AUDIT REPORT CITY OF CARROLLTON BOARD OF EDUCATION CARROLL COUNTY, GEORGIA YEAR ENDED JUNE 30, 1999 CITY OF CARROLLTON BOARD OF EDlJCATION - CARROLL COUNlY - TABLE OF CONTENTS - SECTION I FINANCIAL INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS EXHIBITS GENERAL PURPOSE FINANCIAL STATEMENTS COMBINED STATEMENTS - OVERVIEW A COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP 2 B COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES 4 C COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTIJAL GENERAL AND SPECIAL REVENUE FUNDS 6 D NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 7 ADDmONAL FINANCIAL INFORMATION COMBINING STATEMENTS SPECIAL REVENUE FUND E COMBINING BALANCE SHEET 18 F COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES . 20 CAPITAL PROJECTS FUND G COMBINING BALANCE SHEET 22 H COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 23 SCHEDULES 1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 24 2 SCHEDULE OF STATE REVENUE 26 3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS 27 4 SCHEDULE OF EXPENDITURES LOTTERY PROGRAMS 28 ANALYSIS OF MINIMUM EXPENDITURE REQUIR.EMENTS GENERAL FUND: QUALITY BASIC EDUCATION PROGRAMS 5 OVERALL 29 6 BY PROGRAM 30 CITY OF CARROLLTON BOARD OF EDUCATION - CARROLL COUNTY - TABLE OF CONTENTS - SECTIONll COMPLIANCE AND INTERNAL CONTROL REPORTS REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB Cm.CULAR A-l33 SECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS SECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS SECTION I FINANCIAL RUSSELL W. HINTON STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street. S,W. Suite 214 Atlanta, Georgia 30334-8400 April 25, 2000 Honorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education and Superintendent and Members ofthe City of Carrollton Board ofEducation INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDlJLE OF EXPENDITURES OF FEDERAL AWARDS Ladies and Gentlemen: We have audited the accompanying general purpose financial statements of the City of Carrollton Board of Education, as of and for the year ended June 30, 1999, as listed in the table of contents. These general purpose financial statements are the responsibility ofthe City ofCarrollton Board ofEducation's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. Except as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We did not observe the taking of either the Federal donated commodities inventory or purchased foods inventory at June 30, 1999, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. Ai; 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: 99ARL-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 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 of such adjustments, ifany, 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 referred to above present fairly, in all material respects, the financial position ofthe City of Carrollton Board ofEducation as ofJune 30, 1999, and the results ofits operations for the year then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditin& Standards. we have also issued our report dated April 25, 2000, on our consideration ofthe City of Carrollton Board of Education's internal control over financial reporting and our tests ofits compliance with certain provisions oflaws, regulations, contracts and grants. Our audit was performed for the purpose of forming an opinion on the general purpose financial statements of the City of Carrollton Board of Education taken as a whole. The accompanying combining statements (Exhibits E through H) and the financial schedules (Schedules 1 through 6), which includes the Schedule of Expenditures of Federal Awards as required byU. S. Office of Management and Budget Circular A-l33, Audits ofStates. Local Governments. and Non-Profit Organizations. are presented for purposes ofadditional analysis and are not a required part of the general purpose financial statements. 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. A copy of this 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 ofGeorgia Annotated Section 50-6-24. Respectfully submitted, ~1~Lb.J~ State Auditor RWH:gjl 99ARL-13 CITY OF CARROLLTON BOARD OF EDUCATION CARROll COUNTY CITY OF CARROLLTON BOARD OF EDUCATION - CARROLL COUNTY COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP JUNE 30 1999 Cash and Cash Equivatents Investments Accounts Receivable Due from Other funds Inventories Food Donated Commodities Purchased Food Amount Available in Debt service fund Amount to be Provided in Future Years For Payment of Capital Lease Agreements For Payment to the City of carrollton GENERAL FUND GOVERNMENTAL FUND TYPES SPECIAL CAPITAL REVENUE PROJECTS FUND FUND $ 5,966,880.61 1.940,020.96 2,110,171.47 1.772,294.00 $ 511,420.02 235,924.20 472,141.06 30,152.36 7,856.79 Tolal Assets 549.431.17 $ 4?58.257.71 LIABILITIES AND FUND EQUITY ~ cash Overdraft Accounts Payable salaries Payable Expired Grant Balances Payable Contracts Payable Retainages Payable Due to Other Funds capital L.... Ag.-nenls Debt Procaeds - City of C8noIIton Total UabDlties FUNDEOUITY Fund Balances Reserved For 8us Replacement Funds For ContInuation of Federal Programs For Debl5ervioe For Inventories Food Donated Commodities Purchaaed Food For Purpose 01 Bond Issue For Slala capital Outlay Projects Unreserved Undeslgnated Total Fund Equity $ 763.715.12 1.353.035.42 29,453.88 106.062.76 $ 221.346.45 7.794.69 3.175.00 618.490.26 124,311.85 472.141.06 $ 2116,750.54 $ 364,657.56 1,218118.17 $ 10,403.00 30.152.36 7,858.79 5612021.07 5 622,424.07 $ 146 762.46 184 773.61 3.540,139.54 0.00 3.540 139.54 Total LJablUlias and Fund Equity 7739,174.61 $ 549431.17 $ 4758257.71 The notas 10 lha genaral purpose financial slalaments ara an intagral part 01 this stalament -2- EXHIBIT "A" DEBT SERVICE FUND 1,499,947.36 412,996.54 ACCOUNT GROUP GENERAl LONGTERM DEBT TOTALS (Memorandum Only) JUNE30 1999 JUNE 30 1998 7,906,901.59 $ 5,167,269.95 3,610,118.83 2,932,634.76 8,407,672.86 472,141.06 1,543,821.40 1,347,583.86 3,366,178.60 30,152.36 7,858.79 1,543,821.40 1,347,583.86 3,386,178.60 35,121.49 17,525.33 951,342.61 12,823.53 5048657.39 $ 1,912943.90 $ 6,257,583.86 21,217,391.25 19,640,413.16 $ 369,122.50 369122.50 $ 1,347,583.86 4,910,000.00 29,453.86 1,242,075.38 1,574,381.87 7,794.69 618,490.26 124,311.85 472,141.06 1,347,583.86 4,910,000.00 6257583.86 $ 10,326.232.83 199,231.75 398,525.69 1,403,016.06 3,201.80 450,726.26 108,282.40 12,823.53 8,000,000.00 8575787.49 1,543.821.40 0.00 $ 1,543.821.40 $ 10,403.00 $ 1.543.821.40 9,329.00 1,046.58 951,342.61 30.152.36 7,858.79 3,540.139.54 35.121.49 17.525.33 5,286,001,81 41.344.00 5,758.783.53 4.722.914.85 $ 10891158.62 $ 11.064.825.67 $ 1,912,943.90 $ 6 257.583.86 $ 21,217,391.25 $ 19.640.413.16 3 CITY OF CARROLLTON BOARD OF EDUCATION CARROLL COUNTY COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30 1999 REVENUES State Funds Federal Funds Taxes Other Funds Tolal 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 capitalOUUay Debt Service Principal Interest Totar Expenditures Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES IUSES) Debt Proceeds from City of carrollton (Net) capital Leases Operating Transfers In Operating Transfers Out Total Other Financing Sources (Uses) Excess of Revenues and Other Financing Sources over (under) Expend~ures and Other Financing Uses FUND BALANCE JULY 1 Food Inventory - Net Change in Period Donated Commodities Purchased Food GENERAL FUND SPECIAL REVENUE FUND $ 12,682,775.62 $ 2,306.00 7,123,368.12 980,347.79 $ 20,788,797.53 $ 978,341.23 1,933,291.23 525.536.39 3,437,168.85 $ 12,359,787.98 $ 732,873.41 869,119.08 450,216.23 2,127,480.57 1,239,687.36 121,983.01 1,599,629.17 616,983.25 44,885.89 208,573,95 43,280.00 222,993.80 558,064.68 26,644.70 $ 21,222,162.88 $ $ -433,365.35 $ 1,414,008.73 299,289.26 312,872,04 171,12 391,773.25 131.36 5,794.80 19,032.85 58,936,91 1,332,253.44 114,994.99 5,364.01 3,954,622.76 -517,453.91 $ 1,662,587.90 $ 121,470.25 -282,045.33 $ 1,501,992.82 S $ 1,088,627.47 $ 4,553,796.60 345,252.10 139,470.44 464,722.54 -32,731,37 232,140.65 -9,666.54 -4,969.13 FUND BALANCE JUNE 30 $ The notes to the general purpose financial statements are an Integral part of this statement. -4- 5,622,424.07 S 184,773.61 EXHIBIT"B" CAPITAL PROJECTS FUND DEBT SERVICE FUND TOTALS (Memorandum Only) YEAR ENDED JUNE 30, 1999 JUNE 30, 1998 $ 235,924.20 $ 13,897,041.05 $ 14.117.688.86 1,935.597.23 1,441.633.97 $ 2,367.939.38 9,491.307.50 7,293.092.60 277,468.27 38,453.16 1,821.805.61 1.615,696.48 $ 513.392.47 $ 2,406.392.54 $ 27.145,751.39 $ 24.468.311.91 $ 2,321,703.38 $ $ 2,321,703.38 $ $ -1,808.310.91 $ $ 13,773,796.71 $ 13,411,677.19 1.032,162.67 1,181,991.12 450,387.35 2,519,253.62 1,239,818.72 121,963.01 1,605,423.97 635,996.10 44,885.89 267,510.86 1,375,513.44 2,544.696.96 877,676.44 862,285.38 417,345.55 548,614.37 1,121,965.40 231,890.03 1,481,736.46 637,668.75 79,348.25 259,770.21 1,300,982.88 2,000,718.61 1,335,000.00 478,913.75 2,008,059.67 510,922.46 289,219.71 44,915.12 1.813,913.75 $ 29.312.402.77 $ 23,565.812.35 592,478.79 $ -2.186,651.38 $ 902.499.56 $ 142,574.89 -121.470.25 $ 21.104.64 $ -1,787,206.27 $ 5,327,345.81 $ 6,029,778.75 $ 2,007,820.00 12,000.00 403,515.58 71,611.71 -403.515.58 -71.611.71 $ 2.007.820.00 $ 6.041,778.75 592,478.79 $ -158,831.38 $ 951,342.61 11,064,825.67 6,944,278.31 4,101,073.04 -9,666.54 -4.969.13 9,640.72 9.433.60 $ 3,540,139.54 $ 1,543,821.40 $ 10,891.158.62 $ 11,054,625.67 -5- CITY OF CARROLLTON BOARD OF EDUCATION - CARROLL COUNTY COMBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL GENERAL AND SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30 1999 EXHIBIT"C" GENERAL FUND BUDGET ACTUAL REVENUES SIale Funds Federal Funds Taxes Other Funds $ 12,160,616.00 S 12,682,775.62 2,306.00 6,700,825.00 7,123,368.12 440,310.00 980,347.79 Tolal Revenues $ 19,301,751.00 20,788,797.53 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 Sludenl Transportation Services Central Support Services Other Support Services Food Services Operation capilal OUtlay Debt Service Totel Expenditures S 13,086,060.97 S 12,359,787.98 702,135.99 653,759.00 456,784.00 436,961.00 1,335,705.00 114,458.00 1,624,071.00 755,236.00 61,595.00 44,929.00 282,949.00 732,673.41 869,119.08 450,216.23 2,127,480.57 1,239,687.36 121,983.01 1,599,629.17 616,963.25 44,885.89 208,573.95 43,280.00 222,993.80 584,709.38 S 19,554,823.96 $ 21,222,182.68 Excess of Ravenues over (under) Expenditures OTHER FINANCING SOURCES (USES) S -252,872.96 S -433,385.35 Other Sources Other Uses Tolal Other Financing Sources (Uses) $ 1,784,038.15 -282,045.33 $ 1,501,992.82 Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses S -252,872.96 S 1,068,627.47 FUND BALANCE JULY 1 1998 4,553,677.37 4,553,796.60 Food Inventory - Nat Change in Period Donated Commodities Purchased Food SPECIAL REVENUE FUND BUDGET ACTUAL $ 901,231.00 $ 978,341.23 1,592,709.59 1,933,291.23 731,444.56 525,536.39 $ 3,225,385.15 $ 3,437,168.85 $ 1,297,605.00 $ 1,414,008.73 229,695.00 165,479.00 9,047.00 13,413.00 21,660.00 299,289.26 312,872.04 171.12 391,773.25 131.36 5,794.80 19,032.85 213,206.29 1,276,776.17 58,936.91 1,332,253.44 120,359.00 S 3,226,881.46 $ 3,954,622.76 S -1,496.31 $ -517,453.91 $ 496.31 $ 484,722.54 S 496.31 $ 484?22.54 S -1,000.00 $ -32,731.37 236,936.58 232,140.85 -9,688.54 -4,969.13 FUND BALANCE JUNE 30 1999 $ 4,300,804.41 $ 5,822,424.07 $ 237,936.58 S 184,773.61 The notes 10 the general purpose financial statements are en Integral part of this slatement -6- CITY OF CARROLLTON BOARD OF EDUCATION - CARROLL COUNTY EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 1UNE3Q 1999 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POUCIES REPORTING ENTITY The City ofCarrollton Board of Education (Board) was established under the laws ofthe State ofGeorgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes. Accordingly, the Board is a primary government and consists of all the organizations that compose its legal entity. FUND ACCOUNTING The Board uses funds and an account group to report on its financial position and the results ofits operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. General Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Board. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. Although "school activity accounts" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. The general purpose financial statements account for all State, Federal, Taxes and Other funds under control 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 educational activities. Governmental Fund Types include: GENERAL FUND - the fund used to account for all financial resources ofthe Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. SPECIAL REVENUE FUND - the fund used to account for the proceeds ofspecific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department of Education and from the Federal government to accomplish specific educational objectives. -7- CITY OF CARROLLTON BOARD OF EDUCATION - CARROLL COUNTY EXHIBIT "0" NOTES TO THE GENERAl, PURPOSE FINANCIAL STATEMENTS flJNE3Q 1999 Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POUCIES 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 accwnulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. ACCOUNT GROUP GENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding and capital lease obligations. BASIS OF ACCOUNTING The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. AJI governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure ofavailable 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 !,ccount Group. Governmental funds are accounted for using the modified accrual basis ofaccounting under which: Revenues are recognized when susceptible to accrua1 (i.e., when they become both measurable and available). "Measurable" means the amount ofthe transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities ofthe current period. Those revenues considered susceptible to accrual are propertY taxes, local option sales taxes, intergovernmental grants and investment income. Expenditures are generally recognized when the related fund liability is incurred. A substantial nwnber of personnel of the Board were employed for a one hundred and ninety day ,period beginning in late August ofl998 and ending in early June 1999. Employment contracts for these employment periods typically specify that compensation be paid in twelve equal monthly payments beginning in September 1998 and ending in August 1999. 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. 8 CITY OF CARROUJQN BOARD OF EDUCATION - CARROLL COUNTY EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30 1999 Note I' SUMMARY OF SIGNIFICANT ACCOUNTING POUCIES BUDGET The City ofCarrollton Board ofEducation's budget is a complete financial plan for the Board's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level of budget control was established by the Board at the aggregate level. The budget for governmental funds was prepared in accordance with 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 of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. CASH AND CASH EQUIVALENTS COMPOSITION OF DEPOSITS Cash and cash equivalents consist ofdeposits in authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. INVESTMENTS COMPOSITION OF INVESTMENTS Investments made by the Board in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code ofGeorgia Annotated Section 36-83-4 authorizes the Board to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: (1) Obligations issued by the State ofGeorgia or by other states, (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, -9- CITY OF CARROLIJQN BOARD OF EDUCATION - CARROll, COUNTY EXHIBIT "0" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE3Q 1999 Note I' SUMMARY OF SIGNIFICANT ACCOUNTING POUCIES (4) Obligations of any corporation of the United States government, (5) Prime banker's acceptances, (6) The Local Government Investment Pool administered by the State of Georgia, Office 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 on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. PROPERTY TAXES The City of Carrollton City Clerk fixed the property tax levy for the 1998 tax year (calendar year) on August 31, 1998 (levy date). Taxes were due on December 20,1998. The lien date for property taxes was January I, 1998. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1999. The City ofCarrollton City Clerk bills and collects the property taxes for the Board of Education and remits taxes collected to the Board. The tax millage rate levied for the 1998 tax year (calendar year) for the City ofCarrollton Board of Education was as follows (a mill equals $1 per thousand dollars ofassessed value): School Operations ~mills SALES TAXES Special Purpose Local Option Sales Tax is to be used for capital outlay for educational purposes and debt service. Special Purpose Local Option Sales Tax revenue during the fiscal year amounted to $2,367,939.38 and was recorded in the Debt Service Fund. The State will terminate collection ofthis tax once an additional $12,369,812.42 has been collected or on December 31, 2002, whichever occurs first. -10- cny OF CARROLLTON BOARD OF EPUCATION - CARROLL COUNTY EXHffiIT "D" NOTES TO JHE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30 1999 Note 2: PEPOSITS AND INVESTMENTS Acceptable security for deposits consists ofanyone ofor 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 ofindebtedness or other obligations ofthe counties or municipalities of the State of Georgia, (5) Bonds ofany public authority created by the laws ofthe State ofGeorgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose, (6) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws of the State of Georgia, and (7) Bonds, bills, notes, certificates ofindebtedness, or other obligations ofa subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. . CATEGORIZATION OF DEPOSITS At June 30, 1999, the bank balances were $10,437,890.91. The amounts of the total bank balances are classified into three categories of credit risk: Category 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. Category 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name. Category 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the ~oard's name.) The Board's deposits are classified by risk category at June 30, 1999, as follows: - 12- Cra OF CARROLLTON BOARD OF EPUCATION - CARROLL COl JNTY EXHIBIT "P" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE30 1999 Note 2' DEPOSITS AND INVESTMENTS Rjsk Categmy Bank Balance 1 $ 100,000.00 2 0.00 3 10 337 890 91 Total $10.437890.91 CATEGORIZATION OF INVESTMENTS At June 30,1999, the fair value of the Board's total investments was $1,499,947.36 and this entire amount consisted ofU. S. Treasury money market mutual funds which are not required to be classified by categories of credit risk. Note 3' NON-MONETARY TRANSACTIONS The Board receives food commodities from the United States Department ofAgriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories Note 4' RISK MANAGEMENT The Board is exposed to various risks ofloss related to torts; theft of, damage to, and destruction ofassets; errors or omissions; job related illness or injuries to employees; natural disaster and unemployment compensation. The Board has obtained commercial insurance for risk of loss associated with torts, assets, errors or omissions, job related illness or injuries to employees and natural disaster. 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 is self-insured with regard to unemployment compensation claims. The Board accounts for claims within the General Fund with expenditure and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. Changes in the unemployment compensation claims liability during the last two fiscal years are as follows: Beginning of Year Liability Claims and Changes in Estimates Claims . Paid End ofYear Liability 1998 $ 000 $ 2702.00 $ 270200 $ 000 1999 $ 000 $ 14250,00 $ 1425000 $ 000 -13 - CITY OF CARROIJ3ON BOARD OF EDUCATION - CARROLL CillJNIT EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE3Q 1999 Note 4' RISK MANAGEMENT The Board has purchased a surety bond to provide additional insurance coverage as follows: Position Covered Superintendent $ 100,000.00 Note 5' GENERAL LONG-TERM DEBT CAPITAL LEASES The City of Carrollton Board of Education has entered into various lease agreements as lessee for classroom computer equipment and copiers. These lease agreements qualifY as capital leases for accounting pmposes and, therefore, have been recorded at the present value of the future minimum lease payments as of the date oftheir inception. CITY OF CARROLLTON DEBT PROCEEDS The Board entered into a joint resolution with the City of Carrollton (City) whereby the City issued $6,000,000.00 of 1998 Series general obligation debt on behalfofthe Board to finance the cost of acquiring, constructing, renovating, modifYing, improving, extending and equipping capital outlay projects throughout the City of Carrollton School System. The Board has agreed that Sales and Use Tax proceeds sufficient to retire the principal and interest will be placed in escrow to service the debt. The changes in General Long-Term Debt during the fiscal year ended June 30, 1999, were as follows: Balance July 1,1998 Retroactive Restatement ofPrior Year Balances Balance July I, 1998 Restated Additions Capital Leases Deductions Payments Balance June 30, 1999 Capital Leases $ 527,652.40 City of Carrollton Debt Proceeds $ 6,000,000.00 Total $ 6,527,652.40 -51482887 000 -5]4 828 87 $ 12,823.53 $ 6,000,000.00 $ 6,012,823.53 2,007,820.00 2,007,820.00 67305967 109000000 1.76305967 $ 1 34758386 $ 4 910 000 00 $ 6 25758386 - 14- coy OF CARROLLTON BOARD OF EDUCATION - CARROLL COUNfY EXHIBIT "0" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE3Q 1999 Note 5' GENERAL LONG-TERM DEBT At June 30, 1999, payments due by fiscal year which includes principal and interest for these items are as follows: Fiscal Year Ended June 30 2000 2001 2002 2003 Capital Leases City of Carrollton Debt Proceeds Total Debt $ 702,904.28 702,904.28 58,954.28 98386 $ 1,344,322.50 1,345,660.00 1,358,457.50 1 36825750 $ 2,047,226.78 2,048,564.28 1,417,411.78 136924136 Total Principal and Interest $ 1,465,746.70 $ 5 416 697 50 $ 6 882 44420 Deduct: hnputed Interest 118 16284 Net Present Value ofFuture Minimum Lease Payments $1.347,583.86 Note 6' ON-BEHALF PAYMENTS The Board has recognized revenues and expenditures in the amount of$334,879.74 for health insurance and retirement contributions paid on the Board's behalf by the following State Agencies. Georgia Deparnnent ofEducation Paid to the State Merit System ofPersonnel Administration For Health Insurance ofNon-Certified Personnel In the amount of$266,100.87 Paid to the Teachers Retirement System ofGeorgia For Teachers Retirement System (IRS) Employer's Cost In the amount of$21,222.87 Office ofTreasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of$47,556.00 Note 7' SIGNIFICANT COMMITMENTS The following is an analysis ofsignificant outstanding construction or renovation contracts executed by the Board as ofJune 30,1999, together with funding available: - 15- CITY OF CARROLLTON BOARD OF EDUCATION - CARROLL COUNTY EXHlBIT "0" NOTES TO TIIE GENERAL PJJRPOSE FINANCIAL STATEMENTS UJNE3Q 1999 Note 7' SIGNIFICANT COMMITMENTS Unearned Executed Contracts Funding Available From State Addition to Central Board Office High School Cafeteria Addition Maple Street Renovations 99G/98-766-069 $ 257,038.00 1,213,803.37 178,417.96 79 89644 $ 26 213 80 $ 1 729 15577 $ 26213.80 The amounts described in this note are not reflected in the general purpose financial statements. Note 8' CONTINGENT LlABUJIIES 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 clencal personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (IRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Board who are covered by IRS are required by State statute to contribute 5% oftheir gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.95% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: -16- CI1Y OF CARROLLTON BOARD OF EDUCATION - CARROLL COUNTY EXHIBIT "0" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE3Q 1999 Note 9' RETIREMENT PLANS Fiscal Year 1999 1998 1997 Percentage Contributed 100% 100% 100% Required Contribution $ 1,473,235.90 $ 1,360,750.30 $ 1,297,951.36 - 17- CITY OF CARROLLTON BOARD OF EDUCATION - CARROLL COUNTY COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30 1999 Cash and Cash Equivalents Accounts Receivable Inventories Food Donated Commodities Purchased Food Tolal Assets LIABILITIES AND FUND EqUITY LIABILITIES Cash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable Tolal Liabilities FUND EqUITY Fund Balances Reserved For Continuation of Federal Programs For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated Tolal Fund Equity Tolal Liabilities and Fund Equity SCHOOL FOOD SERVICES FUND LOTIERY PROGRAMS $ 183,507.34 $ 128,152.45 11,105.11 8,909.56 30,152.36 7,858.79 $ 232,623.60 $ 137,062.01 $ 16,701.31 $ 42,410.48 57,701.72 88,632.17 $ 74,403.03 $ 131,042.65 S 30,152.36 7,858.79 120,209.42 $ S 158,220.57 S 6,019.36 6,019.36 S 232,623.60 $ 137,062.01 See notes to the general purpose financial statements. -18- EXHIBIT"E" FEDERAL PROGRAMS OTHER PROGRAMS TOTALS JUNE 30, 1999 JUNE 30, 1998 $ 21,183.98 $ 332,843.77 $ 230,883.19 $ 491,405.35 511,420.02 319,306.85 30,152.36 7,858.79 35,121.49 17,525.33 $ 491,405.35 $ 21,183.98 $ 882,274.94 $ 602,836.86 $ 362,297.43 46,300.67 $ 75,012.56 7,794.69 $ 491,405.35 $ $ 650.30 650.30 $ 362,297.43 $ 106,062.76 221,346.45 7,794.69 697,501.33 $ 230,675.84 24,282.85 112,535.92 3,201.80 370,696.21 $ 1,046.58 $ 30,152.36 7,858.79 35,121.49 17,525.33 $ 0.00 $ 20,533.68 - 146,762.46 178,447.25 $ 0.00 $ 20,533.68 $ 184,773.61 $ 232,140.65 $ 491,405.35 $ 21,183.98 $ 882,274.94 $ 602,836.86 -19 CITY OF CARROLLTON BOARD OF EDUCATION - CARROLL COUNTY COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUND YEAR ENDED JUNE 30 1999 REVENUES State Funds Federal Funds 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 Other Support Services Food Services Operation Debt Service Principal Interest Total Expenditures Excess of Revenues over (under) Expend~ures OTHER FINANCING SOURCES (USES) Capital Leases Operating Transfers In Total Other Financing Sources (Uses) Excess of Revenues and Other Financing Sources over (under) Expend~res end Other Finencing Uses FUND BALANCE JULY 1 Food Inventory - Net Change in Period Donated Commod~ies Purchased Food FUND BALANCE JUNE 30 See notes to the general purpose financial statements. 20 SCHOOL FOOD SERVICES FUND LOTIERY PROGRAMS $ 95,594.00 $ 701,016.72 479,509.59 $ 1,276,120.31 $ 842,326.04 9,764.70 852,090.74 $ 25.00 $ IT2,654.48 171.12 1,179,18 106,072.48 4,355.76 202,469,31 336.82 5,457.98 1,332,253.44 1,761,91 67,214.74 3,135,26 $ 1,333,965.56 $ 1,163,121.92 $ -57,845,25 $ -311,031,18 $ 201,800,32 115,250.22 $ 317,050.54 $ -57,845.25 $ 230,701.49 6,019.36 0.00 -9,666,54 -4,969.13 $ 158,220.57 $ 6,019.36 EXHIBIT "F" FEDERAL PROGRAMS OTHER PROGRAMS TOTALS YEAR ENDED JUNE 30, 1999 JUNE 30, 1998 $ $ 1,232,274.51 $ 1,232,274.51 $ 40,421.19 $ 36,262.10 978,341.23 $ 1,933,291.23 525,536.39 1,022,759.74 1,441,014.06 591,988.11 76,683.29 $ 3,437,168.85 $ 3,055,761.91 $ 641,329.25 169,559.38 $ 308,516.28 187,561.94 72.50 19,032.85 691.67 47,780.25 2,228.75 S l,376,IT2.87 S S -144,498.36 S $ 1,414,008.73 $ 1,160,347.86 23,657.40 562.82 58.86 56,483.33 299,289.26 312,872.04 171.12 391,773.25 131.36 5,794.80 19,032.85 58,936.91 1,332,253.44 282,359.99 99,123.25 81,904.86 6.00 44,171.68 19,102.84 81,420.21 1,264,033.96 114,994.99 5,364.01 66,520.53 11,167.47 80,762.41 S 3,954,622.76 S 3,110,158.65 -4,079.12 S -517,453.91 S -54,396.74 S 143,451.78 S S 143,451.78 S S -1,046.58 S 1,046.58 S 24,220.22 24,220.22 S 345,252.10 139,470.44 S 484,722.54 S 30,267.71 30,267.71 20,141.10 S 392.58 -32,731.37 S 232,140.65 -24,129.03 236,995.36 -9,666.54 -4,969.13 9,840.72 9,433.60 S 0.00 S 20,533.68 S 184,IT3.61 S 232,140.65 - 21 - CITY OF CARROLLTON BOARD OF eDUCATION - CARROLL COUNTY COMBINING BALANCE SHEET CAPITAl PROJECTS FUND JUNE 30, 1999 EXHIBIT"G" 8lli Cash and cash Equivalents Investments Accounts Receivable Due from Other FundS Total Assets ~ BOND PROCEEDS $ 61,852.85 $ 2,399,838.30 LOTTERY PROJECT TOTALS JUNE 30, 1999 JUNE 30, 1998 $ 2,461,691.15 2.110.171.47 2,110,171.47 $ 235.924,20 235,924,20 $ 6,085,566.22 ---- 472,141.06 472.141.06 673.991.47 $ 61,852.85 $ 4,510:009.n $ 708,065,26 $ 5,279,927.88 $ 6,759,557.69 LIABILITIES AND FUND EQUITY ~ cash Overdraft Accounts Payable Contracts Payable Retaina9es Payable Due to Other Funds Total Liabilities FUND EQUITY Fund Balances Reserved For Purposes of Bond Issue For Stale capital Ouaay Projects UrveseNed Undesignaled Total Fund Equity $ $ 47,796.85 14.056.20 $ 521,670.17 $ 3.175.00 430,993.07 139,700.54 83.581.10 46.694.55 472,141.06 521.670.17 $ 3,175.00 618,490.26 124,311.85 472.141,08 199,231.75 450.726.26 108,262.40 673,991.47 $ 61,852.85 $ 969.870.23 $ 708,065.26 $ 1,739,788.34 $ 1.432,211.88 $ 3.540.139.54 $ 0.00 0.00 $ $ 0.00 $ 3.540.139.54 $ $ 3,540,139.54 $ 5.286.001.81 41.344.00 0.00 0.00 0.00 0.00 $ 3.540,139.54 $ 5.327,345.81 Total liabilities and Fund Equity $ 61.852.85 $ 4.510,OO9.n $ 708,085.26 $ 5,279,927.88 $ 6,759,557.69 see notes to the general purpose financial statements. -22- CITY OF CARROLLTON BOARD OF EDUCATION - CARROLL COUNTY COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES CAPITAL PROJECTS FUND YEAR ENDEp JUNE 30 1999 EXHIBIT"H" REGULAR BOND PROCEEDS LOTTERY PROJECT TOTALS YEAR ENDED JUNE 30, 1999 JUNE 30 1998 REVENUES Slale Funds Other Funds $ 235,924.20 $ 235,924.20 $ 1,012,118.00 0.00 277.48827 277,468.27 76,924.41 Total Revenues 0.00 $ 277.468.27 $ 235,924.20 $ 513,392.47 $ 1,089,042.41 EXPENDITURES Current Support services Business AdminIstration capitalOuuay Building and Building Improvements 142.574.89 978221.13 $ 1.200,907.36 2,321.703.38 124,176.98 1,831.457.47 Total Expenditures 142.574.89 $ 978221.13 $ 1.200,907.36 2,321.703.38 $ 1,955,836.45 Excess of Revenues over (under) Expenditures $ -142.574.89 -700.752.86 $ -964,983.16 $ -1,808310.91 $ -866.594.04 OTHER FINANCING SOURCES (USES) Premiums on Bonds Sold Proceeds from General Obligation Bonds Par Value Operating Transfers In Operating Transfers Out $ 7,247.85 $ 142,574.89 $ 986,906.86 $ 1,129.481.55 $ 1.045.109.41 -63.267.50 -1.108,376.91 6,000,000.00 715.335.47 -673.991.47 Total Other Flnandng Souroes (Uses) $ 142.574.89 $ -1.045,109.41 $ 923.839.16 21.104.64 $ 6,048.591.85 Excess of Revenues and Other Anandng Souroes over (under) Expenditures and Other Rnendng Uses $ 0.00 $ -1,745,88227 $ -41,344.00 $ -1.787,20627 $ 5,181,997.81 FUND BALANCE JULY 1 0.00 5286,001.81 41.344.00 5,327 345.81 145348.00 FUNP BALANCE JUNE 30 $ 0.00 $ 3,540.139.54 $ 0.00 $ 3,540,139.54 $ 5,327.345.81 see noles to the general purpose f1nandal statemants. -23- CITY OF CARROLLTON BOARD OF EDUCATION - CARROLL COUNTY SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30 1999 SCHEDULE "1" FUNDING AGENCY PROGRAM/GRANT Agriculture, U. S. Department of Child Nubition Cluster Pass-Through From Georgia Department of Education Food and Nubition Program Food Services School Breakfast Program 1999 Grant National School Lunch Program 1999 Grant Tolal Chil~ Nubition Cluster Other Programs Pass-Throu9h From Georgia Department of Education Food and Nubition Program Food Disbibutlon Program (1) Total U. S. Department of Agriculture Education, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Individuals with Disabilities Education Act Part B - Special Education capaclly Building Improvement 1999 Grant Flow Through 1999 Grant Preschool 1999 Grant Tolal Special Education Clus1er Other Programs Dired ImpaetAld 1999 Grant Pass-Through From Georgia Department of Education Elementary and Secondary Education Act Title I Grants to Local Educational Agencies 1999 Grant TItiell Eisenhower Professional Development 1998 Grant 1999 Grant Tltie III Technology Uleracy Challenge Fund Grants 1999 Grant TItieVI Innovative Education Prognim Strategies 1999 Grant CFDA NUMBER PASSTHROUGH ENTITY 10 NUMBER FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD 10.553 10.555 N/A $ NlA $ 138,234.17 492,787.76 631,021.93 $ (2) 1.263,970.77 (4) 1,263,970.77 10.550 NlA $ 69.994.79 701,016.72 $ 69.994.79 1,333.965.56 84.173 84.027 84.173 NlA $ NlA NlA $ 16,466.00 $ 314.305.95 53.904.49 384,676.44 $ 16.466.00 314,305.95 53.904.49 384.676.44 84.041 2.306.00 (3) 84.010 NlA 84.281 NlA 84.281 NlA 84.318 NlA 84.298 NlA 354.908.64 19,453.20 110.854.32 16,906.12 354.908.64 130.05 19,453.20 110,854.32 16.906.12 -24- CITY OF CARROLLTON BOARD OF EDUCATION - CARROLL COUNTY SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30 1999 SCHEDULE "1" FUNDING AGENCY PROGRAM/GRANT Education, U. S. Department of Other Programs Pas&-Through From Georgia Department of Education Goals 2000 Stale and Local Education Syslemic Improvement Grants 1998 Grant 1999 Grant Stewart B. McKinney Homeless Assistance Act Education for Homeless Children and Youth 1999 Grant Vocational Education - Basic Grants to States High School Program Basic Grant 1999 Grant Tech-Prep Education 1999 Grant Total U. S. Department of Education CFDA NUMBER PASSTHROUGH ENTITY 10 NUMBER FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD 84.276 84,276 84.196 NJA NJA $ $ 284,389.13 916.53 284,389.13 (5) NJA 27,237,66' 27.237.66 84.048 84.243 NJA 28.849.00 28.849.00 NJA 5.000.00 5.000.00 $ 1.234,580.51 $ 1.233.321.09 Total Federal Financial Assistance $ 1.935.597.23 $ NJA =Not Available Notes 10 the SchedUle of ExpendlhJres of Federal Awards (1) The amounts shown for the Food Dls1ribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities _ and/or consumed by the system during the cunant fiscal year. (2) Expenditures for the SChool Braakfast Program were not maintained separately and are Included In the 1999 National School Lunch Program. (3) Expenditures on this programlproject were not maintained on a prograrntproject basis. (4) Expenditures for this program Indude Stale. and/or Other Funds. Expenditures are not maintained by fund scuoe. (5) Expenditures In the amount of $143.451.78 essocIated with the Inception of a capltalleese hava _n excluded from this schedule. Major Programs are Identified by an asterisk r) In front of the CFDA number. The Board did not provide Federal AssIstance to any SUbredplenL The accompanying schedule of expenditures of Federal awardS Includes the Federal grant activity of the City of Carrollton Board of Education and Is presented on the modified acauat basis of aocounting which Is the basis of accounting used In the presentation of the _ I purpose financial statements. 2.567.286.65 see notes to the general purpose financial statements. -25- C'TY OF CARROLLTON BOARD OF EDUCATION - CARROLL COUNTY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30 1999 SCHEDULE "2" AGENCY/FUNDING GRANTS Education, Geor9ia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Cenler Programs Staff Development Programs Indirecl Cost Pupil Transportation RegUlar Bus Replacement Middle Schoollncentivn Program Special Instructional Assistance In-School Suspension Mid-term Adjustment Counselors Grades 4 and 5 Technology Specialist Local Fair Share Deferred Summer Salaries (Prior Year) Deferred Summer Salaries (Current Year) Educational Equalization Funding Grant Food Services Vocational Education Other State Programs At-Risk Summer School Program Governor's Emergency Funds (1) Health Insurance Mentor Teacher Program Preschool Handicapped Program Remedial Summer School Program Student Record Grant Teachers' Retirement Lottery Programs Assistive Technology Computers In the Classroom Exceptional Growth-Capital OuUay Georgia Department of Natural Resources Governor's Emergency Funds (2) Juvenile Justice, Georgia Department of Famlty Connection OffICe of School Readiness Pre-Kindergarten Program OffICe of Treasury and FIScal Services Public School Employees Retirement GOVERNMENTAL FUND TYPES SPECIAL CAPITAL GENERAL REVENUE PROJECTS FUND FUND FUND TOTAL $ 7,872,023.00 1,515.468.00 355,827.00 340,181.00 92,709.00 2,148,272.00 $ 7,872,023.00 1,515,468.00 355,827.00 340,181.00 92,709.00 2,148,272.00 222,793.00 69,364.00 270,869.00 346,718.00 90,096.00 73,915.00 31,250.00 28,642.00 -1,928,810.00 -1,653,541.00 1,745,244.00 622,483.00 S 12,000.00 95,594.00 222,793.00 69,364.00 270,869.00 346,718.00 90,096.00 73,915.00 31,250.00 28,642.00 -1,928,810.00 -1,653,541.00 1.745,244.00 622,483.00 95,594.00 12,000.00 13,613.83 2,000.00 268,100.87 2.916.00 54,050.00 4,950.00 2,663.25 21,222.87 13,613.63 2,000.00 266,100.87 2,916.00 54,050.00 4,950.00 2,663.25 21,222.87 8,864.56 70,350.00 S 235,924.20 8,864.56 70,350.00 235,924.20 10,000.00 10,000.00 40,421.19 40,421.19 763,111.48 763,111.48 47,556.00 47,556.00 S 12,682,n5.62 $ 978,341.23 S 235,924.20 S 13,897,041.05 (1) The purpose of the funds are 1999 Georgia School of Excellence. (2) The purpose of the funds are to assist wlth resurfacing tennis courts and related Improvements. See notes to the general purpose financial statements. -26- CITY OF CARROLLTON BOARD OF EDUCATION - CARROLL COUNTY SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS YEAR ENDED JUNE 30 1999 SCHEDULE "3" PROJECT ORIGINAL ESTIMATED COST (1) CURRENT ESTIMATED COST (2) AMOUNT EXPENDED IN CURRENT YEAR (3) (4) AMOUNT EXPENDED IN PRIOR YEARS To pay the principal and interest coming due on the outstanding Series 1990 and Series 1995 General Obligation School Bonds of the City of Carrollton as the same come due on July 1. 1998 through July 1. 2003 $ 2.916.697.50 $ 2,916,697.50 $ 485.351.25 $ 0.00 Funding the acquisition, construction. renovation, modification. improvement. extending and equipping of capital outlay projects throughout the Canrolhon School System. including. but without limitation, renovations. modifications. improvements. extensions and equipping of facilities at the Canrollton High School to include a band room. kitchen expansion and the addition of a science wing; at the Canrollton Junior High School to Include a classroom addition of regular classrooms. science classrooms. a technology laboratory and a media center; at the Canrollton Elementary School to Include a classroom addition of regular classrooms. restrooms. covered walkways; and Improvements to the Maple Street Education Center, Including the acquisition of all property. both real and personal 12.743.302.50 12.743.302.50 2.179.128.49 1.889.660.22 $ 15.660.000.00 $ 15.660.000.00 $ 2.664,479.74 $ 1.889.660.22 (1) The Board's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. (2) The Board's cummt estimate of IoIaI cost for the projects. Includes all cost from project inception to completion. (3) The voters of City of Carrollton approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. Amounts expended tor these projects may Include sales tax proceeds. state. local property taxes andlor other funds over the life of the projects. (4) In addition to the expenditures shown above. the Board has incurred Interest expense to provide advance funding tor the above projects as follows: Prior Years $ 0.00 CummtYear 238.562.50 Telal $_....;;23:;;8.:;.56;,;,;2;,;,;.50;;;, Sea notes to the general purpose financial statements. -27 CITY OF CARROLLTON BOARP OF EDUCATION - CARROLL COUNTY SCHEDULE OF EXPENDITURES LOTIERY PROGRAMS YEAR ENDED JUNE 30 1999 SCHEDULE '4' EXPENDITURES ASSISTIVE TECHNOLOGY COMPUTERS IN THE CLASSROOM PREKINDERGARTEN PROGRAM TOTAL Current Instruction $ Support Services Pupil Services Improvement of Instructional Services General AdministraUon Maintenance and OperaUon of Plant Other Support Services Debt Service Principal Interest 8,864.56 $ $ 67,214.74 3,135.26 763,789.92 $ n2,654.48 106,072.48 4,355.76 668.99 5,457.98 1,761.91 106,072.48 4,355.76 668.99 5,457.98 1,761.91 67,214.74 3,135.26 Total Expenditures $ 8,864.56 $ 70,350.00 $ ..8.8:2:,1;0;7;.=0~4_ $ 961,321.60 RECAP: Salaries and Benefits Pre-Kindergarten Program Other Expend~ures Assislive Technology Computers In Uhe Classroom Pre-Kindergarten Program $ 826,610.69 8,864.56 70,350.00 55,496.35 $ 961,321.60 see notes to the general purpose financial slatementa. -28- CITY OF CARROLLTON BOARD OF EDUCATION - CARROLL COUNTY ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30 1999 SCHEDULE '5' Minimum Expenditure Requirements (Total Allotment) Expenditures on Combined Program Basis Salaries (1) (2) Operations Less: Expenditures for Media Center Programs in Excess of Total Media Allotment Expenditures per Audit FOURTEEN WEIGHTED AND MEDIA CENTER PROGRAMS 100% TEST FOR OPERATIONS PORTION OF FOURTEEN WEIGHTED PROGRAMS $ 10,157,414.00 $ 292,387.00 $ 10,618,027.27 1,148,415.11 $ 1,056,778.16 $ 11,766,442.38 -97,660.22 $ 11,668,782.16 Amount of Underexpenditure for Total Allotment $ 0.00 $ 0.00 Note: (1) Salary accruals (July and August 1999 Deferred Salaries) reported as expenditures in the General Purpose Financial Statements are not included on this analysis in order to comply with program guidelines. (2) Salary accruals (July and August 1998 Deferred salaries) reporled as expenditures in the prior year General Purpose Financial Statements are included on this analysis as required by program guidelines. see notes to the general purpose financial statements. - 29 - CITY OF CARROLLTON BOARD OF EDUCATION. CARROLl COUNTY ANALYSIS OF MINIMUM EXPENPITURE REQUIREMENTS ~ BY PROGRAM GENERAL FUND - QUALJD' BASIC EDUCATION pROGRAMS YEAR ENDED JUNE 30 1QQQ GENERAL AND CAREER EDUCATION PROGRAMS Kindergarten (*) Grades 1-3(*} Sub-Total K-3 Grades 6 - 8 (oJ Grades 9 -12 (oJ High School Laboratories (*) Vocational Education Laboratories r) Total General and Career Education Programs SPECIAL EPUCATION PROGRAMS Regular Programs Ca,-rylrl Ca'-IYUrJ Ca,-rylllrJ Ca'-IY IV (0) Sub-TotaI- Regular Ca'-IY VI (Gifted) rJ Tolal Special Education Progl'8lTll REMEDIAl EDUCATION pROGRAM Cl Tolal Fourteen Weighted Programs MEDIA CENTER PROGRAMS Salaries Operations Total Media Center Programs Total Fourteen Weighted and Media Center Programs STAFF PEYElOF'MENT PROGRAMS COSt of Instruction ProIessIonal Development Tolal Stall Development Prcgrams rJ Identifies Fourteen Weighted Programs. (1) SaIory accruals (July and August 1999 Dafarrad Salaries) reported 8S expenditures in the General Purpose financial Statements are not included on this analysis in order 10 comply with program guidallnas. See notes 10 the general purpose financial statements. ALLOTMENTS FROM GEORGIA DEPARTMENT OF REQUIRED ORIGINAL ~ ORIGINAL MID-TERM 860,507.00 2.383.963.00 3.244,470.00 90 931,563.00 90 1,611,246.00 90 1.031.343.00 90 859.594.00 90 393.807.00 90 7.872.023.00 n4.456.3O 2,145.5ll6.70 2,920.023.00 838,406.70 1.450.121.40 928.208.70 593.634.60 354.428.30 7,084,820.70 0.00 0.00 38.957.00 38.958.00 73,915.00 1.223.8n.00 1,101.489.30 $ 0.00 1.223.en.00 90 291.591.00 90 1.515.488.00 355.827.00 90 9.743.318.00 1,101.489.30 282.431.90 1.363.921.20 320.244.30 8.788.988.20 0.00 0.00 0.00 73.915.00 271,887.00 90 244.898.30 0.00 88.294.00 100 88.294.00 340.181.00 312,992.30 0.00 $ 10.083,499.00 9.081,978.50 $ 73.915.00 29.242.00 83.487.00 29,242,00 83.487.00 92.709.00 100 $ 92.709.00 $ (2) Salary accruals (July and August 1998 Dafarrad Salaries) -""