athens tn acfr fy2022

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CITY OF ATHENS, TENNESSEE
NOTES TO FINANCIAL STATEMENTS
June 30, 2022

Interfund Transactions (continued)

Interfund Balances: (continued)

Interfund transfers during the year consisted of the General Fund transferring $2,421,000 to the
Board of Education General Purpose Fund, $3,560,000 to the Capital Improvement Fund,
$1,000,000 to the Debt Service Fund-Schools and $400,000 to Debt Service Fund-City Projects. The
Education Capital Projects Fund transferred $24,247 to the General Purpose Fund. The School
Construction Fund transferred $17,216,787 to the Education Capital Projects Fund.

Interfund transactions were for the purpose of funding annual appropriations, debt service
requirements, capital outlay, and the school’s building program. Interfund activity is netted in the
government-wide financial statements within the governmental activities column.

Component Unit Transactions

Utilities Board:
Generally, all transactions with the Utilities Board are as a result of services being provided. The
Utilities Board provides utilities to the City. In addition, the Utilities Board bills and collects

residential sanitation services for the City. At June 30, 2022, the Utilities Board has a due from the
primary government of $55,516 and a due to the primary government of $86,823.

Detail of Net Position and Fund Balances

Net Position:

Net position reported on the government-wide Statement of Net Position includes the following:

Business-
Governmental Type
Activities Activities Total
Capital assets $ 79,512,811 $ 3,261,209 $ 82,774,020
Accumulated depreciation (30,353,083) (2,081,177) (32,434,260)
Debt related to acquisition and
construction of capital assets (30,878,325) - (30,878,325)
Retainage payable and accrued interest (1,338,404) - (1,338,404)
Net investment in capital assets 16,942,999 1,180,032 18,123,031
Restricted 20,408,267 - 20,408,267
Unrestricted 37,778,216 2,946,724 40,724,940
Total net position $ 75,129,482 $ 4,126,756 $ 79,256,238

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