gefa 2015 cafr

GEORGIA ENVIRONMENTAL FINANCE AUTHORITYA COMPONENT UNIT OF THE STATE OF GEORGIA

COMPREHENSIVE ANNUAL

FINANCIAL REPORTFISCAL YEAR ENDED JUNE 30, 2015

Prepared by:Fiscal Services Division

Kevin ClarkExecutive Director

GEORGIA ENVIRONMENTAL FINANCE AUTHORITY(A Component Unit of the State of Georgia)

COMPREHENSIVE ANNUAL FINANCIAL REPORTFiscal Year Ended June 30, 2015

TABLE OF CONTENTSINTRODUCTORY SECTION

Letter of Transmittal - Chief Financial Officer & Director, Fiscal Services Division . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IGFOA Certificate of Achievement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IIOrganization Chart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . VList of Principal Officials and Authority Staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . VI

FINANCIAL SECTIONIndependent Auditors’ Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Management’s Discussion and Analysis - Required Supplementary Information (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Basic Financial Statements : Government-wide Financial Statements: Statement of Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Statement of Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Fund Financial Statements : Combined Balance Sheet - Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds . . . . . . . . . . . 20 Reconciliation of the Statement of Revenues, Expenditures , and Changes in Fund Balances of Governmental Funds to the Statement of Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Statement of Net Position - Enterprise Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Statement of Revenues, Expenses, and Changes in Net Position - Enterprise Funds . . . . . . . . . . . . . . . . . . . 23 Statement of Cash Flows - Enterprise Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Notes to Basic Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

REQUIRED SUPPLEMENTARY INFORMATIONPension Plan Information: Schedule of Authority’s Proportionate Share of the Net Pension Liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 Schedule of Authority’s Contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 Notes to Required Supplementary Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

SUPPLEMENTAL SECTIONSupplemental Section: Nonmajor Governmental Funds - Special Revenue Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 Combining Balance Sheet - Nonmajor Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59


COMPREHENSIVE ANNUAL FINANCIAL REPORTFiscal Year Ended June 30, 2015

TABLE OF CONTENTS (continued)

Nonmajor Enterprise Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 Combining Statement of Net Position - Nonmajor Enterprise Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 Combining Statement of Revenues, Expenses, and Change in Net Position - Nonmajor Enterprise Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 Combining Statement of Cash Flows - Nonmajor Enterprise Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

STATISTICAL SECTION

Statistical Section Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65Government-wide Net Position by Category - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66Government-wide Expenses, Program Revenues, and Net (Expense)/Revenue by Function/Program - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67-68Government-wide General Revenues and Other Changes in Net Position - Last Ten Fiscal Years . . . . . . . . . . . . . . 69Fund Balances, Governmental Funds - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70Changes in Fund Balances, Governmental Funds - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71Government-wide Program Revenues by Category - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72Annual Loan Program Interest Rate History - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73Principal Loans Receivable Payers Fiscal Year 2015 and Nine Years Prior (2006) . . . . . . . . . . . . . . . . . . . . . . . . . . 74Interest Revenue by Fund - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75Schedule of Revenue Bond Coverage - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76Loan Demand by Program - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77Full-time Equivalent State Authority Employees by Identifiable Activity - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 78Operating Indicators by Function - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79Capital Asset Statistics by Function - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80

SINGLE AUDIT SECTIONSchedule of Expenditures of Federal Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81Notes to Schedule of Expenditures of Federal Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82Report 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 . . . . 83Report on Compliance with Requirements to Each Major Program and on Internal Control Over Compliance in Accordance with OMB Circular A-133 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85Schedule of Findings and Questioned Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87

Introductory SectionIntroductory Section

Nathan Deal Governor GEORGIA ENVIRONMENTAL FINANCE AUTHORITY

Kevin Clark Executive Director

233 PEACHTREE STREET, NE • HARRIS TOWER, SUITE 900 • ATLANTA, GEORGIA 30303-1506 • 404-584-1000 • FAX 404-584-1069 www.gefa.org

September 29, 2015

Honorable Members of the Georgia Environmental Finance Authority Board Interested Readers of this Report Atlanta, GA 30303-1506

Ladies and Gentlemen:

It is with great pleasure that the Georgia Environmental Finance Authority (the “Authority”) presents the Comprehensive Annual Financial Report (the “CAFR”) for the fiscal year (FY) ended June 30, 2015 . The report consists of management’s representations concerning the finances of the Authority .

Responsibility for the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the management of the Authority . Management has established internal controls to ensure that the Authority fulfills its responsibility as custodian of public funds . The purpose of internal controls is to provide reasonable, but not absolute, assurance that Authority assets are safeguarded against loss through unauthorized use or disposition . The concept of reasonable assurance recognizes that the cost of controls should not exceed the benefits likely to be derived and the valuation of costs and benefits requires estimates and judgements by management .

Mauldin and Jenkins, Certified Public Accountants LLC have audited the Authority’s financial statements for the year . The goal of an independent audit is to provide reasonable assurance the financial statements of the Authority are free of material misstatement . The independent auditors concluded, based upon the audit, that there was a reasonable basis for issuing an unmodified (“clean”) opinion on the Authority’s financial statements for the fiscal year ended June 30, 2015 . The independent auditor’s report is presented as the first component of the financial section of this report .

The independent audit of the financial statements of the Authority was part of a broader, federally mandated “Single Audit” designed to meet the special needs of federal grantor agencies . The standards governing Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements, but also on the audited government’s internal controls and compliance with legal requirements, with special emphasis on internal controls and legal requirements involving the administration of federal awards . These reports are available in the Single Audit section of the Comprehensive Annual Financial Report for the Georgia Environmental Finance Authority .

GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A) . The MD&A contains a narrative overview and analysis of the financial activities of the Authority . The Georgia Environmental Finance Authority’s MD&A can be found immediately following the independent auditors’ report . This transmittal letter, which is designed to assist users in assessing the government’s financial condition, should complement the MD&A and should be read from that perspective and in conjunction with all other sections of the Authority’s CAFR .

September 18, 2015September 29, 2015

GEORGIA ENVIRONMENTAL FINANCE AUTHORITY 2015 COMPREHENSIVE ANNUAL FINANCIAL REPORT I

PROFILE OF THE AUTHORITY

In 1983, the Governor and the Georgia General Assembly, acting on the 1982 recommendations of the Environmental Facilities Study Commission, created the Environmental Facilities Program and placed it in an existing agency called the Georgia Development Authority . The findings of the study commission identified the widening gap between local environmental infrastructure needs and the financial resources to pay for them . The Georgia General Assembly created the Georgia Environmental Facilities Authority in 1986 and transferred all of the environmental facilities program assets and functions from the Georgia Development Authority to the Georgia Environmental Facilities Authority . In FY 2010, the Georgia General Assembly renamed the Georgia Environmental Facilities Authority to the Georgia Environmental Finance Authority .

The Authority is a public corporation and an instrumentality of Georgia state government . There is an eleven-member board, eight appointed by the Governor and three who serve ex-officio . Three of the eight appointees are municipal officials, three are county officials and two are appointed from the state at large . The three ex-officio members are the Commissioner of the Georgia Department of Economic Development, the Commissioner of the Georgia Department of Community Affairs and the State Auditor .

The Authority is organized under the Official Code of Georgia Annotated (the “OCGA”), Title 50, Chapter 23 ("The Georgia Environmental Finance Authority Act") . The Authority's stated purpose is "to assist local governments in constructing, extending, rehabilitating, repairing and renewing environmental facilities, and to assist in the financing of such needs by providing grants, loans, bonds and other assistance to local governments" and eligible local authorities . Initially, the Authority was only authorized to make loans for water supply or wastewater treatment and related facilities . In 1989, legislation was passed that allowed the Authority to also make loans to fund solid waste management facilities .

In 2010, legislation was passed to allow the Authority to create a subsidiary organization for the purposes of carrying out certain powers of the Authority . As a result of this change, the Authority created the Georgia Environmental Loan Acquisition Corporation (the “Corporation”), a nonprofit organization, to purchase tax-exempt loans from the Authority through a loan securitization transaction . Proceeds from the sale, in conjunction with cash reserves, were used to remit funds back to the state treasury at the voluntary option of the Authority’s board of directors . The Corporation is a component unit of the Authority and is discretely presented within the Authority’s financial statements .

The Authority is comprised of two primary divisions: Water Resources (WRD) and Energy Resources (ERD) . The divisions provide a wide range of services including loans, grants and subsidies to jurisdictions throughout the state for water supply and wastewater improvements, grants for energy conservation and household energy efficiency restorations, services for remediation of underground storage tanks, and grants or loans for conservation of land resources . Administrative divisions of the Authority also exist to support initiatives of these primary divisions .

OUTCOMES AND INITIATIVES

The WRD executed 75 contracts and modifications to existing loans for water, sewer, land conservation and solid waste projects valued at over $194 million during fiscal year 2015 . These loan projects served 63 different communities . It is projected these loan projects will provide financial savings to these communities of approximately $54 million over the life of the loans, typically a 20-year period as well as have an environmental impact on approximately 824 thousand Georgians .

The WRD continues to support projects that assist local governments and authorities and help them to ensure Georgians in their jurisdictions have access to clean and safe drinking water, including helping with large system technical assistance water loss abatement program; an initiative sure to further increase water

II GEORGIA ENVIRONMENTAL FINANCE AUTHORITY 2015 COMPREHENSIVE ANNUAL FINANCIAL REPORT

conservation throughout the state . Based on the 2015 Project Lists for the Clean Water State Revolving Fund and Drinking Water State Revolving Fund, throughout the state project needs totaling over $340 million which have been identified, $89 .1 million for clean water and $250 .9 million for drinking water . Any of the projects on these lists could also be funded from the other resources such as the Georgia Fund .

The ERD is engaged in several initiatives to further conservation across the state . Recently, the EPA released its Clean Power Plan, or the EPA Rule 111d, which requires states to develop methodologies to curb carbon pollution from power plants . In support of these efforts, the ERD is working in conjunction with the Georgia Public Service Commission to review the ruling and determine how energy efficiency can help with compliance .

On the horizon for the ERD will be assisting various state agencies in their efforts to implement the Guaranteed Energy Savings Performance Contracts . Multiyear contracts totaling over $93 .1 million are in the pipeline to be in place at seven different state organizations . Additionally, the ERD is seeking support of a plan to change the state’s legislation in order to allow GEFA to lend to state and local governments for performance contracts .

All of these initiatives are undertaken to promote conservation in energy for state-owned facilities and residential customers . Other initiatives of the ERD include ongoing monitoring and remediation of fuel storage tanks, weatherization of homes for low income residential customers and oversight of the Georgia Energy Challenge program which seeks to encourage reduced energy usage for commercial and residential users .

Both divisions will continue to adapt to the various federal, state and local level changes that influence their core missions . Each will have to look to formulate new ways to secure additional funding to manage its programs as federal, state and local governments react to economic conditions and continual changes in the country’s financial markets .

For additional information regarding activities of the Authority, please see the Statistical Section of this CAFR which provides specific outcomes of many of these program initiatives .

AWARDS AND ACKNOWLEDGEMENTS

Certificate of Achievement for Excellence in Financial Reporting . The Government Finance Officers Association of the United States and Canada (the “GFOA”) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Authority for its CAFR for the fiscal year ended June 30, 2014 . This was the 28th consecutive year the Authority has achieved this prestigious award .

To be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and efficiently organized CAFR . This report must satisfy both generally accepted accounting principles and applicable legal requirements . A Certificate of Achievement is valid for a period of one year . We anticipate this year’s CAFR will also qualify for this distinguished award .

Acknowledgements . This report could not have been prepared without the support and encouragement of the Authority’s management, staff and members of its board . We are very appreciative for their dedication to sound responsible financial operations . Additionally, any financial report is only as good as the accounting and financial records that supply its supporting data . The Authority’s fiscal services division deserves special recognition for their dedication, knowledge, perseverance and attention to detail . Lastly, we would like to give a special thanks to the division directors; the administrative team for its contributions in the preparation of the CAFR and to our independent auditors, Mauldin and Jenkins, Certified Public Accountants LLC, for their expertise, professionalism and dedication to ensure our audit was completed efficiently and timely .

.

Respectfully submitted,

Steven F . Smith

Chief Financial Officer

Jammie Z . Harden, CGFM Director, Fiscal Services Division

Respectfully submitted,

Steven F . Smith

Chief Financial Officer

Jammie Z . Harden, CGFM Director, Fiscal Services Division

GEORGIA ENVIRONMENTAL FINANCE AUTHORITY 2015 COMPREHENSIVE ANNUAL FINANCIAL REPORT III

IV GEORGIA ENVIRONMENTAL FINANCE AUTHORITY 2015 COMPREHENSIVE ANNUAL FINANCIAL REPORT

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GEORGIA ENVIRONMENTAL FINANCE AUTHORITY 2015 COMPREHENSIVE ANNUAL FINANCIAL REPORT V


LIST OF PRINCIPAL OFFICIALS AND KEY AUTHORITY PERSONNELJune 30, 2015

BOARD OF DIRECTORS Boyd Austin Chairman Brittany Pittman Vice Chairman Greg Griffin Secretary (Ex-Officio) Jimmy Andrews City Member Gary McCullough City Member Chris Carr Ex-Officio Member Camilla Knowles Ex-Officio Member Stephen Gray At-Large Member George McIntosh At-Large Member Grady Thompson, Jr . County Member Travis Turner County Member

EXECUTIVE MANAGEMENT Kevin Clark Executive Director Chris Jones Deputy Director Shane Hix Director of Public Affairs Glendale Jones Chief Administrative Officer Steven Smith Chief Financial Officer

CHIEF FINANCIAL STAFF Jammie Harden Director, Fiscal Services Wan Yi Chen Accountant I LaShanna Young Accountant II Valerie Zackery Accountant II Vacant Compliance and Contracts Monitor Shelina Ali Financial Analyst III Jeremy Cormier Financial Analyst I Derek Sands, Jr . Financial Analyst III Gerald Wade Financial Analyst III

VI GEORGIA ENVIRONMENTAL FINANCE AUTHORITY 2015 COMPREHENSIVE ANNUAL FINANCIAL REPORT

Financial SectionFinancial Section

INDEPENDENT AUDITOR'S REPORT The Members of the Georgia Environmental Finance Authority Atlanta, Georgia

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Georgia Environmental Finance Authority (the “Authority”), a component unit of the State of Georgia, as of and for the year ended June 30, 2015, and the related notes to the financial statements, which collectively comprise the Authority’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

200 GALLERIA PARKWAY S.E., SUITE 1700 • ATLANTA, GA 30339-5946 • 770-955-8600 • 800-277-0080 • FAX 770-980-4489 • www.mjcpa.com Members of The American Institute of Certified Public Accountants

GEORGIA ENVIRONMENTAL FINANCE AUTHORITY 2015 COMPREHENSIVE ANNUAL FINANCIAL REPORT 1

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

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, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Georgia Environmental Finance Authority, as of June 30, 2015, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Emphasis of Matter

As discussed in Notes 8 and 12, the Georgia Environmental Finance Authority implemented Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions – an amendment of GASB Statement No. 27, as well as Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date – an amendment of GASB Statement No. 68, as of July 1, 2014. These standards significantly changed the accounting for the Authority’s net pension liability and the related disclosures. Our opinions are not modified with respect to this matter

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis, Schedule of Authority’s Proportionate Share of the Net Pension Liability, and Schedule of Authority’s Contributions on pages 4 through 16, 53 and 54, respectively, be presented to supplement the basic financial statements. Such 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 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 an opinion or provide any assurance.

2 GEORGIA ENVIRONMENTAL FINANCE AUTHORITY 2015 COMPREHENSIVE ANNUAL FINANCIAL REPORT

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Authority’s basic financial statements. The combining non-major fund financial statements; the Schedule of Expenditures of Federal Awards, as required by Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations; and the introductory and statistical sections are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The combining non-major fund financial statements and the Schedule of Expenditures of Federal Awards are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such 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 non-major fund financial statements and the Schedule of Expenditures of Federal Awards are fairly stated, in all material respects, in relation to the basic financial statements as a whole.

The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated September 29, 2015 on our consideration of the Authority’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 to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on 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 Authority’s internal control over financial reporting and compliance.

Atlanta, Georgia September 29, 2015



Management’s Discussion and Analysis

(Unaudited)

The management of the Georgia Environmental Finance Authority (the “Authority”) offers this narrative overviewand analysis of the financial activities of the Authority for the fiscal year (FY) ended June 30, 2015 . This discussion and analysis examines in further detail the Authority’s financial performance as a whole . Readers of this report arealso encouraged to review the financial statements and notes to the financial statements to enhance their understanding of business activities conducted by the Authority .

Key financial highlights for the year ended June 30, 2015 include:

Total assets plus deferred outflows of resources exceeded its liabilities plus deferred inflows of resourcesat the close of the fiscal year by $2 .1 billion (net position) . Of this amount, $2 billion is available to fundongoing loan activity of the Authority, its primary business initiative .

Total long-term liabilities experienced a net decrease of $1,454,463 during the 2015 fiscal year, all withingovernmental activities . The decrease was mostly attributable to the changes in the Authority’sproportionate share of Net Pension Liability .

The Authority’s total net position increased $111 .2 million . The net position in governmental activitiesincreased by $2 .8 million, a significant increase over the prior fiscal year mostly due to an increasetransfers-in to fund activity of governmental funds . The net position of business-type activities increased$108 .4 million, a significant increase over the prior year due to additional contributions from federal andstate authorities .

Total governmental revenues decreased from 2014 to 2015 by $1 .6 million . The decreased revenue isprimarily attributable to a decrease in charges for services, caused by a reduction in closing fee revenueson executed loan agreements and operating grants and contributions to fund certain energy programs .

Charges for services within business-type activities experienced a decrease of $2 .1 million from the prioryear . This net reduction in charges for services is partially attributable to less revenue recognition due tosignificant loan payoffs resulting in reduced principal outstanding during the 2015 year .

The above financial highlights are explained further in the “financial analysis” section of this document .


Management’s Discussion and Analysis (Unaudited)

Financial Highlights




(Unaudited)

This discussion and analysis section is intended to serve as an introduction to the Authority’s basic financial statements . The Authority’s financial statements contain three components: government-wide statements, fund financial statements and notes to the basic financial statements . This report also contains other supplementary information in addition to the basic financial statements themselves .

The Authority’s comprehensive annual financial report includes two government-wide financial statements . Thesestatements are intended to provide a broad overview of both long-term and short-term information about the Authority’s overall financial position . Financial reporting at this level uses a financial perspective similar to that found in the private sector with its basis in accrual accounting and elimination or reclassification of activities between funds .

The first government-wide statement is the Statement of Net Position, which is the government-wide statement that presents information that includes all of the Authority’s assets, deferred outflows or resources, liabilities and deferred inflows of resources, with the difference between these reported as net position . Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Authority, as a whole, is improving or deteriorating . Evaluation of the overall fiscal health of the Authority would extend to other nonfinancial factors such as new or changes in legislation over which the Authority has no direct control, changes in levels of federal or state funding, or a change in management’s programmatic focus, in addition to the financialinformation provided in this report .

The second government-wide statement is the Statement of Activities, which reports how the Authority’s net position changed during the reported fiscal period . All current year’s revenues and expenses are accounted for regardless of when cash is received or paid . Thus, revenues and expenses are reported in this statement that will result in cash flows in future fiscal periods . One important purpose of the statement of activities is to show the financial reliance of the Authority’s distinct activities or functions on the revenues provided by the state of Georgiaand federal grantors, as well as that on the revenue streams from repayment of loans from our ever-growing customer base .

Both government-wide financial statements distinguish governmental activities of the Authority that are principally supported by federal or state appropriated grants from business-type activities that are intended to recover all or a significant portion of their costs through user fees and charges . Governmental activities include general administrative operations of the Authority and those costs incurred for expenditure-driven grant programs, such as those incurred by the Energy Resources Division as well as those costs associated with administering the federalstate revolving loan programs . Business-type activities include all operations of the Authority’s lending programs,as well as activities associated with its fuel storage tank maintenance program . The government-wide financialstatements are presented on pages 17 and 18 of this report .



Overview of the Financial Statements

Government-wide Financial Statements




(Unaudited)

A fund is an accounting unit used to maintain control over resources segregated for specific activities or objectives . The Authority uses funds to ensure and demonstrate compliance with finance-related laws and regulations . Withinthe basic financial statements, fund financial statements focus on the Authority’s most significant funds rather than the Authority as a whole . Major funds are separately reported while all other (nonmajor) funds are combined into a single, aggregated presentation . Individual fund data for nonmajor funds is provided in the form of combining statements in a later section of this report .

All of the funds of the Authority can be divided into two categories: governmental funds and proprietary funds .

Governmental funds are reported in the fund financial statements and include the same functions reported as governmental activities in the government-wide financial statements . However, the focus is different with fund financial statements providing a varied view of the Authority’s governmental funds . These statements report short-term fiscal accountability focusing on the use of the spendable resources . They account for items using the current financial resources measurement focus and the modified accrual basis of accounting which measures cash and all other financial assets that can readily be converted to cash . They are useful in evaluating annual financing requirements of governmental programs and the Authority’s ability to commit spendable resources for near-term expenditures .

Since the government-wide focus includes the long-term view, comparisons between these two outlooks may provide insight into the long-term impact of short-term spending decisions . For this particular reason, reconciliation between the governmental activities (shown in the Statement of Net Position and Statement of Activities) and the governmental funds is provided at the bottom of the fund financial statements .

The Authority maintains ten (10) individual governmental funds . Information is presented separately in thegovernmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the General Fund, Weatherization Assistance Program Fund, Clean Water SRF AdministrationFund, Drinking Water SRF State Program Setasides Fund, Drinking Water SRF Local Assist Setasides Fund and the Drinking Water SRF Administration Fund, which are considered major funds and are presented on pages 19-21 of this report . Data from other governmental funds are combined into a single, aggregated presentation .Individual data for each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report .

Proprietary funds are reported in the fund financial statements and generally report those activities for which the Authority charges its customers a fee for the use of its financial resources or technical expertise . The Authority’s proprietary funds are classified as enterprise funds . These enterprise funds essentially are the same as the business-type activities reported in the government-wide statements but provide more detail and additional information, such as cash flows associated with these distinct programs .

The Authority maintains seven (7) individual enterprise funds . Information is presented separately in the enterprise fund statement of net position and in the enterprise fund statement of revenues, expenses, and changes in net



Fund Financial Statements




(Unaudited)

position for the Georgia Fund, Georgia Reservoir & Water Supply Fund, Clean Water State Revolving Loan Fund, Clean Water State Match Revolving Loan Fund, Drinking Water State Revolving Loan Fund, and Drinking WaterState Match Revolving Loan Fund, all of which are considered major funds of the Authority and are presented on pages 22-24 of this report . Individual fund data for the nonmajor enterprise funds is provided in the form of combining statements elsewhere in this report .

The accompanying notes to the financial statements provide information necessary for a full understanding of the government-wide and fund financial statements . The notes to the financial statements begin on page 25 of this report .

In addition to the basic financial statements and accompanying note disclosures, this report also presents certainsupplementary information concerning the Authority’s funds . As mentioned previously, the Authority reports major funds in the basic financial statements . Combining and individual statements and schedules for nonmajor funds are presented in this section of this report beginning on page 49 .

Year-to-year financial changes in net position trend information is accumulated on a consistent basis . This information trend will be observed, analyzed and used to discuss the financial position of the Authority as a whole . Net position over time may serve as a useful indicator of the Authority’s financial position . Net position of theAuthority exceeded $2 billion in fiscal year 2015 mostly due to an infusion of cash from various funding agencies and additional capital provided to loan recipients . The following table presents a summary of the Authority’s net position:

Georgia Environmental Finance Authority - Net Position

As of June 30, 2015 and 2014

Increase

Governmental activities Business-type activities Total (Decrease)

2015 2014 2015 2014 2015 2014 %

Restated Restated

Current and other assets $ 46,256,784 45,367,647 2,061,070,476 1,952,626,631 2,107,327,260 1,997,994,278 5 .5%

Capital assets 124,280 47,955 - - 124,280 47,955 159 .2%

Total assets 46,381,064 45,415,602 2,061,070,476 1,952,626,631 2,107,451,540 1,998,042,233 5 .5%

Deferred Outflows 679,724 507,851 - - 679,724 507,851 33 .8%

Long-term liabilities outstanding 5,061,302 6,515,765 - - 5,061,302 6,515,765 (22 .3% )

Other liabilities 1,886,939 3,259,728 271,832 207,828 2,158,771 3,467,556 (37 .7% )

Total liabilities 6,948,241 9,775,493 271,832 207,828 7,220,073 9,983,321 (27 .7% )

Deferred Inflows 1,131,869 - - - 1,131,869 - 100 .0%

Net position:

Investment in capital assets 124,280 47,955 - - 124,280 47,955 159 .2%

Restricted 35,935,637 38,256,141 1,512,084,168 1,446,699,238 1,548,019,805 1,484,955,379 4 .2%

Unrestricted 2,920,761 (2,156,136) 548,714,476 505,719,565 551,635,237 503,563,429 9 .5%

Total net position $ 38,980,678 36,147,960 2,060,798,644 1,952,418,803 2,099,779,322 1,988,566,763 5 .6%

Primary Government



Notes to the Basic Financial Statements

Supplementary Information

Government-wide Financial Analysis of Authority

Georgia Environmental Finance Authority - Net PositionAs of June 30, 2015 and 2014



(Unaudited)

position for the Georgia Fund, Georgia Reservoir & Water Supply Fund, Clean Water State Revolving Loan Fund, Clean Water State Match Revolving Loan Fund, Drinking Water State Revolving Loan Fund, and Drinking WaterState Match Revolving Loan Fund, all of which are considered major funds of the Authority and are presented on pages 22-24 of this report . Individual fund data for the nonmajor enterprise funds is provided in the form of combining statements elsewhere in this report .


In addition to the basic financial statements and accompanying note disclosures, this report also presents certainsupplementary information concerning the Authority’s funds . As mentioned previously, the Authority reports major funds in the basic financial statements . Combining and individual statements and schedules for nonmajor funds are presented in this section of this report beginning on page 49 .

Year-to-year financial changes in net position trend information is accumulated on a consistent basis . This information trend will be observed, analyzed and used to discuss the financial position of the Authority as a whole . Net position over time may serve as a useful indicator of the Authority’s financial position . Net position of theAuthority exceeded $2 billion in fiscal year 2015 mostly due to an infusion of cash from various funding agencies and additional capital provided to loan recipients . The following table presents a summary of the Authority’s net position:

Georgia Environmental Finance Authority - Net Position

As of June 30, 2015 and 2014

Increase

Governmental activities Business-type activities Total (Decrease)

2015 2014 2015 2014 2015 2014 %

Restated Restated

Current and other assets $ 46,256,784 45,367,647 2,061,070,476 1,952,626,631 2,107,327,260 1,997,994,278 5 .5%

Capital assets 124,280 47,955 - - 124,280 47,955 159 .2%

Total assets 46,381,064 45,415,602 2,061,070,476 1,952,626,631 2,107,451,540 1,998,042,233 5 .5%

Deferred Outflows 679,724 507,851 - - 679,724 507,851 33 .8%

Long-term liabilities outstanding 5,061,302 6,515,765 - - 5,061,302 6,515,765 (22 .3% )

Other liabilities 1,886,939 3,259,728 271,832 207,828 2,158,771 3,467,556 (37 .7% )

Total liabilities 6,948,241 9,775,493 271,832 207,828 7,220,073 9,983,321 (27 .7% )

Deferred Inflows 1,131,869 - - - 1,131,869 - 100 .0%

Net position:

Investment in capital assets 124,280 47,955 - - 124,280 47,955 159 .2%

Restricted 35,935,637 38,256,141 1,512,084,168 1,446,699,238 1,548,019,805 1,484,955,379 4 .2%

Unrestricted 2,920,761 (2,156,136) 548,714,476 505,719,565 551,635,237 503,563,429 9 .5%

Total net position $ 38,980,678 36,147,960 2,060,798,644 1,952,418,803 2,099,779,322 1,988,566,763 5 .6%

Primary Government

Year-to-year financial changes in net position trend information is accumulated on a consistent basis . This information trend will be observed, analyzed and used to discuss the financial position of the Authority as a whole . Net position over time may serve as a useful indicator of the Authority’s financial position . Net position of the Authority exceeded $2 billion in fiscal year 2015 mostly due to an infusion of cash from various funding agencies and additional capital provided to loan recipients . The following table presents a summary of the Authority’s net position:


In addition to the basic financial statements and accompanying note disclosures, this report also presents certain supplementary information concerning the Authority’s funds . As mentioned previously, the Authority reports major funds in the basic financial statements . Combining and individual statements and schedules for nonmajor funds are presented in this section of this report beginning on page 58 .


GEORGIA ENVIRONMENTAL FINANCE AUTHORITY (A Component Unit of the State of Georgia)


(Unaudited)

The Authority’s investment in capital assets comprises expenditures made for securing computer equipment and furniture and fixtures . Minimal cash has been expended for the purposes of acquiring capital assets because the Authority’s primary function is to be a financial conduit on behalf of the State of Georgia and therefore holds few depreciable assets . These assets are used to enable Authority employees the ability to perfom daily work duties In support of program services offerred . Thus, the Authority’s investment in capital assets of $124 .3 thousand at fiscal year year-end is not available for future spending .

There was a decrease in restricted net position of the Authority’s governmental activites of approximately $2 .3 million .

Total restricted for grant programs decreased by $475 .4 thousand . Total retricted for loan programs decreased by $1 .8 million .

There was an increase in restricted net position of the Authority’s business-type activities of approximately $65 .4 million, a slight increase over 2014’s increase of $63 .7 million, which was all held for the use of the Authority’s federal loan programs .

The following table provides a summary of the changes in net position, with comparative data for the current and prior fiscal years:

Georgia Environmental Finance Authority - Changes in Net Position

For the Fiscal Year Ended June 30, 2015 and 2014

Increase

Governmental activities Business-type activities (Decrease)

2015 2014 2015 2014 2015 2014 %

Restated Restated

Revenues:

Program revenues:

Charges for serv ices $ 1,084,666 1,457,644 34,437,124 36,517,062 35,521,790 37,974,706 (6 .5% )

Operating grants and contributions 24,238,637 25,457,573 80,631,169 49,420,407 104,869,806 74,877,980 40 .1%

General revenues:

Unrestricted investment earnings 68,853 54,419 - - 68,853 54,419 26 .5%

Other income 3,862 12,768 22,369 15,084 26,231 27,852 (5 .8% )

Total revenues 25,396,018 26,982,404 115,090,662 85,952,553 140,486,680 112,934,957 24 .4%

Expenses (net of indirect costs):

General government 6,599,857 7,170,623 - - 6,599,857 7,170,623 (8 .0% )

Water & wastewater 7,074,323 6,914,660 6,561,895 5,392,431 13,636,218 12,307,091 10 .8%

Land conservation 61,563 8,665 - - 61,563 8,665 610 .5%

Energy & environment 8,069,083 7,368,927 - - 8,069,083 7,368,927 9 .5%

Storage tank maintenance - - 528,171 591,401 528,171 591,401 (10 .7% )

General and administrative - - 379,229 411,745 379,229 411,745 (7 .9% )

Total expenses 21,804,826 21,462,875 7,469,295 6,395,577 29,274,121 27,858,452 5 .1%

Increase in net position before transfers 3,591,192 5,519,529 107,621,367 79,556,976 111,212,559 85,076,505 30 .7%

Transfers (758,474) (4,549,653) 758,474 4,549,653 - - -

Increase (decrease) in net position 2,832,718 969,876 108,379,841 84,106,629 111,212,559 85,076,505 30 .7%

Net position - July 1 36,147,960 40,620,936 1,952,418,803 1,868,312,174 1,988,566,763 1,908,933,110 4 .2%

Restatement - (5,442,852) - - - (5,442,852) (100 .0% )

Net position - June 30 $ 38,980,678 36,147,960 2,060,798,644 1,952,418,803 2,099,779,322 1,988,566,763 5 .6%

Primary Government



Georgia Environmental Finance Authority - Changes in Net PositionFor the Fiscal Year Ended June 30, 2015 and 2014



(Unaudited)

The Authority’s investment in capital assets comprises expenditures made for securing computer equipment and furniture and fixtures . Minimal cash has been expended for the purposes of acquiring capital assets because the Authority’s primary function is to be a financial conduit on behalf of the State of Georgia and therefore holds few depreciable assets . These assets are used to enable Authority employees the ability to perfom daily work duties In support of program services offerred . Thus, the Authority’s investment in capital assets of $124 .3 thousand at fiscal year year-end is not available for future spending .

There was a decrease in restricted net position of the Authority’s governmental activites of approximately $2 .3 million .

Total restricted for grant programs decreased by $475 .4 thousand . Total retricted for loan programs decreased by $1 .8 million .

There was an increase in restricted net position of the Authority’s business-type activities of approximately $65 .4 million, a slight increase over 2014’s increase of $63 .7 million, which was all held for the use of the Authority’s federal loan programs .

The following table provides a summary of the changes in net position, with comparative data for the current and prior fiscal years:

Georgia Environmental Finance Authority - Changes in Net Position

For the Fiscal Year Ended June 30, 2015 and 2014

Increase

Governmental activities Business-type activities (Decrease)

2015 2014 2015 2014 2015 2014 %

Restated Restated

Revenues:

Program revenues:

Charges for serv ices $ 1,084,666 1,457,644 34,437,124 36,517,062 35,521,790 37,974,706 (6 .5% )

Operating grants and contributions 24,238,637 25,457,573 80,631,169 49,420,407 104,869,806 74,877,980 40 .1%

General revenues:

Unrestricted investment earnings 68,853 54,419 - - 68,853 54,419 26 .5%

Other income 3,862 12,768 22,369 15,084 26,231 27,852 (5 .8% )

Total revenues 25,396,018 26,982,404 115,090,662 85,952,553 140,486,680 112,934,957 24 .4%

Expenses (net of indirect costs):

General government 6,599,857 7,170,623 - - 6,599,857 7,170,623 (8 .0% )

Water & wastewater 7,074,323 6,914,660 6,561,895 5,392,431 13,636,218 12,307,091 10 .8%

Land conservation 61,563 8,665 - - 61,563 8,665 610 .5%

Energy & environment 8,069,083 7,368,927 - - 8,069,083 7,368,927 9 .5%

Storage tank maintenance - - 528,171 591,401 528,171 591,401 (10 .7% )

General and administrative - - 379,229 411,745 379,229 411,745 (7 .9% )

Total expenses 21,804,826 21,462,875 7,469,295 6,395,577 29,274,121 27,858,452 5 .1%

Increase in net position before transfers 3,591,192 5,519,529 107,621,367 79,556,976 111,212,559 85,076,505 30 .7%

Transfers (758,474) (4,549,653) 758,474 4,549,653 - - -

Increase (decrease) in net position 2,832,718 969,876 108,379,841 84,106,629 111,212,559 85,076,505 30 .7%

Net position - July 1 36,147,960 40,620,936 1,952,418,803 1,868,312,174 1,988,566,763 1,908,933,110 4 .2%

Restatement - (5,442,852) - - - (5,442,852) (100 .0% )

Net position - June 30 $ 38,980,678 36,147,960 2,060,798,644 1,952,418,803 2,099,779,322 1,988,566,763 5 .6%

Primary Government




(Unaudited)

Charges for services within governmental activities decreased by approximately 26 percent . These fees are for administrative costs retained outside of loan programs and are earned based on the value of loans executed during the fiscal year . For fiscal year 2015, the value of executed projects was less than the value of projects executed in 2014 .

Operating grants and contributions of the Authority decreased by $1 .2 million . The majority of this decrease was experienced within the General Fund . The Authority’s Clean Water State Revolving Fund program’s administrative funds allowed under expenditure-driven grant provisions were exhausted and the Authority utilized other relevant funding to cover program cost .

Unrestricted investment earnings of $68 .9 thousand within governmental activities were reported during the year, up from $54 .4 thousand in 2014 . The uptick in investment earmings in governmental activities stems from higher funds held in investment accounts for the purpose of funding the required match for federal loan projects .

$0.00

$5,000.00

$10,000.00

$15,000.00

$20,000.00

$25,000.00

Charges for ServicesOperating grants and

Contributions Other IncomeUnrestricted investment

earnings

$1,085

$24,239

$4 $69

REVENUES - GOVERNMENTAL ACTIVITIES(IN THOUSANDS)



Governmental Revenues




Governmental Functional Expenses



(Unaudited)


Expenses within the general government function were down nearly $571 thousand because of continued reductions in personnel associated with several retirements and periods of position vacancies in correlation to these retirements .

Additionally, there was an increase in the water and wastewater program function expenses of governmental activities . This function of the Authority is primarily dependent upon activity associated with pass through contractors and is driven mostly by related expenses incurred by these contractors . For FY 2015, initiatives of several programs were expanded thus contributing to this increase .

The land conservation function financed projects and other program expenses totaling $61 .6 thousand, increasing greater than seven times charges of $8 .7 thousand in fiscal year 2014 .



(Unaudited)







(Unaudited)







(Unaudited)




The land conservation function financed projects and other program expenses totaling $61 .6 thousand, increasing greater than seven times charges of $8 .7 thousand in fiscal year 2014 . 10 GEORGIA ENVIRONMENTAL FINANCE AUTHORITY 2015 COMPREHENSIVE ANNUAL FINANCIAL REPORT






(Unaudited)

The energy program function comprised 37 percent of total governmental activities’ expenses and 28 percent of the Authority’s total expenses . In fiscal year 2014, these percentages were 35 percent and 27 percent, respectively .

Total revenue for the business-type activities for the Authority for the current fiscal year were $115 .1 million, increasing $29 .1 million over the previous fiscal year total of $86 million . Revenues remained relatively flat for charges for services on interest received for loans receivable . A decrease of $2 .1 million was experienced within this function . The majority of the positive change in revenues for business-type activities results mostly from increases in general obligation bond revenue received from the state of Georgia .

$0.00

$10,000.00

$20,000.00

$30,000.00

$40,000.00

$50,000.00

$60,000.00

$70,000.00

$80,000.00

$90,000.00

Charges for services Operating grants and contributions Other income

$34,437 $80,631

$22

REVENUES - BUSINESS-TYPE ACTIVITIES(IN THOUSANDS)

Business-type Activities: Revenues vs Expenses

Revenues



(Unaudited)

The energy program function comprised 37 percent of total governmental activities’ expenses and 28 percent of the Authority’s total expenses . In fiscal year 2014, these percentages were 35 percent and 27 percent, respectively .

Total revenue for the business-type activities for the Authority for the current fiscal year were $115 .1 million, increasing $29 .1 million over the previous fiscal year total of $86 million . Revenues remained relatively flat for charges for services on interest received for loans receivable . A decrease of $2 .1 million was experienced within this function . The majority of the positive change in revenues for business-type activities results mostly from increases in general obligation bond revenue received from the state of Georgia .

$0.00

$10,000.00

$20,000.00

$30,000.00

$40,000.00

$50,000.00

$60,000.00

$70,000.00

$80,000.00

$90,000.00

Charges for services Operating grants and contributions Other income

$34,437 $80,631

$22

REVENUES - BUSINESS-TYPE ACTIVITIES(IN THOUSANDS)




Expenses



(Unaudited)

Expenses

Expenses within the Authority’s business-type activites increased during the current fiscal year within water and wastewater programs . This increase is mainly related to forgiveness and subsidies provided on loans within the Clean Water SRF Revolving Loan and Drinking Water SRF Revolving Loan Funds .

The storage tank maintenance program had a decrease in expenses of $63 .2 thousand or approximately 11 percent due to less activity for projects .

General and administrative expenses reflect those expenses incurred by the Authority to execute its business-type activities . These expenses decreased slightly from those of the prior year, down by $32 .5 thousand, or 8 percent . This decrease is primarily due to one-time refunds provided to customers in 2014 that did not occur in 2015 .

The above details are illustrated in the graph below:



(Unaudited)

Expenses







(Unaudited)

Expenses








(Unaudited)

As noted earlier, the focus of the Authority’s governmental funds is to provide information on short-term inflows and outflows of spendable resources . This information is useful in assessing reserves available at the end of the year in comparison to upcoming financing requirements . Governmental funds reported ending fund balances of $44 .4 million in fiscal year 2015, compared to $42 .1 million in fiscal year 2014 . Of these year-end totals, $8 .4 million for fiscal year 2015 and $3 .9 million in 2014 was unassigned and available for continued financing by the Authority .

The total ending fund balances of governmental funds show an increase of $2 .3 million, compared to the increase experienced in fiscal year 2014 of $1 .1 million . This change is primarily due to increased funding transferred in from proprietry funds to support operational costs .

The General Fund is the Authority’s primary operating fund and the source of daily administrative operations . The General Fund’s fund balance increased by $4 .7 million in fiscal year 2014 as compared to the $517 .4 thousand increase from the previous year . The portion of fund balance obligated in the General Fund at year-end was $5 .1 million, up from $4 .9 million in fiscal year 2014 . The majority of these increases can be attributed to decreased activity levels in match-related expenditures for the federal loan programs .

The General Fund’s ending unassigned portion of fund balance of $8 .4 million represents the equivalent of greater than 100 percent of its current year’s expenditures . The Authority’s overall cash flow within the General Fund is generally consistent with increased activity occurring at quarter’s end . The Authority relies very little on the unassigned portion of fund balance because administrative expenditures of the Authority are satisfied by eitherdirect grants or contracts from federal and state sources or transfers from repayments streams of other funds thatcould statutorily satisfy administrative costs of the Authority . The Clean Water State Revolving AdministrationFund, Drinking Water State Revolving Adminstrative Fund and the Georgia Fund are the Authority’s resources to cover administrative expenditures incurred within certain programs which are not directly funded by a dedicated revenue source or financing contract or grant .

The Weatherization Assistance Program Fund serves as a special revenue fund to provide federal grant funds to local governments and nonprofit organizations throughout the state of Georgia in an effort to assist low income households achieve energy efficiencies in their homes . Revenues and expenditures typically net to zero as thefunding is expenditure-driven and thus no fund balance had been reported for previous fiscal years . In prior years, the Authority recognized $1 .7 thousand in program income from the sale of a vehicle returned to the program and that amount has been restricted to fund additional expenditures for the program since . During the year, the Authority used $404 .3 thousand of its internal energy investment funds to supplant charges not reimbursable by one of the division’s funders . Total expenditures reported within this fund were $7 .7 million .



Expenses Financial Analysis of the Authority’s Funds

Governmental Funds

Major Governmental Funds






(Unaudited)

The Clean Water State Revolving Administration Fund is a special revenue fund to report operations for revenuesreceived for the ongoing administrative efforts of the Clean Water State Revolving Loan Fund . These funds are used to support general operations of the Authority and are received primarily from loan receipients, rather than a direct contribution from federal or state governments . Another source of income within this fund is income received from investments . The reported fund balance within this fund was $22 .7 million and is restricted for use . Total expenditures for this fund were $432 .8 thousand . Another $1 .7 million was transferred to the General Fund to support general administrative charges of the Authority associated with its federal Clean Water State Revolving Loan Fund program .

The Drinking Water SRF State Program Setasides Fund serves as a special revenue fund for programs providing federal grant funds for various drinking water projects for the state’s public water supervision program . The Authority reported $1 .8 million in expenditure-driven grant funds, for which revenue and expenditure activity typically nets to zero, and therefore no fund balance has been reported for fiscal year 2015 .

The Drinking Water SRF Local Assist Setasides Fund serves as a special revenue fund for programs providing federal grant funds for various drinking water projects for technical assistance to public water systems for capacity development purposes . The Authority reported $2 .5 million in expenditure-driven grant funds, for which revenue and expenditure activity typically nets to zero, and therefore no fund balance has been reported for fiscal year 2015 .

The Drinking Water State Revolving Administration Fund is a special revenue fund to report operations for revenues received for the ongoing administrative efforts of the Drinking Water State Revolving Loan Fund . Thesefunds are used to support general operations of the Authority and are received primarily from loan receipients,rather than a direct contribution from federal or state governments . Another source of income within this fund is income received from investments . The reported fund balance within this fund was $3 .8 million and is restricted for use . Total expenditures for this fund were $515 .2 thousand . Another $385 .2 thousand was transferred to the General Fund to support general administrative charges of the Authority associated with its federal Drinking WaterState Revolving Loan Fund program .

The proprietary funds’ statements share the same focus as the government-wide statements, reporting both short-term and long-term information about financial status . Each of the fund statements gives detailed information about the fund’s financial condition . The viability of the Authority’s loan and fuel storage tank maintenance programs is evident by this year-end’s changes in net position detailed below .

The Authority’s proprietary funds report the activities of the loan and fuel storage tank maintenance programs . The net position of the proprietary funds increased $108 .4 million from business operations . The total interest income from loans for proprietary funds with a lending component for 2015 was $32 .9 million, an 8 percent decrease from the previous year . The decrease is mostly attributed to large early payoffs received which shorten the interest earnings periods on loans with later maturities . Offsetting this interest revenue reduction to net position wereincreases in contributions from federal and state sources as previously mentioned .

The Proprietary Funds






(Unaudited)

The fuel storage tank maintenance program had total revenues of approximately $1 million partially from fees charged customers for the maintenance of state-owned equipment . The Authority has not adjusted fee rates for this program in approximately three years and therefore collections have remained relatively constant .

Net position of the Authority’s proprietary funds for federal programs are restricted for their respective purposes and are recycled into resources available to fund their core missions . Net position of the Authority’s proprietary funds for state programs are typically unrestricted and can be used for the purposes they are held for, as authorized through current legislation, and recycled into resources available to fund their core missions .

The Authority does not have a budget directly approved by citizens of the State of Georgia . Instead, its appropriation is included in the State of Georgia’s budget as a line item request within the Georgia Department of Community Affairs budget under the Authority’s enabling legislation . However, the Authority’s management does utilize a budget for its General Fund to be used for financial analysis purposes throughout the year .

The Authority’s investment in capital assets for its governmental activities as of June 30, 2015 amounts to $124 .3 thousand (net of accumulated depreciation) . This investment in capital assets includes equipment, furniture and fixtures . As of the close of the fiscal year, the Authority had no investment in capital assets of business-typeactivities because those activities are dedicated to the financing of loan and certain grant or subsidized projects and hold no depreciable assets . Additional information regarding the Authority’s capital assets can be found in Note 7, pages 40 .

As of June 30, 2015, the Authority had a total of $5 .1 million in outstanding long-term liabilities, a decrease ofapproximately $1 .5 million . Of this amount, approximately $119 .7 thousand is due within one year .

Georgia Environmental Finance Authority's Long-term Debt Obligations

For the Fiscal Year Ended June 30, 2015

Balance at

June 30, Percentage Due Within

2015 of Total One Year

Compensated absences 478,872$ 9% 119,718$

Net pension liability 4,582,430 91% —

Governmental long-term liabilities 5,061,302$ 119,718$

Governmental Activ ities

Budgetary Information

Capital Assets and Debt Administration

Capital Assets

Long-term Debt

Georgia Environmental Finance Authority Long-term Debt Obligations




(Unaudited)








Balance at









(Unaudited)








Balance at







Note 7, page 41 .

Additional information regarding the Authority’s long-term debt can be found in Note 5, pages 37-39 and Note 8, pages 41-46 .




Requests for Information



(Unaudited)

Additional information regarding the Authority’s long-term debt can be found in Note 5, pages 36-38 and Note 8, pages 40-42 .


This financial report is designed to provide a general overview of the Authority’s finances, comply with finance-related laws and regulations, and demonstrate the Authority’s commitment to public accountability to all parties with an interest in its financial activities . Questions concerning any of the information provided in this report or requests for additional information should be addressed to: Georgia Environmental Finance Authority, Director, Fiscal Services Division, 233 Peachtree Street, NE, Harris Tower, Suite 900, Atlanta, Georgia 30303-1506 .




Statement of Net Position June 30, 2015


Statement of Net Position

June 30, 2015

Primary Government Component Unit

Governmental Business-type Ga. Environ.

Assets activities activities Total Loan Acq. Corp.

Cash $ 3,062,688 26,718,407 29,781,095 49,488,592 Cash with fiscal agent — — — 9,744,389 Investments 35,207,212 838,172,681 873,379,893 —Due from contractors 546,323 — 546,323 —Due from other governments 2,711,105 709,546 3,420,651 —Internal balances 4,729,192 (4,729,192) — —Accrued interest receivable — 3,026,501 3,026,501 406,538 Loans receivable — 1,197,172,533 1,197,172,533 112,482,269 Other assets 264 — 264 —Capital assets, net of accumulated

depreciation 124,280 — 124,280 —

Total assets 46,381,064 2,061,070,476 2,107,451,540 172,121,788

Deferred Outflows of Resources

Related to pensions 679,724 — 679,724 —

Liabilities

Accounts payable and accrued liabilities 1,869,729 271,207 2,140,936 11,867 Accrued payroll 17,210 — 17,210 —Due to other governments — 625 625 —Accrued interest payable — — — 555,180 Compensated absences, current 119,718 — 119,718 —Securitization bonds payable, current — — — 26,465,000 Long-term liabilities: Compensated absences, net of current portion 359,154 — 359,154 — Net pension liability 4,582,430 — 4,582,430 — Securitization bonds payable, net of current portion and unamortized bond discount — — — 64,998,846

Total liabilities 6,948,241 271,832 7,220,073 92,030,893

Deferred Inflows of Resources

Related to pensions 1,131,869 — 1,131,869 —

Net Position124,280 — 124,280 —

Restricted for: Debt service — — — 80,090,895 Grant programs 4,432,508 — 4,432,508 — Loan programs 31,503,129 1,512,084,168 1,543,587,297 —Unrestricted 2,920,761 548,714,476 551,635,237 —

Total net position $ 38,980,678 2,060,798,644 2,099,779,322 80,090,895

See accompanying notes to basic financial statements .

Net Investments in capital assets


GE

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——

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7,46

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——

107,

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$5,

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2,83

2,71

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(431

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141

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1,

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8,07

5

74,2

84

Mis

cella

neou

s3,

862

—

—

—

—

—

—

3,

862

Tota

l rev

enue

s11

,755

,670

7,

303,

316

75

1,15

5

1,84

8,34

5

2,46

3,77

8

272,

574

1,

001,

180

25

,396

,018

Expe

nditu

res:

Cur

rent

:G

ener

al g

over

nmen

t7,

070,

616

—

—

—

—

—

—

7,

070,

616

W

ater

and

was

tew

ater

pro

gram

s1,

197,

196

—

432,

852

1,

848,

345

2,

463,

778

51

5,22

3

616,

929

7,

074,

323

La

nd c

onse

rvat

ion

prog

ram

s—

—

—

—

—

—

61

,563

61

,563

En

ergy

pro

gram

s—

7,70

7,60

6

—

—

—

—

361,

477

8,

069,

083

C

apita

l out

lay:

Gen

eral

gov

ernm

ent

100,

033

—

—

—

—

—

—

10

0,03

3

Tota

l exp

endi

ture

s8,

367,

845

7,

707,

606

43

2,85

2

1,84

8,34

5

2,46

3,77

8

515,

223

1,

039,

969

22

,375

,618

Exce

ss o

f rev

enue

s ov

er (u

nder

)ex

pend

iture

s3,

387,

825

(4

04,2

90)

318,

303

—

—

(2

42,6

49)

(38,

789)

3,

020,

400

Oth

er F

inan

cing

Sou

rces

(Use

s):

Tran

sfer

s in

9,92

1,77

0

404,

290

—

—

—

—

36

,066

10

,362

,126

Tr

ansf

ers

out

(8,5

59,3

20)

—

(1

,703

,328

) —

—

(3

85,2

43)

(472

,709

) (1

1,12

0,60

0)

Tota

l oth

er fi

nanc

ing

sour

ces

and

(use

s)1,

362,

450

40

4,29

0

(1,7

03,3

28)

—

—

(385

,243

) (4

36,6

43)

(758

,474

)

Net

cha

nge

in fu

nd b

alan

ces

4,75

0,27

5

—

(1

,385

,025

) —

—

(6

27,8

92)

(475

,432

) 2,

261,

926

Fund

bal

ance

s –

July

18,

767,

029

1,

680

24

,043

,736

—

—

4,

389,

214

4,

906,

260

42

,107

,919

Fund

bal

ance

s –

June

30

$13

,517

,304

1,

680

22

,658

,711

—

—

3,

761,

322

4,

430,

828

44

,369

,845

See

acco

mpa

nyin

g no

tes

to b

asic

fina

ncia

l sta

tem

ents

.


Net

cha

nge

in fu

nd b

alan

ces

- to

tal g

over

nmen

tal f

unds

2,26

1,92

6$

Am

ount

s re

port

ed fo

r go

vern

men

tal a

ctiv

ities

in th

e st

atem

ent o

f act

iviti

es a

re d

iffer

ent b

ecau

se:

G

over

nmen

tal f

unds

rep

ort c

apita

l out

lays

as

expe

nditu

res .

How

ever

, in

the

sta

tem

ent o

f act

iviti

es th

e co

st o

f tho

se a

sset

s is

allo

cate

d ov

er th

eir

estim

ated

u

sefu

l liv

es a

nd r

epor

ted

as d

epre

ciat

ion

expe

nse:

C

apita

l out

lay

100,

033

D

epre

ciat

ion

Exp

ense

(23,

708)

76,3

25

E

xpen

ses

rela

ted

to th

e ch

ange

in th

e fo

llow

ing

liabi

litie

s re

port

ed in

the

gove

rnm

enta

l

a

ctiv

ities

do

not r

equi

re th

e us

e of

cur

rent

fina

ncia

l res

ourc

es a

nd th

eref

ore

are

not

rep

orte

d as

exp

endi

ture

s fo

r go

vern

men

tal f

unds

:

A

ccru

ed v

acat

ion

86,1

90

N

et p

ensi

on li

abili

ty a

nd r

elat

ed d

efer

red

inflo

ws

of r

esou

rces

and

def

erre

d ou

tflow

s of

res

ourc

es40

8,27

7

Cha

nge

in n

et p

ositi

on o

f gov

ernm

enta

l act

iviti

es2,

832,

718

$

See

acc

ompa

nyin

g no

tes

to b

asic

fina

ncia

l sta

tem

ents

.

GE

OR

GIA

EN

VIR

ON

ME

NTA

L FI

NA

NC

E A

UTH

OR

ITY

(A C

ompo

nent

Uni

t of t

he S

tate

of G

eorg

ia)

Rec

onci

liatio

n of

the

Sta

tem

ent o

f Rev

enue

s, E

xpen

ditu

res,

and

Cha

nges

in F

und

Bal

ance

s of

Gov

ernm

enta

l Fun

ds to

the

Sta

tem

ent o

f Act

iviti

es

Yea

r en

ded

June

30,

201

5

GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

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rgia

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Reco

nci

liati

on o

f th

e S

tate

ment

of

Reve

nues,

Exp

end

iture

s,

and

Chang

es

in F

und

Bala

nce

s o

f G

ove

rnm

en

tal

Fu

nd

s to

th

e S

tate

me

nt

of

Acti

vit

ies

Year

en

ded

Ju

ne 3

0, 20

15


GEOR

GIA

ENVI

RONM

ENTA

L FIN

ANCE

AUT

HORI

TY(A

Com

pone

nt Un

it of th

e Stat

e of G

eorg

ia)

State

ment

of Ne

t Pos

ition

Enter

prise

Fun

ds

June

30, 2

015

Nonm

ajor

Tota

lGe

orgi

a Res

ervo

irCl

ean

Wat

er S

tate

Clea

n W

ater

Sta

te M

atch

Drin

king

Wat

er S

tate

Drin

king

Wat

er S

tate

Mat

chEn

terp

rise

Ente

rpris

e

Ass

ets

Geor

gia F

und

& W

ater

Sup

ply F

und

Revo

lving

Loa

n Fu

ndRe

volvi

ng L

oan

Fund

Revo

lving

Loa

n Fu

ndRe

volvi

ng L

oan

Fund

Fund

Fund

s

Curre

nt as

sets:

Cas

h$

3,362

,619

12

,849

16

,533,2

37

2,422

,453

2,8

29,67

0

1,543

,229

14

,350

26

,718,4

07

Inv

estm

ents

170,9

93,39

1

82,20

4,996

34

3,522

,523

89

,766,1

22

117,2

09,23

0

33,31

7,643

1,1

58,77

6

838,1

72,68

1

Due

from

othe

r gov

ernm

ent s

468,4

10

233,1

46

—

—

——

7,9

90

709,5

46

Due

from

othe

r fun

d s75

0—

9,4

00

—

3,172

—

—

13,32

2

Acc

rued

inter

est r

eceiv

able

927,7

81

7,704

1,5

56,57

5

261,2

58

190,4

13

82,77

0

—

3,026

,501

T

otal c

urre

nt as

sets

175,7

52,95

1

82,45

8,695

36

1,621

,735

92

,449,8

33

120,2

32,48

5

34,94

3,642

1,1

81,11

6

868,6

40,45

7 No

ncur

rent

asse

ts: L

oans

rece

ivable

283,3

70,13

6

10,96

5,924

64

1,068

,645

10

7,067

,077

11

5,040

,095

39

,660,6

56

—

1,197

,172,5

33

Tota

l non

curre

nt as

sets

283,3

70,13

6

10,96

5,924

64

1,068

,645

10

7,067

,077

11

5,040

,095

39

,660,6

56

—

1,197

,172,5

33

Total

asse

ts45

9,123

,087

93

,424,6

19

1,002

,690,3

80

199,5

16,91

0

235,2

72,58

0

74,60

4,298

1,1

81,11

6

2,065

,812,9

90

L

iabilit

iesAc

coun

ts pa

yable

and a

ccru

ed lia

bilitie

s1,0

89

233,1

46

—

—

——

36

,972

27

1,207

Du

e to o

ther f

und s

4,701

,830

——

—

—

—

40,68

4

4,742

,514

Du

e to o

ther g

over

nmen

t s62

5—

—

—

——

—

625

Tota

l liab

ilities

4,703

,544

23

3,146

—

—

—

—

77

,656

5,0

14,34

6

Net

Pos

ition

Restr

icted

—

—

1,002

,690,3

80

199,5

16,91

0

235,2

72,58

0

74,60

4,298

—

1,5

12,08

4,168

Un

restr

icted

454,4

19,54

3

93,19

1,473

—

—

—

—

1,103

,460

54

8,714

,476

Tota

l net

posit

ion$

454,4

19,54

3

93,19

1,473

1,0

02,69

0,380

19

9,516

,910

23

5,272

,580

74

,604,2

98

1,103

,460

2,

060,7

98,64

4

See a

ccom

pany

ing no

tes to

basic

finan

cial s

tatem

ents .

GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

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rgia

)

Sta

tem

en

t o

f N

et

Po

siti

on

–E

nte

rpri

se F

un

ds

Ju

ne 3

0, 20

15


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

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t U

nit

of

the S

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of

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)

En

terp

rise

Fu

nd

s S

tate

ment

of

Reve

nues,

Exp

ense

s, a

nd

Chang

es

in N

et

Po

siti

on

Year

en

ded

Ju

ne 3

0, 20

15

GEOR

GIA

ENVI

RONM

ENTA

L FI

NANC

E AU

THOR

ITY

(A C

ompo

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Unit

of t

he S

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of G

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Ente

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nds

Stat

emen

t of R

even

ues,

Expe

nses

, and

Cha

nges

in N

et P

ositio

n

Year

end

ed Ju

ne 3

0, 2

015

Nonm

ajor

Tota

l

Geor

gia

Rese

rvoi

rCl

ean

Wat

er S

tate

Clea

n W

ater

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te M

atch

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inki

ng W

ater

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teDr

inki

ng W

ater

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te M

atch

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rpris

eEn

terp

rise

Geor

gia

Fund

& W

ater

Sup

ply

Fund

Revo

lvin

g Lo

an F

und

Revo

lvin

g Lo

an F

und

Revo

lvin

g Lo

an F

und

Revo

lvin

g Lo

an F

und

Fund

Fund

s

Oper

ating

Rev

enue

s:Ch

arge

s for

serv

ices –

inte

rest

incom

e on

loan

s rec

eivab

le$

8,08

4,77

1

70,4

76

18,4

36,3

84

3,28

6,29

4

2,18

7,49

9

795,

366

—

32,8

60,7

90

Adm

inistr

ative

and

pre

vent

ative

main

tena

nce

fees

602,

609

—

—

—

—

—

973,

725

1,

576,

334

St

ate

cont

ract

reve

nues

—

1,

324,

236

—

—

—

—

—

1,32

4,23

6

Misc

ellan

eous

18,8

79

—

—

—

—

—

3,

490

22

,369

Tota

l ope

ratin

g re

venu

es8,

706,

259

1,

394,

712

18

,436

,384

3,

286,

294

2,

187,

499

79

5,36

6

977,

215

35

,783

,729

Oper

ating

Exp

ense

s:

Wat

er a

nd w

aste

wate

r pro

gram

s—

1,32

4,23

6

1,90

1,52

1

—

3,

134,

257

20

1,88

1

—

6,

561,

895

Stor

age

tank

main

tena

nce

prog

ram

s—

—

—

—

—

—

52

8,17

1

528,

171

Ge

nera

l and

adm

inistr

ative

311,

890

28

,968

—

27,1

20

—

10

,300

95

1

379,

229

Tota

l ope

ratin

g ex

pens

es31

1,89

0

1,35

3,20

4

1,90

1,52

1

27,1

20

3,13

4,25

7

212,

181

52

9,12

2

7,46

9,29

5

Oper

ating

inco

me

(loss

)8,

394,

369

41

,508

16

,534

,863

3,

259,

174

(9

46,7

58)

583,

185

44

8,09

3

28,3

14,4

34

Nono

pera

ting

Reve

nues

:

Fede

ral g

rant

cont

ribut

ions

—

—

19,7

19,9

29

—

16

,667

,777

—

—

36

,387

,706

Stat

e ge

nera

l obli

gatio

n bo

nd p

roce

eds

20,6

50,0

00

20,7

50,0

00

—

—

—

—

—

41

,400

,000

In

tere

st inc

ome

on in

vestm

ents

346,

821

16

2,45

4

590,

631

15

2,64

3

206,

240

57

,926

2,

512

1,

519,

227

Tota

l non

oper

ating

reve

nues

20,9

96,8

21

20,9

12,4

54

20,3

10,5

60

152,

643

16

,874

,017

57

,926

2,

512

79

,306

,933

Inco

me

befo

re ca

pital

gran

ts an

d tra

nsfe

rs29

,391

,190

20

,953

,962

36

,845

,423

3,

411,

817

15

,927

,259

64

1,11

1

450,

605

10

7,62

1,36

7Tr

ansfe

rs in

—

—

38,2

96

3,94

4,93

2

461,

530

4,

614,

388

—

9,05

9,14

6

Tran

sfers

out

(7,3

73,2

84)

—

—

(38,

296)

—

(461

,530

) (4

27,5

62)

(8,3

00,6

72)

Chan

ges i

n ne

t pos

ition

22,0

17,9

06

20,9

53,9

62

36,8

83,7

19

7,31

8,45

3

16,3

88,7

89

4,79

3,96

9

23,0

43

108,

379,

841

Tota

l net

pos

ition

– Ju

ly 1

432,

401,

637

72

,237

,511

96

5,80

6,66

1

192,

198,

457

21

8,88

3,79

1

69,8

10,3

29

1,08

0,41

7

1,95

2,41

8,80

3

Tota

l net

pos

ition

– Ju

ne 3

0$

454,

419,

543

93

,191

,473

1,

002,

690,

380

19

9,51

6,91

0

235,

272,

580

74

,604

,298

1,

103,

460

2,

060,

798,

644

See

acco

mpa

nying

not

es to

bas

ic fin

ancia

l sta

tem

ents .


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Sta

tem

en

t o

f C

ash

Flo

ws

- P

rop

rie

tary

Fu

nd

Ty

pe

s -

E

nte

rpri

se F

un

ds

Year

en

ded

Ju

ne 3

0, 20

15

GE

OR

GIA

EN

VIR

ON

ME

NTA

L FI

NA

NC

E A

UTH

OR

ITY

(A C

ompo

nent

Uni

t of t

he S

tate

of G

eorg

ia)

Sta

tem

ent o

f Cas

h Fl

ows

- Pro

prie

tary

Fun

d Ty

pes

- Ent

erpr

ise

Fund

s

Yea

r end

ed J

une

30, 2

015

Non

maj

orTo

tal

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rgia

Res

ervo

i rC

lean

Wat

er S

tate

Cle

an W

ater

Sta

te M

atch

Dri

nkin

g W

ater

Sta

teD

rink

ing

Wat

er S

tate

Mat

chE

nter

pris

eE

nter

pris

eG

eorg

ia F

und

& W

ater

Sup

ply

Fund

Rev

olvi

ng L

oan

Fun d

Rev

olvi

ng L

oan

Fund

Rev

olvi

ng L

oan

Fund

Rev

olvi

ng L

oan

Fund

Fund

Fund

s

Cas

h flo

ws

from

ope

ratin

g ac

tiviti

es:

Inte

rest

pay

men

ts re

ceiv

ed o

n lo

ans

rece

ivab

le$

7,96

9,47

0

66,5

90

18,6

59,8

79

3,31

0,73

8

2,19

5,49

7

801,

214

—

33,0

03,3

88

Adm

inis

trativ

e fe

e pa

ymen

ts65

8,98

6—

—

—

——

973,

725

1,

632,

711

P

aym

ents

to s

ervi

ce p

rovi

ders

(310

,177

) (2

8,96

8)

(1,9

01,5

21)

(27,

120)

(3

,147

,623

) (2

15,8

77)

(531

,251

) (6

,162

,537

) In

tern

al a

ctiv

ity –

pay

men

ts fr

om o

ther

fund

s1,

702,

565

——

—

—

—

13

4,54

3

1,83

7,10

8

Inte

rnal

act

ivity

– p

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ents

to o

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s—

—

(9

32)

—

(1

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—

(1

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63)

(133

,510

) M

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ue fr

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74,6

31—

—

—

——

200

74

,831

Net

cas

h pr

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y (u

sed

in) o

pera

ting

activ

ities

10,0

95,4

75

37,6

22

16,7

57,4

26

3,28

3,61

8

(952

,141

) 58

5,33

7

444,

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30

,251

,991

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m n

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——

19,7

19,9

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—

16

,667

,777

—

—

36

,387

,706

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20,6

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—

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——

—

41

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—

38

,296

3,

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932

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1,53

0

4,61

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8

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9,

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84)

——

(38,

296)

—

(461

,530

) (4

27,5

62)

(8,3

00,6

72)

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cas

h pr

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sed

in) n

onca

pita

l fin

anci

ng a

ctiv

ities

13,2

76,7

16

20,7

50,0

00

19,7

58,2

25

3,90

6,63

6

17,1

29,3

07

4,15

2,85

8

(427

,562

) 78

,546

,180

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346,

821

16

2,45

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590,

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15

2,64

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206,

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57

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512

1,

519,

227

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(3,9

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(13,

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(178

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97

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125,

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333

12

,635

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,736

,805

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249,

415

—

178,

159,

924

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(29,

749,

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) 33

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21,4

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2,51

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788,

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290,

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82

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117,

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33

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8,17

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Notes to Basic Financial Statements

June 30, 2015

The Georgia Environmental Finance Authority (the “Authority”) was created by an Act of the State of Georgia (the “State”) in 1986 as the successor agency to the Georgia Development Authority Environmental Facilities Program . The primary mission of the Authority is to provide funding to eligible municipalities, counties, water and sewer authorities, and solid waste authorities in the state for construction and expansion of public water, sewer, and solid waste facilities .

The Governor of the State of Georgia appoints eight members of the Authority’s Board and three ex-officio members are designated by the Authority’s enabling legislation . Due to the extent of its fiscal dependency on the State, the Authority is considered a component unit of the State .

The Authority has control over the Division of Energy Resources (the “DOER”), which provides administration for statewide energy conservation programs including weatherization of homes for low income citizens and retrofitting of HVAC systems for schools and other state facilities .

Additionally, the Authority has control over the Clean Water and Drinking Water State Revolving Loan Fund (the “SRF”), which was previously administered by the Georgia Environmental Protection Division (the “EPD”) . EPD retained compliance responsibility for capitalization grants issued by the United States Environmental Protection Agency (the “EPA”) applicable to Federal fiscal years 1988-1993 until such grants were fully expended . The Authority is the recipient of and is responsible for the administration of capitalization grants applicable to Federal fiscal years 1994 and beyond . The Authority and EPD have signed a reciprocal agreement concerning technical and financial administration of the SRF . This agreement places ownership of the fund with the Authority in accordance with Sections 12-5-38 .1 and 50-23-5 of the Official Code of Georgia Annotated (the “OCGA”) . As a result, the full amount of assets, liabilities, and net position of the fund are included in the financial statements of the Authority in the Clean Water SRF and in the Drinking Water SRF .

The SRF was initially established for the purpose of making loans to local governments for construction of publicly owned wastewater treatment facilities and was funded through capitalization grants from EPA under the authority of the Clean Water Act . In 1996, the U .S . Congress passed the Safe Drinking Water Act and added a Drinking Water SRF program . The program was established for the purpose of making loans to local governments for construction of publicly owned water supply facilities and is funded through capitalization grants from the EPA under the authority of the Safe Drinking Water Act . To receive capitalization grants from both of these programs, a recipient state must agree to provide state funds for qualifying projects equal to 20% of the capitalization grant amount . In order to provide the matching requirement for the Clean Water SRF program, the Authority has dedicated qualifying loans from its existing state funded loan portfolio and certain interest earnings on loan repayments and transferred these loans and interest earnings to the SRF . In some instances, the matching requirement is met by amounts appropriated, and paid, by the state, the Authority’s current method for meeting the 20% match requirement . The results of these transactions are displayed on the financial statements of the major enterprise funds – the Clean Water State Revolving


Notes to Basic Financial Statements June 30, 2015

(1) Summary of Significant Accounting Policies

(a) Organization




June 30, 2015

Loan Fund, the Clean Water State Match Revolving Loan Fund, the Drinking Water State Revolving Loan Fund and the Drinking Water State Match Revolving Loan Fund .

Effective July 1, 1995, the Fuel Storage Tank Management Group (the “FST”) formerly part of the EPD was brought under the control of the Authority . This unit is engaged in the disposal and/or remediation of state owned fuel tanks to mandated EPA standards . Therefore, local governments do not benefit directly from this program . Pursuant to the bond issuance from which the proceeds to fund FST remediation efforts were derived, the Authority is not authorized to receive and expend bond funds for the program . Thus, the Authority has entered into an agreement with the Georgia State Financing and Investment Commission (the “GSFIC”) and the Georgia Building Authority (the “GBA”) to act as agents to receive and expend funds under this program . However, the Authority administers this program and determines fund recipients . GSFIC and GBA only act as receiving and paying agents . Therefore, the only activity reflected on the Authority’s books is for the cost of the operation of the unit . FST bond funds received by GSFIC and expended by GBA were not accounted for on the Authority’s books prior to fiscal year 2009 . Effective fiscal year 2009, the Authority began reporting activity of the FST and that activity is reflected in the nonmajor enterprise fund – Storage Tank Maintenance Fund .

In 2010, the Authority’s governing legislation was amended to provide for the creation of subsidiary corporations to carry out any of its corporate purposes and to permit it to transfer to the State of Georgia any funds not needed for its corporate purposes . In July 2010, the Authority created the Georgia Environmental Loan Acquisition Corporation (the “Corporation”) as a subsidiary organization pursuant to such provisions of law for the purpose of acquiring a portion of the Authority’s loan portfolio and issuing bonds secured by the acquired loans to finance their purchase .

Reporting Entity – Component units are legally separate organizations for which the State’s or Authority’s elected or appointed officials are financially accountable . In accordance with criteria in GASB Statements Nos . 14, 39 and 61, the Authority qualifies for treatment as a component unit of the State of Georgia; therefore, the Authority’s financial statements are included in the State of Georgia’s combined financial statements as a discretely presented component unit .

Financial accountability is the ability of the Authority to appoint a voting majority of an organization’s governing board and to impose its will upon the organization or when there exists the potential for the organization to provide specific financial benefits or impose specific financial burdens on the primary government . When the Authority does not appoint a voting majority of organization’s governing body, GASB standards require inclusion in the financial reporting entity if an organization is fiscally dependent upon the Authority, its resources are held for the direct benefit of the Authority or can be accessed by the Authority, and a potential financial benefit or burden relationship exists or the relationship is such that it would be misleading to exclude it . In accordance with GASB Statements No . 14 and 61, the Corporation qualifies for treatment as a component unit because it is a legally separate, tax-exempt organization, the majority of whose board is appointed by the Authority, for which the Authority can impose its will on the Corporation by virtue of having the same management personnel,

Discretely Presented Component Unit






June 30, 2015

and whose economic resources are directly accessible by the Authority . As such, the Authority presents within these statements the Corporation as a discretely presented component unit .

The Statement of Net Position and the Statement of Revenues, Expenses, and Changes in Net Position of the Corporation are reported discretely in the Authority’s financial statements as required by government accounting standards . Complete separate financial statements for the Corporation may be obtained at Director, Fiscal Services Division, 233 Peachtree Street, NE, Harris Tower, Suite 900, Atlanta, GA 30303-1506 .

The Authority presents government-wide financial statements which are prepared using the accrual basis of accounting and the economic resources measurement focus . Government-wide financial statements (i .e . the statement of net position and the statement of activities) do not provide information by fund, but distinguish between the Authority’s governmental activities and business type activities . Significantly, the statement of net position includes noncurrent assets and liabilities and the government-wide statement of activities reflects depreciation expenses on the Authority’s capital assets and changes in long-term liabilities . Also, for the most part, the effect of the interfund activity is removed from these statements . Net position in the statement of net position is distinguished between amounts invested in capital assets (net of any related debt), amounts that are restricted for use by third parties or outside requirements, and amounts that are unrestricted .

The statement of activities demonstrates the degree to which direct expenses of a given function or segment is 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 who purchase, use, or benefit from the services 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, and 3) interest income that is restricted for use on a particular function or segment . Unrestricted interest income and other items not properly included among program revenues are reported as general revenues .

In addition to the government-wide financial statements, the Authority has prepared separate financial statements for governmental funds and proprietary funds . Governmental fund financial statements use the modified accrual basis of accounting and the current financial resources measurement focus and proprietary fund financial statements use the accrual basis of accounting and the economic resources measurement focus .

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 . Grants and similar items are recognized as revenue as soon as all eligibility requirements have been met .

(b) Government-Wide and Fund Financial Statements

(c) Measurement Focus, Basis of Accounting, and Financial Statement Presentation



and whose economic resources are directly accessible by the Authority. As such, the Authority presents within these statements the Corporation as a discretely presented component unit.

The Statement of Net Position and the Statement of Revenues, Expenses, and Changes in Net Position of the Corporation are reported discretely in the Authority’s financial statements for fiscal year 2013 as required by government accounting standards. Complete separate financial statements for the Corporation may be obtained at Director, Fiscal Services Division, 233 Peachtree Street, NE, Harris Tower, Suite 900, Atlanta, GA 30303-1506.

The Authority presents government-wide financial statements which are prepared using the accrual basis of accounting and the economic resources measurement focus. Government-wide financial statements (i.e. the statement of net position and the statement of activities) do not provide information by fund, but distinguish between the Authority’s governmental activities and business type activities. Significantly, the statement of net position includes noncurrent assets and liabilities and the government-wide statement of activities reflects depreciation expenses on the Authority’s capital assets and changes in long-term liabilities. Also, for the most part, the effect of the interfund activity is removed from these statements. Net position in the statement of net position is distinguished between amounts invested in capital assets (net of any related debt), amounts that are restricted for use by third parties or outside requirements, and amounts that are unrestricted.

The statement of activities demonstrates the degree to which direct expenses of a given function or segment is 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 who purchase, use, or benefit from the services 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, and 3) interest income that is restricted for use on a particular function or segment. Unrestricted interest income and other items not properly included among program revenues are reported as general revenues.

In addition to the government-wide financial statements, the Authority has prepared separate financial statements for governmental funds and proprietary funds. Governmental fund financial statements use the modified accrual basis of accounting and the current financial resources measurement focus and proprietary fund financial statements use the accrual basis of accounting and the economic resources measurement focus.

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. Grants and similar items are recognized as revenue as soon as all eligibility requirements have been met.






June 30, 2015

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 considered measurable and available . Revenues are considered available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period . For this purpose, the Authority considers revenues to be available if they are collected within 60 days of the end of the current fiscal year . An exception to this rule is administrative fees received on loans which are paid within one year of the initial construction loan contract, and as a result, those revenues are considered available to pay the related costs in establishing the loan if collected within one year of the current fiscal period . Expenditures generally are recorded when a liability is incurred, as under usual accrual accounting . Entitlements and shared revenues are recorded at the time of receipt or earlier if the susceptible to accrual criteria are met . Expenditure-driven grants are recognized as revenue when the qualifying expenditures have been incurred and all other grant certifications and requirements have been met .

The Authority reports the following major governmental funds:

General Fund – The General Fund is the general operating fund of the Authority . It is used to account for all financial resources except those required to be accounted for in another fund .

Weatherization Assistance Program Fund – This fund is used to account for the Authority’s grants to local governments and nonprofit entities to be used for the weatherization of low and moderate income citizen’s homes, as well as provide assistance in paying utility bills for these citizens . Part of this program is known as the Integrated Resources Program (the “IRP”) and is funded by contributions from the Georgia Power Company pursuant to an order of the Georgia Public Service Commission . Other financing is provided by Federal grants from the Department of Energy and the Department of Health and Human Services and petroleum violation escrow funds .

Clean Water SRF Administration Fund – This fund is used to account for assets held by the Authority for the future administration of the Clean Water State Revolving Loan Fund program . The assets were collected from loan origination fees and are to be used to administer the monitoring of projects funded by loans to local governments for waste water treatment plants .

Drinking Water SRF State Program Setasides Fund – This fund is used to account for the Authority’s “set aside” grants used for various safe drinking water projects . Financing is provided through the Federal Drinking Water capitalization grant . States are allowed to use 10% of their capitalization grants to provide funding for certain activities that provide assistance to state programs such as administration of the Public Water Supervision Program (the “PWSS”) .

Drinking Water SRF Local Assistance Setasides Fund – This fund is used to account for the Authority’s “set-aside” grants used for various safe drinking water projects . Financing is provided through the Federal Drinking Water capitalization grant . States may provide assistance, including technical assistance, to public water systems as part of a capacity development






June 30, 2015

strategy under Section 1420 (c) of the Act . States may use up to 15% of the capitalization grant amount for these activities, provided not more than 10% of the capitalization grant amount is used for any one activity . This fund accounts for local assistance to various private and public contractors .

Drinking Water SRF Administration Fund – This fund is used to account for assets held by the Authority for the future administration of the Drinking Water State Revolving Loan Fund program . The assets were collected from loan origination fees and are to be used to administer the monitoring of projects funded by loans to local governments for water supply projects .

The Authority reports the following major enterprise funds:

Georgia Fund – This fund is used to account for loans to local governments for water, sewer, and solid waste improvements . Its revenues are derived from interest income on loans receivable and interest income on investments . The original funding for these loans is provided through state appropriations or general obligation bonds .

Georgia Reservoir & Water Supply Fund - This fund is used to account for activities and monies associated with grants and loans to governments specific to the construction of reservoirs and other eligible water supply operations and systems . Its revenues are derived from the interest income on loans receivable and interest income on investments . The original funding for these grants and loans is provided through state appropriations or general obligation bonds .

Clean Water State Revolving Loan Fund – This fund is used to account for loans to local governments for wastewater treatment projects . The original funding for these loans is provided through federal capitalization grants . The fund’s revenues are derived from interest income on loans receivable and interest income on investments .

Clean Water State Match Revolving Loan Fund – This fund is used to account for the state’s matching portion to provide for loans for wastewater treatment projects similar to the Clean Water State Revolving Loan Fund . The federal government requires the state to match 20% of the funds contributed to the Clean Water SRF in order to receive the full funding available for wastewater treatment projects . The original funding for these loans is provided by the State . The fund’s revenues are derived from interest income on loans receivable and interest income on investments .

Drinking Water State Revolving Loan Fund – This fund is used to account for loans to local governments for water supply projects . These loans are intended to primarily fund projects which promote compliance with the Safe Drinking Water Act . The original funding for these loans is provided through federal capitalization grants . The fund’s revenues are derived from interest income on loans receivable and interest income on investments .






June 30, 2015

Drinking Water State Match Revolving Loan Fund - This fund is used to account for the state’s matching portion to provide for loans for drinking water treatment projects similar to the Drinking Water State Revolving Loan Fund . The federal government requires the state to match 20% of the funds contributed to the Drinking Water State Revolving Loan Fund in order to receive the full funding available for drinking water treatment projects . The original funding for these loans is provided by the state . The fund’s revenues are derived from interest income on loans receivable and interest income on investments .

As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements, except for the net activity between the governmental and business-type activities .

Proprietary funds distinguish operating revenues and expenses from nonoperating items . Operating revenues and expenses generally result from providing services in connection with the proprietary fund’s principal ongoing operations . The principal operating revenue of each of the Authority’s enterprise funds is interest income on loans outstanding and fee charges for providing training and technical assistance to UST and AST operators . Operating expenses for the enterprise funds include direct general and administrative expenses of administering the programs . All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses . General administrative overhead expenses are recorded in the general government function within the governmental activities .

When multiple resources are available for use, it is the Authority’s policy to use resources in the following order: (1) restricted, (2) committed, (3) assigned, and (4) unassigned, for those items recorded within the governmental funds . For net position, restricted resources are used when available, prior to unrestricted resources . Nonspendable resources are utilized in accordance with requirements for those resources to be expended, i .e . billing terms, normal consumption or payment schedules .

For purposes of the statement of cash flows, all investments with original maturity dates of three months or less are considered cash equivalents .

Loans receivable are stated at their unpaid principal balance less undisbursed portion of loans in process . Additionally, certain loan programs utilized by the Authority allow for forgiveness of a certain portion of the principal amount of the loan or provide a subsidized portion of the loan to communities who meet eligibility criteria to qualify as “disadvantaged” communities under federal poverty guidelines . The expected forgiven amount or subsidized portion has been expensed by the Authority as the overall loans are disbursed and this amount is not included in the loans receivable at year end .

The evaluation of the need for an allowance for loan losses is based on management’s evaluation of the loan portfolio, current economic conditions, payment history and other such factors which, in



(d) Cash Equivalents

(e) Loans Receivable




June 30, 2015

management’s judgment, deserve recognition in estimating loan losses . As of June 30, 2015, the Authority does not have a basis for establishing such a provision based on these criteria .

All outstanding balances between funds are reported as due from/to other funds in the fund financial statements . Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as “internal balances .”

Due from contractors includes the following:

Due from other governments includes the following:

General capital assets are those assets not specifically related to activities reported in proprietary funds . These assets generally result from expenditures of governmental funds . The Authority reports these assets in the governmental activities column of government-wide statement of net position but does not report these assets in the Authority’s fund financial statements .

All capital assets are capitalized at cost (or estimated historical cost) and updated for additions and retirements during the year . The Authority’s capital assets include various types of computer

Entity or Entity Type Amount

Georgia Power Company $ 546,323

Total $ 546,323

as of June 30, 2015

Entity or Entity Type Amount

Commonwealth of Virginia $ 1,021

State of Georgia Local Governments 1,016,820

State of Georgia State Organizations 350,540

State of North Carolina 463

U . S . DOE 357,317

U . S . EPA 1,694,490

Total $ 3,420,651

as of June 30, 2015



(f) Interfund Activity

(g) Due from Contractors

(h) Due from Other Governments

(i) Capital Assets




June 30, 2015

equipment and furniture and fixtures and are reported in the applicable governmental or business-type activities columns in the government-wide financial statements . Capital assets are defined by the Authority as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of two years . Donated capital assets are recorded at their estimated fair value at the date of donation . The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend the asset’s life are expensed and therefore not capitalized .

Capital assets of the Authority are depreciated using the straight line method over the following estimated useful lives:

Investments consist of funds on deposit in the Georgia Fund 1, the State of Georgia investment pool . The Georgia Fund 1 is an external investment pool, managed by the State of Georgia's Office of the State Treasurer . The Authority’s investments in the Georgia Fund 1 are stated at fair market value .

The Authority is exempt from Federal income taxes as an integral part of a state government . Accordingly, no provision for income taxes has been recorded in the accompanying financial statements .

It is the Authority’s policy to permit employees to accumulate earned but unused vacation and sick pay benefits . No liability is reported for unpaid accumulated sick leave because the payment of the benefits is contingent upon any future illness of an employee . No cash payments for accumulated sick leave are made to employees upon their retirement or termination of employment .

Vacation benefits are accrued as a liability as the benefits are earned if the employees’ rights to receive compensation are attributable to services already rendered and it is probable that the employer will compensate the employees for the benefits through paid time-off or some other means . All compensated absence liabilities include salary-related payments, where applicable .

The total compensated absence liability is reported on the government-wide financial statements . Proprietary funds report the total compensated liability in each individual fund at the fund reporting level . Governmental funds report the compensated absence liability at the fund reporting level only “when due .”

Asset Years

Computer equipment - purchased 5

Computer equipment - leased Life of lease

Furniture and fixtures 5



(j) Investments

(k) Income Taxes

(l) Compensated Absences




June 30, 2015

The Authority is exposed to various risks of loss related to torts, theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; workers’ compensation; and natural disasters .

The Authority is a member of the State of Georgia Insurance Fund, a public entity risk pool currently operating as a common risk management and insurance program for various state agencies . The Authority pays an annual premium to the state for its insurance coverage . For the year ended June 30, 2015, the Authority paid premiums totaling $20,798 .

(1) Government-wide statements – Equity is classified as net position and displayed in three components:

(a) Investment in capital assets – Consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes or other debt attributable to the acquisition, construction or improvement of those assets, if any .

(b) Restricted net position – Consists of net position with constraints placed on the use either by (a) external groups such as creditors, grantors, contributors, or laws or regulations of other governments; or (b) law through constitutional provisions or enabling legislation .

(c) Unrestricted net position – All other assets that do not meet the definition of “restricted” or “investment in capital assets .”

(2) Fund financial statements - Governmental fund equity is classified as fund balance . Fund balance can have one of five primary classifications: (1) nonspendable, (2) restricted, (3) committed, (4) assigned or (5) unassigned . Nonspendable fund balance includes amounts that cannot be spent and are, therefore, not included in the current year appropriation . Restricted fund balance includes amounts that are restricted to very specific purposes and cannot be redeployed for other purposes . The Authority considers restricted first and then unrestricted amounts spent when expenditures have been incurred for purposes for which both restricted and unrestricted fund balance is available . These restrictions are either externally imposed by outside parties or by constitutional provisions or enabling legislation . Committed fund balance represents amounts that have internally imposed restrictions mandated by formal action of the Authority’s Board, with removal of the commitment only if by formal action of the Authority’s Board . Assigned fund balance represents amounts that are constrained by the Authority’s intent that they will be used for specific purposes which may be so designated by the Authority’s Executive Director, as appointed by the Board, or governing Board . The Authority fund equity balances are comprised of restricted and unassigned amounts . Amounts restricted represent appropriated amounts provided by the State to execute certain grant programs of the Authority and general obligation bond proceeds of the state provided to be a match resource to the federally funding state revolving loan funds .



(m) Risk Management

(n) Fund Equity




June 30, 2015

Unassigned fund balance represents residual amounts that are available for further appropriation and expenditure for general governmental purposes . Unassigned fund balance is only available for the Authority’s General Fund . Proprietary fund equity is classified the same as in the government-wide statements .

The preparation of financial statements in conformity with accounting principles generally accepted within the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, deferred outflows of resources, liabilities and deferred inflows of resource and the reported amount of revenues and expenditures/expenses during the reporting period . Actual results could differ from those estimates .

The Authority and its component unit will adopt the following new accounting pronouncements in future years, if applicable:

Statement No . 72, Fair Value Measurement and Application, effective for the Authority’s year ending June 30, 2016 .

Statement No . 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68, partially effective for the Authority’s year ending June 30, 2016 with the remaining provisions effective in 2017 .

Statement No . 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, effective for the Authority’s year ending June 30, 2017 .

Statement No . 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, effective for the Authority’s year ending June 30, 2018 .

Statement No . 76, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments, effective for the Authority’s year ending June 30, 2016 .

Statement No . 77, Tax Abatement Disclosures, effective for the Authority’s year ending June 30, 2017 .

Management is in the process of determining the effect, if any, that the adoption of these Statements will have on the Authority’s or its component unit’s financial position or the disclosures in its financial statements .

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



(o) Management Estimates

(p) Future Accounting Pronouncements

(q) Pensions




June 30, 2015

position of the Employees’ Retirement System (ERS) and additions to/deductions from ERS’s fiduciary net position have been determined on the same basis as they are reported by ERS . 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 .

The Authority does not have a budget directly approved by citizens of the State of Georgia . Instead, its appropriation is included in the State of Georgia’s budget as a line item request within the Department of Community Affairs budget under the Authority’s enabling legislation . However, the Authority’s management does utilize a budget for its General Fund to be used for financial analysis purposes throughout the year . The Authority received a state appropriation of $348,495 and general obligation bond proceeds of $50,000,000 for fiscal year 2015 which were collected in their entirety and expended or obligated for the state and federal loan programs .

Primary Government

Custodial Credit Risk – Custodial credit risk is the risk that, in the event of bank failure, the Authority’s deposits may not be returned to it . The Authority has a formal deposit policy with its selected custodian, or an agent acting on behalf of the custodian, for custodial credit risk as required by the State of Georgia which insures balances over the FDIC insurance at 110% of that overage . The Authority’s bank balances of $29,781,595 at June 30, 2015 were entirely insured by FDIC insurance or collateralized by investment securities held by the Authority’s agent in the Authority’s name .

Investments

Credit Risk - Statutes authorize the Authority to invest in obligations of the State of Georgia, obligations of the U .S . Treasury and U .S . Agencies, certificates of deposit, repurchase agreements, reverse repurchase agreements, rate guarantee agreements, and State operated investment pools . The State operated investment pool is authorized to invest in the same types of securities .

As shown below, the Authority’s investments at June 30, 2015 were categorized by credit risk as follows:

Interest Rate Risk – Interest rate risk is associated with changes in interest rates that adversely affect an investment’s fair value . Since the price of a bond fluctuates inversely with market interest rates, the price of the bond held in a portfolio will decline if market interest rates rise . At June 30, 2015, interest rate risk is represented in the above table as “Maturities” for each investment classification . The Authority’s Investment Policy has been developed around those policies set forth by the State of Georgia . The Authority has structured its investment portfolio with investments having maturity dates at or prior to the time cash is

Investment Rating Maturities Fair Value

Georgia Fund 1 AAAf 56-day WAM 873,379,893$



(2) Budgetary Information

(3) Deposits and Investments




June 30, 2015

prudently projected to be required to meet disbursement needs, thereby avoiding the need to sell securities prior to their maturity . This structure has been achieved by providing investments in the Georgia Fund 1 . The Authority’s investment policy further outlines that the portfolio for investments in U .S . Treasuries and U .S . Agencies are limited to maturities with a maximum of five years from the date of purchase, although the Authority did not have any long-term investments at June 30, 2015 .

Component Unit

Custodial Credit Risk - The Corporation maintains cash balances in bank accounts at multiple banks . These balances, at times, may exceed federal insured limits . Custodial credit risk is the risk that, in the event of bank failure, the Corporation’s deposits may not be returned to it . The Corporation has a formal deposit policy with its selected custodian, or an agent acting on behalf of the custodian, for custodial credit risk as required by the State of Georgia which insures balances over the FDIC insurance at 110% of that overage . The Corporation’s bank balances of $49,488,592 at June 30, 2015 were entirely insured by FDIC insurance or collateralized by investment securities held by the Corporation’s agent in the Corporation’s name .

As of June 30, 2015, cash held with fiscal agent in the amount of $9,744,389 is considered fully secured by nature of the trustee agreement . In the event of any losses, the Corporation’s trustee, Bank of New York Mellon, would be required to return those losses to the Corporation .

Loans receivable at June 30, 2015 are summarized as follows:

At June 30, 2015, the Authority had commitments to fund projects, excluding the undisbursed portion of loans in process, totaling $156,547,974 . In accordance with certain loan programs, the Authority expensed a forgiven portion of loans in the amount of $1,901,521 in the Clean Water State Revolving Loan Fund and $2,437,690 in the Drinking Water State Revolving Loan Fund during fiscal year 2015 .

Additionally, the Authority provided a subsidized portion of loans in the amount of $696,567 in the Drinking Water State Revolving Loan Fund and $201,881 in the Drinking Water State Match Revolving Loan Fund.As these amounts are expensed and forgiven or subsidized, they are not included in the unpaid principal balance above .

Based on management’s evaluation of the loan portfolio, current economic factors, past payment history and other relevant factors, including the borrowers’ ability to repay and the Authority’s remedies to enforce repayment, a provision for potential loan losses has not been provided . Such remedies include the ability of

Amount

Water and wastewater facility and conservation loans $ 1,515,696,966

Undisbursed portion of loans in process (318,524,433)

Unpaid principal balance $ 1,197,172,533



(4) Loans Receivable






June 30, 2015

the Authority to compel rate and fee increases and/or the full faith and credit pledge of the borrower to be used at the Authority’s discretion .

Future Commitments

The Authority has entered into contractual agreements to fund three Clean Water State Revolving Loan Fund loans with resources from the Georgia Fund in the amount of $40,995,874 . It is anticipated that balloon payments on these loans will become due in full between February 1, 2027 and February 1, 2028 . The Authority plans to designate funds at a proportionate amount annually to accumulate adequate resources at the time the loans become payable to each of their respective funds beginning with fiscal year 2013 . As of June 30, 2015, an amount of $8,784,831 has been accumulated for the purpose of satisfying this future commitment .

Primary Government

Compensated Absences:

The Authority had $79,907 in additions that were included in compensated absences representative of vacation pay earned by employees or addition of new staff and reductions of $166,097 to compensated absences due to employee terminations or vacation hours used by employees . Compensated absences are liquidated by those funds that have salary and wage expenditures, typically the General Fund .

The Authority’s long-term liabilities activity for the year ended June 30, 2015, was as follows:

Component Unit

The Corporation issued two series of local government loan securitization bonds: CCMWA Loans (Series 2011) issued on February 17, 2011 with a maturity date of February 15, 2036 and the Loan Pool (Series 2011) issued on March 30, 2011 with a maturity date of March 15, 2031 . The proceeds of the sales of the Series 2011 Bonds were used to acquire certain local government loans from the Authority, to establish a debt service reserve, and to pay the costs of issuing the Series 2011 Bonds . The Series 2011 Bonds are payable primarily from and secured primarily by a pledge of repayments on the local government loans to be received over the duration of the bonds’ maturity . The bonds bear interest rates between .54 and 5 .25% . The below table summarizes bonds payable outstanding:

Balance Balance Amount due June 30, June 30, within

Description 2014 Additions Reductions 2015 one yearGovernmental activities Compensated absences $ 565,062 79,907 166,097 478,872 119,718 Net pension liability 5,950,703 271,447 1,639,720 4,582,430 —

Total Governmental activities $ 6,515,765 351,354 1,805,817 5,061,302 119,718

(5) Bonds Payable and Other Long-Term Liabilities






June 30, 2015

The Corporation has engaged the services of a trustee, Bank of New York Mellon, which is managing the debt service of the bonds. As a condition of trustee services, the Corporation has on deposit adequate debt service reserves as stipulated by bond resolutions. A portion of the cash with fiscal agent constitutes the debt service reserve. As of June 30, 2015, the trustee had on hand for the CCMWA Loan, Series 2011 and the Loan Pool, Series 2011 $520,987 and $5,000,000 respectively as the debt service reserve amounts. These amounts are automatically adjusted and returned to the Corporation as principal amounts are proportionally reduced. The balance of cash with fiscal agent, $4,223,402, was held by the trustee for the payment of principal and interest at their scheduled due dates. In addition to these requirements, the bond resolutions require other areas of compliance such as the filing of a monthly debt servicer’s report and the timely completion of an annual audit. As of June 30, 2015, the Corporation believes it has complied with all of the necessary requirements of the bond issuances. Future debt service requirements are as follows:

As a requirement of the Corporation’s issuances, any principal retired early by the local governments constitutes a mandatory redemption of principal on its outstanding debt. Therefore, in fiscal year 2015, the

Originalissue Interest Carrying

amount rates valueCCMWA Loans, Series 2011 29,255,000$ .65 - 5.25% 23,695,000 Less bond discount (192,908) Subtotal 23,502,092

Loan Pool, Series 2011 202,755,000$ .54 - 5.125% 68,285,000 Less bond discount (323,246) Subtotal 67,961,754

Total bond series 91,980,000 Less bond discount (516,154)

Outstanding principal, June 30, 2015 91,463,846$

Future debt service requirements (in thousands)



June 30, 2015










June 30, 2015











(6) Interfund Receivables, Payables and Transfers



June 30, 2015

Corporation retired $15,925,000 more than its anticipated retirement of debt . The early retirement of debt by the Corporation is predicated on local governments’ decisions to pay off their outstanding debt and is undeterminable as of June 30, 2015 as well as any reduction in interest amounts to be paid . Amounts due in 2016 above include known prepayments subsequent to June 30, 2015 which will be paid in FY 2016 . Any reduced interest payments as a result of the early retirements of debt will be considered a cost savings to the Corporation and are not reflected in the above table .

For the year ended June 30, 2015, the Corporation had the following activity within its long-term liabilities:

The unamortized bond discounts for both issuances were deferred and amortized over the life of the bonds using the effective interest method .

Subsequent Events – Full Retirement of Debt CCMWA Loan, Series 2011

The Corporation received full repayment of funds that secured the debt of the CCMWA Loan, Series 2011 issuance on July 14, 2015 . As stated above, once the Corporation receives prepayment used to retire the debt, those prepayments are considered mandatory redemptions toward the outstanding debt and are therefore reflected as due within one year . Full redemption of the bonds was made on September 15, 2015 in the amount of $23,695,000 .

Interfund activity as of June 30, 2015, is as follows:

Amounts dueJune 30, June 30, within

2014 Additions Reductions 2015 one yearCCMWA Loans, Series 2011 $ 27,000,000 - 3,305,000 23,695,000 23,695,000Unamortized Bond Discount (198,687) - (5,779) (192,908) -

Loan Pool, Series 2011 97,680,000 - 29,395,000 68,285,000 2,770,000Unamortized Bond Discount (372,502) - (49,256) (323,246) - Total $ 124,108,811 - 32,644,965 91,463,846 26,465,000

Description



June 30, 2015










June 30, 2015










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Description



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Description






June 30, 2015

Due from/to other funds:

The outstanding balances between funds result mainly from the time lag between the dates that (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 . Any residual balances outstanding between the governmental activities and the business-type activities are reported in the government-wide financial statements as “internal balances” .

Interfund transfers:

Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to the fund that statute or budget requires to expend them or (2) use unrestricted revenues collected in the General Fund to finance various programs accounted for in other funds in accordance with budgetary operations, including amounts provided as matching funds for various grant and loan programs .

Receivable Fund Payable Fund AmountGeneral Fund Weatherization Assistance Program $ 252,124

Clean Water SRF Administration 593,704

Drinking Water SRF Sttate Program Setasides 604,412

Drinking Water SRF Local Assist Setasides 403,758

Drinking Water SRF Administration 457,585

Georgia Fund 4,701,830

Nonmajor enterprise funds 40,684

Nonmajor governmental funds Nonmajor governmental funds 42,252

Georgia Fund Nonmajor governmental funds 750

Clean Water State Revolving Loan Fund General Fund 9,400

Drinking Water State Revolving Loan Fund General Fund 3,172

Total $ 7,109,671

Transfers-in Fund Transfers-out Fund AmountGeneral Fund Clean Water SRF Administration $ 1,703,328

Drinking Water SRF Administration 385,243 Nonmajor governmental funds 32,353 Georgia Fund 7,373,284 Nonmajor enterprise funds 427,562

Nonmajor governmental funds Nonmajor governmental funds 36,066 Weatherization Assistance Program Nonmajor governmental funds 404,290 Clean Water State Revolving Loan Fund Clean Water State Match Revolving Loan Fund 38,296 Clean Water State Match Revolving Loan Fund General Fund 3,944,932 Drinking Water State Revolving Loan Fund Drinking Water State Match Revolving Loan Fund 461,530

Drinking Water State Match Revolving Loan Fund General Fund 4,614,388

Total $ 19,421,272




June 30, 2015

The Authority’s capital asset activity for the year ended June 30, 2015 was as follows:

Depreciation expense of $23,708 was charged to the general government function .

The Georgia Environmental Finance Authority participates in a retirement plan administered by the State of Georgia dependent upon employee eligibility: Employees’ Retirement System of Georgia (the System) . This system issues a separate, publicly available financial report that includes the applicable financial statements and required supplementary information . The report may be obtained by visiting the following website:

Employees’ Retirement System - www .ers .ga .gov

The significant provisions of this retirement plan are described below . More detailed information can be found in the plan agreement and related legislation . The plan, including benefit and contribution provisions, was established and can be amended by State law .

Employees’ Retirement System of Georgia

The System is comprised of individual retirement systems and plans covering substantially all employees of the State of Georgia except for teachers and other employees covered by the Teachers Retirement System . One of the plans within the System, the Employees’ Retirement System of Georgia Plan (ERS), is a cost-sharing multiple-employer defined benefit pension plan that was established by the Georgia General Assembly during the 1949 Legislative Session for the purpose of providing retirement allowances for employees of the State and its political subdivisions . ERS is directed by a Board of Trustees and has the powers and privileges of a corporation . ERS acts pursuant to statutory direction and guidelines, which may be amended prospectively for new hires but for existing members and beneficiaries may be amended in some aspects only subject to potential application of certain constitutional restraints against impairment of

Balance BalanceJune 30, June 30,

Asset category 2014 Additions Deletions 2015Cost:

Computer equipment $ 194,957 — — 194,957 Fixtures & office equipment 33,078 100,033 — 133,111

Total cost 228,035 100,033 — 328,068 Accumulated depreciation:

Computer equipment 180,080 8,756 — 188,836 Fixtures & office equipment — 14,952 — 14,952

Total accumulated depreciation 180,080 23,708 — 203,788

Total net capital assets $ 47,955 76,325 — 124,280



(7) Capital Assets

(8) Retirement Plans




June 30, 2015

contract . Title 47 of the OCGA assigns the responsibility to establish and amend the benefit provisions to the State Legislature .

The benefit structure of ERS is established by the Board of Trustees under statutory guidelines under three benefit tiers: Old Plan, New Plan, and Georgia State Employees’ Pension and Savings Plan (GSEPS) . Unless the employee elects otherwise, an employee who currently maintains membership with ERS based upon State employment that started prior to July 1, 1982, is an “old plan” member subject to the plan provisions in effect prior to July 1, 1982 . Members hired on or after July 1, 1982, but prior to January 1, 2009, are “new plan” members subject to the modified plan provisions . Effective January 1, 2009, newly hired State employees, as well as rehired State employees who did not maintain eligibility for the “old” or “new” plan, are members of the GSEPS . Members of the GSEPS plan may also participate in the GSEPS 401(k) defined contribution component described below . ERS members hired prior to January 1, 2009, also have the option to irrevocably change their membership to the GSEPS plan .

Under the old plan, new plan, and GSEPS, a member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 60 or 30 years of creditable service regardless of age . Additionally, there are some provisions allowing for early retirement after 25 years of creditable service for members under age 60 .

Retirement benefits paid to members are based upon a formula adopted by the Board of Trustees for such purpose . The formula considers the monthly average of the member’s highest 24 consecutive calendar months of salary, the number of years of creditable service, and the member’s age at retirement . Annually, postretirement cost-of-living adjustments may be made to members’ benefits provided the members were hired prior to July 1, 2009 . The normal retirement pension is payable monthly for life; however, options are available for distribution of the member’s monthly pension, at reduced rates, to a designated beneficiary upon the member’s death . Death and disability benefits are also available through ERS .

Member contribution rates are set by law . Member contributions under the old plan are 4% of annual compensation up to $4,200 plus 6% of annual compensation in excess of $4,200 . Under the old plan, the Authority pays member contributions in excess of 1 .25% of annual compensation . Under the old plan, these Authority contributions are included in the members’ accounts for refund purposes and are used in the computation of the members’ earnable compensation for the purpose of computing retirement benefits . Member contributions under the new plan and GSEPS are 1 .25% of annual compensation . The Authority is required to contribute at a specified percentage of active member payroll established by the Board of Trustees and determined annually in accordance with an actuarial valuation and minimum funding standards as provided by law . These Authority contributions are not at any time refundable to the member or his/her beneficiary .

Members become vested after 10 years of service . Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member . However, if an otherwise vested






June 30, 2015

member terminates and withdraws his/her member contributions, the member forfeits all rights to retirement benefits .

The Authority’s contractually required contribution rate, actuarially determined annually, for the year ended June 30, 2015 was 21 .96% of annual covered payroll for old and new plan members and 18 .87% for GSEPS members . The Authority’s contributions to ERS totaled $679,724 for the year ended June 30, 2015 . Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability .

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions

Effective July 1, 2014, the Authority implemented the provisions of GASB Statement No . 68, Accounting and Financial Reporting for Pensions – an amendment of GASB Statement No. 27, which significantly changed the Authority’s accounting for pension amounts . The information disclosed below is presented in accordance with this new standard .

At June 30, 2015, the Authority reported a liability for its proportionate share of the net pension liability in the amount of $4,582,430 . The net pension liability was measured as of June 30, 2014 . The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2013 . An expected total pension liability as of June 30, 2014 was determined using standard roll-forward techniques . The Authority’s proportion of the net pension liability was based on contributions to ERS during the fiscal year ended June 30, 2014 . At June 30 2014, the Authority’s proportion was 0 .122178%, which was a decrease of .00045% from its proportion measured as of June 30, 2013 .

For the year ended June 30, 2015, the Authority recognized pension expense of $271,447 . At June 30, 2015, the Authority reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Authority contributions subsequent to the measurement date of $679,724 are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2016 . Other amounts reported as deferred inflows of resources related to pensions will be recognized in pension expense as follows:

Deferred Outflows Deferred Inflowsof Resources of Resources

Net difference between projected and actual earnings on pension plan investments — $1,118,431Changes in proportion and differences between Authority contributions and proportionate share of contributions — $13,438Employer contributions subsequent to measurement date $679,724 — Total $679,724 $1,131,869








June 30, 2015

Actuarial assumptions: The total pension liability as of June 30, 2014 was determined by an actuarial valuation as of June 30, 2013 using the following actuarial assumptions, applied to all periods included in the measurement:

Inflation 3 .00% Salary increases 5 .45 – 9 .25%, including inflation Investment rate of return 7 .50%, net of pension plan investment

expense, including inflation

Mortality rates were based on the RP-2000 Combined Mortality Table for the periods after service retirement, for dependent beneficiaries, and for deaths in active service, and the RP-2000 Disabled Mortality Table set back eleven years for males for the period after disability retirement . The actuarial assumptions used in the June 30, 2013 valuation were based on the results of an actuarial experience study for the period July 1, 2004 – June 30, 2009 .

The long-term expected rate of return on pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of pension plan investment expense and the assumed rate of 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 . The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:

Long-termTarget expected real

Asset class allocation rate of return*

Fixed income 30 .00% 3 .00%Domestic large equities 39 .70 6 .50Domestic mid equities 3 .70 10 .00Domestic small equities 1 .60 13 .00International developed market equities 18 .90 6 .50International emerging market equities 6 .10 11 .00

Total 100 .00%

* Rates shown are net of the 3 .00% assumed rate of inflation

Year ended June 30:2016 ($288,007)2017 ($284,647)2018 ($279,608)2019 ($279,607)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .






June 30, 2015

Discount rate: 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 plan member contributions will be made at the current contribution rate and that Authority and State of Georgia contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate . Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members . Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability .

Sensitivity of the Authority’s proportionate share of the net pension liability to changes in the discount rate: The following presents the Authority’s proportionate share of the net pension liability calculated using the discount rate of 7 .50 %, as well as what the Authority’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6 .50 %) or 1-percentage-point higher (8 .50 %) than the current rate:

Pension plan fiduciary net position: Detailed information about the pension plan’s fiduciary net position is available in the separately issued ERS financial report which is publically available at www .ers .ga .gov/formspubs/formspubs .

The Authority had $57,263 payable to the pension plan as of June 30, 2015 .

GSEPS 401(k) Defined Contribution Component of ERS

In addition to the ERS defined benefit pension described above, GSEPS members may also participate in the Peach State Reserves 401(k) defined contribution plan and receive an employer matching contribution . The 401(k) plan is administered by the System and was established by the Georgia Employee Benefit Plan Council in accordance with State law and Section 401(k) of the IRC . The GSEPS segment of the 401(k) plan was established by State law effective January 1, 2009 . Plan provisions and contribution requirements specific to GSEPS can be amended by State law . Other general 401(k) plan provisions can be amended by the ERS Board of Trustees as required by changes in federal tax law or for administrative purposes . The State was not required to make significant contributions to the 401(k) plan prior to GSEPS because most members under other segments of the plan either were not State employees or were not eligible to receive an employer match on their contributions .

1% Current 1%Decrease Discount Rate Increase

(6.5%) (7.5%) (8.5%)

Authority's proportionate share of the net pension liability $ 6,682,092 4,582,430 2,795,128






June 30, 2015

The GSEPS plan includes automatic enrollment in the 401(k) plan at a contribution rate of 1% of salary, along with a matching contribution from the State . The State will match 100% of the employee’s initial 1% contribution . Employees can elect to contribute up to an additional 4% and the State will match 50% of the additional 4% of salary . Therefore, the State will match 3% against the employee’s 5% total savings . Employee contributions greater than 5% of salary do not receive any matching funds .

GSEPS employer contributions are subject to a vesting schedule, which determines eligibility to receive all or a portion of the employer contribution balance at the time of any distribution from the account after separation from all State service . Vesting is determined based on the following schedule:

Less than 1 year 0% 1 year 20% 2 years 40% 3 years 60% 4 years 80% 5 or more years 100%

Employee contributions and earnings thereon are 100% vested at all times . The 401(k) plan also allows participants to roll over amounts from other qualified plans to their respective account in the 401(k) plan on approval of the 401(k) plan administrator . Such rollovers are 100% vested at the time of transfer . Participant contributions are invested according to the participant’s investment election . If the participant does not make an election, investments are automatically defaulted to a Lifecycle fund based on the participant’s date of birth .

The participants may receive the value of their vested accounts upon attaining age 59 .5, qualifying financial hardship, or retirement or other termination of service (employer contribution balances are only eligible for distribution upon separation from service) . Upon the death of a participant, his or her beneficiary shall be entitled to the vested value of his or her accounts . Distributions are made in installments or in a lump sum .

The Authority’s employer and employee GSEPS contributions were as follows:

Annual AnnualEmployer Employee

Year Contribution Contribution$ 21,238 $ 48,084

20,991 48,954 21,643 55,346

201520142013




(9) Other Post-employment Benefits



June 30, 2015

The Authority participates in the following State of Georgia other postemployment benefit (OPEB) plans:

Administered by Department of Community Health (DCH): Georgia State Employees Post-employment Health Benefit Fund (State OPEB Fund)

Administered by the System: State Employees’ Assurance Department (SEAD) – For retired and vested inactive (SEAD-OPEB) – For active employees (SEAD-Active)

Georgia State Employees Post-employment Health Benefit Fund (State OPEB Fund)The State OPEB Fund is a cost-sharing multiple-employer defined benefit postemployment healthcare plan and is reported as an employee benefit trust fund .

The State OPEB Fund provides postemployment health benefits (including benefits to qualified beneficiaries of eligible former employees) due under the group health plan for employees of State organizations (including technical colleges) and other entities authorized by law to contract with DCH for inclusion in the plan . It also pays administrative expenses of the fund . By law, no other use of the assets of the State OPEB Fund is permitted .

The Official Code of Georgia Annotated (OCGA) assigns the authority to establish and amend the benefit provisions of the group health plans, including benefits for retirees, to the Board of Community Health (Board) .

The plan is currently funded on a pay-as-you go basis . That is, annual costs of providing benefits will be financed in the same year as claims occur, with no significant assets accumulating as would occur in an advance funding strategy .

The contribution requirements of plan members and participating employers are established by the Board in accordance with the current Appropriations Act and may be amended by the Board . Contributions of plan members or beneficiaries receiving benefits vary based on plan election, dependent coverage, and Medicare eligibility and election . As of January 1, 2012, for members with fewer than five years of service, contributions also vary based on years of service . As of January 1, 2012, on average, members with five years or more of service pay approximately 25% of the cost of the health insurance coverage . In accordance with the Board resolution dated December 8, 2011, for members with fewer than five years of service as of January 1, 2012, the State provides a premium subsidy in retirement that ranges from 0% for fewer than 10 years of service to 75% (but no greater than the subsidy percentage offered to active employees) for 30 or more years of service . The subsidy for eligible dependents ranges from 0% to 55%






June 30, 2015

(but no greater than the subsidy percentage offered to dependents of active employees minus 20%) . No subsidy is available to Medicare eligible members not enrolled in a Medicare Advantage Option . The Board sets all member premiums by resolution and in accordance with the law and applicable revenue and expense projections . Any subsidy policy adopted by the Board may be changed at any time by Board resolution and does not constitute a contract or promise of any amount of subsidy .

Participating employers, including but not limited to State organizations, are statutorily required to contribute in accordance with the employer contribution rates established by the Board . The contribution rates are established to fund all benefits due under the health insurance plans for both active and retired employees based on projected pay-as-you-go financing requirements . Contributions are not based on the actuarially calculated annual required contribution (ARC) which represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed 30 years .

The combined required contribution rates established by the Board for the active and retiree plans for the fiscal year ended June 30, 2015, were as follows:

No additional contribution was required by the Board for fiscal year 2015 nor contributed to the State OPEB Fund to prefund retiree benefits . Such additional contribution amounts are determined annually by the Board in accordance with the State plan for OPEB and are subject to appropriation .

The following table summarizes the Authority’s combined active and retiree contributions to the health insurance plans for the years ended June 30, 2015, 2014, and 2013:

State Employees’ Assurance Department (SEAD) SEAD-OPEB and SEAD-Active are cost-sharing multiple-employer defined benefit postemployment plans that were created in fiscal year 2007 by the Georgia General Assembly to provide term life insurance to

RequiredContribution

Months Paid (Coverage Periods) RateJune 2014 (July 2014) 30 .781%July 2014 - June 2015 (August 2014 - July 2015) 30 .454%

Required %Year Contribution contributed

$ 774,701 100% 718,132 100% 919,637 100%

201520142013






June 30, 2015

eligible members of the ERS, Georgia Judicial Retirement System (JRS), and Legislative Retirement System (LRS) . SEAD-OPEB provides benefits for retired and vested inactive members, and SEAD-Active provides benefits for active members . Effective July 1, 2009, no newly hired members of any State public retirement system are eligible for term life insurance under SEAD . Pursuant to Title 47 of the OCGA, benefit provisions of the plans were established and can be amended by State statute .

Contributions by plan members are established by the ERS Board of Trustees, up to the maximum allowed by statute (not to exceed 0 .5% of earnable compensation) . The ERS Board of Trustees establishes employer contribution rates, such rates which, when added to members’ contributions, shall not exceed 1% of earnable compensation . Contributions for fiscal year 2015 were based on June 30, 2012, actuarial valuations as follows:

SEAD- SEAD- Total

OPEB Active SEAD

Member Rates:

ERS Old Plan 0 .45% 0 .05% 0 .50%

Less: Offset Paid by Employer (0 .22% ) (0 .03% ) (0 .25% )

Net ERS Old Plan 0 .23% 0 .02% 0 .25%

ERS New Plan, JRS, and LRS 0 .23% 0 .02% 0 .25%

Employer Rates 0 .00% 0 .00% 0 .00%

The ERS Board of Trustees voted and approved that the SEAD-OPEB contribution would be paid from existing assets of the Survivors Benefit Fund (SBF) instead of requiring payment by the employers . The contributions by SBF made on-behalf of the Authority for fiscal years 2013 were estimated to be $6 .0 thousand . There were no required employer contributions for the fiscal years ended June 30, 2015 and 2014 .

According to the policy terms covering the lives of members, insurance coverage is provided on a monthly, renewable term basis, and no return premiums or cash value are earned . The assets represent the excess accumulation of investment income and premiums over benefit payments and expenses and are held as a reserve for payment of death benefits under existing policies .

For SEAD-Active the amount of insurance coverage is equal to 18 times monthly earnable compensation frozen at age 60 . For members with no creditable service prior to April 1, 1964, the amount decreases from age 60 by a half of 1% per month until age 65 at which point the member will be covered for 70% of the age 60 coverage . Life insurance proceeds are paid in lump sum to the beneficiary upon death of the member .




(10) Lease Commitments

(11) Contingencies and Commitments on Liabilities & Violations of Finance-Related Legal or Contractual Provisions



June 30, 2015

For SEAD-OPEB the amount of insurance for a retiree with creditable service prior to April 1, 1964, is the full amount of insurance under SEAD-Active in effect on the date of retirement . The amount of insurance for a service retiree with no creditable service prior to April 1, 1964, is 70% of the amount of insurance under SEAD-Active at age 60 or at termination, if earlier . Life insurance proceeds are paid in lump sum to the beneficiary upon death of the retiree .

The Authority is obligated under certain noncancelable operating leases for office space . The following is a schedule of future minimum lease payments by year required under these leases as of June 30, 2015:

Total expenses for rental of office space for the year ended June 30, 2015 were $172,864 .

Amounts received or receivable from grant agencies are subject to audit and adjustment by grantor agencies, principally the federal government . Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds . The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the Authority expects such amounts, if any, to be immaterial .

The Authority reviews all outstanding claims and judgments to determine if any estimated liabilities should be accrued at year-end . Based on management’s past experience of the review of claims and judgments, it has been determined that there were no material claims and judgments outstanding at June 30, 2015 . In addition, management believes there were no material violations of finance-related legal or contractual provisions by the Authority during the current fiscal year .

The Authority restated ending net position as of June 30, 2014 by a reduction of $5,442,852 to implement GASB Statement No . 68, Accounting and Financial Reporting for Pensions – An Amendment of GASB

Year ending

June 30 Amount

2016 $ 425,097

2017 435,799

2018 446,728

2019 457,884

2020 469,269

2021 481,109

Total $ 2,715,886

(12) Restatement of Net Position – Government-wide Statements






June 30, 2015

Statement No. 27 . This restatement was necessary to reflect the valuation of the Authority’s proportionate share for the previous fiscal year . Under the new standard, the Authority presents its proportionate share of Net Pension Liability and significantly increased disclosures related to its cost-sharing defined benefit plan as of June 30, 2015 .


Required Supplementary

Information

Required Supplementary

Information


Required Supplementary InformationSchedule of Authority's Proportionate Share of the Net Pension Liability

Employees' Retirement System

2015Authority's proportion of the net pension liability 0 .122178%

Authority's proportionate share of the net pension liability $4,582,430

Authority's covered-employee payroll during the measurement period $2,902,532

Authority's proportionate share of the net pension liability as a percentage of its covered-employee payroll 157 .88%

Plan fiduciary net position as a percentage of the total pension liability 77 .99%

Source: Employees' Retirement System of Georgia and the Authority's Fiscal Services Division

Note: Schedule is intended to show information for the last 10 fiscal years . Additional years will be provided as data becomes available .


Required Supplementary Information

Schedule of Authority’s Proportionate Share of the Net Pension Liability

Employees’ Retirement System


Required Supplementary InformationSchedule of Authority's Proportionate Share of the Net Pension Liability

Employees' Retirement System

2015Authority's proportion of the net pension liability 0 .122178%

Authority's proportionate share of the net pension liability $4,582,430

Authority's covered-employee payroll during the measurement period $2,902,532

Authority's proportionate share of the net pension liability as a percentage of its covered-employee payroll 157 .88%

Plan fiduciary net position as a percentage of the total pension liability 77 .99%

Source: Employees' Retirement System of Georgia and the Authority's Fiscal Services Division

Note: Schedule is intended to show information for the last 10 fiscal years . Additional years will be provided as data becomes available .


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f Aut

horit

y's C

ontri

butio

nsEm

ploy

ees'

Retir

emen

t Sys

tem

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Cont

ract

ually

requ

ired

cont

ribut

ions

$679

,724

$507

,851

$424

,094

$342

,738

$330

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$329

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$317

,839

$299

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$272

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$233

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$679

,724

$507

,851

$424

,094

$342

,738

$330

,884

$329

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$317

,839

$299

,052

$272

,881

$233

,088

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13 .7

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9 .51

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8%10

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Sour

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Empl

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of G

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Notes to Required Supplementary Information

For the Year Ended June 30, 2015


Notes to Required Supplementary Information For the Year Ended June 30, 2015

Changes of assumptions: There were no changes in assumptions or benefits that affect the measurement of the total pension liability since the prior measurement date .

Method and assumptions used in calculations of actuarially determined contributions: The actuarially determined contribution rates in the schedule of contributions are calculated as of June 30, three years prior to the end of the fiscal year in which contributions are reported . The following actuarial methods and assumptions were used to determine the contractually required contributions for year ended June 30, 2015 reported in that schedule:

Valuation date June 30, 2012Actuarial cost method Entry ageAmortization method Level dollar, openRemaining amortization period 30 yearsAsset valuation method Seven-year smoothed marketInflation rate 3 .00%Salary increases 2 .725% - 4 .625% for FY 2012-2013

5 .45% - 9 .25% for FY 2014+Investment rate of return 7 .50%, net of pension plan investment

















Supplemental Section

Supplemental Section


Nonmajor Governmental Funds Special Revenue Funds


Nonmajor Governmental Funds

Special Revenue Funds

Special revenue funds are used to account for the proceeds of specific revenue sources that are legallyrestricted for specified purposes .

This fund is used to account for the Authority’s grants to other government agencies for projects working on the development of alternative sources of energy . Financing is provided through federal grants and petroleum violation fees .

This fund is used to account for the Authority’s monies from previous years required to be used in each ofthe other energy related special revenue funds . Financing is provided through interest income oninvestments held by the Authority from collections of petroleum violation fees and public utility contributions in previous years .

This fund is used to account for money awarded to recipients of funding to permanently protect land and water, or interests therein, that is undeveloped, natural state or that has been developed only to an extentthat does not interfere with its conservation value . Original funding for these types of projects will be derived from state and private contributions restricted for these purposes .

This fund is used to account for the Authority’s “set-aside” grants used for various safe drinking water projects . Financing is provided through the Federal Drinking Water capitalization grant . States may provideassistance, including technical assistance, to public water systems as part of a capacity development strategy under Section 1420 (c) of the Act . States may use up to 2% of the capitalization grant amount forthese activities . This fund accounts for technical assistance to smaller communities only .

Drinking Water SRF Small PWS Technical Assistance Fund

State Land Conservation Fund

Energy Investments Fund

State Energy Program Fund


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Nonmajor Proprietary Fund Enterprise Fund

Storage Tank Maintenance Fund


Nonmajor Proprietary Funds

Enterprise Funds

Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business enterprises – where the intent of the Authority is that the cost of providing services to thegeneral public on a continuing basis be financed or recovered primarily through user charges, or where the Authority has decided that periodic determination of net income is appropriate for accountability purposes .

The following are nonmajor enterprise funds maintained by the Authority:

This fund is used to account for activities and monies associated with collection of fees charged state agencies for the ongoing preventative maintenance of fuel storage facilities . In addition, funding passed through the Georgia State Financing and Investment Commission for the removal or upgrading of the samesuch facilities . Its revenues are derived from the direct funding as mentioned and interest earnings on investments .


Storage Tank Maintenance Fund


Combining Statement of Net Position Nonmajor Enterprise Fund

June 30, 2015


Statement of Net Position

Nonmajor Enterprise Fund

June 30, 2015

Storage Tank Assets Maintenance Fund

Current assets: Cash $ 14,350 Investments 1,158,776 Due from other governments 7,990 Total current assets 1,181,116

Total assets 1,181,116

LiabilitiesAccounts payable and accrued liabilities 36,972 Due to other funds 40,684

Total liabilities 77,656

Net PositionUnrestricted 1,103,460

Total net position $ 1,103,460



Nonmajor Enterprise Fund Statement of Revenues, Expenses, and

Change in Net Position Year ended June 30, 2015


Nonmajor Enterprise Fund

Statement of Revenues, Expenses, and Changes in Net Position

Year ended June 30, 2015

Storage Tank

Maintenance Fund

Operating Revenues:Administrative and preventative maintenance fees $ 973,725 Miscellaneous 3,490

Total operating revenues 977,215

Operating Expenses:

Storage tank maintenance programs 528,171 General and administrative 951

Total operating expenses 529,122

Operating income 448,093

Nonoperating Revenues:Interest income on investments 2,512

Total nonoperating revenues 2,512

Income before transfers 450,605 Transfers out (427,562)

Change in net position 23,043

Total net position – July 1 1,080,417

Total net position – June 30 $ 1,103,460



Statement of Cash Flows - Proprietary Fund Types -

Nonmajor Enterprise FundYear Ended June 30, 2015


Statement of Cash Flows - Proprietary Fund Types - Nonmajor Enterprise Fund

Year ended June 30, 2015

Storage TankMaintenance Fund

Cash flows from operating activities:Administrative fee payments $ 973,725 Payments to service providers (531,251) Internal activity – payments from other funds 134,543 Internal activity – payments to other funds (132,563) Miscellaneous receipts and changes in due from other governments 200

Net cash provided by operating activities 444,654 Cash flows from noncapital financing activities:

Transfers out (427,562)

Net cash used in noncapital financing activities (427,562) Cash flows from investing activities:

Interest income on investments 2,512

Net cash provided by investing activities 2,512

Net increase in cash and cash equivalents 19,604

Cash and cash equivalents at beginning of year 1,153,522

Cash and cash equivalents at end of year $ 1,173,126

Reconciliation to the statement of net position:Cash $ 14,350 Investments 1,158,776

$ 1,173,126

Reconciliation of operating income to net cash providedby operating activities:

Operating income $ 448,093 Change in assets and liabilities:

Due from other governments (3,290) Due from other funds 134,543 Due to other funds (132,563) Accrued liabilities (2,129)

Net cash provided by operating activities $ 444,654


Statistical SectionStatistical Section


Statistical SectionThis part of the Georgia Environmental Finance Authority’s comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the Authority’s overall financial health. This information has not been audited by the independent auditor.

ContentsFinancial Trends

These schedules contain trend information to help the reader understand how the Authority’s financial performance and well-being have changed over time . . . . . . . . . . . . . . . . . . . . . . . . . . 66-72

Revenue CapacityThese schedules contain information to help the reader assess the Authority’s most significant own-source revenue, interest income on loans receivable . . . . . . . . . . . . . . . . 73-75

Debt CapacityThis schedule presents information to help the reader assess the affordability of the Authority’s current levels of outstanding debt and the Authority’s ability to issue additional debt in the future . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76

Demographic and Economic InformationThis schedule offers demographic and economic indicators to help the reader understand the environment within which the Authority’s financial activities take place for its most significant programs, the environmental loan programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77

Operating InformationTheses schedules contain information about the Authority ‘s operations and resources to help the reader understand how the Authority’s financial information relates to the services the Authority provides and the activities it performs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78-80

SourcesUnless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year .


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Last

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g)

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Gove

rnm

enta

l Act

ivitie

sNe

t inve

stmen

t in ca

pital

asse

ts12

4,28

0$

47

,955

$24

,718

$35

,324

$47

,777

$20

,862

$15

,443

$13

,664

$15

,905

$10

,835

$Re

strict

ed fo

r:

Loa

n pr

ogra

ms

31,5

03,1

29

33

,348

,201

31,8

72,2

1536

,997

,885

39,7

45,5

6133

,597

,308

27,9

92,6

9029

,638

,879

31,4

26,7

6423

,468

,034

G

rant

pro

gram

s24,

432,

508

4,

907,

940

5,

231,

799

5,

347,

638

5,

505,

452

5,86

0,69

8

13,8

19,8

0427

,817

,070

10,2

01,2

305,

159,

330

Unre

strict

ed2,

920,

761

3,

286,

716

3,49

2,20

43,

324,

198

4,80

6,05

84,

881,

713

5,04

1,28

24,

282,

969

4,08

7,75

13,

960,

770

Subt

otal

Gove

rnm

enta

l Act

ivitie

s Net

Pos

ition

38,9

80,6

78$

41

,590

,812

$40

,620

,936

$45

,705

,045

$50

,104

,848

$44

,360

,581

$

46,8

69,2

19$

61,7

52,5

82$

45,7

31,6

50$

32,5

98,9

69$

Busin

ess-

type

Act

ivitie

sRe

strict

ed fo

r:

D

ebt s

ervic

e or

loan

pro

gram

s31,

512,

084,

168

$

1,44

6,69

9,23

8$

1,

383,

034,

270

$

1,25

4,22

9,70

1$

1,

154,

326,

566

$

1,52

5,47

7$

9,43

8,69

2$

13,9

49,7

04$

22

,304

,528

$

26,1

62,5

31$

Un

restr

icted

548,

714,

476

50

5,71

9,56

548

5,27

7,90

444

0,29

2,30

239

2,12

9,64

21,

802,

640,

645

1,68

5,99

9,99

91,

527,

148,

580

1,39

4,45

9,77

31,

266,

531,

453

Subt

otal

Busin

ess-

type

Act

ivitie

s Net

Pos

ition

2,06

0,79

8,64

4$

1,

952,

418,

803

$1,

868,

312,

174

$1,

694,

522,

003

$1,

546,

456,

208

$1,

804,

166,

122

$

1,69

5,43

8,69

1$

1,54

1,09

8,28

4$

1,41

6,76

4,30

1$

1,29

2,69

3,98

4$

Net P

ositi

onNe

t inve

stmen

t in ca

pital

asse

ts12

4,28

0$

47

,955

$24

,718

$35

,324

$47

,777

$20

,862

$15

,443

$13

,664

$15

,905

$10

,835

$Re

strict

ed fo

r:

Loa

n pr

ogra

ms

31,5

03,1

29

33

,348

,201

31,8

72,2

1536

,997

,885

39,7

45,5

6133

,597

,308

27,9

92,6

9029

,638

,879

31,4

26,7

6423

,468

,034

G

rant

pro

gram

s4,

432,

508

4,

907,

940

5,23

1,79

95,

347,

638

5,50

5,45

25,

860,

698

13,8

19,8

0427

,817

,070

10,2

01,2

305,

159,

330

D

ebt s

ervic

e or

loan

pro

gram

s1,

512,

084,

168

1,44

6,69

9,23

81,

383,

034,

270

1,25

4,22

9,70

11,

154,

326,

566

1,52

5,47

79,

438,

692

13,9

49,7

0422

,304

,528

26,1

62,5

31Un

restr

icted

551,

635,

237

50

9,00

6,28

148

8,77

0,10

844

3,61

6,50

039

6,93

5,70

01,

807,

522,

358

1,69

1,04

1,28

11,

531,

431,

549

1,39

8,54

7,52

41,

270,

492,

223

Tota

l Net

Pos

ition

2,09

9,77

9,32

2$

1,

994,

009,

615

$1,

908,

933,

110

$1,

740,

227,

048

$1,

596,

561,

056

$1,

848,

526,

703

$

1,74

2,30

7,91

0$

1,60

2,85

0,86

6$

1,46

2,49

5,95

1$

1,32

5,29

2,95

3$

Note

s:

2 The

signif

icant

dec

reas

es in

gra

nt p

rogr

ams n

et a

sset

s dur

ing fis

cal y

ear 2

009

and

2010

wer

e lar

gely

due

to th

e La

nd C

onse

rvat

ion g

rant

pro

gram

's he

avy u

tiliza

tion

of p

rior y

ear r

emain

ing fu

nds h

eld in

inve

stmen

ts .

Thes

e fu

nds w

ere

used

to co

ver p

rogr

am co

sts u

nfun

ded

by cu

rrent

year

Sta

te o

f Geo

rgia

appr

opria

tions

.

GEOR

GIA

ENVI

RONM

ENTA

L FI

NANC

E AU

THOR

ITY

1 Acco

untin

g sta

ndar

ds re

quire

that

net

pos

ition

be re

porte

d in

thre

e co

mpo

nent

s in

the

finan

cial s

tate

men

ts: n

et in

vestm

ent in

capit

al as

sets;

restr

icted

; and

unr

estri

cted .

Net

pos

ition

is co

nside

red

restr

icted

only

whe

n (1

) an

exte

rnal

party

, suc

h as

the

Stat

e of

Geo

rgia

or th

e fe

dera

l gov

ernm

ent,

place

s a re

strict

ion

on h

ow th

e re

sour

ces m

ay b

e us

ed, o

r (2)

ena

bling

legis

lation

is p

asse

d by

the

Auth

ority

.

(acc

rual

basis

of a

ccou

nting

)La

st Te

n Fi

scal

Year

sGo

vern

men

t-wide

Net

Pos

ition

by C

ateg

ory1

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Gove

rnm

enta

l Act

ivitie

sNe

t inve

stmen

t in ca

pital

asse

ts12

4,28

0$

47

,955

$24

,718

$35

,324

$47

,777

$20

,862

$15

,443

$13

,664

$15

,905

$10

,835

$Re

strict

ed fo

r:

Loa

n pr

ogra

ms

31,5

03,1

29

33

,348

,201

31,8

72,2

1536

,997

,885

39,7

45,5

6133

,597

,308

27,9

92,6

9029

,638

,879

31,4

26,7

6423

,468

,034

G

rant

pro

gram

s24,

432,

508

4,

907,

940

5,

231,

799

5,

347,

638

5,

505,

452

5,86

0,69

8

13,8

19,8

0427

,817

,070

10,2

01,2

305,

159,

330

Unre

strict

ed2,

920,

761

3,

286,

716

3,49

2,20

43,

324,

198

4,80

6,05

84,

881,

713

5,04

1,28

24,

282,

969

4,08

7,75

13,

960,

770

Subt

otal

Gove

rnm

enta

l Act

ivitie

s Net

Pos

ition

38,9

80,6

78$

41

,590

,812

$40

,620

,936

$45

,705

,045

$50

,104

,848

$44

,360

,581

$

46,8

69,2

19$

61,7

52,5

82$

45,7

31,6

50$

32,5

98,9

69$

Busin

ess-

type

Act

ivitie

sRe

strict

ed fo

r:

D

ebt s

ervic

e or

loan

pro

gram

s31,

512,

084,

168

$

1,44

6,69

9,23

8$

1,

383,

034,

270

$

1,25

4,22

9,70

1$

1,

154,

326,

566

$

1,52

5,47

7$

9,43

8,69

2$

13,9

49,7

04$

22

,304

,528

$

26,1

62,5

31$

Un

restr

icted

548,

714,

476

50

5,71

9,56

548

5,27

7,90

444

0,29

2,30

239

2,12

9,64

21,

802,

640,

645

1,68

5,99

9,99

91,

527,

148,

580

1,39

4,45

9,77

31,

266,

531,

453

Subt

otal

Busin

ess-

type

Act

ivitie

s Net

Pos

ition

2,06

0,79

8,64

4$

1,

952,

418,

803

$1,

868,

312,

174

$1,

694,

522,

003

$1,

546,

456,

208

$1,

804,

166,

122

$

1,69

5,43

8,69

1$

1,54

1,09

8,28

4$

1,41

6,76

4,30

1$

1,29

2,69

3,98

4$

Net P

ositi

onNe

t inve

stmen

t in ca

pital

asse

ts12

4,28

0$

47

,955

$24

,718

$35

,324

$47

,777

$20

,862

$15

,443

$13

,664

$15

,905

$10

,835

$Re

strict

ed fo

r:

Loa

n pr

ogra

ms

31,5

03,1

29

33

,348

,201

31,8

72,2

1536

,997

,885

39,7

45,5

6133

,597

,308

27,9

92,6

9029

,638

,879

31,4

26,7

6423

,468

,034

G

rant

pro

gram

s4,

432,

508

4,

907,

940

5,23

1,79

95,

347,

638

5,50

5,45

25,

860,

698

13,8

19,8

0427

,817

,070

10,2

01,2

305,

159,

330

D

ebt s

ervic

e or

loan

pro

gram

s1,

512,

084,

168

1,44

6,69

9,23

81,

383,

034,

270

1,25

4,22

9,70

11,

154,

326,

566

1,52

5,47

79,

438,

692

13,9

49,7

0422

,304

,528

26,1

62,5

31Un

restr

icted

551,

635,

237

50

9,00

6,28

148

8,77

0,10

844

3,61

6,50

039

6,93

5,70

01,

807,

522,

358

1,69

1,04

1,28

11,

531,

431,

549

1,39

8,54

7,52

41,

270,

492,

223

Tota

l Net

Pos

ition

2,09

9,77

9,32

2$

1,

994,

009,

615

$1,

908,

933,

110

$1,

740,

227,

048

$1,

596,

561,

056

$1,

848,

526,

703

$

1,74

2,30

7,91

0$

1,60

2,85

0,86

6$

1,46

2,49

5,95

1$

1,32

5,29

2,95

3$

Note

s:

2 The

signif

icant

dec

reas

es in

gra

nt p

rogr

ams n

et a

sset

s dur

ing fis

cal y

ear 2

009

and

2010

wer

e lar

gely

due

to th

e La

nd C

onse

rvat

ion g

rant

pro

gram

's he

avy u

tiliza

tion

of p

rior y

ear r

emain

ing fu

nds h

eld in

inve

stmen

ts .

Thes

e fu

nds w

ere

used

to co

ver p

rogr

am co

sts u

nfun

ded

by cu

rrent

year

Sta

te o

f Geo

rgia

appr

opria

tions

.

GEOR

GIA

ENVI

RONM

ENTA

L FI

NANC

E AU

THOR

ITY

1 Acco

untin

g sta

ndar

ds re

quire

that

net

pos

ition

be re

porte

d in

thre

e co

mpo

nent

s in

the

finan

cial s

tate

men

ts: n

et in

vestm

ent in

capit

al as

sets;

restr

icted

; and

unr

estri

cted .

Net

pos

ition

is co

nside

red

restr

icted

only

whe

n (1

) an

exte

rnal

party

, suc

h as

the

Stat

e of

Geo

rgia

or th

e fe

dera

l gov

ernm

ent,

place

s a re

strict

ion

on h

ow th

e re

sour

ces m

ay b

e us

ed, o

r (2)

ena

bling

legis

lation

is p

asse

d by

the

Auth

ority

.

(acc

rual

basis

of a

ccou

nting

)La

st Te

n Fi

scal

Year

sGo

vern

men

t-wide

Net

Pos

ition

by C

ateg

ory1


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Go

ve

rnm

en

t-w

ide

Exp

en

ses,

Pro

gra

m R

eve

nu

es,

an

d N

et

(Exp

en

se)/

Reve

nu

e b

y F

un

cti

on

/Pro

gra

mL

ast

Te

n F

iscal

Ye

ars

(accru

al b

asi

s o

f acco

un

tin

g)

Con

tinue

d

2015

2014

2013

2012

2011

Expe

nses

Prog

ramRe

venu

es

Net (E

xpen

se)/

Reve

nue1

Expe

nses

Prog

ramRe

venu

es

Net (E

xpen

se)/

Reve

nue1

Expe

nses

Prog

ramRe

venu

es

Net (E

xpen

se)/

Reve

nue1

Expe

nses

Prog

ramRe

venu

es

Net (E

xpen

se)/

Reve

nue1

Expe

nses

Prog

ramRe

venu

es

Net (E

xpen

se)/

Reve

nue1

Func

tions

/Prog

rams

Gove

rnme

ntal A

ctivit

iesGe

neral

Gov

ernme

nt6,5

99,85

7$

11,62

4,663

$

5,0

24,80

6$

7,170

,623

$13

,490,0

23$

6,319

,400

$9,0

05,07

3$

14,93

4,860

$5,9

29,78

7$

9,0

22,95

9$

19,45

8,277

$10

,435,3

18$

11,76

3,760

$8,1

87,69

3$

(3,57

6,067

)$

Water

and w

astew

ater p

rogram

s27,0

74,32

36,0

13,71

8(1,

060,6

05)

6,914

,660

6,306

,689

(607,9

71)

8,496

,123

5,827

,054

(2,66

9,069

)8,7

99,18

46,9

50,32

5(1,

848,8

59)

12,38

2,414

28,57

5,001

16,19

2,587

Solid

was

te an

d env

ironm

ental

prog

rams

- -

--

--

--

--

--

1,680

1,680

-

Land

cons

ervati

on pr

ogram

s361

,563

50,76

5(10

,798)

8,665

54,78

946

,124

41,73

339

,251

(2,48

2)59

,061

55,90

9(3,

152)

60,21

286

,321

26,10

9

Energ

y prog

rams8

8,069

,083

7,634

,157

(434,9

26)

7,368

,927

7,063

,716

(305,2

11)

18,32

2,583

18,23

2,444

(90,13

9)91

,335,7

5591

,025,5

43(31

0,212

)10

9,506

,743

108,7

04,97

0(80

1,773

)

Intere

st on

long

-term

debt6

-

-

-

-

-

-

-

-

-

78

-

(78)

619

-

(619)

Subto

tal G

overn

menta

l Acti

vities

521

,804,8

2625

,323,3

033,5

18,47

721

,462,8

7526

,915,2

175,4

52,34

235

,865,5

1239

,033,6

093,1

68,09

710

9,217

,037

117,4

90,05

48,2

73,01

713

3,715

,428

145,5

55,66

511

,840,2

37

Busin

ess-t

ype A

ctivit

iesWa

ter an

d was

tewate

r prog

rams8

6,561

,895

6,561

,895

-

5,3

92,43

15,3

92,43

1-

8,437

,183

8,437

,183

-

13

,768,9

4413

,768,9

44-

31,43

5,363

24,58

6,564

(6,84

8,799

)

Storag

e tan

k main

tenan

ce pr

ogram

s752

8,171

976,2

3744

8,066

59

1,872

999,0

4640

7,174

80

0,089

1,000

,451

200,3

62

1,357

,477

1,224

,663

(132,8

14)

1,232

,599

1,951

,923

719,3

24

Loan

activ

ities4

379,2

2910

7,530

,161

107,1

50,93

241

1,274

79,54

5,992

79,13

4,718

348,4

6316

5,431

,763

165,0

83,30

069

7,685

135,7

57,91

613

5,060

,231

2,319

,969

113,6

04,02

611

1,284

,057

Subto

tal B

usine

ss-ty

pe A

ctivit

ies5

7,469

,295

115,0

68,29

310

7,598

,998

6,395

,577

85,93

7,469

79,54

1,892

9,585

,735

174,8

69,39

716

5,283

,662

15,82

4,106

150,7

51,52

313

4,927

,417

34,98

7,931

140,1

42,51

310

5,154

,582

Total

Gov

ernme

ntal a

nd B

usine

ss-ty

pe A

ctivit

ies29

,274,1

21$

140,3

91,59

6$

111,1

17,47

5$

27,85

8,452

$11

2,852

,686

$84

,994,2

34$

45,45

1,247

$21

3,903

,006

$16

8,451

,759

$

12

5,041

,143

$26

8,241

,577

$14

3,200

,434

$16

8,703

,359

$28

5,698

,178

$11

6,994

,819

$

Gove

rnmen

t-wide

Expe

nses

, Prog

ram R

even

ues,

and

GEOR

GIA

ENVIR

ONME

NTAL

FINA

NCE A

UTHO

RITY

(accru

al ba

sis of

acco

untin

g)La

st Te

n Fisc

al Ye

arsNe

t (Exp

ense

)/Rev

enue

by Fu

nctio

n/Prog

ram


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Go

ve

rnm

en

t-w

ide

Exp

en

ses,

Pro

gra

m R

eve

nu

es,

an

d N

et

(Exp

en

se)/

Reve

nu

e b

y F

un

cti

on

/Pro

gra

mL

ast

Te

n F

iscal

Ye

ars

(accru

al b

asi

s o

f acco

un

tin

g)

Not

es:

1 Net

(exp

ense

)/rev

enue

is th

e di

ffere

nce

betw

een

the

expe

nses

and

pro

gram

reve

nues

of a

func

tion

or p

rogr

am .

It in

dica

tes

the

degr

ee to

whi

ch a

func

tion

or p

rogr

am s

uppo

rts it

self

with

its

own

fees

and

gra

nts

vers

us it

s re

lianc

e up

on fu

ndin

g fro

m g

ener

al re

venu

es o

r oth

er s

ourc

es .

Num

bers

in p

aren

thes

is a

re n

et e

xpen

ses,

indi

catin

g th

at e

xpen

ses

wer

e gr

eate

r tha

n pr

ogra

m re

venu

es a

nd th

eref

ore

gene

ral r

even

ues

wer

e ne

eded

to fi

nanc

e th

at fu

nctio

n or

pro

gram

.2 Th

e ra

ther

larg

e ch

ange

in n

et (e

xpen

se)/r

even

ue w

hich

occ

urre

d in

200

6 ca

n be

exp

lain

ed b

y no

rece

ipt o

f con

tribu

tions

from

the

Stat

e of

Geo

rgia

.3 Th

e Au

thor

ity d

id n

ot in

cur a

ny c

osts

ass

ocia

ted

with

land

con

serv

atio

n pr

ogra

ms

othe

r tha

n ge

nera

l and

adm

inis

trativ

e fe

es in

curre

d in

FY

2006

unt

il FY

2007

, in

whi

ch th

ree

proj

ect r

ecip

ient

s re

ceiv

ed g

rant

fund

ing .

In F

Y 20

09, t

he S

tate

of G

eorg

ia d

id n

ot a

ppro

pria

te fu

ndin

g to

the

prog

ram

. Int

eres

t ear

ning

s on

inve

stm

ents

and

don

atio

ns fr

om th

e pu

blic

wer

e th

e so

urce

s of

reve

nue .

Cur

rent

yea

r pro

gram

exp

endi

ture

s w

ere

fund

with

prio

r yea

r rem

aini

ng fu

nds .

4 The

fluct

uatio

ns in

net

(exp

ense

)/rev

enue

is a

ttrib

uted

to v

aria

tions

in in

tere

st e

arni

ngs

rate

exp

erie

nced

ove

r the

pas

t thr

ee y

ears

, rec

eipt

(non

-rece

ipt)

of c

ontri

butio

ns fr

om e

xter

nal f

unde

rs a

nd c

hang

es in

exp

ense

act

ivity

leve

ls fo

r sup

porte

d pr

ogra

ms

5 Prog

ram

reve

nues

for g

over

nmen

tal a

ctiv

ities

exp

erie

nced

an

incr

ease

ove

r 200

6 pr

imar

ily d

ue to

fund

ing

prov

ided

by

the

Stat

e of

Geo

rgia

in 2

007,

mor

e sp

ecifi

cally

in a

ssoc

iatio

n w

ith th

e la

nd c

onse

rvat

ion

prog

ram

s . P

rogr

am re

venu

es fo

r bus

ines

s-ty

pe a

ctiv

ities

exp

erie

nced

a

decr

ease

from

200

6 pr

imar

ily d

ue to

a re

duct

ion

in fe

dera

l gra

nt d

olla

rs to

cap

italiz

e th

e fe

dera

l loa

n pr

ogra

m6 Th

e Au

thor

ity e

nter

ed in

to a

com

pute

r fin

anci

ng a

gree

men

t in

fisca

l yea

r 200

8 an

d th

us, i

ncur

red

inte

rest

exp

ense

on

thos

e le

ases

. Bec

ause

the

gove

rnm

enta

l fun

ds is

bas

ed o

n cu

rrent

reso

urce

s at

the

gove

rnm

ent-w

ide

leve

l, in

tere

st e

xpen

se is

repo

rted

sepa

rate

ly to

dis

tingu

ish

that

th

ere

is a

fina

ncin

g ag

reem

ent (

long

-term

) .7 In

FY

2009

, the

Aut

horit

y en

tere

d in

to a

n in

terg

over

nmen

tal a

gree

men

t with

the

Geo

rgia

Bui

ldin

g Au

thor

ity (G

BA) a

nd th

e G

eorg

ia S

tate

Fin

anci

ng a

nd In

vest

men

t Com

mis

sion

(GSF

IC) t

o un

derta

ke fu

ll m

anag

emen

t of t

he i

nsta

llatio

n, re

nova

tion,

rem

oval

, and

rem

edia

tion

of s

elec

ted

unde

rgro

und

and

abov

e-gr

ound

fuel

sto

rage

tank

s . T

he G

ener

al A

ssem

bly

iden

tifie

d G

BA a

s th

e us

er a

genc

y fo

r the

Bon

d Pr

ocee

ds, w

ho a

utho

rized

GSF

IC a

dmin

iste

r the

Bon

d Pr

ocee

ds fo

r the

se p

roje

cts,

and

mak

e su

ch p

roce

eds

avai

labl

e to

the

Auth

ority

in a

ccor

danc

e w

ith G

EFA’

s fu

ll m

anag

emen

t of t

hese

pro

ject

s . T

he A

utho

rity

esta

blis

hed

The

Stor

age

Mai

nten

ance

Fun

Fun

d to

acc

ount

sep

arat

ely

for t

he re

ceip

t of t

he p

ass-

thro

ugh

of b

ond

proc

eeds

from

GSF

IC, a

s w

ell a

s to

acc

ount

for o

ther

rela

ted

Stor

age

Tank

Mai

nten

ance

pro

gram

8 In F

Y 20

10, t

he E

nerg

y an

d W

ater

pro

gram

s ex

perie

nced

a s

igni

fican

t inc

reas

e in

exp

endi

ture

s du

e to

new

act

ivity

and

/or e

xpan

ded

activ

ities

usi

ng fu

nds

awar

ded

unde

r the

Am

eric

an R

ecov

ery

and

Rei

nves

tmen

t Act

of 2

009

(AR

RA)

. In

addi

tion

to e

xpan

ding

the

Wea

ther

izat

ion

and

SRF

loan

pro

gram

s, A

RR

A fu

ndin

g al

so p

rovi

ded

prin

cipa

l for

give

ness

sub

sidi

es fo

r the

SR

F lo

an p

rogr

ams

and

thus

a la

rge

incr

ease

in e

xpen

ditu

res

and

the

crea

tion

of fo

new

Ene

rgy

prog

ram

s .

Gov

ernm

ent-w

ide

Expe

nses

, Pro

gram

Rev

enue

s, a

nd

GEO

RG

IA E

NVI

RO

NM

ENTA

L FI

NA

NC

E A

UTH

OR

ITY

(acc

rual

bas

is o

f acc

ount

ing)

Last

Ten

Fis

cal Y

ears

Net

(Exp

ense

)/Rev

enue

by

Func

tion/

Prog

ram

2010

2009

2008

2007

2006

Expe

nses

Prog

ram

Rev

enue

s

Net

(Exp

ense

)/

Rev

enue

1Ex

pens

esPr

ogra

mR

even

ues

Net

(Exp

ense

)/

Rev

enue

1Ex

pens

esPr

ogra

mR

even

ues

Net

(Exp

ense

)/

Rev

enue

1Ex

pens

esPr

ogra

mR

even

ues

Net

(Exp

ense

)/

Rev

enue

1Ex

pens

esPr

ogra

mR

even

ues

Net

(Exp

ense

)/

Rev

enue

1

Func

tions

/Pro

gram

s

Gov

ernm

enta

l Act

iviti

esG

ener

al G

over

nmen

t9,

647,

658

$

6,20

4,58

2$

(3,4

43,0

76)

$6,

014,

492

$1,

682,

237

$(4

,332

,255

)$

6,00

3,70

9$

2,67

8,31

8$

(3,3

25,3

91)

$

5,

385,

017

$2,

642,

634

$(2

,742

,383

)$

4,59

4,23

6$

4,16

8,23

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(426

,000

)$

Wat

er a

nd w

aste

wat

er p

rogr

ams2

10,6

46,0

7920

,225

,973

9,57

9,89

411

,835

,092

18,6

56,1

826,

821,

090

6,29

7,01

717

,226

,904

10,9

29,8

875,

488,

630

19,3

90,0

9513

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4,81

7,93

915

,369

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10,5

51,7

84So

lid w

aste

and

env

ironm

enta

l pro

gram

s26

7,03

014

5,73

8(1

21,2

92)

109,

032

109,

032

-15

3,07

815

3,07

8-

145,

153

145,

153

-1,

227,

420

173,

570

(1,0

53,8

50)

Land

con

serv

atio

n pr

ogra

ms3

6,65

1,89

261

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(6,5

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41)

12,6

54,1

9226

5,43

2(1

2,38

8,76

0)32

,363

,754

48,0

78,9

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,715

,187

892,

032

5,22

2,73

64,

330,

704

-

-

-

Ener

gy p

rogr

ams8

41,9

19,1

9841

,575

,413

(343

,785

)15

,745

,495

16,9

71,6

091,

226,

114

15,4

09,8

8716

,888

,490

1,47

8,60

316

,117

,451

17,9

04,7

241,

787,

273

14,9

63,9

7316

,768

,273

1,80

4,30

0

Inte

rest

on

long

-term

deb

t61,

995

-

(1,9

95)

2,68

6-

(2

,686

)2,

442

-

(2,4

42)

-

-

-

-

-

-

Subt

otal

Gov

ernm

enta

l Act

iviti

es5

69,1

33,8

5268

,213

,257

(920

,595

)46

,360

,989

37,6

84,4

92(8

,676

,497

)60

,229

,887

85,0

25,7

3124

,795

,844

28,0

28,2

8345

,305

,342

17,2

77,0

5925

,603

,568

36,4

79,8

0210

,876

,234

Bus

ines

s-ty

pe A

ctiv

ities

Wat

er a

nd w

aste

wat

er p

rogr

ams

59,2

86,9

704,

010,

035

(55,

276,

935)

1,97

7,94

91,

977,

949

-2,

329,

243

2,32

9,24

3-

1,90

9,26

41,

909,

264

-1,

741,

197

1,74

1,19

7-

Stor

age

tank

mai

nten

ance

pro

gram

s72,

135,

141

2,55

9,75

742

4,61

6

3,

154,

265

3,68

2,05

552

7,79

0 .00

-

-

-

-

-

-

-

-

-

Loan

act

iviti

es5

2,18

8,78

016

3,95

2,69

516

1,76

3,91

51,

330,

038

146,

760,

065

145,

430,

027

1,63

6,29

411

4,98

8,18

111

3,35

1,88

71,

959,

268

120,

023,

392

118,

064,

124

2,25

9,75

214

9,08

8,11

114

6,82

8,35

9

Subt

otal

Bus

ines

s-ty

pe A

ctiv

ities

563

,610

,891

170,

522,

487

106,

911,

596

6,46

2,25

215

2,42

0,06

914

5,95

7,81

73,

965,

537

117,

317,

424

113,

351,

887

3,86

8,53

212

1,93

2,65

611

8,06

4,12

44,

000,

949

150,

829,

308

146,

828,

359

Tota

l Gov

ernm

enta

l and

Bus

ines

s-ty

pe A

ctiv

ities

132,

744,

743

$

23

8,73

5,74

4$

10

5,99

1,00

1$

52,8

23,2

41$

190,

104,

561

$13

7,28

1,32

0$

64,1

95,4

24$

202,

343,

155

$13

8,14

7,73

1$

31

,896

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$16

7,23

7,99

8$

135,

341,

183

$29

,604

,517

$18

7,30

9,11

0$

157,

704,

593

$

Not

es:

finan

ce th

at fu

nctio

n or

pro

gram

.

2 The

rath

er la

rge

chan

ge in

net

(exp

ense

)/rev

enue

whi

ch o

ccur

red

in 2

006

can

be e

xpla

ined

by

no re

ceip

t of c

ontri

butio

ns fr

om th

e St

ate

of G

eorg

ia .

3 The

Auth

ority

did

not

incu

r any

cos

ts a

ssoc

iate

d w

ith la

nd c

onse

rvat

ion

prog

ram

s ot

her t

han

gene

ral a

nd a

dmin

istra

tive

fees

incu

rred

in F

Y 20

06 u

ntil

FY20

07, i

n w

hich

thre

e pr

ojec

t rec

ipie

nts

rece

ived

gra

nt fu

ndin

g .In

FY

2009

, the

Sta

te o

f Geo

rgia

did

not

app

ropr

iate

fund

ing

to th

e pr

ogra

m . I

nter

est e

arni

ngs

on in

vest

men

ts a

nd d

onat

ions

from

the

publ

ic w

ere

the

sour

ces

of re

venu

e . C

urre

nt y

ear p

rogr

am e

xpen

ditu

res

wer

e fu

ndw

ith p

rior y

ear r

emai

ning

fund

s .

4 The

fluct

uatio

ns in

net

(exp

ense

)/rev

enue

is a

ttrib

uted

to v

aria

tions

in in

tere

st e

arni

ngs

rate

exp

erie

nced

ove

r the

pas

t thr

ee y

ears

, rec

eipt

(non

-rece

ipt)

of c

ontri

butio

ns fr

om e

xter

nal f

unde

rs a

nd c

hang

es in

exp

ense

activ

ity le

vels

for s

uppo

rted

prog

ram

s

5 Prog

ram

reve

nues

for g

over

nmen

tal a

ctiv

ities

exp

erie

nced

an

incr

ease

ove

r 200

6 pr

imar

ily d

ue to

fund

ing

prov

ided

by

the

Stat

e of

Geo

rgia

in 2

007,

mor

e sp

ecifi

cally

in a

ssoc

iatio

n w

ith th

e la

nd c

onse

rvat

ion

prog

ram

s .

Prog

ram

reve

nues

for b

usin

ess-

type

act

iviti

es e

xper

ienc

ed a

dec

reas

e fro

m 2

006

prim

arily

due

to a

redu

ctio

n in

fede

ral g

rant

dol

lars

to c

apita

lize

the

fede

ral l

oan

prog

ram

6 The

Auth

ority

ent

ered

into

a c

ompu

ter f

inan

cing

agr

eem

ent i

n fis

cal y

ear 2

008

and

thus

, inc

urre

d in

tere

st e

xpen

se o

n th

ose

leas

es . B

ecau

se th

e go

vern

men

tal f

unds

is b

ased

on

curre

nt re

sour

ces

at th

e go

vern

men

t-wid

ele

vel,

inte

rest

exp

ense

is re

porte

d se

para

tely

to d

istin

guis

h th

at th

ere

is a

fina

ncin

g ag

reem

ent (

long

-term

) .

7 In F

Y 20

09, t

he A

utho

rity

ente

red

into

an

inte

rgov

ernm

enta

l agr

eem

ent w

ith th

e G

eorg

ia B

uild

ing

Auth

ority

(GBA

) and

the

Geo

rgia

Sta

te F

inan

cing

and

Inve

stm

ent C

omm

issi

on (G

SFIC

) to

unde

rtake

full

man

agem

ent o

f the

inst

alla

tion,

reno

vatio

n, re

mov

al, a

nd re

med

iatio

n of

sel

ecte

d un

derg

roun

d an

d ab

ove-

grou

nd fu

el s

tora

ge ta

nks .

The

Gen

eral

Ass

embl

y id

entif

ied

GBA

as

the

user

age

ncy

for t

he B

ond

Proc

eeds

, who

aut

horiz

ed G

SFIC

adm

inis

ter t

he B

ond

Proc

eeds

for t

hese

pro

ject

s, a

nd m

ake

such

pro

ceed

s av

aila

ble

to th

e Au

thor

ity in

acc

orda

nce

with

GEF

A's

full

man

agem

ent o

f the

se p

roje

cts .

The

Aut

horit

y es

tabl

ishe

d Th

e St

orag

e M

aint

enan

ce F

unFu

nd to

acc

ount

sep

arat

ely

for t

he re

ceip

t of t

he p

ass-

thro

ugh

of b

ond

proc

eeds

from

GSF

IC, a

s w

ell a

s to

acc

ount

for o

ther

rela

ted

Stor

age

Tank

Mai

nten

ance

pro

gram

8 In F

Y 20

10, t

he E

nerg

y an

d W

ater

pro

gram

s ex

perie

nced

a s

igni

fican

t inc

reas

e in

exp

endi

ture

s du

e to

new

act

ivity

and

/or e

xpan

ded

activ

ities

usi

ng fu

nds

awar

ded

unde

r the

Am

eric

an R

ecov

ery

and

Rei

nves

tmen

t Act

of 2

009

(AR

RA)

.In

add

ition

to e

xpan

ding

the

Wea

ther

izat

ion

and

SRF

loan

pro

gram

s, A

RR

A fu

ndin

g al

so p

rovi

ded

prin

cipa

l for

give

ness

sub

sidi

es fo

r the

SR

F lo

an p

rogr

ams

and

thus

a la

rge

incr

ease

in e

xpen

ditu

res

and

the

crea

tion

of fo

new

Ene

rgy

prog

ram

s .

1 Net

(exp

ense

)/rev

enue

is th

e di

ffere

nce

betw

een

the

expe

nses

and

pro

gram

reve

nues

of a

func

tion

or p

rogr

am .

It in

dica

tes

the

degr

ee to

whi

ch a

func

tion

or p

rogr

am s

uppo

rts it

self

with

its

own

fees

and

gra

nts

vers

us it

s re

lianc

e up

on fu

ndin

g fro

m g

ener

al re

venu

es o

r oth

er s

ourc

es .

Num

bers

in p

aren

thes

is a

re n

et

expe

nses

, ind

icat

ing

that

exp

ense

s w

ere

grea

ter t

han

prog

ram

reve

nues

and

ther

efor

e ge

nera

l rev

enue

s w

ere

need

ed to


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Go

ve

rnm

en

t-w

ide

Ge

ne

ral

Reve

nu

es

an

d

Oth

er

Ch

an

ge

s in

Ne

t P

osi

tio

n

Last

Te

n F

iscal

Ye

ars

(accru

al b

asi

s o

f acco

un

tin

g)

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Net (

Expe

nse)

, Tot

al G

over

nmen

tal a

nd B

usin

ess-

type

Act

iviti

esG

over

nmen

tal a

ctivi

ties

3,51

8,47

7$

5,45

2,34

2$

3,16

8,09

7$

8,27

3,01

7$

11,8

40,2

36$

(9

20,5

95)

$

8,

676,

497

$

24

,795

,844

$

17,2

77,0

59$

10

,876

,234

$

Busin

ess-

type

act

ivitie

s10

7,59

8,99

879

,541

,892

165,

283,

662

134,

927,

417

105,

154,

580

106,

911,

596

145,

957,

817

113,

351,

887

118,

064,

124

146,

828,

359

Tota

l Gov

ernm

enta

l and

Bus

ines

s-ty

pe A

ctiv

ities

111,

117,

475

84,9

94,2

3416

8,45

1,75

914

3,20

0,43

411

6,99

4,81

610

5,99

1,00

115

4,63

4,31

413

8,14

7,73

113

5,34

1,18

315

7,70

4,59

3

Gen

eral

reve

nues

and

oth

er c

hang

es in

net

pos

ition

Gov

ernm

enta

l Act

iviti

es:

Unre

stric

ted

inve

stm

ent e

arni

ngs

68,8

5354

,419

65,9

1268

,914

93,0

1810

6,24

61,

089,

789

1,93

6,27

01,

596,

127

527,

311

Misc

ella

neou

s3,

862

12,7

6826

,621

32,9

2217

,338

12,7

6471

,477

266,

210

243,

588

170,

541

Tran

sfer

s to

bus

ines

s-ty

pe a

ctivi

ties1

(758

,474

)(4

,549

,653

)(8

,344

,739

)(1

2,77

4,65

6)(6

,206

,325

)(1

,707

,053

)(7

,368

,132

)(1

0,97

7,39

2)(5

,984

,093

)(5

,436

,695

)

Subt

otal

Gov

ernm

enta

l Act

iviti

es(6

85,7

59)

(4,4

82,4

66)

(8,2

52,2

06)

(12,

672,

820)

(6,0

95,9

69)

(1,5

88,0

43)

(6,2

06,8

66)

(8,7

74,9

12)

(4,1

44,3

78)

(4,7

38,8

43)

Busi

ness

-type

Act

iviti

es:

Misc

ella

neou

s22

,369

15,0

8416

1,77

036

3,72

225

,409

108,

782

1,01

4,45

84,

704

22,1

0070

,031

Spec

ial it

ems2

-

-

-

-

(369

,096

,228

)-

-

-

-

-

Tran

sfer

s fro

m g

over

nmen

tal a

ctivi

ties

758,

474

4,54

9,65

38,

344,

739

12,7

74,6

566,

206,

325

1,70

7,05

37,

368,

132

10,9

77,3

925,

984,

093

5,43

6,69

5

Subt

otal

Bus

ines

s-ty

pe A

ctiv

ities

780,

843

4,56

4,73

78,

506,

509

13,1

38,3

78(3

62,8

64,4

94)

1,81

5,83

58,

382,

590

10,9

82,0

966,

006,

193

5,50

6,72

6

Chan

ges

in N

et P

ositi

onG

over

nmen

tal a

ctivi

ties

2,83

2,71

896

9,87

6(5

,084

,109

)(4

,399

,803

)5,

744,

267

(2,5

08,6

38)

(14,

883,

363)

16,0

20,9

3213

,132

,681

6,13

7,39

1

Busin

ess-

type

act

ivitie

s210

8,37

9,84

184

,106

,629

173,

790,

171

148,

065,

795

(257

,709

,914

)10

8,72

7,43

115

4,34

0,40

712

4,33

3,98

312

4,07

0,31

715

2,33

5,08

5

Tota

l Cha

nges

in N

et P

ositi

on11

1,21

2,55

9$

85,0

76,5

05$

168,

706,

062

$14

3,66

5,99

2$

(251

,965

,647

)$

106,

218,

793

$13

9,45

7,04

4$

140,

354,

915

$13

7,20

2,99

8$

158,

472,

476

$

Note

s:

1 Tran

sfer

s to

bus

ines

s-ty

pe a

ctivi

ties

is hi

ghly

drive

n by

act

ivity

of c

onst

ruct

ion

loan

pro

ject

s . T

here

fore

, on

a ye

ar-to

-yea

r bas

is flu

ctua

tions

in a

mou

nts

may

occ

ur .

2 The

Auth

ority

pro

vided

a p

lann

ed o

ne-ti

me

retu

rn o

f cap

ital t

o th

e St

ate

of G

eorg

ia's

treas

ury

offic

e . I

t is

not e

xpec

ted

that

this

will h

appe

n ag

ain

in th

e ne

ar fu

ture

. In

add

ition,

the

Auth

ority

sol

da

porti

on o

f its

loan

s re

ceiva

ble

from

the

Geo

rgia

Fun

d to

its

subs

idia

ry c

orpo

ratio

n, T

he G

eorg

ia E

nviro

nmen

tal L

oan

Acqu

isitio

n Co

rpor

atio

n, a

t a n

et lo

ss .

Both

of t

hese

fact

ors

cont

ribut

ed to

the

larg

e ch

ange

in n

et p

ositio

n fo

r bus

ines

s-ty

pe a

ctivi

ties .

(acc

rual

bas

is of

acc

ount

ing)

Last

Ten

Fisc

al Y

ears

Gov

ernm

ent-w

ide

Gen

eral

Rev

enue

s an

d O

ther

Cha

nges

in N

et P

ositio

nG

EORG

IA E

NVIR

ONM

ENTA

L FI

NANC

E AU

THO

RITY


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Fu

nd

Bala

nce

s, G

ove

rnm

en

tal

Fu

nd

sL

ast

Te

n F

iscal

Ye

ars

(mo

difi

ed

accru

al b

asi

s o

f acco

un

tin

g)

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Gene

ral F

und

Nons

pend

able

for p

repa

id it

ems

-$

-$

-$

-$

-$

6,

624

$-

$-

$-

$-

$

Rest

ricte

d fo

r loa

n pr

ogra

ms

5,08

3,09

6

4,91

5,25

1

4,37

2,36

0

8,92

7,35

5

11,6

39,7

38

3,

959,

426

79

0,10

8

3,

763,

135

9,

137,

096

3,

512,

710

Rest

ricte

d fo

r gra

nt p

rogr

ams

-

-

25,4

45

10

0,00

0

18

0,72

2

33

2,34

0

1,

503,

649

2,

598,

404

89

2,62

5

96

5,53

9

Un

assig

ned

8,43

4,20

8

3,85

1,77

83,

851,

778

3,82

8,46

65,

362,

428

5,32

8,65

85,

477,

280

4,67

9,80

44,

382,

305

4,20

8,60

4

Tota

l gen

eral

fund

bal

ance

113

,517

,304

$

8,76

7,02

9$

8,24

9,58

3$

12,8

55,8

21$

17

,182

,888

$

9,62

7,04

8$

7,77

1,03

7$

11,0

41,3

43$

14

,412

,026

$

8,68

6,85

3$

Stat

e La

nd C

onse

rvat

ion

Fund

Rest

ricte

d fo

r gra

nt p

rogr

ams

-$

-

$

-$

-

$

-$

-

$

7,88

9,04

9$

20,1

81,8

11$

-

$

-$

To

tal s

tate

land

con

serv

atio

n fu

nd b

alan

ce-

$-

$-

$-

$-

$

-$

7,88

9,04

9$

20,1

81,8

11$

-$

-$

Oil O

verc

harg

e an

d M

isce

llane

ous

Fund

Rest

ricte

d fo

r gra

nt p

rogr

ams

-$

-

$

-$

-

$

-$

-

$

171,

128

$

168,

494

$

208,

597

$

11,9

00$

To

tal o

il ov

erch

arge

fund

bal

ance

-$

-$

-$

-$

-$

-

$17

1,12

8$

168,

494

$20

8,59

7$

11,9

00$

Wea

ther

izatio

n As

sist

ance

Pro

gram

Fun

d

Rest

ricte

d fo

r gra

nt p

rogr

ams2

1,68

0$

1,68

0$

-$

-

$

-$

-

$

-$

-

$

-$

-

$

Tota

l wea

ther

izatio

n as

sist

ance

pro

gram

fund

bal

ance

1,68

0$

1,68

0$

-$

-$

-$

-

$-

$-

$-

$-

$

Nonm

ajor

Gov

ernm

enta

l Fun

ds

Rest

ricte

d fo

r loa

n pr

ogra

ms

26,4

20,0

33$

28

,432

,950

$

27,4

99,8

55$

28

,070

,530

$

28,1

05,8

23$

29

,637

,882

$

27,2

02,5

82$

25

,875

,744

$

22,2

89,6

68$

19

,955

,324

$

Rest

ricte

d fo

r gra

nt p

rogr

ams

4,43

0,82

8

4,90

6,26

0

5,20

6,35

4

5,24

7,63

8

5,32

4,73

0

5,52

8,35

8

4,25

5,97

8

4,86

8,36

1

9,10

0,00

8

4,18

1,89

1

Tota

l non

maj

or g

over

nmen

tal f

und

bala

nce

30,8

50,8

61$

33

,339

,210

$32

,706

,209

$33

,318

,168

$33

,430

,553

$35

,166

,240

$31

,458

,560

$30

,744

,105

$31

,389

,676

$24

,137

,215

$

To

tal g

over

nmen

tal f

und

bala

nces

44,3

69,8

45$

42

,107

,919

$40

,955

,792

$46

,173

,989

$50

,613

,441

$44

,793

,288

$47

,289

,774

$62

,135

,753

$46

,010

,299

$32

,835

,968

$

Note

s:

1 Mon

ies

prov

ided

by

the

Stat

e of

Geo

rgia

are

hel

d in

trus

t unt

il exp

ense

s ar

e in

curre

d an

d at

that

tim

e th

e Au

thor

ity tr

ansf

ers

the

nece

ssar

y am

ount

of c

ash

to c

over

thos

ech

arge

s . F

luct

uatio

ns in

the

tota

l gen

eral

fund

bal

ance

may

occ

ur y

ear-t

o-ye

ar b

ecau

se o

f thi

s pr

actic

e .

2 The

Wea

ther

izatio

n As

sista

nce

Fund

, a m

ajor

fund

, did

not

hav

e am

ount

s re

porte

d as

fund

bal

ance

for a

ny o

f the

yea

rs p

rese

nted

, oth

er th

an F

Y 20

14 .

In fi

scal

yea

rs 2

010

thro

ugh

2013

, ARR

A-W

eath

eriza

tion

Assis

tanc

e Pr

ogra

m w

as a

maj

or fu

nd, b

ut d

id n

ot h

ave

any

amou

nts

repo

rted

as fu

nd b

alan

ce .

In a

dditio

n, th

e AR

RA-S

tate

Ene

rgy

Prog

ram

was

a m

ajor

fund

in fi

scal

yea

rs 2

010

thro

ugh

2012

, but

did

not

hav

e an

yam

ount

s re

porte

d as

fund

bal

ance

.

GEOR

GIA

ENVI

RONM

ENTA

L FI

NANC

E AU

THOR

ITY

(mod

ified

accr

ual b

asis

of a

ccou

ntin

g)La

st T

en F

iscal

Yea

rsFu

nd B

alan

ces,

Gov

ernm

enta

l Fun

ds


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Ch

an

ge

s in

Fu

nd

Bala

nce

s, G

ove

rnm

en

tal

Fu

nd

s7

Last

Te

n F

iscal

Ye

ars

(mo

difi

ed

accru

al b

asi

s o

f acco

un

tin

g)

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Rev

enue

s

Sta

te o

f Geo

rgia

app

ropr

iatio

ns1

348,

495

$

298,

495

$

-$

28

3,49

5$

15

,286

,358

$

8,09

9,80

8$

8,96

7,32

5$

58,3

23,7

26$

19

,085

,782

$

12,4

00,0

00$

Sta

te g

ener

al o

blig

atio

n bo

nd p

roce

eds8

8,60

0,00

0

9,20

0,00

0

9,60

0,00

0

12,0

00,0

00

-

-

-

-

-

-

A

dmin

istra

tive

fees

1,08

4,66

6

1,45

7,64

459

1,95

51,

529,

171

3,20

4,81

94,

717,

199

4,19

5,87

55,

369,

503

5,18

6,03

14,

273,

697

Gra

nt re

venu

es15

,233

,946

15,8

98,9

2328

,794

,201

103,

618,

950

126,

972,

560

55,3

26,9

3124

,213

,231

20,3

00,8

6320

,409

,522

19,5

27,0

95

Pet

role

um v

iola

tion

fees

-

-

-

-

-

-

-

12

,777

106,

094

193,

517

Pub

lic d

onat

ions

50,7

65

54

,789

39,2

5155

,909

83,2

2853

,784

67,7

1987

,392

191,

223

-In

tere

st in

com

e on

inve

stm

ents

74,2

84

59

,785

74,1

1471

,443

101,

717

121,

781

1,33

0,13

12,

867,

740

1,92

2,81

761

2,80

4M

isce

llane

ous

3,86

2

12,7

6826

,621

32,9

2217

,338

12,7

6471

,477

266,

210

243,

588

170,

541

T

otal

reve

nues

25,3

96,0

18$

26

,982

,404

$39

,126

,142

$11

7,59

1,89

0$

145,

666,

020

$68

,332

,267

$38

,845

,758

$87

,228

,211

$47

,145

,057

$37

,177

,654

$

Exp

endi

ture

sG

ener

al g

over

nmen

t7,

070,

616

$

6,

955,

294

$9,

139,

161

$9,

055,

630

$11

,638

,593

$9,

600,

005

$5,

952,

033

$5,

884,

087

$5,

332,

039

$4,

559,

388

$W

ater

and

was

tew

ater

pro

gram

s7,

074,

323

6,

914,

660

8,49

6,12

38,

799,

184

12,3

82,4

1410

,646

,079

11,8

35,0

926,

297,

017

5,48

8,63

04,

817,

939

Sol

id w

aste

and

env

ironm

enta

l pro

gram

s-

--

-1,

680

267,

030

109,

032

153,

078

145,

153

1,22

7,42

0

Land

con

serv

atio

n pr

ogra

ms2

61,5

63

8,

665

41

,733

59,0

61

60

,212

6,65

1,89

2

12,6

54,1

92

32

,363

,754

892,

032

-

Ene

rgy

prog

ram

s38,

069,

083

7,

368,

927

18

,322

,583

91,3

35,7

55

10

9,50

6,74

3

41,9

19,1

98

15

,745

,495

15,4

09,8

87

16

,117

,451

14,9

63,9

73

C

apita

l out

lay,

gen

eral

gov

ernm

ent

100,

033

33,0

78-

-33

,917

9,86

333

,207

24,6

4041

,636

-D

ebt S

ervi

ce:

P

rinci

pal r

educ

tions

-

-

-6,

978

15,3

6425

,637

17,8

469,

045

--

In

tere

st o

n lo

ng-te

rm d

ebt

-

-

-78

619

1,99

52,

686

2,44

2-

-

Tot

al e

xpen

ditu

res

22,3

75,6

18

21

,280

,624

35,9

99,6

0010

9,25

6,68

613

3,63

9,54

269

,121

,699

46,3

49,5

8360

,143

,950

28,0

16,9

4125

,568

,720

E

xces

s of

reve

nues

ove

r (un

der)

exp

endi

ture

s3,

020,

400

5,

701,

780

3,12

6,54

28,

335,

204

12,0

26,4

78(7

89,4

32)

(7,5

03,8

25)

27,0

84,2

6119

,128

,116

11,6

08,9

34

Oth

er F

inan

cing

Sou

rces

(Use

s)C

apita

l lea

ses

-$

-

$-

$-

$-

$-

$25

,977

$18

,585

$30

,308

$-

$

Tran

sfer

s in

410

,362

,126

4,51

6,12

4

5,92

1,62

2

3,72

1,38

2

3,31

5,77

7

3,56

4,71

2

4,62

4,55

3

3,08

2,38

7

1,75

3,37

7

2,03

1,58

0

Tran

sfer

s ou

t4(1

1,12

0,60

0)

(9

,065

,777

)

(1

4,26

6,36

1)

(1

6,49

6,03

8)

(9

,522

,102

)

(5

,271

,765

)

(1

1,99

2,68

5)

(1

4,05

9,77

9)

(7

,737

,470

)

(7

,468

,275

)

Tot

al o

ther

fina

ncin

g so

urce

s (u

ses)

(758

,474

)

(4,5

49,6

53)

(8,3

44,7

39)

(12,

774,

656)

(6,2

06,3

25)

(1,7

07,0

53)

(7,3

42,1

55)

(10,

958,

807)

(5,9

53,7

85)

(5,4

36,6

95)

Net

cha

nge

in fu

nd b

alan

ces6

2,26

1,92

6$

1,15

2,12

7$

(5,2

18,1

97)

$

(4,4

39,4

52)

$

5,82

0,15

3$

(2,4

96,4

85)

$

(14,

845,

980)

$

16,1

25,4

54$

13

,174

,331

$

6,17

2,23

9$

Not

es:

1 In 2

005,

the

Aut

horit

y di

d no

t rec

eive

any

app

ropr

iatio

ns fr

om th

e S

tate

of G

eorg

ia fo

r mat

ch o

n fe

dera

l loa

n pr

ogra

ms .

In 2

008,

the

Aut

horit

y re

ceiv

ed a

dditi

onal

app

ropr

iatio

nsin

the

amen

ded

budg

et fo

r the

Sta

te L

and

Con

serv

atio

n Fu

nd in

the

amou

nt o

f $47

.3 m

illio

n w

hich

sub

stan

tially

incr

ease

d fu

ndin

g ov

er a

mou

nts

rece

ived

in p

rior y

ears

.Th

is in

crea

se in

reve

nues

als

o al

low

ed th

e A

utho

rity

to in

cur m

ore

expe

nditu

res

in fi

scal

yea

r 200

8 .

2 Due

to d

ecre

ased

inte

rest

ear

ning

s, th

e A

utho

rity

trans

ferr

ed fu

nds

from

oth

er fu

nds

to s

atis

fy a

dmin

istra

tive

cost

s .

3 A s

igni

fican

t inc

reas

e in

exp

endi

ture

s w

ithin

Ene

rgy

prog

ram

s is

exp

lain

ed b

y on

goin

g ad

min

istra

tion

of p

rogr

ams

asso

ciat

ed w

ith th

e A

mer

ican

Rec

over

y an

d R

einv

estm

ent A

ct o

f 200

9 (A

RR

A)

for f

isca

l yea

rs 2

010

and

2011

.

4 Tran

sfer

s ou

t are

bas

ed o

n ac

tivity

exp

erie

nced

with

in th

e m

atch

loan

pro

gram

s . F

luct

uatio

ns a

re b

ased

on

activ

ity o

n a

year

-to-y

ear b

asis

.

5 The

Aut

horit

y ha

s no

bon

d de

bt o

utst

andi

ng w

ithin

the

gove

rnm

enta

l fun

ds a

nd th

us n

o de

bt s

ervi

ce c

alcu

latio

ns a

s a

perc

enta

ge o

f non

capi

tal e

xpen

ditu

res .

6 Fluc

tuat

ions

may

occ

ur y

ear-

to-y

ear w

ith n

et c

hang

e in

fund

bal

ance

prim

arily

due

to lo

an p

rogr

am d

eman

d to

mat

ch th

e fe

dera

l loa

n pr

ogra

ms .

Mon

ies

are

depo

site

d in

to th

ege

nera

l fun

d an

d he

ld u

ntil

the

fund

s ar

e ne

eded

to fu

nd p

roje

ct d

isbu

rsem

ents

. In

add

ition

, the

leve

l of f

undi

ng p

rovi

ded

by th

e S

tate

of G

eorg

ia fo

r thi

s sa

me

purp

ose

may

var

yde

pend

ing

upon

app

rove

d le

gisl

atio

n fo

r the

resp

ectiv

e fis

cal p

erio

d an

d re

ceip

t of t

hose

mon

ies .

7 Prio

r to

fisca

l yea

r 201

2, T

he A

utho

rity

prev

ious

ly re

porte

d th

ese

amou

nts

as c

apita

l con

tribu

tions

. H

owev

er, c

onsi

sten

t with

acc

ount

ing

guid

elin

es, t

hese

am

ount

s ar

e no

w re

porte

d as

oper

atin

g gr

ants

bec

ause

they

are

not

use

d to

con

stru

ct o

r obt

ain

capi

tal a

sset

s fo

r the

Aut

horit

y .

GE

OR

GIA

EN

VIR

ON

ME

NTA

L FI

NA

NC

E A

UTH

OR

ITY

Cha

nges

in F

und

Bal

ance

s, G

over

nmen

tal F

unds

7

Last

Ten

Fis

cal Y

ears

(mod

ified

acc

rual

bas

is o

f acc

ount

ing)

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Rev

enue

s

Stat

e of

Geo

rgia

app

ropr

iatio

ns1

348,

495

$

298,

495

$

-$

28

3,49

5$

15

,286

,358

$

8,09

9,80

8$

8,96

7,32

5$

58,3

23,7

26$

19

,085

,782

$

12,4

00,0

00$

Stat

e ge

nera

l obl

igat

ion

bond

pro

ceed

s88,

600,

000

9,

200,

000

9,

600,

000

12

,000

,000

-

-

-

-

-

-

Adm

inis

trativ

e fe

es1,

084,

666

1,

457,

644

591,

955

1,52

9,17

13,

204,

819

4,71

7,19

94,

195,

875

5,36

9,50

35,

186,

031

4,27

3,69

7G

rant

reve

nues

15,2

33,9

46

15

,898

,923

28,7

94,2

0110

3,61

8,95

012

6,97

2,56

055

,326

,931

24,2

13,2

3120

,300

,863

20,4

09,5

2219

,527

,095

Petro

leum

vio

latio

n fe

es-

-

-

-

-

-

-

12,7

77

10

6,09

4

19

3,51

7

Pu

blic

don

atio

ns50

,765

54,7

8939

,251

55,9

0983

,228

53,7

8467

,719

87,3

9219

1,22

3-

Inte

rest

inco

me

on in

vest

men

ts74

,284

59,7

8574

,114

71,4

4310

1,71

712

1,78

11,

330,

131

2,86

7,74

01,

922,

817

612,

804

Mis

cella

neou

s3,

862

12

,768

26,6

2132

,922

17,3

3812

,764

71,4

7726

6,21

024

3,58

817

0,54

1

Tot

al re

venu

es25

,396

,018

$

26,9

82,4

04$

39,1

26,1

42$

117,

591,

890

$14

5,66

6,02

0$

68,3

32,2

67$

38,8

45,7

58$

87,2

28,2

11$

47,1

45,0

57$

37,1

77,6

54$

Expe

nditu

res

Gen

eral

gov

ernm

ent

7,07

0,61

6$

6,95

5,29

4$

9,13

9,16

1$

9,05

5,63

0$

11,6

38,5

93$

9,60

0,00

5$

5,95

2,03

3$

5,88

4,08

7$

5,33

2,03

9$

4,55

9,38

8$

Wat

er a

nd w

aste

wat

er p

rogr

ams

7,07

4,32

3

6,91

4,66

08,

496,

123

8,79

9,18

412

,382

,414

10,6

46,0

7911

,835

,092

6,29

7,01

75,

488,

630

4,81

7,93

9So

lid w

aste

and

env

ironm

enta

l pro

gram

s-

--

-1,

680

267,

030

109,

032

153,

078

145,

153

1,22

7,42

0

Land

con

serv

atio

n pr

ogra

ms2

61,5

63

8,

665

41

,733

59,0

61

60

,212

6,65

1,89

2

12,6

54,1

92

32

,363

,754

892,

032

-

Ener

gy p

rogr

ams3

8,06

9,08

3

7,36

8,92

7

18,3

22,5

83

91

,335

,755

109,

506,

743

41

,919

,198

15,7

45,4

95

15

,409

,887

16,1

17,4

51

14

,963

,973

Cap

ital o

utla

y, g

ener

al g

over

nmen

t10

0,03

3

33

,078

--

33,9

179,

863

33,2

0724

,640

41,6

36-

Deb

t Ser

vice

:

Prin

cipa

l red

uctio

ns-

--

6,97

815

,364

25,6

3717

,846

9,04

5-

-

Inte

rest

on

long

-term

deb

t-

--

7861

91,

995

2,68

62,

442

--

T

otal

exp

endi

ture

s22

,375

,618

21,2

80,6

2435

,999

,600

109,

256,

686

133,

639,

542

69,1

21,6

9946

,349

,583

60,1

43,9

5028

,016

,941

25,5

68,7

20

E

xces

s of

reve

nues

ove

r (un

der)

expe

nditu

res

3,02

0,40

0

5,70

1,78

03,

126,

542

8,33

5,20

412

,026

,478

(789

,432

)(7

,503

,825

)27

,084

,261

19,1

28,1

1611

,608

,934

Oth

er F

inan

cing

Sou

rces

(Use

s)C

apita

l lea

ses

-$

-

$-

$-

$-

$-

$25

,977

$18

,585

$30

,308

$-

$

Tran

sfer

s in

410

,362

,126

4,51

6,12

4

5,92

1,62

2

3,72

1,38

2

3,31

5,77

7

3,56

4,71

2

4,62

4,55

3

3,08

2,38

7

1,75

3,37

7

2,03

1,58

0

Tran

sfer

s ou

t4(1

1,12

0,60

0)

(9

,065

,777

)

(1

4,26

6,36

1)

(1

6,49

6,03

8)

(9

,522

,102

)

(5

,271

,765

)

(1

1,99

2,68

5)

(1

4,05

9,77

9)

(7

,737

,470

)

(7

,468

,275

)

Tot

al o

ther

fina

ncin

g so

urce

s (u

ses)

(758

,474

)

(4,5

49,6

53)

(8,3

44,7

39)

(12,

774,

656)

(6,2

06,3

25)

(1,7

07,0

53)

(7,3

42,1

55)

(10,

958,

807)

(5,9

53,7

85)

(5,4

36,6

95)

Net

cha

nge

in fu

nd b

alan

ces6

2,26

1,92

6$

1,15

2,12

7$

(5,2

18,1

97)

$

(4,4

39,4

52)

$

5,82

0,15

3$

(2,4

96,4

85)

$

(14,

845,

980)

$

16,1

25,4

54$

13

,174

,331

$

6,17

2,23

9$

Not

es:

1 In 2

005,

the

Auth

ority

did

not

rece

ive

any

appr

opria

tions

from

the

Stat

e of

Geo

rgia

for m

atch

on

fede

ral l

oan

prog

ram

s . In

200

8, th

e Au

thor

ity re

ceiv

ed a

dditi

onal

app

ropr

iatio

nsin

the

amen

ded

budg

et fo

r the

Sta

te L

and

Con

serv

atio

n Fu

nd in

the

amou

nt o

f $47

.3 m

illion

whi

ch s

ubst

antia

lly in

crea

sed

fund

ing

over

am

ount

s re

ceiv

ed in

prio

r yea

rs .

This

incr

ease

in re

venu

es a

lso

allo

wed

the

Auth

ority

to in

cur m

ore

expe

nditu

res

in fi

scal

yea

r 200

8 .

2 Due

to d

ecre

ased

inte

rest

ear

ning

s, th

e Au

thor

ity tr

ansf

erre

d fu

nds

from

oth

er fu

nds

to s

atis

fy a

dmin

istra

tive

cost

s .

3 A si

gnifi

cant

incr

ease

in e

xpen

ditu

res

with

in E

nerg

y pr

ogra

ms

is e

xpla

ined

by

ongo

ing

adm

inis

tratio

n of

pro

gram

s as

soci

ated

with

the

Amer

ican

Rec

over

y an

d R

einv

estm

ent A

ct o

f 200

9 (A

RR

A)fo

r fis

cal y

ears

201

0 an

d 20

11 .

4 Tran

sfer

s ou

t are

bas

ed o

n ac

tivity

exp

erie

nced

with

in th

e m

atch

loan

pro

gram

s . F

luct

uatio

ns a

re b

ased

on

activ

ity o

n a

year

-to-y

ear b

asis

.

5 The

Auth

ority

has

no

bond

deb

t out

stan

ding

with

in th

e go

vern

men

tal f

unds

and

thus

no

debt

ser

vice

cal

cula

tions

as

a pe

rcen

tage

of n

onca

pita

l exp

endi

ture

s .

6 Fluc

tuat

ions

may

occ

ur y

ear-t

o-ye

ar w

ith n

et c

hang

e in

fund

bal

ance

prim

arily

due

to lo

an p

rogr

am d

eman

d to

mat

ch th

e fe

dera

l loa

n pr

ogra

ms .

Mon

ies

are

depo

site

d in

to th

ege

nera

l fun

d an

d he

ld u

ntil

the

fund

s ar

e ne

eded

to fu

nd p

roje

ct d

isbu

rsem

ents

. In

add

ition

, the

leve

l of f

undi

ng p

rovi

ded

by th

e St

ate

of G

eorg

ia fo

r thi

s sa

me

purp

ose

may

var

yde

pend

ing

upon

app

rove

d le

gisl

atio

n fo

r the

resp

ectiv

e fis

cal p

erio

d an

d re

ceip

t of t

hose

mon

ies .

7 Prio

r to

fisca

l yea

r 201

2, T

he A

utho

rity

prev

ious

ly re

porte

d th

ese

amou

nts

as c

apita

l con

tribu

tions

. H

owev

er, c

onsi

sten

t with

acc

ount

ing

guid

elin

es, t

hese

am

ount

s ar

e no

w re

porte

d as

oper

atin

g gr

ants

bec

ause

they

are

not

use

d to

con

stru

ct o

r obt

ain

capi

tal a

sset

s fo

r the

Aut

horit

y .

GEO

RG

IA E

NVI

RO

NM

ENTA

L FI

NA

NC

E A

UTH

OR

ITY

Cha

nges

in F

und

Bala

nces

, Gov

ernm

enta

l Fun

ds7

Last

Ten

Fis

cal Y

ears

(mod

ified

acc

rual

bas

is o

f acc

ount

ing)

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Rev

enue

s

Stat

e of

Geo

rgia

app

ropr

iatio

ns1

348,

495

$

298,

495

$

-$

28

3,49

5$

15

,286

,358

$

8,09

9,80

8$

8,96

7,32

5$

58,3

23,7

26$

19

,085

,782

$

12,4

00,0

00$

Stat

e ge

nera

l obl

igat

ion

bond

pro

ceed

s88,

600,

000

9,

200,

000

9,

600,

000

12

,000

,000

-

-

-

-

-

-

Adm

inis

trativ

e fe

es1,

084,

666

1,

457,

644

591,

955

1,52

9,17

13,

204,

819

4,71

7,19

94,

195,

875

5,36

9,50

35,

186,

031

4,27

3,69

7G

rant

reve

nues

15,2

33,9

46

15

,898

,923

28,7

94,2

0110

3,61

8,95

012

6,97

2,56

055

,326

,931

24,2

13,2

3120

,300

,863

20,4

09,5

2219

,527

,095

Petro

leum

vio

latio

n fe

es-

-

-

-

-

-

-

12,7

77

10

6,09

4

19

3,51

7

Pu

blic

don

atio

ns50

,765

54,7

8939

,251

55,9

0983

,228

53,7

8467

,719

87,3

9219

1,22

3-

Inte

rest

inco

me

on in

vest

men

ts74

,284

59,7

8574

,114

71,4

4310

1,71

712

1,78

11,

330,

131

2,86

7,74

01,

922,

817

612,

804

Mis

cella

neou

s3,

862

12

,768

26,6

2132

,922

17,3

3812

,764

71,4

7726

6,21

024

3,58

817

0,54

1

Tot

al re

venu

es25

,396

,018

$

26,9

82,4

04$

39,1

26,1

42$

117,

591,

890

$14

5,66

6,02

0$

68,3

32,2

67$

38,8

45,7

58$

87,2

28,2

11$

47,1

45,0

57$

37,1

77,6

54$

Expe

nditu

res

Gen

eral

gov

ernm

ent

7,07

0,61

6$

6,95

5,29

4$

9,13

9,16

1$

9,05

5,63

0$

11,6

38,5

93$

9,60

0,00

5$

5,95

2,03

3$

5,88

4,08

7$

5,33

2,03

9$

4,55

9,38

8$

Wat

er a

nd w

aste

wat

er p

rogr

ams

7,07

4,32

3

6,91

4,66

08,

496,

123

8,79

9,18

412

,382

,414

10,6

46,0

7911

,835

,092

6,29

7,01

75,

488,

630

4,81

7,93

9So

lid w

aste

and

env

ironm

enta

l pro

gram

s-

--

-1,

680

267,

030

109,

032

153,

078

145,

153

1,22

7,42

0

Land

con

serv

atio

n pr

ogra

ms2

61,5

63

8,

665

41

,733

59,0

61

60

,212

6,65

1,89

2

12,6

54,1

92

32

,363

,754

892,

032

-

Ener

gy p

rogr

ams3

8,06

9,08

3

7,36

8,92

7

18,3

22,5

83

91

,335

,755

109,

506,

743

41

,919

,198

15,7

45,4

95

15

,409

,887

16,1

17,4

51

14

,963

,973

Cap

ital o

utla

y, g

ener

al g

over

nmen

t10

0,03

3

33

,078

--

33,9

179,

863

33,2

0724

,640

41,6

36-

Deb

t Ser

vice

:

Prin

cipa

l red

uctio

ns-

--

6,97

815

,364

25,6

3717

,846

9,04

5-

-

Inte

rest

on

long

-term

deb

t-

--

7861

91,

995

2,68

62,

442

--

T

otal

exp

endi

ture

s22

,375

,618

21,2

80,6

2435

,999

,600

109,

256,

686

133,

639,

542

69,1

21,6

9946

,349

,583

60,1

43,9

5028

,016

,941

25,5

68,7

20

E

xces

s of

reve

nues

ove

r (un

der)

expe

nditu

res

3,02

0,40

0

5,70

1,78

03,

126,

542

8,33

5,20

412

,026

,478

(789

,432

)(7

,503

,825

)27

,084

,261

19,1

28,1

1611

,608

,934

Oth

er F

inan

cing

Sou

rces

(Use

s)C

apita

l lea

ses

-$

-

$-

$-

$-

$-

$25

,977

$18

,585

$30

,308

$-

$

Tran

sfer

s in

410

,362

,126

4,51

6,12

4

5,92

1,62

2

3,72

1,38

2

3,31

5,77

7

3,56

4,71

2

4,62

4,55

3

3,08

2,38

7

1,75

3,37

7

2,03

1,58

0

Tran

sfer

s ou

t4(1

1,12

0,60

0)

(9

,065

,777

)

(1

4,26

6,36

1)

(1

6,49

6,03

8)

(9

,522

,102

)

(5

,271

,765

)

(1

1,99

2,68

5)

(1

4,05

9,77

9)

(7

,737

,470

)

(7

,468

,275

)

Tot

al o

ther

fina

ncin

g so

urce

s (u

ses)

(758

,474

)

(4,5

49,6

53)

(8,3

44,7

39)

(12,

774,

656)

(6,2

06,3

25)

(1,7

07,0

53)

(7,3

42,1

55)

(10,

958,

807)

(5,9

53,7

85)

(5,4

36,6

95)

Net

cha

nge

in fu

nd b

alan

ces6

2,26

1,92

6$

1,15

2,12

7$

(5,2

18,1

97)

$

(4,4

39,4

52)

$

5,82

0,15

3$

(2,4

96,4

85)

$

(14,

845,

980)

$

16,1

25,4

54$

13

,174

,331

$

6,17

2,23

9$

Not

es:

1 In 2

005,

the

Auth

ority

did

not

rece

ive

any

appr

opria

tions

from

the

Stat

e of

Geo

rgia

for m

atch

on

fede

ral l

oan

prog

ram

s . In

200

8, th

e Au

thor

ity re

ceiv

ed a

dditi

onal

app

ropr

iatio

nsin

the

amen

ded

budg

et fo

r the

Sta

te L

and

Con

serv

atio

n Fu

nd in

the

amou

nt o

f $47

.3 m

illion

whi

ch s

ubst

antia

lly in

crea

sed

fund

ing

over

am

ount

s re

ceiv

ed in

prio

r yea

rs .

This

incr

ease

in re

venu

es a

lso

allo

wed

the

Auth

ority

to in

cur m

ore

expe

nditu

res

in fi

scal

yea

r 200

8 .

2 Due

to d

ecre

ased

inte

rest

ear

ning

s, th

e Au

thor

ity tr

ansf

erre

d fu

nds

from

oth

er fu

nds

to s

atis

fy a

dmin

istra

tive

cost

s .

3 A si

gnifi

cant

incr

ease

in e

xpen

ditu

res

with

in E

nerg

y pr

ogra

ms

is e

xpla

ined

by

ongo

ing

adm

inis

tratio

n of

pro

gram

s as

soci

ated

with

the

Amer

ican

Rec

over

y an

d R

einv

estm

ent A

ct o

f 200

9 (A

RR

A)fo

r fis

cal y

ears

201

0 an

d 20

11 .

4 Tran

sfer

s ou

t are

bas

ed o

n ac

tivity

exp

erie

nced

with

in th

e m

atch

loan

pro

gram

s . F

luct

uatio

ns a

re b

ased

on

activ

ity o

n a

year

-to-y

ear b

asis

.

5 The

Auth

ority

has

no

bond

deb

t out

stan

ding

with

in th

e go

vern

men

tal f

unds

and

thus

no

debt

ser

vice

cal

cula

tions

as

a pe

rcen

tage

of n

onca

pita

l exp

endi

ture

s .

6 Fluc

tuat

ions

may

occ

ur y

ear-t

o-ye

ar w

ith n

et c

hang

e in

fund

bal

ance

prim

arily

due

to lo

an p

rogr

am d

eman

d to

mat

ch th

e fe

dera

l loa

n pr

ogra

ms .

Mon

ies

are

depo

site

d in

to th

ege

nera

l fun

d an

d he

ld u

ntil

the

fund

s ar

e ne

eded

to fu

nd p

roje

ct d

isbu

rsem

ents

. In

add

ition

, the

leve

l of f

undi

ng p

rovi

ded

by th

e St

ate

of G

eorg

ia fo

r thi

s sa

me

purp

ose

may

var

yde

pend

ing

upon

app

rove

d le

gisl

atio

n fo

r the

resp

ectiv

e fis

cal p

erio

d an

d re

ceip

t of t

hose

mon

ies .

7 Prio

r to

fisca

l yea

r 201

2, T

he A

utho

rity

prev

ious

ly re

porte

d th

ese

amou

nts

as c

apita

l con

tribu

tions

. H

owev

er, c

onsi

sten

t with

acc

ount

ing

guid

elin

es, t

hese

am

ount

s ar

e no

w re

porte

d as

oper

atin

g gr

ants

bec

ause

they

are

not

use

d to

con

stru

ct o

r obt

ain

capi

tal a

sset

s fo

r the

Aut

horit

y .

GEO

RG

IA E

NVI

RO

NM

ENTA

L FI

NA

NC

E A

UTH

OR

ITY

Cha

nges

in F

und

Bala

nces

, Gov

ernm

enta

l Fun

ds7

Last

Ten

Fis

cal Y

ears

(mod

ified

acc

rual

bas

is o

f acc

ount

ing)


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Go

ve

rnm

en

t-w

ide

Pro

gra

m R

eve

nu

es1 b

y C

ate

go

ryL

ast

Te

n F

iscal

Ye

ars

(accru

al b

asi

s o

f acco

un

tin

g)

Not

es:

1 Prog

ram

reve

nues

are

rela

ted

to s

peci

fic a

ctiv

ities

of t

he A

utho

rity .

The

ir so

urce

s ar

e ei

ther

fees

, int

eres

t ear

ning

s, c

harg

es fo

r ser

vice

s or

gra

nts/

inte

rgov

ernm

enta

l rev

enue

s re

stric

ted

to a

spe

cific

pur

pose

.2 D

urin

g FY

200

8, th

e Au

thor

ity re

ceiv

ed a

sig

nific

ant i

ncre

ase

in o

pera

ting

gran

ts fr

om th

e St

ate

of G

eorg

ia fo

r the

Sta

te L

and

Con

serv

atio

n Fu

nd . I

n FY

201

1, a

sig

nific

ant i

ncre

ase

in o

pera

ting

gran

ts a

nd c

ontri

butio

ns w

as d

ue to

incr

ease

d ex

pend

iture

-driv

en p

rogr

ams

asso

ciat

ed w

ith th

e Am

eric

an R

ecov

ery

and

Rei

nves

tmen

t Act

of 2

009 .

3 In fi

scal

yea

r 201

2, th

ese

amou

nts

are

repo

rted

as o

pera

ting

gran

ts b

ecau

se th

ey a

re n

ot u

sed

to c

onst

ruct

or o

btai

n ca

pita

l ass

ets

for t

he A

utho

rity .

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Gove

rnmen

tal Ac

tivitie

sCh

arges

for S

ervice

s1,0

84,66

6$

1,457

,644

$59

1,955

$1,5

29,17

1$

11,39

2,512

$10

,921,7

81$

4,195

,875

$5,3

69,50

3$

5,186

,031

$4,2

73,69

7$

Opera

ting G

rants

and C

ontrib

ution

s224

,238,6

3725

,457,5

7338

,441,6

5411

5,960

,883

134,1

63,15

357

,291,4

7633

,488,6

1779

,656,2

2840

,119,3

1132

,206,1

05

Subto

tal G

overn

menta

l Acti

vities

Prog

ram Re

venu

es25

,323,3

0326

,915,2

1739

,033,6

0911

7,490

,054

145,5

55,66

568

,213,2

5737

,684,4

9285

,025,7

3145

,305,3

4236

,479,8

02

Busin

ess-t

ype A

ctivit

iesCh

arges

for S

ervice

s34

,437,1

2436

,517,0

6269

,972,7

1538

,459,3

6044

,905,3

9749

,014,3

1346

,847,7

3037

,360,1

6331

,056,1

5833

,631,4

30Op

eratin

g Gran

ts an

d Con

tributi

ons

80,63

1,169

49,42

0,407

104,8

96,68

211

2,292

,163

1,543

,109

2,510

,024

10,45

8,789

20,54

2,313

25,26

3,579

15,71

0,165

Capit

al Gr

ants

and C

ontrib

ution

s3-

-

-

-

93

,694,0

0711

8,998

,150

95,11

3,550

59,41

4,948

65,61

2,919

101,4

87,71

3

Subto

tal Bu

sines

s-typ

e Acti

vities

Prog

ram Re

venu

es11

5,068

,293

85,93

7,469

174,8

69,39

715

0,751

,523

140,1

42,51

317

0,522

,487

152,4

20,06

911

7,317

,424

121,9

32,65

615

0,829

,308

Gove

rnmen

tal an

d Bus

iness

-type

Activ

ities

Charg

es fo

r Serv

ices

35,52

1,790

37,97

4,706

70,56

4,670

39,98

8,531

56,29

7,909

59,93

6,094

51,04

3,605

42,72

9,666

36,24

2,189

37,90

5,127

Opera

ting G

rants

and C

ontrib

ution

s10

4,869

,806

74,87

7,980

143,3

38,33

622

8,253

,046

135,7

06,26

259

,801,5

0043

,947,4

0610

0,198

,541

65,38

2,890

47,91

6,270

Capit

al Gr

ants

and C

ontrib

ution

s3-

-

-

-

93

,694,0

0711

8,998

,150

95,11

3,550

59,41

4,948

65,61

2,919

101,4

87,71

3

Total

Gov

ernme

ntal a

nd Bu

sines

s-typ

e Acti

vities

Prog

ram Re

venu

es14

0,391

,596

$11

2,852

,686

$21

3,903

,006

$26

8,241

,577

$28

5,698

,178

$23

8,735

,744

$19

0,104

,561

$20

2,343

,155

$16

7,237

,998

$18

7,309

,110

$

Notes

:

2 Durin

g FY 2

008,

the Au

thority

rece

ived a

signif

icant

increa

se in

opera

ting g

rants

from

the St

ate of

Geo

rgia f

or the

State

Land

Con

serva

tion F

und .

In FY

2011

, a sig

nifica

nt inc

rease

in op

eratin

g gran

ts an

d con

tributi

ons

was d

ue to

incre

ased

expe

nditu

re-dri

ven p

rogram

s asso

ciated

with

the Am

erica

n Rec

overy

and R

einve

stmen

t Act

of 20

09 .

3 In fisc

al ye

ar 20

12, th

ese a

moun

ts are

repo

rted a

s ope

rating

gran

ts be

caus

e the

y are

not u

sed t

o con

struc

t or o

btain

capit

al as

sets

for th

e Auth

ority .

1 Progra

m rev

enue

s are

relate

d to s

pecifi

c activ

ities o

f the A

uthori

ty . T

heir s

ource

s are

eithe

r fees

, inter

est e

arning

s, ch

arges

for s

ervice

s or g

rants/

interg

overn

menta

l reve

nues

restr

icted t

o a sp

ecific

purpo

se .

(accru

al ba

sis of

acco

untin

g)La

st Te

n Fisc

al Ye

arsGo

vernm

ent-w

ide Pr

ogram

Rev

enue

s1 by C

atego

ry

GEOR

GIA E

NVIRO

NMEN

TAL F

INANC

E AUT

HORIT

Y


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

An

nu

al

Lo

an

Pro

gra

m I

nte

rest

Rate

His

tory

L

ast

Te

n F

iscal

Ye

ars

Sour

ces:

The

Auth

ority

’s W

ater

Res

ourc

es D

ivis

ion

and

the

Bond

Buy

er a

nd F

eder

al R

eser

ve

at: w

ww .

fede

ralre

serv

e .go

v/re

leas

es/h

15/d

ata .

htm

Not

e:1 St

ate

fund

loan

rate

s ar

e es

tabl

ishe

d at

eac

h st

ate

bond

sal

e da

te .

2 The

clos

ing

fee

was

est

ablis

hed

to a

ssis

t the

Geo

rgia

Fun

d in

offs

ettin

g ce

rtain

ge

nera

l and

adm

inis

trativ

e ex

pens

es a

ssoc

iate

d w

ith p

rogr

am m

anag

emen

t, as

wel

l as

oth

er c

osts

ass

ocia

ted

with

orig

inat

ing,

pro

cess

ing,

und

erw

ritin

g an

d se

rvic

ing

loan

s fo

r tha

t pro

gram

.

Da

teY

ea

rD

ate

06

/20

15

06

/20

15

06

/20

15

06

/20

14

07

/20

14

06

/20

14

06

/20

13

07

/20

13

06

/20

13

06

/20

12

07

/20

12

06

/20

12

06

/20

11

07

/20

11

06

/20

11

06

/20

10

07

/20

10

06

/20

10

06

/20

09

07

/20

09

06

/20

09

05

/20

09

07

/20

08

06

/20

08

02

/20

09

07

/20

07

06

/20

07

06

/20

08

07

/20

06

12

/20

07

08

/20

07

06

/20

07

04

/20

07

09

/20

06

06

/20

06

02

/20

06

Bond B

uye

r IG

EF

A S

tate

G

EF

A F

edera

l Fund R

ate

(S

RF

)

So

urc

es

:0

7/2

00

64

.61

%4

.28

%3

.00

%

07

/20

07

4 .5

6%

4 .1

9%

3 .0

0%

Th

e A

uth

ority

's W

ate

r R

eso

urc

es

Div

isio

n a

nd

th

e B

on

d B

uye

r a

nd

Fe

de

ral R

ese

rve

at: w

ww

.fe

de

ralre

serv

e .g

ov/

rele

ase

s/h

15

/da

ta .h

tm0

7/2

00

84

.68

%4

.27

%3

.00

%

07

/20

09

4 .7

2%

3 .8

1%

3 .0

0%

No

te:

07

/20

10

4 .3

2%

3 .8

1%

3 .0

0%

07

/20

11

3 .9

5%

3 .8

1%

3 .0

0%

1S

tate

fu

nd

loa

n r

ate

s a

re e

sta

blis

he

d a

t e

ach

sta

te b

on

d s

ale

da

te .

07

/20

12

2 .2

2%

3 .1

3%

2 .1

3%

07

/20

13

3 .3

1%

2 .4

0%

1 .4

0%

2T

he

clo

sin

g fe

e w

as

est

ab

lish

ed

to

ass

ist th

e G

eo

rgia

Fu

nd

in o

ffse

ttin

g c

ert

ain

ge

ne

ral a

nd

ad

min

istr

ativ

e e

xpe

nse

s a

sso

cia

ted w

ith p

rog

ram

ma

na

ge

me

nt, a

s w

ell

as

oth

er

cost

s a

sso

cia

ted

with

0

7/2

01

43

.07

%3

.03

%2

.03

%

07

/20

15

3 .7

6%

3 .0

3%

2 .0

3%

ori

gin

atin

g, p

roce

ssin

g, u

nd

erw

ritin

g a

nd

se

rvic

ing

loa

ns

for

tha

t p

rog

ram

.

4 .2

8N

/A

4 .1

0N

/A

4 .1

2N

/A

4 .1

9N

/A

4 .1

9N

/A

4 .4

0N

/A

4 .1

0N

/A

3 .0

02

.00

4 .2

7N

/A4

.61

3 .8

9N

/A4

.56

3 .8

1N

/A4

.72

3 .0

02

.00

3 .8

1N

/A4

.68

3 .0

02

.00

3 .8

11

.00

3 .9

53

.00

2 .0

0

3 .8

11

.00

4 .3

23

.00

2 .0

0

2 .4

01

.00

3 .3

11

.40

1 .0

0

3 .1

31

.00

2 .2

22

.13

1 .0

0

Inte

res

t R

ate

(%

)C

los

ing

Fe

e (

%)2

Inte

res

t R

ate

(%

)In

tere

st

Ra

te (

%)

Clo

sin

g F

ee

(%

)

3 .0

31

.00

3 .0

72

.03

1 .0

0

GE

OR

GIA

EN

VIR

ON

ME

NT

AL

FIN

AN

CE

AU

TH

OR

ITY

An

nu

al L

oa

n P

rog

ram

In

tere

st R

ate

His

tory

La

st T

en

Fis

cal Y

ea

rs

Ge

org

ia F

un

d L

oa

n P

rog

ram

Bo

nd

Bu

ye

r In

de

xC

lea

n W

ate

r S

RF

Ra

te a

nd

Fe

e H

isto

ry

1 .0

01

.00

3 .0

33

.76

2 .0

3

4.61%

4.56%

4.68%

4.72%

4.32%

3.95%

2.22%

3.31%

3.07%

3.76%

4.28%

4.19%

4.27%

3.81%

3.81%

3.81%

3.13%

2.40%

3.03%

3.03%

3.00%

3.00%

3.00%

3.00%

3.00%

3.00%

2.13%

1.40%

2.03%

2.03%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00% 07/2006

07/2007

07/2008

07/2009

07/2010

07/2011

07/2012

07/2013

07/2014

07/2015

Interest Rate

Bond Buyer Index

GEFA

State Fund Rate

GEFA

Federal Fund Rate (SRF)

Da

teY

ea

rD

ate

06

/20

15

06

/20

15

06

/20

15

06

/20

14

07

/20

14

06

/20

14

06

/20

13

07

/20

13

06

/20

13

06

/20

12

07

/20

12

06

/20

12

06

/20

11

07

/20

11

06

/20

11

06

/20

10

07

/20

10

06

/20

10

06

/20

09

07

/20

09

06

/20

09

05

/20

09

07

/20

08

06

/20

08

02

/20

09

07

/20

07

06

/20

07

06

/20

08

07

/20

06

12

/20

07

08

/20

07

06

/20

07

04

/20

07

09

/20

06

06

/20

06

02

/20

06

Bond B

uye

r IG

EF

A S

tate

GE

FA

Federa

l Fund R

ate

(S

RF

)

So

urc

es

:0

7/2

00

64

.61

%4

.28

%3

.00

%

07

/20

07

4 .5

6%

4 .1

9%

3 .0

0%

Th

e A

uth

ority

's W

ate

r R

eso

urc

es

Div

isio

n a

nd

the

Bo

nd

Bu

yer

an

d F

ed

era

l Re

serv

e a

t: w

ww

.fed

era

lre

serv

e .g

ov/

rele

ase

s/h

15

/da

ta .h

tm0

7/2

00

84

.68

%4

.27

%3

.00

%

07

/20

09

4 .7

2%

3 .8

1%

3 .0

0%

No

te:

07

/20

10

4 .3

2%

3 .8

1%

3 .0

0%

07

/20

11

3 .9

5%

3 .8

1%

3 .0

0%

1S

tate

fun

d lo

an

ra

tes

are

est

ab

lish

ed

at e

ach

sta

te b

on

d s

ale

da

te .

07

/20

12

2 .2

2%

3 .1

3%

2 .1

3%

07

/20

13

3 .3

1%

2 .4

0%

1 .4

0%

2T

he

clo

sin

g fe

e w

as

est

ab

lish

ed

to a

ssis

t th

e G

eo

rgia

Fu

nd

in o

ffse

ttin

g c

ert

ain

ge

ne

ral a

nd

ad

min

istr

ativ

e e

xpe

nse

s a

sso

cia

ted w

ith p

rog

ram

ma

na

ge

me

nt,

as

we

ll a

s o

the

r co

sts

ass

oci

ate

d w

ith

07

/20

14

3 .0

7%

3 .0

3%

2 .0

3%

07

/20

15

3 .7

6%

3 .0

3%

2 .0

3%

ori

gin

atin

g, p

roce

ssin

g, u

nd

erw

ritin

g a

nd

se

rvic

ing

loa

ns

for

tha

t pro

gra

m .

4 .2

8N

/A

4 .1

0N

/A

4 .1

2N

/A

4 .1

9N

/A

4 .1

9N

/A

4 .4

0N

/A

4 .1

0N

/A

3 .0

02

.00

4 .2

7N

/A4

.61

3 .8

9N

/A4

.56

3 .8

1N

/A4

.72

3 .0

02

.00

3 .8

1N

/A4

.68

3 .0

02

.00

3 .8

11

.00

3 .9

53

.00

2 .0

0

3 .8

11

.00

4 .3

23

.00

2 .0

0

2 .4

01

.00

3 .3

11

.40

1 .0

0

3 .1

31

.00

2 .2

22

.13

1 .0

0

Inte

res

t R

ate

(%

)C

los

ing

Fe

e (

%)2

Inte

res

t R

ate

(%

)In

tere

st

Ra

te (

%)

Clo

sin

g F

ee

(%

)

3 .0

31

.00

3 .0

72

.03

1 .0

0

GE

OR

GIA

EN

VIR

ON

ME

NT

AL

FIN

AN

CE

AU

TH

OR

ITY

An

nu

al L

oa

n P

rog

ram

Inte

rest

Ra

te H

isto

ryL

ast

Te

n F

isca

l Ye

ars

Ge

org

ia F

un

d L

oa

n P

rog

ram

Bo

nd

Bu

ye

r In

de

xC

lea

n W

ate

r S

RF

Ra

te a

nd

Fe

e H

isto

ry

1 .0

01

.00

3 .0

33

.76

2 .0

3

4.61%

4.56%

4.68%

4.72%

4.32%

3.95%

2.22%

3.31%

3.07%

3.76%

4.28%

4.19%

4.27%

3.81%

3.81%

3.81%

3.13%

2.40%

3.03%

3.03%

3.00%

3.00%

3.00%

3.00%

3.00%

3.00%

2.13%

1.40%

2.03%

2.03%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00% 07/2006

07/2007

07/2008

07/2009

07/2010

07/2011

07/2012

07/2013

07/2014

07/2015

Interest Rate

Bond Buyer Index

GEFA State Fund Rate

GEFA Federal Fund Rate (SRF)


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Pri

ncip

al

Lo

an

s R

ece

ivab

le P

aye

rs

Fis

cal

Ye

ar

20

15 a

nd

Nin

e Y

ears

Pri

or

20

06

1

GE

OR

GIA

EN

VIR

ON

ME

NT

AL

FIN

AN

CE

AU

TH

OR

ITY

Prin

cip

al L

oa

ns

Re

ceiv

ab

le P

aye

rs

Fis

cal Y

ea

r 2

01

5 a

nd

Nin

e Y

ea

rs P

rio

r (2

00

6)

1

BO

RR

OW

ER

PR

INC

IPA

L B

AL

AN

CE

OU

TS

TA

ND

ING

3R

AN

K

% O

F T

OT

AL

PR

INC

IPA

L B

AL

AN

CE

O

UT

ST

AN

DIN

G

PR

INC

IPA

L B

AL

AN

CE

OU

TS

TA

ND

ING

3R

AN

K

% O

F T

OT

AL

PR

INC

IPA

L B

AL

AN

CE

O

UT

ST

AN

DIN

GA

TLA

NT

A4

$168,8

43,7

55

114 .1

0%

$23,1

05,6

56

4

4 .0

0%

CA

LH

OU

N-

-19,9

60,0

43

6

3 .4

5%

CA

MIL

LA

--

14,4

39,4

03

8

2 .5

0%

CA

RT

ER

SV

ILLE

--

12,1

37,3

61

9

2 .1

0%

CLA

YT

ON

CO

UN

TY

WS

A-

-11,7

93,2

34

10

2 .0

4%

CO

BB

CO

UN

TY

BO

C149,6

90,4

80

212 .5

0%

-n/a

2-

CO

LU

MB

US

WA

TE

R W

OR

KS

29,0

01,2

67

7

2 .4

2%

25,0

98,2

91

3

4 .3

4%

CO

VIN

GT

ON

--

20,9

56,3

57

5

3 .6

2%

EF

FIN

GH

AM

CO

UN

TY

BO

C23,4

63,5

48

10

1 .9

6%

-n/a

-

GA

INE

SV

ILLE

4-

-31,9

43,7

09

1

5 .5

2%

GW

INN

ET

T C

OU

NT

Y46,6

04,1

29

5

3 .8

9%

-n/a

-

HA

LL C

OU

NT

Y29,8

86,6

80

6

2 .5

0%

-n/a

-

HE

NR

Y C

OU

NT

Y W

SA

450,9

54,3

57

4

4 .2

6%

30,6

00,7

94

2

5 .2

9%

SA

VA

NN

AH

-

n/a

-

16,2

64,4

54

7

2 .8

1%

TH

E C

ON

SE

RV

AT

ION

FU

ND

24,1

97,6

95

9

2 .0

2%

-n/a

-

VA

LD

OS

TA

69,0

96,6

68

3

5 .7

7%

-n/a

-

WA

LT

ON

CO

UN

TY

WS

A26,1

67,4

46

8

2 .1

9%

-n/a

-

TO

TA

L P

RIN

CIP

AL

PA

YE

RS

$617,9

06,0

25

51 .6

1%

$206,2

99,3

02

35 .6

7%

ALL O

TH

ER

PA

YE

RS

579,2

66,5

08

48 .3

9%

371,9

84,5

66

64 .3

3%

TO

TA

L P

AY

ER

S3

$1,1

97,1

72,5

33

100 .0

0%

$578,2

83,8

68

100 .0

0%

So

urc

e:

The A

uth

ority

's F

isca

l Serv

ices

Div

isio

n .

No

tes:

1C

onso

lidate

d lo

an p

rinci

pal b

ala

nce

info

rmatio

n w

as

not

readily

ava

ilable

until

fis

cal y

ear

2002 w

hen t

he A

uth

ority

began t

he u

se o

f a lo

an s

erv

icin

g s

yste

m .

Co

mple

te in

form

atio

n w

as

not

availa

ble

though u

ntil

fis

cal y

ear

2003 .

2P

aye

r had a

n o

uts

tandin

g p

rinci

pal b

ala

nce

for

the y

ears

pre

sente

d w

ith a

n "

n/a

"; h

ow

eve

r, t

hese

am

ounts

were

not

with

in t

he t

op 1

0 r

anki

ng .

There

fore

, paye

r w

as

incl

uded in

"A

ll O

ther

Paye

rs" .

3Loans

princi

pal b

ala

nce

repre

sents

princi

pal a

mounts

due t

he A

uth

ority

. T

hese

tota

ls e

xclu

de c

onst

ruct

ion lo

an o

r co

nst

ruct

ion lo

ans

in p

roce

ss b

ala

nce

s w

hic

h a

re in

incl

uded in

the r

eport

ed a

mount

per

fund f

inanci

al s

tate

ments

. C

onst

ruct

ion lo

ans

and c

onst

ruct

ion lo

ans

in p

roce

ss a

re a

dju

sted a

t th

e t

ime a

loan b

eco

mes

a p

erm

anent

am

ort

izin

g lo

an .

4P

roje

cts

for

whic

h lo

an f

unds

are

dis

burs

ed t

ow

ard

s are

clo

sed o

ut

upon c

ert

ifica

tion b

y th

e G

eorg

ia E

nvi

ronm

enta

l Pro

tect

ion D

ivis

ion .

During f

isca

l year

2007,

princi

pal b

ala

nce

s fo

r H

enry

County

and t

he C

ity o

f A

tlanta

more

than d

ouble

d .

The A

uth

ority

has

contr

act

ed w

ith s

eve

ral j

urisd

ictio

ns

that

have

multi

ple

-phase

pro

ject

s to

be c

om

ple

ted s

uch

as

Atla

nta

, H

enry

County

WS

A,

and G

ain

esv

ille .

As

dem

onst

rate

d h

ere

, th

ese

jurisd

ictio

ns

are

exp

ect

ed t

o h

ave

contin

ued f

inanci

ng

agre

em

ents

ove

r se

vera

l years

.

2006

2015

GE

OR

GIA

EN

VIR

ON

ME

NT

AL

FIN

AN

CE

AU

TH

OR

ITY

Prin

cip

al L

oa

ns R

ece

iva

ble

Pa

ye

rs

Fis

ca

l Y

ea

r 2

01

5 a

nd

Nin

e Y

ea

rs P

rio

r (2

00

6)

1

BO

RR

OW

ER

PR

INC

IPA

L B

AL

AN

CE

OU

TS

TA

ND

ING

3R

AN

K

% O

F T

OT

AL

PR

INC

IPA

L B

AL

AN

CE

O

UT

ST

AN

DIN

G

PR

INC

IPA

L B

AL

AN

CE

OU

TS

TA

ND

ING

3R

AN

K

% O

F T

OT

AL

PR

INC

IPA

L B

AL

AN

CE

O

UT

ST

AN

DIN

GA

TLA

NT

A4

$168,8

43,7

55

114 .1

0%

$23,1

05,6

56

4

4 .0

0%

CA

LH

OU

N-

-19,9

60,0

43

6

3 .4

5%

CA

MIL

LA

--

14,4

39,4

03

8

2 .5

0%

CA

RT

ER

SV

ILLE

--

12,1

37,3

61

9

2 .1

0%

CLA

YT

ON

CO

UN

TY

WS

A-

-11,7

93,2

34

10

2 .0

4%

CO

BB

CO

UN

TY

BO

C149,6

90,4

80

212 .5

0%

-n/a

2-

CO

LU

MB

US

WA

TE

R W

OR

KS

29,0

01,2

67

7

2 .4

2%

25,0

98,2

91

3

4 .3

4%

CO

VIN

GT

ON

--

20,9

56,3

57

5

3 .6

2%

EF

FIN

GH

AM

CO

UN

TY

BO

C23,4

63,5

48

10

1 .9

6%

-n/a

-

GA

INE

SV

ILLE

4-

-31,9

43,7

09

1

5 .5

2%

GW

INN

ET

T C

OU

NT

Y46,6

04,1

29

5

3 .8

9%

-n/a

-

HA

LL C

OU

NT

Y29,8

86,6

80

6

2 .5

0%

-n/a

-

HE

NR

Y C

OU

NT

Y W

SA

450,9

54,3

57

4

4 .2

6%

30,6

00,7

94

2

5 .2

9%

SA

VA

NN

AH

-

n/a

-

16,2

64,4

54

7

2 .8

1%

TH

E C

ON

SE

RV

AT

ION

FU

ND

24,1

97,6

95

9

2 .0

2%

-n/a

-

VA

LD

OS

TA

69,0

96,6

68

3

5 .7

7%

-n/a

-

WA

LT

ON

CO

UN

TY

WS

A26,1

67,4

46

8

2 .1

9%

-n/a

-

TO

TA

L P

RIN

CIP

AL

PA

YE

RS

$617,9

06,0

25

51 .6

1%

$206,2

99,3

02

35 .6

7%

ALL O

TH

ER

PA

YE

RS

579,2

66,5

08

48 .3

9%

371,9

84,5

66

64 .3

3%

TO

TA

L P

AY

ER

S3

$1,1

97,1

72,5

33

100 .0

0%

$578,2

83,8

68

100 .0

0%

So

urc

e:

The A

uth

ority

's F

iscal S

erv

ices D

ivis

ion .

No

tes:

1C

onsolid

ate

d loan p

rincip

al bala

nce info

rmation w

as n

ot

readily

availa

ble

until fiscal year

2002 w

hen t

he A

uth

ority

began t

he u

se o

f a loan s

erv

icin

g s

yste

m .

Co

mple

te info

rmation w

as n

ot

availa

ble

though u

ntil fiscal year

2003 .

2P

ayer

had a

n o

uts

tandin

g p

rincip

al bala

nce f

or

the y

ears

pre

sente

d w

ith a

n "

n/a

"; h

ow

ever,

these a

mounts

were

not

within

the t

op 1

0 r

ankin

g .

There

fore

, payer

was inclu

ded in "

All

Oth

er

Payers

" .

3Loans p

rincip

al bala

nce r

epre

sents

princip

al am

ounts

due t

he A

uth

ority

. T

hese t

ota

ls e

xclu

de c

onstr

uction loan o

r constr

uction loans in p

rocess b

ala

nces w

hic

h a

re in inclu

ded in t

he r

eport

ed a

mount

per

fund f

inancia

l sta

tem

ents

. C

onstr

uction loans a

nd c

onstr

uction loans in p

rocess a

re a

dju

ste

d a

t th

e t

ime a

loan b

ecom

es a

perm

anent

am

ort

izin

g loan .

4P

roje

cts

for

whic

h loan f

unds a

re d

isburs

ed t

ow

ard

s a

re c

losed o

ut

upon c

ert

ific

ation b

y t

he G

eorg

ia E

nvironm

enta

l P

rote

ction D

ivis

ion .

During f

iscal year

2007,

princip

al bala

nces f

or

Henry

County

and t

he C

ity o

f A

tlanta

more

than d

ouble

d .

The A

uth

ority

has c

ontr

acte

d w

ith s

evera

l ju

risdic

tions t

hat

have m

ultip

le-p

hase p

roje

cts

to b

e c

om

ple

ted s

uch a

s A

tlanta

, H

enry

County

WS

A,

and G

ain

esvill

e .

As d

em

onstr

ate

d h

ere

, th

ese jurisdic

tions a

re e

xpecte

d t

o h

ave c

ontinued f

inancin

g

agre

em

ents

over

severa

l years

.

2006

2015


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Inte

rest

Reve

nu

e b

y F

un

d1

Last

Te

n F

iscal

Ye

ars

(accru

al b

asi

s o

f acco

un

tin

g)

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Georg

ia Fu

nd

8,084

,771

$

8,289

,718

$9,1

24,01

4$

8,961

,789

$16

,617,3

43$

22,74

6,277

$23

,177,0

90$

18,82

6,064

$14

,903,5

34$

12,38

4,375

$

Georg

ia Re

servo

ir & W

ater S

upply

Fund

70,47

6

41,75

626

,753

55,81

7-

-93

--

-

Serie

s 199

1-

--

--

--

-22

5,127

239,3

87

Clean

Wate

r Stat

e Rev

olving

Loan

Fund

18,43

6,384

20,03

2,718

22,38

0,926

23,05

2,731

22,74

6,784

21,81

8,551

19,78

7,106

15,74

3,087

13,35

1,989

11,93

8,645

Clean

Wate

r Stat

e Matc

h Rev

olving

Loan

Fund

23,2

86,29

4

3,4

94,82

4

28

,340,1

58

1,809

,702

153,7

09

-

-

-

-

6,275

,222

ARRA

-Clea

n Wate

r Stat

e Rev

olving

Loan

Fund

-

-

--

517,8

22

85,25

2-

--

-

Drink

ing W

ater S

tate R

evolv

ing Lo

an Fu

nd

2,187

,499

2,113

,821

3,053

,806

3,003

,892

2,719

,567

-2,5

62,46

52,2

36,21

62,1

83,88

51,6

78,16

1

Drink

ing W

ater S

tate M

atch F

und

795,3

66

778,1

405,2

78,65

731

1,768

-

-

--

--

ARRA

-Drin

king W

ater S

tate R

evolv

ing Lo

an Fu

nd-

--

--

16,56

5-

--

-

Nonm

ajor E

nterpr

ise Fu

nds O

perat

ing R

even

ue3

-

-

-

368,4

60

62

8,297

3,2

22,21

1

17

3,972

55

4,796

391,6

23

1,1

15,64

0

Total

inter

est r

even

ue32

,860,7

90$

34

,750,9

77$

68,20

4,314

$37

,564,1

59$

43,38

3,522

$47

,888,8

55$

45,70

0,726

$

37,36

0,163

$

31,05

6,158

$

33,63

1,430

$

Sour

ce:

The A

uthori

ty's Fi

scal

Servi

ces D

ivision

.

Notes

:

2 The A

uthori

ty de

fers r

even

ue fo

r the C

lean W

ater S

tate M

atch R

evolv

ing Lo

an Fu

nd un

til fed

eral m

atch e

ligibi

lity cr

iteria

has b

een s

atisfi

ed . D

uring

fis

cal y

ear 2

006,

$6,27

5,222

in pr

ior ye

ar de

ferral

s was

appro

priate

ly rec

ogniz

ed as

reve

nue a

s req

uired

by th

e guid

eline

s ove

r the a

dmini

strati

on

of the

fede

ral re

volvin

g loa

n prog

rams .

Again

in 20

11, T

he Au

thority

reco

gnize

d $15

3,709

as re

venu

e und

er the

same

princ

iples

.

3 The A

uthori

ty de

fers r

even

ue fo

r the D

rinkin

g Wate

r Stat

e Matc

h Rev

olving

Loan

Fund

until

federa

l matc

h elig

ibility

crite

ria ha

s bee

n sati

sfied

. Duri

ng

fisca

l yea

r 200

6, $7

27,04

4 in p

rior y

ear d

eferra

ls wa

s app

ropria

tely r

ecog

nized

as re

venu

e as r

equir

ed by

the g

uideli

nes o

ver th

e adm

inistr

ation

of the

fede

ral re

volvin

g loa

n prog

rams .

1 Intere

st rev

enue

s are

deriv

ed fro

m ch

arges

for s

ervice

s rela

tive t

o spe

cific

activ

ities o

f the A

uthori

ty . T

heir s

ource

is in

teres

t inco

me on

loan

rece

ivable

s .

GEOR

GIA

ENVIR

ONME

NTAL

FINA

NCE A

UTHO

RITY

Intere

st Re

venu

e by F

und1

Last

Ten F

iscal

Years

(accru

al ba

sis of

acco

untin

g)

Sour

ce:

The

Auth

ority

’s F

isca

l Ser

vice

s D

ivis

ion .

N

otes

:1 In

tere

st re

venu

es a

re d

eriv

ed fr

om c

harg

es fo

r ser

vice

s re

lativ

e to

spe

cific

act

iviti

es o

f the

Aut

horit

y . T

heir

sour

ce is

inte

rest

inco

me

on lo

an re

ceiv

able

s .2 Th

e Au

thor

ity d

efer

s re

venu

e fo

r the

Cle

an W

ater

Sta

te M

atch

Rev

olvi

ng L

oan

Fund

unt

il fe

dera

l mat

ch e

ligib

ility

crite

ria h

as b

een

satis

fied .

Dur

ing

fisca

l yea

r 200

6, $

6,27

5,22

2 in

prio

r yea

r def

erra

ls w

as a

ppro

pria

tely

reco

gniz

ed a

s re

venu

e as

requ

ired

by th

e gu

idel

ines

ove

r the

adm

inis

tratio

n of

the

fede

ral r

evol

ving

loan

pr

ogra

ms .

Aga

in in

201

1, T

he A

utho

rity

reco

gniz

ed $

153,

709

as re

venu

e un

der t

he s

ame

prin

cipl

es .

3 The

Auth

ority

def

ers

reve

nue

for t

he D

rinki

ng W

ater

Sta

te M

atch

Rev

olvi

ng L

oan

Fund

unt

il fe

dera

l mat

ch e

ligib

ility

crite

ria h

as b

een

satis

fied .

Dur

ing

fisca

l yea

r 200

6, $

727,

044

in p

rior y

ear d

efer

rals

was

app

ropr

iate

ly re

cogn

ized

as

reve

nue

as re

quire

d by

the

guid

elin

es o

ver t

he a

dmin

istra

tion

of th

e fe

dera

l rev

olvi

ng lo

an

prog

ram

s .


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Sch

ed

ule

of

Reve

nu

e B

on

d C

ove

rag

e

Last

Te

n F

iscal

Ye

ars

10-y

ear

tren

d2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Net R

evenue

$18,0

12,3

89

$23,7

10,0

75

$24,6

83,5

27

$24,5

19,0

68

$21,8

60,6

73

$14,7

21,9

60

$7,7

18,1

23

$9,8

26,3

45

$9,0

32,6

63

$8,3

94,3

69

Debt S

erv

ice

$8,7

46,6

00

$8,4

04,9

25

$8,4

34,8

25

$8,4

59,6

50

$6,6

98,9

50

$14,4

43,8

77

$0

$0

$0

$0

Co

ve

rag

e2

06

%2

82

%2

93

%2

90

%3

26

%1

02

%N

/AN

/AN

/AN

/A$18,0

17,9

96

$23,7

01,8

88 .5

0$24,7

14,0

37 .2

5$24,5

32,9

85

$21,8

38,5

77

$14,7

32,7

54 .5

4$0 .0

0$0 .0

0$0 .0

0$0 .0

0

GE

OR

GIA

EN

VIR

ON

ME

NT

AL

FIN

AN

CE

AU

TH

OR

ITY

Schedule

of R

evenue B

ond C

overa

ge

Last T

en F

iscal Y

ears

0%

206%

282%

293%

290%

326%

102%

0%

0%

0%

$0

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Net Revenue

Debt Service

Coverage

GR

OS

SO

PE

RA

TIN

GA

VA

ILA

BL

E F

OR

OU

TS

TA

ND

ING

FIS

CA

L Y

EA

RR

EV

EN

UE

1E

XP

EN

SE

S1

DE

BT

SE

RV

ICE

PR

INC

IPA

LIN

TE

RE

ST

TO

TA

LC

OV

ER

AG

E D

EB

T2

2015

$8,7

06,2

59

$311,8

90

$8,3

94,3

69

--

-0.0

0%

-2014

$9,3

65,5

01

$332,8

38

$9,0

32,6

63

--

-0.0

0%

-2013

$10,1

27,6

28

$301,2

83

$9,8

26,3

45

--

-0.0

0%

-2012

$9,3

77,0

23

$1,6

58,9

01

$7,7

18,1

22

--

-0.0

0%

-2011

$16,9

79,6

14

$2,2

57,6

54

$14,7

21,9

60

$14,2

55,0

00

$188,8

77

$14,4

43,8

77

101.9

3%

-2010

$23,1

09,1

47

$1,2

48,4

74

$21,8

60,6

73

$6,0

35,0

00

$663,9

50

$6,6

98,9

50

326.3

3%

$13,9

09,9

90

2009

$24,5

31,5

36

$12,4

68

$24,5

19,0

68

$7,4

60,0

00

$999,6

50

$8,4

59,6

50

289.8

4%

$21,1

39,9

84

2008

$24,7

19,2

52

$35,7

25

$24,6

83,5

27

$7,1

15,0

00

$1,3

19,8

25

$8,4

34,8

25

292.6

4%

$28,0

24,9

77

2007

$23,7

66,8

80

$56,8

05

$23,7

10,0

75

$6,7

80,0

00

$1,6

24,9

25

$8,4

04,9

25

282.1

0%

$34,5

74,9

70

2006

$18,0

72,3

96

$60,0

06

$18,0

12,3

89

$6,8

15,0

00

$1,9

31,6

00

$8,7

46,6

00

205.9

4%

$41,1

59,9

64

So

urc

e:

The A

uth

ority

's A

ccountin

g D

epart

ment .

No

te:

1T

he r

epaym

ent st

ream

s of th

e G

eorg

ia F

und, S

eries

1991 a

nd S

eries

1992 F

unds

are

ple

dged a

s co

llate

ral f

or

debt se

rvic

e r

etir

em

ent on the S

eries

1997 R

eve

nue B

onds .

This

sch

edule

show

s th

e c

ove

rage r

atio

base

d o

n the a

ctiv

ities

of th

ese

funds .

A

mount re

port

ed is

net of bond p

rem

ium

am

ort

izatio

n c

ost

s .

2O

uts

tandin

g d

ebt fo

r 1997 r

efle

cts

two o

uts

tandin

g is

sues,

the S

eries

1991 a

nd S

eries

1992 R

eve

nue B

onds,

at Ju

ne 3

0, 1997 w

hic

h w

ere

subse

quently

defe

ase

d d

uring the 1

998 y

ear .

Beca

use

of th

is s

ubse

quent ye

ar

eve

nt, the

change in

outs

tandin

g b

ala

nce

s fr

om

1997 to 1

998 w

as

min

imal .

In F

Y 2

011, th

e A

uth

ority

opte

d for

early

redem

ptio

n o

f its

outs

tandin

g b

onds .

NE

T R

EV

EN

UE

AV

AIL

AB

LE

FO

R D

EB

T S

ER

VIC

E R

EQ

UIR

EM

EN

TS

GE

OR

GIA

EN

VIR

ON

ME

NT

AL

FIN

AN

CE

AU

TH

OR

ITY

Sch

edule

of R

eve

nue B

ond C

ove

rage

Last

Ten F

isca

l Years

10-y

ear

tren

d2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Net R

evenue

$18,0

12,3

89

$23,7

10,0

75

$24,6

83,5

27

$24,5

19,0

68

$21,8

60,6

73

$14,7

21,9

60

$7,7

18,1

23

$9,8

26,3

45

$9,0

32,6

63

$8,3

94,3

69

Debt S

erv

ice

$8,7

46,6

00

$8,4

04,9

25

$8,4

34,8

25

$8,4

59,6

50

$6,6

98,9

50

$14,4

43,8

77

$0

$0

$0

$0

Co

ve

rag

e2

06

%2

82

%2

93

%2

90

%3

26

%1

02

%N

/AN

/AN

/AN

/A$18,0

17,9

96

$23,7

01,8

88 .5

0$24,7

14,0

37 .2

5$24,5

32,9

85

$21,8

38,5

77

$14,7

32,7

54 .5

4$0 .0

0$0 .0

0$0 .0

0$0 .0

0

GE

OR

GIA

EN

VIR

ON

ME

NT

AL

FIN

AN

CE

AU

TH

OR

ITY

Schedule

of R

evenue B

ond C

overa

ge

Last T

en F

iscal Y

ears

0%

206%

282%

293%

290%

326%

102%

0%

0%

0%

$0

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Net Revenue

Debt Service

Coverage

Sour

ce:

The

Auth

ority

’s A

ccou

ntin

g D

epar

tmen

t .

Not

e:

1 The

repa

ymen

t stre

ams

of th

e G

eorg

ia F

und,

Ser

ies

1991

and

Ser

ies

1992

Fun

ds a

re p

ledg

ed a

s co

llate

ral f

or d

ebt s

ervi

ce re

tirem

ent o

n th

e Se

ries

1997

Rev

enue

Bon

ds . T

his

sche

dule

sho

ws

the

cove

rage

ratio

bas

ed o

n th

e ac

tiviti

es o

f the

se fu

nds .

Am

ount

repo

rted

is n

et o

f bon

d pr

emiu

m a

mor

tizat

ion

cost

s .2 O

utst

andi

ng d

ebt f

or 1

997

refle

cts

two

outs

tand

ing

issu

es, t

he S

erie

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r ear

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imat

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2008

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204,

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Sou

rce:

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The

Aut

horit

y's

Fisc

al S

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Div

isio

ns . S

tate

of G

eorg

ia P

opul

atio

n ob

tain

ed fr

om th

e S

tate

of G

eorg

ia's

Com

preh

ensi

ve A

nnua

l Fin

anci

al R

epor

t at:

http

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ww

.aud

its .g

a .go

v .

Not

es:

1 GE

FA is

a c

ompo

nent

uni

t of t

he s

tate

of G

eorg

ia a

nd d

oes

not h

ave

stat

utor

y ta

xing

aut

horit

y . T

here

fore

, the

dem

ogra

phic

and

eco

nom

ic in

form

atio

n co

ntai

ned

in th

e A

utho

rity'

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anci

al re

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enco

mpa

ss s

tatis

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dat

a re

gard

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the

geog

raph

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are

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e S

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preh

ensi

ve A

nnua

l Fin

anci

al re

port

at: w

ww

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its .s

tate

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us .

3 In F

Y 2

012,

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horit

y di

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t exe

cute

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tract

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rtain

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RA

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s a

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lt, n

o A

RR

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ndin

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dis

clos

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this

per

iod .

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OR

GIA

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L FI

NA

NC

E A

UTH

OR

ITY

Loan

Dem

and

by P

rogr

am1

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Ten

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cal Y

ears

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Pro

gram

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info

rmat

ion

was

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ily v

erifi

able

unt

il th

e A

utho

rity

bega

n th

e us

e of

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an s

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sys

tem

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%6.17

%

0%10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

GEFA's FUNDING by PR

OGRA

M

CLEA

N W

ATER

SRLF

DRINKING W

ATER SRLF

ARR

A CLEAN W

ATER SRLF

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RGIA FUND

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ENTS

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GE

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L F

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E A

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t U

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an

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man

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y P

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ast

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n F

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a-

37,5

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202,

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915

2008

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420

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2005

9,09

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91,

413,

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n/a

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82,5

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3140

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-n/

a-

204,

172,

888

Sou

rce:

100.

01%

The

Aut

horit

y's

Fisc

al S

ervi

ces

and

Wat

er R

esou

rces

Div

isio

ns. S

tate

of G

eorg

ia P

opul

atio

n ob

tain

ed fr

om th

e S

tate

of G

eorg

ia's

Com

preh

ensi

ve A

nnua

l Fin

anci

al R

epor

t at:

http

://w

ww

.aud

its.g

a.go

v.

Not

es:

1 GE

FA is

a c

ompo

nent

uni

t of t

he s

tate

of G

eorg

ia a

nd d

oes

not h

ave

stat

utor

y ta

xing

aut

horit

y. T

here

fore

, the

dem

ogra

phic

and

eco

nom

ic in

form

atio

n co

ntai

ned

in th

e A

utho

rity'

s fin

anci

al re

port

does

not

enco

mpa

ss s

tatis

tical

dat

a re

gard

ing

the

geog

raph

ical

are

a it

serv

es; t

his

info

rmat

ion

is c

onta

ined

in th

e S

tate

of G

eorg

ia's

Com

preh

ensi

ve A

nnua

l Fin

anci

al re

port

at: w

ww

.aud

its.s

tate

.ga.

us.

3 In F

Y 2

012,

the

Aut

horit

y di

d no

t exe

cute

any

con

tract

s pe

rtain

ing

to t

he A

mer

ican

Rec

over

y an

d In

vest

men

t Act

(AR

RA

). A

s a

resu

lt, n

o A

RR

A fu

ndin

g is

dis

clos

ed s

ince

this

per

iod.

GE

OR

GIA

EN

VIR

ON

MEN

TAL

FIN

AN

CE

AU

THO

RIT

Y

Loan

Dem

and

by P

rogr

am1

Last

Ten

Fis

cal Y

ears

Loan

Pro

gram

2 Loan

dem

and

info

rmat

ion

was

not

eas

ily v

erifi

able

unt

il th

e A

utho

rity

bega

n th

e us

e of

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an s

ervi

cing

sys

tem

.

32.46%

42.99%

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%

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%

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%

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%

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%

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%

0.00

%

0.00

%

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%

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%

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%

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%

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3.33

%6.17

%

0%10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

GEFA's FUNDING by PR

OGRA

M

CLEA

N W

ATER

SRLF

DRINKING W

ATER

SRLF

ARRA

CLEAN

WAT

ER SRLF

ARRA

DRINKING W

ATER

SRLF

GEO

RGIA FUND

LAND CONS CW

REPAY

MEN

TSSTAT

E RE

SERV

OIR FUND

Sour

ce:

The

Auth

ority

’s F

isca

l Ser

vice

s an

d W

ater

Res

ourc

es D

ivis

ions

. Sta

te o

f Geo

rgia

Pop

ulat

ion

obta

ined

from

the

Stat

e of

Geo

rgia

’s C

ompr

ehen

sive

Ann

ual F

inan

cial

Rep

ort a

t: ht

tp://

ww

w .au

dits

.ga .

gov .

Not

es:

1 GEF

A is

a c

ompo

nent

uni

t of t

he s

tate

of G

eorg

ia a

nd d

oes

not h

ave

stat

utor

y ta

xing

aut

horit

y . T

here

fore

, the

dem

ogra

phic

and

eco

nom

ic in

form

atio

n co

ntai

ned

in th

e Au

thor

ity’s

fina

ncia

l rep

ort d

oes

not e

ncom

pass

sta

tistic

al d

ata

rega

rdin

g th

e ge

ogra

phic

al a

rea

it se

rves

; thi

s in

form

atio

n is

con

tain

ed in

the

Stat

e of

G

eorg

ia’s

Com

preh

ensi

ve A

nnua

l Fin

anci

al re

port

at: w

ww .

audi

ts .s

tate

.ga .

us .

2 Loan

dem

and

info

rmat

ion

was

not

eas

ily v

erifi

able

unt

il th

e Au

thor

ity b

egan

the

use

of a

loan

ser

vici

ng s

yste

m .

3 In F

Y 20

12, t

he A

utho

rity

did

not e

xecu

te a

ny c

ontra

cts

perta

inin

g to

the

Am

eric

an R

ecov

ery

and

Inve

stm

ent A

ct (A

RR

A) .

As a

resu

lt, n

o AR

RA

fund

ing

is d

iscl

osed

sin

ce th

is p

erio

d .


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Full-t

ime E

quiv

ale

nt

Sta

te A

uth

ori

ty E

mp

loye

es

by Id

enti

fiab

le A

ctiv

ity

Last

Ten F

isca

l Years

Func

tion/P

rogr

am

2015

2014

2013

2012

2011

320

103

2009

320

0820

0720

06Go

vern

menta

l acti

vities

:

Exec

utive

Adm

inistr

ation

25

55

66

65

62

2

Energ

y prog

rams1

67

813

1616

129

98

Solid

was

te an

d env

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ental

prog

rams

n/an/a

n/an/a

n/an/a

n/a1

11

Fuel

storag

e tan

k and

alter

nativ

e fue

ls pro

grams

22

23

3 .53 .5

4 .56

55

Inform

ation

tech

nolog

y4

44

33

44

44

4Ac

coun

ting s

uppo

rt 3

32

33

23 .5

34

4Ot

her a

dmini

strati

ve su

pport

44

45

55

64

54

T

otal F

TE - G

overn

menta

l Acti

vities

24

2525

3337

3735

3330

28Bu

sines

s-typ

e acti

vities

:W

aste

and w

astew

ater p

rogram

s15

158

86 .5

8 .54 .5

66

5Ac

coun

ting a

nd fin

ance

supp

ort6

75

66

53 .5

43

4Ot

her a

dmini

strati

ve su

pport

00

00

00

22

22

T

otal F

TE - B

usine

ss Ty

pe A

ctivit

ies20

2213

1413

1410

1211

11

Total

s44

4738

4749

5045

4541

39

Sour

ces:

The A

uthori

ty's F

iscal

Servi

ces a

nd H

uman

Res

ource

s Divi

sions

.

Notes

:

3 The A

uthori

ty ha

s pos

itions

that

are sp

lit-fun

ded a

nd m

ulti-fu

nctio

nal a

nd th

us so

me ar

eas r

equir

e perc

entag

e tab

ulatio

ns .

2 In fis

cal y

ear 2

008,

the A

uthori

ty wa

s reo

rganiz

ed to

a Ch

ief E

xecu

tive s

tructu

re, w

hich i

nclud

es a

Chief

Ope

rating

Offic

er to

overs

ee al

l prog

ram ar

eas;

a Chie

f Fisc

al Of

ficer

to ov

ersee

the a

reas o

f Acc

ounti

ng, F

inanc

e and

Infor

matio

n Te

chno

logy;

a Chie

f Adm

inistr

ative

Offic

er to

overs

ee H

uman

Res

ource

s and

gene

ral ad

minis

trativ

e sup

port;

and,

a Pub

lic A

ffairs

Dire

ctor to

overs

ee P

ublic

Rela

tions

, Com

munic

ation

s, an

d Mark

eting

for th

e Auth

ority .

GEOR

GIA

ENVI

RONM

ENTA

L FIN

ANCE

AUT

HORI

TYFu

ll-tim

e Equ

ivalen

t Stat

e Auth

ority

Emplo

yees

by Id

entifi

able

Activ

ityLa

st Te

n Fisc

al Ye

ars

1 The D

ivisio

n of E

nergy

Res

ource

s inc

rease

d pers

onne

l in 20

05 an

d 200

6 to p

rovide

servi

ces f

or 3 n

ew pr

ogram

s: 1)

State

Ene

rgy S

trateg

y 2) S

tate E

nergy

Data

base

, and

3) S

tate U

tilitie

s Purc

hasin

g Prog

ram . In

2007

, an I

nform

ation

Co

ordina

tor w

as ad

ded t

o con

duct

data

resea

rch fo

r Ene

rgy an

d rela

ted E

nviro

nmen

t prog

rams .

Full-T

ime E

quiva

lent E

mploy

ees a

s of J

une 3

0

Sour

ces:

The

Auth

ority

’s F

isca

l Ser

vice

s an

d H

uman

Res

ourc

es D

ivis

ions

.

Not

es:

1 The

Div

isio

n of

Ene

rgy

Res

ourc

es in

crea

sed

pers

onne

l in

2005

and

200

6 to

pro

vide

ser

vice

s fo

r 3 n

ew p

rogr

ams:

1) S

tate

Ene

rgy

Stra

tegy

2) S

tate

Ene

rgy

Dat

abas

e, a

nd 3

) Sta

te U

tiliti

es P

urch

asin

g Pr

ogra

m . I

n 20

07, a

n In

form

atio

n C

oord

inat

or w

as a

dded

to c

ondu

ct d

ata

rese

arch

for E

nerg

y an

d re

late

d En

viro

nmen

t pr

ogra

ms .

2 In fi

scal

yea

r 200

8, th

e Au

thor

ity w

as re

orga

nize

d to

a C

hief

Exe

cutiv

e st

ruct

ure,

whi

ch in

clud

es a

Chi

ef O

pera

ting

Offi

cer t

o ov

erse

e al

l pro

gram

are

as; a

Chi

ef F

isca

l Offi

cer t

o ov

erse

e th

e ar

eas

of A

ccou

ntin

g, F

inan

ce a

nd In

form

atio

n Te

chno

logy

; a C

hief

Adm

inis

trativ

e O

ffice

r to

over

see

Hum

an R

esou

rces

and

gen

eral

ad

min

istra

tive

supp

ort;

and,

a P

ublic

Affa

irs D

irect

or to

ove

rsee

Pub

lic R

elat

ions

, Com

mun

icat

ions

, and

Mar

ketin

g fo

r the

Aut

horit

y .

3 The

Auth

ority

has

pos

ition

s th

at a

re s

plit-

fund

ed a

nd m

ulti-

func

tiona

l and

thus

som

e ar

eas

requ

ire p

erce

ntag

e ta

bula

tions

.


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Op

era

tin

g I

nd

icato

rs b

y F

un

cti

on

1 L

ast

Te

n F

iscal

Ye

ars

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Func

tion/P

rogr

am

Energ

y prog

rams

C

lients

serve

d31,4

202,3

392,7

4113

,072

9,703

2,451

4,377

5,146

4,424

1,107

H

omes

wea

theriz

ed3

1,358

1,537

2,027

5,381

7,273

1,353

2,578

2,642

2,751

672

C

arbon

diox

ide (C

O 2) red

uctio

ns (to

ns)2

1,420

974

2,027

5,381

7,273

1,353

2,578

2,642

2,751

672

En

ergy s

aved

(millio

n BTU

)341

,419

17,32

161

,824

164,1

2023

0,845

42,94

481

,825

83,85

8n/a

n/a

Loan

activ

ities

Jo

bs cr

eated

Con

struc

tion4

9,730

12,25

5

9,4

696,2

899,6

6710

,093

10,50

015

,390

14,14

914

,049

Perm

anen

t45,0

60

6,3

73

3,7

882,5

163,8

704,0

374,2

008,1

725,6

595,6

20

Priva

te we

lls eli

mina

ted46

0

125

3110

01,4

7093

735

1,350

304

535

Se

wer li

nes (

linea

r feet)

:

A

dded

139,8

00

72,74

622

,900

18,25

346

,140

772,3

6027

8,076

107,4

9615

3,237

214,8

38

U

pgrad

ed39

,268

62

,646

18,40

05,0

0013

7,860

290,5

8510

0,735

140,1

1416

9,503

383,1

45

Septi

c tan

ks re

move

d11

1

264

252

71,2

76-

360

311

312

728

N

ew cu

stome

rs ad

ded

1,578

15

,423

13,07

317

,534

275

88,45

580

,232

97,77

875

,098

48,60

4

Sour

ces:

The A

uthori

ty's En

ergy R

esou

rces a

nd W

ater R

esou

rces D

ivision

s .

Notes

:

1 Inform

ation

pres

ented

is ba

sed o

n esti

mates

.

3 In 20

10, p

roduc

tion n

umbe

rs sig

nifica

ntly d

ecrea

sed i

n the

Energ

y prog

ram du

e to a

coup

le fac

tors .

First,

incre

ased

prod

uctio

n req

uirem

ents

asso

ciated

with

the A

meric

an R

einve

stmen

t and

Rec

overy

Act (A

RRA)

caus

ed a

susp

ensio

n with

the n

on-A

RRA c

ontra

ct to

addre

ss pr

oduc

tion w

ork is

sues

. Sec

ondly

, the c

ontra

ct ye

ar typ

ically

begin

in Ap

ril . Th

ere w

as no

inter

gove

rnmen

tal ag

reeme

nt wit

h one

of ou

r fund

ing ag

encie

s unti

l Jun

e 201

0,wh

ich re

sulte

d in l

owere

d prod

uctio

n num

bers

for th

e las

t three

mon

ths of

the f

iscal

year .

Ene

rgy sa

vings

conti

nued

to ris

e in F

Y 201

1, du

e to i

ncrea

sed e

fficien

cy m

easu

res pr

ovide

d by o

r esti

mated

beca

use o

f the

inves

tmen

ts ma

de w

ith AR

RA fu

nds . .

4 Jobs

crea

ted fo

r con

struc

tion &

perm

anen

t were

deriv

ed fro

m a f

ormula

used

by th

e Wate

r Res

ource

s Divis

ion .

GEOR

GIA

ENVIR

ONME

NTAL

FINA

NCE A

UTHO

RITY

Opera

ting I

ndica

tors b

y Fun

ction

1

Last

Ten F

iscal

Years

2 Per U

. S . D

epart

ment

of En

ergy g

uidan

ce, c

arbon

diox

ide em

ission

s are

reduc

ed by

an av

erage

of on

e metr

ic ton

per w

eathe

rized

home

.

Sour

ces:

The

Auth

ority

’s E

nerg

y R

esou

rces

and

Wat

er R

esou

rces

Div

isio

ns .

Not

es:

1 Info

rmat

ion

pres

ente

d is

bas

ed o

n es

timat

es .

2 Per U

. S . D

epar

tmen

t of E

nerg

y gu

idan

ce, c

arbo

n di

oxid

e em

issi

ons

are

redu

ced

by a

n av

erag

e of

one

met

ric to

n pe

r wea

ther

ized

hom

e .

3 In 2

010,

pro

duct

ion

num

bers

sig

nific

antly

dec

reas

ed in

the

Ener

gy p

rogr

am d

ue to

a c

oupl

e fa

ctor

s . F

irst,

incr

ease

d pr

oduc

tion

requ

irem

ents

ass

ocia

ted

with

the

Amer

ican

Rei

nves

tmen

t and

Rec

over

y Ac

t (AR

RA)

cau

sed

a su

spen

sion

with

the

non-

ARR

A co

ntra

ct to

add

ress

pro

duct

ion

wor

k is

sues

. Sec

ondl

y, th

e co

ntra

ct

year

typi

cally

beg

in in

Apr

il . T

here

was

no

inte

rgov

ernm

enta

l agr

eem

ent w

ith o

ne o

f our

fund

ing

agen

cies

unt

il Ju

ne 2

010,

whi

ch re

sulte

d in

low

ered

pro

duct

ion

num

bers

for t

he la

st th

ree

mon

ths

of th

e fis

cal y

ear .

Ene

rgy

savi

ngs

cont

inue

d to

rise

in F

Y 20

11, d

ue to

incr

ease

d ef

ficie

ncy

mea

sure

s pr

ovid

ed b

y or

est

imat

ed

beca

use

of th

e in

vest

men

ts m

ade

with

AR

RA

fund

s . .

4 Jobs

cre

ated

for c

onst

ruct

ion

& pe

rman

ent w

ere

deriv

ed fr

om a

form

ula

used

by

the

Wat

er R

esou

rces

Div

isio

n .


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Cap

ital

Ass

et

Sta

tist

ics

by F

un

cti

on

L

ast

Te

n F

iscal

Ye

ars

GEOR

GIA

ENVIR

ONME

NTAL

FINA

NCE A

UTHO

RITY

Capit

al As

set S

tatist

ics by

Func

tion

Last

Ten F

iscal

Years

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Func

tion/P

rogr

am

Gene

ral go

vernm

ent

Capit

al lea

se ob

ligati

ons1

--

--

1543

4328

15n/a

Comp

uter e

quipm

ent

37

317

7-

55

54

Furni

ture a

nd Fi

xtures

3-

--

--

--

--

Sour

ce:

The A

uthori

ty's F

iscal

Servi

ces a

nd In

forma

tion T

echn

ology

Divis

ions .

Notes

:

2 The A

uthori

ty ch

ose t

he op

tion t

o purc

hase

the 1

5 com

puter

s on t

he ca

pital

lease

s in 2

012,

as w

ell as

two a

dditio

nal c

ompu

ters .

1 Beg

inning

fisca

l yea

r 200

7, the

Auth

ority

phas

ed ou

t the p

urcha

se of

new

comp

uter te

rmina

ls an

d tran

sition

ed to

a ca

pital

lease

struc

ture a

s olde

r com

puter

term

inals

were

deem

ed ou

tdated

or re

quire

d rep

lacem

ent .

The d

ecisio

n to l

ease

staff

comp

uter

termi

nals

versu

s purc

hasin

g was

mad

e to h

elp ke

ep in

frastr

uctur

e more

curre

nt, in

that

mach

ines c

an be

repla

ced e

very

three

years

with

out th

e nee

d to g

o thro

ugh t

he st

anda

rdize

d proc

ureme

nt pro

cess

; to fa

cilitat

e stan

dardi

zatio

n effo

rts, w

hich l

owers

su

pport

costs

; and

to pr

ovide

an ef

fectiv

e disp

osal

strate

gy fo

r use

d equ

ipmen

t .


Single Audit Section

Single Audit Section


Schedule of Expenditures of Federal Awards

Year Ended June 30, 2015

Pass-throughCFDA Award/ Federal

Federal Grantor/Program Title number Contract Number expenditures

U .S . Department of Energy: Direct programs: State Energy Program 81 .041 DE-EE0004521 $ 946,876 Total State Energy Program 946,876

Weatherization Assistance for Low-Income Persons 81 .042 DE-0006147 3,465,534 Total Weatherization Assistance for Low-Income Persons 3,465,534

Pass-through programs: State Energy Programs Special Projects - State of North Carolina Office of Energy Sustainability 81 .119 NCSEA-DE-EE0006503 463 State Energy Programs Special Projects - Commonwealth of Virginia Department of Minerals, Mines and Energy 81 .119 VA-C15-6043-DE-EE0006891 1,021 Total State Energy Programs Special Projects 1,484

Total U .S . Department of Energy 4,413,894

U .S . Department of Health and Human Services: Pass-through programs - State of Georgia Department of Human Resources: Low-Income Home Energy Assistance Program 93 .568 42700-040-0000029858 2,297,602 Total U .S . Department of Health and Human Services 2,297,602

U .S . Environmental Protection Agency: Direct programs: State Revolving Funds (Clean Water) 66 .458 CS13000114 19,961,036 Total State Revolving Funds (Clean Water) 19,961,036

State Revolving Funds (Drinking Water) 66 .468 FS98409912 6,392,431 State Revolving Funds (Drinking Water) 66 .468 FS98409913 15,950,406 State Revolving Funds (Drinking Water) 66 .468 FS98409914 373,700 Total State Revolving Funds (Drinking Water) 22,716,537

Total U .S . Environmental Protection Agency 42,677,573

Total Federal Expenditures $ 49,389,069

See accompanying notes to the Schedule of Expenditures of Federal Awards .


Schedule of Expenditures of Federal Awards Year ended June 30, 2015



Notes to Schedule of Expenditures of Federal Awards

June 30, 2015

(1) General

(2) Reporting Entity

(3) Basis of Accounting

(4) Loans Receivable

(5) Subrecipients


Notes to Schedule of Expenditures of Federal Awards

June 30, 2015

The accompanying Schedule of Expenditures of Federal Awards presents the activity of all Federal financial assistance programs of the Georgia Environmental Finance Authority (the Authority) . The Authority receives pass-through financial assistance from the Georgia Department of Human Services .

The authoritative criteria for determining the programs, organizations, and functions of government included in the financial statements of the Authority are as follows: oversight responsibility, including selection of governing authority, designation of management, and ability to significantly influence operations; accountability for fiscal matters, including budget, surplus/deficit, debt, fiscal management, and revenue characteristics; scope of public services; and special financing relationships .

Based on above criteria, the State Energy Conservation Program, the Weatherization Assistance for Low-income Persons, Low-Income Home Energy Assistance, and State Revolving Funds are included in the Authority’s reporting entity .

The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting . The information in this schedule is presented in accordance with the requirements of OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations . Due to differences in the recording of loan disbursements between the requirements, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements .

At June 30, 2015, the Authority had $641,068,645 in loans receivable outstanding, which were originally funded by the State Revolving Funds (Clean Water) Program and $115,040,095 in loans receivable outstanding, which were originally funded by the State Revolving Funds (Drinking Water) Program . Both amounts are inclusive of original funding under the American Recovery and Reinvestment Act of 2009 and subsequently transferred to their respective base federal program .

Of the Federal expenditures presented in the Schedule, the Authority provided Federal awards to subrecipients as follows:


(1) General

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

The Members of the Georgia Environmental Finance Authority Atlanta, Georgia

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Georgia Environmental Finance Authority (the “Authority”), a component unit of the State of Georgia, as of and for the year ended June 30, 2015, and the related notes to the financial statements, which collectively comprise the Authority’s basic financial statements, and have issued our report thereon dated September 29, 2015. Our report includes a reference to the changes in accounting principle resulting from the implementation of Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions – an amendment of GASB Statement No. 27, and Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date – an amendment of GASB Statement No. 68.

Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered the Authority’s internal control over financial reporting (“internal control”) to determine the 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 Authority’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Authority’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s 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 a material weakness, yet important enough to merit attention by those charged with governance.

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 may exist that have not been identified.



Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Authority’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 determination of financial statement amounts. 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 entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.



INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND REPORT ON

INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY OMB CIRCULAR A-133

The Members of the Georgia Environmental Finance Authority Atlanta, Georgia Report on Compliance for Each Major Federal Program

We have audited the Georgia Environmental Finance Authority’s (the “Authority”), a component unit of the State of Georgia, compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of the Authority’s major federal programs for the year ended June 30, 2015. The Authority’s major federal programs are identified in the summary of auditor’s results section of the accompanying schedule of findings and questioned costs.

Management’s Responsibility

Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal programs.

Auditor’s Responsibility

Our responsibility is to express an opinion on compliance for each of the Authority’s major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the Authority’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the Authority’s compliance.



Opinion on Each Major Federal Program

In our opinion, the Authority complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2015.

Report on Internal Control Over Compliance

Management of the Authority is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the Authority’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with OMB Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Authority’s internal control over compliance.

A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A-133. Accordingly, this report is not suitable for any other purpose.



GEORGIA ENVIRONMENTAL FINANCE AUTHORITY

SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED JUNE 30, 2015

SECTION I SUMMARY OF AUDITOR’S RESULTS

Financial Statements Type of auditor’s report issued Unmodified Internal control over financial reporting: Material weaknesses identified? ____ yes __X__ no Significant deficiencies identified not considered to be material weaknesses? ____ yes __X__ none reported Noncompliance material to financial statements noted? ____ yes __X__ no Federal Awards Internal Control over major programs: Material weaknesses identified? ____ yes __X__ no Significant deficiencies identified not considered to be material weaknesses? ____ yes __X__ none reported Type of auditor’s report issued on compliance for major programs. Unmodified Any audit findings disclosed that are required to be reported in accordance with OMB Circular A-133, Section 510(a)? ____ yes __X__ no Identification of major program: CFDA Number Name of Federal Program or Cluster 66.458 State Revolving Funds (Clean Water) 66.468 State Revolving Funds (Drinking Water) 93.568 Low-Income Home Energy Assistance Program



SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED JUNE 30, 2015

Dollar threshold used to distinguish between Type A and Type B programs: $300,000 Auditee qualified as low-risk auditee? __X__ yes ____ no

SECTION II FINANCIAL STATEMENT FINDINGS AND RESPONSES

None reported.

SECTION III FEDERAL AWARDS FINDINGS AND QUESTIONED COSTS

None reported.



STATUS OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED JUNE 30, 2015

None reported


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