~ ~ E2.(., C..3 l G\ 'I '3 -~Y STATE OF GEORGIA DEPARTMENT OF AUDITS 254 WASHINGTON STREET ATLANTA. GEORGIA 30334 AUDIT REPORT CARROLL COUNTY BOARD OF EDUCATION CARROLLTON,GEORGIA YEAR ENDED JUNE 30, 1994 CARROLL COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - SECTION I FINANCIAL INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE EXIIlBITS GENERAL PURPOSE FINANCIAL STATEMENTS COMBINED STATEMENTS-OVERVIEW A COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP 2 B COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND 4 C COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ACTUAL AND BUDGET GOVERNMENTAL FUND TYPES 6 D NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 7 ADDITIONAL FINANCIAL INFORMATION COMBINING STATEMENTS SPECIAL REVENUE FUND E COMBINING BALANCE SHEET 20 F COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 22 CAPITAL PROJECTS FUND G COMBINING BALANCE SHEET 24 H COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 26 FIDUCIARY FUND TYPES I COMBINING BALANCE SHEET 28 J COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUNDS 29 SCHEDULES 1 SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE 30 2 ANALYSIS OF CASH AND CASH EQUIVALENTS 32 3 INVESTMENTS 33 . CARROLL COUNTY BOARD OF EDUCATION -TABLE OF CONTENTS- SECTION I FINANCIAL ADDITIONAL FINANCIAL INFORMATION SCHEDULES 4 ACCOUNTS RECEIVABLE 34 5 DEBT SERVICE REQUIREMENTS TO MATURITY 35 SCHEDULE OF REVENUE 6 STATE FUNDS 36 7 LOCAL AND OTHER FUNDS 37 SCHEDULE OF EXPENDITURES BY OBJECT 8 GOVERNMENTAL FUND TYPES 39 9 LOTTERY PROGRAMS 40 IO FIDUCIARY FUND TYPE EXPENDABLE TRUST FUND 42 ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS II OVERALL 43 12 BY PROGRAM 44 13 SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS 46 SECTION II COMPLIANCE COMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS SINGLE AUDIT REPORT ON COMPLIANCE WITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS SINGLE AUDIT OPINION ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS SINGLE AUDIT REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS CARROLL COUNTY BOARD OF EDUCATION -TABLE OF CONTENTS - SECTION III INTERNAL CONTROL REPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS SINGLE AUDIT REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS SECTION IV FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS SECTIONV PERTINENT VIEWS OF RESPONSIBLE OFFICIALS SCHEDULE OF PERTINENT VIEWS OF RESPONSIBLE OFFICIALS SECTION I FINANCIAL CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 May 26, 1995 Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation and Superintendent and Members of the Carroll County Board of Education INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE Ladies and Gentlemen: We have audited the general purpose financial statements (Exhibits A through D) ofthe Carroll County Board of Education, as of and for the year ended June 30, 1994, as listed in the table of contents. These financial statements are the responsibility ofthe Board's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the provisions of the Office of Management and Budget Circular A-128, "Audits of State and Local Governments". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As described in the notes to the general purpose financial statements, the Board's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: * The general purpose financial statements of the Board did not contain a General Fixed Assets Account Group to account for property and equipment owned by the Board which should be included to conform to generally accepted accounting principles. 94ARL-13 * School activity accounts maintained at the individual schools are not included in the general purpose financial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. * The Board did not recognize as expenditures, in the year ended June 30, 1994, a portion of salaries and the corresponding employer's cost ofrelated benefits earned for contractual services completed prior to June 30, 1994. Also funds received, subsequent to June 30, 1994, from the Georgia Department ofEducation for the State's share of these unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1993, were improperly recorded in the year ended June 30, 1994. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. The aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. In our opinion, except for the effects on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements present fairly, in all material respects, the financial position of the Carroll County Board of Education as of June 30, 1994, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements ofthe Carroll County Board of Education taken as a whole. The combining statements (Exhibits E through J) and the financial schedules (Schedules 1 through 13 which includes the Schedule of Federal Financial Assistance) are presented for purposes ofadditional analysis and are not a required part of the general purpose financial statements of the Carroll County Board of Education. Such information has been subjected to the auditing procedures applied in the audit ofthe general purpose financial statements and, in our opinion, except for the effects of the matters referred to in the third paragraph, such information is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. A copy ofthis 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, ~~a Claude L. Vickers State Auditor CLV:gp 94ARL-13 CARROLL COUNTY BOARD OF EDUCATION - 1- CARROLL COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP JUNE 30 1994 ASSETS Cash and Cash Equivalents Investments Accounts Receivable Inventories Food Donated Commodities Purchased Food Amount Available in Debt Service Fund Amount to be Provided in Future Years For Payment of Bond Debt Total Assets GENERAL FUND GOVERNMENTAL FUND TYPES SPECIAL CAPITAL REVENUE PROJECTS FUND FUND $ 7,161,987.88 $ 697,899.94 $ 1,303,968.58 225,158.64 325,158.40 401,987.56 45,358.30 29,461.56 $ 7,387,146.52 $ 1,097,878.20 $ 1,705,956.14 LIABILITIES AND FUND EQUITY LIABILITIES Accounts Payable Salaries Payable Expired Grant Balances Payable Contracts Payable Retainages Payable Deferred Revenue Funds Held for Others General Obligation Bonds Payable Total Liabilities FUND EQUITY Fund Balances Reserved For Continuation of Federal Programs For Debt Service For Expired Grant Balances/Questioned Costs For Inventories Food Donated Commodities Purchased Food For State Capital Outlay Projects Unreserved Designated - Renovation and Restoration Undesignated Total Fund Equity Total Liabilities and Fund Equity $ 11,982.29 $ 97,834.47 470,814.49 5,559.92 $ 303,357.65 75,766.35 12,674.98 $ 11,982.29 $ 586,883.86 $ 379 124.00 $ 56,967.09 $ $ 56,967.09 $ 7,318,197.14 $ 7,375,164.23 $ 45,358.30 29,461.56 $ 74,819.86 $ 919 435.10 919,435.10 436,174.48 510,994.34 $ 407,397.04 1,326,832.14 $ 7,387,146.52 $ 1,097,878.20 $ 1,705,956.14 The notes to the general purpose financial statements are an integral part of this statement -2- EXHIBIT "P/' DEBT SERVICE FUND FIDUCIARY FUND TYPES TRUST AND AGENCY FUNDS ACCOUNT GROUP GENERAL LONG-TERM DEBT TOTALS (Memorandum Onl}1 JUNE 30 1994 JUNE 30, 1993 $ 54,120.10 $ 331,168.96 $ 9,549,145.46 $ 7,960,215.24 1,363,808.88 1,363,808.88 711.01 953,015.61 579,792.28 45,358.30 29,461.56 49,533.54 19,781.57 $ 1,418,639.99 1,418,639.99 1,835,000.00 56 360.01 56,360.01 $ 1 418,639.99 $ 331,168.96 $ 1,475,000.00 $ 13,415,789.81 $ 10,444,322.63 $ 109,816.76 $ 94,850.45 470,814.49 448,976.43 5,559.92 7,295.21 303,357.65 729.28 75,766.35 37,323.96 12,674.98 $ 12,383.60 12,383.60 11,859.92 $ 1475000.00 1 475,000.00 1835000.00 $ 12,383.60 $ 1475000.00 $ 2 465,373.75 $ 2 436,035.25 $ 1,418,639.99 $ 1,418,639.99 0.00 $ $ 1418639.99 $ $ 1,418,639.99 $ 318 785.36 318 785.36 $ 349.99 $ 1,418,639.99 1,847,440.81 56,967.09 23,570.93 45,358.30 29,461.56 919,435.10 $ 2,469,862.04 $ 8480 554.02 $ 10 950.416.06 $ 49,533.54 19,781.57 1 946.76 1,942,623.60 80,173.00 5 985 490.78 8,008,287.38 331,168.96 $ 1 475,000.00 $ 13,415,789.81 $ 10,444,322.63 -3- CARROLL COUNTY BOARD OF EDUCATION . COMBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND YEAR ENDED JUNE 30 1994 REVENUES State Funds Federal Funds Local and Other Funds 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 Food Services Operation Communny Service Operations Other Operations of Non-Instructional Services CapnBI Outlay Debi Service Principal Retirement Interest Paying Agent Fees Total Expendnures Excess of Revenues over (under) Expendnures OTHER FINANCING SOURCES {USES) Operating Transfers In Operating Transfers Out Total Other Financing Sources (Uses) Excess of Revenues and Other Financing Sources over (under) Expendnures and Other Financing Uses FUND BALANCE JULY 1 Food Inventory- Net Change in Period Donated commoctnies Purchased Food Residual Equny Transfer GENERAL FUND GOVERNMENTAL FUND SPECIAL CAPITAL REVENUE PROJECTS FUND FUND $ 31,801,596.90 $ 204,364.24 13298019.13 2,045,105.66 $ 3,913,079.60 1470527.98 $ 45 303 980.27 $ 7 428 713.24 $ 528,304.97 402300.00 930604.97 28,343,012.41 $ 2,377,440.83 1,298,917.46 687,774.32 1,103,880.24 468,276.46 2,538,241.49 309,667.30 3,251,404.85 2.264,801.54 331,431.44 34,336.04 316,819.83 107,635.54 889,668.67 254,881.03 39,211.55 326,303.38 233.13 211,091.62 49,492.19 18,924.34 38,381.00 3,299,551.87 145,479.13 $ 1,519,801.43 $ 41 056198.92 $ 7,650658.74 $ 1519801.43 4 247781.35 $ -221 945.50 $ -589196.46 $ 948.09 $ -2 293 345.96 $ -2 292 397.87 $ 3,866.94 $ 1,899,479.02 -948.09 3866.94 $ 1898530.93 $ 1,955,383.48 $ 5.418,013.02 -218,078.56 $ 1,309,334.47 725,335.88 17,497.67 1767.73 4,175.24 9,679.99 -1767.73 FUND BALANCE JUNE 30 $ 7,375,164.23 $ 510,994.34 $ 1,326 832.14 The notes to the general purpose financial statements are an integral part of this statement. -4- EXHIBIT"B" TYPES DEBT SERVICE FUND TOTAL FIDUCIARY FUND TYPE EXPENDABLE TRUST FUND TOTALS {Memorandum Onl:t} YEAR ENDED JUNE30 1994 JUNE30 1993 $ 34,375,007.53 34,375,007.53 $ 32,039,623.35 4,117,443.84 4,117,443.84 3,988,059.25 $ 64388.20 15 235 235.31 $ 9413.72 15 244 649.03 12 268 382.99 64388.20 $ 53 727 686.68.$ 9413.72 $ 53 737100.40 $ 48 296 065.59 $ 30,720,453.24 30,720,453.24 $ 29,761,161.43 2,188,586.13 942,655.35 1,143,091.79 794,579.84 $ 2,538,474.62 309,667.30 3,462,496.47 2,314,293.73 350,355.78 72,717.04 3,299,551.87 145,479.13 316,819.83 1,627,436.97 44,531.75 36,096.61 2,188,586.13 942,655.35 1,143,091.79 839,111.59 2,538,474.62 309,667.30 3,462,496.47 2,314,293.73 350,355.78 72,717.04 3,299,551.87 145,479.13 352,916.44 1,627,436.97 2,017,972.61 565,760.55 1,113,457.40 1,036,956.32 2,393,864.89 234,792.49 2,962,903.27 2,154,142.95 339,653.64 12,932.00 2,932,106.60 92,073.02 300,437.00 1,498,298.93 $ 360,000.00 133,037.50 151.52 360,000.00 133,037.50 151.52 360,000.00 133,037.50 151.52 340,000.00 157,687.50 $ 493189.02 $ 50719848.11 $ 80628.36 $ 50,800 476.47 $ 47,914,400.60 $ -428 800.B2 $ 3 007 838.57 $ -71214.64 $ 2 936 623.93 $ 381664.99 s 1,904,294.05 $ -2 294 294.05 -390 000.00 $ 390,000.00 $ 2,294,294.05 $ -2 294 294.05 390000.00 $ 0.00 $ 294,261.74 -294261.74 0.00 $ -428,800.B2 S 1,847,440.81 2,617,838.57 $ 8,008,287.38 318,785.36 $ 0.00 2,936,623.93 $ 8,008,287.38 381,664.99 7,652,357.16 -4,175.24 9,679.99 0.00 -4,17524 9,679.99 0.00 -27,235.47 1,500.70 $ 1 418,639.99 $ 10,631,630.70 $ 318,785.36 $ 10,950,416.06 $ 8,008,287.38 -5- CARROL\ COUNTY BQARP QF SPUCATION COMBINE Q STATEMENT QF RE;Yl=:NUES fXPENPITURl;S ANQ CHANGES IN FUNQ BAJ ANCES ACTUAi ANP BUDGET GOVERNMENTAL FLJNP JYPES YEAR fNPEP JUNE 30 1994 EXHIBIT"C" REVENUES State Funds Federal Funds Local and other Funds Total Revenues EXPENDITl,!RES 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 Servioes Food Servioes ()peflltion Community Service Operations Other Operations of Non-Instructional Services Capital Outlay Debt Service Total Expenditures Excess of Revenues over (under) Expenditures QT!::tER FINAN~IN~ OUR~ES (UFS} Other Sources 0thef Uses Total Other Financing Sources (Uses) Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing u... FU!!D M,Le,NQE JULY 1 1993 A~USIMENI Prior Year (Net) FQQQ l!!VENTQRY - !!ET QHANGE IN PERIOD Donated Commodities Purchased Food ACTUAL PER EXHIBIT"B" ADJUSTMENTS ACTUAL PER BUDGET BASIS BUDGET VARIANCE FAVORABLE (UNFAVORABLE) 34,375,007.53 $ 4,117,443.84 15,235,235.31 53,727,686.68 $ 0.00 $ 34,375,007.53 $ 32,976,430.00 $ 4,117,443.84 3,516,457.00 15,235,235.31 12.437,625.46 0.00 $ 53,727,686.68 $ 48,930,512.46 $ 1,398,577.53 600,986.84 2,797,609.85 4,797,174.22 30,no,453.24 $ 2,188,686.13 942,655.35 1,143,091.79 794,579.84 2,538,474.62 309,667.30 3,462,496.47 2,314,293.73 350,355.78 n,717.04 3,299,551.87 145,479.13 316,819.83 1,627,436.97 493,189.02 50,719,848.11 $ 3,007,838.57 $ 0.00 $ 30,no,453.24 $ 31,061,017.20 $ 2,188,686.13 942,655.35 1,143,091.79 794,579.84 2,538,474.62 309,667.30 3,462,496.47 2,314,293.73 350,355.78 72,717.04 3,299,551.87 145,479.13 316,819.83 1,627,436.97 493,189.02 2,175,848.70 906,137.20 1,093,093.04 1,236,953.94 2,518,748.36 295,370.58 3,308,102.75 2,303,704.50 312,541.91 47,692.00 2,868,n2.38 2,075.00 215,654.90 544,850.00 493,037.50 0.00 $ 50,719,848.11 $ 49,373,549.96 $ 0.00 $ 3,007,838.57 $ -443,037,50 $ 340,563.96 -12,737.43 -36,518.15 -49,998.75 442,374.10 -1s.ns.2s -14,296.n -154,393.n -10,589.23 -37,813.87 -25,025.04 -440,829.49 -143,404.13 -101, 164.93 -1,082,686.97 -151.52 -1,346,298.15 3,450,876.07 1,904,294.05 $ -2,294,294.05 -390,000.00 $ 0.00 $ 1,904,294.05 $ -2,294,294.05 0.00 $ -390,000.00 $ 519,850.00 $ -569,850.00 -50,000.00 $ 1,384,444.05 -1.n4,444.05 -340,000.00 2,617,838.57 $ 8,008,287.38 0.00 $ 2,617,838.57 $ -493,037.50 $ -69,315.11 7,938,972.27 7,790,534.29 3,110,876.07 148,437.98 -15,101.00 15,101.00 -4,175.24 4,175.24 0.00 0.00 9,679.99 -9,679.99 0.00 0.00 FUNQ aeiLAN~E J!JNE 30 1994 $ 10,631,630.70 $ -74,819.86 $ 10,556,810.84 $ 7,282,395.79 $ 3,274,415.05 The notes to the general purpose financial statements are an integral part of this statement. -6- CARROLL COUNTY BOARD OF EDUCATION EXIDBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30 1994 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Carroll County Board ofEducation (Board) 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. With the exception of the departures from generally accepted accounting principles disclosed in the following paragraphs, the financial statements of the Board have been prepared in conformity with generally accepted accounting principles as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting standards. The more significant of the Board's accounting policies are described below. REPORTING ENTITY In evaluating how to define the government unit for financial reporting purposes, management has considered the criteria set forth in GASB Codification of Governmental Accounting and Financial Reporting Standards, Section 2100, "Defining the Financial Reporting Entity". The primary government consists of all the organizations that compose the legal entity of the Carroll County Board ofEducation. Based upon the application of the above criteria, the Carroll County Board ofEducation is determined to be the lowest level of government exercising oversight responsibility and control over all activities related to public education in Carroll County, Georgia, excluding that area encompassed by the City ofCarrollton. The Board is not included in any other governmental "reporting entity" as defined by GASB Codification of Governmental Accounting and Financial Reporting Standards. Board members were elected by the public and have decision making authority, the power to designate management, the ability to significantly influence operations, and primary accountability for fiscal matters. The Board determines the millage rate at which school taxes are levied and may incur bonded indebtedness with voter approval. FUND ACCOUNTING The Board uses funds and an account group to report on its financial position and the results ofits operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. General Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Board. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. - 7- CARROLL COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30 1994 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Although "school activity accounts" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. The general purpose financial statements account for all State, Federal, Local and Other Funds under control ofthe Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: GOVERNMENTAL FUND TYPES - are used to account for all or most of a Board's general activities. Governmental Fund Types include: GENERAL FUND - the fund used to account for all financial resources of the Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services traditionally provided by a board ofeducation. SPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are primarily received from the Georgia Department of Education and from the Federal government to accomplish specific objectives and are required to be accounted for separately. Also included are proceeds received from State, Federal, Local and Other sources for operations of the school food services fund. This fund could be accounted for as an enterprise fund; however, the Board chooses not to provide for depreciation, but to maintain the fund on a modified accrual basis and to report the fund as a special revenue fund under governmental fund types, which is acceptable under generally accepted accounting principles for governmental entities. CAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. DEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. FIDUCIARY FUND TYPES - the trust and agency funds used to account for assets held by a government unit in a trustee capacity or as an agent for individuals, private organizations, other government units and/or other funds. These funds include: EXPENDABLETRUSTFUND Self-Insured Employee Benefit Fund - the fund used to account for the Workers' Compensation contributions and expenditures. AGENCY FUNDS - the funds used to account for assets held for other funds, governments, or individuals. - 8- CARROLL COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30 1994 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ACCOUNT GROUP GENERAL LONG-TERM DEBT ACCOUNT GROUP - used to account for general obligation bonds outstanding. BASIS OF ACCOUNTING The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and the expendable trust fund are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure ofavailable spendable resources. Liabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. Agency funds are purely custodial in nature and do not involve measurement of results of operations. Governmental funds and the expendable trust fund are accounted for using the modified accrual basis of accounting under which: Revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount ofthe transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Those revenues considered susceptible to accrual are property taxes, intergovernmental grants and investment income. Property taxes are considered available ifthey are collected and remitted by the collecting agent to the Board within 60 days after fiscal year-end. Expenditures are generally recognized when the related fund liability is incurred. A departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share ofthese contracts. During fiscal year 1994, a substantial number of personnel of the Board were employed for a one hundred and ninety day period beginning in late August 1993 and ending in early June 1994. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1993 and ending in August 1994. State grants to fund the State's share of these contracts were disbursed from the Georgia Department ofEducation to the Board in the same twelve months. As ofJune 30, 1994, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 1994, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to - 9- CARROLL COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE30 1994 Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES June 30, 1994. Also, the State's portion ofthe compensation paid in July and August 1994 was received and recorded as revenue in the fiscal year subsequent to June 30, 1994. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1993, were recorded in the year ended June 30, 1994. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. Agency funds are accounted for using the modified accrual basis of accounting in recognizing assets and liabilities. BUDGET The Carroll County Board of Education has a legally authorized nonappropriated budget which is formally approved by the Board at the aggregate level. Budgets are prepared to provide a basis for funding operations and there is no legal prohibition regarding overexpenditure of the aggregate budget. The budget process begins when the Board's administration prepares a tentative aggregated budget for the Board's approval. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper ofgeneral circulation in the locality. At the next regular meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions ofthe Quality Basic Education Act, OCGA Section 20-2-167, to the Georgia Department ofEducation. The Board prepares its budget on the modified accrual basis, which is the same basis on which it presents its financial statements. The budget comparison on Exhibit "C" presents actual and budget data for all governmental funds on a combined basis. To facilitate comparison with the budget, donated and purchased food inventories as reflected on Exhibit "B" have been eliminated from fund balance. CASH AND CASH EQUNALENTS COMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits (including certificates of deposit, savings and N. 0.W. accounts) in authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and Joan associations, or insured State chartered building and loan associations. The placement of proceeds from bond issues in certificates of deposit is limited to financial institutions located within this State. INVESTMENTS COMPOSITION OF INVESTMENTS Investments made by the Board are stated at cost. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Board to invest its funds in the following: - 10 - CARROLL COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30 1994 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (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 Office of Treasury and Fiscal Services, (7) Repurchase agreements, and (8) Obligations of other political subdivisions of the State of Georgia. RECEIVABLES Receivables consist ofgrant reimbursements due from Federal, State or other grantors for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. PROPERTY TAXES The Carroll County Board of Commissioners fixed the property tax levy for the 1993 tax year (calendar year) on October 12, 1993 (levy date). Taxes were due on December 20, 1993. The lien date for property taxes was January 1, 1993. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1994 since their collection meets the criteria of GASB codification section P70.103. The Carroll County Tax Commissioner bills and collects the property taxes for the Board of Education, withholds 2.5% of taxes collected as a fee for tax collection, and remits the balance of taxes collected to the Board. The tax millage rate levied for the 1993 tax year (calendar year) for the Carroll County Board ofEducation was as follows (a mill equals $1 per thousand dollars of assessed value): School Operations 18 39 mills - 11 - CARROLL COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE30 1994 Note l: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES INVENTORIES FOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their FederallY. assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost. Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time of purchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations offund balance which indicates that these amounts do not constitute "available spendable resources" even though they are a component of net current assets. COMPENSATED ABSENCES Compensated absences represent obligations of the Board relating to employees' rights to receive compensation for future absences based upon service already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the individual funds for the current portion of this obligation as this amount is deemed immaterial to the general purpose financial statements. Additionally, the dollar value of accumulated compensated absences at June 30, which will be payable from future resources has not been recorded in the General Long-Term Debt Account Group as this liability is also deemed to be immaterial to the fair presentation of these financial statements. GENERAL OBLIGATION BONDS The Board issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the General Long-Term Debt Account Group. INTERFUND TRANSACTIONS The Board has the following types of interfund transactions: Reimbursements ofexpenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. Residual equity transfers are recorded for non recurring or non routine permanent transfers of equity. Operating transfers are recorded for all interfund transactions other than residual equity transfers and reimbursements. - 12 - CARROLL COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE30 1994 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES MEMORANDUM ONLY - TOTAL COLUMNS Total columns on the general purpose financial statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. Certain reclassifications have been made to the comparative data to conform to the current year classifications. Note 2: DEPOSITS AND INVESTMENTS COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee ofinsurance, or by collateral in an amount of not less than 110 percent of the public funds being secured after the deduction ofthe amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. 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 of the State ofGeorgia, (4) Bonds, bills, notes, certificates of indebtedness or other obligations ofthe counties or municipalities ofthe State ofGeorgia, (5) Bonds ofany public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, (6) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia, and (7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm - 13 - CARROLL COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE30 1994 Note 2: DEPOSITS AND INVESTMENTS Credit Banlcs, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. CATEGORIZATION OF DEPOSITS At June 30, 1994, the bank balances were $11,404,728.73. The amounts of the total bank balances are classified into three categories of credit risk: Category I - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. Category 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name. Category 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Board's name.) The Board's deposits are classified by risk category at June 30, 1994, as follows: Risk Category I -2 3 Total CATEGORIZATION OF INVESTMENTS Investments are classified as to risk by the three categories described below: Bank Balance $ 329, 104.2510,463, 755.75 61 I 868.73 $11 404 728 73 Category I - Insured or registered, or securities held by the Board or the Board's agent in the Board's name. Category 2 - Uninsured or unregistered, with securities held by the counterparty's trust department or agent in the Board's name Category 3 - Uninsured or unregistered, with securities held by the counterparty, or by its trust department or agent but not in the Board's name. At June 30, 1994, the carrying amount of the Board's total investments was $1,363,808.88 and this entire amount consisted ofU. S. Treasury Bills which was insured or registered, or securities held by the Board or the Board's agent in the Board's name. The market value ofthese investments was $1,363,808.88. Note3: NON-MONETARYTRANSACTIONS The Board receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories - 14 - CARROLL COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30 1994 Note 4: RISK MANAGEMENT The Board has established a limited risk management program for Workers' Compensation. Estimated claims are budgeted by management based on known claims and prior experience. Each fund contributes their pro rata share to the Workers' Compensation fund and claims are paid from this fund during the fiscal year. During fiscal year 1994, a total of $36,096.61 was paid in claims. An excess coverage insurance policy covers individual claims in excess of$225,000.00. The Board has established a limited risk management program for Unemployment Compensation. Estimated claims are budgeted by management based on known claims and prior experience. During fiscal year 1994, a total of$8,223.00 was paid in claims. Note 5: GENERAL LONG-TERM DEBT The changes in General Long-Term Debt during the fiscal year ended June 30, 1994, were as follows: General Obligation Bonds Balance July 1, 1993 $1,835,000.00 Deductions 360 000.00 Balance June 30, 1994 $ I 475 000 00 At June 30, 1994, payments duei by fiscal year which includes principal and interest for these items: Fiscal Year Ended June 30 General Obligation Bonds 1995 1996 1997 1998 1999 $ 53,468.75 473,162.50 464,887.50 435,887.50 305 693.75 Total Principal and Interest $ 1 733 100 00 - 15 - CARROLL COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30 1994 Note 6: SIGNIFICANT COMMITMENTS At June 30, 1994, the Board had encumbrances in the amount of$534,682.32 for the unperformed portion of purchase orders, contracts and other commitments for goods and services associated with the Lottery Programs. Lottery funds in the amount of $506,056.34 are available to fund these encumbrances. Encumbrances outstanding do not constitute expenditures or liabilities in the current year because these commitments will be honored during the subsequent fiscal year. These encumbrances are identified by Lottery Program as follows: Algebra Classrooms Computers in Classrooms Distant Learning Media Center and Library Equipment Safe Schools Grant $ 11,449.05 107,474.42 20,904.58 242,513.55 152 340.72 $ 534 682 32 The following is an analysis of significant outstanding construction or renovation contracts executed by the Board as of June 30, 1994, together with funding available: Project Unearned Executed Contracts Funding Available From State 95/94S-622-006 95/94S-622-007 95/94S-622-008 95/94S-622-009 $ 26,275.46 86,541.25 30,513.16 243 288.43 $ 9,310.90 84,052.16 36,585.34 442 522.o4 $ 386 (118 30 $ 572 47044 The amounts described in this note are not reflected in the general purpose financial statements. Note 7: CONTINGENT LIABILITIES Amounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The Board believes that such disallowances, if any, will be immaterial to its overall financial position. - 16 - CARROLL COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE30 1994 Note 8: ACCUMULATED EMPLOYEES' LEAVE All employees who are eligible for retirement and who have a minimum of three years of service with the school system earn annual and sick leave at rates of .84 days and one and one-fourth days per month of service, respectively. Maximum accumulations may be twenty days for annual leave and sixty days for sick leave. An employee will be paid for unused accumulated annual leave at their current rate of pay only if the employee leaves the system in good standing. An employee will be paid for unused accumulated sick leave upon retirement at the daily rate paid to a substitute teacher. See Note 1 - Compensated Absences Note 9: 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 public employee retirement system (PERS). TRS provides service retirement, disability retirement and survivors benefits for its members. A member is eligible for service retirement after 30 years of creditable service, regardless of age, or after IO years of service and attainment of age 60. A member is eligible for early retirement after 25 years of creditable service and attainment of age 55, at a reduced benefit. Retirement benefits paid to members are equal to 2% of the average of the member's two consecutive highest paid years of service multiplied by the number of years of creditable service up to 40 years. The normal retirement pension is payable monthly for life. Options are available for distribution ofthe member's monthly pension at a reduced rate to a designated beneficiary on the member's death. Retirement benefits also include death and disability benefits. A disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The death benefit is the amount that would be payable to the member's beneficiary had the member retired on the date of death on either a service retirement allowance or a disability retirement allowance, whichever is larger. The benefit is based on the member's creditable service (minimum of IO years of service) and compensation up to the time ofdisability or death. Members become fully vested after ten years of service. If a member terminates with Jess than ten years of service, no vesting of employer contributions occurs, but the member's contributions are refunded with interest. The Board's payroll for employees covered by TRS for the year ended June 30, 1994, was $27,826,504.33; total payroll was $31,782,663.11. TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Board who are covered by TRS are required to contribute 6% oftheir gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board of - 17 - CARROLL COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30 1994 Note 9: RETIREMENT PLANS trustees as advised by their independent actuary. For fiscal year 1994 that rate for employer contributions was 11.81%. The interest rate assumption (rate ofreturn on investments) was 7.50%. Total contributions made during fiscal year 1994 amounted to $4,955,910.62, ofwhich $3,286,310.15 was made by the Board and $1,669,600.47 was made by employees. These contributions represented 11.81% (Board) and 6% (employees) of covered payroll. TRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. S ofthe Governmental Accounting Standards Board (GASB) that, with some exceptions, must be used by a PERS. The standardized measurement is the actuarial present value of credited projected benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salary increases. A standardized measure ofthe pension benefit obligation was adopted by the GASB to enable readers of PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other PERS and among other employers. Total unfunded pension benefit obligation ofTRS as of June 30, 1993, was as follows: Total pension benefit obligation $13,912,014,000.00 Net assets available for benefits, at cost Unfunded pension benefit obligation 12 821 722 000.00 $ I 090 292 000 oo The measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1993. Net assets available to pay pension benefits were valued as of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers. Total contributions from all employers to TRS for fiscal year ended June 30, 1994 were $521,550,000.00. The Board's contribution for the year ended June 30, 1994 of $3,286,310.1 S was actuarially determined and represented .6301% oftotal contributions made by all participating employers. Ten year historical trend information is presented in the 1994 TRS Component Unit Financial Report. This information is useful in assessing TRS's accumulation of sufficient assets to pay pension benefits as they become due. - 18 - CARROLL COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATE:MENTS JUNE 30 1994 Note 9: RETIRE:MENT PLANS PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA (PSERS) PSERS PLAN DESCRIPTION Substantially all bus drivers, maintenance, custodial, and lunchroom personnel employed by local school systems are covered by the Publi_c School Employees Retirement System of Georgia (PSERS). All employer's contributions are made by the State of Georgia. PSERS provides service retirement, disability retirement and survivors benefits for its members. A member is eligible for normal service retirement after 10 years of service and attainment of age 65. A member applying for service retirement with 10 years of service and retires between the ages of 60 and 65 receives a reduced benefit. Monthly retirement benefits paid to members are equal to $8.00 per month multiplied by the number of years of creditable service. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. Retirement provisions include death and disability benefits. Disability benefits are the same as if the employee had retired at age 65 as long as the employee has 15 or more years of creditable service. Death benefits are dependent upon the number ofyears of service. Ifthere are less than ten years of service, a lump sum refund of the employee's contributions and interest are made to the beneficiary. Ifthere are more than ten years of service, the beneficiary shall receive for life halfofwhat the employee would have received upon retirement. Members become fully vested after ten years of service. If a member tenninates with less than ten years of service, no vesting ofemployer contributions occurs, but the member's contributions are refunded with interest. There were 317 employees covered under PSERS for the year ended June 30, 1994. PSERS CONTRIBUTIONS REQUIRED AND MADE Covered employees are required by State statute to contribute $4.00 a month for the nine month school year. Unlike TRS, the Board makes no contribution to PSERS. The State of Georgia is required by statute to make employer contributions actuarially detennined and approved and certified by the PSERS' Board of Trustees. Total contributions from employees ofthe Board made during fiscal year 1994 amounted to $10,532.00. Total contribution for all school systems made by the State of Georgia to PSERS for fiscal year ended June 30, 1994, was $9,150,000.00. Note 10: SURETY BONDS The School Superintendent, Mr. M. Leon Golden, is bonded in the amount of$100,000.00 with the United States Fidelity and Guaranty Company, Baltimore, Maryland, their Bond No. 02-0170-10805-93-1, on which premium was paid through May 11, 1995. - 19 - ~BQLL ~Nrt QARQ QE EQUQATIQN t:;QM61NIN~ aAi ~t:;E ~H&ET el;~l RrnNU,; E!J~Q JUNE30 1994 ~ Cash and Cash Equivalents Accounts Receivable Inventories Food Donated Commodities Purohased Food ELEMENTARY AND SCHOOL FOOD SERVICES FUND SEVERELY EMOTIONALLY DISTURBED AFTER SCHOOL PROGRAM FUND LOTTERY PROGRAMS CHAPTER1 EDUCATION OF EDUCATION OF CHILDREN IN DEPRIVED STATE SCHOOLS CHILDREN 534,756.78 $ 189,191.88 $ 0.00 0.25 35,233.49 20,213.62 2,145.30 $ 179,235.75 45,358.30 29,461.56 Total Assets $ 644,810.13 $ 189,191.88 $ 0.00 $ 20,213.62 $ 2,145.55 $ 179,235.75 L~IL!IlliaS AN!, FUND EQUITY LIABILITIES Cash Overdraft Aocounts Payable Salaries Payable Expired Grant Balances Payable Deferred Revenue 10,282.94 $ 1SO,n7.17 34,385.66 126,611.94 999.96 Total Liabilities $ 161,010.11 $ 161,997.56 FUNQEQLIITY Fund Balances Reserved For Continuation d Federal Programs For Inventories Food Donated Commodities Purchased Food 45,358.30 29,461.56 Unreserved Undesignated 74,819.86 408,980.16 $ 27,194.32 $ Total Fund Equity 483,800.02 $ 27,194.32 $ 7,538.64 $ 12,674.98 20,213.62 $ 0.00 $ 0,00 $ 0.00 $ o.oo $ $ 620.98 1,523.82 0.75 2,365.00 37,878.57 137,166.74 1,825.44 2,145.55 $ 179,235.75 0.00 $ 0.00 $ 0.00 0.00 Total Liabilities and Fund Equity $ 644.810.13 $ 189,191.88 $ 0.00 $ 20,213.62 $ 2,145.55 $ 179,235.75 See notes to the general purpose financial statements. -20- EXHIBIT"E" SECONDARY EDUCATION ACT mLEn- EISENHOWER CHAPTER2 MATHEMATICS BLOCK GRANT- AND SCIENCE FLOW THROUGH EDUCATION INDIVIDUALS WITH DISABILITIES EDUCATION ACT TITLE VI, B FLOW PRESCHOOL THROUGH PROGRAM JOB TRAINING PARTNERSHIP TOTALS ACT JUNE 30, 1994 JUNE 30, 1993 1,425.30 40.53 ns,414.74 $ 920,019.98 3,335.19 $ 64,601.69 3,354.00 $ 17,039.36 325,158.40 287,122.88 45,358.30 29,461.56 49,533.54 19,781.57 1,425.30 $ 3,335.19 $ 64,601.69 $ 3,394.53 $ 17,039.36 $ 1,125,393.00 $ 1 276,457.97 1,425.30 1,425.30 $ 3,335.19 $ 1,432.33 13,299.35 $ 49,870.01 3,335.19 $ 64,601.69 $ 48727 1,598.79 1,308.47 3,394.53 $ 12,843.64 $ 879.70 3,316.02 17,039.36 $ 27,514.80 97,834.47 $ 470,814.49 5,559.92 12,674.98 614,398.66 $ 94,850.45 448,976.43 7,295.21 551,122.09 ---~o_.oo_s _ _ _-0=.00 $ -=~ _ _ ___,,0-,=00,_$ _ _ _ 0.00 $ 0.00 $ 0.00 $ o.oo $ 0.00 $ 349,99 45,358.30 29,461.56 74,819.86 $ 0.00 436,174.48 0.00 $ 510,994.34 $ 49,533.54 19,781.57 69,665.10 655,670.78 725,335.88 1,425.30 $ 3,335.19 $ 64,601.69 $ 3,394.53 $ 17,039.36 $ 1,125,393.00 $ 1,276,457.97 -21- Q!BRQLL ~~ ~ p QE E~A~ QQMBINING STAT~MENT QE REl11,N!,!~ ~~NDITUR~S AND CHANGES IN FUND BA! AN!:;ES ~!:;!& R!M;N!,!~ Fl,!NQ YEAR ENPEP JUNE 30 1994 ELEMENTARY AND SCHOOL FOOD SERVICES FUND SEVERELY EMOTIONAllY DISTURBED AFTER SCHOOL PROGRAM FUND LOTTERY PROGRAMS CHAPTER1 EDUCATION OF EDUCATION OF CHILDREN IN DEPRIVED STATE SCHOOLS CHILDREN REVENUES State Funds Federal Funds Local and Other Funds 226,032.00 $ 1,653,199.89 1,194,397.10 1,183,979.00 173,099.04 131,566.01 $ 144,564.87 635,094.66 $ 13,543.50 $ 1,213,975.31 Total Revenues 3,073,628.99 $ 1,488,644.05 $ 144,564.87 $ 635,094.66 $ 13,543.50 $ 1,213,975.31 l;XPENPITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Community Service Operations $ 3,298,745.68 493,989.22 378,971.38 194,976.72 230,921.56 186,624.68 144,203.98 466,383.32 $ 55,013.42 8,421.54 39,211.55 23,444.50 41,017.34 797.00 805.99 13,543.50 $ 1,109,945.16 2,567.46 10,419.50 72,118.85 18,924.34 TalalExpenditures $ 3,298,745.68 $ 1,485,483.56 $ 144,203.98 $ 635,094.66 $ 13,543.50 $ 1,213,975.31 Excess of Revenues over (under) Expenditures $ -225,116.89 $ 3,160.49 $ 360.89 $ 0.00 $ 0.00 $ 0.00 QTt:!~R FINANCING l!Ql.!R!:;El! Operating Tra..- In 3,866.94 Exeess of Revenues and Other Financing Sources over (undef) Expenditures -221,249.95 $ 3,160.49 $ 360.89 $ 0.00 $ 0.00 $ 0.00 FUNP ~ C E !!UL::! 1 699,545.22 24,033.83 1,406.84 0.00 0.00 0.00 Food lnvenloly- Nat Change in Period Donated CommodPurchased Food Residual Equity Transfer -4,175.24 9,679.99 -1,767.73 EUNQ ~~E JUNl.i 30 483,800.02 $ 27,194.32 $ 0.00 $ 0.00 $ 0.00 $ 0.00 See notes to the general purpose financial statements. -22- EXHIBIT"P SECONDARY EDUCATION ACT TITLEII- EISENHOWER CHAPTER2 MATHEMATICS BLOCK GRANT AND SCIENCE FLOW THROUGH EDUCATION INDIVIDUALS WITH DISABILmEs EDUCATION ACT TITLEVl,B FLOW PRESCHOOL THROUGH PROGRAM JOB TRAINING PARTNERSHIP ACT TOTALS YEAR ENDED JUNE 30, 1994 JUNE 30, 1993 s2.n1.ss $ s2.n1.ss $ 36,201.16 $ 36,201.16 $ 498,078.69 $ 498,078.69 $ 111,157.53 $ 111,157.53 $ 161,052.92 2,045,105.66 $ 3,913,079.60 1,470,527.98 1,385,009.00 3,749,532.05 1,338,076.94 161,052.92 $ 7,428,713.24 $ 6,472,617.99 52,530.66 240.90 52,771.56 $ 36,493.51 57.64 36,551.15 $ 67,959.97 $ 386,559.78 4,124.92 11,162.08 980.94 7,223.85 18,792.00 1,275.15 498,078.69 $ 12,833.21 $ 66,556.63 444.84 11,238.35 41.50 1,251.00 18,792.00 111,157.53 $ 160,255.79 $ 2,377,440.63 $ 2,146,019.55 564.00 233.13 889,666.67 254,881.03 39,211.55 326,303.38 233.13 211,091.62 49,492.19 18,924.34 38,381.00 3,299,551.87 145,479.13 766,471.88 67,579.43 327,415.31 86,980.05 14,106.90 18,196.84 12,932.00 2,868,664.70 92,073.02 161,052.92 $ 7,650,658.74 $ 6,400,439.68 o.oo $ -349.99 $ 0.00 $ 0.00 $ 0.00 $ -221,945.50 $ 72,178.31 0.00 $ 0.00 -349.99 $ 349.99 0.00 $ 0.00 o.oo $ 0.00 3,866.94 41,273.45 0.00 $ -218,078.56 $ 113,451.76 0.00 725,335.88 637,618.89 -4,175.24 9,679.99 -1,767.73 -27,235.47 1,500.70 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 510,994.34 $ 725,335.88 -23- CARROLL COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30 1994 ASSETS Cash and Cash Equivalents Accounts Receivable REGULAR PROJECT 91/91 S-622-007 GEORGIA PROJECT 95/94S-622-005 $ 407,397.04 $ 0.00 $ 126,317.41 Total Assets $ 407,397.04 $ 0.00 $ 126,317.41 LIABILITIES AND FUND EQUITY LIABILITIES Contracts Payable Retainages Payable Total Liabilities FUND EQUITY Fund Balances Reserved For State Capital Outlay Projects Unreserved Undesignated Total Fund Equity $ 407,397.04 $ $ 407,397.04 $ $ 0.00 0.00 $ 126,317.41 0.00 126,317.41 Total Liabilities and Fund Equity $ 407,397.04 $ 0.00 $ 126,317.41 See notes to the general purpose financial statements. -24- EXHIBIT"G" STATE FINANCING AND INVESTMENT COMMISSION PROJECT PROJECT PROJECT 95/948-622-006 95/94S-622-007 95/948-622-008 PROJECT 95/94S-622-009 TOTALS JUNE 30, 1994 JUNE 30, 1993 $ 770,254.13 $ 1,303,968.58 $ 55,550.91 $ 83,798.10 $ 155,200.84 $ 144,863.66 18,124.96 401,987.56 $ 83,798.10 $ 155,200.84 $ 144,863.66 $ 788,379.09 $ 1,705,956.14 $ 55,550.91 $ 30,719.50 $ 57,300.75 $ 18,879.97 $ 196,457.43 $ 303,357.65 $ 729.28 14,449.06 22,252.15 17,236.52 21,828.62 75,766.35 37,323.96 $ 45,168.56 $ 79,552.90 $ 36,116.49 $ 218,286.05 $ 379,124.00 $ _ _3"-'8"-0, ~5~3.""2~4 $ 38,629.54 $ 75,647.94 $ 108,747.17 $ 570,093.04 $ 919,435.10 $ 1,946.76 0.00 0.00 0.00 0.00 407,397.04 15,550,91 $ 38,629.54 $ 75,647.94 $ 108,747.17 $ 570,093.04 $ 1,326,832.14 $ _ _1_7~,4_9_7._6_7 $ 83,798.10 $ 155,200.84 $ 144,863.66 $ 788,379.09 $ 1,705,956.14 $==5=5=,5=5=0._9=1 -25- CARROLL COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES CAPITAL PROJECTS FUND YEAR ENDED JUNE 30 1994 REVENUES State Funds Local and other Funds Total Revenues EXPENDITURES Capital Outlay Land and Land Improvements Building and Building Improvements Equipment Total Expenditures Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES (USES) Operating Transfers In Operating Transfers Out Total other Financing Sources (Uses) Excess of Revenues and other Financing Sources over (under) Expenditures and other Financing Uses FUND BALANCE JULY 1 REGULAR PROJECT 91/91 S-622-007 GEORGIA PROJECT 95/94S-622-005 $ $ 402,300.00 $ 402,300.00 $ 0.00 $ 126,317.41 0.00 $ 126,317.41 $ 99,072.73 470,141.42 $ $ 569,214.15 $ $ -166,914.15 $ $ 998.67 998.67 $ -998.67 $ 140,352.48 140,352.48 -14,035.07 $ 558,760.28 $ $ 558,760.28 $ $ 391,846.13 $ 15,550.91 $ -948.09 -948.09 $ 140,352.48 140,352.48 -1,946.76 $ 1,946.76 126,317.41 0.00 FUND BALANCE JUNE 30 $ 407,397.04 $ 0.00 $ 126,317.41 See notes to the general purpose financial statements. -26- EXHIBIT"H" STATE FINANCING AND INVESTMENT COMMISSION PROJECT PROJECT PROJECT 95/94S-622-006 95/94S-622-007 95/94S-622-008 PROJECT 95/94S-622-009 TOTALS YEAR ENDED JUNE 30, 1994 JUNE 30, 1993 $ 83,798.10 $ 155,200.84 $ 144,863.66 $ 18,124.96 $ 528,304.97 $ 15,708.00 402,300.00 $ 83,798.10 $ 155,200.84 $ 144,863.66 $ 18,124.96 $ 930,604.97 $ 15,708.00 $ 99,072.73 $ 72,004.25 $ 153,251.44 $ 237,613.11 $ 181,984.57 $ 236,387.01 1,419,730.03 1,158,641.89 998.67 222,161.01 $ 153,251.44 $ 237,613.11 $ 181,984.57 $ 236,387.01 $ 1,519,801.43 $ 1,452,807.15 $ -69,453.34 $ -82,412.27 $ -37,120.91 $ -218,262.05 $ -589, 196.46 $ -1,437,099.15 $ 108,082.88 $ 158,060.21 $ 145,868.08 $ 788,355.09 $ 1,899,479.02 $ 252,988.29 -948.09 $ 108,082.88 $ 158,060.21 $ 145,868.08 $ 788,355.09 $ 1,898,530.93 $ 252,988.29 $ 38,629.54 $ 75,647.94 $ 108,747.17 $ 570,093.04 $ 1,309,334.47 $ -1,184,110.86 0.00 0.00 0.00 0.00 17,497.67 1,201,608.53 $ 38,629.54 $ 75,647.94 $ 108,747.17 $ 570,093.04 $ 1,326,832.14 $ 17,497.67 -27- CARROLL COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET FIDUCIARY FUND TYPES JUNE 30 1994 EXHIBIT"!" Cash and Cash Equivalents EXPENDABLE TRUST FUND SELF-INSURED EMPLOYEE BENEFIT FUND WORKERS' COMPENSATION FUND AGENCY FUNDS TOTALS JUNE 30, 1994 $ 318,785.36 $ 12,383.60 $ 331168.96 LIABILITIES AND FUND EQUITY LIABILITIES Funds Held for Others FUND EQUITY Fund Balances Unreserved Undesignated $ $ _ _-'3-'-18-'-',7'-'8'--'5~.3~6 12,383.60 $ 12,383.60 0.00 318,785.36 Total Liabilities and Fund Equity $ 318,785.36 $ 12,383.60 $==3=3=1,=16=8=.9=6 See notes to the general purpose financial statements. -28- CARROLL COUNTY BOARD OF EDUCATION COMBINlt:,!G STATEMENT OF CHANGES IN ASSETS AND LIABILITIES FIDUCIARY FUND TYPE - AGENCY FUNDS YEAR ENDED JUNE 30 1994 EXHIBIT"J" SPECIAL ACTIVITIES ACCOUNT ASSETS Cash BALANCE JULY 1 1993 ADDITIONS DEDUCTIONS BALANCE JUNE 30 1994 $ 415.53 $ 2,810.00 $ 2,795.92 $ 429.61 LIABILITIES Funds Held for Others $ 415.53 $ 2,810.00 $ 2,795.92 $ 429.61 QUINTON PRINCE SCHOLARSHIP FUND ASSETS Cash $ 11,444.39 $ 1,009.60 $ 500.00 $ 11,953.99 LIABILITIES Funds Held for Others $ 11,444.39 $ 1,009.60 $ 500.00 $ 11,953.99 TOTALS -AGENCY FUNDS ASSETS Cash $ 11,859.92 $ 3,819.60 $ 3,295.92 $ 12,383.60 LIABILITIES Funds Held for Others $ 11,859.92 $ 3,819.60 $ 3,295.92 $ 12,383.60 See notes to the general purpose financial statements. -29- QARROLI QO!,!NTY ;!Ql',BQ QE EQUQATION l,CHEQ!.!LF QF FEQ!aRAL EINA!:jQIAL ASSll,TANQE Yi;AR ENDED J!,!NE 30 1994 SCHEDULE "1" FUNDING AGENCY PROGRAM/GRANT CFDA NUMBER AWARDS IN PERIOD FEDERAL FUNDS RECEIVED IN PERIOD(NET OF REFUNDS) FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD Agriculture, U. S. Department of Through Georgia Department of Education Food and Nutrition Program Child and Adult care Food Program 1994 Contract Food Services School Breakfast Program 1994Grant National School Lunch Program 1993 Grant 1994 Grant Food Distribution Program (1) 10.558 $ 22,940.95 $ 22,940.95 $ 22,940.95 $ 22,940.95 10.553 10.555 10.555 10.550 291,046.39 1,112,860.15 226352.40 285,183.95 9,040.67 1,083,489.10 NIA 291,046.39 1,112,860.15 226,352.40 (2) 3,049,452.53 (3) 226352.40 Total U. S. Department of Agriculture 1 653199.89 $ 1 400 654.67 $ 1653199.89 3298745.88 Education, U. S. Department of Through Georgia Department of Education Elementary and Secondary Education Act Chapter 1 Education of Children in State Schools 1993 Regular 1993 carry-Over 1994Regular Severely Emotionally Disturbed 1994Regular Education of Deprived Children 1993 Regular 1993 carry-a1994Regular State Program Improvements 1992 carry-a1993Regular Chapter 2 Block Grant - Flcr.Y Through 1993 Regular 1993 Corry-Over 1994Regular Innovative Programs 1993Regular Title II Eisenhower Mathematics and Science Education 1993Regular 1994Regular Individuals with Disabilities Education Act TllieVl,B Flcr.YThrough 1993Regular 1993 Carry-OVer 1994Regular Preschool Program 1993Regular 1993 Carry-over 1994Regular Severely Emotionally Disturbed 1993 carry-Over 1994Regular 84.009 84.009 $ 84.009 $ 1,791.00 12,036.00 84.009 1,770.00 84.010 84.010 84.010 153,790.00 1,094,473.00 84.218 84.218 84.151 84.151 84.151 84.151 59.00 69,441.00 84.164 84.164 36,392.00 84.027 84.027 84.027 84.173 84.173 84.173 84.027 84.027 123,074.00 513,776.00 56,899.00 112,065.00 77,329.00 107,815.00 1,997.43 1,791.00 $ 9,607.95 1,791.00 $ 11,752.50 1,770.00 1,770.00 145,732.50 153,790.00 882,775.00 153,790.00 1,060, 185.31 -632.65 -3,382.41 1,791.00 11,752.50 1,770.00 153,790.00 1,060,185.31 1,440.37 59.00 54,137.86 15,110.78 59.00 52,712.56 12,192.84 59.00 52,712.56 12,134.60 (3) 17,416.03 29,101.97 3,764.00 32,437.16 4,113.99 32,437.16 64,439.55 123,074.00 310,403.00 6,193.78 56,899.00 52,213.00 77,329.00 95,000.00 123,074.00 375,004.69 56,899.00 54,258.53 77,329.00 94,000.04 123,074.00 375,004.69 56,899.00 54,258.53 77,329.00 94,000.04 - 30 - CARROU COUNTY BOARD Of fDUCATION SCHEDUl E OF FEDERAL FINANCIAL ASSISTANCE YEAR ENDED JUNE 30 1994 SCHEDULE "1" FUNDING AGENCY PROGRAM/GRANT CFDA ~ Education, U. S. Department of Through Georgia Department of Education Vocational Education Basic Grants to States High School Program Basic Grant 1994Grant Community Based Organizations Vocational Educational Support Program 1993 Contract 1994 Contract Tech-Prep Education 1994Granl 84.048 84.174 84.174 84243 AWARDS IN PERIOD FEDERAL FUNDS RECEIVED IN PERIOD (NET OF REFUNDS) FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD 149,229.77 $ 15,000.00 30062.51 149,229.77 $ 149,229.77 335.31 12,682.01 30 062.51 12,879.12 $ 30 062.51 (4) 12,879.12 (1l Total U.S. Department of Education $ 2555 002.28 2 288 575.76 $ 2 303191.03 $ 2124190.50 Labor, U.S. Department of Through Griffin Regional Educational Service Agency Job Training Partnership Act 92-02-EEP-003 92-02-YCP-002 93-IIC-BS-PWM-04 IIB-SPR-93-001 IIC-EEP-93--002 17.250 17.250 17.250 17.250 17.250 $ 25,535.32 7,184.08 128333.52 22,947.80 18,052.75 19,183.34 $ 7,184.08 117646.14 25,535.32 $ 7,184.08 128 333.52 25,535.32 7,184.08 128333.52 Total U. S. Department of Labor $ 161 052.92 $ 185 014.11 $ 161 052.92 $ 161 052.92 Total Federal Financial Assistance $ 4 369255.09 $ 3 874 244.54 $ 4117 443.84 $ 5583989.30 Major Programs are Identified by an asterisk (") in front of the CFDA number. (1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. (2) Expenditures for the School Breakfast Program were not maintained separately and are included in the 1994 National School Lunch Program. (3) Expenditures for this program include State, and/or Local and other Funds. Expenditures are not maintained by fund source. (4) Expenditures on this program were not maintained by fund scuroe. See notes to the general purpose financial statements. 31 CARROLL COUNTY BOARD OF EDUCATION ANALYSIS OF CASH AND CASH EQUIVALENTS JUNE 30 1994 SCHEDULE ''2'' INTEREST BEARING ACCOUNTS Carrollton Federal Bank, Carrollton, Georgia Certificate of Deposit No. 2100000132 (4.15%) Certificate of Deposit No. 2900050380 (4.98%) Passbook Savings Account (3.00%) Citizens Bank and Trust, Carrollton, Georgia Certificate of Deposit No. 22074 (3.73%) N.O.W. Account (2.53%) Southtrust Bank of Georgia, NA, Atlanta, Georgia N.O.W. Account (4.40%) Trust Company Bank, Atlanta, Georgia Money Market Account (2.68%) West Georgia National Bank, Carrollton, Georgia Money Market Account (2.76%) N.O.W. Account (2.57%) N.O.W. Accounts (5.49%) OTHER Petty Cash $ 10,000.00 10,256.43 7,197.72 52,470.00 519,246.62 8,265,934.17 1,650.10 48,837.37 140,304.51 493,188.54 $ 9,549,085.46 60.00 $ 9,549,145.46 See notes to the general purpose financial statements. - 32 - CARROLL COUNTY BOARD OF EDUCATION INVESTMENTS JUNE 30 1994 U. S. GOVERNMENT OBLIGATIONS Southtrust Securities, Incorporated Birmingham, Alabama U.S. Treasury Bill No. 912794S47 due June 1, 1995 (5.074%) SCHEDULE "3" $ 1,363,808.88 See notes to the general purpose financial statements. - 33 - CARROLL COUNTY BOARD OF EDUCATION ACCOUNTS RECEIVABLE JUNE 30 1994 SCHEDULE "4" GENERAL FUND GOVERNMENTAL FUND TYPES SPECIAL CAPITAL REVENUE PROJECTS FUND FUND DEBT SERVICE FUND TOTAL Carroll County Tax Commissioner County Wide Bond Tax County Wide School Tax $ 224,961.53 $ 711.01 $ 711.01 224,961.53 Education, Georgia Department of Food Services School Breakfast Program National School Lunch Program Vocational Education Community Based Organizations Lottery Programs Computers in Classrooms Distant Learning Media Center and Library Equipment Federal Programs ESEA - Chapter 1 Education of Children in State Schools Education of Deprived Children ESEA-Trtlell Individuals with Disabilities Education Act- Trtle VI, B Flow Through Preschool Program $ 5,862.44 29,371.05 197.11 2,898.78 8,938.77 8,376.07 2,145.30 179,235.75 3,335.19 64,601.69 3,354.00 5,862.44 29,371.05 197.11 2,898.78 8,938.77 8,376.07 2,145.30 179,235.75 3,335.19 64,601.69 3,354.00 Georgia State Financing and Investment Commission Reimbursement on Construction Projects $ 401,987.56 401,987.56 Griffin Regional Educational Service Agency Job Training Partnership Act 17,039.36 17,039.36 $ 225,158.64 $ 325,158.40 $ 401,987.56 $ 711.01 $ 953,015.61 See notes to the general purpose financial statements. - 34 - CARROLL COUNTY BOARD OF EDUCATION DEBT SERVICE REQUIREMENTS TO MATURITY JUNE 30 1994 SCHEDULE "5" PAYMENTS DUE IN FISCAL YEAR ENDING JUNE 30 1995 1996 1997 1998 1999 TOTAL DEBT SERVICE 1974 ISSUE (*l INTEREST PRINCIPAL $ 53,468.75 $ 473,162.50 464,887.50 435,887.50 305,693.75 53,468.75 93,162.50 $ 64,887.50 35,887.50 10,693.75 380,000.00 400,000.00 400,000.00 295,000.00 $ 1,733,100.00 $ 258,100.00 $ 1,475,000.00 (*) Principal and Interest due July 1, 1994, was paid prior to June 30, 1994, and has been excluded from this schedule. CHANGES IN GENERAL LONG-TERM DEBT Bonds Payable at July 1, 1993 Bonds Retired During Period $ 1,835,000.00 360,000.00 Bonds Payable at June 30, 1994 $ 1,475,000.00 MATURITY DATES Semi-Annual Interest Payment Dates Annual Debt Retirement Date JAN 1-JUL 1 JUL 1 See notes to the general purpose financial statements. - 35 - CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30 1994 SCHEDULE"S" AGENCY/FUNDING GRANTS Education, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost Pupil Transportation Regular Bus Replacement Middle School Incentive Special Instructional Assistance In-School Suspension Mid-term Adjustment - 1993 Fiscal Year Local Fair Share Educational Equalization Funding Grant Food Services Vocational Education Other State Programs Mentor Teacher Program Preschool Handicapped Program Severely Emotionally Disturbed Special Education Low Incidence Grant Supervision and Assessment of Student and Beginning Teachers and PerformanceBased Certification Teachers' Retirement Lottery Programs Algebra Classrooms Computers in Classrooms Distant Leaming Media Center and Library Equipment Pre-Kindergarten Program sate Schools Grant Financing and Investment Commission, Georgia State Reimbursement on Construction Projects Georgia Public Telecommunication Commission Lottery Program Distant Leaming GOVERNMENTAL FUND TYPES SPECIAL CAPITAL GENERAL REVENUE PROJECTS FUND FUND FUND $ 17,039,688.00 4,286,926.00 540,950.00 759,167.00 259,945.00 5,244,093.00 1,244,353.00 318,504.00 156,754.00 1,075,807.00 232,773.00 37,838.00 -2,630,174.00 2,980,313.00 $ 52,893.62 226,032.00 12,960.00 124,483.00 23,634.00 1,183,979.00 20,300.00 20,389.28 3,247.50 226,163.88 8,938.77 39,211.55 271,905.00 61,952.96 $ 528,304.97 23,675.00 TOTAL 17,039,688.00 4,286,926.00 540,950.00 759,167.00 259,945.00 5,244,093.00 1,244,353.00 318,504.00 156,754.00 1,075,807.00 232,773.00 37,838.00 -2,630,174.00 2,980,313.00 226,032.00 52,893.62 12,960.00 124,483.00 1,183,979.00 23,634.00 20,300.00 20,389.28 3,247.50 226,163.88 8,938.77 39,211.55 271,905.00 61,952.96 528,304.97 23,675.00 $ 31,801 596.90 $ 2 045,105.66 $ 528,304.97 $ 34,375 007.53 See notes 1D the general purpose financial statements. - 36 - !,ARROLL !:,O!,!NTY llQABQ QF ~Q!,!!,ATIQN SQ!:JEQULE OF LOCAi AND QT!jl;;R B~Vf:!jUE YEAR ENDED J!,!NE 30 1994 SCHEDULE'7" Taxes County Wide Bond Tax County Wode School Tax Railroad ca, Tax Real Estate Transfer Tax Other Interest Earned Parking Fees Reimbursements For Salaries Local School Supplements Rents Sales Breakfast Lunches School Assets Tumon Other GENERAL FUND GOVERNMENTAL FUND TYPES SPECIAL CAPITAL REVENUE PROJECTS FUND FUND DEBT SERVICE FUND FIDUCIARY FUND TYPE EXPENDABLE TRUST FUND TOTAL 12,671,472.07 10,551.99 54,448.30 $ 3,065.43 $ 3,065.43 12,671,472.07 10,551.99 54,448.30 291,684.28 $ 20,550.50 21,515.76 61,322.77 $ 8,738.72 383,261.53 20,550.50 130,544.56 45,600.00 16,306.05 21,685.14 35,176.24 27,79421 1,141,268.06 $ 144,564.87 135,385.08 402,300.00 675.00 130,544.56 45,600.00 27,794.21 1,141,268.06 418,606.05 166,250.01 171,236.32 $ 13,298,019.13 $ 1,470,527.98 $ 402,300.00 $ 64,388.20 $ 9,413.72 $ 15,244,649.03 See notes to the general purpose financial statements. 37 CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30 1994 SCHEDULE "8" EXPENDITURES Operating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Compensation and Travel of Board Members Water, Sewer and Cleaning Services Repair and Maintenance Services Rents Property Services Insurance Communications Tuition Commodity Hauling Shared Services Other Purchased Services Supplies Energy Food Usage Books, Textbooks and Periodicals Dues and Fees Other Expenditures Nonoperating Costs Building and Building Improvements Equipment Total Expenditures GENERAL FUND SPECIAL REVENUE FUND TOTAL $ 28,170,937.75 $ 3,611,725.36 $ 31,782,663.11 7,539,186.95 958,286.88 8,497,473.83 64,987.80 37,929.08 102,916.88 315,920.82 161,080.46 477,001.28 16,656.51 16,656.51 153,573.85 7,112.50 160,686.35 157,230.20 66,933.76 224,163.96 118,636.16 240.00 118,876.16 3,939.52 3,939.52 150,220.00 150,220.00 85,479.36 15,286.81 100,766.17 5,414.00 5,414.00 15,655.12 15,655.12 100,371.38 100,371.38 114,848.21 40,287.22 155,135.43 1,488,658.80 505,939.57 1,994,598.37 1,284,798.50 47,949.83 1,332,748.33 1,604 ,669.27 1,604,66927 264,190.40 16,523.26 280,713.66 46,856.36 2,912.50 49,768.86 29,165.50 80,749.08 109,914.58 42,298.00 902,828.85 477,378.04 42,298.00 1,380,206.89 $ 41,056,198.92 $ 7,650,658.74 $ 48,706,857.66 See notes to the general purpose financial statements. - 39 - CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT LOTTERY PROGRAMS YEAR ENDED JUNE 30 1994 EXPENDITURES Operating Costs Salaries Employee Benefits Travel of Employees Other Purchased Services Supplies Energy Books, Textbooks and Periodicals Dues and Fees Other Expenditures Nonoperating Costs Equipment Total Expenditures ALGEBRA CLASSROOMS COMPUTERS IN CLASSROOMS DISTANT LEARNING $ 3,247.50 $ 46,344.78 $ 8,938.77 179,819.10 $ 3,247.50 $ 226,163.88 $ 8 938.77 See notes to the general purpose financial statements. - 40 - SCHEDULE "9" MEDIA CENTER AND LIBRARY EQUIPMENT PRE-KINDERGARTEN PROGRAM SAFE SCHOOLS GRANT G.P.T.C. DISTANT LEARNING TOTAL $ $ 15,514.49 23,697.06 $ 39,211.55 $ 126,061.92 31,281.15 5,321.77 757.95 $ 72,596.36 1,136.40 6,735.75 832.50 2,531.20 19,194.00 42,758.96 $ 126,061.92 31,281.15 5,321.77 19,951.95 189,400.86 1,136.40 6,735.75 832.50 2,531.20 24,650.00 $ 23,675.00 251,841.16 271,905.00 $ 61,952.96 $ 23,675.00 $ 635,094.66 - 41 - CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT FIDUCIARY FUND TYPE - EXPENDABLE TRUST FUND YEAR ENDED JUNE 30 1994 SCHEDULE "10" EXPENDITURES Operating Costs Professional and Technical Services Insurance Workers' Compensation Claims Other Expenditures Total Expenditures $ 5,325.00 37,532.00 36,096.61 1,674.75 $ =====8=0,~62:;,;8;;;.3;;;;,,6 See notes to the general purpose financial statements. - 42 - CARROLL COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30 1994 SCHEDULE "11" Minimum Expenditure Requirements (Total Allotment) Expenditures on Combined Program Basis Salaries Operations Less: Expenditures for Media Center Programs in Excess of Total Media Allotment Expenditures for Staff Development Programs in Excess of Total Staff Development Allotment for: Cost of Instruction Expenditures per Audit Amount of Underexpenditure for Total Allotment THIRTEEN WEIGHTED AND MEDIA CENTER PROGRAMS STAFF DEVELOPMENT PROGRAM $ 22,626,731.00 $ 259,945.00 $ 25,426,893.43 1,450,704.71 $ $ 26,877,598.14 $ 259,945.00 259,945.00 -334,545.24 $ 26,543,052.90 $ -33,396.16 226,548.84 $ 0.00 $ 33,396.16 See notes to the general purpose financial statements. - 43 - CARROi I CQLJNTY BQARQ Of f[")l JQATIQN ANAi vs1s 9E uINIMI ,u EXPENPITIJRE Rfg111BE""FNTS - ex PBQGRAM GNfRAI FLJND -QUA\ ITY 9ASIQ fQI IQATIQN PROORAMS YEAR fNDf;P JUNE 30 1994 GfNfRAL AND CARfl;R l;OUCATJQN PROGRAMS Kindergarten (1 Grades 1 3 (1 Sub-Total - K--3 Grades 4 - 5 (1 Grades 6- 8 (") Grades 9-12 (1 H~h School LaboralO