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CITY of

Valdosta, Georgia

Comprehensive Annual

Financial Report

year ended June 30, 2014

35366_CAFR 3/15/12 12:14 PM Page 1

C o m p r e h e n s i v e A n n u a l F i n a n c i a l

R e p o r t

City of Valdosta, Georgia for the Fiscal Year

July 1, 2013 - June 30, 2014

FINANCE DEPARTMENT L. Mark Barber, Deputy City Manager of Administration

TABLE OF CONTENTS

INTRODUCTORY SECTION Transmittal Letter .............................................................................................................................. i

Certificate of Achievement in Financial Reporting ...................................................................... vii

General Government Organization Chart ..................................................................................... viii

Principal Officials ............................................................................................................................ ix

FINANCIAL SECTION

Independent Auditor's Opinion ........................................................................................................ 1

Management’s Discussion and Analysis .......................................................................................... 4

BASIC FINANCIAL STATEMENTS

Statement of Net Position – Government-Wide .............................................................................. 18

Statement of Activities and Changes in Net Position – Government-Wide .................................... 19

Balance Sheet – Governmental Funds ............................................................................................. 23

Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position ............................................................................................................ 24

Statement of Revenues, Expenditures and Changes in Fund Balances –

Governmental Funds .................................................................................................................... 25 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Government-Wide Statement of Activities and Changes in Net Position ............................................................................................................... 26 Statement of Net Position – Proprietary Funds ............................................................................... 29

Statement of Revenues, Expenses and Changes in Fund Net Position – Proprietary Funds ............................................................................................................................................ 30 Statement of Cash Flows – Proprietary Funds ............................................................................... 31

Statement of Fiduciary Assets & Liabilities .................................................................................... 32

Notes to the Financial Statements ................................................................................................... 34

REQUIRED SUPPLEMENTARY INFORMATION ..................................................................... 76 Budgetary Comparison Schedule – General Fund………………………………………………...76 Budgetary Comparison Schedule – Central Valdosta Development Authority…………………...77 Notes to Required Supplementary Information ............................................................................................. 78

Schedule of Funding Progress ....................................................................................................................... 79 Schedule of Funding Progress-Pension Plan ................................................................................... 79 Schedule of Funding Progress-OPEB .............................................................................................. 80 OTHER GOVERNMENTAL FUNDS

Combining Balance Sheet .............................................................................................................. 82

Combining Statement of Revenues, Expenditures and Changes in Fund Balances ........................ 85

GENERAL FUND Schedule of Expenditures by Department – Budgetary Level of Control – Budget and Actual Comparison ................................................................................................... 88

OTHER BUDGETARY COMPARISION SCHEDULES

SPECIAL REVENUE FUNDS Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget

and Actual – Confiscated Funds ................................................................................................... 95 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget

and Actual – Property Evidence Fund .......................................................................................... 96 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget

and Actual – CHIP (98M-X-092-512-013) .................................................................................. 97 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget

and Actual – Local Law Block Grant Fund .................................................................................. 98 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget

and Actual – UDAG .................................................................................................................... 99 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget

and Actual – CHIP (O1M-X-092-2-2568) ................................................................................. 100 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget

and Actual – CHIP (02M-X-092-2-2695) .................................................................................. 101 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – Federal HUD Grant ............................................................................................... 102 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – CHIP (04M-X-092-2-2915) .................................................................................. 103 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget

and Actual – CHIP (06M-X-092-2951)...................................................................................... 104

Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – CHIP (07M-X-092-2961)...................................................................................... 105

Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – CHIP (07MR-X-092-2-2979) ................................................................................ 106

Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – Accommodations Tax ........................................................................................... 107

Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget

and Actual – Youth Recreation Scholarship Fund ..................................................................... 108

CAPITAL PROJECTS FUNDS Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget

and Actual – Sales Tax 2002 Fund ............................................................................................. 109

Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – Sales Tax 2007 Fund ............................................................................................. 110

Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget

and Actual – Sales Tax 2013 Fund ............................................................................................. 111 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget

and Actual – Airport Development Fund ................................................................................... 112 PERMANENT FUND Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – Sunset Hill Fund .................................................................................................... 113 PROPRIETARY FUNDS Combining Statement of Net Position – Other Enterprise Funds .................................................. 115 Combining Statement of Revenues, Expenses and Changes in Fund Net Position –

Other Enterprise Funds ............................................................................................................... 116 Combining Statement of Cash Flows – Other Enterprise Funds ................................................... 117 INTERNAL SERVICE FUNDS Combining Statement of Net Position – Internal Service Funds ................................................... 119 Combining Statement of Revenues, Expenses, and Changes in Fund Net Position –

Internal Service Funds ................................................................................................................ 120 Combining Statement of Cash Flows – Internal Service Funds .................................................... 121

FIDUCIARY FUNDS

Combining Statement of Assets and Liabilities – Agency Funds ................................................. 122

Statement of Changes in Assets and Liabilities – Agency Funds ................................................. 123

SUPPLEMENTARY FINANCIAL DATA AND SCHEDULES

Schedule of Projects Constructed with Special Sales Tax Proceeds ............................................ 124

STATISTICAL SECTION (Unaudited)

Statistical Section ......................................................................................................................... 128

Net Assets by Component ............................................................................................................ 129

Changes in Net Position ............................................................................................................... 130

Fund Balances, Governmental Funds ........................................................................................... 131

Changes in Fund Balances, Governmental Funds ........................................................................ 132

Program Revenues by Function Program ..................................................................................... 133

Tax Revenues by Source, Governmental Funds ........................................................................... 134

Assessed Value and Actual Value of Taxable Property ............................................................... 135

Water and Sewer Rates ................................................................................................................. 136

Direct and Overlapping Property Tax Rates................................................................................. 137

Principal Water and Sewer Customers ......................................................................................... 138

Principal Property Tax Payers ...................................................................................................... 139

Property Tax Levies and Collections ........................................................................................... 140

Ratios of Outstanding Debt by Type ............................................................................................ 141

Ratios of General Bonded Debt Outstanding ............................................................................... 142

Direct and Overlapping Governmental Activities Debt ............................................................... 143

Legal Debt Margin Information ................................................................................................... 144

Pledged-Revenue Coverage .......................................................................................................... 145

Demographic and Economic Statistics ......................................................................................... 146

Principal Employers ..................................................................................................................... 147

City Employees by Function/Program ......................................................................................... 148

Operating Indicators by Function/Program .................................................................................. 149

Capital Asset Statistics by Function Program .............................................................................. 150

SINGLE AUDIT INFORMATION

Schedule of Expenditures of Federal Awards .............................................................................. 152

Notes to the Schedule of Expenditures of Federal Awards .......................................................... 153

Independent Auditors’ Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards ............................................................ 154

Independent Auditors’ Report on Compliance with Requirements Applicable to Each Major Program and Internal Control Over Compliance in Accordance with OMB Circular A-133 ......................................................................................................... 156

Schedule of Findings and Questioned Costs ................................................................................ 158

Introduction

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viii

PRINCIPAL OFFICIALS CITY OF VALDOSTA, GEORGIA

Mayor John Gayle Council Member – At Large Ben Norton Council Member – District I James Wright Council Member – District II Sandra Tooley Council Member – District III Joseph Vickers Council Member – District IV Alvin Payton, Jr. Council Member – District V Tim Carroll Council Member – District VI Robert Yost City Manager Larry H. Hanson Clerk of Council Teresa Bolden City Attorney George T. Talley Municipal Court Judge Vernita L. Bender City Auditor Mauldin & Jenkins, LLC Human Resources Director Renassa Small Deputy City Manager - Administration L. Mark Barber City Engineer Patrick S. Collins Fire Chief Freddie Broome Police Chief Brian Childress Deputy City Manager - Operations John Whitehead, III Utilities Director Henry Hicks Director of Community Development Michael T. Martin

INDEPENDENT AUDITOR’S REPORT

To the Honorable Mayor and Members of the City Council

Valdosta, Georgia

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Valdosta, Georgia (the “City”), as of and for the fiscal year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the City of Valdosta, 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 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.

2303 DAWSON ROAD . POST OFFICE BOX 71549 . ALBANY, GEORGIA 31708-1549 . 229-446-3600 . FAX 229-446-3664 . www.mjcpa.com

MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS . RSM INTERNATIONAL

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Valdosta, Georgia as of June 30, 2014, and the respective changes in financial position and, where applicable, cash flows thereof for the fiscal 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), budgetary comparison information (on pages 76 through 78), and the Schedules of Funding Progress (on pages 79 and 80) 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

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of Valdosta, Georgia’s basic financial statements. The introductory section, combining and individual nonmajor fund financial statements and schedules, and statistical section, are presented for purposes of additional analysis and are not a required part of the basic financial statements. The schedule of expenditures of special purpose local option sales tax proceeds is presented for purposes of additional analysis as required by the Official Code of Georgia 48-8-121, and is also not a required part of the basic financial statements. The schedule of expenditures of federal awards is presented for purposes of additional analysis as required by Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and is also not a required part of the basic financial statements.

The combining and individual nonmajor fund financial statements and schedules, the schedule of expenditures of special purpose local option sales tax proceeds, and the schedule of expenditures of federal awards 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, the schedule of expenditures of special purpose local option sales tax proceeds, and the schedule of expenditures of federal awards are 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. Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated February 26, 2015, on our consideration of the City of Valdosta, 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 the City of Valdosta, Georgia's internal control over financial reporting and compliance.

Albany, Georgia February 26, 2015

Management’s Discussion and

Analysis

MANAGEMENT’S DISCUSSION AND ANALYSIS

This section of the City of Valdosta’s Comprehensive Annual Financial Report presents a discussion and analysis of the City’s financial performance during the fiscal year ending June 30, 2014. Please read it in conjunction with the transmittal letter at the front of this report and the City’s financial statements, which follow this section. FINANCIAL HIGHLIGHTS

 The assets of the City of Valdosta exceeded its liabilities at the close of the most recent fiscal year by $229.87 million. Of this amount, none may be used to meet the City’s ongoing obligations to citizens and creditors.

 The City’s governmental net position decreased by $6.72 million, primarily due to

economic conditions dictating the use of investment funds to supplement current cash, and the required adjustment for the City’s most recent Other Post Employment Benefits evaluation.

 The governmental activities revenue increased by $2.10 million (or 4.84%) and

the net results from activities increased $.63 million. The results of activities produced a decrease in net position of $6.72 million. Governmental expenses increased by $1.45 million.

 The business-type activities revenue decreased by $.24 million and the net results from activities decreased by $2.21 million. The results of activities produced an increase in net position of $3.55 million.

 The total cost of all City programs increased by $3.44 million.

 The General Fund (the primary operating fund of the City) reflected on a current

financial resource basis, reports a net reduction in fund balance of $2.53 million.

 The City’s total debt decreased $.07 million (or 1%). The decrease is the result of capital leases reaching expiration.

MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OF THE FINANCIAL STATEMENTS This annual report consists of three parts—management’s discussion and analysis (this section), the basic financial statements, and required supplementary information. The basic financial statements include two kinds of statements that present different views of the City:

 The first two statements are government-wide financial statements that provide both long-term and short-term information about the City’s overall financial status.

 The remaining statements are fund financial statements that focus on individual parts of the City’s operations in more detail than the government-wide statements.

The Governmental Funds statements explain how general government services such as public safety were financed in the short term as well as what remains for future spending. The City of Valdosta has four Governmental Fund types: the General, Special Revenue, Capital Projects, and the Permanent Fund. Proprietary fund statements offer short- and long-term financial information about the activities the government operates in a manner similar to businesses, and include the Sanitation, Water and Sewer, Inspection, Department of Labor Building, Auditorium, Storm Water, and Motor Fuel Funds.

Fiduciary fund statements provide information about the financial relationships in which the City acts solely as a trustee or agent for the benefit of others, to whom the resources in question belong. The City’s Fiduciary fund consists of two Agency Funds.

The financial statements also include notes that explain certain information in the financial statements and provide more detailed data. Figure A-1 summarizes the major features of the City’s financial statements, including the portion of the City they cover and the types of information they contain. The remainder of this overview section of management’s discussion and analysis explains the structure and contents of each of the statements.

MANAGEMENT’S DISCUSSION AND ANALYSIS

Figure A-1

Major Features of City of Valdosta’s Government-wide and Fund Financial Statements

Fund Statements Government-wide

Statements Governmental

Funds Proprietary

Funds Fiduciary

Funds Scope Entire City

government (except fiduciary funds) and the City’s component units.

The activities of the City that are not proprietary or fiduciary, such as Police, Fire, and Engineering

Activities the City operates similar to private businesses: Sanitation, Water & Sewer, Inspections, Department of Labor Building, Auditorium, Storm Water, and Motor Fuel

Where the City is the trustee or agent for someone else’s resources

Required financial statements

Statement of Net Position; Statement of Activities

Balance Sheet; Statement of Revenues, Expenditures, and Changes in Fund Balances

Statement of Net Position; Statement of Revenues, Expenses, and Changes in Net Position; Statement of Cash Flows

Statement of Fiduciary Assets and Liabilities

Accounting basis and measurement focus

Accrual accounting and economic resources focus

Modified accrual accounting and current financial resources focus

Accrual accounting and economic resources focus

Type of asset/liability information

All assets and liabilities, both financial and capital, and short-term and long-term

Only assets expected to be used up and liabilities that come due during the year or soon thereafter, no capital assets included

All assets and liabilities, both financial and capital, and short-term and long-term

All assets and liabilities, both short-term and long- term; the City’s funds do not currently contain capital assets, although they can

Type of inflow/outflow information

All revenues and expenses during year, regardless of when cash is received or paid

Revenues for which cash is received during or soon after the end of the year, expenditures when goods or services have been received and payment is due during the year or soon thereafter

All revenues and expenses during year, regardless of when cash is received or paid

All revenues and expenses during the year, regardless of when cash is received or paid

MANAGEMENT’S DISCUSSION AND ANALYSIS

Government-wide Statements The government-wide statements report information about the City of Valdosta as a whole using accounting methods similar to those used by private-sector companies. The statement of net position includes all of the government’s assets and liabilities. All of the current year’s revenues and expenses are accounted for in the statement of activities regardless of when cash is received or paid. The two government-wide statements report the City’s assets and how they have changed. Net position—the difference between the City’s assets/deferred inflows and liabilities/deferred inflows—is one way to measure the City’s financial health, or position.

 Over time, increases or decreases in the City of Valdosta’s net position are an indicator of whether its financial health is improving or deteriorating, respectively.

 To assess the overall health of the City, the reader should consider additional nonfinancial factors such as changes in the City’s property tax base.

 Governmental activities—Most of the City’s basic services are included here, such as the police, fire, public works, and general administration departments. Property taxes, sales and use taxes, and state and federal grants finance most of these activities.

 Business-type activities—The City of Valdosta charges fees to customers to help cover the costs of certain services provided. The City’s garbage pickup, water/sewer service, building inspection, building rental, auditorium, storm water, and motor fuel services are included here.

Fund Financial Statements The fund financial statements provide more detailed information about the City’s most significant funds—not the City as a whole. The “fund” level is where the basic unit of financial organization and operation within the City exists. Funds are accounting tools that are used to keep track of specific sources of funding and spending for particular purposes. They are the basic budgetary and accounting entities.

 Some funds are required by State law and by bond covenants.

 The City establishes other funds to control and manage money for particular purposes or to show that it is properly using certain taxes and grants.

The City of Valdosta utilizes three types of funds:

 Governmental funds—most of the City of Valdosta’s basic services are included in governmental funds, which focus on (1) how cash and other financial assets

MANAGEMENT’S DISCUSSION AND ANALYSIS

that can readily be converted to cash flow in and out and (2) the balances left at year-end that are available for spending. Consequently, the governmental funds statements provide a detailed short-term view that help determine whether there are more or fewer financial resources that can be spent in the near future to finance the City’s programs. Because this information does not encompass the additional long-term focus of the government–wide statements, we provide additional information at the bottom of the governmental funds statement, or on the subsequent page, that explains the relationship (or differences) between them. The measurement focus of governmental funds is upon determination of financial position and changes in financial position (sources, uses, and balance of financial resources) rather than upon net income determination. These funds are maintained on a modified accrual basis of accounting (explained further in the notes to the financial statements under “Summary of Significant Accounting Policies”). The basic financial statements for governmental funds are the Balance Sheet and the Statement of Revenues, Expenditures, and Changes in Fund Balance. The City of Valdosta utilizes four types of governmental funds: the General Fund, Special Revenue Funds, Capital Project Funds and Permanent Funds.

 Proprietary funds—Services for which the City charges customers a fee are

generally reported in proprietary funds. Proprietary funds, like the government- wide statements, provide both long- and short-term financial information. Two types of proprietary funds exist: enterprise funds and internal service funds. The City of Valdosta’s enterprise funds are the same as its business-type activities yet provide more detail and additional information, such as cash flows. Internal service funds are used to report activities that provide supplies and services for the City’s other programs and activities. The measurement focus of proprietary funds is upon determination of net income, financial position and change in financial position. These funds are maintained on the accrual basis of accounting. The Statement of Net Position, Statement of Revenues, Expenses and Changes in Net Position, and Statement of Cash Flows are all required statements.

 Agency Funds—because Agency funds are custodial in nature, the only required

financial statements are the Balance Sheet and the Statement of Changes in Assets and Liabilities. The measurement focus of Agency Funds is upon determination of financial position. Agency Funds are maintained on the accrual basis of accounting. Activities of this fund are not included in the Government-wide Statement of Activities.

FINANCIAL ANALYSIS OF THE CITY OF VALDOSTA AS A WHOLE Net Position. The City of Valdosta’s combined net position decreased 1.4 percent from $233.04 million at June 30, 2013 to $229.87 million at June 30, 2014. (See table A-1.)

MANAGEMENT’S DISCUSSION AND ANALYSIS

Table A-1 City of Valdosta’s Net Position

(In millions of dollars) Total Governmental Business-type Percentage Activities Activities Total Change 2013 2014 2013 2014 2013 2014 2013 – 2014

Current and other assets $23.74 $22.15 $1.47 $(0.29) $25.21 $21.86 (13.29%) Capital Assets 132.36 130.46 151.64 156.93 284.00 287.39 1.19% Total Assets 156.10 152.61 153.11 156.64 309.21 $309.25 0.01% Long-term debt outstanding 0.30 0.15 50.33 50.41 50.63 50.56 (0.14%) Other liabilities 21.25 24.63 4.18 4.08 25.43 28.71 12.90% Total Liabilities 21.55 24.78 54.51 54.49 76.06 79.27 4.22% Deferred Inflow of Resources 0.11 0.11 - - 0.11 0.11 0.00% Net Position Net Investment in capital assets, 132.07 130.31 101.30 106.52 233.37 236.83 1.48% Restricted 8.34 4.55 - - 8.34 4.55 (45.44%) Unrestricted (5.97) (7.14) (2.70) (4.37) (8.67) (11.51) 32.76%

Total Net Position $134.44 $127.72 $98.60 $102.15 $233.04 $229.87 (1.36%) Net Position of the City’s governmental activities decreased by 5 percent to $127.72 million. However, much of the net position are restricted as to the purposes for which they can be used, or are invested in capital assets (buildings, roads, and such). Consequently, unrestricted net position showed a $7.14 million deficit at the end of the year. The deficit in unrestricted governmental net position was negatively affected by several factors for fiscal year 2014. Again, the downturn in the economy contributed greatly to this change, along with depreciation of capital assets exceeding replacements, and the City’s recognition of Other Post Employment Benefits liability. The City was required to recognize this liability beginning in fiscal year 2009. Although the net position of the City’s business-type activities increased by 3.6 percent to $102.15 million, these resources cannot be used to add to the net position in governmental activities. The City generally can only use the net position to finance the continuing operations of the business-type activities.

MANAGEMENT’S DISCUSSION AND ANALYSIS

Changes in net position The City’s total revenues increased by 2.89 percent to $66.26 million. (See Table A-2) Approximately 39 percent of the City’s revenue comes from fees charged for services, 14 percent from sales taxes, 11 percent from ad valorem taxes, and 13 percent comprising such revenue items as business occupation license fees, franchise fees, and insurance premium fees. The remaining 23 percent represents grants, accommodation tax and investment revenue. The total cost of all programs and services increased by 5.21 percent. The City’s expenses cover a myriad of services, with approximately 31.05 percent related to public safety, 32.64 percent related to general government expenses, and 20.70 percent related to water/sewer expenses. The balance of 15.61 percent is comprised of public works, economic development, solid waste, inspection, auditorium, storm water, and motor fuel functions. Table A-2 and the narrative that follows consider the operations of governmental and business-type activities separately. Governmental Activities Revenues for the City’s governmental activities increased $2.10 million (or 5.13%) to $43.05 million, while governmental activities expenses experienced an increase of $1.45 million (or 3.18%) to $47.10 million. The increase in governmental revenue is the result of an increase in the receipts of grants. The majority of these grants supported public safety activities. All other revenues experienced a decline or little to no growth. The City of Valdosta continues to trim budgets and cut costs in an effort to remain financially viable in the continued environment of little or no revenue growth. The decrease in governmental activities reflects these actions taken by the City of Valdosta.

MANAGEMENT’S DISCUSSION AND ANALYSIS

Table A-2 Changes in City of Valdosta’s Net Position

(In millions of dollars)

Total

Governmental Business-type Percentage

Activities Activities Total Change

2013 2014 2013 2014 2013 2014 2013 – 2014

REVENUES

Program Revenues:

Charges for Services $2.73 $2.63 $22.69 $23.20 $25.42 $25.83 1.61%

Operating Grants & Contributions 2.17 2.68 - - 2.17 2.68 23.50%

Capital Grants & Contributions 9.62 10.51 0.76 - 10.38 10.51 1.25%

General Revenues:

Property Taxes 6.34 6.97 - - 6.34 6.97 9.94%

Sales Taxes 9.22 8.95 - - 9.22 8.95 (2.93%)

Accommodations Tax 1.67 1.86 - - 1.67 1.86 11.38%

Other Taxes 8.94 8.84 - - 8.94 8.84 (1.12%)

Investment Earnings 0.03 0.02 - 0.01 0.03 0.03 0.00%

Misc 0.23 0.59 - - 0.23 0.59 156.52%

Total Revenues 40.95 43.05 23.45 23.21 64.40 66.26 2.89%

EXPENSES

Program Activities

Primary Government:

Governmental Activities:

General Government 22.93 22.66 - - 22.93 22.66 (1.18%)

Public Safety 20.07 21.56 - - 20.07 21.56 (7.42%)

Public Works 1.61 1.60 - - 1.61 1.60 (0.62%)

Economic Development and Assistance 1.04 1.28 - - 1.04 1.28 23.08%

Business-type Activities:

Solid Waste - - 4.48 4.60 4.48 4.60 2.68%

Water/Sewer - - 12.21 14.37 12.21 14.37 17.69%

Housing Inspections - - 0.95 1.04 0.95 1.04 9.47%

Zoning - - 0.36 - 0.36 - (100.00%)

DOL Building - - 0.35 0.35 0.35 0.35 0.00%

Stormwater - - 1.22 1.24 1.22 1.24 1.64%

City Auditorium - - 0.21 0.20 0.21 0.20 (4.76%)

Motor Fuel - - 0.56 0.53 0.56 0.53 (5.36%)

Total Expenses 45.65 47.10 20.34 22.33 65.99 69.43 5.21%

Excess (deficiency) before transfers (4.70) (4.05) 3.11 0.88 (1.59) (3.17) (99.37%)

Transfers (2.65) (2.67) 2.65 2.67 - - 0.00%

Increase (Decrease) in Net Position (7.35) (6.72) 5.76 3.55 (1.59) (3.17) (99.37%)

Net position, beginning 141.70 134.44 92.84 98.60 234.54 233.04 (0.64%)

PPA 0.09 - - - 0.09 - (100.00%)

Net position, beginning, restated 141.79 134.44 92.84 98.60 234.63 (1.59) (100.68%)

Net position, ending $134.44 $127.72 $98.60 $102.15 $233.04 $229.87 (1.36%)

MANAGEMENT’S DISCUSSION AND ANALYSIS

Table A-3 presents the cost of each of the City’s five largest governmental programs, as well as each program’s net cost (total cost less fees generated by activities and intergovernmental aid). The net cost shows the financial burden that was placed on the City’s taxpayers by each of these functions.

 The cost of all governmental activities this year was $47.10million.  However, the amount that taxpayers paid for these activities through City taxes

was $26.62 million. Some of the cost was paid by:

o Those who benefited directly from the programs ($2.63 million). o Other governments and organizations that subsidized certain programs

with grants and contributions ($13.19 million). o Other miscellaneous sources such as investments ($.61 million).

Table A-3 Net Cost of City of Valdosta’s Governmental Activities

(in millions of dollars)

Total Cost Percentage Net Cost Percentage Of Services Change of Services Change

Function 2013 2014 2013 – 2014 2013 2014 2013 – 2014 General Government $22.93 $22.66 (1.70%) $14.18 $12.32 (13.12%) Public Safety 20.07 21.56 7.42% 15.39 16.73 8.71% Public Works 1.61 1.60 (0.62%) 0.88 1.43 62.50% Economic Development and Assistance 1.04 1.28 (23.08%) 0.69 0.80 15.94%

Total $45.65 $47.10 (2.91%) $31.14 $31.28 0.45%

Business-type Activities Total revenues available during the year to finance enterprise (business type) activities were $23.21 million. Funding was made available as follows: program revenues $23.20 million and investment earnings of .01 million.

MANAGEMENT’S DISCUSSION AND ANALYSIS

The cost of all enterprise (business-type) activities for the year accumulated to $22.33 million consisting of the following activities: solid waste $4.60 million, water/sewer $14.37 million, inspections $1.04 million, city auditorium $.20 million, motor fuel $.53 million, DOL building $.35 million, and storm water $1.24 million. In addition the Enterprise funds transferred $1.94 million to the General Fund for administrative services, and $1.00 million to Group Insurance Fund. FINANCIAL ANALYSIS OF THE CITY’S FUNDS General Fund Budgetary Highlights Comparing the FY 2014 original General Fund budget, in the amount of $31.34 million, to the final budget amount of $31.68 million represents an increase of $.34 million. The increase in the General Fund Budget is the result of grants received in the fiscal year. The City only budgets those grants that are assured at the time of budget preparation. In an effort to mitigate the decline in tax collection this fiscal year each department funded in the General Fund was asked to reduce their operations budget 5 to 7 percent. Even with this directive, the General Fund decrease in fund balance was $2.53 million. The decrease is due largely to smaller than expected revenues, especially taxes, and a larger than expected transfer to the Group Insurance Fund. CAPITAL ASSET AND DEBT ADMINISTRATION Capital Assets As of the year-end, the City had $287.39 million invested in a variety of capital assets, as reflected in the following schedule (Table A-4), which represents a net increase (additions less retirements and depreciation) of $3.39 million or 1.19 percent from last year.

MANAGEMENT’S DISCUSSION AND ANALYSIS

Table A-4

City of Valdosta’s Capital Assets (in millions of dollars)

Total Governmental Business-type Percentage Activities Activities Total Change 2013 2014 2013 2014 2013 2014 2013 – 2014 Non-depreciable assets Land $76.85 $76.85 $2.78 $3.04 $79.63 $79.89 0.33% Construction in progress 1.51 0.52 15.72 11.71 17.23 12.23 (29.02%) Depreciable Assets Land improvements 13.86 13.86 88.35 99.30 102.21 113.16 10.71% Buildings 28.87 29.03 90.63 92.72 119.50 121.75 1.88% Equipment 9.63 9.85 5.87 5.80 15.50 15.65 0.97% Motor vehicles 15.46 15.51 - - 15.46 15.51 0.32% Infrastructure 101.20 103.49 - - 101.20 103.49 2.26% Intangibles - - 1.16 1.16 1.16 1.16 0.00% Accumulated depreciation (115.02) (118.65) (52.87) (56.80) (167.89) (175.45) 4.50%

$132.36 $130.46 $151.64 $156.93 $284.00 $287.39 1.19% This year’s major capital asset additions and deletions included: The decrease in construction in progress is the result of a sewer plant expansion that was on-going over the past years. The completion of this project is also the major source of the increase in the building asset category. More detailed information about the City’s capital assets is presented in Note 5 to the financial statements.

MANAGEMENT’S DISCUSSION AND ANALYSIS

Long-term Debt At year-end, the City had $50.56 million in total debt outstanding. Government wide debt decreased by .14 percent as compared to last year. More detailed information about the City’s long-term liabilities is presented in Notes 8 and 9 to the financial statements.

Table A-5 City of Valdosta’s Outstanding Debt

(in millions of dollars) Governmental Business-type Total Activities Activities Total Percentage

2013 2014 2013 2014 2013 2014 Change

General Obligation Bonds $- $- $- $- $- $- N/A Revenue Bonds - - 2.55 2.31 2.55 2.31 (9.41%) Notes Payable - - 47.78 48.10 47.78 48.10 0.67% Capital Leases 0.30 0.15 - - 0.30 0.15 (50.00%)

Total $ 0.30 $ 0.15 $50.33 $50.41 $50.63 $50.56 (0.14%) ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND RATES Local governments (cities, counties and school boards) primarily rely on property and sales tax and a limited array of other permitted taxes and fees (franchise, occupational license, etc.) for their governmental activities. There are a limited number of state-shared revenues and recurring and non-recurring one-time grants from both the state and federal governments. Fortunately, the City of Valdosta was named a metropolitan statistical area in June 2003. This designation enables the City to become an entitlement community; therefore, grants will automatically become available to the City, and Valdosta will not be required to compete with other communities for grant funds. For the business-type and certain governmental activities (recreational programs) the user pays a fee or charge associated with the service. The City of Valdosta experienced the negative results of the economic downturn in Fiscal Year 2014. All major revenue sources that support governmental activities were collected at significantly lower numbers than anticipated. Although departments in the General Fund continued to reduce their approved appropriations by five to seven percent, the General Fund still experienced a reduction of fund balance in excess of $2.53 million. Despite the economic conditions for fiscal year 2014, conservative budgeting practices and adherence to sound financial policies and philosophies enabled the City to remain financially stable.

MANAGEMENT’S DISCUSSION AND ANALYSIS

The following areas are three primary indicators that the City reviews when making future financial decisions.

 Growth in the tax base of the City (excluding inflationary growth). There was a

slight increase in the tax base this year. The minimal change is the result of no business expansion, home devaluation, and lack of new business.

 Business Gross Receipts Taxes (based on a business’ gross receipts). There was a

decrease in Business Occupation revenue due to the economic conditions.

 General Fund’s Ending Fund Balance – reflects the City’s ability to meet ever increasing demands for general service while remaining financially sound and fiscally responsible by providing a buffer for short-term fluctuations in the economy. As previously stated in this document, the General Fund did experience a reduction in fund balance this year. However, despite this reduction, the total fund balance remains healthy.

FINANCIAL CONTACT This financial report is designed to provide our citizens, taxpayers, customers, investors and creditors with a general overview of the City’s finances and to demonstrate the City’s accountability for the money it receives. If you have questions about this report or need additional financial information, contact the City of Valdosta Finance Department, P.O. Box 1125, Valdosta, Georgia 31603 or visit our website at www.valdostacity.com.

B a s i c F i n a n c i a l S t a t e m e n t s

CITY OF VALDOSTA, GEORGIA STATEMENT OF NET POSITION

AS OF JUNE 30, 2014

Primary Government Governmental Business-type

Activities Activities Total

ASSETS Cash $5,922,574 $830,814 $6,753,388 Investments 1,002,781 332,542 1,335,323 Receivables (net) 5,899,808 2,447,473 8,347,281 Due from other governments 2,513,954 1,704,567 4,218,521 Interfund balances 6,130,212 (6,130,212) 0 Inventories 0 526,720 526,720 Prepaids 3,364 0 3,364 Other assets 680,270 0 680,270 Capital assets:

Non-depreciable 77,369,244 14,743,988 92,113,232 Depreciable (net) 53,091,689 142,188,840 195,280,529 Total Assets $152,613,896 $156,644,732 $309,258,628

LIABILITIES Accounts payable $5,107,807 $1,648,268 $6,756,075 Contracts payable 39,783 0 39,783 Accrued interest payable 0 173,740 173,740 Deposits 597 814,202 814,799 Non-current liabilities

Due within one year: Compensated absences 758,800 255,771 1,014,571 Due to other governments & agencies 11,039 2,127,411 2,138,450 Capital leases payable 150,705 0 150,705 Bonds payable 0 233,000 233,000 Landfill closure and post closure 0 52,000 52,000

Due in more than one year: Other post employement benefits 17,970,759 0 17,970,759 Compensated absences 745,172 217,076 962,248 Due to other governments & agencies 0 45,973,070 45,973,070 Bonds payable 0 2,080,000 2,080,000 Landfill closure and post closure 0 918,507 918,507 Total Liabilities $24,784,662 $54,493,045 $79,277,707

DEFERRED INFLOWS OF RESOURCES Unearned revenue $108,784 $0 $108,784

NET POSITION Net investment in capital assets $130,310,228 $106,519,347 $236,829,575 Restricted for:

Capital outlay 2,436,936 0 2,436,936 Perpetual care 1,617,435 0 1,617,435 Other purposes 491,172 0 491,172

Unrestricted (7,135,321) (4,367,660) (11,502,981) Total Net Position $127,720,450 $102,151,687 $229,872,137

The accompanying notes are an integral part of these statements.

CITY OF VALDOSTA, GEORGIA STATEMENT OF ACTIVITIES

FOR THE YEAR ENDED JUNE 30, 2014

Program Revenues Operating Capital

Charges for Grants and Grants and Expenses Services Contributions Contributions

Function/Program Activities Primary Government:

Governmental Activities General Government 22,657,247 103,489 6,616 10,238,453 Public Safety 21,558,234 2,267,311 2,290,499 266,179 Public Works 1,597,172 168,377 0 0 Community Development 1,276,726 87,610 383,504 830 Interest on Long-term Debt 9,846 0 0 0

Total governmental activities 47,099,225 2,626,787 2,680,619 10,505,462

Business-type Activities Sanitation 4,611,013 4,701,759 0 0 Water and Sewer 14,365,317 15,383,914 0 0 Inspection 1,042,114 784,402 0 0 DOL Building 341,979 469,157 0 0 Storm Water 1,238,148 1,280,524 0 0 Auditorium 196,780 42,536 0 0 Motor Fuel 532,420 542,151 0 0

Total business-type activities 22,327,771 23,204,443 0 0

Total Primary Government $69,426,996 $25,831,230 $2,680,619 $10,505,462

General Revenues: Taxes:

Property Taxes Sales Tax Accomodations Tax Franchise Tax Insurance Premium Tax Business Occupation Tax Other Taxes

Investment Earnings Miscellaneous

Transfers Total General Revenues and Transfers

Change in Net Position Net position - Beginning Net position - Ending

The accompanying notes are an integral part of these statements.

Net (Expense) Revenue and Changes in Net Position

Primary Government Governmental Business-type

Activities Activities Total

($12,308,689) $0 ($12,308,689) (16,734,245) 0 (16,734,245)

(1,428,795) 0 (1,428,795) (804,782) 0 (804,782)

(9,846) 0 (9,846) (31,286,357) 0 (31,286,357)

0 90,746 90,746 0 1,018,597 1,018,597 0 (257,712) (257,712) 0 127,178 127,178 0 42,376 42,376 0 (154,244) (154,244) 0 9,731 9,731 0 876,672 876,672

($31,286,357) $876,672 ($30,409,685)

6,974,207 0 6,974,207 8,954,342 0 8,954,342 1,856,448 0 1,856,448 3,873,776 0 3,873,776 2,822,355 0 2,822,355 1,350,175 0 1,350,175

798,136 0 798,136 19,831 123 19,954

587,662 0 587,662 (2,671,061) 2,671,061 0 24,565,871 2,671,184 27,237,055 (6,720,486) 3,547,856 (3,172,630)

134,440,936 98,603,831 233,044,767 $127,720,450 $102,151,687 $229,872,137

G o v e r n m e n t a l F u n d s

General Fund - the principal fund of the city which accounts for all financial transactions not accounted for in other funds. Principal sources of revenue are property taxes, sales taxes, licenses and permits. Primary expenditures are for police and fire protection, engineering, community development, cemetery ,and general administration.

Sales Tax 2002 Fund - to account for the financing and construction of capital improvements for various public projects including storm drainage improvements, police improvements, parks and recreation improvements, fire department improvements, municipal court facilities, water and sewer improvements, public works improvements and facility improvements. These improvements ar e financed through a 1% local option sales tax that was collected for 60 months starting January 2003.

Sales Tax 2007 Fund – to account for the financing and construction of capital improvements for various public projects including storm drainage improvements, police improvements, parks and recreation improvements, fire department improvements, water and sewer improvements, public works improvements, and facility improvements. These improvements are financed through a 1% local option sales tax that will be collected for 72 months starting January 2008.

Central Valdosta Development Authority – To account for the operations of the Central Valdosta Development Authority, the city’s blended component unit.

Sales Tax 2013 Fund – to account for the financing and construction of capital improvements for various public projects. These improvements will be financed through a 1% local option sales tax collected for 72 months starting January 2014.

SALES SALES SALES OTHER TOTAL TAX TAX TAX GOVERNMENTAL GOVERNMENTAL

GENERAL 2002 2007 2013 CVDA FUNDS FUNDS

ASSETS

Cash $5,983 $0 $1,627,742 $3,888,025 $102,353 $221,221 $5,845,324 Investments, at cost or amortized cost 0 0 0 0 0 918,522 918,522 Receivables (net) Taxes 1,117,056 0 0 927,660 12,913 0 2,057,629 Accounts 815,891 0 0 0 0 355,977 1,171,868 Interest 0 0 0 0 0 5,440 5,440 Second mortgages 0 0 0 0 0 2,601,916 2,601,916 Special assessments 45,387 0 0 0 0 0 45,387 Due from other governments and agencies 289,182 1,114,750 0 0 0 1,108,107 2,512,039 Interfund balances 2,088,934 0 65,740 0 0 728,907 2,883,581 Advance to other funds 2,898,908 0 0 0 0 0 2,898,908 Prepaid expenditures 828 0 0 0 0 0 828 Inventories, at cost 0 0 300,000 0 0 0 300,000 Total assets $7,262,169 $1,114,750 $1,993,482 $4,815,685 $115,266 $5,940,090 $21,241,442

LIABILITIES

Liabilities: Accounts payable $2,038,858 $846,046 $188,665 $155,728 $0 $536,664 $3,765,961 Contracts payable 0 0 39,783 0 0 0 39,783 Deposits 597 0 0 0 0 0 597 Due to: Other funds 2,555,256 26,872 0 30,651 6,673 427,357 3,046,809 Other governments and agencies 11,039 0 0 0 0 0 11,039 Advances from other funds 0 0 0 0 0 30,000 30,000 Total liabilities 4,605,750 872,918 228,448 186,379 6,673 994,021 6,894,189

DEFERRED INFLOWS OF RESOURCES

Unavailable Revenue 649,660 0 0 0 12,913 319,629 982,202

FUND BALANCES

Fund Balance (deficit): Nonspendable 2,899,736 0 300,000 0 0 4,219,351 7,419,087 Restricted 177,245 241,832 1,465,034 4,629,306 95,680 313,825 6,922,922 Committed 10,767 0 0 0 0 0 10,767 Assigned 0 0 0 0 0 404,357 404,357 Unassigned (1,080,989) 0 0 0 0 (311,093) (1,392,082) Total fund balance 2,006,759 241,832 1,765,034 4,629,306 95,680 4,626,440 13,365,051 Total liabilities, deferred inflows of resources and fund balances $7,262,169 $1,114,750 $1,993,482 $4,815,685 $115,266 $5,940,090 $21,241,442

The accompanying notes are an integral part of these statements.

CITY OF VALDOSTA, GEORGIA BALANCE SHEET

GOVERNMENTAL FUNDS JUNE 30, 2014

Fund balances - total governmental funds $13,365,051

Amounts reported for governmental activities in the statement of net position are different because:

Capital assets used in governmental activities are not financial resources and therefore are not reported in the governmental funds

Governmental capital assets $230,157,551 Less accumulated depreciation (102,436,466) 127,721,085

Long-term liabilities are not due and payable in the current period and therefore are not reported in the governmental funds

Other post employment benefits (17,970,759)

Compensated absences (1,465,104)

Capital Leases (150,705)

Revenue not received within 31 days in governmental funds is susceptible to full accrual on the entity-wide statements

Unavailable revenue 873,418

Internal service funds are used by management to charge the costs of certain activities to individual funds.

The assets and liabilities of the internal service funds that are reported with governmental activities. 5,347,464

Net position of governmental activities $127,720,450

The accompanying notes are an integral part of these statements.

CITY OF VALDOSTA, GEORGIA RECONCILIATION OF THE BALANCE SHEET

TO THE STATEMENT OF NET POSITION GOVERNMENTAL FUNDS

AS OF JUNE 30, 2014

OTHER TOTAL SALES SALES SALES GOVERNMENTAL GOVERNMENTAL

GENERAL TAX 2002 TAX 2007 TAX 2013 CVDA FUNDS FUNDS REVENUES: Taxes $24,330,493 $0 $0 $0 $119,551 $1,856,448 $26,306,492

Licenses and permits 508,051 0 0 0 0 0 508,051

Charges for service 376,127 0 0 0 0 0 376,127

Fines and forfeitures 1,216,274 0 0 0 0 17,095 1,233,369

Interest income 720 0 0 0 178 18,933 19,831

Contributions 7,145 0 0 0 6,616 27,003 40,764

Miscellaneous 670,627 0 0 0 3,286 21,352 695,265

Intergovernmental 1,178,409 1,114,750 4,968,759 4,968,949 0 2,450,686 14,681,553

TOTAL REVENUES 28,287,846 1,114,750 4,968,759 4,968,949 129,631 4,391,517 43,861,452

EXPENDITURES:

Current:

General government 8,096,885 0 0 0 111,148 1,610,370 9,818,403

Public safety 19,480,870 0 0 0 0 59,916 19,540,786

Public works 1,381,317 0 0 0 0 0 1,381,317

Economic development and assistance 811,046 0 0 0 0 424,579 1,235,625

Capital outlay 0 1,114,750 8,975,901 339,643 0 2,044,207 12,474,501

Debt service principal 145,862 0 0 0 0 0 145,862

Debt service interest 9,846 0 0 0 0 0 9,846

TOTAL EXPENDITURES 29,925,826 1,114,750 8,975,901 339,643 111,148 4,139,072 44,606,340

EXCESS (DEFICIENCY) OF REVENUES

OVER (UNDER) EXPENDITURES (1,637,980) 0 (4,007,142) 4,629,306 18,483 252,445 (744,888)

OTHER FINANCING SOURCES (USES):

Transfers in 2,179,651 0 0 0 0 0 2,179,651

Transfers out (3,070,733) 0 0 0 0 (241,578) (3,312,311)

TOTAL OTHER FINANCING SOURCES (USES) (891,082) 0 0 0 0 (241,578) (1,132,660)

NET CHANGE IN FUND BALANCES (2,529,062) 0 (4,007,142) 4,629,306 18,483 10,867 (1,877,548)

FUND BALANCES - BEGINNING 4,535,821 241,832 5,772,176 0 77,197 4,615,573 15,242,599 FUND BALANCES - END OF YEAR $2,006,759 $241,832 $1,765,034 $4,629,306 $95,680 $4,626,440 $13,365,051

The accompanying notes are an integral part of these statements.

CITY OF VALDOSTA, GEORGIA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2014

Net change in fund balances - total governmental funds ($1,877,548)

Amounts reported for governmental activities in the statement of activities are different because:

Governmental funds report capital outlays as expenditures However, in the statement of activities, the cost of those assets is depreciated over their estimated useful life:

Expenditures for capital assets: $1,421,995 Less current year depreciation (3,216,087)

(1,794,092)

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:

Change in long-term compensated absences (55,201)

Other post employment benefits (3,367,129)

Principal payments on long-term debt 145,862

Long-term accounts receivable (927,832)

Internal service funds 1,155,454

Change in net position of governmental activities ($6,720,486)

The accompanying notes are an integral part of these statements.

CITY OF VALDOSTA, GEORGIA RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES

FOR THE FISCAL YEAR ENDED JUNE 30, 2014

P r o p r i e t a r y F u n d s

Sanitation Fund - to finance and account for the cost of providing both residential and commercial trash and garbage pickup to citizens and businesses of the City.

Water and Sewer Revenue Fund - to finance and account for the cost of providing water and sewer services to the residents and businesses of the City. All activities necessary to provide such services are included in the fund, including financing and related debt services.

DOL Building Fund - to account for the revenues received from the rental of the Georgia Department of Labor building and the expenses associated with the maintenance of the building.

Storm Water - to finance and account for the cost of providing stormwater collection services to the residents and businesses of the City. All activities necessary to provide such services are included in the fund.

GOVERNMENTAL WATER/ DEPARTMENT OTHER ACTIVITIES SEWER OF LABOR ENTERPRISE INTERNAL

SANITATION REVENUE BUILDING STORMWATER FUNDS TOTAL SERVICE FUNDS

ASSETS Current assets: Cash $0 $16,312 $0 $0 $300 $16,612 $77,250 Investments 0 332,542 0 0 0 332,542 84,259 Receivables (net) Accounts 608,529 1,685,332 0 127,598 26,014 2,447,473 17,568 Due from other governments and agencies 0 1,663,905 0 0 40,662 1,704,567 1,915 Due from other funds 0 1,160,540 0 0 0 1,160,540 660,256 Prepaid expenses 0 0 0 0 0 0 2,536 Inventories at cost 0 526,720 0 0 0 526,720 380,270 Restricted assets Cash 9,435 804,767 0 0 0 814,202 0 Total current assets 617,964 6,190,118 0 127,598 66,976 7,002,656 1,224,054 Noncurrent assets: Restricted assets: Capital assets: Land 0 2,791,492 0 246,911 0 3,038,403 92,563 Land improvement 546,146 96,998,181 0 1,766,105 0 99,310,432 383,595 Buildings and structures 1,178,500 87,180,531 4,364,002 0 0 92,723,033 466,899 Motor vehicles 0 0 0 0 0 0 15,509,676 Equipment 154,462 5,370,022 0 0 272,603 5,797,087 2,501,887 Intangibles 0 0 0 1,161,791 0 1,161,791 0 Construction in progress 0 11,705,585 0 0 0 11,705,585 0

1,879,108 204,045,811 4,364,002 3,174,807 272,603 213,736,331 18,954,620 Less accumulated depreciation (1,055,708) (54,372,641) (872,475) (230,076) (272,603) (56,803,503) (16,214,772)

Net capital assets 823,400 149,673,170 3,491,527 2,944,731 0 156,932,828 2,739,848

Total noncurrent assets 823,400 149,673,170 3,491,527 2,944,731 0 156,932,828 2,739,848

Total assets $1,441,364 $155,863,288 $3,491,527 $3,072,329 $66,976 $163,935,484 $3,963,902

LIABILITIES Current liabilities: Accounts payable $173,442 $1,424,307 $18,137 $9,209 $23,173 $1,648,268 $1,341,846 Accrued interest 0 133,897 39,843 0 0 173,740 0 Compensated absences (current portion) 55,812 134,696 0 31,556 33,707 255,771 17,800 Landfill closure and post closure (current portion) 52,000 0 0 0 0 52,000 0 Due to other funds 151,190 0 96,004 131,385 36,486 415,065 1,242,503 Due to other governments and agencies (current portion) 0 2,127,411 0 0 0 2,127,411 0 Bonds payable (current portion) 0 0 233,000 0 0 233,000 0 Current liabilities (payable from restricted assets): Deposits 9,435 804,767 0 0 0 814,202 0

Total current liabilities 441,879 4,625,078 386,984 172,150 93,366 5,719,457 2,602,149 Noncurrent liabilities (payable from unrestricted assets): Compensated absences 81,626 120,394 0 7,155 7,901 217,076 21,068 Bonds payable (net of current portion) 0 0 2,080,000 0 0 2,080,000 0 Advances from other funds 0 0 0 185,920 1,418,683 1,604,603 1,264,305 Landfill closure and post closure (net of current portion) 918,507 0 0 0 0 918,507 0 Due to other governments and agencies, (net of current portion) 0 45,973,070 0 0 0 45,973,070 0 Total noncurrent liabilities (payable from unrestricted assets) 1,000,133 46,093,464 2,080,000 193,075 1,426,584 50,793,256 1,285,373 Total liabilities 1,442,012 50,718,542 2,466,984 365,225 1,519,950 56,512,713 3,887,522

NET POSITION (DEFICIT) Net investment in capital assets 823,400 101,572,689 1,178,527 2,944,731 0 106,519,347 2,663,468 Restricted Restricted for workmen's compensation claims 0 0 0 0 0 0 76,380 Unrestricted (824,048) 3,572,057 (153,984) (237,627) (1,452,974) 903,424 (2,663,468) Total net position (deficit) ($648) $105,144,746 $1,024,543 $2,707,104 ($1,452,974) 107,422,771 $76,380

Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds. (5,271,084) Net position of business-type activities $102,151,687

The accompanying notes are an integral part of these statements.

ENTERPRISE FUNDS

CITY OF VALDOSTA, GEORGIA STATEMENT OF NET POSITION

PROPRIETARY FUNDS JUNE 30, 2014

BUSINESS-TYPE ACTIVITIES

GOVERNMENTAL WATER/ DEPARTMENT OTHER ACTIVITIES

SEWER OF LABOR ENTERPRISE INTERNAL SANITATION REVENUE BUILDING STORMWATER FUNDS TOTAL SERVICE FUNDS

Operating revenues: Permits $0 $0 $0 $0 $745,940 $745,940 $0 Charges for services 4,492,358 15,305,768 469,157 1,280,524 623,149 22,170,956 9,778,867 Recycling revenue 38,395 0 0 0 0 38,395 0 Intergovernmental revenues 163,512 0 0 0 0 163,512 0 Miscellaneous revenues 7,494 78,146 0 0 0 85,640 153,667 TOTAL OPERATING REVENUES 4,701,759 15,383,914 469,157 1,280,524 1,369,089 23,204,443 9,932,534

Operating expenses: Personal services 1,773,212 4,479,916 0 685,075 844,116 7,782,319 707,611 Contractual services 969,278 1,960,005 143,196 139,281 128,746 3,340,506 2,307,041 Claims paid 0 0 0 0 0 0 6,840,177 Supplies 137,311 1,182,966 0 47,145 561,377 1,928,799 2,409,852 Travel and training 749 10,536 0 319 2,308 13,912 2,038 Other services and charges 1,377,758 1,304,932 13,926 201,909 144,556 3,043,081 730,259 Amortization expense 0 0 0 73,956 0 73,956 0 Depreciation expense 40,802 4,144,379 87,074 0 0 4,272,255 695,704 TOTAL OPERATING EXPENSES 4,299,110 13,082,734 244,196 1,147,685 1,681,103 20,454,828 13,692,682 OPERATING INCOME (LOSS) 402,649 2,301,180 224,961 132,839 (312,014) 2,749,615 (3,760,148) Non-operating revenues (expenses): Interest income 0 123 0 0 0 123 4 Loss on sale of assets 0 (136,308) 0 0 0 (136,308) 6,201

Interest expense and fiscal charges (395) (559,383) (97,783) 0 0 (657,561) 0

TOTAL NON-OPERATING REVENUES (EXPENSES) (395) (695,568) (97,783) 0 0 (793,746) 6,205

INCOME (LOSS)BEFORE CONTRIBUTIONS AND TRANSFERS 402,254 1,605,612 127,178 132,839 (312,014) 1,955,869 (3,753,943)

Capital contribution revenue 0 5,215,417 0 0 0 5,215,417 153,307 Transfers in 0 0 0 0 400,000 400,000 3,689,983 Transfers out (497,113) (1,970,205) 0 (381,459) (95,579) (2,944,356) (12,967)

(497,113) 3,245,212 0 (381,459) 304,421 2,671,061 3,830,323 Change in Net Position (94,859) 4,850,824 127,178 (248,620) (7,593) 4,626,930 76,380 NET POSITION - BEGINNING (DEFICIT) 94,211 100,293,922 897,365 2,955,724 (1,445,381) 0

NET POSITION - ENDING ($648) $105,144,746 $1,024,543 $2,707,104 ($1,452,974) $76,380

Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds. (1,079,074)

Change in net position of business-type activities $3,547,856

The accompanying notes are an integral part of these statements.

ENTERPRISE FUNDS

CITY OF VALDOSTA, GEORGIA STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION

PROPRIETARY FUNDS FOR THE YEAR ENDED JUNE 30, 2014

BUSINESS-TYPE ACTIVITIES

GOVERNMENTAL

WATER/ DEPARTMENT OTHER ACTIVITIES

SEWER OF LABOR ENTERPRISE INTERNAL

SANITATION REVENUE BUILDING STORMWATER FUNDS TOTAL SERVICE FUNDS

Cash flows from operating activities:

Cash received from customers $4,450,985 $15,318,657 $469,157 $1,279,678 $1,369,360 $22,887,837 $10,019,608

Cash payments to suppliers for goods and services (2,401,113) (5,124,791) (134,361) (216,076) (837,283) (8,713,624) (12,834,809)

Cash payments to employees for services (1,751,412) (4,468,240) 0 (682,143) (836,498) (7,738,293) (575,746)

Other operating revenues 38,395 0 0 0 0 38,395 0

Miscellaneous income 7,494 78,146 0 0 0 85,640 0

New customer utility deposits 5,050 248,220 0 0 0 253,270 0

Fines 0 0 0 0 0 0 0

Intergovernmental revenues 163,512 0 0 0 0 163,512 0

Refunded customer utility deposits (8,576) (231,442) 0 0 0 (240,018) 0

Net change in cash from operating activities 504,335 5,820,550 334,796 381,459 (304,421) 6,736,719 (3,390,947)

Cash flows from noncapital financing activities:

Transfers-in from other funds 0 0 0 0 400,000 400,000 3,689,983

Transfers-out to other funds (497,113) (1,970,205) 0 (381,459) (95,579) (2,944,356) (12,967)

Net change in cash from noncapital (497,113) (1,970,205) 0 (381,459) 304,421 (2,544,356) 3,677,016

financing activities

Cash flows from capital and related financing activities:

Principal paid on Georgia Environmental Finance Authority Loan (17,844) (1,991,268) 0 0 0 (2,009,112) 0

Loan from Georgia Environmental Finance Authority 0 1,548,082 0 0 0 1,548,082 0

Acquisition and construction of capital assets 0 (3,570,544) 0 0 0 (3,570,544) (434,960)

Proceeds from sale of capital assets 0 0 0 0 0 0 6,201

Principal paid on DOL intergovernmental note 0 0 (233,000) 0 0 (233,000) 0

Interest paid on GEFA loan (454) (1,572,925) 0 0 0 (1,573,379) 0

Interest paid on DOL intergovernmental note 0 0 (101,796) 0 0 (101,796) 0

Net change in cash from capital and related (18,298) (5,586,655) (334,796) 0 0 (5,939,749) (428,759)

financing activities

Cash flows from investing activities: Sale of investment securities 0 1,971,025 0 0 0 1,971,025 0 Purchase of investment securities 0 (318,692) 0 0 0 (318,692) (25,920) Interest and dividends on investments 0 123 0 0 0 123 4 Net change in cash from investing activities 0 1,652,456 0 0 0 1,652,456 (25,916) Net change in cash (11,076) (83,854) 0 0 0 (94,930) (168,606) Cash beginning of year 20,511 904,933 0 0 300 925,744 245,856 Cash at end of year $9,435 $821,079 $0 $0 $300 $830,814 $77,250

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CHANGE IN CASH FROM OPERATING ACTIVITIES

Operating income (loss) $402,649 $2,301,180 $224,961 $132,839 ($312,014) $2,749,615 ($3,760,148) Adjustments to reconcile operating income (loss) to net change in cash from operating activities: Amortization 0 0 0 73,956 0 73,956 0 Depreciation 40,802 4,144,379 87,074 0 0 4,272,255 695,704 New customer utility deposit 5,050 248,220 0 0 0 253,270 0 Refunded customer utility deposit (8,576) (231,442) 0 0 0 (240,018) 0 Landfill closure and post closure (12,745) 0 0 0 0 (12,745) 0 Change in assets and liabilities: (Increase) decrease in accounts receivable (46,790) (4,930) 0 (846) 271 (52,295) 88,989 (Increase) in due from other funds 0 (687,540) 0 0 0 (687,540) (610,916) (Increase) in due from other governments and agencies 0 0 0 0 (36,977) (36,977) (1,915) Decrease (increase) in inventory 0 102,169 0 0 0 102,169 (19,747) (Increase) in prepaid expenses 0 0 0 0 0 0 (2,536) (Decrease) increase in accounts payable (23,112) (52,153) 6,116 (19,247) 2,136 (86,260) 611,116 Increase in compensated absences liability 19,574 667 0 8,837 5,553 34,631 4,358 Increase in due to other funds 127,483 0 16,645 0 26,755 170,883 1,142,503 Increase (decrease) in advances from other funds 0 0 0 185,920 9,855 195,775 (1,538,355) Net change in cash from operating activities $504,335 $5,820,550 $334,796 $381,459 ($304,421) $6,736,719 ($3,390,947)

NONCASH INVESTING, CAPITAL AND FINANCING ACTIVITIES

Donated Infrastructure 0 0 0 0 0 0 125,174 Contributed capital assets from SPLOST VI 0 4,221,845 0 0 0 4,221,845 2,133 Contributed capital assets from General Fund 0 0 0 0 0 0 26,000 Capitalized interest 0 993,572 0 0 0 993,572 0

The accompanying notes are an integral part of these statements.

ENTERPRISE FUNDS

CITY OF VALDOSTA, GEORGIA

STATEMENT OF CASH FLOWS

PROPRIETARY FUNDS

FOR THE YEAR ENDED JUNE 30, 2014

BUSINESS-TYPE ACTIVITIES

F i d u c i a r y F u n d s

Tree Commission Agency Fund - to account for monies collected for the Tree Commission.

Evidence Agency Fund - to account for monies taken in by the Valdosta Police Department but not condemned.

TOTAL FIDUCIARY

FUNDS

ASSETS Cash $56,662 Investments 18,922

Total assets $75,584

LIABILITIES Due to other governments and agencies $60,476 Due to others 15,108

Total liabilities $75,584

The accompanying notes are an integral part of these statements.

CITY OF VALDOSTA, GEORGIA STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES

FIDUCIARY FUNDS JUNE 30, 2014

N o t e s t o F i n a n c i a l

S t a t e m e n t s

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting principles of the City of Valdosta, Georgia conform to generally accepted accounting principles (“GAAP”) as prescribed by the Governmental Accounting Standards Board (“GASB”). The accompanying summary of the City of Valdosta’s more significant accounting policies is presented to assist the reader in interpreting the financial statements and other data in this report. These policies, as presented, should be viewed as an integral part of the accompanying financial statements.

A. THE REPORTING ENTITY The primary government of the City of Valdosta has one component unit – the Central Valdosta Development Authority (the “Authority”). Using the criteria of Governmental Accounting Standards Board (GASB) Statement No. 61, management determined that the authority should be included as a blended component unit. Primary Government The City of Valdosta was originally incorporated by an Act of the General Assembly of Georgia on December 7, 1860. The basic charter of the City was provided in Georgia laws 1901, Act No. 213, as amended. (Georgia Laws 1901, p. 670) The City is governed by an elected mayor and seven-member council with daily operations managed by an appointed city manager. The following services as authorized by its charter and code are provided by the City: General Administrative Services, Public Safety (Police, Fire and Inspections), and Public Works (Streets, Sanitation, Water, Sewer, and Stormwater). Included with reporting entity as Blended Component Unit: Central Valdosta Development Authority – The Authority was established by an Act of the General Assembly of Georgia to redevelop and improve the central Valdosta area. The Authority has the power to create special tax districts, to levy and collect taxes, and issue notes or other evidence of indebtedness, and only maintains a general fund. The Authority consists of seven members, one of whom is the Mayor of the City of Valdosta. The other six members are appointed by the City Council. The Development Authority provision of services is not limited entirely, or almost entirely, to the primary government nor does it only benefit the primary government. The debt of the Development Authority is paid substantially from City resources. Therefore, the City concluded in accordance with GASB 61 that the Authority should be included in the financial reporting entity by blended presentation.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

Separate financial statements are not available from the Authority. Related Organizations: The City of Valdosta officials are also responsible for appointing the members of the boards of other organizations, but the City’s accountability for these organizations does not extend beyond making the appointments. The Mayor and Council appoint the board members of the Valdosta Housing Authority, Valdosta-Lowndes County Zoning Board of Appeals, Valdosta-Lowndes County Industrial Authority, Hospital Authority of Valdosta and Lowndes County, Greater Lowndes County Planning Commission, Valdosta Historic Preservation Commission, Valdosta Tree Commission, Valdosta Lowndes County Airport Authority, Valdosta-Lowndes County Conference and Tourism Authority, Keep Lowndes Valdosta Beautiful Commission, Valdosta-Lowndes County Land Bank Authority, Valdosta/Lowndes County Construction Adjustments and Appeals Board, Valdosta Housing Board of Adjustments and Appeals, Lowndes County Board of Health, Community Development Block Grant Advisory Committee, the Valdosta- Lowndes County Parks & Recreation Authority, the Metropolitan Planning Organization Citizen’s Advisory Committee, the Animal Control Board, Downtown Development Authority, Central Valdosta Development Authority, the Public Art Advisory Committee, and the Fair Housing Committee. B. MEASUREMENT FOCUS AND FINANCIAL STATEMENT

PRESENTATION The government-wide financial statements (i.e. the statement of net position and the statement of activities) report information on all nonfiduciary activities of the primary government and its component units. The City’s fiduciary funds are not included in the government wide financial statements. 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. The statement of activities demonstrates the degree to which direct expenses of a given function or segment is 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. Certain indirect costs have been included as part of the program expenses for various functional activities.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

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. C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL

STATEMENT PRESENTATION The City’s government wide financial statements include a Statement of Net Position and a Statement of Activities and Changes in Net Position. These statements present summaries of Governmental and Business-Type activities for the City. Fiduciary activities of the City are not included in these statements. These statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund financial statements. The fiduciary funds don’t have a measurement focus. Accordingly, all the City’s assets and liabilities, including capital assets, as well as infrastructure assets, and long-term liabilities, are included in the accompanying Statement of Net Position. The Statement of Activities presents changes in net position. Under the accrual basis of accounting, revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. The types of transactions reported as program revenues for the City are reported in three categories: 1) charges for services to customers who directly benefit from goods, services, or privileges provided by a given function, 2) operating grants and contributions that are restricted to meeting the operational needs for a particular function and 3) capital grants and contributions that are restricted to meeting the capital needs of a particular function. Certain eliminations have been made as prescribed by GASB Statement No. 34 in regards to interfund activities, payables and receivables. All internal balances in the Statement of Net Position have been eliminated except those representing balances between the governmental activities and the business-type activities, which are presented as internal balances and eliminated in the total primary government column. In the Statement of Activities, internal service fund transactions have been eliminated, however, those transactions between governmental and business-type activities have not been eliminated. 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. Fund Financial Statements The accounts of the City are organized on the basis of the funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures, or expenses as appropriate. Government resources are allocated to and accounted for in the individual funds based upon the purpose for which they are spent and the means by which spending activities are controlled. THE CITY REPORTS THE FOLLOWING MAJOR FUNDS: GOVERNMENTAL

General Fund – the principal fund of the City used to account for all activities not otherwise accounted for by a specific fund. Sales Tax 2002 Fund – to account for the financing and construction of capital improvements for various public projects. These improvements will be financed through a 1% local option sales tax that was collected for 60 months starting January 2003. Sales Tax 2007 Fund – to account for the financing and construction of capital improvements for various public projects. These improvements will be financed through a 1% local option sales tax collected for 72 months starting January 2008. Sales Tax 2013 Fund – to account for the financing and construction of capital improvements for various public projects. These improvements will be financed through a 1% local option sales tax collected for 72 months starting January 2014. Central Valdosta Development Authority – to account for the operations of the City’s blended component unit, The Central Valdosta Development Authority. ENTERPRISE Sanitation Fund – to finance and account for the costs of providing both residential and commercial trash and garbage pick up to residents and businesses of the City. Water and Sewer Revenue Fund – to finance and account for the cost of providing water and sewer services to the residents and business of the City.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

DOL Building Fund – to finance and account for the cost of maintaining the building leased to the Georgia Department of Labor. The fund also accounts for lease payments received from the state. Stormwater – to finance and account for the cost of providing stormwater collection services to the residents and businesses of the City. All activities necessary to provide such services are included in the fund. ADDITIONALLY THE CITY REPORTS THE FOLLOWING FUND TYPES: GOVERNMENTAL FUNDS Governmental fund types include the General Fund, Special Revenue Funds, and Capital Projects Funds. Governmental Fund Financial Statements include a balance sheet and a statement of revenues, expenditures and changes in fund balances for all governmental major funds and non major funds aggregated. The governmental funds employ the current financial resources measurement focus. Those funds are maintained on the modified accrual basis of accounting. (Explained further under Basis of Accounting)

SPECIAL REVENUE FUNDS

These funds are used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects. The City maintains a separate Special Revenue Fund for each Federal Grant Program.

CAPITAL PROJECTS FUNDS

The Capital Projects Funds account for capital improvements (except for those financed by Proprietary Funds) which are financed from certain Federal Grants, and other City Funds.

PERMANENT FUND

The permanent fund accounts for resources that are legally restricted to the extent that only earnings, and not principal, may be used for purposes that support the City’s programs, that is, for the benefit of the City or its Citizenry.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

PROPRIETARY FUNDS Proprietary Funds include Enterprise funds and Internal Service Funds. The Proprietary Fund measurement focus is upon determination of net income, financial position, and changes in financial position. The generally accepted accounting principles in these funds are those applicable to similar businesses in the private sector and thus these funds are maintained on the accrual basis of accounting. (Explained further under Basis of Accounting)

ENTERPRISE FUNDS Enterprise Funds account for operations that are financed and operated in a manner similar to private business enterprises—where the intent of the City is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges. The acquisition, maintenance and improvement of the physical plant facilities required to provide these goods and services are financed from existing cash resources, the issuance of revenue bonds, Federal Grants, and other City funds.

INTERNAL SERVICE FUNDS The Internal Service Funds are used to account for the financing of goods or services provided by one department to other departments of the City. These goods or services are provided on a cost reimbursement basis.

THE CITY MAINTAINS THE FOLLOWING INTERNAL SERVICE FUNDS:

MOTOR POOL FUND The Motor Pool Fund accounts for the cost of operating a maintenance facility for automotive equipment. The fund purchases the automotive equipment and leases the equipment to user departments on a predetermined per mile basis or monthly rate based on accumulated historical costs.

GROUP INSURANCE FUND The Group Insurance Fund accounts for transactions related to the provision of health care benefits for permanent employees of the City.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

WORKMAN’S COMPENSATION FUND The Workman’s Compensation Fund accounts for the transactions related to the workman’s compensation claims paid by the City. IT FUND The IT Fund accounts for the cost of providing information technology to the City. Departments are charged based on utilization of IT Services.

FIDUCIARY FUND Fiduciary Funds include the Agency Funds. The Tree Commission Agency Fund accounts for monies collected for the Tree Commission. The Evidence Agency Fund accounts for monies taken in by the Valdosta Police Department but not condemned. The assets and liabilities are accounted for on the accrual basis.

BASIS OF ACCOUNTING Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements.

Modified Accrual Basis of Accounting The modified accrual basis of accounting is followed in the Governmental Fund types. Under the modified accrual basis of accounting, revenues are recorded when susceptible to accrual, i.e., both measurable and available. Available means collectible within the current period or soon enough thereafter to pay current liabilities. Property taxes levied and due for the current year are considered available and are therefore recognized as revenues in accordance with NCGA Interpretation 3 of NCGA Statement 1. Licenses, fines and forfeitures, and miscellaneous revenues are recorded as revenues when received in cash because they are generally not measurable until actually received. Taxes, charges for services, investment earnings, and special assessments are considered available if payment is received within 31 days after the close of the current fiscal year and therefore recognized as revenues. Intergovernmental revenues received as reimbursements for specific purposes or projects are recognized when the expenditure is recorded. Intergovernmental revenues received but not earned are recorded as unearned revenues.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

Expenditures are recognized in the accounting period in which the liability is incurred, if measurable, except for unmatured interest on general long-term debt, which is recognized when due and vacation and sick pay which is recorded when paid. Accrual Basis of Accounting The accrual basis of accounting is followed in all Proprietary Funds and the Agency Funds. Under the accrual basis of accounting, revenues are recognized when earned, and expenses are recorded when incurred. The revenues for sanitation and water and sewer, which are based upon service rates authorized by the City Council, are determined by monthly cyclical billings to customers. Earned but unbilled revenues are accrued and reported in the financial statements. The City defines operating revenues and expenses in the proprietary funds using the criteria established for identifying cash flows from operations. Revenues from the sale of goods or services (including goods or services sold to internal customers) as well as from the sale of permits are considered operating revenues. Expenses incurred to purchase labor, operating supplies and services, as well as depreciation, are classified as operating expenses. All other revenues and expenses not meeting this definition are nonoperating. Investment earnings are accrued in Proprietary Funds.

D. BUDGETS AND BUDGETARY ACCOUNTING The City code requires that an annual operating budget be prepared that includes a proposed work program, a basic budget at the current level, and program change requests for all Governmental and Proprietary types. The budget is prepared and submitted by the City Manager to the Mayor and Council for their consideration and adoption by ordinance prior to the commencement of the ensuing fiscal year. The Finance Director is authorized to transfer budget amounts within any fund. Budgetary control is exercised by department, function or activity, and major object of expenditures group for capital and grant projects within each fund. Each of these areas cannot legally exceed their appropriations. All unencumbered appropriations lapse at year end. The budget is prepared showing each fund, department and level of expenditure for the prior year, current year estimates, and requested, recommended, and approved appropriations for the next fiscal year. Budgets for the City may be increased or decreased as the City Council deems appropriate. The budget data presented in the financial statements and schedules were prepared on a Non-GAAP Budgetary basis for the Governmental Fund types. The difference between the GAAP basis and the budgetary basis is the inclusion of encumbrances as

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

expenditures. In the Proprietary Funds, the budgets were prepared on the GAAP basis. The same accrual basis that is used to reflect actual results is used to prepare the budgets for these funds. The following funds’ expenditures/expenses exceeded legal appropriations.

Expenditures/ Expenses on Amount Fund/Department Budgetary Basis Appropriations Exceeding Sunset Hill Fund 9,159 6,000 3,159

Per the official Code of Georgia Annotated 36-81-3, the City has set its level of budgetary control at the departmental level. E. CASH

For the purpose of the statement of cash flows, the City considers only cash (including restricted assets) in determining the increase (decrease) in cash. Cash equivalents are defined as short term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less meet this definition. F. INVESTMENTS It is the City’s policy that investments having a remaining maturity at time of purchase of one year or less are recorded at cost or amortized cost in accordance with GASB Statement 31. Adjustments are made to cost for any premium or discount, which is amortized over the maturity of the investment. Amortized cost approximates fair value. The City has no such investments at June 30, 2014. G. RECEIVABLES Revenues are recorded when received except for the following items for which receivables have been recorded: 1. Taxes Receivable which includes:

a. Taxes Receivable-Delinquent – represents the past years of uncollected

tax levies. An allowance for uncollectible taxes is provided based upon an analysis of historical trends. The tax receivables have been reported net of these allowances.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

b. Sales Taxes, Franchise Taxes, and Public Utilities Receivable – recorded

as revenue when they become both measurable and available for collection within the current period paying cycle, which is 31 days past year end. The balance of what has been earned though not available is recorded as a deferred inflow of resources – unavailable revenue.

2. Accounts Receivable which includes:

a. Accounts Receivable – Sanitation and Water and Sewer service charges are recognized when earned, with an allowance for uncollectible accounts of 1% of the accounts receivable balance at June 30. Services performed by various departments are recognized as revenue when they are measured and assured of collection within the current paying cycle of the City. That which is earned, but not collected within 31 days of year end, is recognized as a deferred revenue. In the Proprietary Funds, they are recognized as revenue when earned.

b. Returned Checks – the balance of checks written by the public that the

banks have returned to the City over the past 12 months.

c. Accounts Receivable-Employees – the balance that City employees owe the City for travel advances, garnishments, etc.

d. Unbilled Services Receivable – within the City’s Enterprise Funds, an

estimated amount has been recorded for services rendered but not yet billed as of June 30, 2014. The receivable was arrived at by taking the cycle billings the City sent the customers in July and prorating the amount of days applicable to the current year factor at 99% to allow for uncollectible accounts.

3. Second Mortgages Receivable - the amount owed to the City from loans made to

homeowners on UDAG and CDBG CHIP grants. 4. Special Assessments Receivable – both principle and interest on paving

assessments are payable in semi-annual installments over a five year period. The principle is recognized when due. The balance due at June 30 that has not been collected within 31 days past year end is recorded as a deferred revenue. There is no allowance for uncollectibles as delinquent accounts are declared as a special assessment lien against the property per Section 7.2, paragraph I, of the City’s Code. The entire outstanding balance is delinquent at June 30, 2014.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

5. Interest Receivable – interest on investments is recorded as revenue on the Governmental Fund types when it is both measurable and collected within the City’s current paying cycle. The amount which is earned but not collected is recognized as a deferred revenue. The interest on investments is recorded as revenue in the year earned for the Proprietary Fund types.

H. DUE FROM OTHER GOVERNMENTS & AGENCIES Due from other governments includes amounts from grantors for grants for specific programs and capital projects. Program grants and capital grants for governmental capital assets are recorded as receivables and revenues at the time reimbursable project costs are incurred. Revenue received in advance of project costs being incurred is deferred. Capital grants for capital asset additions to the Proprietary Funds are recorded as receivables and corresponding increases to contributions when reimbursable project costs are incurred. I. DUE FROM AND DUE TO OTHER FUNDS During the course of its operations, the City has numerous transactions between funds to finance operations, provide services, construct assets, and service debts. To the extent that certain transactions between funds had not been paid or received as of June 30, 2014, balances of interfund amounts receivable or payable have been recorded. To the extent that these balances are between Governmental Funds, they have been eliminated on the statement of net position. J. ADVANCE TO OTHER FUNDS The long term advance from the General Fund to the HUD Fund represents operating capital for the City’s entitlement program. This balance is distinct from routine interfund balances and will not be liquidated until the entitlement program is terminated. The long term advance from General Fund to other funds represents balances that are not expected to be repaid within one year. K. INVENTORIES Inventories in Proprietary Funds are adjusted to annual and periodic physical counts and are valued at cost using the first-in, first-out method (FIFO) of valuation. Inventory in the Sales Tax 2007 Fund, which is valued at cost first-in, first-out method (FIFO), consists of wetland credits held for construction.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

L. PREPAID EXPENDITURES/EXPENSES Payments made to various vendors for items or services for a future period beyond June 30, 2014 are recorded as prepaid expenditure/expenses. The fund balances in the Governmental Fund types attributable to prepaid expenditures are classified as nonspendable. This reflects the amount of fund balance not currently available for expenditure. M. RESTRICTED ASSETS Monies or other resources, the use of which is restricted by legal or contractual requirements, are recorded as restricted assets. It is the policy of the City to first apply restricted resources when an expense is incurred for purposes for which both restricted and unrestricted net assets are available. The restricted assets listed in the Proprietary Funds are for the utility billing customer deposits held on account. N. INTANGIBLE ASSETS Intangible assets are reported in the applicable governmental or business type activity columns in the government-wide financial statements. The City’s policy has set the capitalization threshold at $5,000 for intangible assets. All intangibles are valued at cost or estimated fair market value if donated. Intangible assets are amortized over their estimated useful lives. O. CAPITAL ASSETS Capital assets, which include property, plant, equipment, and infrastructure assets (e.g. roads, sidewalks, and similar items), are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. The City’s policy has set the capitalization threshold for reporting capital assets at $5,000 and $250,000 for infrastructure assets. All purchased capital assets are valued at cost where historical records are available and at an estimated historical cost where no historical records exist. Donated capital assets are valued at their estimated fair market value on the date received. The City patched and resurfaced several roads during the current year that are considered general maintenance. The City reports only infrastructure acquired or constructed after June 30, 1980 in accordance with GASB Statement 34. Expenditures for maintenance and repairs which do not add to the value of the assets or materially extend their lives are expensed as incurred. However, expenditures for repairs and upgrading which do materially add to the value or life of an asset are capitalized.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

Interest incurred during the construction of capital assets in business type activities is capitalized as part of the cost of the asset constructed. During the current fiscal year, the City incurred total interest of $1,572,925. Of this amount, $993,572 was capitalized as part of the cost of the waste water construction project. Depreciation is provided on the straight-line basis over the estimated useful lives.

The estimated useful lives are as follows:

Assets Life (Years) Water System 30-50 Sewer System 30-50 Buildings 15-50 Machinery and Equipment 05-10 Vehicles 01-05 Infrastructure 10-20 Land Improvement 30-50

P. COMPENSATED ABSENCES It is the City’s policy to permit employees to accumulate a limited amount of earned but unused vacation benefits, which will be paid to employees upon separation from City service. In Governmental Fund types, the cost of vacation benefits is recognized when payments are made to employees. A long-term liability of accrued vacation benefits at June 30, 2014 has been recorded in the government wide statements representing the City’s commitment to fund such costs from future operations.

Q. LONG-TERM OBLIGATIONS

Long-term liabilities for GEFA borrowings are recorded in the Enterprise Funds. Principal and accrued interest are recorded as liabilities. Principal and interest payments are deducted from the liability as made. A long term liability has been recorded in the government wide statements for a capital lease. See Note 9 for additional information.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

R. PENSION FUND

Annual costs of the pension plan are actuarially computed and include amortization of past service costs over a period of 30 years. The City’s policy is to fund the annual pension costs in the annual budget.

S. DEFERRED OUTFLOWS/INFLOWS OF RESOURCES

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 City does not have any items that qualify for reporting in this category. Deferred inflows of resources represent an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The following amounts are deferred and recognized as an inflow of resources in the period that the amounts become available:

Unavailable Resources

General

Sales Tax 2013 CVDA

Other

Governmental

Total Property Taxes $271,650 $0 $12,913 $0 $284,563 Paving Assessments 45,387 0 0 0 45,387 Miscellaneous 163,864 0 0 1,801 165,665 DOT 7,752 0 0 21,928 29,680 LAG 106,983 0 0 0 106,983 Grants 54,024 0 0 295,900 349,924 Total $649,660 $0 $12,913 $319,629 $982,202

T. FUND BALANCE

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 City is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. Fund balances are classified as follows:

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

 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 City 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 City Commission through the adoption of a resolution. Only the City Commission may modify or rescind the commitment.  Assigned – Fund balances are reported as assigned when amounts are constrained by the City’s intent to be used for specific purposes, but are neither restricted nor committed. Through resolution, the City Commission has authorized the City’s Chief Financial Officer, Finance Director, or Director of Administrative Services 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 criteria. The City 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 City’s policy to use restricted amounts first and then unrestricted amounts as they are needed. For unrestricted amounts of fund balance, it is the City’s policy to use fund balance in the following order: 1) committed, 2) assigned, and 3) unassigned.

Net Position – Net position represent the difference between assets and deferred outflows and liabilities and deferred inflows 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 City 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 City applies restricted resources first when an expense is incurred for purposes for which both restricted and unrestricted net assets are available.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

NOTE 2. DEPOSITS AND INVESTMENTS WITH FINANCIAL INSTITUTIONS,

INVESTMENTS (INCLUDING REPURCHASE AGREEMENTS), AND REVERSE REPURCHASE AGREEMETS

A. DEPOSITS At year end, the carrying amount of the City’s deposits was $6,805,150 and the bank balance was $7,227,836. In addition, the City also had $4,900 in petty cash. Custodial Credit Risk – Deposits. Custodial credit risk is the risk that in the event of a bank failure, the government’s deposits may not be returned to it. The City’s deposit policy is to require all its deposits in excess of FDIC insurance to be collateralized with securities held by the City or by its agent in the City’s name. Of the bank balance, $352,205 was covered by federal depository insurance and $6,875,631 was covered by collateral held by the government or agent in the government’s name.

Interest Rate Risk The City has an investment policy that limits the maturities on individual investments to no more than five years and weighted average maturity to no more than three years. Reserve funds may be invested in longer term securities if the maturities coincide with the expected use of the funds. The investments at June 30, 2014 meet our investment policy restrictions. Credit Risk The City has an investment policy that limits investments to “the safest types of securities.” These are defined as obligations of the State of Georgia or other states, obligations of the US government or certain agencies thereof, repurchase agreements backed by federal securities, prime banker’s acceptance with a rating of A+ or better, the local government investment pool, obligations of other political subdivisions of the State of Georgia, and time deposits and savings deposits. Excess funds are invested in Georgia Fund I.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

Concentration Credit Risk The City’s investment policy limits its investments as follows: U. S. Treasury Obligations 100.00%

U. S. Government Agency Securities and Securities issued by Instrumentalities of Government Sponsored Corporations

75.00%

Repurchase Agreements 25.00%

Prime Bankers Acceptance 10.00%

Local Government Investment Pool 40.00%

Certificates of Deposit 25.00%

Obligations of other political subdivisions of the State of Georgia 25.00% GASB Statement 40 requires disclosure when 5% or more of investments are in one issue. The City has no such concentrations. The carrying amount of deposits for CVDA, a blended component unit, was $102,153 and the bank balance was $102,153. In addition, the CVDA also had $200 in petty cash. The CVDA does not have a deposit policy. Of the bank balance, $102,153 was covered by Federal Depository Insurance. B. INVESTMENTS

The City is authorized to invest its funds in (1) obligations which constitute direct obligations of, or are unconditionally guaranteed by, the United States of America; (2) obligations of the Federal Land Bank, the Federal Home Loan Bank, Federal Intermediate Credit Bank, and Federal Bank for Cooperatives; (3) bonds or other obligations issued by any public housing agency or municipality which are served by a pledge of annual contributors under contract with the United States Government, or project notes secured by a payment agreement with the United States Government; and (4) certificates of deposit issued by state and national banks located within the state of Georgia, provided that certain collateral for such certificates is deposited.

Carrying Form of Deposit Amount Investment in Georgia Fund 1 $1,346,893 Certificate of Deposit 7,352

Total $1,354,245

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

Georgia Fund I, created by OCGA 36-83-8, is a stable net asset value investment pool which follows Standard and Poor’s criteria for AAAf rated money market funds. Georgia Fund I receives regulatory oversight from the State Treasurer of the State of Georgia. However, Georgia Fund I operates in a manner consistent with Rule 2a-7 of the Investment Company Act of 1940 and is considered to be a 2a-7 like pool. The pool is not registered with the SEC as an investment company and is not rated. The pool’s primary objectives are safety of capital, investment income, liquidity and diversification while maintaining principal ($1.00 per share value). Net asset value is calculated weekly to ensure stability. The pool distributes earnings (net of management fees) on a monthly basis and determines participant’s shares sold and redeemed based on $1.00 per share. The Authority does not have investment policies. The following is a summary of the differences between carrying amount of cash and investments as shown above and on the financial statement of the primary government:

Cash on Deposit Investments

Cash in Bank $6,748,488 $1,335,323 Petty Cash and Change 4,900 0

Cash and Investments on Hand 6,753,388 1,335,323

Fiduciary Assets 56,662 18,922

$6,810,050 $1,354,245

Non Restricted $5,995,848 $1,354,245

Restricted 814,202 0

Balance per Financial Statement $6,810,050 $1,354,245

The following is a summary of the differences between carrying amount of cash and investments as shown above and on the financial statement of the blended component unit:

CVDA Cash on Deposit

Balance per Footnote Above $102,153

Petty Cash 200

Balance per Financial Statement $102,353

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

NOTE 3. TAXES

Advalorem property tax revenue is recognized in compliance with the National Council on Governmental Accounting (NCGA) Interpretation 3, “Revenue Recognition-Property Taxes”. This interpretation states that property tax revenue is recorded when it becomes available. Available means when due or past due and receivable within the current period and collected within the current period or expected to be collected soon enough thereafter to be used to pay liabilities of the current period. Such time thereafter shall not exceed 60 days. The City’s 2013 property taxes, levied September 15, 2013 on a 40% assessed valuation as of the lien date January 1, 2013, were due November 15, 2013. The levy for 2013 is as follows: Rate per $1,000 of Legal

Type of Levy Assessed Value Maximum

General Operations 9.920 Less Sales Tax Rebate 5.818

Net for General Operations 4.102 10.00

Schools 16.98 20.0

Central Valdosta Development Authority 5.0 15.0 Property taxes levied for the current year are available and are therefore recognized as revenue. The City’s property tax collection records show that most of the property taxes due are collected during the fiscal year of the levy. Property tax received is reduced by an allowance for uncollectible accounts which is computed on the outstanding receivable at June 30, 2014 per the following table:

95% of the 1996 Levy 95% of the 1998 Levy 95% of the 1999 Levy 95% of the 2001 Levy 95% of the 2002 Levy 95% of the 2003 Levy 95% of the 2004 Levy 95% of the 2006 Levy 95% of the 2007 Levy 80% of the 2008 Levy 70% of the 2009 Levy 60% of the 2010 Levy 50% of the 2011 Levy 25% of the 2012 Levy 5% of the 2013 Levy

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

Taxes receivable at June 30, 2014 consist of the following:

Property Taxes General Fund CVDA 1996 $213 $0 1998 13 0 1999 29 0 2001 79 0 2002 387 52 2003 1,012 347 2004 5,926 1,150 2005 0 1,951 2006 1,011 144 2007 3,312 2,428 2008 2,917 3,757 2009 4,105 96 2010 3,067 62 2011 6,749 1,542 2012 67,215 3,472 2013 225,498 8,873

321,533 23,874 Sales Taxes 677,975 0 Franchise Taxes 167,431 0 Total Taxes Receivable 1,166,939 23,874 Less Allowance for Uncollectible (49,883) (10,961) $1,117,056 $12,913

The property taxes for the City are collected by the Lowndes County Tax Commissioner’s Office and remitted to the City monthly. The Commission disburses the tax money received to each unit of government. Therefore, there is no receivable set up for the school levy since it is disbursed to the School Board.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

NOTE. 4 INTERFUND RECEIVABLES/PAYABLES

Individual fund interfund receivables and payables including advances at June 30, 2014 are as follows:

Payables

General

Fund

SLOST

2007

Water/Sewer Revenue

Fund

Non Major Governmental

Funds

Internal Service Funds

Total General Fund $0 $65,740 $1,129,889 $728,907 $630,720 $2,555,256 SPLOST 2002 26,872 0 0 0 0 26,872 SPLOST 2013 0 0 30,651 0 0 30,651 CVDA 6,673 0 0 0 0 6,673 Sanitation 151,190 0 0 0 0 151,190 DOL 96,004 0 0 0 0 96,004 Stormwater 317,305 0 0 0 0 317,305 Non Major Governmental Funds 457,357 0 0 0 0 457,357 Non Major Enterprise Funds 1,455,169 0 0 0 0 1,455,169 Internal Service 2,477,272 0 0 0 29,536 2,506,808 Total $4,987,842 $65,740 $1,160,540 $728,907 $660,256 $7,603,285

All interfund balances are due to routine interfund transactions that were not paid or received at June 30, 2014 as discussed in Note 1. Advances are long term in nature. The above analysis included advances from General Fund to the HUD Fund in the amount of $30,000, the Inspections Fund in the amount of $729,705, the Stormwater Fund in the amount of $185,920, the Auditorium Fund in the amount of $688,978 and the Motor Pool Fund in the amount of $1,264,305. Advances are long term in nature and are not expected to be repaid with one year. All advances except to the Motor Pool are to provide operating capital. The advance to the Motor Pool is attributable to the acquisition of capital assets and will be recovered over the lives of the assets acquired.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

NOTE 5. CAPITAL ASSETS

Capital asset activity for the year ended June 30, 2014 was as follows:

Primary Government

Beginning Ending Balance Additions Retirements Reclass Transfer Balance

Governmental Activities:

Non-depreciable assets

Land $76,846,635 $0 $0 $0 $0 $76,846,635

Construction in progress 1,511,746 6,462,068 0 (2,235,788) (5,215,417) 522,609

Total non-depreciable assets 78,358,381 6,462,068 0 (2,235,788) (5,215,417) 77,369,244

Depreciable assets

Land improvements 13,862,985 0 0 0 0 13,862,985

Buildings 28,874,307 159,853 0 0 0 29,034,160

Equipment 9,629,150 207,494 0 0 8,369 9,845,013

Motor Vehicles 15,455,300 345,891 291,515 0 0 15,509,676

Infrastructure 101,204,932 50,373 0 2,235,788 0 103,491,093

Total depreciable assets 169,026,674 763,611 291,515 2,235,788 8,369 171,742,927

Total at historical cost 247,385,055 7,225,679 291,515 0 (5,207,048) 249,112,171 Less accumulated depreciation for:

Land improvements 4,784,950 440,702 0 0 0 5,225,652

Buildings 8,011,001 740,107 0 0 0 8,751,108

Equipment 7,690,562 713,483 0 0 8,369 8,412,414

Motor vehicles 13,332,888 497,222 291,515 0 0 13,538,595

Infrastructure 81,203,192 1,520,277 0 0 0 82,723,469

Total accumulated depreciation 115,022,593 3,911,791 291,515 0 8,369 118,651,238

Governmental activities capital assets, net $132,362,462 $3,313,888 $0 $0

($5,215,417)

$130,460,933

Business-type activities:

Non-depreciable assets

Land $2,776,177 $0 $0 $32,500 $229,726 $3,038,403

Construction in progress 15,715,924 4,564,116 0 (2,306,017) (6,268,438) 11,705,585

Total non-depreciable assets 18,492,101 4,564,116 0 (2,273,517) (6,038,712) 14,743,988

Depreciable assets

Land improvements 88,353,026 0 296,723 0 11,254,129 99,310,432

Buildings 90,633,192 0 96,317 2,186,158 0 92,723,033

Equipment 5,868,984 0 150,887 87,359 (8,369) 5,797,087

Intangibles 1,161,791 0 0 0 0 1,161,791

Total depreciable assets 186,016,993 0 543,927 2,273,517 11,245,760 198,992,343

Total at historical cost 204,509,094 4,564,116 543,927 0 5,207,048 213,736,331

Less accumulated depreciation for:

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

Primary Government

Beginning Ending Balance Additions Retirements Reclass Transfer Balance

Land improvements $33,304,115 $1,817,277 $164,424 $0 $0 $34,956,968

Buildings 15,255,924 1,876,521 92,707 0 0 17,039,738

Equipment 4,183,158 613,779 150,486 0 (8,369) 4,638,082

Intangibles 130,081 38,634 0 0 0 168,715 Total accumulated depreciation 52,873,278 4,346,211 407,617 0

(8,369)

56,803,503

Business-type activities capital

assets, net $151,635,816 $217,905 $136,310 $0 $5,215,417 $156,932,828

Depreciation/amortization expense was charged to governmental functions as follows:

Governmental Depreciation: General Government $3,335,034 Finance 1,870 Engineering 12,619 Public Safety 549,516 Public Works 12,752 Total governmental depreciation 3,911,791 Business-type Depreciation: Sanitation 40,802 Water & Sewer 4,144,379 Department of Labor 87,074 Storm Water 73,956 Total business-type depreciation/ amortization 4,346,211

Total depreciation expense $8,258,002

Internal Service Funds predominantly serve governmental funds. Accordingly, $18,954,620 in capital assets, $16,214,772 in accumulated depreciation, and $695,704 in current depreciation in these funds are included in the above totals for governmental activities.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

NOTE 6. PENSION PLAN PLAN DESCRIPTION

The City’s defined benefit pension plan, City of Valdosta Retirement Plan, provides retirement, disability, and death benefits to plan members and beneficiaries. The City of Valdosta Retirement Plan is a participating member of the Georgia Municipal Employees Benefit System, an agent multiple-employer pension plan administered by the board of trustees of the System. Georgia Law 1965, page 421, assigns the authority to establish and amend benefit provisions of the plans that participate in the Georgia Municipal Employees Benefit System to the respective employer entities; for the City of Valdosta Retirement Plan, that authority rests with the City. The Georgia Municipal Employees Benefit System issues a publicly available financial report that includes financial statements and required supplementary information. The report may be obtained by writing to: Cal Wray, Director of Risk Management & Employee Benefit Service c/o GMA 201 Pryor Street S.W. Atlanta, GA 30303 or by calling (404) 688-0472. Funding Policy There are three classes of full-time career employees. Class I is all employees hired after February 1, 1982 and prior to August 11, 2005 who are under the age of 35 and any employees hired before February 1, 1982 and prior to August 11, 2005 who chose to contribute or were already eligible to retire. Class II is all employees hired after February 1, 1982 and prior to August 11, 2005 who are age 35 or older and any employees hired before February 1, 1982 who decline to contribute. Class III is all employees hired on and after August 11, 2005. Class I and Class III city employees are required to contribute to the Plan. The contribution amount is equal to 2% of the compensation amount.

The plan was amended August 11, 2005 to update the benefit formula, change the normal retirement eligibility for Class I and new Class III participants, improve early retirement reductions for Class II participants, increase employee contributions for Class I and Class III participants, and permit prior governmental service purchases.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

YEAR OF COVERED YEAR OF COVERED

BIRTH COMPENSATION BIRTH COMPENSATION

1903 $412 1923 $560 1904 430 1924 563

1905 446 1925 566

1906 460 1926 568 1907 471 1927 570 1908 482 1928 572 1909 491 1929 575 1910 500 1930 582 1911 507 1931 590 1912 514 1932 598 1913 520 1933 605 1914 526 1934 611 1915 531 1935 618 1916 536 1936 625 1917 540 1937 631 1918 544 1938 638 1919 548 1939 644 1920 551 1940 647 1921 555 1941 (later 650 1922 558 than or equal to)

The City is required to contribute the remaining amount necessary to fund the Plan, using the actuarial basis specified by statute. The current rate is 31.14% of annual covered payroll. The funding policy for the plan is to contribute an amount equal to the recommended contribution as follows:

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

The recommended contribution meets the guidelines for calculating an annual required contribution set forth in Paragraph 9-10 of GASB Statement 27. These contribution requirements of plan members and the City are established and may be amended by the System’s board of trustees. Annual Pension Cost

The City’s annual pension cost of $3,449,237 for the City of Valdosta Retirement Plan was equal to the City’s required and actual contributions. The required contribution was determined under the projected unit credit actuarial cost method and asset valuation method for developing the actuarial value of assets. The actuarial assumptions included (a) 7.75% investment rate of return, (b) projected salary increases for inflation of 3.5% and merit or seniority of 0.0% per year and (c) future Social Security Wage Bases of 3.5%. The actuarial value of assets was determined by rolling forward the prior year’s actuarial value with contributions, disbursements, and expected return on investments, plus 10% of investment gains and losses during the prior 10 years. The period, and related method, for amortizing the initial unfunded actuarial accrued liability is 30 years from 1981 and current changes in the unfunded actuarial accrued liability over 15 years for actuarial gains and losses, 20 years for plan provisions, and 30 years for actuarial assumptions and cost methods as a level dollar amount. These amortization periods, if applicable, are closed for this plan year. The City adopted a rule of 75 effectively July 1, 2004. This means that an employee can retire with a combined age and years of service of 75 or greater. Only Class I and Class III employees qualify for this rule. This will affect the comparability of trend information in future years.

Actuarial Valuation Date January 1, 2014 Total normal cost $1,450,110 Administrative expenses 84,570 Expected employee contributions (322,604) Employer normal cost 1,212,076 Payment on unfunded/(surplus) actuarial Accrued liability 4,630,241 Total recommended contribution 5,842,317 Adjustment for timing of contribution 222,166 Total recommended contribution, adjusted for timing

6,064,483

Total recommended contribution as a percentage of payroll 31.14%

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

Trend Information

Fiscal Year Ending

Annual Pension Cost

(APC)

Percentage of (APC)

Contributed Net Pension Obligation

2012 $3,249,362 100% 0

2013 3,284,893 100% 0

2014 3,449,237 100% 0

As of January 1, 2014, the date of the most recent actuarial valuation, there were 876 participants consisting of the following:

As of the most recent valuation date, January 1, 2014, the funded status of the Plan was as follows:

Actuarial Valuation

Date

Actuarial Value of Assets

(a)

Actuarial Accrued Liability (AAL)

(b)

Unfunded/ Surplus

AAL (UAAL)

(b-a)

Funded Ratio (a/b)

Covered Payroll

(c)

UAAL as a

Percentage of Covered

Payroll ((b-a)/c)

Jan 1, 2014 $37,205,709 $69,823,325 $32,617,616 53.29% $19,143,280 170.39% 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 assets 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, 2014.

Retirees and beneficiaries currently receiving benefits 298 Vested terminated employees not yet receiving benefits 69 Active employees 500 Total 867

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

NOTE 7. DEFERRED COMPENSATION PLAN City of Valdosta Deferred Compensation Plan The City of Valdosta offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan was established by City ordinance, and the City Council has the authority to amend the plan. The plan is a deferred compensation plan administered by Great-West Retirement Services. The City of Valdosta is responsible for the accounting, reconciliations, and record keeping associated with City employees’ enrollment, payment to the plan through payroll deductions, and timely transfer of withheld funds to the trustee designated by the City of Valdosta for investment. The plan provides a number of investment options and is designed so that each participant retains investment control of his/her individual account. The plan, available to all full-time employees, permits them to defer a portion of their salary until future years. The deferred compensation is held in trust for the exclusive benefit of plan participants and their beneficiaries and is not available to employees until termination, retirement, death, or unforeseeable emergency. Since the City of Valdosta has no fiduciary relationship with plan participants, the plan assets are not included in the financial statements.

NOTE 8. OTHER POST-EMPLOYMENT BENEFITS Plan Description The City of Valdosta maintains another post-employment benefit plan, the City of Valdosta Other Post-Employment Benefits Plan (the OPEB Plan”), which includes retirees from the City of Valdosta. In accordance with City ordinance, the City’s personnel policy provides that all employees who retire under early, normal or disability retirement are eligible for confirmed health care benefits provided they have a total of 25 consecutive years of employment. The monthly cost, as of July 1, 2009, for retiree is $165 and the cost for retiree plus spouse is $280. Employees who retire receive the same group health insurance benefits as active employees. Effective September 1, 2009, Medicare eligible employees are converted to a third party plan at which time Medicare assigns the subsidy and rights to pay claims to the third party plan provider. At June 30, 2014, 124 retirees participated in the plan, paying a monthly premium of $77 - $280. However, their dental is the same group coverage as active employees. Retirees are also eligible to keep up to $20,000 of life insurance provided they elected additional life insurance as an active employee. In addition, a retiree may elect dependent coverage provided they elected additional dependent coverage as an active employee. A dependent’s life insurance coverage cannot exceed 50% of the retiree’s life insurance. Also, in order for a dependent to keep life insurance, the retiree must elect coverage.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

The City’s self-insured health plan, City of Valdosta Group Insurance, provides medical and hospitalization benefits for two classes of retirees. Retirees who retired before July 1, 2009 with twenty-five years of continuous service are eligible for health insurance paid by the City. All other retirees must pay a monthly premium of $77 - $280 to participate in the plan. The plan is administered by the Plan Administrator, with UMR, Inc., an Administrative Service Agent, acting as claims paying agent. The Mayor and City Council has the authority to amend the plan. The City contributions are financed on a pay-as-you-go basis. During the current year, the City expended $1,310,766 for retirees’ health insurance for 124 participants. In addition, 83 participants were covered. The City’s annual other postemployment 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. The calculations assume a 5% rate of inflation. The following table shows the components of the City’s annual OPEB cost for the year, the amount actually contributed to the plan, and changes in the City’s net OPEB obligation to the OPEB Plan. Annual required contribution $4,183,653 Interest on net OPEB obligation 584,145 Adjustments to annual required contribution (1,055,349) Annual OPEB cost 3,712,449 Contributions made (345,320) Increase in net OPEB obligation 3,367,129 Net OPEB obligation , beginning of year 14,603,630 Net OPEB obligation, end of year $17,970,759 Fiscal Year Ended June

30,

Annual Required

Contributions* Actual

Contributions Percentage

Contributed

Net OPEB Obligation

2012 2013 2014

$4,737,346 5,049,620 4,183,653

$505,671 421,097 345,320

10% 8% 8%

$10,283,678 14,603,630 17,970,759

*ARC based on a pay-as-you-go plan. OPEB obligations are generally liquidated by the General Fund. The plan is a single employer plan and does not issue separate financial statements.

Valuation Date

Accuarial Accrued

Liability (AAL) (1)

Accuarial Value

of Assets

Unfunded AAL

(UAAL)

Percentage

Funded

Annual Covered Payroll

UAAL as Percentage of Payroll

January 1, 2014 $34,159,429 $0 $34,159,429 0% $19,143,280 178.44%

1) AAL based on pay-as-you-go plan.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

Valuation date Actuarial cost method Amortization method Remaining amortization period Asset valuation method

January 1, 2014 Projected Unit Credit Level dollar, closed, 25 years 20 years as of June 30, 2014 Market value

Actual assumptions: Investment rate of return Salary growth Medical and drug cost trend rate Medicare Advantage cost trend rate Dental cost trend rate Administrative expense trend rate

4.00% pay-as-you go 3.50% plus age and service merit increases 7.50% graded to 5.00% over 5 years 7.00% graded to 5.00% over 4 years 5.00% 3.00%

Plan membership: Current retirees, beneficiaries, and dependents Current active participants Terminated participants entitled but not yet eligible Total

350 500 0 850

These calculations are based on the OPEB benefits provided under the terms of the substantive plan in effect at the time of each valuation and on the pattern of sharing of costs between the employer and plan members to that point. Actuarial valuations for OPEB plans 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. The actuarial calculations of the OPEB plan reflect a longer-term perspective. The Schedule of Funding Progress immediately following the notes to the financial statements presents multi-year trend information about whether the actuarial value of plan assets is increasing relative to the actuarial accrued liability.

Balance Balance Due Within

One July 1, 2013 Additions Reductions June 30, 2014 Year Governmental Funds Other Post Employment Benefits $14,603,630 $3,712,449 $345,320 $17,970,759 $0

Total OPEB $14,603,630 $3,712,449 $345,320 $17,970,759 $0

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

NOTE 9. LONG TERM DEBT Long term bonded debt of the City is as follows:

Balance Balance Due

Within

Enterprise Funds July 1, 2013 Additions Reductions

June 30, 2014

One Year

4.19% Department of Labor Building.

Original issue amount $4,410,000. $2,546,000

$0 $233,000

$2,313,000

$233,000

Total Notes $2,546,000

$0 $233,000

$2,313,000

$233,000

Outstanding Water and Sewer Revenue Bonds at June 30, 2014, totaled $0. The City is subject to a statutory limitation by the State of Georgia for bonded indebtedness, payable principally from property taxes to an amount not greater than 10% of the assessed value of all taxable property within the municipality. At June 30, 2014, the limit for the City was $146,174,654. The City entered into an obligation to finance the Department of Labor building in the amount of $4,410,000. The City issued a bond to cover the cost of construction in fiscal year 2004. The debt is payable solely from certain lease payments to be paid by the Georgia Department of Labor. The annual requirement to amortize this bond series as of June 30, 2014, including interest of $481,724 on the Bond Series 2003 is as follows:

Year Ended June 30 Principal Interest Total

2015 $233,000 $92,033 $325,033 2016 233,000 82,271 315,271 2017 233,000 72,508 305,508 2018 233,000 62,745 295,745 2019 233,000 52,983 285,983

2020-2024 1,148,000 119,184 1,267,184

Total $2,313,000 $481,724 $2,794,724

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

The liability for compensated absences of the City is as follows:

Balance Balance Due Within

One July 1, 2013 Additions Reductions June 30, 2014 Year Enterprise Funds Accrued vacation $446,774 $472,847 $446,774 $472,847 $255,771 Internal Service Funds Accrued vacation 34,510 38,868 34,510 38,868 17,800 Governmental Funds Accrued vacation 1,409,903 1,465,104 1,409,903 1,465,104 741,000 Other Post Employment Benefits 14,603,630 3,712,449 345,320 17,970,759 0

Total Compensated Absences

$16,494,817 $5,278,136 $2,236,507 $19,986,446 $1,014,571

Compensated absences are generally liquidated by the General Fund. The City of Valdosta has entered into a contract for seven loans with Georgia Environmental Facilities Authority for an aggregate loan balance of $58,670,671. Payments for these loans are repaid quarterly or monthly. In addition, the City has entered into one additional contract to finance water and sewer projects. As of June 30, 2014, draws totaled $2,318,032 on the loans in progress.

The amount in due to other Governments and Agencies in the Sanitation and Water/Sewer Funds, net of current portion, is the balance of these loans payable at June 30, 2014. GEFA retitles notes as modifications are made.

Loan Name Loan Amount Payment Period 92003SW $250,000 June 1, 1994 to June 1, 2014 DW97036P 4,285,812 August 1, 2007 to November 1, 2023 CW08003ARRA 6,142,659 July 1, 2011 to July 1, 2031 CW08003PHI 12,500,000 July 1, 2011 to July 1, 2031 CW08003ARRAPHII 1,200,000 August 1, 2011 to August 1, 2031 CW08003PHII 12,709,794 August 1, 2012 to August 1, 2032 2006L53WJ 14,028,996 April 1, 2011 to April 1, 2031 2013-L31WJ 2,035,563 Pending CW13-006 282,469 Pending

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

Georgia Environmental Facilities Loans Loan # Balance Balance Due Within July 1, 2013 Additions Reductions June 30, 2014 One Year 92003SW $17,844 $0 $17,844 $0 $0 DW97036P 2,942,096 0 248,573 2,693,523 254,877 CWSRF 08003 ARRA 5,700,276 0 241,093 5,459,183 248,426 CWSRF 08003 PHI 11,599,773 0 490,613 11,109,160 505,535 CWSRF 08003 ARRA PHII 1,117,439 0 46,981 1,070,458 48,410 CWSRF 08003 PHII 12,318,272 0 482,914 11,835,358 497,603 2006L53WJ 7,001,841 7,094,020 481,094 13,614,767 572,560 2006L53WJB 7,094,020 0 7,094,020 0 0 2013-L31WJ 0 2,035,563 0 2,035,563 0 CW 13-006 0 282,469 0 282,469 0

Totals $47,791,561 $9,412,052 $9,103,132 $48,100,481 $2,127,411

The requirements to amortize the Georgia Environmental Facilities Loans debt outstanding with the exception of the pending notes as of June 30, 2014 is as follows:

Fiscal Year Loan # DW97-036

Loan # CW08-003 ARRA PHI

Loan # CW08-003 PHI

Ending

June 30 Principal Interest Principal Interest Principal Interest

2015 $254,877 $77,956 $248,426 $160,378 $505,535 $326,361 2016 262,609 70,223 255,983 152,822 520,911 310,985 2017 270,576 62,256 263,769 145,036 536,755 295,141 2018 278,785 54,047 271,791 137,013 553,081 278,815 2019 287,244 45,589 280,058 128,747 569,904 261,992

2020-2024 1,339,432 93,415 1,533,365 510,657 3,120,320 1,039,161 2025-2029 0 0 1,781,183 262,840 3,624,617 534,867 2030-2033 0 0 824,608 27,067 1,678,037 55,081

Totals $2,693,523 $403,486 $5,459,183 $1,524,560 $11,109,160 $3,102,403

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

Fiscal Year

Loan # CWSRF08-003 ARRA PHII

Loan # CWSRF08-003 PHII

Loan # 2006-L53WJ

Ending

June 30 Principal Interest Principal Interest Principal Interest

2015 $48,410 $31,452 $497,603 $348,256 $572,560 $550,197 2016 49,883 29,979 512,738 333,121 596,600 526,157 2017 51,400 28,462 528,333 317,525 621,650 501,107 2018 52,963 26,899 544,403 301,455 647,751 475,006 2019 54,574 25,288 560,962 284,897 674,948 447,809

2020-2024 298,803 100,507 3,071,360 1,157,934 3,824,386 1,789,400 2025-2029 347,096 52,214 3,567,742 661,549 4,697,569 916,218 2030-2033 167,329 5,706 2,552,217 126,335 1,979,303 79,086

Totals $1,070,458 $300,507 $11,835,358 $3,531,072 $13,614,767 $5,284,980

Fiscal Year

Total All Loans

Ending June 30

Principal Interest

2015 $2,127,411 $1,494,600 2016 2,198,724 1,423,287 2017 2,272,483 1,349,527 2018 2,348,774 1,273,235 2019 2,427,690 1,194,322

2020-2024 13,187,666 4,691,074 2025-2029 14,018,207 2,427,688 2030-2033 7,201,494 293,275

Totals $45,782,449 $14,147,008 The present interest rates range from 3% to 4.12%. This debt has been issued to improve and maintain the City’s water system. Loan #2013-L31WJ and CW13-006 are incomplete and therefore no amortization schedules are available. The maximum repayment period will be 20 years at 2.4% and 1.4% respectively.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

Police Department Capital Lease The City of Valdosta entered into a capital lease agreement on December 15, 2010, with Motorola for in-car computer equipment for the Police Department. The total lease payments are $622,832, with annual interest imputed at 3.320%, payable in four annual payments of $155,708. The annual requirement to amortize the Motorola Capital Lease Agreement outstanding balance as of June 30, 2014, is a follows:

Year Ending June 30 Principal Interest Total

2015 $150,705 $5,003 $155,708 Total $150,705 $5,003 $155,708

The City capitalized equipment with a cost of $579,740 as a result of this lease. The City recognized depreciation of $115,948 in FY 2014 on this asset resulting in a book value of $183,584 at June 30, 2014.

Governmental Funds

Balance July 1, 2013 Additions Reductions

Balance June 30,

2014

Due Within

One Year

Motorola Police in-car Computer Lease

Original Issue Amount $579,740 $296,567 $0 $145,862 $150,705 $150,705 $296,567 $0 $145,862 $150,705 $150,705

NOTE 10. FUND BALANCE

The City records five categories of fund balance as defined in Note 1 section U. The five types are nonspendable, restricted, committed, assigned and unassigned. Nonspendable Fund Balance is classified by amounts that are (a) not in spendable form or (b) legally or contractually required to be maintained intact.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

General

Fund Sales Tax

2002 Sales Tax

2007 Sales Tax

2013 CVDA

Non-Major Governmental

Funds Total Nonspendable. The following fund balances are nonspendable: Long term receivables $2,898,908 $0 $0 $0 $0 $2,601,916 $5,500,824 Inventory 0 0 300,000 0 0 0 300,000 Prepaid 828 0 0 0 0 0 828 Required to be maintained in tact 0 0 0 0 0 1,617,435 1,617,435 2,899,736 0 300,000 0 0 4,219,351 7,419,087 Restricted. The following fund balances are restricted for: Public safety 33,660 0 0 0 0 46,145 79,805 Land Bank Authority 106,983 0 0 0 0 0 106,983 Community development 0 0 0 0 95,680 0 95,680 NPDES permitting 36,602 0 0 0 0 0 36,602 Redevelopment 0 0 0 0 0 255,645 255,645 Youth programs 0 0 0 0 0 12,035 12,035 Capital outlay 0 241,832 1,465,034 4,629,306 0 0 6,336,172 177,245 241,832 1,465,034 4,629,306 95,680 313,825 6,922,922 Committed. The following fund balances are committed: Committed for urban forestry 10,767 0 0 0 0 0 10,767 10,767 0 0 0 0 0 10,767 Assigned. The following fund balances are assigned to: Tourism development 0 0 0 0 0 80,673 80,673 Capital Improvement 0 0 0 0 0 323,684 323,684 0 0 0 0 0 404,357 404,357 Unassigned. The following balances are unassigned: (1,080,989) 0 0 0 0 (311,093) (1,392,082) (1,080,989) 0 0 0 0 (311,093) (1,392,082) Total Fund Balance $2,006,759 $241,832 $1,765,034 $4,629,306 $95,680 $4,626,440 $13,365,051

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

NOTE 11. CLOSURE AND POST CLOSURE CARE COST

The City of Valdosta closed its landfill in 1999. State and federal laws require the City of Valdosta to cover the landfill site and to perform certain maintenance and monitoring functions at the site for thirty years after closure. The $970,507 reported as landfill closure care liability at June 30, 2014 represents the estimated total amount necessary to perform all future closure and post closure functions. The cumulative amount reported is based on the use of 100 percent of the capacity of the landfill. The amount reported is based on what it would cost to perform all closure and post closure care in 2014. Actual costs may be higher due to inflation, changes in technology, or changes in regulations.

Closure and post closure care cost of the City is as follows:

Due

Balance Balance Within

One Enterprise Funds July 1, 2013 Additions Reductions June 30, 2014 Year

Landfill post closure care liability $983,252 $0 $12,745 $970,507 $52,000

Total post closure care liability $983,252 $0 $12,745 $970,507 $52,000

NOTE 12. CONTINGENT LIABILITIES

The government is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, in the opinion of the City Attorney, the resolution of these matters will not have a material adverse effect on the financial condition of the City. Due to the lag time between expenses being incurred and claims submitted for payment there is a liability at June 30, 2014, against the self-insurance fund. This incurred but not reported (IBNR) liability is estimated to be $325,000. This number was calculated by analyzing the plan’s payment lag and projecting the resulting trend into the next fiscal year.

NOTE 13. NET POSITION DEFICITS

The following funds had deficits at June 30, 2014: The Sanitation Fund had a deficit of $648 due to higher than expected group insurance costs. The Inspections Fund had a deficit net position of $784,502 due to reduction in permits issued. The Auditorium Fund had a deficit net position of $697,980 due to insufficient bookings. The City is reviewing the fee schedules and tax subsidy.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

NOTE 14. INTERFUND TRANSACTIONS

During the course of normal operations, the City has numerous transactions between funds including expenditures and transfers of resources to provide services. The Internal Service Funds record charges for services to all City departments and funds as operating revenue. Both Governmental and Proprietary Funds record these payments to the Internal Service Funds as operating expenses/expenditures. The remaining transfers of resources from a fund receiving revenue to the fund through which the resources are to be expended are recorded as transfers and are reported as other financial sources (uses) is the Governmental Funds and transfers section in the Proprietary Funds. Transfers between fund types during the year ended June 30, 2014, were:

Transfers In Transfers Out General Fund $2,179,651 $3,070,733

Sanitation Fund 0 497,113

Water and Sewer Fund 0 1,970,205

Storm Water Fund 0 381,459 Other Governmental Funds 0 241,578 Other Enterprise Funds 400,000 95,579

Internal Service Funds 3,689,983 12,967

$6,269,634 $6,269,634

General Fund transferred $2,670,733 to Group Insurance and $400,000 to Inspection. Sanitation transferred $237,662 to Group Insurance. Water and Sewer transferred $566,472 to Group Insurance. Storm Water transferred $102,959 to Group Insurance. HUD Federal Grant transferred $16,578 to Group Insurance. Inspection transferred $92,996 to Group Insurance. The Auditorium Fund transferred $2,583 to Group Insurance All transfers to Group Insurance were to fund medical claims incurred in excess of revenue received. All other transfers were to the General Fund. Transfers to the General Fund are to fund the cost of administrative and support services provided to other funds. NOTE 15. JOINT VENTURES

Under Georgia Law, the City, in conjunction with other cities and counties in the three county South Georgia area, is a member of the Southern Georgia Regional Commission and is required to pay annual dues thereto. During the year ended June 30, 2014, the City paid $73,962 in such dues. Membership in the Commission is required by the official

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

Code of Georgia Annotated (OCGA) Section 50-8-34 which provides for the organizational structure of the Commission of Georgia. The Commission Board membership includes the chief elected official of each county and municipality of the area. OCGA 50-8-39.1 provides that the member governments are liable for any debts or obligations of a Commission. The Commission revenues are sufficient to cover its operating costs and the City does not expect the entity to dissolve in the foreseeable future. The Commission is neither accumulating significant financial resources nor experiencing fiscal stress that may cause an additional financial benefit to or burden upon the City. Separate financial statements may be obtained from:

Southern Georgia Regional Commission 324 West Savannah Avenue Valdosta, Georgia 31601 NOTE 16. RISK MANAGEMENT

The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; injury to participants at city facilities; and natural disasters. The City is self-insured for workman’s compensation, certain types of property damage, and general liability. These liabilities are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. The liabilities include an amount for claims that have been incurred but not reported (IBNR). At June 30, 2014, there is no known liability. The City is also self-insured for medical claims by the employees and employees’ dependents that are covered under the medical plan. The plan is a self funded welfare benefit plan providing health and hospitalization benefits. Claims under the plan are paid solely from the general assets of the City of Valdosta. Losses greater than $150,000 per aggregate individual claim are insured by a private insurance company. The plan is administered by the Plan Administrator, with UMR, Inc., an Administrative Service Agent, acting as claims paying agent. The City of Valdosta and employees’ contributions cover the cost of the plan. The City’s contributions and any employee pretax contributions withheld by way of payroll deduction are held by the City and used to pay the plan’s benefits. Any after-tax employee contributions may be held in trust by the trustee. The amount of all such contributions are actuarially determined where necessary. As previously stated in Note 12, there is a liability of $325,000 recorded for those medical claims incurred but not reported. Changes in the balances of the claimed liabilities during the past two fiscal years are as follows:

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

Incurred Unpaid claims, claims Unpaid claims, beginning of (including Claim end of fiscal fiscal year IBNR's) payments year

June 30, 2013 773,230 4,358,018 (5,473,208) 341,960 June 30, 2014 341,960 6,675,081 (6,449,433) 567,608

The City carries commercial insurance purchased from an independent third party for fire damage to the City’s vehicle fleet for those damages exceeding $10,000 based on a stated value of the vehicle which approximates the current market value. The risks of errors and omissions; injury to participants at city facilities; and theft of funds are covered by commercial insurance purchased from independent third parties. These policies carry a $15,000 deductible per occurrence.

Claims Exceeding Commercial Coverage for the Year Ended June 30:

2014 $0 2013 0 2012 0 NOTE 17. DEPARMENT OF LABOR BUILDING OPERATING LEASE

The Georgia Department of Labor (DOL), as a department of the State Government of Georgia, entered into a long-term lease with the City of Valdosta. The structure was built-to-suit the needs of the State for the Georgia Department of Labor. The Georgia Department of Labor agrees to pay the City of Valdosta a fixed monthly rent of $39,096. The DOL has an option of renewing or extending the agreement on a year to year basis for nineteen (19) consecutive years. Total remaining rents amount to $5,160,667. The City of Valdosta will, at their sole cost, service, replace, keep and maintain in good order and repair each and every portion of the existing premises. In addition, the City is responsible for providing various insurance coverages. The building’s cost is $4,364,002 and its carrying amount is $3,491,527. Depreciation on the building amounts to $87,074 annually.

CITY OF VALDOSTA, GEORGIA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

NOTE 18. ACCOMMODATIONS TAX

The City collects and disburses an accommodations tax in accordance with the provisions with OCGA 48-13-51. The total rate of 7% (increased from 5% during the current fiscal year) generated $1,801,528, net of vendor’s compensation of $54,920, in tax receipts and was allocated as follows: $724,853, or 40%, to the Valdosta/Lowndes County Tourism Authority, $340,000 to the Valdosta/Lowndes Conference Center, $289,237 to the Airport Authority, and $190,000 to the Turner Arts Center. The remainder of $257,438 was retained by the City and will be spent in accordance with legal provisions.

NOTE 19. ACCOUNTING CHANGES

FUNDS OPENED Sales Tax 2013 Fund was opened to account for the financing and construction of capital improvements for various public projects. These improvements will be financed through a 1% local option sales tax collected for 72 months starting January 2014.

FUNDS CLOSED

The Zoning Fund was closed effective July 1, 2013 and all activities were recorded in the General Fund.

NOTE 20. CONSTRUCTION COMITTMENTS

The City has active construction projects as of June 30, 2014. The projects include the expansion of the City’s water system, annexed island utilities, and drainage improvements. At year end, the City’s commitments with contractors are as follows:

Project Spent-to-date Remaining Commitment West Hill Avenue Overpass $1,469,663 $207,725 Sidewalk Project Phase II (River, N. Lee & Vallotton) 585,259 39,981 Smoke Testing of Sanitary Sewer 113,787 9,133

B u d g e t a r y C o m p a r i s o n

S c h e d u l e s

VARIANCE WITH FINAL BUDGET

OVER ORIGINAL FINAL ACTUAL (UNDER)

Revenues: Taxes $24,825,669 $24,825,669 $24,330,493 ($495,176) Licenses and permits 520,200 520,200 508,051 (12,149) Charges for services 445,250 445,250 376,127 (69,123) Fines and forfeitures 1,370,500 1,370,500 1,216,274 (154,226) Interest income 9,000 9,000 720 (8,280) Contributions and donations 1,000 1,000 7,145 6,145 Miscellaneous 587,950 779,588 670,627 (108,961) Intergovernmental 1,022,529 1,165,546 1,178,409 12,863 Transfer in 2,558,500 2,558,500 2,179,651 (378,849)

TOTAL REVENUES 31,340,598 31,675,253 30,467,497 (1,207,756)

Expenditures: Current: General government 8,220,847 8,525,617 8,137,618 387,999 Public safety 19,809,759 19,985,240 19,662,857 322,383 Public works 1,741,558 1,453,859 1,381,317 72,542 Economic development and assistance 863,048 1,055,008 810,995 244,013 Transfer out 1,360,564 1,360,564 3,070,733 (1,710,169)

TOTAL EXPENDITURES 31,995,776 32,380,288 33,063,520 (683,232) REVENUES OVER (UNDER) EXPENDITURES (655,178) (705,035) (2,596,023) (1,890,988)

Fund balance - beginning of year budgetary basis 2,610,501 2,610,501 2,610,501 0 FUND BALANCE - END OF YEAR - BUDGETARY BASIS $1,955,323 $1,905,466 $14,478 ($1,890,988)

Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures Sources/inflows of resources Actual amounts (budgetary basis) "available for appropriation" from the budgetary comparison schedule. $30,467,497 Differences - budget to GAAP: Transfers from other funds are inflows for budgetary resources but are not revenues for financial reporting purposes. (2,179,651) Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $28,287,846

Uses/outflows of resources Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule. $33,063,520 Differences - budget to GAAP: Encumbrances for supplies and equipment ordered but not received are reported in the year the order is placed for budgetary purposes, but in the year the supplies are received for financial reporting purposes. (66,961) Transfers to other funds are outflows for budgetary resources but are not expenditures for financial reporting purposes. (3,070,733) Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $29,925,826

BUDGETED AMOUNTS

CITY OF VALDOSTA, GEORGIA REQUIRED SUPPLEMENTARY INFORMATION

BUDGETARY COMPARISON SCHEDULE GENERAL FUND

FOR THE YEAR ENDED JUNE 30, 2014

VARIANCE WITH

FINAL BUDGET

OVER

ORIGINAL FINAL ACTUAL (UNDER)

Revenues:

Taxes $86,000 $100,148 $119,551 $19,403

Interest income 0 0 178 178

Contributions 10,000 10,000 6,616 (3,384)

Miscellaneous 1,000 1,000 3,286 2,286

TOTAL REVENUES 97,000 111,148 129,631 18,483

Expenditures:

General Government 97,000 111,148 111,148 0

TOTAL EXPENDITURES 97,000 111,148 111,148 0

REVENUES OVER (UNDER) EXPENDITURES 0 0 18,483 18,483

Fund Balance - beginning of year - budgetary basis 77,197 77,197 77,197 0

FUND BALANCE - END OF YEAR $77,197 $77,197 $95,680 $18,483

Explanation of Differences between Budgetary Inflows and Outflows and GAAP

Revenues and Expenditures

Sources/inflows of resources

Actual revenues (budgetary basis) from the budgetary

comparison schedule. $129,631

Differences - budget to GAAP:

None 0

Total revenues as reported on the statement of revenues, expenditures, and

changes in net positions - governmental funds. $129,631

Uses/outflows of resources

Actual expenditures (budgetary basis) from the budgetary

comparison schedule. $111,148

Differences - budget to GAAP:

None 0

Total expenditures as reported on the statement of revenues, expenditures,

and changes in net positions - governmental funds. $111,148

CITY OF VALDOSTA, GEORGIA REQUIRED SUPPLEMENTARY INFORMATION

BUDGETARY COMPARISON SCHEDULE CENTRAL VALDOSTA DEVELOPMENT AUTHORITY

FOR YEAR ENDED JUNE 30, 2014

BUDGETED AMOUNTS

CITY OF VALDOSTA, GEORGIA NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION

FOR THE YEAR ENDED JUNE 30, 2014

NOTE 1. BUDGETARY BASIS OF ACCOUNTING The Budget Data in the schedules were prepared on a Non-GAAP budgetary

basis. The difference between the GAAP basis and the budgetary basis is the inclusion of encumbrances as expenditures.

CITY OF VALDOSTA, GEORGIA REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF FUNDING PROGRESS CITY OF VALDOSTA PENSION PLAN FOR THE YEAR ENDED JUNE 30, 2014

Schedule of Funding Progress

Actuarial Accrued UAAL

Actuarial Actuarial Liability Unfunded As a% of Valuation Value (AAL)-Entry AAL Funded Covered Covered

Date of Assets Age UAAL Ratio Payroll Payroll

July 1, 2005 $32,148,338 $35,687,621 $3,539,283 90.1% $17,121,839 20.7%

July 1, 2006 34,011,640 37,223,380 3,211,740 91.4% 17,039,948 18.8%

July 1, 2007 35,887,400 45,950,731 10,063,331 78.1% 17,909,251 56.2%

July 1, 2008 38,077,852 49,374,192 11,296,340 77.1% 18,603,794 60.7%

July 1, 2009 28,511,791 58,210,722 29,698,931 48.98% 18,078,372 164.28%

Jan 1, 2010 35,127,285 59,946,901 24,819,616 58.60% 18,716,347 132.61%

Jan 1, 2011 35,474,648 60,804,206 25,329,558 58.34% 20,032,380 126.44%

Jan 1, 2012 35,280,804 63,566,837 28,286,033 55.50% 18,493,053 152.95%

Jan 1, 2013 35,952,318 67,168,446 31,216,128 53.53% 20,073,142 155.51%

Jan 1, 2014 37,205,709 69,823,325 32,617,616 53.29% 19,143,280 170.39%

CITY OF VALDOSTA, GEORGIA REQUIRED SUPPLEMENTAL INFORMATION

SCHEDULE OF FUNDING PROGRESS POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB)

FOR THE YEAR ENDED JUNE 30, 2014

Valuation Date

Accuarial Accrued

Liability (AAL) (1)

Accuarial Value

of Assets

Unfunded AAL

(UAAL)

Percentage

Funded

Annual Covered Payroll

UAAL as Percentage of Payroll

January 1, 2009 $32,633,715 $0 $32,633,715 0% $18,116,280 180.30% January 1, 2012 43,711,598 0 43,711,598 0% 18,493,053 236.37% January 1, 2014 34,159,429 0 34,159,429 0% 19,143,280 178.44%

1) AAL based on pay-as-you-go plan.

Non-Major Governmental

Funds Special Revenue Funds

Confiscated Funds - to account for confiscated funds collected by the City of Valdosta’s Police Department.

Property Evidence Fund - to account for property collected by the City of Valdosta’s Police Department.

GA DCA Chip Grant 98M-X_092_512-013 - to account for grant funds received from the Georgia Department of Community Affairs. The Chip program provides funding for a portion of construction costs for nine new homes for eligible low and moderate income persons.

U.S. Department of Justice Local Law Enforcement Block Grants - to account for Local Law Enforcement Block Grant funds from the U.S. Department of Justice which are to be used to purchase equipment in the City’s Police Department.

Urban Development Action Grant Fund - to account for funds received in accordance with Title I, Section 119, of the Housing and Community Development Act of 1974. Funds are designated for the use of financing second mortgages for qualified buyers.

GA DCA CHIP Grant 01M-X-092-2-2568 - to account for grant funds received from the Georgia Department of Community Affairs. The CHIP program provides funding for a portion of construction costs for new homes for eligible low and moderate income persons.

GA DCA CHIP 02M-X-092-2-2695 - to account for grant funds received from the Georgia Department of Community Affairs. The CHIP program provides funding for a portion of construction costs for new homes for eligible low and moderate income persons.

Federal HUD Entitlement Grant - to account for grant funds from the U. S. Department of Housing and Urban Development Community Development Block Grant Entitlement Program. This program supplies funds to support the development of viable urban communities by providing decent housing, a suitable living environment and economic opportunities, principally for persons of low and moderate income.

GA DCA CHIP 04M-X-092-2-2915 to account for grant funds received from the Georgia Department of Community Af fairs. The CHIP program provides funding for a portion of construction costs for new homes for eligible low and moderate income persons as well as funding for home-owner rehabilitation projects.

GA DCA CHIP 06M-X-092-2-2951 to account for grant funds received from the Georgia Department of Community Affairs. The CHIP program provides funding for a portion of construction costs for new homes for eligible low and moderate income persons as well as funding for home-

projects.owner rehabilitation

GA DCA CHIP 07M-X-092-2-2961 Department of Community Affairs. The CHIP program provides funding for a portion of construction costs for new homes for eligible low and moderate income persons as well as funding for home-owner rehabilitation projects.

GA DCA CHIP 07MR-X-092-2-2979 Department of Community Affairs. The CHIP program provides funding for a portion of construction costs for new homes for eligible low and moderate income persons as well as funding for home-owner rehabilitation projects.

Accommodation Tax Fund - this fund accounts for hotel/motel tax monies received by the City. These funds are used to promote tourism in Valdosta and Lowndes County. By statute, 40% of collections must go to the Tourism Authority. The remainder is used to fund the City’s contributions to the Conference Center, Airport Authority, and Industrial Authority.

Youth Recreation Scholarships - to account for funds received by contribution and/or fund raisers to be used to offset costs for economically disadvantaged youth who want to participate in the City’s recreation activities and sports programs.

Capital Project Funds Airport Development Fund - to account for the financing and construction of ongoing capital improvements at the Valdosta Regional Airport. The majority of the financing is provided by grants from the Federal Aviation Administration and the Georgia Department of Transportation.

Permanent Fund Sunset Hill Trust Fund - to provide perpetual care for the Sunset Hill Cemetery. For reporting purposes, there are two distinct sections of the cemetery, designated New Section and Old Section. The primary difference between the two sections is that the sales price of lots in the New Section includes perpetual care, whereas in the Old Section, perpetual care is sold separately. Interest income earned on investments is transferred to the General Fund to aid in maintaining the cemetery.

U.S. DEPT

PROPERTY OF JUSTICE

CONFISCATED EVIDENCE GA DCA CHIP LOCAL LAW

FUNDS FUND 98M-X-092-512-013 BLOCK GRANTS UDAG

ASSETS

Cash $16,527 $8,609 $0 $47,539 $17,109

Investments 21,710 0 0 0 0

Receivables (net)

Accounts 0 0 0 0 1,100

Interest 0 0 0 0 0

Second mortgages 0 0 14,250 0 157,149

Due from other funds 0 0 0 0 75

Due from other governments and agencies 0 0 0 0 0 Total assets $38,237 $8,609 $14,250 $47,539 $175,433

LIABILITIES

Liabilities:

Vouchers and accounts payable $154 $0 $0 $0 $0

Due to:

Other funds 0 547 0 47,539 0

Advances from other funds 0 0 0 0 0

Total liabilities 154 547 0 47,539 0

DEFERRED INFLOWS OF RESOURCES

Unavailable Revenue 0 0 0 0 0

Fund balances (deficits):

Nonspendable 0 0 14,250 0 157,149

Restricted 38,083 8,062 0 0 18,284

Assigned 0 0 0 0 0

Unassigned 0 0 0 0 0

Total fund balances (deficits) 38,083 8,062 14,250 0 175,433 Total liabilities, deferred inflows of $38,237 $8,609 $14,250 $47,539 $175,433

resources and fund balances

CITY OF VALDOSTA, GEORGIA

COMBINING BALANCE SHEET

OTHER GOVERNMENTAL FUNDS

JUNE 30, 2014

GA DCA CHIP GA DCA CHIP HUD FEDERAL GA DCA CHIP GA DCA CHIP GA DCA CHIP GA DCA CHIP

01M-X-092-2-2568 02M-X-092-2-2695 GRANT 04M-X-092-2-2915 06M-X-092-2-2951 07M-X-092-2-2961 07MR-X-092-2-2979

$0 $0 $126,067 $0 $0 $0 $0

0 0 0 0 0 0 0

5,400 30,000 1,926,782 82,835 137,200 167,300 81,000

0 0 0 0 0 0 0

0 0 111,294 0 0 0 0 $5,400 $30,000 $2,164,143 $82,835 $137,200 $167,300 $81,000

$0 $0 $22,087 $0 $0 $0 $0

0 0 185,274 0 0 0 0

0 0 30,000 0 0 0 0

0 0 237,361 0 0 0 0

0 0 73,732 0 0 0 0

5,400 30,000 1,926,782 82,835 137,200 167,300 81,000

0 0 237,361 0 0 0 0

0 0 0 0 0 0 0

0 0 (311,093) 0 0 0 0

5,400 30,000 1,853,050 82,835 137,200 167,300 81,000 $5,400 $30,000 $2,164,143 $82,835 $137,200 $167,300 $81,000

(Continued)

SPECIAL REVENUE FUNDS

TOTAL

YOUTH SUNSET HILL OTHER

ACCOMODATIONS RECREATION AIRPORT PERMANENT GOVERNMENTAL

TAX SCHOLARSHIP DEVELOPMENT FUND FUNDS

$0 $3,993 $0 $1,377 $221,221

0 8,042 0 888,770 918,522

354,620 0 0 257 355,977

0 0 5,440 0 5,440

0 0 0 0 2,601,916

0 0 0 728,832 728,907

0 0 996,813 0 1,108,107 $354,620 $12,035 $1,002,253 $1,619,236 $5,940,090

$148,029 $0 $366,394 $0 $536,664

103,990 0 90,007 0 427,357

0 0 0 0 30,000

252,019 0 456,401 0 994,021

21,928 0 222,168 1,801 319,629

0 0 0 1,617,435 4,219,351

0 12,035 0 0 313,825

80,673 0 323,684 0 404,357

0 0 0 0 (311,093)

80,673 12,035 323,684 1,617,435 4,626,440 $354,620 $12,035 $1,002,253 $1,619,236 $5,940,090

FUND PROJECTS

CAPITAL

U.S. DEPT

PROPERTY OF JUSTICE

CONFISCATED EVIDENCE GA DCA CHIP LOCAL LAW

FUNDS FUND 98M-X-092-512-013 BLOCK GRANTS UDAG

Revenues:

Taxes $0 $0 $0 $0 $0

Interest income 2 0 0 0 0

Contributions 0 0 0 0 0

Intergovernmental 0 0 0 83,756 0

Fines and forfeitures 15,560 1,535 0 0 0

Miscellaneous revenues 0 0 0 0 0

TOTAL REVENUES 15,562 1,535 0 83,756 0

Expenditures:

Current:

General government 0 0 0 0 0

Public safety 7,250 10,259 0 42,407 0

Economic development and

assistance 0 0 14,250 0 0

Capital outlay 0 0 0 41,349 0

TOTAL EXPENDITURES 7,250 10,259 14,250 83,756 0

REVENUES OVER (UNDER)

EXPENDITURES 8,312 (8,724) (14,250) 0 0

Other financing sources (uses):

Transfers out 0 0 0 0 0

TOTAL OTHER FINANCING SOURCES (USES) 0 0 0 0 0

NET CHANGE IN FUND BALANCES 8,312 (8,724) (14,250) 0 0

Fund balances beginning of year 29,771 16,786 28,500 0 175,433 FUND BALANCES END OF YEAR $38,083 $8,062 $14,250 $0 $175,433

CITY OF VALDOSTA, GEORGIA

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES (DEFICITS)

OTHER GOVERNMENTAL FUNDS

FOR THE YEAR ENDED JUNE 30, 2014

GA DCA CHIP GA DCA CHIP FEDERAL GA DCA CHIP GA DCA CHIP GA DCA CHIP GA DCA CHIP

01M-X-092-2-2568 02M-X-092-2-2695 HUD GRANT 04M-X-092-2-2915 06M-X-092-2-2951 07M-X-092-2-2961 07MR-X-092-2-2979

$0 $0 $0 $0 $0 $0 $0

0 0 0 0 0 0 0

0 0 322,622 0 0 0 10,000

0 0 0 0 0 0 0

0 0 322,622 0 0 0 10,000

0 0 0 0 0 0 0

1,350 18,600 311,979 19,900 21,500 26,000 11,000

0 0 0 0 0 0 0

1,350 18,600 311,979 19,900 21,500 26,000 11,000

(1,350) (18,600) 10,643 (19,900) (21,500) (26,000) (1,000)

0 0 (16,578) 0 0 0 0

(1,350) (18,600) (5,935) (19,900) (21,500) (26,000) (1,000)

6,750 48,600 1,858,985 102,735 158,700 193,300 82,000 $5,400 $30,000 $1,853,050 $82,835 $137,200 $167,300 $81,000

(Continued)

SPECIAL REVENUE FUNDS

TOTAL

YOUTH SUNSET HILL OTHER

ACCOMODATIONS RECREATION AIRPORT PERMANENT GOVERNMENTAL

TAX SCHOLARSHIP DEVELOPMENT FUND FUNDS

$1,856,448 $0 $0 $0 $1,856,448

6 0 18,849 76 18,933

0 0 0 27,003 27,003

0 0 2,034,308 0 2,450,686

0 0 0 0 17,095

0 0 0 21,352 21,352

1,856,454 0 2,053,157 48,431 4,391,517

1,601,123 88 0 9,159 1,610,370

0 0 0 0 59,916

0 0 0 0 424,579

0 0 2,002,858 0 2,044,207

1,601,123 88 2,002,858 9,159 4,139,072

255,331 (88) 50,299 39,272 252,445

(225,000) 0 0 0 (241,578)

30,331 (88) 50,299 39,272 10,867

50,342 12,123 273,385 1,578,163 4,615,573 $80,673 $12,035 $323,684 $1,617,435 $4,626,440

FUND PROJECTS

CAPITAL

CITY OF VALDOSTA, GEORGIA SCHEDULE OF EXPENDITURES BY DEPARTMENT

BUDGETARY LEVEL OF CONTROL - BUDGET TO ACTUAL COMPARISONS GENERAL FUND

FOR THE YEAR ENDING JUNE 30, 2014

VARIANCE OVER

ORIGINAL FINAL ACTUAL (UNDER)

Current Operations: General government Administration Mayor and council Personal services $195,983 $195,545 $194,752 $793 Contractual services 64,250 58,873 58,306 567 Supplies 12,785 11,693 10,702 991 Travel and training 167,375 170,715 135,936 34,779 Other services and charges 235,131 224,151 187,384 36,767

675,524 660,977 587,080 73,897

City manager Personal services 440,853 458,181 458,177 4 Contractual services 7,540 5,677 5,569 108 Supplies 10,050 5,327 5,325 2 Travel and training 25,050 28,873 28,742 131 Other services and charges 10,094 11,733 11,731 2

493,587 509,791 509,544 247

Elections Contractual services 20,000 20,000 0 20,000

20,000 20,000 0 20,000

City attorney Travel and training 845 845 695 150 Other services and charges 368,000 370,000 289,973 80,027

368,845 370,845 290,668 80,177

Solicitor Other services and charges 92,000 92,000 88,104 3,896

92,000 92,000 88,104 3,896

Indigent Defense Other services and charges 40,000 40,325 31,223 9,102

40,000 40,325 31,223 9,102 TOTAL ADMINISTRATION 1,689,956 1,693,938 1,506,619 187,319

Human resources department Administration Personal services 267,598 255,722 196,797 58,925 Contractual services 5,137 4,836 3,874 962 Supplies 5,350 5,933 5,296 637 Travel and training 1,200 11,099 11,051 48 Other services and charges 10,526 12,771 12,737 34

289,811 290,361 229,755 60,606

Employee incentives/assistance Personal services 4,500 10,220 10,219 1 Travel and training 4,500 0 0 0

9,000 10,220 10,219 1 (Continued)

BUDGET

CITY OF VALDOSTA, GEORGIA SCHEDULE OF EXPENDITURES BY DEPARTMENT

BUDGETARY LEVEL OF CONTROL - BUDGET TO ACTUAL COMPARISONS GENERAL FUND

FOR THE YEAR ENDING JUNE 30, 2014

VARIANCE OVER

ORIGINAL FINAL ACTUAL (UNDER) BUDGET

Risk division Contractual services $18,000 $16,780 $11,904 $4,876 Other services and charges 35,000 34,892 13,895 20,997

53,000 51,672 25,799 25,873 TOTAL HUMAN RESOURCES 351,811 352,253 265,773 86,480

Finance department Finance director Personal services 202,080 192,200 192,189 11 Contractual services 1,506 1,737 1,734 3 Supplies 2,458 1,003 1,002 1 Travel and training 3,058 1,286 1,285 1 Other services and charges 60,077 78,794 78,772 22

269,179 275,020 274,982 38

Accounting division Personal services 480,496 432,170 432,120 50 Contractual services 14,202 9,661 9,567 94 Supplies 10,150 4,512 4,510 2 Travel and training 5,195 3,912 3,907 5 Other services and charges 49,417 51,822 53,606 (1,784)

559,460 502,077 503,710 (1,633)

Budget division Personal services 107,978 159,276 151,147 8,129 Contractual services 3,929 1,426 1,324 102 Supplies 2,450 1,563 1,539 24 Travel and training 1,812 705 685 20 Other services and charges 7,070 7,418 7,417 1

123,239 170,388 162,112 8,276

Customer service division Personal services 477,813 482,390 482,401 (11) Contractual services 108,757 128,104 128,102 2 Supplies 15,600 10,658 10,650 8 Travel and training 1,204 17 17 0 Other services and charges 121,464 99,405 82,160 17,245

724,838 720,574 703,330 17,244

Business License Personal services 43,308 46,144 46,140 4 Contractual services 37,866 50,124 50,123 1 Supplies 2,430 399 398 1 Travel and training 922 162 162 0 Other services and charges 18,030 13,017 2,127 10,890

102,556 109,846 98,950 10,896

Purchasing division Personal services 120,522 124,385 124,299 86 Contractual services 2,938 2,148 1,946 202 Supplies 2,445 1,352 1,351 1 Travel and training 1,765 1,008 1,008 0 Other services and charges 4,564 4,718 3,107 1,611

132,234 133,611 131,711 1,900 TOTAL FINANCE 1,911,506 1,911,516 1,874,795 36,721

(Continued)

CITY OF VALDOSTA, GEORGIA SCHEDULE OF EXPENDITURES BY DEPARTMENT

BUDGETARY LEVEL OF CONTROL - BUDGET TO ACTUAL COMPARISONS GENERAL FUND

FOR THE YEAR ENDING JUNE 30, 2014

VARIANCE OVER

ORIGINAL FINAL ACTUAL (UNDER) BUDGET

Engineering department Engineering division Personal services $656,736 $658,281 $583,320 $74,961 Contractual services 10,234 12,418 12,415 3 Supplies 4,393 3,835 3,736 99 Travel and training 2,714 1,814 1,812 2 Other services and charges 38,465 45,228 45,217 11

712,542 721,576 646,500 75,076

Signal Maintenance Personal services 226,639 235,284 235,209 75 Contractual services 6,999 6,661 6,660 1 Supplies 28,115 23,002 23,008 (6) Travel and training 1,280 280 280 0 Other services and charges 20,199 24,025 21,255 2,770

283,232 289,252 286,412 2,840

Signs and Markings Personal services 141,343 143,410 143,363 47 Contractual services 3,802 4,274 4,219 55 Supplies 34,615 31,665 31,662 3 Travel and training 1,258 1,537 1,536 1 Other services and charges 17,592 16,869 16,869 0

198,610 197,755 197,649 106

Traffic Mgt Center Personal services 56,746 56,554 86,034 (29,480) Contractual services 1,285,804 1,464,638 1,463,449 1,189 Supplies 17,275 17,934 16,769 1,165 Travel and training 1,335 0 0 0 Other services and charges 11,136 26,729 25,754 975

1,372,296 1,565,855 1,592,006 (26,151)

Street Repair Personal services 226,406 222,411 222,899 (488) Contractual services 8,801 9,298 9,288 10 Supplies 69,730 68,371 68,370 1 Travel and training 1,660 1,374 1,370 4 Other services and charges 50,001 45,594 43,590 2,004

356,598 347,048 345,517 1,531 TOTAL ENGINEERING 2,923,278 3,121,486 3,068,084 53,402

(Continued)

CITY OF VALDOSTA, GEORGIA SCHEDULE OF EXPENDITURES BY DEPARTMENT

BUDGETARY LEVEL OF CONTROL - BUDGET TO ACTUAL COMPARISONS GENERAL FUND

FOR THE YEAR ENDING JUNE 30, 2014

VARIANCE OVER

ORIGINAL FINAL ACTUAL (UNDER) BUDGET

City hall Personal services $84,833 $102,166 $102,163 $3 Contractual services 90,742 104,988 104,980 8 Supplies 5,900 8,170 8,169 1 Travel and training 0 17 17 0 Other services and charges 27,171 46,594 46,594 0

208,646 261,935 261,923 12

City hall annex Personal services 43,757 47,972 47,958 14 Contractual services 86,590 81,019 81,018 1 Supplies 3,500 613 613 0 Other services and charges 7,100 4,259 4,258 1

140,947 133,863 133,847 16

Customer service Contractual services 16,430 14,534 14,302 232 Supplies 2,500 388 387 1 Other services and charges 3,600 1,618 1,618 0

22,530 16,540 16,307 233

Rental Contractual services 43,500 57,281 57,281 0 Other services and charges 1,000 28,568 28,567 1

44,500 85,849 85,848 1 TOTAL OTHER GENERAL

ADMINISTRATIVE 416,623 498,187 497,925 262

Municipal court Administration Personal services 284,685 321,396 322,591 (1,195) Contractual services 39,117 39,361 39,316 45 Supplies 12,000 10,149 10,137 12 Travel and training 5,800 5,218 5,209 9 Other services and charges 586,071 572,113 547,168 24,945 TOTAL MUNICIPAL COURT 927,673 948,237 924,422 23,815 TOTAL GENERAL GOVERNMENT 8,220,847 8,525,617 8,137,618 387,999

Public safety Police department Police administration division Personal services 524,729 541,622 541,615 7 Contractual services 16,536 16,571 16,569 2 Supplies 18,150 20,441 20,439 2 Travel and training 18,433 10,276 10,253 23 Other services and charges 316,118 165,326 163,274 2,052

893,966 754,236 752,150 2,086

Patrol bureau division Personal services 5,230,621 5,254,200 5,170,075 84,125 Contractual services 222,472 161,833 161,781 52 Supplies 96,500 157,437 155,906 1,531 Travel and training 13,875 15,585 15,571 14 Other services and charges 866,179 1,014,747 1,014,781 (34) Capital outlay 0 27,812 27,792 20 Debt Service 155,709 155,709 155,708 1

6,585,356 6,787,323 6,701,614 85,709 (Continued)

CITY OF VALDOSTA, GEORGIA SCHEDULE OF EXPENDITURES BY DEPARTMENT

BUDGETARY LEVEL OF CONTROL - BUDGET TO ACTUAL COMPARISONS GENERAL FUND

FOR THE YEAR ENDING JUNE 30, 2014

VARIANCE OVER

ORIGINAL FINAL ACTUAL (UNDER) BUDGET

Investigative bureau division Personal services $1,682,578 $1,752,757 $1,725,605 $27,152 Contractual services 68,050 52,677 52,583 94 Supplies 46,500 72,928 72,925 3 Travel and training 20,296 15,055 15,054 1 Other services and charges 191,592 204,375 204,307 68

2,009,016 2,097,792 2,070,474 27,318

Support services bureau division Personal services 1,305,127 1,389,845 1,406,699 (16,854) Contractual services 418,656 433,996 434,091 (95) Supplies 73,555 88,793 88,785 8 Travel and training 6,425 7,262 7,261 1 Other services and charges 157,632 182,895 182,235 660 Capital outlay 0 720 719 1

1,961,395 2,103,511 2,119,790 (16,279)

Crime lab Personal services 738,273 816,516 824,716 (8,200) Contractual services 97,914 172,661 172,657 4 Supplies 60,493 49,853 49,715 138 Travel and training 10,906 20,334 20,332 2 Other services and charges 102,377 84,259 84,257 2 Capital outlay 0 13,511 13,511 0

1,009,963 1,157,134 1,165,188 (8,054)

GOHS GA-2007-191-00572 Personal services 153,989 153,989 38,510 115,479 Travel and training 1,200 1,200 0 1,200

155,189 155,189 38,510 116,679 TOTAL POLICE DEPARTMENT 12,614,885 13,055,185 12,847,726 207,459

Fire department Fire administration division Personal services 242,083 256,381 256,180 201 Contractual services 1,110 1,849 1,847 2 Supplies 1,890 1,431 1,431 0 Travel and training 3,090 2,148 2,147 1 Other services and charges 45,240 51,543 50,725 818

293,413 313,352 312,330 1,022

Fire fighting division Personal services 4,969,400 4,589,312 4,589,049 263 Contractual services 166,428 167,226 167,210 16 Supplies 85,445 151,131 150,893 238 Travel and training 7,560 2,302 1,768 534 Other services and charges 333,093 222,251 216,544 5,707

5,561,926 5,132,222 5,125,464 6,758

Fire inspection division Personal services 257,169 260,990 262,632 (1,642) Contractual services 4,501 4,663 4,663 0 Supplies 8,450 19,720 19,590 130 Travel and training 2,765 3,288 3,057 231 Other services and charges 17,638 23,180 18,953 4,227

290,523 311,841 308,895 2,946 (Continued)

CITY OF VALDOSTA, GEORGIA SCHEDULE OF EXPENDITURES BY DEPARTMENT

BUDGETARY LEVEL OF CONTROL - BUDGET TO ACTUAL COMPARISONS GENERAL FUND

FOR THE YEAR ENDING JUNE 30, 2014

VARIANCE OVER

ORIGINAL FINAL ACTUAL (UNDER) BUDGET

Fire maintenance division Personal services $77,708 $86,439 $86,349 $90 Contractual services 44,204 35,759 34,802 957 Supplies 60,825 81,388 80,680 708 Other services and charges 16,174 68,943 68,716 227

198,911 272,529 270,547 1,982

Fire training division Personal services 153,917 156,746 156,689 57 Contractual services 12,141 17,308 17,304 4 Supplies 16,782 15,241 15,240 1 Travel and training 6,991 3,095 3,095 0 Other services and charges 1,950 9,210 9,209 1

191,781 201,600 201,537 63

Special services division Personal services 77,553 79,102 79,070 32 Contractual services 1,387 1,437 1,436 1 Supplies 4,194 30,465 29,584 881 Travel and training 5,525 19,359 19,229 130 Other services and charges 2,153 2,741 2,741 0

90,812 133,104 132,060 1,044 TOTAL FIRE DEPARTMENT 6,627,366 6,364,648 6,350,833 13,815

Other protection services Community protection Personal services 355,037 357,837 279,305 78,532 Contractual services 108,900 100,817 93,525 7,292 Supplies 6,500 10,647 10,115 532 Travel and training 2,950 4,850 4,203 647 Other services and charges 32,869 30,549 30,415 134

506,256 504,700 417,563 87,137

Neighborhood development Personal services 58,272 58,427 42,162 16,265 Contractual services 795 867 945 (78) Supplies 300 225 88 137 Travel and training 1,600 828 0 828 Other services and charges 285 360 3,540 (3,180)

61,252 60,707 46,735 13,972 TOTAL OTHER PROTECTION SERVICES 567,508 565,407 464,298 101,109 TOTAL PUBLIC SAFETY 19,809,759 19,985,240 19,662,857 322,383

Public works Public works department Right of way maintenance Personal services 920,364 735,016 716,040 18,976 Contractual services 105,444 106,031 104,007 2,024 Supplies 32,875 35,165 34,325 840 Other services and charges 155,847 80,868 67,398 13,470

1,214,530 957,080 921,770 35,310

Cemetery division Personal services 362,373 336,919 335,541 1,378 Contractual services 18,220 18,091 18,087 4 Supplies 4,150 8,324 7,859 465 Travel and training 650 192 192 0 Other services and charges 46,291 37,909 34,602 3,307

431,684 401,435 396,281 5,154 (Continued)

CITY OF VALDOSTA, GEORGIA SCHEDULE OF EXPENDITURES BY DEPARTMENT

BUDGETARY LEVEL OF CONTROL - BUDGET TO ACTUAL COMPARISONS GENERAL FUND

FOR THE YEAR ENDING JUNE 30, 2014

VARIANCE OVER

ORIGINAL FINAL ACTUAL (UNDER) BUDGET

Arborist Personal services $63,924 $64,864 $39,630 $25,234 Contractual services 7,446 4,317 3,794 523 Supplies 1,450 3,007 3,006 1 Travel and training 175 245 245 0 Other services and charges 22,349 22,911 16,591 6,320

95,344 95,344 63,266 32,078 TOTAL PUBLIC WORKS 1,741,558 1,453,859 1,381,317 72,542

Economic Development and Assistance Administration Personal services 201,551 201,238 58,586 142,652 Contractual services 3,719 2,829 1,440 1,389 Supplies 2,050 2,344 846 1,498 Travel and training 95 357 292 65 Other services and charges 17,658 209,943 173,177 36,766

225,073 416,711 234,341 182,370

Grants administrator Personal services 68,997 68,843 30,054 38,789 Contractual services 865 691 690 1 Supplies 145 846 846 0 Travel and training 1,936 2,164 2,159 5 Other services and charges 3,864 3,263 1,142 2,121

75,807 75,807 34,891 40,916

Public relations Personal services 106,710 105,872 105,516 356 Contractual services 14,735 11,973 11,071 902 Supplies 9,000 12,530 9,119 3,411 Travel and training 985 985 504 481 Other services and charges 16,901 17,293 10,795 6,498

148,331 148,653 137,005 11,648

Main street division Personal services 57,068 57,068 59,884 (2,816) Contractual services 165 208 198 10 Supplies 1,330 1,330 1,137 193 Other services and charges 6,364 6,321 1,736 4,585

64,927 64,927 62,955 1,972

Planning and Zoning Personal services 253,708 252,383 245,292 7,091 Contractual services 8,213 7,192 7,190 2 Supplies 2,675 3,034 3,031 3 Travel and training 2,050 2,471 2,469 2 Other services and charges 82,264 83,830 83,821 9

348,910 348,910 341,803 7,107 TOTAL ECONOMIC DEV AND ASSIST 863,048 1,055,008 810,995 244,013 TOTAL EXPENDITURES $30,635,212 $31,019,724 $29,992,787 $1,026,937

VARIANCE WITH FINAL BUDGET

OVER ORIGINAL FINAL ACTUAL (UNDER)

Revenues: Fines and forfeitures $0 $13,311 $15,560 $2,249 Interest 0 0 2 2

TOTAL REVENUES 0 13,311 15,562 2,251

Expenditures: Current: Public safety Contractual services 0 694 693 1 Supplies 5,421 10,045 255 9,790 Travel and training 0 0 0 0 Other services and charges 300 1,093 1,093 0 Support Services Bureau Capital outlay 0 7,200 0 7,200

TOTAL EXPENDITURES 5,721 19,032 2,041 16,991

REVENUES OVER (UNDER) EXPENDITURES (5,721) (5,721) 13,521 19,242 Fund balance - beginning of year - budgetary basis 17,362 17,362 17,362 0

FUND BALANCE - END OF YEAR - BUDGETARY BASIS $11,641 $11,641 $30,883 $19,242

Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures Sources/inflows of resources Actual revenues (budgetary basis) from the budgetary comparison schedule. $15,562 Differences - budget to GAAP: None 0 Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $15,562

Uses/outflows of resources Actual expenditures (budgetary basis) from the budgetary comparison schedule. $2,041 Differences - budget to GAAP: Encumbrances for remaining fiscal year items are recorded current year for budgetary purposes, but in the year of actual payment for financial reporting purposes. 5,209 Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $7,250

CITY OF VALDOSTA, GEORGIA BUDGETARY COMPARISON SCHEDULE

CONFISCATED FUNDS FOR THE YEAR ENDED JUNE 30, 2014

BUDGETED AMOUNTS

VARIANCE WITH FINAL BUDGET

OVER ORIGINAL FINAL ACTUAL (UNDER)

Revenues: Fines and forfeitures $0 $0 $1,535 $1,535

TOTAL REVENUES 0 0 1,535 1,535

Expenditures: Current: Public safety Investigative Bureau Supplies 0 0 0 0

TOTAL EXPENDITURES 0 0 0 0

REVENUES OVER (UNDER) EXPENDITURES 0 0 1,535 1,535 Fund balance - beginning of year - budgetary basis 6,527 6,527 6,527 0

FUND BALANCE - END OF YEAR - BUDGETARY BASIS $6,527 $6,527 $8,062 $1,535

Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures Sources/inflows of resources Actual revenues (budgetary basis) from the budgetary comparison schedule. $1,535 Differences - budget to GAAP: None 0 Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $1,535

Uses/outflows of resources Actual expenditures (budgetary basis) from the budgetary comparison schedule. $0 Differences - budget to GAAP: Encumbrances for remaining fiscal year items are recorded current year for budgetary purposes, but in the year of actual payment for financial reporting purposes. 10,259 Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $10,259

CITY OF VALDOSTA, GEORGIA BUDGETARY COMPARISON SCHEDULE

PROPERTY EVIDENCE FUNDS FOR THE YEAR ENDED JUNE 30, 2014

BUDGETED AMOUNTS

VARIANCE WITH FINAL BUDGET

OVER ORIGINAL FINAL ACTUAL (UNDER)

Revenues: Intergovernmental $0 $14,250 $0 ($14,250)

TOTAL REVENUES 0 0 0 0

Expenditures:

Expenditures 0 0 0 0

Current:

Economic development and assistance

Community development

Capital outlay

Housing development activities

Construction 0 14,250 14,250 0

TOTAL EXPENDITURES 0 14,250 14,250 0

REVENUES UNDER EXPENDITURES 0 (14,250) (14,250) 0

Fund balance - beginning of year - budgetary basis 28,500 28,500 28,500 0

FUND BALANCE - END OF YEAR - BUDGETARY BASIS $28,500 $14,250 $14,250 $0

Explanation of Differences between Budgetary Inflows and Outflows and GAAP

Revenues and Expenditures

Sources/inflows of resources

Actual revenues (budgetary basis) from the budgetary

comparison schedule. $0

Differences - budget to GAAP:

None 0

Total revenues as reported on the statement of revenues, expenditures, and changes

in fund balances - governmental funds. $0

Uses/outflows of resources

Actual expenditures (budgetary basis) from the budgetary

comparison schedule. $14,250

Differences - budget to GAAP:

None 0 Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $14,250

CITY OF VALDOSTA, GEORGIA BUDGETARY COMPARISON SCHEDULE

GA DCA CHIP - 98M-X-092-512-013 FOR THE YEAR ENDED JUNE 30, 2014

BUDGETED AMOUNTS

VARIANCE WITH FINAL BUDGET

OVER ORIGINAL FINAL ACTUAL (UNDER)

Revenues: Intergovernmental $21,499 $61,357 $83,756 $22,399

TOTAL REVENUES 21,499 61,357 83,756 22,399 Expenditures: Current: Public safety Byrne Justice Assistance Grant 2010-DD-BX-0620 Contractual services 0 5,000 5,000 0 Supplies 0 15,008 15,007 0 Capital outlay 21,499 41,349 41,349 0 2013-DJ-BX-1141 Supplies 0 11,401 11,400 1 Other services and charges 0 11,400 11,000 400

TOTAL EXPENDITURES 21,499 84,158 83,756 401

REVENUES OVER (UNDER) EXPENDITURES 0 (22,801) 0 22,801 Fund balance - beginning of year - budgetary basis 0 0 0 0

FUND BALANCE - END OF YEAR - BUDGETARY BASIS $0 ($22,801) $0 $22,801

Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures Sources/inflows of resources Actual revenues (budgetary basis) from the budgetary comparison schedule. $83,756 Differences - budget to GAAP: None 0 Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $83,756

Uses/outflows of resources Actual expenditures (budgetary basis) from the budgetary comparison schedule. $83,756 Differences - budget to GAAP: Encumbrances for remaining grant items are recorded current year for budgetary purposes, but in the year of actual payment for financial reporting purposes. 0 Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $83,756

CITY OF VALDOSTA, GEORGIA BUDGETARY COMPARISON SCHEDULE

U. S. DEPARTMENT OF JUSTICE - LOCAL LAW ENFORCEMENT BLOCK GRANTS FOR THE YEAR ENDED JUNE 30, 2014

BUDGETED AMOUNTS

VARIANCE WITH FINAL BUDGET

OVER ORIGINAL FINAL ACTUAL (UNDER)

Revenues: Interest income $0 $0 $0 $0

TOTAL REVENUES 0 0 0 0

Expenditures: 0 0 0 0

TOTAL EXPENDITURES 0 0 0 0

REVENUES OVER (UNDER) EXPENDITURES 0 0 0 0 Fund balance - beginning of year - budgetary basis 175,433 175,433 175,433 0

FUND BALANCE - END OF YEAR - BUDGETARY BASIS $175,433 $175,433 $175,433 $0

Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures Sources/inflows of resources Actual revenues (budgetary basis) from the budgetary comparison schedule. $0 Differences - budget to GAAP: None 0 Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $0

Uses/outflows of resources Actual expenditures (budgetary basis) from the budgetary comparison schedule. $0 Differences - budget to GAAP: None 0 Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $0

CITY OF VALDOSTA, GEORGIA BUDGETARY COMPARISON SCHEDULE

URBAN DEVELOPMENT ACTION GRANT FUND FOR THE YEAR ENDED JUNE 30, 2014

BUDGETED AMOUNTS

VARIANCE WITH FINAL BUDGET

OVER ORIGINAL FINAL ACTUAL (UNDER)

Revenues: Intergovernmental $0 $1,350 $0 ($1,350)

TOTAL REVENUES 0 1,350 0 (1,350)

Expenditures: Current: Housing development activities Construction 0 1,350 1,350 0

TOTAL EXPENDITURES 0 1,350 1,350 0

REVENUES OVER (UNDER) EXPENDITURES 0 0 (1,350) (1,350) Fund balance - beginning of year - budgetary basis 6,750 6,750 6,750 0

FUND BALANCE - END OF YEAR - BUDGETARY BASIS $6,750 $6,750 $5,400 ($1,350)

Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures Sources/inflows of resources Actual revenues (budgetary basis) from the budgetary comparison schedule. $0 Differences - budget to GAAP: None 0 Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $0

Uses/outflows of resources Actual expenditures (budgetary basis) from the budgetary comparison schedule. $1,350 Differences - budget to GAAP: None 0 Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $1,350

CITY OF VALDOSTA, GEORGIA BUDGETARY COMPARISON SCHEDULE

GA DCA CHIP - 01M-X-092-2-2568 FOR THE YEAR ENDED JUNE 30, 2014

BUDGETED AMOUNTS

100

VARIANCE WITH FINAL BUDGET

OVER ORIGINAL FINAL ACTUAL (UNDER)

Revenues: Intergovernmental $0 $18,600 $0 ($18,600)

TOTAL REVENUES 0 18,600 0 (18,600)

Expenditures: Current: Housing development activities Construction 0 18,600 18,600 0

TOTAL EXPENDITURES 0 18,600 18,600 0

REVENUES UNDER EXPENDITURES 0 0 (18,600) (18,600) Fund balance - beginning of year - budgetary basis 48,600 48,600 48,600 0

FUND BALANCE - END OF YEAR - BUDGETARY BASIS $48,600 $48,600 $30,000 ($18,600)

Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures Sources/inflows of resources Actual revenues (budgetary basis) from the budgetary comparison schedule. $0 Differences - budget to GAAP: None 0 Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $0

Uses/outflows of resources Actual expenditures (budgetary basis) from the budgetary comparison schedule. $18,600 Differences - budget to GAAP: None 0 Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $18,600

CITY OF VALDOSTA, GEORGIA BUDGETARY COMPARISON SCHEDULE

GA DCA CHIP - 02M-X-092-2-2695 FOR THE YEAR ENDED JUNE 30, 2014

BUDGETED AMOUNTS

101

VARIANCE WITH FINAL BUDGET

OVER ORIGINAL FINAL ACTUAL (UNDER)

Revenues: Intergovernmental $560,352 $562,819 $322,622 ($240,197)

TOTAL REVENUES 560,352 562,819 322,622 (240,197)

Expenditures: Current: Economic development and assistance Community development CDBG 2012 funding Single unit residential rehab 0 193,804 193,804 0 CDBG 2013 funding Single unit residential rehab 0 5,125 5,125 0 CDBG 2014 funding First time homebuyer education 0 8,000 8,000 0 Single unit residential rehab 439,174 237,253 16,655 220,598 Program administration 118,711 116,170 88,395 27,775 Transfer to Group Insurance 0 0 16,578 (16,578)

TOTAL EXPENDITURES 557,885 560,352 328,557 231,795

REVENUES OVER EXPENDITURES 2,467 2,467 (5,935) (8,402) Fund balance - beginning of year - budgetary basis 1,858,985 1,858,985 1,858,985 0

FUND BALANCE - END OF YEAR - BUDGETARY BASIS $1,861,452 $1,861,452 $1,853,050 ($8,402)

Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures Sources/inflows of resources Actual revenues (budgetary basis) from the budgetary comparison schedule. $322,622 Differences - budget to GAAP: None 0 Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $322,622

Uses/outflows of resources Actual expenditures (budgetary basis) from the budgetary comparison schedule. $328,557 Differences - budget to GAAP: Transfers to other funds are outflows for budgetary resources but are not expenditures for financial reporting purposes. (16,578) Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $311,979

CITY OF VALDOSTA, GEORGIA BUDGETARY COMPARISON SCHEDULE

FEDERAL HUD GRANT FOR THE YEAR ENDED JUNE 30, 2014

BUDGETED AMOUNTS

102

VARIANCE WITH FINAL BUDGET

OVER ORIGINAL FINAL ACTUAL (UNDER)

Revenues: Intergovernmental $0 $19,900 $0 ($19,900)

TOTAL REVENUES 0 19,900 0 (19,900)

Expenditures: Current: Housing development activities Construction 0 19,900 19,900 0

TOTAL EXPENDITURES 0 19,900 19,900 0

REVENUES OVER (UNDER) EXPENDITURES 0 0 (19,900) (19,900) Fund balance - beginning of year - budgetary basis 102,735 102,735 102,735 0

FUND BALANCE - END OF YEAR - BUDGETARY BASIS $102,735 $102,735 $82,835 ($19,900)

Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures Sources/inflows of resources Actual revenues (budgetary basis) from the budgetary comparison schedule. $0 Differences - budget to GAAP: None 0 Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $0

Uses/outflows of resources Actual expenditures (budgetary basis) from the budgetary comparison schedule. $19,900 Differences - budget to GAAP: None 0 Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $19,900

CITY OF VALDOSTA, GEORGIA BUDGETARY COMPARISON SCHEDULE

GA DCA CHIP - 04M-X-092-2-2915 FOR THE YEAR ENDED JUNE 30, 2014

BUDGETED AMOUNTS

103

VARIANCE WITH FINAL BUDGET

OVER ORIGINAL FINAL ACTUAL (UNDER)

Revenues: Intergovernmental $0 $21,500 $0 ($21,500)

TOTAL REVENUES 0 21,500 0 (21,500)

Expenditures: Current: Housing development activities Construction 0 21,500 21,500 0

TOTAL EXPENDITURES 0 21,500 21,500 0

REVENUES UNDER EXPENDITURES 0 0 (21,500) (21,500) Fund balance - beginning of year - budgetary basis 158,700 158,700 158,700 0

FUND BALANCE - END OF YEAR - BUDGETARY BASIS $158,700 $158,700 $137,200 ($21,500)

Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures Sources/inflows of resources Actual revenues (budgetary basis) from the budgetary comparison schedule. $0 Differences - budget to GAAP: None 0 Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $0

Uses/outflows of resources Actual expenditures (budgetary basis) from the budgetary comparison schedule. $21,500 Differences - budget to GAAP: None 0 Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $21,500

CITY OF VALDOSTA, GEORGIA BUDGETARY COMPARISON SCHEDULE

GA DCA CHIP - 06M-X-092-2-2951 FOR THE YEAR ENDED JUNE 30, 2014

BUDGETED AMOUNTS

104

VARIANCE WITH FINAL BUDGET

OVER ORIGINAL FINAL ACTUAL (UNDER)

Revenues: Intergovernmental $0 $26,000 $0 ($26,000)

TOTAL REVENUES 0 26,000 0 (26,000)

Expenditures: Current: Housing development activities Construction 0 26,000 26,000 0

TOTAL EXPENDITURES 0 26,000 26,000 0

REVENUES UNDER EXPENDITURES 0 0 (26,000) (26,000) Fund balance - beginning of year - budgetary basis 193,300 193,300 193,300 0

FUND BALANCE - END OF YEAR - BUDGETARY BASIS $193,300 $193,300 $167,300 ($26,000)

Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures Sources/inflows of resources Actual revenues (budgetary basis) from the budgetary comparison schedule. $0 Differences - budget to GAAP: None 0 Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $0

Uses/outflows of resources Actual expenditures (budgetary basis) from the budgetary comparison schedule. $26,000 Differences - budget to GAAP: None 0 Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $26,000

CITY OF VALDOSTA, GEORGIA BUDGETARY COMPARISON SCHEDULE

GA DCA CHIP - 07M-X-092-2-2961 FOR THE YEAR ENDED JUNE 30, 2014

BUDGETED AMOUNTS

105

VARIANCE WITH FINAL BUDGET

OVER ORIGINAL FINAL ACTUAL (UNDER)

Revenues: Intergovernmental $0 $21,000 $10,000 ($11,000)

TOTAL REVENUES 0 21,000 10,000 (11,000)

Expenditures: Housing development activities Construction 0 21,000 11,000 10,000

TOTAL EXPENDITURES 0 21,000 11,000 10,000

REVENUES OVER EXPENDITURES 0 0 (1,000) (1,000) Fund balance - beginning of year - budgetary basis 82,000 82,000 82,000 0

FUND BALANCE - END OF YEAR - BUDGETARY BASIS $82,000 $82,000 $81,000 ($1,000)

Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures Sources/inflows of resources Actual revenues (budgetary basis) from the budgetary comparison schedule. $10,000 Differences - budget to GAAP: None 0 Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $10,000

Uses/outflows of resources Actual expenditures (budgetary basis) from the budgetary comparison schedule. $11,000 Differences - budget to GAAP: None 0 Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $11,000

CITY OF VALDOSTA, GEORGIA BUDGETARY COMPARISON SCHEDULE

GA DCA CHIP - 07MR-X-092-2-2979 FOR THE YEAR ENDED JUNE 30, 2014

BUDGETED AMOUNTS

106

VARIANCE WITH

FINAL BUDGET

OVER

ORIGINAL FINAL ACTUAL (UNDER)

Revenues:

Taxes $1,600,000 $1,699,161 $1,856,448 $157,287

Interest income 0 0 6 6

TOTAL REVENUES 1,600,000 1,699,161 1,856,454 157,293

Expenditures:

Other services and charges 1,501,962 1,601,123 1,601,123 0

Transfer out 225,000 225,000 225,000 0

TOTAL EXPENDITURES 1,726,962 1,826,123 1,826,123 0

REVENUES OVER (UNDER) EXPENDITURES (126,962) (126,962) 30,331 157,293

Net position - beginning of year - budgetary basis 50,342 50,342 50,342 0

NET POSITION - END OF YEAR ($76,620) ($76,620) $80,673 $157,293

Explanation of Differences between Budgetary Inflows and Outflows and GAAP

Revenues and Expenditures

Sources/inflows of resources

Actual revenues (budgetary basis) from the budgetary

comparison schedule. $1,856,454

Differences - budget to GAAP:

None 0

Total revenues as reported on the statement of revenues, expenditures, and

changes in net positions - governmental funds. $1,856,454

Uses/outflows of resources

Actual expenditures (budgetary basis) from the budgetary

comparison schedule. $1,826,123

Differences - budget to GAAP:

Transfers to other funds are outflows for budgetary resources but are not expenditures for

financial reporting purposes. (225,000)

Total expenditures as reported on the statement of revenues, expenditures,

and changes in net positions - governmental funds. $1,601,123

CITY OF VALDOSTA, GEORGIA BUDGETARY COMPARSION SCHEDULE

ACCOMODATIONS TAX FOR YEAR ENDED JUNE 30, 2014

BUDGETED AMOUNTS

107

ACTUAL VARIANCE WITH AMOUNT FINAL BUDGET

BUDGETARY OVER ORIGINAL FINAL BASIS (UNDER)

Revenues: Interest income $0 $0 $0 $0

TOTAL REVENUES 0 0 0 0 Expenditures: General Governmental 0 88 88 0

TOTAL EXPENDITURES 0 88 88 0 REVENUES OVER (UNDER) EXPENDITURES 0 (88) (88) 0

Net position - beginning of year - budgetary basis 12,123 12,123 12,123 0

NET POSITION - END OF YEAR $12,123 $12,035 $12,035 $0

Explanation of Differences between Budgetary Inflows and Outflows and GAAP

Revenues and Expenditures Sources/inflows of resources Actual revenues (budgetary basis) from the budgetary comparison schedule. $0 Differences - budget to GAAP: None 0 Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $0

Uses/outflows of resources Actual revenues (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule. $88 Differences - budget to GAAP: None 0 Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $88

CITY OF VALDOSTA, GEORGIA BUDGETARY COMPARSION SCHEDULE

YOUTH RECREATION SCHOLARSHIP FUND FOR YEAR ENDED JUNE 30, 2014

BUDGETED AMOUNTS

108

VARIANCE WITH FINAL BUDGET

FINAL OVER BUDGET ACTUAL (UNDER)

Revenues: Intergovernmental $1,114,750 $1,114,750 $0

TOTAL REVENUES 1,114,750 1,114,750 0 Expenditures: Expenditures 1,114,750 1,114,750 0

TOTAL EXPENDITURES 0 1,114,750 0 REVENUES OVER EXPENDITURES 1,114,750 0 0

Fund balance - beginning of year - budgetary basis 241,832 241,832 0

FUND BALANCE - END OF YEAR - BUDGETARY BASIS $1,356,582 $241,832 $0

Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures Sources/inflows of resources Actual revenues (budgetary basis) from the budgetary comparison schedule. $1,114,750 Differences - budget to GAAP: None 0 Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $1,114,750

Uses/outflows of resources Actual expenditures (budgetary basis) from the budgetary comparison schedule. $1,114,750 Differences - budget to GAAP: None 0 Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $1,114,750

CITY OF VALDOSTA, GEORGIA SALES TAX 2002 FUND

BUDGETARY COMPARISON SHEDULE FOR THE YEAR ENDED JUNE 30, 2014

109

VARIANCE WITH

FINAL BUDGET

FINAL OVER

BUDGET ACTUAL (UNDER)

Revenues: Intergovernmental $6,930,000 $4,968,759 ($1,961,241) Interest income 0 0 0

TOTAL REVENUES 6,930,000 4,968,759 (1,961,241)

Expenditures:

Capital outlay:

Road improvements 285,362 (25,271) 310,633

Sidewalk improvements 465,297 651,370 (186,073)

Drainage improvements 135,931 45,135 90,796

Traffic improvements 6,312 6,311 1

Piping of ditches 269,141 8,900 260,241

Technology 76,485 60,208 16,277

Taser equipment 0 812 (812)

Youth facility 57,515 840,000 (782,485) Parks & Rec administration offices/gym 0 38,347 (38,347)

Sewer system rehab 213,825 (15,511) 229,336

Wastewater treatment & disposal expansions 0 741,577 (741,577)

Water trans lines phase II 0 848,785 (848,785)

Software & hardware 0 35,024 (35,024)

Municipal auditorium prop acq & design 517,116 120,407 396,709

General administration 36,000 32,588 3,412

Parking deck hospital 0 250,000 (250,000)

Bay extension 125,235 125,174 61

Cemetery improvements 10,000 9,830 170

Withlacoochee repairs 4,996,496 3,318,996 1,677,500

TOTAL EXPENDITURES 7,194,715 7,092,682 102,033

REVENUES OVER EXPENDITURES (264,715) (2,123,923) (1,859,208)

Fund balance - beginning of year - budgetary basis 2,554,649 2,554,649 0

FUND BALANCE (DEFICIT) - END OF YEAR - BUDGETARY BASIS $2,289,934 $430,726 ($1,859,208)

Explanation of Differences between Budgetary Inflows and Outflows and GAAP

Revenues and Expenditures

Sources/inflows of resources

Actual revenues (budgetary basis) from the budgetary

comparison schedule. $4,968,759

Differences - budget to GAAP:

None 0

Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $4,968,759

Uses/outflows of resources

Actual expenditures (budgetary basis) from the budgetary

comparison schedule. $7,092,682

Differences - budget to GAAP:

Encumbrances for remaining fiscal year items are recorded current year for budgetary purposes,

but in the year of actual payment for financial reporting purposes. 1,883,219

Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $8,975,901

CITY OF VALDOSTA, GEORGIA SALES TAX 2007 FUND

BUDGETARY COMPARISON SHEDULE FOR THE YEAR ENDED JUNE 30, 2014

110

VARIANCE WITH

FINAL BUDGET

FINAL OVER

BUDGET ACTUAL (UNDER)

Revenues: Intergovernmental $945,847 $4,968,949 $4,023,102

TOTAL REVENUES 945,847 4,968,949 4,023,102

Expenditures:

Capital outlay:

Road improvements 18,360 18,360 0

Drainage improvements 160,560 160,560 0

Technology police 560,384 560,384 0

GEFA debt repayment for Force Main Project 30,651 30,651 0

Manhole/liner rehabilitation 59,594 59,594 0

Sewer collections smoke testing 113,787 113,787 0

Withlacoochee sewer plant 2,511 2,511 0

TOTAL EXPENDITURES 945,847 945,847 0

REVENUES OVER EXPENDITURES 0 4,023,102 4,023,102

Fund balance - beginning of year - budgetary basis 0 0 0

FUND BALANCE (DEFICIT) - END OF YEAR - BUDGETARY BASIS $0 $4,023,102 $4,023,102

Explanation of Differences between Budgetary Inflows and Outflows and GAAP

Revenues and Expenditures

Sources/inflows of resources

Actual revenues (budgetary basis) from the budgetary

comparison schedule. $4,968,949

Differences - budget to GAAP:

None 0

Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $4,968,949

Uses/outflows of resources

Actual expenditures (budgetary basis) from the budgetary

comparison schedule. $945,847

Differences - budget to GAAP:

Encumbrances for remaining fiscal year items are recorded current year for budgetary purposes,

but in the year of actual payment for financial reporting purposes. (606,204)

Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $339,643

CITY OF VALDOSTA, GEORGIA SALES TAX 2013 FUND

BUDGETARY COMPARISON SHEDULE FOR THE YEAR ENDED JUNE 30, 2014

111

VARIANCE WITH FINAL BUDGET

FINAL OVER BUDGET ACTUAL (UNDER)

Revenues: Intergovernmental $2,354,080 $2,034,308 ($319,772) Interest revenue 0 18,849 18,849

TOTAL REVENUES 2,354,080 2,053,157 (300,923)

Capital outlay: Airport improvement 2,354,080 2,002,858 351,222

TOTAL EXPENDITURES 2,354,080 2,002,858 351,222 REVENUES UNDER EXPENDITURES 0 50,299 50,299

Fund balance - beginning of year - budgetary basis 273,385 273,385 0

FUND BALANCE - END OF YEAR - BUDGETARY BASIS $273,385 $323,684 $50,299

Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures Sources/inflows of resources Actual revenues (budgetary basis) from the budgetary comparison schedule. $2,053,157 Differences - budget to GAAP: None 0 Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $2,053,157

Uses/outflows of resources Actual expenditures (budgetary basis) from the budgetary comparison schedule. $2,002,858 Differences - budget to GAAP: None 0 Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $2,002,858

CITY OF VALDOSTA, GEORGIA BUDGETARY COMPARISON SCHEDULE

AIRPORT DEVELOPMENT FUND FOR THE YEAR ENDED JUNE 30, 2014

112

VARIANCE WITH FINAL BUDGET

FINAL OVER BUDGET ACTUAL (UNDER)

Operating revenues: Interest income $500 $76 ($424) Contributions 41,000 27,003 (13,997) Rental income 19,875 21,352 1,477

TOTAL OPERATING REVENUES 61,375 48,431 (12,944) Operating expenditures: Other services and charges 6,000 9,159 (3,159)

TOTAL OPERATING EXPENDITURES 6,000 9,159 (3,159)

REVENUES OVER (UNDER) EXPENDITURES 55,375 39,272 (16,103) Fund Balance - beginning of year - budgetary basis 1,578,163 1,578,163 0

FUND BALANCE - END OF YEAR - BUDGETARY BASIS $1,633,538 $1,617,435 ($16,103)

Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures

Sources/inflows of resources

Actual revenues (budgetary basis) from the budgetary comparison schedule. $48,431 Differences - budget to GAAP: None 0 Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $48,431

Uses/outflows of resources Actual expenditures (budgetary basis) from the budgetary comparison schedule. $9,159 Differences - budget to GAAP: None 0 Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds. $9,159

CITY OF VALDOSTA, GEORGIA SUNSET HILL FUND

BUDGETARY COMPARISON SCHEDULE FOR THE YEAR ENDED JUNE 30, 2014

113

N o n - M a j o r E n t e r p r i s e F u n d s

Inspection Fund - to finance and account for the cost of providing inspection of residential and commercial buildings within Lowndes County and to regulate zoning issues within Lowndes County.

Auditorium Fund - to account for the revenue and costs associated with operating the Mathis City Auditorium.

Motor Fuel Fund - to account for the revenue and costs associated with the sale of motor fuel to other governmental entities.

114

TOTAL OTHER

ENTERPRISE INSPECTION AUDITORIUM MOTOR FUEL FUNDS

ASSETS Current assets: Cash $300 $0 $0 $300 Receivables (net) Accounts 220 0 25,794 26,014 Due from other governments and agencies 462 0 40,200 40,662 Total current assets 982 0 65,994 66,976 Non-current assets: Capital assets: Equipment 272,603 0 0 272,603

272,603 0 0 272,603 Less accumulated depreciation (272,603) 0 0 (272,603) Net capital assets 0 0 0 0 Total assets $982 $0 $65,994 $66,976

LIABILITIES Current liabilities: Accounts payable $15,507 $7,666 $0 $23,173 Due to other funds 0 0 36,486 36,486 Compensated absences 32,371 1,336 0 33,707

Total current liabilities 47,878 9,002 36,486 93,366 Non-current liabilities (payable from unrestricted assets): Compensated absences 7,901 0 0 7,901 Advances from other funds 729,705 688,978 0 1,418,683

Total non-current liabilities (payable from unrestricted assets) 737,606 688,978 0 1,426,584

Total liabilities 785,484 697,980 36,486 1,519,950

NET POSITION Unrestricted (784,502) (697,980) 29,508 (1,452,974)

Total net position (deficit) ($784,502) ($697,980) $29,508 ($1,452,974)

CITY OF VALDOSTA, GEORGIA COMBINING STATEMENT OF NET POSITION

OTHER ENTERPRISE FUNDS JUNE 30, 2014

ENTERPRISE FUNDS

115

TOTAL OTHER

ENTERPRISE INSPECTION AUDITORIUM MOTOR FUEL FUNDS

Operating revenues: Permits $745,940 $0 $0 $745,940 Charges for services 38,462 42,536 542,151 623,149 TOTAL OPERATING REVENUES 784,402 42,536 542,151 1,369,089

Operating expenses: Personal services 769,396 74,720 0 844,116 Contractual services 36,832 91,914 0 128,746 Supplies 15,663 13,531 532,183 561,377 Travel and training 2,308 0 0 2,308 Other services and charges 134,348 9,971 237 144,556 TOTAL OPERATING EXPENSES 958,547 190,136 532,420 1,681,103 OPERATING INCOME (LOSS) (174,145) (147,600) 9,731 (312,014)

INCOME (LOSS) BEFORE TRANSFERS (174,145) (147,600) 9,731 (312,014)

Transfers in 400,000 0 0 400,000

Transfers out (92,996) (2,583) 0 (95,579)

307,004 (2,583) 0 304,421

Change in Net Position 132,859 (150,183) 9,731 (7,593)

NET POSITION - BEGINNING (917,361) (547,797) 19,777 (1,445,381)

NET POSITION - ENDING ($784,502) ($697,980) $29,508 ($1,452,974)

CITY OF VALDOSTA, GEORGIA COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION

OTHER ENTERPRISE FUNDS FOR THE YEAR ENDED JUNE 30, 2014

ENTERPRISE FUNDS

116

TOTAL

OTHER

ENTERPRISE

INSPECTION AUDITORIUM MOTOR FUEL FUNDS

NET CHANGE IN CASH

Cash flows from operating activities:

Cash received from customers $784,182 $42,536 $542,642 $1,369,360

Cash payments to suppliers for goods and services (330,730) 36,089 (542,642) (837,283)

Cash payments to employees for services (760,456) (76,042) 0 (836,498)

Net change in cash from operating activities (307,004) 2,583 0 (304,421)

Cash flows from noncapital financing activities:

Transfers-in from other funds 400,000 0 0 400,000

Transfers-out to other funds (92,996) (2,583) 0 (95,579)

Net change in cash from noncapital financing activities 307,004 (2,583) 0 304,421

Net change in cash 0 0 0 0 Cash beginning of year 300 0 0 300

Cash at end of year $300 $0 $0 $300

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CHANGE IN CASH FROM OPERATING ACTIVITIES

Operating income (loss) ($174,145) ($147,600) $9,731 ($312,014) Adjustments to reconcile operating income (loss) to net change in cash from operating activities: Change in assets and liabilities: Decrease (increase) in accounts receivable (220) 0 491 271 Increase in due from other governments and agencies 0 0 (36,977) (36,977) Increase in accounts payable 1,251 885 0 2,136 Increase (decrease) in compensated absences 6,875 (1,322) 0 5,553 Increase in due to other funds 0 0 26,755 26,755 Increase (decrease) in advances from other funds (140,765) 150,620 0 9,855 Net change in cash from operating activities ($307,004) $2,583 $0 ($304,421)

CITY OF VALDOSTA, GEORGIA

COMBINING STATEMENT OF CASH FLOWS

OTHER ENTERPRISE FUNDS

FOR THE YEAR ENDED JUNE 30, 2014

ENTERPRISE FUNDS

117

I n t e r n a l S e r v i c e F u n d s

Motor Pool Fund- to account for the cost of operating a maintenance facility for automotive equipment. The fund purchases the automotive equip- ment and leases the equipment to user departments on a predetermined per mile basis or monthly rate based on accumulated historical costs.

Group Insurance Fund- to account for transactions related to the provision of health care benefits for career employees of the City.

Workman’s Compensation Fund - to account for the transactions related to the workman’s compensation claims paid by the City.

IT Service Fund - to account for the cost of providing information tech- nology to user departments.

118

TOTAL

GROUP WORKMEN'S IT INTERNAL

MOTOR POOL INSURANCE COMPENSATION SERVICES SERVICE FUNDS

ASSETS

Current assets:

Cash $0 $0 $64,941 $12,309 $77,250

Investments 0 0 0 84,259 84,259

Receivables

Accounts 1,559 16,009 0 0 17,568

Due from other governments and agencies 0 0 0 1,915 1,915

Due from other funds 0 581,135 49,585 29,536 660,256

Inventories at cost 380,270 0 0 0 380,270

Prepaid expenses 0 0 0 2,536 2,536

Total current assets 381,829 597,144 114,526 130,555 1,224,054

Noncurrent assets:

Land 92,563 0 0 0 92,563

Land improvements 383,595 0 0 0 383,595

Buildings and structures 466,899 0 0 0 466,899

Motor vehicles 15,509,676 0 0 0 15,509,676

Equipment 2,450,035 0 0 51,852 2,501,887

18,902,768 0 0 51,852 18,954,620

Less accumulated depreciation (16,202,673) 0 0 (12,099) (16,214,772)

Net capital assets (net of accumulated depreciation) 2,700,095 0 0 39,753 2,739,848

Total assets $3,081,924 $597,144 $114,526 $170,308 $3,963,902

LIABILITIES

Current liabilities:

Accounts payable $565,784 $567,608 $38,146 $170,308 $1,341,846

Compensated absences (current portion) 17,800 0 0 0 17,800

Due to other funds 1,212,967 29,536 0 0 1,242,503

Total current liabilities 1,796,551 597,144 38,146 170,308 2,602,149

Noncurrent liabilities:

Compensated absences 21,068 0 0 0 21,068

Advances from other funds 1,264,305 0 0 0 1,264,305

Total liabilities 3,081,924 597,144 38,146 170,308 3,887,522

NET POSITION

Net investment in capital assets 2,700,095 0 0 39,753 2,739,848

Unrestricted (2,700,095) 0 76,380 (39,753) (2,663,468)

Total net position $0 $0 $76,380 $0 $76,380

INTERNAL SERVICE FUNDS

CITY OF VALDOSTA, GEORGIA COMBINING STATEMENT OF NET POSITION

INTERNAL SERVICE FUNDS JUNE 30, 2014

GOVERNMENTAL ACTIVITIES

119

TOTAL GROUP WORKMEN'S IT INTERNAL

MOTOR POOL INSURANCE COMPENSATION SERVICES SERVICE FUNDS

Operating revenues: Charges for services $3,926,118 $4,320,401 $593,051 $939,297 $9,778,867 Miscellaneous revenues 10,400 143,267 0 0 153,667

TOTAL OPERATING REVENUES 3,936,518 4,463,668 593,051 939,297 9,932,534

Operating expenses: Personal services 572,369 0 0 135,242 707,611 Contractual services 163,629 1,688,102 0 455,310 2,307,041 Claims paid 362 6,449,433 390,382 0 6,840,177 Supplies 2,388,684 15,405 0 5,763 2,409,852 Travel and training 207 0 0 1,831 2,038 Other services and charges 272,475 711 126,289 330,784 730,259 Depreciation expense 685,333 0 0 10,371 695,704

TOTAL OPERATING EXPENSES 4,083,059 8,153,651 516,671 939,301 13,692,682

OPERATING LOSS (146,541) (3,689,983) 76,380 (4) (3,760,148) Nonoperating revenue (expenses): Interest income 0 0 0 4 4 Gain on sale of assets 6,201 0 0 0 6,201

TOTAL NON-OPERATING REVENUES (EXPENSES) 6,201 0 0 4 6,205

NET INCOME (LOSS) BEFORE CONTRIBUTIONS AND TRANSFERS (140,340) (3,689,983) 76,380 0 (3,753,943)

Capital contributions 153,307 0 0 0 153,307 Transfers in 0 3,689,983 0 0 3,689,983 Transfer out (12,967) 0 0 0 (12,967)

140,340 3,689,983 0 0 3,830,323

CHANGE IN NET POSITION 0 0 76,380 0 76,380

NET POSITION - BEGINNING 0 0 0 0 0 NET POSITION - ENDING $0 $0 $76,380 $0 $76,380

INTERNAL SERVICE FUNDS

CITY OF VALDOSTA, GEORGIA COMBINING STATEMENT OF REVENUES, EXPENSES

AND CHANGES IN FUND NET POSITION INTERNAL SERVICE FUNDS

FOR THE YEAR ENDED JUNE 30, 2014

GOVERNMENTAL ACTIVITIES

120

TOTAL GROUP WORKMEN'S IT INTERNAL

MOTOR POOL INSURANCE COMP SERVICES SERVICE FUNDS

Cash flows from operating activities: Cash received from customers $3,934,959 $4,554,216 $593,051 $937,382 $10,019,608 Cash payments to suppliers for goods and services ($2,917,487) (8,433,255) (567,419) (916,648) (12,834,809) Cash payments to employees for services ($575,746) 0 0 0 (575,746)

Net change in cash from operating activities 441,726 (3,879,039) 25,632 20,734 (3,390,947)

Cash flows from non capital financing activities: Transfer in from other fund 0 3,689,983 0 0 3,689,983 Transfer out to other fund (12,967) 0 0 0 (12,967)

Net change in cash from capital financing activities (12,967) 3,689,983 0 0 3,677,016

Cash flows from capital and related financing activities: Acquisition and construction of capital assets ($434,960) 0 0 0 (434,960) Sale of capital assets $6,201 0 0 0 6,201

Net change in cash from capital and related financing activities (428,759) 0 0 0 (428,759)

Cash flows from investing activities: Purchase of investment securities 0 0 0 (25,920) (25,920) Interest and dividends on investments 0 0 0 4 4

Net change in cash from investing activities 0 0 0 (25,916) (25,916) Net change in cash 0 (189,056) 25,632 (5,182) (168,606) Cash at beginning of year 0 189,056 39,309 17,491 245,856

Cash at end of year $0 $0 $64,941 $12,309 $77,250

RECONCILIATION OF OPERATING INCOME (LOSS) NET CHANGE IN CASH FROM OPERATING ACTIVITIES:

Operating income (loss) ($146,541) ($3,689,983) $76,380 ($4) ($3,760,148) Adjustments to reconcile operating income (loss) to net change in cash from operating activities: Depreciation 685,333 0 0 10,371 695,704 Change in assets and liabilities: (Increase) decrease in accounts receivable (1,559) 90,548 0 0 88,989 (Increase) in due from other funds 0 (534,788) (46,592) (29,536) (610,916) (Increase) in due from other governments and agencies 0 0 0 (1,915) (1,915) (Increase) in inventory (19,747) 0 0 0 (19,747) (Increase) in prepaid expenses 0 0 0 (2,536) (2,536) Increase (Decrease) increase in accounts payable 345,270 225,648 (4,156) 44,354 611,116 Increase in compensated absences 4,358 0 0 0 4,358 Increase in due to other funds 1,112,967 29,536 0 0 1,142,503 (Decrease) in advances from other funds (1,538,355) 0 0 0 (1,538,355)

Net change in cash from operating activities $441,726 ($3,879,039) $25,632 $20,734 ($3,390,947)

NONCASH INVESTING, CAPITAL AND FINANCING ACTIVITIES

Contributed capital assets from SPLOST VI 125,174 0 0 0 125,174 Contributed capital assets from General Fund 2,133 0 0 0 2,133 Contributed capital assets from Police Grant 26,000 0 0 0 26,000

CITY OF VALDOSTA, GEORGIA COMBINING STATEMENT OF CASH FLOWS

INTERNAL SERVICE FUNDS FOR THE YEAR ENDED JUNE 30, 2014

121

Agency Funds Tree Commission Agency Fund - to account for monies collected for the Tree Commission.

Evidence Agency Fund - to account for monies taken in by the Valdosta Police Department but not condemned.

EVIDENCE TOTAL TREE AGENCY FIDUCIARY

COMMISSION FUND FUNDS

ASSETS Cash $53,124 $3,538 $56,662 Investments 7,352 11,570 18,922

Total assets $60,476 $15,108 $75,584

LIABILITIES Due to other governments and agencies $60,476 $0 $60,476 Due to others 0 15,108 15,108

Total liabilities $60,476 $15,108 $75,584

FIDUCIARY FUNDS JUNE 30, 2014

CITY OF VALDOSTA, GEORGIA COMBINING STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES

122

Balance Balance June 30, 2013 Additions Deductions June 30, 2014

ASSETS Cash $50,595 $6,884 $4,355 $53,124 Investments 7,315 37 0 7,352

Total assets $57,910 $6,921 $4,355 $60,476

LIABILITIES Liabilities: Due to: Other governments and agencies $57,910 $6,921 $4,355 $60,476

Total liabilities $57,910 $6,921 $4,355 $60,476

Balance Balance June 30, 2013 Additions Deductions June 30, 2014

ASSETS Cash $2,034 $6,422 $4,918 $3,538 Investments 15,241 9,194 12,865 11,570 Total assets $17,275 $15,616 $17,783 $15,108

LIABILITIES Liabilities: Due to: Others $17,275 $15,616 $17,783 $15,108 Total liabilities $17,275 $15,616 $17,783 $15,108

CITY OF VALDOSTA, GEORGIA AGENCY FUND

COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES

FOR THE YEAR ENDED JUNE 30, 2014

TREE COMMISSION

EVIDENCE AGENCY FUND

123

S u p p l e m e n t a l F i n a n c i a l D a t a

CITY OF VALDOSTA, GEORGIA

SCHEDULE OF PROJECTS CONSTRUCTED

WITH SPECIAL SALES TAX PROCEEDS

SALES TAX 2002 FUND

For the Year Ended June 30, 2014

Current Estimated Original Revised Current Year Percentage

Estimated Estimated Prior Year Other of No. Project Cost Cost Years SPLOST Sources Total Completion

1 Water and sewer improvements $15,700,000 $15,700,000 $149,048 $1,114,750 $0 $1,263,798 8% 2 Resurfacing 1,750,000 1,750,000 2,299,016 0 0 2,299,016 100% 3 Streets/sidewalks 4,500,000 4,500,000 3,876,268 0 0 3,876,268 86% 4 Drainage 4,000,000 4,000,000 5,979,745 0 0 5,979,745 100% 5 Environmental compliance 500,000 500,000 0 0 0 0 0% 6 Sanitation equipment 1,350,000 1,350,000 981,994 0 0 981,994 73% 7 Traffic enhancement and safety 1,000,000 1,000,000 2,524,431 0 0 2,524,431 100% 8 Intersection improvement 2,750,000 2,750,000 1,782,323 0 0 1,782,323 65% 9 Saunders park 1,000,000 1,304,337 1,304,337 0 0 1,304,337 100%

10 Freedom park 2,000,000 2,000,000 232,623 0 0 232,623 12% 11 New district 5 park 1,500,000 1,500,000 688,812 0 0 688,812 46% 12 Scott park 1,200,000 1,200,000 1,295,293 0 0 1,295,293 100% 13 Rehab existing fire stations 350,000 350,000 848,486 0 0 848,486 100% 14 City hall renovation 700,000 708,210 869,908 0 0 869,908 100% 15 Customer service expansion 300,000 360,620 360,620 0 0 360,620 100% 16 Streetscape expansion 500,000 500,000 421,012 0 0 421,012 84% 17 St. Augustine underpass 3,000,000 3,000,000 452 0 0 452 0% 18 Crime lab 200,000 200,000 704,300 0 0 704,300 100% 19 Public safety AVL 750,000 750,000 750,000 0 0 750,000 100% 20 Cemetery improvements 200,000 207,767 207,767 0 0 207,767 100% 21 McKey park 300,000 300,000 410,261 0 0 410,261 100% 22 Mathis auditorium 75,000 78,109 78,109 0 0 78,109 100% 23 Craig center 75,000 114,828 115,653 0 0 115,653 100% 24 Minor park improvements 900,000 900,000 705,885 0 0 705,885 78% 25 New station #1 headquarters 1,500,000 1,585,849 1,595,521 0 0 1,595,521 100% 26 Upgrade drill training facility 250,000 250,000 3,571 0 0 3,571 1% 27 100' aerial ladder truck 750,000 788,626 788,626 0 0 788,626 100% 28 Hydraulic rescue tools 150,000 150,000 99,292 0 0 99,292 66% 29 Renovate station #1 (court) 500,000 801,273 1,618,766 0 0 1,618,766 100% 30 Police department 700,000 700,000 535,906 0 0 535,906 77% 31 Technology improvement 0 87,949 235,305 0 0 235,305 0% 32 Vallotton Park 750,000 750,000 240,894 0 0 240,894 32% 33 Other Municipal Improvements 1,895,000 1,895,000 0 0 0 0 0% 34 Multi use trail 0 0 144,262 0 0 144,262 0% 35 Adair street property 0 0 55,000 0 0 55,000 0% 36 Publics works tanks 0 0 93,732 0 0 93,732 0% 37 Water plant and related 0 0 12,334,872 0 0 12,334,872 0% 38 Engineering 0 0 72,397 0 0 72,397 0% 39 Court 0 0 114,424 0 0 114,424 0% 40 Community development 0 0 97,466 0 0 97,466 0% 41 Sanitation res collection 0 0 184,934 0 0 184,934 0% 42 Public works property 0 0 1,028,488 0 0 1,028,488 0% 43 W/S utility facility building 0 0 22,992 0 0 22,992 0%

Subtotal 51,095,000 52,032,568 45,852,791 1,114,750 0 46,967,541 Transfer in 0 0 (91,832) 0 0 (91,832) Transfer out 0 0 130,508 0 0 130,508

TOTAL $51,095,000 $52,032,568 $45,891,467 $1,114,750 $0 $47,006,217

Schedule accounts for the total funding to be received under the 2002 SPLOST referendum.

124

CITY OF VALDOSTA, GEORGIA

SCHEDULE OF PROJECTS CONSTRUCTED

WITH SPECIAL SALES TAX PROCEEDS

SALES TAX 2007 FUND

For the Year Ended June 30, 2014

Current Estimated Original Revised Current Year Percentage

Estimated Estimated Prior Year Other of No. Project Cost Cost Years SPLOST Sources Total Completion

1 Resurfacing $2,500,000 $3,948,206 $3,141,645 821,115 ($124,056) $3,838,704 97% 2 Road improvements 10,000,000 6,800,102 4,967,306 1,284,254 0 6,251,560 92% 3 Sidewalk improvements 2,000,000 2,600,115 1,220,111 1,325,723 0 2,545,834 98% 4 Intersection improvements 2,500,000 270,331 270,330 0 0 270,330 100% 5 Drainage improvements 4,000,000 3,986,121 3,819,741 48,010 0 3,867,751 100% 6 Traffic improvements 1,000,000 262,590 336,055 44,696 0 380,751 100% 7 Street maintenance repairs 500,000 152,223 152,223 0 0 152,223 100% 8 Piping of ditches 1,500,000 210,730 0 3,269 0 3,269 2% 9 Crime lab equipment and land acq 1,500,000 2,449,422 2,449,421 0 0 2,449,421 100%

10 Driving simulator 200,000 0 0 0 0 0 0% 11 Technology (EVOC range) 200,000 374,946 295,347 60,208 0 355,555 95% 12 Parking overhang 100,000 0 0 0 0 0 0% 13 Taser equipment 150,000 52,465 48,950 812 0 49,762 95% 14 Records management software 600,000 300,000 348,250 0 0 348,250 100% 15 District 1 parks 1,000,000 332,445 236,992 0 0 236,992 71% 16 Youth facility 3,000,000 3,000,000 2,160,000 840,000 0 3,000,000 100% 17 Tennis center - McKey park 2,000,000 1,445,372 1,448,843 0 0 1,448,843 100% 18 Azalea city trail - west extension 1,500,000 0 0 0 0 0 0% 19 General park improvements 1,000,000 90,573 90,573 0 0 90,573 100% 20 Property purchase for park 2,000,000 1,000,000 1,000,000 0 0 1,000,000 100% 21 Community/senior citizen expansion 255,828 343,006 343,006 0 0 343,006 100% 22 Senior citizen pool 500,000 501,418 501,418 0 0 501,418 100% 23 Fire safety educational training area 500,000 118,290 118,290 0 0 118,290 100% 24 3 bay fire station - Bemiss road 1,250,000 0 0 0 0 0 0% 25 1500 GPM pumper truck 350,000 875,000 874,522 0 0 874,522 100% 26 100 ft aerial platform truck 850,000 0 0 0 0 0 0% 27 Training facility improvements 750,000 0 0 0 0 0 0% 28 Water & sewer services for annexed islands 5,000,000 0 0 0 0 0 0% 29 Sewer system rehabilitation 5,000,000 2,814,519 3,192,628 6,100 0 3,198,728 100% 30 Wastewater treatment & disposal expansions 5,000,000 3,791,355 2,235,216 741,577 0 2,976,793 79% 31 Water transmission lines phase II 3,000,000 1,807,582 1,556,365 848,785 0 2,405,150 100% 32 Refuse trucks 1,000,000 1,061,554 1,061,554 0 0 1,061,554 100% 33 Benion property improvements 500,000 9,775 9,775 0 0 9,775 100% 34 New recycle center 300,000 21,920 21,919 0 0 21,919 100% 35 Miscellaneous 200,000 36,751 23,210 0 0 23,210 63% 36 Software & hardware 1,500,000 1,505,265 1,505,264 35,024 0 1,540,288 100% 37 Municipal auditorium (prop acq & design) 5,000,000 4,801,258 4,387,139 3,625 0 4,390,764 91% 38 General 1,000,000 115,233 79,233 32,588 0 111,821 100% 39 Gateway redevelopment 500,000 519 519 0 0 519 100% 40 Contingency 550,000 0 0 0 0 0 0% 41 Airport authority 1,000,000 900,000 1,175,264 0 0 1,175,264 100% 42 Parking deck Hospital 1,500,000 250,000 0 250,000 0 250,000 100% 43 Parks and Rec administration offices/gym 0 891,486 889,809 41,290 0 931,099 104% 44 Freedom park expansion 0 1,129,073 1,129,073 0 0 1,129,073 100% 45 MLK memorial park 0 0 5,787 0 0 5,787 0% 46 Health Clinic 0 65,589 65,589 0 0 65,589 100% 47 Municipal Auditorium 0 218,973 362,519 120,407 0 482,926 100% 48 Miscellaneous Parks Improvements 0 4,905 4,905 0 0 4,905 100% 49 Water Treatment Plant By-Pass 0 89,002 89,002 0 0 89,002 100% 50 Bay Extension 0 140,000 28,306 125,174 0 153,480 100% 51 Transportation Master Plan 0 108,154 0 0 0 0 0% 52 Cemetery Improvements 0 0 0 9,830 0 9,830 0% 53 Withlacoochee Repairs 0 3,548,631 0 2,333,414 0 2,333,414 66%

Subtotal 72,755,828 52,424,899 41,646,099 8,975,901 (124,056) 50,497,944 Transfer in 0 0 (362,036) 0 0 (362,036)

TOTAL $72,755,828 $52,424,899 $41,284,063 $8,975,901 ($124,056) $50,135,908

Schedule accounts for the total funding to be received under the 2007 SPLOST referendum.

125

CITY OF VALDOSTA, GEORGIA

SCHEDULE OF PROJECTS CONSTRUCTED

WITH SPECIAL SALES TAX PROCEEDS

SALES TAX 2013 FUND

For the Year Ended June 30, 2014

Current Estimated Original Revised Current Year Percentage

Estimated Estimated Prior Year Other of No. Project Cost Cost Years SPLOST Sources Total Completion

1 Resurfacing $2,000,000 $2,000,000 $0 0 ($446,354) ($446,354) 0% 2 Road improvements 3,075,000 3,075,000 0 13,770 0 13,770 1% 3 Sidewalk improvements 2,000,000 2,000,000 0 0 0 0 0% 4 Intersection improvements 200,000 200,000 0 0 0 0 0% 5 Drainage improvements 3,000,000 3,000,000 0 76,457 0 76,457 3% 6 Traffic improvements 750,000 750,000 0 0 0 0 0% 7 Street maintenance repairs 350,000 350,000 0 0 0 0 0% 8 Piping of ditches 300,000 300,000 0 0 0 0 0% 9 Police buildings 130,000 130,000 0 0 0 0 0%

10 Police contingency 105,000 105,000 0 0 0 0 0% 11 Public safety radio 2,505,000 2,505,000 0 0 0 0 0% 12 Technology police 633,000 633,000 0 45,384 0 45,384 7% 13 Police weapons 127,000 127,000 0 0 0 0 0% 14 Miscellaneous parks and recreation projects 1,000,000 1,000,000 0 0 0 0 0% 15 100' aerial fire truck 1,100,000 1,100,000 0 0 0 0 0% 16 County wide radio 2,000,000 2,000,000 0 0 0 0 0% 17 Pumper trucks 1,600,000 1,600,000 0 0 0 0 0% 18 Public works claw truck 435,000 435,000 0 0 0 0 0% 19 Miscellaneous equipment 80,000 80,000 0 0 0 0 0% 20 Front end loader 530,000 530,000 0 0 0 0 0% 21 Pelican sweeper 165,000 165,000 0 0 0 0 0% 22 Refuse trucks 960,000 960,000 0 0 0 0 0% 23 Rear end loader 330,000 330,000 0 0 0 0 0% 24 Water and sewer contingency 5,257,186 5,257,186 0 0 0 0 0% 25 Sewer collections system 20,000,000 20,000,000 0 0 0 0 0% 26 Equipment 375,000 375,000 0 0 0 0 0% 27 GEFA debt repayment for Force Main Project 6,034,554 6,034,554 0 30,651 0 30,651 1% 28 Manhole/liner rehabilitation 3,100,000 3,100,000 0 59,594 0 59,594 2% 29 Sewer collections smoke testing 633,260 633,260 0 113,787 0 113,787 18% 30 Withlacoochee sewer plant 20,000,000 20,000,000 0 0 0 0 0% 31 Downtown 500,000 500,000 0 0 0 0 0% 32 Mathis auditorium 250,000 250,000 0 0 0 0 0% 33 Software & hardware 500,000 500,000 0 0 0 0 0%

TOTAL $80,025,000 $80,025,000 $0 $339,643 ($446,354) ($106,711)

Schedule accounts for the total funding to be received under the 2013 SPLOST referendum.

126

127

S t a t i s t i c a l

( U n a u d i t e d ) S e c t i o n

City of Valdosta, Georgia Statistical Section

(Unaudited) This part of the City of Valdosta’s comprehensive annual financial report presents detailed information as a context for understanding this year’s financial statements, note disclosures, and supplementary information. This section includes data for the City (i.e., the primary government) only and does not include the City’s discretely presented component unit. This information has not been audited by the independent auditor. Financial Trends These tables contain trend information that may assist the reader in assessing the City’s current financial performance by placing it in historical perspective. Revenue Capacity These tables contain information that may assist the reader is assessing the viability of the City’s two most significant “own-source” revenue sources, water/sewer fees and property taxes. Debt Capacity These tables present information that may assist the reader in analyzing the affordability of the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future. Demographic and Economic Information These tables offer economic and demographic indicators that are commonly used for financial analysis and that can inform one’s understanding the City’s present and ongoing financial status. Operating Information These tables contain service and infrastructure indicators that can inform one’s understanding how the information in the City’s financial statements relates to the services the City provides and the activities it performs. Source: Unless otherwise noted, the information in these tables is derived from the annual financial reports for the relevant year.

128

CITY OF VALDOSTA, GEORGIA

Net Position by Component

Last Ten Fiscal Years

(accrual basis of accounting)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Governmental activities Net Investment in Capital Assets $129,138,910 $134,779,576 $140,073,166 $142,529,877 $140,740,030 $141,810,546 $136,535,181 $132,580,868 $132,065,895 $130,310,228 Restricted 0 0 0 0 5,865,897 2,148,289 5,426,814 9,910,542 8,345,295 4,545,543 Unrestricted 14,358,771 15,067,834 14,841,980 16,437,761 10,515,004 8,289,776 4,020,845 (795,246) (5,970,254) (7,135,321) Total governmental activities net position $143,497,681 $149,847,410 $154,915,146 $158,967,638 $157,120,931 $152,248,611 $145,982,840 $141,696,164 $134,440,936 $127,720,450

Business-type activities Net Investment in Capital Assets $54,130,127 $65,776,928 $70,316,009 $75,084,728 $85,383,196 $93,844,326 $92,578,491 $95,909,403 $101,298,255 $106,519,347 Restricted 1,819,256 1,901,402 1,999,816 1,960,292 0 0 0 0 0 0 Unrestricted 7,656,889 8,999,650 10,783,976 7,395,534 610,509 (2,328,920) 901,087 (2,300,288) (2,694,424) (4,367,660) Total business-type activities net position $63,606,272 $76,677,980 $83,099,801 $84,440,554 $85,993,705 $91,515,406 $93,479,578 $93,609,115 $98,603,831 $102,151,687

Primary government Net Investment in Capital Assets $183,269,037 $200,556,504 $210,389,175 $217,614,605 $226,123,226 $235,654,872 $229,113,672 $228,490,271 $233,364,150 $236,829,575 Restricted 1,819,256 1,901,402 1,999,816 1,960,292 5,865,897 2,148,289 5,426,814 9,910,542 8,345,295 4,545,543 Unrestricted 22,015,660 24,067,484 25,625,956 23,833,295 11,125,513 5,960,856 4,921,932 (3,095,534) (8,664,678) (11,502,981) Total primary government net position $207,103,953 $226,525,390 $238,014,947 $243,408,192 $243,114,636 $243,764,017 $239,462,418 $235,305,279 $233,044,767 $229,872,137

129

CITY OF VALDOSTA, GEORGIA

Changes in Net Positions

Last Ten Fiscal Years

(accrual basis of accounting)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Expenses

Governmental activities

General government $15,193,775 $26,576,605 $20,433,405 $16,079,650 $21,051,823 $24,949,781 $22,509,701 $24,645,893 $22,929,060 $22,657,247 Public safety 13,982,393 15,488,056 16,393,539 18,198,511 18,948,740 20,218,017 20,016,681 20,542,890 20,074,107 21,558,234 Culture - recreation 3,724,227 4,136,565 4,110,444 5,417,919 4,757,377 0 0 0 0 0 Public works 1,305,601 1,376,646 1,396,732 1,721,811 1,791,236 2,150,240 1,893,485 1,872,351 1,613,315 1,597,172 Community development 1,085,124 1,135,390 1,314,820 1,686,051 1,214,273 1,125,956 1,110,945 1,101,147 1,042,940 1,276,726 Interest on long-term debt 15,126 923 0 0 0 0 0 0 0 9,846 Total governmental activities 35,306,246 48,714,185 43,648,940 43,103,942 47,763,449 48,443,994 45,530,812 48,162,281 45,659,422 47,099,225

Business-type activities

Sanitation 3,070,821 3,845,371 3,436,833 3,793,083 4,269,920 4,124,236 4,379,655 4,392,197 4,482,868 4,611,013 Water and sewer 9,932,394 10,265,738 10,015,706 10,605,817 11,684,974 11,378,940 11,889,430 13,000,285 12,260,646 14,365,317 Inspection 964,596 1,241,269 1,309,675 1,349,936 1,328,557 1,022,811 965,786 970,029 940,143 1,042,114 Zoning 229,065 237,745 200,535 187,132 351,768 377,434 446,049 455,267 359,543 0 DOL building 373,284 375,131 379,478 373,314 357,962 361,234 424,197 368,853 355,022 341,979 Storm Water 0 0 670,369 793,438 914,988 962,042 1,231,214 1,371,900 1,223,050 1,238,148 Auditorium 155,072 178,518 198,972 183,265 224,187 256,933 240,981 249,576 212,676 196,780 Motor fuel 193,758 276,315 302,622 437,855 299,556 388,445 527,982 537,152 556,674 532,420 Total business-type activities 14,918,990 16,420,087 16,514,190 17,723,840 19,431,912 18,872,075 20,105,294 21,345,259 20,390,622 22,327,771 Total primary government $50,225,236 $65,134,272 $60,163,130 $60,827,782 $67,195,361 $67,316,069 $65,636,106 $69,507,540 $66,050,044 $69,426,996

Program Revenues

Governmental activities

Charges for services

General government $3,533,764 $3,753,195 $3,922,148 $334,079 $304,914 $116,678 $94,155 $204,692 $54,692 $103,489 Public safety 1,938,995 1,990,365 2,265,385 2,378,334 2,295,084 2,406,734 2,231,793 2,759,530 2,533,635 2,267,311 Culture - recreation 491,710 566,848 551,903 569,084 872,535 4,815 0 0 0 0 Other activities 12,644 37,831 24,831 100,140 194,471 261,913 263,364 244,771 145,443 255,987 Operating grants and contributions 975,405 495,690 1,488,748 2,010,035 2,955,677 1,678,825 2,386,413 683,356 2,168,333 2,680,619 Capital grants and contributions 396,254 3,726,827 3,726,186 2,761,057 235,523 12,809,115 8,202,070 12,086,133 9,619,416 10,505,462 Total governmental activities program revenues 7,348,772 10,570,756 11,979,201 8,152,729 6,858,204 17,278,080 13,177,795 15,978,482 14,521,519 15,812,868

Business-type activities

Charges for services

Sanitation 3,717,901 3,739,650 4,143,031 4,300,575 4,266,029 4,347,346 4,278,815 4,161,616 4,399,518 4,701,759 Water and sewer 10,795,892 12,621,177 12,730,564 12,499,565 12,286,043 12,655,546 13,817,286 14,230,907 15,240,633 15,383,914 Inspection 1,200,516 1,225,791 1,145,821 1,001,745 777,209 1,009,372 905,977 644,462 642,235 784,402 DOL building 469,157 469,157 469,157 469,157 469,157 469,157 469,157 469,157 469,157 469,157 Storm Water 0 0 1,087,770 1,176,378 1,178,261 1,232,845 1,257,082 1,242,399 1,271,392 1,280,524 Other activities 434,016 516,404 441,140 546,918 378,853 471,094 762,299 737,719 675,301 584,687 Operating grants and contributions 73,888 0 0 0 46,673 459,325 0 269,437 0 0 Capital grants and contributions 0 65,000 0 0 537,407 4,513,063 1,119,880 957,991 758,616 0 Total business-type activities program revenues 16,691,370 18,637,179 20,017,483 19,994,338 19,939,632 25,157,748 22,610,496 22,713,688 23,456,852 23,204,443 Total primary government program revenues $24,040,142 $29,207,935 $31,996,684 $28,147,067 $26,797,836 $42,435,828 $35,788,291 $38,692,170 $37,978,371 $39,017,311

Net (Expense)/Revenue

Governmental activities ($27,957,474) ($38,143,429) ($31,669,739) ($34,951,213) ($40,905,245) ($31,165,914) ($32,353,017) ($32,183,799) ($31,137,903) ($31,286,357) Business-type activities 1,772,380 2,217,092 3,503,293 2,270,498 507,720 6,285,673 2,505,202 1,368,429 3,066,230 876,672 Total primary government net expense ($26,185,094) ($35,926,337) ($28,166,446) ($32,680,715) ($40,397,525) ($24,880,241) ($29,847,815) ($30,815,370) ($28,071,673) ($30,409,685)

General Revenues and Other Changes in Net Assets

Governmental activities

Taxes

Property taxes $10,728,415 $11,367,687 $12,029,033 $8,545,239 $7,983,728 $5,804,625 $5,878,814 $6,022,229 $6,348,885 $6,974,207 Sales tax 18,101,005 31,025,993 22,022,727 19,064,945 21,843,864 9,242,810 9,197,511 9,493,841 9,225,131 8,954,342 Accomodations tax 0 0 0 821,513 1,536,227 1,476,776 1,504,153 1,562,285 1,667,870 1,856,448 Other taxes 0 0 0 8,323,386 8,593,865 8,303,204 8,264,303 8,925,259 8,938,156 8,844,442 Investment earnings 332,336 506,667 651,775 466,490 150,410 292,878 46,580 31,960 27,214 19,831 Miscellaneous 517,696 573,177 502,251 318,093 (85,274) 409,010 640,692 619,479 227,429 587,662 Contributions to permanent fund 51,870 0 0 0 0 0 0 0 0 0 Transfers 1,153,785 1,019,634 1,531,689 1,464,039 1,448,969 771,412 555,193 1,242,070 (2,646,499) (2,671,061) Total governmental activities 30,885,107 44,493,158 36,737,475 39,003,705 41,471,789 26,300,715 26,087,246 27,897,123 23,788,186 24,565,871

Business-type activities

Property taxes 0 89,184 71,473 98,174 0 0 0 0 0 0 Investment earnings 130,871 348,270 595,253 436,120 81,149 7,440 14,163 3,178 792 123 Capital contributions 2,448,355 11,436,796 3,783,491 0 0 0 0 0 0 0 Transfers (1,153,785) (1,019,634) (1,531,689) (1,464,039) (1,448,969) (771,412) (555,193) (1,242,070) 2,692,361 2,671,061 Total business-type activities 1,425,441 10,854,616 2,918,528 (929,745) (1,367,820) (763,972) (541,030) (1,238,892) 2,693,153 2,671,184 Total primary government $32,310,548 $55,347,774 $39,656,003 $38,073,960 $40,103,969 $25,536,743 $25,546,216 $26,658,231 $26,481,339 $27,237,055

Change in Net Position

Governmental activities $2,927,633 $6,349,729 $5,067,736 $4,052,492 $566,544 ($4,865,199) ($6,265,771) ($4,286,676) ($7,349,717) ($6,720,486) Business-type activities 3,197,821 13,071,708 6,421,821 1,340,753 (860,100) 5,521,701 1,964,172 129,537 5,759,383 3,547,856 Total primary government $6,125,454 $19,421,437 $11,489,557 $5,393,245 ($293,556) $656,502 ($4,301,599) ($4,157,139) ($1,590,334) ($3,172,630)

130

CITY OF VALDOSTA, GEORGIA

Fund Balances, Governmental Funds,

Last Ten Fiscal Years

(modifed accrual basis of accounting)

Fiscal Year

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

General Fund

Reserved $1,874,475 $1,653,503 $1,493,568 $1,564,414 $6,155,409 $7,927,686 $0 $0 $0 $0

Unreserved 8,413,029 9,588,697 10,230,912 10,276,936 5,919,560 1,071,975 0 0 0 0

Nonspendable 0 0 0 0 0 0 4,521,846 4,522,249 4,245,727 2,899,736

Restricted 0 0 0 0 0 0 176,391 181,778 151,288 177,245

Committed 0 0 0 0 0 0 10,767 10,767 10,767 10,767

Assigned 0 0 0 0 0 0 701,620 316,892 0 0

Unassigned 0 0 0 0 0 0 0 0 128,039 (1,080,989)

Total General Fund $10,287,504 $11,242,200 $11,724,480 $11,841,350 $12,074,969 $8,999,661 $5,410,624 $5,031,686 $4,535,821 $2,006,759

All Other Governmental Funds

Reserved $4,535,398 $4,444,578 $4,656,963 $8,284,616 $4,083,398 $5,709,854 $0 $0 $0 $0

Unreserved, reported in:

Special revenue funds (1,860,612) (1,771,166) (2,323,132) (2,585,325) (385,432) (13,830) 0 0 0 0

Capital projects funds (4,504,634) (5,053,707) (4,982,373) (2,648,012) 3,979,550 (547,313) 0 0 0 0

Nonspendable, reported in:

Special revenue funds 0 0 0 0 0 0 2,967,676 2,835,801 2,670,464 2,601,916

Capital projects funds 0 0 0 0 0 0 774,135 696,464 573,385 300,000

Permanent funds 0 0 0 0 0 0 1,472,224 1,525,822 1,304,778 1,617,435

Restricted, reported in:

Special revenue funds 0 0 0 0 0 0 128,682 249,087 224,601 409,505

Capital projects funds 0 0 0 0 0 0 3,466,879 7,194,623 5,714,008 6,336,172

Assigned, reported in:

Special revenue funds 0 0 0 0 0 0 107,906 205,630 323,727 404,357

Capital projects funds 0 0 0 0 0 0 763,598 39,966 0 0

Unassigned, reported in:

Special revenue funds 0 0 0 0 0 0 (275,654) (223,869) (104,185) (311,093)

Capital projects funds 0 0 0 0 0 0 (25,757) 0 0 0

Total all other governmental funds ($1,829,848) ($2,380,295) ($2,648,542) $3,051,279 $7,677,516 $5,148,711 $9,379,689 $12,523,524 $10,706,778 $11,358,292

Total all governmental funds $8,457,656 $8,861,905 $9,075,938 $14,892,629 $19,752,485 $14,148,372 $14,790,313 $17,555,210 $15,242,599 $13,365,051

The City of Valdosta implemented GASB 54 for the fiscal year ended June 30, 2011.

Fund balances presented for fiscal years after 2010 are classified according the new standard (see note 1 in the financial statements).

131

CITY OF VALDOSTA, GEORGIA

Changes in Fund Balances, Governmental Funds,

Last Ten Fiscal Years

(modified accrual basis of accounting)

Fiscal Year

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Revenues

Taxes $31,712,880 $45,390,222 $37,436,011 $38,559,386 $28,554,986 $24,755,327 24,345,814 25,550,030 25,647,433 26,306,492

Licenses and permits 353,027 339,199 355,287 350,301 439,643 423,463 394,262 519,109 514,949 508,051

Charges for services 756,132 762,923 726,163 740,615 1,048,126 116,347 384,075 437,959 476,460 376,127

Fines and forfeitures 1,517,246 1,152,529 1,341,798 1,354,321 1,318,613 1,361,565 1,414,425 1,517,532 1,391,867 1,233,369

Interest income 332,335 506,667 698,182 466,492 149,868 314,351 46,581 33,402 27,214 19,831

Contributions 132,803 114,895 128,094 131,843 124,039 44,444 59,507 55,730 64,720 40,764

Miscellaneous 245,778 263,223 240,942 336,547 306,393 272,068 520,475 687,666 599,370 695,265

Intergovernmental 1,277,527 4,861,189 2,616,216 3,409,690 15,102,975 15,843,248 12,238,994 14,151,399 12,627,387 14,681,553

Total revenues 36,327,728 53,390,847 43,542,693 45,349,195 47,044,643 43,130,813 39,404,133 42,952,827 41,349,400 43,861,452

Expenditures

General government 7,158,194 7,684,767 8,198,996 9,338,406 10,560,058 10,802,936 10,777,003 9,917,407 9,623,141 9,818,403

Public safety 13,818,717 15,024,733 15,849,163 17,311,993 17,778,539 18,495,579 20,244,673 18,763,903 18,885,565 19,540,786

Public works 1,321,513 1,412,171 1,462,712 1,624,554 1,658,821 1,940,432 1,260,475 1,721,218 1,469,296 1,381,317

Culture-recreation 3,519,065 3,652,521 3,653,276 3,772,028 4,313,907 0 519,943 0 0 0

Economic development and assistance 1,102,995 1,109,737 1,266,656 1,607,675 1,165,702 1,115,620 1,316,736 1,066,518 1,035,531 1,235,625

Capital outlay 9,924,773 25,116,255 13,766,133 7,333,982 11,110,102 17,024,777 5,767,224 8,191,502 12,370,884 12,474,501

Debt service

Interest 1,357 923 0 0 0 0 0 141,998 141,175 145,862

Principal 4,691 5,125 0 0 0 0 0 13,710 14,533 9,846

Total expenditures 36,851,305 54,006,232 44,196,936 40,988,638 46,587,129 49,379,344 39,886,054 39,816,256 43,540,125 44,606,340

Excess of revenues over (under)

expenditures (523,577) (615,385) (654,243) 4,360,557 457,514 (6,248,531) (481,921) 3,136,571 (2,190,725) (744,888)

Other Financing Sources (Uses)

Capital lease 0 0 0 0 0 0 579,740 0 0 0

Transfers in 1,617,046 1,607,582 2,045,782 1,842,815 6,504,629 3,151,993 2,034,678 3,281,658 2,498,768 2,179,651

Transfers out (463,261) (587,948) (1,177,506) (386,681) (2,102,287) (2,507,575) (1,490,556) (3,653,332) (2,694,456) (3,312,311)

Total other financing sources (uses) 1,153,785 1,019,634 868,276 1,456,134 4,402,342 644,418 1,123,862 (371,674) (195,688) (1,132,660)

Net change in fund balances $630,208 $404,249 $214,033 $5,816,691 $4,859,856 ($5,604,113) $641,941 $2,764,897 ($2,386,413) ($1,877,548)

Debt service as a

percentage of noncapital expenditures 0.022% 0.021% 0.000% 0.000% 0.000% 0.000% 0.000% 0.492% 0.500% 0.485%

The City of Valdosta implemented GASB 44 for the fiscal year ended June 30, 2006.

132

CITY OF VALDOSTA, GEORGIA

Program Revenues by Function/Program

Last Ten Fiscal Years

(accrual basis of accounting)

Program Revenues

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Function/Program

Governmental activities:

General government $3,926,694 $7,470,137 $7,047,025 $2,870,427 $518,237 $7,204,123 $8,106,728 $11,594,766 $8,751,232 $10,348,558

Public safety 2,557,569 2,010,699 3,952,751 3,193,007 4,330,966 5,326,139 3,624,803 3,589,112 4,685,125 4,823,989

Culture - recreation 568,528 619,797 573,334 582,084 890,830 11,791 0 0 0 0

Public works 71,399 422,484 93,748 108,327 117,483 3,446,562 103,835 148,462 734,521 168,377

Public involvement 224,582 47,639 312,343 1,398,884 1,000,688 1,289,465 1,342,429 646,142 350,641 471,944

Subtotal governmental activities 7,348,772 10,570,756 11,979,201 8,152,729 6,858,204 17,278,080 13,177,795 15,978,482 14,521,519 15,812,868

Business-type activities:

Sanitation 3,791,789 3,739,650 4,143,031 4,300,575 4,312,702 4,862,180 4,571,388 4,337,833 4,399,518 4,701,759

Water and sewer 10,795,892 12,686,179 12,730,564 12,499,565 12,823,450 17,036,186 13,885,754 14,230,907 15,658,173 15,383,914

Inspection 1,200,516 1,225,791 1,145,821 1,001,745 777,209 1,009,372 905,977 737,682 642,235 784,402

Zoning 178,036 182,864 80,742 56,437 30,140 117,931 204,679 144,487 61,153 0

DOL building 469,157 469,157 469,157 469,157 469,157 469,157 469,157 469,157 469,157 469,157

Storm Water 0 0 1,087,770 1,176,378 1,178,261 1,232,845 1,257,082 2,200,390 1,612,468 1,280,524

Auditorium 54,940 50,770 50,520 45,380 41,210 31,380 18,407 46,237 47,562 42,536

Motor fuel 201,040 282,770 309,878 445,101 307,503 398,697 539,213 546,995 566,586 542,151

Subtotal business-type activities 16,691,370 18,637,181 20,017,483 19,994,338 19,939,632 25,157,748 21,851,657 22,713,688 23,456,852 23,204,443

Total primary government $24,040,142 $29,207,937 $31,996,684 $28,147,067 $26,797,836 $42,435,828 $35,029,452 $38,692,170 $37,978,371 $39,017,311

133

CITY OF VALDOSTA, GEORGIA

Tax Revenues by Source, Governmental Funds

Last Ten Fiscal Years

(modified accrual basis of accounting)

Fiscal General Gross Receipts

Year Property Sales & Use & Business Other Total

2005 7,589,831 17,381,285 6,546,092 195,672 31,712,880

2006 4,853,252 26,644,343 7,044,517 254,708 38,796,820

2007 8,056,276 21,703,699 7,350,353 324,050 37,434,378

2008 8,411,898 21,145,147 7,940,115 1,062,226 38,559,386

2009 8,984,292 21,054,260 8,100,675 1,712,442 39,851,669

2010 6,183,929 20,502,768 7,712,296 1,611,331 36,010,324

2011 5,807,053 17,942,154 7,716,286 1,634,372 33,099,865

2012 6,088,589 18,265,089 8,916,032 1,562,163 34,831,873

2013 6,452,218 17,705,354 8,318,442 1,667,923 34,143,937

2014 6,841,008 19,436,390 8,654,695 1,856,448 36,788,541

Change

2005-2014 -9.87% 11.82% 32.21% 848.76% 16.01%

134

CITY OF VALDOSTA, GEORGIA

Assessed Value and Actual Value of Taxable Property

Last Nine Fiscal Years

Fiscal Total Total

Year Less: Taxable Direct

Ended Residental Commercial Industrial Utility Agricultural Historic Other Tax-Exempt Assessed Tax

June 30, Property Property Property Property Property Property Property Property Value Rate

2006 $480,315,099 $419,722,088 $209,892,634 $30,520,520 $1,029,714 $979,742 $95,577,555 $129,473,274 $1,108,564,078 4.414

2007 514,895,594 442,873,903 210,228,598 30,661,246 1,016,688 848,857 96,489,639 118,610,386 1,178,404,139 4.400

2008 608,077,263 496,575,674 211,342,704 35,208,321 1,245,605 542,834 100,278,038 135,762,901 1,317,507,538 4.180

2009 646,130,167 519,877,842 267,228,266 31,885,295 1,415,300 555,130 104,308,207 170,386,752 1,401,013,455 4.112

2010 656,256,822 540,518,877 260,797,430 32,714,743 2,275,146 556,930 106,858,670 173,025,160 1,426,953,458 4.131

2011 658,578,350 557,128,860 228,784,772 32,272,532 1,972,320 823,195 96,143,768 153,692,980 1,422,010,817 4.112

2012 659,437,865 547,708,336 245,225,166 32,906,051 1,969,190 822,117 94,767,295 180,228,732 1,402,607,288 4.112

2013 646,393,405 575,038,137 285,544,257 31,238,071 2,025,391 1,039,970 101,085,600 185,281,491 1,457,083,340 4.106

2014 636,464,744 568,638,842 290,065,770 33,532,264 1,608,965 991,169 80,605,794 150,161,004 1,461,746,544 4.102

Source: Lowndes County Tax Commissioner

The City of Valdosta has implemented GASB 44 for the fiscal year ended June 30, 2006.

This table presents data only for the last eight years because data for years prior to 2006 is

unavailable in the format required by the new standard.

135

CITY OF VALDOSTA, GEORGIA

Water and Sewer Rates

Last Ten Fiscal Years

Fiscal Water Sewer Water Rate Sewer Rate Year Base Charge Base Charge Per CCF Per CCF

2005 2.00 2.00 1.10 2.25 2006 2.50 2.50 1.15 2.30 2007 2.50 2.50 1.15 2.30 2008 2.50 2.50 1.15 2.30 2009 2.50 2.50 1.27 2.54 2010 2.50 2.50 1.27 2.54 2011 3.00 3.00 1.33 2.66 2012 3.50 3.50 1.40 2.80 2013 4.20 4.20 1.40 2.80 2014 5.60 5.60 1.40 2.80

Note: Rates are based on 5/8" meter, which is the standard household meter size. Rates for outside the city limits are doubled.

Fiscal Water Rate Sewer Rate Year Per CCF Per CCF

2005 0.78 1.70 2006 0.82 1.75 2007 0.82 1.75 2008 0.82 1.75 2009 0.90 2.04 2010 0.90 2.04 2011 0.90 2.04 2012 0.90 2.04 2013 N/A N/A 2014 N/A N/A

Note: Base charge varies with meter size. Bulk rate user with industrial sized meter using greater than 1,000 CCF per month. Separate bulk rate discontinued in fiscal year 2013.

Residential Class

Bulk Class

136

CITY OF VALDOSTA, GEORGIA

Direct and Overlapping Property Tax Rates,

Last Ten Fiscal Years

Overlapping Rates*

City Valdosta Community

Fiscal Direct School Improvement Lowndes

Year Rate District District County

2005 4.480 13.98 15.00 8.86

2006 4.414 14.98 15.00 8.86

2007 4.400 14.98 15.00 8.86

2008 4.180 15.98 15.00 9.76

2009 4.112 15.98 10.00 9.56

2010 4.131 15.98 10.00 9.56

2011 4.112 16.98 10.00 9.56

2012 4.112 16.98 10.00 9.56

2013 4.106 16.98 5.00 9.56

2014 4.102 16.98 5.00 9.56

Source: Lowndes County Tax Commissioner

*Overlapping rates are those of local and county governments that apply to property owners within the City of Valdosta. Not all overlapping rates apply to all Valdosta property owners; for example, the Community Improvement District rates apply only to the city property owners whose property is within the district's geographic boundaries.

137

CITY OF VALDOSTA, GEORGIA

Principal Water Sewer Customers

Last Nine Fiscal Years

Percentage Percentage Percentage Percentage Percentage

Customer Amount Rank of Amount Rank of Amount Rank of Amount Rank of Amount Rank of

Paid Total Paid Total Paid Total Paid Total Paid Total

A D M $667,428 1 4.36% $709,451 1 4.75% $755,835 1 5.33% $538,804 1 3.91% $495,333 1 3.96%

Valdosta State University 618,673 2 4.04% 479,675 2 3.21% 397,654 2 2.80% 446,869 2 3.24% 235,884 3 1.89%

Valdosta Correctional Institute 360,132 3 2.35% 375,591 3 2.51% 362,925 3 2.56% 332,048 3 2.41% 398,710 2 3.19%

South Georgia Medical Center 228,558 4 1.49% 255,716 4 1.71% 259,453 4 1.83% 183,178 5 1.33% 185,675 4 1.49%

South Georgia Pecan Co. 165,707 5 1.08% 116,782 8 0.78% - - - - - - - - -

City of Remerton 155,272 6 1.01% 254,232 5 1.70% 130,346 7 0.92% 118,029 7 0.86% 108,042 6 0.86%

Woodstone Apartments 129,448 7 0.85% 101,067 9 0.68% - - - 91,873 9 0.67% 68,265 10 0.55%

ERCO Worldwide 120,371 8 0.79% 124,603 7 0.83% 97,720 8 0.69% 102197 8 0.74% 73,086 8 0.58%

Lowndes County Jail 109,822 9 0.72% - - - - - - 118,539 6 0.86% 164,164 5 1.31%

Lowndes County Utilities 85,611 10 0.56% 188,057 6 1.26% 179,881 6 1.27% 273,743 4 1.99% 70,774 9 0.57%

Lowndes County Jail - - - - - - 86,640 10 0.61% - - - - - -

Campus Crest - - - - - - 187,860 5 1.33% - - - - - -

Saft - - - - - - - - - - - - - - -

Spanish Mission Apartments - - - - - - - - - - - - - - -

Arizona Chemical - - - 89,718 10 0.60% 93,679 9 0.66% 69,809 10 0.51% 75,504 7 0.60%

Total $2,641,022.00 17.26% $2,694,892.00 18.03% $2,551,993.00 18.00% $2,275,089.00 16.50% $1,875,437.00 15.00%

Percentage Percentage Percentage Percentage

Customer Amount Rank of Amount Rank of Amount Rank of Amount Rank of

Paid Total Paid Total Paid Total Paid Total

A D M $615,233 1 4.98% $456,870 1 3.68% $427,351 1 3.48% $402,861 1 3.28%

Valdosta State University 162,565 5 1.31% 167,025 3 1.34% 300,424 3 2.45% 299,726 3 2.44%

Valdosta Correctional Institute 386,723 2 3.13% 302,032 2 2.43% 304,868 2 2.48% 356,007 2 2.90%

South Georgia Medical Center 185,585 3 1.50% 133,664 5 1.08% 90,526 5 0.74% 108,270 5 0.88%

City of Remerton 88,358 8 0.71% 82,003 7 0.66% 81,508 7 0.66% 92,954 7 0.76%

Lowndes County Utilities 87,470 9 0.71% - - - - - - - - -

ERCO Worldwide 88,902 7 0.72% 69,576 9 0.56% 76,372 8 0.62% 92,331 8 0.75%

South Georgia Pecan Co. - - - 56,157 10 0.45% 58,742 9 0.48% 89,857 9 0.73%

Woodstone Apartments - - - - - - - - - - - -

Arizona Chemical 122,544 6 0.99% 80,001 8 0.64% 86,746 6 0.71% 94,764 6 0.77%

Lowndes County Jail 163,757 4 1.32% 137,199 4 1.10% 166,355 4 1.36% 229,167 4 1.87%

Campus Crest - - - - - - - - - - - -

Saft 81,192 10 0.66% 93,253 6 0.75% 58,716 10 0.48% - - -

Spanish Mission Apartments - - - - - - - - - 72,295 10 0.59%

Total $1,982,329.00 16.03% $1,577,780.00 12.69% $1,651,608.00 13.46% $1,838,232.00 14.98%

The City of Valdosta implemented GASB 44 for the fiscal year ended June 30, 2006. This table presents data only for the last nine years because data for years prior to 2006 is unavailable in the format required by the new standard.

2014

2009 2008 2007 2006

2013 2012 2011 2010

138

Percentage Percentage of Total of Total

Taxable Taxable Taxable Taxable Assessed Assessed Assessed Assessed

Principal Taxpayer Value Rank Value Principal Taxpayer Value Rank Value

Archer Daniels Midland Co. 55,643,310$ 1 3.81% Archer Daniels Midland Co. 33,399,301$ 1 2.92%

Lowes Distribution, Inc. 39,593,096 2 2.71% Wal-Mart\Sam's Club 8,232,561 2 0.72%

JM Smith Corp 29,304,991 3 0.48% Colonial Realty LP 6,759,311 3 0.59%

South Georgia Pecan 18,628,855 4 1.04% Crackin' Good 6,208,347 4 0.54%

Dupont 15,183,508 5 0.83% Saft Newco, Inc. 5,637,687 5 0.49%

Wal-Mart\Sam's Club 12,188,934 6 0.82% First Line Corp 5,513,356 6 0.48%

Marelana Valdosta Mall 12,042,698 7 1.27% Trus Joist Corporation 4,488,302 7 0.39%

Saft Newco, Inc. 10,743,357 8 0.73% Internation Paper 4,149,695 8 0.36%

Stratas Foods LLC 7,893,959 9 0.54% South Georgia Pecan 3,666,490 9 0.32%

Home Depot 7,039,908 10 2.00% Lowes Distribution, Inc. 3,287,049 10 0.29%

Total Principal Taxpayers 208,262,616 14.25% 81,342,099 7.10%

All Other Taxpayers 1,253,483,928 85.75% 1,063,831,300 92.89%

Total 1,461,746,544$ 100.00% 1,145,173,399$ 99.99%

Source:

Lowndes County Tax Commissioner's Office

2014 2005

City of Valdosta, Georgia Principal Property Taxpayers

For the Fiscal Years Ended June 30, 2014 and 2005

139

CITY OF VALDOSTA, GEORGIA

Property Tax Levies and Collections

Last Ten Fiscal Years

Fiscal Collected within the

Year Taxes Levied Fiscal Year of the Levy Collections Total Collections to Date

Ended for the Percentage in Subsequent Percentage

June 30, Fiscal Year Amount of Levy Years Amount of Levy

2005 3,924,538 3,843,897 97.95% 74,715 3,918,612 99.85%

2006 4,243,210 4,132,429 97.39% 110,781 4,243,210 100.00%

2007 4,535,866 4,407,328 97.17% 127,527 4,534,855 99.98%

2008 4,809,340 4,673,113 97.17% 132,915 4,806,028 99.93%

2009 5,066,177 4,859,886 95.93% 203,374 5,063,260 99.94%

2010 5,428,500 5,173,541 95.30% 250,855 5,424,395 99.92%

2011 5,567,391 5,302,865 95.25% 261,459 5,564,324 99.94%

2012 5,307,294 5,063,850 95.41% 236,695 5,300,545 99.87%

2013 5,496,867 5,246,759 95.45% 182,893 5,429,652 98.78%

2014 5,523,422 5,297,924 95.92% 0 5,297,924 95.92%

140

CITY OF VALDOSTA, GEORGIA

Ratios of Outstanding Debt by Type

Last Ten Fiscal Years (accrual basis of accounting)

Governmental Activities

Total Percentage Fiscal Capital Revenue Term Loans Primary of Personal Per Year Leases Bonds Payable Government Income Capita

2005 $74,811 $3,075,000 $9,617,321 $12,767,132 0.00 281 2006 59,252 2,380,000 9,697,675 12,136,927 0.01 268 2007 41,738 1,635,000 9,232,713 10,909,451 0.01 240 2008 31,303 845,000 8,523,878 9,400,181 0.01 198 2009 0 0 7,826,077 7,826,077 0.01 161 2010 0 0 8,541,977 8,541,977 0.01 164 2011 579,740 0 37,252,311 37,832,051 0.02 694 2012 437,742 0 47,965,307 48,403,049 0.03 864 2013 296,567 2,546,000 47,796,915 50,639,482 N/A N/A 2014 150,705 2,313,000 48,100,481 50,564,186 N/A N/A

Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.

The City of Valdosta implemented GASB 44 for the fiscal year ended June 30, 2006.

Business-Type Activities

141

CITY OF VALDOSTA, GEORGIA

Ratios of General Bonded Debt Outstanding

Last Ten Fiscal Years (accrual basis of accounting)

Percentage of General Actual Taxable

Fiscal Obligation Redevelopment Value of Per Year Bonds Bonds Total Property Capita

2005 $0 $0 $0 0% $0.00 2006 0 0 0 0 0.00 2007 0 0 0 0 0.00 2008 0 0 0 0 0.00 2009 0 0 0 0 0.00 2010 0 0 0 0 0.00 2011 0 0 0 0 0.00 2012 0 0 0 0 0.00 2013 0 0 0 0 0.00 2014 0 0 0 0 0.00

Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.

General Bonded Debt Outstanding

142

CITY OF VALDOSTA, GEORGIA

Direct and Overlapping Governmental Activities Debt

As of June 30, 2014

Estimated Estimated Share of

Debt Percentage Overlapping Governmental Unit Outstanding Applicable Debt

Debt repaid with property taxes Valdosta City School System $20,120,000 100.00% $20,120,000

Other debt Lowndes County - Capital leases 9,238,300 45.69% 4,220,979

4,220,979

Subtotal, overlapping debt 24,340,979

City direct debt 150,705

$24,491,684

Sources: Assessed value data used to estimate applicable percentage provided by Lowndes County. Debt outstanding provided by each government.

For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable percentages were estimated by determining the portion of another governmental unit's taxable assessed value that is within the city's boundaries and dividing it by each unit's total taxable assessed value.

Estimated percentage applicable based on 2013 County taxable valuation of $3,208,450,306 and City taxable valuation of $1,461,746,544 percent 45.56%.

143

CITY OF VALDOSTA, GEORGIA

Legal Debt Margin Information

Last Ten Fiscal Years (accrual basis of accounting)

Legal Debt Margin Calculation for Fiscal Year 2014 Assessed value $1,461,746,544 Debt limit (10% of assessed value) 146,174,654 Debt applicable to limit:

General obligation bonds 0 Less: Amount set aside for repayment of general obligation debt 0 Total net debt applicable to limit 0

Legal debt margin $146,174,654

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Debt limit $114,517,340 $110,856,408 $117,840,414 $131,750,754 $139,496,150 $142,695,346 $142,201,082 $140,260,729 $145,708,334 $146,174,654

Total net debt applicable to limit 0 0 0 0 0 0 579,740 437,742 296,567 150,705

Legal debt margin $114,517,340 $110,856,408 $117,840,414 $131,750,754 $139,496,150 $142,695,346 $141,621,342 $139,822,987 $145,411,767 $146,023,949

Total net debt applicable to the limit as a percentage of debt limit 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.41% 0.31% 0.20% 0.10%

Fiscal Year

144

CITY OF VALDOSTA, GEORGIA

Pledged-Revenue Coverage

Last Ten Fiscal Years (accrual basis of accounting)

Less: Net Fiscal Operating Operating Available Year Revenue Expenses Revenue Principal Interest Coverage

2005 $10,700,936 $9,492,747 $1,208,189 $655,000 $216,688 1.39 2006 12,270,158 9,895,746 2,374,412 695,000 174,764 2.73 2007 12,671,409 9,700,991 2,970,418 745,000 129,236 3.40 2008 12,430,660 10,358,463 2,072,197 790,000 80,225 2.38 2009 12,751,671 11,294,145 1,457,526 0 0 0.00 2010 12,561,957 10,816,122 1,745,835 0 0 0.00 2011 13,817,286 11,595,259 2,222,027 0 0 0.00 2012 14,177,921 11,744,634 2,433,287 0 0 0.00 2013 15,240,634 11,308,983 3,931,651 0 0 0.00 2014 15,383,914 13,082,734 2,301,180 0 0 0.00

Note: Details about the City's outstanding debt can be found in the notes to the financial statements. Operating revenue includes charges for services within the water/sewer fund.

Water/Sewer Revenue Bonds

Debt Service

145

Per Personal Capita Median School Unemployment

Year Population Income Income Age Enrollment Rate 2005 45,609 2,330,941 24,315 31.3 6,921 3.6% 2006 45,205 3,098,589 24,838 30.2 6,878 4.1% 2007 45,529 3,220,081 25,381 31.0 7,149 4.3% 2008 47,567 3,400,690 26,504 31.1 7,245 5.2% 2009 48,547 3,673,193 29,169 27.3 7,377 5.8% 2010 52,169 3,967,021 29,184 29.5 7,501 8.6% 2011 54,518 4,063,000 29,512 30.9 7,511 8.8% 2012 56,019 4,134,363 30,377 27.1 7,647 9.2% 2013 57,597 4,322,846 32,372 27.0 7,802 9.1% 2014 56,481 4,672,714 N/A 30.0 8,012 7.9%

Sources: US Census Bureau US Department of Commerce - BEA Georgia Department of Labor Valdosta City School Board

City of Valdosta, Georgia Demographic and Economic Statistics

Last Ten Fiscal Years

146

Percentage Percentage Number of of Total City Number of of Total City

Employer Employees Rank Employment Employer Employees Rank Employment

Moody Air Force Base 6,066 1 9.15% Moody Air Force Base 3,200 1 5.39% South Georgia Medical Center 2,800 2 4.23% South Georgia Medical Center 2,350 2 3.96% Valdosta State University 3,026 3 4.57% Valdosta State University 1,460 3 2.46% Lowndes County Schools 1,425 4 2.15% Lowndes County Schools 1,069 4 1.81% Valdosta City School System 1,200 5 1.81% Valdosta City School System 950 5 1.60% Lowe's Distribution Center 750 6 1.13% City of Valdosta Government 773 6 1.30% Walmart Supercenters 680 7 1.03% Convergys 676 7 1.14% Convergys Corp. 572 8 0.81% Lowe' s Distribution Center 500 8 0.84% City of Valdosta Government 539 9 0.81% Lowndes County Government 500 9 0.84% Lowndes County Government 535 10 0.86% Roadway Express, Inc. 480 10 0.81%

Total Principal Employees 17,593 26.55% 11,958 20.15%

Other Employees 48,676 73.45% 47,402 79.86%

Total Employees 66,269 100.00% 59,360 100.01%

Sources: Georgia Department of Labor Valdosta- Lowndes Industrial Authority

2014 2005

City of Valdosta, Georgia Principal Employers

For the Fiscal Years Ended June 30, 2014 and 2005

147

City of Valdosta, Georgia Full-time Equivalent City Employees by Function/Program Last Ten Fiscal Years

Function/Program 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

City Manager's Office 3 5 5 5 5 4 4 4 4 4 Municipal Court 4 4 8 4 5 4 4 4 4 4 Human Resources 4 4 4 4 4 4 4 4 4 4 Finance 22 23 23 23 25 24 24 26 25 25 Engineering 31 31 30 30 30 27 27 27 22 22 Information Technology 0 0 1 1 1 1 1 2 2 2 Facility Maintenance 7 7 6 6 4 4 5 5 4 4 Police 152 158 167 178 179 169 171 172 169 169 Fire 102 103 106 106 106 104 99 98 102 102 Public Works 33 33 33 33 33 36 36 32 21 21 Public Involvement 0 0 0 0 7 7 8 7 7 7 Community Development 19 19 15 20 31 25 24 22 21 21 Parks & Recreation 99.25 104.25 59 61 59 0 0 0 0 0 Sanitation 54 54 54 55 55 54 55 48 44 44 Water 40.1 39.1 39.1 39.4 39.7 44 44 49 45 45 Sewer 75.9 73.9 61.9 62.6 63.3 39 39 36 36 36 Storm Water 0 0 13 13 13 13 14 14 14 14 Inspections 17 20.5 20 19 0 0 0 0 0 0 Zoning 0 0 3 2 4 4 4 4 4 4 Fleet 15 15 15 15 15 15 15 11 11 11

Total 678.25 693.75 663 677 679 578 578 565 539 539

Sources: City Human Resource Department

Fiscal Year

148

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 City of Valdosta Operating Indicators by Function/Program

Engineering

Feet of Failed Pavement Repaired 35,000 40,000 40,000 40,000 10,000 10,000 10,000 10,000 10,000 10,000 Percent of projects awarded within 10% of engineer's estimate 85% 90% 90% 90% 90% 90% 90% 90% 90% 90%

Municipal Court Dockets Processed 10,358 14,500 14,750 15,000 14,500 15,000 15,000 16,500 17,000 17,000

Police

Increase in Citizen contacts 1,800 2,000 2,000 2,500 2,650 2,650 2,650 2,900 1,800 2,770 Narcotics Arrests 378 420 420 340 310 320 320 320 320 320 Students Completing Dare 1,304 1,310 1,340 1,360 1,310 1,360 1,360 1,376 1,350 1,202

Fire

Number of Fire Stations 7 7 7 7 7 7 7 7 7 7 Number of Fire Inspections performed 975 1,000 1,300 1,340 1,380 1,390 1,395 1,390 1,500 1,500

Public Works

Street Sweeping Frequency per year 23 25 25 25 25 25 25 30 30 15

Arborist

Number of Trees Planted 150 150 150 100 100 75 75 280 220 100 Number of trees Pruned 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,200 1,300 500

Public Involvement

Bi-monthly Newsletters Produced 6 6 6 6 6 6 6 6 6 4 Net Gain of new downtown Buisinesses 6 7 7 5 6 5 5 6 8 5

Sanitation

Residential Stops/collection employee/week 755 775 775 890 925 925 925 2,620 2,635 2,650 Commercial lifts per hour/driver 16.5 18 18 18 18 25 25 38 40 40

Drainage

Feet of storm drain cleaned and maintained 14,000 15,000 36,000 20,000 20,000 20,000 20,000 13,311 15,000 15,000

Water

Average volume of water treated (MGD) 8.078 8.647 9.500 9.850 10.500 11.150 11.150 11.500 11.500 9.670 New meters installed annually 433 500 500 500 500 500 500 1000 1500 1500

Sewer

Average volume of wastewater treated daily (MGD) 10.300 9.7 9.8 8.84 9.5 9.5 9.5 6.5 7.7 8.1 Miles of sewers maintained 245 248 250 260 265 260 270 270 275 275

Inspections

Percentage of Plans completed within 10 days 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% Percntage of inspections completed in 24 hours 95% 95% 95% 95% 95% 95% 95% 95% 95% 95%

Auditorium

Number of Days Rented 336 338 339 340 340 330 330 330 330 330

149

City of Valdosta, Georgia Capital Asset Statistics by Function Program Last Ten Fiscal Years

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Function Program

Police Stations 1 1 1 1 1 1 1 1 1 1 Patrol units 127 148 144 156 150 157 155 155 158 158

Fire Stations 7 7 7 7 7 7 7 7 7 7

Refuse collection Collection trucks 13 13 13 13 13 13 13 13 13 13

Other public works Streets (miles) 294 297 302 304 304 304 304 304 304 304 Streetlights 5,743 5,748 5,748 6,133 6,217 6,217 6,222 6,266 6,266 6,277 Traffic signals 115 117 122 124 124 124 125 126 127 127

Park and recreation Acreage 505 505 505 505 505 300 300 300 300 300 Playgrounds 5 5 5 5 5 2 2 2 2 2 Baseball/softball diamonds 29 29 29 29 29 24 24 24 24 24 Soccer/football fields 3 3 3 3 3 3 3 3 3 3 Community centers 6 6 6 6 6 1 1 1 1 1

Water Water mains (miles) 281 286 297 303 305 311 320 389 395 794 Fire hydrants 2,239 2,340 2,454 2,650 2,927 3,112 3,200 3,301 3,341 3,387 Storage capacity (gallons) 11,200,000 11,200,000 11,400,000 14,900,000 14,900,000 14,900,000 14,900,000 14,900,000 14,900,000 14,900,000

Wastewater Sanitary sewers (miles) 245 248 258 266 315 320 325 325 330 652 Treatment capacity (gallons) 11,330,000 11,330,000 11,330,000 11,330,000 11,330,000 11,330,000 13,830,000 13,830,000 17,270,000 17,270,000

Sources: Various city departments

150

151

S i n g l e A u d i t

CITY OF VALDOSTA, GEORGIA

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

For the Year Ended June 30, 2014

CFDA Grant Grant Title Number I. D. Number Expenditures

U S Environmental Protection Agency Indirect Federal Grants:

Passed through Georgia Environmental Facilities Authority (GEFA) Clean Water Program (loan) 66.458 CW 13006 $282,469

TOTAL U S ENVIRONMENTAL PROTECTION AGENCY 282,469

Department of Homeland Security Direct Federal Grants:

Homeland Security Cluster 97.067 2010-SS-T0-0034 409 Homeland Security Cluster 97.067 EMW-2011-SS-00081-S01 38,802 Homeland Security Cluster 97.067 EMW-2012-SS-00063-S01 17,418 Homeland Security Cluster 97.067 EMW-2013-SS-00054-S01 1,051

Total Homeland Security Cluster 57,680

Law Enforcement Officer Reimb. Agreement 97.090 HSTS0213HSLR056 22,060 TOTAL U S DEPARTMENT OF HOMELAND SECURITY 79,740

Department of Housing and Urban Development HOME Investment Partnerships Program State of GA Community HOME Investment Program (CHIP) 14.239 07mr-x-092-2-2979 10,000 Total Investment Program (CHIP) 10,000

Community Development Block Grants Entitlement Grants Cluster 14.218 B-11-MC-13-0015 254,434 Entitlement Grants Cluster 14.218 B-12-MC-13-0015 5,125 Entitlement Grants Cluster 14.218 B-13-MC-13-0015 113,050 Total Entitlement Grant Cluster 372,609

TOTAL U S DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT 382,609

Department of Justice Direct Federal Grants: JAG Program Cluster 16.738 2013-DJ-BX-1141 22,400

Congressionally Recommended Award 16.753 2010-DD-BX-0620 61,356

Bulletproof Vest Partnership Program 16.607 N/A 6,567

Indirect Federal Grants: Office of Justice Programs Community Prosecution and Project Safe Neighborhoods 16.609 2010-GP-BX-0082 23,792

Paul Coverdell Forensic Sciences Improvement Grant Program 16.738 2011-CD-BX-0018 23,000 TOTAL U S DEPARTMENT OF JUSTICE 137,115

Department of Transportation Direct Federal Grants: Airport Development Aid Program 20.106 3-13-0115-29-2012 1,673,550 Airport Development Aid Program 20.106 3-13-0115-30-2013 129,014 Total Airport Development Aid Program 1,802,564

State of Georgia Passthrough Federal Grants: Governor's Office of Highway Safety Highway Safety Cluster 20.600 GA-2013-191-00394 5,344 Total Highway Safety Cluster 5,344 TOTAL U S DEPARTMENT OF TRANSPORTATION 1,807,908

Federal Emergency Management Agency Direct Federal Grant: Assistance to Firefighters - Fire Prevention 97.044 EMW-2011-FP-01371 15,023 TOTAL FEDERAL EMERGENCY MANAGEMENT AGENCY 15,023

TOTAL OF EXPENDITURES OF FEDERAL AWARDS $2,704,864

The accompanying notes are an integral part of this statement.

152

CITY OF VALDOSTA, GEORGIA NOTES TO THE SCHEDULE OF EXPENDITURES

OF FEDERAL AWARDS FOR THE YEAR ENDED JUNE 30, 2014

NOTE 1. GENERAL

The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the City of Valdosta (the “City”). The City receives pass-through financial assistance from the Georgia Department of Community Affairs and the Georgia Department of Transportation.

NOTE 2. BASIS OF ACCOUNTING

The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recorded when susceptible to accrual, i.e., both measurable and available. Available means collectible within the current period or soon enough thereafter to pay current liabilities.

153

INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS

BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Honorable Mayor and Members of the City Council

Valdosta, Georgia

We have audited, 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, the financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the City of Valdosta, Georgia (the “City”) as of and for the fiscal year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the City of Valdosta, Georgia’s basic financial statements and have issued our report thereon dated February 26, 2015. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the City’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of

the City’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

2303 DAWSON ROAD . POST OFFICE BOX 71549 . ALBANY, GEORGIA 31708-1549 . 229-446-3600 . FAX 229-446-3664 . www.mjcpa.com

MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS . RSM INTERNATIONAL

154

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the City of Valdosta, Georgia’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed an instance of noncompliance or other matters that is required to be reported under Government Auditing Standards and which is described at item 2014-001 in the accompanying schedule of findings and questioned costs.

City of Valdosta, Georgia’s Response to Finding The City's response to the finding identified in our audit is described in the accompanying schedule of findings and questioned costs. The City’s response was not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the response.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on

compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any

other purpose.

Albany, Georgia February 26, 2015

155

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH

MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY OMB CIRCULAR A-133

To the Honorable Mayor and Members of the City Council

City of Valdosta, Georgia

Report on Compliance for Each Major Federal Program

We have audited the City of Valdosta, Georgia’s compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement that could have a direct and material effect on each of the City of Valdosta, Georgia’s major federal programs for the fiscal year ended June 30, 2014. The City of Valdosta, Georgia’s major federal programs are identified in the summary of auditor’s results section of the accompanying schedule of findings and questioned costs. Management’s Responsibility

Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal programs. Auditor’s Responsibility

Our responsibility is to express an opinion on compliance for each of the City of Valdosta, Georgia’s major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the City of Valdosta, Georgia’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the City of Valdosta, Georgia’s compliance.

2303 DAWSON ROAD . POST OFFICE BOX 71549 . ALBANY, GEORGIA 31708-1549 . 229-446-3600 . FAX 229-446-3664 . www.mjcpa.com

MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS . RSM INTERNATIONAL

156

Opinion on Each Major Federal Program

In our opinion, the City of Valdosta, Georgia complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the fiscal year ended June 30, 2014. Report on Internal Control Over Compliance

Management of the City of Valdosta, Georgia is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the City of Valdosta, Georgia’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with OMB Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the City of Valdosta, Georgia’s internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A-133. Accordingly, this report is not suitable for any other purpose. Albany, Georgia February 26, 2015

157

CITY OF VALDOSTA, GEORGIA

SCHEDULE OF FINDINGS AND QUESTIONED COSTS

FOR THE YEAR ENDED JUNE 30, 2014

SECTION I

SUMMARY OF AUDITOR’S RESULTS

Financial Statements

Type of auditor’s report issued Unmodified Internal control over financial reporting: Material weaknesses identified? yes X no Significant deficiencies identified not considered to be material weaknesses? yes X none reported Noncompliance material to financial statements noted? X yes no Federal Awards

Internal Control over major programs: Material weaknesses identified? yes X no Significant deficiencies identified not considered to be material weaknesses? yes X none reported Type of auditor’s report issued on compliance for major programs Unmodified

Any audit findings disclosed that are required to be reported in accordance with OMB Circular A-133, Section 510(a)? yes X no Identification of major program: CFDA Number Name of Federal Program or Cluster 20.106 Airport Improvement Program Dollar threshold used to distinguish between Type A and Type B programs: $300,000 Auditee qualified as low-risk auditee? yes X no

158

CITY OF VALDOSTA, GEORGIA

SCHEDULE OF FINDINGS AND QUESTIONED COSTS

FOR THE YEAR ENDED JUNE 30, 2014

SECTION II

FINANCIAL STATEMENT FINDINGS AND RESPONSES

2014 - 001. Special Purpose Local Option Sales Tax Proceeds Criteria: In accordance with the Official Code of Georgia (OCGA) Section 48-8-121, Special Purpose Local Option Sales Tax proceeds shall be used exclusively for the purpose or purposes specified in the resolution or ordinance calling for imposition of the tax. Such proceeds shall be kept in a separate account from other funds of such City receiving proceeds of the sales and use tax and shall not in any manner be commingled with other funds. Condition: For the fiscal year ended June 30, 2014, the City was not in compliance with OCGA Section 48-8-121. Context: See above condition. Effect: By transferring the Sales Tax 2007 proceeds to the General Fund, the City commingled the funds, and therefore is not in compliance with state law. Cause: The City transferred proceeds from the Sales Tax Fund to the General Fund, and these amounts have not yet been returned to the Sales Tax 2007 Fund. Recommendation: The City should immediately transfer the proceeds back to the Sales Tax 2007 Fund. Views of Responsible Officials and Planned Corrective Action: We concur. We have initiated a plan to pay back the Sales Tax 2007 Fund.

SECTION III

FEDERAL AWARDS FINDINGS AND QUESTIONED COSTS

None reported

159

CITY OF VALDOSTA, GEORGIA

SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS

FOR THE YEAR ENDED JUNE 30, 2014

STATUS OF PRIOR YEAR AUDIT FINDINGS

None reported

160

161

A R
A S
A TABLE OF CONTENTS
A TB
B Transmital Letter
C Award Letter
D City Manager Org Chart black and white
E Principal Officials
F Pages from CAFR
F Z
G Management Discussion Analysis
GGBlank Page
GGG
H Statement of Net Assets
I Statement of Activities Font
IIBlank Page
IIII
IIIIBlank Page
J Gov Funds BS
K Recon GOV Funds BS to Statement of Net Assets
L Gov Funds Stmnt of Rev, Exp & Chg in FB
M Recon Gov Fund IS & Activity
MMBlank Page
MMD
MMMBlank Page
N Proprietary Statement of Net Assets
O Proprietary Rev,Exp Chgs in Net Assets
P Proprietary CF
P Z
Q Fiduciary Fund Stmt of Net Assets
QQBlank Page
QQQ
R CAFR Notes
R RBlank Page
R RR
S 101 Budgetary Comparison Schedule - 101
T Budgetary Comp Sched - CVDA
U RSI Notes
V RSI Schedule of Funding Progress
W OPEB Notes
W OPEB NotesZ
W X
W Y
X Other Gov Comb BS
Y Other Gov Comb IS
YA 101 Budget to Actual
YB Budgetary Comp Sched - 210
YC Budgetary Comp Sched - 211
YD Budgetary Comp Sched - 223
YE Budgetary Comp Sched - 225
YF Budgetary Comp Sched - 226
YG Budgetary Comp Sched - 228
YH Budgetary Comp Sched - 230
YI Budgetary Comp Sched - 231
YJ Budgetary Comp Sched - 232
YK Budgetary Comp Sched - 233
YL Budgetary Comp Sched - 234
YM Budgetary Comp Sched - 235
YN Budgetary Comp Sched - 291
YO Budgetary Comp Sched-281
YP Budgetary Comp Sched 323
YQ Budgetary Comp Sched 324
YR Budgetary Comp Sched 325
YS Budgetary Comp Sched 341
YT Budgetary Comp Sched - 791
YT C
YT CD
YU Other Enterprise Comb Statement of Net Assets
YV Other Enterprise Comb Rev,Exp Chgs in Net Assets
YW Other Enterprise Comb CS
YW T
YW TZ
YX Inter Serv Stm of Net Assets
YY Inter Serv Stm of Chg in Net Assets
YZ Inter Serv Stm of Cash Flow
YZ T
Z Fiduciary Fund Stmt of Net Assets
ZA Fiduciary Fund Tree Comm chgs
ZA G
ZB StsalesSplostV
ZC StsalesSplostVI
ZD StsalesSplostVII
ZD YZ
ZD Z
ZE Statistical Section
ZF Net Assets by Component
ZG Changes in Net Assets
ZH Fund Balances Governmental Funds
ZI Changes in Fund Balance
ZJ Program revenues by function program
ZK Tax Revenues by Source
ZL Assessed Value and actual value of taxable property
ZM water sewer rates
ZN Direct & Overlapping property tax rates
ZO principal water sewer customer
ZP 2014stattables
ZQ Prop Tax Levies and collections
ZR ratio of debt by type
ZS ratio of general bonded debt
ZT direct and overlapping debt
ZU legal debt margin information
ZV pledged revenue coverage
ZW 2014stattables
ZX 2014stattables
ZY 2014stattables
ZZ performance measures
ZZ q2014stattables
ZZ q2014stattablesz
ZZ z
ZZZ1 Fedsup
ZZZ2 FEDERAL AWARDS notes
ZZZ3
ZZZZZ