CONTINUING DISCLOSURE INFORMATION STATEMENT

CONTINUING DISCLOSURE INFORMATION STATEMENT
BY THE CITY OF MERIDIAN, MISSISSIPPI
(2013)
Pursuant to the Continuing Disclosure Agreements (the “Continuing Disclosure
Agreement”) executed by the City of Meridian, Mississippi (the “City”), in connection with the
following bond issues:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
$2,000,000 City of Meridian, Mississippi Special Assessment Public Improvement
Bonds, Series 1996 (CUSIP Number 589705 XX5)
$4,500,000 City of Meridian, Mississippi General Obligation Bonds, Series 1998 (CUSIP
Number 589705 YN6)
$1,150,000 City of Meridian, Mississippi General Obligation Bonds, Series 1999 (CUSIP
Number 589705 ZD7)
$1,125,000 City of Meridian, Mississippi Special Assessment Public Improvement
Bonds, Series 2000 (CUSIP Number 589705 B35)
$$7,590,000 Mississippi Development Bank Special Obligation Refunding Bonds, Series
2003A (Meridian, Mississippi Combined Water and Sewer System Refunding Bonds)
(CUSIP Number 60534P RR6)
$5,500,000 Mississippi Development Bank Special Obligation Bonds, Series 2003A
(Meridian, Mississippi Performing Arts and Educational/Conference Center Parking
Facilities Project) (CUSIP Number 60534P SH7)
$1,500,000 Mississippi Development Bank Taxable Special Obligation Bonds, Series
2003B (Meridian, Mississippi Performing Arts and Educational/ Conference Center
Parking Facilities Project) (CUSIP Number 60534P SK0)
$10,000,000 City of Meridian, Mississippi General Obligation Bonds, Series 2006
(CUSIP Number 589705 J29)
$3,600,000 City of Meridian, Mississippi General Obligation Water and Sewer Bonds,
Series 2007 (CUSIP Number 589705 L67)
$10,000,000 City of Meridian, Mississippi General Obligation Bonds, Series 2009
(CUSIP Number 589705 P22)
$4,000,000 City of Meridian, Mississippi Tax Increment Financing Bonds, Series 2010
(CUSIP Number 589705 P30)
$4,500,000 City of Meridian, Mississippi General Obligation Bonds, Series 2011
(CUSIP Number 589705)
$3,960,000 City of Meridian, Mississippi General Obligation Refunding Bonds, Series
2011 (CUSIP Number 589705)
$4,500,000 Mississippi Development Bank Special Obligation Bonds, Series 2012
(Meridian, Mississippi General Obligation Bond Project) (CUSIP Number 60534T CS2)
$12,415,000 Mississippi Development Bank Special Obligation Bonds, Series 2013
(Meridian, Mississippi Combined Water and Sewer System Revenue Refunding Project)
(CUSIP Number 60534T KM6) (collectively, the "Bonds")
the City hereby provide the information described in such Continuing Disclosure Agreement.
Section 1.
A.
Annual Report.
Updated financial information and operating data of the City, attached hereto as
APPENDIX A and information on the water and sewer system, attached hereto as
APPENDIX B;
B.
Updated financial statements of the City1; attached hereto as APPENDIX C and
APPENDIX D; and
C.
Updated budgeted or estimated revenues and expenditures of the City; attached hereto as
APPENDIX E.
Section 2.
Event Notice.
The City certifies that none of the event notices have occurred with respect to the Bonds.
Section 3.
Certification.
We, the undersigned officers of the City, hereby certify as follows:
That the information, representations and warranties of the City contained herein are true and
correct in all material respects on and as of the date of this Continuing Disclosure Information Statement.
Further, this Continuing Disclosure Information Statement does not contain any untrue statements of
material fact or omit to state any material fact necessary in order to make the statements made herein in
light of the circumstances under which they were made, not misleading.
(Remainder of page left blank intentionally.)
1
If the audited financial statement for the City is not available as of the date of this disclosure, the City will provide a copy of same
when the audit report becomes available.
2
APPENDIX A
ECONOMIC AND DEMOGRAPHIC INFORMATION
TAX INFORMATION
DEBT INFORMATION
CITY OF MERIDIAN, MISSISSIPPI
ECONOMIC AND DEMOGRAPHIC INFORMATION
General Description
The City, the county seat of Lauderdale County, Mississippi (the "County"), is located in
the central section of the County. Known as east central Mississippi's and west central
Alabama's primary trade service center, the City is one of the largest in the State of Mississippi
(the "State"). The City is located approximately 90 miles east of the City of Jackson, the State
capital; approximately 125 miles northwest of Mobile, Alabama; and approximately 150 miles
southwest of Birmingham, Alabama.
Population
The population of the City has been recorded as follows:
1980
1990
2000
2010
46,577
41,036
39,968
41,148
Census Data at website: www.census.gov; January, 2013.
SOURCE:
Government
The City operates under a Mayor-City Council form of government. The City Council
consists of five members, each elected by respective voting precincts or wards. The Mayor is
full-time and is elected at large. The current Mayor and City Council members, elected for
concurrent four-year terms, are as follows:
Name
Occupation
Position Held Since
Cheri M. Barry
Mayor
July 1, 2009
Barbara Henson
Owner-Day Care Center
July 3, 1989
Jesse E. Palmer, Sr.
Retired
July 3, 1989
Dr. George M Thomas
Retired
July 1, 1985
Bobby Smith
Business Owner
July 1, 2009
Mary A. B. Perry
Retired
December 7, 1999
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Transportation
Interstate Highway 20, running east and west, and Interstate Highway 59, running north
and south, intersect in the City, providing easy access. The City is also served by U.S. Highway
45 to Chicago, Illinois or Mobile, Alabama, U.S. Highway 11 to Birmingham, Alabama or New
Orleans, Louisiana, and U.S. Highway 80. As a central distribution point for major carriers, the
City provides single-line service to seventy percent (70%) of the nation's major markets. Thirtyone motor freight carriers serve the area, 13 of which have terminal facilities in the City.
Three railroads, the Kansas City Southern, the Meridian and Bigbee Railroad and the
Norfolk-Southern Railway serve the City and provide direct freight service to the Southeast and
the Midwest. Thirty-six freight trains operate daily to and from the City.
The Meridian Regional Airport, which serves as a Mississippi Air National Guard
training base and serves the U.S. Army National Guard, has two runways, the longer of which is
8,000 feet. Commercial air transportation services are provided by ASA/The Delta Connection,
which offers five flights per day to Atlanta, Georgia and three flights per day to Dallas, Texas
and Northwest Airlink, which offers three flights per day to Memphis, Tennessee.
Per Capita Income1
County as %
Of U.S.
Year
County
Mississippi
United States
2009
$31,569
$30,401
$39,635
2008
32,459
30,728
40,674
79
2007
30,540
29,635
39,461
77
2006
29,982
27,992
37,698
80
2005
27,917
26,808
35,424
79
SOURCE:
80%
Bureau of Economic Analysis: Regional Economic Accounts at website:
www.bea.gov, 2005-2009; January, 2013.
1
Per capita personal income was computed using Census Bureau midyear population estimates.
Estimates for 2005-2009 reflect county population estimates available as of April, 2011.
A-2
Retail Sales
State Fiscal Year
Ended June 30
SOURCE:
Amount
2011
$1,130,612,167
2010
1,105,177,332
2009
1,140,713,967
2008
1,148,727,840
2007
1,128,110,960
Annual Reports for years indicated, Mississippi Department of Revenue's
website: www.dor.ms.gov ; January, 2013.
A-3
Major Employers
The following is a partial listing of major employers in the City, their products or services
and their approximate number of employees:
Employer
Employees
Product/Service
Rush Foundation Hospital
2,400
Hospital
Air National Guard
1,200
Peavey Electronics Corporation
1,200
Federal Government
Manufacturer - amplifiers, guitar
and sound equipment
East Mississippi State Hospital
1,200
Hospital
Jeff Anderson Regional Medical Center
1,650
Hospital
Meridian Public Schools
992
Avery Dennison Corp.
535
Schools
Blankbooks Looseleaf Binders/
Devices
City of Meridian
525
Government Offices
Wal-Mart/Sam's Club Stores
500
Department Store
SOURCE:
Mississippi Development Authority; January, 2013.
A-4
Unemployment Statistics
2012
2011
2010
2009
2008
January
10.3%
11.1%
11.9%
8.3%
6.2%
February
9.6
11.1
11.2
8.4
5.7
March
9.0
10.9
11.0
8.5
5.8
April
8.9
10.6
10.4
8.2
5.7
May
9.4
11.1
11.1
9.0
7.0
June
10.0
12.2
11.2
9.6
7.9
July
10.5
12.2
11.7
9.9
8.2
August
8.7
11.1
9.9
9.4
7.1
September
9.8
11.7
10.8
9.9
7.6
October
9.1
11.7
10.9
10.5
7.4
November
10.8
10.9
10.4
7.0
December
10.3
10.6
10.6
7.3
%
%
%
Annual Average
SOURCE:
%
%
Mississippi Department of Employment Security: Labor Market Data at website:
www.mdes.ms.gov; January, 2013.
A-5
Employment Statistics
2011
2010
2009
2008
2007
34,250
33,410
32,910
33,440
33,240
3,850
3,670
3,090
2,310
2,180
Rate
11.2%
11.0%
9.4%
6.9%
6.6%
III. Employed
30,400
29,740
29,820
31,130
31,060
RESIDENCE BASED EMPLOYMENT
I. Civilian Labor Force
II. Unemployed
ESTABLISHMENT BASED EMPLOYMENT
I. Manufacturing
2,800
2,860
3,110
3,580
3,740
31,870
32,010
32,300
34,100
34,110
140
140
140
140
150
B. Mining
0
0
0
0
0
C. Utilities
250
250
270
270
280
D. Construction
1,340
1,400
1,480
1,940
2,000
E. Wholesale Trade
1,580
1,410
1,410
1,530
1,490
F. Retail Trade
II. Non-manufacturing
A. Agriculture, Forestry, Fishing & Hunting
5,130
5,290
5,330
5,680
5,750
G. Transportation & Warehousing
630
680
790
1,150
1,150
H. Information
430
430
420
460
530
1,160
1,180
1,140
1,180
1,200
J. Real Estate, Rental & Leasing
360
380
370
360
370
K. Prof., Scientific & Technical Service
820
840
890
920
780
I. Finance & Insurance
L. Management of Companies & Entertainment
330
330
340
360
430
2,290
2,220
2,030
2,360
2,490
590
440
450
460
470
6,380
6,270
6,460
6,470
6,400
P. Arts, Entertainment & Recreation
130
130
140
150
140
Q. Accommodation & Food Service
3,260
3,240
3,260
3,350
3,250
R. Other Services (except Public Administration)
S. Government
Education
790
6,260
2,660
840
6,540
2,750
890
6,490
2,760
950
6,370
2,730
960
6,270
2,700
34,670
34,870
35,410
37,680
37,850
M. Administrative Support & Waste Management
N. Educational Services
O. Health Care & Social Assistance
Total Nonagricultural Employment
SOURCE:
Mississippi Department of Employment Security: Annual Averages: Labor Force
and Establishment Based Employment 2001 Forward, Labor Market Information
Department at website: www.mdes.ms.gov; January, 2013.
A-6
Banking Institutions
Institutions
2011 Total Assets
The Citizens National Bank of Meridian
$ 1,134,789,000
The Commercial Bank2(a)
139,047,000
Community Bank
646,768,000
Great Southern National Bank
273,555,000
Trustmark National Bank2(b)
9,586,788,000
BankPlus2(c)
2,194,291,000
The Citizens Bank2(d)
844,978,000
First State Bank2(e)
451,695,000
Regions Bank2(f)
SOURCE:
$127,050,000,000
Mississippi Bank Directory, 2011-2012 Ed. Mississippi Bankers Association;
January, 2013.
2 (a)
Head office located in DeKalb, Mississippi.
Head office located in Jackson, Mississippi.
(c)
Head office located in Ridgeland, Mississippi.
(d)
Head office in Philadelphia, Mississippi.
(e)
Head office in Waynesboro, Mississippi.
(f)
Regions Bank merged with Union Planters Corporation in July, 2004 and merged with AmSouth Bank in November, 2006.
Regions' head office is located in Birmingham, Alabama. Total assets obtained from Regions' website.
(b)
A-7
Educational Facilities
The Meridian Public School District (the "District") serves the entire City. The District
currently operates seven (7) elementary schools, two (2) middle schools, two (2) junior high
schools, one (1) high school and one (1) career and technical school and employs approximately
992 people.
Enrollment figures for the District for the 2012-2013 scholastic year and the four
preceding years are as follows:
Scholastic Year
SOURCE:
Enrollment
2012-2013
6,952
2011-2012
6,946
2010-2011
6,254
2009-2010
6,424
2008-2009
6,559
2007-2008
6,546
Office of the Superintendent, Meridian Public School District; January, 2013.
A-8
TAX INFORMATION
Assessed Valuation3
Fiscal Year
Real Property
Personal
Property4
2012
$216,846,351
$80,800,164
$23,481,885
$321,128,400
2011
220,950,381
81,681,119
23,481,885
326,113,385
20105
227,222,339
85,935,387
23,613,668
336,771,394
2009
225,464,751
88,697,281
23,613,668
337,775,700
2008
199,373,617
82,996,641
23,273,364
305,643,622
SOURCE:
Public Utility
Property
Total
Office of City Clerk; January, 2013.
Assessed valuations 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;
(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 (the "Resolution"), pursuant to which there was proposed an amendment to the
Mississippi Constitution of 1890 (the "Amendment"). The Amendment provided, inter alia, that
the assessment ratio of any one 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,
3
The total assessed valuation is approved in September preceding the fiscal year of the City and represents the value of real property,
personal 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 2011 are collected starting in January, 2012 for the 2011-2012 fiscal year budget of the
City.
4
Personal property includes mobile homes and automobiles.
Decrease in assessed values due to closure of various businesses, reduction in business inventory, and the
reduction in assessed values due to errors or reductions as a result of the hearing process prior to final assessment.
5
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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 ten percent (10%) of true value
as opposed to fifteen percent (15%) of true value under previously existing law.
Procedure for Property Assessments
The Tax Assessor of Lauderdale 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 Tax
Commission.
Section 21-33-9, Mississippi Code of 1972, as amended, provides that the governing
authorities of a municipality which is located within a county having completed a county-wide
reappraisal approved by the State Tax Commission 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 municipal assessment roll to corrections or revisions made to the County
assessment roll. All objections to the municipal 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 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 municipal assessment roll.
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Tax Levy Per $1,000 Valuation6
2012-13
2011-12
2010-11
2009-10
2008-09
CITY GOVERNMENT & SERVICES:
General Purposes
29.80
29.67
30.95
31.52
29.71
Fire & Police Retirement
4.92
4.93
4.48
4.44
5.75
General Retirement
3.00
3.00
3.00
3.00
3.00
Bond & Interest Sinking Fund
13.12
13.24
12.41
11.88
12.38
Sub-total
50.84
50.84
50.84
50.84
50.84
54.84
54.84
54.84
51.42
49.89
Bond & Interest Sinking Fund
6.31
5.47
5.67
5.81
6.09
Meridian Comm. College Support Fund
3.00
3.00
3.00
3.00
3.00
Meridian Comm. College Enlargement Fund
3.00
3.00
3.00
3.00
3.00
Meridian Comm. College Adult Educ. Fund
1.00
1.00
1.00
1.00
1.00
68.15
67.31
67.51
64.23
62.98
118.99
118.15
118.35
115.07
113.82
CITY SCHOOL:
District Maintenance
Sub-total
TOTAL LEVY
SOURCE:
6
Office the City Clerk; January, 2013.
Tax levy figures are given in mills.
A-11
Ad Valorem Tax Collections7
Amount
Collected
Difference
Over/(Under)
Year
Amount Budgeted
2011
$38,373,931
$38,374,747
$816
2010
37,269,539
37,269,548
9
2009
35,217,613
35,217,612
1
2008
31,202,797
31,202,193
604
2007
29,284,422
29,283,226
1,196
SOURCE:
Office of the City Clerk; January, 2013.
Procedure for Tax Collections
The Governing Body is required to levy a special tax upon all of the taxable property
within the geographical limits of the City each year sufficient to provide for the payment of the
principal of and interest on the City's general obligation bonds. If any taxpayer neglects or
refuses to pay his taxes on the due date thereof, the unpaid taxes bear interest at the rate of one
percent (1%) 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 property and personal property are subject to public
tax sale.
Section 21-33-63, Mississippi Code of 1972, as may be amended from time to time, and
related statutes provide that after the fifteenth day of February and after the fifteenth day of
August in each year, the tax collector for each municipality shall advertise all lands in such
municipality on which all the taxes due and in arrears have not been paid, as well as all land
liable for sale on the first Monday of April or the third Monday of September following, as the
case may be.
Reappraisal of Property and Limitation on Ad Valorem Levies
Senate Bill No. 2672, General Laws of Mississippi, Regular Session 1980, codified in
part as Sections 27-35-49 and 27-35-50, Mississippi Code of 1972 (the "Reappraisal Act"),
provides that all real and personal property in the State shall be appraised at true value and
assessed in proportion to true value. To insure that property taxes do not increase dramatically
as the counties complete reappraisals, the Reappraisal Act provides for the limit on increase in
tax revenues discussed below.
The statute limits ad valorem tax levies by the City subsequent to October 1, 1980, to a
rate which will result in an increase in total receipts of not greater than ten percent (10%) over
7
Ad valorem tax collections include amount of ad valorem taxes budgeted and collected for the City and the Meridian Public School
District.
A-12
the previous year's receipts, excluding revenue from ad valorem taxes on any newly constructed
properties, any existing properties added to the tax rolls or any properties previously exempt
which were not assessed in the next preceding year. This limitation does not apply to levies for
the payment of the principal of and the interest on general obligation bonds issued by the City or
to certain other specified levies. The limitation may be increased only if the proposed increase is
approved by a majority of those voting in an election held on such question.
On August 20, 1980, the Mississippi Supreme Court rendered its decision in State Tax
Commission v. Fondren, 387 So.2d 712, affirming the decree of the Chancery Court of the First
Judicial District of Hinds County, Mississippi, wherein the State Tax Commission was enjoined
from accepting and approving assessment rolls from any county in the State for the tax year 1983
unless the State Tax Commission equalized the assessment rolls of all of the counties. Due to the
intervening passage of the Reappraisal Act, the Supreme Court reversed that part of the lower
court's decree ordering the assessment of property at true value (although it must still be
appraised at true value), holding instead that assessed value may be expressed as a percentage of
true value. Pursuant to the Supreme Court modification of the Chancellor's decree, on
November 15, 1980, the State Tax Commission filed a master plan to assist counties in
determining true value. On February 7, 1983, the Chancery Court granted an extension until July
1, 1984, of its previous deadline past which the State Tax Commission could not accept and
approve tax rolls from counties which had not yet reappraised. The City has completed
reappraisal.
Homestead Exemption
The Mississippi Homestead Exemption Law of 1946 reduces the local tax burden on
homes qualifying by law and substitutes revenues from other sources of taxation on the State
level as a reimbursement to the local taxing units for such tax loss. Provisions of the homestead
exemption law determine qualification, define ownership and limit the amount of property that
may come within the exemption. The exemption is not applicable to taxes levied for the
payment of the Bonds, except as hereinafter noted.
Those homeowners who qualify for the homestead exemption and who have reached the
age of sixty-five (65) years on or before January 1 of the year for which the exemption is
claimed, service-connected, totally disabled American veterans who were honorably discharged
from military service and those qualified as disabled under the federal Social Security Act are
exempt from any and all ad valorem taxes on qualifying homesteads not in excess of $7,500 of
assessed value thereof.
The tax loss resulting to local taxing units from properly qualified homestead exemptions
is reimbursed by the State Tax Commission. Beginning with the 1984 supplemental ad valorem
tax roll and for each roll thereafter, no taxing unit shall be reimbursed an amount in excess of
one hundred six percent (106%) of the total net reimbursement made to such taxing unit in the
next proceeding year.
A-13
Ten Largest Taxpayers
Ten of the largest taxpayers in the City for fiscal year 2011 are as follows:
Taxpayer
Assessed Valuation
Taxes Collected
$12,318,219
$626,258
10,371,868
527,306
Wal-Mart
8,061,209
409,832
Bell South
6,120,503
311,166
Meridian HMA/Riley
4,899,750
249,103
Meridian Crossroads
3,677,489
186,964
Anderson Infirmary Benevolent Association
3,123,436
158,795
Norfolk Southern
2,401,945
122,115
Peavey Electronics
2,397,899
121,909
Mississippi Valley Gas
2,274,017
115,611
$55,646,335
$2,829,059
Mississippi Power Co.
Bonita Lakes Mall/CBL
TOTAL
SOURCE:
Office of the City Clerk; January, 2013.
DEBT INFORMATION
Legal Debt Limit Statement
(as of January, 2013)
15% Limit
Authorized Debt Limit (Last Completed Assessment
for Taxation - $321,128,400)
Present Debt Subject to Debt Limits
Margin for Further Debt Under Debt Limits
A-14
20% Limit
$48,169,260
$64,225,680
34,180,000
34,180,000
$13,989,260
$30,125,680
Statutory Debt Limits
The City is subject to a general statutory debt limitation under which no municipality in
the State may incur general obligation bonded indebtedness in an amount which will exceed
fifteen percent (15%) of the assessed value of the taxable property within such municipality
according to the last completed assessment for taxation.
In computing general obligation bonded indebtedness for purposes of such fifteen percent
(15%) limitation, there may be deducted all bonds or other evidences of indebtedness 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 benefitted, or for the purpose of
paying a municipality's proportion of any betterment program, a portion of which is primarily
chargeable to the property benefitted. However, in no case may a municipality contract any
indebtedness payable in whole or in part from proceeds of ad valorem taxes which, when added
to all of its outstanding general obligation indebtedness, both bonded and floating, exceeds
twenty percent (20%) of the assessed value of the taxable property within such municipality.
In arriving at the limitations set forth above, bonds issued for school purposes, bonds
payable exclusively from the revenues of any municipally-owned utility, general obligation
industrial bonds issued under the provisions of Sections 57-1-1 to 57-1-51, Mississippi Code of
1972, as amended, and special assessment improvement bonds issued under the provisions of
Sections 21-41-1 to 21-41-53, Mississippi Code of 1972, as amended, are not included. Also
excluded from both limitations are contract obligations subject to annual appropriations.
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Outstanding General Obligation Bonded Debt
(as of January, 2013)
Issue
Date of Issue
Outstanding Principal
General Obligation Bonds
03/01/98
$ 420,000
General Obligation Bonds
04/01/99
205,000
General Obligation Bonds
06/01/06
7,875,000
General Obligation Water & Sewer Bonds
04/01/07
2,975,000
General Obligation Bonds, Series 2008
04/22/08
790,000
General Obligation Bonds, Series 2009
06/10/09
9,025,000
Taxable Negotiable Note
02/18/10
660,000
General Obligation Bonds, Series 2011
02/21/11
4,355,000
General Obligation Refunding Bonds, Series 2011
06/30/11
3,375,000
General Obligation Bond
04/12/12
4,500,000
Total
$34,180,000
A-16
Outstanding Revenue Bonded Debt
(as of January, 2013)
Issue
Promissory Note (Meridian, Mississippi Combined Water
and Sewer System Refunding Project), Series 2003A8
Promissory Note (Meridian, Mississippi Combined Water and
Sewer System Revenue Refunding Project) Series 2013
Date of Issue
Principal
Outstanding
07/15/03
1,590,000
1/31/13
12,415,000
$14,005,000
Total
Revenue bonds are payable as to principal and interest solely out of and secured by a
pledge of the revenue to be derived from the facilities financed with the proceeds of such bonds
and any other sum which may be received from or in connection with such facilities. Such bonds
and the interest thereon are limited obligations of the City and shall never constitute nor give rise
to any pecuniary liability of the City or a charge against its general credit or taxing powers.
Other Outstanding Bonded Debt
(as of January, 2013)
Date of Issue
Outstanding
Principal
Special Assessment Public Improvement Bonds9
06/01/96
$605,000
Special Assessment Public Improvement Bonds13
06/01/00
610,000
Special Assessment Public Improvement Bonds13
Urban Renewal Bond, Series A (Meridian, MS Performing
Arts and Educational/Conference Center Parking Facilities
Project)10
08/01/01
290,000
07/31/03
3,640,000
Issue
8
Loan from the Mississippi Development bank secured by a Promissory Note under a Loan Agreement between
the Mississippi Development Bank and the City payable from the gross revenues of the System less operating and
maintenance expenses and debt service payments on the City’s outstanding Prior Debt. The Promissory Note and
Loan Agreement secure the Mississippi Development Bank $7,590,000 Special Obligation Bonds, Series 2003A
(Meridian, Mississippi Combined Water and Sewer System Refunding Project), dated July 15, 2003.
9
These bonds are payable as to principal and interest solely from special assessments levied against the property
benefiting from the improvements financed with such bonds.
10
This bond, secured by the pledge of revenues which include: (a) income, proceeds, revenues and funds
derived from or held in connection with the urban renewal project financed; (b) certain monies which shall be
appropriated from the general fund of the City for purposes of the urban renewal project; and (c) such other
collateral, if any, as may be specified in the purchase agreement between the City and the Mississippi Development
Bank and as allowed by Sections 43-35-1 et seq. of the Mississippi Code of 1972, as amended, was purchased by the
Mississippi Development Bank from the proceeds of its $5,500,000 Special Obligation Bonds, Series 2003A
A-17
Taxable Urban Renewal Bond, Series B (Meridian, MS
Performing Arts and Educational/Conference Center
Parking Facilities Project)11
07/31/03
1,030,000
$6,175,000
Total
Other Outstanding Long Term Debt
(as of January, 2013)
Issue
Date of Issue
Amount
12
09/01/00
$340,000
Tax Increment Limited Obligation Bonds18
12/01/00
155,000
Tax Increment Limited Obligation Bonds18
12/17/09
3,720,000
03/1/10
260,000
Tax Increment Limited Obligation Bonds
Tax Increment Limited Obligation Bonds
18
Total
$4,475,000
(Meridian, Mississippi Performing Arts and Educational/Conference Center Parking Facilities Project), dated July
31, 2003.
11
This bond, secured by the pledge of revenues which include: (a) income, proceeds, revenues and funds
derived from or held in connection with the urban renewal project financed; (b) certain monies which shall be
appropriated from the general fund of the City for purposes of the urban renewal project; and (c) such other
collateral, if any, as may be specified in the purchase agreement between the City and the Mississippi Development
Bank and as allowed by Sections 43-35-1 et seq. of the Mississippi Code of 1972, as amended, was purchased by the
Mississippi Development Bank from the proceeds of its $1,500,000 Taxable Special Obligation Bonds, Series
2003B (Meridian, Mississippi Performing Arts and Educational/Conference Center Parking Facilities Project), dated
July 31, 2003.
12
These bonds are payable as to principal and interest solely from the avails of a tax increment resulting
from the taxation by the City of the "captured assessed value" of the project, and the property on which it is located,
for which the improvements financed with the proceeds from these bonds benefited.
A-18
General Obligation Annual Debt Service Requirements
FY Ending
September 30
Principal
Interest
Estimated
Debt Service
2012
$2,370,000.00
$1,263,510.21
$3,633,510.21
2013
2,470,000.00
1,094,769.76
3,564,769.76
2014
2,120,000.00
1,013,290.26
3,133,290.26
2015
2,095,000.00
938,225.76
3,033,225.76
2016
1,780,000.00
865,503.76
2,645,503.76
2017
1,840,000.00
800,043.76
2,640,043.76
2018
1,920,000.00
738,395.00
2,658,395.00
2019
1,465,000.00
672,497.50
2,137,497.50
2020
1,535,000.00
617,027.50
2,152,027.50
2021
1,610,000.00
558,986.26
2,168,986.26
2022
1,680,000.00
498,647.50
2,178,647.50
2023
1,760,000.00
434,763.75
2,194,763.75
2024
1,745,000.00
367,805.00
2,112,805.00
2025
1,835,000.00
298,617.50
2,133,617.50
2026
1,915,000.00
224,810.00
2,139,810.00
2027
1,225,000.00
146,027.50
1,371,027.50
2028
1,000,000.00
98,467.50
1,098,467.50
2029
1,050,000.00
59,045.00
1,109,045.00
2030
310,000.00
17,760.00
327,760.00
2031
325,000.00
6,012.50
331,012.50
$32,050,000.00
$10,714,206.02
$42,764,206.02
TOTAL
A-19
General Obligation Bonded Debt
Fiscal Year Ending September 30
Issue
2012
2011
2010
$420,000.00
$815,000.00
$1,195,000.00
$1,555,000.00
$1,895,000.00
205,500.00
300,000.00
390,000.00
475,000.00
560,000.00
General Obligation Bonds (05/01/00)
0.00
0.00
0.00
140,000.00
270,000.00
General Obligation Bonds (07/01/03)
0.00
0.00
3,685,000.00
4,060,000.00
4,420,000.00
General Obligation Bonds (06/01/06)
7,875,000.00
8,275,000.00
8,650,000.00
9,010,000.00
9,355,000.00
0.00
0.00
271,683.85
529,317.79
773,628.39
2,975,000.00
3,110,000.00
3,240,000.00
3,365,000.00
3,485,000.00
790,000.00
845,000.00
900,000.00
950,000.00
1,000,000.00
9,025,000.00
9,365,000.00
9,690,000.00
10,000,000.00
0.00
660,200.00
880,000.00
1,100,000.00
0.00
0.00
4,355,800.00
4,500,000.00
0.00
0.00
0.00
3,105,000.00
3,960,000.00
0.00
0.00
0.00
4,500,000.00
0.00
0.00
0.00
0.00
$33,911,500.00
$32,050,000.00
$29,121,683.85
$30,084,317.79
$21,758,628.39
General Obligation Bonds (03/01/98)
General Obligation
(04/01/99)
Refunding
General Obligation Water and Sewer Bonds
(4/1/07)
General Obligations Bonds (4/22/08)
General Obligation Bonds (6/10/09)
Taxable Note (2/18/10)
Refunding
General Obligation
(6/30/11)
Refunding
General Obligation Bond (4/12/12)
Total
2008
Bond
Taxable Negotiable Note (09/28/06)
General Obligation
(3/17/11)
2009
Bonds
Bonds
A-20
Debt Ratios
FY Ended
September 30
General Obligation
Debt
General Obligation
Debt to Assessed Value
2011
$32,050,000.00
9.45
2010
29,121,683.85
8.64
2009
30,084,317.79
8.90
2008
21,708,628.39
7.10
2007
22,420,304.67
8.54
Overlapping General Obligation Indebtedness
(as of January, 2013)
Lauderdale County
2010
Population
Current
Assessed
Valuation
General
Obligation
Bonded Debt
General
Obligation
Bonded Debt Per
Capita
80,261
$597,572,491
$35,570,000
$443.17
School Districts
Meridian Public School District
13
Current Assessed
Valuation
Total General
Obligation Bonded Debt
$328,296,365
$16,260,00013
Source: 2011 Audited Financial Statement of the District.
A-21
APPENDIX B
INFORMATION ON THE SYSTEM
THE COMBINED WATER AND SEWER SYSTEM
General
The City owns and operates through its Public Works Department a combined water and
sewerage system. The System consists of approximately 432 miles of sewerage lines and 432
miles of water lines. The System had major expansion programs in 1979, 1980, 1981, 1994,
1995, 1997, 1998, 1999, 2000, 2001 and 2002.
The City has met all requirements set forth by the Mississippi Department of Natural
Resources and the Environmental Protection Agency.
Capital Improvement Program
The City will continue to make normal improvements, extensions and repairs to the
System in general conformance with the City’s Water and Wastewater Master plan.
Combined Water and Sewer System Enterprise Fund
The System is maintained as a separate accounting entity and is operated as an
"enterprise fund". It is used to account for water and sewer services provided to residents of the
City and some residents outside its incorporated area. All activities necessary to provide such
services are accounted for in this fund, including administration, engineering, plumbing and
purification, transmission and distribution, financing and debt service, and billing and
collections.
Management of the System
The System is operated and maintained by the City of Meridian Public Works
Department. The system is governed by the City Council consisting of five members, under
administrative control of the Mayor. The City prepares financial statements for the System.
Establishment of Rates
Rates for water and sewer services are established by the City Council which, if a series
of bonds are outstanding, must consider, among other things, the rate covenant contained in the
bond resolution. Whereas, on September 19, 2006, the City Council amended its Code of
Ordinances to revise various rates for water and sewer services (the "2006 Ordinance"). The
2006 Ordinance amended Sections 25.40(a) and 25.40(b) of the Code of Ordinances and held
that rates may be adjusted by way of increase or decrease by written order of the Mayor or his
designated representative, no more often than once every three (3) months, and in a total
aggregate percentage which does not exceed 10% of the amount set in Section 25.40(a) and
Section 25.40(b) Code of Ordinances for the fiscal year in which said rate adjustments are
adopted.
B-1
Rate Structure
Billings for water and sewer charges are prepared by the Public Works Department from
data entry performed by Public Works Department personnel. All customers are billed monthly.
Approximately ninety-four percent (94%) of the total revenues earned by the water and
sewer fund comes from monthly charges collected directly from the customers who receive
water and sewer service.
There is a minimum monthly service charge of $8.48 for water customers. The base
water service charge is $4.24 per 1,000 gallons (with a minimum monthly charge for 2,000
gallons ($8.48) and $4.60 per 1,000 gallons of flow over 2,000 gallons. For measured water
flow, the base sewer service charge shall be one hundred percent (100%) of the flow applied to
the base water rate.
Water and sewer rates to customers outside the City limits are double the monthly
charges for customers living inside the City.
The following is an estimated breakdown of total water and sewer charges for residential,
commercial and industrial customers of the System as of September 30, 2012:
Residential Customers
Commercial and Industrial
Customers
Water charges:
$3,379,219
$2,447,021
Sewer charges:
3,950,684
2,633,789
$7,329,903
$5,080,810
TOTAL:
The City now provides sewer service to an area outside the City limits which is a
certificated area which has its own rates regulated by the Public Service Commission, State of
Mississippi. All other customers living outside the City limits shall pay double the monthly
charges for water and sewer, and all connection and other service fees.
The total number of current water customers within the System is approximately 13,735.
The total number of gallons of water used annually is approximately 1,552,547,286 gallons.
B-2
The ten largest users of water per gallon/per month are listed below:
Ten Largest Customers:
Usage
(gallons per month)
East MS State Hospital
1,412,945
Jeff Anderson Hospital
1,320,311
Maples Ice Plant
1,232,761
Pine Creek Apartments
1,168,924
Mdn Housing Authority
973,475
Rush Foundation Hospital
934,057
Mdn Housing Authority
926,119
Lauderdale Co. Detention
767,673
Oak Manor LLC
722,975
Willow Ridge Apts
705,562
Total:
10,164,802
The capacity, peak daily load and average daily use for the water facilities of the System
are as follows:
Current Water System
Number of Gallons per day
Capacity
14,500,000
Peak daily load
11,000,000
Average daily usage
5,700,000
B-3
The following rates shall be charged and collected for the water system:
$4.24 per 1,000 gallons for the 1st 2,000 gallons or less with a minimum $8.48.
$4.60 per 1,000 gallons for usage over 2,000 gallons.
A monthly minimum charge shall be made based on the different sized meters as follows:
Meter Size
Minimum Charge
Gallons or Less
5/8 inch
3/4 inch
1 inch
$8.48
23.20
34.98
2,000
5,200
7,760
1½ inch
70.30
15,440
2 inches
3 inches
4 inches
6 inches
117.41
205.73
294.05
588.45
25,680
44,880
64,080
128,080
8 inches
1,177.25
256,080
70.30
15.440
3" Fire Hydrant
The total number of current sewer customers within the System is approximately 13,535.
The ten largest users of sewer per gallon/per month are listed below:
Usage
(gallons per month)
Ten Largest Customers:
Management & Training Center
4,332,997
Waste Management (Pine Ridge)
4,076,125
Trans Montaigne Piedmont Geolo
2,565,352
East MS State Hospital
1,412,945
Anderson Regional Medical Center
1,320,311
Maples Ice Plant
1,232,761
Pine Creek Apartments/Fountainbleau
1,168,924
Meridian Housing Authority
973,475
Rush Hospital
934,057
Meridian Housing Authority
923,119
TOTAL:
18,940,066
B-1
The current capacity of the sewer system is as follows:
Main Plant Number
of Gallons Per Day
East Plant Number
of Gallons Per Day
Combined Totals
Capacity
13,000,000
1,000,000
14,000,000
Peak daily load
13,910,000
480,000
14,390,000
Average daily usage
8,260,000
220,000
8,480,000
Current Sewer System
The following rates shall be charged and collected for the sanitary sewer service:
User
Residential, Commercial and Industrial users whose
discharge is primarily segregated domestic water or
wastes from sanitary conveniences.
Commercial and Industrial users whose discharge
contains other containments than contained in
domestic waste.
Disposal of domestic wastes from septic tanks.
Minimum Charge
$4.24 per 1,000 gallons of flow for the first
2,000 gallons and $4.60 per 1,000 gallons
of flow over 2,000 gallons
$2.58 per 1,000 gallons of flow, plus
$0.132 per pound of Biochemical Oxygen
Demand (BOD) plus $0.116 per pound
Suspended Solids (SS) plus $0.693 per
pound of Total Kjeldahl Nitrogen (TKN)
for the first 2,000 gallons and $2.80 per
thousand gallons of flow, plus $0.162 per
pound of Biochemical Oxygen Demand
(BOD) plus $0.125 per pound of
Suspended Solids (SS) plus $0.751 per
pound of Total Kjeldahl Nitrogen (TKN)
for flow in excess of 2,000 gallons or any
fraction thereof over 2,000 gallons
$28.06 per 2,000 gallons or any fraction
thereof and $30.32 per 2,000 gallons or
any fraction thereof over 2,000 gallons
Flow measurements will be water meter readings unless wastewater discharge differs
from water usage, in which case, the user shall construct and maintain a monitoring system
acceptable to the City Engineer, take and record flows and report to the City monthly, or flow
measurements may be estimated by the City Engineer.
B-2
Pollution Remediation
In July, 2009, the Mississippi Department of Environmental Quality (“MDEQ”) notified
the City that it was in violation of section 49-17-29 of the Mississippi Code due to
multiple overflows of raw sewage. As a result of this violation, the City has been
assessed a civil penalty of $32,500. The City received a letter from MDEQ in August,
2010, requiring (1) the submission of plans and specifications for the repair or
replacement of pipes and manholes in the affected area on or before March 30, 2011; (2)
the City to replace lines and make repairs as stipulated in the agreement the last of which
to be completed on or before December 31, 2012, in order to reduce inflow and
infiltration into the wastewater collection system; (3) the City to develop and implement
standard operating procedures to address and minimize sanitary sewer outflows
throughout the sewage collection system within 15 days of MDEQ’s approval; and (4)
the City to bring the wastewater treatment facility into compliance with its NPDES
permit on or before December 31, 2011. Failure to comply with any of these
requirements would result in a stipulated penalty of $500 per day of violation of the
relevant deadline. Further, on or before March 31, 2012, the City is required to have
complied with the total chlorine residual and ammonia nitrogen limitations in its NPDES
permit for three consecutive months. Failure to comply with this requirement would
result in a stipulated penalty of $10,000 plus $500 per month of non-compliance of the
relevant deadline, until three consecutive months of compliance with the requirement. At
this time, the City has notified MDEQ that all requirements have been meet.
ButlerSnow 15413006v1
B-3
APPENDIX C
AUDITED FINANCIAL REPORT FOR FISCAL YEAR ENDED
SEPTEMBER 30, 2011
The following document was not prepared by the Office of the State Auditor, but was
prepared by and submitted to the Office of the State Auditor by a private CPA firm. The
document was placed on this web page as it was submitted. The Office of the State
Auditor assumes no responsibility for its content or for any errors located in the
document. Any questions of accuracy or authenticity concerning this document should
be submitted to the CPA firm that prepared the document. The name and address of the
CPA firm appears in the document.
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APPENDIX D
UNAUDITED FINANCIAL STATEMENTS FOR THE CITY FOR FISCAL YEAR
ENDED SEPTEMBER 30, 2012
APPENDIX D
CITY BUDGET 2013
FISCAL YEAR 2013 BUDGET
RESOLUTION APPROVING AND ADOPTING THE
BUDGET FOR THE CITY OF MERIDIAN FOR THE FISCAL
YEAR ENDING SEPTEMBER 30, 2013, AND DIRECTING
THE CITY CLERK IN REFERENCE THERETO
WHEREAS, the City of Meridian has prepared a budget of the municipal revenues and
expenses for the fiscal year ending September 30, 2013; and
WHEREAS, the said budget has now been finally fixed and determined by the City
Council of the City of Meridian in conformity with the requirements of law.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Meridian:
SECTION 1. That the budget of the municipal revenues and expenses of the City of
Meridian estimated for the fiscal year ending September 30, 2013 as finally fixed and
determined by the City Council in the following words and figures hereinafter set out be
and the same is hereby amended, approved and adopted:
(COPY OF BUDGET)
1
CITY OF MERIDIAN MUNICIPAL BUDGET
ESTIMATED REVENUES AND EXPENDITURES
FOR FISCAL YEAR ENDED SEPTEMBER 30, 2013
GENERAL FUND
REVENUES:
Licenses & Permits:
Privilege Licenses
Mississippi Power Co.
Mississippi Valley Gas Co.
Comcast Cable
Building & Allied Permits
$
Inter-Governmental:
State aid-alcoholic Beverage
State Fire Insurance Fund
Municipal Gas Tax
Sales Tax
County Road Tax
Municipal Aid
120,000.00
1,851,000.00
120,000.00
450,000.00
110,000.00
$
50,000.00
200,000.00
20,000.00
13,500,000.00
700,000.00
20,000.00
Charges for Services:
Garbage Collection
Recreation Fees
Enterprise Funds Gen. & Adm.
$ 1,863,000.00
125,000.00
645,500.00
Fines & Forfeits:
Police Fines, Forfeits, Penalties, Fees
$
Miscellaneous:
Sales & Refunds
Interest Earnings
Interest Cost & Damages
In Lieu of Property Tax
$
Balance at Beginning of Year (including prior year)
Amount Necessary to be Raised
By Tax Levy
1,000,000.00
325,000.00
70,000.00
130,000.00
100,000.00
3,350,000.00
__9,355,500.00
TOTAL AVAILABLE CASH AND
ANTICIPATED REVENUE FROM ALL SOURCES
$34,105,000.00
-------------------
GENERAL FUND
2
EXPENDITURES:
General Government (01, 02, 03, 04, 06, 07, 08)
Personnel Services
Supplies & Expenses
Capital Outlay
Transfers & other charges
TOTAL
$ 1,223,000.00
929,614.00
-0__1,230,000.00
$ 3,382,614.00
Finance & Records (11, 13, 14, 15)
Personnel Services
Supplies & Expenses
Capital Outlay
Transfers & other charges
TOTAL
$ 1,179,550.00
1,807,708.00
158,000.00
____105,000.00
$ 3,250,258.00
Community Development (21, 22, 23, 25, 26, 27)
Personnel Services
Supplies & Expenses
Capital Outlay
Transfers & other charges
TOTAL
Parks & Recreation (31, 33, 35)
Personnel Services
Supplies & Expenses
Capital Outlay
Transfers & other charges
TOTAL
Public Works (41, 42. 43, 44, 45)
Personnel Services
Supplies & Expenses
Capital Outlay
Transfers & other charges
TOTAL
$
916,200.00
277,909.00
11,300.00
____426,300.00
$ 1,631,709.00
$ 1,388,790.00
755,800.00
65,500.00
____254,000.00
$ 2,464,090.00
$
3,292,490.00
1,564,143.00
265,500.00
___1,999,000.00
$ 7,121,133.00
3
Police (51, 52, 53, 54, 55, 58)
Personnel Services
Supplies & Expenses
Capital Outlay
Transfers & other charges
TOTAL
Fire (05)
Personnel Services
Supplies & Expenses
Capital Outlay
Transfers & other charges
TOTAL
Cash Reserve for FY14 Operations
TOTAL GENERAL FUND EXPENDITURES
$ 5,969.950.00
1,996,687.00
332,000.00
_____ ______-0$ 8,298,637.00
$
6,177,860.00
910,850.00
98,860.00
______68,989.00
$
7,256,559.00
$
700,000.00
$__34,105,000.00
--------------------
--
4
WATER FUND
REVENUES:
Fresh Water Sales
Waste Water Sales
Other Sales
Interest Earned
Anticipated Cash Balance
TOTAL AVAILABLE CASH
AND ANTICIPATED REVENUE
FROM ALL SOURCES
$
6,780,700.00
5,960,000.00
241,300.00
20,000.00
$_____350,000.00
$__13,352,000.00
--------------------
---
EXPENDITURES: (61, 62, 64, 65, 66, 67)
Personnel Services
Supplies & Expenses
Capital
Transfers & Other Charges
$
Cash Reserve for 2014
______200,000.00
TOTAL EXPENDITURES AND RESERVES
3,779,310.00
4,288,165.00
1,096,025.00
3,988,500.00
$__13,352,000.00
--------------------
--
5
LAKEVIEW MUNICIPAL GOLF COURSE
REVENUES:
Concessions, Rents & Fees
General Fund Transfer
$
256,000.00
195,000.00
TOTAL GOLF COURSE REVENUES
Anticipated Cash Balance
TOTAL GOLF COURSE AVAILABLE
CASH AND ANTICIPATED REVENUE
FROM ALL SOURCES
$_____10,188.00
$____461,188.00
--------------------
-
EXPENDITURES: (335)
Personnel Services
Supplies & Expenses
Capital
Transfer & other charges
Cash Reserve for 2014
TOTAL EXPENDITURES FOR
LAKEVIEW GOLF COURSE
$
247,750.00
193,438.00
20,000.00
0.00
___________0.00
$____461,188.00
--------------------
-
6
CONCESSIONS FUND
REVENUES:
Concession Sales
$
Anticipated Cash Balance
35,400.00
$__________0.00
TOTAL CONCESSIONS AVAILABLE
CASH AND ANTICIPATED
REVENUE FROM ALL SOURCES
$_____35,400.00
--------------------
EXPENDITURES: (336)
Personnel Services
Supplies & Expenses
Transfers & other charges
Capital
$
12,000.00
22,400.00
0.00
_______1,000.00
TOTAL CONCESSIONS &
EXPENDITURES
$______35,400.00
--------------------
--
UNION STATION FUND
REVENUES:
Rents & Fees
General Fund Transfer
Anticipated Cash Balance
TOTAL ANTICIPATED
REVENUE FROM ALL SOURCES
$
95,000.00
260,000.00
97,747.00
$____452,747.00
--------------------
EXPENDITURES:
Personnel Services
Supplies & Expenses
Transfers & other charges
Cash Reserve for 2014
TOTAL EXPENDITURES
$
93,050.00
349,697.00
4,000.00
_______6,000.00
$____452,747.00
7
--------------------
8
WASTE COLLECTION & DISPOSAL
REVENUES:
Fees
Ad valorem
Anticipated Cash Balance
$ 1,863,000.00
150,000.00
_____42,774.00
TOTAL REVENUE
$ 2,055,774.00
--------------------
EXPENDITURES: (345)
Personnel Services
Supplies & Expenses
Capital Outlay
Transfers & other charges
Cash Balance
$
57,600.00
1,954,174.00
0.00
44,000.00
__________0.00
TOTAL EXPENDITURES
$
2,055,774.00
--------------------
-
HOMELAND SECURITY
REVENUES:
Grant/Fees
General Fund Transfer
Cash Balance
TOTAL REVENUE
$
50,000.00
200,000.00
_______57,490.00
$____ 307,490.00
--------------------
-EXPENDITURES:
Personnel Services
Supplies & Expenses
Capital Outlay
Transfers & Other Charges
TOTAL EXPENDITURES
$
97,400.00
202,590.00
1,500.00
$______ _6,000.00
$_____307,490.00
-------------------
--
9
ARTS DISTRICT PARKING GARAGE
REVENUES:
Fees
0.00
General Fund Transfer
Anticipated Cash Balance
TOTAL REVENUE
$
60,000.00
_______29,444.00
$______89,444.00
--------------------
--EXPENDITURES:
Personnel Services
Supplies & Expenses
Capital Outlay
Transfers & Other Charges
TOTAL EXPENDITURES
$
0.00
89,444.00
0.00
$___________0.00
$
_89,444.00
--------------------
-DEBT SERVICE FUND
For the Year Ending September 30, 2013
Meridian, Mississippi
REVENUES:
Total Receipts & Tax Levy
$
4,980,000.00
EXPENDITURES:
TOTAL EXPENDITURES
$
4,980,000.00
GRAND TOTAL:
$ 55,839,043.00
--------------------
--------------------
10
11
W & S CONSTRUCTION FUND
REVENUES:
Grants
Bonds/Loans
Anticipated Cash Balance
TOTAL AVAILABLE
$
550,000.00
3,000,000.00
6,350,000.00
$
9,900,000.00
--------------------
-EXPENDITURES:
Construction
Cash Balance
$
TOTAL EXPENDITURES & CASH BALANCE
6,400,000.00
3,500,000.00
$
9,900,000.00
--------------------
---
W & S DEBT SERVICE & BOND RESERVE
REVENUES:
Transfers
Interest
Anticipated Cash Balance & Bond Reserve
3,060,000.00
$
3,100,000.00
40,000.00
TOTAL AVAILABLE
$
6,200,000.00
--------------------
---
EXPENDITURES:
Debt Service
Bond Reserve
Cash Balance
TOTAL EXPENDITURES AND RESERVES
$
3,100,000.00
1,200,000.00
1,900,000.00
$
6,200,000.00
--------------------
--12
MUNICIPAL INTERNAL SERVICE FUNDS
RECEIPTS:
Receipts for Sales
470,000.00
Cash Balance
$
_90,000.00
TOTAL AVAILABLE
$
560,000.00
--------------------
--EXPENDITURES:
Charges for Service
Cash Balance
$
TOTAL EXPENDITURES
470,000.00
90,000.00
$
560,000.00
--------------------
---
CAPITAL PROJECT FUNDS
REVENUES:
Receipts
Interest
Cash Available
TOTAL AVAILABLE
$
0.00
113,000.00
_9,600,000.00
$
_9,713,000.00
--------------------
---EXPENDITURES:
Construction & Project Costs
Cash Balance
TOTAL EXPENDITURES & BALANCES
$
5,713,000.00
4,000,000.00
$
_9,713,000.00
--------------------
---
13
SPECIAL REVENUE FUNDS
REVENUES:
Receipts
Interest
Cash Available
$
TOTAL AVAILABLE
564,000.00
136,000.00
3,211,000.00
$
3,911,000.00
--------------------
---EXPENDITURES:
Project Cost
Cash Balance
$
TOTAL EXPENDITURES & BALANCES
2,911,000.00
1,000,000.00
$
3,911,000.00
--------------------
----
TRUST & AGENCY FUNDS
REVENUES:
Receipts
TOTAL AVAILABLE
$
11,900,000.00
$
11,900,000.00
--------------------
---EXPENDITURES:
Transfers
TOTAL EXPENDITURES & BALANCES
$
11,900,000.00
$
11,900,000.00
--------------------
---
14
SUBSIDIES & GRANTS
TOTAL SUBSIDIES & GRANTS
$______225,000.00
--------------------
----
SECTION 2. The City Clerk of the City of Meridian is hereby directed to enter said
budget as above set out in length and in detail in the official minutes of the City Council of
the City of Meridian, Mississippi.
SO RESOLVED this the 18th day of September 2012.
Motion by Councilwoman Henson second by Councilman Smith.
Yea: Thomas, Perry, Henson, Palmer, Smith.
Nay: None.
________________________________________ _____________
GEORGE M THOMAS, PRESIDENT
DATE
CITY COUNCIL, MERIDIAN, MS
ATTESTED AND SUBMITTED TO THE MAYOR BY THE CLERK OF COUNCIL, ON THE ______
DAY OF SEPTEMBER 2012.
__________________________________________
CLERK OF COUNCIL
APPROVE ( ) DATE ________________________
VETO
( ) DATE ________________________
ATTEST:
__________________________________ BY:______________________________________________
CITY CLERK
CHERI M. BARRY, MAYOR
CITY OF MERIDIAN
(SEAL)
15