OFFICIAL STATEMENT

ONE NEW ISSUE/

BOOK-ENTRY-ONLY

RATING: S&P "A+" (negative outlook)

(See "RATING" herein)

Interest on the 2014-A Notes (as defined herein) should be treated as includable in gross income of the
holders thereof for federal income tax purposes. Jones Walker LLP, Jackson, Mississippi ("Bond Counsel"), is of
the opinion that under current law interest on the 2014-A Notes is exempt from income taxation imposed by the State of
Mississippi. See "TAX MATTERS" herein and APPENDIX E - FORM OF OPINION OF BOND COUNSEL attached hereto.

$9,000,000
JACKSON REDEVELOPMENT AUTHORITY
URBAN RENEWAL NOTES (CENTRAL BUSINESS
DISTRICT DEVELOPMENT PROGRAM PROJECT NO. 1),
TAXABLE SERIES 2014-A
Dated: Date of Delivery

Due: May 1 as shown on inside front cover

The $9,000,000 Jackson Redevelopment Authority Urban Renewal Notes (Central Business District Development
Program Project No. 1), Taxable Series 2014-A (the "2014-A Notes") will be issued as fully registered notes in denominations
of $5,000 or any integral multiple thereof and registered in the name of Cede & Co., as nominee of The Depository Trust
Company ("DTC"), New York, New York, which will act as securities depository for the 2014-A Notes under a book-entryonly system, as described herein. Purchases may be made only in book-entry form through DTC Participants (as defined
herein) and no physical delivery of the 2014-A Notes will be made to Beneficial Owners (as defined herein), except as
described herein. So long as Cede & Co. is the Registered Owner (as defined herein), as nominee of DTC, references
herein to the holders or Registered Owners will mean Cede & Co., as aforesaid, and will not mean the Beneficial Owners
of the 2014-A Notes. See "THE 2014-A NOTES - Book-Entry Only System" herein. The principal of, premium, if any and
interest on the 2014-A Notes will be paid to Cede & Co., as long as Cede & Co. is the Registered Owner. Disbursement
of such payments to the Beneficial Owners is the responsibility of the DTC Participants, as more fully described herein.
Principal of the 2014-A Notes is payable on May 1, as shown on the inside front cover. Interest on the 2014-A Notes
is payable on November 1, 2016, and semiannually thereafter on May 1 and November 1 of each year, to the Registered
Owners of record as of the applicable Record Date (as defined herein), which payments shall, as long as the book-entry
only system described herein is in place, be made to Cede & Co.
The 2014-A Notes are being issued by the Jackson Redevelopment Authority (the "Authority") under an Indenture
of Trust, dated as of May 1, 2016 (the "Indenture"), by and between the Authority and The Bank of New York Mellon Trust
Company, N.A, Baton Rouge, Louisiana, as trustee (the "Trustee"). The 2014-A Notes are being issued by the Authority
in connection with an urban renewal project of the City of Jackson, Mississippi (the "City") for the purpose of (a) providing
funds to pay a portion of the costs of the 2014-A Undertaking (as defined herein), and (b) paying the costs incident to the
sale and issuance of the 2014-A Notes. See "DESCRIPTION OF THE 2014-A UNDERTAKING" herein.
The 2014-A Notes are subject to optional and mandatory sinking fund redemption prior to maturity as provided
herein. See "THE 2014-A NOTES-Redemption Provisions" herein.
THE 2014-A NOTES ARE SPECIAL OBLIGATIONS OF THE AUTHORITY PAYABLE SOLELY OUT OF THE
REVENUES AND FUNDS OF THE AUTHORITY PLEDGED THEREFOR UNDER THE INDENTURE, INCLUDING THE
GRANTS, CONTRIBUTIONS AND FUNDS TO BE RECEIVED BY THE AUTHORITY FROM THE CITY PURSUANT TO
THE CONTRIBUTION AGREEMENT (AS DEFINED HEREIN), ALL AS MORE FULLY DESCRIBED HEREIN. THE 2014A NOTES DO NOT CONSTITUTE A DEBT, LIABILITY OR GENERAL OBLIGATION OF THE AUTHORITY OR THE CITY
OR A PLEDGE OF THE FAITH AND CREDIT OF THE AUTHORITY OR THE CITY.
This cover page contains certain information for quick reference only. It is not a summary of this Official Statement.
Prospective investors must read this entire Official Statement to obtain information essential to the making of an informed
investment decision.
The 2014-A Notes are offered subject to the final approving opinion of Jones Walker LLP, Jackson, Mississippi,
Bond Counsel. Certain legal matters will be passed upon for the Authority by its counsel, Stimley-Brown Law Firm, PLLC,
Jackson, Mississippi, for the Underwriter by its counsel, Baker, Donelson, Bearman, Caldwell & Berkowitz, PC, Jackson,
Mississippi, and for the City by the Office of the City Attorney. ComCap Advisors, a division of Community Capital,
Memphis, Tennessee, serves as the Financial Advisor to the Authority in connection with the sale and issuance of the
2014-A Notes. It is expected that delivery of the 2014-A Notes in definitive form will be made in New York, New York, on
or about July 26, 2016.

Siebert Brandford Shank & Co., L.L.C.

Dated: July 19, 2016

$9,000,000
JACKSON REDEVELOPMENT AUTHORITY
URBAN RENEWAL NOTES (CENTRAL BUSINESS
DISTRICT DEVELOPMENT PROGRAM PROJECT NO. 1),
TAXABLE SERIES 2014-A

MATURITY SCHEDULE
Year
(May 1)

Principal
Amount

2020

$405,000

2021

Interest
Rate

Yield

CUSIP1

2.250%

2.250%

468451TL3

415,000

2.450

2.450

468451TM1

2022

425,000

2.700

2.700

468451TN9

2023

435,000

2.900

2.900

468451TP4

2024

450,000

3.100

3.100

468451TQ2

2025

460,000

3.250

3.250

468451TR0

2026

475,000

3.350

3.350

468451TS8

$5,935,000 4.10% Term Bond due May 1, 2036, Priced to Yield 4.10%, CUSIP 468451TT6
__________________
1

CUSIP is a registered trademark of the American Bankers Association. CUSIP data herein is provided by Standard and Poor's CUSIP
Service Bureau, a Division of McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any
way as a substitute for the CUSIP Services.

JACKSON REDEVELOPMENT AUTHORITY

BOARD OF COMMISSIONERS
Dr. McKinley Alexander, Chairman
Andria Jones, Vice-Chair
John C. Dinkins
Rodrick Donaldson
Kemba Ware
Lanford E. Porter
Jennifer Johnson

AUTHORITY'S COUNSEL
Stimley-Brown Law Firm, PLLC
Jackson, Mississippi

FINANCIAL ADVISOR
ComCap Advisors, a division of Community Capital
Memphis, Tennessee

BOND COUNSEL
Jones Walker LLP
Jackson, Mississippi

UNDERWRITER'S COUNSEL
Baker, Donelson, Bearman, Caldwell & Berkowitz, PC
Jackson, Mississippi

THIS PAGE INTENTIONALLY LEFT BLANK

OFFICIAL STATEMENT
THE OFFERING
$9,000,000
JACKSON REDEVELOPMENT AUTHORITY
URBAN RENEWAL NOTES (CENTRAL BUSINESS
DISTRICT DEVELOPMENT PROGRAM PROJECT NO. 1),
TAXABLE SERIES 2014-A
The Issuer

Jackson Redevelopment Authority (the "Authority").

Issue and Date

$9,000,000 Jackson Redevelopment Authority Urban Renewal Notes (Central Business

District Development Program Project No. 1), Taxable Series 2014-A, dated the date of their
delivery (the "2014-A Notes").

Authority

Sections 43-35-1 et seq., Mississippi Code of 1972, as amended and supplemented from
time to time (the "Act").

Use of Proceeds

The 2014-A Notes are being issued under the Act in connection with an urban renewal
project of the City of Jackson, Mississippi (the "City") for the purpose of (a) providing funds to
pay a portion of the costs of the 2014-A Undertaking (as defined herein), and (b) paying the
costs incident to the sale and issuance of the 2014-A Notes, as authorized by the Act (see
"DESCRIPTION OF THE 2014-A UNDERTAKING," herein).

Amounts and Maturities

The 2014-A Notes will mature on May 1 in the years and amounts as set forth on the inside
front cover hereof.

Interest Payment Dates

May 1 and November 1 of each year, commencing on November 1, 2016.

Redemption Provisions

The 2014-A Notes will be subject to optional and mandatory sinking fund redemption prior to
maturity, as described herein. See "THE 2014-A NOTES-Redemption Provisions" herein.

Security for Payment

Pursuant to the Act, the 2014-A Notes are special obligations of the Authority payable solely
out of the revenues and funds of the Authority pledged therefor under the Indenture,
including the grants, contributions and funds to be received by the Authority from the City
pursuant to the Contribution Agreement (as defined herein), all as more fully described
herein. The 2014-A Notes do not constitute a debt, liability or general obligation of the
Authority or the City or a pledge of the faith and credit of the Authority or the City. See
"SECURITY AND SOURCES OF PAYMENT FOR THE 2014-A NOTES" herein.

Tax Exemption

INTEREST ON THE 2014-A NOTES SHOULD BE TREATED AS INCLUDABLE IN GROSS

INCOME OF THE HOLDERS THEREOF FOR FEDERAL INCOME TAX PURPOSES. In
the opinion of Bond Counsel, under current law interest on the 2014-A Notes is exempt from
income taxation imposed by the State of Mississippi (see "TAX MATTERS," herein).

The above information is qualified in its entirety by the detailed information concerning the Authority and the City
and the financial information appearing elsewhere in this Official Statement, including the Appendices.

THIS PAGE INTENTIONALLY LEFT BLANK

NO DEALER, BROKER, SALES REPRESENTATIVE OR OTHER PERSON HAS BEEN

AUTHORIZED BY THE JACKSON REDEVELOPMENT AUTHORITY (THE "AUTHORITY") TO GIVE
ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS OTHER THAN THOSE CONTAINED
HEREIN AND, IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATION MUST
NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE AUTHORITY. THIS OFFICIAL
STATEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER
TO BUY NOR SHALL THERE BE ANY SALE OF THE 2014-A NOTES BY ANY PERSON IN ANY
JURISDICTION IN WHICH IT IS UNLAWFUL FOR SUCH PERSON TO MAKE SUCH AN OFFER,
SOLICITATION OR SALE. THE INFORMATION AND EXPRESSIONS OF OPINION HEREIN ARE
SUBJECT TO CHANGE WITHOUT NOTICE, AND NEITHER THE DELIVERY OF THIS OFFICIAL
STATEMENT NOR ANY SALE MADE HEREUNDER SHALL, UNDER ANY CIRCUMSTANCES,
CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE
AUTHORITY SINCE THE DATE HEREOF.
THE INFORMATION SET FORTH HEREIN HAS BEEN OBTAINED FROM THE AUTHORITY,
THE CITY OF JACKSON, MISSISSIPPI, THE DEPOSITORY TRUST COMPANY AND FROM OTHER
SOURCES WHICH ARE BELIEVED RELIABLE, BUT SUCH INFORMATION IS NOT GUARANTEED
AS TO ACCURACY OR COMPLETENESS BY THE UNDERWRITER SHOWN ON THE COVER
HEREOF OR THE AUTHORITY. THE INFORMATION AND EXPRESSIONS OF OPINION HEREIN
ARE SUBJECT TO CHANGE WITHOUT NOTICE AND NEITHER THE DELIVERY OF THIS OFFICIAL
STATEMENT NOR ANY SALE OF THE 2014-A NOTES SHALL, UNDER ANY CIRCUMSTANCES,
CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE SINCE THE DATE HEREOF IN
THE MATTERS WHICH ARE MATERIAL TO THE FULL AND PUNCTUAL PAYMENT OF DEBT
SERVICE ON THE 2014-A NOTES.
UPON ISSUANCE, THE 2014-A NOTES WILL NOT BE REGISTERED BY THE AUTHORITY
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER FEDERAL, STATE
OR OTHER GOVERNMENTAL ENTITY OR AGENCY, OTHER THAN THE AUTHORITY (TO THE
EXTENT DESCRIBED HEREIN), WILL HAVE PASSED UPON THE ACCURACY OR ADEQUACY OF
THIS OFFICIAL STATEMENT OR APPROVED THE 2014-A NOTES FOR SALE.
IN CONNECTION WITH THE OFFERING OF THE 2014-A NOTES, THE UNDERWRITER MAY
OVERALLOT OR EFFECT TRANSACTIONS THAT MAY STABILIZE OR MAINTAIN THE MARKET
PRICE OF THE 2014-A NOTES AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN
THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY
TIME.
THE UNDERWRITER HAS PROVIDED THE FOLLOWING SENTENCE FOR INCLUSION IN
THIS OFFICIAL STATEMENT. THE UNDERWRITER HAS REVIEWED THE INFORMATION IN THIS
OFFICIAL STATEMENT IN ACCORDANCE WITH, AND AS PART OF, THEIR RESPONSIBILITIES TO
INVESTORS UNDER THE FEDERAL SECURITIES LAWS AS APPLIED TO THE FACTS AND
CIRCUMSTANCES OF THIS TRANSACTION, BUT THE UNDERWRITER DOES NOT GUARANTEE
THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION.

TABLE OF CONTENTS
Page
INTRODUCTION ........................................................................................................................................... 1
General ............................................................................................................................................ 1
The Authority .................................................................................................................................... 1
Format of Official Statement ............................................................................................................ 1
DESCRIPTION OF THE 2014-A NOTES ..................................................................................................... 2
Redemption Provisions .................................................................................................................... 2
Ownership ........................................................................................................................................ 4
Registration ...................................................................................................................................... 4
Book-Entry-Only System .................................................................................................................. 4
SECURITY AND SOURCES OF PAYMENT FOR THE 2014-A NOTES ..................................................... 6
General ............................................................................................................................................ 6
The Contribution Agreement ............................................................................................................ 6
RISKS TO THE OWNERS OF THE 2014-A NOTES ................................................................................... 7
General ............................................................................................................................................ 7
2014-A Revenues ............................................................................................................................ 7
The Loan .......................................................................................................................................... 7
Remedies; Litigation; Bankruptcy .................................................................................................... 8
Rating ............................................................................................................................................... 9
Financial Information ........................................................................................................................ 9
1995 Constitutional Amendment ...................................................................................................... 9
City Budget Shortfall ........................................................................................................................ 9
DESCRIPTION OF THE 2014-A UNDERTAKING ..................................................................................... 10
EXPECTED APPLICATION OF THE PROCEEDS OF THE 2014-A NOTES ............................................ 10
ANNUAL DEBT SERVICE REQUIREMENTS FOR THE 2014-A NOTES ................................................. 11
THE AUTHORITY ....................................................................................................................................... 11
General .......................................................................................................................................... 11
Organization and Membership ....................................................................................................... 11
REVENUES AND FUNDS .......................................................................................................................... 12
Creation of Funds........................................................................................................................... 12
Disposition of the Proceeds of the 2014A Notes ........................................................................... 12
OPERATION OF FUNDS AND ACCOUNTS.............................................................................................. 12
General Fund ................................................................................................................................. 12
Moneys to be Held in Trust ............................................................................................................ 13
Amounts Remaining in Funds or Accounts .................................................................................... 13
Investment of Moneys .................................................................................................................... 13
THE INDENTURE ....................................................................................................................................... 13
Mutilated, Lost, Stolen or Destroyed 2014-A Notes....................................................................... 13
Registration, Transfer and Exchange of 2014-A Notes; Persons Treated as Owners .................. 14
Nonpresentment of 2014-A Notes ................................................................................................. 14
Other Obligations Payable from 2014-A Trust Estate.................................................................... 15
Limitations on Obligations of the Authority..................................................................................... 15
Payment of Principal and Interest .................................................................................................. 15
Performance of Covenants ............................................................................................................ 15
Instruments of Further Assurance.................................................................................................. 15
Possession and Inspection of the Contribution Agreement ........................................................... 16
Discharge of Indenture ................................................................................................................... 16
Defaults; Events of Default ............................................................................................................ 17
Remedies; Rights of Noteholders .................................................................................................. 18
Rights of Noteholders to Direct Proceedings ................................................................................. 18
Application of Moneys .................................................................................................................... 19
Remedies Vested in the Trustee.................................................................................................... 20
Rights and Remedies of Noteholders ............................................................................................ 20
Termination of Proceedings ........................................................................................................... 20
ii

Waivers of Events of Default .......................................................................................................... 20

Notice of Defaults; Opportunity of the Authority to Cure Such Defaults ........................................ 21
Supplemental Indentures Not Requiring Consent of Noteholders ................................................. 21
Supplemental Indentures Requiring Consent of Noteholders........................................................ 22
LITIGATION ................................................................................................................................................ 22
FINANCIAL ADVISOR ................................................................................................................................ 23
RATING ....................................................................................................................................................... 23
UNDERWRITING ........................................................................................................................................ 23
CONTINUING DISCLOSURE ..................................................................................................................... 23
VALIDATION ............................................................................................................................................... 24
APPROVAL OF LEGAL PROCEEDINGS .................................................................................................. 25
TAX MATTERS ........................................................................................................................................... 25
MISCELLANEOUS...................................................................................................................................... 25
APPENDIX A - Information Concerning the City
APPENDIX B - Financial Information of the City
APPENDIX C - Financial Information of the Authority
APPENDIX D - Contribution Agreement
APPENDIX E - Definitions
APPENDIX F - Form of Opinion of Bond Counsel
APPENDIX G - Form of Continuing Disclosure Agreement

iii

THIS PAGE INTENTIONALLY LEFT BLANK

OFFICIAL STATEMENT
$9,000,000
JACKSON REDEVELOPMENT AUTHORITY
URBAN RENEWAL NOTES (CENTRAL BUSINESS
DISTRICT DEVELOPMENT PROGRAM PROJECT NO. 1),
TAXABLE SERIES 2014-A

INTRODUCTION
General
The purpose of this Official Statement, which includes the cover page and the Appendices hereto,
is to set forth certain information concerning the Jackson Redevelopment Authority (the "Authority") and
the Authority's $9,000,000 Urban Renewal Notes (Central Business District Development Program
Project No. 1), Taxable Series 2014-A (the "2014-A Notes").
Reference is made to the Act (as defined herein), the Indenture (as defined herein), the
Contribution Agreement (as defined herein) and any and all modifications and amendments thereof for a
description of the nature and extent of the security of the 2014-A Notes, the pledge of revenues for the
payment of the principal of and interest on the 2014-A Notes, the nature and extent of said pledge and
the terms and conditions under which the 2014-A Notes are issued.
This introduction is not a summary of this Official Statement. It is only a brief description of and
guide to, and is qualified by, more complete and detailed information contained in the entire Official
Statement, including the cover page and all appendices hereto, and the documents summarized or
described herein. A full review should be made of the entire Official Statement. The offering of the 2014A Notes to potential investors is made only by means of the entire Official Statement.
The definitions of certain terms used herein are contained in "APPENDIX E - DEFINITIONS,"
hereto.
The Authority
The Authority is a public body corporate and politic duly created and validly existing pursuant to
and in good standing under the Constitution and laws of the State of Mississippi (the "State"). The
Authority is the urban renewal agency of the City of Jackson, Mississippi (the "City") and is authorized to
exercise the urban renewal projects powers conferred by the provisions of Sections 43-35-1 et seq.,
Mississippi Code of 1972, as amended and supplemented from time to time (the "Act"). The Authority is
governed by a seven member Board of Commissioners (the "Commissioners") appointed by the Mayor of
the City. The 2014-A Notes are being issued pursuant to the Indenture and a resolution of the
Commissioners adopted on April 21, 2016 (the "2014-A Note Resolution").
Format of Official Statement
There follows in this Official Statement a description of the security and sources of payment for
the 2014-A Notes, the Authority, the City, the 2014-A Undertaking (as defined herein) and summaries of
certain provisions of the 2014-A Notes, the Indenture, the Contribution Agreement, DTC (as defined
herein) and certain provisions of the Act. All discussions of the Act, the Indenture and the Contribution
Agreement are qualified in their entirety by reference to the Act, the Indenture and the Contribution
Agreement, and all discussions of the 2014-A Notes are qualified in their entirety by reference to the
definitive form and the information with respect to the 2014-A Notes contained in the Indenture. Certain
information relating to the City is set forth in "APPENDIX A - INFORMATION CONCERNING THE CITY,"
certain financial information concerning the City is included in "APPENDIX B - FINANCIAL
INFORMATION OF THE CITY," certain financial information concerning the Authority is set forth in "
APPENDIX C - FINANCIAL INFORMATION OF THE AUTHORITY," the Contribution Agreement is set

forth in "APPENDIX D - CONTRIBUTION AGREEMENT," certain definitions are set forth in "APPENDIX
E -DEFINITIONS," the proposed form of opinion of Bond Counsel with respect to the 2014-A Notes is set
forth in "APPENDIX F - FORM OF OPINION OF BOND COUNSEL," and the form of a continuing
disclosure agreement of the Authority is set forth in "APPENDIX G - FORM OF CONTINUING
DISCLOSURE AGREEMENT." Each of the Appendices to this Official Statement is an integral part of
this Official Statement and should be read in its entirety by any and all owners or prospective owners of
the 2014-A Notes.
DESCRIPTION OF THE 2014-A NOTES
The 2014-A Notes are being issued pursuant to the provisions of Sections 43-35-1 et seq.,
Mississippi Code of 1972, as amended and supplemented from time to time (the "Act"), under an
Indenture of Trust, dated as of May 1, 2016 (the "Indenture"), by and between the Authority and The Bank
of New York Mellon Trust Company, N.A, Baton Rouge, Louisiana, as trustee (the "Trustee"). The 2014A Notes are being issued under the Act in connection with an urban renewal project of the City for the
purpose of (a) providing funds to pay a portion of the costs of the 2014-A Undertaking, and (b) paying the
costs incident to the sale and issuance of the 2014-A Notes, as authorized by the Act. See
"DESCRIPTION OF THE 2014-A UNDERTAKING" herein.
The 2014-A Notes are special obligations of the Authority payable solely out of the revenues and
funds of the Authority pledged therefor under the Indenture, including the grants, contributions and funds
to be received by the Authority from the City pursuant to the Contribution Agreement, all as more fully
described herein. The 2014-A Notes do not constitute a debt, liability or general obligation of the
Authority or the City or a pledge of the faith and credit of the Authority or the City. See "SECURITY AND
SOURCES OF PAYMENT FOR THE 2014-A NOTES" herein.
The 2014-A Notes will be dated the date of their delivery, and will be issued as fully registered
notes in denominations of Five Thousand Dollars ($5,000) or any integral multiple thereof, bearing
interest at the rates per annum set forth on the inside front cover hereof, payable on May 1 and
November 1 of each year (each an "Interest Payment Date"), commencing on November 1, 2016.
Payments of principal of and interest on the 2014-A Notes shall be made by the Trustee to the Registered
Owner whose name appears on the registration records of the Authority kept by the Trustee to evidence
the registration and transfer of the 2014-A Notes (the "Note Register") as of the 15th day of the calendar
month preceding each Interest Payment Date (the "Record Date").
The 2014-A Notes will initially be held in a book-entry-only system administered by The
Depository Trust Company, New York, New York ("DTC"). So long as DTC or its nominee is the
Registered Owner of the 2014-A Notes, interest, together with the principal of and premium, if any, on the
2014-A Notes will be paid directly to DTC by the Trustee. The final disbursement of such payments to a
Beneficial Owner (as defined herein) of the 2014-A Notes will be the responsibility of the Direct
Participants (as defined herein) and the Indirect Participants (as defined herein), all as more fully defined
and described herein under the caption "DESCRIPTION OF THE 2014-A NOTES -- Book-Entry-Only
System."
The 2014-A Notes will mature on May 1 in the years and in the amounts set forth on the inside
front cover hereof.
Redemption Provisions
Optional Redemption. The 2014-A Notes maturing on or after May 1, 2027 are subject to
optional redemption prior to their stated dates of maturity in whole or in part (and, if in part, the maturities
and principal amounts thereof to be redeemed shall be determined by the Authority in its sole discretion)
on May 1, 2026, and on any date thereafter at par plus accrued interest to the redemption date.
Mandatory Sinking Fund Redemption. The 2014-A Notes maturing May 1, 2036 are subject to
mandatory sinking fund redemption, in part, by lot, on May 1, in each of the years set forth below, at
100% of the principal amount so redeemed or paid, plus accrued interest as set forth below:

Year
2027
2028
2029
2030
2031
2032
2033
2034
2035
*
2036

Principal Amount
$490,000
515,000
535,000
555,000
580,000
600,000
625,000
650,000
680,000
705,000

*Final Maturity
The Trustee shall credit against the mandatory sinking fund requirements for 2014-A Notes
maturing May 1, 2036, as set forth above, any 2014-A Notes of the applicable maturity delivered to the
Trustee for cancellation or purchased for cancellation by the Trustee and canceled by the Trustee and not
previously applied as a credit against any redemption obligation. Each 2014-A Note of the applicable
maturity so delivered or canceled shall be credited by the Trustee at 100% of the principal amount thereof
against the mandatory sinking fund obligation for such maturity on such mandatory sinking fund
redemption date, and any excess of such amount shall be credited to future redemption obligations for
such maturity, and the principal amount of 2014-A Notes of such maturity to be redeemed by operation of
the mandatory sinking fund requirements shall be accordingly reduced; provided, however, the Trustee
shall only credit such 2014-A Notes to the extent such are received on or before 60 days preceding the
applicable mandatory redemption date as set forth above.
If less than all of the 2014-A Notes are to be redeemed, the 2014-A Notes shall be redeemed
only in whole multiples of $5,000. For purposes of redemption, each $5,000 of principal shall be
considered as a 2014-A Note. If less than all of the 2014-A Notes shall be called for redemption, the
principal amount and maturity of the particular 2014-A Notes to be redeemed shall be selected by the
Authority and the Trustee shall select the particular 2014-A Notes to be redeemed by lot within a maturity
in such manner as the Trustee may determine.
Notice of Redemption. Notice of the call for any redemption, identifying the 2014-A Notes to be
redeemed, including, but not all inclusive, the principal amount, maturities and CUSIP numbers thereof,
shall be given by the Trustee by mailing a copy of the redemption notice by registered or certified mail at
least 30 days but not more than 45 days prior to the date fixed for redemption to the Registered Owner of
each 2014-A Note to be redeemed at the address shown on the Note Register. Failure to give such
notice by mailing to any 2014-A Noteholder or any defect in such notice, shall not affect the validity of any
proceeding for the redemption of any other 2014-A Notes.
So long as DTC or its nominee is the Noteholder, the obligation of the Trustee is limited to
delivery of notice of redemption to DTC. Notice to owners of beneficial ownership interests is entirely the
responsibility of DTC.
Redemption Payments. Unless funds shall be deposited with the Trustee in an amount
sufficient to pay the Redemption Price of the 2014-A Notes or portions thereof called, together with
accrued interest thereon to the redemption date, prior to the Trustee giving any notice of redemption
under the Indenture, notice of such redemption shall specifically state that such redemption is contingent
upon deposit of such funds prior to the specified redemption date. The Trustee is authorized and directed
under the Indenture to apply such funds to the payment of such 2014-A Notes. If proper notice of
redemption by mailing has been given as provided in the Indenture and sufficient funds for redemption
shall be on deposit with the Trustee, interest on the 2014-A Notes or portions thereof thus called shall no
longer accrue after the date fixed for redemption.

Ownership
The person in whose name a registered 2014-A Note shall be registered shall be deemed and
regarded as the absolute owner thereof for all purposes, and payment of principal and interest thereon,
shall be made only to or upon the order of the Registered Owner thereof or his legal representative, but
such registration may be changed as provided in the Indenture. All such payments shall be valid and
effectual to satisfy and discharge the liability upon such 2014-A Note to the extent of the sum or sums so
paid.
Registration
For so long as DTC acts as securities depository for the 2014-A Notes, the registration and
transfer of ownership interests in 2014-A Notes shall be accomplished by book entries made by DTC and
the Direct Participants and, where appropriate, the Indirect Participants, as described herein under the
heading "DESCRIPTION OF THE 2014-A NOTES - Book-Entry-Only System."
Book-Entry-Only System
The Authority has determined that it will be beneficial to have the 2014-A Notes held by a central
depository system and to have transfers of the 2014-A Notes affected by book-entry on the records of
DTC as such central depository system. Unless and until the book-entry-only system has been
discontinued, the 2014-A Notes will be available only in book-entry form in principal amounts of $5,000 or
any integral multiple thereof. DTC will initially act as securities depository for the 2014-A Notes. The
2014-A Notes will be issued as fully-registered securities registered in the name of Cede & Co. (DTC's
nominee). One fully-registered 2014-A Note will be issued for each maturity of the 2014-A Notes, and will
be deposited with DTC.
DTC, the world's largest securities depository, is a limited-purpose trust company organized
under the New York Banking Law, a "banking organization" within the meaning of the New York Banking
Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New
York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section
17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million
issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market
instruments (from over 100 countries) that DTC's participants ("Direct Participants") deposit with DTC.
DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities
transactions in deposited securities, through electronic computerized book-entry transfers and pledges
between Direct Participants' accounts. This eliminates the need for physical movement of securities
certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks,
trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary
of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC,
National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are
registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the
DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers,
banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship
with a Direct Participant, either directly or indirectly ("Indirect Participants"). DTC has a Standard & Poor's
rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange
Commission. More information about DTC can be found at www.dtcc.com.
Purchases of 2014-A Notes under the DTC system must be made by or through Direct
Participants, which will receive a credit for such 2014-A Notes on DTC's records. The ownership interest
of each actual purchaser of each 2014-A Note (a "Beneficial Owner") is in turn to be recorded on the
Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC
of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing
details of the transactions, as well as periodic statements of their holdings, from the Direct or Indirect
Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership
interests in the 2014-A Notes are to be accomplished by entries made on the books of Direct or Indirect
Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates

representing their ownership interests in 2014-A Notes, except in the event that use of the book-entry
system for the 2014-A Notes is discontinued.
To facilitate subsequent transfers, all 2014-A Notes deposited by Direct Participants with DTC are
registered in the name of DTC's partnership nominee, Cede & Co. or such other name as may be
requested by an authorized representative of DTC. The deposit of 2014-A Notes with DTC and their
registration in the name of Cede & Co. or such other DTC nominee do not affect any change in beneficial
ownership. DTC has no knowledge of the actual Beneficial Owners of the 2014-A Notes. DTC's records
reflect only the identity of the Direct Participants to whose accounts the 2014-A Notes are credited, which
may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for
keeping account of their holdings on behalf of their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct
Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial
Owners will be governed by arrangements among them, subject to any statutory or regulatory
requirements as may be in effect from time to time. Beneficial Owners of 2014-A Notes may wish to take
certain steps to augment the transmission to them of notices of significant events with respect to the
2014-A Notes, such as redemptions, tenders, defaults, and proposed amendments to the 2014-A Note
documents. For example, Beneficial Owners of 2014-A Notes may wish to ascertain that the nominee
holding the 2014-A Notes for their benefit has agreed to obtain and transmit notices to Beneficial Owners.
In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and
request that copies of notices be provided directly to them.
Redemption notices are to be sent to DTC. If less than all of the 2014-A Notes within an issue
are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct
Participant in such issue to be redeemed.
Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to
2014-A Notes unless authorized by a Direct Participant in accordance with DTC's MMI Procedures.
Under its usual procedures, DTC mails an Omnibus Proxy to the Trustee as soon as possible after the
Record Date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct
Participants to whose accounts the 2014-A Notes are credited on the Record Date (identified in a listing
attached to the Omnibus Proxy).
Redemption proceeds and principal and interest payments on the 2014-A Notes will be made to
Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's
practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detailed
information from the Authority or the Trustee, on the payable date in accordance with their respective
holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by
standing instructions and customary practices, as is the case with securities held for the accounts of
customers in bearer form or registered in "street name," and will be the responsibility of such Participant
and not of DTC nor its nominee, the Trustee or the Authority, subject to any statutory or regulatory
requirements as may be in effect from time to time. Payment of redemption proceeds and principal and
interest payments to Cede & Co. (or such other nominee as may be requested by an authorized
representative of DTC) is the responsibility of the Authority or the Trustee, disbursement of such
payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to
the Beneficial Owners will be the responsibility of Direct and Indirect Participants.
DTC may discontinue providing its services as depository with respect to the 2014-A Notes at any
time by giving reasonable notice to the Authority or the Trustee. Under such circumstances, in the event
that a successor depository is not obtained, 2014-A Note certificates are required to be printed and
delivered.
The Authority may decide to discontinue use of the system of book-entry-only transfers through
DTC (or a successor securities depository). In that event, 2014-A Notes in definitive form will be printed
and delivered.

THE AUTHORITY, THE TRUSTEE AND THE UNDERWRITER CANNOT AND DO NOT GIVE
ANY ASSURANCE THAT THE DIRECT PARTICIPANTS OR THE INDIRECT PARTICIPANTS WILL
DISTRIBUTE TO THE BENEFICIAL OWNERS OF THE 2014-A NOTES (a) PAYMENTS OF PRINCIPAL
OR INTEREST ON THE 2014-A NOTES; (b) CERTIFICATES REPRESENTING AN OWNERSHIP
INTEREST OR OTHER CONFIRMATION OF BENEFICIAL OWNERSHIP INTERESTS IN THE 2014-A
NOTES; OR (c) REDEMPTION OR OTHER NOTICES SENT TO DTC OR CEDE & CO., ITS NOMINEE,
AS THE REGISTERED OWNER OF THE 2014-A NOTES, OR THAT THEY WILL DO SO ON A TIMELY
BASIS, OR THAT DTC OR DIRECT OR INDIRECT PARTICIPANTS WILL SERVE AND ACT IN THE
MANNER DESCRIBED IN THIS OFFICIAL STATEMENT. THE CURRENT "RULES" APPLICABLE TO
DTC ARE ON FILE WITH THE SEC AND THE CURRENT "PROCEDURES" OF DTC TO BE
FOLLOWED IN DEALING WITH DTC PARTICIPANTS ARE ON FILE WITH DTC.
NEITHER THE AUTHORITY, THE TRUSTEE NOR THE UNDERWRITER WILL HAVE ANY
RESPONSIBILITY OR OBLIGATIONS TO SUCH DTC PARTICIPANTS OR THE BENEFICIAL OWNERS
WITH RESPECT TO (a) THE 2014-A NOTES; (b) THE ACCURACY OF ANY RECORDS MAINTAINED
BY DTC OR ANY DTC PARTICIPANT; (c) THE PAYMENT BY ANY DTC PARTICIPANT OF ANY
AMOUNT DUE TO ANY BENEFICIAL OWNER IN RESPECT OF THE PRINCIPAL AMOUNT OF AND
INTEREST ON THE 2014-A NOTES; (d) THE DELIVERY BY ANY DTC PARTICIPANT OF ANY NOTICE
TO ANY BENEFICIAL OWNER WHICH IS REQUIRED OR PERMITTED UNDER THE TERMS OF THE
INDENTURE TO BE GIVEN TO HOLDERS OF THE 2014-A NOTES; OR (e) ANY CONSENT GIVEN OR
OTHER ACTION TAKEN BY DTC AS HOLDER OF THE 2014-A NOTES.
SECURITY AND SOURCES OF PAYMENT FOR THE 2014-A NOTES
General
The 2014-A Notes are payable solely and only from and secured by the 2014-A Trust Estate,
which includes all grants, contributions and funds to be received by the Authority from the City pursuant to
the Contribution Agreement, dated as of December 30, 2014, by and between the Authority and the City
(the "Contribution Agreement"), and (b) other funds, if any, pledged therefore under the Indenture.
The 2014-A Notes do not constitute a debt, liability or general obligation of the Authority or the
City or a pledge of the faith and credit of the Authority or the City, but are payable solely as hereinabove
provided and do not directly, indirectly or contingently obligate the Authority or the City to levy or to
pledge any form of taxation whatsoever for the payment thereof.
The source of payment of, and security for, the 2014-A Notes are more fully described below.
The Contribution Agreement
The Contribution Agreement is attached to this Official Statement as APPENDIX D. The following
summary of the Contribution Agreement is subject in all respects to the complete form and conditions of
the Contribution Agreement and reference is made to APPENDIX D for the terms thereof.
The Authority and the City have entered into the Contribution Agreement as authorized by the
provisions of the Act. Under the Contribution Agreement the City has unconditionally and irrevocably
agreed to grant and contribute to the Authority from the City's general fund sums sufficient to pay the
principal of and interest on the 2014-A Notes as the same shall be due and payable (whether at maturity
or upon mandatory and/or optional redemption prior to maturity) and, in addition thereto, all fees of the
Trustee related to the 2014-A Notes, provided that the obligation of the City to make such payments shall
be abated to the extent that on the tenth day preceding any Interest Payment Date or Principal Payment
Date (both a "Payment Date"), there shall be sufficient funds in the 2014-A Note Fund Account of the
General Fund established under the Indenture and designated by the Authority as the bond and interest
fund for payment of the principal of and interest on the 2014-A Notes (the "2014-A Note Fund Account")
available to be used to make such payments on such Payment Date.
Under the Contribution Agreement, the City shall make payments at least five days prior to each
Payment Date in an amount equal to the principal and/or interest due and payable on such Payment Date

by direct deposit to the 2014-A Note Fund Account. In addition, the City shall make payments periodically
in amounts sufficient to pay the Trustee as due.
In the Indenture, the Authority agrees to enforce the obligations of the City pursuant to the
Contribution Agreement to the full extent permitted by the law to protect the rights of the Holders of the
2014-A Notes and agrees that it will not enter into any agreement subordinating, hypothecating,
amending, supplementing, waiving, releasing, discharging, or terminating any obligation of the City
pursuant to the Contribution Agreement; provided, however, the rights and duties of the parties and the
terms and provisions of the Contribution Agreement may be modified or altered in the same manner,
under the same conditions and with the same effect as provided in the Indenture with respect to
modifications to the Indenture; except that in all circumstances any such modification or alteration which
limits the City's obligation to contribute to the Authority, on or before each date on which principal of and
interest on the 2014-A Notes shall be due and payable, an amount which, together with other funds
available for such purpose, will be sufficient to pay debt service on the 2014-A Notes on such date, shall
require the express consent of all Holders of 2014-A Notes.
RISKS TO THE OWNERS OF THE 2014-A NOTES
General
The 2014-A Notes are payable solely from the Trust Estate created under the Indenture, which
includes all grants, contributions and funds to be received by the Authority from the City pursuant to the
Contribution Agreement. The 2014-A Notes do not constitute a debt, liability or general obligation of the
Authority or the City or a pledge of the faith and credit of the Authority or the City, but are payable solely
as hereinabove provided and do not directly, indirectly or contingently obligate the Authority or the City to
levy or to pledge any form of taxation whatsoever for the payment thereof.
Purchasers of the 2014-A Notes are advised of certain risk factors with respect to the 2014-A
Notes.
2014-A Revenues
The Authority's ability to pay the principal of, premium, if any, and interest on the 2014-A Notes
depends solely upon the receipt by the Authority of the amounts payable by the City pursuant to the
Contribution Agreement. There is no Fund which is required to contain amounts to make up for any
deficiencies in the event of one or more defaults by the Authority in making such payments, and there is
no source from which the 2014-A Note Fund Account will be required to be replenished except from
payments made by the City pursuant to the Contribution Agreement and investment income on moneys in
the Funds and Accounts. While the Authority covenants to enforce all obligations of the City under the
Contribution Agreement in order to meet the debt service obligations on the 2014-A Notes, there can be
no representation or assurance that the Authority will realize sufficient amounts to meet such financial
obligations. In addition, moneys available to the City to make payments, including payments pursuant to
the Contribution Agreement, are subject to the provisions of Section 27-39-321, Mississippi Code of 1972,
as amended and supplemented from time to time, which limits the amount of an increase in the ad
valorem tax levy in any fiscal year which would increase receipts to the City by more than 10%. For a
description of the Authority, see "THE AUTHORITY" herein. For a description of procedures for providing
for the payment of the 2014-A Notes, see "SECURITY AND SOURCES OF PAYMENT FOR THE 2014-A
NOTES." For a description of the City, see "APPENDIX A - INFORMATION CONCERNING THE CITY"
and "APPENDIX B - FINANCIAL INFORMATION OF THE CITY."
The Loan
Payments made to the Authority in connection with the Loan (as defined herein) are not pledged
to the payment of debt service on the 2014-A Notes. See "DESCRIPTION OF THE 2014-A
UNDERTAKING" herein.

Remedies; Litigation; Bankruptcy

The remedies available to the Trustee or the owners of the 2014-A Notes upon an "event of
default" under the Indenture are in many respects dependent upon judicial actions which are often subject
to discretion and delay.
The Authority and the City each may be considered to be a "Municipality" as that term is defined
in 11 U.S.C. Sections 101 et seq. (the "Bankruptcy Code"). Section 109(c) of the Bankruptcy Code
prescribes the conditions and circumstances under which a Municipality may file a petition for relief under
the Bankruptcy Code. As a debtor, a Municipality may only file for relief pursuant to Chapter 9 of the
Bankruptcy Code ("Chapter 9"). Pursuant to Section 303(a) of the Bankruptcy Code, no creditor or
judgment holder of a Municipality may file a Chapter 9 petition on behalf of a Municipality.
Pursuant to Section 109(c)(2) of the Bankruptcy Code, before a Municipality may file a petition
under Chapter 9 of the Bankruptcy Code, a Municipality must be specifically authorized by (a) state law or
(b) a governmental officer or organization empowered to authorize such a filing. Accordingly, before a
Municipality in the State may file for Chapter 9 protection, it must have specific authority granted to it by
the State Legislature. Currently, there is no State statute that prescribes, authorizes or otherwise
contains authorization for any Municipality to file for Chapter 9 protection, or delegates such authority to a
governmental officer or organization. As such, in order for a Municipality in the State, including the
Authority or the City, to file for Chapter 9 relief, the Municipality must obtain specific authority from the
State Legislature.
In order to obtain specific authority from the State Legislature to file for relief pursuant to Chapter
9, a Municipality would have to request both houses, the Senate and the House of Representatives,
during the annual session of the State Legislature (regularly 90 days, except for the year following a
statewide election for governor, in which case the session is 125 days, beginning the first Monday of
January of each year) or during a special session called for such purpose, to approve a bill authorizing
the Municipality to file for relief pursuant to Chapter 9 and such bill would have to be signed into law by
the Governor of the State. There is no appeal process or any other proceeding under current State law
that the Municipality may pursue if such requested specific authority is not granted by the State
Legislature.
In the event the Authority or the City were to become a debtor under the Bankruptcy Code,
payments under the Indenture or the Contribution Agreement may be stayed or under certain
circumstances may be subject to avoidance or disgorgement and the interest of the Trustee in such
payments may not extend to payments required after the commencement of such bankruptcy case or
within 90 days prior thereto. Under existing constitutional and statutory law and judicial decisions,
including specifically the Bankruptcy Code, the remedies provided in the Indenture or the Contribution
Agreement may not be readily available or may be limited. The various legal opinions to be delivered
concurrently with the delivery of the 2014-A Notes will be qualified as to the enforceability of the various
legal instruments by limitations imposed by bankruptcy, reorganization, insolvency or other similar laws
affecting the rights of creditors generally (regardless of whether such enforceability is considered in a
proceeding in equity or in law), by general principles of equity (regardless of whether such proceeding is
considered in a proceeding in equity or at law) and by the valid exercise of the constitutional powers of
the State and the United States of America.
Furthermore, if a bankruptcy court concludes that the Trustee has "adequate protection," it may
enter orders affecting the security of the Trustee, including orders providing for the substitution,
subordination and sale of the security of the Trustee. In addition, a reorganization plan may be adopted
even though it has not been accepted by the Trustee if the Trustee is provided with the benefit of its
original lien or the "indubitable equivalent." Thus, in the event of the bankruptcy of the Authority or the
City, the amount realized by the Trustee may depend on the bankruptcy court's interpretation of
"indubitable equivalent" and "adequate protection" under the then existing circumstances. The
bankruptcy court may also have the power to invalidate certain provisions of the Indenture or related
documents that make bankruptcy and related proceedings by the Authority or the City an "event of

default" thereunder. All of these events would adversely affect the payment of debt service on the 2014-A
Notes.
Rating
There is no assurance that the rating assigned to the 2014-A Notes at the time of issuance (see
"RATING" herein) will not be lowered or withdrawn at any time, the effect of which could adversely affect
the market price for and marketability of the 2014-A Notes. If and when a Noteholder elects to sell a
2014-A Note prior to maturity, there is no assurance that a market will have been established, maintained
and in existence for the purchase and sale of the 2014-A Note, and there is no assurance as to the
purchase price which a buyer would be willing to pay.
Financial Information
Certain financial information concerning the City is set forth in APPENDIX B hereto and certain
Financial information concerning the Authority is set forth in APPENDIX C hereto. There can be no
assurance that the financial results achieved by the City or the Authority in the future will be similar to
historical results. Such future results will vary from historical results, and actual variations may be
material.
1995 Constitutional Amendment
The qualified electors of the State voted in a general election held on November 7, 1995, to
amend the Mississippi Constitution of 1890 (the "Constitution") to add the following new Section 172A
(the "Amendment").
SECTION 172A. Neither the Supreme Court nor any inferior court of this state shall have
the power to instruct or order the state or any political subdivision thereof, or an official of the
state or any political subdivision, to levy or increase taxes.
The Amendment does not affect the obligation of the Authority to pay the principal of and interest
on the 2014-A Notes as they mature and become due or the City's obligation to make payments to the
Authority pursuant to the Contribution Agreement. However, even though it appears that the Amendment
was not intended to affect a holder's remedies in the event of a payment default, it potentially prevents
holders or the Authority from obtaining a writ of mandamus to compel the City to levy taxes to provide
funds to make the payments due pursuant to the Contribution Agreement. It is not certain whether the
Amendment would affect the right of a federal court to direct the City to levy a tax to satisfy a contractual
obligation. Other effective remedies are available to holders in the event of a payment default with
respect to the 2014-A Notes. For example, holders of the 2014-A Notes can seek a writ of mandamus to
compel the City to use any legally available moneys to pay amounts due pursuant to the Contribution
Agreement, and if such writ of mandamus is issued and public officials fail to comply with such writ, then
such public officials may be held in contempt of court. In addition, pursuant to the Mississippi Constitution
Section 175, all public officers who are guilty of willful neglect of duty may be removed from office.
City Budget Shortfall
In Fiscal Year 2015, the City had a general fund operating deficit which was funded with general
fund reserves. In response, the City moved to a priority based budgeting model, focusing on those
programs and initiatives most critical to the Citys on-going vision. From a practical standpoint, certain
personnel of the City are being furloughed for the equivalent of 4 hours per pay period for Fiscal Years
2016 and possibly 2017, which should result in substantial savings. A hiring freeze of non-essential/nonemergency positions has been incorporated to evaluate current staffing levels and determine optimal
staffing levels going forward. The City also plans to restructure some of its general obligation debt
through the issuance of refunding bonds to provide debt service relief for Fiscal Years 2016 through
2019. A moratorium on vehicle and/or heavy equipment purchases has been implemented for the Fiscal
Years 2016 and 2017 to allow time to reduce the amount of debt currently on the books in the form of
capital lease payments.

DESCRIPTION OF THE 2014-A UNDERTAKING

The 2014-A Notes are being issued pursuant to the Act and the Indenture in connection with an
urban renewal project of the City for an urban renewal area located in the central business district of the
City and designated as the "Central Business District Development Program Project No. 1." (the "Urban
Renewal Project") for the purpose of (a) providing funds to pay a portion of the costs of the 2014-A
Undertaking, as described below (the "2014 Undertaking"), and (b) paying the costs incident to the sale
and issuance of the 2014-A Notes. The 2014-A Undertaking is located within the urban renewal area for
the Urban Renewal Project (the "Urban Renewal Area").
The 2014-A Undertaking includes acquiring, clearing, improving, repairing, rehabilitating,
renovating, redeveloping and/or maintaining of certain properties which are located within the Urban
Renewal Area, and the making of a loan to finance all or part of the costs thereof, and funding transaction
costs, necessary reserves and other related costs, in order to encourage and enhance redevelopment of
properties in the Urban Renewal Area.
In particular, the Authority will loan (the "Loan") the proceeds of the 2014-A Notes to Capital Hotel
Associates, LLC ("CHA") pursuant to a Loan Agreement, by and between the Authority and CHA. A
portion of the proceeds of the Loan will be used by CHA to finance a portion of the costs of the
acquisition, construction and equipping of an approximately 164,000 square foot Westin Hotel containing
approximately 125 king-sized rooms, 72 queen-sized rooms and seven suites and located in the Urban
Renewal Area in close proximity to the Jackson Convention Center. Such hotel is being developed by
CHA in association with Wischermann Partners, Inc., a Starwood Hotels Preferred Management
Company. In addition to two ballrooms and four meeting rooms, the hotel will contain an indoor pool, an
approximately 5,000 square foot restaurant and bar and an approximately 7,000 square foot spa and
fitness center.
Although the Authority intends to use the payments on the Loan to make debt service payments
on the 2014-A Notes, such Loan payments are not pledged to the payment of the 2014-A Notes and
purchasers of the 2014-A Notes should only look to the Contribution Agreement for payment of the 2014A Notes.
EXPECTED APPLICATION OF THE PROCEEDS OF THE 2014-A NOTES
The following is a summary of the expected sources and uses of the 2014-A Notes:
SOURCES OF FUNDS
Par Amount of 2014-A Notes
Total Sources of Funds

$9,000,000.00
$9,000,000.009,000,000.00

USES OF FUNDS
For funding of the 2014-A Undertaking
For deposit to the Note Issuance Expense Account to pay
2014-A Costs of Issuance1
For Underwriter's Discount
Total Uses of Funds
_________________________
1

$8,600,067.80
305,900.00
94,032.20
$9,000,000.00

2014-A Costs of Issuance include, but are not limited to, legal fees and expenses, and financial advisory fees and expenses.

10

ANNUAL DEBT SERVICE REQUIREMENTS

FOR THE 2014-A NOTES
Fiscal Year
Ending
September 30

Principal

2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
TOTAL

Interest
$253,242.53
331,517.50
331,517.50
331,517.50
322,405.00
312,237.50
300,762.50
288,147.50
274,197.50
259,247.50
243,335.00
223,245.00
202,130.00
180,195.00
157,440.00
133,660.00
109,060.00
83,435.00
56,785.00
28,905.00
$4,422,982.53

$405,000
415,000
425,000
435,000
450,000
460,000
475,000
490,000
515,000
535,000
555,000
580,000
600,000
625,000
650,000
680,000
705,000
$9,000,000.00

Total
$253,242.53
331,517.50
331,517.50
736,517.50
737,405.00
737,237.50
735,762.50
738,147.50
734,197.50
734,247.50
733,335.00
738,245.00
737,130.00
735,195.00
737,440.00
733,660.00
734,060.00
733,435.00
736,785.00
733,905.00
$13,422,982.53

THE AUTHORITY
General
The Jackson Redevelopment Authority is an urban renewal agency authorized to exercise the
"urban renewal project powers," as defined in the Act, of the City pursuant to a resolution adopted by the
City Council of the City on August 13, 1968. The City has determined multiple areas within the City to be
slum areas or blighted areas or combinations thereof appropriate for an urban renewal project and has
designated such areas as urban renewal areas. The City has approved, and from time to time, amended,
urban renewal plans for multiple urban renewal projects for urban renewal areas, including Central
Business District Development Program Project No. 1.
Organization and Membership
The Authority is governed by a seven-member Board of Commissioners. The Commissioners are
appointed by the Mayor of the City for staggered five-year terms. The current Commissioners are as
follows:
Name
Dr. McKinley Alexander, Chairman
Andria Jones, Vice-Chair
John C. Dinkins
Rodrick Donaldson
Kemba Ware
Lanford E. Porter
Jennifer Johnson

Beginning Date of
Term

Ending Date of
Term

04/06/2015
04/06/2015
12/17/2015
04/06/2015
12/17/2013
04/06/2015
11/19/2013

08/13/2019
08/13/2019
08/13/2020
08/13/2019
08/13/2018
08/13/2016
08/13/2017

11

REVENUES AND FUNDS

Creation of Funds
The Indenture establishes the following special Funds and Accounts to be held by the Trustee:
A General Fund - comprised of the following:
(a)

2014-A General Account,

(b)

2014-A Note Fund Account,

(c)

2014-A Redemption Account, and

(d)

2014-A Note Issuance Expense Account.

Disposition of the Proceeds of the 2014A Notes

The Trustee will deposit the net proceeds from the sale of the 2014A Notes as follows:
(a)
For transfer to The Bank of New York Mellon Trust Company, N.A. (the "Loan Trustee"),
as trustee under a Loan Trust Agreement, by and between the Authority and the Loan Trustee, dated as
of May 1, 2016, the amount of $8,600,067.80 to provide for the loan of a portion of the proceeds of the
2014-A Notes to finance a portion of the 2014-A Undertaking; and
(b)
To the 2014-A Note Issuance Expense of the General Fund, the sum of $305,900.00
(which does not include the Underwriter's discount of $94,032.20) to pay the costs of the sale and
issuance of the 2014-A Notes.
OPERATION OF FUNDS AND ACCOUNTS
General Fund
2014-A General Account. The Trustee will deposit in the 2014-A General Account all moneys
required to be deposited therein pursuant to the provisions the Indenture and will disburse the funds held
in the 2014-A General Account to pay 2014-A Note Expenses.
2014-A Note Fund Account. The Trustee will deposit in the 2014-A Note Fund Account any
2014-A Revenues, and any payments pursuant to the Contribution Agreement, except moneys received
upon redemption prior to maturity of the 2014-A Notes. Upon receipt of any moneys designated to pay
2014-A Note Expenses (excluding payments pursuant to the Contribution Agreement designated to pay
bond registrar, paying agent and transfer agent fees), the Trustee shall deposit such amounts into the
2014-A General Account. The Trustee will disburse moneys from the 2014-A Note Fund Account to pay
principal of and interest on the 2014-A Notes (excluding amounts to be paid from the 2014-A Redemption
Account) as due. On the day following any principal or interest payment on the 2014-A Notes from the
2014-A Note Fund Account, the Trustee will transfer any amount remaining in the 2014-A Note Fund
Account to the 2014-A General Account.
2014-A Redemption Account. The Trustee will deposit in the 2014-A Redemption Account all
moneys received for the redemption prior to maturity of the 2014-A Notes and will disburse the funds held
in the 2014-A Redemption Account to redeem 2014-A Notes. Such redemption shall be made pursuant to
a redemption under the provisions of Article IV of the Indenture. The Trustee shall pay the interest
accrued on the 2014-A Notes so redeemed to the date of redemption and the Redemption Price from the
2014-A Redemption Account.
2014-A Note Issuance Expense Account. Upon the Trustee's receipt of invoices or requisitions
acceptable to the Authority and the written authorization of the Authorized Representative of the
Authority, the Trustee will disburse the amounts held in the 2014-A Note Issuance Expense Account for
the payment of the 2014-A Costs of Issuance or to reimburse the Authority for amounts previously

12

advanced for such costs. On the date which is 60 days after the date of issuance of the 2014-A Notes,
any amounts remaining in the 2014-A Note Issuance Expense Account will be transferred to the 2014-A
General Account.
Moneys to be Held in Trust
All moneys required to be deposited with or paid to the Trustee for the account of any Fund or
Account established under any provision of the Indenture will be held by the Trustee in trust and applied
in accordance with the provisions of the Indenture, except for moneys deposited with or paid to the
Trustee for the redemption of 2014-A Notes, notice of the redemption of which has been duly given, and
shall, while held by the Trustee, constitute part of the 2014-A Trust Estate and be subject to the security
interest created under the Indenture and will not be subject to any lien or attachment by any creditor of
the Authority.
Amounts Remaining in Funds or Accounts
Any amounts remaining in any Fund or Account after full payment of the 2014-A Notes and the
fees, charges and expenses of the Trustee and all other amounts due and owing under the Indenture will
be distributed to the Authority to be utilized for any lawful purposes, except as otherwise provided in the
Indenture for 2014-A Notes not timely presented for payment.
Investment of Moneys
Any moneys held as part of any Fund or Account created under or pursuant to the Indenture shall
be invested or reinvested by the Trustee as continuously as reasonably possible in such Permitted
Investments as may be directed in writing by the Authority. All such investments shall at all times be a
part of the Fund or Account in which the moneys used to acquire such investments had been deposited
and, except as otherwise provided in the Indenture, all income and profits on such investments, shall be
deposited as received in the 2014-A Note Fund Account of the General Fund. The Trustee may make any
and all such investments through its investment department or through the investment department of any
financial institution which is an affiliate of the Trustee and may trade with itself or any of its affiliates in
doing so. Moneys in separate Funds and Accounts may be commingled for the purpose of investment or
deposit. Any investment losses shall be charged to the Fund or Account in which moneys used to
purchase such investment had been deposited. For so long as the Trustee is in compliance with the
provisions of the Indenture, the Trustee shall not be liable for any investment losses. Moneys in any
Fund or Account shall be invested in Permitted Investments with a maturity date, or a redemption date
which shall coincide as nearly as practicable with times at which moneys in such Funds or Accounts will
be required for the purposes thereof. The Trustee shall sell and reduce to cash a sufficient amount of
such investments in the respective Fund or Account whenever the cash balance therein is insufficient to
pay the amounts contemplated to be paid therefrom at the time those amounts are to be paid. All
investment income from the assets held in any 2014-A Account, will be added to the 2014-A Note Fund
Account of the General Fund.
THE INDENTURE
The following is a summary of certain provisions of the Indenture. This summary does not
purport to be comprehensive or definitive. All references herein to the Indenture are qualified in their
entirety by reference to such document, a copy of which may be obtained upon written request to the
Authority.
Mutilated, Lost, Stolen or Destroyed 2014-A Notes
If any 2014-A Note is mutilated, lost, stolen or destroyed, the Authority shall execute and the
Trustee shall authenticate a new 2014-A Note of the same series, maturity and denomination, as that
mutilated, lost, stolen or destroyed; provided that in the case of any mutilated 2014-A Note, such
mutilated 2014-A Note shall first be surrendered to the Trustee, and in the case of any lost, stolen or
destroyed 2014-A Note, there shall be first furnished to the Trustee evidence of such loss, theft or
destruction satisfactory to the Trustee, together with indemnity satisfactory to it. In the event any such

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2014-A Note shall have matured or been called for redemption, instead of issuing and authenticating a
duplicate 2014-A Note, the Trustee may pay the same without surrender thereof, provided, however, that
in the case of a lost, stolen or destroyed 2014-A Note, there shall be first furnished to the Trustee
evidence of such loss, theft or destruction satisfactory to the Trustee together with indemnity satisfactory
to it. The Trustee may charge the owner of such 2014-A Note its reasonable fees and expenses in
connection with replacing any 2014-A Note mutilated, lost, stolen or destroyed. Any 2014-A Note issued
pursuant to the Indenture shall be deemed part of the original series of the 2014-A Note in respect of
which it was issued and a contractual obligation of the Authority replacing the obligation evidenced by
such mutilated, lost, stolen or destroyed 2014-A Note.
Registration, Transfer and Exchange of 2014-A Notes; Persons Treated as Owners
The Authority shall cause the Note Register to be kept by the Trustee at its principal corporate
trust office, and the Trustee is constituted and appointed the bond registrar of the Authority. At
reasonable times and under reasonable regulations established by the Trustee, said Note Register may
be inspected by the Authority or by Beneficial Owners (or a designated representative thereof) of five
percent or more in aggregate principal amount of the 2014-A Notes then Outstanding.
Upon surrender for transfer of any 2014-A Note at the principal corporate trust office of the
Trustee duly endorsed by, or accompanied by a written instrument or instruments of transfer in form
satisfactory to the Trustee and duly executed by the Registered Owner or his attorney duly authorized in
writing, the Authority shall execute and the Trustee shall authenticate and deliver in the name of the
transferee or transferees a new 2014-A Note or 2014-A Notes of the same series and maturity for a like
aggregate principal amount. The 2014-A Notes may be transferred or exchanged without cost to the
Noteholders except for any tax or governmental charge required to be paid with respect to the transfer or
exchange. The execution by the Authority of any 2014-A Note of any denomination shall constitute full
and due authorization of such denomination and the Trustee shall thereby be authorized to authenticate
and deliver such 2014-A Note.
The Trustee shall not be required (a) to register, transfer or exchange any 2014-A Note during a
period of 15 days next preceding mailing of a notice of redemption of any 2014-A Notes, or (b) to register,
transfer or exchange any 2014-A Notes selected, called or being called for redemption in whole or in part
after mailing notice of such call has been made.
The person in whose name a registered 2014-A Note shall be registered shall be deemed and
regarded as the absolute owner thereof for all purposes, and payment of principal and interest thereon,
shall be made only to or upon the order of the Registered Owner thereof or his legal representative, but
such registration may be changed as provided above. All such payments shall be valid and effectual to
satisfy and discharge the liability upon such 2014-A Note to the extent of the sum or sums so paid.
All 2014-A Notes delivered upon any transfer or exchange shall be valid obligations of the
Authority evidencing the same debt as the 2014-A Notes surrendered, shall be secured by the Indenture
and shall be entitled to all of the security and benefits of the Indenture to the same extent as the 2014-A
Note surrendered.
Nonpresentment of 2014-A Notes
In the event any 2014-A Note shall not be presented for payment when the principal thereof
comes due, either at maturity, or at the date fixed for redemption thereof, or otherwise, if funds sufficient
to pay such 2014-A Note shall have been made available to the Trustee for the benefit of the owner
thereof, all liability of the Authority to the owner thereof for the payment of such 2014-A Note shall
forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the
Trustee to hold such funds for four years, for the benefit of the owner of such 2014-A Note, without
liability for interest thereon to such owner, who shall thereafter be restricted exclusively to such funds, for
any claim of whatever nature on his part under the Indenture or on or with respect to, said 2014-A Note.
Any money so deposited with and held by the Trustee not so applied to the payment of 2014-A
Notes within four years after the date on which the same shall become due shall be repaid by the Trustee

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to the Authority and thereafter the Noteholders shall be entitled to look only to the Authority for payment,
and then only to the extent of the amount so repaid, and the Authority shall not be liable for any interest
thereon to the Noteholders and shall not be regarded as a trustee of such money.
Other Obligations Payable from 2014-A Trust Estate
The Authority shall grant no liens or encumbrances on or security interests in the 2014-A Trust
Estate (other than those created by the Indenture), and, except for the 2014-A Notes, shall issue no
notes, bonds or other evidences of indebtedness payable from the 2014-A Trust Estate.
Limitations on Obligations of the Authority
The 2014-A Notes, together with interest thereon, shall be limited obligations of the Authority but
payable solely from the 2014-A Trust Estate, which 2014-A Trust Estate was assigned and pledged
pursuant to the granting clauses of the Indenture for the equal and ratable payment of the 2014-A Notes,
and the 2014-A Trust Estate shall be used for no other purpose than the payment of the 2014-A Notes,
except as may be otherwise expressly authorized in the Indenture. The 2014-A Notes do not constitute a
debt or liability of the Authority under the constitution of the State or a pledge of the faith and credit of the
Authority, but shall be payable solely from the 2014-A Trust Estate pledged therefor in accordance with
the Indenture. Neither the Authority nor any agent, attorney, member or employee of the Authority, shall
in any event be liable for the payment of the principal of, and premium if any, or interest on the 2014-A
Notes or damages, if any, for the nonperformance of any pledge, mortgage obligation or agreement of
any kind whatsoever which may be undertaken by the Authority. No breach by the Authority of any such
pledge, mortgage, obligation or agreement may impose any liability, pecuniary or otherwise, upon the
Authoritys commissioners, agents, members, attorneys and employees.
Payment of Principal and Interest
The Authority covenants and agrees that it will promptly pay the principal of and interest on every
2014-A Note issued under the Indenture at the place, on the dates and in the manner provided in the
Indenture and in said 2014-A Notes according to the true intent and meaning thereof, provided that the
principal and interest are payable by the Authority solely from the 2014-A Trust Estate and any other
funds or assets of the Authority pledged under the Indenture to the Trustee as security by the Authority to
the extent of that pledge.
Performance of Covenants
The Authority covenants and agrees that it will faithfully perform at all times any and all
covenants, undertakings, stipulations and provisions contained in the Indenture, in any and every 2014-A
Note executed, authenticated and delivered under the Indenture and in any of its proceedings pertaining
thereto. The Authority covenants and agrees that it is duly authorized under the constitution and laws of
the State, including particularly the Act, to issue the 2014-A Notes authorized under the Indenture and to
execute the Indenture and to pledge the Trust Estate and all other property pledged by the Indenture in
the manner and to the extent set forth therein; that all action on its part for the issuance of the 2014-A
Notes and the execution and delivery of the Indenture has been duly and effectively taken, and that the
2014-A Notes in the hands of the owners thereof are and will be valid and enforceable limited obligations
of the Authority according to the terms thereof and of the Indenture.
Instruments of Further Assurance
The Authority covenants and agrees that the Trustee may defend its rights to the 2014-A Trust
Estate for the benefit of the owners of the 2014-A Notes against the claims and demands of all persons
whomsoever. The Authority covenants and agrees that it will do, execute, acknowledge and deliver, or
cause to be done, executed, acknowledged and delivered, such indentures supplemental thereto and
such further acts, instruments and transfers as the Trustee may reasonably require for the better
assuring, transferring, pledging, assigning and confirming unto the Trustee all and singular, the rights
assigned by the Indenture and the amounts and other property pledged by the Indenture to the payment
of the principal of and interest on the 2014-A Notes.

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Possession and Inspection of the Contribution Agreement

The Trustee covenants and agrees to retain or cause its agent to retain possession of the
Contribution Agreement and a copy of the transcript or documents related thereto and release them only
in accordance with the provisions of the Indenture. The Authority and the Trustee covenant and agree
that all records and documents in their possession relating to the Contribution Agreement shall at all
times be open to inspection by such accountants or other agencies or persons as the Authority or the
Trustee may from time to time designate.
Discharge of Indenture
Except as otherwise provided in the Indenture, if payment or provision for payment is made to the
Trustee of the principal of and interest due and to become due on the 2014-A Notes at the times and in
the manner stipulated therein, and there is paid or caused to be paid to the Trustee all sums of money
due and to become due according to the provisions of the Indenture, and all other amounts due under the
Indenture have been paid in full, then the 2014-A Trust Estate and rights granted under the Indenture
shall cease, terminate and be void, whereupon the Trustee shall cancel and discharge the lien of the
Indenture, and execute and deliver to the Authority such instruments in writing as shall be requisite to
cancel and discharge the lien of the Indenture, and release, assign and deliver unto the Authority any and
all estate, right, title and interest in and to any and all rights assigned or pledged to the Trustee by the
Indenture or otherwise subject to the lien of the Indenture, except moneys or securities held by the
Trustee for the payment of the principal of and interest on the 2014-A Notes.
A 2014-A Note shall be deemed to be paid within the meaning of the Indenture when (a) payment
of the principal of such 2014-A Note and interest thereon to the due date thereof (whether such due date
be by reason of maturity or upon redemption as provided in the Indenture or otherwise), either (i) shall
have been made or caused to have been made in accordance with the terms thereof, or (ii) shall have
been provided for by irrevocably depositing with the Trustee, in trust and exclusively for such payment,
(1) moneys sufficient to make such payment or (2) Governmental Obligations maturing as to principal and
interest in such amounts and at such times, without consideration of any reinvestment thereof, as will
insure the availability of sufficient moneys to make such payment, or (3) a combination of such moneys
and Governmental Obligations, and (b) all necessary and proper fees and, expenses of the Trustee
pertaining to the 2014-A Notes, with respect to which such deposit is made shall have been paid or
deposited with the Trustee.
Notwithstanding the foregoing, in the case of 2014-A Notes which by their terms may be
redeemed prior to their stated maturity, no deposit under the immediately preceding paragraph shall be
deemed a payment of such 2014-A Notes as aforesaid until the Authority shall have given the Trustee, in
form satisfactory to the Trustee, irrevocable instructions:
(a)
stating the date when the principal of each such 2014-A Note is to be paid, whether at
maturity or on a redemption date (which shall be any redemption date permitted by the Indenture);
(b)
to call for redemption pursuant to the Indenture any 2014-A Notes to be redeemed prior
to maturity pursuant to (a) above; and
(c)
to mail, as soon as practicable, in the manner prescribed by the Indenture, a notice to the
owners of such 2014-A Notes that the deposit required by clause (a) of the second preceding paragraph
has been made with the Trustee and that said 2014-A Notes are deemed to have been paid in
accordance with the Indenture and stating the maturity or redemption date upon which moneys are to be
available for the payment of the principal of or redemption price, if applicable, on said 2014-A Notes as
specified in subparagraph (a) above.
Any moneys so deposited with the Trustee as provided above may, at the direction of the
Authority, also be invested and reinvested in Governmental Obligations, maturing in the amounts and
times as hereinbefore set forth. All income from all Governmental Obligations in the hands of the Trustee
with respect to the 2014-A Notes which is not required for the payment of the 2014-A Notes and interest
thereon with respect to which such moneys shall have been so deposited, shall be deposited in the 2014-

16

A Note Fund Account of the General Fund as and when collected for use and application as are other
moneys deposited in the 2014-A Note Fund Account.
No such deposit shall be deemed a payment of any 2014-A Notes under the Indenture unless the
Trustee shall have received a verification from an accountant or firm of accountants appointed by the
Authority and acceptable to the Trustee verifying the sufficiency of the deposit to pay the principal of
premium, if any, and interest on such 2014-A Notes to the due date, whether such due date be by reason
of maturity or upon redemption prior to maturity.
Notwithstanding any contrary provisions of the Indenture, all moneys or Governmental
Obligations set aside and held in trust as described above for the payment of 2014-A Notes (including
interest thereon) shall be applied to and used solely for the payment of the particular 2014-A Notes
(including interest thereon) with respect to which such moneys or obligations have been so set aside in
trust.
Upon the deposit with the Trustee, in trust, at or before maturity, of money or Governmental
Obligations in the necessary amount to pay or redeem all Outstanding 2014-A Notes as aforesaid
(whether upon or prior to their maturity or the redemption date of such 2014-A Notes), provided that if
such 2014-A Notes are to be redeemed prior to the maturity thereof, notice of such redemption shall have
been given as hereinabove provided, or provisions satisfactory to the Trustee shall have been made for
the giving of such notice, and compliance with the other payment requirements of the Indenture, the
Indenture may be discharged in accordance with the provisions thereof, but the limited liability of the
Authority in respect of such 2014-A Notes shall continue, provided that the owners thereof shall thereafter
be entitled to payment only out of the moneys or Governmental Obligations deposited with the Trustee as
aforesaid.
Defaults; Events of Default
If any of the following events occurs, it is defined under the Indenture as and declared to be and
to constitute an "Event of Default":
(a)

Default in the due and punctual payment of any interest on any 2014-A Note; or

(b)
Default in the due and punctual payment of the principal or redemption premium of any
2014-A Note whether at the stated maturity thereof or on any date fixed for redemption; or
(c)
Failure of the Authority to remit to the Trustee within the time limits prescribed in the
Indenture any moneys which are required thereby to be so remitted and failure to remedy the same within
the time provided in, and after notice thereof pursuant to, the Indenture; or
(d)
Default in the performance or observance of any other of the covenants, agreements or
conditions on the part of the Authority contained in the Indenture or in the 2014-A Notes and failure to
remedy the same within the time provided in, and after notice thereof pursuant to, the Indenture; or
(e)
Any warranty, representation or other statement by or on behalf of the Authority
contained in the Indenture or in any instrument furnished in compliance with or in reference to the
Indenture is false or misleading, when made, in any material respect, and failure to remedy the same
within the time provided in, and after notice thereof pursuant to, the Indenture; or
(f)
A petition is filed against the Authority under any bankruptcy, reorganization
arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction whether
now or hereafter in effect and is not dismissed within 60 days after such filing; or
(g)
The Authority files a petition in voluntary bankruptcy or seeking relief under any
provisions of any bankruptcy, reorganization, arrangement, insolvency, adjustment of debt dissolution or
liquidation law of any jurisdiction whether now or hereafter in effect, or consents to the filing of any
petition against it under such law; or

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(h)
The Authority is generally not paying its debts as such debts become due, or becomes
insolvent or bankrupt, or makes an assignment for the benefit of creditors, or a liquidator or trustee of the
Authority or any of its property is appointed by court order or takes possession of such property and such
order remains in effect or such possession continues for more than 60 days; or
(i)
the Indenture.

The Authority for any reason shall be rendered incapable of fulfilling its obligations under

Remedies; Rights of Noteholders

Upon the occurrence of an Event of Default, the Trustee shall notify the owners of all 2014-A
Notes then Outstanding of such Event of Default by registered or certified mail, and will have the following
rights and remedies:
(a)
The Trustee may pursue any available remedy at law or in equity or by statute to enforce
the payment of the principal of and interest on the 2014-A Notes then Outstanding, including enforcement
of any rights of the Authority or the Trustee under the Contribution Agreement.
(b)
The Trustee may by action or suit in equity require the Authority to account as if it were
the trustee of an express trust for the holders of the 2014-A Notes and may take such action with respect
to the Contribution Agreement as the Trustee deems necessary or appropriate and in the best interest of
the Noteholders, subject to the terms of the Contribution Agreement.
(c)
Upon the filing of a suit or other commencement of judicial proceedings to enforce any
rights of the Trustee and of the Noteholders under the Indenture, the Trustee will be entitled as a matter
of right, to the appointment of a receiver or receivers of the 2014-A Trust Estate, issues, earnings,
income, products and profits thereof, pending such proceedings, with such powers as the court making
such appointment shall confer.
(d)
The Trustee may declare the principal of and accrued interest on all 2014-A Notes to be
due and payable immediately in accordance with the Indenture, by notice to the Authority.
Upon the occurrence of an Event of Default, if requested so to do by the holders of 25% or more
in aggregate principal amount of all 2014-A Notes then Outstanding and if indemnified as provided in the
Indenture, the Trustee shall be obligated to exercise such one or more of the rights, remedies and powers
conferred by the Indenture as the Trustee, being advised by counsel, shall deem most expedient in the
interests of the Noteholders.
No right or remedy by the terms of the Indenture conferred upon or reserved to the Trustee (or to
the Noteholders) is intended to be exclusive of any other right or remedy, but each and every such right
or remedy shall be cumulative and shall be in addition to any other right or remedy given to the Trustee or
to the Noteholders thereunder or now or hereafter existing at law or in equity or by statute. The assertion
or employment of any right or remedy shall not prevent the concurrent or subsequent assertion or
employment of any other right or remedy.
No delay or omission to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or shall be construed to be a waiver of any such Event of Default or
acquiescence therein, and every such right or remedy may be exercised from time to time and as often as
may be deemed expedient.
No waiver of any Event of Default under the Indenture, whether by the Trustee or by the
Noteholders, shall extend to or shall affect any subsequent Event of Default or shall impair any rights or
remedies consequent thereon.
Rights of Noteholders to Direct Proceedings
Anything in the Indenture to the contrary notwithstanding, the Beneficial Owners of a majority in
aggregate principal amount of 2014-A Notes then Outstanding shall have the right, at any time during the

18

continuance of an Event of Default, by an instrument or instruments in writing executed and delivered to

the Trustee, to direct the time, method and place of conducting all proceedings to be taken in connection
with the enforcement of the terms and conditions of the Indenture, or for the appointment of a receiver or
any other proceedings thereunder; provided that such direction shall not be otherwise than in accordance
with the provisions of law and of the Indenture.
Application of Moneys
All moneys received by the Trustee under the Indenture pursuant to any right or remedy given or
action taken under the provisions thereof with respect to the 2014-A Trust Estate (including but not limited
to moneys received by virtue of action taken under provisions of the Contribution Agreement) shall, after
payment of the reasonable costs and expenses of the proceedings resulting in the collection of such
moneys and of the expenses, liabilities and advances incurred or made by Trustee and any other moneys
owed to Trustee under the Indenture, be deposited in the 2014-A Note Fund Account and all moneys in
the 2014-A Note Fund Account shall be applied as follows:
(a)
Unless the principal of all the 2014-A Notes shall have become due and payable, all such
moneys shall be applied:
FIRST - To the payment to the persons entitled thereto of all installments of interest then due on
the 2014-A Notes, including interest on any past due principal of any 2014-A Note at the rate borne by
such 2014-A Note, in the order of the maturity of the installments of such interest and, if the amount
available shall not be sufficient to pay in full any particular installment, then to such payment ratably,
according to the amounts due on such installments, to the persons entitled thereto, without any
discrimination or privilege;
SECOND - To the payment to the persons entitled thereto of the unpaid principal of any of the
2014-A Notes which shall have become due either at maturity or pursuant to a call for redemption (other
than 2014-A Notes called for redemption for the payment of which other moneys are held pursuant to the
provisions of the Indenture), in the order of their due dates and, if the amount available shall not be
sufficient to pay in full the principal of 2014-A Notes due on any particular date, together with such
interest, then to such payment ratably, according to the amount of principal due on such date, to the
persons entitled thereto without any discrimination or privilege; and
THIRD - To be held for the payment to the persons entitled thereto as the same shall become
due of the principal of and interest on the 2014-A Notes which may then become due either at maturity or
upon call for redemption prior to maturity and, if the amount available shall not be sufficient to pay in full
the principal of and interest on 2014-A Notes due on any particular date, such payment shall be made
ratably according to the amount of principal and interest due on such date to the persons entitled thereto
without any discrimination or privilege.
(b)
If the principal of all the 2014-A Notes shall have become due or shall have been
declared due and payable, all such moneys shall be applied to the payment of the principal and interest
then due and unpaid upon the 2014-A Notes, without preference or priority of principal over interest or of
interest over principal, or of any installment of interest over any other installment of interest, or of any
2014-A Note over any other 2014-A Note, ratably, according to the amounts due respectively for principal
and interest to the persons entitled thereto without any discrimination or privilege.
Whenever moneys are to be applied as described hereinabove, such moneys shall be applied at
such times and from time to time as the Trustee shall determine, having due regard for the amount of
such moneys available for application and the likelihood of additional moneys becoming available for
such application in the future. Whenever the Trustee shall apply such funds, it shall fix the date (which
shall be an Interest Payment Date unless the Trustee shall deem another date more suitable) upon which
such application is to be made, and upon such date interest on the amounts of principal to be paid on
such dates shall cease to accrue. The Trustee shall give such notice as it may deem appropriate of the
deposit with it of any such moneys and of the fixing of any such date, and shall not be required to make
payment of principal to the owner of any 2014-A Note until such 2014-A Note shall be presented to the
Trustee for appropriate endorsement or for cancellation if fully paid.

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Whenever all principal of and interest on all 2014-A Notes have been paid under the provisions of
the Indenture and all expenses and charges of the Trustee have been paid and all other amounts due
under the Indenture have been paid in full, any balance remaining in the 2014-A General Fund shall be
shall be distributed to the Authority to be utilized for any lawful purposes.
Remedies Vested in the Trustee
All rights of action (including the right to file proof of claims) under the Indenture or under any of
the 2014-A Notes may be enforced by the Trustee without the possession of any of the 2014-A Notes or
the production thereof in any trial or other proceeding related thereto and any such suit or proceeding
instituted by the Trustee shall be brought in its name as Trustee without the necessity of joining as
plaintiffs or defendants any owners of the 2014-A Notes.
Rights and Remedies of Noteholders
No owner of any 2014-A Note shall have any right to institute any suit, action or proceeding at law
or in equity for the enforcement of the Indenture or for the execution of any trust of the Indenture or for the
appointment of a receiver or any other remedy under the Indenture, unless (a) a Default has occurred, (b)
such Default shall have become an Event of Default and the Beneficial Owners of not less than 25% in
aggregate principal amount of 2014-A Notes then Outstanding shall have made written request to the
Trustee and shall have offered it reasonable opportunity either to proceed to exercise the remedies
granted or to institute such action, suit or proceeding in its own name, (c) such Beneficial Owners have
offered to the Trustee indemnity as provided in the Indenture, and (e) the Trustee has refused, or for 60
days after receipt of such request and offer of indemnification has failed to exercise the remedies granted,
or to institute such action, suit or proceeding in its own name; and such request and offer of indemnity are
declared in every case at the option of the Trustee to be conditions precedent to the execution of the
powers and trusts of the Indenture, and to any action or cause of action for the enforcement of the
Indenture, or for the appointment of a receiver or for any other remedy under the Indenture, it being
understood and intended that no one or more owners of the 2014-A Notes shall have any right in any
manner whatsoever to affect, disturb or prejudice the lien of the Indenture by its, his, her or their action or
to enforce any right under the Indenture except in the manner therein provided, and that all proceedings
at law or in equity shall be instituted, had and maintained in the manner therein provided and for the equal
and ratable benefit of the owners of all 2014-A Notes then Outstanding. However, nothing contained in
the Indenture shall affect or impair: (i) the right of any 2014-A Noteholder to enforce the payment of the
principal of and interest on any 2014-A Note at and after the maturity thereof, or the limited obligation of
the Authority to pay the principal of and interest on each of the 2014-A Notes issued under the Indenture
to the respective owners thereof at the time and place, from the source and in the manner expressed in
the 2014-A Notes.
Termination of Proceedings
In case the Trustee or any owner of any 2014-A Notes shall have proceeded to enforce any right
under the Indenture by the appointment of a receiver or otherwise, and such proceedings shall have been
discontinued or abandoned for any reason, or shall have been determined adversely, then and in every
such case the Authority, the Trustee and the Noteholders shall be restored their former positions and
rights under the Indenture, respectively, and with regard to the property subject to the Indenture, and all
rights, remedies and powers of the Trustee and the owners of 2014-A Notes shall continue as if no such
proceedings had been taken.
Waivers of Events of Default
The Trustee may, at its discretion waive any Event of Default under the Indenture and its
consequences, and shall do so upon the written request of the Beneficial Owners of (a) more than 66
2/3% in aggregate principal amount of all the 2014-A Notes then Outstanding in respect of which an
Event of Default in the payment of principal or interest exists or (b) more than 50% in aggregate principal
amount of all 2014-A Notes then Outstanding in the case of any other Event of Default; provided,
however, that there shall not be waived (x) any Event of Default in the payment of the principal of any
Outstanding 2014-A Note at the date of maturity specified therein or (y) any Event of Default in the

20

payment when due of the interest on any Outstanding 2014-A Note unless prior to such waiver all of the
interest or all payments of principal when due, as the case may be, with interest on overdue principal at
the rate borne by such 2014-A Note, and all expenses of the Trustee in connection with such Event of
Default shall have been paid or provided for; and in case of any such waiver or rescission, or in case any
proceeding taken by the Trustee on account of any such Event of Default shall have been discontinued or
abandoned or determined adversely, then and in every such case the Authority, the Trustee and the
Noteholders shall be restored to their former positions and rights under the Indenture, respectively, but no
such waiver or recession shall extend to any subsequent or other Event of Default, or impair any rights
consequent thereon.
Notice of Defaults; Opportunity of the Authority to Cure Such Defaults
Anything in the Indenture to the contrary notwithstanding, no Default under Section 9.01 (d) or (e)
thereof shall constitute an Event of Default until actual notice of such Default by registered or certified
mail shall be given to the Authority by the Trustee or the Beneficial Owners of not less than 25% in
aggregate principal amount of all 2014-A Notes then Outstanding and the Authority shall have had 60
days after receipt of such notice to correct the Default or cause the Default to be corrected, and shall not
have corrected the Default or caused the Default to be corrected within the applicable period; provided
however, if the Default be such that it is correctable but cannot be corrected within the applicable period,
it shall not constitute an Event of Default if corrective action is instituted by the Authority within the
applicable period and diligently pursued until the Default is corrected. If a Default is cured under Section
9.10 of the Indenture, then it will not constitute an Event of Default. With regard to any alleged Default
concerning which notice is given to the Authority as described herein, the Authority grants to the Trustee
under the Indenture full authority for the account of the Authority to perform any covenant or obligation the
failure of performance which is alleged in said notice to constitute an Event of Default, in the name and
stead of the Authority with full power to do any and all things and acts to the same extent that the
Authority could do and perform any such things and acts and with power of substitution.
Supplemental Indentures Not Requiring Consent of Noteholders
The Authority and the Trustee may, without the consent of, or notice to, any of the Noteholders,
enter into an indenture or indentures supplemental to the Indenture for any one or more of the following
purposes:
(a)

To cure any ambiguity or formal defect or omission in the Indenture;

(b)
To grant to or confer upon the Trustee for the benefit of the Noteholders any additional
benefits, rights, remedies, powers or authorities that may lawfully be granted to or conferred upon the
Noteholders or the Trustee, or to make any change which, in the opinion of Bond Counsel, does not
materially and adversely affect the interest of the owners of Outstanding 2014-A Notes and does not
require unanimous consent of the Noteholders pursuant to the Indenture;
(c)

To subject to the Indenture additional revenues, properties or collateral;

(d)
To modify, amend or supplement the Indenture or any indenture supplemental thereto in
such manner as to permit the qualification of the Indenture and thereof under the Trust Indenture Act of
1939 or any similar federal statute hereafter in effect or to permit the qualification of the 2014-A Notes for
sale under the securities laws of the United States of America or of any of the states of the United States
of America, and, if they so determine, to add to the Indenture or any indenture supplemental thereto such
other terms, conditions and provisions as may be permitted by said Trust Indenture Act of 1939 or similar
federal statute; and
(e)
To evidence the appointment of a separate or co-trustee or the succession of a new
Trustee under the Indenture or the succession of a new registrar and/or paying agent.
S&P (as defined herein) and any other rating agency rating the 2014-A Notes must receive notice
of each amendment and a copy thereof at least 15 days in advance of its execution or adoption.

21

Supplemental Indentures Requiring Consent of Noteholders

Except as otherwise provided in the Indenture, the owners of not less than a majority in
aggregate principal amount of the 2014-A Notes then Outstanding which are affected (exclusive of 2014A Notes held by the Authority), shall have the right, from time to time, anything contained in the Indenture
to the contrary notwithstanding, to consent to and approve the execution by the Authority and the Trustee
of such other indenture or indentures supplemental thereto as shall be deemed necessary and desirable
by the Trustee for the purpose of modifying, altering, amending, adding to or rescinding, in any particular,
any of the terms or provisions contained in the Indenture or in any Supplemental Indenture; provided,
however, that nothing contained in the Indenture shall permit, or be construed as permitting, without the
consent of the owners of all then Outstanding 2014-A Notes, (a) an extension of the maturity of the
principal of or the interest or redemption date on any 2014-A Note issued under the Indenture, or (b) a
reduction in the principal amount of any 2014-A Note or change in the rate of interest or redemption
premium, or (c) a privilege or priority of any 2014-A Note or 2014-A Notes over any other 2014-A Note or
2014-A Notes, or (d) a reduction in the aggregate principal amount of the 2014-A Notes required for
consent to such Supplemental Indenture, or (e) the creation of any lien securing any 2014-A Notes other
than a lien ratably securing all of the 2014-A Notes at any time Outstanding under the Indenture, or (f)
any modification of the trusts, powers, rights, obligations duties, remedies, immunities and privileges of
the Trustee without the written consent of the Trustee.
If at any time the Authority shall request the Trustee to enter into any such Supplemental
Indenture for any of the purposes set forth above, the Trustee shall, upon being satisfactorily indemnified
with respect to expenses, cause notice of the proposed execution of such Supplemental Indenture to be
mailed by registered or certified mail to each owner of a 2014-A Note at the address shown on the Note
Register maintained by the Trustee. Such notice shall briefly set forth the nature of the proposed
Supplemental Indenture and shall state that copies thereof are on file at the principal corporate trust office
of the Trustee for inspection by all Noteholders. If, within 60 days, or such longer period as shall be
prescribed by the Authority following the mailing of such notice, upon the approval of the owners of in
excess of 50% in aggregate principal amount of the 2014-A Notes Outstanding at the time of the
execution of any such Supplemental Indenture (exclusive of 2014-A Notes held by the Authority) shall
have consented to and approved the execution of such Supplemental Indenture as provided in the
Indenture, no owner of any 2014-A Note shall have any right to object to any of the terms and provisions
contained therein, or the operation thereof, or in any manner to question the propriety of the execution
thereof, or to enjoin or restrain the Trustee or the Authority from executing the same or from taking any
action pursuant to the provisions thereof. Upon the execution of any such Supplemental Indenture, the
Indenture shall be and be deemed to be modified and amended in accordance therewith.
S&P and any rating agency rating the 2014-A Notes must receive notice of each amendment and
a copy thereof at least 15 days in advance of its execution or adoption.
LITIGATION
The Authority's Counsel, Stimley-Brown Law Firm, PLLC, Jackson, Mississippi, has reviewed the
status of all pending litigation. While the Authority is involved in several legal proceedings, there are no
pending legal proceedings which might be expected to affect the Authority's ability to perform its
obligations to the registered owner of the 2014-A Notes.
The City Attorney has reviewed the status of all pending litigation. While the City is involved in
numerous legal proceedings, there are no pending legal proceedings which might be expected to affect
the City's ability to perform its obligations under the Contribution Agreement.
It is anticipated, regardless of the ultimate outcome of any litigation, that neither the courts, the
Board of Commissioners nor the City Council of the City will act inconsistently with the financial ability of
the Authority and the City to pay all outstanding indebtedness and the interest thereon, including the
2014-A Notes and the payments owed under the Contribution Agreement. It is not anticipated that the
ultimate outcome of any or all of the pending litigation will result in obligations exceeding the financial
resources of the Authority or the City, so that in all events it is reasonable to expect that the Authority and

22

the City will remain in a sufficiently viable financial position to meet all of these obligations, including, but
not limited to, the 2014-A Notes and the payments owed under the Contribution Agreement, provided the
same are issued, validated, sold and delivered. To predict with any degree of accuracy the ultimate
outcome of such litigation would be conjectural.
FINANCIAL ADVISOR
The Authority has retained the firm of ComCap Advisors, a division of Community Capital,
Memphis, Tennessee, as Registered Municipal Advisor (the "Financial Advisor") to the Authority in
connection with the issuance of the 2014-A Notes. In such capacity the Financial Advisor has provided
recommendations and other financial guidance to the Authority with respect to the preparation of
documents, the preparation for the sale of the 2014-A Notes and the time of the sale, market conditions
and other factors related to the sale of the 2014-A Notes.
Although the Financial Advisor performed an active role in the drafting of this Official Statement, it
has not independently verified any of the information set forth herein. The information contained in this
Official Statement has been obtained primarily from the Authority and the City and their records and from
other sources which are believed to be reliable, including financial records of the Authority and other
entities, which records may be subject to interpretation. No guarantee is made as to the accuracy or
completeness of any information obtained from sources other than the Authority. Any summaries or
excerpts of statutes, ordinances, indentures, resolutions or other documents do not purport to be
complete statements of the same and reference is made to such original sources in all respects.
RATING
Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC business
("S&P"), has assigned a rating of "A+" (negative outlook) to the 2014-A Notes. This rating reflects only
the view of S&P and the Authority makes no representation as to the appropriateness of this rating. There
is no assurance that such rating will continue for any given period of time or that it will not be revised or
withdrawn entirely by S&P, if in the judgment of S&P, circumstances so warrant. Any such revision or
withdrawal of the rating may have an adverse effect on the market price of the 2014-A Notes.
UNDERWRITING
The Underwriter shown on the cover page hereof (the "Underwriter") has agreed to purchase the
2014-A Notes, subject to certain conditions, at a price of $8,905,967.80, representing the aggregate
principal amount of the 2014-A Notes in the amount of $9,000,000.00, less an underwriting discount of
$94,032.20. The obligation of the Underwriter to purchase the 2014-A Notes is subject to certain terms
and conditions set forth in a Note Purchase Agreement entered into between the Underwriter and the
Authority. The 2014-A Notes may be offered and sold to certain dealers, banks and others at prices
lower than the initial offering prices shown on the cover page of this Official Statement, and such initial
offering prices may be changed from time to time by the Underwriter.
Siebert Brandford Shank & Co., L.L.C. ("SBS"), has entered into a separate agreement with
Muriel Siebert & Co. for the retail distribution of certain securities offerings, at the original issue prices.
Pursuant to this distribution agreement, if applicable to the 2014-A Notes, Muriel Siebert & Co. will
purchase 2014-A Notes at the original issue price less the selling concession with respect to any 2014-A
Notes that such entity sells. SBS will share a portion of its underwriting compensation with Muriel Siebert
& Co.
CONTINUING DISCLOSURE
The Authority has covenanted for the benefit of the owners of the 2014-A Notes to provide certain
financial information and operating data relating to the Authority and the City no later than September 30
of each year commencing September 30, 2017 (the "Annual Report"), and to provide notices of the
occurrence of certain enumerated events, in certain cases if deemed material under federal laws. The
Annual Report and notices of material events will be filed by the Authority with (a) the Municipal Securities
Rulemaking Board (the "MSRB") through MSRB's Electronic Municipal Market Assess system at

23

http://emma.msrb.org ("EMMA") in the electronic format then prescribed by the Securities and Exchange
Commission (the "SEC") pursuant to SEC Rule15c2-12(b)(5) (the "Rule"), and with (b) any public or
private repository or entity designated by the State as a state repository, if any, for the purposes of the
Rule. This information will be made available free to securities brokers and the general public through
EMMA. For the procedures for all filings and notices due to the MSRB, instructions will be provided on
the following website for MSRB: http://emma.msrb.org. The specific nature of the information to be
contained in the Annual Report or the notices of material events is summarized in APPENDIX G to this
Official Statement. These covenants have been made in order to assist the Underwriter in complying with
the Rule.
The Authority is currently in compliance with all prior undertakings issued by or on its behalf.
The City is not treated as an obligated party for purposes of compliance with the Rule and has not
entered into an undertaking, as defined in the Rule, in connection with the 2014-A Notes, since the
Authority files the Citys information with its Annual Report. The information below was obtained by the
Authority from sources that it believes are reliable. Based on the Authoritys review of publicly available
information, there have been instances in each of the past five years in which the City has failed to
comply with its previous written undertakings. The City has various series of bonds outstanding that are
subject to continuing disclosure requirements. The Citys fiscal year ends on September 30. Certain of
the Citys annual disclosure obligations are required to be satisfied by March 31st of each year, and
others must be satisfied 180 days after its fiscal year end (i.e., March 27/28), 230 days after its fiscal year
end (i.e., May 16/17) and 12 months after its fiscal year end (i.e., September 30). The City filed its annual
financial and operating reports for fiscal year ended 2011 on or about April 3, 2012, for fiscal year ended
2012 on or about May 30, 2013, for fiscal year ended 2013 on or about May 8, 2014, for fiscal year ended
2014 on or about May 15, 2015 and for fiscal year ended 2015 on or about May 3, 2016. The annual
financial and operating reports for the City were filed late for fiscal years ending 2011 through 2015, and
not all required tables were posted every year. The untimely filings were due, in part, to delays in the
finalization of the Citys Comprehensive Annual Financial Report and complications due to inconsistent
filing deadlines among its multiple continuing disclosure undertakings. The City has made concerted
efforts in the organization of staff and improvements in financial systems designed to facilitate timely
completion of the Comprehensive Annual Financial Report going forward. The City expects to amend its
continuing disclosure undertakings to provide for consistent filing deadlines. The financial and operating
data for the Combined Water and Sewer System for which the City is responsible for filing was also not
posted timely for fiscal years ending 2011 through 2015. In addition, there have been instances in which
the City has failed to post required annual information to all required CUSIPs, and financial and operating
information for the water and sewer system for 2011 was available on EMMA only in an official statement
and not in a separate filing. The budgets for the City were not timely filed for fiscal years ending 2011
through 2015. In many instances, the City failed to file a notice of failure to file required annual financial
and operating information on EMMA. Additionally, the City has disclosed some, but not all, of the
underlying and insured rating changes. The Authority believes that the City has made the necessary
curative filings with respect to its past failures to file and late filings of its Comprehensive Annual Financial
Reports. The Authority has been informed that the City has taken steps to ensure that it will comply with
all undertakings in the future in a timely manner. Specifically, the City has designated the Department of
Administration (the Department) as the responsible party for future filings. The City is also in the
process of engaging a third party dissemination agent to make the required continuing disclosure filings
on behalf of the City. Among other additional measures, the Department has signed up to receive tickler
system reminders from the MSRBs EMMA system.
VALIDATION
The 2014-A Notes have been validated before the Chancery Court of the First Judicial District of
Hinds County, Mississippi, as provided by Section 31-13-1 et seq., Mississippi Code of 1972, as
amended. The Contribution Agreement was previously validated before the Chancery Court of the First
Judicial District of Hinds County, Mississippi.

24

APPROVAL OF LEGAL PROCEEDINGS

Certain legal matters incident to the authorization and issuance of the 2014-A Notes are subject
to the approval of Jones Walker LLP, Jackson, Mississippi ("Bond Counsel"), whose approving legal
opinion will be available at the time of delivery of the 2014-A Notes (see APPENDIX F hereto). Certain
legal matters will be passed upon for the Authority by its counsel, Stimley-Brown Law Firm, PLLC,
Jackson, Mississippi, for the City by the Office of the City Attorney and for the Underwriter by its counsel,
Baker, Donelson, Bearman, Caldwell & Berkowitz, PC, Jackson, Mississippi.
TAX MATTERS
INTEREST ON THE 2014-A NOTES SHOULD BE TREATED AS INCLUDABLE IN GROSS
INCOME OF THE HOLDERS THEREOF FOR FEDERAL INCOME TAX PURPOSES.
In the opinion of Bond Counsel, under current law interest on the 2014-A Notes is exempt from
income taxation imposed by the State of Mississippi.
MISCELLANEOUS
Any statements in this Official Statement involving matters of opinion or estimates, whether or not
expressly so stated, are intended as such and not as representations of fact. No representation is made
that any of the statements will be realized.
The references, excerpts and summaries of all documents referred to herein do not purport to be
complete statements of the provisions of such documents, and reference is directed to all such
documents for full and complete statements of all matters of fact relating to the 2014-A Notes, the security
for the payment of the 2014-A Notes and the rights and obligations of the registered owners thereof.
The information contained in this Official Statement has been taken from sources considered
reliable, but is not guaranteed. To the best of the Authority's knowledge, information in this Official
Statement does not include any untrue statement of any material fact nor does the information omit the
statement of any material fact required to be stated herein or necessary to make the statements herein, in
the light of the circumstances under which they were made, not misleading.
References herein to the Act, and all other legislative acts referred to herein are only summaries,
excerpts or brief outlines of certain provisions thereof and do not purport to summarize or describe all
provisions thereof.
Additional information may be obtained upon request from the Jackson
Redevelopment Authority, 218 South President Street, Jackson, Mississippi 39201, attention: Mary
Ealey, telephone: (601) 960-1815, or from the Financial Advisor, ComCap Advisors, a division of
Community Capital, 1708 Monroe Avenue, Memphis, Tennessee 38104, attention: Pamela Z. Clary,
telephone: (901) 274-5666.
The execution of this Official Statement has been duly authorized by the Board of Commissioners
of the Authority.
JACKSON REDEVELOPMENT AUTHORITY
By /s/ McKinley Alexander, Jr.
Chairman of the Board of Commissioners

25

THIS PAGE INTENTIONALLY LEFT BLANK

APPENDIX A
INFORMATION CONCERNING THE CITY

THIS PAGE INTENTIONALLY LEFT BLANK

THE CITY
General Description
Jackson, Mississippi (the "City"), the county seat of the First Judicial District of Hinds County,
Mississippi (the "County"), is located in the northeastern section of the County and has a land area of
approximately 110 square miles. The City was named after General Andrew Jackson. On November 28,
1821, when legislation was passed to locate a permanent seat of government for the State of Mississippi
(the "State"), the City became its capital.
The City is the largest municipality in the State and is considered to be Mississippis
governmental trade, financial, medical, educational and cultural center. It is also known as the
"Distribution Center of the Deep South" because of its strategic location at the crossroads of
Dallas/Houston, Atlanta, Memphis and New Orleans. The City is the location of the University of
Mississippi Medical Center ("UMMC"), the States largest academic health science center, encompassing
six health science schools: medicine, nursing, dentistry, health related professions, graduate studies and
pharmacy. UMMC includes four specialized hospitals, including the only childrens hospital in the State, a
womens and infants hospital, and a critical care hospital. The City is the location for four other
hospital/medical centers: St. Dominic, Mississippi Baptist, Merit Health Central and the G.V. (Sonny)
Montgomery VA Medical Center. The Jackson metropolitan area is home to several major industries
including the Nissan automotive assembly plant in Canton, Mississippi, Cal-Maine Foods (fresh egg
provider), C-Spire Wireless (wireless provider), Trustmark National Bank, Ergon (refining and distribution
of petroleum products) and Stuart C. Irby, Co. (electrical distribution).
The City is proud of its famed southern hospitality and quality of life. Community support is strong
for the Mississippi Symphony Orchestra, the Mississippi Opera, Ballet Mississippi, the Mississippi
Museum of Art, the Mississippi Natural Science Museum, the Mississippi Childrens Museum, the
Mississippi Agriculture and Forestry Museum, the Smith-Robertson Museum and Cultural Center, the Old
Capitol Museum, the Jackson Zoo, the New Stage Theatre and numerous theatrical and musical
performances that occur each year throughout the City. The City annually hosts the Mississippi Blues
Marathon, the U.S. PGA Tour Sanderson Farms Championship, the Mals Saint Paddys Day Parade, and
the Sweet Potato Queen Zippity Doo Dah Parade. The Mississippi Veterans Memorial Stadium, with a
capacity of 65,000 seats, is the home field for Jackson State University and hosts numerous sporting
events, including the Capital City Classic, Battle of the Bands and the Mississippi High School Football
Championships. The State Fairgrounds and Coliseum hosts the Mississippi State Fair, the Dixie National
Rodeo, numerous trade shows, agriculture and equine events, and performing concerts. A new Museum
of Mississippi History and the Mississippi Civil Rights Museum are located on adjoining sites near the Old
Capitol Museum in downtown Jackson, at a total cost of $70 million, and are estimated to be completed in
2017.
The USA International Ballet Competition is a two-week "Olympic-style" competition where
dancers compete for gold, silver, and bronze medals, cash awards and scholarships. Designated as the
official USA Competition by a 1982 Joint Resolution of Congress, the USA International Ballet
Competition is held every four years, in the tradition of sister competitions in Varna, Bulgaria and
Moscow, Russia. The City hosted the USA International Ballet Competition in 1979, 1982, 1986, 1990,
1994, 1998, 2002, 2006, 2010, and 2014.
The Jackson Convention Center Complex, which opened in January, 2009, offers the latest in
conferencing capability, fiber optic technology and Wi-Fi capability, and 330,000 square feet of exhibit
and meeting space conducive for hosting large regional and national conferences and trade shows, as
well as entertainment events.

A-1

Population
Population figures have been recorded as follows:
1990
196,367
City
254,441
County
446,941
Jackson MSA
_________________________

2000

2010

2014 (estimate)

184,256
250,800
525,346

173,514
245,365
567,122

171,155
243,729
577,564

SOURCE: Census Data Information, May 2016.

Government
The City operates under the Mayor-Council form of government. The City Council (the
"Governing Body") is comprised of seven Council members who serve part-time and are elected for fouryear terms from separate districts or wards. The Mayor, who serves full time and is elected at large for a
four-year term, is the head of the executive branch of the Citys government, with veto power over actions
of the Council (subject to override). The current Mayor and members of the Governing Body are:
Name and Title
Tony Yarber
Ashby Foote
Tyrone Hendrix
Melvin Priester, Jr.
Margaret Barrett Simon
De'Keither Stamps
Kenneth I. Stokes
Charles Tillman

Occupation

Position
Held Since

Mayor
Council Member
Council Member
Council Member
Council Member
Council Member
Council Member
Council Member

2014
2014
2014
2013
1985
2015
2015
2005

Employee Benefits; Impact of GASB-68

The City participates in the State of Mississippi Public Employees Retirement System ("PERS"),
a cost-sharing, multiple employer retirement system administered by the State of Mississippi for the
benefit of its local governments and State personnel. Benefit provisions are established by State statute
and may be amended from time to time only by the State Legislature.
Employer contribution rates are set by State statute. The percentage that an employer is required
to contribute was increased from 14.26% to 15.75% effective July 1, 2013. The adequacy of these rates
is assessed annually by actuarial valuation. Based on the actuarial report of Cavanaugh McDonald
Consulting, LLC, the total unfunded actuarial accrued liability for the entire system as of June 30, 2015
was $15,458,028,000, of which approximately $171,688,452 would be attributable to the City, based on
the Citys percentage of total employer contributions. In addition, under the City's separate closed plan
for fire and police, the City had unfunded actuarial accrued liability as of June 30, 2015 of $54,472,885.
In June 2012, the Government Accounting Standards Board issued Statement No. 68,
Accounting and Financial Reporting for Pensions ("GASB-68"). The objective of GASB-68 is to improve
accounting and financial reporting of government pensions. Also, GASB-68 improves information
provided by government employers about financial support for pensions that is provided by other entities.
Requirements of GASB-68 are effective for financial statements whose fiscal year begins after June 15,
2014 (Fiscal Year 2015 for the City). As a result of the implementation of GASB-68, it is anticipated that
the City will record a liability on its balance sheet for the Fiscal Year ended September 30, 2015, equal to
the portion of the total PERS unfunded actuarial accrued liability that is attributable to the City and the
unfunded actuarial accrued liability for the City's separate plan for fire and police.

A-2

City Budget Shortfall

In Fiscal Year 2015, the City had a general fund operating deficit which was funded with general
fund reserves. In response, the City moved to a priority based budgeting model, focusing on those
programs and initiatives most critical to the Citys on-going vision. From a practical standpoint, certain
personnel of the City are being furloughed for the equivalent of 4 hours per pay period for Fiscal Years
2016 and possibly 2017, which should result in substantial savings. A hiring freeze of non-essential/nonemergency positions has been incorporated to evaluate current staffing levels and determine optimal
staffing levels going forward. The City also restructured some of its general obligation debt through the
issuance of refunding bonds to provide debt service relief for Fiscal Years 2016 through 2019. A
moratorium on vehicle and/or heavy equipment purchases has been implemented for Fiscal Years 2016
and 2017 to allow time to reduce the amount of debt currently on the books in the form of capital lease
payments.
Transportation
Two interstate highway systems intersect in the City. Interstate Highway 55 runs north and south
and connects Memphis, Tennessee, to the north and the New Orleans, Louisiana metropolitan area, to
the south. Interstate Highway 20 runs east and west and connects Birmingham, Alabama, and Atlanta,
Georgia, to the east and Dallas, Texas, to the west. U.S. Highways 49, 51 and 80, State Highways 18
and 25 and a number of county highways provide access to all areas of the County and the State. U.S.
Highway 49 connects the City to Hattiesburg, Mississippi, and the Mississippi Gulf Coast. The Natchez
Trace Parkway, a limited access parkway maintained by the National Park Service extending 444 miles
from Natchez, Mississippi to Nashville Tennessee, runs through the City.
Rail transportation is provided by Canadian National/Illinois Central Railroad Company, which
operates two north-south lines, and Kansas City Railway Company, which operates one east-west line.
Amtrak runs daily passenger service between Chicago, Illinois, and New Orleans, Louisiana. Numerous
motor freight carriers are authorized to serve the City and offer interstate and intrastate shipping services.
Commercial air service is available at the Jackson-Medgar Wiley Evers International Airport (the
"Airport"). The Airport is named after the late Medgar Wiley Evers, civil rights activist and field secretary of
the Mississippi NAACP, assassinated in 1962 and buried with full military honors at Arlington National
Cemetery. The Airport has a modern terminal and two 8,500-foot runways, has been designated as a
general-purpose foreign trade zone, and is a U.S. Customs Port of Entry. The airport provides excellent
facilities and service to private and corporate pilots, both transient and home-based. American, Delta,
Continental, United, and US Air offer non-stop flights to Atlanta, Charlotte, Dallas/Ft. Worth, HoustonBush Intercontinental, and Washington, D.C., with connecting service available to every major city in the
United States. Air cargo carriers include United Parcel Service. The Mississippi Air Cargo Logistics
Center provides the optimal location for air cargo and logistics management for consolidation and
distribution. Trucking cargo is provided through BAX Global. A smaller airport, Hawkins Field, located
near the Citys downtown and adjacent to a major industrial park, provides fixed-base operations for
private and corporate pilots and is also administrated by the Jackson Municipal Airport Authority.
The nearest port, the Port of Vicksburg (the "Port"), is located 44 miles west of the City on the
Mississippi River in Warren County, Mississippi and is ranked 11th among U.S. inland ports based on trip
ton miles. The Port, which has a channel depth of 12 feet and a width of 300 feet, is a U.S. Customs Port
of Entry and a designated general-purpose foreign trade zone. The Port maintains a 150-ton crane and
two 15-foot overhead cranes for all weather loading and unloading and 129,000 square feet of warehouse
space. More than 3,000,000 tons of cargo pass through the Port each year. Truck traffic is in excess of
165,000 trucks annually.
Greyhound provides more than 40 inbound and outbound buses daily to other cities. Amtrak
provides rail service from its station in the City's downtown and throughout its rail network. Citywide bus
service is provided over 13 fixed routes and by on demand response handlift services via JATRAN, the
City's transportation management company. A renovated (2004) Union Station serves as the multi-modal
transportation center for Amtrak, Greyhound and JATRAN.

A-3

Educational Facilities
Public Schools. The Jackson Public School District is the second largest school district in the
State, serving approximately 30,000 students with 60 schools: 7 high schools, 13 middle schools, 38
elementary schools, and two special schools. Students are enrolled in grades K-12, with 25 elementary
schools offering pre-K classes. The Montessori curriculum is taught in two elementary schools. The
District offers special programs for its intellectually and academically gifted students, including Open
Doors, which is available to intellectually gifted students in grades 2- 6, and APAC (Academic and
Performing Arts Complex) for students in grades 4-12. Besides the academic component, the APAC
program includes an intense visual and performing arts school. International Baccalaureate programs are
offered for grades K-5 through the Primary Years Programme, for students in grades 6-10 through the
Middle Years Programme, and for students in grades 11-12 through the Diploma Programme. Fifty
percent of the schools are rated successful "C", high performing "B", or star "A" by the Mississippi
Department of Education, and every school is accredited by the Southern Association of Colleges and
Schools.
Enrollment figures for the District for the 2015-16 scholastic year and for the four preceding years
are as follows:
Scholastic Year

Enrollment

2015-16
2014-15
2013-14
2012-13
2011-12
_________________________

28,019
29,062
29,488
29,738
29,898

SOURCE: Mississippi Department of Education website: www.mde.k12.ms.us, April 2016

Education beyond high school in the metropolitan area is provided by Jackson State University,
University of Mississippi Medical Center, Mississippi College, Belhaven University, Millsaps College,
Tougaloo College, Mississippi College School of Law, Tulane University, Hinds Community College,
Holmes Community College, Virginia College and Strayer University.
Per Capita Income
The following represents per capita income annually from 2010 to 2014 for the County,
Mississippi and the United States of America:

Year

County

2014
$ 38,344
2013
37,101
2012
37,662
2011
37,247
2010
35,566
_________________________

Mississippi
$ 34,431
33,629
33,127
31,976
30,783

United States
$ 46,049
44,438
44,266
42,453
40,277

County as
Percentage of
United States
83.3%
83.5
85.1
87.7
88.3

SOURCE: Bureau of Economic Analysis, Regional Economic Accounts Per Capita Personal Income, (2010-2014),
May 2016.

A-4

Retail Sales and Sales Tax Collected

State and Fiscal Year
Ended June 30
2015
2014
2013
2012
2011
_________________________

Total Sales
$ 2,802,435,689
2,814,704,825
2,845,672,204
2,734,272,875
2,677,040,723

Sales Tax Collected

$ 181,074,618
181,729,049
181,195,355
176,309,964
173,414,443

SOURCE: Mississippi Department of Revenue, Annual Reports 2011 through 2015, May 2016.

Major Employers
The following is a partial listing of the Jackson metropolitan area's major employers, their
products or services and their approximate number of employees:
Employers
State of Mississippi
University of Mississippi
United States Government
Nissan North America, Inc.
Jackson Public School District
Rankin County School District
Baptist Health Systems
Wal-Mart Stores, Inc.
St. Dominic Health Services
Mississippi State Hospital
City of Jackson
Jackson State University
Madison County School District
AT&T
Merit Health System
Central Mississippi Medical Center
Kroger
Trustmark National Bank
United Parcel Service
Saks, Inc.
Entergy
Eaton Aerospace
____________________________

Product or Service

Employees

State Government Services

Medical Center / Academic Health Science Center
Federal Government Services
Automotive Manufacturing
K-12 Public Education
K-12 Public Education
Healthcare Services
Retail
Healthcare Services
Mental Health, Medical, and Nursing Home Care
Local Government Services
Higher Education
K-12 Public Education
Communication Services
Healthcare Services
Healthcare Services
Grocery Store
Financial Services
Parcel Service
Back Office Operations
Electric/Utility
Aerospace

31,500
8,000
5,500
5,000
4,800
3,000
2,875
2,725
2,600
2,500
2,300
1,500
1,500
1,300
1,236
1,200
1,200
1,075
975
800
765
625

SOURCE: Greater Jackson Chamber Partnership, May 2016.

A-5

County Employment Statistics

Residence Based Employment
Civilian Labor Force
Unemployed
Employed

2011

2012

2013

2014

2015

119,990
11,350
108,640

118,440
10,020
108,420

116,280
9,130
107,150

112,990
7,960
105,030

110,730
6,740
103,990

3,560
129,120
260
4,290
19,590
2,150
7,060
15,390
24,380
9,970
7,130
38,900
14,790

3,640
127,070
270
3,900
18,850
2,070
7,170
15,310
24,230
9,910
6,730
38,630
14,820

3,470
129,950
260
3,510
18,530
2,120
7,050
17,950
25,120
10,830
6,940
37,640
14,850

3,480
129,350
250
3,410
18,190
2,040
7,010
17,780
25,230
11,000
6,960
37,480
14,800

3,650
127,170
260
3,710
18,250
2,040
6,910
15,010
25,820
10,350
6,780
38,040
13,740

Establishment Based Employment

Manufacturing
Nonmanufacturing
Natural Resources and Mining
Construction
Trade, Transportation, Utilities
Information
Financial Activities
Professional & Business Services
Education & Health Services
Leisure & Hospitality
Other Services
Government
Education
____________________________

SOURCE: Annual Labor Force, (2011-2015), Labor Market Information Department, Mississippi Department Employment Security,
May 2016

County Unemployment Statistics

2012
January
February
March
April
May
June
July
August
September
October
November
December
Annual Average
____________________________

9.3%
9.0
8.4
7.8
8.6
9.7
9.7
8.7
8.6
8.7
7.7
8.8
8.8%

2013
9.7%
9.1
8.5
7.8
8.6
9.4
9.0
8.0
8.4
8.5
7.3
7.5
8.5%

2014
8.2%
8.1
7.9
6.5
7.6
8.1
8.4
7.1
7.1
6.7
6.1
6.4
7.4%

2015
6.7%
6.1
5.6
5.3
6.3
6.7
6.6
5.5
5.8
5.9
5.7
6.6
6.1%

2016
6.4%
5.5
5.2

SOURCE: Mississippi Department of Employment Security, May 2016.

TAX INFORMATION
Procedure for Property Assessments. The Tax Assessor of the County assesses all real and
personal property subject to taxation in the County, including property in the City, except motor vehicles
and property owned by public service corporations, both of which are required by law to be assessed by
the State Department of Revenue. All taxable real property situated in the County is assessed each year
and taxes thereon paid for the ensuing year. Assessment rolls of such property subject to taxation are
prepared by the County Tax Assessor and are delivered to the Board of Supervisors on the first Monday
in July. Thereafter, the assessments are equalized by the Board of Supervisors and notice is given to the
taxpayers that the Board of Supervisors will meet to hear objections to the assessments. After objections
are heard, the Board of Supervisors adjusts the rolls and submits them to the Department of Revenue.
The Department of Revenue may then accept the rolls, or, if it finds the rolls incorrect in any valuation, it
may return the rolls to the Board of Supervisors for correction. The Board of Supervisors then revises the
tax rolls in accordance with the recommendations of the Department of Revenue. If the Board of
Supervisors has any objections to the direction of the Department of Revenue to revise the rolls, it may
arrange a hearing before the Department of Revenue. Otherwise, the assessment rolls are finalized and

A-6

are submitted to the County Tax Collector for collection. The assessed value of motor vehicles is
determined by an assessment schedule prepared each year by the Department of Revenue. With minor
exceptions, the property of public utilities is assessed each year by the Department of Revenue.
Section 21-33-9, Mississippi Code of 1972, as amended, provides that the governing authority of
a municipality which is located within a county having completed a county-wide reappraisal approved by
the State Department of Revenue and which has been furnished a true copy of that part of the county
assessment roll containing the property located within a municipality as provided in Section 27-35-167,
Mississippi Code of 1972, as amended, shall adopt such assessment rolls for its assessment purposes.
The City is utilizing the assessment rolls of the County.
The City may not correct or revise such assessment rolls except for the purpose of conforming
the City's assessment roll to corrections or revisions made to the County's assessment roll. All objections
to the City's assessment roll may be heard by the Board of Supervisors of the County at the time and in
the manner that objections to the County assessment roll are heard. The Board of Supervisors of the
County shall notify, in writing, the Governing Body and the Tax Assessor of the City of any corrections or
revisions made by it to the part of the County assessment roll adopted as the City's assessment roll..
Procedure for Tax Collections. The Governing Body is required each year to levy taxes upon
all of the taxable property within the City to provide sufficient revenue to cover the operating expenses of
the City, including the payment of the principal of and interest on its outstanding general obligation bonds.
If any taxpayer neglects or refuses to pay his taxes on the due date thereof, the unpaid taxes will bear
interest at the rate of one percent per month or fractional part thereof from the delinquent date to the date
of payment of such taxes. When enforcement officers take action to collect delinquent taxes, other fees,
penalties and costs may accrue. Both real and personal property are subject to being sold at public sale
for nonpayment of taxes.
Section 21-33-63, Mississippi Code of 1972, as amended, and related statutes provide that after
the fifth day of August in each year, the Tax Collector for the City shall advertise all lands in the City on
which all taxes due and in arrears have not been paid, as well as all land liable for sale, at the door of the
courthouse of the County or any place within the courthouse that the Tax Collector for the City shall
designate in the advertisement, on the last Monday of August. The owner, or any person interested in the
land sold for taxes, may redeem the land at any time within two years after the date of sale by paying all
taxes, costs, interest and damages due to the county's chancery clerk. A valid tax sale will mature two
years after the date of sale unless the land is redeemed and title will vest in the purchaser on such date.
Ad valorem taxes are due and payable on or before February 1 of the year following the year of
assessment of such taxes.
Ad valorem taxes on personal property are payable at the same time and in the same manner as
on real property. Section 27-41-15, Mississippi Code of 1972, as amended, provides that upon failure of
a taxpayer to make timely payment, the tax collector of each county is authorized to sell any personal
property liable for unpaid taxes at the courthouse door of such county unless the property is too
cumbersome to be removed. Five days' notice of the sale in an advertisement posted in three public
places in such county, one of which must be the courthouse, is required. Interest, fees, costs and
expenses of sale are recoverable in addition to the delinquent taxes. If sufficient personal property
cannot be found, the tax collector may make a list of debts due such taxpayer by other persons and sell
such debts and is further directed to distrain and sell sufficient other properties of such taxpayer to pay
the delinquent taxes. Debts sold may be redeemed within six months from the sale in the same manner
as redemption of land from tax sales.
County and municipal taxes, assessed upon land or personal property, are entitled to preference
over all judgments, executions, encumbrances or liens however created.

A-7

Assessed Valuation1, 2
Class

2011

Real Property
Personal Property2
TOTAL

$ 809,368,529
396,605,625
$1,205,974,154

2012

2013

$ 810,977,848
413,249,466
$1,224,227,314

$ 805,068,802
396,924,146
$1,201,992,948

2014
$ 792,551,066
423,157,579
$1,215,708,6451
,215,710,659

2015
$ 782,206,847
429,291,423
$1,211,498,270

_________________________
1

2
3

The total assessed valuation is approved in September preceding the fiscal year of the County and represents the value of real
property and public utility property for the year indicated on which taxes are assessed for the following fiscal year's budget. For
example, the taxes for the assessed valuation figures for 2015 will be collected starting in January, 2016 for the 2015-2016 fiscal
year budget of the County.
Information obtained from the City's Comprehensive Annual Financial Report for Fiscal Year ended September 30, 2015.
Personal Property includes mobile homes and public utilities.

SOURCE: City of Jackson, May 2016.

The above assessed valuations for assessment years 2011 through 2015 are based upon the
following assessment ratios:
(a)
real and personal property (excluding single-family, owner-occupied
residential real property and motor vehicles, respectively), fifteen percent (15%) of true
value;
(b)
single-family, owner-occupied residential real property, ten percent
(10%) of true value; and
(c)

motor vehicles and public utility property, thirty percent (30%) of true

value.
The 1986 Session of the Mississippi Legislature adopted House Concurrent Resolution No. 41
pursuant to which there was proposed an amendment to Section 112 of the Mississippi Constitution of
1890 (the "Amendment"). The Amendment provided, inter alia, that the assessment ratio of any one (1)
class of property shall not be more than three times the assessment ratio on any other class of property.
The Amendment set forth five classes of property and the assessment ratios which would be
applicable thereto upon the adoption of the Amendment. The assessment ratios set forth in the
Amendment are identical to those established by Section 27-35-4, Mississippi Code of 1972, as
amended, as it existed prior to the Amendment, except that the assessment ratio for single-family, owneroccupied, residential real property under the Amendment is set at 10% of true value as opposed to 15%
of true value under previously existing law. The Amendment was ratified by the electorate on June 3,
1986.
The assessed valuation figures above do not include property exempt from all County ad valorem
taxes for a period of up to 10 years, primarily for new or expanded manufacturing facilities. This real and
personal property will become subject to County ad valorem taxation at different points in time during the
next 10 years. In addition, certain other industrial and manufacturing facilities are exempt from ad
valorem taxation pursuant to Section 57-3-33, Mississippi Code of 1972, as amended, and other
applicable laws.

A-8

Tax Levy Per $1,000 Valuation1

(Fiscal Year in which Taxes Levied)

2012

2013

2014

2015

2016

General Fund
Parks & Recreation Fund
Debt Service Fund
Special Revenue Pension Fund
Jackson/Hinds Library System
TOTAL LEVY

45.68
2.00
3.20
5.75
1.40
58.03

46.61
2.00
3.04
4.89
1.49
58.03

49.77
2.00
5.30
5.00
1.49
63.56

42.42
2.00
7.56
4.48
1.57
58.03

47.39
2.00
2.98
3.89
1.77
58.03

_________________________
1

Tax Levy figures are given in mills.

SOURCE: City of Jackson, May 2016.

Ad Valorem Tax Collections

Fiscal
Year Ended
September 30
2015
2014
2013
2012

Amount Levied

$ 59,436,000
69,499,000
69,069,000
67,138,000

Amount
Collected
$ 59,842,000
68,081,000
62,253,000
62,267,000

Difference
Over (Under)
$ 406,000
(1,418,000)
(6,816,000)
(4,871,000)

_________________________
1

Information obtained from City of Jackson, Department of Administration.

SOURCE: City of Jackson, May 2016.

Ten Largest Taxpayers

The top ten largest taxpayers in the City for Fiscal Year 2015 are as follows:
Taxpayer

Assessed Valuation

Entergy of Mississippi, Inc.

BellSouth Telecommunications
Midcontinent Express Pipeline Corp
Gulf South Pipeline Co, LP
Atmos Energy
Entergy Services
Illinois Central Railroad
Walmart
Jackson HMA Inc., LLC
Texas Eastern Transmission Co

$123,844,978
35,430,387
26,789,640
24,474,746
13,975,944
11,399,101
8,115,681
6,350,363
5,957,252
5,943,296

Taxes Collected
$7,535,497
1,605,623
2,952,207
2,639,257
869,761
1,592,686
615,545
1,037,940
1,065,157
672,425

_________________________
SOURCE: City of Jackson, May 2016.

DEBT INFORMATION
The City is subject to a general statutory debt limitation under which no city in the State may incur
general obligation bonded indebtedness in an amount which will exceed 15% of the assessed value of all
taxable property within such city according to the last completed assessment for taxation.
In computing general obligation bonded indebtedness for purposes of this 15% limitation, there
may be deducted all bonds or other evidences of indebtedness, heretofore, or hereafter issued, for
school, water and sewerage systems, gas and light and power purposes and for the construction of
special improvements primarily chargeable to the property benefited or for the purpose of paying a city's
proportion of any betterment program, a portion of which is primarily chargeable to the property benefited.

A-9

However, in no case may a city contract any indebtedness which, when added to all of its outstanding
general obligation indebtedness, both bonded and floating, exceeds 20% of the assessed value of all
taxable property within said city according to the last completed assessment for taxation.
In arriving at the limitations set forth above, bonds issued for school purposes, bonds payable
exclusively from the revenues of any city owned utility, industrial development revenue bonds issued
under the provisions of Section 57-1-1 through 57-1-51, Mississippi Code of 1972, as amended, and any
special assessment improvement bonds issued under the provisions of Section 21-41-1 through 21-4153, Mississippi Code of 1972, as amended, are not included. Also excluded from both limitations are
contract obligations which are subject to annual appropriations.
Legal Debt Limit Statement
(as of May 1, 2016)
15% Limit
Authorized Debt Limit
(Last Completed Assessment for Taxation - $1,211,498,270)

$181,724,740

Present Debt Subject to Debt Limits

20% Limit
$242,299,654

62,220,000

62,220,000

$119,504,740

$180,079,654

Name of Issue

Date of
Issue

Outstanding
Principal

General Obligation Bond, Series 2003

1/15/03

$ 5,690,000

General Obligation Series 2009 Street Bond

1/06/09

12,930,000

General Obligation Refunding Bonds 2010A-B

9/22/10

23,665,000

5/9/12

2,300,000

General Obligation Convention Center Refunding Bonds, Series 2013

2/28/13

64,490,000

General Obligation Refunding Bonds, Series 2015A-B

12/17/15

17,635,000

Margin for Further Debt Under Debt Limits

____________________________
SOURCE: City of Jackson, May 2016

Outstanding General Obligation Bonded Debt

(as of May 1, 2016)

General Obligation Note, Series 2012

1

TOTAL

$126,710,000

_________________________
1

Debt service on these bonds has been paid from the proceeds of an additional sales tax imposed on the gross proceeds of sales
of restaurants, hotel and motel rooms, and of caterers at the Convention Center. Legislation passed by the Mississippi
Legislature establishing the additional sales tax provides that these bonds shall only be included in the Citys legal debt limit
pursuant to Section 21-33-303, Mississippi Code of 1972, as amended, to the extent that the proceeds of the additional sales
taxes are insufficient to pay the debt service on these bonds.

SOURCE: City of Jackson, May 2016

A-10

Annual Debt Service1

General Obligation Bonds
Fiscal Year
Ending 9/30
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025-2036
TOTAL

Principal

Interest

Total

0.00
0.00
1,230,000.00
3,900,000.00
6,890,000.00
7,230,000.00
7,600,000.00
7,985,000.00
8,350,000.00
16,735,000.00

$ 2,267,140.00
2,711,561.00
2,679,273.00
2,573,390.00
2,336,015.00
1,988,603.00
1,615,802.00
1,222,391.00
852,238.00
5,006,806.00

$ 2,267,140.00
2,711,561.00
3,909,273.00
6,473,390.00
9,226,015.00
9,218,603.00
9,215,802.00
9,207,391.00
9,202,238.00
21,741,806.00

$59,920,000.00

$23,253,219.00

$83,173,219.00

_________________________
1

Includes general obligation bonded indebtedness of the City, but does not include the General Obligation Convention Center
Refunding 2013 or the Citys $11,500,000 General Obligation Note, Series 2012.

SOURCE: City of Jackson, May 2016

Other Outstanding Long Term Debt

(as of May 1, 2016)
Name of Issue
Water/Sewer Revenue Refunding Bonds, 2005
Water/Sewer Revenue Refunding Bonds, Series 2011A
Water/Sewer Revenue Refunding Bonds, Series 2011B
Water/Sewer Revenue Refunding Bonds, Series 2012A
Water/Sewer Revenue Refunding Bonds, Series 2012B
Water/Sewer Revenue Bonds, Series 2013
TOTAL
____________________________

Date of
Issue

Original
Issue Size

8/04/05
8/18/11
8/18/11
8/29/12
8/29/12
6/27/13

$ 27,180,000
46,720,000
2,565,000
63,045,000
19,180,000
89,990,000

Outstanding
$ 18,325,000
41,880,000
2,345,000
63,045,000
12,325,000
89,990,000
$227,910,000.00

SOURCE: City of Jackson, May 2016

The City has various other debt and lease obligations that are subject to neither the 15 percent
nor the 20 percent debt limitation, and which are described in more detail in the Notes to the financial
statements of the City included as "APPENDIX B" hereto.

A-11

THIS PAGE INTENTIONALLY LEFT BLANK

APPENDIX B
FINANCIAL INFORMATION OF THE CITY

THIS PAGE INTENTIONALLY LEFT BLANK

FISCAL YEAR 2015 AUDITED FINANCIAL INFORMATION

THIS PAGE INTENTIONALLY LEFT BLANK

Comprehensive Annual Financial Report

For the Year Ended September 30, 2015
Department of Administration
Finance Division

Mayor Tony T. Yarber

CITY OF JACKSON
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2015
PAGE
INTRODUCTION SECTION

Letter of Transmittal

i-x

GFOA Certificate of Achievement

xi

Organizational Chart

xii

List of Elected and Appointed Officials

xiii

FtNANCIAL SECTION

Independent Auditor's Report on Financial Statements and Supplementary Information

1-3

Management's Discussion and Analysis

4 - 12

Basic Financial Statements:

GovernmentRwide Financial Statements:
Statement of Net Position
Statement of Activities

14 - 15

Fund Financial Statements:

Governmental Funds:
Balance Sheet
Reconciliation of Balance Sheet - Governmental Funds to the Statement of Net Position
Statement of Revenues, Expenditures, and Changes in Fund Balances
Reconciliation of the Statement Revenues, Expenditures, and Changes in Fund
Balances of Governmental Funds to the Statement of Activities
Statement of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual- General Fund
Statement of Revenues, Expenditures, and Changes in FUnd BalancesBudget and Actual - Federal Grants Special Revenue FUnd
Statement of Revenues, Expenditures, and Changes in Fund BalancesBudget and Actual - Improvement Fund
Proprietary Funds:
Statement of Net Position
Statement of Revenues, Expenses, and Changes in Fund Net Position
Statement of Cash Flows
Fiduciary Funds:
Statement of Net Position
Statement of Changes in Net Position
Notes to the Financial Statements
Required Supplementary Information:
Schedule of Funding Progress - Employees' Retirement Systems
Schedule of City's Proportionate Share of the Net Pension Liability

13

16 - 17
18
19 - 20
21

22 - 27

28
29

30 - 31
32

33 - 34
35

36

37 - 91

92
93

Schedule of Employer Net Pension Liability

94

Schedule of District Contributions

95

CITY OF JACKSON
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2015
TABLE OF CONTENTS (CONTINUED)
PAGE
Supplemental Data:

Combining and Individual fund Statements and Schedules:

Nonmajor Governmental Funds:
Combining Balance Sheet

96 - 97

Combining Statement of Revenues, Expenditures, and Changes in Fund Balances

98 - 99

Schedule of Revenues, Expenditures, and Changes in Fund BalancesBudget and Actual - Parks and Recreation Special Revenue Fund

100

Schedule of Revenues, Expenditures, and Changes in Fund BalancesBudget and Actual - State Grants Special Revenue Fund

101

Schedule of Revenues, Expenditures, and Changes in Fund BalancesBudget and Actual - Disability and Relief Special Revenue Fund

102

Schedule of Revenues, Expenditures, and Changes in Fund BalancesBudget and Actual - Debt Service Fund

103

Schedule of Revenues, Expenditures, and Changes in Fund BalancesBudget and Actual - 1998 General Obligation Bond Fund

104

Schedule of Revenues, Expenditures, and Changes in Fund BalancesBudget and Actual - 2003 General Obligation Bond Fund

105

Schedule of Revenues, Expenditures, and Changes in Fund BalancesBudget and Actual - 2009 General Obligation Bond Fund

106

Schedule of Revenues, Expenditures, and Changes in Fund BalancesBudget and Actual- 2012 General Obligation Note Capital Project Fund

107

Schedule of Revenues, Expenditures, and Changes in Fund BalancesBudget and Actual - Capitol Street 2 - Way

108

Schedule of Revenues, Expenditures, and Changes in Fund BalancesBudget and Actual - Thalia Mara Hall Renovation

109

Schedule of Revenues, Expenditures, and Changes in Fund BalancesBudget and Actual - Musem To Market Project

110

Schedule of Revenues, Expenditures, and Changes in Fund BalancesBudget and Actual - 1% Infrastructure Tax

111

Nonmajor Proprietary Funds:

Combining Statement of Net Position

112-113

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

114

Combining Statement of Cash Flows

115

Fiduciary Funds:
Combining Statement of Changes in Assets and Liabilities - Trust Funds

116

Combining Statement of Changes in Net Position - Trust Funds

117

Combining Statement of Changes in Assets and Liabilities - Agency Funds

118

Capital Assets Used in the Operation of Governmental Funds:

Comparative Schedules by Source

119

Schedule by Function and Activity

120

Schedule of Changes by Function and Activity

121

CITY OF JACKSON
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2015
TABLE OF CONTENTS (CONTINUED)
PAGE
STATISTICAL SECTION (UNAUDITED)

122

Net Position by Component

123

Changes in Net Position

124

Governmental Activities Tax Revenues by Source

125

Fund Balances of Governmental Funds

126

Changes in Fund Balances of Governmental Funds

127

General Governmental Tax Revenues by Sources

128

Assessed Value and Estimated Actual Value of Taxable Property

129

Property Tax Rates - Direct and Overlapping Governments

130

Principal Property Taxpayers

131

Property Tax Levies and Collections

132

Ratios of Outstanding Debt by Type

133 - 134

Ratios of General Bonded Debt Outstanding

135

Direct and Overlapping Governmental Activities Debt

136

Legal Debt Margin Information

137

Pledged-Revenue Coverage

138

Demographic and Economic Statistics

139

Principal Employers

140

Full-time Equivalent City Government Employees by Function

141

Operating Indicators by Function

142

Capital Assets Statistics by Function

143

CITY OF JACKSON
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2015
TABLE OF CONTENTS (CONTINUED)
PAGE
SINGLE AUDIT 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
Schedule of Expenditures of Federal Awards
Notes to the Schedule of Expenditures of Federal Awards

144 - 145
146 - 148
149

Independent Auditor's Report on Compliance for Each Major Program and on Internal Control
Over Compliance Required By OMB Circular A-133

150 -152

Schedule of Findings and Questioned Costs

153 - 160

Summary Schedule of Prior Audit Findings

161 -163

Corrective Action Plan

164 - 167

Independent Auditor's Report on Compliance with State Laws and Regulations

168 - 169

Supplemental Data:

Schedule of Bonds of City Officials

170

Z
-I
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c
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-I

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Dcpartul('nt of Administration

zoo South

President Street
Post Office Box 17
J~ckson. Mississippi 39205-0017

May 11, 2016

Honorable Mayor, Members of the City Council, and

Citizens of the City of Jackson, Mississippi:
A requirement of Mississippi law is that local governments annually publish audited
financial statements. Accordingly, the Comprehensive Annual Financial Report (CAFR) for
the fiscal year ended September 30, 2015 for the City of Jackson, MS is submitted
herewith.
An unmodified opinion on the financial statements of the City of Jackson, MS has been
issued by Banks, Finley & White Co. for the year ended September 30, 2015. The
Independent Auditor's Report is included in the front of the financial section of the CAFR.
The City of Jackson is also required to have an audit performed in compliance with the
Single Audit Act of 1996 regarding grants received from the federal government. The
Single Audit report was issued by Banks, Finley & White Co.
The dedicated and professional staff of the Finance Division, Department of Administration,
prepared this report in accordance with accounting principles generally accepted in the
United States of America (GAAP). We maintain that the data is accurate in all material
aspects and is presented in a manner designed to set forth fairly the financial activities of
the various funds of the local government. The responsibility for the accuracy of the data
and the fairness and completeness of the presentation, including any disclosures necessary
to enable the reader to gain an understanding of the fiscal affairs of the City, is entrusted
to the administration of the local government. We further assert that the internal controls
implemented provide reasonable assurance that the financial statements are free of any
material misstatements.
All of the governmental activities and business-type activities of the City of Jackson, MS,
as well as the Jackson Redevelopment Authority (JRA) and the Capital City Convention
Center Commission (component units of the city) are included in the 2015 CAFR. JRA and
the Capital City Convention Center Commission are presented as a proprietary fund type
within the CAFR because the City exercises significant oversight responsibility.
The
approval of JRA's administrative operating costs and appointments to its Board of
Commissioners are authorized by the City's governing body. Additionally, JRA accounts
for its separate funds and maintains revenues sufficient to meet their operating costs, debt
service and system replacement and maintenance needs for their parking garages and other
urban renewal projects. The Capital City Convention Center Commission is accountable as

a component unit of the City because of its fiscal dependency on the City of Jackson.
Four Proprietary Funds, which provide a variety of services on a fee-for-services basis, are
among those funds whose financial operations are included in the CAFR. These Proprietary
Funds are the Water/Sewage Disposal System, Madison Sewage Disposal System,
Transportation, and Sanitation and Recycling.
Organizationally, the 2015 CAFR provides information in three major sections:
Introductory, Financial, and Statistical. The Introductory Section encompasses the Letter
of Transmittal, the Organizational Chart of the Executive Branch of the City of Jackson,
MS, and a list of principal elected and appointed officials. The Financial Section consists
of the Independent Accountants' Report, the Basic Financial Statements, Notes to the
Financial Statements and the various individual fund and account group financial
statements and schedules. Additionally, a narrative introduction, overview, and analysis
are provided in the form of Management's Discussion and Analysis (MD&A).
We
recommend that the MD&A on pages 4-12 be carefully examined by the reader in order to
provide a more concise picture of the financial position of the City.

CITY PROFilE AND REPORTING ENTITY

Historical Background
The City of Jackson, MS was founded in 1821 at the site of a trading post that was
situated on a "high and handsome bluff" on the west bank of the Pearl River, which is
located in the central region of the state. It is said that the trading post was operated by a
French-Canadian trader named Louis LeFleur, who gave the town its original name of
LeFleur's Bluff. The Mississippi Legislature wanted the seat of government moved out of
the Natchez area and into a more central location. Thomas Hinds, James Patton and
William Lattimore were then commissioned to locate the ideal site for the state capital.
Their report to the General Assembly was that LeFleur's Bluff had "beautiful and healthful
surroundings, good water, abundant timber, navigable waters, and nearness to the Natchez
trace." A legislative act dated November 28, 1821 authorized the location to be the
permanent seat of government and that it would be named Jackson in honor of Major
General Andrew Jackson who later would become the seventh president of the United
States. A $3,500 contract was let to build Mississippi's first capitol, a two-story brick
structure 40 feet by 30 feet, where the opening session was held on December 23, 1822.
A second capitol building, popularly known as the "Old Capitol," was completed in 1840
and remained in use until 1903. The building, restored in 1961, has become Mississippi's
Historical Museum. The New Capitol building, a magnificent structure patterned after the
National Capitol, was completed in 1903.
During the Civil War, the town was ravaged and burned three times by Union troops under
the command of General William Tecumseh Sherman. The destruction prompted the
unwelcome nickname of "Chimneyville." Although less than 8,000 people lived in Jackson
at the turn of the century, its population began accelerating rapidly after 1900.

ii

Jackson Today
Presently, Jackson has 173,514 citizens within its radius of 113 square miles. Since
1985, the City of Jackson, MS operates under the mayor-council form of government.
Prior to 1985, the commission form of government, which included a mayor and two
commissioners elected at-large, was in place. Currently, the municipal government is
comprised of the mayor, who is elected at large, and seven council members, who are
elected by ward. The mayor and council members, who have policy-making and legislative
authority, serve four-year terms. The Mayor appoints, and the City Council approves, the
Chief Administrative Officer, City Attorney, and eight department heads. City leaders are
committed to ensuring that the municipality has a healthy financial outlook while providing
essential services.
A comprehensive range of municipal services including public safety, street maintenance,
water, sewer, and sanitation services, social programs, recreation activities, cultural events
and general administration are provided to Jackson's citizens. These services are provided
in the context of the broad public policy initiatives as determined by the elected officials of
Jackson, MS. Public Safety, Economic Development, Infrastructure Stability, Innovation
and Education were the policy initiatives for FY15.
The City of Jackson, MS is required to submit its municipal budget on an annual basis to
the City Council for adoption on or before the fifteenth day of the last month in the fiscal
year. A budget process, linking policy initiatives, services, and available resources, is
utilized to develop the budget. As the primary financial planning and control document,
the budget provides the foundation for City operations.
The budget is crafted to include expenditures by fund, department and category:
Fund:

General, Special Revenue, Debt Service, Proprietary, Trust, and Capital,

Department: Administration, General Government, Human & Cultural, Parks & Recreation,
Police, Fire, Personnel, Public Works, and Planning
Category:

Personal Services, Supplies and Material, Other Services and Charges, and
Capital Outlay.

General Property Taxes, Licenses and Permits, Fines and Forfeitures, Intergovernmental,
Admissions, Fees, Rentals, Interest, Other Revenues, and Operating Transfers are the
categories that comprise the revenue budget.
During the fiscal year, department directors may transfer resources within a department by
following established guidelines. These transfers, along with other budget adjustments,
are incorporated into Budget Revisions that must be approved by the City Council. The
Executive Branch is afforded the opportunity to submit a maximum of three Budget
Revisions to the City Council for approval within the fiscal year.
ECONOMIC OUTLOOK
The City is the seat of government for the State of Mississippi and home to a diverse
economy. In addition to governmental services, major industries located within the city

iii

limits or in close proximity include the Nissan auto plant and manufacturers of power,
metal fabrication, airplane parts, and machine parts and engines. However, due to the
national economic downturn, the city, state, and industries alike have been impacted by
the national recession. Jackson continues to be the site of the largest financial institutions
in the state. Numerous healthcare facilities and health service agencies, including the
state's only medical school, provide employment to more than 30,090 professionals and
staff.
As the educational, cultural, medical, and governmental center of the state, the Jackson
metropolitan surrounding area has a relatively stable unemployment rate of 6.4 percent
(Source: MS Department of Employment Security, Annual Labor Force Report) with an
employed labor force of 171,155. This unemployment rate compares favorably to the
state's overall unemployment rate of 6.6 percent.
Over the previous years, the
unemployment rate has ranged from a high of 9.2 percent to a low of 4.8 percent for
2015.
Jackson, MS, is highly dependent upon the public sector as an economic engine. While
public sector employment is generally more stable than private sector employment, the
spin-off businesses and entrepreneurial opportunities that are needed for sustained growth
is not generated at the desired level. Thus, the economic development efforts must look
toward business-government partnerships as a part of the solution.
The City of Jackson has taken a proactive approach to addressing this issue. Our
approach is multi-pronged, Jackson is partnered with the Central Mississippi Planning and
Development District (CMPDD). Mississippi Development Authority (MDA), Hinds County
Economic Development Authority, and the Greater Jackson Chamber Partnership. The City
of Jackson is poised to make significant economic development changes in the immediate
future. Over the last year we have seen major industry growth, an increase in job creation
The Meridian at Fondren is a pro-proposed mixed-use
and new developments.
development in the Fondren (midtown) area of Jackson that is comprised of over 9400
square feet of residential, retail/restaurant and office space. Seraphim Solar System
anticipates generating 250 new jobs within three years of commencing operations.
Seraphim will offer on the job training and benefits for employees , and will utilize the
City's Jobs for Jacksonians Program to recruit qualified individuals and construction firms
to meet the company's needs. Cherokee Brick & Tile Company, is a Georgia corporation
that has expanded its private brick manufacturing company by purchasing Tri-State Brick
and remodeling the facility. Cherokee Brick & Tile is committed to the City of Jackson,
and will create 20-50 new jobs.
The City has also begun to benefit from a variety of downtown revitalization efforts.
These efforts include the Capital Street Resurfacing Project; which has transformed Capital
Street, a major thoroughfare in downtown Jackson into a two-way street that includes
roundabouts, new landscaping and other traffic calming measures. The completion of the
first phase of this parkway project has made it possible to easily connect the greater
downtown area to Jackson State University. Overall occupancy in the downtown area is
85 percent and is expected to remain stable. The high percentage of college-educated
residents who reside in Jackson is a positive trend that can further the City's efforts to
becoming a dynamic urban center.

iv

The total renovation and completion of the King Edward Hotel (Hilton Garden Inn); the
development of Class A office space at the Pinnacle building; and the opening of the
Standard Life Building as a mixed use facility continues to generate resurgence in the
downtown area. Upon completion, the District at Eastover will be a 585,000 square foot
mixed use development located on Interstate 55 in Jackson, will feature a cinema,
retail/restaurant components, medical offices, banking and residential units. Phase I has
been completed and construction of the entire project is expected to be completed in
FY17.
Jackson property owners pay property taxes for county, city, and school totaling $178.80
per $1000 of assessed value. The assessment rate is 10 percent for residential property,
1 5 percent for other real property and 30 percent for personal property. There is no local
income tax in Jackson.

FINANCIAL OUTLOOK
The City remains financially stable. As mentioned elsewhere in this report, the city
experienced a decrease in its unrestricted fund balance reserve. The city is taking the
following steps to restore its unrestricted fund balance reserve and to reduce the likelihood
of this occurring in the future:
1. The city's proposed financial plan includes the establishment of a budget
stabilization fund which will provide a mechanism by which funds which exceed
budget needs (including the required fund balance) may be set aside.
2. The city must re-define its core services. The city has historically provided services
that extend beyond public safety, water and wastewater and infrastructure (streets
& bridges) management. Our citizens have benefited tremendously from these
services but the cost of providing them has begun to drain the city of much needed
resources which has affected the city's ability to provide the core services.
3. The city must continue to explore, create and implement additional revenue streams
(i.e. parking meters, explore ways to monetize the city's assets, explore private
management of certain city facilities).
4. The hiring of all non-essential personnel will be suspended.
5. All non-emergency overtime and overtime not previously approved by the
department director will be suspended.
6. Requests for non-emergency purchases and travel will be suspended.
7. Reduce funding provided to outside agencies.
8. Discontinue the youth employment and the summer enrichment programs until the
city's reserve has been restored.
9. The city must be pro-active in its efforts to eliminate fraud and abuse of city
resources.
The unassigned General Fund balance available for future appropriatIOn is $5,524,550
million, which includes $4,991,025 million attributable to the City's General Fund reserve
policy. An additional $3,209,682 million is reserved for inventories and state tort claims.

As of FYE 2015, the City's ratings were:

Standard & Poor's

Moody's

General Obligation Bonds

AAAa2

Revenue Bonds

A+
A2

The estimated ratio of net bonded debt to estimated assessed valuations and the amount
of bonded debt per capita in FY 2015 are useful gauges of the City's debt position.

POPULATION:
BONDED DEBT PER CAPITA:
REAL & PERSONAL PROPERTY ASSESSED VALUE:
NET BONDED DEBT (G.O):
RATIO OF DEBT TO ASSESSED VALUE:

$
$
$

173,514
675.22
1,022,124,591
128,750,000
12.16%

The following charts reflect activities within the Debt Service Fund and Proprietary Funds:
BONDS OUTSTANDING
Amount Outstanding

Amount Outstanding

Sept. 30, 2015

Sept. 30, 2014

Category

General Obligation

$ 124,150

$ 132,380

General Obligation Note

4,600

6,900

Tax Increment Limited Obligation

4,572

5,111

Bonded Debt

Revenue Bonds
Urban Renewal Bonds Component Unit

Total

vi

133,322

144,391

227.910

233,660

14,877

15,370

376,109

393,421

PROPRIETARY FUNDS - CHANGES IN NET POSITION

2015

2014

12,202

$ 12,674

(7)

(35)

Transportation Fund

227

3,173

Sanitation and Recycling Fund

626

364

13,048

$ 16,176

Fund

Water/Sewage Disposal Fund

Madison Sewage Disposal Fund

Change in Net Position

The City of Jackson participates in two retirement systems administered by the Public
Employees' Retirement System of Mississippi (PERS). Both systems are defined benefit
plans and include a multi employer, cost-sharing pension plan and an agent multi employer
pension plan. Substantially, the City of Jackson full-time employees participate in the multi
employer cost-sharing pension plan. Benefit and contribution provisions are established by
state law and may be amended only by the State of Mississippi Legislature. The employer
and employees' contributions represented 15.75% and 9.00% of covered payroll,
respectively.
Additionally, the City maintains the Employees' Group Benefit Fund (Internal Service) to
account for the accumulation of revenues, principally contributions from the City of
Jackson and employees to be used to fund future liabilities and current payment of
employee medical claims and related administration expenditures of the City's group
benefit plan.
Revenues totaled $7,887,975 and employee benefit costs were
$15,635,230 during fiscal year 2015. The City's General fund appropriated $7,435,233
to the Employees' Group Benefit fund.
FINANCIAL POLICIES

There are several distinct policies that provide the framework for the financial operations of
the City. One such policy is the commitment to conservatism by the Executive Branch in
projecting its annual revenues. This policy provides a safeguard to drastic reductions in a
given budget cycle in the event of under budgeted or unbudgeted costs. The City of
Jackson, MS also has a policy to carefully allocate one time revenues such that operating
expenses are not increased.

vii

SELECT RECOGNITIONS
JACKSON POLICE DEPARTMENT ACCREDITATION: The Jackson Police Department
received Accreditation from the MS Law Enforcement Accreditation Commission (MSLEAC)
in February 2016. The MSLEAC assessment team consists of law enforcement
practitioners (Chiefs and Sheriffs) whose agencies are already accredited. JPD met 140
standards set forth by the Accreditation Commission. JPD is the 27th agency to become
accredited in the State of Mississippi.
PARKS AND RECREATION RECEIVES AWARD: The Mississippi Recreation and Parks
Association (MRPA) named the City of Jackson Parks and Recreation Department the
winner of the "Special Event Award of Merit Class III" for the 2015 Easter Egg Hunt. Class
III is the largest city population of 35,000 or greater. The Department of Parks and
Recreation hosts a free Easter Egg Hunt each year. The 2015 hunt was held at VA Legion
Softball Complex in April 2015. The mission of the Mississippi Recreation and Parks
Association is to provide avenues to build communities, reduce crime, and improve the
health of Mississippians. The association works closely with state and local recreation
professionals to publicize and support statewide and local parks and recreational activities.
BEST PLACE TO START A BUSINESS: Wallet Hub released ran kings in 2015 of the best
cities to startup a business. Jackson was ranked No. 5 out of 150. Wallet Hub analyzed
the relative start-up opportunities that exist in the 150 most populated U.S. cities. The
company used 13 unique metrics, ranging from 5-year survival rate and the affordability of
office space to the educational attainment of the local labor force. Our findings, as well as
expert commentary and a detailed methodology, can be found below.
FORBES: JACKSON AMONG TOP 10 UP-AND-COMING CITIES FOR RECENT COLLEGE
GRADS: The business magazine in 2015 named the Capital City as one of the 10 up-ancoming cities for recent college graduates. Here's the magazine's description: Jackson is
located on the Pearl River and is famous for its music, including Gospel, Blues, and R&B.
Jackson is also home to the world famous Malaco Records recording studio, where many
notable musicians got their start. The city hosts a number of cultural events including
CelticFest Mississippi, Crossroads Film Festival, Jubilee Jam, Mississippi State Fair and the
USA International Ballet Competition. A number of Jackson's downtown sites provide
historical and cultural homage to the city's past and present including the Alamo Theatre,
the Mississippi Governor's Mansion, the Oaks House Museum, the Mississippi Sports Hall
of Fame and Museum, the Mississippi Agriculture and Forestry Museum and the Mississippi
Museum of Art.
PGA TOURNAMENT: Sanderson Farms announced that it would remain the title sponsor
of the PGA event in Mississippi's capital city through 2026. The Sanderson Farms PGA
Championship is a premiere tournament drawing thousands to Jackson, where they
patronize retail shops, restaurants and hotels. The tournament helps boost our economy
and place us on a national stage, showing that our great city is a venue to host world-class
events.

viii

FUTURE INITATIVES
WHAT WORKS CITIES INITIATIVE: The City of Jackson was selected to participate in the
Bloomberg Philanthropies What Works Cities Initiative. Following extensive preparation, the
city unveiled its new Open Data portal in April 2016. The portal will enable all citizens to
access current city data. The City has been heavily involved in the What Works Cities
initiative since late last year. The mission of What Works Cities is to elevate and accelerate
cities' use of data and evidence to engage citizens, make government more effective, and
improve people's lives. Initially, our portal will track road repairs, economic development
projects, crime statistics and the Mayor's goals.
GATEWAY PROJECT: The City began work on "Gateway Housing Initiative," a new multiphase initiative to restore neighborhoods in West Jackson. We're currently in Phase I of the
pilot project, representing a $1.1 million investment. The overall project cost is estimated
to be $4.1 million. The project includes properties to be conveyed by the state to the city
and made ready for development. In collaboration with the Mississippi Housing Partnership
and other partners, the City is utilizing federal HOME grant funds to comprehensively
rehabilitate qualified homes. The target area in Phase I includes Claiborne St., Ellis Ave.,
Holland St., Houston St., Jayne St., Macy St., and Moss St. The pilot project will have a
focus on infrastructure, housing and economic development.
NEIGHBORS FIRST LOT PROGRAM: In early 2016, the City is approved the Neighbors First
Lot Program, which is designed to address blight and revitalize underutilized residential
properties in the City of Jackson. The Neighbors First Lot Program allows the City of
Jackson to transfer City-owned lots in a pre-determined planning area to the neighbors of
those properties for a designated amount that starts at $10, but will not exceed $250. The
program requires the resident to own property in the neighborhood, street or block. The
program supports city efforts to help citizens reclaim their communities, and will also help
increase revenue for the City as residents continue to pay their property taxes after
obtaining the new property.
COMMUNITY IMPROVEMENT: The administration restructured this division and placed it
within the Police Department in 2014. Since then, nearly 200 dilapidated structures have
been torn down. Compared to 2013 when no structures were being demolished. These
efforts help rid communities of abandoned structures; which helps reduce crime. It also
supports beautification and helps to build stronger communities.
FEMA Hazard Mitigation Grant: This grant was awarded to the City of Jackson for The
Lynch Creek Drainage - Phase II Construction in the amount $1,969,762.00 with a Federal
Share of $1,477,321.00 and a Non- Federal share of $492,447.00. This Grant is
designed to help communities implement hazard mitigation measures following a
Presidential Major Disaster Declaration. This Grant will also reduce long term risk to people
and property from natural hazards and reduce repetitive flooding to apartment buildings
and households in the West Jackson area near Ellis Avenue and Robinson Rd. The City will
widen the creek and improve the slope by deepening Lynch Creek from St. Charles Ave
past Robinson Rd.

ix

PROGRESS UPDATE
Jackson's Infrastructure Master Plan (IMP) will transform the city through comprehensive
improvement to its roads, bridges and drainage, and water/sewer systems. The City of
Jackson will benefit immensely from the IMP. It will improve the quality of life for citizens
and visitors alike by ensuring that jobs and minority participation are integrated
components of the IMP projects as well as employment opportunities for local Jacksonians
through the Jackson 500 program. Further, the IMP will emphasize complete streets
ensuring safe, ADA compliant throughways that offer a variety of modes of transportation
including public transportation, pedestrian and bike routes. Improving the state and
capacity of our infrastructure systems will facilitate economic development opportunities
which will attract, sustain and grow businesses. As part of the IMP, the City of Jackson
will also incorporate green infrastructure projects. Greening the Capital City will make our
communities more vibrant, protect natural resources and improve water quality.
TIGER GRANT AWARD
Transportation Investment Generating Economic Recovery (TIGER) is a supplementary
discretionary grant program included in the American Recovery and Reinvestment Act of
2009.
The U.S. Department of Transportation allocated $500 million towards
infrastructure improvement projects across the United States. The City of Jackson
submitted an application for the reconstruction of two streets. On October 27, 2015, the
U.S. Department of Transportation announced the City of Jackson would be awarded
$16,500,000.00 for the construction and engineering design for the two roadway projects
which includes the reconstruction of State Street from Hartfield Street to Sheppard Road
and the West County Line Road Interchange at US 51. This allocation will also require the
City to provide a 20% minimum match.
ACKNOWLEDGMENTS
I would like to express my heartfelt appreciation to the staff of the Department of
Administration, and specifically, the Finance Division for their diligence and dedication in
the preparation of this report. We would also like to acknowledge and appreciate other
departments and divisions across the city who has contributed, whether directly or
indirectly, to the preparation of this report.

We acknowledge with appreciation the thorough, professional, and timely manner in which
our independent auditors, Banks, Finley, White, & Co., conducted the audit.
Finally, we would like to acknowledge the Mayor and City Council members for their
consistent dedication to the city's goal of excellence in all aspects of financial
management. We sincerely appreciate their continued support.
Respectfully submitted,

Michelle Battee-Day, Interim Director

Department of Administration

Government Finance Officers Association

Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to

City of Jackson
Mississippi
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended

September 30,2014

Executive Director/CEO

xi

CITY ATTORNEY

EXECUTIVE OFFICE

-Risk Management
-Claims (Other than State Tort)
-Employee Benefits
-State Tort Fund
-Workers Compensation

-P.E.G. Public Education & Government

-Action Line
-Brownfields Initiative
-Public Information & Communications
-Constituent Services
-Policy & Intergovernmental Affairs
-Youth Initiative

ADMINISTRATION

-Finance
-Information Systems
-Municipal Court
-Purchasing
-Records Management
-Telecommunications
-Publications

PERSONNEL
MANAGEMENT
-Human Resources
-Employee Relations
-Personnel Services
-Administrative

PLANNING &
DEVELOPMENT

POLICE

-Administration
-City Planning
-Land Development Division
-Transit Services Division
-Traffic Services
-Code Services
-Building Permit
-Housing & Community Development
-Signs & License
-Equal Business Opportunity
-Business Development

-Office of the Chief

-Assistant Chiefs
-Community Relations
-Executive Support
-Internal Affairs
-Investigative Operations
-Crime Scene
-Criminal Investigation
-Drug Enforcement
-Special Investigations
-Patrol Operations
-Animal Control
-Precincts
-Special Operations
-Support Services
-Evidence
-Lab
-Property
-Standards & Training
-Administration Services
-Community Improvement

xii

PUBLIC WORKS

-Administration
-Engineering
-Facility Mgmt.
-Municipal Garage
-Solid Waste
-Infrastructure Mgmt.
-Utility Management
-Water/Sewer Business Administration

CITY OF JACKSON
MAYOR, CITY COUNCIL AND CITY OFFICIALS
SEPTEMBER 30, 2015

EXECUTIVE

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INDEPENDENT AUDITOR'S REPORT

The Honorable Mayor Tony Yarber

and Honorable Members of the City Council
City of Jackson, Mississippi

We have audited the accompanying financial statements of the governmental activities, the
business-type activities, the aggregate discretely presented component units, each major fund,
and the aggregate remaining fund information of City of Jackson, Mississippi (the City) as of and
for the year ended September 30, 2015, and the related notes to the financial statements, which
collectively comprise the City's basic financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements

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

Our responsibility is to express opinions on these financial statements based on our audit. We did
not audit the financial statements of the component unit of the City of Jackson, Mississippi, as
follows: the Capital City Convention Center Commission which represents 11.84 percent, 8.44
percent, and 0.47 percent, respectively, of the assets, net position, and revenues of the Capital
City Convention Center Commission. Those financial statements were audited by other auditors,
whose report thereon has been furnished to us, and our opinion, insofar as it relates to the
amounts included for this component unit, is based solely on the report of the other auditors. We
conducted our audit in accordance with auditing standards generally accepted in the United States
of America and the standards applicable to financial audits contained in Governmental Auditing
Standards, issued by the comptroller General of the United States. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor's
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity's internal control.
Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of significant accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.

30B HIGHLAND PAm" COVE RIDGELAND. MS 39lS/," (G01)

35354~~3"

FAX (601) 3F;35426

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

In our opinion, based on our audit and the report of other auditors, the financial statements
referred to above present fairly, in all material respects, the respective financial position of the
governmental activities, the business-type activities, the aggregate discretely presented
component units, each major fund, and the aggregate remaining fund information of the City of
Jackson, Mississippi, as of September 30, 2015, and, the respective changes in financial position
and, where applicable, cash flows thereof and the respective budgetary comparison for the
General Fund, Federal Grants Special Revenue Fund, and the Capital Project Improvement Fund
for the year then ended in accordance with accounting principles generally accepted in the United
States of America.
Emphasis of Matters
Change in Accounting Principles

As explained in Note 6, 7, and 8 to the financial statements, in 2015, the City adopted new
accounting guidance, Government Accounting Standards Board (GAS B) Statement Number 68,
Accounting and Financial Reporting for Pensions-an amendment of GASB Statement Number 27.
Other Matters
Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the
management's discussion and analysis and budgetary comparison information on pages 3
through 11 and 81 through 95 be presented to supplement the basic financial statements. Such
information, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board, who considers it to be an essential part of financial reporting for
placing the basic financial statements in an appropriate operational, economic, or historical
context. We and other auditors have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the United
States of America, which consisted of inquiries of management about the methods of preparing
the information and comparing the information for consistency with management's responses to
our inquiries, the basic financial statements, and other knowledge we obtained during our audit of
the basic financial statements. We do not express an opinion or provide any assurance on the
information because the limited procedures do not provide us with sufficient evidence to express
an opinion or provide any assurance.
Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City of Jackson, Mississippi's basic financial statements. The
introductory section, combining and individual nonmajor fund financial statements, budgetary
comparison schedules, capital asset schedules and statistical section are presented for purposes
of additional analysis and are not a required part of the basic financial statements. The
accompanying schedule of expenditures of federal awards is presented for purposes of additional
analysis as required by U. S. Office of Management and Budget Circular A-133, Audits of State,
Local Governments, and Non-Profits Organizations, and is also not a required part of the basic
financial statements of the City of Jackson, MisSissippi.
The combining and individual nonmajor fund financial statements are the responsibility of
management and were derived from and relate directly to the underlying accounting and other
2

records used to prepare the basic financial statements. Such information has been subjected to
the auditing procedures applied in the audit of the basic financial statements and certain additional
procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the basic financial statements or to the basic
financial statements themselves, and other additional procedures in accordance with auditing
standards generally accepted in the United States of America by us and other auditors. In our
opinion, based on our audit, the procedures performed as described above, and the report of the
other auditors, the combining and individual nonmajor fund financial statements are fairly stated,
in all material respects, in relation to the basic financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures
applied in the audit of the basic financial statements and, accordingly, we do not express an
opinion or provide any assurance on them.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated May
11, 2016, on our consideration of the City of Jackson, Mississippi's internal control over financial
reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts,
and grant agreements and other matters. The purpose of that report is to describe the scope of
our testing of internal control over financial reporting and compliance and the results of that
testing, and not to provide an opinion on internal control over financial reporting or on compliance.
That report is an integral part of an audit performed in accordance with Government Auditing
Standards in considering City of Jackson, Mississippi's internal control over financial reporting and
compliance.

::::!'i:b~ ~~.
May 11, 2016

CITY OF JACKSON, MISSISSIPPI

MANAGEMENTS DISCUSSION AND ANALYSIS
As financial management of the City of Jackson, we offer readers of the City of Jacksons financial
statements this narrative overview and analysis of the financial activities of the City of Jackson for the
fiscal year ended September 30, 2015. We encourage readers to consider the information presented here
in conjunction with additional information that we have furnished in our letter of transmittal, which can be
found on pages i - x of this report.
Financial Highlights
The assets of the City of Jackson exceeded its liabilities at the close of the most recent fiscal year by
$227 million (net position). Of this amount, there is $(114) million in unrestricted net position, which
may be used to meet the governments ongoing obligations to citizens and creditors.
The government's total net position decreased by $245 million.
As of the close of the current fiscal year, the City of Jacksons governmental funds reported combined
ending fund balances of $28.3 million, a decrease of $13.5 million in comparison with the prior year.
Approximately sixteen (16) percent of this total amount is $4.6 million (unassigned) and is available
for spending at the government's discretion (unassigned fund balance).
At the end of the current fiscal year unassigned fund balance for the general fund was $5.5 million, or
four (4) percent of total general fund expenditures.
The City of Jacksons total debt decreased by $42.1 million (9.7 percent) during the current fiscal
year.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City of Jacksons basic
financial statements. The City of Jacksons basic financial statements comprise three components: 1)
government-wide financial statements, 2) fund financial statements, and 3) notes to the financial
statements. This report also contains supplementary information in addition to the basic financial
statements themselves.
Government-wide financial statements. The government-wide financial statements are designed to
provide readers with a broad overview of the City of Jacksons finances, in a manner similar to a privatesector business.
The statement of net position presents information on all of the City of Jacksons assets and liabilities,
with the difference between the two reported as net position. Over time, increases or decreases in net
position may serve as a useful indicator of whether the financial position of the City of Jackson is
improving or deteriorating.
The statement of activities presents information showing how the government'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 in this statement 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 of the government-wide financial statements distinguish functions of the City of Jackson that are
principally supported by taxes and intergovernmental revenues (governmental activities) from other
functions that are intended to recover all or a significant portion of their costs through user fees and
charges (business-type activities). The governmental activities of the City of Jackson include general
government, public safety, public works, human & cultural services, employee benefits, and interest on
long term debt. The business-type activities of the City of Jackson include water/sewer, transportation
and sanitation.
The government-wide financial statements include the City of Jackson itself (known as the primary
government), and a legally separate redevelopment authority and Capital City Convention Center
Commission for which the City of Jackson is financially accountable. Financial information for these
component units are reported separately from the financial information presented for the primary
government itself.
The government-wide financial statements can be found on pages 13-15 of this report.
4

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CITY OF JACKSON, MISSISSIPPI

MANAGEMENTS DISCUSSION AND ANALYSIS
The City of Jacksons total net position decreased by $245 million during the current fiscal year.
GASB 68 was implemented in fiscal year 2015. Prior year amounts were not restated to reflect the
implementation of GASB 68.
City of Jack son 's Ch ang es in Ne t Po sitio n
(am ou nts exp ressed in th ou san ds)

Go vernm en tal
Activitie s
2015
2 014

Reve nu es:
Pro gram revenue s
Charges for services
Op erating grant s a nd contribut ion s
Capital grants and cont ributions
Gene ral reven ues:
Prope rty taxes
Sales taxe s
Franchise taxes
Ot her

T otal reven ues

E xp ense s:
Ge nera l go ve rnme nt
Public safety
Public w orks
Huma n and cultural services
Employee bene fits
Interest on long-term debt
Water/Sewer
Transportation
Madison-R idgeland Sew age
Sanitation
T otal expenses
Incre ase in net position before transfers
T ransfers
In crease in n et p os itio n

7 1,914
570
2,143

81,1 56
5 06
2,5 16

82,039
12,482
7,343

2014

94 ,006
8 ,757
9 ,532

77,634
32,740
9,667
2,349

126

3 16

77,881
31,937
8,975
1,574

77 ,634
32 ,740
9 ,667
2 ,665

147,4 78

150,507

7 4,753

84,4 94

2 22,231

235 ,001

40,6 26
64,7 97
19,5 95
16,7 19
1,5 64
5,9 11
-

15,780
27,031
14,505
7,831
8,232
844
-

4 5,439
8,213
55
1 0,857

55,5 54
7,9 95
1 09
10,7 65

40,626
64,797
19,595
16,719
1,564
5,911
45,439
8,213
55
10,857

15 ,780
27 ,031
14 ,505
7 ,831
8 ,232
844
55 ,554
7 ,995
109
10 ,765

149,2 12

74,223

6 4,564

74,4 23

2 13,776

148 ,646

76,284
(6,106 )
70,178

1 0,189
3,054
1 3,243

10,0 71
6,1 06
16,1 77

8,455
8,455

86 ,355
86 ,355

146,826

27 6,684

260,5 07

4 71,884

407 ,332

(21,804 )
195,200

(1 7,115)
27 2,812 $

276,6 84

(2 53,500)
2 26,839 $

(21 ,804)
471 ,883

195,2 00
$

12,850
8,251
7,016

To tal
20 15

77,8 81
31,9 37
8,9 75
1,4 48

(1,7 34 )
(3,0 54)
(4,7 88)

Net position - October 1, 2014

Prior ye ar ad justme nt
Net p osition - Septem ber 30 , 2015

10,1 25
11,9 12
5,2 00

B usin ess-typ e
Ac tivities
2015
2014

(236,3 85)
(45,9 73) $

Governmental activities. Governmental activities decreased the City of Jacksons net position by $241
million.
In FY 2007, the City issued $65 million in General Obligation Bonds on behalf of the Capital City
Convention Center Commission to construct the Convention Center. A special sales tax levy was
established to pay the debt service for the bonds. The bonds couldnt be issued as revenue bonds
because of the uncertainty of the sales tax collections; therefore, the bonds were issued as GO Bonds of
the City with full, faith and credit of the City. The asset (the Convention Center facility) is the property of
the Capital City Convention Commission and recorded on the books of the Commission, but the liability
(the bonds to construct the Convention Center) is on the books of the City.
In prior years, the City had not presented the asset resulting from the 1997 contribution of bond proceeds
to fund the actuarial accrued liability for the MRS plan. In 2007, pursuant to GASB Statement No. 27,
Accounting for Pensions by State and Local Governmental Employers, the City calculated its net pension
obligation. In adopting GASB Statement No. 27, the City has increased net position beginning of year
in the government wide financial statements of governmental activities by $25.6 million to recognize the
net pension asset calculated under GASB Statement No. 27.
7

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City of Jackson
Statement of Net Position
As of September 30,2015
Primary Government

Business-Type
Activities

Governmental
Activities

Total

Component Units
Capital City
Convention
Jackson
Redevelopment
Center
Authority
Commission

ASSETS
7,055,362

$ 46,531,491

193,306

49,522,875

49,716,181

Other receivable

65,958,667

583,024

66,541,691

Intergovernmental receivable

10,125,546

273,485

10,399,031

Cash and cash equivalents

Accounts receivable, net

39,476,129

1,891,730

(1,891,730)
92,735

92,735

875,212

1,553,002

2,428,214

Prepaid Expenses

549

615,141

615,690

Net pension asset

9,437,769

Internal balances
Due from
Inventories

4,117,641
4,334,959

717,947
1,205,502

54,477
2,732

29,667

30,267

1,500,000

9,437,769

Restricted assets:
Cash and cash equivalents

28,285,183

28,285,183

Investments

11,900,693

11,900,693

500,000

Capital assets:
Land

13,690,521

1,837,999

15,528,520

4,858,591

5,819,385

Buildings

51,440,045

32,254,222

83,694,267

26,409,395

63,283,445

94,649

5,049,836

Automotive and equipment

Infrastructure
Construction in Progress

16,576,913

15,615,394

32,192,307

173,908,550

238,564,202

412,472,752

31,018,202

194,038,723

225,056,925

414,593,139

580,300,310

5,924,146

Property held for development

Total assets

994,893,449

45,772,380

78,160,259

DEFERRED OUTFLOWS OF RESOURCES

Deferred outflows of resources
Total deferred outflows of resources

25,591,069

1,929,849

27,520,918

25,591,069

1,929,849

27,520,918

7,958,179

5,394,757

13,352,936

532,550

680,342

2,473,561

3,153,903

157,392

92,735

92,735

3,453,936

13,233,917

LIABILITIES
Liabilities:
Accounts Payable
Accrued interest payable

338,761
212,641

Unearned revenue
Due to
9,779,981

Other liabilities

22,682

177,182

Noncurrent liabilities:
Net other postemployment benefits
Pension liability
Due within one year
Due in more than one year
Total liabilities

29,702,405

4,473,594

34,175,999

172,214,687

16,457,793

188,672,480

19,303,851

14,704,315

34,008,166

514,959

157,744,187

259,981,953

417,726,140

14,225,666

397,383,632

307,032,644

704,416,276

15,453,249

728,584

2,385,678

91,158,980

213,136,884

334,935,133

24,961,115

74,152,666

7,585

DEFERRED INFLOWS OF RESOURCES

88,773,302

Deferred inflows ofresources

NET POSITION
121,798,249

Invested in capital assets, net of related debt

Restricted for:
Debt service

4,509,339

4,509,339

Capital projects

1,416,460

1,416,460
1,991,904

Capital City Convention Center

Unrestricted
Total net position

(173,696,774)
(45,972,726) $

The notes to the financial statements are an integral part of this statement.
13

59,674,953
272,811,837

(114,021,821)
$ 226,839,111

5,350,431
30,319,131

1,287,105
$ 77,431,675

City of Jackson
Statement of Activities
For the year ended September 30, 2015

Program Revenues

Charges for
Services

Expenses
Primary government:
Governmental activities:
General government
Public safety
Public works
Human and cultural services
Employee benefits
Interest on long-term debt
Total governmental activities

Business-type activities;
Water/Sewer
Transportation
Madison-Ridgeland Sewage
Sanitation
Total business-type activities
Total primary government
Component units:
Jackson Redevelopment Authority
Capital City Convention Center Commission
Total component units

40,625,666
64,796,862
19,594,624
16,719,318
1,564,106
5,911,542
149,212,118

9,280,567
195,125
194,494
454,958

Operating
Grants and
Contributions

6,137,839
1,890,160
392,870
3,486,630
4,416

Capital
Grants and
Contributions

36,300
96,649
5,064,998
2,092

10,125,144

11,911,915

5,200,039

45,439,320
8,213,063
54,847
10,857,164
64,564,394
$ 213,776,512

59,849,314
715,595

480,000

2,079,916

11,349,294
71,914,203
$ 82,039,347

90,046
570,046
12,481,961

63,332
2,143,248
7,343,287

767,670

440,000

767,670

3,347,449
10,262,069
13,609,518

1,089,745
2,202,678
3,292,423

=$~~4,;,40;;:,'0;;;0;;;0=

General revenues:
Property taxes
Sales taxes
Franchise taxes
Unrestricted investment earnings
Gain on sale of capital assets
Miscellaneous
Transfers
Total general revenues and transfers
Change in net position
Net position - beginning of year as previously reported
Prior period adjustment
Net position - beginning of year as adjusted
Net position - ending

(Continued)

The notes to the financial statements are an integral part of this statement.

14

Net (Expenses) Revenues and

Changes in Net Position
Primary Government

Governmental
Activities

Total

$ (25,170,960)
(62,614,928)
(13,942,262)
(12,775,638)
(1,559,690)
(5,911,542)
(121,975,020)

$ (121,975,020)

14,409,994
(4,937,552)
(54,847)
645,508
10,063,103
$ 10,063,103

(25,170,960)
(62,614,928)
(13,942,262)
(12,775,638)
(1,559,690)
(5,911,542)
(121,975,020)

Business-type
Activities

77,880,442
31,937,289
8,975,338
59,403
317,959
1,070,831
(3,053,897)
117,187,365
(4,787,655)
195,199,270

Component Unit
Capital City
Jackson
Convention
Redevelopment
Center
Authority
Commission

14,409,994
(4,937,552)
(54,847)
645,508
10,063,103
$ (111,911,917)

(1,050,034)

(1,050,034)

(8,059,391)
$ (8,059,391)

77,880,442
31,937,289
8,975,338
183,199
320,384
1,070,831

2,141,963

3,053,897
3,180,118
13,243,221
276,684,091

120,367,483
8,455,566
471,883,361

2,288,431
1,238,397
28,110,567

(236,384,341 )

(17,115,475)

(253,499,816)

(41,185,071)

259,568,616

218,383,545

(45,972,726)

$ 272,811,837

$ 226,839,111

123,796
2,425

4,623,544
146,468

10,292

103
4,633,939
(3,425,452)
80,857,127

970,167
$

29,080,734

80,857,127

30,319,131

$ 77,431,675

The notes to the financial statements are an integral part of this statement.

15

City of Jackson
Balance Sheet
Governmental Funds
As of September 30, 2015

General Fund

Federal Grant

Debt Service

Improvement
Fund

$ 4,675,371

ASSETS
Cash and cash equivalents
Other receivable
Intergovernmental receivable
Special assessment receivable
Due from other funds
Inventories
Prepaid expenses
Total assets

$ 19,284,627
55,717,060

3,000,105
3,500
1,259,296

4,909,341

8,743,127
42,547

4,374,342
875,212
549
$ 80,251,241

4,262,901

9,551,653

324,833
47,840
813,894
35,165

15,240,348

1,221,732

DEFERRED INFLOWS OR RESOURCES

Unavailable revenue-deferred revenue
Unavailable revenue-property taxes
52,275,907

391,141

$13,461,045

4,909,890

166,032

378,016

LIABILITIES AND FUND BALANCES

Liabilities:
Accounts payable
Contracts and Retainage Payable
Due to other funds
Other liabilities
Total liabilities

Total deferred inflows of resources

Fund Balances
Nonspendable
Restricted
Connnitted
Assigned
Unassigned
Total fund balances
Total liabilities and fund balances

5,688,695

378,016

166,032

8,785,674
391,141

8,785,674

2,650,028

4,509,339

52,275,907

875,212
550,377
3,780,380
2,004,467
5,524,550
12,734,986
$ 80,251,241

4,531,874

2,650,028

4,509,339

4,262,901

$13,461,045

4,531,874
$

4,909,890

(Continued)
The notes to the fmancial statements are an integral part of this statement.
16

1998 GO
Bond

178,738

2003 GO
Bond

Capitol
Street 2way

2009 GO
Bond

500,657

Nonmajor
Governmental
Funds

$ 1,475,294

4,253,370
7,530,108
66

$ 38,277,503
63,260,277
10,125,546
42,547
4,374,342
875,212
549

$ 1,598,351

11,783,544

$ 116,955,976

423,594

9,609
123,057

178,738

9,609

70,771

500,657

1,752
361,494

436,878

363,246

507,649

178,738
(498,040)
(498,040)

178,738
$

178,738

9,609

Total
Governmental
Funds

1,231,839
193,163

7,053,693
409,334
2,482,611
9,779,981

1,848,596

19,725,619

7,476,806

391,141
68,538,387

7,476,806

68,929,528

500,657

1,235,105

716,475
1,741,667

500,657

1,235,105

2,458,142

875,212
8,426,219
11,968,421
2,004,467
5,026,510
28,300,829

500,657

$ 1,598,351

11,783,544

$ 116,955,976

The notes to the financial statements are an integral part of this statement.
17

City of Jackson
Reconciliation of Balance Sheet - Governmental Funds
To the Statement of Net Position
September 30, 2015
Amount reported for governmental activities in the statement
of net position are different because:
Total fund balances - governmental funds

Capital assets used in governmental activities are not financial resources and,
therefore are not reported in the funds

28,300,829
286,634,231

Net pension assets recorded in governmental activities that are not a financial
resource and therefore are not reported in the governmental funds

9,437,769

Internal service fund is used to account for the group benefit plan.
The assets and liabilities of the internal service fund are
included in governmental activities in the statement of net position

608,805

Receivable recognized on the full accrual basis for the government-wide

statements but not on the fund statements

2,655,843

Revenues that were earned but unavailable to the city and recorded as unearned
in the fund statements

(295,823)

Net pension obligations recorded in governmental activities that are not a

financial resource and therefore are not reported in the governmental funds
Net pension liability
Net other postemployment benefits

(172,214,686)
(29,702,406)

Deferred outflows and inflows of resources related to pensions are applicable

to future periods and, therefore, are not reported in the funds
Deferred outflows of resources related to pensions
Deferred inflows of resources related to pensions

25,591,069
(19,547,951)

Long-term liabilities, including bonds payable, are not due and payable
in the current period and therefore are not reported in the funds.
Bonds and loans payable, net of refunding gains, premium and discounts
Accrued interest on long-term debt
Capital leases
Compensated absences
Claims payable
Workers' Compensation Benefits
Other liabilities
Net position of governmental activities

(149,159,085)
(680,342)
(15,676,897)
(4,273,429)
(2,562,989)
(5,375,638)
287,974
$

The notes to the financial statements are an integral part of this statement.
18

(45,972,726)

This page intentionally left blank

City of Jacl<son

Statement of Revenues, Expenditures, and Changes in Fund Balances

Governmental Funds
For the Year Ended September 30, 2015

Improvement
General Fund
REVENUES
General property taxes
Licenses and permits

Intergovernmental
Fines and forfeitures

51,683,308
1,970,581
35,914,158
3,457,187

Federal Grant

Debt Service
$

6,074,284

Special assessments

8,870,529
1,431
274,195

Fund

990,861
471,070

20,650

Admissions, fees, rentals and concessions

Interest
Other
Total revenues

4,492,443
31,894
13,917,579

1,576
213,328

8,771
3,984,130

8,207
380,984

111,467,150

6,289,188

13,159,706

1,851,122

24,577,913
53,921,824
9,743,413
4,177,595
2,140,554

2,655,163
103,466
16,484
4,431,742

EXPENDITURES
Current:

General government
Public safety

Public works
Human and Cultural services
Employee benefits
Debt Service:

Principal

4,474,851
332,840

Interest and service charges

Capital outlay:
General government

11,171,206
6,157,328

1,734,398
1,343,223
3,019,210

Public works
Public safety
Human and Cultural services

666,449
106,132,270

Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Proceeds from capitalized leases
Sale of capital assets
Total other financing sources (uses)

5,334,880

Net change in fund balances

Fund balances at beginning of year
Fund balances at end of year

1,137,554
11,610
2,193,368
56,487

17,328,534

4,590
3,433,484

(1,057,907)

(4,168,828)

(1,582,362)

1,262,102

4,633,117
(380,984)

(19,455,164)
2,095,046
317,134
(17,042,984)

1,262,102

4,633,117

(380,984)

(11,708,104)

204,195

464,289

(1,963,346)

2,445,833

4,045,050

24,443,090

23,349
6,526

85,121
55,119
7,347,095

12,734,986

2,650,028

4,509,339

6,495,220

4,531,874

(Continued)

Thc notes to the financial statements are an integral part of this statement.

19

1998 GO

2003 GO

2009 GO

Capitol

Bond

Bond

Bond

Street 2-way

Nonmajor
Governmental
Funds

7,573,898
1,201
400,803

Total
Governmental

Funds
$

773,859

1,890

3,578,444

250

2,485

1,242

14

202,301
4,964
129,540

69, II 8,596
1,973,213
47,488,703
3,457,187
20,650
4,694,744
59,403
18,625,561

250

776,344

3,132

3,578,458

8,312,707

145,438,057

31,203
59,622
5,953,280
5,412,534

28,370,630
54,068,103
16,554,168
14,619,104
7,553,088

54,347
1,157

15,700,404
6,491,325
1,734,398
1,447,971
3,139,975
1,223,419
150,902,585

1,977,538

729,385

1,834,358

81,399

250

1,977,538

810,784

1,834,358

29,118
497,261
12,038,522

(1,201,194)

(807,652)

1,744,100

(3,725,815)

(5,464,528)

3,451,799

9,347,018
(19,836,148)
2,095,046
317,959
(8,076,125)

825
3,452,624
(1,201,194)

250

703,154

178,488

178,738

(807,652)

(498,040)

1,308,309

500,657

1,744,100

(273,191)

(508,995)

$ 1,235,105

(13,540,653)

2,731,333

2,458,142

The notes to the financial statements are an integral part of this statement.

20

41,841,482

28,300,829

City of Jackson
Reconciliation of the Statement of Revenues
Expenditures, and Changes in Fund Balances of Governmental Funds
To the Statement of Activities
For the Year Ended September 30, 2015

Amounts reported for governmental activities in the statement of activities are different because:
Net change in fund balances - total governmental funds

$ (13,540,653)

63,197

Prior period adjustment

Governmental funds report capital outlays as expenditures. However, in the statement
of activities the cost of these 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

(1,837,787)

The issuance of long-term debt (e.g. bonds, leases) provides current financial resources to
Governmental funds, while the repayment of the principal oflong-term debt consumes the
current financial resources ofthe governmental funds. Neither transaction, however, has any
effect on net position. Also, governmental funds report the effect of issuance cost, premiums,
discounts and similar items when debt is first issued, whereas, these amounts are expensed
and amortized in the statement of activities. This amount is the net effect of these differences
in the treatment oflong-term debt and related items

11,942,182

Activities from debt related transactions

New capital lease proceeds reported in the fund statements
Retirement of prior leases

(2,095,046)
4,298,244

The statement of activities reports pension expenditure and other activity related to net pension
liability

(121,580)

Increase in net pension asset reported on the statement of activities that do not require current
financial resources and therefore not reported as expenditures in the funds

260,339

Increase in net other postemployment benefits liability reported on the statement of activities that
do not require current financial resources and therefore not reported as expenditures in the funds

(3,804,248)

Expenses reported on the statement of activities that do not require current financial resources
and therefore not reported as expenditures in the funds

(1,789,602)

Revenues recognized on the full accrual basis for the government-wide statements but are not
recognized on the fund statements

1,722,345

Internal service fund net activity not reported on the governmental fund statement
Change in the net position of governmental activities

114,954
$

The notes to the financial statements are an integral part of this statement.

21

(4,787,655 2

This page intentionally left blank

City of Jackson
General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual
For the Year Ended September 30, 2015
Budget Amount
Original
Final
Revenues:
General property taxes
Clm-ent realty taxes
CutTent personal taxes
Ad valorem taxes on automobiles
Delinquent taxes
Delinquent personal taxes
Interest on delinquent taxes
Community improvement
Total general property taxes
Licenses and permits
Privilege licenses
Building permits
Air conditioning and duct pemrits
Plumbing permits
Electric pennits
Gas Permits
Historic preservation application
Landscape permits
Dance hall and other recreational fces
Taxicab license fees
Sign pelmits
Zoning petmits
Combustible and flammable liquid permits
Fireworks Display Pemrit
Aircraft registration
Transit Merchants~Peddlers License
Boarding, Lodging-Licenses
Adult entertainment-and License
Special event fee
Maintenance fees
Fire inspection petmit
Annual vehicle inspecton
Totailicetlses and permits

30,462,693 $
12,698,181
6,321,806
450,000
50,000
590,000
177,000
50,749,680
430,000
825,000
36,300
30,000
127,000
33,000
1,200
220
5,600
1,100
59,500
22,000
7,000
400
8,000
4,200
250
14,000
12,000
11,100
4,000
7,150
1,639,020

22

30,462,693 $
12,698,181
6,321,806
450,000
50,000
590,000
177,000
50,749,680
430,000
1,155,225
36,300
30,000
127,000
33,000
1,200
220
5,600
1,100
59,500
22,000
7,000
400
8,000
4,200
250
14,000
12,000
11,100
4,000
7,150
1,969,245

Actual
Amounts

29,929,822 $
13,331,423
6,843,822
843,958
21,663
583,492
129,128
51,683,308
358,891
1,157,499
57,179
51,610
162,785
24,789
858
45
10,114
1,191
52,966
42,149
7,135
600
7,799
3,075
530
5,679
9,610
6,106
6,420
3,551
1,970,581

Val'iance with
Final Budget~ositive(neg;ative)

(532,871)
633,242
522,016
393,958
(28,337)
(6,508)
(47,872)
933,628
(71,109)
2,274
20,879
21,610
35,785
(8,211)
(342)
(175)
4,514
91
(6,534)
20,149
135
200
(201)
(1,125)
280
(8,321)
(2,390)
(4,994)
2,420
(3,599)
1,336

City of Jackson
General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual
For the Year Ended September 30, 2015
Budget Amount
Original
Final
Revenues (Continued):
Intergovemmental Revenues:
State Grants and Shared Revenues:
A1cohol permits
Gasoline Tax
Municipal revolving fund
State reimb training academy
State fire protection
Sales tax
Bus & truck privilege tax
Wireless radio communication program
Homestead exemption
Total state grants shared revenues
Federal and State Grants and Shared Revenues:
MDOT Summer Youth reimbursement
MDOT Litter Pick Up
Other police grants
Total federal and state shared revenues
County Revenues:
Pro rata road tax
Smith Robertson Museum
Total county revenue

Total intergovernmental revenues

Fines and Forfeitures:
Court & misdemeador fines
Vehicle parking [mes
Moving trafflc violations
City court costs
Bad check fcc and WalTant fee
Animal conbol citations
Municipal court computer
Municipal court drivers impr fee
Expungement fee
Jackson collection fee
Miscellaneous Court Docket fee
Dropped charge fee
Cash bond - clearing account
Rearraignment fee
Daily storage fee~vehicle
Administrative fee ~ del cases
Contempt fee
Computerized Crime prevention
Municipal Court Enhancement fee
Jackson Enhancement fee
Wrecker fees
Total fines and forfeitures

23

269,000 $
30,000
86,519

269,000 $
30,000
86,519

Actual
Amounts

Variance with
Final Budget(!ositive{negative)

254,250 $
46,884
86,528
142,611
944,119
31,636,155
369,473
124,149
1,538,537
35,142,706

(14,750)
16,884
9
142,611
(1,483)
(21,848)
(35,527)
(123,1ll)
(25,384)
(62,599)

945,602
31,658,003
405,000
100,000
1,563,921
35,058,045

945,602
31,658,003
405,000
247,260
1,563,921
35,205,305

23,022
18,000
50,000
91,022

23,022
18,000
50,000
91,022

34,803
18,379
117,621
170,803

11,781
379
67,621
79,781

592,000

592,000

1,790
6,859
8,649
25,831

592,000

592,000

593,790
6,859
600,649

35,741,067

35,888,327

35,914,158

750,000
135,000
1,145,000
16,000
142,200
1,400
16,000
40,000
7,000
146,000
140,000
4,500

750,000
135,000
1,145,000
16,000
142,200
1,400
16,000
40,000
7,000
146,000
140,000
4,500

25,000
30,000
400,000
130,000
24,000
150,000
100,000
85,000

25,000
30,000
400,000
130,000
24,000
240,610
100,000
85,000

707,516
106,108
1,195,312
15,506
153,212
377
17,537
37,360
6,861
170,458
119,957
2,250
13,036
19,525
36,345
354,878
123,665
20,196
180,199
90,124
86,765

(42,484)
(28,892)
50,312
(494)
11,012
(1,023)
1,537
(2,640)
(139)
24,458
(20,043)
(2,250)
13,036
(5,475)
6,345
(45,122)
(6,335)
(3,804)
(60,411)
(9,876)
1,765

3,487,100

3,577,710

3,457,187

(120,523)

City of Jackson
General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual
For the Year Ended September 30, 2015
Budget Amount
Original
Final
Revenues (Continued):
Admissions, Fees, Rentals and Concessions:
Parking meters
Municipal Auditorium:
Rentals
Concessions
Local record fee
Pistol Range rent
Outdoor adversting
Fire Water flow test fee
Fire Reports
Daycare Fire Inspection-Aftercare
Accident report fee
Background check fee
Bail bondsman applicant photo
Bail bondsman mug shot fee
Bail bondsman ID card
Fingerprinting
Verification of records
Fire sprinkler plans review
Rents & Royalities
Telecommunication Franchise Agreement
Tower Rentals
Arts Center:
Admissions, rents and royalties
Community room rent
Concessions
Planetarium:
Admissions,DiscovelY Shop, etc,
Senior Centers Reservation Fee
Smith Robertson Museum:

Gift shop

Donations
Admissions, rental
Total admissions and rentals
Interest:
Eamed on investments
Eamed on accounts
Total interest eamed

24

150,000 $

150,000 $

Actual
Amonnts

182,524 $

Variance with
Final Budget~ositive~neg:ativel

32,524

398,000
2,200
5,000
3,000
12,000
2,250
8,500
5,500
87,000
12,000
100
100
675
16,000
25,000
100
11,090
664,514
2,779,000

398,000
2,200
5,000
3,000
12,000
2,250
8,500
5,500
87,000
12,000
100
100
675
16,000
25,000
100
11,090
664,514
2,779,000

13,985
28,017
5,050
11,100
660,943
3,185,188

(222,177)
125
(963)
583
(30)
(1,350)
30
(5,500)
39,825
(3,825)
(85)
(55)
(675)
(2,015)
3,017
4,950
10
(3,571)
406,188

3,500
9,000
600

3,500
9,000
600

9,240
799

(3,500)
240
199

32,300
5,100

32,300
5,100

45,322
833

13,022
(4,267)

750
3,000
5,400
4,241,679

750
3,000
5,400
4,241,679

441
980
5,793
4,492,443

(309)
(2,020)
393
250,764

25,000
800
25,800

25,000
800
25,800

967
30,927
31,894

(24,033)
30,127
6,094

175,823
2,325
4,037
3,583
11,970
900
8,530
126,825
8,175
15
45

City of Jackson
General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual
For the Year Ended September 30, 2015
Budget Amount
Original
Final
Revenues (Continued):
Other Revenues:
Public utility
Franchise cable television
Water Sewer Franchise Fee
Nuclear power plant
In~lieu-ofproperty tax
Small animal control
Police-sale of weapons
Parking fee-City employees
Police
Indirect cost
Street index books

Downtown Jackson Partners

Eletrical exam
Penalty on demo/grass/weeds
Cemeteries-openings/closings
Site plan review planning
Construction plan review
Building & Permit misc
Cafeteria plan~ flexible spending
Administrative fee-payroll deductions
Sale of maps, plans, and specifications
Traffic
Legal/City Clerk/Finance and Management
Telecol11l11unlcations
Fire Museum donations
Fire~ArsonlIntemal Affairs donations
Fire Department
Grants & Donations
1.0. Badge fee-city employee
Abtract fees
Settlement of insurance claim
Proceeds fiom assets and forfeitures
PEG Revenue
Other
Total other revenues
Total revenues

25

Actual
Amounts

4,800,000 $
1,590,000
830,597
1,580,994

4,800,000 $
1,590,000
830,597
1,580,994

5,059,663 $
1,475,320
830,597
1,609,758
23,703
465
9
11,396

6,000

6,000

600
363,000
2,608,590

600
363,000
2,608,590

135,117
100
50,000
11,000
14,000
1,200

135,117
100
50,000
11,000
14,000
1,200

148,281
100
77,171
9,675
10,602

100,000
150,000
12,180
1,000
2,000
9,000

100,000
150,000
12,180
1,000
2,490
9,000

107,094
24,765

15,775
600
3,700
13,000
241,454

15,775
600
3,700
13,500
240,353

8,000
82,000
10,000
149,489

12,789,396
108,673,742

2,639,526
8

Variance with
Final Budget[!ositive(negative}

259,663
(114,680)
28,764
23,703
(5,535)
9
10,796
(363,000)
30,936
8
13,164
27,171
(1,325)
(3,398)
(1,200)

948
490
11,027

7,094
(125,235)
(12,180)
(52)
(2,000)
2,027

8,000
84,355
87,349
149,489
958,507

650
341
2,500
2,890
270
10,466
72,187
133,171
157,486
1,497,020

(15,775)
50
(3,359)
(11,000)
(237,463)
270
2,466
(12,168)
45,822
7,997
538,513

13,827,496
110,279,937

13,917,579
111,467,150

90,083
1,187,213

City of Jacl<son
General Fund
Statement of Revenues. Expenditures, and Changes in Fund Balances - Budget and Actual
For the Year Ended September 30, 2015
Budget Amount
Original
Final
Expenditures:
CUlTent Operations:
General Government
Administration and Intra-govemmental
Personnel services
Supplies
Other services and charges
Capital outlay
Total Department of Adminstration
Personnel
Personnel services
Supplies
Other services and charges
Capital Outlay
Total Department of Personnel
Planning
Personnel services
Supplies
Other services and charges
Capital Outlay
Total Department of Planning

Total General Government

Department of Human and Cultural Services
Health and Welfare
Personnel services
Supplies
Other services and chargers
Capital outlay
Total Health and Welfare
Culture and Recreation
Personnel services
Supplies
Other selvices and charges
Capital outlay
Total Culture and Recreation
Total Department of Human and Cultural Setvices
Department of Public Safety
Personnel services
Supplies
Other selvices and charges
Capital outlay
Total Department of Public Safety

26

12,073,925 $
1,541,013
6,401,385
1,740,273
21,756,596

11,973,175 $
1,459,843
8,062,705
2,449,854
23,945,577

Actual
Amounts

11,233,170 $
880,038
6,025,183
1,733,742
19,872,133

Variance with
Final Budget2ositive(negative}

740,005
579,805
2,037,522
716,112
4,073,444

907,528
15,119
157,083
4,234
1,083,964

907,828
18,330
172,636
170
1,098,964

1,016,832

50,247
10,305
21,410
170
82,132

2,181,456
78,329
4,802,572
2,759
7,065,116

2,192,756
81,879
4,811,722
2,759
7,089,116

1,855,652
46,774
4,491,877
656
6,394,959

337,104
35,105
319,845
2,103
694,157

29,905,676

32,133,657

27,283,924

4,849,733

1,488,836
37,740
899,034
282,766
2,708,376

1,526,309
33,159
923,075
292,769
2,775,312

1,434,467
28,605
806,490
292,768
2,562,330

91,842
4,554
116,585
212,982

666,894
96,942
1,625,110
465,916
2,854,862
5,563,238

624,205
120,031
1,852,538
432,472
3,029,246
5,804,558

546,987
83,754
1,596,707
373,681
2,601,129
5,163,459

77,218
36,277
255,831
58,791
428,117
641,099

47,126,695
3,735,615
4,626,341
4,599,256
60,087,907

49,615,145
3,223,130
4,263,367
4,414,401
61,516,043

49,615,145
3,223,130
3,934,751
3,019,210
59,792,236

328,616
1,395,191
1,723,807

857,581
8,025
151,226

City of Jackson
General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual
For the Year Ended September 30, 2015
Budget Amount
Original
Final
Expenditures (Continued):
Department of Public Works
Personnel services
Supplies
Other services and charges

Capital outlay

Total Department of Public Works

Cun'ent Operations
Employee Benefits
Supplies
Other services and charges
Total Employee Benefits
Total expenditures
Excess(deficiency) of revenues over expenditures
Other Financing Sources(Uses)
Transfers in
Tranfers out
Proceeds from long tenn debt
Sale of capital assets
Total other financing sources(uses)
Net change in fund balance
Fund balances at beginning of year
Fund balances at end of year

7,991,883 $
1,893,943
2,785,315
1,629,228
14,300,369

100,000
1,985,679
2,085,679

The notes to the financial statements are an ingral part of this statement.

27

6,983,883 $
1,894,433
2,726,998
1,892,045
13,497,359

165,585
2,017,021
2,182,606

Aetnal
Amounts

6,413,622 $
1,460,497
2,534,755
1,343,223
1l,752,097

Variance with
Final BudgetI!ositive!negative}

570,261
433,936
192,243
548,822
1,745,262

123,538
2,017,016
2,140,554

42,047
5
42,052
9,001,953
10,189,166

III ,942,869
(3,269,127)

115,134,223
(4,854,286)

106,132,270
5,334,880

(19,476,240)
2,555,465
139,000
(16,781,775)
(20,050,902)
24,443,090
4,392,188 $

25,000
(20,503,016)
3,021,465
244,905
(17,211,646)
(22,065,932)
24,443,090
2,377,158 $

(19,455,164)
2,095,046
317,134
(17,042,984)
(11,708,104)
24,443,090
12,734,986 $

25,000
(1,047,852)
926,419
(72,229)
(168,662)
10,020,504
10,357,828

City of Jackson
Federal Grants Special Revenue Fund
Statement of Revenues, Expenditures and Changes in Fund Balance-Budget and Actual
For the year ended September 30, 2015
Budget Amount

Original

Final

$16,176,713

$ 20,101,680

Actuals Amounts

Variance with
Final Budget positive(negative)

REVENUES
Intergovernmental
Interest

Other

6,074,284

(14,027,396)

1,576

1,576

213,328

213,328
(13,812,492)

16,176,713

20,101,680

6,289,188

3,759,483

3,866,709

3,281,432

585,277

811,812

788,967

579,925

209,042

11,829,954
965,487

15,431,151
1,276,126

3,345,498
140,240

12,085,653
1,135,886

17,366,736

21,362,953

7,347,095

14,015,858

(1,190,023)

(1,261,273)

(1,057,907)

General Fund

1,190,023

1,261,273

829

Total other fmancing sources (uses)

1,190,023

1,261,273

1,262,102
1,262,102

2,445,833

204,195
2,445,833

204,195

2,445,833

Total revenues
EXPENDITURES
Current Operations:
Personnel Services
Supplies
Other Services and Charges
Capital Outlay
Total expenditures
Excess (deficiency) ofrevenues over expenditures

(203,366)

OTHER FINANCING SOURCES (USES)

Transfers in:
829

Excess (deficiency) of revenues and other fmancing

sources over expenditures and other uses
Fund balances at beginning of year
Fund balances at end of year

2,445,833

The notes to the fmancia1 statements are an integral part of this statement.

28

2,445,833

2,650,028

204,195

City of Jackson
Improvement Fund
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
For the year ended September 30, 2015
Budgeted Amounts

Original

Final

Actual Amounts

Variance with
Final Budgetpositive (negative)

REVENUES
General property taxes
Intergovernmental Revenue

988,257
4,946,103

990,861

471,070

380,984

380,984

5,934,360

6,738,917

1,851,122

1,860,979

Interest

$
(4,896,002)
8,207

8,207

Other revenues
Total revenues

990,861

5,367,072

(4,887,795)

EXPENDITURES
Current Operations
1,175,366

10,946,345
23,243

1,250,081
11,590,154
81,162

74,715

Other Services and Charges

Capital Outlay

3,324,304
34,465

8,265,850
46,697

Total expenditures

12,830,567

12,921,397

3,433,484

9,487,913

(6,896,207)

(6,182,480)

(1,582,362)

(4,600,118)

(380,984)
(380,984)

(380,984)
(380,984)

(6,896,207)

(6,563,464)

(1,963,346)

6,495,220
$ (400,987)

6,495,220
$ (68,244)

6,495,220
4,531,874

Supplies

Deficiency of revenues over (under) expenditures

OTHER FINANCING SOURCES(USES)
Transfers out
Total other financing sources uses
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year

The notes to the financial statements are an integral part of this statement.

29

(4,600,118)
$

(4,600,118)

This page intentionally left blank

City of Jackson
Statement of Net Position
Proprietary Funds
As of September 30, 2015
Water/Sewage
Disposal
System

Nonmajor
Enterprise
Funds

Sanitation

Totals

Internal
Service Fund

7,055,362

Assets
Current Assets:
Cash and cash equivalents

7,055,362

$
8,377,360

41,145,515

Accounts receivable, less allowances

273,485

Other receivables

583,024

583,024

Prepaid expenses

615,141

615,141

92,735

92,735

Cash and cash equivalents

8,168,674

8,168,674

Inventories

1,553,002

1,553,002

Due from other funds

193,306

49,522,875
273,485

Intergovernmental receivables

1,198,626

Restricted Assets

59,213,453

Total Current Assets

273,485

8,377,360

67,864,298

1,391,932

Noncurrent Assets:
Restricted Assets
Cash and cash equivalents

20,116,509

20,116,509

Investments

11,900,693

11,900,693

32,017,202

32,017,202

Total Noncurrent Assets

Capital Assets:
Property, plant and equipment, at cost

1,387,999

Land

450,000

1,837,999

57,301

187,903

118,075,284

963,482

378,399,856

16,473,453

3,005,875

11,423,563

30,902,891

513,127,906

3,063,176

13,024,948

529,216,030

(230,707,846)

(2,042,059)

(8,194,307)

(240,944,212)

282,420,060

1,021,ll7

4,830,641

288,271,818

8,005,684

194,038,722

468,453,098

1,021,ll7

12,836,325

482,310,540

559,683,753

9,398,477

13,109,810

582,192,040

Buildings

117,830,080

Water plant, distribution system and equipment

377,436,374

Automotive and other equipment

Less: accumulated depreciation

186,033,038

Construction in Progress
Net property, plant and equipment
Total Assets

1,391,932

DEFERRED OUTFLOWS OF RESOURCES

1,680,577

Deferred outflows of resources

Total deferred outflows of resources

1,680,577

189,065
$

The notes to the financial statements are an integral part of this statement.

30

189,065

60,207
$

60,207

1,929,849
$

1,929,849

City of Jackson
Statement of Net Position
Proprietary Funds
As of September 30, 2015
Water/Sewage
Disposal
System

Sanitation

Nonmajor
Enterprise
Funds

Totals

Internal
Service Fund

Liabilities and Fund Equity

Current Liabilities Payable from Unrestricted Assets:
Accounts/claims payable

2,476,254

Due to other funds

Compensated absences

265,491

214,986

719,160

3,410,400

92,735

1,891,730

1,984,465

47,416

5,234

318,141

Note payable

5,020,572

5,020,572

Retainage payable

1,984,357

1,984,357

Customer deposits

3,453,936

3,453,936

1,208,913

Current portion of Long-Term Debt:

Lease obligations

1,096,950

State Department of Environmental Quality

1,885,395

193,512

259,745

1,550,207
1,885,395

Total Current Liabilities Payable

from Unrestricted Assets

548,649

16,182,955

2,875,869

1,208,913

19,607,473

Current Liabilities Payable from Restricted Assets:

5,930,000

Revenue bonds

5,930,000

Accrued interest payable

2,472,170

1,391

2,473,561

8,402,170

1,391

8,403,561

24,585,125

550,040

Total Current Liabilites Payable

from Restricted Assets
Total Current Liabilities
Post Employment Benefits accrual
Pension liability

2,875,869

28,011,034

3,895,755

503,279

74,560

4,473,594

14,331,995

1,612,349

513,449

16,457,793

158,209

6,555

10,681

175,445

1,208,913

Long-Term Debt
(less amounts classified as current liabilities):
Compensated absences
Revenue bonds

234,890,591

234,890,591

(net of unamortized discount/premium)

Lease obligations
State Department of Environmental Quality

658,482

327,335

182,877

23,747,223

1,168,694
23,747,223

Total Long-Term Debt

259,454,505

333,890

193,558

259,981,953

Total Liabilities

302,267,380

2,999,558

3,657,436

308,924,374

2,077,528

233,722

74,428

2,385,678

2,077,528

233,722

74,428

2,385,678

500,270

12,393,703

1,208,913

DEFERRED INFLOWS OF RESOURCES

Deferred inflows of resources
Total deferred inflows of resources
Net Position
Invested in capital assets, net of related debt
Unrestricted
Total Net Position

200,242,911
56,776,511

$ 257,019,422

5,853,992

The notes in the financial statements are an integral part of this statement.

31

6,354,262

(2,955,550)

$ 9,438,153

213,136,884
59,674,953

$ 272,811,837

183,019

183,019

City of Jackson
Statement of Revenues, Expenses, and Changes in Fund Net Position
Proprietary Funds
For the Year Ended September 30, 2015
Water/Sewage
Disposal
System

Sanitation

59,188,454

$11,349,294

Nonmajor
Enterprise
Funds

Total

Internal
Service Fund

Operating Revenues:
Sales to customers

715,595

71,253,343

$
4,712,847

Contributions

2,986,198

Contributions - City Match

660,860

90,046

480,000

1,230,906

188,930

59,849,314

11,439,340

1,195,595

72,484,249

7,887,975

Personnel services

9,730,338

1,256,214

236,430

11,222,982

Supplies

5,968,638

228,731

623,168

6,820,537

Other services and charges

13,742,685

9,099,926

6,556,798

29,399,409

Depreciation

11,377,737

268,395

841,591

12,487,723

Total operating expenses

40,819,398

10,853,266

8,257,987

59,930,651

15,635,230

19,029,916

586,074

(7,062,392)

12,553,598

(7,747,255)

123,630

86

Other revenues
Total Operating Revenues
Operating Expenses:

Operating income (loss)

15,635,230

Nonoperating revenues (expenses):

Interest revenue

80

123,796

1,189

Interest and service charges on long-term

debt and capitalized lease obligations
Gain (loss) on sale of capital assets
Total nonoperating revenues (expenses)

(4,619,922)

(3,898)

(9,923)

2,425
(4,493,867)

(4,633,743)
2,425

(3,812)

(9,843)

(4,507,522)

1,189

Income (loss) before contributions

and transfers

14,536,049

Capital contributions from grants

582,262

(7,072,235)

8,046,076

63,332

2,079,916

2,143,248

4,783,092

4,783,092

380,984

380,984

47,571

47,571

(7,746,066)

Transfers In:
General Fund
Special Revenue Fund
Enterprise Fund

7,435,233

Transfers Out:
Enterprise Fund
Debt Service Fund

(47,571)

(47,571)

(2,11 0, 179)

(2,11 0, 179)

Total Transfers In (Out)

(2,157,750)

5,211,647

3,053,897

Change in Net Position

12,378,299

645,594

219,328

13,243,221

259,545,849

7,385,450

9,752,792

276,684,091

Prior period adjustment

(14,904,726)

(1,676,782)

Total net position - beginning, as restated

244,641,123

5,708,668

$257,019,422

$6,354,262

Total net position - beginning previously reported

Total net position - ending

The notes to the financial statements are an integral part of this statement.

32

(533,967)
$

7,435,233
(310,833)
493,852

(17,115,475)

9,218,825

259,568,616

9,438,153

$ 272,811,837

493,852
$

183,019

City of Jackson
Statement of Cash Flows
Proprietary Funds
For the Year Ended September 30,2015

Water/Sewer
Disposal System

Sanitation

58,918,195

$10,859,992

660,860

90,046

Nonmajor
Enterprise
Funds

Total

Internal Service
Fund

Cash Flows from Operating Activities

Receipts from customers and users

Receipts from other revenue

Payments to suppliers
Payments to employees

715,595

$ 70,493,782

1,166,455

1,917,361

(29,520,111)

(9,979,540)

(8,129,718)

(47,629,369)

(9,495,944)

(1,234,051)

(222,874)

(10,952,869)

(263,553)

(6,470,542)

7,699,045
97,807
(15,489,788)

Net Cash provided by (used for)

20,563,000

Operating Activities

13,828,905

(7,692,936)

5,211,647

7,435,233

Cash Flows from Noncapital Financing Activities

5,211,647

Transfers In

(2,157,750)

(2,157,750)

Transfers Out

(2,157,750)

Net cash provided by noncapital financing activites

5,211,647

3,053,897

(2,084,852)

(28,518,981 )

7,435,233

Cash Flows from Capital and Related

Financing Activities
(388,133)

(26,045,996)

Acquisition and construction of capital assets

2,425

2,425

Proceeds from sale of capital assets

Proceeds from capital debt
Principal paid on capital debt

5,439,799

195,755

272,688

5,908,242

(8,567,776)

(273,172)

(201,034)

(9,041,982)

2,079,916

63,332

Proceeds from capital contributions

Interest paid on capital debt

(4,258,687)

(3,898)

(33,430,235)

(406,116)

2,143,248

(9,923)

(4,272,508)

56,795

(33,779,556)

Net cash provided by (used for) capital and related

financing activities

Cash Flow Provided by (Used for) Investing Activities:

123,630

Interest on investments

86

20,153,385

Net Cash provided by investing activities

86

5,128,400

Net increase (decrease) in cash and cash equivalents

35,340,545

The notes to the financial statements are an integral part of this statement.

33

123,796

80

20,153,551

1,202,020

669,583
$

80

(1,202,020)

(669,583)

30,212,145

Cash and cash equivalents at beginning of year

Cash and cash equivalents at end of year

20,029,755

20,029,755

Proceeds from sale and maturities of investment securities

1,189
1,189

3,256,797

(256,514)

32,083,748
$ 35,340,545

1,455,140
$

1,198,626

City of Jackson
Statement of Cash Flows
Proprietary Funds
For the Year Ended September 30,2015

Water/Sewer
Disposal System

Sanitation

Nonmajor
Enterprise
Funds

Total

$ (7,062,392)

$ 12,553,598

Internal Service
Fund

Reconciliation of Operating Income (Loss) to Net Cash

Provided by (Used for) Operating Activities:
Operating income (loss)

19,029,916

586,074

Depreciation Expense

11,377,737

268,395

(Increase) decrease in accounts receivable, net

(1,421,309)

(489,302)

841,591

(35,174)
811,285

353,247

(Increase) decrease in prepaid expenses

611,647
(124,830)

(124,830)

(92,735)

(92,735)
92,735

Increase (decrease) in due to other funds

(9,269,572)

Increase (decrease) in accounts payable and retainage

(1,037,213)

(1,003,409)

(944,478)

87,461

(10,185,520)

(59,787)

(4,737)

1,391

(53,332)

(11,700)

5,245

33,863

8,311

329,900

591,850

1,275,307

Increase (decrease) in accrued interest payable

Increase (decrease) in compensated absences

(759,817)

287,726

Increase (decrease) in other liabilties

(849,627)

1,533,084

Total adjustments

145,442

(3,346)

(759,817)

Increase (decrease) in customer deposits

Net cash provided by (used for) operating activities

1,962,335

258,400

(Increase) decrease in deferred charges

(Increase) decrease in due from other funds

(91,123)

(1,910,611)

1,151,050

(Increase) decrease in other receivable

(7,747,255)

12,487,723

(35,174)

(Increase)decrease in inventories

20,563,000

(263,553)

74,733

195,755

7,055,362

$ (6,470,542)

54,319

$ 13,828,905

(7,692,936)

Noncash Investing, Capital, and Financing

Activities:
Borrowing under capital lease

272,688

Recap of cash and cash equivalents:

Cash and cash equivalents

28,285,183

Restricted cash and cash equivalents

$

35,340,545

The notes to the financial statements are an integral part of this statement.

34

7,055,362

1,198,626

1,198,626

28,285,183
$

$ 35,340,545

CITY OF JACKSON
STATEMENT OF NET POSITION
FIDUCIARY FUNDS
SEPTEMBER 30, 2015

Trust Funds

Agency Funds

Assets
Cash and cash equivalents
Investment at fair value:
Certificate of deposit
Total assets

541,270

19,984,084

19,984,084

19,984,084

19,984,084

32,598

573,868

Liabilities and Net Position

Liabilities:
Payables to others

-----

Total liabilities
Net Position:
Held in trust
Total net position
Total liabilities and net position

573,868
573,868
$ ==5=7=3,~86=8=

The notes to the financial statements are an integral part of this statement.

35

CITY OF JACKSON
STATEMENT OF CHANGES IN NET POSITION
FIDUCIARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2015

Trust Funds
Additions:
Interest
Other additions
Total additions
Deductions:
General government
Trust funds
Total deductions
Change in Net Position
Net position at beginning of year
Net position at end of year

770
209,496

$ _----:::2..:..1O:.l:,2;;.,;6;..,:6_

$ _---::....14:..::,.3,'-'-4,;;..:83_

143,483
66,783
507,085
$ ======57=3=,8=68=

The notes to the frnancial statements are an integral part of this statement.

36

This page intentionally left blank

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CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 1 Summary of Significant Accounting Policies

A. REPORTING ENTITY
The City of Jackson, Mississippi (the City) is incorporated under the Laws of the State of Mississippi. The
City operates under the Mayor-Council form of government with a full-time Mayor elected from the City at
large and seven part-time Council members (City Council) elected from wards. The Citys major
operations include police and fire protection, parks and recreation, public works, public transit system,
urban development and general administrative services. In addition, the City owns and operates a water
and sewer system.
The Citys financial statements are prepared in accordance with accounting principles generally accepted
in the United States of America (GAAP) as applied to governmental units. The Governmental Accounting
Standards Board (GASB) is responsible for establishing GAAP for state and local governments through
its pronouncements (Statements and Interpretations). Governments are also required to follow the
pronouncements of the Financial Accounting Standards Board (FASB) issued through November 30,
1989 that do not conflict with or contradict GASB pronouncements. Although the City has the option to
apply FASB pronouncements issued after that date to its business-type activities and enterprise funds,
the City has chosen not to do so. The more significant accounting policies established in GAAP and used
by the City is discussed below.
In evaluating the City as a reporting entity, management has addressed potential component units for
which the City may or may not be financially accountable and as such, be included within the Citys
financial statements. The component units discussed below are included because of the significance of
their operational or financial relationships with the City.
Discretely Presented Component Unit
Using the criteria above, management has determined that the Jackson Redevelopment Authority (JRA)
and the Capital City Convention Center Commission should be reported as discretely presented
component units of the City. The discretely presented component units are reported in separate columns
in the government-wide statements to emphasize they are legally separate from the primary government.
The following is a summary of the Citys discretely presented component units.
The Jackson Redevelopment Authority (JRA) was established in 1968 under Section 43-35-1 through 235
of the Mississippi Code of 1942, as annotated. In 1970, JRA became the Parking Authority for the City
under the same statute. The Mayor of the City makes appointments to a seven-member Board of
Commissioners for staggered five-year terms to oversee the operations of JRA. Members may be
removed from office for inefficiency, neglect of duty or misconduct in office. The City Council appropriates
the administrative operating budget and must review and approve any amendments or budgetary
adjustments. The City Council is responsible for designation of those urban renewal projects undertaken
by JRA. The City makes annual contributions necessary to pay a portion of JRA's urban renewal bonds
and has agreed to make payment of substantially all of the outstanding bonds. JRA operates on a
September 30 fiscal year and its financial statement data is presented as a proprietary fund type.
Complete financial statements for JRA may be obtained at its administrative office located at 218 South
President Street, Jackson, Mississippi 39201.
The Capital City Convention Center Commission, a non-profit corporation, was authorized to be created
by House Bill 1832 during the 2004 Regular Session of the Mississippi State Legislature. The entity is
governed by nine commissioners. The Mayor of the City appoints hotel/motel members for initial terms of
one and three years, respectively, restaurant members for initial terms of two and four years, respectively.
The Mayor appoints two members representing the business community for initial terms of one and five
years, respectively. The Mayor appoints two members at large for initial terms of two and three years,
respectively. One member is appointed by the Governor of Mississippi for an initial term of four years.

37

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 1 Summary of Significant Accounting Polices (Continued):

A. REPORTING ENTITY (Continued):
The City issued $65,000,000 of General Obligation Bonds for the development of the proposed
Convention Center. The Capital City Convention Center Commission has jurisdiction and authority over
all matters relating to the acquisition, construction, furnishing, equipping, erection, operation,
maintenance, and promotion of a convention center. The Commission submits its budget and certain
other planned actions to the City for comment prior to initiation. The Commission operates on a
September 30 fiscal year and its financial statement data is presented as a proprietary fund type.
Complete financial statements for the Capital City Convention Center Commission may be obtained at
P. O. Box 3563, Jackson, Mississippi 39207.
Related Organizations
The following four agencies are non-profit corporations established within the City of Jackson. The Mayor
appoints the board members of each respective agency as confirmed by the City Council. Each agency
is fiscally independent from the City of Jackson, issues its debt, approves its budgets, and sets its rates
and charges. The primary government has no authority to remove board members, designate
management, or approve or modify rates. The City of Jackson is not obligated in any manner for the debt
issues of these agencies. Financial statements for these agencies can be obtained at the following
addresses:
Airport Authority
100 International Drive
Jackson, MS 39208

Jackson Housing Authority

2747 Livingston Road
Jackson, MS 39213

Jackson Public School District

662 South President Street
Jackson, MS 39201

Metro Jackson Convention & Visitors Bureau

921 North President Street
Jackson, MS 39202

Joint Ventures
The Jackson/Hinds Library System (the System) operates under a joint agreement between the City and
Hinds County and is funded equally by the City and the County. The joint agreement was effective
October 1, 1986. All buildings used by the System within the City of Jackson are owned and maintained
by the City and, as such, have been included in the capital assets of governmental activities. The
Jackson/Hinds Library System's financial statements may be obtained by writing to 300 North State
Street, Jackson, MS 39201.
B. BASIC FINANCIAL STATEMENTS - GOVERNMENT-WIDE AND FUND LEVEL STATEMENTS
The Citys basic financial statements include both government-wide (reporting the City as a whole) and
fund financial statements (reporting the Citys major funds). Both the government-wide and fund financial
statements categorize primary activities as either governmental or business type. The Citys police and
fire protection, parks and recreation, public works, and general administrative services are classified as
governmental activities. The Citys water/sewer, sanitation, and public transit services are classified as
business-type activities.
In the government-wide Statement of Net position, both the governmental and business-type activities
columns (a) are presented on the consolidated basis by column, (b) and are reported on the full accrual,
economic resource basis, which recognizes all long-term assets and receivables as well as long-term
debt and obligations. The Citys net position is reported in three parts: invested in capital assets, net of
related debt; restricted net position; and unrestricted net position. The City first utilizes restricted
resources to finance qualifying activities.
38

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 1 Summary of Significant Accounting Policies (Continued):

B.

BASIC FINANCIAL STATEMENTS - GOVERNMENT-WIDE AND FUND LEVEL STATEMENTS

(Continued):

The government-wide Statement of Activities reports both the gross and net costs of each of the Citys
functions and business-type activities (police, fire, public works, etc.). 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 applicants who 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. Operating
grants include operating-specific and discretionary (either operating or capital) grants while the capital
grants column reflects capital-specific grants.
The Statement of Activities reduces gross expenses (including depreciation) by related program
revenues, operating and capital grants. Program revenues must be directly associated with the function
(police, fire, public works, etc.) or a business-type activity. Taxes and other items not properly included
among program revenues are reported instead as general revenues. The net costs (by function or
business-type activities) are normally covered by general revenue (property, sales or gas tax,
intergovernmental revenues, interest income, etc.).
The City does not allocate indirect cost. An administrative service fee is charged by the General Fund to
the other operating funds that is eliminated like a reimbursement (reducing the revenue and expense in
the General Fund) to recover the direct costs of General Fund services provided (finance, personnel,
purchasing, legal, technology management, etc.).
The government-wide focus is more on the sustainability of the City as an entity and the changes in the
Citys net position resulting from the current years activities. Separate financial statements are provided
for governmental funds and proprietary funds. Each fund is accounted for by providing a separate set of
self-balancing accounts that comprises its assets, liabilities, reserves, fund equity, revenues and
expenditures/expenses. Major individual governmental funds are reported as separate columns in the
fund financial statements.
Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary
funds, even though the latter are excluded from the government-wide financial statements. Major
individual governmental funds and major individual enterprise funds are reported as separate columns in
the fund financial statements.
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 funds principal ongoing operations. The principal operating revenues of the
Citys Proprietary Funds and of the Citys Internal Service Funds are charges to customers for sales and
services. Operating expenses for Proprietary Funds and Internal Service Funds include the cost of sales
and services, direct administrative expenses, and depreciation on capital assets. All revenues and
expenses not meeting this definition are reported as nonoperating revenues and expenses.
C. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING
The government-wide financial statements are reported using the economic resources measurement
focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial
statements. Agency funds are used to report resources in a purely custodial capacity (assets equal
liabilities). So, agency funds cannot be said to have a measurement focus, however, they do use the
accrual basis of accounting to recognize receivables and payables. Revenues are recorded when earned
and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows.
Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items
are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.
39

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 1 Summary of Significant Accounting Policies (Continued):

C. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING (Continued):
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.
Property taxes, franchise taxes, licenses, and interest associated with the current fiscal period are all
considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal
period. All other revenue items are considered to be measurable and available only when the City
receives cash.
The City reports the following major government funds:
General Fund - The General Fund is the Citys primary operating fund. It accounts for all financial
transactions of the City, except those required to be accounted for in another fund.
Federal Grant Fund This fund is used to account for proceeds of various federal grant programs.
Debt Service Fund - This fund is used to account for the accumulation of resources and the subsequent
disbursement of such resources to pay principal and interest on long-term debt of the City (other than debt
of the Enterprise Funds). Bond ordinances require the City to account for debt service transactions in
separate funds, restrict the flow of cash between such funds, and comply with various other covenants. For
financial statement reporting, the various debt service funds have been combined.
Improvement Fund This fund is used to account for revenues that are legally restricted for improvements
to City facilities. The revenues are provided by external grantors.
1998 GO Bond Fund - This fund is used to account for proceeds of general obligation bonds of $35,000,000
issued to finance certain projects including storm drainage systems, construction of a youth detention
center, and repairing buildings.
2003 GO Bond Fund - This fund is used to account for proceeds of general obligation bonds of $20,000,000
issued to finance certain projects including storm drainage systems, repairing and the construction of
municipal buildings, infrastructures, and other related improvements.
2009 GO Bond Fund This fund is used to account for proceeds of general obligation bonds of $26,210,000
issued to pay the costs of constructing, improving and paving streets, sidewalks, driveways, parkways and
public parking facilities.
Capitol Street 2-Way This fund is used to account for revenues restricted for improvements to Capitol
Street.

The City reports the following major proprietary funds:

Water/Sewage Disposal System Fund - This fund accounts for activities associated with the
provision of water, sewerage and water pollution control services to individuals, organizations and
other governmental units within and around the City.
Sanitation Fund This fund accounts for activities associated with the Citys sanitation and
recycling service.

40

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 1 Summary of Significant Accounting Policies (Continued):

C. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING (Continued):
Additionally, the City reports the following fund types:
Internal Service Fund is used to account for the financing of goods or services provided by one
department or agency to other departments or agencies of the governmental unit, or to other
governmental units, on a cost-reimbursement basis.
Fiduciary Funds:
Fiduciary Funds are used to report assets held in a trustee or agency capacity for others and
therefore are not available to support City programs. The City has three trust funds, the
Unemployment Compensation Revolving Fund, the Charitable Trust Fire and Police Fund, and the
Mausoleum Trust Fund. The function of the Citys principal employee benefit trust fund, the
Unemployment Compensation Revolving Fund, is discussed in NOTE 6.A.2. The function of the
Charitable Trust Fire and Police Fund is to account for contributions from the public sector which is
held in trust for fire and police allowable claims. The function of the Mausoleum Trust Fund is to
maintain and upkeep the Henry Mausoleum.
The purpose of the Citys Agency Funds is to collect and remit to the related organizations the
property taxes collected and proceeds of a special sales tax received from the State. The reporting
focus is on net position and changes in net position and is reported using accounting principles
similar to proprietary funds.
The emphasis in fund financial statements is on the major funds in either the governmental or businesstype activities categories. Nonmajor funds by category are summarized into a single column. GASBS
No. 34 sets forth minimum criteria (percentage of assets, liabilities, revenues or expenditures/expenses of
either fund category or the governmental and enterprise combined) for the determination of major funds.
The nonmajor funds are combined in a column in the fund financial statements.
The Citys internal service fund is presented in the proprietary funds financial statements. Because the
principal users of the internal services are the Citys governmental activities, the financial statements of
the internal service fund are consolidated into the governmental activities column when presented in the
government-wide financial statements. To the extent possible, the cost of these services is reported in
the appropriate functional activity (police, fire, public works, etc.).
D.
ASSETS, LIABILITIES, DEFERRED OUTFLOWS/INFLOWS OF RESOURCES, AND NET
POSITION OR EQUITY
1. Cash and Cash Equivalents
Cash and cash equivalents include demand deposit accounts, petty cash, and certificates of deposit with
a maturity date generally within 90 days of the date acquired by the City. Collateral as further discussed
in Note 4.A, is pledged by the various financial institutions to secure City funds.
2. Receivables
All receivables are reported at their gross value and, where appropriate, are reduced by the estimated
portion that is expected to be uncollectible.
3. Investments
Investments are recorded at fair value with all investment income, including changes in the fair value of
investments, reported as revenue in the financial statements. Income from short-term interest bearing
securities is recognized as earned. Statutes authorize the City to invest in U.S. Government obligations,

41

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 1 Summary of Significant Accounting Policies (Continued):

D.
ASSETS, LIABILITIES, DEFERRED OUTFLOWS/INFLOWS AND RESOURCES, AND NET
POSITION OR EQUITY (Continued):
3. Investments (Continued)
U.S. Government agency obligations, State of Mississippi obligations, and obligations of a corporation of
the U.S. Government.
Securities traded in a national or international exchange are valued at the last reported sales price at
current exchange rates. Short-term investments are reported at fair value when published prices are
available, or at cost plus accrued interest, which approximates fair value. For individual investments
where no readily ascertainable fair value exists, the City of Jackson, in consultation with its investment
advisors and custodial bank, has determined the fair values.
4. Restricted Assets
Certain proceeds of the Citys Proprietary Fund revenue bonds, as well as certain resources set aside for
their payment, are classified as restricted assets on the balance sheet because they are maintained in
separate bank accounts and trust accounts and their use is limited by applicable bond covenants.
Restricted amounts in governmental activities include amounts set aside by law for state tort claims and
amounts accumulated for general obligation bond debt service.
5. Inventories
Inventories are priced at cost using the weighted average method. Inventories are accounted for using
the consumption method and are not charged out until used. Inventories consist of major stores of
materials and supplies held at central locations. The user departments and other funds of the City are
charged for the cost value of the items, as they are withdrawn from inventory.
6. Capital Assets
Capital assets purchased or acquired are carried at historical cost. Contributed assets are recorded at fair
market value at the date received. The Citys classes of capital assets and their capitalization levels are:
land cost or fair market value, buildings - $50,000, land improvements - $25,000, machinery and
equipment - $1,000, infrastructure - $100,000, and construction in progress based on the projects
class. The cost of normal maintenance and repair that do not add to the value of capital assets or
materially extend their respective lives are not capitalized. Interest expenditures within governmental
activities are not capitalized.
Capital assets, excluding land and construction in progress, are depreciated using the straight-line
method over the following estimated useful lives:
Assets
Buildings
Land improvements
Heavy machinery and equipment
Computer equipment
Vehicles
Infrastructure

42

Years
40
20
5-15
3
3-10
8-50

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 1 Summary of Significant Accounting Policies (Continued):

D.
ASSETS, LIABILITIES, DEFERRED OUTFLOWS/INFLOWS AND RESOURCES, AND NET
POSITION OR EQUITY (Continued):
6. Capital Assets (Continued):
Interest is capitalized on proprietary fund assets constructed with the proceeds of tax-exempt debt. The
amount of interest to be capitalized is calculated by offsetting interest expense incurred from the date of
the borrowing until completion of the project with interest earned on invested proceeds over the same
period.
The City has a collection of artwork presented for public exhibition and education that is being preserved
for future generations. The proceeds from the sales of any pieces of the collection are used to purchase
other acquisitions. The collection is not capitalized or depreciated as part of capital assets.
Infrastructure assets include roads, bridges, underground pipe (other than related to utilities), traffic
signals, etc.
7. Compensated Absences
The City accrues accumulated unpaid personal leave and associated employee-related cost when earned
(or estimated to be earned) by employees up to 240 hours. For the Proprietary Funds and the
government-wide Statements, the current portion is the amount estimated to be used in the following
year. In accordance with GAAP, for the governmental funds, all of the compensated absences are
considered long-term and therefore, are not a fund liability and represents a reconciling item between the
fund level and government-wide presentation. The compensated absences liability is liquidated by the
following funds: general fund, special revenue, transportation, sanitation & water/sewer.
8. Bond Discounts, Bond Premiums and Issuance Costs
In the governmental funds, bond discounts, bond premiums and issuance costs are treated as period
costs in the year of issue. Bond premiums and discounts are shown as an Other Financing
Sources/Uses.
In the proprietary funds and government-wide financial statements, bond discounts and bond premiums
are amortized over the terms of the bonds outstanding method, which approximates the effective interest
method. Bond discounts and premiums are presented as a reduction and increase, respectively, of the
face amount of the revenue bond payable. Bond issuance costs, excluding any prepaid bond issuance,
are reported as expenses in the year of the debt issuance. Gains (losses) on refundings are reported as
deferred outflows/inflows of resources.
9. Interfund Activity
Interfund activity is reported as either loans, services provided, reimbursements or transfers. Loans are
reported as interfund receivables and payables as appropriate and are subject to elimination upon
consolidation. Services provided, deemed to be at market or near fair market rates are treated as
revenues and expenditures/expenses. Reimbursements are when one fund incurs a cost, charges the
appropriate benefiting fund and reduces its related cost as a reimbursement. All other interfund
transactions are treated as transfers. Transfers between governmental or proprietary funds are netted as
part of the reconciliation to the government-wide financial statements.

43

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 1 Summary of Significant Accounting Policies (Continued):

D.
ASSETS, LIABILITIES, DEFERRED OUTFLOWS/INFLOWS AND RESOURCES, AND NET
POSITION OR EQUITY (Continued):
10. Revenues
Substantially all governmental fund revenues are accrued. Property taxes are recognized at the levy date.
All property taxes are billed, collected and recognized as revenue within the same period for which they
are levied. Subsidies and grants to proprietary funds, which finance either capital or current operations
are reported as non-operating revenues. Proprietary funds distinguish operating revenues and expenses
from nonoperating items. Operating revenues and expenses result from providing services and
producing and delivering goods in connection with a proprietary funds principal ongoing operations. The
principal operating revenues of the enterprise fund and of the governments internal service funds are
charges to customers for sales and services. Operating expenses for enterprise funds and internal
service 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. In, applying GASBS No. 33 to grant revenues, the provider recognizes liabilities and
expenses and the recipient recognizes receivables and revenues when the applicable eligibility
requirements, including time requirements, are met. Resources transmitted before the eligibility
requirements are met are reported as advances by the provided and deferred revenue by the recipient.
11. Expenditures
Expenditures are recognized when the related fund liability is incurred. Inventory costs are reported in the
period when inventory items are used, rather than in the period purchased.
12. Reserves and Designations
Portions of fund equity are segregated for future use and therefore, are not available for
future appropriations or expenditure. City has a municipal bond debt service reserve insurance policy for
the proprietary funds in lieu of cash. Amounts reserved for state tort claims represent amounts required
by state law to be segregated for these purposes. The unreserved designated fund balance of the
Capital Projects Funds is appropriated for expenditures in future years.
13. Net Position
Net position represents the difference between assets plus deferred outflows of resources, less liabilities,
less deferred inflows of resources. Net investments in capital assets, net of related debt consists of
capital assets, net of accumulated depreciation, reduced by the outstanding balances of any borrowings
used for the acquisition, construction or improvement of those assets. Net investments in capital assets
are reported as restricted when there are limitations imposed on their use either through external
restrictions imposed by creditors, grantors or laws or regulations of other governments.
14. Fund Balance
In the fund financial statements, fund balance for governmental funds is reported in classifications that
comprise a hierarchy based primarily on the extent to which the City is bound to honor constraints on the
specific purpose for which amounts in the funds can be spent. Fund balance is reported in five
components - nonspendable, restricted, committed, assigned and unassigned.
Nonspendable - This component includes amounts that cannot be spent because they are either (a) not
in spendable form or (b) legally or contractually required to be maintained intact.

44

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 1 Summary of Significant Accounting Policies (Continued):

D.
ASSETS, LIABILITIES, DEFERRED OUTFLOWS/INFLOWS AND RESOURCES, AND NET
POSITION OR EQUITY (Continued):
14. Fund Balance (Continued)
Restricted - This component consists of amounts that have constraints placed on them either externally
by third-parties (creditors, grantors, contributors, or laws or regulations of other governments) or by law
through constitutional provisions or enabling legislation. Enabling legislation authorizes the City to
assess, levy, charge or otherwise mandate payment of resources (from external resource providers) and
includes a legally enforceable requirement (compelled by external parties) that those resources be used
only for the specific purposes stipulated in the legislation.
Committed Amounts formally designated by City Council through equally binding ordinances or
resolutions for a specific purpose that cannot be used for another purpose unless the City Council
formally changes the use.
Assigned - This component consists of amounts that are constrained by the City's intent to be used for
specific purposes, but are neither restricted nor committed. The authority for assigning fund balance is
expressed by the City Council, Mayor or their designee as established in the City's Fund Balance Policy.
Unassigned - This classification represents amounts that have not been restricted, committed or assigned
to specific purposes within the general fund. The general fund is the only fund that reports a positive
unassigned fund balance amount. Other governmental funds besides the general fund can only report a
negative unassigned fund balance amount.
When both restricted and unrestricted resources are available for use, it is the City's policy to use
restricted resources first, then unrestricted resources (committed, assigned and unassigned) as they are
needed. When unrestricted resources (committed, assigned and unassigned) are available for use it is
the City's policy to use committed resources first, then assigned, and then unassigned as they are
needed.
15. Fund Balance/Net Position Policy
The City has adopted a fund balance / net position policy that is tailored to the needs of the City to ensure
against unanticipated events that would adversely affect the financial condition of the City and will not
jeopardize the continuation of necessary public services. This policy will ensure the City maintains
adequate fund balance / net position and reserves in the City's various operating funds to provide the
capacity to: (1) provide sufficient cash flow for daily financial needs, (2) secure and maintain investment
grade bond ratings, (3) offset significant economic downturns and revenue shortfalls, and (4) provide
funds for unforeseen expenditures related to emergencies.
The City will maintain reservations of Fund Balance / Net Position in the General Fund and Proprietary
funds of the City. The City shall retain the minimum requirement for each fund listed below.
General Fund There shall be a reservation (unassigned) of fund balance equal to 7.5% of the adopted
General Fund operating revenues. For the purposes of the calculation, the current fiscal year budget
shall be the budget as originally adopted by resolution on or before September 15th for the subsequent
fiscal year. The reserve shall be in addition to all other reserves or designations of the fund balance,
including but not limited to reserves for encumbrances, donations, advances to other funds, designations
for compensated absences, and insurance.
Enterprise Fund The City maintains a Sanitation Fund, Water & Sewer Fund, and Transportation Fund.
Under the Water & Sewer Bond Ordinance, the following Fund Balance/Reserves are required: 1/12 of
O&M budget for Operation & Maintenance; 1/12 of actual debt service; and, 2/12 of O&M budget for
Contingent Fund.
45

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 1 Summary of Significant Accounting Policies (Continued):

D.
ASSETS, LIABILITIES, DEFERRED OUTFLOWS/INFLOWS AND RESOURCES, AND NET
POSITION OR EQUITY (Continued):
15. Fund Balance/Net Position Policy (Continued)
The total Required Fund Balance/Reserve for 2015 is $9,178,392. The amount on deposit is $4,991,025
which has resulted in a reserve deficit $4,187,367 at September 30, 2015.
Replenishment of Reserve Deficits - If, at the end of any fiscal year, the actual amount of unassigned
fund balance or unassigned net position falls below the required fund levels set forth herein, the Mayor
shall prepare and submit a plan for expenditure or expense reductions and / or revenue increases to the
City Council. As a part of the annual budget review, the City Council shall review and, if necessary,
amend the plan submitted by the Mayor for restoring the amounts of unassigned fund balance or
unassigned net position to the required levels.
16. Pension Expenses
The City funds pension expenses as required by applicable statute. Two plans, funded from both City
and employee contributions are described in NOTE 6.F.
17. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions that affect the
reported amounts of assets, liabilities, and disclosures. Actual results could differ from those estimates.
18. Deferred Outflows/Inflows of Resources
The statement of financial position will often report a separate section for deferred outflows and (or)
deferred inflows of financial resources. Deferred outflows of resources, represents a consumption of net
position that applies to a future period(s) and so will not be recognized as an outflow of resources
(expense/expenditure) until then. Deferred inflows of resources, represents an acquisition of net position
that applies to a future period(s) and so will not be recognized as an inflow of resources until that time.
All of the primary governments deferred outflows of resources on the statement of net position are a
result of deferrals concerning bonded debt. A deferred charge on refunding results from the difference in
the carrying value of refunded debt and its reacquisition price. Deferred amount on refunding of debt is
reported in the deferred inflows or deferred outflow sections of the statement of position.
The governmental funds report unavailable revenues from two sources: property taxes and Federal and
State financial assistance. These amounts are deferred and recognized as an inflow of resources in the
period that the amounts become available.

46

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 1 Summary of Significant Accounting Policies (Continued):

D.
ASSETS, LIABILITIES, DEFERRED OUTFLOWS/INFLOWS AND RESOURCES, AND NET
POSITION OR EQUITY (Continued):
19. New Accounting Pronouncements
During the fiscal year 2015 the City implemented the following GASB pronouncements:
In June 2012, GASB issued Statement No. 68: The objective of this Statement is to improve financial
reporting by state and local governmental pension plans. This Statement results from a comprehensive
review of the effectiveness of existing standards of accounting and financial reporting for pensions with
regard to providing decision-useful information, supporting assessments of accountability and interperiod
equity, and creating additional transparency. This Statement replaces the requirements of Statements No.
25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution
Plans, and No. 50, Pension Disclosures, as they relate to pension plans that are administered through
trusts or equivalent arrangements (hereafter jointly referred to as trusts) that meet certain criteria. The
requirements of Statements 25 and 50 remain applicable to pension plans that are not administered
through trusts covered by the scope of this Statement and to defined contribution plans that provide
postemployment benefits other than pensions. This Statement is effective for financial statements for
fiscal years beginning after June 15, 2014.
In November 2013, the GASB issued Statement No. 71, Pension Transition for Contributions Made
Subsequent to the Measurement Date. This statement will eliminate the source of a potential significant
understatement of restated beginning net position and expense in the first year of implementation of
Statement 68 in the accrual-basis financial statements of employers and nonemployer contributing
entities. The requirements of this statement are effective for financial statements for periods beginning
after June 15, 2014.
The City will adopt the following new accounting pronouncements in future years:
In February 2015, the GASB issued Statement No. 72, Fair Value Measurement and Application. This
statement addresses accounting and financial reporting issues related to fair value measurements. The
requirements of this statement are effective for financial statements for periods beginning after June 15,
2015. The City is evaluating the impact, if any, upon its financial position, results of operations or cash
flows upon adoption.
In June 2015, the GASB issued Statement No. 73, Accounting and Financial Reporting for Pensions and
Related Assets That Are Not within the Scope of GASB Statement 68, and Amendments to Certain
Provisions of GASB Statements 67 and 68. This statement will improve the usefulness of information for
decisions made by the various users of the general purpose external financial reports. The requirements
of this statement are effective for financial statements for periods beginning after June 15, 2016. The City
is evaluating the impact, if any, upon its financial position, results of operations or cash flows upon
adoption.
In June 2015, the GASB issued Statement No. 74, Financial Reporting for Postemployment Benefit
Plans Other Than Pension Plans. This statement will improve the usefulness of information about
postemployment benefits other than pensions (other postemployment benefits or OPEB) included in the
general purpose external financial reports of state and local governmental OPEB plans for making
decisions and assessing accountability. The requirements of this statement are effective for financial
statements for periods beginning after June 15, 2017. The City is evaluating the impact, if any, upon its
financial position, results of operations or cash flows upon adoption.

47

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 1 Summary of Significant Accounting Policies (Continued):

D.
ASSETS, LIABILITIES, DEFERRED OUTFLOWS/INFLOWS AND RESOURCES, AND NET
POSITION OR EQUITY (Continued):
19. New Accounting Pronouncements (Continued)
In June 2015, the GASB issued Statement No. 75, Accounting and Financial Reporting for
Postemployment Benefits Other Than Pensions. This statement will improve accounting and financial
reporting by state and local governments for postemployment benefits other than pensions (other
postemployment benefits or OPEB). The requirements of this statement are effective for financial
statements for periods beginning after June 15, 2017. The City is evaluating the impact, if any, upon its
financial position, results of operations or cash flows upon adoption.
In June 2015, the GASB issued Statement No. 76, The Hierarchy of Generally Accepted Accounting
Principles for State and Local Governments. This statement will establish the hierarchy of GAAP for
state and local governments. The requirements of this statement are effective for financial statements for
periods beginning after June 15, 2015. The City is evaluating the impact, if any, upon its financial
statements, results of operations or cash flows upon adoption.

48

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 2 Reconciliation of government-wide and fund financial statements

A. Explanation of certain differences between the governmental fund balance sheet and the
government-wide statement of net position
The governmental fund balance sheet includes a reconciliation between fund balance total
governmental funds and net position governmental activities as reported in the government-wide
statement of net position. One element of that reconciliation explains that long-term liabilities, including
bonds payable, are not due and payable in the current period and therefore are not reported in the funds.
The details of this $177,728 difference are as follows (in thousands):
Bonds payable
Less: Issuance premium
Less: Issuance discount (to be amortized as interest expense)
Accrued interest payable
Capital leases payable
Claims and judgments
Compensated absences
Workers Compensation Benefits

$ 142,743
6,728
(312)
680
15,677
2,563
4,273
5,376

Net adjustment to reduce fund balance total governmental funds to arrive at

net position governmental activities

$ 177,728

Another element of that reconciliation explains that Internal service funds are used to account for the
group benefit plan. The assets and liabilities of the internal service funds are included in governmental
activities in the statement of net position. The details of this $183 difference are as follows (in
thousands):
Net position of the internal service funds

$ 183

Net adjustment to increase fund balance total governmental funds to arrive

at net position governmental activities

$ 183

B. Explanation of certain differences between the governmental fund statement of revenues,

expenditures, and changes in fund balances and the government-wide statement of activities
The governmental fund statement of revenues, expenditures, and changes in fund balances includes a
reconciliation between net changes in fund balances total governmental funds and changes in net
position of governmental activities as reported in the government-wide statement of activities. One
element of that reconciliation explains that 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. The details of this $(1,838) difference are as follows (in
thousands):
Capital outlay
Depreciation expense
Net adjustment to increase net changes in fund balances total governmental
funds to arrive at changes in net position of governmental activities

49

7,546
(9,384)

(1,838)

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 2 Reconciliation of government-wide and fund financial statements (Continued):

B. Explanation of certain differences between the governmental fund statement of revenues,
expenditures, and changes in fund balances and the government-wide statement of activities
(Continued):
Another element of that reconciliation states that The issuance of long-term debt (e.g., bonds, leases)
provides current financial resources to governmental funds, while the repayment of the principal of longterm 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 issuance costs, premiums,
discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized
in the statement of activities. The details of this $11,402 difference are as follows (in thousands):
Principal repayments:
General obligation debt
Limited obligation debt
Other debt

$ 8,230
535
2,637

Net adjustment to decrease net changes in fund balances total

governmental funds to arrive at changes in net position of governmental
activities

$ 11,402

Another element of that reconciliation states that The activities from debt related transactions include new
capital lease proceeds reported in the fund statements and retirement of prior lease. The details of this
($2,203) difference are as follows (in thousands):
Debt issued or incurred:
Capital lease financing
Principal repayments:
Payment on capital lease

$ 2,095
(4,298)

Net adjustment to decrease net changes in fund balances total

governmental funds to arrive at changes in net position of
governmental activities

$ (2,203)

Another element of that reconciliation states that 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. The details of this $2,083 difference are as follows (in thousands):
Compensated absences
Workers compensation benefits
Claims and judgments
Accrued interest
Amortization of bond premium
Amortization of bond discounts

Net adjustment to decrease net changes in fund balances total

governmental funds to arrive at changes in net position of
governmental activities

50

(131)
1,405
353
(40)
518
(22)

$ 2,083

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 2 Reconciliation of government-wide and fund financial statements (Continued):

B. Explanation of certain differences between the governmental fund statement of revenues,
expenditures, and changes in fund balances and the government-wide statement of activities
(Continued):
Another element of that reconciliation states that Revenues recognized on the full accrual basis for the
government-wide statements but are not recognized on the fund statements. The details of this $1,722
difference are as follows (in thousands):
Property taxes receivable
Net adjustment to increase net changes in fund balances total
governmental funds to arrive at changes in net position of
governmental activities

$ 1,722

$ 1,722

Another element of that reconciliation states that Internal service funds are used by management to
charge the costs of fleet management and management information systems to individual funds. The
net revenue of certain activities of internal service funds is reported with governmental activities. The
details of this $115 difference are as follows (in thousands):
Change in net position of the internal service funds

$ 115

Net adjustment to decrease net changes in fund balances total

governmental funds to arrive at changes in net position of
governmental activities

$ 115

51

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 3 Stewardship, Compliance and Accountability

A. BUDGETARY INFORMATION
The City follows these procedures in establishing budgetary data reflected in the financial statements.
1.

The Finance Division of the Department of Administration prepares estimates of available

revenue.

2.

Department Directors submit proposed expenditure budgets to the Finance Division of the
Department of Administration by June 1 each year.

3.

The Finance Division of the Department of Administration reviews the expenditure budgets,
and the necessary revisions are communicated to department directors.

4.

Budgeted revenues and expenditures are balanced, and a summary budget is prepared by
July 1, and presented to the Mayor.

5.

The Mayor submits the proposed budget to the City Council by August 1. The final
budget is approved by September 15 and must be published in a local newspaper on or before
September 30.

6.

The budget is formally amended in September each year or any time that budget revisions
through funds reallocation are necessary or a budget deficit is indicated.

7.

The City prepares annual budgets for the General Fund, Special Revenue Funds, Debt
Service Fund, Capital Projects Funds, Enterprise Funds, Internal Service Fund and Trust
Funds (with the exception of the Charitable Trust Fire and Police Fund). Budgets for the
Enterprise Funds are prepared on a GAAP basis but exclude depreciation and bad debt
expense and include debt retirement payments. The General Fund, Debt Service Fund,
Special Revenue Funds, Capital Projects Funds, Internal Service Fund and Trust Funds are
prepared in accordance with GAAP. Budget and actual comparisons are presented in the
accompanying financial statements for all governmental type funds for which a budget is
adopted.
During the fiscal year, several adjustments are normally required to the adopted budget. The
approved budget may be amended as required in accordance with the following protocol:
a.

Revenues are reviewed at least quarterly, and the projections are adjusted if warranted.
These adjustments to expected revenues, if material, can precipitate adjustments to the
expenditure budget.

b.

Adjustments to transfer approved expenditure budgets from one department to another or

to transfer from one category to another within a department must be approved by the
City Council.

c.

All new appropriations must be approved by the City Council and are normally submitted
by the Mayors Office.

The legal level of control for all budgets adopted is at the category level by funds with the
exception of the General Fund, which is appropriated at the category level by department.
Administrative control for all budgets is maintained through the establishment of more detailed
line-item budgets.

52

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 3 Stewardship, Compliance and Accountability (Continued):

A. BUDGETARY INFORMATION (Continued):
The Finance Division of the Department of Administration exercises budgetary monitoring
throughout the fiscal year. An adopted budget may not exceed its appropriated level without
City Council approval. The Finance Division of the Department of Administration advises the
Mayor whenever a requested expenditure will exceed budgeted amounts. The City Council
may approve expenditures in excess of budgeted amounts in various funds or departments as
appropriate, as long as total annual expenditures do not exceed available resources.
Adjustments in expenditure rates, if necessary, are implemented by the City Council as
required, so that the total expenditures and resources will remain in balance throughout the
year.
8. Budgeted expenditure or expense amounts as originally adopted were amended by the City
Council in September 2015 as provided by law, as follows (in thousands):

General Fund
Special Revenue Funds
Debt Service Fund
Capital Projects Funds
Enterprise Funds
Internal Service Fund

Originally
Adopted Budget
$ 131,419
43,374
23,687
17,373
257,669
14,654
$ 488,176

Budget as
Amended
$ 135,637
48,317
26,283
29,204
277,160
14,654
$ 531,255

9. Unexpended appropriations lapse at year end in all funds.

B. DEFICIT FUND BALANCES / NET POSITION
The City has no deficit fund balances/net position by individual fund as of September 30, 2015.

53

Increase
(Decrease)
$ 4,218
4,943
2,596
11,831
19,491
$ 43,079

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds

A. DEPOSITS AND INVESTMENTS
1. Policies and Practices
The collateral for public entities deposits in financial institutions are now held in the name of the State
Treasurer under a program established by the Mississippi State Legislature and is governed by Section
27-105-5, Mississippi Code Ann. (1972). Under this program, the entitys funds are protected through a
collateral pool administered by the State Treasurer. Financial institutions holding deposits of public funds
must pledge securities as collateral against those deposits. In the event of failure of a financial institution,
securities pledged by that institution would be liquidated by the State Treasurer to replace the public
deposits not covered by the Federal Depository Insurance Corporation (FDIC).
2. Deposits Primary government
At year end, the carrying amount of the Citys deposits was $95,342,028 and the bank balances totaled
$85,326,527. Of the bank balances, $250,000 was insured by federal deposit insurance and $85,076,527
was covered by pooled and/or pledged collateral, as allowed by the Mississippi Code.
3.

Investments Primary Government

As of September 30, 2015, the City had investments consisting of U.S. Agencies at a total fair value of
$11,900,693 with a total Portfolio Weighted Average maturity of less than one year.
Interest Rate Risk Interest rate risk is the risk that changes in interest rates will adversely affect the fair
value of an investment. As a means of limiting its exposure to losses from rising interest rates, the Citys
investment policy limits investment maturities in its portfolio to no more than 12 months for U.S. Treasury
obligations for all investments except bond funds. With respect to bond funds, the City can invest in
obligations of U.S. federal agencies for no more than 18 months.
Custodial Credit Risk Custodial credit risk is the risk that, in the event of failure of the counterparty, the
City will not be able to recover the value of its investment or collateral securities that are in the
possessions of an outside party. Consistent with the Citys investment policy, all investments above are
held by a counterparty and are not insured but are backed by the U. S. government.
Following is a list of the City's eligible investments, which in accordance with State statute are limited to
the investment of funds in excess of sums required for immediate expenditure or current obligations:
q
Certificates of deposit with municipal depositories approved annually by the State Treasurer
q Money market mutual funds where portfolios consist entirely of U. S. governmental and/or
federal agency securities
q
Bonds or direct obligations of the:
- United States of America
- State of Mississippi
- County or Municipality of Mississippi
- School Districts
State statute allows the investment of funds received from the sale of bonds, notes, or certificates of
indebtedness which are not immediately required for disbursement for the purpose issued, in direct
obligations issued by or guaranteed in full by the United States of America, or in certificates of deposit
with approved municipal depositories.

54

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

A. DEPOSITS AND INVESTMENTS (Continued):
4. Cash and Investments - Component Units
The component units policy is to invest available funds in the following types of investments: 1) direct
obligations of the U. S. of America, including such instruments as treasury bills, treasury notes and
treasury bonds; 2) obligations of U. S. Government agencies that are deliverable on the Federal Reserve
System; 3) Repurchase agreements in U. S. Government securities made with dealers that report to and
are regulated by the Federal Reserve Bank; 4) deposits with financial institutions which are insured or are
fully collateralized by qualifying securities.
The collateral for public entities deposits in financial institutions is held in the name of the State Treasurer
under a program established by the Mississippi State Legislature and is governed by Section 27-105-5,
Mississippi Code Ann. (1972). Under this program, the entitys funds are protected through a collateral
pool administered by the State Treasurer. Financial institutions holding deposits of public funds must
pledge securities as collateral against those deposits. In the event of failure of a financial institution,
securities pledged by that institution would be liquidated by the State Treasurer to replace the public
deposits not covered by the Federal Depository Insurance Corporation (FDIC). As of September 30,
2015 all of the component units cash deposits in excess of the amounts covered by the FDIC were
covered under the collateral pool administered by the State Treasurer.
Investments are reflected at cost, which approximates fair value. These investments were uninsured,
unregistered, and held by the counterparty brokerage firm. At September 30, 2015, investments of the
component unit consisted of the following (in thousands):
Capital City Convention Center Commission
Certificate of deposit:
Unrestricted

500

B. RECEIVABLES
Receivables at September 30, 2015, for the primary governments individual major funds and nonmajor,
internal service, and fiduciary funds in the aggregate, including the applicable allowances for uncollectible
accounts, are as follows (in thousands):

General

Debt
Service

Water
and
Sewer

$ 41,146

Sanitation

Nonmajor
and
Other
Funds

2003
GO
Bond

Federal
Grant

Capitol
Street
2-Way

Total

Receivables:
Accounts receivable
Intergovernmental
Other
Gross receivables

8,377

193

49,716

8,743

1,259

10

274

123

10,409

55,717

43

583

7,530

63,877

$55,717

$ 8,786

$ 41,729

8,377

$ 1,263

10

$ 7,997

Receivables of Water and Sewer are reported net of uncollectible amounts.

55

123

124,002

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

B. RECEIVABLES (Continued):
1. Property taxes
Property taxes on real and personal property, exclusive of automobiles, attach as an
enforceable lien on the levy date or January 1 for the preceding calendar year. Hinds, Rankin and
Madison Counties bill and collect the real, personal and auto ad valorem taxes for the City of Jackson,
Jackson Municipal Separate School District and the Jackson/Hinds Library System. Automobile taxes are
remitted monthly and real and personal taxes are remitted on a weekly basis to the City of Jackson.
Hinds County remits directly to the Jackson Municipal Separate School District taxes collected for all
school funds except the Bond and Interest Fund in accordance with State law. Hinds County also remits
to the City a pro rata share of road and bridge taxes collected by the County.
The taxes are due on or before February 1; however, installment payments can be made one-half of
balance due on February 1 and one-fourth each on May 1 and August 1.
Tax millage levies for 2014 were collected in the current fiscal year and statutory maximum millage rates
were as follows:
Fund
General Fund
Parks and Recreation Fund
Debt Service Fund
Disability and Relief Fund
Total City of Jackson
Jackson/Hinds Library System
Jackson Municipal Separate
School District:
District Supplement Levy
Special Debt Retirement Levy
Special Debt Retirement Bond
Special Debt Retirement

Levy (in mills)

42.42
2.00
7.56
4.48

Purpose
General
Recreation
Debt retirement
Retirement

Maximum
None
2.00 mills
None
None

56.46
1.57

65.91
2.48
5.03
9.02

Public library

None

Public schools
Public schools
Public schools
Public schools

None
None
None
None

82.44
Total mills

140.47

The City levies an assessment for the Landscape Improvement fund which consists of nine cents of the
gross square footage of land and building of property owners located in the downtown development
district.
The City is permitted to levy taxes based on a percentage of up to 100% of fair value of property at the
millage indicated above. At the present time, the City levies taxes based on 10% of fair value for
homeowner-occupied real property, 15% of fair value for all other real and personal property, and 30% of
fair value for all motor vehicles and property owned by public service corporations. The City may levy
taxes as necessary to meet bonded debt retirement. Limitations are imposed on the amount of bonded
debt that may be issued based upon assessed valuation of properties.
Annual tax increases for all purposes except payment of general obligation bonds and interest are limited
by State law to 10% of the preceding year's receipts plus new construction.
56

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

B. RECEIVABLES (Continued):
1. Property taxes (Continued):
The State levies a 7% sales tax on retail sales and remits 18.5% of collections to the City monthly.
Intergovernmental revenue of the General Fund includes $31,636,155 of sales tax revenue.
In accordance with the Local and Private Act, since January 1, 2005 the City has levied, assessed and is
collecting: (a) tax of 1% of the gross proceeds of sales of restaurants and of sales of food and beverages
in the hotels and motels, within the City; (b) a tax of 3% of the gross proceeds of sales of hotel and motel
rooms and lodging within the City; and (c) a tax of 3% of gross proceeds of sales at the Convention
Center by caterers. The tax is primarily to be used for debt service payments on bonds issued for the
construction of a convention center.
Governmental funds reported deferred revenue in connection with receivables for revenues that are not
considered to be available to liquidate liabilities of the current period. Governmental funds also defer
revenue recognition in connection with resources that have been received, but not yet earned. At the end
of the current fiscal year, the various components of deferred revenue reported in the governmental funds
were as follows:
Unearned
Delinquent property taxes receivable (general fund)
Interest on delinquent property taxes receivable (general fund)
Special assessments not yet due (debt service fund)
Current year tax assessments (all funds)
Grant drawdowns prior to meeting all eligibility requirements
Total unearned revenue for governmental funds

865,621
583,492
42,547
67,046,727
391,141
$ 68,929,528

C. CHANGES IN CAPITAL ASSETS

1. Primary government capital asset activity for the year ended September 30, 2015, was as follows
(thousands):

Governmental Activities:
Capital assets not being depreciated:
Land

Balance
September 30,
2014
$

Construction in progress
Total capital assets not being depreciated

117,678
131,608

Capital assets being depreciated:

Buildings
Infrastructure
Automotive and equipment
Total capital assets being depreciated
Less accumulated depreciation for:
Buildings
Infrastructure
Automotive and equipment
Total accumulated depreciation
Total capital assets being depreciated, net
Total governmental activities capital
assets, net

13,930

Additions

Deletions
$

4,428
4,428

239

Balance
September 30,
2015

Adjustment
$

20,817
21,056

(70,271)
(70,271)

13,691
31,018
44,709

81,480

81,480

265,817

19,715

285,532

72,402
419,699

4,480
24,195

987
987

75,895
442,907

(28,574)

(1,466)

(30,040)

(106,798)

(4,825)

(111,623)

(57,192)

(3,092)

966

(59,318)

(192,564)

(9,383)

966

(200,981)

227,135

14,812

21

241,926

358,743

57

19,240

21,077

(70,271)

286,635

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

C. CHANGES IN CAPITAL ASSETS (Continued):

Business-Type Activities:
Capital assets not being depreciated:
Land
Construction in progress
Total capital assets not being depreciated

Balance
September 30,
2014
$

Capital assets being depreciated:

Buildings
Infrastructure
Automotive and equipment
Total capital assets being depreciated

1,838
166,980
168,818

Additions
$

27,243
27,243

Balance
September 30,
2015

Deletions
$

184
184

1,838
194,039
195,877

118,075
378,214
29,629
525,918

184
1,354
1,538

80
80

118,075
378,398
30,903
527,376

Less accumulated depreciation for:

Buildings
Infrastructure
Automotive and equipment

(83,117)
(132,040)
(13,378)

(2,704)
(7,794)
(1,990)

80

(85,821)
(139,834)
(15,288)

Total accumulated depreciation

(228,535)

(12,488)

80

(240,943)

297,383

(10,949)

286,433

Total capital assets being depreciated, net

Total business-type activities capital assets, net

466,201

16,294

184

482,310

2. Depreciation expense was charged to functions of the primary government as follows (in thousands):
Governmental Activities:
General government
Public Works
Human & Cultural
Public Safety

1,876
3,003
1,689
2,815

9,383

Water/Sewer
Sanitation
Madison-Ridgeland Sewage
Transportation

11,378
268
14
828

Total depreciation expense business-type activities

12,488

Total depreciation expense governmental activities

Business-Type Activities:

58

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

C. CHANGES IN CAPITAL ASSETS (Continued):
3. Construction work in progress at September 30, 2015 for the governmental activities of the primary
government is composed of the following:

Project

Remaining
Commitment

Spent-to-date

1982 Industrial Park Bond

1998 G O Public Improvement Construction Bond
2003 G O Public Improvement Construction Bond
2008 G O Street Construction Bond
Capital Project Fund
Capitol Street 2-Way Project
Museum to Market Trail
Economic Development Initiative
Traffic Repair and Replacement
Drainage Repair and Replacement

2,097,946
194,130
$

Total

49,993
12,304,909
9,161,326
426,842
34,993
6,541,708
206,355

31,018,202

127,791
17,621
872,655
68,591
60,045
40,108

1,186,811

4. Construction work in progress at September 30, 2015 for primary government enterprise funds is
composed of the following:

Spent-to-date

Remaining
Commitment

Water/Sewer Construction
Fund

$194,038,723

$18,631,514

Total

$194,038,723

$18,631,514

Project

59

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

C. CHANGES IN CAPITAL ASSETS (Continued)
5. A summary of changes in capital asset for component units is as follows (in thousands):
Activity for the Jackson Redevelopment Authority for the year ended September 30, 2015, was as follows:
Balance
September 30,
2014

Business-Type Activities:
Capital assets not being depreciated:
Land
Property held for development

4,538
1,913

Total capital assets not being depreciated

Additions
$

Deletions
$

389

Balance
September 30,
2015

Adjustments
$

321
4,400

4,859
5,924

6,541

389

4,721

10,783

Other capital assets:

Land improvements
Buildings
Equipment and furniture

80
54,342
1,466

9
-

(4)
(3,746)
-

76
50,605
1,466

Total other capital assets

55,888

(3,750)

52,147

Less accumulated depreciation for:

Land improvements
Buildings
Equipment and furniture
Total capital assets being depreciated
Total other capital assets, net
Total capital assets, net

(29)

(29)

(22,995)
(1,344)

1,248
26

(1)

(24,243)
(1,371)

(24,368)

1,274

(1)

(25,643)

31,520
$

37,971

(1,265)
$

(1,265)

389

(3,751)
$

970

26,504
$

Depreciation expense was charged to activities as follows (in thousands):

Urban renewal projects
Rehabilitation loan services
Parking facilities
Total

$ 825
2
447
$ 1,274

Activity for the Capital City Convention Center Commission for the year ended September 30, 2015, was
as follows (in thousands):
Balance
September 30,
2014

Business-Type Activities:

Additions

Balance
September 30,
2015

Deletions

Capital assets not being depreciated:

Land
Building and improvements
Equipment

90,722
(14,282)

Less accumulated depreciation

Total capital assets, net

5,852
80,033
4,837

$$

76,440

60

17
79
213

309
(2,547)
$

(2,238)

50
-

50
$

50

5,819
80,112
5,050
90,981
(16,829)

74,152

37,287

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

D. INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS:
Individual fund interfund receivable and payable balances as of September 30, 2015 follows (in
thousands):
Interfund
Receivables
General Fund

Interfund
Payables

$ 4,374

Water/Sewage Disposal System

93

Sanitation

93

Federal Grant Fund

814

Capitol Street 2-Way

437

Nonmajor Governmental Fund

1,232

Nonmajor Proprietary Fund

1,891

Total

$ 4,467

4,467

Summary of transfer in/transfer out within primary government (in thousands):

Transfer
In
General Fund

Debt Service Fund

Proprietary Fund

Transfer
Out
-

$ 19,455

4,633

2,158

Federal Grant Fund

1,262

Nonmajor Governmental Funds

3,452

Internal Service Fund

7,435

Nonmajor Proprietary Funds

5,212

381

$ 21,994

$ 21,994

Improvement Fund
Total

Interfund transfers at September 30, 2015 consist of the following (in thousands):
$

2,523

From the General Fund to the Debt Service Fund to subsidize operations.

1,263

From the General Fund to the Federal Grant Fund to subsidize operations.

3,451

From the General Fund to the Nonmajor Governmental Fund to subsidize operations.

7,435

From the General Fund to the Internal Service Fund to subsidize operations.

48
381

From the Proprietary Fund to the Nonmajor Proprietary Fund to subsidize operations.
From the Improvement Fund to the Nonmajor Proprietary Fund to subsidize operations.

4,783

From the General Fund to the Nonmajor Proprietary Fund to subsidize operations.

2,110

From the Proprietary Fund to the Debt Service Fund to subsidize operations.

21,994

61

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

E. CAPITAL LEASES:
The City leases property with varying terms and options. Most leases contain a clause that states that
the lease shall terminate in the event that no funds or insufficient funds are appropriated. However, if
renewal is reasonably assured, leases are considered noncancellable leases for financial reporting
purposes.
The City has financed through lease agreements the acquisition of the data processing division computer
system, word-processing systems for the legal division, computerized records management system and a
computer-aided dispatch system for the fire and police departments, and various copying and duplicating
equipment. In addition, tractors have been acquired for both the Water Maintenance and the Engineering
Maintenance divisions; golf carts have been acquired for the City's golf courses and riding lawn mowers
have been acquired for park maintenance. These lease agreements qualify as capital leases for
accounting purposes and, therefore, have been recorded at the present value of future minimum lease
payments as of the date of their inception. Future minimum lease payments under operating leases are
disclosed in the following note. At September 30, 2015, there were assets under capital lease totaling
$22,994,172 for machinery and equipment. Future minimum lease payments for capital leases are
disclosed in Note 4.G.8.
The City has reported the proceeds of capital leases related to its Proprietary Funds as inflows of cash
since the City receives cash advances from the lessors and purchases the related assets.

F. OPERATING LEASES:
The City is obligated under certain noncancellable leases for land and buildings with terms remaining
more than one year that are classified as operating leases. Operating leases do not give rise to property
rights; therefore, the results of the lease agreements are not reflected in the City's account groups. Total
lease expenditures for the rental of all land and buildings under operating leases for the year ended
September 30, 2015, amounted to $793,902. The following is a schedule by years of future minimum
lease payments required under the noncancellable land and building operating leases as of September
30, 2015, (in thousands of dollars):
Amount

Fiscal Year
2016
2017
2018
2020
2020 and thereafter
Total

188
123
32
32
2,166
$ 2,541

The total rental expenditures for all operating leases of the City for the year ended September 30, 2015
totaled to $1,540,703. There were no subleases or contingent rentals associated with the operating
leases.

62

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

G. LONG-TERM DEBT:
1. General Obligation Bonds
The City issues general obligation bonds to provide funds for the acquisition and construction of major
capital facilities. General obligation bonds have been issued for both general government and proprietary
activities. These bonds therefore are reported in the proprietary funds if they are to be repaid from
proprietary revenues.
The City issued $20 million of general obligation bonds in January 2003 to provide funds for the costs of:
(A) erecting, repairing, improving, and equipping municipal buildings, (B) improving streets, (C) traffic
signals, (D) drainage improvements.
On August 4, 2005, the City issued $20,960,000 in General Obligation Refunding Bonds with an average
interest rate of 4.26 percent to advance refund $20,710,000 of outstanding General Obligation Bonds,
Series 1998 with an average interest rate of 5.05. The net proceeds of $21,904,652 (after payment of
$343,777 in underwriting fees, insurance and other issuance costs) were used to purchase U. S.
government securities. Those securities were deposited in an irrevocable trust with an escrow agent to
provide for all future debt service payments for the General Obligation Bonds, Series 1998. As a result,
the General Obligation Bonds, Series 1998 bonds are considered to be defeased and the liability for
those bonds has been removed from the government-wide statement of net position. A portion
($7,490,000) of the General Obligation Bonds, Series 1998 was not refunded.
The advance refunding resulted in a difference between the reacquisition price and the net carrying
amount of the old debt of $1,401,036. This difference is being charged to operations through the year
2017. The City completed the advance refunding to reduce its total debt service payments over the next
12 years by $816,595 and to obtain an economic gain (difference between the present values of the old
and new debt service payments) of $861,719.
On November 8, 2006, the City issued $65,000,000 in General Obligation Bonds to provide funds (a) to
purchase the City Bond to provide funds to the City in order to finance the acquisition, construction,
equipping, and furnishing of a convention center in the City to be known as the Capital City Convention
Center and for other authorized purposes under the Act (the Construction Project), and (b) to pay the
Costs of Issuance of the Series 2006 Bonds and the City Bond, including the cost of the premium for the
Bond Insurance Policy.
On January 1, 2009 the City issued $26,210,000 General Obligation Street Resurfacing Bond. The
Bonds are being issued to provide funds to (a) purchase the City Bond to provide funds to the City to pay
the costs of constructing, improving and paving streets, sidewalks, driveways, parkways, walkways and
public parking facilities, and purchasing land therefore; and constructing bridges and culverts and (b) pay
the Costs of Issuance of the Bonds and the City Bond.
On September 1, 2010 the City issued $23,665,000 in General Obligation Refunding Bonds Series A & B.
The bonds were issued to provide funds to the City in order to refund, defease and/or restructure certain
outstanding maturities on the $5,490,000 General Obligation Refunding Bond, Series 1998, the
$35,000,000 General Obligation Bonds, Series 1998, the $20,000,000 General Obligation Bonds, Series
2003, the $20,960,000 General Obligation Refunding Bonds, Series 2005, the $5,155,000 General
Obligation Refunding Bonds, Series 2008, and the $26,210,000 General Obligation Bonds, Series 2009,
and to pay the costs of issuance.

63

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

G. LONG-TERM DEBT (CONTINUED):
The average interest rate on the 2010 General Obligation Refunding Bond is 4.17%. The net proceeds of
$25,128,292 resulted in an economic loss to the City in the amount of ($2,116,552). The 1998 General
Obligation Bond $5,490,000, the 1998 General Obligation Bond $35,000,000, and the 2008 General
Obligation Bond $5,155,000 are considered to be defeased and the liability for those bonds have been
removed from the government-wide statement of net position. A portion of the 2003 General Obligation
Bond $20,000,000, 2005 General Refunding Bond $20,960,000, and the 2009 General Obligation Bond
$26,210,000 were not refunded.
On April 1, 2012 the City issued $11,500,000 in General Obligation Note, Series 2012. The note was
issued to provide (a) erecting municipal buildings; (b) establishing sanitary, storm, drainage or sewage
and repairing, improving and extending the same; (c) constructing bridges; and (d) constructing,
improving or paving streets, sidewalks, driveways, parkways, walkways or public parking facilities and
purchasing land.
On February 21, 2013 the City issued $64,940,000 in General Obligation Refunding Bonds, Series 2013.
Net present value savings related to the refunding bonds totaled $2,463,877.02 or 4.05%, 3.79%, and
3.47% of the refunded bonds and reduced total debt service by $2,518,549. The proceeds of the Series
2013 Bonds will be used by the City for the purposes of (a) refunding, defeasing and/or restructuring all or
a portion of the outstanding maturities of the 2006 City Bond and (b) paying certain costs of issuance of
the Series 2013 Bonds and the City Bond. The 2006 Bank Bonds were issued to provide funds to
purchase the 2006 City Bond. The proceeds of the 2006 City Bond were used by the City to finance
construction and equipping of the Capital City Convention Center (the Convention Center).
General obligation bonds are direct obligations and pledge the full faith and credit of the City. These
bonds generally are issued as serial bonds in denominations of $5,000 with principal maturing annually
and interest due at various semi-annual dates. General obligation bonds currently outstanding at
September 30, 2015, were as follows (in thousands):
Date of
Obligation

Interest
Rate

Final
Maturity
Date

Issued

Outstanding

MS Development Bank GO Bonds, Series 2003

01/05/03

2.00-5.25%

03/01/23

20,000

General Obligation Bonds, Refunding 2005

08/04/05

3.00-5.00%

10/01/17

20,960

5,030

General Obligation Bonds, Series 2006

11/08/06

3.60-5.00%

03/01/36

65,000

2,240

General Obligation Bonds, Series 2009

01/01/09

4.00-5.80%

01/01/24

26,210

18,045

General Obligation Refunding Series 2010A

09/01/10

3.00-5.00%

09/01/24

16,655

16,655

General Obligation Refunding Series 2010B

09/01/10

4.370%

09/01/24

7,010

7,010

General Obligation Refunding Series 2013

02/21/13

03/01/36

64,940

64,795

General Obligation Bonds:

3.00-5.00%

Total General Obligation Bonds

10,375

$ 124,150
Date of
Obligation

Interest
Rate

Final
Maturity
Date

04/01/12

1.71

09/01/24

Issued

11,500

Outstanding

General Obligation Notes:

General Obligation Notes Payable Series 2012
Total General Obligation Notes

64

4,600

4,600

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

G. LONG-TERM DEBT (Continued):
2. Revenue Bonds
On August 4, 2005, the City issued $27,180,000 in Water/Sewer System Revenue Refunding Bonds with
an average interest rate of 4.32 percent to advance refund $25,800,000 of outstanding Water/Sewer
System Revenue Bonds, Series 1999 with an average interest rate of 5.21. The net proceeds of
$27,758,429 (after payment of $496,236 in underwriting fees, insurance and other issuance costs) were
used to purchase U.S. government securities. Those securities were deposited in an irrevocable trust
with an escrow agent to provide for all future debt service payments for the Water/Sewer System
Revenue Bonds, Series 1999. As a result, the Water/Sewer System Revenue Bonds, Series 1999 bonds
are considered to be defeased and the liability for those bonds has been removed from the Water/Sewer
Proprietary Fund. A portion ($5,085,000) of the Water/Sewer System Revenue Bonds, Series 1999 was
not refunded. The advance refunding resulted in a difference between the reacquisition price and the net
carrying amount of the old debt of $2,785,028. This difference is being charged to operations through the
year 2024. The City completed the advance refunding to reduce its total debt service payments over the
next 19 years by $1,057,504 and to obtain an economic gain (difference between the present values of
the old debt and the new debt service payments) of $1,383,192.
On September 1, 2011, the City issued $46,720,000 and $2,565,000 in Water/Sewer System Revenue
Refunding Bonds to advance refund $42,355,000 of outstanding Water/Sewer System Revenue Bonds,
Series 2002, $1,140,000 of outstanding Water/Sewer Revenue Refunding, Series 2004, and $2,790,000
of outstanding Water/Sewer Revenue Refunding, Series 2005. The purpose for issuing the Tax-Exempt
Bonds is (a) to fund the 2011A Purchase Account, in order to provide funds for the purchase of the TaxExempt City Bond (which amounts are to provide financing for the refunding, defeasance and/or
restructuring of a portion of the Prior Bonds pursuant to the Act), (b) to pay the premium for the Bond
Insurance Policy and the Surety Bond for the Tax-Exempt Bonds, and (c) to fund the 2011A Bond
Issuance Expense Account to pay the Costs of Issuance in connection with the Tax-Exempt Bonds and
the Tax-Exempt City Bond. The purpose for issuing the Taxable Bonds is (a) to fund the 2011B Purchase
Account, in order to provide funds for the purchase of the Taxable City Bond (which amounts are to
provide financing for the refunding and/or restructuring of a portion of the Prior Bonds pursuant to the
Act), (b) to pay the premium for the Bond Insurance Policy and the Surety Bond for the Taxable Bonds,
and (c) to fund the 2011B Bond Issuance Expense Account to pay the Costs of Issuance in connection
with the Taxable Bonds and the Taxable City Bond. The City completed the advance refunding to reduce
its debt service payments over the next 23 years by $3,838,070 and to obtain an economic gain
(difference between the present values of the old debt and the new debt service payments) of $144,146.
On September 1, 2012, the City issued $63,045,000 and $19,180,000 in Water/Sewer Revenue
Refunding Bonds to advance refund $76,120,000 of outstanding Water/Sewer System Revenue
Refunding, Series 2004. The purpose for issuing the Tax-Exempt Bonds is (a) amount will provide
financing for the refunding, defeasance and/or restructuring of the Series 2004 Bonds and the 2004 City
Bonds, (b) as to the Taxable Bonds, to purchase the Taxable City Bond, which amount will provide
financing for the refunding, defeasance and/or restructuring of the Series 2004 Bonds and 2004 City
Bonds, (c) to pay premium for the Surety Bond and the Policy and (d) to fund the costs of issuance in
connection with the Series 2012 Bonds and the Series 2012 City Bonds. The City completed the advance
refunding to reduce its debt service payments over the next 22 years by $3,067,182 and to obtain an
economic gain (difference between the present values of the old debt and the new debt service
payments) of $3,062,988.

65

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

G. LONG-TERM DEBT (Continued):
On June 1, 2013, the City issued $89,990,000 in Water/Sewer Revenue Bonds with an average interest
rate of 6.07. The Series 2013 Bonds are being issued pursuant to the Act for the purpose of providing
funds to purchase the Series 2013 City Bond. This amount will provide financing for improvement and
repair of the system in accordance with the Performance Contract, pay the premium for the Surety Bond
and the Policy, and a fund the costs of issuance in connection with the Series 2013 Bonds and the Series
2013 City Bond.
Revenue bonds outstanding, at September 30, 2015, were as follows (in thousands):
Revenue Bonds:
Enterprise Funds:

Date of
Obligation

Interest
Rate

Final
Maturity
Date

Issued

Outstanding_

Water/Sewer Revenue Refunding 2005

07/01/05

3.00-5.00%

09/01/24

27,180

Water/Sewer Revenue Refunding 2011A

09/01/11

2.50-5.00%

09/01/34

46,720

Water/Sewer Revenue Refunding 2011B

09/01/11

4.070-5.40%

09/01/34

2,565

2,345

Water/Sewer Revenue Refunding 2012A

09/01/12

3.50-5.00%

09/01/34

63,045

63,045

Water/Sewer Revenue Refunding 2012B

09/01/12

1.00-2.375%

09/01/20

19,180

12,325

Water/Sewer Revenue 2013

06/01/13

5.00-6.875%

06/01/39

89,990

89,990
$ 227,910

66

18,325
41,880

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

G. LONG-TERM DEBT (Continued):
3. Tax Increment Limited Obligation Bonds
The City issued $2.270 million of tax increment limited obligation bonds in December 2007 to provide
funds for the costs of constructing certain infrastructure improvements, site development and or site
preparation in connection with the development and construction of a redevelopment project located
within the City. The City entered into an Interlocal Cooperation Agreement with Hinds County,
Mississippi, to provide the pledge of certain ad valorem tax revenues for the payment of the principal and
interest on the bonds. As a result, the bonds are not a general obligation of the City.
On April 23, 2009, the City issued $407,000 of tax increment limited obligation bonds to provide funds for
infrastructure improvements, including site utilities such as electrical, water, sanitary sewer and natural
gas lines; installation of storm drainage and site work; construction of entrances with curb and gutter,
sidewalks; landscaping of rights-of-way; installation of fencing and entry gates; capitalized interest;
related engineering costs and expenses; TIF plan preparation fees; other incidental costs; and related
professional fees.
On June 16, 2009, the City issued $375,000 of tax increment limited obligation bonds to provide funds for
the purpose of constructing various infrastructure improvements in connection with a tax increment
finance project including, but not limited to, installation and/or relocation of utilities such as water, sanitary
sewer, construction of drainage improvements, construction of roadways with curb and gutter, asphalt
overlay, landscaping of rights-of-way, related engineering fee, attorneys fees, TIF plan preparation fees,
capitalized interest and other related costs.
On June 19, 2009, the City issued $1,600,000 of tax increment limited obligation bonds to provide funds
for infrastructure improvements supporting the project including, installation of site utilities such as water,
sanitary sewer, and natural gas lines; landscaping of rights-of-way; capitalized interest; engineering; TIF
Plan preparation fees; other incidental costs; and related professional fees for the project.
On December 30, 2010, the City issued $2,800,000 of tax increment limited obligation bonds to provide
funds for the renovation and related construction of properties generally known as the King Edward Hotel
and Garage and the Standard Life Building and related properties located in a portion of the City Block
bounded by Mill, Capitol, Roach, and Pearl Street.

Limited obligation bonds outstanding at September 30, 2015, are as follows (in thousands):
Limited Obligation Bonds:
General Long-Term Debt:
Tax Increment Financing
Bonds, 2007
Tax Increment Financing
Bonds, 2009
Tax Increment Financing
Bonds, 2009
Tax Increment Financing
Bonds, 2010

Date of
Obligation

Interest
Rate

Final
Maturity
Date

Issued

Outstanding

12/28/2007

4.47%

3/1/2020

2,270

$ 1,145

4/23/2009

4.20%

4/1/2024

407

280

6/19/2009

4.75%

7/1/2022

1,600

980

12/30/2010

4.75-5.50%

3/1/2030

2,800

2,171

Total Limited Obligation Bonds

$ 4,576

67

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

G. LONG-TERM DEBT (Continued):
4. Section 108 Loan
On July 1, 2008, the City entered into a loan guaranty assistance in an amount not to exceed the
$10,000,000 under Section 108 of the Housing and Community Development Act of 1974 for the purpose
of providing assistance for the Capital City Center Revitalization Project and for development of a
revolving business loan program. Under the Contract for Loan Guarantee Assistance between the City
and HUD, HUD authorized the City to loan up to $10,000,000 under the 108 Program to TCI MS
Investment, Inc. for special economic development activities under 24 CFR 570.703(i)(1) and 570.203(b)
and, in particular, for site assemblage costs for the Revitalization Project. Upon repayment of the TCI
Loan, the City is authorized to use funds under the 1098 program for the Business Loan Pool.
The Revitalization Project is to consist of development of two (2) hotels, commercial and retail space, a
parking garage and residential facilities to help revitalize the Citys CBD while providing job creation for
persons of low and moderate income through construction activities and then through the new businesses
opened as part of the Revitalization Project. The Business Loan Pool is to be used to provide loan to forprofit and non-profit businesses and organizations which meet the eligibility requirements of 24 CFR
570.703, the national objective requirements of 570.208 and, if applicable, the public benefit standards of
570.209(b).
As required by the Guaranty Agreement, the City also entered into an agreement with Regions Bank to
serve as custodian of original loan and security documents for the loan to TCI.
5. Jackson Redevelopment Authority
Urban Renewal Bonds and Notes
Urban renewal bonds and notes are issued to provide funds for various rehabilitation projects at
September 30, 2015, were as follows (in thousands):
Date of
Obligation_

Interest
Rate

Final
Maturity
_Date

Issued

Outstanding_

Urban Renewal Bonds:

Enterprise Funds:
Urban Renewal Bond, Series, 2011-A

06/01/11

3.25%

06/01/31

7,165

Urban Renewal Bond, Series, 2011-B

06/01/11

5.15%

06/01/23

2,745

2,360

Note Payable, Series 2012

10/01/13

5.25%

10/26/19

2,500

2,402

Urban Renewal Bond, Series 2013

05/01/14

1.375%

11/01/15

3,850

3,850

Total Urban Renewal Bonds and Notes

6,265

$ 14,877

68

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

G. LONG-TERM DEBT (Continued):
6.

A summary of long-term debt transactions for the primary government and for the component unit for
the year ended September 30, 2015, was as follows (in thousands):
Beginning
Balance

Governmental activities:

Additions

Due
Within
One
Year

Ending
Balance

Reductions

Bonds and loans payable:

General obligation bonds

132,380

8,230

124,150

6,360

Limited obligation bonds

5,111

535

4,576

496

General Obligation Note

6,900

2,300

4,600

2,300

303

44

259

43

Miss. Development Bank Loan

State revolving loan MDA

2,453

294

2,159

294

Section 108 Loan

7,000

7,000

For issuance discount

(291)

22

(313)

For issuance premium

7,246

518

6,728

Total bonds payable

161,102

11,943

149,159

9,493
3,911

Less deferred amounts:

Capital leases

17,881

2,095

4,299

15,677

Claims and judgments

2,211

446

94

2,563

640

Workers Compensation Benefits

3,971

3,422

2,017

5,376

1,950

4,404

2,216

2,347

4,273

2,776

28,467

8,179

8,757

27,889

Compensated absences
Total Governmental Activity

189,569

233,660

9,277

8,179

20,700

177,048

5,750

227,910

18,770

Business-type activities:
Bonds and loans payable:
Revenue bonds
Miss. Development Bank Loan

5,930

3,943

1,078

5,021

5,021
-

Less deferred amounts:

For issuance discount

(2,333)

(131)

(2,203)

For issuance premiums

15,865

752

15,113

Total bonds payable

251,135

1,078

6,371

245,841

10,951

Capital leases
State Revolving Loan (DEQ)
Compensated absences
Total Business-type activities

3,984

543

1,808

2,719

1,550

22,534

4,582

1,484

25,633

1,885

554

198

258

494

318

27,072

5,324

3,550

28,845

3,753

278,207

6,401

9,921

274,686

14,704

492

14,877

4,365

Component Unit Jackson Redevelopment Authority

Urban Renewal bonds

15,370

Total Component Unit

15,234

492

14,741

4,365

Total Long-Term Debt

483,010

14,580

31,110

466,475

37,839

Less deferred amounts:

On refunding

(136)

69

(136)

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

G. LONG-TERM DEBT (Continued):
7.
The City's legal debt margin for the issuance of general obligation bonds was $105,716,895 at
September 30, 2015.
8.

Annual Maturities Requirements

The annual requirements to amortize all long-term debts outstanding, net of unamortized bond discount of
$136,460 for the component unit as of September 30, 2015, including interest, by source of retirement are
as follows (in thousands):
Debt Service Fund (Special Tax Levy)
General Obligation Bonds
Fiscal Year
Interest
Principal

Total

2016
2017
2018
2019
2020
2021 2025
2026 2030
2031 2035
2036 2040

5,017
5,266
4,935
4,466
4,074
13,496
7,422
3,636
113

6,360
4,180
7,055
8,065
8,540
42,545
17,625
24,025
5,755

11,377
9,446
11,990
12,531
12,614
56,041
25,047
27,661
5,868

Total

48,425

124,150

172,575

Fiscal Year

State Revolving Loan MDA

Interest
Principal

Total

2016
2017
2018
2019
2020
2021 2025

7
6
5
2
2
-

43
46
47
49
50
24

50
52
52
51
52
23

Total

22

259

280

Fiscal Year

General Obligation Note

Interest
Principal

2016
2017
Total

79
39
$

118

Total

2,300
2,300
$

70

4,600

2,379
2,339
$

4,718

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

G. LONG-TERM DEBT (Continued):

Fiscal Year
2016
2017
2018
2019
2020
2021-2025
Total

MS Development Bank Loan

Interest
Principal
$
31
$
294
31
294
31
294
31
294
31
294
62
689
$
217
$
2,159

Fiscal Year
2016
2017
2018
2019
2020
2021-2025
2026-2030
Total

Limited
Obligation Bonds
Interest
Principal
$
168
$
496
143
527
117
554
90
588
655
606
346
785
10
1,020
$
1,529
$
4,576

Total
$

325
325
325
325
325
750
2,375

Total
$

664
670
671
678
1,261
1,131
1,030
6,105

General Fund (General Fund Revenues)

Fiscal Year
2016
2017
2018
2019
2020
2021-2025
2026-2030
Total

Obligation Under Capital Leases

Interest
Principal
$
287
$
3,911
227
3,311
183
2,241
146
1,363
112
1,397
225
3,057
7
397
$ 1,187
$
15,677

Fiscal Year
2016
2017
2018
2019
2020
2021-2025
2026-2030
Total

HUD Section 108

Interest
Principal
$
29
$
29
29
250
29
650
29
650
29
3,250
29
2,200
$
203
$
7,000
71

Total
4,198
3,538
2,424
1,509
1,509
3,282
404
$
16,864

Total
$

29
29
279
679
679
3,279
2,229
7,203

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

G. LONG-TERM DEBT (Continued):
Enterprise Funds - Water/Sewage Disposal System Fund (Water/Sewer Revenue)

Fiscal Year
2016
2017
2018
2019
2020
2021-2025
2026-2030
2031-2035
2036-2040
2041-2045
Total

Revenue Bonds
Interest
Principal
$
11,676
$
5,930
11,441
7,720
11,168
7,990
10,864
8,295
10,528
8,635
46,555
44,520
34,062
49,785
19,515
58,525
7,785
29,335
247
7,175
$ 163,841
$ 227,910

Fiscal Year
2016
2017
2018
Total

Obligation Under
Capital Lease
Interest
Principal
$
44
$
1,550
34
986
6
183
$
84
$
2,719

Total
1,594
1,020
189
$
2,803

Fiscal Year
2016
2017
2018
2019
2020
2021 2025
2026 2030
2031 2035
Total

State Revolving Loan

Interest
Principal
$
519
$
1,885
467
1,897
415
1,950
363
1,735
328
1,504
1,198
6,523
654
5,350
193
4,789
$ 4,137
$ 25,633

Total
$ 2,404
2,364
2,365
2,098
1,832
7,721
6,004
4,982
$ 29,770

Fiscal Year
2016
2017
2018
2019
2020
2021 2025
Total

MS Development Bank Loan

Interest
Principal
$
$
658
717
717
717
717
1,495
$
$ 5,021

Total
$
658
717
717
717
717
1,495
$ 5,021

72

Total
17,606
19,161
19,158
19,159
19,163
91,075
83,847
78,040
37,120
7,422
$ 391,751

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

G. LONG-TERM DEBT (Continued):
Jackson Redevelopment Authority (Urban Renewal Project Revenues)
Jackson Redevelopment Authority
Notes Payable, Urban Renewal
Notes and Bonds
Interest
Principal

Fiscal Year
2016
2017
2018
2019
2020
2021 2025
2026 2030
2031 2035

534
487
465
443
284
1,011
462
25
3,711

Unamortized refunding
cost and discounts
Total

$ 3,711

Total

4,365
528
556
1,064
2,724
2,660
2,425
555
14,877

$ 4,899
1,015
1,021
1,507
3,008
3,671
2,887
580
18,588

(136)

(136)

14,741

$ 18,452

The City has unconditionally and irrevocably agreed to grant and contribute to the Jackson
Redevelopment Authority from the General Fund of the City sums sufficient to pay the principal of and
interest on the bonds issued by the Jackson Redevelopment Authority for urban renewal purposes, as the
same shall mature and become due. Principal and interest maturities for 2015 were paid by contributions
from the General Fund of $801,968.
There are a number of requirements contained in various revenue bond ordinances. The City is in
compliance with all significant requirements.
9. Annual Maturities Requirements
The annual requirements to amortize all debt outstanding for the City and the component unit as of
September 30, 2015, including interest of $136,460 for the component unit are as follows (in thousands):
City of
Jackson
$ 41,284
39,661
38,170
37,747
38,152
444,453

Fiscal Year
2016
2017
2018
2019
2020
2021 and thereafter

Total

$ 639,467

73

Jackson
Redevelopment
Authority y
$
4,899
1,015
1,021
1,507
3,008
7,138

18,588

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 4 Detailed notes on all funds (Continued):

G. LONG-TERM DEBT (Continued):
10. Interest Rate Swap
On March 31, 2004, the City and the Mississippi Development Bank (collectively the City) executed a
confirmation with RFPC, LLC (a subsidiary of Rice Financial Products Company) (the 2004 Swap
Counterparty), in connection with the execution of an Interest Rate Swap Agreement (the 2004 Swap
Agreement) in order to reduce the debt service costs associated with certain outstanding obligations of
the City. The swap was done in conjunction with the Mississippi Development Bank Special Obligation
Bonds Series 2002 (Jackson, Mississippi Water and Sewer System Revenue Bond Project) issued to
fund certain water and sewer improvements for the City. The notional amount of the swap is
$49,105,000. The City received a savings pre-payment from the 2004 Swap Counterparty.
Under the 2004 Swap Agreement the City receives a fixed rate from the 2004 Swap Counterparty, and in
return pays a fixed rate less an Adjustment Factor. The Adjustment Factor exposes the City to changes
in the ratio between the tax-exempt BMA Index and LIBOR. Payments on the swap are exchanged
semiannually. The swap became effective on April 1, 2005 and will terminate on April 1, 2024. An early
termination of the swap transaction may result in the City making or receiving a termination payment
based on the prevailing market interest rates at the time of such termination. As of September 30, 2015,
the mark to market value of the transaction was $220,520.84 for the City, which is not recorded, in the
financial statements. In fiscal year 2011, the City refunded the Water/Sewer System Revenue Bonds,
Series 2002.
Risks Associated with the 2004 Swap Agreement
Credit Risk The Citys swap relies on the performance of the 2004 Swap Counterparty. The City is
exposed to the risk that the 2004 Swap Counterparty is unable to fulfill its obligations to the City. The
obligations of the 2004 Swap Counterparty to the City are guaranteed by a third party guarantor that
maintains credit ratings of Aaa/AAA/AAA by Moodys Investors Service, Standard & Poors and Fitch,
respectively.
Basis Risk The City pays fixed rates on the Mississippi Development Bank Special Obligation Bonds
Series 2002 (Jackson, Mississippi Water and Sewer System Revenue Bond Project).
Interest Rate Risk The City is exposed to changes in relationships between tax-exempt and taxable
interest rates that may be affected by changes in the marginal tax rate, the elimination of tax preferences
or other major changes to current tax law including, but not limited to, implementation of a flat tax or
value-added tax.
Termination Risk The 2004 Swap Agreement does not contain any extraordinary termination events or
triggers that would expose the City to significant termination risk. If the 2004 Swap Counterparty fails to
meet its obligations to the City, these obligations will be met by a third party guarantor that maintains
credit ratings of Aaa/AAA/AAA by Moodys Investors Service, Standard & Poors and Fitch, respectively.
If the third party guarantor suffers a loss of creditworthiness, the 2004 Swap Counterparty shall find an
acceptable replacement guarantor. If such replacement guarantor is not available or if the City fails to
meet its obligations to the 2004 Swap Counterparty, the termination provisions in the 2004 Swap
Agreement will apply. The City may be liable for a payment equal to the fair market value of the swap if a
termination occurs prior to April 1, 2024 and that fair market value is negative.

74

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CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 6 Other Information

A. RISK MANAGEMENT
1. Workers Compensation Benefits
The City maintains a self-funded workers compensation plan accounted for in the General Fund.
Estimates of the liability for unpaid claims are actuarially determined based on observed patterns of
claims payments and case reserves development. Liabilities are based on the ultimate costs of settling
claims including inflation and other factors and include provisions for estimated claims adjustment
expenses. Benefits paid to employees during fiscal year 2015 were $2,017,016.
The excess workers compensation insurance is obtained to cover the City for workers compensation
claims in excess of the Citys liability of $1,000,000. Coverage limit is up to $750,000 except $1,000,000
for police, firefighter, and first responders.
2. Unemployment Benefits
The City also maintains an Unemployment Compensation Revolving Fund (Employee Benefit Trust Fund)
established pursuant to state law. In addition to funding all valid claims, the City is required to maintain
the balance in the fund at not less than 2% of the first $14,000 paid each employee during the preceding
year. As of September 30, 2015, the required amounts were funded. Claims totaled $143,483 during
fiscal year 2015. Estimates of the liability for unpaid claims are based on patterns of claims payments.
3. Group Benefits
Additionally, the City maintains the Employees' Group Benefit Fund (Internal Service Fund) to account for
the accumulation of revenues, principally contributions from the City of Jackson and employees to be
used to fund future liabilities and current payment of employer medical claims and related administration
expenditures of the City's group benefit plan. Revenues totaled $7,887,975 and employee benefit costs
were $15,635,230 during fiscal year 2015. Claims incurred but not reported at September 30, 2015, in
the Employees Group Benefit Fund are provided for in the fund balance of that fund based primarily upon
an actuarys estimate.
4. Tort Liability
In compliance with the Tort Claims Act, Chapter 46 of Title 11 and as amended by the 1993 Legislature,
Section 11-46-17(3) requires all municipalities from and after October 1, 1993, to obtain such policies of
insurance, establish self-insurance reserves, or provide a combination of insurance and reserves
necessary to cover all risks of claims and suits for which the City of Jackson may be liable under the Tort
Claims Act.
In order to assure compliance with the Tort Claims Act, House Bill 417 established the Mississippi Tort
Claims Board. Municipalities are required to submit plans of insurance, self-insurance and or reserves to
the Tort Claims Board for approval.
Municipalities may comply with the requirements of the Tort Claims Act by one of the following methods:
(1) Purchase of liability insurance, (2) Pooling of two or more municipalities or other political subdivision to
purchase liability insurance or to self insure, (3) Self-insure with the establishment of a self-insurance
reserve fund.

76

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 6 Other Information (Continued):

A. RISK MANAGEMENT (Continued):
4. Tort Liability (Continued):
The City of Jackson is in compliance by using method number three as indicated above. The 2015 fiscal year
budget had the monies necessary to establish the reserve fund at the required funding level. Estimates of the
liability for unpaid claims are actuarially determined.
For the past three years, the settlement amount for claims against the City has not exceeded the amount of
insurance coverage maintained by the City.
The following table provides a reconciliation of changes in the liabilities for claims for years ended September
30, 2015 and 2014:
Unemployment
Benefits
Fund

Employee
Benefit Fund

Tort
Claims

Beginning Balance
Current Year Claims/Changes in Estimates
Claims Payments
Ending Balance

$ 411,233
15,635,230
15,635,230
$ 411,233

$ 2,210,204
445,594
92,809
$ 2,562,989

Beginning Balance
Current Year Claims/Changes in Estimates
Claims Payments
Ending Balance

$ 404,241
15,403,820
15,396,828
$ 411,233

$ 2,077,732
397,731
265,259
$ 2,210,204

Workers
Compensation
Benefits

2015:

143,483
143,483
-

$ 3,970,366
3,422,288
2,017,016
$ 5,375,638

179,357
179,357
-

$ 4,483,867
1,338,812
1,852,313
$ 3,970,366

2014:

5. Other Risks:
Commercial insurance is obtained to protect the City from excess losses greater than $1,000,000 per individual
claim for police and fire employees. Commercial insurance is obtained to protect the City from excess losses
greater than $400,000 per individual claim for all other employees.
The commercial policy also includes various amounts of additional coverage ranging from $25,000 to
$250,000. Commercial property crime carries a limit of $25,000 per occurrence for computer fraud, employee
theft, forgery or alteration, funds transfer fraud, money and securities-inside buildings, money and securitiesoutside buildings. The property deductible is $100,000; crime deductible is $5,000; unintentional errors and
omissions coverage is $1,000,000 per occurrence; and catastrophe coverage is $25,000,000 per occurrence.
Amounts of settlements have not exceeded insurance coverage in the past three years.
B. COMMITMENTS
During fiscal year 1993, the City entered into a revolving loan agreement with the Department of Environmental
Quality (DEQ) for loans to the Jackson Water/Sewage Disposal System Fund. The City has pledged sales tax
reimbursements from the State of Mississippi to repay the DEQ loans. The outstanding balance of the revolving
loans at September 30, 2015, was $25,632,619.

Federal Grants
The City participates in a number of state and federally funded grant programs, principal of which are
Community Development Block Grant, Federal Highway Administration, Department of Transportation
and Department of Justice grants. Expenditures financed by grants are subject to audit by the
appropriate grantor government. If expenditures are disallowed due to noncompliance with grant
program regulations, the City may be required to reimburse the grantor government. During September
30, 2013 the City had disallowed expenditures resulting from audits performed by the following grantor
agency: U. S. Department of Housing and Urban Development, Community Development Block Grant for
the amount of $1,939,952.41.

77

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 6 Other Information (Continued):

B. COMMITMENTS (Continued):
Federal Grants (Continued)
A settlement has been reached with the grantor to reimburse the Community Development Block Grant
line of credit with non-federal funds over a three-year period in the following fiscal years:
1st payment December 2014

646,650.81

nd

646,650.80

rd

646,650.80

2 payment December 2015

3 payment December 2016
Total

$ 1,939,952.41

As of September 30, 2015, the outstanding balance is $1,293,301.60.

At September 30, 2014, the City had disallowed expenditures resulting from a monitoring performed by
the grantor agency, U. S. Department of Housing and Urban Development, Community Development
Block Grant. The results of the compliance monitoring review for grant numbers B-97-MC-28-0003, B-98MC-28-0003, B-99-MC-28-0003, B-10-MC-28-0003, B-11-MC-28-0003 and B-12-MC-28-0003 for the
amount of $1,510,810.00.
A settlement has been reached with the grantor to reimburse the Community Development Block Grant
line of credit with non-federal funds over a three-year period in the following fiscal years:
1st payment December 2016
2nd payment December 2017
rd

3 payment December 2018

Total

503,603.34
503,603.33
503,603.33

$ 1,510,810.00

C. WATER AND SEWER OPERATION & MAINTENANCE FUND DEFICIENCY

As specified in Section 6.03 (d) of the General Bond Resolution, a transfer may be made from the Water
and Sewer Contingent Fund when a deficiency occurs in the deposit amount for the Water and Sewer
Operation and Maintenance Fund. In September 2015, a transfer of $5,450,710 was made from the
Water and Sewer Contingent Fund to the Water and Sewer Operation and Maintenance Fund. This
transfer was specified in Section 6.03 (a) of the General Bond Resolution established in the order of
priority for depositing monies received in the Water and Sewer Revenue Fund into the various Water and
Sewer Funds as created by Section 6.03 of the General Bond Resolution. The Water and Sewer
Operation and Maintenance Fund have first priority on revenues of the Water and Sewer System. Since
the Water and Sewer Operation and Maintenance Fund had a deficiency of $5,450,710 in meeting its
deposit amount, the transfer from the Water and Sewer Contingent Fund to the Water and Sewer
Operation and Maintenance Fund was made to meet the deposit amount specified in Section 6.03 (a) of
the General Bond Resolution. As specified by Section 6.03 (d) of the General Bond Resolution for the
Water and Sewer Contingent Fund is funded. As of May 11, 2016, the transfer from the Water and Sewer
Contingent Fund has not been restored due to collected Water and Sewer System Revenues being
insufficient to repay the transfer.

78

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 6 Other Information (Continued):

D. SUBSEQUENT EVENT
On November 1, 2015, the City of Jackson issued General Obligation Refunding Bonds, Series 2015A of
seventeen four hundred sixty-five million dollars ($17,465,000) for the purpose of refunding, defeasing
and restructuring all or a portion of the outstanding General Obligation Bonds, Series 2003, the General
Obligation Bonds, Series 2005, the General Obligation Bonds, Series 2006, the General Obligation
Bonds, Series 2009.
On November 1, 2015, the City of Jackson issued General Obligation Refunding Bonds, Series 2015B of
one hundred seventy thousand dollars ($170,000) for the purpose of refunding, defeasing and
restructuring a portion of the outstanding General Obligation Refunding Bonds, Series 2013.
On February 24, 2016, the City of Jackson terminated the 2004 Swap Agreement. The City received
$1,510,000 at the closing of the agreement.
Subsequent events have been evaluated through May 11, 2016, which represents the date the
comprehensive annual financial report were available to be issued. Subsequent events after that date
have not been evaluated.
E. CONTINGENT LIABILITIES:
Litigation
The City is defendant in a number of legal actions seeking actual and punitive damages. Contingencies
totaling $2,582,500 for which it is probable a loss has been incurred and are subject to reasonable
estimation are recognized in the financial statements in the governmental funds. The City is vigorously
defending all matters of litigation and believes there will be no material adverse financial effect.
F. JOINT VENTURES
The following provides the summary financial information of the Jackson/Hinds Library System as of
September 30, 2015 (in thousands):
Jackson/Hinds Library System
Total assets
Total liabilities
Total fund equity
Total revenues
Total expenditures
Net increase (decrease) in fund balance
Total debt

$ 983
$ 229
$ 754
$ 4,658
$ 4,749
$ ( 91)
$

(1)

(1) The percentage share of the joint venture applicable to the City of Jackson is
fifty percent (50%).

79

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 6 Other Information (Continued):

G. EMPLOYEES RETIREMENT SYSTEM:
The City of Jackson participates in two retirement systems administered by the Public Employees'
Retirement System of Mississippi (PERS). Both systems are defined benefit plans and include a multiemployer, cost-sharing pension plan and an agent multi-employer pension plan as described below:
Public Employees' Retirement System
1. Plan Description and Provisions
Substantially all City of Jackson full-time employees participate in PERS, a multi-employer, cost-sharing,
defined benefit public employee pension plan. PERS provides retirement and disability benefits, annual
cost-of-living adjustments, and death benefits to plan members and beneficiaries. Benefit provisions are
established by Section 21-29-201 of the Mississippi Code of 1942 as annotated, and may be amended
only by the State of Mississippi Legislature. PERS issues a publicly available financial report that
includes financial statements and required supplementary information. That information may be obtained
by writing to Public Employee Retirement System, PERS Building, 429 Mississippi Street, Jackson, MS
39201-1005 or by calling (601) 359-3589 or 1-800-444-PERS.
2. Description of Funding Policy
PERS members are required to contribute 9.00% of their annual covered salary and the City of Jackson,
Mississippi is required to contribute at an actuarially determined rate. This rate was 15.75% of annual
covered payroll. The contribution requirements of PERS members are established and may be amended
only by the State of Mississippi Legislature. The City of Jackson, Mississippi contributions to PERS for
the years ended September 30, 2015, 2014, and 2013 were $11,504,087, $11,299,471, and $10,793,745,
respectively, equal to the required contributions for each year.
As of most recent measurement date of the net pension liability, membership data for the pension plan is
as follows:
Members Category
Retirees and beneficiaries currently receive benefits
Former members entitled to benefits but yet receiving them
Former members not entitled to benefits
Active members:
Vested
Non-vested
Total Participants

Pension
597
1
598

3. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions
At September 30, 2015, the City reported a liability of $117,741,803 for its proportionate share of the net
pension liability. The net pension liability was measured as of June 30, 2014, and the total pension
liability used to calculate the net pension liability was determined by an actuarial valuation as of that date.
The Citys proportion of the net pension liability was based on a projection of the Citys long-term share of
contribution to the pension plan relative to projected contribution of all participating entities, actuarially
determined. At September 30, 2015, the total pension liability used to calculate the net pension liability
was determined by an actuarial valuation as of that date. The Citys proportion of the net pension liability
was based on a projection of the Citys long-term share of contribution to the pension plan relative to
projected contributions of all participating entities, actuarially determined. At June 30, 2014, the Citys
proportion was 1.105643 percent.

80

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 6 Other Information (Continued):

G. EMPLOYEES RETIREMENT SYSTEM (Continued)
3. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions (Continued)
For the year ended September 30, 2015, the City recognized pension expense of $9,858,153. At
September 30, 2015, the City reported deferred outflows of resources and deferred inflows of resources
related to pensions from the following:

A. Governmental Activities:
Deferred
Outflows of
Resources
Differences between expected and actual experience

Deferred Inflows
of Resources

1,836,737

Net difference between projected and actual earnings

on pension plan investments

17,067,540

Changes in proportion and differences between City

contributions and proportionate share of contributions

1,876,464

City contributions subsequent to the measurement date

10,093,264

$ 13,806,465

$ 17,067,540

Deferred
Outflows of
Resources

Deferred Inflows
of Resources

Total

B. Business-Type Activities:

Differences between expected and actual experience

Net difference between projected and actual earnings
on pension plan investments

256,737

2,385,678

Changes in proportion and differences between City

contributions and proportionate share of contributions

262,290

City contributions subsequent to the measurement date

1,410,823

$ 1,929,850

$ 2,385,678

Total

81

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 6 Other Information (Continued):

G. EMPLOYEES RETIREMENT SYSTEM (Continued)
3. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions (Continued)
At September 30, 2015, $11,504,087 was reported as deferred outflows of resources, related to pensions
resulting from City contributions, subsequent to the measurement date that will be recognized as a
reduction to the net pension liability in the year ended June 30, 2016. 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 September 30
Amount
2016
$ 3,340,920
2017
3,340,920
2018
3,675,845
2019
4,863,305
Thereafter
$15,220,990
4. Actuarial Assumptions
The total pension liability in the June 30, 2014 actuarial valuation was determined using the following
actuarial assumptions, applied to all periods included in the measurement:
Inflation

3.5 percent

Salary changes

4.25 19.50%, including inflation

Investment rate of return

8.00%, net of pension plan investment expense,

including inflation

Mortality rates were based on the RP-2000 Combined Mortality Table Projected with Scale AA to 2025,
set forward two years for males.
The actuarial assumptions used in the September 30, 2015 valuation were based on the results of an
actuarial experience study for the period July 1, 2008 to June 30, 2012. The experience report is dated
June 12, 2013.
The long-term expected rate of return on pension plan investments was determined using a log-normal
distribution analysis in which best-estimate ranges of expected future real rates of return (expected
nominal returns, net of pension plan investment expense and the assumed rate of inflation) are
developed for each major asset class. These ranges are combined to produce the long-term expected
rate of return by weighting the expected future real rates of return by the target asset allocation
percentage and by adding expected inflation. The target asset allocation and best estimates of arithmetic
real rates of return for each major asset class are summarized in the following table:
Asset Class
U. S. Broad
International Equity
Emerging Markets Equity
Fixed Income
Real Assets
Private Equity
Cash
Total

Target
Allocation
34%
19
8
20
10
8
1
100%
82

Long-Term Expected
Real Rate of Return
5.20%
5.20
5.00
5.45
0.25
4.00
6.15
(0.50)

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 6 Other Information (Continued):

G. EMPLOYEES RETIREMENT SYSTEM (Continued)
4. Actuarial Assumptions (Continued)
Discount Rate. The discount rate used to measure the total pension liability was 8.00 percent. The
projection of cash flows used to determine the discount rate assumed that plan member contributions will
be made at the current contribution rate and that Employer contributions will be made at rates equal to
the difference between actuarially determined contribution rates and the member rate. Based on those
assumptions, the pension plans fiduciary net position was projected to be available to make all projected
future benefit payments of current plan. Therefore, the long-term expected rate of return on pension plan
investments was applied to all periods of projected benefit payments to determine the total pension
liability.
Sensitivity of the net pension liability to change in the discount rate. Sensitivity of the Citys proportionate
share of the net pension liability to changes in the discount rate. The following presents the Citys
proportionate share of the net pension liability calculated using the discount rate of 8 percent, as well as
what the Citys proportionate share of the net pension liability would be if it were calculated using a
discount rate that is 1-percentage-point-lower (7 percent) or 1-percentage-point higher (9 percent) that
current rate:
Current
1% Decrease
Discount Rate
1% Increase
(7.00%)
(8.00%)
(9.00%)
Citys proportionate
share of net pension
liability
$ 182,954,069
$ 134,199,596
$ 93,531,118
Pension plan fiduciary net position. Detailed information about the pension plans fiduciary net position is
available in the separately issued PERS financial report.
Disability and Relief- Municipal Retirement Systems Pension Plan
1. Plan Description
The City of Jackson contributes to the Municipal Retirement Systems and Fire and Police Disability and
Relief Fund (MRS), an agent multiple-employer defined benefit pension plan administered by the Public
Employees' Retirement System of Mississippi. The City's uniformed police officers and firefighters
employed prior to April 1, 1976, participate in MRS. Firefighters and police officers employed subsequent
to April 1, 1976, are members of the Public Employees' Retirement System of the State as previously
described. MRS provides retirement and disability benefits and death benefits to plan members and
beneficiaries. Benefit provisions are established by Sections 21-29, Articles 1, 3, 5 and 7, Mississippi
Code Ann. (1972) and annual local and private legislation. Legislation may be amended only by the State
of Mississippi Legislature. At June 30, 2015, the date of the most recent actuarial verification, there was
1 participating municipal employee and 597 retired participants and beneficiaries currently receiving
benefits. PERS issues a publicly available financial report that includes financial statements and required
supplementary information for MRS. That information may be obtained by writing to Public Employees'
Retirement System, PERS Building, 429 Mississippi Street, Jackson, MS 39201-1005 or by calling (601)
359-3589 or 1-800-444-PERS.

83

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 6 Other Information (Continued):

G. EMPLOYEES RETIREMENT SYSTEM (Continued)
2. Basis of Accounting
MRS uses the accrual basis of accounting. Employee and employer contributions are recognized as
revenue in the period in which employee services are performed, investment income is recognized when
earned. Expenses, including benefits and refunds paid, are recognized when incurred. Investments for
MRS are reported at fair value. Securities traded on a national or international exchange are valued at
the last reported sales price at current exchange rates. Corporate bonds are valued based on yields
currently available on comparable securities from issuers of similar credit rating. Mortgage securities are
valued on the basis of future principal and interest payments and counted at prevailing interest rates for
similar instruments. Short-term investments are reported at market value when published prices are
available, or at cost plus accrued interest, which approximates market or fair value. For individual
investments where no readily ascertainable market value exists, the Public Employees' Retirement
System, in consultation with their investment advisors and custodial bank, has determined the fair values.

3. Net Pension Liability

The Net Pension Liability (NPL) is the difference between the Total Pension Liability: (TPL) and the
plans Fiduciary Net Position (FNP). The TPL is the present value of pension benefits that are allocated
to current members due to past service by entry age normal actuarial cost method. The TPL includes
benefits to projected salary and service, and automatic cost of living adjustments (COLAs). In addition,
ad hoc COLAs are also included in the TPL to the extent they are substantively automatic. The FNP is
determined on the same basis used by the pension plan. The Citys net pension liability was measured
as of June 30, 2015 and the total pension liability used to calculate the net pension liability was
determined by an actuarial valuation as of that date.

Net Pension Liability

Measurement Date

June 30, 2015

Total Pension Liability

$ 117,438,604

Fiduciary Net Pension

62,965,719
$ 54,472,885

Net Pension Liability

A schedule of Net Pension Liability, in addition to the information above, includes multi-year trend
information (beginning with FY 2015) and is presented in the Required Supplementary Information
Section on pages 92 95.

84

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 6 Other Information (Continued):

G. EMPLOYEES RETIREMENT SYSTEM (Continued)
4. Schedule of Changes in Net Pension Liability
The change in Net Pension Liability, for the Disability and Relief municipal pension plan, for the fiscal year
ended September 30, 2015 is as follows:

Change in Net Pension Liability

Total Pension
Liability

Service cost

Plan Fiduciary
Net Position

Net Pension
Liability

Interest on the total pension liability

8,901,563

8,901,563

Benefit changes

3,676,246

3,676,246

(91,754)

(91,754)

Employers contribution

5,544,877

(5,544,877)

Employees contributions

4,750

(4,750)

Pension plan net investment income

2,166,108

(2,166,108)

(12,633,969)

(12,633,969)

Administrative expense

(114,673)

114,673

Other

Difference between expected and actual

experience

Benefit payments, including refunds of

employee contributions

Net Change

(147,914)

(5,032,907)

4,884,993

117,586,518

67,998,626

49,587,892

$ 117,438,604

62,965,719

$ 54,472,885

Net Pension Liability Beginning

Net Pension Liability Ending

5. Pension Expense
For the year ended September 30, 2015, the City recognized total pension expense of $7,926,540.
Pension expense recognized by the plan is as follows:
Pension
Expense
Members Category
Changes for the Year:
Service cost
$
Interest on the total liability
8,901,563
Expensed portion of current-period difference between expected and
actual experience in the total liability
Expensed portion of current-period changes of assumptions
Members contributions
Projected earnings on plan investments
Expensed portion of current-period difference between actual and
projected earnings on plan investments
Total Pension Expense

85

(91,754)
3,676,246
(4,750)
(5,151,929)
597,164
$ 7,926,540

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 6 Other Information (Continued):

G. EMPLOYEES RETIREMENT SYSTEM (Continued)
6. Schedule of Deferred Outflows and Inflows of Resources
Deferred outflows of resources and deferred inflows of resources by source reported by the City at
September 30, 2015 for the Disability and Relief municipal plan are as follows:
Deferred Outflows
of Resources
Differences between expected and actual
experience

5,423,728

Deferred Inflows
of Resources
$

Net difference between projected and actual

earnings on pension plan investments

91,754

Net difference between projected and actual

earnings on pension plan investments

2,388,657

6,360,876

Employers contributions subsequent to the

measurement date
Total

11,784,604

2,480,411

Amounts reported as deferred outflows of resources and deferred inflows of resources related to pension
at September 30, 2015 will be recognized in pension expense as follows:
Year ended September 30

Amount

2016

$ (1,960,387)

2017

(1,960,387)

2018

(1,545,244)

2019

(477,731)

Total

$ (5,943,749)

7. Actuarial Assumptions
Discount Rate. The discount rate used to measure the total pension liability was 7.75 percent. The
projection of cash flows used to determine the discount rate assumed that plan member contributions will
be made at the current contribution rate and that Employer contributions will be made at rates equal to
the difference between actuarially determined contribution rates and the member rate. Based on those
assumptions, the pension plans fiduciary net position was projected to be available to make all projected
future benefit payments of current plan. Therefore, the long-term expected rate of return on pension plan
investments was applied to all periods of projected benefit payments to determine the total pension
liability.

86

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 6 Other Information (Continued):

G. EMPLOYEES RETIREMENT SYSTEM (Continued):
7. Actuarial Assumptions (Continued)
Sensitivity of the net pension liability to change in the discount rate. Sensitivity of the Citys proportionate
share of the net pension liability to changes in the discount rate. The following presents the Citys
proportionate share of the net pension liability calculated using the discount rate of 7.75 percent, as well
as what the Citys proportionate share of the net pension liability would be if it were calculated using a
discount rate that is 1-percentage-point-lower (6.75 percent) or 1-percentage-point higher (8.75 percent)
that current rate:

Plans net pension liability (Asset)

1% Decrease
(6.75%)
$ 63,598,575

Current
Discount Rate
(7.75%)
$ 54,472,885

1% Increase
(8.75%)
$ 46,519,709

Pension plan fiduciary net position. Detailed information about the pension plans fiduciary net position is
available in the separately issued PERS financial report.
8. Schedule of Assumptions
The total pension liability in the September 30, 2015 actuarial valuation was determined using the
following actuarial assumptions, applied to all periods included in the measurement:
Inflation

3.5 percent

Salary changes

4.50 6.00%, including inflation

Investment rate of return

8.00%, net of pension plan investment expense, including inflation

Valuation Date

June 30, 2015

Actual Cost Method

Ultimate Asset Reserve

Amortization Method

N/A

Remaining Amortization Period

N/A

Asset Valuation Method

Five year smoothed market

The Accompanying Notes are an integral part of these Financial Statements.

87

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 6 Other Information (Continued):

H. OTHER POSTEMPLOYMENT BENEFITS
Effective for the 2009 fiscal year, the City adopted GASB Statement No. 45, Accounting and Financial
Reporting by Employers for Postemployment Benefits Other Than Pensions. GASB Statement No. 45
establishes standards for the measurement, recognition, and display of other postemployment benefits
(OPEB) expenses/expenditures and related liabilities (assets), note disclosures, and required
supplementary information. This Statement requires recognition of the cost of other postemployment
benefits during the periods when employees render their services and disclosure about actuarially
accrued liabilities related to past services and the status and progress of funding the benefits. The
requirements of GASB statement No. 45 were implemented prospectively beginning October 1, 2007.
Plan Description
The Citys OPEB plan provides post employment healthcare coverage, including dental benefits to eligible
individuals. Eligible individuals include all regular, full-time employees of the City, as well as permanent
part-time employees who work at least 20 hours per week, and their spouses and dependent children.
Employees must have earned at least 25 years of service with the City in order to be eligible for retiree
healthcare coverage. Coverage continues at the election of the retiree until age 65. Retirees must pay
the required monthly premium for either single or family coverage, as applicable. As of September 30,
2015, 114 retirees are eligible to receive benefits under the plan. The plan was established under
authority of the City Council and may be amended or abolished by council action.
Annual OPEB cost and Net OPEB Obligation
The Citys annual OPEB cost (expense) was calculated based on the annual required contribution of the
employer (ARC), an amount actuarially determined in accordance with the parameters of GASB
Statement 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to
cover normal cost each year and amortize any unfunded actuarial liabilities over the actuarial amortization
period. The ARC was calculated as part of the actuarial valuation performed by an outside actuary
consultant. The following table shows the components of the governments annual OPEB cost for the
year and the amount actually contributed to the plan during the year:
Governmental
Activities

Business-type
Activities

Total
OPEB Plan

$6,123,996

$856,004

$6,980,000

1,026,515

143,485

1,170,000

(2,264,475)

(316,525)

(2,581,000)

Annual OPEB cost (expense)

4,886,036

682,964

5,569,000

Less: Contributions made

(1,081,789)

(151,211)

(1,233,000)

Increase in net OPEB obligation

3,804,247

531,753

4,336,000

Net OPEB obligation beginning

25,898,158

3,941,842

29,840,000

$29.702.405

$4,473,595

$34,176,000

Annual Required Contribution

Interest on net OPEB obligation
Adjustment to ARC

Net OPEB obligation end of year

88

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 6 Other Information (Continued):

H. OTHER POSTEMPLOYMENT BENEFITS (Continued):

Trend Information for OPEB Plan:

Fiscal
Year
Ending

Annual
OPEB
Cost

Percentage of
Annual OPEB
Cost Contributed

Net
OPEB
Obligation

9/30/13

$7,060,000

30%

25,555,000

9/30/14

$5,484,000

22%

29,840,000

9/30/15

$5,593,000

22%

34,176,000

Funding status and funding progress

The City funds the plan on a pay-as-you-go basis. As of September 30, 2015, the most recent actuarial
valuation date, the plan was zero percent funded. The actuarial accrued liability for benefits was
$42,463,000 with no valued assets, resulting in an unfunded actuarial accrued liability (UAAL) of the
same amount. The covered payroll was $64,572,000 and the ratio of the UAAL to the covered payroll
was 65.8%. Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts
and assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined
regarding the funded status of the plan and the annual required contributions of the employer are subject
to continual revision and actual results are compared with past expectations and new estimates are made
about the future.
Although, the actuarial accrued liability for the OPEB plan has decreased, the City has not provided
funding for the plan.

Actuarial methods and assumptions

Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as
understood by the employer and plan members) and include the types of benefits provided at the time of
each valuation and the historical pattern of sharing of benefit costs between the employer and the plan
members. The actuarial methods and assumptions used include techniques that are designed to reduce
the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets,
consistent with the long-term perspective of the calculations.
In the September 30, 2015 actuarial valuation, the projected unit credit method was used. It is amortized
as a level percent of payroll over a 15 year open period and a level-dollar payment. The actuarial
assumptions included a 4.0 percent investment rate of return (net of administrative expenses) and an
annual healthcare cost trend rate of 7 percent initially, reduced by decrements to an ultimate trend rate of
5 percent after ten years. Both rates include a 2.75 percent inflation assumption. Currently there are no
assets set aside that are legally held exclusively for OPEB.

89

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 7 Prior Period Adjustment:

The following is a summary of prior period adjustments made to the beginning Net Position during fiscal
year 2015:
Governmental
Business
Activities
Activities
Total
Beginning balance as previously reported

$ 195,199,270

$ 276,684,091

$ 471,883,361

Net adjustment to correct the capitalization of

construction in progress in error in FY 2014

(70,271,157)

(70,271,157)

Net adjustment to correct special assessment

receivable balance in FY 2014

(63,194)

(63,194)

Net adjustment to record net pension liability

per GASB 68 and GASB 71 implementation

(166,049,990)

(17,115,475)

(183,165,465)

$ (41,185,071)

$ 259,568,616

$ 218,383,545

Net Position Balance as Restated

Below is a summary of significant Net Position/Fund Balance adjustments resulting from the
implementation of GASB 68 and GASB 71 are as follows:

A. Governmental Activities

Explanation:
To Record Net Pension Liability (09/30/14)

Municipal
Employees
Retirement
System

Disability and
Relief Fund

Total

$ (131,778,528)

$ (49,587,895)

$ (181,366,423)

9,331,569

5,984,864

15,316,433

$ (122,446,959)

$ (43,603,031)

$ (166,049,990)

Deferred outflows contributions

made during fiscal year 2014
Total prior period adjustment related to
GASB 68 and GASB 71

B. Business-Type Activities

Explanation:
To Record Net Pension Liability (09/30/14)
Deferred outflows contributions
made during fiscal year 2014
Total prior period adjustment related to
GASB 68 and GASB 71

Water/Sewer
Fund

Sanitation
Fund

Non-Major
JATRAN
Fund

Total

$ (16,040,601)

$ (1,804,568)

$ (574,660)

$ (18,419,829)

1,135,875

127,786

40,693

1,304,354

$ (14,904,726)

$ (1,676,782)

$ (533,967)

$ (17,115,475)

The accompanying notes are an integral part of these Financial Statements.

90

CITY OF JACKSON
Notes to Financial Statements
September 30, 2015
_______

Note 8 Effect of Deferred Amounts on Net Position:

The unrestricted net position amount of $(179,712,221) includes the effect of deferring the recognition of
expenses resulting from a deferred outflow from pensions. The $27,520,919 balance of deferred outflow
of resources, a September 30, 2015 will be recognized as an expense and will decrease the unrestricted
net position over the next three (3) years.
The unrestricted net position amount of $(179,712,221) includes the effect of deferring the recognition of
revenues resulting from a deferred inflow from pensions. The $21,933,629 balance of deferred inflow of
resources at September 30, 2015 will be recognized as revenue and will increase the unrestricted net
position over the next four (4) years.

91

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF FUNDING PROGRESS

for the OPEB PLAN
(Dollar amounts in Thousands)

Actuarial
Accrued
Liability
(AAL) Entry
Age
(b)

Unfunded
AAL
(UAAL)
(b-a)

Funded
Ratio
(alb)

Covered
Payroll
(c)

10/112010

36 ,875

36 ,875

0.00%

66,782

55.2

5/1/2012

45,498

45,498

0.00%

N/A

N/A

5/1/2014

42,463

42,463

0.00%

64 ,572

65 .8

Actuarial
Valuation
Date

Actuarial
Value of
Assets
(a)

92

UAALas a
Percentage
Of Covered
Payroll
[(b-a)/c]

CITY OF JACKSON , MISSISSIPPI

Required Supplementary Information
Schedule of the City's Proportionate Share of the Net Pension Liability
PERS
Last 10 Fiscal Years
September 30 , 2015

City's proportion of the net pension liability (asset)

2014
117,741 ,803

City's protion of the net pension liability (asset)

1.105643%

City's covered-employee payroll

69,494 ,819

City's proportinate share of the net pension liability

(asset) as a percentage of its covered-employee payroll
Plan fiduciary net postion as a percentage of the total
pension liability

"The amounts presented for each fiscal year were determined as

of the measurment date of 6/30 of the year prior to the fiscal
year presented .
This sched ule is presented to illustrate the requ irement to show
information for 10 years . However, GASB 68 was implemented
in the fiscal year September 30 , 2015 , and , until a fu ll 10-year
trend is complied , the City has only presented information for the
years in which information is available.

The Accompanying Notes are an intergal part of these Financial Statements.

93

169.43%

67 .21 %

CITY OF JACKSON , MISSISSIPPI

REQU IRED SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER NET PENSION LIABI LITY
PERS
Year Ended September 30 , 2015

City's Contribution

2015
5,544 ,877

ActuariaUy determined contribution

Contribution in relation to the actuariaUy

determined Contribution

2015
5,544 ,877

5,544 ,877

Contribution deficiency (excess)

N/A

City's covered-employee payroll

Contribution as a percentage of covered-employee payroll

N/A
Payroll-related information not provided plan is closed to new entrants and there are very few
remaining active members and many municipalities have no remaining active members.
Notes to Schedule
Actuarially determined contribution rates are calculated as of June 30, two years prior to the end of the
fiscal year in wwhich contributions are reported. Contributions for the fiscal year endi ng September 30,
2015 were based on the June 30, 2013 acutuarial valuation.
Methods and assumptions used to determine contribution rates:
Actuarial cost method

Ultimate Asset Reserves

Armortization cost method

N/A

Amortization method

N/A

Remaining amortization period

Five year smoothed market

Inflation

N/A

Salary increases

4.5% - 6.00% including inflation

The Accompanying Notes are an intergrat part of these Financial Statements.

94

CITY OF JACKSON , MISSISSIPPI

Required Supplementary Information
Schedule of District Contributions
PERS
Last 10 Fiscal Years

Contractually required Contribution

Contribution in relation to the contractu ally required

Contribution

2015
11 ,504,087

11 ,504,087

Contribution deficiency (excess)

City's covered-e mployee payroll

Contributions as a percentage of covered-employee

payroll

69,494 ,819

15.75%

The Accompanying Notes are an intergal part of these Financial Statements.

95

NON-MAJOR GOVERNMENTAL FUNDS

Nonmajor Governmental Funds

Special Revenue Funds
Parks and Recreation Fund
To account for the operation and maintenance of all City-owned parks. Financing is provided by a 2Mi ll annual property tax levy, admissions, fees and concessions. Appropriations are made from General
Fund sources to the extent that such tax levy and other revenues are not sufficient to finance
expenditures.
State Grant Fund
To account for proceeds of state grants or loans other than those grants or loans for Enterprise Fund or
Capital Projects Fund items.
Disability and Relief Fund
To account for the receipt of revenues, principally tax levies, and payments ofbond principal and
interest related to bonds issued to provide reductions in the accrued actual liability related to pensions of
retired and disabled police and fireman employed prior to April 1, 1976.

Capital Projects Funds

1 % Infrastructure Tax
To account for proceeds received for the improvement of infrastructure in the City. Financing is provided
by a special sales tax of 1%.
2012 General Obligation Note
To account for proceeds of general obligation note of $11 ,500,000 providing updates to City Facilities and
rehabilitation of sewer line projects.
Thalia Mara Hall
To account for proceeds received for the renovation and improvements being made to Thalia Mara Hall.
Museum to Market Project
To account for proceeds received for the walking and biking trail from LeFleur's Bluff State Park to the
Mississippi Agriculture Museum.

City of Jackson
Combining Balance Sheet
Nonrnajor Governmental Funds
As of September 30, 2015

Special Reve nue

Parks and
Rec reat ion

Disability and
Relief

State Gra nt

Total

ASSETS

Cash and Cash Equivalents

Othcr Receivab lc
Intergovernmental Receivab le
Tota l Current Asset

1,839,798
2,307,375
66

1,205,293
4 1,62 1

476, 154
5, 181,112

3,52 1,245
7,530, 108
66

4,147,239

1,246,9 14

5,657,266

11 ,051,4 19

176
163,2 13

747
29,950
25,540

422,643

423,566
193,163
25,540

LIABILITI ES

Current Liabil ities:

Accounts Payable
Other Liabil ities
Due to other funds

163,389

Totnlliabilities

56,237

422,643

642,269

DEFE RR ED IN FLOWS OF RESOURCES

Unava il able reve nu e~ prope rty lax es

2,295,694

5, 181,11 2

7,476,806

Total deferred innows of resources

2,295,694

5, 181,11 2

7,476,806

53,511
53,5 11

1,190,677
1,741 ,667
2,932,344

FUND BALANCES

1,190,677

Restricted
Committed
Total Fund Ba lance
Total liabilties, deferred inn ows of resources
and fund ba lances

1,688, 156
1,688, 156
$

4,147,239

1, 190,677
$

1,246,9 14

5,657,266

11,05 1,41 9

(Continued)

The notes to Ihe financial statements are an intcgral part of thi s statcment.

96

Capita l Pro jects

10/0

201 2 GO
Nol.

Infrastru cture
Tax

28

Thalia Mara
Hall
Renova tion

Muse um To
Market
Project

732, 125

732, 125

Total Nonmajor
Governmental
Funds

Total

732,125

4,253,370
7,530,108
66

732,125

11 ,783,544

28

58

999,886

206,355

1,206,299

423,594
193, 163
1,23 1,839

86

999,886

206,355

1,206,327

1,848,596

7,476,806
7,476,806

(86)

732,125

(999,886)

(206,355)

(474,202)

(86)

732, 125

(999,886)

(206,355)

(474,202)

732, 125

732, 125

716,475
1,741 ,667
2,458, 142
$

11 ,783,544

(Contin ued)
TIle nOles to the financ ial statements arc an integrDl part of this statement.

97

City of Jackson
Combining Statement of Revenues, Ex penditures, and Changes in Fund Balance
Nonmajor Governmental Fund s
For the year ended September 30, 201 5

Special Revenue
Pa rks and
Recreation

Disability and
Relief

State Grant

Total

REVENUES
General property taxes
Licenses and permits
Intergovernmental

Admissions, fees, rentals and concess ions

Intcrest

Other
Total revenues

2,329,280
375
11 9,541
202,30 1
3,274
125, 124
2,779,895

11 8,776
124

5,244,6 18
826
162,486

516
4,4 16
5,4 12,862

118,900

7,573,898
1,201
400,803
202,30 1
3,9 14
129,5 40
8,3 11 ,657

EXPENDIT URES

Current Operati ons:

Personnel Services
Supplies
Other Services and Charges
Cap ita l Outlay
Debt Service:

4,056,292
572,263
1,322,636
497,26 1

Pri ncipal
Interest and service charges
Total expenditures

54,347
1,157
6,503,956

62,4 10

5,4 12,534

54,347
1,157
11 ,978,900

(3,724,06 1)

56,490

328

(3,667,243)

OTH ER FI NANCING SO URCES

Transfers in:
General Fund
Sale of capital assets
Total other financing sources

3,45 1,044
825
3,451,869

755

Net change ill fund bnlances

Fund balances at beginning of year

(272, 192)
1,960,348

57,245
1,133,432

Excess (defi ciency) of revenues over ex penditures

Fund balances at end of year

1,688, 156

2 1,235
9,804
2,253
29, 11 8

4,077,527
582,067
6,737,423
526,379

5,412,534

3,451,799
825
3,452,624

755

1, 190,677

(214,6 19)
3, 146,963

328
53, 183
$

53,5 11

2,932,344

(Continued)
The notes to the financia l statements are an intergra l part of this statement.

98

Ca pital Projects
1%

2012 GO
Note

Infrastructure
Tax

Tha lia Mara

Ha ll

Covernmenta l

Tota l

Funds

1,050

1,050

1,050

1,050

42,450

6,969

86

Market
Project

Renovation

Tota l Nonmajor

Museum To

10,117

7,573,898
1,20 1
400,803
202,30 1
4,964
129,540
8,312,707

4,077,527
582,067
6,797,045
526,379

59,622

86

6,969

42,450

10,11 7

59,622

54,347
1,157
12,038,522

(86)

(5,919)

(42,450)

(10,1 17)

(58,572)

(3,725,8 15)

3,45 1,799
825
3,452,624

(5,919)
738,044

(86)

(86)

732,125

(999,886)

(206,355)

The nOles to the financial statements are an intergral part of this statement .

99

(273, 19 1)
2,73 1,333

(58,572)
(415,630)

(10,117)
(196,238)

(42,450)
(957,436)

(474,202)

2,458,142

City of Jackson
Parks a nd Recreation Spedal Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance-Budget and Actual
For the year ended September 30, 2015
Budget Amount

O rigi nal

Final

$ 2,305,990

$ 2,305,990

500

500

Actual Amounts

Variance with
Final Budget ~ositivc( negative)

REVENUES
Genera l property taxes

Licenses and permits

Intergovernmental
Admissions, fees, rentals and concessions

2,329,280

11 0,000

110,000

119,541

250,300

250,300

202,301

lnterest

3,274

Other

125, 124

T ota I revenues

23,290

{I 25)
9,541
(47,999)
3,274
125, 124
11 3, 105

375

2,666,790

2,666,790

2,779,895

4,337,933

4,378,096

4,056,292

32 1,804

805,220

883,386

572,263

3 11 , 123

2,041 ,852

2,135, 186

1,322,636

8 12,550

423,0 11

573,409

497,26 1

76, 148

83,000

83,000

54,347

28,653

EXPENDITURES
Current Operations:

Personnel Services
Supplies
Other Services and Charges
Capital Outlay
Debt Service:
Principal

lnterest and service charges

Tota l expenditures

Excess (deficiency) of revenues over expenditures

2,422

2,422

1,157

1,265

7,693,438

8,055,499

6,503,956

1,55 1,543

(5,026,648)

(5,388,709)

(3,724,06 1)

1,664,648

3,45 1,044

3,45 1,044

3,45 1,044
825

825

3,451 ,044

3,45 1,044

3,45 1,869

825

( 1,575,604)

(1 ,937,665)

1,960,348

1,960,348

OTHER FlNANCING SOURCES (USES)

Transfers in:
General Fund

Proceeds from capital leases

Total other financing sources
Net change in fund balances
Fund balances at begitming of yea r

Fund balances at end of year

384,744

100

22,683

(272, 192)

1,665,473

1,960,348
$

1,688,1 56

1,665 ,473

City of Jackson
State Grants Spccial Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance-Budget and Actual
For the year ended Septcmber 30, 2015
Budget Amount

Final

Actua l Amount

Variance with
Final Budget~ositive( neGa tive)

556,386

11 8,776

(437,6 10)

124
118,900

124
(437,486)

21,235
9,804
2,253
29, 11 8

65,435
5,785
116, 125
306,63 1

62,4 10

493,976

56,490

56,490

General Fund

755

Total other financing sources

755

755
755

57,245

57,245

OriGinal
REVENUES

Intergovernmental
Interest
Total revenues

132,36 1

132,361

556,386

2,654
11 2,507

86,670
15,589
11 8,378

17,200
132,36 1

335,749
556,386

EXPENDITURES

Current Operations:
Personnel Services
Supplies
Other Services and Charges
Capital Outlay
Total ex penditures
Excess (defi ciency) of revenues over expenditures
OTHER FINANCING SOURCES (USES)
Transfers in:

Net change in fund balances

Fund balances at beginning of year
Fund balances at end of yea r

1, 133,432

1, 133,432

$ 1, 133,432

$ 1, 133,432

101

1, 133,432
$

1, 190,677

57,245

City of Jackson
Disability and Relief Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance-Budget and Actual
For the year ended September 30, 2015
Budget Amount
Variance with
Original

Final

Actual Amount

$ 5, 181, 162

$ 5,243,996

826

826

170,000

171,558

162,486

482

5 16

Final Budget~ositive( ne&ative)

REVENUES
General property taxes

Licenses and permits

Intergovernmental

Interest
Other
Total revenues

5,244,618

622
(9,072)
34

3,976

4,416

5,35 1, 162

5,420,838

5,412,862

(7,976)

440

5,351 , 162

5,420,838

5,4 12,534

8,304

5,35 1,162

5,420,838

5,4 12,534

8,304

328

328

328

328

EXPENDITURES

Current Operations:
Other Services and Charges
Total expenditures
Excess (deficiency) of revenues over expenditures
OTHER FrNANCING SOURCES (USES)
Total other fmancing sources (uses)
Net change in fund balances

53, 183

Fund balances at beginning of year

Fund balances at end of yea r

53, 183

53, 183

102

53,183

53, 183
$

53,511

328

City of Jackson
Debt Serv ice Fund
Statement of Revenues, Expend itures and Changes in Fund Balances - Budget and Actua l
For the Year End ed Se ptember 30, 2015

Budgeted Amou nts

Original

Finnl

Act ual Amounts

Va ,"iant.:c with
Fi nal BudgctPositive (Nega tive)

REVENUES

General property taxes

urrent rea lty taxes
Current personal taxes
Delinquent taxes
Automobi le ad va lorem taxes
Homestead exemption
Licenses and pel'mits
Interest
Specia l assessments
Other revenues
Total revenues

5,48 1,074

5,48 1,074

5,455 , 121

(25 ,953)

2,276,450

2,276,450

2,389,907
37,3 12

985,688

985,688

988, 189

2,50 1

87,70 1

87,70 1

274 , 195
1,43 I

186,494

113,457
37,3 12

8,77 1

1,43 I
8,77 1

20,650

20,650

3,983,78 1

3,983,78 1

3,984, 130

349

12,8 14,694

12,8 14,694

13, 159,706

345 ,0 12

8,723,236

11 , 17 1,206

11, 17 1,206

6, 115,3 21

6, 190,3 12

6, 142 ,028

0
48,284

17, 176

19, 175

15,300

73
14,855,806

69,5 00
17,450, 193

17,328,534

12 1,659

(2,04 1, 11 2)

(4 ,635.499)

(4 , 168,828)

(466,671)

4,906,05 1

4,908,072

4,633 , 117

4,906,05 1

4,908,072

4,633. 117

(274 ,955)
(274,955)
( 191 ,7 16)

EXPEN DIT URES

General ob ligati on bonds

Principal
Intcrcst
Bank service charge
Oth er services and charges
Total expcnditures
Defi ciency of revenues over (undcr) expenditures

3,875
69,500

OTH ER FIN ANC ING SOU RCES (USES)

Transfers in
Tota l othcr fi nuncing sources (uscs)
Net change in fund balanccs
Fund ba lances at beginning ofycar
rund balances ut end of year

2,864,939

272,573

464,289

4,045,050
6,909,989

4,045,050
4,3 17,623

4,045 ,050
4,509,339

103

( 19 1,7 16)

C ity of Jackso n
1998 GO Bond Fund
Schedule of Revenues, Ex penditures and Changes in Fu nd Balances Budget and Actual
For th e year end ed Se pte mber 30, 20 15
8u dgeted A mounts

Final

Original
R EVENUES
Interest
Total revenues

EX PENDITU R ES
Current Operations
Other serv ices and charges
Tota l expenditures

Actual
Amounts
$

250
250

Deficiency of revenues over (under) ex pend itu res

178,236
178,236
( 178,236)

( 178,488)

250

OTH ER F INANC ING SOU RCES(USES)

Tota l other fina ncing so urces (uses)
Net change in fund ba lances
Fund balances at beginning of year

(178,236)
178,488

( 178,488)
178,488

250
178,488

Fund balances at end of year

252

104

Var iance
with Final
Bud getPos itive
$

178,488
178,488

$ 178,738

250
250

178,488
178,488
178,73 8

178,738

178,738

C ity of J ackson
2003 GO Public Improvement Bond Fund
Schedule of Revenues, Expenditures and Changes in Fund Ba lances - Budget and Actual
Fo r th e year ended Septemb er 30, 201 5
Budgeted Amounts

Va riance wi th
Final BudgetPos iti ve
O ri ~ in a l

R EVENUES
Intergove rn mental Revenue

Interest

Total revenues

7,809, 142

Fin al

Actu al A mollnts

7,570,956

( Ne~ ative)

8,663

2,000

773 ,859
2,485

7,8 17,805

7,572,956

776,344

(6,796,61 2)

17, 120

17, 120

8,969,967

8,2 19,489

1,977,53 8

17, 120
6,24 1,95 1

39,500

39,500
1,977,53 8

6,298 ,57 1

(6,797,097)
485

EXP ENDIT UR ES
Current Operati ons
Personnel serv ices

Other services and charges

Capital outlay
Total expenditures
Deficiency of revenues over (under) expendi tures

9,026,587
( 1,208,782)

8,276, 109
(703, 153)

Nel change in fund balances

Fund balances at beginning of year
Fund balances at end of year

( 1,208,782)
703, 153
(505,629)

(703, 153)

105

39,500

703, 153
$

(498,04 1)
(498,04 1)

( 1,20 1, 194)
(1 ,20 1, 194)
$

703, 154
(498,040)

( I)
$

(498,042)

C ity of Jackson
2009 GO Bond Fund
Schedule of Revenu es, Ex penditures and Changes in Fund Balances - Budget and Actual
Fo r th e yea r ended September 30, 2015
lJudgctcd Amount s

Original

Final

Actua l Am ounts

Variance with
Fin a l Ilud ge tPositive
(Negative)

REVENU ES
In te rgovenmental

Interest

Total revenues

1,890
1,242
3, 132

1,890
1,242
3, 132

EX PENDITURES

Current Operations
15,692
1,285,733
246,77 1
1,548, 196
( 1,548, 196)
(1 ,548, 196)
I ,308,309

Supp lies

Other services and charges

Capi ta l ou tl ay

Total expenditures
Deficiency of revenues over (under) expenditures

Net change in fund balances

Fund balances at beginning of yea r
Fund balances at end of year

(239.887)

106

1,226,9 10
8 1,399
1,308,309
( 1,308,309)
( 1,308,309)
1,308,309
$

497,525

729,385
8 1,399
810,784
(807,652)
(807,652)
I,308,3 09
$

500,657

497,525
500,657
500,657

500,657

City of J"ckson
2012 GO Note Ca pit,,1 Project Funds
Schedule o f Revenues, Expenditures and C hunges in Fund B:tlllncc-Budget and Actu:,'
Fo r the yeur ended September 30, 201 S

Budgeted Amounts

1,050

Va ri:lnce with
Final BudgetPositive
(Negative)
1,050
$

1,050

1,050

Actu:.1
Ori~i n al

REVENUES
Interest

Final

Amounts

Other
Total revenues

EXPEN DITURES
Current Operations:

1,068
1, 192,6 17

Suppli es
Oth er Services and Charges

Capital Outlay
Total expendi tures
Deficiency of revcllu es over (under) expendi tures

685,538
52,506

6,969

678,569

52,506
1,246, 19 1

738,044

6,969

73 1,075

( 1,246, 19 1)

(738,044)

(5,9 19)

732, 125

( 1,246, 19 1)

(738,044)

(5,9 19)
738,044

732, 125

52,506

OHlER FINANCING SOURCES (USES)

Total other fi nancing sources (uses)

Net change in fund balances
Fund balances at beginning of year
Fund balances at end o f year

738,044
$

738,044

(508, 147)

107

732, 125

732, 125

City of Jackson
Cupilol Street 2-Way
Sc hedu le of Ilevenucs, Expenditures and Changes in Fund Blliances - Budget and Actual
for the yellr ended Selltember 30, 2015
Budgeted Amounts

Actua l
Amou nts

Fin al

Origina l

Variance with
Filial BudgetPositive
(Negat ive)

REVENUES

Intergovern menta l Revenue

Interest
Total revenues

4,012,243

3,563,2 19

3,578,444

15,225
14

4,012,243

3,563,2 19

14
3,578,458

4,012,243
4,012,243

3,566,759
3,566,759
(3,540)

1,834,358
1,834,358
1,744, 100

1,732,40 1
1,732,401
1,747,640

(3,540)
(508,995)

1,744, 100

1,747,640

15,239

EXI'EN DITURES

Current Operations
Other services and charges
Total expend itu res
Deficiency ofrevenucs over (under) ex penditures
OTHER FINANCING SOURCES(USES)

Transfers in
Total oth er financing sources and uses
Net change in fund balances
Fund balances at beginning of yea r
Fund balances at end of year

(508,995)
$

(508,995)

108

(5 12,535)

(508,995)
$

1,235, I05

1,747,640

City of Jackson
Thalia Mara Hall Renovation Capital Project f unds
Schedule of Revenues, Expenditures and Chllnges in Fund Blilan ce- Budget an d Actual
For th e yea r ended September 30, 201 5

Budgeted Amoun ts
Fin al
OriGinal

REVEN UES

Interest

Ol her

Total revenues

Actun l Amounts
$

Fin al BlldGel-

29 1,358

29 1,3 58

29 1,358

29 1,3 58

(29 1,358)
(29 1,35 8)

29 1,358

29 1,358

42,450

248,908

29 1,358

29 1,3 58

42,450

248,908

EXPENDITU RES

Current Operat ions:

Other Services and Charges
Tota l ex penditures
Defi ciency of revenues over (under) ex penditures

(42,450)

(42,450)

(42,450)

(42,450)

OTH ER FI NANCING SOU RCES (USES)

Tota l other fin ancing sources (uses)

Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year

(957,436)
$

(957,436)

(957,436)

109

(95 7,436)

(957,436)
$

(999,886)

(42,450)

City of Jackson
Museum To Market Project Capital Project Funds
Sc hedule of Revenues, Ex penditures and C han ges in Fund Ba lance-B udge t and Actual
For the yen r cnded Se lltember 30, 201 5

Budgeted Amounts
Variance wit h

REVENUES
Oth er

Original

TOlal revenues

Fi mtl

1,070,059
I ,070,059

1,05 3,762
1,053,762

Actun l Amounts

Final BudgetPositive
(Negative)

( 1,053,762)
(1,053,762)

EXPENDITU RES
Current Operati ons:

1,070,059
1,070,059

Other Services and Charges

Total ex penditures

1,053,762
1,053,762

Defi ciency of revenu es over (under) expenditures

10, 11 7

1,043,645

10.117

1,043,645

( 10, 11 7)

( I 0, 117)

( 10, 11 7)
(196,238)

( 10, 11 7)

OTHER FINANCING SOU RCES (USES)

TOlal other fi nancin g sources (uses)

Net change in fund balances

(196,238)

Fund balances at beginning of yea r

Pu nd balan ces at end of yea r

( 196,23 8)

110

(1 96,238)
$

( 196,23 8)

(206,355)

( 10,117)

City of Jackson

1% Infrastructure Tux Ca pital Project Funds

Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual
For the year ended September 30, 2015

BUdgeted Amounts

Variance with
Final Budget-

Positive
Original

REVENUES
Other

Final

13,79 1,000

Actual Amounts
$

(NeGative)

13,79 1,000

Total revenues
EXPENDITURES

12,990,9 14

86

Capital Outlay

12,99 1,000
800,000

Total expenditures

13,79 1,000

86

13,790,9 14

(86)

13,790,914

(86)

13,790,9 14

Other Services and Charges

800,000

Deficiency of revenues over (u nder) expenditures

OTHER FINANCING SOURCES (USES)

Tota l other financin g sources (uses)

Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year

111

(86)

13,790,9 14

This page intentionally left blank

NON-MAJOR PROPRIETARY FUNDS

Nonmajor Proprietary
M.adison-Ridgeland Sewage Disposal System Fund
To account for costs of construction, operation and maintenance of the East Madison County
Sewage Disposal System. The City of Ridgeland, Mi ss issippi wi ll be responsible for the
service contracts with Madison County participating in tbe system.

Transportation Fund
To account for operational costs of the City's transit system. Deficiencies in the revenues
over expenses are financed by the City.

Cily of Jackson
Com bining Stalement of Net Position

Proprietary Funds - Nonmajor Funds

As of September 30, 2015

MadisonRidge land
SewaAc

T ralls~ortatio n

Tota ls

ASSETS
CUITent

Assets:

Cash and Cash Eq ui va lent

Intergove111menlal Receivable

$
273,485

273,485

273,485

273,485

Land

450,000

450,000

Build ings

187,903

187,903

Total Current Asset

Properly, Plant and Equipment, at Cost

Water plant, distribution system and equipment

Automotive and other equipment
Less: accumu lated deprec iation

Construction in progress
Net propelty, plant and equipment
Tota l Assets

552,792

4 10,690

963,482

5,278

11 ,4 18,285

11,423,563

558,070

12,466,878

13,024,948

(254,3 69)

(7,939,938)

(8, 194,307)

303,70 I
13,800

4,526,940

4,830,64 1

7,991 ,884

8,005,684

3 17,50 I

12,5 18,824

12, 836,325

3 17,50 1

12,792,309

13, 109,810

60,207
60,207

60,207
60,207

DEFERRED OUTFLOWS OF RESOURCES

Deferred outflows of resources

Total deferred outflows of resources

Total assets and deferred outflows of reso urces

11 2

3 17,501

12,852,5 16

13 , 170,0 17

C ity of Jackson
Combining Statement of Net Position

Proprietary Funds ~ Nonmajor Funds

As of Se ptember 30,2015

MadisonRidgeland
Sewage

Totals

Transportation

LIABILITIES
Current Liabilities:

Accounts Payable

24,032

Due to other fund s

Compensated absences
Current portion of long term debt:
Lease Obli gati ons
Tota l CUITe nt liabilities

24,032

Post Employment Benefits accrua l

Pension liab ility
Long Term Debt (less am ounts class ified as current liabilities):
Compensated absences
Lease obligations

Total long-term debt

Total liabilities

24,032

695, 128

719, 160

1,891 ,730

1,89 1,73 0

5,234

5,234

259,745

259,745

2,85 1,837

2, 875,869

74,560

74 ,560

5 13,449

5 13,449

10,68 1

10,68 1

182,877

182,877

193,55 8

193,55 8

3,633,404

3,657,436

DEFERRED IN FLOWS OF RESOURC ES

Deferred infiows of resources

74,428

74,428
74,428

74,428

24,032

3,707,832

3,73 1,864

In vested in Capita l Assets, net of related debt

3 17,50 I

12,076,202

12,393,703

Unrestricted

(24,032)

(2,93 1,5 18)

9, 144,684

(2,955 ,5 50)
9,438, 153

Total deferred inflows of resources

Total liabilities and deferred infiows of resources
NET POSITION

Tota l Net Positio n

293,469

11 3

City of Jackson
Combining Statement of Revenues, Expenses, and C ha nges in Fund Net Position
I'roprietary Funds - Nonmajor Funds
For the Year Ended September 30, 2015
MadisonRidgeland
Sewa~e

Trans~ortation

Totals

Operating Revenues:
Sales to Customers

Other Revenue

Total Operating revenues

7 15,595

7 15,595

480,000

480,000

1, 195,595

1, 195,595

Operating Expenses:
236,430

236,430

190
40,7 15

622,978

623, 168

6,5 16,083

6,556,798

Personnel Services
Supplies
Other services and cbarges

Depreciation
Total operating expenses

13,942

827,649

84 1,59 1

54,847

8,203, 140

8,257,987

Operating [ncome (loss)

(54,847)

(7,007,545)

(7, 062,392)

Nonoperating Revenues (Expenses):

80

Interest revenue
Interest and service cbarges on long term debt

80

and capita lized lease obligations

(9,923)

(9,923)

Total nonoperating revenues (expenses)

(9,843)

(9,843)

(7,0 17,388)

(7,072,235)

2,079,9 16

2,079,91 6

4,783,092

4,783,092

380,984

380,984

(54,847)

Loss before contributions and transfers

Capital contributions from grants
Tra nsfers In:
Genera l Fund

Special Revenue Funds

EntcllJrise Funds

47,57 1

Total lTansfers in (out)

47,571

Change in Net Position

Total net position - beginning previously reported

Prior period adjustment

Total net position beginning, as restated
Total net position - ending

114

47,57 1
5, 164,076

5,2 11 ,647

(7,276)

226,604

219,328

300,745

9,452,047

9,752,792

300,745
293,469

(533,967)
8,91 8,080
9, 144,684

(533,967)
9,2 18,825
9,438,153

City of Jackson
Combining Statement of C.sh Flows
Proprietary Funds Nonmajo r Funds
For the Yea r Ended September 30, 2015
M.disonRidgel.nd
Sewage

Tnms~ortatioll

Totals

Cash Flows from Operating Activities

Receipts fro m customers and users

715,595
1, 166,455

(8, I 0 I ,997)

(8, 129,718)

(222,874)

(222,874)

(27,721)

(6,442,82 1)

(6,470,542)

47,571

5, 164,076

5,2 11 ,647

47,571

5, 164,076

5,2 11 ,647

( 19,850)

(2,065,002)

(2,084,852)

272,688
(20 1,034)

(20 1,034)

(27,72 1)

Payments to suppliers

7 15,595
1, 166,455

Receipts from other revenue

Payments to employees
Net casb used for

Operating activities
Cash Flows from Noncapi tal Financing Activit ies

Transfers In
Nel cash provided by noncapital and re lated

financing activ ities

Cash Flows from Capital and Related
Financing Activities

Acquisition and constmction of capital assets

Proceeds from capital debt
Principal paid on capital debt

272,688

(9,923)

Interest paid on capital debt

Proceeds from capital contributions
Net cash provided by capital and related
fi nancing activities

(19,850)

(9,923)

2,079,9 16

2,079,9 16

76,645

56,795

80

80

Cash Flow I' r ovided by Investing Activities:

Interest on investments
Net cash provided by investing activ ities
Net increase (decrease) in cash and cash equivalents
Cash and cash equi va lents at begi nning of year

Cash and cash equiva lents at end of year

80
( 1,202,020)

80
(1 ,202,020)

1,202,020

1,202,020

Reconciliation of Operating Loss to Nel C. sh

Used for Operating Activities:
Operating loss

Depreciation expense
(Increase) decrease in other receivab le
(Increase) decrease in deferred revenu e
Increase (decrease) in due to other funds
[ncrease (decrease) in accounts payab le
Increase (decrease) in compensated absences
Increase (decrease) in other li.bilties
Tot.1 adj ustments
Net cash provided by operating activities

Noncash Investing, Capital, and Financing

Act ivities:
Borrowing under capital lease

(54,847)
13,942

13, 184

(7,007,545)
827,649

8 11 ,285

8 11 ,285

( 124,830)

(124,830)

( 1,037,2 13)

( 1,037,2 13)

74,277

87,461

5,245

5,245

8,31 1

11 5

27, 126
(27,72 1)

(7,062,392)
84 1,59 1

564,724
(6,442,82 1)

272,688

8,3 11
$

59 1,850
(6,470,542)

272,688

This page intentionally left blank

FIDUCIARY FUNDS

Fiduciary Funds
Unemployment Compensation Revolving Fund
To account for money held in trust to fund unemployment claims pursuant to State law.

Charitable Trust Fire and Police Fund

To account for contributions from the public sector which are held in trust for police and fire
allowable claims.

Mausoleum Trust Fund

To account for funds to be used for maintenance and upkeep of the Henry Mausoleum
located in Kernaghan Cemetery.

Tax Collections
To account for receipt of tax collections for and subsequent payment to the Jackson/Hinds
Library System, Jackson Municipal Separate School District, Capital City COlmnunity
Convention Center, and Jackson Convention & Visitors Bureau.

CITY OF JAC KSON

ALL TRUST FUN DS
COMBINING STATEMENT OF CHANGES IN POSITION AND LIABILITIES
FOR THE YEAR ENDED SEPTEM BER 30, 2015

Unemployment

Compensation
Revolving
Fund

Charitable
Trust
Mausoleum
Fire and Police
Trust
Fund
Fund

Total

Assets
Cash and cash equi va lents

532,005

9,265

$ 541,270

Investment at fa ir va lue:
Certi fica te of depos it
Total assets

532,005

9,265

32,598

32,598

32,598

$ 573,868

Lia bilities and Net Position

Liabilities:
To tal li abilities

Net Position:
Held in tmst

Total net position

Total liabilities and net position

532,005

9,265

32,598

573,868

532,005

9,265

32,598

573,868

9,265

$ 32,598

$ 573,868

532,005

11 6

CITY OF JAC KSON

ALL TRUST FUNDS
COMBINING STATEMENT OF CHANGES IN NET POSITION
FOR THE YEAR ENDED SEPTEMBER 30, 201 5

Unemployment
Trust
Mausoleum
Compensation
Trust
Revo lving Fire and Police
Fund
Fund
Fund
Additions:
Interest
Other additions

7 15
209,496

2 10,2 11

Total additi ons

55

Total

770
209 ,496

210,266

55

Deductions:
General gove nUllent
143,483

Trust funds

Change in Net Position

Net position at beginning or year

Net position at end of year

143,483

66,728

55

465,277

9,2 10

532,005

11 7

9,265

66,783

32,598

507,085

32,598

$ 573,868

CITY OF J AC KSON
ALL AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED SEPTEMBER 30, 2015

ASSETS
Cash
and Cash
Total
Eguivalents
Assets
Capita l City Community Convention Center
$
Balance at October 1,20 14
Additions
Deductions

Balance at September 30, 2015

Jackson Convention & Visitors Bureau

Balance at October 1, 2014
Additions
Deductions
Balance at September 30, 2015

Jackso n/Hinds Library System

Balance at October I, 2014
Additions
Deductions
Balance at September 30, 201 5

Balance at September 30,20 15

1% Infrastructure Tax
Balance at October 1, 20 14
Additions
Deductions
Balance at September 30, 20 15
Total - All Agency Funds:
Balance at October 1,2014
Additions

12,267 $
4,583,988
4,583,988

12,267
4,583,988
4,583,988

12,267 $

12,267

12,267 $

12,267

$
1,897,000
1,897,000

1,897,000
1,897,000
$

$
9,45 1,452
9,451,452

$
1,897,000
1,897,000

3,563,599
3,563,599

3,563,599
3,563,599
$

$
1,897,000
1,897,000

$
3,563,599
3,563,599

9,45 1,452
9,45 1,452

9,45 1,452
9,45 1,452

9,45 1,452
9,451,452

5,645,715
14,326, 103

5,645,7 15 $
14,326,103

5,645,7 15
14,326,103

19,97 1,8 18 $

19,97 1,8 18

19,971,818 $

19,971 ,8 18

5,657,982 $
33,822, 142
19,496,039

5,657,982
33,822, 142
19,496,039

5,657,982 $
33,822, 142
19,496,039

5,657,982
33,822, 142
19,496,039

19,984,085 $

19,984,085

19,984,085 $

19,984,085

5,645,7 15 $
14,326, 103

Deductions
Balance at September 30, 2015

Total
Liabilities

12,267
4,583,988
4,583,988

3,563 ,599
3,563,599

Deductions

Other
Liabilities

12,267 $
4,583,988
4,583,988

Jackson Munic ipal Separate School District

Balance at October 1, 2014
$
Additions

LIABILITIES

11 8

CAPITAL ASSETS

CITY OF JACKSON
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
COMPARATIVE SCHEDULES BY SOURCE (1)
SEPTEMBER 30, 2015 AND 2014

2015
Governmental funds capital assets:
Land
Buildings
Automotive and equipment:
Infrastructure
Construction in progress

Total governmental funds capital assets

Investment in governmental funds capital assets by source:

Assets prior to 1985 not segregated
by sources
General Fund revenues
Special Revenue Fund revenues
Special Assessment bonds
General Obligation bonds
Limited Obligation bonds
Debt Service Fund revenues
Federal grants
State grants
County grants
Total governmental funds capital assets

13,690,521
81,480,260
75,895,455
285,531,093
31,018,202

2014
$

13,930,521
81,480,260
72,402,475
265,816,305
117,678,217

$ 487,615,531

$ 551,307,778

13,762,712
79,044,775
95,891,964
2,123,934
250,723,795
4,330,429
65,000
41,131,814
110,159
430,949

$ 487,615,531

14,002,713
77,221,554
95,487,155
2,123,934
317,614,688
4,330,429
65,000
39,921,197
110,159
430,949

$ 551,307,778

(1) This schedule presents only the capital asset balances (excluding accumulated depreciation)
related to governmental funds. Accordingly, the capital assets reported in internal service funds
are excluded from the above amounts. Generally, the capital assets of internal service funds
are included as governmental activities in the statement of net position.

119

CITY OF JACKSON
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
SCHEDULE BY FUNCTION AND ACTIVITY (1)
SEPTEl\tIBER30, 2015

Land
Assets prior to 1985 not segre~ted by function and activity
General Government:
Planning
Code Services
Teleconummication
Data Processing! Information System
Vehicle Pool Fund
:Mayor's Office of Development Assistance
Office Services
Purchasing
Finance fiIld Management
PersoIlllel
Municipal Court Services
Vehicle Maintenance
Minority Business Development
Total general govenunent
Urban Development and Housing:
Neighborhood Enhancement Task
Redevelopment PrQjects
Post Oflice Prqject
Union Station
Total urban development and housing
Health and Welfare:
Public RelationslInfonnation
Senior Services
Day Care Services
Senior Centers/Community Centers
GrOllpHome
Human and CUltural Services
Total health and welfare
Public Safety:
Fire Department
Police Department
Small Animal Control
Juvenile Justice
Emergency Management
Communication Center
Public Safety Garage
Total public safety
Public Works:
Cemeteries
Engineering
Tramc Engineering
Traffic SiWtals
Care and Maintenance of Public Buildings
Custodial SClvlccs
Public Works Deputy Dir/Adm
Pest Control
Streets
Stann Drainage
Bridges
Soil Conservation
Total public works
CUlture and Recreation:
Planetarium
Jackson Zoological Park
MunicipalArt Building
Parks and Recreation
Teen Center
Librruy
Smith Robertson Cultural Center
Cily Auditorinm and Art Center
Tolal culture and recreation

$ 10,606,352 $

43,001

658,952

4,554,834
42,257

37,152
27,065

2,299,392

133,238

5,816
100,000

6,945,300

856,407

87,578
500
88m8

Construction
InPro![ess

3,044,869 $

Total

461245
75,000
123,992

1,064,964
670,093
4,724,541
5,635,372
1,630,245
204,679
146,335
50,452
2,720,932
225,894
1,466,044
726,657
271598
19,293.806

11,125
69,874

11,125
157,452

81999

15 12871796
15,4561873

500
15 10441796
15 10441796

243 1000
243MO

251,344
281,849
1,271,615

16,109

15 1645
L820,453

11876
17.985

441613
834.029

5,300,973
6,037,047
1,366,367
431,482

3,672,248
1,304,848

16,901,309
27,470,092
17,746
86,199
17,914
300,903
29 1060
441823 1223

4,502,506

1,292,879
198,992

14A28 1748

585,273

8,430
1,020,866
11,215

9,4791602

7,817,689

49,275,948
638,701
2,355,398
8,536,528

939,551

120,000
8.984,200

129,100,975
71,942,748
1,787,206
112,159
263 1149,663

225,820

827,314
3,000,000
5,758
16,678,250

29,049
8,069,927

225 1820

5,7lO,933
1,238,810
3 1849 1374
3L310,439

2,198,621
340,745
511 1131
lL184,436

354,278

34,963

402,665
2,526,372
17,287

14,829
498,346
256,428
19,813

14,829
749,690
554,386
1,291,428
46,245
621134
2,718 1712

143,318
5,120,000
2,392,214
425,559
106,498
46,568
41,124
1,426

21,466,235

426,842
872,972
1,224,974

992,716

6,783,056
244,123

9 1269,423

9 1551,967

2,205,142
3,465,122
40,714
28,403,984
5,293
8,065,653
1,637,150
4 1425 1427
48 1248,485

427,895
192,219

830,560
192,219
2,526,372
263,643
34,862
1,485,483
21,692
5 13541831

21,692

$ 13 j 690 1521 $

81 1481 260 $

923p24
285 1531 193 $

151,748
56,428,929
3,921,102
4,005,931
16,460,715
46,568
41,124
1,426
136,238,309
73,179,587
1,787,206
232,159
292z4941804

1,342,865
465,122
5,907
3,429,987
5,293
156,099
57,595
641922
55271790

246,356
34,862

21946 1324

25,949,530
56,402,214
1,384,113
5,020,187
17,914
1,593,782

21.466,235

1,485,483
11485 1483

13,651,221

363,011
670,093
132,555
5,566,050
1,630,245
104,679
146,335
50,452
288,302
225,894
1,466,044
720,841
271598
lL392p99

46,245

,-,,,,1

Total govenunental funds capital assets

Automotive and
EguiEment

Infrastructure

100,000

Miscellaneous:
City CouncilJMayor
City Clerk
City Hall
Mayor's Action Line
Industrial Park
Internal Audit
TotalmisccUaneous

Buildin~

75 1895 1455 $

31 1018 1202 $

487 1615 1531

(1) TIlis schedule presents only the capital asset balances related to governmental funds. Accordingly, the capital assets reported in internal service funds are exc1nded
from the above amounts. Generally, the capital assets ofintemal service funds are included as governmental activities in the statement ofncl position.

120

CITY OF JACKSON
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
SCHEDULE OF CHANGES BY FUNCTION AND ACTIVITY (1)
FOR THE YEAR ENDED SEPTEMBER 30, 2015
Governmental Funds
Capital Assets
October 1, 2014
General Government:
Planning
Code Services
Information Systems
Transportation
Data Processing
Vehicle Pool
Telecommunications
Office Services
Purchasing
Finance and Management
Personnel
Municipal Court Services
Vehicle Maintenance
Total general government

Urban Development and Housing:

Redevelopment Projects
Union Station
Total urban development and housing

272,751
13,448,496
13,721,247

Health and Welfare:

Senior Services
Day Care Services
Senior Centers/Community Centers
Human and Cultural Services
Total health and welfare
Public Safety:
Fire Department
Police Department
Small Animal Control
Juvenile Justice
Communication Center
Public Safety Garage
Total public safety
Public Works:
Cemeteries
Engineering
Traffic Engineering
Public Works Administration
Care and Maintenance of Public Buildings
Custodial Services
Pest Control
Central Supply
Streets
Storm Drainage
Soil Conservation
Total public works
Culture and Recreation:
Planetarium
Jackson Zoological Park
Municipal Art Building
Parks and Recreation
Library
Smith Robertson Cultural Center
City Auditorium and Art Center
Total culture and recreation
Miscellaneous:
City Council/Mayor
City Clerk
Legal
Mayor's Action Line
Internal Audit
Total miscellaneous
Total governmental funds capital assets

2,288,928
560,216
1,827,611
10,192,613
724,267
969,031
10,021,323
1,669
50,839
7,692,575
136,244
1,933,830
1,628,972
38,028,118

Additions

Deductions

619,603
458,448
90,962
108,605
15,540
1,293,158

859,603
859,603

2,048,928
560,216
2,286,059
10,192,613
724,267
1,059,993
10,129,928
1,669
50,839
7,708,115
136,244
1,933,830
1,628,972
38,461,673
272,751
13,448,496
13,721,247

853,215
1,208,980
616,255
1,342,090
4,020,540

44,094
44,094

18,165
18,165

853,215
1,208,980
616,255
1,368,019
4,046,469

30,950,852
43,242,431
1,714,102
11,693,078
4,120,964
230,776
91,952,203

1,332,610
1,958,638
3,291,248

1,220,436
1,254,185
2,474,621

31,063,026
43,946,884
1,714,102
11,693,078
4,120,964
230,776
92,768,830

356,014
100,806,730
10,604,318
14,408
25,171,891
61,765
10,452
709,337
138,979,521
64,587,867
482,909
341,785,212

5,249,783
36,550
1,841,069
3,744,518
3,916,390
14,788,310

17,853,644
8,267,131
1,830,520
14,942
45,360,702
6,837,388
80,164,327

356,014
88,202,869
2,373,737
14,408
25,182,440
46,823
10,452
709,337
97,363,337
61,666,869
482,909
276,409,195

5,192,962
3,687,674
75,838
18,642,533
10,611,997
2,867,818
14,040,784
55,119,606

536,849
2,198,621
155,007
6,315,164
9,205,641

171,641
2,198,621
155,007
6,272,714
8,797,983

5,192,962
3,687,674
75,838
19,007,741
10,611,997
2,867,818
14,083,234
55,527,264

6,414,185
71,440
163,536
7,674
24,018
6,680,853
$

Governmental Funds
Capital Assets
September 30, 2015

551,307,779

28,622,451

92,314,699

6,414,185
71,440
163,536
7,674
24,018
6,680,853
$

487,615,531

(1) This schedule presents only the capital asset balances related to governmental funds. Accordingly, the capital assets reported in internal
service funds are excluded from the above amounts. Generally, the capital assets of internal service funds are included as governmental
activities in the statement of net position.
121

This page intentionally left blank

STATISTICAL SECTION

STATISTICAL SECTION
(UNAUDITED)
This part ofthe City of Jackson's comprehensive annual financial report presents
detail information as a context for understanding what the information in the financial
statements, note disclosures, and required supplementary information says about the
city's overall financial health.

Contents

Page

Financial Trends

123

These schedules contain trend information to help the reader understand how the City of
Jackson's financial performance and well-being have changed over time.

127

Revenue Capacity

These schedules contain information to help the reader assess the City of Jackson's most
significant local revenue source, the property tax.
131

Debt Capacity

These schedules present information to help the reader assess the affordability of the City
of Jackson's current levels of outstanding debt and the city's ability to issue additional
debt in the future.

139

Demographic and Economic Information

These schedules offer demographic and economic indicators to help the reader
understand the environment within which the City of Jackson's financial activities take
place.
141

Operating Information

These schedules contain service and infrastructure data to help the reader understand how
the information in the City of Jackson'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
comprehensive annual financial reports for the relevant year.

122

City of Jackson
Net Position by Component
Last Ten Fiscal Years
(accrual basis of acconnting)
(amonnts expressed in thousands)

Fiscal Year

Governmental activities
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total governmental activities net position

2014

2013

2012

2011

2010

2009

$121,798
5,926
(173,696)
$ (45,972)

$197,641
5,726
(8,168)
$195,199

$179,234
13,446
(45,855)
$146,825

$187,511
15,040
(41,290)
$161,261

$180,357
17,469
(36,100)
$161,726

$188,172
23,585
(38,882)
$172,875

$180,607
32,587
(32,604)
$180,590

$197,359
$207,047
$168,144
4,169
28,617
64,061
33,779
(44,725 2
(37,3 67 2
$206,092
$188,609
$226,383

$156,309
3,820
91,591
$251,720

$147,013
3,765
94,972
$245,750

$135,512
3,661
94,115
$233,288

$353,668
32,437
54,224
$440,329

$354,060
67,826
50,247
$472,133

$303,656
7,830
127,894
$439,380

Business-type activities
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total business-type activities net position

$213,137

$192,012

$101,011

$184,185

$183,735

$176,170

59,674
$272,811

84,672
$276,684

159,496
$260,507

73,303
$257,488

78,501
$262,236

77,521
$253,691

$163,408
3,861
82,482
$249,751

Primary government
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total primary government net position

$334,935
5,926
(114,022)
$226,839

$389,653
5,726
76,504
$471,883

$371,696
15,041
113,641
$407,332

$371,696
15,040
32,013
$418,749

$364,092
17,469
42,401
$423,962

$364,342
23,585
38,639
$426,566

$344,015
36,448
49,878
$430,341

Source: Statement of Net Position.

123

2008

2007

2006

2015

City of Jackson
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
Fiscal Year
2014

2013

2012

2011

2010

2009

2008

2007

2006

40,625
64,796
19,595
16,720
1,564
5,912
149,212

$ 15,780
27,031
14,505
7,831
8,232
844
74,223

$ 40,602
64,780
24,661
14,311
7,860
8,230
160,444

$ 29,456
57,055
24,721
13,756
8,685
7,448
141,121

$ 29,312
59,166
21,774
16,011
8,625
5,864
140,752

$ 32,358
56,922
27,451
9,645
8,764
8,830
143,970

$ 44,790
55,996
31,518
14,170
2,149
5,389
154,012

$ 69,721
53,664
25,301
14,890
1,765
5,917
171,258

$ 49,147
62,576
15,993
13,067
2,180
5,647
148,610

$ 29,179
29,109
35,819
17,004
1,836
4,731
117,678

45,439
8,213
55
10,857
64,564
$ 213,776

55,553
7,995
109
10,766
74,423
$ 148,646

48,891
7,554
82
11,699
68,226
$ 228,670

55,347
6,970
74
11,894
74,285
$ 215,406

41,795
8,713
51
11,156
61,715
$ 202,467

41,064
7,956

42,275
7,990

45,279
7,685

39,904
6,852

41,184
6,589

10,244
59,264
$ 203,234

10,296
60,561
$ 214,573

10,299
63,263
$ 234,521

10,931
57,687
$ 206,297

9,893
57,666
$ 175,344

9,281
195
195
455

$ 10,875
1,348
162
464

$ 14,204
823
200
595

$ 15,019
798
253
885

$ 13,075
367
15
619

11,912
5,200
27,238

8,251
7,016
28,116

12,261
11,291
39,374

10,114
1,970
29,039

11,570
5,025
30,671

17,441
2,226
31,090

16,681
6,188
35,071

18,436
7,912
38,214

12,968
1,771
27,781

22,969
5,955
38,245

59,849
716
11,349
570
2,143
74,627

69,423
710
11,024
506
2,516
84,179

44,052
677
11,311
582
4,675
61,297

47,966
589
12,007
631
2,844
64,037

47,578
529
11,473
706
2,568
62,854

41,974
431
11,258
664
4,584
58,911

41,440
360
10,850
694
1,741
55,085

47,468
397
11,981
832
1,534
62,212

43,847
426
10,476
1,378
5,133
61,260

42,262
448
9,113
4,391

2015

Expenses
Governmental activities:
General government
Public safety
Public works
Human and cultural services
Employee benefits
Interest on long-terrn debt
Total governmental activities expenses
Business-type activities:
Water/Sewer
Transportation
Madison Sewage
Sanitation
Total business-type activities expenses
Total primary government expenses
Program Revenues
Governmental activities:
Charges for services
General government
Public Safety
Public Works
Human and cultural services
Employee benefits
Operating grants and contributions
Capital grants and contributions
Total governmental activities program revenues
Business-type activities:
Charges for services:
Water/Sewer
Transportation
Sanitation
Operating grants and contributions
Capital grants and contributions
Total business-type activities program revenue
Net (expense )/revenue
Governmental activities
Business-type activities
Total primary governrnent net expenses

4,951
3,241
1,206
2,025

6,334
2,824
1,469
1,575

4,525
3,135
1,393
2,813

7,422
2,806
1,147
1,667

3,139
3,003
1,698
1,481

56,214

(121,974)
(46,108) (121,071) .(112,083) (110,081) (112,880) (118,941) (133,044) (120,829)
(79,433)
9,756
(6,929)
(10,248)
(5,476)
(1,051)
(1,452)
10,063
1,139
(353)
3,573
$(111,911) $ (36,352) $(128,000) $(122,33)) $(108,942) $(113,233) $(124,417) $(134,095) $(117,256) $ (80,885)

General Revenues and Other Charges in

Net Position
Governmental activities:
Taxes
Property taxes
Sales taxes
Franchise taxes
Investment earnings
Gain on sale of capital assets
Miscellaneous
Transfers
Total governmental activities
Business-type activities:
Investment earnings
Gain on sale of capital assets
Transfers
Total business-type activities
Total primary government
Changes in Net Position
Governmental activities
Business-type activities
Total primary government
Source: Statement of Activities

77,881 $ 77,634 $ 72,437 $ 74,856 $ 68,108 $ 68,523 $ 71,298 $ 65,845 $ 65,037 $ 61,945
32,718
31,937
32,740
32,701
31,656
31,268
33,598
37,298
40,453
40,849
8,245
8,975
9,667
8,218
7,878
8,552
9,234
9,062
10,144
8,936
59
74
145
395
187
616
341
3,021
5,251
1,864
561
108
40
301
318
166
172
478
198
577
282
204
203
25
1,071
1,714
317
106
20
(3,054)
(6,106)
(9,585)
(5,000)
(10,232)
(4,027)
(4,027)
(4,613)
(4,369)
(5,473)
116,284
104,644
111,617
98,240
104,747
110,922
111,197
109,655
117,187
115,526

124
2
3,054
3,180
$ 120,367
$
$

256
59
6,106
6,421
$ 122,705

(4,787) $ 70,177
13,243
16,175
8,456 $ 86,352

249
15
9,585
9,849
$ 114,493

472
30
5,000
5,502
$ 117,119

$ (16,426) $
2,918
$ (13,508) $

124

490
76
5,565
7,406
$ 105,646

244
21
4,0?7
4,?92
$ 109,039

(465) $ (11,841) $
(4,748)
8,545
(5,213) $ (3,296) $

(8,133)
3,939
(4,194)

812
(1,332)
4,027
3,507
$114,429

2,352
56
4,613
7,021
$ 118,218

4,470
50
4,369
8,889
$ 124,415

4,615
55
5,473
10,143
$ 119,798

(8,019) $ (21,847) $ (5,303) $ 30,222

(1,969)
5,970
8,691
12,462
(9,988) $ (15,877) $ 7,159 $ 38,913

City of Jackson
Governmental Activities Tax Revenues By Source
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)

Motor
Fuel
Tax

Alcoholic
Beverage
Tax

Total

47

254

118,792

30

270

93,089

26

270

88,758

30

268

86,960

Fiscal
Year

Property
Tax

Sales
Tax

Franchise
Tax

2015

77,880

31,636

8,975

2014

61,797

29,440

1,552

2013

56,970

29,902

1,590

2012

55,855

29,155

1,652

2011

54,594

30,798

1,823

28

268

87,511

2010

50,483

29,995

1,890

31

262

82,661

2009

53,256

32,301

1,572

31

274

87,434

2008

48,769

35,428

1,477

31

282

85,987

2007

44,240

35,838

1,442

31

304

81,855

2006

41,324

37,993

1,398

31

302

81,048

Source: General Fund Budget and Actual Statement

125

City of Jackson
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)

Fiscal Year

2015
General fund
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total general fund

All other governmental funds

Nonspendab1e
Restricted
Committed
Assigned
Unassigned
Total all other governmental funds

2013

2014

2012

2011

2010

875
550
3,780
2,005
5,525
$ 12,735

997
517
3,833
2,518
16,579
$ 24,444

2,283
492
3,585
49
26,517
$ 32,926

2,160
658
4,789
49
26,310
$ 33,966

1,814
437
6,086
33
24,757
$ 33,127

7,876
8,188
(498)
$ 15,566

1,470

2009
$

1,327

2007

2008
$

1,301

1,138

2006
$

981

2,659

2,807

2,747

2,731

2,641

26,695
$ 30,824

24,897
$ 29,031

20,760
$ 24,808

11,835
$ 15,704

12,041
$ 15,663

8,362
10,699

7,210
13,943

4,045
11,692

3,600
19,780

4,876
21,075

7,205
27,311

4,215
27,271

3,855
63,120

2,270
16,116

(1,663)
$ 17,398

$ 21,153

$ 15,737

$ 23,380

$ 25,951

$ 34,516

$ 31,486

$ 66,975

$ 18,386

Source: Governmental Funds - Balance Sheet

126

City of Jackson
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)

2013

Fiscal Year
2011
2010

2015

2014

2012

$ 69,118
1,973
47,489
4,695
3,457
59
21
18,625
145,437

$ 77,435
2,006
50,291
4,092
3,109
74
34
18,626
155,667

70,026
2,291
55,535
4,152
3,923
145
2
18,423
154,497

$ 69,887
2,676
49,721
3,693
4,166
395
6
16,560
147,104

$ 68,253
2,873
46,069
3,499
4,537
342
8
15,923
141,504

$ 67,772
2,541
48,425
3,314
4,092
186
1
14,707
141,038

28,371
54,068
14,619
16,554
7,553
7,546
15,700
6,491
150,902

30,515
54,738
14,242
30,334
8,070
10,463
6,030
6,013
160,405

30,718
52,586
13,753
23,232
7,780
21,090
2,780
5,061
157,000

29,269
57,035
8,349
24,698
8,685
10,539
873
6,575
146,023

30,977
52,606
13,370
19,126
8,625
5,749
624
6,424
137,501

30,506
51,571
8,078
24,430
8,071
9,982
3,806
7,128
143,572

2008

2007

2006

69,315
3,453
55,498
3,324
4,245
616
19
13,526
149,996

$ 62,702
4,198
62,448
3,456
3,602
3,020
13,331
152,757

$ 63,606
3,167
56,783
3,032
3,106
5,252
14
13,374
148,334

$ 60,221
2,968
63,338
3,150
3,202
1,865
14
15,950
150,708

39,351
53,215
12,299
36,742
2,149
15,311
10,731
5,789
175,587

63,886
53,572
12,835
26,302
1,765
1,379
14,330
6,419
180,488

46,176
58,926
13,177
17,243
2,180
9,040
13,830
6,314
166,886

29,119
58,984
16,550
30,012
1,836
2,049
13,190
4,584
156,324

2009

Revenues
Taxes
Licenses and pennits
Intergovernmental
Charges for services
Fines
Investment earnings
Special assessments

Other
Total revenues

Expenditures

General govemment
Public safety
Culture and recreation
Public Works
Employee Benefits
Capital Outlay
Principal
Interest
Total expenditures

Excess of revenues
over (under) expenditures

(5,465)

(4,738)

(2,503)

1,081

4,003

(2,534)

(25,591)

(27,731)

(18,552)

(5,616)

9,347
(19,836)
2,095

15,582
(28,448)
4,808

10,400
(26,745)
12,144
11,098
64,940

4,813
(16,442)
3,098
402

7,927
(18,159)
172
9,041

7,201
(15,006)

7,581
(15,474)

6,584
(15,012)

3,488

12,070

2,208

6,565
(14,354)
1,119
186

4,116
(13,443)
47
6,783

5,155

66,117

Other financing sources (uscs)

Transfer in
Transfer out
Proceeds from capital leases
Issuance of debt
Proceeds from refunding bonds
Proceeds from long-term debt
Proceeds from GO Bonds
Proceeds of tax increment bonds
Sales of Bonds
Sale of capital assets
Issuance of refunding Bonds
Payments to refunded bond escrow agent
Payments to escrow agent
Premium on GO bond issue
Proceeds from Tax Increment Bonds
Total other financing
sources (uses)
Net change in fund balances
Debt service as a percentage of non capital
expenditures

318

561

108
(913)
(69,891)

40
23,665

166

(25,089)
1,463

5,738

(8,076)

(7,497)

$ (13,541)

$ (12,235)

18.5%

8.4%

(7,963)

6,879

4,376

6.1%

26,210
(359)

(33)

(6,882)

5.7%

127

(4,238)

(1,052)

2,951

5.7%

(6,772)

8.9%

267
(124)

430
2,382

2,270

32,840

1,348

7,249

11.5%

$ (26,383)

12.6%

(2,497)

59,633

$ 41,081

14.6%

(8,113)

13.0%

City of Jackson
General Governmental Tax Revenues By Source

Last Ten Fiscal Years

(modified accrual basis of accounting)
(amounts expressed in thousands)

Tax

Franchise
Tax

Motor Fuel
Tax

69,118

31,636

8,975

2014

77,435

29,440

2013

70,026

2012

Fiscal
Year

Property
Tax

Sales

2015

Alcoholic
Beverage

Tax

Total

47

254

110,030

1,552

30

270

108,727

32,034

1,590

26

270

103,946

69,887

29,155

1,652

30

268

100,992

2011

68,253

30,798

1,823

28

268

101,170

2010

67,772

29,995

1,890

31

262

99,950

2009

69,315

32,301

1,572

31

274

103,493

2008

62,702

35,428

1,447

31

282

99,890

2007

63,606

35,838

1,442

31

304

101,221

2006

60,221

37,993

1,398

31

302

99,945

Source: Governmental Funds - Statement of Revenues, Expenditures, and Changes in Fund Balance

128

City of Jackson
Assessed and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years (2)

Fiscal
Year

Real Property
Assessed
Estimated
Value (1)
Actual Value

2015 $ 782,206,847 $
2014
792,551,066
2013
805,068,802
2012
810,977,848
2011
809,368,529
2010
798,026,041
2009
790,601,910
2008
658,357,211
2007
657,256,904
2006
657,256,904

Personal Property
Assessed
Estimated
Value (2)
Actual Value

Total
Assessed
Value (2)

6,106,236,603 $ 429,291,423 $ 1,975,757,483 $

1,950,263,833
6,1 69,507,1 67
423,157,579
1,871,856,147
6,271,511,887
396,924,146
6,317,262,297
413,249,466
1,993,670,330
6,323,192,313
1,897,105,793
396,605,625
1,887,134,230
6,252,141,950
400,770,321
1,988,646,047
6,190,265,033
423,164,849
2,076,697,273
5,139,0 I 9,840
452,411,093
5,079,239,993
452,073,610 2,081,230,213
5,079,239,993
452,073,610 2,081,230,213

1,211,498,270 $
1,215,708,645
1,201,992,948
1,224,227,314
1,205,974,154
1,1 98,796,362
1,213,766,759
1,110,768,304
1,1 09,330,514
1,109,330,514

(1) Ad valorem tax property assessments within the City and the Jackson Municipal
Separate School District are fixed at ten percent (10%) of appraised value for
homeowner occupied real property, and fifteen percent (15%) of appraised value for
all other real and personal property for Fiscal Years 1987-1996. State law required a
reappraisal of all property in Mississippi in order to obtain an equitable and uniform
appraisal in proportion to current market value, and property was assessed at fifteen
percent (15%) beginning in Fiscal Year 1985. The assessed value for motor vehicles
and for property owned by public service corporations is determined by an
assessment schedule prepared each year by the State of Mississippi Tax
Commission, and is set at approximately thirty percent (30%) of appraised value for
Fiscal Year 1989 and thereafter.
(2) Includes automotive valuation.
There was an error in reporting the fiscal year 2006 assessed and estimated taxable property.
This error is corrected in fiscal year 2007.
SOURCE: Hinds, Rankin and Madison County Tax Collectors

129

Estimated
Actual Value

Total Direct
Tax Rate

8,081,994,086
8,1 19,771,000
8,143,368,034
8,310,932,627
8,220,298,106
8,139,276,180
8,178,911,080
7,215,717,113
7,1 60,470,206
7,160,470,206

56.46
62.07
56.54
56.63
56.63
56.72
56.72
56.75
56.75
54.75

Ratio of Total Assessed

to Total Estimated
Actual Value
1O%,15%,and
10%,1 5%,and
1O%,15%,and
10%,15%,and
10%,15%,and
10%,15%,and
10%,15%,and
10%,15%,and
10%,15%,and
1O%,15%,and

30%
30%
30%
30%
30%
30%
30%
30%
30%
30%

CITY OF JACKSON
PROPERTY TAX RATES
DIRECT AND OYERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS

Overlapping Rates
City of Jach:son

County

School District

Debt Service
Debt

Total

& Operating

Total
Debt

Direct &

Total

Fiscal

Operating

Service

City

County

Operating

Service

School

Special

Overlapping

Year

Millage

Millage

Millage

Milage

Millage

Millage

Millage

Districts

Rates

2015

48.90

7.56

56.46

38.33

65.91

16.53

82.44

1.57

178.80

2014

56.77

5.30

62.07

38.33

64.79

7.17

71.96

1.49

173.85

2013

53.50

3.04

56.54

38.33

62.58

14.91

77.49

1.49

173.85

2012

53.43

3.20

56.63

38.33

62.66

12.33

74.99

1.40

171.35

2011

53.56

3.07

56.63

44.13

62.58

12.41

74.99

1.40

177.15

2010

50.09

6.63

56.72

39.12

68.91

6.08

74.99

1.31

172.14

2009

51.25

5.47

56.72

39.12

68.91

6.08

74.99

1.31

172.14

2008

52.28

4.47

56.75

39.12

68.91

6.08

74.99

1.28

172.14

2007

47.23

9.52

56.75

39.12

68.91

6.08

74.99

1.28

172.14

2006

45.23

9.52

54.75

39.12

68.91

6.79

75.70

1.28

170.85

Source: Hinds County Tax Collectors, Jackson Public School District, and Jackson/Hinds Librmy System

130

City of Jacl{son
Principal Propel-ty Taxpayers
September 30, 2015
(amonnts expressed in thousands)

2015
Taxable
Assessed
Value

Taxpayer
Bell South

35,430

Rank

2006
Percentage of
Total Taxable
Assessed
Value

3.38%

Taxable
Assessed
Value
$

Rank

77,680

Percentage of
Total Taxable
Assessed
Value
8.60%

1l.82%

47,557

5.27%

9,078

l.01%

12,024

1.33%

Trustmark National Bank

5,287

0.59%

Parkway Properties

5,847

0.65%

13,932

1.54%

5,613

0.62%

Plaza Investments

4,281

0.47%

Home Depot

3,931

10

0.44%

123,844

Entergy
Atmos Energy

13,975

1.33%

Midcontinent Express Pipelane LLC

26,789

2.56%

AT&T

Central MS Health Systems

11,399

l.09%

6,350

0.61%

Jackson HMA Inc. LLC

5,957

0.57%

Texas Eastern Transmission C

5,943

10

0.57%

Entergy Services Inc

Wal-MartiSam's Wholesale Club
Jackson Medical

St. Dominics Hospital

Baptist
Gulf South Pipeline Co. LP
Illinois Central Railroad

24,474

2.33%

8,115

0.77%

Mississippi Valley Gas Company

Totals

262,276

25.02%

Source: Hinds County

131

185,230

20.51%

City of Jackson
Property Tax Levies and Collections
Last Ten Fiscal Years
(amounts expressed in thousands)

Fiscal Year
Ended
Seetember 30

Collected within the

Fiscal Year of the Levy
Amount
Percentage of Lev~

Total Tax
Levy for
Fiscal Year

Collections in
Subseguent Years

Total Collections to Date

Amount
Percentage of Levy

59,314

99.8

59,842

100.7

2014

69,499

66,623

95.9

1,458

68,081

98.0

2013

69,069

61,147

88.5

1,106

62,253

90.1

2012

67,138

60,734

90.5

1,533

62,267

92.7

2010

61,942

59,321

95.8

972

60,293

97.3

2009

61,363

59,602

97.1

376

59,978

97.7

2008

55,147

54,276

98.4

306

54,582

99.0

2007

55,147

54,276

98.4

306

54,582

99.0

2006

52,019

50,928

97.9

996

51,924

99.8

2015

59,436

528

2011

The data was not available from Hinds County in 2011.

The total tax levy does not include automobile ad valorem taxes.
Beginning Fiscal YeaI' 1988, the majority of school taxes collected were remitted
directly to the Jackson Municipal Separate School District by Hinds County, the
collecting agency.

132

City of Jackson
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
(amounts expressed in thousands, except per capita amount)

General
Obligation
Bonds

Fiscal
Year

2015
2014
2013
2012
2011

128,750 $
139,280
135,645
131,290
131,720

2010
2009
2008

131,720
134,610
112,535

2007
2006

115,500
58,715

Limited
Obligation
Bonds

State
Revolving
LoanMDA

Governmental Activities
Miss
Development
Section
Bank Loan
108 Loan

4,576 $
5, III
5,622
6,102
6,541
4,231
4,522

259 $
302
342
383
430
462
497

2,270
210
405

534
568
602

2,159 $
2,452
2,747
3,040
3,335
2,650
2,847
737
622

7,000 $
6,889
7,000
7,000
7,000
7,000

General
Obligation Note

4,600 $
6,900
9,200
402

Leases
15,677
17,880
18,167
17,058
18,073
13,520
13,053
13,027
14,013
16,009

7,000

668

(Continued)
Note: Details regarding the city1s outstanding debt can be found in the notes to the financial statements.
(1) See the Schedule of Demographic and Economic Statistics on page 130 for personal income and popUlation data.

133

Capital

Business-T~pe Activities
State
Revolving
Sewer
Capital
Bonds
LoanMDA
Leases

227,910 $
233,660
239,265
154,430
148,325
148,920
155,830
161,345
167,670
173,700

5,021 $
3,943
2,727

Total
Primary
Government

State
Revolving
Loan (DEQ)

2,719 $
4,187
4,137
3,069
2,758
4,704
5,722

25,633 $
22,534
15,653
12,578
13,799
15,428
16,997

1,716
2,272

18,508
19,005
18,125

1,379

424,304
443,138
440,505
335,352
331,981
328,635
341,078
310,672
319,860
269,603

134

Percentage

of Personal
Income (1)

7.07% $
7.39%
7.34%
5.59%
5.54%
5.26%
5.59%
4.98%
5.46%
4.69%

Per
Capita (1)

2,445
2,554
2,539
1,933
1,913
1,894
1,851
1,686
1,736
1,463

City of J acl{son
Ratios of General Bonded Debt Outstanding
Last Ten Ftscal Years
(amounts expressed in thousands, except per capita amount)

Total

Percentage of
Estimated
Actual Taxable
Value of
Proeert~ (1)

2,577

124,217
133,446
135,938
135,061
136,429
133,374

12.15%
12.73%
12.90%
12.90%
13.18%
13.05%

134,610

2,471

136,661

13.31%

742.72

112,535

2,257

112,548

12.21%

611.67

210

115,500

2,521

12.30%

615.16

405

58,715

1,529

113,189
57,591

6.34%

312.99

Assessed
Value

Limited
Obligation
Bonds

1,022,125
1,048,184
1,053,718
1,046,591
1,034,756
1,022,263

4,576
5,111
5,622
6,102
6,541
4,231

2009

1,027,088

4,522

2008

921,948

2,270

2007

920,291

2006

908,925

Fiscal
Year
2015
2014
2013
2012
2011
2010

General
Obligation
Bonds
$

124,150
132,380
135,465
131,290
131,720
131,720

Less: Amounts
Available in Debt
Service Fund
$

4,509
4,045
5,149
2,331
1,832

Note: Details regarding the city's outstanding debt can be found in the notes to the financial statements.
(I) See the Schedule of Assessed Value and Estimated Actual of Taxable Property on page 129 for property value data.
(2) Population data can be found in the Schedule of Demographic and Economic Statistics on page 139.

135

Per
Capita (2)
$

675.09
725.25
738.79
734.Q3
741.46
724.86

City of Jackson
Direct and Overlapping Governmental Activities Debt
As of September 30,2015
(amounts expressed in thousands)

Governmental Unit
Debt repaid with property taxes:
Hinds County
Jackson Public Schools
Subtotal, overlapping debt

Debt
Outstanding

City of Jackson direct debt

Estimated
Percentage
Applicable

36,185
138,295

76.57%
100.00%

133,322

100.00%

Estimated
Shal-e of
Overlapping
Debt

133,322

Total direct and overlapping debt

27,707
138,295
166,002

299,324

Sources: Assessed value data used to estimate applicable percentages by City of Jackson, Hinds County, and Jackson Public Schools.
Note: Overlapping goverm11ents are those that coincide with the geographic boundaries of the city. This schedule estimates the portion
of the outstanding debt of those overlapping governments that is borne by the residents and businesses of the City of Jackson.
This process recognizes that, when considering the City of Jackson ability to issue and repay long-tenn debt, the entire debt
burden borne by the residents and business should be taken into acconnt. However, this does not imply that every taxpayer is a resident,
and therefore responsible for repaying the debt, of each overlapping government.
The percentage of overlapping debt applicable is estimated using taxable assessed property valnes. Applicable percentages were estimated
by detennining the portion of the county's taxable assessed value that is with the government's boundaries and dividing it by the county's
total taxable assessed value.

136

City of Jackson
Legal Debt Margin Information
Last Ten Fiscal Years
(amollnts expressed in thollsands)

Fiscal Year

Debt limit

Total net debt applicable to limit

Legal debt margin

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

$173,182

$176,428

$176,090

$174,971

$173,629

$173,116

$175,386

$ 160,093

$160,138

$158,399

105,717

100,148

94,548

73,224

73,261

70,951

74,132

43,375

50,710

59,120

$ 67,465

$ 76,280

$ 81,542

$101,747

$100,368

$102,165

$101,254

$ 116,718

$109,428

$ 99,279

Total net debt applicable to the limit

as a percentage of the debt limit
Legal Debt margin Calculation for Fiscal Year 2015
Assessed value
Less Homestead Exemption
Total assessed value

Debt limit (15% of total assessed value)

Debt application to limit:
Bond indebtedness
Less: Amount set aside for repayment of
revenue bond debt
Total net debt applicable to limit
Legal debt margin

$1,218,259
$ (63,713)
$1,154,546

173,182
295,375
(227,910)
$ 67,465
$ 105,717

Note: Under state finance law, the City of Jackson's outstanding general obligation debt should not exceed 15 percent of total assessed property value. By law, the general
obligation debt subject to the limation may be offset by amounts set aside for repaying general obligation bonds.

137

City of Jackson
Pledged-Revenue Coverage
Last Ten Fiscal Years
(amounts expressed in thousands)

Water / Sewer Revenue Bonds

Water/Sewer

Less:

Net

Fiscal

Charges

Operating

Available

Year

and Other

Expenses

Revenue

2015

59,883

29,442

30,441

Debt Service
Principal

14,063

Interest

Coverage

12,205

1.16

2014

69,472

34,670

34,802

9,180

11,917

1.65

2013

44,186

33,337

10,849

9,380

6,680

0.68

2012

48,171

33,366

14,805

6,780

4,961

1.26

2011

47,578

32,755

14,823

4,870

6,876

1.26

2010

41,974

26,128

15,846

6,085

7,284

1.19

2009

41,440

27,837

13,603

6,910

7,617

0.94

2008

47,468

29,410

18,058

6,910

7,617

1.24

2007

44,180

22,830

21,350

6,325

8,212

1.47

2006

45,495

23,985

21,510

6,030

8,510

1.48

Note: Details regarding the city's outstanding debt can be found in the notes to the fmancial statements. Operating

expenses do not include interest or depreciation.

1

The City of Jackson increased water/sewer rates effective November 19,2013. The sewer rate increase was 108% and the

water rate increase was 29%. Applied fund balance was used for water/sewer shortfall for fiscal year 2013. An engineer

consultant will conduct an analysis on the water/sewer system.

138

City of Jackson
Demographic and Economic Statistics
Last Ten Fiscal Years

Per
Capita
Personal
Income (3)

Median
Age (4)

Education
Level in
Years of
Formal
Schooling (2)

School
Enrollment (2)

Unemployment
Rate (3)

Fiscal
Year

Population (1)

Personal
Income
(amounts expressed
in thousands)

2015

173,514

5,739,843

33,080

31.3

12

30,000

4.8%

2014

173,514

5,675,296

32,708

3l.5

12

30,000

5.9%

2013

173,514

5,801,267

33,434

3l.5

12

30,000

6.7%

2012

173,514

5,997,858

34,567

3l.0

12

30,000

7.3%

2011

173,514

5,995,776

34,555

32.0

12

30,600

8.4%

2010

173,514

6,247,025

36,003

3l.0

12

30,600

7.8%

2009

184,256

6,104,770

33,132

3l.9

12

30,600

7.9%

2008

184,256

6,238,540

33,858

3l.0

12.3

31,000

6.5%

2007

184,256

5,860,815

31,808

3l.9

12.3

31,000

5.0%

2006

184,256

5,744,549

31,177

3l.9

12.3

32,403

4.4%

Data Sources
(1) Mississippi Census Bureau
(2) Jackson Public Schools Estimate
(3) Bureau of Labor Statistics
(4) US Census Bureau

139

City of Jackson
Principal Employers
Current Year and Nine Years Ago

2015

Employer

Employees

State of Mississippi

Rank

31,556

2006
Percentage
of Total City
Employment

17.13%

University of Mississippi

8,000

4.34%

U.S. Government

5,500

2.98%

Jackson Public School District

4,814

2.61%

Baptist Health Systems

2,875

1.56%

st. Dominic Health Services

2,600

1.41%

City of Jackson, Mississippi

1,926

1.05%

Jackson State University

1,667

0.90%

AT&T

1,300

0.71%

1,200
61,438

10

0.65%
33.34%

Central MS Medical Center

Source: MetroJackson Chamber of Commerce 2015

Note: Data for 2004 is currently not available.

140

Employees

Rank

Percentage
of Total City
Employment

City of Jackson
Full-time Equivalent City Government Employees by Function
Last Ten Fiscal Years

Function

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

General government
Public safety
Police
Officers
Civilians
Fire
Firefighters and officers
Civilians
Public works
Culture and Recreation
Total

267

278

302

290

315

307

310

325

330

377

389
245

412
280

455
267

499
272

479
261

465
270

500
299

425
291

468
174

333
24
395
273
1926

345
23
425
262
2025

316
17
461
318
2136

337

357

362

II

II

11

484
238
2131

482
303
2208

342
10
449
370
2213

354

II

466
319
1460

606
218
2321

351
7
552
381
2337

356
8
625
424
2432

Source: City of Jackson Infonnation System Department.

(1) The dashes indicate data that is not available.

141

City of Jackson
Operating Indicators by Function
Last Ten Fiscal Years
Fiscal Year

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

9,197
44,008

10,098
41,823

12,281
52,425

17,190
60,598

18,\01
57,815

13,777
56,587

11,076
47,146

13,223
38,429

14,832
25,314

20,490
30,061

14,567
3,205

14,025
4,141

11,825
4,500

9,403
4,635

3,590

3,701

11,577
4,510

7,644
3,241

7,342
4,500

12,259
4,086

6.2
30,389

6.1
29,921

4.2
37,565

10.6
29,871

38,776

51,431

68.3
3,619

8.3
4,154

5.6
3,626

7.1
4,011

5,496
81.96

5,361
90.06

5,301
91.35

7,904
89.84

4,523
76.89

5,718
81.72

5,058
80.16

5,848
109.88

2,398.4
90.77

1,447.8
99.68

110

64

89

118

53

68

90

34

101

95

198

670

334

530

602

21,080

21,530

20,630

44,650

42,100

47,200

Function

Police
Parking violations
Traffic violations
Fire
Number of calls answered
Inspections (3)
Highways and streets
Street resurfacing (miles)
Potholes repaired (2) (4)
Sanitation
Refuse collected (tons/day)
Recyclables collected (tons/day)(I)
Culture and recreation
Community center admissions (3)
Water
New connections
Average daily consumption
(thousands of gallons) (3)

212

24,024

Wastewater
Average daily sewage treatment
(thousands of gallons)

46,650

47,170

Source: Various City of Jackson departments.

(1) The City of Jackson Sanitation Division implemented their recycling program in March 2005.
(2) The City of Jackson Streets Division implemented a new system of reporting potholes. Therefore data for fiscal years 1999-2002 is not available.
(3) The dashes indicate data that is not available.
(4) Prior years has been recorded as the number of pothole calls not the number of potholes repaired.

142

City of Jackson
Capital Asset Statistics by Function
Last Ten Fiscal Years
Fiscal Year

2014

2015

2012

2013

2011

2010

2008

2009

2006

2007

Function

Public safety
Police stations
Fire stations
Highways and streets
Streets (miles)
Traffic signals intersection
Culture and recreation
Parks
Swimming pools
Tennis courts
Community centers

6
21

6
21

6
21

6
21

6
21

6
21

6
21

5
21

5
21

5
21

1,201
358

1,201
358

1,201
358

1,204
358

1,300
358

1,447
334

1,431
334

1,428
333

1,428
333

1,428
332

57
9
61
10

54
9
61

54
9
61
10

54
9
61
10

54
9
61
10

54
9
61
10

54
9
61
10

54
9
61
10

54
9
61
10

54
9
61
10

1,220
7,500
25,600,000

1,220
7,500
25,600,000

1,220
7,500
25,600,000

1,220
7,500
25,600,000

1,220
7,500
25,600,000

911
460

911
460

911
460

911
460

909
460

10

Water
Water mains (miles)
Fire hydrants
Maximum daily capacity
(thousands of gallons)
Sewer
Sanitary sewers (miles)
Storms sewers (miles)

Source: Various City of Jackson departments.

(I) The dashes indicate data that is not available.

143

SINGLE AUDIT

BANKS, FINLEY,
WHITE
& CO.
CERTIFIEO I'liDLIC ACCOliNTANTS
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND
ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS
PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

The Honorable Mayor Tony Yarber

and Honorable Members of the City Council
Jackson, Mississippi
We have audited, in accordance with the auditing standards generally accepted in the United States of
America, and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States, the financial statements of the governmental
activities, the business-type activities, the aggregate discretely presented component units, each major
fund, and the aggregate remaining fund information of City of Jackson, Mississippi (the City), as of and for
the year ended September 30, 2015, and the related notes to the financial statements, which collectively
comprise the City of Jackson, Mississippi's basic financial statements and have issued our report thereon
dated May 11, 2016.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City of Jackson,
Mississippi's internal control over financial reporting (internal control) to determine the audit procedures
that are appropriate in the circumstances for the purpose of expressing our opinions on the financial
statements, but not for the purpose of expressing our opinion on the effectiveness of the City of Jackson,
Mississippi's internal control. Accordingly, we do not express an opinion on the effectiveness of the City of
Jackson, Mississippi's internal control over.
Our consideration of internal control over was for the limited purpose described in the preceding
paragraph and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies and therefore, material weaknE!sses or significant deficiencies may
exist that were not identified. However, as described in the accompanying schedule of findings and
questioned costs, we identified certain deficiencies in internal control over financial reporting that we
consider to be material weaknesses and significant deficiencies.
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. We
consider the deficiency described in 2015-4 in the accompanying schedule of findings and questioned
costs to be a material weakness.
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. We consider the deficiencies described in 2015-2 and 2015-3 in the accompanying
schedule of findings and questioned costs to be significant deficiencies.

144
308 HIGHLAND PARK COVE' RIDGELAND, MS 39157' (601) 353-5423' FAX (601) 353-5426

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the City of Jackson, Mississippi's financial
statements are free from material misstatement, we performed tests of its compliance with certain
provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a
direct and material effect on the determination of financial statement amounts. However, providing an
opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not
express such an opinion. The results of our tests disclosed instances of noncompliance or other matters
that are required to be reported under Government Auditing Standards and which are described in the
accompanying schedule of findings and questioned costs as item 2015-1.
City of Jackson, Mississippi's Response to Findings

City of Jackson, Mississippi's response to the findings identified in our audit is described in the
accompanying schedule of findings and questioned costs. City of Jackson, Mississippi's response was
not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly,
we express no opinion on it.
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.

~g:::~i~~~ G,.
May 11,2016

145

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

City of Jackson
Schedule of Expenditures of Federal Awards
For the Year Ended September 30, 2015
_______________________

Federal Agency/Program

Federal
CFDA
Number

Pass Through
Grantor
Number

Current Year
Federal
Expenditures

10.558

V0000718080

10.559

V0000718080

47,003
47,003

10.565
10.565

1193-25
1515-25

26,589
32,779
59,368

U.S. Department of Agriculture

Food and Nutrition Service (MS Department of Education - Pass Through)
Child and Adult Care Food Program
SUBTOTAL CFDA NUMBER 10.558
Summer Food Service Program for Children (MS Department of Education - Pass Through)
SUBTOTAL CFDA NUMBER 10.559
(Central Mississippi Planning and Development District - Pass Through)
Commodity Supplemental Food Program
Commodity Supplemental Food Program
SUBTOTAL CFDA NUMBER 10.565

233,800
233,800

340,171

TOTAL U.S. DEPARTMENT OF AGRICULTURE

U.S. Department of Housing and Urban Development

Direct Programs:
Community Development Block Grant
Community Development Block Grant
Community Development Block Grant
Community Development Block Grant
SUBTOTAL CFDA NUMBER 14.218

14.218
14.218
14.218
14.218

B-11-MC-28-0003
B-12-MC-28-0003
B-13-MC-28-0003
B-14-MC-28-0003

646,651
434,761
739,724
49,160
1,870,296

Emergency Shelter Grants Program

Emergency Shelter Grants Program
Emergency Shelter Grants Program
SUBTOTAL CFDA NUMBER 14.231

14.231
14.231
14.231

E-12-MC-28-0002
E-13-MC-28-0002
E-14-MC-28-0002

711
5,064
136,945
142,720

HOME Investment Partnership Program

HOME Investment Partnership Program
HOME Investment Partnership Program
SUBTOTAL CFDA NUMBER 14.239

14.239
14.239
14.239

M-10-MC-28-0200
M-08-MC-28-0200
M-09-MC-28-0200

115,229
24,444
322,168
461,841

Housing Opportunities for Persons with AIDS

Housing Opportunities for Persons with AIDS
SUBTOTAL CFDA NUMBER 14.241

14.241
14.241

MS-H11-F001
MS-H12-F001

2,547
187,382
189,929

Economic Development Initiative-Special Project, Neighborhood Initiative and Miscellaneous Grants

Economic Development Initiative-Special Project, Neighborhood Initiative and Miscellaneous Grants
SUBTOTAL CFDA NUMBER 14.251

14.251
14.251

B-09-SP-MS-0133
B-10-SP-MS-0109

2,092
75,774
77,866
2,742,652

TOTAL U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

U.S. Department of Justice

Direct Programs:
Edward Byrne Memorial Justice Assistance Grant Program
Edward Byrne Memorial Justice Assistance Grant Program
Edward Byrne Memorial Justice Assistance Grant Program
SUBTOTAL CFDA NUMBER 16.738
Public Safety Partnership & Community Policing Grant
SUBTOTAL CFDA NUMBER 16.710

16.738
16.738
16.738

2011DJBX3320
2012DJBX1095
2014DJBX0727

5,746
7,511
78,682
91,939

16.710

2009CKWX0603

96,649
96,649
188,588

TOTAL U.S. DEPARTMENT OF JUSTICE

146

City of Jackson
Schedule of Expenditures of Federal Awards
For the Year Ended September 30, 2015
_______________________

Federal Agency/Program

Federal
CFDA
Number

Pass Through
Grantor
Number

17.235
17.235

AD-26910-15-55-A-24
AD-25533-14-55-A-24

Current Year
Federal
Expenditures

U.S. Department of Labor

Direct Program:
Older Americans Act
Senior Community Service Employment Program (Title V)
Senior Community Service Employment Program (Digital Inclusion Initiative)
SUBTOTAL CFDA NUMBER 17.235

115,358
389,406
504,764
504,764

TOTAL U.S. DEPARTMENT OF LABOR

U.S. Department of Transportation

Federal Transit Administration
Direct Programs:
Federal Transit Formula Grants
Federal Transit Formula Grants
Federal Transit Formula Grants
Federal Transit Formula Grants
SUBTOTAL CFDA NUMBER 20.507

20.507
20.507
20.507
20.507

MS-90-0072-01
MS-90-00-88
MS-90-X092-00
MS-90-0081-01

20.500

MS-96-00-03

Highway Planning and Construction (Lynch Street Improvements)

20.205

DHP-7300-00(001)
104587/811000

767,600

Highway Planning and Construction (Capitol Street Improvements)

20.205

STP-xxxx-00(002)
106058/801000

943,749

Highway Planning and Construction (Dr. Jessie Mosley Project)

20.205

STP-7285-00(002)
105325/801000

459,263

Highway Planning and Construction (Traffic Calming Project)

20.205

TCP-0250
103924/101000

11,806

Federal Transit Capital Investment Grants

SUBTOTAL CFDA NUMBER 20.500

204,939
1,474,280
129,389
271,306
2,079,914
36,300
36,300

(Mississippi Department of Transportation-Pass Through)

SUBTOTAL CFDA NUMBER 20.205

2,182,418

(Mississippi Office of Highway Safety-Pass Through)

Alcohol Open Container Grant
SUBTOTAL CFDA NUMBER 20.607

20.607

15-MD-219-1

21,399
21,399
4,320,031

TOTAL U.S. DEPARTMENT OF TRANSPORTATION

U.S. Enviromental Protection Agency

(Mississippi Department of Environmental Quality - Pass Through)
Capitalization Grants for Clean Water State Revolving Funds
Capitalization Grants for Clean Water State Revolving Funds
SUBTOTAL CFDA NUMBER 66.458

66.458
66.458

SRF-C280886-03
SRF-C280886-02

2,186
200,992
203,178
203,178

TOTAL U.S. ENVIRONMENTAL PROTECTION AGENCY

147

City of Jackson
Schedule of Expenditures of Federal Awards
For the Year Ended September 30, 2015
_______________________

Federal Agency/Program

Federal
CFDA
Number

Pass Through
Grantor
Number

Current Year
Federal
Expenditures

93.044

1035-25

10,000
10,000

93.045

1193-25

101,201
101,201

93.104

14SM61630A

93.575
93.575

625Q641A
6005314

150,169
522,348
672,517

93.667
93.667

1535-25
1515-25

125,115
140,692
265,807

U.S. Department of Health and Human Services

Special Programs for the Aging Title III, Part B, Grants for Supportive Services and Senior Centers
(Central MS Planning and Development District - Pass Through)
Title III-B Outreach
SUBTOTAL CFDA NUMBER 93.044
Special Programs for the Aging Title III, Part C, Nutrition Services
(Central MS Planning and Development District - Pass Through)
Congregate Nutrition Program (Non-cash)
SUBTOTAL CFDA NUMBER 93.045
Substance Abuse and Mental Health Services Administration
Direct Program:
Comprehensive Community Mental Health Services for Children
SUBTOTAL CFDA NUMBER 93.104
(State of MS Office of Child Nutrition - Pass Through)
Child Care Development Block Grant
Child Care Development Block Grant
SUBTOTAL CFDA NUMBER 93.575
Title XX-Social Services Block Grant
(Central MS Planning and Development District - Pass Through)
Transportation
Home Delivered Meals (Non-cash)
SUBTOTAL CFDA NUMBER 93.667

756,070
756,070

1,805,595

TOTAL U.S. DEPARTMENT OF HEALTH AND HUMAN SERVICES

Corporation for National and Community Service

Mississippi Commission for Volunteer Service - Pass Through
AMERICORPS
AMERICORPS
SUBTOTAL CFDA NUMBER 94.006

94.006
94.006

14AC161949
13AFMS00

218,443
8,454
226,897
226,897

TOTAL MISSISSIPPI COMMISSION FOR VOLUNTEER SERVICE

U.S. Department of Homeland Security

Mississippi Emergency Management Agency (Pass-Through)
Homeland Security Grant Program
Homeland Security Grant Program
SUBTOTAL CFDA NUMBER 97.067

97.067
97.067

13LE221
14LE221

15,473
23,448
38,921
38,921

TOTAL U.S. DEPARTMENT OF HOMELAND SECURITY

TOTAL EXPENDITURES OF FEDERAL AWARDS

The accompanying notes are an integral part of this schedule. See auditor's report on supplementary schedules.

148

10,370,797

This page intentionally left blank

CITY OF JACKSON
Notes to the Schedule of Expenditures of Federal Awards
For the Year Ended September 30,2015
NOTE 1 - BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant activity of
the City of Jackson and is presented on the accrual basis of accounting. The information in this
schedule is presented in accordance with the requirements of OMB Circular A-133, Audits of State,
Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this
schedule may differ from amounts presented in, or used in the preparation of, the general-purpose
financial statements.
NOTE 2 - CONTINGENCY
The City has responsibility for expending grant funds in accordance with specific instructions from its
funding sources. Any deficits resulting from over expenditures and/or questioned costs are the
responsibility of the City.
Any unexpended grant funds at the end of the grant period may be refundable or carried over to the
following period at the discretion of the funding sources. Notwithstanding the audits by independent
certified public accountants, all costs included in this report remain subject to audit by the agencies
providing financial support within the limits of the Single Audit Act of 1996, as amended. The
determination as to whether costs will be allowable or unallowable under the grants will be made by
representatives of the funding sources having authority to make and enforce contracts.
NOTE 3 - SUB-RECIPIENTS
Of the federal expenditures presented in the schedule, the City of Jackson provided federal
awards to sub recipients as follows:
Amount Provided
to Sub-recipients
Program Title
Federal CFDA Number
Community Development Block
$ 145,575
Grant - Entitlement Grants
14.218
Emergency Solutions Grant Program

14.231

136,945

Home Investment Partnership Program

Grant - Entitlement Grants

14.239

314,428

Housing Opportunities for Persons

With Aids

14.241

182,008

Edward Byrne Memorial Justice Assistance

Grant

16.738

81,576

93.104

680,490
$ 1,541,022

Comprehensive Community Mental Health

Services for Children Grant Program
Total

NOTE 4 - LOAN AND LOAN GUARANTEES

In accordance with OMB Circular A-133, loans and loan guarantees include new loans made during
the year, plus prior year loans for which the federal government imposes continuing compliance
requirements.

149

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BANKS, FINLEY,
WHITE & CO.
CElmm:!) PUULlC ACCOtlN'IANTS
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON
INTERNAL CONTROL OVER COMPLIANCE REQUIRED SY OMS CIRCULARA-133

The Honorable Mayor Tony Yarber

and Honorable Members of The City Council
Jackson, Mississippi

Report on Compliance for Each Major Federal Program

We have audited the City of Jackson, Mississippi's (the City) compliance with the types of compliance
requirements described in the OMB Circular A-133 Compliance Supplement that could have a direct and
material effect on each of the City of .Jackson, Mississippi's major federal programs for the year ended
September 30, 2015. City of Jackson, Mississippi's major federal programs are identified in the summary
of auditor's results section of the accompanying schedule of findings and questioned costs.
Management's Responsibility
Management is responsible for compliance with the requirements of laws, regulations, contracts, and
grants applicable to its federal programs.
Auditor's Responsibility
Our responsibility is to express an opinion on compliance for each of the City of Jackson, Mississippi's
major federal programs based on our audit of the types of compliance requirements referred to above.
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America; the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States; and OMS Circular A-133, Audits of
States, Local Governments, and Non-Profit Organizations. Those standards and OMS Circular A-133
require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance
with the types of compliance requirements referred to above that could have a direct and material effect
on a major federal program occurred. An audit includes examining, on a test basis, evidence about the
City of Jackson, Mississippi's compliance with those requirements and performing such other procedures
as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion on compliance for each major
federal program. However, our audit does not provide a legal determination of the City of Jackson,
Mississippi's compliance.
Basis for Qualified Opinion on Federal Transit Cluster Programs
As described in the accompanying schedule of findings and questioned costs, City of Jackson,
Mississippi, did not comply with requirements regarding the Davis-Bacon Act that is applicable to its
Federal Transit Cluster Grant Program CFDA Number 20.500 and 20.507 as described in finding number
2015-7. Compliance with such requirements is necessary, in our opinion, for City of Jackson, Mississippi
to comply with the requirements applicable to those programs.

150
308 HIGHLAND PARK COVE' RIDGELAND, MS 39157' (601) 353-5423. FAX (601) 353-5426

Qualified Opinion on Federal Transit Cluster Grant Program

In our opinion, except for the noncompliance described in the Basis for Qualified Opinion paragraph, City
of Jackson, Mississippi, complied, in all material respects, with the types of compliance requirements
referred to above that could have a direct and material effect on each of its major federal programs for the
year ended September 30, 2015.
Unmodified Opinion on Each of the other Major Federal Programs
In our opinion, City of Jackson, Mississippi complied, in all material respects, with the types of compliance
requirements referred to above that could have a direct and material effect on each of its other major
federal programs identified in the summary of auditor's results section of the accompanying schedule of
findings and questioned costs for the year ended September 30, 2015.
Other Matters

The results of our auditing procedures disclosed other instances of noncompliance, which are required to
be reported in accordance with OMB Circular A-133 and which is described in the accompanying
schedule of findings and questioned costs as items 2015-5 and 2015-7. Our opinion on each major
federal program is not modified with respect to these matters.
City of Jackson, Mississippi's response to the noncompliance findings identified in our audit is described
in the accompanying schedule of findings and questioned costs. City of Jackson, Mississippi's response
was not subjected to the auditing procedures applied in the audit of compliance and, accordingly, we
express no opinion on the response.

Report on Internal Control Over Compliance

Management of City of Jackson, Mississippi, is responsible for establishing and maintaining effective
internal control over compliance with the types of compliance requirements referred to above. In planning
and performing our audit of compliance, we considered City of Jackson, Mississippi's internal control over
compliance with the types of requirements that could have a direct and material effect on each major
federal program to determine the auditing procedures that are appropriate in the circumstances for the
purpose of expressing an opinion on compliance for each major federal program and to test and report on
internal control over compliance in accordance with OMB Circular A-133, but not for the purpose of
expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not
express an opinion on the effectiveness of City of Jackson, Mississippi's internal control over compliance.
Our consideration of internal control over compliance was for the limited purpose described in the
preceding paragraph and was not designed to identify all deficiencies in internal control over compliance
that might be material weaknesses or significant deficiencies and therefore, material weaknesses or
significant deficiencies may exist that were not identified. However, as discussed below, we identified
certain deficiencies in internal control over compliance that we consider to be material weaknesses and
significant deficiencies.
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. We consider the deficiency in
internal control over compliance described in the accompanying schedule of findings and questioned
costs as item 2014-6 to be a material weakness.
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

151

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. We consider the deficiency in internal
control over compliance described in the accompanying schedule of findings and questioned costs as
items 2015-5 and 2015-7 to be significant deficiencies.
City of Jackson, Mississippi's response to the internal control over compliance findings identified in our
audit is described in the accompanying schedule of findings and questioned costs. City of Jackson,
Mississippi's response was not subjected to the auditing procedures applied in the audit of compliance
and, accordingly, we express no opinion on the response.
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
OMS Circular A-133. Accordingly, this report is not suitable for any other purpose.

Ridgeland, Mississippi
May 11,2016

152

CITY OF JACKSON, MISSISSIPPI

Schedule of Findings and Questioned Costs
Year Ended September 30, 2015

Section 1: Summary of Auditor's Results

1.

Type of auditor's report issued on the basic financial statements.

2.

Material noncompliance relating to the financial statements.

3.

Internal control over financial reporting:

a.
b.

Unmodified

Material weaknesses identified?

Significant deficiencies identified that are not considered to be material
weaknesses?

No

Yes
Yes

Federal Awards:
4.

Type of auditor's report issued on compliance with major federal programs:

Unmodified for all major programs except for Federal Transit Cluster Grant Program

5.

Internal control over major programs:

a.
b.

Material weaknesses identified?

Significant deficiencies identified that are not considered to be material
weaknesses?

6.

Any audit findings reported as required by Section _.510(a) of OMB Circular A-133?

7.

Federal programs identified as major programs:

Yes
Yes
Yes

Community Development Block Grant Entitlement Grants Cluster:

CFDA #14.218 - U. S. Department of Housing and Urban Development
Community Development Block Grant
CFDA #14.218 - U. S. Department of Housing and Urban Development
Community Development Block Grant - Neighborhood Stabilization Program
Federal Transit Cluster:
CFDA #20.500 - U.S. Department of Transportation
Federal Transit Capital Investment Grants
CFDA #20.507 - U.S. Department of Transportation
Federal Transit Formula Grants
Highway Planning & Construction Cluster:
CFDA #20.205 - U. S. Department of Transportation
Highway Planning and Construction

153

CITY OF JACKSON, MISSISSIPPI

Schedule of Findings and Questioned Costs
Year Ended September 30, 2015

Federal programs identified as major programs: (continued)

Older Americans Act:
CFDA #17.235 - U.S. Department of Labor
Senior Community Services Employment Training Program

Substance Abuse and Mental Health Services Administration:

CFDA #93.1 04 - U. S. Department of Health and Human Services
Comprehensive Community Mental Health Services for Children Grant

8.

The dollar threshold used to distinguish between type A and type B programs: $305,029

9.

The City of Jackson did not qualify as a low-risk auditee.

154

CITY OF JACKSON, MISSISSIPPI

Schedule of Findings and Questioned Costs
Year Ended September 30, 2015

Section 2: Findings Relating to the Financial Statements Audit

FUND BALANCE/NET POSITION FOR GENERAL FUND BELOW REQUIRED THRESHOLD
Finding 2015-1
Finding Type: Significant Deficiency

Statement of Condition
The City of Jackson's Fund Balance (Net Position) at September 30, 2015 is $4,991,025, which amounts
to 4.1 % of operating revenues. This reserve amount is below the 7.5% policy adopted by the City
Council.
Cause of Condition
Inadequate budgeting in various City Departments
Effect of Condition
Reduction of reserve funds available to cover anticipated events
Criteria
The City of Jackson's Fund Balance/Net Position Policy states that at the end of the fiscal year, "There
shall be a reservation (unassigned) of fund balance equal to 7.5% of the adopted General Fund operating
revenues".

Auditor's Recommendation
The City should take the appropriate steps to adhere to its Fund Balance/Net Position Policy at fiscal
year-end. This will ensure that the City maintains a reasonable level of unexpended reserves that will
allow it to plan against unanticipated expenditures, revenue shortfalls or both. Additionally, City officials
should ensure that the level of reserves maintained is sufficient to provide adequate cash flow.

155

CITY OF JACKSON, MISSISSIPPI

Schedule of Findings and Questioned Costs
Year Ended September 30, 2015

GRANT ACCOUNTANT NEEDED FOR THE PUBLIC WORKS DEPARTMENT

2015-2
REPEAT FINDING
Finding Type: Significant Deficiency

Statement of Condition
The City does not have a grant accountant for the Public Works Department. Currently, reimbursement
requests related to grant funds received in the Public Works Departments are prepared and submitted
from within the department. This current process does not allow for an appropriate review by the Finance
Department to properly determine the amounts to be recorded as antiCipated grant revenue. As a result,
grant receipts are only recorded when funds are received and the Finance Department has to request for
the proper allocation of those funds once received.
Cause of Condition
Improper administration of grants within the Public Works Department
Effect of Condition
Requests for reimbursement of grant expenditures are not originating in the proper department and are
not being prepared by a grant accountant.
Criteria
The City of Jackson's External Funding Policies and Procedures Manual states that "All financial reports,
including reimbursement requests and federal financial reports are to be prepared by the department of
administration's grant accountants."
Auditor'S Recommendation
We strongly recommend that the City provide a Grant Accountant for the grants administered by the
Public Works Department. That person should be included within the Finance Department as stated in
the City of Jackson's External Funding Policies and Procedures Manual. These changes will help with
proper oversight and to ensure that reimbursement requests and financial reports are prepared and
submitted in a systematic and timely manner.

156

CITY OF JACKSON, MISSISSIPPI

Schedule of Findings and Questioned Costs
Year Ended September 30,2015

TIMESHEETS NOT SIGNED AND APPROVED

Finding 2015-3
REPEAT FINDING
Finding Type: Material Weakness

Statement of Condition
Our audit testing of 40 payroll transactions revealed the following:
1.

24 out of 40 employee time cards were not electronically signed by the employee noted by
department as follows:
a. Public Works - 4
b. Police - 5
c. Human and Cultural Services - 5
d. Fire - 4
e. Planning - 1
f. Personnel - 1
g. Administration - 1
h. Parks & Recreation - 1
i. Legal-1
j. City Clerk - 1

2.

11 out of 40 employee time cards were not electronically signed by the supervisor
documenting their review and approval noted by department as follows:
a. Police - 6
b. Public Works - 4
c. Planning - 1

Cause of Condition
Failure to follow established procedures for electronically signing and approving employee time cards

Effect of Condition
No verification of the time worked by the employee and no approval of the time by the supervisor
Criteria
The City of Jackson's Timekeeping Policy states that "All employees are responsible for signing their time
cards and Supervisors and Timekeepers are authorized to approve time cards prior to the pay period
deadline."
Auditor's Recommendation
The City should strengthen internal administrative controls to ensure that time cards are properly signed
electronically by employees for time worked and ensure that supervisors review and electronically sign
the time cards for approval prior to an employee receiving payment.

157

CITY OF JACKSON, MISSISSIPPI

Schedule of Findings and Questioned Costs
Year Ended September 30, 2015

Section 3: Major Federal Awards Program Findings and Questioned Costs

Finding 2015-4 - REPORTING

Finding Type: Significant Deficiency
Grant Program/CFDA#: Comprehensive Community Mental Health Services for Children and Their
Families Program/93.104

Statement of Condition
During our review of the Federal Financial Report submitted to the funding source for the year ending
September 30, 2015, we noted that the report did not include the year end accruals nor did it accurately
reflect the amount of actual in-kind revenue and expenses incurred during the year.

Cause of Condition
City personnel failed to comply with reporting requirements

Effect of Condition
The City is not in compliance with the grant reporting requirements.

Criteria
Substance Abuse and Mental Health Services Administration Post-Award Reporting Requirements and
City of Jackson External Funding Policies and Procedures Manual
Auditor's Recommendation
We recommend that the City strengthen internal administrative control procedures to ensure that the
required reports are completed accurately to include all accruals for the stated period and the required
amount of actual recorded in-kind revenue and expenses. Additionally, the annual report should be
revised and re-submitted to include the corrected amounts.

158

CITY OF JACKSON, MISSISSIPPI

Schedule of Findings and Questioned Costs
Year Ended September 30, 2015

Finding 2015-5 - WAGE RATE REQUIREMENTS

Repeat Finding
Finding Type: Material Weakness
Grant Program/CFDA#: Community Development Block Grant/14.218
Grant Program/CFDA#: Federal Transit Cluster - 20.500 Federal Transit Capital Investment Grants,
20.507 Federal Transit Formula Grants

Statement of Condition
The City did not comply with the Davis-Bacon Act requirement that employee interviews must be
conducted of the employees of the contractor and sub-contractors.
Cause of Condition
Lack of compliance with established policies and procedures.
Effect of Condition
The City did not ensure that the required employee interviews were conducted of the employees of the
contractor and sub-contractors on federally financed construction projects.
Criteria
Grant award agreements and the City of Jackson External Funding Policies and Procedures Manual
which states that" The City of Jackson will adhere to the Davis-Bacon Act on federally funded projects to
ensure that contractors are paying prevailing wage rates as determined by the U.S. Department of Labor
(DOL) to all laborers and mechanics on federally funded construction projects. This policy applies to all
City departments with contracting responsibilities.
Auditor's Recommendation
We recommend that the City strengthen internal administrative control procedures to ensure that they
comply with Davis-Bacon compliance requirements on federally financed construction projects.

159

CITY OF JACKSON, MISSISSIPPI

Schedule of Findings and Questioned Costs
Year Ended September 30, 2015

Finding 2015-6 SUSPENSION AND DEBARMENT VERIFICATION

Finding Type: Significant Deficiency
Grant Program/CFDA#: Federal Transit Cluster 120.500 & 20.507

Statement of Condition
During the suspension and debarment testing, we noted that the City entered into two (2) contracts for
goods and/or services for an amount equal to or exceeding $25,000 in which no documentation was
maintained to support the fact that the contractor or sub-recipient had not been suspended or debarred or
otherwise excluded from receiving the contract
Cause of Condition
Failure to document that a search was performed to ascertain the contractors/sub-recipients were not
suspended or debarred.
Effect of Condition
Non-compliance with grant requirements
Criteria
The OMB Circular A-133 Compliance Supplement states that entities are prohibited from contracting with
or making sub-awards under covered transactions involving federal funds to parties that are suspended
or debarred or whose principals are suspended or debarred. Covered transactions include procurement
contracts for goods or services equal to or in excess of $25,000 and all non-procurement transactions
(e.g., sub-awards to sub recipients).
Auditor's Recommendation
We recommend that the City strengthen internal administrative controls as it relates to the testing for
suspension and debarment on contracts/sub-recipients involving federal funds by requiring the retention
of documentation verifying that a search for suspension and debarment was performed.

160

CITY OF JACKSON, MISSISSIPPI

SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS
YEAR ENDED SEPTEMBER 30, 2015

2014-1 FINDING NO. 1 SECTION 2

Condition: Our audit testing of 40 payroll transactions revealed the following: (1) 35 out of 40 employee
time cards were not electronically signed by the employee; (2) 11 out of 40 employee time cards were
not electronically signed by the supervisor documenting their review and approval.

Current Status: Not Corrected, repeated as finding 2015-3

2014-2 FINDING NO. 2 SECTION 2

Condition: During our audit, we noted that there were no formal procedures with the Public Works
Department for preparing requests for reimbursements of grant funds for grant expenditures. This
practice has contributed to preparing requests for funds months after costs have been incurred and, in
some cases, after the end of the Citys fiscal year.

Current Status: Corrected

2014-3 FINDING NO. 3 SECTION 2

Condition: The City does not have a Grants Accountant for the Public Works Department

Current Status: Not Corrected, repeated as finding 2015-2

161

CITY OF JACKSON, MISSISSIPPI

SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS (Continued)
YEAR ENDED SEPTEMBER 30,2015

2014-4 FINDING NO.4 - SECTION 3

SUB RECIPIENT MONITORING
Edward Byrne Memorial Justice Assistance Grant Program
Condition: The City did not perform and document a programmatic monitoring of the sub-recipient to
ensure compliance with applicable grant requirements and verify that performance goals were
achieved.

Current Status: Corrected

2014-5 FINDING NO.5 - SECTION 3

REPORTING
Edward Byrne Memorial Justice Assistance Grant Program
Condition: During our review of Annual Performance Reporting, we noted that the City did not submit 2
out of 5 Annual Performance Reports to the Department of Justice (DOJ) as required.

Current Status: Corrected

2014-6 FINDING NO.6 - SECTION 3

DAVIS-BACON ACT
Community Development Block Grant
Federal Transit Cluster
Condition: The City did not comply with the Davis-Bacon Act requirement that employee interviews
must be conducted of the employees of the contractor and sub-contractor.

Current Status: Not corrected, repeated as finding 2015-5

162

CITY OF JACKSON, MISSISSIPPI

SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS (Continued)
YEAR ENDED SEPTEMBER 30,2015

2014-7 FINDING NO.7 - SECTION 3

SUSPENSION AND DEBARMENT VERIFICATION
Edward Byrne Memorial Justice Assistance Grant Program
Condition: The City entered into three (3) contracts for goods and/or services for an amount equal to
or exceeding $25,000 and one (1) sUb-recipient contract in which no documentation was maintained to
support the fact that the contractor or sub-recipient had not been suspended or debarred or otherwise
excluded from receiving the contract.

Current Status: Corrected

163

This page intentionally left blank

Department of Administration

Post Office Box 17

Jackson, Mississippi 39205-0017
Tony T. Yarber
Mayor of the City ofJackson

CORRECTIVE ACTION PLAN

05/11/16

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

The City of Jackson respectfully submits the following corrective action plan for the year ended
September 30, 2015.
Name and address of independent public accounting firm: Banks, Finley, White & Company
308 Highland Park Cove, Ridgeland, MS 39157
Audit period: Year Ended September 30,2015
The findings from the September 30, 2015 schedule of findings and questioned costs are discussed
below. The findings are numbered consistently with the numbers assigned in the schedule, Section 1 of
the schedule, Summary of Audit Results, does not include findings and is not addressed.

2.

FINDINGS - FINANCIAL STATEMENT AUDIT

Finding No. 2015-1

FUND BALANCE/NET POSITION FOR GENERAL FUND BELOW REQUIRED THRESHOLD

Recommendation:
The City should take the appropriate steps to adhere to its Fund
Balance/Net Position Policy at fiscal year-end. This will ensure that the City maintains a
reasonable level of unexpended reserves that will allow it to plan against unanticipated
expenditures, revenue shortfalls or both. Additionally, City officials should ensure that the level of
reserves maintained is sufficient to provide adequate cash flow.
Action Taken: The City of Jackson's plan of action is:
a. The City's proposed financial plan includes the establishment of a budget stabilization
fund which will provide a mechanism by which funds which exceed budget needs
(including the required fund balance) may be set aside.
b.

The City must re-define its core services. The provision of these services will be our
primary focus as we continue to rebuild our reserves. The City has historically provided
services that extend beyond public safety, water and wastewater and infrastructure
(streets & bridges) management. Our citizens have benefited tremendously from these
services but the cost of providing them has begun to drain the City of much needed
resources which has affected the City's ability to provide the core services.

164

c.

The City must continue to explore, create and implement additional revenue streams (i.e.
parking meters, explore ways to monetize the city's assets, explore private management
of certain city facilities). The City will place priority and allocate resources in areas where
the city generates revenue.

d.

The hiring of all non-essential personnel will be suspended.

e.

All non-emergency overtime and overtime not previously approved by the Department
Director will be suspended.

f.

Requests for non-emergency purchases and travel will be suspended.

g.

Reduce funding provided to outside agencies until the City has rebuilt its reserves.

h.

Discontinue the youth employment and the summer enrichment programs until the City
has rebuilt its reserves.

i.

The City must be pro-active in its efforts to eliminate fraud and abuse of city resources.

Finding No. 2015-2

GRANT ACCOUNTANT NEEDED FOR THE PUBLIC WORKS DEPARTMENT
REPEAT FINDING
Recommendation: We strongly recommend that the City provide a Grant Accountant for the
grants administered by the Public Works Department. That person should be included within the
Finance Department as stated in the City of Jackson's External Funding Policies and Procedures
Manual. These changes will help with proper oversight and to ensure that reimbursement
requests and financial reports are prepared and submitted in a systematic and timely manner.
Action Taken: The Department of Administration currently has two grant accountants who will
take on the responsibility of providing additional oversight for the grants administered by the
Department of Public Works. The fiscal year 2017 budget will include the addition of a grant
accountant specifically for the Department of Public Works.

165

Finding No. 2015-3

TIMESHEETS NOT SIGNED AND APPROVED
REPEAT FINDING
Recommendation: The City should strengthen internal administrative controls to ensure that
time cards are properly signed electronically by employees for time worked and ensure that
supervisors review and electronically sign the time cards for approval prior to an employee
receiving payment.
Action Taken: The City of Jackson Department of Personnel will offer additional training to
employees on the time clock system, Kronos. The training will convey information in accordance
with the City's Timekeeping Policy which entails signing timecards electronically, reviewing and
approving timecards. Employees who fail to comply with the Timekeeping Policy will be subject to
disciplinary action, up to and including termination.

3.

FINDINGS - MAJOR FEDERAL AWARDS PROGRAM FINDINGS AND QUESTIONED COSTS

Finding 2015-4 - REPORTING
Grant Program/CFDA#: Comprehensive Community Mental Health Services for
Children and Their Families Program/93.104
Recommendation:
We recommend that the City strengthen internal administrative control
procedures to ensure that the required reports are completed accurately to include all accruals for
the stated period and the required amount of actual recorded in-kind revenue and expenses.
Additionally, the annual report should be revised and re-submitted to include the corrected
amounts.
Action Taken: The City of Jackson Department of Administration will strengthen its internal
administrative control procedures by adding additional staff to review required reports for
accuracy prior to submission. The annual report has been revised and re-submitted to include the
corrected amounts.
Finding 2015-5 - WAGE RATE REQUIREMENTS
Grant Program/CFDA#: Community Development Block Grant/14.218
Grant Program/CFDA#: Federal Transit Cluster - Federal Transit Capital Investment
Grant/20.500 and Federal Transit Formula Grants/20.507
Recommendation:
We recommend that the City strengthen internal administrative control
procedures to ensure that they comply with Davis-Bacon compliance requirements on federally
financed construction projects.
Action Taken: In order to reduce the occurrence of this finding, the Department of Public Works
Engineering Division will outline procedures to ensure compliance is adhered too. The DavisBacon Act will be discussed at all pre-bid construction meetings and pre-construction meetings
with all stakeholders. The City inspector will have interview forms on hand to administer
periodically throughout the construction duration and a separate file will be kept to ensure the
documents are readily available for review by any external agency or auditors.

166

Finding 2015-6 - SUSPENSION AND DEBARMENT VERIFICATION

Grant Program/CFDA#: Federal Transit Cluster/20.500 & 20.507

Recommendation: We recommend that the City strengthen internal administrative controls as it

relates to the testing for suspension and debarment on contracts/sub-recipients involving federal
funds by requiring the retention of documentation verifying that a search for suspension and
debarment was performed.
Action Taken: The Department of Planning, Office of Transportation have developed policies,
which include the Suspension and Debarment form, SAM verification and checklist to be utilized
to ensure all federally funded contracts are in compliance.

If the U.S. Department of Housing and Urban Development has questions regarding this plan, please call
me at (601) 960-2209.
Sincerely yours,
(t!,
" I.: r
~. !. LI (! .1..

Michelle Battee-Day,
Interim Director of Administration

167

BANKS, FINLEY,
WHITE
& CO.
CERTIFIEIlI'UBLIC ACCOlIN1,INTS
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH
STATE LAWS AND REGULATIONS

To the Honorable Mayor Tony Yarber and

Honorable Members of the City Council
City of Jackson, Mississippi

We have audited the financial statements of the City of Jackson, Mississippi (the City) as of and for
the year ended September 30, 2015, and have issued our report thereon dated May 11, 2016. We
conducted our audit in accordance auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing
Standards.
As required by the state legal compliance audit program prescribed by the Office of the State
Auditor, we have also performed procedures to test compliance with certain state laws and
regulations. However, providing an opinion on compliance with state laws and regulations was not
an objective of our audit and, accordingly, we do not express such an opinion.
With respect to the items tested, the results of those procedures and our audit of the financial
statements disclosed the following instance of non-compliance with state laws and regulations.
Finding
During our test work of vehicle markings, we found the'following:
(1) 1 vehicle was not marked as prescribed by Section 25-1-87, Miss. Code Ann. (1972)
(2) 6 vehicles within certain City Departments were unmarked vehicles that were utilized by
nonqualified employees and not by authorized police personnel.
(3) 1 vehicle within the Police Department was unmarked and did not have proper approval to be
exempted from the provisions of a motor vehicle owned by the City

Recommendation
We recommend that the City properly mark vehicles and ensure that unmarked vehicles obtain
proper approval to be exempted from the provisions of a motor vehicle owned by the City, and
ensure that only qualified employees use unmarked vehicles as prescribed by Section 25-1-87,
Miss. Code Ann. (1972).
City of Jackson, Mississippi's Response
We will ensure that our records reflect that the vehicles are being driven by authorized persons
and document that they are qualified to drive those vehicles pursuant to statute. We will ensure
the vehicles are properly marked with the city seal and/or identification pursuant to statute.

168

308 HIGHLAND PARK COVE. RIDGELAND, MS 39157' (601) 353-5423' FAX (601) 353-5426

The City of Jackson, Mississippi's response to the finding included in this report was not subjected to
auditing procedures and, accordingly, we express no opinion on the response.
This report is intended solely for the information of the Mayor, City Council, management others within
the organization, Office of the State Auditor and federal awarding agencies and pass-through entities
and is not intended to be and should not be used by anyone other than these specified parties.

Ridgeland, Mississippi
May 11,2016

169

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CITY OF JACKSON
SCHEDULE OF BONDS OF CITY OFFICIALS
SEPTEMBER 30, 2015

Porter's Insurance Agency

1) Company:

Honesty Blanket

Limits of liability:

Position Bond Coverage

Position

All employees except City Council (7)

Mayor, City Administrative Officer,
Director of Administration, Chief of Police,
Deputy Chief of Police, City Clerk,
Deputy Clerk (11)

Coverage per each

Term of bond

$100,000

10101/13 - Indefinite

Statewide General Insurance

Boyles Moak Insurance Services
Ross & Yerger Insurance, Inc.

2) Company:

Surety Bond coverage as follows:

Limits of liability:

Coverage per each

$100,000

Term of bond
12/23/14 - 12/23/18
07/01/15 - 07/01/16
02/06/15 - 02/06/16
07/01/15 - 07/01/16
07/01/15 - 07/01/16
07/11/15 - 07/11/16
07/14/15 - 07/14/16

Mayor

$100,000

07/01/15 - 07/01/16

City Administrative Officer

$50,000

05/15/15 - 05/15/16

City Clerk

$50,000

05/10/16 - 05/10/17

Director of Administration

$50,000

02/09/16 - 02/09/17

Chief of Police

$50,000

07/20/15 - 07/20/16

Assistant Police Chief

$50,000

08/02/15 - 08/02/16

Deputy Chief of Police

$50,000

06/13/15 - 06/13/16
06/16/15 - 06/16/16
06/16/15 - 10/30/16

Assistant City Clerk

$50,000

02/26/16 - 02/26/17

Deputy Clerk (11)

$50,000

04/01/16 - 04/01/17
04/11/16 - 04/11/17
08/22/15 - 08/22/16
09/12/15 - 09/12/16
03/18/16 - 03/18/17
09/12/15 - 09/12/16
12/28/15 - 12/28/16
10101/15 - 10101/16

Position
City Council (7)

170

THIS PAGE INTENTIONALLY LEFT BLANK

2015-16 BUDGET

THIS PAGE INTENTIONALLY LEFT BLANK

CITY OF JACKSON, MISSISSIPPI

ADOPTED ANNUAL BUDGET

FISCAL YEAR 2015-16

PREPARED BY
DEPARTMENT OF ADMINISTRATION

CITY OF JACKSON
ADOPTED ANNUAL BUDGET
FY 2015-16
TABLE OF CONTENTS
Page
I.

City of Jackson Budgetary Process

II.

FY 20154Budget Overview

III ,

Charts of Revenues and Expenditures

IV,

Revenues by Source (All Funds)

14

V,

Revenues by Fund

15

VI.

Expenditures by Department (All Funds)

20

VII,

Expenditures by Fund Type (All Funds)

21

VIII,

Order Authorizing FY 2015-16 Budget

29

CITY OF JACKSON
THE BUDGETARY PROCESS
The City's annual budget is the final product of a lengthy and public process. It is the
result of an evaluation of community needs and reflects priorities established by the
Mayor and City Council Members. The budget serves to inform citizens and other
interested parties of the City of Jackson's service plans and overall financial condition.
Four general-purpose types categorize departmental expenditures: personal services,
supplies, other services and charges, and capital outlay.
Personnel Services
A category of expenditures which includes salaries, wages and all employee
benefits.
Supplies
Supplies are those items that are "consumed" in the course of performing daily
city activities or project implementation.
Other Services and Charges
Other services and charges is the category for classification of non personal
services that include professional services, printing, postage, membership, travel,
contracts, debt service, utilities, appropriations and etc.
Capital Outlay
Capital outlay is the category for expenditures used to acquire capital assets
providing benefits beyond a budget year.
Lease payments for vehicles,
equipment, etc. are contained in this category.
An effective city budget is best developed by employing a deliberate building process.
The process encompasses a number of different activities and decisions over a period
of several months. The "Proposed Budget Calendar" presents the budgetary process.
The stages of the budgetary process are:
1.
2.
3.
4.

Starting the process

Adopting Public Policy Initiatives
Preparing departmental budget requests
Reviewing of departmental budgets by the municipality's governing
authority
5. Preparing the recommended annual budget
6. Adopting and implementing the budget

Each budgetary process stage encompasses a number of activities and/or decisions.

Responsibility for carrying out the activities and making the decisions vary. The
governing authority is responsible for all policy decisions including setting budgetary
guidelines and adopting the annual budget. The governing authority is responsible for
preparing revenue estimates, reviewing departmental budget requests, preparing a
recommended annual budget and implementing the adopted annual budget. The
departments of the governmental unit are responsible for preparing and submitting
appropriation requests for the ensuing budget year.
Budgeting is only one of many financial policy control mechanisms but it is the most
basic and, therefore, the most important. Municipal governments provide services to
people, and the financing of these services must be properly planned and controlled in
order to achieve the maximum efficiency, economy and effectiveness of the use of
governmental financial resources; to minimize the tax burden upon local citizens; to
comply with applicable state law, contractual provisions and professional financial
management practices; and to assure that the government's financial position is sound.
The initial step in the budgetary process involves estimating the amount of revenues
which can be expected to be available for the coming fiscal year, setting budgetary
guidelines, and transmitting this information, together with the budget forms, to the
municipal departments. This preliminary work sets the stage for later decisions to be
made by the municipal departments, the municipal administration and the government
authorities.
The total proposed budget should be presented at the August meeting of the city/council
each year and should be published at least one time during September. At least one (1)
public hearing must be held at least (1) week prior to the final official adoption of the
budget by September 15 [Section 21-35-5, Miss. Code Ann. [1972)].
During the budgetary process, the governing authorities are responsible for preparing a
statement showing every source of revenue, the amount received from each source
through the last complete month of the current fiscal year and a projection of the entire
current year [Section 21-35-5, Miss. Code Ann. (1972)].
The City of Jackson has a seven-phase budget planning and preparation process.
Each City operational unit has to justify its existence and the public services it provides
through detailed department mission statements and goals, program objectives and
quantifiable performance measures. The seven phases are listed below:
Phase I

Public Policy Initiatives

January 1 - February 29

Public Policy Initiative areas will be developed to govern the delivery of

municipal public services for the next fiscal year.

Phase II

April 1 - 30

Reconciliation of Budget Requests and

Preparation of Initial Balanced Budget

May 1 - June 30

All division budget requests are submitted by department to the Budget

Office by May 30th .
Administrative reviews will be conducted with directors, managers, and
division budget personnel to reconcile budget requests.
The Budget Office will recommend to the Director of the Department of
Administration the initial balanced budget document.
The Department of Administration will present the initial balanced budget
document to the Mayor for review.

Phase V

Financial Budget Preparation by Departments

Budget Office to provide training sessions on Oracle system conducted

during the month of April before the departments prepare their line-item
budget.
Instructions issued to compile budget proposals. Financial budget request
should relate to department and division functions and adopted Policy
Initiatives.
Definitions and instructions, along with forms, to be given to city
management personnel.
Timelines/deadlines given to city management personnel.

Phase IV

March 1 - March 31

City Council will adopt and prioritize Public Policy Initiatives.

The Department of Administration's Budget Office will hold meetings with
department directors and division managers to 1) discuss the budget
process and 2) issue Public Policy Initiatives.
Services must principally relate to one or more of the Public Policy
Initiatives. Some services however must function as support mechanisms.
Timelines/deadlines given to city management personnel.

Phase III

Program/Service Justification

Review by the Mayor and Submission

of the Executive Budget

July 1- 31

The Mayor will hold budget sessions with the CAO, Director of the
Department of Administration and Budget Office staff to be briefed on the
document that has been submitted.
The Mayor will invite other department directors to the budget sessions to
entertain further discussions on any particular requests.
Final modifications are directed by the Mayor to the budget document and
addressed by the Budget Office.
The Proposed Budget is approved by the Mayor and presented to the City
Council.

Phase VI

August 1 - 31

The City Council receives the Proposed Budget from the Mayor and
establishes hearings to review the proposed appropriation levels.
The Mayor will be the point of contact and coordinates the presence of all
department personnel, and responses by such personnel, to hearings and
inquiries by the City Council.
Upon completion of budget hearings, and subsequent modifications to the
Proposed budget, the City Council provides preliminary approval to
appropriation levels for the City Budget for the next fiscal year.
Public notice is given for a municipal hearing to present the City Budget
for the next fiscal year.
Review anticipated tax levy to determine whether public notice is required
on any levy.

Phase VII

City Council Consideration

of the Executive Budget

Public Review of the City Budget

and adoption

September 1 -15

Hold public hearing on budget.

At an official meeting of the City Council, the new City Budget is adopted.
This must be accomplished on or before September 15.
Set tax levies necessary to support adopted budget and provide to the Tax
Collector.
The Budget Office will have the City Budget published in a newspaper of
general circulation for the general public to review.

CITY OF JACKSON
IVIAL ... I .....

BUDGET
FY 2015-16
$381,678,403

/
TOTAL
OPERATING BUDGET

TOTAL
CAPITAL BUDGET

$293,168,257

$88,510,146

~=========I====~GENERALGOVERNMENTFUNDSrr==============;
GENERAL FUND

II

$120,674,640

CAPITAL PROJECTS
$29,146,382

SPECIAL REVENUE
FUNDS
PARKS
FEDERAL GRANTS
STATE GRANTS
IMPROVEMENT
DISABILITY & RELIEF

$41,944,083

DEBT SERVICE FUND

$9,539,581

ENTERPRISE FUNDS
WATER/SEWAGE
CAPITAL
IMPROVEMENT FUND

WATER/SEWAGE
RANKIN SEWAGE
MADISON SEWAGE
SANITATION
TRANSPORTATION

$1,573,740

I
WATER/SEWAGE
BOND FUNDS

$106,145,543

$57,790,024

INTERNAL SERVICE FUND

EMPLOYEES GROUP
BENEFIT FUND
$14,654,490

TRUST FUNDS
UNEMPLOYMENT FUND
$209,920

BUDGET OVERVIEW

FY 2015-16

The operating budget of $293.1 million represents a $14.8 million, 4.9%, decrease from the prior
year's adopted operating budget of $308 million. The capital budget increased $0.55 million,
or 0.6%, from the prior year. The table below reflects the increases and decreases by fund
type.

Adopted

Adopted

Budget

Budget
2015-16

2014-15

FUND
OPERATING BUDGET:

$ 128,139,326

General Fund

Total General Fund

118,184,497

120,674,640

2,490,143

G/F - State Tort Fund

$ 130,629,469

2,490,143

Special Revenue Funds:

Parks

Federal Grants
State Grants
Improvement
Disability & Relief

Debit Service Fund

7,693,438

6,351,090

16,346,677

18,129,856

132,361

534,294

12,830,567

12,362,828

5,351,162

4,566,015

42,354,205

41,944,083

14,855,734

9,539,581

82,162,785

Proprietary Funds:
Enterprise Funds

Sanitation Fund

12,101,830

80,499,035
174,735
37,000
14,060,455

Transportation Fund

10,812,550

11,374,318

Water/Sewer

221,035

Madison Sewage Disposal

Ridgeland West Sewage Disposal

38,920

Internal Service Fund

Employee Benefit Fund

14,654,490

14,654,490

Tota! Proprietary Funds

119,991,610

120,800,033

209,920

209,920

Trust Fund
Unemployment Fund
Total Operating Budget

$ 308,040,938

293,168,257
-4.8%

Percent Change
CAPITAL BUDGET:
Governmental Funds

17,372,870

Capital Project Funds

29,146,382

Enterprise Funds

70,584,371

Water/Sewage Disposal
Total Capital Budget

59,363,764

87,957,241

$ 395,998,179

Percent Change
TOTAL FINANCIAL BUDGET
Percent Change

88,510,146
0.6%
381,678,403
-3.6%

BUDGET OVERVIEW
The City of Jackson's budget has two components: the Operating Budget, which covers day-to-day
activities and the Capital Budget, which includes major improvement projects.
This overview summarizes the entire City, operation. Detail information is provided in the following
sections.
Where the money comes from:

The following chart gives a broad overview of the major source of funds for both operating
and capital funds:

Property Taxes
Sales Taxes
Other Intergovernmental
Other Revenue *
Enterprise Funds - Sales to Customer
Interest Earnings
Operating Transfers In
Employee Group Benefit (Health Ins.)
Applied Fund Balance-Operating Funds
Applied Fund Balance-Capital Funds

68,353,734

8.3%

46,486,084
59,770,286

12.2%
15.7%
21.2%
0.0%
12.2%
2.1%

81,029,443

79,167
46,396,812
7,825,000
12,992,848
27,085,029
381,678,403

2015-16 Source of Funds

Operating and Capital Funds
($381.7 million)

Applied Fund
Balance-Operating
Funds

Employee Group
Benefit (Health Ins.)
2.1%

Applied Fund
Balance-Capital
Funds
7.1%
_ F'rOIDertv Taxes

Operating Transfers
In
12.2%

Sales Taxes
8.3%

Interest Earnln,gs.J
0.0%

Enterprise Funds
Sales to Customer
21.2%

17.9%

31,660,000

Other Revenue *
15.7%

*Other Revenue includes Admissions, Licenses &Permits, Fines & Forfeitures, and Miscellaneous.

3.4%

7.1%
100.0%

BUDGET OVERVIEW

Where the money goes:

Our Budget is divided into funds for fiscal and accounting purposes. The following chart
gives a broad overview of the major categories of operating and capital expenses.
General Fund Operations
Parks & Recreation
Federal & State Grants Funds
Other Special Revenue Funds
G.O. Debt Service
Water & Wastewater Operations
Revenue Bond Debt Service
Solid Waste
Transportation
Employee Insurance & Other Fund
Capital Budget

120,674,640
6,351,090
18,664,150
16,928,843
9,539,581
63,092,172
17,618,598
14,060,455
11,374,318
14,864,410
88,510,146
381,678,403

31.6%
1.7%
4.9%
4.4%
2.5%
16.5%
4.6%
3.7%
3.0%
3.9%
23.2%
100.0%

2015-16
Use of Funds
Operating & Capital Funds
($381.7 million)
Capita! Budget
23%

~ ~""".,., Fund

Operations
32%

Transportation
3%

Solid Waste_-4%
Revenue Bond Debt
Service
5%
Operations
16%

General Fund
Expenditures By Category
2016 Budget

Capital Outlay

4.5%

Other Services &

Charges

34.0%

Personal Services

56.5%

Supplies & Material

5.0%

GENERAL FUND EXPENDITURES

(IN THOUSANDS)

2015
Budget

Personal Services

Supplies & Material

Other Services & Charges

Capital Outlay

2016
%

72,437
7,499

55.5%
5.7%

41,969
8,724

32.1%

130,629

100%

Budget

68.139
6.077
41.033
5,425

6.7%

120,674

56.5%
5.0%

34.0%
4.5%
100.0%

General Fund
Expenditures By Department
2016 Budget

Public Works
10.1%
Police

General
Government
20.0%

Department~ / I

"" U

Planning &
' -_ _ _ _ _ _ _ Development
9.0%

Department
0.7%

Human &
Cultural Services
4.7%

Administration
8.3%

Constituent
Services
0.5%

GENERAL FUND EXPENDITURES

BY DEPARTMENT
(IN THOUSANDS)
2015

Public Works

14,300

10.9%

2016
Budget
10.015
5.658
20,698
35,669
12,128

General Government

25,026

19.2%

24,173

20.0%1

Planning & Development

11,848

9.1%

10,875

9.0%

1,084

0.8%

842

0.7%

0.0%

616
120,674

100.0%

Administration
Human & Cultural Services
Fire Department
Police Department

Budget
11.849
$
6.675
21,139
38,708

Personnel Department
Constituent Services Department

130,629

%
9.1%
5.1%
16.2%

29.6%

100%

%
8.3%
4.7%
17.2%
29.6%
10.1%

0.5%

General Fund
Source of Funds
2016 Budget

Applied Fund

Operating

Balance
4.6%

Other

Transfers In
0.0%

o.
General Property
Taxes
47.4%

3.3%

Other
Intergovernmental

3.8%

Sales Tax
26.2%

Licenses and
Permits
1.4%

Fines and
Forfeitures

2.9%

GENERAL FUND SOURCE OF FUNDS

(IN THOUSANDS)

2015

2016

Budget
Genera! Property Taxes

50,750

38.9%

Budget

57,196

47.4%

licenses and Permits

1,639

1.3%

1,657

1.4%

Fines and Forfeitures

3,487

2.7%

3,537

2.9%
26.2%

Sales Tax

31.658

24.2%

31,660

Other Intergovernmental

4,082

3.1%

4.179

3.5%

Admissions
Interest

4,242

3.2%

3,994

3.3%

26

0,0%

66

0.1%

Applied Fund Balance

19,261

14.7%

5,493

4.6%

Other

15,484

11.9%
0.0%

12,892

10.7%

Operating Transfers In

130.629

100%

0,00/,..

120,674

100.0%

~7.6%

increase

16/03/29-12:54
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March 29 2016

2016-ADOPTED REV. BY SOURCE

October

Page:

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1,2015 through September 30,2016

815

Transaction status 1
Rounding to Whole Dollars

Original
Budget FY15

Revise 15200
Budget FY 15

Adopted
Budget FY 16

Prop vs Orig
Variance

89,212,083-

76,180,500-

76,272,471-

LICENSES Ai'W PERMITS

1,870,615-

3,201,666-

2,259,770-

941,896

17 .2

Typ 0430

FINES AND FORFEITURES

3,487,100-

3,577,710-

3,537,300-

40,410

1.4

Typ 0440

INTERGOVERNMENTAL- FEDE

26,944,902-

30,208,111-

29,918,246-

289,865

9.9

Typ 0450

INTERGOVERNMENTAL-STAT

46,773,558-

47,108,215-

46,929,634-

178,581

.3

Typ 0460

INTERGOVERNMENTAL-LOCA

842,000-

1,492,000-

1,298,204-

193,796

35.1

Typ 0470

ADMISSIONS, FEES, RENT

16,062,809-

15,062,809-

17,355,169-

Typ 0490

INTEREST EARNED ON INV

59,936-

53,755-

79,167-

Typ 0520

CONTRIBUTIONS-EMPLOYEE

7,825,000-

7,825,000-

7,825,000-

Typ 0530

SALES TO CUSTOMERS

80,298,599-

80,298,599-

81,029,443-

Typ 0540

OTHER REVENUES (5400-58

30,047,229-

51,453,390-

36,618,047-

14,835,343

17.9

Typ 0580

APPLIED FUND BALANCE

84,384,241-

64,730,595-

40,077,877-

24,652,718

110.6-

'l'yp 0590

OPERATING TRANSFERS IN

120,801,568-

157,797,520-

144,003,873-

13,793,647

16.1

508,609,640-

538,989,870-

487,204,201-

51,785,669

'I'yp 0410

GENERAL PROPERTY TAXES

Typ 0420

Report Final Totals

91,971-

Prop Vs Orgi
% Incr/Deer

17.0-

7.5
25,412-

24.3

730,844-

.9

4.4-

City of Jackson - 2016 Production

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March 29 2016

2016-ADOPTED REV BY FUND

GL 787

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Page:

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814

Transaction status 1

1,2015 through September 30,2016

Rounding to Whole Dollars

FINAJ,

ADOPTED

Budget 15209

CHANGES

Budget 16109

125,386,953

113,809,515

11,577,438-

FORFEITED PROP-STATE

443,254

200,000

243,254-

FORFEITED PROP - FED

10,795

11,000

205

TECHNOLOGY FUND

4,360,622

5,375,272

1,014,650

Fnd 005

PARKS & RECR. FUND

8,055,499

6,351,090

1,704,409-

Fnd 007

BUSINESS IMPROV FUND (LANDSCP)

990,861

1,009,655

18,794

Fnd 009

LANDFILL/SANITATION FUND

12,426,156

14,060,455

1,634,299

Fnd 010

FIRE PROTECTION

1,186,120

914,994

271,126-

Fnd 011

VEHICLE POOL FUND

93,542

178,992-

Fnd 012

NCSC SENIOR AIDES

601,652

526,054

75,598-

Fnd 018

STATE TORT CLAIMS FUND

2,490,143

2,490,143

Fnd 020

BOND

8,832,934

3,462,324

5,370,610-

Fnd 026

WATER/SEWER CAPITAL IMP FD 12M

206,913

42,093

164,820-

Fnd 027

WATER/SEWER S W A P - 2004

285,581

285,581

Fnd 030

\<IATER/SEWER REVENUE FUND

79,829,004

80,499,035

Fnd 031

vlATER/SEWER OP & MAINT FUND

86,070,960

Fnd 032

WATER/SEWER CAPITAL IMPR FUND

40,271,852

36,779,128

3,492,724-

Fnd 047

REPAIR

1,293,327

781,939

511,388-

Fnd 050

WATER/SEl'iER CaNST FD 2004-$78M

1,429,404

1,429,404

Fnd 001

GENERAL FUND

Fnd 002

SEIZURE

&

Fnd 003

SEIZURE

&

Fnd 004

&

INTEREST FUND

&

REPLACEMENT FUND

670,031
12,541,762-

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City of Jackson - 2016 Production

Report Format

2016-AOOI:"1'EO REV BY FUND

GL787

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Transaction status 1

1,2015 through September 30,2016

October

Page:

Rounding to Whole Dollars

FINAL

CHANGES

ADOPTF:D

Budget 15209

Budget 16109

157,224-

Fnd 051

WATER/SEWER CONST FD 1999-$35M

6,347,352

6,190,128

Fnd 054

WATER/SEWER CONST FD 200?-$50M

949,669

948,123

Fnd 055

DISABILITY RELIEF FUND

Fnd 057

EMPLOYEES GROUP INSURANCE FUND

Fnd 067

FARISH ST HISTORIC-MEDGAR EVER

701,445

701,445

Fnd 072

08/09&/10 COPS 'l'ECHNOLOGY GRNT

181,560

83,404

98,156-

Fnd 073

THALIA MARA HALL BFA/08-374-AI

112,361

110,269

2,092-

Fnd 075

NEIGHBORHOOD STABILIZATION-NSp

7,358

Fnd 081

EARLY CHILDHOOD (DAYCARE)

Fnd 085

HOUSING COlvll'1 DEV ACT (COBG)

Fnd 086

EMERGENCY SHELTER GRANT (ESG)

Fnd 093

METRO MEDICAL RESPONSE SYSTEM

Fnd 115

UNEMPLOYMENT COMPENSATION REVO

Fnd 120

854,823-

14,654,490

1,936,365
FD

7,358-

1,758,652

717,073-

5,822,752

148,050

177,713-

75,383

72,667-

368,891

no

209,920

HOME PROGRAM FUND

4,075,582

3,071,130

Fnd 122

HOP 1'1 A GRANT - DEPT. OF HUD

3,214,863

3,637,113

Fnd 123

MEMA-DQMESTIC PREPARDNSS EQUIP

45,000

25,000

20,000-

Fnd 124

CAPITAL CITY COMM CON CENTER

4,583,988

4,582,933

1,055-

Fnd 125

TITLE III AGING PROGRfu\fS

927,738

521,208

406,530-

Fnd 134

AMERICQRP CAPITAL CITY REBUILD

374,483

374,483

209,

1,004,452422,250

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1,2015 through September 30,2016

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FINAL

ADOPTED

Budget 15209

CHANGES

Budget 16109

Fnd 140

DUI ALCOHOL INCENTIVE GRNT

Fnd 148

G 0

Fnd 156

G 0 PUB IMP CONS BD 1998 ($35M)

178,488

178,488

Fnd 168

2008 GO STREET CONSTRUC'l'ION FD

1,308,310

1,310,397

Fnd 171

CAPITor, STREET ?-WAY PROJECT

3,566,759

3,566,759

Fnd 172

THALIA MARA HALL RENOVATION

291,358

248,908

Fnd 173

1% INFRASTRUCTURE TAX

13,791,000

13,791, 000

Fnd 174

MADISON SEWAGE DISP OP & MAINT

221,035

174,735

46,300-

Fnd 175

RIDGELAND-I'JES'l' SEI'JAGE DISP O&M

38,920

37,000

1,920-

Fnd 183

2011 ED BYRNE MEMORIAL JUSTICE

74,302

Fnd 185

EDI - SPECIAL PROJECT

Fnd 186

2012 ED BYRNE MEMORIAl, JUSTICE

Fnd 18'1

TRANSPORTATION FUND

Fnd 189

399,025

399,025
8,2'16,109

PUB HiP CONS BD 2003 ($20M)

2,087

42,450-

74,302-

550, 000

550,000

46,576

39,865

6,711-

12,960,531

11,374,318

1,586,213-

CAFE PLAN-FLEXIBLE BENEFIT FD

150,000

150,000

Fnd 190

2012 G.O. NOTE-CAPITAL PROJECT

738,044

Fnd 203

JXN CONVENTION & VISITORS BUR

3,563,599

3,335,804

227, '}95-

Fnd 210

WATR SEWR REFD B&I 2005$27,180

2,527,395

2,530,860

3,465

Fnd 211

WA'l'R SEWR REFD 8&1 2011$50,663

3,757,056

3,758,176

1,120

Fnd 213

RESURFACING -REPAIR & REPL. FD

4,969,723

601,293

6,969-

16/03/29-14: 45

City of Jackson - 2016 Production

March 29 2016

Report Format

7.016-1\DOPTED REV BY FUND

GL787

1,2015 through September 30,2016

October

Page:

814

Transaction status 1
Rounding to Whole Dollars

FINAL

ADOPTED

Budget 15?09

CHANGES

Budget 16109

122,896-

Fnd 214

DRAINAGE - REP1\IR " REPL. FD

2,617,038

E'nd 216

TRAFFIC - REPAIR & REPL FD

1,510,388

1,492,048

18,340-

Fnd 217

ECONOMIC DEVELOPMENT FUND

307,868

157,341

150,527-

Fnd 220

WATER SEWER B&1 FD 2013 $89. 9M

5,871,687

5,871,687

Fnd 223

HAIL DAMAGE MARCH 2013

2,214,469

1,457,980

Fnd 244

G 0 PUBLe IMP 2003 B & I ($20M)

1,610,782

Fnd 246

2005 G 0 REFUNDED B&I $20,960

5,203,549

1,504,000

Fnd 247

CONVENTION CTR CONSTRUCTION FD

1,111,623

1,125,819

14,196

Fnd 249

2007 TAX INR LO BONDS

253,540

254,600

1,060

Fnd 251

2008 GO STREET CONST B & I FD

Fnd 252

09 TIF BOND FUND $407,000

Fnd 253

09 TAX INCREMENT BD FD $1. 6M

Fnd 254

09 TIF BOND FD $375, 000

Fnd 255

2010 GO REFUNDING/RESTRUCTURIN

995,087

995,087

E'nd 256

10 TAX INCREMENT BD FD $2. 8M

200,576

203,084

Fnd 257

2012 G.O. NOTE

2, !J19, 991

2,382,661

Fnd 258

2012 WATER/SF,WER REFUNDING B&1

5,456,150

Fnd 300

PEG ACCESS- PROGRAMMING FUND

458,936

Fnd 302

WIRELESS RADIO COMMUNCATN FUND

247,260

756,4891,610,7823,699,549-

2,559,097-

2,559,097

38,135

38,064

71-

173,100

172,400

70071,473-

71,473

2,508
37,330-

1,725
186,828-

247,260

March 29 2016

City of Jackson - 2016 Production

16/03/29-14: 45

Report Format

2016-ADOPTED REV BY FUND

GL787

814

'l'ransaction status 1

1,2015 through September 30,2016

October

Page:

Rounding to Whole Dollars

ADOPTED

FINAL
Budget 15209

CHANGES

Budget 16109

630,622

159,425

1]71,197-

CONVEN REFUNDING, SERIES 2013A

2,813,167

2,812,188

979-

Fnd 351

MUSEUM TO MARKET PROJECT

1,053,762

1,043,646

10,116-

Fnd 352

2013 ED BYRNE MEHORIAL JUSTICE

70,597

70,597

Fnd 353

2014 ED BYRNE M8MORIAL JUSTICE

266,315

266,315

Fnd 354

KABOOM - PLAYGROUND EQUI PMENT

142,500

131,475

Fnd 355

SAMSlffi -

848,162

848,162

Fnd 400

WATER/SE~lER

18,509,790

13,689,307

4,820,483-

538,989,870

487,204,201

51,785,669-

Fnd 305

CAPITAL CITY REVENUE FUND

Fnd 315

1 U79 SM061630-01
CON FD 2013-$89.9M

Report Final Totals

11,025-

City of Jackson - 2016 Production

16/03/29-14:49

March 29 2016

Report Format

2016-l\DOPTED EXP, BY FUND l'YPE

GL787

814

Transaction status 1

1,2015 through September 30,2016

October

Page:

Rounding to Whole Dollars

FINAL

ADOPTED

Budget 15209

CHANGES

Budget 16109

GENERAl, FUND
GENERAL FUND
125,386,953

113,809,515

11,577,438-

443,254

200,000

243,254-

10,795

11,000

205

TECHNOLOGY FUND

4,360,622

5,375,272

1,014,650

Fnd 010

FIRE PROTECTION

1,186,120

914,994

271,126-

Fnd 011

VEHICLE POOL FUND

272,

53~

93,542

178,992-

Fnd 189

CAFE PLAN-FLEXIBLE BENEFIT FD

150,000

150,000

Fnd 300

PEG ACCESS- PROGRAMMING FUND

458,936

272,108

Fnd 302

WIRELESS RADIO COt-ll'1UNCATN FUND

247,260

247,260

Fnd 305

Cl\PITl\T~

630,622

159,425

471,197-

133,147,096

121,233,116

11,913,980-

2,490,143

2,490,143

135,637,239

123,723,259

Fnd 001

GENERAL FUND

Fnd 002

SEIZURE

Fnd 003

SEIZURE IX FORFEn'ED PROP -

Fnd 004

Cmg 100

&

FORFEITED PROP-STATE

CITY REVENUE FUND

GENERAL FUND

FED

186,828-

GENERAL FUND-STATE TORT ONLY

Fnd 018
Crod 100

STATE TORT CLAIMS FUND

GENERAL FUND

11,913,980-

City of Jackson - 2016 Production

16/03/29-14: 49

March 29 2016

2016-ADOPTED EXP. BY FUND TYPE

GL787

October

Page:

Report FormaL

814

Transaction status 1

1,2015 through September 30,2016

Rounding to Whole Dollars

ADOP'l'ED

FINAL
Budget 15209

CHANGBS

Budget 16109

SPECIAL REVENUE FUND

PARKS

&

Fnd 005

RECR. FUND
PARKS & RECR. FUND

8,055,499

6,351,090

1,704,409-

75,598-

FEDERAL GRANTS FUND

Fnd 012

NCSC SENIOR AIDES

601,652

526,054

Fnd 067

FARISH ST HISTORIC-MEDGl\R EVER

701,445

701,445

Fnd 072

08/09&/10 COPS TECHNOLOGY GRNT

181,560

83,404

98,156-

Fnd 075

NEIGHBORHOOD STABILIZATION-NSP

7,358

Fnd 081

EARLY CHILDHOOD (DAYCARE)

1,936,365

1,758,652

177,713-

Fnd 085

HOUSING Cm,ll'1 DEV ACT (CDBG) FD

5,822,752

5, lOS, 679

717,073-

Fnd 086

EMERGENCY SHEI,TER GRANT (ESG)

148,050

75,383

72,667-

Pnd 093

METRO MEDICAL RESPONSE SYSTEM

368,891

368,891

7,358-

Fnd 120

HOME PROGRAM FUND

4,075,582

3,071,130

Fnd 122

HOP W A GRANT - DEF,!'. OF HUD

3,214,863

3,637,113

Fnd 125

TITLE III AGING PROGRAMS

927,738

521,208

Fnd 134

AMERICORP CAPITAL CI'rY REBUILD

374,483

374,483

Pnd 183

2011 ED BYRNE MEMORIAL JUSTICE

Fnd 185

EDI - SPECIAL PROJECT

Pnd 186
Fnd 352

550,000

2012 ED BYRNE MEMORIAL JUSTICE

46,576

39,865

2013 ED BYRNE MEMORIAL JUSTICE

70,597

70,597

Fnd 353

2014 ED BYRNE MEMORIAL JUS'I'ICE

266,315

266,315

Fnd 354

KABOOM - PLAYGROUND EQUI PMENT

142,500

131,475

Fnd 355

Sl\MSHl\ - 1 U79 SM061630-01

848,162

848,162

20,359,191

18,129,856

FEDERAL GRANTS FUND

422,250
406,53074,302-

74,302
550,000

Cmg 220

1,004,452-

6,711-

11,025-

2,229,335-

STATE GRANTS FUND

Fnd 073

THALIA MARA HALL BFA/08-374-AI

112,361

110,269

2,092-

Fnd 123

MEMA-DOMESTIC PREPARDNSS EQUIP

45,000

25,000

20,000-

Fnd 140

DUI ALCOHOL INCENTIVE GRNT

399,025

399,025

556,386

534,294

Cmg 230

S'l'ATE GRANTS FUND

22,092-

IMPROVEMBNT FUND
Fnd 007

BUSINESS IMPROV FUND (LANDSCP)

990,861

1,009,655

Fnd 047

REPAIR & REPLACENENT FUND

1,293,327

781,939

Fnd 213

RESURFACING -REPAIR & REPL. FD

4,368,430

4,969,723

18,794
511,388601,293

16/03/?9-}i1:49

City of Jackson - 2016 Production

GI,787

March 29 2016

Report Format

2016-ADOPTED EXP. BY FUND TYPE

October

Page:

1,2015 through September 30,2016

3
8}i1

Transaction status 1
Rounding to Whole Dollars

FINAL

ADOPTED

Budget 15209

CHANGES

Budget 16109

SPECIAL REVENUE FUND

IMPROVEMEN'f FUND

Fnd 214

DRAINAGB - RBPAIR & REPL.

Fnd 7.16

TRAFFIC - REPAIR &. REPL FD

Fnd 217

ECONOMIC DEVELOPMEN']' FUND

Fnd 223

HAn DAMAGE MARCH 2013

CIng 240

IMPROVEMENT FUND

FD

2,617,038

2,494,142

1,510,388

1,492,048

122,89618,340-

307,868

157,341

150,527-

2,214,469

1,457,980

756,489-

13,302,381

12,362,828

939,553-

47,694,295

41,944,083

5,750,212-

DISABILITY At"lD RELIEF FUND

Fnd 055
Crnd 200

DISABILITY RELIEF FUND

SPECIAL REVENUE FUND

16/03/29-14: 49

City of Jackson - 2016 Production

GL787

Narch 29 2016

2016-ADOPTED EXP. BY FUND TYPE

October

Page:

Report Format

1,2015 through September 30,2016

814

Transaction status 1
Rounding to Whole Dollars

FINAL

ADOPTED

Budget 15209

CHANGES

Budget 16109

DEBT SERVICE FUND

DEBT SERVICE FUND

Pnd 020

BOND & INTEREST FUND

8,832,934

Fnd 244

GO PUBLC IMP 2003 B & I ($20M)

1,610,782

3,462,324

Fnd 246

2005 G 0 REFUNDED A&I $20,960

5,203,549

1,504,000

Fnd 247

CONVENTION CTR CONSTRUCTION FD

1,111,623

1,125,819

Pnd 249

2007 TAX INR LO BONDS

253,540

254,600

Fnd 251

2008 GO STREET CONS'!' B (( I FD

~'nd

252

Fnd 253

09 TIF BOND FUND $407,000

09 'rAX INCREMENT SO FO $1.6M

Fnd 254

09 TIF BOND FO $375,000

Fnd 255

2010 GO REFUNDING/RESTRUCTURIN

Fnd 256

10 TAX INCREMENT ED FD $2. 8M

Pnd 257

2012 G.O. NOTE

Pnd 315

CONVEN REFUNDING,

Cmg 300

Cmd 300

DEBT SERVICE FUND

DEBT SERVICE FUND

SERIES 2013A

5,370,6101,610,782-

2,559,097

3,699,54914,196
1,060

2,559,097-

38,135

38,064

71-

173,100

172,400

700-

71,473
995,087

71,473995,087

200,576

203,084

2,419,991

2,382,661

37,330-

2,813,167

2,812,188

979-

26,283,054

12,950,227

13,332,827-

26,283,054

12,950,227

13,332,827-

2,508

16/03/29-14:49

City of Jackson - 2016 Production

GL787

March 29 2016

2016-I\DOPTED EXP. BY FUND TYPE

October

Page:

Report Format

1,2015 through September 30,2016

5
814

Transaction status 1
Rounding to Whole Dollars

FINAL

Budget 15209

ADOPTED

CHANGES

Budget 16109

CAPITAL PROJECTS FUNDS

CAPITAT~

PROJECTS FUNDS

Fnd 148

G 0 PUB IMP CONS SO 2003 ($20M)

8,276,109

Fnd 156

G 0 PUB IMP CONS SO 1998 ($35M)

178,488

178,488

Fnd 168

2008 GO STREET CONSTRUCTION FD

1,308,310

1,310,397

Pnd I'll

CAPITOL STREET 2-WAY PROJECT

3,566,759

3,566,759

Fnd 172

THALIA MARA HALL RENOVA'l'ION

Fnd 173

1% INFRASTRUCTURE TAX

Fnd 190

2012 G.O. NO'l'E-CAPI'I'AL PROJEC'],

Fnd 351

MUSEUM TO MARKET PROJECT

Cmg 400

Cmd 400

CAPITAL PROJECTS FUNDS

CAPITAL PROJECTS FUNDS

8,276,109

291,358

248,908

13,791,000

13,791,000

2,087
42,450-

738,044

731,075

6,969-

1,053,762

1,043,646

10,116-

29,203,830

29,146,382

57,448-

29,203,830

29,146,382

57,448-

City of Jackson - 2016 Production

16/03/29-14 :49

March 29 2016

2016-ADOPTED EXP. BY FUND TYPE

GL787

October

Page:

Report Format

814

Transaction status 1

1,2015 through September 30,2016

Rounding to Whole Dollars

ADOPTED

FINl\T"
Budget 15209

CHANGES

Budget 16109

ENTERPRISE FUND
W"ATER/SEI'lER-CIP FUNDS
Fnd 026

WATER/SEW8R CAPITAL IMP FD 12M

206,913

42,093

Fnd 027

WATER/SEWER S VI A P - 2004

285,581

285,581

164,820-

Fnd 032

WATER/ SEWER CAPITAL IMPR FUND

40,271,852

36,779,128

Fnd 050

WATER/SEWER CaNST FD 2004-$78M

1,429,404

1,429,404

Fnd 051

WATER/SEWER CONST FD 1999-$35M

6,347,352

6,190,128

Fnd 054

WATER/SEWER CaNST FD 2002-$50M

949,669

948,123

1,546-

Fnd 400

l'lATER/ SEWER CON FD 2013-$89. 9M

18,509,790

13,689,307

4,820,483-

----------------

Cmg 510

WATER/SEWER-eIP FUNDS

68,000,561

----------------

59,363,764

3,492,724-

157,224-

----------------

8,636,797-

WATER/SEWER FUND - 0 & M ONLY

Fnd 030

jllA'fER/SEWER REVENUE fUND

79,829,004

80,499,035

Fnd 031

WATER/SEWER OP & MAINT FUND

86,070,960

73,529,198

Fnd 210

'I'1ATR

REFD B&I 2005$27,180

2,527,395

2,530,860

3,465

Fnd 211

l'1ATR SEI'JR REFD B&I 2011$50,663

3,757,056

3,758,176

1,120

Fnd 220

WATER SEWER B&I FD 2013 $89, 9M

5,871,687

5,871,687

Fnd 258

2012 WATER/SEWER REFUNDING B&l

5,456,150

5,457,875

SE~lR

---------------- ---------------Cmg 511

WATER/SEWER FUND - 0 & M ONLY

670,031
12,541,762-

1,725

----------------

183,512,252

171,646,831

11,865,421-

46,300-

I'lADISON SEWAGE DISPOSAL SYS FD

Fnd 174

MADISON SEWAGE DISP OP & MAINT

221,035

174,735

Fnd 175

RIDGELAND-WEST SEWAGE DISP O&M

38,920

37,000

---------------- ----------------

Cmg 530

MADISON

SE~lAGE

DISPOSAL SYS FD

1,920----------------

259,955

211,735

48,220-

12,960,531

11,374,318

1,586,213-

TRANSPORTATION FUND
Fod 187

TRANSPORTATION FUND

LANDFILL/SANI'l'ATION FUND
Fnd 009

LAi'\fDFILL/SANITATION FUND

12,426,156
------~---------

Crod 500

ENTERPRISE FUND

277,159,455

14,060,455
----------------

256,657,103

1,634,299
----------------

20,502,352-

16/03/29-14:49

City of Jackson - 2016 Production

GL787

March 29 2016

?016-ADOPTED EXP. BY FUND TYPE

October

Report Format

1,2015 through September 30,2016

FINAL

ADOPTED

Budget 16109

INTERNAL SERVICE FUND

EMPLOYEES GROUP INSURANCE FUND

Fnd 057
Cmd 600

EMPLOYEES GROUP INSURANCE FUND

IN1'ERNAL SERVICE FUND

14,654,490

14,654,490

14,654,490

14,654,490

CHANGES

814

Transaction status 1
Rounding to

Budget 15209

Page:

~Jhole

Dollars

16/03/29--14:49

City of Jackson - 2016 Production

GL787

March 29 2016

Report Format

?016-ADOPTED EXP. BY FUND TYPE

October

Page:

1,2015 through September 30,2016

8
814

Transaction status 1
Rounding to Whole Dollars

FINAL

Budget 15209

ADOPTED

CHANGES

Budget 16109

TRUST I< AGENCY

AGENCY FUND

Fnd 124

CAPITAL CITY COMM CON CENTER

4,583,988

4,582,933

1,055-

Fnd 203

JXN CONVENTION & VISITORS BUR

3,563,599

3,335,804

227,795-

8,147,587

7,918,737

228,850-

209,920

209,920

8,357,507

8,128,657

228,850-

538,989,870

487,204,201

51,785,669-

Cmg 710

AGENCY FUND

EXPENDABLE 'I'RUST

Fnd 115
Crud 700

UNEMPLOYMENT COMPENSATION REVO

TRUST I< AGENCY

Report Final Totals

ORDER ADOPTING MUNICIPAL BUDGET, FISCAL YEAR 2015-16

IT IS HEREBY ORDERED that the Municipal Budget for Fiscal Year 2015-16 is adopted as follows:

City of Jackson, Mississippi

Budget of Estimated Revenues and Expenditures
For the Fiscal Year Ending September 30,2015
General Fund (0001, 0002, 0003, 0004, 0010, 0011, 0189, 0300, 0302, 0305)

LICENSES AND PERMITS:

4210 PRIVILEGE LlCENSES-MISC
4211 PRIVILEGE LICENSES
4215 BUILDING PERMITS
4216 AIR CONDITIONING & DUCT PERMIT
4217 PLUMBING PERMITS
4218 ELECTRIC PERMITS
4219 GAS PERMITS
4221 MAINTENANCE FEES
4222 LANDSCAPE PERMITS
4223 HISTORIC PRESERVATION APPLIC.
4224 DANCE HLL & OTHER RECR FEES
4225 TRANSIT MERCHANTS-PEDDLERS LlC
4227 AIRCRAFT REGISTRATIION
4228 BOARDING, LODGING - LICENSES
4229 ADULT ENTERTN-LiCENSES & FEES
4230 SPECIAL EVENT FEE
4240 SIGNS-MISC.
4241 SIGNS PERMITS
4242 SIGN REGISTRATION
4243 SIGNS TEMPORARY
4249 FIRE INSPECTION PERMIT
4250 COMMERCIAL BURN PERMIT
4251 COMBUST & FLAMM LIQUID PERMIT
4252 FIREWORKD DISPLAY PERMIT
4260 ZONING PERMITS
4273 LANDFILL HOST FEE
4280 TAXICAB LICENSE FEES
4281 ANNUAL VEHICLE INSPECTION FINES AND FORF
4516 SEWER GRANT REPMT-SALES TAX

554
373,300
797,673
36,071
28,920
128,846
26,921
7,852
235
676
5,204
3,800
8,322
0
12,901
8,103
2,500
33,775
9,789
4,179
7,145
150
5,150
275
31,544
464,615
1,140
4,613
2,131,716

0
430,000
825,000
36,300
30,000
127,000
33,000
11,100
220
1,200
5,600
4,200
8,000
250
14,000
12,000
5,500
37,000
12,000
5,000
7,000
150
7,000
400
22,000
0
1,100
4,000
0

0
430,000
825,000
36,300
30,000
127,000
33,000
11,100
220
1,200
5,600
4,200
8,000
250
14,000
12,000
5,500
37,000
12,000
5,000
7,000
150
7,000
400
22,000
0
1,100
4,000
0

0
430,000
825,000
45,000
40,000
140,000
22,000
5,000
325
1,000
2,500
3,800
8,000
250
5,000
8,000
2,500
34,000
10,000
4,000
17,500
400
12,100
1,800
37,500
0
1,100
0
0

4,135,969

1,639,020

1,639,020

1,656,775

FINES AND FQRFEITURES:

4311 MISDEMEANOR FINES
4312 VEHICLE PARKING FINES
4313 MOVING RAFFIC VIOLATIONS
4314 CITY COURT CQSTS
4315 WARRANT FEE
4316 ANIMAL CONTROL CITATIONS
4318 MUNICIPAL COURT COMPUTER
4319 MUNICIPAL CT DRIVERS IMPR FEES
4322 ADMINISTRATIVE FEE- DEL CASES
4323 CONTEMPT FEE-MUNICIPAL COURT
4324 COMPUTERZD CRIME PREVEN-POLICE
4325 MUNICIPL COURT ENHANCEMENT FEE
4326 JACKSON ENHANCEMENT FEE
4330 BAD CHECK FEES
4340 DAILY STORAGE FEE-VEHICLE
4341 WRECKER FEES
4344 EXPUNGEMENT FEE-MUNICIPAL CT
4345 JACKSON COLLECTION FEE (15%)
4346 DOCKET FEE - MUNICIPAL COURT
4347 DROPPED CHARGE FEE - MUN CRT
4348 CASH BOND CLEARING ACOUNT-MC
4349 REARRAIGNMENT FEE - MUN COURT

630,025
127,637
1,114,159
14,916
123,011
1,063
15,980
38,190
285,853
116,489
19,547
163,860
81,964
2,550
34,625
102,170
7,451
117,767
97,720
4,500
-11,618
21,775

750,000
135,000
1,145,000
16,000
140,000
1,400
16,000
40,000
400,000
130,000
24,000
150,000
100,000
2,200
30,000
85,000
7,000
146,000
140,000
4,500
0
25,000

750,000
135,000
1,145,000
16,000
140,000
1,400
16,000
40,000
400,000
130,000
24,000
237,784
100,000
2,200
30,000
85,000
7,000
146,000
140,000
4,500
0
25,000

700,000
125,000
1,230,000
16,000
150,000
700
17,000
38,000
350,000
130,000
24,000
180,000
90,000
2,000
63,100
85,000
7,000
170,000
130,000
4,500
0
25,000

TOTAL FINES AND FORFEITURES:

3,109,634

3,487,100

3,574,884

3,537,300

TOTAL LICENSES AND PERMITS:

FEDERAL PART:
4408 POLICE OVERTIME-FBI/DEA GRANTS
4410 DEA- MS GULF COAST (HIDTA)
4416 COPS-UNIVERSAL HIRE
4420 DEA -ASSET & FORFEITURE W & S

47,548
0
952,770
12,103

50,000
0
0
0

50,000
0
0
0

50,000
1,000
0
10,000

TOTAL INTERGOVERNMENTAL-FEDERAL

1,012,421

50,000

50,000

61,000

269,500
29,897
86,528
945,602
29,439,545
1,609,290
13,423
233,635
318,830
28,928
14,064

269,000
30,000
86,519
945,602
31,658,003
1,553,921
10,000
100,000
405,000
23,022
18,000

269,000
30,000
86,519
945,602
31,658,003
1,553,921
10,000
247,260
405,000
23,022
18,000

260,000
29,000
86,528
914,994
31,660,000
1,600,000
10,000
247,260
405,000
0
15,000

32,989,242

35,099,067

35,246,327

35,227,782

550,261

592,000

592,000

550,000

550,261

592,000

592,000

550,000

34,551,924

35,741,067

35,888,327

35,838,782

128,671
4,177
103
51,860
748
2,935
3,783
1,727
2,149
1,009
622
6,603
4,631
0
10,691
16,302
0
180
5,175
0
2,300
7,795
98,450
8,184
15
490
14,140
26,400
15
727,558
10,960
2,714,849
3,169
11,970

150,000
5,000
0
398,000
2,200
3,000
3,900
1,500
5,100
750
600
9,000
3,500
0
15,000
15,000
2,100
200
5,500
100
2,250
8,500
87,000
12,000
100
675
16,000
25,000
100
664,514
11,090
2,779,000
3,000
12,000

150,000
5,000
0
398,000
2,200
3,000
3,900
1,500
5,100
750
600
9,000
3,500
0
15,000
15,000
2,100
200
5,500
100
2,250
8,500
87,000
12,000
100
675
16,000
25,000
100
664,514
11,090
2,779,000
3,000
12,000

150,000
4,000
2,500
300,000
2,200
3,000
5,000
5,000
2,500
750
700
9,000
3,000
2,500
30,350
28,454
3,000
1,000
15,125
0
4,400
37,200
145,000
8,000
45
500
15,000
35,820
0
500,000
11,100
2,651,000
5,700
11,970

3,867,661

4,241,679

4,241,679

3,993,814

STATE PART:
4511 ALCOHOL PERMITS - ABC
4512 GASOLINE TAX
4513 MUNICIPAL REVOLVING FUND
4514 STATE FIRE PROTECTION
4515 PRO-RATA STATE SALES TAX
4517 HOMESTEAD EXEMPTION
4518 HOMSTEAD EXEMPTION CHARGEBACK
4533 WIRELESS RADIO COMMUNICAT PRGM
4535 BUS & TRUCK PRIVILEGE TAX
4541 MDOT-SUMMER YOUTH REIMBURSEMENT
4548 MDOT-LinER PICKUP-JPD
TOTAL INTERGOVERNMENTAL-STATE
LOCAL PART:
4611 PRO RATA ROAD TAX
TOTAL INTERGOVERNMENTAL - LOCAL
TOTAL INTERGOVERNMENTAL REVENUES
ADMISSIONS, FEES, AND RENTALS:
4715 PARKING METERS
4724 LOCAL RECORS FEE
4811 MUN. AUD. - MEZZANINE RENT
4812 MUN AUD-THALIA MARA HALL RENTS
4814 MUN. AUDITORIUM-CONCESSIONS
4820 SMITH ROBTSN MUSEUM-DONATIONS
4821 SM ROBTSN MUS-ADMISSION, RENTAL
4822 SMITH ROBTSN MUS-ROOM RENT
4823 SENIOR CENTERS ESERVATION FEE
4824 SMITH ROBERTSON-GIFT SHOP SALE
4832 ARTS CTR-CONCESSIONS
4833 ARTS CTR-RENT ON COMMUNITY RM
4835 ARTS CTR-PARKING LOT
4840 SPECIAL PROGRAM-CMPDD
4844 PLANETARIUM-ADMISSN TAX EXEMPT
4845 PLANETARIUM-ADMISSIONS
4848 PLANETARIUM-SPEC. PROGRAM INC.
4849 PLANETARIUM-DISCOVERY SHOP
4852 DAYCARE FIRE INSPECTION-AFTERC
4853 FIRE SPRINKLER PLANS REVIEW
4855 FIRE WATER FLOW TEST FEE
4856 FIRE REPORTERS
4860 ACCIDENT REPORT FEE
4861 BACKGROUND CHECK FEE
4862 BAIL BONDSMAN MUG SHOT FEE
4863 BAIL BONDSMAN 10 CARD
4864 FINGERPRINTING
4865 VERIFICATION OF RECORDS
4868 BAIL BONDSMAN APPLICANT PHOTO
4874 TELECOMM. FRANCHISE AGREEMENT
4875 RENTS AND ROYALTIES
4876 TOWER RENTALS
4880 PISTOL RANGE RENT
4890 OUTDOOR ADVERTISING LEASES

TOTAL ADMISSIONS, FEES, AND RENTALS

4911 INTEREST EARNED ON INVESTMENTS

4913 INTEREST EARNED ON REPOS
TOTAL INTEREST REVENUES
OTHER REVENUE:
5411 PUBLIC UTILITY FRANCHISE FEE
5412 FRANCHISE CABLE TELEVISION
5413 NUCLEAR POWER PLANT
5414 IN LIEU OF PROPERTY TAX
5417 WATER/SEWER FRANCHISE FEE
5419 COJ ACCOUNT
5423 TWARNER PAiGA OPERATION FUND
5426 SALE OF LAND
5427 SALE OF FIXED ASSETS
5435 SMALL ANIMAL CONTROL
5436 RABIE VACCINATION
5451 POLICE TRNG REIMB OTHER AG
5454 POLICE-MISC
5463 POLICE-SALE OF WEAPONS
5464 POLICE-JKS HSG AUTH-CONTRACT
5467 UNION STATION TENANTS! JRA
5475 PROCEEDS OF FOFEITURES
5511 GRANTS & DONATIONS
5515 INDIRECT COST
5519 DONATIONS-FIRE MUSEUM
5520 OTHER DEPARTMENTS
5524 I.D. BADGE FEE-CITY EMPLOYEES
5525 PARKING FEE-CITY EMPLOYEES
5545 ADMIN. FEE-PAYROLL DEDUCTIONS
5576 BUILDING & PERMIT-MISC.
5577 PLUMBING EXAM
5578 ELECTRICAL EXAM
5580 PENALTY ON DEMO!GRASSIWEEDS
5614 SITE PLAN REVIEW
5615 CONST. PLAN REVIEW, INSPECTION
5616 SALE OF MAPS, PLAN SPECS
5628 TRAFFIC
5631 HINDS COUNTY - OUTSIDE JAIL
5654 PEG-MISCELLANEOUS
5655 DATA PROCESSING
5656 ABSTRACT FEES
5660 CELLULAR REBATE
5663 PERSONNEL-MISC
5666 CITY CLERK
5667 CEMETERIES OPENING, CLSG &MISC
5672 DONATIONS - FIRE HUMAN RESOURCES
5673 DONATIONS-FIRE!ARSONIINTERNAL
5675 FIRE DEPARTMENT
5676 FIRE SAFETY EDUCATION PROGRAM
5692 INKIND PEG FEES
5725 CAFETERIA PLAN-FLEXIBLE SPEND
5737 COJ ACCOUNT
5795 SETTLEMENT OF INS CLAIM PROP
5796 SETTLEMNT OF INS CLAIM CITY EM
5821 PROCEEDS OF LONG TERM DEBT
TOTAL OTHER REVENUE
OPERATING TRANSFERS IN:
5911 TRANSFERS IN!FROM GENERAL FUND
5914 TRANSFERS IN!FROM OTHER FUNDS

690
43,874

800
25,000

800
25,000

850
65,000

44,564

25,800

25,800

65,850

4,932,468
1,551,869
1,624,874
28,447
830,597
50,000
113,470
90,231
458,451
1,896
220
4,553
138,449
12
0
180,163
54,901
331,461
2,599,862
875
35,367
450
11,309
15,968
104,789
100
0
52,510
12,171
1,180
653
2,088
309,998
125
22
8,967
45,281
16
11,060
8,400
3,034
575
137,371
400
39,506
136,024
4,199
546,376
601
4,636,934

4,800,000
1,590,000
1,580,994
0
830,597
0
118,312
10,000
129,000
6,000
0
10,000
350,000
0
3,000
135,117
10,000
241,454
2,608,590
600
0
0
600
12,180
100,000
0
100
50,000
14,000
1,200
1,000
2,000
0
25
0
8,000
15,775
0
9,000
11,000
3,000
700
12,000
1,000
31,152
150,000
0
82,000
0
2,555,465

4,800,000
1,590,000
1,580,994
0
830,597
0
118,312
10,000
234,905
6,000
0
10,000
350,000
0
3,000
135,117
87,349
239,533
2,608,590
600
0
0
600
12,180
100,000
0
100
50,000
14,000
1,200
1,000
2,490
0
25
0
8,000
15,775
0
9,000
11,000
3,000
700
12,500
1,000
31,152
150,000
0
84,355
0
3,021,465

5,000,000
1,590,000
1,600,000
0
830,597
0
118,312
50,000
140,000
1,000
0
0
250,000
0
0
180,000
50,000
73,300
2,600,000
600
0
0
10,000
10,000
100,000
0
0
50,000
14,000
1,000
1,000
1,500
0
25
0
8,000
13,590
0
12,000
6,000
0
0
0
1,000
31,152
150,000
0
0
0
0

19,118,273

15,483,861

16,134,539

12,893,076

757,474
81,884

514,640
0

514,640
25,000

122,619
2,651,000

839,358

514,640

539,640

2,773,619

TOTAL FROM ALL SOURCES OTHER THAN TAXA

CASH AND INVESTMENT BEGIN BAUAPPROP

65,667,383
0

61,133,167
17,046,119

62,043,889
17,791,618

60,759,216
3,277,726

TOTAL REVENUE FROM SOURCES OTHER THAN

TAXATION

65,667,383

78,179,286

79,835,507

64,036,942

TOTAL OPERATING TRANSFERS IN

4111 CURRENT REALTV TAXES

4112 CURRENT PERSONAL TAXES
4113 DELINQUENT REALTV TAXES
4114 DELINQUENT PERSONAL TAXES
4115 AD VALOREM TAX ON AUTOMOBILES
4116 MOTOR VEHICLE RENTAL TAX DISTR
4118 INTEREST ON DELINQUENT TAXES
4119 DAMAGES ON DELINQUENT TAXES
4131 RAIL CAR TAXES
4140 MISC FEES COMMUNITY IMPROVEMT
4141 FILING FEES COMMUNITY IMPROVEM LICENSES
TOTAL TAXES

TOTAL AVAILABLE CASH AND ANTICIPATED

REVENUE FROM ALL SOURCES

35,623,158
15,383,850
1,164,807
16,307
6,634,276
973,969
1,140,372
662,497
51,114
146,128
200

30,462,693
12,698,181
450,000
50,000
5,530,806
750,000
240,000
350,000
41,000
175,000
2,000

30,462,693
12,698,181
450,000
50,000
5,530,806
750,000
240,000
350,000
41,000
175,000
2,000

33,349,801
14,283,764
1,000,000
25,000
6,212,609
900,000
750,000
500,000
50,000
125,000
0

61,796,678

50,749,680

50,749,680

57,196,174

===========
127,464,061

===========

===========

===========

128,928,966

130,585,187

121,233,116

===========

===========

===========

===========

POLICE

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

29,281,512
2,464,040
3,468,298
2,801,776

29,098,415
2,883,251
3,569,516
3,157,240

29,054,415
2,959,798
3,668,223
3,241,240

28,060,937
2,514,689
3,419,850
1,673,198

TOTAL EXPENDITURES - POLICE

38,015,626

38,708,422

38,923,676

35,668,674

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

17,160,545
948,734
1,105,001
1,402,056

18,028,280
852,364
1,056,825
1,442,016

18,029,580
863,684
1,058,079
1,441,024

18,272,522
639,218
837,020
948,945

TOTAL EXPENDITURES - FIRE

20,616,336

21,379,485

21,392,367

20,697,705

6,272,641
1,438,640
4,460,106
1,057,043

7,991,883
1,893,943
2,785,315
1,629,228

7,991,883
1,894,433
2,786,998
1,994,045

6,664,391
1,671,467
2,781,065
1,011,308

13,228,430

14,300,369

14,667,359

12,128,231

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

2,442,330
76,054
11,849,989
9,701

2,181,456
78,329
9,585,667
2,759

2,160,656
81,879
9,602,917
2,759

1,932,997
54,958
8,886,584
0

TOTAL EXPEND - PLANNING & DEVELOPMENT

14,378,074

11,848,211

11,848,211

10,874,539

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

1,967,468
176,273
6,915,459
875,791

2,155,730
134,682
3,635,624
748,682

2,155,787
175,941
3,855,317
727,173

2,011,687
86,622
2,868,927
690,618

TOTAL EXPEND - HUMAN AND CULTURAL SERV

9,934,991

6,674,718

6,914,218

5,657,854

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

806,454
8,829
135,744
4,980

907,528
15,119
157,083
4,234

907,528
15,119
157,083
4,234

707,593
14,556
120,297
0

TOTAL EXPENDITURES - PERSONNEL

956,007

1,083,964

1,083,964

842,446

FIRE

PUBLIC WORKS

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY
TOTAL EXPENDITURES - PUBLIC WORKS

PLANNING AND DEVELOPMENT

HUMAN AND CULTURAL SERVICES

PERSONNEL

ADMINISTRATION

5,675,672
1,002,944
2,246,750
1,983,753

6,339,983
1,101,063
2,687,475
1,720,033

6,386,283
1,243,313
2,622,791
2,418,083

5,667,358
574,925
5,322,756
1,101,206

10,909,119

11,848,554

12,670,470

12,666,245

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

5,177,283
180,710
21,065,781
14,354

5,733,942
539,950
16,791,111
20,240

5,553,242
585,701
16,895,344
50,635

4,274,295
474,897
17,208,732
0

TOTAL EXPEND-GENERAL GOVERNMENT

26,438,128

23,085,243

23,084,922

21,957,924

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES

0
0
0

0
0
0

0
0
0

546,725
46,135
146,638

TOTAL EXPEND - CONSTITUENT SERVICES

739,498

TOTAL GENERAL FUND EXPENDITURES

134,476,711

128,928,966

130,585,187

121,233,116

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY
TOTAL EXPENDITURES - ADMINISTRATION

GENERAL GOVERNMENT

CONSTITUENT SERVICES

PARKS AND RECREATION FUND (0005)

REVENUES

4227 AIRCRAFT REGISTRATIION

4446 SUMMER FOOD PROGRAM (RECR.SER)
4517 HOMESTEAD EXEMPTION
4716 GROVE PARK GREEN FEES
4717 GROVE PK ELEC. GOLF CART RENT
4720 SONNY GUY GREEN FEES
4721 SONNY GUY PK ELEC GLF CART REN
4740 BUDDY BUTTS FIELDS/DRIVING RG
4741 SWIMMING FEES
4742 TIC FEES
4743 GYM USER FEES
4745 PARKS BUILDING RENTALS
4746 PARKS FIELD RENTALS
4747 PARKS CONCESSIONS
4748 PARKS PROGRAMS REGISTRATION
4749 JONES CENTER RENTAL
4750 DANCE KARATE AEROBICS
4756 TENNIS FEESBATTLEFIELD PARK
4779 MYNELLE GARDENPHOTOGRAPHY
4780 MYNELLE GARDEN ADMISSIONS
4781 MYNELLE GARDEN RENTAL
4782 MYNELLE GARDEN WEDDINGS
4784 MYNELLE GARDEN GIFT SHOP SALES
4875 RENTS AND ROYALTIES
5821 PROCEEDS OF LONG TERM DEBT
5899 APPLIED FUND BALANCE/R.E.
5911 TRANSFERS IN/FROM GENERAL FUND

334
40,665
64,669
14,247
15,996
13,361
19,891
1,500
9,076
37,451
10,203
14,160
1,065
0
28,480
18,010
1,560
2,668
2,550
4,488
100
1,900
228
20,657
170,574
0
3,451,044

500
45,000
65,000
15,000
15,000
20,000
20,000
1,500
10,000
40,000
10,000
18,000
3,000
2,000
30,000
25,000
2,000
3,000
5,000
8,000
300
2,000
500
20,000
0
1,575,604
3,451,044

500
45,000
65,000
15,000
15,000
20,000
20,000
1,500
10,000
40,000
10,000
18,000
3,000
2,000
30,000
25,000
2,000
3,000
5,000
8,000
300
2,000
500
20,000
0
1,937,665
3,451,044

500
25,000
65,000
40,000
40,000
55,000
55,000
1,500
25,000
80,000
25,000
47,900
58,800
4,000
35,000
30,000
6,000
6,000
10,000
14,000
1,000
4,000
1,000
25,000
0
1,919,977
1,495,174

TOTAL REVENUE FROM SOURCES

3,944,877

5,387,448

5,749,509

4,069,851

TAXES
4111 CURRENT REALTY TAXES
4112 CURRENT PERSONAL TAXES
4113 DELINQUENT REALTY TAXES
4114 DELINQUENT PERSONAL TAXES
4115 AD VALOREM TAX ON AUTOMOBILES

1,431,706
618,254
50,785
726
269,173

1,436,240
598,690
8,500
1,800
260,760

1,436,240
598,690
8,500
1,800
260,760

1,407,462
602,818
6,968
1,800
262,191

TOTAL TAXES

2,370,644

2,305,990

2,305,990

2,281,239

TOTAL AVAILABLE CASH AND ANTICIPATED REVENUES

FROM ALL SOURCES

6,315,521

7,693,438

8,055,499

6,351,090

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHAR(jES
CAPITAL OUTLAY

4,011,072
691,804
1,429,635
458,589

4,337,933
805,220
2,041,852
508,433

4,378,096
804,420
2,114,152
758,831

3,975,477
475,940
1,836,967
62,706

TOTAL EXPENDITURES

6,591,100

7,693,438

8,055,499

6,351,090

OTHER THAN TAXATION

BUSINESS IMPROVEMENT TAX ASSESSMENT (0007)

REVENUES
4111 CURRENT REALTY TAXES

954,159

988,257

988,257

1,009,655

TOTAL REVENUES

954,159

988,257

988,257

1,009,655

OTHER SERVICES & CHARGES

954,159

988,257

988,257

1,009,655

TOTAL EXPENDITURES

954,159

988,257

988,257

1,009,655

4270 LAND FILL CHARGES

4271 SPECIAL TRASH COLLETION FEES
4273 LANDFILL HOST FEE
4521 MS-DEQ GANTS-SOLID WASTE/ETC
4711 GARBAGE PICKUP FEES
4712 GARBAGE PICKUP FEES PRES, HILLS
5627 RECYCLING PROGRAM
5821 PROCEEDS OF LONG TERM DEBT
5899 APPLIED FUND BALANCE/R.E.

383,479
5,847
0
49,246
10,386,411
247,908
26,367
0
0

165,000
5,000
0
125,000
11,320,830
250,000
30,000
206,000
0

165,000
5,000
125,000
11,320,830
250,000
30,000
530,326
0

135,000
3,300
400,000
125,000
12,547,155
250,000
40,000
0
560,000

TOTAL REVENUES

11,099,258

12,101,830

12,426,156

14,060,455

1,201,664
246,837
9,662,225
11,478

1,434,841
278,529
9,808,950
579,510

1,434,841
328,329
9,759,150
903,836

1,304,633
388,145
11,002,471
1,365,206

11,122,204

12,101,830

12,426,156

14,060,455

4431 NCSC AIDES

5911 TRANSFERS IN/FROM GENERAL FUND

453,747
80,471

450,748
80,471

450,748
80,471

450,748
75,306

TOTAL REVENUES

534,218

531,219

531,219

526,054

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

535,716
4,548
6,368
950

518,430
2,204
10,585
0

518,430
7,008
5,781
0

514,473
4,731
6,850
0

TOTAL EXPENDITURES

547,582

531,219

531,219

526,054

EXPENDITURES

SANITATION/LANDFILL FUND (0009)

REVENUES

EXPENDITURES
PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY
TOTAL EXPENDITURES

SENIOR AIDES FUND (0012)

REVENUES

EXPENDITURES

CLAIMS FUND (0018)

REVENUES
4911 INTEREST EARNED ON INVESTMENTS
4913 INTEREST EARNED ON REPOS
5899 APPLIED FUND BALANCE/R.E.
5911 TRANSFERS IN/FROM GENERAL FUND

49
2
0
275,000

0
0
2,215,143
275,000

0
0
2,215,143
275,000

0
0
2,215,143
275,000

TOTAL REVENUES

275,051

2,490,143

2,490,143

2,490,143

OTHER SERVICES & CHARGES

266,109

2,490,143

2,490,143

2,490,143

TOTAL EXPENDITURES

266,109

2,490,143

2,490,143

2,490,143

4111 CURRENT REALTY TAXES

4112 CURRENT PERSONAL TAXES
4113 DELINQUENT REALTY TAXES
4114 DELINQUENT PERSONAL TAXES
4115AD VALOREM TAX ON AUTOMOBILES
4227 AIRCRAFT REGISTRATIION
4517 HOMESTEAD EXEMPTION
4913 INTEREST EARNED ON REPOS
5111 SPECIAL ASSESSMENTS
5670 COUNTY TAXES
5899 APPLIED FUND BALANCE/R.E.
5911 TRANSFERS IN/FROM GENERAL FUND
5912 TRANSFERS IN/FROM WATER/SEWER
5914 TRANSFERS IN/FROM OTHER FUNDS

3,929,582
1,655,575
79,312
1,548
680,363
886
171,373
7,189
33,872
59,393
0
312,944
2,146,249
10,115,797

5,481,074
2,276,450
0
0
985,688
0
87,701
0
0
59,351
0
0
2,110,180
12,686,203

5,481,074
2,276,450
0
0
985,688
0
87,701
0
0
59,351
2,021
0
2,110,180
12,688,224

2,137,174
881,361
0
0
393,789
0
50,000
0
0
59,393
0
0
2,079,857
7,348,653

TOTAL REVENUES

19,194,083

23,686,647

23,690,689

12,950,227

OTHER SERVICES & CHARGES

17,976,821

23,686,647

23,690,689

12,950,227

TOTAL EXPENDITURES

17,976,821

23,686,647

23,690,689

12,950,227

57,105
20,792
32,691
33,720,989
355,281
32
35,305
127,318
27
33,915,040

61,095
0
13,900
35,655,194
278,128
0
34,786
133,543
0
36,033,506

61,095
0
13,900
35,655,194
278,128
0
34,786
133,543
0
36,033,506

64,195
0
10,397
35,655,194
410,511
0
65,244
114,317
0
36,033,506

EXPENDITURES

BOND AND INTEREST FUNDS (0020,0021,0023,0024, 0028

0041,0060,0242,0243,0244,0246,0247,0249,0251

0252,0253,0254,0256,0256,0315
REVENUES

EXPENDITURES

WATER/SEWER O&M FUNDS (0027,0030,0031,0210

0211,0220,0258)

REVENUES
4220 SEWER CONNECTION PERMITS
4911 INTEREST EARNED ON INVESTMENTS
4913 INTEREST EARNED ON REPOS
5311 WATER CHARGES
5312 WATER CHARGESTRIANGLE
5313 METER CHARGES
5315 DEVELOPMENT CHARGES
5317 METER INSTALLATION FEES
5318 METER INSTALLATION FEETRIANGLE
5319 SEWER CHARGES

5321 MISCELLANEOUS
5322 MISC-TRIANGLE
5323 MADISON COUNTY WATER REVENUE
5342 SERVICE CONNECTIONS
5368 W RANKIN METRO SEWER REVENUE
5373 RIDGELAND WEST SEWER REVENUE
5380 MADISON CO SEWER REVENUE
5385 FOREST WOODS UTILITY SEWER REV
5393 LEACHATE DISPOSAL
5427 SALE OF FIXED ASSETS
5428 SALE OF SCRAP METAL
5511 GRANTS & DONATIONS
5520 OTHER DEPARTMENTS
5795 SETILEMENT OF INS CLAIM PROP
5821 PROCEEDS OF LONG TERM DEBT
5899 APPLIED FUND BALANCE/R.E.
5912 TRANSFERS IN/FROM WATER/SEWER
5914 TRANSFERS IN/FROM OTHER FUNDS

18,735
321,434
90,734
5,008,430
144,844
1,743,267
0
0
29,691
119,133
20,000
360,481
53,840
0
0
38,054,335
1,060,216

0
0
0
0
0
13,378,077
2,333,781
68,369,049
0

1,946,367
35,000
50,000
0
0
0
0
0
32,480,418
2,333,781
68,869,049
285,581

11,191
375,132
68,662
3,596,261
130,328
2,927,078
35,000
50,000
0
0
0
0
0
23,032,942
285,581
68,114,854
0

116,449,601

163,909,911

183,797,833

171,932,412

9,926,203
5,280,549
95,165,149
-28,144

12,030,375
7,579,011
137,485,492
6,815,033

12,024,375
7,751,128
157,390,287
6,632,043

9,548,079
7,240,656
152,749,121
2,394,556

110,343,757

163,909,911

183,797,833

171,932,412

4441 USDA SOIL CONSERVATION (NRCS)

4497 MDOT REIMBURSMNT-I.T.S, PROJEC
4542 MDOT-TCSP TRAFFIC CALMING GRAN
4552 MDA - BIG CREEK DRAINAGE IMPROVEMENT
4553 DFA - THALIA MARA HALL
4554 MDOT - STPD 7257-00 (001)
4583 COJ ACCOUNT
4621 STREET RESURFACING
4630 JKS CONVENTION 7 VIS BUR GRANT ADMISSION
4913 INTEREST EARNED ON REPOS
5480 MEMAIFEMA - MITIGATION
5520 OTHER DEPARTMENTS
5795 SETILEMENT OF INS CLAIM PROP
5796 SETILEMNT OF INS CLAIM CITY EM
5899 APPLIED FUND BALANCE/R.E.
5911 TRANSFERS IN/FROM GENERAL FUND
5912 TRANSFERS IN/FROM WATER/SEWER

111,375
181,118
19,296
0
0
0
100,000
0
250,000
5,316
0
0
-239,844
620,000
0
8,096,508
0

135,000
414,668
1,213,376
537,500
291,358
500,000
0
0
250,000
0
1,895,559
0
0
0
6,896,207
0
0

23,625
297,012
1,213,376
537,500
291,358
500,000
0
650,000
250,000
0
1,895,559
380,984
0
0
5,943,464
0
620,000

23,625
278,672
1,213,376
537,500
248,908
500,000
0
650,000
98,204
0
1,895,559
0
0
0
5,020,002
1,136,235
0

TOTAL REVENUES

9,143,769

12,133,668

12,602,878

11,602,081

SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

1,136
6,874,365
0

1,860,979
10,249,446
23,243

1,238,086
11,271,635
93,157

1,216,213
10,322,622
63,246

TOTAL EXPENDITURES

6,875,501

12,133,668

12,602,878

11,602,081

TOTAL REVENUES

EXPENDITURES
PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY
TOTAL EXPENDITURES

CAPITAL IMPROVEMENT FUND (0047, 0172

0213,0214,0215,0216,0217,0223 )

REVENUES

EXPENDITURES

REVENUES
4911 INTEREST EARNED ON INVESTMENTS
4913 INTEREST EARNED ON REPOS
5520 OTHER DEPARTMENTS
5899 APPLIED FUND BALANCE/R.E.
5912 TRANSFERS IN/FROM WATER/SEWER
5914 TRANSFERS IN/FROM OTHER FUNDS

184,756
16,376
34,613
0
16,503,339
2,441,507

0
0
0
50,135,982
20,448,389
0

0
0
0
28,766,591
38,948,389
0

0
0
0
23,872,795
35,205,388
0

TOTAL REVENUES

19,180,591

70,584,371

67,714,980

59,078,183

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES

0
8,749,283
86,698,235

65,000
4,616,416
65,902,955

65,000
2,873,728
64,776,252

65,000
2,006,728
57,006,455

TOTAL EXPENDITURES

95,447,518

70,584,371

67,714,980

59,078,183

4111 CURRENT REALTY TAXES

4112 CURRENT PERSONAL TAXES
4113 DELINQUENT REALTY TAXES
4114 DELINQUENT PERSONAL TAXES
4115 AD VALOREM TAX ON AUTOMOBILES
4227 AIRCRAFT REGISTRATIION
4517 HOMESTEAD EXEMPTION
4518 HOMSTEAD EXEMPTION CHARGEBACK
4913 INTEREST EARNED ON REPOS
5811 EMPLOYEES CONTR D & R FUND

3,590,999
1,547,147
142,724
1,946
684,668
836
161,673
1,348
554
5,443

3,248,044
1,349,007
0
0
584,111
0
170,000
0
0
0

3,248,044
1,349,007
0
0
584,111
0
170,000
0
0
0

2,789,800
1,150,502
0
0
514,040
0
111,673
0
0
0

TOTAL REVENUES

6,137,338

5,351,162

5,351,162

4,566,015

OTHER SERVICES & CHARGES

6,136,703

5,351,162

5,351,162

4,566,015

TOTAL EXPENDITURES

6,136,703

5,351,162

5,351,162

4,566,015

2,572
2,872,923
206,892
1,022,728
2,928,382
123,578
501
1,260,192
694,908
6,760,123

0
2,980,000
269,000
988,000
2,980,000
46,000
0
562,000
375,000
6,454,490

0
2,980,000
269,000
988,000
2,980,000
46,000
0
562,000
375,000
6,454,490

0
2,980,000
269,000
988,000
2,980,000
46,000
0
562,000
375,000
6,454,490

15,872,799

14,654,490

14,654,490

14,654,490

EXPENDITURES

DISABILITY AND RELIEF FUND (0055)

REVENUES

EXPENDITURES

EMPLOYEES GROUP BENEFIT FUND (0057)

REVENUES
4913 INTEREST EARNED ON REPOS
5211 GRP INSURANCE ACTIVE EMPLOYEES
5212 GRP INSURANCE RETIRED EMPLOYEE CONTRIBUT
5213 GRP INS-D&R RETIRED EMPLOYEES
5214 GRP INS-CITY MATCH
5216 GRP INS-FORMER EMPLOYEES
5217 GRP INS CONBRA ARRA-FED MANDATE
5220 DENTAL INSURANCE-EMPLOYEES SALES TO CUST
5796 SETTLEMNT OF INS CLAIM CITY EM
5911 TRANSFERS IN/FROM GENERAL FUND
TOTAL REVENUES

OTHER SERVICES & CHARGES

15,403,821

14,654,490

14,654,490

14,654,490

TOTAL EXPENDITURES

15,403,821

14,654,490

14,654,490

14,654,490

5520 OTHER DEPARTMENTS

3,719

TOTAL REVENUES

3,719

OTHER SERVICES & CHARGES

34,523

TOTAL EXPENDITURES

34,523

4437 EDI-FARISH STREET HISTORIC CTR

701,445

701,445

701,445

TOTAL REVENUES

701,445

701,445

701,445

OTHER SERVICES & CHARGES

CAPITAL OUTLAY

0
0

213,845
487,600

213,845
487,600

213,845
487,600

TOTAL EXPENDITURES

701,445

701,445

701,445

4504 DOT-FTA JATRAN MAINT FACIL#14

5911 TRANSFERS IN/FROM GENERAL FUND

432,661
17,267

36,300
0

0
0

0
0

TOTAL REVENUES

449,928

36,300

OTHER SERVICES & CHARGES

432,661

36,300

TOTAL EXPENDITURES

432,661

36,300

HUD SECTION 108 LOAN FUND (0063)

REVENUES

EXPENDITURES

EDI-FARISH STREET HISTORIC - MEDGAR EVERS (0067)

REVENUES

EXPENDITURES

09 AMERICAN RECOVERY & REINVESTMENT ACT (0070)

REVENUES

EXPENDITURES

COPS TECHNOLOGY GRANT FUNDS (0072)

REVENUES
5473 COPS TECHNOLOGY GRANT

163,291

83,404

181,560

83,404

TOTAL REVENUES

163,291

83,404

181,560

83,404

SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

16,959
1,671
144,662

0
7,420
75,984

128
18,546
162,886

0
0
83,404

TOTAL EXPENDITURES

163,292

83,404

181,560

83,404

4506 NSP-NEIGHBORH'D STABILIZATION

7,358

7,358

7,358

TOTAL REVENUES

7,358

7,358

7,358

OTHER SERVICES & CHARGES

CAPITAL OUTLAY

3,752
3,606

3,752
3,606

3,752
3,606

0
0

TOTAL EXPENDITURES

7,358

7,358

7,358

280,026
817,955
53,853
58,206
18,003
532,365

278,000
1,000,000
66,000
43,000
17,000
532,365

278,000
1,000,000
66,000
43,000
17,000
532,365

278,000
1,000,000
66,000
43,000
17,000
354,652

1,760,408

1,936,365

1,936,365

1,758,652

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

1,371,731
184,494
90,632
1,325

1,595,848
226,758
113,759
0

1,595,848
226,758
113,759
0

1,412,835
232,058
113,759
0

TOTAL EXPENDITURES

1,648,182

1,936,365

1,936,365

1,758,652

EXPENDITURES

NEIGHBORHOOD STABILIZATION - NSP GRANT FUND

(0075)

REVENUES

EXPENDITURES

EARLY CHILDHOOD FUND (0081)

REVENUES
4440 USDA FOOD REVENUE (DAYCARE)
4454 OCY-PARTNERSHIP (081)
5711 MARY JONES DAYCARE
5712 WESTSIDE DAYCARE
5714 VIRDEN DAYCARE
5911 TRANSFERS IN/FROM GENERAL FUND

TOTAL REVENUES

EXPENDITURES

CDBG FUND (0085)

REVENUES
4461 CDBG-HOUSING & COMM DEVELOPMT
5780 PROGRAM INCOME-DEMOLITIONS
5914 TRANSFERS IN/FROM OTHER FUNDS

2,953,445
0
9,058

3,879,946
50,000
0

5,772,752
50,000
0

5,081,149
24,530
0

TOTAL REVENUES

2,962,503

3,929,946

5,822,752

5,105,679

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

553,546
687,180
624,362
1,326,529

569,311
21,150
3,335,985
3,500

652,449
23,137
5,142,666
4,500

641,611
17,085
4,442,983
4,000

TOTAL EXPENDITURES

3,191,617

3,929,946

5,822,752

5,105,679

4468 EMERGENCY SHELTER GRANT

133,914

148,050

148,050

75,383

TOTAL REVENUES

133,914

148,050

148,050

75,383

PERSONNEL SERVICES
OTHER SERVICES & CHARGES

9,056
124,858

148,050
0

11,104
136,946

20,605
54,778

TOTAL EXPENDITURES

133,914

148,050

148,050

75,383

4508 THALIA MARA HALL FED SHARE

4565 MEMA-REIMBURSEMENT
4567410 DUI ALCOHOL INCENTIVE GRNT

12,301
9,181
15,135

112,361
20,000
0

112,361
45,000
399,025

110,269
25,000
399,025

TOTAL REVENUES

36,617

132,361

556,386

534,294

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

22,471
1,050
24,655
24,424

0
2,654
112,507
17,200

86,670
15,589
118,378
34,095

86,670
5,655
116,265

TOTAL EXPENDITURES

72,600

132,361

254,732

232,640

EXPENDITURES

EMERGENCY SHELTER GRANT (0086)

REVENUES

EXPENDITURES

STATE GRANT FUNDS (0073, 0123, 0140)

REVENUES

EXPENDITURES

24,050

METROPOLITAN MEDICAL RESPONSE SYSTEM (0093)

REVENUES
4449 MMRS GRANT-METRO MED RESPONSE

4,629

368,891

368,891

368,891

TOTAL REVENUES

4,629

368,891

368,891

368,891

4,625
6,500
1,623

0
0
368,891

0
0
368,891

0
0
368,891

12,748

368,891

368,891

368,891

4913 INTEREST EARNED ON REPOS

5911 TRANSFERS IN/FROM GENERAL FUND

643
209,500

420
209,500

420
209,500

420
209,500

TOTAL REVENUES

210,143

209,920

209,920

209,920

OTHER SERVICES & CHARGES

179,357

209,920

209,920

209,920

TOTAL EXPENDITURES

179,357

209,920

209,920

209,920

4460 HOME PROGRAM

695,466

3,419,442

4,075,582

3,071,130

TOTAL REVENUES

695,466

3,419,442

4,075,582

3,071,130

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES

39,388
0
661,078

104,845
2,000
3,312,597

104,845
7,000
3,963,737

110,377
2,300
2,958,453

TOTAL EXPENDITURES

700,466

3,419,442

4,075,582

3,071,130

EXPENDITURES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY
TOTAL EXPENDITURES

UNEMPLOYMENT COMPENSATION FUND (0115)

REVENUES

EXPENDITURES

EXPENDITURES
HOME PROGRAM GRANT FUND (0120)

REVENUES

EXPENDITURES

REVENUES
4498 HOPWA GRANT -DEPT. OF HUD

125,707

3,214,863

3,214,863

3,637,113

TOTAL REVENUES

125,707

3,214,863

3,214,863

3,637,113

PERSONNEL SERVICES
OTHER SERVICES & CHARGES

4,363
121,343

32,541
3,182,322

32,541
3,182,322

29,955
3,607,158

TOTAL EXPENDITURES

125,706

3,214,863

3,214,863

3,637,113

4438 EDWARD BYRNE MEM JUSTICE GRANT

716,211

117,173

457,790

376,777

TOTAL REVENUES

716,211

117,173

457,790

376,777

SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

144,835
299,951
271,976

153
92,014
25,006

57,058
224,238
176,494

153
207,340
169,284

TOTAL EXPENDITURES

716,762

117,173

457,790

376,777

16,782
135,783
69,994
230,963
6,772
1,152
2,800
43,467
0
2,720
507,239

10,000
11,777
69,994
239,100
80,223
0
0
10,000
960
7,040
498,644

10,000
11,777
69,994
239,100
80,223
0
0
10,000
960
7,040
498,644

10,000
0
69,994
239,100
0
0
0
10,000
960
0
191,154

1,017,672

927,738

927,738

521,208

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

363,182
381,992
1,237
0

457,878
466,400
2,560
900

457,878
465,900
3,060
900

134,014
387,104
90
0

TOTAL EXPENDITURES

746,411

927,738

927,738

521,208

EXPENDITURES

ED BYRNE MEMORIAL GRANT FUND (0068, 0069, 0183

0186, 0352, 0353 )

REVENUES

EXPENDITURES

TITLE III AGING (0125)

REVENUES
4421 TITLE IllS OUTREACH
4423 TITLE Ill-B TRANSPORTATION
4425 TITLE III CONGREGATE MEALS
4432 SSBG TITLE XX HOME DELIVERED
4433 TITLE XX-SSBG TRANSPORTATION
4913 INTEREST EARNED ON REPOS
5427 SALE OF FIXED ASSETS
5687 TITLE III CONGREGATE DONATION
5689 TITLE III TRANS DONATIONS
5690 TITLE XX-TRANS DONATIONS P.l.
5911 TRANSFERS IN/FROM GENERAL FUND

TOTAL REVENUES

EXPENDITURES

AMERICORPS (0134)

REVENUES
4502 AMERICORP CAPITAL CITY REBUILD
5911 TRANSFERS IN/FROM GENERAL FUND
5915 TRANSFERS IN/FROM CDBG

227,809
59,333
50,000

245,940
78,543
50,000

245,940
78,543
50,000

245,940
78,543
50,000

TOTAL REVENUES

337,142

374,483

374,483

374,483

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES

298,621
6,684
16,006

332,580
10,647
31,256

332,560
10,647
31,256

333,490
9,737
31,256

TOTAL EXPENDITURES

321,311

374,463

374,483

374,483

4913 INTEREST EARNED ON REPOS

282

TOTAL REVENUES

282

OTHER SERVICES & CHARGES

316,801

TOTAL EXPENDITURES

316,801

4489 MDOT PROJ 204 REIMBURSEMENT

4501 MDOT PROJ STP-7305-00 (005)
4543 MDOT-LYNCH STREET IMPROVEMENT
4911 INTEREST EARNED ON INVESTMENTS
4913 INTEREST EARNED ON REPOS
5899 APPLIED FUND BALANCE/R.E.

1,174,300
919,973
254,779
0
2,847
0

0
2,624,566
5,184,556
6,663
0
1,208,782

0
2,624,586
4,946,370
2,000
0
703,153

0
2,624,586
4,946,370
2,000
0
703,153

TOTAL REVENUES

2,351,899

9,026,587

8,276,109

8,276,109

PERSONNEL SERVICES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

0
4,879,829
0

17,120
8,969,967
39,500

17,120
8,219,489
39,500

17,120
8,219,489
39,500

TOTAL EXPENDITURES

4,879,829

9,026,587

8,276,109

6,276,109

EXPENDITURES

CAPITAL CENTER CONSTRUCTION FUND (0147)

REVENUES

EXPENDITURES

G.O PUB IMPROVEMENT CONST. FUND (0146)

REVENUES

EXPENDITURES

REVENUES
4913 INTEREST EARNED ON REPOS

51

TOTAL REVENUES

51

OTHER SERVICES & CHARGES

36,361

TOTAL EXPENDITURES

36,361

4913 INTEREST EARNED ON REPOS

5899 APPLIED FUND BALANCE/R.E.

253
0

0
178,236

0
178,488

0
178,488

TOTAL REVENUES

253

178,236

178,488

178,488

OTHER SERVICES & CHARGES

178,236

178,488

178,488

TOTAL EXPENDITURES

178,236

178,488

178,488

4913 INTEREST EARNED ON REPOS

5899 APPLIED FUND BALANCE/R.E.

2,631
0

0
1,548,196

0
1,308,310

0
1,310,397

TOTAL REVENUES

2,631

1,548,196

1,308,310

1,310,397

SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

0
1,072,949
48,350

15,692
1,285,733
246,771

0
1,226,911
81,399

2,310
1,226,688
81,399

TOTAL EXPENDITURES

1,121,299

1,548,196

1,308,310

1,310,397

4444 FHWA - CAPITOL STREET 2-WAY

4580 MDA - CAPITOL STREET 2-WAY
4913 INTEREST EARNED ON REPOS
5899 APPLIED FUND BALANCE/R.E.

1,598,133
0
686
0

2,012,243
2,000,000
0
0

1,563,219
2,000,000
0
3,540

1,563,219
2,000,000
0
3,540

TOTAL REVENUES

1,598,819

4,012,243

3,566,759

3,566,759

EXPENDITURES

G.O. BONDS 1998 CONST FUND (0156)

REVENUES

EXPENDITURES

2008 G.O. STREET CONSTRUCTION FUND (0168)

REVENUES

EXPENDITURES

CAPITAL STREET 2-WAY PROJECT (0171)

REVENUES

EXPENDITURES
OTHER SERVICES & CHARGES

4,359,265

4,012,243

3,566,759

3,566,759

TOTAL EXPENDITURES

4,359,265

4,012,243

3,566,759

3,566,759

5937 PMTS FROM OTHER FUNDS

13,791,000

13,791,000

TOTAL REVENUES

13,791,000

13,791,000

OTHER SERVICES AND CHARGES

CAPITAL OUTLAY

0
0

0
0

12,991,000
800,000

12,991,000
800,000

TOTAL EXPENDITURES

13,791,000

13,791,000

4913 INTEREST EARNED ON REPOS

5912 TRANSFERS IN/FROM WATER/SEWER

6
74,400

0
221,035

0
221,035

0
174,735

TOTAL REVENUES

74,406

221,035

221,035

174,735

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

0
0
91,589
4,768

35,000
10,300
100,735
75,000

35,000
10,300
100,735
75,000

35,000
6,000
93,735
40,000

TOTAL EXPENDITURES

96,357

221,035

221,035

174,735

5912 TRANSFERS IN/FROM WATER/SEWER

38,920

38,920

37,000

TOTAL REVENUES

38,920

38,920

37,000

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

0
0
0
0

5,000
5,000
1,920
27,000

5,000
5,000
1,920
27,000

5,000
5,000
12,000
15,000

TOTAL EXPENDITURES

38,920

38,920

37,000

1% INFRASTRUCTURE TAX (0173)

REVENUES

EXPENDITURES

MADISON SEWER FUND (0174)

REVENUES

EXPENDITURES

RIDGELAND-WEST SEWAGE DISPOSAL O&M FUND (0175)

REVENUES

EXPENDITURES

EOI - SPECIAL PROJECT (0185)

REVENUES
4443 EDI - SPECIAL PROJECT

11,906

550,000

550,000

550,000

TOTAL REVENUES

11,906

550,000

550,000

550,000

SUPPLIES
OTHER SERVICES & CHARGES

0
11,906

82,500
467,500

0
550,000

0
550,000

TOTAL EXPENDITURES

11,906

550,000

550,000

550,000

0
0
1,349,730
1,116,888
480,000
22
532
615,430
94,078
0
0
0
0
7,511,075
0

0
773,020
3,969,811
0
480,000
11,153
0
479,590
65,000
0
0
250,881
0
4,783,095
0

0
773,020
2,931,688
1,038,123
480,000
11,153
0
479,590
65,000
0
0
250,881
1,566,997
4,783,095
380,984

125,115
0
5,992,490
0
480,000
500
0
525,000
80,000
10,000
2,500
0
0
4,158,713
0

11,167,755

10,812,550

12,760,531

11,374,318

270,821
839,676
9,766,802
25,014

358,444
751,453
7,015,680
2,686,973

358,444
825,133
9,031,451
2,545,503

372,930
707,671
7,969,566
2,324,151

10,902,313

10,812,550

12,760,531

11,374,318

4913 INTEREST EARNED ON REPOS

5899 APPLIED FUND BALANCE/R.E.

2,846
0

0
1,246,191

0
738,044

0
731,075

TOTAL REVENUES

2,846

1,246,191

738,044

731,075

EXPENDITURES

JACKSON TRANSIT SYSTEM (0187)

REVENUES
4433 TITLE XX-SSBG TRANSPORTATION
4472 DOT-FTA DISCRETIONARY GRT 5309
4473 DOT-FTA FORMULA GRANT 5307
4504 DOT-FTA JATRAN MAINT FACIL#14
4536 MDOT-REIMBURSEMENT
4911 INTEREST EARNED ON INVESTMENTS
4913 INTEREST EARNED ON REPOS
5390 JATRAN FARE REVENUE
5392 JATRAN FARE REVENUE
5427 SALE OF FIXED ASSETS
5690 TITLE XX-TRANS DONATIONS P,I.
5821 PROCEEDS OF LONG TERM DEBT
5899 APPLIED FUND BALANCE/R,E,
5911 TRANSFERS IN/FROM GENERAL FUND
5914 TRANSFERS IN/FROM OTHER FUNDS

TOTAL REVENUES
EXPENDITURES
PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY
TOTAL EXPENDITURES

2012 G.O. NOTE-CAPITAL PROJECT FUND (0190)

REVENUES

EXPENDITURES
SUPPLIES
OTHER SERVICES & CHARGES
CAPITAL OUTLAY

50,524
1,289,372
0

1,068
1,192,617
52,506

0
685,538
52,506

0
678,569
52,506

TOTAL EXPENDITURES

1,339,896

1,246,191

738,044

731,075

4536 MDOT-REIMBURSEMENT
5511 GRANTS & DONATIONS

0
0

1,000,000
70,059

1,000,000
53,762

1,000,000
43,646

TOTAL REVENUES

1,070,059

1,053,762

1,043,646

OTHER SERVICES & CHARGES

196,238

1,070,059

1,053,762

1,043,646

TOTAL EXPENDITURES

196,238

1,070,059

1,053,762

1,043,646

4675 KABOOM - PLAYGROUND EQUIPMENT

5914 TRANSFERS IN/FROM OTHER FUNDS

0
0

0
0

71,250
71,250

131,475
0

TOTAL REVENUES

142,500

131,475

OTHER SERVICES AND CHARGES

CAPITAL OUTLAY

0
0

0
0

71,250
71,250

71,250
60,225

TOTAL EXPENDITURES

142,500

131,475

5481 SAMHSA -1 U79 SM061630-01

848,162

848,162

TOTAL REVENUES

848,162

848,162

PERSONNEL SERVICES
SUPPLIES
OTHER SERVICES AND CHARGES

0
0
0

0
0
0

80,892
1,560
765,710

80,892
1,560
765,710

TOTAL EXPENDITURES

848,162

848,162

MUSEUM TO MARKET PROJECT (0351)

REVENUES

EXPENDITURES

KAMBOON GRANT- PLAYGROUND EQUIPMENT - (0354)

REVENUES

EXPENDITURES

SAMHSA - 1 U79 SM061630-01 (0355)

REVENUES

EXPENDITURES

METRO JACKSON CONVENTION & VISTORS BUREAU

(AGENCY FUND 203) - BUDGET NOT REQUIRED
CAPITAL CITY CONVENTION CENTER - (FUND 0124)
BUDGET NOT REQUIRED

THIS PAGE INTENTIONALLY LEFT BLANK

APPENDIX C
FINANCIAL INFORMATION OF THE AUTHORITY

THIS PAGE INTENTIONALLY LEFT BLANK

JACKSON REDEVELOPMENT AUTHORITY

AUDITED FINANCIAL STATEMENTS AND
SUPPLEMENTARY INFORMATION
YEAR ENDED SEPTEMBER 30, 2015

JACKSON REDEVELOPMENT AUTHORITY

TABLE OF CONTENTS
September 30, 2015

PAGE(S)

INDEPENDENT AUDITOR'S REPORT

1-3

MANAGEMENT'S DISCUSSION AND ANALYSIS

5-9

BASIC FINANCIAL STATEMENTS

Government -Wide Financial Statements
Statement of Net Position
Statement of Activities
Fund Financial Statements
Statement of Net Position - Enterprise Funds
Statement of Revenues, Expenses, and Changes in Net Position Enterprise Funds
Statement of Cash Flows - Enterprise Funds
Notes to the Basic Financial Statements

11
12

13 - 14
15- 16
17 - 19
20 - 32

OTHER INFORMATION
Combining Statement of Net Position - Nonmajor Enterprise Funds
Combining Statement of Revenues, Expenses and
Changes in Net Position-- Nonmajor Enterprise Funds
Combining Statement of Cash Flows - Nonmajor Enterprise Funds
Combined Schedule of Long-Term Debt
Combined Schedule of Cash

34 - 35
36 - 37
38 - 40
41 - 42
43 - 44

REPORT ON INTERNAL CONTROL AND COMPLIANCE

Independent Auditors 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
Schedule of Findings and Responses

45 - 46
47

RN BANKS, FINLEY,
ME WHITE & CO.
CERTWI ED PUBLIC ACCOUNTANTS

INDEPENDENT AUDITOR'S REPORT

Board of Commissioners
Jackson Redevelopment Authority
Jackson, Mississippi
We have audited the accompanying financial statements of business-type activities, each major fund, and
the aggregate remaining fund information of the Jackson Redevelopment Authority, as of and for the year
ended September 30, 2015, and the related notes to the financial statements, which collectively comprise
the Jackson Redevelopment Authority's basic financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity's
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.

308 HIGHLAND PARK COVE RIDGELAND, MS 39157 (601) 353-5423 FAX (601) 353-5426

Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the business-type activities, each major fund, and the aggregate remaining
fund information of the Jackson Redevelopment Authority, as of September 30, 2015, and the respective
changes in financial position and, where applicable, cash flows thereof for the year then ended in
accordance with accounting principles generally accepted in the United States of America.
Other Matters
Prior-Year Comparative Information
The 2014 financial statements were audited by other auditors and they expressed unmodified audit
opinions on the respective financial statements of the business-type activities, each major fund, and the
aggregate remaining fund information in their own report dated March 25, 2015. In our opinion, the
summarized comparative information presented herein as of and for the year ended September 30, 2014,
is consistent, in all material respects, with the audited financial statements from which it has been derived.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management's
discussion and analysis information on pages 5 through 9 be presented to supplement the basic financial
statements. Such information, although not a part of the basic financial statements, is required by
Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting
for placing the basic financial statements in an appropriate operational, economic, or historical context.
We have applied certain limited procedures to the required supplementary information in accordance with
auditing standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
consistency with management's responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Jackson Redevelopment Authority's basic financial statements. The introductory section,
combining and individual nonmajor fund financial statements, are presented for purposes of additional
analysis and are not a required part of the basic financial statements.
The combining nonmajor fund financial statements and combined schedules are the responsibility of
management and were derived from and relate directly to the underlying accounting and other records
used to prepare the basic financial statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and certain additional procedures,
including comparing and reconciling such information directly to the underlying accounting and other
records used to prepare the basic financial statements or to the basic financial statements themselves,
and other additional procedures in accordance with auditing standards generally accepted in the United
States of America. In our opinion, the combining and individual nonmajor fund financial statements are
fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated March 7, 2016,
on our consideration of the Jackson Redevelopment Authority's internal control over financial reporting
and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant
agreements and other matters. The purpose of that report is to describe the scope of our testing of
internal control over financial reporting and compliance and the results of that testing, and not to provide
an opinion on internal control over financial reporting or on compliance. That report is an integral part of an
audit performed in accordance with Government Auditing Standards in considering the Jackson
Redevelopment Authority's internal control over financial reporting and compliance.

.A47 )kli1J . Go.

Ridgeland, Mississippi
March 7, 2016

MANAGEMENT'S DISCUSSION AND ANALYSIS

JACKSON REDEVELOPMENT AUTHORITY

MANAGEMENT'S DISCUSSION AND ANALYSIS
September 30, 2015

The discussion and analysis of the Jackson Redevelopment Authority's (the Authority) financial
performance provides an overview of the Authority's financial activities for the year ended September 30,
2015. Please read it in conjunction with the financial statements, which begin on page 11.

USING THIS ANNUAL REPORT

This annual report consists of a series of financial statements. The Statement of Net Position and the
Statement of Activities (on pages 11-12) provide information about the activities of the Authority as a
whole. Fund financial statements start on page 13 and report the Authority's operations in more detail
than the government-wide statements by providing information about the Authority's most significant
funds.

Reporting the Authority as a Whole

The Statement of Net Position and the Statement of Activities
The analysis of the Authority as a whole begins on page 5. One of the most important questions asked
about the Authority's finances is, "Is the Authority as a whole better off or worse off as a result of the
year's activities?" The Statement of Net Position and the Statement of Activities report information
about the Authority as a whole and about its activities in a way that helps answer this question. These
statements include all assets and liabilities using the accrual basis of accounting, which is similar to the
accounting used by most private-sector companies. All of the current year's revenues and expenses are
taken into account regardless of when cash is received or paid.
These two statements report the Authority's net position and changes in it. You can think of the
Authority's net position - the difference between assets and liabilities - as one way to measure the
Authority's financial health or financial position. Over time, increases or decreases in the Authority's net
position are one indicator of whether its financial health is improving or deteriorating.
It is important to note that the Authority is a public body established and operated for the purpose of
achieving public and governmental objectives. Thus, assets are frequently acquired to serve a public
purpose, even though the assets are not expected to provide revenues which, based solely upon
economic analysis, would be appropriate based upon the acquisition cost. As a result, increases in
assets do not necessarily reflect corresponding increases in anticipated future revenues, and asset
valuations based on cost do not necessarily reflect market values.
Reporting the Authority's Most Significant Funds
Fund Financial Statement
The analysis of the Authority's major funds begin on page 8. The fund financial statements begin
on page 13 and provide detailed information about the most significant funds-not the Authority as a
whole. Some funds are required to be established by bond covenants, and other funds are established
to help the Authority control and manage money for particular purposes or to show that it is meeting legal
responsibilities for using certain grants and other money. Proprietary funds are reported in the same way
in which activities are reported in the Statement of Net Position and the Statement of Activities, but
provide more detail and additional information such as cash flows.

JACKSON REDEVELOPMENT AUTHORITY

MANAGEMENT'S DISCUSSION AND ANALYSIS
September 30, 2015

The Authority As a Whole

The Authority's combined net position changed $1.4 million from a year ago, increasing from
$ 29.0 million to $ 30.4 million. Our analysis below focuses on the net position (Table 1) and changes in
net position (Table 2) of the Authority as a whole.

Table 1 - Net Position (in millions)

2014
Restated

2015
Current and other assets
Notes receivable
Capital assets

Total assets
Long-term debt outstanding
Other liabilities
Total liabilities
Net Position:
Net investment in capital assets
Restricted for debt service
Unrestricted

4.5
3.9
37.3

45.7

44.9

14.7
0.7

15.2
0.6

15.4

15.8

25.0

26.2
0.1
2.7

5.4

Total net position

2.3
3.7
38.9

30.4

29.0

The increase in current and other assets is the result of proceeds from the insurance recovery of $2.1
million dollars related to the total fire loss of the Atmos Building.

JACKSON REDEVELOPMENT AUTHORITY

MANAGEMENT'S DISCUSSION AND ANALYSIS
September 30, 2015

Table 2 - Changes in Net Position (in millions)

2014
Restated

2015
Program revenues:
Charges for services
Operating contributions
Other income
Capital contributions

1.2
0.8
2.1
0.4

1.1
0.9
0.5

4.5

2.5

4.5

2.5

0.6
1.9
0.1
0.8

0.6
2.6
0.1
0.8

3.4

4.1

Change in net position

1.1

(1.6)

Net position, beginning

29.1

29.7

Total program revenues

General revenues-interest
Total revenues
Expenses
Administration
Urban renewal projects
Rehabilitation loan services
Parking facilities
Total expenses

1.0

Prior period adjustment

30.2

Net position, ending

29.1

Urban renewal program revenues and net position increased in 2015 as a result of an insurance
recovery for the Atmos Building property that was completely lost to a fire in the prior year. Urban
renewal project expenses decreased in 2015 as a result of the Atmos Building property disposal loss
included in prior year expenses and the reimbursement of legal fees by the City of Jackson, MS that
reduced that line item in the current year. The prior period adjustment was recorded to reflect the
restatement of the net position of the Central Business District Property Acquisition Fund as of
September 30, 2014 in the amount of $650,000 to capitalize prior year property costs which had not
been previously recorded on the books. Additionally, net position of the JSU Area Fund was restated as
of September 30, 2014 in the amount of $320,167 to capitalize property costs for land transferred from
the City of Jackson, MS in a previous year.

JACKSON REDEVELOPMENT AUTHORITY

MANAGEMENTS DISCUSSION AND ANALYSIS
September 30, 2015

THE AUTHORITY'S FUNDS

The Authority's major funds consist of the Central Business District Property Acquisition Project Fund,
the Standard Life Building Fund, the Parking Facility Number 3 Fund, the Parking Facility Number 4
Fund, the Hood Building Fund and the Administrative Fund. The basic financial statements for the
major funds are included in this report. Table 3 summarizes the change in net position of the
Authority's major funds.
Table 3 - Change in Net Position by Fund (in millions)
2014
Restated

2015
Central Business District Property
Acquisition Project Fund (CBD)
Standard Life Building Fund
Parking Facility Number 3 Fund
Parking Facility Number 4 Fund
Hood Building Fund
Nonmajor funds

Total change in net position

(1.0)
(0.1)
(0.3)

0.9 $
(0.1)
(0.4)
(0.1)
0.7
0.3

(0.1)

1.3 $

(1.5)

The Central Business District Property Acquisition Fund received additional revenues during the year as
a result of an insurance recovery for the total loss of the Atmos Building.
CAPITAL ASSET AND DEBT ADMINISTRATION
At September 30, 2015, the Authority had $ 37.3 million invested in capital assets. This amount
represents a net decrease of $1.6 million, or 4%, from last year.
Table 4- Capital Assets, Net of Depreciation (in millions)
2014
Restated

2015
Land and improvements
Buildings
Equipment and furniture
Property held for development

4.9 $
26.4
0.1
5.9

4.9
27.6
0.1
6.3

37.3 $,

38.9

The decrease in capital assets in 2015 was primarily the result of regular depreciation expense of $1.3
million and the sale of property held for development.
At September 30, 2015, the Authority had $14.7 million in debt outstanding versus $15.2 million last
year. The decrease was the result of principal payments made during the year.
8

JACKSON REDEVELOPMENT AUTHORITY

MANAGEMENT'S DISCUSSION AND ANALYSIS
September 30, 2015

CONTACTING THE AUTHORITY'S FINANCIAL MANAGEMENT

This financial report is designed to provide our citizens, taxpayers, customers, and investors and
creditors with a general overview of the Authority's finances and to show the Authority's accountability for
the money it receives. If you have questions about this report or need additional financial information,
contact the Authority's Executive Director at Jackson Redevelopment Authority, P.O. Box 1235,
Jackson, Mississippi 39215-1235.

BASIC FINANCIAL. STATEMENTS

10

JACKSON REDEVELOPMENT AUTHORITY

STATEMENT OF NET POSITION
September 30, 2015
(With Comparative Amounts for September 30, 2014)

Business-Type Activities
2014
2015
Restated
ASSETS
Cash
Prepaid expenses
Rent receivable
Due from other governments
Interest receivable
Restricted cash
Notes receivable:
Current portion
Noncurrent portion
Capital assets:
Capital assets not being depreciated
Other capital assets net of depreciation
Total Assets

LIABILITIES
Accounts payable
Due to other governments
Interest payable
Matured bonds and interest payable
Long-term debt:
Current portion
Noncurrent portion
Total Liabilities
NET POSITION
Net investment in capital assets
Restricted for:
Debt service
Unrestricted
Total Net Position

4,117,641
2,732
231,340
135,457
26,954
30,267

1,777,944
4,474
218,840
143,003
34,111
120,544

374,918
3,566,290

372,114
3,302,379

10,782,737
26,504,044
45,772,380

11,171,262
27,769,244
44 913,915

192,670
339,880
157,392
22,682

123,401
303,864
150,162
22,682

5'14,959
14,225,666
15,453,249

492,154
14,740,918
15,833,181

24,961,115

26,249,588

7,585
5,350,431
30,319,131

97,862
2,733,284
29,080,734

The accompanying notes are an integral part of these financial statements

11

JACKSON REDEVELOPMENT AUTHORITY

STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2015
(With Comparative Totals for the Year Ended September 30, 2014)

Totals

Business-Type Activities

EXPENSES AND LOSSES:

Salaries and fringe benefits
Repairs and maintenance
Security services
Utilities and telephone
Supplies
Legal and professional fees
Depreciation
Interest
Insurance
Management fees
Sales tax
Paying agent and bank fees
Consultant fees
Miscellaneous
Loss on disposal of assets
Total Expenses and Losses

Administration

Urban Renewal
Projects

4,537
3,618
338,115

47,747

85,168
5,737
649,598

PROGRAM REVENUES:
Charges for services:
Lease rentals
Interest on developer project notes
Other income
Contributions and grants:
Operating
Other income
Capital
Total Program Revenues
Net Program Revenues
(Expense)

159,991
4,685

Rehabilitation
Loan Services

Parking
Facilities

65,593

$ 136,695
21,981
57,246
33,107
3,289
9,697
446,842

40,335
85,257
7,600
2,201
1,331
141,700
825,318
536,155
61,131
6,000
3,167
578
22,608
628
119.361
1.853.370

1,816
1,341
-

744

75,927

768,554

1,314,133

(75,924) $,

299,639
94,260
44,506
37,184
5,312
772,849
1,285,197
564,720
161,461
27,981
22,712
5,617
85,606
14,098
681,209
4,102.351

904,496

765.608

767,670
2,141,963
440,000
4,582,712

485.000
2,525.658

(2,946,)

1,235,263

(1,576,693)

Change in Net Position

NET POSITION - BEGINNING, as previously reported
Prior Period Adjtistment

The accompanying notes are an integral part of these financial statements

12

402,614
111,923
64,846
39,845
8,238
489,512
1,273,976
536,155
124,572
28,596
22,390
3,359
112,852
9,210
119,361
3,347,449

1,102,842
20,226
13,094

GENERAL REVENUE:
Investment earnings

NET POSITION - BEGINNING, as restated

NET POSITION - ENDING

1,081,685
143,334
8,060

118,072
2,141,963
440 000
3.167.503

649.598

5,076
2,101

765,608

316,077
143,334
8,057
649,598

14,353
22,596
19,223
2,781

2014
Restated

2015

3.134

2,853

1,238,397

(1,573,840)

29,080,734

29,684,407
970.167

29.080,734
$ 30,319,131

30,654,574
$ 29 080 734

JACKSON REDEVELOPMENT AUTHORITY

STATEMENT OF NET POSITION - ENTERPRISE FUNDS
For the Year Ended September 30, 2015
(With Comparative Totals for the Year Ended September 30,2014)

Central
Business
District Property
Acquisition
Project Fund
ASSETS
CURRENT ASSETS:
Cash
Prepaid expenses
Rent receivable

Interest receivable
Note receivable
Restricted assets:
Cash
Due from other funds
Due from other
governments:
City of Jackson
Hinds County
Total Restricted
Assets

Total Current
Assets
CAPITAL ASSETS:
Land , buildings, and
equipment

1,388,472

Standard Life
Building Fund

51,695

Parking Facility
Number 3
Fund

359,405
220

Parking Facility
Number4
Fund

355,614
1,177

HOOD
Building
Fund

1,110,636

231,340
7,292
54,959

2015

Funds

851 ,819
1,335
19,662
319,959

6,423

2014
Restated

Nonmajor

4,117,641
2,732
231 ,340
26,954
374,918

1,777,944
4,474
218,840
34,111
372,114

30,267
50,000

120,544

134,432
1,025

143,003

1025
1.025

215.724

263.547

23,844
50,000

134,432
134,432

6423

73.844

1.816.495

58.118

433.469

356.791

1.110.636

1,193,800

4.969.309

2.671.030

27,246,695

5,868,435

15,916,434

3,751 ,099

8,278 ,796

1,868,093

62,929,552

63,309,301

(605575T)
21 .190.938

(1,210,359)
4.658.076

(11,146,758)
4.769,676

(1,799,665)
1.951.434

(4532,045)
3.746.751

(25,642,771)
37.286,781

(24,368,795)
38.940.506

Less accumulated

depreciation
Capital Assets, net

OTHER ASSETS:
Note receivable
Restricted note
receivable
Total Other Assets
Total Assets

(898,187)
969.906

900,000

900,000

900,000

2,666290
2666290

900000

2666290
3566290

2,402,379
3302,379

$ 25673723

5616194

$45,822.380

$44913.915

5203 145

The accompanying notes are an integral part of these financial statements

13

2,308225

4857,387

2163706

JACKSON REDEVELOPMENT AUTHORITY

STATEMENT OF NET POSITION - ENTERPRISE FUNDS
For the Year Ended September 30, 2015
(With Comparative Totals for the Year Ended September 30, 2014)
Central
Business
District Property
Acquisition
Project Fund
LIABILITIES
CURRENT LIABILITIES PAYABLE
FROM CURRENT ASSETS:
Accounts payable
Due to City of Jackson
Bonds payable
Total Current Liabilities
Payable from Current Assets
CURRENT LIABILITIES PAYABLE
FROM RESTRICTED ASSETS:
Interest payable
Note payable
Due to other funds
Matured bonds and interest
payable
Total Current Liabilities
Payable From Restricted
Assets
Total Current Liabilities
NONCURRENT LIABILITIES:
Bonds payable
Note payable from restricted
assets
Total Noncurrent Liabilities
Total Liabilities
NET POSITION
Net investment in capital assets
Restricted for:
Debt services
Unrestricted
Total Net Position

Standard Life
Building Fund

141,828
339,880
460,000

5,120

941,708

5.120

Parking Facility
Number 3
Fund

Parking Facility
Number 4
Fund

43,451

43.451

156,367
54,959
50,000
22,682
261,326
1,203,034

HOOD
Building
Fund

22,682

11,865,666

2360,000
14.225,666

43,451

2015

2014
Restated

2,271
-

192,670
339,880
460,000

123,402
303,864
440.000

2.271

992.550

867.266

1,025
-

150,162
52,154

157,392
54,959
50,000

22.682

22,682

1.025

285.033

224,998

3.296

1.277.583

1.092.264

11,865,666

12,250,918

2.360.000
14.225.666

2.490.000
14.740.918

3.296

15 503.249

15.833.182

22,682
5.120

Nonmajor
Funds

15.428,700

5.120

22,682

43,451

8,865,272

4,658,075

4,769,676

1,951,434

3,746,751

969,906

24,961,115

26,249,588

..
1.379,751

6,423
946,575

1,162
409.625

313,340

1,110.636

1_,190.504

7,585
5.350.431

97,862
2.733,284

10,245,023

$ 5.611,074

2,264,774

$ 4,857.387

$ 2,160,410

$ 30,319.131

$ 29,080,734

5,180,453

The accompanying notes are an integral part of these financial statements

14

JACKSON REDEVELOPMENT AUTHORITY

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - ENTERPRISE FUNDS
For the Year Ended September 30, 2015
(With Comparative Totals for the Year Ended September 30, 2014)

Central Business
District Property
Acquisition
Project Fund
OPERATING REVENUES
Lease rentals
Interest on developer project notes
Other income
Total Operating Revenues

316,077
134,334
8,057
458.468

OPERATING EXPENSES
Salaries and fringe benefits
Repairs and maintenance
Security services
Utilities and telephone
Supplies
Legal and professional fees
Depreciation
Interest on developer project notes
Insurance
Management fees
Sales tax
Paying agent and bank fees
Consultant fees
Miscellaneous
Total Operating Expenses

40,335
83,796
7,150
2,201
1,331
141,700
513,148
209,206
61,131
6,000
3,167
523
22,608
558
1,092,854

OPERATING INCOME (LOSS)

NONOPERATING REVENUES
(EXPENSES)
Noncapital contributions and grants
Insurance recovery
Interest income
Interest expense

Income (loss) before capital

contributions and grants and
transfers

(634,386)

118,072
2,141,963
177
(326,949)
1,933,263

1,298,877

Standard Life
Building Fund

Parking Facility
Number 3
Fund

Parking Facility
Number 4
Fund

300,000

260,208

300.000

260,208

2,295
348,292

136,695
6,643
57,246
12,445
3,289
2,644
67,332

HOOD
Building
Fund

Administrative
Fund

Nonmajor
Funds
$

205,400

5,000
9.000

146,711

1,369

612

11,223
7,123
19,223
1,849

3
205.403

1,461
450

159,991
4,685

65,593
15,338

4,537
3,618
338,115

20,662

47,747

3,102
15,473

165,459

15

146,711

352,568

744
326,456

70
167,455

85,168
5.737
649.598

(137,711)

(52,568)

(66,248.)

(167,455)

(649,598)

63

13

456

25

63

13

456

(137,686)

(52,505)

The accompanying notes are an integral part of these financial statements

15

(66,235)

(166,999)

649.598

1,081,685
143,334
8 060
1.233.079

360
5,076
2,101
165.497
39.906

(1.668,060)

2,400
2.400

767,670
2,141,963
3,134
(326,949)
2 585 818

42,306

917,758

649,598
25

402,614
111,923
64,846
39,845
8,238
489,512
1,273,976
209,206
124,572
28,596
22,390
3,359
112,852
9.210
2.901,139

4,758
33,034

2014
Restated

2015
$

1,102,842
20,226
13,094
1,136,162

299,639
94,260
44,506
37,184
5,312
772,849
1,285,197
154,736
161,461
27,981
22,712
5,617
85,606
14,098
3,011,158
(1,874,996)

904,496
2,853
(409.984)
497.365

(1,377,631)

JACKSON REDEVELOPMENT AUTHORITY

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - ENTERPRISE FUNDS
For the Year Ended September 30, 2015
(With Comparative Totals for the Year Ended September 30, 2014)

Central Business
District Property
Acquisition
Project Fund
CAPITAL CONTRIBUTIONS AND
GRANTS

440,000

TRANSFERS IN

TRANSFERS OUT
GAIN ON SALE OF ASSET
LOSS ON DISPOSAL OF ASSETS
CHANGE IN NET POSITION
NET POSITION - BEGINNING, as
previously reported
Prior period adjustment
NET POSITION - BEGINNING, as
restated
NET POSITION - ENDING

Standard Life
Building Fund

Parking Facility
Number 3
Fund

HOOD
Building
Fund

(119.361)

5.748,760
5 611,074

485,000

320,000

1,211,953

412,183

(111,426)

(1,211,963)

(412,183)

(365,005)

5,748,760

(86,235)

5,545,468

5,545,468
5 180 463

The accompanying notes are an integral part of these financial statements

16

2014
Restated

2015
440,000

(137,686)

9,393,544

(20,000)

851,479

Nonmajor
Funds

891,963

(312,500)

Administrative
Fund

(768,037)

9,393,544
10,245,023

Parking Facility
Number 4
Fund

724,964

2,351,009

2,351,009
2 264 774

(119.361)
-

4,132,423

4 132 423
4,857,387

250,880

1,238,397

1,909,530

29,080,734

1 909 530
2,160,410

29.080,734
$ 30.319 131

(681,209)
(1,573,840)

29,684,407
970,167

30.654,574
29,080,734

JACKSON REDEVELOPMENT AUTHORITY

STATEMENT OF CASH FLOWS - ENTERPRISE FUNDS
For the Year Ended September 30, 2015
(With Comparative Totals for the Year Ended September 30, 2014)

Central Business
District Property
Acquisition
Project Fund
CASH FLOWS FROM OPERATING
ACTIVITIES:
Receipts from lessees and others
Payments to suppliers
Payments to employees
Net Cash Provided (Used) by
Operating Activities
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES:
Interfund transfers in
Interfund transfers out
Intergovernmental transfers in
Net Cash Provided (Used) By
Non-Capital Financing Activities
CAPITAL AND RELATED
FINANCING ACTIVITIES:
Proceeds from property insurance claim
Proceeds from bonds
Proceeds from Note
Purchase of property and equipment
Principal paid on notes and bonds
Interest paid on notes and bonds
Contributed capital
Intergovernmental transfers
Net Cash Provided (Used)
By Capital and Related
Financing Activities

Standard Life
Building Fund

320,205 $
(283,053)
(40,335)
(3,183)

Parking Facility
Number 3
Fund

Parking Facility
Number 4
Fund

250,001 $
(3,815)

260,208 $
(100,346)
(136,695)

246,186

23,167

(768,037)
204,088

(312,500)

(20,000)

(563,949)

(312,500)

HOOD
Building
Fund

Administrative
Fund

$$
(1,996)
(489,607)
(159,991)
(1,996)

(649,598)

891,963

Nonmajor
Funds

205,403 $
(65,513)
(65,593)
74.297

320,000
(111,426)
649.598

(20.000)

891,963

649,598

208.574

2,141,963

(58,777)
(440,000)
(529,950)
440,000

The accompanying notes are an integral part of these financial statements

17

1,035,817 $
(944,330)
(402,614)
(311,127)

1,211,963
(1,211,963)
853.686
853.686

2014
Restated

1,165,772
(721,245)
(186,658)
257.869

412,183
(412,183)
336.665
336.665

2,141,963

1,025
(1,025)

1,553,236

2015

(58,777)
(440,000)
(528,925)
440,000
(1.025)

1,553.236

3,850,000
3,749,400
(3,805,565)
(4,234,400)
(561,290)
485,000
1,230
(515,625)

JACKSON REDEVELOPMENT AUTHORITY

STATEMENT OF CASH FLOWS - ENTERPRISE FUNDS
For the Year Ended September 30, 2015
(With Comparative Totals for the Year Ended September 30, 2014)

Parking
Facility
Number 4
Fund

Central Business
District Property
Acquisition Project
Fund

Standard Life
Building Fund

141,493

9,000

178

26

62

13

456

141,671

9,026

62

13

456

1,127,775

9,026

3,180

260,697

49.092

449,501

352,434

58,118 $

383,249 $

355.614 $

Parking Facility
Number 3
Fund

HOOD
Building
Fund

Administrative
Fund

Nonmajor
Funds

2015

2014
Restated

CASH FLOWS FROM INVESTING

ACTIVITIES:
Interest received on project notes
Interest received on investments
and cash equivalents
Net Cash Provided by Investing
Activities
NET INCREASE(DECREASE)IN CASH
CASH AT BEGINNING OF YEAR
CASH AT END OF YEAR

1,388,472 $

The accompanying notes are an integral part of these financial statements

18

2,399

(66,252)

152,892

26,131

735

721

2.399

153,627

26,852

890,423

285,270

2,249,422

105,761

220.213

566.549

1.898.486

1,792,727

851.819

$ 4,147,908 $

1,898,488

1,110,636 $

JACKSON REDEVELOPMENT AUTHORITY

STATEMENT OF CASH FLOWS - ENTERPRISE FUNDS
For the Year Ended September 30, 2015
(With Comparative Totals for the Year Ended September 30, 2014)

Central Business
District Property
Acquisition
Standard Life
Project Fund
Building Fund
RECONCILIATION OF OPERATING
INCOME (LOSS) TO NET CASH
PROVIDED (USED) BY OPERATING
ACTIVITIES:
Operating income (loss)
Adjustments to reconcile operating
income (loss) to net cash provided
(used) by operating activities:
Interest income on project notes
Interest expense on project notes
Depreciation
(Increase) decrease in:
Prepaid expenses
Rent receivable
Accounts receivable
Interest receivable
Due from other funds
Increase (decrease) in:
Accounts payable
Net Cash Provided (Used) by
Operating Activities

(634,386) $

(141,493)
209,206
513,148

Parking Facility
Number 3
Fund

(137,711) $

(9,000)
146,711

Parking Facility
Number 4
Fund

(52,568) $

HOOD
Building
Fund

(66,248) $

348,292

67,332

462

403

Administrative
Fund

(167,455) $

(649,598) $

165,459

Nonmajor
Funds

2015

39,906

$ (1,668,060) $

(1,288,620)

33,034

(150,493)
209,206
1,273,976

(24,000)
154,736
1,285,197

1,744
(12,500)
8,571
7,161
(50,000)

(2,572)
25,000
24,835
3,776

69.268

79,517

879

(12,500)
8,571
7,159

2
(50,000)

47,112
(3,183) $

21,680
$

246,186

23,167

476
$

(1,996) $

(649,598) $

74,297

NONCASH TRANSACTIONS:
Note payable proceeds received by
developer for note receivable
Payments on project note receivable
applied directly to note payable

The accompanying notes are an integral part of these financial statements

19

2014
Restated

$,,

(311,127) $

257,869

JACKSON REDEVELOPMENT AUTHORITY

Notes to the Financial Statements
September 30, 2015

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Financial Reporting Entity
The Jackson Redevelopment Authority (the Authority), a component unit of the City of Jackson,
Mississippi (the City), was created in 1968 by the City in order to serve as the City's urban renewal
agency. In addition, responsibility for the City's municipal parking facilities has been delegated to the
Authority. The Authority is governed by a seven-member board of commissioners that is appointed by
the mayor of the City for staggered five-year terms.
Financial Reporting
The Authority complies with U.S. generally accepted accounting principles (GAAP), and applies all
relevant Governmental Accounting Standards Board (GASB) pronouncements. The financial operations
of the Authority are reported as an enterprise fund in order to match costs incurred by the Authority in
connection with each specific undertaking to recovery of such costs through service fees, contributions
from governmental units, interest earnings and other revenues related to such undertakings. An
Enterprise Fund is similar to a private business enterprise and uses the accrual basis of accounting,
under which revenues are recorded when earned and expenditures are recorded when incurred.
The accounting and reporting framework and the more significant accounting principles and practices are
discussed in subsequent sections of this Note. The remainder of the Notes are organized to provide
explanations, including required disclosures of the Authority's financial activities.
Comparative Prior Year Information
The financial statements include certain prior year comparative information. Such information does not
include all of the information required for a presentation of the prior year in conformity with U.S. generally
accepted accounting principles. Accordingly, such information should be read in conjunction with the
Authority's financial statements for the year ended September 30, 2014, from which such summarized
information was derived. Certain amounts presented for the prior year have been reclassified in order to
conform with the current year presentation.
Basis of Presentation
Government-wide Financial Statements:
The statement of net position and statement of activities display information about the Authority as a
All of the Authority's activities are categorized as business-type activities. Program
whole.
revenues include charges paid by the recipients of goods or services and grants and contributions that
are restricted to meeting the operational or capital requirements of a particular activity. Revenues
which are not classified as program revenues are presented as general revenues.

20

JACKSON REDEVELOPMENT AUTHORITY

Notes to the Financial Statements
September 30, 2015

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Fund Financial Statements:
Fund financial statements report detailed information about the Authority. The focus of fund financial
statements is on major funds. Each major fund is presented in a separate column, and nonmajor
funds are aggregated and presented in a single column. A fund is considered major if it meets the
following criteria:
a. Total assets and deferred outflows of resources, liabilities and deferred inflows of resources,
revenues, or expenditures/expenses of that individual governmental or enterprise fund are at
least 10 percent of the corresponding total for all funds of that category or type; and
liabilities and deferred inflows of
b. Total assets and deferred outflows of resources,
or
fund
resources, revenues, or expenditures/expenses of the individual governmental
enterprise fund are at least 5 percent of the corresponding total for all governmental and
enterprise funds combined.
All of the Authority's funds are classified as proprietary enterprise funds. The focus of proprietary fund
measurement is upon determination of operating income, changes in net position, financial
position, and cash flows. The generally accepted accounting principles applicable are similar to
businesses in the private sector.
Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods
The principal operating
in connection with a proprietary fund's principal ongoing operations.
revenues of all the Authority's enterprise funds are charges for rent and interest on project
loans. Operating expenses for enterprise funds include the cost of services, administrative expenses,
and depreciation on capital assets. All revenues and expenses not meeting this definition are
reported as non-operating revenues and expenses.
Measurement Focus and Basis of Accounting
Measurement focus is a term used to describe "which" transactions are recorded within the various
financial statements. Basis of accounting refers to "when" transactions are recorded regardless of the
measurement focus applied.
Measurement Focus:
The enterprise funds utilize an "economic resources" measurement focus. The accounting objectives of
this measurement focus are the determination of operating income, changes in net position (or cost
recovery), financial position, and cash flows. All assets, liabilities and deferred inflows and outflows of
resources (whether current or noncurrent) associated with their activities are reported. Enterprise fund
equity is classified as net position.

21

JACKSON REDEVELOPMENT AUTHORITY

Notes to the Financial Statements
September 30, 2015

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Basis of Accounting:
The enterprise funds use the accrual basis of accounting. Under the accrual basis of accounting,
revenues are recognized when earned and expenses are recorded when the liability is incurred or
economic asset used. Revenues, expenses, gains, losses, assets, deferred inflows and outflows of
resources, and liabilities resulting from exchange and exchange-like transactions are recognized when
the exchange takes place.
The Authority's enterprise funds consist of the following:
Central Business District- Property Acquisition Project (major fund)
The Central Business District Property Acquisition Project reflects the activities of the Authority in
connection with urban renewal projects which are located in areas determined by the City to be slums
and/or blighted areas and which are therefore designated as appropriate for urban renewal projects.
In 1997, the Authority began acquiring properties in the Farish Street area as part of an urban renewal
project. The property acquisitions were funded by contributions from the City, and the properties are
being held for development as an entertainment district.
In 1988, the Authority issued urban renewal bonds to finance the Union Station Multi-Modal
Transportation Center which began operations in 2004.
Standard Life Building (major fund)
Urban renewal bonds were issued in October and November, 2000 to finance the purchase and
renovation of the Standard Life Building and surrounding properties. These properties were sold to a
developer in 2009.
In 2007, the renovation of the Mill Street Viaduct was completed and this property is being held for use as
an open-air market area.
Parking Facility Number 3 (major fund)
The Authority constructed a municipal parking facility and retail area in 1982 and designated the facility
as Parking Facility Number 3. The project was financed with the proceeds of urban renewal project
bonds and a grant from the City of Jackson.
Parking Facility Number 4 (major fund)
Parking Facility Number 4 was constructed in 1987 and was financed through the issuance of urban
renewal revenue bonds.

22

JACKSON REDEVELOPMENT AUTHORITY

Notes to the Financial Statements
September 30, 2015

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Hood Building (major fund)

Using the proceeds of urban renewal revenue notes and bonds, the Authority purchased the Hood
Building in 1984 and renovated the building in 1992. The Hood Building is currently occupied by various
departments of the City of Jackson. In addition, the Authority issued bonds in 2011 to provide funds for
renovation of the Porter Building, which is adjacent to the Hood Building and is also occupied by various
departments of the City of Jackson and the Authority.
Administrative Fund (major fund)
The Administrative Fund reflects the costs paid by the City for the Authority's administrative operations,
which include salaries and the related contributions to the Public Employees' Retirement System of
Mississippi.
Rehabilitation Services (nonmajor fund)
To assist property owners in financing rehabilitation of properties within a designated urban
renewal area, the Authority issues rehabilitation revenue notes and bonds and lends the proceeds to the
property owners with repayment terms identical to terms of the related revenue notes or bonds. The
loans are secured by deeds of trust on the real properties being rehabilitated.
Block C (nonmajor fund)
Urban renewal revenue bonds were issued in 1986 for the acquisition of the Block C
property and construction of a surface parking facility.
Parking Facility Number 2 (nonmajor fund)
During 1987, the Authority purchased Parking Facility Number 2 from the City. The purchase was funded
through the issuance of urban renewal revenue bonds.
JSU Area(nonmajor fund)
The University Park project was initiated in 2008 to facilitate the redevelopment of properties surrounding
Jackson State University.
Cash and Cash Equivalents
The Authority considers all highly liquid investments (including those reflected as restricted assets) with a
maturity of three months or less when purchased to be cash equivalents. The fair market value of cash
equivalents is estimated to approximate cost.

23

JACKSON REDEVELOPMENT AUTHORITY

Notes to the Financial Statements
September 30, 2015

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Restricted Assets
Included in restricted assets are monies or other resources for which legal or contractual restrictions
exist. When both restricted and unrestricted resources are available for use, it is the Authority's policy to
use restricted resources first, and then unrestricted resources as they are needed.
Interfund Transactions
Interfund transfers and interfund receivables and payables have been eliminated in the government-wide
financial statements.
Capital Assets
Capital assets purchased are recorded at cost. Contributed assets are recorded at the estimated fair
market value as of the date received. Additions, improvements and other capital outlays that significantly
extend the useful life of an asset are capitalized. Other costs incurred for repairs and maintenance are
expensed as incurred. The Authority depreciates buildings and improvements using the straight- line
method over estimated useful lives ranging from 27 years to 40 years. Equipment and furniture is
being depreciated utilizing the straight-line method over estimated useful lives ranging from 5 to 10 years.
Interest expense incurred during the construction phase of buildings is capitalized as project cost net of
any earnings on bond proceeds.
Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net position will sometimes report a separate section for deferred
outflows of resources. This separate financial statement element, deferred outflows of resources,
represents a consumption of net position that applies to a future period and so will not be recognized as
an outflow of resources (expense/expenditure) until then.
In addition to liabilities, the statement of net position will sometimes report a separate section for
This separate financial statement element, deferred inflows of
deferred inflows of resources.
resources, represents an acquisition of net position that applies to a future period and so will not be
recognized as an inflow of resources (revenue) until that time.
Contributions and Transfers from Other Governments
Contributions from the City of Jackson and Hinds County for the payment of principal on bonds
and notes and capitalized costs are recorded as capital contributions. Contributions for operating costs,
expensed interest payments, and paying agent fees are recorded as operatinglnoncapital contributions.

24

JACKSON REDEVELOPMENT AUTHORITY

Notes to the Financial Statements
September 30, 2015

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Equity Classifications
Equity is classified as net position and displayed in three components:
a. Net investment in capital assets - Consists of capital assets, including restricted capital
assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds,
mortgages, notes, or other borrowings that are attributable to the acquisition, construction, or
improvement of those assets.
b. Restricted net position - Consists of net position with constraints placed on their use either by
(1) external groups such as creditors, grantors, contributors, or laws or regulations of other
Restricted
governments; or (2) law through constitutional provisions or enabling legislation.
net position only includes restrictions that are narrower than the purpose of the reporting unit.
c. Unrestricted net position - All other net position amounts that do not meet the definition of
"restricted" or "invested in capital assets, net of related debt."
Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported amounts of
assets, liabilities, and deferred inflows/outflows of resources and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.

NOTE 2 - CASH AND INVESTMENTS

The Authority's policy is to invest available funds in the following types of investments:
1. Direct obligations of the United States of America, including such instruments as treasury bills,
treasury notes and treasury bonds.
2. Obligations of U.S. Government agencies that are guaranteed by the U.S. Government.
3. Repurchase agreements in U.S. Government securities made with dealers that report to and
are regulated by the Federal Reserve Bank.
4. Deposits with financial institutions which are insured or are fully collateralized by qualifying
securities.

25

JACKSON REDEVELOPMENT AUTHORITY

Notes to the Financial Statements
September 30, 2015

NOTE 2 - CASH AND INVESTMENTS (Continued)

The collateral for public entities' deposits in financial institutions is held in the name of the State Treasurer
under a program established by the Mississippi State Legislature and is governed by Section 27-105-5
Miss. Code Ann. (1972). Under this program, the entity's funds are protected through a collateral pool
administered by the State Treasurer. Financial institutions holding deposits of public funds must pledge
securities as collateral against those deposits. In the event of failure of a financial institution, securities
pledged by that institution would be liquidated by the State Treasurer to replace the public deposits not
covered by the Federal Deposit Insurance Corporation (FDIC). As of September 30, 2015, all of the
Authority's cash deposits in excess of the amounts covered by the FDIC were covered under the
collateral pool administered by the State Treasurer.

NOTE 3 - INTERFUND TRANSFERS

Summary of transfer in/transfer out within enterprise funds at September 30, 2015, consisted of the
following:
Transfer
Out

Transfer
In
Central Business District(CBD)
Parking Facility 3 Fund
Parking Facility 4 Fund
Hood Building Fund
Nonmajor Funds
Total

891,963

320,000
1 211 963

$
312,500
20,000
768,063
111,400
1,211,963

I nterfund transfers at September 30, 2015 consist of the following:

From the CBD Fund to the Hood Building Fund for operations
From Parking Facility 4 Fund to the Nonmajor Fund for operations
From Parking Facility 3 Fund to the Nonmajor Fund for operations
From the CBD Fund to the Nonmajor Fund for operations
Total

26

891,963
20,000
50,000
250.000
$ 1,211,963

JACKSON REDEVELOPMENT AUTHORITY

Notes to the Financial Statements
September 30, 2015

NOTE 4 - RESTRICTED CASH

Restricted cash totals $30,267 and represents the following:
The cash balance totaling $23,844 of the Parking Facility III Fund which is restricted for bond escrow
payments. The cash balance totaling $6,423 of the Standard Life Building Fund which is restricted for
bond payments.

NOTE 5 - CAPITAL ASSETS

A summary of changes in capital assets for the year ended September 30, 2015, follows:
Restated
Beginning
Balance
Capital assets not being
depreciated:
Land
Property held for development
Total not being depreciated
Other capital assets:
Land improvements
Buildings
Equipment and furniture
Total other capital assets
Accumulated depreciation:
Land improvements
Buildings
Equipment and furniture
Total accumulated depreciation
Other capital assets, net
Capital assets, net

$ 4,858,591
6.312,671
11,171,262

Increases

(a) $

(a)

Decreases

$ 4,858,591

$
(388.525)
(388.525)

75,847
50,596,423
1.465,769
52.138,039
29,044
22,995,366
1,344,385
24,368,795
27.769,244

1,247,241
26,735
1,273,976
(1,265,200)

$38 940 506

5.924,146
10,782,737

75,847
50,605,199
1.465.769
52.146.815

29,044
24,242,607
1.371,120
25.642,771
26.504.044

8,776
8,776

Ending
Balance

$ (1,265,200) $,(3f11) $37 286,781

Depreciation expense was charged to activities as follows:

Urban renewal projects
Rehabilitation loan services
Parking facilities
Total

$.

825,318
1,816
446,842
1,273,976

(a) The beginning balance amounts have been restated for the error set out in Note 14 relating to the
recognition of land and property held for development.

27

JACKSON REDEVELOPMENT AUTHORITY

Notes to the Financial Statements
September 30, 2015

NOTE 6 - NOTES RECEIVABLE

At September 30, 2015, notes receivable consisted of the following:
Central Business
District Property
Acquisition
Fund

Note receivable from Iron Horse Building, LLC dated

October 26, 2012. Payable in monthly installments of
$14,981. The interest rate is 5.25% per annum.

2,402,085

Note receivable from King Edward Revitalization Company,

LLC dated May 9, 2009. Payable in interest only payments of
$9,000 annually with a lump sum principal payment due May 9,
2019. The interest rate is 1% per annum.

Standard Life
Building
Fund

900,000

Note receivable from The Lead Group, LLC dated June

29, 2010. The interest rate is 10%. This note is in
default and was refinanced in November 2015 and
accordingly no allowance for uncollectible notes
receivables are included in the financial statements.

Rehabilitation
Services
Fund

319,959

Central Business
District Property
Acquisition
Fund

Note receivable from Capital Center Convention Center dated

April 2015. Payable in one lump sum principal payment in April
2019. This note is non-interest bearing.
TOTALS
Less: Current Portion
Total Long-Term Notes Receivable

319,164
3,941,208
(374,918)
3 566 290

Remaining maturities of notes receivable at September 30, 2015, are as follows:

Year Ending
September 30
2016
2017
2018
2019
2020
Totals

Principal
374,918
57,915
61,030
1,283,476
2,163,869
3,941 208

Interest
133,815
130,859
127,744
121,462
7.891
521,771
$
$

Total
508,733
188,774
188,774
1,404,938
2,171.760
$ 4,462,979
$

NOTE 7 - LONG -TERM DEBT

Long-term debt activity for the year ended September 30, 2015, was as follows:
Beginning
Balance
Urban Renewal
Revenue bonds $
Unamortized
Discount
$

Ending
Balance

Reductions

Increases

Due Within
One Year
$ 4,364,959

492,447

14,877,085

(136,460)
15,233,072 $

492,447

(136.460)
14 740 625 $ 4 364 959

15,369,532

28

JACKSON REDEVELOPMENT AUTHORITY

Notes to the Financial Statements
September 30, 2015

NOTE 7 - LONG-TERM DEBT (Continued)

At September 30, 2015, long-term debt consisted of the following:

Series 2013-A bonds due on November 1, 2015,

with interest payable each
May 1 and November 1 at 1.375%.

3,850,000

Series 2011-A bonds due in various

amounts each June 1 through
2031, with interest payable each
June 1 and December 1 at rates
from 3.25% to 4.5%, net of
unamortized discounts of $(136,460).

6,265,000

Series 2011-B bonds due in various

amounts each June 1 through
2023, with interest payable each
June 1 and December 1 at 5.15%.

2,360,000

Series 2012-A note payable in

monthly installments of $14,981,
including interest 5.25%, beginning in
November, 2013, with a balloon
payment due at the maturity
date of October 26, 2019. Interest-only
payments are due monthly through
October, 2013, at 5.25/c.
Total Long-Term Debt

2,402,086
14,877,086

The annual debt service requirements to maturity for long-term debt as of September 30, 2015, are as follows:

Year Ending
September 30
2016
2017
2018
2019
2020
2021 - 2025
2026 - 2030
2031 - 2035
Unamortized discounts
Total Long-Term Debt

Principal
Interest
4,364,959 $
533,562
527,915
486,526
556,030
465,382
1,064,312
443,067
2,723,870
283,996
2,660,000
1,011,317
461,925
2,425,000
24,975
555,000
14,877,086 $ 3,710,750
(136,460)
$ 14 740 626
$

Total
$ 4,898,521
1,014,441
1,021,412
1,507,379
3,007,866
3,671,317
2,886,925
579,975
$18,587,836

Interest incurred (including amortization of discounts) for the year ended September 30, 2015, was
$23,844, none of which was capitalized.

29

JACKSON REDEVELOPMENT AUTHORITY

Notes to the Financial Statements
September 30, 2015

NOTE 8 - LEASE RENTALS REVENUE

The Authority leases to others several parking facilities and various office and retail spaces under
operating leases. As of September 30, 2015, the cost of these leased properties was $50,605,200
and the related accumulated depreciation was $24,242,607.
Future minimum rentals from leases with terms greater than one year are as follows:
Year Ended
September 30
2016
2017
2018
2018
2020

300,000
300,000
300,000
300,000
300,000
1,500,000

In addition to minimum rental amounts, certain lessees are required to pay contingent rent based
upon the lessees' net sublease income. The Authority received no contingent lease revenue for the year
ended September 30, 2015.

NOTE 9 - RISK MANAGEMENT

Commercial insurance is obtained for significant risks. There have been no significant reductions in
insurance coverage during the current year, and settlement amounts in excess of insurance coverage for
the current year and the three preceding years were not material.

NOTE 10 - PENSION PLAN

Plan Description: The City, on behalf of the Authority contributes to the Public Employees Retirement
System of Mississippi (PERS), a cost-sharing multiple- employer defined benefit pension plan for all
eligible employees. PERS provides retirement and disability benefits, annual cost-of-living adjustments,
and death benefits to plan members and beneficiaries. Benefit provisions are established by State law
and may be amended only by the State of Mississippi Legislature. PERS issues a publicly available
financial report that includes financial statements and required supplementary information. That
information may be obtained by writing to Public Employees Retirement System, PERS Building, 429
Mississippi Street, Jackson, MS 39201-1005 or by calling (601) 359-3589 or 1-800-444-PERS.
Funding Policy: PERS members are required to contribute 9% of their annual covered salary, and the
Authority is required to contribute at an actuarially- determined rate. The Authority's contribution rate
was 15.75% of the annual covered payroll. The contribution requirements of PERS members are
established and may be amended only by the State of Mississippi Legislature. The Authority's
contributions to PERS for the years ended September 30, 2015, 2014, and 2013, were $19,435, $13,948,
and $11,053, respectively, equal to 100% of the required contributions for each year.

30

JACKSON REDEVELOPMENT AUTHORITY

Notes to the Financial Statements
September 30, 2015

NOTE 11 - RELATED PARTY TRANSACTIONS

Certain operating expenses (including contributions to the Public Employees Retirement System of
Mississippi) and project costs of the Authority are paid directly by the City's general fund and are reflected
in the Authority's financial statements. These expenses and costs totaled $649,598 for the year ended
September 30, 2015.
In accordance with contribution agreements between the City and the Authority, the City contributed
$440,000 required for debt service on certain long-term debt in the year ended September 30, 2015,
including accrued interest payments of $149,360, which were due from the City under the contribution
agreements as of September 30, 2015.
The City occupied the Hood Building and portions of the Porter Building rent-free and a portion of the
Parking Facility Number 2 office space for annual rent of $36,000.

NOTE 12 - CONTINGENCIES
Litigation
The Authority has filed a lawsuit against a developer in response to liens totaling $5 million that the
developer and others have filed against the Authority's property in response to a cancelled lease
agreement between the Authority and the developer. Management cannot predict the outcome of the
lawsuit and the liens or estimate the amount of any loss that may result. Accordingly, no provision for any
contingent liabilities that may result has been made in the financial statements. The Authority is
vigorously defending against the liens and believes that the ultimate disposition of the liens will not have a
material adverse effect on the financial position of the Authority.

NOTE 13 - SUBSEQUENT EVENTS

On October 30, 2015, the Authority refinanced Urban Renewal Note Series 2013-A into Series 2015-A
totaling $3,350,000, which bears interest at 4.00%, has a maturity date of November 1, 2018, and is
subject to redemption prior to maturity at the election of the holder. The debt payments on the Urban
Renewal Note are payable from contributions from the City of Jackson, MS.

31

JACKSON REDEVELOPMENT AUTHORITY

Notes to the Financial Statements
September 30, 2015

NOTE 14 - CORRECTION OF A PRIOR PERIOD ERROR

In a prior year, the Authority received Land from the City of Jackson, MS. This asset was transferred at no
cost and was not recorded on the Authority's books. The value of the land was determined to be $320,167.
Additionally, in a prior year, the Authority acquired property valued at $650,000 that was not recorded on
the Authority's books.
As these errors were made in a reporting period prior to the comparative period, the Statement of Net
Position balances as of September 30, 2014 were restated as follows:
Land and property held for development were increased by $970,167 to record the land and the
property held for development that was not previously recorded in the Authority's Statement of
Net Position. This increase to land and property held for development was as follows:
$320,167
$650,000

Land by
Property held for development by

Restatement of Financial Statements as a Result of Correction of an Error at September 30, 2014

Comparative year as follows:
Correction of Error

Actual 2014

Restated Actual 2014

Balance Sheet
Non-Current Assets
Land
Property held for development

$
$

4,538,424
5,662,671

320,167
650,000

$
$

4,858,591
6,312,671

Total Non-Current Assets

41,324,872

970,167

42.295,039

Total Assets

43,943,748

970,167

44,913,915

Net Position

28 110.567

970,167

29,080,734

32

OTHER SUPPLEMENTARY INFORMATION

33

JACKSON REDEVELOPMENT AUTHORITY

Combining Statement of Net Position - Nonmajor Enterprise Funds
September 30, 2015

Parking
Facility
Number 2
Fund

Block C
Fund

Rehabilitation
Services Fund

Total
Nonmajor
Funds

JSU
Area
Fund

ASSETS:
CURRENT ASSETS
Cash
Prepaid expenses
Interest receivable
Notes receivable
Restricted assets:
Due from other governments:
Hinds county

123,410
37

243,555
1,298

319,959

851,819
1,335
19,662
319,959

1,025

1.025

19,662

805,838

Total Current Assets

CAPITAL ASSETS:
Land, buildings and equipment
Less accumulated depreciation
Capital Assets, net
Total Assets

484,854

87,137
79.628)
7,509
$

813,347

34

123,447

244x853

19,662

358,497
(29,044)
329,453

952,293
(789,515)
162,778

470,166

452.900

407,631

489,828

470 166

1,193,800

1,868,093
(898,187)
969 906
$ 2,163,706

JACKSON REDEVELOPMENT AUTHORITY

Combining Statement of Net Position - Nonmajor Enterprise Funds
September 30, 2015

Rehabilitation
Services Fund

Parking
Facility
Number 2
Fund

Block C
Fund

JSU
Area
Fund

Total
Nonmajor
Funds

LIABILITIES
CURRENT LIABILITIES PAYABLE
FROM CURRENT ASSETS:
Accounts payable
Total Current Liabilities
Payable From Current Assets

2,271
2,271

CURRENT LIABILITIES PAYABLE

FROM RESTRICTED ASSETS:
Interest payable

1,025

Total Current Liabilities

1,025

2,271

7,509
804,813

329,453
121,176

NET POSITION
Net investment in capital assets
Unrestricted
Total Net Position
Total Liabilities and Net Position

$
$

812,322
813,347

35

2,271
2,271

1,025

$
$

450,629
452,900

3,296

$
$

162,778
244,853

470,166
19,662

969,906
1 190 504

407,631
407,631

$ 489,828
$ 489,828

$ 2,160,410
$ 2,163,706

JACKSON REDEVELOPMENT AUTHORITY

Combining Statement of Revenues, Expenses, and Changes in Net Position Nonmajor Enterprise Funds
September 30, 2015

Rehabilitation
Services Fund
OPERATING REVENUES
Lease rentals
Other Income
Total Operating Revenues

Block C
Fund
$

$
3
3

Parking
Facility
Number 2
Fund

51,072
51,072

154,328
154,328

OPERATING EXPENSES
Salaries and wages
Repairs and maintenance
Utilities and telephone
Legal and professional fees
Depreciation
Insurance
Management fees
Paying agent and bank fees
Consultant fees
Miscellaneous
Total Operating Expenses

5,076
2,101
75,927

16,001

15,338
20,662
4,758
31,218
1,553
73,529

OPERATING INCOME (LOSS)

(75,924)

35,071

80,799

65,593

1,816
1,341

36

208
15,473
320

Total
Nonmajor
Funds

JSU
Area
Fund
$

205,400
3
205.403

40

65,593
15,338
20,662
4,758
33,034
3,102
15,473
360
5,076
2,101
165,497

(40)

39,906

40
-

JACKSON REDEVELOPMENT AUTHORITY

Combining Statement of Revenues, Expenses, and Changes in Net Position Nonmajor Enterprise Funds
September 30, 2015

Rehabilitation
Services Fund
NONOPERATING REVENUES
(EXPENSES)
Interest income

Block C
Fund

2,288
2,288

Income (loss) before capital

contributions an grants and
transfers

Parking
Facility
Number 2
Fund

(73,636)

53
53

59
59

35,124

80,858

(40)

CHANGE IN NET POSITION

246,364

35,124

NET POSITION - BEGINNING

565,958

415,505

812,322

42,306
320,000

TRANSFERS OUT

Total
Nonmajor
Funds

2,400
2.400

320,000

TRANSFERS IN

NET POSITION - ENDING

JSU
Area
Fund

37

450,629

(111,400)

(26)

(111,426)

(30,542)

(66)

250,880

438,173
$

407,631

489,894

1,909,530

489,828

$ 2,160,410

JACKSON REDEVELOPMENT AUTHORITY

Combining Statement of Cash Flows - Nonmajor Enterprise Funds
September 30, 2015

Rehabilitation
Services Fund
CASH FLOWS FROM OPERATING
ACTIVITIES:
Receipts from lessees
Payments to suppliers
Payments to employees
Net Cash Provided (Used) By
Operating Activities
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES:
Interfund transfers in
Interfund transfers out
Net Cash Provided (Used) By
Non-Capital Financing Activities
CAPITAL AND RELATED FINANCING
ACTIVITIES:
Interest paid on notes and bonds
Intergovernmental transfers
Net Cash Provided (Used) By
Related Financing Activities

3 $
(8,336)
(65,593)
(73,926)

Block C
Fund

51,071 $
(14,784)

36,287

Parking
Facility
Number 2
Fund

JSU
Area
Fund

154,329 $
(42,353)

(40)

111,976

(40)

(111,400)

(26)

320,000
(111,426)

(111,400)

(26)

208,574

320,000

320,000

1,025
1,025)

38

Total
Nonmajor
Funds

$ 205,403
(65,513)
(65,593)
74,297

1,025
(1,025)

JACKSON REDEVELOPMENT AUTHORITY

Combining Statement of Cash Flows - Nonmajor Enterprise Funds
September 30, 2015

Rehabilitation
Services Fund
CASH FLOWS FROM INVESTING
ACTIVITIES:
Interest received on projects notes
Net Cash Provided By Investing
Activities

Parking
Facility
Number 2
Fund

Block C
Fund

JSU
Area
Fund

Total
Nonmajor
Funds

2,287

53

59

2.399

2,287

53

59

2.399

NET INCREASE (DECREASE) IN CASH

248,361

36,340

635

CASH AT BEGINNING OF YEAR

236,493

87,070

242,920

CASH AT END OF YEAR

484,854

39

123,410

243,555

(66)

285,270

66

566.549
$ 851,819

JACKSON REDEVELOPMENT AUTHORITY

Combining Statement of Cash Flows - Nonmajor Enterprise Funds
September 30, 2015

Rehabilitation
Services Fund
RECONCILIATION OF OPERATING
INCOME (LOSS) TO NET CASH
PROVIDED (USED) BY OPERATING
ACTIVITIES:
Operating income (loss)
Adjustments to reconcile operating
income (loss) to net cash provided
(used)by operating activities:
Depreciation
(Increase) decrease in:
Prepaid expenses
Interest receivable
Increase (decrease) in:
Accounts payable
Net Cash Provided (Used)
By Operating Activities

(75,924) $

Parking
Facility
Number 2
Fund

Block C
Fund

35,071

1,816
182

80,799

JSU
Area
Fund

Total
Nonmajor
Funds

(40) $

33,034

31,218
51

646
2

1,165
$,

(73,926) $

40

36,287

(688)
$

111,975

39,906

879
2
477

(38) $ 74,298

JACKSON REDEVELOPMENT AUTHORITY

Combined Statement of Long-Term Debt

September 30, 2015

Debt Service
Repavment and Security

Fiscal Year
Ending
September 30.

The principal maturities on the se bonds are

201 6

Interest

Principal

Sources of Funds For Retirement

CENTRAL BUSINESS DISTRICT

PROPERTY ACQUISITION
PROJECT FUND :
Urban Renewal Bonds Series 2013-A

Urban Renewal Bonds Series 2011-A

The principal maturities on these bonds are

due in variou s amounts each June 1

through 2032, with interest payable each

June 1 and December 1 at rates from
3.25% to 4.5%

Urban Renewal Bonds Series 2011-B

3.850 000

$,

26469

Contributions from City of Jackson

due in various amounts each December 1

through 2014, with interest payable May 1
and November 1 at 1.375% , with a balloon
payment due at the November 1, 2015
maturity date.

The principal maturities on these bonds are

due in variou s amounts each June 1

through 2024, with interest payable each
June 1 and December 1 at 5.15%

41

2016
2017
2018
2019
2020
2021-2025
2026-2030
2031-2033

2016
2017
2018
2019
2020
2021-2025

3850000

26469

320,000
325,000
340,000

Contributions from the City of Jackson

350,000
1,950,000
2,425,000
555000
6265000

260,738
250,337
239,775
228,725
228,725
936,900
461 ,925
24975
2632100

140,000
145,000
155,000
1,000,000
210,000
710000
2.360.000

121,540
114,330
106,863
98 ,880
47,380
74417
563.410

Contributions from the City of Jackson

JACKSON REDEVELOPMENT AUTHORITY

Combined Statement of Long-Term Debt
September 30, 2015

Debt Service
Repayment and Security
Urban Renewal Note - Interest-only payments are due monthly at
Series 2012-A
5.25% through October, 2014. Monthly
installment payments of $14,981, including
interest at 5.25%, are due beginning in
November, 2014, with a balloon payment due
at the October 26, 2019 maturity date.

Fiscal Year
Ending
September 30

Principal

2016
2017
2018
2019
2020
2021

Total Long-Term Debt - All Funds

Unamortized discounts

54,959
57,915
61,030
64,312
2,163,870

124,815
121,859
118,744
115,462
7,891

2,402,086

488 771

14,877,086

3,710,750

(136,460)
$

Interest

14,740,626

Sources of Funds For Retirement

Loan repayments from the Iron Horse Building, LLC
and, if necessary, contributions from the City of Jackson.

JACKSON REDEVELOPMENT AUTHORITY

Combined Schedule of Cash
September 30, 2015

Description

Amount

CENTRAL BUSINESS DISTRICT PROPERTY

ACQUISITION PROJECT FUND:
Cash - unrestricted

$ 1.388.472
1.388.472

STANDARD LIFE BUILDING FUND:

Cash - unrestricted
Cash - restricted

51,695
6.423
58,118

PARKING FACILITY NUMBER 3 FUND:

Cash - unrestricted
Cash - restricted

359,405
23,844
383.249

PARKING FACILITY NUMBER 4 FUND:

Cash - unrestricted

355.614

HOOD BUILDING FUND:

Cash - unrestricted

1.110.636

REHABILITATION SERVICES FUND:

Cash - unrestricted

484.854

BLOCK C FUND:
Cash - unrestricted

123.410

PARKING FACILITY NUMBER 2 FUND:

Cash - unrestricted

243.556

TOTAL

$ 4.147.909

43

JACKSON REDEVELOPMENT AUTHORITY

Combined Schedule of Cash
September 30, 2015

Description

Amount

ALL FUNDS - CASH

Unrestricted
Restricted

4,117,642
30,267

TOTAL

$ 4,147,909

44

ap BANKS, FINLEY,
1111 WHITE & CO.
C ELM NED 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

Board of Commissioners
Jackson Redevelopment Authority
Jackson, Mississippi
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 business-type
activities, each major fund, and the aggregate remaining fund information of the Jackson Redevelopment
Authority, as of and for the year ended September 30, 2015, and the related notes to the financial
statements, which collectively comprise the Jackson Redevelopment Authority's basic financial
statements, and have issued our report thereon dated March 7, 2016.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Jackson
Redevelopment Authority's internal control over financial reporting (internal control) to determine the audit
procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the
financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Jackson
Redevelopment Authority's internal control. Accordingly, we do not express an opinion on the
effectiveness of the Jackson Redevelopment Authority's internal control.
Our consideration of internal control was for the limited purpose described in the preceding paragraph and
was not designed to identify all deficiencies in internal control that might be material weaknesses or,
significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were
not identified. However, as described in the accompanying schedule of findings and responses, we
identified certain deficiencies in internal control that we consider to be material weaknesses.
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. We consider the deficiencies described in the accompanying schedule of findings and
responses as 2015-1 and 2015-2 to be material weaknesses.

45

308 HIGHLAND PARK COVE RIDGELAND, MS 39157 (601) 353-5423 FAX (601) 353-5426

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Jackson Redevelopment Authority's
financial statements are free from material misstatement, we performed tests of its compliance with
certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could
have a direct and material effect on the determination of financial statement amounts. However, providing
an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do
not express such an opinion. The results of our tests disclosed no instances of noncompliance or other
matters that are required to be reported under Government Auditing Standards.
We noted certain matters that we reported to management of the Jackson Redevelopment Authority in a
separate letter dated March 7, 2016.
Jackson Redevelopment Authority's Response to the Finding
Jackson Redevelopment Authority's response to the finding identified in our audit is described in the
accompanying schedule of findings and responses. Jackson Redevelopment Authority's response was
not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly,
we express no opinion on it.
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.

Ridgeland, Mississippi
March 7, 2016

46

JACKSON REDEVELOPMENT AUTHORITY

Schedule of Findings and Responses
September 30, 20'15

FINDNG 2015-1
PROPERLY RECORDED DONATED ASSETS
FINDING
During our audit, we noted that assets donated to the Authority were not properly recorded on the books.
Additionally, information documenting the fair market value of those donated assets could not be located
by the Authority.
RECOMMENDATION
We strongly recommend that the Authority adopt written policies and procedures as it relates to the
donation of assets. Donations of non-cash assets received from donors should be recorded at the fair
market value plus any ancillary expenses incurred by the Authority to place the asset into service.

AUTHORITY'S RESPONSE
Additional internal and administrative procedures will be employed to ensure that donated assets are
recorded and reported at fair value. The Authority, based on a case by case basis, may adopt the
appraised or assessed values as determined by the County or require a separate independent appraisal.

FINDING 2015-2
COMPLETENESS OF THE GENERAL LEDGER
FINDING
During our audit, we noted that the sale of a property owned by the Authority was not recorded in the
accounting records nor was the cost of the property properly recorded in the general ledger. As a
consequence, the general ledger was incomplete.
RECOMMENDATION
We strongly recommend that the Authority adopt internal administrative controls to ensure that all
transactions are recorded in a timely manner and that an appropriate supervisory review of accounting
transactions and reconciliations are performed. This process will help to reduce the risk of misstating or
omitting transactions through the general ledger and the misstatement of the Authority's financial
statements.

AUTHORITY'S RESPONSE
Additional internal and administrative procedures will be employed to ensure that all transactions are
recorded in a timely manner and that an appropriate supervisory review of accounting transactions and
reconciliations is performed.
47

JACKSON REDEVELOPMENT AUTHORITY

MANAGEMENT LETTER
FOR THE YEAR ENDED SEPTEMBER 30, 2015

gp BANKS, FINLEY,
EN WHITE & CO.
CERTIFIED PUBLIC ACCOUN'IANTS

To the Board of Commissioners

Jackson Redevelopment Authority
Jackson, Mississippi
In planning and performing our audit of the financial statements of The Jackson Redevelopment Authority
(The Authority),as of and for the year ended September 30, 2015, in accordance with auditing standards
generally accepted in the United States of America and the standards applicable to financial audits
contained in Government Auditing Standards, issued by the Comptroller General of the United States, we
considered the City's internal control over financial reporting (internal control) as a basis for designing our
auditing procedures for the purpose of expressing our opinions on the financial statements, but not for the
purpose of expressing an opinion on the effectiveness of the Authority's internal control. Accordingly, we
do not express an opinion on the effectiveness of the Authority's internal control.
However, during our audit, we became aware of several matters that are opportunities for strengthening
internal controls and operating efficiency. The memorandum that accompanies this letter summarizes our
comments and suggestions regarding those matters. This letter does not affect our report dated March 7,
2016 on the financial statements of The Authority.
We will review the status of these comments during our next audit engagement. We have already
discussed many of these comments and suggestions with various Authority personnel, and we will be
pleased to discuss these comments in further detail at your convenience, to perform any additional study
of these matters, or to assist you in implementing the recommendations. Our comments are summarized
as follows:

ACCOUNTING MANUAL NEEDED

During our audit, we found that the Authority does not have an Accounting Procedures Manual.
Recommendation
We strongly recommend that the Authority immediately develop an Accounting Procedures Manual.
Written procedures, instructions, and assignments of duties will prevent or reduce misunderstandings,
errors, inefficient or wasted efforts, duplicated or omitted procedures, and other situations that can result
in inaccurate or untimely accounting records. A well-devised accounting manual can also help to ensure
that all similar transactions are treated consistently, that accounting principles used are proper, and that
records are produced in the form desired by management.
Response
The authority has engaged an accounting consultant to assist in developing a comprehensive Accounting
Procedures Manual hat will include written procedures, instructions and assignments of duties. We meet
periodically to discuss policy and procedures that need to be revised and updated, to review accounting
process and close out procedures. A formal document will be presented to the Commissioners for
approval.

308 HIGHLAND PARK COVE RIDGELAND, MS 39157 (601) 353-5423 FAX (601) 353-5426

PHYSICAL INVENTORY OF FIXED ASSETS

Based on our audit and discussions with management, we found that all assets of the Authority were not
included on the fixed asset listing.
Recommendation
We strongly recommend that the Authority conduct an inventory of fixed assets. This procedure will
provide the Authority with an accurate and complete listing that can be reconciled to the general ledger.
The resulting fixed asset listing will also provide a strong source of detail and control to establish
safeguards for fixed assets owned by the Authority.
Response
The Authority will exercise due care in updating its fixed asset records to maintain and insure an accurate
and complete listing of fixed assets that can be reconciled to the general ledger. Policy and procedures
will be implemented that will also provide a strong detail system of control for the safeguarding of fixed
assets owned by the Authority.

WRITTEN AGREEMENT WITH THE CITY OF JACKSON, MS FOR COLLECTION OF RENTS

During our audit, we noted that the Authority is collecting rent from tenants located within the Union Station
facility and remitting those funds on a monthly basis to the City of Jackson, MS. However, per our inquiry
of management, there is no written agreement documenting this arrangement.
Recommendation
We recommend that the Authority, in coordination with the City of Jackson, MS, develop a written
agreement that documents the arrangement by the Authority to collect and remit rents to the City of
Jackson, MS. This agreement should outline the duties, responsibilities and obligations of each party.
Response
An agreement has already been drafted and is in review by Counsel for the authority and the City of
Jackson. The agreement addresses the specific duties of both parties as it related to the collection and
remittance of funds for those facilities that are included in the agreement between the Authority and the
City of Jackson.
This report is intended solely for the information and use of management, the Mayor, the City Council, and
others within the organization and is not intended to be and should not be used by anyone other than
these specified parties.

nm-19-;sli

oa,

Ridgeland, Mississippi
March 7, 2016

APPENDIX D
CONTRIBUTION AGREEMENT

THIS PAGE INTENTIONALLY LEFT BLANK

SERlliS W;4-." CONnlBl."TlON A(lREllMl.1"tJT IIETWillJN THE CITY OF JACXSON,

M1SSiS SJPl'l, AND THe: lACKSON lU!DEVF;.oPMllNT A1J!'HOR,'TY l'ROVIDlNCl l'OR

OOtn'RlBlfIlON OF POhLlS BY TfW CUY OF JACKSON IN COSN3Cl'lON W\tH AN

URIlA.N RESEW.-\L I'ROJE(..,' DP.S1GNAlllD "CPl(rRAJ. BI.:SlKESS DlSTRlCl"
DSVb~j" l'ltQORAM

PROIP.Cf NO. l'

'flU.> Series 211 1+A Cootdbuti,,,, ~~l (Utie "C()!)ttibu'.ioo Ae"'"'~ ""t''l l& .. i!croo:l tntol b):
and bctw_!he City of Id=I.. Mi.v;iui,opi (lilt 'City"), ,.llIUI\k;ipa'iIy .. dtf.-t iI,8:x:Ii<a
0.35-3 :II Ut M''"",,*rippi Cu~e of 1m IS =>m:leJ, """ the J:.qbou ReOc:-.~opl!lODI Audlort.~
(tho A~ a ""bHe body oor,oml:!$md J>OL'Ilc w.::: tk ,urbIw .....,wall/l;=~ of&. CIIy.
"Wl1:~llSSR:rH

IVlJERIl..s, "'~ City illIIIIhcrit<:d b)' Article ], 0l>pII:I 35, TId~ 43, Misduijlpl c.od~ of 19?1
(!he ' Act") I<It1 i.u. J'O'"Ii..u.. by SeotIaru 43~~S-1S oro! ~J.J$.2i of lit. M!..iaippi Ci>d&o!
os ""xm4od, Ii>< frill p1rproe of :>idir;i hl 11>" pl. up;, 1Indottflk.ll\~ mj c,,,,,yitl,S out of.~ ,,",on
"",",-....1 r.."jCC:; UPOI\ A:IUI ten1l.1, wi':!! ur wil!I<ro:l """"~ .. iI. n,'Y d_""".:, 10 jril:! '"
COl'Iri!>OIO tmJ. In 1!Iu Autlntity wi to ."n.r iaIo ~ willi ~ Aoihod:y t~>tI1I!r;
ac:ti"" If> be l;okca by 1b& City, ino!lldln& m~ ftunil1llnJl of:l'l!mk to' or!,.,- ~I_ in C<f>n:;:Uoo
wlti:t ~" IlttIan re,..,."..j projod, ...'Ilie!:. .g~""."1! r:l")" ",,1CDd oy"" U!)' period l,r Ibn<>,
<l;>t'.ylthiulOA~\1S rn) provll1~, tt rul. ofbw t" !lie OOHtrory;

1m

WHERl!...s.

!he Allibority I""J'O"I. If> bru<: lD lIrioon ~ NeM(,) dasi ~ U-bu

Nete or N""" (Ccm.-.\ Butmes. ])ism,. DlwdopIl"'!1lt Prog,ram l'Jojcd}';o. I), Serle<
20 14--A (th;) ~Urh"; R<:!II:wal ~tc") ItI.,~ggr<;J.t" pr!tI.cip;II lIIllIlilnt <rtto ex""d $9,OO(], ooa In
Q~ v,iIh on llI'bIw ,~ pi<lj O<i of "!he City de~l~lI:d 'Ccntn1 B~ D'.&cicl
~ Pron!II1 I'>nj<J;:t No. !" (Ih:, 'Urbaq ~ PI,!i<d'J. """ In oro..- tn "'>XIlInl8"
ar.:I ..,hllnoo ~ of prop::rties in !hi> Qrtan R<.aC\'o\'BI """" IIDd ill putiout.r 10
t<lOO<mlj(t I lld ~ ~lJI'I'l"Ilt of tho ~ ..... !oct.l<>.i 1D !he it"" \>Qo.II>do<I boy rm tdtW,
St::oel, WOBl Stroot, Tombigbo. SII.~ ~ .c",u't Stroot and I.~~ go!ll<"JIy t;!on1iJW 1ITr.x
M>lpl'~ 186--16, 1S6-21, 186-21-! , 18G-21..:!, 1116--23, 1B6-24, 1&6-24-1, 19&.27, lili-2;l,
186--32, 186-33, ....d 186-3+] (<<lI.l&;ti~ \It:) ~I'roperty") ... ~ of .... ~ (Iho
"Uir.Io::ruIklng'"') wLio>iI Jno]odes Mlq<J!ridg. durin&, ~vir. ~ nG>hIlltati!ls.
=ov~, rednelop~ lID<Ifor llItlntllnin~ t'.J<I froverty wbictI. h looaUl~ within m. Urbou
'R",,_a! ArQ for, '.he U~" RMeWoJ fll'>~"ct, "';>art of the Ulh"l\R~'ol p,-"joe( trnd .. ~
d~ of til< !7p<II "f od:lYilieI wbiiliw. be c:ruri<.d <.OUt all part "Clbe Urban 1l.~1Ov,..J
P'n!Icot,.rd1 otwIticb
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uthm ,."....J oI!iocth.... Of 1ho A,. ill aoo:onIonc:o with 1bo um.r. Aenowall'!1ID f<>' &t< lJrbm
llcne"",! l'~, on.{ 111. pIIrtioula, by ttlJk1n3 d()!Ul W ti"orr.!l ...u OJ: ~ partloo a! 1be =1>. n( Ibo
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WJIEREAS, h Umt..-Id:h>!l willlnc,,* ~fII of M. opcaI~ 00Id Olio! I reIJOIlJUIIl ltd

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ill 011.. pur(=:

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W.:IEREAS, ~ Urbi.Q ~ ~ee uo'JI 1>< daIod, ...m beat ~ ox!

be p8-)1!IJ, i<I to
prn::q.l a(\"ime=r'~ wfli 1-"'19001 to II:tiII>:IflOJ)' L-.d!ar cploool pq>I)'Cle!T., lID ""-pnJIoU:od j~
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D-1

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D-2

SllCl10N 5, The /u,fu(llhi' hereby "i,(= : (~) to utilize tl:>e PIU~ ~~illIl1Sro. itt<l.ewal
~W:3 ",,:,ely -.J 001)' III ....y oosU of Il>e Un:ie,ul:L...,. by ~~;na ~ t.xn froo:. the F,oc:>:b
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it,o"""ol o p1lldee ~f an ,UmI to be Joocivlld b= Ih. City huc'\Uluu.
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required l~ QC(tI!cc!ian wil.ll :h~ aJe lIIld dcli<.~j r.t lit<> UtWoJ ~ t<l<llC:O. orJIirqj torJt
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D-3

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THIS PAGE INTENTIONALLY LEFT BLANK

APPENDIX E
DEFINITIONS

THIS PAGE INTENTIONALLY LEFT BLANK

DEFINITIONS
In addition to any words and terms elsewhere defined herein, the following words and terms shall
have the following meanings, unless the context or use in this Official Statement otherwise requires.
Words of the masculine gender should be deemed and constructed to include correlative words of the
female and neuter gender. Capitalized terms used and not defined herein shall have the meanings
ascribed to them in the Indenture and the 2014-A Note Resolution, as the case may be.
2014-A Accounts
"2014-A Accounts" means the 2014-A General Account, the 2014-A Note Fund Account, the
2014-A Note Issuance Expense Account, and the 2014-A Redemption Account created under the
Indenture within the General Fund.
2014-A Costs of Issuance
"2014-A Costs of Issuance" means items of expense payable or reimbursable by or indirectly by
the Authority and related to the authorization, sale and issuance of the 2014-A Notes, which items of
expense shall include, but not be limited to, printing costs of reproducing documents, filing and recording
fees, initial fees and charges of the Trustee, legal fees and charges, professional consultants' fees, costs
of credit ratings, fees and charges for execution, transportation and safekeeping of the 2014-A Notes, and
other costs, charges and fees in connection with the foregoing.
2014-A General Account
"2014-A General Account" means the account by that name created by Section 6.02 of the
Indenture.
2014-A Note Expenses
"2014-A Notes Expenses" means Fees, Charges and Expenses of the Trustee as described in
the Indenture.
2014-A Note Fund Account
"2014-A Note Fund Account" means the account by that name created by Section 6.02 of the
Indenture.
2014-A Note Issuance Expense Account
"2014-A Note Issuance Expense Account" means the account by that name created by Section
6.02 of the Indenture.
2014-A Note Resolution
"2014-A Note Resolution" means the resolution adopted by the Authority on April 21, 2016,
authorizing issuance of the 2014-A Notes.
2014-A Notes or Notes
"2014-A Notes" or "Notes" means the $9,000,000 Jackson Redevelopment Authority Urban
Renewal Notes (Central Business District Development Program Project No. 1), Taxable Series 2014-A
issued pursuant to the Indenture.
2014-A Redemption Account
"2014-A Redemption Account" means the account by that name created by Section 6.02 of the
Indenture.

E-1

2014-A Revenues
"2014-A Revenues" means all amounts paid to the Trustee and designated as 2014-A Revenues
and all earnings on the 2014-A Trust Estate.
2014-A Trust Estate
"2014-A Trust Estate" means the property, rights, and amounts pledged and assigned to the
Trustee pursuant to the Indenture.
2014-A Undertaking
"2014-A Undertaking" means acquiring, clearing, improving, repairing, rehabilitating, renovating,
redeveloping and/or maintaining certain of the properties which are located within the Urban Renewal
Area for the Urban Renewal Project as part of the Urban Renewal Project, and the making of a loan to
finance all or part of the costs thereof, and funding transaction costs, necessary reserves and other
related costs, in order to encourage and enhance redevelopment of properties in the Urban Renewal
Area.
Accounts
"Accounts" or "2014-A Accounts" means the accounts created pursuant to the Indenture.
Act
"Act" means the provisions of Title 43, Chapter 35, Article 1 of the Mississippi Code of 1972, as
amended and supplemented from time to time.
Authority
"Authority" means the Jackson Redevelopment Authority, a public body corporate and politic and
the urban renewal agency of the City, created and established pursuant to the Act.
Authorized Officer
"Authorized Officer" means the Chairman, Vice-Chairman, Executive Director, Manger, or
Secretary-Treasurer of the Authority or such other person or persons who are duly authorized to act on
behalf of the Authority.
Beneficial Owner
"Beneficial Owner" means, whenever used with respect to a 2014-A Note, the person in whose
name such 2014-A Note is recorded as the beneficial owner of such 2014-A Note by a DTC participant on
the records of such DTC participant, or such persons subrogee.
Bond Counsel
"Bond Counsel" means attorneys or firms of attorneys approved by the Authority that are
nationally recognized in the area of municipal law, and which shall mean initially Jones Walker LLP, with
regard to the issuance of the 2014-A Notes.
Business Day
"Business Day" means any day, other than a Saturday or Sunday, on which the Trustee or the
Authority is not closed and on which the payment system of the Federal Reserve System, New Orleans
branch, is operational.

E-2

City
"City" means the City of Jackson, Mississippi.
Contribution Agreement
"Contribution Agreement" means the Series 2014-A Contribution Agreement between the City of
Jackson, Mississippi, and the Jackson Redevelopment Authority Providing for Contribution of Funds by
the City of Jackson in Connection with an Urban Renewal Project Designated "Central Business District
Development Program Project No. 1" dated as of December 30, 2014.
Counsel
"Counsel" means an attorney duly admitted to practice law before the highest court of any state
and approved by the Authority and the Trustee.
DTC
"DTC" means The Depository Trust Company, New York, New York.
DTC participants
"DTC participants" shall have the meaning ascribed thereto in the Indenture.
Default
"Default" means an event or condition the occurrence of which, with the lapse of time or the
giving of notice or both, would become an Event of Default under the Indenture.
Event of Default
"Event of Default" means any occurrence or event specified in the Indenture.
Fiscal Year
"Fiscal Year" means the Authority's fiscal year being the twelve month period from October 1
through the following September 30 or such other fiscal year as may be established by the Authority.
Fund(s)
"Fund" or "Funds" or "2014-A Fund" or "2014-A Funds" means the fund or funds created pursuant
to the Indenture.
General Fund
"General Fund" or "2014-A General Fund" means the fund by that name created by the
Indenture.
Governmental Obligations
"Governmental Obligations" means, to the extent permitted by State law, (a) direct obligations of
the United States of America; (b) obligations guaranteed as to principal and interest by the United States
of America or any federal agency whose obligations are backed by the full faith and credit of the United
States of America, including but not limited to: Department of Housing and Urban Development, ExportImport Bank, Farmers Home Administration, Federal Financing Bank, Federal Housing Administration,
Maritime Administration, Small Business Administration, which obligations include but are not limited to
certificates or receipts representing direct ownership of future interest or principal payments on
obligations described in clause (a) or in this clause (b) and which are held by a custodian in safekeeping
on behalf of the holders of such receipts; (c) obligations of any state of the United States or any political

E-3

subdivision thereof, the full payment of principal, premium, if any, and interest on which (i) is fully and
unconditionally guaranteed or insured by the United States of America, or (ii) is provided for by an
irrevocable deposit of the securities described in clause (i) to the extent such investments are permitted
by law.
Indenture
"Indenture" means the Indenture of Trust, and all supplements and amendments thereto, by and
between the Authority and the Trustee, dated as of May 1, 2016.
Interest Payment Date
"Interest Payment Date" means any date on which interest is payable on the 2014-A Notes being
May 1 and November 1, commencing November 1, 2016.
Issue Date
"Issue Date" means the date on which the 2014-A Notes are issued and delivered to the
Underwriter in exchange for the purchase price therefor.
Moodys
"Moodys" means Moodys Investors Service, Inc., a Delaware Corporation, its successors and
assigns and, if dissolved or liquidated or if it no longer performs the functions of a securities rating
agency, "Moody" shall be deemed to refer to any other nationally recognized securities rating agency
designated by the Authority (with the approval of the Authority), by written notice to the Trustee.
Note Register
"Note Register" means the registration records of the Authority kept by the Trustee to evidence
the registration and transfer of the 2014-A Notes.
Noteholder
"Noteholder" or "holder of Notes" or "owner of Notes" or any similar term means the Registered
Owner of any 2014-A Note.
Opinion of Bond Counsel
"Opinion of Bond Counsel" means an opinion of Bond Counsel.
Opinion of Counsel
"Opinion of Counsel" means a written opinion of Counsel addressed to the Trustee, for the benefit
of the owners of the 2014-A Notes, who may (except as otherwise expressly provided in the Indenture) be
Counsel to the Authority or Counsel to the owners of the 2014-A Notes and who is acceptable to the
Trustee.
Outstanding or 2014-A Notes Outstanding
"Outstanding" or "2014-A Notes Outstanding" means all 2014-A Notes which have been
authenticated and delivered by the Trustee under the Indenture, including 2014-A Notes held by the
Authority, except:
(a)
2014-A Notes canceled after purchase in the open market or because of payment at or
redemption prior to maturity;
(b)

2014-A Notes deemed paid under the Indenture; and

E-4

(c)
Indenture.

2014-A Notes in lieu of which other 2014-A Notes have been authenticated under the

Permitted Investments
The following obligations may be used as Permitted Investments for all purposes:
(a)

Cash (insured at all times by the Federal Deposit Insurance Corporation), or

(b)
Direct obligations of the United States of America (including obligations issued or held in
book entry form on the books of the Department of the Treasury), or
(c)
Obligations of any of the following federal agencies which obligations represent the full
faith and credit of the United States of America, including:
-Export-Import Bank
-Rural Economic Community Development Administration
-U.S. Maritime Administration
-Small Business Administration
-U.S. Department of Housing & Urban Development (PHAs)
-Federal Housing Administration
-Federal Financing Bank
(d)
U.S. dollar denominated deposit accounts, federal funds and bankers acceptances with
domestic commercial banks which have a rating on their short term certificates of deposit on the date of
purchase of "P-1" by Moody's and "A-1" or "A-1+" by S&P, maturing not more than 360 calendar days
after the date of purchase and secured as provided by applicable law. (Ratings on holding companies
are not considered as the rating of the bank);
(e)
Pre-refunded Municipal Obligations defined as follows: any bonds or other obligations of
any state of the United States of America or of any agency, instrumentality or local governmental unit of
any such state which are not callable at the option of the obligor prior to maturity or as to which
irrevocable instructions have been given by the obligor to call on the date specified in the notice; and
(1)
which are rated, based on an irrevocable escrow account or fund (the "escrow"),
in the highest rating category of Moodys or S&P or any successors thereto; or
(2)
(A) which are fully secured as to principal and interest and redemption premium,
if any, by an escrow consisting only of cash or obligations described in paragraph A(2) above,
which escrow may be applied only to the payment of such principal of and interest and
redemption premium, if any, on such 2014-A Notes or other obligations on the maturity date or
dates thereof or the specified redemption date or dates pursuant to such irrevocable instructions
as appropriate, and (B) which escrow is sufficient, as verified by a nationally recognized
independent certified public accountant, to pay principal of and interest and redemption premium,
if any, on the 2014-A Notes or other obligations described in this paragraph on the maturity date
or dates specified in the irrevocable instructions referred to above, as appropriate; and
The value of the above investments shall be determined as follows:
(i)
For the purpose of determining the amount in any fund, all Permitted Investments
credited to such fund shall be valued at fair market value. The Trustee shall determine the fair market
value based on accepted industry standards and from accepted industry providers. Accepted industry

E-5

providers shall include but are not limited to pricing services provided by Financial Times Interactive Data
Corporation or other organizations approved by the Trustee; and
(ii)
As to certificates of deposit and bankers acceptances: the face amount thereof, plus
accrued interest thereon.
Principal Payment Date
"Principal Payment Date" means the maturity date or any mandatory sinking fund redemption
date of any 2014-A Note.
Record Date
"Record Date" means, with respect to any Interest Payment Date, the 15th day of the calendar
month next preceding such Interest Payment Date.
Redemption Price
"Redemption Price" means, with respect to any 2014-A Note, the principal amount thereof
payable upon redemption prior to maturity.
Registered Owner
"Registered Owner" means the person or persons in whose name any 2014-A Note shall be
registered on the Note Register.
Representation Letter
"Representation Letter" means the blanket representation letter from the Authority to DTC.
S&P
"S&P" means Standard & Poors Ratings Services, a division of The McGraw Hill Companies, its
successors and assigns, and, if dissolved or liquidated or if it no longer performs the functions of a
securities rating agency, "S&P" shall be deemed to refer to any other nationally recognized securities
rating agency designated by the Authority (with the approval of the Authority), by written notice to the
Trustee.
State
"State" means the State of Mississippi.
Supplemental Indenture
"Supplemental Indenture" means an indenture supplemental to or amendatory of the Indenture,
executed by the Authority and the Trustee in accordance with the Indenture.
Trustee
"Trustee" means The Bank of New York Mellon Trust Company, N.A., Baton Rouge, Louisiana, a
national banking association organized and existing under and by virtue of the laws of the United States
of America, or any successor thereto under the Indenture.
Underwriter
"Underwriter" means Siebert Brandford Shank & Co., L.L.C.

E-6

Urban Renewal Area

"Urban Renewal Area" means the area comprising the urban renewal area for the Urban Renewal
Project.
Urban Renewal Project
"Urban Renewal Project" means an urban renewal project of the City for an urban renewal area
located in the central business district of the City and designated as "Central Business District
Development Program Project No. 1."

E-7

THIS PAGE INTENTIONALLY LEFT BLANK

APPENDIX F
FORM OF OPINION OF BOND COUNSEL

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FORM OF OPINION OF BOND COUNSEL

Board of Commissioners
Jackson Redevelopment Authority
218 South President Street
Jackson, Mississippi
Gentlefolk:
We have acted as bond counsel in connection with the issuance by the Jackson Redevelopment
Authority of an issue of Urban Renewal Notes (Central Business District Development Program Project
No. 1), Taxable Series 2014-A, of the Jackson Redevelopment Authority, Jackson, Mississippi (the
"Issuer") in the aggregate principal amount of $9,000,000 dated as of the date hereof (the "Notes")
pursuant to an Indenture of Trust ("Indenture"), dated as of May 1, 2016, between the Issuer and The
Bank of New York Mellon Trust Company, N.A, Baton Rouge, Louisiana, as Trustee (the "Trustee") and
that certain "Resolution Authorizing and Directing the Sale and Issuance of Urban Renewal Notes
(Central Business District Development Program Project No. 1), Taxable Series 2014-A of the Jackson
Redevelopment Authority" adopted by the Board of Commissioners of the Issuer on April 21, 2016 (the
"Note Resolution").
The Notes recite that they are issued in connection with an urban renewal project designated
"Central Business District Development Program Project No. 1" (the "Urban Renewal Project") and in
particular to provide funds to pay costs of the 2014-A Undertaking, as defined in the Indenture, and costs
incident to the sale and issuance of the Notes.
We have examined the appropriate provisions of the Constitution and statutes of the State of
Mississippi, including Title 43, Chapter 35, Article 1 of the Mississippi Code of 1972, as amended (the
"Act"), a certified transcript of the proceedings of the Board of Commissioners of the Issuer, executed
Note R-1, and such other documents, proceedings and matters as we considered necessary to enable us
to render this opinion, including certificates and other assurances from officers of the Issuer and the City,
an opinion of counsel to the City and an opinion of special counsel to the Issuer. We have relied upon the
certified transcript of proceedings and other certificates of public officials, and have not undertaken to
verify any facts by independent investigation. On the basis of the foregoing examination and in reliance
thereon, and on all such other matters of fact and conclusions of law as we deem relevant under the
circumstances, we are of the opinion that:
1.
The Issuer is a public body corporate and politic duly created and validly existing
pursuant to the Constitution and laws of the State of Mississippi and in good standing under such laws.
2.
The Notes have been duly and validly authorized and delivered pursuant to the authority
granted by and in compliance with the provisions of the Act and the Note Resolution, and are valid, legal
and binding obligations of the Issuer, enforceable in accordance with the terms thereof.
3.
The Indenture is a valid and binding agreement of the Issuer enforceable in accordance
with its terms. The Indenture creates the valid pledge which it purports to create of the Funds (as defined
in the Indenture) and the Contribution Agreement (as defined in the Indenture), subject to the application
thereof to the purposes and on the conditions permitted by the Indenture.
4.
Under existing statutes, regulations and court decisions as presently interpreted and
construed: (a) interest on the Notes earned by the respective owners thereof is excludable from gross
income for purposes of computing income taxes imposed by the State of Mississippi; and (b) the Notes
and interest thereon are exempt from ad valorem taxation by the State of Mississippi and by any political
subdivision thereof.

F-1

Interest on the Notes earned by the respective owners thereof is includable in gross income for
purposes of computing federal income taxes.
We have not undertaken to verify by independent investigation the facts contained in the certified
proceedings and other certifications of officials of the Issuer and the City and we express no opinion
relating to the accuracy, completeness or sufficiency of any offering material relating to the Notes.
It is to be understood that the enforceability of the Indenture and the Note Resolution, and the
rights of the owners of the Notes and the enforceability thereof, may be subject to bankruptcy, insolvency,
reorganization, moratorium and other similar laws affecting creditors' rights heretofore or hereafter
enacted and that their enforcement may be subject to the exercise of judicial discretion in accordance
with general principles of equity.
Yours very truly,
JONES WALKER LLP

F-2

APPENDIX G
FORM OF CONTINUING DISCLOSURE AGREEMENT

THIS PAGE INTENTIONALLY LEFT BLANK

CONTINUING DISCLOSURE AGREEMENT

This Continuing Disclosure Agreement (this "Disclosure Agreement") is executed and delivered
by the Jackson Redevelopment Authority (the "Authority") in connection with the execution and delivery of
$9,000,000 Jackson Redevelopment Authority Urban Renewal Notes (Central Business District
Development Program Project No. 1), Taxable Series 2014-A, dated the date of their delivery (the "2014A Notes"). The 2014-A Notes are being issued pursuant to Sections 43-35-1 et seq., Mississippi Code of
1972, as amended and supplemented from time to time, and an Indenture of Trust (the "Indenture"),
dated as of May 1, 2016, between the Authority and The Bank of New York Mellon Trust Company, N.A,
Baton Rouge, Louisiana, as trustee (the "Trustee"). The Authority covenant and agree as follows:
SECTION 1. Purpose of this Disclosure Agreement. This Disclosure Agreement is being
executed and delivered by the Authority for the benefit of the owners of the 2014-A Notes and the
beneficial owners of the 2014-A Notes and in order to assist the Participating Underwriters in complying
with SEC Rule 15c2-12.
SECTION 2. Definitions. In addition to the definitions set forth in the Indenture, which apply to
any capitalized term used in this Disclosure Agreement unless otherwise defined herein, the following
terms shall have the following meanings:
"Accompanying Information" shall mean any identifying information or other information then
required to accompany the applicable filing pursuant to the Rule, currently including, without limitation, the
9 digit CUSIP numbers for the 2014-A Notes.
"Annual Report" shall mean the annual report of the Authority containing the information
described in Section 4 hereof.
"City" shall mean the City of Jackson, Mississippi.
"City Council" shall mean the City Council of the City.
"Dissemination Agent" shall mean such persons as the Authority shall designate in writing from
time to time to act on their behalf in accordance with the provisions hereof.
"EMMA" shall mean the Electronic Municipal Market Access System found
http://emma.msrb.org, which is the electronic format prescribed by the MSRB pursuant to the Rule.

at

"Fiscal Year" shall mean a period beginning on October 1 in any year and ending on September
30 of the following year.
"Governing Body" shall mean the Board of Commissioners of the Authority.
"Listed Events" shall mean any of the events listed in Section 5 hereof.
"MSRB" shall mean the Municipal Securities Rulemaking Board. The electronic filings with the
MSRB shall be through EMMA.
"National Repository" shall mean (a) MSRB's EMMA, and (b) in the future, any successor
repository or repositories prescribed by the SEC for the purpose of serving as repository under the Rule.
"Official Statement" shall mean the final Official Statement of the Authority dated July 19, 2016, in
connection with the 2014-A Notes.
"Participating Underwriters" shall mean the original purchaser of the 2014-A Notes required to
comply with the Rule in connection with the offering of the 2014-A Notes.
"Repository" shall mean each National Repository and each State Repository, if any.

G-1

"Rule" shall mean Rule 15c2-12 adopted by the Securities and Exchange Commission under the
Securities Exchange Act of 1934, as the same may be amended from time to time.
"State Repository" shall mean any public or private repository or entity designated by the State of
Mississippi as a state repository for the purpose of the Rule. As of the date of this Disclosure Agreement,
there is no State Repository.
SECTION 3. Provision of Annual Reports.
(a)
The Authority shall, or shall cause its Dissemination Agent to, at least annually no later
than two hundred forty (240) days after the end of each fiscal year of the Authority, and in compliance
with the Rule, provide to each Repository an Annual Report which is consistent with the requirements of
Section 4 of this Disclosure Agreement. Not later than fifteen (15) business days prior to said date, the
Authority shall provide the Annual Report to its Dissemination Agent. The Annual Report may be
submitted as a single document or as separate documents comprising a package, and may crossreference other information as provided in Section 4 of this Disclosure Agreement; provided that the
audited financial statements of the Authority and the City may be submitted separately from the balance
of the Authority's Annual Report. If the audited financial statements of the Authority or the City are
unavailable on the date provided herein in any given year, the Authority agrees to provide such audited
financial statements if and when available.
(b)
If the Authority is unable to provide to the Repositories an Annual Report by the date
required in subsection (a) above, it shall send a notice to each Repository.
(c)
The Dissemination Agent shall determine each year prior to the date for providing the
Annual Report the name and address of each National Repository and each State Repository, if any.
SECTION 4. Content of Annual Reports. The Annual Report shall contain or incorporate by
reference the following:
(a)
audited financial statements of both the Authority and the City, if available, and, if
unavailable, audited financial statements of each if and when they become available; provided however,
that such audited financial statements shall be provided within thirty (30) days of receipt of final approval
of such audited financial statements from the Governing Body or the City Council, as applicable; and
(b)
updated financial or operating information of the type set forth in: "APPENDIX A Information Concerning the City" of the Official Statement under the subheadings entitled "Assessed
Valuation," "Tax Levy Per $1,000 Valuation" and "Ad Valorem Tax Collections" in the section entitled
"TAX INFORMATION."
Any or all of the items listed above may be incorporated by reference from other documents,
including official statements of debt issues with respect to which the Authority is an "obligated person" (as
defined by the Rule), which have been filed with each of the Repositories or the Securities and Exchange
Commission. If the document incorporated by reference is a final official statement, it must be available
from the MSRB. The Authority shall clearly identify each such other document so incorporated by
reference.
SECTION 5. Reporting of Listed Events. The Authority shall give or cause to be given notice
of the occurrence of any of the following Listed Events with respect to the 2014-A Notes, in a timely
manner not in excess of ten (10) business days after the occurrence thereof, together with any
Accompanying Information. All fifteen (15) events mandated by the Rule are listed below; however, some
may not apply to the 2014-A Notes:
(1)

Principal and interest payment delinquencies.

(2)

Non-payment related defaults, if material.

(3)

Unscheduled draws on debt service reserves reflecting financial difficulties.

G-2

(4)

Unscheduled draws on the credit enhancements reflecting financial difficulties.

(5)

Substitution of credit or liquidity providers or their failure to perform.

(6)

Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final
determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other
material notices or determinations with respect to the tax status of the security, or other
material events affecting the tax status of the security.

(7)

Modification to rights of security holders, if material.

(8)

Note calls, if material.

(9)

Tender offers.

(10)

Defeasances.

(11)

Release, substitution or sale of property securing repayment of the securities, if material.

(12)

Rating changes.

(13)

Bankruptcy, insolvency, receivership or similar event of the Authority.

(14)

Consummation of a merger, consolidation, or acquisition involving the Authority or the

sale of all or substantially all of the assets of the Authority, other than in the ordinary
course of business, the entry into a definitive agreement to undertake such an action or
the termination of a definitive agreement relating to any such actions, other than pursuant
to its terms, if material.

(15)

The appointment of a successor or additional trustee or the change of name of a trustee,

if material.

SECTION 6. Termination of Reporting Obligation. The Authority's obligations under this

Disclosure Agreement shall terminate upon the legal defeasance, prior redemption or payment in full of
the 2014-A Notes.
SECTION 7. Dissemination Agent. The Authority may, from time to time, appoint or engage a
Dissemination Agent to assist it in carrying out its obligations under this Disclosure Agreement, and may
discharge any such Dissemination Agent, with or without appointing a successor Dissemination Agent. If
the Authority elects not to appoint a successor Dissemination Agent, it shall perform the duties thereof
under this Disclosure Agreement.
SECTION 8. Amendment; Waiver. Notwithstanding any other provision of this Disclosure
Agreement, the Authority may amend this Disclosure Agreement, and any provision of this Disclosure
Agreement may be waived, if such amendment or waiver is supported by an opinion of counsel expert in
federal securities laws, to the effect that such amendment or waiver would not, in and of itself, cause the
undertakings herein to violate the Rule if such amendment or waiver had been effective on the date
hereof but taking into account any subsequent change in or official interpretation of the Rule.
SECTION 9. Additional Information. Nothing in this Disclosure Agreement shall be deemed to
prevent the Authority from disseminating any other information, using the means of dissemination set
forth in this Disclosure Agreement or any other means of communication, or including any other
information in any financial information or operating data provided or notice of occurrence of a Listed
Event, in addition to that which is required by this Disclosure Agreement. If the Authority chooses to
include any information in any financial information or operating data provided or notice of occurrence of a
Listed Event in addition to that which is specifically required by this Disclosure Agreement, it shall have
no obligation under this Disclosure Agreement to update such information or include it in any future
financial information or operating data provided or notice of occurrence of a Listed Event.

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SECTION 10. Default. In the event of a failure of the Authority to comply with any provision of
this Disclosure Agreement any owner of a 2014-A Note may take such actions as may be necessary and
appropriate, including seeking mandate or specific performance by court order, to cause the Authority to
comply with its obligations under this Disclosure Agreement. A default under this Disclosure Agreement
shall not be deemed a default under the Resolution, and the sole remedy under this Disclosure
Agreement in the event of any failure of the Authority to comply with this Disclosure Agreement shall be
an action to compel performance.
SECTION 11. Duties, Immunities and Liabilities of Dissemination Agent.
Each
Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure Agreement,
and the Authority agrees to indemnify and save its Dissemination Agent, its officers, directors, employees
and agents, harmless against any loss, expense and liabilities which it may incur arising out of or in the
exercise or performance of its powers and duties hereunder, including the costs and expenses (including
attorneys' fees) of defending against any claim of liability, but excluding liabilities due to such
Dissemination Agent's gross negligence or willful misconduct. The obligations of the Authority under this
Section shall survive resignation or removal of the Dissemination Agent and payment of the 2014-A
Notes.
SECTION 12. Beneficiaries. This Disclosure Agreement shall inure solely to the benefit of the
Authority, each Dissemination Agent, the Participating Underwriters, owners from time to time of the
2014-A Notes and beneficial owners of the 2014-A Notes and shall create no rights in any other person or
entity.
Date: July 26, 2016
JACKSON REDEVELOPMENT AUTHORITY
By ___________________________________
Chairman of the Board of Commissioners

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JACKSON REDEVELOPMENT AUTHORITY URBAN RENEWAL NOTES (CENTRAL BUSINESS DISTRICT DEVELOPMENT PROGRAM PROJECT NO. 1), TAXABLE SERIES 2014-A