2011 annual report [2011]

2011 ANNUAL REPORT
Preserving Georgia's Water Resources, Protecting Georgia's Future

mission vision overview
Our mission: To provide energy, land and water resources resulting in an improved quality of life for today and future generations. Our Vision: We produce effective results through team members focused on customer service and continuous improvement.
overview
Founded in 1985, the Georgia Environmental Finance Authority (GEFA) facilitates programs that improve Georgia's environment, protect its natural resources and promote economic development. GEFA provides loans for water, sewer and solid waste infrastructure; manages energy efficiency and renewable energy programs; oversees land conservation projects; and manages and monitors state-owned fuel storage tanks. To date, GEFA has provided more than $3 billion in low-interest loans to cities, counties and infrastructure authorities for improvements to water, sewer and solid waste systems. More than 1,400 projects have been funded by GEFA to date, including solid waste management projects and land conservation purchases and easements.
01 www.gefa.org

To The Governor, Members of the General Assembly and georgia citizens:
Among our state's many natural resources, water is the most important. Water is integral to agriculture and land preservation, helps produce energy, and supports our economy and the quality of life we have in Georgia. Water is essential to life and without it, life cannot be sustained.
Georgia is poised for significant growth over the next 20 years. We currently have 9.6 million people living in our state. Between 2010 and 2030, the state's population is projected to grow by 4.6 million people.1 A comprehensive approach to Georgia's water supply issues is imperative to meet the subsequent demands on the state's water resources that an increasing population will bring. Without a strong, proactive plan, communities across the state will face short- and long-term water supply challenges that will not only affect the quality of life in Georgia, but the state's economic development and growth.
Georgia has sought solutions to the water supply issue for many years. The Georgia Comprehensive Statewide Water Management Plan and the Water Stewardship Act have raised awareness of the water issues facing our state, encouraged conservation, and increased support for water supply projects and programs. GEFA, in its mission to provide and protect water resources, has offered a 1 percent interest rate reduction for WaterFirst communities for many years. In May 2011, our board of directors approved a 1 percent interest rate reduction for water efficiency and conservation projects.
GEFA also increased its role in developing the state's water supply resources in the past year. In January 2011, Gov. Nathan Deal directed GEFA to lead the Governor's Water Supply Program, which will align and mobilize resources in Georgia to assist local governments in developing new sources of water supply. GEFA's work and experience over the past 26 years providing low-interest loans for water, wastewater and solid waste infrastructure projects, along with developing and implementing other water resource programs, gives us the expertise to support the state's long-term water supply planning.
We recognize that an adequate supply of clean and affordable water is key to Georgia's growth and economic well-being. GEFA continues to uphold the quality of life in this state and its commitment to conservation and environmental responsibility in regards to our water supply.
Sincerely,

executive director's report

Kevin Clark Executive Director
1 http://www.census.gov

02 404.584.1000

2011 Georgia Transmission Corporation

FY2011 Accomplishments at a Glance
GEFA strives to increase the capacity and quality of Georgia's water supply, coordinate the protection and preservation of Georgia's land resources, and promote conservation and advancement of Georgia's energy resources. GEFA's accomplishments challenge the agency to continue building upon this success through its commitment to protecting Georgia's natural resources and supporting economic development.
Increasing the Capacity and Improving the Health of Georgia's Water Resources: The Clean Water State Revolving Fund (CWSRF) awarded $157 million to 16 projects. The Drinking Water State Revolving Fund (DWSRF) awarded $41 million to 29 projects. The Georgia Fund awarded $35.6 million to 25 projects. Local governments using GEFA to finance water and sewer projects saved more than
$23 million in interest costs over the life of an average 20-year loan in FY2011.
Gov. Nathan Deal announced GEFA's lead role in the Governor's Water Supply Program
and the Water Supply Task Force with seven other state agencies.
The GEFA board of directors approved a 1 percent interest rate reduction on water
conservation loans.
Protecting Georgia's Land Resources: The Georgia Land Conservation Program (GLCP), working with seven other statewide
charitable funds, implemented Checkoff Georgia, a program that helps taxpayers donate to these organizations via their state income tax returns.
House Bill 346, which authorizes transfers of the state's tax credits for land conservation
donations, passed the state legislature. HB 346 helps landowners earn the full value of the tax credit, thereby encouraging more land conservation donations.
More than 16 acres of conservation land were acquired along the Etowah River by the
city of Euharlee in conjunction with the GLCP.
GLCP facilitated the donation of six conservation easements to the state, protecting
more than 5,000 acres of land.
Fifty-seven tax credits were issued for 25,000 acres of perpetually-protected land. During FY2011, GEFA helped its agency partners pass 71 fuel storage tank site
compliance inspections.
358 underground fuel storage tanks were registered in FY2011.

03 www.gefa.org

Conserving and Advancing Georgia's Energy Resources:
The Weatherization Assistance Program (WAP) weatherized 7,013 homes in Georgia, saving 222,592
million British Thermal Units (BTUs) of energy in FY2011. This year, the WAP weatherized its 10,000th home, with a cumulative savings of 305,000 million BTUs of energy, as part of the American Recovery and Reinvestment Act (ARRA).

The Georgia Energy Challenge registered 3,015 residents, businesses, schools and nonprofit
organizations committed to lowering energy use by 15 percent, pledging more than $3.2 million in savings.

The State Energy Efficient Appliance Rebate Program, funded by ARRA, ended in FY2011 and resulted

in an estimated savings of 19,360 megawatt hours (MWh) of electricity, equivalent to the electricity used



by more than 1,600 households in Georgia; 498,619 Therms of natural gas; 279,226,806 gallons

of water; and 32,860,622 pounds in carbon dioxide pollutants annually.

GEFA launched Georgia's First Annual State Building Energy Competition. The eight agencies that

participated in the competition reduced energy consumption by more than 20 billion BTUs and reduced



carbon dioxide emissions by 2,765 metric tons. This is the equivalent of removing 542 passenger vehicles

from the road, the annual electricity used by 345 homes, or the carbon sequestered by more than 70,900

tree seedlings grown for 10 years. The winner was the Department of Community Affairs (DCA), which used employee awareness of energy

conservation to reduce its energy use intensity (EUI) by 16.7 percent.

GEFA and Southface launched the Southeast Weatherization and Energy Efficiency Training (SWEET) Center, a green jobs training center that
provides practical, hands-on learning opportunities in weatherization techniques and testing protocols.

GEFA, seeking to address Georgia's vulnerability to energy disruptions, partnered with the Georgia Emergency Management Agency (GEMA)
to develop the Georgia Online Disaster Awareness Geospatial System, a geospatial visualization tool and disruption tracking system that
allows emergency responders and disaster planning experts to track critical incidents, including energy emergencies.

04 404.584.1000

Important Developments at GEFA

Governor's Water Supply Program

In January 2011, Gov. Nathan Deal directed GEFA to develop and launch the Governor's Water Supply Program. The purpose of the program is to align and mobilize the resources of the state of Georgia to assist local governments with developing new sources of water supply adequate to meet future water demand forecasts.

An adequate supply of clean and affordable water is vital to Georgia's economic well-being and quality of life. Communities across the state face short- and long-term water supply challenges due to natural occurrences such as drought and continued population growth, particularly in metro Atlanta. Georgia currently has a population of 9.6 million, and is poised for exponential growth over the next 20 years. Between 2010 and 2030, the state's population is projected to grow by 4.6 million people. Despite this increase in demand, local governments and water utilities face considerable financial constraints due to the current economic climate that prohibit them from starting critical water infrastructure projects.

Per the executive order, GEFA convened the Water Supply Task Force, which will provide guidance in the Governor's Water Supply Program development and implementation. The agencies participating in the Task Force, in addition to GEFA, are:

The Georgia Department of Natural Resources The Georgia Environmental Protection Division The Georgia Department of Community Affairs The Georgia State Financing & Investment Commission

The State Properties Commission The Georgia Department of Agriculture The Georgia Soil & Water Conservation Commission

Water Conservation Initiatives
The solutions to the state's water supply issue are many, including water conservation, new water supplies, system interconnections and improved system redundancy. Georgia has shown tremendous leadership in its water conservation initiatives and efforts in the last decade. The Metropolitan North Georgia Water Planning District (MNGWPD) has required effective water conservation practices throughout the metro Atlanta region since 2003. The Water Stewardship Act (SB370) passed in 2010 calls for voluntary water conservation efforts throughout Georgia.
GEFA has risen to this challenge by developing programs that support effective water conservation projects and practices. In the last five years, GEFA has financed $65 million in low-interest water efficiency and conservation projects. In May 2011, after offering 1 percent interest rate reductions for WaterFirst communities for years, the GEFA board of directors approved a 1 percent interest rate reduction for stand-alone water efficiency and conservation projects. Gov. Deal has committed $300 million over four years for reservoir and water supply projects as a part of the Governor's Water Supply Program, and GEFA expects to have more than $300 million available in its other water and sewer financing programs during this year alone from which water conservation projects can be financed.

Energy Performance Contracting
In November 2010, Georgia voters overwhelmingly supported Energy Performance Contracting. Energy Performance Contracting allows the state to use funds that would normally be spent on utility bills to finance building improvements designed to lower energy consumption. Previously prohibited by the state constitution, Energy Performance Contracting became effective January 1, 2011. GEFA's State Utility Program (SUP) will be responsible for helping state agencies purchase and use energy more economically and efficiently through performance contracting. GEFA estimates that state agencies will save $30 million in energy costs through this program.

05 www.gefa.org

Georgia Water Supply and Conservation Milestones

2009

2011 2010

2001

2003

2008

2009

2001

March 2009: GEFA

The Metropolitan North

2008

announces $24.2

Georgia Water Planning District (MNGWPD) is formed.
2003
MNGWPD publishes
a regional Water Supply Plan, including effective water

February 2008: Gov. Perdue
signs the State Water Plan (HR1022) into law, recognizing water conservation as a priority water supply management practice.

million in State Revolving Fund (SRF) ARRA funding for "green projects," including water conservation and leak abatement, which includes 60 percent principal forgiveness.
May 2009: MNGWPD
publishes its 2009

conservation practices.

Plan Update, requiring

12 water conservation

measures to be implemented

by all water utilities

in the district.

May 2009: The Georgia
Environmental Protection Division and the Georgia Department of Natural Resources publish "Georgia's Water Conservation Implementation Plan," providing guidance for Georgia's seven major water use sectors.

July 2009: U.S. District Senior
Judge Paul Magnuson rules it's illegal for the U.S. Army Corps of Engineers to operate from Lake Lanier to meet metro Atlanta's water needs.

December 2009: The
Water Contingency Planning Task Force issues its report, recommending a number of water conservation initiatives and contingency scenarios.

2010
April 2010: GEFA announces
$14 million of SRF funding for "green projects," including water conservation and leak reduction, and 50 percent principal forgiveness.
May 2010: Gov. Perdue signs
into law The Water System Interconnection, Redundancy and Reliability Act. GEFA contracts with CH2M Hill to develop a MNGWPD- wide emergency plan that allows for water systems to accept or share water during emergencies.
June 2010: Gov. Perdue
signs the Water Stewardship Act of 2010 (SB370), promoting a culture of conservation in Georgia.
September 2010: GEFA
commits $640,000 of Drinking Water State Revolving Fund monies to provide leak reduction assistance to small water systems in the state.
December 2010: MNGWPD
approves eight additional water conservation measures.

2011
January 2011: Gov.
Nathan Deal announces GEFA will lead the Water Supply Task Force and develop the Governor's Water Supply Program.
May 2011: The GEFA
board of directors approves 1 percent interest rate reduction for all eligible water conservation projects financed through the Georgia Fund, the Clean Water SRF or the Drinking Water SRF.
June 2011: The 11th
U.S. Circuit Court of Appeals overturns Judge Magnuson's 2009 ruling, determining that water supply is an authorized use of Lake Lanier and directing the U.S. Corps of Engineers to allocate use of the lake accordingly.

06 404.584.1000

water resources division
Water, sewer and solid waste infrastructure protect the environment, facilitate economic development, accommodate population growth, and safeguard public health. GEFA partners with local governments by providing loans for water, sewer and solid waste infrastructure improvements. The Water Resources Division also assists local governments with the development of reservoir and water supply projects. Since 1985, GEFA has approved more than $3 billion for infrastructure improvements and more than 1,400 projects have been funded to date.
Loans Available to Communities Throughout Georgia: The Georgia Fund is a state-funded loan program for water, wastewater and solid waste infrastructure projects. The Clean Water State Revolving Fund is a federal loan program administered by GEFA that provides funding for water quality and wastewater
treatment projects.
The Drinking Water State Revolving Fund is a federal loan program administered by GEFA that provides funding for drinking water
infrastructure projects.
The Reservoir and Water Supply Fund is a state-funded loan program for water supply projects.
The Lula Wastewater Treatment Plant, Lula, Georgia
Protecting water resources can be a daunting task for any community due to budget constraints and environmental issues. The city of Lula faced both eight years ago when it received a warning letter from the Environmental Protection Division (EPD) regarding its wastewater treatment plant. A new permit from EPD depended on Lula building a new treatment plant to facilitate the needs of the growing community.
Lula sought financial assistance from GEFA for a state-of-the-art wastewater treatment plant. As part of the American Recovery and Reinvestment Act (ARRA), GEFA provided the city of Lula in northeast Georgia with $8.6 million to finance construction of a new wastewater treatment plant. GEFA provided $2.6 million of the funds in the form of a Clean Water State Revolving Fund (CWSRF) loan and the balance of $6 million was provided as CWSRF ARRA subsidy, 70 percent of the cost.
Under the ARRA financing terms adopted by the GEFA board of directors, cities or counties that were OneGeorgia-eligible, such as Lula, qualified for a 70 percent subsidy. Eligible communities included those located outside of the state's metropolitan areas with populations of 50,000 or less with a poverty rate of 10 percent of higher.
07 www.gefa.org

Community leaders are confident that the wastewater treatment plant, which opened this year after nearly two years of construction, will contribute to economic development and growth in the area, and bring income from servicing the treatment needs for surrounding communities. The Lula wastewater infrastructure project is boosting the local economy and protecting human health and the environment. The Lula Wastewater Treatment Plant illustrates the present and future issues facing many communities in Georgia. The state's population continues to grow, which will bring with it increased pressure on water supplies and water treatment facilities. GEFA, in its mission to provide and protect water supplies for the state, will continue to offer and develop programs that ensure residents will always have access to an adequate supply of clean and affordable water.
protecting georgia's water resources
GEFA's 26 years of experience in protecting the state's water resources has provided the agency with the expertise to take on responsibilities outside providing communities with low-cost loans to finance water and waste management projects. GEFA is leading the Governor's Water Supply Program through the Water Supply Task Force and has worked to help Georgia develop solutions to its water issues, not only from a supply and demand standpoint, but to address possible emergency water shortages as well. An adequate supply of clean and affordable water to all the residents in Georgia is important not only to the state's economic growth, but the health of its residents, preserving its land resources and wildlife, and the development of energy resources.
08 404.584.1000

Land Resources Division
The Georgia Land Conservation Program (GLCP) offers grants and low-interest loans for fee title or conservation easement purchases from the Georgia Land Conservation Trust Fund and Revolving Loan Fund. It also manages the Georgia Conservation Tax Credit Program, which is designed to increase the financial incentives for landowners to donate land or place a permanent conservation easement on their property. The GLCP was added to GEFA in 2005, and is administered under the guidance of the Land Conservation Council. GEFA added the Fuel Storage Tank Program (FSTP) in 1995, which is responsible for upgrading, replacing or closing all state-owned fuel storage tanks. The FSTP serves as the centralized management and monitoring office for fuel storage tanks owned by state agencies and institutions throughout Georgia.
The Flint River, Dougherty County, Georgia
At more than 350 miles in length and fed by a basin comprised of 8,460 square miles of Georgia's Piedmont and Coastal Plain regions, the Flint River is home to a variety of rare plant and wildlife species, including the Halloween Darter, or Percina Crypta, a small fish that requires a habitat of swiftlyflowing water over rocky shoals. This fish species is found only in the Flint, Chattahoochee and Apalachicola rivers. The area is also known for its beautiful views and is frequently used for boating, fishing and camping, with public parks nearby. Nonami Oglethorpe LLC donated a conservation easement on the outskirts of the city of Albany in Dougherty County to the Georgia Land Trust and was awarded a conservation tax credit. At 8,595 acres, the easement is the largest donation to be certified for a Georgia tax credit. The property contains 4.5 miles of frontage along a segment of the Flint River near Radium Springs. This area is also linked to other protected lands along the Flint River, including a 6,000-acre farm, state parkland around Radium Springs, and two county park properties totaling 407 acres. These conservation easements protect the Flint River for almost its entire length from Albany south to the Dougherty County line. Protecting the land along the Flint River, identified by environmental experts as a stressed river corridor due to pollution risks from stormwater, agriculture and industrial runoff is critical to the state's goal to protect not only the wildlife in the area, but the water quality in the state's rivers, lakes
09 www.gefa.org

250,000 200,000 150,000 100,000 50,000
0

21,316.0

43,024.8

97,027.1

130,186.4

197,110.9

227,670.9

2006

2007

2008

2009

2010

2011

This chart shows the number of acres protected through the Georgia Land Conservation Program.

and other water sources. Natural land cover allows surface water to seep into the soil and gradually enter the river filtered. Efforts to permanently protect natural land along the Flint River help maintain the river system's integrity, which wildlife and human populations depend on. The conservation easements in this area allow for managing farms and forests based on the owners' objectives and the ecological capabilities of the land, which encourages economically-productive agriculture and silviculture. Wide, no-disturbance buffers along the river and best management practices for the land are written into the easements to further protect the river, the surrounding land and its uses.
Conservation easements are critical to ensuring water quality in the state because they actively protect the existing ecosystems that naturally clean and filter water, limit its degradation and maintain the sources' health for both people and wildlife.

protecting georgia's land resources
The water supply issue is an opportunity for land conservation, and the GLCP is in a unique position to assist in this effort. Georgia must ensure the quality of its new and existing water supply in perpetuity. Permanently conserving lands around the upstream sources of wells, reservoirs and other drinking water sources is among the most effective and cost-efficient mechanisms for accomplishing this, as has been proven by similar efforts in New York, North Carolina, California and many other places worldwide. The FSTP contributes to improved water quality by monitoring the state-owned fuel storage tanks to prevent soil and groundwater contamination.

10 404.584.1000

Energy Resources Division
In 1994, the State Energy Office was attached to GEFA and renamed the Division of Energy Resources. The Energy Resources Division promotes energy efficiency, renewable energy and energy assistance programs to improve environmental quality and stimulate sustainable economic development and growth.
These Programs Include: The State Energy Program provides financial assistance and technical support for energy efficiency and renewable energy programs. The Weatherization Assistance Program (WAP), a national program established in 1976, provides free energy conservation measures to income-
eligible households. The WAP is administered according to U.S. Department of Energy (DOE) guidelines and operates in all of Georgia's 159 counties.
The State Utilities Program supports state facility managers and administrators in developing energy procurement and management strategies that
control the state's energy costs, reduce the state's energy consumption, and improve the state's overall energy performance.
The Georgia Energy Challenge allows Georgia residents, business owners and facility managers to receive a customized list of energy-saving
options calculated specifically for their home or facility. Georgians who accept the Challenge can pledge to reach the program's 15 percent goal by choosing no-cost, low-cost and longer-term energy-efficiency measures.
Georgia's Clean Energy Property Tax Credit provides tax incentives for investments in clean energy property and the value of wood
residuals delivered to a qualified renewable biomass facility.
The Energy Assurance Program works closely with the Georgia Emergency Management Agency (GEMA), other state agencies and private sector
stakeholders to develop energy emergency planning resources and to lead exercises designed to ensure better emergency management coordination.
The Center of Innovation for Energy
The Center of Innovation for Energy focuses on expanding and strengthening Georgia's bioenergy industry, which includes the expansion, production and use of renewable energy and alternative fuels.
11 www.gefa.org

The Hickory Ridge Landfill Solar Project
There are currently more than 2,000 active-use landfills in the U.S., with thousands more closed throughout the country. But what happens to a landfill that is no longer in use? Most inactive landfills become open spaces that need to be maintained and kept secure. Once a landfill is closed, it's protected with special liners and covered with soil. While grass is allowed to grow, trees can't because of possible damage to the protective liners. The waste beneath the liners is left for years, threatening the possibility of future environmental problems. Some communities have converted the land to park space, a respite for surrounding residents. However, it takes many years for the space to become safe to use in this manner.

protecting georgia's energy resources
Developing and effectively utilizing renewable energy sources and energy conservation programs protect the state's water resources. For every kilowatt hour of electricity not generated from sources such as coal, natural gas, hydroelectric or nuclear power, we save an estimated 1.6 gallons of water. A single, average household in Georgia uses 1,148 kilowatt hours per month, which takes 1,894 gallons of water to generate. Projects such as the solar project at Hickory Ridge don't require water. And energy conservation programs, such as the Weatherization Assistance Program and the Georgia Energy Efficient Appliance Rebate program, have an impact on water conservation as well. For example, the appliance rebate program offered to Georgia residents provided rebates ranging from $25 to $199 on ENERGY STAR appliances such as clothes washers, dishwashers, air conditioners, heat pumps, furnaces, water heaters, refrigerators and freezers. The result of Georgians obtaining 111,945 rebates for purchasing and using these energy-saving appliances was more than 279 million gallons of water saved.2

But other landfills are being reused to power their communities, providing clean, renewable energy to local businesses, schools and residences; a welcome necessity born out of what was once unneeded and unwanted.
The 48-acre Hickory Ridge Landfill in DeKalb County, Georgia, opened in 1993. Unlike other landfills, it didn't outlive its usefulness once it closed in 2006. It's been repurposed as a solar farm, which will sell 1 megawatt of power enough to power 400 homes to Georgia Power. The new solar technology used for the project was developed by Carlisle Energy Services. Republic Services, which owns Hickory Ridge Landfill, used $2 million in funding from GEFA as a result of the American Reinvestment and Recovery Act (ARRA) to construct the solar farm. Hickory Ridge will be one of the largest single producers of solar power in Georgia and the state's first landfill cover solar farm.

2 http://www.nrel.gov
supports the panels. The solar panels can be seen from planes flying into Hartsfield-Jackson Atlanta International Airport, but are specially designed not to distract pilots.
Innovative projects such as Hickory Ridge save money and manpower in maintenance costs for closed landfills, and encourage energy savings and the adoption of renewable energy. The geo-membrane and flexible solar panels provide a much-needed clean energy source, protect the land and water sources nearby from possible harmful contamination, and reduce greenhouse gas emissions from the landfill.

Ten acres of flexible solar laminates made by Michigan-based United Solar Ovonic were attached to a synthetic "geo-membrane" atop southfacing portions of the landfill. The solar panels are the thickness of two nickels. The landfill itself was covered with a thick, tough liner that

12 404.584.1000

ASSETS

statement of net assets june 30, 2011

Primary Government

Governmental Activities

Business-Type Activities

Total

Component Unit
Georgia Environ. Loan Acq. Corp.

Cash Cash with fiscal agent Investments Due from component unit Due from other governments Due from service providers Internal balances Accrued interest receivable Loans receivable Other assets Capital assets, net of accumulated depreciation
Total assets

$ 1,912,470 ____
47,384,943 96
25,022,087 17,369,579 (2,367,623)
____ ____ 203,946 54,755
89,581,053

18,516,826 ____
344,070,989 272,821 557,189 ____
2,367,623 9,360,168 1,199,805,949
____ ____
1,574,951,565

20,429,296 ____
391,455,932 272,917
25,580,076 17,369,579
____ 9,360,168 1,199,805,949
203,946 54,755
1,664,532,618

2,072,373 16,483,638
____ ____ ____ ____ ____ 1,179,542 285,464,197 3,760,371 ____
308,960,121

Liabilities Accounts payable & accrued liabilities Due to other governments Due to primary governments Unearned revenue Accrued interest payable Long-term liabilities: Amount due within one year Amount due in more than one year
Total liabilities
Net Assets Invested in capital assets,net of related debt Restricted for: Grant programs Loan programs Unrestricted
Total net assets

21,425,511 18,594 ____
17,468,752 ____
146,070 417,278 39,476,205
47,777
5,505,452 39,745,561 4,806,058 $ 50,104,848

1,057,657 ____ ____
27,437,700 ____
____ ____ 28,495,357
____
____ 1,154,326,566
392,129,642 1,546,456,208

22,483,168 18,594 ____
44,906,452 ____
146,070 417,278 67,971,562
47,777
5,505,452 1,194,072,127
396,935,700 1,596,561,056

6,648 ____ 272,917 ____ 787,933
3,505,000 221,892,038 226,464,536
_____
_____ _____ 82,495,585 82,495,585


The financial statements for GEFA for the year ended June 30, 2011, have been audited by an independent certified public accounting firm.

13 www.gefa.org

Copies of the complete audited financial statements are available at www.gefa.org.

FUNCTIONS/PROGRAMS

STATEMENT OF ACTIVITIES Year ended JUNE 30, 2011

Expenses

Charges for Services

Program Revenues

Operating Grants & Contributions

Capital Grants & Contributions

Net (Expense) Revenue & Changes in Net Assets Primary Government

Governmental Business-Type

Total

Activities

Activities

Component Unit

Governmental activities:

General government

$ 11,763,760

Water & wastewater

12,382,414

Solid waste & environment

1,680

Land conservation

60,212

Energy & environment

109,506,743

Interest on long-term debt

619

8,187,693 3,204,819
____ ____ ____ ____

Total governmental activities

133,715,428 11,392,512

____ 25,370,182
1,680 86,321 108,704,970
____
134,163,153

____ (3,576,067) ____ 16,192,587

____

____

____

26,109

____ (801,773)

____

(619)

____ 11,840,237

____ (3,576,067) ____ 16,192,587

____

____

____

26,109

____

(801,773)

____

(619)

____ 11,840,237

Business-type activities: Water & wastewater Storage tank maintenance Loan & financing services

31,435,363

____

1,232,599 1,232,100

2,319,969 43,673,297

Total business-type activities

34,987,931 44,905,397

____ 719,823 823,286

24,586,564 ____
69,107,443

1,543,109 93,694,007

____ (6,848,799)

____

719,324

____ 111,284,057

(6,848,799) 719,324
111,284,057

____ 105,154,582 105,154,582

Total primary government

$168,703,359 56,297,909 135,706,262 93,694,007 11,840,237 105,154,582 116,994,819

Component unit



Georgia Environmental Loan

Acquisition Corporation

$ 2,473,362 3,871,680

____

____ 1,398,318



Total Component units

$ 2,473,362 3,871,680

____

____

GENERAL REVENUES:

Unrestricted investment earnings $ 93,017

____

Other 17,338

25,407

Special Item - gain (loss) on sale of loans receivable____ (81,096,228)

Special Item - voluntary return to state treasury

____ (288,000,000)

Transfers (6,206,325) 6,206,325

93,017 42,745 (81,096,228) (288,000,000)
____

____ 1,039 81,096,228
____

Total general revenues, special items & transfers (6,095,970) (362,864,496) (368,960,466) 82,495,585

Change in net assets 5,744,267 (257,709,914) (251,965,647) 82,495,585

NET ASSETS - JULY 1 44,360,581 1,804,166,122 1,848,526,703

____

Net Assets - June 30 $ 50,104,848 1,546,456,208 1,596,561,056 82,495,585

14 404.584.1000

Fiscal Year 2011 Revenues
Amount Capital Grants & Contributions $93,694,007 Charges for Services & Other Revenue *56,340,654 Investment earnings, unrestricted93,017 Operating Grants & Contributions 135,706,262
Total Revenues$285,833,940 * Includes restricted investment earnings

Percent 33% 20% 0% 47%
100%

15 www.gefa.org

Operating Grants & Contributions Capital Grants & Contributions Charges for Service & Other Revenue Investment Earnings, Unrestricted

Fiscal Year 2011 Expenses

Amount General Government $11,763,760

Water & Wastewater 43,817,777

Solid Waste & Environment 1,680

Land Conservation

60,212

Energy & Environment 109,506,743

Interest on Long-term Debt 619

Storage Tank Maintenance 1,232,599

Loan & Financing Services 2,319,969

Total Expenses

$168,703,359

Percent 7% 26% 0% 0% 65% 0% 1% 1%
100%

Energy & Environment Water & Wastewater General Government Loan & Financing Services Storage Tank Maintenance Solid Waste & Environment Land Conservation Interest on Long-term Debt
16 404.584.1000

fiscal services division
The Fiscal Services Division provides accounting, financial underwriting and loan servicing for GEFA programs. Credit analysis is performed for the Water Resources and Land Resources Divisions.
Human Resources & Administration
Human Resources facilitates the general administration of the agency through developing, maintaining and communicating office policy. Key responsibilities include developing and implementing hiring and recruiting policies, compensation and salary administration, conducting employee relations, developing official documentation on workplace ethics/code of conduct, employee handbooks, employee training programs and award/ reward programs.
Public Affairs
The Public Affairs Division educates internal and external stakeholders on GEFA's infrastructure and financing programs, as well as state energy, land and water conservation initiatives and policies.
Information Technology
Information Technology's functions include shaping and developing GEFA's internal and external technical architecture; facilitating seamless electronic access to agency information and services; protecting GEFA's information systems and data and helping GEFA support its mission of superior customer service.
17 www.gefa.org

Board of Directors

Commissioner Grady Thompson, Chairman Tift County Board of Commissioners

Mayor Jimmy Andrews City of Sandersville

Mayor Gary McCullough, Vice Chairman City of Dahlonega

Commissioner Mike Beatty Department of Community Affairs

Russell Hinton, Secretary State Auditor

Commissioner Gator Hodges Butts County Board of Commissioners

John Perryman At-Large-Member

Commissioner Elmo Richardson Bibb County Board of Commissioners

Commissioner Chris Cummiskey Department of Economic Development

Mayor Boyd L. Austin City of Dallas

Stephen Gray At-Large-Member

As of October 2011

Executive Staff

Kevin Clark, Executive Director Greg Mason, Chief Operating Officer Glendale Jones, Chief Administrative Officer

Kim Yawn, Senior Executive Assistant Chris Jones, Chief Financial Officer Shane Hix, Public Affairs Director

Senior Staff

Jill Stuckey, Center of Innovation for Energy Director Curt Soper, Land Resources Division Director Rich Tieslau, Information Technology Division Director Jammie Harden, Controller

David Gipson, Energy Resources Division Director Kevin Kelly, Water Resources Division Director Allison Halron, Finance Manager

18 404.584.1000

233 Peachtree Street NE Harris Tower, Suite 900 Atlanta, Georgia 30303 404.584.1000 (Main) 404.584.1069 (Fax) www.gefa.org