GA A,?JOO . RI ;)..6 Lt., 1994-95 STATE OF GEORGIA DEPARTMENT OF AUDITS 254 WASHINGTON STREET ATLANTA. GEORGIA 30334 AUDIT REPORT LIBERTY COUNTY BOARD OF EDUCATION HINESVILLE, GEORGIA YEAR ENDED JUNE 30, 1995 LIBERTY 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 ALLFUNDTYPESANDACCOUNTGROUP 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 7 D NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 8 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 1 SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE 26 2 . CASH AND CASH EQUIVALENTS 28 3 ACCOUNTS RECEIVABLE 29 4 DEBT SERVICE REQUIREMENTS TO MATURITY 30 SCHEDULE OF REVENUE 5 STATE 31 6 LOCAL AND OTHER 32 LIBERTY COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - SECTION I FINANCIAL ADDITIONAL FINANCIAL INFORMATION SCHEDULES SCHEDULE OF EXPENDITURES BY OBJECT 7 GENERAL AND SPECIAL REVENUE FUNDS 33 8 LOTTERY PROGRAMS 34 ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS 9 OVERALL 37 10 BY PROGRAM 38 11 SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS 40 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 LIBERTY 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 ADMINIST-ERING 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 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 September 13, 1996 Honorable Zell Miller, Governor Members ofthe General Assembly Members of the State Board ofEducation and Superintendent and Members ofthe Liberty 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 Liberty County Board ofEducation, as of and for the year ended June 30, 1995, as listed in the table of contents. These financial statements are the responsibility ofthe Board's management. Our responsibility is to express an opinion on these financial statements based on our audit. Except as discussed in the following paragraph, 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. We did not observe the taking of either the Federal donated commodities inventory or purchased foods inventory at June 30, 1995, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. 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: 95ARL-13* * 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. * School activity accounts maintained at the individual schools are not included in the general purpose financial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. * The Board did not report the deferred compensation plan assets and liabilities within the general purpose financial statements. To conform to generally accepted accounting principles, these amounts should be included in the general purpose financial statements. * The Board did not recognize as expenditures, in the year ended June 30, 1995, a portion of salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 1995. Also funds received, subsequent to June 30, 1995, from the Georgia Department ofEducation for the State's share of these unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1994, were improperly recorded in the year ended June 30, 1995. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. The aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. In our opinion, except for the effects ofsuch adjustments, if any, on the Special Revenue Fund, as might have been determined to be necessary had we been able to satisfy ourselves as to the accuracy of the food service inventories as discussed in the third paragraph, and except for the effects on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements present fairly, in all material respects, the financial position of the Liberty County Board ofEducation as of June 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 September 13, 1996, on our consideration of the Board's internal control structure and a report dated September 13, 1996, on its compliance with laws and regulations. Our audit was conducted for the purpose offorming an opinion on the general purpose financial statements ofthe Liberty County Board ofEducation taken as a whole. The combining statements (Exhibits E through H) and the financial schedules (Schedules 1 through 11 which includes the Schedule of Federal Financial Assistance) are presented for purposes ofadditional analysis and are not a required part ofthe general purpose financial statements ofthe Liberty County Board ofEducation. 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 effect of adjustments, if any, on the Special Revenue Fund, as might have been determined to be necessary had we been able to satisfy ourselves as to the accuracy of the food service inventories as discussed in the third paragraph, and except for the effects of the matters referred to in the fourth paragraph, such information is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. 95ARL-13* A copy ofthis report has been filed as a pennanent record in the office of the State Auditor and made available to the press ofthe State, as provided for by Official Code of Georgia Annotated Section 50-6-24. Respectfully submitted, ~~~_; Claude L. Vickers State Auditor CLV:dt 95ARL-13* LIBERTY COUNTY BOARD OF EDUCATION - 1- LIBERTY COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET All FUND TYPES AND ACCOUNT GROUP JUNE 30, 1995 ASSETS Cash and Cash Equivalents 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 $ 14,858,406.40 $ 132,932.58 $ 566,142.25 446,998.97 724,989.04 1,235,006.56 85,228.55 17,789.42 $ 15,305,405.37 $ 960,939.59 $ 1,801,148.81 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 Bus Replacement Funds For Continuation of Federal Program For Debt Service For Expired Grant Balances/Questioned Costs For Inventories Food Donated Commodities Purchased Food For State Capital Outlay Projects Unreserved Undesignated Total Fund Equity Total liabilities and Fund Equity $ 95,230.64 $ 77,765.97 310,458.99 13,798.69 $ 26,865.87 6,720.23 $ 95,230.64 $ 408,743.88 $ 26,865.87 $ $ 85,740.70 996.34 $ 85,740.70 $ 15,124,434.03 $ 15,210,174.73 $ 85,228.55 17,789.42 $ 104,014.31 $ 448,181.40 552,195.71 $ 1,196,085.28 1,196,085.28 578,197.66 1,774,282.94 $ 15,305,405.37 $ 960,939.59 $ 1,801,148.81 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 30, 1995 JUNE 30, 1994 $ 19,978.79 $ 15,577,460.02 $ 23,820,456.20 1,534.32 2,408,528.89 1,285,901.90 85,228.55 17,789.42 61,216.54 14,482.82 $ 21,513.11 21,513.11 4,468.30 43,486.89 43,486.89 125,531.70 $ 21 513.11 $ 65,000.00 $ 18,154,006.88 $ 25,312,057.46 $ 172,996.61 $ 243,466.94 310,458.99 263,163.24 13,798.69 75,409.17 26,865.87 801,342.34 561,887.37 6,720.23. 90,256.93 $ 65,000.00 65,000.00 130,000.00 $ 65,000.00 $ 595,840.39 $ 2,165,525.99 $ 21,513.11 $ 21,513.11 0.00 $ 21,513.11 $ 21,513.11 $ $ 1,306.99 $ 996.34 21,513.11 4,468.30 85,740.70 85,740.70 85,228.55 17,789.42 1,196,085.28 61,216.54 14,482.82 444,064.36 $ 1,407,353.40 $ 611,279.71 16,150,813.09 22,535,251.76 $ 17,558,166.49 $ 23, 146,531.47 65,000.00 $ 18,154,006.88 $ 25,312,057.46 -3- LIBERTY COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES 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 School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Other Operations of Non-Instructional Services Capital Outlay Debt Service Principal Interest Paying Agent Fees Total Expenditures Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES (USES) Operating Transfers In Operating Transfers Out Total Other Financing Sources (Uses) Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses FUND BALANCE JULY 1 Food Inventory - Net Change in Period Donated Commodities Purchased Food GENERAL FUND SPECIAL REVENUE FUND CAPITAL PROJECTS FUND $ 27,885,139.46 $ 10,321,366.71 612681082.97 1,280,483.70 $ 3,816,374.32 7841846.99 $ 44A74,589.14 $ 51se1 i7os.01 $ m,963.44 1401935.08 9181898.52 $ 25,910,990.08 $ 2,242,199.29 1,453,034.19 724,840.11 1,494,957.28 550,453.00 2,922,836.27 146,150.98 6,010,765.47 1,918,197.03 205,232.62 34,053.33 237,508.32 86,958.23 86,281.27 4,951.39 159,990.41 5,128.58 231,800.12 98,684.84 12,346.39 3,149,551.98 $ 9,216,909.89 $ 41,609p18.68 $ 61077,892.50 $ 912161909.89 $ 2,865,570.46 $ -196,187.49 $ -8,2981011.37 $ $ -3,908,402.39 $ -3,908,402.39 $ 4,302.39 $ 3,900,000.00 41302.39 $ 3,900,000.00 $ -1,042,831.93 $ 16,253,006.66 -191,885.10 $ -4,398,011.37 716,762.20 6,172,294.31 24,012.01 31306.60 FUND BALANCE JUNE 30 $ 15,210,174.73 $ 552,195.71 $ 1,774,282.94 The notes to the general purpose financial statements are an integral part of this statement. -4- EXHIBIT"B" DEBT SERVICE FUND TOTALS (Memorandum Only) YEAR ENDED JUNE 301 1995 JUNE 301 1994 $ 29,943,586.60 $ 29,921,943.19 14,137,741.03 19,459,857.93 $ 85,482.81 7,279,347.85 6,604,712.13 $ 85,482.81 $ 51,360,675.48 $ 55,986,513.25 $ 28,153,189.37 $ 23,051,298.00 1,539,992.42 811,121.38 1,499,908.67 710,443.41 2,927,964.85 146,150.98 6,242,565.59 2,016,881.87 205,232.62 46,399.72 3,149,551.98 237,508.32 9,216,909.89 1,244,456.08 681,689.74 1,104,920.29 n2,769.31 2,483,520.47 100,041.13 4,986,984.88 1,912,872.03 151,832.09 32,121.00 2,593,785.12 220,450.56 7,928,840.35 $ 65,000.00 7,150.00 388.00 65,000.00 7,150.00 388.00 65,000.00 10,725.00 432.00 $ n,538.oo s 56,976,359.07 $ 47,341,738.05 $ 12,944.81 $ -5,615,683.59 $ 81644,n5.20 $ 4,100.00 $ 3,908,402.39 $ 4,005,329.67 -3,908,402.39 -4,005,329.67 $ 4,100.00 $ 0.00 $ 0.00 $ 17,044.81 $ -5,615,683.59 $ 8,644,n5.20 4,468.30 23,146,531.47 14,515,615.90 24,012.01 31306.60 -15,516.48 1,656.85 $ 21,513.11 $ 17,558,166.49 $ 23,146,531.47 -5- LIBERTY 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 REVENUES State Funds Federal Funds Local and Other Funds Total Revenues EXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Other Operations of Non-Instructional Services Total Expenditures Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES (USES} Other Sources Other Uses Total Other Financing Sources (Uses) Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses FUND BALANCE JULY 1, 1994 Food Inventory - Net Change in Period Donated Commodities Purchased Food GENERAL FUND ACTUAL (BUDGET BUDGET BASIS} $ 26,087,314.00 $ 27,885,139.46 1,060,639.00 10,321,366.71 5,259,100.00 6,268,082.97 $ 32,407,053.00 $ 44,474,589.14 $ 23,861,397.00 $ 25,910,990.08 1,230,569.00 636,223.00 1,180,280.00 408,619.00 2,n1,723.oo 157,045.00 4,021,658.00 2,028,190.00 291,722.00 36,532.00 1,453,034.19 724,840.11 1,494,957.28 550,453.00 2,922,836.27 146,150.98 6,010,765.47 1,918,197.03 205,232.62 34,053.33 227,449.00 237,508.32 $ 36,851,407.00 $ 41,609,018.68 $ -4,444,354.00 $ 2,865,570.46 $ 0.00 $ -3,908,402.39 $ 0.00 $ -3,908,402.39 $ -4,444,354.00 $ -1,042,831.93 16,526,900.00 16,253,006.66 FUND BALANCE JUNE 30, 1995 $ 12,082,546.00 $ 15,210,174.73 SPECIAL REVENUE FUND ACTUAL (BUDGET BUDGET BASIS} $ 353,152.00 $ 1,280,483.70 3,212,427.00 3,816,374.32 750,461.00 784,846.99 $ 4,316,040.00 $ 5,881,705.01 $ 1,443,724.00 $ 2,242,199.29 87,644.00 102,329.00 99,803.00 86,958.23 86,281.27 4,951.39 159,990.41 5,128.58 44,605.00 37,000.00 2,572,613.00 231,800.12 98,684.84 12,346.39 3,149,551.98 $ 4,387,718.00 $ 6,on,892.50 $ -71,678.00 $ -196,187.49 $ 0.00 $ 4,302.39 $ 0.00 $ 4,302.39 $ -71,678.00 $ -191,885.10 907,108.00 716,762.20 24,012.01 3,306.60 $ 835,430.00 $ 552,195.71 The notes to the general purpose financial statements are an integral part of this statement. -7- LIBERTY COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Liberty Board ofEducation (Board) was established under the laws of the State of Georgia and operates under the guidance ofa school board elected by the voters and a Superintendent appointed by the Board. With the exception of the departures from generally accepted accounting principles disclosed in 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 ofthe 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 Liberty County Board ofEducation. Based upon the application of the above criteria, the Liberty County Board ofEducation is determined to be the lowest level of government exercising oversight responsibility and control over all activities related to public education in Liberty 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, the ability to significantly influence operations, and primary accountability for fiscal matters. The Board determines the millage rate at which school taxes are levied and may incur bonded indebtedness with voter approval. FUND ACCOUNTING The Board uses funds and an account group to report on its financial position and the results ofits operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. General Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Board. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. - 8- LIBERTY COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note I: SUM:MARY 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 ofa 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. - 9- LIBERTY COUNTY BOARD OF EDUCATION EXIIlBIT "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 departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share ofthese contracts. During fiscal year 1995, a substantial number of personnel of the Board were employed for a one hundred and ninety day period beginning in late August 1994 and ending in early June 1995. Personnel contracts for this employment period 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 were disbursed from the Georgia Department of Education to the Board in the same twelve months. As ofJune 30, 1995, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 1995, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 1995. Also, the State's portion ofthe compensation paid in July and August 1995 was received and recorded as revenue in the fiscal year subsequent to June 30, 1995. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1994, were recorded in the year ended June 30, 1995. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. BUDGET The Liberty County Board ofEducation's budget is a complete financial plan for the Board's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is - 10 - LIBERTY COUNTY BOARD OF EDUCATION EXHIBIT D 11 11 NOTES TO THE GENERAL PURPOSE FINANCIAL STATE:MENTS JUNE 30, 1995 Note 1: SUM:MARY OF SIGNIFICANT ACCOUNTING POLICIES 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, OCGA Section 20-2-167, to the Georgia Department ofEducation. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. CASH AND CASH EQUIVALENTS COMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits (including certificates of deposit and 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. RECEIVABLES Receivables consist ofgrant reimbursements due from Federal, State or other granters 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 Liberty County Board ofCommissioners fixed the property tax levy for the 1994 tax year (calendar year) on October 21, 1994 Oevy date). Taxes were due on January 16, 1995. 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. l 03. The Liberty County Tax Commissioner bills and collects the property taxes for the Board of Education and remits the taxes collected to the Board. - 11 - LIBERTY COUNTY BOARD OF EDUCATION EXIDBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Tax millage rates levied for the 1994 tax year (calendar year) for the Liberty County Board ofEducation were as follows (a mill equals $1 per thousand dollars of assessed value): School Operations School Bonds 13.90 mills ~ mills 14.10 mills INVENTORIES FOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost. Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time of purchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute "available spendable resources" even though they are a component of net current assets. GENERAL OBLIGATION BONDS The Board issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the General Long-Term Debt Account Group. INTERFUND TRANSACTIONS The Board has the following types of interfund transactions: Reimbursements of expenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. Operating transfers are recorded for all interfund transactions other than reimbursements. MEMORANDUM ONLY - TOTAL COLUMNS Total columns on the general purpose financial statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not pre$ent 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. - 12 - LIBERTY COUNTY BOARD OF EDUCATION EXHIBIT 11D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 2: DEPOSITS COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee ofinsurance, or by collateral. The aggregate of the face value of such surety bond and the market value ofsecurities shall be equal to not less than 110 percent of the public funds being secured after the deduction ofthe amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. Acceptable security for deposits consists of any one of or any combination of the following: (I) 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 ofindebtedness or other direct obligations of the United States or of the State of Georgia, (4) Bonds, bills, notes, certificates ofindebted~ess or other obligations of the counties or municipalities of the State of Georgia, (5) Bonds ofany 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, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. CATEGORIZATION OF DEPOSITS At June 30, 1995, the bank balances were $18,947,747.73. The amounts of the total bank balances are classified into three categories of credit risk: Category I - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. - 13 - LIBERTY COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 2: DEPOSITS 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 1 2 3 Total Note 3: NON-MONETARY TRANSACTIONS Bank Balance $ 300,000.00 9,900,000.00 8,747,747.73 $ 18,947,747 73 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 of loss associated with torts, errors and omissions, 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 elected to self-insure for all losses related to natural disaster. 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. - 14 - LIBERTY COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 4: RISK MANAGEMENT Changes in the unemployment compensation claims liability during the last two fiscal years are as follows: Beginning ofYear Liability Claims and Changes in Estimates Claims Paid End of Year Liability 1994 1995 $ 0.00 $ 15,141.80 $ 15,141.80 $ 0.00 $ 0.00 $ 10.211.00 $ 10,211.00 $ 0.00 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 ofworkers' 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. 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 $ 130,000.00 Deletions 65,000.00 Balance June 30, 1995 $ 65 000,00 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 $ 68,575.00 - 15 - LIBERTY COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 6: SIGNIFICANT COMMITMENTS The following is an analysis of significant outstanding construction or renovation contracts executed by the Board as ofJune 30, 1995, together with funding available: Project 96/95S-689-051 Hinesville Elementary School Unearned Executed Contracts $ 5,018,910.25 665,649.94 Funding Available From State $ 1,442,428.56 $ 5,684,560.19 $ 1 442 428,56 The amounts described in this note are not reflected in the general purpose financial statements. Note 7: CONTINGENT LIABILITIES Amounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The Board believes that such disallowances, if any, will be immaterial to its overall financial position. Note 8: DEFERRED COMPENSATION PLAN The Board offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all Board employees, permits them to defer a portion of their salary until future years. Participation in the plan is optional. The deferred compensation is not available to employees until termination, retirement, death or unforeseeable emergency. All amounts ofcompensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the Board subject only to the claims of the Board's general creditors. Participants' rights under the plan are equal to those of general creditors of the Board in an amount equal to the fair market value ofthe deferred account for each participant. It is the opinion ofthe Board that the Board has no liability for losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. The Board believes it is unlikely that it will use the assets to satisfy the claims ofgeneral creditors in the future. The Board has designated an independent plan administrator to operate and maintain the plan. The assets and liabilities of the plan are not reflected in these financial statements. To conform to generally accepted accounting principles, these amounts should be recorded in the general purpose financial statements. - 16 - LIBERTY COUNTY BOARD OF EDUCATION EXIITBIT D 11 11 NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 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 ofage, 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. 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 $24,168,546.65; total payroll was $27,686,265.86. 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 $4,062,752.13, of which $2,854,307.73 was made by the Board and $1,208,444.40 was made by employees. These contributions represented I 1.81% (Board) and 5% (employees) of covered payroll. - 17 - LIBERTY COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEf'vffiNTS JUNE 30, 1995 Note 9: RETIREMENT PLANS 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 of TRS 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 ofassets and pension benefit obligation for individual employers. 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$2,854,307.73 was actuarially determined and represented .5051% of total 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 ofage 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 - 18 - LIBERTY COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 9: RETIREMENT PLANS $8.00 per month multiplied by the number ofyears of creditable service. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. Retirement provisions include death and disability benefits. Disability benefits are the same as if the employee had retired at age 65 as long as the employee has 15 or more years of creditable service. Death benefits are dependent upon the number ofyears of service. Ifthere are less than ten years of service, a lump sum refund 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 of what 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 ofemployer contributions occurs, but the member's contributions are refunded with interest. There were 269 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 contnbutions 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 $8,844.00. 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. Note 10: SURETY BONDS Ms. Doris Thomson, School Superintendent through January 30, 1995, was bonded in the amount of $50,000.00 with the Hartford Insurance Company of the Southeast, Maitland, Florida, their Bond No. 20PEBLT7422. Mr. Darryl G. Rabbitt, Interim, School Superintendent effective February 6, 1995 through September 11,1995, was bonded in the amount of$50,000.00 with the Hartford Insurance Company of the Southeast, Maitland, Florida, their Bond No. 20PEBLT7422. The School Superintendent, Dr. Don O'Neil, effective September 12, 1995, is boqded in the amount of $50,000.00 with the Hartford Insurance Company of the Southeast, Maitland, Florida, their Bond No. 20PEBLT7422, on which premium was paid to July 1, 1996. - 19 - LIBERTY COUNTY BOARD Of EDUCATION COMBINING BALANCE SHEET SPECJAL R~NUE fUNP JUNE 30.1995 MET. Cash and Cash Equivalents Accounts Receivable Inventories Food Donated Commodities Purchased Food Total Assets ELEMENTARY SCHOOL FOOD SERVICES FUND FAMILY CONNECTION FUND STATE PRESCHOOL HANDICAPPED PROGRAM LOTTERY PROGRAMS DRUG-FREE SCHOOLS AND COMMUNmES ACT CHAPTER 1 EDUCATION OF CHILDREN IN STATE SCHOOLS $ 510.643.15 $ 11,271.25 $ 1,905.96 $ 48.41 108,921.97 $ 12,497.69 $ 299,651.38 5,847.00 65,228.55 17?89.42 s n2,583.09 s 12,497.69 $ 11,27125 $ 299,651.38 $ 7,752.96 $ 48.41 LIABIL!I!ES~DFUNDEQUITY LIABILITIES Cash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable Deferred Revenue Total Liabilities FUND EQUITY Fund Balances Reserved For Continuation d Federal Program For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated Total Fund Equity $ $ 32,111.73 139,271.99 12,055.47 44222 $ s 111,383.n s 12,497.69 $ $ 85,228.55 17,789.42 $ 103,017.97 448,181.40 $ $ 551,199.37 $ 0.00 $ 0.00 $ $ 292,931 ..15 $ 11,27125 6,72023 11,27125 $ 299,651.38 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 1,648.78 6,104.18 $ 7,752.96 $ 0.00 $ 0.00 $ Total Liabilities and Fund Equity $ 722,583.09 $ 12,497.69 $ 11,271.25 $ 299,651.38 $ 7,752.96 $ 48.41 48.41 0.00 0.00 48.41 Sae notes to the general purpose financial statements. -20- EXHIBIT"E" AND SECONDARY EDUCATION ACT EDUCATION OF CHAPTER2 DEPRIVED BLOCK GRANT CHILDREN FLOW THROUGH TITLE 11EISENHOWER MATHEMATICS AND SCIENCE EDUCATION INDIVIDUALS WITH DISABILITIES EDUCATION ACT TITLEVl,B FLOW PRESCHOOL THROUGH PROGRAM STEWARTS. MCKINNEY HOMELESS ASSISTANCE ACT EDUCATION FOR HOMELESS CHILDREN ANDYOUTH TOTALS JUNE 30, 1995 JUNE 30, 1994 $ 996.34 $ s 1n.79 525,037.90 $ 958,037.95 $ 261,232.37 $ 10,291.00 $ 25,201.84 $ 1,345.79 n4,989.04 304,008.91 $ 261,232.37 $ 10,291.00 $ 996.34 $ 25,201.84 $ 1,345.79 $ 85,228.55 17,789.42 61,216.54 14,482.82 s 1n.79 1,353,044.91 $ 1,337,74622 $ 76,492.82 $ 39,84329 143,321.84 1,TT4.62 $ 261,232.37 $ 2,19629 1,330.99 6,763.72 10,291.00 $ 7,116.08 $ 3,031.18 14,997.46 57.12 1,313.51 3228 $ $ 25,201.84 $ 1,345.79 S $ 1n.79 1n.79 s 392,105.32 $ n,785B7 310,458.99 13,798.69 6,72023 800,84920 $ 29,849.39 162,50529 263,16324 75,409.17 90,256.93 620,984.02 $ 996.34 $ 0.00 $ $ 0.00 $ $ 0.00 0.00 $ 996.34 0.00 $ 996.34 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ $ 261,232.37 $ 10,291.00 $ 996.34 $ 25,201.84 $ 1,345.79 $ $ 996.34 85,228.55 $ 17,789.42 61,216.54 14,482.82 $ 104,014.31 S 75,699.36 0.00 448,181.40 641,062.84 0.00 $ 552,195.71 $ 716,76220 s 1n.19 1,353,044.91 $ 1,337,74622 -21 LIBERTY 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 School 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 OI!::IER EJNANCIN~ SOURCES Operating Transfers In ELEMENTARY SCHOOL FOOD SERVICES FUND FAMILY CONNECTION FUND STATE PRESCHOOL HANDICAPPED PROGRAM DRUG-FREE CHAPTER 1 SCHOOLS AND EDUCATION OF LOTTERY COMMUNITIES CHILDREN IN PROGRAMS ACT STATE SCHOOLS $ 217,338.00 $ 1,953,448.69 784,846.99 $ 2,955,633.68 $ 24,555.47 $ 24,555.47 $ 142,227.75 $ 896,362.48 $ 142,227.75 $ 896,362.48 $ 57,767.00 $ 57,767.00 $ 269.59 269.59 $ $ 3,148,515.12 $ 3,148,515.12 $ $ -192,881.44 $ $ 15.00 13,286.42 11,254.05 24,555.47 $ 0.00 $ 136,644.69 $ 618,656.09 $ 3,031.30 2,551.76 13,726.54 2,950.71 19.245.01 212,452.53 32,435.40 161.73 1,036.86 142,227.75 $ 900,664.87 $ 0.00 $ -4,302.39 $ 50,198.82 $ 3,871.89 3,500.00 196.29 57,767.00 $ 0.00 $ 4,302.39 265.03 4.56 269.59 0.00 Excess of Revenues and Other Financing Sources over (under) Expenditures $ -192,881.44 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 EUNQ BALANCE JULY l 716,762.20 0.00 0.00 0.00 0.00 0.00 Food Inventory- Net Change in Period Donated Commodities Purchased Food 24,012.01 3,306.60 EJ.!ND BALANCE JUNE 30 $ 551,199.37 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 See notes to the general purpose financial statements. -22- EXHIBIT"P AND SECONDARY EDUCATION ACT EDUCATION OF CHAPTER2 DEPRIVED BLOCK GRANT CHILDREN FLOW THROUGH TITLEII EISENHOWER MATHEMATICS AND SCIENCE EDUCATION INDIVIDUALS WITH DISABILITIES EDUCATION ACT TITLE VI, B FLOW PRESCHOOL THROUGH PROGRAM STEWARTS. MCKINNEY HOMELESS ASSISTANCE ACT EDUCATION FOR HOMELESS CHILDREN AND YOUTH TOTALS YEAR ENDED JUNE 30, 1995 JUNE 30, 1994 $ 1,463,022.87 $ $ 1,463,022.87 $ 64,057.00 $ 19,246.00 $ 235,469.72 $ 12,598.51 $ 64,057.00$ 19,246.00 $ 235,469.72 $ 12,598.51 $ $ 1,280,483.70 $ 496,779.78 10,494.94 3,816,374.32 3,484,631.17 784,846.99 751,538.66 10,494.94 $ 5,881,705.01 $ 4,732,949.61 $ 1,263,883.23 $ 11,420.05 4,951.39 114,739.22 5,128.58 6,061.17 55,908.62 930.61 $ 1,463,022.87 $ $ 0.00 $ 63,878.31 $ 178.69 $ 18,147.99 101.67 93,298.35 $ 65,757.61 47,201.98 19,538.69 6,127.07 $ 508.78 5,962.66 9,673.09 64,057.00 $ 0.00 $ 18,249.66 $ 235,469.72 $ 996.34 $ 0.00 $ 12,598.51 $ 0.00 $ 9,247.70 $ 2,242,199.29 $ 1,627,441.52 570.89 8.62 667.73 86,958.23 86,281.27 4,951.39 159,990.41 5,128.58 231,800.12 98,684.84 12,346.39 3,149,551.98 70,248.51 112,369.69 149,305.93 5,792.59 10,122.80 73,097.32 84.38 2,593,785.12 10,494.94 $ 6,077,892.50 $ 4,642,247.86 0.00 $ -196,187.49 $ 90,701.75 4,302.39 3,129.67 $ 0.00 $ 0.00 0.00 $ 0.00 996.34 $ 0.00 0.00 $ 0.00 0.00 $ 0.00 0.00 $ -191,885.10 $ 93,831.42 0.00 716,762.20 636,790.41 24,012.01 3,306.60 -15,516.48 1,656.85 $ 0.00 $ 0.00 $ 996.34 $ 0.00 $ 0.00 $ 0.00 $ 552,195.71 $ 716,762.20 -23- Cash and Cash Equivalents Accounts Receivable Total Assets LIBERTY COUNTY BOARD Of EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30. 1995 EXHIBIT"G" REGULAR GEORGIA STATE FINANCING AND INVESTMENT COMMISSION PROJECT 94-689-053 LOTTERY PROJECT 96/95S-689-051 TOTALS JUNE 301 1995 JUNE 301 1994 $ 578,197.66 $ 578,197.66 $ 6,862,986.96 $ 457,043.12 $ m,963.44 1,235,006.56 672,537.06 $ 578.197.66 $ 457,043.12 $ s s m,963.44 1,813,204.22 7,535,524.02 LIABILITIES AND FUND EQUITY LIABILITIES Cash Overdraft Contracts Payable Retainages Payable Total Liabilities FUND EQUITY Fund Balances Reserved For State Capital Outlay Projects Unreserved Undesignated Total Fund Equity $ $ $ $ 578,197.66 $ 578,197.66 $ $ 26,865.87 26,865.87 $ 12,055.41 $ 12,055.41 $ 12,055.41 26,865.87 $ 801,342.34 561,887.37 38,921.28 $ 1,363,229.71 430,1TT.25 $ 0.00 43011TT.25 $ 765,908.03 $ 1,196,085.28 $ 444,064.36 0.00 765,908.03 $ 578,197.66 s 1,n4,282.94 5,728,229.95 6,172,294.31 Total Liabilities and Fund Equity $ 578,197.66 $ 457,043.12 $ s s m,963.44 1,813,204.22 7,535,524.02 See notes to the general purpose financial statements. - 24- LIBERTY COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES CAPITAL PROJECTS FUND YEAR ENDED JUNE 30. 1995 EXHIBIT "H" REGULAR GEORGIA STATE FINANCING AND INVESTMENT COMMISSION PROJECT 94-689-053 LOTTERY PROJECT 96/95S-689-051 TOTALS YEAR ENDED JUNE 301 1995 JUNE 30, 1994 REVENUES State Funds Local and Other Funds $ $ 140,935.08 0.00 $ 777,963.44 $ 777,963.44 $ 4,220,180.70 140,935.08 172,179.46 Total Revenues $ 140,935.08 $ 0.00 $ 777963.44 $ 918,898.52 $ 4,392,360.16 EXPENDITURES Capital Outlay Land and Land Improvements Building and Building Improvements $ 666,272.17 4,925,598.51 $ $ 2,050,213.08 3,745.00 $ 670,017.17 $ 1,571,081.13 8,546,892.72 133,458.09 7,611,478.26 Total Expenditures $ 5,591,870.68 $ 2,050,213.08 $ 1,574,826.13 $ 9,216,909.89 $ 7,744,936.35 Excess of Revenues over (under) Expenditures $ -5,450,935.60 $ -2,050,213.08 $ -796,862.69 $ -8,298,011.37 $ -3,352 ,576.19 OTHER FINANCING SOURCES (USES} Operating Transfers ln Operating Transfers Out $ 2,500,903.31 $ -2,200,000.00 2,036,325.97 $ 1,562,770.72 $ 6,100,000.00 $ 4,000,000.00 -2,200,000.00 Total Other Financing Sources (Uses) $ 300,903.31 $ Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ -5,150,032.29 $ 2,036,325.97 $ 1,562,770.72 $ 3,900,000.00 $ 4,000,000.00 -13,887.11 $ 765,908.03 $ -4,398,011.37 $ 647,423.81 FUND BALANCE JULY 1 5,728,229.95 444064.36 0.00 6,172,294.31 5,524,870.50 FUND BALANCE JUNE 30 $ 578,197.66 $ 430,177.25 $ 765,908.03 $ 1,774,282.94 $ 6,172,294.31 See notes to the general purpose financial statements. -25- LIBERTY COUNTY BOARD OF EDUCATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE YEAR ENDED JUNE 30 1995 SCHEDULE 1 FUNDING AGENCY PROGRAM/GRANT CFDA NUMBER AWARDS IN PERIOD FEDERAL FUNDS RECEIVED IN PERIOD(NET OF REFUNDS) FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD Agriculture, U. S. Department of Through Georgia Department of Education Food and Nutrition Program Child and Adult Care Food Program 1995 Contract Food Services School Breakfast Program 1994Grant 1995Grant National School Lunch Program 1994Grant 1995Grant Food Distribution Program (1) 10.558 $ 45,906.22 $ 44,291.24 $ 45,906.22 (2) 10.553 . 10.553 10.555 * 10.555 10.550 335,602.54 1,323,760.73 248,179.20 4,783.07 299,641.51 62,415.53 1,252,414.77 N/A 335,602.54 (2) 1,323,760.73 $ 248,179.20 2,900,335.92 (4) 248,179.20 Total U.S. Department of Agriculture $ 1,953,448.69 $ 1,663,546.12 $ 1,953,448.69 $ 3,148,515.12 Education,U.S.Departmentof Direct P. L. 81-874 1994 Grant * 84.041 $ 1995Grant * 84.041 Through Board d Public Education for the City d Savannah and the County of Chatham Adult Education 1994 Grant 84.002 1995Grant 84.002 Through Gateway Center for Human Development Drug-Frff Schools and Communities Act 1994 Grant 84.186 Through Georgia Department of Education DrugFrff Schools and Communities Act 1994Grant 84.186 1994 Carry-Over 84.186 1995Grant 84.186 Elementary and Secondary Education Act Chapter 1 Education of Children in State Schools 1995 Regular 84.009 Education of Deprived Children 1993 Carry-Over 84.010 1994 Regular 84.010 1994Summer 84.010 1994 Carry-Over * 84.010 1995 Regular * 84.010 Chapter2 Block Grant Flow Through 1995 Regular 84.151 Innovative Programs 1995 Regular 84.151 Title II Eisenhower Mathematics and Science Education 1995 Regular 84.164 Individuals with Disabilities Education Act TitleVl,B F!<>W Through 1994 Regular 84.027 1994 Carry-Over 84.027 1995 Regular 84.027 Preschool Program 1994 Regular 84.173 1994 Carry-Over 84.173 1995 Regular 84.173 8,917,892.00 $ 797,848.84 21,333.00 3,697.00 56,025.00 318.00 62,538.00 217,283.00 1,218, 123.00 64,057.00 76,000.00 33,946.00 33,228.00 215,802.00 6,197.00 16,800.00 8,917,892.00 $ 8,917,892.00 (3) 797,848.84 797,848.84 (3) 4,129.00 21,333.00 7,857.47 3,697.06 3,697.00 48,223.00 21,333.00 $ 32,062.32 (4) 3,697.00 54,070.00 3,697.00 54,070.00 318.00 62,538.00 177,312.70 104,297.12 217,283.00 819,447.00 53,766.00 20,000.00 269.59 62,538.00 104,297.12 217,283.00 1,078,904.75 64,057.00 32,704.16 269.59 62,538.00 104,297.12 217,283.00 1,078,904.75 64,057.00 32,704.16 19,246.00 19,246.00 18,249.66 5,611.85 33,228.00 177,097.00 146.29 6,197.00 5,088.00 33,228.00 202.241.n 6,194.79 6,403.72 33,228.00 202,241.72 6,194.79 6,403.72 26 LIBERTY COUNTY BOARD OF EDUCATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE YEAR ENDED JUNE 30, 1995 SCHEDULE "1" FUNDING AGENCY PROGRAM/GRANT CFDA NUMBER AWARDS IN PERIOD FEDERAL FUNDS RECEIVED IN PERIOD(NET OF REFUNDS) FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD Education, U. S. Department of Through Georgia Department of Education Vocational Education - Basic Grants to States High School Program Basic Grant 1994Grant 1995Grant Consumer and Homemaking Education 1995 Contract Stewart B. McKinney Homeless Assistance Act 1993Carry-Over 1994 Carry-Over Through Glynn County Board of Education Individuals with Disabilities Education Act TltleVI, B Severely Emotionally Disturbed 1994Grant 1995Grant 84.048 84.048 $ 84.049 84.196. 84.196 84.027 84.027 $ 131,408.26 18,748.20 668.00 10,000.00 40 241.85 32,891.49 62,490.37 $ 18,748.20 667.73 10,000.00 131,408.26 18,748.20 667.73 $ 9,827.21 (5) (5) 667.73 9,827.21 9,487.67 16,378.50 40241.85 @ Total U.S. Department of Education Justice, u. s. Department of Through Office of the Governor Children and Youth Coordinating Council In-School Probation Officer 94J-05-9404-0007 $ 11,942,154.15 $ 11,649,523.17 $ 11,823,101.94 $ 1,s2s1695.n 16.540 $ 10,000.00 $ 7,048.96 $ 9,366.08 (5) QIHER EEDEBAL ASSISTANCE Defense, u. s. Department of Through Department of the Army R.O.T.C. Program 1995Grant Through Department of the Ai.r Force Public Law 102-386 as amended, and Section 386 of Public Law 102-484 1995Grant $ 41,n5.32 $ 31,701.24 $ 41,n5.32 (5) 310,049.00 310,049.00 310,049.00 (5) Total U. S. Department of Defense $ 351,824.32 $ 341,750.24 $ 351,824.32 Total Federal Financial Assistance $ 14,257,427.16 $ Major Programs are Identified by an asterisk (") in front of the CFDA number. 13,661,868.49 $ 14,137,741.03 $ 5,075,210.89 (1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. (2) Expenditures for the Child and Adult Care Food Program and the School Breakfast Program were not maintained separately and are included in the 1995 National School Lunch Program. (3) Funds eamed on this program do not require reporting of expenditures. (4) Expenditures for this program include State, and/or Local and Other Funds. Expenditures are not maintained by fund source. (5) Expenditures on this program were not maintained by fund source. See notes to the general purpose financial statements. - 27 - LIBERTY COUNTY BOARD OF EDUCATION CASH AND CASH EQUIVALENTS JUNE 30, 1995 SCHEDULE ''2'' NONINTEREST BEARING ACCOUNTS The Coastal Bank, Hinesville, Georgia INTEREST BEARING ACCOUNTS The Hinesville Bank, Hinesville, Georgia Certificate of Deposit No. 13513 (6.00%) N.O.W. Accounts (2.10%) First Union Bank, Hinesville, Georgia Certificates of Deposit No. 8838332 (6.20%) No. 8838349 (6.20%) $ -83,995.20 $ 1,500,000.00 4,161,455.22 5,661,455.22 $ 5,000,000.00 5,000,000.00 10,000,000.00 $ 15,577,460.02 See notes to the general purpose financial statements. - 28 - LIBERTY COUNTY BOARD OF EDUCATION ACCOUNTS RECEIVABLE JUNE 30 1995 SCHEDULE"3" Defense, u. s. Department of R.O.T.C. Program Education, Georgia Department of Food Services Child and Adult Care Program School Breakfast Program National School Lunch Program Vocational Education Federal Funds Other State Programs Alternative School Programs Family Connection Lottery Programs Alternative School Program Distant Leaming Exceptional Growth Capital Outlay Model Technology Schools Safe Schools Grant Federal Programs Drug-Free Schools and Communities Act ESEA Chapter 1 Education of Deprived Children ESEA Chapter 2 Block Grant Flow Through Innovative Programs Individuals with Disabilities Education Act Title VI, B Flow Through Preschool Program Contract Governor's School-Based Leadership Program Georgia State Financing and Investment Commission Reimbursement on Construction Project Glynn County Board of Education Psychoeducational Program Federal Funds State Funds Uberty County Superior Court County Wide Bond Tax County Wide School Tax Uberty County Tax Commissioner County Wide Bond Tax County Wide School Tax Office of the Governor Children and Youth Coordinating Council In-School Probation Officer GENERAL FUND GOVERNMENTAL FUND TYPES SPECIAL CAPITAL REVENUE PROJECTS FUND FUND DEBT SERVICE FUND TOTAL $ 10,074.08 $ 10,074.08 $ 1,614.98 35,961.03 71,345.96 68,917.89 77,405.74 12,497.69 43,796.00 12,858.03 $ 228,201.35 14,796.00 5,847.00 261,232.37 12,704.16 10,291.00 777,963.44 2,000.00 25,201.84 1,345.79 1,614.98 35,961.03 71,345.96 68,917.89 77,405.74 12,497.69 43,796.00 12,858.03 777,963.44 228,201.35 14,796.00 5,847.00 261,232.37 10,291.00 12,704.16 25,201.84 1,345.79 2,000.00 457,043.12 457,043.12 23,863.35 108,710.79 10,003.59 131,002.25 $ 143.90 1,390.42 23,863.35 108,710.79 143.90 10,003.59 1,390.42 131,002.25 2,317.12 2,317.12 $ 446,998.97 $ 724,989.04 $ 1,235,006.56 $ 1.534.32 $ 2,408.528.89 See notes to the general purpose financial statements. 29 PAYMENTS DUE IN FISCAL YEAR ENDING JUNE 30 1996 LIBERTY COUNTY BOARD OF EDUCATION DEBT SERVICE REQUIREMENTS TO MATURITY JUNE 30. 1995 SCHEDULE "4" TOTAL DEBT SERVICE 1968 ISSUE INTEREST PRINCIPAL $ 68,575.00 $ 3,575.00 $ 65,000.00 CHANGES IN GENERAL LONG-TERM DEBT Bonds Payable at July 1, 1994 Bonds Retired During Period $ 130,000.00 65,000.00 Bonds Payable at June 30, 1995 $ 65,000.00 MATURITY DATES Semi-Annual Interest Payment Dates Annual Debt Retirement Date FEB 1 -AUG 1 FEB 1 See notes to the general purpose financial statements. - 30 - LIBERTY COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30.1995 SCHEDULE s- AGENCY/FUNDING GRANTS Education, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost Pupil Transportation Regular Bus Replacement Limited English Speaking Middle School Incentive Special Instructional Assistance In-School Suspension School Counselors Grades 4 and 5 Mid-term Adjustment Local Fair Share Educational Equalization Funding Grant Food Services Vocational Education Other State Programs Alternative Programs At-Risk Summer School Program Environmental Science Program Family Connection Mentor Teacher Program Preschool Handicapped Program Remedial Summer School Program Student Information Systems Teachers' Retirement Lottery Programs Algebra Classrooms Alternative School Program Distant Leaming Instructional Technology Exceptional Growth - Capital Outlay Media Center and Library Equipment Model Technology Schools Pre-Kindergarten Program safe Schools Grant CONTRACTS Education, Georgia Department of Governor's School Leadership Institute Glynn County Board of Education Psychoeducational Program GOVERNMENTAL FUND TYPES SPECIAL CAPITAL GENERAL REVENUE PROJECTS FUND FUND FUND TOTAL $ 15,584,473.00 1,723,642.00 510,995.00 675,972.00 230,136.00 4,732,308.00 791,286.00 232,334.00 12,464.00 540,780.00 344,178.00 91,633.00 44,448.00 852,769.00 -1,n2,804.oo 2,893,643.00 $ 3,398.00 104,659.74 41,362.64 1,497.99 22,310.00 16,932.98 9,000.00 12,397.12 217,338.00 24,555.47 142,227.75 107.26 57,546.00 18,745.76 111,n9.44 $ 109,368.67 228,201.35 203,414.00 167,200.00 $ 15,584,473.00 1.723,642.00 510,995.00 675,972.00 230,136.00 4,732,308.00 791,286.00 232,334.00 12,464.00 540,780.00 344,178.00 91,633.00 44,448.00 852,769.00 -1,n2,804.oo 2,893,643.00 217,338.00 3,398.00 104,659.74 41,362.64 1,497.99 24,555.47 22,310.00 142,227.75 16,932.98 9,000.00 12,397.12 m,963.44 107.26 57,546.00 18,745.76 111,n9.44 m,963.44 109,368.67 228,201.35 203,414.00 167,200.00 2,000.00 183,323.99 2,000.00 183,323.99 $ 2718851139.46 $ 112801483.70 $ m 1963.44 $ 2919431586.60 See notes to the general purpose financial statements. - 31 - Taxes County Wide Bond Tax County Wide School Tax Railroad Car Tax Real Estate Transfer Tax Other Indirect Cost Special Revenue Fund Interest Earned Lost and Damaged Books Reimbursements for Salaries Various Schools Revenue in Lieu of Taxes Timber Proceeds Funds Sales Adult Meals Breakfast and Lunches School Assets Shared Service Contributions Various Sources Tuition Other LIBERTY COUNTY BOARD OF EDUCATION SCHEDULE OF LOCAL AND OTHER REVENUE YEAR ENDED JUNE 30, 1995 SCHEDULE s- GENERAL FUND GOVERNMENTAL FUND TYPES SPECIAL CAPITAL REVENUE PROJECTS FUND FUND DEBT SERVICE FUND TOTAL $ 5,712,660.14 8,008.25 29,595.83 $ 84,733.76 $ 84,733.76 5,712,660.14 115.23 8,123.48 420.22 30,016.05 28,391.40 314,967.22 $ 1,493.49 14,141.16 $ 132,943.08 884.40 47,529.22 7,175.00 125,048.96 645,656.87 44,072.30 44,413.12 28,892.60 7,992.00 213.60 28,391.40 462,265.06 1,493.49 884.40 47,529.22 125,048.96 645,656.87 7,175.00 44,072.30 44,413.12 36,884.60 $ 6,268,082.97 $ 784,846.99 $ 140,935.08 $ 85,482.81 $ 7,279,347.85 See notes to the general purpose financial statements. - 32 - LIBERTY COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT GENERAL AND SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30, 1995 SCHEDULE '7" EXPENDITURES Operating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Compensation and Travel of Board Members Water, Sewer and Cleaning Services Repair and Maintenance Services Rents Property Services Insurance Communications Commodity Hauling Shared Services Other Purchased Services Supplies Energy Food Usage Books, Textbooks and Periodicals Dues and Fees Federal Indirect Costs Other Expenditures Nonoperating Costs Equipment GENERAL FUND SPECIAL REVENUE FUND TOTAL $ 25,220,065.58 $ 6,605,440.08 86,167.85 168,281.76 48,893.62 156,873.98 1,662,331.64 77,300.07 54,312.00 91,229.48 34,032.00 30,226.18 3,085,116.69 1,055,626.84 954,729.19 72,988.99 59,722.98 2,466,200.28 $ 565,346.10 16,355.27 58,027.82 2,325.00 84,722.74 2,635.23 4,589.41 17,598.89 5,666.02 428,122.99 71,206.46 1,436,116.09 2,011.25 19,792.00 28,391.40 1,800.00 27,686,265.86 7,170,786.18 102,523.12 226,309.58 48,893.62 159,198.98 1,747,054.38 77,300.07 2,635.23 54,312.00 95,818.89 17,598.89 34,032.00 35,892.20 3,513,239.68 1,126,833.30 1,436,116.09 956,740.44 92,780.99 28,391.40 61,522.98 2,145,679.75 866,985.55 3,012,665.30 Total Expenditures $ 41,609,018.68 $ 6,077,892.50 $ 47,686,911.18 See notes to the general purpose financial statements. - 33 - LIBERTY COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT LOTTERY PROGRAMS YEAR ENDED JUNE 30, 1995 EXPENDITURES Operating Costs Salaries Employee Benefits Travel of Employees Repair and Maintenance Services Communications Other Purchased Services Supplies Energy Book, Textbooks and Periodicals Dues and Fees Nonoperating Costs Land and Land Improvements Building and Building Improvements Equipment Total Expenditures ALGEBRA CLASSROOMS ALTERNATIVE SCHOOL PROGRAM DISTANT LEARNING INSTRUCTIONAL TECHNOLOGY $ 700.00 $ 1,535.90 $ 107.26 $ 12,130.00 17,485.29 24,123.14 45,416.00 2,054.35 86,120.40 $ 107.26 $ 57,546.00 $ 20,239.64 $ -====1=11=,7=7=9.=4=4 See notes to the general purpose financial statements. - 34 - SCHEDULE "8" MEDIA CENTER AND LIBRARY EQUIPMENT MODEL TECHNOLOGY SCHOOLS PRE-KINDERGARTEN PROGRAM SAFE SCHOOLS GRANT EXCEPTIONAL GROWTH- CAPITAL OUTLAY TOTAL $ $ 25,n9.36 24,354.76 $ 3,704.35 60.746.35 2241497.00 $ 110,880.47 $ 228,201.35 $ 142,273.09 26,258.57 3,062.29 1,536.82 131.09 15,301.40 13,408.20 100.00 145.00 $ 142,273.09 26,258.57 3,062.29 28,015.26 1,536.82 131.09 97,206.20 13,408.20 100.00 145.00 2,494.25 $ $ 167,200.00 3,745.00 1,571,081.13 3,745.00 1,571,081.13 588,528.35 204,710.71 $ 167,200.00 $ 1,574,826.13 $ 2,475,491.00 - 35 - LIBERTY COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 1995 SCHEDULE "9" Minimum Expenditure Requirements (Total Allotment) Expenditures on Combined Program Basis Salaries Operations Less: Expenditures for Media Center Programs in Excess of Total Media Allotment Expenditures per Audit Amount of Underexpenditure for Total Allotment THIRTEEN WEIGHTED AND MEDIA CENTER PROGRAMS 100% TEST FOR OPERATIONS PORTION OF THIRTEEN WEIGHTED PROGRAMS $ 19,162,977.00 $ 734,046.00 $ 22,633,536.83 - - - - - - - - 2,938,998.53 $ 2,330,333.23 $ 25,572,535.36 -751,016.63 $ 24,821,518.73 $ 0.00 $ = = = = =0.0=0 See notes to the general purpose financial statements. - 37 - LIBERTY COUNTY BOARD OF EOUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS BY PROGRAM GENERAL FUND QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30 1995 GENERAL ANQ QAREER EDUCATION PROGRAMS Kindergarten M Grades 1 3 M SUb--Tctal K-3 Grades 4 5 M Grades 6 - 8 M Grades 9 12 M High School Laboratories M Vocational Education Laboratories M Total General and career Education Programs SPECIAL EDUCATION PROGRAMS Regular Programs category IM category II M category Ill (i category IV M SUb--Total Regular category V (Gifted) M Total Special Education Programs REMEDIAL EDUCATION PROGRAM C, Total Thirteen Weighted Programs MEDIA CENTER PROGRAMS Salaries Operations Total Media Center Programs Total Thirteen Weighted and Media Center Programs STAFF QEYELOPMENT PROGRAMS Cost d Instruction Professional Development Total Staff Development