Exhibit 9: Statement of Changes in Fiduciary Net Position

MANAGEMENT’S DISCUSSION AND ANALYSIS

The Management of the City of Suffolk, Virginia (the “City”) presents this narrative discussion and analysis of the City’s financial performance during the fiscal year ended June 30, 2022. To enhance your understanding of the City’s financial performance, please read this discussion and analysis in conjunction with the transmittal letter in the front of this report, the City’s basic financial statements, and supporting notes following this section.

FINANCIAL HIGHLIGHTS

The government-wide financial statements report information about the City as a whole using the economic resources measurement focus and accrual basis of accounting.

• The City’s total net position (assets and deferred outflows of resources less liabilities and deferred inflows of resources) on a government-wide basis was $655.8 million at June 30, 2022. Of this balance, $472.4 million is attributed to the governmental activities and $183.4 million to the business-type activities.

• For fiscal year 2022, taxes, other general revenues net of transfers of the City’s governmental activities amounted to $244.8 million and net program expenses $190.7 million, which resulted in an increase from 2021 in net position for the City’s governmental activities of $54.1 million.

• Revenues of the City’s business-type activities were $84.2 million, expenses were $68.5 million and net transfers to the General Fund were $1.1 million, which resulted in an increase of net position for the City’s business-type activities of $14.6 million.

• The City is rated AAA with Fitch, Standard and Poor’s and Moody’s.

OVERVIEW OF THE FINANCIAL STATEMENTS

This discussion and analysis is intended to serve as an introduction to the City’s basic financial statements. The financial section of this report includes management’s discussion and analysis, the basic financial statements, and required supplementary information. The City’s basic financial statements comprise three components: 1) Government-wide financial statements, 2) Fund financial statements, and 3) Notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements.

The City’s financial statements present two kinds of statements, each with a different measurement focus and basis of accounting. The government-wide statements (economic resources measurement focus and accrual basis of accounting) provide both long and short term information about the City’s overall financial status. The fund financial statements (current financial resources measurement focus and modified accrualbasis of accounting) focus on the individual functions of the city government, reporting the City’s operations in more detail then the government-wide statements. Both perspectives allow the user to address relevant questions, broaden the basis of comparison and enhance the City’s accountability.