MANAGEMENT’S DISCUSSION AND ANALYSIS

General Fund Budgeting Highlights

• The City’s budget is prepared according to Georgia law. The most significant budget fund is the General Fund.

• For the General Fund, the actual revenues of $18,107,901 were less than the final budgeted amount of $18,166,535 by $58,634

• The actual expenditures of $16,395,227 were less than the final budgeted amount of $17,819,741 by $1,159,825. This difference was primarily due to less principal payments than expected during the current year.

• The original budget had to be increased by $856,421 due to the change in revenues. Sales taxes were originally budgeted as $3,900,000 with actual revenues of $4,107,376 for a total increase of $207,376; intergovernmental revenues were originally budgeted as $546,588 with actual revenues of $2,080,454 for an increase of $1,533,866; and fines and forfeitures were originally budgeted as $1,115,000 with actual revenues of $728,601 for a decrease of $386,399.

Capital Assets and Debt Administration

At the end of FY 2020, the City had $124,018,383 invested in capital assets, which is an increase over fiscal year 2019 of $15,214,436 Table 5 shows fiscal years 2020 and 2019 balances of the Capital Assets, Net of Accumulated Depreciation as presented in Note 7.