athens tn acfr fy2024

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CITY OF ATHENS, TENNESSEE
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2024
A - 48
NOTE 5 –LONG-TERM LIABILITIES (Continued)
Certain of the above debt is payable from and secured by a first pledge of the revenues derived 
from the operation of the respective utility systems and is collateralized by a statutory lien on the 
system. The Utilities Board has agreed to pay all debt service under the agreements.
The principal and interest payments on all long-term liabilities were current as of June 30, 2024.
The Athens Utilities Board has debt issues and other liabilities with outstanding balances totaling 
$17,775,687, of which $17,630,238 represents debt issued by the City where the Utilities Board 
has assumed all responsibility through resolution. This long-term debt is reported in the Athens 
Utilities Board financial statements. The debt service is to be paid through user fees and Utilities 
Board funds. If Utilities Board funds are not sufficient to service the debt, the City is required to 
establish ad valorem taxes under each debt issue.
Principal and interest requirements to maturity for debt are as follows:
Sewer Water Power
Year Principal Interest Principal Interest Principal Interest
2025 $ 1,290,569 $ 298,512 $ 204,299 $ 87,193 $ 275,750 $ 94,393
2026 1,294,822 261,518 209,467 82,025 279,750 85,703
2027 1,299,164 224,434 214,773 76,719 283,750 76,887
2028 1,303,597 187,260 220,222 71,270 288,750 67,944
2029 1,308,137 149,979 225,828 65,664 292,750 58,842
2030-2034 4,006,427 237,020 1,218,801 238,659 1,124,871 161,484
2035-2039 514,896 14,244 645,032 109,682 451,390 28,644
2040-2044 196,503 1,588 265,707 59,253 - -
2045-2049 - - 214,983 13,998 - -
$11,214,115 $ 1,374,555 $ 3,419,112 $ 804,463 $ 2,997,011 $ 573,897
NOTE 6 – INTERFUND BALANCES AND TRANSFERS
Interfund Balances
As of June 30, 2024, the General Purpose School Fund had interfund receivables that consist of 
$498,155 due from the General Fund and $591,927 due from the Federal Projects Fund. 
Interfund transfers during the year consisted of the General Fund transferring $2,900,000 to the 
Capital Improvement Fund, $1,000,000 to the Debt Service Fund-Schools and $400,000 to Debt 
Service Fund-City Projects. The School Construction Fund transferred $3,219,466 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.