Annual report, 2019

FY 2019 Annual Report

BuiGldeionrggia's
Future

CREDITS: The 2019 Georgia State Financing and Investment Commission Annual Report is published on behalf of the State Property Officer and Director of Financing and Investment, Marty W. Smith and Diana Pope. Compiled and edited by Morgan Smith Williams, Jamiel Jones, Lindsey Sprewell, and Erin Bryant.
Digital copies of this publication and prior reports are available at www.gsfic.ga.gov.
LAYOUT AND DESIGN: Sherry Britt, Georgia Building Authority
PRINTING: Fast Printing

table of contents
2 Introduction 3 Mission, Vision, and Core Values 4 Commission Members and Executive Team 6 FY 2019 Organization Highlights 8 Conservative Debt Management 12 Building Georgia's Future 18 FY 2019 Construction Projects 20 Project Achievements and Awards 23 State ADA Coordinator's Office 25 TIA Program 26 FY 2019 Earnings 27 Statement of Net Position
1

Introduction
The Georgia State Financing and Investment Commission (GSFIC), created by constitutional amendment in 1972, is responsible for the proper application of proceeds from general obligation debt and the issuance of all public debt by the State. No agency or authority can incur debt or employ other financial or investment advisory counsel without Commission approval.
The Financing and Investment Division (F&I Division) is responsible for the issuance of general obligation bonds, the review of state authority debt financings, and the investment and acc ounting of all general obligation bond proceeds. Investment earnings fund GSFIC's operating budget, and also enable the Commission to retire state debt prior to maturity. The F&I Division prepares the State's Debt Management Plan and monitors agency expenditures of bond proceeds for compliance with federal tax regulations.
The Construction Division provides all of the support services for GSFIC and is responsible for disbursing bond proceedsand for managing capital outlay projects funded, in whole, or in part, with bond proceeds.
The Construction Division also provides the following services for state Agencies: ADA Compliance Assistance Procurement Services Construction Services Design Review Services
2

Mission, vision and core values
Mission
Building Georgia's future by providing financial and construction management with the highest level of customer service, integrity, fairness and efficiency.
Vision
To be the State's premier resource for financial and construction management services.
Core Values
Excellence Leadership Fairness Stewardship
3

commission members
Governor Brian Kemp Chief Executive Officer, Chairman
Geoff Duncan Lt. Governor, Vice Chairman
David Ralston Speaker, House of Representatives
Greg Griffin State Auditor, Secretary and Treasurer
Chris Carr Attorney General
Gary Black Commissioner, Department of Agriculture
Lynne Riley State Treasurer
4

construction division

Marty Smith State Property Officer Director, GSFIC Construction
Gerald Pilgrim Chief of Staff
April King Chief Financial Officer
Alisa Pereira Director, Legal Services
Alan Perry Chief Technology Officer
Morgan Smith-Williams Director, Marketing & Communications

Marvin Woodward Deputy Executive Director
Carmen Cureton Director, Construction Services
John Jefferson Director, Design Review
Stacey Valrie Peace State ADA Coordinator
Jeff Lacks Director, Procurement
Alex Volodarsky Director, Accounting

financing & investment division
Diana Pope Director, GSFIC Financing & Investment
Lee McElhannon Director, Bond Finance
Kim Site Director, Accounting

MARTY SMITH
State Property Officer Director, Construction Division

welcome
On behalf of Governor Brian P. Kemp, Chairman of the Georgia State Financing and Investment Commission, it is our privilege to present the Commission's FY 2019 Annual Report.
Through the leadership of Governor Kemp, members of the Commission, and the Georgia General Assembly, we have the honor of serving a state that has maintained AAA ratings on its general obligation debt from the three major credit rating agencies every year since 1997. This credit rating- which is the highest rating to be obtained by a state- allows Georgia to fund infrastructure investments that are vitally important for economic growth and competitiveness.
At the beginning of FY 2019, we successfully closed the Series 2018A/B general obligation bonds which provided over $1.3 billion of proceeds for capital projects. In June 2019, GSFIC received competitive bids reflecting very low true interest costs on the Series 2019A/B/C general obligation bonds which will fund over $1 billion for priority capital investments.
Looking forward to FY 2020, GSFIC will deliver construction management services to over 100 new bond projects, including a new Carroll County campus at West Georgia Technical College, Convocation Center at Georgia State University, Academic Learning Center at Kennesaw State University, renovating and revisioning the Metro State Prison as a transitional facility, and major renovations at the Georgia World Congress Center and Savannah Convention Center.
Consistent with Governor Kemp's Strategic Goals for Georgia, which includes making this State #1 for small business, the Construction Division has prioritized educating both vendors and agencies. The agency conducted two workshops regarding the Construction Management at Risk Delivery Method, geared to firms with little or no experience bidding on those types of projects. Both events attracted more than 100 attendees from the contractor community.
We are honored to serve a state that makes fiscally conservative debt management a priority. Our continued commitment to serving state agencies and state authorities with excellence reflects our charge of "Building Georgia's Future".

DIANA POPE
Director, Financing & Investment Division

5

2019 organization highlights helping georgia grow
During FY 2019, Georgia maintained AAA credit ratings on its general obligation debt from the three major credit rating agencies--Moody's, Standard & Poor's, and Fitch--as it has every year since 1997. Factors contributing to the coveted high ratings include the State's conservative debt management, commitment to fully fund the actuarially determined employer contribution for the State's pension plans, Georgia's strong economy, growth of the rainy-day fund, and strong fiscal management. The AAA ratings allow the State to sell its bonds at the lowest possible interest rates, which results in the lowest possible debt service payments while investing in vital infrastructure and providing more employment opportunities for Georgia's construction industry.
Construction management is an intricate art of planning, designing, and coordinating. This year, GSFIC's project managers learned Microsoft Project Management along with methods to aid in the evaluation/analysis of construction project schedules. Completion of this training provides the team with more tools to stay on track or make adjustments if they are behind. Beyond training and managing GSFIC's construction projects, the team provided their expertise to aid agencies with their internally managed projects. While the Georgia Technology Authority was the lead on the construction of the Georgia Cyber Center in Augusta, GSFIC expedited all of the life safety and constructability reviews/permitting so the project could stay on an accelerated schedule. GSFIC also assisted with the Bobby Jones Foundation's complete renovation of the Bobby Jones Golf Course, including a new clubhouse and parking deck.

6

5

GSFIC believes that successful construction projects don't just create employment opportunities; they help build Georgia's future.

41
14 12

22 32
8

Number of Projects by Using Agency
TTecehcnhincaiclaCloClloegllegSeysSteymsteomf GoefoGrgeiaorgia BBoaoradrdofoRfeRgeegnetsnts DDepeapratrmtmenetnotfoTfrTanrasnposprtoarttioantion DDepeapratrmtmenetnotfoEfdEudcuatcioantion SoSiol ialn&dWWaatteerrCConsseerrvvaattiioonnCCeennteterr OOththerer

Delivery Method

# of Projects

Construction Manager/

53

General Contractor

Design Build

14

Design Bid Build

56

Other

2

Task Order

4

Grand Total

129



Design $88,482,297.35
$0.00 $18,485,719.92
$139,000.00 $254,605.00 $107,361,622.27

Project Contracts

Construction $986,447,068.07

Other - CxA, Special Inspections, FFE, Using Agency Reserves, Allotments, Testing,
Land Acquisition, Hazardous Materials
$151,472,266.32

$75,621,614.81 $204,975,320.46
$0.00 $3,974,980.58 $1,271,018,983.92

$8,563,051.49 $33,654,814.73
$913,710.00 $2,938,967.32 $197,542,809.86

Total Contract Budgets
$1,226,401,631.74
$84,184,666.30 $257,115,882.11
$1,052,710.00 $6,659,342.90 $1,575,923,416.05
7

conservative debt management
In July 2018, the State issued general obligation bonds which provided funding for approximately $1.321 billion for authorized capital projects. The "True Interest Cost," which considers all the associated costs incurred to issue the bonds, as well as the interest which will be paid on the bonds through final maturity, was a very low 3.176%. This reflects a great demand for the bonds. The largest amount of funding provided over $485 million for higher education (the University System of Georgia and the Technical College System of Georgia), followed by $396 million for K-12 schools, and $212 million for transportation projects. The bonds also provided over $85 million for economic development and water/sewer projects, $70 million for other projects such as local libraries and public health facilities, $35 million for public safety projects, and $35 million for the Savannah Harbor Expansion project.
8

June 2019 Bond Sale

Higher Education

37%

K-12 Education

30%

Transportation and Transit

16%

Economic Development

9%

Public Safety, Health, Other

8%

"Georgia works diligently to maintain our coveted AAA bond rating," said Governor Brian P. Kemp. "I am incredibly proud of our state's efficient use of taxpayer resources. This successful sale allows us to continue to invest in vital infrastructure projects across the Peach State to support economic growth, provide job opportunities in the construction industry, and meet the future needs of our citizens."

Millions

Millions

conservative debt management

The State's debt management plan, which is developed by GSFIC in collaboration with the Governor's Office of Planning and Budget, is a critical component of demonstrating Georgia's conservative fiscal management to both the rating agencies and the purchasers of Georgia's bonds. The plan helps to guide state leaders in maintaining manageable levels for new debt authorizations. The below projections are as of December 31, 2018.

$1,300

Net Authorizations

Historical Projected

$1,200

$1,100

$1,000

$900

$800

$700

$600

$500
FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

Highest Annual Debt Service as a Percentage of Prior Year State Treasury Receipts
$3,000

$2,500

$2,000

$1,500

7.2% 8.1%

$1,000
6.6% 6.6% 6.5% 5.9% 6.6%

7.0%

5.5% 5.6% 5.5% 5.5%

6.7% 6.3% 6.3% 6.0% 5.5% 5.5% 5.1% Projected

$500
FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

Highest Annual Debt Service

10% Constitutional Limit

7% Planning Limit

The 5.1% ratio of annual debt service as a percentage of prior year state treasury receipts for FY 2019 was the lowest since FY 1998 and reflects strong fiscal management to limit debt authorizations in response to declining revenues from the Great Recession.
Projections of $1.2 billion in new authorizations for Fiscal Years 2020 through 2023 maintain conservative debt ratios that are within both the 10% Constitutional limit and the 7% limit set by GSFIC.
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2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039

The State funded over $1.3 billion for authorized capital projects during FY 2019, but as shown below the total amount of outstanding general obligation debt at the end of FY 2019 increased by only $394.755 million from the total amount outstanding at the end of FY 2018.

Total Bonds Outstanding as of June 30, 2018 Add: Bonds Issued in FY 2019 to Fund Projects* Less: Scheduled Principal Maturities During FY 2019 Less: Open Market Bond Acquisitions/Early Retirements Total Bonds Outstanding as of June 30, 2019

$8,994,040,000 1,228,625,000 (833,470,000) (400,000)
$9,388,795,000

*The Commission utilized $91.47 million of premium received from the sale of the series 2018A bonds to fund over $1.32 billion for authorized capital projects (the premium proceeds reduced the amount of bonds that needed to be issued).

Millions

$1,400 $1,200 $1,000
$800 $600 $400 $200
$0
10

Future Debt Service Requirements
Principal Interest

The State's Constitution requires that each year the appropriations for debt service payments on all general obligation debt be made to a special trust fund which is designated as the State of Georgia General Obligation Debt Sinking Fund. The amount to be appropriated to the sinking fund must be sufficient to pay that year's debt service on all outstanding general obligation debt and also the highest annual debt service requirement on any and all authorized but unissued debt.
The chart shows future debt service requirements for the general obligation debt outstanding as of June 30, 2019. The maturity schedule will retire 41% of the total outstanding principal within five years and 72% of the outstanding principal within ten years, rates which the rating agencies note as a positive aspect of Georgia's debt profile.

The Georgia Higher Education Facilities Authority ("GHEFA") is administratively attached to GSFIC with the GSFIC staff serving as GHEFA staff. GHEFA was created by the General Assembly during its 2006 Session by Senate Bill 562 and is authorized to issue and have outstanding $500 million in revenue bonds to finance capital projects for units of the University System of Georgia ("USG") and the Technical College System of Georgia.
The table below shows projects that were funded with GHEFA revenue bonds; all projects have been completed and put into operation. As a result of various defeasance and refunding transactions and scheduled principal payments, an aggregate of $197.575 million GHEFA bonds were outstanding as of June 30, 2019.

Bonds 2008 Bonds Refunded or Defeased in FY 2015
2009A Bonds Refunded or Defeased in FY 2019 2010A Bonds (Housing Projects Defeased in FY 2015)
Totals

Institution
Dalton State College Darton College Fort Valley State University Gainesville State College Georgia College & State University Georgia State University Kennesaw University Bainbridge State College Columbus State University Kennesaw University
College of Coastal Georgia College of Coastal Georgia East Georgia College Georgia College & State University Savannah State University University of West Georgia

Project
Parking Deck Student Activity Center Stadium & Student Center Parking Deck Bookstore & Theatre Student Housing Parking Deck Student Center Student Center Student Housing & Dining Facility Student Housing Student Center Student Housing Wellness & Recreation Center Stadium & Student Center Bookstore

Original Amount
7,240,000 21,845,000 20,030,000
5,435,000 8,385,000 18,315,000 18,605,000 21,265,000 34,095,000 45,490,000

Balance - As of 6/30/2019
6,375,000 21,250,000 21,335,000
4,780,000 8,270,000
-18,215,000
-24,675,000 33,720,000

15,590,000 13,365,000
8,910,000 31,400,000 18,930,000
6,015,000 $ 294,915,000

-11,305,000
-26,555,000 16,010,000
5,085,000 $ 197,575,000


FY 2019 Activity:
USG purchased the Bainbridge State College project and the bonds for that project were defeased.
Remaining outstanding 2009A bonds were refunded, providing over $22.4 million in total debt service (cash flow) savings for Kennesaw State University and Columbus State University.
While GHEFA does not expect to issue bonds for new projects during FY 2020, GHEFA/GSFIC and the USG continue to monitor interest rates to evaluate the potential of refunding the 2010A bonds to achieve debt service savings.

11

Lanier Technical building georgia's future College
Lanier Technical College's New Hall County Campus exemplifies their mission to continue education and training for the workforce of North Central Georgia. Spanning 95.5 acres, and encompassing 320,000 square feet across six buildings, the new campus cultivates emerging technologies with space identified for future expansion.
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The design of the new campus provides over 60 highly integrated workforce development programs including trade and industry, allied sciences, business and computer technology, hospitality, education, and economic development. A 40,000 square foot conference center and maker-space business incubator labs were designed to foster partnerships with the Hall County community and give them representative space on the campus. With student inclusivity as a focus, the campus design supports collaboration, social interaction, and engagement. Student life functions include a bookstore, library, and numerous social/study areas spaced throughout the campus. Two major stakeholders were honored to have buildings named after them the Governor Nathan Deal Economic Development Center and the Chris Riley Instructional Building. The success of this investment is due to a combination of creative master planning collaborative dialogue between stakeholders representing the State of Georgia, Lanier Technical College, the design team, the contractor team, and the community.
13

builUdinng igveoerrgsiiat'syfuotfurGeeorgia
14

The new home for the Terry College of

Business at the University of Georgia, a

three-phase development, is placed on a

prominent site adjacent to the University's

historic core. GSFIC recently completed

the third phase of the project which

houses the College's undergraduate

programs, faculty offices, and research

centers. The two wings, Orkin Hall and

Ivester Hall, of Phase III form a quadrangle

with Amos Hall of the Phase II project.

Phase III also included the construction

of the Coca-Cola Plaza, serving as the

front entryway into the Business Learning

Community. Primarily neo-Georgian

in expression, the new Terry School

incorporates Greek Revival motifs that are

reflective of the University of Georgia's

architectural vernacular, carrying forward

the campus's historic palette of red brick,

limestone trim and slate roofs. This project

completes the final phase of a six-building

complex making up the University of

Georgia's Business Learning Community.

15

bGueilodringgiageEomrgeiarg'sefnuctyurMe anagement and Homeland Security Agency
The Georgia Emergency Management and Homeland Security Agency (GEMA/HS) coordinates the state's preparedness, response and recovery efforts to disasters.
GEMA works with local, state and federal governments, in partnership with the private sector and faith-based community, to prevent and respond to natural and manmade emergencies. In addition, GEMA/HS employees are on 24-hour call statewide to assist local authorities when disaster strikes.
This project was a renovation and expansion of the existing GEMA/HS headquarters, located in East Atlanta. The headquarters, built before the 1996 Olympic Games in Atlanta, is a hub of activity when emergency strikes. The expansion included updating the communications and media systems that provide accurate and timely information to the citizens of Georgia. Additionally, the renovation also increased office space for multiple departments and added housing for those employees who must work around the clock when disaster strikes.
The project developed swing space to temporarily house the State Operation Center (SOC) and State Warning Point (SWP), thus leaving the agency prepared to respond to state-wide emergencies at any time during construction. With these additions, GEMA has the ability to work in a more operative environment and respond to emergencies with more efficiency.
16

GbueilodrignigageGorrogwia'ns fButuuriledingGeorgia National Fairgrounds
The Georgia Grown Building, completed in September 2019, is an 18,000 square foot expansion at the Georgia National Fairgrounds and Agricenter, nested in one of Georgia's largest agricultural hubs.
Built on behalf of the Department of Agriculture, the building expansion showcases Georgia Grown products, manufacturers, services and businesses specifically geared towards agriculture. The Georgia Grown Pavilion, located inside the building, gives attendees the opportunity to purchase unique Georgia made products such as delicious jams and jellies, nuts, baked goods, sauces and relishes. Additionally, The Georgia Grown Baby Barn, a live birthing center and newborn nursery for farm animals, gives attendees the opportunity to view live births of various farm animals raised in the State. With the project location in the middle of the Georgia National Fairground campus, additional challenges presented themselves. There was always an unyielding flow of people around, with crowds at certain times reaching upwards of 60,000 in a weekend. Constant communication and coordination were required in order to complete the project safely and timely, while managing to leave the day to day operation of the fairground uninterrupted. The new additions will help the middle Georgia community continue to serve as a premier agricultural education space.
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construction projects completed in fy 2019

Project Name
Georgia Department of Juvenile Justice DCY-104 56 Bed RYDC, Cadwell GA
Georgia Department of Human Services DHS-003 Troup County Human Services Building LaGrange GA
Georgia Department of Transportation DOT-081B4 State Rest Areas, Various Locations
Georgia Department of Transportation DOT-088 District 5 Administrative Building Jesup GA
Georgia Department of Transportation DOT-089 District 6 Administrative Building White GA
Georgia Emergency Management and Homeland Security Agency GBA-184 GEMA Renovation/Addition, Atlanta GA
Georgia Department of Public Safety GBA-185 DPS Renovation, Atlanta GA
Georgia Building Authority GBA-190 Extension of Capitol Square, Atlanta GA
Georgia Department of Agriculture GDA-040 Georgia Grown Building Expansion Perry GA

Gross Sq Ft

Project Cost

62,500 $23,855,100

30,000 $2,920,000

18,216 $6,777,259 30,950 $7,366,656

30,950 $6,663,647

52,830 $11,713,535

33,023 $8,723,946 N/A $6,000,000
17,536 $2,400,000

18

Project Name

Gross Sq Ft

Project Cost

Georgia Highlands College J-206 Student Academic Center Cartersville Campus, Cartersville GA

56,160 $22,506,150

Augusta University J-209 Cancer Research Building, Augusta GA

87,000 $62,500,000

Georgia Institute of Technology J-235 Crosland Tower Renovation, Atlanta GA

129,464 $51,917,692

Georgia Southern University J-267 Interdisciplinary Academic Building Statesboro GA

109,887 $33,600,000

Georgia Southern University J-268 Health Professions Academic Center Armstrong Campus, Savannah GA

63,901 $29,100,000

University of West Georgia J-269 Renovation and Expansion of Biology Building, Carrollton GA

87,802 $24,084,642

Columbus State University J-271 Academic Core LeNoir Hall Renovation and Additions, Columbus GA

45,341 $14,000,000

Clayton State University J-272B Academic Core Renovations, Morrow GA

84,500

$6,100,000

University of Georgia J-290 Business Learning Community Phase III Athens GA

80,127 $42,000,000

construction projects completed in fy 2019

Project Name

Gross Sq Ft

Project Cost

Project Name

Gross Sq Ft

Project Cost

Dalton State College J-299 Memorial Hall Addition and Renovations Dalton GA

39,496 $10,000,000

Lanier Technical College TCSG-327B Allied Health Building Hall County Campus, Gainesville GA

60,903 $14,231,975

Georgia Academy for the Blind SBE-033A Campus Wide HVAC Upgrades Macon GA

N/A $3,308,354

Lanier Technical College TCSG-327C Instructional Building Hall County Campus, Gainesville GA

44,457 $9,220,234

Georgia FFA-FCCLA Center SBE-034 New Agriculture Buildings Covington GA

58,348 $4,652,000

Lanier Technical College TCSG-327D Technical and Industrial Building Hall County Campus, Gainesville GA

98,298 $19,266,716

Atlanta Area School for the Deaf SBE-037 HVAC Rooftop Unit Replacements Clarkston GA

N/A $1,023,431

Lanier Technical College TCSG-327E Campus Support Building Hall County Campus, Gainesville GA

33,962 $11,068,125

Southern Crescent Technical College TCSG-317 Industrial and Technology Building Henry County Campus, McDonough GA

83,500 $26,425,521

Lanier Technical College TCSG-327F Conference Center Hall County Campus, Gainesville GA

44,554 $15,010,412

Georgia Northwestern Technical College TCSG-318 Whitfield Murray Campus Phase I Building, Dalton GA

75,866 $29,806,500

North Georgia Technical College TCSG-334 Construction Technology and Economic Development Center Clarksville GA

46,335 $15,565,000

Lanier Technical College TCSG-327 New Hall County Campus Site Gainesville GA

N/A $52,214,088

Quick Start TCSG-335 Manufacturing Regional Training Center Pooler GA

48,879 $18,856,315

Lanier Technical College TCSG-327A Administration and Student Success Building Hall County Campus, Gainesville GA

43,964

$9,815,221

19

project achievements and awards
Kubota Manufacturing Applied Technology Center Lanier Technical College Gainesville, GA Design: Pond & Company Construction: New South Construction Peaches Awarded: 2

Governor Nathan Deal Economic Development Center Lanier Technical College Gainesville, GA Design: Pond & Company Construction: New South Construction Peaches Awarded: 2

Breeden-Giles Hall Administration Building Lanier Technical College Gainesville, GA Design: Stevens & Wilkinson Construction: New South Construction Peaches Awarded: 2
James A. Walter Allied Health Building Lanier Technical College Gainesville, GA Design: Pond & Company Construction: New South Construction Peaches Awarded: 2

Wilbur and Dixie Ramsey Conference Center Lanier Technical College Gainesville, GA Design: Stevens & Wilkinson Construction: New South Construction Peaches Awarded: 2
Lanier Technical College 2019 "Honor Award" by the ACEC GA Engineering Excellence Awards Program

Chris Riley Instructional Building Lanier Technical College Gainesville, GA Design: Stevens & Wilkinson Construction: New South Construction Peaches Awarded: 2

"2019 Outstanding Project" Awarded for College/University New Construction/Addition Entire School/Campus Building category by Learning By Design Magazine
2019 Associated General Contractors Build Georgia Awards
2019 Construction Management Association of America's South Atlantic Chapter's Project Achievement Awards (CMAA)

20

project achievements and awards
Industrial Training Center Ogeechee Technical College Statesboro, GA Design: Collins Cooper Carusi Architects Construction: ICB Construction Group Peaches Awarded: 1
Hull McKnight Georgia Cyber Center Georgia Technology Authority Board of Regents Augusta, GA Design: KSI Structural Engineers Construction: New South Construction Peaches Awarded: 1
Georgia Advanced Manufacturing Training Center Technical College System of Georgia Pooler, GA Design: BRPH Architects Engineers Construction: DPR Construction Peaches Awarded: 2

University of Georgia Russell Hall Renovation Board of Regents Athens, GA Design: Menefee Architecture Construction: Juneau Construction Peaches Awarded: 2
University of Georgia Business Learning Community Phase II Board of Regents Athens, GA Design: Collins Copper Carusi Architects Construction: Turner Construction Company Peaches Awarded: 2
University of Georgia Center for Molecular Medicine Board of Regents Athens, GA Design: Flad & Associates Construction: Brasfield & Gorrie Peaches Awarded: 2
21

project achievements and awards
Augusta University Sustainability Award Historic Preservation Health Facility Improvements Warm Springs, GA
University of North Georgia Innovation Award Planning & Design Convocation Center Dahlonega, GA
Jekyll Island Club Hotel Jekyll Island, GA Design: Epsten Group Construction: Pinkerton & Law Peaches Awarded: 1
The Georgia Peach Program rates and recognizes buildings owned or managed by the state that optimize energy performance, increase the demand for materials and furnishings produced in Georgia, improve the environmental quality in this State, conserve energy, protect the State's natural resources, and reduce the burden on the State's water supply.
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The office also conducted fifteen (15) Georgia Accessibility training sessions to State Inspectors, Municipal and County code enforcement and Voting Authorities, State Agencies, Design Professionals, architectural students and GSFIC Plan Reviewers. The largest training conducted was to over 500 voting authority professionals.

ada technical guidance, training, and support

The State ADA Coordinator's Office provides state agencies the technical support and assistance necessary to implement the ADA's requirements applicable to their public mission; assists state agencies in updating, strengthening and enhancing the scope of self-evaluation and transition plans to ensure compliance with the ADA mandate; and develops effective and inclusive methods for people with disabilities to access the programs, services, and activities offered by the State of Georgia.
In October 2018, the office hosted the 7th Annual ADA for State and Local Governments Conference at the Georgia Tech Hotel and Conference Center. Presenters from the Burton Blatt Institute, United States Access Board, the U.S. Equal Employment Opportunity Commission (EEOC), State ADA Coordinator's Office, Fulton County, Georgia Department of Natural Resources, Georgia Department of Corrections , the University System of Georgia, and the Center for Inclusive Design and Innovation at Georgia Tech provided the latest information on the ADA regulations, accessibility standards, implementation strategies, and best practices for state and local governments.

The annual conference is an amazing educational tool for state and local government agencies to receive an overview of the ADA components; yet, the State ADA Coordinator's Office also offered several one-on-one training sessions throughout the State of Georgia which addressed specific agency needs. The office presented at annual training conferences/ meetings for the Centers for Disease Control, the Council for State Personnel Administration, American Correctional Health Services Association, Georgia Vocational Rehabilitation Agency, Georgia Department of Corrections, and the University of Georgia School of Law.

"We are grateful for the support of the outstanding team at the State ADA Coordinator's Office. Their expertise in ADA training and technical assistance has been invaluable to GDC."
- Timothy C. Ward, Commissioner, Georgia Department of Corrections
23

statewide facilities improvement program
In FY 2019, the State ADA Coordinator's Office conducted 266 site and plan reviews to assess facility (building and/or site) accessibility, and served 126 state agencies/entities, local agencies, and community organizations.

The State ADA Coordinator's Office worked with the Jekyll Island Authority to make accessibility improvements to beach access in March 2019. General obligation bonds, allocated through the State ADA Coordinator, helped to fund a ramped crossover for accessible beach access. Additionally, the Authority also constructed a new comfort station, ocean viewing deck, and parking area.
24

The Statewide ADA Facilities Improvement Program was established to help ensure that state owned facilities meet the Americans with Disabilities Act ("ADA") Title II "program access" mandate to provide equal access to these facilities for persons with disabilities.
This program includes:
Accessibility audits of state facilities to determine the level of access, access deficiencies, and possible corrective action to comply with the ADA regulations and applicable federal and state accessibility codes;
Assistance to state agencies in preparing upcoming budget requests for ADA facility improvements; and
Allocation of designated ADA funding to state agencies for ADA facility improvements to existing state facilities.
The office works with state agencies to develop budget requests and undertake ADA-related construction projects. These projects address accessible entrances, primary function areas, restroom alterations, site modifications, automatic doors, curb cuts, ramps, pathway renovation, door modification, and other accessibility elements and features to meet the letter and spirit of the Americans with Disabilities Act.

georgia transportation investment act (TIA)
In 2012, voters in three Georgia regions River Valley (RV), Central Savannah River Area (CSRA) and the Heart of Georgia Altamaha (HOGA) approved a 10year one percent sales tax to fund regional and local transportation improvements. The Southern Georgia (SG) Region passed the referendum in 2018. Prior to the votes, regional roundtables of local elected officials, with significant public input, selected projects for each region's Approved Investment List. Combined, these lists represent 1,022 projects. TIA tax collections will continue through 2022 for the original three regions, and until 2028 in the SG Region. GSFIC is responsible for receiving the monthly TIA tax collections from the Department of Revenue for each region; 75% of those funds is transferred to the Approved Investment List projects for those regions, while the remaining 25% is distributed to all municipal and county governments within the region according to a pre-determined distribution formula for their discretionary use on local transportation-related efforts.
In FY 2019, GSFIC distributed $149 million to the Approved Investment List projects and $50 million to the local governments for their discretionary transportation projects.
Since the inception of the TIA program, a total of approximately $966 million has been received and distributed through June 30, 2019.

TIA by Region
Central Savannah River Area (CSRA)
Total Collections thru 6/30/2019: $433,970,675
i 75% to Approved Projects: $325,478,060 i 25% to Local Jurisdictions: $108,492,669
Total Number of TIA Program Projects = 84
River Valley (RV)
Total Collections thru 6/30/2019: $299,872,364
i 75% to Approved Projects: $224,904,273 i 25% to Local Jurisdictions: $74,968,091
Total Number of TIA Program Projects = 23
Heart of Georgia Altamaha (HOGA)
Total Collections thru 6/30/2019: $191,075,953
i 75% to Approved Projects: $143,306,964 i 25% to Local Jurisdictions: $47,768,988
Total Number of TIA Program Projects = 764
Southern Georgia (SG)
Total Collections thru 6/30/2019: $40,988,913
i 75% to Approved Projects: $30,741,685 i 25% to Local Jurisdictions: $10,247,228
Total Number of TIA Program Projects = 151

25

FY 2019 earnings
GSFIC contracts with the Office of the State Treasurer for management of the GSFIC bond portfolios with a very conservative investment strategy that emphasizes preservation of principal while meeting GSFIC's income and liquidity needs. With short-term interest rates still generally less than two and half percent (2.5%), investments were structured to provide investment income while protecting principal from loss due to any near-term increase in market interest rates. The portfolios from the investment of bond proceeds of the capital projects fund during FY 2019 had an average total investment rate of return of 3.23%.

The portfolios from the investment of bond proceeds of the capital projects fund during FY 2019 had an average total investment rate of return of 3.23%.

77.0.000% 66.0.000%

5.94%

Average Total InCvheasrttmTeintlteRate of Return

55.0.000%

44.0.000% 33.0.000% 22.0.000% 11.0.000% 00.0.000%

FY2200099

2.17% F2Y0210010

1.40% FY2021011

0.69% FY22010212

0.19% FY22001133

0.36% F2Y0210414

0.58% F2Y0210515

0.69% F2Y0210616

0.86% F2Y0210717

1.38% F2Y0210818

3.23% FY20210919

26

summary of the commission's net position

Summary of the Commission's Net Position
Assets: Current and other assets Capital assets Total assets
Deferred outflows of resources
Liabilities: Long-term liabilities Other liabilities Total liabilities
Deferred inflows of resources
Net position: Net investment in capital assets Restricted Unrestricted Total net position


Governmental Activities

2019

2018

$ 2,284,414,430 21,125,947
2,305,540,377
4,773,504

$ 2,088,521,328 22,525,479
2,111,046,807
3,656,616

20,819,267 54,645,692 75,464,959
3,762,802

24,998,405 72,713,062 97,711,467
13,467,763

20,866,972 2,210,219,148
--
$ 2,231,086,120

22,134,163 1,981,390,030
--
$ 2,003,524,193

27

summary of changes in the commission's net position

Summary of Changes in the Commission's Net Position
Revenues: Program revenues: Capital grants and contributions Build America Bonds subsidy payment General revenues: Intergovernmental revenue Transportation investment Act tax Unrestricted investment earnings Other revenue Total revenues
Expenses: Board of Education Board of Regents Criminal Justice Coordinating Council Department of Agriculture Department of Audits Department of Banking and Finance Department of Behavioral Health & Developmental Disabilities Department of Community Affairs Department of Community Health Department of Community Supervision Department of Corrections Department of Defense Department of Driver Services Department of Human Services Department of Juvenile Justice Department of Labor Department of Natural Resources Department of Public Health Department of Public Safety Department of Revenue Department of Transportation Department of Veteran Services Georgia Building Authority Georgia Bureau of Investigation

Governmental Activities

2019

2018

$ 1,367,105,908 $ 1,205,797,616

18,809,705

19,615,561

3,692,761 148,526,334
70,505,955 1,100,674
1,609,741,337

8,557,262 108,567,517
25,343,906 881,561
1,368,763,423

221,069,383 400,781,093
-- 2,968,646
-- 486,803 4,415,582 13,094,927
-- 477,533 29,400,957 1,724,549 8,250,182
53,711 30,360,977
557,498 31,765,852
9,839 1,478,446 14,583,845 232,722,025
12,000 26,851,286
1,398,008

262,216,118 310,230,048
1,673,519 3,672,242
500,000 215,360 15,384,912 3,915,280 2,119,966 3,798,344 48,763,510 1,810,286
-- 35,618,962 45,507,289
600,031 28,282,381
2,773,021 1,709,520 10,182,738 205,335,965
-- 3,114,197 7,798,895

28

Summary of Changes in the Commission's Net Position
Georgia Environmental Finance Authority Georgia Forestry Commission Georgia Military Academy Georgia Ports Authority Georgia Public Libraries Georgia Public Safety Training Center Georgia Public Telecommunications Commission Georgia Regional Transportation Authority Georgia Research Alliance Georgia Vocational Rehabilitation Agency Georgia World Congress Center House of Representatives Jekyll Island Authority Lake Lanier Development Authority Office of Planning and Budget Public Service Commission Senate Soil and Water Conservation Commission State Accounting Office State Board of Pardons and Parole State Road and Tollway Authority Stone Mountain Memorial Association Technical College System of Georgia General Administration Debt service:
Interest expense Intergovernmental expenses to the State of Georgia for:
Purchase of State general obligation bonds State bond issuance expenses Build America Bonds subsidy payment to the Office of State Treasurer Escrow deposit to refund State general obligation bonds Unspent cash appropriations returned to agencies
Total expenses Change in net position


Governmental Activities

2019

2018

$ 16,000,000 $ 8,000,000

318,292

1,574,464

--

2,895,778

--

4,795

17,845,540

9,925,384

1,832,921

1,996,717

949,724

1,414,247

3,990,421

1,540,926

3,873,442

2,154,506

1,312,683

1,417,528

5,058,464

1,631,200

4,964

8,400

1,973,908

139,226

302,152

--

172,400

781,200

830,138

351,347

95,099

--

1,728,854

9,370,727

859,179

569,684

--

7,823

14,423,661

10,930,234

--

--

245,461,196

76,300,906

15,555,184

16,063,815

40,101

33,138

431,685 3,372,371 18,885,706

231,529 5,255,963 19,684,255

-- 4,398,183 1,382,179,410 $ 227,561,927

3,239,796 74,891
1,170,821,063 $ 197,942,360

PHOTOS COURTESY OF:
COVER Wilbur & Dixie Ramsey Conference Center, Lanier Technical College/Brian Gassel Photography Page 1. Dalton State University/Clark Patterson Lee, J&D Images Page 2. Savannah Coastal Regional Lab, Georgia Bureau of Investigation/JMA Architecture Page 3. Gignilliat Hall, Dalton State University/Clark Patterson Lee, J&D Images Page 6. Orkin Hall, University of Georgia/Robb Helfrick Photography Page 8. Georgia Cancer Center, Augusta University/ZGF Architects, LLC Page 9. Academic Building C, Georgia Gwinnett College/Katie Bricker Photography Page 11. Georgia Cancer Center, Augusta University/ZGF Architects, LLC Page 12. James A. Walters Allied Health Building, Lanier Technical College/Brian Gassel Photography Page 13. Lanier Technical College/Brian Gassel Photography Page 14. Business Learning Community, University of Georgia/Robb Helfrick Photography Page 15. Business Learning Community, University of Georgia/Robb Helfrick Photography Page 16. Georgia Emergency Management Agency Headquarters/GEMA Page 17. Georgia Grown Building/Department of Agriculture Page 18. Gignilliat Memorial Hall, Dalton State University/Clark Patterson Lee, J&D Images Page 19. Savannah Coastal Regional Lab, Georgia Bureau of Investigation/JMA Architects Page 20. Kubota Manufacturing Applied Technology Center, Lanier Technical College/Brian Gassel Photography Page 20. Breeden-Giles Hall Administration Building, Lanier Technical College/Brian Gassel Photography

Page 20. James A. Walter Allied Health Building, Lanier Technical College/Brian Gassel Photography

Page 20. Chris Riley Instructional Building, Lanier Technical College/Brian Gassel Photography

Page 20. Governor Nathan Deal Economic Development Center, Lanier Technical College/Brian Gassel Photography

Page 20. Wilbur & Dixie Ramsey Conference Center, Lanier Technical College/Brian Gassel Photography

Page 20. Lanier Technical College/Brian Gassel Photography

Page 21. Industrial Training Center, Ogeechee Technical College/Georgia State Financing & Investment Commission

Page 21. Hull McKnight Georgia Cyber Center/Georgia Technology Authority

Page 21. Georgia Advanced Manufacturing Training Center/BRPH Architects Engineers

Page 21. Russell Hall, University of Georgia/Menefee Architecture

Page 21. Business Learning Center, University of Georgia/Robb Helfrick Photography

Page 21. Center for Molecular Medicine, University of Georgia/Flad & Associates

Page 22. Warm Springs Health Facility, Augusta University/Georgia State Financing & Investment Commission

Page 22. Convocation Center, University of North Georgia/University of North Georgia

Page 22. Jekyll Island Club Hotel/Epsten Group

Page 23. 2018 ADA for State and Local Governments Conference/State of Georgia ADA Coordinator's Office

Page 24. Jekyll Island Beach Front/Jekyll Island Authority

Page 26. Convocation Center, University of North Georgia/University of North Georgia

Page 27. Ivester Auditorium, University of Georgia/Robb Helfrick Photography

Page 29. Lanier Technical College/Brian Gassel Photography

29

Georgia State Financing & Investment Commission 270 Washington Street | Second Floor Atlanta, Georgia 30334
404.463.5600 | 404.463.5611 (f) | www.gsfic.georgia.gov
November 2019