MANAGEMENT’S DISCUSSION AND ANALYSIS

General Fund Budgeting Highlights (Continued)

 The original budget had to be increased by $623,140 due to the change in revenues. Property taxes were originally budgeted as $2,074,893 with actual revenues of $2,577,781 for a total increase of $502,888, other taxes were originally budgeted as $3,385,179 with actual revenues of $3,562,769 for a total increase of $177,590, sales taxes were originally budgeted as $2,663,238 with actual revenues of $2,561,460 for an decrease of ($101,778), and fines and forfeitures were originally budgeted as $1,075,000 with actual revenues of $1,022,454 for a decrease of ($52,546). With the downturn in the economic conditions and subsequent slow recovery conditions have rendered the historical data and past trends irrelevant, forecasting has become difficult.

Capital Assets and Debt Administration

At the end of fiscal year 2014, the City had $100,445,158 invested in capital assets, which is an increase over FY2013 of $1,525,447. Table 5 shows fiscal years 2014 and 2013 balances of the Capital Assets, net of depreciation as presented in Note 7 – Capital Assets.

TABLE 5 – Capital Assets, Net of Accumulated Depreciation

Debt

The amount of outstanding debt of $19,352,528 in Water and Sewerage Revenue Bonds is to refinance the cost of a surface water supply, a water treatment and transmission facility, a new gravity sewer line to connect the new Fayette Community Hospital to the sewer collection system and to finance a new Wastewater Plant Expansion. The Water and Sewer Fund issued new bonds during the year ended to refund the remaining 2003 bonds. The amount of outstanding debt in Governmental Activities includes Certificates of Participation (COPS) with Georgia Municipal Association (GMA), revenue bonds, compensated absences and notes payable totaling $5,930,900. Table 6 –Outstanding Long-Term Liabilities reflects information provided in Note 8 – Long-Term Debt.