12.31.2024 Annual Comprehensive Financial ReportNorth
Augusta
South Carolina's Riverfront
CITY OF NORTH AUGUSTA
Annual Comprehensive
Financial Report
Year Ended December 31,2024
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 2024
TABLE OF CONTENTS
Page Number
INTRODUCTORY SECTION
Letter of Transmittal ........................................................................................................................................ i - vi
GFOA Certificate of Achievement ..................................................................................................................... vii
City Organizational Chart ................................................................................................................................. viii
Principal Officials ................................................................................................................................................ ix
FINANCIAL SECTION
Independent Auditor’s Report ........................................................................................................................ 1 - 3
Management’s Discussion and Analysis .................................................................................................... 4 - 13
Basic Financial Statements:
Government-wide Financial Statements
Statement of Net Position ........................................................................................................................ 14
Statement of Activities .............................................................................................................................. 15
Fund Financial Statements
Balance Sheet – Governmental Funds .................................................................................................... 16
Reconciliation of the Governmental Funds Balance Sheet to the
Statement of Net Position .................................................................................................................... 17
Statement of Revenues, Expenditures and Changes in Fund
Balances – Governmental Funds ........................................................................................................ 18
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities .......................................... 19
General Fund – Statement of Revenues, Expenditures and Changes in
Fund Balance – Budget and Actual ..................................................................................................... 20
Statement of Net Position – Proprietary Funds ..................................................................................... 21
Statement of Revenues, Expenses and Changes in Net Position –
Proprietary Funds ................................................................................................................................. 22
Statement of Cash Flows – Proprietary Funds .......................................................................... 23 and 24
Notes to Financial Statements .............................................................................................................. 25 - 62
Required Supplementary Information:
Schedule of Proportionate Share of the Net Pension Liability –
South Carolina Retirement System ..................................................................................................... 63
Schedule of Proportionate Share of the Net Pension Liability –
Police Officers Retirement System ..................................................................................................... 63
Schedule of Contributions –
South Carolina Retirement System ......................................................................................... 64 and 65
Schedule of Contributions –
Police Officers Retirement System ......................................................................................... 64 and 65
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 2024
TABLE OF CONTENTS (CONTINUED)
Page Number
FINANCIAL SECTION (CONTINUED)
Other Supplementary Information:
Combining and Individual Nonmajor Fund Financial Statements:
General Fund – Schedule of Revenues and Expenditures Compared
with Budget ..................................................................................................................................... 66 - 74
Combining Balance Sheet – Nonmajor Governmental Funds .............................................................. 75
Combining Statement of Revenues, Expenditures and Changes in Fund
Balances – Nonmajor Governmental Funds ...................................................................................... 76
Combining Balance Sheet – Nonmajor Special Revenue Funds ......................................................... 77
Combining Statement of Revenues, Expenditures and Changes in Fund
Balances – Nonmajor Special Revenue Funds .................................................................................. 78
Combining Balance Sheet – Nonmajor Capital Projects Funds ........................................................... 79
Combining Statement of Revenues, Expenditures and Changes in Fund
Balances – Nonmajor Capital Projects Funds ................................................................................... 80
Enterprise Fund – Water and Wastewater System Fund:
Schedule of Revenues and Expenses – Budget and Actual – GAAP Basis ................................... 81
Schedule of Operating Expenses – Budget and Actual – GAAP Basis ............................... 82 and 83
Enterprise Fund – Stormwater Utility Fund:
Schedule of Revenues and Expenses – Budget and Actual – GAAP Basis ................................... 84
Schedule of Operating Expenses – Budget and Actual – GAAP Basis ........................................... 85
Enterprise Fund – Sanitation Services Fund:
Schedule of Operating Revenues and Expenses – Budget and Actual – GAAP Basis ................. 86
Schedule of Operating Expenses – Budget and Actual – GAAP Basis ........................................... 87
Supplementary Information Required by the State of South Carolina:
Uniform Schedule of Court Fines, Assessments and Surcharges (per ACT 96) .................... 88 and 89
STATISTICAL SECTION
Financial Trends Information:
Net Position by Component ..................................................................................................................... 90
Changes in Net Position ............................................................................................................... 91 and 92
Fund Balances, Governmental Funds ..................................................................................................... 93
Changes in Fund Balances, Governmental Funds ................................................................................ 94
Revenue Capacity Information:
Assessed Value and Estimated Actual Value of Taxable Property ...................................................... 95
Direct and Overlapping Property Tax Rates ........................................................................................... 96
Principal Property Taxpayers .................................................................................................................. 97
Property Tax Levies and Collections ...................................................................................................... 98
Business Licenses/Franchise Fees ......................................................................................................... 99
Number of Utility Customers ................................................................................................................. 100
Ten Largest Water and Wastewater Customers .................................................................................. 101
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 2024
TABLE OF CONTENTS (CONTINUED)
Page Number
STATISTICAL SECTION (CONTINUED)
Debt Capacity Information:
Ratio of Outstanding Debt by Type ........................................................................................................... 102
Ratios of General Bonded Debt Outstanding ........................................................................................... 103
Direct and Overlapping Governmental Activities Debt ........................................................................... 104
Legal Debt Margin Information .................................................................................................................. 105
Pledged-Revenue Bond Coverage ............................................................................................................ 106
Demographic and Economic Indicators:
Economic Statistics .................................................................................................................................... 107
Principal Employers .................................................................................................................................... 108
Full-time Budget Equivalent Employees by Fund/Function/Department .............................................. 109
Operating Information:
Operating Indicators by Function/Program .............................................................................................. 110
Capital Asset Statistics by Function/Program ......................................................................................... 111
Enterprise Fund Rates and Charges ......................................................................................................... 112
Enterprise Funds History of Rates and Charges ..................................................................................... 113
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 ....................... 114 and 115
Independent Auditor’s Report on Compliance for Each Major Program
and on Internal Control over Compliance Required by the Uniform Guidance ........................... 116 - 118
Schedule of Expenditures of Federal Awards ............................................................................................... 119
Notes to the Schedule of Expenditures of Federal Awards ......................................................................... 120
Schedule of Findings and Questioned Costs .................................................................................. 121 and 122
June 24, 2025
Honorable Mayor,
Members of City Council, and
Citizens of North Augusta
North Augusta, South Carolina 29841
Ladies and Gentlemen:
State law requires that all general purpose local governments publish a complete set of financial
statements presented in conformity with generally accepted accounting principles (GAAP) and
audited in accordance with generally accepted auditing standards (GAAS) by a firm of licensed
certified public accountants. Pursuant to that requirement, we hereby issue the annual
comprehensive financial report of the City of North Augusta (the “City”) for the fiscal year ended
December 31, 2024.
This report consists of management’s representation concerning the finances of the City.
Management assumes full responsibility for the completeness and reliability of the information
contained in this report based upon a comprehensive framework of internal controls that it has
established for this purpose. Because the cost of internal controls should not exceed anticipated
benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial
statements are free of any material misstatements.
The City’s financial statements have been audited by Mauldin and Jenkins, a firm of licensed
certified public accountants. The goal of the independent audit is to provide reasonable assurances
the financial statements of the City, for the fiscal year ended December 31, 2024, are free of
material misstatement. The independent audit involved examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements; assessing the accounting
principles used and significant estimates made by management; and evaluating the overall
financial statement presentation. The independent auditor has rendered an unmodified opinion
that the City of North Augusta’s financial statements, for the fiscal year ended December 31, 2024,
are fairly presented in conformity with GAAP. The independent auditor’s report is presented as
the first component of the financial section of this report.
Management’s discussion and analysis (MD&A) immediately follows the independent auditor’s
report and provides a narrative introduction, overview, and analysis of the basic financial
statements. This Letter of Transmittal is designed to complement the MD&A and should be read
in conjunction with it.
i
Profile of the Government
The City of North Augusta, South Carolina was officially incorporated on April 11, 1906. The
City is strategically centered in the Augusta-Aiken metropolitan area and conveniently located
along the South Carolina bank of the Savannah River. The City is approximately 70 miles west
of the South Carolina capital, Columbia, and 150 miles east of the Georgia capital, Atlanta. The
City’s nearest neighbor is Augusta, Georgia, located just across the Savannah River. North
Augusta offers the best of both worlds - an idyllic, small-town lifestyle amid all the benefits of big
city living. The City encompasses approximately 22 square miles. The 2020 population of the
City is estimated to be 24,379 with a total of approximately 168,808 in Aiken County.
The City of North Augusta has a Mayor-Council form of government. City Council is composed
of seven members elected at large on a partisan basis. The Mayor is elected to a four-year term,
presides at all meetings of City Council, and is the recognized head of the City. Six Council
members are elected every two years to serve four year staggered terms. City Council is the legally
constituted law-making and policy-making body for the City. The Mayor and City Council appoint
the City Administrator for an authorized term. The City Administrator is responsible to the Mayor
for the proper administration of all affairs placed in their charge. Department Directors are
appointed by the Mayor upon recommendation of the City Administrator.
The City provides a full range of municipal services which include: Finance and General Services
(budgetary and general accounting, information technology, treasury services, human resources
and payroll, cash collections, purchasing, utility billing, and tax and business license billing);
Parks, Recreation and Tourism (recreation programs, park maintenance, beautification and
property maintenance, concessions, special events planning, athletics, and cultural arts); Public
Safety (administrative and support services, police services, fire suppression services,
investigations and special operations, school resource, safety management, and animal control);
Planning and Development (comprehensive planning services, development regulations,
development review, zoning administration, codes enforcement, subdivision services, and
business development); Public Works (engineering services, sanitation and recycling services,
equipment maintenance, stormwater management, building standards, and facilities management);
and Public Utilities (utilities administration, water production, utility operations, utility
construction, wastewater collection and meter reading). The City also is financially accountable
for a legally separate public facilities corporation which has been reported within the City’s
financial statements. Additional information on this legally separate entity can be found in the
notes to the financial statements.
Public Service Enterprises: The City furnishes water, wastewater, stormwater
management, and garbage collection to residents of the City. The City also provides water,
wastewater, garbage collection, and fire protection to some customers located outside the City
limits but within the City’s service area. The City has also entered into agreements with the Valley
Public Service Authority and the Edgefield County Water and Sewer Authority to provide water
and/or wastewater service to certain customers within their service areas. Because of the varying
terrain in and around North Augusta, the distribution system for the City’s water supply is divided
into three service levels to control pressure. Our current maximum pumping capacity is 12 MGD
(million gallons per day).
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Wastewater System: The City of North Augusta provides for the collection of wastewater
to all areas within the City limits and some areas outside the City limits. Wastewater treatment for
the City is provided by the Horse Creek Wastewater Treatment Facility (HCWTF) owned by Aiken
County. The City is a major customer. The HCWTF is a 20 MGD regional wastewater treatment
facility. The City’s present allocation of capacity is 8.672 MGD. The City of North Augusta pays
for the use, maintenance and depreciation of the regional facility based on the total cost of the
facility’s operational and debt service divided among all users on the basis of total gallons
contributed. The table below indicates the City has ample reserve capacity at the present time.
The system is so designed that it can be enlarged into a 40 MGD facility. It has undergone
improvements, of which the City of North Augusta is paying a proportional amount.
Aiken County Public Service Authority 20.0 MGD Facility
Capacities by User
As of June 30, 2024
Present Allocation (MGD) Present Use (MGD)
City of North Augusta 8.672 5.01448
City of Aiken 7.134 4.89056
Aiken County .000 0.00000
Allnex, Inc .900 0.07981
Bath .070 0.02868
Breezy Hill 2.057 0.70748
Beech Island Water & Sewer .090 0.01612
Clearwater .050 0.04356
Langley .060 0.02900
Valley Public Service Authority .767 0.54024
PACTIV Advanced Packaging Solutions .050 0.01376
Kimberly Clark .150 0.04965
Uncommitted .000 0.00000
Total 20.000 11.41334
Aiken County (includes the Aiken County Public Service Authority), the Valley Public Service
Authority, and the Edgefield County Water and Sewer Authority, are independent entities and are
not included in this report. Financial statements can be obtained from the respective entities.
The annual budget serves as the foundation for the City of North Augusta’s financial planning
and control. All Leadership Team members of the City are required to submit requests for
appropriation to the City Administrator by the first week of September each year. The City
Administrator uses these requests as the starting point for developing a proposed budget. The
City Administrator then presents this proposed, balanced budget to City Council for review
during the first week of October. Following review of the proposed budget, City Council holds a
public hearing and as soon thereafter as possible, adopts the budget and passes a budget
ordinance, a tax levy ordinance, and other such ordinances as may be required to make the
budget effective. The appropriated budget is adopted by total expenditures or expenses. Detail
is provided for accounting and budgetary control. Formal budgetary integration is employed as a
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management control device. A budget is legally adopted annually for the General Fund on a
basis consistent with GAAP. Budgets for Special Revenue Funds and Capital Projects Funds are
adopted on a project or activity basis instead of an annual operating cycle basis. Budgets for the
Enterprise Funds are adopted annually on a basis consistent with GAAP except that depreciation
is not a budgeted item. The transfer of budgeted amounts between functional areas must be
approved by City Council; however, the City Administrator can amend the budget at the line
item or department level, within a functional area, not to exceed $5,000. The level of budgetary
control (that is, the level at which expenditures cannot legally exceed the appropriated
amount) is established by department within an individual fund. Department heads have the
ability to make budget changes within their departments. Budgetary data may be presented at
lower levels within the department at the line item level. Management can also over-expend
appropriations with City Administrator approval, at the line item and department level, as long as
the total expenditures or expenses do not exceed appropriations of the functional area.
Local Economy
The City of North Augusta currently enjoys a fairly stable economic environment. The economic
downturn has affected the Central Savannah River Area and North Augusta to a lesser degree than
most major metropolitan areas in the country. The 2020 Decennial Census showed that North
Augusta had grown to a population of 24,379 from 21,348 in 2010, an increase of more than 14
percent and an average annual increase of approximately 1.5 percent. The City estimates the City
population to be 26,395 for 2024.
During the past ten years, Aiken County’s unemployment rate has fluctuated from 6.0 percent in
2014, decreasing to 3.2 percent during 2022, and then increasing to 4.2 percent for 2024. The
2024 rate is the slightly more than South Carolina’s 2024 unemployment rate of 4.1 percent and
the 2024 national rate of 4.0 percent. The increases in unemployment rates recently stem from the
significant population growth in both the state of South Carolina and the county of Aiken,
including a large influx of new residents into the workforce.
Aiken County granted an agreement to Ambiopharm for a Fee-In-Lieu-Of-Tax (FILOT). This tax
incentive is designed to encourage businesses like Ambiopharm to invest and create jobs in Aiken
County, which includes residents of the City of North Augusta. The incentive continues to help
increase economic development of the county and city.
Median household incomes within the City of North Augusta continue to be higher than for the
state as a whole. According to the United States Census Bureau (USCB), the City’s median family
income is $90,132, Aiken County’s is $67,940, and the State’s is $66,818. Housing prices in the
City continue to remain strong. Per the USCB, the median price of a single-family home in the
City is $220,500.
The City continues to experience significant economic growth and investment. Residential
building activity in North Augusta continues with subdivision infrastructure and single-family
construction in Forest Bluff, Wando Woodlands, Gregory Landing, Rushing Waters, River North,
Austin Heights, Butler’s Pond, Village Square Townhomes and Hammond’s Ferry. We continue
to see development plans and growth at interstate access points and surrounding areas leading into
iv
our city including commercial construction for food service establishments and professional
services. North Augusta is currently ranked 13th in the state of South Carolina in growth rate and
is currently the 23rd largest municipality.
The City has continued in its efforts to redevelop vacant property on the Savannah River. A
public/private partnership is being jointly developed on approximately 30 acres within Phase B of
the Hammond’s Ferry Development known as Riverside Village. The Augusta GreenJackets
completed their sixth season in the 4,500 seat SRP Park during 2024 and are the Low-A affiliate
for the Atlanta Braves. In addition, 314 apartments, a hotel and conference center, as well as
several restaurants and the stadium parking deck have been completed at Riverside Village.
Construction began on additional mixed-use developments on the remaining parcels to include 315
apartments and 8,100 square feet of retail space. The additions to the Sharon Jones Amphitheater
to include bathrooms and additional seating were completed and have added to the amenities in
Riverside Village, as well, as a boat dock alongside the amphitheater. To date, the City has
constructed the stadium, two parking decks, the public infrastructure and contribution of funds
toward the conference center, and completion of a riverfront park known as the Sharon Jones
Amphitheater. Cost of the public improvements is approximately $75,000,000. The funding
mechanism for the public projects includes tax increment financing, local hospitality and
accommodations taxes, parking revenues, corporate naming rights, and stadium rental payments.
Long-Term Financial Planning and Major Initiatives
During the year, City Council and Staff have met in planning sessions. The major focus of these
sessions is to identify the best possible future for North Augusta and to chart a course to make that
future a reality. The success of these planning sessions can be easily measured by the many
changes that have taken place in the City over the past few years. Future projects requiring
significant financial planning and resources have been identified as follows: new public safety fire
station and training center, transportation improvements to include improvements to intersections
and reconstruction/resurfacing of roads, restoration of our parks and facilities, expansion of our
greeneway, utility infrastructure improvements, gateways and wayfinding enhancements,
improvements to information technology as well as safety and security improvements, downtown
development, and library improvements. These projects are estimated to cost in excess of
$48,000,000 and are expected to be included with Capital Projects Sales Tax V.
The Local Hospitality and Accommodations taxes levied by the City during 1998 have continued
as a positive revenue stream in 2024 reflecting continued residential and commercial growth in the
City. During November 2018, Aiken County voters approved the fourth phase of a county-wide
One-Cent Capital Projects Sales Tax. Current estimates reflect that the fourth phase sales tax will
generate approximately $30,700,000 for the City over seven years which began in 2020. These
funds have been earmarked for a variety of projects to include the new public safety headquarters,
Bluff Avenue road reconstruction, as well as improvements to the downtown area and city parks.
The City has received all funding allocated in Coronavirus State and Local Fiscal Recovery Funds
in excess of $11,000,000. The City elected to use the standard allowance of $10,000,000 for
revenue loss and obligate to fund general government services as well as an additional $1,800,000
v
vi
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of North Augusta
South Carolina
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
December 31, 2023
Executive Director/CEO
vii
Organizational Chart - 2024
Citizens of North Augusta
Mayor
City
Administrator
City Council
City Clerk City Attorney
Finance
Assistant City
Administrator
Public SafetyInformation
Technology
Human Resources Planning &
Development PRT Engineering &
Public Works Public Services
Personnel
Risk Management
Network Services
GIS
Police Services
Fire Suppression
Accounting
Purchasing
Taxes
Business Licenses
Utility Billing
Criminal
Investigation
Court Services
Animal Control
Title VI
Planning
Zoning
Code
Enforcement
Parks
Recreation
Tourism
Engineering
Building
Standards
Streets & Drains
Stormwater
Management
Utility Operators
Sanitation
Services
Property
Maintenance
Water Production
Municipal Judges
Economic
Development
Advisory Boards,
Commissions, & Committees
viii
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
LIST OF ELECTED AND APPOINTED OFFICIALS
December 31, 2024
ELECTED OFFICIALS
Briton S. Williams, Mayor
Jenafer F. McCauley, Mayor Pro TemporeDavid B. Buck, Councilman
Pat C. Carpenter, Councilwoman
David W. McGhee, Councilman
Kevin W. Toole, Councilman
APPOINTED OFFICIALS
James S. Clifford, City Administrator Jacob D. McCauley, Assistant City Administrator Kelly F. Zier, City Attorney
Jamie A. Paul, City Clerk
Richard L. Meyer, Director of Parks, Recreation & Tourism
Thomas L. Paradise, Director of Planning & Development James E. Sutton, Director of Public Services Joe R. Johnson, Director of Public Safety
Lynda R. Williamson, Director of Finance
Thomas C. Zeaser, Director of Engineering & Public Works
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Financial
Section
North ^
Augusta
South Carolina's Riverfront
508 HAMPTON STREET, 1ST FLOOR • COLUMBIA, SOUTH CAROLINA 29201 • 803-799-5810 • FAX 803-799-5554 • www.mjcpa.com
MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor’s Report
Honorable Mayor and Members
of the City Council
City of North Augusta, South Carolina
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activities, each
major fund, and the aggregate remaining fund information of the City of North Augusta, South Carolina
(the “City”), as of and for the year ended December 31, 2024, and the related notes to the financial
statements, which collectively comprise the City’s basic financial statements as listed in the table of
contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material
respects, the respective financial position of the governmental activities, the business-type activities, each
major fund, and the aggregate remaining fund information of the City of North Augusta, South Carolina, as
of December 31, 2024, and the respective changes in financial position, and, where applicable, cash flows
thereof, and the budgetary comparison for the General Fund for the year then ended in accordance with
accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our
report. We are required to be independent of the City and to meet our other ethical responsibilities, in
accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for 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.
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a
going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
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mjcpa.com
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing
Standards will always detect a material misstatement when it exists. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements.
• Obtain an understanding of internal control relevant to the audit 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 City’s internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable
period of time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control-related matters
that we identified during the audit.
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 13), the Schedule of Proportionate Share of the Net Pension
Liability – South Carolina Retirement System (page 63), the Schedule of Proportionate Share of the Net
Pension Liability – Police Officers Retirement System (page 63), the Schedule of Contributions – South
Carolina Retirement System (pages 64 and 65) and the Schedule of Contributions – Police Officers
Retirement System (pages 64 and 65) be presented to supplement the basic financial statements. Such
information is the responsibility of management and, 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 GAAS, 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.
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Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City’s basic financial statements. The combining and individual nonmajor fund financial
statements, the General Fund budget and actual schedule, the enterprise fund budget and actual schedules,
and the schedule of expenditures of federal awards, as required by Title 2 U.S. Code of Federal Regulations
(CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance), are presented for purposes of additional analysis and are not a required part of the
basic financial statements. The Uniform Schedule of Court Fines, Assessments and Surcharges (per ACT 96)
is presented for purposes of additional analysis as required by the State of South Carolina and is not a
required part of the basic financial statements. Such information is the responsibility of management and
was derived from and relates directly to the underlying accounting and other records used to prepare the
basic financial statements. The 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 and individual nonmajor fund financial statements, the General Fund budget and actual
schedule, the enterprise fund budget and actual schedules, the schedule of expenditures of federal awards,
and the Uniform Schedule of Court Fines, Assessments and Surcharges (per ACT 96) are fairly stated, in all
material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information
comprises the introductory and statistical sections but does not include the basic financial statements and
our auditor’s report thereon. Our opinions on the basic financial statements do not cover the other
information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and the
basic financial statements, or the other information otherwise appears to be materially misstated. If, based
on the work performed, we conclude that an uncorrected material misstatement of the other information
exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 24, 2025, on
our consideration of the City’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 solely 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 the effectiveness
of the City’s 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 City’s internal control
over financial reporting and compliance.
Columbia, South Carolina
June 24, 2025
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MANAGEMENT’S DISCUSSION AND ANALYSIS
As the management of the City of North Augusta (the “City”), we offer readers of the City’s financial
statements this narrative overview and analysis of the financial activities of the City for the fiscal year
ended December 31, 2024. We encourage readers to consider the information presented here in
conjunction with additional information that we have furnished in our letter of transmittal and financial
statements.
Financial Highlights
The following information highlights the most significant changes to the City’s financial position over the
last year. Though not intended to be all-inclusive, this information provides a snapshot of the most
important changes in the City’s financial position over the last year:
• The assets and deferred outflows of resources of the City exceeded its liabilities and deferred
inflows of resources at the close of the most recent fiscal year by $187,296,695 (net position). Of
this amount, $1,857,640 represents unrestricted net position, which may be used to meet the
government’s ongoing obligations to citizens and creditors. This number in the Governmental
Activities is negative following the implementation of Governmental Accounting Standards Board
(“GASB”) Statement No. 68, which required the City to recognize as a long-term liability, its
proportionate share of the net pension liability of the South Carolina Retirement System and the
Police Officer Retirement System and Statement No. 101, which required the City to recognize
certain types of compensated absences that weren’t previously recognized under the old
standard.
• The City’s total net position increased by $28,472,002.
• At the close of the current fiscal year, the City’s governmental funds reported combined fund
balances of $30,742,135 an increase of $6,970,253 in comparison with the prior year. The
residential growth in the City has led to higher property tax revenue as well as a 2 mil increase in
the millage rate. Both residential and commercial construction activity continues to rise in the
City, resulting in increases to both business license and permit revenue streams. The City
completed two major capital outlay construction projects, the Public Safety Headquarters and
Bluff Avenue Road Reconstruction, in the Capital Projects Sales Tax IV Fund. Several of the
projects obligated in the State and Local Fiscal Recovery Fund (SLFRF) were completed during
the 2024 fiscal year as well. Approximately 13 percent of the governmental funds combined fund
balance, $4,100,000, is available for spending at the government’s discretion (unassigned fund
balance).
• At the end of the current fiscal year, the unrestricted fund balance (the total of the committed,
assigned, and unassigned components of fund balance) for the general fund was $4,596,218 or
17.05 percent of total general fund expenditures.
• The City’s outstanding debt decreased by ($5,081,293) due to making scheduled debt payments.
Overview of the Financial Statements
The discussion and analysis provided here are intended to serve as an introduction to the City’s basic
financial statements. The City’s basic financial statements consist of three components: 1) government-
wide financial statements, 2) fund financial statements and 3) the notes to the financial statements. This
report also contains other supplementary information in addition to the basic financial statements
themselves.
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Government-wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad overview of the
City’s finances in a manner similar to a private-sector business.
The statement of net position presents information on all of the City’s assets, liabilities, and deferred
inflows/outflows of resources with the difference reported as net position. Over time, increases and
decreases in net position may serve as a useful indicator of whether the financial position of the City is
improving or deteriorating.
The statement of activities presents information showing how the City’s net position changed during the
most recent fiscal year. All changes in net position are reported as soon as the underlying event giving
rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses
are reported for some items that will only result in cash flows in future fiscal periods (e.g., uncollected
taxes and earned but unused vacation leave).
Both government-wide financial statements distinguish functions of the City that are principally supported
by taxes and intergovernmental revenues (governmental activities) from other functions that aim to
recover all or a significant portion of their costs through user fees and charges (business-type activities).
The governmental activities of the City include general government, public safety, public works, and
parks, recreation, and tourism. The business-type activities of the City include water and wastewater
utilities, sanitation services, and stormwater enterprises.
The government-wide financial statements include not only the City itself (known as the primary
government), but also a legally separate public facilities corporation for which the City is financially
accountable. The corporation, although a legally separate entity, functions for all practical purposes as a
fund of the City and therefore has been included as an integral part of the primary government.
The government-wide financial statements can be found immediately following this discussion and
analysis.
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. The City, like other local governments, uses fund
accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the
funds of the City can be divided into two categories: governmental funds and proprietary funds. The City
does not have a fiduciary fund.
Governmental funds. Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government-wide financial statements. However, unlike the
government-wide financial statements, governmental fund financial statements focus on near-term inflows
and outflows of spendable resources, as well as on balances of spendable resources available at the end
of the fiscal year. Such information may be useful in evaluating a government’s near-term financing
requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements. By doing
so, readers may better understand the long-term impact of the government’s near-term financing
decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues,
expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between
governmental funds and governmental activities.
The City maintains thirteen individual governmental funds. Information is presented separately in the
governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and
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changes in fund balance for the General Fund, which is considered a major fund. Information is also
presented separately for the Capital Projects Sales Tax IV Fund, Capital Projects Fund, Tax Increment
Fund, North Augusta Public Facilities Corporation Fund, and American Rescue Plan Act Fund (ARPA),
which the City elects to present as major funds. Information from the other seven governmental funds is
combined into a single aggregated presentation. Individual fund data for each of these nonmajor
governmental funds is provided in the form of combining statements in this report.
The City adopts an annual appropriated budget for its General Fund. A budgetary comparison statement
has been provided for the General Fund to demonstrate compliance with the budget.
The basic governmental fund financial statements can be found immediately following the government-
wide financial statements.
Proprietary funds. The City maintains one type of proprietary fund. Enterprise funds are used to report
the same functions presented as business-type activities in the government-wide financial statements.
The City uses enterprise funds to account for its water, wastewater, sanitation, and stormwater operations
as well as the Savannah Bluff Lock and Dam that was created for the purpose of maintaining the Augusta
pool on the Savannah River.
Proprietary funds provide the same type of information as the government-wide financial statements, but
in more detail. The proprietary fund financial statements provide separate information for the water,
wastewater, sanitation, and stormwater operations, all of which are considered to be major funds of the
City. Savannah Bluff Lock and Dam is a nonmajor fund. The proprietary fund financial statements can
be found immediately following the governmental fund financial statements.
Notes to the Financial Statements. The notes provide additional information that is essential for a full
understanding of the data provided in the government-wide and fund financial statements. The notes to
the financial statements can be found immediately following the proprietary fund financial statements.
Other Financial Information. In addition to the basic financial statements, accompanying notes, and
required supplementary information, this report presents certain financial data of individual fund
statements and schedules.
Government-Wide Financial Analysis
As noted earlier, net position over time may serve as a useful indicator of a government’s financial
position. In the case of the City, assets and deferred outflows of resources exceeded liabilities and
deferred inflows of resources by $187,296,695 at the close of the most recent fiscal year.
City of North Augusta's Net Position
2024 2023 2024 2023 2024 2023
Current and other assets 35,901,729$ 38,219,543$ 25,671,975$ 24,226,981$ 61,573,704$ 62,446,524$
Capital assets 156,788,640 146,232,705 90,078,882 85,273,756 246,867,522 231,506,461
Total Assets 192,690,369 184,452,248 115,750,857 109,500,737 308,441,226 293,952,985
Deferred outflows of resources 2,867,861 2,109,138 958,553 866,283 3,826,414 2,975,421
Long-term liabilities outstanding 90,975,015 92,297,766 24,541,328 25,608,931 115,516,343 117,906,697
Other liabilities outstanding 4,921,701 14,099,447 2,012,971 1,770,519 6,934,672 15,869,966
Total Liabilities 95,896,716 106,397,213 26,554,299 27,379,450 122,451,015 133,776,663
Deferred inflow of resources 2,037,593 1,770,234 482,337 331,047 2,519,930 2,101,281
Net position:
Net investment in capital assets 83,754,381 69,956,542 75,191,616 68,970,736 158,945,997 138,927,278
Restricted 16,928,855 11,272,709 9,564,203 9,143,935 26,493,058 20,416,644
Unrestricted (3,059,315) (2,835,312) 4,916,955 4,541,852 1,857,640 1,706,540
Total Net Position 97,623,921$ 78,393,939$ 89,672,774$ 82,656,523$ 187,296,695$ 161,050,462$
Governmental Activities Business-type Activities Total
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By far, the largest portion of the City’s net position, 84.86 percent, reflects its investment in capital assets
(e.g., land, land improvements, rights-of-way and easements, buildings, machinery and equipment,
furniture and fixtures, vehicles, infrastructure, system improvements, PSA capital, and construction in
progress), less any related outstanding debt to acquire those assets. The City uses these capital assets
to provide a variety of services to its citizens. Accordingly, these assets are not available for future
spending. Although the City’s investment in capital assets is reported net of related debt, it should be
noted that the resources needed to repay this debt must be provided from other sources since the capital
assets themselves cannot be used to liquidate these liabilities.
An additional portion of the City’s net position, 14.14 percent, represents resources that are subject to
external restrictions on how they may be used. The remaining balance of $1,857,640 may be used to
meet the government’s ongoing obligations to citizens and creditors.
At the end of the current fiscal year, the City is able to report positive balances in all categories of net
position for the government as a whole. Both the governmental activities and business-type activities are
able to report positive balances in all categories. The governmental unrestricted category was negative in
the prior year. Unrestricted net position is negative in the prior years for governmental activities primarily
because of GASB Statements 68 and 71 requiring the City to accrue net pension liabilities for
governmental and business type activities.
Governmental Activities
During 2024, governmental activities increased the City’s net position by $20,726,067. Governmental
activities revenues increased $19,866,718 from 2023 to 2024 primarily due to an increase in operating
and capital grants and contributions as well as an increase in other tax revenue. Operating grants and
contributions increased $4,454,648. Capital grants and contributions increased $255,787. Both
increases were due to several projects allocated from the SLFRF funds that were initiated and completed
during 2024. The City also received several grants from the state of South Carolina in connections with
additional public safety officers as well as capital projects related to infrastructure and tourism. Other tax
revenue increased 189.74 percent compared to the prior year as a result of the substantial amount of
construction on the Bluff Ave project and Public Safety Headquarters, which initiated the receipt of
revenue from the funds held by Aiken County Treasurer’s Office. Property taxes represent 25.36 percent
of total revenues for governmental activities and increased $1,397,296 from 2023 due to an increased
millage rate of 2 mills in the 2024 budget as well as growth in the City for both residential and construction
properties. The taxable property values increased 3.65 percent over the prior year as the city continued
to see growth. Charges for services include: business license revenues, franchise fees, construction
permits, recreational programs, rentals and tournaments, and public safety fines. These revenues
represent 19.45 percent of total revenues for governmental activities and are predominantly elastic in
nature and vary with economic trends. Charges for services increased $1,170,948 related to continued
increases in construction activity and new businesses opening during the year. The business license
revenue collected in 2024 was 10 percent greater than the previous year. Permits issued in 2024
increased 24 percent over 2023.
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Also, during 2024, governmental activities expenses increased by $3,257,842. General government
expenses decreased by ($89,880) due to a decrease in capital outlay, offset by an increase in fuel costs,
general inflation, and employee retention programs. The costs of cleanup activities from Hurricane
Helene are included in General Government. Parks, Recreation, and Tourism expenses increased
$302,386, or 6.02 percent, due to the increase in tourism and special events and the related expenses,
increase to capital outlay, repairs and updates on park equipment and trails, as well as employee
retention. Public Works expenses increased $87,478, or 2.45 percent due to employee retention
programs. Public Safety expenses reflected an increase of 28.07 percent over the prior year due to
increased capital outlay costs, vehicle repairs, and fuel costs.
City of North Augusta's Changes in Net Position
2024 2023 2024 2023 2024 2023
Revenues:
Program revenues:
Charges for services 12,062,534$ 10,891,586$ 18,402,880$ 16,555,166$ 30,465,414$ 27,446,752$
Operating grants and contributions 9,488,327 5,033,679 23,515 1,301,017 9,511,842 6,334,696
Capital grants and contributions 255,787 - 1,157,324 1,631,416 1,413,111 1,631,416
General revenues:
Property taxes 15,186,783 13,789,487 - - 15,186,783 13,789,487
Other taxes 18,418,203 6,356,851 - - 18,418,203 6,356,851
Other 4,472,167 3,945,480 1,822,888 1,808,683 6,295,055 5,754,163
Total Revenues 59,883,801 40,017,083 21,406,607 21,296,282 81,290,408 61,313,365
Expenses:
General government 9,725,538 9,815,418 - - 9,725,538 9,815,418
Public safety 13,683,146 10,684,522 - - 13,683,146 10,684,522
Public works 3,662,018 3,574,540 - - 3,662,018 3,574,540
Parks, recreation, and tourism 5,329,246 5,026,860 - - 5,329,246 5,026,860
Interest and fiscal charges on debt service 3,240,704 3,281,470 - - 3,240,704 3,281,470
Water and wastewater - - 11,479,132 10,956,787 11,479,132 10,956,787
Sanitation - - 4,604,017 4,493,114 4,604,017 4,493,114
Stormwater - - 1,070,605 992,622 1,070,605 992,622
Savannah Bluff Lock and Dam - - 24,000 22,000 24,000 22,000
Total Expenses 35,640,652 32,382,810 17,177,754 16,464,523 52,818,406 48,847,333
Increase (decrease) in net position before transfers 24,243,149 7,634,273 4,228,853 4,831,759 28,472,002 12,466,032
Transfers (3,517,082) (323,294) 3,517,082 323,294 - -
Increase in net position 20,726,067 7,310,979 7,745,935 5,155,053 28,472,002 12,466,032
Net position-beginning of year 76,897,854 71,082,960 81,926,839 77,501,470 158,824,693 148,584,430
Net position-end of year 97,623,921$ 78,393,939$ 89,672,774$ 82,656,523$ 187,296,695$ 161,050,462$
Governmental Activities Business-type Activities Total
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Business-type Activities
Business-type activities increased the City’s net position by $7,745,935. Sanitation rates remained
unchanged in 2024. Stormwater had a $1 increase to all customers with the 2024 budget. The 2024
budget did not include an increase in rates for water and wastewater, however, there was an increase in
the fourth quarter due to the Aiken County Public Service Authority increasing their Operation and
Maintenance rates in June of 2024. Water sales increased 12.85 percent over the prior year due to
residential and business growth within the City and the off-cycle rate increase. Water rates increased by
$1 on the monthly base fee for customers inside city limits and $2 for customers outside of the city limits
beginning October 1. Water sales were over budget in 2024 by approximately $265,921 related to an
increase in usage and customer base, as well as the fee increase. The City’s gallons billed increased by
5.3 percent over the prior year. Sewer sales increased approximately $781,546, 10.86 percent, over the
prior year complementing the increase in water sales. Sewer rates were also adjusted in October to
include a $1 increase on the usage per 1,000 gallons. This was the same for both customers inside and
outside of the city limits. Fees for sanitation services increased approximately $101,045 related to growth
in the City. Recycling fees increased $10,573 from the prior year. Commercial tipping tons came in over
budget by approximately $41,000 due to the amount of waste material being processed by the City’s
Materials Recovery Facility (MRF) which was more than anticipated. The City was able to make use of
the new facility (completed in 2023) for the entire 2024 fiscal year. Stormwater fees increased 19.72
percent as anticipated due to additional customers and the $1 fee increase for all customers.
Expenses for the Water and Wastewater System increased by $553,147 from the prior year primarily due
to increased fuel costs, employee retention programs, and equipment replacements for the existing water
system. In 2024, the expenses for the Sanitation Services Fund showed an increase from the prior year
of $112,645 due to increased depreciation of capital assets. Increased expenses in the Stormwater Utility
Fund were $78,453 due to increased depreciation of capital assets. A total of $24,000 was expended
from the Savannah Bluff Lock and Dam Fund. This expense for professional services was intended to
assist the City and other members of the consortium in the execution of a solution to improve the lock and
dam that is in the best interests of the parties directly affected by its operation.
Financial Analysis of the Government’s Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-
related legal requirements.
Governmental Funds. The focus of the City’s governmental funds is to provide information on near-term
inflows, outflows, and balances of spendable resources. Such information is useful in assessing the
City’s financing requirements. In particular, unassigned fund balance may serve as a useful measure of a
government’s net resources available for discretionary use as they represent the portion of fund balance
that has not been limited for use by any of: an external party, the City itself, or a group or individual that
has been delegated authority to assign resources for use for particular purposes by the City Council.
At December 31, 2024, the City’s governmental funds reported combined fund balances of $30,742,135,
an increase of $6,970,253 from the prior year. The majority of this increase is attributable to the sales tax
revenue in the Capital Sales Tax IV Fund and the Intergovernmental revenue in the ARPA Fund. The
City completed construction on two major projects listed on the referendum in 2024. In 2023, the majority
of the expenses were paid by the GO Bond and in 2024, the sales tax revenue was remitted to the City
for the completion of the project. Approximately 13 percent of this amount constitutes unassigned fund
balance, which is available for spending at the City’s discretion as described above. Unassigned fund
balance increased by $400,000 for the year due to the City’s reserve requirement to adjust the
unassigned fund balance in the General Fund as the budget fluctuates each year. The remainder of the
fund balance is restricted, committed, or assigned to indicate that it is not available for new spending
because of its use for state victim’s assistance, fire division of public safety, capital projects to include
those funded by capital projects sales taxes, and special projects including Riverside Village, Tourism
Grants issued by the City, and capital projects allocated through SLFRF funding.
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The General Fund is the chief operating fund of the City. At the end of the current fiscal year the
unassigned fund balance of the General Fund was $4,100,000, while total fund balance was $4,730,830.
As a measure of the General Fund’s liquidity, it may be useful to compare unassigned and total fund
balance to total fund expenditures. Unassigned fund balance represents 13.34 percent of total General
Fund expenditures, while total fund balance represents 14.94 percent of those same expenditures.
The total fund balance of the City’s general fund decreased by ($1,005,827) during the current fiscal year.
The most significant factor in this net decrease is related to the increase in capital outlay and unexpected
expenses to clean up the devastation from Hurricane Helene. During the 2024 budget process, the City
decided to purchase capital expenditures outright instead of financing them over five years due to the
increase in interest rates. In September of 2024, the City was hit by a category 4 hurricane, which caused
major damage city-wide, and these expenses will be reimbursed by FEMA.
The ARPA Fund was added as a major fund in 2021 due to the receipt of the first tranche of funding
awarded to the City as part of the Act. The second tranche was received in 2022 and the City has
continued to allocate these funds to respond to COVID-19 related impacts to including replacement of lost
revenue. In 2024, the City was able to complete about 90 percent of the projects these funds were
allocated to and plans to finalize the completion of all projects in 2025. The Capital Projects Sales Tax IV
Fund had an increase of $2,470,549 related to receiving sales tax revenue from Aiken County for the
construction of the Public Safety Headquarters and the Bluff Avenue Road Reconstruction projects listed
in the referendum passed in 2018. The Capital Projects Fund had a fund balance of $8,862,596, an
increase of 29.54 percent, due to the City’s operating budget policy that states the audited unreserved
fund balance of the general fund at year end shall be transferred to the capital projects fund. The Tax
Increment Fund had an increase in fund balance of $98,587 due to the increased collection of ad valorem
property taxes resulting from growth in the tax increment district. These revenues are dedicated towards
debt service and are transferred to the North Augusta Public Facilities Corporation Fund. Fund balance
for the North Augusta Public Facilities Corporation Fund increased 38.82 percent from the prior year due
to the decrease in general government expenses incurred in 2024 and the payment of parking revenue
that was owed to the City over the past two years.
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Fund balance for the City’s nonmajor governmental funds totaled $6,542,954 for 2024, an increase of
$1,089,442, primarily related to increased hospitality and accommodations taxes received in 2024. The
nonmajor governmental revenues that are dedicated towards debt service were transferred to the North
Augusta Public Facilities Corporation Fund.
Proprietary funds. The City’s proprietary funds provide the same type of information found in the
government-wide financial statements, but in more detail. Unrestricted net position of the water and
wastewater system, sanitation services, and stormwater utility at the end of the fiscal year totaled
$4,916,955. Total increase in unrestricted net position was $375,103. Other factors concerning the
finances of these funds have already been addressed in the discussion of the City’s business-type
activities.
General Fund Budgetary Highlights
There were no differences between the original budget and the final budget for the fiscal year ending
December 31, 2024.
Current property tax revenues exceeded budget by approximately $207,000 due to a higher tax base than
originally estimated by Aiken and Edgefield Counties. Additionally, revenues for licenses and building
permits exceeded budgeted revenues by approximately $940,000. This reflects a continued increase in
residential and commercial construction activity across the City. Charges for services reflected a positive
variance with budgeted revenues primarily due to large sports tournaments not projected during the
preparation of the budget. Miscellaneous revenues exceeded budget by approximately $1,058,000
reflective of receipt of unbudgeted other income items to include sales of City assets. Intergovernmental
revenues exceeded budget by approximately $114,000 due to an increase in the state shared revenue.
Fines and forfeitures collections were $60,000 more than anticipated; however, this was offset by over
expenditure of remittances to the state for fees and fines.
The over-expenditures for the General Government and Public Safety were due to the unexpected
expenses related to Hurricane Helene cleanup costs and overtime/additional payments to employees
working relief efforts. Parks, Recreation, and Tourism over-expenditures were primarily due to the
increase of large athletic tournaments. Public Works expenditures were under budget due to savings
resulting from vacant positions and postponement of non-critical projects.
Capital Asset and Debt Administration
Capital Assets. The City’s investment in capital assets for its governmental and business-type activities
as of December 31, 2024, amounts to $246,859,041 (net of accumulated depreciation). This investment
in capital assets includes land, land improvements, rights-of-way and easements, buildings, machinery
and equipment, furniture and fixtures, infrastructure, system improvements, PSA capital, and construction
in progress. The total increase in capital assets for the current fiscal year was approximately $15.4
million, 6.64 percent. Additional information on the City’s capital assets can be found in Note 5 of this
report.
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City of North Augusta's Capital Assets
(net of depreciation)2024 2023 2024 2023 2024 2023
Land 10,330,391$ 10,330,391$ 824,058$ 824,058$ 11,154,449$ 11,154,449$
Land improvements 11,448,361 10,544,511 74,436 77,992 11,522,797 10,622,503
Right-of-way and easements 4,651,327 4,484,537 62,760 62,760 4,714,087 4,547,297
Buildings 83,555,674 85,791,713 18,056,650 19,064,022 101,612,324 104,855,735
Machinery and equipment 1,870,664 1,976,459 1,426,002 1,214,358 3,296,666 3,190,817
Furniture and fixtures 221,133 243,737 - - 221,133 243,737
Vehicles 3,888,387 3,485,518 2,804,624 2,029,509 6,693,011 5,515,027
Infrastructure 15,501,757 15,667,002 - - 15,501,757 15,667,002
System improvements - - 63,939,305 60,209,162 63,939,305 60,209,162
PSA capital - - 1,422,625 1,484,776 1,422,625 1,484,776
Construction in progress 24,760,525 13,708,837 1,108,560 296,138 25,869,085 14,004,975
Right-to-use subscrtiptions 560,421 - 351,381 - 911,802 -
Total Capital Assets 156,788,640$ 146,232,705$ 90,070,401$ 85,262,775$ 246,859,041$ 231,495,480$
Governmental Activities Business-type Activities Total
Major capital asset events during the current fiscal year included the following:
• Various projects related to streets, sidewalks, and storm drainage totaling $1,711,650.
• Nearly $430,000 of water and sewer capital assets were added by developers and contributed to
the City.
• Completed construction on Public Safety Headquarters totaling $10,961,722.
• Land Improvements including additions to the boat dock, amphitheater, and greenway totaling
$1,752,908.
• Purchase of various vehicles, machinery, and equipment for all departments totaling $2,781,997.
• Water and sewer related infrastructure improvements totaling $4,095,723.
Long-term Debt. At the end of the current fiscal year, the City had total bonded debt outstanding of
$84,760,000. The City’s debt represents bonds secured solely by specified revenue sources.
City of North Augusta's Outstanding Debt
2024 2023 2024 2023 2024 2023
Revenue bonds 65,740,000$ 66,595,000$ 13,804,000$ 14,929,000$ 79,544,000$ 81,524,000$
General obligation bonds 5,216,000 6,914,000 - - 5,216,000 6,914,000
Financed purchases payable 1,252,799 2,021,891 739,819 1,374,020 1,992,618 3,395,911
Total Outstanding Debt 72,208,799$ 75,530,891$ 14,543,819$ 16,303,020$ 86,752,618$ 91,833,911$
Governmental Activities Buisness-type Activities Total
The City’s total debt outstanding decreased by ($5,081,293) during the current fiscal year. This net
decrease was attributed to scheduled debt service payments during 2024.
The City maintains “Aa3” rating from Moody’s Investors Service for the taxable Series 2017B revenue
bond reported in governmental activities.
The City’s revenue bonds for business type activities were private issues and therefore not rated. The
City’s debt coverage ratio decreased to 3.12 in 2024. The City’s bond covenants require coverage of
1.25 to issue additional bonds. Please refer to the pledged-revenue bond coverage table at the back of
this report for additional information regarding the City’s revenue bond coverage.
Other long-term debt at the end of the current fiscal year included $1,992,618 in financed purchases
payable for equipment and vehicles, along with other long-term liabilities related to compensated
absences, net pension liability, and subscription-based information technology arrangements totaled
$28,763,725 (not presented in the table above).
Additional information regarding the City’s lease obligations and long-term debt and other long-term
liabilities can be found in Notes 6 and 7 of this report.
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State statutes limit the amount of general obligation debt a governmental entity may issue, without a
referendum, to 8 percent of its total assessed valuation. The current debt limitation for the City is
$15,504,221. Additional information is available on the City’s legal debt margin in the statistical section of
this report.
Economic Factors and Next Year’s Budgets and Rates
2024 has continued to be a year of growth in the City. Several residential and commercial construction
projects have started in the City and are attracting new citizens to North Augusta. The participation in
recreational activities has increased along with an uptick in tourism.
The following economic factors currently affect the City and were considered in developing the 2025 fiscal
year budget:
• During the past ten years, Aiken County’s unemployment rate has fluctuated from 6.0 percent in
2014, decreasing to 3.2 percent during 2022, and then increasing to 4.2 percent for 2024.
• The value of a mill has increased over 72 percent during the past ten years reflective of the growth
in the City’s tax digest. The millage rate for the 2024 budget was 77.50 with 3.80 mills dedicated
for the Capital Projects Fund. The millage rate included for preparing the 2025 budget remained
at 77.50 with 3.80 mills dedicated for the Capital Projects Fund as part of an effort to advance its
capital improvement program across all City departments.
• Implementation of 3 percent cost of living increases as well as fund all positions on-grade
adjustments.
• Increases are expected in health insurance premiums, as well as pension and other employee
benefit costs.
• Income producing activities to include recreational sports, facility rentals, and tournaments to be
included with minimal budget impact.
• Rates may increase for both residential and commercial water/wastewater customers as costs to
provide these services continues to rise. Rates will remain stable for stormwater and sanitation
activities.
All of these factors were considered in preparing the City’s general fund budget for the 2025 fiscal year.
Amounts available for appropriation total $27.25 million, which is an increase of 10.62 percent, over the
final prior fiscal year’s budget of $24.63 million.
The City’s budgetary balance is expected to remain relatively stable during 2025, with opportunities to
bring non-critical projects online.
As for the City’s business type activities, we expect future results to remain stable in 2025. Good business
practices require these services to charge fees that sufficiently recover costs associated with providing the
service. The City continues to maintain a competitive rate structure.
Additional information related to the local economy can be found in the transmittal letter of this report.
Request for Information
The financial report is designed to provide a general overview of the City’s finances for all those with an
interest in the government’s finances. Questions concerning any of the information provided in this report
or requests for additional financial information should be addressed to the Finance Department, City of
North Augusta, P.O. Box 6400, North Augusta, SC 29861-6400.
13
Primary Government
Governmental Business-type
Activities Activities Total
ASSETS
Cash and cash equivalents $ 32,491,393 $ 13,730,839 $ 46,222,232
Taxes receivable 49,587 - 49,587
Accounts receivable, net of allowances 2,202,706 1,937,426 4,140,132
Due from other governments 348,976 - 348,976
Lease receivable 809,067 - 809,067
Inventory - 323,291 323,291
Restricted cash and cash equivalents - 9,680,419 9,680,419
Capital assets:
Non-depreciable 39,742,243 1,995,378 41,737,621
Depreciable, net of accumulated depreciation and amortization 117,046,397 88,083,504 205,129,901
Total assets 192,690,369 115,750,857 308,441,226
DEFERRED OUTFLOWS OF RESOURCES
Pension 2,867,861 958,553 3,826,414
Total deferred outflows of resources 2,867,861 958,553 3,826,414
LIABILITIES
Accounts payable 2,477,156 990,565 3,467,721
Retainage payable 298,282 - 298,282
Accrued liabilities 360,119 11,503 371,622
Unearned revenues 1,007,856 315,127 1,322,983
Accrued interest payable 557,053 - 557,053
Other liabilities 221,235 - 221,235
Payable from restricted resources:
Accrued interest payable - 45,142 45,142
Customer deposits - 650,634 650,634
Long-term liabilities:
Due within one year 5,727,573 2,629,903 8,357,476
Due in more than one year 69,419,238 13,273,805 82,693,043
Other long-term liabilities due in more than one year:
Net pension liability 15,828,204 8,637,620 24,465,824
Total liabilities 95,896,716 26,554,299 122,451,015
DEFERRED INFLOWS OF RESOURCES
Pension 1,292,234 482,337 1,774,571
Deferred lease receipts 745,359 - 745,359
Total deferred inflows of resources 2,037,593 482,337 2,519,930
NET POSITION
Net investment in capital assets 83,754,381 75,191,616 158,945,997
Restricted for:
Victims assistance 134,612 - 134,612
Public safety - fire division 136,213 - 136,213
Operations - Savannah Bluff Lock and Dam - 534,418 534,418
Capital projects 2,319,950 - 2,319,950
Debt service - 9,029,785 9,029,785
Special projects:- -
Riverside Village 12,551,988 - 12,551,988
Tourism grants 578,558 - 578,558
SLFRF 1,019,929 - 1,019,929
DOE Settlement 187,605 187,605
Unrestricted (3,059,315) 4,916,955 1,857,640
Total net position $ 97,623,921 $ 89,672,774 $ 187,296,695
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
STATEMENT OF NET POSITION
DECEMBER 31, 2024
The accompanying notes are an integral part of these financial statements.
14
Program RevenuesOperating CapitalCharges forGrants andGrants and Governmental Business-typeFunctions/ProgramsExpensesServicesContributions Contributions ActivitiesActivitiesTotalPrimary government: Governmental activities: General government $ 9,725,538 $ 8,579,698 $ 9,283,012 $- $ 8,137,172 $- $ 8,137,172 Public safety 13,683,146 1,005,483 102,747 - (12,574,916) - (12,574,916) Public works3,662,018 112,142 102,568 - (3,447,308) - (3,447,308) Parks, recreation and tourism5,329,246 2,365,211 - 255,787 (2,708,248) - (2,708,248) Interest on long-term debt3,240,704 - - - (3,240,704) - (3,240,704) Total governmental activities 35,640,652 12,062,534 9,488,327 255,787 (13,834,004) - (13,834,004) Business-type activities: Water and wastewater11,479,132 12,673,327 23,515 427,378 - 1,645,088 1,645,088 Sanitation4,604,017 4,672,450 - - - 68,433 68,433 Stormwater utility1,070,605 1,057,103 - 729,946 - 716,444 716,444 Savannah Bluff Lock and Dam24,000 - - - - (24,000) (24,000) Total business-type activities 17,177,754 18,402,880 23,515 1,157,324 - 2,405,965 2,405,965 Total primary government $ 52,818,406 $ 30,465,414 $ 9,511,842 $ 1,413,111 (13,834,004) 2,405,965 (11,428,039) General revenues:Ad valorem property taxes15,186,783 - 15,186,783 Capital projects sales tax 15,190,311 - 15,190,311 Local hospitality and accommodation tax 3,227,892 - 3,227,892 Interest earned2,416,575 871,070 3,287,645 Gain on sale of capital assets- 116,625 116,625 Miscellaneous2,055,592 835,193 2,890,785 Transfers(3,517,082) 3,517,082 - Total general revenues and transfers 34,560,071 5,339,970 39,900,041 Change in net position20,726,067 7,745,935 28,472,002 Net position, beginning of year, as previously reported 78,393,939 82,656,523 161,050,462 Adjustment for change in accounting principle (Note 15)(1,496,085) (729,684) (2,225,769) Net position, beginning of year, as adjusted76,897,854 81,926,839 158,824,693 Net position, end of year$ 97,623,921 $ 89,672,774 $ 187,296,695 Net (Expenses) Revenues and Changes in Net PositionPrimary GovernmentCITY OF NORTH AUGUSTA, SOUTH CAROLINASTATEMENT OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 2024The accompanying notes are an integral part of these financial statements. 15
Capital Projects CapitalTax North AugustaNonmajorTotalGeneral Sales Tax IV Projects Increment Public Facilities ARPAGovernmental GovernmentalFund Fund Fund Fund Corporation Fund Fund Funds FundsASSETSCash and cash equivalents 6,644,022$ 632,043$ 8,819,993$ 577,174$ 6,679,661$ 2,186,893$ 6,951,607$ 32,491,393$ Taxes receivable, net of allowances 49,587 - - - - - - 49,587 Accounts receivable252,251 1,791,537 58,883 - 100,035 - - 2,202,706 Intergovernmental receivables 239,407 - 22,000 - - - 87,569 348,976 Lease receivable809,067 - - - - - - 809,067 Total assets 7,994,334 2,423,580 8,900,876 577,174 6,779,696 2,186,893 7,039,176 35,901,729 LIABILITIES Accounts payable 1,842,229 - 16,280 - 4,016 204,083 410,548 2,477,156 Retainage payable - 212,608 - - - - 85,674 298,282 Accrued liabilities 360,119 - - - - - - 360,119 Unearned revenues 44,975 - - - - 962,881 - 1,007,856 Other accrued liabilities 221,235 - - - - - - 221,235 Total liabilities 2,468,558 212,608 16,280 - 4,016 1,166,964 496,222 4,364,648 DEFERRED INFLOWS OF RESOURCES Unavailable revenue - property taxes 49,587 - - - - - - 49,587 Deferred lease receipts 745,359 - - - - - - 745,359 Total deferred inflows of resources 794,946 - - - - - - 794,946 FUND BALANCESRestricted: Capital projects - 2,210,972 - - - - 108,978 2,319,950 Victim's assistance 134,612 - - - - - - 134,612 Public safety - fire division - - - - - - 136,213 136,213 Special projects - - - 577,174 6,775,680 1,019,929 5,965,297 14,338,080 Committed: Capital projects 496,218 - 8,781,855 - - - 323,146 9,601,219 Parks, recreation and tourism - - 12,994 - - - - 12,994 Housing and development - - 89,747 - - - - 89,747 Assigned: Capital projects - - - - - - 9,320 9,320 Unassigned 4,100,000 - - - - - - 4,100,000 Total fund balances4,730,830 2,210,972 8,884,596 577,174 6,775,680 1,019,929 6,542,954 30,742,135 Total liabilities, deferred inflows of resources, and fund balances 7,994,334$ 2,423,580$ 8,900,876$ 577,174$ 6,779,696$ 2,186,893$ 7,039,176$ 35,901,729$ CITY OF NORTH AUGUSTA, SOUTH CAROLINA BALANCE SHEET GOVERNMENTAL FUNDSDECEMBER 31, 2024The accompanying notes are an integral part of these financial statements. 16
Fund balances, end of year 30,742,135$
156,788,640
49,587
2,867,861
(1,292,234)
Compensated absences $ (2,410,834)
Installment purchase revenue bonds (70,956,000)
Financed purchases payable (1,252,799)
Subscription liability payable (527,178)
Net pension liability (15,828,204)
Total long-term liabilities (90,975,015)
(557,053)
Net position of governmental activities, end of year 97,623,921$
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET POSITION
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
Amounts reported for governmental activities in the Statement of Net Position are different because:
Interest on long-term debt is not accrued in governmental funds, but rather is recognized as an
expenditure when due.
DECEMBER 31, 2024
Capital assets used in governmental activities are not financial resources and, therefore, are not reported
in the funds.
Other long-term assets are not available to pay for current period expenditures and, therefore, are
reported as unavailable revenue in the funds.
Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the
funds.
Deferred outflows of resources related to the recording of the net pension liability are recognized as
expense over time and, therefore, are not reported in the funds.
Deferred inflows of resources related to the recording of the net pension liability are not due and payable
in the current period and, therefore, are not reported in the funds.
The accompanying notes are an integral part of these financial statements.
17
Capital Projects CapitalTaxNorth AugustaNonmajorTotalGeneral Sales Tax IV Projects Increment Public Facilities ARPAGovernmental GovernmentalFund Fund Fund Fund Corporation Fund Fund Funds FundsRevenues:Ad valorem property taxes 10,666,180$ -$ 546,197$ 3,801,864$ -$ -$ -$ 15,014,241$ Sales taxes - 15,190,311 - - - - - 15,190,311 Local hospitality and accommodations taxes- - - - - - 3,227,892 3,227,892 Licenses and permits 8,579,698 - - - - - - 8,579,698 Intergovernmental 1,860,324 - 255,787 - 192,851 7,295,018 535,065 10,139,045 Charges for services 1,746,187 - - - 786,744 - - 2,532,931 Fines and forfeitures 949,905 - - - - - - 949,905 Interest earnings 309,390 81,917 340,294 23,134 150,650 379,638 1,131,552 2,416,575 Miscellaneous 1,664,978 - 194,179 - - - 3,584 1,862,741 Total revenues 25,776,662 15,272,228 1,336,457 3,824,998 1,130,245 7,674,656 4,898,093 59,913,339 Expenditures:Current: General government 8,016,402 - 101,792 3,206 639,036 - 23,436 8,783,872 Public safety 11,058,293 - - - - 1,645,047 93,793 12,797,133 Public works 1,836,553 - - - - - 348,972 2,185,525 Parks, recreation and tourism 3,696,591 - 19,710 - - - 720,476 4,436,777 Capital outlay1,617,953 11,031,506 1,939,988 - - 552,800 27,212 15,169,459 Debt service:Principal retirement682,118 1,698,000 202,623 - 855,000 - - 3,437,741 Interest50,075 72,173 - - 3,136,076 - - 3,258,324 Total expenditures26,957,985 12,801,679 2,264,113 3,206 4,630,112 2,197,847 1,213,889 50,068,831 Excess (deficiency) of revenues over (under) expenditures(1,181,323) 2,470,549 (927,656) 3,821,792 (3,499,867) 5,476,809 3,684,204 9,844,508 Other financing sources (uses): Issuance of subscription liabilities642,827 - - - - - - 642,827 Transfers in1,439,545 - 3,081,288 - 5,394,755 - 356 9,915,944 Transfers out(1,906,876) - (110,656) (3,723,205) - (5,097,171) (2,595,118) (13,433,026) Total other financing sources (uses), net 175,496 - 2,970,632 (3,723,205) 5,394,755 (5,097,171) (2,594,762) (2,874,255) Net change in fund balances(1,005,827) 2,470,549 2,042,976 98,587 1,894,888 379,638 1,089,442 6,970,253 Fund balances (deficits), beginning of year5,736,657 (259,577) 6,841,620 478,587 4,880,792 640,291 5,453,512 23,771,882 Fund balances, end of year4,730,830$ 2,210,972$ 8,884,596$ 577,174$ 6,775,680$ 1,019,929$ 6,542,954$ 30,742,135$ CITY OF NORTH AUGUSTA, SOUTH CAROLINASTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE YEAR ENDED DECEMBER 31, 2024The accompanying notes are an integral part of these financial statements.18
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED DECEMBER 31, 2024
Net change in fund balances - total governmental funds $ 6,970,253
Capital outlays $ 16,450,217
Depreciation expense (5,894,282)
10,555,935
(29,538)
Issuance of subscription liabilities $ (642,827)
Repayment of the principal of long-term debt 3,437,741
2,794,914
Compensated absences $ (13,917)
Accrued interest on long-term debt 17,620
Net pension liability 430,800
434,503
Change in net position of governmental activities $ 20,726,067
Some expenses reported in the Statement of Activities do not require the use of current financial
resources and, therefore, are not reported as expenditures in governmental funds.
Amounts reported for governmental activities in the statement of activities are different
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities the
cost of those assets is allocated over their estimated useful lives and reported as depreciation expense.
This is the amount by which capital outlays exceeded depreciation in the current period.
Revenues in the Statement of Activities that do not provide current financial resources are not reported
as revenues in the funds.
The issuance of long-term debt provides current financial resources to governmental funds, while the
repayment of the principal of long-term debt consumes the current financial resources of governmental
funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the
effect of premiums, discounts, and similar items when debt is first issued, whereas these amounts are
deferred and amortized in the Statement of Activities. This amount is the net effect of these differences
in the treatment of long-term debt and related items.
The accompanying notes are an integral part of these financial statements.
19
Revenues:
Ad valorem property taxes $ 10,458,548 $ 10,458,548 $ 10,666,180 $ 207,632
Licenses and permits 7,639,000 7,639,000 8,579,698 940,698
Fines and forfeitures 889,761 889,761 949,905 60,144
Charges for services 1,447,140 1,447,140 1,746,187 299,047
Intergovernmental 1,745,849 1,745,849 1,860,324 114,475
Interest earnings 250,000 250,000 309,390 59,390
Miscellaneous 774,929 774,929 1,664,978 890,049
Total revenues 23,205,227 23,205,227 25,776,662 2,571,435
Expenditures:
Current:
General government 7,119,407 7,119,407 8,016,402 (896,995)
Public safety 10,743,229 10,743,229 11,058,293 (315,064)
Public works 1,970,154 1,970,154 1,836,553 133,601
Parks, recreation and tourism 3,367,629 3,367,629 3,696,591 (328,962)
Capital outlay 782,345 782,345 1,617,953 (835,608)
Debt service:
Principal retirement 636,291 636,291 682,118 (45,827)
Interest 12,315 12,315 50,075 (37,760)
Total expenditures 24,631,370 24,631,370 26,957,985 (2,326,615)
Deficiency of revenues
under expenditures (1,426,143) (1,426,143) (1,181,323) 244,820
Other financing sources (uses):
Issuance of subscription liabilities - - 642,827 642,827
Transfers in 1,426,143 1,426,143 1,439,545 13,402
Transfers out - - (1,906,876) (1,906,876)
Total other financing
sources, net 1,426,143 1,426,143 175,496 (1,250,647)
Net change in fund balances - - (1,005,827) (1,005,827)
Fund balances, beginning of year 5,736,657 5,736,657 5,736,657 -
Fund balances, end of year $ 5,736,657 $ 5,736,657 $ 4,730,830 $ (1,005,827)
Budget Variance with
Final BudgetOriginal Final Actual
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31, 2024
The accompanying notes are an integral part of these financial statements.
20
Wastewater Sanitation Savannah Bluff
System Services Fund Lock and Dam
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 7,960,272 $ 3,563,908 $ 1,672,241 $ 534,418 $ 13,730,839
Accounts receivable, net of allowances 1,911,557 25,869 - - 1,937,426
Inventory 323,291 - - - 323,291
Restricted cash and cash equivalents 9,680,419 - - - 9,680,419
Total current assets 19,875,539 3,589,777 1,672,241 534,418 25,671,975
NONCURRENT ASSETS
Capital assets:
Non-depreciable 797,254 1,013,148 184,976 - 1,995,378
Depreciable, net of accumulated
depreciation and amortization 73,247,828 4,587,442 10,248,234 - 88,083,504
Total noncurrent assets 74,045,082 5,600,590 10,433,210 - 90,078,882
Total assets 93,920,621 9,190,367 12,105,451 534,418 115,750,857
DEFERRED OUTFLOWS OF RESOURCES
Pensions 473,213 411,199 74,141 - 958,553
Total deferred outflows of resources 473,213 411,199 74,141 - 958,553
LIABILITIES
CURRENT LIABILITIES
Accounts payable 785,606 173,216 31,743 - 990,565
Accrued liabilities - 11,503 - - 11,503
Customer deposits 650,634 - - - 650,634
Compensated absences 502,173 389,594 124,675 - 1,016,442
Unearned revenue 315,127 - - - 315,127
Accrued interest payable 44,679 - 463 - 45,142
Current portion of revenue bonds payable 1,144,000 - - - 1,144,000
Current portion of financed purchases payable 65,410 296,245 29,128 - 390,783
Current portion of subscriptions payable 53,026 20,792 4,860 - 78,678
Total current liabilities 3,560,655 891,350 190,869 - 4,642,874
NONCURRENT LIABILITIES
Revenue bonds payable, net of current portion 12,660,000 - - - 12,660,000
Financed purchases payable, net of current portion 59,601 267,599 21,836 - 349,036
Subscriptions payable net of current portion 178,929 69,597 16,243 - 264,769
Net pension liability 4,484,676 3,512,794 640,150 - 8,637,620
Total noncurrent liabilities 17,383,206 3,849,990 678,229 - 21,911,425
Total liabilities 20,943,861 4,741,340 869,098 - 26,554,299
DEFERRED INFLOWS OF RESOURCES
Pensions 221,400 209,090 51,847 - 482,337
Total deferred inflows of resources 221,400 209,090 51,847 - 482,337
NET POSITION
Net investment in capital assets 59,884,116 4,946,357 10,361,143 - 75,191,616
Restricted for debt service 9,029,785 - - - 9,029,785
Restricted for operations - - - 534,418 534,418
Unrestricted 4,314,672 (295,221) 897,504 - 4,916,955
Total net position $ 73,228,573 $ 4,651,136 $ 11,258,647 $ 534,418 $ 89,672,774
Stormwater
Utility Fund
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
DECEMBER 31, 2024
Enterprise Fund
Nonmajor
Enterprise Funds
Total
Water and
The accompanying notes are an integral part of these financial statements.
21
Wastewater Sanitation Savannah Bluff
System Services Fund Lock and Dam
OPERATING REVENUES
Charges for services and fees $ 12,673,327 $ 4,482,410 $ 1,057,103 $- $ 18,212,840
Sale of recyclables - 190,040 - - 190,040
Miscellaneous 739,165 66,220 29,808 - 835,193
Total operating revenues 13,412,492 4,738,670 1,086,911 - 19,238,073
OPERATING EXPENSES
Finance 730,497 - - - 730,497
Administration 640,689 - - - 640,689
Operations and maintenance 6,253,597 2,977,928 574,493 24,000 9,830,018
Production and treatment 1,801,659 - - - 1,801,659
Material recovery facility - 917,658 - - 917,658
Depreciation and amortization 1,795,327 694,601 495,535 - 2,985,463
Total operating expenses 11,221,769 4,590,187 1,070,028 24,000 16,905,984
Operating income (loss) 2,190,723 148,483 16,883 (24,000) 2,332,089
NONOPERATING REVENUES (EXPENSES)
Interest income 660,815 139,486 42,892 27,877 871,070
Gain on sale of property 27,549 89,076 - - 116,625
Interest expense (257,363) (13,830) (577) - (271,770)
Intergovernmental 23,515 - - - 23,515
Total nonoperating revenues, net 454,516 214,732 42,315 27,877 739,440
Income before capital
contributions and transfers 2,645,239 363,215 59,198 3,877 3,071,529
CAPITAL CONTRIBUTIONS 427,378 - 729,946 - 1,157,324
TRANSFERS
Transfers in 20,068,172 1,042,147 2,644 - 21,112,963
Transfers out (17,215,974) (341,004) (38,903) - (17,595,881)
Total transfers 2,852,198 701,143 (36,259) - 3,517,082
Change in net position 5,924,815 1,064,358 752,885 3,877 7,745,935
Total net position, beginning of year,
as previously reported 67,675,004 3,852,623 10,598,355 530,541 82,656,523
Adjustment for change in
accounting principle (Note 15)(371,246) (265,845) (92,593) - (729,684)
Total net position, beginning of year,
as adjusted 67,303,758 3,586,778 10,505,762 530,541 81,926,839
Total net position, end of year $ 73,228,573 $ 4,651,136 $ 11,258,647 $ 534,418 $ 89,672,774
Utility Fund
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
FOR THE YEAR ENDED DECEMBER 31, 2024
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION
PROPRIETARY FUNDS
Stormwater
Nonmajor
Enterprise Fund
Total
Enterprise Funds
Water and
The accompanying notes are an integral part of these financial statements.
22
Wastewater Sanitation Savannah Bluff
System Services Fund Lock and Dam
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users $ 13,135,865 $ 4,742,602 $ 1,086,911 $- $ 18,965,378
Payments to suppliers (6,125,707) (1,593,410) (141,161) (24,000) (7,884,278)
Payments to employees (3,330,902) (2,381,174) (475,960) - (6,188,036)
Net cash provided by
(used in) operating activities 3,679,256 768,018 469,790 (24,000) 4,893,064
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers in 20,068,172 1,042,147 2,644 - 21,112,963
Transfers out (17,215,974) (341,004) (38,903) - (17,595,881)
Intergovernmental receipts 23,515 - - - 23,515
Net cash provided by (used in) noncapital
financing activities 2,875,713 701,143 (36,259) - 3,540,597
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Purchases of capital assets (4,352,443) (1,802,948) (60,032) - (6,215,423)
Proceeds from the sale of capital assets 27,540 89,075 - - 116,615
Principal paid on revenue bonds (1,125,000) - - - (1,125,000)
Principal paid on financed purchases (193,235) (411,590) (29,376) - (634,201)
Principal paid on subscriptions (50,046) (19,724) (4,615) - (74,385)
Interest paid (262,836) (13,830) (308) - (276,974)
Net cash used in capital
and related financing activities (5,956,020) (2,159,017) (94,331) - (8,209,368)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 660,815 139,486 42,892 27,878 871,071
Net cash provided by investing activities 660,815 139,486 42,892 27,878 871,071
Net change in cash and cash equivalents 1,259,764 (550,370) 382,092 3,878 1,095,364
Cash and cash equivalents, beginning of year 16,380,927 4,114,278 1,290,149 530,540 22,315,894
Cash and cash equivalents, end of year $ 17,640,691 $ 3,563,908 $ 1,672,241 $ 534,418 $ 23,411,258
Classified as:
Cash and cash equivalents $ 7,960,272 $ 3,563,908 $ 1,672,241 $ 534,418 $ 13,730,839
Restricted assets, cash 9,680,419 - - - 9,680,419
$ 17,640,691 $ 3,563,908 $ 1,672,241 $ 534,418 $ 23,411,258
(Continued)
Utility Fund Enterprise Funds
Water and
Stormwater
Enterprise Fund
Total
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2024
Nonmajor
The accompanying notes are an integral part of these financial statements.
23
Wastewater Sanitation Savannah Bluff
System Services Fund Lock and Dam
RECONCILIATION OF OPERATING INCOME (LOSS)
TO NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES
Operating income (loss)$ 2,190,723 $ 148,483 $ 16,883 $ (24,000) $ 2,332,089
Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:
Depreciation and amortization 1,795,327 694,601 495,535 - 2,985,463
Changes in assets and liabilities:
Decrease (increase) in accounts receivable (276,627) 3,932 - - (272,695)
Increase in inventory (76,936) - - - (76,936)
Increase in deferred outflows of resources (45,676) (34,863) (11,731) - (92,270)
Increase in accounts payable 291,024 74,928 20,031 - 385,983
Decrease in accrued liabilities (123,915) (63,517) (32,234) - (219,666)
Increase in customer deposits 21,657 - - - 21,657
Decrease in advances from other funds (23,515) - - - (23,515)
Decrease in net pension liability (147,693) (112,714) (37,929) - (298,336)
Increase in deferred inflows or resources 74,887 57,168 19,235 - 151,290
Net cash provided by
(used in) operating activities $ 3,679,256 $ 768,018 $ 469,790 $ (24,000) $ 4,893,064
SCHEDULE OF NON-CASH CAPITAL AND
RELATED FINANCING ACTIVITIES
Contributions of capital assets $ 427,378 $- $ 729,946 $- $ 1,157,324
Acquisition of subscription assets 282,001 110,113 25,718 - 417,832
Initiation of subscription liabilities (282,001) (110,113) (25,718) - (417,832)
$ 427,378 $- $ 729,946 $- $ 1,157,324
Utility Fund Enterprise Funds
Water and
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2024
Stormwater
Nonmajor
Enterprise Fund
Total
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
STATEMENT OF CASH FLOWS
24
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2024
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Description of Government-wide Financial Statements
The government-wide financial statements (i.e., the Statement of Net Position and the Statement
of Activities) report information on all of the activities of the primary government and its component
units. Governmental activities, which normally are supported by taxes, intergovernmental
revenues, and other nonexchange transactions, are reported separately from business-type
activities, which rely to a significant extent, on fees and charges to external customers for support.
Likewise, the primary government is reported separately from certain legally separate component
units for which the primary government is financially accountable.
B. Financial Reporting Entity
The City of North Augusta, South Carolina (the “City”) (the primary government) was officially
incorporated on April 11, 1906. The City has a Mayor-Council form of government. City Council is
composed of seven members elected at large on a partisan basis. City Council is the legally
constituted law-making and policy-making body for the City.
The reporting entity of the City, for financial purposes, includes all the funds relevant to the
operations of the City of North Augusta, South Carolina. The City is also required to include in its
financial statements those separately administered organizations (component units) with which the
City has significant operation or financial relationships. The criteria for including organizations as
component units within the City’s reporting entity include whether the organization is legally
separate and whether the City holds the corporate powers, whether the City appoints a majority of
the organization’s board and is able to impose its will, and the ability of the organization to impose
a financial benefit or burden on the City (“financial accountability”).
Blended Component Unit – The North Augusta Public Facilities Corporation (the “Corporation”)
was established by the City on December 2, 2014, primarily to issue debt related to construction
and maintenance of buildings that are to be leased by the City. The Corporation is a legally
separate nonprofit organization. The Corporation is governed by a five-member board of directors
comprised of the City’s Mayor and four City citizens. The City’s Clerk and Finance Director serve
as the respective Secretary and Treasurer of the Corporation. The City has determined it is
financially accountable for the Corporation, and the Corporation’s outstanding debt is expected to
be repaid entirely with resources of the City. Based on these factors, management has determined
the Corporation is appropriately presented as a blended component unit in the City’s financial
statements. The Corporation is reported as a debt service fund and does not issue separate
financial statements.
25
NOTES TO FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. Measurement Focus, Basis of Accounting, and Financial Statement
Presentation
Government-wide and Fund Financial Statements – The City government-wide financial
statements include a Statement of Net Position and a Statement of Activities. These statements
present summaries of governmental and business-type activities for the City accompanied by a
total column. Governmental activities, which normally are supported by taxes and
intergovernmental revenues, are reported separately from business-type activities, which rely to a
significant extent, on fees and charges for support.
The Statement of Activities demonstrates the degree to which the direct expenses of a given
function or segment are 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 or applicants who purchase, use or directly benefit from goods, services, or privileges
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. Taxes and
other items not properly included among program revenues are reported instead as general
revenues. Separate financial statements are provided for governmental funds and proprietary
funds. Major individual funds are reported as separate columns in the fund financial statements.
The government-wide financial statements are presented on an economic resources
measurement focus and the accrual basis of accounting. Accordingly, all of the City’s assets and
liabilities, including capital assets and subscription assets, as well as infrastructure assets and
long-term liabilities, are included in the accompanying Statement of Net Position. The Statement
of Activities presents changes in net position. Under the accrual basis of accounting, revenues are
recognized in the period in which they are earned while expenses are recognized in the period in
which the liability is incurred.
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 both measurable and available. Revenues are considered to be available when
they are collectible within the current period or soon enough thereafter to pay liabilities of the
current period. For this purpose, the City considers revenues to be available if they are collected
within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a
liability is incurred, as under accrual accounting. However, debt service expenditures, as well as
expenditures related to compensated absences and claims and judgments, are recorded only
when payment is due.
26
NOTES TO FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. Measurement Focus, Basis of Accounting, and Financial Statement
Presentation (Continued)
The primary revenue sources, which have been treated as susceptible to accrual by the City, are
property tax, sales tax, intergovernmental revenues and other taxes. Only the portion of special
assessments receivable due within the current fiscal period is considered to be susceptible to
accrual as revenue of the current period. All other revenue items are considered to be measurable
and available only when cash is received by the City.
The City reports the following major governmental funds:
General Fund – This is the City’s general operating fund. It accounts for all financial resources,
except those required to be accounted for in another fund.
Capital Projects Sales Tax IV Fund – This fund is used to account for the receipt and
disbursement of money from the county-wide capital project sales tax.
Capital Projects Fund – This fund is used to account for the acquisition and construction of
major capital items other than those financed by proprietary funds and trust funds.
Tax Increment Fund – This fund is used to account for the receipt of property taxes assessed
and levied in the tax increment financing district.
North Augusta Public Facilities Corporation Fund – This fund represents the activities of the
North Augusta Public Facilities Corporation, a blended component unit, as previously discussed
at the beginning of Note 1.
ARPA Fund – This fund is used to account for the receipt of the Coronavirus State and Local
Fiscal Recovery Fund (SLFRF) allocation from the State of South Carolina as appropriated by
the American Rescue Plan Act of 2021 as well as to account for the disbursement of funds for
general government services and infrastructure projects as allowed under the U.S. Department
of Treasury's Final Rule.
Proprietary funds are accounted for using the economic resources measurement focus and the
accrual basis of accounting. Accordingly, all assets and liabilities (whether current or non-current)
are included on the Statement of Net Position. The Statement of Revenues, Expenses, and
Changes in Net Position present increases (revenues) and decreases (expenses) in total net
position. Under the accrual basis of accounting, revenues are recognized in the period in which they
are earned while expenses are recognized in the period in which the liability is incurred.
27
NOTES TO FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. Measurement Focus, Basis of Accounting, and Financial Statement
Presentation (Continued)
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering
goods in connection with a proprietary fund’s principal ongoing operations. Operating expenses for
the proprietary funds include the cost of sales and services, administrative expenses and
depreciation on capital assets. All revenues and expenses not meeting this definition are reported
as nonoperating revenues and expenses.
For the City’s proprietary funds, the intent of the governing body is that the costs (expenses
including depreciation) of providing goods or services to the general public on a continuing basis
be financed or recovered primarily through user charges. The City reports the following major
proprietary funds:
Water and Wastewater System Fund – This fund is used to account for waterworks and
wastewater system operations that are financed and operated in a manner similar to private
business enterprises.
Sanitation Services Fund – This fund is used to account for sanitation and recycling operations
that are financed and operated in a manner similar to private business enterprises.
Stormwater Utility Fund – This fund is used to account for improvements to stormwater runoff
infrastructure that are financed and operated in a manner similar to private business
enterprises.
Interfund Transactions – Interfund transactions consisting of identified services performed for other
funds or costs billed to other funds are treated as expenditures in the fund receiving the services
and as a reimbursement reducing expenditures in the fund performing the service. Outstanding
balances resulting from transactions between funds are reported as “due to/due from other funds.”
Any residual balances between the governmental and the business-type activities are reported on
the government-wide financial statements as “internal balances.”
Estimates – The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America (U.S. GAAP) requires management to make
estimates and assumptions that affect certain reported amounts and disclosures.
28
NOTES TO FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Budgets and Budgetary Accounting
The City follows these procedures in establishing the budgetary data reflected in the financial
statements.
• Prior to October 1, the City Administrator submits to the City Council a proposed operating
budget for the fiscal year commencing the following January 1. The operating budget includes
proposed expenditures and expenses and the means of financing them.
• Public hearings are conducted to obtain taxpayer comments.
• Prior to January 1, the budget is legally enacted through passage of an ordinance.
• Transfer of budgeted amounts between functional areas must be approved by the City
Council. However, the City Administrator can amend the budget at the line item or department
level, within a functional area, not to exceed $5,000. Management can also over-expend
appropriations, with the City Administrator’s approval, at the line item and department level, as
long as the total expenditures or expenses do not exceed appropriations of the functional
area.
• Formal budgetary integration is employed as a management control device. A budget is
legally adopted annually for the General Fund on a basis consistent with U.S. GAAP.
• Annual budgets are not adopted for the Special Revenue Funds or the Capital Projects
Funds. These funds budget on a project or activity basis instead of an annual operating cycle
basis. Budgets for the enterprise funds are legally adopted annually on a basis consistent with
U.S. GAAP except that depreciation is not a budgeted item.
• Budgeted amounts are as originally adopted or as amended by the City Council or the City
Administrator. There were no individual amendments to the original appropriations, which
were adopted and consisted of transferring amounts within departmental accounts. No
supplemental appropriations were necessary during the year.
• The City employs the use of encumbrance accounting during the year. All encumbrances
lapse at the end of the year.
• Unexpended appropriations lapse at the end of the year except that a whole or part of
appropriations provided in the budget for capital or betterment outlays of any department or
activity remaining unexpended at the close of the fiscal year is held available for the following
year.
29
NOTES TO FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Budgets and Budgetary Accounting (Continued)
Excess of Expenditures over Appropriations – For the year ended December 31, 2024,
expenditures exceeded budget in the General Fund for the following functions:
(Over) Under
Function Final Budget Actual Budget
Current - General Government 7,119,407$ 8,016,402$ (896,995)$
Capital Outlay - General Government 240,845 947,191 (706,346)
Total General Government 7,360,252$ 8,963,593$ (1,603,341)$
Current - Public Safety 10,743,229$ 11,058,293$ (315,064)$
Capital Outlay - Public Safety 500,500 640,762 (140,262)
Total Public Safety 11,243,729$ 11,699,055$ (455,326)$
Current - Parks, Recreation and Tourism 3,367,629$ 3,696,591$ (328,962)$
Total Parks, Recreation and Tourism 3,367,629$ 3,696,591$ (328,962)$
Debt Service - Principal Retirement 636,291$ 682,118$ (45,827)$
Debt Service - Interest 12,315 50,075 (37,760)
Total Debt Service 648,606$ 732,193$ (83,587)$
The over-expenditures for General Government were due to the purchase of Subscription-Based
Information and Technology Arrangements (SBITAs) and expenditures on disaster relief efforts. The over-
expenditures for Public Safety were due to the purchase of vehicles and expenditures for personnel costs.
The over-expenditures for Parks. Recreation, and Tourism were due to the increase of large athletic
tournaments. The over-expenditures for Debt Service were due to principal and interest paid on new
SBITAs.
E. Assets, Liabilities, Deferred Outflow/Inflows of Resources, and Net Position
and Fund Balance
Cash/Cash Equivalents and Investments – For purposes of the Statement of Cash Flows, the
enterprise funds consider all highly-liquid investments (including restricted assets) with a maturity
of three months or less when purchased, to be cash equivalents.
Investments are stated at fair value. A detailed description of investments is included in Note 2.
Receivables – Receivables are shown net of allowances for uncollectible amounts. Uncollectible
amounts are estimated based upon past collection experience.
Inventory – Inventory in the Water and Wastewater System Fund is valued at cost (first-in, first-
out) using the consumption method and consists of supplies used in repairing and maintaining the
water and wastewater systems.
30
NOTES TO FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
E. Assets, Liabilities, Deferred Outflow/Inflows of Resources, and Net Position
and Fund Balance (Continued)
Restricted Assets – Certain resources set aside for the City’s debt repayment (revenue bonds) are
classified as restricted assets on the Statement of Net Position because their use is limited by
debt agreements.
Capital Assets – All purchased capital assets are valued at cost where historical records are
available and at an estimated historical cost where no historical records exist. Donated capital
assets are valued at their estimated acquisition value on the date received. General infrastructure
assets consisting of roadways, storm drainage, sidewalks, etc., constructed, or acquired prior to
January 1, 2003, are reported at estimated historical cost using deflated replacement cost.
General infrastructure assets constructed or acquired after January 1, 2003, are reported at cost.
The City’s policy is to capitalize purchases over $5,000.
The costs of normal maintenance and repairs that do not add to the value of assets or materially
extend asset lives are not capitalized. Improvements are capitalized and depreciated over the
remaining useful lives of the related capital assets, as applicable.
Land and construction in progress are not depreciated. Depreciable and right-to-use assets are
depreciated and amortized using the straight-line method over the following estimated useful lives:
Buildings 10 - 40 years
Water and wastewater system, structures, and facilities 20 - 75 years
Machinery and equipment 3 - 12 years
Furniture and fixtures 5 - 12 years
Vehicles 5 - 10 years
Other assets 20 years
PSA capital share - Aiken 40 years
Roadways 25 years
Right-to-use software 5 years
Compensated Absences – It is the City’s policy to permit employees to accumulate earned but
unused vacation and sick pay benefits. All vacation and sick pay are attributable to past service
and the employees will be compensated; therefore, the vacation and sick pay are accrued in the
government-wide and proprietary fund financial statements. For governmental activities,
compensated absences are generally liquidated by the General Fund and vacation pay is only
reported when it is payable to the employee upon resignation or retirement.
Leases (Lessor) – The City is the lessor for certain noncancellable leases of real property within the
City. The City recognizes a lease receivable and a deferred inflow of resources for deferred lease
receipts in accordance with these transactions.
31
NOTES TO FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
E. Assets, Liabilities, Deferred Outflow/Inflows of Resources, and Net Position
and Fund Balance (Continued)
Leases (Lessor) (Continued) – At the commencement of a lease, the City initially measures the
lease receivable at the present value of payments expected to be received during the lease term.
Subsequently, the lease receivable is reduced by the principal portion of lease payments made.
The deferred inflow of resources is initially measured as the initial amount of the lease receivable,
adjusted for lease payments made at or before the lease commencement date, less certain other
amounts to be paid by the City (if any). Subsequently, the deferred inflow of resources is amortized
into lease revenue on a straight-line basis over the lease term.
Key estimates and judgments related to leases include how the City determines (1) the discount
rate it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease
payments:
• The lease agreements entered into by the City as lessor do not include stated interest rates.
Therefore, the City generally uses its estimated incremental borrowing rate as the discount
rate for leases.
• The lease term includes the noncancellable period of the lease. Lease payments included
in the measurement of the lease receivable are composed of fixed payments that the City
will receive over the term of the lease agreement.
The City monitors changes in circumstances that would require a remeasurement of its lease and
will remeasure the lease receivable and deferred inflow of resources if certain changes occur that
are expected to significantly affect the amount of the lease.
Subscription-Based Information Technology Arrangements (SBITAs) – The City is a party in certain
noncancellable SBITAs. The City recognizes a subscription liability and subscription asset in the
government-wide financial statements. The City recognizes subscription liabilities with an individual
value of $5,000 or more.
At the commencement of a SBITA, the City initially measures the subscription liability at the present
value of payments expected to be made during the subscription term. Subsequently, the
subscription liability is reduced by the principal portion of payments made. The subscription asset is
initially measured as the initial amount of the subscription liability, adjusted for subscription
payments made at or before the subscription commencement date, plus certain initial direct costs.
Subsequently, the subscription asset is amortized on a straight-line basis over its useful life. Key
estimates and judgments related to SBITAs include how the City determines (1) the discount rate it
uses to discount the expected payments to present value, (2) agreement term, and (3) payments:
32
NOTES TO FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
E. Assets, Liabilities, Deferred Outflow/Inflows of Resources, and Net Position
and Fund Balance (Continued)
Subscription-Based Information Technology Arrangements (SBITAs) (Continued) –
• The City uses the indirect interest rate charged by the vendor as the discount rate. When
the interest rate of the vendor is not provided, the City generally uses its estimated
incremental borrowing rate as the discount rate for subscriptions.
• The subscription term includes the noncancellable period of the subscription. Subscription
payments included in the measurement of the subscription liability are composed of fixed
payments and purchase option prices that the City is reasonably certain to exercise.
The City monitors changes in circumstances that would require a remeasurement of its subscription
and will measure the subscription asset and liability if certain changes occur that are expected to
significantly affect the amount of the subscription liability.
Subscription assets are reported with other capital assets and subscription liabilities are reported
with long-term liabilities on the Statement of Net Position.
Long-term Obligations – In the government-wide and proprietary funds' financial statements, long-
term debt, and other long-term obligations are reported as liabilities. Bond premiums and
discounts are deferred and amortized over the life of the bonds using the effective interest
method. Bonds payable are reported net of the applicable premium or discount. Bond issuance
costs are expensed as they are incurred.
In the fund financial statements, governmental fund types recognize bond premiums and
discounts, as well as bond issuance costs, during the current period. The face amount of debt
issued is reported as another financing source. Premiums received are reported as other financing
sources, while discounts are reported as other financing uses. Issuance costs, whether or not
withheld from debt proceeds received, are reported as debt service expenditures.
The City implemented Governmental Accounting Standards Board (GASB) Statement No. 88,
Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements in a prior
year and, therefore, includes both long-term debt (such as bonds, notes, and loans) and other
long-term liabilities (such as compensated absences, leases payable, and claims and judgements)
in their debt disclosures. Refer to Note 6 for disclosures.
Deferred Outflows/Inflows of Resources – In addition to assets, the Statement of Net Position
reports a separate section for deferred outflows of resources. This separate financial statement
element represents a consumption of net assets that applies to a future period(s) and so will not be
recognized as an outflow of resources (expense/expenditure) until then. The City’s deferred
outflows consist of pension related items, as further discussed in Note 9.
33
NOTES TO FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
E. Assets, Liabilities, Deferred Outflow/Inflows of Resources, and Net Position
and Fund Balance (Continued)
Deferred Outflows/Inflows of Resources (Continued) –
In addition to liabilities, the Statement of Net Position and the Governmental Funds Balance Sheet
reports a separate section for deferred inflows of resources. This separate financial statement
element represents an acquisition of net assets that applies to a future period(s) and so will not be
recognized as an inflow of resources (revenue) until that time. Deferred inflows of resources consist
of unavailable revenue, deferred lease receipts and pension related items. The item Unavailable
revenue is reported under the modified accrual basis of accounting, is reported in the Governmental
Funds Balance Sheet as a deferred inflow of resources. These amounts are deferred and
recognized as an inflow of resources in the period that the amounts become available. The item
Deferred lease receipts is reported on the Statement of Net Position and the Governmental Funds
Balance Sheet as a deferred inflow of resources. Certain pension related items, as further
discussed in Note 8, are also classified as deferred inflows of resources and are reported on the
Statement of Net Position.
Fund Balance/Net Position – Fund balance in government-wide and proprietary fund financials is
classified as net position. Net position is classified as follows:
Net Investment in Capital Assets – This classification represents capital assets, net of
accumulated depreciation, decreased by the remaining balances of any bonds, notes or other
borrowings that are attributable to the acquisition, construction, or improvement of those assets.
Restricted – Restricted net position represents constraints on resources that are either
externally imposed by creditors, grantors, contributors, or laws or regulations of other
governments or imposed by law through state statute.
Unrestricted – Unrestricted net position represents net position that does not meet the
definitions of the other classifications.
Fund balance is divided into five classifications based primarily on the extent to which the City is
bound to observe constraints imposed upon the use of the resources in the governmental funds.
The classifications are as follows:
Nonspendable – Fund balances are reported as nonspendable when amounts cannot be
expended because they are either (1) not in spendable form or (2) legally or contractually
required to be maintained intact.
Restricted – Fund balances are reported as restricted when there are restrictions imposed on
their use either through enabling legislation adopted by the City or through external
restrictions imposed by creditors, grantors, contributors, or laws or regulations of other
governments or imposed by law through state statute.
34
NOTES TO FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
E. Assets, Liabilities, Deferred Outflow/Inflows of Resources, and Net Position
and Fund Balance (Continued)
Fund Balance/Net Position (Continued) –
Committed – Fund balances are reported as committed when they can be used only for a
specific purpose pursuant to constraints imposed at the highest level of decision-making
authority. The City Council is the highest level of decision-making authority. The City Council
can establish, modify, or rescind a fund balance commitment through adoption of a resolution.
Assigned – Fund balances are reported as assigned when amounts are constrained by the
City Council’s intent to be used for specific purposes but are neither restricted nor committed.
The City Administrator, who is appointed by and serves at the pleasure of the City Council,
has the authority to assign fund balance amounts and does not require formal action to
impose, modify, or remove any fund balance assignment.
Unassigned –- Fund balances are reported as unassigned as the remaining amount when the
balances do not meet any of the other classifications. The City reports positive fund balance in
the general fund only, if applicable. Negative unassigned balances may be reported in all
governmental funds.
Flow Assumptions – When both restricted and unrestricted amounts of fund balances are
available for use for expenditures incurred, the City’s policy is to use restricted amounts first and
then unrestricted amounts as they are needed. For unrestricted amounts of fund balance, the
City’s policy is to use fund balances in the following order: committed, assigned, unassigned.
Minimum Fund Balance – City Council has adopted an ordinance under which a minimum
unassigned fund balance policy has been established at each fiscal year-end for certain funds, as
follows:
General Fund: 15% of the then current general fund budget to the nearest $25,000.
Stormwater Utility Fund: 20% of the then current stormwater utility fund budget to the nearest
$25,000.
Sanitation Services Fund: 20% of the then current sanitation services fund budget to the
nearest $25,000.
Street Improvements Fund: $100,000.
Water and Sewer Fund: 20% of the then current water and sewer fund budget to the nearest
$25,000.
35
NOTES TO FINANCIAL STATEMENTS
NOTE 2. CASH AND CASH EQUIVALENTS AND DEPOSITS
As of December 31, 2024, the City’s cash and cash equivalents consisted of the following:
Statement of Net Position:
Cash $ 46,222,232
Restricted cash 9,680,419
$ 55,902,651
Cash deposited with financial institutions $ 19,461,961
South Carolina Local Governmental Investment Pool 36,440,690
$ 55,902,651
Credit Risk – The City has an investment policy that all investments made by the City will be
selected and properly secured in accordance with State law. Section 6-5-10 of the State of South
Carolina Code of Laws authorizes local governments to make the following types of investments:
• Obligations of the United States and agencies thereof;
• General obligations of the state of South Carolina or any of its political units;
• Savings and Loan Associations to the extent that the same are insured by an agency of the
federal government;
• Repurchase agreements when collateralized by securities as set forth in this section;
• Certificates of deposit where the certificates are collaterally secured by securities of the type
described above held by a third party as escrow agent or custodian, of a fair value not less
than the amount of the certificates of deposit so secured, including interest; provided;
however, such collateral shall not be required to the extent the same are insured by an
agency of the federal government; and,
• No load open-end or closed-end management-type investment companies or investment
trusts registered under the Investment Company Act of 1940, as amended, where the
investment is made by a bank or trust company or savings and loan association or other
financial institution when acting as trustee or agent for a bond or other debt issue of that local
government unit, political subdivision, or City treasurer if the particular portfolio of the
investment company or investment trust in which the investment made is (i) limited to
obligations described in items 1, 2, and 5 of this subsection, and (ii) has among its objectives
the attempt to maintain a constant net asset value of one dollar a share and to that end, value
its assets by the amortized cost method.
36
NOTES TO FINANCIAL STATEMENTS
NOTE 2. CASH AND CASH EQUIVALENTS AND DEPOSITS (CONTINUED)
Credit Risk (Continued)
Section 6-6-20 of the State of South Carolina Code of Laws authorizes the State Treasurer’s Office
to invest and reinvest the monies of the State Treasurer’s Investment Pool in the investments
identified in Section 6-5-10 shown above and identified in Section 11-9-660 as follows:
• Obligations of the United States, its agencies, and instrumentalities;
• Obligations issued or unconditionally guaranteed by the International Bank for Reconstruction
and Development, the African Development Bank, and the Asian Development Bank;
• Obligations of a corporation, state, or political subdivision denominated in United States
dollars, if the obligations bear an investment-grade rating of at least two nationally recognized
rating services;
• Certificates of deposit, if the certificates are secured collaterally by securities of the types
described in items 1 and 3 of this section and held by a third party as escrow agent or
custodian and are of a fair value not less than the amount of the certificates of deposit so
secured, including interest; except that this collateral is not required to the extent the
certificates of deposit are insured by an agency of the federal government;
• Repurchase agreements, if collateralized by securities of the types described in items 1 and 3
of this section and held by a third party as escrow agent or custodian and of a fair value not
less than the amount of the repurchase agreement so collateralized, including interest; and
• Guaranteed investment contracts issued by a domestic or foreign insurance company or other
financial institution, whose long-term unsecured debt rating bears the two highest ratings of at
least two nationally recognized rating services.
The South Carolina Local Government Investment Pool (LGIP) is an external investment pool that
is not registered as an investment company with the Securities and Exchange Commission.
However, the pool has a policy established to operate the pool consistent with the Securities and
Exchange Commission Rule 2a-7 of the Investment Company Act of 1940. The LGIP is an
investment trust fund, in which public monies in excess of current needs, which are under the
custody of any county treasurer or any governing body of a political subdivision of the State, may
be deposited. Funds may be deposited by LGIP participants at any time and may be withdrawn
upon 24 hours’ notice. Financial statements for the LGIP may be obtained by writing the Office of
State Treasurer, Local Government Investment Pool, Post Office Box 11778, Columbia, South
Carolina 29211- 1950. At December 31, 2024, the underlying security ratings of the City’s
investment in the LGIP are not separately rated, however, additional information related to these
deposits may be obtained from the LGIP’s complete financial statements. These financial
statements may be obtained by writing to the following address:
Office of the State Treasurer
Local Government Investment Pool
Post Office Box 11778
Columbia, South Carolina 29211
37
NOTES TO FINANCIAL STATEMENTS
NOTE 2. CASH AND CASH EQUIVALENTS AND DEPOSITS (CONTINUED)
Interest Rate Risk – The City’s formal investment policy does not limit investment maturities as a
means of managing its exposure to fair value losses arising from increasing interest rates. The
City does not consider itself to be at risk due to interest rates as all investments currently mature
daily.
Concentration Credit Risk – The City’s formal investment policy does not place a limit on the
amount the City may invest in any one issuer. The City’s investments held in the State Treasurer’s
Investment Pool comprise 76% of total deposits and investments. The additional concentration is
not viewed to be an additional risk by the City as these accounts are fully collateralized.
Custodial Credit Risk – Deposits – Custodial credit risk for deposits is the risk that, in the event of
a bank failure, the City’s deposits may not be returned to it. The City does not have a deposit
policy for custodial credit risk. At December 31, 2024, the carrying amount of the City’s deposits
was $19,461,961 and the bank balance was $21,237,426. The entire bank balance was covered
by federal depository insurance or by collateral held by the City’s agent in the City’s name.
NOTE 3. FAIR VALUE MEASUREMENTS
The City follows the Fair Value Measurements topic of GASB, which requires fair value
measurement be classified and disclosed in one of the following three Fair Value Hierarchy
categories:
Level 1
Quoted prices are available in active markets for identical investments as of the reporting date.
The types of investments which would generally be included in Level 1 include listed equity
securities, mutual funds, and money market funds.
Level 2
Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting
date, but are not the same as those used in Level 1; inputs include comparable market
transactions, pricing of similar instruments, values reported by the administrator, and pricing
expectations based on internal modeling. Fair value is determined through the use of models or
other valuation methodologies. The types of investments which would generally be included in this
category include publicly traded securities with restrictions on disposition, corporate obligations,
and U.S. Government and Agency Treasury Inflation Indices.
Level 3
Pricing inputs are unobservable for the investment and include situations where there is little, if
any, market activity for the investments. The types of investments which would generally be
included in this category include debt and equity securities issued by private entities and
partnerships. The inputs into the determination of fair value require significant judgment or
estimation. Inputs include recent transactions, earnings forecasts, market multiples, and future
cash flows.
38
NOTES TO FINANCIAL STATEMENTS
NOTE 3. FAIR VALUE MEASUREMENTS (CONTINUED)
The City’s recurring fair value measurements as of December 31, 2024, for its $36,440,690
investment in the LGIP are valued at the net asset value and is thus not reported in the fair value
hierarchy. Fair value of the LGIP’s investments is determined on a recurring basis based upon
quoted market prices. The fair value of the pool is allocated to its local governments with invested
funds on an equal basis for each share owned, which are purchased at a cost of $1.
NOTE 4. RECEIVABLES
Receivables as of December 31, 2024, including the applicable allowances for uncollectible
accounts, are as follows:
Fund
Receivables:
Taxes $ 318,650 $ - $ - $- $- $- $-
Accounts 252,251 1,791,537 58,883 100,035 - 1,957,557 25,869
Intergovernmental 239,407 - 22,000 - 87,569 - -
Leases 809,067 - - - - - -
-
Gross recievables 1,619,375 1,791,537 80,883 100,035 87,569 1,957,557 25,869
Less allowance
for uncollectibles:
Taxes (269,063) - - - - - -
Accounts - - - - - (46,000) -
Total allowance (269,063) - - - - (46,000) -
Net receivables $ 1,350,312 $ 1,791,537 $ 80,883 $ 100,035 $ 87,569 $ 1,911,557 $ 25,869
Enterprise Funds
Nonmajor Water and
Services
SanitationGeneralWastewater
System
Public FacilitiesProjects
Fund
North Augusta
Corporation
Governmental
Funds
Governmental Funds
Capital Capital Projects
Sales Tax IV
Fund
The schedule of lease receipts as of December 31, 2024, is as follows:
Year ending December 31, Principal Interest Total
2025 $ 83,488 $ 10,511 $ 93,999
2026 89,787 9,855 99,642
2027 97,510 8,155 105,665
2028 70,946 6,982 77,928
2029 77,711 6,061 83,772
2030-2033 389,625 13,183 402,808
Total $ 809,067 $ 54,747 $ 863,814
Governmental Activities
39
NOTES TO FINANCIAL STATEMENTS
NOTE 5. CAPITAL ASSETS
Capital asset activity for the governmental activities for the year ended December 31, 2024, is as
follows:
Beginning Ending
Balance Increases Decreases Transfers Balance
Governmental activities:
Capital assets, not being depreciated:
Land $ 10,330,391 $- $- $- $ 10,330,391
Construction in progress 13,708,837 11,051,688 - - 24,760,525
Right-of-way 4,484,537 166,790 - - 4,651,327
Total 28,523,765 11,218,478 - - 39,742,243
Capital assets, being depreciated/amortized:
Land improvements 23,824,407 1,752,908 - - 25,577,315
Buildings 110,528,482 435,836 - - 110,964,318
Machinery and equipment 4,562,308 267,777 (9,363) - 4,820,722
Furniture and fixtures 1,792,435 19,273 - - 1,811,708
Vehicles 9,986,622 1,116,630 (67,946) 22,613 11,057,919
Infrastructure 34,135,145 938,789 - - 35,073,934
Right-to-use subscriptions - 700,526 - - 700,526
Total 184,829,399 5,231,739 (77,309) 22,613 190,006,442
Less accumulated depreciation/amortization for:
Land improvements (13,279,896) (849,058) - - (14,128,954)
Buildings (24,736,769) (2,671,875) - - (27,408,644)
Machinery and equipment (2,585,849) (373,572) 9,363 - (2,950,058)
Furniture and fixtures (1,548,698) (41,877) - - (1,590,575)
Vehicles (6,501,104) (713,761) 67,946 (22,613) (7,169,532)
Infrastructure (18,468,143) (1,104,034) - - (19,572,177)
Right-to-use subscriptions - (140,105) - - (140,105)
Total (67,120,459) (5,894,282) 77,309 (22,613) (72,960,045)
Total capital assets, being
depreciated/amortized, net 117,708,940 (662,543) - - 117,046,397
Governmental activities capital
assets, net $ 146,232,705 $ 10,555,935 $- $- $ 156,788,640
40
NOTES TO FINANCIAL STATEMENTS
NOTE 5. CAPITAL ASSETS (CONTINUED)
Capital asset activity for the business-type activities for the year ended December 31, 2024, is as
follows:
Beginning Ending
Balance Increases Decreases Transfers Balance
Business-type activities
Capital assets, not being depreciated:
Land $ 824,058 $- $- $- $ 824,058
Construction in progress 296,138 812,422 - - 1,108,560
Easements 62,760 - - - 62,760
Total 1,182,956 812,422 - - 1,995,378
Capital assets, being depreciated/amortized:
Land improvements 88,650 - - - 88,650
Buildings 24,494,096 - - (339,757) 24,154,339
Machinery and equipment 3,386,105 73,007 (55,679) 339,757 3,743,190
Vehicles 5,626,532 1,305,310 (419,114) (22,613) 6,490,115
System improvements 83,982,133 5,160,624 - - 89,142,757
PSA Capital 4,667,405 - - - 4,667,405
Service rights 100,000 - - - 100,000
Right-to-use subscriptions - 439,226 - - 439,226
Total 122,344,921 6,978,167 (474,793) (22,613) 128,825,682
Less accumulated depreciation/amortization for:
Land improvements (10,658) (3,556) - - (14,214)
Buildings (5,430,074) (667,615) - - (6,097,689)
Machinery and equipment (2,171,747) (201,120) 55,679 - (2,317,188)
Vehicles (3,597,023) (530,195) 419,114 22,613 (3,685,491)
System improvements (23,772,971) (1,430,481) - - (25,203,452)
PSA Capital (3,182,629) (62,151) - - (3,244,780)
Service rights (89,019) (2,500) - - (91,519)
Right-to-use subscriptions - (87,845) - - (87,845)
Total (38,254,121) (2,985,463) 474,793 22,613 (40,742,178)
Total capital assets, being
depreciated/amortized, net 84,090,800 3,992,704 - - 88,083,504
Business-type activities capital
assets, net $ 85,273,756 $ 4,805,126 $- $- $ 90,078,882
Included in current year additions are contributed systems in the amount of $427,378 for the water
and wastewater system and $729,946 for the stormwater utility.
41
NOTES TO FINANCIAL STATEMENTS
NOTE 5. CAPITAL ASSETS (CONTINUED)
Depreciation and amortization expense was charged to functions/programs of the primary
government as follows:
General government $ 2,393,914
Public safety 1,086,335
Public works 1,480,550
Parks, recreation and tourism 933,483
Total depreciation and amortization expense - governmental activities $ 5,894,282
Governmental activities
Water and Wastewater System $ 1,795,327
Sanitation Services 694,601
Stormwater Utility 495,535
Total depreciation and amortization expense
- business-type activities $ 2,985,463
Business-type activities
NOTE 6. LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES
Changes in Long-term Debt and Other Long-term Liabilities
Long-term liability activity for the year ended December 31, 2024, was as follows:
Beginning Ending Due within
Balance Additions Reductions Balance One Year
Governmental activities
Revenue bonds:
North Augusta Public
Facility Corporation bonds $ 66,595,000 $- $ (855,000) $ 65,740,000 $ 980,000
General obligation bonds 6,914,000 - (1,698,000) 5,216,000 1,718,000
Financed purchases payable 2,021,891 - (769,092) 1,252,799 681,110
Compensated absences 2,396,917 810,526 (796,609) 2,410,834 2,226,842
Subscriptions payable - 642,827 (115,649) 527,178 121,621
Net pension liability 15,866,043 2,009,971 (2,047,810) 15,828,204 -
Total long-term liabilities $ 93,793,851 $ 3,463,324 $ (6,282,160) $ 90,975,015 $ 5,727,573
(Restated)
Beginning balances in the above table were restated as a result of the implementation of GASB
Statement No. 101, Compensated Absences.
For governmental activities, compensated absences and the net pension liability are generally
liquidated by the General Fund and special revenue funds, while financed purchases payable are
liquidated by the General Fund and the Capital Projects Fund. Subscriptions payable are liquidated
by the General Fund.
42
NOTES TO FINANCIAL STATEMENTS
NOTE 6. LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES (CONTINUED)
Revenue Bonds Payable – Revenue bonds payable (recorded as a liability for governmental
activities) at December 31, 2024, is comprised of the following:
In January 2015, the Corporation entered into an installment purchase transaction in the principal
amount of not exceeding ten million dollars to construct and equip a parking garage. In January of
2016, this agreement was amended and restated as an installment purchase transaction in the
principal amount, not exceeding thirteen million dollars, to refinance the costs relating to the
construction and equipping of a parking garage and finance the costs relating to the construction
and equipping of certain roads, water, sewer, and related infrastructure. In January 2017, this
agreement was amended and restated again in the principal amount not exceeding sixteen million
dollars (“Series 2017A”). In January 2017, the City also entered into an amended and restated
agreement to lease the parking deck from the Corporation. In May 2017, the Corporation entered
into an installment purchase transaction in the principal amount of not exceeding $69,450,000 to
construct and equip two parking decks, a stadium, conference facilities, a riverfront park, and
certain roads, water, sewer and related infrastructure (“Series 2017B”). Proceeds from this
transaction were also used to refinance the municipal center financed purchase payable and the
Series 2017A revenue bond discussed above during 2017.
The 2017B bonds mature in November 2048. Principal payments are due annually in November
beginning in 2020. Interest payments are made bi-annually based on the all-in true interest cost of
the revenue bond transaction. The bond is collateralized by the constructed assets described
above.
Year ending December 31, Principal Interest Total
2025 $ 980,000 $ 3,107,443 $ 4,087,443
2026 1,070,000 3,073,701 4,143,701
2027 1,395,000 3,035,256 4,430,256
2028 1,505,000 2,983,041 4,488,041
2029 1,620,000 2,925,204 4,545,204
2030 - 2034 10,730,000 13,498,251 24,228,251
2035 - 2039 11,245,000 10,992,937 22,237,937
2040 - 2044 17,390,000 7,689,812 25,079,812
2045 - 2048 19,805,000 2,573,043 22,378,043
Total $ 65,740,000 $ 49,878,688 $ 115,618,688
2017B Revenue Bonds
43
NOTES TO FINANCIAL STATEMENTS
NOTE 6. LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES (CONTINUED)
General Obligation Bonds – General Obligation bonds payable (recorded as a liability for
governmental activities) at December 31, 2024, is comprised of the following:
In March 2020, the City issued General Obligation Bonds, Series 2020, in the amount of
$10,250,000. The bonds were issued pursuant to an ordinance adopted by City Council subject to
an affirmative voter referendum for the purposes of (1) defraying the costs incurred in connection
with all or a portion of the designing, developing, and construction of a new Department of Public
Safety headquarters and related fire apparatus; and (2) issuance costs thereof. Section 14 of Article
X of the Constitution of the State of South Carolina provides that municipalities of the State may
issue bonded indebtedness in an amount not exceeding 8% of the assessed value of all taxable
property therein, unless approved at referendum. Bonded indebtedness approved at referendum
may be incurred without regard to the City’s Debt Limit and as a result of the aforementioned
affirmative referendum, the principal amount of the bonds does not count against the debt limit. The
full faith, credit, and taxing power of the City are irrevocably pledged as security for the bonds. The
bonds are payable in semiannual installments beginning on September 1, 2020, through March 1,
2027. Interest is payable on March 1 and September 1 each year through maturity. Principal is
payable on March 1 annually through maturity. The bonds bear interest at 1.19%.
Year ending December 31, Principal Interest Total
2025 $ 1,718,000 $ 51,848 $ 1,769,848
2026 1,739,000 31,279 1,770,279
2027 1,759,000 10,466 1,769,466
Total $ 5,216,000 $ 93,593 $ 5,309,593
2020 General Obligation Bonds
Financed Purchases Payable – The City has entered into several financed purchase payable
agreements for various equipment. Principal and interest payments are due annually. Interest rates
range from 1.51% to 2.56%. The annual debt service requirements are as follows:
Year ending December 31, Principal Interest Total
2025 $ 681,110 $ 27,938 $ 709,048
2026 418,013 16,099 434,112
2027 153,676 6,655 160,331
Total $ 1,252,799 $ 50,692 $ 1,303,491
Governmental Activities
44
NOTES TO FINANCIAL STATEMENTS
NOTE 6. LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES (CONTINUED)
Long-term liability activity for the year ended December 31, 2024, was as follows:
Beginning Ending Due within
Balance Additions Reductions Balance One Year
Business-type activities
Revenue bonds payable $ 14,929,000 $- $ (1,125,000) $ 13,804,000 $ 1,144,000
Financed purchases payable 1,374,020 - (634,201) 739,819 390,783
Compensated absences 1,099,639 361,117 (444,314) 1,016,442 1,016,442
Subscriptions payable - 417,832 (74,385) 343,447 78,678
Net pension liability 8,935,956 1,612,904 (1,911,240) 8,637,620 -
Total long-term liabilities $ 26,338,615 $ 2,391,853 $ (4,189,140) $ 24,541,328 $ 2,629,903
(Restated)
Beginning balances in the above table were restated as a result of the implementation of GASB
Statement No. 101, Compensated Absences.
For business-type activities, compensated absences, financed purchases, and the net pension
liability are liquidated by the related Proprietary Fund.
Revenue Bonds Payable – Revenue bonds payable (recorded as a liability in the Water and
Wastewater System Fund) at December 31, 2024, are comprised of the following:
The Waterworks and Sewer System Refunding Revenue Bond, “the Series 2021 Bond” was issued
in April 2021. The proceeds of this bond were used to refund the Series 2014 A and 2015 A SC
Drinking Water Revolving Loans and to pay certain costs and expenses relating to the issuance of
the Series 2021 Bond. Interest of 1.8% is payable semiannually on May 1 and November 1 of each
year with a single principal payment on November 1, 2021. The remaining principal is paid annually
beginning May 1, 2022, and ranging from $600,000 to $1,346,000. The current refunding resulted in
cash flow savings of $235,185 and an economic gain of $167,037.
Year ending December 31, Principal Interest Total
2025 $ 1,144,000 $ 238,176 $ 1,382,176
2026 1,165,000 217,395 1,382,395
2027 1,186,000 196,236 1,382,236
2028 1,208,000 174,690 1,382,690
2029 1,230,000 152,748 1,382,748
2030 - 2034 6,495,000 420,291 6,915,291
2035 - 2036 1,376,000 23,184 1,399,184
Total $ 13,804,000 $ 1,422,720 $ 15,226,720
2021 Refunding
45
NOTES TO FINANCIAL STATEMENTS
NOTE 6. LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES (CONTINUED)
Revenue Bonds Payable (Continued)
The revenue bond ordinances require, among other things, that certain funds be maintained as
follows:
Gross Revenue Fund - To receive all receipts, income, and revenues that the City shall derive
directly or indirectly from the operation of the system and to disburse them to the following funds:
Operation and Maintenance Fund - To provide for the payment of all fund expenses incurred in
connection with the administration and operation of the system.
Bond and Interest Redemption Fund - To provide for the payment of the principal and interest on
the bonds.
Debt Service Reserve Fund - To ensure the timely payment of the principal and interest on the
bonds, and to provide for the redemption of bonds prior to their stated maturity.
Depreciation or Replacement Fund - Intended to build up a reasonable reserve for depreciation of
the system for the purpose of restoring depreciated or obsolete items of the system.
Contingent Fund - Intended to build up a reasonable reserve for improvements, betterments and
extensions to the system.
Construction Fund - Intended to provide for the payment of temporary loans made in anticipation of
the issuance of bonds and the cost of the construction of the improvements.
Monies shall be transferred to all the funds from the Gross Revenue Fund monthly as required to
meet the stated purpose of the individual funds. The system is specifically required to deposit one-
sixth of the aggregate amount of interest to become due on the next semiannual interest payment
date and one-twelfth of the aggregate annual amount of principal to become due in the Bond and
Interest Redemption Fund monthly.
The revenue bonds are collateralized by a pledge of revenues derived from the system for so long a
time as any sum remains due and payable by way of principal or interest on the bonds. Annual
principal and interest payments on the revenue bonds are expected to be less than 25% of annual
net system charges for services. Principal and interest paid in 2024 totaled $1,383,597. Total net
charges for services for the year were $13,412,492.
46
NOTES TO FINANCIAL STATEMENTS
NOTE 6. LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES (CONTINUED)
Financed Purchases Payable – The City has entered into several financed purchase payable
agreements for various equipment. Principal and interest payments are due annually. Interest rates
range from 1.51% to 2.56%. The annual debt service requirements are as follows:
Year ending December 31, Principal Interest Total
2025 $ 65,410 $ 1,140 $ 66,550
2026 29,285 232 29,517
2027 30,316 1,066 31,382
Total $ 125,011 $ 2,438 $ 127,449
Water and Wastewater
Year ending December 31, Principal Interest Total
2025 $ 296,245 $ 18,156 $ 314,401
2026 143,556 11,039 154,595
2027 124,043 4,360 128,403
Total $ 563,844 $ 33,555 $ 597,399
Sanitation Services
Year ending December 31, Principal Interest Total
2025 $ 29,128 $555 $ 29,683
2026 21,836 148 21,984
Total $ 50,964 $703 $ 51,667
Stormwater Utility
47
NOTES TO FINANCIAL STATEMENTS
NOTE 7. SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS
The City has entered into multiple noncancelable SBITAs as the lessee for various subscription
assets. The incremental borrowing rate is 2%. As of December 31, 2024, the City has $527,178
and $343,447 outstanding in SBITAs payable related to governmental and business-type
activities, respectively.
The annual requirements to amortize all SBITAs payable as of December 31, 2024, including
interest payments, for the City’s governmental activities are as follows:
Year ending December 31, Principal Interest Total
2025 $ 121,621 $ 10,263 $ 131,884
2026 128,176 7,825 136,001
2027 135,068 5,255 140,323
2028 142,313 2,548 144,861
Total $ 527,178 $ 25,891 $ 553,069
The annual requirements to amortize all SBITAs payable as of December 31, 2024, including
interest payments, for the City’s business-type activities are as follows:
Year ending December 31, Principal Interest Total
2025 $ 78,678 $ 6,765 $ 85,443
2026 83,302 5,189 88,491
2027 88,170 3,521 91,691
2028 93,297 1,755 95,052
Total $ 343,447 $ 17,230 $ 360,677
Subscription asset activity for the City’s governmental activities for the year ended December 31,
2024, was as follows:
Governmental activities:
Subscription Assets $- $ 700,526 $- $ 700,526
Less accumulated amortization:- (140,105) - (140,105)
Governmental activities total
subscription assets, net $- $ 560,421 $- $ 560,421
Balance
Ending
DeductionsAdditions
Beginning
Balance
48
NOTES TO FINANCIAL STATEMENTS
NOTE 7. SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS
(CONTINUED)
Subscription asset activity for the City’s business-type activities for the year ended December 31,
2024, was as follows:
Business-type activities:
Subscription Assets $- $ 439,226 $- $ 439,226
Less accumulated amortization:- (87,845) - (87,845)
Governmental activities total
subscription assets, net $- $ 351,381 $- $ 351,381
Beginning
Balance Additions Deductions
Ending
Balance
NOTE 8. PROPERTY TAXES
Taxes on real property and merchants’ inventory are levied on January 1 of each year and are
based on ownership of such property and inventory as of January 1 of the preceding year. These
taxes are billed and payable between January 1 and May 1 of the year in which they are levied. As
of May 1, property taxes attach as an enforceable lien on property. The City bills and collects its
own real and merchants’ ad valorem taxes. Taxes on personal property are levied and billed in the
month prior to the renewal of the annual vehicle registration through the State Highway
Department and are payable prior to the registration and tag purchase. Ad valorem taxes on
personal property (vehicles) are billed and collected by the County Treasurer and remitted to the
City on a monthly basis. City property tax revenues are recognized in the year for which taxes
have been levied and are collectible either during that year or within 60 days following year-end.
49
NOTES TO FINANCIAL STATEMENTS
NOTE 9. DEFINED BENEFIT PENSION PLAN
Overview:
The South Carolina Public Employee Benefit Authority (PEBA), created July 1, 2012, is the state
agency responsible for the administration and management of the various Retirement Systems and
retirement programs of the state of South Carolina, including the State Optional Retirement
Program and the S.C. Deferred Compensation Program, as well as the state’s employee insurance
programs. As such, PEBA is responsible for administering the South Carolina Retirement Systems’
five defined benefit pension plans. PEBA has an 11‐member Board of Directors, appointed by the
Governor and General Assembly leadership, which serves as custodian, co‐trustee and co‐fiduciary
of the Systems and the assets of the retirement trust funds. The Retirement System Investment
Commission (Commission as the governing body, RSIC as the agency), created by the General
Assembly in 2005, has exclusive authority to invest and manage the retirement trust funds’ assets.
The Commission, an eight‐member board, serves as co‐trustee and co‐fiduciary for the assets of
the retirement trust funds. By law, the State Fiscal Accountability Authority (SFAA), which consists
of five elected officials, also reviews certain PEBA Board decisions regarding the actuary of the
Systems.
For purposes of measuring the net pension liability, deferred outflows and inflows of resources
related to pensions, and pension expense, information about the fiduciary net position of the
Systems and additions to/deductions from the Systems fiduciary net position have been determined
on the accrual basis of accounting as they are reported by the Systems in accordance with
generally accepted accounting principles (GAAP). For this purpose, revenues are recognized when
earned and expenses are recognized when incurred. Benefit and refund expenses are recognized
when due and payable in accordance with the terms of the plan. Investments are reported at fair
value.
PEBA issues an Annual Comprehensive Financial Report (ACFR) containing financial statements
and required supplementary information for the Systems’ Pension Trust Funds. The ACFR is
publicly available through PEBA’s website at www.peba.sc.gov, or a copy may be obtained by
submitting a request to PEBA, 202 Arbor Lake Drive, Columbia, SC 29223. PEBA is considered a
division of the primary government of the state of South Carolina and therefore, retirement trust fund
financial information is also included in the ACFR of the state.
Plan Description:
The City contributes to the South Carolina Retirement System (SCRS), a cost–sharing multiple-
employer defined benefit pension plan that was established July 1, 1945, pursuant to the provisions
of Section 9-1-20 of the South Carolina Code of Laws for the purpose of providing retirement and
other benefits for teachers and employees of the state and its political subdivisions. SCRS covers
employees of state agencies, public school districts, higher education institutions, other
participating local subdivisions of government and individuals newly elected to the South Carolina
General Assembly at or after the 2012 general election.
50
NOTES TO FINANCIAL STATEMENTS
NOTE 9. DEFINED BENEFIT PENSION PLAN (CONTINUED)
Plan Description (Continued):
In addition to the SCRS pension plan, the City has also contributed to the South Carolina Police
Officers Retirement System (PORS), a cost–sharing multiple-employer defined benefit pension plan
that was established July 1, 1962, pursuant to the provisions of Section 9-11-20 of the South
Carolina Code of Laws for the purpose of providing retirement and other benefits to police officers
and firefighters. PORS also covers peace officers, coroners, probate judges and magistrates.
Membership:
Membership requirements are prescribed in Title 9 of the South Carolina Code of Laws. A brief
summary of the requirements under each system is described as follows.
SCRS - Generally, all employees of covered employers are required to participate in and contribute
to the SCRS as a condition of employment. This plan covers general employees, teachers and
individuals newly elected to the South Carolina General Assembly beginning with the November
2012 general election. An employee member of the system with an effective date of membership
prior to July 1, 2012, is a Class Two member. An employee member of the system with an effective
date of membership on or after July 1, 2012, is a Class Three member.
PORS - To be eligible for PORS membership, an employee must be required by the terms of his
employment, by election or appointment, to preserve public order, protect life and property, and
detect crimes in the state; to prevent and control property destruction by fire; or to serve as a peace
officer employed by the Department of Corrections, the Department of Juvenile Justice, or the
Department of Mental Health. Probate judges and coroners may elect membership in PORS.
Magistrates are required to participate in PORS for service as a magistrate. PORS members, other
than magistrates and probate judges, must also earn at least $2,000 per year and devote at least
1,600 hours per year to this work, unless exempted by statute. An employee member of the system
with an effective date of membership prior to July 1, 2012, is a Class Two member. An employee
member of the system with an effective date of membership on or after July 1, 2012, is a Class
Three member.
Benefits:
Benefit terms are prescribed in Title 9 of the South Carolina Code of Laws. PEBA does not have the
authority to establish or amend benefit terms without a legislative change in the code of laws. Key
elements of the benefit calculation include the benefit multiplier, years of service, and average final
compensation. A brief summary of the benefit terms for each system is presented below.
51
NOTES TO FINANCIAL STATEMENTS
NOTE 9. DEFINED BENEFIT PENSION PLAN (CONTINUED)
Benefits (Continued):
SCRS - A Class Two member who has separated from service with at least five or more years of
earned service is eligible for a monthly pension at age 65 or with 28 years credited service
regardless of age. A member may elect early retirement with reduced pension benefits payable at
age 55 with 25 years of service credit. A Class Three member who has separated from service with
at least eight or more years of earned service is eligible for a monthly pension upon satisfying the
Rule of 90 requirement that the total of the member’s age and the member’s creditable service
equals at least 90 years. Both Class Two and Class Three members are eligible to receive a
reduced deferred annuity at age 60 if they satisfy the five- or eight-year earned service requirement,
respectively. An incidental death benefit is also available to beneficiaries of active or retired
members of employees who participate in the death benefit program.
The annual retirement allowance of eligible retirees or their surviving annuitants is increased by
the lesser of 1% or $500 every July 1. Only those annuitants in receipt of a benefit on July 1 of the
preceding year are eligible to receive the increase. Members who retire under the early retirement
provisions at age 55 with 25 years of service are not eligible for the benefit adjustment until the
second July 1 after reaching age 60 or the second July 1 after the date they would have had 28
years of service credit had they not retired.
PORS - A Class Two member who has separated from service with at least five or more years of
earned service is eligible for a monthly pension at age 55 or with 25 years of service regardless of
age. A Class Three member who has separated from service with at least eight or more years
of earned service is eligible for a monthly pension at age 55 or with 27 years of service regardless
of age. Both Class Two and Class Three members are eligible to receive a deferred annuity at age
55 with five or eight years of earned service, respectively. An incidental death benefit is also
available to beneficiaries of active and retired members of employers who participate in the death
benefit program. Accidental death benefits are also provided upon the death of an active member
working for a covered employer whose death was a natural and proximate result of an injury
incurred while in the performance of duty.
The retirement allowance of eligible retirees or their surviving annuitants is increased by the lesser
of 1% or $500 every July 1. Only those annuitants in receipt of a benefit on July 1 of the preceding
year are eligible to receive the increase.
52
NOTES TO FINANCIAL STATEMENTS
NOTE 9. DEFINED BENEFIT PENSION PLAN (CONTINUED)
Contributions:
Actuarial valuations are performed annually by an external consulting actuary to ensure applicable
contribution rates satisfy the funding parameters specified in Title 9 of the South Carolina Code of
Laws. Under these provisions, SCRS and PORS contribution requirements must be sufficient to
maintain an amortization period for the financing of the unfunded actuarial accrued liability (UAAL)
over a period that does not exceed the number of years scheduled in state statute. Effective July 1,
2017, employee rates were increased and capped at 9 percent for SCRS and 9.75 percent for
PORS. The legislation also increased employer contribution rates beginning July 1, 2017, for both
SCRS and PORS until reaching 18.56 percent for SCRS and 21.24 percent for PORS. The
legislation included a further provision that if the scheduled contributions are not sufficient to meet
the funding periods set in state statute, the PEBA board would increase the employer contribution
rates as necessary to meet the funding periods set for the applicable year.
Pension reform legislation modified statue such that the employer contribution rates for SCRS and
PORS to be further increased, not to exceed one-half of one percent in any one year, if necessary,
in order to improve the funding of the plans. The statute set rates intended to reduce the unfunded
liability of SCRS and PORS to the maximum amortization period of 20 years from 30 over a ten-
year schedule, as determined by the annual actuarial valuations of the plan. Finally, under the
revised statue, the contribution rates for SCRS and PORS may not be decreased until the plans are
at least 85 percent funded. For the year ended December 31, 2024, the City contributed $1,881,752
and $1,179,581, to the SCRS and PORS plans, respectively.
Required employee contribution rates for the year ended December 31, 2024, are as follows:
South Carolina Retirement System
9.00% of earnable compensation
South Carolina Police Officers Retirement System
9.75% of earnable compensation
Required employer contribution rates for the year ended December 31, 2024, are as follows:
South Carolina Retirement System
18.41% of earnable compensation from January 1st through December 31st
Employer incidental death benefit: 0.15% of earnable compensation
South Carolina Police Officers Retirement System
21.04% of earnable compensation from January 1st through December 31st
Employer incidental death benefit: 0.20% of earnable compensation
53
NOTES TO FINANCIAL STATEMENTS
NOTE 9. DEFINED BENEFIT PENSION PLAN (CONTINUED)
Net Pension Liability:
The June 30, 2024, (the measurement date) total pension liability, net pension liability, and
sensitivity information were determined by the consulting actuary, Gabriel, Roeder, Smith and
Company (GRS), and are based on the July 1, 2023 actuarial valuation. The total pension liability
was rolled-forward from the valuation date to the plan’s fiscal year ended June 30, 2024, using
generally accepted actuarial principles. Information included in the following schedules is based on
the certification provided by GRS.
The net pension liability is calculated separately for each system and represents that particular
system’s total pension liability determined in accordance with GASB No. 67, less that system’s
fiduciary net position. As of December 31, 2024, (measurement date of June 30, 2024), the net
pension liability amounts for the City’s proportionate share of the collective net pension liabilities
associated with the SCRS and PORS plans are as follows:
Plan Fiduciary
Total Plan Employer's Net Position as City's Proportionate
Pension Fiduciary Net Net Pension a Percentage of the Share of the Collective
System Liability Position Liability Total Pension Liability Net Pension Liability
SCRS 61,369,806,968$ 37,919,492,371$ 23,450,314,597$ 61.8% 0.069808%
PORS 10,177,904,231$ 7,178,118,865$ 2,999,785,366$ 70.5% 0.269873%
Actuarial Assumptions and Methods:
Actuarial valuations of the ongoing plan involve estimates of the reported amounts and assumptions
about the probability of occurrence of events far into the future. Examples include assumptions
about future employment, mortality and future salary increases. Amounts determined regarding the
net pension liability are subject to continual revision as actual results are compared with past
expectations and new estimates are made about the future. South Carolina state statute requires
that an actuarial experience study be completed at least once in each five‐year period. The GASB
Statement No. 67 valuation report prepared as of June 30, 2024, is based on the experience study
report for the period ending June 30, 2019. A more recent experience report on the Systems was
issued for the period ending June 30, 2023, and will be used for future valuations.
The June 30, 2024, total pension liability (TPL), net pension liability (NPL), and sensitivity
information shown in this report were determined by our consulting actuary, Gabriel Roeder Smith &
Company (GRS) and are based on an actuarial valuation performed as of July 1, 2023. The total
pension liability was rolled‐forward from the valuation date to the plans’ fiscal year end, June 30,
2024, using generally accepted actuarial principles. There was no legislation enacted during the
2024 legislative session that had a material change in the benefit provisions for any of the systems.
54
NOTES TO FINANCIAL STATEMENTS
NOTE 9. DEFINED BENEFIT PENSION PLAN (CONTINUED)
Actuarial Assumptions and Methods (Continued):
The following table provides a summary of the actuarial assumptions and methods used in the
July 1, 2023, valuations for SCRS and PORS.
SCRS PORS
Actuarial cost method Entry Age Normal Entry Age Normal
Investment rate of return 7.00%7.00%
Projected salary increases 3% to 11%3.5% to 10.5%
(varies by service) (varies by service)
Benefit adjustments lesser of 1% or $500 lesser of 1% or $500
The post‐retiree mortality assumption is dependent upon the member’s job category and gender.
The base mortality assumptions, the 2020 Public Retirees of South Carolina Mortality table (2020
PRSC), was developed using the Systems’ mortality experience. These base rates are adjusted for
future improvement in mortality using 80% of Scale UMP projected from the year 2020.
Males Females
General Employees and Members
of the General Assembly 2020 PRSC Males multiplied by 97% 2020 PRSC Females multiplied by 107%
Public Safety and Firefighters 2020 PRSC Males multiplied by 127% 2020 PRSC Females multiplied by 107%
Former Job Class
Long-term Expected Rate of Return:
The long‐term expected rate of return on pension plan investments is based upon 20‐year capital
market assumptions. The long‐term expected rates of return represent assumptions developed
using an arithmetic building block approach primarily based on consensus expectations and
market‐based inputs. Expected returns are net of investment fees.
The expected returns, along with the expected inflation rate, form the basis for the target asset
allocation adopted at the beginning of the 2024 fiscal year. The long‐term expected rate of return is
produced by weighting the expected future real rates of return by the target allocation percentage
and adding expected inflation and is summarized in the table on the following page.
55
NOTES TO FINANCIAL STATEMENTS
NOTE 9. DEFINED BENEFIT PENSION PLAN (CONTINUED)
Long-term Expected Rate of Return (Continued):
For actuarial purposes, the 7 percent assumed annual investment rate of return used in the
calculation of the TPL includes a 4.75 percent real rate of return and a 2.25 percent inflation
component, which is summarized below.
Expected Long-term
Arithmetic Real Expected Portfolio
Allocation/Exposure Policy Target Rate of Return Real Rate of Return
Public Equity 46.0%6.23%2.86%
Bonds 26.0%2.60%0.68%
Private Equity 9.0%9.60%0.86%
Private Debt 7.0%6.90%0.48%
Real Assets 12.0%
Real Estate 9.0%4.30%0.39%
Infrastructure 3.0%7.30%0.22%
100.0%
Total expected real return 5.49%
Inflation for actuarial purposes 2.25%
Total expected nominal return 7.74%
Discount Rate:
The discount rate used to measure the TPL was 7 percent. The projection of cash flows used to
determine the discount rate assumed that contributions from participating employers in SCRS and
PORS will be made based on the actuarially determined rates based on provisions in the South
Carolina Code of Laws. Based on those assumptions, the System’s fiduciary net position was
projected to be available to make all the projected future benefit payments of current plan members.
Therefore, the long‐term expected rate of return on pension plan investments was applied to all
periods of projected benefit payments to determine the TPL.
56
NOTES TO FINANCIAL STATEMENTS
NOTE 9. DEFINED BENEFIT PENSION PLAN (CONTINUED)
Sensitivity Analysis:
The following table presents the collective NPL of the participating employers calculated using the
discount rate of 7 percent, as well as what the employers’ NPL would be if it were calculated using a
discount rate that is 1 percent lower (6 percent) or 1 percent higher (8 percent) than the current rate.
Sensitivity of the Net Position Liability to Changes in the Discount Rate
Current
Discount Rate
(7%)
SCRS $ 21,213,958 $ 16,370,222 $ 11,909,525
PORS $ 11,728,976 $ 8,095,602 $ 5,119,679
(8%)(6%)
1% Decrease 1% Increase
Deferred Outflows and Inflows of Resources Related to Pensions:
At December 31, 2024, the City reported deferred outflows of resources and deferred inflows of
resources related to the SCRS and PORS pension plans, respectively, from the following sources:
SCRS
Differences between expected and actual
experience $ 537,983 $ 20,316
Changes of assumptions 288,604 -
Net difference between projected and actual
earnings on pension plan investments - 630,750
Changes in proportionate share and differences
between employer contributions and proportionate
share of total plan employer contributions 33,707 387,704
Employer contributions subsequent to the
measurement date 961,493 -
Total $ 1,821,787 $ 1,038,770
Deferred Deferred
Outflows of Inflows of
Resources Resources
57
NOTES TO FINANCIAL STATEMENTS
NOTE 9. DEFINED BENEFIT PENSION PLAN (CONTINUED)
Deferred Outflows and Inflows of Resources Related to Pensions (Continued):
PORS
Differences between expected and actual
experience $ 760,282 $ 46,413
Changes of assumptions 176,255 -
Net difference between projected and actual
earnings on pension plan investments - 453,871
Changes in proportionate share and differences
between employer contributions and proportionate
share of total plan employer contributions 460,661 235,517
Employer contributions subsequent to the
measurement date 607,429 -
Total $ 2,004,627 $ 735,801
Deferred Deferred
Outflows of Inflows of
Resources Resources
City contributions subsequent to the measurement date of $961,493 and $607,429 for the SCRS
plan and the PORS plan, respectively, are deferred outflows of resources and will be recognized as
a reduction of the net pension liability in the year ended December 31, 2025. Other amounts
reported as deferred outflows of resources and deferred inflows of resources related to pensions will
be recognized in pension expense as follows:
Year ended December 31: SCRS PORS
2025 $ (522,142) $ 86,079
2026 554,933 546,612
2027 (45,625) 148,708
2028 (165,642) (120,002)
58
NOTES TO FINANCIAL STATEMENTS
NOTE 9. DEFINED BENEFIT PENSION PLAN (CONTINUED)
Pension Expense:
For the year ended December 31, 2024 (measurement period ended June 30, 2024), the City
recognized its proportionate share of collective pension expense of $1,580,058 and recognition of
deferred amounts from changes in proportionate share and differences between employer
contributions and the proportionate share of total plan employer contributions of ($235,829) for a
total of $1,344,229 for the SCRS plan. Additionally, for the year ended December 31, 2024
(measurement period ended June 30, 2024), the City recognized its proportionate share of
collective pension expense of $1,027,562 and recognition of deferred amounts from changes in
proportionate share and differences between employer contributions and the proportionate share of
total plan employer contributions of $74,477 for a total of $1,102,039 for the PORS plan. Total
pension expense for both the SCRS plan and the PORS plan amounted to $2,446,268.
NOTE 10. INTERFUND TRANSFERS
The following interfund transfers are reflected in the fund financial statements at December 31,
2024:
Governmental Funds
General Fund $ 1,439,545 $ 1,906,876
Capital Projects Fund 3,081,288 110,656
Tax Increment Fund - 3,723,205
North Augusta Public Facilities Corporation 5,394,755 -
ARPA Fund - 5,097,171
Nonmajor Funds 356 2,595,118
Total Governmental Funds 9,915,944 13,433,026
Enterprise Funds
Water and Wastewater System Fund 20,068,172 17,215,974
Sanitation Services Fund 1,042,147 341,004
Stormwater Utility Fund 2,644 38,903
Total Enterprise Funds 21,112,963 17,595,881
Total Transfers $ 31,028,907 $ 31,028,907
Transfers In Transfers Out
Interfund transfers include transfers of unrestricted revenues collected in certain enterprise funds to
finance various programs accounted for in the General Fund, in accordance with budgetary
authorizations; and transfers of revenues from the fund that is required to collect them and the fund
that is required or allowed to expend them. Interfund transfers also include transfers of revenues
collected in the Special Revenue funds to make debt service payments in the North Augusta Public
Facility Corporation Fund. Interfund transfers out of the ARPA Fund includes transfers related to
projects obligated for use and reimbursed with ARPA funds but paid out of other funds.
59
NOTES TO FINANCIAL STATEMENTS
NOTE 11. RISK MANAGEMENT
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of
assets; errors and omissions; injuries to employees; and natural disasters. The City has joined
together with other municipalities in the state to form the South Carolina Municipal Insurance and
Risk Financing Fund (SCMIRF), which is a public entity risk pool currently operating as common
risk management and insurance programs. The City pays a bi-annual premium to SCMIRF for its
general insurance. The SCMIRF is self-sustaining through member premiums and will reinsure
through commercial companies.
The City also has joined together with other municipalities in the state to form the South Carolina
Municipal Insurance Trust (SCMIT), a public entity risk pool operating as a common risk
management and insurance program for worker’s compensation. The City pays a quarterly
premium to SCMIT. The SCMIT is self-sustaining through member premiums and uses
reinsurance agreements to reduce its exposure to large workers’ compensation losses.
There were no significant reductions in insurance coverage during the year. Settlements have not
exceeded insurance coverage for each of the past three years.
The City pays monthly premiums to the Public Employee Benefit Authority for its health and dental
insurance benefits.
NOTE 12. COMMITMENTS
Significant commitments at December 31, 2024, are composed of the following:
Public Safety Headquarters $ 27,700,000 $ 22,766,474 $ 4,933,526
Southwest Interceptor Pipeline Rehab 3,935,004 942,588 2,992,416
Clay Street Booster Pump Station Upgrade 3,123,632 2,392,659 730,973
Transfer Station 2,000,000 1,752,711 247,289
Project
Authorization
Expended through
December 31, 2024 Commitment
The City has entered into an agreement for the future operations and maintenance of the Savannah
Bluff Lock and Dam for the purpose of maintaining the Augusta Pool. The agreement is between the
City of North Augusta; Aiken County, South Carolina; Augusta, Georgia; and four industrial
stakeholders. The agreement is contingent based on future upgrades of the Savannah Bluff Lock
and Dam by the Corps of Engineers. The agreement calls for the establishment of an escrow
account in the amount of $1,000,000 to be established over a three-year period and funded by the
participating entities. The City established a separate enterprise fund, The Savannah Bluff Lock and
Dam Fund. The fund established by the City will receive all revenues associated with the project
and all direct costs incurred by the contractor or the local sponsors will be paid by the fund. The
escrow account balance of $1,000,000 was fully funded as of December 31, 2009. The Savannah
Bluff Lock and Dam will be operated within the guidelines established by the Corps of Engineers.
The City will not be directly involved in the daily operations of the facility.
60
NOTES TO FINANCIAL STATEMENTS
NOTE 12. COMMITMENTS (CONTINUED)
The City has $5.3 million in outstanding contracts at December 31, 2024, including $1.6 million and
$3.7 million in the Capital Project Sales Tax IV and Water and Wastewater funds, respectively.
NOTE 13. CONTINGENCIES
The City is a defendant in various lawsuits. In the opinion of the City’s management and the City
Attorney, the ultimate effect of these matters will not have a material adverse effect on the financial
condition of the City.
NOTE 14. TAX ABATEMENTS
As of December 31, 2024, the City provides tax abatements under an intergovernmental
agreement with Aiken County, South Carolina (the “County”). This agreement is a form of a Fee in
Lieu of Tax Program instigated by the County for the purpose of creating multi-county industrial
and business parks, pursuant to which certain economic incentives are available to companies
locating, improving, or expanding projects within such parks, through which the economic
development of the County and the state will be promoted and trade developed by inducing
manufacturing and certain other business enterprises to locate in and remain in the State of South
Carolina. The Fee in Lieu of Tax (FILOT) is authorized under South Carolina Code of Laws Title
12, Chapter 44, Title 4, Chapter 29, and/or Title 4, Chapter 12. The FILOT is used to encourage
investment and provides a reduction of property tax when a business invests a minimum of
$2,500,000 within a five to six-year investment period (beginning with the date property is initially
placed in service). Property subject to a FILOT agreement is exempt from ad valorem property tax
and is instead subject to a FILOT equal to the product of the value of the property, an assessment
ratio that is generally no lower than 6% (but may be as low as 4% for extraordinary projects that
satisfy the statutory definition of an “enhanced investment”), and a millage rage that is either fixed
for the life of the agreement or is adjusted every five years based on the trailing five-year average.
The reduction in property taxes is accomplished by a reduction of assessed value, reduction in
millage rate and elimination of (or reduction in) number of times millage rates are changed. In
addition, an agreement may allow the possible use of net present value method over term of
FILOT to equalize payments.
Repayment of incentive is required by state law if taxpayer fails to meet statutory minimum
investment requirement. Other recapture provisions may be negotiated (such as a pro rata
clawback for failure to meet and/or maintain jobs/investment).
During the year ended December 31, 2024, the City’s taxes were reduced as a part of the FILOT
agreement previously disclosed in the amount of $24,182.
61
NOTES TO FINANCIAL STATEMENTS
NOTE 15. CHANGE IN ACCOUNTING PRINCIPLE
In conjunction with the implementation of Governmental Accounts Standards Board (GASB)
Statement No. 101, Compensated Absences, the City is required to recognize liabilities for
compensated absences for (1) leave that has not been used and (2) leave that has been used but
not yet paid in cash or settled through noncash means. A liability should be recognized for leave
that has not been used if (a) the leave is attributable to services already rendered, (b) the leave
accumulates, and (c) the leave is more likely than not to be used for time off or otherwise paid in
cash or settled through noncash means. Therefore, in conjunction with the implementation of GASB
Statement No. 101, an adjustment to beginning net position in the amount of ($1,496,085) and
($729,684) related to governmental and business-type activities (including the Water and
Wastewater System fund, the Sanitation Services fund, and the Stormwater Utility fund),
respectively, was required to properly report compensated absences as of January 1, 2024.
62
REQUIRED SUPPLEMENTARY INFORMATION
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
FOR THE YEAR ENDED DECEMBER 31,
SOUTH CAROLINA RETIREMENT SYSTEM
Plan year
ended
June 30
City's
proportion of
the net pension
liability
City's
proportionate
share of the net
pension liability
City's covered
payroll
City's share of the net
pension liability as a
percentage of its
covered payroll
Plan fiduciary net
position as a
percentage of the
total pension
liability
2024 0.07% 16,370,222$ 9,592,835$ 170.7% 61.79%
2023 0.07% 17,040,334 8,911,035 191.2% 58.65%
2022 0.07% 17,007,612 8,443,681 201.4% 57.06%
2021 0.08% 16,428,512 8,573,011 191.6% 60.75%
2020 0.07% 18,721,872 8,173,809 229.0% 50.71%
2019 0.08% 17,638,284 8,150,277 216.4% 54.40%
2018 0.08% 17,272,206 7,983,849 216.3% 54.10%
2017 0.08% 17,231,285 7,723,042 223.1% 53.30%
2016 0.08% 16,062,609 7,282,122 220.6% 52.90%
2015 0.08% 14,301,301 7,070,316 202.3% 57.00%
POLICE OFFICERS RETIREMENT SYSTEM
Plan year
ended
June 30
City's
proportion of
the net pension
liability
City's
proportionate
share of the net
pension liability
City's covered
payroll
City's share of the net
pension liability as a
percentage of its
covered payroll
Plan fiduciary net
position as a
percentage of the
total pension
liability
2024 0.27% 8,095,602$ 5,064,016$ 159.9% 70.53%
2023 0.25% 7,761,665 4,467,387 173.7% 67.79%
2022 0.27% 8,146,487 4,208,282 193.6% 66.45%
2021 0.25% 6,388,029 3,742,475 170.7% 70.37%
2020 0.26% 8,584,373 3,910,474 219.5% 58.79%
2019 0.27% 7,744,895 3,919,711 197.6% 62.70%
2018 0.28% 7,977,432 3,896,877 204.7% 61.70%
2017 0.28% 7,696,742 3,783,451 203.4% 60.90%
2016 0.28% 7,039,605 3,538,195 199.0% 60.40%
2015 0.27% 5,956,041 3,385,504 175.9% 64.60%
63
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
FOR THE YEAR ENDED DECEMBER 31,
SOUTH CAROLINA RETIREMENT SYSTEM
Year ended
December
31
Statutorily
required
contribution
Contributions
relative to
statutorily
required
contribution
Contribution
deficiency
(excess)
City's covered
payroll
Contributions as a
percentage of covered
payroll
2024 $ 1,881,752 $ 1,881,752 $ - $ 10,138,749 18.56%
2023 1,661,729 1,661,729 - 9,199,222 18.06%
2022 1,482,315 1,482,315 - 8,688,722 17.06%
2021 1,356,172 1,356,172 - 8,452,161 16.05%
2020 1,292,391 1,292,391 - 8,305,853 15.56%
2019 1,235,059 1,235,059 - 8,201,611 15.06%
2018 1,128,580 1,128,580 - 8,024,995 14.06%
2017 975,309 975,309 - 7,745,243 12.59%
2016 835,163 835,163 - 7,371,464 11.33%
2015 818,535 818,535 - 7,452,451 10.98%
POLICE OFFICERS RETIREMENT SYSTEM
Year ended
December
31
Statutorily
required
contribution
Contributions
relative to
statutorily
required
contribution
Contribution
deficiency
(excess)
City's covered
payroll
Contributions as a
percentage of covered
payroll
2024 $ 1,179,581 $ 1,179,581 $ - $ 5,553,582 21.24%
2023 970,459 970,459 - 4,677,652 20.75%
2022 860,663 860,663 - 4,361,033 19.74%
2021 724,678 724,678 - 3,862,966 18.76%
2020 694,889 694,889 - 3,809,697 18.24%
2019 702,156 702,156 - 3,957,543 17.74%
2018 655,814 655,814 - 3,918,206 16.74%
2017 575,300 575,300 - 3,769,186 15.26%
2016 504,306 504,306 - 3,599,658 14.01%
2015 492,613 492,613 - 3,627,182 13.58%
64
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
FOR THE YEAR ENDED DECEMBER 31,
Note: The actuarial assumptions used to determine the required contributions to the plans as noted on the previous
page are as follows:
System SCRS PORS
Calculation date July 1, 2022 July 1, 2022
Actuarial cost method Entry Age Normal Entry Age Normal
Asset valuation method 5-year Smoothed 5-year Smoothed
Amortization method Level % of pay Level % of pay
Amortization period 25 years maximum,25 years maximum,
closed period closed period
Investment return 7.00%7.00%
Inflation 2.25%2.25%
Salary increases 3.00% plus step-rate increases for members 3.50% plus step-rate increases for members
with less than 21 years of service.with less than 21 years of service.
Mortality 2020 Public Retirees of South Carolina Mortality 2020 Public Retirees of South Carolina Mortality
Tables for Males and Females, both projected Tables for Males and Females, both projected
at Scale UMP from the year 2020. Male rates are at Scale UMP from the year 2020. Male rates are
multiplied by 97% for non-educators and 95% multiplied by 127% and females rates are
for educators. Female rates multiplied by 107% multiplied by 107%.
for non-educators and 94% for educators.
65
OTHER SUPPLEMENTARY INFORMATION
Revenues:
Taxes
Current $ 10,343,548 $ 10,343,548 $ 10,512,748 $ 169,200
Delinquent 15,000 15,000 9,373 (5,627)
Penalties 100,000 100,000 144,059 44,059
Total taxes 10,458,548 10,458,548 10,666,180 207,632
Licenses and permits
Business licenses 7,039,000 7,039,000 7,696,188 657,188
Building permits 500,000 500,000 730,488 230,488
Electrical permits 35,000 35,000 35,367 367
Mechanical permits 35,000 35,000 36,806 1,806
Plumbing permits 15,000 15,000 23,754 8,754
Grading permits 15,000 15,000 57,095 42,095
Total licenses and permits 7,639,000 7,639,000 8,579,698 940,698
Intergovernmental
State of South Carolina:
State shared revenue 689,914 689,914 810,476 120,562
Accommodations tax 36,000 36,000 42,561 6,561
Merchants' inventory tax 54,700 54,700 41,092 (13,608)
Local option sales tax 55,000 55,000 57,563 2,563
Law enforcement net grant 10,000 10,000 3,907 (6,093)
Department of Justice grant 5,000 5,000 - (5,000)
Highway safety grant 95,000 95,000 104,558 9,558
Aiken County FILOT 225,000 225,000 202,080 (22,920)
State SRO grant 575,235 575,235 598,087 22,852
Total intergovernmental 1,745,849 1,745,849 1,860,324 114,475
Charges for services
Fire protection fees 57,700 57,700 55,578 (2,122)
Customer street light fees 114,540 114,540 112,142 (2,398)
Municipal Center rentals 47,000 47,000 35,005 (11,995)
Recreation fees:
Special programs 13,000 13,000 8,553 (4,447)
Volleyball 12,160 12,160 17,780 5,620
Soccer 83,540 83,540 85,596 2,056
Miscellaneous 127,000 127,000 145,273 18,273
Basketball 60,920 60,920 72,995 12,075
Softball 42,410 42,410 37,535 (4,875)
Football 61,010 61,010 81,126 20,116
Baseball 73,340 73,340 58,704 (14,636)
Concession stand 50,000 50,000 104,835 54,835
Community Center fees 82,600 82,600 77,103 (5,497)
Activities Center fees 188,420 188,420 199,598 11,178
Recreation facilities rentals 68,000 68,000 51,041 (16,959)
Activities Center tournaments 365,500 365,500 603,323 237,823
Total charges for services 1,447,140 1,447,140 1,746,187 299,047
Fines and forfeitures
Public safety fines 869,761 869,761 944,210 74,449
Drug related fines 20,000 20,000 5,695 (14,305)
Total fines and forfeitures 889,761 889,761 949,905 60,144
Miscellaneous
Other 538,829 538,829 1,415,638 876,809
Communication tower rental 236,100 236,100 249,340 13,240
Interest earnings 250,000 250,000 309,390 59,390
Total miscellaneous 1,024,929 1,024,929 1,974,368 949,439
Total revenues $ 23,205,227 $ 23,205,227 $ 25,776,662 $ 2,571,435
(Continued)
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES
COMPARED WITH BUDGET
FOR THE YEAR ENDED DECEMBER 31, 2024
Original Final Actual Final Budget
Budget Variance with
66
Expenditures:
General Government
City Council
Personnel services:
Salaries and wages $ 121,156 $ 121,156 $ 120,690 $ 466
Overtime pay
FICA 9,269 9,269 8,910 359
Employee retirement 23,093 23,093 19,081 4,012
Employee insurance 28,500 28,500 24,587 3,913
Workers' compensation 3,328 3,328 3,046 282
Operating expenditures:
General supplies/postage 7,300 7,300 5,968 1,332
Dues/training/travel 12,500 12,500 5,641 6,859
Advertising 425 425 835 (410)
Professional services 100 100 2,258 (2,158)
Special department supplies 3,250 3,250 1,694 1,556
Insurance 2,644 2,644 3,295 (651)
Contingencies 2,000 2,000 1,931 69
Total city council 213,565 213,565 197,936 15,629
City Administration
Personnel services:
Salaries and wages 359,036 359,036 322,171 36,865
Overtime pay - - 6,994 (6,994)
FICA 27,467 27,467 24,038 3,429
Employee retirement 68,433 68,433 62,242 6,191
Employee insurance 19,000 19,000 16,391 2,609
Workers' compensation 9,848 9,848 9,012 836
Unemployment insurance
Operating expenditures:
General supplies/postage 2,000 2,000 3,693 (1,693)
Dues/training/travel 17,000 17,000 21,424 (4,424)
Contracts/repairs 3,500 3,500 5,828 (2,328)
Uniforms/clothing - - 32 (32)
Professional services 47,500 47,500 38,929 8,571
Insurance 9,678 9,678 12,062 (2,384)
Contingencies 50,000 50,000 38,323 11,677
Capital outlay:
Disaster relief efforts - - 959,031 (959,031)
Total city administration 613,462 613,462 1,520,170 (906,708)
Justice and Law
Personnel services:
Salaries and wages 131,036 131,036 131,361 (325)
FICA 10,025 10,025 11,201 (1,176)
Employee retirement 24,976 24,976 23,840 1,136
Employee insurance 9,500 9,500 8,196 1,304
Workers' compensation 3,646 3,646 3,337 309
Operating expenditures:
General supplies/postage 3,300 3,300 3,796 (496)
State fees/fines 479,700 479,700 564,227 (84,527)
Dues/training/travel 6,250 6,250 3,795 2,455
Data processing 3,680 3,680 503 3,177
Utility services - - 16,366 (16,366)
Contracts/repairs 2,700 2,700 5,154 (2,454)
Jury services 3,200 3,200 - 3,200
Professional services 25,520 25,520 22,398 3,122
Juvenile detention 3,000 3,000 75 2,925
Special department supplies - - 1,145 (1,145)
Insurance 42,044 42,044 52,400 (10,356)
Total justice and law 748,577 748,577 847,794 (99,217)
(Continued)
Budget Variance with
Actual Final BudgetOriginalFinal
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES
COMPARED WITH BUDGET
FOR THE YEAR ENDED DECEMBER 31, 2024
67
Budget Variance with
Actual Final BudgetOriginalFinal
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES
COMPARED WITH BUDGET
FOR THE YEAR ENDED DECEMBER 31, 2024
Expenditures (Continued):
General Government (Continued)
Community Promotion
Operating expenditures:
Contributions $ 30,800 $ 30,800 $ 18,000 $ 12,800
Dues/training/travel 6,113 6,113 6,113 -
Professional services - - 700 (700)
Special department supplies 20,250 20,250 39,515 (19,265)
Insurance 4,175 4,175 5,203 (1,028)
Total community promotion 61,338 61,338 69,531 (8,193)
Finance
Personnel services:
Salaries and wages 331,425 331,425 334,129 (2,704)
FICA 25,355 25,355 25,557 (202)
Employee retirement 63,170 63,170 63,727 (557)
Employee insurance 38,000 38,000 32,783 5,217
Workers' compensation 8,788 8,788 8,042 746
Operating expenditures:
General supplies/postage 16,000 16,000 13,338 2,662
Dues/training/travel 2,525 2,525 3,422 (897)
Data processing 46,500 46,500 53,651 (7,151)
Contracts/repairs 22,900 22,900 5,483 17,417
Advertising 1,600 1,600 1,374 226
Professional services 27,478 27,478 41,760 (14,282)
Special department supplies 600 600 294 306
Insurance 7,901 7,901 9,847 (1,946)
Total finance 592,242 592,242 593,407 (1,165)
City Buildings
Personnel services:
Salaries and wages 82,907 82,907 83,825 (918)
FICA 6,343 6,343 6,326 17
Employee retirement 15,802 15,802 15,931 (129)
Employee insurance 19,000 19,000 16,391 2,609
Workers' compensation 2,346 2,346 2,147 199
Operating expenditures:
General supplies/postage 27,000 27,000 2,925 24,075
Auto operating 2,500 2,500 3,100 (600)
Utility services 188,100 188,100 371,972 (183,872)
Contracts/repairs 70,085 70,085 54,251 15,834
Professional services 6,700 6,700 6,940 (240)
Special department supplies 10,000 10,000 10,685 (685)
Insurance 25,101 25,101 31,283 (6,182)
Uniforms 1,200 1,200 150 1,050
Total city buildings 457,084 457,084 605,926 (148,842)
Building Standards
Personnel services:
Salaries and wages 361,447 361,447 357,623 3,824
FICA 27,651 27,651 27,046 605
Employee retirement 68,892 68,892 67,796 1,096
Employee insurance 54,625 54,625 47,125 7,500
Workers' compensation 9,436 9,436 8,635 801
(Continued)
68
Budget Variance with
Actual Final BudgetOriginalFinal
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES
COMPARED WITH BUDGET
FOR THE YEAR ENDED DECEMBER 31, 2024
Expenditures (Continued):
General Government (Continued)
Building Standards (Continued)
Operating expenditures:
General supplies/postage $ 3,000 $ 3,000 $ 2,756 $ 244
Dues/training/travel 5,700 5,700 4,909 791
Auto operating 8,650 8,650 8,878 (228)
Data processing 18,100 18,100 15,385 2,715
Contracts/repairs 4,150 4,150 3,358 792
Uniforms/clothing 2,400 2,400 686 1,714
Professional services 10,000 10,000 - 10,000
Special department supplies 4,600 4,600 3,401 1,199
Insurance 4,862 4,862 6,060 (1,198)
Capital outlay:-
Vehicles 34,000 34,000 32,077 1,923
Total building standards 617,513 617,513 585,735 31,778
Human Resources
Personnel services:
Salaries and wages 161,116 161,116 153,550 7,566
Overtime pay - - 859 (859)
FICA 12,323 12,323 11,557 766
Employee retirement 30,709 30,709 29,517 1,192
Employee insurance 19,000 19,000 16,391 2,609
Workers' compensation 4,815 4,815 4,406 409
Operating expenditures:
General supplies/postage 5,435 5,435 2,603 2,832
Dues/training/travel 5,000 5,000 3,557 1,443
Contracts/repairs 900 900 1,238 (338)
Advertising 3,500 3,500 - 3,500
Professional services 37,734 37,734 19,345 18,389
Special department supplies 51,200 51,200 15,729 35,471
Insurance 7,713 7,713 9,613 (1,900)
Total human resources 339,445 339,445 268,365 71,080
Planning and Development
Personnel services:
Salaries and wages 466,056 466,056 493,241 (27,185)
Overtime pay - - 174 (174)
FICA 35,654 35,654 38,169 (2,515)
Employee retirement 88,831 88,831 156,736 (67,905)
Employee insurance 66,500 66,500 57,370 9,130
Workers' compensation 12,452 12,452 11,395 1,057
Operating expenditures:
General supplies/postage 2,500 2,500 3,508 (1,008)
Dues/training/travel 8,000 8,000 5,757 2,243
Auto operating 6,525 6,525 2,748 3,777
Data processing 10,100 10,100 2,392 7,708
Contracts/repairs 3,000 3,000 5,471 (2,471)
Advertising 2,000 2,000 1,393 607
Professional services 125,000 125,000 1,889 123,111
Special department supplies 3,000 3,000 566 2,434
Insurance 20,856 20,856 25,993 (5,137)
Capital outlay:
Downtown development 25,000 25,000 25,000 -
Furniture/fixtures 2,500 2,500 - 2,500
Total planning and development 877,974 877,974 831,802 46,172
(Continued)
69
Budget Variance with
Actual Final BudgetOriginalFinal
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES
COMPARED WITH BUDGET
FOR THE YEAR ENDED DECEMBER 31, 2024
Expenditures (Continued):
General Government (Continued)
Property Maintenance
Personnel services:
Salaries and wages $ 800,349 $ 800,349 $ 799,063 $ 1,286
Overtime pay 26,484 26,484 33,877 (7,393)
FICA 68,419 68,419 63,454 4,965
Employee retirement 170,495 170,495 157,856 12,639
Employee insurance 171,000 171,000 147,522 23,478
Workers' compensation 23,982 23,982 22,635 1,347
Operating expenditures:
General supplies/postage 1,485 1,485 554 931
Dues/training/travel 2,600 2,600 3,456 (856)
Auto operating 47,513 47,513 46,630 883
Utility services 14,300 14,300 18,728 (4,428)
Contracts/repairs 40,450 40,450 46,360 (5,910)
Building materials/supplies 800 800 713 87
Uniforms/clothing 13,000 13,000 14,003 (1,003)
Professional services 51,900 51,900 53,590 (1,690)
Special department supplies 222,950 222,950 222,854 96
Insurance 36,440 36,440 47,001 (10,561)
Capital outlay:
Machines/equipment 143,345 143,345 155,776 (12,431)
Total property maintenance 1,835,512 1,835,512 1,834,072 1,440
Information Technology
Personnel services:
Salaries and wages 295,715 295,715 298,215 (2,500)
Overtime pay - - 6,216 (6,216)
FICA 22,623 22,623 23,308 (685)
Employee retirement 56,364 56,364 57,988 (1,624)
Employee insurance 38,000 38,000 32,783 5,217
Workers' compensation 7,976 7,976 7,299 677
Operating expenditures:
General supplies/postage 5,900 5,900 2,698 3,202
Dues/training/travel 12,350 12,350 1,994 10,356
Auto operating 2,862 2,862 313 2,549
Utility services 96,700 96,700 125,448 (28,748)
Data processing 231,970 231,970 116,194 115,776
Contracts/repairs 164,700 164,700 161,706 2,994
Insurance 32,380 32,380 40,355 (7,975)
Capital outlay:
Office machines 36,000 36,000 33,812 2,188
Subscription assets - - 700,526 (700,526)
Total information technology 1,003,540 1,003,540 1,608,855 (605,315)
Total current general government 7,119,407 7,119,407 8,016,402 (896,995)
Total capital outlay general government 240,845 240,845 947,191 (706,346)
Total general government 7,360,252 7,360,252 8,963,593 (1,603,341)
Public Safety
Personnel services:
Salaries and wages 5,937,568 5,937,568 6,252,599 (315,031)
Overtime pay 285,896 285,896 498,542 (212,646)
FICA 476,095 476,095 510,055 (33,960)
Employee retirement 1,326,908 1,326,908 1,373,858 (46,950)
Employee insurance 931,000 931,000 803,176 127,824
Workers' compensation 157,118 157,118 155,873 1,245
(Continued)
70
Budget Variance with
Actual Final BudgetOriginalFinal
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES
COMPARED WITH BUDGET
FOR THE YEAR ENDED DECEMBER 31, 2024
Expenditures (Continued):
Public Safety (Continued)
Operating expenditures:
General supplies/postage $ 26,500 $ 26,500 $ 20,263 $ 6,237
Dues/training/travel 63,000 63,000 63,549 (549)
Auto operating 383,250 383,250 424,346 (41,096)
Data processing 286,090 286,090 166,817 119,273
Contracts/repairs 180,120 180,120 114,324 65,796
Uniforms/clothing 124,000 124,000 133,389 (9,389)
Advertising - - 275 (275)
CVA expenditures 36,400 36,400 34,983 1,417
LEN grant 10,000 10,000 7,623 2,377
SRO grant 110,000 110,000 65,642 44,358
Community policing 34,400 34,400 17,149 17,251
NAPS drug related 20,000 20,000 7,535 12,465
Professional services 27,700 27,700 22,154 5,546
Animal control services 15,000 15,000 12,839 2,161
Special department supplies 170,000 170,000 148,356 21,644
Insurance 142,184 142,184 224,946 (82,762)
Capital outlay:
Vehicles 460,000 460,000 600,297 (140,297)
Machines/equipment 40,500 40,500 40,465 35
Total current public safety 10,743,229 10,743,229 11,058,293 (315,064)
Total capital outlay public safety 500,500 500,500 640,762 (140,262)
Total public safety 11,243,729 11,243,729 11,699,055 (455,326)
Public Works
Engineering
Personnel services:
Salaries and wages 233,304 233,304 276,572 (43,268)
Overtime pay - - 1,887 (1,887)
FICA 17,848 17,848 21,058 (3,210)
Employee retirement 44,468 44,468 53,026 (8,558)
Employee insurance 28,500 28,500 24,587 3,913
Workers' compensation 6,520 6,520 5,967 553
Operating expenditures:
General supplies/postage 500 500 547 (47)
Dues/training/travel 4,325 4,325 5,711 (1,386)
Auto operating 4,300 4,300 2,232 2,068
Data processing 7,700 7,700 5,867 1,833
Contracts/repairs 3,500 3,500 3,179 321
Uniforms/clothing 1,100 1,100 1,237 (137)
Advertising 100 100 - 100
Professional services 1,000 1,000 59 941
Special department supplies 1,500 1,500 1,263 237
Insurance 2,294 2,294 2,859 (565)
Total engineering 356,959 356,959 406,051 (49,092)
Street Lighting and Traffic Signals
Operating expenditures:
General supplies/postage - - 126 (126)
Utility services 432,000 432,000 408,569 23,431
Contracts/repairs 13,000 13,000 15,039 (2,039)
Special department supplies 14,000 14,000 2,232 11,768
Insurance 36,306 36,306 45,248 (8,942)
Total street lighting and traffic signals 495,306 495,306 471,214 24,092
(Continued)
71
Budget Variance with
Actual Final BudgetOriginalFinal
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES
COMPARED WITH BUDGET
FOR THE YEAR ENDED DECEMBER 31, 2024
Expenditures (Continued):
Public Works (Continued)
Streets and Drains
Personnel services:
Salaries and wages $ 519,943 $ 519,943 $ 446,549 $ 73,394
Overtime pay 9,678 9,678 9,772 (94)
FICA 40,516 40,516 34,481 6,035
Employee retirement 100,946 100,946 86,351 14,595
Employee insurance 95,000 95,000 81,957 13,043
Workers' compensation 15,664 15,664 14,335 1,329
Operating expenditures:
General supplies/postage 1,000 1,000 90 910
Dues/training/travel 2,900 2,900 760 2,140
Auto operating 40,000 40,000 37,027 2,973
Contracts/repairs 126,000 126,000 143,223 (17,223)
Building materials/supplies 82,500 82,500 45,141 37,359
Uniforms/clothing 9,800 9,800 6,270 3,530
Professional services 19,270 19,270 10,600 8,670
Special department supplies 25,500 25,500 6,375 19,125
Insurance 29,172 29,172 36,357 (7,185)
Total streets and drains 1,117,889 1,117,889 959,288 158,601
Total current public works 1,970,154 1,970,154 1,836,553 133,601
Total public works 1,970,154 1,970,154 1,836,553 133,601
Parks, Recreation, and Tourism
Recreation
Personnel services:
Salaries and wages 503,897 503,897 500,578 3,319
Overtime pay 12,439 12,439 23,040 (10,601)
FICA 39,500 39,500 40,044 (544)
Employee retirement 98,414 98,414 99,704 (1,290)
Employee insurance 76,000 76,000 65,565 10,435
Workers' compensation 14,563 14,563 13,923 640
Operating expenditures:
General supplies/postage 2,400 2,400 1,205 1,195
Dues/training/travel 6,495 6,495 9,033 (2,538)
Auto operating 4,925 4,925 1,639 3,286
Contracts/repairs 5,500 5,500 6,751 (1,251)
Uniforms/clothing 900 900 - 900
Advertising 650 650 275 375
Tournaments/special events - - 1,617 (1,617)
Professional services 186,000 186,000 201,067 (15,067)
Special department supplies 21,900 21,900 5,217 16,683
Basketball program 23,000 23,000 19,957 3,043
Softball program 26,000 26,000 30,647 (4,647)
Football program 48,500 48,500 83,767 (35,267)
Baseball program 46,500 46,500 71,941 (25,441)
Soccer program 50,000 50,000 41,922 8,078
Volleyball program 6,500 6,500 4,568 1,932
Concession stand supplies 32,000 32,000 72,146 (40,146)
Insurance 42,217 42,217 52,615 (10,398)
Capital outlay:
Furniture/fixtures 1,000 1,000 - 1,000
Machines/equipment 30,000 30,000 30,000 -
Total recreation 1,279,300 1,279,300 1,377,221 (97,921)
(Continued)
72
Budget Variance with
Actual Final BudgetOriginalFinal
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES
COMPARED WITH BUDGET
FOR THE YEAR ENDED DECEMBER 31, 2024
Expenditures (Continued):
Parks, Recreation, and Tourism (Continued)
Parks
Personnel services:
Salaries and wages $ 370,951 $ 370,951 $ 298,639 $ 72,312
Overtime pay 16,063 16,063 13,780 2,283
FICA 29,676 29,676 23,168 6,508
Employee retirement 73,937 73,937 59,120 14,817
Employee insurance 76,000 76,000 65,565 10,435
Workers' compensation 8,999 8,999 8,235 764
Operating expenditures:
General supplies/postage 500 500 3,712 (3,212)
Dues/training/travel 1,600 1,600 176 1,424
Auto operating 15,425 15,425 21,353 (5,928)
Utility services 25,000 25,000 23,511 1,489
Contracts/repairs 80,000 80,000 114,169 (34,169)
Building materials/supplies 10,000 10,000 3,943 6,057
Uniforms/clothing 1,800 1,800 810 990
Professional services 10,000 10,000 9,181 819
Special department supplies 10,000 10,000 3,186 6,814
Disaster relief efforts - - 485 (485)
Insurance 13,405 13,405 16,707 (3,302)
Total parks 743,356 743,356 665,740 77,616
Community Center
Personnel services:
Salaries and wages 43,822 43,822 49,769 (5,947)
Overtime pay 3,938 3,938 2,848 1,090
FICA 3,654 3,654 4,057 (403)
Employee retirement 9,103 9,103 10,008 (905)
Employee insurance 9,500 9,500 8,196 1,304
Workers' compensation 1,837 1,837 1,681 156
Operating expenditures:
General supplies/postage 2,800 2,800 1,577 1,223
Dues/training/travel 500 500 - 500
Auto operating 1,000 1,000 1,360 (360)
Utility services 20,000 20,000 38,792 (18,792)
Contracts/repairs 26,200 26,200 22,007 4,193
Building materials/supplies - - 66 (66)
Uniforms/clothing 750 750 595 155
Professional services 7,500 7,500 18,103 (10,603)
Special department supplies 11,000 11,000 8,066 2,934
Insurance 5,504 5,504 10,710 (5,206)
Total community center 147,108 147,108 177,835 (30,727)
RVP Activities Center
Personnel services:
Salaries and wages 272,584 272,584 291,671 (19,087)
Overtime pay 6,885 6,885 15,115 (8,230)
FICA 21,380 21,380 23,284 (1,904)
Employee retirement 53,267 53,267 58,462 (5,195)
Employee insurance 42,750 42,750 36,881 5,869
Workers' compensation 9,501 9,501 8,695 806
(Continued)
73
Budget Variance with
Actual Final BudgetOriginalFinal
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES
COMPARED WITH BUDGET
FOR THE YEAR ENDED DECEMBER 31, 2024
Expenditures (Continued):
Parks, Recreation, and Tourism (Continued)
RVP Activities Center (Continued)
Operating expenditures:
General supplies/postage $ 16,500 $ 16,500 $ 16,780 $ (280)
Dues/training/travel 900 900 4,005 (3,105)
Auto operating 2,025 2,025 121 1,904
Contracts/repairs 108,100 108,100 117,364 (9,264)
Uniforms/clothing 1,400 1,400 130 1,270
Advertising 1,100 1,100 - 1,100
Tournaments/special events 295,000 295,000 478,563 (183,563)
Special department supplies 24,500 24,500 13,876 10,624
Basketball program - - 474 (474)
Volleyball program - - 209 (209)
Concession stand supplies - - 1,285 (1,285)
Insurance 29,707 29,707 37,024 (7,317)
Capital outlay:
Furniture/fixtures 10,000 10,000 - 10,000
Total RVP activities center 895,599 895,599 1,103,939 (208,340)
Tourism
Personnel services:
Salaries and wages 82,325 82,325 84,309 (1,984)
Overtime pay - - 5,706 (5,706)
FICA 6,298 6,298 6,821 (523)
Employee retirement 15,692 15,692 16,697 (1,005)
Employee insurance 9,500 9,500 8,196 1,304
Workers' compensation 1,542 1,542 1,411 131
Operating expenditures:
General supplies/postage 12,000 12,000 11,044 956
Dues/training/travel 500 500 265 235
Auto operating 17,500 17,500 6,983 10,517
Data processing - - 40 (40)
Professional services 4,500 4,500 3,919 581
Tourism events/festivals/supplies 175,000 175,000 221,472 (46,472)
Community policing - - 1,486 (1,486)
Special department supplies - - 10,564 (10,564)
Insurance 18,409 18,409 22,943 (4,534)
Total tourism 343,266 343,266 401,856 (58,590)
Total current parks, recreation, and tourism 3,367,629 3,367,629 3,696,591 (328,962)
Total capital outlay parks, recreation, and tourism 41,000 41,000 30,000 11,000
Total parks, recreation, and tourism 3,408,629 3,408,629 3,726,591 (317,962)
Debt Service:
Principal retirement 636,291 636,291 682,118 (45,827)
Interest 12,315 12,315 50,075 (37,760)
Total debt service 648,606 648,606 732,193 (83,587)
Total expenditures $ 24,631,370 $ 24,631,370 $ 26,957,985 $ (2,326,615)
74
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
DECEMBER 31, 2024
Total
Special Capital Nonmajor
Revenue Projects Governmental
ASSETS Funds Funds Funds
Cash and cash equivalents $ 6,434,297 $ 517,310 $ 6,951,607
Intergovernmental receivables 87,569 - 87,569
Total assets $ 6,521,866 $ 517,310 $ 7,039,176
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable $ 334,682 $ 75,866 $ 410,548
Retainage payable 85,674 - 85,674
Total liabilities 420,356 75,866 496,222
FUND BALANCES
Restricted:
Public safety - fire division 136,213 - 136,213
Special projects 5,965,297 - 5,965,297
Capital projects - 108,978 108,978
Committed:
Capital projects - 323,146 323,146
Assigned:
Capital projects - 9,320 9,320
Total fund balances 6,101,510 441,444 6,542,954
Total liabilities and fund balances $ 6,521,866 $ 517,310 $ 7,039,176
75
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2024
Total
Special Capital Nonmajor
Revenue Projects Governmental
Funds Funds Funds
Revenues:
Intergovernmental $ 432,497 $ 102,568 $ 535,065
Local hospitality and accommodations taxes 3,227,892 - 3,227,892
Interest earnings 1,117,596 13,956 1,131,552
Miscellaneous 2,804 780 3,584
Total revenues 4,780,789 117,304 4,898,093
Expenditures:
Current:
General government 23,436 - 23,436
Public safety 93,793 - 93,793
Public works 255,259 93,713 348,972
Parks, recreation & tourism 720,476 - 720,476
Capital outlay 7,032 20,180 27,212
Total expenditures 1,099,996 113,893 1,213,889
Excess of revenues over expenditures 3,680,793 3,411 3,684,204
Other financing sources (uses):
Transfers in 356 - 356
Transfers out (2,595,118) - (2,595,118)
Total other financing uses, net (2,594,762) - (2,594,762)
Net change in
fund balances 1,086,031 3,411 1,089,442
Fund balances, beginning of year 5,015,479 438,033 5,453,512
Fund balances, end of year $ 6,101,510 $ 441,444 $ 6,542,954
76
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for specific revenue received which are restricted to expenditures for
particular purposes (other than capital projects). The City currently has established the following Special Revenue
Funds:
Accommodations Tax Fund – This fund is used to account for the receipt and disbursement of money from the
state accommodations tax for the purpose of assisting in the development of innovative and/or effective tourism
promotion projects at the local level.
Fireman’s Fund – This fund is used to account for the receipt and disbursement of money from the one percent tax
through the South Carolina State Firefighters’ Association to be used to benefit firefighters that the department
resources do not provide.
Riverfront/Central Core Redevelopment Fund – This fund is used for the receipt and disbursement of City
hospitality and accommodations tax funds for projects in the redevelopment of the downtown area and the
development of the riverfront and Riverside Village.
Savannah River Settlement Fund – The source of revenue appropriated in this section is the August 31, 2020
settlement of the lawsuit between the State of South Carolina and the United Stated Department of Energy (DOE)
concerning the termination of the Mixed Dioxide Fuel Fabrication Facility at the Savannah River Site (SRS) and the
DOE’s failure to remove the plutonium stored at the SRS which is located in Aiken, Barnwell, and Allendale
Counties. The expenditure authorizations contained in this section are for the maximum amounts that may be
disbursed or expended by the receiving government entity. All disbursals and expenditures must be made in
compliance with the provisions contained in this act. The City of North Augusta was approved for the following
projects: New Savannah Bluff Lock and Dam Redevelopment ($20,000,000), Cyber Initiative Infrastructure
($15,000,000), and Regional Solid Waste Transfer Station ($2,000,000).
ASSETSCash and cash equivalents $ 527,762 $ 138,503 $ 5,235,007 $ 533,025 $ 6,434,297 Intergovernmental receivable 87,569 - - - 87,569 Total assets $ 615,331 $ 138,503 $ 5,235,007 $ 533,025 $ 6,521,866 LIABILITIES AND FUND BALANCESLIABILITIESAccounts payable$36,773 $2,290 $35,873 $ 259,746 $ 334,682 Retainage payable- - - 85,674 85,674 Total liabilities36,773 2,290 35,873 345,420 420,356 FUND BALANCES Restricted: Public safety - fire division- 136,213 - - 136,213 Special projects578,558 - 5,199,134 187,605 5,965,297 Total fund balances 578,558 136,213 5,199,134 187,605 6,101,510 Total liabilities and fund balances $ 615,331 $ 138,503 $ 5,235,007 $ 533,025 $ 6,521,866 RedevelopmentFundSavannah RiverSettlementFundTaxFundFireman'sFundSpecial RevenueFundsCITY OF NORTH AUGUSTA, SOUTH CAROLINACOMBINING BALANCE SHEET NONMAJOR SPECIAL REVENUE FUNDS DECEMBER 31, 2024NonmajorSpecial Revenue Funds AccommodationsRiverfront/Central CoreTotal77
Revenues:Local hospitality and accommodations taxes $ - $ - $ 3,227,892 $ - $ 3,227,892 Intergovernmental333,657 98,840 - - 432,497 Interest earnings9,022 1,253 173,316 934,005 1,117,596 Miscellaneous- - 2,804 - 2,804 Total revenues342,679 100,093 3,404,012 934,005 4,780,789 Expenditures:Current:General government- - 23,436 - 23,436 Public safety- 93,793 - - 93,793 Public works- - - 255,259 255,259 Parks, recreation and tourism 188,562 - 531,914 - 720,476 Capital outlay- - 7,032 - 7,032 Total expenditures188,562 93,793 562,382 255,259 1,099,996 Excess of revenues over expenditures 154,117 6,300 2,841,630 678,746 3,680,793 Other financing sources (uses) Transfers in- - 356 - 356 Transfers out- - (1,562,574) (1,032,544) (2,595,118) Total other financing uses, net - - (1,562,218) (1,032,544) (2,594,762) Net change in fund balances 154,117 6,300 1,279,412 (353,798) 1,086,031 Fund balances, beginning of year424,441 129,913 3,919,722 541,403 5,015,479 Fund balances, end of year$578,558 $ 136,213 $ 5,199,134 $ 187,605 $ 6,101,510 CITY OF NORTH AUGUSTA, SOUTH CAROLINACOMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESFOR THE YEAR ENDED DECEMBER 31, 2024Special Revenue Funds NONMAJOR SPECIAL REVENUE FUNDS FundsTotalTaxFundAccommodationsSpecial RevenueNonmajorRiverfront/Savannah RiverSettlementFundFireman'sFundRedevelopmentFundCentral Core78
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
CAPITAL PROJECTS FUNDS
Capital Projects Funds are used to account for financial resources used for the acquisition of/for construction of
major capital facilities (other than those financed by the Proprietary Fund). The primary sources of money, in these
funds, are the proceeds of general obligation bond issues and interest earnings.
Sales Tax III Fund – This fund is used to account for the receipt and disbursement of money from county-wide
capital project sales tax.
Street Improvement Fund – This fund is used to account for the receipt and disbursement of money related to the
maintenance, repair, and construction of streets and related infrastructure.
Transportation Improvement Fund – This fund is used to account for the receipt and disbursement of money
related to the maintenance, repair, and constriction of streets and related infrastructure.
NonmajorCapital ProjectsFundsASSETSCash and cash equivalents$8,978 $ 408,670 $99,662 $ 517,310 Total assets$8,978 $ 408,670 $99,662 $ 517,310 LIABILITIES AND FUND BALANCESLIABILITIESAccounts payable$- $75,866 $- $75,866 Total liabilities- 75,866 - 75,866 FUND BALANCES Restricted: Capital projects8,978 100,000 - 108,978 Committed: Capital projects- 232,804 90,342 323,146 Assigned: Capital projects- - 9,320 9,320 Total fund balances8,978 332,804 99,662 441,444 Total liabilities and fund balances$8,978 $ 408,670 $99,662 $ 517,310 Transportation ImprovementSales Tax IIIFundFundImprovementsFundStreet TotalCITY OF NORTH AUGUSTA, SOUTH CAROLINACOMBINING BALANCE SHEET NONMAJOR CAPITAL PROJECTS FUNDS DECEMBER 31, 2024Capital Projects Funds79
NonmajorCapital ProjectsFundsRevenues:Intergovernmental$- $ 102,568 $- $ 102,568 Interest earnings1,37911,1901,38713,956 Miscellaneous- 780- 780 Total revenues1,379 114,538 1,387 117,304 Expenditures:Current:Public works- 93,713- 93,713 Capital outlay20,180 - - 20,180 Total expenditures20,180 93,713 - 113,893 Excess (deficiency) of revenues over (under) expenditures(18,801) 20,825 1,387 3,411 Net change in fund balances(18,801) 20,825 1,387 3,411 Fund balances, beginning of year27,779 311,97998,275438,033 Fund balances, end of year$8,978 $ 332,804 $99,662 $ 441,444 FundFundFundTransportation Improvements ImprovementStreet Sales Tax IIITotalCITY OF NORTH AUGUSTA, SOUTH CAROLINACOMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESNONMAJOR CAPITAL PROJECTS FUNDS FOR THE YEAR ENDED DECEMBER 31, 2024Capital Projects Funds80
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
Budget Actual
OPERATING REVENUES
Water sales $ 3,799,097 $ 4,065,018 $ 265,921
Sewer sales 7,218,446 7,976,813 758,367
Water tap fees 191,370 277,599 86,229
Sewer tap fees 276,600 353,897 77,297
Fire protection fees 14,894 - (14,894)
Other 690,945 739,165 48,220
Total operating revenues 12,191,352 13,412,492 1,221,140
OPERATING EXPENSES
Utilities finance 804,412 730,497 73,915
Utilities administration 663,957 640,689 23,268
Water operations and maintenance 1,280,516 939,337 341,179
Water production and treatment 1,844,527 1,801,659 42,868
Wastewater operations and maintenance 5,506,334 5,314,260 192,074
Depreciation and amortization - 1,795,327 (1,795,327)
Total operating expenses 10,099,746 11,221,769 (1,122,023)
Operating income 2,091,606 2,190,723 99,117
NONOPERATING REVENUE (EXPENSE)
Interest income 65,000 660,815 595,815
Gain on sale of capital assets - 27,549 27,549
Interest expense - (257,363) (257,363)
Intergovernmental - 23,515 23,515
Total nonoperating revenues, net 65,000 454,516 389,516
Income before capital contributions and transfers 2,156,606 2,645,239 488,633
CAPITAL CONTRIBUTIONS - 427,378 427,378
TRANSFERS
Transfers in 23,759 20,068,172 20,044,413
Transfers out (2,315,465) (17,215,974) (14,900,509)
Total transfers (2,291,706) 2,852,198 5,143,904
Change in net position (135,100) 5,924,815 6,059,915
Total net position, beginning of year, as previously reported 67,675,004 67,675,004 -
Adjustment for change in accounting principle (371,246) (371,246) -
Total net position, beginning of year, as restated 67,303,758 67,303,758 -
Total net position, end of year $ 67,168,658 $ 73,228,573 $ 6,059,915
WATER AND WASTEWATER SYSTEM FUND
SCHEDULE OF REVENUES AND EXPENSES
BUDGET AND ACTUAL - GAAP BASIS
FOR THE YEAR ENDED DECEMBER 31, 2024
Variance with
Budget
81
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
Budget Actual
OPERATING EXPENSES
Utilities Finance
Personnel services:
Salaries and wages $ 273,417 $ 255,215 $ 18,202
FICA 20,917 19,894 1,023
Employee retirement 48,225 34,919 13,306
Employee insurance 47,500 40,978 6,522
Workers' compensation 7,051 6,453 598
Other operating expenses:
General supplies/postage 120,000 130,515 (10,515)
Dues/training/travel 3,200 1,339 1,861
Data processing 185,000 153,448 31,552
Contracts and repairs 26,700 6,675 20,025
Professional services 14,431 16,591 (2,160)
Special departmental supplies 500 478 22
Insurance 26,471 32,991 (6,520)
Bad debts 31,000 31,001 (1)
Total utilities finance 804,412 730,497 73,915
Utilities Administration:
Personnel services:
Salaries and wages 353,664 318,849 34,815
Overtime pay 8,838 19,942 (11,104)
FICA 27,732 26,622 1,110
Employee retirement 69,093 46,412 22,681
Employee insurance 61,750 53,272 8,478
Workers' compensation 9,739 8,913 826
Other operating expenses:
General supplies 1,900 896 1,004
Dues/training/travel 3,450 3,974 (524)
Auto operating 61,008 17,359 43,649
Utility services 8,740 13,219 (4,479)
Contracts and repairs 18,170 31,842 (13,672)
Building materials 150 130 20
Uniforms and clothing 4,400 3,460 940
Professional services 4,000 2,376 1,624
Special departmental supplies 275 607 (332)
Insurance 6,063 92,816 (86,753)
Lease purchase 24,985 - 24,985
Total utilities administration 663,957 640,689 23,268
Water Operations and Maintenance:
Personnel services:
Salaries and wages 474,085 419,950 54,135
Overtime pay 17,607 41,260 (23,653)
FICA 37,615 35,964 1,651
Employee retirement 93,717 67,309 26,408
Employee insurance 85,500 73,330 12,170
Workers' compensation 13,227 12,104 1,123
Other operating expenses:
Dues/training/travel 1,750 1,779 (29)
Auto operating 196,768 48,881 147,887
Contracts and repairs 21,400 35,713 (14,313)
Building materials 10,236 12,150 (1,914)
Uniforms and clothing 6,100 5,046 1,054
Special departmental supplies 266,545 144,245 122,300
Insurance 8,497 41,606 (33,109)
Lease purchase 27,807 - 27,807
Buildings/fixed equipment 10,000 - 10,000
Machines/equipment 9,662 - 9,662
Total water operations and maintenance 1,280,516 939,337 341,179
(Continued)
WATER AND WASTEWATER SYSTEM FUND
BUDGET AND ACTUAL - GAAP BASIS
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF OPERATING EXPENSES
Variance with
Budget
82
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
Budget Actual
OPERATING EXPENSES (CONTINUED)
Water Production and Treatment:
Personnel services:
Salaries and wages $ 509,886 $ 532,173 $ (22,287)
Overtime pay 26,780 31,015 (4,235)
FICA 41,055 42,445 (1,390)
Employee retirement 102,289 77,700 24,589
Employee insurance 76,000 65,565 10,435
Workers' compensation 14,311 13,097 1,214
Other operating expenses:
General supplies 2,600 7,540 (4,940)
Dues/training/travel 6,050 3,035 3,015
Auto operating 59,873 4,322 55,551
Utility services 384,911 434,165 (49,254)
Contracts and repairs 177,525 125,279 52,246
Building materials 700 6,593 (5,893)
Uniforms and clothing 5,240 2,669 2,571
Professional services 39,319 45,134 (5,815)
Special departmental supplies 292,812 318,547 (25,735)
ACPSA treatment charges 3,000 4,025 (1,025)
Insurance 70,894 88,355 (17,461)
Lease purchase 31,282 - 31,282
Total water production and treatment 1,844,527 1,801,659 42,868
Wastewater Operations and Maintenance:
Personnel services:
Salaries and wages 577,688 555,620 22,068
Overtime pay 23,032 49,268 (26,236)
FICA 45,956 47,630 (1,674)
Employee retirement 114,498 87,725 26,773
Employee insurance 104,500 90,152 14,348
Workers' compensation 16,095 14,729 1,366
Other operating expenses:
Dues/training/travel 700 1,093 (393)
Auto operating 199,596 38,676 160,920
Utility services 80,166 84,765 (4,599)
Contracts and repairs 105,700 109,238 (3,538)
Building materials 11,930 17,905 (5,975)
Uniforms and clothing 7,700 7,256 444
Special departmental supplies 18,600 - 18,600
ACPSA treatment charges 3,995,000 4,165,840 (170,840)
Lease purchase 130,131 - 130,131
Insurance 34,930 44,363 (9,433)
Clay pump station improvements 17,000 - 17,000
Machines and equipment 23,112 - 23,112
Total wastewater operations and maintenance 5,506,334 5,314,260 192,074
Depreciation and amortization - 1,795,327 (1,795,327)
Total operating expenses $ 10,099,746 $ 11,221,769 $ (1,122,023)
Variance with
Budget
BUDGET AND ACTUAL - GAAP BASIS
FOR THE YEAR ENDED DECEMBER 31, 2024
WATER AND WASTEWATER SYSTEM FUND
SCHEDULE OF OPERATING EXPENSES
83
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
Budget Actual
OPERATING REVENUES
Stormwater utility fees $ 1,052,000 $ 1,057,103 $ 5,103
Other 13,332 29,808 16,476
Total operating revenues 1,065,332 1,086,911 21,579
OPERATING EXPENSES
Stormwater operations 1,036,573 574,493 462,080
Depreciation - 495,535 (495,535)
Total operating expenses 1,036,573 1,070,028 (33,455)
Operating income 28,759 16,883 (11,876)
NONOPERATING REVENUE (EXPENSES)
Interest income 7,500 42,892 35,392
Interest expense - (577) (577)
Total nonoperating revenues, net 7,500 42,315 34,815
Income before capital contributions and transfers 36,259 59,198 22,939
CAPITAL CONTRIBUTIONS - 729,946 729,946
TRANSFERS
Transfers in 2,644 2,644 -
Transfers out (38,903) (38,903) -
Total transfers (36,259) (36,259) -
Change in net position - 752,885 752,885
Total net position, beginning of year, as previously reported 10,598,355 10,598,355 -
Adjustment for change in accounting principle (92,593) (92,593) -
Total net position, beginning of year, as restated 10,505,762 10,505,762 -
Total net position, end of year $ 10,505,762 $ 11,258,647 $ 752,885
Variance with
Budget
STORMWATER UTILITY FUND
SCHEDULE OF REVENUES AND EXPENSES
BUDGET AND ACTUAL - GAAP BASIS
FOR THE YEAR ENDED DECEMBER 31, 2024
84
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
Budget Actual
OPERATING EXPENSES
Personnel services:
Salaries and wages $ 407,428 $ 342,072 $ 65,356
Overtime pay 2,323 5,063 (2,740)
FICA 31,346 28,476 2,870
Employee retirement 78,099 37,690 40,409
Employee insurance 59,375 51,223 8,152
Workers' compensation 11,033 11,034 (1)
Other operating expenses:
General supplies 800 687 113
Dues/training/travel 6,425 2,430 3,995
Auto operating 14,600 14,182 418
Data processing 18,913 15,217 3,696
Contracts and repairs 7,400 4,067 3,333
Building material - 155 (155)
Uniforms and clothing 3,400 2,503 897
Advertising 5,300 1,757 3,543
Professional services 41,971 29,682 12,289
Special departmental supplies 8,700 9,325 (625)
Insurance 11,507 18,930 (7,423)
Leases 33,000 - 33,000
Drainage projects 275,953 - 275,953
Machines and equipment 19,000 - 19,000
Total stormwater operations 1,036,573 574,493 462,080
Depreciation - 495,535 (495,535)
Total operating expenses $ 1,036,573 $ 1,070,028 $ (33,455)
Variance with
STORMWATER UTILITY FUND
SCHEDULE OF OPERATING EXPENSES
BUDGET AND ACTUAL - GAAP BASIS
FOR THE YEAR ENDED DECEMBER 31, 2024
Budget
85
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
Budget Actual
OPERATING REVENUES
Sanitation service fees $ 4,193,904 $ 4,284,871 $ 90,967
Recycling fees 156,462 197,539 41,077
Sale of recyclables 114,745 190,040 75,295
Other 325,675 66,220 (259,455)
Total operating revenues 4,790,786 4,738,670 (52,116)
OPERATING EXPENSES
Sanitation operations 3,490,251 2,977,928 512,323
Material recovery facility 1,079,135 917,658 161,477
Depreciation - 694,601 (694,601)
Total operating expenses 4,569,386 4,590,187 (20,801)
Operating income 221,400 148,483 (72,917)
NONOPERATING REVENUE (EXPENSES)
Interest income 110,000 139,486 29,486
Gain on sale of property - 89,076 89,076
Interest expense - (13,830) (13,830)
Total nonoperating revenues, net 110,000 214,732 104,732
Income before transfers 331,400 363,215 31,815
TRANSFERS
Transfers in 9,604 1,042,147 1,032,543
Transfers out (341,004) (341,004) -
Total transfers (331,400) 701,143 1,032,543
Change in net position - 1,064,358 1,064,358
Total net position, beginning of year, as previously reported 3,852,623 3,852,623 -
Adjustment for change in accounting principle (265,845) (265,845) -
Total net position, beginning of year, as restated 3,586,778 3,586,778 -
Total net position, end of year $ 3,586,778 $ 4,651,136 $ 1,064,358
SCHEDULE OF OPERATING REVENUES AND EXPENSES
SANITATION SERVICES FUND
BUDGET AND ACTUAL - GAAP BASIS
FOR THE YEAR ENDED DECEMBER 31, 2024
Variance with
Budget
86
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
Budget Actual
OPERATING EXPENSES
Sanitation Operations
Personnel services:
Salaries and wages $ 1,310,823 $ 1,193,587 $ 117,236
Overtime pay 22,173 57,091 (34,918)
FICA 101,975 96,043 5,932
Employee retirement 254,069 167,719 86,350
Employee insurance 251,750 221,430 30,320
Workers' compensation 35,827 32,787 3,040
Other operating expenses:
General supplies 3,167 1,176 1,991
Dues/training 800 375 425
Auto operating 629,548 564,298 65,250
Utility services 26,800 30,733 (3,933)
Data processing 27,318 3,769 23,549
Contracts and repairs 9,130 29,788 (20,658)
Building material - 70 (70)
Uniforms and clothing 16,070 14,512 1,558
Professional services 46,256 179,876 (133,620)
Special departmental supplies 295,620 252,547 43,073
Insurance 95,404 132,127 (36,723)
Leases 363,521 - 363,521
Total sanitation operations 3,490,251 2,977,928 512,323
Material Recovery Facility
Personnel services:
Salaries and wages 356,981 297,568 59,413
Overtime pay 2,080 29,243 (27,163)
FICA 27,469 24,478 2,991
Employee retirement 68,437 42,784 25,653
Employee insurance 61,750 49,027 12,723
Workers' compensation 8,791 15,491 (6,700)
Other operating expenses:
General supplies/postage 375 1,153 (778)
Dues/training 555 - 555
Auto operating 72,391 133,284 (60,893)
Utility services 14,000 8,789 5,211
Contracts and repairs 118,962 70,871 48,091
Building material 1,234 - 1,234
Recycling expenses 300 - 300
Uniforms and clothing 4,800 5,694 (894)
Professional services 138,272 165,249 (26,977)
Special departmental supplies 15,390 29,185 (13,795)
Insurance 33,242 44,842 (11,600)
Leases 154,106 - 154,106
Total material recovery facility 1,079,135 917,658 161,477
Depreciation - 694,601 (694,601)
Total operating expenses $ 4,569,386 $ 4,590,187 $ (20,801)
SCHEDULE OF OPERATING EXPENSES
BUDGET AND ACTUAL - GAAP BASIS
SANITATION SERVICES FUND
Budget
Variance with
FOR THE YEAR ENDED DECEMBER 31, 2024
87
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
UNIFORM SCHEDULE OF COURT FINES, ASSESSMENTS AND SURCHARGES (per ACT 96)
FOR THE YEAR ENDED DECEMBER 31, 2024
FOR THE STATE TREASURER'S OFFICE:
COUNTY / MUNICIPAL FUNDS COLLECTED BY
CLERK OF COURT
General
Sessions
Magistrate
Court
Municipal
Court Total
Court Fines and Assessments:
Court fines and assessments collected N/A N/A $ 1,026,726 $ 1,026,726
Court fines and assessments remitted to State
Treasurer N/A N/A 564,227 564,227
Total Court Fines and Assessments retained N/A N/A $ 462,499 $ 462,499
Surcharges and Assessments retained for victim
services:
Surcharges collected and retained N/A N/A $ 3,293 $ 3,293
Assessments retained N/A N/A 48,067 48,067
Total Surcharges and Assessments retained for victim
services N/A N/A $ 51,360 $ 51,360
FOR THE DEPARTMENT OF CRIME VICTIM COMPENSATION (DCVC)
Municipal County Total
$ 129,781 N/A $ 129,781
- N/A -
48,067 N/A 48,067
3,293 N/A 3,293
- N/A -
- N/A -
- N/A -
- N/A -
- N/A -
- N/A -
$ 181,141 N/A $ 181,141
(1) Town of
VICTIM SERVICE FUNDS COLLECTED
Carryforward from Previous Year – Beginning Balance
Victim Service Revenue:
Victim Service Fines Retained by City/County Treasurer
Victim Service Assessments Retained by City/County Treasurer
Victim Service Surcharges Retained by City/County Treasurer
Interest Earned
Grant Funds Received
Grant from:
General Funds Transferred to Victim Service Fund
Contribution Received from Victim Service Contracts:
(2) Town of
(3) City of
Total Funds Allocated to Victim Service Fund + Beginning Balance (A)
Developed by the Office of the Attorney General, Department of Crime Victim Compensation
88
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
UNIFORM SCHEDULE OF COURT FINES, ASSESSMENTS AND SURCHARGES (per ACT 96)
FOR THE YEAR ENDED DECEMBER 31, 2024
Municipal County Total
$ 11,546 N/A $ 11,546
2,983 N/A 2,983
- N/A -
- N/A -
16,000 N/A 16,000
- N/A -
16,000 N/A 16,000
- N/A -
46,529 N/A 46,529
134,612 N/A 134,612
- N/A -
$ 134,612 N/A $ 134,612
(2) Rape Crisis Center:
Expenditures for Victim Service Program:
Salaries and Benefits
Operating Expenditures
Victim Service Contract(s):
(1) Entity's Name
(2) Entity's Name
Victim Service Donation(s):
(1) Domestic Violence Shelter: Cumbie Center
(3) Other local direct crime victims service agency: Child Advocacy
Center of Aiken County
Transferred to General Fund
Total Expenditures from Victim Service Fund/Program (B)
Less: Prior Year Fund Deficit Repayment
Carryforward Funds – End of Year
Total Victim Service Funds Retained by Municipal/County Treasurer (A-B)
Developed by the Office of the Attorney General, Department of Crime Victim Compensation
89
STATISTICAL SECTION
This part of the City’s annual comprehensive financial report presents detailed information as a context for
understanding what the information in the financial statements, note disclosures, required supplementary
information, and supplementary information says about the City’s overall financial health.
Contents
Page
Financial Trends .......................................................................................................................................... 90 - 94
These schedules contain trend information to help the reader understand how the City’s financial
performance and well-being have changed over time.
Revenue Capacity ...................................................................................................................................... 95 - 101
These schedules contain information to help the reader assess the City’s most significant local
revenue source, the property tax.
Debt Capacity ........................................................................................................................................... 102 - 106
These schedules present information to help the reader assess the affordability of the City’s current
levels of outstanding debt and the City’s ability to issue additional debt in the future.
Demographic and Economic Information ............................................................................................. 107 - 109
These schedules offer demographic and economic indicators to help the reader understand the
environment within which the City’s financial activities take place.
Operating Information ............................................................................................................................. 110 - 113
These schedules contain service and infrastructure data to help the reader understand how the
information in the City’s financial report relates to the services the City provides and the activities it
performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the City’s financial reports for
the relevant year.
2015 2016 2017 2018 2019
Governmental activities
Net investment in capital assets 59,649,524$ 60,261,553$ 46,115,747$ 65,640,358$ 64,540,113$
Restricted 6,964,338 7,616,189 23,744,254 6,574,221 8,729,598
Unrestricted (6,848,500) (5,705,943) (5,641,833) (7,354,106) (9,984,502)
Total governmental activities net position 59,765,362$ 62,171,799$ 64,218,168$ 64,860,473$ 63,285,209$
Business-type activities
Net investment in capital assets 53,610,839$ 53,203,765$ 55,927,179$ 58,580,045$ 60,703,383$
Restricted 10,248,230 11,374,284 9,618,737 7,977,008 8,433,456
Unrestricted (1,175,007) (387,763) 492,016 1,215,467 1,431,160
Total business-type activities net position 62,684,062$ 64,190,286$ 66,037,932$ 67,772,520$ 70,567,999$
Primary Government
Net investment in capital assets 113,260,363$ 113,465,318$ 102,042,926$ 124,220,403$ 125,243,496$
Restricted 17,212,568 18,990,473 33,362,991 14,551,229 17,163,054
Unrestricted (8,023,507) (6,093,706) (5,149,817) (6,138,639) (8,553,342)
Total primary government net position 122,449,424$ 126,362,085$ 130,256,100$ 132,632,993$ 133,853,208$
2020 2021 2022 2023 2024
Governmental activities
Net investment in capital assets 64,277,060$ 54,204,071$ 56,753,022$ 69,956,542$ 83,754,381$
Restricted 7,848,687 19,786,412 19,633,892 11,272,709 16,928,855
Unrestricted (9,345,838) (7,117,195) (5,303,954) (2,835,312) (3,059,315)
Total governmental activities net position 62,779,909$ 66,873,288$ 71,082,960$ 78,393,939$ 97,623,921$
Business-type activities
Net investment in capital assets 61,930,753$ 62,504,303$ 63,792,267$ 68,970,736$ 75,191,616$
Restricted 8,358,324 8,481,549 8,437,860 9,143,935 9,564,203
Unrestricted 1,855,707 3,230,474 5,271,343 4,541,852 4,916,955
Total business-type activities net position 72,144,784$ 74,216,326$ 77,501,470$ 82,656,523$ 89,672,774$
Primary Government
Net investment in capital assets 126,207,813$ 116,708,374$ 120,545,289$ 138,927,278$ 158,945,997$
Restricted 16,207,011 28,267,961 28,071,752 20,416,644 26,493,058
Unrestricted (7,490,131) (3,886,721) (32,611) 1,706,540 1,857,640
Total primary government net position 134,924,693$ 141,089,614$ 148,584,430$ 161,050,462$ 187,296,695$
Note: GASB 68, Accounting and Financial Reporting for Pensions and GASB 71 Pension Transition for Contributions Made Subsequent to the
Measurement Date, were adopted by the City for Fiscal Year 2015. A restatement of beginning net position of $18,624,474 was required to
reflect implementation.
Note: GASB 101, Compensated Absences was adopted by the City for Fiscal Year 2023. A restatement of beginning net position of ($2,225,769)
was required to reflect implementation.
City of North Augusta, South Carolina
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
Year Ending December 31
Year Ending December 31
90
2015 2016 2017 2018 2019
Expenses
Governmental activities:
General government 4,573,665$ 4,519,094$ 7,474,923$ 8,855,053$ 11,607,797$
Public safety 7,517,589 8,473,548 8,736,202 9,253,259 9,079,791
Public works 2,051,542 580,327 2,695,126 2,736,631 2,936,592
Parks, recreation, and tourism 4,723,035 5,061,480 4,913,582 3,785,041 4,212,339
Debt service - interest and fees 168,583 155,047 338,132 1,568 276,699
Loss on debt defeasance - - - - - Total governmental activities expenses 19,034,414$ 18,789,496$ 24,157,965$ 24,631,552$ 28,113,218$
Business-type activities:
Water and wastewater 8,081,456$ 7,745,232$ 8,359,555$ 8,896,535$ 10,077,290$
Sanitation 4,316,548 4,594,016 4,536,142 4,624,936 4,733,146
Stormwater utility 494,179 541,495 638,634 661,987 789,312
Savannah Bluff Lock and Dam 24,000 24,000 24,000 23,999 24,000
Total business-type activities expenses 12,916,183$ 12,904,743$ 13,558,331$ 14,207,457$ 15,623,748$
Total primary government expenses 31,950,597$ 31,694,239$ 37,716,296$ 38,839,009$ 43,736,966$
Program Revenues
Governmental activities:
Charges for services:
General government 5,621,613$ 5,885,657$ 6,229,497$ 6,361,953$ 6,256,452$
Public safety 1,195,544 1,060,102 1,041,202 892,138 1,044,181
Public Works 65,907 78,018 158,147 167,961 108,726
Parks, recreation, and tourism 1,162,485 1,260,024 1,148,108 1,829,789 2,096,008
Operating grants and contributions 872,652 791,316 1,083,944 1,377,317 1,265,522
Capital grants and contributions - - 207,768 - 759,852 Total governmental activities program revenues 8,918,201$ 9,075,117$ 9,868,666$ 10,629,158$ 11,530,741$
Business-type activities:
Charges for services:
Water and wastewater 8,664,457$ 9,155,898$ 9,459,054$ 9,746,927$ 10,151,786$
Sanitation 4,168,309 4,246,959 4,472,281 4,355,688 4,487,564
Stormwater utility 746,814 759,131 770,135 782,958 804,213
Operating grants and contributions 2,449 - 10,161 80,636 23,516
Capital grants and contributions 396,837 124,408 103,591 23,514 616,830
Total business-type activities program revenues 13,978,866$ 14,286,396$ 14,815,222$ 14,989,723$ 16,083,909$
Total primary government program revenues 22,897,067$ 23,361,513$ 24,683,888$ 25,618,881$ 27,614,650$
Net (expense) / revenue
Governmental activities (10,116,213)$ (9,714,379)$ (14,289,299)$ (14,002,394)$ (15,567,819)$
Business-type activities 1,062,683 1,381,653 1,256,891 782,266 1,605,162
Total primary government net expense (9,053,530)$ (8,332,726)$ (13,032,408)$ (13,220,128)$ (13,962,657)$
General Revenues and Other Changes in Net Position
Governmental activities:
Ad valorem property taxes 6,874,139$ 7,162,650$ 8,146,680$ 8,143,925$ 8,456,230$
Capital projects sales taxes 2,828,301 2,891,291 3,109,712 3,179,463 1,443,301
Local hospitality and accommodations taxes 713,903 764,056 790,749 1,718,195 2,017,221
Interest on investments 89,791 192,906 423,369 400,007 330,669
Gain(loss) on disposal of capital assets (3,311) - - 9,441 31,203
Miscellaneous 886,062 568,970 3,659,328 1,024,414 1,005,944
Transfers 514,893 540,943 205,830 169,254 748,347
Total governmental activities 11,903,778$ 12,120,816$ 16,335,668$ 14,644,699$ 14,032,915$
Business-type activities:
Interest on investments 69,410$ 120,990$ 145,025$ 281,451$ 327,680$
Gain(loss) on disposal of capital assets 46,107 (12,606) 78,747 55,180 465
Miscellaneous 584,902 557,130 572,813 784,945 631,468
Transfers (514,893) (540,943) (205,830) (169,254) (748,347)
Total business-type activities 185,526$ 124,571$ 590,755$ 952,322$ 211,266$
Total primary government 12,089,304$ 12,245,387$ 16,926,423$ 15,597,021$ 14,244,181$
Change in Net Position
Governmental activities 1,787,565$ 2,406,437$ 2,046,369$ 642,305$ (2,549,562)$
Business-type activities 1,248,209 1,506,224 1,847,646 1,734,588 671,427
Total primary government 3,035,774$ 3,912,661$ 3,894,015$ 2,376,893$ (1,878,135)$
(continued)
(accrual basis of accounting)
Year Ending December 31
City of North Augusta, South Carolina
Changes in Net Position
Last Ten Fiscal Years
91
2020 2021 2022 2023 2024
Expenses
Governmental activities:
General government 7,870,452$ 8,020,594$ 8,978,242$ 9,807,883$ 9,725,538$
Public safety 9,539,596 8,713,621 9,668,579 10,692,057 13,683,146
Public works 2,924,751 2,952,922 3,125,270 3,574,540 3,662,018
Parks, recreation, and tourism 3,371,009 4,197,184 4,454,887 5,026,860 5,329,246
Debt service - interest and fees 3,447,465 3,347,376 3,338,117 3,281,470 3,240,704 Loss on debt defeasance - - - - -
Total governmental activities expenses 27,153,273$ 27,231,697$ 29,565,095$ 32,382,810$ 35,640,652$
Business-type activities:
Water and wastewater 10,410,462$ 10,164,461$ 10,195,996$ 10,956,787$ 11,479,132$
Sanitation 4,626,296 4,479,166 4,063,126 4,493,114 4,604,017
Stormwater utility 840,358 883,357 955,356 992,622 1,070,605
Savannah Bluff Lock and Dam utility 192,673 133,970 26,000 22,000 24,000
Total business-type activities expenses 16,069,789$ 15,660,954$ 15,240,478$ 16,464,523$ 17,177,754$
Total primary government expenses 43,223,062$ 42,892,651$ 44,805,573$ 48,847,333$ 52,818,406$
Program Revenues
Governmental activities:
Charges for services:
General government 6,420,926$ 6,868,596$ 7,154,304$ 7,682,907$ 8,579,698$
Public safety 911,851 895,682 869,174 942,166 1,005,483
Public Works 85,435 93,392 99,378 107,202 112,142
Parks, recreation, and tourism 1,091,763 2,158,381 2,127,533 2,159,311 2,365,211
Operating grants and contributions 1,287,442 960,878 2,316,342 5,033,679 9,488,327 Capital grants and contributions 1,788,037 2,199,191 639,030 - 255,787
Total governmental activities program revenues 11,585,454$ 13,176,120$ 13,205,761$ 15,925,265$ 21,806,648$
Business-type activities:
Charges for services:
Water and wastewater 10,666,159$ 11,159,227$ 10,844,304$ 11,202,511$ 12,673,327$
Sanitation 4,862,277 4,791,306 4,003,815 4,469,657 4,672,450
Stormwater utility 821,127 837,701 860,588 882,998 1,057,103
Operating grants and contributions - - - 1,301,017 23,515
Capital grants and contributions 1,325,388 1,332,381 1,166,873 1,631,416 1,157,324
Total business-type activities program revenues 17,674,951$ 18,120,615$ 16,875,580$ 19,487,599$ 19,583,719$
Total primary government program revenues 29,260,405$ 31,296,735$ 30,081,341$ 35,412,864$ 41,390,367$
Net (expense) / revenue
Governmental activities (14,055,577)$ (16,359,334)$ (16,359,334)$ (16,457,545)$ (13,834,004)$
Business-type activities 2,459,661 1,635,102 1,635,102 6,023,076 2,405,965 Total primary government net expense (11,595,916)$ (14,724,232)$ (14,724,232)$ (10,434,469)$ (11,428,039)$
General Revenues and Other Changes in Net Position
Governmental activities:
Ad valorem property taxes 10,632,768$ 11,382,532$ 13,122,687$ 13,789,487$ 15,186,783$
Capital projects sales taxes 176,864 1,770,110 1,770,261 3,423,388 15,190,311
Local hospitality and accommodations taxes 1,830,571 2,385,218 2,664,997 2,933,463 3,227,892
Interest on investments 168,087 62,950 508,037 1,708,263 2,416,575
Gain(loss) on disposal of capital assets - - - - - Miscellaneous 1,095,995 1,329,329 1,472,620 2,237,217 2,055,592
Transfers 1,158,234 1,218,817 1,030,404 (323,294) (3,517,082)
Total governmental activities 15,062,519$ 18,148,956$ 20,569,006$ 23,768,524$ 34,560,071$
Business-type activities:
Interest on investments 127,876$ 35,498$ 297,154$ 779,787$ 871,070$
Gain(loss) on disposal of capital assets 56,065 95,281 7,860 53,677 116,625
Miscellaneous 945,916 699,919 2,375,432 975,219 835,193
Transfers (1,158,234) (1,218,817) (1,030,404) 323,294 3,517,082
Total business-type activities (28,377)$ (388,119)$ 1,650,042$ 2,131,977$ 5,339,970$
Total primary government 15,034,142$ 17,760,837$ 22,219,048$ 25,900,501$ 39,900,041$
Change in Net Position
Governmental activities (505,300)$ 4,093,379$ 4,209,672$ 7,310,979$ 20,726,067$
Business-type activities 1,576,785 2,071,542 3,285,144 5,155,053 7,745,935
Total primary government 1,071,485$ 6,164,921$ 7,494,816$ 12,466,032$ 28,472,002$
City of North Augusta, South Carolina
Changes in Net Position
Year Ending December 31
Last Ten Fiscal Years
(accrual basis of accounting)
92
2015 2016 2017 2018 2019
General Fund
Nonspendable -$ -$ -$ -$ -$
Restricted 88,746 103,644 107,443 111,049 115,225
Committed 796,106 1,484,194 1,121,426 937,499 433,393
Unassigned 2,375,000 2,475,000 2,625,000 2,825,000 2,875,000
Total General Fund 3,259,852$ 4,062,838$ 3,853,869$ 3,873,548$ 3,423,618$
All Other Governmental Funds
Reserved -$ -$ -$ -$ -$
Restricted 5,790,157 7,512,545 23,636,811 10,531,546 9,423,502
Committed 2,184,346 2,950,803 3,731,713 2,669,258 2,737,813
Assigned 1,261,269 428,854 367,043 344,403 34,138
Unassigned (69,258) - - - -
Total all other governmental funds 9,166,514$ 10,892,202$ 27,735,567$ 13,545,207$ 12,195,453$
2020 2021 2022 2023 2024
General Fund
Nonspendable -$ -$ -$ -$ -$
Restricted 119,094 123,331 126,972 129,781 134,612
Committed 689,671 2,834,351 2,174,623 1,906,876 496,218
Unassigned 3,000,000 3,125,000 3,350,000 3,700,000 4,100,000
Total General Fund 3,808,765$ 6,082,682$ 5,651,595$ 5,736,657$ 4,730,830$
All Other Governmental Funds
Reserved -$ -$ -$ -$ -$
Restricted 17,733,705 19,663,081 19,506,920 11,142,928 16,794,243
Committed 2,980,435 3,398,961 5,364,974 7,143,941 9,207,742
Assigned 5,837 6,155 6,606 7,933 9,320
Unassigned - - (67,241) (259,577) -
Total all other governmental funds 20,719,977$ 23,068,197$ 24,811,259$ 18,035,225$ 26,011,305$
Year Ending December 31
Year Ending December 31
City of North Augusta, South Carolina
Fund Balances, Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
93
2015 2016 2017 2018 2019
RevenuesAd valorem taxes 6,871,821$ 7,163,429$ 7,446,013$ 8,018,222$ 8,404,331$ Sales taxes 2,828,301 2,891,291 3,109,712 3,179,463 2,235,581
Local hospitality and accommodations taxes 713,903 764,056 790,749 1,718,195 2,017,221
Licenses and permits 5,621,613 5,885,657 6,229,497 6,361,953 6,256,452 Fines and forfeitures 1,138,891 996,799 978,626 834,200 1,006,060
Charges for services 1,285,045 1,401,345 1,291,321 1,974,016 2,226,219
Intergovernmental 872,652 791,316 4,179,592 1,899,080 1,569,665 Miscellaneous/interest earnings 977,123 781,035 1,000,276 1,068,804 1,111,636 Contributions - - - - -
- - - - -
Total Revenues 20,309,349$ 20,674,928$ 25,025,786$ 25,053,933$ 24,827,165$
Expenditures
General government 4,028,393$ 3,712,733$ 3,406,445$ 4,759,360$ 5,751,630$ Public safety 7,833,279 7,990,705 7,921,809 8,379,644 8,932,323 Public works 1,487,619 1,394,286 1,515,323 1,594,271 1,728,518
Parks, recreation and tourism 3,647,665 4,022,934 4,085,589 3,043,122 3,278,290
Capital outlay 13,260,678 1,790,360 45,762,352 18,736,157 4,909,427 Debt service: Lease payments 897,952 929,907 3,991,122 619,864 731,955
Interest and fiscal charges 164,947 155,047 1,712,670 3,217,755 3,217,751
Principal Retirements - - 12,573,657 (b)- (b)- Bond Issuance Costs - - 1,495,554 - -
Total Expenditures 31,320,533$ 19,995,972$ 82,464,521$ 40,350,173$ 28,549,894$
Excess (deficiency) of revenues over (under) expenditures (11,011,184)$ 678,956$ (57,438,735)$ (15,296,240)$ (3,271,509)$
Other financing sources (uses)Proceeds on sale of capital assets -$ -$ -$ -$
Issuance of capital lease 887,594 880,655 473,983 432,308 838,111
Lease issuance cost 9,738,217 428,120 71,882,320 - - Issuance of bonds - - 178,260 (a)- (a)- Transfers in 23,350,453 1,397,258 10,699,613 4,538,136 3,825,974
Transfers out (22,835,560) (856,315) (9,161,045) (3,844,885) (2,741,040)
Total other financing sources (uses) 11,140,704$ 1,849,718$ 74,073,131$ 1,125,559$ 1,923,045$
Net change in fund balance 129,520$ 2,528,674$ 16,634,396$ (14,170,681)$ (1,348,464)$
Debt service as a percentage of noncapital expenditures 6.42% 7.03% 54.73%(b)18.18%(b)18.09%
2020 2021 2022 2023 2024Revenues
Ad valorem taxes 9,655,624$ 12,220,170$ 12,932,274$ 13,682,634$ 15,014,241$
Sales taxes 176,864 1,770,110 1,770,261 3,423,388 15,190,311 Local hospitality and accommodations taxes 1,830,571 2,385,218 2,664,997 2,933,463 3,227,892 Licenses and permits 6,420,926 6,868,596 7,154,304 7,682,907 8,579,698
Fines and forfeitures 872,727 854,434 828,347 901,098 949,905
Charges for services 1,216,322 2,293,021 2,267,738 2,307,581 2,532,931 Intergovernmental 1,452,465 1,168,208 2,729,348 5,446,755 10,139,045
Miscellaneous/interest earnings 1,157,925 1,237,945 1,813,821 3,729,362 4,279,316
Contributions - - - - - - - - - - Total Revenues 22,783,424$ 28,797,702$ 32,161,090$ 40,107,188$ 59,913,339$
ExpendituresGeneral government 5,503,855$ 5,849,145$ 6,864,168$ 7,471,111$ 8,783,872$
Public safety 8,058,484 7,986,178 8,931,947 9,848,498 12,797,133
Public works 1,520,495 1,553,477 1,696,583 2,118,206 2,185,525 Parks, recreation and tourism 2,500,187 3,353,253 3,641,616 4,208,884 4,436,777 Capital outlay 3,747,567 3,287,647 4,988,864 17,034,414 15,169,459
Debt service:
Lease payments 711,865 702,138 - - - Interest and fiscal charges 3,273,533 3,325,369 3,348,840 3,287,466 3,258,324
Principal Retirements 650,000 739,968 3,184,079 3,458,032 3,437,741
Bond Issuance Costs 88,947 - - - - Total Expenditures 26,054,933$ 26,797,175$ 32,656,097$ 47,426,611$ 50,068,831$
Excess (deficiency) of revenues
over (under) expenditures 2,000,527$ (495,007)$ (495,007)$ (7,319,423)$ 9,844,508$
Other financing sources (uses)
Proceeds on sale of capital assets -$ -$ -$ -$ -$
Issuance of capital lease 772,946 1,405,126 776,578 915,681 642,827 Issuance of bonds 10,250,000 (c)- - - -
Insurance proceeds - - - - -
Transfers in 4,380,329 6,103,845 9,568,234 10,017,935 9,915,944 Transfers out (3,222,095) (4,887,361) (8,537,830) (10,305,165) (13,433,026) Total other financing sources (uses) 12,181,180$ 2,621,610$ 1,806,982$ 628,451$ (2,874,255)$
Net change in fund balance 14,181,707$ 2,126,603$ 1,311,975$ (6,690,972)$ 6,970,253$
Debt service as a percentage of
noncapital expenditures 21.18% 20.28% 23.61% 22.19% 19.19%
(a) 2017 installment purchase revenue bond to construct and equip two parking decks, a stadium, conference facilities, a riverfront park, and certain roads,
water, sewer, and related infrastructure (Series 2017B.) Also included is a $25,000 tax increment revenue bond.
(b) In May 2017, the North Augusta Public Facilities Corporation entered into an installment purchase transaction. Proceeds from this transaction were also used to refinance the municipal center lease.
(c) In March 2020, the City issued Series 2020 General Obligation Bonds in the amount of $10,250,000 for the purposes of defraying the costs incurred in connection
with all or a portion of designing, developing, and construction of a new Public Safety Headquarters and related fire apparatus.
Grant revenue
Year Ending December 31
(modified accrual basis of accounting)
Grant revenue
Year Ending December 31
City of North Augusta, South Carolina
Changes in Fund Balances, Governmental Funds
Last Ten Fiscal Years
94
Year Ended
December 31
(a) Tax
Year
Assessed
Value
Estimated Actual
Value
Assessed
Value
Estimated Actual
Value
Assessed
Value
Estimated Actual
Value Tax Rate
2015 2014 70,710,810$ 1,442,916,363$ 20,984,447$ 158,860,422$ 91,695,257$ 1,601,776,785$ 74.21
2016 2015 73,065,987 1,490,975,824 21,623,421 163,697,704 94,689,408 1,654,673,528 74.21
2017 (b) 2016 79,819,959 1,628,796,572 26,336,665 199,378,794 106,156,624 1,828,175,366 70.50
2018 2017 82,341,248 1,680,245,695 27,375,296 207,241,635 109,716,544 1,887,487,330 73.50
2019 2018 83,448,499 1,702,840,127 31,654,277 239,635,180 115,102,776 1,942,475,307 73.50
2020 2019 111,102,458 (c)2,267,143,519 33,204,209 251,368,769 144,306,667 2,518,512,288 73.50
2021 2020 114,076,665 (c)2,327,834,832 40,594,219 307,314,023 154,670,884 2,635,148,855 73.50
2022 (b) 2021 128,916,969 (c)2,630,664,307 47,567,398 360,103,699 176,484,367 2,990,768,006 73.50
2023 2022 136,906,451 (c)2,793,696,725 54,000,383 408,803,897 190,906,834 3,202,500,622 75.50
2024 2023 144,307,500 (c)2,944,721,649 49,495,261 374,698,368 193,802,761 3,319,420,017 77.50
(b) Reassessment year, see Table VI
(c) Includes real, merchants inventory, merchants furniture and fixtures, personal property taxes, and special assessments for parcels in the City's
Municipal Improvement District (MID). Assessed value of real property less the special assessments in the MID totals $134,793,164.
(a) The City of North Augusta uses different tax years for real and personal property taxes because on April 30, 1980, the S.C. General Assembly passed a law 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.
City of North Augusta, South Carolina
Assessed Value and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
Source: City of North Augusta tax records
TOTALREAL PROPERTY PERSONAL PROPERTY
95
Fiscal Year
Ended
December
31
(a) Tax
Year
Operating
Millage
Debt
Service
Millage (b)
Total City
Millage
Operating
Millage
Debt
Service
Millage
Total
County
Millage
Operating
Millage
Debt
Service
Millage
Total
School
Millage
Total Direct &
Overlapping
Rates
2015 2014 74.21 -74.21 66.00 3.90 69.90 141.60 29.00 170.60 314.71
2016 2015 74.21 -74.21 66.00 3.90 69.90 141.60 29.00 170.60 314.71
2017 2016 70.50 -70.50 64.60 3.90 68.50 137.30 28.70 166.00 305.00
2018 2017 73.50 -73.50 64.60 3.90 68.50 137.30 28.70 166.00 308.00
2019 2018 73.50 -73.50 65.20 3.30 68.50 137.30 33.70 171.00 313.00
2020 2019 73.50 -73.50 65.20 3.30 68.50 137.30 33.70 171.00 313.00
2021 2020 73.50 -73.50 64.30 3.00 67.30 134.20 33.70 167.90 308.70
2022 2021 73.50 -73.50 65.10 2.20 67.30 134.20 33.70 167.90 308.70
2023 2022 75.50 -75.50 68.14 2.20 70.34 134.20 33.70 167.90 313.74
2024 2023 77.50 -77.50 68.14 2.20 70.34 134.20 33.70 167.90 315.74
Source: Aiken County Auditor
(b) The City had no GOB debt prior to 2006. During 2013, the City defeased all of its outstanding GOB debt.
City Tax Data:
Mill: Represents .1% per $1,000 of assessed valuation
Tax Rate Limits: None
Taxes Due: Personal: In the month preceding tag renewal by the S.C. State Highway Department
Real and Merchants: April 30th
Personal: N/A--Taxes on personal property paid in advance
Taxes Delinquent: Real and Merchants: May 1st Discount Allowed: None
Penalties: Real and Merchants: 15%
Reassessment Years: Tax Years 2016, 2021
Uncollected taxes are turned over to the City Delinquent Tax Collector on June 1st, with authority to enforce collection by tax sale.
(a) Because of the change mandated by State law noted in the footnote of Table V, the City of North Augusta uses different tax years for real and personal property taxes.
City of North Augusta, South Carolina
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
City of North Augusta
Overlapping Property Tax Rates
County of Aiken Aiken County School District
96
2024 2015
Taxpayer
Assessed
Valuation (d) Rank
Percentage of
Total Assessed
Valuation
Assessed
Valuation Rank
Percentage of
Total Assessed
Valuation
Dominion Energy (a)4,742,480$ 1 2.45% 3,031,790$ 1 3.31%
Graybul Ironwood LLC 2,692,410 2 1.39%
Wal-Mart, Inc. 2,254,200 3 1.16% 1,423,040 2 1.55%
Leo@Augusta, LLC (b)2,118,250 4 1.09%
Ackerman Greenstone North Augusta 1,439,090 5 0.74%
Allnex Industries, Inc. (c)1,362,560 6 0.70% 1,035,610 6 1.13%
SUSO 3 Augusta, LP 1,196,540 7 0.62% 1,087,920 5 1.19%
Halocarbon Life Sciences, LLC 1,021,200 8 0.53% 1,185,670 3 1.29%
SRP Federal Credit Union 980,390 9 0.51% 1,159,430 4 1.26%
CVS SC Distribution, Inc. 887,840 10 0.46% 743,190 7 0.81%
The Kroger Company 713,440 8 0.78%
Bell South Telecommunications 521,520 9 0.57%
Lowes Home Centers, Inc.492,490 10 0.54%
TOTAL Taxable Assessed 18,694,960$ 9.65% 11,394,100$ 12.42%
Source: City of North Augusta tax records
This table lists the ten largest taxpayers, type of business, assessed valuation, and tax levy for the fiscal year 2024 (tax year 2023) as indicated
by the City of North Augusta tax digest. This includes furniture, fixtures, and equipment assessed at 10.5% and commercial real estate at 6%.
(a) Dominion Energy formerly S.C. Electric & Gas Co.
(b) Leo@Augusta, LLC formerly Next Chapter Sweetwater LLC
(c) Allnex formerly Cytec Surface Specialties
(d) Does not include special assessments for parcels in the City's Municipal Improvement District (MID) that do not have a building
assessed valuation.
City of North Augusta, South Carolina
Principal Property Taxpayers
Current Year and Nine Years Ago
97
Year Ended
December 31
(b) Tax
Year
(a) Taxes Levied
for the Fiscal Year Amount Percentage of Levy
Collections in
Subsequent
Years Amount
Percentage of
Levy
2015 2014 6,804,705$ 6,762,260$ 99.38% 24,013$ 6,786,273$ 99.73%
2016 2015 7,026,901 6,992,988 99.52% 15,435 7,008,423 99.74%
2017 (c) 2016 7,484,042 7,446,013 99.49%12,419 7,458,432 99.66%
2018 2017 8,064,166 8,018,222 99.43%20,617 8,038,839 99.69%
2019 2018 8,460,054 8,404,331 99.34%21,449 8,425,780 99.59%
2020 2019 10,606,540 9,655,624 91.03%907,520 10,563,144 99.59%
2021 2020 11,368,310 11,326,981 99.64%17,428 11,344,409 99.79%
2022 (c) 2021 12,971,601 12,883,770 99.32%81,341 12,965,111 99.95%
2023 2022 14,413,466 14,394,526 99.87%9,403 14,403,929 99.93%
2024 2023 15,019,714 15,002,487 99.89%- 15,002,487 99.89%
(a) Includes real, merchants inventory, merchants furniture and fixtures, personal property taxes, and special assessments for parcels in the City's
Municipal Improvement District (MID).
(b) Because of the change by State law noted in the footnote of Table V, the City of North Augusta uses different tax years for
real and personal property taxes.
(c) Reassessment year, see Table VI
City of North Augusta, South Carolina
Property Tax Levies and Collections
Last Ten Fiscal Years
Total Collections to Date
Collected within the
Current Year of Tax Levy
Source: City of North Augusta tax records
98
Year Ended
December 31 Total Revenues Gross Sales
Total Number of
Licenses Issued
2015 5,302,353$ 1,098,056,589$ 1,849
2016 5,514,782 1,143,626,048 1,877
2017 5,727,383 1,253,829,811 2,017
2018 6,007,529 (a) 1,355,936,169 2,420
2019 5,886,386 1,256,734,425 2,254
2020 5,905,981 1,294,322,660 2,302
2021 6,216,232 1,263,252,418 2,192
2022 6,500,762 1,541,689,563 2,208
2023 6,993,010 1,691,571,882 2,319
2024 7,696,188 1,825,812,543 2,343
(a) Increase due to numerous one-time licenses for construction related to projects in Riverside Village.
Source: City of North Augusta business license records
City of North Augusta, South Carolina
Business Licenses / Franchise Fees
Last Ten Fiscal Years
99
Year Ended
December 31
Residential
Inside Water
Non-Residential
Inside Water
Total Inside
Water Accounts
Residential
Outside Water
Non-Residential
Outside Water
Total Outside
Water Accounts
Total Water
Accounts
2015 8,074 636 8,710 2,941 153 3,094 11,804
2016 8,152 658 8,810 2,931 158 3,089 11,899
2017 8,310 785 9,095 2,959 158 3,117 12,212
2018 8,775 777 9,552 2,950 158 3,108 12,660
2019 9,119 765 9,884 2,927 158 3,085 12,969
2020 9,254 775 10,029 2,963 163 3,126 13,155
2021 9,324 786 10,110 2,942 166 3,108 13,218
2022 9,605 793 10,398 2,956 163 3,119 13,517
2023 9,706 810 10,516 2,930 159 3,089 13,605
2024 10,089 815 10,904 2,925 156 3,081 13,985
Year Ended
December 31
Residential
Inside Sewer
Non-Residential
Inside Sewer
Total Inside
Sewer Accounts
Residential
Outside Sewer
Non-Residential
Outside Sewer
Total Outside
Sewer Accounts
Total Sewer
Accounts
2015 9,725 562 10,287 967 31 998 11,285
2016 9,900 576 10,476 967 31 998 11,474
2017 10,114 646 10,760 979 32 1,011 11,771
2018 10,397 638 11,035 980 31 1,011 12,046
2019 10,775 640 11,415 972 30 1,002 12,417
2020 10,934 655 11,589 975 31 1,006 12,595
2021 11,228 666 11,894 988 33 1,021 12,915
2022 11,510 672 12,182 986 35 1,021 13,203
2023 11,741 680 12,421 976 34 1,010 13,431
2024 12,078 675 12,753 978 31 1,009 13,762
Source: City of North Augusta utility billing records
City of North Augusta, South Carolina
Number of Utility Customers
Last Ten Fiscal Years
100
Water Customers
Customer Name Type of Business Rank Water Usage Rank Water Usage
City of North Augusta Municipal Government 1 80,813,000 1 60,402,600
Halocarbon Chemicals, Inc.Manufacturing 2 59,469,000 2 52,360,400
Crowne Plaza Hotel 3 36,847,000
Allnex Industries, Inc.Manufacturing 4 29,479,200 3 44,228,200
Ambiopharm Pharmaceutical Manufacturer 5 23,586,300
Aiken County Schools School District 6 14,126,867 4 12,123,000
Plaza Place 2020, LLC Apartments 7 14,487,300
JARS at Breckenridge/Plaza Terrace Apartments 8 11,721,066 5 9,229,300
Graybul Ironwood, LLC Apartments 9 8,896,500
Trubild, LLC Mobile Home Park 10 7,095,600 6 7,325,000 (c)
Pinecrest Apartments Apartments 8 5,252,400
Whispering Woods Apartments Apartments 7 5,872,200 (b)
CIG Plaza Place LLC Apartments 9 5,024,300 (a)
Silver Creek Valley Apartments 10 4,036,400
Wastewater Customers
Customer Name Type of Business Rank Water Usage Rank Water Usage
Edgefield County Water & Sewer Authority Sewer District Provider 1 751,902,000 1 606,014,000
Halocarbon Chemicals, Inc.Manufacturing 2 59,469,000 2 52,360,400
City of North Augusta Municipal Government 3 42,049,433 4 30,443,600
Allnex Industries, Inc Manufacturing 4 29,372,480 3 43,881,300
Crowne Plaza Municipal Government 5 29,273,930
JARS at Breckenridge/Plaza Terrace Apartments 6 11,947,400 6 9,141,903
Plaza Place 2020, LLC Apartments 7 11,272,400
Graybul Ironwood, LLC Apartments 8 8,842,150
National Healthcare Nursing Home Facility 9 7,460,003 9 5,896,700
Trubuild, LLC Mobile Home Park 10 7,404,730 7 7,068,700 (c)
Aiken County Schools School District 5 10,188,600
Whispering Woods Apartments Apartments 8 7,224,900 (b)
Pinecrest Apartments Apartments 10 5,786,200
Note: Consumption is measured in gallons
(a) CIG Plaza Place LLC formerly Plaza Place Apartments, LLC
(b) Whispering Woods Apartments formerly The Housing Authority
(d) Trubild, LLC formerly Gentry's Mobile Home Park
City of North Augusta, South Carolina
Ten Largest Water and Wastewater Customers
Current Year and Nine Years Ago
Source: City of North Augusta utility billing records
2024 Annual Consumption 2015 Annual Consumption
2024 Annual Consumption 2015 Annual Consumption
101
Year Ended December 31
General
Obligation Bonds Revenue Bonds Municipal Center Lease
Financed
Purchases Payable
Revenue
Bonds
Financed
Purchases
Payable
PSA Capacity
Payable
Total Primary
Government
Population
(Estimate) Per Capita
2015 -$ 9,738,317$ 3,834,882$ 1,123,575$ 16,118,138$ 1,245,633$ -$ 32,060,545$ 22,568 1,420.62$ (a)
2016 - 10,166,337 3,466,970 1,431,394 20,299,376 785,635 - 36,149,712 22,932 1,576.39
2017 - 69,475,000 - 1,306,394 20,982,862 777,781 - 92,542,037 23,275 4,035.50 (b)
2018 - 69,475,000 - 1,174,089 19,877,539 862,405 - 91,389,033 23,444 3,926.49
2019 - 69,475,000 - 1,304,026 18,889,980 852,425 - 90,521,431 23,584 3,838.26
2020 10,250,000 68,825,000 - 1,412,082 18,091,831 1,287,722 - 99,866,635 23,845 4,188.16 (c)
2021 10,250,000 68,085,000 - 2,145,743 17,118,000 1,617,813 - 99,216,556 24,745 4,009.56 (d)
2022 8,592,000 67,375,000 - 2,106,243 16,033,000 1,464,463 - 95,570,706 24,995 3,823.59
2023 6,914,000 66,595,000 - 1,992,029 14,929,000 1,403,910 - 91,833,939 26,117 3,516.25
2024 5,216,000 65,740,000 - 1,252,799 13,804,000 739,819 - 86,752,618 26,395 3,286.71
(c) 2020 General Obligation Bonds in the amount of $10,250,000 for the purposes of defraying the costs incurred in connection with all or a portion of designing, developing, and
and construction of a new Public Safety Headquarters and related fire apparatus. (d) 2021 refunding bond to refund 2014 A and 2015 A SC Drinking Water Revolving Loan Fund serial bonds for the City's raw water storage facility and new water treatment plant.
City of North Augusta, South Carolina
Ratio of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Activities Business-type Activities
(a) 2015 installment purchase revenue bond to construct and equip a parking garage, 2014A and 2015A SC Drinking Water Revolving Loan Fund serial bonds to construct a raw water
storage facility and new water treatment plant.
NOTE: The ratio of outstanding debt by type is expressed in per capita dollar amounts. Personal income figures are not available at the City level.
Source: Population estimates provided by the City of North Augusta Planning and Development Department
(b) 2017 installment purchase revenue bond to construct and equip two parking decks, a stadium, conference facilities, a riverfront park, and certain roads, water, sewer, and related infrastructure (Series 2017B.) Also included is a $25,000 tax increment revenue bond.
102
Year Ended
December 31
General Obligation
Bonds (GOB)
Estimated Actual
Taxable Value (1)
of Property
% of Estimated
Actual Taxable
Value of Property Population (2)Per Capita
2015 -$ 1,601,776,785$ 0.00% 22,568 -$
2016 - 1,654,673,528 0.00% 22,932 -
2017 - 1,828,175,366 0.00% 23,275 -
2018 - 1,887,487,330 0.00% 23,444 -
2019 - 1,942,475,307 0.00% 23,584 -
2020 10,250,000 (3)2,518,512,288 0.41% 23,845 429.86
2021 10,250,000 2,635,148,855 0.39% 24,745 414.23
2022 8,592,000 2,990,768,006 0.29% 24,995 343.75
2023 6,914,000 3,202,500,622 0.22% 26,117 264.73
2024 5,216,000 3,319,420,017 0.16% 26,395 197.61
Note: The City had no General Obligation Bond (GOB) debt prior to 2006. During 2006 the City issued its first GOB debt.
The 2006 General Obligation Bonds were defeased in December of 2013 removing the City's financial obligation.
(1) City of North Augusta tax records
(2) The population for year 2010 is provided by the US Census Bureau. Population estimates for all other years are provided by the
City of North Augusta Planning and Development Department.
(3) On November 6, 2018, a favorable bond referendum was held in the City of North Augusta authorizing to the City to issue
not exceeding $10,250,000 of general obligation bonds as part of a favorable Capital Projects Sales Tax referendum. These
bonds were issued in 2020 to construct and equip a public safety headquarters and bond payments will be made from
revenues collected from the capital projects sales tax.
Last Ten Fiscal Years
City of North Augusta, South Carolina
Ratios of General Bonded Debt Outstanding
103
Jurisdiction
Debt Outstanding @
December 31, 2024
Percent Applicable to City of
North Augusta
Amount Applicable to City of
North Augusta
Direct Debt
City of North Augusta * 72,208,799$ 100.00% 72,208,799$
Overlapping Debt
County of Aiken 35,588,751$ 20.83% 7,413,137$
Aiken County School District 161,595,000 20.83% 33,660,239
Sub-total - Overlapping Debt 197,183,751$ 20.83% 41,073,375$
Total 269,392,550$ 113,282,174$
property values. Applicable percentages were estimated by determining the percentage of the City's total taxable
City of North Augusta, South Carolina
Direct and Overlapping Governmental Activities Debt
As of December 31, 2024
assessed value to Aiken County's total taxable assessed value.
Source: Aiken County and Aiken County School District
* Includes Revenue Bonds and Financed Purchases Payable
Note: The percentage of the overlapping debt applicable to the City of North Augusta is estimated using taxable assessed
104
2015 2016 2017 2018 2019
Debt Limit 7,335,620$ 7,575,153$ 8,492,530$ 8,777,324$ 9,208,222$
Total net debt applicable to limit (a)- - - - -
Legal debt margin 7,335,620$ 7,575,153$ 7,335,620$ 8,492,530$ 8,777,324$
Total net debt applicable to the limit
as a percentage of debt limit 0.00%0.00%0.00%0.00%0.00%
2020 2021 2022 2023 2024
Debt Limit 11,544,533$ 12,373,671$ 14,118,749$ 15,272,547$ 15,504,221$
Total net debt applicable to limit - (b)- - - -
Legal debt margin 11,544,533$ 12,373,671$ 14,118,749$ 15,272,547$ 15,504,221$
Total net debt applicable to the limit
as a percentage of debt limit 0.00%0.00%0.00%0.00%0.00%
City of North Augusta, South Carolina
Fiscal Year
Fiscal Year
Last Ten Fiscal Years
(a) General Obligation Bonds issued in 2006. The 2006 General Obligation Bonds were defeased in December of 2013 removing the City's financial
obligation.
Legal Debt Margin Information
(b) On November 6, 2018, a favorable bond referendum was held in the City of North Augusta authorizing the City to issue not exceeding
$10,250,000 of general obligation bonds as part of a favorable Capital Projects Sales Tax referendum. These bonds were issued in 2020 to
construct and equip a public safety headquarters and bond payments will be made from revenues collected from the capital projects sales tax.
105
Year Ended
December 31
Total Operating
Revenue
Total Operating
Expenses
Net Revenue
Available for Debt
Service
Revenue Bond
Principal
Revenue Bond
Interest
Total Debt
Service
Coverage
Ratio
2015 9,120,970$ 6,800,179$ 2,320,791$ 1,100,524$ 197,891$ 1,298,415$ 1.79
2016 9,624,938 6,698,524 2,926,414 1,386,619 250,838 1,637,457 1.79
2017 9,966,389 7,173,112 2,793,277 1,203,043 252,869 1,455,912 1.92
2018 10,252,770 7,214,545 3,038,225 1,139,804 219,035 1,358,839 2.24
2019 10,671,751 7,966,484 2,705,267 1,223,501 205,384 1,428,885 1.89
2020 11,212,356 8,454,040 2,758,316 1,252,348 200,928 1,453,276 1.90
2021 11,725,501 8,110,220 3,615,281 1,141,200 150,556 1,291,756 2.80
2022 11,366,130 8,251,814 3,114,316 1,145,214 139,998 1,285,212 2.42
2023 11,771,234 8,998,304 2,772,930 1,148,385 129,332 1,277,717 2.17
2024 13,412,492 9,426,442 3,986,050 1,150,333 109,440 1,259,773 3.16
NOTE: Revenue bond coverage requirements are defined in the City's Revenue Bond Ordinance by the City's Bond Counsel, Pope Flynn LLC, Attorneys and
Counselors at Law, located in Columbia, South Carolina. Coverage is calculated by dividing the annual net revenue available for debt service by the average annual
requirements for principal and interest on all debt outstanding and payable from revenues of the system. Annual net revenue available for debt service is defined as
the total operating revenues (non-operating revenue or interest revenue is not included) less total operating expenses (depreciation or amortization is not included).
Average Annual Remaining Debt Service
City of North Augusta, South Carolina
Pledged-Revenue Bond Coverage
Last Ten Fiscal Years
106
Year Population
Personal Income
(thousands of dollars)
Per Capita Personal
Income Unemployment Rate
2014 164,753 6,139,496$ 37,265$ 6.0%
2015 165,829 6,200,209 37,389 5.9%
2016 167,458 6,535,813 39,030 4.8%
2017 168,179 6,837,409 40,656 4.1%
2018 169,401 7,201,441 42,511 3.4%
2019 170,872 7,577,925 44,349 2.9%
2020 172,895 8,146,543 47,118 4.9%
2021 170,776 8,719,369 51,057 3.4%
2022 174,150 8,986,274 51,601 3.2%
2023 177,130 9,544,303 53,883 3.0%
Source: South Carolina Employment Security Commission
Note 1 - All figures are for the County of Aiken, City of North Augusta statistics are not available
Year
1940 2,629 49,916
1950 3,659 53,137
1960 10,348 81,038
1970 12,883 91,023
1980 13,593 105,625
1990 15,684 120,940
2000 17,574 142,780
2010 21,348 160,099
2020 23,845 172,895
Note 2 - Personal Income and Per Capita Personal Income figures are not available for 2023.
The United States Census Bureau has recorded the population of the City of North Augusta and County of Aiken in the decennial
years 1940 through 2020 as follows. Population estimates for year 2022 are provided by the City's Planning and Development
Department.
City of North Augusta County of Aiken
County of Aiken, South Carolina (Note 1)
Economic Statistics
Last Ten Calendar Years (Note 2)
107
% of Total % of Total
County County
Employer Location Employees Rank Employment Employees Rank Employment
Savannah River Site - see detail below (1)Out 13,130 1 17.94% 11,068 1 14.82%
Aiken County Public Schools In / Out 3,361 2 4.59% 3,192 2 4.27%
Bridgestone Americas (2)Out 2,167 3 2.96% 1,318 3 1.76%
Kimberly-Clark Corp. Out 2,050 4 2.80% 1,250 4 1.67%
Aiken Regional Medical Center Out 1,240 5 1.69% 1,200 5 1.61%
Aiken County Government Out 1093 6 1.49% 896 6 1.20%
Shaw Industries Out 972 7 1.33% 600 9 0.80%
Advanced Glassfiber Yarn Out 800 8 1.09% 610 8 0.82%
UPS Customhouse Brokerage Out 600 9 0.82% 490 11 0.66%
City of Aiken Out 449 10 0.61% 443 12 0.59%
Hubbell Power Systems Out 600 11 0.82% 380 13 0.51%
Emerson Automation Solutions (b)Out 369 12 0.50%330 15 0.44%
Autoneum North America, Inc.Out 362 13 0.49%226 19 0.30%
The Calstar Group (a)Out 350 14 0.48%230 16 0.31%
MTU America, Inc Out 330 15 0.45%305 17 0.41%
PACTIV Corp.Out 330 16 0.45%213 20 0.29%
CVS Distribution Center In 285 17 0.39%
City of North Augusta In 261 18 0.36%243 18 0.33%
Zeus Industrial Products Inc Out 260 19 0.36%
BAE Systems, Inc. Out 253 20 0.35%
Centerra Out 699 7 0.94%
Medac In 500 10 0.67%
TTX/Hamburg Industries, Inc.In 338 14 0.45%
Source: Economic Development Partnership, Various Employers, and South Carolina Employment Commission
Location: In city limits, Out of city limits
(1) SRNS/SRR, including subcontractors 11,639 (2) Bridgestone Americas Tire Operation 1,667
and temporary construction workers Bridgestone Offroad 500
Centerra 713 2,167
Department of Energy 368
National Nuclear Security Administration 174
Savannah River Ecology Lab 123
US Forestry Service 83
Other Subcontractors 30
13,130
Savannah River Nuclear Solutions/Savannah River Remediation Company employees live in 7 counties in South Carolina and 2 in Georgia
with less than 6% scattered in other areas.
County
# of
workers
Aiken County, South Carolina 6,319
Columbia County, Georgia 1,713
Richmond County, Georgia 1,454
Barnwell County, South Carolina 613
Edgefield County, South Carolina 434
Orangeburg County, South Carolina 138
Bamberg County, South Carolina 82
Lexington County, South Carolina 255
Other 931
11,939
(a) Formerly Carlisle Tire and Wheel Company
(b) Formerly ASCO Valve, Inc.
City of North Augusta, South Carolina
Principal Employers
Current Year and Nine Years Ago
2024 2015
108
Fund / Function / Department 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
General Fund
General Government
City Council 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
City Administration 3.0 1.0 1.0 1.0 2.0 2.0 2.0 2.0 2.0 2.0
Information Technology 0.0 1.5 (a) 1.5 1.5 4.0 (e) 4.0 4.0 4.0 4.0 4.0
Justice and Law 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.0 0.0
Finance 5.5 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0
Human Resources 0.0 2.0 (b) 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
Building Standards 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 5.25 6.25
Planning and Development 2.0 2.0 2.5 2.5 3.5 3.5 4.5 6.0 6.0 7.0
City Buildings 3.0 0.0 0.0 0.0 0.0 0.0 0.0 2.0 2.0 2.0
Property Maintenance 13.0 14.0 14.0 14.0 15.0 18.0 18.0 18.0 18.0 18.0
Public Safety 84.0 88.0 90.0 90.0 91.0 92.0 92.0 93.0 94.0 98.0
Public Works
Engineering 1.5 2.5 2.5 2.5 3.0 3.0 3.0 2.75 3.00 3.00
Streets & Drains 10.0 10.0 10.0 10.0 10.0 10.0 10.0 11.0 11.0 10.0
Parks, Recreation & Tourism
Recreation 5.0 5.0 4.0 4.0 4.0 4.0 7.0 8.0 8.0 8.0
Parks 5.0 5.0 5.0 5.0 5.0 5.0 6.0 7.0 7.0 8.0
Community Center 2.0 2.0 2.0 2.0 2.0 2.0 1.0 1.0 1.0 1.0
Tourism 0.0 3.0 (f) 3.0 3.0 3.0 3.0 3.0 1.0 1.0 1.0
RVP Activities 6.0 6.0 7.0 7.0 7.0 7.0 5.0 5.0 5.0 4.5
Sub-total 146.5 152.5 155.0 155.0 162.0 166.0 168.0 173.25 174.25 179.75
Stormwater Fund
Stormwater 4.5 5.5 5.0 5.0 5.5 6.0 6.5 6.25 6.25 6.25
Sub-total 4.5 5.5 5.0 5.0 5.5 6.0 6.5 6.25 6.25 6.25
Riverfront Central Core Dev. Fund
Tourism 0.0 0.0 1.0 (d) 1.0 1.0 1.0 1.0 1.0 1.0 2.5
Sub-total 0.0 0.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 2.5
Sanitation Fund
Public Services
Information Technology 0.0 0.5 (c) 0.5 0.5 0.0 (e) 0.0 0.0 0.0 0.0 0.0
Sanitation 26.0 25.5 26.5 26.5 25.5 26.5 26.5 26.5 26.5 26.5
Material Recovery Center 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 5.5 6.5
Sub-total 34.5 34.5 35.5 35.5 34.0 35.0 35.0 35.0 32.0 33.0
Water & Wastewater Fund
Public Utilities
Information Technology 0.0 2.0 (a) 2.0 2.0 0.0 (e) 0.0 0.0 0.0 0.0 0.0
Utilities Finance 5.0 4.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0
Utilities Administration 7.5 7.5 7.5 7.5 6.5 6.5 6.5 6.5 6.5 6.5
Water Operations 8.0 8.0 8.0 8.0 9.0 9.0 9.0 9.0 9.0 9.0
Water Production 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0
Wastewater Operations 10.0 10.0 10.0 10.0 11.0 11.0 11.0 11.0 11.0 11.0
Sub-total 38.5 39.5 40.5 40.5 39.5 39.5 39.5 39.5 39.5 39.5
TOTAL 224.0 232.0 237.0 237.0 242.0 247.5 250.0 255.0 253.0 261.0
(a) previously included under Finance
(b) previously included under Administration
(c) previously included under Sanitation
(d) previously under Parks, Recreation, and Tourism
(e) previously split among the General, Sanitation, & Water and Wastewater Funds
(f) previously included under City Buildings
Source: City of North Augusta Annual Budgets
City of North Augusta, South Carolina
Full-time Budget Equivalent Employees by Fund/Function/Department
Last Ten Fiscal Years
Fiscal Year
109
Function / Program 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
General Government
Size of City (square miles) 21.150 21.172 21.177 21.180 21.970 22.210 22.240 22.310 22.355 22.484
Annexations approved by City Council - 2113117365
Building permits issued 648 668 689 703 779 755 846 1,022 807 793
Plumbing permits issued 373 381 296 358 389 420 496 542 405 411
Mechanical permits issued 417 520 455 494 561 551 612 619 496 505
Electrical & Solar permits issued 434 482 813 618 523 582 725 642 711 713
Business licenses issued 1,849 1,877 2,017 2,420 2,254 2,302 2,192 2,208 2,319 2,343
Police
Total calls for service 40,567 37,929 37,322 38,112 40,952 32,520 32,847 35,578 34,800 36,245
Criminal arrests 1,766 1,572 1,338 885 1,127 975 1,031 778 638 655
Incident reports (police action required)3,627 3,888 3,966 3,797 3,356 3,035 3,105 3,497 2,811 1,871
Accident reports (collisions)1,190 1,187 1,267 1,390 1,191 1,038 1,182 1,162 1,175 1,069
Traffic offenses (resulting in fine)8,809 7,933 8,261 8,490 9,057 7,677 7,811 7,484 8,923 9,564
Drug offenses 177 210 372 214 154 147 153 134 104 59
Burglaries reported 97 132 93 94 76 59 67 62 64 33
Fire
Actual fire calls - Inside City 114 105 83 377 384 86 399 370 78 521
Actual fire calls - Outside City 7 31 32 56 26 36 21 31 17 52
Solid Waste
Garbage Refuse Collected (tons) - Residential 10,227 9,334 9,554 9,473 8,613 10,471 11,676 10,793 13,230 13,334
Garbage Refuse Collected (tons) - Commercial 4,723 5,502 6,082 5,647 6,108 6,412 6,362 5,780 3,219 2,987
Recyclables Collected (tons)6,656 5,047 5,437 5,507 4,312 5,104 4,510 2,181 2,679 2,553
Property Maintenance
Tree trimming hours 1,378 3,516 1,338 2,050 1,202 2,073 1,963 2,677 2,383 2,334
Mowing hours 10,944 12,892 14,036 10,368 11,025 12,651 12,032 11,215 13,526 10,468
Planting hours 1,726 1,388 1,145 1,504 754 1,542 913 1,454 1,637 1,711
Streets and Drains
Pothole patching / asphalt tons 341 464 142 132 169 227 225 232 232 151
Curb, gutter & sidewalk repair / CY 472 292 400 294 402 441 414 357 183 62
Storm drain inlets cleaned 419 619 848 664 612 616 537 687 524 980
Street sweeping / miles 1,339 822 574 563 588 785 697 1,424 416 362
Parks and Recreation
Baseball / Number of Players 779 687 592 576 617 466 578 634 606 526
Youth Softball / Number of Players 238 234 240 221 211 133 207 276 311 264
Spring Soccer / Number of Players 484 532 585 580 567 262 578 667 722 671
Fall Soccer / Number of Players 552 552 493 540 540 470 578 514 548 584
Youth Basketball / Number of Players 640 615 652 577 647 492 701 792 699 703
Youth Football / Number of Players 280 239 219 267 269 202 313 337 350 321
Youth Cheerleading / Number of Participants 113 117 182 164 170 142 196 240 252 261
Youth Volleyball / Number of Participants 94 73 86 82 95 105 132 162 179 211
Water
New water taps 77 184 130 128 103 119 89 210 132 156
Water lines installed / L.F.2,599 913 4,115 6,638 6,432 3,230 765 7,230 6,385 3,012
Water line leaks repaired 23 27 16 19 18 9 10 26 18 31
Average daily water pumped 3,576,000 3,750,000 3,380,000 3,462,000 4,083,000 3,629,000 3,879,000 3,842,000 3,399,000 3,595,000
Daily peak demand (gallons per day)7,000,000 6,365,000 5,479,000 5,977,000 7,380,000 6,041,000 7,738,000 7,507,000 5,298,000 7,347,000
Peak day 6/22/2015 7/29/2016 7/23/2017 9/7/2018 7/12/2019 7/22/2020 6/18/2021 6/13/2022 8/25/2023 7/3/2024
Wastewater
New sewer taps 158 212 154 197 187 208 284 252 185 209
Wastewater lines installed / L.F.1,970 1,259 6,208 8,423 5,077 2,360 765 5,847 11,745 6,219
Wastewater lines repaired / L.F.680 556 252 16 47 32 34 64 26 15
Wastewater lines cleaned / L.F.70,610 57,320 34,516 49,432 67,416 41,057 30,273 27,310 41,197 52,431
City of North Augusta, South Carolina
Operating Indicators by Function/Program
Last Ten Fiscal Years
Source: City of North Augusta's Year-end Departmental Reports
Fiscal Year
110
Function / Program 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Public Safety
Number of Stations 3 333333333
Number of Public Safety Officers 61 62 64 65 65 65 66 67 71 71
Number of Volunteer Firemen 20 20 25 20 20 20 20 20 20 20
Insurance Rating (ISO)Class 2 Class 2 Class 2 Class 2 Class 2 Class 2 Class 2 Class 2 Class 2 Class 2
Signalized Intersections 31 31 32 32 32 32 34 35 35 35
Number of Fire Hydrants
Inside City 812 814 816 848 848 852 853 860 864 870
Outside City 149 149 149 149 149 150 150 163 163 163
Public Works
Miles of Streets 141.91 143.77 144.2 144.9 145.75 147.75 149.86 150.85 152.54 153.53
Street Lights 1,817 1,841 1,859 1,980 2,000 2,040 2,075 2,097 2,142 2,154
Parks, Recreation & Tourism
Number of Parks 22 22 22 22 22 23 23 23 23 23
Park Acreage 550 550 550 550 550 527 527 527 527 527
Miles of Paved Greenway 14.0 14.0 14.0 14.0 14.0 14.0 14.0 14.1 14.1 14.1
Number of Picnic Shelters 9 999999999
Baseball / Softball Diamonds 10 10 10 10 10 10 10 10 10 10
Football / Lions Field 2 222222222
Soccer Fields 6 666666666
Tennis Courts 11 11 11 11 11 15 15 15 15 15
Multi-purpose Fields 3 333333333
Community Center 1 111111111
Activities Center 1 111111111
Water
Miles of Water Lines 228.68 229.07 229.84 231.09 232.3 232.74 232.88 234.25 235.45 236.02
Maximum Pumping Capacity 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000
(gallons per day)
Sewer
Miles of Wastewater Lines 229.20 229.57 230.74 232 232.96 233.4 235.71 236.17 238.39 239.56
Stormwater
Miles of Storm Sewer 60.73 68.01 68.47 69.21 70.04 71.66 73.43 74.38 75.98 77.07
(a) In 2014, SCDHEC reduced the City's maximum pumping capacity to 12,000,000 GPD
Source: City of North Augusta's Year-
City of North Augusta, South Carolina
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
Fiscal Year
111
Meter Size Minimum Usage Debt Service O & M Total Debt Service O & M Total
5/8 and 3/4 Inch 3,000 gallons $3.90 $9.98 $13.88 $5.85 $21.91 $27.761 Inch 6,000 gallons 3.90 15.49 19.39 5.85 32.83 38.68
1 1/2 Inch 9,000 gallons 3.90 20.65 24.55 5.85 43.04 48.89
2 Inch 15,000 gallons 3.90 31.08 34.98 5.85 63.71 69.56
3 Inch 24,000 gallons 3.90 46.89 50.79 5.85 95.00 100.85 4 Inch 30,000 gallons 3.90 57.42 61.32 5.85 115.87 121.72
6 Inch 90,000 gallons 3.90 162.85 166.75 5.85 324.64 330.49
Volume of Consumption Debt Service O & M Total Debt Service O & M Total
Next 10,000 gallons $0.15 $1.30 $1.45 $0.30 $2.60 $2.90
Next 27,000 gallons 0.15 1.25 1.40 0.30 2.50 2.80
Next 160,000 gallons 0.15 1.20 1.35 0.30 2.40 2.70
All Additional Usage 0.15 1.10 1.25 0.30 2.20 2.50
Debt Service O & M Total Debt Service O & M Total
$2.53 $8.69 $11.22 $5.06 $9.69 $14.75
Volume of Consumption Debt Service O & M Total Debt Service O & M Total
$0.90 $3.60 $4.50 $1.52 $3.64 $5.16
All Additional Usage 0.73 2.85 3.58 0.73 2.85 3.58
Inside City Outside City
$21.44 $30.18
Base Fee
Commercial (monthly) In and Out City Inside City Outside City
2 cubic yard container $51.64 $2.86 $4.04
3 cubic yard container 54.05 2.86 4.04
4 cubic yard container 56.44 2.86 4.04
6 cubic yard container 61.73 2.86 4.04 8 cubic yard container 67.54 2.86 4.04
Stormwater Management Service Charges in effect December 31, 2024
Residential Charge (Inside City only)$6.00 per month
Multi-family Charge (Inside City only) $4.50 per month per unit
Non-residential (Inside City only) Each non-residential developed property is classified and charged according to its primary developed use
Base Rates / Outside City Limits
Sewer Rate in effect December 31, 2024
Rates for first 15,000,000 gallons/month
Volume Rates / Inside City Limits
Base Rates / Inside City Limits
Base Rates / Inside City Limits
Water Rate in effect December 31, 2024
Volume Rates / Outside City Limits
Sanitation Service Charges in effect December 31, 2024
Residential (monthly)
Volume Charge (per cubic yard)
City of North Augusta, South Carolina
Enterprise Funds Rates and Charges
Rates / Charges in effect December 31, 2024
Base Rates
Base Rates / Outside City Limits
Volume Rates / Inside City Limits Volume Rates / Outside City Limits
112
10/1/2024
1/1/2024
10/1/2024
1/1/2024
1/1/2020
1/1/2018
1/1/2017
1/1/2023 Sanitation Rollcart Charge increased $1.77 inside city limits and $2.47 outside city limits
Commercial Volume Charge increased $0.15 inside city limits and $0.15 outside city limits
1/1/2022 Sanitation Rollcart Charge increased $0.17 inside city limits and $0.26 outside city limits
Commercial Volume Charge increased $0.36 inside city limits and $0.36 outside city limits
1/1/2017 Recycling Service Charge of $3.60 included in Residential and Commercial Service Charges
Commercial Volume Charge increased $0.19 inside city limits and $0.29 outside city limits
1/1/2024 Stormwater Management Service charge increased by $1.00 per equivalent residential unit (ERU) per month.
1/1/2015 Stormwater Management Service charge increased $1.00 per equivalent residential unit (ERU) per month.
Stormwater Management Service Charge Changes (past 10 years)
History of Water Rate Changes (past 10 years)
O & M Minimum Base Rate increased by $1.00 per month inside city limits and $2.00 per month outside city limits
History of Sanitation and Recycling Charge Changes (past 10 years)
O & M Minimum Base Rate increased by $.50 per month inside and outside city limits.
O & M Volume Rate increased by $.25 per 1,000 gallons inside and outside city limits (PSA)
History of Sewer Rate Changes (past 10 years)
O & M Volume Rate increased by $.16 per 1,000 gallons inside and outside city limits (PSA)
O & M Volume Rate and Debt Service Rate increased in total by $0.15 per 1,000 gallons inside and outside city limits (PSA)
O & M Volume Rate increased by $.20 per 1,000 gallons inside and outside city limits.
O & M Volume Rate increased by $.20 per 1,000 gallons inside and outside city limits (PSA)
City of North Augusta, South Carolina
Enterprise Funds History of Rates and Charges
Last Ten Fiscal Years Through December 31, 2024
O & M Volume Rate Increased by $1.00 per 1,000 gallons inside and outside city limits
113
COMPLIANCE SECTION
508 HAMPTON STREET, 1ST FLOOR • COLUMBIA, SOUTH CAROLINA 29201 • 803-799-5810 • FAX 803-799-5554 • www.mjcpa.com
MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
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
Honorable Mayor and Members
of the City Council
City of North Augusta, South Carolina
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, each major fund, and the aggregate remaining fund information of the City of
North Augusta, South Carolina (the “City”) as of and for the year ended December 31, 2024, and the
related notes to the financial statements, and the budgetary comparison for the General Fund, which
collectively comprise the City’s basic financial statements and have issued our report thereon dated June 24,
2025.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City’s internal control
over financial reporting (internal control) as a basis for designing 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 City’s internal control. Accordingly, we do not
express an opinion on the effectiveness of the City’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
or significant deficiencies may exist that were not identified.
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Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’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
financial statements. 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.
Columbia, South Carolina
June 24, 2025
115
508 HAMPTON STREET, 1ST FLOOR • COLUMBIA, SOUTH CAROLINA 29201 • 803-799-5810 • FAX 803-799-5554 • www.mjcpa.com
MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor’s Report on Compliance for Each Major
Federal Program; Report on Internal Control over Compliance and
Required by the Uniform Guidance
Honorable Mayor and Members
of the City Council
City of North Augusta, South Carolina
Report on Compliance for the Major Federal Program
Opinion on the Major Federal Program
We have audited the City of North Augusta, South Carolina’s (the “City") compliance with the types of
compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a
direct and material effect on the City’s major federal programs for the year ended December 31, 2024. The
City’s major federal programs are identified in the summary of auditor's results section of the accompanying
schedule of findings and questioned costs.
In our opinion, the City complied, in all material respects, with the types of compliance requirements
referred to above that could have a direct and material effect on its major federal programs for the year
ended December 31, 2024.
Basis for Opinion on the Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America (GAAS); the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States and the audit requirements of
Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles,
and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards
and the Uniform Guidance are further described in the Auditor’s Responsibilities for the Audit of
Compliance section of our report.
We are required to be independent of the City and to meet our other ethical responsibilities, in accordance
with relevant ethical requirements relating to our audit. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major
federal program. Our audit does not provide a legal determination of the City’s compliance with the
compliance requirements referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of
laws, statutes, regulations, rules, and provisions of contracts or grant agreements applicable to the City’s
federal programs.
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Auditor’s Responsibility for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the
compliance requirements referred to above occurred, whether due to fraud or error, and express an
opinion on the City’s compliance based on our audit. Reasonable assurance is a high level of assurance but
is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with
GAAS, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance
when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or
the override of internal control. Noncompliance with the compliance requirements referred to above is
considered material if there is a substantial likelihood that, individually or in the aggregate, it would
influence the judgment made by a reasonable user of the report on compliance about the City’s compliance
with the requirements of each major federal program as a whole.
In performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance,
we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material noncompliance, whether due to fraud or error, and design
and perform audit procedures responsive to those risks. Such procedures include examining, on a
test basis, evidence regarding the City’s compliance with the compliance requirements referred to
above and performing such other procedures as we considered necessary in the circumstances.
• Obtain an understanding of the City’s internal control over compliance relevant to the audit in order
to design audit procedures that are appropriate in the circumstances and to test and report on
internal control over compliance in accordance with the Uniform Guidance, but not for the purpose
of expressing an opinion on the effectiveness of the City’s internal control over compliance.
Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal
control over compliance that we identified during the audit.
Report on 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 Auditor’s
Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies
in internal control over compliance that might be material weaknesses or significant deficiencies in internal
control over compliance. Given these limitations, during our audit we did not identify any deficiencies in
internal control over compliance that we consider to be material weaknesses, as defined above. However,
material weaknesses or significant deficiencies may exist that were not identified.
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Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control
over compliance. Accordingly, no such opinion is expressed.
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 the Uniform
Guidance. Accordingly, this report is not suitable for any other purpose.
Columbia, South Carolina
June 24, 2025
118
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Assistance Grant
Federal Grantor/Pass-through Listing Identification
Grantor/Program Title Number Number Expenditures Subrecipients
U.S. Department of the Treasury
Direct:
COVID-19 - Coronavirus State and Local Fiscal
Recovery Funds 21.027 1505-0271 $ 7,295,018 $ -
Total U.S. Department of the Treasury 7,295,018 -
U.S. Department of Justice
Passed through from the S.C.
Governor's Office:
Bulletproof Vest Partnership Program 16.607 N/A 5,859 -
Total U.S. Department of Justice 5,859 -
U.S. Department of Transportation
Passed through from the S.C. Department
of Public Safety:
Highway Safety Cluster
Police Traffic Services Grant 20.600 N/A 7,623 -
Police Traffic Services Grant 20.600 N/A 83,928 -
Police Traffic Services Grant 20.600 N/A 27,812 -
Police Traffic Services Grant 20.600 N/A 22,520 -
Total Highway Safety Cluster 141,883 - .
Total U.S. Department of Transportation 141,883 -
Total Expenditures of Federal Awards $ 7,442,760 $ -
FOR THE YEAR ENDED DECEMBER 31, 2024
Passed
Through to
119
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of
North Augusta, South Carolina (the “City”) and is prepared on the accrual basis of accounting. The
information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of
Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (Uniform Guidance).
Program Type Determination
Type A programs are defined as federal programs with federal expenditures exceeding $750,000.
The threshold of $750,000 was used in distinguishing between Type A and Type B programs.
Method of Major Program Selection
The risk-based approach was used in the selection of federal programs to be tested as major
programs. The City qualified as a low-risk auditee for the fiscal year ended December 31, 2024.
NOTE 2. DE MINIMIS INDIRECT COST RATE
The City chose not to use the ten percent de Minimis indirect cost rate for the year ended
December 31, 2024.
120
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024
SECTION I
SUMMARY OF AUDIT RESULTS
Financial Statements
Type of report the auditor issued on whether the financial
statements audited were prepared in accordance with GAAP: Unmodified
Internal control over financial reporting:
Material weaknesses identified? Yes X No
Significant deficiencies identified? 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? Yes X No
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 2 CFR 200.516(a)? Yes X No
Identification of major programs:
Assistance Listing Number Name of Federal Program or Cluster
U.S. Department of the Treasury –
21.027 COVID-19 Coronavirus State and Local Fiscal Recovery
Funds
Dollar threshold used to distinguish between Type A and Type B programs: $750,000
Auditee qualified as low-risk auditee? Yes X No
121
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024
SECTION II
FINANCIAL STATEMENT FINDINGS AND RESPONSES
None reported.
SECTION III
FEDERAL AWARD FINDINGS AND QUESTIONED COSTS
None reported.
SECTION IV
PRIOR YEAR FINDINGS AND RESPONSES
None reported.
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