GA ABoD , Ri' Flk> l.'1'O.: ~DDh;lw). L .; .! " ," "-,, ( - r " " '- ," ,, " , .' " f I, , , . " -, ,, ,: I'.' , , ." ' .. : ,, .. ,. .. ,', , , '" , , , " . " , .' " " ", " ,, -' -, ':. i"'," " "- '. - " ,, < ,- " " 1- ) - .. . " \.- , " " ,I " ., c,', " " " " , ,I " ,' ,' ;' ~ , ,, , ' ", ~ " '. " -' ", . ,. .....\. .' ,. < ,", <' ., " t; l. " .., ' , , .~ r ' '. ~. T .' ., . > " . , ,, ,", ,, ",' ., ,,, , ,' , "" " " " , ,, ,. '( ~ . " .. ) " " , "\ , ,' " , BA~bW;~ ~ci'UNtY 80~RP OF' EbUC~TlO~ 'c, 0' , MjLLE, D. GEVILLE; GEORGIA. <\ :~ .. ,. -.:. " ~ .',REPORT'ON ., \AU.. Drr' I ";'. ,OF THE FINANCIAl: STATEMENTS " ,, - , , , " " c- .. .' .,, I ~. T ,- " , .. " " , , ; " " " "' " .-', , ," " . , ' ,; ,FOR ~ I ..,. THE . F'ISCA- \L , YEAR '. ", ENDE-D'JUNE-30. 2002 ~ , l~ ., ,"' .. " ". 'L ..., <, :.' ,,. .' " " ., ' '" ,, ... ' ,. Russell-W., Hlnto'n " " ", StOte' AudUor '. " " , ,, " ," , ,, ' ." , 'J , ,, ". ,, ,. .' ,' " -, " '.' j " , ,, " " ,0 :' ," " .," .' ., , BALDWIN COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - SECTION I FINANCIAL INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS EXHIBITS GENERAL-PURPOSE FINANCIAL STATEMENTS COMBINED STATEMENTS - OVERVIEW A COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP 2 B COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES 4 C COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (NON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS 6 D NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS 7 ADDITIONAL FINANCIAL INFORMATION COMBINING STATEMENTS SPECIAL REVENUE FUND E COMBINING BALANCE SHEET 20 F COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 22 CAPITAL PROJECrS FUND G COMBINING BALANCE SHeET 24 H COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 26 DEBT SERVICE FUND I COMBINING BALANCE SHEET 28 J COMBINING STATEMENT OF REVENUES, eXPENDITURES AND CHANGES IN FUND BALANCES 29 K FIDUCIARY FUND TYPE COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUNDS 30 BALDWIN COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS- SECTION I FINANCIAL ADDITIONAL FINANCIAL INFORMATION SCHEDULES 1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 31 2 SCHEDULE OF STATE REVENUE 33 3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS 35 ALLOTMENTS AND EXPENDITURES GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) 4 BY PROGRAM 36 5 BY SITE 37 SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE or PRIOR YEAR FINDINGS AND QUESTIONED COSTS SECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS SECTION I FINANCIAL RI."FII W. HIN10' STA.T( AUDllUA (4()41656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Wd,hLnglon ~Ireet. S W SUlle 214 Allanla. Georgia 30134!4(XI July 15. 2003 Honomblc Sonny Perdue, Governor Members of the General Assembly Membcrs of the State Board of Education and Supenntendent and Members of the Baldvnn County Board of Educallon INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE fINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATIONSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS Ladles and Gentlemen Wc have audIted the accompanYing general-purpose financial statemcnts of the Baldwin County Board of EducatIon. as of and for the year ended June 30, 2002, as listed In the table of contents The~ general-purpose finanCIal statemcnts arc the responsIbIlity of thc Baldvnn County Board of Educallon's management Our responslblhty IS to expres, an OpinIOn on these gencml-purpose financIal statements based on our audIt Exccpl as dIscussed In the follOWing pamgmph, we conducted our audit In accordancc vnth audttlng ,tandards gencrally accepted In the United States of Amenca and the standards apphcable to financial audits contained In Government Audtllng Standards, ISSUed by the Comptroller General of thc Umted States Thosc standard., require that wc plan and perform the audIt to obtain reawnablc assurance about whether the financial statcmcnts are free of matenal misstatement An audit Includes examining. on a test basI', eVidence supporting the amounts and dIsclosures In the financial statements An audit al'>O Includcs assessmg thc accounting princIples uscd and SIgnificant esllmate~ made by managcment, as well as evaluating the overall financial statcment presentation We believe that our audit proVIdes a reasonable basIS for our opinion We dId not observc thc taking of eIther the Federal donated commodities Inventory or purcha~ed foods Inventory at June 30. 2002, nor could we ~tlsfy ourselves a~ to the accuracy of the amounts stated a~ Inventone, through alternative procedures 2002ARL-13 As described In the notes to the gcneral-purpose financial statements, the Board of Education's financial statements have been prepared USing certain accounting practiCes and poliCies which, In our opinion. vary In somc respects from generally accepted accounting principles. Thcse vanances are dcscrlbed as follows' The general-purpose finanCial statements of the Board of EducatIOn did not contaIn a General Fixed Assets Account Group to account for property and eqwpment o\\l1ed by thc Board of Education which should be Included to conform to generally accepted accounting prinCiples School actIVIty accounts maintaIned at the indiVidual schools are not Included In the general-purpose finanCial statements. To conform to generally accepted accounting prinCiples, these accounts should be Included In the general-purpose finanCial statements The aggregate effects on the general-purpose finanCial statements of these vanances or omiSSIOns have not been determined. but are believed to be material. In our opinion. except for the effects of such adjustments, If any, on the Special Revenue Fund, as might have been determined to be necessary had we been able to satisfY ourselves as to the accuracy of the food service inventories as discussed in the third paragraph. and except for the effects on the general-purpose finanCial statements of the matters referred to In the preceding paragraph, the general-purpose finanCial statements referred to above present falfly. In all material respects. the finanCial posItion ofthe BaldWin County Board of Education as of June 30. 2002, and the results of Its operations for the year then ended. In conformity with accounting pnnclples generally accepted In the United States of Amenca. In accordance WIth Government Auditing Standards, we have also ISSUed our report dated July 15. 2003, on our conSideratIOn of the BaldWin County Board of Education's Internal control over financial reporting and our testl> of Its compliance WIth certain proVISIOns of laws, regulallons, contracts and grants That report is an integral part of an audit performed In accordance WIth Government Auditing Standards and should be read In conJuncllon \\1th thiS report In considering thc results of our audit Our audit was performed for the purpose of forming an opinion on the general-purpose finanCial statements of the BaldWIn County Board of EducatIOn taken as a whole 1 he accompanYing combining statements (Exhibits E through K) and the financial schedules (Schedules I through 5), which includes the Schedule of Expenditures of Federal Awards as required by U S Office of Management and Budget CIrcular A-B3. Audits oj States. Local Governments. and Non-Profit Orgam=atlOm. are presented for purposes of additional analySIS and are not a reqUired part of the general-purpose finanCial statements Such information has been subjected to the auditing procedures applied In the audit of the general-purpose finanCial statements and In our opinion. cxcept for the effect of adJustments, Ifany, on the Special Revenue Fund, as might have been determined to he necessary had we been able to satisfY ourselves as to the accuracy of the food service inventories 2002ARL-13 as discussed In the third paragraph, and except for the effects of the mattcrs referred to In the fourth paragraph, such mformatlOn IS faIrly stated, In all matenal respects, In relallon to the general-purpose finanCIal statements tal..en as a whole A copy oftlus rcport has been filed as a permanent record in the office of the State Auditor and made avaIlable to the press ofthe State, as proVided for by Official Codc of Georgia Annotated Secllon SO6-24 I"'"_,e:spectfully submItted, ~W~ Rus II W Hinton State Auditor RWHgp 2002ARL-13 BALDWIN COUNTY BOARD Of EDUCAnON BAlDWIN COUNTY BOARD OF EDUCATION COMBINED BAlANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP JUNE 30 2002 ~ Cash and Cash EqUIvalents Investments Accounts ReceIVable InventOn8S Consumable SupplJes Food Donated Commo(lnles Purchased Food Amount Avadable In Debt Service Fund Amount to be ProVIded In Future Years For Payment of Bond Debt GENERAL FUND GOVERNMENTAL FUND TYPES SPECIAL CAPITAL REVENUE PROJECTS FUND FUND S 1.25256270 S 4436.526 37 2.000.000 00 3740.21841 S 1.079.21828 938.34732 15.79350 29 BOO 25 50.41582 Total Assets S 5.008.57461 S 1.159.434 35 S 7.374.87369 LIABILITIES AND FUND EqUITY LIABILITIES Cash Overdraft Accounts Payable salanes Payable Contracts Payable Retalnsges Payable Deferred Revenue Funds Held for Others General Obllgabon Bonds Payable Total Loabjrtoes FUNp EQUITY Fund Balances Reserved For Bus Replacement Fund! For Debt ServICe For Inventones Consumable SuppI... Food Donated Commochhes Purchased Food For Purpose of Bond Issue For SPLOST Projects For State Gaprtal Outlay Protects Unreserved UndeSlQnaled Total Fund Equity $ S 963.78792 3.41258522 43.239 78 279.0854B 117.97633 450.277 37 $ 11.18217 1 279 396 40 598.917 64 $ 4.439.61292 $ 858.501 35 S 1.878.314 Q4 $ 437.166 83 1579350 $ 29 BOO 25 5041582 S 4.547.16153 116.001 36 220.71693 949.39812 $ 568.96169 $ 300.933 00 $ 5.496.55965 Talal L18bllltoes and Fund Equity $ 5,008.57461 $ The notes to the general-purpoae finanaa6 statements are an mtegral part of thes sta1ement 1,159.434 35 $ 2- 7,374.873 69 EXHIBIT "A" DEBT SERVICE FUND FIDUCIARY FUND TYPE AGENCY FUNDS $ 2402398 $ 12,651 59 170 ACCOUNT GROUP GENERAL LONG-TERM DEBT TOTALS (Memorandum Only) JUNE 30, 2002 JUNE 30, 2001 $ 5725,764 64 $ 14,044,684 59 2,000,000 00 10676,334 70 5,75778571 5,358 644 88 $ 2402568 1579350 2980025 50 415 82 2402568 54 694 19 49190 59 1,21657501 22,390,974 32 22,390,974 32 25,828,42499 $ 24,02568 $ 12,651 59 $ 22:415.000 00 S 35!~!55992 $ 57,228,548 95 $ 27908548 1,101764 25 $ 1,105,44289 3,86286259 3,579,788 17 1,279396 40 598,91764 54,401 95 14 n3 71 $ 12651 59 12,651 59 9240 32 $ 22,415,00000 22,415,00000 27,045,000 00 $ 12,651 59 $ 22,415,00000 $ 29,604,079 90 $ 31,754 245 09 $ 24,02568 000 S 24.02568 $ 437 166 83 $ 213,34700 2402568 1,21657501 15,79350 29,800 25 50,41582 4547,16153 54,694 19 49,190 59 16719,34569 2683,09258 499,30000 1,286,11641 4,038,75880 $ 6,390,480 02 $ 25,474,303 86 $ 24,02568 $ 12,651 59 $ 22.415,000 00 $ 35,994,559 92 $ 57 ,228,548 95 - 3- BALDWIN COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BAlANCES ALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30 2002 REVENUES Slate Fund. Federel Funds Taxes Other Funds Total RevenuBS EXPENDITURES Current Instruction Support ServlC8S Pupil ServICeS Improvement of Instructional servICeS EducatJonal Media ServiceS General AdmlnlstralJon School AdmlmstrBbon BUSiness Admlmstrabon Maintenance and OperatIOn of Plant Student Transportation ServiceS central Support 5elVlce. Other Support Services Food 5ervlC8S Operation eornmunrty 5elVlces Operallons Gapllal Outlay Debt Service Principal Interest PeYlng Agenl Fees Tolal Expenditure. Excess of Revenues over (under) ExpendItures OTHER FINANCING SOURCES IUSES) Accrued Interest on Bonds Sold Proceed. from General Obhgabon Bonds Par Value Operabng Transfers In Operabng Transfers Out Tolal Other Flnancln9 Sources (Uses) Excess of Revenues and Other FlnanClng Sources over (under) Expenditures and Other FinanCing Uses FUND BAlANCE JULY 1 Food Inventory - Net Change In Pened Donated Commochtles Purchased Food GENERAL FUND SPECIAL REVENUE FUND $ 28,83612417 $ 51,31967 860285723 377,14030 $ 37,867,441 37 $ 935,617 12 5,964,94565 549,96509 7,450,52806 $ 28,646,262 25 $ 851,18402 899,21084 773,31873 472,08815 2,920,75708 506,27934 3,304,034 36 1,905,475 73 203,480 78 36,46152 13,76778 103,60036 3,389,022 30 554,71162 491,49526 335,830 49 396925 46,39560 135,184 32 73,74039 2,393,563 28 $ 40,635,920 92 $ $ -2,768,47955 $ 7,423,91251 26,61555 $ 1,300 000 00 $ -11,76854 $ 1,288,231 46 S 11,768 54 11,768 54 $ -1,480,248 09 S 2049,209 78 3838409 286,21762 -2489394 1,22523 FUND BAlANCE JUNE 30 $ 588,96169 $ The notes to the genera~rpose finanCial statements are an Integral part of thiS statement - 4- 300,933 00 EXHIBIT "B" CAPITAL PROJECTS FUND DEBT SERVICE FUND TOTALS (Memorandum Only) YEAR ENDED JUNE 30, 2002 JUNE 30, 2001 $ 29,n1,74129 $ 30,193852 90 6,016,265 52 5,14388949 $ 664,11604 $ 4503,98256 13,790,95583 13,897,34745 871,817 12 1,75611 1.800,480 62 2,079,327 62 $ 1,555,73316 $ 4,505,740 67 $ 51,379,443 28 $ 51.314,41746 $ 16,681,47496 $ $ 16,681,47496 $ $ -15,125,74180 $ $ 32,035,284 55 $ 30,28074386 1,405,89564 1,390,706 10 773,31873 807,91864 2,924,728 33 506 279 34 3,350 429 96 2,040860 05 203,48076 110,201 91 2407,33106 10360038 16,681,47496 1434,856 55 1,192,43886 80747678 901,13827 2,731,27379 792,28953 3,346,05782 1690,664 32 167,041 43 12809202 2,427,785 65 2,527,24268 4630,000 00 1,066,150 00 2,140 00 463000000 1,066,150 00 2,14000 4425,000 00 689,988 88 2,12000 5,698,29000 $ 70,439,598 39 $ 53,524,206 44 -1,192,54933 $ -19,060,15513 $ -2,209,788 98 $ -1,300,00000 $ -1,300,000 00 $ 37,520 96 $ 1,311,768 54 -1,311,768 54 17,735,000 00 45,00000 -45,000 00 $ 000 $ 17,n2,520 96 $ -16,425741 80 $ 21 922 301 45 -1,192,54933 $ -19,060 155 13 $ 1 216,57501 25,474,30386 15562,73198 9901161 19 -24,89394 1,225 23 3,100 76 7,309 93 $ 5,496,55965 $ 24,02568 $ 6,390,480 02 $ 25,474,30386 - 5- BALQWlN COUNTY BOARD Of EPUCATION COMBINER STATEMENT OF REVENUES EXPENPfTURES AND CHANGES IN FUND BALANCES BUDGET ANp ACTUAl- INClli-GAAP; BASIS> GENERAL AND SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30 2002 EXHIBIT "c- REVENUES State Funds Fedetal Fund! Ta_ Othar Funds Total Revenues EXPENDITURES GENERAL FUND BUDGET ACTUAL $ 28 358 890 00 S 28836 124 17 51 31967 8277 379 92 8 e02 857 23 335750 00 377 14030 $ 36,972 019 92 $ 37,867,44137 Cunent Instrucnon SUpport ServK::e8 Puptl ServICeS Improvement of Instrucbonal Servtc:es Educollonal Madia ServICeS General AdmtnlStrahon School AdlT'llnlstrabOn BU!lness AdrT\lnLstratlOO Mall'ltenarlCO and OperaUon of Plant Sludant T..nsportalJon 5arvlCes Central Support 5ervJc:es Other Support 5eMces FDOd 5ec:elI Clpambon Community ServICeS Operations Total Expenditure! Excess of Revenue! over (under) Expenditures OTHER FINANCING SOURCES (USES> S 26 66148566 S 28646 262 25 971 10512 912 116 16 865158 23 648 551 90 2764 252 04 630 947 72 3332 763 40 1,968 902 86 213,822 24 34 198 00 18180 70 851 184 02 899,21054 77331873 472 088 15 2920 757 oe 500 279 34 3304 034 36 1 90547573 20346076 36 461 52 1376776 103,800 36 $ 39 021,484 03 $ 40,635,920 92 $ -204946411 S -2,788 479 55 Other Sources O!horU... S 1 300 000 00 1176854 Total Other Fnandng 5oon::eo (UlI8!I) $ 1,288,23146 Excess of Revenues ond Other Flnancmg Sources over (under) Expenditures and Other FlI'I4IlClng Uses $ 2,049464 11 $ -1 4eo 248 09 FUND BAlANCE JULY 1 2001 2654 744 57 204920978 AdJu!tmen18 Food Inven10fY - Net Change In Penod Donated Commodrt>as Pun:hasad Food 1 591 20 FUND BAlANCE JUNE ~ s 606 87' 66 $ _-,568=.::96::.'.:6:::9~ SPECIAL REVENUE FUND BUDGET ACTUAL $ 909 188 00 S 935817 12 586964600 5964,945 85 518,963 00 549,965 09 $ 7297,79700 $ 7450 528 06 S 3459786 00 $ 338902230 47600200 495 954 00 28394900 74726 00 466500 554 711 62 49149526 33583049 396925 46,01600 10797500 46 395 60 135184 32 86 30B 00 2286 395 00 73 740 39 2393 563 28 $ 7,321 neoo $ 7,423,91251 S -2397900 $ 26 615 55 $ 1176854 $ 11,76854 $ -2397900 $ 36 384 09 27877971 286,217 62 1735 11 -2489394 122523 $ 256153582 S 300 933 00 The notes to the genera)-purpo:sB finanoaJ statements are ... Illtegral part of this statement - 6- BALDWIN COUNTY BOARD OF EDUCATION EXHIBIT "0" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2002 Note I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES REPORTING ENTITY The Baldwin County Board of Education (School Distnct) was established under the laws of the State of Georgia and operates under the gUIdance of a school board elected by the voters and a Supenntendent appomted by the Board The School DIstnct is organized as a separate legal entity and has the power to levy taxes and Issue bonds Its budget IS not subject to approval by any other entity Accordmgly, the School Distnct is a pnmary government and consists of all the orgaruzations that compose its legal entity FUND ACCOUNTING The School District uses funds and an account group to report on Its finanCial position and the results of ItS operations Fund accountmg is deSigned to demonstrate legal compliance and to aId finanCial management by segregating transactions related to certaIn governmental functions or actlVltles A fund IS a separate accountmg entity with a self-balancmg set of accounts An account group is a finanCial reportmg deVice deSigned to provide accountablhty for certaIn assets and habihtles that are not recorded m the funds because they do not directly affect expendable aVaIlable finanCial resources General FIxed Assets are recorded as expenditures in the VarIOUS funds at the time of purchase A General Fixed Assets Account Group IS not presently mamtaIned by the School Distnct To confonn to generally accepted accountmg pnnclples, a General Fixed Assets Account Group should be maIntamed for reportmg the cost of assets acqUIred by governmental fund types Although "school activity accounts" are maintained at the mdlvldual schools, neither the assets, hablhtles and fund eqUIty, nor the revenues, expenditures and changes m fund balances of these accounts are reflected m these finanCial statements To confonn to generally accepted accountmg pnnclples, these accounts should be recorded m the general-purpose finanCial statements The general-purpose finanCial statements account for all State. Federal, Taxes and Other funds under control of the School Dlstnct, m compliance \\1th generally accepted accountmg pnnclples apphcable to governmental units, unless otherwise disclosed m these notes Funds and the account group presented m this report are as follows. GOVERNMENTAL FUND TYPES - are used to account for all or most of the School DIstnct's educational actiVIties, Governmental Fund Types mclude GENERAL FUND - the fund used to account for all finanCial resources of the School Dlstnct except those reqUIred to be accounted for m another fund These transacl10ns relate to resources obtamed and used for services proVided by a board of education -7- BALDWIN COUNTY BOARD OF EDUCATION eXHIBIT "0" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30. 2002 Note I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SPE:.ClAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than lor major capital projects) that are legally restncted to expenditure~ for specified purposes These funds are received pnmarily from thc Georgia Department of EducatIon and from the Federal government to accomplish specific educatIOnal objectives CAPIT A.L PROJECTS FUND - the fund used to account for finanCial resources to be used for the acquISItIon or construction of major capital facilitIes DEBT SERVICE FUND - the fund used to account for the accumulatIon ofresources for, and the payment of, general long-term pnnclpal, mterest and paymg agent fees FIDUCIARY FUND TYPE - the fund used to account for assets held by a government unit m a trustee capacity or as an agent for mdlvlduals. pnvate organizations. other government units and/or other funds Thl~ fund mcludes. AGENCY FUNDS - the funds used to account for assets held m a fidUCiary capacity for other funds, governments. or mdlvlduals ACCOUNT GROUP GENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reportmg device used to account for general obligatIOn debt outstandmg BASIS OF ACCOUNTING The accountmg and finanCial reportmg treatment applied to a fund IS determined by Its measurement focus. All governmental funds are accounted for usmg a current finanCial resources measurement focus With thiS measurement focus, only current assets and current liabilitIes generally are mcluded on the balance sheet Operatmg statements of these funds present mcreases (I e , revenues and other financmg sources) and decreases (I e expendItures and other financing uses) m net current assets their reported fund balance is considered a measure of avaJlable spendable resources Liabilities which are expected to be financed from available spendable resources are reported a~ liabilitIes m the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group Agency funds are purely custodial m nature and do not mvolve measurement ofresults ofoperatIons Governmental funds arc accounted for usmg thc modified accrual basIS of accountmg undcr which Revenues arc recogruzed when susceptIble to accrual (I e., when they become both measurable and aVailable) "Measurablc" means the amount of the transaction can be determmed and "available" means collectIble Within the current penod or soon enough thereafter to be used to pay liabilities of -8- BALDWIN COUNTY BOARD OF EDUCAnON EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30. 2002 Note I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES the current penod The School District considers receivables collected within SIXty days after yearend to be aVailable Property taxes. sales taxes and Interest are considered to be susceplible to accrual Nonexchange transaelions, In which the School District gives (or receives) value Without directly receiving (or giVing) equal value m exchange, Include property taxes, local opllon sales taxes, Intergovernmental grants and donalions Revenue for property taxes is recognized in the fiscal year for which the taxes are leVied Revenue from sales taxes is recognized In the fiscal year the resources are received or susceplible to accrual Revenue from grants and donations is recognized In the fiscal year in whIch all ehgibllity requirements have been salisfied. Expenditures are generally recognIzed when the related fund liabihty IS incurred A substanllal number of personnel of the School District were employed for a one hundred and mnety day penod beginning in August 200 I and ending In early June 2002 Employment contracts for these employment penods typically specify that compensalion be paId In twelve equal monthly paymcnts beginning in September 200 I and ending In August 2002 State grants to fund the State's share of these contracts are disbursed to the School Dlstnct in the same twelve month penod In accordance With generally accepted accounting principles, salary and frmge benefit expenditures and the related revenue from the State to fund these contracts are recorded in the fiscal penod covered by these finanCial statements Agency funds are accountcd for uSing the modified accrual basIS ofaccounting In recognizing assets and hablhlles BUDGET The BaldWIn County Board of Educalion's budget IS a complete financial plan for the School Dlstnet's fiscal year and IS based upon estimates of expenditures together With probable funding sources There IS no statutory prohibitIOn regarding overexpenditure ofthe budget at any level The budget for all governmental funds IS prepared by fund, funcllon and object The legal level of budget control was estabhshed by the Board at the aggregate level The budget for governmental funds was prepared on a basIS other than generally accepted accounting pnnciples The budget process begins when the School District's admlnistralion prepares a tentalive budget for the Board's approval After approval of this tentalive budget by the Board, such budget IS advertised at least once In a newspaper ofgeneral circulatIOn in the locality At the next regular meeting of the Board after advertisement, the Board receives comments on the tentallve budget, makes reVISIOns as necessary and adopts a final M:hool budget. This final budget is then submitted, in accordance With proVISIOns of the Quality BasIC Education Act. OCGA Section 20-2-167(c), to the Georgia Department of Education The Board may Increase or decrease the budget at any lime dunng the year All unexpended budget authonty lapscs at fi ~cal year-end. -9- BALDWIN COUNTY BOARD OF EDUCAnON EXHIBIT "0" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2002 Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CASH AND CASH EQUIVALENTS COMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposils and short-tenn investments wilh ongmal maturities of three months or less from the date of acqwsltlon m authonzed financial mstltutlOns Georgia Laws OCGA 45-8-14 authon7e the School Distnct to deposit its funds m one or more solvent banks or insured Federal savings and loan associations INVESTMENTS COMPOSITION OF INVESTMENTS Investments made by the School Distnct m nonparticipating mterest-eammg contracts (such as ceruficates ofdepoSit) and repurchase agreements are reported at cost Participating mterest-eammg contracts and money market mvestments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating mterest-eaming contracts and money market investments WIth a matumy at purchase greater than one year are reported at fwr value The OffiCial Code of Georgia Annotated SectIOn 36-83-4 authonzes the School DIstnct to Invest its funds and m selectmg among optIOns for mvestment or among InstItutional bids for depoSIts, the Inghest rate of return shall be thc objective, given equivalent conditIons of safety and liqUidIty Funds may be invested m the follOWIng ( I) 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 Uruted States government agency, (4) Obligations of any corporatIOn of the United States government, (5) Pnme banker's acceptances, (6) 1be Local Government Investment Pool admInIstered by the State of GeorglR, Office of Treasury and Fiscal Services, (7) Repurchase agreements, and (8) Obligations of other politIcal subdiVISIOns of the State of Georgia. RECEIVABLES Receivables consIst of grant reimbursements due on Federal, State or other grants for expenditures made but not reImbursed and other receivables disclosed from mfonnatlon available ReceIvables - 10 - BALDWIN COUNTY BOARD OF EDUCAnON EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2002 Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES are recorded when either the asset or revenuc recogmtion cntena has been met Receivables recorded on the general-purpose financial statements do not mclude any amounts which would necessltatc the need for an allowancc for uncollectible receivables PROPERTY TAXES Thc Baldwm County Board of Commissioners fixed the property tax levy for the 200 I tax digest year (calendar year) on September 15,2001 (lcvy date) Taxes were due on November IS, 2001 (lien date) Taxes collectcd Wlthm the current fiscal year or withm 60 days after ycar-cnd on the 200 I tal. digest are reportcd as revenue m fiscal year 2002 The Baldwin County Tax CommissIOner bills and collects the property taxes for the School DIStnCt, withholds 2.5% of taxes collected as a fee for tax collectIOn and remits the balance oftaxe~ collected to the School Distnct Property tax revenues durmg the fiscal year ended June 30, 2002 for mamtenance and operatIOns amounted to $8,547,87429 and for school bonds amounted to $236 96 The tax mIllagc rate levIed for the 2001 tax year (calendar year) for the BaldWIn County Board of Education wa~ as follows (a mill equals $1 per thousand dollars of assessed valuc) School Operations ,lWmills SALES TAXES SpcCIaI Purposc Local Option Sales Tall. revenue dunng the year amounted to $5,187,861.64 and IS to be used for capital outlay for educatIOnal purposes or debt service This sales tal. was authonzed by local refercndum and the sales tax must be re-authonzed at least every five years INVENTORIES FOOD INVENTORIES Inventones of donated food commoditIes used m the preparation of meals are reported on the Combined Balance Sheet at their Federally asSigned value Purchased foods mventones are reported on the Combmed Balance Sheet at cost (first-m, first-out). Donated food commoditIes are recorded as revenues and expenditures at the lime commodIty Items are received Purchased foods mventones are recorded as expendlturcs at the time of purchase The mventones reported on the balance sheet for donated food commodIties and for purchased foods arc equally offset by rescrvatlOns of fund balance which mdlcates that these amounts do not constitute "avaIlable spendable rcsources" even though they are a component of net current aso;ets SUPPLY INVENTORY Inventones of consumable supplies and materials are reported on the Combmed Balance Sheet at cost (weighted average) The School DIstnct uses the consumptIOn method to account for mventones of consumable supplies whcreby an asset IS recorded when supplies are purchascd and cxpendltures arc recorded at the time the supplies are consumed, - II - BALDWIN COUNTY BOARD OF EDUCAnON EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2002 Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES COMPENSATED ABSENCES Compensated absences represent obltgauons of the School Distnct relating to employees' rights to receive compensatIOn for future absences based upon service already rendered This obltgatlOn relates only to vesting accumulating leave In which payment IS probable and can be reasonably estimated. No IIablltty has been recorded In the indIVIdual funds for the current portIOn of thl~ obltgatlOn as thiS amount IS deemed Immatenal to the general-purpose finanCial statements. Additionally, the dollar value of accumulated compensated absences at Junc 30, which will be payable from future resources has not been recorded in the General Long-Term Debt Account Group as thiS Itablltty IS also deemed to be immaterial to the faIr presentatIOn ofthese financial statements GENERAL OBLIGATION BONDS The School Distnct Issues general obltgatlOn bonds to provide funds for the acqUisition and construcUon of maJor capital facIlIties. Bond premiums and diSCOuntS, as well as ISSuance costs, are recognIzed In the financial statements during the year bonds are Issued In addition, general obligation bonds have been Issued to refund eXisting general obligatIOn bonds General oblIgation bonds are direct obligations and pledge the full faith and credit of the government The outstanding amount of these bonds is recorded in the General Long-Term Debt Account Group INTERFUND TRANSACTIONS The School District has the follOWing types of Interfund transactIOns Reimbursements of expendItures InItially made from a fund that are properly applIcable to another fund are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that IS reimbursed. Operating transfers are recorded for all interfund transactions other than reimbursements. MEMORANDUM ONLY - TOTAL COLUMNS Total columns on the general-purpose finanCial statements are captioned "Memorandum Only" to Indicate that they are presented only to facilItate finanCial analysIs Data In these columns do not present finanCial position or results of operations In conformIty WIth generally accepted accounting pnnclples Neither are such data comparable to a consolIdation. Interfund elIminatIOns have not been made In the aggregation of thiS data DEFICIT FUND BALANCES Funds reporting a deficit fund balance positIOn at June 30, 2002, are as follows - 12 - BALDWIN COUNTY BOARD OF EDUCAnON EXHIBIT "0" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30. 2002 Notc I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Fund TypelFund Name DefiCit Balance Capital Projects Fund Bond Proceeds $ 84,227:56 Thc School Dlstnct plans to elIminate this defiCit USing the proceeds from the issuance of $5,230,000,00 of Tax AntiCipatIOn Notes dated July 31, 2002 See Note 10 - Subsequent Events Note 2 DEPOSITS COLLATERALIZAnON OF DEPOSITS Official Code of GeorgIa Annotated (OCGA) Section 45-8-12 proVides that there shall not be on depoMt 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 collatcral The aggregate of thc face valuc of such surety bond and the market value of secuntles pledged shall be equal to not less than 110 percent ofthe publIc funds being secured aftcr the deduction ofthe amount ofdepoSit insurance If a depository elects the pooled method (OCGA 45-8-13 I) the aggregate ofthe market value ofthe securities pledged to secure a pool of publIc funds shall be not less than 110 percent ofthe dally pool balance OCGA SectIOn 45-8-11 (b) provides an officer holding publIc funds may, In hiS discretion, waive the reqUirement for secunty In the case ofoperatmg funds placed m demand deposit checkIng accounts Acccptable secunty for deposits consIsts of anyone of or any combinatIOn of the follOWing (I) Surety bond signed by a surety company duly qualIfied and authonzed to transact bUSiness within the State of Georgia, (2) Insurance on accounts prOVided by the Federal Deposit Insurancc Corporation. (3) Bonds, bills, notes, certificates of mdebtedness or other direct oblIgations of the Umted States or ofthc State of Georgia, (4) Bonds. bills, notes. certlficatcs of mdebtedness or other obligations of the counties or municipalIties of the State of Georgia, (5) Bond~ of any public authonty created by the laws of the State of Georgia, provldmg that thc statute that created the authonty authorized the use ofthc bonds for thIS purpose, (6) Industnal revenue bonds and bonds of development authontles created by the laws of the State of Georgia, and - 13 - BALDWIN COUNTY BOARD OF EDUCAnON EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2002 Note 2 DEPOSITS (7) Bonds, bills. notes, certificates of indebtedness, or other obligations of a subSIdIary corporation of the United States government, whIch are fully guarantecd 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 Fann Credit Banks. the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association CATEGORIZATION OF DEPOSITS At June 30, 2002, the bank balances were $9,4 I4,645 90 The amounts ofthe total bank balances are clasSIfied mto three categones of credIt risk, Category I - Cash that is Insured (e g, Federal deposItory msurance) or collateralIzed with secUrIties held by the School Distnct or by the School Dlstnct's agent m the School Dlstnct's name. Category 2 - Cash collateralized WIth secUrIties held by the pledgmg financial InstitutIOn's trust department or agent in the School Dlstnct's name Category 3 - Uncollaterallzed depoSIts (ThIS mcludes any bank balance that is collateralized WIth secUrItIes held by the pledging finanCIal institutIOn, or by ItS trust department or agent but not m the School DIstrict's name.) The School District's deposits are classIfied by risk category at June 30, 2002, as follows RIsk Category Bank Balance I $ 430,919.71 2 2,286,285 10 3 6.697,441 09 Total $ 9AI4.645..2Q Note 3. NON-MONETARY TRANSACTIONS The School Dlstnct receIves food commodities from the United States Department of Agnculture (USDA) for school breakfast and lunch programs These commodities are recorded at therr Federally as~lgned value See Note I - Inventories Note 4 RISK MANAGEMENT The School Dlstnct IS exposed to vanous nsks of loss related to torts; theft of, damage to, and destruction of assets, errors or OmIssions, Job related Illness or injuries to employees, acts of God and unemployment compensatIOn - 14 - BALDWIN COUNTY BOARD or EDUCAnON EXHIBIT "0" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30. 2002 Note 4 RISK MANAGEMENT The School District has obtamed commercial Insurance for nsk ofloss associated With Job related 11Inc;s or Injunes to employees The School Dlstnct has neither significantly reduced coverage for thiS nsk nor Incurred losses (settlements) which exceeded the School Distnct's insurance coverage in any of the past three years. The School Dlstnct participates In the Georgia School Boards AssoCiation Risk and Insurance Management System, a public entity nsk pool organized on July I, 1994, to develop and admlmster a plan to reduce nsk of loss on account of general liability, motor velucle hablhty, or property damage, IncludIng safcty engIneering and other loss prevention and control techmques, and to admlmster one or more groups of self-Insurance funds, IncludIng the processIng and defense of clmms brought agaInst mcmbers of the system The School District pays an annuaJ premIUm to the system for ItS general Insurance coverage Additional coverage IS provided through agreements by the system With other companies according to their speclllity for property. boiler and maclunery (IncludIng coverage for flood and earthquake), general lIablhty (includIng coverage for sexual harassment, molestation and abuse) and automobile n~ks Payment of excess Insurance for the system vanes by lIne of coverage The School Dlstnct IS self-Insured With regard to unemployment compensation clmms The School Dlstnct accounts for claims WithIn the same fund that the employee's saJary and benefits were pmd Claims are accounted for With expenditure and hability being reported when It IS probable that a loss has occurred, and the amount of that loss can be reasonably estimated. Changes In the unemployment compensation claims hablhty dunng the last two fiscal years are as follows Begmnmg of Year Llablhty Claims and Changes m ESllmates Claims Paid End of Year Llabllltv 2001 2002 $ 000 $ 2,86578 $ 2,86578 $ 000 $ 000 $ 5,15200 $ 5,15200 $ 000 The School Dlstnct has purchased surety bonds to proVide addltionaJ Insurance coverage as follows Position Covered Amount Supenntendent All Employees $ 250,00000 $ 250,00000 - 15 - BALDWIN COUNTY BOARD OF EDUCAnON EXHIBIT "0" NOTES TO mE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30,2002 Note 5 OPERATING LEASES BaldWin County Board of Education has entered into VarIOUS leases as lessee for various eqUipment. These leases are considered for accountmg purposes to be operatIng leases Lease expenditures for the year ended June 30, 2002, amounted to $86,14944 Future mimmum lease payments for these leases are as follow~. Year Endmg Amount 2003 2004 2005 $ 78,56392 75.19200 74.68200 Total $ 228437,92 Note 6 GENERAL LONG-TERM DEBT GENERAL OBLIGAnON DEBT OUTSTANDING General OblIgatIOn Bonds currently outstandmg are a~ follows Purpose Interest Rates Amount General Government - Senes 1997 General Government - Senes 2000 General Government - Refundmg - Series 1992 General Government - Series 2001 4.50"10 - 4.75% 4.82% 4 50"/. - 6 20"/. 475% $ 4,030.000.00 9,800,000 00 650.000.00 7.935.000.00 $22.415,000.00 The changes in General Long-Term Debt during the fiscal year ended June 30, 2002. were as follows General OblIgatIOn Bonds Balance July 1,2001 $27,045.00000 Deductions Debt Retired 4,630,000 00 Balance June 30, 2002 $22.415,000.00 - 16- BALDWIN COUNTY BOARD OF EDUCAliON EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2002 Note 6 GENERAL LONG-TERM DEBT At June 30, 2002, payments due by fiscal year whIch includes pnnclpal and Interest for these Items are as follows' FIscal Year Ended June 30 General Obligation Bonds 2003 2004 2005 2006 2007 2008 $ 5,400,177 50 4,309.202,50 4,049.576 25 3,986,285 50 3,987,150,00 3,988.869,50 10lal Pnnclpal and Interest $25,721,261,25 Note 7 ON-BEHALF PAYMENTS The School DIstnct has recogmzed revenues and expendItures In the amount of $509.125 85 for health Insurance and retirement contnbutlons paid on the School Dlstnct's behalf by the followmg Stale AgenCies GeorgIa Department of EducatIOn PlUd to the Georgia Department ofCommumty Health For Health Insurance of Non-CertIfied Personnel In the amount of $436,895 85 Office of Treasury and Fiscal Services Paid to the PublIc School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of $72,230 00 Note 8 SIGNIFICANT COMMITMENTS The follOWing IS an analySIS of slgmficant outstandmg construction or renovation contracts executed by the School Dlstnct as of June 30. 2002, together WIth funding aVlUlable - 17 - BALDWIN COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2002 Note 8 SIGNIFICANT COMMITMENTS Prolect Unearned Executed Contracts Fundmg AVailable From State 02/0 I S-605-002 and SA 0 I S-605-034 Early Learning Center Baldwin County Administration Buildmg SIte Development Site Llghtmg Site Landscaping $ 9,427,113 73 5,083,532.61 1.571,39098 1,098,218.45 97,066 16 626,88562 $ 4,493,702 00 1,174,824 00 $17.904,207,55 $ 5.668,526,QQ The amounts described In thiS note are not reflected In the general-purpose financial statements Note 9' CONTINGENT LIABILITIES Amounts received or receivable pnncipally from the Federal government are subject to audit and review by grantor agencIes. This could result In requests for reimbursement to the grantor agency for any expendItures which are disallowed under grant terms The School District beheves that such dIsallowances, If any, WIll be Immaterial to its overall finanCial posltlon. Note 10 SUBSEOUENT EVENTS In the subsequent fiscal year, the School Dlstnct issued tax antiCipatIOn notes In advance ofproperty and sales tax collectlons In the amount of $5,230,000.00. The proceeds from these notes Will be used to pay current ell.penses and to fund the completIOn of certain ongOing capItal outlay projects. Also, on March 18,2003, the voters of Baldwin County voted In favor ofa Special Purpose Local Option Sales Tax Referendum for educatlon purposes The Impositlon of the tax approved by the voters, as stated on the OffiCial Ballot for BaldWIn County, IS as follows' "Shall a special one percent sales and use tax be Imposed In the Baldwin County School DIstnct for a period not to exceed 20 calendar quartcrs and for the raismg of not more than $36,775,000 for the purpose of' (I) retinng the School District's Tax Antlclpation Notes, Series 2003B In the aggregate pnnclpal amount of $4,600,000, and (II) completing the acqUlsitlon, constructIOn and equipping of Eagle Ridge Elementary School, the acqUISition, constructlon and eqUIpping of a Stadium and Athletlc Complcx, adding to, renovating, repaIring, improVing and eqUlppmg BaldWIn fhgh School. including the acquisitIOn, constructIOn and cqUlppIng of twenty-two (22) additional classrooms, purchasing initlal and additional school fumlshmgs, equipment, fixtures, school buses and technology improvements, and renovating, expandmg and enlarging school facihties m the amount of $32,175,000') - 18 - BALDWIN COUNTY BOARD OF EDUCAnON EXHIBIT "0" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2002 Note 10 SUBSEOUENT EVENTS If ImpOSItion of the tax is approved by the voters, such vote shall also constitute approval of the Issuance of gencral obhgation debt of Baldwin County School Distnct in the pnncipal amount of up to $19,655,000 for the above purposes, such debt to be secured by the proceeds of the special one percent sales and use tax " Note II ACCVMULATED EMPLOYEES' LEAVE All twelve-month employees ofthe BaldWin County Board of Education earn annual leave based on number of years of continuous and creditable service. Annual leave may be accumulated up to thirty days Unused leave, up to the maximum accumulatIOn, IS paid to employees at their current rate of pay, upon retlrcment or terminatIOn of employmcnt See Note 1 - Compensated Absences Note 12 RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA (fRS) TRS PLAN DESCRIPTION Substantially all teachers, administrative and elencal personnel employed by local school dlstncts are covered by the Teachers Retirement System of Georgia (TRS), which IS a cost-sharing mulllple employer defined benefit pensIOn plan TRS provides service retirement, dlsablhty retirement and SurviVOrs benefits for ItS mcmbers In accordance With State statute The Teachers Rctlrement System of Georgia Issues a separate stand alone financial audit report and a copy can be obtalncd from the Georgia Department of Audits and Accounts TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School Dlstnct who are covered by TRS are reqUired by State statute to contnbute 5% of their gross earnings to TRS The School Dlstnct makes monthly employer contnbutlons to TRS at rates adopted by the TRS Board ofTrustccs In accordance WIth State statute and as adVised by their Independent actuary The reqUired employer contributIOn rate IS 9.24% and employer contnbutlOns for the current fiscal year and the preceding two fiscal years are as follows Fiscal Year Percentage Contributed ReqUired ContnbutlOn 2002 2001 2000 100% 100% 100% $ 2,561,042 77 $ 2,901,346 87 $ 2,687,217 48 - 19- BALDWIN COUNTY BOARD OF EDUCATIDN COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 2002 ASSETS Cash and Cash EqUivalents Accounts Receivable Inventones Food Donated CommodrtJes Purchased Food Total Assets LIABILITIES AND FUND EQUITY LIABILITIES Cash Overdraft Accounts Payable Salanes Payable Defarred Revenue Total Liabilities FUND EQUITY Fund Balances Reserved For Inventones Food Donated Commodities Purchased Food Unreserved Undeslgnated Total Fund EqUity Total LlablII"es and Fund EqUity SCHOOL FOOD SERVICES FUND LOTIERY PROGRAMS $ 326,168 11 $ 70,98296 14,07424 9,51947 29,800 25 50,41582 $ $ 21,78238 $ 97,74304 $ 119,52542 $ 17,499 06 63,00337 80,50243 $ 29,600 25 50,41582 220,71693 $ $ 300,93300 $ 000 000 $ 420,458 42 $ _~,,;80=15O;;:;2==43:;., Sse notes to the genera~purpose finanCIal statements - 20- EXHIBIT "E" FEDERAL PROGRAMS TOTALS JUNE 30, 2002 JUNE 30, 2001 $ 397,15107 $ 327,540 39 $ 1,055,624 57 1,079,218 28 631,33702 29,800 25 50,41582 54,694 19 49,19059 $ 1,055,624 57 $ 1,556,585 42 $ 1,062,76219 $ 676,238 55 $ 676,238 55 $ 78,694 89 117,97633 289,530 96 450,277 37 11,16217 11,16217 $ 1,055,624 57 $ 1,255,652 42 S 297,42698 98,666 38 380,451 21 776,544 57 s 29,800 25 $ 54,694 19 50,41582 49,190 59 $ ---'0==--='00'-- 220,71693 182,33264 $ 000 S 300,933 00 S _---'2""86=,2"-17'-6"'2.... $ 1,055,624 57 $ 1,556,58542 $ - 21 - BALDWIN COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REYENUES. EXPENDITURES AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUND YEAR ENDED JUNE 30. 2002 REVENUES State Funds Federal Funds Other Funds TotIl Revenues EXPENDITURES Current Instrucllon Support ServtC8S Pupil Se!v,ces Improvement of Instructional SeMces General Admln,strabon School Adm'n1stra1,on Malntenence and Opera1'on of Plant Student Transportabon SllIVICeS Other Support SeMces Food ServtC8S Operabon TotIl Expendrtunss Excess of Revenues over (under) Expend,tunss OTHER FINANCING SOURCES Operat,ng Transfers In Excess of Revenues and Other F,nanclng Sources over (under) Expendrtures FUND BALANCE JULY 1 Food Invemory - Net Change ,n Penod Donated Commod,bes Purchased Food FUND BALANCE JUNE 30 SCHOOL FOOD SERVICES FUND LOITERY PROGRAMS $ 183,64200 $ 1,691,737 71 549,965 09 $ 2,425,344 80 $ 751,97512 751,97512 $ 676,781 28 41,344 32 10,991 57 11,53685 $ 2,386,960 71 $ 2,386,960 71 $ $ 38,384 09 $ 11,43120 752,08522 -11010 $ 38,384 09 $ 286,217 62 -24,89394 1,22523 11010 000 000 $ 300,933 00 $_~_-:,:0,1f,00~ See notes to the general-purpose finanClel statements - 22- EXHIBIT "F" FEDERAL PROGRAMS TOTALS YEAR ENDED JUNE 30, 2002 JUNE 30, 2001 $ 935,617 12 $ 1,258,78178 $ 4,273,208 14 5,964,945 85 5,048,157 94 549,96509 546,83107 $ 4,273,208 14 $ 7,450,52806 $ 6,853,770 79 $ 2,712,241 02 $ 3,389,022 30 $ 3,265,683 97 513,36730 480,50369 324,29364 3,96925 46,39560 123,75312 73,74039 6,60257 554,711 62 491,49526 335,83049 3,96925 46,39560 135,184 32 73,74039 2,393,58328 460,840 25 255,43165 317,868 92 44,78523 108,17587 55,81362 2,408,491 00 $ 4,284,866 58 $ 7,423,91251 $ 6,917,090 51 $ -11,65844 $ 26,61555 $ -63,31972 11,65844 11,76854 $ 000 $ 38,384 09 $ -63,31972 000 286,217 62 339,12665 -24,89394 1,22523 310076 7,30993 $ o()() $ - 23- BALDWIN COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30, 2002 ASSETS Cash and Cash EquNalents Investments Accounts Recervable Total Assets LIABILITIES AND FUND EQUITY LIABILITIES Cash Overdraft Accounts Peyable Contracts Payable Retalnages Payable Total Llabllitles FUND EQUITY Fund Balances Reserved For Purposes of Bond Issue For SPLOST PrOjects For State CapItal Outlay Pl'OJects Unreserved Deficit Undeslgnaled Total Fund Equity TotalLJebllitlss and Fund Eqully REGULAR BOND PROCEEDS $ 1,033,625 68 $ 2,000,000 00 39,28220 $ 1,033,625 68 $ 2,039,282 20 $ 594,660 99 976,57618 552,272 59 $ 2,123,509 76 $ $ 1,033,625 68 $ 1,033,62568 $ -84,22756 000 -84,22756 $ 1,033,62568 $ 2,039,282 20 See notes to the genera~purpose finenClaI statements - 24- EXHIBIT"G" GEORGIA STATE FINANCING AND INVESTMENT COMMISSION SPECIAL PURPOSE LOCAL OPTION SALES TAX TOTALS JUNE 30, 2002 JUNE 30, 2001 $ 349,46527 $ 3,646,096 41 $ 5,031,18736 $ 10,267,37021 2,000,000 00 10,676,334 70 899,06512 936,34732 992,768 86 $ 349,46527 $ 4,547,161 53 $ 7,969,534 68 $ 21,936A73 77 $ 302,82022 46,64505 $ 349,465 27 $ 594,660 99 $ 1,279,396 40 598,917 64 $ 2A72,975 03 $ 14,17232 14,17232 $ 16,719,34569 $ 4,547,16153 $ 4,547,161 53 2,683,09258 499,30000 $ 000 -84,22758 000 1,033,625 68 2,020,583 18 $ 000 $ 4,547,16153 $ 5,496,559 65 $ 21,922,301 45 $ 349A6527 $ 4,547,161 53 $ 7,969,534 68 $ 21,936,47377 - 25- BALDWIN COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES CAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 2002 REVENUES Taxes Other Funds Total Revenues EXPENDITURES Current Support SeIVlCeS BUSiness Admln,strabon Caprtal Outlay Land and Land Improvements BUilding and BUilding Improvements EqUipment Total Expendrtures Excess of Revenues over (under) Expendrtures OTHER FINANCING SOURCES (USES) Proceeds from General Obllganon Bonds Par Value Operating Transfers In Operabng Transfers Out Total Other FinanCing Sources (Uses) Excess of Revenues and Other FinanCing Sources over (under) Expenditures and Other FinanCIng Uses FUND BALANCE JULY 1 FUND BALANCE JUNE 30 REGULAR BOND PROCEEDS $ 313,06250 $ 484,74914 $ 313,06250 $ 484,74914 $ 000 $ 14,800,940 11 1,053,051 45 $ 000 $ 15,853,991 56 $ 313,06250 $ 15,369,242 42 $ -1 ,300,000 00 $ $ -1 ,300,000 00 $ -328,18340 -328,18340 $ -986,93750 $ -15,697,42582 2,020,563 18 15,613,198 26 $ 1,033,625 68 $ =_;:;-84~12~27:..56~ See notes to the general-purpose finanCIal statements - 26- EXHIBIT"H" GEORGIA STATE FINANCING AND INVESTMENT COMMISSION SPECIAL PURPOSE LOCAL OPTION SALES TAX TOTALS YEAR ENDED JUNE 30, 2002 JUNE 30, 2001 $ 684,11604 $ 684.11604 $ 126.24719 $ -"-0-"-00"- 73,80548 871.617 12 852.62839 $ 000 $ 757,921 52 $ 1,555.733 16 $ 978.875 58 $ 309,409 83 $ 827,48340 $ 000 $ 15,628,42351 1,053,051 45 405,000 00 1,239,47988 882,76280 $ 827.48340 $ 000 $ 16,681 ,47496 $ 2,836.65251 $ -827.48340 $ 757.921 52 $ -15,125.74160 $ -1.857.77693 $ 328,18340 $ 328.18340 $ 16,431,41667 $ 328,18340 1,376,74275 -1.628,18340 -1.331,74275 $ -1.300,000 00 $ 16.476,41667 $ -499,300 00 $ 757,92152 $ -16,425,741 80 $ 14,618,63974 499.300 00 3.789.240 01 21,922,301 45 7.303,661 71 $ 000 $ 4,547,161 53 $ 5,496,55965 $ 21,922,301 45 - 27- BALDWIN COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET pEBT SERVICE FUND JUNE 30 2002 EXHIBIT "" ASSETS cash and cash Equivalents Accounts Receivable Total Aseets FUND EQUITY Fund Balences Reserved For Debt SeIVlCB Unreserved Undestgnated Total Fund Equrty PROPERTY TAXES FOR BOND DEBT SPECIAL PURPOSE LOCAL OPTION SALES TAX TOTALS JUNE 30, 2002 JUNE 30, 2001 $ 2402398 $ 000 $ 24,02398 $ 1,216,566 51 170 1 70 850 $ 24,02568 $ 000 $ 1:216,57501 $ 24,02568 $ 000 $ 24,02568 $ 000 $ 2402568 $ 000 _ _ _~0.l!'00,!- 1 216,57501 000 000 $ 24,02568 $ 1,216,57501 See notes to the general--purpose finanCial statements - 28- BALDWIN COUNTY BOARD OF EDUCATION CQMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES DEBT SERYICE FUND YEAR ENDED JUNE 30 2002 EXHIBIT "J" REVENUES Taxes Other Funds Total Revenues EXPENDITURES Debt SeJV1C8 PnllClpal Interest PllYlng Agent Fees Tatal Expendltlxes Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES A=ued Interes1 on Bonds Sold Proceeds of Refunc:llng Bonds PerVetue Total Other Flnancng Sources Excess of Revenues and Other FananClng Sources over (under) Expenditures FUND BAlANCE JULY 1 PROPERTY TAXES FOR BOND DEBT SPECIAL PURPOSE LOCAL OPTION SALES TAX TOTALS YEAR ENDED JUNE 30, 2002 JUNE 30, 2001 $ 236 96 $ 4,503,74560 $ 4,50398256 $ 4,968,26247 31128 1,446 83 1,75611 1,972 04 $ 54824 $ 4,505,19243 $ 4,505,74067 $ 4,970,234 51 $ 000 S 4,630,000 00 $ 4,630 000 00 $ 4,425,00000 1,06615000 1,066,150 00 689,986 88 2,140 00 2,14000 2,12000 $ 000 $ 5,698,290 00 $ 5,698,290 00 $ 5,117,10688 $ 54824 $ -1,193,09757 $ -1,192,54933 $ -146,87237 $ 37,52096 1,303,583 33 $ 1,341,10429 S 54824 $ -1,19309757 $ -1,19254933 S 1,194,23192 23,4n44 1,193,09757 1,216,57501 22,34309 FUND BALANCE JUNE 30 S 24,02568 $ 000 $ 24,02568 S 1,216,57501 See notes to rile genera....purpose finanCIal statements - 29- BALDWIN COUNTY BOARP OF EDUCATION COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES FIDUCIARY FUNp TYPE - AGENCY FUNDS YEAR ENDED JUNE 30 2002 EXHIBIT "K" HORACE MANN MEDICAl SPENDING ACCOUNT ASSETS Cash and Cash EqUivalent. BAlANCE JULY 1, 2001 ADDITIONS DEDUCTIONS BAlANCE JUNE 30, 2002 $ 3:500 04 $ 14,80390 $ 12,553 08 $ 5,750 86 LIABILITIES Funds Held for Others $ 3,500 Q4 $ 14,80390 $ 12,553 08 $ 5::.,.:..75;::;0:.:86::: SPECIAL ACTIVITIES ACCOUNT ASSETS Cash and Cash EqUNalents $ 5,74028 $ 6:486 00 $ 5,305 55 S _ _.:6",900:=:.:7~3 LIABILITIES Fund. Held for Others $ 6,486 00 $ 5,305 55 $ _ _.::6,..::;900=7,::3 TOTALS-AGENCY FUNDS ASSETS Cash and Cash EqUIValents $ 9,240 32 $ 21,26990 $ 17,858 63 $ _ _.,:,12:;.,65~.1 .5:;:9 LIABILITIES FlXlds Held for Others $ 9,240 32 $ 21:26990 $ 17,858 63 $ _ _.lo12~,65~1,",5?:,9 See notes to the general-purpose finanoal statements -30- BAlDWIN COUNT)' BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDER JUNE 30. 2002 SCHEDULE "1" FUNDING AGENCY PRQGRAMIGRANT Agriculture. U S Department of Child Nutnbon Cluster Pass-Through From Georgia Department of Educahon Food and Nutl'lhon Program Food $eMceS Sdlool Breakfast Program NaUonal School Lundl Program Total Child NutrItion Cluster Other Programs Pass-TlYough From GeorgIa Department of EducatIOn Food and Nutnbon Program Food D1stnbutlon Program (1) Total U S Department of AgrlaJfture Education U S Department of Speaal Educabon Cluster Pass-Through From Georgia Department of Education IndiVIduals with Dtsablbbes Education Ad Part B - Speclal Educatlon Flow Through Capaaty BUlIdIf'lQ Improvement Preschool Total Speas! Education Cluster Other Programs Pass-Ttvough From Georgia Department of Education Elementary and secondary Educa\K>n Ad Title I Grants to Local Educabonal Agencies TrtIa II EISenhower ProfesSIonal Development Title II! TedUloiogy Lrteracy Challenge Fund Grant TlUe VI Innovative Education Program StrategteS Class Size ReductIOn safe and Drug-Free SChools and CommlXlltles VocatJonal Education - BaBle Grants to States High School Program BaSIC Grant Total U S Department of EducatJon Heanh and Human ServIces U S Department of DIrec1 Head Start Pass-Through From Georgia Department of Human Resources After Sdlool Program Total U S Department of Health and Human servICeS CFDA NUMBER PAS5THROUGH ENTITY ID NUMBER FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD 10553 10555 NiA S 36763353 (2) NiA 1.21367651 S 2 276 533 04 (3) S 1 581 31004 S 2.27653304 10550 NiA 11042767 11042767 S 1 691.73771 S 2.386 960 71 84 027 84 027 84173 NiA S 869.89700 S NiA 19.040 00 NiA 45971 14 S 934 908 14 S 869.89700 19.04000 45971 14 93490814 84 010 84 281 84 318 84298 84340 84186 84048 . 93600 93575 NiA 1 287972 86 1.287972 88 NiA 25.085 70 36.74374 (3) NiA 4732417 47.32417 NiA 40 589 03 40.58903 NiA 19300544 1930OS44 NJA 8880943 86 809 43 NiA 93,58518 93.58519 (3) S 2,711,27997 S 2722,93802 S 145934200 S 1 459342 39 (3) NiA 10258617 10258617 S 1 581 928 17 S 1 581 92856 - 31 - BALDWIN COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS yEAR ENDED JUNE 39. 2002 SCHEDULE "1" FUNDING AGENCY PROGBAMIGRANT Defet1se, U S Department of DIrect Department of !he Navy ROT C Program CEDA NUMBER PASS THROUGH ENTITY ID NUMBER FEDERAL REVENUE IN PERIOD EXPEND1TURES IN PERIOD $ 51,31967 $ 150 707 46 (3) Total Federal Flf1snaal AssIStance $ 601626552 $ NlA III Not Available Notes to the SChedule of Expendllures of Fed0ral Awards (1) The amounts ahown for the Food DIstribution Program represent the Federally assigned value of nonmonetary asSIStance for donated commodlUes received and/or consumed by the system dunng the current fiscal year (2) Expenditures for the School Breakfast Program were not mamtalned separately and are IIlCIuded In the 2002 NalJonal School Lunch Program (3) Expenditures for this program lIlCIude State and/or Other FLn:ts Expenditures are not mamtalOed by fund source Major Programs are ldenbfied by an aster1sk (*) In front of the CEDA number The Sdlool OiStnct did not proVIde Federal AssIstance 10 any SubreClplefrt The accompanymg schedute of expenditures of Federal awards lndudes the FedsrBl grant actlVlty of the BalctNln County Board of Education and Is presented on the modtfted aeausl basla of accounting, wtuch 15 the basis of accounting used In the Jn88nt8tJon of the general-purpose filanoslstatemenls 6.822,534 75 see notes to the generaJ-PU"PO&e finanaal statements 32 - BAlDWIN COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30 2002 SCHEDULE "2" AGENCYIFUNDING GRANTS Commumty Marrs. Georgia Department of GovemOB Emergency FWlds EducallOn Georg.. Department of Qualrty BasIc Educabon Direct InstrudJonal Cost Kindergarten Program Kindergarten Program - Earty Intervention Program Pnmary Grades (1 -3) Program Pnmary Grades - Early Intervent.,n (1 -3) Program Upper Elementary Grad.. (4-5) Program Upper Elementary Grades - Early Intervenbon (4-5) Program Middle Graodes (6-8) Program Middle Sdlool (6-8) Program H'!lh Sdlool Genaral Educabon (9- 12) Program Vocabonal Laboratory (9-12) Program Students with DlS8blhlJeS Category I Gifted Student - Category VI Remedial Educa1lon Program AftamatJve Educatoo Program EnglISh Speakers of Other Langu"'!l8S (ESOL) 20 Days Addlbonaltnstrucbon Mad.. Center Programs Staff and ProfessIOIl81 Development Indn-ecl COllt categorical Grants PupU Transportation Regular Bus Replacement 5I>al1l'ly Grant Nursing 5ervk:es Pnnapal Supplements Vocabonal SupervISOrs Mid-term AdJusbnent Hold-Harmiess Deferred Summer Salanes (Poor Year) Deferred Summer Salaries (Curr-ent Year) Educahonal EQuailzabOO Fundlng Grant Food 5e1VlCllS Vocational Educabon Other State Programs Heanh Insurance Praschool HandlC8pped Program Spe"",1 Education SUpport Cost Turtlen for the Mun.HandlC8pped LotI8ry Programs AsBISlMl Technology Computers In the Classroom POlltsecondary Oplions Office of SChool ReadIness Pre-Kuldergarten Program Office of Treaswy and Frscal Services PublIC School Employees Rebremenl GOVERNMENTAL FUND TYPES SPECIAL GENERAL REVENUE FUND FUND TOTAL s 500000 s 500000 1,338 592 00 429 344 00 3,743,71900 503,745 00 1 60566700 320,8nOO 67,57800 2436,682 00 2,337 151 00 694 369 00 4629 696 00 868 878 00 86,138 00 201,230 00 30,644 00 155,401 00 556,00500 115,536 00 3,566 833 00 1,338,592 00 42934400 3,74371900 50374500 1,605 667 00 320 872 00 67,57800 2436,682 00 2,337,15100 694,36900 4,629696 00 868,87800 86 138 00 201 230 00 30 644 00 155,401 00 556,00500 115,536 00 3,566,83300 860 272 00 224,71500 20,000 00 130,099 00 26,651 00 30,661 00 365,444 00 -3487,27904 3455,071 00 2574,154 00 23,309 64 S 18364200 436,89585 106,536 00 56,000 00 98,21400 17,62000 1629868 152,22079 860 272 00 22471500 20,000 00 130 099 00 26 651 00 30,66100 36544400 -3487,27904 3,455,071 00 2,574 154 00 183,64200 23,309 64 436 895 85 106 536 00 56 000 00 98 214 00 16298 68 152,22079 17,620 00 583,455 65 583,45565 72,230 00 n,23O 00 - 33- BALDWIN COUNIY BOARP OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENPED JUNE 30 2002 SCHEDULE "2" AGENCYIFUNDING CONTRACTS Educabon, Georg&8 Departmenl of K-3 StaIewK1e Readln9 Program 4-8 Statewide After School Program OTHER Boonl of Regents of the Uruverslty SyB1am of Georg.. Ihroogh Georgia Collega & Stale UnIverslly Postsecondary ReadllleSs Ennchment Program GOVERNMENTAL FUND TYPES SPECIAL GENERAL REVENUE FUND FUND TOTAL $ 72,62042 54,88030 $ 72,620 42 54.88030 4,95O 00 4.95000 $ 28836,12417 $ 935.61712 $ 29,n1,74129 See notes to the general-purpose f1nanaal statements - 34- BALDWIN COUNTY BOARD OF EDUCATlQN SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS YEAR ENDED JUNE 30, 2002 SCHEDULE 0" PROJECT Payment of Prlndpal and Interest on 1992 General Obligation Rehmdlll9 Bonds commg due January 1 1998 and thereafter Capital Outlay ProJOds ORIGINAL ESTIMATED COST (1) CURRENT ESTIMATED COSTS (21 AMOUNT EXPENDED IN CURRENT YEAR (31 (41 AMOUNT EXPENDED IN PRIOR YEARS (3) (4) PROJECT STATUS $ 239066300 $ 2,390 663 00 $ 326 n7 50 S 1412,88500 Ongoing 5773000000 57730,000 00 16681,47496 25791 144 23 OngOUlQ $ 60,120[66300 $ 60[12066300 $ 17 010,252 46 $ 27[204[02923 (11 The 5chooI DlSInct's original cost estimate as opedlied In the resolutIOn calling lor the IlJ1lOSrbOn of the Local OpbOn Sales Tax (2) The School Otstnet'& current estimate of total cost for the PfOtects Includes all cost6 from profeCI inception to completion (31 The \/Otero of BeIdwu1 County approwd the unposrtIon of a 1% ..les tax to fund the above proJOds and retire assoaated debt Amounts expended for these p~ may Include sales tax proceeds, alate, local property taxes and/or other funct$ over the life of the proJ8CtS (4) In addlbon to the expendrtures &hewn above, the 5chooI Dlstr1ct has Incurred Interest to provide advance funchng for the above projects 8S follows Poor Years Current Year 1[037 [372 50 Tolal $ 342758438 See notes to the gertefal-purpose financal statements 35 - - - - - - - - - - - - -- - -- BALDWIN COUNTY BOARD OF EDUCATION GENERAl FUND - gUALITY BASIC E[)lICATION PROGRAM (gBEI A1.LOJMENTS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30 2002 SCHEDULE "4" DESCRIPTION D.ect InslruCbOnal Programs Kindergarten Program Kindergarten Program-Early InterventlOll Program Pnmary GIlIdes (1-3) Program Pnmary Grades-Early Intervention (1-3) Program Upper Elementary Grades (04-5) Program Upper Elementary G