City of jacksonville Annual Comprehensive Financial Report

City of jacksonville
Annual Comprehensive
Financial Report
Fiscal Year ENDED September 30, 2021

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City of Jacksonville, Florida
Annual Comprehensive Financial Report
For the Fiscal Year Ended September 30, 2021
TABLE OF CONTENTS
INTRODUCTORY SECTION
LETTER OF TRANSMITTAL .............................................................................................. i – xvi
CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE
IN FINANCIAL REPORTING ............................................................................................ xviii
ORGANIZATIONAL CHART ................................................................................................... xix
LISTING OF CITY OFFICERS, CONSTITUTIONAL OFFICEHOLDERS,
AND CITY COUNCIL OFFICIALS AND STAFF ....................................................... xx - xxi
FINANCIAL SECTION
INDEPENDENT AUDITORS’ REPORT ................................................................................1 – 3
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT
AUDITING STANDARDS .......................................................................................................4 – 5
SCHEDULE OF FINDINGS .....................................................................................................6 – 8
MANAGEMENT'S DISCUSSION AND ANALYSIS ........................................................... 9- 24
BASIC FINANCIAL STATEMENTS
CITYWIDE FINANCIAL STATEMENTS
Statement of Net Position ..............................................................................................................26
Statement of Activities ...................................................................................................................27
FUND FINANCIAL STATEMENTS
Balance Sheet - Governmental Funds .................................................................................... 32 - 33
Reconciliation of the Governmental Funds Balance
Sheet to the Statement of Net Position .....................................................................................35
Statement of Revenues, Expenditures and Changes in Fund Balances -
Governmental Funds ........................................................................................................ 36 - 37

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FINANCIAL SECTION (CONTINUED)
Reconciliation of the Statement of Revenues, Expenditures and Changes
in Fund Balances - Governmental Funds to the Statement of Activities .................................38
Statement of Net Position - Proprietary Funds ...................................................................... 40 - 41
Statement of Revenues, Expenses and Changes in Fund Net Position -
Proprietary Funds .....................................................................................................................43
Statement of Cash Flows - Proprietary Funds ....................................................................... 44 - 47
Statement of Fiduciary Net Position ..............................................................................................50
Statement of Changes in Fiduciary Net Position ...........................................................................51
MAJOR COMPONENT UNITS
Combining Statement of Net Position – Component Units ................................................... 54 - 55
Combining Statement of Activities – Component Units ...................................................... 56 - 57
NOTES TO THE FINANCIAL STATEMENTS ............................................................. 59 -161
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual - General Fund .........................................................................................164
Notes to Required Supplemental Information ................................................................... 165 - 166
Schedule of Contributions -
City of Jacksonville Retirement System.................................................................................167
Schedule of Contributions -
City of Jacksonville – Florida Retirement System .................................................................168
Schedule of Contributions -
City of Jacksonville Beach – Firefighters’ Retirement System..............................................169
Schedule of Changes in Net Pension Liability -
City of Jacksonville Retirement System........................................................................ 170 -172
Schedule of Changes in Net Pension Liability -
Florida Retirement System and Jacksonville Beach Firefighters .................................. 174 -176
Schedule of Money-Weighted Rate of Return
City of Jacksonville Retirement System.................................................................................177

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FINANCIAL SECTION (CONTINUED)
Notes to Required Supplementary Information -
City of Jacksonville Retirement System....................................................................... 178 - 179
Schedule of the City’s Proportionate Share of
Net Pension Liability ..............................................................................................................180
Schedule of Contributions -
Police and Fire Retirement System ........................................................................................181
Schedule of Contributions -
Police and Fire Pension Fund, Senior Staff Voluntary Retirement Plan ................................182
Schedule of Changes in Net Pension Liability -
Police and Fire Retirement System .............................................................................. 184 - 185
Schedule of Changes in Net Pension Liability -
Police and Fire Pension Fund, Senior Staff Voluntary Retirement Plan ...................... 186 - 187
Schedule of Money-Weighted Rate of Return
Police and Fire Retirement System ........................................................................................188
Schedule of City Contributions -
Employment Benefits Other than Pension (OPEB) Other than Police and Fire ....................189
Schedule of City Contributions -
Employment Benefits Other than Pension (OPEB) Police and Fire ......................................190
Schedule of Changes in Net OPEB Liability -
Employment Benefits Other than Pension (OPEB) Other than Police and Fire ....................191
Schedule of Changes in Net OPEB Liability -
Employment Benefits Other than Pension (OPEB) Police and Fire ......................................192
Notes to Required Supplementary Information -
Employment Benefits Other than Pension (OPEB) Other than Police and Fire ..........193 – 195
Notes to Required Supplementary Information -
Employment Benefits Other than Pension (OPEB) Police and Fire ............................196 – 198

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FINANCIAL SECTION (CONTINUED)
COMBINING INDIVIDUAL FUND STATEMENTS AND SCHEDULES
GOVERNMENTAL FUNDS
Combining Balance Sheet - Nonmajor Governmental Funds ...................................... 204 - 211
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances - Nonmajor Governmental Funds ............................... 212 - 219
Budgetary Comparison Schedules - Nonmajor Governmental Funds ......................... 220 - 227
PROPRIETARY FUNDS
Combining Statement of Net Position - Nonmajor Enterprise Funds .......................... 230 - 231
Combining Statement of Revenues, Expenses and
Changes in Fund Net Position - Nonmajor Enterprise Funds ................................ 232 - 233
Combining Statement of Cash Flows - Nonmajor Enterprise Funds ........................... 234 - 237
INTERNAL SERVICE FUNDS
Combining Statement of Net Position - Internal Service Funds .................................. 240 - 241
Combining Statement of Revenues, Expenses and
Changes in Fund Net Position - Internal Service Funds ........................................ 242 - 243
Combining Statement of Cash Flows - Internal Service Funds ................................... 244 - 247
FIDUCIARY FUNDS
PENSION TRUST FUNDS
Combining Statement of Fiduciary Net Position - Pension Trust Funds .........................250
Combining Statement of Changes in Fiduciary Net Position -
Pension Trust Funds ....................................................................................................251
CUSTODIAL FUNDS
Combining Statement of Fiduciary Net Position -
Custodial Funds ...........................................................................................................252
Combining Statement of Changes in Fiduciary Net Position -
Custodial Funds ...........................................................................................................253

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FINANCIAL SECTION (CONTINUED)
COMPONENT UNITS
Balance Sheet – Jacksonville Housing Finance Authority ....................................................256
Statement of Revenues, Expenditures and Changes in Fund Balances -
Jacksonville Housing Finance Authority...........................................................................257
SUPPLEMENTAL INFORMATION
Schedule of Long-Term Bonded Indebtedness ............................................................ 260 - 265
Schedule of Projected Debt Outstanding ..................................................................... 266 - 269
Schedule of Debt Service Requirements to Maturity -
Governmental Activities
Revenue Bonds Supported by General Fund ......................................................... 270 - 274
Schedule of Debt Service Requirements to Maturity -
Governmental Activities
Special Revenue Bonds Supported by Better Jacksonville Plan Revenues ........... 276 - 278
Schedule of Debt Service Requirements to Maturity -
Governmental Activities
Revenue Bonds Supported by Better Jacksonville Plan Revenues ........................ 280 - 283
Schedule of Debt Service Requirements to Maturity -
Governmental Activities
Notes Payable Supported by Better Jacksonville Plan Revenues ....................................284
Schedule of Debt Service Requirements to Maturity -
Governmental Activities
Special Revenue Bonds and Notes Payable from Internal Service Operations ..... 286 - 291
Schedule of Debt Service Requirements to Maturity -
Payable from Enterprise Funds .............................................................................. 292 - 294
Schedule of Self Insurance - Workers Compensation ................................................. 296 - 297
Schedule of Self Insurance – General Liability ........................................................... 298 - 299
Balance Sheet - General Fund by subfund .............................................................................300
Schedule of Revenues, Expenditures and Changes in Fund Balances -
General Fund by subfund ..................................................................................................301

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STATISTICAL SECTION (UNAUDITED)
Table of Contents .........................................................................................................................303
Financial Trends................................................................................................................. 304 - 315
Net Position by Components .................................................................................... 306 - 307
Changes in Net Position ............................................................................................ 308 - 311
Fund Balances, Governmental Funds .................................................................................312
Changes in Fund Balances, Governmental Funds .................................................... 314 - 315
Revenue Capacity .............................................................................................................. 317 - 325
Assessed Value and Estimated Actual Value of Taxable Property .......................... 318 - 319
Direct and Overlapping Property Tax Rates .......................................................................320
Principal Property Taxpayers .................................................................................... 322 - 323
Property Tax Levies and Collections ........................................................................ 324 - 325
Debt Capacity..................................................................................................................... 327 - 337
Ratios of Outstanding Debt by Type to Personal Income and Per Capita ................ 328 - 329
Direct and Overlapping Governmental Activities Debt......................................................330
Legal Debt Margin Information ..........................................................................................330
Pledged Revenue Coverage ...................................................................................... 332 - 337
Demographic and Economic Information .......................................................................... 338 - 340
Demographic and Economic Statistics ...............................................................................339
Principal Employers ............................................................................................................340
Operating Information ....................................................................................................... 342 - 349
Personnel Distribution by Department Classified Positions ..............................................343
Operating Indicators by Function/Program .............................................................. 344 - 347
Capital Asset Statistics by Function/Program........................................................... 348 - 349
COMPLIANCE SECTION
Management Letter Required by Chapter 10.550 of the Rules of the Auditor
General………………………......………….…………..............................................352 - 353
Independent Accountant’s Report on Compliance with Section 218.415, Florida
Statutes..…………………………………………………………………………................354
Independent Accountant’s Report on Compliance with Sections 365.172(10) and
365.173(2)(d), Florida Statutes..…………………………………………………………...355
Independent Accountant’s Report on Compliance with Sections 28.35 and 28.36, Florida
Statutes..…………………………………………………………………………………....356
Independent Accountant’s Report on Compliance with Section 61.181, Florida
Statutes..…………………………………………………………………………………....357

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LETTER OF TRANSMITTAL
i

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ii

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September 30, 2022
iii

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v
September 30, 2022
The Honorable Mayor Lenny Curry
Members of the City Council
Citizens of Jacksonville
INTRODUCTION
The Annual Comprehensive Financial Report of the City of Jacksonville, Florida (the City) for the fiscal
year ended September 30, 2021 is hereby submitted.
The financial reporting entity includes all funds of the consolidated government of the City of
Jacksonville and Duval County, as well as all of its component units. Component units are legally
separate organizations for which the City is financially accountable and, for financial statement
purposes, are either blended with the activities of the City or discretely presented.
Responsibility for both the accuracy of the data and the completeness and fairness of its presentation,
including all disclosures, rests with the City. Management believes the data, as presented, is accurate in
all material respects. It is presented in a manner designed to set forth the financial position and the
results of operations of the City on a government-wide and fund basis. Disclosures necessary to enable
the reader to gain an understanding of the City’s financial activities are included.
Internal controls are designed to provide reasonable assurance that the financial statements are free from
material misstatement. Management is primarily responsible for internal control. There are inherent
limitations of internal control due to cost/benefit considerations of providing the control as a certain
degree of risk would be unavoidable due to the cost of providing the control. Also, effectiveness of
control procedures may be diminished due to collusion where several employees conspire to circumvent
the control.
As part of the independent audit process, the Chief Financial Officer issues a letter of representation that
attests to his responsibility to establish and maintain effective internal control over financial reporting
among other things. The letter also acknowledges his responsibility for the design and implementation
of programs and controls to provide reasonable assurance that fraud is prevented and detected.
Management acknowledges that they have no knowledge of misstatements in the financial statements of
the City or of any fraud or suspected fraud that could have a material effect on the financial statements.

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vi
The City’s Independent Auditor, Carr, Riggs & Ingram, LLC (CRI), issued an opinion letter as required
by City Charter, Section 5.11; Chapter 218.39, Florida Statutes and Chapter 10.550 Rules of the Florida
Auditor General, which is contained in the Financial Section of this document. CRI, based on its audit
and the reports of component unit auditors, has opined that the financial statements present fairly, in all
material respects, the financial position and changes in financial position of the City as of and for the
year ended September 30, 2021.
Generally Accepted Accounting Principles (GAAP) requires that management provide a narrative
introduction, overview and analysis to accompany the basic financial statements in the form of
Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement
the MD&A and should be read in conjunction with it.
The City of Jacksonville’s MD&A can be found immediately following the report of the independent
certified public accountants.
PROFILE OF THE CONSOLIDATED GOVERNMENT
Governmental Framework
The City of Jacksonville was consolidated with Duval County in 1968 to streamline government and
eliminate the cost of duplicative City and County services. Four municipalities were not consolidated:
Atlantic Beach, Jacksonville Beach, Neptune Beach and Baldwin. The City has entered into interlocal
agreements 	with 	the 	unconsolidated 	entities 	to 	provide 	cost 	effective 	services 	to 	residents 	in
unconsolidated Duval County.
The City operates under a strong Mayor/City Council form of government. 	The 19-member City
Council is made up of 14 district council members and 5 at-large council members. 	These 20 elected
officials stand for election every four years (having no mid-term elections) and are subject to a two-term
limitation.
The Charter of the Consolidated Government of the City of Jacksonville provides for three branches:
Executive, Legislative and Judicial. The Executive branch includes the Office of the Mayor and
Constitutional officers: Sheriff, Tax Collector, Property Appraiser, Supervisor of Elections and the
Duval County School Board. The Legislative branch includes the City Council and a group of standing
committees. There is also a Council Auditor and Council Secretary. The Judicial branch includes: the
Circuit Court, County Court, Clerk of the Circuit Court, State Attorney, Public Defender and Medical
Examiner. 	The independent Office of Inspector General provides additional oversight to promote
increased accountability, integrity, and oversight of the City.
Certain governmental entities are organized as independent authorities and/or commissions in city
government, which include:
Jacksonville Aviation Authority (JAA)
Jacksonville Electric Authority (JEA- electric, water and wastewater utilities)
Jacksonville Port Authority (JPA)
Jacksonville Transportation Authority, (JTA- operates the mass transit system)
Jacksonville Public Library
Kids Hope Alliance (KHA)
Each authority/commission is subject to annual budget submission to the City and approval by the City
Council.

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vii
BUDGET AND GOVERNMENTAL FUNDS
Florida Law, the City Charter and the City's Ordinance Code establish provisions that regulate the
City’s budget, tax levies and appropriations. The Mayor is required to submit a proposed budget to the
City Council by July 15th of each year that is balanced and identifies revenues and other financial
resources 	that 	are 	anticipated 	to 	be 	available 	for 	appropriations. 	The 	Mayor 	also 	makes
recommendations for appropriations, expenditures and uses of financial resources, and otherwise
presents concise policy direction and guidance for the continuing financial operation of the City. Prior
to the beginning of each new fiscal year, the City Council adopts, by ordinance, a balanced budget. The
adopted budget sets the legal level of control at the fund level by department and object account. The
City, additionally, adopted a Municipal Ordinance Code Policy that provides transfer authority to the
mayor, without City Council approval, within an individual fund to include unique chart of accounts
combinations if the total transferred funds for a specific purpose, project or issue is under $500,000
during the fiscal year. These transfers are reported to the Finance Committee on a quarterly basis.
The City's accounting system is organized and operated on a fund basis. A fund is defined as an
independent fiscal and accounting entity with a self-balancing set of accounts. The types of funds to be
used are determined by generally accepted governmental accounting principles, and the number of
individual funds established is determined by sound financial administration and the statutory and
ordinance requirements of the Council.
Governmental funds with legally adopted annual budgets include the General Fund and certain Special
Revenue Funds including the Concurrency Management, Air Pollution Control and Monitoring,
Tourism Development, Transportation, Budgeted General Government, Emergency 911, Tax Increment
Districts, and Kids Hope Alliance Funds.
CAPITAL BUDGET
Capital Improvement Program (CIP) and Debt Affordability Model
The City annually approves a 5-year Capital Improvement Program (CIP) that anticipates a specific
level of borrowing and is financially feasible. 	Concurrent with the submission of the 5-year CIP, the
City reviews its Debt Affordability Model which a) looks backward 5 years to compare history; b)
measures the City’s performance against self-imposed ratio targets and maximum/minimum limits; c)
compares the City to national Aa/AA category norms; and d) projects the City’s performance within
targets/limits for the next 5 years.
BUDGET APPROPRIATIONS
FY2020 - FY2022
Change from 	Change from
Fund Types 	FY2020 	FY2021 	FY2022 	FY2020 to FY2021 	FY2021 to FY2022
General Fund 	1,377,635,370 	1,449,985,211 	1,531,720,546 	5.25% 	5.64%
Special Revenue 	363,900,821 	335,012,866 	394,106,896 	-7.94% 	17.64%
Capital Projects 	134,735,979 	194,871,277 	384,003,207 	44.63% 	97.05%
Enterprise 	249,159,875 	260,191,463 	270,836,450 	4.43% 	4.09%
Internal Service 	599,248,162 	704,632,261 	856,935,689 	17.59% 	21.61%
Trust & Agency 	16,620,528 	16,645,513 	20,356,150 	0.15% 	22.29%
Total 	2,741,300,735	$ 	2,961,338,591	$ 	3,457,958,938	$ 	8.03% 	16.77%

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Capital Improvement Plan
Status of Ongoing Major Projects
Pollution Remediation and Ash Site Settlement
During 2004-2005, the City was able to settle a long -standing class action suit regarding land value
diminution and personal injury that arose out of a solid waste practice, prior to the early 1970’s, of using
incinerator ash mixed with soil as fill in low lying areas. The City agreed to pay $25 million and to
allow the plaintiffs to pursue the City’s then-insurance providers related thereto. In FY 2009, the City
issued variable debt from the Debt Management Fund and is amortizing the remaining $22.5 million
over a 12-year period.
The City also negotiated (and finalized a settlement agreement in the fall of 2007) with the U.S.
Environmental Protection Agency (EPA) regarding the cleanup of the 3,194 sites that make up the ash
remediation project. A total of 1,016 parcels have been tested and do not require remediation. A total of
231 parcels are labeled as Institutional control only since they are sites that are covered by an
impervious surface that acts as the protective cap. Any redevelopment of these 231 sites that removes
the existing impervious surface may trip remediation since the ash status of the materials below the
existing cap are unknown. A total of 1,848 sites have been remediated to-date by removing up to 2.0-
feet of ash impacted materials, and the placement of “certified” clean backfill materials back to the
original grade surface. In many instances, where ash exceedances are below the 2.0-foot depth level
after remediation, a protective orange mesh barrier is placed in the excavation before backfilling as an
added engineering control. The Lonnie Miller Park and remnant parcels composed of 31 large
commercial and industrial parcels are scheduled to start remediation in 2021. A total of 68 sites require
remediation, but the City has been unable to obtain the necessary access agreement from the owner to
remediate the parcel.
The City has spent $186 million on cash remediation and has accrued $30 million as a liability at the
end of FY 2021.
The City has several other pollution remediation sites county wide that are in various stages of clean-up
and has spent $9.8 million on those sites. The City has accrued an additional $58 million liability for
future years estimated remediation expense.
The Capital Improvement Plan identifies the following:
Program Area 	FY21-22 	FY22-23 	FY23-24 	FY24-25 	FY25-26 	Beyond 5
Environmental / Quality of Life 	3,050,000	$ 	2,250,000	$ 	4,592,000	$ 	1,000,000	$ 	9,000,000	$ 	5,383,000	$
Parks / Preservation Land / Wetland 	88,299,410 	78,700,000 	15,800,000 	21,750,000 	43,500,000 	67,599,050
Public Facilities 	109,093,190 	78,697,310 	35,831,894 	12,313,976 	10,071,972 	437,690,965
Public Safety 	29,518,864 	8,700,000 	8,700,000 	6,700,000 	8,700,000 	41,300,000
Roads / Infrastructure / Transportation 	257,505,688 	234,025,269 	192,270,000 	129,680,000 	83,545,800 	121,430,654
Solid Waste* 	14,896,650 	2,089,000 	1,000,000 	5,945,715 	12,273,563 	57,600,000
Storm Water / Drainage* 	10,762,013 	10,000,000 	10,000,000 	10,000,000 	10,000,000 	41,845,498
513,125,815	$ 	414,461,579	$ 	268,193,894	$ 	187,389,691	$ 	177,091,335	$ 	772,849,167	$
* Most projects are budgeted in the enterprise funds

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ix
Better Jacksonville Plan
The Better Jacksonville Plan is a comprehensive undertaking by the City to provide: road, transportation
and infrastructure improvements, park and environmental improvements, economic development and
public facilities. The Plan was approved by the City in July 2000. Improvements include projects such
as: road resurfacing, drainage, sidewalks, bike paths and landscaping, safety improvements at grade
crossings, environmental land preservation, parks, and environmental clean-up.
Major projects included improvements to the Jacksonville Zoo and Cecil Field, construction of a new
main library and library branch improvements, an arena, a baseball park and a county courthouse. The
City has spent over $2 billion on the plan and most projects have been completed.
FUTURE PROSPECTS: ECONOMIC ENVIRONMENT AND MAYORAL HIGHLIGHTS
ECONOMIC ENVIRONMENT: JACKSONVILLE MSA
Jacksonville was founded in 1832 and consolidated with Duval County in 1968 and has an estimated
city/county population of 1,016,809 living within an 840.1 square mile area. 	Within Duval County
there are four separate municipalities (Jacksonville Beach, Neptune Beach, Atlantic Beach and
Baldwin) representing a population of 46,247 within 15.9 square miles. The Jacksonville Metropolitan
Statistical Area (MSA) consists of five counties: Duval, Clay, St. Johns, Nassau, and Baker, which have
a total estimated population of 1,587,892.
Selected Economic and Statistical Data
The combined City/County exhibits the following characteristics:
Florida
2018 	2019 	2020 	2021 	2021
Population (in thousands) 	952.9 	970.7 	982.1 	1,016.8 	21,899
City Assessed Valuation (in billions) 	53.2 	57.3 	62.2 	66.9 	2,264
*Dollar Value of Building Permits (in millions) 	1,869 	2,823 	2,423 	2,817 	N/A
Employment - MSA (in thousands) 	763.5 	773.6 	742.8 	782.4 	9,995
Unemployment Rate 	3.0% 	2.7% 	3.1% 	3.7% 	3.9%
Median Household Income - MSA 	51,296 	55,832 	57,703 	58,415 	59,227
* 2021 updated estimates were not available at the time of this report.
ECONOMIC SNAPSHOT

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Discussion: The consolidated city of Jacksonville is the most populated city in Florida based on the
latest Census. It is anticipated that the city’s population will grow significantly over the next few years
reflecting the general economic recovery, in-migration of businesses and the growth of the port due to
increased local economic activity.
Assessed valuation has increased. The value of building permits has improved significantly indicating a
housing and economic growth for the City. It is difficult to forecast the rate of economic improvement,
but we do anticipate continued improvement in assessed values in the near future.
Unemployment continues to decline and MSA employment continues to increase; both very positive
trends.
Discussion: Jacksonville is the economic driver for the seven-county, Northeast Florida region of
approximately 1.5 million residents. Jacksonville has a broad base of non-agricultural employment and
is home to a qualified and diverse labor force.
Jacksonville’s central location with access to road, rail, sea, and air transportation has made it the
international hub of the Southeast. Florida is the nation’s third most populous state, and more than 60
million U.S. consumers live within a one-day truck-drive of Jacksonville’s port. The Jacksonville Port
Authority (JAXPORT) terminals are serviced by three U.S. interstates (I-10, I-95 and I-75), and the city
has 40 daily train departures via three railroads: CSX, Norfolk Southern, and Florida East Coast
railway.
JAXPORT is one of the largest ports on the South Atlantic seaboard. 	In 2021, 1.407 million twenty-
foot equivalent units and 616,000 total vehicles moved through the Port. Among JAXPORT’s major
projects is a Harbor Deepening effort which will add seven feet of water depth for larger container cargo
ships and has the potential to significantly increase container business. 	JAXPORT’s internationally
ranked foreign trade zone spans more than 5,000 square miles in Northeast Florida, and helps shippers
save time and money by streamlining customs clearance.
Financial services, trade, transportation and utilities are also significant employers in Jacksonville. It is
anticipated that these segments will also grow as the port grows.
Segment
Trade, Transportation, and Utilities 	22.47%
Education and Health Services 	15.32%
Professional and Business Services 	15.92%
Leisure and Hospitality 	10.41%
Government 	10.55%
Financial Activities 	9.65%
Construction 	6.62%
Manufacturing 	4.35%
Other Services 	3.47%
Information 	1.20%
Mining and Logging 	0.05%
* Source: U.S. BLS, Current Employment Statistics
INDUSTRY SEGMENTS

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Growth/Future Prospects
Jacksonville is the gateway to Florida and to world trade on the east coast. It is also an important
location for the country’s military and our nation’s defense. 	Jacksonville is ideally positioned for
economic expansion due to its diverse economic base, expressway system, rail service and the port.
10 LARGEST EMPLOYERS IN JACKSONVILLE, FLORIDA
Discussion: The above table indicates that more than 93% of those employed by the largest employers
are from five segments: medical (31%), military (28%), technology (15%) public education (12%), and
banking/financial services (7%). It is anticipated that all of these segments will continue to grow top line
revenue and hire new employees.
Employer 	Product or Service 	Employees
Naval Air Station Jacksonville 	U.S. Navy 	20,000
Amazon 	Technology 	16,000
Duval County Public Schools 	Public Education 	13,110
Baptist Health 	Health Care 	12,603
Naval Station Mayport 	U.S. Navy 	10,030
Mayo Clinic 	Multi-Specialty Health Care 	8,848
Bank of America Merrill Lynch 	Banking and Investments 	8,000
City of Jacksonville 	Municipal Government 	7,639
UF Health of Jacksonville 	Health Care 	6,600
Florida Blue 	Health Insurance 	5,700

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xiii
DEBT AND INVESTMENT ACTIVITIES
Debt Administration
The City’s Debt Management Policy promotes effective and efficient management of the City’s debt
program. It provides a framework for the structuring and monitoring of debt issuances and emphasizes
prudent long-term financial planning. The Policy establishes a Debt Oversight Committee and a Debt
Affordability model which uses measures accepted within the credit community. The City's sound
financial condition is evidenced by the continuation of its long-held high-grade bond ratings on
indebtedness from the major credit rating services.
Moody's 	S&P 	Fitch
Issuer Credit Rating 	Aa3 	AA 	AA
Covenant Bonds 	A1 	AA 	AA-
Capital Improvement Revenue Bonds 	A1 	n/a 	AA
BJP Sales Tax Bonds 	Aa3 	A+ 	A+
BJP Transportation Revenue Bonds 	A1 	AA- 	AA-

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xiv
Investment Performance – Both Active and Major Pension Programs
The City is of the opinion that the interest of its citizens can best be served by actively managing City
funds through the assumption of a prudent level of risk. Investment objectives of the Operating Fund (in
order of priority) are: safety of capital, liquidity and income realization in excess of stated benchmarks.
The City’s Investment Policy also establishes an Investment Committee to help manage the funds. The
investment objectives of the General Employee Pension Fund and the Police and Fire Pension Fund are
established by their Boards of Trustees and governed by their Investment Policy Statements for the
purpose of providing long term benefits to the Fund’s participants and their beneficiaries.
FY
2021
FY
2020
FY
2019
FY
2018
FY
2017
FY
2016
3 - Year
Average
5 - Year
Average
Operating Fund (All Fixed Income)* 	1.01 	4.11 	5.54 	0.70 	1.28 	3.07 	3.54 	2.51
Policy Benchmark (Weighted Avg Benchmark)** 	-0.16 	4.54 	6.36 	-0.06 	0.44 	2.59 	3.54 	2.19
Core Plus 	1.76 	7.3 	10.15 	-0.03 	2.60 	7.31 	6.35 	4.29
Intermediate 	0.3 	7.26 	8.14 	-0.46 	0.36 	3.30 	5.17 	3.05
Limited Duration 	0.71 	4.14 	4.38 	0.85 	1.04 	1.75 	3.06 	2.21
Extended Cash 	0.85 	1.98 	3.08 	1.32 	1.25 	0.96 	1.97 	1.69
General Employee Pension Fund ( Diversified ) 	21.76 	6.42 	1.36 	7.87 	15.21 	9.93 	9.51 	10.3
Policy Benchmark (Weighted Avg Benchmark)** 	22.75 	2.34 	3.1 	8.28 	11.50 	10.55 	9.00 	9.23
Domestic Equity Composite 	40.57 	10.64 	1.47 	16.53 	20.79 	11.66 	16.43 	17.31
Total Int'l Equity 	23.56 	12.8 	-3.57 	1.57 	27.11 	12.74 	10.36 	11.65
Total Fixed Income 	1.19 	5.28 	6.61 	-0.64 	4.57 	5.12 	4.33 	3.37
Total Real Estate 	15.51 	-7.11 	1.97 	8.14 	5.13 	9.78 	3.04 	4.46
Real Assets (M LPs/Timber) 	46.65 	-24.51 	-6.77 	8.00 	2.26 	11.09 	1.06 	2.65
Police and Fire Pension Fund ( Diversified ) 	23.92 	8.58 	2.41 	8.44 	14.55 	10.98 	11.40 	11.42
Policy Benchmark (Weighted Avg Benchmark)** 	23.03 	5.75 	2.99 	8.33 	12.16 	10.34 	10.45 	10.43
Domestic Equity Composite 	36.17 	12.61 	-3.94 	16.87 	19.73 	13.47 	16.56 	17.24
Total Int'l Equity 	24.40 	14.31 	9.62 	1.64 	26.61 	12.05 	11.15 	12.06
Total Fixed Income 	2.83 	7.81 	3.93 	-0.29 	2.29 	5.69 	6.74 	4.39
Total Real Estate 	14.14 	1.59 	-9 	8.46 	8.08 	9.83 	6.60 	7.27
M LP/Energy 	0.00 	41.96 	2.54 	6.61 	-1.20 	14.53 	0.00 	0.00
Major Indicies
Russell 3000 Composite 	31.88 	15.00 	2.92 	17.58 	18.71 	14.96 	16.00 	16.85
M SCI EAFE Index 	26.29 	0.93 	-0.82 	3.25 	19.65 	7.06 	8.13 	9.33
NCREIF Property Index 	12.15 	2.00 	6.24 	7.16 	6.89 	9.22 	6.72 	6.84
Barclays Capital U.S. Aggregate Bond Index 	-0.90 	6.99 	10.3 	-1.22 	0.07 	5.19 	5.36 	2.94
Barclays Capital U.S. Gov/Credit Intermediate 	-0.40 	6.32 	8.17 	-0.96 	0.23 	3.52 	4.63 	2.60
ICE BofA M L U.S. Corp & Gov 1-3 Yrs 	0.35 	3.74 	4.65 	0.28 	0.65 	1.32 	2.89 	1.92
ICE BofA M L U.S. Treasury Bills 0-1 Year 	0.12 	2.07 	0.92 	1.51 	0.70 	0.48 	1.47 	1.32
FTSE Treasury Bill-3 M onth 	0.06 	1.02 	2.36 	1.57 	0.64 	0.2 	1.14 	1.13
NA = Specific consolidation / strategy did not exist at that time
*excludes depository accounts
INVES TMENT PORTFOLIO PERFORMANCE
September 30, 2021
(Reported in Percentage and Gross of Investment M anagement Fees)

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xv
(continued)
The previous schedule provides the investment performance for the City’s Active Portfolio, the City
Retirement Systems (covering both General employees and Corrections Officers) and the Police and
Firefighter Pension Plan.
LONG-TERM FINANCIAL POSITION
Jacksonville 	will 	benefit 	from 	the 	recovering 	economy 	and 	the 	growth 	of 	the 	region. 	The
administrations’ commitment to efficient and effective government, conservative investment policies
and careful debt management will provide for a prosperous city over the long run.
REPORTING ACHIEVEMENT
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City of Jacksonville for its
Annual Comprehensive Financial Report for the fiscal year ended September 30, 2020. The Certificate
of Achievement is a prestigious national award, recognizing conformance with the highest standards for
the preparation of state and local government financial reports.
Barclays Capital Aggregate Bond
Barclays Capital U.S. Govt/Credit Intermediate
Barclays Capital U.S. Universal
*Diversifying Assets Index 	15.00%
ICE BofA ML 1-3 yr US Corp/Govt Bond
ICE BofA ML 0-1 yr US T reasury Bond
FT SE 3-month T reasury Bill
Russell 1000 Stock
Russell 2000 Stock
Russell 2500 Stock
Russell 3000 Stock
MSCI AC World ex USA
MSCI EAFE/ACWI Stock
MSCI Emerging Markets
NCREIF Property
NCREIF ODCE Index[M]
S&P 500
S&P MLP T otal Return
S&P/LST A Leverage Loan Index
T hompson Policy Index
NCREIF T imberland
Real Asset Policy
90 Day U.S. T reasury Bill
0.00%
0.00%
0.00%
0.00%
15.00%
0.00%
0.00%
0.00%
0.00% 	0.00%
0.00% 	0.00%
0.00%
0.00%
0.00%
0.00%
20.00%
0.00%
**Index compositions are subject to change over time as target allocations change within the portfolios.
0.00%
Benchmarks for the General Employee and Police and Fire Pension funds are calculated by RVK while the Operating Portfolio Policy Benchmark is
derived from BNY Mellon custody reporting data.
0.00%
0.00%
0.00%
15.00%
0.00% 	0.00% 	0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
5.00%
Police and Fire	Operating Fund 	GEPF
20.00%
0.00%
0.00%
0.00%
0.00%
0.00% 	0.00% 	15.50%
0.00% 	0.00%
35.00%
1.00%
0.00%
0.00%
4.00%
0.00%	5.00%
40.00%
15.00%
0.00%
0.00%
0.00%
5.50%
0.00%
*Includes private equity, private credit, equity or debt long-short, event-driven, relative value, or tactical trading strategies, MLPs, and real assets. T he
active Diversifying Assets Index is calculated monthly using beginning of month investment weights applied to each corresponding primary benchmark
39.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
30.00%
0.00%
0.00% 	23.00%
**Benchmark Composition:

-- 24 of 389 --



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DRAFT
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-- 26 of 389 --

Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Jacksonville
Florida
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
September 30, 2020
Executive Director/CEO

-- 27 of 389 --

*CITY COUNCIL
19 Members (14 Elected by Districts, 5 At Large)
Finance
Committee
Land Use &
Zoning
Committee
Neighborhoods,
Community Svcs, Public
Health & Safety
Committee
Transportation,
Energy & Utilities
Committee
Rules
Committee
Auditor Council
Secretary
General
Counsel
Various Boards,
Authorities, Councils and
Commissions approved
by City Council
*Mayor
Neighborhoods
Department
Parks,
Recreation &
Community
Services
Department
Fire &
Rescue
Department
Finance &
Administration
Department
Various Boards,
Commissions and
Offices
T
H
E
V
O
T
E
R
S
E
L
E
C
T
*Sheriff 	*Tax Collector *Property
Appraiser
*Duval County
School Board *Supervisor
of Elections
*Circuit
Court
*County
Court
*Clerk of
Circuit
Court
*State
Attorney
*Public
Defender
***Medical
Examiner
ORGANIZATIONAL CHART
City of Jacksonville, Florida
L
E
G
I
S
L
A
T
I
V
E
E
X
E
C
U
T
I
V
E
J
U
D
I
C
I
A
L*Elected Officials 	***Appointed by the Governor
Planning &
Development
Department
Office of
Economic
Development
Employee
Services
Department
Public
Works
Department
CONSTITUTIONAL OFFICERS
Military
Affairs &
Veterans
Department
***Health
Department
JUDICIAL
Ethics Office
S T A N D I N G 	C O M M I T T E E S
Chief of Staff
Office of
Public
Affairs
Inspector
General’s Office
Chief
Administrative
Officer
Deputy Chief
Administrative
Officer

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xx
City of Jacksonville, Florida
City Officers and Constitutional Officeholders
Lenny Curry, Mayor
City Officers
Brian Hughes…………………………………………Chief Administrative Officer
Dr. Charles Moreland……………………….Deputy Chief Administrative Officer
Jason Teal, Esq………………………………………………….General Counsel
William Killingsworth..................................Director, Planning and Development
John Pappas………………………………………………Director, Public Works
Daryl Joseph…………….…Director, Parks, Recreation and Community Services
Bryan Mosier…….………………………………………. Director, Neighborhoods
Kirk Wendland.……………….…………………Economic Development Officer
Patrick “Joey” Greive….……………..Director, Finance & Administration/CFO
William Spann………………………………Director, Military Affairs & Veterans
Diane Moser……………………………………….. Director, Employee Services
Keith Powers……………………………………………Director, Fire and Rescue
Angela Moyer…………………………………………………........Budget Officer
Marcia Saulo, CPA.………………………………………………….Comptroller
Paul Barrett….…………………………………………………………..Treasurer
Constitutional Officeholders
Jody Phillips……………………………………………….Clerk of Circuit Court
Jerry Holland…………………………………………………Property Appraiser
Pat Ivey…………………………………………………………………….Sheriff
Mike Hogan………………………………………………Supervisor of Elections
Jim Overton…….…………………………………………………..Tax Collector

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xxi
City of Jacksonville, Florida
City Council Officials and Staff
City Council
President of Council…………….………….………………. Terrance E. Freeman
Vice President of Council..............…………………………… Ronald B. Salem
District 	1 — Joyce Morgan 	District 	8 	— Ju’Coby Pittman
District 	2 — Al Ferraro 	District 	9 	— Garrett L. Dennis
District 	3 — Aaron L. Bowman 	District 10 	— Brenda Priestly Jackson
District 	4 — Kevin Carrico 	District 11 	— Danny Becton
District 	5 — LeAnna M.G. Cumber 	District 12 	— Randy White
District 	6 — Michael T. Boylan 	District 13 	— Rory Diamond
District 	7 — Reggie Gaffney 	District 14 	— Randy DeFoor
Group 1 At-Large — Terrance E. Freeman
Group 2 At-Large — Ronald B. Salem
Group 3 At-Large — Nick Howland
Group 4 At-Large — Matt Carlucci
Group 5 At-Large — Samuel Newby
Council Staff
Kimberly Taylor, CPA……………………………………………Council Auditor
Margaret “Peggy” Sidman Martin …………………….Director/Council Secretary
Yvonne Mitchell………………………………….Chief of Administrative Services
Merriane Lahmeur…………………………………….Chief of Legislative Services
Jeff Clements………………………………………………….Chief of Research
* Schedule represents principal officials in office at the time of the report issuance.

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1
INDEPENDENTAUDITORS’REPORT
TheHonorableMayorandMembersoftheCityCouncil
CityofJacksonville,Florida
ReportontheFinancialStatements
We have audited the accompanying financial statements of the governmental activities, the businessͲ
typeactivities,theaggregatediscretelypresentedcomponentunits,eachmajorfundandtheaggregate
remainingfundinformationoftheCityofJacksonville,Florida(the“City”),asofandfortheyearended
September30,2021,andtherelatednotestothefinancialstatements,whichcollectivelycomprisethe
City’sbasicfinancialstatementsaslistedinthetableofcontents.
Management’sResponsibilityfortheFinancialStatements
Management is responsible for the preparation and fair presentation of these financial statements in
accordancewithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica;thisincludes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudor
error.
Auditors’Responsibility
Ourresponsibilityistoexpressopinionsonthesefinancialstatementsbasedonouraudit.Wedidnot
auditthefinancialstatementsofJEA,whichrepresentsapproximately83%,80%,and85%,respectively,
of the assets, net position, and revenues of the aggregate discretely presented component units. We
also did not audit the financial statements of Jacksonville Transportation Authority which represents
approximately7%,8%,and10%,respectively,oftheassets,netposition,andrevenuesoftheaggregate
discretely presented component units. We also did not audit the financial statements of Jacksonville
Port Authority, which represents approximately 10%, 12%, and 5%, respectively, of the assets, net
position,andrevenuesoftheaggregatediscretelypresentedcomponentunits.Thosestatementswere
auditedbyotherauditorswhosereportshavebeenfurnishedtous,andouropinion,insofarasitrelates
totheamountsincludedforJEA,JacksonvilleTransportationAuthorityandJacksonvillePortAuthority,is
basedsolelyonthereportsoftheotherauditors.Weconductedourauditinaccordancewithauditing
standardsgenerallyacceptedintheUnitedStatesofAmericaandthestandardsapplicabletofinancial
audits contained in Government Auditing Standards, issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audit to obtain reasonable assurance
aboutwhetherthefinancialstatementsarefreefrommaterialmisstatement.

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2

Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresin
the financial statements. The procedures selected depend on the auditors’ judgment, including the
assessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudor
error.Inmakingthoseriskassessments,theauditor considersinternal controlrelevanttotheentity’s
preparationandfairpresentationofthefinancialstatementsinordertodesignauditproceduresthat
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of
significantaccountingestimatesmadebymanagement,aswellasevaluatingtheoverallpresentationof
thefinancialstatements.

Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisfor
ourauditopinions.

Opinions

In our opinion, based on our audit and the reports of the other auditors, the financial statements
referred to above present fairly, in all material respects, the respective financial position of the
governmental activities, the businessͲtype activities, the aggregate discretely presented component
units,eachmajorfundandtheaggregateremainingfundinformationoftheCity,asofSeptember30,
2021,andtherespectivechangesinfinancialpositionand,whereapplicable,cashflowsthereofforthe
year then ended in accordance with accounting principles generally accepted in the United States of
America.

OtherMatters

RequiredSupplementaryInformation

Accounting principles generally accepted in the United States of America require that management’s
discussion and analysis, the schedule of revenue, expenditures and changes in fund balance – budget
andactual(budgetarybasis)–generalfund,andotherpostemploymentbenefitsandpensionschedules
as listed in the table of contents be presented to supplement the basic financial statements. Such
information, although not a part of the basic financial statements, is required by the Governmental
AccountingStandardsBoardwhoconsidersittobeanessentialpartoffinancialreportingforplacingthe
basicfinancialstatementsinanappropriateoperational,economic,orhistoricalcontext.Weandother
auditors have applied certain limited procedures to the required supplementary information in
accordancewithauditingstandardsgenerallyacceptedintheUnitedStatesofAmerica,whichconsisted
of inquiries of management about the methods of preparing the information and comparing the
information for consistency with management’s responses to our inquiries, the basic financial
statements,andotherknowledgeweobtainedduringourauditofthebasicfinancialstatements.Wedo
notexpressanopinionorprovideanyassuranceontheinformationbecausethelimitedproceduresdo
notprovideuswithsufficientevidencetoexpressanopinionorprovideanyassurance.

SupplementaryandOtherSupplementalInformation

Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City’s basic financial statements. The introductory section, combining and
individualnonmajorfundfinancialstatementsandschedules,othersupplementalinformationandthe

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3
statistical section, as listed in the table of contents, are presented for purposes of additional analysis
and are not a required part of the basic financial statements.
The 	combining 	and 	individual 	nonmajor 	fund 	financial 	statements 	and 	schedules, 	and 	other
supplemental information are the responsibility of management and were derived from and relate
directly to the underlying accounting and other records used to prepare the basic financial statements.
Such information has been subjected to the auditing procedures applied in the audit of the basic
financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the basic financial
statements or to the basic financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America by us and the
other auditors. In our opinion, based on our audit, the procedures performed as described above, and
the reports of other auditors, the combining and individual nonmajor fund financial statements and
schedules, and other supplemental information are fairly stated, in all material respects, in relation to
the basic financial statements as a whole.
This introductory and statistical sections have not been subjected to the auditing procedures applied in
the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any
assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated September
30, 2022, on our consideration of the City’s internal control over financial reporting and on our tests of
its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. That report does not include the results of the other auditors’ testing of internal control over
financial reporting or compliance and other matters that are reported on separately by those auditors.
The purpose of that report is solely to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the
effectiveness of the City’s internal control over financial reporting or on compliance. That report is an
integral part of an audit performed in accordance with Government Auditing Standards in considering
the City’s internal control over financial reporting and compliance.
Jacksonville, Florida
September 30, 2022

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4
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON
COMPLIANCEANDOTHERMATTERSBASEDONANAUDITOFFINANCIALSTATEMENTSPERFORMEDIN
ACCORDANCEWITHGOVERNMENTAUDITINGSTANDARDS
TotheHonorableMayorandMembersoftheCityCouncil
CityofJacksonville,Florida
We have audited, in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issuedby theComptroller General of the United States, the financial statements of the governmental
activities,thebusinessͲtypeactivities,theaggregatediscretelypresentedcomponentunits,eachmajor
fund,andtheaggregateremainingfundinformationoftheCityofJacksonville,Florida(the“City”)asof
andfortheyearendedSeptember30,2021,andtherelatednotestothefinancialstatements,which
collectively comprise the City’s basic financial statements, and have issued our report thereon dated
September 30, 2022. Our report includes a reference to other auditors who audited the financial
statementsofJEA,JacksonvilleTransportationAuthorityandJacksonvillePortAuthority,asdescribedin
our report on the City’s financial statements. This report does not include the results of the other
auditors’ testing of internal control over financial reporting or compliance and other matters that are
reportedonseparatelybythoseauditors.
InternalControloverFinancialReporting
In planning and performing our audit of the financial statements, we considered the City’s internal
control over financial reporting (internal control) as a basis for designing audit procedures that are
appropriateinthecircumstancesforthepurposeofexpressingouropinionsonthefinancialstatements,
but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control.
Accordingly,wedonotexpressanopinionontheeffectivenessoftheCity’sinternalcontrol.
A deficiency in internal control exists when the design or operation of a control does not allow
managementoremployees,inthenormalcourseofperformingtheirassignedfunctions,toprevent,or
detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combinationofdeficiencies,ininternalcontrol,suchthatthereisareasonablepossibilitythatamaterial
misstatementoftheentity’sfinancialstatementswillnotbeprevented,ordetectedandcorrectedona
timelybasis.Asignificantdeficiencyisadeficiency,oracombinationofdeficiencies,ininternalcontrol
thatislessseverethanamaterialweakness,yetimportantenoughtomeritattentionbythosecharged
withgovernance.

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5
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may
exist that have not been identified. We did identify certain deficiencies in internal control, described in
the accompanying schedule of findings as items 2021Ͳ001 and 2021Ͳ002 that we consider to be material
weaknesses.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’s financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts, and grant agreements, noncompliance with which could have a direct and
material effect on the financial statements. However, providing an opinion on compliance with those
provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards.
City’s Response to Findings
The City’s response to the findings identified in our audit is described in the accompanying schedule of
findings. The City’s response was not subjected to the auditing procedures applied in the audit of the
financial statements and, accordingly, we express no opinion on it.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the
City’s internal control or on compliance. This report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the City’s internal control and
compliance.Accordingly, this communication is not suitable for any other purpose.
Jacksonville, Florida
September 30, 2022

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ScheduleofFindings

6

2021Ͳ001 	ACCOUNTINGSYSTEMIMPLEMENTATION 	
 	 	
Condition:Duringtheauditwefoundthatfinancialrecordsformostclassesoftransactionsandaccount
balanceswerenotaccuratelycompletedonatimelybasis.Financialreportswerenotinplacetoextract
the financial information required and the financial information provided to us required material
correctingentriestobemadeinthefollowingareas:
x 	Cash
x 	AccountsReceivable
x 	AccruedPayroll
x 	Revenues

Criteria: Section 218.33, Florida Statutes, requires that local government entities follow uniform
accounting practices and procedures including the use of proper accounting and fiscal management,
which includes establishing and maintaining effective internal control to help ensure that appropriate
goals and objectives are met and ensuring that management and financial information is reliable and
properlyreported.

Cause:Thenewaccountingsystemwasnotdesignedandimplementedeffectivelysuchthatitwasnot
functioning sufficiently to maintain upͲtoͲdate and accurate financial records for most classes of
transactionsandaccountbalances.

Effect:Multiplematerialerrorswerefoundandtheauditwasnotabletobecompletedbythestate’s
initialdeadline.

Recommendation:  Enhance the understanding and user abilities of the accounting system through
further training and consultation with software providers.  Also, bring monthly close processes up to
dateandensurethatsubͲledgersreconcileaccuratelytothegeneralledger.

ManagementResponse:TheCityofJacksonvillewentlivewithourERPsystemsconversiononMarch1,
2020.Exactly16dayslater,wewerehitwiththedevastatingCOVIDͲ19pandemicthatsidelinedour
workforceanddisruptedtheconversionthatwasalreadyexpectedtobeachallengingprocess.Many
largeorganizationsstruggleforyearstoregaintheirfootingafteramajorsystemsconversion.Inour
case,thesystemspreviouslyinplaceweremorethan50yearsoldandinneedofmajorupgrade.
Negativelyimpactedbythepandemic,ourconversionputtheCitysixmonthsbehindinsubmittingits
FY2020reports.

WehaveimplementedmanyprocessimprovementssinceoursystemsconversionandtheFY2020audit,
ourfirstinthenewsystem.SpecificallyinresponsetotheFY2020auditorrecommendations,madein
December2021,theCitytookthefollowingsteps:

1) 1)Toaddresstherecommendationforfurthertraining,wemadethefollowingimprovements:	
a. 	WeaddedOracleUniversitylicensestoour2021Ͳ2022budgetandaCityͲwideOracle
1Cloudtrainingpositiontoour2022Ͳ2023budget.Thisnewpositionwillhavethe
responsibilityofensuringtheeffectiveandproductivetrainingofnewandexisting
employees.Theywillconnectexistingemployeeswithboth1)OracleUniversitycontent,
towhichwehavesubscribed,relatedtotheirfunctionswithinthesystemand2)our
libraryofinternallycreatedcontentthatwedevelopedandaddedtothetraining
materialslibrarywithinthenewERPsystem.Ourlibraryoftrainingmaterialsisnowan
expansiveonlinevolumeoffunctionͲandtransactionͲspecificinformation.


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ScheduleofFindings

7

Thetrainingpositionwillalsoberesponsibleforconnectingnewlyassignedemployees
withsubjectmatterexperts(SMEs)intheirareas,identifyingadditionaltrainingcontent
needsandcoordinatingthefurtherdevelopmentofmaterials.Throughthecreationand
centralizationoftrainingcontent,creationofJobAids,andaddingafacilitatorto
connectuserswiththeappropriatecontent,weareconfidenttheseeffortswillcontinue
toenhancethealreadystrengthenedunderstandingourusershaveoftheirrolesand
responsibilitiesinthenewsystem.
b. 	Inadditiontotheabovetrainingenhancementsfornewandexistingstaff,wehavereͲ
writtenaccountingdivisionjobdescriptionstofocusonmodernaccountingneeds,by
includingmodernERPsystemsfunctionsandexperiencerequirements.Wehavebeen
fillingvacancieswithapreferenceplacedoncandidateswithcloudͲbasedaccounting
ERPsystemsexperienceandhaveexpandedthefinancialreportingsystemsteamfrom
fourtoatotalofninepositions(sevenFTEsandtwoparttimeemployees).These
systemsͲspecificfunctionsandjobspecsdidnotexistin2020orbefore.

2) 	Toaddresstherecommendationforfurtherconsultationwithsoftwareproviders,wemadetwo
majorchanges:
a. 	Weeliminatedusageofthepreviousimplementationconsultantandinsteadhired
OracleConsultingdirectly.Thischangeeffectivelyeliminatedthedelaysandpartial
answerswewereseeingwiththemiddleͲmanapproachtoimplementation.Fromthe
dateofthecutͲovertoOracleConsultinginAprilof2021,webegantoseenotable
improvementsinthetimelinessandqualityofanswerstotheproblemswewere
experiencingthroughandafterimplementation.
b. 	WeaddedOracleManagedCareSolutions(MCS)tooursuiteofongoingservices.The
benefitofOracleMCSisthattheyserveasanextensionofourinternallydeveloped
systemsexperts’problemticketresolutionprocess,allowingthemtoelevateand
resolveuserexperienceproblemsdirectlyatthesource.Inotherwords,MCSallowsfor
directelevationofticketstoOraclesoftwaredevelopersandexpertstoaddressissues
promptly.

3) 	Toaddresstherecommendationtobringmonthlycloseprocessesuptodateandensurethat
subͲledgersreconcileaccuratelytothegeneralledger,wenotethefollowing:
a. 	Despitethelatestartonthisyear’sauditcausedbytheCOVIDͲdelayed2020reports,we
havemadeupthreeofthosemonthsaswearehittingthereviseddeadlineof9/30/22
tosubmittheCity’sFY2021ACFR.
b. 	OurmonthlyaccountingprocessescaughtbackuptoaliveͲclosingbasisforJune2022
whichwillensuretimelyandaccuratereportinggoingforwardbeginningwiththe
9/30/2022ACFR,AFR,SEFA,andSESA.

TheseproceduralandoperationalimprovementsmadebytheCitysinceembarkingonthechallenging
journeyofconvertingtoanewmodernERPsystemareeffortswhichwillpaydividendsforyearsto
comeintheareasoftransparencyandqualityoffinancialreporting.Weexpectthatthesefindingswill
beminimizedinFY2022andwillbeclearedbytheFY2023audit.

 	

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ScheduleofFindings

8

2021Ͳ002 	BANKRECONCILIATIONS

Condition:  During the audit we found that the bank reconciliation was not accurately or timely
completedandthereweretransactionswhichwerenotproperlyrecordedinthegeneralledgerorthe
bankreconciliation.

Criteria:  Section 218.33, Florida Statutes, requires that local government entities follow uniform
accounting practices and procedures including the use of proper accounting and fiscal management,
which includes establishing and maintaining effective internal control to help ensure that appropriate
goals and objectives are met and ensuring that management and financial information is reliable and
properlyreported.

Cause:TheTreasurydivisionwasnotabletocompletethebankreconciliationinatimelyandaccurate
mannerduetogeneralweaknessesinthesystemimplementationanddidnotmakeappropriateentries
orcommunicateerrorstotheAccountingdivisiontoaccountfortransactionswhichhadbeenprocessed
andwereidentifiedwhenperformingthebankreconciliation.

Effect:  Material errors were identified between the bank reconciliation and related general ledger
accounts.

Recommendation:  The Treasury division, Accounting division, and finance managers throughout the
City should collaborate better to ensure the bank balances are being reconciled accurately and in a
timelymannertoanamountthatmatchesthegeneralledgertobankstatements.

ManagementResponse:Toaddresstheseweaknesses,wemadethefollowingfourimprovements:
1) 	Thegeneralweaknessesrelatedtosystemsconversionwereaddressedthroughthesteps
highlightedinourresponsestoFinding2021Ͳ001above.Theseimprovementsledtothe
accountingmonthsbeingclosedinthesystemonatimelybasis,whichthenallowedfora
bankingreconciliationtobeperformedontimelyandaccuratebasisagainstthoseclosed
months.LiveclosingwasrestoredbeginningwiththeJune2022monthͲendcloseprocess,and
wehavecontinuedtoclosemonthsontimesincethen.Ourexpectationwillbethattheauditof
theFY2022ACFRwillreflectthatthisitemhasbeensubstantiallyorfullyaddressed.
2) 	ToaddressthecommunicationsweaknessesbetweenTreasuryandAccounting,wecommenced
weeklycashreconciliationmeetingsinMay2022toensurethatanyrecordingdiscrepanciesor
issuesidentifiedareaddressedimmediatelysothatwhenmonthlyclosingsoccurthe
reconciliationprocesscanoccurmorequicklyandaccurately.
3) 	WealsoreclassifiedpositionswithintheTreasuryDivisiontospecificallyaddfurther
reconciliationresponsibilitytonewlyassignedstaff.
4) 	Weadoptedastandardsetofmonthlyreconciliationprocedures,withexamplejobaid
screenshots,toensurethatallstepsarefollowedinthereconcilingofmonthlystatements.

Thesefourimprovementshaveyieldedpositiveresultsaswearenowreconcilingourmonthlybank
statementsinatimelyandaccuratemanner.

TheseproceduralandoperationalimprovementsmadebytheCitysinceembarkingonthechallenging
journeyofconvertingtoanewmodernERPsystemareeffortswhichwillpaydividendsforyearsto
comeintheareasoftransparencyandqualityoffinancialreporting.Wefullyexpectthatthesefindings
willbeminimizedinFY2022andwillbeclearedbytheFY2023audit.

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MANAGEMENT'S DISCUSSION
AND ANALYSIS
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MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
The City of Jacksonville’s discussion and analysis is designed to provide an objective and easy to read overview of
the City’s financial activities focusing on significant financial issues, as well as identifying material deviations from
the financial plan (the approved budget), changes in the City’s financial position (its ability to address the next and
subsequent year challenges), and individual fund issues or concerns.
The Management’s Discussion and Analysis (MD&A) is designed to focus on the current year’s activities, resulting
changes and currently known facts. The information contained within this MD&A should be considered only as a
part of the City’s Annual Comprehensive Financial Report (ACFR).
Financial Highlights
 	The City’s General Fund operations had total revenues of $1.4 billion in fiscal year 2021.
 	Due primarily to rising home values and new construction, property tax revenues in the General Fund
experienced a $52.8 million, 7.6% increase. There were also increases in revenues related to
intergovernmental revenues, charges for services and other revenues.
 	Decreases in revenues in the General Fund included $11.8 million for Interest earnings on short term cash
and $1.0 million for Utility and Communications service taxes.
 	General Fund total increase in revenues was $83.4 million in fiscal year 2021.
 	General Fund total expenses decreased by $17.3 million, 1.4%, primarily due to decreased spending in
General Government and Human Services, while Public Safety spending increased.
 	Total citywide governmental activities revenues decreased by $52.4 million in fiscal year 2021, a 2.5%
decrease from fiscal year 2020.
 	Total citywide governmental activity expenses decreased $46.8 million in fiscal year 2021, a 2.2%
decrease from fiscal year 2020.
Additional information that explains these financial highlights may be found on following pages of this report.
City Highlights
Fiscal Year 2021 had a number of positive outcomes. Some of the impacts and improvements were as follows:
 	The City implemented a new Enterprise-wide Resource Planning system on March 1st, 2020. Three weeks
later, we were challenged with federal and state stay-at-home orders and the need to protect our employees
and citizens from the impacts of the COVID-19 pandemic. This pandemic created difficulties in migrating
business practices to the new system and led to delays in closing the fiscal year 2020. Those challenges
continued into FY 2021, however substantial progress has been made. We are proud of the work our
employees have done to continue through this difficult time, with nearly-all employees having been called
back to full-time work in the office much sooner than employees in other industries who continued to work
remotely.
 	In addition to the swiftly implemented and administered CARES Act programs from FY 2020 which
positively impacted the financial well-being of our citizens, we designed use of the first $171 million
tranche ARPA Funds to bolster the strength of the local government, address some of our community’s
pressing needs, and shore up financial impacts resulting from the pandemic. While some funding was
allocated to recurring items, our primary focus was on one-time needs. Among the many items we
addressed in with the first tranche some of the most notable were as follows: $50 million to septic tank
phaseout, $31 million for premium payments and a part of the raises to government employees, $10.2
million for economic assistance to our municipalities and Port, and several million each for aid to
affordable housing providers, our special events venues, and materials and supplies for public health and
safety. As with last year’s recognition of the hard work of our employees to implement the very positively
impactful CARES Act programs, we again would like to recognize the efforts of our employees to
administer the ARPA funding in an efficient and positively impactful way for our citizens and their
government.
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 	In an effort to continue to improve the safety of our citizens, we broke ground on two new fire stations, on-
boarded three new classes of firefighters, and made further progress modernizing our fleet of first-
responder vehicles.
 	We approved 14 economic development projects that will result in a projected 1,716 jobs and
approximately $449 million in new private capital investments. Two projects are located in Northwest
Jacksonville.
 	We allocated an additional $200,000 to the Facade Renovation Grant Program to assist businesses in
economically distressed areas. As of FYE 21, 55 projects were complete and over $300,000 was disbursed
for the program.
 	The Jacksonville Film & Television Office permitted 73 film, television and digital media productions that
resulted in 1,065 hirings and nearly $2 million direct economic impact.
 	We approved four Septic Tank and Sewer Connection Grant agreements, allowing small businesses in
Northwest Jacksonville to repair/replace failing septic systems or connect to JEA sanitary sewer service. As
of FYE 21, eight projects were complete and approximately $277,425 was disbursed for the program.
 	In Fiscal Year 2021, part of the approved financial request for the COPS Grant was allocated to the funding
of the Co-Responder Program. This program partners a police officer with a licensed mental health
professional who respond together on calls for service involving mental health and homeless population
issues. This grant added an additional 40 Police Officer positions to the streets of Jacksonville.
 	The Jacksonville Sheriff’s secured and began the agency-wide rollout of the TASER 7®. This tool is used
for officer and citizen safety and provides enhanced capabilities compared to the previous model issued to
officers. Additionally, this updated equipment meets compliance regulations and is required due to end of
life / warranties of the previously issued equipment. While the project began in 2021, it is anticipated to be
ongoing for a minimum of two years as tools are acquired, distributed, and sworn personnel are trained.
 	The JSO Aviation Unit responded to approximately 3,000 calls for service and logged roughly 1,600 flight
hours. In October 2021, they took delivery of two 2021 Bell 407GXI aircrafts. The acquisition of the
aircrafts will enhance efficiency, safety, aerial assessments during natural disasters and special operation
missions. The new aircrafts will also participate in community events such as school tours, youth camp,
young aviator meet and greets and other community events. These events allow citizens to have one-on-one
interactions with the pilot(s) while observing the aircraft(s).
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OVERVIEW OF THE BASIC FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the City of Jacksonville’s basic financial
statements. As indicated in the following graphic (Figure A-1), the City’s basic financial statements are comprised
of three components: 1) citywide financial statements, 2) fund financial statements, and 3) notes to the financial
statements. This report also contains supplementary and statistical information in addition to the basic financial
statements themselves.
Figure A-1
COMPONENTS OF THE ANNUAL FINANCIAL REPORT
Summary 	Detail
Citywide Basic Financial Statements
The citywide basic financial statements are designed to provide readers with a broad overview of the City of
Jacksonville’s finances, in a manner similar to a private-sector business.
The focus of the Statement of Net Position is designed to be similar to bottom line results for the City and its
governmental and business-type activities. This statement combines and consolidates governmental funds, current
financial resources (short-term spendable resources) with capital assets and long-term obligations. The Statement of
Activities distinguishes functions of the City of Jacksonville that are principally supported by taxes and
intergovernmental revenues (governmental activities such as: police, fire, public works, recreation, and general
administration) from other functions that are intended to recover all or a significant portion of their costs through
user fees and charges (business-type activities such as: solid waste, Stormwater, sports complex, motor vehicle and
public parking).
Management’s
Discussion
and
Analysis
(MD&A)
Basic
Financial
Statements
Required
Supplementary
Information
(RSI)
Citywide
Financial
Statements
Fund
Financial
Statements
Notes
to the
Financial
Statements
12

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Component Units are other governmental units over which the City can exercise influence and/or may be obligated
to provide financial subsidy. The City of Jacksonville’s component units are as follows: Jacksonville Electric
Authority (JEA), Jacksonville Transportation Authority (JTA), Jacksonville Port Authority (JPA), and Jacksonville
Housing Finance Authority. Separate financial statements are published by JEA, JTA, and JPA. The focus of the
statements is on the primary government and the presentation allows the user to address the relationship with the
Component Units.
The two statements (Statement of Net Position and Statement of Activities) demonstrate how the City’s net position
has changed. Increases or decreases in net position are good indicators of whether the City’s financial health is
improving or deteriorating over time. Other non-financial factors such as changes in the City’s property tax base are
important considerations to assess the City’s overall financial condition.
Fund Financial Statements
A fund is a grouping of related accounts used to maintain control over resources that have been segregated for
specific activities or objectives. Traditional users of governmental financial statements will find the Fund Financial
Statements presentation more familiar. The focus is on Major Funds, rather than fund types, which provides
detailed information about the most significant funds. The City of Jacksonville, like other state and local
governments, uses funds to ensure and demonstrate compliance with financial requirements imposed by law, bond
covenants and local administrative and legislative actions. All of the City’s funds can be divided into three
categories: governmental funds, proprietary funds and fiduciary funds.
Governmental Funds
Governmental funds are used to account for essentially the same functions reported as governmental
activities in the citywide basic financial statements. However, unlike the citywide basic financial
statements, governmental fund financial statements focus on near-term inflows and outflows of spendable
resources, as well as on balances of spendable resources available at the end of the fiscal year. Such
information may be useful in evaluating a government’s near-term financing requirements. Since the focus
of governmental funds is narrower than that of the citywide basic financial statements, it is useful to
compare the information presented for governmental funds with similar information presented for
governmental activities in the citywide basic financial statements. This allows readers to better understand
the long-term impact of the government’s near-term financing decisions.
Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures,
and changes in fund balances provide a reconciliation to facilitate this comparison between governmental
funds and governmental activities.
Governmental fund information is presented separately in the governmental fund balance sheet and in the
governmental fund statement of revenues, expenditures, and changes in fund balances for the General
Fund, Special Bonded Debt Obligations Fund and Better Jacksonville Plan Special Bonded Debt
Obligations Fund, all of which are considered to be major funds. Information from other non-major funds
is combined into a single, aggregated presentation.
Proprietary Funds
Proprietary funds provide the same type of information as the business-type activities in the citywide basic
financial statements, only in more detail. The proprietary fund financial statements can be found in the
Fund Financial Statements section of this report.
The City of Jacksonville maintains two types of proprietary funds.
Enterprise funds are used to report the same functions presented as business-type activities in the
citywide basic financial statements. The City uses enterprise funds to report separate information
on operations such as Solid Waste Disposal, Stormwater Services and City Venues which are all
major funds. The Sports Complex Capital, Motor Vehicle Inspection, Public Parking and
Equestrian Center are non-major enterprise funds.
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The internal service funds are used to account for activities that provide goods and services to the
City’s other programs and activities. Since the internal service funds predominantly benefit
governmental rather than business-type functions, they have been included within governmental
activities in the citywide basic financial statements.
Fiduciary Funds
The City of Jacksonville is the trustee, or fiduciary, for trusts such as the City employee’s retirement plans.
Because of a trust arrangement, these assets can be used only for the trust beneficiaries. The City is
responsible for ensuring that the assets reported in these funds are used for their intended purposes. All of
the City of Jacksonville’s fiduciary activities are reported in a separate statement of fiduciary net position
and a statement of changes in fiduciary net position. These activities are excluded from the citywide basic
financial statements because the assets cannot be used to support or finance the City’s programs or
operations. The Fiduciary Funds Statement of Changes in Net Position can be found in the Fund Financial
Statement section of this report.
Notes to the Financial Statements
The notes to the financial statements provide additional information that is essential to a full understanding of the
data provided in the citywide and fund financial statements. The notes can be found as a part of the Basic Financial
Statements section of this report.
Other Information
This report additionally includes required supplementary information (RSI) containing budgetary comparisons with
related notes and the progress of the City’s employee pension obligations and other post-employment obligations.
The combined statements in connection with non-major governmental and enterprise funds, internal service funds,
fiduciary funds and non-major component units are presented following the required supplemental information.
Additional statistical information is presented to give report users a better historical perspective and assist in
assessing current financial status and trends of the governmental unit.
Economic data is presented to allow a broader understanding of the economic and social environment in which the
City government operates.
CITYWIDE FINANCIAL ANALYSIS
The net position may serve over time as a useful indicator of the government’s financial position. The City’s net
position decreased $43 million due primarily to an increase of $116 million in the net pension liability and $209
million in current liabilities, with an offsetting increase of $258 million in total assets. The negative $2.6 billion
unrestricted net position is primarily due to the $3.1 billion Net Pension Liability (See Table A-1).
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2021 	2020 	2021 	2020 	2021 	2020
Cash and Investments 	1,561,495	$ 	1,425,925	$ 	144,646	$ 	125,640	$ 	1,706,141	$ 	1,551,565	$
Current and Other Assets 	327,904 	282,703 	69,062 	63,419 	396,966 	346,122
Capital Assets 	2,696,530 	2,636,893 	584,683 	591,291 	3,281,213 	3,228,184
Total assets 	4,585,929 	4,345,521 	798,391 	780,350 	5,384,320 	$ 5,125,871
Deferred Outflow of Resources 	609,539 	531,422 	55 	60 	609,594 	531,482
Current Liabilities 	352,911 	164,850 	55,786 	34,982 	408,697 	199,832
Non-current Liabilities 	2,809,617 	2,756,623 	371,496 	377,849 	3,181,113 	3,134,472
Net Pension Liability 	3,107,155 	2,991,161 	- 	- 	3,107,155 	2,991,161
Total liabilities 	6,269,683 	5,912,634 	427,282 	412,831 	6,696,965 	6,325,465
Deferred Inflow of Resources 	151,933 	143,560 	- 	- 	151,933 	143,560
Net position
Net investment
in capital assets 	1,262,691 	963,098 	250,804 	252,121 	1,513,495 	1,215,219
Restricted for:
Debt service 	96,919 	125,870 	- 	- 	96,919 	125,870
Housing & human serv grants 	22,836 	37,837 	- 	- 	22,836 	37,837
State and federal grants 	6,464 	5,027 	- 	- 	6,464 	5,027
Capital projects 	9,428 	10,672 	- 	- 	9,428 	10,672
Other participant's equity 	2,578 	3,456 	- 	- 	2,578 	3,456
Permanent Fund 	- 	- 	- 	- 	- 	-
non-expendable 	1,566 	1,616 	- 	- 	1,566 	1,616
Other Purposes 	69,066 	51,009 	- 	- 	69,066 	51,009
Unrestricted (deficit) 	(2,697,696) 	(2,377,836) 	120,360 	115,458 	(2,577,336) 	(2,262,378)
Total net position 	(1,226,148)	$ 	(1,179,251)	$ 	371,164	$ 	367,579	$ 	(854,984)	$ 	($ 811,672)
Governmental
Activities 	Activities
Business Type
Table A-1
Summary Statement of Net Position
(In Thousands)
for the fiscal year ended September 30, 2021 and September 30, 2020
Total Primary
Government
The largest portion of the City’s net position reflects its substantial capital assets, net of related debt. This displays
the City’s commitment to investing in assets that have useful lives in excess of the life of the debt issues used to
finance the assets. The net pension liability is expected to increase until FY2030 when an additional dedicated ½
cent sales tax begins to fund the pension liability.
Along with the unfunded pension liability, the negative unrestricted net position in the governmental activities also
includes non-asset related debt, which is a liability of the City, issued for various capital projects that belong to other
entities.
The City issued non-asset related debt:
 	To finance improvements at Shands-Jacksonville – a large regional hospital serving the City’s citizens,
including its indigent population.
 	To finance improvements for both students and the public at Edwards Waters College – an important
HBCU located in Downtown Jacksonville.
 	To finance dredging of Millers Creek to provide better access for nearby neighborhoods.
 	To finance dredging of Wills Branch to relieve drainage and flooding issues.
On the following page, Table A-2 provides a summary comparison of the City’s operations for the 2021 and 2020
fiscal year ends.
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Revenues: 	2021 	2020 	2021 	2020 	2021 	2020
Program Revenues:
Fines & charges for services 	168,138	$ 	136,248	$ 	130,752	$ 	131,168	$ 	298,890	$ 	267,416	$
Operating grants/contributions 	100,593 	280,509 	- 	- 	100,593 	280,509
Capital grants/contributions 	54,297 	41,783 	- 	- 	54,297 	41,783
General revenues:
Property taxes 	784,248 	727,967 	- 	- 	784,248 	727,967
Utility and Communications service taxes 	123,699 	124,789 	- 	- 	123,699 	124,789
Sales and tourist taxes 	251,007 	221,804 	16,433 	14,168 	267,440 	235,972
Local business taxes 	6,993 	7,122 	- 	- 	6,993 	7,122
Intergovernmental 	207,049 	183,073 	- 	- 	207,049 	183,073
Franchise Fees 	41,303 	41,007 	- 	- 	41,303 	41,007
JEA Contribution 	120,012 	118,824 	- 	- 	120,012 	118,824
Earnings on Investments 	11,601 	47,628 	549 	5,113 	12,150 	52,741
Miscellaneous 	45,563 	30,868 	13,815 	16,333 	59,378 	47,201
Total Revenues 	1,914,503 	1,961,622 	161,549 	166,782 	2,076,052 	2,128,404
Expenses
General government 	221,559 	263,937 	- 	- 	221,559 	263,937
Human services 	115,935 	139,918 	- 	- 	115,935 	139,918
Public safety 	1,161,203 	1,112,990 	- 	- 	1,161,203 	1,112,990
Cultural and recreational 	81,911 	89,507 	- 	- 	81,911 	89,507
Transportation 	215,845 	166,313 	- 	- 	215,845 	166,313
Economic & physical environment 	90,324 	142,059 	- 	- 	90,324 	142,059
Interest on long term debt 	47,768 	62,780 	- 	- 	47,768 	62,780
Parking system 	- 	- 	3,708 	3,705 	3,708 	3,705
Motor vehicle inspections 	- 	- 	317 	397 	317 	397
Solid Waste 	- 	- 	86,294 	84,980 	86,294 	84,980
Stormwater services 	- 	- 	23,175 	25,322 	23,175 	25,322
City Venues 	- 	- 	70,055 	72,947 	70,055 	72,947
Sports Complex Capital Maintenance 	- 	- 	36 	13 	36 	13
Equestrian Center 	- 	- 	1,234 	1,270 	1,234 	1,270
Total Expenses 	1,934,545 	1,977,504 	184,819 	188,634 	2,119,364 	2,166,138
Increases (decreases) in
net position before transfers and special item 	(20,042) 	(15,882) 	(23,270) 	(21,852) 	(43,312) 	(37,734)
Transfers 	(26,855) 	(23,071) 	26,855 	23,071 	- 	-
Change in net position 	(46,897) 	(38,953) 	3,585 	1,219 	(43,312) 	(37,734)
Net position (deficit), beginning of year as restated 	(1,179,251) 	(1,136,508) 	367,579 	366,360 	(811,672) 	(770,148)
Net position (deficit), end of year 	(1,226,148)	$ 	(1,175,461)	$ 	371,164	$ 	367,579	$ 	(854,984)	$ 	(807,882)	$
Table A-2
(In Thousands)
Total Primary Government	Governmental Activities 	Business-TypeActivities
Statement of Activities
as of September 30, 2021 and September 30, 2020
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Governmental activities:
The City’s governmental activities revenues decreased $52.4 million from 2020 to 2021 (see Table A-2) and
consists of:
 	Property tax revenues reflected a $56.3 million increase which continues as a clear indication of a
strong economy in Jacksonville.
 	The $24.0 million increase in intergovernmental revenues is primarily due to increases in
contributions from component units.
 	The increase of $29.2 million in sales and tourist taxes reflects the positive rebound from the
pandemic.
 	The increase of $31.9 million in fines & charges for services is due the lessening impact of
COVID-19.
 	Capital grants/contributions increased by $12.5 million while another $14.8 million increase was
realized from miscellaneous revenue sources.
 	Operating grant/contributions had a decrease of $179.9 million primarily due to most of CARES
Act funding from the U.S. Department of Treasury being recognized in the prior year, while most
of the ARPA funding will be recognized in FY22.
 	The decrease of $36.0 million in earnings on investments is a result of poorer performance of the
pooled cash investments in fiscal year 2021.
Governmental activities expenses decreased by $43.0 million in fiscal year 2021 primarily due to the following:
 	Public Safety expenses increased by $48.2 million.
 	Transportation expenses increased by $49.5 million while economic & physical environment
expenses decreased by $51.7 million. Cultural and recreational expenses decreased by $7.6
million.
 	Interest on long term debt decreased by $15.0 million.
 	Human services expenses decreased by $24.0 million.
Business Type activities:
The City’s business type revenues decreased $5.2 million in fiscal year 2021:
 	Sales and tourist taxes increased by $2.3 million.
 	Interest earnings decreased $4.6 million due to poorer performance of pooled cash investments.
 	Miscellaneous revenues also decreased by $2.5 million.
Business type activities total expenses decreased $3.8 million in fiscal year 2021:
 	Expenses increased $1.3 million in Solid Waste.
 	Expenses decreased in the City Venues by $2.9 million, and in Stormwater Services by $2.1
million.
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0
200
400
600
800
1,000
1,200
1,400
$ millions
Expenses and Program Revenues ‐ Governmental
Activities
Program Revenues 	Expense
Miscellaneous
2%
Franchise Fees
2% Interest
1%
Operating
Grant/Contributions
5%
JEA Contribution
6%
Fines and Charges for
Services
9%
Intergovernmental
11%
Capital Grants and
Contributions
3%
Taxes
61%
Revenues ‐ Governmental Activities
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Culture & Recreation
4% 	Interest on LT Debt
3%
Human Services
6% Economic & Physical Env.
5%
General Government
11%
Transportation
11%
Public Safety
60%
Expenses ‐ Governmental Activities
‐
10
20
30
40
50
60
70
80
90
100
$ millions
Expenses and Program Revenues ‐
Business Type Activities
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FINANCIAL ANALYSIS OF THE CITY GOVERNMENT’S FUNDS
As noted earlier, the City of Jacksonville uses fund accounting to ensure and demonstrate compliance with finance-
related legal requirements.
Governmental Funds: The focus of the City’s governmental funds is to provide information on near-term inflows,
outflows and balances of spendable resources. Such information is useful in assessing the City’s financing
requirements. In particular, unassigned fund balance may serve as a useful measure of a government’s net resources
available for spending at the end of fiscal year 2021. The City uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements.
All non-major funds of each governmental fund type with legally adopted annual budgets are included in the
Combining Schedule of Revenue, Expenditures, and Changes in Fund Balance – Budget and Actual, which can be
found in the Combining Individual Fund Statements and Schedules. The General Fund and Major Special Revenue
Fund Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual is included as
Required Supplementary Information following the Notes to the Financial Statements.
The General Fund is the chief operating fund of the City. At the end of the current fiscal year, the unassigned fund
balance of the General Fund was $266.3 million. The General Fund’s total fund balance was $406.1 million, with
$66.0 million committed by City Council as an emergency reserve. The City’s Reserve Policy for the General Fund
is covered by Section 106.107 of the City’s municipal code. The policy requires that the emergency reserve shall
not be used except as initiated by the Mayor through written communication to City Council, explaining the
emergency, with subsequent approval by two-thirds votes of all City Council members. The Emergency Reserve
can be used to address unanticipated non-reimbursed expenditures arising out of a hurricane, tornado, other major
weather-related events, and/or other massive infrastructure failures or disasters, whether man made or caused by
nature. Under normal circumstances, the City would first elect to utilize the Operating Reserve before considering
use of its Emergency Reserve.
Key factors affecting changes in major funds and fund balance in fiscal year 2021 operations are as follows:
General Fund:
 	Property taxes account for 56.1% of the General Fund revenue and increased by $52.8 million, 7.6%
increase over the previous fiscal year. Interest revenue decreased $11.8 million due to a lower return in
fiscal year 2021. General Fund revenues had an overall increase of $83.3 million and an overall decrease
in expenditures of $17.3 million as compared to fiscal year 2020. The millage rate for the City of
Jacksonville remained the same from fiscal year 2020 to 2021 at 11.4419.
Public Safety:
 	This fund is used to track emergency incidents. FY2021 was most notable for CARES Act funding and the
ARP Act funding. While FEMA has not yet approved obligating funds for COVID-19 Disaster Account
funding, we anticipate reimbursement for emergency protective measures. The City has spent $46.8
million in expenditures for Hurricane Matthew, $74.2 million for Hurricane Irma and $6.0 million for
Hurricane Dorian; through 9/30/21, the FEMA has reimbursed $80.6 million. We expect 75%
reimbursement for Matthew and Dorian and 90% reimbursement for Irma. The City received $167.1
million in direct funding from the US Treasury for the CARES Act and had expended $142.8 million
through 9/30/21. The City also received $171.8 million in direct funding from the US Treasury for SLFRF
funding under round one of the American Recovery Plan (ARP) Act and had expended $10.1 million
through 9/30/21. Round 1 was appropriated to a variety of impacted areas and programs as detailed in our
submissions to the U.S. Treasury through our required reports. We received another $171 million in round
2 funding in FY 2022.
Special Bonded Debt – Better Jacksonville Plan Obligations (BJP):
 	Bonds payable on BJP Special Bonded Debt Obligations decreased by $89.5 million in fiscal year 2021 due
to refunding activities and year-over-year differences in the amortization schedule. During fiscal year
2021, the City redeemed a total of $62.7 million in BJP bonds. Interest and other fiscal charges decreased
by $6.6 million due to refunding activities and lower overall outstanding BJP debt.
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Special Bonded Debt – Obligations:
 	Bonds payable on Special Bonded Debt Obligations decreased by $28.8 million in fiscal year 2021 due to
refunding activities and year-over-year differences in the amortization schedule. Interest and other fiscal
charges decreased by $2.7 million due to refunding activities and lower overall outstanding debt.
Proprietary Funds: The City’s proprietary funds provide the same type of information found in the government-
wide business-type activities financial statements, but in more detail. Solid Waste, Storm Water Services and City
Venues are reported as major proprietary funds in fiscal year 2021.
General Fund Budgetary Highlights:
 	Property tax revenues exceeded budget by $10.7 million, utility service taxes exceeded budget by $0.9
million, and community service taxes exceeded budget by $1.0 million. Interest was under budget by $2.2
million, fines & forfeitures exceeded budget by $0.7 million and licenses, and permits and fees were under
budget by $0.2 million. Intergovernmental, and charges for services were over budget a total of $38.8
million. Total actual revenues for fiscal year 2021 were $49.7 million over the final budget.
 	Total general fund actual expenditures for fiscal year 2021 were $122.0 million under final budget with
$64.9 million related to the budgeted but unused emergency reserve.
 	Additional savings were due to salary and benefit costs and departmental and non-departmental operating
cost savings due to the Administration’s strong efforts toward cost reductions.
 	Fire & rescue and the office of the sheriff accounted for $782.2 million of the general fund expenditures,
which was 64.6% of the General Fund’s total expenditures.
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets
The City of Jacksonville’s investment in capital assets for its governmental and business-type activities as of
September 30, 2021, amounts to $3.3 billion net of accumulated depreciation. The investment in capital assets
includes land, buildings and improvements, furniture and equipment, infrastructure, and construction in progress,
other assets include public art and purchased/internally developed software (see Table A-3).
The primary focus was on fleet additions, sports complex improvements and drainage projects in fiscal year 2021.
The business type infrastructure decrease was due to the sale of a parking garage.
Additional information on the City of Jacksonville’s capital assets can be found in the Notes to the Financial
Statements, Footnote 6 of this report.
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2021 	2020 	2021 	2020 	2021 	2020
Land and easements 	327,533	$ 	320,397	$ 	46,910	$ 	46,910	$ 	374,443	$ 	367,307	$
Buildings and improvements 	1,246,417 	1,245,128 	741,484 	741,484 	1,987,901 	1,986,612
Furniture & Equipment 	532,586 	518,159 	18,051 	17,313 	550,637 	535,472
Construction and work in progress 	416,954 	262,181 	93,205 	72,108 	510,159 	334,289
Infrastructure 	2,389,727 	2,389,582 	92,887 	93,876 	2,482,614 	2,483,458
Other Assets 	46,304 	46,718 	- 	- 	46,304 	46,718
Less accumulated depreciation 	(2,262,991) 	(2,145,273) 	(407,854) 	(380,398) 	(2,670,845) 	(2,525,671)
Total 	$ 2,696,530 	$ 2,636,893 	$ 584,683 	$ 591,293 	$ 3,281,213 	$ 3,228,186
Activities 	Activities 	Total
Table A-3
Capital Assets
Net of Accumulated Depreciation
(In Thousands)
as of September 30, 2021 and September 30, 2020
Governmental 	Business Type
Debt Administration
Debt Service Funds account for the accumulation of resources for and the payment of interest and principal on
most general governmental obligations. Individual debt service funds are described below.
The Special Bonded Debt Obligations Fund accounts for the accumulation of resources for, and the payment of,
principal and interest on the City’s special and limited bonded obligations payable solely from and secured by a lien
upon and pledge of the revenues under the respective bond ordinances.
The Special Bonded Debt - Better Jacksonville Plan Obligations Fund accounts for the accumulation of
resources for and the payment of principal and interest on the City’s special bonded obligations payable, which are
related to the Better Jacksonville Plan.
The Other Non-Bonded Debt Obligations Fund accounts for the accumulation of resources for and the payment
of principal and interest on other non-bonded debt obligations including the U. S. Government Guaranteed Notes
Payable (HUD 108 loans).
At the end of fiscal year 2021, the City of Jacksonville had $2.3 billion in bonds and notes outstanding as shown in
Table A-4. Additional information on the City’s long-term debt can be found in Notes to the Financial Statements,
Note 8, of this report.
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2021 	2020 	2021 	2020 	2021 	2020
Special Obligation Bonds 	416,841	$ 	445,615	$ 	-	$ 	-	$ 	416,841	$ 	445,615	$
Special Obligation Bonds - BJP 	831,615 	921,110 	- 	- 	831,615 	921,110
Revenue Bonds Payable 	527,952 	474,485 	223,567 	220,310 	751,519 	694,795
Notes Payable 	32,300 	62,300 	- 	14,400 	32,300 	76,700
Notes Payable - BJP 	6,703 	12,870 	- 	- 	6,703 	12,870
Deferred Amounts
Loss on Adv Ref 	(7,339) 	(7,959) 	(55) 	(60) 	(7,394) 	(8,019)
Gain on Adv Ref 	2,417 	2,635 	- 	- 	2,417 	2,635
Issuance premiums 	211,239 	217,877 	25,002 	24,934 	236,241 	242,811
Issuance discounts 	(1,411) 	(1,572) 	- 	- 	(1,411) 	(1,572)
Total 	2,020,317 	2,127,361 	248,514 	259,584 	2,268,831 	2,386,945
Table A-4
Bonds and Note s Payable
O utstanding Debt as of Se ptembe r 30, 2021 and Se pte mber 30, 2020
(in Thousands)
Governmental Activities 	Busine ss Type Activities 	Total
New indebtedness of the City of Jacksonville consists of:
Closing Date 	Par Amount 	Source 	Primary Use
Oct. 2020 	155,040,000 	Transportation Revenue Bonds 	Refinancing
Aug. 2021 	16,530,000 	BJP Special Revenue Bonds 	Refinancing
Sep. 2021 	97,900,000 	Special Revenue Bonds 	Project Funding & Refinancing
Sep. 2021 	7,300,000 	Commercial Paper Notes 	Project Funding
On October 29, 2020, the City closed on the sale of $155.04 million Taxable Transportation Refunding Revenue
Bonds, Series 2020. The 2020 bonds have a true interest cost of 1.62%, an average coupon rate of 1.57% with no
mandatory sinking schedule and a maturity date of October 1, 2031. The proceeds of the 2020 bonds were used to
refund the City’s Transportation Revenue Bonds, Series 2012A maturing in years 2023 through 2031. The issuance
provided net proceeds of $155.04 million, which is inclusive of underwriter’s discount and cost of issuance totaling
$1.00 million. The refunding of the Taxable Transportation Refunding Revenue Bonds, Series 2020 resulted in net
PV savings of $20.99 million and a decrease in aggregate debt service in the amount of $35.14 million.
On August 12, 2021, the City closed on a $16.53 million bank loan referred to as the Better Jacksonville Sales Tax
Refunding Revenue Bond, Series 2021. The 2021 loan has a true interest cost of .43%, an average coupon rate of
.43% with no mandatory sinking schedule and a maturity date of October 1, 2023. The proceeds of the 2021 loan
were used to refund the City’s outstanding Better
Jacksonville Sales Tax Refunding Revenue Bonds, Series 2011. The agreement provided net proceeds of $16.53
million, which is inclusive of the cost of issuance totaling $50k. The refunding of the Better Jacksonville Sales Tax
Refunding Revenue Bonds, Series 2011 resulted in net PV savings of $1.07 million and a decrease in aggregate debt
service in the amount of $1.08 million.
On September 22, 2021, the City closed on the sale of $97.90 million Special Revenue Bonds, Series 2021A.The
2021A bonds have a true interest cost of 1.92%, an average coupon rate of 4.52% with no mandatory sinking
schedule and a maturity date of October 1, 2041. The proceeds of the 2021A bonds were used to finance and
refinance the acquisition and construction of certain capital equipment and improvements for the City ($90.50
million) and to fix out a portion of the City’s outstanding commercial paper debt ($29.80 million). The issuance
provided net proceeds of $121.05 million, which is inclusive of underwriter’s discount and cost of issuance totaling
$753k.
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On September 28, 2021, the City closed on the sale of Commercial Paper Notes in the amount of $7.30 million for
the purposes of funding short-term projects, and interim funding for long-term projects, with an initial interest rate
of .07%.
During fiscal year 2021, the City issued $276.8 million of bonds and notes and refunded or retired a combined
$388.9 million in principal amount of bonds and notes, resulting in a net increase of Debt Outstanding of $112.1
million. Since the end of fiscal year 2015, the City has reduced outstanding bonds and notes by a total of $454.0
million.
ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND RATES
The State of Florida, by constitution, does not have a state personal income tax and therefore the State operates
primarily using sales, gasoline and corporate income taxes. Local governments (cities, counties and school boards)
primarily rely on property and a limited array of permitted other taxes (sales, gasoline, utilities services, etc.) and
fees (franchise, occupational license, etc.) for their governmental activities. There are a limited number of state-
shared revenues and recurring and non-recurring (one-time) grants from both the state and federal governments.
Other Economic Factors:
 	The unemployment rate for the City of Jacksonville was 3.7% at the end of fiscal year 2021.
 	The population of the City of Jacksonville at the end of fiscal year 2021 was 1,016.8 thousand.
 	Jacksonville has the largest Empowerment Zone in the nation.
 	Jacksonville has a major port, is home to the National Football League’s (NFL) Jacksonville Jaguars, is the
insurance and financial center of Florida and is the site of key U.S. Navy bases.
Budget Highlights for fiscal year 2022
 	The FY 2022 budget is a continuation of prudent budgeting that addresses the needs of the community
while also increasing reserves, which have grown to approximately $281.0 million unassigned and roughly
$66.0 million in emergency reserves through FYE 9/30/2021.
 	The City is benefitting by a growing economy, expanding population base, and strong economic activity.
 	The $1.53 billion dollar balanced general fund budget addresses the critical needs of the city such as police,
fire prevention, roads and bridges, parks, libraries and more.
 	The Capital Improvement Plan includes $412 million in FY22 authorizations including another $20 million
for capital improvements at our county hospital administered by UF Health, $106 million for hydrology
and resiliency projects, and other improvements to public facilities, roads, bridges, and parks.
 	Debt is down $585 million since July 1, 2015, which allows for the continued investment in public
infrastructure while maintaining reasonable debt levels over time.
 	FY 2022 will have pre-programmed raises for employees as new collective bargaining agreements were
negotiated.
CONTACTING THE CITY’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, taxpayers, customers, investors and creditors with a general
overview of the City’s finances and to demonstrate the City’s accountability for the money it receives. If you have
questions about this report or need additional financial information, contact the Department of Finance, Accounting
Division, 117 West Duval Street, Suite 375, Jacksonville, Florida 32202, or call (904) 255-5261.
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CITYWIDE FINANCIAL
STATEMENTS
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CITY OF JACKSONVILLE, FLORIDA
STATEMENT OF NET POSITION -
SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands)
GOVERNMENTAL 	BUSINESS-TYPE 	COMPONENT
ACTIVITIES 	ACTIVITIES 	2021 	2020 	UNITS
ASSETS:
Cash and investments 	$1,268,227 	$122,927 	$1,391,154 	$1,196,607 	$1,237,262
Cash in escrow and with fiscal agents 	293,268 	21,719 	314,987 	354,958 	1,600
Securities lending 	30,919 	- 	30,919 	24,001 	-
Receivables, net 	132,507 	67,788 	200,295 	194,012 	271,704
Due from independent agencies and other governments 	155,424 	300 	155,724 	116,677 	29,261
Inventories 	5,616 	8 	5,624 	5,511 	100,475
Prepaid expenses and other assets 	3,438 	965 	4,403 	5,921 	55,701
Hedging deverivative instrument 	- 	- 	- 	- 	150,453
Costs to be recovered from future revenues 	- 	- 	- 	- 	881,949
CAPITAL ASSETS:
Land, easements, art in public places, and construction in progress 	745,903 	140,114 	886,017 	702,830 	1,404,078
Other capital assets, net of depreciation 	1,950,627 	444,569 	2,395,196 	2,525,354 	5,386,946
TOTAL ASSETS 	4,585,929 	798,390 	5,384,319 	5,125,871 	9,519,429
DEFERRED OUTFLOW OF RESOURCES:
Pension related 	432,704 	- 	432,704 	471,814 	174,734
Unamortized deferred loss on refunding and defeasance 	7,339 	55 	7,394 	8,019 	95,615
Accumulated decrease in fair value of hedging instrument 	- 	- 	- 	- 	129,355
Unrealized asset retirement obligation 	- 	- 	- 	- 	37,669
Other post employment benefit related 	169,496 	- 	169,496 	51,649 	10,298
TOTAL DEFERRED OUTFLOW OF RESOURCES 	609,539 	55 	609,594 	531,482 	447,671
LIABILITIES:
Accounts payable and accrued liabilities 	88,960 	37,949 	126,909 	103,590 	153,177
Contracts payable 	512 	1 	513 	1,156 	47,792
Due to independent agencies and other governments 	67 	- 	67 	48 	-
Deposits 	7,149 	13,131 	20,280 	14,202 	76,702
Accrued interest payable 	37,908 	4,463 	42,371 	44,204 	55,487
Unearned revenue 	187,153 	241 	187,394 	12,377 	6,987
Securities lending 	30,919 	- 	30,919 	24,001 	-
Other current liabilities 	243 	- 	243 	254 	37,465
NONCURRENT LIABILITIES: 	-
Fair value of debt management instrument 	- 	- 	- 	129,355
Due within one year 	192,822 	10,157 	202,979 	218,693 	109,003
Due in more than one year:
Net pension liability 	3,107,155 	- 	3,107,155 	2,991,161 	747,370
Other 	2,616,795 	361,339 	2,978,134 	2,915,779 	3,897,843
TOTAL LIABILITIES 	6,269,683 	427,281 	6,696,964 	6,325,465 	5,261,181
DEFERRED INFLOW OF RESOURCES:
Pension related 	105,513 	- 	105,513 	100,548 	42,057
Other post employment benefit related 	36,997 	- 	36,997 	33,018 	14,728
Revenue to be used for future costs 	- 	- 	- 	- 	159,987
Unamortized deferred gain on refunding 	9,423 	- 	9,423 	9,994 	-
Accumulated increase in fair value of hedging derivatives 	- 	- 	- 	- 	153,493
TOTAL DEFERRED INFLOW OF RESOURCES 	151,933 	- 	151,933 	143,560 	370,265
NET POSITION:
Net investment in capital assets 	1,262,691 	250,804 	1,513,495 	1,215,219 	3,458,153
Restricted for:
Debt service 	96,919 	- 	96,919 	125,870 	108,503
Housing and human services grants 	22,836 	- 	22,836 	37,837 	-
Other state and federal grants 	6,464 	- 	6,464 	5,027 	-
Capital projects 	9,428 	- 	9,428 	10,672 	296,059
Other participant's equity 	2,578 	- 	2,578 	3,456 	-
Permanent funds, non-expendable 	1,566 	- 	1,566 	1,616 	-
Other purposes 	69,066 	- 	69,066 	51,009 	58,040
Unrestricted (deficit) 	(2,697,696) 	120,360 	(2,577,336) 	(2,262,378) 	414,899
TOTAL NET POSITION 	($ 1,226,148) 	$ 371,164 	($ 854,984) 	($ 811,672) 	$ 4,335,654
TOTALS
PRIMARY GOVERNMENT
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CITY OF JACKSONVILLE, FLORIDA
STATEMENT OF ACTIVITIES -
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands)
PROGRAM REVENUES 	PRIMARY GOVERNMENT
FINES AND
CHARGES 	OPERATING 	CAPITAL 	BUSINESS- 	TOTAL
FOR 	GRANTS AND 	GRANTS AND 	GOVERNMENTAL 	TYPE 	COMPONENT
FUNCTIONS/PROGRAMS 	EXPENSES 	SERVICES 	CONTRIBUTIONS 	CONTRIBUTIONS 	ACTIVITIES 	ACTIVITIES 	2021 	2020 	UNITS
PRIMARY GOVERNMENT:
Governmental activities:
General government 	$ 	221,559 	$ 	81,439 	$ 1,169 	7,457	$ 	($ 131,494) 	($ 131,494) 	($ 196,987)
Human services 	115,935 	2,615 	7,329 	- 	(105,991) 	(105,991) 	(120,941)
Public safety 	1,161,203 	72,515 	12,991 	- 	(1,075,697) 	(1,075,697) 	(829,086)
Culture and recreation 	81,911 	5,172 	8,325 	1,307 	(67,107) 	(67,107) 	(81,701)
Transportation 	215,845 	66 	14,317 	42,220 	(159,242) 	(159,242) 	(118,906)
Economic environment 	92,924 	4 	51,628 	2,931 	(38,361) 	(38,361) 	(37,523)
Physical environment 	(2,600) 	6,327 	4,834 	382 	14,143 	14,143 	(74,830)
Interest on long term debt 	47,768 	- 	- 	- 	(47,768) 	(47,768) 	(62,780)
Total governmental activities 	1,934,545 	168,138 	100,593 	54,297 	($ 1,611,517) 	(1,611,517) 	(1,522,754)
Business-type activities:
Parking system 	3,708 	2,786 	- 	- 	- 	(922) 	(922) 	(783)
Motor vehicle inspections 	317 	396 	- 	- 	- 	79 	79 	(174)
Solid Waste 	86,294 	84,189 	- 	- 	- 	(2,105) 	(2,105) 	(3,146)
Storm Water Services 	23,175 	33,476 	- 	- 	- 	10,301 	10,301 	6,993
City Venues 	70,055 	9,905 	- 	- 	- 	(60,150) 	(60,150) 	(59,073)
Equestrian Center 	1,234 	- 	- 	- 	- 	(1,234) 	(1,234) 	(1,270)
Sports Complex Capital 	36 	- 	- 	- 	- 	(36) 	(36) 	(13)
Total business-type activities 	184,819 	130,752 	- 	- 	- 	(54,067) 	(54,067) 	(57,466)
Total primary government 	$ 2,119,364 	$ 	298,890 	$ 100,593 	$ 54,297 	(1,611,517) 	(54,067) 	(1,665,584) 	(1,580,220)
COMPONENT UNITS:
Governmental activities 	$ 	54,353 	$ 	- 	$ 	- 	$ 19,988 	($ 34,365)
Business-type activities 	1,861,918 	1,846,530 	87,039 	148,370 	220,021
Total component units 	$ 1,916,271 	$ 1,846,530 	$ 87,039 	$ 168,358 	$ 185,656
General revenues and transfers:
Property taxes 	784,248 	- 	784,248 	727,967 	-
Utility and Communications service taxes 	123,699 	- 	123,699 	124,789 	-
Sales and tourist taxes 	251,007 	16,433 	267,440 	235,972 	2,033
Local business taxes 	6,993 	- 	6,993 	7,122 	-
Intergovernmental - unrestricted 	207,049 	- 	207,049 	183,073 	90,944
JEA Contribution 	120,012 	- 	120,012 	118,824 	-
Unrestricted earnings on investments 	11,601 	549 	12,150 	52,741 	18,951
Franchise Fees 	41,303 	- 	41,303 	41,007 	-
Miscellaneous 	45,563 	13,815 	59,378 	47,201 	20,123
Transfers 	(26,855) 	26,855 	- 	- 	-
Total general revenues and transfers 	1,564,620 	57,652 	1,622,272 	1,538,696 	132,051
Change in net position 	(46,897) 	3,585 	(43,312) 	(41,524) 	317,707
Net position, beginning of year, as restated 	(1,179,251) 	367,579 	(811,672) 	(770,148) 	4,017,947
Net position, end of year 	($ 1,226,148) 	$ 371,164 	($ 854,984) 	($ 811,672) 	$ 4,335,654
See accompanying notes.
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FUND FINANCIAL
STATEMENTS
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MAJOR GOVERNMENTAL FUNDS:
GENERAL FUND
The General Fund is the principal fund of the City and is used to account for all
activities not included in other funds. 	The General Fund accounts for the normal
recurring activities of the City (i.e, police, fire, public works, courts, general government,
etc.). 	These activities are funded principally by property taxes, intergovernmental
revenues, and licenses and fees.
DEBT SERVICE FUNDS
The Special Bonded Debt Obligations Fund accounts for the accumulation of resources
for, and the payment of, principal and interest on the City’s special and limited bonded
obligations, which are payable solely from and secured by a lien upon and pledge of the
revenues under the respective bond ordinances.
The Special Bonded Debt - Better Jacksonville Plan Obligations Fund accounts for
the accumulation of resources for, and the payment of, principal and interest on the City's
special bonded obligations payable, which are related to the Better Jacksonville Plan.
SPECIAL REVENUE FUNDS
The Other Federal, State and Local Grants Fund records all other miscellaneous
grants administered by the City from federal, state and local sources not specifically
accounted for by other funds covering diverse programs such as: day care, adult
homemaker, 	beach 	erosion, 	base 	conversion and 	redevelopment, 	economic 	capital
development, aids treatment care, senior services and nutrition, crime prevention and
drug abuse, teenage pregnancy and childhood development, foster grandparents, and
waste tire disposal.
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CITY OF JACKSONVILLE, FLORIDA
BALANCE SHEET - GOVERNMENTAL FUNDS
SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands)
SPECIAL
BONDED DEBT-
BETTER
JACKSONVILLE 	SPECIAL
GENERAL 	PLAN 	BONDED DEBT -
FUND 	OBLIGATIONS 	OBLIGATIONS
ASSETS:
Equity in pooled cash and investments 	$ 	382,478 	$ 	910 	$ 	895
Cash in escrow and with fiscal agents 	- 	147,887 	46,320
Securities lending collateral 	30,919 	- 	-
Receivables (net, where applicable, of
allowances for uncollectibles):
Accounts 	7,353 	- 	-
Loans 	- 	- 	-
Other 	214 	- 	-
Due from other funds 	- 	- 	-
Due from independent agencies and other governments 	74,757 	- 	-
Inventories 	4,651 	- 	-
Prepaid items and other assets 	18 	- 	-
TOTAL ASSETS 	500,390 	148,797 	47,215
LIABILITIES:
Accounts payable and accrued liabilities 	$ 	52,185 	$ 	61 	$ 	-
Contracts payable 	- 	- 	-
Due to other funds 	- 	- 	-
Due to independent agencies and other governments 	67 	- 	-
Due to individuals 	- 	- 	-
Bonds Payable 	- 	45,600 	27,144
Interest Payable 	- 	17,421 	8,867
Deposits 	2,427 	- 	-
Unearned revenue 	8,543 	- 	-
Securities lending obligations 	30,919 	- 	-
TOTAL LIABILITIES 	94,141 	63,082 	36,011
DEFERRED INFLOW OF RESOURCES
Unavailable Revenue 	180 	- 	-
FUND BALANCES:
Non Spendable
Non Spendable 	4,669 	- 	-
Spendable:
Restricted 	5,445 	85,715 	11,204
Committed 	103,632 	- 	-
Assigned 	26,033 	- 	-
Unassigned 	266,290 	- 	-
TOTAL FUND BALANCES (Deficit) 	406,069 	85,715 	11,204
TOTAL LIABILITIES, DEFERRED INFLOW OF
RESOURCES, AND FUND BALANCES 	$ 	500,390 	$ 	148,797 	$ 	47,215
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OTHER FEDERAL, 	NON MAJOR
STATE AND 	GOVERNMENTAL
LOCAL GRANTS 	FUNDS 	2021 	2020
$ 	162,362 	$ 	462,213 	$ 	1,008,858 	$ 	838,028
- 	8,692 	202,899 	250,575
- 	- 	30,919 	24,001
1,208 	3,109 	11,670 	6,004
- 	4,866 	4,866 	4,880
- 	- 	214 	763
- 	- 	- 	8,478
3,327 	75,309 	153,393 	114,619
- 	- 	4,651 	4,545
- 	593 	611 	51
166,897 	554,782 	1,418,081 	1,251,944
$ 	1,460 	$ 	24,464 	$ 	78,170 	$ 	71,337
- 	512 	512 	899
- 	- 	- 	8,478
- 	- 	67 	48
- 	243 	243 	301
- 	- 	72,744 	91,517
- 	- 	26,288 	30,443
578 	4,138 	7,143 	6,585
161,802 	13,981 	184,326 	7,101
- 	- 	30,919 	24,001
163,840 	43,338 	400,412 	240,710
- 	- 	180 	180
- 	2,159 	6,828 	6,372
3,057 	99,292 	204,713 	230,415
- 	435,447 	539,079 	545,129
- 	- 	26,033 	18,815
- 	(25,454) 	240,836 	210,323
3,057 	511,444 	1,017,489 	1,011,054
$ 	166,897 	$ 	554,782 	$ 	1,418,081 	$ 	1,251,944
TOTALS
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Total fund balances- governmental funds 	1,017,489	$
Amounts reported for governmental activities in the statement of net
position are different because:
Capital assets used in governmental activities 	2,696,530
are not financial resources and therefore are not reported in the funds
Long term liabilities - liabilities are not due and payable in the current period and
are not reported in the funds:
Bonds and notes payable 	(1,815,411)
Unamortized bond discounts 	1,411
Unamortized bond premium 	(211,239)
Unamortized loss on advance refunding of debt 	7,339
Total bonds and notes payable 	(2,017,900)
Net pension liability 	(3,107,155)
Pension related deferred inflow of resources 	(105,513)
Pension related deferred outflow of resources 	432,704
Pension Receivable 	4,521
(2,775,443)
* Certain assets, liabilities, deferred inflow of resources, and deferred outflow
of resources reported in governmental activities are not financial resources
and therefore are not reported in the funds:
Matured notes and bonds payable accrual at the fund level 	72,744
Compensated absences 	(131,134)
Estimated liability for self insured losses 	(148,532)
Other post employment benefits (OPEB) liability 	(416,420)
OPEB related deferred inflow of resources 	(36,997)
OPEB related deferred outflow of resources 	169,496
Accrued liability for pollution remediation 	(88,293)
Deferred gain on refunding 	(9,423)
Amounts earned but not available 	180
Total 	(588,379)
Internal service funds are used by management to charge the costs of certain activities,
such as fleet maintenance and insurance, to individual funds. The Capital Assets and
Long term liabilities are consolidated with the governmental funds on an entity-wide basis.
This amount represents the net of Current Assets and Current Liabilities of the Internal
Service Funds. 	441,555
(1,226,148)	$
* Exception - The City deposits amounts in debt service funds to pay unmatured
payables early in the following year.
See accompanying notes.
Net position of governmental activities
City of Jacksonville, Florida
Reconciliation of the Governmental Funds Balance Sheet
to the Statement of Net Position
September 30, 2021
(in thousands)
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CITY OF JACKSONVILLE, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -
GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands)
SPECIAL
BONDED DEBT
BETTER
JACKSONVILLE 	SPECIAL
GENERAL 	PLAN 	BONDED DEBT-
FUND 	OBLIGATIONS 	OBLIGATIONS
REVENUES:
Property taxes 	$752,018 	- 	-
Utility and Communications service taxes 	123,699 	- 	-
Sales and tourist taxes 	1,250 	- 	-
Local business taxes 	6,993 	- 	-
Licenses, permits, and fees 	41,782 	- 	-
Intergovernmental 	207,049 	34,370 	-
Charges for services 	81,862 	- 	-
Fines and forfeitures 	2,713 	- 	-
JEA Contribution 	120,012 	- 	-
Investment earnings 	5,287 	149 	79
Other 	18,955 	- 	-
Total Revenues 	1,361,620 	34,519 	79
EXPENDITURES:
Current:
General government 	172,681 	8,261 	-
Human services 	78,122 	- 	-
Public safety 	779,318 	- 	-
Culture and recreation 	65,292 	- 	-
Transportation 	32,999 	- 	-
Economic environment 	13,305 	- 	-
Physical environment 	25,719 	- 	-
Capital outlay 	8,878 	- 	-
Debt Service:
Principal 	- 	76,445 	27,534
Interest 	7,815 	35,839 	17,864
Other 	4 	1,088 	36
Total Expenditures 	1,184,133 	121,633 	45,434
EXCESSS OF REVENUES OVER (UNDER)
EXPENDITURES 	177,487 	(87,114) 	(45,355)
OTHER FINANCING SOURCES (USES):
Long term debt issued 	- 	- 	-
Refunding bond issued 	- 	171,570 	-
Premium on bonds payable 	- 	- 	-
Payment to escrow agent - refunded debt 	- 	(180,323) 	-
Transfers In 	16,351 	67,105 	45,166
Transfers Out 	(127,705) 	- 	-
Total Other Financing Sources (Uses) 	(111,354) 	58,352 	45,166
NET CHANGE IN FUND BALANCES 	66,133 	(28,762) 	(189)
FUND BALANCE, BEGINNING OF YEAR 	339,936 	114,477 	11,393
FUND BALANCES (DEFICIT), END OF YEAR 	$406,069 	$85,715 	$11,204
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OTHER FEDERAL, 	NON MAJOR
STATE AND 	GOVERNMENTAL
LOCAL GRANTS 	FUNDS 	2021 	2020
- 	$32,230 	$784,248 	$727,967
- 	- 	123,699 	124,789
- 	249,757 	251,007 	221,804
- 	- 	6,993 	7,122
- 	32,146 	73,928 	61,689
24,706 	95,814 	361,939 	501,575
- 	48,363 	130,225 	111,691
- 	2,575 	5,288 	3,875
- 	- 	120,012 	118,824
- 	4,138 	9,653 	33,185
1,817 	17,716 	38,488 	32,831
26,523 	482,739 	1,905,480 	1,945,352
855 	32,666 	214,463 	255,355
12,498 	38,303 	128,923 	136,356
12,540 	88,736 	880,594 	898,507
9,202 	7,178 	81,672 	73,565
- 	138,608 	171,607 	160,092
796 	76,893 	90,994 	54,667
527 	10,546 	36,792 	33,313
1,776 	167,953 	178,607 	143,818
- 	- 	103,979 	92,736
- 	- 	61,518 	70,984
- 	- 	1,128 	981
38,194 	560,883 	1,950,277 	1,920,374
(11,671) 	(78,144) 	(44,797) 	24,978
- 	82,684 	82,684 	158,834
- 	- 	171,570 	83,075
- 	- 	- 	2,770
- 	- 	(180,323) 	(86,973)
500 	57,936 	187,058 	216,465
- 	(82,052) 	(209,757) 	(233,781)
500.00 	58,568 	51,232 	140,390
(11,171) 	(19,576) 	6,435 	165,368
14,228 	531,020 	1,011,054 	845,686
$3,057 	$511,444 	$1,017,489 	$1,011,054
TOTALS
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Net change in fund balances- total governmental funds: 	6,435	$
Amounts reported for governmental activities in the statement of activities are different because:
Certain assets and liabilities reported in governmental activities are not current financial resources
or do not require the use of current financial resources.
Governmental funds report capital outlays as expenditures. However, in the statement
of activities the cost of those assets is allocated over their estimated useful lives and
reported as depreciation expense. Also, certain capital assets are contributed to the City
upon completion, requiring recognition of capital contributions not reported in the funds.
Capital assets acquired by use of financial resources 	157,090
Current year depreciation 	(103,019)
54,071
Governmental funds report certain bond transactions as sources or uses. However, in the
statement of activities these transactions are reported over the life of the debt as expenses.
Amortization of bond discounts 	(161)
Amortization of bond premium 	17,415
Amortization -gain on refunding 	218
Amortization - loss on refunding 	(620)
16,852
Repayment of bond principal is an expenditure in governmental funds, but the repayment
results in a reduction of long-term liabilities in the statement of net position. Issuing debt
provides current financial resources to governmental funds, but issuing debt increases
long-term liabilities in the statement of net position.
Long-term debt issued 	(171,570)
Long-term debt retired 	282,539
110,969
Some revenues and expenses reported in the statement of activities did not require the use of
or provide current financial resources and therefore are not reported in governmental funds:
Decrease in compensated absences payable 	11,831
Increase in other post employment benefits 	(41,391)
Decrease of accrual for pollution remediation 	1,028
Net effect of internal loans 	(45,781)
Increase in net pension liability 	(118,173)
Change in deferred outflow and inflow of resources related to pension 	(42,307)
(106,972)
Internal service funds are used to charge the cost of certain activities to individual funds. The
net revenue (expense) and transfers are reported with governmental activities.
Operating gain (loss) 	(4,032)
Investment revenue (loss) 	1,948
Interest expense 	(749)
Other non-operating revenue 	6,560
Transfers out, net 	(4,158)
(431)
(46,897)	$
See accompanying notes.
Change in Net Position - Governmental Activities
City of Jacksonville, Florida
Reconciliation of the Statement of Revenues, Expenditures,
and Changes in Fund Balances of Governmental Funds to the Statement of Activities
For The Year Ended September 30, 2021
(in thousands)
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MAJOR ENTERPRISE FUNDS:
Enterprise Funds account for operations that are financed and operated in a manner
similar to private business enterprises and where the costs of providing goods or services
to the general public are recovered primarily through user charges; or where the City has
decided that determination of net income is appropriate for capital maintenance, public
policy, 	management 	control, 	accountability 	or 	other 	purposes. 	Individual 	major
enterprise funds are described below.
The Solid Waste Disposal Fund accounts for collection, recycling and disposal of
commercial and residential garbage services throughout the city, including the operation
of three municipally owned landfill sites, two of which are closed.
The City Venues Fund accounts for events held at TIAA Bank Field, Veterans
Memorial Arena, the Baseball Field, Times Union Center for the Performing Arts, Prime
Osborn Convention Center, and Ritz Theater.
The Storm Water Services Fund accounts for the storm water utility financed by
service charges, to be used to pay the expenses of constructing and maintaining the storm
water management system.
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CITY OF JACKSONVILLE, FLORIDA
STATEMENT OF NET POSITION - PROPRIETARY FUNDS
SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands)
SOLID 	STORM 	INTERNAL
WASTE 	CITY 	WATER 	NON MAJOR 	SERVICE
DISPOSAL 	VENUES 	SERVICES 	ENTERPRISE 	2021 	2020 	FUNDS
ASSETS:
Equity in pooled cash and investment 	$41,432 	$26,487 	$47,284 	$7,724 	$122,927 	$103,147 	$259,369
Cash in escrow and with fiscal agents 	- 	11,661 	- 	172 	11,833 	12,526 	90,369
Receivables (net, where applicable, of
allowances for uncollectibles):
Accounts 	33,714 	10,883 	23,042 	147 	67,786 	59,878 	28
Loans 	- 	- 	- 	- 	- 	- 	42,729
Other 	2 	- 	- 	- 	2 	2 	3,520
Due from independent agencies and other governments 	59 	167 	- 	74 	300 	229 	2,031
Inventories 	- 	- 	- 	8 	8 	9 	965
Prepaid expenses and other assets 	- 	965 	- 	- 	965 	3,301 	3,357
Total Current Assets 	75,207 	50,163 	70,326 	8,125 	203,821 	179,092 	402,368
NONCURRENT ASSETS:
Sinking fund cash and investments 	9,886 	- 	- 	- 	9,886 	9,967 	-
Loans receivable 	- 	- 	- 	- 	- 	- 	559,883
Other receivables 	- 	- 	- 	- 	- 	- 	8,462
CAPITAL ASSETS:
Land, easements and work in progress 	46,719 	47,309 	38,628 	7,458 	140,114 	119,016 	49,815
Other capital assets, net of depreciation 	5,009 	374,415 	56,136 	9,009 	444,569 	472,275 	103,258
Total Noncurrent Assets 	61,614 	421,724 	94,764 	16,467 	594,569 	601,258 	721,418
TOTAL ASSETS 	136,821 	471,887 	165,090 	24,592 	798,390 	780,350 	1,123,786
DEFERRED OUTFLOW OF RESOURCES:
Unamortized deferred loss on refunding 	- 	- 	- 	55 	55 	60 	-
ENTERPRISE FUNDS
TOTALS
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CITY OF JACKSONVILLE, FLORIDA
STATEMENT OF NET POSITION - PROPRIETARY FUNDS
SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands)
SOLID 	STORM 	INTERNAL
WASTE 	CITY 	WATER 	NON MAJOR 	SERVICE
DISPOSAL 	VENUES 	SERVICES 	ENTERPRISE 	2021 	2020 	FUNDS
ENTERPRISE FUNDS
TOTALS
LIABILITIES:
Accounts payable and accrued liabilities 	$5,278 	$28,101 	$4,090 	$480 	$37,949 	$18,917 	$10,790
Contracts payable 	- 	- 	1 	- 	1 	257 	-
Deposits 	218 	12,733 	84 	96 	13,131 	7,611 	6
Accrued interest payable 	- 	4,407 	- 	56 	4,463 	5,490 	11,620
Estimated liability for self insured losses, current portion 	- 	- 	- 	- 	- 	- 	40,586
Unearned revenues 	- 	241 	- 	- 	241 	2,707 	2,827
Accrued compensated absences current portion 	407 	- 	98 	96 	601 	628 	1,481
Current portion of notes payable 	- 	- 	- 	- 	- 	900 	-
Current portion of loans payable 	1,083 	700 	427 	- 	2,210 	2,229 	5,345
Current portion of bonds payable 	- 	7,230 	- 	116 	7,346 	6,973 	40,154
Total Current Liabilities 	6,986 	53,412 	4,700 	844 	65,942 	45,712 	112,809
NONCURRENT LIABILITIES:
Estimated liabilitie for self-insured losses 	- 	- 	- 	- 	- 	- 	107,946
Liability for landfill closure and post-closure care 	38,382 	- 	- 	- 	38,382 	36,616 	-
Accrued compensated absences 	951 	- 	229 	225 	1,405 	1,435 	3,460
Loans Payable 	32,286 	42,811 	5,231 	- 	80,328 	90,797 	65,334
Bond payable 	- 	239,115 	- 	2,109 	241,224 	238,271 	585,997
Total Noncurrent Liabilities 	71,619 	281,926 	5,460 	2,334 	361,339 	367,119 	762,737
TOTAL LIABILITIES 	78,605 	335,338 	10,160 	3,178 	427,281 	412,831 	875,546
DEFERRED INFLOW OF RESOURCES
Unamoritized deferred gain on refunding 	- 	- 	- 	- 	- 	- 	7,006
NET POSITION:
Net investment in capital assets 	20,438 	129,644 	86,741 	13,981 	250,804 	252,121 	114,708
Restricted for:
Restricted - other participants equity 	- 	- 	- 	- 	- 	- 	2,578
Unrestricted (deficit) 	37,778 	6,905 	68,189 	7,488 	120,360 	115,458 	123,948
TOTAL NET POSITION (DEFICIT) 	$58,216 	$136,549 	$154,930 	$21,469 	$371,164 	$367,579 	$241,234
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CITY OF JACKSONVILLE, FLORIDA
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands)
SOLID 	STORM 	INTERNAL
WASTE 	CITY 	WATER 	NON MAJOR 	SERVICE
DISPOSAL 	VENUES 	SERVICES 	ENTERPRISE 	2021 	2020 	FUNDS
OPERATING REVENUE:
Sales and tourist taxes 	$ 	- 	$9,597 	$ 	- 	$6,836 	$16,433 	$14,168 	$ 	-
Charges for services 	84,189 	9,905 	33,476 	3,182 	130,752 	131,168 	319,433
Charges for services for independent authorities 	- 	- 	- 	- 	- 	- 	5,083
Other 	13 	8,182 	2 	14 	8,211 	11,501 	1,244
Total Operating Revenue 	84,202 	27,684 	33,478 	10,032 	155,396 	156,837 	325,760
OPERATING EXPENSES:
Personal services 	8,258 	6,925 	6,950 	2,107 	24,240 	26,245 	36,913
Supplies and materials 	181 	430 	279 	34 	924 	763 	17,821
Central service 	5,021 	295 	3,333 	605 	9,254 	8,798 	24,909
Interdepartmental charges 	170 	2,606 	92 	160 	3,028 	2,793 	-
Other services and charges 	68,732 	29,901 	7,271 	1,211 	107,115 	107,306 	76,577
Depreciation and amortization 	2,815 	18,685 	5,250 	1,071 	27,821 	28,214 	26,981
Court reporter services 	- 	- 	- 	- 	- 	- 	45
Claims and losses 	- 	- 	- 	- 	- 	- 	30,808
Insurance premiums and participant dividends 	- 	- 	- 	- 	- 	- 	115,738
Total Operating Expenses 	85,177 	58,842 	23,175 	5,188 	172,382 	174,119 	329,792
OPERATING (LOSS)INCOME 	(975) 	(31,158) 	10,303 	4,844 	(16,986) 	(17,282) 	(4,032)
NON-OPERATING REVENUE (EXPENSES):
Investment earnings (loss) 	271 	14 	213 	51 	549 	5,113 	1,948
Interest expense 	(1,117) 	(11,213) 	- 	(107) 	(12,437) 	(14,515) 	(749)
Other 	2,335 	3,121 	93 	55 	5,604 	4,832 	6,560
Total Non-Operating Revenue (Expenses) 	1,489 	(8,078) 	306 	(1) 	(6,284) 	(4,570) 	7,759
INCOME (LOSS) BEFORE TRANSFERS 	514 	(39,236) 	10,609 	4,843 	(23,270) 	(21,852) 	3,727
TRANSFERS:
Transfers In 	9,590 	29,201 	- 	1,347 	40,138 	37,599 	3,000
Transfers Out 	(9,245) 	(156) 	- 	(3,882) 	(13,283) 	(14,528) 	(7,158)
Net Transfers 	345 	29,045 	- 	(2,535) 	26,855 	23,071 	(4,158)
CHANGES IN NET POSITION 	859 	(10,191) 	10,609 	2,308 	3,585 	1,219 	(431)
NET POSITION (DEFICIT), BEGINNING OF THE YEAR 	57,357 	146,740 	144,321 	19,161 	367,579 	366,360 	241,665
NET POSITION (DEFICIT), END OF YEAR 	$58,216 	$136,549 	$154,930 	$21,469 	$371,164 	$367,579 	$241,234
ENTERPRISE FUNDS
TOTALS
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CITY OF JACKSONVILLE, FLORIDA
COMBINING STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands)
SOLID
WASTE 	CITY
DISPOSAL 	VENUES
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers 	$88,540 	$59,210
Receipts from interfund services provided 	- 	-
Payments to suppliers 	(79,862) 	(55,911)
Payments to employees 	(8,138) 	(6,925)
Internal activity-receipts from other funds 	- 	-
Internal activity-payments to other funds 	(50) 	-
Other cash receipts 	78 	15,561
Other operating cash payments 	(170) 	(4,332)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 	398 	7,603
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES::
Transfers from other funds 	9,590 	29,201
Transfers to other funds 	(9,245) 	(156)
NET CASH PROVIDED BY (USED IN) NONCAPITAL FINANCING ACTIVITIES 	345 	29,045
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:
Acquisition and construction of capital assets 	(5,008) 	(22,033)
Proceeds from sale of capital assets 	5,151 	18,923
Cash with fiscal agent 	81 	722
Proceeds from bonds payable 	5,350 	29,896
Payments on bonds payable 	(6,467) 	(35,123)
Proceeds from loans payable 	5,704 	1,550
Payments on loans payable 	(1,083) 	(2,400)
Payments on notes payable 	- 	(14,400)
Interest paid on debts 	- 	(1,029)
( 	)
ACTIVITIES 	3,728 	(23,894)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest and dividends on investments 	271 	14
NET CASH PROVIDED BY INVESTING ACTIVITIES 	271 	14
NET INCREASE(DECREASE) IN CASH AND INVESTMENTS 	4,742 	12,768
Equity in pooled cash and investments at October 1, 2020 	36,690 	13,719
Equity in pooled cash and investments at September 30, 	$41,432 	$26,487
44

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STORM 	INTERNAL
WATER 	NON MAJOR 	SERVICE
SERVICES 	ENTERPRISE 	2021 	2020 	FUNDS
$40,515 	$11,636 	$199,901 	$210,003 	$5,174
- 	- 	- 	- 	401,372
(17,940) 	(3,529) 	(157,242) 	(177,131) 	(329,784)
(7,091) 	(2,045) 	(24,199) 	(25,171) 	(36,987)
- 	- 	- 	167 	445
- 	(21) 	(71) 	(220) 	(735)
1 	106 	15,746 	13,440 	44,557
(92) 	(209) 	(4,803) 	(9,560) 	(56,037)
15,393 	5,938 	29,332 	11,528 	28,005
- 	1,347 	40,138 	37,601 	3,000
- 	(3,882) 	(13,283) 	(14,529) 	(8,884)
-
- 	(2,535) 	26,855 	23,072 	(5,884)
(20,317) 	(2,883) 	(50,241) 	(26,230) 	(62,612)
5,252 	2,046 	31,372 	2,275 	32,323
- 	(29) 	774 	(786) 	(8,479)
94 	33 	35,373 	787 	244,229
(1) 	(227) 	(41,818) 	(6,992) 	(192,490)
- 	- 	7,254 	2,052 	8,901
(761) 	- 	(4,244) 	(2,539) 	(14,999)
- 	- 	(14,400) 	(1,000) 	(30,000)
- 	2 	(1,027) 	(14,258) 	2,996
(15,733) 	(1,058) 	(36,957) 	(46,691) 	(20,131)
213 	52 	550 	5,111 	1,948
213 	52 	550 	5,111 	1,948
(127) 	2,397 	19,780 	(6,980) 	3,938
47,411 	5,327 	103,147 	110,127 	255,431
$47,284 	$7,724 	$122,927 	$103,147 	$259,369
TOTALS
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COMBINING STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands; continued)
SOLID
WASTE 	CITY
DISPOSAL 	VENUES
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
OPERATING INCOME(LOSS) 	$ ( 975) 	$ ( 31,158)
Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization 	2,815 	18,685
Other non-operating revenue/(expenses) 	- 	556
(Increase) decrease in assets:
Receivables and other current assets net 	(2,752) 	(4,225)
Due from independent agencies and other governments 	(50) 	-
Interest and dividend receivables 	- 	-
Inventories 	- 	-
Other receivables 	- 	-
Loan receivables 	- 	-
Prepaid expenses and other assets 	- 	2,337
Increase (decrease) in liabilities:
Accounts payable and accrued expenses 	(494) 	18,800
Contracts payable 	- 	-
Deposits 	69 	5,447
Accrued interest payable 	- 	(373)
Unearned revenue 	- 	(2,466)
Liability for landfill closure and postclosure care 	1,766 	-
Liability for self-insured losses 	- 	-
Accrued compensated absences 	19 	-
TOTAL ADJUSTMENTS 	1,373 	38,761
NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES 	398 	7,603
NONCASH INVESTING, CAPITAL AND FINANCING ACTIVITIES:
Change in the fair value of investments. 	(263) 	22
Capital assets transferred from governmental activities to
proprietary funds of the city 	- 	3
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STORM 	INTERNAL
WATER 	NON MAJOR 	SERVICE
SERVICES 	ENTERPRISE 	2021 	2020 	FUNDS
$ 10,303 	$ 4,844 	$ (16,986) 	$ (17,282) 	$ (4,032)
5,250 	1,071 	27,821 	28,213 	26,980
- 	43 	599 	594 	23,090
(867) 	(62) 	(7,906) 	16,839 	15
- 	(21) 	(71) 	(54) 	(202)
- 	- 	- 	- 	-
- 	1 	1 	- 	(8)
- 	- 	- 	- 	526
- 	- 	- 	- 	(30,659)
- 	- 	2,337 	(2,667) 	(273)
1,087 	11 	19,404 	(14,150) 	(5,730)
(256) 	- 	(256) 	(4) 	-
1 	2 	5,519 	(5,236) 	-
- 	- 	(373) 	(164) 	-
- 	- 	(2,466) 	2,617 	258
- 	- 	1,766 	1,828 	-
- 	- 	- 	- 	18,232
(125) 	49 	(57) 	993 	(192)
5,090 	1,094 	46,318 	28,809 	32,037
15,393 	5,938 	29,332 	11,528 	28,005
(417) 	(7) 	(517) 	1,123 	(2,378)
- 	- 	3 	(81) 	552
TOTALS
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FIDUCIARY FUND LEVEL STATEMENTS
PENSION TRUST FUNDS are funds administered by independent boards for which the
City performs a fiduciary role under a defined benefit, defined contribution and disability
programs. The participant's retirement annuity is based on a statutory formula using such
factors as age, average salary, length of service and others.
PRIVATE PURPOSE TRUST FUND is used to report all trust arrangements, other
than those properly reported in pension trust funds, under which principal and income
benefit individuals. 	The City reports its James Brady Disabled Scholarship, Michael
Jackson Music Scholarship, J.B. Smith Memorial Scholarship, and Lex Hester Memorial
Scholarship funds as private purpose trusts.
CUSTODIAL FUNDS account for fiduciary activities that are not required to be
presented as pension trust funds or private purpose trust funds.
49

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CITY OF JACKSONVILLE, FLORIDA
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands)
2021 	2020 	2021 	2020 	2021 	2020
ASSETS
Equity in pooled cash and investments 	$46,961 	$63,831 	$18 	$32 	$322 	$185
Cash in escrow and with fiscal agents 	277 	272 	82,069 	67,903
Receivables (net, where applicable, of
allowances for uncollectibles):
Interest and dividends 	3,440 	4,148 	- 	- 	- 	-
Accounts 	81 	81 	- 	- 	2,863 	2,885
Other 	- 	- 	- 	- 	- 	-
Due from independent agencies and other governments 	3,803 	1,051 	- 	- 	- 	-
Prepaid assets 	82 	82 	- 	- 	- 	-
Investments, at fair value:
Bonds 	783,533 	713,476 	- 	- 	- 	-
Short-term investments 	24,398 	1,715 	- 	- 	- 	-
Domestic stocks 	2,326,592 	1,718,116 	- 	- 	- 	-
International stocks 	1,160,649 	1,009,323 	- 	- 	- 	-
Real estate 	688,395 	626,433 	- 	- 	- 	-
Alternative investments 	59,814 	147,876 	- 	- 	- 	-
Equity in pooled investments 	174,153 	138,588 	- 	- 	- 	-
Total investments 	5,217,534 	4,355,527 	- 	- 	- 	-
Capital assets:
Other capital assets, net of depreciation 	- 	1 	- 	- 	- 	-
Total capital assets, net 	- 	1 	- 	- 	- 	-
Securities lending collateral 	115,960 	103,769 	- 	- 	- 	-
TOTAL ASSETS 	5,387,861 	4,528,490 	295 	304 	85,254 	70,973
DEFERRED OUTFLOW OF RESOURCES:
Net differences between expected and
actual investments earnings 	70 	112 	- 	- 	- 	-
LIABILITIES
Obligations under securities lending agreement 	115,960 	103,769 	3 	- 	- 	-
Accounts payable and accrued liabilities 	18,662 	17,639 	- 	- 	- 	-
Due to independent agencies and other governments 	- 	- 	- 	- 	28,250 	30,211
Due to individuals 	- 	- 	- 	- 	6,041 	5,366
Deposits held in escrow 	- 	- 	- 	- 	10,230 	6,643
Accrued compensated absences 	207 	160 	- 	- 	- 	-
Terminal leave - group care 	7 	9 	- 	- 	- 	-
Net pension liability - SSVRP 	142 	- 	- 	- 	- 	-
TOTAL LIABILITIES 	134,978 	121,577 	3 	- 	44,521 	42,220
DEFERRED INFLOW OF RESOURCES:
Net differences between expected and
actual investments earnings 	545 	- 	- 	- 	- 	-
NET POSITION
Restricted for Pensions and other purposes 	$5,252,408 	$4,407,025 	$292 	$304 	$40,733 	$28,753
PRIVATE PURPOSE TRUST FUNDS 	CUSTODIAL FUNDS	PENSION TRUST FUNDS
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CITY OF JACKSONVILLE, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands)
2021 	2020 	2021 	2020 	2021 	2020
ADDITIONS
Contributions:
Employer 	$253,910 	$231,934 	$ - 	$ - 	$ - 	$ -
Plan member 	66,399 	60,088 	- 	- 	- 	-
Total Contributions 	320,309 	292,022 	- 	- 	- 	-
Other additions:
State insurance contributions 	14,307 	13,889 	- 	- 	- 	-
Court fines & penalties 	724 	519 	- 	- 	- 	-
Miscellaneous 	189 	624 	- 	- 	- 	474
Collections due to individuals 	120,519 	117,079
Collections deposits held in escrow 	34,987 	25,494
Collections due to other governments 	2,745,360 	2,540,138
Plan transfers in/(out) 	11,524 	5,927 	- 	- 	- 	-
Total other additions 	26,744 	20,959 	- 	- 	2,900,866 	2,683,185
Investment income:
Net change in fair value of investments 	960,546 	280,050 	(6) 	3 	- 	-
Interest and other miscellaneous 	11,775 	23,450 	5 	11 	- 	-
Dividends 	36,030 	14,772 	- 	- 	- 	-
Rebate of commissions 	37 	76 	- 	- 	- 	-
Rental Income 	696 	670 	- 	- 	- 	-
Total investment income (loss) 	1,009,084 	319,018 	(1) 	14 	- 	-
Less investment expense 	(19,730) 	(16,992) 	- 	- 	- 	-
Less rental expense 	(258) 	(258) 	- 	- 	- 	-
Net investment income (loss) 	989,096 	301,768 	(1) 	14 	- 	-
From Securities Lending Activities:
Securities lending 	142 	619 	- 	- 	- 	-
Securities lending expenses 	-
Agent Fees 	(30) 	(57) 	- 	- 	- 	-
Total securities lending activities 	112 	562 	- 	- 	- 	-
TOTAL ADDITIONS 	1,336,261 	615,311 	(1) 	14 	2,900,866 	2,683,185
DEDUCTIONS
Benefit payments 	390,508 	377,714 	- 	- 	- 	-
DROP benefits 	37,765 	38,626 	- 	- 	- 	-
Refund of contributions 	46,588 	28,095 	- 	- 	- 	-
Administrative expenses 	3,908 	3,186 	- 	- 	- 	-
Miscellaneous Expenses 	12,109 	10,547 	11 	2 	- 	-
Payments due to individuals 	118,977 	115,951
Payments deposits held in escrow 	24,689 	32,760
Payments due to other governments 	2,744,792 	2,541,900
Payments miscellaneous 	428 	(17)
TOTAL DEDUCTIONS 	490,878 	458,168 	11 	2 	2,888,886 	2,690,594
CHANGES IN NET POSITION 	845,383 	157,143 	(12) 	12 	11,980 	(7,409)
NET POSITION, BEGINNING OF THE YEAR, AS RESTATED 	4,407,025 	4,249,882 	304 	292 	28,753 	36,162
NET POSITION, END OF YEAR 	$ 5,252,408 	$ 4,407,025 	$ 292 	$ 304 	$ 40,733 	$ 28,753
PRIVATE PURPOSE TRUST FUNDS	PENSION TRUST FUNDS 	CUSTODIALFUNDS
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COMPONENT UNITS
Component Units are legally separate organizations for which the primary government is
financially accountable. Financial accountability is defined as the appointment of a voting majority
of the component unit's governing body with certain exceptions, and either (a) the ability to impose
will by the primary government; or (b) the potential for the organization to provide financial benefits
to, or impose financial burdens on the primary government. Financial accountability may also be
determined if the component unit is fiscally dependent on the City and a potential financial benefit /
burden relationship exists.
MAJOR COMPONENT UNITS:
The JEA manages and operates an electric utility system and a water and sewer utility
system in the Consolidated City of Jacksonville/Duval County area.
The Jacksonville Transportation Authority is responsible for construction, improvement,
and maintenance of the Jacksonville Expressway System and operation of the City’s mass
transit systems, including bus and automated skyway express throughout Duval County.
The Jacksonville Port Authority manages and operates the City’s marine port facilities.
NON MAJOR COMPONENT UNIT:
The Jacksonville Housing Finance Authority provides money for loans and technical
assistance for construction and rehabilitation of housing to alleviate a shortage of housing
and capital for investment in housing in Jacksonville.
53

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CITY OF JACKSONVILLE, FLORIDA
COMBINING STATEMENT OF NET POSITION -
COMPONENT UNITS (in thousands)
SEPTEMBER 30, 2021
JACKSONVILLE 	JACKSONVILLE
TRANSPORTATION 	PORT
JEA 	AUTHORITY 	AUTHORITY
ASSETS
Cash and cash equivalents 	$ 713,113 	$ 98,340 	$ 41,415
Cash in escrow with fiscal agent 	- 	- 	-
Investments 	273,960 	99,018 	-
Accounts and interest receivable 	221,588 	5,601 	7,309
Loans receivable 	- 	- 	-
Other receivables 	- 	- 	26,985
Due from other governmental agencies 	- 	29,194 	-
Inventories 	95,707 	2,995 	1,773
Other assets 	47,373 	8,328 	-
Hedging deverivative instruments 	150,453 	- 	-
Costs to be recovered from future revenues 	881,949 	- 	-
Capital assets:
Land, easements, and construction in progress 	583,016 	334,181 	486,881
Buildings and improvements 	- 	179,201 	691,917
Vehicles 	- 	152,809 	-
Equipment 	- 	102,486 	146,837
Utility plant in service 	12,415,504 	- 	-
Less: accumulated depreciation 	(7,522,027) 	(303,972) 	(475,809)
Total capital assets, net of depreciation 	5,476,493 	464,705 	849,826
TOTAL ASSETS 	7,860,636 	708,181 	927,308
DEFERRED OUTFLOW OF RESOURCES:
Pension related 	157,296 	14,058 	3,380
Unamortized deferred loss on refunding and defeasance 	89,729 	- 	5,886
Accumulated decrease in fair value of hedging instrument 	129,355 	-
Unrealized asset retirement obligation 	37,669
Other post employment benefit related 	7,302 	2,996
TOTAL DEFERRED OUTFLOW OF RESOURCES 	421,351 	17,054 	9,266
LIABILITIES
Accounts payable and accrued liabilities 	124,590 	25,279 	3,268
Contracts payable 	45,466 	- 	2,326
Deposits 	76,702 	- 	-
Interest payable 	51,454 	984 	2,928
Unearned revenue 	- 	- 	6,987
Other current liabilities 	36,083 	- 	1,382
Noncurrent liabilities:
Fair market value of debt management instrument 	129,355 	- 	-
Due within one year:
Estimated liability for injury and
damage claims 	- 	2,388 	-
Bonds, notes payable, capital leases 	91,535 	6,655 	7,672
Other liabilities 	- 	753 	-
Due in more than one year:
Net pension liability 	729,569 	11,111 	6,690
Estimated liability for injury and
damage claims 	- 	3,713 	-
Bonds, notes payable, capital leases and
commercial paper 	3,102,245 	139,783 	214,291
Compensated absences 	33,433 	1,518 	-
Custodial projects - due to other governments 	- 	171,566 	-
Other post employment benefit 	5,136 	199 	-
Unearned revenue noncurrent 	- 	- 	120,952
Asset retirement obligation 	34,362
Other noncurrent liabilities 	18,338 	- 	52,307
TOTAL LIABILITIES 	4,478,268 	363,949 	418,803
DEFERRED INFLOW OF RESOURCES:
Pension related 	14,273 	17,915 	9,869
Other post employment benefit related 	14,725 	3 	-
Revenue to be used for future costs 	156,814 	3,173 	-
Accumulated increase in fair value of hedging derivatives 	150,453 	3,040 	-
TOTAL DEFERRED INFLOW OF RESOURCES 	336,265 	24,131 	9,869
NET POSITION
Net investment in capital assets 	2,696,104 	293,139 	468,910
Restricted for:
Debt service 	90,423 	- 	18,080
Capital projects 	296,059 	- 	-
Other purposes 	44,774 	- 	2,926
Unrestricted 	340,094 	44,016 	17,986
TOTAL NET POSITION 	$ 3,467,454 	$ 337,155 	$ 507,902
See accompanying notes.
MAJOR COMPONENT UNITS
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NON MAJOR
COMPONENT UNIT
JACKSONVILLE
HOUSING
FINANCE
AUTHORITY 	TOTAL
$ 11,416 	$ 864,284
1,600 	1,600
- 	372,978
41 	234,539
10,180 	10,180
- 	26,985
67 	29,261
- 	100,475
- 	55,701
- 	150,453
- 	881,949
- 	1,404,078
- 	871,118
- 	152,809
- 	249,323
- 	12,415,504
- 	(8,301,808)
- 	6,791,024
23,304 	9,519,429
- 	174,734
- 	95,615
- 	129,355
- 	37,669
10,298
- 	447,671
40 	153,177
- 	47,792
76,702
121 	55,487
- 	6,987
- 	37,465
-
- 	129,355
- 	2,388
- 	105,862
- 	753
- 	747,370
- 	3,713
- 	3,456,319
- 	34,951
- 	171,566
- 	5,335
- 	120,952
- 	34,362
- 	70,645
161 	5,261,181
- 	42,057
- 	14,728
- 	159,987
- 	153,493
- 	370,265
- 	3,458,153
- 	108,503
- 	296,059
10,340 	58,040
12,803 	414,899
$ 23,143 	$ 4,335,654
55

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CITY OF JACKSONVILLE, FLORIDA
COMBINING STATEMENT OF ACTIVITIES -
COMPONENT UNITS (in thousands)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
FINES AND 	OPERATING 	CAPITAL
CHARGES 	GRANTS AND 	GRANTS AND
FUNCTIONS/PROGRAMS 	EXPENSES 	FOR SERVICES 	CONTRIBUTIONS 	CONTRIBUTIONS
Governmental activities:
Jacksonville Transportation Authority 	$ 	51,432 	$ 	- 	$ 	- 	$ 19,988
Jacksonville Housing Finance Authority 	2,921 	- 	- 	-
Total governmental activities 	54,353 	- 	- 	19,988
Business-type activities:
JEA 	1,651,393 	1,768,633 	94,580
Jacksonville Transportation Authority 	140,861 	16,044 	77,192 	18,171
Jacksonville Port Authority 	69,664 	61,853 	9,847 	35,619
Total business-type activities 	1,861,918 	1,846,530 	87,039 	148,370
Total component units 	$ 1,916,271 	$ 1,846,530 	$ 87,039 	$ 168,358
General Revenues:
Sales and tourist taxes
Intergovernmental - unrestricted
Unrestricted earnings on investments
Miscellaneous
Transfers
Total general revenues and transfers
Change in net position
Net position, beginning of year
Net position, end of year
See accompanying notes.
PROGRAM REVENUES
56

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TOTAL
MAJOR COMPONENT
UNIT
NON MAJOR
COMPONENT UNIT 	GOVERNMENTAL
JACKSONVILLE 	JACKSONVILLE 	JACKSONVILLE 	JACKSONVILLE 	AND
TRANSPORTATION 	HOUSING FINANCE 	TRANSPORTATION 	PORT 	BUSINESS-TYPE
AUTHORITY 	AUTHORITY 	JEA 	AUTHORITY 	AUTHORITY 	ACTIVITIES
$ (31,444) 	$ 	- 	$ 	- 	$ 	- 	$ 	- 	$ 	(31,444)
- 	(2,921) 	- 	- 	- 	(2,921)
-
(31,444) 	(2,921) 	- 	(34,365)
- 	- 	211,820 	- 	- 	211,820
- 	- 	- 	(29,454) 	- 	(29,454)
- 	- 	- 	- 	37,655 	37,655
- 	- 	211,820 	(29,454) 	37,655 	220,021
(31,444) 	(2,921) 	211,820 	(29,454) 	37,655 	185,656
2,033 	- 	- 	- 	- 	2,033
- 	- 	- 	90,944 	- 	90,944
334 	1,001 	17,543 	63 	10 	18,951
3,074 	2,533 	14,101 	415 	20,123
11,467 	- 	- 	(11,467) 	- 	-
16,908 	3,534 	31,644 	79,955 	10 	132,051
(14,536) 	613 	243,464 	50,501 	37,665 	317,707
48,819 	22,530 	3,223,990 	252,371 	470,237 	4,017,947
$ 34,283 	$ 23,143 	$ 3,467,454 	$ 302,872 	$ 507,902 	$ 4,335,654
BUSINESS-TYPE ACTIVITIES	GOVERNMENTAL ACTIVITIES
MAJOR COMPONENT UNITS
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES............................... 62 - 78
A. 	Basis of Presentation ..............................................................................................62
B. 	Financial Reporting Entity ............................................................................. 62 - 66
C. 	Basic Financial Statements ....................................................................................67
D. 	Fund Structure ................................................................................................ 67 - 69
E. 	Basis of Accounting ...............................................................................................70
F. 	Cash, Cash Equivalents and Investments .........................................................….71
G. 	Receivables ............................................................................................................71
H. 	Inventories..............................................................................................................71
I. 	Capital Assets.........................................................................................................72
J. 	Contributions..........................................................................................................72
K. 	Interfund Activity...................................................................................................72
L. 	Restricted Assets ....................................................................................................73
M. 	Compensated Absences .........................................................................................73
N. 	Risk Financing ............................................................................................... 73 - 74
O. 	Pension Costs .........................................................................................................74
P. 	Landfill Closure and Postclosure Care Costs ........................................................74
Q. 	Long-Term Obligations .........................................................................................75
R. 	Categories and Classification of Fund Balance .....................................................75
S. 	Bond Discounts, Premiums and Issuance Costs ....................................................76
T. 	Deferred Loss on Debt Refundings........................................................................76
U. 	Use of Estimates ....................................................................................................76
V. 	Reclassification ......................................................................................................76
W. 	Summarized Comparative Information..................................................................76
X. 	Prepaids ..................................................................................................................77
Y. 	Accounting Pronouncements ......................................................................... 77 - 78
2. 	BUDGETARY DATA .....................................................................................................78
3. 	CASH, INVESTMENTS AND SECURITIES LENDING ..................................... 79 - 89
A. 	Cash on Deposit .....................................................................................................79
B. 	Investments and Investment Practices ........................................................... 79 - 88
C. 	Securities Lending .................................................................................................89
4. 	ACCOUNTS, MORTGAGES, AND OTHER RECEIVABLE .......................................90
5. 	PROPERTY TAXES .......................................................................................................91
A. 	Ad Valorem Property Taxes ..................................................................................91
B. 	The Property Tax Calendar ....................................................................................91
6. 	CAPITAL ASSET ACTIVITY................................................................................92 – 93
7. 	INTERFUND RECEIVABLES, PAYABLES, ADVANCES
AND TRANSFERS ............................................................................................94 – 96
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
8. 	LONG-TERM OBLIGATIONS ............................................................................97 – 110
A. 	Bonds and Loans Outstanding ...................................................................... 97 - 99
B. 	Debt Service Requirement to Maturity ................................................................100
C. 	Changes in Long-Term Liabilities ............................................................. 101 - 102
D. 	Reconciliation of Original Issue with Financial Reporting .................................103
E. 	Pledged Revenues ................................................................................................104
F. 	New Indebtedness Issued .....................................................................................105
G. 	Additional Debt Disclosures, including Direct Borrowing and Direct Placements .......106
H. 	Non-Asset Debt ....................................................................................................107
I. 	Defeased Debt ......................................................................................................108
J. 	Conduit Debt ........................................................................................................109
K. 	Interest Expense ...................................................................................................110
L. 	Component Unit Long-term Debt ........................................................................110
9. 	PENSION PLANS ............................................................................................... 111 - 125
A. 	Pension Plans ............................................................................................. 111 - 120
B. 	Pension Liability, Expense, Deferred Outflows
And Deferred Inflows of Resources Related to Pensions ....................... 121 - 123
C. 	Defined Contribution Plan ...................................................................................124
D. 	Unfunded Pension Liability .................................................................................125
10. 	POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB) ......... 126 - 133
11. 	DEFERRED COMPENSATION PROGRAM ..............................................................134
12. 	RISK FINANCING ............................................................................................. 134 - 138
A. 	Public Liability and Workers Compensation ............................................. 134 - 137
B. 	Self-Insured Health Plan ......................................................................................138
13. 	OTHER REQUIRED INDIVIDUAL FUND AND COMPLIANCE
DISCLOSURES................................................................................................... 139 - 140
A. 	Compliance with Finance Related Legal and Contractual Provisions .................139
B. 	Fund Deficits ........................................................................................................139
C. 	Landfill Closure and Postclosure Care Costs.............................................139 – 140
14. 	LESSOR OPERATING LEASE.......................................................................... 141 - 143
A. 	Jacksonville Jaguars, LLC. ........................................................................ 141 - 143
B. 	Shands Jacksonville .............................................................................................144
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
15. 	LITIGATION, CONTINGENCIES, AND COMMITMENTS ........................... 144 - 151
A. 	Litigation ..............................................................................................................144
B. 	Grants and Contracts ............................................................................................144
C. 	Self-Insurance ......................................................................................................145
D. 	Pollution Remediation ............................................................................... 145 - 147
E. 	Garage Development Agreement .........................................................................147
F. 	Construction and other significant Commitments ..................................... 148 - 149
G. 	Encumbrance Commitments ................................................................................150
H. 	Tax Abatements ...................................................................................................151
16. 	MAJOR 	DISCRETELY 	PRESENTED 	COMPONENT 	UNITS 	- 	ADDITIONAL
DISCLOSURE ........................................................................................... 152 - 154
17. 	SUBSEQUENT EVENTS .............................................................................................155
18. 	NET POSITION...................................................................................................156 – 157
19. 	FUND BALANCE DISCLOSURE ..................................................................... 158 - 161
A. 	Fund Balance Classification ...................................................................... 160 - 161
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Jacksonville, Florida (the City) conform to accounting
principles generally accepted in the United States (GAAP) as applicable to governments. The
following is a summary of the more significant policies. Notes 1C through 19 are note disclosures
of the primary government with significant disclosures for major component units incorporated
within. Additional significant component unit disclosures are presented in Note 16.
A. Basis of Presentation:
The accompanying financial statements of the City have been prepared in conformity with
GAAP as prescribed by the Governmental Accounting Standards Board (GASB). GASB is the
accepted standard-setting body for establishing governmental accounting and financial
reporting principles for units of local government.
B. Financial Reporting Entity:
The City is a consolidated city/county political entity created by Chapter 67-1320 of the Laws
of Florida. When consolidation occurred on October 1, 1968, all existing municipalities,
authorities and public agencies within Duval County, except for the Duval County School
Board, were merged into a single new corporate and political entity also known as the City of
Jacksonville. At the same time, however, the cities of Jacksonville Beach, Atlantic Beach,
Neptune Beach and the Town of Baldwin elected to retain local autonomy for certain municipal
purposes and were reconstituted as separate and distinct urban service districts. The
consolidated city government, which is comprised of an elected City Council (19 members)
and mayor, provides, under the administration of the appointed chief administrative officer,
services to 1,016,809 residents living in an 840.1 square-mile area.
To conform to the traditional county organization of government in the State of Florida, the
City retained the offices of the Sheriff, Property Appraiser, Tax Collector, Supervisor of
Elections, and Clerk of the Circuit Court, which are also elected by the citizenry. These officers
are considered to be not only county officers, but also officers of the consolidated government,
and therefore are considered as part of the primary government. The three beach cities and the
Town of Baldwin continue to function as separate municipal governments.
This report includes all funds, departments, agencies, boards and commissions, and other
organizational units that are administered by the mayor and/or controlled by or dependent upon
the City Council as set forth in the City Charter. The City, a primary government, has also
considered for inclusion all potential component units for which it may be financially
accountable and other organizations for which the nature and significance of their relationship
with the City are such that exclusion would cause the City's financial statements to be
misleading or incomplete. In GASB codification section 2100 Defining the Financial
Reporting Entity, the GASB has set forth criteria to be considered in determining financial
accountability.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
B. Financial Reporting Entity: (continued)
These criteria include appointing a voting majority of an organization's governing body and
(1) the ability of the City to impose its will on that organization; or (2) the potential for the
organization to provide specific financial benefits to or impose specific financial burdens on
the City. Additionally, an entity may also meet the criteria for inclusion if the organization is
fiscally dependent on the City and the potential financial benefit/burden relationship mentioned
above exists.
As required by GAAP, these financial statements present the City of Jacksonville (the primary
government) and its component units. The City has identified and included within the financial
reporting entity, as its component units, legally separate organizations for which the City is
financially accountable or for which a significant relationship with the City exists such that
exclusion would cause the City's financial statements to be misleading or incomplete.
The Jacksonville Public Library Board and the Downtown Investment Authority (DIA) are
classified as dependent special districts. Per GASB codification section 2100, the Library
Board and DIA are not considered component units as they are not legally separate
organizations. Therefore, these activities are included as part of the primary government.
Blended Component Unit. Blended component units, which are legally separate from the
City, but are so intertwined with the City that they are, in substance, the same as the City. The
Community Redevelopment Agencies (CRAs) are reported as part of the City and blended into
the governmental funds.
Community Redevelopment Agencies (CRAs) JIA, KingSoutel Crossing, Renew
Arlington, Southside and Northbank Downtown are blended component units that are
reported within the Tax Increment Districts special revenue fund. The City serves as the
Board for JIA, KingSoutel Crossing, and Renew Arlington CRAs. 	The Downtown
Investment Authority serves as the Board for Southside and Northbank Downtown. The
CRAs are blended because City Council has an operational responsibility and because of
the existence of a financial benefit/burden relationship. The CRAs issue a separate report
that may be obtained from the City. Requests for information may be addressed to the City
Comptroller, City of Jacksonville, 117 West Duval Street, Suite 375, Jacksonville, Florida
32202.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
B. Financial Reporting Entity: (continued)
Component Unit Reported as a Fiduciary Fund.
The Jacksonville Police and Fire Pension Board of Trustees, created under Article 22
of the City Charter, provide retirement services and benefits to eligible employees of the
Office of the Sheriff and the Department of Fire and Rescue. The City appoints two
members of the five-member board; one member is a police officer; one member is a
firefighter; and the remaining member is appointed by the other four members. As sponsor,
the City has the ability to modify the plan and to approve the defined benefit contribution
to the Police and Fire Pension Board of Trustees in the City's annual budget. The Police
and Fire Pension Board of Trustees issues separate financial statements on the fund, which
may be obtained from its administrative office at One West Adams Street, Suite 100,
Jacksonville, Florida 32202-3616. 	These transactions are recorded in the Pension Trust
Funds within the Fiduciary Funds financial statements.
Discrete Component Units. These component units are entities that are legally separate from
the City, but are financially accountable to the City, or whose relationships with the City are
such that exclusion would cause the City's financial statements to be misleading or incomplete.
The component units are reported separately to emphasize that they are legally separate from
the primary government and are governed by separate boards. The footnotes include financial
data for these entities. Each component unit listed below has a September 30 fiscal year end.
Major Component Units
JEA (formerly known as the Jacksonville Electric Authority) was created by Chapter 67-
1569 of the Laws of Florida to own, manage, and operate an electric utility system and a
water and sewer utility system in Jacksonville and any or all counties adjacent thereto. The
governing body of the JEA consists of seven members appointed by the mayor and
confirmed by the City Council. The City has the ability to impose its will on JEA,
manifested principally through formal budgetary approval. The JEA engages only in
business-type activities and issues separate financial statements, which may be obtained
from its administrative office in the JEA Plaza at 21 West Church Street, Jacksonville,
Florida 32202.
The Jacksonville Port Authority (JPA) was created by Chapter 2001-319 of the Laws of
Florida to operate, manage, and control the publicly owned seaport and ancillary facilities
located within Duval County and outside such boundary lines. The governing body of the
JPA consists of seven members, four of whom are appointed by the mayor and confirmed
by the City Council, and three of whom are appointed by the governor. 	The City can
impose its will on the JPA through modification and approval of its budgets, which ensures
strong accountability to the local constituent citizenry. The JPA engages only in business-
type activities and issues separate financial statements. Requests for information may be
addressed to the chief financial officer, Jacksonville Port Authority, P.O. Box 3005,
Jacksonville, FL 32206-0005.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
B. Financial Reporting Entity: (continued)
The Jacksonville Transportation Authority (JTA) is a public body politic and corporate
agency of the State of Florida under Chapter 349 of the Florida Statutes. The governing
body of the JTA consists of seven members, three of whom are appointed by the governor
of Florida, three of whom are appointed by the mayor and confirmed by the City Council,
and the seventh member is the district two secretary of the Florida Department of
Transportation.
The JTA is empowered to construct, improve, operate, and lease the Jacksonville
Expressway System. The JTA is, however, fiscally dependent upon the City under Section
14 of the City Charter through approval of its budgets, which ensures strong accountability
to the local constituent citizenry. Additionally, a financial burden relationship exists
through the provisions of an interlocal agreement.
The JTA engages in both governmental and business-type activities and issues separate
financial statements, which may be obtained from its administrative office at 121 West
Forsyth Street, Suite 200, Jacksonville, Florida 32202.
Non-major Component Units
The Jacksonville Housing Finance Authority (JHFA) was established pursuant to
Chapter 52, Jacksonville Municipal Code, to alleviate a shortage of housing and capital
investment for the people of Duval County, pursuant to Florida Statutes, Section 159.604.
The City appoints all seven of the board members. The City has the ability to impose its
will on the JHFA. The JHFA operates in conjunction with the Jacksonville Housing
Commission, also created by Ordinance 2003-1058, and has the rights and duties necessary
under Florida Statutes, Chapter 159, Part IV, to preserve outstanding debt, issue new debt
and to shield the City from financial liability. 	The bonds issued and outstanding are
included in Note 8J Conduit Debt. 	The JHFA engages only in governmental activities.
There are no separately issued financial statements for the JHFA, whose financial activity
is accounted for by the City. The JHFA financial statements are presented in the financial
section of the City report.
The Jacksonville Health Facilities Authority, created under Chapter 490 of the City
Ordinance Code pursuant to Chapter 154 Part III, Laws of Florida, provides appropriate
additional means to assist in the development, improvement, and maintenance of the public
health. 	The 	Health 	Facilities 	Authority 	provides 	a 	method 	for 	the 	financing 	and
refinancing, on a tax-exempt basis, projects on behalf of private corporations and organized
not-for-profits that are authorized by law to provide hospital or nursing home services, thus
providing facilities at favorable interest costs with a resultant decrease in health care costs
for the users of health facilities within the City. All five members are appointed by the City
Council, and the City has the ability to impose its will on the Health Facilities Authority.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
B. Financial Reporting Entity: (continued)
The bonds issued by the Health Facilities Authority are special limited obligations of the
Health Facilities Authority and the principal and interest are payable from rental payments.
The principal and interest on the bonds shall never constitute an indebtedness of the City
of Jacksonville, Duval County, the State of Florida or any municipality or political
subdivision thereof. Accordingly, the bonds issued and outstanding are included in Note
8J Conduit Debt. During the fiscal year presented, the Health Facilities Authority had no
financial transactions or assets and liabilities to report. Therefore, there are no separately
issued financial statements.
Related Organizations
The Jacksonville Housing Authority (JHA) is governed by a seven-member board, whose
members are appointed by the mayor and confirmed by City Council. However, the City
does not have the ability to impose its will on JHA. The City cannot remove appointed
members from the JHA Board at will. JHA managers are appointed by the JHA Board of
Directors. The Board approves the operating budget and amendments to the budget. The
City does not exercise influence in JHA management or operations. It does not approve
JHA budgets and does not provide or collect major revenues of the JHA. Accordingly, the
financial activities of the JHA are not included in the City's financial statements.
The Duval County Research and Development Authority (Authority) is governed by a
five-member board whose members are appointed by the City Council. However, the City
does not have the ability to impose its will on the Authority. The City does not exercise
influence over the management or operations of the Authority and is not financially
accountable for the actions of the Authority. Accordingly, the financial activities of the
Authority are not included in the City's financial statements.
Jointly Governed Organization
The North Florida Transportation Planning Organization (TPO) is an independent
regional transportation planning agency for Duval, Clay, Nassau, and St. Johns counties.
The mayor, three Jacksonville City council members, and various other leaders of the other
affiliated communities and transportation agencies make up the board. There are currently
15 voting board members and five non-voting members.
The City does not have an ongoing financial interest or responsibility to the TPO.
However, since the board includes members from each of the governments that created it,
the TPO is considered a jointly governed organization of the City.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
C. Basic Financial Statements:
The basic financial statements include both citywide and fund level statements. The City, as
the primary government, is reported separately from its component units. 	The citywide
statements report on all of the activities of the City and its component units except those that
are fiduciary in nature.
Statements for fiduciary activities, such as employee pension plans, are presented in a separate
section of this report. Both the citywide and fund level statements classify primary activities
of the City as either governmental activities, which are primarily supported by taxes and
intergovernmental revenues, or business type activities, which are primarily supported by user
fees and charges.
The citywide statement of net position reports all assets, deferred outflows of resources,
liabilities, and deferred inflow of resources of the City, including both long-term assets and
long-term debt and other obligations. The statement of activities reports the degree to which
direct expenses of City functions are offset by program revenues, which include program
specific grants and charges for services provided by a specific function. Direct expenses are
those that are clearly identifiable with a specific function or program. The net cost of these
programs is funded from general revenues such as taxes, intergovernmental revenue, and
interest earnings.
The fund level statements report on governmental, proprietary, and fiduciary fund activities.
Major individual governmental funds and major individual enterprise funds are reported as
separate columns in the fund level financial statements.
Since the fund level statements for governmental activities are presented using a different
measurement focus and basis of accounting than the citywide statements governmental column
(as discussed under Basis of Accounting in this summary of significant accounting policies), a
reconciliation is presented on the page following each governmental fund financial statement
that briefly explains the adjustments necessary to convert the fund level statements into the
citywide governmental column presentations.
As a general rule, the interfund activity has been eliminated from the citywide financial
statements to avoid the doubling effect of internal service activity. 	However, functional
expenses remain for services provided, and any remaining net resource is reported as program
revenue.
D. Fund Structure:
The City's accounts are maintained in accordance with the principles of fund accounting to
ensure compliance with limitations and restrictions placed on the use of resources available to
it. Under fund accounting, individual funds are established for the purpose of carrying on
activities or attaining objectives in accordance with specific regulations, restrictions, or
limitations. Each individual fund is a self-balancing set of accounts recording assets, liabilities
and residual equities or balances and revenues, expenditures / expenses, and changes therein.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
D. Fund Structure: (continued)
For financial statement presentation, funds with similar characteristics, including those
component units referenced above, are grouped into generic classifications as required by
GAAP. A brief description of these classifications follows:
Governmental Funds. These funds report transactions related to resources received and used
for those services traditionally provided by city/county government. The following are major
governmental funds used by the City:
General Fund - The General Fund is the general operating fund of the City. It is used to account
for all financial resources except those required to be accounted for in another fund.
Debt Service Funds:
The Special Bonded Debt – Better Jacksonville Plan Obligations Fund accounts for the
accumulation of resources for, and the payment of, principal and interest on the City’s special
bonded obligations payable, which are related to the Better Jacksonville Plan.
The Special Bonded Debt Obligations Fund accounts for the accumulation of resources for,
and the payment of, principal and interest on the City’s special and limited bonded obligations,
which are payable solely from and secured by a lien upon and pledge of the revenues under
the respective bond ordinances.
Special Revenue Fund:
The Other Federal, State and Local Grants Fund records all other miscellaneous grants
administered by the City from federal, state and local sources not specifically accounted for by
other funds
Other Non-major Governmental Funds:
This is the aggregate of all of the non-major governmental funds.
Proprietary Funds. These funds report transactions related to activities similar to those found
in the private sector. Major proprietary funds include:
The Solid Waste Disposal Fund accounts for the collection, recycling, and disposal of
commercial and residential garbage services throughout the City, including the operation of
three municipally owned landfill sites, two of which are closed.
The City Venues Fund accounts for events held at TIAA Bank Field, Daily’s Place, Veterans
Memorial Arena, the Baseball Stadium, Times Union Center for the Performing Arts, Prime
Osborn Convention Center, and Ritz Theater.
The Storm Water Services Fund accounts for the storm water utility financed by service
charges, to be used for paying for costs of constructing and maintaining the storm water
management system.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
D. Fund Structure: (continued)
Other Non-major Enterprise - This is the aggregate of all of the non-major enterprise funds.
Proprietary funds distinguish operating revenues and expenses from non-operating revenues
and expenses. Operating revenues and expenses generally result from providing services and
producing and delivering goods in connection with the funds' principal ongoing operation. The
principal operating revenues for the City's proprietary funds are charges to customers for sales
and services. Operating expenses include direct expenses of providing the goods or services,
administrative expenses, and depreciation on capital assets. 	All revenues and expenses not
meeting this definition are reported as non-operating revenues and expenses.
In addition, the City reports the following fund types:
Internal Service Funds - These funds account for services provided primarily to various
departments of the City and to other governmental agencies. 	Since these funds principally
service 	City 	departments, 	internal 	service 	fund 	statements 	are 	consolidated 	into 	the
governmental activities column in the citywide presentation. 	These activities are fleet
management, copy center, information technologies, legal, risk management activities, group
health, public works, and the internal debt management fund. 	Services provided to other
governmental agencies are not considered to be material.
Private-purpose Trust Funds - These funds account for resources legally held in trust for the
benefit of individuals pursuing higher education in music and urban studies. 	Earnings on
invested resources may be used to support these activities but no expenditure may be made
from the principal of these funds.
Pension Trust Funds - These funds account for the activities of the Jacksonville Retirement
System, the Defined Contribution Plans, and the Police and Fire Pension funds, which
accumulate resources for pension benefit payments for qualified employees.
Permanent Fund - This fund is used to account for activities of the City relative to cemetery
maintenance at specified locations and supporting the Art in Public Places program. 	Fund
resources are restricted. 	Only earnings on invested resources may be used to support these
activities.
Custodial Funds - These funds account for fiduciary activities that are not required to be
presented as pension trust funds or private purpose trust funds. 	The Tax Collector Fund
accounts for the collection of all taxes, revenues and other cash, the Clerk of the Circuit Court
Fund accounts for revenues collected by the court system, and the Sheriffs Fund accounts for
deposits held in accordance with statutes for civil action, safeguarding of monetary evidence,
and inmate funds.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
E. Basis of Accounting:
The accounting and financial reporting treatment applied to a fund is determined by its
measurement focus. 	The citywide financial statements are reported using the economic
resources measurement focus and the accrual basis of accounting, as are the proprietary and
fiduciary pension trust fund financial statements. Custodial funds are accounted for using the
full accrual basis of accounting. Under this method, revenues are recorded when earned and
expenses are recorded when a liability is incurred, regardless of the timing of the related cash
flows. Property taxes are recognized as revenue in the year in which they are levied for. Grants
and similar items are recognized as revenue when all eligibility requirements imposed by the
provider are met.
Governmental fund financial statements are reported using a current financial resources
measurement focus and the modified accrual basis of accounting. 	With this measurement
focus only current assets, current liabilities, deferred outflow of resources, and deferred inflow
of resources generally are included on the balance sheet. Operating statements of these funds
present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures
and other financing uses) in net current assets.
Under the modified accrual basis of accounting, revenues are recognized when susceptible to
accrual (i.e., when they become both measurable and available). "Measurable" means the
amount of the transaction can be determined and "available" means collectible within the
current period or soon enough thereafter to be used to pay liabilities of the current period.
Major revenues that are determined to be susceptible to accrual include property taxes,
taxpayer-assessed tax revenues including sales and utilities services taxes, state shared
revenue, intergovernmental revenue, charges for services and investment income. Generally,
the City considers a 60-day availability period for revenue recognition. Federal and state grants
collected on a reimbursement basis are recognized as revenue when reimbursable expenditures
are made, and the City considers amounts received within one year as available. Ambulance
billings also have a one-year availability period.
Expenditures are recorded when the related fund liability is incurred, except for items that are
not planned to be liquidated with expendable available resources. The City records an accrual
for debt service liabilities and expenditures by providing financial resources to a debt service
fund for payment of liabilities that will mature early in the following year. Exceptions to the
general modified accrual expenditure recognition criteria include capital lease obligations that
are recognized when paid, and payments for compensated absences, pension, OPEB (other
post-employment benefits), pollution remediation obligations, and claims and judgments that
are recognized when due.
The City's policy is to use restricted resources first, then unrestricted resources, when both are
available for use to fund an activity.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
F. 	Cash, Cash Equivalents, and Investments:
Cash, cash equivalents and investments and related accrued investment earnings are reported
in the financial statements as “Equity in cash and investments” under the City’s “pooling”
concept (See Note 3). All monies, which are not legally restricted to separate administration,
are pooled together for investment purposes while each individual fund and/or account is
maintained on a daily transaction basis by the City Treasurer. Cash in escrow with fiscal agents
is not included in the Statement of Cash Flows ending balances as the funds have been sent to
trustee entities to be held for payment of bond principal and interest. Investment earnings are
distributed in accordance with the participating funds’ relative percentage of investments. All
fund types deposit monies into the equity in cash and investment pool of the City. 	The
Proprietary Fund types use this pool as a demand deposit account, and accordingly all amounts
in the pool are considered cash and cash equivalents for purposes of the Statement of Cash
Flows. Operating and Pension Trust investments are stated at fair value, generally based on
quoted market prices except as disclosed herein. Securities, traded on national or international
exchanges are valued at the last reported sales price at current exchange rates. The fair value
of real estate investments is based on independent appraisals or estimates of fair value as
provided by third party fund managers. Investments that do not have an established market are
reported at estimated fair value as provided by third party fund managers. 	Increases and
decreases in the fair value of investments are reported as investment income. 	The City of
Jacksonville’s swap policy allows for the use of interest rate swaps and other financial
instruments to manage the City’s financial exposure. This policy went into effect on October
1, 2003 and was revised on August 9, 2011. While the City is authorized to utilize interest rate
swaps to manage the interest rate risk associated with various assets, no investment interest
rate swaps were used during the reporting period.
G. Receivables:
Receivables are stated net of estimated allowances for uncollectible amounts, which are
determined based on past collection experience and current economic conditions, to the net
realizable values. Types of receivables include amounts that are principally due from the State
of Florida for state-shared revenues, mortgage, loan, and other receivables that have arisen in
the ordinary course of business.
Certain receivables and some mortgage receivables are related to loans made for economic
development purposes. Repayment of these loans is contingent upon several economic factors
that are outside of the control of the City. Due to the uncertainty over the ultimate collectability
of these amounts, an allowance has been recorded in the amount equal to the balance of the
receivable.
H. Inventories:
Inventories of materials and supplies are determined by both physical counts and through
perpetual inventory systems stated at cost, which approximates market, using the average
weighted costing method. Reported inventories in governmental funds are included within
nonspendable fund balance because it is not in spendable form. In proprietary fund types,
inventories are expended when consumed.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
I. 	Capital Assets:
All purchased capital assets are recorded at cost when historical records are available and at
estimated cost when no historical records exist. Donated capital assets are valued at their
acquisition value on the date received. Generally, capital assets costing $1,000 or more and
having a useful life of more than one year are capitalized. Infrastructure is capitalized based
on the accumulated amounts charged to specific capital projects on an annual basis. The costs
of normal maintenance and repairs that do not add to the value of the asset or materially extend
asset lives are not capitalized. Capital assets are reported in the applicable governmental or
business-type column in the citywide financial statements, and in the Proprietary Fund Level
Statements.
Depreciation on all capital assets is calculated using the straight-line method over the following
useful lives:
Infrastructure - Other 	12 - 50 years
Infrastructure - Bridges 	100 years
Buildings and improvements 	12 - 45 years
Furniture, equipment and library books 	3 - 10 years
Software Development 	10 years
The City capitalizes collections, such as artwork. 	The City has a collection of artworks in
various sites throughout the interior and exterior of its public facilities. The value of the art is
expected to either remain the same or increase over time, so it is not depreciated. Software
development is capitalized if over a threshold of $30,000.
J. 	Contributions:
Contributions in the form of cash and capital assets to the governmental activities of the City
are recognized on the Statement of Activities as revenues in the period they are received.
Contributions of capital assets, primarily completed infrastructure from developers, are
recognized at the fair value at the date of donation. 	All contributions are reported on the
Statement of Activities as program revenues, with operating contributions reported separately
from capital contributions.
K. Interfund Activity:
Interfund 	activity 	within 	and 	among 	the 	City’s 	three 	fund 	categories 	(governmental,
proprietary, and fiduciary) are classified as reciprocal interfund activity and nonreciprocal
interfund activity.
Reciprocal interfund resources flow between funds with an expectation of repayment and are
reported as interfund receivable and payables.
Nonreciprocal interfund activities are flows of assets between funds without an equivalent flow
of assets in return or without a requirement for repayment and are reported as transfers in
governmental funds in the other financing sources section as well as after the non-operating
revenues and expenses section in proprietary funds.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
L. Restricted Assets:
Assets are reported as restricted in the Citywide Statement of Net Position and the enterprise
fund level statements when constraints are placed on net position use. 	The constraints are
either: (1) externally imposed by creditors, grantors, contributors, or laws or regulations of
other governments; or (2) imposed by law or through constitutional provisions or enabling
legislation.
M. Compensated Absences:
City employees may accumulate earned personal leave benefits (compensated absences) at
various rates within limits specified in collective bargaining agreements. This liability reflects
amounts attributable to employee services already rendered, cumulative, probable for payment,
and reasonably estimated in conformity with GASB Statement No. 16, Accounting for
Compensated Absences.
Compensated absences liabilities are accrued when incurred in the citywide financial
statements, and the proprietary and fiduciary fund level financial statements. No expenditure
is reported in the governmental funds for these amounts until the payment is made. No liability
is recorded for nonvesting, accumulated sick pay benefits. Compensated absences liability is
determined based on current rates of pay.
N. Risk Financing:
Pursuant to Florida Statute 768.28 “Sovereign Immunity” the City is self-insured for general
and automobile liability for state tort claims in excess of $200,000 per person, and $300,000
per occurrence. The City has a package excess liability policy, which provides coverage for
general liability at limits of $5 million per occurrence with a policy aggregate limit of $5
million and $1 million per occurrence for Automobile Liability. These limits are subject to a
$1.5 million self-insured retention for the City and all other participating entities. 	The City
continues to purchase a miscellaneous policy for Out-of State Automobile Liability for JSO,
JFRD, JAA and the Department of Neighborhood’s Animal Care and Protective Services
Division with $1 million in coverage, without a self-insured retention, for those instances
where vehicles from these insureds must cross state lines.
The City has an excess worker’s compensation policy with a self-insured retention of $1.5
million per occurrence and includes unlimited statutory coverage for worker’s compensation
benefits, with exception of a $50 million aggregate limit for communicable disease and a $1
million limit for employer’s liability. The liability for self-insured losses is based on individual
case 	estimates 	for 	reported 	claims, 	historical 	loss 	data 	and 	valuations 	performed 	by
independent actuaries as of September 30, 2021, for incurred but not yet reported claims,
claims development, and unallocated loss adjustment expenses. The liability for self-insured
losses is accounted for in the Self-Insurance Fund (internal service fund) that pays for claims
made against the City.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Effective January 1, 2015 the City elected to move from a fully insured plan to a self-funded
arrangement for its group health coverage. 	The City obtained stop-loss insurance with a
$550,000 specific deductible. The deductible was increased to $600,000 in 2017, $650,000 in
2018, $700,000 in 2019 and 2020, and $800,000 in 2021. In 2018 the City introduced a new
health plan option with a separate administrator and stop loss coverage. 	The stop loss
deductible under that option was $250,000 in 2018 and $325,000 in 2019, 2020, and 2021.
Once a claim exceeds this threshold, the City is reimbursed for any excess expenses. The plan
is funded by contributions from the City and employees. 	These funds reside in an internal
service fund which is used exclusively for Employee Benefits. Florida statutes require a safe
harbor threshold be maintained in plan reserves. 	See Note 12 for additional risk financing
disclosure.
O. Pension Costs:
Substantially all permanent, full-time employees of the City are covered under two city
sponsored defined benefit pension plans and a city sponsored defined contribution plan. For
purposes of measuring the net pension liability, deferred outflows of resources and deferred
inflows of resources related to pensions, pension expense and fiduciary net position, the City
and the Pension plans use the same basis for reporting as outlined in the notes to the financial
statements. Employer contributions made subsequent to the measurement date and before the
fiscal year end are recorded as deferred outflow of resources. Investments are reported at fair
value.
P. 	Landfill Closure and Postclosure Care Costs:
The City recognizes municipal solid waste landfill closure and postclosure care costs under the
State of Florida's Solid Waste Management Act of 1988, regulations of the Federal
Environmental Protection Agency (EPA), and GASB Statement No. 62, Codification of
Accounting and Financial Reporting Guidance contained in pre-November 30, 1989 FASB
and AICPA pronouncements. For those landfills that stopped accepting solid waste prior to
final implementation of the 1988 Act and EPA regulations, the total cost of municipal solid
waste landfill (MSWLF) closure is recognized as a prepaid expense in the Solid Waste
Disposal Enterprise Fund. The City issued bonds to pay for closure costs on closed landfills.
Post-closure care costs on closed landfills are recorded as a liability based on engineer’s
estimates. The City Council establishes rates that are designed to recover costs and believes it
is reasonable to assume that such rates, which will recover the costs, can be charged to and
collected from customers. The City intends to recover these MSWLF costs through future
operating revenues of the Solid Waste Disposal Enterprise Fund. Accordingly, MSWLF costs
are recognized as expenses each year to match the flow of revenue and bonds principal
payments, thereby reducing the deferred charge. Expenses for closure and postclosure care
costs are recorded each year and the liability is adjusted to the engineer’s estimate. MSWLF
closure and postclosure care costs incurred for landfills accepting solid waste after final
implementation of the 1988 Act and EPA regulations are recognized as an expense. A liability
is recorded based upon the landfill capacity used during that year applied to the engineer’s
estimate of closure and postclosure care costs. (See Note 13C.)
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Q. Long-Term Obligations:
In the city-wide financial statements, and proprietary funds in the fund financial statements,
long-term debt and other long-term obligations are reported as liabilities in the applicable
governmental activities, business-type activities, or proprietary funds statement of net position.
Special obligation bonds, which are supported by certain pledged revenues (other than ad
valorem taxes), do not constitute a debt of the City and the City is not obligated to pay the
bonds except from revenues pledged for such debt payments.
Each governmental fund that has long-term liabilities, such as, compensated absences and
pension liabilities are responsible for liquidating the same.
Non Asset Bonds are created when the City issues debt and either (a) constructs an asset which
will become the asset of another entity (e.g. State of Florida), (b) contributes proceeds to
another entity (e.g. Shands Jacksonville Hospital) to participate in a construction project, or
(c) provides an economic incentive to a development or redevelopment project. 	Part of the
Better Jacksonville Plan (BJP) referendum was to make improvements to state roads and/or
interchanges with/between state roads. While these projects enhance traffic movements in and
around Jacksonville, the constructed assets and the future maintenance responsibility are
transferred to the Florida Department of Transportation.
Additionally, under the BJP program, the City provided for non-capital expenditures, such as
septic tank remediation and ash clean up, from debt proceeds, which will not result in a capital
asset of the City. The City has also provided grants to Shands Jacksonville Hospital, a provider
of 	health 	care 	for 	indigents, 	from 	debt 	proceeds. 	The 	City 	and/or 	its 	Community
Redevelopment Authority (CRA) districts, to encourage target development, will enter into
incentive agreements (including grants and loans) which are, in some instances, designed to be
repaid by either the CRA’s tax increment revenues and/or the developer.
R. Categories and Classification of Fund Balance:
Fund balance is classified using a hierarchy based primarily on the extent to which a
government is bound to observe constraints imposed upon the use of the resources reported in
governmental funds. Under GASB 54, fund balance categories include Nonspendable,
Restricted, Committed, Assigned, and Unassigned. These classifications reflect not only the
nature of funds, but also provide clarity to the level of constraint placed upon fund balance.
Fund balance can have different levels of restraint, such as external versus internal compliance
requirements. Unassigned fund balance is a residual classification within the General Fund.
The General Fund should be the only fund that reports a positive unassigned balance. In all
other funds, unassigned is limited to negative residual fund balance. For further details of the
various fund balance classifications refer to Note 19.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
S. 	Bond Discounts, Premiums and Issuance Costs:
In the fund financial statements, governmental funds recognize bond discounts, premiums and
issuance costs in the current period. The face amount of debt issued and bond premiums are
reported as other financing sources while discounts on issuance is reported as other financing
uses. Issuance costs, whether or not withheld from the debt proceeds received, are reported as
debt service expenditures.
In the city-wide financial statements and for proprietary funds, material bond discounts and/or
premiums are deferred and amortized as a component of interest expense over the term of the
bonds using the straight-line method, which approximates the effective interest method.
Issuance costs are expensed in the period in which they are incurred.
T. Deferred Loss on Debt Refundings:
Losses resulting from advance refundings of debt in the city-wide and proprietary fund
statements are deferred and amortized, using a straight-line method, which approximates the
effective interest method, over the shorter of the life of the new debt or the remaining life of
the old debt. The amount deferred is reported as a component of Deferred Outflows in the
accompanying financial statements and is expensed and reported as a component of interest
expense.
U. Use of Estimates:
The preparation of financial statements, in accordance with GAAP, requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements, and the
reported amount of revenues and expenses during the reporting period. Actual results could
differ from those estimates.
V. Reclassifications:
Certain 	2020 	amounts 	have 	been 	reclassified 	to 	conform 	to 	the 	2021 	presentation.
Additionally, amounts in the separately issued financial statements of component units have
been reclassified to conform to the presentation of the primary government.
W. Summarized Comparative Information:
The basic financial statements include certain prior year summarized comparative information
in total but not at the level of detail required for a presentation in conformity with generally
accepted accounting principles. Accordingly, such information should be read in conjunction
with the City’s financial statements for the year ended September 30, 2020, from which the
summarized information was derived. 	Limited 2020 comparative information was adjusted
for comparability on some of the financial statements.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
X. Prepaids:
Prepaid items consist of certain costs that have been paid prior to the end of the fiscal year but
represent items that are applicable to future accounting periods. 	These amounts do not
constitute available spendable resources even though they are a component of current assets.
Prepaids are processed using the consumption method.
Y. Accounting Pronouncements:
In fiscal year 2021, the City adopted new statement of financial accounting standards issued
by the GASB:
 	GASB Statement No. 84, Fiduciary Activities
 	GASB Statement No. 90, Majority Equity Interests – an amendment of GASB
Statements No. 14 and No. 61
 	GASB Statement No. 93, Replacement of Interbank Offered Rates
GASB Statement No. 84, Fiduciary Activities, clarifies the definition and criteria for
identifying fiduciary activities. The statement also identifies fiduciary fund types, clarifies the
presentation of fiduciary fund financial statements, and provides additional guidance in
liability recognition. 	As a result, the City reclassified some fund categories and reports
fiduciary custodial fund types. 	Additionally, implementing this standard resulted in the
restatement of beginning net position in the Fiduciary statements (see Note 18B).
GASB Statement No. 90, Majority Equity Interests – an amendment of GASB Statements No.
14 and No. 6. improves reporting for majority equity interest in legally separate organizations
and improves reporting for certain component units. The statement defines equity interest and
provides guidance on the accounting of related investments.
GASB Statement No. 93, Replacement of Interbank Offered Rates addresses accounting and
financial reporting issues resulting from the replacement of the interbank offer rate (IBOR).
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Y. Accounting Pronouncements: (continued)
The Governmental Accounting Standards Board has issued the following statements that will
become effective in the future.
 	GASB Statement No. 87, Leases
 	GASB Statement No. 89, Accounting for Interest Cost Incurred before the End of a
Construction Period
 	GASB Statement No. 91, Conduit Debt Obligations
 	GASB Statement No. 92, Omnibus 2020 (certain provisions effective in the future)
 	GASB Statement No. 94, Public-Private and Public-Public Partnerships and
Availability Payment Arrangements
 	GASB Statement No. 96, Subscription-Based Information Technology Arrangements
 	GASB Statement No. 97, Certain Component Unit Criteria and Accounting and
Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation
Plans – an amendment of GASB Statements No. 14 and No. 84, and a supersession of
GASB Statement No. 32 (certain provisions effective in the future)
 	GASB Statement No. 99, Omnibus 2022
 	GASB Statement No. 100, Accounting Changes and Error Corrections—an
amendment of GASB Statement No. 62
 	GASB Statement No. 101, Compensated Absences
The City is currently evaluating the effects that these statements will have on its future financial
statements.
2. 	BUDGETARY DATA
The City presents a Budgetary Comparison Schedule for the General Fund as Required
Supplementary Information. For this reporting period, the Other Federal, State and Local Grants
Fund special revenue fund met the criteria of a major fund but is not annually budgeted. No other
special revenue funds met the major fund criteria. The City’s budgetary comparison reporting and
Notes to Required Supplementary Information containing descriptions of the City’s budgetary
policies and processes are included in the Required Supplementary Information section of this
report.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021__________________________
3. 	CASH, INVESTMENTS AND SECURITIES LENDING
A. Cash on Deposit
The City maintains a cash and investment pool that is available for use by all funds except
for monies legally restricted to separate administration (i.e. pension plan custodians and
deferred compensation plan administrators). The “Equity in Cash and Investments” on the
City Wide Financial Statements, consists of cash and investments owned by each fund and
defined as resources that can be liquidated without delay or penalty. Cash and investments
held 	separately 	where 	contractual 	arrangements 	and 	bond 	covenants 	require 	such
arrangements, are classified as “restricted assets.” Investment earnings are allocated to the
individual funds monthly based on the funds’ weighted average daily cash and investment
balance.
At September 30, 2021, primary government deposits in financial institutions totaled $463.2
million. Monies on deposit with financial institutions in the form of demand deposit accounts,
time deposit accounts and certificates of deposit are defined as public deposits. 	All of the
City’s public deposits are held in qualified public depositories pursuant to State of Florida
Statutes, Chapter 280, “Florida Security for Public Deposits Act”, and covered by federal
depository insurance. For amounts in excess of such federal depository insurance the Act
provides that all qualified public depositories are required to pledge eligible collateral having
a market value equal to or greater than the average daily or monthly balance of all public
deposits, times the depository’s collateral pledging level. The pledging level may range from
50% to 125% depending upon the depository’s financial condition and establishment period.
The Public Deposit Security Trust Fund has a procedure to allocate and recover losses in the
event of a default or insolvency. When public deposits are made in accordance with Chapter
280, no public depositor is liable for any loss thereof. 	Any losses to public depositors are
covered by applicable deposit insurance, sales of securities pledged as collateral and, if
necessary, assessments against other qualified public depositories of the same type as the
depository in default.
B. Investments and Investment Practices
1. 	a. General Operating Investments
The City’s operating fund investment guidelines are defined by City Ordinance Code
Section 110, Part 2 and a written Investment Policy (the “Policy”) as approved by City
Council. The Policy establishes a diversified investment strategy, both by type of
investment and by manager, a minimum credit quality, and duration limitations. An
internal 	Investment 	Committee 	has 	oversight, 	within 	Policy 	limits, 	of 	the
implementation and direction of investment strategies. The Policy is reviewed annually
for any adjustments due to changes or developments within the investment markets that
may provide enhanced investment and/or risk management opportunities. The City’s
Pension Funds and Component units maintain their own investment policies.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021__________________________
3. 	CASH, INVESTMENTS AND SECURITIES LENDING (continued)
B. Investments and Investment Practices (continued)
1. 	a. General Operating Investments (continued)
Other than operating cash invested overnight through the City’s zero balance sweep
accounts, all invested cash is managed by third-party money managers. Performance
benchmarks for the Portfolio are established in the Investment Policy and performance
benchmarks for each of the specific third party managers are established by the
Investment Committee. The Policy defines the Average Duration and Compliance
Categories for investments. Compliance Category limits are stated as a percentage of
the Fiscal Year 2020 Normal Portfolio Balance of $1.37 billion, which is defined by
Ordinance as the average total portfolio balance for the proceeding twelve months.
Performance and compliance reports are prepared for the Investment Committee
monthly. The City employs an independent investment custodian who takes direction
from the money managers and independently settles all trades. The custodian provides
performance and compliance reporting at both the portfolio level and by individual
manager.
The following schedule reports portfolio compliance at year end, as well as the
maximum exposure for each compliance category during the year. Certain compliance
categories include assets also measured in another compliance category, i.e. “US
Government” issued treasury bonds are also appropriately included in the “US
Government plus agencies” category. As a result, the amounts reported as year-end
compliance exposures exceed the portfolio balance at year end in aggregate.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021__________________________
3. 	CASH, INVESTMENTS AND SECURITIES LENDING (continued)
B. Investments and Investment Practices (continued)
1. 	a. General Operating Investments (continued)
b. General Operating Investments - Fair Value Measurements
The City categorizes its fair value measurements within the fair value hierarchy established
by generally accepted accounting principles. The hierarchy is based on the valuation inputs
used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets
for identical assets; Level 2 inputs are significant other observable inputs and valued with
the market approach valuation technique; Level 3 inputs are significant unobservable inputs.
Compliance Guideline
Exposure to
S pecific Guideline
Year end
Exposure %
During
Year 	By Policy
Duration 1 3.36 	NA 	3.47 	5.00
Liquidity 	423,312,207	$ 	30.7% 	44.8% 	100.0%
Requirements
USG + Agencies 	514,539,246	$ 	37.3% 	54.6% 	100.0%
US Govt (USG) 	327,619,190 	23.8% 	36.5% 	100.0%
Constraints
Agencies 	186,920,056	$ 	13.6% 	19.5% 	45.0%
M BS 	147,055,260 	10.7% 	13.7% 	35.0%
Agency M BS 	107,100,577 	7.8% 	10.5% 	35.0%
Non-Agency M BS 	39,954,683 	2.9% 	3.4% 	15.0%
Asset Backed Securities 	30,806,387 	2.2% 	3.2% 	7.5%
Corporates 	296,316,604 	21.5% 	29.2% 	60.0%
Corporates > 1 Year 	233,497,517 	16.9% 	21.6% 	40.0%
M unicipal Bonds 	9,456,185 	0.7% 	1.0% 	10.0%
Bond Funds 	306,525,269 	22.2% 	40.5% 	85.0%
M oney M arket Funds 	344,359,834 	25.0% 	32.0% 	40.0%
Certificates of Deposit 	- 	0.0% 	0.0% 	20.0%
Repurchase agreements 	- 	0.0% 	0.0% 	20.0%
Rule 144a Securities 	47,783,307 	3.5% 	4.1% 	10.0%
S pecialty Risk
High Yield 	54,865,924	$ 	4.0% 	4.6% 	9.0%
International 	36,286,565 	2.6% 	3.2% 	7.5%
International (non-hedged) 	- 	0.0% 	0.0% 	5.0%
Emerging M arket 	4,161,238 	0.3% 	0.4% 	5.0%
Duration > 8.5 	30,922,384 	2.2% 	3.5% 	7.5%
Normal Portfolio Balance 	1,377,644,903	$
1 Commingled Funds and Cash are excluded
Operating Fund
Compliance Guideline Characteristics
as of S eptember 30, 2021
Maximum
% of Normal Portfolio Balance
S ector Guideline Exposures
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021__________________________
3. 	CASH, INVESTMENTS AND SECURITIES LENDING (continued)
B. Investments and Investment Practices (continued)
1. b. General Operating Investments - Fair Value Measurements (continued)
The City has the following recurring fair value measurements as of September 30, 2021:
• 	Corporate Stock (Common) – Valued using the primary exchange closing price.
• 	Corporate Stock (Preferred) – Valued using prevailing market bids and based upon
calculations that reflect the expected price to an investor in an orderly transaction.
• 	Registered Investment Co. – Valued at the daily closing net asset value (NAV) as reported
by the fund. Short term fixed income investment funds (security maturities that do not exceed
one year) may be valued using book value.
• 	U.S. Government Securities – Short term US government fixed income securities (with
maturities that do not exceed one year) are valued using book value. Securities with maturities
greater than one year are valued using prevailing market bids and based upon calculations
that reflect the expected price to an investor in an orderly transaction.
• 	Corporate Debt Instruments – Short term corporate debt securities (with maturities that do
not exceed one year) are valued using book value. Securities with maturities greater than one
year are valued using prevailing market bids or a measurable market close and are based upon
calculations that reflect the expected price to an investor in an orderly transaction.
• 	Common/Collective Trusts – Valued based on an appraisal or calculated and assigned by a
general or managing partner of the vehicle in which the investment is held.
Investment Type 	Total Fair Value
Quoted Prices in
Active Markets
For Identical
Assets (Level 1)
Significant
Observable Inputs
(Level 2) *
Significant
Unobservable
Inputs (Level 3)
Corporate Stock - Common 	- 	- 	- 	-
Corporate Stock - Preferred 	1,102,319 	- 	1,102,319 	-
Registered Investment Companies 	696,189,657 	696,189,657 	- 	-
U. S. Government Securities 	430,363,648 	302,147,644 	128,216,004 	-
Corporate Debt Instruments 	314,173,857 	- 	314,173,857 	-
Common/Collective Trust 	139,369,827 	- 	- 	139,369,827
**Other Investments 	(11,430,505) 	(24,078,921) 	12,648,416 	-
Total Investments 	1,569,768,803	$ 	974,258,380	$ 	456,140,596	$ 	139,369,827	$
* Market approach valuation technique used
Fair Value of Assets by Measurement Type
as of September 30, 2021
Operating Fund
**Composed of Taxable Municipals, Non-US Bonds, Other Short Term Bonds, and Cash/Interest/Pending trades as of 9/30/21.
82

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021__________________________
3. CASH, INVESTMENTS AND SECURITIES LENDING (continued)
B. Investments and Investment Practices (continued)
2. a. Pension Plan Investments
The City’s two separate defined benefit pension plans are the Jacksonville Retirement
System and the Police and Fire Pension Plan. 	Investments in the City’s two plans are
governed by state statute and locally adopted investment policies. These policies establish
investment objectives and guidelines for the portfolio as a whole, for each individual
manager, as well as by instrument and issuer. The following schedules are presented for
only the Jacksonville Retirement System and Police and Fire Pension Fund investments:
Equities 	Bonds 	Other 	Cash 	Total 	Percentage
Equity (Domestic) 	1,024,005,461	$ 	-	$ 	0.26	$ 	8,432,548	$ 	1,032,438,008	$ 	41%
Large Cap Value 	270,686,577 	- 	- 	3,150,855 	273,837,432 	11%
Large Cap Growth 	195,761,977 	- 	- 	2,177,447 	197,939,424 	8%
Large Cap Core 	290,890,471 	- 	0.26 	210,594 	291,101,065 	11%
Small Cap Value 	113,515,844 	- 	- 	- 	113,515,844 	4%
Small Cap Growth 	153,150,592 	- 	- 	2,893,652 	156,044,243 	6%
Small Cap Core 	- 	- 	- 	- 	- 	0%
Transition Account 	- 	- 	- 	12,944 	12,944 	0%
Equity (International) 	623,047,679	$ 	55,039	$ 	421.91	$ 	6,909,182	$ 	630,012,322	$ 	24%
Value 	260,599,050 	- 	0.03	$ 	3,148,858 	263,747,908 	10%
Growth 	223,068,587 	- 	0.02	$ 	2,826,738 	225,895,325 	9%
Emerging 	139,380,042 	55,039 	421.86	$ 	933,587 	140,369,089 	5%
Bonds 	167,616	$ 	440,666,800	$ 	1,671,898.72	$ 	28,497,525	$ 	471,003,839	$ 	18%
Intermediate 	- 	- 	-	$ 	- 	- 	0%
Aggregate 	167,616 	440,666,800 	1,671,898.72	$ 	28,497,525 	471,003,839 	18%
Inflation Protected 	- 	- 	-	$ 	- 	- 	0%
Cash Account 	-	$ 	-	$ 	-	$ 	6,660,512	$ 	6,660,512	$ 	0%
Other 	5,647,294	$ 	-	$ 	468,189,024.87	$ 	(26,114,705)	$ 	447,721,614	$ 	17%
Real & Diversifying Assets 	5,647,294 	- 	468,189,024.87	$ 	(26,114,705) 	447,721,614 	17%
Total investments 	1,652,868,049.96	$ 	440,721,838.74	$ 	469,861,345.76	$ 	24,398,005.68	$ 	2,587,849,240	$ 	100%
Less: Amount reported as receivables 	(1,947,078)	$
Total Investments less receivables 	2,585,902,162	$
Jacksonville Retirement S ystem
Distribution by Asset Type
as of S eptember 30, 2021
83

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021__________________________
3. 	CASH, INVESTMENTS AND SECURITIES LENDING (continued)
B. Investments and Investment Practices (continued)
2. a. Pension Plan Investments (continued)
(The remainder of this page is intentionally left blank)
Equities 	Bonds 	Other 	Cash 	Total 	Percentage
Equity (Domestic) 	1,011,112,594	$ 	-	$ 	-	$ 	5,805,552	$ 	1,016,918,146	$ 	41%
Large Cap Value 	287,872,998 	1,812,291 	289,685,289 	12%
Large Cap Growth 	274,790,912 	2,826,765 	277,617,677 	11%
Large Cap Core 	284,025,394 	14,857 	284,040,250 	12%
Small Cap Value 	82,579,853 	1,151,640 	83,731,493 	3%
SM ID Cap Growth 	81,843,437 	- 	81,843,437 	4%
Equity (International) 	583,861,484	$ 	-	$ 	-	$ 	7,515	$ 	583,868,999	$ 	24%
Value 	226,170,192 	7,393 	226,177,585 	9%
Growth 	166,447,516 	- 	166,447,516 	7%
Emerging M arkets 	191,243,777 	122 	191,243,899 	8%
Bonds 	-	$ 	589,712,465	$ 	-	$ 	4,613,114	$ 	594,325,579	$ 	24%
Intermediate 	81,426,151 	1,500,672 	82,926,823 	3%
Aggregate 	508,286,315 	3,112,442 	511,398,756 	21%
Cash Account 	365,773	$ 	365,773	$ 	0%
Other 	-	$ 	-	$ 	274,371,009.87	$ 	14,192.39	$ 	274,385,202	$ 	11%
Real Estate 	274,371,009.87	$ 	- 	274,371,010 	11%
M LPs 	-	$ 	14,192 	14,192 	0%
Total investments 	1,594,974,078	$ 	589,712,465	$ 	274,371,009.87	$ 	10,806,146	$ 	2,469,863,699	$ 	100%
Distribution by Asset Type
as of S eptember 30, 2021
Police and Fire Pension Fund
84

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021__________________________
3. 	CASH, INVESTMENTS AND SECURITIES LENDING (continued)
B. Investments and Investment Practices (continued)
2. b. Pension Plan Investments – Fair Value Measurements
The Pension Plans categorize its fair value measurements within the fair value
hierarchy established by generally accepted accounting principles. The hierarchy is
based on the valuation inputs used to measure the fair value of the asset. Level 1 input
are quoted prices in active markets for identical assets; Level 2 inputs are significant
other observable inputs and valued with the market approach valuation technique;
Level 3 inputs are significant unobservable inputs.
The City has the following recurring fair value measurements as of September 30, 2021:
• 	Corporate Stock (Common) – Valued using the primary exchange close price.
• 	Corporate Stock (Preferred) – Valued using prevailing market bids and based upon
calculations that reflect the expected price to an investor in an orderly transaction.
• 	Registered Investment Co. – Valued at the daily closing net asset value (NAV) as reported
by the fund and as supplied by third party vendors to the city’s custodian. Short term fixed
income investment funds (security maturities that do not exceed one year) may be valued
using book value.
• 	U.S. Government Securities – Short term US government fixed income securities (with
maturities that do not exceed one year) are valued using book value. Securities with maturities
greater than one year are valued using prevailing market bids and based upon calculations
that reflect the expected price to an investor in an orderly transaction.
• 	Corporate Debt Instruments – Short term corporate debt securities (with maturities that do
not exceed one year) are valued using book value. Securities with maturities greater than one
year are valued using prevailing market bids or a measurable market close and are based upon
calculations that reflect the expected price to an investor in an orderly transaction.
Investment Type 	Total Fair Value
Quoted Prices in
Active Markets
For Identical
Assets (Level 1)
Significant
Observable Inputs
(Level 2)*
Significant
Unobservable
Inputs (Level 3)
Corporate Stock - Common 	423,744,014 	423,744,014 	- 	-
Corporate Stock - Preferred 	- 	- 	- 	-
Registered Investment Companies 	24,613,642 	24,613,642 	- 	-
U. S. Government Securities 	111,109,926 	63,297,566 	47,812,360 	-
Corporate Debt Instruments 	112,856,038 	- 	112,856,038 	-
Common/Collective Trust 	1,002,311,880 	- 	- 	1,002,311,880
Partnership/Joint Venture Interest 	470,619,055 	- 	470,619,055
Pooled Separate Accounts 	92,442,713 	- 	- 	92,442,713
**Other Investments 	350,151,972 	(27,811,117) 	699,345 	377,263,744
Total Investments 	2,587,849,240	$ 	483,844,105	$ 	161,367,742	$ 	1,942,637,393	$
* Market approach valuation technique used
**Composed of 103-12 Investments, Other Short Term Bonds, Derivatives, and Cash/Dividends/Interest/Misc. Payables/Pending
Trades as of 9/30/21.
Jacksonville Retirement System
Fair Value of Assets by Measurement Type
as of September 30, 2021
85

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021__________________________
3. 	CASH, INVESTMENTS AND SECURITIES LENDING (continued)
B. Investments and Investment Practices (continued)
2. b. Pension Plan Investments – Fair Value Measurements (continued)
• 	Common/Collective Trusts – Valued based on an appraisal or calculated and assigned by
a general or managing partner of the vehicle in which the security is held.
• 	Partnership/Joint Venture Interests – Underlying equity investments valued using the
primary exchange close price. Underlying non-equity investments valued based on an
appraisal or calculated and assigned by a general or managing partner of the vehicle in
which the investment is held.
• 	Pooled Separate Accounts - Valued based on an appraisal or calculated and assigned by a
general or managing partner of the vehicle in which the investment is held.
Separately issued financial statements for the Police and Fire Pension Plan are available from:
Police and Fire Pension Fund
One West Adams Street, Suite 100
Jacksonville, FL 32202
Investment Type 	Total Fair Value
Quoted Prices in
Active Markets
For Identical
Assets (Level 1)
Significant
Observable Inputs
(Level 2)*
Significant
Unobservable
Inputs (Level 3)
Cash and Short Term Investments 	11,825,525 	11,825,525 	- 	-
Commercial Mortgage Backed Securities 	1,132,979 	- 	1,132,979 	-
Asset Backed Securities 	26,088,314 	26,088,314
Corporate Bonds 	142,176,589 	- 	142,176,589 	-
Funds - Other Fixed Income 	101,497,688 	- 	101,497,688 	-
Government Bonds 	50,438,825 	- 	50,438,825 	-
Government Mortgage Backed Securities 	20,666,314 	- 	20,666,314 	-
Common Stock 	1,673,435,236 	1,673,435,236 	- 	-
Preferred Equities 	1,783,703 	1,783,703 	- 	-
International Equities 	166,447,516 	166,447,516 	- 	-
Real Estate 	274,371,010 	- 	267,213,010 	7,158,000
Total Investments 	2,469,863,699	$ 	1,853,491,980	$ 	609,213,720	$ 	7,158,000	$
* Market approach valuation technique used
Fair Value of Assets by Measurement Type
as of September 30, 2021
Police and Fire Pension Fund
86

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021__________________________
3. 	CASH, INVESTMENTS AND SECURITIES LENDING (continued)
B. Investments and Investment Practices (continued)
3. Interest Rate Risk
Interest rate risk is controlled primarily through duration, which is a measure that
approximates the change in value of a bond, or bond portfolio, for a given change in
interest rates. In general, shorter duration measures are less sensitive to interest rate shifts,
while longer durations are more sensitive. To limit the portfolio volatility associated with
changes in interest rates, the City’s Investment Policy Statement restricts the average
duration of the overall portfolio to a range of 	0.75 – 5.00 years, of which, no more than
7.5% of the individual securities in the portfolio can have a duration greater than 8.5 years.
This guideline applies to all investment types underlying the portfolio including, but not
limited to, government, agency, corporate, international, and mortgage-backed securities,
as referenced in Section 3. B. 1.
4. Credit Quality
The Operating and Pension portfolios measure credit quality of the fixed income holdings
contained therein using Moody’s rating schedule. 	Within the Operating Portfolio, the
City’s Investment Policy Statement is designed to control credit risk by requiring both,
minimum amounts that must be invested in the highest quality U.S. Government
securities, as well as a maximum limit of 9.0% of the normal portfolio balance in non-
investment grade securities. This is reported and monitored monthly by the Investment
Committee and staff. Credit Quality for the Pension Plan is reported on a quarterly basis
and is monitored by the Pension Board of Trustees, staff to the board, and by the plan’s
consultant. Credit Quality reports are provided on the overall portfolios to illustrate the
credit risk at fiscal-year end.
Ratings definitions:
Treasury – United States Treasury Securities (Included in Aaa)
Agency – Government Agency Securities (Included in Aaa)
Aaa (AAA) – Highest Investment Grade Quality Rating
Aa1–Aa3 (AA+ to AA-) – Medium Investment Grade Quality Rating
A1-A3 (A+ to A-) – Medium Low Investment Grade Quality Rating
Baa1-Baa3 (BBB+ to BBB-) – Lowest Investment Grade Quality Rating
Ba1-Ba3 (BB+ to BB-) – Highest Non-investment Grade Quality Rating
Commingled – Securities that are not applicable to Quality Ratings - they predominantly represent
mutual funds that are listed and valued as a whole, not individual holdings, as well as minor
exposure to non-investment grade securities.
General Employee Pension Plan 	Police and Fire Pension Fund
Quality Breakdown 	Portfolio (%) 	Portfolio (%) 	Portfolio (%)
Aaa 	45.8% 	27.7% 	15.4%
Aa1-Aa3 	5.1% 	0.3% 	1.8%
A1-A3 	10.4% 	4.2% 	8.9%
Baa1-Baa3 	14.6% 	16.6% 	23.0%
Ba1-Ba3 	2.5% 	0.3% 	5.9%
Other 	8.4% 	-1.1% 	45.0%
Commingled 	13.3% 	52.0% 	0.0%
100% 	100% 	100%
Operating Portfolio
Credit Quality
September 30, 2021
87

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021__________________________
3. 	CASH, INVESTMENTS AND SECURITIES LENDING (continued)
B. Investments and Investment Practices (continued)
5. Custodial Credit Risk
The custodial relationship for General Investments and Pension plans are governed by
written agreements that are executed by all parties and specifies that, all securities owned
and cash held by the City or its Pension plans shall be held in the City's, or its nominee's,
name in an account separate from all other accounts maintained by the custodian and shall
at all times, while in the custody of the Custodian, be designated as an asset of the City or
its Pension Trust.
6. Foreign Currency
The City has nominal exposure to foreign currencies due to investments in non-U.S.
markets implemented through our money managers’ portfolios. 	Foreign currencies will
fluctuate relative to the U.S. dollar, but it is believed that the diversification benefits
outweigh potential risks. Given the limited exposure, foreign currency risk is considered
minor.
C. Securities Lending
The City participates in securities lending with both its Operating and Pension portfolios. The
City has a contract with its custodian, The Bank of New York Mellon (the City’s Operating
Portfolio and the Jacksonville Retirement System) that allows the custodian, acting as agent,
to lend securities held in the portfolios with the intent of generating additional interest income.
Securities are loaned against collateral valued at a minimum of 102% of the fair value of the
securities plus any accrued interest. 	If the broker/dealer fails to return the security upon
request, the custodian, acting as agent, will utilize the collateral to replace the security
borrowed.
The securities loaned are on a rolling daily basis and the cash collateral can be deposited
and/or withdrawn from the investment on a daily basis. The weighted average duration of
the collateralized loans at September 30, 2021, was 80 days for the City’s Operating Portfolio
and 108 days for the Jacksonville Retirement System.
Exposure 	Percentage 	Exposure 	Percentage 	Exposure 	Percentage
U.S. DOLLAR 	1,569,423,092	$ 	99.98% 	2,587,058,836 	99.97% 	$2,467,207,709 	99.89%
ARGENTINE PESO 	- 	0.0% 	- 	0.00% 	171,241 	0.01%
MEXICAN NEW PESO 	344,737 	0.02% 	- 	0.00% 	791,605 	0.03%
BRAZIL REAL 	- 	0.00% 	- 	0.00% 	369,674 	0.01%
CANADIAN DOLLAR 	- 	0.00% 	- 	0.00% 	80,306 	0.00%
INDIAN RUPEE 	- 	0.00% 	- 	0.00% 	1,243,163 	0.05%
EURO CURRENCY UNIT 	- 	0.00% 	790,404 	0.03% 	- 	0.00%
POLISH ZLOTY 	974 	0.00% 	- 	0.00% 	- 	0.00%
Total 	1,569,768,803	$ 	100.00% 	2,587,849,240	$ 	100.00% 	$2,469,863,699 	100.00%
Police and Fire Pension Fund
Foreign Currency Exposure
September 30, 2021
Jacksonville Retirement System	Operating Portfolio
88

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021__________________________
3. 	CASH, INVESTMENTS AND SECURITIES LENDING (continued)
C. Securities Lending (continued)
The net asset value of the collateral may fluctuate and potentially subject the City to credit
risk if the above-mentioned 102% daily adjusted collateral were to fall below 100%. As
of September 30, 2021, the City of Jacksonville maintained a sufficient 102% collateral
on loaned securities. During the fiscal year ended September 30, 2021; Securities Lending
net income was $108.3 thousand ($27.3 thousand Operating, $81.0 thousand Jacksonville
Retirement System).
The City reviews the custodian’s securities lending operations on a monthly basis to
ensure the appropriate risk/return trade-off. For accounting purposes, the Statements of
Net Position and Changes in Net Position reflect the increase in assets, liabilities, interest
income and expense associated with securities lending activity.
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89

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
4. 	ACCOUNTS, OTHER RECEIVABLES AND LOANS
The accounts, mortgages, and other receivable balances in the funds listed below, in thousands,
are shown net of an allowance for doubtful accounts. No other funds had an allowance for
doubtful accounts at September 30, 2021.
Funds
Accounts
Other
Receivables
Allowance
for Doubtful
Accounts
Net Amount
Shown on
Balance
Sheet
Major Governmental Funds
General Fund 	38,494 	(30,927) 	7,567
Other Federal, State & Local Grants 	1,256 	(48) 	1,208
Non-Major Governmental Funds 	3,190 	(81) 	3,109
Major Enterprise Funds
Solid Waste 	38,727 	(5,011) 	33,716
City Venues 	10,884 	(1) 	10,883
Stormwater 	28,490 	(5,448) 	23,042
Non-Major Enterprise Funds 	160 	(13) 	147
Internal Service Funds 	3,565 	(17) 	3,548
Fiduciary Funds
Pension Trust Funds 	3544 	(22) 	3,463
Custodial Funds 	2,863 	0 	2,863
Funds
Loans
Receivable
Allowance
for Doubtful
Accounts
Net Amount
Shown on
Balance
Sheet
Non-Major Governmental Funds 	8,401 	(3,535) 	4,866
Internal Service Funds 	602,612 	0 	602,612
90

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
5. 	PROPERTY TAXES
A. Ad Valorem Property Taxes:
Property tax collections are governed by Chapter 197, Florida Statutes. The Duval County
Tax Collector bills and collects all property taxes levied within the consolidated city/county.
Discounts of 4, 3, 2, and 1% are allowed for early payment in November, December,
January, and February, respectively. The total millage rate levied by the City was 11.44190
for the fiscal year ended September 30, 2021.
The Florida Constitution, as amended under Article VII, Section 4, limits the increase in
homestead property valuations for ad valorem tax purposes to a maximum of the lesser of (i)
three percent (3%) of the assessment for the prior year, or (ii) the percent change in the
Consumer Price Index for the preceding calendar year. The first tax year in which the
limitations of these constitutional provisions applied was January 1, 1995. Calendar year
1995 is the base year upon which assessed just value of the homestead property is
determined. For non-homesteaded property, increases are capped at 10% of the previous
year’s assessed value, regardless of market value changes. This process is referred to as
“recapture” and was enacted into law in 2009. It does not apply to any millage levied by the
School Board. (Section 193.1555 FS)
B. Property Tax Calendar:
The Tax Collector remits collected taxes at least monthly to the City. The City recognizes
property tax revenue as it is received from the Tax Collector since virtually all taxes levied
will be collected through the tax collection process within the fiscal year levied. The calendar
of events is as follows:
January 1 	Property taxes are based on assessed value at this date as determined
by the Duval County Property Appraiser.
July 1 	Assessment roll approved by the state.
September 30 	Millage resolution approved by the City Council.
October 1 	Beginning of fiscal year for which taxes have been levied.
November 30 	Last day for 4% maximum discount.
April 1 	Unpaid property taxes become delinquent.
May 31 	Tax certificates are sold by the Duval County Tax Collector by this
date. This is the first lien date on the properties.
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6. 	CAPITAL ASSET ACTIVITY
Capital asset activity for the year ended September 30, 2021, was as follows (in thousands):
Primary Government
Beginning Balance
September 30, 2020 	Additions
Dispositions/
Reclassifications
Ending Balance
September 30, 2021
Governmental activities:
Capital assets not being depreciated:
Land 	313,904	$ 	7,136	$ 	-	$ 	321,040	$
Easements 	6,493 	- 	- 	6,493
Art In Public Places 	1,236 	180 	- 	1,416
Construction in progress 	222,157 	157,600 	(6,852) 	372,905
Furniture and equipment in work in process 	17,840 	- 	- 	17,840
Purchased Software work in process 	22,184 	4,025 	- 	26,209
Total capital assets not being depreciated 	583,814 	168,941 	(6,852) 	745,903
Capital assets being depreciated:
Buildings 	872,267 	1,289 	- 	873,556
Improvements 	372,861 	- 	- 	372,861
Infrastructure 	2,389,582 	1,173 	(1,028) 	2,389,727
Furniture, equipment and library books 	518,159 	39,587 	(25,160) 	532,586
Purchased Software 	28,014 	(594) 	- 	27,420
Internal Software 	17,468 	- 	- 	17,468
Total assets being depreciated 	4,198,351 	41,455 	(26,188) 	4,213,618
Less accumulated depreciation for:
Buildings 	321,618 	16,884 	- 	338,502
Improvements 	178,816 	- 	- 	178,816
Infrastructure 	1,240,470 	84,108 	(335) 	1,324,243
Furniture, equipment and library books 	362,796 	39,558 	(23,711) 	378,643
Internal Software 	27,929 	116 	- 	28,045
Purchased Software 	13,643 	1,099 	- 	14,742
Total accumulated depreciation 	2,145,272 	141,765 	(24,046) 	2,262,991
Total capital assets being depreciated, net 	2,053,079 	(100,310) 	(2,142) 	1,950,627
Governmental activities capital assets, net 	2,636,893	$ 	68,631	$ 	(8,994)	$ 	2,696,530	$
Beginning Balance
September 30, 2020 	Additions
Dispositions/
Reclassifications
Ending Balance
September 30, 2021
Business-type activities:
Capital assets not being depreciated:
Land 	46,364	$ 	-	$ 	-	$ 	46,364	$
Easements 	546 	- 	- 	546
Construction in progress 	72,106 	21,099 	- 	93,205
Total capital assets not being depreciated 	119,016 	21,099 	- 	140,115
Capital assets being depreciated:
Buildings and Improvements 	741,484 	- 	- 	741,484
Infrastructure 	93,876 	39 	(1,028) 	92,887
Furniture and Equipmets 	17,313 	775 	(37) 	18,051
Total assets being depreciated 	852,673 	814 	(1,065) 	852,422
Less accumulated depreciation for:
Buildings and Improvements 	336,240 	13,845 	- 	350,085
Infrastructure 	32,353 	12,206 	- 	44,559
Furniture and Equipmets 	11,805 	1,437 	(32) 	13,210
Total accumulated depreciation 	380,398 	27,488 	(32) 	407,854
Total capital assets being depreciated, net 	472,275 	(26,674) 	(1,033) 	444,568
Business-type activities capital assets, net 	591,291	$ 	(5,575)	$ 	(1,033)	$ 	584,683	$
CITY OF JACKSONVILLE, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
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6. 	CAPITAL ASSET ACTIVITY
Depreciation expense was charged to the functions of the primary government as follows (in thousands):
Governmental activities:
General government 	57,282	$
Human services 	1,432
Public Safety 	8,356
Culture and recreation 	10,189
Transportation 	3,037
Economic environment 	784
Physical environment 	48,920
Total depreciation expense - governmental activities 	130,000	$
Depreciation expense was charged to the functions of the business -type activities as follows (in thousands):
Business-type activities:
Parking system 	324	$
Solid Waste 	2,815
Stormwater Services 	5,250
Equestrian Center 	711
Capital Projects City Venues 	18,719
Total depreciation expense - business-type activities 	27,821	$
NOTES TO THE FINANCIAL STATEMENTS
CITY OF JACKSONVILLE, FLORIDA
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
7. 	INTERFUND RECEIVABLES, PAYABLES, ADVANCES, AND TRANSFERS
Interfund Transfers (in thousands) 	TRANSFERS OUT
MAJOR FUNDS
General 	Solid 	City
Fund 	Waste 	Venues
TRANSFERS IN
MAJOR FUNDS
General Fund 	- 	8,993 	-
Solid Waste 	9,590 	- 	-
Other Federal State and Local Grants 	500 	- 	-
City Venues 	19,894 	- 	-
Special Bonded Debt 	38,177 	- 	-
Special Bonded Debt-BJP 	- 	- 	-
NON-MAJOR FUNDS
Special Revenue 	38,730 	- 	56
Capital Projects 	16,719 	- 	100
Enterprise 	1,096 	251 	-
Internal Service 	3,000 	- 	-
127,705 	9,245 	156
Transfers between funds are made in the normal course of operations and are for the operational
support of the fund receiving the transfer. In fiscal year 2021, transfers in support of Debt Service
Funds were approximately 50% of total transfers. A large portion of the transfers out of the General
Fund was in support of Non-Major Governmental funds, the largest being Special Revenue funds.
Transfers from the General Fund include support of Major Enterprise funds, including the City
Venues, Solid Waste, and Special Bonded Debt. Internal Service funds which include Fleet,
Information Technologies, and Self Insurance received support from the General Fund.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
7. 	INTERFUND RECEIVABLES, PAYABLES, ADVANCES, AND TRANSFERS (continued)
TRANSFERS OUT
NON-MAJOR FUNDS
Special 	Capital 	Permanent 	Internal
Enterprise 	Revenue 	Projects 	Funds 	Service 	Total
- 	199 	- 	- 	7,158 	16,351
- 	- 	- 	- 	- 	9,590
- 	- 	- 	- 	- 	500
3,882 	5,426 	- 	- 	- 	29,201
- 	6,988 	- 	- 	- 	45,166
- 	67,106 	- 	- 	- 	67,106
- 	36 	200 	42 	- 	39,063
- 	2,054 	- 	- 	- 	18,873
- 	- 	- 	- 	- 	1,347
- 	- 	- 	- 	- 	3,000
3,882 	81,810 	200 	42 	7,158 	230,198
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
7. 	INTERFUND RECEIVABLES, PAYABLES, ADVANCES, AND TRANSFERS (continued)
In fiscal year 2003, the City passed an ordinance to enter into a redevelopment agreement with
Vestcor Companies and its subsidiaries for the redevelopment of the Lynch Building as a City
historic landmark. In fiscal year 2003, the City used internal self-insurance funds, in an amount
of $17,816,000, to provide permanent financing for the Lynch Building project. The self-
insurance fund will be repaid on an annual basis with funds from the Northbank Downtown Tax
Increment District. The terms of the repayment are a 30-year amortization, with a 20-year term at
a fixed interest rate of 6% per year. Annual payments are $800,000 which includes both principal
and interest. The balance of the loan at September 30, 2021 $8,462,417.32 which is recorded in
the Self Insurance Fund as other receivables noncurrent.
Vestcor will repay the City an amount of $17,816,000 to the Downtown Economic Development
fund as created by ordinance 2000-1079-E. The terms of the repayment is a 40-year amortization,
with a 20-year term at a fixed interest rate of 1.525% per year. Annual principal and interest
payments were initially scheduled for $595,248 but were reduced to interest-only payments for
the three-year period beginning March 1, 2010. The deferred principal payments were added to
the 	balloon 	payment. 	A 	second 	modification 	agreement 	(Ordinance 	2014-280) 	allowing
suspension of half of the principal payments for a period of three years from October 2013 to
September 2016 was approved by Council. Deferred principal payments have been added to the
balloon payment which is now $12,125,133 due on August 1, 2023. The balance of the loan at
September 	30, 	2021 	was 	$12,899,749 	which 	is 	recorded 	in 	the 	Downtown 	Economic
Development Fund.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
8. 	LONG-TERM OBLIGATIONS
A. Bonds and loans outstanding:
The bonds and loans outstanding as of September 30, 2021 are as follows (in thousands):
Amount 	Amount 	Remaining 	True Interest
GOVERNMENTAL ACTIVITIES: 	Issued 	Outstanding 	Coupon Rates 	Cost (1)
Revenue Bonds Supported by General Fund:
Special Revenue Bonds
Series 2009C-2 (Taxable BABS) 	10,995.0 	1,495.0 	4.990% (taxable) 	3.111%
Series 2011A 	76,500.0 	1,865.0 	5.000% 	4.674%
* Series 2012C 	183,058.0 	105,275.0 	4.000 - 5.000% 	2.537%
Series 2012D 	11,840.0 	3,560.0 	5.000% 	1.573%
Series 2013A 	27,175.0 	27,175.0 	4.000 - 5.250% 	4.885%
* Series 2014 	61,401.0 	59,597.0 	5.000% 	3.284%
Series 2016A 	48,133.7 	44,108.2 	4.000 - 5.000% 	2.386%
* Series 2017A 	10,600.0 	10,600.0 	5.000% 	3.402%
* Series 2019A 	100,334.2 	95,760.8 	5.000% (3) 2.005%
Series 2020A 	639.3 	639.3 	5.000% 	2.309%
Series 2020C 	66,765.2 	66,765.2 	.393-2.766% 	2.171%
Total Revenue Bonds Supported by General Fund 	597,441.4	$ 	416,840.5	$
Amount 	Amount 	Remaining 	True Interest
Issued 	Outstanding 	Coupon Rates 	Cost (1)
Special Revenue (Covenant) Bonds Payable from Internal Service Operations:
Special Revenue Bonds:
Series 2009C-2 (Taxable BABs) 	26,315.0 	4,030.0 	4.990% (taxable) 	3.111%
Series 2011A 	32,380.0 	1,910.0 	5.000% 	4.674%
Series 2013A 	26,860.0 	21,115.0 	4.000-5.250% 	4.885%
Series 2013B 	35,145.0 	10,245.0 	3.793-4.643% (taxable) 	3.469%
* Series 2014 	36,975.0 	33,920.0 	5.000% 	3.284%
Series 2016A 	44,081.3 	33,681.8 	3.000 - 5.000% 	2.386%
* Series 2017A 	80,330.0 	69,185.0 	4.000 - 5.250% 	3.402%
Series 2018 	72,540.0 	55,835.0 	5.000% 	3.212%
* Series 2019A 	50,960.0 	48,650.0 	5.000% 	2.534%
Series 2020A 	122,990.7 	122,990.7 	4.000 - 5.000% 	2.309%
Series 2020C 	38,719.8 	38,719.8 	.393-2.766% (taxable) 	2.203%
* Series 2021A 	87,670.0 	87,670.0 	3.000 - 5.000% 	1.963%
Total Special Revenue Bonds Payable
from Internal Service Operations 	654,966.8	$ 	527,952.3	$
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
8. 	LONG-TERM OBLIGATIONS (continued)
A. Bonds and loans outstanding (continued) (in thousands)
Amount 	Amount 	Remaining 	True Interest
Notes Payable from Internal Service Operations: 	Issued 	Outstanding 	Coupon Rates 	Cost (1)
Amortizing Short Term Debt 	62,300.0	$ 	32,300.0	$ 	Variable (2) 	N/A
Total Notes Payable
from Internal Service Operations 	62,300.0	$ 	32,300.0	$
Total bonds and notes payable
from Internal Service Funds 	717,266.8	$ 	560,252.3	$
Revenue Bonds Supported by BJP Revenues:
Transportation Sales Tax Revenue Bonds:
Series 2012A 	151,660.0 	2,155.0 	4.000% 	4.324%
Series 2012B 	57,730.0 	18,585.0 	5.000% 	3.076%
Series 2015 	197,295.0 	181,395.0 	2.000-5.000% 	3.211%
Series 2018 	53,180.0 	34,980.0 	5.000% 	2.460%
Series 2020 	155,040.0 	155,040.0 	0.550-2.050% 	1.669%
Infrastructure Sales Tax Revenue Bonds:
* Series 2012 	238,570.0 	142,580.0 	4.000-5.000% 	3.910%
* Series 2012A 	41,095.0 	41,095.0 	5.000% 	3.773%
Series 2016 	67,070.0 	58,545.0 	3.000 - 5.000% 	2.433%
Series 2021 	16,530.0	$ 	16,530.0	$ 	0.425% 	0.611%
Total Revenue Bonds Supported by BJP Revenues 	978,170.0	$ 	650,905.0	$
Special Revenue (Covenant) Bonds Supported by BJP Revenues:
Special Obligation Bonds:
Series 2013C 	31,565.0 	31,565.0 	5.250% 	2.953%
Series 2016B 	58,645.0 	56,485.0 	2.250 - 5.000% 	2.043%
Series 2017B 	31,455.0 	31,455.0 	5.000% 	2.038%
Series 2019B 	45,535.0 	45,535.0 	5.000% 	2.162%
Series 2020B 	15,670.0	$ 	15,670.0	$ 	5.000% 	0.578%
Total Special Revenue Bonds Supported
by BJP Revenues 	182,870.0	$ 	180,710.0	$
Notes Payable Supported by BJP Revenues:
State of Florida Infrastructure Bank:
Series 2005 	40,000.0 	6,417.2 	2.000% 	1.901%
Series 2007 	48,698.2	$ 	285.2	$ 	2.500% 	2.456%
Total Notes Payable Supported by BJP Revenues 	88,698.2	$ 	6,702.4	$
Total Bonds and Notes Supported by BJP Revenues 	1,249,738.2	$ 	838,317.4	$
Total Governmental Activities 	2,564,446.4	$ 	1,815,410.2	$
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
8. 	LONG-TERM OBLIGATIONS (continued)
A. Bonds and loans outstanding (continued) (in thousands)
* Indicates individual bond series that were issued in support of both Governmental Activities and Business-Type Activities.
(1) True Interest Cost (TIC) is the actual cost of financing debt and refers to the overall rate of interest to be paid over the life of the
bonds, factoring in coupon interest, any premium or discounts, and the time value of money.
(2) Variable Rate Debt - interest rate varied from .05% to .07% on September 30, 2021
(3) Total debt for this line item contains refunding for the ETR09A and Cap Proj. 08A and 08B bond issues. TIC was 2.004% for Cap Proj.
portion and 2.005% for ETR portion. Higher figure of 2.005% used as it was the more conservative option.
Amount 	Amount 	Remaining 	True Interest
Revenue Bonds Supported by Business-Type Activities: 	Issued 	Outstanding 	Coupon Rates 	Cost (1)
Infrastructure Sales Tax Revenue Bonds:
* Series 2012 	41,480.0 	41,480.0 	4.000-5.000% 	3.910%
* Series 2012A 	73,795.0 	73,795.0 	5.000% 	3.773%
Capital Improvement Revenue Bonds:
Series 2012 	118,005.0 	75,750.0 	5.000% 	2.642%
Special Obligation Bonds:
* Series 2014 	1,784.0 	1,713.0 	5.000% 	3.284%
* Series 2017A 	21,935.0 	20,285.0 	5.000% 	3.402%
* Series 2019A 	330.8 	314.2 	5.000% 	2.004%
* Series 2021A 	10,230.0 	10,230.0 	3.000-5.000% 	1.963%
Total Revenue Bonds Supported by
Business-Type Activities 	267,559.8	$ 	223,567.2	$
Notes Payable Supported by Business-Type Activities:
Amortizing Short Term Debt 	14,400.0	$ 	-	$ 	Variable (2) 	N/A
Total Notes Payable
from Internal Service Operations 	14,400.0	$ 	-	$
Total bonds and notes payable
from Business-Type Activities 	281,959.8	$ 	223,567.2	$
COMPONENT UNITS:
Bond and notes payable:
JEA 	2,999,710.0
JPA 	257,230.0
JTA 	118,304.0
Total Component Unit bonds and notes payable 	3,375,244.0	$
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
8. 	LONG-TERM OBLIGATIONS (continued)
B. Debt Service Requirements to Maturity:
The Debt service requirements to maturity on long-term obligations at September 30, 2021 are as
follows (in thousands). 	The amounts reported in the table below include designated maturities
established by management (see discussion below) but does not reflect any accelerated amortizations
that may result under term out provisions.
The City’s Covenant Bond program allows for the issuance of debt which has both a stated maturity
date and a designated maturity date. 	The stated maturity date is the initial maturity as the bond was
sold, whereas the designated maturity date reflects the City’s intended maturity after a series of
rolls/refundings. At each stated maturity the City can retire the maturing amount in whole or in part or
refund the maturing bonds as a part of its annual capital borrowing into another stated maturity,
variable rate debt, or fixed rate debt amortized to maturity as determined by then market conditions.
There can be no assurance that the stated debt maturities can be revised in accordance with
management’s intended plan. As of September 30, 2021, the City had retired all of its previously
outstanding debt of this type.
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Principal
Fiscal Year 	Supported by General Revenues 	Supported by 	and Interest-
Ending 	and Internal Service Funds 	BJP Revenues 	Enterprise Funds 	Primary
September 30 	Principal 	Interest 	Principal 	Interest 	Principal 	Interest 	Government 	Principal 	Interest
2022 	64,695 	40,696 	48,203 	31,972 	7,345 	10,697 	203,608 	104,969 	113,865
2023 	72,937 	39,542 	65,484 	29,680 	8,548 	10,534 	226,725 	93,007 	112,183
2024 	72,297 	36,462 	69,095 	27,245 	9,013 	10,108 	224,220 	109,362 	108,310
2025 	57,562 	33,628 	73,015 	24,557 	14,093 	9,539 	212,394 	124,302 	104,006
2026 	54,159 	31,099 	76,950 	21,478 	18,626 	8,725 	211,037 	136,298 	99,393
2027-2031 	256,854 	120,581 	414,305 	57,461 	153,791 	26,190 	1,029,182 	896,255 	401,218
2032-2036 	221,674 	61,295 	76,675 	6,349 	8,806 	1,813 	376,612 	990,182 	233,189
2037-2041 	132,160 	23,994 	14,590 	515 	3,345 	169 	174,773 	749,585 	76,488
2042-2046 	30,310 	6,100 	- 	- 	- 	- 	36,410 	119,610 	10,631
2047-2051 	14,445 	1,194 	- 	- 	- 	- 	15,639 	11,195 	858
2052-2056 	- 	- 	- 	- 	- 	- 	- 	- 	-
Totals 	977,093	$ 	394,591	$ 	838,317	$ 	199,257	$ 	223,567	$ 	77,775	$ 	2,710,600	$ 	3,334,765	$ 	1,260,141	$
Bonds and Notes Payable from Governmental Activities
Component Units
Bonds Payable from
Business-type Activities
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
8. 	LONG-TERM OBLIGATIONS (continued)
C. Changes in Long-Term Liabilities:
Changes in long-term liabilities for the fiscal year ended September 30, 2021 are as follows
(in thousands):
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Balance 	Balance
September 30, 	September 30, 	Due within
2020 	Additions 	Reductions 	2021 	one year
Governmental Activities:
Debt activity supported by general revenues:
Revenue bonds 	445,615	$ 	-	$ 	28,774	$ 	416,841	$ 	24,540	$
Revenue bonds from direct borrowing 	- 	- 	- 	- 	-
Debt activity- general revenues 	445,615 	- 	28,774 	416,841 	24,540
Bonds/notes payable - Debt M anagement Fund
Special revenue (covenant) bonds 	474,485 	87,670 	34,203 	527,952 	40,154
Notes payable 	62,300 	7,300 	37,300 	32,300 	-
Debt activity - internal service funds 	536,785 	94,970 	71,503 	560,252 	40,154
Debt activity - general revenues and internal service 	982,400 	94,970 	100,277 	977,093 	64,694
Debt activity supported by BJP revenue:
Revenue bonds - BJP 	695,690 	155,040 	216,355 	634,375 	43,340
Revenue bonds - BJP from direct borrowing 	- 	16,530 	- 	16,530 	-
Special revenue (covenant) bonds - BJP 	225,420 	- 	44,710 	180,710 	2,260
Notes payable - BJP 	12,870 	- 	6,167 	6,703 	2,603
Debt activity - BJP 	933,980 	171,570 	267,232 	838,318 	48,203
Total governmental activities 	1,916,380 	266,540 	367,509 	1,815,411 	112,897
Other related debt amounts:
Issuance premiums 	217,877 	20,734 	27,372 	211,239 	-
Issuance discounts 	(1,572) 	- 	(161) 	(1,411) 	-
Total other related debt amounts 	216,305 	20,734 	27,211 	209,828 	-
Accrued Compensated Absences 	143,156 	31,968 	43,990 	131,134 	39,340
Estimated Liability for Self-Insured Losses 	130,301 	18,231 	- 	148,532 	40,586
Pollution Remediation 	89,321 	- 	1,028 	88,293 	-
Other Post - Employment Benefits 	261,160 	155,260 	- 	416,420 	-
Net Pension liability 	2,991,161 	357,910 	241,916 	3,107,155 	-
Governmental activity long-term obligations 	5,747,784	$ 	850,643	$ 	681,654	$ 	5,916,773	$ 	192,823	$
101

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
8. 	LONG-TERM OBLIGATIONS (continued)
C. Changes in Long-Term Liabilities: (continued)
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Balance 	Balance
September 30, 	September 30, 	Due within
2020 	Additions 	Reductions 	2021 	one year
Business-Type Activities:
Revenue Bonds 	234,710	$ 	10,231	$ 	21,373	$ 	223,568	$ 	7,346	$
Revenue Bonds from direct borrowing 	- 	- 	- 	- 	-
Less: Unamortized Discount/Premium 	24,934 	68 	- 	25,002 	-
Total Revenue Bonds, less Unamortized
Discount/Premium 	259,644 	10,299 	21,373 	248,570 	7,346
Accrued Compensated Absences 	2,064 	- 	58 	2,006 	601
Liability for Landfill Closure and Post Closure Care 	36,616 	1,766 	- 	38,382 	-
Loans payable - Debt M anagement 	79,526 	5,350 	2,338 	82,538 	2,210
Business-type activity long-term obligations 	377,850	$ 	17,415	$ 	23,769	$ 	371,496	$ 	10,157	$
Component Unit Activities:
Bonds and notes payable:
JEA 	3,257,290	$ 	166,375	$ 	423,955	$ 	2,999,710	$ 	91,535	$
JPA 	280,959 	10,844 	34,573 	257,230 	7,672
JTA 	84,600 	47,002 	13,298 	118,304 	5,762
Component unit activity long-term obligations 	3,622,849	$ 	224,221	$ 	471,826	$ 	3,375,244	$ 	104,969	$
102

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
8. 	LONG-TERM OBLIGATIONS (continued)
D. Reconciliation of Debt Issued with Financial Reporting Classifications:
Certain of the City’s bonds issued in a single transaction are for assets acquired or constructed
for both governmental and business-type activities. As a result, the financial statements report
debt outstanding and the related debt service for that combined transaction in both governmental
and business-type activities in the relative proportion of the cost of the underlying assets
acquired or constructed. When individual business-type revenues are not sufficient to pay for
operations inclusive of allocated debt service, inter-fund transfers are made in amounts to
address the shortfall. The following table shows the original combined issue amount and where
the debt is reported (in thousands).
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Original 	Outstanding debt reported in 	Total
Amount 	Governmental 	Business-type 	Amount
Bond Series 	Issued 	Activities 	Activities 	Outstanding
BJP Infrastructure Sales Tax Revenue Bonds:
Series 2012 	280,050 	142,580 	41,480 	184,060
Series 2012A 	114,890 	41,095 	73,795 	114,890
Special Revenue Bonds:
Series 2014 	100,160 	93,517 	1,713 	95,230
Series 2017A 	112,865 	79,785 	20,285 	100,070
Series 2019A 	151,625 	144,411 	314 	144,725
Series 2021A 	97,900 	87,670 	10,230 	97,900
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
8. 	LONG-TERM OBLIGATIONS (continued)
E. Pledged Revenues:
The City has formally committed to secure certain debt issued by the City with specific future
revenues. 	A summary of those debt issues and the related pledged revenues follows. The
detailed listing of individual series by pledge source is included in Note 8A.
Better Jacksonville Transportation Sales Tax - Bonds have been issued to fund acquisition
and construction of road, bridge, drainage and other transportation projects, and are supported by
a pledge against the discretionary half-cent Transportation Sales Tax and Gas Tax.
Better Jacksonville Infrastructure Sales Tax - Bonds have been issued to fund the acquisition
and construction of capital projects constituting part of the Better Jacksonville Plan, and are
supported by a pledge against the discretionary half-cent Infrastructure Sales Tax.
Sports 	Facilities 	Capital 	Improvement 	Revenues 	- 	Bonds 	have 	been 	issued 	to 	fund
renovations to the Municipal Stadium, and are supported by a pledge against the proceeds of
Franchise Fees, 15% of the Communications Services Taxes, Sports Facility Sales Tax Rebates,
Convention Development Taxes and the Sports Facilities Tourist Development Taxes.
Range of 	Approximate 	Current year 	Current year 	Principal and
remaining 	future principal 	revenue 	principal 	interest as %
term 	and interest 	received 	and interest 	of revenue
Better Jacksonville
Transportation S ales Tax: 	2023 - 2038 	476,031,020 	115,750,880 	31,265,612 	27.0%
Better Jacksonville
Infrastructure S ales Tax: 	2024 - 2031 	477,812,443 	103,852,666 	45,696,118 	44.0%
with S IB Loans: 	2022 - 2031 	484,767,042 	103,852,666 	52,141,718 	50.2%
S ports Facilities Capital
Improvement Revenues: 	2031 	95,695,500 	47,033,981 	10,081,000 	21.4%
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
8. 	LONG-TERM OBLIGATIONS (continued)
F. New Indebtedness Issued:
On October 29, 2020, the City closed on the sale of $155.04 million Taxable Transportation
Refunding Revenue Bonds, Series 2020. The 2020 bonds have a true interest cost of 1.62%, an
average coupon rate of 1.57% with no mandatory sinking schedule and a maturity date of October 1,
2031. The proceeds of the 2020 bonds were used to refund the City’s Transportation Revenue
Bonds, Series 2012A maturing in years 2023 through 2031. The issuance provided net proceeds of
$155.04 million, which is inclusive of underwriter’s discount and cost of issuance totaling $1.00
million. The refunding of the Taxable Transportation Refunding Revenue Bonds, Series 2020
resulted in net PV savings of $20.99 million and a decrease in aggregate debt service in the amount
of $35.14 million.
On August 12, 2021, the City closed on a $16.53 million bank loan referred to as the Better
Jacksonville Sales Tax Refunding Revenue Bond, Series 2021. The 2021 loan has a true interest cost
of .43%, an average coupon rate of .43% with no mandatory sinking schedule and a maturity date of
October 1, 2023. The proceeds of the 2021 loan were used to refund the City’s outstanding Better
Jacksonville Sales Tax Refunding Revenue Bonds, Series 2011. The agreement provided net
proceeds of $16.53 million, which is inclusive of the cost of issuance totaling $50k. The refunding of
the 	Better Jacksonville Sales Tax Refunding Revenue Bonds, Series 2011 resulted in net PV
savings of $1.07 million and a decrease in aggregate debt service in the amount of $1.08 million.
On September 22, 2021, the City closed on the sale of $97.90 million Special Revenue Bonds, Series
2021A.The 2021A bonds have a true interest cost of 1.92%, an average coupon rate of 4.52% with
no mandatory sinking schedule and a maturity date of October 1, 2041. The proceeds of the 2021A
bonds were used to finance and refinance the acquisition and construction of certain capital
equipment and improvements for the City ($90.50 million) 	and to fix out a portion of the City’s
outstanding commercial paper debt ($29.80 million). The issuance provided net proceeds of $121.05
million, which is inclusive of underwriter’s discount and cost of issuance totaling $753k.
On September 28, 2021, the City closed on the sale of Commercial Paper Notes in the amount of
$7.30 million for the purposes of funding short-term projects, and interim funding for long-term
projects, with an initial interest rate of .07%.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
8. 	LONG-TERM OBLIGATIONS (continued)
G. Additional Debt Disclosures, including Direct Borrowing and Direct Placements:
The City has authorized the issuance of its commercial paper notes in the aggregate principal
amount of up to $150,000,000 outstanding at any one time; however, such amount is limited to the
capacity of an applicable credit facility. On September 8, 2021, the City amended and extended its
existing letter of credit with Bank of America, N.A. (the “Credit Facility Provider”), the sole credit
facility supporting its commercial paper program. 	The letter of credit supports the issuance of
$100,000,000 in principal amount of commercial paper notes. 	The letter of credit has a stated
expiration date of September 8, 2023, subject to reduction and earlier termination in accordance
with its terms. The commercial paper notes are payable from certain excise taxes and the local
government half cent sales taxes received by the City and are issued on a junior and subordinate
basis to certain outstanding and future senior lien debt issued by the City and payable from excise
taxes or local government half cent sales taxes.
As of September 30, 2021, $32,300,000 in commercial paper notes were outstanding. In the event
of a default under the reimbursement agreement governing the letter of credit, the Credit Facility
Provider may reduce the stated amount of the letter of credit to the amount then outstanding under
the letter of credit, issue a final drawing notice which would terminate the letter of credit 15 days
after receipt thereof, or seek enforcement under the authorizing ordinance by law or equity, by suit,
action or mandamus, or other proceeding, including the right to appoint a receiver to enforce and
compel performance under the ordinance.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
8. 	LONG-TERM OBLIGATIONS (continued)
H. Non-Asset Debt:
The City has issued debt for the benefit of its component units or other public use entities
where the asset acquired or constructed will not be owned by the primary government. An
expense is recorded by the City instead of a capital asset on the citywide statements, while
the debt remains as a liability of the City. The following is a listing of the outstanding debt
in the Governmental Activities that was issued for non-asset backed debt (in thousands):
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Debt Type 	Entity or Purpose 	Amount
Special Revenue Refunding Bonds, Series 2012C 	Shands Jacksonville Medical Center 	23,715
Special Revenue Series 2019A 	Zoo Funding 	4,853
Special Revenue Series 2020A 	Non-asset portion 	55,465
Special Revenue Series 2021A 	21,170
Total Special Revenue Bonds 	105,203	$
Better Jacksonville Plan (BJP) Transportation Bonds
Various Special Revenue and Refunding Bonds 	Jacksonville Transportation Authority (JTA)
road projects 	$ 	53,179
BJP State Infrastructure Bank Loan
Loan #1 	JTA road projects - BJP 	6,417
Loan #2 	JTA road projects - BJP 	285
Total BJP State Infrastructure Bank Loan 	6,702	$
Other Bond Issues
Various 	Misc. projects – other 	23,426
Total Other Bond Issues 	23,426	$
Debt Management Fund Financed Projects
Various 	Misc. projects – other 	$ 	335,691
Commercial Paper (2020) 	Misc. projects – other 	$ 	25,000
GRAND TOTAL 	$ 	549,201
Special Revenue Bonds
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
8. 	LONG-TERM OBLIGATIONS (continued)
I. 	Defeased Debt:
The City has defeased certain serial bonds by placing the proceeds of new bonds in an
irrevocable 	trust 	to 	provide for 	all 	future 	debt 	service 	payments 	on 	the 	old 	bonds.
Accordingly, the trust account assets and the liability for the defeased bonds are not included
in the City’s financial statements.
As of September 30, 2021, the City had legally defeased the following bond maturities
(in thousands):
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Issue 	Refunded by
Principal
Balance at
September 30, 2021
Investment Balance
with Escrow Agent at
September 30, 2021 (a)
Special Revenue Bonds, 	Taxable Special Revenue and Refunding 	82,695 	84,751
Series 2011A 	Bonds, Series 2020C
Special Revenue Bonds, 	Cash Defeased 	15,420 	15,806
Series 2010B
Special Revenue Bonds, 	Cash Defeased 	15,425 	15,811
Series 2011B
Better Jacksonville Sales Tax Refunding 	Better Jacksonville Sales Tax Refunding 	24,140 	24,744
Revenue Bonds, Series 2011 	Revenue Bonds, Series 2021
(a) Source: Escrow Agent’s Records (unaudited)
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
8. 	LONG-TERM OBLIGATIONS (continued)
J. 	Conduit Debt:
The City issued certain conduit debt in the form of industrial development revenue bonds
(IDB's) and private activity bonds (PAB's) to provide financial assistance to private-sector
entities for the acquisition and construction of industrial and commercial facilities deemed to
be in the public interest. 	Conduit debt refers to certain limited-obligation revenue bonds or
similar debt instruments issued by the City for the express purpose of providing capital
financing for a specific nongovernmental third party. Although conduit debt bears the name
of the City as issuer, it is collateralized by the resources provided by the loan with the third
party on whose behalf they are issued. The City acts solely as a conduit issuer with respect
to the debt.
Conduit debt is collateralized by the property financed and is payable solely from payments
received on the underlying mortgage loans. Upon repayment of the IDB's and PAB's,
ownership of the acquired facilities transfers to the private-sector entity on whose behalf the
bonds were issued. None of the assets or revenues of the City are pledged to the payment of
IDB's or PAB's and under the constitution and laws of Florida, the City may not legally
pledge any of its revenues or assets to the payment thereof. 	Neither the City, the state, nor
any political subdivision thereof is obligated in any manner for repayment of the bonds.
Accordingly, the bonds are not reported as liabilities in the accompanying financial
statements.
As of September 30, 2021, the City had $98,285,850 IDB's and PAB's total principal
outstanding. From time to time, certain issues of such conduit debt may be in default or under
investigation as to tax-exempt status of interest on such debt, however, this has no effect on
the City's financial position.
As of September 30, 2021, the City had a total of $225,393,076 in conduit debt consisting of
Jacksonville Housing Finance Authority, formerly Duval County Housing Finance Authority
Single Family and Multi-Family Bonds outstanding. 	The amount of Single-Family Housing
Revenue 	Bonds 	outstanding 	was 	$0. 	The 	amount 	of 	Multi-Family 	Housing 	Bonds
outstanding was $225,393,076. Refunding of previous issues make up $0 of the total amount
outstanding.
As of September 30, 2021, outstanding conduit debt includes $403,357,055 Jacksonville
Health Facilities Authority Bonds outstanding.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
8. 	LONG-TERM OBLIGATIONS (continued)
K. Interest Expense:
Total interest expense for the fiscal year ended September 30, 2021 was $47.8 million for
governmental activities and $12.4 million for business-type activities.
L. Component Unit Long-Term Debt:
The long-term debt presentations for the major component units in Notes 8A through 8C
contain highly summarized data. 	Detailed debt presentations are available in each major
component unit’s separately issued financial report, which may be obtained from the finance
offices below.
JEA
21 West Church Street
Jacksonville, Florida 32202
JPA
P.O. Box 3005
Jacksonville, Florida 32206-0005
JTA
100 LaVilla Center Drive
Jacksonville, Florida 32202
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
9. 	A. PENSION PLANS
The City’s pension plans adopted GASB Statements No. 67, Financial Reporting for Pension Plans,
No. 68, Accounting and Financial Reporting for Pensions, No. 71, Pension Transition for
Contributions Made Subsequent to the Measurement Date—an amendment of GASB Statement No.
68, No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not within
the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67
and 68 and No. 82 Pension Issues - and amendment of GASB Statements No, 67, No. 68 and No. 73.
These Statements modify financial reporting by state and local government pension plans that present
pension trust funds. Accordingly, disclosures required for the City’s pension plans are presented in
accordance with GASB Statement No. 67, and disclosures required for employers regarding pension
plans are presented in accordance with GASB Statement No. 68 as modified by GASB Statement No.
71, GASB No. 73 and GASB Statement No. 82, Pension Issues – an amendment of GASB Statements
67, 68 and 73 required for fiscal periods beginning after June 15, 2016.
1. 	Summary of Significant Accounting Policies
a) 	Basis of Accounting – The City’s pension trust financial statements are prepared using the
accrual basis of accounting. 	Contributions, benefit payments and refunds are recognized
when due and payable in accordance with the terms of each plan. The Florida Constitution
and the Division of Retirement requires plan contributions be made annually in amounts
determined by an actuarial valuation stated as a percent of covered payroll or in dollars. The
Florida Division of Retirement reviews and approves the City’s actuarial report to ensure
compliance with actuarial standards.
b) 	Method Used to Value Investments – Investments are reported at fair value. 	Securities
traded on a national or international exchange are valued at the last reported sales price at
current exchange rates. 	The fair value of real estate investments is based on independent
appraisals or estimates of fair value as provided by third party fund managers. Investments
that do not have an established market are reported at estimated fair value as provided by
third party fund managers. Investments are managed by third party money managers while
cash and securities are generally held by the City’s independent custodian. The City receives
a monthly reconciliation of any material differences in pricing by the custodian and manager.
2. 	Plan Description
a) 	Plan Administration - The City sponsors two public employee retirement systems (PERS)
administered by separate pension boards of trustees that provide retirement, death and
disability benefits: the City of Jacksonville Retirement System (JRS) and the Police and Fire
Pension Plan. 	The JRS arises out of Chapter 16 of the City Charter, Chapter 120 of
Ordinance Code of the City of Jacksonville, and Chapter 112, Part VII, Florida Statutes. The
City Council is responsible for establishing or amending the pension plan provisions. The
Police and Fire Pension Plan (PFPF) is administered independently by a five-member board.
Substantially all employees of the City participate in one of these two plans with less than
1% of City employees participating in the State of Florida Retirement System.
The JRS is a multiple employer cost sharing, contributory defined benefit pension plan with
a defined contribution alternative. JRS includes both the General Employees’ Retirement
Plan (GERP) and the Corrections Officers’ Retirement Plan (CORP). Effective October 1,
2009, the City added an employee choice defined contribution alternative to the defined
benefit plan for all members of the GERP. The City hired a third-party administrator to assist
employees with the management of their individual accounts within a number of investment
options including model portfolios.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
9. 	A. PENSION PLANS (continued)
2. 	Plan Description (continued)
a) 	Plan Administration (continued)
All 	full-time 	employees 	of 	the 	City, 	JEA 	(Jacksonville 	Electric 	Authority), 	JHA
(Jacksonville Housing Authority) and NFTPO (North Florida Transportation Planning
Authority) were eligible to participate in GERP.
All certified Corrections Officers employed by the City were eligible to participate in the
CORP upon employment. There are no separately issued financial statements for the City
of Jacksonville Retirement System.
As of September 30, 2017, the City’s pension plans in JRS and the PFPF were closed to new
employees in favor of the defined contribution plan. This was the result of pension reform
efforts that included the creation of a Pension Liability Surtax to fund underfunded defined
benefit pensions, passage of a local referendum in Fiscal Year 2016 to approve the Surtax,
and adoption of legislation by the City Council in April 2017 to approve the reform plans
and dedicate the Surtax as a funding source for the City’s three defined benefit pension plans.
The Pension Liability Surtax will go into effect after the termination of the Local
Infrastructure Sales Surtax, which will occur no later than December 31, 2030, and will
remain in effect until the earlier of December 31, 2060, or when it is determined by actuarial
report to the Florida Department of Management Services that the funding level of each of
the City’s three defined benefit pension plans are expected to reach or exceed a 100% funding
level in that year.
b) 	The Jacksonville Retirement System’s defined benefit pension plans are administered by a
nine (9) member Board of Trustees. The Board is comprised of the following officers:
i. The Chief Administrative Officer of the City or designee;
ii. The Chief Financial Officer or designee;
iii. The Chief Human Resources Officer;
iv. The Chairperson of the General Employees’ Pension Advisory Committee;
v. The Chairperson of the Corrections Officers’ Pension Advisory Committee;
vi. A GERP retiree chosen by the Retired Employees’ Association;
vii. A retired corrections officer chosen by the Corrections Officers’ Advisory
Committee.
viii. Two citizens appointed by the City Council with professional experience in
finance, investments, economics, pension management, pension administration
and/or accounting.
The General Employees’ Pension Advisory Committee consists of seven (7) members. Six (6)
members are elected from among the active contributing participants of the GERP and one (1)
member is a retiree elected by the Retired Employees Association. Committee members are
elected in even years for a two (2) year term. The Pension Advisory Committee performs all
fact-finding duties for retirement benefit applications, recommends approval or denial of benefits
and reviews all applications to participate in the GERP to the Board of Trustees.
The Corrections Officers’ Pension Advisory Committee consists of five (5) members who must
be active contributing members of the CORP. Committee members are elected in even years for
a two (2) year term. The Corrections Officers’ Pension Advisory Committee performs all fact-
finding duties for retirement benefit applications, recommends approval or denial of benefits and
all applications to participate in the CORP to the Board of Trustees.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
9. 	A. PENSION PLANS (continued)
3. 	The Police and Fire Pension Plan is a single-employer contributory defined benefit pension
plan covering all full-time certified police officers and firefighters employed by the City of
Jacksonville Sheriff’s Office and Fire and Rescue Department, respectively. The separately
issued financial statements for the PFPF are available from the Police and Fire Pension Fund,
located at One West Adams Street, Suite 100, Jacksonville, FL 32202.
4. 	Plan Membership
Pension plan membership consisted of the following:
5. Plan Benefits Provided:
a) 	General Employee Retirement Plan was closed for new employees of the City of
Jacksonville, JEA (Jacksonville Electric Authority), JHA (Jacksonville Housing Authority)
and NFTPO (North Florida Transportation Planning Authority) - other than police officers
and firefighters hired after October 1, 2017. Appointed officials and permanent employees
not in the civil service system may opt to become members of the Retirement System.
Elected officials are members of the Florida Retirement System - Elected Officer Class.
Participation in the Retirement System was mandatory for all full-time employees of the
City who otherwise meet the requirements for participation. 	Members of the GERP are
eligible to retire with a normal pension benefit upon achieving one of the following:
i. Completing thirty (30) years of credited service, regardless of age;
ii. Attaining age fifty-five (55) with twenty (20) years of credited service; or
iii. Attaining age sixty-five (65) with five (5) years of credited service.
iv. There is no mandatory retirement age.
Upon reaching one of the three conditions for retirement described above, a member is
entitled to a retirement benefit of two and one-half (2.5) percent of final average
compensation, multiplied by the number of years of credited service, up to a maximum
benefit of eighty (80) percent of final monthly compensation. A time service retirement
benefit is payable bi-weekly to commence upon the first payday coincident with or next
payday following the member’s actual retirement and will continue until death.
Each member and survivor is entitled to a cost-of-living adjustment (“COLA”). 	The
COLA consists of a three (3) percent increase of the retiree’s or survivor’s pension benefits,
which compounds annually. The COLA commences in the first full pay period of April
occurring at least 4.5 years (and no more than 5.5 years) after retirement. In addition, there
is a supplemental benefit. The supplemental benefit is equal to five dollars
General 	Corrections 	Police
Employee's 	Officers' 	and Fire
Pension Plan 	Pension Plan 	Pension Plan
Membership: 	As of 10/1/2020 	As of 10/1/2020 	As of 10/1/2020
Retirees and beneficiaries currently receiving benefits 	5,218 	349 	3,011
Deferred retirement option (DROP) participants 	- 	58 	56
T erminated employees vested, not yet receiving benefits 	156 	17 	83
Active employment plan members 	3,663 	471 	2,236
T otal plan membership 	9,037 	895 	5,386
Jacksonville Retirement System
Pension Membership
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
9. 	A. PENSION PLANS (continued)
5. 	Plan Benefits Provided (continued)
a) General Employee Retirement Plan (continued)
($5) multiplied by the number of years of credited service. This benefit may not exceed one-
hundred and fifty dollars ($150) per month.
b) 	The Corrections Officers’ Retirement Plan was closed to all new hires after October 1, 2017.
It consists solely of Corrections Officer employees of the City. Participation in the Retirement
System was mandatory for all full time Corrections Officers of the City who otherwise meet
the requirements for participation. Members of the Corrections Officers’ Retirement Plan are
eligible to retire with a full pension benefit upon achieving one of the following:
i. completing twenty (20) years of service, regardless of age; or
ii. attaining age sixty-five (65) with five (5) years of service.
iii. There is no mandatory retirement age.
Upon reaching one of the above-described conditions required for a time service retirement.
A member's time service retirement benefit is calculated as follows:
i. The first twenty (20) years of credited service are multiplied by three (3) percent of
final monthly compensation, up to a maximum of sixty (60) percent of final monthly
compensation.
ii. For service time beyond twenty (20) years of credited service, the number of years and
months in excess of twenty (20) years is multiplied by two (2) percent of final monthly
compensation, up to a maximum of twenty (20) percent of final monthly compensation.
A member's time service retirement benefit may not exceed eighty (80) percent of final
monthly compensation. A time service retirement is payable on a bi-weekly basis and will
continue until death.
Each member and survivor is entitled to a cost-of-living adjustment (“COLA”). The COLA
consists of a three (3) percent annual increase of the retiree’s or survivor’s pension benefits,
which compounds annually. In addition, there is a supplemental benefit equal to five dollars
($5) multiplied by the number of years of credited service. This benefit may not exceed one-
hundred and fifty dollars ($150) per month.
The Deferred Retirement Option Program (“DROP”) is a program in which a member defers
receipt of normal retirement benefits while continuing employment with the City. If a
member elects to participate in the DROP, they must terminate their employment with the
City of Jacksonville and retire from service no later than the end of the DROP participation
period previously designated. Upon the effective date of participating in the DROP, a
member’s years of service and final monthly compensation become frozen for purposes of
determining pension benefits. Additional service beyond the date of DROP participation no
longer accrues any additional benefits under the Retirement System.
The deferred monthly retirement benefits accrue in the Corrections Officers’ Pension Plan
on behalf of the member, plus interest compounded monthly, for the time of DROP
participation. The interest paid on the DROP balance accrues at the same rate as the
investment portfolio held by the Retirement System. In addition, the Corrections Officers’
Pension Plan will deduct two (2) percent from base pay and any service raise of DROP
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
9. 	A. 	PENSION PLANS (continued)
5. 	Plan Benefits Provided (continued)
b) 	The Corrections Officers’ Retirement Plan (continued)
participants as their member contributions instead of the normal ten (10) percent deduction.
Upon termination of employment, the member will receive the total DROP benefits and
begin to receive the previously determined normal retirement benefits. 	The money that
accumulates during DROP participation may be distributed in accordance with the criteria
set forth in Municipal Code Section 120. The balance of the DROP benefits held in trust for
DROP Participants totaled $11.9 million as of September 30, 2021.
c) 	The Police and Fire Pension plan which provides retirement, disability and death benefits
for Police Officers and Firefighters was closed to new hires after October 1, 2017.
Retirement benefits are calculated as 3 percent of the employee’s final 2-year average salary
times the employee’s years of service up to 20 years and 2 percent thereafter (80 percent
maximum benefit). 	Employees with 5 or more years of continuous service are eligible to
retire at 20 years from the date of employment. Benefits are increased 3 percent annually
after retirement.
Employees are eligible for non-duty related death and disability benefits after 10 years of
service and for duty-related death and disability benefits upon hire. 	Terminated vested
employees have the option to withdraw their contributions, while non-vested terminated
employees must withdraw their contributions.
In April 2017, the City Council passed legislation dedicating a Pension Liability Surtax as a
funding source for the General Employees’ Retirement Plan, Corrections Officers’ Plan
and the Police and Fire Pension Plan. The benefits that were modified in 2015, impacting
both existing employees and new hires were repealed by the new legislation. The bill
deleted the definition of Group I and Group II members (hired before and after the effective
date of Ordinance 2015-304-E) and provides that no employee hired on or after October 1,
2017 is eligible for membership in the Police and Fire defined benefit pension plan. All
new hires must be a member of the defined contribution plan. The employee contribution
rate to the defined benefit pension is increased from 8% to 10% of salary and the employer
contribution is set as the actuarially determined Employer Contribution as provided in
relevant statutes and ordinances. For a full breakdown of the new benefit package please
see City Ordinance Code Section 121, Part 2.
For a full description of benefits provided by PFPF, refer to the separately issued financial
statements for the Police and Fire Pension Plan that are available from the Police and Fire
Pension Fund, located at One West Adams Street, Suite 100, Jacksonville, FL 32202.
d) 	Florida Retirement System
Plan Description - The City also participates in the Florida Retirement System (FRS), a
multiple-employer cost-sharing retirement system which covers less than 1% of the City’s
full-time employees. FRS is a defined-benefit contributory retirement plan, administered by
the State of Florida, Division of Retirement. The System provides vesting of benefits after
six years of creditable service. Members are eligible for normal retirement after they have
met one of the following: (1) after 30 years of service regardless of age; (2) six years of
service and age 62; or (3) 25 years special risk service (age 55 if not continuous). Early
retirement may be taken any time after completing six years of service; however, there is a
5% benefit reduction for each year prior to normal retirement. Benefits are computed on the
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
9. 	A. 	PENSION PLANS (continued)
5. 	Plan Benefits Provided (continued)
d) 	Florida Retirement System (continued) -
basis of age, average final compensation, and service credit. Average final compensation is
the average of the five highest years of earnings. The System also provides death and
disability benefits. Benefits are established by state statutes.
The funding methods and the determination of benefits payable are provided in various Acts
of the State Legislature. These Acts require that employers make actuarially determined
contributions at the rates in effect as of October 1, 2020, of 3.44% for regular members,
7.60% for special risk members, 37.39% for elected county officials, 19.18% for senior
management, and 8.26% for DROP Plan members.
For a full description of benefits and historical trend information showing the progress in
accumulating sufficient assets to pay benefits when due, is presented in the Florida State
Retirement System’s June 30, 2020 annual financial report. The report may be obtained from
the State of Florida, Department of Management Services, Division of Retirement P.O. Box
9000, Tallahassee, Florida 32315-9000.
e) Jacksonville Beach Firefighters’ Retirement Plan –
Effective November 19, 2019, the City of Jacksonville entered into an agreement with the
City of Jacksonville Beach to provide advanced life support and fire services to residents
and businesses of Jacksonville Beach. The Jacksonville Beach firefighters became
employees of the City of Jacksonville. At that time, the Jacksonville Beach Firefighters’
Retirement Plan was closed to new members. Each firefighter in active service on the
effective date was given the opportunity to individually elect to continue participating in the
Jacksonville Beach Firefighters’ Retirement Plan or join the City of Jacksonville’s defined
contribution retirement plan. Those who elected to continue participating in the Jacksonville
Beach Firefighters’ Retirement Plan must continue to make legally required contributions
and accrue service benefits under the Plan for as long as they are employed as certified
firefighters by the City of Jacksonville.
The City of Jacksonville Beach will continue to be the plan administrator and is responsible
for the unfunded actuarial accrued liability as determined by the plan actuary as of
November 22, 2019. The City of Jacksonville Beach agreed to pay the unfunded liability
(representing a fixed contractual obligation) at that time totaling $5,318,174 into the Plan
over a 10-year period. Annual contributions towards the unfunded liability are $707,653
including interest. The City of Jacksonville is responsible for paying the total required
contribution to the Jacksonville Beach Firefighters’ Pension Plan and estimated annual
employee contributions attributable to services rendered after November 23, 2019.
Jacksonville Beach Firefighter Plan is supported by member contributions, property
insurance premium tax monies received from the State pursuant to Chapters 175 Florida
Statutes, Local Employers’ contributions (from the cities of Jacksonville and Jacksonville
Beach), and investment income from Retirement System assets.
116

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
9. 	A. 	PENSION PLANS (continued)
5. Plan Benefits Provided (continued)
e) 	Jacksonville Beach Firefighters’ Retirement Plan (continued)
Plan Description –
Members are eligible for normal retirement after they have met one of the following: (1)
Thirty years of service and any age; (2) Twenty-five years of service and age 52; or (3) Ten
years of service and age 55. Pension benefit is 3% for each year of service. 	Additional
provisions include cost of living increase and death benefits .
For a full description of benefits and historical trend information showing the progress in
accumulating sufficient assets to pay benefits when due, is presented in the City of
Jacksonville Beach’s September 30, 2021 annual report. The report may be obtained from
the City of Jacksonville Beach, 11 North Third Street, Jacksonville Beach, FL 32250.
6. 	Contributions - The Florida Constitution requires plan contributions be made annually in
amounts determined by an actuarial valuation in either dollars or as a percentage of payroll. The
Florida Division of Retirement reviews and approves the City’s actuarial reports to ensure
compliance with actuarial standards and appropriateness for funding purposes.
7. 	Pension Investments
a) 	Investment Policy - The purpose of the City of Jacksonville Retirement System Board and
the Police and Fire Pension Board is to administer long-term benefits to the Plans’
participants and their beneficiaries. It is the Board’s intention that the investment policies
be sufficiently specific to be meaningful but adequately flexible to be practical. 	The
investment objective is to preserve the purchasing power of assets and earn a reasonable
real rate of return (after inflation) over the long term while minimizing, to the extent
reasonable, the short-term volatility of returns. After a thorough review of the expected
General 	Corrections 	Police
Employees' 	Officers' 	and Fire
Pension Plan 	Pension Plan 	Pension Plan
Required Employee Contribution Rate 	10% 	10% 	10%
Employee Contributions for Fiscal Year Ended 2021 	$29,116 	$3,341 	$19,118
Required Employer Contribution Rate 	33.40% 	61.47% 	83.27%
Employer Contributions for Fiscal Year Ended 2021 	$77,269 	$15,061 	$134,725
(in thousands)
Pension Contributions
Jacksonville Retirement System
*Reserves were allocated to the City to be used to offset the Required Employer Contribution amount. The reserve
balance was approximately $16.3 million as of October 1, 2020. The City used $13,750,947 in December 2020 as part of
the advanced required Employer Contribution.
117

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
9. 	A. 	PENSION PLANS (continued)
7. Pension Investments (continued)
a) 	Investment Policy (continued)
risk and return of various asset mixes, the Boards of Trustees have established the following
target asset allocations for all assets of the City of Jacksonville Retirement System and Police
and Fire Pension Fund as indicated in the table below:
The investment policy statement for the Jacksonville Retirement System was ratified on
July 1, 2021. There are no individual investments in JRS or PFPF Systems that exceed 5%
of plan assets on September 30, 2021.
b) 	Rate of Return – The money-weighted rate of return expresses investment performance, net
of investment expense, adjusted for the changing amounts actually invested. For the year ended
September 30, 2021, the annual money-weighted rate of return on pension plan investments,
net of pension plan investment expense, was 21.32% for the Jacksonville Retirement System
and 23.15% for the Police and Fire Pension Fund.
The long-term expected rate of return on pension plan investments is determined annually by
the Board of Trustees of each plan. In determining the long-term expected rate of return, each
Board considers the most up-to-date long-term capital markets assumptions of its investment
consultant. The long-term capital market assumptions for each major asset class considered
by both pension boards as of September 30, 2021, are summarized below:
Jacksonville
Retirement System
Police & Fire
Pension Fund
Asset Class 	Target 	Target
Domestic equity 	30.0% 	37.0%
International equity 	23.0% 	20.0%
Fixed Income 	20.0% 	20.0%
Real estate 	15.0% 	13.0%
Diversifying Assets/Private Investments* 	12.0% 	10.0%
Total 	100% 	100%
*Inclusive of MLPs, Private Equity, and Private Credit
Asset Class
Long-Term Expected Arithmetic
Rate of Return
Large/Mid Cap Domestic Equity 	7.25%
Small Cap Domestic Equity 	8.50%
Developed Large/Mid Cap International Equity 	9.00%
Emerging Markets Equity 	11.25%
Core Fixed Income 	2.50%
Global Fixed Income 	1.75%
High Yield Fixed Income 	7.50%
Emerging Market Debt (Hard Currency) 	7.00%
Core Real Estate 	5.75%
Non Core Real Estate 	7.75%
MLPs 	11.75%
Private Equity 	10.00%
Private Credit 	9.00%
118

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
9. 	A. 	PENSION PLANS (continued)
8. Pension Plans: Net Pension Liability
a) 	The components of the net pension liability as of September 30, 2021 were as follows:
b) 	Discount Rate: The projection of cash flows used to determine the discount rate assumes
plan member contributions are made at their applicable contribution rates and that the
employer’s contributions will be made at rates equal to the actuarially determined
contribution rates. 	Based on these assumptions the Plans’ fiduciary net positions are
projected to be available to make all projected future benefit payments of current plan
members. Therefore, the long-term expected rate of return on the Plans’ investments was
applied to all periods of projected benefit payments to determine the total pension liability.
Cash flow projections were run for a 120-year period.
c) 	Sensitivity of the net pension liability to changes in the discount rate: The following
presents the net pension liabilities of the Plans, calculated using the discount rate and what
the Plans’ net pension liability would be if it were calculated using a discount rate that is
1-percentage-point lower or 1-percentage-point higher than the current rate.
Jacksonville Retirement System
General 	Corrections 	Police
Employee's 	Officers' 	and Fire
Pension Plan 	Pension Plan 	Pension Plan
Net Pension Liability (in millions): 10/01/2021
T otal pension liability 	3,390	$ 	481	$ 	4,254	$
Plan fiduciary net position 	2,005 	240	$ 	2,020	$
Net pension liability 	1,385	$ 	241	$ 	2,234	$
Net position as a % of total pension liability 	59.16% 	49.92% 	47.49%
Actuarial Methods and Assumptions:
Date of last actuarial valuation 	October 1, 2020 	October 1, 2020 	October 1, 2020
Experience period 	5 years 	5 years
Inflation 	2.50% 	2.50% 	2.25%
Salary increases (Long-T erm Payroll Inflation) 	2.50% 	2.50% 	varied
Investment Rate of Return 	6.80% 	6.80% 	6.90%
Discount Rate 	6.80% 	6.80% 	6.90%
Mortality T ables in use
FRS Non-Special Risk
Scale MP2018
FRS Special Risk
Scale MP2018
PUB‐2010
Headcount Weighted
Safety Healthy
Employee
Net Pension Liability
(in millions)
Discount
Rate
Net Pension
Liability*
Discount
Rate
Net Pension
Liability
Discount
Rate
Net Pension
Liability
1% Decrease 	5.80% 	808 	5.80% 	310 	5.90% 	2,852
Current Rate 	6.80% 	627 	6.80% 	241 	6.90% 	2,233
1% Increase 	7.80% 	475 	7.80% 	185 	7.90% 	1,734
*Net Pension Liability represents the City of Jacksonville portion only.
Police and Fire pension
plan
Net Pension Liability
(in millions)
General Employees'
pension plan
Corrections Officers'
pension plan
119

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
9. 	A. 	PENSION PLANS (continued)
9. City of Jacksonville Retirement System: Financial Information
a) 	The Statement of Net Position – Jacksonville Retirement System - General Employees’
and Corrections Officers’ Plan for the year ended September 30, 2021 is as follows (in
thousands):
b) The Statement of Changes in Fiduciary Net Position – Jacksonville Retirement System for
the year ended September 30, 2021 is as follows (in thousands):
Equity in cash and investments……………………… 	16,304	$
Receivables……………………………………………. 	2,707
Investments, at fair value…………………………….. 	2,585,902
Capital assets, net of depreciation…………………… 	-
Securities Lending Collateral…………………………. 	26,380
TOTAL ASSETS……………………………… 	2,631,293
LIABILITIES
Obligations under Securities Lending Agreement…. 	26,380
Accounts payable and accrued liabilities…………… 	7,911
Accrued Compensated Absences…………………… 	73
TOTAL LIABILITIES………………………… 	34,364
NET POSITION RESTRICTED FOR PENSIONS............. 	2,596,929	$
ASSETS
Contributions:
Employer.................................................................. 	92,330	$
Plan member............................................................. 	32,457
Total contributions................................. 	124,787
Other Additions.......................................................................... 	83
Net investment income……………………………………………… 	471,803
Securities lending........................................................................ 	89
TOTAL ADDITIONS............................................................... 	596,762
DEDUCTIONS
Benefit payments....................................................................... 	215,647
Refund of contributions.............................................................. 	27,839
Administrative expenses.............................................................. 	1,354
TOTAL DEDUCTIONS............................................................ 	244,840
CHANGE IN NET POSITION.................................................. 	351,922
NET NET POSITION, BEGINNING OF YEAR........................ 	2,245,007
NET POSITION, END OF YEAR............................................. 	2,596,929	$
ADDITIONS
120

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
9. 	B. 	PENSION 	LIABILITY, 	EXPENSE, 	DEFERRED 	OUTFLOWS 	AND 	DEFERRED
INFLOWS OF RESOURCES RELATED TO PENSIONS
1. 	Pension Liability
At the year ending September 30, 2021, the City of Jacksonville recorded a total net pension
liability of $3,107.15 million. 	The pension plans providing the information and liability
balances are reported below:
Notes to Schedule:
Change of Assumptions:
Jacksonville Retirement System: As of September 30, 2019, the assumed investment return was lowered from 7.00%
to 6.90%. The mortality assumptions were changed from being based on the FRS mortality tables used in the July 1,
2018 FRS actuarial valuation for the nonspecial risk personnel to the FRS mortality tables used in the July 1, 2019 FRS
actuarial valuation. The set forward used to adjust for the plan’s experience for healthy pre- and post-retirement lives
was changed from 2.5 years to 2.0 years with the adoption of the new base table. The mortality improvement scale was
changed from scale BB to scale MP2018 in conjunction with this change.
Police & Firefighters’ Pension: The investment return assumption was lowered from 7.0% to 6.9%.- The mortality
assumption was updated to the current mortality assumption being used by the Florida Retirement System, which was
updated effective July 1, 2019 by the FRS, as required by Florida Statutes. - Based on the Experience Study dated
October 22, 2020, new salary increase rates, retirement rates, separation 	rates, disability rates, survivor rates and
surviving spouse age differences were adopted to reflect observed experience over the 6-year experience study period
reviewed.
General Employees'
Pension Plan
Corrections Officers'
Pension Plan
Police & Firefighters'
Pension Plan
Changes in Net Pension Liability
Beginning Pension Liability Balance FY 2021 	1,487,658	$ 	446,447	$ 	4,089,121	$
Service Cost 	18,089 	7,675 	70,110
Interest 	100,659 	30,633 	283,846
Change of benefit term 	- 	- 	2,707
Differences in actuarial experience 	5,519 	9,965 	3,123
Change of assumption 	16,363 	6,109 	56,025
Change in Proportionate Share 	- 	- 	-
Benefit payments and refund of contributions 	(93,827) 	(20,323) 	(220,749)
Net Change in total pension liability 	46,803 	34,059 	195,062
Ending Total Pension Liability FY 2021 	1,534,461	$ 	480,506	$ 	4,284,183	$
Changes in Plan Fiduciary Net Position
Beginning Plan fiduciary net position FY 2021 	900,679	$ 	232,024	$ 	1,953,707	$
Contributions - employer 	32,681 	15,058 	123,329
Contributions - employee 	11,776 	3,401 	19,035
Net investment income 	57,019 	9,840 	159,428
Chapter funds and other income 	- 	- 	13,889
Benefit payments and refund of contributions 	(93,827) 	(20,323) 	(193,116)
Administrative expense 	(491) 	(153) 	(2,185)
Distribution from Reserve Accounts 	- 	- 	(24,557)
Other 	- 	- 	1,192
Net Change in Plan fiduciary net position 	7,158 	7,823 	97,015
Less Reserve Accounts and Sr. Staff Assets 	- 	-
Ending Plan fiduciary net position FY 2021 	907,837	$ 	239,847	$ 	2,050,722	$
Net Pension Liability 	626,624	$ 	240,659	$ 	2,233,461	$
Changes in Net pension Liabilty
(in thousands)
121

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
9. 	B. 	PENSION 	LIABILITY, 	EXPENSE, 	DEFERRED 	OUTFLOWS 	AND 	DEFERRED
INFLOWS OF RESOURCES RELATED TO PENSIONS (continued)
1. 	Pension Liability (continued)
The pension plans providing the information and liability balances are continued below:
Florida Retirement
System
FRS Health Insurance
Supplement
Jacksonville Beach
Firefighters' Pension
Plan
Changes in Net Pension Liability
Beginning Pension Liability Balance FY 2021 	33,867	$ 	742	$ 	19,262	$
Service Cost 	438 	17 	346
Interest 	2,267 	16 	1,320
Change of benefit term 	- 	- 	-
Differences in actuarial experience 	58 	- 	(63)
Change of assumption 	- 	5 	-
Change in Proportionate Share 	- 	- 	-
Benefit payments and refund of contributions 	(1,981) 	(30) 	(1,149)
Net Change in total pension liability 	782 	8 	454
Ending Total Pension Liability FY 2021 	34,649	$ 	750	$ 	19,716	$
Changes in Plan Fiduciary Net Position
Beginning Plan fiduciary net position FY 2021 	26,704	$ 	22	$ 	13,886	$
Contributions - employer 	630 	35 	1,102
Contributions - employee 	125 	0 	146
Net investment income 	7,926 	0 	1,372
Chapter funds and other income 	- 	- 	-
Benefit payments and refund of contributions 	(1,981) 	(30) 	(1,149)
Administrative expense 	(4) 	(0) 	(80)
Distribution from Reserve Accounts 	-
Other 	- 	- 	-
Net Change in Plan fiduciary net position 	6,696 	5 	1,391
Less Reserve Accounts and Sr. Staff Assets 	- 	- 	-
Ending Plan fiduciary net position FY 2021 	33,400	$ 	27	$ 	15,277	$
Net Pension Liability 	1,249	$ 	723	$ 	4,439	$
Changes in Net pension Liabilty
(in thousands)
122

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
9. 	B. 	PENSION 	LIABILITY, 	EXPENSE, 	DEFERRED 	OUTFLOWS 	AND 	DEFERRED
INFLOWS OF RESOURCES RELATED TO PENSIONS
2. 	Pension Expense
For the year ended September 30, 2021, the City recognized pension expense of 160.5 million.
The City reported pension expense, deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
3. Contributions -
Contributions of $186.1 million were reported as deferred outflows of resources related to
pensions resulting from City of Jacksonville contributions subsequent to the September 30, 2020
measurement date (FRS measurement date, June 30, 2021) and will be recognized as a reduction
of the net pension liability in the fiscal year ended September 30, 2022.
4. 	Deferred Outflow/Inflow Amortization
Other amounts reported as deferred outflows of resources and deferred inflows of resources are
illustrated below.
Actuarial Pension
Expense
Deferred Outflow
Contribution
Amortization
Reclass of Current
Year Contributions
to Deferred Outflow
Pension Expense as
reported for Fiscal
Year 2021
General Employees' Pension Plan 	72,513	$ 	-	$ 	(35,605)	$ 	36,908	$
Corrections Officers' Pension Plan 	33,604 	- 	(15,061) 	18,543
Police & Firefighters' Pension Plan 	240,288 	- 	(134,725) 	105,563
Florida State Retirement Pension 	(1,007) 	- 	(138) 	(1,145)
Florida State Retiree Health Subsidy 	(26) 	- 	(7) 	(33)
Jacksonville Beach Firefighters' Pension Plan 	1,243 	- 	(597) 	646
Total Pension Expense 	346,615	$ 	-	$ 	(186,133)	$ 	160,482	$
Pension Expense
(in thousands)
General Employees' Pension Plan 	35,605
Corrections Officers' Pension Plan 	15,061
Police & Firefighters' Pension Plan 	134,725
Florida State Retirement Pension 	138
Florida State Retiree Health Subsidy 	7
Jacksonville Beach Firefighters' Pension Plan 	597
Total Contributions 	186,133
(in thousands)
Current Year Employer Contributions
Differences in
expected and
actual
experience
Changes in
assumptions
projected and
actual
investment
earnings
Changes in
proportion
General Employees' Pension Plan 	12,358	$ 	28,339	$ 	24,679	$ 	(23,984)	$
Corrections Officers' Pension Plan 	18,747 	9,613 	8,164 	-
Police & Firefighters' Pension Plan 	11,686 	61,775 	(6,405) 	-
Florida State Retirement Pension 	214 	854 	(4,356) 	(1,979)
Florida State Retiree Health Subsidy 	24 	27 	1 	(177)
Jacksonville Beach Firefighters' Pension Plan 	140 	1,239 	(314) 	-
Total 	43,169	$ 	101,847	$ 	21,769	$ 	(26,140)	$
Deferred Outflows and (Inflows) of resources
(in thousands)
123

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
9. 	B. 	PENSION 	LIABILITY, 	EXPENSE, 	DEFERRED 	OUTFLOWS 	AND 	DEFERRED
INFLOWS OF RESOURCES RELATED TO PENSIONS (continued)
4. 	Deferred Outflow/Inflow Amortization (continued)
C. DEFINED CONTRIBUTION PLANS
The City has, by ordinance established a Defined Contribution plan within the Jacksonville
Retirement System for the general employee participants of the City of Jacksonville, Jacksonville
Electric Authority, and the Jacksonville Housing Authority, as an alternative to the Defined Benefit
plan. In April 2017, the City Council passed legislation that provides that no employee hired on
or after October 1, 2017, is eligible for membership in the defined benefit pension plans. This
legislation established a defined contribution retirement system which shall include a General
Employees’ Defined Contribution Plan (GEDC) and a Public Safety Defined Contribution Plan
(PSDC) to include Police, Fire and Corrections employees. All provisions of these Defined
Contribution Plans are administered and managed by the City.
Contributions to the GEDC plan, stated as a percentage of pay, were 8 percent for plan members
and 12 percent for the employer. Contributions to the PSDC plan, stated as a percentage of pay,
were 10 percent for plan members and 25 percent for the employer. A portion of the Member
contributions of both Defined Contribution plans, equal to 0.3 percent, is used to fund disability
and survivor benefits in the GEDC and PSDC. The City shall contribute such additional sums, as
necessary, to fund the disability and survivor benefits on a sound actuarial basis. Employees vest
in the employer contributions to the plan at 25% after two years, and 25% per year thereafter until
fully vested after five years of service. Members may make additional contributions on an after-
tax basis, to the extent permitted by law. Members may also rollover to the GEDC/PSDC plan
benefits accrued in other qualified plans consistent with the then prevailing provisions of the
Internal Revenue Code.
Total contributions were $41.7 million for the 2020-21 fiscal year. Contributions totaling $11.5
million was transferred into the DC plan for participants that converted from DB to DC in addition
to employer and employee contributions. Employer Pension Expense totaled $27.3 million
comprised of employer contributions and investment management fees net of participant
forfeitures in the amount of $1.5 million.
September 30,
2022
September 30,
2023
September 30,
2024
September 30,
2025 	September 30, 2026 	Thereafter
General Employees' Pension Plan 	18,929	$ 	15,331	$ 	6,451	$ 	682	$ 	-	$ 	-	$
Corrections Officers' Pension Plan 	9,432 	11,990 	10,668 	4,435 	- 	-
Police & Firefighters' Pension Plan 	20,843 	24,010 	27,026 	(4,823) 	- 	-
Florida State Retirement Pension 	(1,095) 	(1,095) 	(1,095) 	(1,095) 	(1,095) 	208
Florida State Retiree Health Subsidy 	(29) 	(28) 	(28) 	(28) 	(12) 	-
Jacksonville Beach Firefighters' Pension Plan 	476 	442 	234 	(87) 	- 	-
Total 	48,556	$ 	50,650	$ 	43,256	$ 	(916)	$ 	(1,107)	$ 	208	$
Deferred Outflows and (Inflows) Amortization for future years
(in thousands)
124

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
9. 	D. UNFUNDED PENSION LIABILITY
The City recorded its unfunded pension liability in the City-wide Governmental Activities
financial statements. There was not an allocation of this liability to the proprietary funds/Business-
type Activities or fiduciary funds as there is not an expectation that those type funds/activities will
be paying or raising rates to pay for the unfunded liability.
Police and Fire Pension and Corrections Pension are governmental fund activities, so their entries
are recorded in the City-wide Governmental Activities financial statements as well.
(The remainder of this page is intentionally left blank.)
125

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
10. 	POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB)
Implementation of GASB #75:
The Government Accounting Standards Board (GASB) issued GASB #75 in June 2015 to
replace GASB #45, with an effective date for fiscal years beginning after June 15, 2017, thus the
City’s FY2018 reporting year.
Summary of GASB #75 versus GASB #45 key changes:
1) 	The City must now recognize the total OPEB liability, as opposed to an amortized portion of
the liability (the Net OPEB Obligation).
2) 	The annual OPEB expense replaces the Annual Required Contribution (ARC), with faster
recognition than what was previously required.
3) 	The entry age normal cost method is required to determine the liability.
4) 	The discount rate is based on employer’s assets and calculation of Actuarial Determined
Contribution (ADC) if prefunding. If the plan is unfunded, the 20-year tax exempt municipal
bond yield is used.
5) 	Enhanced disclosures of historical contributions, funding status, and basis for actuarial
assumptions are required.
6) 	Description of any benefit and assumption changes is required as well as expanded Notes and
Required Supplementary Information (RSI).
Plan Description: 	The City provides retirees with two options to purchase health insurance,
both of which are single employer, experience-rated health insurance contract plans that provide
medical benefits to active and eligible retirees at the City’s group rate as mandated by Florida
Statute 112.0801. During a recent plan change, effective 1/1/2020, members of the Jacksonville
Sheriff’s Office and the Jacksonville Fire and Rescue Department, including their retirees, left
the City’s health plan (COJ Plan) to participate in the newly formed health plan, the Jacksonville
Police Officers & Fire Fighters Health Insurance Trust (JPOFFHIT Plan). As a result, the OPEB
liability pertaining to the JPOFFHIT members were spun-off into a new JPOFFHIT plan
members-only actuarial valuation for FYE 2020 and onward.
The State of Florida law prohibits the City from separately rating retirees and active employees.
The City therefore assigns to both groups equal, blended-rate premiums. Although both groups
are assigned the same blended rate premiums, GAAP requires the actuarial liabilities to be
calculated using age-adjusted premiums approximating claim costs for retirees separate from
active members. 	This requirement delineates the City’s implicit cost (rate) subsidy benefit and
obligation for the retirees’ participation.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
10. 	POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB)
(continued)
Funding Policy: 	The City follows a pay-as-you-go policy, contributing only those amounts
necessary to provide for its portion of current year benefit costs and expenses plus any addition
to the reserve for accrued costs incurred but not yet reported, as determined as part of the
insurance contracts. Because the City is on pay-as-you-go, the OPEB entries are recorded in the
Governmental Activities Statement of Net Position and Statement of Activities. Since the
implicit cost subsidy is the only OPEB benefit and the pay-as-you-go system provides no
funding to a trust, any administration costs are paid by the general fund and are considered
immaterial. 	The contribution requirements for members are established by the City. 	Retired
members pay the full premium at the Group rate for the coverage elected. No direct City subsidy
is currently applicable; however, as discussed in the Plan Description paragraph above, an
implicit cost (rate) subsidy is applicable. .
Retired members of the COJ Plan contributed $2,207,000 in premiums for FY2021, representing
18.0% of the total FY2021 COJ Plan OPEB cost. 	The following table displays the estimated
retiree premiums for 20- year cash flow purposes:
Retired members of the JPOFFHIT Plan contributed $6,250,523 in premiums for FY2021,
representing 20.2% of the total FY2021 JPOFFHIT Plan OPEB cost. 	The following table
displays the estimated retiree premiums for 20- year cash flow purposes:
FY2021 	2,207,000	$ 	FY2031 	5,732,000	$
FY2022 	2,487,000	$ 	FY2032 	5,979,000	$
FY2023 	3,256,000	$ 	FY2033 	6,131,000	$
FY2024 	3,550,000	$ 	FY2034 	6,187,000	$
FY2025 	3,984,000	$ 	FY2035 	6,286,000	$
FY2026 	4,359,000	$ 	FY2036 	6,407,000	$
FY2027 	4,670,000	$ 	FY2037 	6,465,000	$
FY2028 	4,953,000	$ 	FY2038 	6,687,000	$
FY2029 	5,203,000	$ 	FY2039 	6,937,000	$
FY2030 	5,496,000	$ 	FY2040 	7,150,000	$
FY2021 	6,251,000	$ 	FY2031 	16,233,000	$
FY2022 	7,043,000	$ 	FY2032 	16,933,000	$
FY2023 	9,220,000	$ 	FY2033 	17,364,000	$
FY2024 	10,053,000	$ 	FY2034 	17,522,000	$
FY2025 	11,282,000	$ 	FY2035 	17,801,000	$
FY2026 	12,345,000	$ 	FY2036 	18,145,000	$
FY2027 	13,225,000	$ 	FY2037 	18,308,000	$
FY2028 	14,026,000	$ 	FY2038 	18,937,000	$
FY2029 	14,734,000	$ 	FY2039 	19,645,000	$
FY2030 	15,566,000	$ 	FY2040 	20,249,000	$
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
10. 	POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB)
(continued)
The following displays the COJ Plan OPEB ending balances at fiscal year-end:
The following displays the JPOFFHIT Plan OPEB ending balances at fiscal year-end:
Changes in Net OPEB Liability for COJ Plan:
Changes in Net OPEB Liability for JPOFFHIT Plan:
OPEB Liability 	Deferred Outflows 	Deferred Inflows
FY2020 	92,203,743	$ 	66,623,272	$ 	9,752,365	$
FY2021 	88,962,834	$ 	60,932,263	$ 	17,243,866	$
OPEB Liability 	Deferred Outflows 	Deferred Inflows
FY2020 	231,464,984	$ 	40,809,440	$ 	23,316,397	$
FY2021 	327,456,990	$ 	108,564,221	$ 	19,752,705	$
FY2021 	FY2020
Total OPEB Liability - Beginning of Year 	92,203,743	$ 	230,621,526	$
Service Cost 	5,283,937	$ 	1,999,915	$
Interest Cost 	2,130,089	$ 	2,192,473	$
Differences between expected and actua 	(9,947,871)	$ 	-	$
Changes in assumptions and other inputs 	1,500,025	$ 	62,365,376	$
Plan Change (1/1/20) 	-	$ 	(201,346,437)	$
Benefit Payments 	(2,207,089)	$ 	(3,629,110)	$
Net change in total OPEB liability 	(3,240,909)	$ 	(138,417,783)	$
Total OPEB Liability - End of Year 	88,962,834	$ 	92,203,743	$
FY2021 	FY2020
Total OPEB Liability - Beginning of Year 	231,464,984	$ 	-	$
Service Cost 	15,844,688	$ 	10,507,028	$
Interest Cost 	5,396,475	$ 	4,191,742	$
Differences between expected and actual 	69,664,625	$ 	-	$
Changes in assumptions and other inputs 	11,336,741	$ 	18,031,436	$
Plan Change (1/1/20) 	201,346,437	$
Benefit Payments 	(6,250,523)	$ 	(2,611,660)	$
Net change in total OPEB liability 	95,992,006	$ 	231,464,984	$
Total OPEB Liability - End of Year 	327,456,990	$ 	231,464,984	$
128

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
10. 	POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB)
(continued)
Deferred Inflows/Outflows for COJ Plan:
The following displays the Schedule of Deferred Inflows/Outflows of Resources at fiscal year-end:
The following displays the amounts reported as Deferred Inflows and Deferred Outflow of Resources at
fiscal year-end:
FY2022 	$ 	4,734,665
FY2023 	$ 	4,734,665
FY2024 	$ 	4,734,665
FY2025 	$ 	4,734,665
FY2026 	$ 	4,734,665
Thereafter 	$19,771,187
Deferred Inflows/Outflows for JPOFFHIT Plan:
The following displays the Schedule of Deferred Inflows/Outflows of Resources at fiscal year-end:
The following displays the amounts reported as Deferred Inflows and Deferred Outflow of Resources at
fiscal year-end:
FY2022 	$ 	9,682,892
FY2023 	$ 	9,682,892
FY2024 	$ 	9,682,892
FY2025 	$ 	9,682,892
FY2026 	$ 10,265,983
Thereafter 	$ 39,813,965
Deferred 	Deferred
Outflows 	Inflows
Differences between expected and actual experience 	$0 	($11,228,307)
Changes of assumptions/inputs 	$60,932,263 	($6,015,559)
Net difference between projected and actual investments 	$0 	$0
Deferred 	Deferred
Outflows 	Inflows
Differences between expected and actual experience 	$61,924,111 	($5,370,435)
Changes of assumptions/inputs 	$46,640,110 	($14,382,270)
Net difference between projected and actual investments 	$0 	$0
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
10. 	POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB)
(continued)
OPEB Expenses:
FY2021 	FY2020
Total COJ Plan OPEB Expenses 	$12,149,000 	($191,599,205)
Total JPOFFHIT Plan OPEB Expenses 	$30,924,000 	$216,728,000
Actuarial Assumptions and Methods:
1) 	Measurement Date 	September 30, 2021
2) 	Discount Rate 	2.21% - (BOY), 2.26% (EOY) – Bond Buyer 20-Bond
GO Index.
3) 	Salary Increase Rate 	3.5% per annum
4) 	Valuation Date and Census Data 	Valuation date of October 1, 2021, based on the
census provided by the City as of September 2021.
5) 	Marriage Rate 	The assumed number of eligible dependents is
based on the current proportions of single and
family contracts in the census provided.
6) 	Spouse Age 	Spouse dates of birth were provided by the City.
Where this information is missing, male spouses are
assumed 	to 	be 	three 	years 	older 	than 	female
spouses.
7) 	Medicare Eligibility 	All current and future retirees are assumed to be
eligible for Medicare at age 65.
8) 	Actuarial Cost Method 	Entry Age Normal based on level percentage of
projected salary
9) 	Amortization Method 	Experience/Assumptions gains and losses are
amortized over a closed period of 10.3 years for the
COJ Plan and 9.0 years for the HPOFFHIT Plan,
starting the current fiscal year, equal to the average
remaining 	service 	of 	active 	and 	inactive 	plan
members (who have no future service).
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
10. 	POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB)
(continued)
Actuarial Assumptions and Methods: (continued)
10) Plan Participation Percentage 	That 60% of future pre 65 retirees will participate in
the pre-65 medical plan and 15% (30% for those
hired prior to 1/1/1987) continue upon Medicare
eligibility. This assumes that a one-time irrevocable
election to participate is made at retirement.
11) Mortality Rates 	Pub-2010 generational table scaled using MP-20
and applied on a gender specific basis.
12) Health Care Cost Trend Rate
The health care cost trend assumptions are used to project the cost of health care in future
years. 	The following annual trends are based on the HCA Consulting trend study and are
applied on a select and ultimate basis. 	Select trends are reduced 0.25% each year until
reaching the ultimate trend rate.
Expense Type 	Select 	Ultimate
Pre-Medicare Medical and Rx Benefits 	7.0% 	4.0%
Medicare Benefits 	6.0% 	4.0%
Stop Loss Fees 	7.0% 	4.0%
Administrative Fees 	4.0% 	4.0%
13) Per Capita Health Care Cost Trend Rate
Expected annual claim costs were developed using 24 months of historical claim experience
through October 2021. The age 60 and age 70 claim costs are as follows:
Rate Tier 	Age 60_ 	Age 70 (Medicare) 	(Non-Medicare)
HMO 48 	$ 14,328 	$ 	9,230 	$ 18,808
HDHP 65 	$ 	8,024 	$ 	5,266 	$ 10,533
PPO 	$ 16,033 	$ 	9,953 	$ 21,046
Future Retirees 	$ 14,038 	$ 	8,978 	$ 18,428
14) Non-Claim Expenses
Non-claim expenses are based on the current amounts charged per retired employee as of
2021. The amounts are provided in the table below and are trended at the levels shown in the
“Health Care Cost Trend Rate” table in (12) above.
Rate Tier 	Age 60
Administrative Fee 	$27.67
Stop Loss Fee 	$ 9.16
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
10. 	POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB)
(continued)
Actuarial Assumptions and Methods: (continued)
15) Plan Election Percentage
Future eligible retirees are assumed to elect coverage based on the following percentages:
Rate Tier 	Age 60
HMO 48 	70%
HDHP 65 	10%
PPO 	20%
16) Age-Based Morbidity
The assumed per capita health claim costs are adjusted to reflect expected increases related to
age and gender. These increases are based on a 2013 Society of Actuaries study.
17) Termination and Retirement Age
For the COJ Plan, the rate of withdrawal for reasons other than death and retirement has been
developed from the Florida Retirement System Actuarial Valuation as of July 1, 2020, City
of Jacksonville Correctional Officer Retirement System Valuation as of October 1, 2020, and
the City of Jacksonville General Employees Retirement Plan Valuation as of October 1,
2020. The annual termination probability is dependent on an employee’s age, gender, and
years of service.
For the JPOFFHIT Plan, the rate of withdrawal for reasons other than death and retirement
has been developed from are based on the City of Jacksonville Police & Fire Pension Fund
Actuarial Valuation as of October 1, 2020. The annual termination probability is dependent
on an employee’s age, gender, and years of service.
Sensitivity to the City’s net OPEB liability to changes in the healthcare cost trend rates:
COJ Plan
1% Decrease 	Current 	1% Increase
Net OPEB liability 	$76,559,000 	$88,963,000 	$104,220,000
JPOFFHIT Plan
1% Decrease 	Current 	1% Increase
Net OPEB liability 	$286,993,000 	$327,457,000 	$377,270,000
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
10. 	POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB)
(continued)
Sensitivity to the City’s net OPEB liability to changes in the discount rate:
COJ Plan
1% Decrease 	Current 	1% Increase
Net OPEB liability 	$77,846,000 	$88,963.000 	$102,663,000
JPOFFHIT Plan
1% Decrease 	Current 	1% Increase
Net OPEB liability 	$288,081,000 	$327,457,000 	$376,934,000
Notes to the OPEB RSI:
No assets are held in trust to pay OPEB benefits.
Trend rates were reset to 7.0% (6.0% for Medicare) and graded down by 0.25% until reaching an
ultimate of 4.0% based on current Healthcare Analytics (HCA) consulting trend study; current
economic environment suggests a longer period until reaching the ultimate rate.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
11. 	DEFERRED COMPENSATION PROGRAM
The City offers its employees a deferred compensation program created in accordance with
Internal Revenue Code (IRC) Section 457 and Chapter 112.215, Florida Statutes. During the year
ended September 30, 1999, the City complied with the requirements of subsection (g) of IRC
Section 457 and, accordingly, all assets and income of the plan are held in trust for the exclusive
benefit of the participants and their beneficiaries. Pursuant to the provisions of GASB Statement
No. 32, Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred
Compensation Plans, the financial statements do not display deferred compensation balances.
12. 	RISK FINANCING
A. Public Liability and Workers Compensation:
The City is exposed to various risks of loss related to torts, theft, damage to and destruction of
assets, errors and omission, injuries to employees and natural disasters. The Risk Management
Division 	(“Division”) 	administers 	the 	self-insured 	public 	liability 	(general 	liability 	and
automobile liability) and workers’ compensation coverages (the “Program”). 	The Program
covers the activities of the City general government and the JEA, Jacksonville Housing
Authority, Jacksonville Port Authority, and the Jacksonville Aviation Authority (“Members”).
Jacksonville’s City Ordinance, Chapter 128, establishes the Program’s self-insurance fund. The
Program is a combination of self-insurance, coupled with certain layers of excess coverage to
mitigate aberrant and substantial unexpected losses.
The City does transfer some risk through the purchase of insurance for its other exposures. The
City purchases Watercraft, Wharfingers Liability, Out of State Automobile Liability, Aviation,
Terrorism, Crime, Property and other certain General Liability policies (Rails to Trails, Power
Lines Easement, Riverwalk, and Voting Precincts) to transfer risk. These policies are subject to
sublimits, policy aggregates (where applicable) terms, conditions and exclusions as noted in the
policies. 	Coverages are applicable to specific entities listed as named insureds. 	The attached
schedule indicates the major categories of coverage transferred to insurers.
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134

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
12. 	RISK FINANCING (continued)
A. Public Liability and Workers Compensation: (continued)
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
12. 	RISK FINANCING (continued)
A. Public Liability and Workers Compensation: (continued)
Annually, as of September 30, the Program has a third party actuary review the claim history for
all open claim years. The actuary projects the ultimate claim payment obligation (including the
incurred but not reported claims and claim development) for each year’s claim experience and
the probable loss fund cost for the new fiscal year. The City uses in-house defense counsel for
General and Automobile Liability and outside defense counsel for Workers’ Compensation. The
City’s Self-Insurance Program liability is established at the expected confidence level on a four
percent (4%) discounted basis in the amount of $135,664,000 for General Liability, Automobile
Liability and Workers’ Compensation. 	Actuarial also projects $9,130,000 of unallocated loss
adjustment expenses on a four percent (4%) discounted basis at the expected confidence level.
The probable loss fund estimate is used to budget the self-insurance fund for general liability,
automobile liability, and workers’ compensation. As an internal service fund, charges are billed
to the various funds and component units of the City. If an adjustment is necessary to increase
the reported fund liability to reflect the actuary’s estimated ultimate claim payment, then the self-
insurance fund will either draw upon its accumulated net assets and/or initiate a year-end billing
to the City itself and component units of the City.
The City’s practice of cash funding the projected ultimate claims payment is intended to
temporarily accumulate net assets, which can be used to meet changes in estimates over time.
Projected ultimate claims payment experience is as of the end of each fiscal year, even though
some payments may not be made until a later date.
The City maintains separate fiscal year accounting, which allows any excess revenues available
for return via a dividend formula in Ord. Code. Sec. 128.311, to the City itself and component
units, and the accumulation of a Self-Insurance Operating Reserve authorized by the City of
Jacksonville Ordinance Code Section 128.312. As of September 30, 2021, the City has a surplus
in the Self-Insurance fund of $6,923,765 and a Self-Insurance Operating Reserve for $9,053,404
for a combined unrestricted net asset surplus of $15,977,169. In the Supplemental Section of the
City’s Annual Comprehensive Financial Report, is a trend information schedule for general/auto
liability and workers’ compensation, entitled “Schedule of Self-Insurance Ten Year Claims
Development Information,” which reflects the claims paid and liability projection development
of each of the most recent ten years as of September 30, 2021
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
12. 	RISK FINANCING (continued)
A. Public Liability and Workers Compensation: (continued)
The following schedule presents the changes in aggregate claims liabilities for the past two
years of the self-insurance fund’s general liability, automobile liability, and workers’
compensation.
The following schedule presents the current and noncurrent claims liabilities for the past two
years of the self-insurance fund’s general liability and automobile liability, and workers’
compensation.
2021 	2020 	2021 	2020 	2021 	2020
Unpaid claims and claims adjustment
expenses at beginning of fiscal year 	17,761,000 	16,545,000 	109,231,000 	102,758,000 	126,992,000 	119,303,000
Incurred claims and claim adjustment expenses:
Provisions for insured events of the current fiscal year 	5,342,407 	5,342,407 	17,645,835 	17,645,834 	22,988,242 	22,988,241
Increases (decreases) in provision for
insured events of prior fiscal years 	4,235,673 	3,594,356 	22,752,791 	12,354,488 	26,988,464 	15,948,844
Total incurred claims and claim adjustment expenses 	9,578,080 	8,936,763 	40,398,626 	30,000,322 	49,976,706 	38,937,085
Payments:
Claims and claim adjustment expenses
attributable to insured events of current fiscal year 	1,123,463 	1,123,463 	6,742,098 	6,742,098 	7,865,561 	7,865,561
Claims and claim adjustment expenses
attributable to insured events of prior fiscal year 	7,443,617 	6,597,300 	16,865,528 	16,785,224 	24,309,145 	23,382,525
Total Payments 	8,567,080 	7,720,763 	23,607,626 	23,527,322 	32,174,706 	31,248,085
Total unpaid claims and claim adjustment
expenses at end of fiscal year 	18,772,000 	17,761,000 	126,022,000 	109,231,000 	144,794,000 	126,992,000
SELF-INSURANCE FUND
CHANGES IN AGGREGATE CLAIMS LIABILITIES (Including ULAE)
FOR THE YEARS ENDING SEPTEMBER 30
General/Auto Liability 	Worker's Compernsation 	Totals
2021 	2020 	2021 	2020 	2021 	2020
Current Liability:
Estimated Liability for self-insured losses 	9,898,800 	9,654,000 	26,949,300 	21,535,500 	36,848,100 	31,189,500
Noncurrent Liability:
Estimated Liability for self-insured losses 	8,873,200 	8,107,000 	99,072,700 	87,695,500 	107,945,900 	95,802,500
Total Liability 	18,772,000 	17,761,000 	126,022,000 	109,231,000 	144,794,000 	126,992,000
SELF-INSURANCE FUND
CURRENT AND NONCURENT CLAIMS LIABILITIES (Including ULAE)
FOR THE YEARS ENDING SEPTEMBER 30
General/Auto Liability 	Worker's Compernsation 	Totals
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
12. 	RISK FINANCING (continued)
B. Self-Insured Health Plan:
Effective January 1, 2015 the City elected to move from a fully insured plan to a self-funded
arrangement for its group health coverage. 	The primary driver of this decision was the
prohibitive cost of commercial health insurance. 	The City historically utilized Florida Blue
as the third party administrator which provides claims adjudication services, provider
network contracting and maintenance, and other valuable services. Florida Blue pays claims
as they are incurred and bills the City monthly. In order to better manage the risk, the City
has contracted for stop-loss insurance with a $800,000 specific deductible in 2021. 	Once a
claim exceeds this threshold, the City is reimbursed for any excess expenses. 	In 2018, the
City added a new health plan option, UF Health, administered by Integra Administrative
Group. The UF Health plan has its own stop loss with a deductible $325,000 for 2021.
The plan is funded by contributions from the City and employees. These funds reside in an
internal service fund which is used exclusively for Employee Benefits. 	The beginning
balance of this fund as of January 1, 2015 was $6,479,716. 	The City received a pro-share
settlement from Florida Blue of $1,547,615. 	This was the result of superior claims
performance that the City experienced in CY2013 and CY2014 as a fully insured health plan.
The City received a pharmacy rebate, from Florida Blue, of $1,961,600 for the CY2017,
$2,443,997 for CY2018, $3,792,902 for CY2019, and $2,077,584 for CY 2020.
Incurred but not reported (IBNR) claims were estimated at $3,738,357 as of September 30,
2021 and are recorded as a liability on the Statement of Net Position. 	Changes in the
reported liability since January 1, 2015 resulted from the following:
Fiscal
Year
Ended 	Beginning Balance
Claims and Changes in
Estimates
Claim and Expense
Payments 	Ending Balance
2015 	$0 	$57,049,414 	$52,850,908 	$4,198,505
2016 	$4,198,505 	$74,958,235 	$74,912,875 	$4,243,865
2017 	$4,243,865 	$73,669,055 	$73,152,818 	$4,760,102
2018 	$4,760,102 	$80,379,534 	$80,209,535 	$4,930,101
2019 	$4,930,101 	$81,168,970 	$80,709,545 	$5,389,526
2020 	$5,389,526 	$74,996,473 	$77,078,091 	$3,307,908
2021 	$3,307,908 	$76,076,928 	$75,646,480 	$3,738,356
As of September 30, 2021 the operating gain was $24,136,689. 	The Florida state statutes
require a safe harbor threshold to be maintained in plan reserves. This threshold for FY 2021
is $8,632,793 and the City has plan reserves of $30,616,406.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
13. 	OTHER REQUIRED INDIVIDUAL FUND AND COMPLIANCE DISCLOSURES
A. Compliance with Finance Related Legal and Contractual Provisions:
In the opinion of management, the City has no violations of finance related legal and
contractual provisions.
B. Fund Deficits:
The following individual funds had a fund deficit at September 30, 2021, (in thousands):
The Public Safety fund had a deficit balance due to the excess expenditures resulting from
previous Hurricanes and Tropical Storms. The State and Federal share of these expenditures
are anticipated to be reimbursed through the Public Assistance program once all work is
completed and the Federal Emergency Management Agency (FEMA) and Florida Department
of Emergency Management (FDEM) have completed their review and approval of the
projects.
The Community Development Block Grant Fund is anticipated to be reimbursed for spending
in accordance with the terms of the grant program.
The City monitors internal service billings, including rates, to ensure appropriate funding for
operations. It is anticipated that future billings will cover expenses and eliminate the fund
deficit in the Copy Center and Legal Internal Service Funds.
C. Landfill Closure and Postclosure Care Costs:
The State of Florida's Solid Waste Management Act of 1988 and regulations of the U.S.
Environmental 	Protection 	Agency 	(EPA) 	and 	the 	State 	of 	Florida 	Department 	of
Environmental Protection (FDEP) require the City to be responsible for constructing and
maintaining the final landfill cover, monitoring ground water and methane gas, and continuing
leachate management 30 years after its municipally owned landfills stop accepting solid waste
and are closed. The estimated total costs of municipal solid waste landfill (MSWLF) closure
and post closure (long-term) care costs reported by the City are based upon professional
consulting engineers' studies prepared annually pursuant to rules promulgated by the EPA and
FDEP. However, existing EPA and FDEP closure and long-term regulations may change
which might require the City to revise its MSWLF cost estimates used in the future.
Fund Deficit
Governmental Funds
Public Safety 	(23,490)
Community Development Block Grant 	(1,964)
Internal Service Funds
Copy Center 	(17)
Legal 	(37)
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
13. 	OTHER REQUIRED INDIVIDUAL FUND AND COMPLIANCE DISCLOSURES
C. Landfill Closure and Long-term Care Costs: (continued)
Expenses for closure and long-term care costs are funded from future operating revenues of
the Solid Waste Disposal fund and bond proceeds. As noted in Note 1. P, the application of
SFAS No. 71 resulted in certain costs being capitalized and amortized to later periods. The
City obtained bond proceeds to support closure and long-term care cost for North and East
landfills and Picketville Waste Site. 	At September 30, 2021 the prepaid balance of the
capitalized cost is $0.
Active Landfill – Trail Ridge
The closure and long-term liability for Trail Ridge as of September 30, 2021 is $38.3 million
which represents an increase of $1,766,344 compared to the preceding year. 	This increase
resulted from adjustments for inflation and current annual closure and long-term care cost
estimates. The percentage of landfill capacity used is estimated to be 90.63%, with an estimated
life of 32 years for the constructed landfill disposal units 1-6.
Inactive Landfills – North and East
North and East landfills closed October 1999 and April 1992, respectively. Post closure care
requirements have been met for both closed landfills.
Annually, the City is required by Chapter 62-701.630 of the Florida Administrative Code, to
accumulate resources for payment of closure and long-term care cost. 	The City is in
compliance with these requirements. 	Due to inflationary increases over the years for costs
expended on closing the landfill, costs exceeded the revenue derived from tonnage filling the
landfill. The revenue rate structure had not changed in many years and did not keep up with
inflation. The City decided to implement a three-phase strategy to address the problem. 	In
FY2017, the City’s General Fund initiated a $9 million loan to the landfill closure/post closure
sub fund as Phase 1. In FY2018, the City implemented Phase 2 and made permanent transfers
of $9 million to firm up the previous amount loaned. Phase 3 will address a rate review for the
landfill closure/post closure revenue projections vs. cost projections, in order to keep the sub
fund compliant with the Florida Administrative Code. Ordinance 2021-592-E increased fees
to the host fee for the closure fund portion which increased the rate of $1.98 per ton to $2.11
per ton in the closure escrow account. As of September 30, 2021, $23.4 million, which includes
$5.6 million for accelerated payments, have been accumulated for payment of closure and
long-term care cost (see summary below). Accelerated payments are payments in excess of the
required financial assurance balances that are held in reserves for contingencies and are used
to offset future operational cost.
Trail Ridge
Current Cost of Closure 	17,802,231
Annual Cost of long-term care 	-
Accerlerated funds above state minimum 	5,630,379
Total balance in escrow account 	23,432,610	$
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
14. 	LESSOR OPERATING LEASE
A. Jacksonville Jaguars, LLC. - The City entered into a lease dated September 7, 1993, pursuant
to which the City leases TIAA Bank Field, a City owned stadium, and adjacent practice facilities
to the Jacksonville Jaguars, Inc. (Jaguars) for a period of 30 years from the first National
Football League (NFL) regular season play in 1995; Amendment 5, executed September 6,
2002, extends the lease an additional five years. The City uses the City Venues enterprise fund
to record the stadium, practice facilities, other related capital assets, and all the related revenues
and expenses from use of the stadium and practice facilities under this lease agreement.
The lease entitles the Jaguars to use the stadium on game days, for practices and summer
training camp, and for the period necessary before game days. During other periods of time, the
City has the right to use the stadium, except for certain administrative spaces, training facilities,
suites, and other areas that are for the exclusive use of the Jaguars.
For the first five years, rent is deferred in the amount of $250,000 per year; in years 6-10 rent
is $500,000 per year; in years 11-20 $1,000,000; and in the final 15 years $1.25 million,
including the lease extension. Amendment 8, executed January 2006, reduced the total Jaguars
rent obligations by $8,600,000, which was provided through rental reductions in the amount of
$1,433,333 for six payments beginning with the November 2005 payment through the June
2008 payment.
Amendment 8 also reduces supplemental lease obligations, with the City’s acceptance of
payment from the Jaguars in the amount of $10,197,891 for the full satisfaction of amounts due
for Super Bowl net revenues. Rents from years 11 through the end of the lease are subject to
escalation based on one-half of any increase in the Consumer Price Index, but not to exceed
2.5% per year.
In addition, the Jaguars are obligated to pay supplemental rent in an amount equal to the annual
debt service incurred by the City for certain costs of renovation of $53.1 million requested by
the Jaguars over a 30-year period with interest computed on a tax-exempt basis; inclusive of
Amendment 7 executed May 27, 2004.
The lease generally permits the City to retain revenues from City events at the stadium, with
some exceptions. Amendments 8 and 12 outline provisions for advertising revenue generated
from electronic signage for different stadium functions. 	The City is required to provide
electricity, water and sewer services for the stadium at its expense. The City must maintain the
stadium and all leasehold improvements. Per Amendment 8, the City agreed to provide
$1,000,000 for additional electronic signs. The City is required to pay for game day personnel,
excluding concessions, on the days of Jaguar games. 	Amendment 8 gives the Jaguars the
responsibility to provide concessions to all events within the concessions area. 	The Jaguars
retain all net revenues from concessions and similar sales on NFL game days. The lease
obligates the Jaguars to maintain its franchise at the stadium in Jacksonville and to not relocate
unless it pays the City certain guaranteed amounts.
141

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
14. 	LESSOR OPERATING LEASE (continued)
A. Jacksonville Jaguars, LLC. (continued)
Amendment 9 outlines a revenue sharing agreement for the stadium naming rights and provides
the parameters for the marketing of the stadium name. Also, Amendment 9 details additional
advertising rights and allows for certain fixed signage at the stadium. However, the subsequent
naming rights agreement with TIAA Bank eliminated the City participation in revenue
generated from the stadium naming rights.
Amendment 10 outlines the accepted procedures for the use of the City established Sports
Complex Capital Maintenance Fund. The agreement allows the Jaguars to advance fund certain
capital, repair and maintenance projects at the stadium and receive reimbursement from the
City. 	Amendment 10 also establishes the procedures for the creation of the related capital
improvement plan.
Amendment 12 outlines provisions of various improvements to the stadium, including new
video boards, renovations and improvements to the North End Zone (NEZ), and stadium Wi-Fi
improvements. 	Total project improvements cost over $60 million, with the City financing
approximately $44 million. Amendment 13 clarifies or modifies miscellaneous provisions of
the lease, and outlines certain rights of the City and Jaguars with regards to the electric signage
included in the improvements of Amendment 12.
Amendment 14 outlines provisions of various improvements, including stadium club and south
end zone improvements, and the addition of a covered football field practice facility and outdoor
amphitheater. 	Total project improvements cost over $90 million, with the City financing
approximately $45 million.
Amendment 15 outlines provisions of various improvements, including the construction of the
Sports Performance Center. Total cost is $120 million, split evenly between the City and JJL
with JJL responsible for all overruns.
Additional agreement modifications include a 2019 rental payment reduction of $342,847 to
allow for improvements to the practice field.
A summary of scheduled lease payments is as follows:
Year 	Payment
2022 	3,885,526
2023 	3,886,040
2024 	3,885,242
2025 	4,362,322
2026 	6,660,077
2027 -2030 	23,152,586
142

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
14. 	LESSOR OPERATING LEASE (continued)
A. Jacksonville Jaguars, LLC. (continued)
The Jaguars Operating Lease is subject to the rental provisions of GASB #13 – Accounting for
Operating Leases with Scheduled Rent Increases.
The Base Rental associated with the startup of operations and the initial capital costs for
transforming the stadium to an NFL stadium has deferred rents for the first five years and then
scheduled rent increases throughout the term of the lease, Amendment #8 in FY2005 providing
rental credits of $2,866,666 in FY2006, FY2007, and FY2008, which reduced the rental
payment in each of those years. Paragraph 6 of GASB #13 states that “Sometimes an operating
lease with scheduled rent increases contains payment requirements in a particular year or years
that are artificially low when viewed in the context of earlier or later payment requirements.”
This occurred with the base rental of the Jaguars contract. Paragraph 6 guidance states that the
operating lease transactions should be measured utilizing one of two measures, with Paragraph
6a being “The operating lease transactions may be measured on a straight-line basis over the
lease term.” The City has recorded a deferred rent receivable of $6,039,704 due to the
application of GASB #13 based on the difference in the actual rent paid and the calculated
straight line rent.
In analyzing the lease, there are two conditions that could affect the collection of the deferred
rent receivables. 	The lease has been modified multiple times since the original agreement,
providing for rent reduction as noted in amendment #8. Based on this history of amending the
lease, there is uncertainty and a potential for other rental reductions or deferments which could
put the collection of the deferred rent receivables at risk.
Additionally, the lease has several paragraphs concerning early termination of the contract and
provides the City of Jacksonville reasonable liquidated damages in the circumstance of the
Jaguars leaving the City. 	This termination provision, in effect, makes the rental collection
subject to a year by year basis. The City has an offsetting allowance for the entire $6,039,704
deferred rent receivables. As payments are made, the deferred receivables and allowance are
adjusted accordingly.
The summary of the leased asset value is as follows:
Cost of leased assets 	$440,281,898
Accumulated depreciation 	(158,542,778)
Carrying value of leased assets 	$281,731,120
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
14. 	LESSOR OPERATING LEASE (continued)
B. Shands Jacksonville:
Under an agreement with a not-for-profit corporation, Shands Jacksonville, also known as
University of Florida Health (UF Health), the City leases to Shands certain capital assets,
principally land and buildings, over a term to September 30, 2067 with an option to renew for
an additional thirty years to 2097 at $1 per year. In addition, Shands is to operate in full support
of the indigent care programs of the Duval County, FL, under the agreement. Shands is to
maintain, in good condition, and make improvements and betterments to the Hospital as
necessary over the life of the lease. At termination of the lease, all leased property shall revert
to the City as a general government asset.
15. 	LITIGATION, CONTINGENCIES, AND COMMITMENTS
A. Litigation:
The City is named as party in legal proceedings which occur in the normal course of
government operations. Such litigation includes, but is not limited to, claims asserted against
the City arising from alleged torts, including claims under the public liability in the Self
Insurance Fund, alleged breaches of contract, condemnation proceedings and other alleged
violations of state or federal laws.
The City self-insures itself through general liability and workers compensation programs for
most claims asserted against the City. For all amounts that are probable of loss the City records
an estimated liability in the Self Insurance internal service fund. For amounts where it is not
possible at the present time to estimate the ultimate outcome or liability, if any, to the City for
the proceedings no accrual is recorded. It is the City’s opinion that the ultimate liability in these
litigation matters, if any, that have not been accrued, is not expected to have a material adverse
effect on the City’s financial position.
B. Grants and Contracts:
The City participates in various federal and state assisted grant programs that are subject to
review and audit by the grantor agencies. Entitlement to these resources is generally
conditional upon compliance with the terms and conditions of grant agreements and
applicable federal and state regulations, including the expenditure of resources for allowable
purposes. Any disallowance resulting from a federal or state audit may become a liability of
the City. 	All City agencies and departments are required to comply with various federal
regulations issued by the U.S. Office of Management and Budget if such agency or department
is a recipient of a federal grant, contract or their sponsored agreement. Certain agencies and
departments may not be in total compliance with these regulations. Failure to comply may
result in questions concerning eligibility of related direct and indirect charges pursuant to such
agreements. It is believed that the ultimate disallowance pertaining to these regulations, if
any, will be immaterial to the overall financial condition of the City.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
15. 	LITIGATION, CONTINGENCIES, AND COMMITMENTS (continued)
C. Self-Insurance:
Through the City’s Risk Management Division, the City maintains an insurance and self-
insurance program (See Note 12). Under the laws of the State of Florida, the City has sovereign
immunity for state tort claims in excess of $200,000 per person and $300,000 per occurrence.
The City retains coverage on all other types of major exposures including real and tangible
property. 	The self-insured programs of the City, which are included in the Self-Insurance
Internal Service Fund, are funded on a dollar-for-dollar basis determined actuarially for the
estimated losses for claim development and incurred but not reported claims, and unallocated
loss adjustment expenses. Claims are reserved on ultimate probable cost basis.
D. Pollution Remediation:
Governmental Accounting Standards Board Statement No. 49 Accounting and Financial
Reporting for Pollution Remediation Obligations (GASB 49) provides accounting and
financial reporting for pollution remediation obligations. While GASB 49 does not require the
City to search for pollution, it does require the City to reasonably estimate and report a
remediation liability when any of the following obligating events has occurred:
 	The City is compelled to take remediation action because pollution creates an
imminent endangerment to public health,
 	The City is in violation of pollution prevention,
 	The City is named, or has evidence that it will be named as responsible party by a
regulator,
 	The City is named, or has evidence that it will be named in a lawsuit to enforce
cleanup, or
 	The City commences or legally obligates itself to conduct pollution remediation
activities.
The City recorded a pollution remediation liability as of September 30, 2021 of approximately
$88.2 million (See Note 8. C for schedule) using the expected cash flow technique. Under this
technique, the City estimated a reasonable range of potential outlays and multiplied those
outlays by their probability of occurring. However, this liability could change over time due
to changes in cost of goods and services, changes in remediation technology, or changes in
laws and regulations governing the remediation efforts. 	The following paragraphs provide
further details on the more significant sites.
Whitehouse Waste Oil Pits Superfund Site
The US Environmental Protection Agency (USEPA) identified the City as a potential
responsible party (PRP) at the Whitehouse Waste Oil Pits Superfund Site in western Duval
County. The City and other (PRPs) participated in the USEPA’s Pilot Allocation Project which
resulted in the USEPA assuming as much as 65% of the liability at the site, with the City being
allocated less than 10% of the liability.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
15. 	LITIGATION, CONTINGENCIES, AND COMMITMENTS (continued)
D. Pollution Remediation: (continued)
The USEPA estimates $20 million site costs, with the City paying approximately $2 million
over the life of the project (which includes a 30 year operations and maintenance period). Site
work was substantially complete in October 2006 when operations and maintenance work
began. The PRPs have more than $1.9 million on deposit to fund operations and maintenance;
however until USEPA officially declares the remedial action complete, the prospect for
additional work remains. 	In January 2008, the City met with adjacent property owners to
negotiate the purchase of additional private property to account for the location of the remedial
berm. The City and other PRPs settled with the USEPA which had sought reimbursement of
its cost of a removal action in 1995, regarding the Bill Johns Waste Oil Site.
The City's liability is based on contracting with the waste oil service to empty used oil
collection points operated under a recycling grant from the State. 	The remedial action was
completed in late 2006 and early 2007 and following approval of the Remedial Action Report
(May 2007), the site was approved for the 30 year long term Operations and Maintenance of
the facility. The PRP are responsible for the long term O&M costs for the total 30 year period.
We are currently in year 16 of the 30 year period.
Ash Sites
The City has identified four sites that were used for incinerator ash waste. 	The common
practice during the 1950s and 1960s was to incinerate garbage and then mix the residual ash
waste with other soil and use it as fill dirt. The City and the USEPA signed an agreement in
1999 to develop a plan to remediate the four sites. In order to make the sites and surrounding
areas safe from a variety of residual pollutants, the City has proposed to the EPA a plan to
clean up the areas by removing the top two feet of soil, placing a barrier, and then replacing
the topsoil with untainted dirt. The project is estimated to take several years to complete once
started and a cost estimate of $30.5 million has been accrued based on the City’s estimate used
in its five year capital project plan. 	As of September 30, 2021, the Ash Sites accumulated
approximately $195.74 million of expenditures.
Other Sites
FDEP identified other sites of potential liability the City is responsible for. These sites include:
Doe Boy Dump Site, Gold Merit/Pope Plan, and Confederate Park.
These projects, which are estimated to take several years to complete once started, have an
estimated cost of $17.8 million, which has been accrued by the City and included in the City’s
five year capital projects plan. Various other remediation sites exist within the City and $40
million has been accrued for their estimated liability based on their inclusion in the City’s five
year capital projects plan.
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
15. 	LITIGATION, CONTINGENCIES, AND COMMITMENTS (continued)
D. Pollution Remediation: (continued)
The Picketville Waste Dump Site future costs are dependent upon information received from
the USEPA and FDEP for the final groundwater monitoring report. The City has completed its
long-term O&M responsibilities. However, groundwater impacts above regulatory levels were
still present in the last samples for the final report. The City recommended continued
groundwater monitoring in lieu of additional assessment and/or remediation. The City awaits
a response from the USEPA and FDEP on this matter.
E. Garage Development Agreement:
The City entered into agreements for a private developer to construct and operate three parking
garages. Two of the garages are to support the sports complex and the other is to support a
new courthouse site. 	The current agreement provides an operating subsidy to support debt
service, operating deficits, required reserves, and percentage return of equity, totaling
approximately $4 million per year. Associated therewith, the City has options to buyout the
current business arrangement, refinance the related non-city debt and assume operational
control thereof.
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147

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
F. 	Construction and other significant Commitments:
At September 30, 2021, the City had significant commitments for the following projects (in
thousands):
General Government
ADA Compliance-Curb Ramps Sidewalks 	4,700
ADA Compliance-Pretrial Detention Facility 	564
ADA Compliance-Public Buildings 	684
Courthouse Complex Antenna System Replacement 	713
Drainage System Rehabilitation - Drainage System Rehabilitation 	608
Enterprise Financial & Resource Mangement Solution 	7,917
Florida Theatre - Facility Improvements 	501
Gate Parkway-Traffic Calming 	1,183
Jax Beach Pier - Hurricane Matthew Storm Repairs 	3,476
Lenox Ave Sidewalk-New 	507
Mayport Community Center 	2,247
Medical Examiner Facility - 04 	1,198
Northbank Riverwalk - Northbank Artist Walk Extension 	954
Northbank Riverwalk - Northbank Bulkhead 	2,239
Palm Avenue Improvements 	6,400
UF Health Capital Improvements 	21,766
Woolery Drive Drainage Study and Improvements 	731
Public Safety
4th Street Brick Rebuild-Pearl To Main 	639
Field Building Systems 	1,225
Fire Station # 4 	712
Fire Station # 63 New Construction 	726
Fire Station #74 	4,064
Fire Station 10 Renovation 	1,432
Tropical Storms-Hurricanes - Matthew - AFA01701 	705
Physical Environment
Jork Road - Jork Road Canal Restoration 	1,250
Lakeshore Dr DSR Capital Improvement 	656
Lower Eastside Drainage - 01 	9,635
Trail Ridge Landfill Const & Expansion - Trail Ridge Landfill Expansion 	852
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
15. 	LITIGATION, CONTINGENCIES, AND COMMITMENTS (continued)
F. 	Construction and other significant Commitments: (continued)
(in thousands):
Transportation
Brooklyn Area Drainage & Safety Improvement 	3,741
Cahoon Rd&Normandy Blvd To Beaver St 	8,155
Cecil Fd Con&Brannan-Chaffee To Comm Ctr 	2,462
Chaffee Road 	559
Children's Way Nira St Pedestrian Improv 	546
Collins Rd&Shindler To Old Middleburg 	2,315
Countywide Intersection Imp,Brge-Bridges 	850
Crystal Springs-Chaffee To Cahoon - Phase5 	1,738
Hartley Rd&St Augustine To SR 13 	5,869
Jork Road - Jork Road Bridge 	572
Major Outfall Ditch Restoration/Cleaning 	949
McCoy's Creek Greenway - McCoys Creek Boulevard Closure 	1,373
New Berlin Rd 	1,291
Old Middleburg 103rd-Branan Field - 01 	18,234
Pavement Markings 	714
Railroad Crossings 	558
Ricker Rd &Old Middleburg to Morse 	10,187
Roadway Sign Stripe And Signal 	790
Shindler 103Rd to Argyle Forest 	17,770
Southside Blvd-Belfort Rd-JTB Trans Impr 	698
St Johns Bluff Rd-New Sidewalk ES 	1,496
St Johns Bluff Rd-New Sidewalk WS 	656
Economic Environment
Clara White Mission - White Harvest Farms 	1,320
Cole Road Bridge Project 	996
LaVilla Project 	7,925
Shipyards Project - Environmental Cleanup 	572
Two Way Street Conversion 	1,122
Culture & Recreation
Blue Cyphress Park Soccer Field 	732
Countywide Parks & Recreation Projects 	1,676
Emerald Trail - S Line 	8,425
Friendship Fountain Repairs & Nodes 	2,063
Jackson Street Floating Dock 	573
Jacksonville Zoo Improvements 	12,274
Jax-Baldwin Trail Development - Jax-Baldwin Trail Development 	1,285
Post Street Floating Dock - Post Street Floating Dock 	893
Water-Wastewater System Fund - Water-Wastewater System Fund 	13,261
TOTAL 	212,924
149

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
15. 	LITIGATION, CONTINGENCIES, AND COMMITMENTS (continued)
G. Encumbrance Commitments:
At September 30, 2021, the City had encumbrance commitments in the Governmental Funds
as follows: (in thousands)
*The Better Jacksonville Plan Construction Project Fund accounts for funds associated with the $2.25 billion improvement plan. Council
appropriated funds for the plan in its entirety at the inception, while funding sources including dedicated sales tax and debt issues are secured as
needed. Multi-year contracts are encumbered, and funding sources are obtained as construction occurs.
The encumbrances are recorded within fund balance based on the source of funds as
restricted, committed, or assigned as appropriate.
MAJOR FUNDS
General Fund 	26,836
Special Bonded Debt-Better Jacksonville Plan Obligations 	5
Other Federal, State and Local Grants 	9,903
Total Major Funds 	36,744	$
NON-MAJOR FUNDS
Concurrency Management 	5,096
Air Pollution Control and Monitoring 	25
Tourism Development 	3,562
Clerk of the Court 	27
Transportation Fund 	4,627
Budgeted General Government 	3,933
Emergency 9-1-1 	183
Tax Increment Districts 	12,342
Kids Hope Alliance 	10,820
Community Development Block Grant 	23,306
Maintenance, Parks and Recreation 	132
Public Safety 	12,606
Housing and Neighborhoods 	6,526
General Bonded Debt Obligations 	1,693
General Projects 	103,347
Better Jacksonville Plan Construction Project 	7,584
Bond Projects 	1,880
Grant Projects 	10,841
Total Non-Major Funds 	208,530
TOTAL ENCUMBRANCES 	245,274	$
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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
15. 	LITIGATION, CONTINGENCIES, AND COMMITMENTS (continued)
H. Tax Abatements:
The City administers the following tax abatement programs.
Name of Program 	Recaptured Enhanced Value (REV) Grant 	Qualified Target Industry
Purpose of program 	Designed to bring new capital investment and
development or redevelopment to a project site to
support a new business or to expand an existing
business, thus resulting in the creation of new full time
jobs.
To attract greater private sector investment, to expand
the opportunity for individuals to gain high wage
employment, and to lower the overall unemployment rate
in Duval County by providing jobs at above average
wage levels in the county.
Tax being abated 	Real and/or Tangible Personal Property Tax 	Corporate Income Tax, Sales Tax, Ad valorem Tax,
Insurance Premium Tax, Intangible Personal Property
Tax, Excise Tax, State Communication Service Tax
Authority under which abatement agreements are entered into 	Part 2, Chapter 26, City of Jacksonville Ordinance
Code and Ordinance 2016-382-E (Public Investment
Policy), Florida Statutes 125.045 County Economic
Development Powers
Florida Statute 288.106 Tax refund program for
qualified target industry businesses
Eligibility criteria 	The company is required to be on a Targeted Industry
Category. The company must create at least 10 new full
time jobs with wages greater than or equal to 100% of
the State of Florida average wage, or greater than or
equal to 60% of Duval County's average annual wage.
The company must commit a minimum of $3 million
private capital investment.
The company is required to be in a Targeted Industry
Category. The company must create at least 10 new full
time jobs with an average annual wage that is at least
115% of the State, Metropolitan Statistical Area, or
local average wages.
How recipient taxes are reduced 	As refunds on real and personal property taxes paid by
the project above the base year.
As refunds on corporate income, sales, ad valorem,
intangible personal property, insurance premium, and
certain other taxes.
How amount of abatements is determined 	Utilizing a "base year" assessed property value for the
project, a certain percentage of the City's portion of the
incremental increase in ad valorem taxes on real and /or
tangible personal property paid by the project above the
base year amount is available. In general, the standard
grants will be up to 50% of the increment up to 10 years.
They are capped at a maximum amount. The percentage
and length of time is negotiated between parties. Higher
percentages or timeframes may be awarded for projects
with high volumes of job creation and capital investment.
Pre-approved applicants receive tax refunds of $3,000
per net new Florida full time equivalent job created. For
businesses paying 150% of average annual wage, add
$1,000 per job; for businesses paying 200% of the
average wage, add $2,000 per job. The agreement is
between the State of Florida's Department of Economic
Opportunity (DEO) and the company. The State agency
reviews and audits information provided by the
Company and sends an invoice to the City of
Jacksonville. The City then sends 20% Local Financial
Support to the State, who subsequently pays the
Company.
Provision for recapturing abated taxes 	N/A 	N/A
Office of Economic Development 	Office of Economic Development
$7,217,730 	$568,851
Downtown Investment Authority 	Downtown Investment Authority
$2,151,923 	N/A
Amount being abated for the year ended September 30, 2021
151

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
16. 	MAJOR DISCRETELY PRESENTED COMPONENT UNITS - ADDITIONAL
DISCLOSURE
During fiscal year 2021, the City had financial transactions with its discretely presented component
units classified as follows for financial reporting purposes:
A. JEA:
Contribution - On October 1, 1968, the City turned its electrical department over to the newly
created JEA. 	Additionally, on June 1, 1997, the JEA assumed the operation and all related
assets and liabilities of the water and sewer system from the City. The JEA is required by the
City Charter to contribute annually to the General Fund of the City an amount not to exceed
5.513 mills per kilowatt per hour sold and at a rate of 2.149 mills per cubic feet of water sold.
For the fiscal year ended September 30, 2021 these contributions total $120,012,250. 	Such
contributions to the City’s General Fund are for the use of the public right-of-way in connection
with its electric distribution system and its water sewer distribution and collection system and
are based on calculations contained within section 21.07 of the City Charter.
Franchise Fees - Effective April 1, 2008, the City enacted a 3% franchise fee from designated
revenues of the Electric and Water and Sewer Utility systems. The ordinance authorizes JEA
to pass through these fees to its electric and water and sewer funds. 	For the year ended
September 30, 2021, the City received from JEA $28,759,787 and $10,886,085 of its electric
and water and sewer funds.
B. Jacksonville Transportation Authority (JTA):
Local Option One-Half Cent Sales Tax - On August 11, 1989, Jacksonville citizens voted for
the removal of all tolls from county/city bridges and certain roads and replaced the revenue
with a local option one-half cent sales tax that provides a permanent funding source for the
construction and maintenance of the City’s roads and bridges; the operation and maintenance
of the bus system and the refinancing of existing bonds issued for the construction of such
bridges and roads. All collections from the one-half cent sales tax are statutorily required to
be remitted to the JTA. Accordingly, the City remitted all collections from the one-half cent
sales tax to the JTA in the amount of $107 million in fiscal year 2021. Such collection and
payment by the City of this local option one-half cent sales tax is recorded in the Transportation
Special Revenue fund as revenue and a transportation expenditure in the equal amount. 	The
JTA reports the transfer from the City as sales tax revenue.
In fiscal year 2000, the City and the JTA entered into an interlocal agreement for the purpose
of jointly exercising the separate powers of each to the maximum extent allowable by the law
in the development, scheduling, financing, planning, permitting, design, construction, and
implementation of a $750 million Road, Bridge and Drainage Capital Improvement Work
Program. The term of the agreement commenced on October 1, 2000 and was to continue in
effect until all of the bonds were paid in full or defeased in accordance with their terms. The
City and JTA agreed to pledge the Sales Tax and the Constitutional Gas Tax for the payment
of bonds issued to implement the program.
152

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
16. 	MAJOR 	DISCRETELY 	PRESENTED 	COMPONENT 	UNITS 	- 	ADDITIONAL
DISCLOSURE (continued)
B. Jacksonville Transportation Authority (JTA): (continued)
Any funds available above debt service would be collected in a pay-as-you-go fund to assist
with the payment of program expenditures. In addition, the City made available revenues from
the Local Option Gas Tax for the operation of the JTA’s Mass Transit Division.
Beginning September 1, 2016, a new interlocal agreement between the City and JTA went into
effect. The Sales Tax and Constitutional Gas Tax continue to be pledged for the program’s
debt service. Any Sales Tax revenues available above debt service are returned to JTA and
may be used for certain transportation-related purposes as defined by the agreement. Revenues
from the Constitutional Gas Tax are to be used for debt service only if the Sales Tax revenues
are insufficient. Any Constitutional Gas Tax revenues available above debt service are split
equally between the City and JTA. 	In addition, the new interlocal agreement provides that
five-sixths of the Local Option Gas Tax be made available to JTA for the development,
construction, operation and/or maintenance of certain roadway projects managed by JTA as
identified in the agreement’s exhibits.
C. Jacksonville Port Authority (JPA):
Interlocal Agreement - In connection with a major port and marine facilities capital
improvement project (the “Project”), the City and the JPA entered into an Interlocal Agreement
upon the issuance of $43,605,140 Excise Taxes Revenue Bonds, Series 1993 (the “1993
Bonds”). Subsequent to this transaction, the parties entered into an Amended and Restated
Interlocal Agreement in conjunction with the issuance of $57,150,000 Excise Taxes Revenue
Bonds, Series 1996B (the “1996B Bonds”). The 1996B Bonds were refunded by the Excise
Taxes Revenue Refunding Bonds, Series 2001A (the “2001A Bonds”). The 1993 Bonds were
partially refunded by the Excise Taxes Revenue Refunding and Improvement Bonds, Series
2003C (the “2003C Bonds). The 2003C Bonds were partially refunded by the Special Revenue
Refunding Bonds, Series 2012E (the “2012E” Bonds, and together with the 1993 Bonds,
2001A Bonds and 2003C Bonds, the “Bonds”).
Under the Amended and Restated Interlocal Agreement, the City agreed to issue the Bonds to
finance the Project, and the JPA, in consideration therefore, agreed to reimburse the City for
debt service payments on the Bonds from certain revenues allocated to the JPA. 	Any
insufficiency in the extent of such revenues allocated to the JPA under the Amended and
Restated Interlocal Agreement or any amendments to the Amended and Restated Interlocal
Agreement does not affect in any manner any obligation of the City pursuant to the terms of
the Bonds.
153

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
16. 	MAJOR 	DISCRETELY 	PRESENTED 	COMPONENT 	UNITS 	- 	ADDITIONAL
DISCLOSURE (continued)
C. Jacksonville Port Authority (JPA): (continued)
The amended and restated Interlocal Agreement is not for the benefit of the holders of the
Bonds and the JPA has no obligation under that Amended and Restated Interlocal Agreement
to any third party bondholder. 	The revenues allocated to the JPA are not pledged as security
for the Bonds.
The Amended and Restated Interlocal Agreement provides for the allocation of three sources
of revenue (collectively referred to as the “Pledged Revenues”) by the City to the JPA. The
first source of revenue relates to the allocation of half of the increased revenues in the
Telecommunications Tax, which is 85% of the Communication Services Tax (the “Authority
Allocation No. 1”). 	The second source of revenue relates to the amount calculated by
multiplying one quarter (.25) mills by the gross kilowatt hours (as defined in Article 21 of the
City Charter) sold by JEA during the twelve month period ending May 31 of the prior fiscal
year (the “Authority Allocation No. 2”).
The third source of revenues relates to the $800,000 annual contribution remitted by the City
to the JPA as described in Section 5(a) of the JPA act. 	Such Pledged Revenues are to be
applied by the City to the payment of debt service on the Bonds for such fiscal year prior to
being paid to the JPA. The final payments on the last remaining bonds were made on October
1, 2020 so debt service has not been, and will no longer be, deducted from the payment as of
that date.
In previous years, the City expended $43.1 million on the Project from proceeds of the 1993
Bonds for the benefit of the JPA under the Amended and Restated Interlocal Agreement, which
completed the 1993 Bond Program. In previous years, the City expended $64 million on the
Project from proceeds (inclusive of investment earnings) of the 1996B Bonds for the benefit
of the JPA under the Interlocal Agreement.
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154

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
17. 	SUBSEQUENT EVENTS
On February 2, 2022, the City entered into an agreement to issue $120,380,000 Special Revenue
Bonds, Series 2022A for the purpose of refunding a portion of the City’s outstanding Capital
Improvement Refunding Revenue Bonds, Series 2012 and a portion of the City's outstanding
Special Revenue Refunding Bonds, Series 2012C and pay the costs of issuance related to the
Series 2022A Bonds. These bonds were issued on a forward basis and closed on July 7, 2022.
On April 19, 2022, the City issued its $28,682,400 Taxable Special Revenue Bond, Series 2022B
bonds to refinance the acquisition of the three parking garages owned and operated by
Metropolitan Parking Solutions, LLC commonly known as the Courthouse Garage, the Arena
Garage and the Sports Complex Garage, to finance the construction of certain capital equipment
and improvements related to the Garages, and to pay the costs of issuance related to the Series
2022B bond. This issuance occurred in the form of a bank loan.
On May 5, 2022, the City entered into a rate lock agreement on its $262,750,000 Better
Jacksonville Sales Tax Refunding Revenue Bonds, Series 2022 for the purpose of refunding of
the City’s outstanding Better Jacksonville Sales Tax Refunding Revenue Bonds, Series 2012 and
Better Jacksonville Sales Tax Refunding Revenue Bonds, Series 2012A, and to pay costs of
issuance related to the 2022 Bonds. This issuance occurred in the form of a bank loan that on July
7, 2022.
On May 11, 2022, Moody's Investors Service upgraded to Aa2 from Aa3 the City’s issuer rating,
upgraded to Aa3 from A1 the city's non-ad valorem rating, and upgraded to Aa3 from A1 the
city's transportation bonds. Moody's also affirmed the A1 rating on the city's Capital Improvement
bonds and the Aa3 on the City's Better Jacksonville sales tax bonds.
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155

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
18. 	NET POSITION:
The 	government–wide 	and 	business-type 	fund 	financial 	statements 	utilize 	a 	net 	position
presentation. 	Net position is categorized as net investment in capital assets, restricted, and
unrestricted.
Net Investment in Capital Assets - is intended to reflect the portion of net position that is
associated with capital assets less outstanding capital asset related debt. The net related debt is the
debt less the outstanding liquid assets and any associated unamortized cost.
Restricted Net Position – are assets that have third-party (statutory, bond covenant or granting
agency) limitations on their use externally imposed by creditors or imposed by law through
constitutional provision or enabling legislation. The City would typically use restricted assets first,
as appropriate opportunities arise, but reserves the right to selectively defer the use thereof to a
future project or replacement equipment acquisition.
Unrestricted Net Position – have no third party limitation on their use, and consists of all net
position that do not meet the definition of the other two components, and any net deficits that exist.
While the Unrestricted Net Position balance is a single number in accordance with GASB
Statement 34, the impact of non-asset debt will reduce the year-end discretionary balance available
to the government.
A. Additional Disclosure:
However, in the City’s case, given that a portion of these non-asset bonds/loans reported in the
Governmental Activities column have a dedicated revenue source (to amortize the debt over
time) the year-end available portion of the Net Position to the City is greater than is apparent.
The following schedule illustrates these differences (000s):
Governmental Unrestricted Net Position (page 26) 	(2,679,196)	$
Impact of Better Jacksonville Plan's (BJP)
bond financed capital expenditures incurred by
component units and other entities. 	59,881
Economic Incentives to be repaid by
TIF revenue and/or Developer 	13,129
Governmental - Unrestricted Net Position
(adjusted for dedicated revenue funded portions) 	(2,606,186)	$
156

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
18. 	NET POSITION: (continued)
A. Additional Disclosure: (continued)
Because the BJP program has dedicated sales tax revenue sources which will be used to repay
the related debt service and either the CRA’s tax increment financing (TIF) 	revenue or the
Developer repayments are anticipated to address the related debt service principal and all or a
portion of the interest, the Government Unrestricted Net Position 	(adjusted for dedicated
revenue funded portions of non-asset debt) more truly reflect the General Government’s
available (although partially tentatively targeted) portion of net position.
B. Restatement due to a change in accounting principle:
The fiscal year 2021 implementation of Governmental Accounting Standards Board (GASB)
Statement No. 84, Fiduciary Activities, resulted in a restatement of beginning Fiduciary Fund
net position due to a change in accounting principle. The statement requires the calculation
of net position of Custodial funds. These funds were previously reported as Agency funds
and did not carry a net position per previous standard guidance.
C. Restatement to governmental activities:
Effective November 19, 2019, the City of Jacksonville entered into an agreement with the
City of Jacksonville Beach to provide advanced life support and fire services to residents
and businesses of Jacksonville Beach. The Jacksonville Beach firefighters became
employees of the City of Jacksonville. The terms of the agreement resulted in a positive
$2.8 million restatement to the beginning net position for Total Governmental Activities.
Note 9 Pension Plans provides additional detail of the agreement.
The overstatement of accounts receivable and revenue in 2020 in the Other Federal State
and Local Grants Fund was due to enterprise resource planning software implementation
issues and resulted in a negative $3.9 million restatement of net position.
Net Position (in thousands)
Fiduciary Custodial
Funds
Beginning as previously reported 	-
Restatement 	28,753
Beginning as restated 	28,753	$
Net Position (in thousands)
Total
Governmental
Activities
Beginning as previously reported 	(1,178,262)
Restatement 	(989)
Beginning as restated 	(1,179,251)	$
157

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
19. 	FUND BALANCE DISCLOSURE:
In accordance with Governmental Accounting Standards Board Statement 54, Fund Balance
Reporting and Governmental Fund Type Definitions, the City classifies governmental fund
balances as follows:
Nonspendable - includes fund balance amounts that cannot be spent either because it is not in
spendable form or because of legal or contractual requirements.
Spendable Fund Balance
 	Restricted – includes fund balance amounts that are constrained for specific purposes
which are externally imposed by providers, such as creditors or amounts constrained due
to constitutional provisions or enabling legislation.
 	Committed – includes fund balance amounts that are constrained for specific purposes that
are internally imposed by the government through formal action of the highest level of
decision 	making 	authority, 	City 	Council, 	through 	the 	issuance 	of 	an 	ordinance.
Commitments may only be changed through the same type of formal action that created
the commitment.
 	Assigned – includes spendable fund balance amounts that are intended to be used for
specific purposes that are neither considered restricted or committed. 	Fund Balance may
be assigned through the following: 1) The Director of Finance is authorized by City
Council to assign amounts for a specific purpose. (2) The City Council has authorized the
Director of Finance, in coordination with the Council Auditor, to recapture excess fund
balance that isn’t restricted or committed and transfer the excess to the General Fund –
General Service District. 	Excess fund balance that is not recaptured is classified as
assigned by the Director of Finance to be used for the purpose of the subfund.
 	Unassigned - includes residual positive fund balance within the General Fund that has not
been classified within the other above mentioned categories. Unassigned fund balance may
also include negative balances for any governmental fund if expenditures exceed amounts
restricted or committed for those specific purposes.
158

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
19. 	FUND BALANCE DISCLOSURE: (continued)
The City uses restricted amounts first when both restricted and unrestricted fund balance is
available unless there are legal documents/contracts that prohibit doing this, such as in grant
agreements requiring dollar for dollar spending. Additionally, the City would first use committed,
then assigned, and lastly unassigned amounts of unrestricted fund balance when expenditures are
made, with the exception of the emergency reserve established by the City Council. Under normal
circumstances, the City would first elect to utilize the Operating Reserve (Unassigned fund balance
in the General Fund) before considering use of its Emergency Reserve.
The City Council established an emergency reserve policy and fund beginning with the fiscal year
2006 budget and amended with Ordinance 2010-852-E, which added “The Emergency Reserve
can be used to address unanticipated non-reimbursed expenditures arising out of a hurricane,
tornado, other major weather related events, and/or other massive infrastructure failures or other
disasters, whether man made or caused by nature.” 	The emergency reserve is contained as a
separate subfund within the General Fund and is included in each annual budget. The emergency
reserve shall not be used except as initiated by the mayor through written communication to the
City Council, explaining the emergency, and requires approval by two-thirds vote of all City
Council members. The emergency reserve will be classified as committed fund balance.
The City does not have a formal minimum fund balance policy. However, the City’s Ordinance
Code addresses various targeted reserve positions and the Administration calculates targets and
actuals to report the results annually to City Council.
A schedule of City fund balances is provided in the following pages.
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159

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2021
19. FUND BALANCE DISCLOSURE
A. FUND BALANCE CLASSIFICATION (in thousands)
SPECIAL
BONDED DEBT-
BETTER
JACKSONVILLE 	SPECIAL
GENERAL 	PLAN 	BONDED DEBT-
FUND 	OBLIGATIONS 	OBLIGATIONS
FUND BALANCES:
Non Spendable:
Imprest cash and cash in escrow 	-	$ 	-	$ 	-	$
Inventories 	4,651 	- 	-
Other 	18 	- 	-
Spendable:
Restricted for:
Debt Service Reserved by Debt Covenants 	- 	85,715 	11,204
Parks and Recreation Projects 	- 	- 	-
Physical Environment 	- 	- 	-
Conservation and Resource Management 	- 	- 	-
Transportation Projects 	- 	- 	-
- 	- 	-
- 	- 	-
- 	- 	-
Public Safety 	- 	- 	-
Industry Development 	- 	- 	-
Other 	5,445 	- 	-
Committed to:
City Council Emergency Use 	66,028 	- 	-
Drainage Projects 	- 	- 	-
Parks and Recreation Projects 	2,011 	- 	-
Planning Projects 	4,206 	- 	-
Physical Environment 	- 	- 	-
Conservation and Resource Management 	- 	- 	-
Transportation Projects 	- 	- 	-
Emergency and Disaster Relief 	- 	- 	-
Court Projects and Operations 	- 	- 	-
Public Safety 	13,721 	- 	-
Industry Development 	10,664 	- 	-
Other 	7,002 	- 	-
Assigned to:
Parks Projects 	1,392 	- 	-
Planning Projects 	2,912 	- 	-
Public Safety 	9,499 	- 	-
Industry Development 	7,382 	- 	-
Other 	4,848 	- 	-
Unassigned 	266,290 	- 	-
Total Fund Balances 	406,069	$ 	85,715	$ 	11,204	$
Housing and Urban Development
Building
Human Services
MAJOR FUNDS
160

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OTHER FEDERAL, 	NON MAJOR
STATE AND 	GOVERNMENTAL 	ALL FUNDS
LOCAL GRANTS 	FUNDS 	2021 	2020
-	$ 	191	$ 	191	$ 	160	$
- 	4,651 	4,545
- 	1,968 	1,986 	1,667
- 	- 	96,919 	125,870
- 	3,906 	3,906 	4,142
- 	177 	177 	188
- 	1,143 	1,143 	1,212
- 	8,789 	8,789 	9,320
- 	22,937 	22,937 	24,324
- 	12,743 	12,743 	13,513
- 	257 	257 	273
- 	2,073 	2,073 	2,198
- 	47,220 	47,220 	50,074
3,057 	47 	8,549 	3,091
- 	- 	66,028 	65,259
- 	649 	649 	594
- 	29,914 	31,925 	31,024
- 	459 	4,665 	5,510
- 	5,693 	5,693 	5,210
- 	38,494 	38,494 	35,335
- 	191,846 	191,846 	175,555
- 	7,820 	7,820 	53,350
- 	4,102 	4,102 	3,754
- 	35,232 	48,953 	46,777
- 	10,582 	21,246 	14,337
- 	110,656 	117,658 	108,424
- 	- 	1,392 	3,298
- 	- 	2,912 	2,525
- 	- 	9,499 	7,130
- 	- 	7,382 	2,308
- 	- 	4,848 	3,554
-
- 	(25,454) 	240,836 	210,323
3,057	$ 	511,444	$ 	1,017,489	$ 	1,014,844	$
(Continued)
TOTAL
161

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162

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REQUIRED SUPPLEMENTAL INFORMATION
163

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CITY OF JACKSONVILLE, FLORIDA
GENERAL FUND REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL BUDGETARY BASIS (in thousands)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
VARIANCE WITH
FINAL BUDGET-
BUDGETARY 	POSITIVE
ORIGINAL 	FINAL 	ACTUAL 	ENCUMBRANCES 	ACTUAL 	(NEGATIVE)
REVENUE:
Property taxes....................................................... 	$ 741,295 	$ 741,295 	$ 752,018 	-	$ 	$ 752,018 	$ 10,723
Utility service taxes.............................................. 	93,357 	93,357 	94,286 	- 	94,286 	929
Community service taxes......................... 	28,403 	28,403 	29,413 	- 	29,413 	1,010
Sales and tourist taxes......................................... 	1,165 	1,165 	1,250 	- 	1,250 	85
Local business tax................................................ 	6,896 	6,896 	6,993 	- 	6,993 	97
Licenses, permits and fees.................................... 	42,003 	42,003 	41,782 	- 	41,782 	(221)
Intergovernmental................................................ 	174,134 	174,134 	207,049 	- 	207,049 	32,915
Charges for services............................................. 	72,728 	75,938 	81,862 	- 	81,862 	5,924
Fines and forfeitures............................................. 	1,994 	1,994 	2,713 	- 	2,713 	719
JEA contribution.................................................. 	120,012 	120,012 	120,012 	- 	120,012 	-
Investment Earning............................................... 	6,186 	7,449 	5,287 	- 	5,287 	(2,162)
Other.................................................................... 	15,569 	19,260 	18,955 	- 	18,955 	(305)
Total Revenue........................................................... 	1,303,742 	1,311,906 	1,361,620 	- 	1,361,620 	49,714
EXPENDITURES AND ENCUMBRANCES:
City Council......................................................... 	11,959 	12,908 	11,760 	37 	11,797 	1,111
Clerk of the Courts............................................... 	5,536 	5,963 	5,365 	169 	5,534 	429
Courts................................................................... 	5,375 	5,476 	5,450 	28 	5,478 	(2)
Downtown Investment Authority………. 	1,052 	10,248 	916 	358 	1,274 	8,974
Employee Services………………………… 	7,145 	7,705 	6,967 	513 	7,480 	225
Finance................................................................. 	20,690 	22,077 	20,168 	590 	20,758 	1,319
Fire/Rescue.......................................................... 	279,487 	285,031 	287,609 	914 	288,523 	(3,492)
General Counsel................................................... 	165 	165 	134 	- 	134 	31
Health Administrator............................................ 	1,115 	1,215 	1,115 	- 	1,115 	100
Inspector General………………………………. 	1,297 	1,300 	1,247 	5 	1,252 	48
Jacksonville Human Rights Commission.............. 	787 	793 	752 	1 	753 	40
Mayor................................................................... 	4,655 	4,863 	4,591 	193 	4,784 	79
Advisory Boards and Commissions...................... 	501 	504 	487 	4 	491 	13
Medical Examiner................................... 	5,748 	5,824 	5,457 	53 	5,510 	314
Military Affairs, Vet & Disabled Svcs…. 	1,467 	1,469 	1,427 	- 	1,427 	42
Office of Economic Development……… 	1,930 	10,240 	3,318 	(272) 	3,046 	7,194
Office of Ethics……………………………. 	463 	463 	423 	- 	423 	40
Parks & Recreation………………………. 	48,145 	46,482 	43,841 	533 	44,374 	2,108
Property Appraiser................................. 	11,429 	12,257 	11,156 	46 	11,202 	1,055
Public Defender.................................................... 	2,462 	2,476 	2,472 	- 	2,472 	4
Planning and Development................................... 	4,548 	4,590 	4,049 	124 	4,173 	417
Public Libraries.................................................... 	35,343 	37,547 	35,244 	729 	35,973 	1,574
Public Works........................................................ 	49,108 	52,236 	49,962 	2,359 	52,321 	(85)
Neighborhoods…………………………………. 	22,960 	23,579 	22,379 	65 	22,444 	1,135
Sports & Entertainment………………………… 	6,378 	7,097 	5,011 	602 	5,613 	1,484
State Attorney...................................................... 	2,250 	2,277 	2,286 	1 	2,287 	(10)
Supervisor of Elections........................................ 	6,936 	7,329 	7,540 	197 	7,737 	(408)
Office of the Sheriff.............................................. 	484,601 	493,235 	484,725 	8,945 	493,670 	(435)
Tax Collector....................................................... 	19,244 	21,207 	19,913 	383 	20,296 	911
Federal Program Reserve..................................... 	1,000 	251 	- 	- 	- 	251
Contribution to Shands-Jacksonville.................... 	30,276 	30,276 	29,472 	- 	29,472 	804
Cash Carryover Reserves..................................... 	64,921 	64,921 	- 	- 	- 	64,921
Jacksonville Misc. Citywide Activities................. 	148,143 	151,024 	108,897 	10,259 	119,156 	31,868
Total Expenditures.................................................... 	1,287,116 	1,333,028 	1,184,133 	26,836 	1,210,969 	122,059
EXCESS OF REVENUE OVER (UNDER)
EXPENDITURES............................................... 	16,626 	(21,122) 	177,487 	(26,836) 	150,651 	171,773
OTHER FINANCING SOURCES (USES):
Long Term Debt Issued........................................ 	35,433 	35,433 	- 	- 	- 	(35,433)
Transfers in.......................................................... 	16,542 	18,571 	16,351 	- 	16,351 	(2,220)
Transfers out........................................................ 	(137,461) 	(150,515) 	(127,705) 	- 	(127,705) 	22,810
Total Other Financing Sources (Uses)....................... 	(85,486) 	(96,511) 	(111,354) 	- 	(111,354) 	(14,843)
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 	(68,860) 	(117,633) 	66,133 	(26,836) 	39,297 	156,930
FUND BALANCES - BEGINNING......................... 	34,221 	(17,927) 	339,936 	- 	339,936 	-
FUND BALANCES - ENDING.............................. 	(34,639) 	(135,560) 	406,069 	(26,836) 	379,233 	-
GENERAL FUND
BUDGETED AMOUNTS
164

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	BUDGETARY DATA
The City uses the following procedures in establishing the budgetary data reflected in the
financial statements.
A. The City adopts its budget in accordance with Chapters 129 and 200, Florida Statutes,
the City Charter and Municipal Ordinance Code.
(1) The Mayor's Proposed Budget is presented to the City Council on the second
Tuesday in July; the budget ordinance, millage levy ordinance and related
resolutions are introduced.
(2) During the first Council meeting in September, public hearings are held on both
the budget and the millage rate. Following the public hearings, the Council adopts
a tentative budget and tentative millage rate. A final budget and millage is
adopted by full Council, and is effective on October 1.
The City presents a Budgetary Comparison Schedule as Required Supplementary
Information for the General Fund and each major special revenue fund with a legally
adopted budget. For the Fiscal Year 2021, the Other Federal, State, and Local Grants
Fund met the criteria to be reported as a major fund, but is not annually budgeted.
The City has opted to make this presentation in the format and classifications of the
budget 	document. 	These 	schedules 	report 	actual 	expenditures 	using 	generally
accepted accounting principles as well as expenditures on the budgetary basis, which
include amounts encumbered for future spending.
B. The City adopts annual budgets for the General Fund, certain Special Revenue Funds,
and Proprietary Funds. The City reports Budgetary Comparisons for its General Fund
and Major Special Revenue Funds in the Required Supplementary Information
section of the report. 	None of these funds had an excess of expenditures over
appropriations for the year ended September 30, 2021. Proprietary Fund budgets are
adopted for management control purposes. 	The City is not required to include
Budgetary Comparisons for Proprietary Funds in this report. 	Project or program
budgets, which may not coincide with the City's fiscal year, or which may exceed a
single annual period, are adopted by separate ordinance for most Special Revenue
Funds and Capital Project Funds. Budgets are not formally adopted for Debt Service
Funds as internal spending controls are set by compliance with bond covenants. The
Special Revenue Funds which are not annually budgeted include the following:
Public Safety, Community Development Block Grant, Job Training Partnership Act
Grant, Maintenance Parks and Recreation, Other Federal, State and Local Grants,
Better Jacksonville Trust Fund, Housing and Neighborhoods, State Housing Initiative
Partnership, Non-Budgeted General Government, and Clerk of Court.
165

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CITY OF JACKSONVILLE, FLORIDA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
1. 	BUDGETARY DATA (continued)
C. Level of Budgetary Control - Expenditures may not exceed appropriations and are
controlled in the following manner:
(1) The budget is adopted by ordinance which sets the legal level of control at the
fund level by department.
(2) The City adopted more stringent administrative policies that control expenditures
at the major category (Personal Services, Operating Expense, Capital Outlay,
Debt Service) level within divisions within individual funds.
(3) The City, additionally, adopted a Municipal Ordinance Code Policy that provides
transfer authority to the mayor, without City Council approval, within an
individual fund to include unique chart of account combinations if the total
transferred funds for a specific purpose, project or issue is under $500,000 during
the fiscal year. 	These transfers are reported to the Finance Committee on a
quarterly basis.
D. Supplemental Appropriations - The City Council may, through passage of an
ordinance, amend the budget in any manner permissible under state and local law,
with one exception. Bond covenants, trust and agency agreements, and certain clauses
of ordinances in effect may restrict certain budgetary items in terms of amount or use.
In certain instances the City may supplement the appropriations in a fund due to
unexpected high levels of receipts or under estimates of carry forward balances.
Supplemental appropriations to the Fiscal Year 2021 Annual Budget Ordinance were
made throughout the year, the effects of which were not material.
E. All appropriations in annually budgeted funds, except for amounts corresponding to
outstanding encumbrances, lapse at year-end or at the close of the authorizing
project/program, unless specifically carried forward by ordinance.
F. 	Formal budgetary integration is used as a management control device for all funds of
the City, except certain Debt Service Funds as explained in Note to RSI 1.C.
G. The City’s Annual Financial Plan, or published budget document, may be obtained
from the City’s Budget Office located at 117 West Duval Street, Suite 325,
Jacksonville, Florida 32202.
H. The Clerk of Court special revenue fund budget is not approved by the City. 	The
Court fund is submitted and approved by the State and is based on the State’s July 1st
to June 30th fiscal year.
166

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF CONTRIBUTIONS - LAST 10 FISCAL YEARS
CITY OF JACKSONVILLE RETIREMENT SYSTEM
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(in thousands)
Actual
Plan Year 	Actuarially 	Contribution 	Contribution
Ending 	Determined 	City Cash 	Deficiency/ 	Covered 	as a % of
September 30 	Contributions 	Contributions 	(Excess)** 	Payroll* 	Covered Payroll
General Employees Retirement Plan
2021 	76,833 	77,269 	(436) 	246,864 	31.30%
2020 	71,250 	72,193 	(943) 	249,983 	28.88%
2019 	69,248 	70,338 	(1,090) 	253,982 	27.69%
2018 	70,166 	71,024 	(858) 	257,850 	27.54%
2017 	94,527 	94,700 	(173) 	250,894 	37.75%
2016 	89,059 	84,898 	4,161 	254,034 	33.42%
2015 	86,069 	81,751 	4,318 	262,369 	31.16%
2014 	81,531 	71,000 	10,531 	265,405 	26.75%
2013 	66,660 	55,386 	11,274 	283,021 	19.57%
2012 	57,498 	49,899 	7,599 	314,054 	15.89%
Corrections Officers Retirement Plan
2021 	15,045 	15,061 	(16) 	28,268 	53.28%
2020 	15,043 	15,045 	(2) 	28,726 	52.37%
2019 	14,498 	14,498 	0 	28,164 	51.48%
2018 	13,973 	13,973 	0 	27,548 	50.72%
2017 	19,156 	19,162 	(6) 	26,585 	72.08%
2016 	18,864 	18,864 	0 	28,091 	67.15%
2015 	17,618 	17,832 	(214) 	27,374 	65.14%
2014 	14,885 	13,522 	1,363 	27,871 	48.52%
2013 	12,885 	10,742 	2,143 	28,944 	37.11%
2012 	11,861 	9,066 	2,795 	31,832 	28.48%
*Pensionable payroll as of the valuation measurement date 10/1.
**The City contributed the percentage of payroll represented by the actuarially determined contributions
in the corresponding actuarial valuation. Actual dollar contributions may be more or less than the actuarially determined
contributions due to actual payroll being different than projected payroll.
167

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF CONTRIBUTIONS - LAST 10 FISCAL YEARS
FLORIDA STATE RETIREMENT SYSTEM
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(in thousands)
PENSION PLAN 	Actual
Plan Year 	Actuarially 	Contribution 	Contribution
Ending 	Determined 	City Cash 	Deficiency/ 	Covered 	as a % of
September 30 	Contributions 	Contributions 	(Excess) 	Payroll 	Covered Payroll
2021 	630 	641 	(11) 	1,483 	43.22%
2020 	698 	755 	(57) 	2,065 	36.56%
2019 	706 	732 	(26) 	1,897 	38.59%
2018 	759 	758 	1 	2,043 	37.10%
2017 	712 	710 	2 	2,048 	34.65%
2016 	695 	724 	(29) 	2,072 	34.93%
2015 	769 	774 	(5) 	2,175 	35.60%
HEALTH INSURANCE SUBSIDY
Actual
Plan Year 	Actuarially 	Contribution 	Contribution
Ending 	Determined 	City Cash 	Deficiency/ 	Covered 	as a % of
September 30 	Contributions 	Contributions 	(Excess) 	Payroll 	Covered Payroll
2021 	35 	33 	2 	1,473 	2.24%
2020 	36 	39 	(3) 	2,065 	1.89%
2019 	39 	38 	1 	1,897 	1.98%
2018 	43 	39 	4 	2,043 	1.91%
2017 	43 	36 	7 	2,048 	1.78%
2016 	42 	37 	5 	2,072 	1.79%
2015 	35 	40 	(5) 	2,175 	1.83%
Prior years information is unavailable
Prior years information is unavailable
168

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF CONTRIBUTIONS - LAST 10 FISCAL YEARS
CITY OF JACKSONVILLE BEACH FIREFIGHTERS’ RETIREMENT SYSTEM
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(in thousands)
Actual
Plan Year 	Actuarially 	Contribution 	Contribution
Ending 	Determined 	City Cash 	Deficiency/ 	Covered 	as a % of
September 30 	Contributions 	Contributions 	(Excess)** 	Payroll* 	Covered Payroll
Jacksonville Beach Firefighters
2021 	842 	842 	0 	1,874 	44.92%
2020 	1,067 	1,102 	(35) 	1,832 	60.15%
2019 	658 	658 	0 	2,444 	26.91%
2018 	608 	608 	0 	2,030 	29.97%
2017 	501 	501 	0 	2,123 	23.61%
2016 	422 	422 	0 	2,020 	20.90%
2015 	368 	390 	(22) 	1,848 	21.10%
2014 	408 	458 	(50) 	1,868 	24.51%
Notes to Schedule of Contributions
Valuation Date October 1, 2019 for period ended September 30, 2021
Actuarial Cost Method: Entry Age Normal
Amortization Method: Level Dollar, Closed
Remaining Amortization Period: 9 Years
Asset Valuation Method: 4-Year Smoothed Market
Actuarial Assumptions:
Inflation 2.5% wage inflation, 2.5% price inflation
Investment Rate of Return 7.0%
Projected Salary Increases 2.7% to 6.3%
Retirement Age Age and experience-based table of rates that are specific to the type
of eligibility condition. Last updated for the 2002 valuation.
Mortality The Florida Retirement System (FRS) mortality tables which use
variations of the fully generational RP-2000 Mortality Tables with
projection scale BB.
Other Information: The employer contribution for September 30, 2020 was recalculated
in the October 1, 2019 actuarial valuation report dated February 14, 2020
in accordance with the Interlocal Agreement with the City of Jacksonville.
Additional years will be added to this schedule annually until 10 years of data are presented.
169

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY – LAST 10 FISCAL YEARS
CITY OF JACKSONVILLE RETIREMENT SYSTEM
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(in thousands)
General
Employees'
Retirement
Plan
Corrections
Officers'
Retirement
Plan
General
Employees'
Retirement
Plan
Corrections
Officers'
Retirement
Plan
General
Employees'
Retirement
Plan
Corrections
Officers'
Retirement
Plan
Total pension liability
Service cost* 	39,960	$ 	7,675	$ 	39,905	$ 	7,359	$ 	41,477	$ 	7,975	$
Interest* 	222,362 	30,633 	219,284 	29,931 	215,034 	28,318
Changes of benefit terms 	- 	- 	- 	- 	17,317 	-
Differences between expected and actual experience 	12,192 	9,965 	33,435 	5,491 	(7,275) 	719
Changes of assumptions 	36,145 	6,109 	4,913 	(7,304) 	80,635 	17,045
Benefit payents, including refunds of contributions 	(207,269) 	(20,323) 	(207,904) 	(18,506) 	(191,229) 	(19,819)
Net change in total pension liability 	103,390	$ 	34,059	$ 	89,633	$ 	16,971	$ 	155,959	$ 	34,238	$
Total pension liability - beginning balance 	3,286,314 	446,447 	3,196,681 	429,474 	3,040,721 	395,236
Total pension liability - ending balance (a) 	3,389,704	$ 	480,506	$ 	3,286,314	$ 	446,447	$ 	3,196,680	$ 	429,474	$
Plan fiduciary net position
Contributions - employer 	72,194	$ 	15,058	$ 	70,338	$ 	14,498	$ 	71,024	$ 	13,973	$
Contributions - employee 	26,014 	3,401 	28,334 	3,225 	29,919 	3,151
Net investment income 	125,958 	9,840 	14,789 	3,496 	145,470 	19,269
Benefit payments including refunds of contributions 	(207,269) 	(20,323) 	(207,904) 	(18,506) 	(191,229) 	(19,819)
Administrative expense 	(1,084) 	(153) 	(967) 	(158) 	(1,193) 	(128)
Other 	- 	- 	- 	- 	11,397 	-
Net change in plan fiduciary net position 	15,813	$ 	7,823	$ 	(95,410)	$ 	2,555	$ 	65,388	$ 	16,446	$
Plan fiduciary net position - beginning balance 	1,989,646 	232,024 	2,085,056 	229,469 	2,019,668 	213,023
Plan fiduciary net position - ending balance (b) 	2,005,459	$ 	239,847	$ 	1,989,646	$ 	232,024	$ 	2,085,056	$ 	229,469	$
Net pension liability - ending balance (a) - (b) 	1,384,245	$ 	240,659	$ 	1,296,668	$ 	214,423	$ 	1,111,624	$ 	200,005	$
Plan fiduciary net position as a % of total pension liability 	59.16% 	49.92% 	60.54% 	51.97% 	65.23% 	53.43%
Covered payroll (in thousands) 	246,387	$ 	28,268	$ 	249,983	$ 	28,726	$ 	253,982	$ 	28,164	$
Net pension liability as % of covered payroll 	561.82% 	851.35% 	518.70% 	746.44% 	437.68% 	710.14%
Notes to Schedule:
Change of Assumptions:
2018	2019	2020
tables used in the July 1, 2019 FRS actuarial valuation for special risk personnel. The set forward used to
adjust for the plan’s experience was changed for healthy pre- and post-retirement lives was changed from
As of September 30, 2020 the assumed investment return was lowered from 6.90% to 6.80%.
As of September 30, 2019 the assumed investment return was lowered from 7.00% to 6.90%.
As of September 30, 2019 the mortality assumptions were changed from being based on the FRS mortality
tables used in the July 1, 2018 FRS actuarial valuation for the special risk personnel to the FRS mortality
2.5 years to 2.0 years with the adoption of the new base table. The mortality improvement scale was
changed from scale BB to scale MP2018 in conjunction with this change.
170

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY – LAST 10 FISCAL YEARS
CITY OF JACKSONVILLE RETIREMENT SYSTEM
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(continued)
(in thousands)
General
Employees'
Retirement
Plan
Corrections
Officers'
Retirement
Plan
General
Employees'
Retirement
Plan
Corrections
Officers'
Retirement
Plan
General
Employees'
Retirement
Plan
Corrections
Officers'
Retirement
Plan
Total pension liability
Service cost* 	37,697	$ 	7,330	$ 	36,759	$ 	7,091	$ 	40,238	$ 	7,261	$
Interest* 	210,509 	27,284 	199,659 	25,391 	194,312 	23,652
Changes of benefit terms 	1,149 	74 	- 	- 	- 	-
Differences between expected and actual experience 	16,294 	(2,054) 	60,437 	(1,418) 	(4,785) 	1,699
Changes of assumptions 	64,390 	9,950 	72,969 	16,320 	(18,044) 	(1,243)
Benefit payents, including refunds of contributions 	(192,662) 	(17,438) 	(183,692) 	(17,487) 	(170,674) 	(13,081)
Net change in total pension liability 	137,377	$ 	25,146	$ 	186,132	$ 	29,897	$ 	41,047	$ 	18,288	$
Total pension liability - beginning balance 	2,903,344 	370,090 	2,717,212 	340,194 	2,676,164 	321,906
Total pension liability - ending balance (a) 	3,040,721	$ 	395,236	$ 	2,903,344	$ 	370,091	$ 	2,717,211	$ 	340,194	$
Plan fiduciary net position
Contributions - employer 	94,700	$ 	19,162	$ 	84,898	$ 	18,864	$ 	81,751	$ 	17,832	$
Contributions - employee 	23,037 	2,500 	21,840 	2,410 	20,893 	2,466
Net investment income 	266,138 	26,747 	167,067 	11,548 	(39,506) 	(3,849)
Benefit payments including refunds of contributions 	(192,662) 	(17,438) 	(183,692) 	(17,486) 	(170,674) 	(13,081)
Administrative expense 	(787) 	(75) 	(762) 	(75) 	(762) 	(73)
Other 	- 	- 	- 	- 	- 	-
Net change in plan fiduciary net position 	190,426	$ 	30,896	$ 	89,351	$ 	15,261	$ 	(108,298)	$ 	3,295	$
Plan fiduciary net position - beginning balance 	1,829,242 	182,127 	1,739,891 	166,866 	1,848,189 	163,571
Plan fiduciary net position - ending balance (b) 	2,019,668	$ 	213,023	$ 	1,829,242	$ 	182,127	$ 	1,739,891	$ 	166,866	$
Net pension liability - ending balance (a) - (b) 	1,021,053	$ 	182,213	$ 	1,074,102	$ 	187,964	$ 	977,320	$ 	173,328	$
Plan fiduciary net position as a % of total pension liability 	66.42% 	53.90% 	63.00% 	49.21% 	64.03% 	49.05%
Covered payroll (in thousands) 	257,850	$ 	26,585	$ 	255,717	$ 	28,091	$ 	254,035	$ 	27,374	$
Net pension liability as % of covered payroll 	395.99% 	685.40% 	420.04% 	669.13% 	384.72% 	633.18%
Notes to Schedule:
Change of Assumptions:
October 1, 2017. For accounting purposes, this change is reflected on September 30, 2017.
The plan was closed to new entrants as of October 1, 2017.
There was no immediate impact on the total pension liability.	tables used in the July 1, 2019 FRS actuarial valuation for
Assumption changes
The employee contribution rate increased from 7.7% to 9.7% of pay effective
Notes to Schedule:
As of September 30, 2019 the assumed investment return was
As of September 30, 2019 the mortality assumptions were
tables used in the July 1, 2018 FRS actuarial valuation for the
2015	2016	2017
171

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY – LAST 10 FISCAL YEARS
CITY OF JACKSONVILLE RETIREMENT SYSTEM
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(continued)
(in thousands)
General
Employees'
Retirement
Plan
Corrections
Officers'
Retirement
Plan
General
Employees'
Retirement
Plan
Corrections
Officers'
Retirement
Plan
Total pension liability
Service cost* 	36,950	$ 	6,680	$ 	39,627	$ 	6,904	$
Interest* 	189,064 	21,997 	183,151 	20,476
Changes of benefit terms 	- 	- 	- 	-
Differences between expected and actual experience 	(5,356) 	5,963 	22,318 	5,777
Changes of assumptions 	101,525 	10,765 	- 	-
Benefit payents, including refunds of contributions 	(171,127) 	(14,676) 	(166,460) 	(12,369)
Net change in total pension liability 	151,056	$ 	30,729	$ 	78,636	$ 	20,788	$
Total pension liability - beginning balance 	2,525,107 	291,177 	2,446,471 	270,389
Total pension liability - ending balance (a) 	2,676,163	$ 	321,906	$ 	2,525,107	$ 	291,177	$
Plan fiduciary net position
Contributions - employer 	71,000	$ 	13,522	$ 	55,386	$ 	10,742	$
Contributions - employee 	20,961 	2,253 	21,878 	2,525
Net investment income 	194,864 	15,468 	264,541 	18,466
Benefit payments including refunds of contributions 	(171,127) 	(14,677) 	(166,460) 	(12,369)
Administrative expense 	(828) 	(65) 	(671) 	(50)
Other 	- 	- 	- 	392
Net change in plan fiduciary net position 	114,870	$ 	16,501	$ 	174,674	$ 	19,706	$
Plan fiduciary net position - beginning balance 	1,733,319 	147,070 	1,558,645 	127,364
Plan fiduciary net position - ending balance (b) 	1,848,189	$ 	163,571	$ 	1,733,319	$ 	147,070	$
Net pension liability - ending balance (a) - (b) 	827,974	$ 	158,335	$ 	791,788	$ 	144,107	$
Plan fiduciary net position as a % of total pension liability 	69.06% 	50.81% 	68.64% 	50.51%
Covered payroll (in thousands) 	262,369	$ 	27,871	$ 	265,405	$ 	28,944	$
Net pension liability as % of covered payroll 	315.58% 	578.42% 	298.33% 	497.88%
Prior years data is unavailable
2013	2014
172

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DRAFT
(This page is intentionally left blank.)
173

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY - LAST 10 FISCAL YEARS
FLORIDA RETIREMENT SYSTEM & JACKSONVILLE BEACH FIREFIGHTERS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(in thousands)
Florida
Retirement
System
FRS Health
Insurance
Supplement
Jacksonville
Beach
Firefighters
Florida
Retirement
System
Health
Insurance
Supplement
Jacksonville
Beach
Firefighters
Total pension liability
Service cost* 	438	$ 	17	$ 	346	$ 	556	$ 	17	$ 	378	$
Interest* 	2,267 	16 	1,320 	2,826 	25 	1,277
Changes of benefit terms 	- 	- 	- 	- 	- 	-
Differences between expected and actual experience 	58 	- 	(63) 	94 	28 	92
Changes of assumptions 	- 	5 	- 	365 	30 	1,161
Change in Porportionate Share 	- 	- 	- 	- 	- 	-
Benefit payents, including refunds of contributions 	(1,981) 	(30) 	(1,149) 	(2,393) 	(32) 	(968)
Net change in total pension liability 	782	$ 	8	$ 	454	$ 	1,448	$ 	68	$ 	1,940	$
Total pension liability - beginning balance 	33,867 	742 	19,262 	41,580 	722 	17,322
Total pension liability - ending balance (a) 	34,649	$ 	750	$ 	19,716	$ 	43,028	$ 	790	$ 	19,262	$
Plan fiduciary net position
Contributions - employer 	630	$ 	35	$ 	1,101	$ 	698	$ 	36	$ 	658	$
Contributions - employee 	125 	- 	146 	157 	- 	178
Net investment income 	7,926 	- 	1,372 	1,121 	- 	743
Benefit payments including refunds of contributions 	(1,981) 	(30) 	(1,149) 	(2,393) 	(32) 	(967)
Administrative expense 	(4) 	- 	(80) 	(5) 	- 	(70)
Other 	- 	- 	- 	- 	- 	-
Net change in plan fiduciary net position 	6,696	$ 	5	$ 	1,390	$ 	(422)	$ 	4	$ 	542	$
Plan fiduciary net position - beginning balance 	26,704 	22 	13,886 	34,348 	19 	13,344
Plan fiduciary net position - ending balance (b) 	33,400	$ 	27	$ 	15,276	$ 	33,926	$ 	23	$ 	13,886	$
Net pension liability - ending balance (a) - (b) 	1,249	$ 	723	$ 	4,440	$ 	9,102	$ 	767	$ 	5,376	$
Plan fiduciary net position as a % of total pension liability 	96.40% 	3.60% 	77.48% 	78.85% 	2.91% 	72.09%
Covered payroll (in thousands) 	1,473	$ 	1,473	$ 	1,832	$ 	2,065	$ 	2,065	$ 	2,244	$
Net pension liability as % of covered payroll 	84.78% 	49.07% 	242.33% 	440.77% 	37.13% 	239.52%
Additional years will be added to this schedule annually until 10 years of data are presented.
FLORIDA RETIREMENT SYSTEM
JACKSONVILLE BEACH FIREFIGHTERS
from 7.5% to 7.0%
Assumption changes for the 9/30/19 measurement date include lowering the investment rate of return
The total pension liability for each cost-sharing defined benefit plan was determined using the
individual entry age actuarial cost method. Inflation increases for both plans is assumed at 2.40%.
Payroll growth, including inflation, for both plans is assumed at 3.25%. Both the discount rate and
the long-term expected rate of return used for FRS Pension Plan investments is 6.80%.
Notes to Schedules:
2021 	2020
174

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY - LAST 10 FISCAL YEARS
FLORIDA RETIREMENT SYSTEM & JACKSONVILLE BEACH FIREFIGHTERS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(in thousands)
Florida
Retirement
System
Health
Insurance
Supplement
Jacksonville
Beach
Firefighters
Florida
Retirement
System
Jacksonville
Beach
Firefighters
Total pension liability
Service cost* 	575	$ 	16	$ 	306	$ 	666	$ 	302	$
Interest* 	3,005 	30 	1,207 	3,453 	1,097
Changes of benefit terms 	3 	- 	- 	- 	-
Differences between expected and actual experience 	56 	- 	189 	162 	216
Changes of assumptions 	361 	36 	879 	564 	717
Change in Porportionate Share 	- 	- 	- 	(240) 	-
Benefit payents, including refunds of contributions 	(2,475) 	(35) 	(774) 	(2,803) 	(750)
Net change in total pension liability 	1,525	$ 	47	$ 	1,807	$ 	1,802	$ 	1,582	$
Total pension liability - beginning balance 	43,576 	764 	15,515 	51,141 	13,932
Total pension liability - ending balance (a) 	45,101	$ 	811	$ 	17,322	$ 	52,943	$ 	15,514	$
Plan fiduciary net position
Contributions - employer 	706	$ 	39	$ 	608	$ 	802	$ 	501	$
Contributions - employee 	171 	- 	161 	199 	169
Net investment income 	2,143 	- 	1,112 	3,718 	1,322
Benefit payments including refunds of contributions 	(2,475) 	(35) 	(774) 	(2,803) 	(750)
Administrative expense 	(4) 	- 	(75) 	(5) 	(71)
Other 	- 	- 	- 	- 	-
Net change in plan fiduciary net position 	541	$ 	4	$ 	1,032	$ 	1,911	$ 	1,171	$
Plan fiduciary net position - beginning balance 	36,715 	16 	12,312 	42,170 	11,141
Plan fiduciary net position - ending balance (b) 	37,256	$ 	20	$ 	13,344	$ 	44,081	$ 	12,312	$
Net pension liability - ending balance (a) - (b) 	7,845	$ 	791	$ 	3,978	$ 	8,862	$ 	3,202	$
Plan fiduciary net position as a % of total pension liability 	82.61% 	2.47% 	77.03% 	83.26% 	79.36%
Covered payroll (in thousands) 	1,897	$ 	1,897	$ 	2,230	$ 	2,043	$ 	2,123	$
Net pension liability as % of covered payroll 	413.55% 	41.69% 	195.97% 	433.77% 	150.82%
2018	2019
Assumption changes for the 9/30/19 measurement date include lowering the
investment rate of return from 7.5% to 7.0%
JACKSONVILLE BEACH FIREFIGHTERS
investment return from 7.9% to 7.5%.
A Assumption changes for the 9/30/18 measurement date include lowering the
Notes to Schedules:
An additional year will be added to this schedule annually until 10 years of data are
presented.
FLORIDA RETIREMENT SYSTEM
The total pension liability for each cost-sharing defined benefit plan was determined
using the individual entry age actuarial cost method. Inflation increases for both
plans is assumed at 2.40%. Payroll growth, including inflation, for both plans is
assumed at 3.25%. Both the discount rate and the long-term expected rate of return
175

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY - LAST 10 FISCAL YEARS
FLORIDA RETIREMENT SYSTEM & JACKSONVILLE BEACH FIREFIGHTERS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(in thousands)
2015
Florida
Retirement
System
Jacksonville
Beach
Firefighters
Florida
Retirement
System
Jacksonville
Beach
Firefighters
Florida
Retirement
System
Total pension liability
Service cost* 	592	$ 	282	$ 	592	$ 	246	$ 	629	$
Interest* 	3,444 	994 	3,444 	952 	3,483
Changes of benefit terms 	25 	- 	25 	- 	9
Differences between expected and actual experience 	386 	33 	386 	- 	245
Changes of assumptions 	2,758 	812 	2,758 	117 	369
Change in Porportionate Share 	(6,329) 	- 	(6,329) 	- 	(533)
Benefit payents, including refunds of contributions 	(2,736) 	(933) 	(2,736) 	(684) 	(3,070)
Net change in total pension liability 	(1,860)	$ 	1,188	$ 	(1,860)	$ 	631	$ 	1,132	$
Total pension liability - beginning balance 	53,001 	12,745 	53,001 	12,114 	51,869
Total pension liability - ending balance (a) 	51,141	$ 	13,933	$ 	51,141	$ 	12,745	$ 	53,001	$
Plan fiduciary net position
Contributions - employer 	756	$ 	422	$ 	756	$ 	390	$ 	737	$
Contributions - employee 	204 	161 	204 	147 	203
Net investment income 	5,145 	855 	5,145 	(34) 	140
Benefit payments including refunds of contributions 	(2,736) 	(933) 	(2,736) 	(684) 	(3,070)
Administrative expense 	(5) 	(63) 	(5) 	(66) 	(5)
Other 	- 	- 	- 	- 	-
Net change in plan fiduciary net position 	3,364	$ 	442	$ 	3,364	$ 	(247)	$ 	(1,995)	$
Plan fiduciary net position - beginning balance 	38,807 	10,700 	38,807 	10,946 	46,853
Plan fiduciary net position - ending balance (b) 	42,171	$ 	11,142	$ 	42,171	$ 	10,699	$ 	44,858	$
Net pension liability - ending balance (a) - (b) 	8,970	$ 	2,791	$ 	8,970	$ 	2,046	$ 	8,143	$
Plan fiduciary net position as a % of total pension liability 	82.46% 	79.97% 	82.46% 	83.95% 	84.64%
Covered payroll (in thousands) 	2,048	$ 	2,019	$ 	2,072	$ 	1,848	$ 	2,175	$
Net pension liability as % of covered payroll 	437.99% 	138.20% 	432.92% 	110.64% 	374.39%
JACKSONVILLE BEACH FIREFIGHTERS
2017 	2016
A
s
Notes to Schedules:
An additional year will be added to this schedule annually until 10 years of data are
presented.
Assumption changes for the 9/30/17 measurement date include lowering the
benefit formula, changes in the COLA, and changes in what is considered pensionable
Assumption changes for the 9/30/16 measurement date include adding a 3% load on
the present value of future benefits as a margin for future mortality improvements.
A
N
A
n
FL
T
p
FLORIDA RETIREMENT SYSTEM
The total pension liability for each cost-sharing defined benefit plan was determined
using the individual entry age actuarial cost method. Inflation increases for both
plans is assumed at 2.40%. Payroll growth, including inflation, for both plans is
assumed at 3.25%. Both the discount rate and the long-term expected rate of return
176

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF MONEY-WEIGHTED RATE OF RETURN – LAST 10 FISCAL YEARS
CITY OF JACKSONVILLE RETIREMENT SYSTEM
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(net of investment expense)
Fiscal Year
Ended 	City of Jacksonville
September 30 	Retirement System
2021 	21.32%
2020 	6.02%
2019 	0.88%
2018 	7.44%
2017 	14.71%
2016 	9.45%
2015 	-2.15%
2014 	11.52%
2013 	17.06%
*Prior Years data unavailable
177

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
CITY OF JACKSONVILLE RETIREMENT SYSTEM
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
GENERAL EMPLOYEES RETIREMENT PLAN
Valuation date 	October 1, 2020
Methods and used assumptions to
determine contribution rates:
Actuarial cost method 	Entry Age Normal Cost Method
Amortization method 	Level percent of payroll, using 1.5% annual increases
Remaining amortization period 	All new bases amortized over 27 years, will be further reduced by one year
each successive year.
Asset valuation method 	Fair value of assets less unrecognized returns in each of the last five years.
Unrecognized return is equal to the difference between the actual market
return and the expected return on the fair value, and is recognized over a
five-year period, further adjusted, if necessary, to be within 20% of the fair
value.
Actuarial assumptions:
Investment rate of return 	6.80%, including inflation, net of pension plan investment expense
Inflation rate 	2.50%
Projected salary increases 	1.50% used for unfunded liability amounts based on a Florida Statutes
requirement that the assumption may not exceed average annual growth for
the preceding ten years; 2.50% is the Plan’s long-term payroll inflation
assumption.
Cost-of-living adjustments 	The Plan provisions contain a 3.00% COLA.
Mortality:
Pre-retirement 	FRS pre-retirement mortality tables for personnel other than special risk
and K-12 instructional personnel, set forward 2 years, projected
generationally from 2010 with Scale MP2018
Healthy annuitants 	FRS healthy post-retirement mortality tables for personnel other than
special risk and K-12 instructional personnel, set forward 2 years,
projected generationally from 2010 with Scale MP2018.
Disabled annuitants 	FRS disabled mortality tables for personnel other than special risk, with
no set forward, projected generationally from 2010 with Scale MP2018.
The FRS tables for personnel other than special risk and K-12
instructional personnel, set forward 2 years, reasonably reflect the healthy
annuitant mortality experience of the General Employees Retirement Plan
as of the measurement date. The FRS disabled mortality tables for
personnel other than special risk reasonably reflect the disabled annuitant
mortality experience as of the measurement date.
178

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
CITY OF JACKSONVILLE RETIREMENT SYSTEM
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
CORRECTIONS OFFICERS RETIREMENT PLAN
Valuation date 	October 1, 2020
Methods and used assumptions to determine
contribution rates:
Actuarial cost method 	Entry Age Normal Cost Method
Amortization method 	Level percent of payroll, using 1.25% annual increases
Remaining amortization period 	All new bases amortized over 26 years, will be further reduced by one
year each successive year
Asset valuation method 	Fair value of assets less unrecognized returns in each of the last five
years. Unrecognized return is equal to the difference between the
actual market return and the expected return on the fair value, and is
recognized over a five-year period, further adjusted, if necessary, to be
within 20% of the fair value.
Actuarial assumptions:
Investment rate of return 	6.80%, including inflation, net of pension plan investment expense
Inflation rate 	2.50%
Projected salary increases 	1.25% used for unfunded liability amounts based on a Florida Statutes
requirement that the assumption may not exceed average annual
growth for the preceding ten years; 2.50% is the Plan’s long-term
payroll inflation assumption.
Cost-of-living adjustments 	The Plan provisions contain a 3.00% COLA.
Mortality:
Pre-Retirement 	FRS pre-retirement mortality tables for special risk personnel, set
forward 2 years, projected generationally from 2010 with Scale
MP2018
Healthy annuitants 	FRS healthy post-retirement mortality tables for special risk personnel,
set forward 2 years, projected generationally from 2010 with Scale
MP2018.
Disabled annuitants 	FRS disabled mortality tables for personnel other than special risk,
with no set forward, projected generationally from 2010 with Scale
MP2018.
The FRS tables for special risk personnel, set forward 2 years,
reasonably reflect the healthy annuitant mortality experience of the
General Employees Retirement Plan as of the measurement date. The
FRS disabled mortality tables for special risk personnel reasonably
reflect the disabled annuitant mortality experience as of the
measurement date.
179

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF THE CITY’S PROPORTIONATE SHARE
NET PENSION LIABILITY – LAST 10 FISCAL YEARS
CITY OF JACKSONVILLE RETIREMENT SYSTEM
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(in thousands)
Fiscal Year
City's Proportional
Share Percentage
City's Proportion
of Net Pension
Liability
City's Covered
Payroll
Citys Net Pension
Liability as
Percentage of
Covered Employee
Payroll
Plan Fiduciary Net
Position as a % of
Total Pension
Liability
2021 	45.27% 	626,624 	108,965 	575.07% 	59.16%
2020 	49.23% 	638,350 	110,781 	576.23% 	60.54%
2019 	47.35% 	526,354 	113,773 	462.64% 	65.23%
2018 	46.37% 	473,462 	118,506 	399.53% 	63.71%
2017 	47.61% 	511,380 	118,973 	429.83% 	63.00%
2016 	48.78% 	476,737 	121,601 	392.05% 	64.03%
2015 	49.72% 	411,669 	128,869 	319.45% 	69.06%
2014 	49.72% 	393,677 	129,951 	302.94% 	68.64%
FLORIDA STATE RETIREMENT SYSTEM
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(in thousands)
PENSION PLAN
Fiscal Year
City's Proportional
Share Percentage
City's Proportion
of Net Pension
Liability
City's Covered
Payroll
Citys Net Pension
Liability as
Percentage of
Covered Payroll
Plan Fiduciary Net
Position as a % of
Total Pension
Liability
2021 	0.017% 	1,248 	1,473 	84.73% 	83.44%
2020 	0.021% 	9,101 	2,065 	440.73% 	78.85%
2019 	0.023% 	7,844 	1,897 	413.49% 	82.61%
2018 	0.027% 	8,023 	2,043 	392.71% 	84.26%
2017 	0.027% 	8,097 	2,048 	395.36% 	83.89%
2016 	0.029% 	7,197 	2,072 	347.35% 	84.88%
2015 	0.032% 	4,076 	2,175 	187.40% 	92.00%
HEALTH INSURANCE SUBSIDY
Fiscal Year
City's Proportional
Share Percentage
City's Proportion
of Net Pension
Liability
City's Covered
Payroll
Citys Net Pension
Liability as
Percentage of
Covered Payroll
Plan Fiduciary Net
Position as a % of
Total Pension
Liability
2021 	0.006% 	723 	1,473 	49.08% 	3.56%
2020 	0.006% 	767 	2,065 	37.14% 	3.00%
2019 	0.007% 	790 	1,897 	41.64% 	2.63%
2018 	0.008% 	842 	2,043 	41.21% 	2.15%
2017 	0.008% 	876 	2,048 	42.77% 	1.64%
2016 	0.008% 	947 	2,072 	45.70% 	0.97%
2015 	0.009% 	939 	2,175 	43.17% 	0.50%
Prior year information is unavailable
Prior year information is unavailable
Prior year information is unavailable
180

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS – FOR LAST 10 FISCAL YEARS
POLICE AND FIRE RETIREMENT SYSTEM
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(in thousands)
Actuarially required
City contribution
Contribution in
relation to the
actuarially
determined
contribution
Contribution
deficiency (excess) * 	Covered payroll
Contribution as a
percentage of covered
payroll
2021 	148,476 	148,477 	- 	161,836 	91.74%
2020 	140,293 	140,293 	- 	174,186 	84.54%
2019 	135,264 	135,264 	- 	174,125 	77.68%
2018 	135,648 	135,691 	(43) 	162,004 	83.76%
2017 	165,772 	177,788 	(12,016) 	149,490 	118.93%
2016 	154,540 	154,540 	- 	135,600 	113.97%
2015 	153,604 	153,936 	(332) 	132,735 	115.97%
2014 	142,433 	149,159 	(6,726) 	134,521 	110.88%
2013 	99,997 	122,580 	(22,583) 	130,972 	93.59%
2012 	73,729 	70,599 	3,130 	133,611 	52.84%
Methods used to determine contribution rates:
Actuarial Cost Method:
Amortization method:
Remaining amortization period:
Asset valuation method: 5-year smoothed market
Inflation:
Salary increases:
Investment rate of return:
Retirement Age:
Mortality :
A range of 2.75% to 11.50% depending on complete years of service, including inflation.
6.90%
Experience-based table of rates that are specific to the type of eligibility condition.
Entry Age Normal Cost
Level Percent of Payroll, Closed
27 Years
2.5%
MortalityPUB-2010 Headcount Weighted Safety Healthy Employee Mortality Table (for
pre-retirement mortality) and the PUB-2010 Headcount Weighted Safety Healthy Retiree
Mortality Table (for post-retirement mortality), with separate rates for males and females
and ages set forward one year, with mortality improvements projected to all future years
after 2010 using Scale MP-2018. For males, the base mortality rates for both pre-
retirement and post-retirement mortality are based on the Below Median Healthy tables.
These are the same rates currently in use for Special Risk Class members of the Florida
Valuation date: October 1, 2020
* Contribution deficiency (excess) is assigned to the City Budget Stabilization Account
FYE
181

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF CONTRIBUTIONS FROM EMPLOYER – FOR LAST 10 FISCAL YEARS
POLICE AND FIRE PENSION FUND – SENIOR STAFF VOLUNTARY RETIREMENT PLAN
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(in thousands)
Plan Year 	Annual 	Contribution 	Covered 	Contribution
Ending 	Required City 	Employer 	Deficiency/ 	employee 	as a % of
September 30 	Contribution 	Contributions 	(excess)* 	payroll 	covered payroll
2021* 	- 	- 	- 	- 	N/A
2020* 	- 	- 	- 	- 	N/A
2019* 	- 	- 	- 	- 	N/A
2018* 	- 	- 	- 	- 	N/A
2017* 	- 	- 	- 	- 	N/A
2016* 	- 	- 	- 	- 	N/A
2015 	- 	- 	- 	307 	0.00%
2014 	28 	7 	21 	298 	2.41%
2013 	28 	248 	(220) 	290 	85.59%
2012 	523 	117 	406 	355 	33.09%
* No contribution amount was required because the Plan has no active employees since FY 2016
NOTES:
Valuation date: Actuarially determined contribution rates are calculated as of October 1, each year
Actuarial cost method: 	Individual entry age
Amortization method: 	Aggregate method
Asset valuation method: 	Market Value
Inflation: 	2.5%
Investment rate of return: 	7.0%, including inflation
Cost of living adjustments: 	3.00%
Mortality Table in use:
prior to the end of the fiscal year in which contributions are reported.
Methods used to determine contribution rates:
50% RP2000 White Collar Annuitant and 50% RP2000 Blue Collar Annuitant, set
forward 2.5 years, projected generationally with Scale BB for males; RP2000 White
Collar Annuitant, set forward 2.5 years, projected generationally with Scale BB for
females
182

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DRAFT
(This page is intentionally left blank.)
183

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY – LAST 10 FISCAL YEARS
POLICE AND FIRE RETIREMENT SYSTEM
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(in thousands)
Total pension liability 	2020 	2019 	2018 	2017
Service Cost (BOY) 	$70,110 	$65,148 	$60,154 	$45,257
Interest on total pension liability 	280,848 	269,658 	259,434 	233,338
Changes in Benefit Terms 	2,706 	- 	- 	26,818
Experience deviations including buybacks 	2,733 	8,465 	8,132 	24,031
Changes of assumptions 	56,025 	- 	- 	232,927
Benefit payments, including refunds of member contributions 	(193,115) 	(189,126) 	(184,257) 	(171,277)
Net change in total pension liability 	219,307 	154,145 	143,464 	391,094
Total pension liability -- beginning 	4,034,218 	3,880,073 	3,736,609 	3,345,515
Total pension liability -- ending(a) 	4,253,525 	4,034,218 	3,880,073 	3,736,609
Fiduciary net position Contributions--employer
Contributions--employer 	123,328 	110,528 	115,691 	184,526
Contributions--member 	19,035 	17,746 	16,637 	13,571
Net investment income 	159,760 	54,259 	156,443 	243,422
Benefit payments, including refunds of member contributions 	(193,114) 	(189,126) 	(184,257) 	(171,277)
Administrative expense 	(2,185) 	(2,117) 	(2,138) 	(2,174)
Distribution from Reserve Accounts 	(25,171) 	(55,731) 	- 	-
Chapter 175/185 	13,887 	12,756 	11,791 	10,875
Court Fines 	519 	702 	776 	759
Other 	673 	1,228 	82 	51
Net change in fiduciary net position 	96,732 	(49,755) 	115,025 	279,753
Fiduciary net position -- beginning 	1,958,067 	2,007,822 	1,892,797 	1,613,044
Fiduciary net position -- ending 	2,054,799 	1,958,067 	2,007,822 	1,892,797
less Reserve Accounts and Sr. Staff Assets 	(34,734,725) 	(59,262) 	(126,819) 	(127,638)
Total fiduciary net position -- ending(b) 	2,020,065 	1,898,805 	1,881,003 	1,765,159
City's fiduciary net pension liability--ending(a)-(b) 	2,233,460 	2,135,413 	1,999,070 	1,971,450
Fiduciary net position as a percentage of the total pension
liability 	47.49% 	47.07% 	48.48% 	47.24%
Covered payroll 	$174,186 	$174,125 	$162,004 	$149,490
City's fiduciary net pension liability as a percentage of covered-
employee payroll 	1282.23% 	1226.37% 	1233.97% 	1318.78%
184

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY – LAST 10 FISCAL YEARS
POLICE AND FIRE RETIREMENT SYSTEM
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(in thousands)
2016 	2015 	2014 	2013 	2012*
$44,087 	$46,663 	$47,915 	$46,109 	$47,570
217,546 	210,943 	203,577 	195,520 	190,344
- 	(28,685) 	- 	- 	-
3,566 	24,831 	22,671 	(4,676) 	(12,513)
97,813 	24,514 	- 	5,333 	227,333
(159,726) 	(148,628) 	(138,179) 	(128,656) 	(116,955)
203,286 	129,638 	135,984 	113,630 	335,779
3,142,229 	3,012,590 	2,876,606 	2,762,977 	2,427,198
3,345,515 	3,142,228 	$3,012,590 	$2,876,606 	$2,762,977
157,494 	154,665 	150,520 	121,822 	72,643
12,831 	12,062 	11,584 	10,754 	11,611
154,313 	(62,884) 	147,333 	169,202 	181,653
(159,726) 	(148,628) 	(138,179) 	(128,656) 	(116,955)
(3,519) 	(2,228) 	(2,224) 	(2,506) 	(2,352)
- 	- 	- 	- 	-
10,681 	10,578 	10,110 	9,667 	9,276
833 	921 	881 	758 	770
122 	327 	142 	1,187 	55
173,029 	(35,187) 	180,167 	182,229 	156,702
1,437,777 	- 	1,292,930 	1,110,737 	954,036
1,613,044 	(35,187) 	1,473,097 	1,292,966 	1,110,737
(99,646) 	(83,502) 	(83,349) 	(64,835) 	(31,831)
1,513,398 	(118,689) 	1,389,748 	1,228,131 	1,078,907
1,832,117 	3,260,917 	1,622,842 	1,648,475 	1,684,070
45.24% 	-3.78% 	46.13% 	42.69% 	39.05%
$135,600 	$132,735 	$134,521 	$130,972 	$133,611
1351.12% 	2456.71% 	1206.38% 	1258.65% 	1260.42%
185

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY – LAST 10 FISCAL YEARS
POLICE AND FIRE PENSION FUND - SENIOR STAFF VOLUNTARY RETIREMENT PLAN FOR
THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(in thousands)
Total pension liability 	2021 	2020 	2019
Service Cost (BOY) 	-	$ 	-	$ 	-	$
Interest on total pension liability 	304 	205 	208
Changes in Benefit Terms 	- 	1,517 	-
Experience deviations including buybacks 	120 	143 	-
Changes of assumptions 	112 	272 	-
Benefit payments, including refunds of member contributions 	(375) 	(614) 	(258)
Net change in total pension liability 	161 	1,523 	(50)
Total pension liability -- beginning 	4,587 	3,064 	3,113
Total pension liability -- ending(a) 	4,748 	4,587 	3,063
Fiduciary net position Contributions--employer
Contributions--employer 	- 	- 	-
Contributions--member 	- 	- 	-
Net investment income 	903 	331 	129
Benefit payments, including refunds of member contributions 	(375) 	(614) 	(258)
Other
Net change in fiduciary net position 	528 	(283) 	(129)
Fiduciary net position -- beginning 	4,077 	4,360 	4,489
Fiduciary net position -- ending (b) 	4,606 	4,077 	4,360
Net Pension Libility -- ending (a) - (b) 	142 	510 	(1,297)
Fiduciary net position as a percentage of the total pension
liability 	88.89% 	142.32%
Covered-employee payroll 	$ 	- 	$ 	- 	$ 	-
City's fiduciary net pension liability as a percentage of covered-
employee payroll N/A 	N/A 	N/A
186

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY – LAST 10 FISCAL YEARS
POLICE AND FIRE PENSION FUND - SENIOR STAFF VOLUNTARY RETIREMENT PLAN FOR
THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(in thousands)
Total pension liability 	2018 	2016 	2015
Service Cost (BOY) 	-	$ 	-	$ 	(57)	$
Interest on total pension liability 	209 	298 	282
Changes in Benefit Terms 	- 	89 	-
Experience deviations including buybacks 	39 	27 	-
Changes of assumptions 	- 	149 	154
Benefit payments, including refunds of member contributions 	(257) 	(286) 	(109)
Net change in total pension liability 	(9) 	278 	270
Total pension liability -- beginning 	3,122 	4,406 	4,136
Total pension liability -- ending(a) 	3,113 	4,684 	4,406
Fiduciary net position Contributions--employer
Contributions--employer 	- 	- 	-
Contributions--member 	- 	- 	22
Net investment income 	342 	386 	(167)
Benefit payments, including refunds of member contributions 	(257) 	(286) 	(109)
Other 	- 	- 	-
Net change in fiduciary net position 	85 	100 	(254)
Fiduciary net position -- beginning 	4,405 	4,002 	4,257
Fiduciary net position -- ending (b) 	4,489 	4,102 	4,002
Net Pension Libility -- ending (a) - (b) 	(1,376) 	582 	404
Fiduciary net position as a percentage of the total pension
liability 	144.20% 	87.57% 	90.83%
Covered-employee payroll 	$ 	- 	$ 	- 	$ 	-
City's fiduciary net pension liability as a percentage of covered-
employee payroll N/A 	N/A 	N/A
187

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF MONEY-WEIGHTED RATE OF RETURN – LAST 10 FISCAL YEARS
POLICE AND FIRE RETIREMENT SYSTEM
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
(net of investment expense)
Fiscal Year
Ended 	Police and Fire
September 30 	Retirement System
2021 	23.15%
2020 	7.98%
2019 	2.96%
2018 	10.00%
2017 	14.27%
2016 	10.00%
2015 	-3.95%
2014 	10.73%
2013 	14.29%
2012 	18.25%
188

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Contributions
Actuarially 	in relation to 	Contribution 	Covered 	Contribution
Determined 	the Determined 	Deficiency 	Employee 	as a percentage
Fiscal Year 	Contribution 	Contribution 	or (Excess) 	Payroll 	of covered payroll
2017 	$18,347,728 	$5,231,223 	$13,116,505 	$366,392,949 	3.6%
2018 	$20,177,634 	$6,060,000 	$14,117,634 	$379,216,702 	1.6%
2019 	$16,926,496 	$5,588,925 	$11,337,571 	$446,587,932 	1.3%
2020 	$16,952,454 	$3,629,110 	$13,323,344 	$200,775,000 	1.8%
2021 	$11,180,763 	$2,207,089 	$8,973,674 	$153,166,800 	1.4%
CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB) OTHER THAN POLICE & FIRE
SCHEDULE OF CITY CONTRIBUTIONS – LAST FIVE FISCAL YEARS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
Other: This schedule is presented for the requirement to show information for 10 years. However, until a full 10-year trend is compiled, the
City will present information for the years for which information is available.
189

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Contributions
Actuarially 	in relation to 	Contribution 	Covered 	Contribution
Determined 	the Determined 	Deficiency 	Employee 	as a percentage
Fiscal Year 	Contribution 	Contribution 	or (Excess) 	Payroll 	of covered payroll
2020 	$10,786,515 	$2,611,660 	$8,174,856 	261,444,000	$ 	1.0%
2021 	$30,704,888 	$6,250,523 	$24,454,365 	$433,771,559 	1.4%
CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB) POLICE & FIRE
SCHEDULE OF CITY CONTRIBUTIONS – LAST FIVE FISCAL YEARS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
Other: This schedule is presented for the requirement to show information for 10 years. However, until a full 10-year trend is compiled,
the City will present information for the years for which information is available.
190

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB) OTHER THAN POLICE & FIRE
SCHEDULE OF CHANGES IN THE CITY'S NET OPEB LIABILITY AND RELATED RATIOS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
FY2021 	FY2020 	FY2019 	FY2018 	FY2017
Total OPEB Liability
Service cost 	5,283,937	$ 	1,999,915	$ 	8,828,783	$ 	11,293,019	$ 	10,839,911	$
Interest 	2,130,089	$ 	2,192,473	$ 	8,097,713	$ 	8,884,615	$ 	7,507,817	$
Changes of benefit terms 	-	$ 	-	$ 	-	$ 	-	$ 	-	$
Differences between expected and
actual experience 	(9,947,871)	$ 	-	$ 	(10,029,066)	$ 	-	$ 	-	$
Changes in assumptions 	1,500,025	$ 	62,365,376	$ 	41,622,149	$ 	(30,714,455)	$ 	(7,431,307)	$
Plan change (1/1/2020) 	-	$ 	(201,346,437)	$
Benefit payments 	(2,207,089)	$ 	(3,629,110)	$ 	(5,588,925)	$ 	(6,060,000)	$ 	(5,231,223)	$
Net change in total OPEB liability 	(3,240,909)	$ 	(138,417,783)	$ 	42,930,654	$ 	(16,596,821)	$ 	5,685,198	$
Total OPEB liability - beginning 	92,203,743	$ 	230,621,526	$ 	187,690,872	$ 	204,287,693	$ 	198,602,495	$
Total OPEB liability - ending (a) 	88,962,834	$ 	92,203,743	$ 	230,621,526	$ 	187,690,872	$ 	204,287,693	$
Plan fiduciary net position
Contributions - employer 	2,207,089	$ 	3,629,110	$ 	5,588,925	$ 	6,060,000	$ 	5,231,223	$
Net investment income 	-	$ 	-	$ 	-	$ 	-	$ 	-	$
Benefit payments 	(2,207,089)	$ 	(3,629,110)	$ 	(5,588,925)	$ 	(6,060,000)	$ 	(5,231,223)	$
Administrative expense
Net change in plan fiduciary net position 	-	$ 	-	$ 	-	$ 	-	$ 	-	$
Plan fiduciary net position - beginning 	-	$ 	-	$ 	-	$ 	-	$ 	-	$
Plan fiduciary net position - ending (b) 	-	$ 	-	$ 	-	$ 	-	$ 	-	$
City's net OPEB liability - ending (a) - (b) 	88,962,834	$ 	92,203,743	$ 	230,621,526	$ 	187,690,872	$ 	204,287,693	$
Plan fiduciary net position as a percentage
of the total OPEB liability 	0.0% 	0.0% 	0.0% 	0.0% 	0.0%
Covered payroll 	153,166,800	$ 	200,775,000	$ 	446,587,932	$ 	379,216,702	$ 	366,392,949	$
City net OPEB liability as a percentage of
covered employee payroll 	58.1% 	45.9% 	51.6% 	49.5% 	55.8%
Other: This schedule is presented for the requirement to show information for 10 years. However, until a full
10-year trend is compiled, the City will present information for the years for which information is available.
Notes to Required Schedules:
1) The City does not accumulate assets in a trust to pay related benefits.
2) Significant changes in assumptions that affect trends in the amounts reported:
a) The discount rate was updated from 2.21% to 2.26%.
b) The retirement and termination rates were updated to the rates from the City of Jacksonville
Correctional Officer Retirement System Valuation as of October 1, 2020, the City of Jacksonville
General Employee Retirement Plan Valuation as of October 1, 2020, and the Florida Retirement
System Actuarial Valuation as of July 1, 2020.
c) Trend rates were reset to 7.0% (6.0% for Medicare and graded down by 0.25% until reaching an
ultimate of 4.0% based on current Healthcre Analytics (HCA) consulting trend study; current
economic environment suggests a longer period until reaching the ultimate rate.
d) The mortality assumption was updated from Scale MP-2019 to MP-2020 to reflect the Society of
Actuaries' recent mortality study.
191

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB) POLICE & FIRE
SCHEDULE OF CHANGES IN THE CITY'S NET OPEB LIABILITY AND RELATED RATIOS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
FY2021 	FY2020
Total OPEB Liability
Service cost 	15,844,688	$ 	10,507,028	$
Interest 	5,396,475	$ 	4,191,742	$
Changes of benefit terms 	-	$ 	-	$
Differences between expected and
actual experience 	69,664,625	$ 	-	$
Changes in assumptions 	11,336,741	$ 	18,031,436	$
Plan change (1/1/2020) 	201,346,437	$
Benefit payments 	(6,250,523)	$ 	(2,611,660)	$
Net change in total OPEB liability 	95,992,006	$ 	231,464,984	$
Total OPEB liability - beginning 	231,464,984	$ 	-	$
Total OPEB liability - ending (a) 	327,456,990	$ 	231,464,984	$
Plan fiduciary net position
Contributions - employer 	6,250,523	$ 	2,611,660	$
Net investment income 	-	$ 	-	$
Benefit payments 	(6,250,523)	$ 	(2,611,660)	$
Administrative expense 	-	$ 	-	$
Net change in plan fiduciary net position 	-	$ 	-	$
Plan fiduciary net position - beginning 	-	$ 	-	$
Plan fiduciary net position - ending (b) 	-	$ 	-	$
City's net OPEB liability - ending (a) - (b) 	327,456,990	$ 	231,464,984	$
Plan fiduciary net position as a percentage
of the total OPEB liability 	0.0% 	0.0%
Covered payroll 	433,771,559	$ 	261,444,000	$
City net OPEB liability as a percentage of
covered employee payroll 	75.5% 	88.5%
Other: This schedule is presented for the requirement to show information for 10 years. However, until a full
10-year trend is compiled, the City will present information for the years for which information is available.
Notes to Required Schedules:
1) The City does not accumulate assets in a trust to pay related benefits.
2) Significant changes in assumptions that affect trends in the amounts reported:
a) The discount rate was updated from 2.21% to 2.26%.
b) The retirement and termination rates were updated to the rates from the City of Jacksonville
Police and Fire Pension Fund Actuarial Valuation as of October 1, 2020.
c) Trend rates were reset to 7.0% (6.0% for Medicare and graded down by 0.25% until reaching an
ultimate of 4.0% based on current Healthcre Analytics (HCA) consulting trend study; current
economic environment suggests a longer period until reaching the ultimate rate.
d) The mortality assumption was updated from Scale MP-2019 to MP-2020 to reflect the Society of
Actuaries' recent mortality study.
192

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB)
OTHER THAN POLICE & FIRE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
Actuarial Assumptions and Methods:
1) 	Measurement Date: 	September 30, 2021.
2) 	Discount Rate: 	2.21% (BOY), 2.26% (EOY) – Bond Buyer 20-Bond
GO Index.
3) 	Salary Increase Rate: 	3.5% per annum.
4) 	Valuation Date and Census Data 	Valuation date of October 1, 2021, based on the
census provided by the City as of September 2021.
5) 	Marriage Rate 	The assumed number of eligible dependents is
based on the current proportions of single and
family contracts in the census provided.
6) 	Spouse Age 	Spouse dates of birth were provided by the City.
Where this information is missing, male spouses are
assumed 	to 	be 	three 	years 	older 	than 	female
spouses.
7) 	Medicare Eligibility 	All current and future retirees are assumed to be
eligible for Medicare at age 65.
8) 	Actuarial Cost Method 	Entry Age Normal based on level percentage of
projected salary.
9) 	Amortization Method 	Experience/Assumptions gains and losses are
amortized over a closed period of 10.3 years
starting 	October 	1, 	2021, 	equal 	to 	the 	average
remaining 	service 	of 	active 	and 	inactive 	plan
members (who have no future service).
10) Plan Participation Percentage 	That 60% of future pre 65 retirees will participate in
the pre-65 medical plan and 15% (30% for those
hired prior to 1/1/1987) continue upon Medicare
eligibility. This assumes that a one-time irrevocable
election to participate is made at retirement.
11) Mortality Rates 	Pub-2010 generational table scaled using MP-20
and applied on a gender specific basis.
193

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB)
OTHER THAN POLICE & FIRE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
Actuarial Assumptions and Methods: (continued)
12) Health Care Cost Trend Rate
The health care cost trend assumptions are used to project the cost of health care in future
years. 	The following 	annual trends are based on the HCA Consulting trend study and are
applied on a select and ultimate basis. 	Select trends are reduced 0.25% each year until
reaching the ultimate trend rate.
Expense Type 	Select 	Ultimate
Pre-Medicare Medical and Rx Benefits 	7.0% 	4.0%
Medicare Benefits 	6.0% 	4.0%
Stop Loss Fees 	7.0% 	4.0%
Administrative Fees 	4.0% 	4.0%
13) Per Capita Health Care Cost Trend Rate
Expected annual claim costs were developed using 24 months of historical claim experience
through October 2021. 	Recent claims did not suggest adjustments for COVID-19 were
necessary for future claims cost projections. The age 60 and age 70 claim costs are as
follows:
Rate Tier 	Age 60_ 	Age 70 (Medicare) 	(Non-Medicare)
HMO 48 	$ 14,328 	$ 	9,230 	$ 18,808
HDHP 65 	$ 	8,024 	$ 	5,266 	$ 10,533
PPO 	$ 16,033 	$ 	9,953 	$ 21,046
Future Retirees 	$ 14,038 	$ 	8,978 	$ 18,428
14) Non-Claim Expenses
Non-claim expenses are based on the current amounts charged per retired employee as of
2021. The amounts are provided in the table below and are trended at the levels shown in the
“Health Care Cost Trend Rate” table in (12) above.
Rate Tier 	Age 60
Administrative Fee 	$27.67
Stop Loss Fee 	$ 9.16
15) Plan Election Percentage
Future eligible retirees are assumed to elect coverage based on the following percentages:
Rate Tier 	Age 60
HMO 48 	70 %
HDHP 65 	10 %
PPO 	20 %
194

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB)
OTHER THAN POLICE & FIRE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
Actuarial Assumptions and Methods: (continued)
16) Age Based Morbidity
The assumed per capita health claim costs are adjusted to reflect expected increases related to
age and gender. These increases are based on a 2013 Society of Actuaries study.
17) Termination and Retirement Age
The rate of withdrawal for reasons other than death and retirement has been developed from
the Florida Retirement System Actuarial Valuation as of July 1, 2020, City of Jacksonville
Correctional Officer Retirement System Valuation as of October 1, 2020, and the City of
Jacksonville General Employees Retirement Plan Valuation as of October 1, 2020. The
annual termination probability is dependent on an employee’s age, gender, and years of
service.
195

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB) POLICE & FIRE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
Actuarial Assumptions and Methods:
1) 	Measurement Date: 	September 30, 2021.
2) 	Discount Rate: 	2.21% (BOY), 2.26% (EOY) – Bond Buyer 20-Bond
GO Index.
3) 	Salary Increase Rate: 	3.5% per annum.
4) 	Valuation Date and Census Data 	Valuation date of October 1, 2021, based on the
census provided by the City as of September 2021.
5) 	Marriage Rate 	The assumed number of eligible dependents is
based on the current proportions of single and
family contracts in the census provided.
6) 	Spouse Age 	Spouse dates of birth were provided by the City.
Where this information is missing, male spouses are
assumed 	to 	be 	three 	years 	older 	than 	female
spouses.
7) 	Medicare Eligibility 	All current and future retirees are assumed to be
eligible for Medicare at age 65.
8) 	Actuarial Cost Method 	Entry Age Normal based on level percentage of
projected salary.
9) 	Amortization Method 	Experience/Assumptions gains and losses are
amortized over a closed period of 9.0 years
starting 	October 	1, 	2021, 	equal 	to 	the 	average
remaining 	service 	of 	active 	and 	inactive 	plan
members (who have no future service).
10) Plan Participation Percentage 	That 60% of future pre 65 retirees will participate in
the pre-65 medical plan and 15% (30% for those
hired prior to 1/1/1987) continue upon Medicare
eligibility. This assumes that a one-time irrevocable
election to participate is made at retirement.
11) Mortality Rates 	Pub-2010 generational table scaled using MP-20
and applied on a gender specific basis.
196

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB) POLICE & FIRE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
Actuarial Assumptions and Methods: (continued)
12) Health Care Cost Trend Rate
The health care cost trend assumptions are used to project the cost of health care in future
years. 	The following 	annual trends are based on the HCA Consulting trend study and are
applied on a select and ultimate basis. 	Select trends are reduced 0.25% each year until
reaching the ultimate trend rate.
Expense Type 	Select 	Ultimate
Pre-Medicare Medical and Rx Benefits 	7.0% 	4.0%
Medicare Benefits 	6.0% 	4.0%
Stop Loss Fees 	7.0% 	4.0%
Administrative Fees 	4.0% 	4.0%
13) Per Capita Health Care Cost Trend Rate
Expected annual claim costs were developed using 24 months of historical claim experience
through October 2021. 	Recent claims did not suggest adjustments for COVID-19 were
necessary for future claims cost projections. The age 60 and age 70 claim costs are as
follows:
Rate Tier 	Age 60_ 	Age 70 (Medicare) 	(Non-Medicare)
HMO 48 	$ 14,328 	$ 	9,230 	$ 18,808
HDHP 65 	$ 	8,024 	$ 	5,266 	$ 10,533
PPO 	$ 16,033 	$ 	9,953 	$ 21,046
Future Retirees 	$ 14,038 	$ 	8,978 	$ 18,428
14) Non-Claim Expenses
Non-claim expenses are based on the current amounts charged per retired employee as of
2019. The amounts are provided in the table below and are trended at the levels shown in the
“Health Care Cost Trend Rate” table in (12) above.
Rate Tier 	Age 60
Administrative Fee 	$27.67
Stop Loss Fee 	$ 9.16
15) Plan Election Percentage
Future eligible retirees are assumed to elect coverage based on the following percentages:
Rate Tier 	Age 60
HMO 48 	70 %
HDHP 65 	10 %
PPO 	20 %
197

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CITY OF JACKSONVILLE, FLORIDA
REQUIRED SUPPLEMENTAL INFORMATION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
POST EMPLOYMENT BENEFITS OTHER THAN PENSION (OPEB) POLICE & FIRE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
Actuarial Assumptions and Methods: (continued)
16) Age Based Morbidity
The assumed per capita health claim costs are adjusted to reflect expected increases related to
age and gender. These increases are based on a 2013 Society of Actuaries study.
17) Termination and Retirement Age
The rate of withdrawal for reasons other than death and retirement has been developed from
the City of Jacksonville Police & Fire Pension Fund Actuarial Valuation as of October 1,
2020. The annual termination probability is dependent on an employee’s age, gender, and
years of service.
198

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199

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NON-MAJOR GOVERNMENTAL FUNDS:
SPECIAL REVENUE FUNDS
Special Revenue Funds account for the proceeds of specific revenue sources (other than
expendable trusts and major capital projects) that are legally restricted to expenditure for
specific purposes as described below.
The Concurrency Management Fund provides funding for maintenance and update of
the Concurrency Management System which is the basis for ensuring compliance with the
2010 Comprehensive Plan.
The Air Pollution Control and Monitoring Fund receives revenue from licenses and
fees, and contributions from the federal government to monitor and control environmental
problems related to the air quality in Jacksonville.
Tourism Development Fund collects revenues from tourist and convention development
taxes to fund tourism programs sponsored by the Tourist Development Council through
the City.
The Clerk of the Circuit Court Fund receives revenue collected on behalf of the state
and City by the courts system for various judgments, fines, bonds, fees and licenses, and
other miscellaneous amounts. 	The Fund includes Public Records Modernization activity
which receives revenues from a service charge authorized by Florida Statute 28.24(15)(d)
to be held in trust and used exclusively for equipment, personnel training, and technical
assistance in modernizing the official public records system of the Clerk’s office.
The Transportation Fund accounts for revenue from the City's six cent local option gas
tax, the state-shared 5th and 6th cent gas tax, and the one-half cent local option sales tax
used to fund major road and related capital infrastructure construction and maintenance
and the City's mass transit and automated skyway express system operations.
The Budgeted General Government Fund accounts for numerous smaller accounts
whose revenues are dedicated to a variety of specific purposes.
The Emergency 9-1-1 Fund receives revenues from a fee added to the telephone bill of
telephone customers that may be used for system operations and improvements.
The Tax Increment Districts Fund receives a distribution of ad valorem tax revenue
levied and collected in the City's four tax increment districts used to promote future
commercial business development that expands property tax base values in the City's core
downtown areas and the northwest region.
200

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The Kids Hope Alliance receives City funds, and various grants, to provide a continuum
of services for the City's children and youth. The Kids Hope Alliance is responsible for
comprehensively developing, overseeing, managing and implementing the Essential
Services Plan for Kids.
The Community Development Block Grant Fund receives monies from the federal
government in the form of community development block grants made available to specific
targeted areas of Jacksonville to assist in rehabilitation and revitalization in support of the
area's future economic growth and stability.
The Job Training Partnership Act Grant Fund accounts for direct federal assistance to
the Private Industry Council of Jacksonville in providing employment and training services
to the economically disadvantaged and displaced citizens of Jacksonville through
cooperative efforts with local private sector businesses.
The Maintenance, Parks and Recreation Fund receives revenues from user fees and
charges from parks and recreation facilities that are dedicated to parks maintenance and
improvements, and acquisition of new recreational facilities.
The Public Safety Fund funds specific public safety programs through user fees and
intergovernmental revenue for emergency management planning and disaster medical
services provided by the Office of the Sheriff and the City Department of Fire and Rescue.
The 	Better 	Jacksonville 	Plan 	Trust 	Fund 	receives 	revenue 	from 	the 	half-cent
infrastructure sales tax. All monies placed into this trust are appropriated for Debt Service
requirements and contributions to the Better Jacksonville Capital Projects Fund.
Housing and Neighborhoods was designated as the housing agency for Affordable
Housing, State Housing Initiative Partnership funds, and all other matters related to
housing, with the exception of those matters which fall within the responsibility of the
Jacksonville Housing Authority.
The State Housing Initiative Partnership Fund accounts for revenue collected by the
Clerk of the Circuit Court on certain property transactions in Duval county passed from the
State earmarked for housing assistance and financial incentive programs to increase the
availability of affordable housing in Jacksonville including down payment assistance,
home-owner repair and rehabilitation and acquisition of existing single family dwellings
for home ownership.
The Non-Budgeted General Government Fund accounts for numerous smaller funds
whose revenues are dedicated to a variety of specific purposes.
201

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CAPITAL PROJECTS FUNDS
Capital Projects Fund account for financial resources segregated for the construction or
acquisition of major capital facilities (other than those financed by proprietary funds and
fiduciary funds). Descriptions of individual funds in this fund type follow.
The General Projects Fund receives monies appropriated from the General Fund and other
sources including proceeds from non-bonded debt for general capital improvements.
The Better Jacksonville Plan Construction Projects Fund receives revenues from the two
local option sales tax programs and proceeds from the sale of bonded debt issued by the City to
fund projects under the Better Jacksonville Plan.
The Bond Projects Fund receives proceeds from the sale of bonded debt issued by the City to
fund major capital improvement projects.
The Grant Projects Fund accounts for monies received by the City under various federal, state
and local grants restricted to expenditure of specific capital improvements funded under the grant
program.
The River City Renaissance Project Fund accounts for proceeds of a comprehensive capital
improvement initiative (the "River City Renaissance") for projects concerning the environment,
children, health and social services, economic development, neighborhoods and downtown,
parks and recreation, and the arts.
PERMANENT FUND
The Permanent Fund is used to report resources that are legally restricted to the extent that only
earnings, and not principal, may be used for purposes that benefit the government or its citizenry.
The City accounts for its Cemetery Maintenance and Art in Public Places Funds as Permanent
Funds.
202

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203

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CITY OF JACKSONVILLE, FLORIDA
COMBINING BALANCE SHEET -
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands)
AIR POLLUTION 	CLERK
CONCURRENCY 	CONTROL AND 	TOURISM 	OF THE
MANAGEMENT 	MONITORING 	DEVELOPMENT 	COURT
ASSETS:
Equity in pooled cash and investments 	$ 81,874 	$ 1,340 	$ 13,340 	$ 915
Cash in escrow and with fiscal agents 	- 	- 	- 	6,951
Receivables (net, where applicable, of
allowances for uncollectibles):
Accounts 	- 	8 	- 	858
Loans 	- 	- 	- 	-
Other 	- 	- 	- 	-
Due from independent agencies and other governments 	- 	66 	368 	-
Prepaid items 	- 	- 	577 	-
TOTAL ASSETS 	81,874 	1,414 	14,285 	8,724
LIABILITIES:
Accounts payable and accrued liabilities 	362 	17 	193 	726
Contracts payable 	- 	- 	- 	-
Due to other funds 	- 	- 	- 	-
Due to individuals 	- 	- 	- 	-
Deposits 	566 	- 	- 	2,750
Unearned revenue 	- 	- 	- 	-
TOTAL LIABILITIES 	928 	17 	193 	3,476
FUND BALANCES:
Non Spendable
Non Spendable 	- 	- 	577 	-
Spendable:
Restricted 	- 	1,397 	- 	-
Committed 	80,946 	- 	13,515 	5,248
Unassigned 	- 	- 	- 	-
TOTAL FUND BALANCES (Deficit) 	80,946 	1,397 	14,092 	5,248
TOTAL LIABILITIES
AND FUND BALANCES 	$ 81,874 	$ 1,414 	$ 14,285 	$ 8,724
SPECIAL REVENUE FUNDS
204

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BUDGETED
TRANSPORTATION 	GENERAL 	EMERGENCY 	TAX INCREMENT 	KIDS HOPE
FUND 	GOVERNMENT 	9-1-1 	DISTRICTS 	ALLIANCE
$ 16,663 	$ 54,246 	$ 7,145 	$ 66,157 	$11,457
- 	- 	- 	- 	-
- 	655 	- 	- 	-
- 	- 	- 	- 	-
- 	- 	- 	- 	-
33,430 	401 	442 	- 	152
- 	- 	- 	- 	-
50,093 	55,302 	7,587 	66,157 	11,609
963 	1,322 	346 	2,444 	615
- 	- 	- 	- 	-
- 	- 	- 	- 	-
- 	- 	- 	- 	-
- 	755 	- 	- 	-
- 	- 	- 	92 	-
963 	2,077 	346 	2,536 	615
- 	- 	- 	- 	-
- 	- 	- 	63,621 	10,994
49,130 	53,225 	7,241 	- 	-
- 	- 	- 	- 	-
49,130 	53,225 	7,241 	63,621 	10,994
$ 50,093 	$ 55,302 	$ 7,587 	$ 66,157 	$ 11,609
(continued)
SPECIAL REVENUE FUNDS
205

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CITY OF JACKSONVILLE, FLORIDA
COMBINING BALANCE SHEET -
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands; continued)
COMMUNITY
DEVELOPMENT 	JOB TRAINING 	MAINTENANCE,
BLOCK 	PARTNERSHIP 	PARKS AND 	PUBLIC
GRANT 	ACT GRANT 	RECREATION 	SAFETY
ASSETS:
Equity in pooled cash and investments 	$ 1,254 	$ 843 	$ 11,890 	$ (21,559)
Cash in escrow and with fiscal agents 	- 	- 	- 	-
Receivables (net, where applicable, of
allowances for uncollectibles):
Accounts 	- 	- 	1 	-
Loans 	1,237 	- 	- 	-
Other 	- 	- 	- 	-
Due from independent agencies and other governments 	9,197 	- 	- 	(445)
Prepaid items 	- 	- 	16 	-
TOTAL ASSETS 	11,688 	843 	11,907 	(22,004)
LIABILITIES:
Accounts payable and accrued liabilities 	784 	- 	451 	1,486
Contracts payable 	- 	- 	- 	-
Due to other funds 	- 	- 	- 	-
Due to individuals 	- 	- 	- 	-
Deposits 	7 	- 	29 	-
Unearned revenue 	12,861 	- 	- 	-
TOTAL LIABILITIES 	13,652 	- 	480 	1,486
FUND BALANCES:
Non Spendable
Non Spendable 	- 	- 	16 	-
Spendable:
Restricted 	- 	843 	- 	-
Committed 	- 	- 	11,411 	-
Unassigned 	(1,964) 	- 	- 	(23,490)
TOTAL FUND BALANCES (Deficit) 	(1,964) 	843 	11,427 	(23,490)
TOTAL LIABILITIES, DEFERRED INFLOW OF
RESOURCES, AND FUND BALANCES 	$ 11,688 	$ 843 	$ 11,907 	($ 	22,004)
SPECIAL REVENUE FUNDS (CONTINUED)
206

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BETTER 	STATE HOUSING 	NON-BUDGETED
JACKSONVILLE 	HOUSING AND 	INITIATIVE 	GENERAL
PLAN TRUST 	NEIGHBORHOODS 	PARTNERSHIP 	GOVERNMENT 	2021 	2020
$ 67,981 	$ (2,195) 	$ 4,562 	$ 30,878 	$ 346,791 	$ 380,425
- 	- 	- 	- 	6,951 	4,746
- 	1,585 	- 	2 	3,109 	1,928
- 	3,258 	371 	- 	4,866 	4,880
- 	- 	- 	- 	- 	-
26,616 	4,264 	604 	77 	75,172 	49,883
- 	- 	- 	- 	593 	34
94,597 	6,912 	5,537 	30,957 	437,482 	441,896
- 	259 	138 	990 	11,096 	18,211
- 	- 	- 	- 	- 	48
- 	- 	- 	- 	- 	8,400
- 	- 	- 	243 	243 	253
- 	25 	- 	1 	4,133 	4,401
- 	15 	1,013 	- 	13,981 	1,196
- 	299 	1,151 	1,234 	29,453 	32,509
- 	- 	- 	- 	593 	194
- 	6,613 	4,386 	- 	87,854 	72,369
94,597 	- 	- 	29,723 	345,036 	336,824
- 	- 	- 	- 	(25,454) 	-
94,597 	6,613 	4,386 	29,723 	408,029 	409,387
$ 94,597 	$ 6,912 	$ 5,537 	$ 30,957 	$ 437,482 	$ 441,896
(continued)
TOTALS
SPECIAL REVENUE FUNDS (CONTINUED)
207

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CITY OF JACKSONVILLE, FLORIDA
COMBINING BALANCE SHEET -
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands)
BETTER
JACKSONVILLE PLAN
GENERAL 	CONSTRUCTION 	BOND
PROJECTS 	PROJECT 	PROJECTS
ASSETS:
Equity in pooled cash and investments 	$ 87,323 	$ 14,240 	$ 9,418
Cash in escrow and with fiscal agents 	- 	- 	-
Receivables (net, where applicable, of
allowances for uncollectibles):
Accounts 	- 	- 	-
Loans 	- 	- 	-
Other 	- 	- 	-
Due from independent agencies and other governments 	- 	- 	-
Prepaid items 	- 	- 	-
TOTAL ASSETS 	87,323 	14,240 	9,418
LIABILITIES:
Accounts payable and accrued liabilities 	10,187 	598 	19
Contracts payable 	504 	- 	6
Due to other funds 	- 	- 	-
Due to individuals 	- 	- 	-
Deposits 	5 	- 	-
Unearned revenue 	- 	- 	-
TOTAL LIABILITIES 	10,696 	598 	25
FUND BALANCES:
Non Spendable
Non Spendable 	- 	- 	-
Spendable:
Restricted 	- 	- 	9,393
Committed 	76,627 	13,642 	-
Unassigned 	- 	- 	-
TOTAL FUND BALANCES (Deficit) 	76,627 	13,642 	9,393
TOTAL LIABILITIES
AND FUND BALANCES 	$ 87,323 	$ 14,240 	$ 9,418
CAPITAL PROJECTS
208

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RIVER CITY
GRANT 	RENAISSANCE
PROJECTS 	PROJECT 	2021 	2020
$ 4,439 	$ 35 	$ 115,455 	$ 131,857
- 	- 	- 	-
- 	- 	- 	1
- 	- 	- 	-
- 	- 	- 	549
137 	- 	137 	749
- 	- 	- 	-
4,576 	35 	115,592 	133,156
2,564 	- 	13,368 	12,424
2 	- 	512 	851
- 	- 	- 	-
- 	- 	- 	-
- 	- 	5 	5
- 	- 	- 	-
2,566 	- 	13,885 	13,280
- 	- 	- 	-
2,010 	35 	11,438 	14,907
- 	- 	90,269 	104,969
- 	- 	- 	-
2,010 	35 	101,707 	119,876
$ 4,576 	$ 35 	$ 115,592 	$ 133,156
(continued)
TOTALS
CAPITAL PROJECTS
209

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CITY OF JACKSONVILLE, FLORIDA
COMBINING BALANCE SHEET -
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands; continued)
CEMETERY 	ART IN PUBLIC
MAINTENANCE 	PLACES 	2021 	2020
ASSETS:
Equity in pooled cash and investments 	$ 125 	$ (158) 	($ 	33) 	$ 127
Cash in escrow and with fiscal agents 	140 	1,601 	1,741 	1,708
Receivables (net, where applicable, of 	- 	-
allowances for uncollectibles): 	- 	-
Accounts 	- 	- 	- 	-
Loans 	- 	- 	- 	-
Other 	- 	- 	- 	-
Due from independent agencies and other governments 	- 	- 	- 	-
Prepaid items 	- 	- 	- 	-
TOTAL ASSETS 	265 	1,443 	1,708 	1,835
LIABILITIES:
Accounts payable and accrued liabilities 	- 	- 	- 	-
Contracts payable 	- 	- 	- 	-
Due to other funds 	- 	- 	- 	78
Due to individuals 	- 	- 	- 	-
Deposits 	- 	- 	- 	-
Unearned revenue 	- 	- 	- 	-
TOTAL LIABILITIES 	- 	- 	- 	78
FUND BALANCES:
Non Spendable
Non Spendable 	123 	1,443 	1,566 	1,616
Spendable:
Restricted 	- 	- 	- 	-
Committed 	142 	- 	142 	141
Unassigned 	- 	- 	- 	-
TOTAL FUND BALANCES (Deficit) 	265 	1,443 	1,708 	1,757
TOTAL LIABILITIES
AND FUND BALANCES 	$ 265 	$ 1,443 	$ 1,708 	$ 1,835
TOTALS
PERMANENT FUNDS
210

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TOTAL NONMAJOR
GOVERNMENTAL
FUNDS
2021 	2020
$ 462,213 	$ 512,409
8,692 	6,454
3,109 	1,929
4,866 	4,880
- 	549
75,309 	50,632
593 	34
554,782 	576,887
24,464 	30,635
512 	899
- 	8,478
243 	253
4,138 	4,406
13,981 	1,196
43,338 	45,867
2,159 	1,810
99,292 	87,276
435,447 	441,934
(25,454) 	-
511,444 	531,020
$ 554,782 	$ 576,887
TOTALS
211

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COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands)
AIR POLLUTION 	CLERK
CONCURRENCY 	CONTROL AND 	TOURISM 	OF THE
MANAGEMENT 	MONITORING 	DEVELOPMENT 	COURT
REVENUES:
Property taxes 	$ 	- 	$ 	- 	$ 	- 	$ 	-
Utility and Communications service taxes 	- 	- 	- 	-
Sales and tourist taxes 	- 	- 	7,597 	-
Local business taxes 	- 	- 	- 	-
Licenses, permits, and fees 	11,788 	- 	- 	-
Intergovernmental 	- 	1,525 	- 	-
Charges for services 	3,960 	- 	- 	21,677
Fines and forfeitures 	- 	- 	- 	-
JEA Contribution 	- 	- 	- 	-
Investment earnings 	103 	10 	129 	6
Other 	- 	- 	969 	-
Total Revenues 	15,851 	1,535 	8,695 	21,683
EXPENDITURES:
Current:
General government 	770 	- 	- 	19,335
Human services 	- 	- 	- 	-
Public safety 	- 	- 	- 	-
Culture and recreation 	- 	- 	733 	-
Transportation 	- 	- 	- 	-
Economic environment 	- 	- 	3,644 	-
Physical environment 	- 	1,524 	- 	-
Capital outlay 	2,198 	69 	- 	44
Debt Service:
Principal 	- 	- 	- 	-
Interest 	- 	- 	- 	-
Other 	- 	- 	- 	-
Total Expenditures 	2,968 	1,593 	4,377 	19,379
EXCESSS OF REVENUES OVER (UNDER)
EXPENDITURES 	12,883 	(58) 	4,318 	2,304
OTHER FINANCING SOURCES (USES):
Long term debt issued 	- 	- 	- 	-
Refunding bond issued 	- 	- 	- 	-
Premium on bonds payable 	- 	- 	- 	-
Payment to escrow agent - refunded debt 	- 	- 	- 	-
Transfers In 	- 	424 	- 	-
Transfers Out 	- 	- 	- 	-
Total Other Financing Sources (Uses) 	- 	424 	- 	-
NET CHANGE IN FUND BALANCES 	12,883 	366 	4,318 	2,304
FUND BALANCE, BEGINNING OF YEAR 	68,063 	1,031 	9,774 	2,944
FUND BALANCES (DEFICIT), END OF YEAR 	$80,946 	$1,397 	$14,092 	$5,248
SPECIAL REVENUE FUNDS
212

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BUDGETED
TRANSPORTATION 	GENERAL 	EMERGENCY 	TAX INCREMENT 	KIDS HOPE
FUND 	GOVERNMENT 	9-1-1 	DISTRICTS 	ALLIANCE
$ 	- 	$ 	- 	$ 	- 	$32,230 	$ 	-
- 	- 	- 	- 	-
138,307 	- 	- 	- 	-
- 	- 	- 	- 	-
- 	17,441 	- 	- 	-
14,317 	1,885 	- 	- 	1,787
- 	11,055 	5,094 	- 	-
- 	884 	- 	- 	-
- 	- 	- 	- 	-
497 	576 	82 	1,093 	161
- 	3,644 	- 	1,667 	106
153,121 	35,485 	5,176 	34,990 	2,054
1 	6,282 	- 	- 	-
- 	337 	- 	- 	34,667
- 	17,189 	4,748 	- 	-
- 	239 	- 	- 	4
138,584 	- 	- 	- 	-
- 	- 	- 	12,624 	-
- 	8,043 	- 	- 	-
14,467 	206 	343 	5,341 	7
- 	- 	- 	- 	-
- 	- 	- 	- 	-
- 	- 	- 	- 	-
153,052 	32,296 	5,091 	17,965 	34,678
69 	3,189 	85 	17,025 	(32,624)
- 	- 	- 	- 	-
- 	- 	- 	- 	-
- 	- 	- 	- 	-
- 	- 	- 	- 	-
- 	722 	- 	527 	35,100
- 	(1,952) 	- 	(1,899) 	(506)
- 	(1,230) 	- 	(1,372) 	34,594
69 	1,959 	85 	15,653 	1,970
49,061 	51,266 	7,156 	47,968 	9,024
$49,130 	$53,225 	$7,241 	$63,621 	$10,994
SPECIAL REVENUE FUNDS (CONTINUED)
213

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COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands)
COMMUNITY
DEVELOPMENT 	JOB TRAINING 	MAINTENANCE
BLOCK 	PARTNERSHIP 	PARKS AND 	PUBLIC
GRANT 	ACT GRANT 	RECREATION 	SAFETY
REVENUES:
Property taxes 	$ 	- 	$ 	- 	$ 	- 	$ 	-
Utility and Communications service taxes 	- 	- 	- 	-
Sales and tourist taxes 	- 	- 	- 	-
Local business taxes 	- 	- 	- 	-
Licenses, permits, and fees 	- 	- 	- 	-
Intergovernmental 	40,046 	- 	- 	5,126
Charges for services 	- 	- 	4,124 	-
Fines and forfeitures 	- 	- 	- 	-
JEA Contribution 	- 	- 	- 	-
Investment earnings 	- 	10 	121 	3
Other 	239 	- 	3,945 	-
Total Revenues 	40,285 	10 	8,190 	5,129
EXPENDITURES:
Current:
General government 	- 	- 	- 	5,682
Human services 	- 	- 	- 	1,989
Public safety 	- 	- 	- 	61,919
Culture and recreation 	- 	- 	4,332 	1,000
Transportation 	- 	- 	- 	-
Economic environment 	42,844 	- 	2,326 	-
Physical environment 	- 	- 	- 	-
Capital outlay 	- 	- 	49 	4,382
Debt Service:
Principal 	- 	- 	- 	-
Interest 	- 	- 	- 	-
Other 	- 	- 	- 	-
Total Expenditures 	42,844 	- 	6,707 	74,972
EXCESSS OF REVENUES OVER (UNDER)
EXPENDITURES 	(2,559) 	10 	1,483 	(69,843)
OTHER FINANCING SOURCES (USES):
Long term debt issued 	- 	- 	- 	-
Refunding bond issued 	- 	- 	- 	-
Premium on bonds payable 	- 	- 	- 	-
Payment to escrow agent - refunded debt 	- 	- 	- 	-
Transfers In 	- 	- 	1,293 	-
Transfers Out 	(128) 	- 	(200) 	-
Total Other Financing Sources (Uses) 	(128.00) 	- 	1,093 	-
NET CHANGE IN FUND BALANCES 	(2,687) 	10 	2,576 	(69,843)
FUND BALANCE, BEGINNING OF YEAR 	723 	833 	8,851 	46,353
FUND BALANCES (DEFICIT), END OF YEAR 	$(1,964) 	$843 	$11,427 	$(23,490)
SPECIAL REVENUE FUNDS (CONTINUED)
214

-- 245 of 389 --

BETTER 	STATE HOUSING 	NON-BUDGETED
JACKSONVILLE 	HOUSING AND 	INITIATIVE 	GENERAL
PLAN TRUST 	NEIGHBORHOODS 	PARTNERSHIP 	GOVERNMENT 	2021 	2020
$ 	- 	$ 	- 	$ 	- 	$ 	- 	$32,230 	$28,749
- 	- 	- 	- 	- 	-
103,853 	- 	- 	- 	249,757 	220,640
- 	- 	- 	- 	- 	-
- 	- 	- 	2,917 	32,146 	20,394
- 	3,381 	7,819 	- 	75,886 	253,868
- 	4 	- 	2,404 	48,318 	43,185
- 	- 	- 	1,691 	2,575 	1,981
- 	- 	- 	- 	- 	-
715 	45 	- 	276 	3,827 	10,312
- 	1,329 	608 	4,420 	16,927 	16,670
104,568 	4,759 	8,427 	11,708 	461,666 	595,799
- 	- 	- 	406 	32,476 	31,916
- 	- 	- 	1,310 	38,303 	40,278
- 	- 	- 	4,721 	88,577 	143,080
- 	- 	- 	843 	7,151 	6,462
- 	- 	- 	- 	138,584 	128,836
- 	10,182 	4,795 	252 	76,667 	41,769
- 	- 	- 	979 	10,546 	9,742
- 	- 	- 	867 	27,973 	23,294
- 	-
- 	- 	- 	- 	- 	-
- 	- 	- 	- 	- 	-
- 	- 	- 	- 	- 	1
- 	10,182 	4,795 	9,378 	420,277 	425,378
104,568 	(5,423) 	3,632 	2,330 	41,389 	170,421
- 	- 	- 	- 	- 	-
- 	- 	- 	- 	- 	-
- 	- 	- 	- 	- 	-
- 	- 	- 	- 	- 	-
- 	- 	- 	997 	39,063 	38,281
(76,771) 	- 	- 	(354) 	(81,810) 	(86,234)
(76,771) 	- 	- 	643 	(42,747) 	(47,953)
27,797 	(5,423) 	3,632 	2,973 	(1,358) 	122,468
66,800 	12,036 	754 	26,750 	409,387 	286,919
$94,597 	$6,613 	$4,386 	$29,723 	$408,029 	$409,387
TOTALS
SPECIAL REVENUE FUNDS (CONTINUED)
215

-- 246 of 389 --

COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands)
BETTER
JACKSONVILLE
GENERAL 	CONSTRUCTION 	BOND
PROJECTS 	PROJECT 	PROJECTS
REVENUES:
Property taxes 	$ 	- 	$ 	- 	$ 	-
Utility and Communications service taxes 	- 	- 	-
Sales and tourist taxes 	- 	- 	-
Local business taxes 	- 	- 	-
Licenses, permits, and fees 	- 	- 	-
Intergovernmental 	7,500 	570 	-
Charges for services 	45 	- 	-
Fines and forfeitures 	- 	- 	-
JEA Contribution 	- 	- 	-
Investment earnings 	- 	203 	70
Other 	789 	- 	-
Total Revenues 	8,334 	773 	70
EXPENDITURES:
Current:
General government 	182 	- 	-
Human services 	- 	- 	-
Public safety 	- 	- 	-
Culture and recreation 	- 	26 	-
Transportation 	24 	- 	-
Economic environment 	46 	180 	-
Physical environment 	- 	- 	-
Capital outlay 	119,155 	5,551 	1,314
Debt Service:
Principal 	- 	- 	-
Interest 	- 	- 	-
Other 	- 	- 	-
Total Expenditures 	119,407 	5,757 	1,314
EXCESSS OF REVENUES OVER (UNDER)
EXPENDITURES 	(111,073) 	(4,984) 	(1,244)
OTHER FINANCING SOURCES (USES):
Long term debt issued 	82,684 	- 	-
Refunding bond issued 	- 	- 	-
Premium on bonds payable 	- 	- 	-
Payment to escrow agent - refunded debt 	- 	- 	-
Transfers In 	17,373 	1,500 	-
Transfers Out 	(200) 	- 	-
Total Other Financing Sources (Uses) 	99,857 	1,500 	-
NET CHANGE IN FUND BALANCES 	(11,216) 	(3,484) 	(1,244)
FUND BALANCE, BEGINNING OF YEAR 	87,843 	17,126 	10,637
FUND BALANCES (DEFICIT), END OF YEAR 	$76,627 	$13,642 	$9,393
CAPITAL PROJECTS
216

-- 247 of 389 --

RIVER CITY
GRANT 	RENAISSANCE
PROJECTS 	PROJECT 	2021 	2020
$ 	- 	$ 	- 	$ 	- 	$ 	-
- 	- 	- 	-
- 	- 	- 	-
- 	- 	- 	-
- 	- 	- 	-
11,858 	- 	19,928 	8,597
- 	- 	45 	88
- 	- 	- 	-
- 	- 	- 	-
37 	- 	310 	2,364
- 	- 	789 	520
11,895 	- 	21,072 	11,569
- 	- 	182 	1
- 	- 	- 	-
159 	- 	159 	-
1 	- 	27 	12
- 	- 	24 	46
- 	- 	226 	69
- 	- 	- 	-
13,960 	- 	139,980 	108,738
- 	-
- 	- 	- 	-
- 	- 	- 	-
- 	- 	- 	-
14,120 	- 	140,598 	108,866
(2,225) 	- 	(119,526) 	(97,297)
- 	- 	82,684 	86,134
- 	- 	- 	-
- 	- 	- 	-
- 	- 	- 	-
- 	- 	18,873 	30,213
- 	- 	(200) 	(965)
- 	- 	101,357 	115,382
(2,225) 	- 	(18,169) 	18,085
4,235 	35 	119,876 	101,791
$2,010 	$35 	$101,707 	$119,876
TOTALS
CAPITAL PROJECTS (CONTINUED)
217

-- 248 of 389 --

COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
WITH COMPARATIVE TOTALS FOR 2020 (in thousands)
CEMETERY 	ART IN PUBLIC
MAINTENANCE 	PLACES 	2021 	2020
REVENUES:
Property taxes 	$ 	- 	$ 	- 	$ 	- 	$ 	-
Utility and Communications service taxes 	- 	- 	- 	-
Sales and tourist taxes 	- 	- 	- 	-
Local business taxes 	- 	- 	- 	-
Licenses, permits, and fees 	- 	- 	- 	-
Intergovernmental 	- 	- 	- 	-
Charges for services 	- 	- 	- 	-
Fines and forfeitures 	- 	- 	- 	-
JEA Contribution 	- 	- 	- 	-
Investment earnings 	1 	- 	1 	82
Other 	- 	- 	- 	-
Total Revenues 	1 	0 	1 	82
EXPENDITURES:
Current:
General government 	- 	8 	8 	-
Human services 	- 	- 	- 	-
Public safety 	- 	- 	- 	-
Culture and recreation 	- 	- 	- 	-
Transportation 	- 	- 	- 	-
Economic environment 	- 	- 	- 	-
Physical environment 	- 	- 	- 	-
Capital outlay 	- 	- 	- 	-
Debt Service: 	-
Principal 	- 	- 	- 	-
Interest 	- 	- 	- 	-
Other 	- 	- 	- 	-
Total Expenditures 	- 	8 	8 	-
EXCESSS OF REVENUES OVER (UNDER)
EXPENDITURES 	1 	(8) 	(7) 	82
OTHER FINANCING SOURCES (USES):
Long term debt issued 	- 	- 	- 	-
Refunding bond issued 	- 	- 	- 	-
Premium on bonds payable 	- 	- 	- 	-
Payment to escrow agent - refunded debt 	- 	- 	- 	-
Transfers In 	- 	- 	- 	-
Transfers Out 	- 	(42) 	(42) 	(92)
Total Other Financing Sources (Uses) 	- 	(42) 	(42) 	(92)
NET CHANGE IN FUND BALANCES 	1 	(50) 	(49) 	(10)
FUND BALANCE, BEGINNING OF YEAR 	264 	1,493 	1,757 	1,767
FUND BALANCES (DEFICIT), END OF YEAR 	$265 	$1,443 	$1,708 	$1,757
TOTALS
PERMANENT FUNDS
218

-- 249 of 389 --

TOTAL NONMAJOR
GOVERNMENTAL
FUNDS
2021 	2020
$32,230 	$28,749
- 	-
249,757 	220,640
- 	-
32,146 	20,394
95,814 	262,465
48,363 	43,273
2,575 	1,981
- 	-
4,138 	12,758
17,716 	17,190
482,739 	607,450
32,666 	31,917
38,303 	40,278
88,736 	143,080
7,178 	6,474
138,608 	128,882
76,893 	41,838
10,546 	9,742
167,953 	132,032
- 	-
- 	-
- 	1
560,883 	534,244
(78,144) 	73,206
82,684 	86,134
- 	-
- 	-
- 	-
57,936 	68,494
(82,052) 	(87,291)
58,568 	67,337
(19,576) 	140,543
531,020 	390,477
$511,444 	$531,020
TOTALS
219

-- 250 of 389 --

CITY OF JACKSONVILLE, FLORIDA
BUDGETARY COMPARISON SCHEDULE
NONMAJOR GOVERNMENTAL FUNDS (in thousands)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
VARIANCE WITH
FINAL BUDGET -
BUDGETARY 	POSITIVE
ORIGINAL 	FINAL 	ACTUAL 	ENCUMBRANCES 	ACTUAL 	(NEGATIVE)
REVENUE:
Licenses, permits, and fees 	$ 	944 	$ 	944 	$ 11,788 	$ 	11,788 	$ 10,844
Charges for Services 	250 	250 	3,960 	- 	3,960 	3,710
Interest 	116 	116 	103 	- 	103 	(13)
Total Revenue 	1,310 	1,310 	15,851 	- 	15,851 	14,541
EXPENDITURES:
Jacksonville Citywide 	(40) 	674 	- 	- 	- 	674
Planning and Development 	(9) 	6,882 	797 	69 	797 	6,085
Public Works 	1,790 	26,804 	2,171 	5,027 	2,171 	24,633
Total Expenditures 	1,741 	34,360 	2,968 	5,096 	2,968 	31,392
EXCESS (DEFICIENCY) OF REVENUE
OVER (UNDER) EXPENDITURES 	(431) 	(33,050) 	12,883 	(5,096) 	12,883 	45,933
NET CHANGE IN FUND BALANCES 	(431) 	(33,050) 	12,883 	(5,096) 	- 	33,050
FUND BALANCE, BEGINNING 	68,063 	68,063 	68,063 	- 	- 	68,063
FUND BALANCE, ENDING 	$ 67,632 	$ 35,013 	$ 80,946 	$ (5,096) 	$ - 	$ 101,113
FUND 101000 - CONCURRENCY MANAGEMENT
BUDGETED AMOUNTS
220

-- 251 of 389 --

CITY OF JACKSONVILLE, FLORIDA
BUDGETARY COMPARISON SCHEDULE
NONMAJOR GOVERNMENTAL FUNDS (in thousands)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
VARIANCE WITH
FINAL BUDGET -
BUDGETARY 	POSITIVE
ORIGINAL 	FINAL 	ACTUAL 	ENCUMBRANCES 	ACTUAL 	(NEGATIVE)
REVENUE:
Intergovernmental 	$ 650 	$ 1,550 	$ 1,525 	$ - 	$ 1,525 	$ (25)
Interest 	7 	7 	10 	- 	10 	3
Miscellaneous 	- 	- 	- 	- 	- 	-
Total Revenue 	657 	1,557 	1,535 	- 	1,535 	(22)
EXPENDITURES:
Jacksonville Citywide 	- 	342 	- 	- 	- 	342
Neighborhoods 	748 	2,651 	1,593 	25 	1,618 	1,033
Total Expenditures 	748 	2,993 	1,593 	25 	1,618 	1,375
EXCESS (DEFICIENCY) OF REVENUE
OVER (UNDER) EXPENDITURES 	(91) 	(1,436) 	(58) 	(25) 	(83) 	1,353
OTHER FINANCING (USES):
Operating transfers in 	- 	424 	424 	- 	424 	-
Total Other Financing (Uses) 	- 	424 	424 	- 	424 	-
NET CHANGE IN FUND BALANCES 	(91) 	(1,012) 	366 	(25) 	341 	1,353
FUND BALANCE, BEGINNING 	1,031 	1,031 	1,031 	- 	1,031 	-
FUND BALANCE, ENDING 	$ 940 	$ 19 	$ 1,397 	$ (25) 	$ 1,372 	$ 1,353
FUND 10200 - AIR POLLUTION CONTROL AND MONITORING
BUDGETED AMOUNTS
221

-- 252 of 389 --

CITY OF JACKSONVILLE, FLORIDA
BUDGETARY COMPARISON SCHEDULE
NONMAJOR GOVERNMENTAL FUNDS (in thousands)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
FUND 10300 - TOURISM DEVELOPMENT
VARIANCE WITH
FINAL BUDGET -
BUDGETARY 	POSITIVE
ORIGINAL 	FINAL 	ACTUAL 	ENCUMBRANCES 	ACTUAL 	(NEGATIVE)
REVENUE:
Sales and Use Tax 	$ 5,000 	$ 5,000 	$ 7,597 	$ 	- 	$ 7,597 	$ 	2,597
Interest 	7 	7 	129 	- 	129 	122
Other 	- 	620 	969 	- 	969 	349
Total Revenue 	5,007 	5,627 	8,695 	- 	8,695 	3,068
EXPENDITURES:
Finance 	- 	7 	- 	- 	- 	7
City Council 	5,007 	10,660 	3,819 	2,776 	6,595 	4,065
Neighborhoods 	- 	41 	- 	- 	- 	41
Parks & Recreation 	- 	2,395 	558 	786 	1,344 	1,051
Sports & Entertainment 	- 	- 	- 	- 	- 	-
Intergovernmental Services 	- 	- 	- 	- 	-
Total Expenditures 	5,007 	13,103 	4,377 	3,562 	7,939 	5,164
EXCESS (DEFICIENCY) OF REVENUE
OVER (UNDER) EXPENDITURES 	- 	(7,476) 	4,318 	(3,562) 	756 	8,232
NET CHANGE IN FUND BALANCES 	- 	(7,476) 	4,318 	(3,562) 	756 	8,232
FUND BALANCE, BEGINNING 	9,774 	9,774 	9,774 	- 	9,774 	-
FUND BALANCE, ENDING 	$ 9,774 	$ 2,298 	$ 14,092 	$ (3,562) 	$ 10,530 	$ 8,232
BUDGETED AMOUNTS
222

-- 253 of 389 --

CITY OF JACKSONVILLE, FLORIDA
BUDGETARY COMPARISON SCHEDULE
NONMAJOR GOVERNMENTAL FUNDS (in thousands)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
VARIANCE WITH
FINAL BUDGET -
BUDGETARY 	POSITIVE
ORIGINAL 	FINAL 	ACTUAL 	ENCUMBRANCES 	ACTUAL 	(NEGATIVE)
REVENUE:
Sales and Use Taxes 	$ 120,128 	$ 120,128 	$ 138,307 	$ 	138,307 	$ 18,179
Intergovernmental 	14,562 	14,562 	14,317 	14,317 	(245)
Interest 	367 	367 	497 	497 	130
Other 	- 	- 	- 	- 	-
Total Revenue 	$ 135,057 	$ 135,057 	$ 153,121 	- 	$ 153,121 	$ 18,064
EXPENDITURES:
Public Works 	41,646 	55,794 	45,115 	4,627 	49,742 	6,052
Jacksonville Misc. Citywide Activities 	93,411 	147,784 	107,937 	- 	107,937 	39,847
Total Expenditures 	135,057 	203,578 	153,052 	4,627 	157,679 	45,899
EXCESS (DEFICIENCY) OF REVENUE
OVER (UNDER) EXPENDITURES 	- 	(68,521) 	69 	(4,627) 	(4,558) 	63,963
NET CHANGE IN FUND BALANCES 	- 	(68,521) 	69 	(4,627) 	(4,558) 	63,963
FUND BALANCE, BEGINNING 	49,061 	49,061 	49,061 	- 	49,061 	-
FUND BALANCE, ENDING 	$ 	49,061 	$ (19,460) 	$ 49,130 	$ (4,627) 	$ 44,503 	$ 63,963
FUND 10400 - TRANSPORTATION
BUDGETED AMOUNTS
223

-- 254 of 389 --

CITY OF JACKSONVILLE, FLORIDA
BUDGETARY COMPARISON SCHEDULE
NONMAJOR GOVERNMENTAL FUNDS (in thousands)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
VARIANCE WITH
FINAL BUDGET -
BUDGETARY 	POSITIVE
ORIGINAL 	FINAL 	ACTUAL 	ENCUMBRANCES 	ACTUAL 	(NEGATIVE)
REVENUE:
Permits, Fees & Special Assessments 	$ 	15,087 	$ 15,087 	$ 17,441 	$ 17,441 	$ 2,354
Intergovernmental 	- 	1,988 	1,885 	1,885 	(103)
Charges for services 	7,531 	7,531 	11,055 	11,055 	3,524
Fines and forfeitures 	239 	239 	884 	884 	645
Interest 	339 	339 	576 	576 	237
Other 	703 	8,703 	3,644 	3,644 	(5,059)
Total Revenue 	23,899 	33,887 	35,485 	- 	35,485 	1,598
EXPENDITURES:
Advisory Boards and Commissions 	- 	9 	3 	- 	3 	6
Courts 	2,373 	2,397 	2,383 	37 	2,420 	(23)
Finance 	204 	266 	183 	83 	266 	-
Fire/Rescue 	1,644 	1,658 	1,662 	3 	1,665 	(7)
Jacksonville Citywide Activities 	- 	20 	- 	- 	- 	20
Neighborhoods 	662 	5,722 	2,567 	84 	2,651 	3,071
Public Defender 	504 	564 	527 	3 	530 	34
Planning and Development 	19,757 	20,410 	18,518 	658 	19,176 	1,234
Public Library 	235 	464 	239 	39 	278 	186
Public Works 	389 	18,364 	5,604 	3,026 	8,630 	9,734
Parks, Recreation and Community Services 	- 	121 	25 	- 	25 	96
State Attorney 	622 	686 	585 	- 	585 	101
Total Expenditures 	26,390 	50,681 	32,296 	3,933 	36,229 	14,452
EXCESS (DEFICIENCY) OF REVENUE
OVER (UNDER) EXPENDITURES 	(2,491) 	(16,794) 	3,189 	(3,933) 	(744) 	16,050
OTHER FINANCING (USES):
Operating transfers in 	722 	722 	722 	722 	-
Operating transfers out 	(2,342) 	(2,742) 	(1,952) 	(1,952) 	790
Total Other Financing (Uses) 	(1,620) 	(2,020) 	(1,230) 	- 	(1,230) 	790
NET CHANGE IN FUND BALANCES 	(4,111) 	(18,814) 	1,959 	(3,933) 	(1,974) 	16,840
FUND BALANCE, BEGINNING 	51,266 	51,266 	51,266 	- 	51,266 	-
FUND BALANCE, ENDING 	$ 47,155 	$ 32,452 	$ 53,225 	$ (3,933) 	$ 49,292 	$ 16,840
FUND 15000 - BUDGETED GENERAL GOVERNMENT
BUDGETED AMOUNTS
224

-- 255 of 389 --

CITY OF JACKSONVILLE, FLORIDA
BUDGETARY COMPARISON SCHEDULE
NONMAJOR GOVERNMENTAL FUNDS (in thousands)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
VARIANCE WITH
FINAL BUDGET -
BUDGETARY 	POSITIVE
ORIGINAL 	FINAL 	ACTUAL 	ENCUMBRANCES 	ACTUAL 	(NEGATIVE)
REVENUE:
Charges for services 	$ 4,853 	$ 4,853 	$ 5,094 	$ 5,094 	$ 241
Interest 	122 	122 	82 	82 	(40)
Total Revenue 	$ 4,975 	$ 4,975 	$ 5,176 	- 	$ 5,176 	$ 201
EXPENDITURES:
Jacksonville Citywide Activities 	39 	342 	- 	- 	- 	342
Office of the Sheriff 	5,275 	5,816 	5,091 	183 	5,274 	542
Total Expenditures 	5,314 	6,158 	5,091 	183 	5,274 	884
EXCESS (DEFICIENCY) OF REVENUE
OVER (UNDER) EXPENDITURES 	(339) 	(1,183) 	85 	(183) 	(98) 	1,085
NET CHANGE IN FUND BALANCES 	(339) 	(1,183) 	85 	(183) 	(98) 	1,085
FUND BALANCE, BEGINNING 	7,156 	7,156 	7,156 	- 	7,156 	-
FUND BALANCE, ENDING 	$ 6,817 	$ 5,973 	$ 7,241 	$ (183) 	$ 7,058 	$ 1,085
FUND 10700 - EMERGENCY 9 1 1
BUDGETED AMOUNTS
225

-- 256 of 389 --

CITY OF JACKSONVILLE, FLORIDA
BUDGETARY COMPARISON SCHEDULE
NONMAJOR GOVERNMENTAL FUNDS (in thousands)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
VARIANCE WITH
FINAL BUDGET -
BUDGETARY 	POSITIVE
ORIGINAL 	FINAL 	ACTUAL 	ENCUMBRANCES 	ACTUAL 	(NEGATIVE)
REVENUE:
Property taxes 	$ 40,203 	$ 40,710 	$ 32,230 	$ 32,230 	$ (8,480)
Interest 	- 	- 	1,093 	1,093 	1,093
Other 	1,102 	3,697 	1,667 	1,667 	(2,030)
Total Revenue 	$ 41,305 	$ 44,407 	$ 34,990 	- 	$ 34,990 	$ (9,417)
EXPENDITURES:
Downtown Investment Authority 	11,162 	24,715 	5,599 	3,089 	8,688 	16,027
Jacksonville Citywide Activities 	19,849 	16,956 	6,610 	5,572 	12,182 	4,774
Office of Economic Development 	404 	37,876 	5,756 	3,681 	9,437 	28,439
Tota