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Complete Report - Fayette County Government

Complete Report - Fayette County Government

pipelines for the Water

pipelines for the Water System, and the refunding of previous bond issues. The outstanding bonds are secured by a pledge of and lien on revenues derived by the County from the ownership and operation of the Water System. The Fayette County, Georgia Water Revenue Bonds have received a rating of "Aa2" from Moody's Investors Service and a rating of "AA" from Standard and Poor's. In April 2012, the County issued $8,070,000 in Series 2012A Water Revenue Bonds. They were issued for the purpose of providing funding for needed upgrades to the Crosstown and the South Fayette Water Treatment Plants. Additional information on Fayette County's long-t erm debt is provided in Note III. D. and can be found on pages 51 through 54 of this report. Economic Factors As a general trend, the Southeastern States have been slower than the rest of the Country in their economic recovery from the recession that officially ended in July of 2009. And with the growth in Georgia's economy relying heavily on the construction industry, it has taken several years to absorb the significant impact from the bursting of the housing bubble. Some of the more important barometers of the current economic conditions are contained in the following bullet points. o According to the U.S. Department of Labor, the unemployment rate for the United States in June 2012 was 8.2 percent which represented a decrease of 0.9 percent from the June 2011 rate of 9.1 percent. Following a similar trend, the jobless rate for the State of Georgia in June 2012 was 9.0 percent which was also down 0.9 percent from the previous June. The unemployment rate for Fayette County was 8.3 percent in June 2012 wh ich is slightly above the national average but well below the state average. o According to the Bureau of Labor Statistics, the Consumer Price Index (CPI) has increased by 1.7 percent from June 2011 to June 2012. o According to the Georgia Department of Revenue, the approved Net Maintenance and Operation (M&O) Tax Digest for Fayette County decreased by $209,856,957 or 4.2% from January 1, 2010 to January 1, 2011. And from January 1, 2011 to January 1, 2012, the M&O Tax Digest decreased by another $488,291,304 or 10.2%. All of these economic factors were taken into consideration when preparing the Water System's cash flow budget for t he 2013 fiscal year. Next Year's Budget and Rates The Water System's operations are funded solely from the fees that it generates providing potable water services to its customers. For the 2013 fiscal year budget, there were no rate adjustments approved for the Water System. Request for Information This financial report is designed to provide a general overview of the Water System's finances for all those with an interest in its finances. Questions concerning any of the information provided in this ·29 -

eport or requests for additional financial information can be obtained by accessing the County's website at finance@fayettecountyga.gov, or by contacting the Finance Department at the following address and telephone number: Fayette County Finance Department 140 Stonewall Avenue , West, Suite 101 Fayetteville, GA 30214 (770) 305-5413 • - 30-

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