3rd Quarter Voluntary Filing
Voluntary Continuing Disclosure
North Augusta Public Facilities Corporation/City of North Augusta Series 2017B
Voluntary Filing for the Fiscal Quarter Ended September 30, 2022
The following information is being provided by the City of North Augusta, South Carolina (the “City”) as a voluntary
disclosure and not as a disclosure required by any continuing disclosure undertaking made pursuant to the obligations of SEC
Rule 15c2-12 (the “Rule”). Furthermore, this filing is not made in connection with a purchase or sale of securities and
accordingly is not intended to contain all information material to a decision to purchase or sell obligations of the City or the
North Augusta Public Facilities Corporation (the “Corporation”). In providing this notice, neither the City nor the Corporation
makes any representation with respect to the materiality of the information herein to any investor. This filing speaks only as of
its date and neither the City nor the Corporation is under any obligation to update or provide future voluntary filings except to
the extent the information contained herein is also provided in accordance with a disclosure undertaking pursuant to the Rule.
Assessed Value of Taxable Property
The assessed value of all taxable real and personal property in the City for each of the last five years available is set
forth in the following table:
(continued)
Fiscal Year Ended
December 31
Tax
Year Real Property
Personal
Property (1)Total
2021 2020 $ 114,076,665 $ 40,594,219 $ 154,670,884
2020 2019 111,102,458 33,204,209 144,306,667
2019 2018 83,448,499 31,654,277 115,102,776
2018 2017 82,341,248 27,375,296 109,716,544
2017 2016 79,819,959 26,336,665 106,156,624
Assessed Value of Taxable Property
(1) Due to a law passed in 1980 by the S.C. General Assembly that provided for
the billing and collection of personal property taxes on motor vehicles on a
staggered basis according to expiration of the license tag, the City uses
different tax years for real and personal property taxes.
Tax Rates
The millage imposed in the City in each of the last five tax years is set forth below:
City General Fund Budget
The original General Fund Budget for the fiscal year ending December 31, 2022 was adopted on November 1, 2021 by
City Council and is shown in the following table:
(continued)
Fiscal Year Ended
December 31
Tax
Year (1)
Operating
Millage
Debt Service
Millage
Total City
Millage
2022 2021 73.50 -73.50
2021 2020 73.50 -73.50
2020 2019 73.50 -73.50
2019 2018 73.50 -73.50
2018 2017 73.50 -73.50
Tax Rates
(1) Due to a law passed in 1980 by the S.C. General Assembly that provided
for the billing and collection of personal property taxes on motor vehicles
on a staggered basis according to expiration of the license tag, the City
uses different tax years for real and personal property taxes.
Revenues
Ad valorem property taxes 8,727,193$
Licenses and Permits 6,328,000
Fines and forfeitures 1,120,000
Charges for services 1,174,922
Intergovernmental 883,001
Miscellaneous 1,105,613
Transfers 1,387,093
Total Revenues 20,725,822$
Expenditures
General Government 6,635,035$
Public Safety 9,331,396
Public Works 1,811,024
Parks, Recreation and Tourism 2,948,367
Total Expenditures 20,725,822$
Annual General Fund Budget for Fiscal Year Ending 12/31/22
Ten Largest Taxpayers in the City
The ten largest taxpayers in the City, the assessed value for the fiscal year ended December 31, 2021 of the taxable
property of each located within the City, and the amount of 2020 taxes paid to the City are as follows:
Tax Collection Record of the City
The following table shows the amount of taxes levied for City purposes, including additions and abatements, taxes
collected as of December 31 of the year following the year in which the levy was made, and the amount of delinquent taxes
collected in the City for the fiscal years shown:
(continued)
Taxpayer Assessed Value Taxes Paid
S.C. Electric & Gas Co.3,291,010$ 241,889$
Graybul Ironwood LLC 2,356,900 173,232
Wal-Mart, Inc.2,331,510 171,366
Allnex Industries, Inc.2,132,490 156,738
Ackerman Greenstone North Augusta 1,995,647 146,680
SUSO 3 Augusta, LP 1,126,870 82,825
Halocarbon Chemicals, Inc.1,119,760 82,302
SRP Federal Credit Union 1,086,060 79,825
CVS SC Distribution, Inc.858,340 63,755
NHC Healthcare 712,260 52,351
Ten Largest Taxpayers in the City 12/31/2021
Fiscal Year Ended
December 31 Tax Year (1)
Taxes Levied
for Fiscal Year Amount
Percentage
of Levy
Collections in
Subsequent Years Amount
Percentage
of Levy
2021 2020 11,368,310$ 11,326,981$ 99.64%-$ 11,326,981$ 99.64%
2020 2019 10,606,540 9,655,624 91.03% 889,764 10,545,388 99.42%
2019 2018 8,460,054 8,404,331 99.34%4,543 8,408,874 99.40%
2018 2017 8,064,166 8,018,222 99.43% 16,598 8,034,820 99.64%
2017 2016 7,484,042 7,446,013 99.49%9,530 7,455,543 99.62%
Collected within the Fiscal
Year of the Levy Total Collections to Date
Tax Collection Record of the City
(1) Due to a law passed in 1980 by the S.C. General Assembly that provided for the billing and collection of personal property
taxes on motor vehicles on a staggered basis according to expiration of the license tag, the City uses different tax years for
real and personal property taxes.
Outstanding Indebtedness
*The North Augusta Public Facilities Corporation purchased the City’s 2017A TIF Obligation ($43,043,000 outstanding as of
12/31/2021) pursuant to which the City makes semi-annual payments to the Corporation from TIF Revenues. These payments
are assigned to the Trustee for the Series 2017B Bonds and provide a credit against installment payments due in each year.
The City’s legal debt margin as of 12/31/2021 equaled $12,373,671.
**On 4/21/2021 the City refunded Series 2014A and 2015A bonds with the issuance of Waterworks and Sewer System
Revenue Refunding Bond, Series 2021 with a par amount of $17,689,000.
Identified Sources of Installment Payments
General Obligation Bonds The City is authorized by the State Constitution to incur general obligation indebtedness
without voter approval in an amount not exceeding eight percent of the assessed value of all taxable property in the City for
any corporate purpose of the municipality. As of 9/30/22 the City’s entire eight percent capacity is available.
On November 6, 2018, a favorable bond referendum was held in the City of North Augusta authorizing the City to issue
not exceeding $10,250,000 of general obligation bonds as part of a favorable Capital Projects Sales Tax referendum. These
bonds were issued in 2020 to construct and equip a public safety headquarters and bond payments will be made from
revenues collected from the capital projects sales tax.
(continued)
General Obligation Debt 10,250,000$
Tax Increment Debt 43,043,000 Includes Series 2017A Bonds *see note below
Outstanding Installment Purchase Revenue Bonds 68,085,000 Series 2017B Bonds *see note below
Outstanding Lease Purchase Obligations
2022 1,321,718
2023 1,105,246
2024 834,612
2025 485,379
2026 134,275
Subtotal 3,881,230
Interest (117,674)
Present Value of minimum lease payments 3,763,556
Revenue Debt
Waterworks and Sewer System Refunding Revenue, Series 2021 17,118,000 Matures May 1, 2036 **see note below
Outstanding Indebtedness 12/31/2021
Fiscal Year Amount
2022 (1)8,592,000$
2021 10,250,000
2020 10,250,000
2019 -
2018 -
(1) UNAUDITED
General Obligation Bonds
Local Hospitality Taxes City Council, pursuant to the Local Hospitality Tax Act and the Hospitality Tax Ordinance,
established a uniform hospitality tax, which imposed, effective December 1, 1998, a one percent (1%) tax on the sales of
prepared meals and beverages, including alcoholic beverages, beer and wine, at businesses within the City. Effective
December 1, 2017, the hospitality tax rate was raised to the maximum of two percent (2%) with collections beginning in
January 2018. The reduced collections in 2020 are related to the outbreak of the 2019 Novel Coronavirus Disease (“COVID-
19”).
Local Accommodations Taxes City Council, pursuant to the Local Accommodations Tax Act and the Accommodations
Tax Ordinance established a local accommodations tax, which imposed, effective December 1, 1998, a three percent (3%) tax
on furnishing of accommodations to transients within the City. The reduced collections in 2020 are related to the outbreak of
COVID-19.
(continued)
Fiscal Year
City
Hospitality
Taxes
Increase in
Collections
over Prior
Fiscal Year
2022 1st, 2nd &
3rd Qtr (1)1,747,729$ N/A
2021 2,135,168 26.13%
2020 1,692,819 (5.33)
2019 1,788,174 11.13
2018 1,609,103 118.67
2017 735,845 3.18
2016 713,152 7.27
2015 664,804 9.68
2014 606,121 5.86
(1) UNAUDITED
Local Hospitality Taxes
Fiscal Year
City
Accommodations
Taxes
Increase
(Decrease) in
Collections
over Prior
Fiscal Year
2022 1st, 2nd &
3rd Qtr (1)244,592$ N/A
2021 250,050 81.52%
2020 137,752 (39.86)
2019 229,047 109.96
2018 109,092 98.70
2017 54,904 7.86
2016 50,904 3.68
2015 49,099 (11.39)
2014 55,410 9.88
(1) UNAUDITED
Local Accommodations Taxes
Tax Increment Revenues The TIF Act authorizes municipalities to incur indebtedness for the purpose of redevelopment
in areas which are or which are threatened to become blighted and to fund the debt service of such indebtedness from the
additional tax revenues which result from such redevelopment. Under the TIF Act, all property taxes of all taxing jurisdictions
imposed and collected within the Redevelopment Project Area in excess of the amount attributable to the “total initial
equalized assessed value” of all taxable real property in the Redevelopment Project Area shall be paid to the municipality
which shall deposit the taxes into a special tax allocation fund for the purpose of paying redevelopment project costs and
discharging the obligations incurred in the payment of such costs. Certain portions of the taxes deposited to or otherwise
subject to deposit to the special tax allocation fund are disbursed to overlapping taxing entities in accordance with agreements
between the City and political subdivisions pursuant to which they agreed to participate in the TIF on a modified basis. As of
9/30/22, $8,376.02 has been disbursed to overlapping taxing entities. The Tax Increment Revenues table below includes
special assessments billed and collected on the City’s property tax bills. The special assessments are further defined in the MID
Assessments section following.
MID Assessments The municipal improvement district (MID District) consists of certain parcels owned by the private
developers within the TIF District where private improvements will be constructed. The City has imposed a special assessment
on the parcels in the MID District owned by the private developers. The special assessment has been set on an annual basis at
an amount equal to an estimate of the TIF revenues that will result from the private improvement specified in the Master
Development Agreement. 2020 was the first year the special assessments were billed and payable. These assessments are
due to the City no later than May 1 in the year the special assessments are billed to avoid penalty. Penalties have been
assessed on all outstanding MID special assessments.
(continued)
Fiscal Year City TIF Revenues % Growth
2022 1st, 2nd &
3rd Qtr (1)2,447,293$ N/A
2021(2)3,878,726 126%
2020 1,716,832 113
2019 804,992 7
2018 751,052 22
2017 613,831 19
2016 516,829 14
2015 453,883 9
2014 417,373 N/A
(1) UNAUDITED
(2) A delay in payment for some 2019 taxes expected
to be received in FY 2020 were received in FY 2021.
Tax Increment Revenues
Fiscal Year Ended
December 31 Tax Year
MID
Assessments
MID
Receipts
2022 1st, 2nd &
3rd Qtr (1)2021 $ 771,758 $ 78,061
2021 2020 777,779 1,547,627
2020 2019 1,183,327 413,479
(1) UNAUDITED
MID Assessments
Parking Revenues Parking revenues are received from certain parking facilities owned or operated by the City
including the Medac Deck, Hotel Deck and various lots owned by the City. Revenues received are netted against expenditures
incurred for operations and maintenance of the parking facilities. The reduced collections in 2020 are related to the outbreak
of COVID-19. The City is currently working with the hotel developer and hotel management to reconcile: 1) amounts due to
the City for the City’s pro rata share of parking revenues collected by the hotel and 2) amounts due from the City for
reimbursement of agreed upon operating expenses of the hotel deck and agreed upon management fee. Total net parking
revenues for 2022 will be updated upon reconciliation.
Stadium Revenues Stadium revenues are received from GreenJackets Baseball for performance license fees, retail
space rent, corporate naming rights, and stadium rent. The GreenJackets Baseball 2020 season was canceled on June 30, 2020
along with all Minor League Baseball teams related to the outbreak of COVID-19. Admissions tax payments are received from
the South Carolina Department of Revenue (SCDOR).
Please refer to the City of North Augusta’s Annual Comprehensive Financial Report for additional information about the City.
Fiscal Year
Net
Amount
%
Growth
2022 1st, 2nd &
3rd Qtr (1)(27,055)$ N/A
2021 99,689 147%
2020 40,380 (69)
2019 128,499 18
2018 108,885 N/A
(1) UNAUDITED
Parking Revenues
Fiscal Year
Admissions
Tax (5)
Performance
License Fees
(2)
Retail Space
Rent (3)
Corporate
Naming
Rights (4)Rent (3)Total
2022 1st, 2nd & 3rd Qtr (1) $ 38,265 $ 52,206 $ 100,000 $ - $ 250,000 440,471$
2021 32,167 4,286 100,000 100,000 250,000 486,453
2020 12,696 74,894 100,000 100,000 250,000 537,590
2019 71,244 64,884 100,000 100,000 250,000 586,128
2018 18,336 - 100,000 100,000 250,000 468,336
(1) UNAUDITED
(2) Revenue stream due 1/31/xx of each year for the prior calendar year
(3) Revenue stream due 4/1/xx of each year
(4) Revenue stream due 12/31/xx of each year
(5) Payments received throughout the year from SCDOR
Stadium Revenues