athens tn acfr fy2021

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CITY OF ATHENS, TENNESSEE 
NOTES TO FINANCIAL STATEMENTS 
June 30, 2021 
Note 4. Cash Deposits and Investments (continued) 
Investments: (continued) 
Primary government (continued) 
For the City, Level 1 investments are valued using prices quoted in active markets for those 
investments. Level 2 investments are valued based on the investments relationship to benchmark 
quoted prices. Level 3 investments are valued using either a discounted cash flow or market 
comparable entities technique. 
The methods described above may produce a fair value calculation that may not be indicative of net 
realizable value or reflective of future fair values. Furthermore, while the City believes its valuation 
methods are appropriate and consistent with other market participants, the use of different 
methodologies or assumptions to determine the fair value of certain financial instruments could 
result in a different fair value measurement at the reporting date. 
The following table sets forth by level, within the fair value hierarchy, the City's assets at fair value 
as of June 30, 2021: 
Investment type 
Fair Value 
Level 1 
Level 2 
Level 3 
Athens Pension Trust Fund: 
Money market funds - cash 
$ 
438,863 
$ 
438,863 
$ 
- 
$ 
Mutual funds 
18,782,642 
- 
18,782,642 
19,221,505 
438,863 
18,782,642 
Cemetery Perpetual Fund: 
Money market funds - cash 
3,204 
3,204 
Mutual funds 
375,902 
375,902 
379,106 
3,204 
375,902 
-
$ 19,600,611 
$ 
442,067 
$ 19,158,544 
$ 
Note 5. Interfund Transactions 
Interfund Balances: 
At June 30, 2021, the General Purpose School Fund had interfund receivables that consist of 
$430,000 due from the General Fund and $652,029 due from the Federal Projects Fund. The 
General Purpose School Fund had an interfund payable of $3,421 due to the General Fund. 
Interfund transfers during the year consisted of the General Fund transferring $2,481,000 to the 
Board of Education General Purpose Fund, $900,000 to the Capital Improvement Funds, and 
$1,000,000 to the Debt Service Fund. The Capital Improvement Fund and School Construction 
Fund transferred $903,637 and $5,276,300, respectively, 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. 
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