CAMDEN COUNTY BOARD OF EDUCATION KINGSLAND# GEORGIA REPORT ON AUDIT 
OF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30# 2008 
STATE OF GEORGIA 
DEPARTMENT OF AUDITS AND ACCOUNTS 
Russell W. Hinton State Auditor 
 
 CAMDEN COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - 
 
SECTION I 
 
FINANCIAL 
 
INDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 
 
REQUIRED SUPPLEMENTARY INFORMATION 
 
MANAGEMENT'S DISCUSSION AND ANALYSIS 
 
EXHIBITS 
 
BASIC FINANCIAL STATEMENTS 
 
DISTRICT-WIDE FINANCIAL STATEMENTS 
 
A 
 
STATEMENT OF NET ASSETS 
 
1 
 
B 
 
STATEMENT OF ACTIVITIES 
 
2 
 
FUND FINANCIAL STATEMENTS 
 
C 
 
BALANCE SHEET 
 
GOVERNMENTAL FUNDS 
 
4 
 
D 
 
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET 
 
TO THE STATEMENT OF NET ASSETS 
 
5 
 
E 
 
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES 
 
IN FUND BALANCES 
 
GOVERNMENTAL FUNDS 
 
6 
 
F 
 
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT 
 
OF REVENUES, EXPENDITURES AND CHANGES IN FUND 
 
BALANCES TO THE STATEMENT OF ACTIVITIES 
 
7 
 
G 
 
STATEMENT OF FIDUCIARY NET ASSETS 
 
FIDUCIARY FUNDS 
 
8 
 
H 
 
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS 
 
FIDUCIARY FUNDS 
 
9 
 
I 
 
NOTES TO THE BASIC FINANCIAL STATEMENTS 
 
10 
 
SCHEDULES 
 
REQUIRED SUPPLEMENTARY INFORMATION 
 
1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES 
 
IN FUND BALANCES - BUDGET AND ACTUAL 
 
GENERALFUND 
 
25 
 
 CAMDEN COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - 
 
SECTION I 
 
FINANCIAL 
 
SCHEDULES 
 
SUPPLEMENTARY INFORMATION 
 
2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 
 
26 
 
3 SCHEDULE OF STATE REVENUE 
 
27 
 
4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS 
 
28 
 
5 ALLOTMENTS AND EXPENDITURES 
 
GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) 
 
BY PROGRAM 
 
29 
 
SECTION II 
COMPLIANCE AND INTERNAL CONTROL REPORTS 
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENTAUDITING STANDARDS 
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULARA-133 
 
SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS 
 
SECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS 
 
 SECTION I FINANCIAL 
 
 Russell W. Hinton 
STATE AUDITOR 
(404) 656-2174 
 
DEPARTMENT OF AUDITS AND ACCOUNTS 
270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 
August 18, 2009 
 
Honorable Sonny Perdue, Governor Members of the General Assembly Members ofthe State Board of Education 
and Superintendent and Members of the Camden County Board of Education 
INDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 
Ladies and Gentlemen: 
We have audited the accompanying financial statements ofthe governmental activities, each major fund, and the aggregate remaining fund information (Exhibits A through I) of the Camden County Board of Education, as of and for the year ended June 30, 2008, which collectively comprise the Board's basic financial statements as listed in the table of contents. These financial statements are the responsibility ofthe Camden County Board ofEducation's management. Our responsibility is to express opinions on these financial statements based on our audit. 
We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Camden County Board of Education's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. 
 
2008ARL-11 
 
 In our opinion, the financial statements referred to previously present fairly, in all material respects, the respective financial position ofthe governmental activities, each major fund, and the aggregate remaining fund information ofthe Camden County Board ofEducation, as ofJune 30, 2008, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. 
In accordance with Government Auditing Standards, we have also issued our report dated August 18, 2009, on our consideration of the Camden County Board of Education's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose ofthat report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. 
Management's Discussion and Analysis and the Schedule ofRevenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on pages i through vii and page 25 respectively, are not a required part ofthe basic financial statements but are supplementary information required by the accounting principles generally accepted in the United States ofAmerica. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods ofmeasurement and presentation ofthe required supplementary information. However, we did not audit the information and express no opinion on it. 
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Camden County Board of Education's basic financial statements. The accompanying supplementary information which consist of Schedules 2 through 5, which includes the Schedule of Expenditures of Federal Awards as required by U. S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. 
A copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. 
Respectfully submitted, 
 
RWH:as 2008ARL-l 1 
 
~,._.QQ_l,G~ 
Russell W. Hinton, CPA, CGFM State Auditor 
 
 CAMDEN COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2008 
INTRODUCTION 
The discussion and analysis ofCamden County Board ofEducation's financial performance provides an overall review ofthe School District's financial activities for the fiscal year ended June 30, 2008. The intent ofthis discussion and analysis is to look at the School District's financial performance as a whole; readers should also review the notes to the basic financial statements and the financial statements to enhance their understanding of the School District's financial performance. 
FINANCIAL HIGHLIGHTS 
Key financial highlights for fiscal year 2008 are as follows: 
 The School District's financial status improved during fiscal year 2008. In total, net assets increased $6.3 million from fiscal year 2007. This total increase was due to governmental activities since the Board has no business-type activities. 
 On the District-wide financial statements, the net assets of the School District exceeded liabilities by $133.5 million due in part to the absence ofdebt. Ofthis amount, $23.2 million is unrestricted and available for spending at the School District's discretion. 
 The School District has $93.4 million in expenses relating to governmental activities; only $58.9 million ofthese expenses are offset by program specific charges for services, grants and contributions. General revenues (primarily property and sales taxes) of $41.0 million were adequate to provide for these programs. 
 As stated above, general revenues accounted for $41.0 million or 41.0 percent of all revenues totaling $99.8 million. Program specific revenues in the form of charges for services, grants and contributions accounted for the rest. 
 Among major funds, the General Fund has $97.8 million in revenues, $92.5 million in expenditures. The General Fund's fund balance increased to $15.6 million from $10.8 million. 
OVERVIEW OF THE FINANCIAL STATEMENTS 
This annual report consists ofthree parts; management's discussion and analysis (this section), the basic financial statements and required supplementary information. The basic financial statements include two levels of statements that present different views of the School District. These include the District-wide and fund financial statements. 
The District-wide financial statements include the 'Statement of Net Assets' and 'Statement of Activities'. These statements provide information about activities ofthe School District presenting both short-term and long-term information about the School District's overall financial status. 
 
 CAMDEN COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2008 
The fund financial statements focus on individual parts ofthe School District, reporting the School District's operation in more detail. The 'Governmental Funds' statements disclose how basic services are financed in the short-term as well as what remains for future spending. The 'Fiduciary Funds' statements provide information about the financial relationships in which the School District acts solely as a trustee or agent for the benefit ofothers. The fund financial statements reflect the School District's most significant funds. In the case of the Camden County School District, the General Fund and District-wide Capital Projects Fund are the most significant funds. 
The financial statements also include notes that explain some of the information in the statements and provide more detailed data. The statements are followed by a section ofrequired supplementary information that further explains and supports the financial statements. Additionally, other supplementary information (not required) is also presented that further supplements understanding of the financial statements. 
DISTRICT-WIDE STATEMENTS 
Since Camden County School District has no operations that have been classified as "Business Activities", the District-wide financial statements are basically a consolidation of all the School District's operating funds into one column called governmental activities. In reviewing the Districtwide financial statements, a reader might ask the question, are we in a better financial position than last year? The 'Statement of Net Assets' and the 'Statement of Activities' provides the basis for answering this question. These financial statements include all School District's assets and liabilities and uses the accrual basis of accounting similar to the accounting used by most private-sector companies. The basis of accounting takes into account all of the current year's revenues and expenses regardless of when cash is received or paid. 
These two statements report the School District's net assets and any changes in those assets. The change in net assets is important because it tells the reader that, for the School District as a whole, the financial position ofthe School District has improved or diminished. The causes ofthis change may be the results of many factors, including those not under the School District's control, such as the property tax base, facility conditions, required educational programs and other factors. 
The 'Statement of Net Assets' and the 'Statement of Activities' reflects the School District's governmental activities. 
FUND FINANCIAL STATEMENTS 
The School District uses many funds to account for a multitude offinancial transactions during the fiscal year. However, the fund financial statements presented in this report provide detail information about only the School District's significant or major funds. 
Governmental Funds - Most of the School District's activities are reported in governmental funds, which focus on how money flows into and out of those funds and the balances left at year-end available for spending in future periods. These funds are reported using the modified accrual 
11 
 
 CAMDEN COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2008 
 
method of accounting which measures cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the School District's general government operations and the basic services it provides. Governmental fund information helps determine whether there are more or fewer financial resources that can be spent in the near future to finance educational programs. The difference between governmental activities (reported in the Statement ofNet Assets and the Statement ofActivities) and governmental funds is reconciled in the financial statements. 
 
Fiduciary Funds - The School District is the trustee, or fiduciary, for assets that belong to others, such as school clubs and organizations within the principals' accounts. The School District is responsible for ensuring the assets reported in these funds are used only for their intended purposes and by those to whom the assets belong. The School District excludes these activities from the District-wide financial statements because it cannot use these assets to finance its operations. 
 
FINANCIAL ANALYSIS OF THE SCHOOL DISTRICT AS A WHOLE 
 
Recall that the Statement ofNet Assets provides the perspective of the School District as a whole. Table 1 provides a summary of the School District's net assets for fiscal year 2008 compared to fiscal year 2007. 
 
Table 1 Net Assets (in Thousands) 
 
Governmental Activities 
 
Fiscal 
 
Fiscal 
 
Year 2008 Year 2007 
 
Assets Current and Other Assets Capital Assets, Net 
 
$ 35,620 108.772 
 
$ 31,282 106.326 
 
Total Assets 
 
$ 144.392 $ 137.608 
 
Liabilities Current and Other Liabilities 
 
$ 10.866 $ 10.425 
 
Net Assets Invested in Capital Assets, Net of Related Debt Restricted Unrestricted 
 
$ 108,772 1,601 
23.153 
 
$ 106,326 1,550 19.307 
 
Total Net Assets 
 
$ 133.526 $ 127,183 
 
Total net assets increased $6.3 million in fiscal year 2008. 
 
iii 
 
 CAMDEN COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2008 
 
Table 2 shows the changes in net assets for fiscal year 2008 compared to the changes in net assets for fiscal year 2007. 
 
Table 2 Change in Net Assets 
(in Thousands) 
Revenues Program Revenues: Charges for Services and Sales Operating Grants and Contributions Capital Grants and Contributions 
Total Program Revenues 
General Revenues: Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Intangible Recording Tax Real Estate Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous Special Items Loss on Disposal of Building 
Total General Revenues and Special Items 
Total Revenues 
Program Expenses Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Community Services Food Services 
Total Expenses 
Increase (Decrease) in Net Assets 
 
Governmental Activities 
 
Fiscal 
 
Fiscal 
 
Year2008 
 
Year 2007 
 
$ 3,079 54,629 1,154 
$ 58,862 
 
$ 3,116 51,812 636 
$ 55,564 
 
$ 22,778 15 
50 481 255 
15,394 1,041 910 
$ 40,924 
$ 99,786 
$ 59,922 
6,099 3,596 1,714 
575 5,723 
513 5,180 3,857 
575 1,123 
656 3,910 
$ 93,443 
$ 6.343 
 
$ 21,140 27 
41 611 324 
10,003 1,222 
757 
-1,350 
$ 32,775 
$ 88,339 
$ 56,898 
5,635 2,702 1,736 
599 5,775 
672 5,244 4,783 
552 1,119 
655 3,928 
$ 90,298 
$ -1.959 
 
IV 
 
 CAMDEN COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2008 
 
GOVERNMENTAL ACTIVITIES 
 
Instruction comprised 64.1 percent ofgovernmental program expenses in fiscal year 2008. Camden County incurred no interest expense during fiscal year 2008. 
 
The Statement of Activities shows the cost of program services and the charges for services and grants offsetting those services. Table 3 shows, for governmental activities, the total cost ofservices and the net cost of services comparing fiscal year 2008 with fiscal year 2007. That is, it identifies the cost of these services supported by tax revenue and unrestricted State entitlements. 
 
Table 3 Governmental Activities 
(in Thousands) 
 
Total Cost of Services 
 
Fiscal 
 
Fiscal 
 
Year2008 Year 2007 
 
Net Cost of Services 
 
Fiscal 
 
Fiscal 
 
Year2008 Year2007 
 
Instruction Support Services 
Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations ofNon-Instructional Services Community Services Food Services 
 
$ 59,922 $ 56,898 $ 18,396 $ 16,518 
 
6,099 3,596 1,714 
575 5,723 
513 5,180 3,857 
575 1,123 
 
5,635 2,702 1,736 
599 5,775 
672 5,244 4,783 
552 1,119 
 
5,094 2,625 
434 -911 3,035 305 2,056 2,282 344 1,050 
 
4,591 2,156 
648 -675 3,614 672 2,709 3,161 552 448 
 
656 3,910 
 
655 3,928 
 
-62 
 
314 
 
-68 
 
26 
 
Total Expenses 
 
$ 23,443 $ 20,228 $ 34,580 $ 34,734 
 
Although program revenues make up a majority of the revenues, the School District is still dependent upon tax revenues for governmental activities. Over 30.7 percent ofinstruction activities are supported through taxes and other general revenues; for all governmental activities general revenue support is 37.0 percent. 
 
FINANCIAL ANALYSIS OF THE SCHOOL DISTRICT'S FUNDS 
 
The School District's governmental funds are accounted for using the modified accrual basis of accounting. The governmental funds had total revenues and other financing sources of$99.3 million and total expenditures and other financing uses of $96.4 million. 
 
V 
 
 CAMDEN COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2008 
 
GENERAL FUND BUDGETING HIGHLIGHTS 
 
The School District's budget is prepared according to Georgia law. The most significant budgeted fund is the General Fund. During the course of fiscal year 2008, the School District amended its general fund budget as needed. 
 
For the General Fund, the final actual revenues of $97.8 million exceeded the original budgeted amount of $85.3 million by $12.5 million. This difference was primarily due to an increase in property taxes revenues over original budget of $4.3 million, State funds revenues over original budget of $1.5 million, Federal revenues over original budget of $4.0 million, and charges for services revenues over original budget of$1.0 million. Federal revenues far exceeded the original budget due to the system's eligibility as a Heavily Federally Impacted district through the U. S. Department of Education Impact Aid Program. 
 
Final budgeted expenditures and other financing uses of $94.9 million exceeded the original budgeted amount of $94.2 million by $0.7 million. 
 
CAPITAL ASSETS AND DEBT ADMINISTRATION 
 
Capital Assets 
 
At fiscal year end June 30, 2008, the School District had $108.8 million invested in capital assets, all in governmental activities. Table 4 shows fiscal year 2008 balances compared with fiscal year 2007 balances. 
 
Table 4 Capital Assets at June 30 (Net of Depreciation, in Thousands) 
 
Governmental Activities 
 
Fiscal 
 
Fiscal 
 
Year 2008 Year 2007 
 
Land Construction in Progress Buildings and Building Improvements Equipment Land Improvements 
 
$ 10,230 2,509 91,225 3,961 847 
 
$ 10,180 17 
92,144 3,228 757 
 
Total 
 
$ 108,772 $ 106,326 
 
The School District has numerous construction projects including additions and renovations. 
 
Vl 
 
 CAMDEN COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2008 
Debt 
At fiscal year end June 30, 2008, the School District had no obligation for debt. 
CURRENT ISSUES 
Camden County is located in the southeast comer of Georgia, bordered on the south by Florida and to the east by the Atlantic Ocean. The two major municipalities, Kingsland and St. Mary's, are approximately 30 miles from Jacksonville, Florida. Camden County is the home of Kings Bay Naval Submarine Base, homeport to a fleet of Trident Nuclear Submarines. The School District, naval base and associated Federal contractors make up the core ofemployment opportunities in the county. The dramatic increase in coastal real estate investments by planned community developers will present many opportunities for school and community leaders in the coming years. Military families from every part ofthe nation, families employed in Florida seeking a quality education for children and retiring baby boomers from northern states will shape the growth ofthe community. As the ninth largest county in the state ofGeorgia, Camden County covers an area ofapproximately 659 square miles. The County has a population of 43,664 residents who reside in one of three municipalities or in a vast unincorporated area. 
Anticipated population growth may lead to the expansion ofthe School District beyond the current nine elementary schools, two middle schools and single high school. The School District's goal for funding this growth will be to use reserves and to capitalize on Federal funds available for impacted school systems. 
Although residents approved a Special Purpose Local Option Sales Tax for Education and associated bond issue in 1997 to meet demands of a rapidly growing population associated with the military, the Board ofEducation elected not to ask voters for a second SPLOST at its conclusion in 2004. The sales tax rate, in Camden County is 6 percent while the property tax assessment for education is at 14.750 mills. 
CONTACTING THE BOARD'S FINANCIAL MANAGEMENT 
This financial report is designed to provide our citizens, taxpayers, investors and creditors with a general overview ofthe School District's finances and show the School District's accountability for the money received. Ifyou have questions about this report or need additional financial information, contact Mrs. Angela C. Eason, Director ofFinance at the Camden County Board ofEducation, 311 S. East Street, Kingsland, Georgia, 31548. You may email your questions to aeason@camden.kl2.ga.us. 
Vll 
 
 CAMDEN COUNTY BOARD OF EDUCATION 
 
 CAMDEN COUNTY BOARD OF EDUCATION STATEMENT OF NET ASSETS 
JUNE 30, 2008 
ASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net 
Taxes State Government Federal Government Other Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) 
Total Assets 
LIABILITIES 
Accounts Payable Salaries and Benefits Payable Contracts Payable Retainages Payable Deposits and Deferred Revenues 
Total Liabilities 
NET ASSETS 
Invested in Capital Assets Restricted for 
Continuation of Federal Programs Capital Projects Unrestricted 
Total Net Assets 
Total Liabilities and Net Assets 
 
EXHIBIT"A" 
 
GOVERNMENTAL ACTIVITIES 
 
$ 
 
6,107,148.90 
 
20,391,663.82 
 
1,336,414.27 6,721,634.37 
912,274.96 80,862.21 70,515.36 12,739,336.91 96,032,983.39 
 
$ 144,392,834.19 
 
$ 
 
1,693.03 
 
10,509,803.76 
 
685.00 
 
130,719.40 
 
223,518.00 
 
$ 10,866,419.19 
 
$ 108,772,320.30 
1,057,791.17 543,460.87 
23,152,842.66 
$ 133,526,415.00 
 
$ 144,392,834.19 
 
The notes to the basic financial statements are an integral part of this statement. 
- 1- 
 
 CAMDEN COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES 
FOR THE YEAR ENDED JUNE 30, 2008 
 
GOVERNMENTAL ACTIVITIES 
Instruction Support Services 
Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Community Services Food Services 
Total Governmental Activities 
General Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Intangible Recording Tax Real Estate Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous 
Total General Revenues 
Change in Net Assets 
Net Assets - Beginning of Year 
Net Assets - End of Year 
 
EXPENSES 
 
CHARGES FOR SERVICES 
 
$ 59,922,485.90 $ 
6,098,908.42 3,596,388.92 1,713,481.76 
574,516.81 5,723,030.83 
512,569.91 5,180,100.46 3,857,066.36 
575,295.33 1,123,497.19 
655,847.05 3,910,087.87 
$ 93,443,276.81 $ 
 
1,227,675.94 
661,362.00 1,190,146.94 3,079,184.88 
 
The notes to the basic financial statements are an integral part of this statement. -2- 
 
 EXHIBIT"B" 
 
PROGRAM REVENUES 
 
OPERATING 
 
CAPITAL 
 
GRANTS AND 
 
GRANTS AND 
 
CONTRIBUTIONS CONTRIBUTIONS 
 
NET (EXPENSES) REVENUES 
AND CHANGES IN NET ASSETS 
 
$ 39,841,895.15 $ 
999,710.64 967,607.33 1,245,182.73 1,470,563.08 2,634,863.94 207,896.20 3,054,176.67 1,164,311.71 2,31,007.42 72,980.74 
32,596.73 2,706,368.60 
$ 54,629,160.94 $ 
 
456,501.92 $ 
5,111.68 3,557.46 34,228.12 15,137.18 53,121.32 
69,622.43 411,097.50 
74.36 
24,128.15 81 791.03 
1,154,371.15 $ 
 
-18,396,412.89 
-5,094,086.10 -2,625,224.13 
-434,070.91 911,183.45 -3,035,045.57 -304,673.71 -2,056,301.36 -2,281,657.15 -344,287.91 -1,050,442.09 
62,239.83 68,218.70 
-34,580,559.84 
 
$ 
 
22,778,275.96 
 
14,636.61 
 
50,323.37 480,692.88 255,090.25 15,394,047.81 1,040,743.92 909,758.09 
 
$ 
 
40,923,568.89 
 
$ 
 
6,343,009.05 
 
127,183,405.95 
 
$ 133,526,415.00 
 
-3- 
 
 CAMDEN COUNTY BOARD OF EDUCATION BALANCE SHEET 
GOVERNMENTAL FUNDS JUNE 30, 2008 
 
EXHIBIT"C" 
 
ASSETS 
Cash and Cash Equivalents Investments Accounts Receivable, Net 
Taxes State Government Federal Government Other Inventories 
Total Assets 
LIABILITIES AND FUND BALANCES 
LIABILITIES 
Accounts Payable Salaries and Benefits Payable Contracts Payable Retainages Payable Deposits and Deferred Revenues 
Total Liabilities 
FUND BALANCES 
Reserved for: Continuation of Federal Programs Inventories Capital Projects 
Unreserved Designated for Student Activities Undesignated Reported in: General Fund Capital Projects 
Total Fund Balances 
Total Liabilities and Fund Balances 
 
GENERAL FUND 
 
DISTRICTWIDE 
CAPITAL PROJECTS 
FUND 
 
TOTAL 
 
$ 5,247,135.97 $ 860,012.93 $ 
 
12,915,135.60 
 
7,476,528.22 
 
345,496.79 6,721,634.37 
912,274.96 80,862.21 70,515.36 
 
6,107,148.90 20,391,663.82 
345,496.79 6,721,634.37 
912,274.96 80,862.21 70,515.36 
 
$ 26,293,055.26 $ 8,336,541.15 $ =====3=4=,6=29=,5=9=6=.4=1 
 
$ 
 
1,693.03 
 
10,509,803.76 
 
$ 
 
223,518.00 
 
$ 10,735,014.79 $ 
 
$ 685.00 130,719.40 
131,404.40 $ 
 
1,693.03 10,509,803.76 
685.00 130,719.40 223,518.00 
10,866,419.19 
 
$ 987,275.81 
 
$ 
 
70,515.36 
 
$ 543,460.87 
 
605,486.45 
 
13,894,762.85 
 
7,661,675.88 
 
$ 15,558,040.47 $ 8,205,136.75 $ 
 
987,275.81 70,515.36 
543,460.87 
605,486.45 
13,894,762.85 7,661,675.88 
23,763,177.22 
 
$ 26,293,055.26 $ 8,336,541.15 $ =====3=4=,6=29=,5=9=6=.4=1 
 
The notes to the basic financial statements are an integral part of this statement. -4- 
 
 CAMDEN COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET 
TO THE STATEMENT OF NET ASSETS JUNE 30, 2008 
 
EXHIBIT"D" 
 
Total Fund Balances - Governmental Funds (Exhibit "C") 
Amounts reported for Governmental Activities in the Statement of Net Assets are different because: 
Capital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: 
Land Construction in Progress Land Improvements Buildings Equipment Accumulated Depreciation 
Total Capital Assets 
Some of the School District's property tax revenues will be collected after year-end but not available soon enough to pay for the current period's expenditures. 
 
$ 23,763,177.22 
 
$ 10,230,121.00 2,509,215.91 1,952,137.68 
107,513,499.61 10,044,242.19 -23,476,896.09 
 
108,772,320.30 
 
990,917.48 
 
Net Assets of Governmental Activities (Exhibit "A") 
 
$ 133,526,415.00 
 
The notes to the basic financial statements are an integral part of this statement. -5- 
 
 CAMDEN COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 
GOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2008 
 
EXHIBIT"E" 
 
REVENUES 
Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous 
Total Revenues 
EXPENDITURES 
Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Community Services Food Services Operation 
Capital Outlay 
Total Expenditures 
Excess of Revenues over (under) Expenditures 
OTHER FINANCING SOURCES {USES) 
Transfers In Transfers Out 
Total Other Financing Sources (Uses) 
Net Change in Fund Balances 
Fund Balances - Beginning 
Fund Balances - Ending 
 
GENERAL FUND 
 
DISTRICTWIDE 
CAPITAL PROJECTS 
FUND 
 
TOTAL 
 
$ 21,801,995.09 735,783.13 $ 
57,487,839.39 12,742,372.36 3,079,184.88 
1,021,855.62 909,758.09 
 
$ 50,323.37 896,807.90 50,560.25 
18,888.30 
 
21,801,995.09 786,106.50 
58,384,647.29 12,792,932.61 3,079,184.88 
1,040,743.92 909,758.09 
 
$ 97 I7781788.56 $ 1,016,579.82 $ 98,795,368.38 
 
$ 59,055,301.32 
 
$ 59,055,301.32 
 
6,095,593.75 3,594,059.02 1,657,946.79 
549,815.17 5,639,665.86 
512,569.91 5,257,111.53 $ 3,957,893.52 
578,269.33 1,143,456.77 
655,847.05 3,784,736.65 
 
102,487.96 3,304,509.35 
 
6,095,593.75 3,594,059.02 1,657,946.79 
549,815.17 5,639,665.86 
512,569.91 5,359,599.49 3,957,893.52 
578,269.33 1,143,456.77 
655,847.05 3,784,736.65 3,304,509.35 
 
$ 92,482,266.67 $ 3,406,997.31 $ 95,889,263.98 
 
$ 5,296,521.89 $ -2,390,417.49 $ 2,906,104.40 
 
$ $ -507,091.83 
 
507,091.83 $ 507,091.83 -507,091.83 
 
$ -507,091.83 $ 507,091.83 $ 
 
0.00 
 
$ 4,789,430.06 $ -1,883,325.66 $ 2,906,104.40 
 
10,768,610.41 10,088,462.41 20,857,072.82 
 
$ 15,558,040.47 $ 8,205,136.75 $ 23,763,177.22 
 
The notes to the basic financial statements are an integral part of this statement. -6- 
 
 CAMDEN COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF 
REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2008 
 
EXHIBIT"F" 
 
Total Net Change in Fund Balances - Governmental Funds (Exhibit "E") 
Amounts reported for Governmental Activities in the Statement of Activities are different because: 
Capital Outlays are reported as expenditures in Governmental Funds. However, in the Statement of Activities, the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are: 
Capital Outlay Depreciation Expense 
Excess of Capital Outlay over Depreciation Expense 
Because some property taxes will not be collected for several months after the School District's fiscal year ends, they are not considered "available" revenues. 
In the Statement of Activities, only the loss on the disposal of the buildings and equipment is reported, whereas in the Governmental Funds, the loss is not reflected. Thus, the change in net assets differs from the change in fund balances by the carrying value of the buildings and equipment disposal. 
Change in Net Assets of Governmental Activities (Exhibit "B") 
 
$ 2,906,104.40 
 
$ 4,730,946.63 -2,211, 138.86 
 
2,519,807.77 
 
990,917.48 
 
-73,820.60 $ 6,343,009.05 
 
The notes to the basic financial statements are an integral part of this statement. -7- 
 
 CAMDEN COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS 
FIDUCIARY FUNDS JUNE 30, 2008 
 
EXHIBIT"G" 
 
ASSETS Cash and Cash Equivalents Investments 
Georgia Fund 1 
Total Assets 
LIABILITIES Funds Held for Others 
NET ASSETS Held in Trust for Private Purposes 
Total Liabilities and Net Assets 
 
PRIVATE PURPOSE TRUSTS 
 
AGENCY FUNDS 
 
$ 238,940.71 $ 19,075.23 
 
$ 19,075.23 $ 238,940.71 
 
$ 238,940.71 $ 19,075.23 $ 19,075.23 $ 238,940.71 
 
The notes to the basic financial statements are an integral part of this statement. -8- 
 
 CAMDEN COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS 
FIDUCIARY FUNDS YEAR ENDED JUNE 30, 2008 
 
EXHIBIT"H" 
 
ADDITIONS Contributions Donors Investment Earnings Interest Total Additions 
DEDUCTIONS None Reported Change in Net Assets 
Net Assets - Beginning 
Net Assets - Ending 
 
PRIVATE PURPOSE TRUSTS 
 
$ 19,000.00 
75.23 
$ 19,075.23 
 
$ 
 
0.00 
 
$ 19,075.23 
 
0.00 
 
$ 19,075.23 
 
The notes to the basic financial statements are an integral part of this statement. -9- 
 
 CAMDEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS 
JUNE 30, 2008 
 
EXHIBIT "I" 
 
Note 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY 
REPORTING ENTITY 
The Camden 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 Board 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. 
Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
BASIS OF PRESENTATION 
The School District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and notes to the basic financial statements of the Camden County Board of Education. 
District-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities ofthe overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. 
The Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. 
 Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support ofthe School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. 
 Program revenues include (a) charges paid by the recipients ofgoods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. 
Fund Financial Statements: The fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting ofinternal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. 
The School District reports the following major governmental funds: 
- 10- 
 
 CAMDEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS 
JUNE 30, 2008 
 
EXHIBIT "I" 
 
Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
 General Fund is the School District's primary operating fund. It accounts for all financial resources ofthe School District, except those resources required to be accounted for in another fund. 
 District-wide Capital Projects Fund accounts for financial resources including Special Purpose Local Option Sales Tax (SPLOST), grants from U. S. Department ofEducation and grants from Georgia State Financing and Investment Commission to be used for the acquisition, construction or renovation of major capital facilities. 
The School District reports the following fiduciary fund types: 
 Private Purpose Trust fund reports trust arrangements under which income provides scholarship aid to graduating seniors of the Camden County School District. 
 Agency funds account for assets held by the School District as an agent for various funds, governments or individuals. 
BASIS OF ACCOUNTING 
The basis ofaccounting determines when transactions are reported on the financial statements. The District-wide governmental and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless ofwhen the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. 
The School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. 
Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The School District considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred. Capital asset acquisitions are reported as expenditures in governmental funds. 
 
- 11 - 
 
 CAMDEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS 
JUNE 30, 2008 
 
EXHIBIT "I" 
 
Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
The School District funds certain programs by a combination ofspecific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. 
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. Official Code of Georgia Annotated Section 45-8-14 authorize the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building 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 United States government, 
(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, 
(4) Obligations of any corporation of the United States government, 
(5) Prime banker's acceptances, 
(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, 
(7) Repurchase agreements, and 
- 12 - 
 
 CAMDEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS 
JUNE 30, 2008 
 
EXHIBIT "I" 
 
Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
 
(8) Obligations of other political subdivisions of the State of Georgia. 
 
The School District does not have a formal policy regarding investment policies that address credit risks, custodial credit risks, concentration ofcredit risks, interest rate risks or foreign currency risks. 
 
RECEIVABLES 
 
Receivables consist of amounts due from property and sales taxes, 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 basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. 
 
PROPERTY TAXES 
 
The Camden County Board of Commissioners fixed the property tax levy for the 2007 tax digest year (calendar year) on August 9, 2007 (levy date). Taxes were due on November 30, 2007 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2007 tax digest are reported as revenue in the governmental funds for fiscal year 2008. The Camden County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2008, for maintenance and operations amounted to $21,787,358.48. 
 
The tax millage rate levied for the 2007 tax year (calendar year) for the Camden County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): 
 
School Operations 
 
14.75 mills 
 
SALES TAXES 
 
Special Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $50,323.37 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. 
 
INVENTORIES 
 
FOOD INVENTORIES On the basic financial statements, inventories ofdonated food commodities used in the preparation ofmeals are reported at their Federally assigned value and purchased foods inventories are reported 
 
- 13 - 
 
 CAMDEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS 
JUNE 30, 2008 
 
EXHIBIT "I" 
 
Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
 
at cost (first-in, first-out). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. 
 
CAPITAL ASSETS 
 
Capital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time of purchase (including ancillary charges). On the District-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value ofassets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. The School District does not capitalize book collections or works ofart. During the fiscal year under review, no events or changes in circumstances affecting a capital asset that may indicate impairment were known to the School District. 
 
Capitalization thresholds and estimated useful lives of capital assets reported in the District-wide statements are as follows: 
 
Capitalization Policy 
 
Estimated Useful Life 
 
Land Land Improvements Buildings and Improvements Portable Buildings Equipment 
 
Any Amount $ 25,000.00 $ 50,000.00 $ 5,000.00 $ 5,000.00 
 
NIA 20 years 20 to 80 years 10 years 8 to 20 years 
 
Depreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. 
 
NET ASSETS 
 
The School District's net assets in the District-wide Statements are classified as follows: 
 
Invested in capital assets, net of related debt - This represents the School District's total investment in capital assets, net ofoutstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of invested in capital assets, net of related debt. 
 
- 14 - 
 
 CAMDEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS 
JUNE 30, 2008 
 
EXHIBIT "I" 
 
Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
Restricted net assets - These represent resources for which the School District is legally or contractually obligated to spend resources for continuation ofFederal programs and capital projects in accordance with restrictions imposed by external third parties. 
Unrestricted net assets - Unrestricted net assets represent resources derived from property taxes, sales taxes, grants and contributions not restricted to specific programs, charges for services, and miscellaneous revenues. These resources are used for transactions relating to the educational and general operations of the School District, and may be used at the discretion of the Board to meet current expenses for those purposes. 
Note 3: DEPOSITS AND INVESTMENTS 
COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum ofmoney which has not been secured by surety bond, by guarantee ofinsurance, 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. Ifa 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. At June 30, 2008, $822,084.27 of deposits were not secured by surety bond, insurance or collateral as specified above. The School District is working with the affected financial institutions to ensure appropriate levels of collateral are maintained for all of the School District's deposits. 
Acceptable security for deposits consists of any one 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 ofthe State of Georgia, 
(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities ofthe 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 ofthe bonds for this purpose, 
(6) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia, and 
 
- 15 - 
 
 CAMDEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS 
JUNE 30, 2008 
 
EXHIBIT "I" 
 
Note 3: DEPOSITS AND INVESTMENTS 
 
(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 or securities guaranteed 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 AtJune 30, 2008, the bank balances were $10,965,070.73. The amounts ofthe total uninsured bank balances are classified into three categories of custodial credit risk: 
 
Category 1 - Uncollateralized, Category 2 - Cash collateralized with securities held by the pledging financial institution, or Category 3 - Cash collateralized with securities held by the pledging financial institution's 
trust department or agent but not in the School District's name. 
 
The School District's uninsured deposits are classified by custodial credit risk category at June 30, . 2008, as follows: 
 
Custodial Credit Risk Category 
 
Bank Balance 
 
1 
 
$ 822,084.27 
 
2 
 
9,746,675.10 
 
3 
 
0.00 
 
Total 
 
$ 10,568,759.37 
 
CATEGORIZATION OF INVESTMENTS At June 30, 2008, the carrying value ofthe School District's total investments was $20,292,596.89, which is materially the same as fair value. This investment consisted entirely of funds invested in the Georgia Fund 1, formerly referred to as LGIP, administered by the State of Georgia, Office of Treasury and Fiscal Services which are not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office ofTreasury and Fiscal Services for the Georgia Fund 1 (Primary Liquidity Portfolio) does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State ofGeorgia Comprehensive Annual Financial Report. This audit can be obtained from the Georgia Department of Audits and Accounts at http://www.audits.state.ga.us/internet/searchRpts.html. 
 
- 16 - 
 
 CAMDEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS 
JUNE 30, 2008 
 
EXHIBIT "I" 
 
Note 3: DEPOSITS AND INVESTMENTS 
 
The Primary Liquidity Portfolio consists ofGeorgia Fund 1 which is not registered with the SEC as an investment company but does operate in a manner consistent with the SEC's Rule 2a-7 of the Investment Company Act of 1940. The investment is valued at the pool's share price, $1.00 per share. The pool is an AAAm rated investment pool by Standard and Poor's. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2008, was 40 days. 
 
Note 4: NON-MONETARY TRANSACTIONS 
 
The School District receives food commodities from the United States Department ofAgriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories 
 
Note 5: CAPITAL ASSETS 
 
The following is a summary of changes in the Capital Assets during the fiscal year: 
 
Governmental Activities Capital Assets, Not Being Depreciated: 
Land Construction in Progress 
Total Capital Assets Not Being Depreciated 
Capital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements 
Less Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements 
Total Capital Assets, Being Depreciated, Net 
Governmental Activity Capital Assets - Net 
 
Balances July 1, 2007 
 
Increases 
 
Decreases 
 
Balances June 30, 2008 
 
$ 10,180,006.00 $ 50,115.00 $ 16,800.00 2,492,415.91 
$ 10,196,806.00 $ 2,542,530.91 $ 
 
0.00 $ 10,230,121.00 2,509,215.91 
0.00 $ 12,739,336.91 
 
$106,991,291.33 $ 571,666.07 
 
9,719,572.68 1,435,656.20 
 
1,771,044.23 
 
181,093.45 
 
$ 49,457.79 $107,513,499.61 1,110,986.69 10,044,242.19 1,952,137.68 
 
14,847,238.28 6,490,922.05 1,014,220.78 
 
1,453,729.56 666,824.49 90,584.81 
 
12,094.79 1,074,529.09 
 
16,288,873.05 6,083,217.45 1,104,805.59 
 
$ 96,129,527.13 $ -22,723.14 $ 73,820.60 $ 96,032,983.39 
 
$]06,326,333.13 $ 2,512,807.ZZ $ 73,820.60 $108,712,320 30 
 
- 17 - 
 
 CAMDEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS 
JUNE 30, 2008 
 
EXHIBIT "I" 
 
Note 5: CAPITAL ASSETS 
 
Current year depreciation expense by function is as follows: 
 
Instruction Support Services 
Pupil Services Improvements of Instructional Services Educational Media Services General Administration School Administration Maintenance and Operation ofPlant Student Transportation Services Other Support Services Food Services 
 
$ 1,179,404.21 
 
$ 12,603.19 4,800.21 88,362.62 
37,321.71 135,501.46 48,092.55 503,208.42 
183.33 
 
830,073.49 201.661.16 
 
$ 2,211,138.86 
 
Note 6: RESTRICTED ASSETS 
 
Special Purpose Local Option Sales Tax (SPLOST) and Federal funds are restricted assets in the Statement of Net Assets because their use is limited by statutory provisions. Restricted assets at June 30, 2008, were as follows: 
 
District-wide Capital Projects 
 
Federal 
 
SPLOST 
 
Funds 
 
Restricted Cash and Cash Equivalents: Capital Acquisitions 
Restricted Investments: Capital Acquisitions 
 
$ 
 
4,258.46 $ 247,831.72 
 
$ 257,447.44 
 
Note 7: INTERFUND TRANSFERS 
 
Interfund transfers for the year ended June 30, 2008, consisted of the following: 
 
Transfer to 
 
Transfers From General Fund 
 
District-wide Capital Projects 
 
$ 507,091.83 
 
- 18 - 
 
 CAMDEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS 
JUNE 30, 2008 
 
EXHIBIT "I" 
 
Note 7: INTERFUND TRANSFERS 
 
Transfers are used to move property tax revenues collected by the General Fund to the District-wide Capital Projects Fund as supplemental funding source for capital construction projects. 
 
Note 8: RISK MANAGEMENT 
 
The School District is exposed to various risks 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. 
 
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 acts of God. 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 expenses/expenditures 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: 
 
2007 2008 
 
Beginning of Year Liability 
 
Claims and Changes in Estimates 
 
Claims Paid 
 
End ofYear Liability 
 
$ 
 
7 774.00 $ 9,629.00 $ 14,843.00 $ 2,560.00 
 
$ 
 
2,560.00 $ 
 
99.00 $ 
 
2,659.00 $ 
 
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 Midwest Employers Casualty Company to provide coverage for potential losses sustained by the Trust in excess of $500,000.00 loss per occurrence, up to $2,000,000.00. 
 
The School District has purchased surety bonds to provide additional insurance coverage as follows: 
 
- 19 - 
 
 CAMDEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS 
JUNE 30, 2008 
 
EXHIBIT "I" 
 
Note 8: RISK MANAGEMENT 
 
Position Covered 
Superintendent High School Principal Each Middle School Principal Each Elementary School Principal Alternative School Principal Vocational Supervisor Athletic Director 
 
Amount 
$ 20,000.00 $ 100,000.00 $ 50,000.00 $ 20,000.00 $ 10,000.00 $ 10,000.00 $ 10,000.00 
 
Note 9: ON-BEHALF PAYMENTS 
 
The School District has recognized revenues and costs in the amount of $1,224,755.33 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 $1,167,757.37 
 
Paid to the Teachers Retirement System of Georgia For Teachers Retirement System (TRS) Employer's Cost In the amount of $47,935.96 
 
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 $9,062.00 
 
Note 10: SIGNIFICANT COMMITMENTS 
 
The following is an analysis ofsignificant outstanding construction or renovation contracts executed by the School District as of June 30, 2008: 
 
Project 
New St. Mary's Elementary School Ninth Grade Center Addition 
 
Unearned Executed Contracts 
$ 13,892,386.74 1,833,457.36 
 
$ 15,725,844.10 
 
The amounts described in this note are not reflected in the basic financial statements. 
 
- 20- 
 
 CAMDEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS 
JUNE 30, 2008 
 
EXHIBIT "I" 
 
Note 11: SIGNIFICANT 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 costs which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. 
Note 12: SUBSEQUENT EVENTS 
On March 17, 2009, the voters ofCamden County voted in favor ofa Special Purpose Local Option Sales Tax referendum for educational purposes. The imposition ofthe tax approved by the voters, as stated in part of the Official Ballot of Camden County, is as follows: 
"Shall a special one percent sales and use tax for education purposes be imposed in Camden County for a period not to exceed twenty (20) calendar quarters and for the purpose ofraising not more than $62,337,000 of net proceeds by said tax, which shall go to the School District for the purpose of (i) acquiring, constructing and equipping new schools and facilities useful and desirable, including an elementary school, a middle school, a fine arts academy and physical education/athletic facilities; (ii) adding to, renovating, repairing, improving, and equipping existing school buildings and school system facilities; (iii) acquiring real property for new school buildings and renovating and improving existing real property owned by the District, including but not limited to paving, landscaping, irrigation and drainage; (iv) acquiring miscellaneous new equipment, fixtures and furnishings for the school system, including HVAC equipment, information technology equipment and software, safety and security equipment; and (v) acquiring school buses and transportation and maintenance equipment; (vi) purchasing textbooks, the maximum amount sales and use tax proceeds to be spent on projects (i) through (vi) shall not exceed $62,337,000?" 
Note 13: POSTEMPLOYMENTBENEFITS 
Georgia Retiree Health Benefit Fund 
Plan Description. The School District contributes to the Georgia Retiree Health Benefit Fund ("GRHBF"), a cost-sharing multiple-employer defined benefit postemployment healthcare plan administered by the Department ofCommunity Health. GRHBF provides health insurance benefits to eligible retirees and their qualified beneficiaries. Pursuant to Title 45, Chapter 18 ofthe Official Code ofGeorgia Annotated, the authority to establish and amend the benefit provisions ofthe plan is assigned to the Board of Community Health. The Department of Community Health issues a publicly available financial report that includes financial statements and required supplementary information for GRHBF. That report may be obtained from the Department ofCommunity Health at 2 Peachtree Street, Atlanta, Georgia 30303. 
 
- 21 - 
 
 CAMDEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS 
JUNE 30, 2008 
 
EXHIBIT "I" 
 
Note 13: POSTEMPLOYMENTBENEFITS 
 
Funding Policy. The contribution requirements of plan members and participating employers are established and may be amended by the Board of Community Health. Contributions of plan members or beneficiaries receiving benefits vary based on plan election, dependent coverage, and Medicare eligibility and election. On average, plan members pay approximately twenty-five percent (25%) of the cost of health insurance coverage. 
 
Participating employers are statutorily required to contribute in accordance with the employer contribution rate established by the Board of Community Health. This contribution rate is established to fund both the active and retired employee health insurance plans based on projected pay-as-you-go financing requirements. The employer contribution rates for the combined active and retiree plans for the fiscal year ended June 30, 2008, were as follows: 
 
Teachers Non-Certificated Employees 
 
18.534% of state-based salaries $162.72 per month 
 
The School District's contribution to the health insurance plans for the fiscal year ended June 30, 2008, was $8,357,375.04, which equaled the required contribution. 
 
Note 14: RETIREMENT PLANS 
 
TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) 
 
TRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. 
 
TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% oftheir gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.28% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: 
 
- 22 - 
 
 CAMDEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS 
JUNE 30, 2008 
 
EXHIBIT "I" 
 
Note 14: RETIREMENT PLANS 
Fiscal Year 
2008 2007 2006 
 
Percentage Contributed 
100% 100% 100% 
 
Required Contribution 
$ 5,234,865.80 $ 4,987,003.19 $ 4,597,397.00 
 
- 23 - 
 
 (This page left intentionally blank) 
 
 CAMDEN COUNTY BOARD OF EDUCATION GENERAL FUND 
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL 
YEAR ENDED JUNE 30, 2008 
 
SCHEDULE "1" 
 
REVENUES 
Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous 
Total Revenues 
EXPENDITURES 
Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Community Services Food Services Operation 
Total Expenditures 
Excess of Revenues over {under) Expenditures 
OTHER FINANCING SOURCES (USES} 
Other Sources Other Uses 
Total Other Financing Sources {Uses) 
Net Change in Fund Balances 
Fund Balances - Beginning 
 
NONAPPROPRIATED BUDGETS 
 
ORIGINAL (1} 
 
FINAL (1} 
 
ACTUAL AMOUNTS 
 
$ 17,453,850.52 $ 17,453,850.52 $ 21,801,995.09 
 
735,783.13 
 
55,943,427.36 
 
56,047,256.48 
 
57,487,839.39 
 
8,734,553.17 
 
9,068,524.18 
 
12,742,372.36 
 
2,127,990.00 
 
2,127,990.00 
 
3,079,184.88 
 
928,000.22 
 
928,000.22 
 
1,021,855.62 
 
101,823.92 
 
121,257.25 
 
909,758.09 
 
$ 85,289,645.19 $ 85,746,878.65 $ 97,778,788.56 
 
$ 61,190,030.80 $ 61,517,053.16 $ 59,055,301.32 
 
6,089,127.64 3,474,937.24 1,597,938.35 
571,467.36 5,611,430.15 
701,722.16 5,321,152.26 3,824,908.77 
582,750.21 197,559.64 820,445.00 4,062,928.41 
 
6,069,412.92 3,775,480.76 1,615,736.51 
655,350.85 5,630,777.16 
685,858.70 5,186,852.34 3,947,460.26 
583,512.22 167,507.89 820,345.00 4,068,649.19 
 
6,095,593.75 3,594,059.02 1,657,946.79 
549,815.17 5,639,665.86 
512,569.91 5,257,111.53 3,957,893.52 
578,269.33 1,143,456.77 
655,847.05 3,784,736.65 
 
$ 94,046,397.99 $ 94,723,996.96 $ 92,482,266.67 
 
$ -8,756,752.80 $ -8,977,118.31 $ 
 
5,296,521.89 
 
$ 
 
196,534.66 $ 
 
201,933.66 
 
-177,933.66 
 
-177,933.66 $ 
 
-507,091.83 
 
$ 
 
18601.00 $ 
 
24,000.00 $ 
 
-507,091.83 
 
$ -8,738, 151.80 $ -8,953,118.31 $ 
 
4,789,430.06 
 
10,768,809.41 
 
10,787,168.36 
 
10,768,610.41 
 
Fund Balances - Ending 
 
$ 
 
2,030,657.61 $ 
 
1,834,050.05 $ 15,558,040.47 
 
Notes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual 
(1) Original and Final Budget amounts do not include budgeted revenues or expenditures of the various principal accounts. 
The accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. 
 
See notes to the basic financial statements. 
 
-25- 
 
 CAMDEN COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 
YEAR ENDED JUNE 30, 2008 
 
SCHEDULE "2" 
 
FUNDING AGENCY PROGRAM/GRANT 
Agriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program 
Total Child Nutrition Cluster 
Other Programs Pass-Through From Georgia Department of Education Food Donation (1) 
Total U. S. Department of Agriculture 
Education, U.S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Preschool Grants 
Total Special Education Cluster 
Other Programs Direct Impact Aid Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Improving Teacher Quality State Grants State Grants for Innovative Programs Title I Grants to Local Educational Agencies 
Total U. S. Department of Education 
Defense, U. S. Department of Direct Department of the Navy R.O.T.C. Program 
 
CFDA NUMBER 
 
PASSTHROUGH 
ENTITY ID 
NUMBER 
 
EXPENDITURES IN PERIOD 
 
10.553 10.555 
 
N/A 
 
(2) 
 
N/A $_~3,=3"'-10~,6~6=9~.1~9 
 
$ 3,310,669.19 
 
10.550 
 
N/A 
 
194,037.20 
 
84.027 84.173 
. 84.041 
84.048 84.367 84.298 84.010 
 
NIA $ 1,567,102.04 
 
N/A 
 
74 654.81 
 
$ 1,641,756.85 
 
(3) 
 
N/A 
 
81,668.12 
 
N/A 
 
341,586.19 
 
N/A 
 
13,515.00 
 
NIA 
 
1,455,136.12 
 
$ 3,533,662.28 
 
$ _ _---=-81'--"3"-'1'-"0.:..:.9...:..1 
 
Total Federal Financial Assistance N/A = Not Available 
 
$ =====7=1,=19=,6=7=9=.5=8 
 
Notes to the Schedule of Expenditures of Federal Awards 
 
(1) The amount shown for the Food Donation Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the School District during the current fiscal year. 
(2) Expenditures for the funds earned on the School Breakfast Program ($732,047.52) were not maintained separately and are included in the 2008 National School Lunch Program. 
(3) Funds earned on the Impact Aid Program, in the amount of $6,696,308.06 do not require reporting of expenditures. 
 
Major Programs are identified by an asterisk (*) in front of the CFDA number. 
 
The School District did not provide Federal Assistance to any Subrecipient. 
 
The accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Camden County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. 
 
See notes to the basic financial statements. 
 
-26- 
 
 CAMDEN COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2008 
 
SCHEDULE "3" 
 
AGENCY/FUNDING 
GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program 
Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Category II Category Ill Category IV CategoryV Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of other Languages {ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Bus Replacement Nursing Services Education Equalization Funding Grant Food Services Vocational Education Amended Formula Adjustment Other State Programs Graduation Coach Health Insurance Middle School Remediation and Intervention Grant National Teacher Certification Preschool Handicapped Program Teachers' Retirement Virtual Schools State Grant Vocational Construction Related Equipment - State Grant 
Georgia State Financing and Investment Commission Reimbursement on Construction Projects 
Office of Treasury and Fiscal Services Public School Employees Retirement 
 
GOVERNMENTAL FUND TYPES 
 
CAPITAL 
 
GENERAL 
 
PROJECTS 
 
FUND 
 
FUND 
 
TOTAL 
 
$ 
 
898,791.73 
 
$ 
 
898,791.73 
 
3,425,775.00 136,243.00 
7,638,621.00 343,820.00 
3,652,209.00 202,446.00 
6,316,897.00 5,781,229.00 2,052,632.00 
667,185.00 971,783.00 3,477,329.00 249,424.00 83,054.00 1,928,665.00 48,675.00 524,713.00 94,122.00 1,077,695.00 338,626.00 188,486.00 
1,229,542.00 2,068,753.00 2,513,179.00 
1,063,866.00 207,003.00 195,462.00 
8,748,300.00 241,224.00 150,327.26 -858,824.00 
126,288.00 1,167,757.37 
6,583.00 140,927.00 231,137.74 47,935.96 
1,250.00 99,645.33 
 
3,425,775.00 136,243.00 
7,638,621.00 343,820.00 
3,652,209.00 ~02,446.00 
6,316,897.00 5,781,229.00 2,052,632.00 
667,185.00 971,783.00 3,477,329.00 249,424.00 83,054.00 1,928,665.00 48,675.00 524,713.00 94,122.00 1,077,695.00 338,626.00 188,486.00 
1,229,542.00 2,068,753.00 2,513,179.00 
1,063,866.00 207,003.00 195,462.00 
8,748,300.00 241,224.00 150,327.26 -858,824.00 
126,288.00 1,167,757.37 
6,583.00 140,927.00 231,137.74 47,935.96 
1,250.00 99,645.33 
 
$ 9,062.00 
 
896,807.90 
 
896,807.90 9,062.00 
 
See notes to the basic financial statements. 
 
$ 57,487,839.39 $ 
 
896,807.90 $ 58,384,647.29 
 
-27- 
 
 CAMDEN COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS 
YEAR ENDED JUNE 30, 2008 
 
SCHEDULE "4" 
 
PROJECT 
 
ORIGINAL ESTIMATED 
COST (1) 
 
CURRENT ESTIMATED COSTS (2) 
 
AMOUNT EXPENDED IN CURRENT 
YEAR (3) 
 
AMOUNT EXPENDED 
IN PRIOR YEAR (3) 
 
PROJECT STATUS 
 
The acquisition, construction and 
 
equipping of a new elementary school 
 
and a new alternative school and 
 
psychoeducational center; renovations 
 
of and additions to Camden County High 
 
School, Camden Middle School, St. Mary's 
 
Middle School, St. Mary's Elementary 
 
School, Sugarmill Elementary School 
 
and Woodbine Elementary School; the 
 
acquisition of new technology, equipment 
 
and furniture for all schools system-wide; 
 
the acquisition, construction and equipping 
 
of the science wing and the vocational 
 
wing at Camden County High School, 
 
which are currently being leased from the 
 
Georgia School Boards Association, Inc. 
 
and a new middle school; renovations 
 
of and additions to St. Mary's Middle School 
 
and Camden Middle School; classroom 
 
additions as needed for all schools 
 
system-wide. 
 
$ 31,000,000.00 $ 33,378,818.60 $ 
 
243,768.60 $ 33,135,050.00 
 
Ongoing 
 
(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. 
(2) The School District's current estimate of total cost for the project. Includes all cost from project inception to completion. 
(3) The voters of Camden County approved the imposition of a 1% sales tax to fund the above project. 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 basic financial statements. 
 
- 28- 
 
 CAMDEN COUNTY BOARD OF EDUCATION GENERAL FUND- QUALITY BASIC EDUCATION PROGRAM (QBE) 
ALLOTMENTS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30, 2008 
 
SCHEDULE "5" 
 
DESCRIPTION 
 
ALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) (2) 
 
ELIGIBLE QBE PROGRAM COSTS 
 
SALARIES 
 
OPERATIONS 
 
TOTAL 
 
Direct Instructional Programs 
 
Kindergarten Program 
 
$ 
 
Kindergarten Program-Early Intervention Program 
 
Primary Grades (1-3) Program 
 
Primary Grades-Early Intervention (1-3) Program 
 
Upper Elementary Grades (4-5) Program 
 
Upper Elementary Grades-Early Intervention (4-5) 
 
Program 
 
Middle School (6-8) Program 
 
High School General Education (9-12) Program 
 
Vocational Laboratory (9-12) Program 
 
Students with Disabilities 
 
Category I 
 
Category II 
 
Category Ill 
 
Category IV 
 
CategoryV 
 
Gifted Student - Category VI 
 
Remedial Education Program 
 
Alternative Education Program 
 
English Speakers of Other Languages (ESOL) 
 
3,845,824.00 $ 
162,833.00 8,518,243.00 
396,515.00 4,093,943.00 
 
4,681,547.98 $ 
265,257.51 8,540,034.38 
913,618.54 5,144,770.30 
 
195,974.97 $ 
2,412.57 604,126.91 
2,807.68 346,042.35 
 
4,877,522.95 267,670.08 
9,144,161.29 916,426.22 
5,490,812.65 
 
246,421.00 7,098,782.00 6,464,003.00 2,279,501.00 6,113,758.00 
2,151,529.00 58,853.00 
587,772.00 105,428.00 
 
663,727.18 7,759,025.15 8,013,536.44 2,156,945.41 
10,615.52 1,004,502.05 3,892,150.43 
43,102.29 1,373,951.83 1,962,140.83 
723,527.44 438,5~9.35 142,220.08 
 
3,348.22 430,262.99 408,264.89 158,414.11 
7,981.07 17,569.07 52,164.42 
1,962.88 4,256.36 23,171.25 4,747.55 281,217.73 1469.54 
 
667,075.40 8,189,288.14 8,421,801.33 2,315,359.52 
18,596.59 1,022,071.12 3,944,314.85 
45,065.17 1,378,208.19 1,985,312.08 
728,274.99 719,807.08 143,689.62 
 
TOTAL DIRECT INSTRUCTIONAL PROGRAMS 
 
$ 
 
42,123,405.00 $ 47,729,262.71 $ 2,546,194.56 $ 50,275,457.27 
 
Media Center Program Staff and Professional Development 
 
1,207,804.00 212,792.00 
 
1,426,001.70 
 
140,562.86 
 
1,566,564.56 217,763.59 
 
TOTAL QBE FORMULA FUNDS 
 
$ 
 
43,544,001.00 $ 49,155,264.41 $ 2,686,757.42 $ 52,059,785.42 
 
(1) Comprised of State Funds plus Local Five Mill Share. (2) Allotments do not include the impact of the State amended formula adjustment. 
 
See notes to the basic financial statements. 
 
- 29- 
 
 SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS 
 
 Russell W. Hinton 
STATE AUDITOR 
(404) 656-2174 
 
DEPARTMENT OF AUDITS AND ACCOUNTS 
270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 
August 18, 2009 
 
Honorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education 
and Superintendent and Members of the Camden County Board of Education 
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 
Ladies and Gentlemen: 
We have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Camden County Board ofEducation as of and for the year ended June 30, 2008, which collectively comprise Camden County Board of Education's basic financial statements and have issued our report thereon dated August 18, 2009. We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. 
Internal Control Over Financial Reporting 
In planning and performing our audit, we considered Camden County Board ofEducation's internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements, but not for the purpose ofexpressing an opinion on the effectiveness of the Camden County Board of Education's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Camden County Board of Education's internal control over financial reporting. 
A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affect the Camden County Board of Education's ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally 
2008YB-10 
 
 accepted accounting principles such that there is more than a remote likelihood that a misstatement of the Camden County Board of Education's financial statements that is more than inconsequential will not be prevented or detected by the Camden County Board of Education's internal control. 
A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement ofthe financial statements will not be prevented or detected by the Camden County Board of Education's internal control. 
Our consideration of the internal control over financial reporting was for the limited purpose described in the first paragraph ofthis section and would not necessarily disclose all deficiencies in internal control that might be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses, as defined above. 
Compliance and Other Matters 
As part of obtaining reasonable assurance about whether Camden County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. 
We noted certain matters that we have reported to management of Camden County Board of Education in a separate letter dated August 18, 2009. 
This report is intended solely for the information and use of management, members ofthe Camden County Board of Education, others within the entity, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. 
Respectfully submitted, 
~~w:-<td~ Russell W. Hinton, CPA, CGFM State Auditor 
RWH:as 2008YB-10 
 
 Russell W. Hinton 
STATE AUDITOR 
(404) 656-2174 
 
DEPARTMENT OF AUDITS AND ACCOUNTS 
270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 
August 18, 2009 
 
Honorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education 
and Superintendent and Members of the Camden County Board of Education 
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 
Ladies and Gentlemen: 
Compliance 
We have audited the compliance of Camden County Board of Education with the types of compliance requirements described in the U.S. Office ofManagement and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to its major Federal program for the year ended June 30, 2008. Camden County Board of Education's major Federal program is identified in the Summary ofAuditor's Results Section ofthe accompanying Schedule ofFindings and Questioned Costs. Compliance with the requirements oflaws, regulations, contracts and grants applicable to its major Federal program is the responsibility of Camden County Board of Education's management. Our responsibility is to express an opinion on Camden County Board of Education's compliance based on our audit. 
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States ofAmerica; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States; and 0MB Circular A133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and 0MB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Camden County Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the 
 
2008SA-10 
 
 circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Camden County Board of Education's compliance with those requirements. 
In our opinion, the Camden County Board ofEducation complied, in all material respects, with the requirements referred to above that are applicable to its major Federal program for the year ended June 30, 2008. 
Internal Control Over Compliance 
The management of Camden County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Camden County Board of Education's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose ofexpressing our opinion on compliance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Camden County Board of Education's internal control over compliance. 
A control deficiency in an entity's internal control over compliance exists when the design or operation ofa control does not allow management or employees, in the normal course ofperforming their assigned functions, to prevent or detect noncompliance with a type ofcompliance requirement of a Federal program on a timely basis. A significant deficiency is a control deficiency, or combination ofcontrol deficiencies, that adversely affects the entity's ability to administer a Federal program such that there is more than a remote likelihood that noncompliance with a type of compliance requirement of a Federal program that is more than inconsequential will not be prevented or detected by the entity's internal control. 
A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that material noncompliance with a type of compliance requirement of a Federal program will not be prevented or detected by the entity's internal control. 
Our consideration ofthe internal control over compliance was for the limited purpose described in the first paragraph of this section and would not necessarily identify all deficiencies in internal control that might be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. 
2008SA-10 
 
 This report is intended solely for the information and use ofmanagement, members ofthe Camden County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. 
Respectfully submitted, 
w~~ I 
Rus ell W. Hinton, CPA, CGFM State Auditor 
RWH:as 2008SA-10 
 
 SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS 
 
 CAMDEN COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE 
SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2008 
 
PRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS 
 
FINDING CONTROL NUMBER 
 
. 
AUDITEE'S 
RESPONSE/STATUS 
 
SEE AUDITOR'S COMMENTS 
 
FS-6201-06-01 
 
Further Action Not Warranted 
 
(1) 
 
FS-6201-07-01 
 
Further Action Not Warranted 
 
(1) 
 
AUDITOR'S COMMENTS 
 
(1) Findings/internal control deficiencies ofthis nature, that are not deemed significant deficiencies or material weaknesses and do not require reporting in the audit report in accordance with Statements on Auditing Standards (SAS) 112 or Governmental Auditing Standards (Yellow Book), will be communicated in a management letter. 
 
PRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS 
 
FINDING CONTROL NUMBER 
 
AUDITEE'S RESPONSE/STATUS 
 
FA-6201-06-01 
 
Unresolved - See Corrective Action/Responses 
 
CORRECTIVE ACTION/RESPONSES 
 
ACTIVITIES ALLOWED OR UNALLOWED U.S. Department of Education Through Georgia Department of Education Inadequate Internal Control Procedures Finding Control Number: FA-6201-06-01 
 
Camden County Schools is waiting for a response from Georgia Department ofEducation (GDOE). Upon receipt of guidance from GDOE, the School District will resolve the finding. 
 
 SECTION IV FINDINGS AND QUESTIONED COSTS 
 
 CAMDEN COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS 
YEAR ENDED JUNE 30, 2008 
I SUMMARY OF AUDITOR'S RESULTS 
1. Type of Report Issued on the Financial Statements The auditor's opinion on the Camden County Board ofEducation's financial statements was unqualified. 
2. Significant Deficiencies in Internal Control Disclosed by the Audit ofthe Financial Statements The audit report for the Camden County Board ofEducation did not disclose any significant deficiencies related to the financial statements. 
3. Noncompliance Material to the Financial Statements The audit of the Camden County Board of Education disclosed no instances of noncompliance that were deemed to be material to the financial statements. 
4. Significant Deficiencies in Internal Control Over Major Programs The audit report for the Camden County Board ofEducation did not disclose any significant deficiencies in internal control over major programs. 
5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Camden County Board of Education's report on compliance with requirements applicable to major programs was unqualified. 
6. Audit Findings Required to be Reported by Section .510(a) of 0MB Circular A-133 The Camden County Board ofEducation's audit did not disclose audit findings required to be reported by section .510(a) of 0MB Circular A-133. 
7. Major Programs The Federal award audited as a major program is as follows: 84.041 Impact Aid 
8. Type "A" Program Dollar Threshold The dollar threshold for type "A" programs was $414,479.63. 
9. Low Risk Auditee The Camden County Board of Education qualified as a low risk auditee as defined by Section .530 ofOMB Circular A-133. 
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 CAMDEN COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS 
YEAR ENDED JUNE 30, 2008 II FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS No matters were reported. III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. 
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