Facilitated New York Times front page business feature on Savannah and the Port of Savannah.
Coordinated, along with Georgia Allies and the Georgia Department of Economic Development, the Industrial Asset Management Council conference in Savannah, which included top site selectors from around the world.
Passage of the E-commerce Freeport Exemption.
Groundbreaking and further development of the Savannah Manufacturing Center.
Facilitated 21 inbound business delegations, the most in World Trade Center Savannah’s history, with more than 150 delegates including World Trade Centers Association President Scott Ferguson.
A record breaking $120.1 million in direct spend by entertainment productions in Chatham County in 2018 with 208 professional productions and 147 student productions. Savannah was also named in 2018 number two "Best 10 Small Places and Towns to Live and Work as a Moviemaker" by MovieMaker magazine.
Granted first SEDA Creative Technologies Incentive to OnPoint Digital.
Partnered with the Wexford, Ireland County Council, the Wexford, Ireland Enterprise Centre and the Wexford, Ireland Chamber of Commerce to launch TradeBridge, a joint program to drive international trade.
Announced Wayfair with 1,000 new job opportunities. This is the largest warehouse/distribution e-commerce project announced in SEDA’s recorded history.
Every dollar invested and every retained or new job that SEDA helped facilitate. Includes 1,906 new job opportunities, the second highest number of new job opportunities announced in the last 20 years and more than $500,000,000 million in investment.
SEDA Chairman of the Board of Directors Steve Green passed the gavel to Kevin Jackson at the 2018 Annual Meeting.
On Jan. 10, 2018, SEDA held its Annual Meeting with featured keynote speaker, Doug Lipp, the former head of training for Disney University. More than 700 people gathered, including more than 50 area high school students, to hear from Lipp and hear about SEDA’s 2017 achievements and 2018 goals. The event also included a tribute to SEDA longtime legal counsel Tom Gray.
Attendees listening to keynote speaker Doug Lipp at the 2018 SEDA Annual Meeting.
Keynote speaker Doug Lipp addresses the crowd at the SEDA Annual Meeting.
In 2018, SEDA coordinated, along with Georgia Allies and the Georgia Department of Economic Development, the Industrial Asset Management Council conference in Savannah. The conference attendees included the top site selectors from around the world and Savannah had the opportunity to showcase the strategic advantages of why Savannah is the best place to locate.
In 2018, SEDA along with our partners traveled to New York City to tell the Savannah story. The two-day trip included meeting with top tier media as well as hosting an event for journalists to come learn more about our city. As a result, the New York Times, traveled to Savannah and wrote a Sunday, front page business story.
Savannah is synonymous with St. Patrick’s Day and what better way to connect with site selectors, prospects and our partners than with the annual St. Patrick’s Day mailer. This year, the mailer featured custom leather goods manufacturer Satchel.
The annual SEDA Thanksgiving mailer was an homage to the growing creative technologies industry in Savannah and SEDA’s partnership with SCAD+. The card was an animated card created by SCAD alumna and SCAD+ participant Kineticards.
2018 was a banner year for our region. With the help of our partners, thousands of new job opportunities and millions in investment were created.
In 2018, 13 percent of business development projects entering the pipeline were $100 million or more in investment and we had the second highest number of new job opportunities announced in SEDA’s recorded history.
Wayfair's new location in Savannah.
On Nov. 29, Georgia Governor Nathan Deal announced that Wayfair Inc. would create 1,000 new job opportunities and open a new 1,164,800 square-foot facility in Savannah. The announcement was the largest warehouse/distribution e-commerce project in SEDA’s recorded history.
Wayfair’s Chief Operating Officer James Savarese said during the announcement, “We are excited to expand our team in the State of Georgia as we continue to scale our logistics operations to support the rapid growth of our business. The State of Georgia and the Savannah Economic Development Authority have been great partners to us. We look forward to contributing to economic development in the region with the creation of 1,000 new jobs and the opening of a new, state-of-the-art facility in Savannah.”
The project was the first to qualify for incentives since the voters of Chatham County voted to approve the Freeport Exemption for e-commerce.
“Wayfair’s announcement of 1,000 job opportunities will make a profound impact for the Savannah region,” said Trip Tollison, president and CEO of the Savannah Economic Development Authority. “E-commerce distribution is one of the fastest growing industries in the country and having such a significant announcement of this size as one of our largest e-commerce facilities is exciting. I would be remiss if we did not thank Chatham County voters who most recently approved the Freeport Exemption for e-commerce facilities which will make Chatham County a more attractive location for e-commerce companies.”
1,000 jobs
$75 million
"Wayfair’s announcement of 1,000 job opportunities will make a profound impact for the Savannah region"
Trip Tollison, SEDA President and CEO
Candor announced in 2018 they were moving their headquarters to Savannah.
On Oct. 9, Savannah added another company to its list of those choosing to make Savannah the location of their headquarters when Candor USA announced it would be relocating to Savannah. Candor is a technology and private healthcare marketplace that brings together integrated groups, brokers, carriers and individuals to enable Americans to reduce their true cost of healthcare coverage.
Candor Chief Operations Officer Michael Beck said that the quality of life and the potential in Savannah were major factors in their decision. “Savannah’s quality of life and culture will be attractive to young technology employees and the SCAD talent that will be in our backyard will be a huge benefit.”
Members of Candor's team at The Creative Coast's Geekend
Savannah Economic Development Authority’s Vice President of Innovation and Entrepreneurship Jen Bonnett said, "Candor USA came to our attention originally through the Creative Coast. Once we connected, we knew that we wanted them here in Savannah. It’s a great match for Savannah and they will be a great addition to the business and community."
20 jobs
$250 thousand
Bob Shinn, Founder
Since its opening as Union Bag and Paper Co. in 1935, in the midst of the depression, International Paper has played a vital role in Savannah’s economy and today, 84 years later, employs more than 600 people at its manufacturing facility.
International Paper has played a vital role in Savannah’s economy for 84 years. Opened in 1935 by Union Bag and Paper Co. was welcome news in the depression era. Generations have worked at the manufacturing facility and today employ more than 600 people.
So when they came to SEDA with an expansion project, we were quick to respond. International Paper was looking to expand their operations by installing $100 million in critical infrastructure that would make the facility more efficient and allow them to compete in today’s market.
SEDA worked with Chatham County staff and commissioners to amend the abatement policy to qualify International Paper for the equipment.
$100 million
OnPoint Digital receives the first SEDA Creative Technologies incentive.
Bonnett came to Savannah from the Georgia Institute of Technology as the general manager of the Advanced Technology Development Center (ATDC). Based out of Atlanta, ATDC works with more than 2,000 technology startup entrepreneurs each year across Georgia. While at ATDC, Bonnett spearheaded the development of a recurring year-round curriculum and statewide expansion.
At the time of the hiring, SEDA President and CEO Trip Tollison said, "Jen Bonnett has a wealth of experience, connections and in-depth understanding of the creative technologies industries and will be a fantastic asset to this region and the businesses in the creative technology sector."
Bonnett hit the ground running presenting the first SEDA Creative Technologies Incentive to OnPoint Digital in May and recruiting Candor USA, a private healthcare marketplace, to relocate their headquarters in Savannah.
The SEDA Board of Directors break ground on the Savannah Manufacturing Center
The 719-acre property, master planned for 3.25-3.5 million square feet of industrial building space, was purchased by SEDA in 2016 with individual parcels available from 24 to 193 acres to accommodate advanced manufacturing. The property is positioned and fully vested for immediate development.
Georgia Ports Authority’s Jamie McCurry at the Savannah Manufacturing Groundbreaking.
Chatham County Chairman Al Scott, SEDA Board of Directors Chairman Kevin Jackson and SEDA Board of Directors board member Steve Green at the Savannah Manufacturing Center groundbreaking.
To learn more about the Savannah Manufacturing Center visit savannahmanufacturingcenter.com
"The addition of up to 3.5 million square feet managed and marketed by SEDA, will give us much needed property and greater flexibility to entice manufacturing to Savannah."
Trip Tollison, SEDA President and CEO
Hallmark Channel’s The Beach House starring Andie MacDowell filmed on Tybee Island in 2018.
“We set out five years ago to grow the film and television production industry and further diversify the regional economy. With the support of the SEDA board and engagement of so many key community partners pulling in the same direction, we have seen incredible growth,” said Trip Tollison, President and CEO of the Savannah Economic Development Authority. “The numbers for 2018 are not an accident but the result of a well-executed strategy. I am very proud of the team at SEDA who have been involved since day one, Brynn Grant and Ralph Singleton in particular, as well as the film office executive director Beth Nelson and her team Katie Schuck, Catalina Alcaraz-Guzman and Andy Young who are the best in the business. We still have ground to cover, but this kind of progress is worth celebrating.”
Executive Director of the Savannah Area Film Office Beth Nelson said, “Over the past several years through marketing and direct day to day contact with the industry we have been able to increase the awareness of all Savannah has to offer for TV series, feature films, commercials and more.”
“This would not be possible without the quality product we have in the region from the historic district to Tybee Island to the other smaller towns and neighborhoods, along with the invaluable cooperation we receive from residents who recognize that these productions mean good jobs and a better economy for all,” Nelson added. “We would be remiss if we didn’t thank our partners including the City of Savannah and Chatham County for helping provide a nearly seamless experience when productions are here on location. These professionals are always doing their best to make sure they protect the interests of citizens while working to make every production successful. None of this progress would be possible without them.”
From 2010-2014 the entertainment production direct spend was a combined $58 million, 2015 - $59 million, 2016 - $61 million and in $2017 - $65 million.
In 2018, 208 professional productions and 147 student productions were filmed with one of the biggest productions to date being Gemini Man directed by Academy Award winner Ang Lee and starring Will Smith, Mary Elizabeth Winstead, Clive Owen and Benedict Wong.
Savannah also landed Disney’s Lady and The Tramp; the Hulu anthology, The Act starring Patricia Arquette, Chloë Sevigny and Joey King as well as Pop TV’s new comedy series Florida Girls.
Once again, Savannah made the list of “Best 10 Small Places and Towns to Live and Work as a Moviemaker” by MovieMaker magazine, coming in second in 2018.
In September 2018, the SEDA Board of Directors voted unanimously to extend the Savannah Entertainment Production Incentives for three more years. These incentives are in addition to the tax credit the state of Georgia offers.
The Savannah Area Film Office also announced that their name would be changing to the Savannah Regional Film Commission. The name change is in line with the national industry standard as outlined by the Association of Film Commissioners International (AFCI).
"The Savannah Entertainment Production Incentives combined with the state of Georgia’s tax credit program, have significantly raised Savannah’s profile as a desired location for entertainment production. The renewal of the incentives for the next three years helps solidify the industry for our region."
Trip Tollison, SEDA President and CEO
Provided value and services to support 16 economic development authorities as partners as well as the City of Savannah as our Founding Investor.
Partnered with the Wexford, Ireland County Council, the Wexford, Ireland Enterprise Centre and the Wexford, Ireland Chamber of Commerce to launch TradeBridge, a joint program to drive international trade and resulted in partnerships, multiple sales leads and sales transactions.
Facilitated 21 inbound business delegations, the most in World Trade Center Savannah’s history, with more than 150 delegates including World Trade Centers Association President Scott Ferguson.
Managed 41 trade service project requests from partners, prospects and other World Trade Centers to advance business interests and promote growth in the Coastal Georgia region.
Partnered with Georgia Power to host a business and economic development focused delegation from Germany for the Savannah Gateway Regional Showcase during the Savannah Music Festival.
Supported the Savannah International Luncheon through participation with the Greater Savannah International Alliance (GSIA).
Planned and/or hosted 12 Global Education Programs with more than 258 participants.
Ghost Coast Tasting.
"To have someone on the ground in Wexford (or Savannah) who knows the players and knows how to get things done is extraordinary; we’ve never done anything like this before."
Trip Tollison, SEDA and WTCSav president and CEO.
The TradeBridge initiative was designed to foster an effective and proactive economic network and bring long-term economic value to both regions. Savannah and Wexford will serve as starting points for business growth throughout both regions, countries and continents. Since 2016 a series of international visits to Savannah and Wexford by key representatives were organized to gain a better understanding of the substantial historical links between the regions and to explore potential joint venture prospects. The result of the visits led to the development of TradeBridge.
“The utilization of this strategic partnership will deliver growth opportunities for our small-medium sized companies and organizations in both regions, and the growth of these companies will in turn deliver sustainable job creation in Savannah, Georgia and County Wexford, Ireland,” said Brendan Ennis, Wexford Enterprise Centre Chairman at the launch of TradeBridge.
“TradeBridge is the culmination of years of research and collaboration,” said Brynn Grant, WTCSav Vice President. “Although Savannah and Wexford are each the tip of the spear in our respective areas, we hope to grow trade throughout our regions, across our nations and continents. Our goal is to help the businesses we serve generate revenue and create more jobs while cultivating long-term investment opportunities for our communities. We are truly building a bridge for international trade and investment.”
Originally the program was designed as an eight month pilot program where dedicated trade representatives worked on the ground in each location; one in Savannah and one in Wexford. Business development professionals from both regions were identified and facilitated trade opportunities for businesses from Wexford into the Savannah region.
In October 2018, a nine-person delegation spent four days in Savannah exploring opportunities for their businesses and organizations. The delegation included representation from Wexford Enterprise Center, Wexford County Council, Kent Stainless, Survipod, Poachers Tonic, and Jackford Gin. The week kicked off at the Savannah Philharmonic’s annual Picnic in the Park event. Throughout the week the delegates attended over 30 business to business meetings and attended two networking events resulting in trade leads for all companies involved. Notably, as a result of this mission, Survipod has signed a US distribution agreement with Ram Tool.
In November 2018, WTCSav led a delegation of businesses from the Coastal Georgia region to Southeast Ireland to explore business development and trade opportunities. Representatives from Georgia Southern University, Ghost Coast Distillery, Savannah Bee Company and Wet Willie’s participated in the trade mission. As a result, every participating business has qualified leads they are working to advance. Coastal Georgia companies and those in Wexford who want to do business internationally, are now a quick call or email away from starting the process.
The German delegation visited the Georgia Ports Authority.
The delegation was comprised of companies from the film, logistics, manufacturing and aerospace industries. Companies represented included KlangFee Media, KSB Pumps, Karl Gross Logistics and Aircraft Philipp Group.
The region was showcased through industry visits, targeted business-matchmaking meetings and networking opportunities. The delegation visited the Georgia Ports Authority, home to the Port of Savannah, the fourth largest and fastest-growing container port in North America. Additionally, the group toured PaR Marine in Brunswick, an international manufacturer specializing in aircraft elevators, as well as steering gear, fireproof technologies and door systems for ships and offshore constructions.
The group also visited Georgia Southern University, the fourth largest public university in Georgia located in Statesboro, as well as the internationally renowned university for creative careers, Savannah College of Art and Design. The week concluded with dinner at the former estate of Henry Ford, the founder of the Ford Motor Company.
The delegation enjoyed the quality of life Coastal Georgia has to offer.
The German delegation visited several regional companies and institutions including Georgia Southern University.
The DIRTT team receiving the World Trade Center International Business of the Year Award.
The World Trade Center International Business of the Year Award recognizes companies that excel in international trade and acknowledges the importance of trade to the Savannah region’s economy. DIRTT exemplifies this award as a manufacturing facility that not only supports customers throughout North America but their products are also exported from Savannah to Europe and the Middle East.
You can watch a video on DIRTT Environmental solutions here.
Looking to showcase the region they represent, WTCSav chose Kim’s Cheese Straws, which are made in Statesboro, Ga. located in Bulloch County. The Development Authority of Bulloch County is a partner of WTCSav.
Kim’s Cheese Straws grew from her grandmother’s recipes for cheese wafers. Using her own recipe and instincts, her business has grown from her kitchen to operating Marsh Cabin Bakery. Kim’s Cheese Straws are offered in eight flavors and more information can be found at kimscheesestraws.com.
The assumptions are: Direct Allocation includes 2 direct payroll, taxes and pension, insurance benefits, and telephone expenses. Indirect Allocation includes:
| WTCSav | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $360,152 | $381,704 | $346,953 | $333,915 | $276,349 | $202,344 | $8,636 | $0 |
| Expenses | $209,177 | $212,376 | $307,756 | $245,747 | $240,670 | $213,183 | $66,486 | $308,630 |
| Net Income before Allocations | $150,975 | $169,328 | $39,197 | $88,168 | $35,680 | ($10,839) | ($57,850) | ($308,630) |
| Allocated Expenses | $379,962 | $326,545 | $369,428 | $397,499 | $372,415 | $360,231 | $0 | $0 |
| Net Income /(Loss) after Allocations | ($228,987) | ($157,217) | ($330,231) | ($309,331) | ($336,735) | ($371,070) | ($57,850) | ($308,630) |
| Accrual Income coverage | 61.13% | 70.83% | 51.23% | 51.91% | 45.08% | 35.29% | 12.99% | 0.00% |
| Accrual Income coverage excluding SWTCI | 61.58% | 71.63% | 58.11% | 56.53% | 51.96% | 37.90% | 12.99% | %0.00 |
Kevin Jackson - Chairman of the Board of Directors
Teamwork is a noun and its definition states – a cooperative or combined effort of a group of persons working together as a team for a common cause.
If you have been around me for any length of time, you know I am a big believer in teamwork and creating a shared vision for the betterment of our community.
The concept of teamwork stems from my youth, the lessons I learned playing football at the University of Georgia and the role models I was privileged to have, such as my high school Coach Curtis Kell, Coach Vince Dooley, and Coach Erk Russell, have served me well.
As Chairman of the Savannah Economic Development Authority Board of Directors, I have the distinct pleasure and benefit of working with a dynamic team. This team includes the SEDA staff, the SEDA board of directors, World Trade Center Savannah staff and their board of directors, the Savannah Regional Film Commission staff, the Georgia Department of Economic Development, Georgia Power, the City of Savannah, Chatham County, the Savannah Chatham Public School System, our neighboring counties and the list goes on and on.
But the most important part of this team is you – our community. It takes every one of us to pull together and move the needle forward. It does not happen in isolation. And 2018 was a testament to a team moving the needle. We announced 1,906 new job opportunities for Chatham County - the second most job opportunities in SEDA’s recorded history and $500 million in investment.
But we are not resting on these accomplishments. We are still hard at work today to provide more opportunities for the citizens of our region. And we are grateful to you for being a part of the team.
To that end, we devoted a great deal of time and energy in 2018 working with seasoned economic development consultants to conduct a competitive positioning analysis and target industry study that produced a five to seven-year economic development plan. We must not be a fragmented community.
Angelo Economics stated the following and it is right on target:
“A community must pursue the collective and shared vision with tenacity and willingness to work through inevitable obstacles in order to achieve the vision. That will be SEDA and everyone in Savannah’s next challenge. Through an integrated mix of economic development activities, capital investment, and innovative programs, the Savannah region is well-positioned to attract and grow businesses, boost the competitiveness of the region’s established economic drivers, improve job quality and further diversify the economy with new sector development — while maintaining its renowned coastal lifestyle and preserving its core historic district.”
We have been given an enormous but doable vision for our region, but one I am certain we can advance if we continue to work together as a team.
We’ll see you at the table.
Kevin Jackson
Savannah Economic Development Authority
Chairman of the Board of Directors
Hugh "Trip" Tollison - SEDA President & CEO
We often get this question: What does the Savannah Economic Development Authority do? The answer can be a long, complex reply, but in the end, SEDA exists to market and sell the Savannah region to the world with the ultimate goal of landing more jobs and investment. This report will hopefully show you that 2018 was a great year.
The World Trade Center Savannah, the Savannah Area Film Commission and Business Development carry out the daily tasks at SEDA and our staff always stands ready to accomplish our goals and objectives. They are the best in the business, and we are truly grateful for all that they do. Without this team of dedicated, intelligent and hard-working professionals, this annual report would only be about two, or three pages. I cannot thank our team enough for their stellar performance, joyful comradery and meaningful friendships.
I would also like to thank our board of directors for their incredible support and wisdom that has been passed down to us as we pursue our mission. We are very fortunate to have such an immensely talented and qualified board who truly give back to our community, not just at SEDA, but through their many civic and philanthropic endeavors that all hold the same purpose – improving the quality of life for all of the Savannah region.
Thank you for reading our 2018 Annual Report. Please feel free to contact us if you would like to learn more about SEDA. Furthermore, we encourage you to attend our board meetings and read our quarterly newsletters.
Happy Reading,
Hugh "Trip" Tollison
SEDA President & CEO
Scott Center - Chairman, World Trade Center Savannah - National Office Systems
For the past 35 years, I have been continually involved in community service. During this time and before, I have worked with some of the most amazing organizations in Savannah and Georgia and the nation. I can honestly say I have never had a more rewarding experience than the time serving as Chairman of the Board of Directors for World Trade Center Savannah (WTCSav).
There are two main reasons. Reason number one is we have the best staff in the business. I speak with authority not just because of my decades of experience with local non-profits, but for the past two years on the Global Board of the World Trade Centers Association (WTCA). I have been able to see how other World Trade Centers across the globe operate and can truly tell you that our staff is among the most professional. We are viewed as the exemplar by other World Trade Centers and by the World Trade Center professional leadership in New York.
The second is because of the incredible dedication of the World Trade Center Board of Directors. They are working right alongside staff, helping local businesses thrive globally and bringing new foreign investment to the Savannah region.
World Trade Center Savannah is the most successful regional economic development organization in the state.
As Brynn Grant often says, development and investment does not stop at the county line. An investor in Wexford Ireland does not care where our local borders are. Investment in Bryan County or others, benefits residents of Chatham and the whole region. It is thrilling to be able to make a difference on a global stage.
I am also grateful to the leadership and staff of the Savannah Economic Development Authority, of whom we are a wholly owned subsidiary. It is through WTCSav’s performance and SEDA’s commitment to be a major global player that I was able to be elected to the WTCA Board. I have formed bonds with people I would not have met in a thousand lifetimes and been able to make connections for local businesses that I could not even imagine until they happened.
Again, thank you for this opportunity. Most importantly, if you have any thoughts of international trade, please let me help. We are now incredibly connected everywhere and would love to help. We are better together.
Scott Center
Chairman, World Trade Center Savannah
National Office Systems
Left to Right Back Row: Kalpesh Patel, Trey Thompson, Quentin Marlin, Frank Macgill, Nina Gompels, Bill Hubbard, Robert E. James, Truitt Eavenson, Reed Dulany, Kay Ford, Stephen S. Green, Cheri Dean
Front Row:: Loretta Cockrum, John Coleman, Kevin Jackson, Joyce Roche’
Left to Right Back Row: Jessie Bynum, Beth Nelson, Katie Schuck, Mark Sprosty, Antwone Smoak, Leia Dedic, Jesse Dillon, Cassie Beckwith, Matt Poyner, Leigh Ryan, Catalina Alcaraz-Guzman, Beth McLaughlin, Leigh Acevedo, Ralph Singleton, Angela Hendrix
Front Row:: Jen Bonnett, Trip Tollison, Brynn Grant, LeAndrea Mikell
Independent Auditor’s Report
To the Board of Directors of
Savannah Economic Development Authority
We have audited the consolidated statements of net position of the Savannah Economic Development Authority (SEDA) and affiliates, as of December 31, 2018 and 2017, and the related consolidated statements of revenues, expenses, and changes in fund net position and of cash flows for the years then ended.
The accompanying condensed financial information of SEDA as of and for the years ended December 31, 2018 and 2017 is not a presentation in conformity with accounting principles generally accepted in the United States of America. Reading the condensed financial statements; therefore, is not a substitute for reading the audited financial statements of SEDA.
Management’s Responsibility
Management is responsible for the preparation and fair presentation of the consolidated financial statements.
Auditor’s Responsibility
Our responsibility is to express an opinion on the consolidated financial statements based on our audit.
Opinion
In our opinion, the accompanying condensed financial information is fairly stated, in all material respects, in relation to the portion of the basic financial statements from which it has been derived.
Other Matters
SEDA has not presented the management’s discussion and analysis that the Governmental Auditing Standards Board has determined is necessary to supplement, although not required to be a part of, the basic financial statements.
Holland, Bromley, Barnhill & Brett, LLP
Savannah, Georgia
April 29, 2019
Condensed Consolidated Statements of Net Position |
December 31 |
| Assets | 2018 | 2017 |
|---|---|---|
| Total Assets | $42,724,301 | $42,213,231 |
| Cash and Cash Equivalents | $4,947,128 | $4,182,552 |
| Investments | $19,409,073 | $19,878,964 |
| Capital Assets - Net of Accumulated Depreciation | $6,427,850 | $6,649,104 |
| Real Property Held for Sale or Development | $8,437,451 | $9,465,940 |
| Other | $3,502,799 | $2,036,671 |
| Deferred Outflows of Resources | 2018 | 2017 |
|---|
| $1,197,468 | $1,285,088 |
| Liabilities | 2018 | 2017 |
|---|---|---|
| Total Liabilities | $6,166,075 | $7,115,088 |
| Current Liabilities | $3,120,000 | $3,916,673 |
| Noncurrent Liabilities | $3,046,075 | $3,198,415 |
| Deferred Inflows of Resources | 2018 | 2017 |
|---|
| $164,574 | $248,266 |
| Net Position | 2018 | 2017 |
|---|
| $37,591,120 | $36,134,965 |
Condensed Consolidated Statements of Revenues, Expenses and Changes in Fund Net Position For the Years Ended December 31, 2018 and 2017 |
| 2018 | 2017 | |
|---|---|---|
| Total Net Position - Beginning of the Year | $36,134,965 | $33,883,829 |
| Total Net Position - End of the Year | $37,591,120 | $36,134,965 |
| Operating Revenues | $7,507,140 | $7,351,552 |
| Operating Expenses | ($7,014,322) | ($6,397,163) |
| Nonoperating Revenues (Expenses) | $963,337 | $1,296,747 |
| Net Income | $1,456,155 | $2,251,136 |