HomeMy WebLinkAboutCity of Georgetown - Public Financial Report CITY OF GEORGETOWN, SOUTH CAROLINA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
YEAR ENDED JUNE 30, 2022
Prepared By:
Department of Finance
Kathy Vermeland
Finance Director
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CITY OF GEORGETOWN,SOUTH CAROLINA
TABLE OF CONTENTS
YEAR ENDED JUNE 30,2022
INTRODUCTORY SECTION(UNAUDITED)
Page Number
Transmittal Letter 1
Elected and Appointed Officials 6
Organizational Chart 7
Certificate of Achievement for Excellence in Financial Reporting 8
FINANCIAL SECTION
Independent Auditor's Report 9
Management's Discussion and Analysis 12
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Position 24
Statement of Activities 25
Fund Financial Statements:
Balance Sheet-Governmental Funds 26
Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position 27
Statement of Revenues,Expenditures,and Changes in Fund Balances-Governmental Funds 28
Reconciliation of the Governmental Funds Statement of Revenues,Expenditures,
and Changes in Fund Balances to the Statement of Activities 29
Statement of Net Position-Proprietary Funds 30
Statement of Revenues,Expenses,and Changes in Fund Net Position-Proprietary Funds 31
Statement of Cash Flows-Proprietary Funds 32
Statement of Net Position-Fiduciary Fund-Private Purpose Trust Fund 34
Statement of Changes in Net Position-Fiduciary Fund-Private Purpose Trust Fund 35
Notes to the Financial Statements 36
Required Supplementary Information:
Budgetary Comparison Schedules:
Schedule of Revenues,Expenditures,and Changes in Fund Balance-Budgets and Actual-General Fund 77
Schedule of Revenues,Expenditures,and Changes in Fund Balances-Budgets and Actual-
Local Accommodations and Hospitality Tax Fund 81
Schedule of Revenues,Expenditures,and Changes in Fund Balances-Budgets and Actual-
American Rescue Plan Act(ARPA)Fund 85
Notes to the Budgetary Comparison Schedules 86
Pension Schedules:
Schedule of the City's Proparrionate Share of the Net Pension Liability-
South Carolina Retirement System 88
Schedule of Contributions-South Carolina Retirement System 89
(Continued)
i
CITY OF GEORGETOWN,SOUTH CAROLINA
TABLE OF CONTENTS
YEAR ENDED JUNE 30,2022
FINANCIAL SECTION(CONTINUED)
Page Number
Required Supplementary Information(Continued):
Pension Schedules(Continued�
Schedule of the City's Proparrionate Share of the Net Pension Liability-
South Carolina Police Officers Retirement System 90
Schedule of Contributions-South Carolina Police Officers Retirement System 91
Other Postemployment Benefit Plan Schedule:
Schedule of Changes in the City's OPEB Liability and Related Ratios 92
Supplementary Information:
Combinine and Individual Fund Schedules:
Schedule of Revenues,Expenditures,and Changes in Fund Balances-Budgets and Actual-General Fund 96
Combining Balance Sheet-Nonmajor Governmental Funds 102
Combining Statement of Revenues,Expenditures,and Changes in Fund Balances-
Nonmajor Governmental Funds 104
Svecial Revenue Funds:
Schedule of Revenues,Expenditures,and Changes in Fund Balances-Budgets and Actual-
State Accommodations Tax Fund 106
Schedule of Revenues,Expenditures,and Changes in Fund Balances-Budgets and Actual-
Seized and Forfeited Property Fund 107
Capital Projects Fund:
Schedule of Revenues,Expenditures,and Changes in Fund Balances-Budgets and Actual-
Capital Reserve Fund 108
Debt Service Fund:
Schedule of Revenues,Expenditures,and Changes in Fund Balances-Budgets and Actual-
Debt Service Fund 109
Proprietary Funds:
Combining Schedule of Net Position-Water and Wastewater Utility Funds 112
Combining Schedule of Revenues,Expenses,and Changes in Fund Net Position-
Water and Wastewater Utility Funds 113
Combining Schedule of Cash Flows-Water and Wastewater Utiliry Funds 114
Schedule of Revenues,Expenses,and Changes in Fund Net Position-Budgets and Actual-
Electric Urility Fund 116
Schedule of Revenues,Expenses,and Changes in Fund Net Position-Budgets and Actual-
Water Urility Fund 117
(Continued)
ii
CITY OF GEORGETOWN,SOUTH CAROLINA
TABLE OF CONTENTS
YEAR ENDED JUNE 30,2022
FINANCIAL SECTION(CONTINUED)
Page Number
Supplementary Information(Continued):
Combining and Individual Fund Financial Schedules(Continued�
Proprietary Funds(Conrinued):
Schedule of Revenues,Expenses,and Changes in Fund Net Position-Budgets and Actual-
Wastewater Utility Fund 118
Schedule of Revenues,Expenses,and Changes in Fund Net Position-Budgets and Actual-
Stormwater Drainage Utility Fund 119
Schedule of Revenues,Expenses,and Changes in Fund Net Position-Budgets and Actual-
Waste Management Fund 120
Uniform Schedule of Fines,Assessments,and Surcharges(Per Act 96) 121
Other Information:
Schedule of Volume Charge True-Up Calculation-Regional Wastewater Treatment Plant 125
STATISTICAL SECTION(UNAUDITED)
Financial Trends Information:
Net Position by Component-Last Ten Fiscal Years-Accrual Basis of Accounting 128
Changes in Net Position-Last Ten Fiscal Years-Accrual Basis of Accounting 129
Fund Balances of Governmental Funds-Last Ten Fiscal Years-Modified Accrual Basis of Accounting 131
Changes in Fund Balances of Governmental Funds-Last Ten Fiscal Years-Modified Accrual Basis of Accounting 132
Tax Revenues by Source-Governmental Funds-Last Ten Fiscal Years 134
Revenue Capacitv Information:
Assessed Value and Estimated Actual Value of Taxable Property-Last Ten Fiscal Years 135
Principal Property Taxpayers-Current Fiscal Year and Nine Fiscal Years Ago 136
Property Tax Levies and Collections-Last Ten Years 137
Electric Sales and Base Rates-Last Ten Fiscal Years 138
Electric Rates-Last Ten Fiscal Years 139
Principal Electric Customers-Current Fiscal Year and Nine Fiscal Years Ago 140
Debt Capacitv Information:
Ratios of Outstanding Debt by Type-Last Ten Fiscal Years 141
Ratios of General Bonded Debt Outstanding-Last Ten Fiscal Years 142
Direct and Overlapping Governmental Activities Debt-Last Ten Fiscal Years 143
Legal Debt Margin Information-Last Ten Fiscal Years 144
Pledged-Revenue Coverage-Last Ten Fiscal Years 145
(Continued)
iii
CITY OF GEORGETOWN,SOUTH CAROLINA
TABLE OF CONTENTS
YEAR ENDED JUNE 30,2022
STATISTICAL SECTION(UNAUDITED)(CONTINUED)
Page Number
Demographic and Economic Information:
Demographic and Economic Statistics-Last Ten Fiscal Years 146
Principal Employers-Current Fiscal Year and Nine Fiscal Years Ago 147
Overating Information:
Full-Time Equivalent City Government Employees by Function/Program-Last Ten Fiscal Years 148
Operating Indicators by Function-Last Ten Fiscal Years 149
Capital Asset Starisrics by Function-Last Ten Fiscal Years 150
COMPLIANCE SECTION
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 153
Schedule of Findings and Responses 155
iv
MAYOR R�E��w COUNCIL MEMBERS
CAROL JAYROE `'F �'� JIM CLEMENTS
MAYOR PRO TEMPORE
CITY ADMINISTRATOR
SANDRA E.YUDICE,Ph.D. ` JONATHAN ANGNER
CITYCLERK ���y � JIMMY�MO RISTON
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STEPHANIE BUCCIONE eor e�ovUn VACANT E SMALLS
sou�c�oL�rA
Finance Department
Kathy Vermeland,Director
Office: (843) 545-4031
Fax: (843) 546-5435
January 18,2023
To the Honorable Mayor,Members of the City Council,and Residents of the City of Georgetown:
State law requires that all general-purpose local governments, at the close of each fiscal year,publish a complete set of
financial statements presented in conformiry with accounting principles generally accepted in the United States of
America and audited in accordance with generally accepted auditing standards by a firm of licensed certified public
accountants. This report is published to fulfill the financial reporting requirement for the fiscal year ended June 30,
2022.
Management assumes full responsibility for the completeness and reliability of the information contained in this repart,
based upon a comprehensive framewark of internal control that it has established for this purpose. Because the cost of
internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute,
assurance that the financial statements are free of any material misstatements.
Due to turnover in the management of the Finance Department during FY 2022, there were issues with adjusting the
utility rates in the financial system.This resulted in the external auditors finding a material weakness in the city's internal
controls in place as noted in this audit. Current management in the Finance Department addressed this adjustment as
soon as management became aware. Moving forward, management will ensure that rates and fees are adjusted in the
financial system in a timely manner in accordance with the Council-approved budget ordinances.
Greene Finney Cauley, LLP, Certified Public Accountants, has issued an unmodified("clean") opinion on the City of
Georgetown's("City")financial statements for the year ended June 30,2022,the best opinion the City can receive. The
independent auditor's report is located at the front of the financial section of this audit.
Management's discussion and analysis("MD&A") immediately follows the independent auditor's report and provides
a narrative introduction, overview, and analysis of the financial statements. MD&A complements this letter of
transmittal and should be read in conjunction with it.
Profzle of the Governinent
The City of Georgetown, incorporated in 1805 as a Town and in 1892 as a City,is a historic community located on the
coast of South Carolina 60 miles north of Charleston and 35 miles south of Myrtle Beach. It currently occupies seven
square miles and serves a population of approximately 8,333. The City of Georgetown is empowered to levy a property
tax on both real and personal property located within its boundaries. It is also empowered by state statute to extend its
corporate limits by annexation,which is done from time to time.
The City of Georgetown operates under the Mayor-Council form of government.Policy-making and legislative authoriry
are vested in a governing council("Council")consisting of the mayor and six council members,all elected on a partisan
Drawer 939
Georgetown,SC 29442
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basis. The mayor and council members are elected at large, each for 4-year staggered terms. The mayor and council
appoint the city administrator who administers all departments of the City.
The City provides a full range of general services, including police and fire protection, sanitation services,repair and
maintenance of city streets and infrastructure, building regulations, planning, zoning, code enforcement, and special
events. In addition to general governmental activities, the City provides water, wastewater, and electric utilities, and
stormwater management services.
The Council is required to adopt a final budget for the upcoming fiscal year no later than the close of the previous fiscal
year. This annual budget serves as the foundation for the City's financial planning. The budget is prepared by fund
(e.g., General Fund (GF), Debt Service, and enterprise funds) and department (e.g., police, fire, planning, etc.).
Department directors may transfer resources within a department,with approval from the city administrator. Transfers
between funds and budget amendments require approval from the Council.
Local Economy
The local economy is rooted in government, education, and health services, which make up the majority of the City's
top employment. Tidelands Georgetown Memorial Hospital has invested in the redevelopment of its facilities and
campus between 2012 and 2020. Major industries located within the City's boundaries or in close proximity include a
paper mill,medical services, communications,and real estate companies.
The unemployment rate for the Georgetown area is 4.8%, compared to the State of South Carolina unemployment rate
of 4.0%. Tidelands Georgetown Memorial Hospital is the leading employer for the City followed by the Georgetown
County School District. Although not located within the City limits but adjacent to it, International Paper Company
ranks third in employment and is a mainstay in the Georgetown community.
Property taxes continue to be the top revenue source in the GF with business licenses and permits not far behind. These
revenue sources represent approximately 87%of total revenues.
Long-Term Financial Planning
The City maintains a Five (5)Year Capital Improvement Program(CIP),with the first year becoming a major element
of the annual budget. The plan was initially developed in order to provide the City with a framework in which to operate
on a multi-year basis and is updated each year. The City continues working with its financial advisor on financing
strategies to carry out CIP projects.
Relevant Financial Policies
The City recognizes the benefits of utilizing public funds in a prudent manner in order to provide adequate working
capital in the event of emergencies or other unexpected economic events and to reduce the need for short-term
borrowing. The Council has adopted a fund balance policy, which endeavors to maintain an unassigned fund balance
in the GF in an amount equal to at least two month's normal General Fund operating expenditures, excluding capital
outlay.
In 2006, the City adopted an unassigned fund balance policy far the General Fund to maintain a fund balance equal to
at least 15%of the total audited GF expenditures far the previous fiscal year.Unassigned fund balance in the GF stands
at approximately 32%of total expenditures.
The City established a Capital Projects Reserve Fund in FY 2016. This fund is used to account far and report funds that
are restricted,committed,or assigned for future capital improvements and for funding certain elements identified in the
City's annually adopted Capital Improvement Plan.The proceeds from the City Hall settlement are accounted for in the
Capital Projects Reserve Fund.
In July 2017,the City adopted a Transfer Policy to memorialize its allocation of funds to, and otherwise reimburse, its
GF for cost attributable to the combined water, sewer, and electric enterprise funds. The intent was to establish an
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arrangement that provides a predictable,reliable,and mutually acceptable distribution of costs owed to the GF from the
Enterprise Funds.
The City has established a Tax Increment Financing (TIF) district, consisting of 282 acres of the City's downtown
commercial corridor,which includes general commercial, core commercial, intermediate commercial heavy industrial,
and light industrial zoning. The TIF district ordinance authorized the City to borrow money for redevelopment within
the TIF area and will last 30 years from the date of the initial series of TIF bonds are issued. Debt service for the
identified projects will be provided from the incremental property tax revenue resulting from the value added by the
redevelopment projects. The TIF district has generated $37,969 in revenue due to new development. Once the City
establishes a record of steady TIF revenue, the Ciry intends to issue bonds to fund projects autharized in the TIF
ordinance.
Major Initiatives
The old City Hall building located at 120 North Fraser Street was demolished in January 2019. Ciry Council approved
construction of a new City Hall building on the same site. However,primarily due to the unknown economic effects of
the COVID-19 pandemic, City Council passed a resolution in May 2020 to suspend the new City Hall project. In
addition, City Council approved an ordinance to commit $3.5 million of insurance proceeds received for the future
construction of the new City Hall. The proceeds from the City Hall settlement are accounted for in the Capital Projects
Reserve Fund.Due to the persistence of the pandemic,building a new City Hall was not pursued in 2021.In early 2022,
City Council determined to not build on the same site and authorized resuming the project at a different location.
A Stormwater Management Plan(SWMP)was completed in July 2019 and is a strategic initiative to address flooding
due to rain events and protect property and the natural environment. A list of 12 Flood Control Projects was prioritized
with a total cost of$20.822 million. The City received a federal grant from the US Department of Commerce to address
three areas identified in the SWMP Plan to mitigate flooding issues in the Core Commercial District and to build a
bulkhead behind Constitution Park. The engineering design work is 99%complete. Construction is scheduled to begin
in summer/fal12023.The estimated project cost was$4.2 million,inclusive of the federal and local share.However,due
to the current economic conditions, the project is anticipated to have cost overruns. We continue to work with the
Waccamaw Regional Council of Governments (WRCOG), the federal government, and the State of South Carolina to
secure additional grant funding for this and other much needed flood mitigation projects.
The City is responsible for the distribution of water and electric utility services, the collection and treatment of
wastewater, and the treatment of raw water for its customers. The City maintains the water distribution system within
its municipal boundary as well as in certain areas outside the City limits. The water treatment plant(WTP) services the
entire City. The City distributes domestic water to a variety of customers including industrial companies. The City's
WTP was built in the early 1970s and the City undertook a major overhaul at the end of 2001. Since 2015,the area has
been hit with major stortns and hurricanes annually,putting a strain on the raw water treatment system since the levels
of siltation and contaminants increase in the raw water after every significant storm. The existing water sedimentation
basin is in need of renovations due to aging and exposure to natural coastal weather elements such as hurricanes and
tropical storms.Therefare,the City applied for and received a US Department of Commerce grant through the Economic
Development Administratar to build a secondary flocculation-sedimentation basin that can enhance the water treatment
plant reliability of the raw water treatment process.The design is 100%complete.Due to the volatility and high inflation
costs in the construction market,a recent bid opening revealed the proj ect will have cost overruns.The City will continue
to work with the WRCOG, the federal government, and the State of South Carolina to secure additional grant funding
for this project.
In an effort to improve upon the electric distribution system resiliency,the City has strategically focused on redesigning
the electric distribution system in an area prone to flooding in the business corridor on Front Street. To minimize the
cost impact on the City, the project was designed in four phases. The first phase was completed during FY 2021. Due
to budget constraints,the second phase was postponed to FY 2023.It is anticipated that this phase will start construction
in Apri12023.
Currently,the City is working on several wastewater projects scheduled for FY 2023. The Maryville School Lift Station
is currently under construction and is about 60%complete. The project cost is approximately$1 million in construction
cost and it involves the entire replacement and upgrades of pumps,wetwell,valves,piping, and electrical system with
3
a permanent standby generator. The project is partially funded by South Carolina Rural Infrastructure Authority(RIA)
and American Rescue Plan Act(ARPA)funds.This project should be complete by June 2023.
The King Street Sewer Line Replacement project replaces approximately 513 lineal feet of sewer pipe and adds a new
sanitary sewer manhole, including asphalt paving replacement, on King Street between Highmarket and Prince streets.
The project cost is about$400,000, funded with ARPA funds, and scheduled to start construction in mid-February of
2023. Further, the City will procure services in the early part of 2023 to conduct sanitary line inspections and repairs
and/or replacement of an existing sewer main located on S Fraser Street between Front Street and Bourne Street. Sewer
line repairs should take place in the mid part of 2023. The City will upgrade the SCADA at the wastewater treatment
plant.The project should be completed by December 2023.
Awards and Acknowledgements
The Government Finance Officers Association ("GFOA") awarded a Certificate of Achievement for Excellence in
Financial Reporting to the City of Georgetown for its annual comprehensive financial report ("ACFR") for the fiscal
year ended June 30, 2021. In order to be awarded a Certificate of Achievement, a government must publish an easily
readable and efficiently organized annual comprehensive financial report. This report must satisfy both generally
accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current ACFR continues to
meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its
eligibility for another certificate for the fiscal year ending June 30,2022.
The preparation of this report would not have been possible without the efficient and dedicated service of the entire staff
of the Finance and Administration departments. We wish to express our appreciation to all members of the departments
who assisted and contributed to the preparation of this report. Credit also must be given to the Mayor and Council for
their support in maintaining the highest standards of professionalism in the management of the City's finances.
Respectfully si itted,
� �
Kathy Vermeland r E.Yudice,Ph.D.
Director of Finance City A iinistrator
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City of Georgetown, South Carolina
Elected and Appointed Officials
June 30, 2022
Elected Officials
CarolR. Jayroe............................................................................................................... Mayor
Al Joseph.........................................................................Mayor Pro-Tempore, Council Member
JonathanAnger..................................................................................................Council Member
JimClements......................................................................................................Council Member
Hobson H. Milton..............................................................................................Council Member
Jimmy Morris.....................................................................................................Council Member
Clarence C. Smalls.............................................................................................Council Member
City Officials
Sandra E. Yudice, Ph.D.............................................................................City Administrator
Stephanie Buccione.............................................................................................Municipal Clerk
CindyOwens..........................................................................................................Clerk of Court
Kathy Vermeland.............................................................................................. Finance Director
William `Bill" Pierce............................................................................................Chief of Police
CharlieCribb.................................................................................................................Fire Chief
Scott Whittier ......................................................................Utilities and Public Works Director
Tammy Kinsley...............................................Planning and Community Development Director
Orlando Arteaga......................................................................................................City Engineer
Isaac Williams..............................................................................................Fleet Superintendent
EliseF. Crosby........................................................................................................City Attorney
RobertW. Maring................................................................................................City Prosecutor
RobertH. O'Donnell....................................................................................................City Judge
6
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Go`-ernment Finance Officers Association
Certificate of
Achievement
for Excellence
in F inanc ial
Reporting
Presented to
Citv of Georgetown
South Carolina
For its Annual Comprehensi�-e
Financial Report
For the Fisc�l Year Ended
June 30, 20?1
��u���.. P� 7t���
Executi�Te Director'CEO
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Greene Finne Gaule , LLP
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_� CERTIFIED PUBLIC ACCOUNTANTS & ADVISORS
Independent Auditor's Report
The Honorable Mayor and Members of City Council
City of Georgetown
Georgetown, South Carolina
Report on the Audit of the Financial Statements
Opinions
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 Georgetown, South Carolina (the "City"), as of
and for the year ended June 30, 2022, and the related notes to the financial statements, which collectively comprise the
City's basic financial statements as listed in the table of contents.
In our opinion, the accompanying 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 Georgetown, South Carolina, as of June 30, 2022, and the respective changes in
financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting
principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with the auditing standards generally accepted in the United States of America
(GAAS) and the standards applicable to financial audits contained in Governrreent Auditing Standards (Government
Auditing Standards), issued by the Comptroller General of the United States. Our responsibilities under those standards are
further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are
required to be independent of the Ciry, and to meet our other ethical responsibilities,in accordance with the relevant ethical
requirements relating to our audit. We believe the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with
accounting principles generally accepted in the United States of America; and for 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.
In preparing the financial statements,management is required to evaluate whether there are conditions or events,considered
in the aggregate, that raise substantial doubt about the City's ability to continue as a going concern for twelve months
beyond the financial statement date, including any currently known information that may raise substantial doubt shortly
thereafter.
GREENEFINNEYCAULEY.CPA � INFO@GR�EN�PINNEY.COM
GREENV[LLE, SC MAULDIN, SC CHARLESTON, SC ANDERSON, SC ASHEV[LLE, NC
864.232.OG53 864.232.5204 843.735.5805 8G4.225.8713 828.771.0847
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Auditor's Responsibilities for the Autlit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatements, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable
assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted
in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individual or in the aggregate, they would
influence the judgment made by a reasonable user based on the fmancial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards,we
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit 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
City's internal control. Accordingly,no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the City's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit, significant audit findings and certain internal control-related matters that we identified during the
audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management's discussion and
analysis, the budgetary comparison schedules, pension schedules, and the other postemployment benefit plan schedule, as
listed in the table of contents, be presented to supplement the basic financial statements. Such information is the
responsibility of management and, 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 ar 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.
Suppleinentary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the
City's basic financial statements. The supplementary informarion, as listed in the table of contents, is presented for
purposes of additional analysis and are is a required part of the basic financial statements. Such information is the
responsibility of management and was derived from and relates directly to the underlying accounting and other records used
to prepare the basic financial statements. The 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 supplementary informarion is fairly stated, in all material respects, in
relarion to the basic financial statements as a whole.
10
Other Information
Management is responsible far the other information included in the annual report. The other information comprises the
introductory section, other information, and statisrical section but does not include the basic financial statements and our
auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not
express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and
consider whether a material inconsistency exists between the other information and the basic financial statements, or the
other information otherwise appears to be materially misstated. If, based on the wark performed, we conclude that an
unrecorded material misstatement of the other information exists,we are required describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated January 18, 2023 on our
consideration of the City's internal control over financial reporting and on our tests of its compliance with certain
provisions of laws, regularions, contracts, and grant agreements and other matters. The purpose of that report is solely to
describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing,
and not to provide an opinion on the effectiveness of the City's 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's internal control over financial reporting and compliance.
G�� � G��.�, l�L.�
���
Greene Finney Cauley,LLP
Mauldin, South Carolina
January 18,2023
11
CITY OF GEORGETOWN,SOUTH CAROLINA
MANAGEMENT'S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30,2022
As management of the Ciry of Geargetown, South Carolina ("City"), we offer readers of the City's financial statements this
management's discussion and analysis("MD&A")of the financial activities of the Ciry far the year ended June 30,2022("FY
2022"or"2022)compared to the year ended June 30,2021 ("FY 2021"or"2021"). The intent of this MD&A is to look at the
City's financial performance as a whole. We would encourage readers to not only consider the information presented here,but
also the information provided in the letter of transmittal, the financial statements, and the notes to the financial statements to
enhance their understanding of the City's overall financial performance.
FINANCIAL HIGHLIGHTS
• The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources at
the close of the most recent year by approximately $54,527,000 (net position). Of this amount, approximately
$10,083,000 and $44,444,000 were related to the City's governmental and business-rype activities,respectively. In
addition,the Ciry's unrestricted net position (may be used to meet the government's ongoing obligations to cirizens
and creditors)was a deficit of approximately$335,000 for its business-type activiries and a deficit of approximately
$5,274,000 far its governmental activiries primarily due to the net pension and other postemployment benefit plan
("OPEB")liabiliries.
• The City's net position for the current year decreased by approximately $624,000 for governmental activities and
increased by approximately$1,704,000 for business-type activities compared to the prior year net position.
• At the close of the current year, the City's governmental funds reported combined ending fund balances of
approximately$13,678,000,a decrease of approximately$319,000 from the prior year fund balance. Approximately
23%of this total fund balance amount, $3,152,000 is available for spending at the City's discretion(unassigned fund
balance).
• At the end of the current year,unassigned fund balance for the General Fund was approximately$3,152,000 or 32%
of total General Fund expenditures.
• The Ciry's capital asset balances decreased overall by approximately$3,007,000,or 4%,during the current year. This
decrease was primarily due to depreciation expense of approximately $4,290,000 exceeding additions of
approximately$1,342,000 and net disposals of approximately$60,000.
• The City's total liabilities decreased overall by approximately $4,181,000 or 10%, during the current year. This
decrease was primarily due to a decrease of approximately $1,629,000 in long-term obligations, a decrease of
approximately $3,737,000 in Net Pension Liability, offset by an increase of approximately $1,607,000 in the other
liabilities.
OVERVIEW OF THE FINANCIAL STATEMENTS
This annual report consists of four parts—Introductory Section,the Financial Section(which includes management's discussion
and analysis,the financial statements,required supplementary information,supplementary information,and other information),
the Statistical Section,and the Compliance Section.
Financial Statements
This discussion and analysis is intended to serve as an introduction to the City's financial statements. The Ciry's financial
statements are comprised of three components: 1)government-wide financial statements,2)fund financial statements,and 3)
notes to the financial statements. The financial statements present two different views of the Ciry through the use of
government-wide statements and fund financial statements. In addition to the financial statements, this report contains
supplementary information that will enhance the reader's understanding of the financial condition of the City.
12
CITY OF GEORGETOWN,SOUTH CAROLINA
MANAGEMENT'S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30,2022
OVERVIEW OF THE FINANCIAL STATEMENTS(CONT�NUED)
Government-Wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad overview of the City's finances, in a
manner similar to a private-sector business. The statement of net position presents information on all of the City's assets and
deferred outflows of resources and liabilities and deferred inflows of resources,with the difference between these items reparted
as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial
position of the City is improving or deteriorating. The statement of activities presents information showing how the City's net
position changed during the most recent year. All changes in net position are reported as soon as the underlying event giving
rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this
statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but
unused vacarion).
Both of the government-wide financial statements distinguish functions of the Ciry that are principally supported by taxes and
intergovernmental revenues (governmental activities) from other funcrions that are intended to recover all or a significant
portion of their costs through user fees and charges(business-type activities). The governmental activities of the City include
general government,public safety,public works,and community development. The business-type activities of the City include
electric,water,wastewater, and stormwater drainage utilities in addition to a waste management operation. The government-
wide financial statements can be found as listed in the table of contents of this report.
Fund Pinancial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific
activities ar objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements. All of the funds of the City can be divided into three categaries:
governmental funds,proprietary funds,and fiduciary funds.
Governmental Funds—Governmental funds are used to account for essentially the same functions reported as governmental
activities in the government-wide financial statements. However, unlike the government-wide financial statements,
governmental fund fmancial statements focus on near-term inflows and outflows of spendable resources,as well as on balances
of spendable resources available at the end of the year. Such information may be useful in evaluating a government's near-
term fmancing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to
compare the information presented for governmental funds with similar information presented for governmental activities in
the government-wide financial statements. By doing so, readers may better understand the long-term impact of the
government's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement
of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between
governmental funds and governmental activities.
The City maintains eleven individual governmental funds. Information is presented separately in the governmental fund
balance sheet and in the governmental fund statement of revenues,expenditures,and changes in fund balances for the General
Fund. The General Fund, Local Accommodations and Hospitality Tax Fund, and American Rescue Plan Act Fund are
considered to be major funds. Data from the other eight governmental funds are combined into a single, aggregated
presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining
schedules elsewhere in this report. The governmental fund financial statements can be found as listed in the table of contents
of this report.
Proprietary funds provide the same type of information as the government-wide financial statements,only in more detaiL The
proprietary fund financial statements provide separate information for the electric utiliry,the water and wastewater urility,and
the stormwater drainage urility, each of which is considered to be a major enterprise fund of the City. The City maintains one
additional nonmajor enterprise fund—the waste management fund. The proprietary fund financial statements can be found as
listed in the table of contents of this report.
13
CITY OF GEORGETOWN,SOUTH CAROLINA
MANAGEMENT'S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30,2022
OVERVIEW OF THE FINANCIAL STATEMENTS(CONT�NUED)
Fund Financial Statements(Continued)
Fiduciary Funds —Fiduciary funds are used to account for resources held for the benefit of parties outside the government.
Fiduciary funds are not reflected in the government-wide financial statement because the resources of those funds are not
available to support the City's own programs. Custodial Funds are one type of Fiduciary Fund.
Custodial Funds are used to account for assets the Town holds on behalf of others. The Guerry Scholarship Private Purpose
Trust Fund is used to account for assets and transactions of a scholarship fund established with contributions made in memory
of Major Spencer Guerry,a City policeman who lost his life in 1994 while serving in the line of duty.The financial statements
of the fiduciary fund can be found as listed in the table of contents.
Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the government-wide
and fund financial statements. The notes to the financial statements can be found as listed in the table of contents of this report.
Other Information
In addition to the financial statements and accompanying notes, the City provides a required budgetary comparison schedule
for its General Fund,Local Accommodations and Hospitality Tax Fund, and American Rescue Plan Act Fund to demonstrate
compliance with the annual appropriated budget. Required pension schedules have been included which provide relevant
infarmation regarding the City's participation in the South Carolina Retirement System and the South Carolina Police Officers
Rerirement System. The Ciry has also provided the required schedule of changes in the Ciry's net OPEB liability and related
ratios. Required supplementary information can be found as listed in the table of contents.
Supplementary information is presented immediately following the required supplementary information. This information,
which can be found as listed in the table of contents,includes the combining financial schedules referred to earlier, as well as
various individual fund schedules.
14
CITY OF GEORGETOWN,SOUTH CAROLINA
MANAGEMENT'S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30,2022
OVERVIEW OF THE FINANCIAL STATEMENTS(CONTiNUED)
Other Information(Continued)
Figure A-1
Major Features of the City's Government-Wide and Fund Financial Statements
Fund Financial Statements
Government-Wide
Financial Proprietary Fiduciary
Statements Governmental Funds Funds Funds
Scope Entire City The activities of the City that are Activities the City Instances in which the
government(except not proprietary or fiduciary. operates similar to City is the trustee or
fiduciary funds). private businesses. agent for someone else's
resources.
Required ■ Statement of Net ■ Balance Sheet. • Statement of ■ Statement of
Financial Position. ■ Statement of Revenues, Net Position. Fiduciary Net
Statements ■ Statement of Expenditures,and Changes in ■ Statement of Position.
Activities. Fund Balances. Revenues, ■ Statement of Changes
Expenses,and in Fiduciary Net
Changes in Net Position(not required
Position. for agency funds).
■ Statement of
Cash Flows.
Accounting Accrual accounting Modified accrual accounting and Accrual Accrual accounting and
Basis and and economic current financial resources focus. accounting and economic resources
Measurement resources focus. economic focus.
Focus resources focus.
Type of Balance All balance sheet Only balance sheet elements that All balance sheet All balance sheet
Sheet elements,both come due during the year or soon elements,both elements,both short-
Information financial and thereafter;no capital assets or financial and term and long-term.
capital,and short- long-term obligations included. capital,and short-
term and long-term. term and long-
term.
Type of All revenues and Revenues for which cash is All revenues and All revenues and
Inflow/Outflow expenses during received during or soon after the expenses during expenses during year,
Information year,regardless of end of the year;expenditures year,regardless of regardless of when cash
when cash is when goods or services have been when cash is is received or paid.
received or paid. received and payment is due received or paid.
durin the ear or soon thereafter.
l5
CITY OF GEORGETOWN,SOUTH CAROLINA
MANAGEMENT'S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30,2022
GOVERNMENT-WIDE FINANCIAL ANALYSIS
Our analysis of government-wide financial information focuses on the net position and changes in net position of the City's
governmental and business-type activities.
As noted earlier, net position may serve over time, as a useful indicator of a government's financial position. The following
table provides a summary of the City's net position as of June 30,2022 compared to June 30,2021:
Governmental Activities Business-Type Activities Total
2022 2021 2022 2021 2022 2021
Assets:
Current and Other Assets $ 16,321,376 14,991,235 8,022,254 5,787,935 24,343,630 $ 20,779,170
Capital Assets,Net 13,578,398 14,476,769 56,852,839 58,961,933 70,431,237 73,438,702
TotalAssets 29,899,774 29,468,004 64,875,093 64,749,868 94,774,867 94,217,872
Deferred Outflows of Resources:
Deferred OPEB Charges 585,707 516,967 239,958 209,798 825,665 726,765
Deferred Pension Charges 1,920,848 2,529,050 577,700 697,517 2,498,548 3,226,567
Total Deferred Inflows of Resources 2,506,555 3,046,017 817,658 907,315 3,324,213 3,953,332
Liabilities:
Long-Term Obligations 1,894,650 2,058,446 14,547,259 16,008,873 16,441,909 18,067,319
Other Liabilities 2,366,791 678,269 1,884,507 1,965,588 4,251,298 2,643,857
OPEB Liabiliry 3,503,820 3,816,621 1,435,480 1,548,879 4,939,300 5,365,500
NetPensionLiability 11,045,644 14,251,967 2,510,499 3,041,180 13,556,143 17,293,147
TotalLiabilities 18,810,905 20,805,303 20,377,745 22,564,520 39,188,650 43,369,823
Deferred Inflows of Resources:
Deferred OPEB Credits 938,717 632,440 384,582 256,660 1,323,299 889,100
Deferred Pension Credits 2,573,276 368,708 486,710 96,685 3,059,986 465,393
Total Deferred Inflows of Resources 3,511,993 1,001,148 871,292 353,345 4,383,285 1,354,493
Net Position:
Net Investment in Capital Assets 11,858,250 12,636,269 42,410,788 43,159,581 54,269,038 55,795,850
Restricted 3,499,363 3,078,377 1,697,854 1,736,495 5,197,217 4,814,872
Unrestricted (5,274,182) (5,007,076) 335,072 (2,156,758) (4,939,110) (7,163,834)
TotalNetPosition $ 10,083,431 10,707,570 44,443,714 42,739,318 54,527,145 $ 53,446,888
The Ciry's total current and other assets increased approximately$3,564,000 from the prior year to approximately$24,344,000
at June 30, 2022. The increase was primarily due to cash and investments increasing from the prior year by approximately
$2,037,000, an increase in internal balances of approximately $1,326,000, and an increase in accounts receivable of
approximately $255,000. Net capital asset balances decreased overall by approximately $3,007,000, ar 10%, from the prior
year to approximately$70,439,000 at June 30,2022. This decrease was primarily due to depreciarion expense of approximately
$4,290,000 exceeding addirions of approximately $1,342,000 and net disposals of approximately $60,000. Total long-term
obligations decreased approximately$1,625,000,or 9%,primarily due to scheduled principal payments exceeding current year
issuances. The Net Pension Liability decreased$3,737,000 due to changes in the latest actuarial valuation. Other liabilities
increased by approximately$1,607,000.
The largest portion of City's net position of approximately$54,269,000 represents the City's investment in capital assets(e.g.,
land, infrastructure,utility systems,buildings, machinery, equipment, etc.), less any related debt used to acquire those assets
that is still outstanding. The City uses capital assets to provide services to citizens;consequently,these assets are not available
for future spending.
16
CITY OF GEORGETOWN,SOUTH CAROLINA
MANAGEMENT'S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30,2022
GOVERNMENT-WIDE FINANCIAL ANALYSIS(CONTINUED)
Approximately$5,197,000(10%)of net position represents resources that are subject to external restrictions on how they may
be used. This portion of the net position are restricted primarily for tourism related expenditures, debt service, and capital
improvements for a regional wastewater treatment plant. Unrestricted net position,the part of net position that can be used to
finance day-to-day operations without constraints established by debt covenants, enabling legislation or other legal
requirements,totaled a net deficit of approximately$4,939,000 of total net position. Unrestricted net position includes amounts
that the City has"earmarked"for projects or other uses.
The following table shows the changes in the City's net position for 2022 compared to 2021.
Governmental Activities Business-Type Activities Totals
2022 *2021 2022 *2021 2022 *2021
Revenues:
Progam Revenues:
Charges for Services $ 919,301 789,255 20,023,938 19,395,648 20,943,239 $ 20,184,903
OperatingGrants and Contributions 800,465 178,355 27,541 44,027 828,006 222,382
Capital Grants and Contributions 70,712 51,054 - 509,843 70,712 560,897
General Revenues:
Taxes 5,644,044 5,310,768 - - 5,644,044 5,310,768
Business Licenses 3,221,543 3,018,880 - - 3,221,543 3,018,880
Other 912,010 1,008,352 883,835 295,981 1,795,845 1,304,333
TotalRevenues 11,568,075 10,356,664 20,935,314 20,245,499 32,503,389 30,602,163
E�enses:
General Government 2,413,691 2,284,338 - - 2,413,691 2,284,338
Public Safety 6,732,128 7,089,046 - - 6,732,128 7,089,046
Public Works 1,573,673 1,244,118 - - 1,573,673 1,244,118
Community&Economic Development 888,288 602,007 - - 888,288 602,007
Interest SL,751 53,455 - - 51,751 53,455
Electric Utility - - 11,265,547 11,685,617 L 1,265,547 L 1,685,617
Water Utility - - 2,588,512 2,624,185 2,588,512 2,624,185
Wastewater Utiliry - - 3,613,794 3,323,170 3,613,794 3,323,170
Stormwater Drainage Utdity - - 1,283,495 1,202,472 1,283,495 1,202,472
WasteManagement - - 1,012,253 1,046,384 1,012,253 1,046,384
Total E�enses 11,659,531 11,272,964 19,763,601 19,881,828 31,423,132 31,154,792
Change in Net Position Before Transfers (91,456) (916,300) 1,171,713 363,671 1,080,257 (552,629)
Transfers In(Out) (532,683) 1,405,494 532,683 (1,405,494) - -
Change in Net Position (624,139) 489,194 1,704,396 (1,041,823) 1,080,257 (552,629)
Net Position,Begnning of Year 10,707,570 10,218,376 42,739,318 43,781,141 53,446,888 53,999,517
Net Position-End of Year $ 10,083,431 10,707,570 44,443,714 42,739,318 54,527,145 $ 53,446,888
*Certain prior year amounts were restated
17
CITY OF GEORGETOWN,SOUTH CAROLINA
MANAGEMENT'S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30,2022
GOVERNMENT-WIDE FINANCIAL ANALYSIS(CONTINUED)
Governmental Activities:Total expenses for governmental activities were approximately$11,660,000. Some of these expenses
were paid for by those who directly benefited from the programs (approximately $919,000) or by other governments and
organizations that subsidized certain programs with grants and contriburions(approximately$871,000). In addition,the City's
business-type activities provide funding for programs by making cash transfers to the governmental activities each year. After
deducting transfers to certain business-type activities,the net"subsidy"for the current year was approximately$533,000. The
amount that our taxpayers ultimately financed through City taxes (i.e. property taxes, hospitality accommodations and
hospitality taxes,business licenses,etc.)was approximately$8,866,000. The City paid for the remaining costs of governmental
activities with other general revenues,such as business licenses,shared revenues,investment earnings,and other miscellaneous
sources.
Total revenues increased approximately $1,211,000 to approximately $11,568,000 in 2022, which was primarily due to
increases of approximately$1,284,000 in other nonrecurring revenue and increases of approximately$333,000 in tax revenue.
Expenses increased approximately$387,000,or 3%compared to the prior year.
Expenses and Program Revenues—Governmental Activities
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000 ■Expenses
3,000,000 ■Program Revenues
2,000,000
1,000,000
0 •
General Public Safety Public Works Community Interest on Debt
Government Development
Revenues by Source - Governmental Activities
■Charges far Services
■Operating Grants
Capital Grants
•Property Taxes
■Local H&A Taxes
Business Licenses
Shared Revenues
Investment Earnings
Gain on Sale of Assets
Miscel laneous
18
CITY OF GEORGETOWN,SOUTH CAROLINA
MANAGEMENT'S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30,2022
GOVERNMENT-WIDE FINANCIAL ANALYSIS(CONTINUED)
Business-Type Activities: Revenues of the Ciry's business-type acrivities increased by approximately $690,000, or 3%,
compared to the prior year. This decrease was primarily due to a increase of approximately$588,000 in other revenue,due to
the sale of the Electric Utility building. Expenses of the City's business-type activiries decreased approximately$118,000,or
approximately 1%, compared to the prior year. The increase was primarily due to a decrease of approximately $420,000 in
electric expenses,offset by an increase of approximately$291,000 in wastewater expenses..
Expenses and Program Revenues—Business-Type Activities
12,000,000
10,000,000
8,000,000
6,000,000 ■Expenses
■Revenues
4,000,000
2,000,000
0
Electric Water Wastewater Stormwater Waste Mgmt
Revenues generated through service charges by the City's electric utility represent approximately 57% of total revenue
recognized from service charges of all business-rype activities. Electric utiliry expenses account far approximately 57% of
total expenses of all business-type activities. During the current year,the utility funds transferred approximately$533,000 to
the General Fund to help fund governmental acrivities of the City. The majority of the revenues in the City's business-type
activiries are related to charges for services.
FINANCIAL ANALYSIS OF THE CITY'S FUNDS
As noted earlier,the City uses fund accounring to ensure and demonstrate compliance with finance-related legal requirements.
Governmental Funds
The focus of the City's governmental funds is to provide information on near-term inflows,outflows,and balances of spendable
resources. Such information is useful in assessing the City's financing requirements. In particular,unassigned fund balance
may serve as a useful measure of a government's net resources available for spending at the end of the year.
At the end of the Ciry's current year, the General Fund reported a fund balance of approximately $9,727,000, a decrease of
approximately $824,000 or (8%), from the prior year. This decrease was primarily due to an increase in public safety
expenditures of approximately$469,000 and an increase in public works expenditures of approximately$295,000.
19
CITY OF GEORGETOWN,SOUTH CAROLINA
MANAGEMENT'S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30,2022
FINANCIAL ANALYSIS OF THE CITY'S FUNDS(CONTINUED)
At the end of the City's current year,the fund balance of the Local Hospitality and Accommodations Tax Fund reported a fund
balance of approximately $2,427,000, an increase of$377,000 due to tax revenues of approximately $1,180,000 exceeding
expenditures of approximately$681,000 and transfers out of approximately$123,000.
Proprietary Funds
The City's proprietary funds generally provide the same type of information found in the government-wide financial statements
for business-type acrivities,but in more detail. At year-end,net posirion of the Electric Utility Fund,the Water and Wastewater
Utility Fund, and the Stormwater Drainage Utility Fund(the City's major enterprise funds) account for approximately 100%
of net position of all of the City's proprietary enterprise funds combined.
Signif'icant changes in net position for each of these funds during FY 2022 were as follows:
• The Electric Utility Fund had an increase in net position of approximately$256,000. Total net position at the end of
the year was approximately$11,595,000,of which approximately$9,821,000 was its net investment in capital assets.
• The Water and Wastewater Utility Fund had an increase in net position of approximately $1,577,000. Total net
position at the end of the year was approximately $23,374,000, of which approximately $21,864,000 was its net
investment in capital assets. Total net position restricted for the Regional Wastewater Treatment Plan was
approximately $1,698,000 (7%). The remainder was an unrestricted deficit of approximately $188,000 which was
primarily due to the net pension and OPEB liabilities.
• The Stormwater Drainage Utiliry Fund had a decrease in net position of approximately$125,000. Total net position
at the end of the year was approximately$9,622,000, of which approximately$10,343,000 was its net investment in
capital assets. The remainder was an unrestricted deficit approximately $722,000 due to the total liabilities and
deferred inflows exceeding total assets and deferred outflows.
General Fund Budgetary Highlights
The original General Fund budget,as presented in the required supplementary information,includes the original appropriations
authorized by City Council just prior to the start of the current year. During the year,Council approved two budget amendments
to reflect additional expenditures that were not included in the original budget.
At the close of the current year,actual revenues were higher than budget by approximately$583,000. The following are some
of the more noteworthy variances from revenue estimates:
• Property taxes were over budget by approximately $220,000 due to conservative estimates during budgeting and
growth due to an improving economy.
• Intergovernmental revenues were under budget by$149,000 due to actual grant revenues exceeding original estimates.
• Licenses and permits were over budget by approximately $364,000 due to conservative estimates during budgeting
and growth due to an improving economy.
Actual expenditures incurred were approximately$882,000 less than budget. The more significant variances from budget are
noted below:
• Housing and community development expenses were under budget by approximately $241,000 mostly due to lower
personnel costs as a result of having less employees than expected during the current year.
• General government expenses were under budget by approximately$232,000 mostly due to lower personnel costs as
a result of a decrease in employees during the current year.
Budgetary comparisons for all General Fund revenue sources and functional expenditures can be found as listed in the table of
contents of this report.
20
CITY OF GEORGETOWN,SOUTH CAROLINA
MANAGEMENT'S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30,2022
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
At June 30,2022,the City had approximately$70,431,000(net of accumulated depreciation)in a broad range of capital assets.
This amount represents a net decrease of approximately$3,007,000(4%)from the prior year. The City's capital assets(net of
depreciation)as of June 30,2022 and 2021 were as follows:
Governmental Activities Business-Type Activities Total
2022 2021 2022 2021 2022 2021
Land $ 3,180,193 3,180,193 289,687 289,687 3,469,880 $ 3,469,880
Construction in Progress 20,676 35,105 753,782 284,039 774,458 319,144
Land Improvements 8,208,461 - 146,412 186,291 8,354,873 186,291
Buildings and Improvements - 8,173,751 530,476 931,988 530,476 9,105,739
Electric System - - 19,867,528 19,867,528 19,867,528 19,867,528
Fiber Optics System - - 912,805 912,805 912,805 912,805
Water System - - 28,062,989 28,062,989 28,062,989 28,062,989
Wastewater System - - 36,878,498 36,778,925 36,878,498 36,778,925
Stormwater Drainage System - - 15,628,001 15,628,001 15,628,001 15,628,001
Infrastructure 3,157,777 3,157,777 - - 3,157,777 3,157,777
Vehicles,Equipment,and Furnishings 9,248,734 9,165,346 7,531,482 7,348,637 16,780,216 16,513,983
Other Improvements 7,699,972 7,602,658 - - 7,699,972 7,602,658
Capital Assets 31,515,813 31,314,830 110,601,660 110,290,890 142,117,473 141,605,720
Accumulated Depreciation 17,937,415 16,838,061 53,748,821 51,328,957 71,686,236 68,167,018
Total $ 13,578,398 14,476,769 56,852,839 58,961,933 70,431,237 $ 73,438,702
Major capital asset activity far the year included the following:
• Capital asset additions for the City's governmental activities were approximately $317,000 and consisted of the
following:
• Construction in Progress of approximately$7,000.
• Vehicles,Equipment,and Furnishings of approximately$178,000.
• Buildings and Improvements of approximately$35,000.
• Other improvements of approximately$97,000.
• Capital asset additions for the City's business-type activities were approximately $1,025,000 and consisted of the
following:
• CIP for all Business Activity Funds totaling approximately$569,000.
• Vehicles,Equipment,and Furnishings of approximately$456,000.
• Depreciation expense of approximately $1,194,000 and $3,095,000 for the City's governmental and business-type
activities,respectively.
Additional information regarding the City's capital assets can be found in Note III.D in the notes to the financial statements.
21
CITY OF GEORGETOWN,SOUTH CAROLINA
MANAGEMENT'S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30,2022
CAPITAL ASSET AND DEBT ADMINISTRATION(CONTINUED)
Debt Adininistration
As of June 30, 2022 and June 30, 2021, the City had total outstanding debt of approximately $17,643,000 and $17,643,000,
respectively. The City's total debt as of June 30,2022 and 2021 were as follows:
Governmental Activities Business-Type Activities Total
2022 2021 2022 2021 2022 2021
2015 Revenue Bonds $ - - 6,443,000 7,271,000 6,443,000 $ 7,271,000
2017 Revenue Bonds - - 3,141,000 3,729,000 3,141,000 3,729,000
2018 GO Bonds 1,681,727 1,764,562 - - 1,681,727 1,764,562
Financed Pwchase Agreements 38,421 75,938 587,284 286,540 625,705 362,478
State Revolving Loan Funds - - 4,270,766 4,515,812 4,270,766 4,515,812
Total Debt $ 1,720,148 1,840,500 14,442,050 15,802,352 16,162,198 $ 17,642,852
The Ciry's total debt decreased by approximately $1,481,000, or 9%, during FY 2022 due to scheduled principal payments.
The new issuances during the current year was a lease purchase agreement for$417,000 which had an outstanding balance at
year end of$417,000. In addirion, there was a short-term general obligarions bond issued for $725,000, which was repaid
during the current year with funds from the debt service fund.
Under current state statutes, the Ciry can issue general obligation debt without referendum whenever the new debt and
outstanding balances of existing debt in total do not exceed 8%of taxable assessed values on property located within the City
limits. As of June 30, 2022, the amount of new general obligation debt that could be issued without referendum was
approximately$1,809,000. General obligation debt issued pursuant to referendum is not subject to the statute limitation.
Additional information regarding the City's long-term obligations can be found in Note IILE in the notes to the financial
statements.
ECONOMIC FACTORS AND 2023 BUDGET FOR CTTY
The City's elected and appointed officials considered many factors when setting the fiscal year 2023 ("FY 2023")budget,tax
rates, and fees that will be charged for business-type activiries. Some of the factors considered were the national and local
economy, tourism trends, population growth rates both in the City and in the County, and trend data regarding growth in
property tax base and permits and licenses issued. Analysis of these factars resulted in projections for the new year that reflect
some revenue growth.
At year-end, amounts available in the General Fund for future appropriation are approximately $3,152,000 (unassigned fund
balance);however,of this amount the City maintains,by policy,a minimum fund balance policy of approximately 15%of total
audited General Fund expenditures or$1,481,000 for emergencies and contingencies. This leaves approximately$1,671,000
in remaining unassigned fund balance at year-end. The City has conscientiously managed its activities over the last several
years in order to increase fund balance to the current level. The cost associated with temporary City Hall Facilities have
impacted our fund balance. With limited potential for revenue growth in the near-term, a budget far FY 2023 was prepared
cautiously and with the recognition that realization of revenue estimates and containment of expenditures will be particularly
important. The FY 2023 budget includes a planned use of fund balance of$1,800,000.
REQUESTS FOR CITY INFORMATION
This financial report is designed to provide a general overview of the City of Georgetown's finances for all those with an
interest in the government's finances. Questions concerning any of the information provided in this report or requests for
additional financial information should be addressed to the Office of the Director of Finance, 1134 North Fraser Street,City of
Georgetown, SC,29440.
22
Basic Financial Statements
23
CTTY OF GEORGETOWN,SOUTH CAROLINA
STATEMENT OF NET POSITION
JUNE 30,2022
PRIMARY GOVERNMENT
Governmental Business-Type
Activities Activities Total
ASSETS
Cash and Cash Equivalents $ 10,098,945 5,148,434 $ 15,247,379
Cash and Cash Equivalents,Restricted 2,948,932 655,762 3,604,694
Invesrinents,Restricted - 220,325 220,325
Receivables,Net:
Property Taxes 200,960 - 200,960
Accounts 84,730 2,445,112 2,529,842
Other 256,039 56,534 312,573
Intergovernmental Receivables 976,053 - 976,053
Internal Balances 1,681,182 (1,681,182) -
Prepaids and Inventories 74,535 1,177,269 1,251,804
Capital Assets:
Non-Depreciable 3,200,869 1,043,469 4,244,338
Depreciable,Net 10,377,529 55,809,370 66,186,899
TOTAL ASSETS 29,899,774 64,875,093 94,774,867
DEFERRED OUTFLOWS OF RESOURCES
Deferred Other Postemployment Benefit("OPEB")Charges 585,707 239,958 825,665
Deferred Pension Charges 1,920,848 577,700 2,498,548
TOTAL DEFERRED iNFLOWS OF RESOURCES 2,506,555 817,658 3,324,213
LIABiLITIES
Accounts Payable 587,027 1,135,021 1,722,048
Accrued Salaries and Benefits 225,366 96,900 322,266
Customer Deposits - 652,582 652,582
Other Accrued Liabilities 2,836 4 2,840
Unearned Revenues 1,551,562 - 1,551,562
Non-Current Liabilities:
OPEB Liability-Due in More Than One Year 3,503,820 1,435,480 4,939,300
Net Pension Liability-Due in More Than One Year 11,045,644 2,510,499 13,556,143
Due Within One Year 185,213 1,852,854 2,038,067
Due in More Than One Year 1,709,437 12,694,405 14,403,842
TOTAL LIABILITIES 18,810,905 20,377,745 39,188,650
DEFERRED INFLOWS OF RESOURCES
Deferred OPEB Credits 938,717 384,582 1,323,299
Deferred Pension Credits 2,573,276 486,710 3,059,986
TOTAL DEFERRED INFLOWS OF RE50URCES 3,511,993 871,292 4,383,285
NET POSITION
Net Investment in Capital Assets 11,858,250 42,410,788 54,269,038
Restricted For:
Regional Wastewater Treatment Plant - 1,697,854 1,697,854
Debt Service 746,928 - 746,928
TIF District 31,649 - 31,649
American Rescue P1an Act 4,872 - 4,872
Public Safery Programs 14,509 - 14,509
Community Development Programs 12,150 - 12,150
Tourism Related Costs 2,689,255 - 2,689,255
Unrestricted (5,274,182) 335,072 (4,939,110)
TOTAL NET POSITION $ 10,083,431 44,443,714 $ 54,527,145
The notes to the financial statements are an integral part of this statement.
See accompanying independent auditor's report.
24
CITY OF GEORGETOWN,SOUTH CAROLINA
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30,2022
NET(EXPENSE)REVENUE AND
PROGRAM REVENUES CHANGE IN NET POSITION
FUNCTIONS/PROGRAMS Primary Government
Charges for Operating Capital Governmental Business-Type
PRIMARY GOVERNMENT: Expenses Services Grants and Contribufions Activities Activities Total
Governmental Activities:
General Government $ 2,413,691 602,055 680,740 - (1,130,896) - $ (1,130,896)
Public Safety 6,732,128 317,246 72,139 - (6,342,743) - (6,342,743)
Public Works 1,573,673 - 47,586 70,712 (1,455,375) - (1,455,375)
Community Development 888,288 - - - (888,288) - (888,288)
Interest on Long-Term Obligations 51,751 - - - (51,751) - (51,751)
Total Governmental Activities 11,659,531 919,301 800,465 70,712 (9,869,053) - (9,869,053)
Business-Type Activities:
ELectricUriliry 11,265,547 11,342,990 20,120 - - 97,563 97,563
Water Utility 2,588,512 2,881,546 7,421 - - 300,455 300,455
Wastewater Utiliry 3,613,794 3,868,004 - - - 254,210 254,210
StormwaterUtility 1,283,495 992,157 - - - (291,338) (291,338)
Waste Management 1,012,253 939,241 - - - (73,012) (73,012)
Total Business-Type Activities 19,763,601 20,023,938 27,541 - - 287,878 287,878
TOTAL-PRIMARY GOVERNMENT $ 31,423,132 20,943,239 828,006 70,712 (9,869,053) 287,878 (9,581,175)
General Revenues and Transfers:
General Revenues:
Taxes:
Property Taxes Levied for General Purposes 4,193,572 - 4,193,572
Property Taxes Levied for Debt Service 151,249 - 151,249
Local Accommodations and Hospitality Taxes 1,299,223 - 1,299,223
Business Licenses 3,221,543 - 3,221,543
Unrestricted Intergovemmental Revenues 691,802 - 691,802
InvestmentIncome 30,604 23,152 53,756
Miscellaneous 182,638 42,763 225,401
Gain on Sale of Assets 6,966 817,920 824,886
Transfers In(Out) (532,683) 532,683 -
Total General Revenues and Transfers 9,244,914 1,416,518 10,661,432
CHANGE IN NET POSITION (624,139) 1,704,396 1,080,257
NET POSITION,Beginning of Year 10,707,570 42,739,318 53,446,888
NET POSITION,END OF YEAR 10,083,431 44,443,714 $ 54,527,145
The notes to the financial statements are an integral part of this statement.
See accompanying independent auditor's report.
25
CITY OF GEORGETOWN,SOUTH CAROLINA
BALANCESHEET-GOVERNMENTALFUNDS
JUNE 30,2022
OTHER TOTAL
LOCAL ACCOM.& AMERICAN RESCUE GOVERNMENTAL GOVERNMENTAL
GENERAL HOSPITALITY TAX PLAN ACTFUND FUNDS FUNDS
ASSETS
Cash and Cash Equivalents $ 8,843,129 - - 1,255,816 $ 1Q098,945
Cash and Cash Equivalents,Restricted - 2,422,387 205,164 321,381 2,948,932
Receivables,Net:
Property Taxes 200,960 - - - 20Q960
Accounts - 84,236 - 494 84,730
Police Fines 59,481 - - - 59,481
Business Licenses 144,039 - - - 144,039
Other 52,519 - - - 52,519
Intergovernmenta]Receivables 892,403 - - 83,650 976,053
Due From Other Funds 27Q278 - 1,325,784 725,000 2,321,062
Advances To Other Funds 1OQ000 - - - 1OQ000
Prepaids 4,907 - - - 4,907
Inventory 69,628 - - - 69,628
TOTAL ASSETS $ 10,637,344 2,506,623 1,530,948 2,386,341 $ 17,061,256
LIABILITIES
Accounts Payable $ 406,780 64,791 5,692 109,764 $ 587,027
Accrued SaLaries a�d Benetits 223,696 1,670 - - 225,366
D�eto OthcrFunds 12,925 - - 726,955 739,880
Accrued Court Bonds 2,836 - - - 2,836
Unearned Revenue 1,016 - 1,52Q384 30,162 1,55L,562
TOTAL LIABILITIES 647,253 66,461 1,52fi,076 866,851 3,1Ofi,671
DEFERRED INFLOWS OF RESOURCES
Onavailable Revenue-PropeRy Taxes 111,476 - - - 111,476
Onavailable Revenue-Police Fines 52,990 - - - 52,990
Onavailable Revenue-Other 98,909 12,743 - - 1 ll,652
TOTAL DEFERRED INFLOWS OF RESOURCES 263,375 12,743 276,115
FUND BALANCES
Nonspendable:
Advances to the Stormwater Drainage Fund 100,000 - - - 100,000
Prepaids 4,907 - - - 4,907
Inventory 69,628 - - - 69,628
Restricted For:
American Rescue Plan Act - - 4,872 - 4,872
Debt Service - - - 746,928 746,928
TIF District - - - 31,649 31,649
Tourism Related Costs - 2,427,419 - 249,093 2,676,512
Public Safety Programs - - - 14,509 14,509
Community Development Programs - - - 12,I 50 12,150
Committed For:
DisasterRecovery 1,IOQ000 - - - 1,100,000
Capital Projects 3,500,000 - 3,500,000
Assigned For:
Capital Projects - - - 464,872 464,872
Grants - - - 259 259
Fiscal Year 2023 Budget Appropriations 1,SOQ000 - - - 1,SOQ000
Unassigned 3,152,181 - - - 3,152,181
TOTAL FUND BALANCES 9,726,716 2,427,419 4,572 1,519,460 13,678,467
TOTAL LIABILITIES,DEFERRED INFLOWS OF
RESOURCES,AND FUND BALANCES $ 1Q637,344 2,506,623 ],530,948 2,386,34] $ 17,061,256
The notes to the financial statements are an integral part of this statement.
See accompanying independent auditor's report.
26
CITY OF GEORGETOWN,SOUTH CAROLINA
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET POSITION
JUNE 30,2022
TOTAL FUND BALANCES-GOVERNMENTAL FUNDS $ 13,678,467
Amounts reported for the governmental activities in the Statement of Net Position are different because of
the following:
Capital assets used in governmental activities are not current financial resources and therefore are not
reported as assets in governmental funds. The cost of the capital assets was$31,515,813 and the
accumulated depreciation was$17,937,415. 13,578,398
Property taxes and other receivables that will be collected in the future,but are not available soon enough
to pay for the current period's expenditures,have been deferred in the governmental funds. 276,ll8
The City's proportionate share of the net pension liability,deferred outflows of resources,and deferred
inflows of resources related to its participation in the State retirement plans are not recorded in the
governmental funds but are recorded in the Statement of Net Position. (11,698,072)
The City's OPEB liability related to its OPEB Plan is not recorded in the governmental funds but
is recorded in the Statement of Net Position. (3,856,830)
Long-term liabilities are not due or payable in the current period and therefore are not reported as
liabilities in the funds. Long-term liabilities at year-end consisted of the following:
Debt Obligations (1,720,148)
Compensated Absence Obligations (174,502)
TOTAL NET POSITION-GOVERNMENTAL ACTIVITIES $ 10,083,431
The notes to the financial statements are an integral part of this statement.
See accompanying independent auditor's report.
27
CITY OF GEORGETOWN,SOUTH CAROLINA
STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES-GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30,2022
OTHER TOTAL
LOCAL ACCOM.& AMERICAN RESCUE GOVERNMENTAL GOVERNMENTAL
GENERAL HOSPITALITY TAX PLAN ACT FUND FUNDS FUNDS
REVENUES
Taxes $ 4,130,262 1,103,630 - 151,249 $ 5,385,141
Licenses and Permits 3,898,311 - - - 3,898,311
Fire Impact Fees 113,567 - - - 113,567
Fines and Forfeitures 83,890 - - - 83,890
Intergovernmental 876,389 70,712 655,692 303,905 1,906,698
Investment Earnings 20,123 5,153 4,872 456 30,604
Miscellaneous 154,457 404 - - 154,861
TOTAL REVENUES 9,276,999 1,179,899 660,564 455,610 11,573,072
EXPENDITURES
Current
General Government 2,094,945 205,692 11,095 2,311,732
Public Safety 6,569,330 - - 48,005 6,617,335
Public Works 1,171,992 - - 76,766 1,248,758
Community Development - 602,450 - 119,720 722,170
CapitalOutlay - 78,064 - 223,177 301,241
Debt Service -
Principal 37,517 - - 82,835 120,352
Interest 1,830 - - 49,921 51,751
TOTAL EXPENDITURES 9,875,614 680,514 205,692 6l 1,519 l 1,373,339
EXCESS(DEFICIENCY)OF REVENUES
OVER(UNDER)EXPENDITURES (598,615) 499,385 454,872 (155,909) 199,733
OTHER FINANCING SOURCES(USES)
Insurance Proceeds 27,777 - - - 27,777
Sale of Capital Assets 4,866 - - 2,100 6,966
Transfe�s In 1,925,963 2,451 - 896,899 2,825,313
Transfe�s Out (2,184,028) (125,000) (450,000) (598,968) (3,357,996)
Cost of Issuance of Debt - - - (20,433) (20,433)
TOTAL OTHER FINANCING SOURCES(USES) (225,422) (122,549) (450,000) 279,598 (518,373)
NET CHANGES IN FUND BALANCES (824,037) 376,836 4,872 123,689 (318,640)
FUND BALANCES,Beginning of Year 10,550,753 2,050,583 - 1,395,771 13,997,107
FUND BALANCES,END OF YEAR $ 9,726,716 2,427,419 4,872 1,519,460 $ 13,678,467
The notes to the financial statements are an integral part of this statement.
See accompanying independent auditor's report.
28
CITY OF GEORGETOWN,SOUTH CAROLINA
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,EXPENDITURES,AND
CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30,2022
TOTAL NET CHANGE IN FUND BALANCES-GOVERNMENTAL FUNDS $ (318,640)
Amounts reported for the governmental activities in the Statement of Activities are different because of
the following:
Property tax and other revenues in the Statement of Activities that do not provide current financial
resources are not reported as revenues in the funds. (39,741)
Repayment of principal is an expenditure in the governmental funds,but the repayment
reduces long-term liabilities in the Statement of Net Posirion. 120,352
Some expenses reported in the Statemet of Activities do not require the use of current financial resources
and therefore are not reported as expenditures in the governmental funds. 43,444
Changes in the City's proportionate share of the net pension liability,deferred outflows of resources,and
deferred inflows of resourccs for the current year related to its participation in the State retirement plans
are not reported in the governmental funds but are reported in the Statement of Activities 393,553
Changes in the City's OPEB liability for the current year related to its OPEB plan is not reported
in the governmental funds but is reported in the Statement of Activities 75,264
In the Statement of Activities,the gain or loss on the sale of capital assets is reported,whereas in the
governmental funds,the proceeds from the sale of assets increase financial resources. Thus,the
change in net position differs from the change in fund balance by the net book value of the assets sold. (21,638)
Governmental funds report capital outlay as expenditures. However,in the Statement of Acrivities,
capital outlay expenditures that qualify as capital assets are allocated over their estimated useful lives
as depreciation expense. This is the amount by which depreciation expense of$1,194,070
exceeded capital asset additions of$317,337 in the current period. (876,733)
TOTAL CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ (624,139)
The notes to the financial statements are an integral part of this statement.
See accompanying independent auditor's report.
29
CITY OF GEORGETOWN,SOUTH CAROLINA
STATEMENT OF NET POSITION-PROPRIETARY FUNDS
JUNE 30,2022
WATER& STORMWATER WASTE
ELECTRIC WASTEWATER DRAINAGE MANAGEMENT
UTILITY FUND UTILITY FUND UTILITY FUND FUND TOTAL
ASSETS
Current Assets:
Cash and Cash Equivalents $ 1,331,346 3,817,088 - - $ 5,148,434
Cash and Cash Equivalents,Restricted 490,620 165,142 - - 655,762
Investments,Resh-icted 58,223 162,102 - - 220,325
Accounts Receivable,Net 1,548,023 794,101 53,579 49,409 2,445,112
OtherReceivables 25,171 28,213 1,421 1,729 56,534
Prepaids - 32,700 - - 32,700
Inventories 997,542 143,436 3,591 - 1,144,569
Total Current Assets 4,450,925 5,142,782 58,591 51,138 9,703,436
Non-Current Assets:
Capital Assets:
Non-Depreciable 269,406 409,912 364,151 - 1,043,469
Depreciable,Net 12,692,394 32,584,694 10,124,540 407,742 55,809,370
TotaLNon-CurrentAssets 12,961,800 32,994,606 10,488,691 407,742 56,852,839
TOTAL ASSETS 17,412,725 38,137,388 10,547,282 458,880 66,556,275
DEFERRED OUTFLOWS OF RESOURCES
Deferred OPEB Charges 79,936 110,196 19,950 29,A76 239,958
Deferred Pension Charges 196,577 271,818 42,006 67,299 577,700
TOTAL DEFERRED OUTFLOWS OF RESOURCES 276,513 382,014 61,956 97,175 817,658
LIABILITIES
Current Liabilities:
Accounts Payable A10,181 253,A77 61,527 9,436 1,135,021
Accrued Interest Payable - - 4 - 4
Accrued Salaries and Benefits 30,228 49,001 6,624 11,047 96,900
Due to Other Funds - 1,325,784 189,203 66,195 1,581,182
Customer Deposits 490,620 161,962 - - 652,582
Current Portion of Compensated Absences 14,248 13,648 2,609 781 31,286
Current Portion of Debt 601,000 1,148,553 46,975 25,040 1,821,568
Total Current Liabilities 1,946,277 2,952,825 306,942 112,499 5,318,543
Non-Current Liabilities:
Advance from General Fund - - 100,000 - 100,000
Compensated Absences,Less Current Portion 31,556 35,343 5,110 1,913 73,922
Debt,Less Current Portion 2,540,000 9,982,214 98,269 - 12,620,483
OPEB Liability 478,194 659,216 119,346 178,724 1,435,480
Net Pension Liabiliry 812,657 1,121,969 273,021 302,852 2,510,499
Tota]Long-Term Liabilities 3,862,407 11,798,742 595,746 483,489 16,740,384
TOTAL LIABILITIES 5,808,684 14,751,567 902,688 595,988 22,058,927
DEFERRED INFLOWS OF RESOURCES
Deferred OPEB Credits 128,114 176,612 31,974 47,882 384,582
Deferred Pension Credits 157,550 217,516 52,930 58,714 486,710
TOTAL DEFERRED INFLOWS OF RESOURCES 285,664 394,128 84,904 106,596 871,292
NET POSITION
Net Investment in Capital Assets 9,820,800 21,863,839 10,343,447 382,702 42,410,788
Restricted for:
Regional Wastewater Treatment Plant - 1,697,854 - - 1,697,854
Unresriicted 1,774,090 (187,986) (721,801) (529,231) 335,072
TOTAL NET POSITION $ 11,594,890 23,373,707 9,621,646 (146,529) $ 44,443,714
The notes to the financial statements are an integral part of this statement.
See accompanying independent auditor's report.
30
CTTY OF GEORGETOWN,SOUTH CAROLINA
STATEMENT OF REVENUES,EXPENSES,AND CHANGES IN FUND NET POSTTION-PROPRIETARY FUNDS
YEAR ENDED JUNE 30,2022
WATER& STORMWATER WASTE
ELECTRIC WASTEWATER DRAINAGE MANAGEMENT
UTILITY FUND UTILITY FUND UTILITY FUND FUND TOTAL
OPERATING REVENUES
Charges for Services $ 11,342,990 6,749,550 992,157 939,241 $ 20,023,938
TOTAL OPERATING REVENUES 11,342,990 6,749,550 992,157 939,241 20,023,938
OPERATING EXPENSES
Purchased Electricity 7,214,481 - - - 7,214,481
Purchased Water - 79,022 - - 79,022
Provision for Bad Debts 29,051 18,685 3,319 5,670 56,725
Personal Services 1,778,210 1,513,411 407,491 464,958 4,164,070
Supplies 243,507 538,685 35,153 16,575 833,920
Other Charges and Services 1,170,054 1,950,109 308,965 464,245 3,893,373
Depreciation 748,206 1,768,527 523,138 55,627 3,095,498
TOTAL OPERATING EXPENSES 11,183,509 5,868,439 1,278,066 1,007,075 19,337,089
OPERATING INCOME(LOSS) 159,481 881,111 (285,909) (67,834) 686,849
NON-OPERATING REVENUES(EXPENSES)
Intergovernmental Grant Revenues 20,120 7,421 - - 27,541
Interest Earned on Investments 14,712 8,440 - - 23,152
Interest on Long-Term Obligations (82,038) (333,867) (5,429) (5,178) (426,512)
Gain(Loss)on Sale of Capital Assets 812,945 4,975 - - 817,920
Miscellaneous 11,059 24,719 3,914 3,071 42,763
TOTAL NON-OPERATING REVENUES(EXPENSES) 776,798 (288,312) (1,515) (2,107) 484,864
INCOME(LOSS)BEFORE CONTRIBUTIONS AND
TRANSFERS 936,279 592,799 (287,424) (69,941) 1,171,713
Transfers In 43,440 1,561,435 332,570 66,720 2,004,165
Transfers Out (723,914) (576,961) (170,607) - (1,471,482)
CHANGE IN NET POSITION 255,805 1,577,273 (125,461) (3,221) 1,704,396
NET POSITION,Beginning of Year 11,339,085 21,796,434 9,747,107 (143,308) 42,739,318
NET POSITION,END OF YEAR $ 11,594,890 23,373,707 9,621,646 (146,529) $ 44,443,714
The notes to the financial statements are an integral part of this statement.
See accompanying independent auditor's report.
31
CITY OF GEORGETOWN,SOUTH CAROLINA
STATEMENT OF CASH FLOWS-PROPRIETARY FUNDS
YEAR ENDED JUNE 30,2022
ELECTRIC WATER& STORMWATER WASTE
UTILITY WASTEWATER DRAINAGE MANAGEMENT
FUND UTILITY FUND UTILITY FUND FUND TOTAL
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from C�stomers and Users $ ll,253,063 6,572,078 979,714 936,095 $ 19,740,950
Payments to Suppliers for Goods and Services (8,751,885) (2,729,213) (244,866) (488,261) (12,214,225)
Payments for Personnel Services (1,776,90A) (1,676,304) (429,490) (449,718) (4,332,416)
Other Receipts(Payments) 11,059 24,719 3,914 3,071 42,763
NET CASH PROVIDED BY(USED IN)OPERATING
ACTIVITIES 735,333 2,191,280 309,272 1,187 3,237,072
CASH FLOWS FROM NON-CAPITAL FINANCING
ACTIVITIES
Intergovernmental Grants 49,073 7,421 - - 56,494
Transfers to Other Funds (723,914) (576,961) (170,607) - (1,471,482)
Transfers from Other Funds 43,440 2,751,766 55,026 48,700 2,898,932
NET CASH PROVIDED BY(USED IN)
NON-CAPITALFINANCINGACTIVITIES (631,401) 2,182,226 (ll5,581) 48,700 1,483,944
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Acquisition of Capital Assets (129,878) (751,758) (143,384) - (1,025,020)
Proceeds on Sale of Capital Assets 849,450 7,088 - - 856,538
Proceeds from Issuance of Debt - 417,000 - - 417,000
Principal Payments on Debt (588,000) (1,073,045) (44,878) (71,378) (1,777,301)
InterestPayments on Debt (82,038) (333,867) (5,429) (5,178) (426,512)
NET CASH PROVIDED BY(USED IN)CAPITAL
AND RELATED FINANCING ACTIVITIES 49,534 (1,734,582) (193,691) (76,556) (1,955,295)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment Earnings 14,712 8,440 - - 23,152
Sale of Inveshnents 16,447 (447) - - 16,000
NET CASH PROVIDED BY(USED IN)INVESTING
ACTIVITIES 31,159 7,993 - - 39,152
NET INCREASE(DECREASE)IN RESTRICTED AND
UNRESTRICTED CASH AND CASH EQUIVALENTS 184,625 2,646,917 - (26,669) 2,804,873
RESTRICTED AND UNRESTRICTED
CASH AND CASH EQUIVALENTS,Beginning of Year 1,637,341 1,335,313 - 26,669 2,999,323
RESTRICTED AND UNRESTRICTED
CASH AND CASH EQUIVALENTS,End of Year $ 1,821,966 3,982,230 - - $ 5,804,196
(Continued)
The notes to the financial statements are an integral part of this statement.
See accompanying independent auditor's report.
32
CITY OF GEORGETOWN,SOUTH CAROLINA
STATEMENT OF CASH FLOWS-PROPRIETARY FUNDS
YEAR ENDED JUNE 30,2022
ELECTRIC WATER& STORMWATER WASTE
UTILITY WASTEWATER DRAINAGE MANAGEMENT
FUND UTILITY FUND UTILITY FUND FUND TOTAL
Reconciliation of Operating Income(Loss)to Net Cash
from Operating Activities
Operating Income(Loss) $ 159,481 881,ll 1 (285,909) (67,834) $ 686,849
Adjustments to Reconcile Operating Income(I,oss)
to Net Cash from Operating Activities:
Depreciation Expense 748,206 1,768,527 523,138 55,627 3,095,498
Other Miscellaneous Receipts 11,059 24,719 3,914 3,071 42,763
Change in Accounts Representing Operating Activities:
Accounts Receivable (90,356) (161,372) (11,169) (1,547) (264,444)
Other Receivables (9,524) (14,950) (1,274) (1,599) (27,347)
Prepaids and Inventory (35,652) (42,116) 393 - (77,375)
Accounts Payable (59,141) (100,595) 57,300 (1,771) (104,207)
Accrued Salaries and Benefits 3,849 10,725 (563) 311 14,322
Customer Deposits 9,954 (1,151) - - 8,803
OtherPostEmploymentBenefits (19,256) (88,815) (4,107) (1,221) (113,399)
Settlement Payable - - (80,000) - (80,000)
Compensated Absences (7,224) (4,313) (957) (8,819) (21,313)
NetPensionLiability (164,072) (346,770) 30,625 (50,465) (530,682)
Changes in Deferred Outflows/Inflows of Resources:
Deferred OPEB Charges (12,556) (8,874) (3,228) (5,502) (30,160)
Deferred OPEB Credits 45,683 52,658 11,517 18,064 127,922
DeferredPensionCharges 28,384 51,674 24,368 15,391 119,817
Deferred Pension Credits 126,498 170,822 45,224 47,481 390,025
Net Cash Provided by Operating Activities $ 735,333 2,191,280 309,272 1,187 $ 3,237,072
The notes to the financial statements are an integral part of this statement.
See accompanying independent auditor's report.
33
CITY OF GEORGETOWN,SOUTH CAROLINA
STATEMENT OF NET POSITION-FIDUCIARY FUND-PRIVATE PURPOSE TRUST FUND
JUNE 30,2022
GUERRY
SCHOLARSffiP
PRIVATE
PURPOSE
TRUST FUND
ASSETS
Cash and Cash Equivalents,Restricted $ 33,687
TOTAL ASSETS $ 33,687
NET POSITION
Restricted for Future Scholarship Recipients 33,687
TOTAL NET POSITION $ 33,687
The notes to the financial statements are an integral part of this statement.
See accompanying independent auditor's report.
34
CITY OF GEORGETOWN,SOUTH CAROLINA
STATEMENT OF CHANGES IN NET POSITION-FIDUCIARY FUND-PRIVATE PURPOSE TRUST FUND
YEAR ENDED JUNE 30,2022
GUERRY
SCHOLARSffiP
PRIVATE
PURPOSE TRUST
FUND
ADDTTIONS
Investment Earnings:
Interest $ 112
Total Investment Earnings 112
TOTAL ADDITIONS ALL SOURCES 112
NET INCREASE IN NET POSITION 112
NET POSITION,Beginning of Year 33,575
NET POSITION,End of Year $ 33,687
The notes to the financial statements are an integral part of this statement.
See accompanying independent auditor's report.
35
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
The City of Georgetown("City")was incorporated in 1805 under the laws of the State of South Carolina. Section 47-26 of the
1962 Code of Laws,as amended(Home Rule Act),requires that municipalities adopt a specific form of government. The City
operates under the Mayor-Council form of government. The Council is composed of a Mayor and six Council members. The
Mayor is elected at-large and siY Council members are elected on a single member ward basis. The Mayor and Council,elected
for four-year staggered terms, are vested with the legislative and policymaking powers of the City. The Mayor is the chief
executive officer of the City. The Council has appointed a City Administrator who assists the Mayar in carrying out the proper
administration of all affairs of the City.
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. The Reporting Entity
The financial statements of the City have been prepared in conformity with accounting principles generally accepted
in the United States of America ("GAAP"), as applied to governmental units. The Governmental Accounting
Standards Board ("GASB") is the accepted standard-setting body for establishing governmental accounting and
financial reporting principles. The more significant of the City's accounting policies are described below.
As required by GAAP,the financial statements must present the Ciry's financial information with any of its component
units (if significant). The primary criterion far determining inclusion or exclusion of a legally separate entity
(component unit)is financial accountabiliry,which is presumed to exist if the City both appoints a voting majoriry of
the entity's governing body,and either 1)the City is able to impose its will on the entity or,2)there is a potenrial for
the entity to provide specific financial benefits to, or impose specific financial burdens on the City. If either or both
of the foregoing condirions are not met,the entity could still be considered a component unit if it is fiscally dependent
on the City and there is a potential that the entity could either provide specific financial benefits to, or to impose
specific financial burdens on the City.
In order to be considered fiscally independent, an entity must have the authority to do all of the following. (a)
determine its budget without the City having the authority to approve ar modify that budget;(b)levy taxes or set rates
or charges without approval by the City; and (c) issue bonded debt without approval by the City. An entity has a
financial bene�it or burden relationship with the City if, for example, any one of the following conditions exists: (a)
the City is legally entitled to or can otherwise access the entity's resources, (b) the City is legally obligated or has
otherwise assumed the obligarion to finance the deficits or, or provide financial support to,the entity, or(c)the City
is obligated in some manner for the debt of the entity. Finally, an entity could be a component unit even if it met all
the conditions described above for being fiscally independent if excluding it would cause the Ciry's financial
statements to be misleading.
Blended component units,although legally separate entities,are in substance,part of the government's operarions and
data from these units are combined with data of the primary government in the fund financial statements. Discretely
presented component units, on the other hand, are reported in a separate column in the government-wide fmancial
statements to emphasize they are legally separate from the City. Based on the criteria above,the Ciry does not have
any component units.
Major Operations
The City's major operations include: general government, public safety (police and fire), public works, community
development,electric utility,water utility,wastewater utility, stormwater utility,and waste management.
B. Measurement Focus,Basis of Accounting,and Basis of Presentation
The government-wide financial statements(i.e.,the Statement of Net Position and the Statement of Activities)report
information on all of the non-fiduciary activities of the City(the"Primary Government"). For the most part,the effect
of interfund activity(except for interfund services provided and used between functions)has been removed from these
financial 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.
36
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
L SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)
B. Measurement Focus,Basis of Accounting,and Basis of Presentation(Continued)
The Statement of Activities demonstrates the degree to which the direct expenses of a given function or segment are
offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment.
Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods,
services or privileges provided by a given function or segment and 2) grants and contributions that are restricted to
meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly
included among program revenues are reported instead as general revenues. The comparison of direct expenses with
program revenues identifies the extent to which each business segment or governmental function is self-financing or
draws from the general revenues of the City.
The government-wide financial statements are reported using the economic resources measurement focus and the
accrual basis of accounting, as are the financial statements of the Proprietary Funds and Fiduciary Funds. Revenues
are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related
cash flows. Non-exchange transactions,in which the City gives or receives value without directly receiving or giving
equal value in exchange,includes property taxes,grants and donations. Property taxes are recognized as revenues in
the year for which they are levied. Grants and similar items are recognized as revenues as soon as all eligibility
requirements imposed by the provider have been met.
The government-wide statements are prepared using a different measurement focus from the manner in which
governmental fund financial statements are prepared (see further detail below). Governmental fund financial
statements therefore, include reconciliations with brief explanations to better identify the relarionship between the
government-wide statements and the statements for governmental funds.
Governmental fund financial statements are reported using the current financial resources measurement focus and
the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available.
Revenues are considered to be available when they are collectible within the current period or soon enough thereafter
to pay liabilities of the current period. Property taxes, intergovernmental revenues, franchise taxes, licenses, and
interest associated with the current fiscal period are all considered to be measurable and susceptible to accrual and so
have been recognized as revenues of the current fiscal period. For this purpose,the government considers its revenues
to be available if they are generally collected within 60 days of the end of the current fiscal period with the exception
of certain reimbursement expenditure grants for which a twelve-month availability period is generally used.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However,debt service
expenditures, capital lease expenditures, as well as expenditures related to compensated absences and claims and
judgments, are recorded only when payments are due and payable. Capital asset acquisitions are reported as capital
outlay expenditures in governmental funds. Proceeds of long-term debt and acquisitions under capital leases are
reported as other financing sources.
Fund financial statements report detailed information about the City. The focus of governmental and enterprise fund
financial statements is on major funds rather than reporting funds by type. Each major fund is presented in a separate
column. Non-majar funds are aggregated and presented in a single column. Fiduciary funds are reported by fund
type.
When both restricted and unrestricted resources are available for use,it is the Ciry's practice to use resri-icted resources
first,then unrestricted resources as they are needed.
The accounts of the government are organized and operated on the basis of funds. A fund is an independent fiscal and
accounting entity with a self-balancing set of accounts. Fund accounting segregates funds according to their intended
purpose and is used to aid management in demonstraring compliance with finance-related legal and contractual
provisions. The minimum number of funds is maintained consistent with legal and managerial requirements. The
following funds and fund types are used by the City.
37
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
L SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)
B. Measurement Focus,Basis of Accounting,and Basis of Presentation(Continued)
Governmental Fund Types are those through which most governmental functions of the City are financed.The City's
expendable financial resources and related balance sheet items(except for those accounted for in the Proprietary Funds
and Fiduciary Fund)are accounted far through governmental funds. Governmental funds are accounted for using the
current financial resources measurement focus and the modified accrual basis of accounting.
The City's governmental fund types and major and non-major funds are as follows:
The General Fund,a major fund and a budgeted fund,is the general operating fund of the City and accounts for
all revenues and expenditures of the City except those required to be accounted for in other funds. All general
tax revenues and other receipts that(a)are not allocated by law or contractual agreement to other funds ar(b)that
have not been restricted, committed, or assigned to other funds are accounted for in the General Fund. General
operating expenditures and the capital improvement costs that are not paid through other funds are paid from the
General Fund.
The Local Accommodations and Hospitality Tax Fund, a major fund and a budgeted fund, is used to account
for revenues received from a three percent (3%) fee imposed on the rental of accommodations provided to
transients and from a two percent (2%) fee collected on the sale of prepared food and beverages served by
restaurants,hotels,lounges,and other food facilities. The fees are restricted for expenditures associated with the
preservation,maintenance and improvement of historical,environmental,and cultural assets of Georgetown,and
public faciliries related to their use.
The American Rescue Plan Act Fund,a major fund and a budgeted fund,is used to account for revenues received
from the American Rescue Plan Act.The revenues are restricted for expenditures in accordance with the terms of
the grant agreement and enacting legislation.
The Special Revenue Funds,non-major funds, are used to account for the proceeds of specific revenue sources
(that are expected to continue to comprise a substantial portion of the inflows of the fund) that are restricted or
committed to expenditures for specified purposes other than debt service or capital projects. The City has the
following non-major Special Revenue Funds:
Federal, State,and Local Grants Fund Community Development Fund
State Accommodations Tax Fund Seized and Forfeited Property Fund
Firefighters 1%Fund
The Capital Projects Funds(Capital Reserve Fund(budgeted)and TIF District Fund(unbudgeted)),both non-
major funds,are used to account far and report funds that are restricted,committed,ar assigned for future capital
improvements and for funding certain elements identified in the City's annually adopted Capital Improvement
Plan.
The Debt Service Fund, a non-major fund and an unbudgeted fund, is used to account for and report the
accumulation of financial resources that are restricted,committed,or assigned for the payment of long-term debt
principal,interest, and related costs for the City.
Proprietary Fund Types are accounted for based on the flow of economic resources measurement focus and use the
accrual basis of accounting. Under this method,revenues are recorded when earned and expenses are recorded at the
time liabilities are incurred. Proprietary funds are made up of two classes: enterprise funds and internal service funds.
The City does not have any internal service funds and has four enterprise funds.
38
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
L SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)
B. Measurement Focus,Basis of Accounting,and Basis of Presentation(Continued)
Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and
expenses generally result from providing services and producing and delivering goods in connection with a proprietary
fund's principal ongoing operations. The principal operating revenues of enterprise funds are primarily charges for
services and fees. Operating expenses for enterprise funds include the expense for providing goods and services,
administrative expenses,maintenance,and depreciation of capital assets. All revenues and expenses not meeting this
definition are reported as non-operating revenues and expenses. The City's proprietary fund types and major and non-
major funds are as follows:
Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to
private business enterprises — where the intent of the governing body 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; ar (b) where the governing body has decided that periodic determination of
revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy,
management control,accountability,or other purposes. The City has the following Enterprise Funds:
The Electric Utility Fund, a major fund, is used to account for assets and activities of the Ciry's electric
distribution operations. All costs are financed through charges to utility customers. This is a budgeted fund.
The Water and Wastewater Utility Fund,a major fund,is used to account for assets and activities of the
City's water and wastewater operations. All costs are financed through charges to utility customers. This is
a budgeted fund.
The Stormwater Drainage Utility Fund, a major fund,is used to account for the assets and activities of
the City's stormwater drainage operations. All costs are fmanced through charges to utility customers. This
is a budgeted fund.
The Waste Management Fund, a nonmajor fund, is used to account for the City's operation and
maintenance of the Ciry's waste collection and disposal systems, including communiry education and
awareness regarding recycling and litter control. This is a budgeted fund.
Fiduciary Fund Types include the Private Purpose Trust Fund. This fund is used to account for assets held by the
City in a trustee capacity for individuals, other governments, and/or other funds and are accounted for in essentially
the same manner as Proprietary Funds. Trust funds account for resources that are required to be held in trust for the
recipients of scholarship funds. The Guerry Scholarship Private Purpose Trust Fund is used to account for assets and
transactions of a scholarship fund established with contributions made in memory of Major Spencer Guerry, a City
policeman who lost his life in 1994 while serving in the line of duty.
C. Assets,Liabilities,Deferred Outflows/Inflows of Resources,and Equity
1. Cash, Cash Equivalents, and Investments
The Ciry considers all highly liquid investments (including restricted assets) with original maturities of three
months or less when purchased and money market mutual funds to be cash equivalents. Securities with an initial
maturity of more than three months (from when initially purchased) and other non-money market mutual funds
are reported as investments.
The City's operating cash and investment policy is designed to operate within existing statutes(which are identical
for all non-fiduciary funds, fund types,and component units within the State of South Carolina). The statutes of
the State of South Carolina authorize the City to invest in the following:
39
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
L SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)
C. Assets,Liabilities,Deferred Outflows/Inflows of Resources,and Equity(Continued)
1. Cash, Cash Equivalents,and Investments(Continued)
(a) Obligations of the United States and its agencies,the principal and interest of which is fully guaranteed by
the United States.
(b) Obligations issued by the Federal Financing Bank,Federal Farm Credit Bank,the Bank of Cooperatives,
the Federal Intermediate Credit Bank,the Federal Land Banks,the Federal Home Loan Banks,the Federal
Home Loan Mortgage Corporation,the Federal National Mortgage Association,the Government National
Mortgage Association,the Federal Housing Administration, and the Farmers Home Administration, if, at
the time of investment, the obligor has a long-term, unenhanced, unsecured debt rating in one of the top
two ratings categories,without regard to a refinement or gradation of rating category by numerical modifier
or otherwise, issued by at least two nationally recognized credit rating organizations.
(c) (i)General obligations of the State of South Carolina or any of its political units;or(ii)revenue obligations
of the State of South Carolina or its political units,if at the time of investment,the obligor has a long-term,
unenhanced,unsecured debt rating in one of the top two ratings categories,without regard to a refinement
or gradation of rating category by numerical modifier or otherwise, issued by at least two nationally
recognized credit rating organizations.
(d) Savings and Loan Associations to the extent that the same are insured by an agency of the federal
government.
(e) Cerrificates of deposit where the cerrificates are collaterally secured by securities of the type described in
(a)and(b)above held by a third party as escrow agent or custodian,of a fair value not less than the amount
of the cerrificates of deposit so secured,including interest;provided,however,such collateral shall not be
required to the extent the same are insured by an agency of the federal government.
(� Repurchase agreements when collateralized by securities as set forth in this section.
(g) No load open-end or closed-end management type investment companies or investment trusts registered
under the Investment Company Act of 1940, as amended,where the investment is made by a bank or trust
company or savings and loan association or other financial institution when acting as trustee or agent for a
bond or other debt issue of that local government unit, political subdivision, or county treasurer if the
particular portfolio of the investment company or investment trust in which the investment is made(i)is
limited to obligations described in items (a), (b), (c), and (� of this subsection, and (ii) has among its
objectives the attempt to maintain a constant net asset value of one dollar a share and to that end,value its
assets by the amartized cost method.
40
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
L SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)
C. Assets,Liabilities,Deferred Outflows/Inflows of Resources,and Equity(Continued)
1. Cash, Cash Equivalents,and Investments(Continued)
The City's cash and investment objectives are preservation of capital, liquidity, and yield. The City reports its
cash and investments at fair value which is normally determined by quoted market prices. The City currently or
in the past year has primarily used the following investments in its operating activities:
• Agency securities are securities that are generally backed by mortgage loans,and due to their creation from
particular corporations that are sponsored by the U.S. government, they enjoy credit protection based on
either an implicit or explicit guarantee from the U.S.Government.
• South Carolina Local Government Investment Pool ("LGIP" or "PooP') investments are invested with the
South Carolina State Treasurer's Office,which established the South Carolina Pool pursuant to Section 6-6-
10 of the South Carolina Code. The Pool is an investment trust fund, in which public monies in excess of
current needs, which are under the custody of any city treasurer or any governing body of a political
subdivision of the State, may be deposited. In accordance with GASB Statement No. 31 `Accounting and
Financial Reporting for Certain Investments and for External Investment Pools"and GASB Statement No.
72 "Fair T�alue Measurement and Application", investments are carried at fair value determined annually
based upon(a) quoted market prices for identical or similar investments or(b)observable inputs other than
quoted market prices. The total fair value of the Pool is appartioned to the entities with funds invested on an
equal basis for each share owned, which are acquired at a cost of$1.00. Funds may be deposited by Pool
participants at any time and may be withdrawn upon 24 hours'notice. Financial statements for the Pool may
be obtained by writing the Office of State Treasurer, Local Government Investment Pool,P.O. Box 11778,
Columbia, SC 29211-1960.
2. Receivables and Payables
During the course of its operations, the City has numerous transactions occurring between funds. These
transactions include expenditures and transfers of resources to provide services,construct assets,and service debt.
The accompanying financial statements generally reflect such transactions as transfers in(out). To the extent that
certain transactions between funds had not been paid ar received as of year-end,balances of interfund amounts
or payables have been recorded.
All trade and property taxes receivable are shown net of an allowance for uncollecrible amounts. Trade
receivables are comprised of amounts due from entities and individuals for a variety of types of fees,charges and
services.
3. Inventories and Prepaid Items
Inventories of materials, supplies and gasoline are stated at average cost,which approximates market. The costs
of inventories and prepaid items are accounted for using the consumption method(expensed when consumed).
4. Capital Assets
General capital assets are those assets not specifically related to activities reported in the Proprietary Funds. These
assets generally result from expenditures in the governmental funds. These assets are reported in the
governmental activities column of the Government-Wide Statement of Net Position,but are not reported in the
fund financial statements. Capital assets utilized by the Proprietary Funds are reported both in the business-type
activiries column of the Government-Wide Statement of Net Posirion and in the respective fund financial
statements.
41
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
L SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)
C. Assets,Liabilities,Deferred Outflows/Inflows of Resources,and Equity(Continued)
4. Capital Assets(Continued)
The City defines capital assets as assets with an initial,individual cost of more than$5,000(amount not rounded)
or groupings of similar items with individual costs of less than$5,000,but when purchased together the total is
greater than$5,000,and an estimated useful life in excess of one year. Such assets are recorded at historical cost
or estimated historical cost if not purchased or constructed. Donated capital assets are recorded at estimated
acquisition value(as estimated by the City)at the date of donation.
Public domain ("infrastructure") general capital assets, consist of the road network (roads, bridges, curbs and
gutters, streets, and sidewalks,drainage systems,lighting systems), and water and sewer system assets that were
acquired or that received substantial improvements. These assets are reported at estimated historical cost using
deflated replacement cost. The cost of normal maintenance and repairs that do not add to the value of the asset
or materially extend assets' lives are not capitalized.
Capital assets are depreciated on the straight-line method using the following estimated useful lives:
Land Improvements 10-40 years
Buildings and Improvements 10-40 years
Infrastructure 30-60 years
Other Improvements 10-25 years
Vehicles,Equipment,and Furnishings 5 - 10 years
Electric System 25 -40 years
Fiber Optics System 10 years
Water and Wastewater Systems 10-40 years
Stormwater Drainage System 5 -40 years
The Ciry has a collection of historical furnishings presented for public exhibition and education at the Kaminski
House Museum. The City ensures the collection is protected and preserved for future generations. The collection
is not capitalized or depreciated subject to an arganizational policy that requires the proceeds from sales of
collection items to be used to acquire items for the collection.
S. Compensated Absences
It is the City's policy to permit employees to accumulate earned but unused general leave (which encompasses
vacation and sick pay benefits). Unused general leave is accumulated in varying amounts based on years of
service to a maximum amount per scheduled work hour classification. General leave is depleted on the first-in,
first-out("FIFO")basis.
General leave may be used to cover the following types of absences (upon advance approval of the employee's
supervisor/manager): employee vacation, employee personal leave for medical reasons, Family Medical Leave
approved absences,and funeral leave. Unused general leave will be paid for at termination at a rate of 50%only
if the employee is terminated for non-disciplinary reasons or if the employee gives and properly works a two-
week norice of resignation. The Ciry Administrator may waive the notice requirement. Effective April 18,2013,
a leave donation policy was adopted which allows all eligible employees to donate general leave hours on a
voluntary basis from their unused balance to the Leave Donation Bank in accordance with policy guidelines.
The City reports compensated absences in accardance with the provisions of GASB Statement No. 16
"Accounting for Compensated Absences." Accumulated general leave is accrued at 50% of each employee's
current pay rate multiplied by an estimated percentage (which is currently estimated at 50%) of those that will
qualify for payout(i.e.non-disciplinary termination,properly work two-week notice,etc.).
42
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
L SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)
C. Assets,Liabilities,Deferred Outflows/Inflows of Resources,and Equity(Continued)
5. CompensatedAbsences(Continued)
The entire compensated absence liability and expense is reported in the government-wide financial statements.
The portion applicable to the City's enterprise activities is also recorded in the Proprietary Funds financial
statements, if material. Governmental funds will only recognize compensated absences liability if they have
matured, for example,as a result of employee resignations or retirements.
6. Accrued Liabilities and Long-Terrr�Obligations
All payables, accrued liabilities and long-term obligations are reported in the government-wide financial
statements. Bond premiums and discounts are deferred and amortized over the life of the bonds using the straight-
line method(as it approximates the effective interest method)if material. Debt is reported net of applicable bond
premiums and discounts.
In the governmental fund financial statements,bond premiums,discounts and bond issuance costs are recognized
immediately. The face amount of debt or lease purchase issued is reported as other financing sources. Premiums
received on debt issuances are reported as other financing sources while discounts are reported as other financing
uses. Issuance costs are reported as debt service expenditures.
In general, payables and accrued liabilities that will be paid from governmental funds are reported on the
governmental fund financial statements regardless of whether they will be liquidated with current financial
resources. However, claims and judgments, debt and financed purchase agreements, compensated absences,
postemployment benefit obligations, net pension liabilities, special termination benefits and other related long-
term liabilities that will eventually be paid from governmental funds are not reported as a liability in the fund
financial statements until due and payable.
7. Fund Balance
In accordance with GAAP,the Ciry classifies its governmental fund balances as follows:
Nonspendable —includes amounts that inherently cannot be spent either because they are not in
spendable form(i.e.prepaids,inventories,etc.)or because of legal or contractual requirements(i.e.
principal on an endowment,etc.).
Restricted — includes amounts that are constrained by specific purposes which are externally
imposed by (a) other governments through laws and regulations, (b) grantors or contributions
through agreements, (c)creditors through debt covenants or other contracts, ar(d)imposed by law
through constitutional provisions or enabling legislation.
Committed—includes amounts that are constrained for specific purposes that are internally imposed
by the government through formal action(ordinance)made by the highest level of decision making
authority(City Council)before the end of the reporting period. Those committed amounts cannot
be used for any other purpose unless the government removes or changes the specified use by taking
the same type of action it employed to previously commit those amounts.
Assigned — includes amounts that are intended to be used for specific purposes that are neither
considered restricted or committed and that such assignments are made by an approved motion or
resolution by City Council before the report issuance date.
43
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
L SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)
C. Assets,Liabilities,Deferred Outflows/Inflows of Resources,and Equity(Continued)
7. Fund Balance(Continued)
Unassigned—includes amounts that do not qualify to be accounted far and reported in any of the
other fund balance categaries. This classificarion represents the amount of fund balance that has
not been assigned to other funds and that has not been restricted,committed,or assigned to specific
purposes within the General Fund. The General Fund should be the only fund that reports a positive
unassigned fund balance amount. In other governmental funds,if expenditures incurred for specific
purposes exceeded the amounts of restricted, committed, or assigned to those purposes, it may be
necessary to report a negative unassigned fund balance.
The City generally uses restricted amounts first when both restricted and unrestricted(committed, assigned, and
unassigned) fund balance is available unless there are legal documents, contracts, or agreements that prohibit
doing such. Additionally, the City generally would first use committed, then assigned, and lastly unassigned
amounts of unrestricted fund balance when expenditures are made.
The City's Council has formally adopted a minimum fund balance policy that endeavors to maintain a minimum
of two months (approximately 15%) of normal General Fund expenditures to be available as unassigned fund
balance. The City had unassigned fund balance of approximately $3,152,000 at June 30, 2022 (which is
approximately 32%of current year General Fund expenditures).
8. Deferred Outflows/Inflows of Resources
In addition to assets,the Statement of Net Position and the Balance Sheet will sometimes report a separate section
for deferred outflows of resources. This separate financial statement element, deferred outflows of resources,
represents a consumption of net assets that applies to a future period(s)and so will not be recognized as an outflow
of resources(expense/expenditure)until then. The City currently has two types of deferred outflows of resources.
(1)The City reports deferred pension charges in its Statements of Net Position in connection with its participation
in the South Carolina Rerirement System and the South Carolina Police Officers Retirement System. (2) The
City reports deferred other postemployment benefit ("OPEB') charges in its Statement of Net Position in
connection with the single-employer defined benefit healthcare plan("OPEB Plan"). These deferred pension and
OPEB charges are either (a)recognized in the subsequent period as a reduction of the net pension and OPEB
liabilities (which includes contributions made after the measurement date) ar(b) amortized in a systemaric and
rational method as pension and OPEB expense in future periods in accordance with GAAP.
In addirion to liabilities, the Statement of Net Position and the Balance Sheet will sometimes report a separate
section for deferred inflows of resources. This separate financial statement element,deferred inflows of resources,
represents an acquisition of net assets that applies to a future period(s)and so will not be recognized as an inflow
of resources (revenue) until that time. The City currently has three types of deferred inflows of resources: (1)
The City reports unavailable revenues only in the governmental funds Balance Sheet;it is deferred and recognized
as an inflow of resources(various revenues)in the period the amounts become available. (2)The City also reports
deferred pension credits in its Statements of Net Position in connection with its participation in the South Carolina
Rerirement System and South Carolina Police Officers Rerirement System. (3)The City reports deferred OPEB
credits in its Statement of Net Position in connection with its OPEB Plan. These deferred pension and OPEB
credits are amartized in a systematic and rational method and recognized as a reduction of pension and OPEB
expense in future periods in accordance with GAAP.
44
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
L SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)
C. Assets,Liabilities,Deferred Outflows/Inflows of Resources,and Equity(Continued)
9. Net Position
Net position represents the difference between assets and deferred outflows of resources and liabilities and
deferred inflows of resources in the Statement of Net Position. Net position is classified as net investment in
capital assets; restricted; and unrestricted. Net investment in capital assets consists of capital assets, net of
accumulated depreciation, reduced by the outstanding balances of any borrowings used for the acquisition,
construction or improvement of those assets. Outstanding debt which has not been spent is included in the same
net position component as the unspent proceeds.
Net position is reported as restricted when there are limitations imposed on their use either through enabling
legislation or through external restrictions imposed by creditors,grantors, contributors, or laws or regulations of
other governments.
In May 2022, City Council approved a motion to designate the net proceeds from the sale of the Electric
Department property in the amount of$849,000 to partially cover the purchase of a property to relocate the
Electric Department operations. These proceeds are included in unrestricted net position as of June 30, 2022 in
the Electric Urility Fund.
10. Pensions and Other Postemployment Benefits
In government-wide financial statements,pensions and other postemployment benefits("OPEB")are required to
be recognized and disclosed using the accrual basis of accounting(see Note IV.B and Note IV.0 and the required
supplementary information immediately following the notes to the financial statements for more information),
regardless of the amounts recognized as pension and OPEB expenditures on the modified accrual basis of
accounting. The Ciry recognizes net pension and OPEB liabilities for each plan for which it participates,which
represents the excess of the total pension and OPEB liabilities over the fiduciary net position of the qualified plan,
or the City's proportionate share thereof in the case of a cost-sharing multiple-employer plan,measured as of the
Ciry's fiscal year-end. Changes in the net pension and OPEB liabilities during the period are recarded as pension
and OPEB expenses, or as deferred outflows ar inflows of resources depending on the nature of the change, in
the period incurred. Those changes in net pension and OPEB liabiliries that are recorded as deferred outflows or
inflows of resources that arise from changes in actuarial assumptions or other inputs and differences between
expected or actual experience are amortized over the weighted average remaining service life of all participants
in the respective qualified plan and recorded as a component of pension and OPEB expense beginning with the
period in which they are incurred. Any projected earnings on qualified pension and OPEB plan investments are
recognized as a component of pension and OPEB expense. Differences between projected and actual investment
earnings are reported as deferred outflows or inflows of resources and amortized as a component of pension and
OPEB expense on a closed basis over a five-year period beginning with the period in which the difference
occurred.
11. Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other commitments for expenditures are
recorded to reflect the use of the applicable spending appropriations,is used by the General Fund during the year
to control expenditures. Encumbrances do not constitute expenditures ar liabilities. For budget purposes
encumbrances and unused expenditure appropriations lapse at year end.
45
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
L SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)
C. Assets,Liabilities,Deferred Outflows/Inflows of Resources,and Equity(Continued)
12. Accounting Estimates
The preparation of financial statements in conformiry with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions. Those estimates and assumptions
affect the reported amounts of assets and deferred outflows of resources and liabilities and deferred inflows of
resources and disclosure of these balances as of the date of the financial statements. In addition,they affect the
reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ
from those estimates and assumptions.
13. Fair Value
The fair value measurement and disclosure framework provides for a three-tier fair value hierarchy that gives
highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and
the lowest priority to unobservable inputs (Leve13 measurements). The three levels of the fair value hierarchy
are described below:
Level 1— Inputs to the valuation methodology are unadjusted quoted prices for idenrical assets ar liabilities
in active markets that the Ciry can access at the measurement date.
Leve12— Inputs to the valuation methodology, other than quoted prices included in Level 1, that are
observable for an asset or liability either directly or indirectly and include:
• Quoted prices for similar assets and liabilities in active markets.
• Quoted prices for identical or similar assets or liabilities in inactive markets.
• Inputs other than quoted market prices that are observable for the asset or liability.
• Inputs that are derived principally from or corroborated by observable market data by
correlation or other means.
Leve13— Inputs to the valuarion methodology that are unobservable for an asset or liabiliry and include:
• Fair value is often based on developed models in which there are few, if any, observable
inputs.
The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level
of any input that is significant to the fair value measurement. Valuation techniques used should maximize the
use of observable inputs and minimize the use of unobservable inputs.
The valuation methodologies described above may produce a fair value calculation that may not be indicative of
future net realizable values or reflective of future fair values. The City believes that the valuation methods used
are appropriate and consistent with GAAP. The use of different methodologies or assumptions to determine the
fair value of certain fmancial instruments could result in a different fair value measurement at the reporting date.
There have been no significant changes from the prior year in the methodologies used to measure fair value.
14. Comparative Data
Comparative data (i.e. presentation of prior year totals by fund type) has not been presented in each of the
statements since their inclusion would make the statements unduly complex and difficult to read.
46
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IL STEWARDSHIP,COMPLIANCE,AND ACCOUNTABILITY
A. Budgetary Information
The Ciry has elected to present its budgetary comparison information(as required supplementary information) for
the General Fund, Local Accommodations and Hospitality Tax Fund, and American Rescue Plan Act Fund as
separate schedules and not as basic financial statements. These funds were the only major governmental funds far
which the City had a legally adopted budget. See the notes to the budgetary comparison schedules (following the
notes to the financial statements)for details regarding the City's budgetary information and process.
III. DETAILED NOTES ON ALL FUNDS AND ACTIVITIES
A. Deposits and Investments
Certain deposits and investments of the City are legally restricted for specified purposes. The major types of
restrictions at June 30,2022 were(a)those imposed by the revenue source(i.e.hospitality fees,accommodation taxes,
grants,etc.),(b)debt service reserve funds,and(c)unspent bond proceeds.
Deposits
Custodial Credit Risk for Denosits: Custodial credit risk for deposits is the risk that,in the event of a bank failure,
the City's deposits might not be recovered. The City does not have a formal deposit policy for custodial credit risk
but follows the investment policy statutes of the State of South Carolina. As of June 30,2022,none of the City's bank
balances of approximately$5,ll4,000(with a carrying value of approximately$4,927,000)were exposed to custodial
credit risk.
Investments
As of June 30,2022,the City had the following investments and maturities:
Credit Fair Value Fair Investment Maturities in Years
Investment Type Rating^ Level(1) Value <1 yr 1-3 yrs 3-Syrs >5 yrs
LGIP NR N/A $ 13,958,566 13,958,566 - - $ -
Agency Securities AAAn,Aaa-mf Level l 220,325 220,325 - - -
Total $ 14,178,891 14,178,891 - - $ -
^if available,credit ratings are for Standard&Poor's and Moody's Investors Service.
(1)See Note I.C.13 for the details of the City's fair value hierarchy
NR—Not rated.
Interest Rate Risk: The City does not have a formal policy limiting investment maturities that would help manage
its exposure to fair value losses from increasing interest rates.
Custodial Credit Risk for Investments: Custodial credit risk for investments is the risk that, in the event of a bank
failure, the government will not be able to recover the value of its investments or collateral securiries that are in the
possession of an outside party. The City does not have an investment policy for custodial credit risk but follows the
investment policy statutes of the State of South Carolina.
Credit Risk for Investments: Credit risk for investments is the risk that an issuer or other counterparty to an
investment will not fulfill its obligarions. The City does not have an investment policy for credit risk but follows the
investment policy statutes of the State of South Carolina.
47
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
III. DETAILED NOTES ON ALL FUNDS AND ACTIVITIES(CONTINUED)
A. Deposits and Investments(Continued)
Concentration of Credit Risk for Investments: The City places no limit on the amount the City may invest in any
one issuer. Investments issued by or explicitly guaranteed by the U.S. Government and investments in mutual funds,
external investment pools and other pooled investments are exempt from concentration of credit risk disclosures.
Reconciliation to the Financial Stateinents
A reconciliation of cash and investments as shown in the Statements of Net Position for all acrivities is as follows:
Description Amount
CarryingAmountofDeposits $ 4,927,194
Fair Value of Investments 14,178,891
Total Deposits and Investments $ 19,106,085
Statement of Net Position:
Cash and Cash Equivalents $ 15,247,379
Cash and Cash Equivalents,Restricted 3,604,694
Investments,Restricted 220,325
Statement of Net Position-Fiduciary Funds
Cash and Cash Equivalents,Restricted 33,687
Total Cash,Cash Equivalents,and Investments $ 19,106,085
B. Receivables
Properry taxes receivable represent current real and personal property as well as delinquent real and personal properry
taxes for the past ten years, less an allowance far amounts estimated to be uncollectible. All net properry taxes
receivable at year end, except those collected within 60 days, are recorded as unavailable tax revenue and thus not
recognized as revenue unril collected in the governmental funds(if material).
Property taxes are assessed and collected by Georgetown County. The County levies its real property taxes each
September based upon current assessed valuation. Assessed values are establishedby the County Assessor,the County
Auditor, and the South Carolina Department of Revenue and Taxation at various rates of 4 to 10.5 percent of the
estimated market value. Real property and all personal property taxes other than vehicle property taxes attach as an
enforceable lien on property as of January 16th. Taxes are levied and billed in September on all property other than
vehicles and are payable without penalty until January 15`'' of the following year. Penalties are assessed on unpaid
taxes on January 16t''at 3%,on February 2°a far an additional 7%,and on March 17`"for an additional5%.
After proper notification,the law requires"exclusive possession"of property necessary to satisfy the delinquent taxes.
Properties with unpaid taxes are sold at a public auction during the month of October. Vehicle property taxes attach
a lien and are levied throughout the year depending on when the vehicles'license tags expire. The lien and collection
date for motor vehicle taxes is the last day of the month in which the motor vehicle license expires.
The City's fiscal year 2022 real and business personal properry taxes (which was for tax year 2021) were levied in
October 2021 based on a total millage rate of 107.3 mills(including 103.3 mills for operations and 4.0 mills for debt
service). The Ciry's assessed value of real and personal properiy(including vehicles)was approximately$43.6 million
for tax year 2021. Any amounts received by Georgetown County but not yet remitted to the City at year end are
included in the caption"Intergovernmental Receivables"in the Balance Sheet and Statement of Net Position.
48
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IIL DETAILED NOTES ON ALL FUNDS AND ACTIVITIES(CONTINUED)
B. Receivables(Continued)
The City has receivables related to electric,water,wastewater,stormwater,and waste management service fee billings,
hospitality fees, and other miscellaneous receivables. The net receivables of the City's governmental funds and
enterprise funds at June 30, 2022, include allowances for uncollectibles of approximately $282,000 (property taxes
and police fines)and$1,661,000(utility charges for services).
C. Interfund Receivables,Payables,and Transfers
Interfund Receivables and Payables(Due To/From)
Interfund balances for the year ended June 30, 2022, consisted of the following individual fund receivables and
payables:
Fund Receivables Payables
Maior Governmental Funds:
General Fund $ 270,278 $ 12,925
American Rescue Plan Act Fund 1,325,784 -
Maior Enterurise Funds:
Stormwater Drainage Utility Fund - 189,203
Water Utility Fund - 215,000
Wastewater Utility Fund - 1,110,784
Waste Management Fund - 66,195
Other Non-Maior Governmental Funds:
Federal,State,and Local Grant Fund - 1,955
Capital Reserve Fund - 725,000
Debt Service Fund 725,000 -
Totals $ 2,321,062 $ 2,321,062
Advance To Other Advance From Other
Fund Funds Funds
General Fund $ 100,000 $ -
Stormwater Drainage Utiliry Fund - 100,000
Totals $ 100,000 $ 100,000
Outstanding balances between funds result mainly from the time lag between the dates that(1)interfund goods and
services are provided or reimbursable expenditures/expenses occur, (2) transactions are recorded in the accounting
system,and(3)payments between funds are made. All balances except for the$100,000 advance between the General
Fund and the Stormwater Fund are expected to be repaid within one year.
49
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IIL DETAILED NOTES ON ALL FUNDS AND ACTIVITIES(CONTINUED)
C. Interfund Receivables,Payables,and Transfers(Continued)
Interfund Transfers
Interfund transfers for the year ended June 30,2022,consisted of the following:
Fund Transfers In Transfers Out
Maior Governmental Funds:
General Fund $ 1,925,963 $ 2,184,028
American Rescue Plan Act Fund - 450,000
Local Accommodations&Hospitality Tax Fund 2,451 125,000
Maior Enterprise Funds:
Electric Utility Fund 43,440 723,914
Starmwater Drainage Utility Fund 332,570 170,607
Water Utility Fund 1,423,464 260,609
Wastewater Utility Fund 137,971 316,352
Waste Management Fund 66,720 -
Other Non-Maior Governmental Funds:
Federal,State,and Local Grant Fund 4,627 -
State Accommodations TaY Fund - 33,530
Capital Project Fund 892,272 565,438
Totals $ 4,829,478 $ 4,829,478
During the course of normal operations and in order to support the numerous functions of the City, transactions
between funds may occur. The City uses transfers to move unrestricted receipts so that they may be used for various
programs in other funds. Transfers are most commonly made for program subsidies and grant matches.
Funds are transferred to the General Fund from the Utiliry Funds, State Accommodations Tax Fund, and Local
Accommodations & Hospitality Tax Fund to support various programs and services of the City. Council approves
the amount transferred annually generally during the budget process.
50
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IIL DETAILED NOTES ON ALL FUNDS AND ACTIVITIES(CONTINUED)
D. Capital Assets
Capital asset activity for the City's governmental activities for the year ended June 30,2022,was as follows:
Beginning Ending
Governmental Activities: Balance Increases Decreases Transfers Balance
Capital Assets,Non-Depreciable:
Land $ 3,180,193 - - - $ 3,180,193
Construction In Progress 35,105 7,209 21,638 - 20,676
Total Capital Assets,Non-Depreciable 3,215,298 7,209 21,638 - 3,200,869
Capital Assets,Depreciable:
Buildings and Improvements 8,173,751 34,710 - - 8,208,461
Vehicles,Equipment,and Furnishings 9,165,346 178,104 94,716 - 9,248,734
Infrastructure 3,157,777 - - - 3,157,777
Other Improvements 7,602,658 97,314 - - 7,699,972
Total Capital Assets,Depreciable 28,099,532 310,128 94,716 - 28,314,944
Less: Accumulated Depreciation for:
Buildings and Improvements 3,418,423 226,084 - - 3,644,507
Vehicles,Equipment,and Furnishings 7,273,166 453,060 94,716 - 7,631,510
Infrastructure 2,367,856 103,684 - - 2,471,540
Other Improvements 3,778,616 411,242 - - 4,189,858
Total Accumulated Depreciation 16,838,061 1,194,070 94,716 - 17,937,415
Total Capital Assets,Depreciable,Net 11,261,471 (883,942) - - 10,377,529
Governmental Activities Capital Assets,Net $ 14,476,769 (876,733) 21,638 - $ 13,578,398
Capital asset depreciation expense for governmental activities was charged to functions/programs as follows:
Depreciation
Functions/Programs Expense
General Government $ 360,671
Public Safety 571,845
Public Works 168,643
Communiry Development 92,911
Total-Governmental Activities $ 1,194,070
51
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
III. DETAILED NOTES ON ALL FUNDS AND ACTIVITIES(CONTINUED)
D. Capital Assets(Continued)
Capital asset activity for the City's business-type activities for the year ended June 30,2022,was as follows:
Beginning Ending
Balance Increases Decreases Transfers Balance
Business-Type Activities
Capital Assets,Non-Depreciable:
Land $ 289,687 - - - $ 289,687
Construction In Progress 284,039 569,316 - (99,573) 753,782
Total Capital Assets,Non-Depreciable 573,726 569,316 - (99,573) 1,043,469
Capital Assets,Depreciable:
Land Improvements 186,291 - 39,879 - 146,412
Buildings and Improvements 931,988 - 401,512 - 530,476
Vehicles,Equipment,and Furnishings 7,348,637 455,706 272,861 - 7,531,482
Electric System 19,867,528 - - - 19,867,528
Fiber Optics System 912,805 - - - 912,805
Water System 28,062,989 - - - 28,062,989
Wastewater System 36,778,925 - - 99,573 36,878,498
Stormwater Drainage System 15,628,001 - - - 15,628,001
Total Capital Assets,Depreciable 109,717,164 455,706 714,252 99,573 109,558,191
Less: Accumulated Depreciation for:
LandImprovements 145,148 2,970 39,879 - 108,239
Buildings and Improvements 787,204 12,101 367,478 - 431,827
Vehicles,Equipment,and Furnishings 4,795,568 347,130 268,277 - 4,874,421
Electric System 7,669,534 612,001 - - 8,281,535
Fiber Optics System 911,887 229 - - 912,116
Water System 12,615,555 697,249 - - 13,312,804
Wastewater System 19,086,954 938,562 - - 20,025,516
Stormwater Drainage System 5,317,107 485,256 - - 5,802,363
Total Accumulated Depreciation 51,328,957 3,095,498 675,634 - 53,748,821
Total Capital Assets,Depreciable,Net 58,388,207 (2,639,792) 38,618 99,573 55,809,370
Business-Type Activities Capital Assets,Net $ 58,961,933 (2,070,476) 38,618 - $ 56,852,839
From time to time, the City receives water and wastewater infrastructure for new subdivisions/projects that are
given/donated to the City from various developers. The City inspects and approves (verifying that the donated
infrastructure meets federal, state and local building codes) donated infrastructure before the City takes over
ownership. The City's utility manager reviews and certifies the construction costs related to the infrastructure and the
donation is recorded in the City's capital asset system.
Construction in progress in the City's business-type activities primarily relates to stormwater drainage projects and a
water tank rehabilitation project.
52
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
III. DETAILED NOTES ON ALL FUNDS AND ACTIVITIES(CONTINUED)
D. Capital Assets(Continued)
Capital asset depreciation expense for business-type activities was charged to functions/programs as follows:
Depreciation
Functions/Programs Expense
Electric Utility $ 748,206
Water Utility 760,796
Wastewater Utility 1,007,731
Stormwater Utility 523,138
Waste Management 55,627
Total-Business-Type Activities $ 3,095,498
53
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
III. DETAILED NOTES ON ALL FUNDS AND ACTIVITIES(CONTINUED)
E. Long-Term Obligations
The City issues debt from time to time to provide funds for the acquisition and construction of major capital facilities.
Revenue Bonds("RB")and the State Revolving Loan Funds("SRLF")are obligations of the City that are secured by
revenue from a specific source. The full faith, credit, and taxing powers of the City are not pledged for the payment
of RB or SRLF obligations nar the interest thereon. Details on the City's outstanding debt obligations as of June 30,
2022 are as follows:
Balance at
General Obligation Bonds(Direct Placement) June 30,2022
$2,000,000 General Obligation Bonds, Series 2018 ("Series 2018 GO Bonds") which are due in $ 1,681,727
annual installments of$131,000 beginning May 7, 2019 through May 7, 2038, plus interest of
2.75%,due annually. The proceeds fromthe Series 2018 GO Bonds were used for the construction
of Fire Station II.
TotalGeneral Obligation Bonds Outstanding $ 1,681,727
Balance at
Financed Purchase Agreeinents(Direct Placement) June 30,2022
$143,000 L,ease was entered into by the City in December 2019. The lease is due in annual $ 25,040
installments (including interest)of approxirnately$49,886 beginning on December 4,2020 through
December 4, 2022 which includes interest at 231%. The proceeds fromthis lease were used to
purchase a Scowbody Dump Truck.
$112,572 L,ease agreement was entered into by the City in December 2019. The lease is due in 38,421
annual installments (including interest)of approximately $39,347 beginning on December 4,2020
through December 4, 2022 which includes interest at 231%. The proceeds from this lease were
used to purchase police mobile data tetmir►als.
$235,000 Lease was entered into by the City in December 2019. The lease is due in annual 145,244
installments (including interest)of approxirnately$50,307 beginning on December 4,2020 through
December 4,2024,which includes interest at 2.31%. The proceeds from this lease were used to
purchase a streetsweeper.
$235,000 L,ease was entered into by the City in October 2021. The lease is due in annual 417,000
installments (including interest) ranging from approxiroately $64,260 to $64,920 beginning on
December 1,2022 through December 1,2028,which includes interest at 2.00°/o. The proceeds from
this lease were used to purchase a Sanitation Vactor Truck.
Total Financed Purchase Agreements Outstanding $ 625,705
54
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IIL DETAILED NOTES ON ALL FUNDS AND ACTIVITIES(CONTINUED)
E. Long-Term Obligations(Continued)
Balance at
Revenue Bonds June 30,2022
$5,845,000 Combined Public Utility System Improvement and Refunding Revenue Bonds, Series 2015A $ 5,845,000
("Series 2015A Revenue Bonds") (Public Placement) which are due in annual installments ranging from
$240,000 to $890,000 beginning May 23, 2023 through May 23, 2035, plus interest ranging from 3.0% -
4.0%, due semi-annually. The proceeds from the Series 2015A Revenue Bonds were used to (a)provide
funds far expansion,additions and improvements to the combined public utility system,(b)provide a portion
of the funds necessary to redeem the City's Combined Public Utility System Improvement and Refunding
Revenue Bonds Series 20ll,and(c)pay the cost of issuance.
$5,772,000 Combined Public Utility System Refunding Revenue Bonds, Series 2015B ("Series 2015B 598,000
Revenue Bonds")(Direct Placement)which are due in annual installments ranging from$414,000 to$828,000
beginning December 23, 2015 through May 23, 2023, plus interest at 1.73%, due semi-annually. The
proceeds from the Series 2015B Revenue Bonds were used to redeem a partion of the City's Combined Public
Utility System Improvement and Refunding Revenue Bonds Series 201 l and pay the cost of issuance.
$6,000,000 Combined Public Utility System Revenue Bonds, Series 2017 ("Series 2017 Revenue Bonds") 3,141,000
(Direct Placement) which are due in annual installments ranging from $552,000 to $643,000 beginning
December 15,2017 through May 15,2027,plus interest at 2.20%,due semi-annually. The proceeds from the
Series 2017 Revenue Bonds were used to (a)provide funds for eapansion,additions and improvements to the
Electric Utility Project.
Total Revenue Bonds Outstanding $ 9,584,000
Balance at
State Revolving Loan Funds(Direct Borrowings) June 30,2022
$437,398 South Carolina Drinldng Water Revolving Loan Fund(Series 2013A)ageement was entered into by $ 275,343
the City in September 2013. The loan is due in 80 equal quarterly installments of approximately $6,585
beginning on March 14, 2014 through February 14, 2034, including interest at 1.90%. The proceeds of this
loan were used for the Historic District manhole rehabilitation project.
$1,486,451 South Carolina Drinking Water Revolving Loan Fund(Series 2013B) ageement was entered into 982,296
by the City in September 2013. The loan is due in 80 equal quarterly installments of approximately $22,378
beginning on December 1,2014 through November 1,2034, including interest at 1.90%. The proceeds of this
loan were used for the Maryville water tank project.
$1,650,488 South Carolina Drinking Water Revolving Loan Fund(Series 2018A) agreement was entered into 1,364,860
by the City in November 2018. The loan is due in monthly installments of$8,050 beginning January 23,
2019 through December 23, 2038,plus interest at 1.60%. The proceeds of the loan were used to provide
funds far the Historic District Water Line Improvements.
$2,462,206 South Carolina Drinking Water Revolving Loan Fund(Series 2018B) ageement was entered into 1,648,268
by the City in November 2018. The loan is due in monthly installments of$12,008 beginning July 23,2019
through June 23, 2039,plus interest at 1.60%. Theproceeds of the loan were used to provide funds for the
West End Sewer Rehabilitation project.
Total State Revolving Loan Funds Outstanding $ 4,270,767
55
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
III. DETAILED NOTES ON ALL FUNDS AND ACTIVITIES(CONTINUED)
E. Long-Term Obligations(Continued)
Presented below is a summary of changes in long-term obligations for the City's governmental and business-type
activiries far the year ended June 30,2022:
Beginning Ending Due Within
Long-Term Obligations Balance Additions Reductions Balance One Year
Governmental Activities:
Debt:(Direct Placement)
GOB-Series 2018 $ 1,764,562 - 82,835 1,681,727 $ 85,112
Financed Purchase Ageements:(Direct Placement)
CL-Police Mobile Data 75,938 - 37,517 38,421 38,421
Total Debt 1,840,500 - 120,352 1,720,148 123,533
Compensated Absences 217,946 14,312 57,756 174,502 61,680
Total Governmental Activities $ 2,058,446 14,312 178,108 1,894,650 $ 185,213
Business-Type Activities:
Debt:(Public Placement)
RB-Series 2015A $ 5,845,000 - - 5,845,000 $ 245,000
Debt:(Direct Borrowings)
RB-Series 2015B 1,426,000 - 828,000 598,000 598,000
RB-Series 2017 3,729,000 - 588,000 3,141,000 601,000
SRLF-Series 2013A 295,893 - 20,550 275,343 21,231
SRLF-Series2013B 1,052,091 - 69,795 982,296 71,132
SRLF-Series 2018A 1,436,311 - 71,451 1,364,860 72,601
SRLF-Series2018B 1,731,517 - 83,249 1,648,268 84,589
Total Debt 15,515,812 - 1,661,045 13,854,767 1,693,553
Financed Purchase Agreements:(Direct Borrowing)
FP-Dumptruck 96,418 - 71,378 25,040 25,040
FP-Streetsweeper 190,122 - 44,878 145,244 46,975
FP-Streetsweeper - 417,000 - 417,000 56,000
Total Financed Purchase Ageements 286,540 417,000 116,256 587,284 128,015
Total Debt 15,802,352 417,000 1,777,301 14,442,051 1,821,568
Settlement Payable 80,000 - 80,000 - -
Compensated Absences 126,521 12,214 33,527 105,208 31,286
TotalBusiness-TypeActivities $ 16,008,873 429,214 1,890,828 14,547,259 $ 1,852,854
56
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
III. DETAILED NOTES ON ALL FUNDS AND ACTIVITIES(CONTINUED)
E. Long-Term Obligations(Continued)
Resources from the General Fund and Local Accommodations Tax/Hospitality Tax Fund have been used to liquidate
the governmental acrivities long-term obligations. Resources from the Water and Wastewater Utility Fund have been
used to liquidate the Revenue Bonds and the SRLF debt. Resources from the Electric Fund, Water and Wastewater
Utility Fund, Stormwater Drainage Uriliry Fund,and Waste Management Fund have been used to liquidate the other
business-type activities long-term obligations.
The Revenue Bonds and the SRLFs(collectively"Revenue Debt")require the City to maintain user rates sufficient to
generate net revenues (as defined by the agreements) of 120% and 110%, respectively, per any fiscal year of the
combined annual principal and interest payments on all debt paid from or secured by the revenues of the Electric
Utility Fund and the Water and Wastewater Utility Fund. The City is in compliance with the respective debt covenants
as of June 30,2022.
Article Eight, Section Seven of the South Carolina Constitution of 1895, as amended,provides that no City or Town
shall incur any bonded debt which shall exceed eight percent(8%) of the assessed value of the property therein and
no such debt shall be created without the electors of such City ar Town voting in favor of such further bonded debt.
Priar to Home Rule Act of July 1, 1976, the bonded debt exemption was thirty five percent (35%). In 1976, the
General Assembly reduced the general obligation debt limit without voter approval to eight percent(8%)of assessed
valuarion;whereas,with a referendum any amount can be floated.
As of June 30, 2022, the City had legally bonded debt of approximately $1,682,000 in GO Bonds. The City's 8%
legal debt limit(on its assessed values of approximately$43,628,000)was approximately$3,490,000 and the unused
legal debt margin was approximately$1,809,000 at June 30,2022.
57
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
III. DETAILED NOTES ON ALL FUNDS AND ACTIVITIES(CONTINUED)
E. Long-Term Obligations(Continued)
Presented below is a summary of debt service requirements to maturity by year for the City's governmental activities
and business-type acrivities as of June 30,2022:
Debt-Direct Placement Debt-Public Placement
Year EndingJune 30, Principal Interest Principal Interest Total
Governmental Activities:
2023 $ 123,533 47,174 - - $ 170,707
2024 87,453 43,907 - - 131,360
2025 89,858 41,502 - - 131,360
2026 92,329 39,031 - - 131,360
2027 94,868 36,492 - - 131,360
2028-2032 514,939 141,861 - - 656,800
2033-2037 589,746 67,054 - - 656,800
2038 127,423 3,937 - - 131,360
Totals $ 1,720,148 420,958 - - $ 2,141,107
Debt-Direct Placement Debt-Public Placement
Year EndingJune 30, Principal lnterest Principal Interest Total
Business-Type Activities
2023 $ 1,576,568 161,915 245,000 225,733 $ 2,209,216
2024 975,160 131,312 855,000 213,900 2,175,371
2025 995,679 111,121 890,000 179,583 2,176,383
2026 966,994 90,497 530,000 145,183 1,732,674
2027 986,558 70,585 550,000 123,917 1,731,060
2028-2032 1,544,047 200,671 1,895,000 328,338 3,968,056
2033-2037 1,213,079 78,186 880,000 40,351 2,211,616
2038-2039 338,967 6,919 - - 345,886
Totals $ 8,597,051 851,206 5,845,000 1,257,005 $ 16,550,262
Interest paid on the debt issued by the City is generally exempt from federal income tax. The City sometimes
temporarily reinvests the proceeds of such tax-exempt debt in higher-yielding taxable securities, especially during
construction projects. The federal tax code refers to this practice as arbitrage. Excess earnings(the difference between
the interest on the debt and the investment earnings received)resulting from arbitrage must be rebated to the federal
government. The City does not have an arbitrage liability at June 30,2022.
F. Short-Term Obligations
Beginning Ending Due Witbin
Short-Term Obligations Balance Additions Reductions Balance One Year
Governmental Activities:
Debt(Direct Placement)
General Obligation Bonds(Direct Placement)
GOB-Series 2021 $ - 725,000 725,000 - $ -
58
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IV. OTHER INFORMATION
A. Risk Management
Participation in Public Entity Risk Pools for Property and Casualty Insurance
The City is exposed to various risks of loss related to torts, theft of, damage to, and destrucrion of assets, errors and
omissions,and natural disasters. The City has joined together with other municipalities in the state to form the South
Carolina Municipal Insurance and Risk Financing Fund("SCMIRF") and the South Carolina Municipal Insurance
Trust("SCMIT"),which are public entity risk pools currently operating as a common risk management and insurance
program for general risk insurance and workers' compensation, respectively. The City pays an annual premium to
SCMIRF for its general risk insurance. For the year ended June 30,2022,the City made premium payments totaling
approximately $834,000. SCMIRF is self-sustaining through member premiums and reinsures through commercial
companies. SCMIRF's net assets/position from its most recently issued audited financial statements at December 31,
2021,totaled approximately$14,371,000. There were no significant reductions in coverage in the past fiscal year and
there were no settlements exceeding insurance coverage in the past three fiscal years.
The City pays an annual premium to SCMIT for its workers' compensation insurance. For the year ended June 30,
2022,the Ciry made premium payments totaling approximately$444,000. The Trust uses reinsurance agreements to
reduce its exposure to large warkers' compensation losses. SCMIT's net assets/position from its most recently issued
audited financial statements at December 31, 2021, totaled approximately $57,773,000. There were no significant
reductions in coverage in the past fiscal year and there were no settlements exceeding insurance coverage in the past
three fiscal years.
B. Retirement Plans
The City participates in the State of South Carolina's retirement plans. The South Carolina Public Employee Benefit
Authority("PEBA"), created July 1, 2012,is the state agency responsible for the administration and management of
the various retirement systems and retirement programs of the state of South Carolina, including the State Optional
Retirement Program and the S.C. Deferred Compensation Program, as well as the state's employee insurance
programs. As such,PEBA is responsible for administering the South Carolina Retirement Systems' ("Systems")five
defined benefit pension plans. PEBA has an 11-member Board of Directors ("PEBA Board"), appointed by the
Governor and General Assembly leadership, which serves as custodian, co-trustee and co-fiduciary of the Systems
and the assets of the retirement trust funds. The Retirement System Investment Commission (Commission as the
governing body,RSIC as the agency),created by the General Assembly in 2005,has exclusive authority to invest and
manage the retirement trust funds' assets. The Commission, an eight-member board, serves as co-trustee and co-
fiduciary for the assets of the retirement trust funds. By law, the State Fiscal Accountability Authority ("SFAA"),
which consists of five elected officials, also reviews certain PEBA Board decisions regarding the actuary of the
Systems.
Far purposes of ineasuring the net pension liability, deferred outflows and inflows of resources related to pensions,
and pension expense,information about the fiduciary net position of the Systems and additions to/deductions from the
Systems fiduciary net position have been determined on the accrual basis of accounting as they are reported by the
Systems in accordance with GAAP. For this purpose, revenues are recognized when earned and expenses are
recognized when incurred. Bene�it and refund expenses are recognized when due and payable in accordance with the
terms of the plan.Investments are reported at fair value.
The PEBA issues an Annual Comprehensive Financial Report (formerly known as the "Comprehensive Annual
Financial Report") containing financial statements and required supplementary information for the System' Pension
Trust Funds. The Annual Comprehensive Financial Report is publicly available through the PEBA's website at
www.peba.sc.gov,or a copy may be obtained by submitting a request to PEBA,202 Arbor Lake Drive,Columbia,SC
29223. The PEBA is considered a division of the primary government of the state of South Carolina and therefore,
retirement trust fund financial information is also included in the Annual Comprehensive Financial Report of the state.
59
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IV. OTHER INFORMATION(CONTINUED)
B. Retirement Plans(Continued)
Plan Description
The South Carolina Retirement System ("SCRS"), a cost sharing multiple-employer defined benefit pension plan,
was established effective July 1, 1945, pursuant to the provisions of Section 9-1-20 of the South Carolina Code of
Laws for the purpose of providing retirement and other benefits for teachers and employees of the state and its political
subdivisions. SCRS covers employees of state agencies, public school districts, higher education institutions, other
participating local subdivisions of government and individuals newly elected to the South Carolina General Assembly
at or after the 2012 general election.
The South Carolina Police Officers Retirement System("PORS"), a cost—sharing multiple-employer defined benefit
pension plan, was established effective July 1, 1962, pursuant to the provisions of Section 9-11-20 of the South
Carolina Code of Laws for the purpose of providing retirement and other benefits to police officers and firefighters.
PORS also covers peace officers,coroners,probate judges,and magistrates.
Plan Membership
Membership requirements are prescribed in Title 9 of the South Carolina Code of Laws. A brief summary of the
requirements under each system is presented below.
• SCRS —Generally, all employees of covered employers are required to participate in and contribute to the
system as a condition of employment.This plan covers general employees and teachers and individuals newly
elected to the South Carolina General Assembly beginning with the November 2012 general election. An
employee member of the system with an effective date of inembership prior to July 1,2012,is a Class Two
member. An employee member of the system with an effective date of inembership on or after July 1,2012,
is a Class Three member.
• PORS—To be eligible for PORS membership,an employee must be required by the terms of his employment,
by election ar appointment,to preserve public order,protect life and properry,and detect crimes in the state;
to prevent and control property destruction by fire; be a coroner in a full-time permanent position; or be a
peace officer employed by the Department of Corrections, the Department of Juvenile Jusrice, or the
Department of Mental Health. Probate judges and coroners may elect membership in the PORS. Magistrates
are required to participate in the PORS for service as a magistrate. PORS members, other than magistrates
and probate judges, must also earn at least$2,000 per year and devote at least 1,600 hours per year to this
work,unless exempted by statute. An employee member of the system with an effective date of inembership
prior to July 1,2012,is a Class Two member. An employee member of the system with an effective date of
membership on or after July 1,2012,is a Class Three member.
Plan Benefits
Benefit terms are prescribed in Title 9 of the South Carolina Code of Laws. PEBA does not have the authority to
establish or amend benefit terms without a legislative change in the code of laws. Key elements of the benefit
calculation include the benefit multiplier,years of service, and average final compensation/current annual salary. A
brief summary of benefit terms for each system is presented below.
60
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IV. OTHER INFORMATION(CONTINUED)
B. Retirement Plans(Continued)
Plan Benefits(Continued)
• SCRS —A Class Two member who has separated from service with at least five or more years of earned
service is eligible for a monthly pension at age 65 or with 28 years credited service regardless of age. A
member may elect early retirement with reduced pension benefits payable at age 55 with 25 years of service
credit. A Class Three member who has separated from service with at least cight or more years of earned
service is eligible for a monthly pension upon satisfying the Rule of 90 requirement that the total of the
member's age and the member's creditable service equals at least 90 years. Both Class Two and Class Three
members are eligible to receive a reduced deferred annuity at age 60 if they satisfy the five- or eight-year
earned service requirement, respectively. An incidental death benefit is also available to beneficiaries of
active and retired members of employers who participate in the death benefit program.
The annual retirement allowance of eligible retirees or their surviving annuitants is increased by the lesser of
one percent or five hundred dollars every July 1. Only those annuitants in receipt of a benefit on July 1 of
the preceding year are eligible to receive the increase. Members who retire under the early retirement
provisions at age 55 with 25 years of service are not eligible for the benefit adjustment until the second July
1 after reaching age 60 or the second July 1 after the date they would have had 28 years of service credit had
they not retired.
• PORS —A Class Two member who has separated from service with at least five or more years of earned
service is eligible for a monthly pension at age 55 or with 25 years of service regardless of age. A Class
Three member who has separated from service with at least eight or more years of earned service is eligible
for a monthly pension at age 55 or with 27 years of service regardless of age. Both Class Two and Class
Three members are eligible to receive a deferred annuity at age 55 with five or eight years of earned service,
respectively. An incidental death benefit is also available to beneficiaries of active and retired members of
employers who participate in the death benefit program. Accidental death benefits are also provided upon
the death of an active member working for a covered employer whose death was a natural and proximate
result of an injury incurred while in the performance of duty.
The retirement allowance of eligible retirees or their surviving annuitants is increased by the lesser of one
percent or five hundred dollars every July 1. Only those annuitants in receipt of a benefit on July 1 of the
preceding year are eligible to receive the increase.
Plan Contributions
Actuarial valuations are performed annually by an external consulting actuary to ensure applicable contribution rates
satisfy the funding parameters specified in Title 9 of the South Carolina Code of Laws. Under these provisions,SCRS
and PORS("Plans")contribution requirements must be sufficient to maintain an amortization period for the financing
of the unfunded actuarial accrued liability("UAAL")over a period that does not exceed the number of years scheduled
in state statute. Legislation in 2017 increased, but also established a ceiling far SCRS and PORS employee
contribution rates. Effective July 1,2017, employee rates were increased to a capped rate of 9.00 percent for SCRS
and 9.75 percent for PORS. The legislation also increased employer conri-ibution rates beginning July 1, 2017 far
both SCRS and PORS by two percentage points and further scheduled employer contriburion rates to increase by a
minimum of one percentage point each year in accordance with state statute. However, the General Assembly
postponed the one percent increase in the SCRS and PORS employer contribution rates that was scheduled to go into
effect beginning July 1,2020. If the scheduled contributions are not sufficient to meet the funding periods set in state
statute, the PEBA Board shall increase the employer contribution rates as necessary to meet the funding periods set
for the applicable year. The maximum funding period of SCRS and PORS is scheduled to be reduced over a ten-year
schedule from 30 years beginning fiscal year 2018 to 20 years by fiscal year 2028.
61
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IV. OTHER INFORMATION(CONTINUED)
B. Retirement Plans(Continued)
Plan Cont�^ibutions (Continued)
Additionally,the PEBA Board is prohibited from decreasing the SCRS and PORS contribution rates until the funded
ratio is at least 85 percent. If the most recent annual actuarial valuation of the Systems for funding purposes shows a
ratio of the actuarial value of system assets to the actuarial accrued liability of the system (the funded ratio) that is
equal to or greater than 85 percent, then the PEBA Board, effective on the following July 1, may decrease the then
current contribution rates upon making a finding that the decrease will not result in a funded ratio of less than 85
percent. If contribution rates are decreased pursuant to this provision,and the most recent annual actuarial valuation
of the system shows a funded ratio of less than 85 percent, then effective on the following July 1, and annually
thereafter as necessary, the PEBA Board shall increase the then current contribution rates until a subsequent annual
actuarial valuation of the system shows a funded ratio that is equal to or greater than 85 percent.
As noted earlier, both employees and the City are required to contribute to the Plans at rates established and as
amended by the PEBA. The Ciry's contriburions are actuarially determined but are communicated to and paid by the
City as a percentage of the employees' annual eligible compensation. Required employer and employee contribution
rates far the past year are as follows:
SCRS Rates PORS Rates
2022 2022
Employer Contribution Rate:^
Retirement 16.41% 18.84%
Incidental Death Benefit 015% 0.20%
Accidental Death Contributions 0.00% 0.20%
16.56% 19.24%
Employee Contribution Rate^ 9.00% 9.75%
^Calculated on earnable compensation as defined in Title 9 of the South Carolina Code of Laws.
The actual and required contributions to the SCRS and PORS were approximately $747,000 and $571,000,
respectively,for the year ended June 30,2022 and include the nonemployer contributions noted below.
Nonemployer Contributions
In an effort to help offset a portion of the burden of the increased contribution requirement for employers,the State
General Assembly("State")funded 1 percent of the SCRS and PORS contribution increases for the year ended June
30,2022. The State's budget appropriated these funds directly to the PEBA for the South Carolina Retirement System
Trust Fund and the Police Officers Retirement System Trust Fund. The amount of funds appropriated by the State
(nonemployer contributing entity)for the year ended June 30,2022 were approximately$44,000 and$27,000 for the
SCRS and PORS, respectively. These contributions (on-behalf benefits) from the State were recognized as
intergovernmental revenues and pension expenditures in the City's governmental fund financial statements.
62
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IV. OTHER INFORMATION(CONTINUED)
B. Retirement Plans(Continued)
Actuarial Assumptions and Methods
Actuarial valuations of the plan involve estimates of the reported amounts and assumptions about the probability of
occurrence of events far into the future. Examples include assumptions about future employment, mortality, and
future salary increases. Amounts determined regarding the net pension liability are subject to continual revision as
actual results are compared with past expectations and new estimates are made about the future. South Carolina state
statute requires that an actuarial experience study be completed at least once in each five-year period. An experience
report on the Systems was most recently issued for the period ending June 30,2019.
The June 30,2021 total pension liability("TPL"),net pension liability("NPL"),and sensitivity information shown in
this report were determined by the consulting actuary, Gabriel, Roeder, Smith and Company, and are based on an
actuarial valuation performed as of July 1, 2020. The TPL was rolled-forward from the valuation date to the Plans'
fiscal year end,June 30,2021,using generally accepted actuarial principles. There was no legislation enacted during
the 2021 legislative session that had a material change in the benefit provisions for any of the systems. In FY 2021,
the PEBA Board adopted updated demographic assumptions. Also,the General Assembly permitted the investment
return assumprion at July 1,2021 to decrease from 7.25%to 7.00%,as provided by Section 9-16-335 in South Carolina
State Code.
The following table provides a summary of the actuarial assumptions and methods used to calculate the TPL as of
June 30,2021 (measurement date)for the SCRS and PORS.
SCRS PORS
Actuarial Cost Method Entry Age Normal Entry Age Normal
Actuarial Assumptions:
Investment Rate of Return* 7.00% 7.00%
Projected Salary Increases* 3.0%to 11.0%(varies by service) 3.5%to 10.5%(varies by service)
Benefit Adjustments Lesser of 1%or$500 annually Lesser of 1%or$500 annually
*Includes inflation at 2.25%.
The post-retiree mortality assumption is dependent upon the member's job category and gender. The base mortality
assumptions, the 2020 Public Retirees of South Carolina Mortality table ("2020 PRSC"), were developed using the
Systems'mortality experience. These base rates are adjusted for future improvement in mortality using 80%of Scale
UMP projected from the year 2020.
Former Job Class Males Females
Educators 2020 PRSC Males 2020 PRSC Females
multiplied by 95% multiplied by 94%
General Employees and Members 2020 PRSC Males 2020 PRSC Females
of the General Assembly mulriplied by 97% multiplied by 107%
Public Safety and Firefighters 2020 PRSC Male�s 2020 PRSC Femal�es
multiplied by 127/o multiplied by 107/o
63
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IV. OTHER INFORMATION(CONTINUED)
B. Retirement Plans(Continued)
Long-Term Expected Rate of Return
The long-term expected rate of return on pension plan investments is based upon 20-year capital market assumptions.
The long-term expected rate of returns represent assumptions developed using an arithmetic building block approach
primarily based on consensus expectations and market based inputs. Expected returns are net of investment fees.
The expected returns, along with the expected inflation rate, form the basis for the target asset allocation adopted at
the beginning of the 2021 fiscal year. The long-term expected rate of return is produced by weighting the expected
future real rates of return by the target allocation percentage and adding expected inflation and is summarized in the
following table. For actuarial purposes, the 7.00 percent assumed annual investment rate of return used in the
calculation of the TPL includes a 4.75 percent real rate of return and a 2.25 percent inflation component.
L,ong-Term Expected
E�ected Arithmetic Partfolio Real Rate of
Allocation/Eaposure Policy Target Real Rate of Return Return
Public Equity 46.0% 6.87% 3.16%
Bonds 26.0% 0.27% 0.07%
Private Equity 9.0% 9.68% 0.87%
Private Debt 7.0% 5.47% 0.39%
Real Assets 12.0%
Real Estate 9.0% 6.01% 0.54%
Infrastructure 3.0% 5.08% 0.15%
Total E�ected Real Rate of Return 100.0% 5.18%
Inflation far Actuarial Purposes 2.25%
Total Eapected Nominal Return 7.43%
Pension Liabilities,Pension Expense, and Deferred Outflows/Inflows of Resources Related to Pensions
The NPL is calculated separately for each System and represents that particular System's TPL determined in
accordance with GASB No. 67 less that System's fiduciary net position. NPL totals, as of the June 30, 2021
measurement date,for the SCRS and PORS,are presented in the following table:
Plan Fiduciary Net
Position as a Percentage
Plan Fiduciary Net Employers'Net Pension of the Total Pension
System Total Pension Liability Position Liability (Asset) Liabiliry
SCRS $ 55,131,579,363 33,490,305,970 $ 21,641,273,393 60.7%
PORS $ 8,684,586,488 6,ll1,672,064 $ 2,572,914,424 70.4%
64
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IV. OTHER INFORMATION(CONTINUED)
B. Retirement Plans(Continued)
Pension Liabilities,Pension Expense, and Deferred Outflows/Inflows of Resources Related to Pensions(Continued)
The TPL is calculated by the Systems' actuary, and each Plans' fiduciary net position is reported in the Systems'
financial statements. The NPL is disclosed in accordance with the requirements of GASB No. 67 in the Systems'
notes to the financial statements and required supplementary information. Liability calculations performed by the
Systems' actuary for the purpose of satisfying the requirements of GASB Nos. 67 and 68 are not applicable for other
purposes, such as determining the Plans' funding requirements.
At June 30,2022,the City reported liabilities of approximately$8,499,000 and$5,057,000 for its proportionate share
of the NPL for the SCRS and PORS,respectively. The NPL were measured as of June 30,2021,and the TPL for the
Plans used to calculate the NPL were determined based on the most recent actuarial valuation report of July 1,2020
that was projected forward to the measurement date. The City's proportion of the NPL were based on a projection of
the City's long-term share of contributions to the Plans relative to the projected contributions of all participating South
Carolina state and local governmental employers, actuarially determined. At the June 30, 2021 measurement date,
the Ciry's SCRS proportion was 0.039273 percent, which was a decrease of 0.001737 percent from its proporrion
measured as of June 30, 2020. At the June 30, 2021 measurement date, the City's PORS proportion was 0.196544
percent,which was a decrease of 0.008944 percent from its proportion measured as of June 30,2020.
For the year ended June 30, 2022, the City recognized pension expense of approximately $902,000 including
approximately $432,000 and$470,000 for the SCRS and PORS, respectively. At June 30, 2022, the City reported
deferred outflows of resources(deferred pension charges)and deferred inflows of resources(deferred pension credits)
related to pensions from the following sources:
Deferred
Outflows of Deferred Inflows
Description Resources of Rcsources
SCRS
Differences Between Expected and Actual Experience $ 144,775 $ 11,471
Change in Assumptions 465,220 -
Net Difference Between Projected and Actual Earnings on Pension Plan Investments - 1,234,625
Changes in Proportion and Differences Between the Employer's
Contributions and Proportionate Share of Contributions 108,279 401,648
Employer Contributions Subsequent to the Measurement Date 703,171 -
Total SCRS 1,421,445 1,647,744
PORS
Differences Between Expected and Actual Experience 172,032 15,749
Change in Assumptions 360,683 -
Net Difference Between Projected and Actual Earnings on Pension Plan Investments - 1,133,737
Changes in Proportion and Differences Between the Employer's
Contributions and Proportionate Share of Contributions - 262,756
Employer Contributions Subsequent to the Measurement Date 544,388 -
Total PORS 1,077,103 1,412,242
Total SCRS and PORS $ 2,498,548 $ 3,059,986
65
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IV. OTHER INFORMATION(CONTINUED)
B. Retirement Plans(Continued)
Pension Liabilities,Pension Expense, and Deferred Outflows/Inflows of Resources Related to Pensions(Continued)
Approximately $703,000 and $544,000 that were reported as deferred outflows of resources related to the Ciry's
contributions subsequent to the measurement date to the SCRS and PORS, respectively, will be recognized as a
reduction of the NPL in the year ended June 30, 2023. Other amounts reported as deferred outflows of resources
(deferred pension charges)and deferred inflows of resources(deferred pension credits)related to the SCRS and PORS
will increase(decrease)pension expense as follows:
Year Ended
June 30, SCRS PORS Total
2023 $ (99,646) (156,269) $ (255,915)
2024 (165,954) (147,289) (313,243)
2025 (201,890) (166,736) (368,626)
2026 (461,980) (409,233) (871,213)
Totai $ (9a9,4�o� �s�9,sz�� $ (i,sos,99��
Discount Rate
The discount rate used to measure the TPL was 7.00 percent. The projection of cash flows used to determine the
discount rate assumed that contributions from participating employers in the SCRS and PORS will be made based on
the actuarially determined rates based on provisions in the South Carolina Code of Laws. Based on those assumptions,
each System's fiduciary net position was projected to be available to make all projected future benefit payments of
current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to
all periods of projected benefit payments to determine the TPL.
Sensitiviry Analysis
The following table presents the sensitivity of the City's proportionate share of the NPL of the Plans to changes in the
discount rate,calculated using the discount rate of 7.00 percent,as well as what it would be if it were calculated using
a discount rate that is 1%point lower(6.00 percent)or 1%point higher(8.00 percent)than the current rate:
1%Decrease CurrentDiscountRate 1%Increase
System (6.00%) (7.00%) (8.00%)
City's propartionate share
of the net pension liability of the SCRS $ 11,132,931 8,499,229 $ 6,310,077
City's proportionate share
of the net pension liability of the PORS 7,336,932 5,056,914 3,189,226
Total $ 18,469,863 13,556,143 $ 9,499,303
Plans Piduciary Net Position
Detailed information regarding the fiduciary net position of the Plans administered by the PEBA is available in the
separately issued Annual Comprehensive Financial Report containing fmancial statements and required
supplementary information for the SCRS and PORS. The Annual Comprehensive Financial Report is publicly
available through the PEBA's website at www.peba.sc.gov, ar a copy may be obtained by submitting a request to
PEBA,202 Arbor Lake Drive,Columbia, SC 29223.
66
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IV. OTHER INFORMATION(CONTINUED)
B. Retirement Plans(Continued)
Payable to Plans
The City reported a payable of approximately $153,000 to the PEBA as of June 30, 2022,representing required
employer and employee contributions far the month of June 2022 for the SCRS and PORS. This amount is
included in Accounts Payable on the financial statements and was paid in July 2022.
C. Other Postemployment Benetit Plan
Plan Description
The City sponsors a single-employer defined benefit other postemployment benefit healthcare plan ("OPEB Plan")
that provides medical insurance to eligible retirees. To be eligible,all participants must qualify for retirement benefits
under the SCRS or PORS with 20 years of continuous services with the City under the Medicare eligible age of 65.
Plan benefits include medical coverage for retirees and their eligible dependents. Retirees and spouses must pay a
portion of the premium. Coverage is offered up to age 65 far the reriree and up to age 65 for the surviving spouse
after the death of the retiree. No assets are accumulated in a trust as defined by GAAP.
Information regarding SCRS or PORS eligibility may be found in Note IV.B. The OPEB Plan is approved each year
by City Council;the benefit and contribution requirements of the City and plan members are established and amended
by Council. These contributions are neither guaranteed nor mandatory. Council has retained the right to unilaterally
modify its payments toward retiree healthcare benefits at any time.
Plan Membership
As of July 1,2021,the valuation date,the following employees were covered by the OPEB Plan's benefit terms:
Inactive Members or Beneficiaries Currently Receiving Benefit Payments 31
Active Members 157
Total Membership 188
Plan Benefits and Contributions
Benefit terms are established and amended by the Mayor and Ciry Council and are based on years of service. Full-
time employees and elected officials who retire under a state retirement system(either the SCRS or PORS) after 20
years of service with the City are eligible to continue health benefits for themselves and their spouses. For those who
retired prior to July 1, 2009, the service requirement was 15 years rather than 20 years. The years of service
requirement is waived for eligible members who become disabled. The City pays a portion of the medical or dental
premiums on behalf of eligible members based on the number of years of service as follows:
67
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IV. OTHER INFORMATION(CONTINUED)
C. Other Postemployment Benefit Plan(Continued)
Plan Benefits and Contributions (Continued)
Health Coverage Total Premium Retiree Contribution City Contribution
Retiree $ 50038 97.68 $ 402.70
Retiree&Children 76934 143.86 625.48
Retiree&Spouse 1,057.42 253.36 804.06
Family $ 1,325.26 306.56 $ 1,018.70
Dental Coverage Total Premium Retiree Contribution City Contribution
Retiree $ 13.48 - $ 13.48
Retiree&Children 27.20 13.72 13.48
Retiree&Spouse 21.12 7.64 13.48
Family $ 34.82 21.34 $ 13.48
Actuarial Assumptions and Method
Actuarial valuarions of the OPEB Plan involve estimates of the reported amounts and assumptions about the
probability of occurrence of events far into the future. Examples include assumptions about future employment,
mortality, inflation, healthcare cost trend rates, and future salary changes. Amounts determined regarding the net
OPEB liability are subject to continual revision as actual results are compared with past expectations and new
estimates are made about the future.
Projections of benefits for financial reporting purposes are based on the substantive OPEB Plan(the plan as understood
by the employer and its members) and include the types of benefits provided at the time of each valuation and the
historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial
methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in
actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the
calculations.
The following table provides a summary of the significant actuarial assumptions and methods used in the latest
actuarial valuarion for the OPEB Plan.
Actuarial Valuation Date July l,2021
Actuarial Cost M ethod Entry Age Normal
Actuarial Assumptions:
Investment Rate of Return N/A
Discount Rate 1.92%
Healthcare Cost Trend Rate 6.00% for fiscal year end 2022, decreasing 0.50% per year to an
ultimate rate of 5.00%
Payroll Growth 2.50%per year
Coverage Elections 90% of eligible retirees will elect coverage and 50%of those will
elect to cover the spouse
Active 55°/o of all active employees are assumedto be married with female
Participation/Marriage spouses assumed to be 3 years younger
Mortality Table RR-2014 Mortality Table,fully generational with base year 2006,
projected usingtwo-demensional mortality improvement scale MP�
2021
68
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IV. OTHER INFORMATION(CONTINUED)
C. Other Postemployment Benefit Plan(Continued)
Actuarial Assumptions and Method(Continued)
The City's OPEB liability was measured as of July 1,2021 and the total OPEB liability was determined by an actuarial
valuarion as of July 1,2021.
Total OPEB
Liability
(a)
Balances as of June 30,2021 $ 5,365,500
Changes for the year:
Service Cost 234,900
Interest 133,600
Difference Between Eapected/Actual E�erience (794,500)
Contributions-Employer -
Benefit Payments (294,300)
Assumption Changes 294,100
Net Changes (426,200)
Balances as of June 30,2022 $ 4,939,300
For the year ended June 30,2022,the Ciry recognized OPEB expense of approximately$190,000. At June 30,2022,
the City reported deferred outflows of resources(deferred OPEB charges)and deferred inflows of resources(deferred
OPEB credits)related to OPEB from the following sources:
Defened Deferred
Outflows of Inflows of
Description Resources Resources
Differences Between E�;pected andActual Experience $ - $ 1,309,700
Net Difference Between ProjectedlActual Earnings on OPEB Plan Investments
Changes ofAssumptions 663,401 13,599
Employer Contributions Subsequent to the Measurement Date 162,264 -
Total $ 825,665 $ 1,323,299
Approximately $162,000 that was reported as deferred outflows of resources related to the City's contributions
subsequent to the measurement date to the OPEB Plan,respectively,will be recognized as a reduction of the OPEB
liability in the year ended June 30,2023. Other amounts reported as deferred outflows of resources(deferred OPEB
charges)and deferred inflows of resources(deferred OPEB credits)related to the OPEB Plan will increase(decrease)
OPEB expense as follows:
69
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IV. OTHER INFORMATION(CONTINUED)
C. Other Postemployment Benefit Plan(Continued)
OPEB Liabilities, OPEB Expense, and Deferred Outflows/Inflows of Resources Related to OPEB
Year Ended June 30, Total
2023 $ (183,100)
2024 (183,100)
2025 (130,600)
2026 (98,200)
2027 (64,900)
Thereafter -
Total $ (659,900)
Discount Rate
The discount rate used to measure the total OPEB liability was 1.92%compared to a rate of 2.45%for the year ended
June 30,2021. Because the Plan is not funded, a single discount rate that approximates the municipal bond rate was
considered appropriate for this valuation.
Sensitivity of�the OPEB Liability to Changes in the Discount Rate
The following table presents the sensitivity of the Ciry's OPEB liability to changes in the discount rate, calculated
using the discount rate of 1.92%,as well as what it would be if it were calculated using a discount rate that is 1%point
lower(0.92%)or 1%point higher(2.92%)than the current rate:
1°/o Decrease Current Discount Rate 1%Increase
(0.92°/a) (1.92%) (292%)
OPEB Liability $ 5,566,900 4,939,300 $ 4,404,700
Sensitiviry of the OPEB Liabiliry to Changes in the Healthcare Cost Trend Rate
The following table presents the sensitivity of the City's OPEB liability to changes in the healthcare cost trend rate,
calculated using the healthcare cost trend rate of 6.00% decreasing to 5.00%, as well as what it would be if it were
calculated using a healthcare cost trend rate that is 1%point lower(5.00%decreasing to 4.00%) or 1%point higher
(7.00%decreasing to 6.00%)than the current rate:
Current Healthcare
1%Decrease Cost Trend Rate 1%Increase
(5.00%decreasing to (6.00%decreasing to (7.00%decreasing to
4.00%) 5.00%) 6.00%)
OPEB Liability $ 4,320,700 4,939,300 $ 5,690,000
70
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IV. OTHER INFORMATION(CONTINUED)
D. Contingent Liabilities and Commitments
Litigation—General
The Ciry is periodically subject of litigation by a variery of plaintiffs. The City's management believes that such
amounts,net of the applicable insurance coverage and recoveries,are immaterial.
Grants
The City receives financial assistance from various federal, state, and local governmental agencies in the form of
grants. Disbursements of funds received under these programs generally require compliance with the terms and
conditions specified in the grant agreements. The disbursements are also subject to audit by the grantor agencies.
Any disallowed claims resulting from such audits could become a liability of the City. However, in the opinion of
management, any such disallowed claims will not have a material effect on any of the financial statements included
herein or on the overall fmancial position of the City at June 30,2022.
Contractual Commitinent—Service Agreement
The City's Electric Utility Fund has a contractual commitment to purchase power for resale to City customers from
the South Carolina Public Service Authority("Authority"). In November 2013,the City entered into a new ten-year
service agreement for the supply of electric power and energy which replaced the December 29, 2000 agreement.
Under the terms of the service agreement, the City shall pay for service in accordance with provisions of the
Authority's published"Municipal Light and Power"Rate Schedule. Rates are subject to change from time to time,
however, the City has the right to terminate the agreement early in the event that rate increases exceed certain
thresholds established in the agreement.
Kaminski House
The City entered into an operations agreement ("Agreement") with the Friends of the Kaminski House ("FKH"), a
charitable non-profit corporation on June 30, 2013 ("Effecrive Date"). This Agreement is entered into between the
parties to facilitate operational support and maintenance for the Kaminski House Museum and the Stewart-Parker
House. The lease between the City and the Stewart-Parker House was terminated on January 1, 2018. This is in
keeping with the charitable purpose of the FKH and the City Council of the City of Georgetown's desire to support
the preservation,maintenance, and management of these historic properties for benefit of the cirizens of the City of
Georgetown and in keeping with the City's legal structure and fiduciary obligations for these historic treasures. The
mutual aim of the parties is for the FKH to assume the operation and management role for the Kaminski House
Museum. Appropriations are negotiated on an annual basis as part of the City's annual budget process. The addendum
shall remain in effect until the Agreement and Addendum is cancelled or modified per the applicable sections of the
agreement. Actual appropriations for the year ended June 30,2022 were$195,000. The City has budgeted$195,000
for the year ended June 30,2023.
Wastewater Agreement
On October 30, 1997, the City of Georgetown, the Town of Andrews, the Georgetown County Water and Sewer
District,and the County of Georgetown,all political subdivisions of the State of South Carolina,entered into a contract
known as the"West Geargetown Counry Regional Wastewater Treatment System Service Agreement." The parties
to the agreement have determined that by joining together in a wastewater transportarion, treatment, and disposal
project for their mutual benefit,rather than each separately constructing its own new or improved system,economies
of scale will result in long-term savings and other tangible and intangible benefits for their users and the community
at large.
71
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30,2022
IV. OTHER INFORMATION(CONTINUED)
D. Contingent Liabilities and Commitments(Continued)
Wastewater Agreement(Continued)
Under the terms of the agreement,the City will construct, own and maintain the West Geargetown Counry Regional
Wastewater Treatment Facility. The facility is planned to have an inirial capacity of 12.0 million gallons per day.
During the fiscal year ended June 30, 2008, the Town of Andrews sold a portion of its capacity to the City of
Georgetown and the Georgetown County Water and Sewer District. The revised allocation of capacity due to this sale
is as follows: City of Georgetown— 48.7%, Georgetown County Water and Sewer District— 33.7%, and Town of
Andrews—17.6%. Participants pay monthly costs for use of the system based on allocated capacity and usage volume.
Construction of the expanded wastewater treatment plant and effluent outfall force main was completed during the
fiscal year ended June 30,2004. Costs of the project,including engineering fees and capitalized interest of$247,598,
total approximately $13,830,700. The project was initially financed with a loan from the South Carolina Water
Pollution Control Revolving Loan Fund ("SC Revolving Loan") in the amount of$10,069,024 and grants from the
Federal Environmental Protection Agency totaling $2,811,100. The remainder of the project was funded internally.
During 2012, the Ciry refunded the SC Revolving Loan with the 20ll Revenue Bonds. The 2011 Revenue Bonds
were refunded during Fiscal 2016 with the Series 2015A and B Refunding Revenue Bonds. See Note IILE for
additional information.
Construction Com�nitments
The City's business-type activities have remaining construction commitments of approximately$1,723,000. Most of
the construction commitments in the enterprise funds related to the secondary sedimentation basin project.
E. Related Party Transactions
By approval of City Council, employees of the City are eligible for a loan in an amount up to $1,500 to purchase
computer equipment and related accessories for personal use at home. The loans are interest free and are repaid
through payroll deduction over a period of up to two years. Loans,which are made from the Electric Utility Enterprise
Fund,are payable in full should an employee voluntarily or involuntarily terminate employment. As of June 30,2022,
fourteen loans were outstanding in the total amount of approximately$8,000.
F. Economic Dependence on Major Customer
For the fiscal year ended June 30,2022,the City's Proprietary Enterprise Funds recognized revenues of approximately
$823,000 from Georgetown Memorial Hospital, approximately 3.6% of total Proprietary Enterprise Fund operating
revenues.
G. Subsequent Events
In October 2022, the City entered into a financed purchase agreement to purchase two vehicles, one garbage truck,
and one electric line truck for approximately$600,000.
In October 2022,the City entered into an agreement to purchase the Highmarket Complex for$2,600,000. The City
plans to use the property for relocation of City Hall.
72
Required Supplementary Information
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74
THE GENERAL FUND
The General Fund is the general operating fund of the City and accounts for all revenues and expenditures of the
City except those required to be accounted for in other funds. All general tax revenues and other receipts that(a)are
not allocated by law or contractual agreement to other funds or (b) that have not been restricted, committed, or
assigned to other funds are accounted for in the General Fund. General operating expenditures and the capital
improvement costs that are not paid through other funds are paid from the General Fund.
75
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76
CITY OF GEORGETOWN,SOUTH CAROLINA
REQUIRED SUPPLEMENTARY INFORMATION-BUDGETARY COMPARISON SCHEDULE-GENERAL FUND
SCHEDULE OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCE-BUDGETS AND ACTUAL
YEAR ENDED JUNE 30,2022
BUDGETED AMOUNTS
ORIGINAL FINAL ACTUAL VARIANCE
REVENUES
Property Taxes $ 3,910,000 3,910,000 4,130,262 $ 220,262
LicensesandPermits 3,534,125 3,534,125 3,898,311 364,186
Fire Impact Fees 50,000 50,000 113,567 63,567
Fines and Forfeitures 58,450 58,450 83,890 25,440
Intergovernmental 1,025,500 1,025,500 876,389 (149,111)
Investment Earnings 15,000 15,000 20,123 5,123
Miscellaneous 100,750 100,750 154,457 53,707
TOTAL REVENUES 8,693,825 8,693,825 9,276,999 583,174
EXPENDITURES
Current
General Government 1,901,370 1,852,039 1,619,923 232,116
Public Safety 6,942,405 7,240,799 6,569,330 671,469
Public Works 1,082,582 1,208,292 1,171,992 36,300
Nondepartmental 384,958 416,958 475,022 (58,064)
Debt Service:
Principal 120,350 37,516 37,517 (1)
Interest 50,355 1,830 1,830 -
TOTAL EXPENDITURES 10,482,020 10,757,434 9,875,614 881,820
EXCESS(DEFICIENCY)OF REVENUES OVER
(UNDER)EXPENDITURES (1,788,195) (2,063,609) (598,615) 1,464,994
OTHER FINANCING SOURCES(USES)
Insurance Proceeds 15,000 15,000 27,777 12,777
Sale of Capital Assets 5,000 5,000 4,866 (134)
Transfers In 1,773,482 2,069,433 1,925,963 (143,470)
Transfers Out (1,684,643) (2,179,401) (2,184,028) (4,627)
TOTAL OTHER FINANCING SOURCES(USES) 108,839 (89,968) (225,422) (135,454)
NET CHANGE IN FUND BALANCES (1,679,35� (2,153,577) (824,037) 1,329,540
FiJND BALANCES,Beginning of Year 10,550,753 10,550,753 10,550,753 -
FUND BALANCES,End of Year $ 8,871,397 8,397,176 9,726,716 $ 1,329,540
Note:The notes to the budgetary comparison schedule are an integral part of this schedule.
Note:The City's ariginal and final budget reflected an expected use of fund balance of$1,679,356 and$2,153,577,respectively.
77
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70
THE LOCAL ACCOMMODATIONS AND HOSPITALITY TAX FUND
The Local Accommodations and Hospitality Tax Fund is used to account for revenues received from a three
percent(3%) fee imposed on the rental of accommodations provided to transients and from a two percent (2%) fee
collected on the sale of prepared food and beverages served by restaurants,hotels,lounges, and other food facilities.
The fees are restricted for expenditures associated with the preservation, maintenance and improvement of
historical,environmental, and cultural assets of Georgetown,and public facilities related to their use.
79
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CITY OF GEORGETOWN,SOUTH CAROLINA
REQUIRED SUPPLEMENTARY INFORMATION-BUDGETARY COMPARISON SCHEDULE-
LOCAL ACCOMMODATIONS AND HOSPITALITY TAX FUND
SCHEDULE OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGETS AND ACTUAL
YEAR ENDED JUNE 30,2022
ORIGINAL FINAL
BUDGET BUDGET ACTUAL VARIANCE
REVENUES
Hospitality Taxes $ 725,000 725,000 924,450 $ 199,450
Accommodations Taxes 160,000 160,000 179,180 19,180
Federal Grants 30,000 30,000 70,712 40,712
InvestmentEarnings 3,000 3,000 5,153 2,153
Miscellaneous 1,500 1,500 404 (1,096)
TOTAL REVENUES 919,500 919,500 1,179,899 260,399
EXPENDITURES
Current:
Community Development 733,013 733,013 602,450 130,563
CapitalOutlay 72,947 72,947 78,064 (5,117)
TOTAL EXPENDITURES 805,960 805,960 680,514 125,446
EXCESS(DEFICIENCY)OF REVENUES OVER
(UNDER)EXPENDITURES ll3,540 113,540 499,385 385,845
OTHER FINANCING SOURCES(USES)
Transfers In 2,451 2,451 2,451 -
Transfers Out (125,000) (125,000) (125,000) -
TOTAL OTHER FINANCING SOURCES(USES) (122,549) (122,549) (122,549) -
NET CHANGE IN FUND BALANCES (9,009) (9,009) 376,836 385,845
FLTND BALANCES,BEGINNING OF YEAR 2,050,583 2,050,583 2,050,583 -
FUND BALANCES,END OF YEAR $ 2,041,574 2,041,574 2,427,419 $ 385,845
Note: The notes to the budgetary comparison schedule are an integral part of this schedule.
Note: The City's original and final budget reflected an expected use of fund balance of$9,009.
81
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THE AMERICAN RESCUE PLAN ACT (ARPA) FUND
The American Rescue Plan Act(ARPA)Fund is used to account for revenues received from the American Rescue
Plan Act. The revenues are restricted for expenditures in accordance with the terms of the grant agreement and
enacting legislation.
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CITY OF GEORGETOWN,SOUTH CAROLINA
REQUIRED SUPPLEMENTARY INFORMATION-BUDGETARY COMPARISON SCHEDULE-
AMERICAN RESCUE PLAN ACT(ARPA)FUND
SCHEDULE OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGETS AND ACTUAL
YEAR ENDED JUNE 30,2022
ORIGINAL FINAL
BUDGET BUDGET ACTUAL VARIANCE
REVENUES
Intergovernmental $ - 2,176,076 655,692 $ (1,520,384)
Investment Earnings - - 4,872 4,872.00
TOTAL REVENUES - 2,176,076 660,564 (1,515,512)
EXPENDITURES
Current:
General Government - 300,000 205,692 94,308
TOTAL EXPENDITURES - 300,000 205,692 94,308
EXCESS(DEFICIENCY)OF REVENUES OVER
(IJNDER)EXPENDITURES - 1,876,076 454,872 (1,421,204)
OTHER FINANCING SOURCES(USES)
Transfers Out - (1,775,784) (450,000) 1,325,784
TOTAL OTHER FINANCING SOURCES(USES) - (1,775,784) (450,000) 1,325,784
NET CHANGE IN FUND BALANCES - 100,292 4,872 (95,420)
FLTND BALANCES,BEGINNING OF YEAR - - - -
FUND BALANCES,END OF YEAR $ - 100,292 4,872 $ (95,420)
Note:The Ciry's final budget reflected an expected surplus of$100,292.
85
CITY OF GEORGETOWN,SOUTH CAROLINA
NOTES TO THE BUDGETARY COMPARISON SCHEDULES
YEAR ENDED JUNE 30,2022
A. BASIS OF ACCOUNTING
The budgetary comparison schedules have been presented on the modified accrual basis of accounting, which is consistent
with accounting principles generally accepted in the United States of America. Amounts presented in the "original"budget
column in the budgetary comparative schedules reflect amounts originally adopted by ardinance. Amounts presented in the
"final"budget column include any supplemental appropriations or other amendments formally authorized by Council.
B. BUDGETARY INFORMATION
The City utilizes the following procedures in enacting its annual budgets:
a) Prior to June 1, the City Administrator submits to Ciry Council proposed annual budgets for all funds for the fiscal
year commencing the following July 1. The proposed budgets included recommended appropriations for each fund
and the estimated sources to support such expenditures.
b) Public hearings are held to obtain citizen input.
c) Prior to July 1,budgets are legally enacted upon two readings and passage of a budget ordinance.
The City employs formal budgetary integration in its accounting system as a management control device. Expenditures may
not exceed the budgeted appropriations at the fund leveL The City Administrator is authorized to transfer budgeted amounts
between departments within any fund and department heads may make budget transfers within their departments with the
approval of the City Administrator. However,transfers of appropriations between funds and all supplemental appropriations
must be approved by City CounciL The legal level of budgetary control is therefore at the fund level.
Encumbrance accounting is utilized in all governmental funds. Under encumbrance accounting, purchase orders, contracts,
and other commitments for the expenditure of money are recorded in order to reserve that portion of the applicable
appropriation. All encumbrances lapse at year-end.
General government and nondepartmental functions are combined by the City in the financial statements.
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Combining and Individual Fund Schedules
95
CITY OF GEORGETOWN,SOUTH CAROLINA
GENERAL FUND
SCHEDULE OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGETS AND ACTUAL
YEAR ENDED JUNE 30,2022
ORIGINAL FINAL
BUDGET BUDGET ACTUAL VARIANCE
REVENUES
Property Taxes:
Real and Personal Other than Vehicles $ 3,620,000 3,620,000 3,734,910 $ ll4,910
Vehicles 260,000 260,000 322,393 62,393
Penalties and Interest 30,000 30,000 72,959 42,959
Total Property Taxes 3,910,000 3,910,000 4,130,262 220,262
Licenses and Permits:
Business Licenses 3,011,000 3,011,000 3,202,430 191,430
Franchise Fees 195,000 195,000 307,472 ll2,472
Fees in Lieu of Taxes 49,000 49,000 93,827 44,827
Permits 279,125 279,125 294,582 15,457
Total Licenses,Permits,and Franchise Fees 3,534,125 3,534,125 3,898,311 364,186
Fire Impact Fees
Fire Impact Fees 50,000 50,000 113,567 63,567
Total Fire Impact Fees 50,000 50,000 113,567 63,567
Fines and Forfeitures:
Court and Police Fines 52,000 52,000 72,255 20,255
Victim's Assistance Assessments 6,250 6,250 11,635 5,385
Traffic Education Fees 200 200 - (200)
Total Fines and Forfeitures 58,450 58,450 83,890 25,440
Intergovemmental Revenue:
Accommodation Taxes 345,500 345,500 70,928 (274,572)
Local Govemment Fund 220,000 220,000 190,376 (29,624)
Homestead Exemption 132,000 132,000 148,419 16,419
Merchants Inventory Tax 133,000 133,000 132,978 (22)
Manufacturers Tax Replacement 20,000 20,000 70,203 50,203
Motor Carriers Tax 10,000 10,000 21,330 11,330
Road User Fee - - 83,579 83,579
Sunday Liquor Permits 15,000 15,000 10,450 (4,550)
School Resource Officer Reimbursement 150,000 150,000 148,126 (1,874)
Total Intergovernmental Revenue 1,025,500 1,025,500 876,389 (149,111)
Investment Earnings
InvestmentEarnings 15,000 15,000 20,123 5,123
TotalInvestmentEarnings 15,000 15,000 20,123 5,123
Miscellaneous Revenues:
Rents and Royalties 15,000 15,000 31,249 16,249
Other 85,750 85,750 123,208 37,458
Total Miscellaneous Revenues 100,750 100,750 154,457 53,707
TOTAL REVENUES $ 8,693,825 8,693,825 9,276,999 $ 583,174
(Continued)
96
CITY OF GEORGETOWN,SOUTH CAROLINA
GENERAL FUND
SCHEDULE OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGETS AND ACTUAL
YEAR ENDED JUNE 30,2022
ORIGINAL FINAL
BUDGET BUDGET ACTUAL VARIANCE
EXPENDITURES
General Government:
Administration:
Personnel Services $ 582,555 592,948 638,663 $ (45,715)
Supplies 7,150 7,150 9,274 (2,124)
Other Services and Charges 148,225 147,225 127,285 19,940
Admin Expenses Allocated to Other Funds (268,756) (268,756) (248,686) (20,070)
Total Administration 469,174 478,567 526,536 (47,969)
Housing and Community Development:
Personnel Services 508,894 527,204 404,790 122,414
Supplies 9,215 11,465 6,480 4,985
Other Services and Charges 481,337 327,268 213,879 113,389
Total Housing and Community Development 999,446 865,937 625,149 240,788
Finance:
Personnel Services 629,644 655,832 669,980 (14,148)
Supplies 6,200 6,200 5,688 512
Other Services and Charges 48,812 65,312 45,407 19,905
Admin Expenses Allocated to Other Funds (258,284) (258,284) (257,124) (1,160)
Total Finance 426,372 469,060 463,95] 5,109
Information Technology:
Personnel Services 115,621 118,958 121,819 (2,861)
Supplies 13,500 13,500 10,487 3,013
Other Services and Charges 168,554 187,129 163,544 23,585
Admin Expenses Allocated to Other Funds (310,314) (310,314) (294,412) (15,902)
Total Information Tecbnology (12,639) 9,273 1,438 7,835
Fleet:
Personnel Services 218,312 228,497 222,304 6,193
Supplies 13,200 13,200 11,115 2,085
Other Services and Charges 35,356 35,356 36,038 (682)
Admin Expenses Allocated to Other Funds (247,851) (247,851) (266,608) 18,757
Total Fleet 19,017 29,202 2,849 26,353
Total General Government $ 1,901,370 1,852,039 1,619,923 $ 232,116
(Continued)
97
CITY OF GEORGETOWN,SOUTH CAROLINA
GENERAL FUND
SCHEDULE OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGETS AND ACTUAL
YEAR ENDED JUNE 30,2022
ORIGINAL FINAL
BUDGET BUDGET ACTUAL VARIANCE
Public Safety:
Police:
Personnel Services $ 3,057,412 3,199,474 2,776,379 $ 423,095
Supplies 81,455 81,455 73,421 8,034
Other Services and Charges 599,216 599,216 619,820 (20,604)
Admin Expenses Allocated to Other Funds 57,600 57,600 32,108 25,492
Total Police 3,795,683 3,937,745 3,501,728 436,017
Municipal Court:
Personnel Services 183,708 193,025 191,025 2,000
Supplies 2,500 2,000 1,978 22
Other Services and Charges 75,535 101,035 87,235 13,800
Total Municipal Court 261,743 296,060 280,238 15,822
Fire:
Personnel Services 2,366,108 2,480,083 2,276,749 203,334
Supplies 125,952 135,952 124,048 11,904
Other Services and Charges 392,919 390,959 386,567 4,392
Total Fire 2,884,979 3,006,994 2,787,364 219,630
Total Public Safety 6,942,405 7,240,799 6,569,330 671,469
Public Warks:
Street:
Personnel Services 842,702 882,705 763,423 119,282
Supplies 54,000 140,209 140,185 24
Other Services and Charges 185,880 185,378 268,384 (83,006)
Total Street 1,082,582 1,208,292 1,171,992 36,300
TotalPublic Warks 1,082,582 1,208,292 1,171,992 36,300
Nondepartmental:
Personnel Services 26,451 26,451 3,589 22,862
Supplies 2,200 2,200 1,730 470
Other Services and Charges 612,957 644,957 726,353 (81,396)
Admin Expenses Allocated to Other Funds (256,650) (256,650) (256,650) -
Debt Service:
Principal 120,350 37,516 37,517 (1)
Interest 50,355 1,830 1,830 -
Total Nondepartmental 555,663 456,304 514,369 (58,065)
TOTAL EXPENDITURES 10,482,020 10,757,434 9,875,614 881,820
EXCESS(DEFICIENCY)OF REVENUES OVER
(UNDER)EXPENDITURES $ (1,788,195) (2,063,609) (598,615) $ 1,464,994
(Continued)
98
CITY OF GEORGETOWN,SOUTH CAROLINA
GENERAL FUND
SCHEDULE OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGETS AND ACTUAL
YEAR ENDED JUNE 30,2022
ORIGINAL FINAL
BUDGET BUDGET ACTUAL VARIANCE
OTHER FINANCING SOURCES(USES)
Insurance Proceeds $ 15,000 15,000 27,777 $ 12,777
Sale of Capital Assets 5,000 5,000 4,866 (134)
Transfers In 1,773,482 2,069,433 1,925,963 (143,470)
Transfers Out (1,684,643) (2,179,401) (2,184,028) (4,627)
TOTAL OTHER FINANCING SOURCES(USES) 108,839 (89,968) (225,422) (135,454)
NET CHANGE IN FUND BALANCES (1,679,356) (2,153,577) (824,037) 1,329,540
FiJND BALANCES,Beginning of Year 10,550,753 10,550,753 10,550,753 -
FUND BALANCES,End of Year $ 8,871,397 8,397,176 9,726,716 $ 1,329,540
Note:The City's original and final budget reflected an expected use of fund balance of$1,679,356 and$2,153,577,respectively.
99
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NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for specific revenues that are legally restricted to expenditure for
particular purposes. The City uses the following Special Revenue Funds:
Federal,State,and Local Grants Fund—is used to account for various projects and initiatives funded wholly or in
part by federal, state or local grants and expended in accordance with objectives and provisions of the related grant
agreements.
State Accommodations Tax Fund—is used to account for revenues received from the State. The first$25,000 and
five percent(5%) of amounts in excess of$25,000 are, by statute, allocated to the City's General Fund. All other
accommodation tax receipts must be used for tourism related activities.
Community Development Fund — is used to account for various community development projects funded by
federal and state grants and expended in accordance with objectives and provisions of the related grant agreements.
Seized&Forfeited Property Fund—is used to account for property seized and forfeited to the City in conjunction
with the police department's drug enforcement activities. Expenditures of these resources are restricted by federal
and state laws,which require that they be used specifically for certain law enforcement purposes.
Firefighters' 1% Fund —is used to account for funds relating to the Firemen's Insurance and Inspection Fund as
defined by SC Code of Laws Section(s)23-9-310 to 23-9-470.
CAPITAL PROJECTS FUNDS
Capital Reserve Fund—is used to account for and report funds that are restricted,committed,or assigned for future
capital improvements and for funding certain elements identified in the City's annually adopted Capital
Improvement Plan.
Tax Increment Financing District (TIF) Fund — Is used to account for the revenues of the Tax Increment
Financing District and the expenditures on projects included in the Council-approved TIF Redevelopment Plan
within the approximately 282 acres near the center of the City. The Redevelopment Plan provides for the issuance of
TIF bonds in one or more series. TIF bonds proceeds, when issued, are intended to fmance all or a portion of the
costs of the redevelopment projects. In addition to TIF bonds, pay as you go financing from TIF funds and other
appropriated funds by the City Council may be necessary to fully implement the successful Redevelopment Plan.
DEBT SERVICE FUND
Debt Service Fund — is used to account for the revenue collected to retire certain debt of the City and the
expenditures related to the rerirement of this debt.
101
CITY OF GEORGETOWN,SOUTH CAROLINA
COMBINING BALANCE SHEET-
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30,2022
SPECIAL REVENUE FUNDS
FEDERAL,STATE& STATE ACCOM. COMMUNITY
LOCAL GRANTS TAX DEVELOPMENT
ASSETS
Cash and Cash Equivalents $ - - -
Cash and Cash Equivalents,Restricted - 211,556 12,150
Receivables,Net
Accounts - - -
Intergovernmental Receivables 2,214 79,941 -
Due From Other Funds - - -
TOTAL ASSETS $ 2,214 291,497 12,150
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts Payable $ - 42,404 -
Due to Other Funds 1,955 - -
Uneamed Revenue - - -
TOTAL LIABILITIES 1,955 42,404 -
FUND BALANCES
Resh-icted For:
Debt Service - - -
TIF District - - -
Tourism Related Costs - 249,093 -
Public Safety Programs - - -
Community Development Programs - - 12,150
Assigned For:
Capital Projects - - -
Grants 259 - -
TOTAL FUND BALANCES 259 249,093 12,150
TOTAL LIABILITIES AND FUND BALANCES $ 2,214 291,497 12,150
102
CAPITAL DEBT
SPECIAL REVENUE FUNDS PROJECTS FUNDS SERVICE FUND
SEIZED& TOTAL OTHER
FORFEITED FIREFIGHTERS'1% GOVERNMENTAL
PROPERTY FUND CAPITAL RESERVE TIF DISTRICT DEBT SERVICE FUNDS
- - 1,255,816 - - $ 1,255,816
39,509 6,084 - 31,649 20,433 321,381
- - 494 - - 494
- - - - 1,495 83,650
- - - - 725,000 725,000
39,509 6,084 1,256,310 31,649 746,928 $ 2,386,341
922 - 66,438 - - $ 109,764
- - 725,000 - - 726,955
30,162 - - - - 30,162
31,084 - 791,438 - - 866,881
- - - - 746,928 746,928
- - - 31,649 - 31,649
- - - - - 249,093
8,425 6,084 - - - 14,509
- - - - - 12,150
- - 464,872 - - 464,872
- - - - - 259
8,425 6,084 464,872 31,649 746,928 1,519,460
39,509 6,084 1,256,310 31,649 746,928 $ 2,386,341
103
CITY OF GEORGETOWN,SOUTH CAROLINA
COMBINING STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES-
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30,2022
SPECIAL REVENUE FUNDS
FEDERAL,STATE& STATE ACCOMM. COMMUNTTY
LOCAL GRANTS TAX DEVELOPMENT
REVENUES
Taxes $ - - -
Intergovernmental 73,846 195,593 -
Investment Earnings - 456 -
TOTAL REVENUES 73,846 196,049 -
EXPENDITURES
Current:
Nondepartmnetal - - -
Public Safety 1,707 - -
Public Works 76,766 - -
Community Development - 119,720 -
Capital Outlay - - -
Debt Service
Principal - - -
interest - - -
TOTAL EXPENDITURES 78,473 119,720 -
EXCESS(DEFICIENCY)OF REVENUES OVER
(UNDER)EXPENDITURES (4,627) 76,329 -
OTHER FINANCING SOURCES(USES)
Sale of Capital Assets - - -
Transfers in 4,627 - -
Transfers Out - (33,530) -
Cost of Issuance of Debt - - -
TOTAL OTHER FINANCING SOURCES(USES) 4,627 (33,530) -
NET CHANGE IN FUND BALANCES - 42,799 -
FiJND BALANCES,Beginning of Year 259 206,294 12,150
FUND BALANCES,END OF YEAR $ 259 249,093 12,150
104
CAPTTAL DEBT
SPECIAL REVENUE FUNDS PROJECTS FUNDS SERVICE FUND
SEIZED& TOTAL OTHER
FORFEITED FIREFIGHTERS'1% GOVERNMENTAL
PROPERTY FUND CAPITAL RESERVE TIF DISTRICT DEBT SERVICE FUNDS
- - - - 151,249 $ 151,249
- 29,691 - 4,775 - 303,905
- - - - 456
- 29,691 - 4,775 151,249 455,610
- - - 11,095 - 11,095
16,669 29,629 - - - 48,005
- - - - - 76,766
- - - - - l 19,720
1,187 - 221,990 - - 223,177
- - - - 82,835 82,835
- - - - 49,921 49,921
17,856 29,629 221,990 11,095 132,756 611,519
(17,856) 62 (221,990) (6,320) 18,493 (155,909)
2,100 - - - - 2,100
- - 892,272 - - 896,899
- - (565,438) - - (598,968)
- - (20,433) - - (20,433)
2,100 - 306,401 - - 279,598
(15,756) 62 84,4ll (6,320) 18,493 123,689
24,181 6,022 3 80,461 37,969 728,435 1,395,771
8,425 6,084 464,872 31,649 746,928 $ 1,519,460
105
CITY OF GEORGETOWN,SOUTH CAROLINA
SUPPLEMENTARY INFORMATION-BUDGETARY COMPARISON SCHEDULE-
STATE ACCOMMODATIONS TAX FUND
SCHEDULE OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGETS AND ACTUAL
YEAR ENDED JUNE 30,2022
ORIGINAL FINAL
BUDGET BUDGET ACTUAL VARIANCE
REVENUES
Intergovernmental-Accommodations Taxes $ 100,000 100,000 195,593 $ 95,593
Investment Earnings 250 250 456 206
TOTAL REVENUES 100,250 100,250 196,049 95,799
EXPENDITURES
Current:
Community Development 75,250 75,250 119,720 (44,470)
TOTAL EXPENDITURES 75,250 75,250 119,720 (44,470)
EXCESS(DEFICIENCY)OF REVENUES OVER
(UNDER)EXPENDITURES 25,000 25,000 76,329 51,329
OTHER FINANCING SOURCES(USES)
Transfers Out (25,000) (25,000) (33,530) (8,530)
TOTAL OTHER FINANCING SOURCES(USES) (25,000) (25,000) (33,530) (8,530)
NET CHANGE IN FUND BALANCES - - 42,799 42,799
FLJND BALANCES,BEGINNING OF YEAR 206,294 206,294 206,294 -
FUND BALANCES,END OF YEAR $ 206,294 206,294 249,093 $ 42,799
106
CITY OF GEORGETOWN,SOUTH CAROLINA
SUPPLEMENTARY INFORMATION-BUDGETARY COMPARISON SCHEDULE-
SEIZED AND FORFEITED PROPERTY FUND
SCHEDULE OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGETS AND ACTUAL
YEAR ENDED JUNE 30,2022
ORIGINAL FINAL
BUDGET BUDGET ACTUAL VARIANCE
EXPENDITURES
Current:
Public Safety $ 25,113 25,113 16,669 $ 8,444
CapitalOutlay 9,500 9,500 1,187 8,313
TOTAL EXPENDITURES 34,613 34,613 17,856 16,757
EXCESS(DEFICIENCY)OF REVENUES OVER
(UNDER)EXPENDITURES (34,613) (34,613) (17,856) 16,757
OTHER FINANCING SOURCES(USES)
Sale of Capital Assets - - 2,100 2,100
TOTAL OTHER FINANCING SOURCES(USES) - - 2,100 2,100
NET CHANGE IN FUND BALANCES (34,613) (34,613) (15,756) 18,857
FLTND BALANCES,BEGINNING OF YEAR 24,181 24,181 24,181 -
FUND BALANCES,END OF YEAR $ (10,432) (10,432) 8,425 $ 18,857
Note: The City's original and final budget reflected the use of fund balance of$34,613.
107
CITY OF GEORGETOWN,SOUTH CAROLINA
SUPPLEMENTARY INFORMATION-BUDGETARY COMPARISON SCHEDULE-CAPITAL RESERVE FUND
SCHEDULE OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGETS AND ACTUAL
YEAR ENDED JUNE 30,2022
ORIGINAL FINAL
BUDGET BUDGET ACTUAL VARIANCE
EXPENDITURES
Current:
CapitalOutlay $ 1,311,750 1,200,928 221,990 $ 978,938
TOTAL EXPENDITURES 1,311,750 1,200,928 221,990 978,938
EXCESS(DEFICIENCY)OF REVENUES OVER
(UNDER)EXPENDITURES (1,311,750) (1,200,928) (221,990) 978,938
OTHER FINANCING SOURCES(USES)
Transfers In 1,311,750 1,311,750 892,272 (419,478)
Transfers Out - (565,438) (565,438) -
Cost of Issuance of Debt - - (20,433) (20,433)
TOTAL OTHER FINANCING SOURCES(USES) 1,311,750 746,312 306,401 (439,9ll)
NET CHANGE IN FUND BALANCES - (454,616) 84,411 539,027
FLJND BALANCES,BEGINNING OF YEAR 380,461 380,461 380,461 -
FUND BALANCES,END OF YEAR $ 380,461 (74,155) 464,872 $ 539,027
Note: The Ciry's final budget reflected the use of fund balance of$454,616.
108
CITY OF GEORGETOWN,SOUTH CAROLINA
SUPPLEMENTARY INFORMATION-BUDGETARY COMPARISON SCHEDULE-DEBT SERVICE FUND
SCHEDULE OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGETS AND ACTUAL
YEAR ENDED JUNE 30,2022
ORIGINAL FINAL
BUDGET BUDGET ACTUAL VARIANCE
REVENUES
Property Taxes $ 145,000 145,000 151,249 $ 6,249
TOTAL REVENUES 145,000 145,000 151,249 6,249
EXPENDITURES
Debt Service:
Principal - 807,835 82,835 725,000
Interest - 49,921 49,921 -
Bond Issuance Costs -
TOTAL EXPENDITURES - 857,756 132,756 725,000
EXCESS(DEFICIENCY)OF REVENUES OVER
(UNDER)EXPENDITURES 145,000 (712,756) 18,493 731,249
OTHER FINANCING SOURCES(USES)
Transfers Out (145,000) - - -
TOTAL OTHER FINANCING SOURCES(USES) (145,000) - - -
NET CHANGE IN FUND BALANCES - (712,756) 18,493 731,249
FLJND BALANCES,BEGINNING OF YEAR 728,435 728,435 728,435 -
FUND BALANCES,END OF YEAR $ 728,435 15,679 746,928 $ 731,249
Note: The City's final budget reflected the use of fund balance of$712,756.
109
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PROPRIETARY FUNDS
Proprietary funds are used to account for operations that are financed and operated in a manner similar to private
business enterprises—where the intent of the government's council is that the costs of providing goods or services to
the general public on a continuing basis be financed or recovered primarily through user charges; or where the
government's council has decided that periodic determination of net income is appropriate for accountabiliry
purposes. The City has the following Proprietary Funds:
Electric Utility Fund — is used to account far the operations of the City's electricity urility. Electrical power is
provided to all residents and commercial entities of the City.
Water Utility Fund— is used to account for the operations of the City's water filtration and distribution systems.
Services are provided to all residents of the City. Water service is only provided to a limited area outside the City
limits.This fund is combined with the Wastewater Utility Fund for financial statements reporting purposes.
Wastewater Utility Fund—is used to account for the operations of the City's wastewater collection and treatment
systems. Services are provided to all residents of the City. This fund is combined with the Waste Utility Fund for
financial statements reporting purposes.
Stormwater Drainage Utility Fund — is used to account for the operation and maintenance of the City's
stormwater drainage system.
Waste Management Fund—is used to account for the operation and maintenance of the City's waste collection and
disposal systems,including community education and awareness regarding recycling and litter control.
111
CITY OF GEORGETOWN,SOUTH CAROLINA
SUPPLEMENTARY INFORMATION-WATER AND WASTEWATER UTILITY FUNDS
COMBINING SCHEDULE OF NET POSITION
JUNE 30,2022
WATER WASTEWATER
UTILITY FUND UTILITY FUND TOTAL
ASSETS
Current Assets:
Cash and Cash Equivalents $ 1,398,584 2,418,504 $ 3,817,088
Cash and Cash Equivalents,Restricted 91,846 73,296 165,142
Investments,Restricted 67,228 94,874 162,102
Accounts Receivable,Net 386,093 408,008 794,101
Other Receivables 21,089 7,124 28,213
Prepaids 10,079 22,621 32,700
Inventories 131,807 11,629 143,436
Total Current Assets 2,106,726 3,036,056 5,142,782
Non-Current Assets:
Capital Assets:
Non-Depreciable 373,720 36,192 409,912
Depreciable,Net 15,157,582 17,427,ll2 32,584,694
Total Non-Current Assets 15,531,302 17,463,304 32,994,606
TOTAL ASSETS 17,638,028 20,499,360 38,137,388
DEFERRED OUTFLOWS OF RESOURCES
Deferred OPEB Charges 63,719 46,477 110,196
Deferred Pension Charges 156,667 115,151 271,818
TOTAL DEFERRED OUTFLOWS OF RESOURCES 220,386 161,628 382,014
LIABILTTIES
Current Liabilities:
Accounts Payable 72,687 181,190 253,877
Accrued Salaries and Benefits 30,667 18,334 49,001
Customer Deposits 88,093 73,869 161,962
Due to Other Funds 215,000 1,110,784 1,325,784
Current Portion of Compensated Absences 9,031 4,617 13,648
Current Portion of Debt 399,454 749,099 1,148,553
Total Current Liabilities 814,932 2,137,893 2,952,825
Non-Current Liabilities:
Compensated Absences,Less Current Portion 26,045 9,298 35,343
Debt,Less CurrentPortion 3,836,155 6,146,059 9,982,214
Other Post Employment Benefits 381,181 278,035 659,216
Net Pension Liability 648,527 473,442 1,121,969
Total Long-Term Liabilities 4,891,908 6,906,834 11,798,742
TOTAL LIABILITIES 5,706,840 9,044,727 14,751,567
DEFERRED INFLOWS OF RESOURCES
Deferred OPEB Credits 102,123 74,489 176,612
Deferred Pension Credits 125,730 91,786 217,516
TOTAL DEFERRED OUTFLOWS OF RESOURCES 227,853 166,275 394,128
NET POSITION
Net Inveshnent in Capital Assets 11,295,693 10,568,146 21,863,839
Restricted for Regional Wastewater Treatment Plant - 1,697,854 1,697,854
Unrestricted 628,028 (816,014) (187,986)
TOTAL NET POSITION $ 11,923,721 11,449,986 $ 23,373,707
112
CITY OF GEORGETOWN,SOUTH CAROLINA
SUPPLEMENTARY INFORMATION-WATER AND WASTEWATER UTILITY FUNDS
COMBINING SCHEDULE OF REVENUES,EXPENSES,AND CHANGES IN FUND NET POSITION
YEAR ENDED JUNE 30,2022
WATER WASTEWATER
UTILITY FUND UTILITY FUND TOTAL
OPERATING REVENUES
Charges for Services $ 2,881,546 3,868,004 $ 6,749,550
TOTAL OPERATING REVENUES 2,881,546 3,868,004 6,749,550
OPERATING EXPENSES
Purchased Water 79,022 - 79,022
Provision for Bad Debts 8,319 10,366 18,685
Personal Services 822,076 691,335 1,513,4ll
Supplies 332,579 206,106 538,685
Other Charges and Services 469,236 1,480,873 1,950,109
Depreciation 760,796 1,007,731 1,768,527
TOTAL OPERATING EXPENSES 2,472,028 3,396,411 5,868,439
OPERATING INCOME(LOSS) 409,518 471,593 881,111
NON-OPERATING REVENUES(EXPENSES)
Intergovernmental Grant Revenues 7,421 - 7,421
Interest Earned on Investments 3,843 4,597 8,440
Interest on Long-Term Obligations (116,484) (217,383) (333,867)
Gain(Loss)on Sale of Capital Assets 4,975 - 4,975
Miscellaneous 17,341 7,378 24,719
TOTAL NON-OPERATING REVENUES(EXPENSES) (82,904) (205,408) (288,312)
INCOME(LOSS)BEFORE TRANSFERS 326,614 266,185 592,799
Transfers In 1,423,464 137,971 1,561,435
Transfers Out (260,609) (316,352) (576,961)
CHANGE IN NET POSITION 1,489,469 87,804 1,577,273
NET POSITION,Beginning of Year 10,434,252 1],362,182 21,796,434
NET POSITION,END OF YEAR $ 11,923,721 11,449,986 $ 23,373,707
113
CITY OF GEORGETOWN,SOUTH CAROLINA
SUPPLEMENTARY INFORMATION-WATER AND WASTEWATER UTILITY FUNDS
COMBINING SCHEDULE OF CASH FLOWS
YEAR ENDED JUNE 30,2022
WATER WASTEWATER
UTILITY FUND UTILITY FUND TOTAL
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from Customers and Users $ 2,767,704 3,804,374 $ 6,572,078
Payments to Suppliers for Goods and Services (953,857) (1,775,356) (2,729,213)
Payments for Personnel Services (936,158) (740,146) (1,676,304)
Other Receipts(Payments) 17,341 7,378 24,719
NET CASH PROVIDED BY(USED IN)OPERATING ACTIVITIES 895,030 1,296,250 2,191,280
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES
Intergovernmental Grants 7,421 - 7,421
Transfers to Other Funds (260,609) (316,352) (576,961)
Transfers from Other Funds 1,503,01 1 1,248,755 2,751,766
NET CASH USED IN NON-CAPITAL FINANCING ACTIVITIES 1,249,823 932,403 2,182,226
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Acquisition of Capital Assets (244,420) (507,338) (751,758)
Proceeds from Issuance of Debt - 417,000 417,000
Bond and Note Principal Payments (396,154) (676,891) (1,073,045)
Bond and Note Interest Payments (116,484) (217,383) (333,867)
NET CASH USED IN CAPITAL
AND RELATED FINANCING ACTIVITIES (749,970) (984,612) (1,734,582)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment Earnings 3,843 4,597 8,440
Sale of Inveshnents (142) (305) (447)
NET CASH PROVIDED BY(USED IN)INVESTING ACTIVITIES 3,701 4,292 7,993
NET DECREASE IN RESTRICTED
AND UNRESTRICTED CASH AND CASH EQUIVALENTS 1,398,584 1,248,333 2,646,917
RESTRICTED AND UNRESTRICTED
CASH AND CASH EQLJIVALENTS,Beginning of Year 91,846 1,243,467 1,335,313
RESTRICTED AND UNRESTRICTED
CASH AND CASH EQUIVALENTS,End of Year $ 1,490,430 2,491,800 $ 3,982,230
(Continued)
114
CITY OF GEORGETOWN,SOUTH CAROLINA
SUPPLEMENTARY INFORMATION-WATER AND WASTEWATER UTILITY FUNDS
COMBINING SCHEDULE OF CASH FLOWS
YEAR ENDED JUNE 30,2022
WATER WASTEWATER
UTILITY FUND UTILITY FUND TOTAL
Reconciliation of Operating Income(Loss)to Net Cash from
Operating Activities:
Operating Income(Loss) $ 409,518 471,593 $ 881,1 ll
Adjustments to Reconcile Operating Income to Net Cash from Operating Activities:
Depreciation Expense 760,796 1,007,731 1,768,527
Other Miscellaneous Receipts 17,341 7,378 24,719
Change in Account Representing Operating Activities:
Accounts Receivable (100,635) (60,737) (161,372)
Other Receivables (12,510) (2,440) (14,950)
Prepaids and Inventory (40,436) (1,680) (42,116)
Accounts Payable (24,267) (76,328) (100,595)
Accrued Salaries and Benefits 9,447 1,278 10,725
Customer Deposits (695) (456) (1,151)
Other Post Employment Benefits (59,234) (29,581) (88,815)
Compensated Absences (3,410) (903) (4,313)
Net Pension Liability (216,215) (130,555) (346,770)
Changes in Deferred Outflows/Inflows of Resources:
Deferred OPEB Charges (4,064) (4,810) (8,874)
DeferredOPEBCredits 29,143 23,515 52,658
Deferred Pension Charges 32,013 19,661 51,674
Deferred Pension Credits 98,238 72,584 170,822
Net Cash Provided by Operating Activities $ 895,030 1,296,250 $ 2,191,280
115
CITY OF GEORGETOWN,SOUTH CAROLINA
SUPPLEMENTARY INFORMATION-BUDGETARY COMPARISON SCHEDULE-ELECTRIC UTILITY FUND
SCHEDULE OF REVENUES,EXPENSES,AND CHANGES IN FUND NET POSITION-BUDGETS AND ACTUAL
YEAR ENDED JUNE 30,2022
ORIGINAL FINAL
BUDGET BUDGET ACTUAL VARIANCE
OPERATING REVENUES
Sale of Electriciry $ 11,708,067 11,708,067 10,548,196 $ (1,159,871)
Security Light Rental Fees 270,000 270,000 290,746 20,746
Penalties 120,750 120,750 ll2,246 (8,504)
Other Fees 371,750 371,750 391,802 20,052
TOTAL OPERATING REVENUES 12,470,567 12,470,567 11,342,990 (1,127,577)
OPERATING EXPENSES
Purchase of Electriciry 7,560,000 7,540,000 7,214,481 325,519
Personnel Services 1,816,941 1,892,791 1,778,210 ll4,581
Supplies 231,700 217,700 243,507 (25,807)
Other Charges and Services 1,227,920 1,261,920 1,170,054 91,866
Provision for Bad Debts 40,000 40,000 29,051 10,949
Depreciation 801,632 801,632 748,206 53,426
TOTAL OPERATING EXPENSES 11,678,193 11,754,043 11,183,509 570,534
TOTAL OPERATING INCOME(LOSS) 792,374 716,524 159,481 (557,043)
NONOPERATING REVENUES(EXPENSES)
Insurance Proceeds 1,000 1,000 - (1,000)
Interest Earned on Investments 10,000 10,000 14,712 4,712
Interest Expense (80,960) (80,960) (82,038) (1,078)
Intergovernmental Grant Revenues - - 20,120 20,120
Gain on Sale of Assets - - 812,945 812,945
Miscellaneous 1,500 1,500 11,059 9,559
TOTAL NONOPERATING REVENUES(EXPENSES) (68,460) (68,460) 776,798 845,258
INCOME(LOSS)BEFORE TRANSFERS 723,914 648,064 936,279 288,215
Transfers In - 43,440 43,440 -
Transfers Out (723,914) (723,914) (723,914) -
CHANGE IN NET POSITION - (32,410) 255,805 288,215
NET POSITION,Beginning of Year 11,339,085 11,339,085 11,339,085 -
NET POSITION,END OF YEAR $ 11,339,085 11,306,675 11,594,890 $ 288,215
Note:The City's final budget reflected an expected use of net position of$32,410.
116
CITY OF GEORGETOWN,SOUTH CAROLINA
SUPPLEMENTARY INFORMATION-BUDGETARY COMPARISON SCHEDULE-WATER UTILITY FUND
SCHEDULE OF REVENUES,EXPENSES,AND CHANGES IN FUND NET POSITION-BUDGETS AND ACTUAL
YEAR ENDED JUNE 30,2022
ORIG[NAL FINAL
BUDGET BUDGET ACTUAL VARIANCE
OPERATING REVENUES
Sale of Water $ 2,827,500 2,827,500 2,708,245 $ (119,255)
Connection Fees 30,750 30,750 60,144 29,394
Penalties 25,000 25,000 29,837 4,837
Other Fees 20,000 20,000 83,320 63,320
TOTAL OPERATING REVENUES 2,903,250 2,903,250 2,881,546 (21,704)
OPERATING EXPENSES
Purchase of Raw Water 94,968 94,968 79,022 15,946
Personnel Services 1,056,289 1,102,513 822,076 280,437
Supplies 525,030 525,030 332,579 192,451
Net Other Charges and Services 538,623 775,155 469,236 305,919
Provision for Bad Debts 8,000 8,000 8,319 (319)
Depreciation 783,804 783,804 760,796 23,008
TOTAL OPERATING EXPENSES 3,006,714 3,289,470 2,472,028 817,442
TOTAL OPERATING INCOME(LOSS) (103,464) (386,220) 409,518 795,738
NONOPERATING REVENUES(EXPENSES)
Intergovernmental Grant Revenues - - 7,421 7,421
Interest Earned on Investments 2,500 2,500 3,843 1,343
Interest on Long-Term Obligations (115,327) (115,327) (116,484) (1,157)
Gain(Loss)on Sale of Capital Assets 500 500 4,975 4,475
Miscellaneous 5,000 5,000 17,341 12,341
TOTAL NONOPERATING REVENUES(EXPENSES) (107,327) (107,327) (82,904) 24,423
INCOME(LOSS)BEFORE TRANSFERS (210,791) (493,547) 326,614 820,161
Transfers In 471,400 1,638,464 1,423,464 (215,000)
Transfers Out (260,609) (260,609) (260,609) -
CHANGE IN NET POSITION - 884,308 1,489,469 605,161
NET POSITION,Beginning of Year 10,434,252 10,434,252 10,434,252 -
NET POSITION,END OF YEAR $ 10,434,252 11,318,560 11,923,721 $ 605,161
Note:The City's original and final budget reflected an expected surplus of$884,308.
117
CITY OF GEORGETOWN,SOUTH CAROLINA
SUPPLEMENTARY INFORMATION-BUDGETARY COMPARISON SCHEDULE-WASTEWATER UTILITY FUND
SCHEDULE OF REVENUES,EXPENSES,AND CHANGES IN FUND NET POSITION-BUDGETS AND ACTUAL
YEAR ENDED JUNE 30,2022
ORIGINAL FINAL
BUDGET BUDGET ACTUAL VARIANCE
OPERATING REVENUES
Wastewater Service Fees $ 3,943,300 3,943,300 3,662,990 $ (280,310)
Connection Fees 10,800 10,800 22,945 12,145
Penalties 35,000 35,000 33,755 (1,245)
Other Fees 60,000 60,000 148,314 88,314
TOTAL OPERATING REVENUES 4,049,100 4,049,100 3,868,004 (181,096)
OPERATING EXPENSES
Personal Services 805,709 843,062 691,335 151,727
Supplies 267,900 267,900 206,106 61,794
Net Other Charges and Services 1,436,684 2,413,336 1,480,873 932,463
Provision for Bad Debts 7,500 7,500 10,366 (2,866)
Depreciation 1,021,119 1,021,119 1,007,731 13,388
TOTAL OPERATING EXPENSES 3,538,912 4,552,917 3,396,411 1,156,506
TOTAL OPERATING INCOME(LOSS) 510,188 (503,817) 471,593 975,410
NONOPERATING REVENUES(EXPENSES)
Interest Earned on Investments 1,000 1,000 4,597 3,597
Interest on Long-Term Obligations (212,389) (212,389) (217,383) (4,994)
Gain(Loss)on Sale of Capital Assets 2,500 2,500 - (2,500)
Miscellaneous 3,500 3,500 7,378 3,878
TOTAL NONOPERATING REVENUES(EXPENSES) (205,389) (205,389) (205,408) (19)
INCOME(LOSS)BEFORE TRANSFERS 304,799 (709,206) 266,185 975,391
Transfers In 11,553 1,248,755 137,971 (1,110,784)
Transfers Out (316,352) (316,352) (316,352) -
CHANGE IN NET POSITION - 223,197 87,804 (135,393)
NET POSITION,Beginning of Year 11,362,182 11,362,182 11,362,182 -
NET POSITION,END OF YEAR $ 11,362,182 11,585,379 11,449,986 $ (135,393)
Note:The City's final budget reflected an expected surplus of$223,197.
118
CITY OF GEORGETOWN,SOUTH CAROLINA
SUPPLEMENTARY INFORMATION-BUDGETARY COMPARISON SCHEDULE-STORMWATER DRAINAGE UTILITY FUND
SCHEDULE OF REVENUES,EXPENSES,AND CHANGES IN FUND NET POSITION-BUDGETS AND ACTUAL
YEAR ENDED JUNE 30,2022
ORIGINAL FINAL
BUDGET BUDGET ACTUAL VARIANCE
OPERATING REVENUES
Stormwater Drainage Fees $ 1,150,000 1,150,000 981,982 $ (168,018)
Penalties 8,500 8,500 10,175 1,675
TOTAL OPERATING REVENUES 1,158,500 1,158,500 992,157 (166,343)
OPERATING EXPENSES
Personal Services 364,948 388,100 407,491 (19,391)
Supplies 24,500 24,500 35,153 (10,653)
Other Charges and Services 704,311 704,311 308,965 395,346
Provision for Bad Debts 1,550 1,550 3,319 (1,769)
Depreciation 520,611 520,611 523,138 (2,527)
TOTAL OPERATING EXPENSES 1,615,920 1,639,072 1,278,066 361,006
TOTAL OPERATING INCOME(LOSS) (457,420) (480,572) (285,909) 194,663
NONOPERATING REVENUES(EXPENSES)
Intergovernmental Grant Revenue 402,000 402,000 - (402,000)
Interest on Long-Term Obligations (4,391) (4,391) (5,429) (1,038)
Legal Settlement (80,000) (80,000) - 80,000
Miscellaneous 1,000 1,000 3,914 2,914
TOTAL NONOPERATING REVENUES(EXPENSES) 318,609 318,609 (1,515) (320,124)
INCOME(LOSS)BEFORE CONTRIBUTIONS
AND TRANSFERS (138,811) (161,963) (287,424) (125,461)
Transfers In 309,418 332,570 332,570 -
Transfers Out (170,607) (170,607) (170,607) -
CHANGE IN NET POSITION - - (125,461) (125,461)
NET POSITION,Beginning of Year 9,747,107 9,747,107 9,747,107 -
NET POSTTION,END OF YEAR $ 9,747,107 9,747,107 9,621,646 $ (125,461)
119
CITY OF GEORGETOWN,SOUTH CAROLINA
SUPPLEMENTARY INFORMATION-BUDGETARY COMPARISON SCHEDULE-WASTE MANAGMENT FUND
SCHEDULE OF REVENUES,EXPENSES,AND CHANGES IN NET POSITION-BUDGETS AND ACTUAL
YEAR ENDED JUNE 30,2022
ORIGINAL FINAL
BUDGET BUDGET ACTUAL VARIANCE
OPERATING REVENUES
Sanitation Fees-Residential $ 780,000 780,000 773,994 $ (6,006)
Sanitation Fees-Commercial 145,000 145,000 150,282 5,282
Penalties 15,000 15,000 14,965 (35)
TOTAL OPERATING REVENUES 940,000 940,000 939,241 (759)
OPERATING EXPENSES
Personnel Services 429,481 496,201 464,958 31,243
Supplies 23,191 22,156 16,575 5,581
Other Services and Charges 433,961 434,996 464,245 (29,249)
Provision far Bad Debts 1,500 1,500 5,670 (4,170)
Depreciation 50,640 50,640 55,627 (4,987)
TOTAL OPERATING EXPENSES 938,773 1,005,493 1,007,075 (1,582)
TOTAL OPERATING INCOME(LOSS) 1,227 (65,493) (67,834) (2,341)
NONOPERATING REVENUES(EXPENSES)
Interest on Long-Term Obligations (2,227) (2,227) (5,178) (2,951)
Gain(Loss)on Sale of Assets 1,000 1,000 - (1,000)
Miscellaneous - - 3,071 3,071
TOTAL NONOPERATING REVENUES(EXPENSES) (1,227) (1,227) (2,107) (880)
INCOME(LOSS)BEFORE TRANSFERS - (66,720) (69,941) (3,221)
Transfers In - 66,720 66,720 -
CHANGE IN NET POSITION - - (3,221) (3,221)
NET POSITION,Beginning of Year (143,308) (143,308) (143,308) -
NET POSITION,END OF YEAR $ (143,308) (143,308) (146,529) $ (3,221)
120
CITY OF GEORGETOWN,SOUTH CAROLINA
UNIFORM SCHEDULE OF FINES,ASSESSMENTS,AND SURCHARGES(PER ACT 96)
YEAR ENDED JUNE 30,2022
FOR THE STATE TREASURER'S OFFICE:
COUNTY/MUNICIPAL FUNDS COLLECTED General Magistrate Municipal Total
BY CLERK OF COURT Sessions Court Court
Court Fines and Assessments:
Court fines and assessments collected 130,602 130,602
Court fines and assessments remitted to State Treasurer 67,896 67,896
Total Court Fines and Assessments retained 62 706 62 706
Surchar es and Assessments retained for victim services:
Surchar res collected and retained 3,701 3,701
Assessments retained 7,934 7,934
Total Surcharges and Assessments retained for victim services 11,635 11,635
FOR THE DEPARTMENT OF CRIME VICTIM COMPENSATION(DCVC)
VICTiM SERViCE FUNDS COLLECTED Munici al Count Total
Carryforward from Previous Year—Beginning Balance 458,145 - 458,145
Victim Service Revenue:
Victim Service Fines Retained by City/County Treasurer -
Victim Service Assessments Retained by City/County Treasurer 7,934 7,934
Victim Service Surcharges Retained by City/County Treasurer 3,701 3,701
Interest Earned - -
Grant Funds Received
Grant from:
General Funds Transferred to Victim Service Fund
Contribution Received from Victim Service Contracts:
(1)Town of
(2)Town of
(3)City of
Total Funds Allocated to Victim Service Fund+Beginning Balance(A) (446,510) (446,510)
Expenditures for Victim Service Program: Municipal County Total
Salaries and Benefits (51,131) (51,131)
Operating Expenditures (11,698) (11,698)
Victim Service Contract(s):
(1) Entity's Name
(2) Entity's Name
Victim Service Donation(s):
(1)Domestic Violence Shelter:
(2)Rape Crisis Center:
(3)Other local direct crime victims service agency:
Transferred to General Fund
Total Expenditures from Victim Service Fund/Program(B) (62,829) (62,829)
Total Victim Service Funds Retained by Municipal/County Treasurer(A-B)
Less:Prior Year Fund Deficit Repayment
Carryforward Funds—End of Year (509,339) (509,339)
121
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124
CITY OF GEORGETOWN,SOUTH CAROLINA
SCHEDULE OF VOLUME CHARGE TRUE-UP CALCULATION
REGIONAL WASTEWATER TREATMENT PLANT
YEAR ENDED JUNE 30,2022
ORIGINAL FINAL
BUDGET BUDGET ACTUAL VARIANCE
WWTP Operating Expenses
Personal Services $ 399,643 421,873 403,363 $ 18,510
Supplies 193,050 193,050 148,339 44,7ll
Services 1,475,736 1,475,736 721,281 754,455
Other Charges 181,022 181,022 267,994 (86,972)
CapitalOutlay 30,000 30,000 85,133 (55,133)
Reserve Fund 75,000 75,000 75,000 -
Total Operating Expenses to be Allocated $ 2,354,451 2,376,681 1,701,110 $ 675,571
ADJUSTMENT
FLOWS VOLUME CHARGE REFUND
(ACTUAL MGs) BILLED ACTUAL (CHARGE)
Allocation to Participants
Town of Andrews 187.4 $ 185,7ll 153,691 $ 32,020
Georgetown County Water&Sewer District 364.9 361,517 310,476 51,041
Ciry of Georgetown 1,150.3 1,139,801 943,274 196,527
Total Operating Expenses Allocated 1,702.6 $ 1,687,029 1,407,441 $ 279,588
Note:The Volume Charge Billed represents actual consumption charges based on the actual expenses for the year.The Volume Charge
Actual represents actual billings to each participant during the year ended June 30,2022. Negative amounts in the Adjustment Column
represent amounts owed to the City by each participant.
125
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STATISTICAL SECTION
This part of the City of Georgetown's ("City") annual comprehensive financial report presents detailed
information as a context for understanding what the information in the fmancial statements, note
disclosures,and required supplementary information says about the City's overall financial health.
Contents Page
Financial Trends Information 128
These schedules contain trend information to help the reader understand how
the City's financial performance and well-being have changed over time.
Revenue Capacity Information 135
These schedules contain information to help the reader assess the City's most
significant local revenue sources-property tax and electric utility charges.
Debt Capacity Information 141
These schedules present information to help the reader assess 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 146
These schedules offer demographic and econorreic indicators to help the reader
understand the environment within which the City's financial activities take
place.
Operating Information 148
These schedules contain service and infi^astructure data to help the reader
understand how the information in the Ciry's financial report relates to the
services the City provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the annual
comprehensive financial reports for the relevant year.
127
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y y
_� CERTIFIED PUBLIC ACCOUNTANTS & ADVISORS
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
Independent Auditor's Report
The Honorable Mayor and Members of City Council
City of Georgetown
Georgetown, South Carolina
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 Georgetown, South Carolina (the "City"), as of and
for the year ended June 30, 2022, and the related notes to the financial statements, which collectively comprise the
City's basic financial statements,and have issued our report thereon dated January 18,2023.
Report on 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) as a basis for designing 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 effecriveness 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 fmancial 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 attenrion by those charged
with governance.
Our considerarion 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
and therefore,material weaknesses or significant deficiencies may exist that were not identified. We identified a certain
deficiency in internal control, described in the accompanying schedule of findings and responses as item 2022-001 that
we consider to be a material weakness.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City'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 financial statements. 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 no instances of noncompliance or other matters that are
required to be reported under Government Auditing Standards.
GREENEFINNEYCAULEY.CPA � INFO@GR�EN�PINNEY.COM
GREENV[LLE, SC MAULDIN, SC CHARLESTON, SC ANDERSON, SC ASHEV[LLE, NC
864.232.OG53 864.232.5204 843.735.5805 8G4.225.8713 828.771.0847
OI'FV RV
AI'I'OINTMFNT JNI V
153
City's Response to Finding
Government Auditing Standards requires the auditor to perform limited procedures on the City's response to the finding
identified in the audit and described in the accompanying schedule of findings and responses. The City's response was
not subjected to the other 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.
G,�rt�r�. ��►�� Ga�,L,LP
Greene Finney Cauley,LLP
Mauldin, South Carolina
January 18,2023
154
CITY OF GEORGETOWN,SOUTH CAROLINA
SCHEDULE OF FINDINGS AND RESPONSES
YEAR ENDED JUNE 30,2022
2022-001: UTILITY BILLING RATES
Condition: The City did not bill customers in accordance with approved utility billing rates for the first nine months
of the fiscal year.
Criteria: The City should have internal controls in place to ensure that customer utility bills are accurately
calculated in accardance with the City's approved billing rate schedule.
Cause and Effect: Ciry Council approved rate increases for the utiliry funds to be effective July 1,2021;however,the Ciry
identified in March 2022 that the rates were never increased in the City's billing software. As a result,
customers were underbilled for the first nine months of the fiscal year. The ineffective monitoring by
the City resulted in approximately $500,000 in lost revenue per an independent study conducted by a
City consultant.
Recommendation: We recommend the City take the necessary steps to monitor and ensure rates are entered into the billing
software on the effective date indicated on the City's approved rate schedule.
Response: The City agrees with the recommendations and will ensure all billing rates are accurate.
155