CITY OF SOUTHEUCLID, OHIO

COMPREHENSIVE

ANNUAL FINANCIAL REPORT

FOR THE YEAR ENDED DECEN{BER31,2O()7

ISSI'ED BY THE DEPARTMENTOF FINANCE

G. Filippo,CPA
Joseph

FINANCEDIRECTOR
 C i t l ' o f ' S o u t hE u c l i d ,O h i o
C'ontprehensiv,eA nrruaI F inancia I Reporl
For the YearEndedDecentber3 I, 2007
Tableof Contents

L IntroductorJ:Section
Page
| 1 f l a p a . J o

TableoiContents. .. . . . . . . . . . . . . .l .t . .
' . . . '. ..' ' . . . \. ,
o r g a n i z a t r ocnh a r t . . . . . . . . . . . . . .. . . . . . . . . .x i
CityofSouthEuclidElectedandAppointedCiry,officials..''.
c F b A c e r t i n c a t e o r A c h i e v e. .m
. .e. .n. ]t :. l. :. : ' : : ' ] l i ]. . . . . . . . . .. .. , . .... .^lii
IL Financial Sectiorr

Independent
Accountants'
Report I
Management's
Discussion
andAnalysis 3
BasicFinancialStaten-rents:

Co'u'ernment
Wide FinancialStatements
:

Statementof Net Assets

1/
Statementof Activities
t3
Fund FinancialStatements:

BalanceSheet- Go',,ernmental
Funds .........14
Reconciiiationof Total GovemmentalFund Balancesto
N e t A s s e t so f G o v e r n n i e n tA
a cl t i v r t i e s . . . . . , . . . . . . . . . . . . . . .1. .5
Statementof Revenues.Expenditur.es
and Changesin
FundBalances- Governmental Funds... l6
Reconciliationof the Statementof Revenues. Expendituresand Changesin Fupcl
B a l a n c eosf G o v e m n - r e n F
t auln d st o t h e S t a t e m e notf A c t i v i t i e s . . . . . . . . . . . . . . . . . l. 7. . . .
Statementof Revenues.Expendituresand Changesin
Fund Balance- BudgetQrlon-GA{p Basis)aid Actual;
G e n e r aFl u n d , . . .
18
Statement
of FiduciaryAssetsand Liabirities- AeencvFund 19
N o t e st o t h eB a s i cF i n a n c i aSl t a t e m e n t s
............20
CombiningSrarements
and IndividualFundSchedules:

- NonmajorGovemmental
CombiningStatements Funds:
F u n dD e s c r i p t i o n s . . . . . . . . .
. . . . . . . . . . . . . r. 1
. .g. . .
CombiningBalanceSheet- NonmajorGo'ernmentaiFunds
...........
50
combinrng Statementof Rer.enues.
Expenditures
and changesin
 Cit1 of South Euclid, Ohio
Comprehens ive A nnual F inancial Report
For the YearEndedDecember3l , 2007
Tableof Contents(continued)

CombiningBalanceSheet- NonmajorSpecialRevenueFunds .......52

Expendituresand Changesin
CombiningStatementof Revenues.
Fund Balances- NonmajorSpecialRevenueFunds......... ..........55

CombiningBalanceSheet- NonmajorDebt Sen,iceFunds. .. ... .58

Expendituresand Changesin
CombiningStatementof Revenues,
Fund Balances- NonmajorDebt ServiceFunds. . .. ....59

CombiningBalanceSheet- NonmajorCapitalProjectsFunds......... ...................60

Combining Statementof Revenues,Expendituresand Changesin

Fund Balances- NonmajorCapitalProjectsFunds ....................62

Combining Statement- Agency Fund:

F u n dD e s c r i p t i o n . . . . . . . . . . ............64

of Changesin AssetsandLiabilities- AgencyFund...........

Statement 65
................

lndividual Fund SchedulesofRevenues,Expendituresand Changesin

Fund Balance- Budget [Non-GAAP Basis) and Actual:
Major Funds:
G e n e r aFl u n d . . . . . . . . . . . . . . . . . . . . . . .6. 7
....
F l o o dC o n t r o F l und.......... ........12
L a n dA q u i s i t i o nF u n d . . .............73
Nonmajor Funds:
OperatioH n o m eI m p r o v e m e nFtu n d . . . . . . . . . .....................74
C O P SG r a n tF u n d .....................75
StreetConstruction, Maintenance andRepairFund........ ..................76
S t a t eH i g h w a yF u n d .................7'7
P a r k i n gL o t s a n dM e t e r sF u n d . . . . . . . . . . . . . . . . . .7. .8
S w i m m i n gP o o l sF u n d .............79
Permissive Motor VehicleLicenseFund.......... ............. 80
P o l i c eR a n g eF u n d . . . . . . . . . . . . . . . . . .8. .1
L a w E n f o r c e m e nFtu n d . . . . . . . . . . .....................82
FEMA Firefighters GrantFund ...................83
StreetLightingFund..... ............ 84
S e r v eR r entaF l und.......... . . . . . . .8. .5
P o l i c eP e n s i o nF u n d . . . . . . . . . . . . . r . .8. 6
F i r eP e n s i o nF u n d . . . . , . . . . . . . . . . . . . .8. .7
GeneralObiigationBond Retirement Fund. .. ........88
SpecialAssessrnent Bond RetirementFund.. .............. .. 89
G e n e r aC l a p i t a Il m p r o v e m e n F t su n d . . . . . . . ....................,..90
S a f e t yF o r c e sV e h i c l eF u n d. . . . . . . . . . . . . . . . . . . . .9. 1..
Recreation lmprovementFund........ ............92
R o a dI m p r o v e m e nFt u n d . . . . . . . . . . . ..................93
SidewalkImprovement Fund .... .. ... ......94
S t a n h o pP e a r k i n gL o t F u n d . . . . .................95
I s s u eI I F u n d . . . . . . . . . . . . . . . . . ...... . . . . . 9 6
SewerRehabilitation Fund .......91
 Ci$'of South Euclid. Ohio
ArtrntaIFinancial Report
Contprehettsir,e
For the YearEndedDecember31' 200i
Tabteof Contents/cotttirtued)

II L statisticul Sectiort
S1
StatisticalSectiotiDescnPtton
S]
-
Net Assetsb.vComponent Last Eight Years
5r+
-
Changesin Net Assets Last SevenYears" """
- Years S6
Fund Balances,GovernmentalFunds Last Nine
Funds- Last Nine Years"
.s8
Changesin Fund Balances,Governmental
- Six Years
s10
IncomeTax RevenueBaseand Collections Last
SII
- One YearAgo and Six YearsAgo
IncomeTax Statistics
- Four YearsAgo ""' '
si2
PrincipallncomeTaxpayers CurrentYear and
and
Ratio of OutstandingDebt to Total PersonalIncome s14
Debt Per CaPita- Last Nine Years

True values and

Ratio of Generalobligation BondedDebt to Estimated s16
-
BoncierlDebt Per Capita LastNine Years'

Computationof Direct and OverlappingGovernmental s17

ActivitiesDebt
sl8
Legal Debt Margin - LastNine Years
Ago"""" "' s 20
PrincipalEmployers- CunentYear andOne Year
- Years s22
DemographicanclEconomicStatistics Last Ten
- Last Six Years""' s21
City GovernmentEmployeesby Function/Program
- Years ""' s25
OperatingIndicatorsby FunctioilProgram l-ast Six
- Six Years' s26
CapitalAssetsStatisticsby Function?rogram Last
 CITY OF SOUTHEUCLID

FINANCE DEPARTivIENT
JosephG. Filippo,CPA
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. l l l u , . L c
-

J u n c4 . 2 0 0 8

Citizensof SouthEuclid and

HonorableMembersof Cib- Council
SouthEuclid,Ohio 44121

It is my privilege to presentto -vouthe Ciry"of South Euclid's (the Cit1,)Comprehensive

Annual Financial
Report (CAFR). This report enablesthe Ciry to comply u,ith Ohio AdministrativeCode Sectionl17-2-03
(B), which rcquires rcporting on a G.AAP (GenerallyAccepted Accounring Principles)basis, and Ohio
RevisedCode SectionI17.38 rvhichrequiresthe citiesreportingon a CAAP basisto file an unauditedannual
reportrvith the Auditor of Statewithin I 50 daysof year end.

Managementassumesfull responsibilifS'forthe completeness and reliability of the informationcontainedin

this report,basedupon a comprehensiveframeq,orkof internalcontrolthat it hasestablishedforthis purpose.
Becausethe cost of internal control should not exceedanticipatedbenefits,the objective is to provide
reasonable,rather than absolute, assurancethat the financial statcments are free of anv material
misstatements.

Under Ohio law, regularaudits are requiredto be performedon all financial relatedoperationsof the City'.
These audits may be done by either the State Auditor's Office or, if the State Auditor permits, an
independentpublic accountingfirm. For''.heiear 2007,the City of SouthEuclid rvasauclitedbi'James G.
Zupk4 CPA lnc. Their unqualifiedopinion is includedin the financialsecrionof this report.

Managernent'sdiscussionand analy'sis(MD&A) immediatelyfollows the independentauditor'sreport and

provides a narrative introduction,overi'iew, and analysis of the basic financial slatements. N4D&A
complementsthis lcttcr of transmittaland shouldbe readin coniunctionu'ith it.

Reporting Entig'

The Ciry of South Euclid, Ohio. is located in the nonheastportion of CuyahogaCountr,, l0 miles from
downtown Cleveland,w'ith the cities of L1'ndhurstto the east.Cleveland Heightsto the west, UniversiN
Heightsand Beachu,oodto the south,and Cleveland,Euclid, and Richmond Heightsto the north. The Cilv
has23,537residents,accordingto the most recentdatafrom the United StatesCensusBureau.

The City is in the Cleveland Prirnary Met''opolitanStatisticalArea. cornprisedof the four counties of
Cuvahegn,Geauga,Lake and N{edin4 x,hich is the l6th largestof 7i in the United Stares.The Ciry is also
in the Cleveland-Akron-Lorain
Consolidatedlv{etropolitanStatisticalArea r.vhichis the I ith most oooulous
of 20 in the country.
 nsk pool In addition'
Risk ManagementAssociation.a shared
The ciry is a memberof the No'thern ohio Recreatron
on Aging and the South Euclid-L1'ndhursr
the Ciry particrpatesrn the Tri_ciry consortium ohio Public Energ,'"
u'hich hal e been detenrrined to be joint \.enruresand the Northeast
Commission and the Heights Area
of Northeait ohio council of Go'ernments
council. the First suuurt, consor-rium The sharedrisk pool. joint 'entures and the
governedorganizations.
specialRescueTeam ri.hrchareiointly statements'
jointll, gor,ernedorganizationsare discussedin Notei 9, 19 and 20 to the basicfinancial

Form of Government

in 1953 and rr.hichhas

by,its Charterir'hich \'oters |rrst aclopted
The Ciry operatesunder and is eol,erned The Citf is also
amend'rent\\'asmade in 2005. effecti'e 2006
been amendedfrom time to time- The last the City_may
to ail ohio cities. Under the ohio Constitution.
srrbjectto certaing"n.,ul larr,sapplicable are in conflict *'ith applicable
police poo,ersto the extent that none
exercisea, rocai self-governmentand
iarvs.The Chaier also establishescerlainadministrativedepartments'
;;;;
is vested in a
form of government' Legislative authoritf
The chaner provides for a may'or-council at-largeand four electedb1'
council. The council consists of threecouncil memberserectecl
seven-member
memberhas a right to vote' The Council
,,r,ards.Councrlmembersare electedfo. u fo''t' yeal term' Each to the city
of city officialsand.employees and enactsordinancesand resolutionsrelating
fixes compensation busine.ssesand trades and other
licensingof regr-rlated
sen,ices.tax levies.appropnationsand lnaeuteaness. a two-yearterrn'
is the president*'ho is electedby council for
municiparpurposes.ii,. ir.sicring officer

T h e C i r y , s c h i e f e x e c u t i v e a n d a d . r n i n i s t r . a t i r , e o f f i c e r i s t h e N l a y ocourt
r w h o Judge,
i s e l e c elected
t e d b y tto
l i eav six-year
otersspecifica
official is the Municipal
that office for a four_yearterm. The otherelected
telm.
of Finance,Lall,,
The Mayor appointsall of the cl.irectors of the Ciry departments.including the Directors
Reiations and Communiry center' the Buildingizoning
Senice. Economic Development,communitl' police and Fire and Policeand
Maior also appointsthe chiefs of
Administratorand the city Engineer.The to a number
exarninations'The Mayor also appointsmembers
Fire personnelafter competitivecivil sen'ice may remo'e all appointed
r.r'ithcivil servicerequirements.
of boardsand commissions.and in accordance passed
and employees'The Muyot may veto any legislation
officialsand employees.exceptCouncilofficers
by a vote of five Councilmembers.
by council, but Councilmay fvemde a veto

lnlgg4.theresponsibiiitiesofSafetyDirectorrr'ereffansfetredtotheMayor.Thismoveu'asmadeto
estabiishaSflongerbon<lbenveentheH,tayo,andthesafetyforces.TheMayortookonthedutie
SafetyDirectorlvith no additionalremuneratlon'

CitY Services
recreation'
inclr-rdingpolice and fire protection'parks and
The Ciry providesbasic sen'icesto its resiclents generaladminisffatti'e
planning.zoning.streetmaintenance andrepair.refusecolieition' municipalcourt and
$iaterand seq'ersen'icesto the Ciry's residents'
sen'ices.The Ciry of Clevelandprovides
This
organizes plogl?Tt, for cit'v residents'
The South Euciid-Lyndhurst Recreation Commission puitlo. the ciry of Lpdhurst and the
amongthe city of Soutir
commissionis a eo'emmentaljoint venfure
commission through funds paid to
Ciry School Disn-ict. Each entiry supporrsthe
South Eucrid_Lyndhurst
year-roundactivitiesand classes'
the commisstonand eachhas accessto the
v
U
EconomicCondition and Outlook
,
A The City is primarily a residential community u'ith a preponderanceof single family homes. A major
I
a,
medical faciliry, University SuburbanHealth Care,provides qualiqvheaith care to South Euclid residentsas
, u'ell as to our neighboringcommunities. South Euclid is home to Notre Dame College.a private, four-year
t, instituteof higher leaming. The following industr-iesare vital to the City's financial conditionand contribute
9
a, to the stableeconomicconditionof the City: Aero Conffoiex,Division of Transdigm.Inc. is a Fortune500
t company w'hich manufactures custom components for the aerospace industry; Glastic Corporation
t manufacturesthermosetpolymers used in appliances;Gent N{achineCompany manufacfuresautomotiveand
aircraft components.
t
I Severalretail shoppingcentersin South Euclid are availablefor the City's residents. Theseshoppingcenters
t are among the major tax contributorsr,r,ithinthe City. In 2001, the City welcomed a new 14,000squarefoot
shoppingcenterat the intersectionof Mayfield and Green,which is anchoredby CVS. This supplementsthe
t existing Mayfield Road-GreenRoad shoppingcenterthat housesnumerousretail stores. This shoppingarea
I includesMarc's discountstore and BlockbusterVideo. The second-largest shoppingarea in the City is
locatedat Cedar Road betweenWarrensville and Fenwick Roads. The City has purchasedthe property and
i is currently planning for the center's conversion from a strip mall to a mixed-use residentialand retail
t project. Another small shopping center is located in the northern section of the City known as Glengate
1 Shopping Center and housesthirteen retail stores. A smaller strip of storesis located on Cedar and Green
Roads.
t
t During 2007, the Building Deparfment issued building permits for several commercial and educational
schoolprojects. Two of the largerprojectsinvolved a 30,000squarefoot expansionof ciassroomspaceto
a
the Greenview Elementary School and the addition of a new gl.mnasium and locker room facility to
J Memorial Junior High School. The City saw the completion of many projectsthat got underway during the
calendaryear of 2006; these projects included the completion of a new Dunkin Donuts store and a new
1 branch bank for Fifth Third Bank. One PlannedUnit ResidentialDevelopment(PLIRD) known as Novicky
\ Court that began in 2006 completed its construction of 14 new dwelling units structuresby the end of
I August. Another PURD continuedbuilding out its developmentof eight new homes out of a total of eleven
proposed housing units. Our newest development, Cutters Creek completed the installation of the
3 infrastructureand began building six dwelling units out of a proposed forff eight during the later part of
\ 2007. Notre Dame College experiencednumerousinterior alterationsthroughoutthe campusand begantheir
approvalprocessfor new buildings that will begin constructionin 2008. For existing commercialbuildings,
\
the City administersa BusinessMaintenanceinspectionprogram which identifies maintenancerelated issues
i that needto be brought into compliancewith our building codes. This program helps to maintain the values
within our community.
I
\ In residential areas, homeowners carefully maintain their properry, which increase properry value and
I enhancethe appearanceof the City's neighborhood. To encourageindividual upkeep,the City continuesto
administer its exterior residential properly maintenanceprogram. This program establishesminimum
I standardsgoveming the maintenance of dwelling structures,which allows the City to work to create
1 neighborhoodsthat are enjoyable to inhabit. Without the support of properfy owners who have a geiuine
concem for the communify, the goals of the program could not be reached. Under the program, eachyear a
1 specificareaof the City is selectedfor inspectionwith an annualaverageof 1500home inspections.
I
With an increasein foreclosedproperriesthroughout our region, much of our efforts were focusedon vacant
1 and abandonedproperties. Working with County grant fi.nds, the Building Departmentwas able to demolish
\ a few condemnedpropertiesand fix violations on over eight homesin the community. During the past year.
,!
residentshave improved their homes by alterationsand additionsvalued at $5,288.766. A total of 890
permits were issuedin 2007, which included 63 commercialpermits for additionsor improvementstotaling
\
$14,281,819. The Ciry is emphasizingenforcementof maintenancestandardson its populationof rental
1 housingas well with a program goal of annual exterior inspectionsrvith interior inspectionsperformed every
threevears.
1
a
 Long term financialplanning

The GeneralFund baianceincreasedover the previousyear in 2007. The net changein fund balancefor the
Generalfund u'asS1.250.318ri'hichrepresents
a 30.82percentincrease.

The City income tax is the largestsourceof revenuefor funding of our governmentalactivities. The tax rate
remainedconstantat 1.5percentfrom 198{ through2005. In Au-eust2005the citizensof SouthEuclid voted
to raisethe incometax rateto 2.00percentbecomingeffectiveJanuary1.2006.

The Citl' has a StreetLighting specialrevenuefund q'hich is usedto maintainand pay the expensesof the
streetlights throughoutthe Ciq'. Revenueis collectedas a specialassessment paid b1' all properryo\ rrers
basedon the fiont footageof their properfy. The expensesmainly representthe costof electricity.as u,ell as
othernecessaryrepairsto providethe sffeetlighting.

The City also usestwo fundsfor the maintenance and capitalimprovementsof the City sewersystem. Every
person,including businesses, u'hosepremisein the Ciry is servedby a connection*'ith the seu,ersystemof
the City, shall pay a sewerrental charge. A portion of the chargegoesinto the SewerRehabilitationcapital
projectsfund u'hich is used to pay for the cost of the management,maintenanceand repair of the sewer
system. The major portion of the revenuecollectedgets depositedinto the Flood Control capital projects
fund. This fund is used for the cost of improving the Ciry's sewersystemby construction,renovationor
replacement.

The City aiso established

a land bankto enhancethe City's appearance
and r.vell-being.

Relevant fi nancial policies

The Ciry usesthe City income tax to run its daily operations.All of the incometax goesinto the General
Fund. When neededthe GeneralFund u'ill subsidizeother fundsw'hererevenuecollectedis not enoughto
covertheir expenses.Fundsthat may receivean operatingtransferincludethe ParkingLots and Metersand
Su'imming Pools special revenue funds, and the Safety Forces Vehicle, Sewer Rehabilitation,General
Capital Improvements. Road lmprovement and the Flood Control capital projects funds. All transfersare
approvedby City Council.

The City has a General Obligation bond retirementfund which is used to pay for the bond issued for
recreationalimprovementsin the City. The sourceof revenueto pay this debtis collectedfrom the propeny
ownerson their properrytax biils. The millagewas reducedfrom L3 mills to 1.1mills beginningin the 2007
tax collectionyear.

N{ajor Initiatives

For the Year In 2007. the Ciry of SouthEuclid continuedits commitmentto provide quality servicesand
facilitiesto the City's residents.Emphasiscontinuedto be placedon the maintenanceand improvementof
the Ciry's infrastmcture.specificallystreetsand seu'ers.The Ciq' also continuedits traditionalannualroad
resurfacingprogmm. Throu-ehthe combinationof the Road ImprovementFund and the Flood Control Fund
l3 streetswere able to be reconstmctedor resurfaced.S1,067.000ll'as spentfrom the Road Improvement
Fundand over $7.500.000u'as spentfrom the Flood ControlFund.
 or renovation of various
There u,ere several major projects for 2007 starting u'ith the replacement
Road project and the East
infrasrrucrure assets u,iihin th; Ciry, including the Warrensville Center
project. consisting.of
Antisdale/GrosvenorInfrastmcrure Piojects and the Brookline Road infrastructure
City Hall and the Community
sewers,bridges and culvefts. The City also continuedto update an outdated
was implemented for the safetyof the residents
Centerreceiveda kitchen remodel. A reverse911 system
Ciry. any schedulechangesof
and has also been an effective tool in informing residentsof activities in the
city servicesand any other pertinentinformation'

one Planned Unit Residential

consrmction of new housing continues to be a priority in the city.
last August, with 14 attached units
Development (pURD), calleJ Novicky Court reached completion
other major housing developments'
constnr;ted,and all have been sold. Constmctionhas begun at the City's
completedand are selling well'
At Cutter,sCreek, six attacheddwelling units out of a proposed48 have been
development.
Constructionaiso continuesat FrancisCourt Gables,a sixteenunit tou'nhouse

the City completedthe processof

The City continuesto improve communicationwith residents.In2007,
updatingthe website,www,cITyoFSourHEUCLID.coM. This user-friendlyupgradeallows residents
the ability to easily contactany of the City's respectivedeparfments.

to the City's key employersby

For the Future The Administration and City Council continueto reach out
the City to prosper'The City also
encouragingstimulating dialogue.Listening to businessconstituentsallows
quality of life and createa stronger
continuJsto look for oiportunities which will ensureour residentsa high
senseof communitYPride.
will be demolishedand
The redevelopmentof the CedarCenterareais progressing.In 2008, the buildings
100,000squarefeet
currentplans call for the Coral Company to reaeuelropthe property with approximately
restaurantlocations' There will
of anchor retail space, 100,000rqr.,ui. fiet of other ritail spaceand various
of Warrensville Road and
also be 10,000 squarefeet of office spaceand residentialunits. The intersection
CedarRoad will b""o.n. a revitalizedshoppingareavital to our community'

to allow the area to reachits

The City continuesto analyzethe four quadrantsat Mayfield and Green Roads,
which demonstratesthe
full potential.The City continuesto atfractinterestin all of our commercialdistricts
Cit/s successin winning over the developmentcommunily'

The Ciry recognizesthat

The Ciry continuesto explore other avenuesto encourageeconomic development.
a project'
successful
our placein the regionalmarketpositionsSouthEuclid as an ideallocationto build

Other Information

Awards

City of SouthEuclid
ln December 200'/,lv1ary Taylor, CPA, the Auditor of the Stateof Ohio, recognizedthe
the City of South
for excellent financial accountability. Auditor of State Mary Taylor's office presented
,,Making your Tax Dollars count" au,ardfor their calendaryear 2005 audit. Fewer
Euclid officials with the
"It is an honor to recognize
than five percent of all Ohio governmentagenciesare eligible for this award.
SouthEuClidofficials for their commitmentto sffong financial accountabiiity," said Taylor.

a Certificate of
The Government Finance officers Association of the United States and Canada arvards
an informative and
Achievementfor Excellencein Financial Reportingto a governmentalunit that pubiishes
(CAFR) u'hose contents conform to program
efficiently organizedComprehensiveAnnuai Financial Report
principles and applicable legal
standards.Such reports must satisfy both generally acceptedaccounting
requirements.The -iry or SouthEuciid receivedthe Certificate of Achievementfor its 2006 Comprehensive
Annual Financial Report.
A Cerrificateof Achievementis valid for a periodof one -iearonll', lVe believeihat this CAFR for i
continuesto meetthe Cerrificateof AchievementProgram'srcquiremcnts and u'e arc:submittingit to Lrre
Governmerlt FinanceOfficersAssociation to dctermineits iligibiliii' for anothercertificate,

Acknox,leCgentents

The preparation of this repoi uould not be possiblen'ithoutthe diligentand extra work b1 our Finance
Depa-r-rrnent to all City Hall DepartmeniHeads
sralf. I appreciatetheir efforts.Appr;ciation is also expressed
and Superintendents for their cooperationand assistance.In addition,m)' gratitudeand complimentsextend
to tire Auditor of State'sSectionof Local GovernmentServicesu'ho helpedus u'ith this report.Finalll'. a
thzurk1'ouro lvlavorGeorgine\\relo and the membersof Citi CounciI is in order for tireir continuedsupport
of preparinga Comprehensive AnnualFinancialReport.

ly submifted,
Respectfnl

./,- , ,f4 , e t /;/.

'

11u'/\, ,p'. ltz,-5a>

lt

,/

JosephC. Filippo,CPA
FinanceDirector