AUDIT REPORt DADE COUNTY BOARD OF EDUCATION TRENTON, GEORGIA YEAR ENDED JUNE 30, 1998 DADE COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS- SECTION I FINANCIAL INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS EXIDBITS GENERAL PURPOSE FINANCIAL STATEMENTS COMBINED STATEMENTS - OVERVIEW A COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP 2 B COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES 4 C COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (NON-GAAP BASIS) "GENERAL AND SPECIAL REVENUE FUNDS 7 D NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 8 ADDmONAL FINANCIAL INFORMATION COMBINING STATEMENTS SPECIAL REVENUE FUND E COMBINING BALANCE SHEET 20 F COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 21 DEBT SERVICE FUND G COMBINING BALANCE SHEET 22 H COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 23 SCHEDULES 1 SCHEDULE OF REQUIRED SUPPLEMENTARY INFORMATION 24 2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 25 3 SCHEDULE OF STATE REVENUE 27 4 SCHEDULE OF APPROVED WCAL OPTION SALES TAX PROJECTS 28 5 SCHEDULE OF EXPENDITURES LOTTERY PROGRAMS 29 DADE COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS- SECTION I FINANCIAL ADDmONAL FINANCIAL INFORMATION SCHEDULES ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS 6 OVERALL 31 7 BY PROGRAM 32 SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITII GOVERNMENT AUDITING STANDARDS REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITII OMB CIRCULAR A-133 SECTION ill 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 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 May 7,1999 Honorable Roy E. Barnes, Governor Members ofthe General Assembly Members of the State Board of Education and Superintendent and Members ofthe Dade County Board ofEducation INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATIONSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS Ladies and Gentlemen: We have audited the accompanying general purpose financial statements of the Dade County Board of Education, as of and for the year ended June 30, 1998, as listed in the table of contents. These general purpose financial statements are the responsibility of the Dade County Board of Education's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the 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 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. 98ARL-13B 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, 1998, a portion of salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 1998. Also funds received, subsequent to June 30, 1998, from the Georgia Department ofEducation for the State's share ofthese 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, 1997, were improperly recorded in the year ended June 30, 1998. 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 referred to above present fairly, in all material respects, the financial position ofthe Dade County Board ofEducation as ofJune 30, 1998, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued our report dated May 7, 1999, on our consideration of the Dade County Board ofEducation's internal control over fln8ncial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. The year 2000 supplementary information on Schedule "1" is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation ofthe supplementary information. However we did not audit the information and do not express an opinion on it. In addition, we do not provide assurance that Dade County Board of Education is or will become year 2000 compliant, that the Board's year 2000 remediation efforts will be successful in whole or in part, or that parties with which Dade County Board ofEducation does business are or will become year 2000 compliant. Our audit was performed for the purpose of forming an opinion on the general purpose financial statements ofthe Dade County Board ofEducation taken as a whole. The accompanying combining statements (Exhibits E through H) and the financial schedules (Schedules 2 through 7), 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 ofadditional analysis and are not a required part of the general purpose fmancial statements. Such information has been subjected to the auditing procedures applied in the audit of the 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. 98ARL-13B A copy of this report has been filed as a pennanent record in the office of the State Auditor and made available to the press ofthe State, as provided for by Official Code of Georgia Annotated Section 50-6-24. Respectfully submitted, ~W. AccIUed Interest on Bonds Sold Proceeds from General Obligation Bonds Par Value DIsCOU'lt on Bonds Sold Payment to Bond. Escrow Agent Capllal Leases 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 Food Inventory - Net Change in Period Donated Commodities Purchased Food Residual Equity Transfer FUND BALANCE JUNE 30 The notes to the general purpose financial statements are an integral part of this statement. -4- GENERAL FUND SPECIAL REVENUE FUND $ 9,125,494.81 $ 20,191.17 2:244,858.48 175,585.87 $ 11 ,588.130.33 635,398.73 1,132,029.25 437,179.59 2,204,607.57 7,811,413,08 $ 412,871.08 431,927.07 367,231.11 227,332.63 817,591.58 60,722.14 1,024,054.51 590,384.63 5,940.00 892.65 45,158,10 63,407.47 6,113.42 937,185.65 284,670.83 3,905.92 16,295.70 7,038.22 881.20 951,847,89 $ 11,885,037.48 $ $ -298907.15 $ 2181825.41 22,782.16 178,122,00 -4577.55 $ 173544,45 $ -125,382.70 577,298.48 42,397.08 4,5n.55 4577,55 27,359.71 87,951.66 5,513.66 -890.25 $ 494,332.84 $ 119,934.78 EXHIBIT"B" CAPITAL PROJECTS FUND DEBT SERVICE FUND TOTALS (Memorandum Only) YEAR ENDED JUNE 30 1998 JUNE 30, 1997 $ 231637,79 $ 231,637,79 $ 1,482,073,96 14,675,75 1,496 749.71 $ 9,760,893,54 S 1,152,220,42 3,726,932,44 859079,00 15,499,125.40 8,_,442,33 965,657,59 2,689,915,10 649,252,31 13,273,267,33 S 1,418.89 1,832,754,64 1 834 173.53 $ -1 602,535,74 $ 300,000.00 216,658.25 1,111,20 517,767.45 S 978982.26 S 8,748,598.73 S 6n,541.92 435.832.99 367.231.11 243.628.33 817.591.58 62,141.03 1.024,054.51 597,422.65 5,940,00 1,n3.85 951,647.89 1,8n,910,74 363,407,47 222,769,67 1111.20 16398803,87 $ -899,678,47 $ 7.950.878.58 435.753.02 383.096.71 358.694.28 263.118.91 683,619.78 205,482.61 1,107,433.53 424,758.87 6.330,00 33,605.70 905,355,11 71,423,92 234,199,25 76,480,99 2,596.00 13,140.787.26 132.460.07 -1.602.535,74 S 5,748,687.27 17,653.47 S 178,122.00 4,en,55 "",en.55 6.625,000.00 -9,167.75 -948,195,11 655.832,00 -855832,00 S 178,122,00 S 5685,270.61 978,982.26 $ 43.838.29 -721,558,47 S 6,455,975.70 5,817.750,68 634,931.68 -42397,06 5,513.66 -890,25 0.00 3,061.67 231,67 S 4.144,351.53 980423.49 S 5 739.042.64 S 6,455,975.70 -5- DADE COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL - (NON-GMP BASIS) GENERAL AND SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30 1998 EXHIBIT"C" GENERAL FUND ACTUAL (BUDGET BUDGET BASIS) REVENUES State Funds Federal Funds Taxes QtherFunds $ 8,725,851.00 $ 9,125,494.81 20,191.17 2,256,554.00 2,244,858.48 11,000.00 175,585.87 Total Revenues $ 10,993,405.00 11,566.130.33 EXPENDITURES Current Instruction Support services Pupil Services Improvement o( 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 5ervIces Operation Capital Outlay Debt service $ 7,665,497.00 $ 7,811,413.08 374,816.00 369,622.00 383,743.00 233,504.00 726,620.00 60,562.00 1,044,877.00 , 458,482.00 5,940.00 38,170.00 412,871.09 431,927.07 367,231.11 227,332.63 817,591.58 60,722.14 1,024,054.51 590,384.63 5,940.00 892.65 45,156.10 69.520.89 Total Expenditures 11,362,033.00 $ 11,865,037.48 Excess of Revenues over (under) Expend~ures -368,628.00 $ -298,907.15 OTHER FINANCING SOURCES (USES) Other Sources Other Uses Total Other Financin9 Sources (Uses) $ 178,122.00 "",5n.55 $ 173,544.45 Excess of Revenues and Other Finandng Sources over (under) Expendituras and Other Financin9 Uses $ -368,628.00 $ -125,362.70 FUND BALANCE JULY 1 1997 491,629.11 5n,298.48 Residual Equ~ Transler 42,397.06 FUND BALANCE JUNE 30 1998 123,001.11 494,332.84 SPECIAL REVENUE FUND ACTUAL (BUDGET BUDGET BASIS) 486,722.00 894,188.92 393.290.15 $ 1,n4,201.07 635,398.73 1,132,029.25 437,179.59 2.204.607.57 $ 849,373.00 23,873.00 21,450.00 17,310.00 937,185.65 284,670.83 3,905.92 16,295.70 8,950.00 831,09126 7,038.22 881.20 951,847.89 $ 1,752,047.26 $ 2.181,625.41 22,153.81 $ 22,782.16 $ 22,153.81 86,307.40 4,577.55 4.577.55 27,359.71 65,067.06 108,461.21 $ 92,426.n The notes to the general purpose financial statements are an integral part of this statement. -7- DADE COUNTY BOARD OF EDUCAnON EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1998 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES REPORTING ENTITY The Dade County Board of Education (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. 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 Board is a primary government and consists of all the organizations that compose its legal entity. 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. Although "school activity accounts" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. . The general purpose financial statements account for all State, Federal, Taxes and Other funds under control of the 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 ofa Board's educational activities. Governmental Fund Types include: GENERAL FUND - the fund used to account for all financial resources ofthe Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. SPECIAL REVENUE FUND - the fund used to account for the proceeds ofspecific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department of Education and from the Federal government to accomplish specific educational objectives. - 8- DADE COUNTY BOARD OF EDUCAnON EXIllBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30.1998 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CAPITAL PROJECTS FUND - the fund used to account for fmancial 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, generailong-terrn principal, interest and paying agent fees. ACCOUNT GROUP GENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding and material capital lease obligations. BASIS OF ACCOUNTING The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements 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 of available spendable resources. Liabilities which are expected to be fmanced 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. Governmental funds are accounted for using the modified accrual basis ofaccounting 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 ofthe current period. Those revenues considered susceptible to accrual are property taxes, local option sales taxes, intergovernmental grants and' investment income. Expenditures are generally recognized when the related fund liability is incurred. A departure from the above definitions is the accounting treatment afforded the fmal two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share of these contracts. During fiscal year 1998, a substantial number of personnel ofthe Board were employed for a one hundred and ninety day period beginning in late August 1997 and ending in early June 1998. Personnel contracts for this. employment period specifY that compensation be paid in twelve equal monthly payments beginning in September 1997 and ending in August 1998. State grants to fund the State's share ofthese contracts were disbursed from the Georgia Department of Education -9- DADE COUNTY BOARD OF EDUCAnON EXHIBIT "0" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1998 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES to the Board in the same twelve months. As of June 30, 1998, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 1998, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 1998. Also, the State's portion ofthe compensation paid in July and August 1998 was received and recorded as revenue in the fiscal year subsequent to June 30, 1998. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1997, were recorded in the year ended June 30, 1998. 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. BUDGET The Dade County Board ofEducation's budget is a complete financial plan for the Board's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level ofbudget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. The budget process begins when the Board's administration prepares a tentative 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 circu1ation in the locality. At the next regular meeting ofthe Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a fina1 school budget. This final budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 20-2-167, to the Georgia Department ofEducation. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. The Statement ofRevenues, Expenditures and Changes in Fund Balances - Budget and Actual presents actual and budgeted data for the General Fund and Special Revenue Fund. To facilitate comparison with the budget, the following adjustments have been made to fund balance as reflected on Exhibit "B" of this report: - 10- DADE COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30,1998 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Special Revenue Fund FUND BALANCE JULY 1, 1997 $ 87,951.66 Adjustments Inventories - July 1, 1997 Food Donated Commodities Purchased Foods -13,080.69 -9,803.91 Fund Balance July 1, 1997 (Budget Basis) $ 65,067.06 Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses 27.359.71 FUND BALANCE JUNE 30, 1998 (Budget Basis) $ 9242677 CASH AND CASH EQUIVALENTS COMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits in authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. INVESTMENTS COMPOSITION OF INVESTMENTS Investments made by the Board in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase 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 Board to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofretum 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, - II - DADE COUNTY BOARD OF EDUCATION EXlllBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1998 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (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 ofTreasury and Fiscal Services, (7) Repurchase agreements, and (8) Obligations of other political subdivisions of the State of Georgia. RECEIVABLES Receivables consist ofgrant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. PROPERTY TAXES The Dade County Board ofCommissioners fixed the property tax levy for the 1997 tax year (calendar year) on October 20,1997 (levy date). Taxes were due on December 20,1997. The lien date for property taxes was January I, 1997, Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1998. The Dade County Tax Commissioner bills and collects the property taxes for the Board ofEducation, withholds 2.5% oftaxes collected as a fee for tax collection and remits the balance of taxes collected to the Board. The tax millage rate levied for the 1997 tax year (calendar year) for the Dade County Board ofEducation was as follows (a mill equals $1 per thousand dollars of assessed value): School Operations ll.2lmills SALES TAXES Special Purpose Lo~al Option Sales Tax is to be used for Capital Outlay for educational purposes and debt service. Special Purpose Local Option Sales Tax revenue during the fiscal year amounted to $1,468,020.76 and was recorded in the Debt Service Fund. The State will terminate collection ofthis tax once an additional $6,431,979.24 has been collected or on June 30, 2002 whichever occurs first. - 12 - DADE COUNTY BOARD OF EDUCATION EXHIBIT "0" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30. 1998 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES INVENTORIES FOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (fIrst-in, first-out). Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time 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 ofthis obligation as this amount is deemed immaterial to the general purpose fmancial statements. Additionally, the dollar value ofaccumulated 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. Bond premiums and discounts, as well as issuance costs, are recognized in the fInancial statements during the year bonds are issued. In addition, general obligation bonds have been issued to refund existing general obligation bonds. General obligation bonds are direct obligations and pledge the full faith and credit ofthe government The outstanding amount ofthese bonds is recorded in the General Long-Term Debt Account Group. INTERFUND TRANSACTIONS The Board has the following types of interfund transactions: Reimbursements of expenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. -13 - DADE COUNTY BOARD OF EDUCATION EXHIBIT "0" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30.1998 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Residual equity transfers are recorded for nonrecurring or nonroutine permanent transfers of equity. Operating transfers are recorded for all interfund transactions other than residual equity transfers and reimbursements. MEMORANDUM ONLY - TOTAL COLUMNS Total columns on the general purpose financial statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results ofoperations 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. Note 2: DEPOSITS 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. The aggregate of the face value of such surety bond and the market value ofsecurities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit 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 anyone ofor any combination of the following: (1) Surety bond signed by a surety company duly qualified and authorized to transact businllss within the State of Goorgia, (2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, (3) Bonds, bills, notes, certificates ofindebtedness or other direct obligations of the United States or of the.State of Georgia, (4) Bonds, bills, notes, certificates ofindebtedness or other obligations ofthe counties or municipalities of the State of Georgia, (5) Bonds of any 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 ofdevelopment authorities created by the laws of the State of Georgia, and - 14- DADE COUNTY BOARD OF EDUCATION EXlllBIT "0" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30.1998 Note 2: DEPOSITS (7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest 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 Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. CATEGORIZATION OF DEPOSITS At June 30, 1998, the bank balances were $6,082,692.80. The amounts of the total bank balances are classified into three categories of credit risk: Category 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the 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, 1998, as follows: Risk Category Bank Balance 1 $ 891,597.16 2 5,191,095.64 3 0.00 Total $ 6 082 692 80 Note 3: NON-MONETARY TRANSACTIONS The Board 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 1 - Inventories Note 4: RISK MANAGEMENT The Board 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; natural disaster and unemployment compensation. - 15 - DADE COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO TIlE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30.1998 Note 4: RISK MANAGEMENT The Board has obtained commercial insurance for risk ofloss associated with torts, assets, errors or omissions and job related illness or injuries to employees. However, the errors or omissions policy excludes coverage for discrimination. The Board has neither significantly reduced coverage for these risks nor incurred losses (sett1ements) which exceeded the Board's insurance coverage in any of the past three years. The Board has elected to self-insure for all losses related to natural disaster. The Board has not experienced any losses related to this risk in the past three years. The Board is self-insured with regard to unemployment compensation claims. The Board accounts for claims within the General Fund with expenditure and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. Changes in the unemployment compensation claims liability during the last two fiscal years are as follows: Beginning of Year Liability Claims and Changes in Estimates Claims Paid End of Year Liability 1997 $ 0.00 $ 2,800.00 $ 2,800.00 $ 0.00 1998 $ 0.00 $ 658.00 $ 658.00 $ 0.00 The Board has purchased a surety bond to provide additional insurance coverage as follows: Position Covered Superintendent $ 50,000.00 NoteS: GENERALLONG-TERMDEBT CAPITAL LEASES The Dade County Board of Education has entered into various lease agreements as lessee for school buses. These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of the future minimum lease payments as of the date of their inception. GENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: Purpose Interest Rates Amount General Government and Refunding - Series 1997 3.9%-4.6% $ 6 325 00000 - 16- DADE COUNTY BOARD OF EDUCAnON EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30,1998 Note5: GENERALLONG-TERMDEBT The changes in General Long-Term Debt during the fiscal year ended June 30, 1998, were as follows: Capital Leases General Obligation Bonds Total Balance July 1,1997 $ 80,405.43 $ 6,625,000.00 $ 6,705,405.43 Additions 178,122.00 178,122.00 Deductions Payments 63.407.47 300,000.00 363.407.47 Balance June 30,1998 $ 195 ))996 $ 6 325 000 00 $652011996 At June 30, 1998, payments due by fiscal year which includes principal and interest for these items are as follows: Fiscal Year Ended June 30 Capital Leases General Obligation Bonds Total Debt 1999 2000 2001 2002 2003 $ 66,597.50 $ 1,565,175.00 $ 1,631,772.50 55,803.31 1,609,075.00 1,664,878.31 40,037.52 1,672,075.00 1,712,112.52 40,037.52 1,875,450.00 1,915,487.52 17,619.47 306.900.00 324.519.47 Total Principal and Interest $ 220,095.32 $ 7028 675 00 $ 7 248 770 32 Deduct: Imputed Interest 24,975.36 Net Present Value of Future Minimum Lease Payments $ 195 ))996 Note 6: PRIOR YEAR DEFEASEMENT OF DEBT In fiscal year 1997, the Board defeased certain general obligation bonds by placing the proceeds ofnew bonds in an irrevocable trust to provide for all future debt service payments on the old bonds. According1y, the trust account assets and the liability for the defeased bonds are not included in the Board's general purpose financial statements. At June 30, 1998, $695,000.00 of bonds are {)utstanding and are considered defeased. - 17- DADE COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30.1998 Note 7: ON-BEHALF PAYMENTS The Board has recognized revenues and expenditures in the amount of$I72,182.05 for health insurance and retirement contributions paid on the Board's behalf by the following State Agencies. Georgia Department ofEducation Paid to the State Merit System of Personnel Administration For Health Insurance ofNon-Certified Personnel In the amount of$141,164.05 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$31,018.00 Note 8: SIGNIFICANT COMMITMENTS The following is an analysis of significant outstimding construction or renovation contracts executed by the Board as ofJune 30, 1998: Unearned Executed Contracts Construction of TransportlMaintenance Building Dade Elementary School Renovations Dade Middle School Renovations Dade Primary School Renovations Davis Elementary School Renovations $ 382,796.22 105,305.54 52,306.00 2,100.00 24,845.00 $ 56735276 The amounts described in this note are not reflected in the general purpose financial statements. Note 9: 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. - 18 - DADE COUNTY BOARD OF EDUCATION EXlllBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30.1998 Note 10: ACCUMULATED EMPLOYEES' LEAVE The Board's professional personnel earn one and one-quarter days ofsick and personal leave each month with a maximum accumulation of65 days. Retiring teachers with 10 or more years ofseIVice in the Dade County School System will receive compensation based on a percentage of unused sick and personal leave at their current rate of pay, up to the maximum of 45 days. See Note 1 - Compensated Absences Note 11: 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 Board who are covered by TRS are required by State statute to contribute 5% oftheir gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.81% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: Fiscal Year Percentage Contributed Required Contribution 1998 100% $ 919,009.61 1997 100% $ 840,607.79 1996 100% $ 765,459.78 - 19 - DADE COUNTY BOARD OF EDUCATION COMBINING BAlANCE SHEET SPECIAL REVENUE FUNp JUNE 30 1998 EXHIBIT"E" ~ Cash and Cash Equivalents Accounts Receivable Inventories Food Donated Commodities Purchased Food Total Assets SCHOOL FOOD SERVICES ~ LOTTERY PROGRAMS $ 133,368.09 $ 32,589.58 FEDERAL PROGRAMS TOTALS JUNE 30, 1998 JUNE 30, 1997 165,957.67 $ 179,960.04 9,381.55 48,444.00 $ 122,529.27 180,354.82 184,492.81 18,594.35 8,913.66 18,594.35 8,913.66 13,080.69 9,803.91 $~$ 81,033.58 $ 122,529.27 $ 373,820.50 $ 387,337.45 UABILITIES AND FUND EQUax LIABIUTIES cash Overdraft Accounts Payable Salaries Payable Total Liabilities FUND EQUITY Fund Balances Reserved For Continuation of Federal Programs For Inventories Food Donated Commodtties Purchased Food Unreserved Undesignated Total Fund Equtty Total Liabiltties and Fund Equtty $ 4,824.54 $ 46,718.58 $ 51,343.12 $ $ 19,093.22 61,940.36 59,939.86 $ 14,676.88 46,892.28 81,033.58 $ 121,509.02 $ 59,939.86 $ 38,394.64 155,551.22 253,865.72 $ 117,802.85 31,265.38 150,317.56 299,385.79 $ 18,594.35 8,913.68 91,406.52 $ $ 118,914.53 $ $ 1,020.25 $ 1,020.25 0.00 0.00 $ 0.00 1,020.25 $ 18,594.35 $ 8,913.86 91,406.52 119,934.78 $ 13,080.69 9,803.91 65,067.06 87,951.66 $ 170,257.65 $ 81,033.58 $ 122,529.27 $ 373,820.50 $ 387,337.46 See notes to the general purpose financial statements. -20 - PADE COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUND YEAR ENDED JUNE 30 1998 EXHIBIT"F" REVENUES Slate Funds Federal Funds Other Funds Total Revenues EXPENDITURES Current Inslruclion Support Services Pupil Services Improvemenl of Instructional Services Educational Media Services General Administration School Administration Student Transportation Services Other Support Services Food Services Operation Total Expenditures Excess of Revenues over (under) Expendttures OTHER FINANCING SOURCES Operating Transfers In Excess of Revenues and Other Financing Sources over (under) Expenditures FUND BALANCE JULY 1 Food Inventory - Net Change in Period Donated Commodities Purchased Food SCHOOL FOOD SERVICES ~ LOTTERY PROGRAMS FEDERAL PROGRAMS TOTALS YEAR ENDED JUNE 30, 1998 JUNE 30, 1997 $ 64,856.00 $ 570,542.73 $ 635,398.73 $ 471,906.39 $ 660,122.86 1,132,029.25 437,179.59 437,179.59 587,070.24 931,119.32 393,853.26 $ 973,941.98 $ 570,542.73 $ 660,122.86 $ 2,204,607.57 $ 1,912,042.82 511,170.01 $ 426,015.64 $ 937,185.65 $ 641,368.75 $ 947,602.52 58,347.86 1,357.04 4,245.37 206,322.97 2,548.88 16,295.70 7,038.22 881.20 264,670.83 3,905.92 16,295.70 7,038.22 881.20 951,647.89 94,592.85 16,004.26 2,726.99 44,629.42 118.65 6,814.85 521.57 904,850.13 $ 947,602.52 $ 575,120.28 $ 859,102.61 $ 2,181,825.41 $ 1,911,627.47 $ 26,339.46 $ . -",5n.55 $ 1,020.25 $ 22,782.16 $ 415.35 4,5n.55 4,577.55 $ 26,339.46 $ 87,951.86 O.DO $ 0.00 1,020.25 $ 0.00 27,359.71 $ 87,951.66 415.35 64,242.97 5,513.66 -890.25 5,513.66 -890.25 3,061.67 231.67 FUND BALANCE JUNE 30 $ l1M14.53 $ 0.00 $ 1,020.25 $ 119,934.78 $ 87,951.66 See notes to the general purpose financial statements. -21- 8S.Sm Cash and Cash Equivalents Alx:ounts Receivable Total Assets FUNPEQUITY Fund Balances Reserved For Debt Service Unreserved Undesigneted Total Fund Equity PADE COUNTY BOARP OF EPUCATION COMBINING BALANCE SHEET pEBT SERVICE FUNP JUNE 30 1998 EXHIBIT"G" PROPERTY TAXES FOR BOND DEBT SPECIAL PURPOSE LOCAL OPTION SALES TAX TOTALS JUNE 30, 1998 JUNE 30, 1997 $ 0,00 $ 694,410.80 $ 694,410.80 $ 24,357.06 286,012.69 286.012.69 19,461.23 $ 0.00 $ 980,423.49 $ 980,423.49 $ 43,838.29 $ 980,423.49 $ 980,423.49 $ 43,838.29 $ 0.00 0.00 0.00 0.00 $ 0.00 $ 980.423.49 $ 980,423.49 $ 43,838.29 See notes to the general purpose financial statements. -22- DADE COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BAlANCES PEBT SERVICE FUND YEAR ENDED JUNE 30 1998 EXHIBIT"H" ~ Taxes Other Funds Total Revenues EXPENPITURES Debt Service Principal Interest Paying Agent Fees Total Expenditures Excess of Revenues over (under) Expenditu.... OTHER FINANCING SOURCES Accrued Interest on Bonds Sold Payments to Bond Escrow Agent Operating Transfers In Total Other Financing Sources Excess of Revenues and Other Financing Sources over (under) Expenditu.... FUND BAlANCE JULY 1 Residual Equity Transfer PROPERTY TAXES FOR BOND DEBT SPECIAL PURPOSE LOCAL OPTION SALES TAX TOTALS YEAR ENDED JUNE 30. 1998 JUNE 30. 1997 $ 14,053.20 1,46a.o20.76 $ 1,482,073.96 $ 282,566.62 603.04 14.072.71 14,675.75 5.134.42 $ 14.656.24 $ 1,482,093.47 $ 1,496,749.71 $ 287,701.04 $ 0.00 $ 300,000.00 $ 300,000.00 $ 175,000.00 216,656.25 216,656.25 67,020.00 1,111.20 1.111.20 2,596.00 0.00 517.767.45 $ 517,767.45 $ 244.616.00 $ 14656.24 $ 964.326.02 $ 976,982.26 $ 43085.04 $ 17,653.47 -948,195.11 655,832.00 $ -274,709.64 $ 14,656.24 $ 964,326.02 $ 978,982.26 $ -231,624.60 27,740.82 16,097.47 43,836.29 275,462.89 -42,397.06 -42397.06 FUND BALANCE JUNE 30 $ 0.00 $ 980,423.49 $ 980423.49 $ 43,838.29 See notes to the general purpose financial statements. -23- DADE COUNTY BOARD OF EDUCATION SCHEDULE "1" SCHEDULE OF REOUIRED SUPPLEMENTARY INFORMATION YEAR 2000 DISCLOSURES YEAR ENDED JUNE 30. 1998 At June 30, 1998, the Dade County Board of Education had no outstanding contractual commitments for the purpose of making computer systems and other electronic equipment year 2000 compliant. The year 2000 issue is the result ofshortcomings in many electronic clata processing systems and other equipment that make operations beyond year 1999 troublesome. The year 2000 issue is ofprimary concern for the Board's financial accounting system. The following stages have been identified as necessary to implement a year 2000 compliant systems. Awareness Stage - Encompasses establishing a budget and project plan for dealing with the year 2000 issue. Assessment Stage - The actual process ofidentifying all of its systems and individual components of the systems to check for compliance. Remediation Stage - When changes are made to systems and equipment. Validationffesting Stage - The process of ensuring that the changes made to systems and equipment will produce a year 2000 compliant system. It will be necessary for the Board to progress through all four of these stages for each computer and/or electronic system, not already year 2000 compliant, in order to assure that these systems will not be adversely affected. As ofJune 30, 1998, the financial accounting system was determined to be at the Awareness Stage. The Board's financial accounting software (GENESIS) and hardware (Wang VS) is owned by the State (Georgia Department of Education). These systems have been determined to be critical to the Board's ability to successfully conduct operations. As ofJune 30, 1998, the State had not contracted for the remediation of either the Wang VS operating system or the GENESIS accounting software. In the subsequent period, the Georgia Department of Education remediated the Wang VS operating system and the updated operating system was installed at all GENESIS sites as of December 9,1998. The Georgia Department of Education has remediated the GENESIS software and conducted tests at nine pilot sites. The remediated GENESIS software has been provided to all boards ofeducation currently utilizing the GENESIS accounting software. See notes to the general purpose financial statements. - 24- DADE COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30 1998 SCHEDULE "2" FUNDING AGENCY PROGRAM/GRANT Agriculture. U. S. Dep.rtment of P....Through From Georgi. Department of Education Food .nd Nutrition Program Food services School B _ t Program 1998 Grant N.tion.1 School Lunch Program 1998 Grant Food Distribution Program (1) Total U. S. Department of Agriculture Corporation tor N.tional .nd Community 5ervice Pass-Through From Georgia Dep.rtment of Education Learn and Serve America School.nd Community Based Programs 1998 Grant Educatioo. U. S. Department of P.ss-Throu9h From Georgia Department of Education Elementary .nd Second.ry Education ArJ. Tille I Grants to Local Educational Agencies 1998 Grant Slate Program Improvements Grants 1997 Grant Tille II Eisenhower Protesslon.1 Development 1997 Grant 1998 Grant TIlle VI Innov.tive Education Program Strategies 1998 Grant Go.ls 2000 Slate and Local Educatioo Systemic Improvement Grants 1997 Grant 1998 Grant Technology LIteracy Challenge Fund Grants 1998 Grants Indlvldu.ls with Disabilities Education ArJ. P.rt B Specl.1 Education Flow Through 1998 Grant Preschool 1998 Grant Vocational Education - Basic Grants to States High School Program Basic Grant 1998 Grant Tolal U. S. Dep.rtment of Education CFDA NUMBER PASSTHROUGH ENTITY 10 ~ FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD 10.553 N1A 10.555 N1A 10.550 N1A 93.519.11 317.289.48 $ 61.097.80 471.906.39 $ (2) 885.695.72 (3) 61.906.80 947.602.52 94.004 N/A 8,040.79 8,040.79 84.010 84.218 84.281 84.281 84.298 N1A $ N/A N1A N1A N1A 258,664.n $ 1,476.87 2,000.00 8,228.38 258,664.n 4.00 1,476.87 979.75 8,228.38 84.276 N1A 84.278 N1A 84.318 N1A 7,420.00 18.231.42 In.900.oo 7,420.00 18,231.42 In,900.00 84.027 N1A 84.173 N1A 125,206.57 48.955.13 125.206.57 48,955.13 84.048 N1A $ 19,411.17 667.494.31 19,411,17 666,478.06 -25 - DADE COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARpS YEAR ENDED JUNE 30 1998 SCHEDULE "2" FUNDING AGENCY PROGRAMIGRANT Federal Emergency Management Agency Pass-Through From Office of tho Governor Dlsas10r Assistance Labor, U. S. Department of Pass-Through From Coosa Valley Regional Development center Job Training Partnership Act 01-97-20-005 CFDA ~ PASSTHROUGH ENTITY ID ~ FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD 83.544 NJA 780.00 (4) 17.250 NJA $ 3.998.93 $ 3.998.93 Total Fedoral Financial Assistance N/A Not Available 1.152.220.42 $ _ _..:.1.::.6::::26~,~12~0:;;.3;:::.0 Notes to the Schedule of ExPenditures of Federal Awards (1) The amounts shown for the Food Distribution Program IllPlllsents tho Federally assigned value of nonmonotory assistance for donated oommodities IllCOIVed and/or consumed by the systam during the aJlrent fiscal year. (2) ExpendItUIllS for tho School Blllakfasl Program weill not maintained separately and alll included in the 1998 National School Lunch Program. (3) ExpendItuIllS for this program Include State, and/or Other Funds. ExpendltUIllS are not maintained by lund SOI.I'CO. (4) ExpendltulllS on this program were not maintained by lund souroo. Major Programs ere identified by an asterisk (") in front of tho CFDA number. The Board did not provide Federal Assistance to any Subroclplonl. The accompanying schedule of oxpondltulllS of Fedoralawards Includes tho Federal grant acUv1ly of tho Dade County Boanl of Education and Is PlllSOnted on the modified ecaual basis of accounting which Is the same basis of accounting used In tho presentation of the general purpose finenclal Stalemonts. see notes to the general purpose financial statements. -26 - DADE CDUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30 1998 SCHEDULE "3" AGENCYIFUNDING GRANTS Education, Georgia Department of Quality Basic Education Ganeraland career education Programs Spacial Education Programs Remedial Education Program Media canter Programs Staff Development Programs Indirect Cost Pupil Transportation Regular Bus Replacement Middla School Incentive Program SpedallnslnJctional Assistance In-School SUspension Mid-lerm Adjustment Counselors Grades 4 and 5 Technology Training Local Fair Share Educational Equalization Funding Grant Food services Vocational Education other State Programs Ad Valorem Tax Adjustment Alternative Program At.Risk Summer School Program Environmental Science Program Gifted Technology Health Insurance Innovative Programs Mentoring Program Mentor Teacher Program Preschool Handicapped Program Remedial Summer School Program Student Records Lotiel}' Programs A1tematlve School Program Instrudlonal Technology Assistlve Technology Classroom Technology OffIce of the Governor Disaster Assistance Georgia Foresby Commission Wetlands Grant Office of School Readiness Pre-Kindergarten Program Office of Treasury and Fiscal services Public School Employees Retirement GOVERNMENTAL FUND TYPES SPECIAL GENERAL REVENUE FUND FUND TOTAL 4,743,358.00 1,088,860.00 175,935.00 202,720.00 64,982.00 1,407,979.00 272.085.00 57.879.00 179,329.00 333,673.00 81,373.00 209,753.00 17,059.00 57,684.00 -728,388.00 603,568.00 $ 13,550.98 47.079.00 48,757.00 7.783.06 SOO.OO 10.000.00 141,164.05 5,000.00 5,000.00 1,692.00 33,086.00 3,519.74 4,265.00 64,856.00 4,132.00 6,185.00 65.194.00 250.00 5,000.00 495,031.73 31.018.00 4,743.358.00 1,088,860.00 175,935.00 202,720.00 64,962.00 1,407,979.00 272.065.00 57,879.00 179,329.00 333,673.00 81.373.00 209,753.00 17,059.00 57,684.00 -728,388.00 603,568.00 64.856.00 13,550.96 47.079.00 48,757.00 7,783.06 500.00 10.000.00 141.164.05 5,000.00 5,000.00 1,692.00 33,086.00 3,519.74 4,265.00 4,132.00 6,165.00 65,194.00 250.00 5,000.00 495,031.73 31,018.00 See notes to the general purpose financial statements. - 27- 9,125,494.81 $ 635,398.73 $ 9,760.893.54 DADE COUNTY BOARD OF EpUCATION SCHEDULE OF APPROVEP LOCAL OPTION SALES TAX pROJECTS YEAR ENDED JUNE 30 1998 SCHEDULE "4" Retirement of Dade County School District General Obligation School Bonds Dated June 1, 1990 Renovations, Modifications and Private School Road for Dade Elementary School; Renovations and Modifications for Davis Elementary School; Renovations, Modifications and Four-Classroom Addition for Dade Middle School; Technology Modifications for Dade County High School; Renovations and Modifications for Dade Primary School; Construction of Central Office; Construction of Maintenance and Transportation Building ORIGINAL ESTIMATED COST (1) CURRENT ESTIMATED COST (2) AMOUNT EXPENDED IN CURRENT YEAR (3)(4) AMOUNT EXPENDED IN PRIOR YEARS $ 740,000.00 $ 740,000.00 $ 1,093,953.18 7,160,000.00 7,160,000.00 $ 1,832,754.64 68,498.42 $ 7,900,000.00 $ 7,900,000.00 $ 1,832,754.64 $ 1,162,451.60 (1) The Board's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. (2) The Board's current estimate of total cost for the project, Includes all cost from project inception to complation. (3) The votars of Dade County approved tha imposition of a 1% sales tax to fund the above projects. Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the project. (4) In addition to the expenditures shown above, the Board incurred current yesr interest expenditures in the amount of $ 216,656.25 to provide advance funding for the above projects, See notes to the general purpose financial statements. -28- DADE COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENPITURES LOTTERY PROGRAMS YEAR ENDED JUNE 30 1998 SCHEDULE"S" EXPENPITURES Current Instruction Support Services Pupil Services Improvement of Insbudlonal ServIces Food ServIces Operation ALTERNATIVE SCHOOL PROGRAM INSTRUCTIONAL TECHNOLOGY ASSISTIVE CLASSROOM TECHNOLOGY TECHNOLOGY PRE-KINDERGARTEN PROGRAM ~ $ 4,132.00 $ 6,185.00 $ 65,194.00 $ 435,659.01 1,357.04 58,347.86 4,245.37 511,170.01 1,357.04 58,347.86 4,245.37 Total El