GEFA 2014 CAFR

GEORGIA ENVIRONMENTAL FINANCE AUTHORITYA COMPONENT UNIT OF THE STATE OF GEORGIA

COMPREHENSIVE ANNUAL

FINANCIAL REPORTFISCAL YEAR ENDED JUNE 30, 2014

Prepared by:Fiscal Services Division

Kevin ClarkExecutive Director

GEORGIA ENVIRONMENTAL FINANCE AUTHORITY(A Component Unit of the State of Georgia)

COMPREHENSIVE ANNUAL FINANCIAL REPORTFiscal Year Ended June 30, 2014

TABLE OF CONTENTSINTRODUCTORY SECTION

Letter of Introduction - Executive Director . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ILetter of Transmittal - Chief Financial Officer & Director, Fiscal Services Division . . . . . . . . . . . . . . . . . . . . . . . . . . . . IIGFOA Certificate of Achievement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . VOrganization Chart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . VIList of Principal Officials and Authority Staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . VII

FINANCIAL SECTIONIndependent Auditors’ Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Management’s Discussion and Analysis - Required Supplementary Information (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Basic Financial Statements : Government-wide Financial Statements: Statement of Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Statement of Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Fund Financial Statements : Combined Balance Sheet - Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds . . . . . . . . . . . 20 Reconciliation of the Statement of Revenues, Expenditures , and Changes in Fund Balances of Governmental Funds to the Statement of Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Statement of Net Position - Enterprise Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Statement of Revenues, Expenses, and Changes in Net Position - Enterprise Funds . . . . . . . . . . . . . . . . . . . 23 Statement of Cash Flows - Enterprise Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Notes to Basic Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

SUPPLEMENTAL SECTIONSupplemental Section: Nonmajor Governmental Funds - Special Revenue Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 Combining Balance Sheet - Nonmajor Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 Nonmajor Enterprise Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 Combining Statement of Net Position - Nonmajor Enterprise Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 Combining Statement of Revenues, Expenses, and Changes in Net Position - Nonmajor Enterprise Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 Combining Statement of Cash Flows - Nonmajor Enterprise Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56


COMPREHENSIVE ANNUAL FINANCIAL REPORTFiscal Year Ended June 30, 2014

TABLE OF CONTENTS (continued)

STATISTICAL SECTIONStatistical Section Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57Government-wide Net Position by Category - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58Government-wide Expenses, Program Revenues, and Net (Expense)/Revenue by Function/Program - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59Government-wide General Revenues and Other Changes in Net Position - Last Ten Fiscal Years . . . . . . . . . . . . . . 61Fund Balances, Governmental Funds - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62Changes in Fund Balances, Governmental Funds - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63Government-wide Program Revenues by Category - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64Annual Loan Program Interest Rate History - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65Principal Loans Receivable Payers - Fiscal Year 2014 and Nine Years Prior (2005) . . . . . . . . . . . . . . . . . . . . . . . . . 66Interest Revenue by Fund - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67Schedule of Revenue Bond Coverage - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68Loan Demand by Program - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69Full-time Equivalent State Authority Employees by Identifiable Activity - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 70Operating Indicators by Function - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71Capital Asset Statistics by Function - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

SINGLE AUDIT SECTIONSchedule of Expenditures of Federal Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73Notes to Schedule of Expenditures of Federal Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards . . . . 76Report on Compliance with Requirements to Each Major Program and on Internal Control Over Compliance in Accordance with OMB Circular A-133 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78Schedule of Findings and Questioned Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80

INTR

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233 PEACHTREE STREET NE • HARRIS TOWER, SUITE 900 • ATLANTA, GEORGIA 30303-1506 • 404-584-1000 • FAX 404-584-1069

www.gefa.org

September 18, 2014

Honorable Chairman and Members of the Georgia Environmental Finance Authority Board 233 Peachtree Street, NE Harris Tower, Suite 900 Atlanta, Georgia 30303-1506 Dear Board Members: This year’s Comprehensive Annual Financial Report reflects the ability of the Georgia Environmental Finance Authority (“the Authority”) to impact in a positive manner the environmental and energy needs of Georgia’s local governments. In doing so, the Authority has been able to continue its progress to fulfill its mission statement “to conserve and improve Georgia’s energy, land and water resources”. The 2014 state fiscal year proved to be another very productive year. During that period, the Authority executed $245,031,145 million in grant and loan commitments from both state and federal sources to finance water, wastewater, land conservation and solid waste projects for local governments throughout Georgia. The Energy Resources Division continues its work to provide energy information and assistance to our citizens. The Division continues to provide assistance to weatherize the homes of elderly and low-income citizens, weatherizing 1,537 units in FY 2014. The Division continues to be actively involved in promoting energy efficiency and renewable energy in building, utility, and industrial sectors. The Fuel Storage Tank (FST) programs provided services for approximately 550 fuel storage tanks owned by 19 state agencies and departments. FST completed its tenth year of the statewide preventive maintenance program which inspects, registers, and repairs all fuel storage tanks owned by the state in accordance with state and federal regulations. In FY 2014, the Division also continued environmental clean-up efforts at six ongoing remediation sites. For the twenty-eighth straight year, the Authority was awarded the prestigious Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada. The Authority is one of only a few agencies in Georgia State government to receive the Certificate of Achievement. Thank you for your continued support and commitment to the highest standards of client service and financial management. I am pleased to present this 2014 annual financial report to you.

Sincerely,

Kevin Clark

Nathan Deal

Governor GEORGIA ENVIRONMENTAL FINANCE AUTHORITY Kevin Clark Executive Director

September 25, 2014

GEORGIA ENVIRONMENTAL FINANCE AUTHORITY 2014 COMPREHENSIVE ANNUAL FINANCIAL REPORT I

Nathan Deal Governor GEORGIA ENVIRONMENTAL FINANCE AUTHORITY

Kevin Clark Executive Director

233 PEACHTREE STREET, NE • HARRIS TOWER, SUITE 900 • ATLANTA, GEORGIA 30303-1506 • 404-584-1000 • FAX 404-584-1067 www.gefa.org

September XX, 2014

To the Honorable Chairman, Distinguished Members of the Georgia Environmental Finance Authority Board and the readers of this report:

It is with great pleasure that the Georgia Environmental Finance Authority (the “Authority”) presents the Comprehensive Annual Financial Report (the “CAFR”) for the fiscal year (FY) ended June 30, 2014. The report consists of management’s representations concerning the finances of the Authority. Responsibility for the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the management of the Authority. In order to achieve these assurances, the Authority must provide a comprehensive internal control framework designed to protect its assets from loss, theft, or misuse, and to compile sufficient reliable information for the preparation of the Authority’s financial statements in conformity with United States Generally Accepted Accounting Principles (“GAAP”). As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material aspects.

Mauldin and Jenkins, Certified Public Accountants LLC have audited the Authority’s financial statements for the year. The goal of an independent audit is to provide reasonable assurance the financial statements of the Authority are free of material misstatement. The independent auditors concluded, based upon the audit, that there was a reasonable basis for issuing an unmodified (“clean”) opinion on the Authority’s financial statements for the fiscal year ended June 30, 2014. The independent auditor’s report is presented as the first component of the financial section of this report.

The independent audit of the financial statements of the Authority was part of a broader, federally mandated “Single Audit” designed to meet the special needs of federal grantor agencies. The standards governing Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements, but also on the audited government’s internal controls and compliance with legal requirements, with special emphasis on internal controls and legal requirements involving the administration of federal awards. These reports are available in the Single Audit section of the Comprehensive Annual Financial Report for the Georgia Environmental Finance Authority.

GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). The MD&A contains a narrative overview and analysis of the financial activities of the Authority. The Georgia Environmental Finance Authority’s MD&A can be found immediately following the independent auditors’ report. This transmittal letter, which is designed to assist users in assessing the government’s financial condition, should complement the MD&A and should be read from that perspective and in conjunction with all other sections of the Authority’s CAFR.

PROFILE OF THE AUTHORITY

In 1983, the Governor and the Georgia General Assembly, acting on the 1982 recommendations of the Environmental Facilities Study Commission, created the Environmental Facilities Program and placed it in an existing agency called the Georgia Development Authority. The findings of the study commission identified the

September 18, 2014September 25, 2014

II GEORGIA ENVIRONMENTAL FINANCE AUTHORITY 2014 COMPREHENSIVE ANNUAL FINANCIAL REPORT

widening gap between local environmental infrastructure needs and the financial resources to pay for them. The Georgia General Assembly created the Georgia Environmental Facilities Authority in 1986 and transferred all of the environmental facilities program assets and functions from the Georgia Development Authority to the Georgia Environmental Facilities Authority. In FY 2010, the Georgia General Assembly renamed the Georgia Environmental Facilities Authority to the Georgia Environmental Finance Authority.

The Authority is a public corporation and an instrumentality of Georgia state government. There is an eleven-member board, eight appointed by the Governor and three who serve ex-officio. Three of the eight appointees are municipal officials, three are county officials and two are appointed from the state at large. The three ex-officio members are the Commissioner of the Georgia Department of Economic Development, the Commissioner of the Georgia Department of Community Affairs and the State Auditor. The Authority is organized under the Official Code of Georgia Annotated (the “OCGA”), Title 50, Chapter 23 ("The Georgia Environmental Finance Authority Act"). The Authority's stated purpose is "to assist local governments in constructing, extending, rehabilitating, repairing and renewing environmental facilities, and to assist in the financing of such needs by providing grants, loans, bonds and other assistance to local governments" and eligible local authorities. Initially, the Authority was only authorized to make loans for water supply or wastewater treatment and related facilities. In 1989, legislation was passed that allowed the Authority to also make loans to fund solid waste management facilities. In 2010, legislation was passed to allow the Authority to create a subsidiary organization for the purposes of carrying out certain powers of the Authority. As a result of this change, the Authority created the Georgia Environmental Loan Acquisition Corporation (the “Corporation”), a nonprofit organization, to purchase tax-exempt loans from the Authority through a loan securitization transaction. Proceeds from the sale, in conjunction with cash reserves, were used to remit funds back to the state treasury at the voluntary option of the Authority’s board of directors. The Corporation is a component unit of the Authority and is discretely presented within the Authority’s financial statements. The Authority is comprised of two primary divisions: Water Resources (WRD) and Energy Resources (ERD). The divisions provide a wide range of services including loans, grants and subsidies to jurisdictions throughout the state for water supply and wastewater improvements, grants for energy conservation and household energy efficiency restorations, services for remediation of underground storage tanks, and grants or loans for conservation of land resources. Administrative divisions of the Authority also exist to support initiatives of these primary divisions.

OUTCOMES AND INITIATIVES

The WRD executed 65 contracts and modifications to existing loans for water, sewer, land conservation and solid waste projects valued at over $245 million during fiscal year 2014. These loan projects served 45 different communities, four of which are new customers to the Authority. It is projected these loan projects will provide financial savings to these communities of approximately $71 million over the life of the loans, typically a 20-year period as well as have an environmental impact on approximately 1.4 million Georgians. The WRD continues to support projects that assist local governments and authorities and help them to ensure Georgians in their jurisdictions have access to clean and safe drinking water. Additionally, the WRD has a vital role in water conservation, delivery and preservation around the state. As a direct result of the WRD’s conservation strategy, it was awarded the American Council of Engineering Companies (ACEC) Engineering Excellence Award for its statewide water loss training program which seeks to provide communities with ways to detect leaks, maximize revenues and preserve water to have available to their customers. Prior efforts for water loss reduction have been concentrated on small water systems. In the upcoming fiscal year, the WRD will incorporate in its strategies a large system technical assistance water loss abatement program; an initiative sure to further increase water conservation throughout the state.

GEORGIA ENVIRONMENTAL FINANCE AUTHORITY 2014 COMPREHENSIVE ANNUAL FINANCIAL REPORT III

Activities of the LRD, which was a separate division of the Authority in the previous year, were collapsed into the ERD. In fiscal year 2013, the ERD participated in many diverse initiatives. A few of these initiatives included: managing revolving loan funds initially started with seed money under the American Recovery and Reinvestment Act of 2009, formulating program polices over the guaranteed energy savings performance contracting program and the successful implementation of an agriculture irrigation motor replacement program, to name a few. All of these initiatives were undertaken to promote conservation in energy for state-owned facilities and residential customers. Other initiatives of the ERD include ongoing monitoring and remediation of fuel storage tanks, weatherization of homes for low income residential customers and oversight of the Georgia Energy Challenge program which seeks to encourage reduced energy usage for commercial and residential users. Both divisions will continue to adapt to the various federal, state and local level changes that influence their core missions. Each will have to look to formulate new ways to secure additional funding to manage its programs as federal, state and local governments react to economic conditions and continual changes in the country’s financial markets. For additional information regarding activities of the Authority, please see the Statistical Section of this CAFR which provides specific outcomes of many of these program initiatives.

AWARDS AND ACKNOWLEDGEMENTS Certificate of Achievement for Excellence in Financial Reporting. The Government Finance Officers Association of the United States and Canada (the “GFOA”) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Authority for its CAFR for the fiscal year ended June 30, 2013. This was the 27th consecutive year the Authority has achieved this prestigious award.

To be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and efficiently organized CAFR. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year. We anticipate this year’s CAFR will also qualify for this distinguished award. Acknowledgements. This report could not have been prepared without the support and encouragement of the Authority’s management, staff and members of its board. We are very appreciative for their dedication to sound responsible financial operations. Additionally, any financial report is only as good as the accounting and financial records that supply its supporting data. The Authority’s accounting and finance staff deserve special recognition for their dedication, knowledge, perseverance and attention to detail. Lastly, we would like to give a special thanks to the division directors; the administrative team for its contributions in the preparation of the CAFR and to our independent auditors, Mauldin and Jenkins, Certified Public Accountants LLC, for their expertise, professionalism and dedication to ensure our audit was completed efficiently and timely.

Respectfully submitted,

J. Chris Jones, CGFM

Chief Financial Officer

Jammie Z. Harden, CGFM Director, Fiscal Services Division

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LIST OF PRINCIPAL OFFICIALS AND KEY AUTHORITY PERSONNELJune 30, 2014

BOARD OF DIRECTORS Gary McCullough Chairman Gator Hodges Vice Chairman Greg Griffin Secretary (Ex-Officio) Jimmy Andrews City Member Boyd Austin City Member Gretchen Corbin Ex-Officio Member Chris Carr Ex-Officio Member Stephen Gray At-Large Member John Perryman At-Large Member Brittany Pittman County Member Grady Thompson, Jr . County Member

EXECUTIVE MANAGEMENT Kevin Clark Executive Director Shane Hix Director of Public Affairs Glendale Jones Chief Administrative Officer Chris Jones Chief Financial Officer

CHIEF FINANCIAL STAFF Jammie Harden Director, Fiscal Services Wan Yi Chen Accountant Valerie Zackery Accountant II LaShanna Young Accountant II Christine Bullard Compliance and Contracts Monitor Shelina Ali Financial Analyst III Jeremy Cormier Financial Analyst I Derek Sands, Jr . Financial Analyst III

GEORGIA ENVIRONMENTAL FINANCE AUTHORITY 2014 COMPREHENSIVE ANNUAL FINANCIAL REPORT VII

FINA

NC

IAL SEC

TION

INDEPENDENT AUDITOR'S REPORT The Members of the Georgia Environmental Finance Authority Atlanta, Georgia

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Georgia Environmental Finance Authority (the “Authority”), a component unit of the State of Georgia, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the Authority’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

200 GALLERIA PARKWAY S.E., SUITE 1700 • ATLANTA, GA 30339-5946 • 770-955-8600 • 800-277-0080 • FAX 770-980-4489 • www.mjcpa.com Members of The American Institute of Certified Public Accountants

GEORGIA ENVIRONMENTAL FINANCE AUTHORITY 2014 COMPREHENSIVE ANNUAL FINANCIAL REPORT 1

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Georgia Environmental Finance Authority, as of June 30, 2014, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis on pages 4 through 16 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Authority’s basic financial statements. The combining non-major fund financial statements; the Schedule of Expenditures of Federal Awards, as required by Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations; and the introductory and statistical sections are presented for purposes of additional analysis and are not a required part of the basic financial statements.

2 GEORGIA ENVIRONMENTAL FINANCE AUTHORITY 2014 COMPREHENSIVE ANNUAL FINANCIAL REPORT

The combining non-major fund financial statements and the Schedule of Expenditures of Federal Awards are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining non-major fund financial statements and the Schedule of Expenditures of Federal Awards are fairly stated, in all material respects, in relation to the basic financial statements as a whole.

The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated September 25, 2014 on our consideration of the Authority’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Authority’s internal control over financial reporting and compliance.

Atlanta, Georgia September 25, 2014


GEORGIA ENVIRONMENTAL FINANCE AUTHORITY (A Component Unit of the State of Georgia)

Management’s Discussion and Analysis

(Unaudited)

The management of the Georgia Environmental Finance Authority (the “Authority”) offers this narrative overview and analysis of the financial activities of the Authority for the fiscal year (FY) ended June 30, 2014. This discussion and analysis examines in further detail the Authority’s financial performance as a whole. Readers of this report are also encouraged to review the financial statements and notes to the financial statements to enhance their understanding of business activities conducted by the Authority.

Key financial highlights for the year ended June 30, 2014 include:

The Authority’s total net position increased $85.1 million. The net position in governmental activitiesincreased $970 thousand, a significant increase over the prior fiscal year mostly due to a reduction inexpenditures and transfers-out to fund charges in other programs. The net position of business-typeactivities increased $84.1 million, a significant decrease from the prior year because the prior year’schange was largely impacted by higher contributions from federal and state authorities, as well as arecognition of revenues previously deferred.

Total governmental revenues decreased from 2013 to 2014 by $12.1 million. The decreased revenue isprimarily attributable to a decrease in operating grants and contributions to fund certain energy programs.

Charges for services within business-type activities experienced a decrease of $33.5 million from the prioryear. Of this decrease, $29.5 million was due to recognition of unearned revenues in fiscal year 2013,resulting in a net reduction of $4 million. This net reduction in charges for services is partially attributableto a restructuring of interest rate options and loan terms offered to loan recipients to assist them incontinued challenging economic times.

The above financial highlights are explained further in the “financial analysis” section of this document.


Management’s Discussion and Analysis (Unaudited)

Financial Highlights




(Unaudited)

This discussion and analysis section is intended to serve as an introduction to the Authority’s basic financial statements. The Authority’s financial statements contain three components: government-wide statements, fund financial statements and notes to the basic financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

The Authority’s comprehensive annual financial report includes two government-wide financial statements. These statements are intended to provide a broad overview of both long-term and short-term information about the Authority’s overall financial position. Financial reporting at this level uses a financial perspective similar to that found in the private sector with its basis in accrual accounting and elimination or reclassification of activities between funds.

The first government-wide statement is the Statement of Net Position, which is the government-wide statement that presents information that includes all of the Authority’s assets and liabilities, with the difference between them 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 Authority, as a whole, is improving or deteriorating. Evaluation of the overall fiscal health of the Authority would extend to other nonfinancial factors such as new or changes in legislation over which the Authority has no direct control, changes in levels of federal or state funding, or a change in management’s programmatic focus, in addition to the financial information provided in this report.

The second government-wide statement is the Statement of Activities, which reports how the Authority’s net position changed during the reported fiscal period. All current year’s revenues and expenses are accounted for regardless of when cash is received or paid. Thus, revenues and expenses are reported in this statement that will result in cash flows in future fiscal periods. One important purpose of the statement of activities is to show the financial reliance of the Authority’s distinct activities or functions on the revenues provided by the State of Georgia and federal grantors, as well as that on the revenue streams from repayment of loans from our ever-growing customer base.

Both government-wide financial statements distinguish governmental activities of the Authority that are principally supported by federal or state appropriated grants from business-type activities that are intended to recover all or a significant portion of their costs through user fees and charges. Governmental activities include general administrative operations of the Authority and those costs incurred for expenditure-driven grant programs, such as those incurred by the Energy Resources Division as well as those costs associated with administering the federal state revolving loan programs. Business-type activities include all operations of the Authority’s lending programs, as well as activities associated with its fuel storage tank maintenance program. The government-wide financial statements are presented on pages XX and XX of this report.



Overview of the Financial Statements

Government-wide Financial Statements

statements are presented on pages 17 and 18 of this report .




(Unaudited)

A fund is an accounting unit used to maintain control over resources segregated for specific activities or objectives. The Authority uses funds to ensure and demonstrate compliance with finance-related laws and regulations. Within the basic financial statements, fund financial statements focus on the Authority’s most significant funds rather than the Authority as a whole. Major funds are separately reported while all other (nonmajor) funds are combined into a single, aggregated presentation. Individual fund data for nonmajor funds is provided in the form of combining statements in a later section of this report.

All of the funds of the Authority can be divided into two categories: governmental funds and proprietary funds.

Governmental funds are reported in the fund financial statements and include the same functions reported as governmental activities in the government-wide financial statements. However, the focus is different with fund financial statements providing a varied view of the Authority’s governmental funds. These statements report short-term fiscal accountability focusing on the use of the spendable resources. They account for items using the current financial resources measurement focus and the modified accrual basis of accounting which measures cash and all other financial assets that can readily be converted to cash. They are useful in evaluating annual financing requirements of governmental programs and the Authority’s ability to commit spendable resources for near-term expenditures.

Since the government-wide focus includes the long-term view, comparisons between these two outlooks may provide insight into the long-term impact of short-term spending decisions. For this particular reason, reconciliation between the governmental activities (shown in the Statement of Net Position and Statement of Activities) and the governmental funds is provided at the bottom of the fund financial statements.

Proprietary funds are reported in the fund financial statements and generally report those activities for which the Authority charges its customers a fee for the use of its financial resources or technical expertise. The Authority’s proprietary funds are classified as enterprise funds. These enterprise funds essentially are the same as the business-type activities reported in the government-wide statements but provide more detail and additional information, such as cash flows associated with these distinct programs.

The Authority maintains seven (7) individual enterprise funds. Information is presented separately in the enterprise fund statement of net position and in the enterprise fund statement of revenues, expenses, and changes in net position for the Georgia Fund, Georgia Reservoir & Water Supply Fund, Clean Water State Revolving Loan Fund,



Fund Financial Statements

The Authority maintains eleven (11) individual governmental funds . Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the General Fund, Weatherization Assistance Program Fund, Drinking Water SRF State Program Setasides Fund and the Drinking Water SRF Local Assist Setasides Fund, which are considered major funds and are presented on pages 19-21 of this report . Data from other governmental funds are combined into a single, aggregated presentation . Individual data for each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report .




(Unaudited)

Year-to-year financial changes in net position trend information is accumulated on a consistent basis. This information trend will be observed, analyzed and used to discuss the financial position of the Authority as a whole. Net position over time may serve as a useful indicator of the Authority’s financial position. In the case of the Authority, net position was approaching $2 billion as of June 30, 2014 compared to $1.9 billion in the preceding fiscal year. The following table presents a summary of the Authority’s net position:

Georgia Environmental Finance Authority - Net PositionAs of June 30, 2014 and 2013

Increase

Governmental activities Business-type activities Total (Decrease)

2014 2013 2014 2013 2014 2013 %

Current and other assets $ 45,367,647 44,553,595 1,952,626,631 1,868,679,179 1,997,994,278 1,913,232,774 4.4%

Capital assets 47,955 24,718 - - 47,955 24,718 94.0%

Total assets 45,415,602 44,578,313 1,952,626,631 1,868,679,179 1,998,042,233 1,913,257,492 4.4%

Long-term liabilities outstanding 565,062 359,574 - - 565,062 359,574 57.1%

Other liabilities 3,259,728 3,597,803 207,828 367,005 3,467,556 3,964,808 (12.5%)

Total liabilities 3,824,790 3,957,377 207,828 367,005 4,032,618 4,324,382 (6.7%)

Net position:

Inv estment in capital assets 47,955 24,718 - - 47,955 24,718 94.0%

Restricted 38,256,141 37,104,014 1,446,699,238 1,383,034,270 1,484,955,379 1,420,138,284 4.6%

Unrestricted 3,286,716 3,492,204 505,719,565 485,277,904 509,006,281 488,770,108 4.1%

Total net position $ 41,590,812 40,620,936 1,952,418,803 1,868,312,174 1,994,009,615 1,908,933,110 4.5%

Primary Government



Notes to the Basic Financial Statements

Supplementary Information

Government-wide Financial Analysis of Authority



Increase

Governmental activities Business-type activities Total (Decrease)

2014 2013 2014 2013 2014 2013 %

Current and other assets $ 45,367,647 44,553,595 1,952,626,631 1,868,679,179 1,997,994,278 1,913,232,774 4.4%

Capital assets 47,955 24,718 - - 47,955 24,718 94.0%

Total assets 45,415,602 44,578,313 1,952,626,631 1,868,679,179 1,998,042,233 1,913,257,492 4.4%

Long-term liabilities outstanding 565,062 359,574 - - 565,062 359,574 57.1%

Other liabilities 3,259,728 3,597,803 207,828 367,005 3,467,556 3,964,808 (12.5%)

Total liabilities 3,824,790 3,957,377 207,828 367,005 4,032,618 4,324,382 (6.7%)

Net position:

Investment in capital assets 47,955 24,718 - - 47,955 24,718 94.0%

Restricted 38,256,141 37,104,014 1,446,699,238 1,383,034,270 1,484,955,379 1,420,138,284 4.6%

Unrestricted 3,286,716 3,492,204 505,719,565 485,277,904 509,006,281 488,770,108 4.1%

Total net position $ 41,590,812 40,620,936 1,952,418,803 1,868,312,174 1,994,009,615 1,908,933,110 4.5%

Primary Government

Clean Water State Match Revolving Loan Fund, Drinking Water State Revolving Loan Fund, and Drinking Water State Match Revolving Loan Fund, all of which are considered major funds of the Authority and are presented on pages 22-24 of this report . Individual fund data for the nonmajor enterprise funds is provided in the form of combining statements elsewhere in this report .

The accompanying notes to the financial statements provide information necessary for a full understanding of the government-wide and fund financial statements . The notes to the financial statements begin on page 25 of this report .

In addition to the basic financial statements and accompanying note disclosures, this report also presents certain supplementary information concerning the Authority’s funds . As mentioned previously, the Authority reports major funds in the basic financial statements . Combining and individual statements and schedules for nonmajor funds are presented in this section of this report beginning on page 49 .




(Unaudited)

The Authority’s investment in capital assets comprises expenditures made for securing computer equipment and furniture and fixtures. Minimal cash has been expended for the purposes of acquiring capital assets because the Authority’s primary function is to be a financial conduit on behalf of the State of Georgia and therefore holds few depreciable assets. Thus, the Authority’s investment in capital assets at fiscal year year-end was $47.95 thousand.

There was a increase in restricted net position of the Authority’s governmental activites of approximately $1.2 million.

Total restricted for grant programs decreased by $323.9 thousand.Total retricted for loan programs increased by $1.5 million.

There was an increase in restricted net position of the Authority’s business-type activities of approximately $63.7 million which was all held for the use of the Authority’s federal loan programs.

The following table provides a summary of the changes in net position, with comparative data for the current and prior fiscal years:

Georgia Environmental Finance Authority - Changes in Net PositionFor the Fiscal Year Ended June 30, 2014 and 2013

IncreaseGovernmental activities Business-type activities Total (Decrease)

2014 2013 2014 2013 2014 2013 %

Rev enues:

Program rev enues:

Charges for serv ices $ 1,457,644 591,955 36,517,062 69,972,715 37,974,706 70,564,670 (46.2%)

Operating grants and contributions 25,457,573 38,441,654 49,420,407 104,896,682 74,877,980 143,338,336 (47.8%)

General rev enues:

Unrestricted inv estment earnings 54,419 65,912 - - 54,419 65,912 (17.4%)

Other income 12,768 26,621 15,084 161,770 27,852 188,391 (85.2%)

Total rev enues 26,982,404 39,126,142 85,952,553 175,031,167 112,934,957 214,157,309 (47.3%)

Ex penses (net of indirect costs):

General gov ernment 7,170,623 9,005,073 - - 7,170,623 9,005,073 (20.4%)

Water & w astew ater 6,914,660 8,496,123 5,392,431 8,437,183 12,307,091 16,933,306 (27.3%)

Land conserv ation 8,665 41,733 - - 8,665 41,733 (79.2%)

Energy & env ironment 7,368,927 18,322,583 - - 7,368,927 18,322,583 (59.8%)

Storage tank maintenance - - 591,401 800,089 591,401 800,089 (26.1%)

General and administrativ e - - 411,745 348,463 411,745 348,463 18.2%

Total ex penses 21,462,875 35,865,512 6,395,577 9,585,735 27,858,452 45,451,247 (38.7%)

Increase in net position before transfers 5,519,529 3,260,630 79,556,976 165,445,432 85,076,505 168,706,062 (49.6%)

Transfers (4,549,653) (8,344,739) 4,549,653 8,344,739 - - -

Increase (decrease) in net position 969,876 (5,084,109) 84,106,629 173,790,171 85,076,505 168,706,062 (49.6%)

Net position - July 1 40,620,936 45,705,045 1,868,312,174 1,694,522,003 1,908,933,110 1,740,227,048 9.7%

Net position - June 30 $ 41,590,812 40,620,936 1,952,418,803 1,868,312,174 1,994,009,615 1,908,933,110 4.5%

Primary Government





IncreaseGovernmental activities Business-type activities Total (Decrease)

2014 2013 2014 2013 2014 2013 %

Revenues:

Program revenues:

Charges for services $ 1,457,644 591,955 36,517,062 69,972,715 37,974,706 70,564,670 (46.2%)

Operating grants and contributions 25,457,573 38,441,654 49,420,407 104,896,682 74,877,980 143,338,336 (47.8%)

General revenues:

Unrestricted investment earnings 54,419 65,912 - - 54,419 65,912 (17.4%)

Other income 12,768 26,621 15,084 161,770 27,852 188,391 (85.2%)

Total revenues 26,982,404 39,126,142 85,952,553 175,031,167 112,934,957 214,157,309 (47.3%)

Expenses (net of indirect costs):

General government 7,170,623 9,005,073 - - 7,170,623 9,005,073 (20.4%)

Water & wastewater 6,914,660 8,496,123 5,392,431 8,437,183 12,307,091 16,933,306 (27.3%)

Land conservation 8,665 41,733 - - 8,665 41,733 (79.2%)

Energy & environment 7,368,927 18,322,583 - - 7,368,927 18,322,583 (59.8%)

Storage tank maintenance - - 591,401 800,089 591,401 800,089 (26.1%)

General and administrative - - 411,745 348,463 411,745 348,463 18.2%

Total expenses 21,462,875 35,865,512 6,395,577 9,585,735 27,858,452 45,451,247 (38.7%)

Increase in net position before transfers 5,519,529 3,260,630 79,556,976 165,445,432 85,076,505 168,706,062 (49.6%)

Transfers (4,549,653) (8,344,739) 4,549,653 8,344,739 - - -

Increase (decrease) in net position 969,876 (5,084,109) 84,106,629 173,790,171 85,076,505 168,706,062 (49.6%)

Net position - July 1 40,620,936 45,705,045 1,868,312,174 1,694,522,003 1,908,933,110 1,740,227,048 9.7%

Net position - June 30 $ 41,590,812 40,620,936 1,952,418,803 1,868,312,174 1,994,009,615 1,908,933,110 4.5%

Primary Government




(Unaudited)

Charges for services within governmental activities experienced an uptick of 247 percent in revenue due to increased administrative fees billed. Collections for charges for services may experience annual fluctuations due to increased or decreased activity in loan activity. These fees are for administrative costs retained outside of loan programs.

During the current fiscal year, the Authority expensed the last monies awarded it by the United States Department of Energy under the American Recovery and Reinvestment Act of 2009 (ARRA). This fact helps to explain why revenues for governmental activities’ operating grants and contributions had a decrease of approximately $13.0 million, or 34 percent. Because these programs operate on the basis of expenditure-driven grants, revenues typically parallel expense activity within those programs. In addition, the Authority received $9.5 million in appropriations from the state that were included within governmental activities.

Unrestricted investment earnings of $54.4 thousand within governmental activities were reported during the year, down slightly from $66 thousand in 2013. This decrease in investment earnings is mostly associated with a decrease in investable funds held for match under for the SRF funds.

$1,458

$25,458

$13 $54

Charges for services Operating grants &contributions

Other income Unrestricted investmentearnings

Revenues - Governmental Activities (in thousands)



Governmental Revenues




(Unaudited)

Expenses within the general government function were down $1.8 million because of reduction in administrative costs incurred in association with programs administered under the American Recovery and Reinvestment Act, as well as a reductions in personal services spending.

There was a 19 percent decrease in the water and wastewater program function expenses of governmental activities. This function of the Authority is primarily dependent upon activity associated with pass through contractors and is driven mostly by related expenses incurred by these contractors. As such, year-to-year fluctuations have been experienced. However, this year’s activity was down due to fewer contracts entered into to execute special revenue programs.

The land conservation function financed projects and other program expenses totaling $8.7 thousand. A continuing decline in approved projects attributed to the 79 percent reduction in activity within this function.

The energy program function comprises 35 percent of total governmental activities’ expenses and 27 percent of the Authority’s total expenses, down substantially from recent years. In fiscal year 2013, these percentages were 51 percent and 40 percent, respectively. As the availability of ARRA funding within the energy division has ended, the Authority’s reported expenses have reflected continuing declines within this function.

General Government Water & Wastewater Land Conservation Energy & EnvironmentProgram Revenues 13,490 6,307 55 7,064Expenses 7,171 6,915 9 7,369

$-

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

Expenses and Program Revenues - Governmental Activities(in thousands)



Governmental Functional Expenses



(Unaudited)






$-

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000




(Unaudited)






$-

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000





(Unaudited)

Total revenue for the business-type activities for the Authority for the current fiscal year were $86 million, a decrease of approximately 51 percent from the previous fiscal year total of $175 million. The decrease for the current fiscal year partially stems from recognition of income previously unearned in the Authority’s federal match loan programs. The impact on revenues for this change was an additional $29.5 million recognized in the prior year.

Because the Authority receives a significant portion of its revenues from federal and state sources, fluctuating contributions also contributed to the current year’s decrease. For fiscal year 2014, the Authority received significantly less funding from federal and state sources, down $55.9 million; coupled with other economic changes such as loss of income on loans paid off early and a change to the Authority’s interest rate tier structure as mentioned earlier.

$36,517

$49,420

$15

Charges for services Operating grants & contributions Other income

Revenues - Business-type Activities (in thousands)



Governmental Functional Expenses Business-type Activities: Revenues vs Expenses

Revenues

Total revenue for the business-type activities for the Authority for the current fiscal year were $86 million, a decrease of approximately 51 percent from the previous fiscal year total of $175 million . The decrease for the current fiscal year partially stems from recognition of income previously unearned in the Authority’s federal match loan programs . The impact on revenues for this change was an additional $29 .5 million recognized in the prior year .

Because the Authority receives a significant portion of its revenues from federal and state sources, fluctuating contributions also contributed to the current year’s decrease . For fiscal year 2014, the Authority received significantly less funding from federal and state sources, down $55 .9 million; coupled with other economic changes such as loss of income on loans paid off early and a change to the Authority’s interest rate tier structure as mentioned earlier .




(Unaudited)

Expenses within the Authority’s business-type activites decreased substantially for the current fiscal year, with the water and wastewater programs experiencing the greatest decrease. This decrease is mainly related to forgiveness and subsidies provided on loans within the Clean Water SRF Revolving Loan and Drinking Water SRF Revolving Loan Funds.

The storage tank maintenance program had decreased expenses of approximately 26 percent. This decrease can be attributed to reduced activity for projects funded by participating funders.

General and administrative expenses reflect those expenses incurred by the Authority to execute its business-type activities. These expenses increased slightly from those of the prior year, up by $62 thousand, or 18 percent. This increase is primarily due to refunds provided to customers.

The above details are illustrated in the graph below:

Water & Wastewater Storage TankMaintenance

General &administrative

Program Revenues 5,392 999 79,546Expenses 5,392 591 412

$-

$20,000

$40,000

$60,000

$80,000

$100,000

Expenses and Program Revenues - Business-type Activities (in thousands)



Expenses



(Unaudited)

Expenses within the Authority’s business-type activites decreased substantially for the current fiscal year, with the water and wastewater programs experiencing the greatest decrease. This decrease is mainly related to forgiveness and subsidies provided on loans within the Clean Water SRF Revolving Loan and Drinking Water SRF Revolving Loan Funds.

The storage tank maintenance program had decreased expenses of approximately 26 percent. This decrease can be attributed to reduced activity for projects funded by participating funders.

General and administrative expenses reflect those expenses incurred by the Authority to execute its business-type activities. These expenses increased slightly from those of the prior year, up by $62 thousand, or 18 percent. This increase is primarily due to refunds provided to customers.

The above details are illustrated in the graph below:

Water & Wastewater Storage TankMaintenance

General &administrative

Program Revenues 5,392 999 79,546Expenses 5,392 591 412

$-

$20,000

$40,000

$60,000

$80,000

$100,000

Expenses and Program Revenues - Business-type Activities (in thousands)




(Unaudited)

As noted earlier, the focus of the Authority’s governmental funds is to provide information on short-term inflows and outflows of spendable resources. This information is useful in assessing reserves available at the end of the year in comparison to upcoming financing requirements. Governmental funds reported ending fund balances of $42.1 million in fiscal year 2014, compared to $41.0 million in fiscal year 2013. Of these year-end totals, $3.9 million for fiscal years 2014 and 2013 was unassigned and available for continued financing by the Authority.

The total ending fund balances of governmental funds show a increase of $1.1 million, compared to the decrease experienced in fiscal year 2013 of $5.2 million. This change is primarily due to decreased activity in loan programs requiring match funds which were transferred out to their appropriate loan programs.

The General Fund is the Authority’s primary operating fund and the source of daily administrative operations. The General Fund’s fund balance increased by $517.4 thousand in fiscal year 2014 as compared to the $4.6 million decrease from the previous year. The portion of fund balance obligated in the General Fund at year-end was $4.9 million, up from $4.4 million in fiscal year 2013. The majority of these increases can be attributed to decreased activity levels in match-related expenditures for the federal loan programs.

The General Fund’s ending unassigned portion of fund balance of $3.9 million represents the equivalent of 35 percent of its current year’s expenditures. The Authority’s overall cash flow within the General Fund is generally consistent with increased activity occurring at quarter’s end. The Authority relies very little on the unassigned portion of fund balance because administrative expenditures of the Authority are satisfied by either direct grants or contracts from federal and state sources or transfers from the repayment stream of the Georgia Fund. The Georgia Fund is the Authority’s resource to cover administrative expenditures incurred within certain programs which are not directly funded by a dedicated revenue source or financing contract or grant. Last year’s amounts were $3.9 million and 34 percent, respectively.

The Weatherization Assistance Program Fund serves as a special revenue fund to provide federal grant funds to local governments and nonprofit organizations throughout the state of Georgia in an effort to assist low income households achieve energy efficiencies in their homes. Revenues and expenditures typically net to zero as the funding is expenditure-driven and thus no fund balance had been reported for previous fiscal years. For fiscal year 2014, the Authority recognized $1.7 thousand in program income from the sale of a vehicle returned to the program from a service provider the Authority terminated business with in fiscal year 2013. This small amount will be restricted to fund additional expenditures for the program. During the year, the Authority used $305.7 thousand of its internal energy investment funds to supplant charges not reimbursable by one of the division’s funders. Total expenditures reported within this fund were $7.1 million.



Expenses Financial Analysis of the Authority’s Funds

Governmental Funds

Major Governmental Funds




(Unaudited)

The Drinking Water SRF State Program Setasides Fund serves as a special revenue fund for programs providing federal grant funds for various drinking water projects for the state’s public water supervision program. The Authority reported $1.4 million in expenditure-driven grant funds, for which revenue and expenditure activity typically nets to zero, and therefore no fund balance has been reported for fiscal year 2014.

The Drinking Water SRF Local Assist Setasides Fund serves as a special revenue fund for programs providing federal grant funds for various drinking water projects for technical assistance to public water systems for capacity development purposes. The Authority reported $2.7 million in expenditure-driven grant funds, for which revenue and expenditure activity typically nets to zero, and therefore no fund balance has been reported for fiscal year 2014.

The proprietary funds’ statements share the same focus as the government-wide statements, reporting both short-term and long-term information about financial status. Each of the fund statements gives detailed information about the fund’s financial condition. The viability of the Authority’s loan and fuel storage tank maintenance programs is evident by this year-end’s changes in net position detailed below.

The Authority’s proprietary funds report the activities of the loan and fuel storage tank maintenance programs. The net position of the proprietary funds increased $84.1 million from business operations. The total interest income from loans for proprietary funds with a lending component for 2014 was $34.8 million, a 44 percent decrease from the prior year which is primarily explained by a change in the Authority’s income recognition principle for the federal SRF match revolving loan funds, Clean Water and Drinking Water. Previously, the grant agreements included a requirement which did not allow recognition of income from loans made with matching requirements until the income had been expended on a new qualifying program loan. Newer requirements, in updated agreements, do not include a specific requirement regarding the recognition of income however still maintain that this income is to be held for purposes of the program. These new requirements were determined to only be a purpose restriction and the income related to the exchange transaction is more appropriately recognized as revenue with the resulting net position being restricted. Thus, in fiscal year 2013, the Authority recognized revenue in the amount of $24,967,386 for its Clean Water State Match Revolving Loan Fund and $4,522,976 for its Drinking Water State Match Revolving Loan Fund in order to be in compliance with newer program guidelines administered by its grantor agency, partially explaining the decrease in the current fiscal year. The additional reduction to the lowered net position increase can be explained by the reduction of contributions from federal and state sources previously mentioned.

The fuel storage tank maintenance program had total revenues of approximately $1 million partially from fees charged customers for the maintenance of state-owned equipment, contract revenues from other state agencies, and promotional expense refunds from vendors, down from $1.1 million the previous year.

Net position of the Authority’s proprietary funds for federal programs are restricted for their respective purposes and are recycled into resources available to fund their core missions. Net position of the Authority’s proprietary



The Proprietary Funds




(Unaudited)

funds for state programs are typically unrestricted and can be used for the purposes they are held for, as authorized through current legislation, and recycled into resources available to fund their core missions.

The Authority does not have a budget directly approved by citizens of the State of Georgia. Instead, its appropriation is included in the State of Georgia’s budget as a line item request within the Department of Community Affairs budget under the Authority’s enabling legislation. However, the Authority’s management does utilize a budget for its General Fund to be used for financial analysis purposes throughout the year.

The Authority’s investment in capital assets for its governmental activities as of June 30, 2014 amounts to $47.9 thousand (net of accumulated depreciation). This investment in capital assets includes equipment, furniture and fixtures. As of the close of the fiscal year, the Authority had no investment in capital assets of business-type activities because those activities are dedicated to the financing of loan and certain grant or subsidized projects and hold no depreciable assets. Additional information regarding the Authority’s capital assets can be found in Note 7, pages XX.

As of June 30, 2014, the Authority had a total of $565.1 thousand in outstanding long-term liabilities, an increase of approximately $205.5 thousand. Of this amount, approximately $141.3 thousand is due within one year.

Additional information regarding the Authority’s long-term debt can be found in Note 5, pages XX-XX.

Requests for Information

This financial report is designed to provide a general overview of the Authority’s finances, comply with finance-related laws and regulations, and demonstrate the Authority’s commitment to public accountability to all parties with an interest in its financial activities. Questions concerning any of the information provided in this report or

Georgia Environmental Finance Authority's Long-term Debt ObligationsFor the Fiscal Year Ended June 30, 2014

Balance atJune 30, Percentage Due Within

2014 of Total One YearCompensated absences 565,062$ 100% 141,266$ Governmental long-term liabilities 565,062$ 141,266$

Governmental Activities



Budgetary Information

Capital Assets and Debt Administration

Capital Assets

Long-term Debt

Georgia Environmental Finance Authority Long-term Debt Obligations

For the Fiscal Year Ended June 30, 2014







(Unaudited)












Note 7, page 40 .

Note 7, page 40 .

Note 5, pages 36-38 .



(Unaudited)















(Unaudited)

requests for additional information should be addressed to: Georgia Environmental Finance Authority, Director, Fiscal Services Division, 233 Peachtree Street, NE, Harris Tower, Suite 900, Atlanta, Georgia 30303-1506.





(Unaudited)
















Statement of Net Position

June 30, 2014

Primary Government Component UnitGovernmental Business-type Ga. Environ.

Assets activities activities Total Loan Acq. Corp.

Cash $ 4,392,950 9,730,823 14,123,773 40,266,863 Cash with fiscal agent — — — 20,289,154 Investments 35,825,638 745,573,936 781,399,574 — Due from other governments 3,778,664 680,529 4,459,193 — Internal balances 1,370,265 (1,370,265) — — Accrued interest receivable — 3,225,477 3,225,477 576,003 Loans receivable — 1,194,786,131 1,194,786,131 144,183,756 Other assets 130 — 130 — Capital assets, net of accumulated

depreciation 47,955 — 47,955 —

Total assets 45,415,602 1,952,626,631 1,998,042,233 205,315,776

Liabilities Accounts payable and accrued liabilities 3,254,364 190,767 3,445,131 12,053 Accrued payroll and related benefits 5,364 — 5,364 — Due to other governments — 17,061 17,061 — Accrued interest payable — — — 672,344 Compensated absences, current 141,266 — 141,266 — Bonds payable, current — — — 16,775,000 Long-term liabilities: Compensated absences, net of current portion 423,796 — 423,796 — Bonds payable, net of current portion and unamortized bond discount — — — 107,333,811

Total liabilities 3,824,790 207,828 4,032,618 124,793,208

Net PositionNet Investment in capital assets 47,955 — 47,955 — Restricted for: Debt service — — — 80,522,568 Grant programs 4,907,940 — 4,907,940 — Loan programs 33,348,201 1,446,699,238 1,480,047,439 — Unrestricted 3,286,716 505,719,565 509,006,281 —

Total net position $ 41,590,812 1,952,418,803 1,994,009,615 80,522,568

See accompanying notes to basic financial statements.


Statement of Net Position June 30, 2014


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men

ts.


Net c

hang

e in f

und b

alanc

es -

total

gove

rnme

ntal fu

nds

$1,1

52,12

7

Amou

nts re

porte

d for

gove

rnme

ntal a

ctivit

ies in

the s

tatem

ent o

f acti

vities

are d

iffere

nt be

caus

e:

Go

vern

menta

l fund

s rep

ort c

apita

l outl

ays a

s exp

endit

ures

. How

ever

, in th

e

sta

temen

t of a

ctivit

ies th

e cos

t of th

ose a

ssets

is al

locate

d ove

r the

ir esti

mated

us

eful li

ves a

nd re

porte

d as d

epre

ciatio

n exp

ense

:

Cap

ital o

utlay

$33

,078

Dep

recia

tion E

xpen

se(9

,841)

23,23

7

E

xpen

ses r

elated

to th

e cha

nge i

n acc

rued

vaca

tion r

epor

ted in

the g

over

nmen

tal

activ

ities d

o not

requ

ire th

e use

of cu

rrent

finan

cial re

sour

ces a

nd th

erefo

re

ar

e not

repo

rted a

s exp

endit

ures

for g

over

nmen

tal fu

nds.

(205

,488)

Chan

ge in

net p

ositio

n of g

over

nmen

tal ac

tivitie

s$

969,8

76

See a

ccom

pany

ing no

tes to

basic

finan

cial s

tatem

ents.

GEOR

GIA

ENVI

RONM

ENTA

L FIN

ANCE

AUT

HORI

TY(A

Com

pone

nt Un

it of th

e Stat

e of G

eorg

ia)

Reco

ncilia

tion o

f the S

tatem

ent o

f Rev

enue

s, Ex

pend

iture

s,an

d Cha

nges

in F

und B

alanc

es of

Gov

ernm

ental

Fun

ds to

the S

tatem

ent o

f Acti

vities

Ye

ar en

ded J

une 3

0, 20

14

GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Reco

nci

liati

on o

f th

e S

tate

ment

of

Reve

nues,

Exp

end

iture

s,

and

Chang

es

in F

und

Bala

nce

s o

f G

ove

rnm

en

tal

Fu

nd

s to

th

e S

tate

me

nt

of

Acti

vit

ies

Year

en

ded

Ju

ne 3

0, 20

14


GEOR

GIA E

NVIRO

NMEN

TAL F

INANC

E AUT

HORIT

Y(A

Comp

onen

t Unit

of th

e Stat

e of G

eorgi

a)

Statem

ent o

f Net

Positi

on

Enter

prise

Fund

s

June

30, 2

014

Nonm

ajor

Total

Georg

ia Re

servo

irCle

an W

ater S

tate

Clean

Wate

r Stat

e Matc

hDr

inking

Wate

r Stat

eDr

inking

Wate

r Stat

e Matc

hEn

terpri

seEn

terpri

seAs

sets

Georg

ia Fu

nd& W

ater S

upply

Fund

Revo

lving

Loan

Fund

Revo

lving

Loan

Fund

Revo

lving

Loan

Fund

Revo

lving

Loan

Fund

Fund

Fund

s

Curre

nt as

sets:

Cas

h$

1,376

,976

3,8

61

6,626

,976

64

7,245

18

4,293

89

1,472

—

9,7

30,82

3

Inv

estm

ents

179,3

55,90

3

69,88

5,949

28

3,849

,930

75

,508,0

22

106,2

67,91

6

29,55

2,694

1,1

53,52

2

745,5

73,93

6

Due

from

other

gove

rnmen

t s52

4,162

15

1,667

—

—

—

—

4,7

00

680,5

29

Due

from

other

fund s

750

—

8,4

69

—

3,156

—

—

12

,375

A

ccrue

d inte

rest re

ceiva

ble86

8,857

3,8

19

1,780

,070

28

5,703

19

8,411

88

,617

—

3,2

25,47

7

Tota

l curre

nt as

sets

182,1

26,64

8

70,04

5,296

29

2,265

,445

76

,440,9

70

106,6

53,77

6

30,53

2,783

1,1

58,22

2

759,2

23,14

0

Nonc

urren

t asse

ts: L

oans

rece

ivable

251,6

18,92

4

2,343

,882

67

3,541

,216

11

5,757

,487

11

2,243

,380

39

,281,2

42

—

1,194

,786,1

31

Tota

l non

curre

nt as

sets

251,6

18,92

4

2,343

,882

67

3,541

,216

11

5,757

,487

11

2,243

,380

39

,281,2

42

—

1,194

,786,1

31

Total

asse

ts43

3,745

,572

72

,389,1

78

965,8

06,66

1

192,1

98,45

7

218,8

97,15

6

69,81

4,025

1,1

58,22

2

1,954

,009,2

71

Liabil

ities

Acco

unts

paya

ble an

d accr

ued l

iabiliti

es—

15

1,667

—

—

—

—

39

,100

19

0,767

Du

e to o

ther fu

nds

1,343

,935

—

—

—

—

—

38

,705

1,3

82,64

0

Due t

o othe

r gov

ernme

nt s—

—

—

—

13

,365

3,6

96

—

17,06

1

Tota

l liabili

ties

1,343

,935

15

1,667

—

—

13

,365

3,6

96

77,80

5

1,590

,468

Net P

ositio

nRe

stricte

d—

—

96

5,806

,661

19

2,198

,457

21

8,883

,791

69

,810,3

29

—

1,446

,699,2

38

Unres

tricted

432,4

01,63

7

72,23

7,511

—

—

—

—

1,0

80,41

7

505,7

19,56

5

Tota

l net

positi

on$

432,4

01,63

7

72,23

7,511

96

5,806

,661

19

2,198

,457

21

8,883

,791

69

,810,3

29

1,080

,417

1,9

52,41

8,803

See a

ccomp

anyin

g note

s to b

asic f

inanc

ial sta

temen

ts.

GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Sta

tem

en

t o

f N

et

Po

siti

on

–E

nte

rpri

se F

un

ds

Ju

ne 3

0, 20

14


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Sta

tem

en

t o

f R

eve

nu

es,

Exp

en

ses,

an

d

Ch

an

ge

s in

Ne

t P

osi

tio

n –

En

terp

rise

Fu

nd

sY

ear

en

ded

Ju

ne 3

0, 20

14

GEOR

GIA EN

VIRON

MENT

AL FI

NANC

E AUT

HORIT

Y(A

Comp

onen

t Unit

of the

State

of Ge

orgia)

Enter

prise

Fund

s

Statem

ent o

f Reve

nues,

Expe

nses, a

nd Ch

ange

s in Ne

t Posi

tion

Year

ende

d Jun

e 30,

2014

Nonm

ajor

Total

Georg

ia Rese

rvoir

Clean

Wate

r Stat

eCle

an W

ater S

tate M

atch

Drink

ing W

ater S

tate

Drink

ing W

ater S

tate M

atch

Enter

prise

Enter

prise

Georg

ia Fun

d& W

ater S

upply

Fund

Revo

lving L

oan F

und

Revo

lving L

oan F

und

Revo

lving L

oan F

und

Revo

lving L

oan F

und

Fund

Fund

s

Opera

ting Re

venue

s:Ch

arges

for se

rvices

– inter

est inc

ome o

n loan

s rece

ivable

$8,2

89,71

8

41,75

6

20,03

2,718

3,4

94,82

4

2,113

,821

77

8,140

—

34

,750,9

77

Admin

istrativ

e and

preve

ntative

main

tenan

ce fee

s77

2,135

—

—

—

—

—

99

3,950

1,7

66,08

5

State

contra

ct reve

nues

—

564,0

38

—

—

—

—

2,926

56

6,964

Mis

cellan

eous

12,34

2

—

45

—

—

—

2,697

15

,084

Total

opera

ting re

venue

s9,0

74,19

5

605,7

94

20,03

2,763

3,4

94,82

4

2,113

,821

77

8,140

99

9,573

37

,099,1

10

Opera

ting Ex

pense

s:

Water

& wa

stewa

ter

7,500

56

4,038

1,2

15,66

6

—

3,400

,339

20

4,888

—

5,3

92,43

1

Storag

e tan

k main

tenan

ce—

—

—

—

—

—

59

1,401

59

1,401

Ge

neral

& ad

ministr

ative

325,3

38

53,30

8

—

23,34

8

—

9,280

47

1

411,7

45

Total

opera

ting ex

pense

s33

2,838

61

7,346

1,2

15,66

6

23,34

8

3,400

,339

21

4,168

59

1,872

6,3

95,57

7

Opera

ting inc

ome (

loss)

8,741

,357

(11

,552)

18

,817,0

97

3,471

,476

(1,

286,5

18)

563,9

72

407,7

01

30,70

3,533

Nono

perat

ing Re

venue

s:Fe

deral

gran

t contr

ibution

s—

—

15

,553,0

98

—

17,13

8,238

—

—

32

,691,3

36

State

gene

ral ob

ligation

bond

proce

eds

15,05

0,000

—

—

—

—

—

—

15

,050,0

00

Intere

st inco

me on

invest

ments

291,3

06

107,6

25

403,9

45

107,9

76

156,1

69

42,91

6

2,170

1,1

12,10

7

Total

nono

perat

ing re

venue

s15

,341,3

06

107,6

25

15,95

7,043

10

7,976

17

,294,4

07

42,91

6

2,170

48

,853,4

43

Incom

e befo

re tra

nsfers

24,08

2,663

96

,073

34

,774,1

40

3,579

,452

16

,007,8

89

606,8

88

409,8

71

79,55

6,976

Tra

nsfers

in—

—

5,6

29,87

5

3,072

,696

—

10

,276,1

65

—

18,97

8,736

Tra

nsfers

out

(3,72

1,878

) —

—

(5,

629,8

75)

(4,65

2,262

) —

(42

5,068

) (14

,429,0

83)

Chan

ges in

net p

osition

20,36

0,785

96

,073

40

,404,0

15

1,022

,273

11

,355,6

27

10,88

3,053

(15

,197)

84

,106,6

29

Total

net p

osition

– Jul

y 141

2,040

,852

72

,141,4

38

925,4

02,64

6

191,1

76,18

4

207,5

28,16

4

58,92

7,276

1,0

95,61

4

1,868

,312,1

74

Total

net p

osition

– Jun

e 30

$43

2,401

,637

72

,237,5

11

965,8

06,66

1

192,1

98,45

7

218,8

83,79

1

69,81

0,329

1,0

80,41

7

1,952

,418,8

03

See a

ccomp

anyin

g note

s to ba

sic fin

ancia

l state

ments

.


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Sta

tem

en

t o

f C

ash

Flo

ws

- P

rop

rie

tary

Fu

nd

Ty

pe

s -

E

nte

rpri

se F

un

ds

Year

en

ded

Ju

ne 3

0, 20

14

GEOR

GIA

ENVI

RONM

ENTA

L FI

NANC

E AU

THOR

ITY

(A C

ompo

nent

Unit

of t

he S

tate

of G

eorg

ia)

Stat

emen

t of C

ash

Flow

s - P

ropr

ietar

y Fun

d Ty

pes -

Ent

erpr

ise F

unds

Year

end

ed Ju

ne 3

0, 2

014

Non

maj

orTo

tal

Geo

rgia

Res

ervo

i rC

lean

Wat

er S

tate

Cle

an W

ater

Sta

te M

atch

Dri

nkin

g W

ater

Sta

teD

rink

ing

Wat

er S

tate

Mat

chE

nter

pris

eE

nter

pris

eG

eorg

ia F

und

& W

ater

Sup

ply

Fund

Rev

olvi

ng L

oan

Fund

Rev

olvi

ng L

oan

Fund

Rev

olvi

ng L

oan

Fund

Rev

olvi

ng L

oan

Fund

Fund

Fund

s

Cas

h flo

ws

from

ope

ratin

g ac

tiviti

es:

Inte

rest

pay

men

ts re

ceiv

ed o

n lo

ans

rece

ivab

le$

8,59

4,76

7

39,6

71

20,0

60,9

16

3,55

1,73

0

2,07

5,73

3

797,

243

—

35,1

20,0

60

Adm

inis

trativ

e fe

e pa

ymen

ts49

2,71

0

29,0

08

—

—

—

—

993,

950

1,

515,

668

S

tate

con

tract

pay

men

ts—

—

—

—

—

—

2,

926

2,

926

P

aym

ents

to s

ervi

ce p

rovi

ders

(332

,838

) (5

3,30

8)

(1,2

15,6

66)

(23,

348)

(3

,386

,974

) (2

10,4

72)

(630

,236

) (5

,852

,842

) In

tern

al a

ctiv

ity –

pay

men

ts fr

om o

ther

fund

s1,

316,

377

—

—

3,

208,

301

4,

008,

426

—

130,

662

8,

663,

766

In

tern

al a

ctiv

ity –

pay

men

ts to

oth

er fu

nds

—

—

(11,

886,

991)

—

—

(3

,389

,619

) (1

32,5

67)

(15,

409,

177)

M

isce

llane

ous

rece

ipts

and

cha

nges

in d

ue fr

om o

ther

gov

ernm

ents

291,

865

—

6,11

7,02

7

—

51

7

—

10

,508

6,

419,

917

Net

cas

h pr

ovid

ed b

y (u

sed

in) o

pera

ting

activ

ities

10,3

62,8

81

15,3

71

13,0

75,2

86

6,73

6,68

3

2,69

7,70

2

(2,8

02,8

48)

375,

243

30

,460

,318

Cas

h flo

ws

from

non

capi

tal f

inan

cing

act

iviti

es:

Fede

ral g

rant

con

tribu

tions

—

—

15,5

53,0

98

—

17

,138

,238

—

—

32

,691

,336

S

tate

con

tribu

tions

15,0

50,0

00

—

—

—

—

—

—

15,0

50,0

00

Tran

sfer

s in

—

—

12,4

21,1

12

3,07

2,69

6

—

10

,276

,165

—

25,7

69,9

73

Tran

sfer

s ou

t(3

,721

,878

) —

—

(5

,629

,875

) (4

,652

,262

) —

(425

,068

) (1

4,42

9,08

3)

Net

cas

h pr

ovid

ed b

y (u

sed

in) n

onca

pita

l fin

anci

ng a

ctiv

ities

11,3

28,1

22

—

27

,974

,210

(2

,557

,179

) 12

,485

,976

10

,276

,165

(4

25,0

68)

59,0

82,2

26

Cas

h flo

ws

from

inve

stin

g ac

tiviti

es:

Inte

rest

inco

me

on in

vest

men

ts29

1,30

6

107,

625

40

3,94

5

107,

976

15

6,16

9

42,9

16

2,17

0

1,11

2,10

7

Orig

inat

ions

of a

nd a

dvan

ces

on lo

ans

rece

ivab

le(4

1,51

5,77

1)

(1,8

00,9

75)

(33,

142,

366)

(7

10,9

82)

(13,

735,

026)

(5

,622

,739

) —

(96,

527,

859)

P

rinci

pal p

aym

ents

rece

ived

on

loan

s re

ceiv

able

23,5

13,4

56

19,3

80

46,1

03,0

98

5,91

0,89

6

6,05

9,93

4

2,39

0,67

4

—

83

,997

,438

Net

cas

h pr

ovid

ed b

y (u

sed

in) i

nves

ting

activ

ities

(17,

711,

009)

(1

,673

,970

) 13

,364

,677

5,

307,

890

(7

,518

,923

) (3

,189

,149

) 2,

170

(1

1,41

8,31

4)

Net

incr

ease

(dec

reas

e) in

cas

h an

d ca

sh e

quiv

alen

ts3,

979,

994

(1

,658

,599

) 54

,414

,173

9,

487,

394

7,

664,

755

4,

284,

168

(4

7,65

5)

78,1

24,2

30

Cas

h an

d ca

sh e

quiv

alen

ts a

t beg

inni

ng o

f yea

r17

6,75

2,88

5

71,5

48,4

09

236,

062,

733

66

,667

,873

98

,787

,454

26

,159

,998

1,

201,

177

67

7,18

0,52

9

Cas

h an

d ca

sh e

quiv

alen

ts a

t end

of y

ear

$18

0,73

2,87

9

69,8

89,8

10

290,

476,

906

76

,155

,267

10

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Notes to Basic Financial Statements June 30, 2014

The Georgia Environmental Finance Authority (the “Authority”) was created by an Act of the State of Georgia (the “State”) in 1986 as the successor agency to the Georgia Development Authority Environmental Facilities Program. The primary mission of the Authority is to provide funding to eligible municipalities, counties, water and sewer authorities, and solid waste authorities in the state for construction and expansion of public water, sewer, and solid waste facilities.

The Governor of the State of Georgia appoints eight members of the Authority’s Board and three ex-officio members are designated by the Authority’s enabling legislation. Due to the extent of its fiscal dependency on the State, the Authority is considered a component unit of the State.

The Authority has control over the Division of Energy Resources (the “DOER”), which provides administration for statewide energy conservation programs including weatherization of homes for low income citizens and retrofitting of HVAC systems for schools and other state facilities.

Additionally, the Authority has control over the Clean Water and Drinking Water State Revolving Loan Fund (the “SRF”), which was previously administered by the Georgia Environmental Protection Division (the “EPD”). EPD retained compliance responsibility for capitalization grants issued by the United States Environmental Protection Agency (the “EPA”) applicable to Federal fiscal years 1988-1993 until such grants were fully expended. The Authority is the recipient of and is responsible for the administration of capitalization grants applicable to Federal fiscal years 1994 and beyond. The Authority and EPD have signed a reciprocal agreement concerning technical and financial administration of the SRF. This agreement places ownership of the fund with the Authority in accordance with Sections 12-5-38.1 and 50-23-5 of the Official Code of Georgia Annotated (the “OCGA”). As a result, the full amount of assets, liabilities, and net position of the fund are included in the financial statements of the Authority in the Clean Water SRF and in the Drinking Water SRF.

The SRF was initially established for the purpose of making loans to local governments for construction of publicly owned wastewater treatment facilities and was funded through capitalization grants from EPA under the authority of the Clean Water Act. In 1996, the U.S. Congress passed the Safe Drinking Water Act and added a Drinking Water SRF program. The program was established for the purpose of making loans to local governments for construction of publicly owned water supply facilities and is funded through capitalization grants from the EPA under the authority of the Safe Drinking Water Act. To receive capitalization grants from both of these programs, a recipient state must agree to provide state funds for qualifying projects equal to 20% of the capitalization grant amount. In order to provide the matching requirement for the Clean Water SRF program, the Authority has dedicated qualifying loans from its existing state funded loan portfolio and certain interest earnings on loan repayments and transferred these loans and interest earnings to the SRF. In some instances, the matching requirement is met by amounts appropriated, and paid, by the state, the Authority’s current method for meeting the 20% match requirement. The results of these transactions are displayed on the financial statements of the major enterprise funds – the Clean Water State Revolving



(1) Summary of Significant Accounting Policies

(a) Organization




Loan Fund, the Clean Water State Match Revolving Loan Fund, the Drinking Water State Revolving Loan Fund and the Drinking Water State Match Revolving Loan Fund.

Effective July 1, 1995, the Fuel Storage Tank Management Group (the “FST”) formerly part of the EPD was brought under the control of the Authority. This unit is engaged in the disposal and/or remediation of state owned fuel tanks to mandated EPA standards. Therefore, local governments do not benefit directly from this program. Pursuant to the bond issuance from which the proceeds to fund FST remediation efforts were derived, the Authority is not authorized to receive and expend bond funds for the program. Thus, the Authority has entered into an agreement with the Georgia State Financing and Investment Commission (the “GSFIC”) and the Georgia Building Authority (the “GBA”) to act as agents to receive and expend funds under this program. However, the Authority administers this program and determines fund recipients. GSFIC and GBA only act as receiving and paying agents. Therefore, the only activity reflected on the Authority’s books is for the cost of the operation of the unit. FST bond funds received by GSFIC and expended by GBA were not accounted for on the Authority’s books prior to fiscal year 2009. Effective fiscal year 2009, the Authority began reporting activity of the FST and that activity is reflected in the nonmajor enterprise fund – Storage Tank Maintenance Fund.

In 2010, the Authority’s governing legislation was amended to provide for the creation of subsidiary corporations to carry out any of its corporate purposes and to permit it to transfer to the State of Georgia any funds not needed for its corporate purposes. In July 2010, the Authority created the Georgia Environmental Loan Acquisition Corporation (the “Corporation”) as a subsidiary organization pursuant to such provisions of law for the purpose of acquiring a portion of the Authority’s loan portfolio and issuing bonds secured by the acquired loans to finance their purchase.

Reporting Entity – Component units are legally separate organizations for which the State’s or Authority’s elected or appointed officials are financially accountable. In accordance with criteria in GASB Statements Nos. 14, 39 and 61, the Authority qualifies for treatment as a component unit of the State of Georgia; therefore, the Authority’s financial statements are included in the State of Georgia’s combined financial statements as a discretely presented component unit.

Financial accountability is the ability of the Authority to appoint a voting majority of an organization’s governing board and to impose its will upon the organization or when there exists the potential for the organization to provide specific financial benefits or impose specific financial burdens on the primary government. When the Authority does not appoint a voting majority of organization’s governing body, GASB standards require inclusion in the financial reporting entity if an organization is fiscally dependent upon the Authority, its resources are held for the direct benefit of the Authority or can be accessed by the Authority, and a potential financial benefit or burden relationship exists or the relationship is such that it would be misleading to exclude it. In accordance with GASB Statements No. 14 and 61, the Corporation qualifies for treatment as a component unit because it is a legally separate, tax-exempt organization, the majority of whose board is appointed by the Authority, for which the Authority can impose its will on the Corporation by virtue of having the same management personnel,

Discretely Presented Component Unit






and whose economic resources are directly accessible by the Authority. As such, the Authority presents within these statements the Corporation as a discretely presented component unit.

The Statement of Net Position and the Statement of Revenues, Expenses, and Changes in Net Position of the Corporation are reported discretely in the Authority’s financial statements for fiscal year 2013 as required by government accounting standards. Complete separate financial statements for the Corporation may be obtained at Director, Fiscal Services Division, 233 Peachtree Street, NE, Harris Tower, Suite 900, Atlanta, GA 30303-1506.

The Authority presents government-wide financial statements which are prepared using the accrual basis of accounting and the economic resources measurement focus. Government-wide financial statements (i.e. the statement of net position and the statement of activities) do not provide information by fund, but distinguish between the Authority’s governmental activities and business type activities. Significantly, the statement of net position includes noncurrent assets and liabilities and the government-wide statement of activities reflects depreciation expenses on the Authority’s capital assets and changes in long-term liabilities. Also, for the most part, the effect of the interfund activity is removed from these statements. Net position in the statement of net position is distinguished between amounts invested in capital assets (net of any related debt), amounts that are restricted for use by third parties or outside requirements, and amounts that are unrestricted.

The statement of activities demonstrates the degree to which direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use, or benefit from the services provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment, and 3) interest income that is restricted for use on a particular function or segment. Unrestricted interest income and other items not properly included among program revenues are reported as general revenues.

In addition to the government-wide financial statements, the Authority has prepared separate financial statements for governmental funds and proprietary funds. Governmental fund financial statements use the modified accrual basis of accounting and the current financial resources measurement focus and proprietary fund financial statements use the accrual basis of accounting and the economic resources measurement focus.

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements have been met.

(b) Government-Wide and Fund Financial Statements

(c) Measurement Focus, Basis of Accounting, and Financial Statement Presentation



and whose economic resources are directly accessible by the Authority. As such, the Authority presents within these statements the Corporation as a discretely presented component unit.

The Statement of Net Position and the Statement of Revenues, Expenses, and Changes in Net Position of the Corporation are reported discretely in the Authority’s financial statements for fiscal year 2013 as required by government accounting standards. Complete separate financial statements for the Corporation may be obtained at Director, Fiscal Services Division, 233 Peachtree Street, NE, Harris Tower, Suite 900, Atlanta, GA 30303-1506.

The Authority presents government-wide financial statements which are prepared using the accrual basis of accounting and the economic resources measurement focus. Government-wide financial statements (i.e. the statement of net position and the statement of activities) do not provide information by fund, but distinguish between the Authority’s governmental activities and business type activities. Significantly, the statement of net position includes noncurrent assets and liabilities and the government-wide statement of activities reflects depreciation expenses on the Authority’s capital assets and changes in long-term liabilities. Also, for the most part, the effect of the interfund activity is removed from these statements. Net position in the statement of net position is distinguished between amounts invested in capital assets (net of any related debt), amounts that are restricted for use by third parties or outside requirements, and amounts that are unrestricted.

The statement of activities demonstrates the degree to which direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use, or benefit from the services provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment, and 3) interest income that is restricted for use on a particular function or segment. Unrestricted interest income and other items not properly included among program revenues are reported as general revenues.

In addition to the government-wide financial statements, the Authority has prepared separate financial statements for governmental funds and proprietary funds. Governmental fund financial statements use the modified accrual basis of accounting and the current financial resources measurement focus and proprietary fund financial statements use the accrual basis of accounting and the economic resources measurement focus.

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements have been met.






Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are considered measurable and available. Revenues are considered available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Authority considers revenues to be available if they are collected within 60 days of the end of the current fiscal year. An exception to this rule is administrative fees received on loans which are paid within one year of the initial construction loan contract, and as a result, those revenues are considered available to pay the related costs in establishing the loan if collected within one year of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under usual accrual accounting. Entitlements and shared revenues are recorded at the time of receipt or earlier if the susceptible to accrual criteria are met. Expenditure-driven grants are recognized as revenue when the qualifying expenditures have been incurred and all other grant certifications and requirements have been met.

The Authority reports the following major governmental funds:

General Fund – The General Fund is the general operating fund of the Authority. It is used to account for all financial resources except those required to be accounted for in another fund.

Weatherization Assistance Program Fund – This fund is used to account for the Authority’s grants to local governments and nonprofit entities to be used for the weatherization of low and moderate income citizen’s homes, as well as provide assistance in paying utility bills for these citizens. Part of this program is known as the Integrated Resources Program (the “IRP”) and is funded by contributions from the Georgia Power Company pursuant to an order of the Georgia Public Service Commission. Other financing is provided by Federal grants from the Department of Energy and the Department of Health and Human Services and petroleum violation escrow funds.

Drinking Water SRF State Program Setasides Fund - This fund is used to account for the Authority’s “set aside” grants used for various safe drinking water projects. Financing is provided through the Federal Drinking Water capitalization grant. States are allowed to use 10% of their capitalization grants to provide funding for certain activities that provide assistance to state programs such as administration of the Public Water Supervision Program (the “PWSS”).

Drinking Water SRF Local Assistance Setasides Fund - This fund is used to account for the Authority’s “set-aside” grants used for various safe drinking water projects. Financing is provided through the Federal Drinking Water capitalization grant. States may provide assistance, including technical assistance, to public water systems as part of a capacity development strategy under Section 1420 (c) of the Act. States may use up to 15% of the capitalization grant amount for these activities, provided not more than 10% of the capitalization grant amount is used for any one activity. This fund accounts for local assistance to various private and public contractors.






The Authority reports the following major enterprise funds:

Georgia Fund – This fund is used to account for loans to local governments for water, sewer, and solid waste improvements. Its revenues are derived from interest income on loans receivable and interest income on investments. The original funding for these loans is provided through state appropriations or general obligation bonds.

Georgia Reservoir & Water Supply Fund - This fund is used to account for activities and monies associated with grants and loans to governments specific to the construction of reservoirs and other eligible water supply operations and systems. Its revenues are derived from the interest income on loans receivable and interest income on investments. The original funding for these grants and loans is provided through state appropriations or general obligation bonds.

Clean Water State Revolving Loan Fund – This fund is used to account for loans to local governments for wastewater treatment projects. The original funding for these loans is provided through federal capitalization grants. The fund’s revenues are derived from interest income on loans receivable and interest income on investments.

Clean Water State Match Revolving Loan Fund – This fund is used to account for the state’s matching portion to provide for loans for wastewater treatment projects similar to the Clean Water State Revolving Loan Fund. The federal government requires the state to match 20% of the funds contributed to the Clean Water SRF in order to receive the full funding available for wastewater treatment projects. The original funding for these loans is provided by the State. The fund’s revenues are derived from interest income on loans receivable and interest income on investments.

Drinking Water State Revolving Loan Fund – This fund is used to account for loans to local governments for water supply projects. These loans are intended to primarily fund projects which promote compliance with the Safe Drinking Water Act. The original funding for these loans is provided through federal capitalization grants. The fund’s revenues are derived from interest income on loans receivable and interest income on investments.

Drinking Water State Match Revolving Loan Fund - This fund is used to account for the state’s matching portion to provide for loans for drinking water treatment projects similar to the Drinking Water State Revolving Loan Fund. The federal government requires the state to match 20% of the funds contributed to the Drinking Water State Revolving Loan Fund in order to receive the full funding available for drinking water treatment projects. The original funding for these loans is provided by the state. The fund’s revenues are derived from interest income on loans receivable and interest income on investments.

As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements, except for the net activity between the governmental and business-type activities.






Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services in connection with the proprietary fund’s principal ongoing operations. The principal operating revenue of each of the Authority’s enterprise funds is interest income on loans outstanding and fee charges for providing training and technical assistance to UST and AST operators. Operating expenses for the enterprise funds include direct general and administrative expenses of administering the programs. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. General administrative overhead expenses are recorded in the general government function within the governmental activities.

When multiple resources are available for use, it is the Authority’s policy to use resources in the following order: (1) restricted, (2) committed, (3) assigned, and (4) unassigned, for those items recorded within the governmental funds. For net position, restricted resources are used when available, prior to unrestricted resources. Nonspendable resources are utilized in accordance with requirements for those resources to be expended, i.e. billing terms, normal consumption or payment schedules.

For purposes of the statement of cash flows, all investments with original maturity dates of three months or less are considered cash equivalents.

Loans receivable are stated at their unpaid principal balance less undisbursed portion of loans in process. Additionally, certain loan programs utilized by the Authority allow for forgiveness of a certain portion of the principal amount of the loan or provide a subsidized portion of the loan to communities who meet eligibility criteria to qualify as “disadvantaged” communities under federal poverty guidelines. The expected forgiven amount or subsidized portion has been expensed by the Authority as the overall loans are disbursed and this amount is not included in the loans receivable at year end.

The evaluation of the need for an allowance for loan losses is based on management’s evaluation of the loan portfolio, current economic conditions, payment history and other such factors which, in management’s judgment, deserve recognition in estimating loan losses. As of June 30, 2014, the Authority does not have a basis for establishing such a provision based on these criteria.

All outstanding balances between funds are reported as due from/to other funds in the fund financial statements. Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as “internal balances.”



(d) Cash Equivalents

(e) Loans Receivable

(f) Interfund Activity




Due from other governments includes approximately $2,150,962 due from the United States EPA, $513,435 due from the United States Department of Energy, $158,537 due from various state entities, $1,442,191 due from local governments and authorities within the state and $194,068 due from contractual funders of energy programs.

General capital assets are those assets not specifically related to activities reported in proprietary funds. These assets generally result from expenditures of governmental funds. The Authority reports these assets in the governmental activities column of government-wide statement of net position but does not report these assets in the Authority’s fund financial statements.

All capital assets are capitalized at cost (or estimated historical cost) and updated for additions and retirements during the year. The Authority’s capital assets include various types of computer equipment and furniture and fixtures and are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the Authority as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of two years. Donated capital assets are recorded at their estimated fair value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend the asset’s life are expensed and therefore not capitalized.

Capital assets of the Authority are depreciated using the straight line method over the following estimated useful lives:

Investments consist of funds on deposit in the Georgia Fund 1, the State of Georgia investment pool. The Georgia Fund 1 is an external investment pool, managed by the State of Georgia's Office of the State Treasurer, which is not registered with the Securities and Exchange Commission (SEC) but does operate in a manner consistent with SEC’s Rule 2a7 of the Investment Company Act of 1940. Accordingly, the Authority’s investments in the Georgia Fund 1 have been determined based on the pool’s share price. Other investments are stated at fair value based on quoted market prices.

Asset YearsComputer equipment - purchased 5 Computer equipment - leased Life of leaseFurniture and fixtures 5



(g) Due from Other Governments

(h) Capital Assets

(i) Investments




The Authority is exempt from Federal income taxes as an integral part of a state government. Accordingly, no provision for income taxes has been recorded in the accompanying financial statements.

It is the Authority’s policy to permit employees to accumulate earned but unused vacation and sick pay benefits. No liability is reported for unpaid accumulated sick leave because the payment of the benefits is contingent upon any future illness of an employee. No cash payments for accumulated sick leave are made to employees upon their retirement or termination of employment.

Vacation benefits are accrued as a liability as the benefits are earned if the employees’ rights to receive compensation are attributable to services already rendered and it is probable that the employer will compensate the employees for the benefits through paid time-off or some other means. All compensated absence liabilities include salary-related payments, where applicable.

The total compensated absence liability is reported on the government-wide financial statements. Proprietary funds report the total compensated liability in each individual fund at the fund reporting level. Governmental funds report the compensated absence liability at the fund reporting level only “when due.” As of June 30, 2014, $1,342 of this total amount was “due” and is appropriately reflected in the governmental fund financial statements.

The Authority is exposed to various risks of loss related to torts, theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; workers’ compensation; and natural disasters.

The Authority is a member of the State of Georgia Insurance Fund, a public entity risk pool currently operating as a common risk management and insurance program for various state agencies. The Authority pays an annual premium to the state for its insurance coverage. For the year ended June 30, 2014, the Authority paid premiums totaling $20,710.

(1) Government-wide statements – Equity is classified as net position and displayed in three components:

(a) Investment in capital assets – Consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes or other debt attributable to the acquisition, construction or improvement of those assets, if any.



(j) Income Taxes

(k) Compensated Absences

(l) Risk Management

(m) Fund Equity




(b) Restricted net position – Consists of net position with constraints placed on the use either by (a) external groups such as creditors, grantors, contributors, or laws or regulations of other governments; or (b) law through constitutional provisions or enabling legislation.

(c) Unrestricted net position – All other assets that do not meet the definition of “restricted” or “investment in capital assets.”

(2) Fund financial statements - Governmental fund equity is classified as fund balance. Fund balance can have one of five primary classifications: (1) nonspendable, (2) restricted, (3) committed, (4) assigned or (5) unassigned. Nonspendable fund balance includes amounts that cannot be spent and are, therefore, not included in the current year appropriation. Restricted fund balance includes amounts that are restricted to very specific purposes and cannot be redeployed for other purposes. The Authority considers restricted first and then unrestricted amounts spent when expenditures have been incurred for purposes for which both restricted and unrestricted fund balance is available. These restrictions are either externally imposed by outside parties or by constitutional provisions or enabling legislation. Committed fund balance represents amounts that have internally imposed restrictions mandated by formal action of the Authority’s Board, with removal of the commitment only if by formal action of the Authority’s Board. Assigned fund balance represents amounts that are constrained by the Authority’s intent that they will be used for specific purposes which may be so designated by the Authority’s Executive Director, as appointed by the Board, or governing Board. The Authority fund equity balances are comprised of restricted and unassigned amounts. Amounts restricted represent appropriated amounts provided by the State to execute certain grant programs of the Authority and general obligation bond proceeds of the state provided to be a match resource to the federally funding state revolving loan funds. Unassigned fund balance represents residual amounts that are available for further appropriation and expenditure for general governmental purposes. Unassigned fund balance is only available for the Authority’s General Fund. Proprietary fund equity is classified the same as in the government-wide statements.

The preparation of financial statements in conformity with accounting principles generally accepted within the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amount of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates.

The Authority and its component unit will adopt the following new accounting pronouncements in future years, if applicable:

Statement No. 68, Accounting and Financial Reporting for Pensions-an amendment of GASBStatement No. 27, effective for the Authority’s year ending June 30, 2015.



(n) Management Estimates

(o) Future Accounting Pronouncements




Statement No. 69, Government Combinations and Disposals of Government Operations,effective for the Authority’s year ending June 30, 2015.

Statement No. 71, Pension Transition for Contributions Made Subsequent to theMeasurement Date-an amendment of GASB Statement No. 68, , effective for the Authority’syear ending June 30, 2015.

Management is in the process of determining the effect, if any, that the adoption of these Statements will have on the Authority’s or its component unit’s financial position or the disclosures in its financial statements.

The Authority does not have a budget directly approved by citizens of the State of Georgia. Instead, its appropriation is included in the State of Georgia’s budget as a line item request within the Department of Community Affairs budget under the Authority’s enabling legislation. However, the Authority’s management does utilize a budget for its General Fund to be used for financial analysis purposes throughout the year. The Authority received a state appropriation of $298,495 and general obligation bond proceeds of $24,250,000 for fiscal year 2014 which were collected in their entirety and expended or obligated for the state and federal loan programs.

Primary Government

Custodial Credit Risk – Custodial credit risk is the risk that, in the event of bank failure, the Authority’s deposits may not be returned to it. The Authority has a formal deposit policy with its selected custodian, or an agent acting on behalf of the custodian, for custodial credit risk as required by the State of Georgia which insures balances over the FDIC insurance at 110% of that overage. The Authority’s bank balances of $14,123,773 at June 30, 2014 were entirely insured by FDIC insurance or collateralized by investment securities held by the Authority’s agent in the Authority’s name.

Investments

Credit Risk - Statutes authorize the Authority to invest in obligations of the State of Georgia, obligations of the U.S. Treasury and U.S. Agencies, certificates of deposit, repurchase agreements, reverse repurchase agreements, rate guarantee agreements, and State operated investment pools. The State operated investment pool is authorized to invest in the same types of securities.

As shown below, the Authority’s investments at June 30, 2014 were categorized by credit risk as follows:

Investment Rating Maturities Fair ValueGeorgia Fund 1 AAAf 62-day WAM 781,399,574$



(2) Budgetary Information

(3) Deposits and Investments




Interest Rate Risk – Interest rate risk is associated with changes in interest rates that adversely affect an investment’s fair value. Since the price of a bond fluctuates inversely with market interest rates, the price of the bond held in a portfolio will decline if market interest rates rise. At June 30, 2014, interest rate risk is represented in the above table as “Maturities” for each investment classification. The Authority’s Investment Policy has been developed around those policies set forth by the State of Georgia. The Authority has structured its investment portfolio with investments having maturity dates at or prior to the time cash is prudently projected to be required to meet disbursement needs, thereby avoiding the need to sell securities prior to their maturity. This structure has been achieved by providing investments in the Georgia Fund 1. The Authority’s investment policy further outlines that the portfolio for investments in U.S. Treasuries and U.S. Agencies are limited to maturities with a maximum of five years from the date of purchase, although the Authority did not have any long-term investments at June 30, 2014.

Component Unit

Custodial Credit Risk - The Corporation maintains cash balances in bank accounts at multiple banks. These balances, at times, may exceed federal insured limits. Custodial credit risk is the risk that, in the event of bank failure, the Corporation’s deposits may not be returned to it. The Corporation has a formal deposit policy with its selected custodian, or an agent acting on behalf of the custodian, for custodial credit risk as required by the State of Georgia which insures balances over the FDIC insurance at 110% of that overage. The Corporation’s bank balances of $40,266,863 at June 30, 2014 were entirely insured by FDIC insurance or collateralized by investment securities held by the Corporation’s agent in the Corporation’s name.

As of June 30, 2014, cash held with fiscal agent in the amount of $20,289,154 is considered fully secured by nature of the trustee agreement. In the event of any losses, the Corporation’s trustee, Bank of New York Mellon, would be required to return those losses to the Corporation.

Loans receivable at June 30, 2014 are summarized as follows:

At June 30, 2014, the Authority had commitments to fund projects, excluding the unfunded portion of loans in process, totaling $180,910,187. In accordance with certain loan programs, the Authority expensed a forgiven portion of loans in the amount of $1,215,666 in the Clean Water State Revolving Loan Fund and $2,693,399 in the Drinking Water State Revolving Loan Fund during fiscal year 2014.

Additionally, the Authority provided a subsidized portion of loans in the amount of $706,940 in the Drinking Water State Revolving Loan Fund and $204,888 in the Drinking Water State Match Revolving Loan Fund.

AmountWater and wastewater facility and conservation loans $ 1,522,247,253 Undisbursed portion of loans in process (327,461,122)

Unpaid principal balance $ 1,194,786,131



(4) Loans Receivable




As these amounts are expensed and forgiven or subsidized, they are not included in the unpaid principal balance above.

Based on management’s evaluation of the loan portfolio, current economic factors, past payment history and other relevant factors, including the borrowers’ ability to repay and the Authority’s remedies to enforce repayment, a provision for potential loan losses has not been provided. Such remedies include the ability of the Authority to compel rate and fee increases and/or the full faith and credit pledge of the borrower to be used at the Authority’s discretion.

Future Commitments

The Authority has entered into contractual agreements to fund three Clean Water State Revolving Loan Fund loans with resources from the Georgia Fund in the amount of $40,995,874. It is anticipated that balloon payments on these loans will become due in full between February 1, 2027 and February 1, 2028. The Authority plans to designate funds at a proportionate amount annually to accumulate adequate resources at the time the loans become payable to each of their respective funds beginning with fiscal year 2013. As of June 30, 2014, an amount of $5,856,554 has been accumulated for the purpose of satisfying this future obligation.

Primary Government

Compensated Absences:

The Authority had $219,507 in additions were included in compensated absences representative of vacation pay earned by employees or addition of new staff and reductions of $14,019 to compensated absences due to employee terminations or vacation hours used by employees. Compensated absences are liquidated by those funds that have salary and wage expenditures, typically the General Fund.

The Authority’s long-term liabilities activity for the year ended June 30, 2014, was as follows:

Component Unit

The Corporation issued two series of local government loan securitization bonds: CCMWA Loans (Series 2011) issued on February 17, 2011 with a maturity date of February 15, 2036 and the Loan Pool (Series 2011) issued on March 30, 2011 with a maturity date of March 15, 2031. The proceeds of the sales of the Series 2011 Bonds were used to acquire certain local government loans from the Authority, to establish a

Balance Balance Amount due June 30, June 30, within

Description 2013 Additions Reductions 2014 one yearGovernmental activities Compensated absences $ 359,574 219,507 14,019 565,062 141,266 Total Governmental activities $ 359,574 219,507 14,019 565,062 141,266



(5) Bonds Payable and Other Long-Term Liabilities




debt service reserve, and to pay the costs of issuing the Series 2011 Bonds. The Series 2011 Bonds are payable primarily from and secured primarily by a pledge of repayments on the local government loans to be received over the duration of the bonds’ maturity. The bonds bear interest rates between .54 and 5.25%. The below table summarizes bonds payable outstanding:

The Corporation has engaged the services of a trustee, Bank of New York Mellon, which is managing the debt service of the bonds. As a condition of trustee services, the Corporation has on deposit adequate debt service reserves as stipulated by bond resolutions. A portion of the cash with fiscal agent constitutes the debt service reserve. As of June 30, 2014, the trustee had on hand for the CCMWA Loan, Series 2011 and the Loan Pool, Series 2011 $520,987 and $6,132,812 respectively as the debt service reserve amounts. These amounts are automatically adjusted and returned to the Corporation as principal amounts are proportionally reduced. The balance of cash with fiscal agent, $13,635,355, was held by the trustee for the payment of principal and interest at their scheduled due dates. In addition to these requirements, the bond resolutions require other areas of compliance such as the filing of a monthly debt servicer’s report and the timely completion of an annual audit. As of June 30, 2014, the Corporation believes it has complied with all of the necessary requirements of the bond issuances. Future debt service requirements are as follows:

Originalissue Interest Carrying

amount rates valueCCMWA Loans, Series 2011 29,255,000$ .65 - 5.25% 27,000,000 Less bond discount (198,687) Subtotal 26,801,313

Loan Pool, Series 2011 202,755,000$ .54 - 5.125% 97,680,000 Less bond discount (372,502) Subtotal 97,307,498

Total bond series 124,680,000 Less bond discount (571,189)

Outstanding principal, June 30, 2014 124,108,811$
























As a requirement of the Corporation’s issuances, any principal retired early by the local governments constitutes a mandatory redemption of principal on its outstanding debt. Therefore, in fiscal year 2014, the Corporation retired $14,105,000 more than its anticipated retirement of debt. The early retirement of debt by the Corporation is predicated on local governments’ decisions to pay off their outstanding debt and is undeterminable as of June 30, 2014 as well as any reduction in interest amounts to be paid. Amounts due in 2015 above include known prepayments subsequent to June 30, 2014 which will be paid in FY 2015. Any reduced interest payments as a result of the early retirements of debt will be considered a cost savings to the Corporation and are not reflected in the above table.

For the year ended June 30, 2014, the Corporation had the following activity within its long-term liabilities:

The unamortized bond discounts for both issuances were deferred and amortized over the life of the bonds using the effective interest method.

Interfund activity as of June 30, 2014, is as follows:

Due from/to other funds:

TotalPrincipal Interest Principal Interest Principal Interest Due

Years ending June 30:2015 3,305$ 1,167 13,470 4,427 16,775 5,594 22,369 2016 790 1,098 - 4,364 790 5,462 6,252 2017 810 1,079 - 4,364 810 5,443 6,253 2018 835 1,057 - 4,364 835 5,421 6,256 2019 860 1,031 - 4,364 860 5,395 6,255

2020-2024 3,810 4,644 4,310 21,260 8,120 25,904 34,024 2025-2029 3,345 3,755 - 20,959 3,345 24,714 28,059 2030-2034 6,850 2,381 79,900 7,336 86,750 9,717 96,467 2035-2036 6,395 671 - - 6,395 671 7,066

Total 27,000$ 16,883 97,680 71,438 124,680 88,321 213,001

Future debt service requirements (in thousands)CCMWA Loans, Series 2011 Loan Pool, Series 2011 Total

Amounts dueJune 30, June 30, within

2013 Additions Reductions 2014 one yearCCMWA Loans, Series 2011 $ 27,755,000 - 755,000 27,000,000 3,305,000 Unamortized Bond Discount (204,170) - (5,483) (198,687) -

Loan Pool, Series 2011 118,905,000 - 21,225,000 97,680,000 13,470,000 Unamortized Bond Discount (419,770) - (47,268) (372,502) - Total $ 146,036,060 - 21,927,249 124,108,811 16,775,000

Description



Future debt service requirements (in thousands)










2020-2024 3,810 4,644 4,310 21,260 8,120 25,904 34,024 2025-2029 3,345 3,755 - 20,959 3,345 24,714 28,059 2030-2034 6,850 2,381 79,900 7,336 86,750 9,717 96,467 2035-2036 6,395 671 - - 6,395 671 7,066

Total 27,000$ 16,883 97,680 71,438 124,680 88,321 213,001





Description










2020-2024 3,810 4,644 4,310 21,260 8,120 25,904 34,024 2025-2029 3,345 3,755 - 20,959 3,345 24,714 28,059 2030-2034 6,850 2,381 79,900 7,336 86,750 9,717 96,467 2035-2036 6,395 671 - - 6,395 671 7,066

Total 27,000$ 16,883 97,680 71,438 124,680 88,321 213,001





Description

(6) Interfund Receivables, Payables and Transfers




The outstanding balances between funds result mainly from the time lag between the dates that (1) Interfund goods and services are provided or reimbursable expenditures occur, (2) transactions are recorded in the accounting system, and (3) payments between funds are made. Any residual balances outstanding between the governmental activities and the business-type activities are reported in the government-wide financial statements as “internal balances”.

Interfund transfers:

Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to the fund that statute or budget requires to expend them or (2) use unrestricted revenues collected in the General Fund to finance various programs accounted for in other funds in accordance with budgetary operations, including amounts provided as matching funds for various grant and loan programs.

Receivable Fund Payable Fund AmountGeneral Fund Nonmajor governmental funds $ 55,214

Georgia Fund 1,343,935 Nonmajor enterprise funds 38,705

Weatherization Assistance Program Nonmajor governmental funds 46,666 Nonmajor governmental funds General Fund 15,450

Weatherization Assistance Program 120,000 Nonmajor governmental funds 41,532

Georgia Fund Nonmajor governmental funds 750 Clean Water State Revolving Loan Fund General Fund 8,469 Drinking Water State Revolving Loan Fund General Fund 3,156 Total $ 1,673,878

Transfers-in Fund Transfers-out Fund AmountGeneral Fund Nonmajor governmental funds $ 41,471


Nonmajor governmental funds General Fund 15,450 Nonmajor governmental funds 6,524

Weatherization Assistance Program Nonmajor governmental funds 305,733 Clean Water State Revolving Loan Fund Clean Water State Match Revolving Loan Fund 5,629,875 Clean Water State Match Revolving Loan Fund General Fund 3,072,696 Drinking Water State Match Revolving Loan Fund Drinking Water State Revolving Loan Fund 4,652,262 Drinking Water State Match Revolving Loan Fund General Fund 5,623,903 Total $ 23,494,860

















































The Authority’s capital asset activity for the year ended June 30, 2014 was as follows:

Depreciation expense of $9,841 was charged to the general government function.

The Georgia Environmental Finance Authority participates in various retirement plans administered by the State of Georgia under two major retirement systems: Employees’ Retirement System of Georgia (the System) and Teachers Retirement System of Georgia (TRS). These two systems issue separate, publicly available financial reports that include the applicable financial statements and required supplementary information. The reports may be obtained from the respective system offices. The significant retirement plans that the Authority participates in are described below. More detailed information can be found in the plan agreements and related legislation. Each plan, including benefit and contribution provisions, was established and can be amended by State law. Both systems cover all employees who elect to participate in a plan; participation in which is solely voluntary. The payroll for employees who have the option to be covered by one of the retirement systems was $2,902,532 for the year ended June 30, 2014.

Employees’ Retirement System of Georgia

The System is comprised of individual retirement systems and plans covering substantially all employees of the State of Georgia except for teachers and other employees covered by TRS. One of the plans within the System, the Employees’ Retirement System of Georgia Plan (ERS), is a cost-sharing multiple-employer defined benefit pension plan that was established by the Georgia General Assembly during the 1949 Legislative Session for the purpose of providing retirement allowances for employees of the State and its political subdivisions. ERS is directed by a Board of Trustees and has the powers and privileges of a corporation. ERS acts pursuant to statutory direction and guidelines, which may be amended prospectively for new hires but for existing members and beneficiaries may be amended in some aspects only subject to potential application of certain constitutional restraints against impairment of contract.

Balance BalanceJune 30, June 30,

Asset category 2013 Additions Deletions 2014Cost:

Computer equipment $ 194,957 — — 194,957 Office equipment — 33,078 — 33,078

Total cost 194,957 33,078 — 228,035 Accumulated depreciation:

Computer equipment 170,239 9,841 — 180,080 Total accumulated

depreciation 170,239 9,841 — 180,080 Total net capital assets $ 24,718 23,237 — 47,955



(7) Capital Assets

(8) Retirement Plans




On November 20, 1997, the Board created the Supplemental Retirement Benefit Plan of ERS (SRBP-ERS). SRBP-ERS was established as a qualified governmental excess benefit plan in accordance with Section 415 of the Internal Revenue Code (IRC) as a portion of ERS. The purpose of the SRBP-ERS is to provide retirement benefits to employees covered by ERS whose benefits are otherwise limited by IRC Section 415. Beginning January 1, 1998, all members and retired former members in ERS are eligible to participate in the SRBP-ERS whenever their benefits under ERS exceed the limitation on benefits imposed by IRC Section 415.

The benefit structure of ERS is established by the Board of Trustees under statutory guidelines. Unless the employee elects otherwise, an employee who currently maintains membership with ERS based upon State employment that started prior to July 1, 1982, is an “old plan” member subject to the plan provisions in effect prior to July 1, 1982. Members hired on or after July 1, 1982, but prior to January 1, 2009, are “new plan” members subject to the modified plan provisions. Effective January 1, 2009, newly hired State employees, as well as rehired State employees who did not maintain eligibility for the “old” or “new” plan, are members of the Georgia State Employees’ Pension and Savings Plan (GSEPS). Members of the GSEPS plan may also participate in the GSEPS 401(k) defined contribution component described below. ERS members hired prior to January 1, 2009, also have the option to irrevocably change their membership to the GSEPS plan.

Under the old plan, new plan, and GSEPS, a member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 60 or 30 years of creditable service regardless of age. Additionally, there are some provisions allowing for early retirement after 25 years of creditable service for members under age 60.

Retirement benefits paid to members are based upon a formula adopted by the Board of Trustees for such purpose. The formula considers the monthly average of the member’s highest 24 consecutive calendar months of salary, the number of years of creditable service, and the member’s age at retirement. Postretirement cost-of-living adjustments may be made to members’ benefits provided the members were hired prior to July 1, 2009. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member’s monthly pension, at reduced rates, to a designated beneficiary upon the member’s death. Death and disability benefits are also available through ERS.

Member contribution rates are set by law. Member contributions under the old plan are 4% of annual compensation up to $4,200 plus 6% of annual compensation in excess of $4,200. Under the old plan, the Authority pays member contributions in excess of 1.25% of annual compensation. Under the old plan, these Authority contributions are included in the members’ accounts for refund purposes and are used in the computation of the members’ earnable compensation for the purpose of computing retirement benefits. Member contributions under the new plan and GSEPS are 1.25% of annual compensation. The Authority is required to contribute at a specified percentage of active member payroll established by the Board of Trustees and determined annually in accordance with an actuarial valuation and minimum funding standards as provided by law. These Authority contributions are not at any time refundable to the member or his/her beneficiary.






Employer contributions required for fiscal year 2014 were based on the June 30, 2011, actuarial valuation as follows:

Old Plan * 18.46% New Plan 18.46% GSEPS 15.18%

* 13.71% exclusive of contributions paid by the employer on behalf of old plan members

Members become vested after 10 years of service. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contributions, the member forfeits all rights to retirement benefits.

Teachers Retirement System of Georgia

The TRS is a cost-sharing multiple-employer defined benefit plan created in 1943 by an act of the Georgia General Assembly to provide retirement benefits for qualifying employees in educational service. A Board of Trustees comprised of two appointees by the Board, two ex-officio State employees, five appointees by the Governor, and one appointee of the Board of Regents is ultimately responsible for the administration of TRS.

On October 25, 1996, the Board created the Supplemental Retirement Benefit Plan of the Georgia Teachers (SRBP-TRS). SRBP-TRS was established as a qualified governmental excess benefit plan in accordance with Section 415 of the IRC as a portion of TRS. The purpose of SRBP-TRS is to provide retirement benefits to employees covered by TRS whose benefits are otherwise limited by IRC Section 415. Beginning July 1, 1997, all members and retired former members in TRS are eligible to participate in the SRBP-TRS whenever their benefits under TRS exceed the IRC Section 415 imposed limitation on benefits.

TRS provides service retirement, disability retirement, and survivor’s benefits. The benefit structure of TRS is defined and may be amended by State statute. A member is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. A member is eligible for early retirement after 25 years of creditable service.

Normal retirement (pension) benefits paid to members are equal to 2% of the average of the member’s two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. Early retirement benefits are reduced by the lesser of one-twelfth of 7% for each month the member is below age 60 or by 7% for each year or fraction thereof by which the member has less than 30 years of service. It is also assumed that certain cost-of-living adjustments, based on the Consumer Price Index, may be made in future years. Retirement benefits are payable monthly for life. A member may






elect to receive a partial lump-sum distribution in addition to a reduced monthly retirement benefit. Options are available for distribution of the member’s monthly pension, at a reduced rate, to a designated beneficiary on the member’s death. Death, disability and spousal benefits are also available.

TRS is funded by member and employer contributions as adopted and amended by the Board of Trustees. Members become fully vested after 10 years of service. If a member terminates with less than 10 years of service, no vesting of employer contributions occurs, but the member’s contributions may be refunded with interest. Member contributions are limited by State law to not less than 5% or more than 6% of a member’s earnable compensation.

Member contributions as adopted by the Board of Trustees for the fiscal year ended June 30, 2014, were 6.00% of annual salary. Employer contributions required for fiscal year 2014 were 12.28% of annual salary as required by the June 30, 2011, actuarial valuation.

The following table summarizes the Authority’s employer contributions by defined benefit plan for the years ended June 30, 2014, 2013, and 2012:

GSEPS 401(k) Defined Contribution Component of ERS

In addition to the ERS defined benefit pension described above, GSEPS members may also participate in the Peach State Reserves 401(k) defined contribution plan and receive an employer matching contribution. The 401(k) plan is administered by the System and was established by the Georgia Employee Benefit Plan Council in accordance with State law and Section 401(k) of the IRC. The GSEPS segment of the 401(k) plan was established by State law effective January 1, 2009. Plan provisions and contribution requirements specific to GSEPS can be amended by State law. Other general 401(k) plan provisions can be amended by the ERS Board of Trustees as required by changes in federal tax law or for administrative purposes. The State was not required to make significant contributions to the 401(k) plan prior to GSEPS because most members under other segments of the plan either were not State employees or were not eligible to receive an employer match on their contributions.

The GSEPS plan includes automatic enrollment in the 401(k) plan at a contribution rate of 1% of salary, along with a matching contribution from the State. The State will match 100% of the employee’s initial 1%

Annual AnnualRequired % of Required % of

Contribution ARC Contribution ARCYear (ARC) contributed (ARC) contributed

$ 386,451 100% $ 265 100% 355,417 100% 726 100% 272,936 100% — n/a

ERS TRS

201420132012






contribution. Employees can elect to contribute up to an additional 4% and the State will match 50% of the additional 4% of salary. Therefore, the State will match 3% against the employee’s 5% total savings. Contributions greater than 5% do not receive any matching funds.

GSEPS employer contributions are subject to a vesting schedule, which determines eligibility to receive all or a portion of the employer contribution balance at the time of any distribution from the account after separation from all State service. Vesting is determined based on the following schedule:

Less than 1 year 0% 1 year 20%2 years 40% 3 years 60% 4 years 80% 5 or more years 100%

Employee contributions and earnings thereon are 100% vested at all times. The 401(k) plan also allows participants to roll over amounts from other qualified plans to their respective account in the 401(k) plan on approval of the 401(k) plan administrator. Such rollovers are 100% vested at the time of transfer. Participant contributions are invested according to the participant’s investment election. If the participant does not make an election, investments are automatically defaulted to a Lifecycle fund based on the participant’s date of birth.

The participants may receive the value of their vested accounts upon attaining age 59.5, qualifying financial hardship, or retirement or other termination of service (employer contribution balances are only eligible for distribution upon separation from service). Upon the death of a participant, his or her beneficiary shall be entitled to the vested value of his or her accounts. Distributions are made in installments or in a lump sum.

The Authority’s employer and employee GSEPS contributions were as follows:

The Authority participates in the following State of Georgia other postemployment benefit (OPEB) plans:

Annual AnnualEmployer Employee

Year Contribution Contribution$ 142,392 $ 48,954

113,812 55,346 100,390 47,993

201420132012



(9) Other Post-employment Benefits












113,812 55,346 100,390 47,993

201420132012












113,812 55,346 100,390 47,993

201420132012




Administered by Department of Community Health (DCH): Georgia State Employees Post-employment Health Benefit Fund (State OPEB Fund)

Administered by the System: State Employees’ Assurance Department (SEAD) – For retired and vested inactive (SEAD-OPEB)– For active employees (SEAD-Active)

Georgia State Employees Post-employment Health Benefit Fund (State OPEB Fund) The State OPEB Fund is a cost-sharing multiple-employer defined benefit postemployment healthcare plan and is reported as an employee benefit trust fund.

The State OPEB Fund provides postemployment health benefits (including benefits to qualified beneficiaries of eligible former employees) due under the group health plan for employees of State organizations (including technical colleges) and other entities authorized by law to contract with DCH for inclusion in the plan. It also pays administrative expenses of the fund. By law, no other use of the assets of the State OPEB Fund is permitted.

The Official Code of Georgia Annotated (OCGA) assigns the authority to establish and amend the benefit provisions of the group health plans, including benefits for retirees, to the Board of Community Health (Board).

The plan is currently funded on a pay-as-you go basis. That is, annual costs of providing benefits will be financed in the same year as claims occur, with no significant assets accumulating as would occur in an advance funding strategy.

The contribution requirements of plan members and participating employers are established by the Board in accordance with the current Appropriations Act and may be amended by the Board. Contributions of plan members or beneficiaries receiving benefits vary based on plan election, dependent coverage, and Medicare eligibility and election. As of January 1, 2012, for members with fewer than five years of service, contributions also vary based on years of service. As of January 1, 2012, on average, members with five years or more of service pay approximately 25% of the cost of the health insurance coverage. In accordance with the Board resolution dated December 8, 2011, for members with fewer than five years of service as of January 1, 2012, the State provides a premium subsidy in retirement that ranges from 0% for fewer than 10 years of service to 75% (but no greater than the subsidy percentage offered to active employees) for 30 or more years of service. The subsidy for eligible dependents ranges from 0% to 55% (but no greater than the subsidy percentage offered to dependents of active employees minus 20%). No subsidy is available to Medicare eligible members not enrolled in a Medicare Advantage Option. The Board sets all member premiums by resolution and in accordance with the law and applicable revenue and expense projections. Any subsidy policy adopted by the Board may be changed at any time by Board resolution and does not constitute a contract or promise of any amount of subsidy.






Participating employers, including but not limited to State organizations, are statutorily required to contribute in accordance with the employer contribution rates established by the Board. The contribution rates are established to fund all benefits due under the health insurance plans for both active and retired employees based on projected pay-as-you-go financing requirements. Contributions are not based on the actuarially calculated annual required contribution (ARC) which represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed 30 years.

The combined required contribution rates established by the Board for the active and retiree plans for the fiscal year ended June 30, 2014, were as follows:

No additional contribution was required by the Board for fiscal year 2014 nor contributed to the State OPEB Fund to prefund retiree benefits. Such additional contribution amounts are determined annually by the Board in accordance with the State plan for OPEB and are subject to appropriation.

The following table summarizes the Authority’s combined active and retiree contributions to the health insurance plans for the years ended June 30, 2014, 2013, and 2012:

State Employees’ Assurance Department (SEAD) SEAD-OPEB and SEAD-Active are cost-sharing multiple-employer defined benefit postemployment plans that were created in fiscal year 2007 by the Georgia General Assembly to provide term life insurance to eligible members of the ERS, Georgia Judicial Retirement System (JRS), and Legislative Retirement System (LRS). SEAD-OPEB provides benefits for retired and vested inactive members, and SEAD-Active provides benefits for active members. Effective July 1, 2009, no newly hired members of any State public retirement system are eligible for term life insurance under SEAD. Pursuant to Title 47 of the OCGA, benefit provisions of the plans were established and can be amended by State statute.

RequiredContribution

Months Paid (Coverage Periods) RateJune 2013 (July 2013) 25.366%July 2013 - June 2014 (August 2013 - July 2014) 30.781%

Required %Year Contribution contributed

$ 718,132 100% 919,637 100% 970,839 100%

201420132012





Notes to Basic Financial StatementsJune 30, 2014

Contributions by plan members are established by the ERS Board of Trustees, up to the maximum allowed by statute (not to exceed 0.5% of earnable compensation). The ERS Board of Trustees establishes employer contribution rates, such rates which, when added to members’ contributions, shall not exceed 1% of earnable compensation. Contributions for fiscal year 2014 were based on June 30, 2011, actuarial valuations as follows:

SEAD- SEAD- TotalOPEB Active SEAD

Member Rates: ERS Old Plan 0.45% 0.05% 0.50% Less: Offset Paid by Employer (0.22%) (0.03% ) (0.25%) Net ERS Old Plan 0.23% 0.02% 0.25% ERS New Plan, JRS, and LRS 0.23% 0.02% 0.25%

Employer Rates 0.00% 0.00% 0.00%

The ERS Board of Trustees voted and approved that the SEAD-OPEB contribution would be paid from existing assets of the Survivors Benefit Fund (SBF) instead of requiring payment by the employers. The contributions by SBF made on-behalf of The Authority for fiscal years 2013 and 2012 were estimated to be $6.0 thousand and $14.9 thousand, respectively. There were no required employer contributions for the fiscal year ended June 30, 2014.

According to the policy terms covering the lives of members, insurance coverage is provided on a monthly, renewable term basis, and no return premiums or cash value are earned. The net assets represent the excess accumulation of investment income and premiums over benefit payments and expenses and are held as a reserve for payment of death benefits under existing policies.

For SEAD-Active the amount of insurance coverage is equal to 18 times monthly earnable compensation frozen at age 60. For members with no creditable service prior to April 1, 1964, the amount decreases from age 60 by a half of 1% per month until age 65 at which point the member will be covered for 70% of the age 60 coverage. Life insurance proceeds are paid in lump sum to the beneficiary upon death of the member.

For SEAD-OPEB the amount of insurance for a retiree with creditable service prior to April 1, 1964, is the full amount of insurance under SEAD-Active in effect on the date of retirement. The amount of insurance for a service retiree with no creditable service prior to April 1, 1964, is 70% of the amount of insurance under SEAD-Active at age 60 or at termination, if earlier. Life insurance proceeds are paid in lump sum to the beneficiary upon death of the retiree.






The Authority is obligated under certain noncancelable operating leases for office space. The following is a schedule of future minimum lease payments by year required under these leases as of June 30, 2014:

Total expenses for rental of office space for the year ended June 30, 2014 were $407,917. The Authority’s lease was renegotiated during fiscal year 2014.

Amounts received or receivable from grant agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the Authority expects such amounts, if any, to be immaterial.

The Authority reviews all outstanding claims and judgments to determine if any estimated liabilities should be accrued at year-end. Based on management’s past experience of the review of claims and judgments, it has been determined that there were no material claims and judgments outstanding at June 30, 2014. In addition, management believes there were no material violations of finance-related legal or contractual provisions by the Authority during the current fiscal year.

Year endingJune 30 Amount

2015 $ 172,760 2016 425,097 2017 435,799 2018 446,728 2019 457,884

Thereafter 950,378 Total $ 2,888,646








2015 $ 172,760 2016 425,097 2017 435,799 2018 446,728 2019 457,884




(10) Lease Commitments

(11) Contingencies and Commitments on Liabilities & Violations of Finance-Related Legal or Contractual Provisions








2015 $ 172,760 2016 425,097 2017 435,799 2018 446,728 2019 457,884



SUPPLEMENTAL SECTIO

N


Nonmajor Governmental Funds

Special Revenue Funds

Special revenue funds are used to account for the proceeds of specific revenue sources that are legally restricted for specified purposes.

This fund is used to account for the Authority’s grants to other government agencies for projects working on the development of alternative sources of energy. Financing is provided through federal grants and petroleum violation fees.

This fund is used to account for the Authority’s monies from previous years required to be used in each of the other energy related special revenue funds. Financing is provided through interest income on investments held by the Authority from collections of petroleum violation fees and public utility contributions in previous years.

This fund is used to account for the Authority’s grants restricted to local governments and nonprofit entities to be used for the weatherization of low and moderate income citizen’s homes, as well as provide assistance in paying utility bills for these citizens. Financing is provided by federal grants from the United States Department of Energy under ARRA.

This fund is used to account for money awarded to recipients of funding to permanently protect land and water, or interests therein, that is undeveloped, natural state or that has been developed only to an extent that does not interfere with its conservation value. Original funding for these types of projects will be derived from state and private contributions restricted for these purposes.

This fund is used to account for assets held by the Authority for the future administration of the Clean Water State Revolving Loan Fund program. The assets were collected from loan origination fees and are to be used to administer the monitoring of projects funded by loans to local governments for waste water treatment plants.

This fund is used to account for the Authority’s “set-aside” grants used for various safe drinking water projects. Financing is provided through the Federal Drinking Water capitalization grant. States may provide assistance, including technical assistance, to public water systems as part of a capacity development strategy under Section 1420 (c) of the Act. States may use up to 2% of the capitalization grant amount for these activities. This fund accounts for technical assistance to smaller communities only.


Nonmajor Governmental Funds Special Revenue Funds

Drinking Water SRF Small PWS Technical Assistance Fund

Clean Water SRF Administration Fund

State Land Conservation Fund

ARRA-Weatherization Assistance Program Fund

Energy Investments Fund

State Energy Program Fund



Nonmajor Governmental Funds

Special Revenue Funds

This fund is used to account for assets held by the Authority for the future administration of the Drinking Water State Revolving Loan Fund program. The assets were collected from loan origination fees and are to be used to administer the monitoring of projects funded by loans to local governments for water supply projects.

Drinking Waer SRF Administration Fund


Nonmajor Governmental Funds Special Revenue Funds


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Co

mb

inin

g B

ala

nce

Sh

ee

t –

No

nm

ajo

r G

ove

rnm

en

tal

Fu

nd

s Ju

ne 3

0, 20

14

GEOR

GIA EN

VIRON

MENT

AL FIN

ANCE

AUTH

ORITY

(A Co

mpone

nt Unit

of the

State o

f Geor

gia)

Comb

ining B

alance

Sheet

Nonm

ajor G

overnm

ental F

unds

June 3

0, 2014

Total

Nonm

ajor

State E

nergy

Energ

yAR

RA-W

eather

ization

State L

andCle

an Wa

te rDri

nking

Water

SRF S

mall

Drinki

ng Wa

terGo

vernm

ental

Asset

sPro

gram

Invest

ments

Assis

tance

Progra

mCo

nserva

tion Fu

ndSR

F Adm

inistra

tionPW

S Tech

nical A

ssista

nceSR

F Adm

inistra

tionFun

ds

Cash

$153

,936

—

—

54,789

102

,425

—

—

311,15

0 Inv

estme

nt s—

3,2

27,173

—

1,4

05,452

23,

237,05

3 —

4,2

81,621

32,

151,29

9 Du

e from

other g

overnm

ents

7,650

—

—

—

730

,312

83,590

155

,134

976,68

6 Du

e from

other f

unds

41,532

120

,000

—

—

15,450

—

—

176

,982

Total a

ssets

$203

,118

3,347,

173

—

1,460,

241

24,085

,240

83,590

4,4

36,755

33,

616,11

7

Li

abilitie

s and

Fund B

alance

sLia

bilities

:Acc

ounts p

ayable

and a

ccrued

liabilit

ies$

7,651

—

—

—

41,

504

83,590

—

132

,745

Due to

other f

unds

—

96,621

—

—

—

—

47,

541

144,16

2

Total l

iabilitie

s7,6

51

96,621

—

—

41,

504

83,590

47,

541

276,90

7

Fund b

alance

s:Re

stricte

d for gr

ant pro

grams

195,46

7 3,2

50,552

—

1,4

60,241

—

—

—

4,9

06,260

Re

stricte

d for lo

an pro

gram s

—

—

—

—

24,043

,736

—

4,389,

214

28,432

,950

Total f

und ba

lances

195,46

7 3,2

50,552

—

1,4

60,241

24,

043,73

6 —

4,3

89,214

33,

339,21

0

Total l

iabilitie

s and

fund b

alance

s$

203,11

8 3,3

47,173

—

1,4

60,241

24,

085,24

0 83,

590

4,436,

755

33,616

,117


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Co

mb

inin

g S

tate

me

nt

of

Reve

nu

es,

Exp

en

dit

ure

s, a

nd

C

han

ge

s in

Fu

nd

Bala

nce

s –

No

nm

ajo

r G

ove

rnm

en

tal

Fu

nd

sY

ear

en

ded

Ju

ne 3

0, 20

14

GEOR

GIA

ENVI

RONM

ENTA

L FI

NANC

E AU

THOR

ITY

(A C

ompo

nent

Unit o

f the S

tate o

f Geo

rgia)

Comb

ining

Stat

emen

t of R

even

ues,

Expe

nditu

res,

and C

hang

es in

Fun

d Bala

nces

Nonm

ajor G

over

nmen

tal F

unds

Year

ende

d Jun

e 30,

2014

Total

Nonm

ajor

State

Energ

yEn

ergy

ARRA

-Wea

theriz

ation

State

Land

Clean

Wate

rDr

inking

Wate

r SRF

Small

Drink

ing W

ater

Gove

rnmen

talPro

gram

Inves

tmen

tsAs

sistan

ce Pr

ogram

Cons

ervati

on Fu

ndSR

F Adm

inistr

ation

PWS T

echn

ical A

ssist

ance

SRF A

dmini

strati

onFu

nds

Reven

ues:

Admin

istrativ

e fee

s$

—

—

—

—

1,171

,259

—

23

7,261

1,4

08,52

0

Gran

t reven

ues

276,2

47

—

12,48

6

—

—

778,1

73

—

1,066

,906

Pu

blic do

nation

s—

—

—

54

,789

—

—

—

54

,789

Int

erest i

ncome

on inv

estme

nts—

5,3

66

—

2,144

35

,388

—

6,3

44

49,24

2

Total

reven

ues

276,2

47

5,366

12

,486

56

,933

1,2

06,64

7

778,1

73

243,6

05

2,579

,457

Expe

nditur

es:Cu

rrent: Water

& wa

stewa

ter—

—

—

—

46

5,663

77

8,173

66

,944

1,3

10,78

0

Land

conse

rvation

—

—

—

8,6

65

—

—

—

8,665

En

ergy &

enviro

nmen

t 28

2,771

—

12

,486

—

—

—

—

29

5,257

Total

expen

ditures

282,7

71

—

12,48

6

8,665

46

5,663

77

8,173

66

,944

1,6

14,70

2

Exces

s of re

venue

s over

(und

er)exp

enditu

res(6,

524)

5,3

66

—

48,26

8

740,9

84

—

176,6

61

964,7

55

Other

Finan

cing S

ource

s (Us

es):

Transf

ers in

6,524

—

—

—

15

,450

—

—

21

,974

Tra

nsfers

out

—

(353,7

28)

—

—

—

—

—

(353,7

28)

Total

other

financi

ng so

urces

and (

uses)

6,524

(35

3,728

) —

—

15

,450

—

—

(33

1,754

)

Net ch

ange

in fun

d bala

nces

—

(348,3

62)

—

48,26

8

756,4

34

—

176,6

61

633,0

01

Fund

balan

ces –

July 1

195,4

67

3,598

,914

—

1,4

11,97

3

23,28

7,302

—

4,2

12,55

3

32,70

6,209

Fund

balan

ces –

June 3

0$

195,4

67

3,250

,552

—

1,4

60,24

1

24,04

3,736

—

4,3

89,21

4

33,33

9,210



Nonmajor Proprietary Fund Enterprise Fund


Nonmajor Proprietary Funds

Enterprise Funds

Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business enterprises – where the intent of the Authority is that the cost of providing services to the general public on a continuing basis be financed or recovered primarily through user charges, or where the Authority has decided that periodic determination of net income is appropriate for accountability purposes.

The following are nonmajor enterprise funds maintained by the Authority:

This fund is used to account for activities and monies associated with collection of fees charged state agencies for the ongoing preventative maintenance of fuel storage facilities. In addition, funding passed through the Georgia State Financing and Investment Commission for the removal or upgrading of the same such facilities. Its revenues are derived from the direct funding as mentioned and interest earnings on investments.

Storage Tank Maintenance Fund



Combining Statement of Net Position - Nonmajor Enterprise Fund

June 30, 2014


Statement of Net Position

Nonmajor Enterprise Fund

June 30, 2014

Storage Tank Assets Maintenance Fund

Current assets: Investments $ 1,153,522 Due from other governments 4,700 Total current assets 1,158,222

Total assets 1,158,222

LiabilitiesAccounts payable and accrued liabilities 39,100 Due to other funds 38,705

Total liabilities 77,805

Net PositionUnrestricted 1,080,417

Total net position $ 1,080,417



Combining Statement of Revenues, Expenses, and Changes in Net Position -

Nonmajor Enterprise FundYear ended June 30, 2014


Nonmajor Enterprise Fund

Statement of Revenues, Expenses, and Changes in Net Position

Year ended June 30, 2014

Storage TankMaintenance Fund

Operating Revenues:Administrative and preventative maintenance fees $ 993,950 State contract revenues 2,926 Miscellaneous 2,697

Total operating revenues 999,573

Operating Expenses:Storage tank maintenance 591,401 General & administrative 471

Total operating expenses 591,872

Operating income 407,701

Nonoperating Revenues:Interest income on investments 2,170

Total nonoperating revenues 2,170

Income before transfers 409,871 Transfers out (425,068)

Change in net position (15,197)

Total net position – July 1 1,095,614

Total net position – June 30 $ 1,080,417



Statement of Cash Flows - Proprietary Fund Types - Nonmajor Enterprise Fund

Year ended June 30, 2014

Storage TankMaintenance Fund

Cash flows from operating activities:Administrative fee payments $ 993,950 State contract payments 2,926 Payments to service providers (630,236) Internal activity – payments from other funds 130,662 Internal activity – payments to other funds (132,567) Miscellaneous receipts 10,508

Net cash provided by operating activities 375,243

Cash flows from noncapital financing activities:Transfers out (425,068)

Net cash (used in) noncapital financing activities (425,068)

Cash flows from investing activities: Interest income on investments 2,170

Net cash provided by investing activities 2,170

Net decrease in cash and cash equivalents (47,655)

Cash and cash equivalents at beginning of year 1,201,177

Cash and cash equivalents at end of year $ 1,153,522

Reconciliation to the statement of net position:Investments $ 1,153,522

$ 1,153,522

Reconciliation of operating income to net cash providedby (used in) operating activities:

Operating income $ 407,701 Adjustments to reconcile operating income (loss) to net cash

provided by (used in) operating activities:Change in assets and liabilities:

Due from other governments 7,811 Due from other funds 130,662 Due to other funds (132,567) Accrued liabilities (38,364)

Net cash provided by operating activities $ 375,243


Combining Statement of Cash Flows - Proprietary Fund Types -

Nonmajor Enterprise FundJune 30, 2014


STATISTICAL SECTION


Statistical SectionThis part of the Georgia Environmental Finance Authority’s comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the Authority’s overall financial health. This information has not been audited by the independent auditor.

ContentsFinancial Trends

These schedules contain trend information to help the reader understand how the Authority’s financial performance and well-being have changed over time . . . . . . . . . . . . . . . . . . . . . . . . . . 58-64

Revenue CapacityThese schedules contain information to help the reader assess the Authority’s most significant own-source revenue, interest income on loans receivable . . . . . . . . . . . . . . . . 65-67

Debt CapacityThis schedule presents information to help the reader assess the affordability of the Authority’s current levels of outstanding debt and the Authority’s ability to issue additional debt in the future . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

Demographic and Economic InformationThis schedule offers demographic and economic indicators to help the reader understand the environment within which the Authority’s financial activities take place for its most significant programs, the environmental loan programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

Operating InformationTheses schedules contain information about the Authority ‘s operations and resources to help the reader understand how the Authority’s financial information relates to the services the Authority provides and the activities it performs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70-72

SourcesUnless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year .


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Go

ve

rnm

en

t-w

ide

Ne

t P

osi

tio

n b

y C

ate

go

ry1

Last

Te

n F

iscal

Ye

ars

(accru

al b

asi

s o

f acco

un

tin

g)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Gove

rnme

ntal

Activ

ities

Inves

ted in

capit

al as

sets,

net o

f relat

ed de

bt47

,955

$

24,71

8$

35

,324

$

47,77

7$

20

,862

$

15,44

3$

13

,664

$

15,90

5$

10

,835

$

16,20

6$

Re

strict

ed fo

r:

Loan

prog

rams

33,34

8,201

31

,872,2

15

36,99

7,885

39

,745,5

6133

,597,3

08

27,99

2,690

29,63

8,879

31,42

6,764

23,46

8,034

18,89

4,865

G

rant p

rogram

s24,9

07,94

0

5,231

,799

5,3

47,63

8

5,505

,452

5,860

,698

13

,819,8

0427

,817,0

7010

,201,2

305,1

59,33

04,4

26,76

0Un

assig

ned o

r Unre

strict

ed3,2

86,71

6

3,492

,204

3,3

24,19

8

4,806

,058

4,881

,713

5,0

41,28

24,2

82,96

94,0

87,75

13,9

60,77

03,1

23,74

7

Subt

otal

Gove

rnme

ntal

Activ

ities N

et Po

sition

41,59

0,812

$

40

,620,9

36$

45,70

5,045

$

50

,104,8

48$

44,36

0,581

$

46

,869,2

19$

61,75

2,582

$

45

,731,6

50$

32,59

8,969

$

26

,461,5

78$

Busin

ess-t

ype A

ctivit

iesRe

strict

ed fo

r:

Deb

t serv

ice or

loan

prog

rams3

1,446

,699,2

38$

1,383

,034,2

70$

1,254

,229,7

01$

1,154

,326,5

66$

1,525

,477

$

9,4

38,69

2$

13,94

9,704

$

22

,304,5

28$

26,16

2,531

$

18

,230,8

23$

Unas

signe

d or U

nrestr

icted

505,7

19,56

5

48

5,277

,904

440,2

92,30

2

39

2,129

,642

1,802

,640,6

45

1,685

,999,9

99

1,527

,148,5

801,3

94,45

9,773

1,266

,531,4

531,1

22,12

8,076

Subt

otal

Busin

ess-t

ype A

ctivit

ies N

et Po

sition

1,952

,418,8

03$

1,868

,312,1

74$

1,694

,522,0

03$

1,546

,456,2

08$

1,804

,166,1

22$

1,695

,438,6

91$

1,541

,098,2

84$

1,416

,764,3

01$

1,292

,693,9

84$

1,140

,358,8

99$

Net P

ositio

nInv

ested

in ca

pital

asse

ts, ne

t of re

lated

debt

47,95

5$

24

,718

$

35,32

4$

47

,777

$

20,86

2$

15

,443

$

13,66

4$

15

,905

$

10,83

5$

16

,206

$

Restr

icted

for:

Lo

an pr

ogram

s33

,348,2

01

31,87

2,215

36

,997,8

8539

,745,5

6133

,597,3

0827

,992,6

9029

,638,8

7931

,426,7

6423

,468,0

3418

,894,8

65

Gran

t prog

rams

4,907

,940

5,2

31,79

9

5,347

,638

5,505

,452

5,860

,698

13,81

9,804

27,81

7,070

10,20

1,230

5,159

,330

4,426

,760

D

ebt s

ervice

or lo

an pr

ogram

s1,4

46,69

9,238

1,3

83,03

4,270

1,2

54,22

9,701

1,154

,326,5

661,5

25,47

79,4

38,69

213

,949,7

0422

,304,5

2826

,162,5

3118

,230,8

23Un

assig

ned o

r Unre

strict

ed50

9,006

,281

488,7

70,10

8

44

3,616

,500

396,9

35,70

01,8

07,52

2,358

1,691

,041,2

811,5

31,43

1,549

1,398

,547,5

241,2

70,49

2,223

1,125

,251,8

23

Total

Net

Posit

ion1,9

94,00

9,615

$

1,9

08,93

3,110

$

1,7

40,22

7,048

$

1,5

96,56

1,056

$

1,8

48,52

6,703

$

1,7

42,30

7,910

$

1,6

02,85

0,866

$

1,4

62,49

5,951

$

1,3

25,29

2,953

$

1,1

66,82

0,477

$

GEOR

GIA

ENVI

RONM

ENTA

L FIN

ANCE

AUT

HORI

TY

(accru

al ba

sis of

acco

untin

g)La

st Te

n Fisc

al Ye

arsGo

vernm

ent-w

ide N

et Po

sition

by C

atego

ry1

Not

es:

1 Acco

untin

g st

anda

rds

requ

ire th

at n

et a

sset

s be

repo

rted

in th

ree

com

pone

nts

in th

e fin

anci

al s

tate

men

ts:

inve

sted

in c

apita

l ass

ets,

net

of r

elat

ed d

ebt;

rest

ricte

d; a

nd u

nres

trict

ed .

Net

ass

ets

are

cons

ider

ed re

stric

ted

only

whe

n (1

) an

exte

rnal

pa

rty, s

uch

as th

e St

ate

of G

eorg

ia o

r the

fede

ral g

over

nmen

t, pl

aces

a re

stric

tion

on h

ow th

e re

sour

ces

may

be

used

, or (

2) e

nabl

ing

legi

slat

ion

is p

asse

d by

the

Auth

ority

.2 Th

e si

gnifi

cant

dec

reas

es in

gra

nt p

rogr

ams

net a

sset

s du

ring

fisca

l yea

r 200

9 an

d 20

10 w

ere

larg

ely

due

to th

e La

nd C

onse

rvat

ion

gran

t pro

gram

’s h

eavy

util

izat

ion

of p

rior y

ear r

emai

ning

fund

s he

ld in

inve

stm

ents

. The

se fu

nds

wer

e us

ed to

co

ver p

rogr

am c

osts

unf

unde

d by

cur

rent

yea

r Sta

te o

f Geo

rgia

app

ropr

iatio

ns .

3 Def

icit

net a

sset

s w

ere

prev

ious

ly re

porte

d as

rest

ricte

d fo

r deb

t ser

vice

in y

ears

200

2 an

d 20

03 .

How

ever

, the

pro

per r

epor

ting

of d

efic

it ne

t ass

ets

requ

ires

repo

rting

thos

e” “b

alan

ces

as “”

unre

stric

ted”

” bec

ause

a d

efic

it im

plie

s th

at th

ere

is

noth

ing

to re

stric

t . T

his

chan

ge b

egan

in 2

004 .


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Go

ve

rnm

en

t-w

ide

Exp

en

ses,

Pro

gra

m R

eve

nu

es,

an

d N

et

(Exp

en

se)/

Reve

nu

e b

y F

un

cti

on

/Pro

gra

mL

ast

Te

n F

iscal

Ye

ars

(accru

al b

asi

s o

f acco

un

tin

g)

2014

2013

2012

2011

2010

Expen

sesPro

gram

Reven

uesNe

t (Expe

nse)/

Reven

ue1Ex

penses

Progra

m Re

venues

Net (E

xpense

)/ Re

venue1

Expen

sesPro

gram

Reven

uesNe

t (Expe

nse)/

Reven

ue1Ex

penses

Progra

m Re

venues

Net (E

xpense

)/ Re

venue1

Expen

sesPro

gram

Reven

uesNe

t (Expe

nse)/

Reven

ue1

Funct

ions/P

rogram

s

Gover

nment

al Activ

ities

Gener

al Gove

rnment

7,170,

623$

13,490

,023

$

6,3

19,400

$

9,0

05,073

$

14,

934,86

0$

5,929,

787$

9,022,

959$

19,458

,277

$

10,

435,31

8$

11,763

,760

$

8,187,

693$

(3,576,

067)

$

9,6

47,658

$

6,2

04,582

$

(3,4

43,076

)$

Water

and wa

stewa

ter pro

grams

26,9

14,660

6,306,

689(60

7,971)

8,496,

1235,8

27,054

(2,669,

069)

8,799,

1846,9

50,325

(1,848,

859)

12,382

,414

28,575

,001

16,192

,587

10,646

,079

20,225

,973

9,579,

894So

lid wa

ste an

d envi

ronme

ntal pr

ogram

s-

-

-

-

-

-

-

-

-

1,6

801,6

80-

267

,030

145,73

8(12

1,292)

Land c

onserv

ation p

rogram

s38,6

6554,

78946,

12441,

73339,

251(2,4

82)59,

06155,

909(3,1

52)60,

21286,

32126,

1096,6

51,892

61,551

(6,590,

341)

Energ

y prog

rams8

7,368,

9277,0

63,716

(305,2

11)18,

322,58

318,

232,44

4(90

,139)

91,335

,755

91,025

,543

(310,2

12)109

,506,7

43108

,704,9

70(80

1,773)

41,919

,198

41,575

,413

(343,7

85)Inte

rest on

long-te

rm deb

t6-

-

-

-

-

-

78

-

(78)

619-

(61

9)1,9

95-

(1,9

95)

Subto

tal Go

vernm

ental A

ctivitie

s521,

462,87

526,

915,21

75,4

52,342

35,865

,512

39,033

,609

3,168,

097109

,217,0

37117

,490,0

548,2

73,017

133,71

5,428

145,55

5,665

11,840

,237

69,133

,852

68,213

,257

(920,5

95)

Busin

ess-ty

pe Ac

tivities

Water

and wa

stewa

ter pro

grams

85,3

92,431

5,392,

431-

8,437,

1838,4

37,183

-

13,

768,94

413,

768,94

4-

31,435

,363

24,586

,564

(6,848,

799)

59,

286,97

04,0

10,035

(55,27

6,935)

Sto

rage ta

nk ma

intenan

ce pro

grams7

591,87

2999

,046

407,17

4

800

,089

1,000,

451200

,362

1,357,

4771,2

24,663

(132,8

14)

1,2

32,599

1,951,

923719

,324

2,135,

1412,5

59,757

424,61

6

Loa

n activ

ities4

411,27

479,

545,99

279,

134,71

8348

,463

165,43

1,763

165,08

3,300

697,68

5135

,757,9

16135

,060,2

312,3

19,969

113,60

4,026

111,28

4,057

2,188,

780163

,952,6

95161

,763,9

15

Subto

tal Bu

siness

-type

Activi

ties5

6,395,

57785,

937,46

979,

541,89

29,5

85,735

174,86

9,397

165,28

3,662

15,824

,106

150,75

1,523

134,92

7,417

34,987

,931

140,14

2,513

105,15

4,582

63,610

,891

170,52

2,487

106,91

1,596

Total

Gover

nment

al and

Busin

ess-ty

pe Ac

tivitie s

27,858

,452

$

112,85

2,686

$

84,994

,234

$

45,

451,24

7$

213

,903,0

06$

168

,451,7

59$

125

,041,1

43$

268

,241,5

77$

143

,200,4

34$

168

,703,3

59$

285

,698,1

78$

116

,994,8

19$

132

,744,7

43$

238

,735,7

44$

105

,991,0

01$

Gover

nment

-wide

Expen

ses, P

rogram

Reven

ues, an

d GE

ORGIA

ENVIR

ONME

NTAL

FINAN

CE AU

THOR

ITY

(accru

al basi

s of ac

countin

g)Las

t Ten

Fiscal

Years

Net (E

xpense

)/Reve

nue by

Funct

ion/Pr

ogram

Con

tinue

d


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Go

ve

rnm

en

t-w

ide

Exp

en

ses,

Pro

gra

m R

eve

nu

es,

an

d N

et

(Exp

en

se)/

Reve

nu

e b

y F

un

cti

on

/Pro

gra

mL

ast

Te

n F

iscal

Ye

ars

(accru

al b

asi

s o

f acco

un

tin

g)

Gove

rnm

ent-w

ide E

xpen

ses,

Prog

ram

Rev

enue

s, an

d GE

ORGI

A EN

VIRO

NMEN

TAL

FINA

NCE

AUTH

ORIT

Y

(acc

rual

basis

of a

ccou

nting

)La

st Te

n Fi

scal

Year

sNe

t (Ex

pens

e)/R

even

ue b

y Fun

ction

/Pro

gram

2009

2008

2007

2006

2005

Expe

nses

Prog

ram

Re

venu

esNe

t (Ex

pens

e)/

Reve

nue1

Expe

nses

Prog

ram

Re

venu

esNe

t (Ex

pens

e)/

Reve

nue1

Expe

nses

Prog

ram

Re

venu

esNe

t (Ex

pens

e)/

Reve

nue1

Expe

nses

Prog

ram

Re

venu

esNe

t (Ex

pens

e)/

Reve

nue1

Expe

nses

Prog

ram

Re

venu

esNe

t (Ex

pens

e)/

Reve

nue1

Func

tions

/Pro

gram

s

Gove

rnm

enta

l Act

ivitie

sGe

nera

l Gov

ernm

ent

6,014

,492

$

1,6

82,23

7$

(4

,332,2

55)

$

6,003

,709

$

2,6

78,31

8$

(3

,325,3

91)

$

5,385

,017

$

2,6

42,63

4$

(2

,742,3

83)

$

4,594

,236

$

4,1

68,23

6$

(4

26,00

0)$

3,9

52,03

0$

2,522

,121

$

(1,42

9,909

)$

W

ater a

nd w

astew

ater p

rogr

ams2

11,83

5,092

18,65

6,182

6,821

,090

6,297

,017

17,22

6,904

10,92

9,887

5,488

,630

19,39

0,095

13,90

1,465

4,817

,939

15,36

9,723

10,55

1,784

3,996

,672

3,609

,514

(387

,158)

Solid

was

te an

d env

ironm

ental

prog

rams

109,0

3210

9,032

- 15

3,078

153,0

78-

145,1

5314

5,153

- 1,2

27,42

017

3,570

(1,05

3,850

)37

7,389

314,4

44(6

2,945

)La

nd co

nser

vatio

n pro

gram

s312

,654,1

9226

5,432

(12,3

88,76

0)32

,363,7

5448

,078,9

4115

,715,1

8789

2,032

5,222

,736

4,330

,704

- -

- -

- -

Ener

gy pr

ogra

ms8

15,74

5,495

16,97

1,609

1,226

,114

15,40

9,887

16,88

8,490

1,478

,603

16,11

7,451

17,90

4,724

1,787

,273

14,96

3,973

16,76

8,273

1,804

,300

14,39

2,369

15,27

7,904

885,5

35Int

eres

t on l

ong-

term

debt6

2,686

- (2

,686)

2,442

- (2

,442)

- -

- -

- -

- -

-

Subt

otal

Gove

rnm

enta

l Act

ivitie

s546

,360,9

8937

,684,4

92(8

,676,4

97)

60,22

9,887

85,02

5,731

24,79

5,844

28,02

8,283

45,30

5,342

17,27

7,059

25,60

3,568

36,47

9,802

10,87

6,234

22,71

8,460

21,72

3,983

(994

,477)

Busin

ess-

type

Act

ivitie

sW

ater a

nd w

astew

ater p

rogr

ams

1,977

,949

1,977

,949

- 2,3

29,24

32,3

29,24

3-

1,909

,264

1,909

,264

- 1,7

41,19

71,7

41,19

7-

3,400

,793

3,400

,793

- St

orag

e tan

k main

tenan

ce pr

ogra

ms7

3,154

,265

3,682

,055

527,7

90.00

-

- -

- -

- -

- -

- -

- Lo

an ac

tivitie

s51,3

30,03

814

6,760

,065

145,4

30,02

71,6

36,29

411

4,988

,181

113,3

51,88

71,9

59,26

812

0,023

,392

118,0

64,12

42,2

59,75

214

9,088

,111

146,8

28,35

94,8

28,12

711

3,551

,327

108,7

23,20

0

Subt

otal

Busin

ess-

type

Act

ivitie

s56,4

62,25

215

2,420

,069

145,9

57,81

73,9

65,53

711

7,317

,424

113,3

51,88

73,8

68,53

212

1,932

,656

118,0

64,12

44,0

00,94

915

0,829

,308

146,8

28,35

98,2

28,92

011

6,952

,120

108,7

23,20

0

Tota

l Gov

ernm

enta

l and

Bus

ines

s-ty

pe A

ctivi

ties

52,82

3,241

$

19

0,104

,561

$

13

7,281

,320

$

64

,195,4

24$

202,3

43,15

5$

138,1

47,73

1$

31,89

6,815

$

16

7,237

,998

$

13

5,341

,183

$

29

,604,5

17$

187,3

09,11

0$

157,7

04,59

3$

30,94

7,380

$

13

8,676

,103

$

10

7,728

,723

$

Not

es:

1 Net

(exp

ense

)/rev

enue

is th

e di

ffere

nce

betw

een

the

expe

nses

and

pro

gram

reve

nues

of a

func

tion

or p

rogr

am .

It in

dica

tes

the

degr

ee to

whi

ch a

func

tion

or p

rogr

am s

uppo

rts it

self

with

its

own

fees

and

gra

nts

vers

us it

s re

lianc

e up

on fu

ndin

g fro

m g

ener

al re

venu

es o

r oth

er s

ourc

es .

Num

bers

in p

aren

thes

is a

re n

et e

xpen

ses,

indi

catin

g th

at e

xpen

ses

wer

e gr

eate

r tha

n pr

ogra

m re

venu

es a

nd th

eref

ore

gene

ral r

even

ues

wer

e ne

eded

to fi

nanc

e th

at fu

nctio

n or

pro

gram

.2 Th

e ra

ther

larg

e ch

ange

in n

et (e

xpen

se)/r

even

ue w

hich

occ

urre

d in

yea

rs 2

004,

200

5, a

nd 2

006

can

be e

xpla

ined

by

no re

ceip

t of c

ontri

butio

ns fr

om th

e St

ate

of G

eorg

ia d

urin

g 20

05 .

3 The

Auth

ority

did

not

incu

r any

cos

ts a

ssoc

iate

d w

ith la

nd c

onse

rvat

ion

prog

ram

s ot

her t

han

gene

ral a

nd a

dmin

istra

tive

fees

incu

rred

in F

Y 20

06 u

ntil

FY20

07, i

n w

hich

thre

e pr

ojec

t rec

ipie

nts

rece

ived

gra

nt fu

ndin

g . In

FY

2009

, the

Sta

te o

f Geo

rgia

did

not

app

ropr

iate

fund

ing

to th

e pr

ogra

m . I

nter

est e

arni

ngs

on in

vest

men

ts a

nd d

onat

ions

from

the

publ

ic w

ere

the

sour

ces

of re

venu

e . C

urre

nt y

ear p

rogr

am e

xpen

ditu

res

wer

e fu

nded

with

prio

r yea

r rem

aini

ng fu

nds .

4 The

fluct

uatio

ns in

net

(exp

ense

)/rev

enue

is a

ttrib

uted

to v

aria

tions

in in

tere

st e

arni

ngs

rate

exp

erie

nced

ove

r the

pas

t thr

ee y

ears

, rec

eipt

(non

-rece

ipt)

of c

ontri

butio

ns fr

om e

xter

nal f

unde

rs a

nd c

hang

es in

exp

ense

act

ivity

leve

ls fo

r sup

porte

d pr

ogra

ms .

5 Prog

ram

reve

nues

for g

over

nmen

tal a

ctiv

ities

exp

erie

nced

an

incr

ease

ove

r 200

6 pr

imar

ily d

ue to

fund

ing

prov

ided

by

the

Stat

e of

Geo

rgia

in 2

007,

mor

e sp

ecifi

cally

in a

ssoc

iatio

n w

ith th

e la

nd c

onse

rvat

ion

prog

ram

s . P

rogr

am re

venu

es fo

r bus

ines

s-ty

pe a

ctiv

ities

exp

erie

nced

a

decr

ease

from

200

6 pr

imar

ily d

ue to

a re

duct

ion

in fe

dera

l gra

nt d

olla

rs to

cap

italiz

e th

e fe

dera

l loa

n pr

ogra

ms .

6 The

Auth

ority

ent

ered

into

a c

ompu

ter f

inan

cing

agr

eem

ent i

n fis

cal y

ear 2

008

and

thus

, inc

urre

d in

tere

st e

xpen

se o

n th

ose

leas

es . B

ecau

se th

e go

vern

men

tal f

unds

is b

ased

on

curre

nt re

sour

ces

at th

e go

vern

men

t-wid

e le

vel,

inte

rest

exp

ense

is re

porte

d se

para

tely

to d

istin

guis

h th

at

ther

e is

a fi

nanc

ing

agre

emen

t (lo

ng-te

rm) .

7 In F

Y 20

09, t

he A

utho

rity

ente

red

into

an

inte

rgov

ernm

enta

l agr

eem

ent w

ith th

e G

eorg

ia B

uild

ing

Auth

ority

(GBA

) and

the

Geo

rgia

Sta

te F

inan

cing

and

Inve

stm

ent C

omm

issi

on (G

SFIC

) to

unde

rtake

full

man

agem

ent o

f the

inst

alla

tion,

reno

vatio

n, re

mov

al, a

nd re

med

iatio

n of

sel

ecte

d un

derg

roun

d an

d ab

ove-

grou

nd fu

el s

tora

ge ta

nks .

The

Gen

eral

Ass

embl

y id

entif

ied

GBA

as

the

user

age

ncy

for t

he B

ond

Proc

eeds

, who

aut

horiz

ed G

SFIC

to a

dmin

iste

r the

Bon

d Pr

ocee

ds fo

r the

se p

roje

cts,

and

mak

e su

ch p

roce

eds

avai

labl

e to

the

Auth

ority

in a

ccor

danc

e w

ith

GEF

A’s

full

man

agem

ent o

f the

se p

roje

cts .

The

Aut

horit

y es

tabl

ishe

d Th

e St

orag

e M

aint

enan

ce F

und

Fund

to a

ccou

nt s

epar

atel

y fo

r the

rece

ipt o

f the

pas

s-th

roug

h of

bon

d pr

ocee

ds fr

om G

SFIC

, as

wel

l as

to a

ccou

nt fo

r oth

er re

late

d St

orag

e Ta

nk M

aint

enan

ce p

rogr

ams .

8 In F

Y 20

10, t

he E

nerg

y an

d W

ater

pro

gram

s ex

perie

nced

a s

igni

fican

t inc

reas

e in

exp

endi

ture

s du

e to

new

act

ivity

and

/or e

xpan

ded

activ

ities

usi

ng fu

nds

awar

ded

unde

r the

Am

eric

an R

ecov

ery

and

Rei

nves

tmen

t Act

of 2

009

(AR

RA)

. In

addi

tion

to e

xpan

ding

the

Wea

ther

izat

ion

and

SRF

loan

pro

gram

s, A

RR

A fu

ndin

g al

so p

rovi

ded

prin

cipa

l for

give

ness

sub

sidi

es fo

r the

SR

F lo

an p

rogr

ams

and

thus

a la

rge

incr

ease

in e

xpen

ditu

res

and

the

crea

tion

of fo

ur n

ew E

nerg

y pr

ogra

ms .


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Go

ve

rnm

en

t-w

ide

Ge

ne

ral

Reve

nu

es

an

d

Oth

er

Ch

an

ge

s in

Ne

t P

osi

tio

n

Last

Te

n F

iscal

Ye

ars

(accru

al b

asi

s o

f acco

un

tin

g)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Net (

Expe

nse),

Total

Gov

ernm

ental

and B

usine

ss-ty

pe A

ctivit

iesGo

vernm

ental

activ

ities

5,452

,342

$

3,1

68,09

7$

8,273

,017

$

11

,840,2

36$

(920,5

95)

$

8,676

,497

$

24

,795,8

44$

17,27

7,059

$

10

,876,2

34$

(994,4

77)

$

Busin

ess-t

ype a

ctivit

ie s79

,541,8

9216

5,283

,662

134,9

27,41

710

5,154

,580

106,9

11,59

614

5,957

,817

113,3

51,88

711

8,064

,124

146,8

28,35

910

8,723

,200

Total

Gov

ernm

ental

and B

usine

ss-ty

pe A

ctivit

ies84

,994,2

3416

8,451

,759

143,2

00,43

411

6,994

,816

105,9

91,00

115

4,634

,314

138,1

47,73

113

5,341

,183

157,7

04,59

310

7,728

,723

Gene

ral r

even

ues a

nd ot

her c

hang

es in

net p

ositio

nGo

vern

ment

al Ac

tivitie

s:Un

restric

ted in

vestm

ent e

arning

s54

,419

65,91

268

,914

93,01

810

6,246

1,089

,789

1,936

,270

1,596

,127

527,3

1154

1,713

Misc

ellan

eous

12,76

826

,621

32,92

217

,338

12,76

471

,477

266,2

1024

3,588

170,5

4156

,951

Tran

sfers

to bu

sines

s-typ

e acti

vities

1(4,

549,6

53)

(8,34

4,739

)(12

,774,6

56)

(6,20

6,325

)(1,

707,0

53)

(7,36

8,132

)(10

,977,3

92)

(5,98

4,093

)(5,

436,6

95)

(5,66

2,833

)

Subt

otal

Gove

rnme

ntal

Activ

ities

(4,48

2,466

)(8,

252,2

06)

(12,67

2,820

)(6,

095,9

69)

(1,58

8,043

)(6,

206,8

66)

(8,77

4,912

)(4,

144,3

78)

(4,73

8,843

)(5,

064,1

69)

Busin

ess-t

ype A

ctivit

ies:

Misc

ellan

eous

15,08

416

1,770

363,7

2225

,409

108,7

821,0

14,45

84,7

0422

,100

70,03

120

,145

Spec

ial ite

ms2

-

-

-

(369,0

96,22

8)-

-

-

-

-

-

Tr

ansfe

rs fro

m go

vernm

ental

activ

ities

4,549

,653

8,344

,739

12,77

4,656

6,206

,325

1,707

,053

7,368

,132

10,97

7,392

5,984

,093

5,436

,695

5,662

,833

Subt

otal

Busin

ess-t

ype A

ctivit

ies4,5

64,73

78,5

06,50

913

,138,3

78(36

2,864

,494)

1,815

,835

8,382

,590

10,98

2,096

6,006

,193

5,506

,726

5,682

,978

Chan

ges i

n Net

Posit

ionGo

vernm

ental

activ

ities

969,8

76(5,

084,1

09)

(4,39

9,803

)5,7

44,26

7(2,

508,6

38)

(14,88

3,363

)16

,020,9

3213

,132,6

816,1

37,39

1(6,

058,6

46)

Busin

ess-t

ype a

ctivit

ies2

84,10

6,629

173,7

90,17

114

8,065

,795

(257,7

09,91

4)10

8,727

,431

154,3

40,40

712

4,333

,983

124,0

70,31

715

2,335

,085

114,4

06,17

8

Total

Cha

nges

in N

et Po

sition

85,07

6,50 5

$

16

8,706

,062

$

143,6

65,99

2$

(25

1,965

,647)

$

106,2

18,79

3$

13

9,457

,044

$

140,3

54,91

5$

13

7,202

,998

$

158,4

72,47

6$

10

8,347

,532

$

Notes

:

1 Tran

sfers

to bu

sines

s-typ

e acti

vities

is hi

ghly

drive

n by a

ctivit

y of c

onstr

uctio

n loa

n proj

ects.

The

refore

, on a

year-

to-ye

ar ba

sis flu

ctuati

ons i

n amo

unts

may o

ccur.

2 The A

uthori

ty pro

vided

a pla

nned

one-t

ime r

eturn

of ca

pital

to the

Stat

e of G

eorgi

a's tre

asury

offic

e. It

is no

t exp

ected

that

this w

ill ha

ppen

again

in th

e nea

r futur

e. In

addit

ion, th

e Auth

ority

sold

a port

ion of

its lo

ans r

eceiv

able

from

the G

eorgi

a Fun

d to i

ts su

bsidi

ary co

rporat

ion, T

he G

eorgi

a Env

ironm

ental

Loan

Acq

uisitio

n Corp

oratio

n, at

a net

loss.

Both

of th

ese f

actor

s con

tribute

d to t

helar

ge ch

ange

in ne

t ass

ets fo

r bus

iness

-type

activ

ities.

(acc

rual

basis

of ac

coun

ting)

Last

Ten F

iscal

Year

sGo

vern

ment-

wide

Gen

eral

Reve

nues

and O

ther C

hang

es in

Net

Posit

ionGE

ORGI

A EN

VIRO

NMEN

TAL F

INAN

CE A

UTHO

RITY


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Fu

nd

Bala

nce

s, G

ove

rnm

en

tal

Fu

nd

sL

ast

Te

n F

iscal

Ye

ars

(mo

difi

ed

accru

al b

asi

s o

f acco

un

tin

g)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Gene

ral F

und

Nons

pend

able

for pr

epaid

items

-$

-$

-$

-$

6,624

$

-

$

-

$

-

$

-

$

-

$

Re

strict

ed fo

r loan

prog

rams

14,9

15,25

1

4,372

,360

8,9

27,35

5

11,63

9,738

3,9

59,42

6

790,1

08

3,7

63,13

5

9,137

,096

3,5

12,71

0

-

Restr

icted

for g

rant

prog

rams

1-

25

,445

100,0

00

18

0,722

332,3

40

1,5

03,64

9

2,598

,404

89

2,625

965,5

39

1,1

54,39

2

Unas

signe

d3,8

51,77

8

3,851

,778

3,8

28,46

6

5,362

,428

5,3

28,65

8

5,477

,280

4,6

79,80

4

4,382

,305

4,2

08,60

4

3,342

,104

To

tal g

ener

al fu

nd b

alanc

e28,7

67,02

9$

8,249

,583

$

12

,855,8

21$

17,18

2,888

$

9,6

27,04

8$

7,771

,037

$

11

,041,3

43$

14,41

2,026

$

8,6

86,85

3$

4,496

,496

$

Stat

e Lan

d Co

nser

vatio

n Fu

ndRe

strict

ed fo

r gra

nt pr

ogra

ms1

-$

-$

-$

-$

-$

7,889

,049

$

20

,181,8

11$

-$

-$

-$

Tota

l sta

te la

nd co

nser

vatio

n fu

nd b

alanc

e-

$

-

$

-

$

-

$

-

$

7,8

89,04

9$

20,18

1,811

$

-

$

-

$

-

$

Oil O

verc

harg

e and

Misc

ellan

eous

Fun

dRe

strict

ed fo

r gra

nt pr

ogra

ms1

-$

-$

-$

-$

-$

171,1

28$

16

8,494

$

208,5

97$

11

,900

$

197,8

17$

To

tal o

il ove

rcha

rge f

und

balan

ce-

$

-

$

-

$

-

$

-

$

17

1,128

$

168,4

94$

20

8,597

$

11,90

0$

19

7,817

$

Wea

ther

izatio

n As

sista

nce P

rogr

am F

und

Restr

icted

for g

rant

prog

rams

31,6

80$

-$

-$

-$

-$

-$

-$

-$

-$

-$

Tota

l wea

ther

izatio

n as

sista

nce p

rogr

am fu

nd b

alanc

e1,6

80$

-$

-$

-$

-$

-$

-$

-$

-$

-$

Nonm

ajor G

over

nmen

tal F

unds

Restr

icted

for lo

an pr

ogra

ms1

28,43

2,950

$

27

,499,8

55$

28,07

0,530

$

28

,105,8

23$

29,63

7,882

$

27

,202,5

82$

25,87

5,744

$

22

,289,6

68$

19,95

5,324

$

18

,894,8

65$

Restr

icted

for g

rant

prog

rams

14,9

06,26

0

5,206

,354

5,2

47,63

8

5,324

,730

5,5

28,35

8

4,255

,978

4,8

68,36

1

9,100

,008

4,1

81,89

1

3,074

,551

To

tal n

onm

ajor g

over

nmen

tal f

und

balan

ce33

,339,2

10$

32,70

6,209

$

33

,318,1

68$

33,43

0,553

$

35

,166,2

40$

31,45

8,560

$

30

,744,1

05$

31,38

9,676

$

24

,137,2

15$

21,96

9,416

$

Tot

al go

vern

men

tal f

und

balan

ces

42,10

7,919

$

40

,955,7

92$

46,17

3,989

$

50

,613,4

41$

44,79

3,288

$

47

,289,7

74$

62,13

5,753

$

46

,010,2

99$

32,83

5,968

$

26

,663,7

29$

Note

s:

2 Monie

s pro

vided

by th

e Stat

e of G

eorg

ia ar

e held

in tr

ust u

ntil e

xpen

ses a

re in

curre

d and

at th

at tim

e the

Auth

ority

tran

sfers

the ne

cess

ary a

moun

t of c

ash t

o cov

er th

ose

char

ges.

Fluc

tuatio

ns in

the t

otal g

ener

al fun

d bala

nce m

ay oc

cur y

ear-t

o-ye

ar be

caus

e of th

is pr

actic

e.

3 The W

eathe

rizati

on A

ssist

ance

Fun

d, a m

ajor f

und,

did no

t hav

e amo

unts

repo

rted a

s fun

d bala

nce f

or an

y of th

e yea

rs pr

esen

ted, o

ther t

han F

Y 20

14. I

n fisc

al ye

ars 2

010 t

hrou

gh 20

13, A

RRA-

Wea

theriz

ation

As

sistan

ce P

rogr

am w

as a

major

fund

, but

did no

t hav

e any

amou

nts re

porte

d as f

und b

alanc

e. In

addit

ion, th

e ARR

A-St

ate E

nerg

y Pro

gram

was

a ma

jor fu

nd in

fisca

l yea

rs 20

10 th

roug

h 201

2, bu

t did

not h

ave a

ny

amou

nts re

porte

d as f

und b

alanc

e.

GEOR

GIA

ENVI

RONM

ENTA

L FI

NANC

E AU

THOR

ITY

1 Due t

o a hi

gh de

mand

on ca

sh du

ring 2

004 a

nd th

e non

-rece

ipt of

appr

opria

tions

in 20

05 fr

om th

e Stat

e of G

eorg

ia, 20

05 re

serve

s for

matc

h on f

eder

al loa

n pro

gram

swe

re de

pleted

.

(mod

ified

accru

al ba

sis o

f acc

ount

ing)

Last

Ten

Fisca

l Yea

rsFu

nd B

alanc

es, G

over

nmen

tal F

unds


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Ch

an

ge

s in

Fu

nd

Bala

nce

s, G

ove

rnm

en

tal

Fu

nd

s6

Last

Te

n F

iscal

Ye

ars

(mo

difi

ed

accru

al b

asi

s o

f acco

un

tin

g)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Reve

nues

Stat

e of

Geo

rgia

app

ropr

iatio

ns1

298,

495

$

-

$

28

3,49

5$

15,2

86,3

58$

8,

099,

808

$

8,96

7,32

5$

58

,323

,726

$

19,0

85,7

82$

12

,400

,000

$

275,

000

$

St

ate

gene

ral o

blig

atio

n bo

nd p

roce

eds8

9,20

0,00

0

9,

600,

000

12,0

00,0

00

-

-

-

-

-

-

-

Adm

inist

rativ

e fe

es1,

457,

644

591,

955

1,

529,

171

3,20

4,81

9

4,

717,

199

4,19

5,87

5

5,

369,

503

5,18

6,03

1

4,

273,

697

2,60

2,12

1

G

rant

reve

nues

15,8

98,9

23

28

,794

,201

103,

618,

950

12

6,97

2,56

0

55,3

26,9

31

24

,213

,231

20,3

00,8

63

20

,409

,522

19,5

27,0

95

18

,797

,578

Petro

leum

vio

latio

n fe

es2

-

-

-

-

-

-

12,7

77

10

6,09

4

193,

517

-

Pu

blic

dona

tions

54,7

89

39

,251

55,9

09

83

,228

53,7

84

67

,719

87,3

92

19

1,22

3

-

-

Inte

rest

inco

me

on in

vest

men

ts59

,785

74,1

14

71

,443

101,

717

12

1,78

1

1,33

0,13

1

2,

867,

740

1,92

2,81

7

61

2,80

4

590,

997

M

iscel

lane

ous

12,7

68

26

,621

32,9

22

17

,338

12,7

64

71

,477

266,

210

24

3,58

8

170,

541

56

,951

T

otal

reve

nues

26,9

82,4

04$

39

,126

,142

$

117,

591,

890

$

14

5,66

6,02

0$

68,3

32,2

67$

38

,845

,758

$

87,2

28,2

11$

47

,145

,057

$

37,1

77,6

54$

22

,322

,647

$

Ex

pend

iture

sG

ener

al g

over

nmen

t6,

955,

294

$

9,13

9,16

1$

9,

055,

630

$

11,6

38,5

93$

9,

600,

005

$

5,95

2,03

3$

5,

884,

087

$

5,33

2,03

9$

4,

559,

388

$

3,96

1,09

6$

W

ater

and

was

tewa

ter p

rogr

ams

6,91

4,66

0

8,

496,

123

8,79

9,18

4

12

,382

,414

10,6

46,0

79

11

,835

,092

6,29

7,01

7

5,

488,

630

4,81

7,93

9

3,

996,

672

Solid

was

te a

nd e

nviro

nmen

tal p

rogr

ams

-

-

-

1,68

0

267,

030

10

9,03

2

153,

078

14

5,15

3

1,22

7,42

0

37

7,38

9

Land

con

serv

atio

n pr

ogra

ms3

8,66

5

41,7

33

59

,061

60,2

12

6,

651,

892

12,6

54,1

92

32

,363

,754

892,

032

-

-

En

ergy

pro

gram

s47,

368,

927

18,3

22,5

83

91

,335

,755

109,

506,

743

41

,919

,198

15,7

45,4

95

15

,409

,887

16,1

17,4

51

14

,963

,973

14,3

92,3

69

Ca

pita

l out

lay,

gen

eral

gov

ernm

ent

33,0

78

-

-

33

,917

9,86

3

33,2

07

24

,640

41,6

36

-

-

De

bt S

ervic

e:

Prin

cipal

redu

ctio

ns-

-

6,

978

15

,364

25,6

37

17

,846

9,04

5

-

-

-

In

tere

st o

n lo

ng-te

rm d

ebt

-

-

78

61

9

1,

995

2,

686

2,

442

-

-

-

Tot

al e

xpen

ditu

res

21,2

80,6

24

35

,999

,600

109,

256,

686

13

3,63

9,54

2

69,1

21,6

99

46

,349

,583

60,1

43,9

50

28

,016

,941

25,5

68,7

20

22

,727

,526

E

xces

s of

reve

nues

ove

r (un

der)

expe

nditu

res

5,70

1,78

0

3,

126,

542

8,33

5,20

4

12

,026

,478

(789

,432

)

(7,5

03,8

25)

27,0

84,2

61

19

,128

,116

11,6

08,9

34

(4

04,8

79)

Othe

r Fin

anci

ng S

ourc

es (U

ses)

Capi

tal le

ases

-$

-

$

-$

-

$

-$

25

,977

$

18,5

85$

30

,308

$

-$

-$

Tran

sfer

s in5

4,51

6,12

4

5,

921,

622

3,72

1,38

2

3,

315,

777

3,56

4,71

2

4,

624,

553

3,08

2,38

7

1,

753,

377

2,03

1,58

0

2,

320,

888

Tran

sfer

s ou

t5(9

,065

,777

)

(1

4,26

6,36

1)

(16,

496,

038)

(9

,522

,102

)

(5

,271

,765

)

(1

1,99

2,68

5)

(14,

059,

779)

(7

,737

,470

)

(7

,468

,275

)

(7

,983

,721

)

Tot

al o

ther

fina

ncin

g so

urce

s (u

ses)

(4,5

49,6

53)

(8,3

44,7

39)

(12,

774,

656)

(6

,206

,325

)

(1

,707

,053

)

(7

,342

,155

)

(1

0,95

8,80

7)

(5,9

53,7

85)

(5,4

36,6

95)

(5,6

62,8

33)

Net c

hang

e in

fund

bal

ance

s71,

152,

127

$

(5,2

18,1

97)

$

(4,4

39,4

52)

$

5,82

0,15

3$

(2

,496

,485

)$

(1

4,84

5,98

0)$

16,1

25,4

54$

13

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Note

s:

1 In 2

005,

the

Auth

ority

did

not

rece

ive a

ny a

ppro

pria

tions

from

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Stat

e of

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rgia

for m

atch

on

fede

ral lo

an p

rogr

ams.

In 2

008,

the

Auth

ority

rece

ived

addi

tiona

l app

ropr

iatio

nsin

the

amen

ded

budg

et fo

r the

Sta

te L

and

Cons

erva

tion

Fund

in th

e am

ount

of $

47.3

milli

on w

hich

sub

stan

tially

incr

ease

d fu

ndin

g ov

er a

mou

nts

rece

ived

in p

rior y

ears

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is in

crea

se in

reve

nues

also

allo

wed

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Auth

ority

to in

cur m

ore

expe

nditu

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in fi

scal

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8.

3 Due

to d

ecre

ased

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rest

ear

ning

s, th

e Au

thor

ity tr

ansf

erre

d fu

nds

from

oth

er fu

nds

to s

atisf

y ad

min

istra

tive

cost

s.

4 A sig

nific

ant i

ncre

ase

in e

xpen

ditu

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with

in E

nerg

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ogra

ms

is ex

plai

ned

by o

ngoi

ng a

dmin

istra

tion

of p

rogr

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ciate

d wi

th th

e Am

erica

n Re

cove

ry a

nd R

einv

estm

ent A

ct o

f 200

9 (A

RRA)

for f

iscal

yea

rs 2

010

and

2011

.

5 Tran

sfer

s ou

t are

bas

ed o

n ac

tivity

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erie

nced

with

in th

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atch

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gram

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luct

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re b

ased

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ity o

n a

year

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asis.

6 The

Auth

ority

has

no

bond

deb

t out

stan

ding

with

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e go

vern

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unds

and

thus

no

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vice

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latio

ns a

s a

perc

enta

ge o

f non

capi

tal e

xpen

ditu

res.

7 Fluc

tuat

ions

may

occ

ur y

ear-t

o-ye

ar w

ith n

et c

hang

e in

fund

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ance

prim

arily

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to lo

an p

rogr

am d

eman

d to

mat

ch th

e fe

dera

l loan

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onie

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e de

posit

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ld u

ntil t

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In a

dditio

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e le

vel o

f fun

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vided

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for t

his

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ay v

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venu

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ccor

danc

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ligib

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ASB

33 in

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ch is

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resu

lt of

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emen

t.

GEOR

GIA

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Chan

ges

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und

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nces

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ernm

enta

l Fun

ds6

Last

Ten

Fisc

al Y

ears

(mod

ified

accr

ual b

asis

of a

ccou

ntin

g)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Reve

nues

Stat

e of

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rgia

app

ropr

iatio

ns1

298,

495

$

-$

283,

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Note

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1 In 2

005,

the

Auth

ority

did

not

rece

ive a

ny a

ppro

pria

tions

from

the

Stat

e of

Geo

rgia

for m

atch

on

fede

ral lo

an p

rogr

ams.

In 2

008,

the

Auth

ority

rece

ived

addi

tiona

l app

ropr

iatio

nsin

the

amen

ded

budg

et fo

r the

Sta

te L

and

Cons

erva

tion

Fund

in th

e am

ount

of $

47.3

milli

on w

hich

sub

stan

tially

incr

ease

d fu

ndin

g ov

er a

mou

nts

rece

ived

in p

rior y

ears

.Th

is in

crea

se in

reve

nues

also

allo

wed

the

Auth

ority

to in

cur m

ore

expe

nditu

res

in fi

scal

yea

r 200

8.

3 Due

to d

ecre

ased

inte

rest

ear

ning

s, th

e Au

thor

ity tr

ansf

erre

d fu

nds

from

oth

er fu

nds

to s

atisf

y ad

min

istra

tive

cost

s.

4 A sig

nific

ant i

ncre

ase

in e

xpen

ditu

res

with

in E

nerg

y pr

ogra

ms

is ex

plai

ned

by o

ngoi

ng a

dmin

istra

tion

of p

rogr

ams

asso

ciate

d wi

th th

e Am

erica

n Re

cove

ry a

nd R

einv

estm

ent A

ct o

f 200

9 (A

RRA)

for f

iscal

yea

rs 2

010

and

2011

.

5 Tran

sfer

s ou

t are

bas

ed o

n ac

tivity

exp

erie

nced

with

in th

e m

atch

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pro

gram

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luct

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ns a

re b

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ity o

n a

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asis.

6 The

Auth

ority

has

no

bond

deb

t out

stan

ding

with

in th

e go

vern

men

tal f

unds

and

thus

no

debt

ser

vice

calcu

latio

ns a

s a

perc

enta

ge o

f non

capi

tal e

xpen

ditu

res.

7 Fluc

tuat

ions

may

occ

ur y

ear-t

o-ye

ar w

ith n

et c

hang

e in

fund

bal

ance

prim

arily

due

to lo

an p

rogr

am d

eman

d to

mat

ch th

e fe

dera

l loan

pro

gram

s. M

onie

s ar

e de

posit

ed in

to th

ege

nera

l fun

d an

d he

ld u

ntil t

he fu

nds

are

need

ed to

fund

pro

ject

disb

urse

men

ts.

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dditio

n, th

e le

vel o

f fun

ding

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vided

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the

Stat

e of

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rgia

for t

his

sam

e pu

rpos

e m

ay v

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ndin

g up

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ppro

ved

legi

slatio

n fo

r the

resp

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cal p

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d an

d re

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hose

mon

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2 The

Auth

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adj

uste

d de

ferre

d re

venu

e to

ear

ned

reve

nue

in a

ccor

danc

e wi

th e

ligib

ility

requ

irem

ents

und

er G

ASB

33 in

200

4. R

ecei

pt o

f pet

role

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iola

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fees

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ontin

gent

upon

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Fede

ral g

over

nmen

t awa

rdin

g al

lotm

ents

whi

ch is

typi

cally

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resu

lt of

a c

ourt

settl

emen

t.

GEO

RGIA

ENV

IRO

NMEN

TAL

FINA

NCE

AUTH

ORI

TYC

hang

es in

Fun

d Ba

lanc

es, G

over

nmen

tal F

unds

6

Last

Ten

Fis

cal Y

ears

(mod

ified

acc

rual

bas

is o

f acc

ount

ing)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Reve

nues

Stat

e of

Geo

rgia

app

ropr

iatio

ns1

298,

495

$

-$

283,

495

$

15,2

86,3

58$

8,

099,

808

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8,

967,

325

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58

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82$

12

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$

275,

000

$

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e ge

nera

l obl

igat

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pro

ceed

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000

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000

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1,45

7,64

4

591,

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1,52

9,17

1

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4,81

9

4,71

7,19

9

4,19

5,87

5

5,36

9,50

3

5,18

6,03

1

4,27

3,69

7

2,60

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nt re

venu

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3,61

8,95

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Publ

ic do

natio

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me

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26,9

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14

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38

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pend

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ener

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1,09

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Wat

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-

33,9

17

9,

863

33

,207

24,6

40

41

,636

-

-

Debt

Ser

vice:

Pr

incip

al re

duct

ions

-

-

6,97

8

15,3

64

25

,637

17,8

46

9,

045

-

-

-

Inte

rest

on

long

-term

deb

t-

-

78

619

1,99

5

2,68

6

2,44

2

-

-

-

T

otal

exp

endi

ture

s21

,280

,624

35,9

99,6

00

10

9,25

6,68

6

133,

639,

542

69

,121

,699

46,3

49,5

83

60

,143

,950

28,0

16,9

41

25

,568

,720

22,7

27,5

26

E

xces

s of

reve

nues

ove

r (un

der)

expe

nditu

res

5,70

1,78

0

3,12

6,54

2

8,33

5,20

4

12,0

26,4

78

(7

89,4

32)

(7

,503

,825

)

27

,084

,261

19,1

28,1

16

11

,608

,934

(404

,879

)

Oth

er F

inan

cing

Sou

rces

(Use

s)Ca

pita

l leas

es-

$

-$

-

$

-$

-

$

25,9

77$

18

,585

$

30,3

08$

-

$

-

$

Tr

ansf

ers

in54,

516,

124

5,

921,

622

3,

721,

382

3,

315,

777

3,

564,

712

4,

624,

553

3,

082,

387

1,

753,

377

2,

031,

580

2,

320,

888

Tr

ansf

ers

out5

(9,0

65,7

77)

(14,

266,

361)

(16,

496,

038)

(9,5

22,1

02)

(5,2

71,7

65)

(11,

992,

685)

(14,

059,

779)

(7,7

37,4

70)

(7,4

68,2

75)

(7,9

83,7

21)

T

otal

oth

er fi

nanc

ing

sour

ces

(use

s)(4

,549

,653

)

(8

,344

,739

)

(1

2,77

4,65

6)

(6

,206

,325

)

(1

,707

,053

)

(7

,342

,155

)

(1

0,95

8,80

7)

(5

,953

,785

)

(5

,436

,695

)

(5

,662

,833

)

Net c

hang

e in

fund

bal

ance

s71,

152,

127

$

(5

,218

,197

)$

(4

,439

,452

)$

5,

820,

153

$

(2

,496

,485

)$

(1

4,84

5,98

0)$

16

,125

,454

$

13,1

74,3

31$

6,

172,

239

$

(6

,067

,712

)$

Note

s:

1 In 2

005,

the

Auth

ority

did

not

rece

ive a

ny a

ppro

pria

tions

from

the

Stat

e of

Geo

rgia

for m

atch

on

fede

ral lo

an p

rogr

ams.

In 2

008,

the

Auth

ority

rece

ived

addi

tiona

l app

ropr

iatio

nsin

the

amen

ded

budg

et fo

r the

Sta

te L

and

Cons

erva

tion

Fund

in th

e am

ount

of $

47.3

milli

on w

hich

sub

stan

tially

incr

ease

d fu

ndin

g ov

er a

mou

nts

rece

ived

in p

rior y

ears

.Th

is in

crea

se in

reve

nues

also

allo

wed

the

Auth

ority

to in

cur m

ore

expe

nditu

res

in fi

scal

yea

r 200

8.

3 Due

to d

ecre

ased

inte

rest

ear

ning

s, th

e Au

thor

ity tr

ansf

erre

d fu

nds

from

oth

er fu

nds

to s

atisf

y ad

min

istra

tive

cost

s.

4 A sig

nific

ant i

ncre

ase

in e

xpen

ditu

res

with

in E

nerg

y pr

ogra

ms

is ex

plai

ned

by o

ngoi

ng a

dmin

istra

tion

of p

rogr

ams

asso

ciate

d wi

th th

e Am

erica

n Re

cove

ry a

nd R

einv

estm

ent A

ct o

f 200

9 (A

RRA)

for f

iscal

yea

rs 2

010

and

2011

.

5 Tran

sfer

s ou

t are

bas

ed o

n ac

tivity

exp

erie

nced

with

in th

e m

atch

loan

pro

gram

s. F

luct

uatio

ns a

re b

ased

on

activ

ity o

n a

year

-to-y

ear b

asis.

6 The

Auth

ority

has

no

bond

deb

t out

stan

ding

with

in th

e go

vern

men

tal f

unds

and

thus

no

debt

ser

vice

calcu

latio

ns a

s a

perc

enta

ge o

f non

capi

tal e

xpen

ditu

res.

7 Fluc

tuat

ions

may

occ

ur y

ear-t

o-ye

ar w

ith n

et c

hang

e in

fund

bal

ance

prim

arily

due

to lo

an p

rogr

am d

eman

d to

mat

ch th

e fe

dera

l loan

pro

gram

s. M

onie

s ar

e de

posit

ed in

to th

ege

nera

l fun

d an

d he

ld u

ntil t

he fu

nds

are

need

ed to

fund

pro

ject

disb

urse

men

ts.

In a

dditio

n, th

e le

vel o

f fun

ding

pro

vided

by

the

Stat

e of

Geo

rgia

for t

his

sam

e pu

rpos

e m

ay v

ary

depe

ndin

g up

on a

ppro

ved

legi

slatio

n fo

r the

resp

ectiv

e fis

cal p

erio

d an

d re

ceip

t of t

hose

mon

ies.

2 The

Auth

ority

adj

uste

d de

ferre

d re

venu

e to

ear

ned

reve

nue

in a

ccor

danc

e wi

th e

ligib

ility

requ

irem

ents

und

er G

ASB

33 in

200

4. R

ecei

pt o

f pet

role

um v

iola

tion

fees

is c

ontin

gent

upon

the

Fede

ral g

over

nmen

t awa

rdin

g al

lotm

ents

whi

ch is

typi

cally

the

resu

lt of

a c

ourt

settl

emen

t.

GEO

RGIA

ENV

IRO

NMEN

TAL

FINA

NCE

AUTH

ORI

TYC

hang

es in

Fun

d Ba

lanc

es, G

over

nmen

tal F

unds

6

Last

Ten

Fis

cal Y

ears

(mod

ified

acc

rual

bas

is o

f acc

ount

ing)

8 Prio

r to

fisc

al y

ear

2012

, The

Aut

horit

y pr

evio

usly

rep

orte

d th

ese

amou

nts

as c

apita

l con

trib

utio

ns.

How

ever

, con

sist

ent w

ith a

ccou

ntin

g gu

idel

ines

, the

se

amou

nts

are

now

rep

orte

d as

ope

ratin

g gr

ants

bec

ause

they

are

not

use

d to

con

stru

ct o

r ob

tain

cap

ital a

sset

s fo

r th

e A

utho

rity.


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Go

ve

rnm

en

t-w

ide

Pro

gra

m R

eve

nu

es1 b

y C

ate

go

ryL

ast

Te

n F

iscal

Ye

ars

(accru

al b

asi

s o

f acco

un

tin

g)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Gover

nment

al Activ

ities

Charg

es for

Service

s1,4

57,644

$

591,95

5$

1,5

29,171

$

11,392

,512

$

10,921

,781

$

4,195,

875$

5,3

69,503

$

5,186,

031$

4,2

73,697

$

2,602,

121$

Op

erating

Grant

s and

Contri

bution

s225,

457,57

338,

441,65

4115

,960,8

83134

,163,1

5357,

291,47

633,

488,61

779,

656,22

840,

119,31

132,

206,10

519,

121,86

2

Subtota

l Gove

rnment

al Activ

ities P

rogram

Reven

ues26,

915,21

739,

033,60

9117

,490,0

54145

,555,6

6568,

213,25

737,

684,49

285,

025,73

145,

305,34

236,

479,80

221,

723,98

3

Busin

ess-typ

e Activ

ities

Charg

es for

Service

s36,

517,06

269,

972,71

538,

459,36

044,

905,39

749,

014,31

346,

847,73

037,

360,16

331,

056,15

833,

631,43

025,

301,76

2Op

erating

Grant

s and

Contri

bution

s49,

420,40

7104

,896,6

82112

,292,1

631,5

43,109

2,510,

02410,

458,78

920,

542,31

325,

263,57

915,

710,16

510,

308,59

5Ca

pital G

rants a

nd Co

ntribut

ions3

- -

- 93,

694,00

7118

,998,1

5095,

113,55

059,

414,94

865,

612,91

9101

,487,7

1381,

341,76

3

Subtota

l Busin

ess-typ

e Activ

ities P

rogram

Reven

ues85,

937,46

9174

,869,3

97150

,751,5

23140

,142,5

13170

,522,4

87152

,420,0

69117

,317,4

24121

,932,6

56150

,829,3

08116

,952,1

20

Gover

nment

al and

Busin

ess-typ

e Activ

ities

Charg

es for

Service

s37,

974,70

670,

564,67

039,

988,53

156,

297,90

959,

936,09

451,

043,60

542,

729,66

636,

242,18

937,

905,12

727,

903,88

3Op

erating

Grant

s and

Contri

bution

s74,

877,98

0143

,338,3

36228

,253,0

46135

,706,2

6259,

801,50

043,

947,40

6100

,198,5

4165,

382,89

047,

916,27

029,

430,45

7Ca

pital G

rants a

nd Co

ntribut

ions3

- -

- 93,

694,00

7118

,998,1

5095,

113,55

059,

414,94

865,

612,91

9101

,487,7

1381,

341,76

3

Total G

overnm

ental a

nd Bu

siness

-type A

ctivitie

s Prog

ram Re

venues

112,85

2,686

$

213

,903,0

06$

268,24

1,577

$

285

,698,1

78$

238,73

5,744

$

190

,104,5

61$

202,34

3,155

$

167

,237,9

98$

187,30

9,110

$

138

,676,1

03$

(accru

al basi

s of ac

countin

g)Las

t Ten F

iscal Ye

arsGo

vernm

ent-wi

de Pro

gram R

evenue

s1 by Ca

tegory

GEOR

GIA EN

VIRON

MENT

AL FIN

ANCE

AUTH

ORITY

Not

es:

1 Prog

ram

reve

nues

are

rela

ted

to s

peci

fic a

ctiv

ities

of t

he A

utho

rity .

The

ir so

urce

s ar

e ei

ther

fees

, int

eres

t ear

ning

s, c

harg

es fo

r ser

vice

s or

gra

nts/

inte

rgov

ernm

enta

l rev

enue

s re

stric

ted

to a

spe

cific

pur

pose

.2 D

urin

g FY

200

8, th

e Au

thor

ity re

ceiv

ed a

sig

nific

ant i

ncre

ase

in o

pera

ting

gran

ts fr

om th

e St

ate

of G

eorg

ia fo

r the

Sta

te L

and

Con

serv

atio

n Fu

nd . I

n FY

201

1, a

sig

nific

ant i

ncre

ase

in o

pera

ting

gran

ts a

nd c

ontri

butio

ns w

as d

ue to

incr

ease

d ex

pend

iture

-driv

en p

rogr

ams

asso

ciat

ed w

ith th

e Am

eric

an R

ecov

ery

and

Rei

nves

tmen

t Act

of 2

009 .

3 In fi

scal

yea

r 201

2, th

ese

amou

nts

are

repo

rted

as o

pera

ting

gran

ts b

ecau

se th

ey a

re n

ot u

sed

to c

onst

ruct

or o

btai

n ca

pita

l ass

ets

for t

he A

utho

rity .


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

An

nu

al

Lo

an

Pro

gra

m I

nte

rest

Rate

His

tory

L

ast

Te

n F

iscal

Ye

ars

Dat

eY

ear

Dat

e

06/2

014

07/2

014

06/2

014

06/2

013

07/2

013

06/2

013

06/2

012

07/2

012

06/2

012

06/2

011

07/2

011

06/2

011

06/2

010

07/2

010

06/2

010

06/2

009

07/2

009

06/2

009

05/2

009

07/2

008

06/2

008

02/2

009

07/2

007

06/2

007

06/2

008

07/2

006

06/2

006

12/2

007

07/2

005

06/2

005

08/2

007

07/2

004

06/2

007

04/2

007

09/2

006

06/2

006

02/2

006

09/2

005

08/2

004

Bon

d B

uyer

GE

FA S

tate

GE

FA F

eder

al F

und

Rat

e (S

RF)

Sou

rces

:07

/200

54.

31%

3.92

%3.

00%

07/2

006

4.61

%4.

28%

3.00

%Th

e A

utho

rity'

s W

ater

Res

ourc

es D

ivis

ion

and

the

Bon

d B

uyer

and

Fed

eral

Res

erve

at:

ww

w.fe

dera

lrese

rve.

gov/

rele

ases

/h15

/dat

a.ht

m07

/200

74.

56%

4.19

%3.

00%

07/2

008

4.68

%4.

27%

3.00

%N

ote:

07/2

009

4.72

%3.

81%

3.00

%07

/201

04.

32%

3.81

%3.

00%

1 Sta

te fu

nd lo

an ra

tes

are

esta

blis

hed

at e

ach

stat

e bo

nd s

ale

date

.07

/201

13.

95%

3.81

%3.

00%

07/2

012

2.22

%3.

13%

2.13

%2 Th

e cl

osin

g fe

e w

as e

stab

lishe

d to

ass

ist t

he G

eorg

ia F

und

in o

ffset

ting

certa

in g

ener

al a

nd a

dmin

istra

tive

expe

nses

ass

ocia

ted

with

pro

gram

man

agem

ent,

as w

ell a

s ot

her c

osts

ass

ocia

ted

with

07

/201

33.

31%

2.40

%1.

40%

07/2

014

3.07

%3.

03%

2.03

%or

igin

atin

g, p

roce

ssin

g, u

nder

writ

ing

and

serv

icin

g lo

ans

for t

hat p

rogr

am.

4.28

N/A

4.10

N/A

3.92

N/A

4.87

4.12

N/A

4.20

N/A

4.19

N/A

4.19

N/A

4.40

N/A

4.10

N/A

4.31

3.00

2.00

3.00

2.00

4.27

N/A

4.61

3.00

2.00

3.89

N/A

4.56

3.81

N/A

4.72

3.00

2.00

3.81

N/A

4.68

3.00

2.00

3.81

1.00

3.95

3.00

2.00

3.81

1.00

4.32

3.00

2.00

2.40

1.00

3.31

1.40

1.00

3.13

1.00

2.22

2.13

1.00

Inte

rest

Rat

e (%

)C

losi

ng F

ee (%

)2In

tere

st R

ate

(%)

Inte

rest

Rat

e (%

)C

losi

ng F

ee (%

)

3.03

1.00

3.07

2.03

1.00

GE

OR

GIA

EN

VIR

ON

ME

NTA

L FI

NA

NC

E A

UTH

OR

ITY

Ann

ual L

oan

Pro

gram

Inte

rest

Rat

e H

isto

ryLa

st T

en F

isca

l Yea

rs

Geo

rgia

Fun

d Lo

an P

rogr

amB

ond

Buy

er In

dex

Cle

an W

ater

SR

F R

ate

and

Fee

His

tory

0%

1%

2%

3%

4%

5%

07

/20

05

07

/20

06

07

/20

07

07

/20

08

07

/20

09

07

/20

10

07

/20

11

07

/20

12

07

/20

13

07

/20

14

Interest Rate

GE

FA S

tate

Lo

an

Rat

es1

an

d S

tate

Re

volv

ing

Loa

n F

un

d (

SRF)

Rat

es

to 2

0-y

ea

r B

on

d In

de

x (m

ea

sure

d i

n J

uly

of

ea

ch y

ea

r)

Bo

nd

Bu

yer

Ind

ex

GE

FA S

tate

Fu

nd

Ra

teG

EFA

Fe

de

ral F

un

d R

ate

(SR

F)

Dat

eY

ear

Dat

e

06/2

014

07/2

014

06/2

014

06/2

013

07/2

013

06/2

013

06/2

012

07/2

012

06/2

012

06/2

011

07/2

011

06/2

011

06/2

010

07/2

010

06/2

010

06/2

009

07/2

009

06/2

009

05/2

009

07/2

008

06/2

008

02/2

009

07/2

007

06/2

007

06/2

008

07/2

006

06/2

006

12/2

007

07/2

005

06/2

005

08/2

007

07/2

004

06/2

007

04/2

007

09/2

006

06/2

006

02/2

006

09/2

005

08/2

004

Bon

d B

uyer

GE

FA

Sta

teG

EF

A F

eder

al F

und

Rat

e (S

RF

)S

ourc

es:

07/2

005

4.31

%3.

92%

3.00

%07

/200

64.

61%

4.28

%3.

00%

The

Aut

horit

y's

Wat

er R

esou

rces

Div

isio

n an

d th

e B

ond

Buy

er a

nd F

eder

al R

eser

ve a

t: w

ww

.fede

ralre

serv

e.go

v/re

leas

es/h

15/d

ata.

htm

07/2

007

4.56

%4.

19%

3.00

%07

/200

84.

68%

4.27

%3.

00%

Not

e:07

/200

94.

72%

3.81

%3.

00%

07/2

010

4.32

%3.

81%

3.00

%1 S

tate

fund

loan

rat

es a

re e

stab

lishe

d at

eac

h st

ate

bond

sal

e da

te.

07/2

011

3.95

%3.

81%

3.00

%07

/201

22.

22%

3.13

%2.

13%

2 The

clo

sing

fee

was

est

ablis

hed

to a

ssis

t the

Geo

rgia

Fun

d in

offs

ettin

g ce

rtai

n ge

nera

l and

adm

inis

trat

ive

expe

nses

ass

ocia

ted

with

pro

gram

man

agem

ent,

as w

ell a

s ot

her

cost

s as

soci

ated

with

07

/201

33.

31%

2.40

%1.

40%

07/2

014

3.07

%3.

03%

2.03

%or

igin

atin

g, p

roce

ssin

g, u

nder

writ

ing

and

serv

icin

g lo

ans

for

that

pro

gram

.

4.28

N/A

4.10

N/A

3.92

N/A

4.87

4.12

N/A

4.20

N/A

4.19

N/A

4.19

N/A

4.40

N/A

4.10

N/A

4.31

3.00

2.00

3.00

2.00

4.27

N/A

4.61

3.00

2.00

3.89

N/A

4.56

3.81

N/A

4.72

3.00

2.00

3.81

N/A

4.68

3.00

2.00

3.81

1.00

3.95

3.00

2.00

3.81

1.00

4.32

3.00

2.00

2.40

1.00

3.31

1.40

1.00

3.13

1.00

2.22

2.13

1.00

Inte

rest

Rat

e (%

)C

losi

ng F

ee (%

)2In

tere

st R

ate

(%)

Inte

rest

Rat

e (%

)C

losi

ng F

ee (%

)

3.03

1.00

3.07

2.03

1.00

GE

OR

GIA

EN

VIR

ON

ME

NTA

L FI

NA

NC

E A

UTH

OR

ITY

Ann

ual L

oan

Pro

gram

Inte

rest

Rat

e H

isto

ryLa

st T

en F

isca

l Yea

rs

Geo

rgia

Fun

d Lo

an P

rogr

amB

ond

Buy

er In

dex

Cle

an W

ater

SR

F R

ate

and

Fee

His

tory

0%

1%

2%

3%

4%

5%

07

/20

05

07

/20

06

07

/20

07

07

/20

08

07

/20

09

07

/20

10

07

/20

11

07

/20

12

07

/20

13

07

/20

14

Interest Rate

GE

FA S

tate

Lo

an

Ra

tes1

an

d S

tate

Re

vo

lvin

g L

oa

n F

un

d (

SR

F)

Ra

tes

to 2

0-y

ea

r B

on

d I

nd

ex

(m

ea

sure

d i

n J

uly

of

ea

ch y

ea

r)

Bo

nd

Bu

yer

Ind

ex

GE

FA

Sta

te F

un

d R

ate

GE

FA

Fe

de

ral F

un

d R

ate

(SR

F)

GE

FA

Sta

te L

oan

Rate

s1 an

d S

tate

Revo

lvin

g L

oan

Fu

nd

(S

RF

) R

ate

s t

o 2

0-y

ear

Bo

nd

In

dex

(measu

red

in

Ju

ly o

f each

year)

Sour

ces:

The

Auth

ority

’s W

ater

Res

ourc

es D

ivis

ion

and

the

Bond

Buy

er a

nd F

eder

al R

eser

ve

at: w

ww .

fede

ralre

serv

e .go

v/re

leas

es/h

15/d

ata .

htm

Not

e:1 St

ate

fund

loan

rate

s ar

e es

tabl

ishe

d at

eac

h st

ate

bond

sal

e da

te .

2 The

clos

ing

fee

was

est

ablis

hed

to a

ssis

t the

Geo

rgia

Fun

d in

offs

ettin

g ce

rtain

ge

nera

l and

adm

inis

trativ

e ex

pens

es a

ssoc

iate

d w

ith p

rogr

am m

anag

emen

t, as

wel

l as

oth

er c

osts

ass

ocia

ted

with

orig

inat

ing,

pro

cess

ing,

und

erw

ritin

g an

d se

rvic

ing

loan

s fo

r tha

t pro

gram

.


GEO

RGIA

ENV

IRO

NMEN

TAL

FINA

NCE

AUTH

ORI

TYPr

inci

pal L

oans

Rec

eiva

ble

Paye

rsFi

scal

Yea

r 201

4 an

d N

ine

Year

s Pr

ior (

2005

)1

BORR

OW

ERPR

INCI

PAL

BALA

NCE

OUT

STAN

DING

RANK

% O

F TO

TAL

PRIN

CIPA

L BA

LANC

E O

UTST

ANDI

NGPR

INCI

PAL

BALA

NCE

OUT

STAN

DING

RANK

% O

F TO

TAL

PRIN

CIPA

L BA

LANC

E O

UTST

ANDI

NGAT

LANT

A17

2,48

8,58

5$

1

12.9

5%-

n/a

-CO

BB C

OUN

TY B

OC

158,

180,

832

211

.87%

-

n/

a -

GAI

NESV

ILLE

90,1

08,4

34

37.

10%

75,3

76,2

99

120

.91%

HENR

Y CO

UNTY

WSA

53,4

69,8

26

44.

01%

-

n/

a -

GW

INNE

T CO

UNTY

49,1

17,3

84

53.

69%

-

n/

a -

VALD

OST

A46

,439

,046

6

3.49

%-

n/a

-HA

LL C

OUN

TY30

,736

,478

7

2.38

%-

n/a

-CO

LUM

BUS

WAT

ER W

ORK

S30

,672

,041

8

2.30

%8,

471,

976

8

2.35

%SA

VANN

AH25

,451

,492

9

1.91

%17

,422

,002

2

4.83

%EF

FING

HAM

CO

UNTY

24,9

15,5

52

10-

15,2

45,5

71

34.

23%

POO

LER

-

n/

a -

14,7

93,9

26

44.

10%

WAY

CRO

SS-

n/a

-13

,287

,056

5

3.69

%CA

MIL

LA-

n/a

-13

,100

,740

6

3.63

%CL

AYTO

N CO

UNTY

WA

-

n/

a -

10,8

13,1

88

73.

00%

AUG

USTA

-RIC

HMO

ND C

OUN

TY-

n/a

-8,

456,

921

9

2.35

%CA

LHO

UN-

n/a

-8,

394,

671

10

2.33

%TO

TAL

PRIN

CIPA

L PA

YERS

681,

579,

670

$

49.6

9%18

5,36

2,35

1$

51

.42%

A

LL O

THER

PAY

ERS

513,

206,

461

42.9

5%17

5,10

8,65

0

48

.58%

T OTA

L PA

YERS

31,

194,

786,

131

$

92

.64%

360,

471,

001

$

100.

00%

Sour

ce:

The

Auth

ority

's Ac

coun

ting

Divis

ion.

Note

s:

1 Cons

olid

ated

loan

prin

cipal

bal

ance

info

rmat

ion

was

not r

eadi

ly av

aila

ble

until

fisca

l yea

r 200

2 wh

en th

e Au

thor

ity b

egan

the

use

of a

loan

ser

vicin

g sy

stem

. Com

plet

e in

form

atio

n wa

s no

t ava

ilabl

e th

ough

unt

il fisc

al y

ear 2

003.

2 Paye

r had

an

outs

tand

ing

prin

cipal

bal

ance

for t

he y

ears

pre

sent

ed w

ith a

n "n

/a";

howe

ver,

thes

e am

ount

s we

re n

ot w

ithin

the

top

10 ra

nkin

g. T

here

fore

, pay

er w

as in

clude

d in

"All O

ther

Pay

ers"

.

3 Loan

s pr

incip

al b

alan

ce re

pres

ents

prin

cipal

am

ount

s du

e th

e Au

thor

ity.

Thes

e to

tals

exclu

de c

onst

ruct

ion

loan

or c

onst

ruct

ion

loan

s in

pro

cess

bal

ance

s wh

ich a

re in

inclu

ded

in th

e re

porte

d am

ount

per

fund

fina

ncia

l sta

tem

ents

. Co

nstru

ctio

n lo

ans

and

cons

truct

ion

loan

s in

pro

cess

are

adj

uste

d at

the

time

a lo

an b

ecom

es a

per

man

ent a

mor

tizin

g lo

an.

4 Proj

ects

for w

hich

loan

fund

s ar

e di

sbur

sed

towa

rds

are

close

d ou

t upo

n ce

rtific

atio

n by

the

Geo

rgia

Env

ironm

enta

l Pro

tect

ion

Divis

ion.

Dur

ing

fisca

l yea

r 200

7, p

rincip

al b

alan

ces

for H

enry

Cou

nty

and

the

City

of A

tlant

a m

ore

than

dou

bled

.Th

e Au

thor

ity h

as c

ontra

cted

with

sev

eral

juris

dict

ions

that

hav

e m

ultip

le-p

hase

pro

ject

s to

be

com

plet

ed s

uch

as A

tlant

a, H

enry

Cou

nty

WSA

, and

Gai

nesv

ille.

As d

emon

stra

ted

here

, the

se ju

risdi

ctio

ns a

re e

xpec

ted

to h

ave

cont

inue

d fin

ancin

g ag

reem

ents

ove

r sev

eral

yea

rs.

2005

2014

GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Pri

ncip

al

Lo

an

s R

ece

ivab

le P

aye

rs

Fis

cal

Ye

ar

20

14 a

nd

Nin

e Y

ears

Pri

or

(20

05

)1


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Inte

rest

Reve

nu

e b

y F

un

d1

Last

Te

n F

iscal

Ye

ars

2

(accru

al b

asi

s o

f acco

un

tin

g)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Georg

ia Fun

d 8,2

89,71

8$

9,1

24,01

4$

8,9

61,78

9$

16

,617,3

43$

22

,746,2

77$

23

,177,0

90$

18

,826,0

64$

14,90

3,534

$

12

,384,3

75$

12,42

6,940

$

Georg

ia Rese

rvoir &

Wate

r Sup

ply Fu

nd41

,756

26

,753

55

,817

-

-

93

-

-

-

-

Serie

s 199

1-

-

-

-

-

-

-

225,1

27

239,3

87

632,3

57

Clean

Wate

r Stat

e Revo

lving L

oan F

und

20,03

2,718

22,38

0,926

23,05

2,731

22,74

6,784

21,81

8,551

19,78

7,106

15,74

3,087

13,35

1,989

11,93

8,645

10,85

5,344

Clean

Wate

r Stat

e Matc

h Revo

lving L

oan F

und3

3,494

,824

28,34

0,158

1,809

,702

153,7

09

-

-

-

-

6,275

,222

-

AR

RA-Cl

ean W

ater S

tate R

evolvin

g Loa

n Fun

d-

-

-

517,8

22

85,25

2

-

-

-

-

-

Drinki

ng W

ater S

tate R

evolvin

g Loa

n Fun

d 2,1

13,82

1

3,0

53,80

6

3,0

03,89

2

2,7

19,56

7

-

2,562

,465

2,236

,216

2,183

,885

1,678

,161

881,6

55

Drinki

ng W

ater S

tate M

atch F

und

778,1

40

5,278

,657

311,7

68

-

ARRA

-Drink

ing W

ater S

tate R

evolvin

g Loa

n Fun

d-

-

-

-

16

,565

-

-

-

-

-

Nonm

ajor E

nterpr

ise Fu

nds O

perat

ing Re

venue4

-

-

368,4

60

628,2

97

3,222

,211

173,9

72

554,7

96

391,6

23

1,115

,640

505,4

66

Total

inter

est re

venue

34

,750,9

7 7$

68

,204,3

14$

37,56

4,159

$

43

,383,5

22$

47

,888,8

55$

45

,700,7

26$

37,36

0,163

$

31,05

6,158

$

33,63

1,430

$

25,30

1,762

$

Sourc

e:

The A

uthori

ty's Ac

countin

g Divis

ion.

Notes

:

3 The A

uthori

ty defe

rs rev

enue

for th

e Clea

n Wate

r Stat

e Matc

h Revo

lving L

oan F

und u

ntil fe

deral

matc

h eligi

bility c

riteria

has b

een s

atisfied

. Duri

ng

fiscal y

ear 2

006,

$6,27

5,222

in pri

or yea

r defe

rrals w

as ap

propri

ately r

ecogn

ized a

s reve

nue a

s req

uired

by th

e guid

elines

over th

e adm

inistra

tion

of the

fede

ral re

volvin

g loan

prog

rams. A

gain i

n 201

1, Th

e Auth

ority r

ecogn

ized $

153,7

09 as

reven

ue un

der th

e sam

e prin

ciples

.

4 The A

uthori

ty defe

rs rev

enue

for th

e Drin

king W

ater S

tate M

atch R

evolvin

g Loa

n Fun

d until

fede

ral m

atch e

ligibili

ty crite

ria ha

s bee

n satis

fied. D

uring

fisc

al yea

r 200

6, $7

27,04

4 in pr

ior ye

ar de

ferral

s was

appro

priate

ly reco

gnize

d as r

evenu

e as r

equir

ed by

the g

uidelin

es ove

r the a

dminis

tration

of the

fede

ral re

volvin

g loan

prog

rams.

1 Intere

st reve

nues

are de

rived f

rom ch

arges

for se

rvices

relativ

e to s

pecifi

c activ

ities o

f the A

uthori

ty. Th

eir so

urce is

intere

st inco

me on

loan r

eceiva

bles.

2 The A

uthori

ty imp

lemen

ted GA

SB St

ateme

nt No

. 34 in

fiscal

year

2002

. The

refore

, only

nine y

ears

of go

vernm

ent-w

ide fin

ancia

l data

is pres

ented

.

GEOR

GIA EN

VIRON

MENT

AL FI

NANC

E AUT

HORIT

YInt

erest R

evenu

e by F

und1

Last T

en Fi

scal Y

ears

2

(accru

al basi

s of a

ccoun

ting)


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Sch

ed

ule

of

Reve

nu

e B

on

d C

ove

rag

e

Last

Te

n F

iscal

Ye

ars

10-y

ear

tren

d2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Net

Reve

nue

$15,4

72,5

77

$18,0

12,3

89

$23,7

10,0

75

$24,6

83,5

27

$24,5

19,0

68

$21,8

60,6

73

$14,7

21,9

60

$7,7

18,1

23

$9,8

26,3

45

$9,0

32,6

63

Debt

Serv

ice

$8,7

34,5

50

$8,7

46,6

00

$8,4

04,9

25

$8,4

34,8

25

$8,4

59,6

50

$6,6

98,9

50

$14,4

43,8

77

$0

$0

$0

Co

ve

rag

e1

77

%2

06

%2

82

%2

93

%2

90

%3

26

%1

02

%N

/AN

/AN

/A$15,4

60,1

53.5

0$18,0

17,9

96

$23,7

01,8

88.5

0$24,7

14,0

37.2

5$24,5

32,9

85

$21,8

38,5

77

$14,7

32,7

54.5

4$0.0

0$0.0

0$0.0

0

GE

OR

GIA

EN

VIR

ON

ME

NT

AL

FIN

AN

CE

AU

TH

OR

ITY

Sch

edule

of

Reve

nue B

ond C

ove

rage

Last

Ten F

isca

l Years

17

7%

20

6%

28

2%

29

3%

2

90

%

32

6%

10

2%

0%

0%

0

%

$0

$5

,00

0,0

00

$1

0,0

00

,00

0

$1

5,0

00

,00

0

$2

0,0

00

,00

0

$2

5,0

00

,00

0

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

Ne

t R

eve

nu

e

De

bt

Se

rvic

e

Co

ve

rag

e

GR

OS

S O

PE

RA

TIN

GA

VA

ILA

BLE

FO

RO

UTS

TAN

DIN

GFI

SC

AL

YE

AR

RE

VE

NU

E1

EX

PE

NS

ES

1D

EB

T S

ER

VIC

EP

RIN

CIP

AL

INTE

RE

ST

TOTA

LC

OV

ER

AG

E D

EB

T2

2014

9,36

5,50

133

2,83

89,

032,

663

-

-

-

0.00

%-

20

1310

,127

,628

301,

283

9,82

6,34

5-

-

-

0.

00%

-

2012

9,37

7,02

31,

658,

901

7,71

8,12

2-

-

-

0.

00%

-

2011

16,9

79,6

142,

257,

654

14,7

21,9

6014

,255

,000

188,

877

14,4

43,8

7710

1.93

%-

20

1023

,109

,147

1,24

8,47

421

,860

,673

6,03

5,00

066

3,95

06,

698,

950

326.

33%

13,9

09,9

9020

0618

,072

,396

60,0

0618

,012

,389

6,81

5,00

01,

931,

600

8,74

6,60

020

5.94

%41

,159

,964

2005

16,9

48,1

201,

475,

543

15,4

72,5

776,

510,

000

2,22

4,55

08,

734,

550

177.

14%

47,4

39,9

5720

0018

,948

,455

36,9

3918

,911

,516

4,96

0,00

03,

507,

725

8,46

7,72

522

3.34

%77

,450

,000

1999

19,2

29,0

6857

,857

19,1

71,2

115,

870,

000

3,88

1,40

39,

751,

403

196.

60%

82,4

10,0

0019

9818

,578

,881

57,0

8018

,521

,801

3,46

9,73

94,

648,

988

8,11

8,72

722

8.14

%88

,665

,393

Sou

rce:

The

Aut

horit

y's

Acc

ount

ing

Dep

artm

ent.

Not

e:

1 The

repa

ymen

t stre

ams

of th

e G

eorg

ia F

und,

Ser

ies

1991

and

Ser

ies

1992

Fun

ds a

re p

ledg

ed a

s co

llate

ral f

or d

ebt s

ervi

ce re

tirem

ent o

n th

e S

erie

s 19

97 R

even

ue B

onds

. Thi

s sc

hedu

le s

how

s th

e co

vera

ge ra

tio b

ased

on

the

activ

ities

of th

ese

fund

s. A

mou

nt re

porte

d is

net

of b

ond

prem

ium

am

ortiz

atio

n co

sts.

2 Out

stan

ding

deb

t for

199

7 re

flect

s tw

o ou

tsta

ndin

g is

sues

, the

Ser

ies

1991

and

Ser

ies

1992

Rev

enue

Bon

ds, a

t Jun

e 30

, 199

7 w

hich

wer

e su

bseq

uent

ly d

efea

sed

durin

g th

e 19

98 y

ear.

Bec

ause

of t

his

subs

eque

nt y

ear e

vent

, the

chan

ge in

out

stan

ding

bal

ance

s fro

m 1

997

to 1

998

was

min

imal

. In

FY

201

1, th

e A

utho

rity

opte

d fo

r ear

ly re

dem

ptio

n of

its

outs

tand

ing

bond

s.

NE

T R

EV

EN

UE

AV

AIL

AB

LE F

OR

DE

BT

SE

RV

ICE

RE

QU

IRE

ME

NTS

GE

OR

GIA

EN

VIR

ON

ME

NTA

L FI

NA

NC

E A

UTH

OR

ITY

Sch

edul

e of

Rev

enue

Bon

d C

over

age

Last

Ten

Fis

cal Y

ears

10-y

ear

tren

d2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Net

Reve

nue

$15,4

72,5

77

$18,0

12,3

89

$23,7

10,0

75

$24,6

83,5

27

$24,5

19,0

68

$21,8

60,6

73

$14,7

21,9

60

$7,7

18,1

23

$9,8

26,3

45

$9,0

32,6

63

Debt

Serv

ice

$8,7

34,5

50

$8,7

46,6

00

$8,4

04,9

25

$8,4

34,8

25

$8,4

59,6

50

$6,6

98,9

50

$14,4

43,8

77

$0

$0

$0

Co

ve

rag

e1

77

%2

06

%2

82

%2

93

%2

90

%3

26

%1

02

%N

/AN

/AN

/A$15,4

60,1

53.5

0$18,0

17,9

96

$23,7

01,8

88.5

0$24,7

14,0

37.2

5$24,5

32,9

85

$21,8

38,5

77

$14,7

32,7

54.5

4$0.0

0$0.0

0$0.0

0

GE

OR

GIA

EN

VIR

ON

ME

NT

AL

FIN

AN

CE

AU

TH

OR

ITY

Sch

edule

of

Reve

nue B

ond C

ove

rage

Last

Ten F

isca

l Years

17

7%

20

6%

28

2%

29

3%

2

90

%

32

6%

10

2%

0%

0%

0

%

$0

$5

,00

0,0

00

$1

0,0

00

,00

0

$1

5,0

00

,00

0

$2

0,0

00

,00

0

$2

5,0

00

,00

0

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

Ne

t R

eve

nu

e

De

bt

Se

rvic

e

Co

ve

rag

e

Sour

ce:

The

Auth

ority

’s A

ccou

ntin

g D

epar

tmen

t .

Not

e:

1 The

repa

ymen

t stre

ams

of th

e G

eorg

ia F

und,

Ser

ies

1991

and

Ser

ies

1992

Fun

ds a

re p

ledg

ed a

s co

llate

ral f

or d

ebt s

ervi

ce re

tirem

ent o

n th

e Se

ries

1997

Rev

enue

Bon

ds . T

his

sche

dule

sho

ws

the

cove

rage

ratio

bas

ed o

n th

e ac

tiviti

es o

f the

se fu

nds .

Am

ount

re

porte

d is

net

of b

ond

prem

ium

am

ortiz

atio

n co

sts .

2 Out

stan

ding

deb

t for

199

7 re

flect

s tw

o ou

tsta

ndin

g is

sues

, the

Ser

ies

1991

and

Ser

ies

1992

Rev

enue

Bon

ds, a

t Jun

e 30

, 199

7 w

hich

wer

e su

bseq

uent

ly d

efea

sed

durin

g th

e 19

98 y

ear .

Beca

use

of th

is s

ubse

quen

t yea

r eve

nt, t

he c

hang

e in

out

stan

ding

bal

ance

s fro

m 1

997

to 1

998

was

min

imal

. In

FY

2011

, the

Aut

horit

y op

ted

for e

arly

rede

mpt

ion

of it

s ou

tsta

ndin

g bo

nds .


Year

State

of G

eorg

ia Po

pulat

ion

Estim

ated

Popu

lation

Im

pacte

d Nu

mber

of

Juris

dictio

nsNu

mber

of

Proje

cts

Clea

n Wate

r Stat

e Re

volvi

ng Lo

an

Fund

2Pe

rcen

t of

Total

Drink

ing W

ater S

tate

Revo

lving

Loan

Fu

nd3

Perc

ent o

f To

tal

ARRA

4

Clea

n Wate

r Stat

e Re

volvi

ng Lo

an

Fund

Perc

ent o

f To

tal

ARRA

4

Drink

ing W

ater S

tate

Revo

lving

Loan

Fu

ndPe

rcen

t of

Total

Geor

gia Fu

ndPe

rcen

t of

Total

Land

Con

s Clea

n W

ater

Repa

ymen

tsPe

rcen

t of

Total

State

Res

ervo

ir Fu

ndPe

rcen

t of

Total

Total

s

2014

n/a1,4

38,35

9

4557

116,1

07,25

3$

47

.38%

29,65

7,680

$

12.10

%-

0.0

0%-

0.0

0%91

,109,9

12$

37

.18%

8,201

$

0.0

0%8,1

48,10

0$

3.3

3%24

5,031

,146

$

2013

10,03

8,171

461,1

17

4959

30,74

6,147

16

.23%

38,03

1,076

20.08

%-

0.0

0%-

0.0

0%80

,674,9

11

42

.60%

4,200

,000

2.2

2%35

,737,4

66

18

.87%

189,3

89,60

0

20

129,9

19,94

51,6

85,77

5

3537

92,90

7,041

73

.87%

14,49

8,683

11.53

%-

0.0

0%-

0.0

0%18

,371,3

94

14

.62%

125,7

77,11

8

20

119,8

15,21

02,1

53,04

9

5664

124,8

55,16

3

64

.52%

33,83

9,984

17.49

%-

-

-

-34

,824,1

07

18

.01%

193,5

19,25

4

20

109,9

08,35

72,3

49,35

0

9297

74,73

1,476

31

.41%

18,28

1,324

7.68%

81,68

6,310

34.34

%29

,030,7

50

12

.20%

34,15

9,881

14.37

%23

7,889

,741

2009

9,813

,588

2,084

,223

4443

156,5

90,50

0

77

.44%

8,048

,428

3.9

8%n/a

-n/a

-37

,561,9

87

18

.58%

202,2

00,91

5

20

089,6

90,27

72,0

43,37

071

7386

,657,3

00

31.73

%7,2

83,68

0

2.67%

n/a-

n/a-

179,1

45,48

0

65

.60%

273,0

86,46

0

20

079,5

26,64

23,1

18,88

771

8812

2,584

,000

42.99

%23

,981,2

20

8.4

1%n/a

-n/a

-13

8,588

,774

48.60

%28

5,153

,994

2006

9,323

,575

2,825

,301

8594

91,20

4,759

32

.46%

23,13

4,176

8.23%

n/a-

n/a-

166,6

45,80

4

59

.31%

280,9

84,73

9

20

059,0

90,47

91,4

13,98

067

8087

,772,1

54

42.99

%33

,813,0

03

16

.56%

n/a-

n/a-

82,58

7,731

40.45

%20

4,172

,888

Sour

ce:

The A

uthori

ty's A

ccou

nting

and E

nviro

nmen

t Dep

artme

nts. S

tate o

f Geo

rgia P

opula

tion o

btaine

d from

the S

tate o

f Geo

rgia's

Com

prehe

nsive

Ann

ual F

inanc

ial R

eport

at: h

ttp://w

ww.au

dits.g

a.gov

.

Notes

:

1 GEFA

is a

comp

onen

t unit

of th

e stat

e of G

eorgi

a and

does

not h

ave s

tatuto

ry tax

ing au

thority

. The

refore

, the d

emog

raphic

and e

cono

mic i

nform

ation

conta

ined i

n the

Auth

ority'

s fina

ncial

repo

rt doe

s not

enco

mpas

s stat

istica

l data

rega

rding

the g

eogra

phica

l area

it se

rves;

this i

nform

ation

is co

ntaine

d in t

he S

tate o

f Geo

rgia's

Com

prehe

nsive

Ann

ual F

inanc

ial re

port a

t: www

.audit

s.stat

e.ga.u

s.

3 Amou

nts pr

esen

ted in

clude

twen

ty pe

rcent

alloc

ated t

o the

ir res

pecti

ve m

atchin

g loa

n prog

rams.

Includ

es La

nd C

onse

rvatio

n loa

ns.

4 In FY

2012

, the A

uthori

ty did

not e

xecu

te an

y con

tracts

perta

ining

to th

e Ame

rican

Rec

overy

and I

nves

tmen

t Act

(ARR

A). A

s a re

sult,

no A

RRA

fundin

g is d

isclos

ed.

GEOR

GIA

ENVI

RONM

ENTA

L FIN

ANCE

AUT

HORI

TYLo

an D

eman

d by P

rogr

am1

Last

Ten F

iscal

Year

s2

Loan

Pro

gram

2 Loan

dema

nd in

forma

tion w

as no

t eas

ily ve

rifiab

le un

til 20

02 w

hen t

he A

uthori

ty be

gan t

he us

e of a

loan

servi

cing s

ystem

.

0

0.51

1.52

2.5

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

42.99%

32.46%

42.99%

31.73%

77.44%

31.41%

64.52%

73.87%

16.23%

16.56%

8.23%

8.41%

2.67%

3.98%

7.68%

17.49%

11.53%

20.08%

34.34%

0.00%

0.00%

12.20%

0.00%

0.00%

40.45%

59.31%

48.60%

65.60%

18.58%

14.37%

18.01%

14.62%

42.60%

2.22%

18.87%

42.9

9%32

.46%

42.9

9%31

.73%

77.4

4%

31.4

1%64

.52%

73.8

7%

16.2

3%

47.3

8%

16.56%

8.23%

8.41%

2.67%

3.98%

7.68%

17.49%

11.53%

20.08%

12.10%

40.45%

59.31%

48.60%

65.60%

18.58%

14.37%

18.01%

14.62%

42.60%

37.18%

18.8

7%

3.33

%

CLE

AN W

ATER

SR

LFD

RIN

KING

WAT

ER S

RLF

ARR

A C

LEAN

WAT

ER S

RLF

ARR

A D

RIN

KIN

G W

ATER

SR

LFG

EOR

GIA

FU

ND

LAN

D C

ON

S C

W R

EPAY

MEN

TSST

ATE

RES

ERVO

IR F

UN

DC

LEAN

WAT

ER S

RLF

DR

INKI

NG W

ATER

SR

LFG

EOR

GIA

FU

ND

STAT

E R

ESER

VOIR

FU

ND

GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Lo

an

De

man

d b

y P

rog

ram

1 L

ast

Te

n F

iscal

Ye

ars

2

Year

Stat

e of G

eorg

ia Po

pulat

ion

Estim

ated

Po

pulat

ion

Impa

cted

Nu

mbe

r of

Juris

dict

ions

Num

ber o

f Pr

ojec

ts

Clea

n W

ater

Sta

te

Revo

lving

Loa

n Fu

nd2

Perc

ent o

f To

tal

Drin

king

Wat

er S

tate

Re

volvi

ng L

oan

Fund

3Pe

rcen

t of

Tota

l

ARRA

4

Clea

n W

ater

Sta

te

Revo

lving

Loa

n Fu

ndPe

rcen

t of

Tota

l

ARRA

4

Drin

king

Wat

er S

tate

Re

volvi

ng L

oan

Fund

Perc

ent o

f To

tal

Geor

gia F

und

Perc

ent o

f To

tal

Land

Con

s Clea

n W

ater

Re

paym

ents

Perc

ent

of T

otal

Stat

e Res

ervo

ir Fu

ndPe

rcen

t of

Tota

lTo

tals

2014

n/a1,4

38,35

9

4557

116,1

07,25

3$

47

.38%

29,65

7,680

$

12.10

%-

0.0

0%-

0.0

0%91

,109,9

12$

37

.18%

8,201

$

0.0

0%8,1

48,10

0$

3.3

3%24

5,031

,146

$

2013

10,03

8,171

461,1

17

4959

30,74

6,147

16

.23%

38,03

1,076

20.08

%-

0.0

0%-

0.0

0%80

,674,9

11

42

.60%

4,200

,000

2.2

2%35

,737,4

66

18

.87%

189,3

89,60

0

20

129,9

19,94

51,6

85,77

5

3537

92,90

7,041

73

.87%

14,49

8,683

11.53

%-

0.0

0%-

0.0

0%18

,371,3

94

14

.62%

125,7

77,11

8

20

119,8

15,21

02,1

53,04

9

5664

124,8

55,16

3

64

.52%

33,83

9,984

17.49

%-

-

-

-34

,824,1

07

18

.01%

193,5

19,25

4

20

109,9

08,35

72,3

49,35

0

9297

74,73

1,476

31

.41%

18,28

1,324

7.68%

81,68

6,310

34.34

%29

,030,7

50

12

.20%

34,15

9,881

14.37

%23

7,889

,741

2009

9,813

,588

2,084

,223

4443

156,5

90,50

0

77

.44%

8,048

,428

3.9

8%n/a

-n/a

-37

,561,9

87

18

.58%

202,2

00,91

5

20

089,6

90,27

72,0

43,37

071

7386

,657,3

00

31.73

%7,2

83,68

0

2.67%

n/a-

n/a-

179,1

45,48

0

65

.60%

273,0

86,46

0

20

079,5

26,64

23,1

18,88

771

8812

2,584

,000

42.99

%23

,981,2

20

8.4

1%n/a

-n/a

-13

8,588

,774

48.60

%28

5,153

,994

2006

9,323

,575

2,825

,301

8594

91,20

4,759

32

.46%

23,13

4,176

8.23%

n/a-

n/a-

166,6

45,80

4

59

.31%

280,9

84,73

9

20

059,0

90,47

91,4

13,98

067

8087

,772,1

54

42.99

%33

,813,0

03

16

.56%

n/a-

n/a-

82,58

7,731

40.45

%20

4,172

,888

Sour

ce:

The A

uthor

ity's

Acco

untin

g and

Env

ironm

ent D

epar

tmen

ts. S

tate o

f Geo

rgia

Popu

lation

obtai

ned f

rom

the S

tate o

f Geo

rgia'

s Com

preh

ensiv

e Ann

ual F

inanc

ial R

epor

t at: h

ttp://w

ww.au

dits.g

a.go v

.

Note

s:

1 GEFA

is a

comp

onen

t unit

of th

e stat

e of G

eorg

ia an

d doe

s not

have

statu

tory t

axing

autho

rity. T

here

fore,

the de

mogr

aphic

and e

cono

mic i

nform

ation

conta

ined i

n the

Auth

ority

's fin

ancia

l repo

rt do

es no

ten

comp

ass s

tatist

ical d

ata re

gard

ing th

e geo

grap

hical

area

it se

rves;

this i

nform

ation

is co

ntaine

d in t

he S

tate o

f Geo

rgia'

s Com

preh

ensiv

e Ann

ual F

inanc

ial re

port

at: w

ww.au

dits.s

tate.g

a.us.

3 Amou

nts pr

esen

ted in

clude

twen

ty pe

rcent

alloc

ated t

o the

ir res

pecti

ve m

atchin

g loa

n pro

gram

s. Inc

ludes

Land

Con

serva

tion l

oans

.

4 In FY

2012

, the A

uthor

ity di

d not

exec

ute an

y con

tracts

perta

ining

to th

e Ame

rican

Rec

over

y and

Inve

stmen

t Act

(ARR

A). A

s a re

sult,

no A

RRA

fundin

g is d

isclos

ed.

GEOR

GIA

ENVI

RONM

ENTA

L FI

NANC

E AU

THOR

ITY

Loan

Dem

and

by P

rogr

am1

Last

Ten

Fisc

al Ye

ars2

Loan

Pro

gram

2 Loan

dema

nd in

forma

tion w

as no

t eas

ily ve

rifiab

le un

til 20

02 w

hen t

he A

uthor

ity be

gan t

he us

e of a

loan

servi

cing s

ystem

.

0

0.51

1.52

2.5

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

42.99%

32.46%

42.99%

31.73%

77.44%

31.41%

64.52%

73.87%

16.23%

16.56%

8.23%

8.41%

2.67%

3.98%

7.68%

17.49%

11.53%

20.08%

34.34%

0.00%

0.00%

12.20%

0.00%

0.00%

40.45%

59.31%

48.60%

65.60%

18.58%

14.37%

18.01%

14.62%

42.60%

2.22%

18.87%

42.9

9%32

.46%

42.9

9%31

.73%

77.4

4%

31.4

1%64

.52%

73.8

7%

16.2

3%

47.3

8%

16.56%

8.23%

8.41%

2.67%

3.98%

7.68%

17.49%

11.53%

20.08%

12.10%

40.45%

59.31%

48.60%

65.60%

18.58%

14.37%

18.01%

14.62%

42.60%

37.18%

18.8

7%

3.33

%

CLE

AN W

ATER

SR

LFD

RIN

KIN

G W

ATER

SR

LFAR

RA

CLE

AN W

ATE

R S

RLF

ARR

A D

RIN

KIN

G W

ATE

R S

RLF

GE

OR

GIA

FU

ND

LAN

D C

ON

S C

W R

EPA

YM

ENTS

STA

TE R

ESE

RVO

IR F

UN

DC

LEAN

WAT

ER S

RLF

DR

INK

ING

WAT

ER S

RLF

GE

OR

GIA

FU

ND

STA

TE R

ESE

RVO

IR F

UN

D

Year

Stat

e of G

eorg

ia Po

pulat

ion

Estim

ated

Po

pulat

ion

Impa

cted

Nu

mbe

r of

Juris

dict

ions

Num

ber o

f Pr

ojec

ts

Clea

n W

ater

Sta

te

Revo

lving

Loa

n Fu

nd2

Perc

ent o

f To

tal

Drin

king

Wat

er S

tate

Re

volvi

ng L

oan

Fund

3Pe

rcen

t of

Tota

l

ARRA

4

Clea

n W

ater

Sta

te

Revo

lving

Loa

n Fu

ndPe

rcen

t of

Tota

l

ARRA

4

Drin

king

Wat

er S

tate

Re

volvi

ng L

oan

Fund

Perc

ent o

f To

tal

Geor

gia F

und

Perc

ent o

f To

tal

Land

Con

s Clea

n W

ater

Re

paym

ents

Perc

ent

of T

otal

Stat

e Res

ervo

ir Fu

ndPe

rcen

t of

Tota

lTo

tals

2014

n/a1,4

38,35

9

4557

116,1

07,25

3$

47

.38%

29,65

7,680

$

12.10

%-

0.0

0%-

0.0

0%91

,109,9

12$

37

.18%

8,201

$

0.0

0%8,1

48,10

0$

3.3

3%24

5,031

,146

$

2013

10,03

8,171

461,1

17

4959

30,74

6,147

16

.23%

38,03

1,076

20.08

%-

0.0

0%-

0.0

0%80

,674,9

11

42

.60%

4,200

,000

2.2

2%35

,737,4

66

18

.87%

189,3

89,60

0

20

129,9

19,94

51,6

85,77

5

3537

92,90

7,041

73

.87%

14,49

8,683

11.53

%-

0.0

0%-

0.0

0%18

,371,3

94

14

.62%

125,7

77,11

8

20

119,8

15,21

02,1

53,04

9

5664

124,8

55,16

3

64

.52%

33,83

9,984

17.49

%-

-

-

-34

,824,1

07

18

.01%

193,5

19,25

4

20

109,9

08,35

72,3

49,35

0

9297

74,73

1,476

31

.41%

18,28

1,324

7.68%

81,68

6,310

34.34

%29

,030,7

50

12

.20%

34,15

9,881

14.37

%23

7,889

,741

2009

9,813

,588

2,084

,223

4443

156,5

90,50

0

77

.44%

8,048

,428

3.9

8%n/a

-n/a

-37

,561,9

87

18

.58%

202,2

00,91

5

20

089,6

90,27

72,0

43,37

071

7386

,657,3

00

31.73

%7,2

83,68

0

2.67%

n/a-

n/a-

179,1

45,48

0

65

.60%

273,0

86,46

0

20

079,5

26,64

23,1

18,88

771

8812

2,584

,000

42.99

%23

,981,2

20

8.4

1%n/a

-n/a

-13

8,588

,774

48.60

%28

5,153

,994

2006

9,323

,575

2,825

,301

8594

91,20

4,759

32

.46%

23,13

4,176

8.23%

n/a-

n/a-

166,6

45,80

4

59

.31%

280,9

84,73

9

20

059,0

90,47

91,4

13,98

067

8087

,772,1

54

42.99

%33

,813,0

03

16

.56%

n/a-

n/a-

82,58

7,731

40.45

%20

4,172

,888

Sour

ce:

The A

uthor

ity's

Acco

untin

g and

Env

ironm

ent D

epar

tmen

ts. S

tate o

f Geo

rgia

Popu

lation

obtai

ned f

rom

the S

tate o

f Geo

rgia'

s Com

preh

ensiv

e Ann

ual F

inanc

ial R

epor

t at: h

ttp://w

ww.au

dits.g

a.go v

.

Note

s:

1 GEFA

is a

comp

onen

t unit

of th

e stat

e of G

eorg

ia an

d doe

s not

have

statu

tory t

axing

autho

rity. T

here

fore,

the de

mogr

aphic

and e

cono

mic i

nform

ation

conta

ined i

n the

Auth

ority

's fin

ancia

l repo

rt do

es no

ten

comp

ass s

tatist

ical d

ata re

gard

ing th

e geo

grap

hical

area

it se

rves;

this i

nform

ation

is co

ntaine

d in t

he S

tate o

f Geo

rgia'

s Com

preh

ensiv

e Ann

ual F

inanc

ial re

port

at: w

ww.au

dits.s

tate.g

a.us.

3 Amou

nts pr

esen

ted in

clude

twen

ty pe

rcent

alloc

ated t

o the

ir res

pecti

ve m

atchin

g loa

n pro

gram

s. Inc

ludes

Land

Con

serva

tion l

oans

.

4 In FY

2012

, the A

uthor

ity di

d not

exec

ute an

y con

tracts

perta

ining

to th

e Ame

rican

Rec

over

y and

Inve

stmen

t Act

(ARR

A). A

s a re

sult,

no A

RRA

fundin

g is d

isclos

ed.

GEOR

GIA

ENVI

RONM

ENTA

L FI

NANC

E AU

THOR

ITY

Loan

Dem

and

by P

rogr

am1

Last

Ten

Fisc

al Ye

ars2

Loan

Pro

gram

2 Loan

dema

nd in

forma

tion w

as no

t eas

ily ve

rifiab

le un

til 20

02 w

hen t

he A

uthor

ity be

gan t

he us

e of a

loan

servi

cing s

ystem

.

0

0.51

1.52

2.5

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

42.99%

32.46%

42.99%

31.73%

77.44%

31.41%

64.52%

73.87%

16.23%

16.56%

8.23%

8.41%

2.67%

3.98%

7.68%

17.49%

11.53%

20.08%

34.34%

0.00%

0.00%

12.20%

0.00%

0.00%

40.45%

59.31%

48.60%

65.60%

18.58%

14.37%

18.01%

14.62%

42.60%

2.22%

18.87%

42.9

9%32

.46%

42.9

9%31

.73%

77.4

4%

31.4

1%64

.52%

73.8

7%

16.2

3%

47.3

8%

16.56%

8.23%

8.41%

2.67%

3.98%

7.68%

17.49%

11.53%

20.08%

12.10%

40.45%

59.31%

48.60%

65.60%

18.58%

14.37%

18.01%

14.62%

42.60%

37.18%

18.8

7%

3.33

%

CLE

AN W

ATER

SR

LFD

RIN

KIN

G W

ATER

SR

LFAR

RA

CLE

AN W

ATE

R S

RLF

ARR

A D

RIN

KIN

G W

ATE

R S

RLF

GE

OR

GIA

FU

ND

LAN

D C

ON

S C

W R

EPA

YM

ENTS

STA

TE R

ESE

RVO

IR F

UN

DC

LEAN

WAT

ER S

RLF

DR

INK

ING

WAT

ER S

RLF

GE

OR

GIA

FU

ND

STA

TE R

ESE

RVO

IR F

UN

D


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Full-t

ime E

quiv

ale

nt

Sta

te A

uth

ori

ty E

mp

loye

es

by Id

enti

fiab

le A

ctiv

ity

Last

Ten F

isca

l Years

Func

tion/

Prog

ram

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Gov

ernm

enta

l act

iviti

es:

Exec

utiv

e Ad

min

istra

tion4

55

66

65

62

22

Ener

gy p

rogr

ams1

78

1316

1612

99

86

Solid

was

te a

nd e

nviro

nmen

tal

prog

ram

sn/

an/

an/

an/

an/

an/

a1

11

1Fu

el s

tora

ge ta

nk a

nd a

ltern

ativ

e fu

els

prog

ram

s2

23

3.5

3.5

4.5

65

55

Info

rmat

ion

tech

nolo

gy2

44

33

44

44

44

Acco

untin

g su

ppor

t 3

23

32

3.5

34

44

Oth

er a

dmin

istra

tive

supp

ort

44

55

56

45

43

Tota

l FTE

- G

over

nmen

tal A

ctiv

ities

25

2533

3737

3533

30

28

25

Bus

ines

s-ty

pe a

ctiv

ities

:W

aste

and

was

tew

ater

pro

gram

s315

88

6.5

8.5

4.5

66

55

Acco

untin

g an

d fin

ance

sup

port

75

66

53.

54

34

4O

ther

adm

inis

trativ

e su

ppor

t0

00

00

22

22

2

To

tal F

TE -

Busi

ness

Typ

e Ac

tiviti

es22

1314

1314

1012

11

11

11

Tota

ls47

3847

4950

4545

41

39

36

Sour

ces:

The

Auth

ority

's H

uman

Res

ourc

es a

nd A

ccou

ntin

g D

epar

tmen

ts.

Not

es:

6 Th

e Au

thor

ity h

as p

ositi

ons

that

are

spl

it-fu

nded

and

mul

ti-fu

nctio

nal a

nd th

us s

ome

area

s re

quire

per

cent

age

tabu

latio

ns.

4 In fi

scal

yea

r 200

8, th

e Au

thor

ity w

as re

orga

nize

d to

a C

hief

Exe

cutiv

e st

ruct

ure,

whi

ch in

clud

es a

Chi

ef O

pera

ting

Offi

cer t

o ov

erse

e al

l pro

gram

are

as; a

Chi

ef F

isca

l Offi

cer t

o ov

erse

e th

e ar

eas

of A

ccou

ntin

g, F

inan

ce a

nd In

form

atio

n Te

chno

logy

; a C

hief

Adm

inis

trativ

e O

ffice

r to

over

see

Hum

an R

esou

rces

and

gen

eral

adm

inis

trativ

e su

ppor

t; an

d, a

Pub

lic A

ffairs

Dire

ctor

to o

vers

ee P

ublic

Rel

atio

ns, C

omm

unic

atio

ns, a

nd M

arke

ting

for t

he A

utho

rity.

3 Th

e Au

thor

ity a

dded

the

Land

Con

serv

atio

n pr

ogra

m in

200

5. A

n En

viro

nmen

t Div

isio

n D

irect

or a

nd a

Lan

d C

onse

rvat

ion

Prog

ram

Man

ager

wer

e hi

red

to fu

lfill

the

incr

ease

d ne

eds

of th

e pr

ogra

m.

GEO

RG

IA E

NVI

RO

NM

ENTA

L FI

NA

NC

E A

UTH

OR

ITY

Full-

time

Equi

vale

nt S

tate

Aut

horit

y Em

ploy

ees

by Id

entif

iabl

e Ac

tivity

Last

Ten

Fis

cal Y

ears

2 In

200

3, th

e In

form

atio

n Te

chno

logy

Dep

artm

ent w

as re

orga

nize

d to

incl

ude

a pr

ojec

t man

agem

ent,

data

base

adm

inis

tratio

n an

d fin

anci

al a

naly

sis

unit

to a

ccom

mod

ate

staf

f with

info

rmat

ion

war

ehou

sing

and

fina

ncia

l rep

ortin

g ne

eds.

A

syst

ems

adm

inis

trato

r was

late

r add

ed in

200

5.

1 The

Div

isio

n of

Ene

rgy

Res

ourc

es in

crea

sed

pers

onne

l in

2005

and

200

6 to

pro

vide

ser

vice

s fo

r 3 n

ew p

rogr

ams:

1) S

tate

Ene

rgy

Stra

tegy

2) S

tate

Ene

rgy

Dat

abas

e, a

nd 3

) Sta

te U

tiliti

es P

urch

asin

g Pr

ogra

m. I

n 20

07, a

n In

form

atio

n C

oord

inat

or w

as a

dded

to c

ondu

ct d

ata

rese

arch

for E

nerg

y an

d re

late

d En

viro

nmen

t pro

gram

s.

Fu

ll-Ti

me

Equi

vale

nt E

mpl

oyee

s as

of J

une

30


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Op

era

tin

g I

nd

icato

rs b

y F

un

cti

on

1 L

ast

Te

n F

iscal

Ye

ars

2

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Func

tion/

Prog

ram

Ener

gy p

rogr

ams

C

lient

s se

rved

52,

339

2,74

113

,072

9,70

32,

451

4,37

75,

146

4,42

41,

107

3,61

8

Hom

es w

eath

erize

d51,

537

2,02

75,

381

7,27

31,

353

2,57

82,

642

2,75

167

22,

467

C

arbo

n di

oxid

e (C

O2)

redu

ctio

ns (t

ons)

397

42,

027

5,38

17,

273

1,35

32,

578

2,64

22,

751

672

2,46

7

Ene

rgy

save

d (m

illion

BTU

)517

,321

61,8

2416

4,12

023

0,84

542

,944

81,8

2583

,858

n/a

n/a

n/a

Loan

act

ivitie

s

Job

s cr

eate

d

Con

stru

ctio

n12

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9,

469

6,28

99,

667

10,0

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,500

15,3

9014

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14,0

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P

erm

anen

t6,

373

3,

788

2,51

63,

870

4,03

74,

200

8,17

25,

659

5,62

04,

083

P

rivat

e we

lls e

limin

ated

125

31

100

1,47

093

735

1,35

030

453

51,

368

S

ewer

lines

(lin

ear f

eet):

A

dded

72,7

46

22,9

0018

,253

46,1

4077

2,36

027

8,07

610

7,49

615

3,23

721

4,83

889

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U

pgra

ded

62,6

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18,4

005,

000

137,

860

290,

585

100,

735

140,

114

169,

503

383,

145

23,7

39

Sep

tic ta

nks

rem

oved

264

2

527

1,27

6-

360

311

312

728

359

N

ew c

usto

mer

s ad

ded

15,4

23

13,0

7317

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275

88,4

5580

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97,7

7875

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48,6

0420

,890

GEO

RGIA

ENV

IRO

NMEN

TAL

FINA

NCE

AUTH

ORI

TYO

pera

ting

Indi

cato

rs b

y Fu

nctio

n1

Last

Ten

Fis

cal Y

ears

2

Sour

ces:

Th

e Au

thor

ity’s

Ene

rgy

and

Envi

ronm

enta

l Dep

artm

ents

Not

es:

1 Info

rmat

ion

pres

ente

d is

bas

ed o

n es

timat

es .

2 Dur

ing

2002

, a n

eeds

ass

essm

ent w

as e

ngag

ed to

det

erm

ine

how

the

Auth

ority

cou

ld b

egin

col

lect

ing

perfo

rman

ce d

ata

on it

s pr

ogra

ms .

How

ever

, the

Aut

horit

y di

d no

t beg

in c

olle

ctin

g pe

rform

ance

indi

cato

r dat

a fo

r all

area

s id

entif

ied

until

20

03 .

3 Per U

. S . D

epar

tmen

t of E

nerg

y gu

idan

ce, c

arbo

n di

oxid

e em

issi

ons

are

redu

ced

by a

n av

erag

e of

one

met

ric to

n pe

r wea

ther

ized

hom

e .4 In

dica

tors

are

not

ava

ilabl

e fo

r the

gen

eral

gov

ernm

ent f

unct

ion .

The

sol

id w

aste

and

env

ironm

enta

l pro

gram

s fu

nctio

n ha

s a

sim

ilar f

ocus

as

the

ener

gy p

rogr

ams

and

extra

pola

ting

met

rics

is n

ot fe

asib

le .

Sim

ilarly

, the

wat

er a

nd w

aste

wat

er

prog

ram

s ha

ve a

focu

s ak

in to

the

loan

act

iviti

es fu

nctio

n an

d di

stin

guis

hing

per

form

ance

dat

a fro

m is

not

ach

ieva

ble .

5 In 2

010,

pro

duct

ion

num

bers

sig

nific

antly

dec

reas

ed in

the

Ener

gy p

rogr

am d

ue to

a c

oupl

e fa

ctor

s . F

irst,

incr

ease

d pr

oduc

tion

requ

irem

ents

ass

ocia

ted

with

the

Amer

ican

Rei

nves

tmen

t and

Rec

over

y Ac

t (AR

RA)

cau

sed

a su

spen

sion

with

th

e no

n-AR

RA

cont

ract

to a

ddre

ss p

rodu

ctio

n w

ork

issu

es . S

econ

dly,

the

cont

ract

yea

r typ

ical

ly b

egin

in A

pril .

The

re w

as n

o in

terg

over

nmen

tal a

gree

men

t with

one

of o

ur fu

ndin

g ag

enci

es u

ntil

June

201

0, w

hich

resu

lted

in lo

wer

ed p

rodu

ctio

n nu

mbe

rs fo

r the

last

thre

e m

onth

s of

the

fisca

l yea

r . E

nerg

y sa

ving

s co

ntin

ued

to ri

se in

FY

2011

, due

to in

crea

sed

effic

ienc

y m

easu

res

prov

ided

by

or e

stim

ated

bec

ause

of t

he in

vest

imen

ts m

ade

with

AR

RA

fund

s .6 Jo

bs c

reat

ed fo

r con

stru

ctio

n &

perm

anen

t wer

e de

rived

from

form

ula

used

by

Wat

er R

esou

rces

Dep

artm

ent w

hich

is li

sted

bel

ow:

50

,000

con

stru

ctio

n jo

bs a

nd 2

6,00

0 pe

rman

ent j

obs

per $

1B in

lend

ing/

FY 2

014

exec

utio

ns=$

245,

122,

945

$2

45,1

22,9

45/$

1B=0

.245

1

0 .24

51*5

0,00

0=12

,255

con

stru

ctio

n jo

bs

0 .

2451

*26,

000=

6,37

3 pe

rman

ent j

obs


GE

OR

GIA

EN

VIR

ON

ME

NTA

L F

INA

NC

E A

UT

HO

RIT

Y(A

Co

mp

on

en

t U

nit

of

the S

tate

of

Geo

rgia

)

Cap

ital

Ass

et

Sta

tist

ics

by F

un

cti

on

L

ast

Te

n F

iscal

Ye

ars

GEOR

GIA E

NVIRO

NMEN

TAL F

INANC

E AUT

HORIT

YCa

pital

Asse

t Stat

istics

by Fu

nctio

nLa

st Te

n Fisc

al Ye

ars

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Func

tion/P

rogram

Gene

ral go

vernm

ent

Com

puter

and p

eriph

eral e

quipm

ent

Capit

al lea

se ob

ligatio

ns2

--

-15

4343

2815

n/an/a

Comp

uter p

urcha

ses3

73

177

-5

55

44

Moto

r veh

icle1

n/an/a

n/an/a

n/an/a

n/an/a

n/an/a

Sourc

e:

The A

uthori

ty's Ac

coun

ting a

nd In

forma

tion T

echn

ology

Depa

rtmen

ts.

Notes

:

1 The A

uthori

ty so

ld its

motor

vehic

le to

the G

eorgi

a Dep

artme

nt of

Admi

nistra

tive Se

rvice

s in 20

03.

3 The A

uthori

ty ch

ose t

he op

tion t

o purc

hase

the 1

5 com

puter

s on t

he ca

pital

lease

s in 20

12, a

s well

as tw

o add

itiona

l comp

uters.

2 Begin

ning f

iscal

year

2007

, the A

uthori

ty ph

ased

out th

e purc

hase

of ne

w com

puter

term

inals a

nd tra

nsitio

ned t

o a ca

pital

lease

struc

ture a

s olde

r com

puter

term

inals w

ere de

emed

outda

ted or

requ

ired r

eplac

emen

t. Th

e dec

ision t

o lea

se st

aff co

mpute

r ter

mina

ls vers

us pu

rchas

ing wa

s mad

e to h

elp ke

ep in

frastr

uctur

e more

curre

nt, in

that

mach

ines c

an be

repla

ced e

very

three

years

witho

ut the

need

to go

throu

gh th

e stan

dardi

zed p

rocure

ment

proce

ss; to

facili

tate s

tanda

rdiza

tion e

fforts

, whic

h low

ers

supp

ort co

sts; a

nd to

prov

ide an

effec

tive di

spos

al str

ategy

for u

sed e

quipm

ent.


SING

LE AU

DIT SEC

TION


Schedule of Expenditures of Federal Awards

Year Ended June 30, 2014

Pass-throughCFDA Award/ Federal

Federal Grantor/Program Title number Contract Number expenditures

U.S. Department of Energy: Direct programs: State Energy Program 81.041 DE-EE0004521 $ 816,427 Total State Energy Program 816,427

Weatherization Assistance for Low-Income Persons 81.042 DE-0006147 1,070,265 Weatherization Assistance for Low-Income Persons 81.042 NT43106 2,770,283 ARRA-Weatherization Assistance for Low-Income Persons 81.042 DE-EE0000109 64,067 Total Weatherization Assistance for Low-Income Persons 3,904,615

Total U.S. Department of Energy 4,721,042

U.S. Department of Health and Human Services: Pass-through programs - State of Georgia Department of Human Resources: Low-Income Home Energy Assistance Program 93.568 42700-040-0000020903 2,555,874 Low-Income Home Energy Assistance Program 93.568 42700-040-0000029858 2,170 Total U.S. Department of Health and Human Services 2,558,044

U.S. Environmental Protection Agency: Direct programs: State Revolving Funds (Clean Water) 66.458 CS13000113 16,449,500 State Revolving Funds (Clean Water) 66.458 CS13000114 707,173 Total State Revolving Funds (Clean Water) 17,156,673

State Revolving Funds (Drinking Water) 66.468 FS98409910 495,315 State Revolving Funds (Drinking Water) 66.468 FS98409911 8,206,396 State Revolving Funds (Drinking Water) 66.468 FS98409912 14,249,734 State Revolving Funds (Drinking Water) 66.468 FS98409913 131,672 Total State Revolving Funds (Drinking Water) 23,083,117

Total U.S. Environmental Protection Agency 40,239,790

Total Federal Expenditures $ 47,518,876

See accompanying notes to the Schedule of Expenditures of Federal Awards.


Schedule of Expenditures of Federal Awards (Year ended June 30, 2014)



Notes to Schedule of Expenditures of Federal Awards

June 30, 2014

The accompanying Schedule of Expenditures of Federal Awards presents the activity of all Federal financial assistance programs of the Georgia Environmental Finance Authority (the Authority). The Authority receives pass-through financial assistance from the Georgia Department of Human Services.

The authoritative criteria for determining the programs, organizations, and functions of government included in the financial statements of the Authority are as follows: oversight responsibility, including selection of governing authority, designation of management, and ability to significantly influence operations; accountability for fiscal matters, including budget, surplus/deficit, debt, fiscal management, and revenue characteristics; scope of public services; and special financing relationships.

Based on above criteria, the State Energy Conservation Program, the Weatherization Assistance for Low-income Persons, Low-Income Home Energy Assistance, and State Revolving Funds are included in the Authority’s reporting entity.

The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Due to differences in the recording of loan disbursements between the requirements, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.

At June 30, 2014, the Authority had $673,541,216 in loans receivable outstanding, which were originally funded by the State Revolving Funds (Clean Water) Program and $112,243,380 in loans receivable outstanding, which were originally funded by the State Revolving Funds (Drinking Water) Program. Both amounts are inclusive of original funding under the American Recovery and Reinvestment Act of 2009 and subsequently transferred to their respective base federal program.

Of the Federal expenditures presented in the Schedule, the Authority provided Federal awards to subrecipients as follows:



(June 30, 2014)

(1) General

(2) Reporting Entity

(3) Basis of Accounting

(4) Loans Receivable

(5) Subrecipients


(1) General



June 30, 2014

Federal AmountCFDA provided to

Program Title number subrecipients

State Energy Program 81.041 $ 276,247 Weatherization Assistance for Low-Income Persons 81.042 3,207,838 Low-Income Home Energy Assistance Program 93.568 2,490,397 State Revolving Funds (Clean Water) 66.458 15,553,098 State Revolving Funds (Drinking Water) 66.468 21,987,282

Direct and pass-through programs under the American Recovery and Reinvestment Act of 2009:

ARRA-Weatherization Assistance for Low-Income Persons 81.042 12,486



(June 30, 2014)


INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS

BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

The Members of the Georgia Environmental Finance Authority Atlanta, Georgia

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Georgia Environmental Finance Authority (the “Authority”), a component unit of the State of Georgia, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the Authority’s basic financial statements, and have issued our report thereon dated September 25, 2014.

Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered the Authority’s internal control over financial reporting (“internal control”) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Authority’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Authority’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.



Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Authority’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.



INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND REPORT ON

INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY OMB CIRCULAR A-133

The Members of the Georgia Environmental Finance Authority Atlanta, Georgia Report on Compliance for Each Major Federal Program

We have audited the Georgia Environmental Finance Authority’s (the “Authority”), a component unit of the State of Georgia, compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement that could have a direct and material effect on each of the Authority’s major federal programs for the year ended June 30, 2014. The Authority’s major federal programs are identified in the summary of auditor’s results section of the accompanying schedule of findings and questioned costs.

Management’s Responsibility

Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal programs.

Auditor’s Responsibility

Our responsibility is to express an opinion on compliance for each of the Authority’s major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the Authority’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the Authority’s compliance.



Opinion on Each Major Federal Program

In our opinion, the Authority complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2014.

Report on Internal Control Over Compliance

Management of the Authority is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the Authority’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with OMB Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Authority’s internal control over compliance.

A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A-133. Accordingly, this report is not suitable for any other purpose.



GEORGIA ENVIRONMENTAL FINANCE AUTHORITY

SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED JUNE 30, 2014

SECTION I SUMMARY OF AUDITOR’S RESULTS

Financial Statements Type of auditor’s report issued Unmodified Internal control over financial reporting: Material weaknesses identified? ____ yes __X__ no Significant deficiencies identified not considered to be material weaknesses? ____ yes __X__ none reported Noncompliance material to financial statements noted? ____ yes __ X__ no Federal Awards Internal Control over major programs: Material weaknesses identified? ____ yes __ X__ no Significant deficiencies identified not considered to be material weaknesses? ____ yes __ X __ none reported Type of auditor’s report issued on compliance for major programs. Unmodified Any audit findings disclosed that are required to be reported in accordance with OMB Circular A-133, Section 510(a)? ____ yes _X _ no Identification of major program: CFDA Number Name of Federal Program or Cluster 66.458 State Revolving Funds (Clean Water) 66.468 State Revolving Funds (Drinking Water)



SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED JUNE 30, 2014

Dollar threshold used to distinguish between Type A and Type B programs: $300,000 Auditee qualified as low-risk auditee? __X__ yes ____ no

SECTION II FINANCIAL STATEMENT FINDINGS AND RESPONSES

None reported.

SECTION III FEDERAL AWARDS FINDINGS AND QUESTIONED COSTS

None reported.



STATUS OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED JUNE 30, 2014

None reported


Documents

GEFA 2014 CAFR