0 o -  CITY OF BLOOMINGDALE, GEORGIA  FINANCIAL REPORT  I  o I  FOR THE FISCAL YEAR ENDED  JUNE 30, 2022  C 0 0  a :    CITY OF BLOOMINGDALE, GEORGIA  D 0 - - 0  0 0 0  FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2022 TABLE OF CONTENTS FINANCIAL SECTION  Page  Independent Auditor's Report.. Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position Statement of Activities Fund Financial Statements: Balance Sheet- - Governmental Funds. of Net Position.  1-4  5 6a and 7 8 9 10 11 12 13 14 15 16 17 18-38 39 and 40 41 and 42 43 and 44  - 0 O 0 0 0 0 :  Reconciliation of the Balance Sheet of Governmental Funds to the Statement Statement of Revenues, Expenditures and Changes in Fund  Balances - Governmental Funds  Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities General Fund - Statement of Revenues, Expenditures and Changes in  Fund Balances - Budget and Actual.. Statement of Net Position - Proprietary Fund. Statement of Revenues, Expenses and Changes in Net Position - Proprietary Fund. Statement of Cash Flows - Proprietary Fund.. Statement of Fiduciary Net Position = Fiduciary Fund. Statement of Changes in Fiduciary Net Position - Fiduciary Fund  0 0 : a  Notes to Financial Statements. Required Supplementary Information:  Schedule of Changes in the City's Net Pension Liability (Asset) and Related Ratios..  Schedule of City Contributions Retirement Plan.. Schedule of Investment Returns - Retirement Plan...  Combining and Individual Nonmajor Fund Statements and Schedules: Combining Balance Sheet - Nonmajor Governmental Funds. Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds. Schedule of Expenditures of Special Purpose Local Option Sales Tax..  45 46 47  C 0 0    CITY OF BLOOMINGDALE, GEORGIA  - 0  FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2022  TABLE OF CONTENTS (CONTINUED)  -  Page  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.  48 and 49 50 51  Schedule of Findings and Responses Summary Schedule of Prior' Year Findings.  -  - - -  :  o - - : o    - 0 - 0 0 0 -  FINANCIAL SECTION  -  a - C a a 0 - 0    MAULDIN &JENKINS CPAS & ADVISORS  INDEPENDENT AUDITOR'S REPORT  To the Honorable Mayor and City Council City of Bloomingdale, Georgia Bloomingdale, Georgia  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 Bloomingdale, Georgia (the "City"), as of and for the year ended June 30, 2022, and the related notes to the financial statements, which collectively In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2022, and the respective changes in financial position, and, where applicable, cash flows thereof and the respective budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.  comprise the City's basic financial statements as listed in the table of contents.  Basis for Opinions  We conducted our audit in accordance with auditing standards generally accepted in the United States of America ("GAAS") and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States ("Government Auditing Standards"). 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 City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have  obtained is sufficient and appropriate to provide al 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 Inp 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  from material misstatement, whether due to fraud or error.  substantial doubt shortly thereafter.  6600 ABERCORN: STREET, SUITE: 200. SAVANNAH, GEORGIA 31404-912-232-0475- www.r mjcpa. com MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED! PUBLIC. ACCOUNTANTS    Auditor's Responsibilities for the Audit of the Financial Statements  Our objectives are to obtain reasonable assurance about whether thet financial statements as a whole are free from material misstatement, 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 generally accepted auditing standards and Govemment 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 ifthere is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a In performing an audit in accordance with generally accepted auditing standards and Government Auditing  reasonable user based on the financial statements.  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 at 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 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 oft time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing oft the audit, significant audit findings, and certain internal control-related matters that we identified  the City'si internal control.. Accordingly, no such opinion is expressed.  during the audit.  2    Required Supplementary Information  Accounting principles generally accepted in the United States of America require that the Schedule of Changes in the City's Net Pension Liability/(Asset) and Related Ratios (on pages 38 and 39), and the Schedule of City Contributions (on pages 40 and 41), and the Schedule of Investment Returns (on pages 42 and 43) 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 tob be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express Management has omitted the Management's Discussion and Analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of the financial reports for placing the basic financial statements in an appropriate operational, economic or historical context. Our opinion on the basic financial  an opinion or provide any assurance.  statements is not affected by this missing information.  Supplementary 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 accompanying combining and individual nonmajor fund statements and schedules are presented for purposes of additional analysis, and are not a required part of the basic financial statements. The accompanying schedule of expenditures of Special Purpose Local Option Sales Tax proceeds is presented for the purpose of additional analysis as required by the Official Code of Georgia Annotated ("O.C.G.A.") $48-8-121, and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the 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 combining and individual nonmajor fund statements and schedules and the schedule of expenditures of Special Purpose Local Option Sales Tax proceeds  are fairly stated, in all material respects, in relation to the basic financial statements as a whole.  3    Other Reporting Required by Government Auditing Standards  Ina accordance with Government Auditing Standards, we have also issued our report dated July 17, 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, regulations, 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 oft that testing, and not to provide an opinion on the effectiveness oft 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.  Maldi  Savannah, Georgia July 17, ,2023  IBrkskke  4    CITY OF BLOOMINGDALE, GEORGIA STATEMENT OF NET POSITION JUNE 30, 2022  0  Primary Government Activities 191,147 (290,876) 90,533 59,335 5,636,047 6,847,184 23,858 1,525,565 1,498 90,533 486 594 28,040 1,646,716 9,748 5,695,382 (480,804)  Governmental Business-type Activities 527,286 18,133 290,876 39,243 1,194,403 4,824,446 15,623,349 320,500 152,012 35,617 39,243 47,177 57,662 376,679 708,390 130,963 6,018,849 2,888,671 9,482 6,187,494  Total 718,433 18,133 129,776 1,253,738 10,460,493 22,470,533 344,358 1,677,577 37,115 129,776 47,663 58,256 404,719 2,355,106 140,711 11,714,231 2,888,671 9,482 5,706,690  ASSETS  Cash ando cash equivalents Receivables, net Duef from other governments Internal balances Restricted assets, cash and cash equivalents Capital assets: Non-depreciable Depreciable, neto ofa accumulated depreciation Total assets Pension Accounts payable Accrued liabilities Customer deposits Compensated absences due within oney year Compensated absences duei inr more than one year Net pensionl liability Total liabilities Pension  $ 8,728,962 $ 1,160,998 $ 9,889,960  DEFERRED OUTFLOWS OF RESOURCES  LIABILITIES  DEFERREDI INFLOWS OF RESOURCES  NETPOSITION  Investmenti in capital assets Restrictedi for capital projects Restrictedi for publics safety Unrestricted Total net position  15,104,496 $ 5,214,578 $ 20,319,074  The accompanying notes are ani integral part oft these financial statements.  C o  5    CITY OF BLOOMINGDALE, GEORGIA STATEMENT OF ACTIVITIES FOR THE FISCAL YEAR ENDED JUNE 30, 2022  Program Revenues Operating Grants and Contributions Contributions  Capital Grants and $ 250,000 93,439 74,921 1,374,741 1,756,150 168,360 3,380,891 168,360 3,380,891  Charges for Services 960,268 1,651,405 853 49,140 4,054,555 946,065 946,065 5,000,620 General revenues Salest taxes for general purposes Intangible, transfer andf franchise taxes Alcoholic beverage taxes Unrestricted investment earnings Gain ons sale of capital assets Miscellaneous Transfers Total general revenues and transfers Change inr netp position Net position, beginning ofy year Net position, end ofy year  Functions/Programs  Expenses $ 2,171,486 1,210,320 148,070 350,396 75,303 4,643,989 793,326 793,326 5,437,315  Primary government Governmental activities: General government Public safety Publicv works Judicial Culture andr recreation Housing and development Total governmental activities Business-type activities Water and sewer Total business-type: activities Total primary government  688,414 $ 1,392,889 $  The accompanying notes are ani integral part oft these financial statements.  6    Net (Expenses) Revenues and Changes in Net Position Activities  Governmental Business-type Activities $ 954,475 $ (1,117,779) 1,890,747 (147,217) 1,454,894 (75,303) 2,959,817 2,959,817 396,152 1,471,289 323,884 3,413 19,121 220,803 (796,525) 1,638,137 4,597,954 10,506,542 15,104,496  Total $ 954,475 (1,117,779) 1,890,747 (147,217) 1,454,894 (75,303) 2,959,817 152,739 152,739 3,112,556 396,152 1,471,289 323,884 5,323 19,121 274,353 2,490,122 5,602,678 14,716,396 20,319,074  152,739 152,739 152,739  1,910 53,550 796,525 851,985 1,004,724 4,209,854 5,214,578  -  0 0 0 0 : o o  7    CITY OF BLOOMINGDALE, GEORGIA  BALANCE SHEET GOVERNMENTAL FUNDS JUNE 30, 2022  Nonmajor Governmental Governmental Funds 21,318 $ 8,728,962  Total Funds 527,286 18,133 314,609 39,243  General Fund 5,965,413 $ 2,742,231 $ 373,321 18,133 303,083 39,243  SPLOST Fund 153,965 11,526  ASSETS  Cash and cash equivalents Receivables, net Inventories Due from other funds Restricted cash and cash equivalents Total assets  6,699,193 $ 2,907,722 $  21,318 $ 9,628,233  LIABILITIES, DEFERRED! INFLOWS OF RESOURCES ANDI FUNDE BALANCES  LIABILITIES Accounts payable Accrued liabilities Customer deposits Due to other funds Total liabilities FUNDI BALANCES Nonspendable: Inventories Restricted for: Capital projects Public safety Unassigned  $ 132,961 S 35,617 39,243 11,526 219,347 18,133 6,461,713 6,479,846  19,051 S  $ 152,012 35,617 39,243 12,207 23,733 12,207 250,605 18,133 2,888,671 9,482 6,461,342 9,377,628  19,051  2,888,671 2,888,671  9,482 (371) 9,111  Total fund balances Total liabilities, deferred inflows of resources: andi fund balances  6,699,193 $ 2,907,722 $  21,318 $ 9,628,233  The accompanying notes are ani integral part of these financial statements.  8    CITY OF BLOOMINGDALE, GEORGIA TO THE STATEMENT OF NET POSITION  RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS  JUNE 30, 2022  Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets used in governmental activities are noti financial resources and, therefore, are not Certain long-term liabilities are not due and payable in the current period and, therefore, are not  Total governmental fund balances. reported in the funds. reported in the funds: Compensated absences Netp pension liability  $  9,377,628 6,018,849  (104,839) (376,679) 189,537 15,104,496  Certain pension related deferred inflows are not reported in the funds.  Net position of governmental activities.  The accompanying notes are ani integral part of these financial statements.  a - -  D 0  9    CITY OF BLOOMINGDALE, GEORGIA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES INI FUND BALANCES GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2022  Nonmajor Governmental Governmental Funds $  Total Funds 2,250,926 1,392,889 1,541,851 426,867 2,234,799 4,663 2,006,150 220,803 10,078,948 668,956 143,465 2,015,210 943,228 277,859 75,303 1,236,616 5,360,637 4,718,311 16,325 16,325 4,734,636 4,642,992  General Fund $ 2,250,926 $ 1,392,889 168,360 426,867 2,233,946 3,413 250,000 220,433 6,946,834 668,956 143,465 2,015,032 943,228 277,859 75,303 4,123,843 2,822,991 16,325 16,325 2,839,316 3,640,530  SPLOST Fund  Revenues Taxes Licenses and permits Intergovernmental Fines and forfeitures Charges for services Interest income Donations Miscellaneous Total revenues Expenditures Current: General government Judicial Public safety Public works Culture and recreation Housing and development Capital outlay Total expenditures  871,966 1,250 1,756,150 370 2,629,736  501,525 853 502,378  178 501,896 502,074 304  734,720 734,720 1,895,016  Excess of revenues over expenditures Other financing sources Sale of capital assets Total other financing sources Net change in fund balances Fund balances, beginning of year Fund balances, end of year  1,895,016 993,655  304 8,807  6,479,846 $ 2,888,671 $  9,111 $ 9,377,628  The accompanying notes are an integral part of these financial statements.  10    CITY OF BLOOMINGDALE, GEORGIA  RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS  TO THE STATEMENT OF ACTIVITIES FOR THE FISCAL YEAR ENDED JUNE 30, 2022  Amounts reported for governmental activities int the Statement of Activities are different because: Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost oft those assets is allocated over their estimated useful lives and reported as depreciation  Net change int fund balances total governmental funds.  $  4,734,636  expense: Capital outlay Depreciation expense  1,294,862 (503,911) (796,525) (59,601) (12,158) (59,349) 4,597,954  The net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, Revenues int the Statement of Activities that do not provide current financial resources are not reported Some expenses reported int the Statement of Activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds: Net pension liability, deferred outflows of resources, and deferred inflows of resources related  donations to other funds )is to decrease net position.  as revenues int the funds. Compensated absences tot the pension plan  Change in net position governmental activities  The accompanying notes are an integral part of these financial statements.  a  0 0 - - 0  11    CITY OF BLOOMINGDALE, GEORGIA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30, 2022  GENERAL FUND  Budget Original Final 149,540 149,540 77,702 77,702 556,537 556,537 3,750 3,750 1,398,025 1,398,025 144,950 144,950 4,015,132 4,015,132 20,360 20,360 611,820 611,820 632,180 632,180 135,046 135,046 135,046 135,046 1,456,399 1,456,399 606,422 606,422 2,062,821 2,062,821 841,811 841,811 841,811 841,811 266,481 266,481 266,481 266,481 80,793 80,793 80,793 80,793 4,019,132 4,019,132 (4,000) (4,000) 4,000 4,000 4,000 4,000 3,640,530 3,640,530  Variance With Final Budget 1,243,349 90,658 (129,670) (337) 835,921 250,000 75,483 2,931,702 2,199 (38,975) (36,776) (8,419) (8,419) (83,927) 131,716 47,789 (101,417) (101,417) (11,378) (11,378) 5,490 5,490 (104,711) 2,826,991 12,325 12,325 2,839,316  Actual 1,392,889 168,360 426,867 3,413 2,233,946 250,000 220,433 6,946,834 18,161 650,795 668,956 143,465 143,465 1,540,326 474,706 2,015,032 943,228 943,228 277,859 277,859 75,303 75,303 4,123,843 2,822,991 16,325 16,325 2,839,316 3,640,530  Revenues Taxes Licenses and permits Intergovernmental Fines and1 forfeitures Interest Charges for services Contributions Miscellaneous Total revenues Expenditures Current General government Mayor and council Administration Total general government Judicial: Municipal court Total judicial Publics safety: Police Fire Total public safety. Public works: Public maintenance Total public works Culture andr recreation: Recreation Total culture and recreation Housing and development: Building and zoning Total housing and development Total expenditures Excess (deficiency) of revenues over (under) expenditures Other financing sources Proceeds from sale of capital assets Total other financing sources Net change inf fund balances Fund! balances, beginning of year Fund! balances, end ofyear  1,684,628 $ 1,684,628 $ 2,250,926 $ 566,298  - 0  3,640,530 $ 3,640,530 $ 6,479,846 $ 2,839,316  The accompanying notes are ani integral part of these financial statements.  12    CITY OF BLOOMINGDALE, GEORGIA STATEMENT OF NET POSITION PROPRIETARY FUND JUNE 30, 2022  Water and Sewer Fund $ 1,160,998 90,533 191,147 1,442,678 59,335 5,636,047 5,695,382 7,138,060 23,858  ASSETS  CURRENT ASSETS Cash and cash equivalents Restricted cash and cash equivalents Accounts receivable, net Total current assets NON-CURRENT ASSETS Capital assets Non-depreciable Depreciable, net of accumulated depreciation Total non-current: assets Total assets Pension  DEFERRED OUTFLOWS OF RESOURCES  LIABILITIES  CURRENT LIABILITIES, PAYABLE FROM CURRENT ASSETS Accounts payable Other accrued liabilities Due to other funds Current portion of compensated absences Total current liabilities, payable from current assets CURRENT LIABILITIES, PAYABLE FROM RESTRICTED ASSETS Customer deposits LONG-TERM LIABILITIES Compensated absences Net pension liability Totall long-term liabilities Total liabilities Pension Investment in capital assets Unrestricted Total net position  1,525,565 1,498 290,876 486 1,818,425 90,533 90,533 594 28,040 28,634 1,937,592 9,748 5,695,382 (480,804) 5,214,578  Total current liabilities, payable from restricted assets  DEFERRED INFLOWS OF RESOURCES  NET POSITION  The accompanying notes are ani integral part of these financial statements.  13    CITY OF BLOOMINGDALE, GEORGIA STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION PROPRIETARY FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022  Water and Sewer Fund $ 320,124 443,141 182,800 53,550 999,615 103,034 50,439 33,282 45,077 43,542 275,374 125,842 119,285 101,324 45,076 70,195 56,230 517,952 793,326 206,289 1,910 1,910 208,199 796,525 1,004,724 4,209,854 $ 5,214,578  OPERATING REVENUE Water charges Sewer charges Tap and capacity recovery fees Otheri income Total operating revenues OPERATING EXPENSES Water operating expenses: Personal services Purchased and contracted: services Materials and supplies Interfund charges Depreciation Total operating expenses water Sewer operating expenses: Personal: services Purchased and contracted services Materials and supplies Interfund charges Depreciation Amortization Total operating expenses- -sewer Total operating expenses Operating income NON-OPERATING REVENUES Interest income Total non-operating revenues Income before capital contributions CAPITAL CONTRIBUTIONS Change in net position Net position, beginning ofy year Net position, end of year  The accompanying notes are an integral part of these financial statements.  14    CITY OF BLOOMINGDALE, GEORGIA STATEMENT OF CASH FLOWS PROPRIETARY FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022  0  Water and Sewer Fund 2,500,257 (393,764) (227,262) 1,879,231 (2,588,475) (2,588,475) 1,910 1,910 (707,334) 1,958,865 1,251,531 $ 1,160,998 90,533 1,251,531 $ 206,289  CASHFLOWS FROM OPERATING ACTIVITIES Receipts from customers and users Payments to suppliers Payments to employees Net cash provided by operating activities CASHI FLOWS FROM CAPITAL AND RELATED FINANCING, ACTIVITIES Purchase of capital assets Interest received Net decrease in cash  Net cash used in capital and related financing activities CASHI FLOWS FROM INVESTING ACTIVITIES Neto cash provided byi investing activities Cash and cash equivalents, beginning of year Cash and cash equivalents, end ofy year Classified as: Cash and cash equivalents Restricted current cash and cash equivalents Reconciliation of operating income tor net cash provided by operating activities Operating income Adjustments to reconcile operating income to net cash provided by operating activities Depreciation and amortization Change in assets andl liabilities: Increase in accounts receivable Decrease inr net pension asset Increase in deferred outflows ofr resources Increase in accounts payable Increase in accrued liabilities Increase in customer deposits Decrease in compensated absences Increase in net pension liability Increase in due to other funds Decrease in deferredi inflows ofr resources Net cash provided by operating activities NON CASH CAPITAL: AND RELATED FINANCING ACTIVITIES  169,967 (36,040) 10,147 (23,858) 1,516,278 720 20,404 (1,627) 28,040 (1) (11,088) 1,879,231 $ 796,525  Contribution of capital assets from governmental activities The accompanying notes are ani integral part oft these financial statements.  15    CITY OF BLOOMINGDALE, GEORGIA STATEMENT OF FIDUCIARY NET POSITION  FIDUCIARY FUND JUNE 30, 2022  Employees' Retirement Program Pension Fund $ 46,150 1,932,854 1,979,004 1,979,004  ASSETS  Cash and cash equivalents Investments, atf fair value Exchange traded funds Totala assets Held in trustf for pension benefits  NET POSITION  16    CITY OF BLOOMINGDALE, GEORGIA STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FOR THE FISCAL YEAR ENDED JUNE: 30, 2022  FIDUCIARY FUND  Employees' Retirement Program Pension Fund $ 123,509  ADDITIONS Contributions: Employer Total contributions Net depreciation inf fair value ofi investments Investment income Neti investment loss Totala additions DEDUCTIONS Benefits paid top participants Administrative expense Total deductions Change inr net position Net position, beginning ofy year Net position, end ofy year  (282,184) 46,590 (235,594) (112,085) 63,421 19,799 83,220 (195,305) 2,174,309 1,979,004  The accompanying notes are ani integral part of these financial statements.  17    THIS PAGE INTENTIONALLY LEFT BLANK    CITY OF BLOOMINGDALE, GEORGIA NOTES TO FINANCIAL STATEMENTS  JUNE 30, 2022  NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  The financial statements of the City of Bloomingdale, Georgia (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.  - - 0  A. Reporting Entity  The City is a municipal corporation governed by an elected mayor and six-member governing council (the Council"). The accompanying financial statements present the City and its component units, entities for which the City is considered to be financially accountable. Blended component units are, in substance, part of the primary government's operations, even though they are legally separate entities. Thus, blended component units are appropriately presented as funds of the primary government. Currently, the City has no blended component units. Each discretely presented component unit is reported in a separate column in the government-wide financial statements to emphasize that it is legally separate from the City. Currently, the City has no  0 0 0 0 0 : 0 o  discretely presented component units.  B. Government-wide and Fund Financial Statements  The government-wide financial statements  Statement  (i.e., the  of Net Position and the Statement of  Activities) report information on all oft the non-fiduciary activities of the primary government and its Fort the most part, the effect of interfund activity has been removed from these statements, however, interfund services provided and used are not eliminated in the process of consolidation. Government-wide financial statements do not provide information by fund, but distinguish between Governmental activities, which are normally supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for services. The Statement of Net Position includes non-current assets and non-current liabilities. In addition, the government-wide statement of activities reflects depreciation expense on  component units.  the City's governmental activities and business-type activities.  the City's capital assets.  -  18    NOTES TO FINANCIAL STATEMENTS  NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)  B. Government-wide and Fund Financial Statements (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 ora 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 Separate financial statements are. provided for governmental funds and proprietary funds. Major individual governmental funds and major individual enterprise funds are reported as separate C. Measurement Focus, Basis of Accounting and Basis of Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are. recognized as revenue as soon Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the City considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are generally recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when Property taxes, sales taxes, franchise taxes, licenses, and investment income associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and  considered program revenues are reported instead as general revenues.  columns in thet fund financial statements.  as all eligibility requirements imposed byt the provider have been met.  payment is due.  available only when cash is received by the City.  19    NOTES TO FINANCIAL STATEMENTS  NOTE 1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. Measurement Focus, Basis of Accounting and Basis of Presentation  (Continued)  The City reports the following major governmental funds:  The General Fund is the City's primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund. The Special Purpose Local Option Sales Tax ("SPLOST") Fund is used to account for the revenues and expenditures relating to the 1% Special Purpose Local Option Sales Tax.  D 0 D D - C 0 0 0 0 0  The City reports the following major proprietary fund:  The Water and Sewer Fund accounts for the activities necessary to provide. water and sewer  services to the City's residents. Additionally, the City reports the for specific purposes. qualified employees.  fund following types:  The special revenue funds account for revenue sources that are legally restricted to expenditures The pension trust fund accounts for the accumulation of resources for pension benefit payments to Amounts reported as program revenues include: 1) charges for services provided, 2) operating grants and contributions, and 3) capital grants and contributions. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues 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 the enterprise funds are charges for goods and services provided. Operating expenses of the enterprise funds include the cost of these goods and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this When both restricted and unrestricted resources are available for use, it is the City's policy to use  include all taxes.  definition are reported as non-operating revenues and expenses. restricted resources first, then unrestricted resources as they are needed.  I  -  20  0    NOTES TO FINANCIAL STATEMENTS  NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)  D. Budgets  Annual appropriated budgets are adopted for all funds. The budgets for the proprietary funds are for management control purposes and are not required to be reported. Budgets of governmental funds are adopted on a modified accrual basis, which is consistent with accounting principles generally accepted in the United States of America for governmental funds. All appropriations lapse at fiscal year-end. Encumbrance accounting (under which purchase orders, contracts and other commitments fort the expenditure of resources are recorded to reserve that portion of the applicable  appropriation) is note employed by the City. E. Cash and Investments  Cash and cash equivalents include cash on hand, demand deposits, and short-term investments with an original maturity of three months or less from the date of acquisition. State statutes authorize the City to invest in the following: 1) obligations of Georgia or any other state; 2) obligations of the United States; 3) obligations fully insured or guaranteed by the United States government or one of its agencies; 4) obligations of any corporation of the United States government; 5) prime bankers' acceptances; 6) the State of Georgia local government investment pool; 7) repurchase agreements; and 8) obligations of any other political subdivisions of the State of Georgia. Any investment or deposit in excess of the federal depository insured amounts must be collateralized by an equivalent amount of state or U.S. obligations. Investments are reported at fair  value.  F. Receivables and Payables  Activity between funds that is representative of lending/borrowing: arrangements outstanding at the end of the fiscal year are referred to as either "due to/from other funds" (i.e., the current portion of interfund loans) or 'advances to/from other funds (ie., the non-current portion of interfund loans). Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as "internal balances."  G. Prepaid Items and Inventory  Payments made to vendors for services that will benefit periods beyond June 30, 2022, are recorded as prepaid items in both government-wide and fund financial statements. Prepaid items are accounted for using the consumption method. Inventories of supplies are) valued at cost.  21    NOTES TO FINANCIAL STATEMENTS  NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)  -  H. Capital Assets  Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges, sidewalks, and similar items), are reported in the applicable governmental or business-type activities column in the government-wide financial statements. Capital assets are defined by the City as assets with an initial, individual cost of more 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 purchased or constructed. Donated capital assets are recorded at their acquisition value at the date The cost of normal maintenance and repairs that do not add to the value of the asset or materially Capital assets of the City are depreciated using the straight-line method over the following  0 0 o o 0 o o : -  ofdonation.  extend asset lives are not capitalized. estimated useful lives: Buildings and system Improvements other than buildings Machinery and equipment Vehicles Infrastructure I.  Assets  Years 50 20 5-30 6 10-65  0 0 0 C  Compensated Absences  Employees earn vacation leave at the rate of six days per year for the first year of service up to a maximum of 25 days per year after five years of service. A maximum of 20 days may be carried over into an employee's next service year. Any unused, accrued vacation leave in excess of 20 days from service year to service year will be forfeited. Employees resigning voluntarily and in good standing will be paid for earned but unused vacation leave. All vacation leave is accrued when incurred in the government-wide, proprietary, and fiduciary fund financial statements. A liability for these amounts is reported in governmental funds only if they have matured, for example, as a result Employees accrue personal leave at the rate of four hours per month to a maximum of 48 hours per year. Employees are allowed to carry 801 to 160 hours personal leave based on years of service. An employee who resigns or is discharged from City service will not be paid for any unused personal leave. The City does not record a liability for vested personal leave benefits. Expenses are  C a C - - e -  ofe employee resignations and retirements.  recognized in the financial statements at the time of payment.  22    NOTES TO FINANCIAL STATEMENTS  NOTE 1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)  J. Long-Term Obligations  Int the government-wide financial statements, and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund type Statement of Net Position. Bond premiums and discounts, as well as issuance costs, are deferred and amortized over the term of the bonds using the effective interest method. Bonds payable are reported net of the applicable discount or premium. Bond issuance costs are expensed in the period incurred. Int the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as  debt service expenditures. K. Fund Equity  Fund equity at the governmental fund financial reporting level is classified as "fund balance." Fund Fund Balance - Generally, fund balance represents the difference between the assets and liabilities under the current financial resources measurement focus of accounting. In the fund financial statements, governmental funds report fund balance classifications that comprise a hierarchy based primarily on the extent to which the City is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. Fund balances are classified as Nonspendable - Fund balances are reported as nonspendable when amounts cannot be spent because they are either: a) not in spendable form (i.e., items that are not expected to be converted to cash), or b) legally or contractually required to be maintained intact. Restricted = Fund balances are reported as restricted when there are limitations imposed on their use either through the enabling legislation adopted by the City or through external restrictions imposed by creditors, grantors or laws or regulations of other governments. Committed - Fund balances are reported as committed when they can be used only for specific purposes pursuant to constraints imposed by formal action of the City Council through the adoption of a resolution. Only the City Council may modify or rescind the commitment.  equity for all other reporting is classified as "net position."  follows:  23    0 0 0 0 -  NOTES TO FINANCIAL STATEMENTS  NOTE 1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)  K. Fund Equity (Continued) Fund Balance - (Continued)  Assigned - Fund balances are reported as assigned when amounts are constrained by the City's intent to be used for specific purposes, but are neither restricted nor committed. Unassigned - Fund balances are reported as unassigned as the residual amount when the balances do not meet any of the above criterion. The City reports positive unassigned fund balance only in the General Fund. Negative unassigned fund balances may be reported in all Flow Assumptions = When both restricted and unrestricted amounts of fund balances are available for use for expenditures incurred, it is the City's policy to use restricted amounts first and then unrestricted amounts as they are needed. For unrestricted amounts of fund balance, it is the City's policy to use fund balance in the following order: 1) committed, 2) assigned, and 3) Net Position Net position represents the difference between assets and liabilities in reporting which utilizes the economic resources measurement focus. Net investment in capital assets consists of capital assets, net of accumulated depreciation, reduced by the outstanding balances of any borrowing used (ie., the amount that the City has spent) for the acquisition, construction or improvement of those assets. Net position is reported as restricted using the same definition as used for restricted fund balances as described in the section above. All other net position is The City applies restricted resources first when an expense is incurred for purposes for which both   0 0 0  funds.  unassigned.  reported as unrestricted.  restricted and unrestricted net positions are available. Management Estimates  L.  The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenditureslexpenses during the reporting period. Actual results could differ from those estimates.  24    -  NOTES TO FINANCIAL STATEMENTS  NOTE 1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)  M. Deferred Outflows/Inflows of Resources  Ina addition to assets, the Statement of Net Position 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 ai future period(s) and, therefore, will not be recognized as an outflow of resources expenselexpendture, until then. The City had two items, both of which related to the City's pension plan that qualified for reporting as deferred outflows of resources at year-end. The net difference between projected and actual earnings on pension plan investments is deferred and amortized against pension expense over a five-year period resulting in recognition as deferred outflows of resources. Experience differences are deferred and amortized against pension expense over a five-year period, resulting in recognition as Ina addition to liabilities, the Statement of Net Position and the governmental funds 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 or fund balance that applies to a future period(s) and, therefore, will not be recognized as an inflow of resources (revenue) until that time. The City has one item that qualifies for reporting in this category. Experience differences are deferred and amortized against pension expense over a five-  deferred outflows of resources.  year period, resulting in recognition as a deferred inflow of resources.  N. Pensions  For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the City of Bloomingdale Retirement Plan (the "Retirement Plan") and additions toldeductions. from the Retirement Plan's fiduciary net position have been determined on the same basis as they are reported by the respective plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the  benefit terms. Investments are reported at fair value.  25    NOTES TO FINANCIAL STATEMENTS  NOTE 2. LEGAL COMPLIANCE = BUDGETS  A. Budgetary Information accounting principles.  All governmental fund budgets are prepared on a basis consistent with generally accepted The appropriated budget is prepared by fund, function, and department. The City Council may transfer funds from one object or purpose to another within the same department. The legal level of budgetary control (i.e., the level at which expenditures may not legally exceed appropriations). is the Budget appropriations presented in this report include all legally adopted appropriations as  - C 0 0  department level. The City Council may amend the budget by motion  thet fiscal during year.  amended during the fiscal year.  B. Excess of Expenditures over Appropriations  For the year ended June 30, 2022, expenditures exceeded appropriations at the legal level of  - 0 a  budgetary control as follows: General fund:  General government Administration Judicial Municipal court Police safety Police Public works - Public maintenance Culture and recreation Recreation  $ 38,975 8,419 83,927 101,417 11,378  a G C e 0 a e - C  These over expenditures were funded primarily by underspending in other departments and  unanticipated revenues. C. Deficit Fund Balance  For the year ended June 30, 2022, the American Rescue Plan Act ("ARPA") fund reported a deficit fund balance of $371. This deficit will be reduced through General Fund transfers in the next fiscal  year.  0 0  26    O 0  NOTES TO FINANCIAL STATEMENTS  NOTE 3.  DEPOSITS AND INVESTMENTS  Total deposits and investments as of June 30, 2022 are summarized as follows: Amounts as presented on the entity wide Statement of Net Position: Amounts as presented on the statement of fiduciary net position:  Cash and cash equivalents Restricted cash and cash equivalents Cash Exchange traded funds Total  $  9,889,960 129,776 46,150 1,932,854 11,998,740 10,065,886 1,932,854 11,998,740  $ $ $  Cash deposited with financial institutions Investments in exchange traded funds  Total  As of June 30, 2022, the carrying amount of the City's deposits was $10,065,886 and the bank Credit risk. State statutes authorize the City to invest in obligations of the State of Georgia or other states; obligations issued by the U.S. government; obligations fully insured or guaranteed by the U.S. government or by a government agency of the United States; obligations of any corporation of the U.S. government; prime bankers' acceptances; the local government investment pool established by state law; repurchase agreements; and obligations of other political subdivisions of the State of Georgia. It is the City's policy to limit its investments to those allowed and authorized As of June 30, 2022, the City had investments in Exchange-Traded Products ("ETPs") in the Interest Rate Risk. As a means of limiting its exposure to fair value losses arising from rising interest rates, the City's investment policy generally limits all operating investments to instruments that mature within one year. Asset investment funds shall be diversified to eliminate risk of loss resulting from the concentration of assets in a specific maturity, a specific issuer or a specific class  balance was $10,659,171.  by state law.  amount of $1,932,854.. All maturities for the ETPs were less than one year.  ofr maturities.  27    NOTES TO FINANCIAL STATEMENTS  NOTE 3.  DEPOSITS AND INVESTMENTS (CONTINUED)  Custodial Credit Risk = Deposits. Custodial risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover deposits or will not be able to recover collateral securities that are in the possession of an outside party. State statutes require all deposits and investments (other than federal and state government instruments) tob be collateralized by depository insurance, obligations of the U.S. government, or bonds of public authorities, counties, or municipalities. As of June 30, 2022, the City's deposits were fully Fair Value Measurements. All of the City's investments fall under Level 1 in the fair value hierarchy and are valued using prices quoted in active market for those securities.  collateralized in compliance with the state requirements.  NOTE 4. RECEIVABLES  In the governmenta. funds, the net receivables collected during the year ended June 30, 2022, and expected to be collected by August 31, 2022, are recognized as revenues for the year ended June 30, 2022, whereas, net receivables estimated to be collectible subsequent to August 31, 2022, Receivables at June 30, 2022 for the City's individual major and nonmajor funds in the aggregate,  are recorded as revenue when received.  including the applicable allowances for uncollectible accounts are as follows:  Water $  General $ 140,702 $ 397,619  SPLOST and Sewer  Total $ 140,702 589,658 153,965 (165,892)  Receivables Taxes Accounts Due from other governments Less allowance for uncollectibles Net total receivable  192,039  153,965  (165,000)  (892)  373,321 $ 153,965 $ 191,147 $ 718,433  28    NOTES TO FINANCIAL STATEMENTS  NOTE 5.  CAPITAL ASSETS  Capital asset activity fori the fiscal year ended June 30, 2022 is as follows:  Beginning Balance $ 1,131,404 $ 62,999 1,194,403 1,946,262 966,647 1,368,587 1,258,410 4,884,563 10,424,469 (699,142) (577,818) (1,106,347) (907,746) (2,303,396) (5,594,449) 4,830,020  Ending Balance $ 1,131,404 62,999 1,194,403 1,954,812 966,647 1,526,658 1,341,517 4,992,963 10,782,597 (746,530) (631,184) (1,152,008) (873,618) (2,554,811) (5,958,151) 4,824,446  Increases  Decreases $  Transfers $  Governmental activities Capital assets, not being depreciated: Land Construction in progress Total Capital assets, being depreciated: Buildings Improvements other than buildings Machinery and equipment Vehicles Infrastructure Total Less accumulated depreciation for: Buildings Improvements other than buildings Machinery and equipment Vehicles Infrastructure Total Total capital assets, being depreciated, net Governmental activties capital assets, net  8,550 179,974 201,413 904,925 1,294,862 (47,388) (53,366) (67,564) (84,178) (251,415) (503,911) 790,951  (21,903) (118,306). (140,209) 21,903 118,306 140,209  (796,525) (796,525)  (796,525)  $ 6,024,423 $ 790,951 $  $ (796,525) $ 6,018,849  The City transferred $796,525 of infrastructure from governmental activities to the business-type  activities during thet fiscal year ended June 30, 2022.  29    NOTES TO FINANCIAL STATEMENTS  NOTE 5. CAPITAL ASSETS (CONTINUED)  Beginning Balance $  Ending Balance $  Increases  Decreases $  Transfers $  Business-type activities Capital assets, not being depreciated: Land Total Capital assets, being depreciated: Buildings and system Machinery and equipment Vehicles Water treatment capacity Total Less accumulated depreciation for: Buildings and system Machinery and equipment Vehicles Water treatment capacity Total Total capital assets, being depreciated, net Business-type activities capital assets, net  59,335 $ 59,335 3,886,060 619,231 69,400 1,683,147 6,257,838 (2,575,539) (497,129) (69,400) (694,756) (3,836,824) 2,421,014  59,335 59,335 3,886,060 619,231 69,400 5,068,147 9,642,838 (2,648,574) (537,831) (69,400) (750,986) (4,006,791) 5,636,047  2,588,475 2,588,475 (73,035) (40,702) (56,230) (169,967) 2,418,508  796,525 796,525  796,525  2,480,349 $ 2,418,508 $  $ 796,525 $ 5,695,382  Included in depreciation expense above is $56,230 of amortization expense related to the City's  purchase of sewer capacity.  Depreciation expense was charged to functions of the City as follows:  Governmental activities General government Public safety Public works Culture and recreation Judicial Total governmental activities Business-type activities Water Sewer  $ 60,564 117,439 254,282 70,126 1,500 $ 503,911 $ 43,542 70,195 113,737  - - -  Total governmental activities  30    -  NOTES TO FINANCIAL STATEMENTS  NOTE 6.  COMPENSATED ABSENCES  The compensated absences activity for the year ended June 30, 2022 was as follows:  Beginning Balance  Ending Balance  Due Within One Year 47,177 486  Additions  Reductions  Governmental activities Compensated absences $ Business-type activities Compensated absences $  92,681 $ 2,707 $  95,424 $ 1,729 $  (83,266) $ (3,356) $  104,839 $ 1,080 $  For governmentar activities, compensated absences are generally liquidated by the General Fund.  NOTE7. INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS  The composition of interfund balances as of June 30, 2022 is as follows:  Receivable Fund  Payable Fund Water and Sewer Fund Nonmajor Governmental Funds General Fund  Amount $ 290,876 12,207 11,526 $ 314,609  General Fund General Fund SPLOST  These balances resulted from time lag between the dates the: 1) interfund goods and services are provided or reimbursable expenditures occur, 2) transactions are recorded in the accounting  system, and 3) payments between funds are made.  31    0 0 0 D  NOTES TO FINANCIAL STATEMENTS  NOTE 8.  PENSION PLAN Plan Description  The City of Bloomingdale Defined Benefit Plan (the "Plan") is a single-employer defined benefit pension plan covering all full-time employees, elected officials, and appointed positions who have attained age 21 and completed one year of service. The Plan provides retirement, disability, death and termination benefits to plan members and beneficiaries. The City administers the Plan, and responsibilities include pension disbursements and general administration of the Plan through oversight of the City's Pension Board. The City's Pension Board consists of the City's elected officials appointed to the City's budget and finance committee, the City's department heads and the City attorney. The Pension Board has contracted with Raymond James & Associates Inc. to act as custodian oft the assets of the Plan. The accounting and financial reporting functions are performed by the City's finance department. The City's General Fund bears most of the Plan's administrative  0 0  costs.  Benefits Provided  The Plan provides retirement benefits for its members. Benefits vest after five years of service. Normal retirement benefits for general plan members are calculated as 1% of the average monthly compensation multiplied by the number of years of service, plus 0.375% of average monthly compensation in excess of $833, multiplied by the number of years of service, up to a maximum of 35 years. Average monthly compensation is the quotient of the total compensation of a participant during the 60 consecutive calendar month period of service of highest compensation. For years of service rendered as an elected official or appointed position, the benefit shall be $10 per month for each year of service earned as an elected official or appointed position prior to January 1, 2014, plus $30 per month for each year of service earned as an elected official or Normal retirement age is the later of attainment of age 62 or the fifth anniversary of Plan participation, or if earlier, attainment of age 57 and 25 years of service. Employees who have attained age 55 with ten or more years of service have the option for early retirement benefits. The  a  appointed position after December 31, 2013.  Plan also provides for disability and termination benefits.  The Plan's benefit provisions are established and amended by local ordinance.  - a  32    0 a  NOTES TO FINANCIAL STATEMENTS  NOTE 8. PENSION PLAN (CONTINUED)  Employee Participation  At. June 30, 2022, the following employees were covered by the Plan: Inactive plan members or beneficiaries currently receiving benefits Inactive plan members entitled to, but not receiving benefits  5 6 39 50  Active plan members  Total  Contributions  The City is required to contribute at an actuarially determined rate; the current rate is 8.19% of annual covered payroll. The City contributes such additional amounts as are necessary, based on actuarial valuations, to provide the Plan with sufficient assets to meet future benefit payments. In 2022, the City contributed $123,509 (6.91% of covered payroll). Employees do not contribute to the Plan. Total payroll for employees covered under the Plan for the year ended June 30, 2022 was  $1,786,497.  Net Pension Liability (Asset)  The City's net pension liability was measured as of. June 30, 2022. The total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2021, with update procedures performed by the actuary to roll forward to the total pension liability Actuarial assumptions. The total pension liability in the July 1, 2021 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the  measured as of June 30, 2022.  measurement:  Inflation Salary increases Investment rate of return  3.00% 5.00% 7.50%  0  Mortality rates were based on the 1994 Group Annuity Reserving Tale, projected to 2002. The actuarial assumptions used in the June 30, 2022 valuation were based on the results of the last actuarial experience study dated February 19, 2014. The result was rolled forward using standard  actuarial techniques to ther measurement date.  33    NOTES TO FINANCIAL STATEMENTS  0  NOTE 8. PENSION PLAN (CONTINUED)  Net Pension Liability (Asset) (Continued)  Actuarial assumptions (Continued). The discount rate used to measure the total pension liability was 7.50%. The projection of cash flows used to determine the discount rate assumed that the City's contributions will be made at the current contribution rate. Based on those assumptions, the Plan's fiduciary net position was projected to be available to make all projected future benefit payments of current and active employees. Therefore, the long-term expected rate of return on Plan investments was applied to all periods of projected benefit payments to determine the total pension The long-term expected rate of return on pension plan investments was determined using the building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investments expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the Plan's target asset allocation as of July 1, 2021, are summarized in the  0 O 0 0 0  liability.  following table:  0  Long-term expected real rate of return 7.50% 7.50 7.50  Target allocation 39% 10% 45% 6% 100%  Asset class  Domestic equity International equity Domestic fixed income Cash  Total  0 0  0 D D D  34    -  NOTES TO FINANCIAL STATEMENTS  NOTE 8.  PENSION PLAN (CONTINUED) Net Pension Liability (Asset) (Continued)  Changes in the Net Pension Liability (Asset) of the City. The changes in the components of the net  pension asset of the City for the year ended June 30, 2022 were as follows:  Total Pension Liability (a) $ 2,042,854 $ 131,289 160,725 112,276 (63,421) 340,869 2,383,723  Plan Fiduciary Net Position (b) 2,174,309 $  Net Pension Liability (Asset) (a)-(b) (131,455) 131,289 160,725 112,276 (123,509) 235,594 19,799 536,174 404,719  Beginning Balance Changes for the year Service cost Interest Differences between expected and actual experience Contributions employer Net investment income Benefit payments, including refunds ofemployee contributions Administrative expense Net changes Ending Balance  123,509 (235,594) (63,421) (19,799) (195,305) 1,979,004  $  The required schedule of changes in the City's net pension liability (asset) and related ratios immediately following the notes to the financial statements presents multi-year trend information about whether the value of plan assets is increasing or decreasing over time relative to the total Sensitivity of the net pension liability to changes in the discount rate. The following presents the net pension liability of the City, calculated using the discount rate of7.5%, as well as what the City's net pension liability would bei ifit were calculated using a discount rate that is -percentage-point lower  pension liability.  (6.5%) or -percentage-point higher (8.5%) than the current rate:  Current Discount Rate (7.5%) 404,719 $  1% Decrease (6.5%) $ 488,069 $  1% Increase (8.5%) 327,014  City's net pension liability  35    0 a C 0 0 0 0 o 0 o 0 0 a :  NOTES TO FINANCIAL STATEMENTS  NOTE 8.  PENSION PLAN (CONTINUED) Net Pension Liability (Asset) (Continued)  Sensitivity of the net pension liability to changes in the discount rate (Continued). Actuarial valuations involve estimates oft the value of reported amounts and assumptions about the probability ofe events fari into the future, and actuarially determined amounts are subject to continual revision as results are compared to past expectations and new estimates are made about the future. Actuarial calculations reflect a long-term perspective. Calculations are based on the substantive plan in effect as of June 30, 2022, and the current sharing pattern of costs between employer and  employee. Pension Pensions  Expense and Deferred Outflow and Inflow of Resources Related to  For the year ended June 30, 2022, the City recognized pension expense of $186,100 and deferred  inflows of resources related to the pension plan as follows:  Deferred Outflows of Resources $ 217,856 $ 126,502 $ 344,358 $  Deferred Inflowsof Resources 140,711 140,711  o :  Net diference between projected and actual earnings Differences between expected and actual experience  on pension plan investments  Total  e L 0 0 0 B 0  The deferred inflows of resources will be recognized in pension expense as follows:  Year ending June 30, 2023 2024 2025 2026 2027 Thereafter Total  $  34,557 35,764 33,168 78,752 2,905 18,501 203,647  $  NOTE 9. DEFINED CONTRIBUTION PENSION PLAN   0 D  The City of Bloomingdale Defined Contribution Benefit Plan (the "Plan") is a single employer defined contribution plan established and administered by City Council for substantially all of its full-time employees. The Plan provides retirement and death benefits to Plan participants and beneficiaries. Plan provisions and contribution requirements are established and may be amended by City  Council.  36    0  NOTES TO FINANCIAL STATEMENTS  NOTE 9.  DEFINED CONTRIBUTION PENSION PLAN (CONTINUED)  Employees are not required to contribute to the Plan. The City contributes an amount equal to 9.44% of each participant's compensation. For the fiscal year ended June 30, 2022, the City's  contribution to the Plan was $123,509.  NOTE 10. JOINT VENTURE  Under Georgia law, the City, in conjunction with other cities and counties in the coastal Georgia area, is a member of the Coastal Regional Commission ("CRC") and is required to pay annual dues thereto. During the year ended June 30, 2022, the City paid $3,855 in such dues. Membership in the CRC is required by the Official Code of Georgia Annotated ("O.C.G.A.") $50-8-34 which provides fort the organizational structure of regional development commissions in Georgia. The CRC Board membership includes the chief elected official of each county and municipality of the area. O.C.G.A. $50-8-39.1 provides that the member governments are liable for any debts or obligations ofar regional development commission. Separate financial statements may be obtained from:  Coastal Regional Commission P.O. Box 1917 Brunswick, Georgia 31521  NOTE 11. RISK MANAGEMENT  The City is exposed to various risks of losses related to: torts; thefts of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The City has joined together with other municipalities in the state as part of the Georgia Interlocal Risk Management Agency Property and Liability Insurance Fund and the Georgia Municipal Association Group Self- Insurance Workers' Compensation Fund, public entity risk pools currently operating as common risk As part of these risk pools, the City is obligated to pay all contributions and assessments as prescribed by the pools, to cooperate with the pool's agents and attorneys, to follow loss reduction procedures established by the funds, and to report as promptly as possible, and in accordance with any coverage descriptions issued, all incidents which could result in the funds being required to pay any claim of loss. The City is also to allow the pools' agents and attorneys to represent the City in investigation, settlement discussions and all levels of litigation arising out of any claim made against  management and insurance programs for member local governments.  the City within the scope of loss protection furnished byt the funds.  37    NOTES TO FINANCIAL STATEMENTS  NOTE 12. COMMITMENTS AND CONTINGENCIES  Litigation  The City is a defendant in certain legal actions in the nature of claims for alleged damages to persons and property and other similar types of actions arising in the course of City operations. Liability, if any, which might result from these proceedings, would not, in the opinion of management and legal counsel, have a material adverse effect on the financial position of the City.  Grant Contingencies  The City has received federal and state grants for specific purposes that are subject to review and audit by the grantor agencies. Such audits could lead to the disallowance of certain expenditures previously reimbursed by those agencies. Based upon prior experience, management of the City  believes such disallowances, ifa any, will not be significant.  38    THIS PAGE INTENTIONALLY LEFT BLANK    REQUIRED SUPPLEMENTARY INFORMATION  C 0 D - - D D    CITY OF BLOOMINGDALE, GEORGIA REQUIRED SUPPLEMENTARY INFORMATION FOR THE FISCAL YEARS ENDED JUNE 30,  SCHEDULE OF CHANGES IN THE CITY'S NET PENSION LIABILITY (ASSET)  AND RELATED RATIOS  2022 160,725 112,276 (63,421) 340,869 2,042,854 2,383,723 123,509 (235,594) (63,421) (19,799) (195,305) 2,174,309 1,979,004 $ 404,719  2021 152,892 (124,429) (47,472) 111,726 1,931,128 2,042,854 116,115 344,248 (47,472) (17,231) 395,660 1,778,649 2,174,309  2020 135,356 43,560 (103,209) 209,032 1,722,096 1,931,128 180,744 76,362 (103,209). (13,041) 140,856 1,637,793 1,778,649  Total pension! liability Service cost Intereston total pension liability Differences between expected and actual experience Benefit payments, including refunds ofemployee contributions Net change int total pension liability Total pension liability- beginning Total pension! liability- ending (a) Plani fiduciary net position Contributions employer Neti investment income Benefit payments, including refunds ofmember contributions Administrative expenses Net change inp planf fiduciary net position Plant fiduciary net position beginning Plant fiduciary net position ending (b) City's net pension liability (asset)- ending (a)-(b) Planf fiduciary netp position as ap percentage oft the total pension! liability Covered payroll Net pension liability (asset) as a percentage of covered payroll Notes tot the Schedule:  131,289 $ 130,735 $ 133,325  $ (131,455) $ 152,479  83.02%  106.43%  92.1%  1,786,497 $ 1,497,862 $ 1,488,826  22.65%  -8.78%  10.2%  Thes schedule will present 10 years ofi information once itis accumulated.  39    2019 124,878 (33,102) (68,196) 159,229 1,562,867 1,722,096 138,736 95,842 (68,196) (11,183) 155,199 1,482,594 1,637,793  2018 109,736 (4,996). (9,860) 203,345 1,359,522 1,562,867 121,431 75,080 (9,860) (13,929) 172,722 1,309,872 1,482,594  2017 107,861 (51,698) (264,779) (100,151) 1,459,673 1,359,522 123,112 95,395 (264,779) (13,141) (59,413) 1,369,285 1,309,872  2016 116,009 (69,018) (263,436) (102,274) 1,561,947 1,459,673 134,304 105,664 (263,436) (13,415) (36,883) 1,406,168 1,369,285  2015 113,165 (18,921) (80,855) 139,087 1,422,860 1,561,947 124,920 54,710 (80,855) (13,901) 84,874 1,321,294 1,406,168  135,649 $ 108,465 $ 108,465 $ 114,171 $ 125,698  $ 84,303 $ 80,273 $ 49,650 $ 90,388 $ 155,779  95.1%  94.9%  96.3%  93.8%  90.0%  1,422,187 $ 1,446,826 $ 1,135,450 $ 1,179,505 $ 1,305,039  0  D /  5.9%  5.5%  4.4%  7.7%  11.9%  40    CITY OF BLOOMINGDALE, GEORGIA REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CITY CONTRIBUTIONS FOR THE FISCAL YEARS ENDED JUNE 30,  RETIREMENT PLAN  2022 $ 129,423 $ 123,509 5,914 $  2021 139,892 $ 116,115 23,777 $  2020 134,737 180,744 (46,007)  Actuarially determined contribution Contributions in relation to the actuarially determined contribution Contribution deficiency (excess) Covered payroll Contributions as a percentage of covered payroll Notes to the Schedule: Valuation Date CostMethod Assumed Rate of Return Onl Investments Projected Salaryl Increases Inflation Amortization Method Remaining Amortization Period  $  $ 1,786,497 $ 1,497,862 $ 1,488,826  6.9%  7.8%  12.1%  July1,2022 EntryA Age Normal 7.50% 5.00% 3.00% 15y years  Closed level percentage ofp projected payroll over 15 years  The schedule will present 10 years ofinformation once itis accumulated.  O -  0 a  41    2019 $ $  2018  2017  2016  2015  137,942 $ 108,497 $ 117,341 $ 134,134 $ 123,101  138,736 (794) $  121,431 (12,934) $  123,112 (5,771) $  134,304 (170) $  124,920 (1,819)  $ 1,422,187 $ 1,446,826 $ 1,135,450 $ 1,179,505 $ 1,305,039  9.8%  8.4%  10.8%  11.4%  9.6%  - - - D D  42    CITY OF BLOOMINGDALE, GEORGIA REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF INVESTMENT RETURNS- FOR THE FISCAL YEARS ENDED JUNE 30,  RETIREMENT PLAN  2022 -10.75%  2021 19.21%  2020 4.67%  Annual money weighted rate of return, net ofi investment expense Notes to the Schedule:  The schedule will present 10 years ofi information oncei it is accumulated.  - -  -  U  43    2019 6.29%  2018 5.49%  2017 7.53%  2016 8.09%  2015 4.05%  0 0 0 0 0  D D  D -  44    - - - 0 - -  THIS PAGE INTENTIONALLY LEFT BLANK  - - 0 - - - 0 - C  C -    - 0 0 0 - a 0  COMBINING AND INDIVIDUAL NONMAJOR FUND  STATEMENTS AND SCHEDULES    CITY OF BLOOMINGDALE, GEORGIA NONMAJOR GOVERNMENTAL FUNDS  Special Revenue Funds  The Fire Department Fund accounts for fund raising efforts by the City's fire department and related expenditure of The Forfeiture Account Fund accounts for forfeited assets awarded to the City and the related expenditures. The ARPA Fund accounts for federal American Rescue Plan Act funds awarded to the City and the related  those funds.  expenditures.  D   - - - -    CITY OF BLOOMINGDALE, GEORGIA COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS JUNE 30, 2022  Special Revenue Funds Forfeiture Account Fund 19,861 $ 19,861 $  Total Nonmajor Governmental Funds $ 21,318 21,318  Fire Department $ 1,457 $ $ 1,457 $  ARPA Fund  ASSETS  Cash and cashe equivalents Total assets  LIABILITIES AND FUND BALANCES (DEFICIT)  LIABILITIES Due to other funds Totall liabilities FUND BALANCES Restrictedi for: Public safety Unassigned  $  11,836 $ 11,836 8,025 8,025 19,861 $  371 $ 371  12,207 12,207 9,482 (371) 9,111 21,318  1,457 1,457 1,457 $  (371) (371)  Totalf fund balances (deficit) Totall liabilities and fund balances (deficit)  45    CITY OF BLOOMINGDALE, GEORGIA CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED. JUNE 30, 2022  COMBINING STATEMENT OF REVENUES, EXPENDITURES AND  Special Revenue Funds Forfeiture Account Fund $  Total Nonmajor Governmental Funds $ 501,525 501,525  Fire Department $  ARPA Fund  REVENUES Fines and forfeitures Intergovernmental Total revenues EXPENDITURES Current: Public safety Capital outlay Totale expenditures Net change inf fund balances Fund balance, beginning ofy year Fund! balance (deficit), end of year  853 $ 853 178 178 675 7,350 8,025 $  853 501,525 502,378  178 501,896 502,074 304 8,807 9,111  501,896 501,896 (371)  1,457 1,457 $  $  (371) $  46    CITY OF BLOOMINGDALE, GEORGIA SCHEDULE OF EXPENDITURES OF SPECIAL PURPOSE LOCAL OPTION SALES TAX FOR THE FISCAL YEAR ENDED JUNE 30, 2022  -  Original Estimated Cost 3,200,000 $ 3,200,000 $ 3,064,275  Current Estimated Cost 3,064,275  Prior Years  Current Year $  Project  Total  2014F Resolution 2020F Resolution General government: General administration equipment Rental houser renovations City hall upgrade/renoyations Public safety: Equipment Building upgrade/renovations Public works: Equipment Street resurfacing Jimmy DeLoach Parkway relocation Water meterr replacement project School pumps station upgrade Debts service interest Little Nec lifts station upgrade Drainage projects: Phase IlI drainage project Recreation: Veterans monument Gym Rails tot trails Equipment Equipment Totals  695,403 8,729 691,327 221,311 467,332 49,006 128,077 3,000 22,224 536,949 6,955 84,251 3,689 279,538  192,103 550 321,374 2,500 50,701 114,165  887,506 8,729 550 1,012,701 2,500 272,012 581,497 49,006 128,077 3,000 22,224 12,439 558,712 7,014 84,251 3,689 293,004 5,600  12,439 21,763 59 13,466 5,600  6,264,275 $ 6,264,275 $ 3,197,791 $ 734,720 $ 3,932,511  -  47    :  - 0 0  THIS PAGE NTENTIONALLY LEFT BLANK  - :  - o :    0 0  I  COMPLIANCE SECTION  I-  0 o  I  0 D D D    MAULDIN A JENKINS CPAS & ADVISORS  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  Tot the Honorable Mayor and City Council City of Bloomingdale, Georgia Bloomingdale, Georgia  We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Govemment 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 Bloomingdale, Georgia (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 July 17, 2023.  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 A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements, on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than ar material weakness, yet important enough to Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit, we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were  on the effectiveness of the City'si internal control.  merit attention byt those charged with governance.  noti identified.  6600. ABERCORN: STREET, SUITE2 200-SAVANNAH, GEORGIA3 31404. 912-232-0475* www. mjcpa. .com MEMBERS OF THE. AMERICAN. INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS    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.  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 City's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government: Auditing Standards inc considering the entity's internal control and compliance. Accordingly, this communication is not suitable for any  other purpose.  MIR-RKE  Savannah, Georgia July 17, 2023  49    0  CITY OF BLOOMINGDALE, GEORGIA SCHEDULE OF FINDINGS AND RESPONSES FOR THE FISCAL YEAR ENDED JUNE 30, 2022  a 0 0  SECTIONI  SUMMARY OF AUDIT RESULTS  Financial Statements  Type of report the auditor issued on whether thet financial statements audited were prepared in accordance with GAAP.  Unmodified  Internal control over financial reporting: Material weaknesses identified? Significant deficiencies identified not considered to be material weaknesses? Noncompliance material tot financial statements noted?  Yes X None Reported Yes XNo Yes XNo  Federal Awards being less than $750,000.  There was not an audit of major federal award programs as of June 30, 2022, due to the total amount expended  SECTION II  FINANCIAL STATEMENT FINDINGS  None reported.  SECTION III  FEDERAL AWARDS FINDINGS AND QUESTIONED COSTS  Not applicable.  50    -  CITY OF BLOOMINGDALE, GEORGIA SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 STATUS OF PRIOR YEAR AUDIT FINDINGS  2021-001 - General Accounting Matters - SPLOST Fund  Criteria: Generally accepted accounting principles require appropriate balances to be recognized in the accounting period in which they become both measurable and available. Further, a fundamental principle in accounting and financial reporting is the notion of timely recognition and recording of financial and non-financial transactions and Condition: The SPLOST fund cash, receivables, unavailable revenue, and revenue balances were. understated in  activities.  the amount of $59,601. Status: Resolved.  51    0 0 o 0 0 o 0 e o 0 0 0 o 0 D 0 - D D  THIS PAGE INTENTIONALLY LEFT BLANK