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City of Canton, Georgia

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City of Canton, Georgia CITY OF CANTON, GEORGIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2009 Submitted By: Finance Department Robert H. Logan, CPA Chief Financial Officer CITY OF CANTON, GEORGIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2009 TABLE OF CONTENTS Page INTRODUCTORY SECTION Letter of Transmittal ....................................................................................................................................... i-vi GFOA Certificate of Achievement.................................................................................................................. vii Principal Officials ........................................................................................................................................... viii Organizational Chart ........................................................................................................................................ ix FINANCIAL SECTION Independent Auditor's Report ................................................................................................................ 1 and 2 Management’s Discussion and Analysis ................................................................................................... 3-11 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Assets ........................................................................................................................ 12 Statement of Activities .......................................................................................................................... 13 Fund Financial Statements: Balance Sheet – Governmental Funds .................................................................................................. 14 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds ....................................................................................................... 15 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities ........................................ 16 Statement of Net Assets – Proprietary Funds ...................................................................................... 17 Statement of Revenues, Expenses, and Changes in Fund Net Assets - Proprietary Funds ................................................................................................................ 18 Statement of Cash Flows – Proprietary Funds ......................................................................... 19 and 20 Statement of Fiduciary Assets and Liabilities– Fiduciary Funds ....................................................... 21 Notes to Financial Statements ............................................................................................................... 22-53 Required Supplementary Information Schedule of Funding Progress ................................................................................................................... 54 General Fund - Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual .................................................................................... 55 and 56 Building Authority - Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual ................................................................................................ 57 Combining and Individual Nonmajor Fund Statements and Schedules: Combining Balance Sheet – Nonmajor Governmental Funds................................................................. 58 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances – Nonmajor Governmental Funds ......................................................................................... 59 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – Hotel/Motel Tax Fund ...................................................................... 60 CITY OF CANTON, GEORGIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2009 TABLE OF CONTENTS Page FINANCIAL SECTION (CONTINUED) Combining and Individual Fund Statements and Schedules (Continued): Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – Tree City Commission Fund ........................................................... 61 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – Urban Redevelopment Agency ...................................................... 62 Schedule of Expenditures of Special Purpose Local Option Sales Tax Proceeds ................... 63 and 64 Statement of Changes in Assets and Liabilities – Agency Fund ............................................................ 65 Statement of Cash Flows – Downtown Development Authority ............................................................. 66 STATISTICAL SECTION (Unaudited) Net Assets by Component .............................................................................................................................. 67 Change in Net Assets ......................................................................................................................... 68 and 69 Fund Balances of Governmental Funds ....................................................................................................... 70 Changes in Fund Balances of Governmental Funds ................................................................................... 71 Assessed Value and Estimated Actual Value – All Taxable Property........................................................ 72 Property Tax Rates – All Overlapping Governments ................................................................................... 73 Principal Taxpayers ......................................................................................................................................... 74 Top Ten Water and Sewer Customers .......................................................................................................... 75 Current Water and Sewer Rates .................................................................................................................... 76 Property Tax Levies and Collections ............................................................................................................ 77 Ratios of Outstanding Debt by Type ............................................................................................................. 78 Direct and Overlapping Governmental Activities Debt ............................................................................... 79 Utility Revenue Bond Coverage ..................................................................................................................... 80 Demographic and Economic Statistics ......................................................................................................... 81 Principal Employers ........................................................................................................................................ 82 Full-time Equivalent City Government Employees by Function ................................................................. 83 Operating Indicators by Function .................................................................................................................. 84 Capital Asset Statistics by Function ............................................................................................................. 85 CITY OF CANTON, GEORGIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2009 TABLE OF CONTENTS Page COMPLIANCE SECTION 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 ................................ 86-88 Schedule of Findings and Responses ..................................................................................................... 89-97 Schedule of Prior Audit Findings .................................................................................................................. 98 Gene Hobgood, Mayor Pat Tanner Ward I, City Council E. Scott Wood, City Manager Jo Ellen Wilson Ward I, City Council Diana Threewitt, City Clerk Jack Goodwin Ward II, City Council City of Canton Bill Bryan Ward II, City Council 151 Elizabeth Street Lester Cantrell Ward III, City Council Canton GA 30114 Amelia Rose III, City Council Phone 770-704-1500 Fax 770-704-1538 www.canton-georgia.com February 24, 2010 TRANSMITTAL To the Citizens of the City of Canton: The Comprehensive Annual Financial Report of the City of Canton, Georgia for the fiscal year ended September 30, 2009, is hereby submitted. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the management of the City. We believe the data, as presented, is accurate in all material respects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the City as measured by the financial activity of its various funds; and that disclosures necessary to enable the reader to gain the maximum understanding of the City’s financial affairs have been included. PROFILE The City of Canton is located approximately thirty-five miles north of Atlanta
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