athens tn acfr fy2024

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CITY OF ATHENS, TENNESSEE
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2024
5
As management of the City of Athens, Tennessee (the City), we offer readers of the City’s financial 
statements this narrative overview and analysis of the financial activities of the City for the fiscal year 
ended June 30, 2024. We encourage readers to consider the information presented here in conjunction 
with additional information that we have furnished in our letter of transmittal, which can be found in 
pages i-iv of this report.
Financial Highlights
 The assets and deferred outflows of the City exceeded its liabilities and deferred inflows at June
30, 2024, by $93,664,481 (net position). Of this amount, $52,047,396 (unrestricted net position)
may be used to meet the City’s ongoing obligations to citizens and creditors.
 Net position increased by $6,111,261, an increase of 6.98% compared to fiscal year 2023 total net
position. The City’s changes in net position are detailed in the chart on page 9 of this report. Total
revenues increased $6,600,203, primarily due to an increase in local sales taxes, state shared
revenue, and increased State funding for schools. Expenses increased $8,830,590 primarily due to
construction on the animal shelter, road improvements related to the new school building, and
interest on the school construction debt.
 The City’s property tax rate remained at $1.0078 per hundred dollars of assessment.
 The City’s residential sanitation fee remained at $9.50 per month.
 As of the close of the current fiscal year, the City’s governmental funds reported combined
ending fund balances of $51,540,068.
 At the end of the current fiscal year, the unassigned fund balance for the General Fund was
$18,854,640 or 97.88% of total General Fund expenditures. Expenditures do not include transfers
to other funds, which totaled $4,300,000 in the City’s General Fund. The percentage drops to
80.02% if transfers are included with the total expenditures. This demonstrates the City’s fiscal
discipline and places the City in a strong financial position to meet unexpected emergencies,
uncertainties at the State level, or slowdowns in the economy.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction of the City’s basic financial 
statements. The City’s basic financial statements comprise three components: 1) government-wide 
financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also 
contains other supplementary information in addition to the basic financial statements themselves.
Government-wide financial statements. The government-wide financial statements are designed to 
provide readers with a broad overview of the City’s finances, in a manner similar to a private-sector 
business.
The statement of net position presents information on all of the City’s assets and liabilities, with the 
difference between the two 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 City is improving or deteriorating.