GA Aioo .RI E21o L4 1l9 4-C\5 STATE OF GEORGIA DEPARTMENT OF AUDITS 254 WASHINGTON STREET ATLANTA. GEORGIA 30334 AUDIT REPORT LEE COUNTY BOARD OF EDUCATION LEESBURG, GEORGIA YEAR ENDED JUNE 30, 1995 LEE COUNTY BOARD OF EDUCATION -TABLE OF CONTENTS- SECTION I FINANCIAL INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE EXHIBITS GENERAL PURPOSE FINANCIAL STATEMENTS COMBINED STATEMENTS - OVERVIEW A COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP 2 B COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES 4 C STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (NON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS 5 D NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 6 ADDITIONAL FINANCIAL INFORMATION COMBINING STATEMENTS SPECIAL REVENUE FUND E COMBINING BALANCE SHEET 20 F COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 22 CAPITAL PROJECTS FUND G COMBINING BALANCE SHEET 24 H COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 25 SCHEDULES I SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE 26 2 CASH AND CASH EQUIVALENTS 28 3 INVESTMENTS 29 4 ACCOUNTS RECEIVABLE 31 5 DEBT SERVICE REQUIREMENTS TO MATURITY 32 LEE COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - SECTION I FINANCIAL ADDITIONAL FINANCIAL INFORMATION SCHEDULES SCHEDULE OF REVENUE 6 STATE 34 7 LOCAL AND OTHER 35 SCHEDULE OF EXPENDITURES BY OBJECT 8 GENERAL AND SPECIAL REVENUE FUNDS 36 9 LOTTERY PROGRAMS 37 ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS 10 OVERALL 39 11 BY PROGRAM 40 12 SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS 42 SECTION II COMPLIANCE COMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS SINGLE AUDIT REPORT ON COMPLIANCE WITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS SINGLE AUDIT OPINION ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS SINGLE AUDIT REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS LEE COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - SECTION III INTERNAL CONTROL REPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS SINGLE AUDIT REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS SECTION IV FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS SECTIONV PERTINENT VIEWS OF RESPONSIBLE OFFICIALS PERTINENT VIEWS OF RESPONSIBLE OFFICIALS SECTION I FINANCIAL CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 May 1, 1996 Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation and Superintendent and Members of the Lee County Board ofEducation INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE Ladies and Gentlemen: We have audited the general purpose financial statements (Exhibits A through D) of the Lee County Board of Education, as of and for the year ended June 30, 1995, as listed in the table of contents. These financial statements are the responsibility of the Board's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the provisions of the Office of Management and Budget Circular A-128, "Audits of State and Local Governments". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As described in the notes to the general purpose financial statements, the Board's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: * The general purpose financial statements of the Board did not contain a General Fixed Assets Account Group to account for property and equipment owned by the Board which should be included to conform to generally accepted accounting principles. 95AR.L-13* * School activity accounts maintained at the individual schools are not included in the general purpose financial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. The aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. In our opinion, except for the effects on the general purpose financial statements ofthe matters referred to in the preceding paragraph, the general purpose financial statements present fairly, in all material respects, the financial position ofthe Lee County Board ofEducation as ofJune 30, 1995, and the results ofits operations for the year then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated May 1, 1996, on our consideration of the Board's internal control structure and a report dated May 1, 1996, on its compliance with laws and regulations. Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements ofthe Lee County Board ofEducation taken as a whole. The combining statements (Exhibits E through H) and the financial schedules (Schedules 1 through 12 which includes the Schedule of Federal Financial Assistance) are presented for purposes ofadditional analysis and are not a required part of the general purpose financial statements of the Lee County Board of Education. Such information has been subjected to the auditing procedures applied in the audit ofthe general purpose financial statements and, in our opinion, except for the effects of the matters referred to in the third paragraph, such information is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. A copy ofthis report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated Section 50-6-24. Respectfully submitted, ~ Claude L. Vickers State Auditor CLV:gp 95ARL-13* LEE COUNTY BOARD OF EDUCATION - 1- LEE COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 1995 ASSETS Cash and Cash Equivalents Investments Accounts Receivable Inventories Food Donated Commodities Purchased Food Amount Available in Debt Service Fund Amount to be Provided in Future Years For Payment of Bond Debt Total Assets GENERAL FUND GOVERNMENTAL FUND TYPES SPECIAL CAPITAL REVENUE PROJECTS FUND FUND $ 769,496.81 $ 231,806.56 $ 16,183.88 935,467.58 5,750,000.00 1,563,787.54 66,863.30 11,670.50 13,324.71 5,983.63 $ 3,268,751.93 $ 317,978.20 $ 5,777,854.38 LIABILITIES AND FUND EQUITY LIABILITIES Accounts Payable Salaries Payable Expired Grant Balances Payable Contracts Payable Retainages Payable Deferred Revenue General Obligation Bonds Payable Total Liabilities FUND EQUITY Fund Balances Reserved For Continuation of Federal Program For Debt Service For Expired Grant Balances/Questioned Costs For Inventories Food Donated Commodities Purchased Food For Purposes of Bond Issue For State Capital Outlay Projects Unreserved Un designated Total Fund Equity $ 426,609.59 $ 1,598,849.25 35.69 17,957.36 111,443.06 588.27 94,814.62 $ 2,025,494.53 $_--=22=-4;.i.;,8;;.;;0.;;.;3.;;;..3.;...1 $ $ 15,620.99 $ 15,620.99 $ 1,227,636.41 $ 1,243,257.40 $ 4,945.85 13,324.71 5,983.63 $ 5,777,854.38 24,254.19 $ 68,920.70 93,174.89 $ 5,777,854.38 0.00 5,777,854.38 Total Liabilities and Fund Equity $ 3,268,751.93 $ 317,978.20 $ 5,777,854.38 The notes to the general purpose financial statements are an integral part of this statement -2- EXHIBIT"A" DEBT SERVICE FUND ACCOUNT GROUP GENERAL LONG-TERM DEBT TOTALS {Memorandum On~} JUNE 301 1995 JUNE 301 1994 $ 122,602.17 $ 1,140,089.42 $ 2,279,272.22 146,095.75 6,831,563.33 247.82 1,642,569.16 1,544,694.85 13,324.71 5,983.63 5,756.89 5,886.56 $ 268,945.74 268,945.74 200,826.45 9,256,054.26 9,256,054.26 3,174,173.55 $ 268,945.74 $ 9,525,000.00 $ 19,158,530.25 $ 7,210,610.52 $ 444,566.95 $ 418,211.59 1,710,292.31 1,536,234.93 623.96 44,720.85 8,770.30 21,836.70 94,814.62 7,723.20 $ 9,525,000.00 9,525,000.00 3,375,000.00 $ 9,525,000.00 $ 11,775,297.84 $ 5,412,497.57 $ 268,945.74 $ 268,945.74 0.00 $ 268,945.74 $ 4,945.85 $ 2,290.01 268,945.74 200,826.45 15,620.99 15,518.32 13,324.71 5,983.63 5,777,854.38 5,756.89 5,886.56 19,785.86 $ 6,086,675.30 $ 250,064.09 1,296,557.11 1,548,048.86 $ 7,383,232.41 $ 1?98,112.95 $ 268,945.74 $ 9,525,000.00 $ 19,158,530.25 $ 7,210,610.52 -3- LEE COUNTY BOARD Of EDUCATION COMBINED STATEMENT Of REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30, 1995 EXHIBIT"B" REVENUES State Funds Federal Funds Local and Other Funds Total Revenu. GENERAL FUND SPECIAL REVENUE FUND CAPITAL PROJECTS FUND DEBT SERVICE FUND TOTALS (Memorandum On!Y} YEAR ENDED JUNE 301 1995 JUNE 301 1994 $ 13,283,295.31 $ 77,871.38 3,143,143.26 563,699.61 1,039,483.07 588,786.89 $ $ 16,504,309.95 $ 2,191,969.57 $ 12,927.18 $ 12,927.18 $ $ 13,846,994.92 $ 13,253,086.93 1,117,354.45 1,225,278.78 350,728.34 4,"95,585.87 3,701,119.95 350,728.34 $ 19,059,935.04 $ 18,178,486.64 EXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration or Maintenance and Operation Plant Student Transportation Services Central Support Services Other Support Services Community Service Operations Food Services Operation or Other Operations Non-Instructional Services Capital Outlay Debt Service Principal Interest Paying Agent Fees Total Expenditures $ 10,603,186.62 $ 457,949.76 559,358.19 443,148.48 309,182.00 989,816.33 45,786.72 1,459,036.27 1,065,839.81 112,801.47 96,671.96 22,630.11 117,862.48 128,532.84 s 16,411,803.04 $ 718,923.78 128,971.10 5,675.03 123.20 30,658.33 $ 10,008.00 9,796.96 58,324.00 11,111.65 1,239,451.69 2~13,043.74 $ 159,988.17 705,036.47 $ 865,024.64 $ Excess of Revenues over (under) Expenditures s 92,506.91 $ -21,074.17 $ -852,097.46 $ OTHER FINANCING SOURCl;S (!,!SES} Accrued Interest on Bonds Sold Proceeds from General Obligation Bonds Par Value Refunding Bond Issuance Cost Proceeds of Refunding Bonds Par Value Discount on Bonds Sold Payments to Bond Escrow Agent Operating Transfers In Operating Transfers Out $ $ -31,002.59 $ s 6,290,000.00 2,002.59 29,000.00 Total Other Financing Sources (Uses) $ -31,002.59 $ 2,002.59 $ 6,319,000.00 $ $ 11,322,110.40 $ 10,406,570.56 586,920.86 565,033.22 443,271.68 339,840.33 989,816.33 205,774.89 1,469,044.27 1,075,636.77 171,125.47 107,783.61 1,262,081.80 507,904.51 449,322.20 464,805.24 331,058.36 845,390.16 44,590.93 1,292,402.64 1,042,745.13 150,929.40 94,522.40 2,000.00 1,162,277.49 117,862.48 833,569.31 109,252.27 1, 145,920.24 140,000.00 175,490.00 2,338.55 140,000.00 175,490.00 2,338.55 105,000.00 211,205.00 1133.34 317,828.55 S 19,807,699.97 $ 18,367,029.87 32,899.79 $ .747 764.93 $ -187,543.23 35,219.50 $ 35,219.50 $ 15,227.67 6,290,000.00 -73,803.07 31,002.59 -31,002.59 2,750,000.00 -18,900.50 -2,651,500.95 503,475.90 -503,475.90 35,219.50 $ 6,325,219.50 $ 21,023.15 Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses FUND BALANCE JULY l Food Inventory Net Change in Period Donated Commodities Purchased Food Residual Equity Transfer (Note 10) $ 61,504.32 $ -19,071.58 $ 5,466,902.54 $ 68,119.29 $ 5,577,454.57 $ -166,520.08 973,349.77 104,581.58 519,355.15 200,826.45 1,798,112.95 1,969,861.64 208,403.31 7,567.82 97.07 -208,403.31 7,567.82 97.07 0.00 -7,493.88 2,265.27 FUND BALANCE JUNE 30 $ 1,243,257.40 $ 93,174.89 $ 5,777,854.38 $ 268,945.74 $ 7,383,232.41 $ 1.798.112.95 The notes to the general purpose financial statements are an integral part of this statement. .4. LEE COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL - (NON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30, 1995 EXHIBITc GENERAL FUND ACTUAL (BUDGET BUDGET BASIS} REVENUES State Funds Federal Funds Local and Other Funds $ 12,786,174.00 $ 13,283,295.31 137,343.00 n,871.38 2,970,570.00 3, 1431143.26 Total Revenues $ 15,894,087.00 $ 16,504,309.95 EXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Community Service Operations Other Operations of Non-Instructional Services Capital Outlay $ 11,095,210.00 $ 10,603,186.62 465,679.00 632,174.00 448,209.00 321,024.00 882,050.00 49,860.00 1,344,900.00 1,097,646.00 112,039.00 100,4n.OO 26,000.00 2,000.00 129,000.00 145,000.00 457,949.76 559,358.19 443,148.48 309,182.00 989,816.33 45,786.72 1,459,036.27 1,065,839.81 112,801.47 96,671.96 22,630.11 117,862.48 128,532.84 Total Expenditures $ 16,851,268.00 $ 16,411 ,803.04 Excess of Revenues over (under) Expenditures $ -957,181.00 $ 92,506.91 OTHER FINANCING SOURCES (USES) Other Sources Other Uses $ 3,000.00 -100,000.00 $ -31,002.59 Total Other Financing Sources (Uses) $ -97,000.00 $ -31,002.59 Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ -1,054,181.00 $ 61,504.32 FUND BALANCE JULY 1, 1994 1,522,666.26 973,349.n Adjustments Residual Equity Transfer -42,692.92 208,403.31 FUND BALANCE JUNE 30, 1995 $ 425,792.34 $ 1,243,257.40 SPECIAL REVENUE FUND ACTUAL (BUDGET BUDGET BASIS} s $ 496,sn.oo 563,699.61 1,033,927.00 1,039,483.07 586,200.00 588?86.89 $ 211161999.00 $ 211911969.57 $ 640,502.00 $ 718,923.78 137,490.00 13,100.00 36,608.00 128,971.10 5,675.03 123.20 30,658.33 1,950.00 10,398.00 58,324.00 17,127.00 1,201,375.00 10,008.00 9,796.96 58,324.00 11,111.65 1,239,451.69 $ 2,116,874.00 $ 21213,043.74 $ 125.00 $ -21,074.17 $ 5.00 $ 2,002.59 $ 5.00 $ 2,002.59 $ 130.00 $ 101,712.89 9,757.54 -19,071.58 92,938.13 $ 111,600.43 $ 73,866.55 The notes to the general purpose financial statements are an integral part of this statement. -5- LEE COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Lee County Board of Education (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board and Superintendent, both elected by the voters. With the exception ofthe departures from generally accepted accounting principles disclosed in these notes, the financial statements of the Board have been prepared in conformity with generally accepted accounting principles as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting standards. The more significant of the Board's accounting policies are described below. REPORTING ENTITY In evaluating how to define the government unit for financial reporting purposes, management has considered the criteria set forth in GASB Codification of Governmental Accounting and Financial Reporting Standards, Section 2100, "Defining the Financial Reporting Entity". The primary government consists of all the organizations that compose the legal entity of the Lee County Board ofEducation. Based upon the application of the above criteria, the Lee County Board ofEducation is determined to be the lowest level ofgovernment exercising oversight responsibility and control over all activities related to public education in Lee County, Georgia. The Board is not included in any other governmental "reporting entity" as defined by GASB Codification of Governmental Accounting and Financial Reporting Standards. Board members were elected by the public and have decision making authority, the power to designate management, except for the Superintendent who was also elected, the ability to significantly influence operations, and primary accountability for fiscal matters. The Board determines the millage rate at which school taxes are levied and may incur bonded indebtedness with voter approval. FUND ACCOUNTING The Board uses funds and an account group to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. General Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Board. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. - 6- LEE COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Although "school activity accounts" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. The general purpose financial statements account for all State, Federal, Local and Other Funds under control ofthe Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: GOVERNMENTAL FUND TYPES - are used to account for all or most of a Board's general activities. Governmental Fund Types include: GENERAL FUND - the fund used to account for all financial resources of the Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. SPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are primarily received from the Georgia Department of Education and from the Federal government to accomplish specific objectives and are required to be accounted for separately. Also included are proceeds received from State, Federal, Local and Other sources for operations of the school food services fund. This fund could be accounted for as an enterprise fund; however, the Board chooses not to provide for depreciation, but to maintain the fund on a modified accrual basis and to report the fund as a special revenue fund under governmental fund types, which is acceptable under generally accepted accounting principles for governmental entities. CAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. DEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. ACCOUNT GROUP GENERAL LONG-TERM DEBT ACCOUNT GROUP - used to account for general obligation bonds outstanding. BASIS OF ACCOUNTING The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. - 7- LEE COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. Liabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. Governmental funds are accounted for using the modified accrual basis of accounting under which: Revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount ofthe transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Those revenues considered susceptible to accrual are property taxes, intergovernmental grants and investment income. Property taxes are considered available if they are collected and remitted by the collecting agent to the Board within 60 days after fiscal year.:.end. Expenditures are generally recognized when the related fund liability is incurred. A substantial number of personnel of the Board were employed for a one hundred and ninety day period beginning in late August of 1994 and ending in early June 1995. Employment contracts for these employment periods typically specify that compensation be paid in twelve equal monthly payments beginning in September 1994 and ending in August 1995. State grants to fund the State's share of these contracts are disbursed to the Board in the same twelve month period. In accordance with generally accepted accounting principles, salary and fringe benefit expenditures and the related revenue from the State to fund these contracts are recorded in the fiscal period covered by these financial statements. BUDGET The Lee County Board of Education's budget is a complete financial plan for the Board's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level of budget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. The budget process begins when the Board's administration prepares a tentative budget for the Board's approval. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper ofgeneral 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, - 8- LEE COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES OCGA Section 20-2-167, to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. The Statement ofRevenues, Expenditures and Changes in Fund Balances - Budget and Actual presents actual and budgeted data for the General Fund and Special Revenue Fund. To facilitate comparison with the budget, the following adjustments have been made to actual revenues, expenditures and fund balance as reflected on Exhibit "B" of this report: Excess ofRevenues and Other Sources of Financial Resources over (under) Expenditures and Other Financing Uses Fund Balance July 1, 1994 Adjustments: Inventories July 1, 1994 Food Donated Commodities Purchased Foods Fund Balance June 30, 1995 (Budget Basis) CASH AND CASH EQUIVALENTS Special Revenue Fund $ -19,071.58 104,581.58 -5,756.89 -5,886.56 $ 73,866.55 COMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits (including N.O.W. accounts) in authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. The placement of proceeds from bond issues in certificates of deposit is limited to financial institutions located within this State. INVESTMENTS COMPOSITION OF INVESTMENTS Investments made by the Board are stated at cost. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Board to invest its funds. In selecting among avenues of investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: (I) Obligations issued by the State of Georgia or by other states, - 9- LEE COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 1: SUM:MARY OF SIGNIFICANT ACCOUNTING POLICIES (2) Obligations issued by the United States government, (3) Obligations fully insured or guaranteed by the United States government or a United States government agency, (4) Obligations ofany corporation ofthe United States government, (5) Prime banker's acceptances, (6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, (7) Repurchase agreements, and (8) Obligations of other political subdivisions of the State of Georgia. RECEIVABLES Receivables consist ofgrant reimbursements due from Federal, State or other grantors for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. PROPERTY TAXES The Lee County Board ofCommissioners fixed the property tax levy for the 1994 tax year (calendar year) on September 22, 1994 (levy date). Taxes were due on December 20, 1994. The lien date for property taxes was January 1, 1994. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1995 since their collection meets the criteria of GASB codification section P70.103. The Lee County Tax Commissioner bills and collects the property taxes for the Board ofEducation. Tax millage rates levied for the 1994 tax year (calendar year) for the Lee County Board of Education were as follows (a mill equals $1 per thousand dollars of assessed value): School Operations School Bonds 12.50 mills 1.40 mills 13.90 .mills - 10 - LEE COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATE:MENTS JUNE 30, 1995 Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES INVENTORIES FOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost. Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time of purchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute "available spendable resources" even though they are a component of net current assets. GENERAL OBLIGATION BONDS The Board issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the General Long-Term Debt Account Group. INTERFUND TRANSACTIONS The Board has the following types of interfund transactions: Reimbursements of expenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. Residual equity transfers are recorded for nonrecurring or nonroutine permanent transfers of equity. Operating transfers are recorded for all interfund transactions other than residual equity transfers and reimbursements. MEMORANDUM ONLY - TOTAL COLUMNS Total columns on the general purpose financial statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. - 11 - LEE COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 2: DEPOSITS AND INVESTlMENTS COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee ofinsurance, or by collateral. The aggregate of the face value of such surety bond and the market value ofsecurities shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. Acceptable security for deposits consists of any one of or any combination of the following: (1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, (2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, (3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, (4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, (5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, (6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and (7) Bonds, bills, notes, ce_rtificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. CATEGORIZATION OF DEPOSITS At June 30, 1995, the bank balances were $2,277,116.08. The amounts of the total bank balances are classified into three categories of credit risk: Category 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. - 12 - LEE COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 2: DEPOSITS AND INVESTMENTS Category 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name. Category 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Board's name.) The Board's deposits are classified by risk category at June 30, 1995, as follows: Risk Category Bank Balance 1 $ 100,000.00 2 2,177,116.08 3 0.00 Total $2,277 116.08 CATEGORIZATION OF INVESTMENTS Investments are classified as to risk by the three categories described below: Category 1 - Insured or registered, or securities held by the Board or the Board's agent in the Board's name. Category 2 - Uninsured or unregistered,. with securities held by the counterparty's trust department or agent in the Board's name. Category 3 - Uninsured or unregistered, with securities held by the counterparty, or by its trust department or agent but not in the Board's name. Funds invested in an investment pool managed by another government are not required to be categorized unless the investing entity owns specific, identifiable investment securities in the pool. At June 30, 1995, the carrying amount of the Board's total investments was $6,831,563.33 and the market value ofthese investments, excluding investments in the State of Georgia, Local Government Investment Pool, were $1,081,563.33. The investments are classified as to risk categories as follows: Type oflnvestment U. S. Government Local Government Investment Pools Total Investments Risk Categories 2 3 Carrying Amount Market Value $ 1 081 563 33 $ ooo s.==~oe!;,l,o~o $ 1,os1,s63.33 s 1 08156333 5,750,000.00 $ 6 83156333 - 13 - LEE COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 2: DEPOSITS AND INVESTMENTS The carrying amounts shown above includes amounts maintained in an investment pool by the State of Georgia, Office of Treasury and Fiscal Services in which the Board owns no identifiable securities. The investment policy ofthe State of Georgia, Office of Treasury and Fiscal Services for the Local Government Investment Pool does not provide for investment in derivatives or similar investments. Note 3: NON-MONETARY TRANSACTIONS The Board receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories Note 4: RISK MANAGEMENT The Board is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illnesses or injuries to employees; natural disaster; and unemployment compensation. The Board has obtained commercial insurance for risk ofloss associated with torts and assets. The Board has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any of the past three years. The Board has obtained commercial insurance for errors and omissions, however the policy excludes coverage for sexual harassment and discrimination claims. The Board has not experienced any losses related to errors or omissions in the past three years. The Board has elected to self-insure for all losses related to natural disasters. The Board has not experienced any losses related to natural disaster in the past three years. The Board is self-insured with regard to unemployment compensation claims. The Board accounts for claims within the General Fund with expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. The Board participates in the Georgia Education and Government Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991 to develop, implement, and administer a program of workers' compensation self-insurance for its member organizations. The Board pays an annual premium to the Fund for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Fund with the Continental Insurance Company to provide coverage for potential losses sustained by the Fund in excess of $250,000.00 loss per occurrence, up to $1,000,000.00. - 14 - LEE COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 5: GENERAL LONG-TERM DEBT The changes in General Long-Term Debt during the fiscal year ended June 30, 1995, were as follows: General Obligation Bonds Balance July 1, 1994 $ 3,375,000.00 Additions 6,290,000.00 Deductions 140,000.00 Balance June 30, 1995 $ 9,525,000.00 At June 30, 1995, payments due, by fiscal year which includes principal and interest for these items are as follows: Fiscal Year Ended June 30 General Obligation Bonds 1996 1997 1998 1999 2000 2001 and thereafter $ 571,203.75 660,772.50 666,520.00 691,260.00 714,150.00 13,066,620.00 Total Principal and Interest $16.3 70. 526 25 Note 6: PRIOR YEAR DEFEASEMENT OF DEBT In fiscal year 1994, the Board defeased certain general obligation bonds by placing the proceeds of new bonds in an irrevocable trust to provide for all future debt service payments on the old bonds. Accordingly, the trust account assets and the liability for the defeased bonds are not included in the Board's general purpose financial statements. At June 30, 1995, $2,385,000.00 ofbonds are outstanding and are considered defeased. Note 7: SIGNIFICANT COMMITMENTS At June 30, 1995, the Board had encumbrances in the amount of $94,814.62 for the unperformed portion of purchase orders, contracts and other commitments for goods and services associated with Programs funded by Lottery funds. Lottery funds are available to the Board in an amount equal to these encumbrances. The - 15 - LEE COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 7: SIGNIFICANT COMMITMENTS revenues and expenditures associated with these encumbrances will be recognized in the financial statements in the subsequent fiscal year. Encumbrances outstanding do not constitute expenditures or liabilities in the current year because these commitments will be honored during the subsequent year. These encumbrances are identified by Lottery Program as follows: Instructional Technology Technology Installation $ 44,814.62 50,000.00 Note 8: CONTINGENT LIABILITIES $ 94,814.62 Amounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The Board believes that such disallowances, if any, will be immaterial to its overall financial position. Note 9: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) TRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer public employee retirement system (PERS). TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. A member is eligible for service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. A member is eligible for early retirement after 25 years of creditable service and attainment of age 55, at a reduced benefit. Retirement benefits paid to members are equal to 2% of the average of the member's two consecutive highest paid years of service multiplied by the number of years of creditable service up to 40 years. The normal retirement pension is payable monthly for life. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. Retirement benefits also include death and disability benefits. A disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The death benefit is the amount that would be payable to the member's beneficiary had the member retired on the date of death on either a service retirement allowance or a disability retirement allowance, whichever is larger. The benefit is based on the member's creditable service (minimum of 10 years of service) and compensation up to the time of disability or death. - 16 - LEE COUNTY BOARD OF EDUCATION EXlilBIT "0" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 9: RETIREMENT PLANS Members become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting ofemployer contributions occurs, but the member's contributions are refunded with interest. The Board's payroll for employees covered by TRS for the year ended June 30, 1995, was $10,364,090.89; total payroll was $12,092,972.58. TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Board who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. For fiscal year 1995 that rate for employer contributions was 11.81%. The interest rate assumption (rate of return on investments) was 7.50%. Total contributions made during fiscal year 1995 amounted to $1,742,206.94, of which $1,224,000.23 was made by the Board and $518,206.71 was made by employees. These contributions represented 11.81% (Board) and 5% (employees) of covered payroll. TRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 ofthe Governmental Accounting Standards Board (GASB) that, with some exceptions, must be used by a PERS. The standardized measurement is the actuarial present value of credited projected benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salary increases. A standardized measure ofthe pension benefit obligation was adopted by the GASB to enable readers of PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other PERS and among other employers. Total unfunded pension benefit obligation ofTRS as ofJune 30, 1994, was as follows: Total pension benefit obligation $15,313,743,000.00 Net assets available for benefits, at cost 14,254,785.000.00 Unfunded pension benefit obligation $ 1,058 958,000.00 The measurement ofthe total pension benefit obligation is based on an actuarial valuation as ofJune 30, 1994. Net assets available to pay pension benefits were valued as of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers. - 17 - LEE COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 9: RETIREMENT PLANS Total contributions from all employers to TRS for fiscal year ended June 30, 1995 were $565, 117,811.00. .The Board's contribution for the year ended June 30, 1995 of$1,224,000.23 was actuarially detennined and represented 00.2166% oftotal contributions made by all participating employers. Ten year historical trend information is presented in the 1995 TRS Component Unit Financial Report. This information is useful in assessing TRS's accumulation of sufficient assets to pay pension benefits as they become due. PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA (PSERS) PSERS PLAN DESCRIPTION Substantially all bus drivers, maintenance, custodial, and lunchroom personnel employed by local school systems are covered by the Public School Employees Retirement System of Georgia (PSERS). All employer's contributions are made by the State of Georgia in accordance with State statute. PSERS provides in accordance with State statute service retirement, disability retirement and survivors benefits for its members. A member is eligible for normal service retirement after 10 years of service and attainment of age 65. A member applying for service retirement with 10 years of service and retires between the ages of 60 and 65 receives a reduced benefit. Monthly retirement benefits paid to members are equal to $8.00 per month multiplied by the number ofyears of creditable service. Options are available for distribution ofthe member's monthly pension at a reduced rate to a designated beneficiary on the member's death. Retirement provisions include death and disability benefits. Disability benefits are the same as if the employee had retired at age 65 as long as the employee has 15 or more years of creditable service. Death benefits are dependent upon the number ofyears of service. If there are less than ten years of service, a lump sum refund ofthe employee's contributions and interest are made to the beneficiary. Ifthere are more than ten years of service, the beneficiary shall receive for life half ofwhat the employee would have received upon retirement. Members become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting of employer contributions occurs, but the member's contributions are refunded with interest. There were 140 employees covered under PSERS for the year ended June 30, 1995. PSERS CONTRIBUTIONS REQUIRED AND MADE Covered employees are required by State statute to contribute $4.00 a month for the nine month school year. Unlike TRS, the Board makes no contribution to PSERS. The State of Georgia is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS' Board of Trustees. Total contributions from employees ofthe Board made during fiscal year 1995 amounted to $4,720.00. Total contribution for all school systems made by the State of Georgia to PSERS for fiscal year ended June 30, 1995, was $9,162,000.00. - 18 - LEE COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 10: RESIDUAL EOIBTY TRANSFER For the year ended June 30, 1995, a residual equity transfer in the amount of $208,403.31 was made from the Capital Projects Fund - Regular to the General Fund. This amount represents a return of funds transferred in prior years from the General Fund to the Capital Projects Fund for various projects that will now be funded from the 1995 Bond Issue Fund. Note 11: SURETY BONDS The School Superintendent, Dr. Robert A Clay, is bonded in the amount of $15,000.00 with the Hartford Insurance Company of the Southeast, Hartford, Connecticut, their Bond No. 20-RN4-5345 l 0, on which premium is paid through January 1, 1997. - 19 - LEE COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 1995 ASSETS Cash and Cash Equivalents Accounts Receivable Inventories Food Donated Commodities Purchased Food ELEMENTARY SCHOOL FOOD SERVICES FUND LOTTERY PROGRAMS CHAPTER 1 EDUCATION OF DEPRIVED CHILDREN $ 129,788.20 $ 94,814.62 $ 1,644.17 4,543.30 46,950.00 13,324.71 5,983.63 Total Assets LIABILITIES AND FUND EQUITY LIABILITIES Accounts Payable Salaries Payable Expired Grant Balances Payable Deferred Revenue Total Liabilities FUND EQUITY Fund Balances Reserved For Continuation of Federal Program For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated Total Fund Equity ------ $ 153,639.84 $ 94,814.62 $ 48,594.17 $ 4,164.30 $ 61,246.50 $ 94,814.62 $ 65,410.80 $ 94,814.62 $ 10,478.06 38,084.90 31.21 48,594.17 $ 13,324.71 5,983.63 $ 19,308.34 68,920.70 $ 0.00 $ 0.00 $ 88,229.04 $ 0.00 $ 0.00 Total Liabilities and Fund Equity See notes to the general purpose financial statements. - 20- $ 153,639.84 $ ---=--- 94,814.62 $ 48,594.17 EXHIBIT"E" AND SECONDARY EDUCATION ACT TITLE II - EISENHOWER CHAPTER2 MATHEMATICS BLOCK GRANT - AND SCIENCE FLOW THROUGH EDUCATION INDIVIDUALS WITH DISABILITIES EDUCATION ACT TITLE VI, B FLOW PRESCHOOL THROUGH PROGRAM TOTALS JUNE 30, 1995 JUNE 30, 1994 $ 0.00 $ 4,945.85 $ 462.78 $ 150.94 $ 231,806.56 $ 194,089.92 6,874.00 8,496.00 66,863.30 78,934.66 13,324.71 5,983.63 5,756.89 5,886.56 $ 0.00 $ 4,945.85 $ 7,336.78 $ 8,646.94 $ 317,978.20 $ 284,668.03 $ 1,549.88 $ 1,765.12 $ 17,957.36 $ 30,301.06 5,345.34 6,766.32 111,443.06 97,341.34 441.56 115.50 588.27 44,720.85 94,814.62 7,723.20 $ 7,336.78 $ 8,646.94 $ 224,803.31 $ 180,086.45 $ 4,945.85 $ 4,945.85 $ 2,290.01 13,324.71 5,983.63 5,756.89 5,886.56 $ 4,945.85 $ 24,254.19 $ 13,933.46 $ 0.00 0.00 $ 0.00 $ 0.00 68,920.70 90,648.12 $ 0.00 $ 4,945.85 $ 0.00 $ 0.00 $ 93,174.89 $ 104,581.58 0.00 $ 4,945.85 $ 7,336.78 $ 8,646.94 $ 317,978.20 $ 284,668.03 -21 - LEE COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUND YEAR ENDED JUNE 30, 1995 REVENUES State Funds Federal Funds Local and other Funds Total Revenues EXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Total Expenditures Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES Operating Transfers In Excess of Revenues and Other Financing Sources over (under) Expenditures FUND BALANCE JULY 1 Food Inventory - Net Change in Period Donated Commodities Purchased Food FUND BALANCE JUNE 30 SCHOOL FOOD SERVICES FUND ELEMENTARY LOTTERY PROGRAMS CHAPTER 1 EDUCATION OF DEPRIVED CHILDREN $ 93,950.00 $ 469,749.61 534,987.38 $ 588,786.89 $ 1,217,724.27 $ 469,749.61 $ 312,420.79 312,420.79 $ 364,979.07 $ 96,136.61 204.00 123.20 10,008.00 271,140.86 120.00 30,349.60 $ 1,239,451.69 301.32 $ 1,239,451.69 $ 471,752.20 $ $ -21,727.42 $ -2,002.59 $ 10,810.33 312,420.79 0.00 2,002.59 $ -21,727.42 $ 0.00 $ 0.00 102,291.57 .0.00 0.00 7,567.82 97.07 $ 88,229.04 $ ------ 0.00 $ 0.00 See notes to the general purpose financial statements. - 22- EXHIBIT"P' AND SECONDARY EDUCATION ACT TITLE II - EISENHOWER CHAPTER2 MATHEMATICS BLOCK GRANT - AND SCIENCE FLOW THROUGH EDUCATION INDIVIDUALS WITH DISABILITIES EDUCATION ACT TITLE VI, B FLOW PRESCHOOL THROUGH PROGRAM TOTALS YEAR ENDED JUNE 30, 1995 JUNE 30, 1994 $ 563,699.61 $ 720,947.72 $ 22,842.00 $ 19,626.96 $ 119,565.44 $ 30,040.50 1,039,483.07 1,017,875.28 588,786.89 531,264.82 $ 22,842.00 $ 19,626.96 $ 119,565.44 $ 30,040.50 $ 2,191,969.57 $ 2,270,087.82 $ 11,605.30 $ 41,158.05 $ 30,040.50 $ 718,923.78 $ 778,127.32 $ 22,842.00 5,351.03 14.79 9,992.49 293.94 9,796.96 58,324.00 128,971.10 5,675.03 123.20 30,658.33 10,008.00 9,796.96 58,324.00 11,111.65 1,239,451.69 110,770.49 8,644.83 90,164.15 34,890.49 48,113.20 13,000.24 58,331.06 9,333.30 1,131,372.77 $ 22,842.00 $ 16,971.12 $ 119,565.44 $ 30,040.50 $ 2,213,043.74 $ 2,282,747.85 $ 0.00 $ 2,655.84 $ 0.00 $ 0.00 $ -21,074.17 $ -12,660.03 2,002.59 3,475.90 $ 0.00 $ 2,655.84 $ 0.00 $ 0.00 $ -19,071.58 $ -9, 184.13 0.00 2,290.01 0.00 0.00 104,581.58 118,994.32 7,567.82 97.07 -7,493.88 2,265.27 $ -=====0=.0=0 $ 4,945.85 $ -=====0=.0=0 $ -====0.=00= $ 93,174.89 $ 104,581.58 - 23- LEE COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30 1995 EXHIBITG ASSETS Cash and cash Equivalents Investments Accounts Receivable Total Assets REGULAR 1995 BOND ISSUE FUND GEORGIA STATE FINANCING AND INVESTMENT COMMISSION PROJECT 91-688-039 TOTALS JUNE 301 1995 JUNE 301 1994 $ 0.00 $ 16,183.88 $ 0.00 $ 16,183.88 $ 522,722.15 5,750,000.00 5,750,000.00 11,670.50 11,670.50 27,240.00 s_ _ _o_.oo_ s 5,777,854.38 s_____o_.oo_ s 5,777,854.38 s 549,962.15 LIABILITIES AND FUND EQUITY LIABILITIES Contracts Payable Retainages Payable $ a,no.30 21,836.70 Total Liabilities $ _ _30.;;.;;.r.,60;;....;..7.;.;;.00~ FUND EQUITY Fund Balances Reserved For Purposes of Bond Issue For State Capital Outlay Projects Unreserved Undesignated $ 5,777,854.38 $ s_ _ _. ;. o_.oo"'"" o.oo s_______0_.0_0_ 5,777,854.38 $ 0.00 19,785.86 499,569.29 Total Fund Equity $ _ _ _ _0_.00_ $ 5,777,854.38 $ ______0_.0_0 $ 5,777,854.38 $ 519,355.15 s Total Liabilities and Fund Equity s_ _ _o_.oo_s 5,777,854.38 s_ _ _ _o_.oo_s 5,777,854.38 549,962.15 See notes to the general purpose financial statements. -24- LEE COUNTY BOARD Of EDUCATION COMBINING STATEMENT Of REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES CAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 1995 EXHIBITw REVENUES Local and Other Funds EXPENDITURES Current Support Services Business Administration Bond Issuance Cost Capital Outlay Land and Land Improvements Building and Building Improvements Equipment Total Expenditures Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES