athens tn acfr fy2020

Machine-read OCR text; verify every number, name, and layout against the original page.

consider market rates and rates of comparable cities in the region when changing tax rates, fees and charges.
In this regard, the City will make every effort to maintain its favorable comparative position with other
Tennessee cities which has contributed to our economic development success. A detailed multi-year revenue
trend analysis is utilized to assist in the budget process.

Major Initiatives

In August of 2019 the voters in Athens approved a $.75 increase in the local option sales tax. The
City Council designated the first $1,000,000 collected annually to go toward a school building project.
The Council has approved borrowing up to $35,000,000 to construct a new elementary school on the
property at City Park. Bids will be opened and construction is expected to begin in December, 2020. The
new building is expected to open in August, 2022. This will result in the closing of two older school
buildings as this is the first new school constructed in Athens since 1973. The City is working on a
comprehensive plan for renovations and additions to the public works building and the Municipal
Building. This will be a multi-year project.

Awards and Acknowledgements

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City of Athens for its comprehensive
annual financial report (CAFR) for the fiscal year ended June 30, 2019. This was the twenty-eighth
consecutive year that the City has received this prestigious award. In order to be awarded a Certificate of

Achievement, the City published an easily readable and efficiently organized CAFR. This report satisfied both
GAAP and applicable legal requirements.

A Certificate of Achievement is valid for a period of one year only. We believe that our current
CAFR continues to meet the Certificate of Achievement program’s requirements and we are submitting it
to the GFOA to determine its eligibility for another certificate.

The preparation of this CAFR on a timely basis was made possible by the dedicated service of the
entire staff of the finance department, in addition to the City’s independent certified public accountants.
Credit must also be given to the mayor, city council, and the city manager for their unfailing support for
maintaining the highest standards of professionalism in the management of the City of Athens’ finances.

Respectfully submitted,

Medal CX Kole

Michael L. Keith, CPA
Director of Finance

December 18, 2020

A-4