum 40,00 400,000 400,000 - 400,000 100% PhaseV City of Hephzibah 3,104,000 3,325,960 3,325,957 - 3,325,957 100% PhaseV City of Blythe 912,000 977,220 977,214 - 977,214 100% Phase V Sheriffs New Administration Building 6,000,000 9,800,000 9,789,577 - 9,789,577 100% Phase V Webster Detention Center-Phase IIB 18,000,000 18,000,000 16,861,431 211,386 17,072,817 95% Phase V Boathouse Community Facility 450,000 450,000 428,668 - 428,668 95% Phase V Lake Olmstead Casino 500,000 500,000 116,436 - 116,436 23% Phase V Lake Olmstead BBQ Pit 100,000 100,000 46,683 - 46,683 47% PhaseV Butter Creek Park 500,000 800,000 854,692 - 854,692 107% Phase V Baurle Boat Ramp 55,000 55,000 44,977 - 44,977 82% Phase V Bush Field 8,500,000 8,500,000 4,664,038 1,480,189 6,144,227 72% PhaseV Daniel Field 2,000,000 2,000,000 2,000,000 - 2,000,000 100% Phase V Golden Harvest Food Bank Building 250,000 250,000 250,00 - 250,000 100% PhaseV Program Administrations 2,000,000 2,000,000 314,721 714,563 1,029,284 51% Phase V Grading and Drainage Projects 3,600,000 3,500,000 3,497,465 (12,817) 3,484,648 100% Phase V Marvin Griffin Road 4,000,00 4,000,000 1,350 - 1,350 0% Phase V East Augusta St.&Drainage Imp. 3,200,000 3,900,000 3,874,236 21,836 3,896,072 100% Phase V Berckman Rd.Realignment 40,000 425,000 415,596 - 415,596 98% Phase V Old McDuffie Rd. 672,000 672,000 2,960 4,643 7,603 1% Phase V Hyde Park St.&Drg Imp. 1,600,000 4,500,000 4,488,104 - 4,488,104 100% Phase V Westside Dr.Drg.Imp. 480,000 480,000 - - - 0% Phase V Marks Church Road over Rees Creek 800,000 80,000 - - - 0% Phase V North Leg over CSX Railroad 800,000 800,000 - - - 0% Phase V Berckman Rd.over Rees Creek 800,000 775,000 293,056 295,187 588,243 76% Phase V Scotts Way over Rees Creek 800,000 800,000 - - - 0% Phase V Old Waynesboro Rd.over Spirit Creek 800,000 800,00 - - - 0% Phase V 7th Street over Augusta Canal 800,000 800,00 - - - 0% Phase V Storm water Utility Implementation Program 2,800,000 2,800,00 2,582,571 231,230 2,813,801 100% Phase V On-Call Emergency Design Services 108,000 108,000 - - - 0% Phase V On-Call Emergency Appraisal Services 40,00 40,000 26,602 - 26,602 67% Phase V On-Call Emergency Construction Services 800,000 800,000 342,546 106,318 448,864 56% Phase V Traffic Sign Upgrade Program 240,000 240,000 29,872 166,307 196,179 82% Phase V Lake Olmstead Dredging 3,20,000 3,200,000 - - - 0% Phase V Hyde Park(Martin Luther King Drive) 1,000,000 2,400,000 2,411,524 - 2,411,524 100% Phase V Rocky Creek Drainage Plan 2,800,000 2,800,00 350,175 59,876 410,051 15% Phase V Suburban Forces-Resurfacing 2,400,000 2,400,000 1,212,287 22,654 1,234,941 51% Phase V Tree Removal,Pruning and Replacement 800,000 1,100,000 1,088,062 - 1,088,062 99% Phase V Sidewalks-Rehab-Replacement 800,000 80,00 578,376 - 578,376 72% Phase V Curb Cuts and Sidewalks 400,000 650,000 617,568 35,866 653,434 101% Phase V Resurfacing-Contracts 2,400,000 2,150,000 931,922 108,951 1,040,873 48% Phase V General Bridge Rehab and Maintenance 2,40,000 2,400,000 533,230 663,513 1,196,743 50% Phase V Walton Way Signal Phase 2 and Streetlight Upgrade 640,000 640,000 - 88,393 88,393 14% Phase V Gordon Highway Lighting Upgrade 1,200,000 1,200,00 - - - 0% Phase V Reynolds Street Signal Improvements 460,000 460,000 108,771 - 108,771 24% PhaseV Signal Upgrades 1,000,000 1,000,00 - - 0% Phase V Intersection Safety and Operational Initiative 2,040,00 2,040,000 698,994 18,380 717,374 35% (continued) 182 AUGUSTA,GEORGIA SCHEDULE OF EXPENDITURES OF SPECIAL PURPOSE LOCAL OPTION SALES TAX PROCEEDS FOR THE YEAR ENDED DECEMBER 31,2016 Estimated Original Current Percentage SPLOST Estimated Estimated Prior Current of Phase Project Cost Cost Years Year Total Completion Phase V Woodbine Road Improvement $ 1,200,000 $ - $ - $ - $ - 0% Phase V Dover-Lyman Street&Drainage Improvement 1,600,000 - - - - 0% Phase V 1-20 Eastbound Riverwatch Ramp 1,100,000 1,100,000 264,282 - 264,282 24% Phase V 15th Street Pedestrian Improvements 800,000 800,000 367,954 - 367,954 46% Phase V Administration-Engineering 10,770,000 10,770,000 6,770,940 1,445,462 8,216,402 76% Phase V Garden City Beautification Project 500,000 500,000 156,369 86,924 243,293 49% Phase V Emergency Fleet Replacement 9,500,000 9,500,000 6,291,234 - 6,291,234 66% Phase V Training Center Infrastructure 2,000,000 2,000,000 - - - 0% Phase V Public Safety Vehicles 7,500,000 7,500,000 7,014,776 470,183 7,484,959 100% Phase V Library-Main Branch 1,000,000 1,000,000 767,718 125,655 893,373 89% Phase V Library-Maxwell Branch 900,000 900,000 - - - 0% Phase V Library-Friedman Branch 600,000 600,000 - - - 0% Phase V Historic Augusta-Wilson&Larmar Historic Sites 125,000 125,000 - - - 0% Phase V The Augusta Theatre District Project-Miller Theatre 6,000,000 6,000,000 - - - 0% Phase V Pendleton King Park Connectivity Improvements 200,000 200,000 - - - 0% Phase V Lucy Craft Laney Museum 600,000 600,000 - - - 0% Phase V Augusta Museum of History 600,000 600,000 300,000 - 300,000 50% Phase V Jessye Norman School of the Arts 95,000 95,000 95,000 - 95,000 100% Phase V Imperial Theater 1,000,000 1,000,000 - 250,000 250,000 25% Phase V Boys&Girls Club-EW Hegler Club Renovations 500,000 500,000 - - - 0% Phase V Augusta Urban Ministries 175,000 175,000 - - - 0% Phase V Health Education Activities Learning Complex-Paine College 2,500,000 2,500,000 2,500,000 - 2,500,000 100% Phase V Downtown Infrastructure-Downtown Development Authority 1,200,000 1,200,000 - 250,000 250,000 21% Phase V Industrial Infrastructure-RDA 1,200,000 1,200,000 - - - 0% Phase V Canal Improvements-Augusta Canal Authority 4,170,000 4,185,160 3,340,154 845,000 4,185,154 100% Phase V Municipal Building Renovations 18,000,000 33,750,000 32,270,419 266,019 32,536,438 96% Phase V Municipal Building Campus-IT Building - 7,000,000 6,852,373 107,633 6,960,006 99% Phase V Green Space-CSRA Land Trust 500,000 500,000 - - - 0% Phase V Capital Equipment-Recreation 150,000 150,000 117,971 25,346 143,317 96% Phase V Existing Structures Improvements 895,000 595,000 436,393 18,135 454,528 76% Phase V Augusta Commons 100,000 100,000 - 5,165 5,165 5% Phase V Dyess Park 800,000 297,000 125,984 - 125,984 42% Phase V May Park 150,000 150,000 133,620 11,850 145,470 97% Phase V Old Government House 200,000 200,000 21,814 - 21,814 11% Phase V Elliot Park 100,000 100,000 36,635 4,260 40,895 41% Phase V Fleming Park 250,000 600,000 588,156 13,989 602,145 100% Phase V Fleming Tennis Center 600,000 250,000 11,938 29,780 41,718 17% Phase V Augusta Soccer Complex 150,000 150,000 - - - 0% Phase V Diamond Lakes Regional Park 1,350,000 1,350,000 917,213 184,948 1,102,161 82% Phase V Mc Duffle Woods Park 200,000 200,000 6,274 1,800 8,074 4% Phase V Augusta Golf Course 300,000 300,000 75,110 53,503 128,613 43% Phase V H.H.Brigham Park 250,000 750,000 744,772 2,295 747,067 100% Phase V Valley Park 250,000 250,000 22,973 265,281 288,254 115% Phase V Wood Park 50,000 50,000 - - - 0% Phase V Brookfield Park 100,000 100,000 30,697 - 30,697 31% Phase V Eisenhower Park 100,000 100,000 - - - 0% Phase V Warren Road Park 150,000 150,000 150,257 - 150,257 100% Phase V Blythe Community Center 500,000 500,000 110,120 138,988 249,108 50% Phase V Jamestown Community Center 200,000 200,000 202,478 - 202,478 101% Phase V Augusta Marina 50,000 50,000 43,272 - 43,272 87% Phase V Lake Olmstead Stadium 100,000 100,000 100,000 - 100,000 100% Phase V 4-H Camp 50,000 50,000 23,782 - 23,782 48% Phase V Tennis Courts Resurfacing 150,000 150,000 125,951 - 125,951 84% Phase V Swimming Pool Renovations 900,000 900,000 167,570 23,156 190,726 21% Phase V Recreation Master Plan 200,000 200,000 - 68,825 68,825 34% Phase V Recreation Project Administration 1,000,000 1,100,000 860,269 230,852 1,091,121 99% Phase V Historic Structures - 503,000 485,651 - 485,651 97% Phase V South Augusta Transit Center 190,000 190,000 76,809 72,059 148,868 78% Phase V Augusta Public Transit Facilities-Renovations 125,000 125,000 - - - 0% Phase V Transit Vehicles 420,000 420,000 - 420,000 420,000 100% Phase V City of Hephzibah 4,424,000 4,424,000 4,424,000 - 4,424,000 100% Phase V City of Blythe 1,300,000 1,300,000 1,300,000 - 1,300,000 100% Phase V Network Assessment Remediation 250,000 250,000 - - - 0% Phase V Redundant Fiber Ring 250,000 250,000 - - - 0% Phase V Digital Orthophotography 500,000 500,000 304,377 104,404 408,781 82% Phase V Software Application Consolidation 1,000,000 1,000,000 320,589 106,581 427,170 43% Phase V Carrie Mays Park CNG Remediation - 300,000 266,138 - 266,138 89% Phase 7 SPLOST 7 Program Administration 3,500,000 3,500,000 - 2,500 2,500 0% Phase 7 Interest on SPLOST 7 GO Bonds 4,000,000 4,000,000 - - - 0% Phase 7 P25 Radio System 15,000,000 15,000,000 - 661 661 0% Phase 7 TAOITCO software consolidation 3,500,000 3,500,000 - - - 0% Phase 7 MDT Replacement 900,000 900,000 - - - 0% Phase 7 911 Renovations 500,000 500,000 - - - 0% Phase 7 Special Operations Precinct 1,300,000 1,300,000 - - - 0% Phase 7 Marshal's Operation Center 1,000,000 1,000,000 - - - 0% Phase 7 Training Range Enhancements 2,200,000 2,200,000 - - - 0% Phase 7 Public Safety Vehicles-(Law Enforcement) 9,000,000 9,000,000 - - - 0% Phase 7 New Station 2-Telfair Street 2,500,000 2,500,000 - 478,366 478,366 19% Phase 7 New Station 3-Gordon Hwy 2,500,000 2,500,000 - - - 0% Phase 7 New Station-South Augusta 2,500,000 2,500,000 - - - 0% Phase 7 Emergency Vehicles-Fire 6,000,000 6,000,000 - - - 0% Phase 7 Training Center-EOC 1,000,000 1,000,000 - - - 0% Phase 7 Fire Station Alerting System 1,100,000 1,100,000 - - - 0% Phase 7 Hyde Park St.&Drg Imp. 6,000,000 6,000,000 - 2,681,742 2,681,742 45% Phase 7 On Call Construction 2,350,000 2,350,000 - 126,091 126,091 5% Phase 7 Wrightsboro Road Reconstruction 8,500,000 8,500,000 - - - 0% Phase 7 East Augusta Road and drainage-Phase III 4,500,000 4,500,000 - 159,683 159,683 4% (continued) 183 AUGUSTA,GEORGIA SCHEDULE OF EXPENDITURES OF SPECIAL PURPOSE LOCAL OPTION SALES TAX PROCEEDS FOR THE YEAR ENDED DECEMBER 31,2016 Estimated Original Current Percentage SPLOST Estimated Estimated Prior Current of Phase Project Cost Cost Years Year Total Completion Phase 7 East Augusta Road and drainage-Phase V $ 2,500,000 $ 2,500,000 $ - $ - $ - 0% Phase 7 ADA sidewalk rehab&replacement 2,000,000 2,000,000 - 249,720 249,720 12% Phase 7 Machinery and Equipment 1,000,000 1,000,000 - - - 0% Phase 7 Rocky Creek Flood Reduction Improvements 6,650,000 6,650,000 - - - 0% Phase 7 East Augusta Road and drainage-Phase IV 2,500,000 2,500,000 - - - 0% Phase 7 Milling and Resurfacing-Contract/County Forces 1,500,000 1,500,000 - - - 0% Phase 7 Monte Sano Ave Improvements 300,000 300,000 - - - 0% Phase 7 Martin Luther King Drive Road Diet 1,000,000 1,000,000 - - - 0% Phase 7 Skinner Mill Road Widening 750,000 750,000 - - - 0% Phase 7 Walton Way safety&opeational improvements 700,000 700,000 - - 0% Phase 7 Forest Hill Drainage Improvement 400,000 400,000 - - 0% Phase 7 Paving Dirt Roads 1,000,000 1,000,000 - - - 0% Phase 7 Fort Gordon gate opeatoin enhancement 1,000,000 1,000,000 - - - 0% Phase 7 Grading and Drainage-stromwater 25,000,000 25,000,000 - - - 0% Phase 7 Administration-Engineering 2,500,000 2,500,000 - - - 0% Phase 7 Fleet Maintenance Facility 1,500,000 1,500,000 - - - 0% Phase 7 Existing Facilities upgrades 5,000,000 5,000,000 - 13,793 13,793 0% Phase 7 Animal Services 500,000 500,000 - - - 0% Phase 7 Records Retention Center 2,500,000 2,500,000 - 297,563 297,563 12% Phase 7 JLEC Demolition 1,500,000 1,500,000 - - - 0% Phase 7 Public Defender Building 5,000,000 5,000,000 - 5,000,000 5,000,000 100% Phase 7 Municipal Campus 35,000,000 35,000,000 - - - 0% Phase 7 Museum Asset Mangement 1,000,000 1,000,000 - - - 0% Phase 7 Library Facilities Renovations 500,000 500,000 - - - 0% Phase 7 Sports Facilities 1,750,000 1,750,000 - - - 0% Phase 7 Swimming Pools 2,000,000 2,000,000 • - 0% Phase 7 ADA,Reforestation&Cemetery Improvements 1,000,000 1,000,000 - - - 0% Phase 7 Community Center Improvements 4,000,000 4,000,000 - - - 0% Phase 7 Hiking/Biking Trails&Riverwalk Enhancements 4,000,000 4,000,000 - - - 0% Phase 7 Nieghborhood Parks/Urban Parks 4,000,000 4,000,000 - - - 0% Phase 7 Recreation-Administration 750,000 750,000 - - - 0% Phase 7 Public Art Gateway Beautification 1,000,000 1,000,000 - - - 0% Phase 7 Augusta Canal Authority 1,500,000 1,500,000 - - - 0% Phase 7 Modernize James Brown Arena 6,000,000 6,000,000 - - - 0% Phase 7 City of Blythe 1,900,000 1,900,000 - 950.000 950,000 50% Phase 7 City of Hephzibah 6,500,000 6,500,000 - 3,250,000 3,250,000 50% Phase Buses 1,350,000 1,350,000 - - - 0% Phase 7 Bus Shelters 650,000 650,000 - - - 0% $ 887,667,629 $ 1,036,424,238 $ 691,171,907 $ 24,046,304 $ 715,218,211 Amounts reported in Special Sales Tax Phase capital outlay are as follows: Special Sales Tax Phase II $ 202,741 Special Sales Tax Phase III 351,529 Special Sales Tax Phase IV 199,331 Special Sales Tax Phase V 238,659 Special Sales Tax Phase VI 9,822,065 Special Sales Tax Phase 7 7,753,613 Transfer out to Fire Department 478,386 Transfer out to Water and Sewer 4,999,980 $ 24,046,304 Note:The transfer in the amount of$5,478,366 noted above was a reimbursement to the Water and Sewer Fund and Fire Protection for approved SPLOST purchases and has been included in the above schedule. 184 THIS PAGE INTENTIONALLY LEFT BLANK AUGUSTA, GEORGIA PENSION TRUST FUNDS 1945 Plan Fund is used to account for a single-employer defined benefit pension plan that 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. General Retirement Fund is used to account for a single-employer defined benefit pension plan for those former City of Augusta employees hired after March 1, 1949 and before March 1, 1987, whose age did not exceed 35 years at the time of their employment and were not participants of the 1977 Plan. AUGUSTA,GEORGIA COMBINING STATEMENT OF FIDUCIARY NET POSITION PENSION TRUST FUNDS DECEMBER 31,2016 Total 1945 General Pension Trust Plan Retirement Funds ASSETS Cash $ 1,144,215 $ 1,137,103 $ 2,281,318 Investments,at fair value: Government securities 477,368 2,624,505 3,101,873 Common stock 3,231,724 49,449,011 52,680,735 Mortgage backed securities 662,859 3,648,623 4,311,482 Mutual funds 1,156,014 6,410,903 7,566,917 Accounts receivable 290,570 2,256,720 2,547,290 Interest receivable 4,891 26,924 31,815 Total assets 6,967,641 65,553,789 72,521,430 LIABILITIES Accounts payable 251 2,196 2,447 Total liabilities 251 2,196 2,447 NET POSITION Restricted for pension benefits $ 6,967,390 $ 65,551,593 $ 72,518,983 185 I ' AUGUSTA,GEORGIA COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION PENSION TRUST FUNDS FOR THE YEAR ENDED DECEMBER 31,2016 Total 1945 General Pension Trust Plan Retirement Funds ADDITIONS Contributions: Employer $ 290,570 $ 4,383,498 $ 4,674,068 Employee 7,121 127,010 134,131 Total contributions 297,702 4,510,508 4,808,210 Investment earnings: Interest 2,754 - 2,754 Net increase in fair value of investments 432,822 4,256,056 4,688,878 Net investment earnings 435,576 4,256,056 4,691,632 Total additions 733,278 8,766,564 9,499,842 DEDUCTIONS Benefits 756,404 8,643,889 9,400,293 Administrative expenses 43,201 454,611 497,812 Total deductions 799,605 9,098,500 9,898,105 Change in net position (66,327) (331,936) (398,263) NET POSITION,BEGINNING OF YEAR 7,033,717 65,883,529 72,917,246 NET POSITION,END OF YEAR $ 6,967,390 $ 65,551,593 $ 72,518,983 186 THIS PAGE INTENTIONALLY LEFT BLANK AUGUSTA, GEORGIA AGENCY FUNDS Tax Commissioner is used to account for all real, personal and intangible taxes collected and forwarded to the government units. Sheriff is used to account for collection of fees, proceeds from judicial sales, and cash bonds, which are disbursed to other agencies,and individuals. The following agency funds are used to account for fines, fees and other moneys collected by the courts and remitted to other parties in accordance with court orders and state law: Probate Court Clerk of Court Magistrate/Civil Court AUGUSTA,GEORGIA AGENCY FUNDS COMBINING STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31,2016 Tax Probate Clerk of Magistrate/ ASSETS Commissioner Court Sheriff Court Civil Court Totals Cash $ 4,711,357 $ 62,807 $ 2,256,255 $ 3,035,007 $ 140,767 $ 10,206,193 Taxes receivable 15,844,496 - - - - 15,844,496 Total assets $ 20,555,853 $ 62,807 $ 2,256,255 $ 3,035,007 $ 140,767 $ 26,050,689 LIABILITIES Due to others $ 4,711,357 $ 62,807 $ 2,256,255 $ 3,035,007 $ 140,767 $ 10,206,193 Uncollected taxes 15,844,496 - - - - 15,844,496 Total liabilities $ 20,555,853 $ 62,807 $ 2,256,255 $ 3,035,007 $ 140,767 $ 26,050,689 187 AUGUSTA,GEORGIA AGENCY FUNDS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES FOR THE YEAR ENDED DECEMBER 31,2016 Balance Balance January 1,2016 Increases Decreases December 31,2016 TAX COMMISSIONER ASSETS Cash $ 3,053,223 $ 210,309,313 $ (208,651,179) $ 4,711,357 Taxes receivable 15,569,097 15,844,496 (15,569,097) 15,844,496 Total assets $ 18,622,320 $ 226,153,809 $ (224,220,276) .$ 20,555,853 LIABILITIES Due to others $ 3,053,223 $ 210,309,313 $ (208,651,179) $ 4,711,357 Uncollected taxes 15,569,097 15,844,496 (15,569,097) 15,844,496 Total liabilities $ 18,622,320 $ 226,153,809 $ (224,220,276) $ 20,555,853 PROBATE COURT ASSETS Cash $ 32,532 $ 590,886 $ (560,611) $ 62,807 Total assets $ 32,532 $ 590,886 $ (560,611) $ 62,807 LIABILITIES Due to others $ 32,532 $ 590,886 $ (560,611) $ 62,807 Total liabilities $ 32,532 $ 590,886 $ (560,611) $ 62,807 SHERIFF ASSETS Cash $ 2,349,616 $ 2,520,807 $ (2,614,168) $ 2,256,255 Total assets $ 2,349,616 $ 2,520,807 $ (2,614,168) $ 2,256,255 LIABILITIES Due to others $ 2,349,616 $ 2,520,807 $ (2,614,168) $ 2,256,255 Total liabilities $ 2,349,616 $ 2,520,807 $ (2,614,168) $ 2,256,255 (Continued) 188 AUGUSTA,GEORGIA AGENCY FUNDS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES FOR THE YEAR ENDED DECEMBER 31,2016 Balance Balance January 1,2016 Increases Decreases December 31,2016 CLERK OF COURT ASSETS Cash $ 3,603,028 $ 10,668,796 $ (11,236,817) $ 3,035,007 Total assets $ 3,603,028 $ 10,668,796 $ (11,236,817) $ 3,035,007 LIABILITIES Due to others $ 3,603,028 $ 10,668,796 $ (11,236,817) $ 3,035,007 Total liabilities $ 3,603,028 $ 10,668,796 $ (11,236,817) $ 3,035,007 MAGISTRATE AND CIVIL COURT ASSETS Cash $ 147,010 $ 1,495,234 $ (1,501,477) $ 140,767 Total assets $ 147,010 $ 1,495,234 $ (1,501,477) $ 140,767 LIABILITIES Due to others $ 147,010 $ 1,495,234 $ (1,501,477) $ 140,767 Total liabilities $ 147,010 $ 1,495,234 $ (1,501,477) $ 140,767 TOTAL AGENCY FUNDS ASSETS Cash $ 9,185,409 $ 225,585,036 $ (224,564,252) $ 10,206,193 Taxes receivable 15,569,097 15,844,496 (15,569,097) 15,844,496 Total assets $ 24,754,506 $ 241,429,532 $ (240,133,349) $ 26,050,689 LIABILITIES Due to others $ 9,185,409 $ 225,585,036 $ (224,564,252) $ 10,206,193 Uncollected taxes 15,569,097 15,844,496 (15,569,097) 15,844,496 Total liabilities $ 24,754,506 $ 241,429,532 $ (240,133,349) $ 26,050,689 189 STATISTICAL SECTION This part of the Government's comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, required supplementary information, and supplementary information says about the Government's overall financial health. Contents Page Financial Trends 190- 196 These schedules contain trend information to help the reader understand how the Government's financial performance and well-being have changed over time. Revenue Capacity 197-201 These schedules contain information to help the reader assess the Government's most significant local revenue sources. Debt Capacity 202-207 These schedules present information to help the reader assess the affordability of the Government's current levels of outstanding debt and the Government's ability to issue additional debt in the future. Demographic and Economic Information 208 and 209 These schedules offer demographic and economic indicators to help the reader understand the environment within which the Government's financial activities take place. Operating Information 210-214 These schedules contain service and infrastructure data to help the reader understand how the information in the Government's financial report relates to the services the Government provides and the activities it performs. O (0 V v 0 v v 0) c0 CA �cp0 EN • 0 CO 0 O CD LO U)) CO coNN. 1n co C) V c0 O co N 00 C') �V 7 cam+) cp 7 O cf N 0 0 N N c0 0N) O CO C CO coNO U) N (c) N- N O 43 49, 49 (A 43 43 N 0 CO N_ N M O 0, Nt 0) 0) N N. CO Nt U) N 0 O CO ' . CD co r N cc) d' Co 0 O) aD O N an 0 0) N Nt 0 N- n co co n O N (Nto cc.. 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V V C C CL CC -8 lCa 0 QC wN c a) r C w N C - C t101 '2 w C 0 c E c @ 0 '2 a c 0 E r9 y .Z C S c c al 13 c E d > c� 9 8 o E CC c E d > 2- > d E .2 E a v d �' � a E caa 'o '2 m 2) E a d E rn .o m O m m °' ° m `g o c d O v d d c '� .2 a`, a) m a) d o g , m 3 0 3 € . rn 2 ") A c C7 m 1 = 22; `3 =� 10 a1) o) r o N u! zd g o r d g 0 p U o_ R m §, H 0 (7 t o co' 1,5 cS 0 0 a E rn m Co 0 y la C C C o S � E o c cZaMO � z W c4 ;4 B s co- o F Q 1- f- U F°- Q r°- I-° Z AUGUSTA,GEORGIA CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS LAST TEN YEARS 2007 2008 2009 2010 2011 Revenues: Taxes $ 164,837,791 $ 163,237,519 $ 170,791,214 $ 167,181,834 $ 169,217,433 Licenses and permits 4,890,187 4,482,484 4,621,549 4,516,427 4,843,414 Use of money and property 15,452,614 11,213,798 6,775,681 3,437,923 Intergovernmental 12,208,110 12,751,491 10,423,240 10,483,684 16,689,921 Charges for services 22,915,930 23,239,880 25,330,628 25,883,615 25,615,390 Fines and forfeitures 7,309,184 6,078,865 5,563,161 5,533,217 5,720,297 Donations and contributions 34,693 42,493 17,097 2,193,390 - Interest revenue - - 1,133,867 Other revenues 478,575 1,198,530 3,088,168 900,139 2,453,583 Total revenues 228,127,084 222,245,060 226,610,738 220,130,229 225573,905 Expenditures: Current: General government 28,481,107 30,851,083 30,880,438 32,503,179 32,454,025 Judicial 14,582,183 15,432,936 15,912,255 15,983,980 16,472,245 Public safety 76,602,674 82,205,981 82,800,553 81,453,411 82,062,704 Public works - 16,795,135 17,057,235 17,334,694 12,414,230 Health and welfare 14,493,083 8,151,135 40,632,025 32,374,989 2,189,447 Culture and recreation 4,485,973 21593,754 19,215,926 17,111,279 12,681,163 Housing and development 25,400,613 20,254,501 11560,360 11,992,918 17,453,873 Capital outlay 8,828,774 20,987,035 28,617,505 40,430,821 67,578,444 Intergovernmental - - - 473,316 - Debt service: Principal 16,211,559 9,900,619 10,234,342 10,207,881 20,215,000 Interest and fiscal charges 14,112,538 1,336,602 1,005,468 2,140,437 2,974,404 Bond issuance costs - - - - 89,806 Total expenditures 203,198,504 227,508,781 257,716,107 262,006,905 266,585,341 Excess(deficiency)of revenues over(under)expenditures 24,928,580 (5,263,721) (31,105,369) (41,876,676) (40,911,436) Other financing sources(uses) Refunding bond proceeds - - 30,550,000 44,070,000 - Proceeds from capital leases 1,967,750 1,167,644 1,127,154 917,469 - Bond premium - - 1,971,444 3,635,264 - Bond issuance - - - - - I Payments to escrow account - - - - - Transfers in 23,376,904 21,756,990 38,856,736 19,372,570 38,850,547 Transfers out (29,646,425) (29,428,371) (45,522,022) (24,763,166) (45,021,145) Proceeds from the sale of capital assets - - - - 834,892 Total other financing sources(uses) (4,301,771) (6,503,737) 26,983,312 43,232,137 (5,335,706) Net change in fund balances $ 20,626,809 $ (11,767,458) $ (4,122,057) $ 1,355,461 $ (46,247,142) Debt Service as a Percentage of Noncapital Expenditures 17.34% 5.73% 6.25% 6.83% 11.68% 195 2012 2013 2014 2015 2016 $ 174,530,688 $ 174,860,877 $ 191,804,941 $ 201,850,347 $ 208,663,022 5,313,188 5,880,083 6,102,645 6,179,800 6,475,794 9,205,100 8,262,173 17,834,482 14,067,609 14,115,299 25,978,981 25,054,525 25,760,940 26,286,959 27,886,571 5,826,251 5,632,205 5,793,786 6,973,674 5,962,914 641,285 684,374 658,032 741,597 985,893 2,484,488 2,550,813 2,300,392 1,361,134 1,706,759 223,979,981 222,925,050 250,255,218 257,461,120 265,796,252 34,880,530 32,432,657 29,330,545 36,675,915 40,264,604 17,094,781 18,446,705 20,992,374 20,409,781 20,188,432 85,020,086 84,773,990 90,674,820 89,429,713 90,166,076 11,317,428 11,323,897 35,223,915 30,187,680 31,727,193 2,466,034 2,522,599 2,311,106 2,341,192 2,366,803 12,274,742 13,605,387 14,761,163 14,708,724 14,904,430 16,600,138 13,719,492 14,142,981 13,572,028 14,691,427 52,256,806 53,670,920 48,418,409 41,378,739 20,348,505 3,512,000 2,212,000 - - 4,200,000 800,000 13,640,000 13,680,000 25,075,000 1,245,000 2,342,510 2,546,229 2,279,262 2,591,819 1,995,418 - - 756,596 340,150 366,193 238,565,055 248,893,876 272,571,171 276,710,741 242,464,081 (14,585,074) (25,968,826) (22,315,953) (19,249,621) 23,332,171 - - 29,396,544 11,785,098 26,115,000 - - - - 2,763,951 20,850,338 30,581,799 62,117,741 34,878,705 18,911,427 (25,901,838) (33,913,097) (66,881,321) (38,740,088) (28,758,784) 217,999 1,244,360 449,541 572,860 220,314 (4,833,501) (2,086,938) 25,082,505 8,496,575 19,251,908 $ (19,418,575) $ (28,055,764) $ 2,766,552 $ (10,753,046) $ 42,584,079 1.65% 8.13% 7.07% 13.33% 1.77% 196 0 LL) h CO Co CO O N n N ON h CO O O) N ..4- .4- N 0. 0N 010. 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CO CO 0 A- N CO V IO co T ' CO 0 m L 0 0 0 0 0 0 0 0 0 0 V 0 C 00 >- C N N N N N N N N N N Ill m O p r0 AUGUSTA, GEORGIA RATIOS OF OUTSTANDING DEBT BY TYPE LAST TEN YEARS Governmental Activities General Guaranteed Year Obligation Notes Revenue Certificates Capital Ended Debt b Payable b Debt b Of Participation b Leases b 2007 36,468,229 2,500,000 46,053 16,169,354 1,743,688 2008 27,869,922 - - 16,214,270 1,460,713 2009 51,458,058 - - 16,259,185 1,225,613 2010 67,431,441 - 22,120,000 16,304,100 1,070,201 2011 46,740,601 - 21,410,000 16,888,000 1,070,210 2012 45,887,288 - 20,610,000 16,888,000 - 2013 32,536,960 - 26,835,000 16,888,000 - 2014 20,267,083 - 54,155,000 16,888,000 - 2015 - - 60,640,632 16,888,000 - 2016 26,115,000 - 61,943,477 16,888,000 - Source: (a)Computed using the population amount from the "Demographic Statistics Schedule". (b)Augusta, Georgia Audited Financial Statements (c)Computed using the personal income amount from the"Demographic Statistics Schedule". 202 Business-type Activities Total Percentage Revenue Notes Capital Outstanding of Personal Debt Per Bonds b Payable b Leases b Debt Income C Capita a 490,209,032 7,102,161 2,623,729 556,862,246 9.90% 2,834 483,110,959 24,593,243 10,785,894 564,035,001 9.88% 2,843 475,597,884 22,420,295 9,556,177 576,517,212 9.82% 2,905 468,969,999 29,065,673 8,666,578 613,627,992 10.14% 3,053 460,899,999 33,696,018 5,272,531 585,977,359 9.08% 2,921 495,899,999 31,197,910 4,412,042 614,895,239 9.68% 3,045 509,534,999 28,004,278 4,947,084 618,746,321 9.72% 3,074 508,999,999 24,612,564 3,911,198 628,833,844 9.59% 3,123 516,020,255 21,065,845 3,409,665 618,024,397 8.14% 3,055 502,945,438 17,547,062 2,353,049 627,792,026 8.32% 3,113 203 AUGUSTA, GEORGIA RATIOS OF GENERAL BONDED DEBT LAST TEN YEARS Percentage of General Less:Amounts Estimated Actual Year Obligation Available in Value of Taxable Per Ended Debt b Debt Service Fund b Total Property C Capita a 2007 36,468,229 10,194 36,458,035 0.30% 186 2008 27,869,922 15,456 27,854,466 0.22% 140 2009 51,458,058 912,528 50,545,530 0.40% 255 2010 67,431,441 213,082 67,218,359 0.51% 334 2011 46,740,601 295,214 46,445,387 0.35% 232 2012 45,887,288 530,030 45,357,258 0.34% 225 2013 32,536,960 93,682 32,443,278 0.24% 161 2014 20,267,083 302,690 19,964,393 0.15% 99 2015 - - - 0.00% - 2016 26,115,000 26,115,000 - 0.00% - Source: (a)Computed using the population amount from the"Demographic Statistics Schedule". (b)Augusta, Georgia Audited Financial Statements (c)Computed using the estimated actual taxable value amount from the"Assessed Value and Estimated Actual Value of Taxable Property Schedule". 204 AUGUSTA, GEORGIA DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT AS OF DECEMBER 31, 2016 Estimated Estimated Share Percentage Of Direct and Debt Outstanding Applicable(1) Overlapping Debt Direct Debt Guaranteed revenue debt $ 61,943,477 100% $ 61,943,477 General obligation debt 26,115,000 100% 26,115,000 Certificates of Participation 16,888,000 100% 16,888,000 Subtotal Direct Debt 104,946,477 100% _ 104,946,477 Overlapping Debt Richmond County School District 40,000,000 0% - Total Direct and Overlapping Debt $ 144,946,477 $ 104,946,477 Sources:Augusta, Georgia financial statements and the Richmond County School District Note: Overlapping governments are those that coincide, at least in part,with the geographic boundaries of the City. This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of Augusta, Georgia. This process recognizes that,when considering the Government's ability to issue and repay long-term debt, the entire debt burden borne by residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident, and therefore responsible for repaying the debt of each overlapping government. (1)The percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable percentages were estimated by determining the portion of the County's taxable assessed value that is within the City's boundaries and dividing it by the County's total taxable assessed value. 205 Jo INTr \ \ 69 49 49 CO , \ %co co oZ ~ v Tr Ti 66 . k15 69 0 69 $ T. .0 ce CO ) 0, . 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