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'., r -. :., .. , ., ,.,'' I - I,,, DAWSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - SECTION I FINANCIAL INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS EXHIBITS GENERAL-PURPOSE FINANCIAL STATEMENTS COMBINED STATEMENTS - OVERVIEW A COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP 2 B COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES 4 C COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (NON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS 7 D NOTES TO TIIE GENERAL-PURPOSE FINANCIAL STATEMENTS 8 ADDmONAL FINANCIAL INFORMATION COMBINING AND INDNIDUAL FUND 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 DEBT SERVICE FUND I COMBINING BALANCE SHEET 28 J COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 29 K FIDUCIARY FUND TYPE STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUND 30 DAWSON COUNTY BOARD OF EDUCATION -TABLE OF CONTENTS- Page SECTION I FINANCIAL ADDIDONAL FINANCIAL INFORMATION SCHEDULES 1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 31 2 SCHEDULE OF STATE REVENUE 33 3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS 35 ALLOTMENTS AND EXPENDITURES GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) 4 BY PROGRAM 36 5 BY SITE 37 SECTION II COMPLIANCE AND INTERNAL CONlROL REPORTS REPORT ON COMPLIANCE AND ON INTERNAL CONlROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONlROL OVER COMPLIANCE IN ACCORDANCE WITH O:MB 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 W. R1,ssELL H1NTON STATE AUDITOR 1404) 656-2174 DEPARTl\1ENT OF AUDITS AND ACCOUNTS 254 Wa,hing1on S1rce1. S W, Sullc 214 Atlanrn, Georgia 30334-8400 March 7, 2003 Honorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education and Superintendent and Members of the Dawson County Board of Education INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS Ladies and Gentlemen: We have audited the accompanying general-purpose financial statements of the Dawson County Board of Education, as of and for the year ended June 30, 2002, as listed in the table of contents. These general-purpose financial statements are the responsibility of the Dawson 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 auditing standards generally, accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial 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 of Education'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: 2002ARL-13 L. * The general-purpose financial statements of the Board of Education did not contain a General Fixed Assets Account Group to account for property and equipment owned by the Board of Education which should be included to conform to generally accepted accounting principles. * School activity accounts maintained at the individual schools are not included in the general-purpose financial statements. To conform to generally accepted accounting principles, these accounts should be included in the general-purpose financial statements. * The Board of Education did not recognize as expenditures, in the year ended June 30, 2002, a portion of salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 2002. Also funds received, subsequent to June 30, 2002, from the Georgia Department of Education 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, 2001, were improperly recorded in the year ended June 30, 2002. 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 of the Dawson County Board of Education as ofJune 30, 2002, and the results ofits operations for the year then ended, in conformity with accounting principles generally accepted in the United States of America In accordance with Government Auditing Standards, we have also issued our report dated March 7, 2003, on our consideration of the Dawson County Board of Education's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. Our audit was performed for the purpose of forming an opinion on the general-purpose financial statements of the Dawson County Board of Education taken as a whole. The accompanying combining and individual fund statements (Exhibits E through K) and the financial schedules (Schedules 1 through 5), which includes the Schedule ofExpenditures ofFederal Awards as required by U.S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the general-purpose financial statements. Such information has been subjected to the 2002ARL-13 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 stated, 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 ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated Section 506-24. Respectfully submitted, RWH:gp 2002ARL-13 State Auditor DAWSON COUNTY BOARD OF EDUCATION DAWSON COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP JUNE 30. 2002 ASSETS Cash and Cash Equivalents Accounts Receivable lnventones Food Donated Commod1t1es Purchased Food Amount Available in Debt Service Fund Amount to be Provided in Future Years For Payment of Bond Debt Capital Lease Agreements GENERAL FUND GOVERNMENTAL FUND TYPES SPECIAL CAPITAL REVENUE PROJECTS FUND FUND $ 3,302,16943 $ 56,444 25 $ 4,485,099 30 374,848.27 183,496.60 615,520.89 15,572.31 4,670.18 Total Assets $ 316TT1017.70 $ 260,183.34 $ 51100.s20 19 LIABlblTl!;S AND FUND EQUITY LIABILITIES Accounts Payable Salanes Payable Expired Grant Balances Payable Contracts Payable Retainages Payable Funds Held for Others Capital Lease Agreements General Obligation Bonds Payable Total Liabihbes FUND EQUITY Fund Balances Reserved For Debt Service For lnventones Food Donated Commodrttes Purchased Food For Purpose of Bond Issue For SPLOST Projects Unreserved Undes1gnated Total Fund Equity $ 791.46 $ 36,839.12 6,485.76 119,150.03 10,141.42 $ 10,000.00 $ 1,2n.22 $ 166,130.57 $ 10,000.00 $ $ 3,669,740.48 $ 3,669,740.48 $ 15,572.31 4,670.18 $ 73,810.28 94,os2 n $ 1,019,155.52 4,042,805.50 28,659.17 5,090,620.19 Total LJabihbes and Fund Equity $ 3,STT,01770 $ 260,183.34 $ 5,100,620 19 The notes to the general-purpose finanaal statements are an integral part of this statement -2- EXHIBIT"A" DEBT SERVICE FUND FIDUCIARY FUND TYPE AGENCY FUND $ 4,141,39919 $ 0.00 8,383 34 ACCOUNT GROUP GENERAL LONG-TERM DEBT TOTALS {Memorandum Onl~} JUNE 30, 2002 JUNE 30, 2001 $ 11,985,11217 $ 15,076,988 15 1,182,249.10 843,767 00 15,572.31 4,670.18 9,071.97 7,554.36 $ 4,149,782.53 4,149,782.53 6,809,723.59 12,255,217.47 1,296,564.26 12,255,217.47 1,296,564.26 11,685,276.41 1,434,174 34 $ 4,149,782.53 $ 0.00 $ 17,701,564.26 $ 30,889,168.02 $ 35,866,555.82 $ 37,630.58 $ 2a,n5.07 125,635.79 110,740.05 10,141.42 2,289.97 415,666.86 10,000.00 189,104.00 160,002.45 $ 1,296,564.26 1,296,564.26 1,434,174.34 16,405,000.00 16,405,000.00 18,495,000.00 $ 17,701,564.26 $ 17,884,972.05 $ 20,835,752.74 $ 4,149,782.53 0.00 $ $ 4,149,782.53 $ $ 4,149,782.53 $ $ 4,149,782.53 $ 6,809,723.59 15,572.31 4,670.18 1,019,155.52 4,042,805.50 9,071.97 7,554.36 4,781,236.29 52,124.74 000 3,n2.209.93 3,371,092.13 0.00 $ 13,004,195.97 $ 15,030,803.08 0.00 $ 17i701,564.26 $ 301889,168.02 $ 35,866,555.82 -3- DAWSON COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30, 2002 REVENUES State Funds Federal Funds Taxes Other Funds Total Revenues EXPENDITURES Current Instruction Support Services Pupil Services Improvement of lnstrudlonal Services Educational Media Services General Administration School Administrabon Business Administrabon Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operabon Community Services Operations Capital Outlay Debt Service Principal Interest Paying Agent Fees Total Expenditures Excess of Revenues over (under) Expenditures OT!jER Flf!IAN~IN~ SQURQES {!.!SES) Compensabon for Sale of Assets Capital 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 GENERAL FUND SPECIAL REVENUE FUND $ 10,290,382 13 $ 9,268,128 09 236,782.75 $ 19,795,292.97 $ 161,969 00 1,240,427 54 739,857 57 2,142,254 11 $ 12,521,625.49 $ 615,723.05 749,023.28 459,421.32 278,699.59 1,290,024.18 171,650.38 1,406,436.37 1,051,681 87 232,450.34 36,402 82 46,019.95 221,655.80 232,315.87 25,094.14 743,664.25 100,730.46 29,479.99 31,350 45 4,757 54 112.55 1,296,377.76 $ 19,338,224 45 $ $ 457,068.52 $ 2,206,473.00 -64,218.89 $ 218,196.00 $ -465,977.00 $ -247,781.00 $ $ 209,287.52 $ 3,267,452.96 193,000.00 74,390.00 74,390.00 10,17111 80,265 50 6,500.34 -2,88418 FUND BALANCE JUf!IE 30 $ 3,669,740 48 $ The notes to the general-purpose finanaal statements are an integral part of this statement. -4- 94 052 77 EXHIBIT"B" CAPITAL PROJECTS FUND DEBT SERVICE FUND TOTALS {Memorandum Onl~} YEAR ENDED JUNE 301 2002 JUNE 30, 2001 $ 3,622,457.41 $ 254,415.26 $ 3,876,872.67 $ $ 326,826.81 105,622.99 10,452,351 13 $ 1,240,427.54 13,217,412.31 1,336,678 57 9,716,347.97 1,014,117.56 11,772,858.49 1,799,209.66 432,449 80 $ 26,246,869.55 $ 24,302,533.68 $ 13,265,289.74 $ 11,895,640.19 $ 3,827,800.52 716,453.51 n8,503.27 459,421.32 310,050.04 1,290,024.18 171,650.38 1,406,436.37 1,056,439.41 232,450.34 112.55 1,332,780.58 46,019.95 4,049,456.32 632,564.59 n6,852.47 440,286.16 276,233.35 1,055,901.37 174,552.44 1,355,882.16 905,916.54 162,527.34 1,051.85 1,157,194.12 10,878.47 4,342,356.45 123,490.21 $ 51,509.79 2,090,000.00 855,192.50 2,598.35 2,445,806.08 931,796 43 2,598.35 1,866,215.63 859,171.86 4,835.71 $ 4,002,800.52 $ 2,947,790.85 $ 28,495,288.82 $ 25,918,060.70 $ -125,927.85 $ -2,515,341.05 $ -2,248,419.27 $ -1,615,527.02 $ 391,587.00 $ 391,587 00 $ 140,955.15 $ 218,196.00 1,067,050.66 465,9n.OO 259,786.59 -465,9n.oo -259,786.59 $ 218,196.00 $ 1,208,005 81 $ 265,65915 $ -2,515,341.05 $ -2,030,223.27 $ -407,521.21 4,873,361.03 6,809,723.59 15,030,803.08 15,434,878.08 -48,399.99 -144,600.01 6,500.34 -2,884.18 000 1,392.85 2,053.36 $ 5,090,620 19 $ 41149?82.53 $ 13.004, 195.97 $ 15,030,803.08 -5- DAWSON COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL CNON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30 2002 EXHIBIT"C" GENERAL FUND BUDGET ACTUAL REVENUES State Funds Federal Funds Taxes Other Funds Total Revenues $ 9,446,216 00 $ 10,290,382 13 9,244,967 00 160.158 00 9,268,128 09 236.782 75 $ 18.851.341 00 $ 19.795.292 97 EXPENDITURES Current Instruction Support Services PupilSeMCeS Improvement of lnsll\lctl0n8I SeMces Educabonal Media SeMces General Adm1n1stration School Administration Busmesa Adm1nistrabon Maintenance and Operation of Plant Student Transportallon SeMC8S Central Support SeMC8S Other Support Services Food Services Operabon Communrty Services Operations Caprtal Outlay DebtSel'VICe Total Expenditures Excess of Revenues over (under) Expendrtures $ 12,305,192 00 $ 12,521,62549 462,084.00 761,417 00 454,99900 292,144 00 1,232,647 00 189,294 00 1,459,371 00 1,068,822 00 208,978.00 615,723.05 749,02328 459,421 32 278,699 59 1,290,024 18 171,850 38 1,406,436 37 1,051,881 87 232,450 34 18,650.00 23,22800 425,00000 36,402.82 46,019.95 221,655.80 257,410 01 $ 18,899.626 00 $ 19,338,224 45 $ -48,285 00 $ 457,068.52 QitfEB fltw!CING SQURCL;S CUSESl Other Sources Other Uses $ $ -274,390 00 218,196 00 -46597700 Total Other Financing Sources (Uses) $ -274,390 00 $ -247,781 00 Excess of Revenues and Other F1nanang Sources over (under) Expenditures and Other F1nancmg Uses $ -322,675.00 $ 209,287.52 FUND BAlANCE JUL::! l 200] 3,135,554 35 3,267,452 96 AdJustments Food Inventory Net Change in Penod Donated CommodrtJes Purchased Food Residual Equity Transfer 193,000 00 FUND BALANCE JUNE ~!! ~!!2 $ 218121879 35 $ 31669?4048 SPECIAL REVENUE FUND BUDGET ACTUAL $ 69,240.00 $ 161,969 00 1,089,408 00 1,240,427 54 805.941 00 739.857 57 $ 1.964,589 00 $ 2, 142,254 11 $ 598,109 00 $ 743,664 25 88,608 00 31,770.00 100,73046 29,479.99 32,082 00 31,350 45 10000 3,587 00 2,000 00 1,251,055 00 4,757 54 112 55 1,296,377 76 $ 2,007,311 00 $ 2,206,473 00 $ -42,722.00 $ -64,218 89 $ 74,390 00 $ 74,39000 $ 74,39000 $ 74.39000 $ 31,66800 $ 136,092.08 37,53509 10,171 11 80,265.50 6,500.34 -2,884 18 $ 205129517 $ 94,05277 The notes to the general-purpose financial statements are an integral part of tlus statement -7- ----------- DAWSON COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO TIIE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2002 Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES REPORTING ENTITY The Dawson County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. FUND ACCOUNTING The School District uses funds and an account group to report on its financial position and the results 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 ofpurchase. A General Fixed Assets Account Group is not presently maintained by the School District. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. Although "school activity accounts" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general-purpose financial statements., The general-purpose financial statements account for all State, Federal, Taxes and Other funds under control of the School District, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: GOVERNMENTAL FUND TYPES - are used to account for all or most ofthe School District's educational activities. Governmental Fund Types include: GENERAL FUND - the fund used to account for all financial resources of the School District except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. - 8- DAWSON COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2002 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department of Education and from the Federal government to accomplish specific educational objectives. CAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. DEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. FIDUCIARY FUND TYPE - the fund used to account for assets held by a government unit in a trustee capacity or as an agent for individuals, private organizations, other government units and/or other funds. This fund includes: AGENCY FUND - the fund used to account for assets held in a fiduciary capacity for other funds, governments, or individuals. ACCOUNT GROUP GENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding and capital lease obligations. BASIS OF ACCOUNTING The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements ofthese funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. Liabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. Agency funds are purely custodial in nature and do not involve measurement ofresults ofoperations. Governmental funds are accounted for using the modified accrual basis ofaccounting under which: -9- DAWSON COUNfY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2002 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. The School District considers receivables collected within sixty days after yearend to be available. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, local option sales taxes, intergovernmental grants and donations. Revenue for property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year the resources are received or susceptible to accrual. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. Expenditures are generally recognized when the related fund liability is incurred. A departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share of these contracts. During fiscal year 2002, a substantial number ofpersonnel ofthe School District were employed for a one hundred and ninety day period beginning in August 2001 and ending in early June 2002. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 2001 and ending in August 2002. State grants to fund the State's share of these contracts were disbursed from the Georgia Department of Education to the School District in the same twelve months. As of June 30, 2002, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 2002, had not been made. Payments for these two months were made and recorded as expenditures by the School District subsequent to June 30, 2002. Also, the State's portion ofthe compensation paid in July and August 2002 was received and recorded as revenue in the fiscal year subsequent to June 30, 2002. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 2001, were recorded in the year ended June 30, 2002. 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 ofaccounting in recognizing assets and liabilities. BUDGET The Dawson County Board of Education's budget is a complete financial plan for the School District's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure ofthe budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level of budget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. - 10- DAWSON COUN1Y BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30. 2002 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The budget process begins when the School District's administration prepares a tentative budget for the Board's approval. After approval ofthis tentative budget by the Board, such budget is advertised at least once in a newspaper of general 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 of the Quality Basic Education Act, OCGA Section 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. CASH AND CASH EQUIVALENTS COMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the School District to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. RECEIVABLES Receivables consist of grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general-purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. PROPERTY TAXES The Dawson County Board of Commissioners fixed the property tax levy for the 2001 tax digest year (calendar year) on October 15, 2001 (levy date). Taxes were due on January 11, 2002 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2001 tax digest are reported as revenue in fiscal year 2002. The Dawson County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% oftaxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues during the fiscal year ended June 30, 2002 for maintenance and operations amounted to $9,184,686.12 and for school bonds amounted to $326,826.81. Tax millage rates levied for the 2001 tax year (calendar year) for the Dawson County Board of Education were as follows (a mill equals $1 per thousand dollars of assessed value): School Operations School Bonds 12.746 mills .400 mills 13.146 mills - 11 - ------------ DAWSON COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2002 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SALES TAXES Special Purpose Local Option Sales Tax revenue during the year amounted to $3,622,457.41 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. INVENTORIES FOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (first-in, first-out). Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time ofpurchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute "available spendable resources" even though they are a component of net current assets. GENERAL OBLIGATION BONDS The School District issues general obligation bonds to provide funds for the acquisition and construction ofmajor capital facilities. Bond premiums and discounts, as well as issuance costs, are recognized in the financial statements during the year bonds are issued. 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 of these bonds is recorded in the General Long-Term Debt Account Group. INTERFUND TRANSACTIONS The School District has the following types of interfund transactions: Reimbursements ofexpenditures initially made from a fund that are properly applicable to another fund are recorded as expenditures in the reimbursing fund and as reductions ofexpenditures in the fund that is reimbursed. 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. - 12 - DAWSON COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2002 Note I: 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. 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 ofmoney which has not been secured by surety bond, by guarantee ofinsurance, or by collateral. The aggregate ofthe face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. Ifa depository elects the pooled method (OCGA 45-8-13 .1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case ofoperating funds placed in demand deposit checking accounts. Acceptable security for deposits consists of any one of or any combination of the following: (1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, (2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, (3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or ofthe State of Georgia, (4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, (5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, (6) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia, and - 13 - DAWSON COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO TIIE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2002 Note 2: DEPOSITS (7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. CATEGORIZATION OF DEPOSITS At June 30, 2002, the bank balances were $12,752,013.19. The amounts ofthe total bank balances are classified into three categories of credit risk: Category 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the School District or by the School District's agent in the School District's name. Category 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name. Category 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the School District's name.) The School District's deposits are classified by risk category at June 30, 2002, as follows: Risk Category Bank Balance 1 $ 4,856,715.48 2 337,127.04 3 7,558,170.67 Total $12.752.013,19 Note 3: NON-MONETARY TRANSACTIONS The School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories Note 4: RISK MANAGEMENT The School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. - 14 - DAWSON COUNTY BOARD OF EDUCATJON EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2002 Note 4: RISK MANAGEMENT The School District participates in the Georgia School Boards Association Risk and Insurance Management System, a public entity risk pool organized on July 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, or property damage, including safety engineering and other loss prevention and control techniques, and to administer one or more groups of self-insurance funds, including the processing and defense of claims brought against members ofthe system. The School District pays an annual premium to the system for its general insurance coverage. Additional coverage is provided through agreements by the system with other companies according to their specialty for property, boiler and machinery (including coverage for flood and earthquake), general liability (including coverage for sexual harassment, molestation and abuse) and automobile risks. Payment of excess insurance for the system varies by line of coverage. The School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the General Fund with expenditure and liability being reported when it is probable that a loss has occurred, and the amount ofthat loss can be reasonably estimated. The School District has not incurred any liabilities for unemployment compensation during the past two fiscal years. The School District participates in the Georgia School Boards Association Workers' Compensation Fund, a public entity risk pool organized on July 1, 1992, to develop, implement, and administer a program ofworkers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Fund for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Fund with the United States Fidelity and Guaranty Company to provide coverage for potential losses sustained by the Fund in excess of $350,000.00 loss per occurrence, up to the statutory limit. The School District has purchased surety bonds to provide additional insurance coverage as follows: Position Covered Amount Superintendent Each Principal $ 150,000.00 $ 10,000.00 Note 5: OPERATING LEASES Dawson County Board of Education has entered into various leases as lessee for copiers and telephone equipment. These leases are considered for accounting purposes to be operating leases. Lease expenditures for the year ended June 30, 2002, amounted to $64,768.66. Future minimum lease payments for these leases are as follows: - 15 - --------- DAWSON COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2002 Note 5: OPERATING LEASES Year Ending Amount 2003 2004 2005 2006 $ 33,690.59 14,996.00 11,290.00 9.304.00 Total $ 69,280.59 Note 6: GENERAL LONG-TERM DEBT CAPITAL LEASES The Dawson County Board ofEducation entered into an agreement July 20, 2000, with the Georgia. School Board Association for the construction and subsequent lease of an athletic complex. Under the terms of the agreement, the School District will make annual payments through July 1, 2007. The Dawson County Board ofEducation also entered into various lease agreements for buses. These lease agreements qualify as capital leases for accounting pwposes, and, therefore, have been recorded at the present value ofthe future minimum lease payments as ofthe date oftheir inception. GENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: Purpose Interest Rates Amount General Government - Series 2000 5.125%- 5.5% General Government - Series 1997 4.5%-4.6% General Government - Refunding - Series 1997A 3.95%- 5.0% $ 6,185,000.00 1,540,000.00 8,680,000.00 $16,405,000.00 The changes in General Long-Term Debt during the fiscal year ended June 30, 2002, were as follows: - 16 - DAWSON COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30. 2002 Note 6: GENERAL LONG-TERM DEBT Capital Leases General Obligation Bonds Total Balance July 1, 2001 $ 1,434,174.34 $18,495,000.00 $19,929,174.34 Additions Capital Leases 218,196.00 218,196.00 Deductions Debt Retired Payments 2,090,000.00 2,090,000.00 355,806.08 355,806.08 Balance June 30, 2002 $1,296,564.26 $16,405,000.00 $17,701,564.26 At June 30, 2002, 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 2003 2004 2005 2006 2007 2008 - 2012 2013 - 2017 $ 396,336.72 $ 3,634,082.50 $ 4,030,419.22 348,817.04 2,254,600.00 2,603,417.04 249,161.00 2,315,937.50 2,565,098.50 222,956.05 2,345,297.50 2,568,253.55 175,000.00 2,369,335.00 2,544,335.00 125,928.47 4,700,580.00 4,826,508.47 3,031,250.00 3,031,250.00 Total Principal and Interest $ 1,518,199.28 $20,651,082.50 $22,169,281.78 Deduct: Imputed Interest 221,635.02 Net Present Value of Future Minimum Lease Payments $ 1,296,564.26 Note 7: SHORT-TERM DEBT The School District obtains temporary loans in advance of property tax collections, depositing the proceeds in its General Fund. This short-term debt is to provide cash for operations until property tax collections are received by the School District. Article IX, Section V, Paragraph V of the - 17 - --- ---------- DAWSON COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2002 Note 7: SHORT-TERM DEBT Constitution ofthe State of Georgia limits the aggregate amount of short-term debt to 75 percent of the total gross income from truces collected in the preceding year and requires all short-term debt to be repaid no later than December 31 of the calendar year in which the debt was incurred. Beginning Balance Additions Payments Ending Balance Temporary Loans $==-2--0-0 $ 500,000.00 $ 500.000,00 $====0-,0-0 Note 8: PRIOR YEAR DEFEASEMENT OF DEBT In .fiscal year 1998, the School District 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. Accordingly, the trust account assets and the liability for the defeased bonds are not included in the School District's general-purpose financial statements. At June 30, 2002, $8,000,000.00 ofbonds are outstanding and are considered defeased. Note 9: ON-BEHALF PAYMENTS The School District has recognized revenues and expenditures in the amount of $284,043.08 for health insurance and retirement contributions paid on the School District's behalfby the following State Agencies. Georgia Department of Education Paid to the Georgia Department ofCommunity Health For Health Insurance ofNon-Certified Personnel In the amount of $249,885.08 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 $34,158.00 Note 10: CONTINGENT LIABILITIES Amounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. - 18 - DAWSON COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2002 Note 11: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) TRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school districts are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: Fiscal Year Percentage Contributed Required Contribution 2002 2001 2000 100% 100% 100% $1,097,505.14 $ 1,216,163.57 $ 1,104,734.77 - 19 - DAWSON COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 2002 ASSETS Cash and Cash Equivalents Accounts Receivable Inventories Food Donated Commodities Purchased Food Total Assets LIABILITIES AND FUND EQUITY LIABILITIES Cash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable Total Liabilities FUND EQUITY Fund Balances Reserved For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated Total Fund Equity Total Liabilities and Fund Equity SCHOOL FOOD SERVICES FUND LOTTERY PROGRAMS $ 164,306.64 $ 10,035.00 15,572.31 4 670.18 $ 184,549.13 _$-==-=1=0=,0=3=5=00.... $ 10,035.00 $ 21,964.92 68,531.44 $ 90,496.36 $ 10,035.00 $ 15,572.31 4,670.18 73,810.28 $ $ 941052.n $ 0.00 0.00 $ 184,54913 $.,_,=-...1.=0=,0=35==00== See notes to the general-purpose financial statements. -20- EXHIBIT"E" FEDERAL PROGRAMS OTHER PROGRAMS TOTALS JUNE 30, 2002 JUNE 30, 2001 $ 164,306.64 $ 141,427.71 $ 156,961.91 $ 16,499.69 183,496.60 90,836.41 15,572.31 4,670.18 9,071.97 7,554.36 $ 156,961.91 $ 16,499.69 $ 368,045.73 $ _=:ii2ii::::4=8=,8=90,.,..4=5=- $ 81,327.70 $ 14,874.20 50,618.59 10,141.42 $ 156,961.91 $ 16,499.69 $ 16,499.69 $ 107,862.39 $ 36,839.12 119,150.03 10,141.42 273,992.96 $ 26,819.86 28,775.07 110,740.05 2,289.97 168,624.95 $ 15,572.31 $ 4,670.18 9,071.97 7,554.36 $ 0.00 $ _______0._00_ 73,810.28 63,639.17 $ 0.00 $ 0.00 $ 94,052.77 $ _ _-=8""'01"2"='65::a.:;;:;.;50"- $ 156,961.91 $ 16.499.69 $ 368,045.73 $=-2=48===,8=90=.4-5... - 21 - DAWSON COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUND YEAR ENDED JUNE 30, 2002 REVENUES State Funds Federal Funds Other Funds Total Revenues EXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services General Administration Student Transportation Services Central Support Services Other Support Services Food Services Operation Total Expenditures Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES Operating Transfers In Excess of Revenues and Other Financing Sources over (under) Expenditures FUND BALANCE JULY 1 Food Inventory - Net Change in Period Donated Commodities Purchased Food FUND BALANCE JUNE 30 SCHOOL FOOD SERVICES FUND LOTTERY PROGRAMS $ 78,854.00 $ 483,678.05 669,626.82 $ 1,232,158.87 $ 83,115.00 83,115.00 $ 83,115.00 $ 1,296,377.76 $ 1,296,377.76 $ $ -64,218.89 $ 83,115.00 0.00 74,390.00 $ 10,171.11 $ 0.00 80,265.50 0.00 6,500.34 -2,884.18 $ 94,052.77 $-=--=0===00= See notes to the general-purpose financial statements. -22- EXHIBIT "F" FEDERAL PROGRAMS OTHER PROGRAMS TOTALS YEAR ENDED JUNE 30, 2002 JUNE 30, 2001 $ 756,749.49 $ $ 756,749.49 $ $ 70,230.75 70,230.75 $ 161,969.00 $ 1,240,427.54 739,857.57 2,142,254.11 $ 129,042.00 1,014,117.56 734,385.31 1,8TT,544.87 $ 660,549.25 30,499.71 $ 29,479.99 31,350.45 4,757.54 112.55 $ 756,749.49 $ $ 0.00 $ $ 70,230.75 70,230.75 $ 0.00 $ 743,664.25 $ 100,730.46 29,479.99 31,350.45 4,757.54 112.55 1,296,3TT.76 2,206,473.00 $ -64,218.89 $ 546,098.24 80,239.27 83,391.04 8,694.48 235.00 12,545.50 1,051.85 1,141,436.91 1,873,692.29 3,852.58 74,390.00 59,786.59 $ 0.00 $ 0.00 $ 10,171.11 $ 63,639.17 0.00 0.00 80,265.50 13,180.12 6,500.34 -2,884.18 1,392.85 2,053.36 $ 0.00 $ 0.00 $ n 94,052. $-=====8==0=,2=ss=..5..o. _, -23- DAWSON COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30, 2002 ASSETS Cash and Cash Equivalents Accounts Receivable Total Assets LIABILITIES AND FUND EQUITY LIABILITIES Contracts Payable Retainages Payable Total Liabilities FUND EQUITY Fund Balances Reserved For Purposes of Bond Issue For SPLOST Projects Unreserved Undesignated Total Fund Equity Total Liabilities and Fund Equity REGULAR BOND PROCEEDS $ 28,659.17 $ 1,029,155.52 $ 28,659.17 $ 1,029, 155.52 s _ _ _1_0_.._,o-"-0_0_._o_o__ $ ___1_0..0.._0_0_._oo_ 1 $ 1,019, 155.52 $ _ _..;;;2=8=,6=59;;.;..;..;17_ $ 28,659.17 $ 0.00 1,019, 155.52 $ 28,659.17 $ 1,029,155.52 See notes to the general-purpose financial statements. -24- EXHIBIT"G" GEORGIA STATE FINANCING AND INVESTMENT COMMISSION SPECIAL PURPOSE LOCAL OPTION SALES TAX TOTALS JUNE 30, 2002 JUNE 30, 2001 $ 0.00 $ 3,427,284.61 $ 4,485,099.30 $ 5,468,131.89 615,520.89 615,520.89 10,000.00 $====-=o=..o..o_ $ 4,042,aos.so $ s,100,620.19 $ s,41a1131.a9 $ $ _ _...1...;;;;.o._,o_oo_=.00....;;... 415,666.86 189,104.00 $ 10,000.00 $ _--"6__0..4...,..n..__o__.a__s__ $ $ _ _ _ _ _o_.00_ $ _ _ _ _....o.=.o=o_ $ $ 4,042,805.50 0.00 4,042,aos.so $ 1,019,155.52 $ 4,042,805.50 28,659.17 s,ooo,s20.19 $ 4,781,236.29 52,124.74 40,000.00 4,873 1361.03 $===-====o=.o=o= $ 4,042,aos.so $ s,100,s20.19 $ 5,478,131.89 -25- DAWSON COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES CAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 2002 REVENUES State Funds Taxes Other Funds Total Revenues EXPENDITURES Capital Outlay Dues and Fees Land and Land Improvements Building and Building Improvements Equipment Debt Service Principal Interest Total Expenditures Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES (USES) Compensation for Sale of Assets Capital 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 Residual Equity Transfer FUND BALANCE JUNE 30 REGULAR BOND PROCEEDS $ 0.00 $ 161,344.36 $ 0.00 $ 161,344.36 $ 11,340.83 $ 3,661,692.94 123,490.21 51,509.79 $ 186,340.83 $ 3,661,692.94 $ -186,340.83 $ -3,500,348.58 $ 175,000.00 $ $ 175,000.00 $ -68,732.19 -68,732.19 $ -11,340.83 $ -3,569,080.n 40,000.00 4,781,236.29 -193,000.00 $ 28,659.17 $ 1,019,155.52 See notes to the general-purpose financial statements. -26- EXHIBIT"H" GEORGIA STATE FINANCING AND INVESTMENT COMMISSION SPECIAL PURPOSE LOCAL OPTION SALES TAX TOTALS YEAR ENDED JUNE 30, 2002 JUNE 30, 2001 $ 0.00 $ $ ______o"'".o"""o_ $ 3,622,457.41 $ 93,070.90 s 3,715,528.31 $ 3,622,457.41 254.415.26 s 3,876,872.67 40,000.00 459,647.54 499,647.54 $ 637.89 $ 4,600.00 $ 4,600.00 1,361,888.33 $ 16,587.00 54,686.75 3,744,307.52 2,556,707.71 78,893.00 78,893.00 123,490.21 51,509.79 $ 16,587.00 $ 138,179.75 $ 4,002,800.52 $ 3,919,233.93 $ -16,587.00 $ 3,Sn,348.56 $ -125.927.85 $ -3.419.586.39 $ 140,955.15 950,000.00 $ 16,587.00 $ 268,732.19 $ 460,319.19 -68.732.19 200,000.00 $ 16,587.00 $ 268,732.19 $ 391,587.00 $ 1,290,955.15 $ 0.00 $ 3,846,080.75 $ 265,659.15 $ -2,128,631.24 0.00 52,124.74 4,873,361.03 7,001,992.27 144,600.01 -48,399.99 $ -===--=====-=-o=.o...o..... $ 4,042,805.50 $ 510901620.19 s 4,8731361.03 - 27- DAWSON COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET DEBT SERVICE FUND JUNE 30, 2002 EXHIBIT"!" ASSETS Cash and Cash Equivalents Accounts Receivable Total Assets PROPERTY TAXES FOR BOND DEBT SPECIAL PURPOSE LOCAL OPTION SALES TAX TOTALS JUNE 30, 2002 JUNE 301 2001 $ 1,695,003.67 $ 2,446,395.52 $ 4,141,39919 $ 6,229,985.90 8,383.34 8,383 34 579?37.69 $ 1,703,387.01 $ s 2,446,395.52 41149l82.53 $ 6 1809?23 59 FUND EQUITY Fund Balances Reserved For Debt Service Unreserved Undesignated $ 1,703,387.01 $ 2,446,395.52 $ 0.00 ____o=.oo---- 4,149,782.53 $ o.oo 6,809,723.59 o.oo Total Fund Equity $ 1,703,387.01 $ 2,446,395.52 $ 4, 149?82.53 $ 6,809,723.59 See notes to the general-purpose finanaal statements. -28- DAWSON COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES DEBT SERVICE FUND YEAR ENDED JUNE 30. 2002 EXHIBIT J" REVENUES Taxes Other Funds Total Revenues EXPENDITURES Debt Service Pnncrpal Interest Paying Agent Fees Total Expenditures Excess of Revenues over (under) Expenditures FUND a~NCE JI.lb)'. l Residual Equity Transfer PROPERTY TAXES FOR BOND DEBT SPECIAL PURPOSE LOCAL OPTION SALES TAX TOTALS YEAR ENDED JUNE 30, 2002 JUNE 30, 2001 $ 326,826.81 8,192.30 $ $ 335,019.11 $ $ 97,430 69 97,430.69 $ 326,826.81 $ 3,979,583 78 105,622 99 263,796.40 432,449.80 $ 4,243,380.18 $ 487.583.55 $ 1,602,416.45 $ 2,090,000.00 $ 1,665,000.00 421,402.50 433,790.00 855,192.50 828,425.41 2,598.35 2,598 35 4 835.71 $ 911,584.40 $ 2,036,206.45 $ 2,947,790 85 $ 2,498,261.12 $ -576,565.29 $ -1,938,n5.76 $ -2,515,341.05 $ 1,745,119.06 2,279,952.30 4,529,n12s 6,809,723.59 5,064,604.53 -144,600.01 -144,600.01 FUND BALANCE JUNE 30 $ 1,703,387.01 $ 2,446,395.52 $ 4,149,782.53 $ 6,809,723.59 See notes to the general-purpose financial statements. -29- DAWSON COUNT.\l.,BOARD OF EE>UCA-TION STATEMENT OF,GHANGES IN ASSE;iiS'AN-D LIABlklTIES FIDUCIARY Fl'.JNfifr.ifP.E'- AGENCY FUND YEAR ENDED JUNE 30- 2002 EXHIBIT"K" GEORGIA SCHOOL BOARD ASSOCIATION ASSETS Cash and Cash Equivalents BALANCE JULY 11 2001 ADDITIONS DEDUCTIONS BALANCE JUNE 301 2002 $ 160,002 45 $ 3,916 66 $ 163,91911 $=--=-_o__o_o= LIABILITIES Funds Held for Others 163,91911 $ _ _ _ _0_00.... See notes to the general-purpose financial statements. - 30- DAWSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2002 SCHEDULE "1" FUNDING AGENCY PROGRAM/GRANT Agriculture, U. S. Department of Child Nutnbon Cluster Pass-Through From Georgia Department of Educallon Food and Nutnt1on Program Food SeMces School Breakfast Program National School Lunch Program Total Child Nutrition Cluster Other Programs Pass-Through From Georgia Department of Education Food and Nutrition Program Food D1stnbullon Program (1) Total U.S. Department of Agncullure Educabon,U.S.Departrnentof Speaal Educabon Cluster Pass-Through From Georgia Department of Education Individuals with Disabilities Education Ad Part B - Special Educallon Capaaty Building Flow Through Preschool Total Speoal Education Cluster Other Programs Pass-Through From Georgia Department of Educallon Elementary and Secondary Education Ad TIiie I Grants to Local Educational Agencies TIiie II Eisenhower Professional Development TllleVI Innovative Educallon Program Strategies Class Size Reduction Vocabonal Educabon - Basic Grants to States High School Program Basic Grant Total U.S. Department of Education CFDA NUMBER PASSTHROUGH ENTITY ID NUMBER FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD * 10.553 * 10.555 NIA $ 99,379.27 (2) NIA 3251205.99 $ 11237,284.97 (3) $ 424,585.26 $ 1,237,284.97 10.550 NIA 591092.79 59,092 79 $ 483,678.05 $ 1,296,377.76 84.027 84.027 84.173 NIA $ 795.00 $ NIA 242,423.53 NIA 171933.60 $ 261,152.13 $ 795.00 242,423.53 17,933 60 261,152.13 * 84.010 84.281 84.298 84.340 84048 NIA 385,538.36 385,538.36 NIA 17,500.00 17,500.00 NIA 14,006.00 14,006.00 NIA 58,379.00 58,379.00 NIA 20,174.00 $ 756,749.49 $ 20,174.00 756,749.49 Total Federal Financial Assistance NIA = Not Available $ 1124oi421.54 $ 2,053,127.25 - 31 - DAWSON COUNTY BOARD OF E0UCATION SCHEDULE OF B