- ~I ! " ",1-; ,. ~"<; ''. , .' l" ~ , ~', .1 \~ ..~ .' ' " '. ' , I ... : ." , ''''.... " I~ I ~ \. -.'" \ ,'''1' . ...: ~ ,' ", , ". r:;.. '_ -t ~: _, ~, . ' ..' " I ~..... ,. , ,. t ~' \.~ .: J " - : : " , ," ~ . . ,i' t ,: .... .' . .' ' '/ , , ,, ." '\ ,. " " . ..." J~ ' .:~ , ," ',' .' ~" ,~ (,..... \ I . -'.."."... .-, ,.('. , , -(', , I ' .. ,~'. . ' " ,. t ~ ""I '.'_' " ........:: ", ',' , j:, ,. . . , -:"'. \ . t ~.: . , ' .... .... .: ," , -',,' "', I/'~ t ~1 ~flL ,, ". '.' .. " ~ ,'" " .... ;-.' ' :, '~ .. ' f "",. ~ ). .'" j., ," , I J~"", ': ~ ;<. ......'.' :'. " ' -.' ",,' 'J ~ :'-_ :I' (. ,,' "1, ,< ,/ , " \1 :..: .... I , .f ." .,,' ', " , ~ " ' , -.' ':..t , ... ,," ., .' "','.. !':;I,..., '," . I ~ .' , " . " , ,I, ... ' .. ..~ , , ' f" 1.. J , ,'. I .' ". '; '.J. .' r.o.:. t,' . :;/ . 1 ",:'. \""~ ':.-' : ':7 . , ',~, ,r \ ... ~r I' f !,~ ..' ," " .' ",';"', I.' , ". , /1 ... I ' . . . . { , ." .' '. .. '., "j I" , .', ~ .. ., .''!, " , /: ~,~ ~ .' ,'. " " ," "'P'." ," . ..:. .' ", .'~ . . .... . \ t~, ~ , , I" .'., \, '- ~, .~ ~) " .t' f' ., i " I UCATION STATEMENT OF REVENl\IES; EXPENSES;AND CHANGES IN FUND BALANCES FIDUCIARY F~N-B~tY.PE'- "N0NEXPENDAEilE"TRUST FUND :YEA.R"~NQE6 "Ji:JNE 30, 2001 EXHIBIT "0" OPERATING REVENUES None Recorded OPERATING EXPENSES Current Scholarships Operating Income (Loss) NONOPERATING REVENUES Interest Earned Net Income (Loss) FUND BALANCE JULY 1 FUND BALANCE JUNE 30 ENDOWMENT FUND WILLIAMM. ROBERSON SCHOLARSHIP FUND TOTALS (Memorandum Only) YEAR ENDED JUNE 30, 2001 JUNE 30, 2000 $ 0.00 $ 0.00 $ 0.00 $ 620.06 $ 620.06 $ 618.31 $ -620.06 $ -620.06 $ -618.31 618.66 618.66 619,71 $ -1.40 $ -1.40 $ 1.40 10,516.70 10,516.70 10,515,30 $ 10,515.30 $ 10,515.30 $ =-_...,;1=0,5;,;,16.,,;,;70.... The notes to the general-purpose financial statements are an integral part of this statement. - 8- BRANTLEY COUNTY BOARD OF EDUCATION STATEMENT OF CASH FLOWS FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUND YEAR ENDED JUNE 30, 2001 EXHIBIT"E" Cash Flows from Operating Activities: Cash Paid for Scholarships Cash Flows from Investing Activities: Interest Received on Investments Net Increase (Decrease) in Cash Cash and Cash Equivalents - July 1 Cash and Cash Equivalents - June 30 ENDOWMENT FUND WILLIAMM. ROBERSON SCHOLARSHIP FUND TOTALS (Memorandum Only) YEAR ENDED JUNE 3D, 2001 JUNE 3D, 2000 $ -620.06 $ -620,06 $ -618.31 620.06 620.06 618.31 $ 0.00 $ 0.00 $ 0.00 0.00 0.00 0.00 $ 0.00 $ 0.00 $ =======,0=.0:=0,= The notes to the general-purpose financial statements are an integral part of this statement. - 9- BRANTLEY COUNTY BOARD OF EDUCATION EXHffiIT "F" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30. 2001 Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES REPORTING ENTITY The Brantley County Board of Education (School District) 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 Superintendent appointed by the Board. The School District 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. Accordingly, the School District is a primary government and consists of all the organizations 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 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. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in 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 ofpurchase. A General Fixed Assets Account Group is not presently maintained by the School District. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. Although "school activity accounts" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general-purpose financial statements. The general-purpose financial statements account for all State, Federal, Taxes and Other funds under control of the School District, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: GOVERNMENTAL FUND TYPES - are used to account for all or most of a School District's educational activities. Governmental Fund Types include: GENERAL FUND - the fund used to account for all financial resources of the School District except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. - 11 - BRANTLEY COUNTY BOARD OF EDUCAnON EXHmIT "F" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30. 2001 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department of Education and from the Federal government to accomplish specific educational objectives. CAPITAL 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 principal, interest and paying agent fees. FIDUCIARY FUND TYPE - the fund used to account for assets held by a government unit in a trustee capacity or as an agent for individuals, private organizations, other government units and/or other funds. This fund includes: NONEXPENDABLETRUSTFUND William M. Roberson Scholanhip Fund - the fund used to account for an endowment ofwhich the corpus is to be invested and preserved intact with the resultant income to be used to provide scholarship aid to a graduating senior of the Brantley County School System. ACCOUNT GROUP GENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding and capital lease obligations. BASIS OF ACCOUNTING The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements ofthese funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. Liabilities which are expected to be financed from available spendable resources are reported as liabilities in 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. All nonexpendable trust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and liabilities associated with the operation ofthese funds are included on the balance sheet. Operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in net total assets. - 12- BRANTLEY COUNTY BOARD OF EDUCAnON EXHIDIT "F" NOTES TO mE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30. 2001 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Governmental funds are accounted for using the modified accrual basis of accounting under which: Revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. The School District considers receivables collected within sixty days after yearend to be available and therefore susceptible to accrual. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, local option sales taxes, intergovernmental grants and donations. 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 susceptible to accrual. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. Expenditures are generally recognized when the related fund liability is incurred. A departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share of these contracts. During fiscal year 2001, a substantial number ofpersonnel ofthe School District were employed for a one hundred and ninety day period beginning in August 2000 and ending in early June 2001. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 2000 and ending in August 2001. State grants to fund the State's share of these contracts were disbursed from the Georgia Department of Education to the School District in the same twelve months. As of June 30, 2001, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 2001, had not been made. Payments for these two months were made and recorded as expenditures by the School District subsequent to June 30, 2001. Also, the State's portion ofthe compensation paid in July and August 2001 was received and recorded as revenue in the fiscal year subsequent to June 30, 2001. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 2000, were recorded in the year ended June 30, 2001. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. The accrual basis ofaccounting, as required by generally accepted accounting principles, is utilized by nonexpendable trust funds. Under the accrual basis of accounting, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. BUDGET The Brantley County Board of Education's budget is a complete financial plan for the School District'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 - 13- BRANtLEY COUNfY BOARD OF EDUCAnON EXHmIT "F" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30. 2001 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES budget for all governmental funds is prepared by fund, function and object. The legal level of budget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. The budget process begins when the School District's administration prepares a tentative budget for the Board's approval. After approval ofthis tentative budget by the Board, such budget is advertised at least once in a newspaper ofgeneral circulation in the locality. At the next regular meeting ofthe Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 20-2-l67(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. 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 School District 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 School District in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone 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 ofGeorgia Annotated Section 36-83-4 authorizes the School District 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 Unite~ 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, - 14- BRANTLEY COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS ruNE 30. 2001 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (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 of 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 met. Receivables recorded on the general-purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. PROPERTY TAXES The Brantley County Board of Commissioners fixed the property tax levy for the 2000 tax year (calendar year) on October 24,2000 (levy date). Taxes were due on January 31,2001 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 2001. The Brantley County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% oftaxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues during the fiscal year ended June 30, 2001 for maintenance and operations amounted to $2,644,564.27 and for school bonds amounted to $206,095.33. Tax millage rates levied for the 2000 tax year (calendar year) for the Brantley County Board of Education were as follows (a mill equals $1 per thousand dollars of assessed value): School Operations School Bonds 14.35 mills 1.09 mills ~mills SALES TAXES Special Purpose Local Option Sales Tax is to be used for capital outlay for educational purposes and debt service. Special Purpose Local Option Sales Tax revenue during the fiscal year amounted to $891,727.80 and was recorded in the Debt Service Fund. The State will terminate collection ofthis tax once an additional $709,822.85 has been collected or on June 30, 2002, whichever occurs first. - 15 - BRANTLEY COUNTY BOARD OF EDUCAnON EXHffiIT "F" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30. 2001 Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES' INVENTORIES FOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (first-in, first-out). Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time ofpurchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute "available spendable resources" even though they are a component of net current assets. GENERAL OBLIGATION BONDS The School District issues general obligation bonds to provide funds for the acquisition and construction ofmajor capital facilities. Bond premiums and discounts, as well as issuance costs, are recognized in the financial statements during the year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit ofthe 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 ofexpenditures/expenses initially made from a fund that are properly applicable to another fund are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses 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, results ofoperations or cash flows in conformity with generally accepted accounting principles. 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, 2001, are as follows: - 16- BRANTLEY COUNTY BOARD OF EDUCATION EXHffiIT "F" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Fund Type/Fund Name Deficit Balance Governmental Fund Type Special Revenue Fund School Food Services Fund $ 35,228.02 In the subsequent period, the School District anticipates using school food sales to eliminate this deficit. Note 2: DEPOSITS COLLATERALIZAnON 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 ofmoney which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate ofthe 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 anyone of or any combination of the following: (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 of the State of Georgia, and - 17 - BRANTLEY COUNTY BOARD OF EDUCAnON EXHffiIT "F" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30. 2001 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 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, 2001, the bank balances were $2,846,228.34. The amounts ofthe 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 School District or by the School District's agent in the School District's name. Category 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the School District'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 School District's name.) The School District's deposits are classified by risk category at June 30, 2001, as follows: Risk Category Bank Balance 1 $ 956,942.89 2 1,889,285.45 3 0.00 Total $ 2.846.228.34 Note 3: NON-MONETARY TRANSACTIONS The School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories Note 4: RISK MANAGEMENT The School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction ofassets; errors or omissions; job related illness or injuries to employees; natural disaster and unemployment compensation. - 18 - BRANTLEY COUNTY BOARD OF EDUCAnON EXHffiIT "F" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30. 2001 Note 4: RISK MANAGEMENT The School District has obtained commercial insurance for risk ofloss associated with torts, assets and errors or omissions. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any of the past three years. The School District has elected to self-insure for all losses related to natural disaster. The School District has not experienced any losses related to this risk in the past three years. The School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the General Fund with expenditure and liability being reported when it is probable that a loss has occurred, and the amount ofthat loss can be reasonably estimated. Changes in the unemployment compensation claims liability during the last two fiscal years are as follows: 2000 2001 Beginning of Year Liability Claims and Changes in Estimates Claims Paid End of Year Liability $ 0.00 $ 820.00 $ 820.00 $ 0.00 $ 0.00 $ 4.803.00 $ 4.803.00 $ 0.00 The School District participates in the Georgia Education Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Trust with the United States Fidelity and Guaranty Company to provide coverage for potential losses sustained by the Trust in excess of $250,000.00 loss per occurrence, up to $2,000,000.00. The School District has purchased surety bonds to provide additional insurance coverage as follows: Position Covered Amount Superintendent Each Principal and Assistant Principal Each Board Member Each Director $ 100,000.00 $ 10,000.00 $ 10,000.00 $ 10,000.00 - 19- - - - - - - - - - - -------- - BRANTLEY COUNTY BOARD OF EDUCATION EXHmIT "F" NOTES TO TIlE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 Note 5: GENERAL LONG-TERM DEBT CAPITAL LEASES The Brantley County Board of Education has entered into various lease agreements as lessee for buses. These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of the future minimum lease payments as of the date of their inception. GENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: Purpose Interest Rates Amount General Government - Series 1979 General Government - Series 1997 6.75% 3.90% - 4.60% $ 805,000.00 1,200,000.00 $ 2,005,000.00 The changes in General Long-Term Debt during the fiscal year ended June 30, 2001, were as follows: Capital Leases General Obligation Bonds Total Balance July 1,2000 $ 351,273.46 $ 2,835,000.00 $ 3,186,273.46 Deductions Debt Retired 80.271.77 830,000.00 910,271.77 Balance June 30, 2001 $ 271.001.69 $ 2,005,000.00 $ 2,276,001.69 At June 30, 2001, payments due by fiscal year which includes principal and interest for these items are as follows: - 20- BRANTLEY COUNTY BOARD OF EDUCAnON EXHffiIT "F" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 Note 5: GENERAL LONG-TERM DEBT Fiscal Year Ended June 30 Capital Leases General Obligation Bonds Total Debt 2002 2003 2004 2005 2006 $ 100,206.97 $ 1,011,000.00 $ 1,111,206.97 69,239.38 624,600.00 693,839.38 69,239.38 189,362.50 258,601.88 69,239.38 188,225.00 257,464.38 191,243.75 191,243.75 Total Principal and Interest $ 307,925.11 $ 2.204.431.25 $ 2.512.356.36 Deduct: Imputed Interest 36,923.42 Net Present Value of Future Minimum Lease Payments $ 271.001.69 Note 6: ON-BEHALF PAYMENTS The School District has recognized revenues and expenditures in the amount of $244,582.61 for health insurance and retirement contributions paid on the School District's behalf by the following State Agencies. Georgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance of Non-Certified Personnel In the amount of$199,856.97 Paid to the Teachers Retirement System of Georgia For Teachers Retirement System (TRS) Employer's Cost In the amount of $1 ,824.64 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 $42,901.00 Note 7: SIGNIFICANT COMMITMENTS The following is an analysis ofsignificant outstanding construction or renovation contracts executed by the School District as of June 30, 2001, together with funding available: - 21 - BRANTLEY COUNTY BOARD OF EDUCAnON EXHIDIT "F" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30. 2001 Note 7: SIGNIFICANT COMMITMENTS Project 02GIO 1S-6l3-002 Unearned Executed Contracts $ 19,992.40 Funding Available From State $ 755,280,00 The amounts described in this note are not reflected in the general-purpose financial statements, Note 8: CONTINGENT LIABILITIES Amounts received or receivable principally 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 believes that such disallowances, if any, will be immaterial to its overall financial position. Note 9: SUBSEOUENT EVENTS On November 6, 2001, the voters of Brantley County voted in favor of a Special Purpose Local Option Sales Tax referendum for education purposes, The imposition of the tax approved by the voters, as stated on the Official Ballot of Brantley County is as follows: "Shall a one percent sales and use tax be imposed in the Brantley County School District for a period of time not to exceed twenty consecutive calendar quarters and for the raising of not more than $4,500,000,00 for the purpose of acquiring, constructing, and equipping the following capital outlay projects at schools and educational facilities throughout Brantley County; renovations, additions, and improvements at Waynesville Elementary School and Brantley County Middle School; renovations, additions, and improvements to the gymnasiums and lunchrooms at Hoboken and Nahunta Elementary Schools; renovations, additions, and improvements at Brantley County High School including a new roof, improvements to the athletic facilities, and construction of a Future Farmers of America Agricultural Show Barn and parking lot; construction ofan office for the Board ofEducation; system-wide technology upgrades; system-wide site and security upgrades; and construction ofa transportation garage? If imposition of the tax is approved by the voters, such vote shall also constitute approval of the issuance ofgeneral obligation debt ofthe Brantley County School District in the maximum principal amount of $3,685,000.00 for the above capital outlay purposes." Note 10: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) TRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school districts are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple - 22- BRANTLEY COUNlY BOARD OF EDUCATION EXHIDIT "F" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30. 2001 Note 10: RETIREMENT PLANS 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 School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.29% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: Fiscal Year Percentage Contributed Required Contribution 2001 2000 1999 100% 100% 100% $ 1,257,286.04 $ 1,152,590.76 $ 1,125,758.55 - 23- -------------------------------- BRANTLEY COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 2001 ASSETS Cash and Cash Equivalents Accounts Receivable Inventories Food Donated Commodities Purchased Food SCHOOL FOOD SERVICES FUND LOTIERY PROGRAMS $ 38,326.67 $ 90,359.72 8,165.52 42,086.37 11,191.10 Total Assets $ 99,769.66 $===9.0..=,3:;59.....7=2= LIABILITIES AND FUND EQUITY LIABILITIES Cash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable Total Liabilities FUND EQUITY Fund Balances Reserved For Continuation of Federal Programs For Inventories Food Donated Commodities Purchased Food Unreserved Deficit Undesignated Total Fund Equity Total Liabilities and Fund Equity See notes to the general-purpose financial statements. - 24- $ 39,346.41 $ 18,480.72 42,373.80 71,879.00 $ 81,720.21 .$ 90,359.72 $ 42,086.37 11,191.10 -35,228.02 0.00 $ $ 18,049.45 $ 0.00 0.00 $ 99,769.66 $ ===9=0:,3~59=.=72= EXHIBIT"G" FEDERAL PROGRAMS TOTALS JUNE 30, 2001 JUNE 30, 2000 $ 128,686.39 $ 197,211.82 $ 167,959.74 176,125.26 288,634.01 42,086.37 11,191.10 38,679.84 10,885.93 $ 167,959.74 $ 358,089.12 $ ====5=3.5...,4.=.11=.6;;,;0.. $ 51,517.31 $ 51,517.31 $ 67,520.55 20,013.59 77,840.72 144,957.23 96,428.84 210,681.64 217,790.33 12,049.88 $ 167,959.74 $ 340,039.67 $ 442,317.99 $ 16,000.00 $ 42,086.37 11,191.10 38,679.84 10,885.93 -35,228.02 $ 0.00 0.00 27,527.84 $ 0.00 $ 18,049.45 $ 93,093.61 $ 167,959.74 $ 358,089.12 $ =""""",5:=3=5!=,:,4=11=.6;;,;0... - 25- BRANTLEY COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUND YEAR ENDED JUNE 30, 2001 REVENUES State Funds Federal Funds Other Funds Total Revenues EXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation Capital Outlay Total Expenditures Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES Operating Transfers In Excess of Revenues and Other Financing Sources over (under) Expenditures FUND BALANCE JULY 1 Food Inventory - Net Change in Period Donated Commodities Purchased Food FUND BALANCE JUNE 30 See notes to the general-purpose financial statements, - 26 SCHOOL FOOD SERVICES FUND LOTIERY PROGRAMS $ 82,960,00 $ 805,563,67 341,897.15 $ 1,230,420,82 $ 656,968.70 656,968,70 $ 537,723.02 84,368,81 13,471.04 $ 1,293,176,68 $ 1,293,176,68 '$ $ -62.755,86 $ 1,859.62 15,321.59 1,324,87 149.75 2,750.00 656,968,70 0.00 $ -62,755.86 $ 0,00 77,093.61 0.00 3,406.53 305,17 $ 18,049.45 $ ==-===:::1100==0"',;;;,;00= EXHIBIT"H" FEDERAL PROGRAMS TOTALS YEAR ENDED JUNE 30, 2001 JUNE 30, 2000 $ 739,928.70 $ 714,970.77 $ 961,641.17 1,767,204.84 1,831,210.64 341,897.15 307,899.52 $ 961,641.17 $ 2,849,030.69 $ 2,854,080.93 $ 866,611.22 $ 1,404,334.24 $ 1,499,943.22 36,954.48 57,028.46 3,381.17 3,247.20 266.57 7,294.08 2,857.99 121,323.29 70,499.50 3,381.17 3,247.20 2,126.19 15,321.59 8,618.95 3,007.74 1,293,176.68 2,750.00 89,458.14 118,826.86 3,986.68 3,069.13 1,785.60 14,519.03 8,324.22 3,459.99 1,257,921.43 $ 977,641.17 $ 2,927,786.55 $ 3,001,294.30 $ -16,000.00 $ -78,755.86 $ -147,213.37 7,778.52 $ -16,000.00 $ -78,755.86 $ -139,434.85 16,000.00 93,093.61 230,301.84 3,406.53 305.17 -1,832.98 4,059.60 $ 0.00 $ 18,049.45 $ .............9.=3=,0.9.3;;,;.=61.... - 27- BRANTLEY COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET DEBT SERVICE FUND JUNE 30, 2001 EXHIBIT "I" ASSETS Cash and Cash Equivalents Investments Accounts Receivable Total Assets PROPERTY TAXES FOR BOND DEBT SPECIAL PURPOSE LOCAL OPTION SALES TAX TOTALS JUNE 30, 2001 JUNE 30, 2000 $ 17,391.95 $ 289,629.86 $ 307,021.81 $ 201,364.50 169,469.00 258,639.00 428,108.00 415,000.00 11,960.34 162,139.55 174,099.89 144,661.49 $ 198,821.29 $ 710,408.41 $ 909,229.70 $ 7,;;,,61;.1,;,0;;;;2.5.,;;,;99;;., FUND EQUITY Fund Balances Reserved For Debt Service Unreserved Undesignated Total Fund Equrty $ 198,821.29 $ 0.00 710,408.41 $ 0.00 909,229.70 $ 0.00 761,025.99 000 $ 198,821.29 $ 710,40841 $ 909,22970 $ 7.6..1.,O;,;;;;2;s,;5.,.99;c, See notes to the general-purpose financial statements. - 28- BRANTLEY COUNTY BOARD OF EpUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BAlANCES DEBT SERVICE FUND YEAR ENDED JUNE 30, 2001 EXHIBIT"J" PROPERTY TAXES FOR BOND DEBT SPECIAL PURPOSE LOCAL OPTION SALES TAX TOTALS YEAR ENDED JUNE 30, 2001 JUNE 30, 2000 REVENUES Taxes Other Funds Total Revenues $ 206,095,33 $ 3,517,68 $ 209,613.01 $ 891,727,80 $ 1,097,823.13 $ 1,012,349.85 14,937.45 18,455.13 9,744,58 906,665,25 $ 1,116,27826 $ 1,022,094.43 EXPENPITURES Debt Service PrinCipal Interest Paying Agent Fees Total Expenditures Excess of Revenues over (under) Expenditures $ 130,000,00 $ 58,725,00 542,95 $ 189,267,95 $ $ 20,345,06 $ 700,000.00 $ 78,275,00 531,60 778,806,60 $ 127,858,65 $ 830,000.00 $ 137,000,00 1,074.55 968,074.55 $ 148,203,71 $ 725,000,00 172,806,25 896.10 898,702,35 123,392,08 OTHER FINANCING SOURCES Operating Transfers In 6,500.00 Excess of Revenues and Other Financing Sources over (under) Expenditures FUND BALANCE JULY 1 $ 20,345,06 $ 178,476,23 127,858,65 $ 582,549,76 148,203.71 $ 761,025,99 129,892.08 631,133,91 FUND BALANCE JUNE 30 $ 198,821,29 $ 710,408.41 $ 909,22970 $ 761,025.99 See notes to the general-purpose financial statements, - 29- BRANTLEY COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2001 SCHEDULE "1" FUNDING AGENCY PROGRAM/GRANT Agnculture, U S Department of Child Nutnbon Cluster Pass-Through From Georgia Department of Education Food and Nutnbon Program Food Services School Breakfast Program National School Lunch Program Total Child Nutnbon Cluster Other Programs Pass-Through From Georgia Department of Education Food and Nutntlon Program Food Dlstnbutlon Program (1) Pass-Through From Office of School Readiness Food and Nutntlon Program Child and Adult care Food Program Total U S Department of Agncullure Education, U. S Department of SpeCial Education Cluster Pass-Through From Georgia Department of Education IndiViduals WIth DISabilities Education Act Part B - Speaal Education Flow Through Preschool Total SpeCial Education Cluster Other Programs Pass-Through From Georgia Department of Educallon Elementary and Secondary Education Act Title I Grants to Local Educational AgenCies Tille II Eisenhower ProfeSSional Development Title VI Innovative Education Program Strategies Class Size Reduction Vocational Education - BaSIC Grants to States High School Program BaSIC Grant Pass-Through From Okefenokee Regional Educational Service Agency Safe and Drug-Free Schools and Communities Total U S Department of Educalton CFDA NUMBER 10,553 10,555 10550 10,558 84 027 84173 84010 84 281 84 298 84 340 84 048 84186 PASSTHROUGH ENTITY 10 NUMBER FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD NlA $ 192,58089 (2) N/A 532,62337 $ 1,219,722.02 (3) $ 725,204,26 $ 1,219,722,02 N/A 73,454 66 73,454 66 NlA 6,904 75 (2) $ 805,563,67 $ 1,293,176 68 NlA $ 289,24880 $ N/A 45,92200 $ 335,17080 $ 289,24880 45,92200 335,170.80 NlA 454,10204 454,10204 N/A 5,58933 21,58933 NlA 18,49900 18,499.00 NlA 74,75800 74,75800 N/A 42,44700 42,44700 N/A 31,07500 $ 961,641,17 $ 31,075,00 977,641.17 Total Federal FinanCial AsSIstance NlA = Not Available $ 1,767,204 84 $ 2,270,817,85 - 30- BRANTLEY COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30. 2001 SCHEDULE "1" Notes to the Schedule of Expenditures of Federal Awards (1) The amounts shown for the Food Distribution Program represents the Federally assIgned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the ament fiscal year. (2) Expenditures for the Child and Adult care Food Program and the School Breakfast Program were not maintained separately and are Induded In the 2001 National School Lunch Program. (3) Expenditures for this program Indude State, and/or Other Funds. Expenditures are not maintained by fund source. Major Programs are identified by an asterisk (0) In front of the CFDA number. The School District did not provide Federal Assistance to any Subredpienl The accompanYing schedule of expenditures of Federal awards indudes the Federal grant activity of the Brantley County Board of Educabon and Is presented on the modified aeaual baSIS of accounting which IS the basis of accounting used In the presentation of the general-purpose financal statements. see notes to the general-purpose finandal statements. - 31 - --- - - ---- - - - - - - - - - - - - - - - - - - - - - - BRANTlEY COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2001 SCHEDULE "2" AGENCY/FUNDING GRANTS Educatton. Georgia Department of Quality Basic Educatton Direct Instructional Cost Klndergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Interventton (1-3) Program Upper Elementary Grades (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocattonal Laboratory (9-12) Program Students With Disablllttes category I Category II category III category IV Gifted Student - category VI Remedial Education Program A1temative Educatton Program English Speakers of Other Languages (ESOL) Media Center Program Staff and Professional Development Indirect Cost categorical Grants Pupil Transportatton Regular Bus Replacement Nursing Services Prindpal Supplements Vocational Supervisors Migrant Education Mid-term Adjustment Holcl-Harmless Educational Equalization Funding Grant Food Services Vocational Education Other State Programs At-Risk Summer School Program Health Insurance Mentonng Program Mentor Teachers Preschool Handicapped Program Remedial Summer School Teachers'Rettrement Lottery Programs Computers In the Classroom Office of School Readiness Pre-Klndergarten Program Office of Treasury and Fiscal Services Public School Employees Rettrement CONTRACTS Education. Georgia Department of Georgia's Reading Challenge Reading First Program GOVERNMENTAL FUND TYPES SPECIAL GENERAL REVENUE FUND FUND TOTAL $ 509,416.00 152,416.00 1.679.977.00 556.260.00 985,459.00 1,718.928.00 1.179.123.00 529.360.00 21.936.00 205.739.00 752,158,00 151,412.00 141.061.00 161.656.00 121.238.00 6.321.00 282.676.00 78.853.00 1,849.159.00 556.090.00 148,026.00 75.810.00 12.638.00 20.980.00 2.051.00 52.913.00 1.502,495.00 $ 25.316.00 4.542.35 199.856.97 4.200.00 978.00 19.192.00 4,475.63 1.824.64 42.901.00 $ 509,416.00 152,416.00 1,679,977.00 556,260.00 985.459.00 1.718.928.0(} 1.179,123.00 529,360.00 21.936.00 205,739.00 752.158.00 151,412.00 141.061.00 161.656.00 121.238.00 6.321.00 282,676.00 78,853.00 1.849.159.00 82.960.00 65,156.00 556,090.00 148,026.00 75.810.00 12.638.00 20.980.00 2.051.00 52.913.00 1.502,495.00 82.960.00 25.316.00 4.542.35 199,856.97 4.200.00 978.00 19.192.00 4,475.63 1.824.64 65.156.00 591.812.70 591.812.70 42.901.00 55.927.00 59,881.00 55.927.00 59.881.00 See notes to the general-purpose finanaal statements. $ 13.873,245.59 $ 739,928.70 $ 14.613,174.29 - 32 BRANTLEY COUNTY BOARD OF EPUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS YEAR ENDED JUNE 30. 2001 SCHEDULE "3" PROJECT The new Waynesville Elementary School, renovations and the addition of four dassrooms at Brantley County Middle School, renovabons and improvements at Brantley County High School conslsbng of three science dassrooms, laboratories, a media center, an addlbon to the gymnasium WIth new bleachers, construcbon of a new girls' softball field, renovations to existing facillbes, renovations to the gymnasium and phYSical education facillbes at Hoboken and Nahunta Elementary Schools ORIGINAL ESTIMATED COST (1) CURRENT ESTIMATED COSTS (2) AMOUNT EXPENDED IN CURRENT YEAR (3) AMOUNT EXPENDED IN PRIOR YEARS (3) PROJECT STATUS $ 3,800,000.00 $ 6,507,001.00 $ 174,095.43 $ 5,325,939.14 Ongoing (1) The School Dlstrlcfs anginal cost estimate as specified In the resolution calling for the Imposition of the Local Option Sales Tax. (2) The School Dlstncfs ament esbmate of total cost for the project. Indudes all cost from project incepbon to completion. (3) The voters of Brantley County approved the Imposition of a 1% sales tax to fund the above project and rebre associated debt Amounts expended for this project may InclUde sales tax proceeds, state, local property taxes and/or other funds over the life of the project. See notes to the general-purpose finanCIal statements. - 33- BRANTLEY COUNTY BOARD OF EDUCATION GENERAL FUNp - aUALlTY BASIC EDUCATION PROGRAM