Griffin-Spalding County School System comprehensive annual financial report, fiscal year ended 2020 June 30

COMPREHENSIVE ANNUAL FINANCIAL REPORT GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM
GRIFFIN, GEORGIA FISCAL YEAR ENDED JUNE 30, 2020


GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM
Comprehensive Annual Financial Report
Fiscal Year Ended June 30, 2020
216 South Sixth Street Griffin, Georgia 30224
Prepared by: Finance Department, Griffin-Spalding County School System

TABLE OF CONTENTS

INTRODUCTORY SECTION

LETTER OF TRANSMITTAL......................................................................................... Page i - viii

GFOA CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE ..............................

ix

ASBO CERTIFICATE OF EXCELLENCE.....................................................................

x

BOARD OF EDUCATION - FUNCTION AND COMPOSITION .................................

xi

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM ADMINISTRATIVE STAFF...

xii - xiii

ORGANIZATIONAL CHART.........................................................................................

xiv

FINANCIAL SECTION

INDEPENDENT AUDITOR'S REPORT ......................................................................... Page 1 - 3

REQUIRED SUPPLEMENTARY INFORMATION Management's Discussion and Analysis.........................................................................

4 - 16

BASIC FINANCIAL STATEMENTS: System-wide Financial Statements: Statement of Net Position............................................................................................ Statement of Activities ................................................................................................ Fund Financial Statements: Balance Sheet - Governmental Funds ......................................................................... Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position.............................................................................. Statement of Revenues, Expenditures, and Changes in in Fund Balances - Governmental Funds ................................................................. Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities .............. Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - General Fund ........................................................ Statement of Fiduciary Assets and Liabilities............................................................. Notes to Financial Statements .........................................................................................

17 18
19
20
21
22
23 24 25-

REQUIRED SUPPLEMENTARY INFORMATION Schedule of Proportionate Share of the Net Pension Liability........................................ Schedule of Proportionate Share of Collective Net OPEB Liability............................... Schedule of Contributions for Defined Benefit Pension Plans ....................................... Schedule of Contributions for OPEB .............................................................................. Notes to Required Supplementary Information................................................................

59 60 61
62 - 63

COMBINING FUND STATEMENTS AND OTHER SCHEDULES

Nonmajor Governmental Funds Description ................................................................ Combining Balance Sheet - Nonmajor Governmental Funds ......................................... Combining Statement of Revenues, Expenditures, and Changes
in Fund Balances - Nonmajor Governmental Funds ................................................... Combining Balance Sheet - Other Special Revenue Funds ............................................. Combining Statement of Revenues, Expenditures, and Changes
in Fund Balances - Other Special Revenue Funds ....................................................... Schedule of Revenues, Expenditures, and Changes in Fund
Balances - Budget and Actual - Capital Projects Fund ............................................... Schedule of Revenues, Expenditures, and Changes in Fund
Balances - Budget and Actual - Debt Service Fund.................................................... Schedule of Revenues, Expenditures, and Changes in Fund
Balances - Budget and Actual - School Nutrition Program ........................................ Combining Schedule of Revenues, Expenditures, and Changes in Fund
Balances - Budget and Actual - Other Special Revenue Funds ................................... Statement of Changes in Fiduciary Assets and Liabilities .............................................. Schedule of Allotments and Expenditures - By Program -
General Fund - Quality Basic Education Programs....................................................

64 - 65 66
67 68 - 69
70 - 71
72
73
74
75 - 79 80
81

STATISTICAL SECTION
Statistical Section Introduction ....................................................................................... Comparative Statements of Net Position, Last Ten Fiscal Years.................................... Net Position by Component, Last Ten Fiscal Years ....................................................... Changes in Net Position, Last Ten Fiscal Years ............................................................. Fund Balances, Governmental Funds, Last Ten Fiscal Years......................................... Changes in Fund Balance, Governmental Funds, Last Ten Fiscal Years ....................... Revenues by Source, General Fund, Last Ten Fiscal Years ........................................... Percentage Change in Revenues by Source, General Fund, Last Ten Fiscal Years........ Per Pupil Revenues by Source, General Fund, Last Ten Fiscal Years............................ Assessed Value and Actual Value of Taxable Property, Last Ten Calendar Years ........ Millage Rates of the District, Last Ten Calendar Years.................................................. Principal Property Tax Payers, Current Year and Nine Years Ago ................................ Property Tax Levies and Collections, Last Ten Fiscal Years ......................................... Gross Tax Digest Components........................................................................................ Ratio of Annual Debt Service to Total Governmental Fund Expenditures
Last Ten Fiscal Years ................................................................................................... Ratio of Net Bonded Debt to Estimated Actual Value and
General Bonded Debt Per Capita, Last Ten Fiscal Years ............................................ Outstanding Debt by Type, Last Ten Fiscal Years ......................................................... Direct and Overlapping Governmental Activities Debt .................................................. Legal Debt Margin, Last Ten Fiscal Years ..................................................................... Demographics, Latest Census Data.................................................................................. Demographics - Income Statistics, Latest Three Years .................................................. Demographic and Economic Statistics, Last Ten Fiscal Years....................................... Principal Employers, Current Year and Nine Years Ago ...............................................

82 83 84 85 86 87 88 89 90 91 92 93 94 95
96
97 98 99 100 101 - 102 103 104 105

Employees of the District, Last Ten Fiscal Years ........................................................... General Fund Operating Statistics, Pupil/Teacher Ratio, Last Ten Fiscal Years............ School Building Information, Last Ten Fiscal Years....................................................... Enrollment Statistics, Last Ten Fiscal Years................................................................... Expenditures by Function, General Fund, Last Ten Fiscal Years................................... Per Pupil Expenditures by Function, General Fund, Last Ten Fiscal Years ................... Free and Reduced Lunch, Last Ten Fiscal Years............................................................ Insurance Coverage of the District..................................................................................

106 107 108 - 111 112 113 114 115 116

SINGLE AUDIT, COMPLIANCE AND INTERNAL CONTROL SECTION

Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards..................................
Independent Auditor's Report on Compliance for Each Major Program and Report on Internal Control over Compliance in Accordance with Uniform Guidance.........................................................................................................
Schedule of Expenditures of Federal Awards .................................................................. Notes to Schedule of Expenditures of Federal Awards.................................................... Schedule of Findings and Questioned Costs .....................................................................

117 - 118
119 - 121 122 123
124 - 125

INTRODUCTORY SECTION

-i-

-ii-

-iii-

-iv-

-v-

-vi-

-vii-

-viii-

Government Finance Officers Association
Certificate of Achievement for Excellence in Financial
Reporting
Presented to
Griffin-Spalding County School System Georgia
For its Comprehensive Annual Financial Report
For the Fiscal Year Ended June 30, 2019
Executive Director/CEO
-ix-

The Certificate of Excellence in Financial Reporting is presented to
Griffin-Spalding County School System
for its Comprehensive Annual Financial Report (CAFR) for the Fiscal Year Ended June 30, 2019.
The CAFR meets the criteria established for ASBO International's Certificate of Excellence.

Claire Hertz, SFO President
-x-

David J. Lewis Executive Director

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM BOARD OF EDUCATION
FUNCTION AND COMPOSITION

The Griffin-Spalding County Board of Education governs all matters relating to education and operations in the Griffin-Spalding County School System, as provided by Georgia law.

The Board is responsible, through its oversight function, for maintaining a reasonable and uniform system of public schools serving students in grades pre-kindergarten through 12. With the advice of the Superintendent, the Board determines policies and prescribes rules and regulations for the management of the school system. This includes, but is not limited to, adopting system wide goals and objectives, developing a financial budget for the school year, and receiving regular reports on the progress of serving students and families through out the year.

The Board currently consists of five members elected from single member districts. The Board has independent taxing authority for the purpose of funding public education inside Spalding County, Georgia.

Regular meetings of the Board of Education are held on the first Tuesday of each month beginning at 6:00 p.m. and workshops are held on the third Tuesday of each month at 4:00 p.m. in the Board meeting room of the main administration building located at 216 South Sixth Street, Griffin, Georgia. Special meetings may be called at other times by the Board Chairperson. At all meetings, a majority of the entire membership constitutes a quorum. All meetings are open to the public.

The Board elects a Chairperson and Vice-Chairperson annually from its members.

As of June 30, 2020, the members of the Board of Education and dates of expiration of their terms are as follows:

Term Name__________________________Title_______________Expiration

Mr. William B. Doss Mr. Zachery B. Holmes Mr. Syntel Brown Mrs. Barbara Jo Cook Ms. Sue McDonald

Chairperson Vice-Chairperson Member Member Member

12/31/24 12/31/22 12/31/22 12/31/24 12/31/22

-xi-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM ADMINISTRATIVE STAFF As of June 30, 2020

EXECUTIVE ADMINISTRATION James D. Smith Dr. Kiawana Kennedy Joanie Mullins

Superintendent of Schools Deputy Superintendent Administrative Assistant to Superintendent

DIVISION OF INSTRUCTIONAL SERVICES

Sara Jones

Executive Director of Instruction

Ashley Crawford

Director of K-12 Curriculum

Michele Jones

Director of School Improvement

Melvina Crawl

Director of Professional Development

Charles Kelley

Director Program Evaluation and

Assessment/Special Education

Ashley McLemore

Director of Federal Programs

DIVISION OF ADMINISTRATIVE SERVICES

Anthony Aikens

Executive Director of Administrative Services

Bruce Ballard

Director of Facilities and Construction

Todd Harris

Director of Pupil Transportation

Robert Wheeler

Director of Nutrition Services

Larry Jones

Director of Student Services

Lonny Harper

Director of Instructional Technology

Josh Griffis

Director of Administrative Technology

DIVISION OF ELEMENTARY EDUCATION

Dr. Norman Sauce

Executive Director of Elementary Education

Dr. Chris Bearden

Director of Pre-Kindergarten/ELL

DIVISION OF SECONDARY EDUCATION

Dr. Donald Warren

Executive Director of Secondary Education

Laura Ergle

Director of GRCCA and CTAE

FINANCE Byron Jones

Chief Financial Officer

HUMAN RESOURCES Stephanie Dobbins Edna Aikens

Executive Director of Human Resources Assistant Director of Human Resources

SCHOOL AND COMMUNITY SERVICES

Vacant

Executive Director of Communications and

Partnerships

-xii-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM ADMINISTRATIVE STAFF (continued) As of June 30, 2019

SCHOOL PRINCIPALS Dr. Seabrook Royal Tiffany Campbell Dr. Renee Mallard Dr. Holly Harvill Amie Chambers Ben Steele Julie Robinson Dottie English Dr. Gloria Brodie Misty Garvin Dr. Stephanie Evans Naja Douglas Derrick Dalton Dr. Gregory Gardner Laura Jordan Dr. Tyrone Kellogg Lindy Pruitt Joshua Pittman

Anne Street Elementary School Atkinson Elementary School Beaverbrook Elementary School Cowan Road Elementary School Crescent Road Elementary School Futral Road Elementary School Jackson Road Elementary School Jordan Hill Road Elementary School Moore Elementary School Moreland Road Elementary School Orrs Elementary School Carver Road Middle School Cowan Road Middle School Kennedy Road Middle School Rehoboth Road Middle School Griffin High School Spalding High School A.Z. Kelsey Academy

LEGAL COUNSEL Timothy N. Shepherd, P.C.
INDEPENDENT AUDITORS Robinson, Grimes & Company, P.C.

Griffin, Georgia Columbus, Georgia

-xiii-

-xiv-

FINANCIAL SECTION

Independent Auditor's Report
The Board of Education Griffin-Spalding County School System Griffin, Georgia
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Griffin-Spalding County School System, as of and for the year ended June 30, 2020, and the related notes to the financial statements, which collectively comprise Griffin-Spalding County School System's basic financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America 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 from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the government's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the government's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
5637 Whitesville Rd. P.O. Box 4299, Columbus, Georgia 31914 Telephone 706-324-5435 Fax 706-324-1209 Email info@robinsongrimes.com Members of: American Institute of CPAs and related Private Companies Practice Section,
Employee Benefit Plan Audit Quality and Government Audit Quality Center Center for Audit Quality Georgia Society of CPAs CPAmerica International www.robinsongrimes.com
-1-

The Board of Education Griffin-Spalding County School System Page Two
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of Griffin-Spalding County School System, as ofJune 30, 2020, and the respective changes in financial position thereof and the respective budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management's discussion and analysis on pages 4through16and other required supplementary information on pages 57 through 6be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statementsin an appropriate operational, economic, or historical context. We have applied certain limited proceduresto the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods ofpreparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively compriseGriffin-Spalding County School System's basic financial statements. The introductory section, combining nonmajor fund financial statements and other schedules, statistical tables and the Schedule of Expenditures of Federal Awards, requiredby theTitle 2 U.S. Code of Federal Regulations ("CFR") Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"),are presented for purposes of additional analysis and are not a required part of the basic financial statements.
-2-

The Board of Education Griffin-Spalding County School System Page Three
The combining nonmajor fund financial statementson pages 6through 7, and other scheduleson pages and 8,and the Schedule of Expenditures of Federal Awardson page 12are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financialstatements. Suchinformation has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling suchinformation directly to the underlying accounting and other records used to prepare the basic financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In ouropinion, the combining nonmajor fund financial statements and other schedules and the Schedule of Expenditures of Federal Awardsare fairly stated in all material respects in relation to the financial statements as a whole.
The introductory section on pages i through xiv and statistical sectionon pages 8through 11are presented for purposes of additional analysis,havenot been subjectedto the auditing procedures applied in the audit of the financial statements and, accordingly, we do not express an opinion or provide any assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards,we have also issued our report datedNovember 17, 2020on our consideration of Griffin-Spalding County School System's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on theeffectiveness of the System'sinternal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standardsin considering Griffin-Spalding County School System's internal control over financial reporting and compliance.
Certified Public Accountants
Columbus, Georgia
November 17, 2020
-3-

Griffin-Spalding County School System Management's Discussion and Analysis
For the Year Ended June 30, 2020
The discussion and analysis of Griffin-Spalding County School System's (herein referred to as the "System") financial performance provides an overall review of the System's financial activities for the fiscal year ended June 30, 2020. The intent of this discussion and analysis is to look at the System's financial performance as a whole. Readers should also review the financial statements and notes to the financial statements to enhance their understanding of the System's financial performance.
Financial Highlights
The assets of the System exceeded its liabilities at June 30, 2020, by $47,571,347.
Net position increased by a total of $5,679,534 from the beginning of the year. The increase is attributable to Special Purpose Local Option Sales Tax (SPLOST) revenue which financed investments made in capital assets during the year and increases in state revenues coupled with a decrease in certain expense categories related to the coronavirus pandemic.
The System-wide Statement of Net Position includes the employer's proportionate share of pension liabilities in accordance with GASB 68 and the net Other Post-employment Benefits (OPEB) liability in accordance with GASB 75. Net pension liability as of June 30, 2020, was $103,486,731. Net OPEB liability as of June 30, 2020, was $77,432,697.
At June 30, 2020, the System's General Fund reported a fund balance of $20,754,415, an increase of $2,698,185 from the prior fiscal year. Of this total, $559,064 has been committed to the risk management function in compliance with GASB 54. Unassigned fund balance totaled $20,195,351.
SPLOST collections in fiscal year 2020 increased 8.11% as compared to collections in fiscal year 2019.
The System's current general obligation bond indebtedness, net of related premiums, is $6,784,515. Principal and interest debt service payments were made in FY20 in the amount of $4,900,000 and $434,602, respectively.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the System's basic financial statements. The basic financial statements comprise three components: 1) System-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.
-4-

System-wide Financial Statements
The System-wide financial statements are designed to provide readers with a broad overview of the System's finances in a manner similar to a private-sector business.
The Statement of Net Position presents information on all of the System's assets and liabilities with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the System is improving or deteriorating. It is important to note that this statement consolidates the System's current financial resources (short-term) with capital assets and long-term liabilities.
The Statement of Activities presents information showing how the System's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will result in cash flows in future fiscal periods (e.g. uncollected taxes, etc.)
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The System, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the System can be divided into two categories: governmental funds and fiduciary funds.
Governmental Funds
Most of the System's activities are reported in governmental funds focusing on how money flows in and out of those funds and the balances left at year-end available for spending in future periods. The governmental fund statements provide a detailed shortterm view of the System's general government operations and the basic services it provides. Governmental fund information helps determine whether there are more or less financial resources that can be spent in the near future to finance educational programs.
Fiduciary Funds
The System is the trustee, or fiduciary, for assets that belong to others such as club and class funds and payroll withholding funds. The System is responsible for ensuring assets reported in these funds are used only for their intended purposes and by those to whom the assets belong.
-5-

Notes to Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the system-wide and fund financial statements.
System-wide Financial Analysis
As noted earlier, net position may serve over time as a useful indicator of a government's financial position. As of June 30, 2020, System assets exceeded liabilities by $47,571,347.
Assets By far, the largest portion the System's total assets (73.60 percent) reflects its investment in capital assets (e.g. buildings, land, machinery and equipment, construction in progress) net of depreciation related to those assets. The System uses the capital assets to provide services to our students, faculty, and community; consequently, these assets are not available for future spending. Capital asset increases are directly related to the continued investment of Special Purpose Local Option Sales Tax (SPLOST) revenues into renovation work, buses, and instructional technology. Current and other assets held relatively steady compared to the prior year. Cash and cash equivalents and property taxes receivable were slightly lower than FY19.
Deferred outflows and inflows of resources Deferred outflows of resources represents a consumption of resources that applies to a future period and therefore will not be recognized as an outflow of resources until then. Deferred inflows of resources represents an acquisition of resources that applies to a future period and therefore will not be recognized as an inflow of resources until that time. These two financial statement elements represent the System's contributions to the pension plans and other post-employment benefits as well as the changes in assumptions and actuarial values of those plans. Deferred outflow of resources increased $10,370,294 and deferred inflow of resources increased $4,763,131 based on the changes in the contributions and actuarial values. Note 11, Retirement Plans, and Note 12, Other PostEmployment Benefits (OPEB) provide details for the calculation of these amounts.
Liabilities Liabilities included significant changes in three areas: bonds payable, proportionate share of net pension liability and proportionate share of net OPEB liability. Bonds payable decreased due to the payment of $4,900,000 in principal during FY20. Proportionate share of net pension liability and net OPEB liability represent the System's share of state pension plans (e.g. TRS, ERS, PSERS) and health insurance (State Health) for retirees. These liabilities are based on actuarial values provided by the respective pension plans and State Health Benefit Plan. Note 11, Retirement Plans, and Note 12, Other Post-Employment Benefits (OPEB) provide details for the calculation of these amounts.
-6-

The following chart details the major categories of assets, liabilities, and net position with a comparison to the prior fiscal year.

Griffin-Spalding County School System Net Position as of June 30, 2020 and 2019

Governmental Activities

FY 2020

FY 2019

Current and other assets Capital Assets
Total assets

$

63,642,298

177,487,835

241,130,133

$ 65,514,579 171,530,339 237,044,918

Deferred Outflows of Resources

33,919,023

23,548,729

Current and other liabilities Long-term liabilities
Total liabilities

22,019,058 180,919,428 202,938,486

20,361,524 178,564,118 198,925,642

Deferred Inflows of Resources

24,539,323

19,776,192

Net Position: Net investment in capital assets Restricted Unrestricted
Total net position, as restated

170,703,320

24,450,567

(147,582,540)

$

47,571,347

159,507,762 28,995,707 (146,611,656) $ 41,891,813

Net Position The System's total net position represents resources that are subject to external restrictions on how they may be used. Comprising the majority of restricted net position are assets being accumulated for use in capital projects accounting for 61.39% of total restricted net position. The remaining 38.61% of restricted net position represents funds set aside for debt service payments, non-expendable, permanent funds and funds set aside for the continuation of federal and other programs.

Unrestricted net position includes the school system's proportionate share of the collective net pension liability in each cost sharing benefit plan in which the district participates. For the second year, the net Other Post-employment Benefits (OPEB) liability was also recorded to reflect the school system's share of healthcare benefits for retirees. The net pension liability was first recorded on the FY2015 system-wide financials as part of the implementation of GASB 68. The net OPEB liability was recorded in FY2018 as part of the implementation of GASB 75. Because of these changes, the System continues to report a deficit unrestricted net position on the Systemwide Statement of Net Position.

-7-

Changes in Net Position from Operating Results Net position increased $5,679,534 from operating results in the fiscal year ended June 30, 2019, compared to an increase of $9,680,357 in the prior fiscal year. Revenues In 2020, the System's total revenues increased $6,854,397 (5.44%) over FY19.
Operating grants and contributions increased by 6.40%, or $5.50 million, primarily due to an increase in the State QBE funding formula which takes into account student growth (FTEs) and increased funding for salary and benefit costs. The primary driver of additional QBE funds was an increase in the employer's contribution to the Teachers Retirement System of Georgia (TRS), which is in the funding formula and increased from 20.90% to 21.14%, and appropriations for a certified employee salary increase of $3,000.
General property taxes increased $1,177,780. Ad valorem taxes showed a steady increase while Title Ad Valorem Taxes (TAVT), a tax on motor vehicles, increased as well.
Special Purpose Local Option Sales Tax (SPLOST) increased 8.10%, or $.78 million, due to strong growth in spending in the local economy.
Investment earnings decreased 46.31%, or $.46 million, as interest rates on the GA Fund I investment pool declined from 2.41% to .25% on higher average account balances.
Expenses In 2020, the System's total expenses increased $10,855,220 (9.33%) over FY19.
Pension expense and OPEB expense increased $7.8 million. This expense is spread out among the functional categories.
Salary expense increased due to longevity steps on the state salary schedule for certified employees, a $3,000 raise to the certified employee salary schedule and a 3% raise to the classified employees salary schedule.
Key elements of the increase are as follows on the next page:
-8-

Griffin-Spalding County School System Changes in Net Position from Operating Results

Revenues Program revenues:
Operating grants and contributions Charges for services
General revenues: Property taxes Special purpose local option sales tax Other general revenues Total revenues
Expenses Instruction Pupil support services Improvement of instructional services Educational media services General and school administration Business administration Maintenance and operation of plant Student transportation services Central support services Other support services Food service operations Community services operations Interest on long-term debt Unallocated depreciation Total expenses

Governmental

Activities

FY 2020

FY 2019

Change

$ 91,719,126 927,767

$ 86,216,523 1,055,032

6.4% -12.1%

29,129,366 10,477,785
536,842 132,790,886

27,951,586 9,691,463 1,021,885
125,936,489

4.2% 8.1% -47.5% 5.4%

75,215,130 4,447,710 8,089,474 2,024,187
12,528,963 476,366
9,577,328 5,398,687 1,817,420
902,432 5,830,234
243,947 35,041 524,433
127,111,352

67,870,442 3,508,379 7,030,486 1,690,025 11,067,871 466,909 9,405,687 5,331,174 1,716,182 1,013,974 6,104,243 216,000 392,440 442,320
116,256,132

10.8% 26.8% 15.1% 19.9% 13.2% 2.0% 1.8% 1.3% 5.9% -11.0% -4.5% 12.9% -91.1% 18.6% 9.3%

Increase in net position

5,679,534

Net position, beginning of year

41,891,813

Net position, end of year

$ 47,571,347

9,680,357 32,211,456 $ 41,891,813

13.6%

-9-

Financial Analysis of the System's Funds
General Fund Budgetary Highlights
The System's budget is prepared in accordance with Georgia law and is based on accounting for certain transactions on the modified accrual basis of accounting. The System uses site-based budgeting and the budgeting system is designed to tightly control site budgets but provide flexibility for site management.
The most significant budgeted fund is the general fund. The original fiscal year 2020 budget, as adopted, did not project a use of fund balance. The amended budget did use fund balance in the amount of $667,761. Revenues were projected to be $98,867,939 and expenditures and other financing uses were projected to be $98,867,939. These amounts represented an increase of 5.04% from fiscal year 2019 actual revenues and an increase of 5.77% from fiscal year 2019 actual expenditures. The System's earnings under the State's Quality Basic Education (QBE) funding formula remained steady. With sustained revenue growth, the Georgia General Assembly was able to eliminate the "amended formula adjustment," which has negatively impacted the funding formula for sixteen years. This formula adjustment effectively decreased the amount of funding earned by school systems according to the QBE formula in order to meet state revenue projections. With the increase in funding, however, came increases in mandated costs. These costs included the required longevity steps on the state salary schedule for certified employees, a $3,000 raise to the certified employee salary schedule and an increase in the employer's contribution to the Teachers Retirement System of Georgia (TRS) from 20.90% to 21.14%. Classified employees received a raise of 3% to their respective salary schedules. The System also received additional state funds from the equalization grant due to the System's decrease in rankings comparing the relative property wealth per student among Georgia school districts. Budgeted revenues for property taxes and the Title Ad Valorem Tax increased to reflect a decrease in exemptions for industrial properties and an upward trend in the collection of taxes from the sale of motor vehicles. The Board of Education adopted a local property tax millage rate of 17.077, a decrease of .989 mills.
The final amended general fund budget added $1,252,049 to revenues, an increase of 1.26% from the original budget for the year. The amended budget included an increase to state revenues. With revenues through the QBE funding formula increasing, the net result was positive since the school system has health insurance costs that far exceed the amount allotted in the formula. Along with the increase in state funds, local revenues were amended to reflect better collections of property tax and Title Ad Valorem taxes as well as rising investment revenues associated with higher interest rates. Amended revenues also included the addition of several local and state grants received during the year.
The original budget for fiscal year 2020 included appropriated expenditures of $98,867,939. The original budget included funding for a 175 day instructional calendar with teachers working 190 days, a longevity step for all eligible employees, a $3,000 raise to the certified employee pay schedule and an increase to the employer's contribution rate to the Teachers Retirement System of Georgia from 20.90% to 21.14%. FY20 funding initiatives also included the third phase of the development of
-10-

comprehensive curriculum guides, school resource officers at middle and high schools, and transfers to subsidize the nutrition and Pre-Kindergarten programs.
As the year progressed, an amended budget totaling $99,452,227 was approved by the Board of Education, an increase of $584,288 in appropriated expenditures. For internal budgeting purposes, the self-insured workers compensation fund and after-school program are maintained separate from the general fund; however, the amended budget includes collapsing these two accounts into the general fund for the preparation of financial statements. Similar to the revenue side, additional expenditures include several local and state grants received during the year.
General Fund Operations
The general fund finished fiscal year 2020 with a fund balance of $20,754,415, an increase of $2,698,185 from fiscal year 2019. $559,064 of the fund balance was committed to the risk management function in compliance with GASB 54. Actual revenues exceeded budget projections by $1,011,708 while actual expenditures were $1,007,324 lower than budgeted.
Local revenue sources represented 29.64% of total general fund revenues for the year, down from 31.18% in the prior year. Local revenues exceeded budgeted projections by $1,083,041. Ad valorem property taxes exceeded the budgeted amount by $1,053,101. Property taxes are dependent on collection rates of current and prior years while the Title Ad Valorem Tax relates to the volume of vehicles sold during the year. Property taxes held relatively flat while Title Ad Valorem Tax collections increased significantly. State revenues came in on target with the budget difference representing some unused grant funds. Federal revenues are comprised of two items, Medicaid reimbursements for speech services and funding for the Junior Reserve Officers' Training Corps (JROTC) program. Federal revenues increased slightly while compared to the previous operating year.
At year end, total expenditures were under budget by $1,007,324. Expenditures for direct classroom instruction (e.g. teacher salaries and benefits, textbooks, classroom supplies, etc.) accounted for 61.72% of total general fund expenditures, slightly down from the prior fiscal year. Savings in expenditures were spread out among the functional categories. Areas of savings include personnel changes that occur from the time of budget adoption to the end of the year. The budget is a snapshot at one point in time and the school system experiences a significant amount of change in personnel over the summer and throughout the year. This change can lead to savings in salaries as new personnel fill positions held by retirees, people add or drop health benefits, or positions remained unfilled for a period of time. One large area of savings came with the costs associated with reduced transportation and maintenance expenses due to the coronavirus pandemic.
-11-

The following chart details the major components of revenues and expenditures by function for fiscal year 2020, a comparison of changes with the previous fiscal year, and the change in fund balance for the general fund.
Griffin-Spalding County School System General Fund - Revenue and Expenditures Comparison

Revenues State Federal Local and other Total revenues

Amount

% of Total

$ 70,722,124 611,847
30,051,834 101,385,805

69.76 0.60
29.64 100.00

Increase (Decrease)
Over FY2019
$ 6,286,623 107,537
1,278,318 7,672,478

Expenditures Instruction Pupil support services Instructional staff support Media Services General and school administration Business administration Maintenance and Operations Student Transportation Other support services Community services School Nutrition Services Total expenditures

60,455,517 61.72

2,406,673

2.46

5,137,012

5.24

1,759,939

1.80

10,694,600 10.92

452,371

0.46

9,289,854

9.48

4,853,453

4.96

2,602,972

2.66

229,785

0.23

66,836

0.07

$ 97,949,012 100.00

2,589,145 275,967
1,014,836 91,283
315,073 -27,745 815,338 -448,753 -65,807 14,563
129 $ 4,574,029

Other Financing Sources (Uses) Transfers in/(out) Total other financing sources (uses)

(738,608) (738,608)

Net change in fund balance

$ 2,698,185

-12-

General fund changes in fund balance
State revenues increased $6.28 million due to funding for an increase to the cost of contributions to the Teachers Retirement System of Georgia and the elimination of the amended formula adjustment. State revenues also increased with the implementation of a $3,000 raise to the certified salary scale for teachers. Increases in Title Ad Valorem Tax collections combined with increases in investment earnings comprise the bulk of the change in local revenues.
The largest impact to functional categories was the increase in the TRS contribution rate (20.90% to 21.14%) and adjustment to the certified salary schedule for teachers. The increase in the cost of TRS for the general fund was spread out among the functional categories. The increase in the certified salary schedule for teachers was primarily related to the instructional function increases. Other factors in the changes between years include the following:
Direct instruction includes several additional teachers. Instructional staff also received a longevity step (pay increase) on their respective salary schedules and a certified salary increase of $3,000. Classified employees received a 3% increase to their salary schedule.
Instructional staff support includes the third phase of a significant investment toward the development of curriculum guides following the Rigorous Curriculum Design (RCD) process.
Maintenance and operations and transportation, which have few expenditures related to TRS, include a longevity step (pay increase) on the salary schedule for eligible employees and an increase in health insurance expenditures for classified employees.
Capital Projects Fund Operations
The capital projects fund is used to account for school construction and the purchase of large capital assets. Current capital construction costs continue to be paid directly from prior receipts collected during the 2007 SPLOST (SPLOST III) and 2012 SPLOST (SPLOST IV) cycles and current receipts from the 2015 SPLOST (SPLOST V). SPLOST collections in fiscal year 2020 increased 8.10% compared to fiscal year 2019 with receipts of $10,477,785 and $9,691,463, respectively.
Capital project expenditures primarily consisted of renovation work on SPLOST V projects. These projects included the Griffin Region College and Career Academy, Memorial Stadium, and A.Z. Kelsey Academy. Expenditures also included instructional technology and school buses. The fund balance for the capital projects fund reflects amounts collected for use on projects not yet begun.
-13-

Debt Service Fund Operations
The debt service fund is used to accumulate resources for the retirement of long-term debt. The System issued general obligation sales tax bonds in the amount of $13,370,000 in FY16 for capital projects to fund the initial construction of the Griffin Region College and Career Academy, the installation of system-wide instructional technology and bus purchases. The fund reflects principal and interest payments in the amount of $4,900,000 and 434,602, respectively.

Capital Assets and Debt Administration Capital Assets

The System's investment in capital assets for its governmental activities as of June 30, 2020, totaled $177,487,835, net of accumulated depreciation. The investment in capital assets includes land, buildings, vehicles, and equipment used in providing services to our students and community as well as construction in progress on several building projects.

Many of the changes to the System's capital asset accounts came from the renovation of existing buildings. Renovation work at Memorial Stadium, Griffin Region College and Career Academy, and A.Z. Kelsey Academy constituted the majority of the year's activity. Note 4 to the basic financial statements provides additional information on the System's capital assets including a detailed breakdown of the types of capital assets included in the computation of depreciation charges. As of June 30, 2020, 28.42% of the cost basis of depreciable assets had been taken as a depreciation charge since the various assets were placed in service. A summary of capital assets follows.

Griffin-Spalding County School System Capital Assets, Net of Accumulated Depreciation

Governmental Activities

FY 2020

FY 2019

Land Construction in progress Buildings Building Improvements Vehicles and Equipment

$ 3,369,353 8,456,782 95,992,762 61,529,685 8,139,253

$ 3,365,294 1,347,670 97,738,338 61,600,128 7,478,909

Total

$ 177,487,835 $ 171,530,339

-14-

Debt Administration
The Griffin-Spalding County School System issued General Obligation Sales Tax Bonds, Series 2015, in July 2015. The proceeds of this bond issuance has gone toward the following 2015 SPLOST (SPLOST V) projects: Griffin Region College and Career Academy, the System-wide installation of the Audio Enhancement classroom technology product, and bus purchases.
At June 30, 2020, the System had $6,784,515 in outstanding general obligation bond indebtedness, net of related premiums. The current debt limitation for the System is $147,703,041 based on state law limiting the amount of general obligation debt a government entity may issue to ten (10) percent of the total assessed value of taxable property.
The System maintains a rating of AA from Standard & Poor's for general obligation debt subject to the State intercept program.
Additional information on the System's long-term debt can be found in Note 5 to the basic financial statements.
Outlook for the Future
The System continues to maintain a strong financial position. As the economic position of the State has improved, so has the funding for the school system. FY20 saw the elimination of the cut to the State funding formula, known as the "amended formula adjustment." This cut existed since 2003 and its elimination was a welcome sign of an improving economy. The largest increases in funding were tied to increases in mandated costs such as the employer's contribution to the Teachers Retirement System of Georgia, a $3,000 raise to the certified employee salary schedule and longevity steps on the state salary schedule for certified employees (e.g. teachers). Throughout the past year, state revenues continued to improve prior to the onset of the coronavirus pandemic. With the virus lingering into FY21, the state implemented an austerity reduction to all districts in GA. The Federal government allowed the school district to apply for CARES federal stimulus funds to offset reductions of state funding into the next fiscal year. Month to month growth in state revenues has slowed; likewise, funding for public education is not expected to increase.
The assessed net value of the county property digest increased approximately 4.0% in 2020 due to a large amount of property revaluations. Taxable property from new growth increased $28.9 million in the 2020 tax digest, but some of the increase was offset by an increase in exemptions. As part of the 2019 tax digest, voters in the county approved an assessment freeze on the value of property for seniors aged 65 and older. The school system will have to monitor the impact of the freeze since the state funding formula disregards local exemptions when calculating the value of 5 mills of tax (Local Five Mill Share) removed from the state allotment to the school system. The increase in the tax digest typically has an inverse relationship with funding the system receives through the Equalization Grant, a significant source of funding. The grant can have large shifts from
-15-

one year to the next, so the System will have to be prepared for movement in this allocation.
Effective for FY20, the State changed the allocation percentages to local governments for the Title Ad Valorem Tax (TAVT). TAVT works in a similar manner as a sales tax on motor vehicles and is incrementally replacing motor vehicle property taxes on the tax digest. TAVT has shown very strong increases year over year. The change in the allocation percentage is a beneficial shift to local governments and is expected to result in a sizable increase in TAVT revenues for the Griffin-Spalding County School System. The first few months of collections have shown this to be the case. The increase in this revenue source is anticipated to offset potential declines in state funding based on the increases in Local Five Mill Share and declines in the equalization grant funding.
The Board of Education adopted a millage rate of 16.742 mills, a decrease of .335 mills. This millage rate is the rollback rate that takes into account digest growth from revaluations. By adopting the rollback rate, the System negates the effect of the increased digest from revaluations. While negating the portion of growth from revaluations, the System will receive approximately $492,000 in additional property taxes from new growth. The Board of Education will continue to be mindful in obligating funds for programs and uses that might be needed to cover expenses not funded through state appropriations.
As of June 30, 2020, the General Fund reflected a fund balance of $20,754,415, translating to 78 days of operation based on the fiscal year 2021 budget. Of this balance, $559,064 was committed for risk management purposes by the Board of Education. Through careful planning, the System has been able to make intentional investments in the instructional program without having to resort to drastic changes from one year to the next. The fiscal year 2021 budget includes a 175 day student calendar with 190 work days for teachers, a longevity step for eligible employees on employee pay scales, and support positions at the school level. Financial decisions focus on the sustainability of programs or costs and performance metrics tied to strategic objectives of the system.
We expect student enrollment to remain constant for the foreseeable future. Residential growth has been limited to a senior community in the county; however, building has started for a new apartment complex. The county's industrial park continues to pick up new industries, albeit at a slow pace. Initially, these industries include abatements in school property taxes, but a regular phase out of these abatements will help the digest to grow over time. Overall, growth in population and new construction is incremental.
Requests for Information
This financial report is designed to provide a general overview of Griffin-Spalding County School System's finances for those with an interest in the System's finances. Questions concerning any of the information provided in this report or requests for additional information should be addressed to Byron K. Jones, CFO, Griffin-Spalding County School System, P.O. Drawer N, Griffin, Georgia 30224. Alternatively, you may send requests to the following e-mail address: byron.jones@gscs.org.
-16-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
STATEMENT OF NET POSITION JUNE 30, 2020
ALL GOVERNMENTAL ACTIVITIES

ASSETS

Cash and cash equivalents

$

Property taxes receivable

Due from other governments

Other receivables

Inventories

Other assets

Capital assets not depreciable

Capital assets, net of accumulated depreciation

Total assets

DEFERRED OUTFLOWS OF RESOURCES Deferred outflow of resources - pension plan Deferred outflow of resources - OPEB

Total deferred outlfows of resources

LIABILITIES Accounts payable and other current liabilities Accrued interest payable Unearned revenue Bonds payable - due within one year Long-term liabilities: Proportionate share of net pension liability Proportionate share of net OPEB liability

Total liabilities

DEFERRED INFLOWS OF RESOURCES Deferred inflow of resources - pension plan Deferred inflow of resources - OPEB

Total deferred inflows of resources

NET POSITION Net investment in capital assets Restricted for: Capital projects Debt service Continuation of federal and state programs Permanent funds - nonexpendable Unrestricted

Total net position

$

The Notes to the Basic Financial Statements are an Integral Part of this Statement.

48,433,794 2,295,685 12,147,158 578,608 176,450 10,603
11,826,135 165,661,700
241,130,133
28,804,531 5,114,492
33,919,023
15,065,536 77,500 91,507
6,784,515
103,486,731 77,432,697
202,938,486
3,795,533 20,743,790
24,539,323
170,703,320
14,975,160 6,786,601 1,574,284 1,114,522 (147,582,540)
47,571,347

-17-

Functions/Programs Primary government: Governmental activities:
Instruction Pupil support services Improvement of instructional services Educational media services General and school administration Business administration Maintenance and operation of plant Student transportation services Central support services Other support services Food services operation Community services operations Interest on long-term debt Unallocated depreciation (net of direct depreciation) Total school system

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2020

EXPENSES

PROGRAM REVENUES

OPERATING

CHARGES FOR

GRANTS AND

SERVICES

CONTRIBUTIONS

NET (EXPENSE) REVENUE AND CHANGES IN NET POSITION
ALL GOVERNMENTAL ACTIVITIES

$

75,215,130 $

4,447,710

8,089,474

2,024,187

12,528,963

476,366

9,577,328

5,398,687

1,817,420

902,432

5,830,234

243,947

35,041

524,433

$

127,111,352 $

530,223 $
397,544 927,767 $

53,383,080 $ 3,271,974 5,906,097 1,397,904 9,187,886 347,300 7,111,720 4,312,345 1,342,079 686,053 4,594,165 178,523
91,719,126

General revenues: Taxes: Property taxes, levied for general purposes Special purpose local option sales tax Investment earnings

Total general revenues

Change in net position

Net position

Net position, ending

$

(21,301,827) (1,175,736) (2,183,377)
(626,283) (3,341,077)
(129,066) (2,465,608) (1,086,342)
(475,341) (216,379) (838,525) (65,424) (35,041) (524,433) (34,464,459)
29,129,366 10,477,785
536,842
40,143,993
5,679,534
41,891,813
47,571,347

-18-

The Notes to the Basic Financial Statements are an Integral Part of this Statement.

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA BALANCE SHEET
GOVERNMENTAL FUNDS JUNE 30, 2020

ASSETS

GENERAL FUND

CAPITAL PROJECTS
FUND

DEBT SERVICE
FUND

NONMAJOR

TOTAL

GOVERNMENTAL GOVERNMENTAL

FUNDS

FUNDS

Cash and cash equivalents Receivables
Spalding County tax commissioner State of Georgia, Department of Revenue State of Georgia, Department of Education Due from other funds Other Inventories Other assets
Total assets

$

21,026,433 $

17,091,041 $

2,295,685

8,462,204 1,568,585
349,528

8,876

$

33,711,311 $

17,091,041 $

5,952,410 $ 911,691
6,864,101 $

4,363,910 $
2,773,263 229,080 176,450 1,727
7,544,430 $

48,433,794
2,295,685 911,691
11,235,467 1,568,585 578,608 176,450 10,603
65,210,883

LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES

LIABILITIES Accounts payable Accrued salaries and benefits Unearned revenue Retainage payable Due to other funds Total liabilities

$

1,415,497 $

10,120,371

1,366

11,537,234

783,417 $
427,125 1,210,542

0$ 0

381,781 $ 1,937,345
90,141 0
1,568,585 3,977,852

2,580,695 12,057,716
91,507 427,125 1,568,585 16,725,628

DEFERRED INFLOWS OF RESOURCES Unavailable revenue - property taxes Total deferred inflows of resources

1,419,662 1,419,662

0

0

1,419,662

0

1,419,662

FUND BALANCES Nonspendable: Inventories Permanent funds Restricted for: Debt service Capital projects Continuation of federal and state programs Committed to: Risk management School activity funds and other programs Assigned to: Permanent funds Capital projects Unassigned Total fund balances

559,064
20,195,351 20,754,415

14,975,160
905,339 15,880,499

6,864,101 6,864,101

176,450 1,114,522
1,574,284 629,695 71,627
3,566,578

176,450 1,114,522
6,864,101 14,975,160
1,574,284
559,064 629,695
71,627 905,339 20,195,351 47,065,593

Total liabilities, deferred inflows of resources and fund balances

$

33,711,311 $

17,091,041 $

6,864,101 $

7,544,430 $

65,210,883

The Notes to the Basic Financial Statements are an Integral Part of this Statement.
-19-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET POSITION JUNE 30, 2020

Total fund balances - governmental funds
Amounts reported for governmental activities in the statement of net position are different because:
Other long-term assets are not available to pay for current period expenditures: Property taxes reported as unavailable revenue in the funds
Capital assets used in governmental activities are not financial resources and therefore are not reported as assets in governmental funds. The cost of the assets is $243,254,283 and the accumulated depreciation is $65,766,448
Long-term liabilities, including net pension obligations, are not due and payable in the current period and therefore are not reported in the funds. Long-term liabilities at year-end consist of:
Accrued interest Net pension liability Net OPEB liability Bonds payable Premium on bonds issued Accumulated amortization of bond premium
Deferred outflows and inflows of resources related to pensions are applicable to future periods and, therefore, are not reported in the funds
Deferred outflow of employer contributions related to pensions Deferred outflow of resources - proportionate share of collective deferred outflows of resources Deferred outflow of resources related to OPEB
Deferred inflow of resources from the difference between expected and actual experience Deferred inflow of resources from the difference between projected and actual earnings
on pension plan investments Deferred inflow of resources from change in proportionate share of pension expense Deferred outflow of resources related to OPEB
Total net position - governmental activities

$ 47,065,593

1,419,662

177,487,835

$ (77,500) (103,486,731) (77,432,697) (6,700,000) (1,774,821) 1,690,306 (187,703,943)

(187,781,443)

12,926,393 15,878,138 5,114,492

33,919,023

(30,618)

(2,465,883) (1,299,032) (20,743,790)

(24,539,323)

$ 47,571,347

The Notes to the Basic Financial Statements are an Integral Part of this Statement.
-20-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2020

REVENUES Property taxes Sales taxes Fees and charges State funds Federal funds Earnings on investments Miscellaneous
Total revenues
EXPENDITURES Current operating Instruction Support services Pupil support services Improvement of instructional services Educational media services General and school administration Business administration Maintenance and operation of plant Student transportation services Central support services Other support services School nutrition services Community service operations Debt service Principal retirement Interest and fiscal charges Capital outlay
Total expenditures
Excess (deficiency) of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES) Transfers in Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances, beginning
Fund balances, ending

GENERAL FUND

CAPITAL PROJECTS
FUND

DEBT SERVICE
FUND

NONMAJOR GOVERNMENTAL
FUNDS

TOTAL GOVERNMENTAL
FUNDS

$

29,061,856

491,223 70,722,124
611,847 197,436 $ 301,319
101,385,805

$
320,987 320,987

10,477,785 $
10,477,785

$
436,544 5,349,133 13,272,550
18,420 1,481,230
20,557,877

29,061,856 10,477,785
927,767 76,071,257 13,884,397
536,843 1,782,549
132,742,454

60,455,517
2,406,673 5,137,012 1,759,939 10,694,600
452,371 9,289,854 4,853,453 1,763,129
839,843 66,836 229,785

763,099

97,949,012 3,436,793

9,315,832 10,078,931 (9,757,944)

(738,608)

(1,262,214)

(738,608)

(1,262,214)

2,698,185

(11,020,158)

18,056,230

26,900,657

$

20,754,415 $

15,880,499 $

4,900,000 434,602
5,334,602 5,143,183

9,705,376
1,893,652 2,625,317
77,314 1,380,198
12,295 3,440 464
59,227 5,392,090
4,846
21,154,219
(596,342)

70,160,893
4,300,325 7,762,329 1,837,253 12,074,798
452,371 9,302,149 5,619,992 1,763,593
899,070 5,458,926
234,631
4,900,000 434,602
9,315,832
134,516,764
(1,774,310)

1,262,214
1,262,214 6,405,397
458,704 6,864,101 $

738,608
738,608 142,266 3,424,312 3,566,578 $

2,000,822 (2,000,822)
0 (1,774,310) 48,839,903 47,065,593

The Notes to the Basic Financial Statements are an Integral Part of this Statement.
-21-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2020

Total net change in fund balances - governmental funds

$ (1,774,310)

Amounts reported for governmental activities in the statement of activities are different because:

Capital outlays are reported in governmental funds as expenditures. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense. This is the amount by which capital outlays exceed depreciation in the period.
Capital outlays Depreciation

$ 10,546,236 (4,588,740)

5,957,496

Repayment of bonds is an expenditures in the governmental funds, but the repayment reduces long-term liabilities in the Statement of Net Position.

4,900,000

Interest expense reported in the Statement of Activities is recorded as incurred, whereas interest expense in the governmental fund statements is reported when paid.

61,500

Governmental funds report the effect of premiums when the debt is first issued. These amounts are deferred and amortized in the Statement of Activities.
Amortization of bond premium

338,061

338,061

Governmental funds do not present revenues that are not available to pay current obligations. In contrast, such revenues are reported in the Statement of Activities when earned:
Property tax revenue

67,510

Governmental funds report district pension contributions as expenditures. However in the Statement of Activities, the cost of pension benefits earned net of employee contributions is reported as pension expense.
System pension contributions Pension contributions - State support Cost of benefits earned net of employee contributions System OPEB contributions OPEB expense

12,926,393 357,487
(17,677,989) 2,093,512 (1,570,126)

(3,870,723)

Change in net position of governmental activities

$ 5,679,534

The Notes to the Basic Financial Statements are an Integral Part of this Statement.
-22-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL - GENERAL FUND FOR THE YEAR ENDED JUNE 30, 2020

REVENUES Property taxes State funds Federal funds Other local funds Total revenues

BUDGETED AMOUNTS

ORIGINAL

FINAL

$ 27,173,755 $ 28,008,755

69,991,008

70,593,385

517,810

557,810

1,185,366

960,038

98,867,939

100,119,988

ACTUAL AMOUNTS

VARIANCE OVER (UNDER)

$ 29,061,856 $ 70,468,015 611,847 989,978 101,131,696

1,053,101 (125,370)
54,037 29,940 1,011,708

EXPENDITURES Current operating Instruction Support services Pupil services Improvement of instructional services Educational media services General and school administration Business administration Maintenance and operation of plant Student transportation services Other support services Community service operations Total expenditures

62,463,167
2,318,118 4,823,212 1,719,138 10,652,921
426,536 8,615,698 4,775,405 2,428,744
0 98,222,939

61,204,825
2,433,941 5,232,803 1,774,138 10,715,921
446,536 8,705,698 5,192,621 2,778,744
217,000 98,702,227

60,455,517
2,406,673 5,137,012 1,759,939 10,693,188
444,738 9,206,220 4,764,271 2,597,560
229,785 97,694,903

(749,308)
(27,268) (95,791) (14,199) (22,733) (1,798) 500,522 (428,350) (181,184) 12,785 (1,007,324)

Excess (deficiency) of revenues over (under) expenditures

645,000

1,417,761

3,436,793

2,019,032

OTHER FINANCING USES Proceeds from sale of assets Transfers in Transfers out Total other financing uses

0 0 (645,000) (645,000)

0 325,000 (1,075,000) (750,000)

0 325,000 (1,063,608) (738,608)

0 0 11,392 11,392

Net change in fund balances

0

667,761

2,698,185

2,030,424

Fund balances, beginning Fund balances, ending

18,056,230 $ 18,056,230 $

18,056,230 18,723,991

18,056,230 $ 20,754,415 $

0 2,030,424

The Notes to the Basic Financial Statements are an Integral Part of this Statement.
-23-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
AGENCY FUNDS - SCHOOL ACTIVITY FUNDS STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES
JUNE 30, 2020

ASSETS Cash and cash equivalents Total assets
LIABILITIES Accounts payable Due to student and faculty groups Total liabilities

$ 149,844 $ 149,844

$

365

149,479

$ 149,844

The Notes to the Basic Financial Statements are an Integral Part of this Statement. -24-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 1: Summary of Significant Accounting Policies
A. Reporting Entity
The Griffin-Spalding County School System (the "System") 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 financial statements of the System have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles.
The System's combined financial statements include the accounts of all System operations. The criteria for including organizations as component units within the System's reporting entity, as set forth in Financial Reporting Standards, include whether:
The organization is legally separate The Board holds the corporate powers of the organization The Board appoints a voting majority of the organization's board The Board is able to impose its own will on the organization The organization has the potential to impose a financial benefit/burden on the
System There is fiscal dependency by the organization on the System
Based on the aforementioned criteria, the System has no component units.
B. System-wide and fund financial statements
The system-wide financial statements (i.e., the statement of net position and the statement of activities) report information of the nonfiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements. However, interfund services provided and used are not eliminated in the process of consolidation. Normally, governmental activities are supported by taxes and intergovernmental revenues.
-25-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 1: Summary of Significant Accounting Policies (Continued)
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds and fiduciary funds, even though the latter are excluded from the system-wide financial statements. Major individual governmental funds are reported as separate columns in the fund financial statements.
C. Measurement focus, basis of accounting, and financial statement presentation
The system-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. The fiduciary fund financial statements are also reported using the accrual basis of accounting; however, fiduciary funds have no measurement focus. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.
The State of Georgia reimburses the School System for teachers' salaries and operating costs through the Quality Basic Education Formula Earnings program (QBE). Generally teachers are contracted for the school year (July 1 June 30) and paid over a twelve month contract period, generally September 1 through August 31. In accordance with the respective rules and regulations of the QBE program, the State of Georgia reimburses the School System over the same twelve month period in which teachers are paid. At June 30, the amount of teachers' salaries incurred but not paid until July and August of the subsequent year are accrued. Since the State of Georgia recognizes its QBE liability for the July and August salaries at June 30, the School System recognizes its portion of that reimbursement as a receivable and revenue, consistent with symmetrical recognition.
-26-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 1: Summary of Significant Accounting Policies (Continued)
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the System considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due. Property taxes associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion of special assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. All other revenue items are considered to be measurable and available only when cash is received by the System.
The System reports the following major governmental funds:
The general fund is the operating fund of the System. It is used to account for all financial resources except those required to be accounted for in another fund.
The capital projects fund is used to account for financial resources to be used for the acquisition or construction of major capital facilities.
The debt service fund is used to account for the accumulation of financial resources for the payment of principal, interest and related costs on general long-term debt.
Additionally, the School System reports the following funds:
The special revenue funds are used to account for federal and state funded grants. These grants are awarded to the System for the purpose of accomplishing specific educational tasks, which are defined in the grant agreements. These funds contain several locally funded programs whose expenditures are restricted to specific purposes. In addition, these funds are used to account for the school nutrition program whose revenues and expenditures are associated with the operations of the school cafeterias.
-27-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 1: Summary of Significant Accounting Policies (Continued)
Permanent funds are used to account for assets held by the System resulting from a trust arrangement in which the System is the beneficiary which include scholarships and endowments.
The permanent funds apply the current financial resources measurement focus and modified accrual basis of accounting. Nonexpendable permanent funds account for assets of which the principal may not be spent.
Agency funds are used to account for assets held on behalf of outside parties.
The agency funds are custodial in nature (assets equal liabilities) and do not present the results of operations nor have a measurement focus. Agency funds are accounted for using the accrual basis of accounting. These fiduciary funds are used to account for assets that the System holds on behalf of other funds of the System and are comprised primarily of amounts collected through fundraising efforts of individual school activity organizations.
Amounts reported as program revenues include 1) charges to customers or application for goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes.
When both restricted and unrestricted resources are available for use, it is the System's policy to use restricted resources first, then unrestricted resources as they are needed. As a general rule the effect of interfund activity has been eliminated from the system-wide financial statements.
D. Assets, liabilities, deferred outflows/inflows of resources, and net position/fund balance
Cash, Cash Equivalents and Investments The System's cash and cash equivalents are considered to be cash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition. Investments of the System are reported at fair value.
Statutes authorize the System to invest in obligations of the United States and of its agencies and instrumentalities; bonds or certificates of indebtedness of the state of Georgia and of its agencies and instrumentalities; certificates of deposit of banks insured by the F.D.I.C. to the extent that such investments are legal investments; repurchase agreements;
-28-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 1: Summary of Significant Accounting Policies (Continued)
and the Local Government Investment Pool, administered by the State of Georgia. Certificates of deposit must be collateralized to the extent they exceed $250,000.
Receivables Property taxes were levied on October 7, 2019, based on property values assessed as of January 1, 2019, and were payable on or before December 20, 2019. Property taxes became an enforceable lien on January 15, 2020. Taxes levied in calendar year 2019 for operations were levied at 17.077 mills.
Receivables due but not available are deferred inflows from resources in the fund financial statements in accordance with the modified accrual basis, but not deferred in the government-wide financial statements in accordance with the accrual basis.
Total property tax revenues reported for the fiscal year amounted to $29.1 million, including $2.3 million reported as taxes receivable of which $1.4 million is reflected as deferred inflow of resources in the general fund.
The State of Georgia, Department of Revenue receivable represents Special Local Option Sales Tax (SPLOST) revenues earned in the prior year but received within 30 days after year-end from the State Department of Revenue. Amounts due from the State of Georgia, Department of Education reflect QBE allotments related to the State's reimbursement amount for its portion of general fund salaries and benefits, which totaled $8.4 million at June 30, 2020.
Other receivables consist of amounts due to the System from other grants, tuition, or other revenue sources. The System anticipates collection of all receivables within one year.
Inventories Inventories consist of donated food commodities and purchased foods used in the preparation of meals. Inventories are stated at cost (principally first in, first-out), which is not in excess of market. The System utilizes the consumption method to recognize inventory usage. Under the consumption method, inventories are recorded as expenditures when used rather than when purchased. Reported inventories are reflected as nonspendable fund balance. The United States Department of Agriculture (USDA) commodity portion of the food services inventory consists of food donated by the USDA. It is valued at its Federally assigned value.
-29-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

NOTE 1: Summary of Significant Accounting Policies (Continued)

Capital Assets Capital assets, which include property, plant and equipment, are reported in the systemwide financial statements. Capital assets are defined by the System as assets with an initial cost of more than $5,000 and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized.

Land and construction in progress are not depreciated. Depreciation of all other capital assets is charged as an expense against their operations in the Statement of Activities. Property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives:

Assets
Permanent buildings Portable buildings Building improvements Vehicles Office equipment Computer equipment

Years
40 - 80 10 20
5 - 10 3 - 10 3 - 10

Accrued Salaries and Benefits Accrued salaries and benefits relate primarily to salaries of employees paid over a twelvemonth period for contract services of ten months. The twelve-month pay period begins September 1 and ends August 31. Salaries payable in July and August along with the employee benefits relating to those salaries are accrued as of the end of the fiscal year.

Compensated Absences It is the System's policy to permit employees to accumulate earned but unused vacation and sick pay benefits. There is no liability for unpaid accumulated sick leave since the System does not have a policy to pay any amounts when employees separate from service with the System. Vacation pay is awarded on a fiscal year basis, with no provisions for carryover of unused days. Accordingly, as of June 30, there is no liability for accrued vacation pay.

-30-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 1: Summary of Significant Accounting Policies (Continued)
Deferred Outflows and Inflows of Resources Government-wide In addition to assets, the statement of net position and/or the balance sheet will report a separate section for deferred outflows of resources. This separate financial statement element, represents a consumption of resources that applies to a future period(s) and therefore will not be recognized as an outflow of resources until then. Under the full accrual method of accounting, the System has reported the contributions to the cost sharing benefit pension plan subsequent to the measurement date and prior to the fiscal year end as deferred outflows of resources. The System has also reported the actuarial changes in the System's proportionate share of the State of Georgia cost sharing benefit pension plan, as discussed in Note 11.
In addition to liabilities, the statement of net position and/or the balance sheet will report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of resources that applies to a future period(s) and therefore will not be recognized as an inflow of resources until that time. Under the full accrual method of accounting, the System has reported the actuarial changes in the System's proportionate share of the State of Georgia cost sharing benefit pension plan, as discussed in Note 11. This item is reported only in the System-wide Statement of Net Position.
Governmental funds Additionally, the System has only one item, which arises only under a modified accrual basis of accounting that qualifies for reporting in this category. Accordingly, the item, unavailable revenue, is reported only in the governmental funds balance sheet. The governmental funds report unavailable revenues from property taxes and this amount is deferred and will be recognized as an inflow of resources in the period in which the amounts become available.
Pensions For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Teachers Retirement System of Georgia (TRS), Employees' Retirement System (ERS), and Public School Employees Retirement System (PSERS) and additions to/deductions from the respective plans' fiduciary net position have been determined on the same basis as they are reported by each. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are at fair value. The General Fund has been and will continue to be used to liquidate pension liabilities.
-31-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 1: Summary of Significant Accounting Policies (Continued)
Fund Balance In accordance with the requirements of GASB 54 "Fund Balance Reporting and Governmental Fund Type Definitions", the following classifications describe the relative strength of the spending constraints placed on the purposes for which resources can be used: - Nonspendable fund balance- amounts that are not in a spendable form or are required to
be maintained intact; - Restricted fund balance- amounts constrained to specific purposes by their providers
(such as grantors, bondholders, and higher levels of government, through constitutional provisions, or by enabling legislation); - Committed fund balance- amounts that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board of Education. The Board of Education is the System's highest level of decision-making authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board; - Assigned fund balance- amounts the System intends to use for a specific purpose; but are neither restricted nor committed. The Board of Education may assign fund balance. In addition, the Board has authorized the Superintendent or Chief Financial Officer to assign amounts to be used for specific purposes; - Unassigned fund balance- consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance.
The Board establishes (and modifies or rescinds) fund balance commitments by taking formal action in the form of a resolution. A fund balance commitment is further indicated in the budget document as a designation or commitment of the fund (such as for special incentives). Assigned fund balance is established by the Board through adoption or amendment of the budget as intended for a specific purpose (such as the purchase of capital assets, construction, debt service, or for other purposes). When multiple categories of fund balance are available for expenditure, the System will start with the most restricted category and spend those funds first before moving down to the next category with available funds.
E. Budgetary Information
General Budget Policies The System has a legally authorized appropriated budget which is formally approved by the Board at the aggregate level for each budgeted fund. Budgets are prepared to provide a basis for funding operations. There is no legal prohibition regarding over expenditure of the aggregate budget as long as there is an adequate available fund balance.
-32-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 1: Summary of Significant Accounting Policies (Continued)
The budget process begins when the System's administration prepares a tentative aggregated budget for the Board's approval. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper 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, to the Georgia Department of Education. From time to time, the budget is amended by Board approval at the fund level.
The System prepares its budgets on the modified accrual basis, which is the same basis it presents its fund financial statements. In addition, certain on-behalf payments for retirement benefits are not included in the general fund budget. The actual results on page 23 have, accordingly, been restated for comparative purposes. The System legally adopts budgets for its general fund, special revenue (excluding "other funds"), capital projects and debt service funds.
Encumbrances Encumbrances represent commitments related to unperformed contracts for goods and services. Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of resources recorded in order to reserve that portion of the applicable appropriation, is utilized by the System. Encumbrances outstanding at yearend are reported as assignments of fund balance since they do not constitute actual expenditures or liabilities. They are reappropriated in the subsequent fiscal year since appropriations lapse at year-end.
NOTE 2: Deposits and Investments
The System maintains a cash and investment pool that is available for use by all governmental funds. Each fund type's portion of this pool is included in "Cash and cash equivalents". In addition, deposits are separately held by several of the System's funds.
The System has not adopted a formal investment policy. Most of the System's cash is invested in the State of Georgia Government Pool. Other investments consist of securities backed by Federal Government agencies and one-day repurchase agreements with local banks. The following pages will disclose deposit and investment risks that could affect the System's ability to provide services and meet its obligations as they become due.
-33-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

NOTE 2: Deposits and Investments (Continued)

Custodial Credit Risk Deposits Custodial credit risk is the risk that in the event of a bank failure, the System's deposits may not be returned to it. The System does not have a deposit policy for custodial credit risk. The System's cash and cash equivalents are summarized below. All deposits are carried at cost plus accrued interest.

Depository Accounts
Insured Collateralized
Collateral held by pledging bank's trust department in the System's name Local government investment pool

Bank Balance Book Balance

$

807,579 $ 807,579

9,112,779 41,942,720

5,683,495 41,942,720

Total Deposits

51,863,078 48,433,794

Net cash and cash equivalents

$ 51,863,078 $ 48,433,794

Agency funds had bank deposits totaling $149,844, as reported on the Statement of Fiduciary Assets and Liabilities.
The System's investment in the local government investment pool is comprised of Georgia Fund 1 and another local investment pool, which has not been categorized as to risk level because it is a pool managed by another government. Georgia Fund 1 is not registered with the SEC as an investment company and does not operate in a manner consistent with the SEC's Rule 2a-7 of the Investment Company Act of 1940. The investment is valued at the pool's share price, $1.00 per share, which approximates fair value. The pool is an AAAf rated investment pool by Standard and Poor's. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2020, was 38 days.
Georgia Fund 1, administered by the State of Georgia, Office of the State Treasurer, is not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of the State Treasurer for the Georgia Fund 1, does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State of Georgia Comprehensive Annual Financial Report. This audit can be obtained from the Georgia Department of Audits and Accounts at www.audits.ga.gov/SGD/CAFR.html.

-34-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

NOTE 2: Deposits and Investments (Continued)

Credit Risk, Concentration of Credit Risk, and Interest Rate Risk Investments

State law limits investments in commercial paper and corporate bonds to the top two ratings issued by nationally recognized statistical rating organizations. The System has no investment policy that would further limit its investment choices.

Interest Rate Risk - the System does not have a formal policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates.

Concentration of Credit Risk - the System is not limited on the amount that may be invested in any one issuer.

NOTE 3: Interfund Receivables, Payables and Transfers

During the course of its operations, the School System makes transfers between funds to finance operations, provide services, acquire assets, and service debt. To the extent that certain transfers between funds have not been received as of year-end, balances of interfund amounts receivable or payable have been recorded. Outstanding balances between funds are reported as "due to/from other funds."

Interfund receivable and payable balances are as follows:

Receivable Fund General Fund

Payable Fund

Amount

Nonmajor Governmental Funds $ 1,568,585

The general fund was due $1,568,585 from other funds to be repaid upon receipt of grant revenues. All interfund balances will be repaid in the next fiscal year.

Transfers from/to other funds at June 30, 2020 are as follows:

Transfers to

Transfers from

Nonmajor Governmental Funds General Fund

Debt Service Fund

Capital Projects Fund

Amount $ 738,608
1,262,214

These transfers are to cover overages from the operation of certain grants and debt service payments.

-35-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

NOTE 4: Capital Assets

Governmental capital asset activity for the year ended June 30, 2020 was as follows:

Beginning

Ending

Balance

Increases

Decreases

Transfers

Balance

Capital assets, not being depreciated: Land Construction in progress Total capital assets, not being depreciated

$ 3,365,294 $

4,059 $

1,347,670 7,109,112

4,712,964 7,113,171

0 $ 0
0

0

3,369,353

0

8,456,782

0

11,826,135

Capital assets, being depreciated:
Buildings

135,219,991

0

0

0 135,219,991

Building improvements

70,407,853 1,121,593

0

0

71,529,446

Vehicles and equipment Total capital assets, being depreciated

22,367,239 2,311,472

0

0

24,678,711

227,995,083 3,433,065

0

0 231,428,148

Less accumulated

depreciation for:

Buildings

(37,481,653) (1,745,576)

0

Building improvements

(8,807,725) (1,192,036)

0

Vehicles and equipment

(14,888,330) (1,651,128)

0

Total accumulated

depreciation

(61,177,708) (4,588,740)

0

0 (39,227,229)

0

(9,999,761)

0 (16,539,458)

0 (65,766,448)

Total capital assets, being depreciated, net

166,817,375 (1,155,675)

0

0 165,661,700

Capital assets, net

$ 171,530,339 $ 5,957,496 $

0 $

0 $ 177,487,835

-36-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

NOTE 4: Capital Assets (Continued)

Depreciation expense was charged to functions/ programs of the primary government as follows:

Instruction Improvement of instructional services Media services General and school administration Business Services Maintenance and operations Transporation Central support services School nutrition Unallocated depreciation

$ 2,176,648 131,213 105,868 95,758 2,098 596,958 606,972 27,938 320,854 524,433

Total depreciation expense

$ 4,588,740

NOTE 5: Long-Term Debt
Bonds Payable In July 2015, the System issued $13,370,000 in General Obligation Sales Tax Bonds (the "Bonds") with interest rates ranging from 3.00% - 5.00%. Interest is payable semi-annually beginning April 2016 and principal is due annually beginning in October 2018 with final payment due October 2020. The Bonds were issued to finance various planned construction activities for the System. The Bonds are direct and general obligations of the System. The System pays the principal and interest first from the System's portion of a 1 percent sales and use tax for educational purposes collected within the County. To the extent that the proceeds of the SPLOST are insufficient to make such payments, the principal and interest on the Bonds are payable from an ad valorem tax, unlimited as to rate or amount, to be levied upon all taxable property within the School System subject to taxation for school bond purposes.

-37-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 5: Long-Term Debt (Continued)
A summary of changes in bonds payable for the year ended June 30, 2020 follows:

Balance

June 30, 2019

2015 General

Obligation $ 11,600,000

Unamortized

bond premium

422,577

Additions

$

0

0

Balance Due within Deletions June 30, 2020 one year

$ (4,900,000) $ 6,700,000 $ 6,700,000

(338,062)

84,515

0

Total

$ 12,022,577 $

0 $ (5,238,062) $ 6,784,515 $ 6,700,000

The annual debt service requirements to maturity are as follows:

Years Ending
June 30,

2015 General Obligation

Principal

Interest

2021

6,700,000 $ 6,700,000 $

155,500 155,500

NOTE 6: Non-Monetary Transactions and On-Behalf Payments
The System received from the United States Department of Agriculture through the Georgia Department of Education approximately $142,246 in donated food commodities for its lunchroom programs. The federally assigned value of these commodities is reflected as revenues and expenditures in the Other Governmental Funds.
The Georgia Department of Education paid $254,109 to the Public School Employee Retirement System on behalf of the System for the fiscal year ending June 30, 2020. These on-behalf payments were for health insurance and retirement contributions and were reported in the General Fund as both revenues and expenditures.

-38-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

NOTE 7: Special Purpose Local Option Sales Tax (SPLOST)

On March 20, 2007, the voters of Spalding County authorized the imposition of a Special Purpose Local Option Sales Tax (SPLOST) effective July 1, 2007. The sales tax was authorized for a maximum period of time not to exceed five years for the purpose of raising not more than $57,000,000, although the SPLOST only generated $42,783,556. Total expenditures of 2007 SPLOST proceeds incurred in 2020 were $1,159,236. The funds were used to fund school improvements.

On March 6, 2012, the voters of Spalding County authorized the SPLOST to be reimposed effective July 1, 2012. The reimposed sales tax was authorized for a maximum period of time not to exceed three years for the purpose of raising not more than $30,000,000, although the SPLOST only generated $25,332,346. Total expenditures of 2012 SPLOST proceeds incurred in 2020 were $161,129. The funds generated by the sales tax were used to renovate, remove, repair, improve, and equip existing school facilities and acquire system-wide technology improvements.

On March 17, 2015, the voters of Spalding County authorized the SPLOST to be reimposed effective July 1, 2015. The reimposed sales tax was authorized for a maximum period of time not to exceed five years for the purpose of raising not more than $50,000,000. Total expenditures of 2015 SPLOST proceeds incurred in 2020 were $13,777,370. The funds generated by the sales tax will be used to renovate, remove, repair, improve, and equip existing school facilities, acquire system-wide technology improvements and refurbish and renovate school buses.

The status of the SPLOST projects are as follows:

2012 SPLOST

Anticipated proceeds, as originally projected $ 30,000,000

Amount not yet collected

(4,667,654)

Amount collected through June 30, 2020

25,332,346

Amount of bond proceeds spent

0

Total

$ 25,332,346

2015 SPLOST $ 50,000,000
(3,453,953) 46,546,047 15,144,821
$ 61,690,868

Amounts expended in previous years Amounts expended in current year Amounts expended to date

$ 23,764,789 161,129
$ 23,925,918

$ 31,619,759 13,777,370
$ 45,397,129

-39-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

NOTE 8: Risk Management

The System is exposed to various risks of loss related to torts: theft of loss, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disaster. The System has established a limited risk management program for Workers' Compensation.

Estimated claims are budgeted by management based on known claims and prior experience. An excess coverage insurance policy covers aggregate claims in excess of $500,000 up to $1,000,000.

Claims and associated expenses incurred during the fiscal years 2020, 2019 and 2018 are shown below. Outstanding year end liabilities are considered to be immaterial.

Year 2020 2019 2018

Balance July 1, 2019

$

0

$

0

$

0

Current Year Claims Accrued

$

338,415

$

279,613

$

250,012

Current Year Claims Paid
$ (338,415) $ (279,613) $ (250,012)

Unpaid

Balance June 30, 2020

$

0

$

0

$

0

The System participates in Georgia School Boards Association Risk Management Fund for property and liability insurance. Coverage for losses arising from certain liability and property risks to the System is provided through a group self-insurance plan. For accounting purposes this plan is considered to be a Risk Transfer Pool. Under this plan, the System is responsible for the first $5,000 of each property loss, $5,000 of each machinery breakdown loss, $1,000 of auto physical damage loss, and the first $10,000 of each liability claim. The plan assumes certain risks of the System in excess of state retentions up to certain customary coverage limits. The System is required to make a financial contribution to the plan each year in an amount determined on the basis of actuarial projections of losses. Settled claims have not exceeded insurance coverage in any of the past three years nor has the System significantly reduced coverage for these risks.

NOTE 9: Contingencies and Commitments

The System is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine System operations. It is the opinion of management and legal counsel that the System has adequate legal defenses or insurance coverage and these actions will not materially affect the System's results of operations or financial position.

At June 30, 2020, the System's future construction commitments consist of additions to various schools in the amount of approximately $864,750. At June 30, 2020, the System had no significant encumbrances.

-40-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 10:Tax Abatements
Spalding County enters into property tax abatement agreements with local businesses for the purpose of attracting or retaining businesses within their jurisdictions. The abatements may be granted to any business located or promising to relocate to Spalding County.
For the fiscal year ended June 30, 2020, Spalding County abated real and personal property taxes due to the System that were levied on October 7, 2019 and due on December 20, 2019 totaling $321,983 for real property and $407,362 for personal property. Included in the amount abated, the following are individual tax abatement agreements that each exceeded 10% of the total amount abated:
- a 0% real property tax abatement totaling $23,978 to a manufacturing company, - a 40% personal property tax abatement totaling $8,538 to a manufacturing
company, - a 58% personal property tax abatement totaling $19,368 to a manufacturing
company, - a 60% personal property tax abatement totaling $28,379 to a manufacturing
company - a 70% real property tax abatement totaling $92,352 to a chemical company and
manufacturing company and a personal property tax abatement totaling $69,705 to a chemical company and a manufacturing company, - a 73% real property tax abatement totaling $101,977 to a manufacturing company, - an 80% real property tax abatement totaling $74,888 to a manufacturing company and a personal property tax abatement totaling $222,652 to a manufacturing company, - a 100% real property tax abatement totaling $28,789 a joint development authority and a personal property tax abatement totaling $19,835 to a manufacturing company, and - personal property tax abatements ranging from 20%-100% to a large equipment company totaling $38,885.
NOTE 11:Retirement Plans
The System participates in various retirement plans administered by the State of Georgia, as further explained below.
Teachers Retirement System (TRS)
Plan description: All teachers of the System as defined in 47-3-60 of the Official Code of Georgia Annotated (OCGA) and certain other support personnel as defined by 47-3-63
-41-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 11:Retirement Plans (Continued)
are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple-employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the OCGA, assigns the authority to establish and amend benefit provisions to the State Legislature. TRS issues a publicly available financial report that can be obtained at www.trsga.com/publications.
Benefits provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the member retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death.
Contributions: Per Title 47 of the OCGA, contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Pursuant to OCGA 47-3-63, the employer contributions for certain full-time public school support personnel are funded on behalf of the employer by the State of Georgia. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6% of their annual pay during fiscal year 2020. The System's contractually required contribution rate for the year ended June 30, 2020 was 21.14% of annual school district payroll (excluding payroll attributable to those personnel funded on behalf of the School District by the State). System contributions to TRS (excluding contributions funded by the State on behalf of the System) were $12,893,763 for the year ended June 30, 2020.
Employees Retirement System (ERS)
Plan description: ERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly during the 1949 Legislative Session for the purpose of providing retirement allowances for employees of the State of Georgia and its political subdivisions. ERS is directed by a Board of Trustees. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. ERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials.
-42-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 11:Retirement Plans (Continued)
Benefits Provided: The ERS Plan supports three benefit tiers: Old Plan, New Plan, and Georgia State Employees' Pension and Savings Plan (GSEPS). Employees under the old plan started membership prior to July 1, 1982 and are subject to plan provisions in effect prior to July 1, 1982. Members hired on or after July 1, 1982 but prior to January 1, 2009 are new plan members subject to modified plan provisions. Effective January 1, 2009, new state employees and rehired state employees who did not retain membership rights under the Old or New Plans are members of GSEPS. ERS members hired prior to January 1, 2009 also have the option to irrevocably change their membership to GSEPS.
Under the old plan, the new plan, and GSEPS, a member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 60 or 30 years of creditable service regardless of age. Additionally, there are some provisions allowing for early retirement after 25 years of creditable service for members under age 60.
Retirement benefits paid to members are based upon the monthly average of the member's highest 24 consecutive calendar months, multiplied by the number of years of creditable service, multiplied by the applicable benefit factor. Annually, postretirement cost-of-living adjustments may also be made to members' benefits, provided the members were hired prior to July 1, 2009. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension, at reduced rates, to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS.
Contributions: Member contributions under the old plan are 4% of annual compensation, up to $4,200.00, plus 6% of annual compensation in excess of $4,200.00. Under the old plan, the state pays member contributions in excess of 1.25% of annual compensation. Under the old plan, these state contributions are included in the members' accounts for refund purposes and are used in the computation of the members' earnable compensation for the purpose of computing retirement benefits. Member contributions under the new plan and GSEPS are 1.25% of annual compensation. The System's contractually required contribution rate, actuarially determined annually, for the year ended June 30, 2020 was 24.78% of annual covered payroll for old and new plan members and 21.78% for GSEPS members. The rates include the annual actuarially determined employer contribution rate of 24.66% of annual covered payroll of new and old plan members and 21.66% for GSEPES members, plus a 0.12% adjustment for the HB 751 one-time benefit adjustment of 3% to retired state employees. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. There were no employer contributions to for the current fiscal year.
-43-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 11:Retirement Plans (Continued)
Public School Employees Retirement System (PSERS)
Plan description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the OCGA assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials.
Benefits provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service.
Upon retirement, the member will receive a monthly benefit of $15.25, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits.
Contributions: The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with OCGA 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability.
Individuals who became members prior to July 1, 2012 contribute $4 per month for nine months each fiscal year. Individuals who became members on or after July 1, 2012 contribute $10 per month for nine months each fiscal year. The State of Georgia, although not the employer of PSERS members, is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS Board of Trustees. The contribution by the State for the year ended June 30, 2020 amounted to $254,109.
-44-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 11:Retirement Plans (Continued)
Pension liabilities, Pension expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions
At June 30, 2020, the System reported a liability of $103,486,731 for its proportionate share of the net pension liability for TRS ($103,275,122) and ERS ($211,609). The TRS net pension liability reflected a reduction for support provided to the System by the State of Georgia for certain public school support personnel.
The amount recognized by the System as its proportionate share of the net pension liability, the related State of Georgia support, and the total portion of the net pension liability that was associated with the System were as follows:

System's proportionate share of the net pension liability
State of Georgia's proportionate share of the net pension liability associated with the System
Total

TRS

ERS

PSERS

Total

$ 103,275,122 $ 211,609 $

0 $ 103,486,731

0

0 1,297,983

1,297,983

$ 103,275,122 $ 211,609 $ 1,297,983 $104,784,714

The net pension liability for TRS and ERS was measured as of June 30, 2019. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2018. An expected total pension liability as of June 30, 2019 was determined using standard roll-forward techniques. The System's proportion of the net pension liability was based on contributions during the fiscal year ended June 30, 2019. At June 30 2019, the System's proportion was .480289% for TRS and .005128% for ERS, which was an increase (decrease) of (.007949)% for TRS and (.000060)% for ERS from its proportion measured as of June 30, 2018.
At June 30, 2020, the System did not have a PSERS liability for a proportionate share of the net pension liability because of a Special Funding Situation with the State of Georgia, which is responsible for the net pension liability of the plan. The amount of the State's proportionate share of the net pension liability associated with the System is $1,297,983.

-45-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 11:Retirement Plans (Continued)

The PSERS net pension liability was measured as of June 30, 2019. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2018. An expected total pension liability as of June 30, 2019 was determined using standard roll-forward techniques. The State's proportion of the net pension liability associated with the System was based on actuarially determined contributions paid by the State during the year ended June 30, 2019.

For the year ended June 30, 2020, the System recognized total net pension expense of $17,277,708 for its proportionate share of which $17,271,199 was for TRS, $6,509 for ERS and $400,282 for PSERS and total revenue of $357,487 of which $42,795 is a reduction of revenue for TRS and $400,282 is an increase in revenue for PSERS. The revenue is support provided by the State of Georgia. For TRS, the State of Georgia support is provided only for certain support personnel.
At June 30, 2020, the System reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Differences between expected and actual experience Changes in assumption
Net difference between projected and actual earnings on pension plan investments
Changes in proportion and differences between Employer contributions and proportionate share of contributions
Employer contributions subsequent to the measurement date
Total

TRS

Deferred Outflows of Resources

Deferred Inflows of Resources

ERS

Deferred Outflows of Resources

Deferred Inflows of Resources

$ 5,821,112 $ 30,618 $ 7,047 $

0

9,910,595

0

3,725

0

0 2,459,296

0

6,587

134,629 1,298,297

1,434

12,893,763

0

$ 28,760,099 $ 3,788,211 $

32,630 44,836 $

741 0
7,328

-46-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 11:Retirement Plans (Continued)
System contributions subsequent to the measurement date of $12,893,763 for TRS and $32,630 for ERS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2021. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:

Year ended June 30: 2021 2022 2023 2024 2025 Thereafter
Total

TRS

ERS

5,313,441 680,788
2,971,247 3,112,649
0 0 $ 12,078,125 $

10,127 (4,825) (1,298)
874 0 0
4,878

Actuarial assumptions: The total pension liability as of June 30, 2019 was determined by an actuarial valuation as of June 30, 2018, using the following actuarial assumptions, applied to all periods included in the measurement:

Inflation Salary increase (average, including
inflation)
Investment rate of return (net of pension plan investment expense, including inflation) Post retirement benefit increases (semiannually)

TRS 2.50%

ERS

PSERS

2.75%

2.75%

3.00 - 8.75% 3.25 -7.00%

N/A

7.25% 1.50%

7.30% N/A

7.30% 1.50%

For TRS, mortality rates were based on the RP-2000 White Collar Mortality Table set forward one year for males for service retirements and dependent beneficiaries, and the RP2000 Disabled Mortality Table set forward two years for males and four years for females for death after disability retirement.
For ERS, mortality rates were based on the RP-2000 Combined Mortality Table set forward two years for both males and females for service retirements and dependent

-47-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

NOTE 11:Retirement Plans (Continued)

beneficiaries, and the RP-2000 Disabled Mortality Table set back seven years for males and set forward three years for females for the period after disability retirement.

For PSERS, mortality rates were based on the RP-2000 Blue Collar Mortality Table set forward three years for males and two years for females for the period after service retirement, for dependent beneficiaries, and for deaths in active service, and the RP-2000 Disabled Mortality Table set forward five years for both males and females for the period after disability retirement.
The actuarial assumptions used in the June 30, 2018 valuation were based on the results of an actuarial experience study for the period July 1, 2009 June 30, 2014, with the exception of the assumed investment rate of return.

The long-term expected rate of return on TRS, ERS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of pension plan investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation.

The target asset allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:

Asset Class Fixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternatives
Total

TRS Target Allocation
30.00% 51.00% 1.50% 12.40% 5.10% 0.00% 100.00%

ERS/PSERS Long-term

Target

expected real

Allocation rate of return*

30.00%

-0.10%

46.20%

8.90%

1.30%

13.20%

12.40%

8.90%

5.10%

10.90%

5.00%

12.00%

100.00%

*Rates shown are net of inflation

-48-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

NOTE 11:Retirement Plans (Continued)
Discount rate: The discount rate used to measure the total pension liability was 7.25% for TRS and 7.30% for ERS and PSERS both the current and prior measurement dates. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and State of Georgia contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS, ERS, and PSERS pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability.

Sensitivity of the System's proportionate share of the net pension liability to changes in the discount rate: The following presents the System's proportionate share of the net pension liability calculated using the discount rate of 7.25% for TRS and 7.30% for ERS, as well as what the System's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.25% for TRS and 6.30% for ERS) or 1-percentage-point higher (8.25% for TRS and 8.30% for ERS) than the current rate:

Employer's proportionate share of the net pension liability

1% Decrease (6.25%)

TRS
Current discount
rate (7.25%)

1% Increase (8.25%)

1% Decrease (6.30%)

ERS
Current discount
rate (7.30%)

1% Increase (8.30%)

167,645,750 103,275,122 50,339,594 300,715 211,609 135,647

Pension plan fiduciary net position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS, ERS, and PSERS financial report which is publically available at www.trsga.com/publications and www.ers.ga.gov/formspubs.
Supplemental Retirement Plan- Public School Employees' Retirement System Only
Plan Description: All employees participating in the Public School Employees' Retirement System are also eligible to participate in the System's Supplemental Retirement Plan. The Board of Education recognized that PSERS was a limited defined benefit plan which did not provide for an adequate retirement for this group of employees and thus established this Plan in 2016 to supplement the retirement for this group of employees.

-49-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 11:Retirement Plans (Continued)
This Plan, as a defined contribution plan, puts 3% of salary for all PSERS employees into a 403(b) type plan. The plan requires 36 months of service or meeting normal retirement age to vest 100% in the employer portion. Failure to complete the 36 month vesting requirement will result in forfeiture of the employer contributions. The employee contributions will be refunded 100%, if the vesting requirement is not met.
Funds accumulated in the employer paid accounts are only available to the employee upon termination of employment and 3 years of service to the System. If an employee terminates employment prior to achieving 3 years of service, funds paid on behalf of the non-vested employee are credited back to the System.
Valic Retirement Services is the supplemental plan provider and National Benefit Services, LLC, has been set up as the third party administrator. The plan offers an investment menu from which the employees may select their investment mix.
Funding Policy: the System contributes 3% of the employee's monthly compensation for all eligible employees. Contributions are sent monthly to the third party administrator to be invested based upon the employee's investment choices.
The System's contributions to the Supplemental Retirement Plan for the fiscal year ending June 30, 2020 were $149,398.
NOTE 12: Other Post-Employment Benefits (OPEB)
Georgia School Personnel Post-Employment Health Benefit Fund
Plan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (OCGA) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit postemployment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the OCGA assigns the authority to establish and amend the benefit terms of the group health plan to the Board.
Benefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School
-50-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 12: Other Post-Employment Benefits (OPEB) (Continued) Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted.
Contributions: As established by the Board, the School OPEB Fund is substantially funded on a pay-as-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $2,093,512 for the year ended June 30, 2020. Active employees are not required to contribute to the School OPEB Fund.
OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB At June 30, 2020, the School District reported a liability of $77,432,697 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of June 30, 2019. The total OPEB liability used to calculate the net OPEB liability was based on an actuarial valuation as of June 30, 2018. An expected total OPEB liability as of June 30, 2019 was determined using standard roll-forward techniques. The School District's proportion of the net OPEB liability was actuarially determined based on employer contributions during the fiscal year ended June 30, 2019. At June 30, 2019, the School District's proportion was .630963%, which was an decrease of (.003244)% from its proportion measured as of June 30, 2018.
-51-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

NOTE 12: Other Post-Employment Benefits (OPEB) (Continued)

For the year ended June 30, 2020, the School District recognized OPEB expense of $1,570,126. At June 30, 2020, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

OPEB

Deferred

Deferred

Outflows of

Inflows of

Resources

Resources

Differences between expected and actual experience Changes in Assumptions Net difference between projected and actual earnings on OPEB plan investments Changes in proportion and differences between School District contributions and proportionate share of contributions
School District contributions subsequent to the measurement date
Total

$

0

2,689,087

168,625

163,268
2,093,512 $ 5,114,492

$ 8,423,872 10,915,565 0
1,404,353 0
$ 20,743,790

School District contributions subsequent to the measurement date of $2,093,512 are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2021. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:

Year ended June 30: 2021 2022 2023
2024
2025 Thereafter
Total

OPEB
$ (3,970,572) (3,970,572) (3,977,055) (3,485,284) (1,911,538) (407,789)
$(17,722,810)

-52-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

NOTE 12: Other Post-Employment Benefits (OPEB) (Continued)

Actuarial assumptions: The total OPEB liability as of June 30, 2019 was determined by an actuarial valuation as of June 30, 2018, with update procedures used to roll forward the total OPEB liability to June 30, 2019. The roll forward calculation adds the annual normal cost (also called service cost), subtracts the actual benefit payments for the same year, and then applies the expected rate of return for the period. This actuarial valuation used the following actuarial assumptions:

OPEB:
Inflation
Salary increases
Long-term expected rate of return
Healthcare cost trend rate Pre-Medicare Eligible Medicare Eligible
Ultimate trend rate Pre-Medicare Eligible Medicare Eligible
Year of Ultimate trend rate Pre-Medicare Eligible Medicare Eligible

2.75% 3.25% - 8.75%, average, including inflation 7.30%, compounded annually, net of investment expense, and including inflation
7.25% 5.38%
4.75% 4.75%
2028 2022

Mortality rates were based on the RP-2000 Combined Mortality Table for Males or Females, as appropriate, with adjustments for mortality improvements based on Scale BB as follows:
For TRS members: The RP-2000 White Collar Mortality Table projected to 2025 with projection scale BB (set forward one year for males) is used for death after service retirement and beneficiaries. The RP-2000 Disabled Mortality Table projected to 2025 with projection scale BB (set forward two years for males and four years for females) is used for death after disability retirement.

-53-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 12: Other Post-Employment Benefits (OPEB) (Continued)
For PSERS members: The RP-2000 Blue-Collar Mortality Table projected to 2025 with projection scale BB (set forward three years for males and two years for females) is used for the period after service retirement and for beneficiaries of deceased members. The RP-2000 Disabled Mortality Table projected to 2025 with projection scale BB (set forward five years for both males and females) is used for the period after disability retirement.
The actuarial assumptions used in the June 30, 2018 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2014, and adopted by the pension Board on December 17, 2015. The next experience study for TRS will be for the period ending June 30, 2018.
The remaining actuarial assumptions (e.g., initial per capital costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2018 valuation were based on a review of recent plan experience done concurrently with the June 30, 2018 valuation.
Projection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation.
The long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation.
-54-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

NOTE 12: Other Post-Employment Benefits (OPEB) (Continued)

The target allocation and best estimates of arithmetic real rates of return for each major
asset class are summarized in the following table:
Long-

term

expected

Target real rate

Asset Class

Allocation of return*

Fixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternatives

30.00% 46.20%
1.30% 12.40% 5.10% 5.00%

-0.10% 8.90% 13.20% 8.90% 10.90% 12.00%

Total

100.00%

*Rates shown are net of inflation
Discount rate: In order to measure the total OPEB liability for the School OPEB Fund, a single equivalent interest rate of 3.58% was used as the discount rate, as compared with last year's rate of 3.87%. This is comprised mainly of the yield or index rate for 20 year taxexempt general obligation municipal bonds with an average rating of AA or higher (3.50% per the Municipal Bond Index Rate). The projection of cash flows used to determine the discount rate assumed that contributions from members and from the employer will be made at the current level as averaged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2119. Based on these assumptions, the OPEB plan's fiduciary net position was projected to be available to make OPEB payments for inactive employees through year 2026. Therefore, the calculated discount rate of 3.58% was applied to all periods of projected benefit payments to determine the total OPEB liability.

-55-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

NOTE 12: Other Post-Employment Benefits (OPEB) (Continued)

Sensitivity of the District's proportionate share of the net OPEB liability to changes in the discount rate: The following presents the School District's proportionate share of the net OPEB liability calculated using the discount rate of 3.58%, as well as what the District's proportionate share of the net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (2.58%) or 1 percentage-point higher (4.58%) than the current discount rate:

Net OPEB Liability (asset)

(2.58%) 90,002,352

(3.58%) 77,432,697

(4.58%) 67,207,848

Sensitivity of the District's proportionate share of the net OPEB liability to changes in the healthcare cost trend rates: The following presents the School District's proportionate share of the net OPEB liability, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates:

1% Decrease

Current Healthcare Cost
Trend Rate

1% Increase

Net OPEB Liability (asset)

65,228,843

77,432,697

92,932,518

OPEB plan fiduciary net position: Detailed information about the OPEB plan's fiduciary net position is available in the Comprehensive Annual Financial Report (CAFR), which is publicly available at https://sao.georgia.gov/comprehensive-annual-financial-reports.

NOTE 13: Risks and Uncertainties

In December 2019, a novel strain of coronavirus ("COVID-19") was reported in Wuhan, China. The World Health Organization has declared the outbreak a "Public Health Emergency of International Concern." The COVID-19 outbreak in the United States has caused business disruption. The extent of the impact of COVID-19 on our operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, impact on our students, employees, and vendors. At this point, the extent to which COVID-19 may impact our financial condition or results of operations is uncertain and cannot be reasonably estimated, but the potential exists for reductions in revenues and fluctuations in investment values.

-56-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF NET PENSION LIABILITY
DEFINED BENEFIT PENSION PLANS FOR THE YEAR ENDED JUNE 30

2020

2019

TRS

2018

2017

2016

2015

System's proportion of the net pension liability System's proportionate share of the net pension liability State of Georgia's proportionate share of the net pension
liabilty associated with the System System's covered payroll System's proportionate share of the net pension liability
as a percentage of its covered payroll
Plan fiduciary net position as a percentage of the total pension liability

0.480289% 0.488238% 0.489034% 0.487142% 0.489235% 0.492510% 103,275,122 90,627,431 90,888,475 100,502,826 74,481,171 62,063,084

0

45,292

96,829

110,995

93,019

148,698

58,615,034 58,151,431 56,151,054 53,473,168 51,677,582 50,116,513

176.19% 155.85% 161.86% 187.95% 144.13% 123.84%

78.56%

80.27%

79.33%

76.06%

81.44%

84.03%

-57-

System's proportion of the net pension liability System's proportionate share of the net pension liability State of Georgia's proportionate share of the net pension
liabilty associated with the System
System's covered payroll System's proportionate share of the net pension liability
as a percentage of its covered payroll
Plan fiduciary net position as a percentage of the total pension liability

2020 0.005128%
211,609

2019 0.005068%
208,347

ERS

2018 0.005148%
209,078

2017 0.005291%
250,287

2016 0.004636%
187,823

2015 0.004523%
169,640

0 129,267

0 129,267

0 126,264

0 123,014

0 105,989

0 101,849

163.70% 161.18% 165.59% 203.46% 177.21% 166.56%

76.74%

76.68%

76.33%

72.34%

76.20%

77.99%

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF NET PENSION LIABILITY
DEFINED BENEFIT PENSION PLANS FOR THE YEAR ENDED JUNE 30

System's proportion of the net pension liability System's proportionate share of the net pension liability State of Georgia's proportionate share of the net pension
liabilty associated with the System
System's covered payroll
System's proportionate share of the net pension liability as a percentage of its covered payroll
Plan fiduciary net position as a percentage of the total pension liability

2020 N/A 0

2019 N/A 0

PSERS

2018 N/A 0

2017 N/A 0

2016 N/A 0

2015 N/A 0

1,297,983 4,465,717

1,256,874 4,910,563

1,257,961 5,098,826

1,654,512 4,955,278

1,106,184 4,820,391

943,529 4,955,076

N/A

N/A

N/A

N/A

N/A

N/A

85.02%

85.26%

86.00%

81.00%

87.00%

88.29%

Note: Schedule is intended to show information for the last 10 fiscal years. Additional years w ill be displayed as they become available.

-58-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF COLLECTIVE NET OPEB LIABILITY
FOR THE YEAR ENDED JUNE 30

System's proportion of the collective net OPEB liability System's proportionate share of the collective net OPEB liability System's covered payroll System's proportionate share of the collective net OPEB as a
percentage of its covered payroll Plan fiduciary net position as a percentage of the total
collective OPEB liability

OPEB

2020

2019

0.630963% 0.634200%

77,432,697 80,605,763

63,210,018 63,191,261

2018 .643640% 90,431,161 61,187,881

122.50% 127.56% 147.79%

4.63%

2.93%

1.61%

Note: Schedule is intended to show information for the last 10 fiscal years. Additional years will be displayed as they become available.

-59-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS
DEFINED BENEFIT PENSION PLANS FOR THE YEAR ENDED JUNE 30

2020

2019

TRS

2018

2017

2016

2015

Contractually required contribution Contributions in relation to the contractually
required contribution Contribution deficiency (excess)
System's covered payroll Contributions as a percentage of covered payroll

$ 12,893,763 $ 12,250,541 $ 9,775,004 $ 8,012,744 $ 7,630,622 $ 6,795,397

12,893,763 12,250,541 9,775,004 8,012,744 7,630,622 6,795,397

$

0$

0$

0$

0$

0$

0

$ 60,992,257 $ 58,615,034 $58,151,431 $56,151,054 $53,473,168 $ 51,677,582

21.14%

20.90%

16.81%

14.27%

14.27%

13.15%

-60-

2020

2019

ERS

2018

2017

2016

2015

Contractually required contribution Contributions in relation to the contractually
required contribution Contribution deficiency (excess) System's covered payroll Contributions as a percentage of covered payroll

$ 32,630 $ 32,032 $ 32,071 $ 31,326 $ 30,409 $ 23,275

32,630

32,032

32,071

31,326

30,409

23,275

$

0$

0$

0$

0$

0$

0

$ 132,267 $ 129,267 $ 129,267 $ 126,264 $ 123,014 $ 105,989

24.67%

24.78%

24.81%

24.81%

24.72%

21.96%

Note: Schedule is intended to show information for the last 10 fiscal years. Additional years will displayed as they become available.

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS OPEB FOR THE YEAR ENDED JUNE 30

2020

OPEB 2019

2018

Contractually required contribution Contributions in relation to the contractually required contribution Contribution deficiency (excess)
System's covered payroll Contributions as a percentage of covered payroll

$ 2,093,512 $ 3,398,171 $ 3,298,340 2,093,512 3,398,171 3,298,340

$

0$

0$

0

$ 65,751,219 $63,210,018 $63,191,261

3.18%

5.38%

5.22%

-61-

Note: Schedule is intended to show information for the last 10 fiscal years. Additional years will displayed as they become available.

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION FOR THE YEAR ENDED JUNE 30, 2020
Retirement Systems Changes of assumptions: For TRS, in 2010 and later, the expectation of retired life mortality was changed to the RP-2000 Mortality Tables rather than the 1994 Group Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. In 2010, assumed rates of salary increase were adjusted to more closely reflect actual and anticipated experience. For ERS and PSERS, On March 15, 2018, the Board adopted a new funding policy. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for June 30, 2017 actuarial valuation. In addition, based on the Board's new funding policy, the assumed investment rate of return was further reduced by 0.10% from 7.40% to 7.30% as of the June 30, 2018 Measurement Date.
-62-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION FOR THE YEAR ENDED JUNE 30, 2020
OPEB Changes of benefit terms: There have been no changes in benefit terms. Changes in assumptions: June 30, 2017 valuation: the June 30, 2017 actuarial valuation was revised, for various factors, including the methodology used to determine how employees and retirees were assigned to each of the OPEB Funds and anticipated participation percentages. Current and former employees of State organizations (including technical colleges, community service boards and public health departments) are now assigned to the State OPEB fund based on their last employer payroll location: irrespective of retirement affiliation. The discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017 to 3.87% as of June 30, 2018, and back to 3.58% as of June 30, 2019.
-63-

COMBINING FUND STATEMENTS AND OTHER SCHEDULES

NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Description
Special revenue funds are used to account for revenues received from other governmental agencies or locally generated revenues that are legally restricted to expenditures for specified purposes.
School Nutrition Program: This fund was established to provide accounting of the System's School Food Service operations.
Other Special Revenue Funds:
Title I: This fund used to account for federal categorical grant funds flowing through the Department of Education, State of Georgia, for the purpose of providing remedial education in the areas of reading and math.
Title VIB & Project Aware: This fund was established to provide accounting of federal categorical grant funds flowing through the Department of Education, State of Georgia, for the purpose of providing special education programs for handicapped students and increasing awareness of mental health issues among school-aged youth; provide training in Youth Mental Health First Aid; and connect children, youth, and families who have behavioral health issues with appropriate services.
Perkins CTAE: This fund was established to provide accounting of federal categorical grant funds flowing through the Department of Education, State of Georgia, for the purpose of developing career, technical, vocation, and academic skills of students.
Title IIA: This fund was established to provide accounting of federal categorical grant funds flowing through the Department of Education, State of Georgia, for the purpose of improving teacher and principal quality and ensuring that all teachers are highly qualified.
Title III (LEP & Immigrant): This fund was established to provide accounting of federal categorical grant funds flowing through the Department of Education, State of Georgia, for the purpose of improving the education of limited English proficient (LEP) and immigrant students by helping them learn English and meet student academic achievement standards.
Title IV, Part A (Student Support and Academic Enrichment): This fund was established to provide accounting of federal categorical grant funds flowing through to Department of Education, State of Georgia, for the purpose of improving students' academic achievement by increasing the capacity of States, LEAs, schools, and local communities to provide all students with access to a well-rounded education; improve school conditions for student learning; and improve the use of technology in order to
-64-

Other Special Revenue Funds: (Continued) Title IV, Part A (Student Support and Academic Enrichment)(continued): improve the academic achievement and digital literacy of all students. (ESEA section 4101). Mainstay Psycho Ed: This fund was established to provide accounting of state and federal grant funds flowing through the Georgia Network for Educational and Therapeutic Support (GNETS), State of Georgia, for the purpose of providing specialized educational treatment for emotionally disturbed students. Pre-K: This fund was established to provide accounting of state lottery funds flowing through the Georgia Department of Early Care and Learning, for the purpose of providing early care and education programs for pre-kindergarten students. School Activity Accounts: Consistent with the philosophy of financial independence of the schools, this fund was established to provide accounting for the accounts maintained at the school level. Nursing Grant: This fund was established to provide accounting of funds donated by the Hospital Authority, a local foundation, for the purpose of providing nurses in each school. Other Funds: This fund was established to provide accounting for certain special programs that are typically one-time monies awarded for distinct program objectives. No annual budget is adopted for these funds.
PERMANENT FUNDS Description The permanent funds are used to account for assets held by the System resulting from a trust arrangement in which the System is the beneficiary which include scholarships and endowments.
-65-

ASSETS
Cash and cash equivalents Receivables
State of Georgia, Department of Education Other Inventories Other assets
Total assets
LIABILITIES AND FUND BALANCES
LIABILITIES Accounts payable Accrued salaries and benefits Unearned revenue Due to other funds Total liabilities
FUND BALANCES Nonspendable: Inventories Prepaid assets Permanent funds Restricted for: Continuation of federal and state programs Committed to: School activity funds and other programs Assigned to: Permanent funds Total fund balances
Total liabilities and fund balances

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2020

SCHOOL NUTRITION PROGRAM

SPECIAL REVENUE FUNDS OTHER SPECIAL
REVENUE FUNDS

TOTAL SPECIAL REVENUE
FUNDS

PERMANENT FUNDS

TOTAL NONMAJOR GOVERNMENTAL
FUNDS

$

1,596,488 $

1,475,561 $

3,072,049 $

1,291,861 $

4,363,910

79,429

2,693,834

2,773,263

2,773,263

3,471

206,352

209,823

19,257

229,080

176,450

176,450

176,450

1,727

1,727

1,727

$

1,855,838 $

4,377,474 $

6,233,312 $

1,311,118 $

7,544,430

$

116,844 $

239,968 $

356,812 $

24,969 $

381,781

373,217

1,564,128

1,937,345

1,937,345

60,303

29,838

90,141

90,141

1,468,585

1,468,585

100,000

1,568,585

550,364

3,302,519

3,852,883

124,969

3,977,852

176,450

176,450

176,450

1,114,522

1,114,522

1,129,024

445,260

1,574,284

1,574,284

629,695

629,695

629,695

1,305,474

1,074,955

2,380,429

71,627 1,186,149

71,627 3,566,578

$

1,855,838 $

4,377,474 $

6,233,312 $

1,311,118 $

7,544,430

See Independent Auditor's Report.

-66-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2020

REVENUES Fees and charges State funds Federal funds Earnings on investments Miscellaneous
Total revenues

SCHOOL NUTRITION PROGRAM

SPECIAL REVENUE FUNDS OTHER SPECIAL
REVENUE FUNDS

TOTAL SPECIAL REVENUE
FUNDS

PERMANENT FUNDS

TOTAL NONMAJOR GOVERNMENTAL
FUNDS

$

397,544 $

39,000 $

436,544

160,716

5,188,417

5,349,133

4,406,259

8,866,291

13,272,550

1,007

1,102

2,109 $

15,644

1,414,930

1,430,574

4,981,170

15,509,740

20,490,910

$
16,311 50,656 66,967

436,544 5,349,133 13,272,550
18,420 1,481,230
20,557,877

EXPENDITURES Current operating Instruction Support services Pupil support services Improvement of instructional services Educational media services General and school administration Maintenance and operation of plant Student transportation services Central support services Other support services School nutrition services Community service operations

5,392,090

9,689,978
1,893,652 2,625,317
77,314 1,380,198
12,295 3,440
464 8,171
4,846

9,689,978
1,893,652 2,625,317
77,314 1,380,198
12,295 3,440
464 8,171 5,392,090 4,846

15,398 51,056

9,705,376
1,893,652 2,625,317
77,314 1,380,198
12,295 3,440
464 59,227 5,392,090
4,846

Total expenditures

5,392,090

15,695,675

21,087,765

66,454

21,154,219

Excess (deficiency) of revenues over (under) expenditures

(410,920)

(185,935)

(596,855)

513

(596,342)

OTHER FINANCING SOURCES Transfers in

500,000

238,608

738,608

738,608

Total other financing sources

500,000

238,608

738,608

0

738,608

Net change in fund balances

89,080

52,673

141,753

513

142,266

Fund balances, beginning

1,216,394

1,022,282

2,238,676

1,185,636

3,424,312

Fund balances, ending

$

1,305,474 $

1,074,955 $

2,380,429 $

1,186,149 $

3,566,578

See Independent Auditor's Report.

-67-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
COMBINING BALANCE SHEET OTHER SPECIAL REVENUE FUNDS
JUNE 30, 2020

ASSETS
Cash and cash equivalents Receivables
State of Georgia, Department of Education Other Other assets
Total assets
LIABILITIES AND FUND BALANCES
LIABILITIES Accounts payable Accrued salaries and benefits Unearned revenue Due to other funds Total liabilities
FUND BALANCES Restricted for: Continuation of federal and state programs Committed to: School activity funds and other programs Total fund balances
Total liabilities and fund balances

TITLE I

TITLE VI-B (IDEA) & PROJECT AWARE

PERKINS CTAE

TITLE II A

TITLE III (LEP & IMMIGRANT)

TITLE IV (STUDENT SUPPORT)

$

0$

1,255,851

222

0

$

1,256,073 $

0$
465,421
0 465,421 $

0$
1,404 372 0
1,776 $

0$
50,642 5 0
50,647 $

0$
188
0 188 $

0
97,772
0 97,772

$

36,750 $

402,123

817,200 1,256,073

6,055 $ 289,989
169,377 465,421

0$
1,776 1,776

787 $ 14,752
35,108 50,647

0$
188 188

0 24,380
73,392 97,772

0

$

1,256,073 $

0 465,421 $

0 1,776 $

0 50,647 $

0 188 $

0 97,772

-68-

See Independent Auditor's Report.

ASSETS
Cash and cash equivalents Receivables
State of Georgia, Department of Education Other Other assets
Total assets
LIABILITIES AND FUND BALANCES
LIABILITIES Accounts payable Accrued salaries and benefits Unearned revenue Due to other funds Total liabilities
FUND BALANCES Restricted for: Continuation of federal and state programs Committed to: School activity funds and other programs Total fund balances
Total liabilities and fund balances

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
COMBINING BALANCE SHEET OTHER SPECIAL REVENUE FUNDS (CONTINUED)
JUNE 30, 2020

MAINSTAY PSYCHO ED

PRE-K

SCHOOL ACTIVITY ACCOUNTS

NURSING GRANT

OTHER FUNDS

TOTAL OTHER SPECIAL REVENUE FUNDS

$

0$

399,698 $

536,243 $

0$

539,620 $

1,475,561

822,556

2,693,834

165,667

40,086

206,352

1,727

0

0

0

1,727

$

824,283 $

399,698 $

536,243 $

165,667 $

579,706 $

4,377,474

$

174,617 $

1,853 $

19,834 $

0$

390,022

393,988

48,776

1,290

255,943

115,601

820,582

395,841

19,834

165,667

72 $ 98 28,548
28,718

239,968 1,564,128
29,838 1,468,585 3,302,519

3,701

3,857

437,702

445,260

3,701

3,857

516,409 516,409

113,286

629,695

0

550,988

1,074,955

$

824,283 $

399,698 # $

536,243 $

165,667 $

579,706 $

4,377,474

-69-

See Independent Auditor's Report.

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OTHER SPECIAL REVENUE FUNDS FOR THE YEAR ENDED JUNE 30, 2020

-70-

REVENUES Fees and charges State funds Federal funds Earnings on investments Miscellaneous Total revenues
EXPENDITURES Current operating Instruction Support services Pupil support services Improvement of instructional services Educational media services General and school administration Maintenance and operation of plant Student transportation services Central support services Other support services Community service operations
Total expenditures
Excess (deficiency) of revenues over (under) expenditures
OTHER FINANCING SOURCES Transfers in
Total other financing sources
Net change in fund balances
Fund balances, beginning
Fund balances, ending
See Independent Auditor's Report.

TITLE I

TITLE VI-B (IDEA) & PROJECT AWARE

PERKINS CTAE

TITLE II A

TITLE III (LEP & IMMIGRANT)

TITLE IV (STUDENT SUPPORT)

$

5,299,537 $

2,447,063 $

5,299,537

2,447,063

133,840 $ 133,840

440,384 $ 440,384

35,409 $ 35,409

404,632 404,632

2,064,684
631,067 1,705,824
75,332 819,364
3,266

1,847,919
211,416 387,393
335

114,780 15,283 3,777

39,927
6,358 363,422
1,982 28,644
51

24,141
161 11,107

120,368
152,654 125,806
5,804

5,299,537 0

2,447,063 0

133,840 0

440,384 0

35,409 0

404,632 0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

$

0$

0$

0$

0$

0$

0

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OTHER SPECIAL REVENUE FUNDS (CONTINUED) FOR THE YEAR ENDED JUNE 30, 2020

REVENUES Fees and charges State funds Federal funds Earnings on investments Miscellaneous Total revenues
EXPENDITURES Current operating Instruction Support services Pupil support services Improvement of instructional services Educational media services General and school administration Maintenance and operation of plant Student transportation services Central support services Other support services Community service operations
Total expenditures
Excess (deficiency) of revenues over (under) expenditures
OTHER FINANCING SOURCES Transfers in
Total other financing sources
Net change in fund balances
Fund balances, beginning
Fund balances, ending

MAINSTAY PSYCHO ED

$

2,931,900 $

105,426

3,037,326

PRE-K

SCHOOL ACTIVITY ACCOUNTS

NURSING GRANT

OTHER FUNDS

TOTAL OTHER SPECIAL REVENUE FUNDS

2,256,517 $
2,256,517

1,102 1,032,076 $
1,033,178

$
311,500 311,500

39,000 $
71,354 110,354

39,000 5,188,417 8,866,291
1,102 1,414,930
15,509,740

1,947,595
579,968 1,969
507,794

2,483,246
528 9,252
1,993

1,028,066

106

3,037,326 0

2,495,125 (238,608)

1,028,066 5,112

238,608

0

238,608

0

0

0

5,112

3,701

3,857

511,297

$

3,701 $

3,857 $

516,409 $

311,500
311,500 0
0 0 0 0$

19,252
5,261
12,487 12,295
123 464 8,065 4,846
62,793
47,561

9,689,978
1,893,652 2,625,317
77,314 1,380,198
12,295 3,440 464 8,171 4,846
15,695,675
(185,935)

0 47,561 503,427 550,988 $

238,608 238,608
52,673 1,022,282 1,074,955

-71-

See Independent Auditor's Report.

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL - CAPITAL PROJECTS FUND FOR THE YEAR ENDED JUNE 30, 2020

REVENUES Sales taxes Earnings on Investments Total revenues
EXPENDITURES Current operating Student transportation services Capital outlay * Total expenditures
Excess (deficiency) of revenues over (under) expenditures
OTHER FINANCING SOURCES Transfers in Transfers out Total other financing uses
Net change in fund balances
Fund balances, beginning
Fund balances, ending

BUDGET

$

3,356,500

0

3,356,500

ACTUAL AMOUNTS

VARIANCE OVER
(UNDER)

$

0 $ (3,356,500)

320,987

320,987

320,987

(3,035,513)

0 16,410,840 16,410,840
(13,054,340)

763,099 9,315,832 10,078,931
(9,757,944)

763,099 (7,095,008) (6,331,909)
3,296,396

0

0

0

0

(1,262,214)

(1,262,214)

0

(1,262,214)

(1,262,214)

(13,054,340)

(11,020,158)

2,034,182

26,900,659

26,900,659

0

$

13,846,319

$ 15,880,501 $

2,034,182

* Capital outlay for budget purposes reflects the entire project; but actual amount reflects expenditures incurred during the fiscal year. For FY2020, all Sales tax revenue was recorded on the Debt Service Fund to cover the debt service payments.

See Independent Auditor's Report.

-72-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL - DEBT SERVICE FUND FOR THE YEAR ENDED JUNE 30, 2020

REVENUES Sales taxes Total revenues
EXPENDITURES Debt Service Principal Retirement Interest and Fiscal Charges Other Total expenditures
OTHER FINANCING USES Transfers in Transfers out Total other financing uses
Net change in fund balances
Fund balances, beginning
Fund balances, ending

BUDGET

$

5,333,500

5,333,500

ACTUAL AMOUNTS

VARIANCE OVER
(UNDER)

$ 10,477,785 $ 5,144,285

10,477,785

5,144,285

4,900,000 433,500 5,027
5,338,527

4,900,000 434,602 0
5,334,602

0 1,102 5,027 (3,925)

0

1,262,214

1,262,214

0

0

0

0

1,262,214

1,262,214

(5,027)

6,405,397

6,410,424

458,704

458,704

0

$

453,677

$

6,864,101 $ 6,410,424

For FY2020, all Sales tax revenue was recorded on the Debt Service Fund to cover the debt service payments.

See Independent Auditor's Report.
-73-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL - SCHOOL NUTRITION PROGRAM FOR THE YEAR ENDED JUNE 30, 2020

REVENUES State funds Federal funds Other local funds Total revenues
EXPENDITURES Current operating Support services School nutrition services Total expenditures
Excess (deficiency) of revenues over (under) expenditures
OTHER FINANCING SOURCES Transfers in Total other financing uses
Net change in fund balances
Fund balances, beginning
Fund balances, ending

BUDGET

$

161,262

4,589,533

400,000

5,150,795

ACTUAL AMOUNTS

VARIANCE OVER
(UNDER)

$

160,716 $

(546)

4,406,259

(183,274)

414,195

14,195

4,981,170

(169,625)

5,755,716 5,755,716
(604,921)

5,392,090 5,392,090
(410,920)

(363,626) (363,626)
194,001

500,000

500,000

0

500,000

500,000

0

(104,921)

89,080

194,001

1,216,394

1,216,394

0

$

1,111,473

$

1,305,474 $

194,001

See Independent Auditor's Report.

-74-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL - OTHER SPECIAL REVENUE FUNDS FOR THE YEAR ENDED JUNE 30, 2020

REVENUES Federal funds Total revenues
EXPENDITURES Current operating Instruction Support services Pupil services Improvement of instructional services Educational media services General and school administration Maintenance and operation of plant Student transportation services Other support services Total expenditures
Excess (deficiency) of revenues over (under) expenditures
OTHER FINANCING SOURCES Transfers in Total other financing sources
Net change in fund balances

BUDGET

TITLE I
ACTUAL AMOUNTS

VARIANCE OVER
(UNDER)

TITLE VI-B (IDEA) & PROJECT AWARE VARIANCE

ACTUAL

OVER

BUDGET

AMOUNTS

(UNDER)

$

5,961,276 $

5,299,537 $

5,961,276

5,299,537

(661,739) $ (661,739)

2,440,077 $ 2,440,077

2,447,063 $ 2,447,063

6,986 6,986

2,424,777
605,262 1,812,888
102,556 900,392
0 115,401
0 5,961,276
0
0 0
0

2,064,684
631,067 1,705,824
75,332 819,364
0 3,266
0 5,299,537
0
0 0
0

(360,093)
25,805 (107,064)
(27,224) (81,028)
0 (112,135)
0 (661,739)
0
0 0
0

1,901,505
154,096 382,476
0 2,000
0 0 0 2,440,077
0
0 0
0

1,847,919
211,416 387,393
0 335
0 0 0 2,447,063
0
0 0
0

(53,586)
57,320 4,917 0 (1,665) 0 0 0 6,986
0
0 0
0

Fund balances, beginning Fund balances, ending

0

0

0

0

0

0

$

0$

0$

0

$

0$

0$

0

-75-

See Independent Auditors' Report.

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL - OTHER SPECIAL REVENUE FUNDS (CONTINUED) FOR THE YEAR ENDED JUNE 30, 2020

REVENUES Federal funds Total revenues
EXPENDITURES Current operating Instruction Support services Pupil services Improvement of instructional services Educational media services General and school administration Maintenance and operation of plant Student transportation services Other support services Total expenditures
Excess (deficiency) of revenues over (under) expenditures
OTHER FINANCING SOURCES Transfers in Total other financing sources
Net change in fund balances

BUDGET

PERKINS CTAE
ACTUAL AMOUNTS

VARIANCE OVER
(UNDER)

BUDGET

TITLE IIA
ACTUAL AMOUNTS

VARIANCE OVER
(UNDER)

$

165,010 $

133,840 $

(31,170) $

569,426 $

440,384 $

(129,042)

165,010

133,840

(31,170)

569,426

440,384

(129,042)

127,915
0 31,795
0 5,300
0 0 0 165,010
0
0 0
0

114,780
0 15,283
0 3,777
0 0 0 133,840
0
0 0
0

(13,135)
0 (16,512)
0 (1,523)
0 0 0 (31,170)
0
0 0
0

43,841
7,889 480,198
2,193 34,311
0 994
0 569,426
0
0 0
0

39,927
6,358 363,422
1,982 28,644
0 51
0 440,384
0
0 0
0

(3,914)
(1,531) (116,776)
(211) (5,667)
0 (943)
0 (129,042)
0
0 0
0

Fund balances, beginning Fund balances, ending

0

0

0

0

0

0

$

0$

0$

0

$

0$

0$

0

-76-

See Independent Auditors' Report.

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL - OTHER SPECIAL REVENUE FUNDS (CONTINUED) FOR THE YEAR ENDED JUNE 30, 2020

REVENUES Federal funds Other local funds Total revenues
EXPENDITURES Current operating Instruction Support services Pupil services Improvement of instructional services Educational media services General and school administration Student transportation services Total expenditures
Excess (deficiency) of revenues over (under) expenditures
OTHER FINANCING SOURCES Transfers in Total other financing sources
Net change in fund balances

BUDGET

TITLE III (LEP & IMMIGRANT) VARIANCE

ACTUAL

OVER

AMOUNTS

(UNDER)

TITLE IV (STUDENT SUPPORT) VARIANCE

ACTUAL

OVER

BUDGET

AMOUNTS

(UNDER)

$

37,061 $

35,409 $

(1,652) $

333,891 $

404,632 $

70,741

0

0

0

0

0

0

37,061

35,409

(1,652)

333,891

404,632

70,741

22,968
162 13,931
0 0 0 37,061
0
0 0
0

24,141
161 11,107
0 0 0 35,409
0
0 0
0

1,173
(1) (2,824)
0 0 0 (1,652)
0
0 0
0

49,991
144,459 133,436
6,005 0 0
333,891
0
0 0
0

120,368
152,654 125,806
0 5,804
0 404,632
0
0 0
0

0
8,195 (7,630) (6,005) 5,804
0 70,741
0
0 0
0

Fund balances, beginning Fund balances, ending

0

0

0

0

0

0

$

0$

0$

0

$

0$

0$

0

-77-

See Independent Auditors' Report.

-78-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL - OTHER SPECIAL REVENUE FUNDS (CONTINUED) FOR THE YEAR ENDED JUNE 30, 2020

REVENUES State funds Federal funds Other local funds Total revenues
EXPENDITURES Current operating Instruction Support services Pupil services Improvement of instructional services Educational media services General and school administration Maintenance and operation of plant Student transportation services Other support services Total expenditures
Excess (deficiency) of revenues over (under) expenditures
OTHER FINANCING SOURCES Transfers in Total other financing sources
Net change in fund balances
Fund balances, beginning
Fund balances, ending

BUDGET

MAINSTAY PSYCHO ED
ACTUAL AMOUNTS

VARIANCE OVER
(UNDER)

BUDGET

PRE-K
ACTUAL AMOUNTS

VARIANCE OVER
(UNDER)

$

3,086,776 $

2,931,900 $

456,385

105,426

10,000

0

3,553,161

3,037,326

(154,876) $ (350,959)
(10,000) (515,835)

2,251,295 $ 0 0
2,251,295

2,256,517 $ 0 0
2,256,517

5,222 0 0
5,222

2,351,830
629,657 24,765
0 516,909
5,000 0
25,000 3,553,161
0

1,947,595
579,968 1,969 0
507,794 0 0 0
3,037,326
0

(404,235)
(49,689) (22,796)
0 (9,115) (5,000)
0 (25,000) (515,835)
0

2,487,295
0 10,000
0 4,000
0 0 0 2,501,295
(250,000)

2,483,246
528 9,252
0 1,993
0 0 106 2,495,125
(238,608)

0

0

0

0

0

0

3,701

3,701

$

3,701 $

3,701 $

0 0

0

0

0

$

250,000 250,000
0 3,857 3,857 $

238,608 238,608
0 3,857 3,857 $

(4,049)
0 (748)
0 (2,007)
0 0 106 (6,170)
11,392
(11,392) (11,392)
0
0
0

See Independent Auditor's Report.

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL - OTHER SPECIAL REVENUE FUNDS (CONTINUED) FOR THE YEAR ENDED JUNE 30, 2020

-79-

REVENUES Federal funds Other local funds Total revenues
EXPENDITURES Current operating Instruction Support services Pupil services Improvement of instructional services Educational media services General and school administration Maintenance and operation of plant Student transportation services Other support services Total expenditures
Excess (deficiency) of revenues over (under) expenditures
OTHER FINANCING SOURCES Transfers in Total other financing sources
Net change in fund balances
Fund balances, beginning
Fund balances, ending

SCHOOL ACTIVITY ACCOUNTS

VARIANCE

ACTUAL

OVER

BUDGET

AMOUNTS

(UNDER)

BUDGET

NURSING GRANT
ACTUAL AMOUNTS

VARIANCE OVER
(UNDER)

$

0$

0$

1,500,000

1,033,178

1,500,000

1,033,178

0

$

(466,822) $

(466,822)

0$ 350,000 $ 350,000

0$ 311,500 $ 311,500

0 (38,500) (38,500)

1,500,000
0 0 0 0 0 0 0 1,500,000
0

1,028,066
0 0 0 0 0 0 0 1,028,066
5,112

(471,934)
0 0 0 0 0 0 0 (471,934)
5,112

0
350,000 0 0 0 0 0 0
350,000
0

0

0

0

0

0

5,112

511,297

511,297

$

511,297 $

516,409 $

0 0

5,112

0

5,112

$

0 0
0
0 0$

0
311,500 0 0 0 0 0 0
311,500
0
0 0
0
0 0$

0
(38,500) 0 0 0 0 0 0
(38,500)
0
0 0
0
0 0

See Independent Auditors' Report.

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
AGENCY FUNDS - SCHOOL ACTIVITY FUNDS STATEMENT OF CHANGES IN FIDUCIARY ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2020

ASSETS Cash and cash equivalents
Total assets
LIABILITIES Accounts payable Due to student and faculty groups
Total liabilities

Balance

Balance

July 1, 2019 Additions Deductions June 30, 2020

$ 200,861 $ 333,696 $ 384,713 $ 149,844

$ 200,861 $ 333,696 $ 384,713 $ 149,844

$ 6,992 $ 365 $ 6,992 $

365

193,869 333,331 377,721

149,479

$ 200,861 $ 333,696 $ 384,713 $ 149,844

See Independent Auditor's Report.
-80-

GRIFFIN-SPALDING COUNTY BOARD OF EDUCATION GRIFFIN, GEORGIA
SCHEDULE OF ALLOTMENTS AND EXPENDITURES - BY PROGRAM GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS FOR THE YEAR ENDED JUNE 30, 2020

ALLOTMENTS FROM DEPARTMENT OF EDUCATION

GENERAL AND CAREER EDUCATION PROGRAMS

AMOUNT

Kindergarten Kindergarten EIP Grades 1 3 Grades 1 3 EIP
Sub-Total - K-3 Grades 4 - 5 Grades 4 - 5 EIP Middle School (6 - 8) Grades 9 - 12 Vocational Education Laboratories
Total General and Career Education Programs

$ 1,912,904 3,117,752 4,840,848 8,353,099 18,224,603 2,451,914 4,972,343 7,758,584 6,555,952 2,388,556
42,351,952

SPECIAL EDUCATION PROGRAMS

Students with Disabilities Category I Category II Category III Category IV Category V Sub-Total Regular Category VI (Gifted) Total Special Education Programs

218,295 1,114,622 5,457,385 1,796,926
599,203 9,186,431 2,350,405 11,536,836

REMEDIAL EDUCATION PROGRAM

626,803

ALTERNATIVE EDUCATION PROGRAMS

555,670

ENGLISH FOR SPEAKERS OF OTHER LANGUAGES

592,513

SPECIAL EDUCATION ITINERANT

13,283

SPECIAL EDUCATION SUPPLEMENTAL SPEECH

7,672

Direct Instruction Total

55,684,729

TWENTY DAYS ADDITIONAL INSTRUCTION

424,534

Twenty Days Additional Instruction Total

424,534

MEDIA CENTER PROGRAMS

1,374,228

Media Center Total

1,374,228

PROFESSIONAL DEVELOPMENT PROGRAMS

263,038

Professional Development Total

263,038

Grand Total

$ 57,746,529

DIRECT INSTRUCTIONAL EXPENDITURES AMOUNT REPORTED TO
DEPARTMENT OF EDUCATION

SALARIES

OPERATIONS

TOTAL

$ 4,545,186

$

70,484

11,655,949

147,135

16,418,754

6,740,366

55,796

8,718,547

9,589,426

1,233,233

42,756,122

60,801 150
223,074 450
284,475 107,552
300 189,988 126,638 126,543
835,496

$ 4,605,987 70,634
11,879,023 147,585
16,703,229 6,847,918 56,096 8,908,535 9,716,064 1,359,776
43,591,618

0 561,126 6,921,489 227,473
0 7,710,088
368,563 8,078,651
226,861
517,334

432,465 0 0

52,011,433

0 0

1,746,130 1,746,130

0 0

$ 53,757,563

$

2,912 4,550 12,196 13,348 1,382 34,388 3,925 38,313
0
0
0
0
0
873,809
0
0
91,122
91,122
0
0
964,931

2,912 565,676 6,933,685 240,821
1,382 7,744,476
372,488 8,116,964
226,861
517,334
432,465
0
0
52,885,242
0
0
1,837,252
1,837,252
643,717
643,717
$ 55,366,211

Note:

Expenditure tests focus on spending 100% of allotted direct instructional funds on a system-wide basis rather than by school or program. However, certain programs such as twenty days additional instruction, media, and professional development are under a 100% expenditure requirement. Griffin-Spalding County School System met the spending requirements for fiscal year June 30, 2020.

See Independent Auditor's Report.

-81-

STATISTICAL SECTION

STATISTICAL SECTION (UNAUDITED)

This part of the System's comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, notes, and required supplementary information says about the System's overall financial health.

Contents

Financial Trends

Page 8

These schedules contain trend information to help the reader understand

how the System's financial performance and well-being have changed

over time.

Revenue Capacity

8

These schedules contain information to help the reader assess the System's

most significant local revenue source, the property tax.

Debt Capacity

9

These schedules present information to help the reader assess the

affordability of the System's current levels of outstanding debt and

the System's ability to issue additional debt in the future.

Demographic and Economic Information

10

These schedules offer demographic and economic indicators to help

the reader understand the environment within which the System's

financial activities take place.

Operating Information

10

These schedules contain service and infrastructure data to help the reader

understand how the information in the System's financial report relates

to the services the System provides and the activities it performs.

Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year.

-82-

-83-

Assets: Cash and cash equivalents Property taxes receivable Due from other governments Other receivables Note receivable Investments Inventories Prepaid assets Capital assets not depreciable Capital assets, net of accumulated depreciation Other assets (net of accumulated amortization)
Total assets
Deferred Outflows of Resources:
Liabilities: Accounts payable and other current liabilities Accrued interest payable Unearned revenue Bonds payable - due within one year Long-term liabilities: Capitalized lease obligations - due within one year Capitalized lease obligations - due in more than one year Bond premium Bonds payable - due in more than one year Net pension liability Net OPEB liability
Total liabilities
Deferred Inflows of Resources:
Net Position: Net investment in capital assets Restricted for: Capital projects Debt service Other purposes Unrestricted
Total net position
1 First year of implementation of GASB Statement No. 68. 2 First year of implementation of GASB Statement No. 75.

Griffin-Spalding County School System Comparative Statement of Net Position, Last Ten Fiscal Years

2011
$33,498,312 2,780,354 9,675,630 983,744 272,270 1,050,000 51,577 52,000
13,792,646 117,476,627
46,591
179,679,751

2012
$32,831,774 2,564,245
11,195,238 250,087 212,270
1,050,000 126,169
10,866,707 124,186,955
10,407
183,293,852

2013
$35,266,312 2,969,255
10,191,867 308,194 152,270
1,075,483 13,029 6,135
15,374,752 122,020,657
11,926
187,389,880

2014
$39,502,468 3,135,866 9,594,956 317,248 77,270 1,059,715 27,016
3,700,571 134,764,729
50,462
192,230,301

Fiscal Year

20151

2016

$44,312,538 2,767,012 9,661,485 359,288

$54,214,718 2,283,426 9,759,490 374,631

554,774 127,417

50,000 156,463

12,724,954 133,416,521
96,987

7,241,265 146,330,095
93,602

204,020,976 220,503,690

6,826,825

7,667,253

2017
$47,512,338 2,614,790
14,641,094 362,339
20,000 164,854
17,713,117 147,237,307
67,109
230,332,948
24,905,028

20182
$50,924,778 1,863,733
11,858,666 250,161
20,000 172,138
4,513,202 163,886,793
128,995
233,618,466
17,856,232

2019
$51,020,815 1,797,334
12,138,799 309,616
20,000 145,581
4,712,964 166,817,375
82,434
237,044,918
23,548,729

2020
$48,433,794 2,295,685
12,147,158 578,608
176,450 10,603 11,826,135 165,661,700
241,130,133
33,919,023

12,561,257
276,968 4,665,000
201,084 88,837 68,243
4,840,000
22,701,389

13,557,279 176,484
4,840,000 88,838 13,649
18,676,250

12,093,085 58,708
12,151,793

11,454,304 106,378
11,560,682

15,209,391 59,393

12,506,704 77,551

15,847,646 103,846

15,048,068
100,891 1,770,000

15,221,241 139,000 101,283
4,900,000

15,065,536 77,500 91,507
6,784,515

62,232,724
77,501,508 22,421,037

1,436,760 13,370,000 74,668,994
102,060,009 7,804,384

1,098,699 13,370,000 100,753,113
131,173,304 1,395,619

760,638 11,600,000 91,097,553 90,431,161
210,808,311
8,454,931

422,577 6,700,000 90,835,778 80,605,763
198,925,642
19,776,192

103,486,731 77,432,697
202,938,486
24,539,323

121,406,109 130,111,176 137,395,409 138,465,300 146,141,475 148,434,069 150,481,724 154,269,357 159,507,762 170,703,320

15,239,012 3,832,266 2,269,853 14,231,122

14,516,860 4,954,100 2,186,850 12,848,616

19,060,913 605
2,200,973 16,580,187

22,637,265
2,217,705 17,349,349

21,480,389
2,354,839 (59,051,447)

21,361,113 283,916
2,132,742 (53,905,290)

25,587,066 369,032
2,269,772 (56,038,541)

26,540,689 517,219
2,400,891 (151,516,700)

26,000,493 319,704
2,675,510 (146,611,656)

14,975,160 6,786,601 2,688,806 (147,582,540)

$156,978,362 $164,617,602 $175,238,087 $180,669,619 $110,925,256 $118,306,550 $122,669,053 $32,211,456 $41,891,813 $47,571,347

-84-

Governmental activities:
Current and other assets Capital assets
Total assets
Deferred Outflows of Resources
Current and other liabilities Long-term liabilities outstanding
Total liabilities
Deferred Inflows of Resources
Net position: Net investment in capital assets Restricted Unrestricted
Total governmental activities net position
1 First year of implementation of GASB Statement No. 68.

Griffin-Spalding County School System Net Position by Component, Last Ten Fiscal Years

2011

2012

2013

2014

Fiscal Year

20151

2016

2017

20182

2019

2020

$48,358,478 131,269,273 179,627,751
17,503,225 5,198,164 22,701,389

$48,240,190 135,053,662 183,293,852
18,573,763 102,487
18,676,250

$49,988,336 137,395,409 187,383,745
12,151,793 0
12,151,793

$53,765,001 138,465,300 192,230,301
11,560,682 0
11,560,682

$57,879,501 146,141,475 204,020,976
6,826,825
15,268,784 62,232,724 77,501,508
22,421,037

$66,932,330 153,571,360 220,503,690
7,667,253
12,584,255 89,475,754 102,060,009
7,804,384

$65,382,524 164,950,424 230,332,948
24,905,028
15,951,492 115,221,812 131,173,304
1,395,619

$65,218,471 168,399,995 233,618,466
17,856,232
16,918,959 193,889,352 210,808,311
8,454,931

$65,514,579 171,530,339 237,044,918
23,548,729
20,361,524 178,564,118 198,925,642
19,776,192

$63,642,298 177,487,835 241,130,133
33,919,023
22,019,058 180,919,428 202,938,486
24,539,323

121,406,109 21,341,131 14,231,122

130,111,176 21,657,810 12,848,616

137,395,409 21,262,491 16,580,187

138,465,300 24,854,970 17,349,349

146,141,475 23,835,228
(59,051,447)

148,434,069 23,777,771
(53,905,290)

150,481,724 28,225,870
(56,038,541)

154,269,357 29,458,799
(151,516,700)

159,507,762 28,995,707
(146,611,656)

170,703,320 24,450,567
(147,582,540)

$156,978,362 $164,617,602 $175,238,087 $180,669,619 $110,925,256 $118,306,550 $122,669,053 $32,211,456 $41,891,813 $47,571,347

-85-

Expenses Governmental activities:
Instruction Pupil support services Improvement of instructional services Educational media services General and school administration Business administration Maintenance and plant operations Student transportation services Central support services Other support services Food service operations Community services operations Interest on long-term debt Unallocated depreciation and other expenses
Total governmental activities expenses
Program Revenues Governmental activities:
Charges for services: Instruction Food service operations
Operating grants and contributions
Capital grants and contributions
Total governmental activities program revenues
Net (Expense) Revenue Governmental activities
General Revenues and Other Changes in Net Position Governmental activities:
Taxes: Property taxes, levied for general purposes Special Purpose Local Option Sales Taxes
Investment earnings Gain on sale of fixed assets Miscellaneous
Total general revenues and other changes in net position governmental activities
Change in Net Position

Griffin-Spalding County School System Changes in Net Position, Last Ten Fiscal Years

2011

2012

2013

2014

Fiscal Year

2015

2016

2017

2018

2019

2020

$63,217,366 3,155,458 4,540,524 1,928,462 8,175,375 330,052 8,507,364 3,799,576 1,154,965 1,309,216 5,619,731 149,722 535,173 228,752
102,651,736

$62,865,938 2,650,382 4,875,165 1,752,187 8,250,954 335,644 8,235,705 4,040,572 1,173,057 1,011,001 5,940,725 132,624 337,402 232,792
101,834,148

$60,807,268 2,367,075 4,288,607 1,524,908 8,068,277 348,784 8,405,731 4,394,079 1,257,984 1,181,099 6,125,485 126,811 123,280 244,769
99,264,157

$63,560,323 2,459,659 3,804,161 1,568,570 8,338,418 386,548 9,163,199 4,712,870 1,462,350 1,209,923 6,388,230 128,120
270,621
103,452,992

$61,195,688 2,397,156 4,344,137 1,551,391 8,560,997 373,588 8,747,253 4,854,254 1,567,518 1,347,676 6,334,315 129,182
231,702
101,634,857

$63,207,574 2,646,558 4,806,082 1,553,385 9,171,348 398,971 8,687,442 4,715,730 1,784,328 1,232,454 6,502,881 158,680 249,101 243,823
105,358,357

$68,115,614 3,405,213 6,065,947 1,701,942 10,664,979 448,078 9,051,874 5,365,352 1,837,944 981,592 6,793,323 150,809 276,066 199,477
115,058,210

$70,571,495 3,573,107 7,004,975 1,761,282
11,433,594 442,700
9,148,396 5,596,906 1,972,739
903,044 7,156,285
217,390 276,066 318,187
120,376,166

$67,870,442 3,508,379 7,030,486 1,690,025
11,067,871 466,909
9,405,687 5,331,174 1,716,182 1,013,974 6,104,243
216,000 392,440 442,320
116,256,132

$75,215,130 4,447,710 8,089,474 2,024,187
12,528,963 476,366
9,577,328 5,398,687 1,817,420
902,432 5,830,234
243,947 35,041
524,433
127,111,352

377,149 786,979 72,127,662
73,291,790

334,172 749,548 69,263,558 3,093,618 73,440,896

293,976 663,209 71,892,094 2,119,430 74,968,709

346,634 585,734 72,773,169
73,705,537

382,589 547,497 76,184,510 579,228 77,693,824

382,156 509,233 76,669,919 149,761 77,711,069

406,802 510,892 80,210,632 2,500,000 83,628,326

479,822 326,504 84,128,840
84,935,166

572,623 482,409 86,216,523
87,271,555

530,223 397,544 91,719,126
92,646,893

(29,359,946) (28,393,252) (24,295,448) (29,747,455) (23,941,033) (27,647,288) (31,429,884) (35,441,000) (28,984,577) (34,464,459)

26,111,674 8,243,365
72,348 21,138 731,901

26,660,363 8,706,803
31,392 159,823 474,111

25,567,376 8,450,570
7,457 283,113 607,417

26,841,369 8,285,565
22,898 29,155

26,035,024 8,596,211
34,457 75,915

26,108,637 8,818,726
86,916 14,303

27,090,314 8,538,776
211,146 (47,849)

27,111,736 9,019,297
584,818

27,951,586 9,691,463
999,994 21,891

29,129,366 10,477,785
536,842

35,180,426 $5,820,480

36,032,492 $7,639,240

34,915,933 $10,620,485

35,178,987 $5,431,532

34,741,607 $10,800,574

35,028,582 $7,381,294

35,792,387 $4,362,503

36,715,851 $1,274,851

38,664,934 $9,680,357

40,143,993 $5,679,534

Griffin-Spalding County School System Fund Balances, Governmental Funds Last Ten Fiscal Years

General Fund Reserved Unreserved Committed to: Risk Management Assigned to: Subsequent period expenditures Unassigned
Total general fund

2011 1

2012

2013

2014

2015

2016

2017

2018

2019

2020

$366,497

$409,223

$428,995

$444,070

$334,926

$348,175

$451,258

$505,527

$559,064

$559,064

$3,125,760 $6,630,770

$8,222,547

$400,693 $11,487,321

$12,448,015

$14,423,807

$16,646,486

$16,953,863

$16,902,449

$17,497,166

$20,195,351

$10,123,027 $8,631,770 $12,317,009 $12,892,085 $14,758,733 $16,994,661 $17,405,121 $17,407,976 $18,056,230 $20,754,415

-86-

All Other Governmental Funds
Reserved
Unreserved, reported in:
Debt service funds
Capital projects funds
Special revenue funds Nonspendable Restricted for:
Debt service funds Capital projects funds Continuation of federal and state programs Committed to: School activity funds and other programs Assigned to: Permanent funds Capital projects funds Unassigned

1,358,704
3,832,266 15,239,012
1,021,787
905,857
86,126 662,008
(7,061)

1,264,789
4,954,100 14,516,860
978,601
943,830
88,606 737,514

1,183,886
605 19,060,913
1,027,880
993,205
79,366 654,914

1,159,714
22,637,265 1,061,959 958,252 80,833 800,518

1,266,522
21,480,389 1,215,734
998,146 80,433
901,543

1,278,930
283,916 31,030,582 1,010,275
963,413
78,613 885,313

1,275,750
369,032 25,587,066 1,158,876
679,641
75,089 887,220

1,279,328
517,219 26,540,689 1,293,701
612,685
72,390 891,678

1,260,374
458,704 26,000,493 1,560,717
532,378
70,843 900,164

1,290,972
6,864,101 14,975,160 1,574,284
629,695
71,627 905,339

Total all other governmental funds

$23,098,699 $23,484,300 $23,000,769 $26,698,541 $25,942,767 $35,531,042 $30,032,674 $31,207,690 $30,783,673 $26,311,178

1 First year of implementation of GASB Statement No. 54.

-87-

Revenues State Funds Federal Funds Local and Other Funds
Total Revenues
Expenditures Current operating Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General and School Administration Business Administration Maintenance and Operations of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operations Community Services Operations Other Operations of Non-Instructional Services Debt Service Principal Retirement Interest and Fiscal Charges Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues over (under) expenditures
Other Financing Sources (Uses) Proceeds from issuance of bonds Premium on issuance of bonds Capital Leases Proceeds from sale of assets Operating Transfers In Operating Transfers Out
Total Other Financing Sources (Uses)
Net change in fund balance
Debt service as a percentage of noncapital expenditures

Griffin-Spalding County School System Changes in Fund Balances, Governmental Funds
Last Ten Fiscal Years

2011

2012

2013

2014

Fiscal Year

2015

2016

2017

2018

2019

2020

$53,242,210 16,691,914 38,846,616
108,780,740

$54,158,030 16,165,493 39,167,672
109,491,195

$57,015,876 14,609,040 37,875,737

$56,516,224 13,992,709 38,257,965

$59,861,710 13,994,514 39,046,240

$62,018,558 12,927,458 38,067,891

$66,809,022 13,657,932 38,951,158

$67,724,853 14,371,828 40,271,954

$69,740,617 14,356,100 42,038,590

$76,071,257 13,884,397 42,786,800

109,500,653 108,766,898 112,902,464 113,013,907 119,418,112 122,368,635 126,135,307 132,742,454

61,224,513
3,155,458 4,583,898 1,850,640 8,320,708
330,052 7,997,423 3,530,820 1,158,270 1,309,216 5,652,494
149,722

61,049,695
2,650,382 4,878,330 1,671,982 8,287,053
335,644 7,757,671 4,180,543 1,171,163 1,011,001 6,033,570
132,624

58,259,041
2,367,075 4,259,348 1,442,319 8,095,367
348,784 7,976,520 4,342,653 1,250,969 1,181,099 5,830,828
126,811

60,249,928
2,459,659 3,784,362 1,483,960 8,339,489
386,548 8,745,331 5,383,792 1,472,731 1,209,923 6,078,352
128,120

61,212,322
2,485,603 4,471,213 1,525,756 8,774,022
384,124 8,141,627 5,304,096 1,606,199 1,347,676 6,055,545
134,392

60,524,508
2,744,447 4,875,616 1,528,079 9,414,878
417,103 8,170,130 5,167,386 1,861,594 1,232,454 6,260,483
164,403

63,991,267
3,320,385 5,860,610 1,558,477 10,446,030
433,398 8,139,176 5,630,221 1,774,981
981,592 6,418,612
145,962

66,380,237
3,474,417 6,814,720 1,610,344 11,276,031
436,233 8,213,363 5,559,023 1,980,364
903,044 6,608,707
213,234

67,823,600
3,669,460 7,125,681 1,668,656 11,587,403
480,116 8,493,445 5,868,255 1,727,930 1,013,974 5,916,480
216,000

70,160,893
4,300,325 7,762,329 1,837,253 12,074,798
452,371 9,302,149 5,619,992 1,763,593
899,070 5,458,926
234,631

4,687,021 535,173
5,423,135
109,908,543

4,866,084 337,402
6,467,491
110,830,635

4,928,832 123,280
6,109,132

4,917,055

10,534,389

446,083 13,541,664

614,127 15,205,713

614,127 7,106,920

1,770,000 591,501
7,980,460

4,900,000 434,602
9,315,832

106,642,058 104,639,250 111,976,964 116,348,828 124,520,551 121,190,764 125,932,961 134,516,764

(1,127,803) (1,339,440)

2,858,595

4,127,648

925,500 (3,334,921) (5,102,439) 1,177,871

202,346 (1,774,310)

81,138 81,138

233,784 8,698
(8,698)
233,784

343,113 47,444
(47,444)
343,113

145,200 153,320 (153,320)
145,200

13,370,000 1,774,821

185,374 166,218 (166,218)

14,303 123,607 (123,607)

185,374 15,159,124

14,531 408,319 (408,319)
14,531

835,238 (835,238)
0

21,891 358,667 (358,667)
21,891

2,000,822 (2,000,822)
0

($1,046,665) ($1,105,656) $3,201,708 $4,272,848 $1,110,874 $11,824,203 ($5,087,908) $1,177,871

$224,237 ($1,774,310)

5.00%

4.99%

5.03%

0.00%

0.00%

0.43%

0.56%

0.54%

2.00%

4.26%

Griffin-Spalding County School System Revenues by Source, Last Ten Fiscal Years
General Fund

$120,000,000 $100,000,000
$80,000,000 $60,000,000 $40,000,000 $20,000,000
$0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

State Federal Local

Year Ended

Local &

June 30

Other Funds

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

27,608,225 27,673,947 26,843,508 27,530,900 27,985,727 26,808,279 27,698,030 28,773,516 29,420,202 30,051,834

State Funds
47,914,514 46,155,540 49,837,533 51,380,415 53,982,459 56,521,227 58,652,259 62,165,007 64,435,501 70,722,124

Federal Funds

Total Revenues

2,232,918 300,250 306,186 283,899 348,721 443,798 497,735 601,751 504,310 611,847

77,755,657 74,129,737 76,987,227 79,195,214 82,316,907 83,773,304 86,848,024 91,540,274 94,360,013 101,385,805

-88-

Griffin-Spalding County School System Percentage Change in Revenues by Source, Last Ten Fiscal Years
General Fund

Total Dollars

Year Ended Local & June 30 Other Funds

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

27,608,225 27,673,947 26,843,508 27,530,900 27,985,727 26,808,279 27,698,030 28,773,516 29,420,202 30,051,834

State Funds
47,914,514 46,155,540 49,837,533 51,380,415 53,982,459 56,521,227 58,652,259 62,165,007 64,435,501 70,722,124

Federal Funds

Total Revenues

2,232,918 300,250 306,186 283,899 348,721 443,798 497,735 601,751 504,310 611,847

77,755,657 74,129,737 76,987,227 79,195,214 82,316,907 83,773,304 86,848,024 91,540,274 94,360,013 101,385,805

Percentage Change 1

8.9%

47.6%

-72.6%

30.4%

Percentage of Dollars

Year Ended Local & June 30 Other Funds

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

35.51% 37.33% 34.86% 34.76% 34.00% 32.00% 31.88% 31.43% 31.18% 29.64%

State Funds
61.62% 62.26% 64.73% 64.88% 65.58% 67.47% 67.53% 67.91% 68.29% 69.76%

Federal Funds

Total Revenues

2.87% 0.41% 0.40% 0.36% 0.42% 0.53% 0.57% 0.66% 0.53% 0.60%

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

1Percentage change computed by using the following formula: (2020 revenue/2011 revenue)-1 = percentage change

-89-

Griffin-Spalding County School System Per Pupil Revenues by Source, Last Ten Fiscal Years
General Fund

UNAUDITED

12,000 10,000
8,000 6,000 4,000 2,000
0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

State Federal Local

Year Ended Total

Student

Local &

June 30

Revenues Enrollment 1 Other Funds

Per Pupil

State

Federal

Funds

Funds

Total Revenues 2

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

77,755,657 74,129,737 76,987,227 79,195,214 82,316,907 83,773,304 86,848,024 91,540,274 94,360,013 101,385,805

10,685 10,614 10,582 10,626 10,474 10,261 10,305 10,383 10,353 10,207

2,584 2,607 2,536 2,591 2,672 2,613 2,688 2,771 2,842 3,097

4,484 4,349 4,710 4,835 5,154 5,508 5,692 5,987 6,224 6,783

209

7,277

28

6,984

29

7,275

27

7,453

33

7,859

43

8,164

48

8,428

58

8,816

49

9,114

53

9,933

Percentage Change 3

30.4%

-4.5%

19.9%

51.3%

-74.6%

36.5%

1 Student enrollment figures are taken from fall enrollment (October 1) reports. 2 Revenues restated on a per pupil basis by using the following formula:
Revenue/current enrollment = per pupil revenue 3 Percentage change computed by using the following formula:
(2019 revenue/2010 revenue)-1 = percentage change

-90-

Griffin-Spalding County School System Assessed Value and Actual Value of Taxable Property,
Last Ten Calendar Years
Set forth below is information concerning the assessed (40% of fair market value) and estimated actual (fair market) value of taxable property within the District for the last ten years.

UNAUDITED

Calendar
Year
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Millage
Rate
18.80 19.06 19.47 19.47 19.47 18.74 18.57 18.204 18.066 17.077

Real & Personal
Property
1,535,823,213 1,511,231,094 1,462,533,127 1,445,747,006 1,430,057,323 1,487,458,607 1,540,851,109 1,569,750,981 1,614,788,900 1,769,779,061

Assessed Values

Public Utilities

Motor Vehicles

26,487,026 31,294,800 34,640,971 34,269,621 33,809,411 33,811,678 33,513,721 36,086,991 33,513,721 36,620,534

115,267,630 113,708,460 119,331,500 124,174,530 104,295,620 77,650,790 59,914,540
45,370,860 36,046,170 30,432,310

Mobile
Homes
1,945,727 1,831,893 1,737,824 1,645,629 2,275,598 2,168,548 3,230,420 3,030,682 3,300,026 3,247,676

Gross Tax Digest

Bond Exemptions

General Obligation Bonds
Tax Digest1

Maintenance & Operation
Exemptions

Maintenance & Operation Tax Digest2

1,679,523,596 1,658,066,247 1,618,243,422 1,605,836,786 1,570,437,952 1,601,089,623 1,637,509,790 1,654,239,514 1,687,648,817 1,840,079,581

122,376,559 147,310,052 149,965,965 120,465,804 130,528,110 137,073,427 132,209,935 125,127,703 127,223,132 162,968,640

1,557,147,037 1,510,756,195 1,468,277,457 1,485,370,982 1,439,909,842 1,464,016,196 1,505,299,855 1,529,111,811 1,560,425,685 1,677,110,941

216,690,191 246,727,800 248,484,241 223,127,568 236,423,353 244,984,605 243,756,849 233,376,929 241,692,560 295,181,373

1,462,833,405 1,411,338,447 1,369,759,181 1,382,709,218 1,334,014,599 1,356,105,018 1,393,752,941 1,420,862,585 1,445,956,257 1,544,898,208

Estimated Actual
Value
4,198,808,990 4,145,165,618 4,045,608,555 4,014,591,965 3,926,094,880 4,002,724,058 4,093,774,475 4,135,598,785 4,219,122,043 4,600,198,953

-91-

1Total assessed value, after deducting exemptions, for purposes of levying tax for the System's general obligation bonds. 2Total assessed value, after deducting exemptions, for purposes of levying tax for the support and maintenance of the System's school system.
Source: State of Georgia Department of Revenue, Property Tax Division

Griffin-Spalding County School System Millage Rates of the District Last Ten Calendar Years

UNAUDITED

-92-

Set forth below is information concerting the rate of levy of property taxes per $1,000 of assessed value, or millage rates, of the School System and all overlapping governments for the last ten calendar years.

Calendar Year
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Support and Maintenance
18.80 19.06 19.47 19.47 19.47 18.74 18.57 18.204 18.066 17.077

School System

Legal

Debt

Limit

Service

20.00

0

20.00

0

20.00

0

20.00

0

20.00

0

20.00

0

20.00

0

20.00

0

20.00

0

20.00

0

Total
18.80 19.06 19.47 19.47 19.47 18.74 18.57 18.204 18.066 17.077

Spalding County 1
14.81 15.01 15.01 16.01 16.01 16.01 15.66 15.36 16.535 16.535

Fire District
4.17 4.17 4.17 4.17 4.17 4.17 3.61 3.61 3.61 3.61

State of Georgia
0.25 0.25 0.20 0.15 0.10 0.05 0.00 0.00 0.00 0.00

County-wide Total
38.03 38.49 38.85 39.80 39.75 38.97 37.84 37.17 38.21 37.22

City of Griffin
8.64 8.64 8.64 8.61 8.40 7.89 7.77 7.77 7.639 7.083

City of Orchard Hill
4.95 4.95 4.95 6.31 6.31 6.31 6.31 5.941 5.941 5.610

City of Sunny-Side
4.29 4.29 4.08 5.00 5.00 5.00 5.00 5.00 5.00 4.79

1 Represents the millage rate for the unincoporated areas of Spalding County. The millage rate for the incorporated areas of Spalding County for calendar year 2019 was 16.535.
Source: Spalding County Tax Commissioner

Pulte Home Company LLC Toppan North Griffin Square LLC Dematic Corporation Central GA EMC Walmart Stores Transcontinental Hoshizaki America Inc. Caterpillar Inc. Bandag Bridgestone Norcom Tenet Healthcare Corp. AEP Industries Halpern Industries Nacom Corporation North Spalding Development
Totals

Griffin-Spalding County School System Principal Property Tax Payers,
Current Year and Nine Years Ago

UNAUDITED

Taxes Levied
$261,724 222,652 182,681 169,220 161,599 151,622 150,666 146,362 138,139 136,461

2020 1

Rank

Percentage of
Total Tax Levy 2

1

0.99%

2

0.84%

3

0.69%

4

0.64%

5

0.61%

6

0.57%

7

0.57%

8

0.55%

9

0.52%

10

0.52%

$1,721,126

6.52%

Taxes Levied
$153,972

2011

Rank

Percentage of
Total Tax Levy 3

5

0.56%

124,141 164,570
423,686
127,039 271,785 136,652 119,654 115,961 160,281
$1,797,741

8

0.45%

3

0.60%

1

1.54%

7

0.46%

2

0.99%

6

0.50%

9

0.44%

10

0.42%

4

0.58%

6.54%

1 Represents calendar year 2019 assessed values before bond and maintenance and operation exemptions 2 Calendar year 2019 total tax levy was $26,415,960 3 Calendar year 2010 total tax levy was $27,501,268
Source: Spalding County Tax Commissioner

-93-

Griffin-Spalding County School System Property Tax Levies and Collections, Last Ten Fiscal Years

UNAUDITED

Fiscal Year

Taxes Levied for the
Fiscal Year

Collected within the Fiscal Year of the Levy

Amount

Percentage of Levy

Collections in Subsequent
Years

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

27,501,268 26,900,111 26,669,211 26,921,348 25,973,264 25,353,871 25,898,024 25,865,382 26,122,303 26,415,960

25,073,703 25,098,857 24,609,215 24,300,171 23,590,360 23,599,123 24,228,304 24,521,853 24,166,699 24,476,290

91.17% 93.30% 92.28% 90.26% 90.83% 93.08% 93.55% 94.81% 92.51% 92.66%

1,473,522 1,469,476 1,515,491 1,323,931 1,105,894
891,832 847,310 611,430 563,917

Source: Spalding County Tax Commissioner

Total Collections to Date

Amount

Percentage of Levy

26,547,225 26,568,333 26,124,706 25,624,102 24,696,254 24,490,955 25,075,614 25,133,283 24,730,616 24,476,290

96.53% 98.77% 97.96% 95.18% 95.08% 96.60% 96.82% 97.17% 94.67% 92.66%

-94-

-95-

Gross Tax Digest Components
2,000,000,000 1,800,000,000 1,600,000,000 1,400,000,000 1,200,000,000 1,000,000,000
800,000,000 600,000,000 400,000,000 200,000,000
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Calendar Year

Mobile Homes
Motor Vehicles
Public Utilities
Real & Personal Property

Griffin-Spalding County School System Ratio of Annual Debt Service to Total
Governmental Fund Expenditures Last Ten Fiscal Years

Year Ended June 30
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Principal

Interest

Total Debt Service

Total Governmental
Fund Expenditures

Ratio of Debt Service to
Governmental Fund
Expenditures

4,687,021 4,866,084 4,928,832
0 0 0 0 0 1,770,000 4,900,000

535,173 337,402 123,280
0 0 446,083 614,127 614,127 591,501 434,602

5,222,194 5,203,486 5,052,112
0 0 446,083 614,127 614,127 2,361,501 5,334,602

109,908,542 110,830,635 106,642,058 104,639,250 111,976,964 116,348,828 124,520,551 121,190,764 125,932,961 134,516,763

4.75% 4.69% 4.74% 0.00% 0.00% 0.38% 0.49% 0.51% 1.88% 3.97%

-96-

Griffin-Spalding County School System Ratio of Net Bonded Debt to Estimated Actual Value
and General Bonded Debt Per Capita Last Ten Fiscal Years

UNAUDITED

Fiscal Year Ended
June 30

Estimated Population1

Estimated Actual Value

General Bonded
Debt

Less Debt Service Funds

Net Bonded Debt

Ratio of Net Bonded Debt to Estimated Actual Value

Net Bonded Debt
Per Capita

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

64,087 64,032 63,682 63,509 63,694 63,826 64,570 65,403 66,100 66,703

4,198,808,990 4,145,165,618 4,045,608,555 4,014,591,965 3,926,094,880 4,002,724,058 4,093,774,475 4,135,598,785 4,219,122,043 4,600,198,953

9,573,243 4,853,649
0 0 0 14,806,760 14,468,699 14,130,638 12,022,577 6,784,516

3,832,266 4,954,100
605 0 0
283,916 369,032 517,219 458,704 6,864,101

5,740,977 -100,451
-605 0 0
14,522,844 14,099,667 13,613,419 11,563,873
-79,585

0.14% 0.00% 0.00% 0.00% 0.00% 0.36% 0.34% 0.33% 0.27% 0.00%

89.58 (1.57) (0.01) 0.00 0.00 227.54 218.36 208.15 174.95 (1.19)

-97-

Griffin-Spalding County School System Outstanding Debt, By Type Last Ten Fiscal Years

UNAUDITED

Fiscal Year Ended June 30,
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Governmental Activities

General

Capital

Obligation

Lease

Bonds

Obligations

9,573,243 4,853,649
0 0 0 14,806,760 14,468,699 14,130,638 12,022,577 6,784,516

481,943 289,922
88,838 0 0 0 0 0 0 0

Total Primary Government
10,055,186 5,143,571 88,838 0 0
14,806,760 14,468,699 14,130,638 12,022,577
6,784,516

Percentage of Personal
Income1
0.57% 0.28% 0.00% 0.00% 0.00% 0.73% 0.68% 0.64% 0.52% 0.30%

Per Capita1
156.95 80.34 1.40 0.00 0.00
231.98 224.14 216.13 181.88 101.71

Note: Details regarding the System's outstanding debt can be found in the notes to the financial statements.
1See the Schedule of Demographic and Economic Statistics for personal income and population data. The Bureau of Economic Analysis revised estimates for years 2010-2017 in March 2018.

-98-

Griffin-Spalding County School System Direct and Overlapping Governmental Activities Debt
As of June 30, 2020

UNAUDITED

Governmental Unit
Debt repaid with property taxes: Spalding County: General obligation bonds Certificates of participation Capital leases Intergovernmental Contracts City of Griffin: General obligation bonds Capital leases Intergovernmental Contracts
Sub-total, overlapping debt

Direct:

Griffin-Spalding County School System: General obligation bonds
Sub-total, direct debt
Total, overlapping and direct debt

Debt Outstanding

Percentage Applicable

Share of Overlapping Debt

$8,800,000 2,500,000 5,612,143 2,815,000
7,149,402 1,548,043 2,815,500
$31,240,088

100%

$31,240,088

6,784,516 $6,784,516

100%

$6,784,516 $38,024,604

Notes: In addition to the System's debt obligations, property owners in the System are responsible for certain debt obligations of other taxing entities in the proportion to which the jurisdiction of the System overlaps such entities. Set forth below is the estimated overlapping general obligation debt and estimated overlapping property tax supported or guaranteed revenue debt of the System as of June 30, 2020. The percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable percentages were estimated by determining the portion of the municipality/authority's taxable assessed value that is within the School System's boundaries and dividing it by the municipality/authority's total taxable assessed value. Although the System has attempted to obtain accurate information as to the outstanding overlapping debt, it does not warrant its completeness or accuracy, as there is no central reporting entity which has this information available, and the amounts are based on information supplied by others.
Source: Spalding County, GA and City of Griffin, GA

-99-

Griffin-Spalding County School System Legal Debt Margin
Last Ten Fiscal Years

UNAUDITED

Assessed Value of Taxable Property
Debt Limit (10% of Assessed Value)
Amount of Debt Applicable To Debt Limit
Legal Debt Margin
Legal Debt Margin/ Limit Ratio

2011 $1,524,221,716

2012 $1,510,756,185

2013

2014

$1,468,277,457 $1,485,370,982

2015 $1,439,909,842

2016

2017

$1,464,016,196 $1,505,299,855

2018

2019

2020

$1,529,111,811 $1,560,425,685 $1,544,875,574

$152,422,172

$151,075,619 $146,827,746 $148,537,098

$143,990,984 $146,401,620 $150,529,986 $152,911,181 $156,042,569 $154,487,557

9,573,243 $142,848,929

4,853,649 $146,221,970

0 $146,827,746

0 $148,537,098

0 $143,990,984

14,806,760 $131,594,860

14,468,699 $136,061,287

14,130,638 $138,780,543

12,022,577 $144,019,992

6,784,516 $147,703,041

93.72%

96.79%

100.00%

100.00%

100.00%

89.89%

90.39%

90.76%

92.30%

95.61%

-100-

Notes: The Constitution of the State of Georgia provides that the System may not incur long-term obligations payable out of general property taxes without the approval of a majority of the qualified voters of the System voting at an election called to approve the obligations. In addition, under the Constitution of the State of Georgia, the System may not incur long-term obligations payable out of general property taxes in excess of 10 percent of the assessed vaule of all taxable property within the System.
Source: Spalding County Tax Commissioner

Griffin-Spalding County School System Demographics - Population Latest Census Data

UNAUDITED

Population
Population, 2017 est. Population, 2010 Population, percent change, 2010 to 2019 Population, 2000 Population, percent change, 2000 to 2010 Population, percent change, 1990 to 2000 Persons under 5 years old, percent, 2019 Persons under 18 years old, percent, 2019 Persons 65 years old and over, percent, 2019 Female persons, percent, 2019
White persons, percent, 2019 (a) Black or African American persons, percent, 2019 (a) American Indian and Alaska Native persons, percent, 2019 (a) Asian persons, percent, 2019 (a) Native Hawaiian and Other Pacific Islander, percent, 2019 (a) Persons reporting two or more races, percent, 2019 White persons, not of Hispanic/Latino origin, percent, 2019 Persons of Hispanic or Latino origin, percent, 2019 (b)
Living in same house 1 year & over, 2014-2018 Language other than English spoken at home, pct age 5+, 2014-2018 High school graduates, percent of persons age 25+, 2014-2018 Bachelor's degree or higher, pct of persons age 25+, 2014-2018 Veterans, 2014-2018 Foreign born persons, percent, 2014-2018 Mean travel time to work (minutes), workers age 16+, 2014-2018

Spalding County
66,703 64,109 4.00% 58,417 9.7% 7.3% 6.4% 23.5% 18.3% 52.0%
61.5% 34.9% 0.5% 1.0% 0.1% 1.9% 57.5% 5.0%
89.8% 3.9% 81.9% 16.4% 4,437 2.9% 29.1

-101-

UNAUDITED

Griffin-Spalding County School System Demographics - Housing, Business & Industry, and Geography
Latest Census Data (Continued)

Housing
Housing units, 2019 Homeownership rate, 2014-2018 Median value of owner-occupied housing units, 2014-2018
Households, 2014-2018 Persons per household, 2014-2018 Median household income, 2014-2018 Persons below poverty, percent, 2014-2018 Building permits, 2019
Business & Industry
Unemployment rate, 2019 Annual Average Nonemployer establishments, 2018 Manufacturers shipments, 2012 ($1000) Retail sales, 2012 ($1000) Retail sales per capita, 2012 Women-owned firms, percent of total, 2012

27,795 60.2% $122,300
24,137 2.63 $42,671 17.3% 417
4.0% 5,166 2,404,744 638,821 $10,003 40.0%

Geography
Land area, 2010 (square miles) Persons per square mile, 2010 FIPS Code Metropolitan or Micropolitan Statistical Area
(a) Includes persons reporting only one race. (b) Hispanics may be of any race, so also are included in applicable race categories. Z: Value greater than zero but less than half unit of measure shown
Source: US Census Bureau State & County QuickFacts Source: Griffin-Spalding Chamber of Commerce Source: Bureau of Labor Statistics

196.47 326.1 255 Atlanta, GA Metro Area

-102-

Griffin-Spalding County School System Demographics - Income Statistics Latest Three Years Available

UNAUDITED

Income
Personal income ($000) Net earnings Personal current transfer receipts Income maintenance Unemployment insurance compensation Retirement and other Dividends, interest, and rent

2016 $2,124,586 1,149,982
639,486 86,939 2,684
549,863 335,118

2017 $2,185,919 1,181,236
654,698 86,896 2,453
565,349 349,985

2018 $2,298,405 1,238,600
685,580 84,189 2,195 599,196
374,225

Population (persons)1 Per capita personal income Per capita net earnings Per capita personal current transfer receipts Per capita income maintenance Per capita unemployment insurance benefits Per capita retirement and other Per capita dividends, interest, and rent

64,570 32,904 17,810 9,904 1,346
42 8,516 5,190

65,403 33,422 18,061 10,010 1,329
38 8,644 5,351

66,100 34,772 18,738 10,372 1,274
33 9,065 5,661

Earnings by place of work ($000) Wage and salary disbursements Supplements to wages and salaries Employer contributions for employee pension and insurance funds Employer contributions for government social insurance Proprietors' income Nonfarm proprietors' income Farm proprietors' income

1,201,282 858,953 245,301 184,779 60,522 97,028 99,571 -2,543

1,246,049 900,921 253,126 190,093 63,033 92,002 94,570 -2,568

1,288,639 930,962 261,473 197,829 63,644 96,204 99,157 -2,953

Total full-time and part-time employment Wage and salary jobs Number of proprietors
Number of nonfarm proprietors Number of farm proprietors

31,851 24,424
7,427 7,204
223

32,292 24,610
7,682 7,464
218

32,066 24,173
7,893 7,679
214

Average earnings per job (dollars) Average wage and salary disbursements Average nonfarm proprietors' income
1 Census Bureau midyear population estimates.

37,716 35,168 13,822

38,587 36,608 12,670

40,187 38,512 12,913

Source: Regional Economic Information System, Bureau of Economic Analysis, U.S. Department of Commerce - Table CA30 The Bureau of Economic Analysis revised estimates for years 2010-2018 in March 2019 . The amounts reflected in this table are the revised numbers. The figures provided are the latest available.

-103-

Griffin-Spalding County School System Demographic and Economic Statistics
Last Ten Fiscal Years

UNAUDITED

Fiscal Year
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Population1
64,066 64,021 63,680 63,505 63,695 63,828 64,553 65,380 66,100 66,703

Personal Income1
1,750,789 1,865,725 1,859,395 1,869,815 1,949,818 2,041,383 2,129,814 2,208,980 2,298,405
N/A

Per Capita Personal Income1
27,328 29,142 29,199 29,444 30,612 31,983 32,993 33,787 34,772
N/A

School Enrollment2
10,685 10,614 10,582 10,626 10,474 10,261 10,305 10,383 10,353 10,207

Unemployment Rate3
13.00% 12.80% 11.30% 10.70%
9.50% 7.80% 6.00% 5.80% 4.70% 4.00%

-104-

Data Sources: 1 Bureau of Economic Analysis: Regional Economic Accounts and U.S. Census Bureau (mid year estimates) 2 Spalding County Board of Education 3 U.S. Bureau of Labor Statistics

Griffin-Spalding County School System Principal Employers
Current Year and Nine Years Ago

UNAUDITED

Employer
Griffin-Spalding County School System Caterpillar, Inc. Wellstar Spalding Regional Medical Southern Crescent Technical College Spalding County CareMaster Medical City of Griffin University of Georgia Griffin Campus Norcom 1888 Mills/Southern Terry AEP Industries, Inc.

Industry
Education Automotive generators Healthcare Education Government Home Nursing Government Agricultural research School supplies Terry cloth towels Packaging film

Employees
1,496 900 900 640 606 600 451 405 280 278
6,556

2020
Rank
1 2 3 4 5 6 7 8 9 10

Percentage of Total County Employment
6.59 % 3.96 3.96 2.82 2.67 2.64 1.99 1.78 1.23 1.22 0.00
28.85 %

Employees
1,512 900 900 360 536
478 405 280 375 250
5,996

2011
Rank
1 2 3 7 4
5 8 9 6 10

Percentage of Total County Employment
7.19 % 4.28 4.28 1.71 2.55
2.27 1.93
1.78 1.19
28.52 %

-105-

Source: Griffin-Spalding Development Authority

-106-

Classroom Teachers Media Specialists,Counselors
Psychologists, and Social Worker Administrators and Supervisors Professional/Technical Support Paraprofessionals, Clerical, Other Maintenance, Transportation, Custodians,
and School Food Service
Source: Griffin-Spalding County School System

Griffin-Spalding County School System Employees of the District Last Ten Fiscal Years

UNAUDITED

2011 749
50 64 51 310
352 1,576

2012 717
53 62 51 270
359 1,512

2013 673
49 55 51 277
350 1,455

2014 657
51 55 43 268
345 1,419

2015 674
51 60 57 255
360 1,457

2016 658
51 65 53 277
351 1,455

2017 676
53 66 53 295
355 1,498

2018 674
54 75 52 293
340 1,488

2019 686
55 76 49 292
325 1,483

2020 689
59 77 52 299
320 1,496

Griffin-Spalding County School System General Fund Operating Statistics, Pupil/Teacher Ratio
Last Ten Fiscal Years

UNAUDITED

Fiscal Year

Expenses Enrollment

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

76,877,306 75,770,980 73,537,657 78,467,423 80,290,395 81,428,072 86,043,775 90,702,181 93,374,983 97,949,010

10,685 10,614 10,582 10,626 10,474 10,261 10,305 10,383 10,353 10,207

Source: Griffin-Spalding County School System

Cost Per Pupil
7,195 7,139 6,949 7,384 7,666 7,936 8,350 8,736 9,019 9,596

Percentage Change
0.56% (.78%) (2.65%) 6.26% 3.81% 3.52% 5.22% 4.62% 3.25% 6.40%

Teaching Staff
749 717 673 657 674 658 676 674 686 689

Pupil/ Teacher
Ratio
14.27 14.80 15.72 16.17 15.54 15.59 15.24 15.41 15.09 14.81

Student Attendance Percentage
96.38 95.39 97.46 95.36 95.64 97.49 96.49 96.13 96.38 95.18 .

-107-

-108-

Anne Street Elementary (1948) Square Feet Capacity (students) Enrollment Percentage of Capacity used
Atkinson Elementary (1964) Square Feet Capacity (students) Enrollment Percentage of Capacity used
Beaverbrook Elementary (1964) Square Feet Capacity (students) Enrollment Percentage of Capacity used
Cowan Road Elementary (1991) Square Feet Capacity (students) Enrollment Percentage of Capacity used
Crescent Elementary (1955) Square Feet Capacity (students) Enrollment Percentage of Capacity used
Source: Griffin-Spalding County School System

Griffin-Spalding County School System School Building Information Last Ten Fiscal Years

UNAUDITED

2011

2012

2013

2014

Fiscal Year

2015

2016

2017

2018

2019

2020

40,113 450 428
95.1%

40,113 450 458
101.8%

40,113 450 447
99.3%

40,113 450 487
108.2%

40,113 450 453
100.7%

40,113 450 428
95.1%

40,113 450 427
94.9%

40,113 450 429
95.3%

40,113 450 410
91.1%

40,113 450 380
84.4%

53,936 450 459
102.0%

53,936 450 465
103.3%

53,936 450 448
99.6%

53,936 450 427
94.9%

53,936 450 457
101.6%

53,936 450 450
100.0%

53,936 450 448
99.6%

53,936 450 468
104.0%

53,936 450 466
103.6%

53,936 450 463
102.9%

55,222 450 466
103.6%

55,222 450 426
94.7%

55,222 450 429
95.3%

55,222 450 464
103.1%

55,222 450 431
95.8%

55,222 450 371
82.4%

55,222 450 347
77.1%

55,222 450 356
79.1%

55,222 450 363
80.7%

55,222 450 348
77.3%

76,986 650 663
102.0%

76,986 650 584
89.8%

76,986 650 627
96.5%

76,986 650 631
97.1%

76,986 650 633
97.4%

76,986 650 616
94.8%

76,986 650 686
105.5%

76,986 650 643
98.9%

76,986 650 573
88.2%

76,986 650 541
83.2%

48,696 450 424
94.2%

48,696 450 415
92.2%

48,696 450 441
98.0%

48,696 450 442
98.2%

48,696 450 465
103.3%

48,696 450 423
94.0%

48,696 450 419
93.1%

48,696 450 426
94.7%

48,696 450 430
95.6%

48,696 450 417
92.7%

-109-

Futral Road Elementary (1998) Square Feet Capacity (students) Enrollment Percentage of Capacity used
Jackson Road Elementary (1970) Square Feet Capacity (students) Enrollment Percentage of Capacity used
Jordan Hill Elementary (1994) Square Feet Capacity (students) Enrollment Percentage of Capacity used
Moore Elementary (1950) Square Feet Capacity (students) Enrollment Percentage of Capacity used
Moreland Road Elementary (2006) Square Feet Capacity (students) Enrollment Percentage of Capacity used
Source: Griffin-Spalding County School System

Griffin-Spalding County School System School Building Information
Last Ten Fiscal Years (Continued)

2011

2012

2013

2014

Fiscal Year

2015

2016

2017

2018

2019

2020

67,000 525 695
132.4%

67,000 525 725
138.1%

67,000 525 635
121.0%

67,000 525 644
122.7%

67,000 525 648
123.4%

78,760 650 616
94.8%

78,760 650 628
96.6%

78,760 650 629
96.8%

78,760 650 659
101.4%

78,760 650 684
105.2%

58,729 450 474
105.3%

58,729 450 464
103.1%

58,729 450 456
101.3%

58,729 450 467
103.8%

58,729 450 438
97.3%

66,121 525 423
80.6%

66,121 525 408
77.7%

66,121 525 415
79.0%

66,121 525 422
80.4%

66,121 525 410
78.1%

76,986 650 446
68.6%

76,986 650 442
68.0%

76,986 650 455
70.0%

76,986 650 470
72.3%

76,986 650 481
74.0%

76,986 650 487
74.9%

76,986 650 453
69.7%

76,986 650 426
65.5%

76,986 650 447
68.8%

76,986 650 406
62.5%

47,190 450 363
80.7%

47,190 450 354
78.7%

47,190 450 375
83.3%

47,190 450 367
81.6%

47,190 450 367
81.6%

47,190 450 367
81.6%

47,190 450 405
90.0%

47,190 450 398
88.4%

47,190 450 392
87.1%

47,190 450 392
87.1%

67,852 550 558
101.5%

67,852 550 558
101.5%

67,852 550 560
101.8%

67,852 550 541
98.4%

67,852 550 515
93.6%

67,852 550 546
99.3%

67,852 550 556
101.1%

67,852 550 556
101.1%

67,852 550 523
95.1%

67,852 550 535
97.3%

-110-

Orrs Elementary (1962) Square Feet Capacity (students) Enrollment Percentage of Capacity used
Cowan Road Middle School (2000) Square Feet Capacity (students) Enrollment Percentage of Capacity used
Carver Road Middle School (2007) Square Feet Capacity (students) Enrollment Percentage of Capacity used
Kennedy Road Middle School (2006) Square Feet Capacity (students) Enrollment Percentage of Capacity used
Rehoboth Road Middle School (2009) Square Feet Capacity (students) Enrollment Percentage of Capacity used
Source: Griffin-Spalding County School System

Griffin-Spalding County School System School Building Information
Last Ten Fiscal Years (Continued)

2011

2012

2013

2014

Fiscal Year

2015

2016

2017

2018

2019

2020

63,117 675 637
94.4%

63,117 675 647
95.9%

63,117 675 664
98.4%

63,117 675 661
97.9%

63,117 675 623
92.3%

63,117 675 598
88.6%

63,117 675 595
88.1%

63,117 675 613
90.8%

63,117 675 580
85.9%

63,117 675 578
85.6%

96,500 685 568
82.9%

96,500 685 600
87.6%

96,500 685 612
89.3%

96,500 685 598
87.3%

96,500 685 594
86.7%

99,529 685 567
82.8%

99,529 685 551
80.4%

99,529 685 643
93.9%

99,529 685 643
93.9%

99,529 685 611
89.2%

104,024 725 475
65.5%

104,024 725 544
75.0%

104,024 725 482
66.5%

104,024 725 523
72.1%

104,024 725 504
69.5%

104,024 725 523
72.1%

104,024 725 482
66.5%

104,024 725 488
67.3%

104,024 725 488
67.3%

104,024 725 504
69.5%

104,024 725 564
77.8%

104,024 725 546
75.3%

104,024 725 532
73.4%

104,024 725 505
69.7%

104,024 725 481
66.3%

104,024 725 466
64.3%

104,024 725 483
66.6%

104,024 725 459
63.3%

104,024 725 489
67.4%

104,024 725 470
64.8%

104,024 725 703
97.0%

104,024 725 715
98.6%

104,024 725 726
100.1%

104,024 725 725
100.0%

104,024 725 672
92.7%

104,024 725 663
91.4%

104,024 725 644
88.8%

104,024 725 698
96.3%

104,024 725 679
93.7%

104,024 725 670
92.4%

Griffin-Spalding County School System School Building Information
Last Ten Fiscal Years (Continued)

A.Z. Kelsey Academy (2007) Square Feet Capacity (students) Enrollment Percentage of Capacity used
Griffin High School (1986) Square Feet Capacity (students) Enrollment Percentage of Capacity used
Spalding High School (2000) Square Feet Capacity (students) Enrollment Percentage of Capacity used
Central Administration Complex (1970) Square Feet
Central Warehouse (2003) Square Feet
Transportation Garage/Warehouse (1964) Square Feet
Griffin Region College and Career Academy (2017) Square Feet
Other Special Purpose Instructional Facilities Square Feet

2011
71,403 625 104
16.6%
309,989 1,950 1,372 70.4%
205,904 1,600 1,286 80.4%
11,051
47,400
11,600
80,729

2012
71,403 625 119
19.0%
309,989 1,950 1,304 66.9%
205,904 1,600 1,248 78.0%
11,051
47,400
11,600
80,729

2013
71,403 625 90
14.4%
309,989 1,950 1,342 68.8%
205,904 1,600 1,261 78.8%
11,051
47,400
11,600
80,729

2014
71,403 625 80
12.8%
309,989 1,950 1,356 69.5%
205,904 1,600 1,238 77.4%
11,051
47,400
11,600
80,729

Fiscal Year

2015

2016

71,403 625 59
9.4%

71,403 625 60
9.6%

309,989 1,950 1,419 72.8%

309,989 1,950 1,395 71.5%

205,904 1,600 1,234 77.1%

205,904 1,600 1,262 78.9%

11,051 47,400 11,600

11,051 47,400 11,600

80,729 80,729

2017
71,403 625 57
9.1%
309,989 1,950 1,422 72.9%
205,904 1,600 1,294 80.9%
11,051
47,400
11,600
80,729

2018
71,403 625 46
7.4%
309,989 1,950 1,434 73.5%
205,904 1,600 1,324 82.8%
11,051
47,400
11,600
70,350
80,729

2019
71,403 625 36
5.8%
309,989 1,950 1,436 73.6%
205,904 1,600 1,340 83.8%
11,051
47,400
11,600
70,350
80,729

2020
71,403 625 41
6.6%
309,989 1,950 1,450 74.4%
205,904 1,600 1,307 81.7%
11,051
47,400
11,600
70,350
80,729

-111-

Source: Griffin-Spalding County School System

Griffin-Spalding County School System Enrollment Statistics Last Ten Fiscal Years

12000

Active Enrollment by Grade Level

10000

8000

6000

4000

2000

0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Grade 12 Grade 11 Grade 10 Grade 9 Grade 8 Grade 7 Grade 6 Grade 5 Grade 4 Grade 3 Grade 2 Grade 1 Kindergarten Pre- Kindergarten 1

UNAUDITED

-112-

Fiscal

Pre-

Grade

Year Kindergarten 1 Kindergarten

1

2011

443

2012

443

2013

478

2014

495

2015

510

2016

508

2017

513

2018

511

2019

506

2020

503

920

894

865

911

894

851

898

889

822

880

777

818

827

809

759

852

778

787

747

762

Grade 2
823 862 870 848 843 849 810 778 832 774

Grade 3
839 810 852 856 820 798 832 820 751 815

Grade 4
834 814 797 837 830 794 806 810 807 760

Grade 5
860 833 795 778 806 781 775 829 804 793

Grade 6
765 839 796 764 709 766 754 745 792 758

Grade 7
783 753 805 796 777 695 719 740 742 769

Grade 8
762 813 751 791 765 758 687 735 742 728

Grade 9
823 911 961 854 1,004 1,016 922 813 899 907

Grade 10
711 630 655 701 615 645 748 734 619 681

Grade 11
656 625 562 619 589 566 600 694 671 596

Grade 12
572 505 515 500 504 490 503 563 623 614

Total
10,685 10,614 10,582 10,626 10,474 10,261 10,305 10,383 10,353 10,207

Spec. Ed. 2
1,052 993 990 969 1,019 1,086 1,132 1,186 1,272 1,272

1Griffin-Spalding County School System established the Pre-Kindergarten in FY1998 using proceeds from the state lottery. 2 The System includes Special Education students in the appropriate grade level. The "Spec. Ed" column reflects the total number of Special Education sutdents by year for comparative purposes only.
Source: Griffin-Spalding County School System

Griffin-Spalding County School System Expenditures by Function, Last Ten Fiscal Years
General Fund

-113-

Instruction Pupil Services Improvement of Instructional Services Educational Media Services General and School Administration Business Administration Maintenance and Operations of Plant Student Transportation Services Central Support Services Other Support Services Food Service Operations Community Services Operations Capital Outlay
Debt Service

2011

2012

2013

2014

Fiscal Year

2015

2016

2017

2018

2019

2020

Percentage Change 1

$50,219,269 1,323,470 1,719,713 1,845,301 7,555,194 330,052 7,966,957 3,420,009 1,104,120 899,754 0 149,722 129,707
214,038

$49,373,663 1,323,090 1,432,357 1,656,079 7,563,984 335,644 7,726,705 4,092,737 1,139,419 743,246 0 132,624 37,394
214,038

$47,622,661 1,283,338 1,295,508 1,440,932 7,107,099 348,784 7,884,361 4,166,042 1,219,241 888,483 0 126,811 59,560
94,837

$49,529,410 1,522,381 1,333,860 1,483,960 7,367,102 386,548 8,720,795 5,322,915 1,456,213 962,370 69,278 128,120 184,471
0

$50,596,029 1,554,866 2,106,853 1,525,756 7,759,713 384,124 8,124,266 5,275,107 1,593,158 1,079,136 64,269 134,392 92,726
0

$50,941,065 1,658,493 2,469,760 1,528,079 8,460,692 417,103 8,147,720 4,648,579 1,859,430 965,678 61,934 159,403 110,136
0

$54,070,635 1,853,844 3,072,620 1,558,477 9,178,934 433,398 8,114,700 4,834,754 1,771,879 919,821 66,243 145,962 22,509
0

$56,699,614 1,949,092 3,857,445 1,610,344 9,930,839 436,233 8,188,722 4,927,811 1,976,865 842,114 70,697 212,405 0
0

$57,866,372 2,130,706 4,122,176 1,668,656
10,379,527 480,116
8,474,516 5,302,206 1,727,692
941,087 66,707
215,222 0
0

$60,455,517 2,406,673 5,137,012 1,759,939
10,694,600 452,371
9,289,854 4,853,451 1,763,129
839,843 66,836
229,785

20.4% 81.8% 198.7% -4.6% 41.6% 37.1% 16.6% 41.9% 59.7% -6.7% 100.0% 53.5% -100.0%
-100.0%

$76,877,306 $75,770,980 $73,537,657 $78,467,423 $80,290,395 $81,428,072 $86,043,776 $90,702,181 $93,374,983 $97,949,010

27.4%

Instruction Pupil Services Improvement of Instructional Services Educational Media Services General and School Administration Business Administration Maintenance and Operations of Plant Student Transportation Services Central Support Services Other Support Services Food Service Operations Community Services Operations Capital Outlay Debt Service

2011
66.3% 1.7% 2.3% 2.4%
10.0% 0.4%
10.5% 4.5% 1.5% 1.2% 0.0% 0.2% 0.2% 0.3%
101.5%

2012
65.2% 1.7% 1.9% 2.2%
10.0% 0.4%
10.2% 5.4% 1.5% 1.0% 0.0% 0.2% 0.0% 0.3%
100.0%

2013
64.8% 1.7% 1.8% 2.0% 9.7% 0.5%
10.7% 5.7% 1.7% 1.2% 0.0% 0.2% 0.1% 0.1%
100.0%

2014
63.1% 1.9% 1.7% 1.9% 9.4% 0.5%
11.1% 6.8% 1.9% 1.2% 0.1% 0.2% 0.2% 0.0%
100.0%

2015
63.0% 1.9% 2.6% 1.9% 9.7% 0.5%
10.1% 6.6% 2.0% 1.3% 0.1% 0.2% 0.1% 0.0%
100.0%

2016
62.6% 2.0% 3.0% 1.9%
10.4% 0.5%
10.0% 5.7% 2.3% 1.2% 0.1% 0.2% 0.1% 0.0%
100.0%

2017
62.8% 2.2% 3.6% 1.8%
10.7% 0.5% 9.4% 5.6% 2.1% 1.1% 0.1% 0.2% 0.0% 0.0%
100.0%

2018
62.5% 2.1% 4.3% 1.8%
10.9% 0.5% 9.0% 5.4% 2.2% 0.9% 0.1% 0.2% 0.0% 0.0%
100.0%

2019
62.0% 2.3% 4.4% 1.8%
11.1% 0.5% 9.1% 5.7% 1.9% 1.0% 0.1% 0.2% 0.0% 0.0%
100.0%

2020
61.7% 2.5% 5.2% 1.8%
10.9% 0.5% 9.5% 5.0% 1.8% 0.9% 0.1% 0.2% 0.0% 0.0%
100.0%

1Percentage change computed by using the following formula: (2020 expenditure/2011 expenditure)-1 = percentage change

Source: Griffin-Spalding County School System

Griffin-Spalding County School System Per Pupil Expenditures by Function, Last Ten Fiscal Years
General Fund

UNAUDITED

Instruction Pupil Services Improvement of Instructional Services Educational Media Services General and School Administration Business Administration Maintenance and Operations of Plant Student Transportation Services Central Support Services Other Support Services Food Service Operations Community Services Operations Capital Outlay Debt Service
Total Expenditures 2
Student Enrollment 3

2011
$4,699 124 161 173 707 31 745 320 103 84 0 14 12 0
$7,193
10,685

2012
$4,652 125 135 156 713 32 728 386 107 70 0 12 4 20
$7,139
10,614

2013
$4,500 121 122 136 672 33 745 394 115 84 0 12 6 9
$6,949
10,582

2014
$4,661 143 126 140 693 36 821 501 137 91 7 12 17 0
$7,384
10,626

Fiscal Year

2015

2016

$4,831 148 201 146 741 37 776 504 152 103 6 13 9 0

$4,965 162 241 149 825 41 794 453 181 94 6 16 11 0

$7,666

$7,936

10,474

10,261

2017
$5,248 180 298 151 891 42 788 469 172 89 6 14 2 0
$8,351
10,305

2018
$5,461 188 372 155 956 42 789 475 190 81 7 20 0 0
$8,736
10,383

2019
$5,589 206 398 161
1,003 46
819 512 167
91 6
21 0 0
$9,019
10,353

2020

Percentage Change 1

$5,923 236 503 172
1,048 44
910 476 173
82 7
23 0 0

26.1% 90.4% 212.8% -0.1% 48.2% 43.5% 22.1% 48.6% 67.2% -2.3% 100.0% 60.7% -100.0%
0.0%

$9,596

33.4%

10,207

-4.5%

1Percentage change computed by using the following formula:
(2020 revenue/2011 revenue)-1 = percentage change 2Expenditures restated on a per pupil basis by using the following formula:
Revenue/current enrollment = per pupil revenue 3Student enrollment figures are taken from fall enrollment (October 1) reports.

-114-

Griffin-Spalding County School System Free and Reduced Lunch Last Ten Fiscal Years
Percentage of Students Eligible for F&R
80.080% 705.7.500% 70.070% 605.6.500% 60.060% 505.5.500% 50.050% 405.4.500% 40.040% 305.3.500% 30.030%
201210112012201220210313 20210414 20210515 20210616 22001177 22001188 22001199 2020

UNAUDITED

Lunch Meals Served Free Reduced Paid
Total
Breakfast Meals Served Free Reduced Paid
Total
Adult & Non-reimbursable Paid - Breakfast Paid - Lunch Other - Breakfast Other - Lunch
Total
Total Meals Served Free Reduced Paid Other
Total

2011

2012

2013

2014

Fiscal Year

2015

2016

2017

2018

2019

2020

1,046,085 96,503
296,584 1,439,172

1,086,381 110,639 259,927
1,456,947

1,042,616 105,123 216,889
1,364,628

1,046,355 110,333 177,353
1,334,041

1,105,505 99,399
165,135 1,370,039

1,051,121 112,445 162,692
1,326,258

1,011,571 98,288
148,076 1,257,935

977,785 104,952 195,831 1,278,568

981,943 83,417
142,292 1,207,652

788,444 70,718 96,476
955,638

621,661 42,375 65,660
729,696

651,752 46,295 57,029
755,076

630,562 43,356 49,963
723,881

637,061 46,232 42,031
725,324

650,732 42,903 40,813
734,448

589,747 46,748 40,611
677,106

566,830 40,197 37,281
644,308

562,633 44,536 62,536
669,705

591,568 40,108 41,525
673,201

512,574 34,485 30,627
577,686

5,804 36,228 21,200 49,010 112,242

7,892 42,557 17,096 41,424 108,969

2,631 29,805 15,655 35,826 83,917

1,913 23,767 15,493 35,744 76,917

1,766 25,273 16,113 38,267 81,419

1,596 27,493 14,969 35,414 79,472

3,402 27,775 13,204 30,158 74,539

2,096 20,957 15,888 32,043 70,984

2,190 17,493 13,738 28,432 61,853

1,939 14,348 10,668 20,898 47,853

1,667,746 138,878 404,276 70,210

1,738,133 156,934 367,405 58,520

1,673,178 148,479 299,288 51,481

1,683,416 156,565 245,064 51,237

1,756,237 142,302 232,987 54,380

1,640,868 159,193 232,392 50,383

1,578,401 138,485 216,534 43,362

1,540,418 149,488 281,420 47,931

1,573,511 123,525 203,500 42,170

1,301,018 105,203 127,103 31,566

2,281,110 2,320,992 2,172,426 2,136,282 2,185,906 2,082,836 1,976,782 2,019,257 1,942,706 1,564,890

% Eligible for Free and Reduced

70.73% 73.44% 74.46% 75.58% 76.56% 76.21% 75.34% 76.90% 73.97% 74.32%

Source: Griffin-Spalding County School System

-115-

Griffin-Spalding County School System Insurance Coverage

UNAUDITED

Insurance coverage of the System is summarized below.

Type
Property Boiler & Machinery Fidelity Bond Superintendent Bond

Amount in Force
$350,006,269 25,000,000 100,000 100,000

Type
General Liability School Board Errors and Omissions Automobile Liability Excess Workers' Compensation

Limits of Liability

Each Occurance

Aggregate

$1,000,000 1,000,000 1,000,000 Statutory

$2,000,000 1,000,000 1,000,000 Statutory

Notes: The System is partially self-insured for workers compensation claims through a self-insurance program that is periodically reviewed for actuarial soundess by an actuary. Refer to Note 8 and MD&A of the System's financial statements for a discussion of the System's risk management program. The System requires payment and performance surety bonds and builders' risk insurance of all contractors and subcontractors involved in construction related to the System's facilities.

-116-

SINGLE AUDIT, COMPLIANCE AND INTERNAL CONTROL SECTION

Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards
The Board of Education Griffin-Spalding County School System Griffin, Georgia
We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Griffin-Spalding County School System as of and for the year ended June 30, 2020, and the related notes to the financial statements, which collectively comprise Griffin-Spalding County School System's basic financial statements, and have issued our report thereon dated November 17, 2020.
Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered Griffin-Spalding County School System's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Griffin-Spalding County School System's internal control. Accordingly, we do not express an opinion on the effectiveness of Griffin-Spalding County School System's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the government's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over financial reporting that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
5637 Whitesville Rd. P.O. Box 4299, Columbus, Georgia 31914 Telephone 706-324-5435 Fax 706-324-1209 Email info@robinsongrimes.com Members of: American Institute of CPAs and related Private Companies Practice Section,
Employee Benefit Plan Audit Quality and Government Audit Quality Center Center for Audit Quality Georgia Society of CPAs CPAmerica International www.robinsongrimes.com
-117-

The Board of Education Griffin-Spalding County School System Page Two
Compliance and Other Matters As part of obtaining reasonable assurance about whether Griffin-Spalding County School System's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. We noted certain matters that we reported to management of the System in a separate letter dated November 17, 2020. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the government's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Certified Public Accountants November 17, 2020
-118-

Independent Auditor's Report on Compliance for Each Major Federal Program and Report on Internal Control over Compliance in Accordance with the Uniform Guidance
The Board of Education Griffin-Spalding County School System Griffin, Georgia
Report on Compliance for Each Major Federal Program
We have audited Griffin-Spalding County School System's compliance with the types of compliance requirements described in the U.S. Office of Management and Budget Compliance Supplement that could have a direct and material effect on each of Griffin-Spalding County School System's major federal programs for the year ended June 30, 2020. Griffin-Spalding County School System's major federal programs are identified in the summary of auditor's results section of the accompanying schedule of findings and questioned costs.
Management's Responsibility
Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal programs.
Auditor's Responsibility
Our responsibility is to express an opinion on compliance for each of Griffin-Spalding County School System's major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations ("CFR") Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). Those standards and the Uniform Guidance require that we plan and perform the compliance audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about Griffin-Spalding County School System's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination on Griffin-Spalding County School System's compliance.
5637 Whitesville Rd. P.O. Box 4299, Columbus, Georgia 31914 Telephone 706-324-5435 Fax 706-324-1209 Email info@robinsongrimes.com Members of: American Institute of CPAs and related Private Companies Practice Section,
Employee Benefit Plan Audit Quality and Government Audit Quality Center Center for Audit Quality Georgia Society of CPAs CPAmerica International www.robinsongrimes.com
-119-

The Board of Education Griffin-Spalding County School System Page Two
Opinion on Each Major Federal Program
In our opinion, Griffin-Spalding County School System complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2020.
Report on Internal Control over Compliance
Management of Griffin-Spalding County School System is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered Griffin-Spalding County School System's internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program as a basis for designing auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of Griffin-Spalding County School System's internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
-120-

The Board of Education Griffin-Spalding County School System Page Three The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. Certified Public Accountants November 17, 2020
-121-

FUNDING AGENCY PROGRAM/GRANT

GRIFFIN-SPALDING COUNTY BOARD OF EDUCATION GRIFFIN, GEORGIA
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS FOR THE YEAR ENDED JUNE 30, 2020
FEDERAL CFDA
NUMBER

Agriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Cash Assistance Food Services School Breakfast Program School Breakfast Program National School Lunch Program National School Lunch Program After School Snacks Non Cash Assistance U.S. Department of Agriculture (USDA Commodities)

10.553 10.553 10.555 10.555 10.555
10.550

195GA324N1099 205GA324N1099 195GA324N1099 205GA324N1099 205GA324N1099

Total Child Nutrition Cluster Other Programs
Pass-Through From Georgia Department of Education Commercial Warehouse Storage and Delivery Cost Reimbursement Equipment Stimulus Grant

10.579

Total U.S. Department of Agriculture

Education, U. S. Department of Title I, Part A Cluster Pass-Through From Georgia Department of Education Grants to Local Educational Agencies Title I-A, Improving the Academic Achievement of the Disadvantaged Title I-A, Improving the Academic Achievement of the Disadvantaged School Improvement School Improvement School Improvement - GSCI

84.010 84.010 84.010 84.010 84.010

S010A190010 S010A200010 S010A190010 S010A200010 S010A200010

Total Title I, Part A Cluster

Special Education Cluster Pass-Through From Georgia Department of Education Individuals with Disabilities Education Act Flowthrough Special Projects - Carryover Special Projects High Cost Fund Pool Preschool Regular
Total Special Education Cluster
Other Programs Pass-Through From Georgia Department of Education Career and Technical Education- Basic Grants to States Title II-A, Improving Teacher Quality State Grants Title II-A, Improving Teacher Quality State Grants Title III-A, Limited English Proficient (LEP) Title IV, Student Support and Academic Enrichment Program Title IV, Student Support and Academic Enrichment Program

84.027 84.027 84.027 84.027 84.173

H027A190073 H027A190073 H027A200073 H027A200073 H173A200081

84.048 84.367 84.367 84.365 84.42A 84.42A

V048A180010 S367A190001 S367A200001 S365A200010 S424A190011 S424A200011

Total U. S. Department of Education
Health and Human Services, U. S. Department of Pass-Through From Georgia Department of Education Now is the Time: Project AWARE

93.243

H79SM091777

Total Health and Human Services Defense, U. S. Department of
Direct Department of the Army R.O.T.C. Program
Total Federal Financial Assistance
See Independent Auditor's Report and Notes to Schedule of Expenditures of Federal Awards.
-122-

12.000

FEDERAL EXPENDITURES
IN PERIOD

$

19,048

1,162,672

39,910

2,999,997

30,888

175,453

4,427,968

6,002 4,433,970

230,540 3,860,085
425,790 711,750
71,372
5,299,537

2,209,332 8,858
96,568 10,799 70,924
2,396,481

133,840 25,000
415,384 35,409 74,821 329,811
8,710,283

156,008 156,008

299,815

$

13,600,076

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS FOR THE YEAR ENDED JUNE 30, 2020
NOTE 1: Summary of Significant Accounting Policies Basis of Accounting - The schedule of expenditures of federal awards has been prepared utilizing the modified accrual basis of accounting. Under this method, revenues are recognized when they become 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 for the current period. Expenditures are recognized when the liability is incurred.
-123-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED JUNE 30, 2020

SUMMARY OF AUDITOR'S RESULTS
1. An unmodified opinion, dated November 17, 2020, was issued on the financial statements for the year ended June 30, 2020.

2. The "Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards" dated November 17, 2020 disclosed no significant deficiencies for the year ended June 30, 2020.

3. The "Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards" dated November 17, 2020 disclosed no instances of noncompliance for the year ended June 30, 2020.

4. The "Independent Auditor's Report on Compliance for Each Major Federal Program and Report on Internal Control over Compliance in Accordance with Uniform Guidance" dated November 17, 2020, disclosed no significant deficiencies or material weaknesses in internal control over major programs for the year ended June 30, 2020.

5. An unmodified opinion, dated November 17, 2020, was issued on the System's compliance with its major federal programs in the "Independent Auditor's Report on Compliance for Each Major Federal Program and Report on Internal Control over Compliance in Accordance with Uniform Guidance," for the year ended June 30, 2020.

6. No audit findings were disclosed as required under 2 CFR 200.516(a) for the year ended June 30, 2020.

7. The major programs for Griffin-Spalding County School System for the year ended June 30, 2020 were:

Title I, Part A Cluster Pass-Through from Georgia Department of Education Title I-A, Improving the Academic Achievement of the Disadvantaged School Improvement School Improvement GSCI

CFDA No. 84.010 CFDA No. 84.010 CFDA No. 84.010

-124-

GRIFFIN-SPALDING COUNTY SCHOOL SYSTEM GRIFFIN, GEORGIA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED JUNE 30, 2020
8. The dollar threshold used to distinguish between Type A and Type B threshold programs was $750,000, as described in 2 CFR 200.518.
9. Under 2 CFR 200.520, Griffin-Spalding County School System did qualify as a lowrisk auditee for the year ended June 30, 2020.
FINDINGS RELATING TO THE FINANCIAL STATEMENTS The "Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards" dated November 17, 2020, disclosed no findings required to be reported in accordance with GAGAS for the year ended June 30, 2020. FINDINGS AND QUESTIONED COSTS FOR MAJOR FEDERAL AWARD PROGRAMS The "Independent Auditor's Report on Compliance for Each Major Federal Program and Report on Internal Control over Compliance in Accordance with Uniform Guidance" dated November 17, 2020, disclosed no findings or questioned costs for Federal awards as defined in 2 CFR 200.516(a), for the year ended June 30, 2020.
-125-