THOMAS COUNTY PUBLIC LIBRARY SYSTEM A COMPONENT UNIT OF THOMAS COUNTY, GEORGIA REPORT ON AUDIT OF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2003 STATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS Russell W. Hinton State Auditor THOMAS COUNTY PUBLIC LIBRARY SYSTEM - TABLE OF CONTENTS - FINANCIAL INDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION EXHIBITS BASIC FINANCIAL STATEMENTS LIBRARY-WIDE FINANCIAL STATEMENTS A STATEMENT OF NET ASSETS 3 B STATEMENT OF ACTIVITIES 4 FUND FINANCIAL STATEMENTS C BALANCE SHEET GOVERNMENTAL FUND 5 D RECONCILIATION OF THE GOVERNMENTAL FUND BALANCE SHEET TO THE STATEMENT OF NET ASSETS 6 E STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE GOVERNMENTAL FUND 7 F RECONCILIATION OF THE GOVERNMENTAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE TO THE STATEMENT OF ACTIVITIES 8 G NOTES TO THE BASIC FINANCIAL STATEMENTS 9 SCHEDULES REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL GENERAL FUND 19 SUPPLEMENTARY INFORMATION 2 SCHEDULE OF LOCAL GOVERNMENT FUNDS 20 3 SCHEDULE OF SALARIES AND TRAVEL 21 FINANCIAL RUSSELL W. HINTON STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W. Suite 214 Atlanta, Georgia 30334-8400 July 19, 2004 Honorable Sonny Perdue, Governor Members of the General Assembly Members of the Board of Regents ofthe University System of Georgia and Director and Members of the Thomas County Public Library System INDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION Ladies and Gentlemen: We have audited the accompanying financial statements of the governmental activities and each major fund (Exhibits A through G) ofthe Thomas County Public Library System a component unit ofThomas County, Georgia as ofand for the year ended June 30, 2003, which collectively comprise the Library's basic financial statements as listed in the table ofcontents. These financial statements are the responsibility of the Thomas County Public Library System's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our optmon. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective position ofthe governmental activities and each major fund ofthe Thomas County Public Library System, as ofJune 30, 2003, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. 2003-34ARL-41 The Thomas County Public Library System has not presented Management's Discussion and Analysis that accounting principles generally accepted in the United States has determined is necessary to supplement, although not to be part of, the basic financial statements. As discussed in Note 2 to the basic financial statements, during fiscal year 2003, the Library completed a comprehensive inventory of its capital assets for inclusion in the basic financial statements. This change is in accordance with generally accepted accounting principles. As described in Note 2, the Thomas County Public Library System has implemented a new financial reporting model as required by provisions of Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments, as of June 30, 2003. The Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 19 is not a required part of the basic financial statements but is supplementary information required by the accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods ofmeasurement and presentation ofthe required supplementary information. However, we did not audit the information and express no opinion on it. Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the Thomas County Public Library System's basic financial statements. The accompanying supplementary information which consist of Schedules 2 and 3, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit ofthe basic financial statements, and in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. A copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated section 506-24. Respectfully submitted, t.0-~~ RWH:gp 2003-34ARL-41 State Auditor THOMAS COUNTY PUBLIC LIBRARY SYSTEM THOMAS COUNTY PUBLIC LIBRARY SYSTEM STATEMENT OF NET ASSETS JUNE 30, 2003 EXHIBIT"A" ASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net State Government Capital Assets Equipment Library Collections Less: Accumulated Depreciation Total Assets NET ASSETS Invested in Capital Assets, Net of Related Debt Unrestricted Total Net Assets GOVERNMENTAL ACTIVITIES $ 361,514 5,006 3,286 283,350 2,326,821 -1,956,319 $ ===1=,0=2=3=,6=58= $ 653,852 369,806 $ ======1=,0=2=3'=65=8= The notes to the basic financial statements are an integral part of this statement. -3- THOMAS COUNTY PUBLIC LIBRARY SYSTEM STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30. 2003 EXHIBIT"B" GOVERNMENTAL ACTIVITIES Public Services Technical Services Support Services Maintenance and Operations Information Technology Total Governmental Activities General Revenues Allotments from Participating Governments Investment Earnings Miscellaneous Total General Revenues Change in Net Assets Net Assets - Beginning of Year EXPENSES PROGRAM REVENUES OPERATING CHARGES FOR GRANTS AND SERVICES CONTRIBUTIONS NET (EXPENSES) REVENUES AND CHANGES IN NET ASSETS $ 556,972 $ 38,442 203,233 155,171 78,283 $ 1,032,101 $ 38,744 $ 38 744 $ 151,341 $ 32,535 15 286 -366,887 -38,442 -203,233 -122,636 -62 997 $ 703,739 3,357 49 859 $ _ _ ___,_7.,:5:,6,:;95:,:5:.... $ -37,240 1,060,898 Net Assets - End of Year The notes to the basic financial statements are an integral part of this statement. -4- THOMAS COUNTY PUBLIC LIBRARY SYSTEM BALANCE SHEET GOVERNMENTAL FUND JUNE 30, 2003 ASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net State Government Total Assets FUND BALANCE Unreserved Undesignated Reported in: General Fund EXHIBIT"C" GENERAL FUND $ 361,514 5,006 3,286 $ ===3=69='=80=6= $ ==3=6=9,=80=6= The notes to the basic financial statements are an integral part of this statement. -5- THOMAS COUNTY PUBLIC LIBRARY SYSTEM RECONCILIATION OF THE GOVERNMENTAL FUND BALANCE SHEET TO THE STATEMENT OF NET ASSETS JUNE 30. 2003 EXHIBIT"D" Total Fund Balance - Governmental Fund (Exhibit "C") Amounts reported for Governmental Activities in the Statement of Net Assets are different because: Capital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: Equipment Library Collections Accumulated Depreciation Total Capital Assets $ $ 283,350 2,326,821 -1,956,319 369,806 653,852 Net Assets of Governmental Activities (Exhibit "A") $ ====='1,=02=3=,6=58= The notes to the basic financial statements are an integral part of this statement. -6 - THOMAS COUNTY PUBLIC LIBRARY SYSTEM STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE GOVERNMENTAL FUND YEAR ENDED JUNE 30, 2003 EXHIBIT "E" REVENUES Local Funds State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues EXPENDITURES Current Public Services Technical Services Support Services Maintenance and Operations Information Technology Total Expenditures Net Change in Fund Balance Fund Balance - Beginning Fund Balance - Ending GENERAL FUND $ 703,739 195,994 3,168 38,744 3,357 51,811 $ 996,813 $ 474,448 38,442 203,233 155,171 79876 $ 951 170 $ 45,643 324,163 $ =====36=9"'=,8=06= The notes to the basic financial statements are an integral part of this statement. -7- THOMAS COUNTY PUBLIC LIBRARY SYSTEM RECONCILIATION OF THE GOVERNMENTAL FUND STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE TO THE STATEMENT OF ACTIVITIES JUNE 30. 2003 EXHIBIT"F" Total Net Change in Fund Balance - Governmental Fund (Exhibit "E") Amounts reported for Governmental Activities in the Statement of Activities are different because: Capital Outlays are reported as expenditures in Governmental Funds. However, in the Statement of Activities, the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are: Capital Outlay Depreciation Expense Excess of Depreciation Expense over Capital Outlay In the Statement of Activities, only the gain on the sale of the equipment is reported, whereas in the Governmental Funds, the entire proceeds from the sale increase financial resources. Thus, the change in net assets differs from the change in fund balances by the carrying value of the equipment sold. $ $ 76,269 -157,200 45,643 -80,931 -1 952 Change in Net Assets of Governmental Activities (Exhibit "B") $===-3=7==2=4=0 The notes to the basic financial statements are an integral part of this statement. -8- THOMAS COUNTY PUBLIC LIBRARY SYSTEM NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2003 EXHIBIT "G" Note 1: DESCRIPTION OF LIBRARY AND REPORTING ENTITY REPORTING ENTITY The Thomas County Public Library System (Library) operates pursuant to Official Code ofGeorgia Annotated Sections 20-5-40 through 20-5-59 to provide public library services with costs shared by participating local governmental agencies and grants from the State of Georgia. The Library Board consists of nine members appointed by the Thomas County Board of Commissioners. The Library Board is without authority to determine the amount of its funding, except by submission ofbudget requests to local governmental units from which the Library receives support and to the State of Georgia for State and Federal flow through funding. The Library Board has the power to designate management, the power to retain unreserved fund balances of local and other funds for continued operations and is the lowest level of oversight responsibility for the Library's operations. The Thomas County Board of Commissioners appoints all of the Library's Board members and provides a substantial majority of funding for the operations of the Library, consequently, the Library is deemed to have a financial benefit/burden relationship with Thomas County, Georgia as defined by the Governmental Accounting Standards Board. Accordingly, the Thomas County Public Library System is considered to be a component unit of Thomas County, Georgia for financial reporting purposes. Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The Library's basic financial statements are collectively comprised of the Library-wide financial statements, fund financial statements and notes to the basic financial statements of the Thomas County Public Library System. Library-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities of the overall Library. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through intergovernmental revenues and other nonexchange transactions. The Statement of Activities presents a comparison between direct expenses and program revenues for each function of the Library's governmental activities. Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the Library related to the administration and support of the Library's programs, such as office and maintenance personnel and accounting) are not allocated to programs. -9- THOMAS COUNTY PUBLIC LIBRARY SYSTEM NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2003 EXHIBIT "G" Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Program revenues include (a) charges paid by the recipients ofgoods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues are presented as general revenues. Fund Financial Statements: The fund financial statements provide information about the Library's funds. Eliminations have been made to minimize the double counting of internal activities. The emphasis of fund financial statements is on major governmental funds. The Library reports the following major governmental fund: General Fund is the Library's primary operating fund. It accounts for all financial resources of the Library, except those resources required to be accounted for in another fund. BASIS OF ACCOUNTING The basis ofaccounting determines when transactions are reported on the financial statements. The Library-wide governmental financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the Library gives (or receives) value without directly receiving (or giving) equal value in exchange, include grants and donations. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. The Library uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. The Library considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Interest is considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of acquisitions under capital leases are reported as other financing sources. - 10 - THOMAS COUNTY PUBLIC LIBRARY SYSTEM NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2003 EXHIBIT"G" Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Library funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the Library's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. RESTATEMENT OF PRIOR YEAR FUND BALANCE - GENERAL FUND In prior years, the financial activities ofthe Library's Capital Projects Fund and Fiduciary Fund were reported separately. These funds had a combined fund balance of$57,766 at July 1, 2002. For fiscal year 2003, these funds have been reported as part of the General Fund. General Fund Balance July 1, 2002 $ 266,397 Add Funds Consolidated with General Fund: Capital Projects Fiduciary Fund 51,804 5,962 General Fund Balance July 1, 2002 (Restated) CHANGES IN ACCOUNTING PRINCIPLES $===='=3-24==16~3 The Thomas County Public Library System has implemented a new financial reporting model as required by provisions of Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments, as of June 30, 2003. The provisions of GASB Statement No. 34 require the inclusion ofa Statement ofNet Assets. The elements comprising Net Assets - Beginning include the following: Governmental Funds (Restated) July 1, 2002 Capital Assets Accumulated Depreciation $ 324,163 2,604,065 -1,867,330 Net Assets Beginning (See Exhibit "B") $ 1,060.898 - 11 - THOMAS COUNTY PUBLIC LIBRARY SYSTEM NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2003 EXHIBIT "G" Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CASH AND CASH EQUIVALENTS COMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the Library to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. INVESTMENTS COMPOSITION OF INVESTMENTS Investments made by the Library in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Library to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: (1) Obligations issued by the State of Georgia or by other states, (2) Obligations issued by the United States government, (3) Obligations fully insured or guaranteed by the United States government or a United States government agency, (4) Obligations of any corporation of the United States government, (5) Prime banker's acceptances, (6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, (7) Repurchase agreements, and (8) Obligations of other political subdivisions of the State of Georgia. RECEIVABLES Receivables consist ofamounts due from grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been - 12 - THOMAS COUNTY PUBLIC LIBRARY SYSTEM NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2003 EXHIBIT "G" Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. CAPITAL ASSETS Capital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time ofpurchase. On the Library-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. Capitalization thresholds and estimated useful lives of capital assets reported in the Library-wide statements are as follows: Capitalization Policy Estimated Useful Life Equipment Library Collection $ 5,000 All 10 years 10 years Depreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. Note 3: DEPOSITS AND INVESTMENTS COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. If a depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case ofoperating funds placed in demand deposit checking accounts. Acceptable security for deposits consists of any one of or any combination of the following: - 13 - THOMAS COUNTY PUBLIC LIBRARY SYSTEM NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2003 EXHIBIT"G" Note 3: DEPOSITS AND INVESTMENTS (1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, (2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, (3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, (4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, (5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, (6) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia, and (7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. CATEGORIZATION OF DEPOSITS At June 30, 2003, the bank balances were $410,038. The amounts of the total bank balances are classified into three categories of credit risk: Category 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Library or by the Library's agent in the Library's name. Category 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Library's name. Category 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Library's name.) The Library's deposits are classified by risk category at June 30, 2003, as follows: - 14 - THOMAS COUNTY PUBLIC LIBRARY SYSTEM NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30. 2003 EXHIBIT"G" Note 3: DEPOSITS AND INVESTMENTS Risk Category 1 2 3 Bank Balance $ 170,150 239,888 0 Total $====4==10-,0=3=8 CATEGORIZATION OF INVESTMENTS At June 30, 2003, the fair value ofthe Library's total investments was $5,006 and this entire amount consisted ofa certificate ofdeposit which was insured or registered, or securities held by the Library or the Library's agent in the Library's name. Note 4: CAPITAL ASSETS The following is a summary of changes in the Capital Assets during the fiscal year: Governmental Activities Capital Assets Being Depreciated Equipment Library Collection Less Accumulated Depreciation for: Equipment Library Collection Governmental Activity Capital Assets - Net Balances July 1, 2002 Increases Balances Decreases June 30. 2003 $ 291,923 $ 2,312,142 5,150 $ 71,119 13,723 $ 283,350 56,440 2,326,821 221,844 1.645.486 $ 736,735 $ 26,539 130,661 -80,931 $ 11,771 56,440 236,612 1,719,707 1 952 $ 653,852 Current year depreciation expense by function is as follows: Public Services Information Technology $ 153,643 3,557 Note 5: RISK MANAGEMENT $=~15-7.""""20"='=0 The Library is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees and acts of God. - 15 - THOMAS COUNTY PUBLIC LIBRARY SYSTEM NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2003 EXHIBIT"G" Note 5: RISK MANAGEMENT The Library has obtained commercial insurance for risk ofloss associated with torts, assets, errors or omissions and acts of God. However, the errors or omissions policy excludes coverage for discrimination. The Library has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Library's insurance coverage in any ofthe past three years. The Library participates in the Association County Commissioners ofGeorgia-Selflnsured Workers' Compensation Fund, a public entity risk pool organized on July 1, 1982 to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The Library pays an annual premium to the Fund for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Fund with United States Fidelity and Guaranty Company to provide coverage for potential losses by the Fund in excess of $450,000 loss per occurrence, up to $2,000,000. The Library has purchased a surety bond to provide additional insurance coverage as follows: Position Covered Amount All Employees $ 50,000 Note 6: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) TRS PLAN DESCRIPTiON Substantially all librarians and clerical personnel employed by regional and county libraries are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Library who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Library makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: - 16 - THOMAS COUNTY PUBLIC LIBRARY SYSTEM NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2003 EXHIBIT "G" Note 6: RETIREMENT PLANS Fiscal Year 2003 2002 2001 Percentage Contributed 100% 100% 100% Required Contribution $ 34,301 $ 32,123 $ 36,633 - 17 - THOMAS COUNTY PUBLIC LIBRARY SYSTEM GENERAL FUND SCHEDULE OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL YEAR ENDED JUNE 30. 2003 SCHEDULE "1" REVENUES Local Funds State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues EXPENDITURES Current Public Services Technical Services Support Services Maintenance and Operations Information Technology Total Expenditures Net Change in Fund Balances Fund Balances - Beginning Fund Balances - Ending NONAPPROPRIATED BUDGETS ORIGINAL FINAL ACTUAL AMOUNTS $ 800,181 $ 799,521 $ 703,739 195,994 195,994 195,994 3,300 3,300 3,168 38,744 3,357 51 811 $ 999 475 $ 998 815 $ 996 813 $ 595,293 $ 595,293 $ 47,877 47,877 208,021 208,021 145,764 145,764 85 954 85954 $ 1,082,909 $ 1,082,909 $ $ -83,434 $ -84,094 $ 318 201 318 201 474,448 38,442 203,233 155,171 79 876 951 170 45,643 324 163 $ 234 767 $ 234 107 $ ===3=6=9=8=06== See notes to the basic financial statements. -19- THOMAS COUNTY PUBLIC LIBRARY SYSTEM SCHEDULE OF LOCAL GOVERNMENT FUNDS YEAR ENDED JUNE 30. 2003 SCHEDULE "2" LOCAL SOURCES County Government Board of Commissioners Thomas County GOVERNMENTAL FUND TYPE GENERAL FUND $ ====7=0=3=7=39= See notes to the basic financial statements. - 20- THOMAS COUNTY PUBLIC LIBRARY SYSTEM SCHEDULE OF SALARIES AND TRAVEL YEAR ENDED JUNE 30, 2003 SCHEDULE "3" NAME Bishop, Beckwith, Bozeman, Brooks, Cook, Crawford, Depew, Depew, Dewell, Floyd, Goodin, Hall, Harden, Hardman, Harris, Hemphill, Hicks, lsdell, Johnson, Johnson, Lankford, Lewis, Love, Love, McCollough, McCoy, McCoy, McGuire Mitchell, Monroe, Moore, Mote, Ramsey, Rauls, Smith, Thompson, Tillinghast, Vanier, Vowell, Walker, Williams, Wilson, Wilson, Amanda Betty Adam Dolly Susan R. Robert Betty Ralph Charles Rebecca Hilda Donald L. Jr. Brandy Barbara Quinton R. Revonda M. Michaela Gwen Elizabeth T. Kari Joanita F. Gloria J. Stacey L. Stephanie Kristy 8. Latasha Trish A. Angela B. Perida A. Delenor R. Joseph Stephanie Deanna P. Jessica D. Demaree R. Susan Nancy Charles E. Lara Sharon M. Donna Dwain Samuel Jr. TITLE CATEGORY Children's Assistant Branch Assistant Children's Assistant Branch Manager Public Service Director Reference Assistant Mending Assistant Security/Maint. Assistant Maintenance Assistant Circulation Manager Bookkeeper Reference Assistant Branch Assistant Children's Assistant Reference Assistant Branch Assistant Branch Manager Reference Assistant Branch Assistant Branch Manager Children's Assistant Bookkeeping Assistant Children's Manager Branch Assistant Branch Assistant Reference Assistant Branch Manager ILL Manager Reference Manager Reference Assistant Systems Administrator Branch Assistant Outreach Coordinator Branch Assistant Children's Assistant Branch Assistant Director Circulation Assistant Processing Manager Circulation Assistant Branch Manager Reference Assistant Maintenance Supervisor SALARIES TRAVEL $ 10,078 4,967 448 9,172 $ 46,132 9,935 3,092 12,475 2,534 14,308 26,011 3,539 11,188 9,526 830 2,507 436 6,078 120 16,253 12,593 15,752 17,483 1,745 237 3,084 18,966 22,522 23,432 5,967 24,375 126 23,677 2,930 4,881 1,591 63,061 8,373 13,667 15,643 5,320 701 19,026 67 383 60 31 9 54 10 43 34 232 300 265 1,715 8 Totals per Report See notes to the basic financial statements. - 21 - $ 494 781 $ =====3=2=11=