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POPULAR ANNUAL FINANCIAL REPORT CITY OF SUFFOLK, VIRGINIA FOR THE FISCAL YEAR ENDING JUNE 30, 2017


TO THE CITIZENS OF SUFFOLK Unlike the CAFR, the PAFR is not an audited document and it does not include details by fund nor does it include the other disclosures required by GAAP. The PAFR is not required to present the same level of detail as the CAFR and, therefore, does not fully conform to GAAP. This report, in a summarized version, highlights the overall financial condition and trends of the City. For more in-depth information, you may obtain a copy of the CAFR on the City’s website at www.suffolkva.us or by contacting the Finance Department at (757) 514-7500.

IN THIS REPORT The 2017 Popular Annual Financial Report (PAFR) is a report for our citizens. It provides you and other interested parties with an overview of the City’s financial results. This report is prepared to increase awareness throughout the community of the City’s financial operations; therefore, it is written in a userfriendly manner. The information is derived from the audited financial statements in the City’s 2017 Comprehensive Annual Financial Report (CAFR), our formal annual report. To conform with accounting principles generally accepted in the United States of America (GAAP), the CAFR must include the City’s component units and the presentation of individual funds in much more detail, as well as full disclosure of all material events, financial and non-financial. The 2017 CAFR was audited by Cherry Bekaert LLP and has received an unmodified or “clean” audit opinion.

MAYOR’S MESSAGE 2 CITY LEADERSHIP 3 ABOUT OUR CITY 4 SUFFOLK PRIORITIES:

Expanded Economic Development / Public Education 5 Growth Management & Comprehensive Planning/ Transportation 6 Leisure, Health, and Wellness / Public Safety 7 Civic Engagement and Responsive City Services 7 Financial Stability 8

WHERE THE MONEY COMES FROM 9 WHERE THE MONEY GOES 10 THE CITY’S NET POSITION 11 THE CITY’S ASSETS 12 THE CITY’S DEBT ADMINISTRATION 13 MORE INFORMATION 14

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MAYOR’S MESSAGE CONTINUAL IMPROVEMENT IS THE ORDER OF THE DAY On behalf of the Suffolk City Council, it is my pleasure to present the 2017 Popular Annual Financial Report to our citizens. Our “Progress Report for 2017” showcases another banner year for Suffolk as the City continues to strive towards excellence. We have continued our constant, focused effort to steer the City of Suffolk with perpetual forward momentum. We imbue our growth with a warmth and personality that few cities with our population can match. The secret of change is not on fighting the old, but on building the new. In that onward march, we have made sure that our financial house is in order. I am thrilled that our City has reaffirmed its triple AAA credit rating from Fitch Ratings. The ratings agency commented positively on the City’s financial results, management team, economic development team and financial staff. The bonds were issued to finance various public improvement projects, and to refund certain general obligation debt that was previously issued by the City. Complementing this sale is the aggressive pursuit of grants by all City Departments. City staff has managed to obtain millions from various agencies over the past year to fund important projects such as upgrades at the Suffolk Executive Airport, crime prevention activities, a summer feeding program for our youngest citizens, and many more. This focus on finding innovative ways to advance the City that has rewarded Suffolk with new investment from businesses deciding to relocate or expand. Along with our low unemployment rate, it’s evident that our formula is working. Small and large businesses alike are recognizing Suffolk as the premier place to do business in Hampton Roads.

In recognizing the needs of the future generation of Suffolk, we are committed to Suffolk Public Schools. We’ve broken ground on both new elementary and middle schools. The $31.7 million northern middle school will serve a minimum of 800 students with the potential to expand, while the $28.5 million northern elementary school will provide space for 1,000 students. Both are on schedule to open in the fall of 2018. More students, more housing, and more businesses all equal an increased need to fund our public safety employees. We are committed to ensuring that our police and fire personnel have the necessary tools, equipment, and technology to keep our City safe. Nowhere is our community’s commitment to our public safety professionals more evident than in our annual National Night Out celebration. Suffolk was awarded a second-place national honor in 2017, marking the 12th straight year the City of Suffolk has placed in the top 5 in the nation. Communities across Suffolk came out in force to highlight a commitment to keeping Suffolk’s age-old tradition of neighbors looking out for neighbors. It’s evident that old-fashioned values still live on in the hearts of our citizens. We are striving to provide opportunities for all to enjoy the resources this fine City has to offer. The completion of the award-winning Seaboard Coastline Trail allows residents to pedal into Chesapeake and back surrounded by wildlife. But pavement is not the only place to explore – our vast waterways demanded the opening of canoe and kayak launches at Sleepy Hole Park and at Constant’s Wharf Park & Marina. These environmental sports facilities have joined Bennett’s Creek Park as part of the Captain John Smith Chesapeake National Historic Trail, highlighting waterways he first explored more than four-hundred years ago. Suffolk is thriving, and opportunities abound for all to enjoy! We are in the enviable position of having to strategize for smart growth in relation to the economy, transportation, education, and a host of other areas. It’s clear that innovation is what fuels the future of Suffolk. Each New Year presents another 12 months to strive for new heights. We hope you join us in looking towards a 2018 where anything is possible in this great City! ~Mayor Linda T. Johnson

With all this positive growth comes the need for expanded housing opportunities. We have a multitude of options available, from affordable single-family housing, to luxury apartments, condominiums, eclectic downtown living, rural farmettes or retirement cottages. Sprinkled in the mix are historic homes, new and established neighborhoods, and the finest in “country living”. PAGE 2


CITY LEADERSHIP The City of Suffolk is governed by a Mayor and seven City Council members who are elected by borough. Appointed by the Council, the City employs a full-time City Manager to oversee the operations.

2016-2017 CITY COUNCIL

PATRICK ROBERTS, CITY MANAGER

The Suffolk City Council recently adopted a new vision for the City which sets the course for Suffolk over the next 20 years. Vision 2035 is as follows: Suffolk is a vibrant and fiscally strong community leading the region in advancements in education, comprehensive transportation, public safety and diverse economic growth while continuing to preserve its rural heritage and enhancing its neighborhoods and urban centers. Throughout 430 square miles of rich land and pristine waterways, citizens and tourists treasure the beautiful trails, rivers and open spaces. Residents, visitors and merchants delight in the revitalized downtown featuring cultural, educational and recreational opportunities. Diverse shopping, businesses and entertainment venues abound. A sense of harmony and pride permeates this rare community, where crime is low; where schools are cutting edge; where people and goods move safely and efficiently throughout the City; and where citizens receive valuable services and have opportunities to be engaged. Suffolk is the desired destination of the Hampton Roads Region. The City will achieve this by focusing on the following priorities, each of which will be highlighted within this report: • • • • • • • •

Expanded Economic Development Public Education Leisure, Health, and Wellness Transportation Public Safety Financial Stability Growth Management and Comprehensive Planning Civic Engagement and Responsive Citizen Services

If you have questions about this report, or need additional financial information, please contact the Finance Department of the City of Suffolk by email, FinanceEmail@suffolkva.us, by phone at 757-514-7500, or by mail at Finance Department, City of Suffolk, P.O. Box 1858, Suffolk, VA 23439-1858. PAGE 3


ABOUT OUR CITY The present City of Suffolk was formed January 1, 1974, from the consolidation of the City of Suffolk and the City of Nansemond (formerly Nansemond County). The City is Virginia’s largest city in land area and one of the top fifteen largest cities in land area in the nation with over 400 square miles of land mass and 30 square miles of waterways. The diverse landscape includes a mix of rural, suburban and urban development areas. The City is situated in the western portion of Hampton Roads, Virginia’s coastal plain area, and is bound by the James River to the north, the Cities of Chesapeake and Portsmouth to the east, the State of North Carolina to the south, and the Counties of Southampton and Isle of Wight to the west. The City of Suffolk is one of seven major cities that form the Norfolk-Virginia Beach-Newport News metropolitan area with 1.6 million people. This region is also known as the Hampton Roads area. The City’s government is organized under the Council-Manager form of government. The governing body, the City Council, is composed of seven members and a Mayor who collectively develop policies for the administration of the City. The Mayor is elected at large and each Council Member is elected by borough in a citywide election every other year, with terms of office being four years. The City Council appoints a City Manager to act as administrative head of the City. The City Manager serves at the pleasure of City Council and carries out the City Council’s policies and directs business procedures. The City Manager also appoints the Directors of all Departments. As a full service City, Suffolk provides a broad range of municipal services authorized by statute or charter. These services include education, public safety, highways and streets, parks and recreation, sanitation, health and social services, public improvements, planning and zoning, public utilities, storm water management and general administrative.

SUFFOLK’S PROFILE - FISCAL YEAR 2017 QUICK FACTS Consolidated as City of Suffolk and City of Nansemond (formerly Nansemond County)

January 1, 1974

GEOGRAPHY Land

400 square miles

Water

30 square miles

GOVERNMENT Form of Government Chief Elected Official 8-Member City Council Full Time Equivalent City Employees

Council-Manager Mayor 4-Year Terms 1333

DEMOGRAPHICS* Population Unemployment Rate

91,722 4.1%

Per Capita Income*

$47,533

Median Household Income*

$65,499

Median Home Cost

$260,000

*Sources: Weldon Cooper Center for Public Service, Virginia Employment Commission, Bureau of Economic Analysis, U.S. Census Bureau. PAGE 4


SUFFOLK PRIORITIES EXPANDED ECONOMIC DEVELOPMENT Suffolk is the fastest growing City in Hampton Roads and is well positioned for continued growth and prosperity. With a diversified and skilled workforce, proximity to the Port of Virginia, available land for development, efficient transportation access, high quality of life, a regard for its historic past and a dynamic vision for the future, Suffolk continues to attract new business and investment, create jobs, and provide an invigorating economic climate for expansion. Noted nationally for job creation and as one of the most livable Cities, Suffolk continues to capitalize on its assets in a top-ranked business-friendly state, and was a top pick for business development in 2016.

NEW AND EXPANDING BUSINESS HIGHLIGHTS JANUARY 1 – DECEMBER 31, 2016 NEW BUSINESS SECTOR

INVESTMENT

Decoy’s Retail $ Lidl Retail $ Shops at Centerbrooke Village Retail Speculative $ First Team Kia Advanced Manufacturing $ Planet Fitness Retail $

8,000,000 5,400,000 3,300,000 3,000,000 2,200,000

EXPANDING BUSINESS SECTOR INVESTMENT

Sentara Healthcare Medical $11,800,000 CHKD Health Center Medical $ 4,600,000 Suffolk Family YMCA Retail $ 3,200,000 Birdsong Peanuts Food & Beverage Processing $ 2,800,000 UPS Warehousing & Distribution $ 1,000,000

Median Household Income (MHI) has grown in the City by 63% from 2000 to 2017. The City of Suffolk now has the third highest MHI in the region, which is also higher than both the state and national MHI. New and existing businesses have invested $100 million in creating or expanding business in Suffolk.

THE ECONOMY OF SUFFOLK IS CONTINUING TO GROW AS EVIDENCED BY THE FOLLOWING TRENDS:

9TH BEST COMMUNITY ON BEST PLACES TO LIVE TOP 25 LIST OF “WHERE THE JOBS ARE” – CNN MONEY MAGAZINE – 2012 ECONOMIC DEVELOPMENT EFFORTS BROUGHT 847 NEW JOBS TO SUFFOLK.

Unemployment is 4.1%, down from 4.7% in the previous year.

Median Home sales price is $260,000, up 5% from last year.

Median Household Income is $65,499.

PUBLIC EDUCATION The City Council and City Management place a high priority on education in the City; over the next five years, approximately $47 million has been appropriated or planned for in the Capital Improvements Plan for renovations and new schools as well as to provide for HVAC improvements and a new operations facility. PAGE 5


SUFFOLK PRIORITIES GROWTH MANAGEMENT AND COMPREHENSIVE PLANNING

Suffolk features many development types and character types, from dense, walkable urban neighborhoods, to riverside communities, and rural villages. The plan emphasizes enhancing existing character and promoting quality new development. Suffolk continues to see population growth with a 12% increase since 2007. Over the past 17 years, the population in Suffolk has grown by 40%. This population trend is projected to continue over the foreseeable future. By 2045, we expect to see an increase in population by 47%.

Through the proficient management of residential and commercial development, the City continues to offer families and businesses plenty of room to live, work and play. Suffolk features many unique neighborhoods, beautiful natural landscapes, and small-town charm. The City faces the challenge of maintaining these and other valued assets while experiencing sustained growth. This desire to accommodate growth while preserving Suffolk’s special features has prompted the City to address service provisions, connectivity, environmental protection, and the quality of life and traditions as the City continues to grow and develop. 1,101 New Residential Building Permits were issued in calendar year 2017.

TRANSPORTATION The residential growth and change in Suffolk require the City to be proactive in planning for its future to ensure efficient and effective delivery of services and a high quality of life for its citizens. The transportation network plays a key role in accommodating growth within Suffolk and providing connections throughout the region. The 2015 Comprehensive Plan addresses areas of limited connectivity within the City, as well as issues such as congestion, heavy freight traffic, emergency preparedness, and promoting mobility and alternate forms of transportation.

FISCAL YEAR 2017 ACCOMPLISHMENTS •

Increased transit ridership by 11% in calendar year 2017.

Implemented an intelligent transportation system to enable riders access to bus location and arrival times and to allow transit management useful analysis and reporting tools.

Public Works Operations and Maintenance Facility completed.

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SUFFOLK PRIORITIES LEISURE, HEALTH & WELLNESS

CIVIC ENGAGEMENT & RESPONSIVE CITY SERVICES

NerdWallet named Suffolk one the Best City for Veterans in the Nation as a result of its strong economic indicators and robust veteran community.

Suffolk was selected as one the list of Best Cities for Young Families in Virginia by NerdWallet, a personal finance site for consumers. Among factors considered were home affordability, prosperity and growth, quality of education, and family friendliness.

The Suffolk Public Library won Outstanding Cooperative Program for their coding program with Suffolk Public Schools and Outstanding Adult Program for the Amazing Peanut Chase Scavenger Hunt from the Virginia Public Library Directors Association.

Continued implementation of the Libraries Transforming Communities initiative by hosting the Community Conversations series in different areas of the City with a diverse audience.

Trained 17 new volunteers for a total of 73 trained volunteers engaged in a variety of activities including adoption events, animal foster care, and staff assistance at the animal shelter.

Coordinated the 2017 National Night Out celebration, resulting in the City of Suffolk receiving second in the nation (for towns between 50,000 and 100,000 people) honors from the National Association of Town Watch.

COMPLETED AND UPCOMING CAPITAL PROJECTS: • • • • •

Bennett’s Creek Recreation Center Holland Road Widening New Northern Elementary School New Northern Middle School Airport Parallel Taxiway

CITIZEN REPORTING •

Received the Award for Outstanding Achievement in Popular Annual Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA).

The Association of Government Accountants (AGA) awarded a Certificate of Excellence in Citizen-Centric Reporting to the City of Suffolk, Virginia for its report to our citizens for the FY 2016 Citizen-Centric Report. Suffolk has received this award for the fifth year in a row.

PUBLIC SAFETY •

The Suffolk Fire & Rescue Department debuted their Citizens’ Fire & Rescue Academy in the Fall of 2017. The academy offered attendees the opportunity to participate in an educational and stimulating experience where they could learn firsthand about the inner workings and operations of the Suffolk Fire & Rescue Department.

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SUFFOLK PRIORITIES THE CITY IS COMMITTED TO BEING RESPONSIBLE STEWARDS OF OUR TAXPAYER DOLLARS AND WILL CONTINUE TO ADDRESS THE STRATEGIC NEEDS AND PRIORITIES OF THE CITY THROUGH THE IMPLEMENTATION OF COST REDUCTION STRATEGIES.

FINANCIAL STABILITY

Financial policies are vital in maintaining consistency and focus. A good measure of the City’s ability to cope with unexpected financial challenges or emergencies is the ratio of unassigned General Fund balance as a percentage of the budgeted governmental funds expenditures. The target for this ratio is 12%. As of June 30, 2017 the fund balance ratio exceeded the target.

OTHER ACCOMPLISHMENTS • • •

Received an unmodified audit opinion for the FY 2017 audit. Achieved a current 3-year combined real estate and personal property tax collection rate of 99.5%. In 2016, Suffolk ranked 2nd in the State by Smart Asset, a website specializing in investment and finance, for incoming investment into our City.

FINANCIAL REPORTING AWARDS

Comprehensive Annual Financial Report •

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Suffolk, Virginia for its comprehensive annual financial report for the fiscal year ended June 30, 2016, representing the thirty-third consecutive year that the City has received this award. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports. In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. Such reports must satisfy both accounting principles generally accepted in the United States of America and applicable legal requirements.

Annual Budget •

The Government Finance Officers Association of the United States and Canada (GFOA) presented a Distinguished Budget Presentation Award to the City of Suffolk, Virginia for its annual budget for the fiscal year beginning July 1, 2016. In order to receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan, and as a communications device. This is the ninth consecutive year for this recognition as it is valid for a one year period. PAGE 8


WHERE THE MONEY COMES FROM When assessing the financial results of the City, it is important that we focus on the City’s General Fund. This page and the next report General Fund financial data only. The General Fund is the general operating fund of the City and supports the regular day-to-day operations of the City. It is used to account for all revenues and expenditures of the City, except those required to be accounted for in another fund such as Capital Projects, Grants and Debt Service Funds, and Utility, Refuse, and Stormwater Activities.

IN TOTAL, 2017 REVENUE INCREASED BY ALMOST $7.8 MILLION WHEN COMPARED TO 2016. Like all governments, the City must raise funds to pay for the services that it provides to its citizens and businesses. These sources of funds, referred to as revenue, are raised through grants, charges and taxes.

GENERAL FUND REVENUE BY SOURCE (IN MILLIONS)

Revenue from Use of Money & Property $1.2 - 1% Fines & Forfeitures $0.7 - 0% Permits, Fees & Regulatory Licenses $1.3 - 1%

Charges for Services Miscellaneous $3.4 - 2% $1.7 - 1%

State Revenue $21.3 - 11% Federal Revenue $5.5 - 3% Transfers In $2.5 - 1%

Other Local Taxes $43.2 - 21% Real Estate & Personal Property Taxes $121.7 - 60%

Source: Comprehensive Annual Financial Reports 2008 - 2017

The chart above indicates the growth in the General Property Tax revenue over the past ten years. The increase in the real estate and personal property taxes is due to increase in the overall assessed value of both personal property and real estate. THE CITY OF SUFFOLK HAS A VARIETY OF SOURCES OF REVENUES TO FUND OPERATIONS. THE LARGEST GENERAL FUND REVENUE SOURCES ARE REAL ESTATE AND PERSONAL PROPERTY TAXES, FOLLOWED BY OTHER LOCAL TAXES AND STATE REVENUE. PAGE 9


WHERE THE MONEY GOES Once the City collects taxes and other revenues, the monies must be spent efficiently to provide services to the citizens and businesses of the City. As this section will further detail, the City provides a variety of services to its residents and businesses.

GENERAL FUND EXPENDITURE BY FUNCTION (IN MILLIONS) FYE Public Safety, $56.4 - 33.4% Judicial Administration, $8.0- 4.7%

General Government Administration, $15.6 - 9.2%

Public Works, $0.9 - 0.5%

Health and Welfare, $13.3 - 7.9%

Nondepartmental, $0.3 - 0.2% Community Development, $9.1 -5.4% Parks, Recreation and Cultural, $10.4 - 6.2%

Education, $54.9 - 32.5%

The City is committed to ensuring the highest level of safety for its citizens and has expended $56.4 million towards public safety efforts in FY17, which represents an increase of $6.4 million over FY16 expenditures.

EDUCATION IS A TOP PRIORITY FOR THE CITY AS EVIDENCED BY THE FACT THAT IT IS THE LARGEST BUDGETED GENERAL FUND EXPENDITURE IN FY17 AND INCREASED BY $1.5 MILLION OVER FY16 EXPENDITURES. THE REAL ESTATE TAX RATE OF $1.07 PER $100 OF ASSESSED VALUE IS THE 3RD LOWEST IN THE REGION.

Annually, the City Manager submits a Budget for City Council’s adoption. The proposed budget must not include expenditures that exceed anticipated revenues and anticipated income. The budget process is approached with a focus on maintaining core services critical to residents, while simultaneously identifying sustainable savings that strengthen the City’s ability to deliver services more efficiently and effectively.

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NET POSITION The Statement of Net Position presents information on all City assets and deferred outflows of resources, and liabilities and deferred inflows of resources, with the difference reported as net position. This data is inclusive of all the activities of the City but does not include City component units. Net position is one way to measure the City’s financial health, or financial position.

NET POSITION (IN MILLIONS)

The City has a solid financial position with 18.5% of net position, or $99.8 million, as unrestricted. The unrestricted portion of net position is available to allow the City to provide services to citizens. Net investment in capital assets (land, buildings, infrastructure, improvements, machinery and equipment, less accumulated depreciation and related outstanding debt used to acquire those assets) of $427.5 million comprises 79.3% of the net position. These assets are not available for future spending because they are assets used to provide services to citizens.

THE CITY’S COMBINED NET POSITION (WHICH IS THE CITY’S “BOTTOM LINE”) INCREASED BY $21.5 MILLION IN FISCAL YEAR 2017, OF WHICH APPROXIMATELY 1.3% REPRESENTS RESOURCES THAT ARE SUBJECT TO EXTERNAL RESTRICTIONS OR ENABLING LEGISLATION.

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CAPITAL ASSETS THE CITY’S CAPITAL ASSETS FOR ITS GOVERNMENTAL AND BUSINESS-TYPE ACTIVITIES AS OF JUNE 30, 2017, TOTALED $1,001.2 MILLION, NET OF ACCUMULATED DEPRECIATION. THIS INVESTMENT IN CAPITAL ASSETS INCLUDES LAND, BUILDINGS, IMPROVEMENTS OTHER THAN BUILDINGS, INFRASTRUCTURE, MACHINERY AND EQUIPMENT AND CONSTRUCTION IN PROGRESS.

CAPITAL ASSETS (NET OF DEPRECIATION IN MILLIONS)

Capital Assets Machinery and equipment 10%

Intangibles 1.4%

Land 3%

Construction in progress 10% Buildings 17%

Improvements other than buildings 31%

Infrastructure 27%

ASSETS ARE INCREASING DUE TO THE CITY’S COMMITMENT TO MAINTAINING AND ADDING TO THE INFRASTRUCTURE OF THE CITY THROUGH THE CAPITAL IMPROVEMENT PLAN. SOME OF THE IMPROVEMENTS CONTAINED IN THE CITY’S ADOPTED TEN YEAR CAPITAL IMPROVEMENT PLAN ARE AS FOLLOWS: • BENNETT’S CREEK RECREATION CENTER • HOLLAND ROAD WIDENING • NEW NORTHERN ELEMENTARY SCHOOL • NEW NORTHERN MIDDLE SCHOOL • AIRPORT PARALLEL TAXIWAY

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DEBT ADMINISTRATION N:\Finance\Audit FY2017\CAFR\Tables and Charts FY2017 CAFR.xlsx

(MDA LT Debt Tab) LONG-TERM DEBT: AT THE END OF THE CURRENT FISCAL YEAR, THE CITY HAD TOTAL OUTSTANDING DEBT OF $678.9 MILLION, INCLUDING GENERAL GOVERNMENT, SCHOOL CONSTRUCTION AND UTILITY FUND DEBT.

OUTSTANDING DEBT (IN MILLIONS)

OutstandingDebt Debt(in (inmillions) millions) Outstanding

Governmental Activities Bonds payable

2017 252.6

$

2016 239.3

Total

Business-type Activities $

2017 365.0

$

2016 347.8

$

2017 617.6

$

2016 587.1

23.5

20.7

28.7

23.4

52.2

44.1

Capital leases

6.2

9.2

1.0

1.2

7.2

10.4

Loans and notes payable

1.9

2.1

-

1.9

2.1

Bond Premiums

Total

284.2

$

271.3

$

394.7

$

372.4

$

678.9

$

643.7

The Commonwealth of Virginia limits the amount of general obligation debt outstanding to 10% of the locality’s assessed value of real property, which is $927.2 million for 2017. The City Charter further limits this general obligation limit to 7% of the City’s assessed value of real property or $649.0 million. Of the debt shown above, only $412.1 million is general obligation debt that is applicable to the legal debt limits. The City has met both of the legal debt limits. Achieving these limits represents the City’s conservative debt borrowing policy.

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MORE INFORMATION The Government Finance Officers Association (GFOA) has been promoting the preparation of high quality popular annual financial reports since 1991. More than 140 governments participate in the program each year. The Popular Annual Financial Reporting Awards Program is specifically designed to encourage state and local governments to prepare and issue a high quality popular annual financial report. Popular annual financial reports can play an important role in making financial information accessible to ordinary citizens and other interested parties who may be challenged by more detailed traditional financial reports. Additional details can be found at the GFAO website: www.gfoa.org.

WE WANT TO HEAR FROM YOU

DO YOU LIKE THIS REPORT? WHAT OTHER INFORMATION WOULD YOU LIKE TO SEE CONTAINED IN THIS REPORT? PLEASE LET US KNOW BY CONTACTING THE FINANCE DEPARTMENT AT FINANCEEMAIL@SUFFOLKVA.US OR 757-514-7500. PLEASE SEE THE CITY’S WEBSITE AT WWW. SUFFOLKVA.US FOR ADDITIONAL INFORMATION, INCLUDING THE CITY’S COMPREHENSIVE ANNUAL FINANCIAL REPORT AND THE CITY PROFILE AND STATISTICAL DIGEST.

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CITY OF SUFFOLK

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Popular Annual Financial Report FY 2017  

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