, ,, " ."< '. \ '" " ','. ,: 1 ,,' '.'., I' f .' ,, ,. , < ,. i, ,r' ' ",- , :~ " 'STATE 'Of' GEORGIA', ,- , I ~,, " " -" , " .: " :DEPARTMENt OF AliDITS 'AND,ACCOUNTS' : 1 GA ,'~: " :, ' " <'" '. ..,' ,,: .' A~Db .' " -. :Rf .. I' ' " ,, .. , . . '. ,"" '.. . " -, .. ' I, ,- ,< " "' "~33" ,< ,~ \/3 '! ,:' , , 'dC(j{) ;.. ~6'o I " ,~ " _. ~' r , ' I ~ " ,, " ,, ., ." ,, "< ,< . '" " r ... ': '.. " .. " .' " " , " .'. : ,, , ' .' , : . .~ " " " r ". '. ,-. ". I. .' ,, .' " ." :~ , o , ,' ,, , ,. '. ' , ,0 , '. -, ,, " , '. " ,. --:,.. I0 ", ,, . '. : ", 0' r '.. " ,,, ' , , ,,' " J I _ , '. r ,-- " , .. ,, I I ~I ,'.. " " "" .' " ., . ," ", ,' , :CITY OF:VIDALlA:SOARD OF EDUCATION ,'r : !OqM8S COUNfY. GEC?RGIA" , ,. "~ 0 - ,'" '. - " , ',: 'REPORT ON AUDIT ". OF THE FINANCIAL sTATEMENTS' , ' .. FOR THE FISCAL YEAR ENDED JUNE 30: 200 J. '" '. '~ "" I . . , " " ," , , " t' .' , , '" .''. ,' .." ' ~ " , '1 ..' ", , ,' " ,, .. .. ,J. . '-'.' , " Russell'W, Hinton , .' \ .. , 'I ,, '. " ., ~ . " : \ '. " ,. ,. " " .." " ,- , ' t ! I . , , , ' , r "" \. ~ -.. ., .\ ,' " " State: Auditor ," '. " " ,, " ,,. " f"I { , ,\ ." , .. ' ,, ,, .' " " " , , , ,. , .. ,, " " " '. " ,, CITY OF VIDALIA BOARD OF EDUCATION TOOMBS COUNTY - TABLE OF CONTENTS - SECTION I FINANCIAL INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATIONSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS EXHIBITS GENERAL-PURPOSE FINANCIAL STATEMENTS COMBINED STATEMENTS - OVERVIEW A COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP 2 B COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES 4 C COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (NON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS 7 D STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUND 8 E STATEMENT OF CASH FLOWS FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUND 9 F NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS 10 ADDITIONAL FINANCIAL INFORMATION COMBINING STATEMENTS SPECIAL REVENUE FUND G COMBINING BALANCE SHEET 22 H COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 24 CAPITAL PROJECTS FUND I COMBINING BALANCE SHEET 26 J COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 28 DEBT SERVICE FUND K COMBINING BALANCE SHEET 30 L COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 31 CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY - TABLE OF CONTENTS - SECTION I FINANCIAL ADDITIONAL FINANCIAL INFORMATION SCHEDULES I SCHEDULE OF EXPENDITURES OFFEDERAL AWARDS 32 2 SCHEDULE OF STATE REVENUE 34 3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS 35 ALLOTMENTS AND EXPENDITURES GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) 4 BY PROGRAM 36 5 BY SITE 37 SECTION n 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 ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULARA-133 SECTION III AUDITEE'S RESPONSE TO PRJOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRJOR YEAR FINDINGS AND QUESTIONED COSTS SECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS SECTION I FINANCIAL Rll~"'~U \\'. H .....TO" STATE AUDITOR (404) 656 2174 DEPARTMENT OF AUDITS AND ACCOUNTS :2";4 WJ...hmglOn Streel, S W. ~UIIC 214 Allanta. Georgi' ~03~4-l'4()() June 10, 2002 Honorable Roy E Barnes, Governor Members of the General Assembly Members of the State Board ofEducation and Supenntendent and Members of the CIty ofVldaha Board of Education INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SupPLEMENTARY INFORMATIONSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS Ladles and Gentlemen We have audited the accompanymg general-purpose finanCial statements ofthe CIty ofVidalia Board of Education, as of and for the year ended June 30, 200 I, as hsted 10 the table of contents These general-purpose finanCial statements are the respoDSlblhty ofthe CIty ofVidalia Board ofEducation's management Our responslblhty IS to express an opinIOn on these general-purpose finanCial statements based on our audit We conducted our audit 10 accordance With auditing standards generally accepted 10 the U10ted States of Amenca and the standards apphcable to financla! audits contamed 10 Government Auditing Standards, ISsued by the Comptroller General of the Uruted States Those standards require that we plan and perform the audtt to obtam reasonable assurance about whether the finanCial statements are free of matenall1llsstatement An audtt mcludes eXll.lIllrung, on a test baSIS, eVIdence supporting the amounts and dtsclosures 10 the finanCial statements An audit also 10cludes assess10g the accountmg pnnclples used and Slgruficant eStImates made by management, as well as evaluating the overall finanCial statement presentation We beheve that our audit prOVIdes a reasonable basiS for our 0plOlon As descnbed 10 the notes to the general-purpose finanCial statements, the Board of Education's finanCial statements have been prepared usmg certam accountmg practices and pohcles which, m our oplOlon, vary m some respects from generally accepted accounting pnnclples These vanances are descnbed as follows 2001ARL-13 The general-purpose finanCIal statements of the Board of EducatIon did not contam a General FIxed Assets Account Group to account for property and eqUIpment owned by the Board of EducatIOn winch should be mcluded to conform to generally accepted accountIng pnnclples School actiVIty accounts mamtamed at the indIVIdual schools are not Included In the general-purpose finanCial statements To conform to generally accepted accountIng pnnclples, these accounts should be mcluded 10 the general-purpose finanClal statements The Board of Education did not recogruze as expendttures, 10 the year ended June 30, 2001, a portion of salanes and the correspondtng employer's cost of related benefits earned for contractual serVIces completed pnor to June 30, 200 I Also funds received, subsequent to June 30,2001, from the Georgia Department of EducatIon for the State's share of these unrecorded salanes and related benefits were not recorded as revenue 10 the year under reVIew Conversely, the slDlllar expendlt1lres and related revenues for contractual serVIces completed pnor to June 30, 2000, were lffiproperly recorded 10 the year ended June 30, 200 I To conform to generally accepted accountmg pnnclples, revenues should be recorded when avadable and measurable and expendtt1lres should be recorded when mC1lITed, rather than when funds are received or disbursed The aggregate effects on the general-purpose finanCIal statements of these vanances or OnuSSlOns have not been deterrmned, but are beheved to be matenal In our oplDlon, except for the effects on the general-purpose finanCIal statements of the matters referred to in the precedtng paragraph, the general-purpose finanCial statements referred to above present fwrly, 10 all matenal respects, the finanCial posItIon ofthe CIty ofVIdalia Board ofEducatIOn as of June 30, 2001, and the reSldts of ItS operatlons and the cash flows of Its nonexpendable trust fund for the year then ended, In confonruty WIth accounting pnnClples generally accepted In the Uruted States of America In accordance WIth Government AudltlOg Standards, we have also ISSUed our report dated June 10, 2002, on our consIderation ofthe CIty ofVidalia Board ofEducation's IOternal control over finanCial reporting and our tests of ItS comphance WIth certam proVIsIOns oflaws, regulatIOns, contracts and grants That report IS an mtegral part ofan audtt performed 10 accordance WIth Government AudttJ.ng Standards and should be read 10 conjunction WIth tins report 10 considenng the reSldts of our audtt Our audIt was performed for the purpose of forrmng an 0plDlon on the general-purpose finanCIal statements ofthe CIty ofVidallR Board ofEducation taken as a whole The accompanymg comblDlng statements (ExhibIts G through L) and the finanCial schedules (Schedules I through 5), which mcludes the Schedule ofExpenditures ofFederal Awards as reqUired by U S Office ofManagement and Budget CITcular A-133, Audits ofStates, Local Governments, and Non-Profit OrgatUzallO'~. are presented for purposes of additIOnal analysIs and are not a requITed part of the general-purpose finanCIal statements Such IOforrnation has been subjected to the auditing procedures apphed 10 the audtt of the general-purpose financial statements and In our OplruOn, except for the effects of the matters referred to 10 the thJrd paragraph, such information IS fwrly stated, In all matenal respects, In relation to the general-purpose finanCial statements taken as a whole 200 IARL-13 A copy ofthis report has been filed as a permanent record m the office ofthe State Auditor and made avaIlable to the press ofthe State, as proVIded for by OffiCIal Code ofGeorgIa Armotated SectIon 506-24 Respectfully submItted, ~~/ell..W...HaIntoln ~.~~ State AudItor RWHas 200 1ARL-13 CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY CITY OF YlQAUA BOARD OF EDuCATIoN. TOOMBS COUNTY COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUp JUNE 30 2001 ~ C8ah and cash Equrvaiants 11lVMUnOn" Accounts Receivable InventorIeS Food Donated CorTvnodrIJ.. Purt:haSedFood Amount AYallable In Debt Servk::e Fund Amount to be PrtMded In Future Years For Paymanl at Bond Dabt Total_ GENERAL FUND GOVERNMENTAL FUNO TYPES SPECIAL CAPITAL REVENUE PROJECTS FUND FUND S 934,19172 S 1,411,91690 S 45,000 00 987,53947 450,13996 297,586 70 15,056 51 3794 40 S 2,299,355 37 S 513,99087 S 1,221,76842 LIABILITIES AND FUNQ EauITY LlABlLmES Cash Ovardroft Accounts Payabla 5aIanas Payabla ExpIred Grant BaIancea Payabla COntraClS Payabla Re1a,nages Payabla Dalarred Ravenua General Obltg8tlon Bonds Payabla TotaIlJaI>l_ FUND EaUITY Fund BaI"nces Reserved For Bus Raplacemanl Funds For Debt Serw::e For Endowment Corpui For Expired Grant IlaIanceaIQU8Itloned Colla For Inventones Food Donated Commodlbas Purd1aoed Food For purpose of Bond Issue For SPLOST Projads UnrlllIel'ied Unda8lgnated Total Fund Equity S 14,01074 S 157,43016 74061 25,574 11 S 17980 74226 103,168 87 2.022 9B 179,84517 39,234 85 10938 03 S 15,49361 S 299 134 15 S 21925982 S S 228386176 S 2,2B3,861 76 S 1505651 3,794 40 S 196 DOS 81 214,856 72 S 168 355 07 80106613 3308740 1,002,50B 60 TolaIlIablhtlOl and Fund Eqllty S 2299 355 37 S 1 The notes to the genelllll-purpoae finanaal statements are an Integral pIiIn of thIS .tateill6lt 513 99087 1 S 1221,768042 2 EXHIBIT ",." DEBT SERVICE FUND FIDUCIARY FUND TYPE NONEXPENDABLE TRUST FUND ACCOUNT GROUP GENERAL LONG-TERM DEBT TOTALS (Memorandum Only) JUNE 30, 2001 JUNE 30, 2000 $ 15,64881 $ 833 40 9168 $ 95066393 $ 1,456 908 58 60730705 no 645 55 1625,26513 1,281,666 90 $ 1564881 319935119 15,056 51 3,794 40 15,648 81 3,199 35119 10,879 19 3,796 26 342000000 $ 15,1;4881 $ 92508 $ 3,215000 00 $ 7266,688 55 $ 6094.294 95 $ 17144090 26,494 52 $ 26 970 18 10391113 98,80300 2022 98 17984517 39,234 85 10,938 03 $ 321500000 3215,000 00 3,420 000 00 $ 3215000 00 $ 3748,88T 58 $ 3,645,n318 $ 15,64881 $ 000 $ 15,641881 $ $ 1564881 $ 92508 000 92508 $ 36,928 00 $ 15,648 81 925 08 639532 89375 15056 51 3,794 40 168,35507 801,068 13 10,87919 3,796 26 21002705 29729156 251295497 1982,31064 $ 3,517,800 97 $ 2648,521 n 92508 $ 3,215.000 00 $ 7,268,688 55 $ 6.094:294 95 - 3- CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY COMBINED STATEMENT OF REYJENUES EXPENDITURES AND CHANGES IN FUND BAlANCES ALL GOYJERNMENTAL FUND TYPES YEAR ENDED JUNE 30 2001 REYJENUES State Funds Federal Funds Taxes Other Fund. Tolal Revenues EXPENDITURES Current lnotructlon Support selVlce. PUPI' Servlces Improvement of InalnJclJon8I Servtces Educabonal Mad.. ServIces Genaral Admlnlstnltlon Sd1oo1 AdminIStration Business Admlnlstratkm Maintenance and Operation of Plant Student Transporta\K>n selVlCeS Contral Support Servtces Other Support SeIVlC8. Food ServIces Operation Communrty services Operabons Capital OJtlay Debt service Prinapal Interest PIIyV1g Agent Foes Tolal Expendrtunla Excass of Revenue. over (under) Expendrtures OTHER FINANCING SOURCES IUSES> Operabng Transfers In Qperabng Transfers 0Jt Tolal Other F...nang SoIJrces (lJaes) Excess of Revenues and Other Financing Sources over (under) ExpenchtuntS and Other Fnanang Uses FUND BALANCE JULY 1 Food InventOlY - Net Change ,n Period Donated Commodtbes F'lJrchased Food GENERAL FUND SPECIAL REYJENUE FUND S 10,251,860 15 S 2,971,27890 565,76646 S 13,788,90551 S 117,57000 1,633,92821 238,27573 1,889,m94 S 9,056,151 40 S 501,94575 200,68717 372,72027 432,903 18 l,048,On50 161,060 02 897,73549 332,41065 709 50 26,31634 119,41057 803557 80 12,472 38 207,37623 67,896 22 7200 14,930 31 909,14501 S 13,150,12784 S S 638,7n67 S 2,015,44995 -25,67601 S 34433 -111,938 41 S -111,59408 S 527,183 59 S 1,756,678 17 -25,67601 236,35727 4,ln32 -1 88 FUND BAlANCE JUNE 30 s The notes to the general--purpose ftnandal stalementa are an 1fIteg:rat part of this statement -4- 2,283,861 76 S _ ....2~1:.::4.:i,8:;:5~6:.72~ EXHIBIT "B" CAPITAL PROJECTS FUND DEBT SERVICE FUND TOTALS (Memorandum Only) YEAR ENDED JUNE 30, 2001 JUNE 30, 2000 S 1,178,23616 S 22,903 61 S 1,201,139n S $ 400,46317 5,04997 10,369,43015 $ 1,633,92821 4,549,97823 831,995 n 9,616,636 98 1,757,560 11 3,128,530 78 793,13134 405,51314 S 17,385,33236 S 15,295,85921 S 9,859,70920 S 9,729,871 82 S 659,660 59 514,41813 408,06340 372,720.27 500,79940 1,048,149 50 161,060 02 897,73549 347,340 96 70950 26,31634 909,14501 119,41057 859,660 59 723,988 74 341,01048 364,17555 47446331 1,00938942 143,37698 962,952 65 263,92337 38400 25,606 56 685,40647 98,629 56 442,144 ee S 205,00000 183,72500 79500 205,00000 183,72500 79500 18000000 192,27500 79500 S 859,660 59 S 389,52000 S 16,414,75838 S 15,816,59579 S 341,47916 S 15,99314 S 970,573 98 S -522,736 56 S 111,93841 S S 111,93841 S S 463,417 59 S 549,091 01 S -344 33 -344 33 S 112.282 74 S -112,282 74 000 S 407,66940 -'107,669 40 000 15,64881 S 000 970573 98 $ 2,542,126 45 -522,736 56 3,073,003 30 4,ln32 -1 ee -7,64767 -'192 eo s 1.002,50860 S 15,648 61 S 2.542: 12645 -5- CITY OF ViDAlIA BOARD OF EpUCATION - TOOMBS COUNTY COMBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BAlANCES BUDGET ANp SPECIAl REVENUE FUNDS YEAR ENDED JUNE 30 2001 EXHIBIT "C" GENERAL FUND ACTUAL (BUDGET BUDGET BASIS) REVENUES State Funds Federal Funds TIlX88 0Ihef Funds $ 9,999,63700 $ 10,251,86015 21131,892 30 366,50000 2,971,27690 565,76646 Total Revenues $ 13,196,02930 $ 13,786,90551 EXPENDITURES Curmrt I_on Support 5eMces PupdSorvlcea Improvement of Instructional Services EducalJonal MedIa 5ervIC8s GenoraJ Admln!llnlllon S<:hooI Adminislnl\tQn B u _ Adm.lIstratkx1 MalntanBr<:e and Qporallon 01 Plant Sludanl Transportation Servicas central SUpport SBrvIcas 0Ihef Support SBrvIces Food _ s QpermIon COmm...rty 5ervIC8s OperatIon. $ 676M2286 $ 740,90587 17083198 3&1,000 86 340,39723 1,013,230 70 180,~00 995,113100 3&1,066 00 12,000 00 100,00000 9,056,15140 501,U.575 200,68717 372,72027 .32,90316 1,048,077 50 161,060 02 697,735 .9 332,.1068 709 50 26316.3-4 119,.,057 Total ExpondIlureo $ 13,065,11652 $ 13,150,12784 Excess 01 Roven- over (~) Expenditures $ 132,91276 $ 636,777 67 OTHER FINANCING SOURCES (USES) 0Ihef Sourt:as OIhefU.... Total 0Ihef Financing Sourt:as (Uses) $ ~33 -111,936.1 $ -111 ,5U. 06 Excess 01 Revenues BOO 0Ihef Financing Sourt:as OYtI, (under) ExpendItures BOO 0Ihef Financing U_ $ 132,91276 $ FUND BAlANCE JULY 1 2000 1,736,729 33 527,16359 1,756,676 17 Adjustments Food Inventoly - Net Change '" Ponod Donetad Commochbes Pun:hasad Food -ll79 FUNp BALANCE JUNE 3D 201 $ 1,869.641 32 $ 21 283[861 76 SPECIAl REVENUE FUND ACTUAL (BUDGET BUDGET BASIS) $ 122,880 00 $ 117,57000 1,686 401 00 1633,92621 265,60000 236,27573 $ 2,07.,661 00 $ 1,969,mu. $ 796 U.7 00 $ 80355780 12,600 00 232650 00 1H72 36 207,37623 57,106 00 67,696.22 7200 6,100 00 1.,93031 6,07600 939,19206 .00 00 909 1.501 $ 2,05M7306 $ 2,015,"995 $ 21,407 U. $ -25,67601 $ 21,000 00 21,000 00 $ 000 S 21,.07 ~ S 240 132 73 6,29-417 -25,67601 236,35727 .,177 32 -1 66 $ 267:834 84 $ 21",858 72 The no1lIIl to tho genoral-purpOsa llnanclalstetoments are an Inlegral part oItI"s sbllBi'_ 7 CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT.OF REVENUES, EXRENSES AND'CHANGES IN FUND BAlANCES FIDUCIARY FUND TYPE~ NONEXPENDABI:E TRUST FUND YEAR ENDED JUNE 30, 2001 EXHIBIT "0" OpERATING REVENUES None Recorded OpERATING EXPENSES Current ScholarshIps Operabng Income (Loss) NONOPERATING REVENUES DIVIdends Earned Net Increase (Decrease) In the Fair Value of Investments Nonoperatrng Revenues Net Income (Loss) FUND BALANCE JULY 1 FUND BALANCE JUNE 30 ENDOWMENT FUND SARA A MURCHISON SCHOLARSHIP FUND TOTALS (Memorandum Only) YEAR ENDED JUNE 30, 2001 JUNE 30, 2000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 9168 $ -5,47024 $ -5,47024 -15,646 72 $ -5,47024 $ -5,470'24 $ -15,555 Q4 $ -5,47024 $ -5,47024 $ -15,555 Q4 6,395 32 6,395 32 21,950 36 $ 92508 $ 92508 $ _ _..::6:':13:;:9::,5~32,- The notes to the general-purpose finanCIal statements are an Integral part of thIS statement -s- CIJY OF VIDALIA BOARD OF EDUCATION TOOMBS COUNJY STATEMENT OF CASH FLOWS FIPUCIARY FUNp JYPE NONEXPENDABLE TRUST FUND YEAR ENDED JUNE 30. 2001 EXHIBIT"E" Cash Flows from Operabng AclMtJes Cash Paid for Scholarships Cash Flows from InvesM9 AclMtJes DNldends ReceN9d on Investments Net Increase (Decrease) In Cash Cash and Cash EqUivalents July 1 Cash and Cash Equivalents June 30 ENDOWMENT FUND SARA A MURCHISON SCHOLARSHIP FUND TOTALS (Memorandum Only) YEAR ENDED JUNE 30. 2001 JUNE 30. 2000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 9168 $ 000 $ 000 $ 9168 83340 83340 74172 $ 83340 $ 833 40 $ .;:8;;;;33~40::.. The notes 10 the genera~purposefinanCIal statements are an Inlegral part of this sta1emenl - 9- CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30 2QQ! EXHIBIT "F" Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES REPORTING ENTITY The City ofVidalia Board ofEducalJon (School Dlstnct) was estabhshed under the laws ofthe State of GeorgIa and operates under the guidance of a school board elected by the voters and a Supenntendent appOInted by the Board The School DIstrict IS organized as a separate legal entIty and has the power to levy taxes and Issue bonds Its budget IS not subject to approval by any other entIty AccordIngly, the School DIstrIct IS a prunary government and COnsiStS of all the organIZatIons that compose ItS legal entIty FUND ACCOUNTING The School DIMct uses funds and an account group to report on Its finanCIal pOSItIOn and the results ofIts operalJons Fund accountIng IS deSigned to demonstrate legal comphance and to HId finanCIal management by segregatmg transactIons related to certaIn governmental functions or actiVItIes A fund IS a separate accountmg entIty WIth a self-balanCIng set of accounts An account group IS a finanCIal reportIng deVIce deSigned to prOVide accountablhty for certaIn assets and habilitIes that are not recorded In the funds because they do not dIrectly affect expendable avatlable finanCIal resources General FIxed Assets are recorded as expendItures In the vanous funds at the tIme of purchase A General FIXed Assets Account Group IS not presently mamtaIned by the School DIstrict To conform to generally accepted accountIng pnnclples, 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 maIntatned at the mdIVIdual schools, neIther the assets, hablhtIes 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 accountmg prrnclples, these accounts should be recorded In the general-purpose finanCial statements The general-purpose fmanclal statements account for all State, Federal, Taxes and Other funds under control of the School DiStrIct, In comphance WIth generally accepted accountIng prinCIples apphcable 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 School DIstrIct's educatIonal actIVItIes Governmental Fund Types mclude GENERAL FUND - the fund used to account for all fmanclal resources of the School District except those reqUired to be accounted for m another fund These transactIons relate to resources obtHlned and used for servIces prOVided by a board of educatIon - 10- CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30 2001 EXHIBIT "F" NQte I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SPECIAL REVENUE FUND - the fund used to account fQr the proceeds of specific revenue sources (Qther than fQr majQr capital projects) that are legally restricted tQ expenditures fQr speCified purpQses These funds are received pnmartly frQm the GeQrgla Department Qf EducatlQn and frQm the Federal gQvernment tQ accQmplish speCific eduCallQnal Qbjectlves CAPITAL PROJECTS FUND - the fund used tQ aCCQunt fQr fmanclal reSQurces tQ be used fQr the acqUlsltiQn Qr construCUQn Qf majQr caPltaJ faCilities DEBT SERVICE FUND - the fund used tQ account fQr the accumulatIOn Qfresources fQr, and the payment Qf, generallQng-term pnnclpal, mterest and paymg agent fees FIDUCIARY FUND TYPE - the fund used tQ account fQr assets held by a gQvernment UnIt In a trustee capacity Qr as an agent fQr indiViduals, pnvate QrgamzatlOns, Qther gQvernment umts and/Qr Qther funds ThiS fund mcludes NONEXPENDABLETRUSTFUND Sara A. Murchison Scholarship Fund - the fund used tQ account fQr an endQwment Qfwhlch the CQrpus IS tQ be Invested and preserved mtact With the resultant Income tQ be used tQ proVide cQUege schQlarshlps tQ Vidalia City High SchQQl SemQrs ACCOUNT GROUP GENERAL LONG-TERM DEBT ACCOUNT GROUP - A fmanclal repQrtmg deVice used tQ account fQr general QbligauQn debt Qutstandmg BASIS OF ACCOUNTING The accounung and finanCial repQrllng treatment applied tQ a fund IS determined by rts measurement fQCUS All gQvernmentai funds are accounted fQr USing a current financial reSQurces measurement fQCUS With thiS measurement fQcus, only current assets and current liabilities generaUy are mcluded Qn the balance sheet Operating statements Qfthese funds present mcreases (1 e , revenues and Qther financmg sQurces) and decreases (I e ,expenditures and Qther financlDguses) m net current assets TheIr reported fund balance IS cQnsldered a measure of available spendable reSQurces Liabilities which are expected tQ be financed frQm available spendable resources are repQrted as liabilities m the gQvernmentai funds Other habllilles, which are nQt expected to be financed frQm avaJlable spendable reSQurces, are repQrted m the General Long-Term Debt AccQunt GrQUP All nQnexpendable trust funds are accQunted fQr Qn a flQW Qf econQmlC reSQurces measurement fQCUS With thiS measurement focus, all assets and hablhlles assQclated With the QperauQn ofthese funds are mcluded on the balance sheet Operatmg statements present Increases (e g ,revenues) and decreases (e g , expenses) m net tQtaJ assets - II - CITY OF \fIDALlA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE GENERAL'PURPOSE FINANCIAL STATEMENTS JUNE 30. 200( EXHIBIT"F" Note I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES I. Governmental funds are accounted for usmg the modified accrual basiS ofaccountmg under winch I Revenues are recogruzed when susceptIble to accrual (I.e., when they become both measurable and avaJlable) "Measurable" means the amount of the transactIon can be determmed and "avllllable" means collectible wltlun the current penod or soon enough thereafter to be used to pay hablhtles of the current penod. The School Dlstnct considers receivables collected wltlun SIXty days after yearend to be aVllllable and therefore susceptible to accrual Nonexchange transactions, m winch the School Dlstnct gives (or receives) value Without directly receIVIng (or giVing) equal value In exchange, \Delude property taxes, local option sales taxes, Intergovernmental grants and donations Revenue for property taxes is recognized m the fiscal year for winch the taxes are leVied Revenue from sales taxes IS recogruzed In the fiscal year the resources are received or susceptible to accrual Revenue from grants and donatIons IS recogruzed In the fiscal year In winch all ehglblhty requITements have been satisfied Expenditures are generally recogruzed when the related fund habJllty IS Incurred A departure from the above defirutIons IS the accounting treatment afforded the final two payments on General Fund teachers' and bus dnvers' contracts, and the resources aVllllable from the Georgia Department of Education for the State's share of these contracts Dunng fiscal year 2001, a substantial number ofpersormel ofthe School Dlstnct were employed for a one hundred and runety day penod beglnnmg In August 2000 and ending In early June 2001 Persormel contracts for thiS employment penod specify that compensatIon be pllld m twelve equal monthly payments beglnnmg In September 2000 and endmg In August 2001 State grants to fund the State's share of these contracts were disbursed from the Georgia Department of EducatIon to the School Dlstnct In the same twelve months As of June 30, 2001, compensatIon under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 2001, had not been made Payments for these two months were made and recorded as expenditures by the School DIstnct subsequent to June 30,2001. Also, the State's portion ofthe compensation paid In July and August 2001 was received and recorded as revenue In the fiscal year subsequent to June 30, 2001 Conversely, the Similar expenditures and related revenues for contractual seTVJces completed pnor to June 30, 2000, were recorded In the year ended June 30, 2001. Generally accepted accounting pnnclples reqwre that revenues be recorded when aVllllable and measurable and that expenditures be recorded when mcurred, rather than when funds are received or disbursed The accrual basiS of accounting, as reqwred by generally accepted accountmg pnnclples, IS utlhzed by nonexpendable trust funds. Under the accrual basiS of accounting, revenues are recorded when earned and expenses are recorded at the time habJlities are mcurred. BUDGET The City ofVidalia Board ofEducation's budget IS a complete finanCial plan for the School Dlstnct's fiscal year and IS based upon estunates of expenditures together With probable funding sources There IS no statutory prohibition regarding overexpenditure of the budgel at any level The budget - 12 - CITY OF VIDALIA BOARD OF EPUCATION - TOOMBS CQUNTY NOTES TO THE GENERAL-PlIRPOSE FINANCIAL STATEMENTS JUNE 30 200l EXHIBIT "F" Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES for all governmental funds IS prepared by fund, function and object The legal level of budget control was establIshed by the Board at the aggregate level The budget for governmental funds was prepared on a basiS other than generally accepted accountIng pnnclples The budget process begms when the School DiStrict'S adIlllIllstratlon prepares a tentative budget for the Board's approval After approval ofthiS tentative budget by the Board, such budget IS advertIsed at least once In a newspaper ofgeneral CIrculation In the locality At the next regular meetIng ofthe Board after advertisement, the Board receives comments on the tentatlve 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 20-2-1 67(c), to the Georgia Department ofEducation The Board may Increase or decrease the budget at any time dunng the year AJI unexpended budget authonty lapses at fiscal year-end CASH AND CASH EQUIVALENTS COMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand depOSits and short-term Investments With ongmal matuntles of three months or less from the date of acqulSltlon In authonzed financial Instltutlons Georgia Laws OCGA 45-8-14 authonze the School Dlstnct to depOSIt Its funds In one or more solvent banks or InSUred Federal saVIngs and loan asSOCiations INVESTMENTS COMPOSITION OF INVESTMENTS Investments made by the School District In nonpartIClpatmg interest-earnmg contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost Participating Interest-earnIng contracts and money market Investments With a matunty at purchase ofone year or less are reported at amortized cost Both partiCipatIng Interest-earnmg contracts and money market mvestments with a matunty at purchase greater than one year and eqUity Investments are reported at fwr value The OffiCial Code of Georgia Annotated SectIon 36-83-4 authonzes the School DIstrict to Invest ItS funds In selectIng among options for investment or among InstItutional bIds for depOSits, the highest rate of return shall be the obJective, given equivalent condItions of safety and lIqUidIty Funds may be Invested In the follOWIng (I) OblIgatlons Issued by the State of Georgia or by other states, (2) ObligatIOns Issued by the Umted States government, (3) Obllgatlons fully insured or guaranteed by the Umted States government or a UnIted States government agency, (4) OblIgatlons of any corporation of the Umted States government, (5) Pnme banker's acceptances, - 13 - -CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTy NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30 2001 EXHIBIT "F" Note I SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES (6) The Local Government Investment Pool admlmstered 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 of grant reimbursements due on Federal, State or other grants for expendItures made but not reImbursed and other receivables dIsclosed from mformatIon avaIlable ReceIvables are recorded when either the asset or revenue recogmtIon cntena has been met ReceIvables recorded on the general-purpose finanCial statements do not mc1ude any amounts whIch would necessItate the need for an allowance for uncollectIble receIvables PROPERTY TAXES The CIty ofVIdalIa fixed the property tax levy for the 2000 tax year (calendar year) on October 26, 2000 (levy date) Taxes were due on December 27, 2000 (lIen date) Taxes collected wltIun the current fiscal year or wltIun 60 days after year-end are reported as revenue In fiscal year 200 I The VIdalIa City Clerk bills and collects the property taxes for the School Dlstnct and remits the balance oftaxes collected to the School Dlstnct Property tax revenues dunng the fiscal year ended June 30, 2001 for mamtenance and operations amounted to $2,971,278 90 The tax millage rate leVIed for the 2000 tax year (calendar year) for the City ofV.dalla Board of EducatIon was as follows (a mill equals $1 per thousand dollars of assessed value) School OperatIons 14936 mIlls SALES TAXES Spec13l Purpose Local OptIon Sales Tax IS to be used for capita! outlay for educatIonal purposes and debt servIce Special Purpose Local Option Sales Tax revenue dunng the fiscal year amounted to $1,578,69933 and was recorded In the CapIta! Projects and Debt ServIce Funds The State Will temunate collectIOn oftIus tax once an addItIonal $5,322, I0043 has been collected or on March 3I, 2005, whIchever occurs first INVENTORIES FOOD INVENTORIES Inventones of donated food commodItIes used m the preparatIon of meals are reported on the Combmed Balance Sheet at their Federally assigned value Purchased foods Inventones are reported on the Combmed Balance Sheet at cost (firSt-In, first-out) Donated food commoditIes are recorded - 14 - CITy OF VIDALIA BOARD OF EPUCAnON - TOOMBS COUNTy NOTES TO THE GENERALPURPOSE FINANCIAL STATEMENTS NNE302QQl EXI-llBIT "F" Note I. SUMMARY OF SIGNIFlCANT ACCOUNTING POLICIES as revenues and expendItures at the time commodIty items are receIved Purchased foods IDventones are recorded as expendItures at the time of purchase The Inventones reported on the balance sheet for donated food COmmOdItIes and for purchased foods are equally offset by reservatIons of fund balance wroch mdicates that these amounts do not ConstItute "avlUlable spendable resources" even though they are a component of net current assets GENERAL OBLIGATION BONDS The School DIstrICt Issues general obligation bonds to proVIde funds for the acqUISItIOn and constructIon of major capital faCIlities Bond premiums and discounts, as well as Issuance costs, are recognIZed in the fInancIal statements dur10g the year bonds are Issued General obligation bonds are dIrect ob1Jgations and pledge the full faith and credit ofthe government The outstand1Og amount of these bonds IS recorded 10 the General Long-Term Debt Account Group INTERFUND TRANSACTIONS The School DIstnct has the followmg types of 10terfund transactIons Reimbunements ofexpenditures/expenses 10ltlally made from a fund that are properly applicable to another fund are recorded as expenditures/expenses 10 the relmburs10g fund and as reductIOns of expendItures/expenses In the fund that IS reImbursed Operating transfen are recorded for all interfund transaCtIons other than reimbursements MEMORANDUM ONLY - TOTAL COLUMNS Total columns on the general-purpose fInanCial statements are capuoned "Memorandum Only" to Indicate that they are presented only to faCIlitate finanCIal analysis Data ill these columns do not present finanCial POSitIOn, results ofoperations or cash flows ID conformity WIth generally accepted account1Og pnncipies NeIther are such data comparable to a consohdatlon Interfund elimmations have not been made 10 the aggregatIOn of tlus data Note 2 DEPOSITS AND INVESTMENTS COLLATERALIZATION OF DEPOSITS OffiCIal Code of GeorgIa Annotated (OCGA) SectIon 45-8-12 prOVIdes that there shall not be on depOSit at any time ID any depOSitory for a tIme longer than ten days a sum of money which has not been secured by surety bond, by guarantee oflDsurance, or by collateral The aggregate of the face value of such surety bond and the market value of securIties pledged shall be equal to not less than 110 percent ofthe public funds bemg secured after the deductIon ofthe amount ofdeposItlDsurance If a depOSItory elects the pooled method (OCGA 45-8-13 I) the aggregate ofthe market value ofthe - 15 - CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE GENERALPURPOSE FINANCIAL STATEMENTS JUNE 30 2001 EXHIBIT "F" Note 2, DEPOSITS AND INVESTMENTS secunties pledged to secure a pool ofpubhc funds shall be not less than 110 percent ofthe daJ.1ypool balance OCGA Secllon 45-8-1 1(b) prOVIdes an officer holdmg pubhc funds may, 10 hiS dIscretIon, WaIve the requIrement for secunty m the case ofoperating funds placed In demand depOSIt checkIng ,accounts Acceptable secunty for deposIts consists of anyone of or any combInallOn of the followmg (I) Surety bond Signed by a surety company duly quahfied and authonzed to transact busmess wltlun the State of Georgia, (2) Insurance on accounts proVIded by the Federal DepOSIt Insurance CorporatIon, (3) Bonds, bIlls, notes, certIficates of indebtedness or other dIrect oblIgatIons of the UnIted States or of the State of Georgia, (4) Bonds, bIlls, notes, certIficates of mdebtedness or other obhgatIOns of the countIes or mUDlclpalllles of the State of Georgia, (5) Bonds of any pubhc authonty created by the laws of the State of Georgia, provldmg that the statute that created the authonty authonzed the use of the bonds for thiS purpose, (6) Industnal revenue bonds and bonds of development authontles created by the laws ofthe State of Georgia, and (7) Bonds, bills, notes, certIficates of Indebtedness, or other obhgatIODS of a subSIdIary corporatIon of the UnIted States government, whIch are fully guaranteed by the UnIted States government both as to pnnclpal and mterest 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, 200 I, the bank balances were $3,337,677 27 The aIDounts ofthe total bank balances are claSSIfied Into three categones of credIt nsk Category I - Cash that IS msured (e g , Federal depOSitory msurance) or collateralIzed WIth secuntles held by the School Dlstnct or by the School DistrIct's agent 10 the School Dlstnct's na.tne Category 2 - Cash collateralized WIth secuntles held by the pledgIng finanCIal mstltution's trust department or agent m the School Dlstnct's name Category 3 - UncollateraLtzed depOSIts (This Includes any bank balance that IS collateraIlZed With secuntles held by the pledgIng finanCial InStitution, or by ItS trust department or agent but not m the School Dlstnct's name ) - 16- CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30 2001 EXHIBIT "F" Note 2 DEPOSITS AND INVESTMENTS The School Dlstnct's deposits are clasSIfied by risk category at June 30, 2001, as follows Risk Category Bank Balance I $ 315,64881 2 2,822,02846 3 200,00000 Total $ 3337.677 27 CATEGORIZATION OF INVESTMENTS At June 30,2001, the flllr value ofthe School Dlstnct's total mvestments was $91 68 and thiS entire amount COnsISted of common stock which was msured or regIstered, or secuntIes held by the School DiStrict or the School Dlstnct's agent In the School Dlstnct's name Note 3 NON-MONETARY TRANSACTIONS The School Dlstnct receives food commodIties from the Umted States Department of Agriculture (USDA) for school breakfast and lunch programs These commodities are recorded at theIr Federally assigned value See Note 1 - Inventories Note 4 RISK MANAGEMENT The School Dlstnct IS exposed to vanous nsks of loss related to torts, theft of, damage to, and destructIon of assets, errors or omiSSIOns, Job related Illness or InJunes to employees, natural dIsaster, unemployment compensatIon, and dental cllllms The School DIstnct has obtlllned commercial msurance for nsk ofloss associated With torts, assets, errors or omiSSIOns, Job related Illness or injUrIes to employees and flood The School Dlstnct has neither SIgnIficantly reduced coverage for these nsks nor mcurred losses (settlements) which exceeded the School Dlstnct's msurance coverage m any ofthe past three years The School Dlstnct has elected to self-Insure for all losses related to natural dIsaster, other than flood The School Dlstnct has not expenenced any losses related to these nsks m the past three years The School Dlstnct IS self-insured With regard to unemployment compensatIOn claims The School DIstnct accounts for claims Wlthm the General Fund With expenditure and habIllty being reported when It IS probable that a loss has occurred, and the amount ofthat loss can be reasonably estimated Changes In the unemployment compensatIon cllllffis hablhty durIng the last two fiscal years are as follows - 17 - CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30 2001 EXHIBIT "F" Note 4 RISK MANAGEMENT Begmmng of Year LJ.abultv ClaIms and Changes In EstImates CIBJDlS PaId End of Year LJablhtv 2000 $ 000 $ 3';88.00 $ 3';8800 $ 000 2001 $ 000 $ 246600 $ 000 $ 2.46600 The School Dlstnct IS self Insured WIth regard to employee and dependent dental chums ThiS program IS funded through a combmatlon of employer and employee contnbutlons Changes m dental claIms ilabllIty dUring the last two fiscal years are as follows Begmmng of Year Llablhn- CllIIJI1s and Changes In EstImates ClaIms Paid End of Year LJablhn- 2000 $ 000 $ 110,63090 $ 110,63090 $ 000 2001 $ 0.00 $ 111.75549 $ 111.75549 $ 000 The School Dlstnct has purchased surety bonds to prOVIde additional msurance coverage as follows Position Covered Amount Supenntendent Board Treasurer Board Vice-Treasurer All Employees $ 50,00000 $ 50,00000 $ 50,00000 $ 100,00000 Note 5. GENERAL LONG-TERM DEBT GENERAL OBLIGATION DEBT OUTSTANDING General OblIgation Bonds currently outstandmg are as follows Puroose Interest Rates Amount General Government - Senes 1995 420%- 5 75% $ 321500000 The changes m General Long-Term Debt dunng the fiscal year ended June 30, 2001, were as follows - 18 - CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30 2oo! EXHIBIT "F" Note 5 GENERAL LONG-TERM DEBT General Obhgatlon Bonds Balance July I, 2000 $ 3,420,00000 Deductions Debt Retired 20500000 Balance June 30, 2001 $ 321500000 At June 30, 200 I, payments due by fiscal year which lDc1udes prmclpal and Interest for these Items are as follows Fiscal Year Ended June 30 General ObhgatlOn Bonds 2002 2003 2004 2005 2006 2007 - 2011 $ 408,78250 427, ISO 00 448,76750 468,31750 475,73000 I 971.72500 Total Prmclpal and Interest $ 4200472 50 Note 6 ON-BEHALF PAYMENTS The School DIstrict has recogrnzed revenues and expenditures lD the amount of $176,790 89 for health lDsurance and retirement contnbutlons paid on the School DIstnct's behalf by the followlDg State AgenCIes Georgia Department of Education Paid to the Georgia Department of Commumty Health For Health Insurance of Non-Certified Personnel In the amount of$139,737 40 Paid to the Teachers Retirement System of GeorglB For Teachers Retirement System (TRS) Employer's Cost In the amount of $9,704 49 - 19 - CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30 200 I EXHIBIT "F" Note 6 ON-BEHALF PAYMENTS Office of Treasury and Fiscal ServIces PlUd to the Pubhc School Employees RetIrement System For PublIc School Employees RetIrement (PSERS) Employer's Cost In the amount of $27,349 00 Note 7, SIGNIFICANT COMMITMENTS The followmg is an analySIS of Significant outstandmg constrllClJon or renovation contracts executed by the School Dlstnct as of June 30, 200 I Prlect Unearned Executed Contracts SallIe D Meadows - HVAC VidalIa High School- TrlUfUng and RecrealJonal FacIlities $ 64,12300 799,36648 $ 86348948 The amounts descnbed in thiS note are not reflected m the general-purpose finanCial statements Note 8 CONTINGENT LIABILITIES Amounts received or receivable pnnclpally from the Federal government are subject to audIt and revIew by grantor agencIes ThiS could result m requests for reImbursement to the grantor agency for any expenditures whIch are disallowed under grant terms The School DistrIct beheves that such dISallowances, If any, Will be unmaterIaI to ItS overall finanCIal pOSItion The School DistrIct IS a defendant m VarIOUS legal proceedmgs pertammg to matters mCldental to the performance ofroutine School DistrIct operalJons The ultunate dispOSItiOn ofthese proceedmgs IS not presently determmable, but IS not belIeved to be materIal to the general-purpose fmanclal statements Note 9 RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) TRS PLAN DESCRIPTION Substantially all teachers, ad1Illlllslratlve and clerIcal personnel employed by local school dIstrIcts are covered by the Teachers Rellrement System of GeorgIa (TRS), which IS a cost-sharmg multiple employer defined benefit pension plan TRS proVIdes servIce retirement, dIsabIlIty retIrement and survIvors benefits for Its members m accordance With State statute The Teachers RetIrement System of GeorgIa Issues a separate stand alone finanCial audit report and a copy can be obtamed from the GeorgIa Department of Audits and Accounts - 20- CITY OF VIDALIA BOARD OF EDUCATION TOOMBS COUNTY NOTES TO THE GENERALPURPOSE FINANCIAL STATEMENTS JUNE 30 2001 EXHIBIT "F" Note 9 RETIREMENT PLANS TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School Dlstnet who are covered by TRS are required by State statute to contnbute 5% of theIr gross earmngs to TRS The School DIMet 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 contnbutlon rate IS I I 29% and employer contnbullons for the current fiscal year and the preceding two fiscal years are as follows FIscal Year Percentage Contnbuted ReqUITed Contn butlOn 2001 2000 1999 100% 100% 100"10 $ 1,031,072 93 $ 1,017,78853 $1,032,19362 - 21 - CITY OF ViDALIA BOARD OF EDUCATION. TOOMBS COUNTY COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 2001 ASSEIS Cash and Cash EqulV8lents Investments Accounts RecelV8ble Inventories Food Donated Commodities Purchased Food Total Assets LIABILITIES AND FUND EQUITY L1ABILmES Cash Overdraft Accounts Payable Salanas Payable Expired Grant Balances Payable Defarred Revenue Total LlabJlrtles FUND EQUITY Fund Balances Reserved For Inventones Food Donated Commodrbes Purchased Food Unraserved UndBSlgnated Total Fund Equity Total Uabllrbes and Fund EqUity See notes to the genara~purposefinanCIal statements - 22- SCHOOL FOOD SERVICES FUND LOTIERY PROGRAMS $ 176,92792 45,000 00 3,47123 $ 29,37000 15,056 51 3,794 40 $ 244,250 06 $ _~.:2;::9'::13~70::.oo~ $ 29,37000 $ 5,67570 23,517 64 $ 29,39334 $ 29,37000 $ 15,056 51 3,79440 196,00581 $ 000 $ 214,856 72 $ 000 $ 244,250 06 S _ _..:2:9'::13;:;70~00;:.. EXHIBIT "G" FEDERAL PROGRAMS TOTALS JUNE 30, 2001 JUNE 30, 2000 $ 176,92792 $ 246,33780 45,000 00 $ 417,29873 450,13996 218,52859 15,056 51 3,79440 10,87919 3,796 26 $ 417,298 73 $ $ 304,98808 $ 334,358 08 $ 121,33219 19,698 41 25,57411 25,43310 79,65123 103,168 87 96,41928 2,022 98 2,022 98 10,938 03 10,93803 $ 417,298 73 $ 476,06207 $ 243,184 57 $ 15,056 51 $ 10,87919 3,794 40 3,796 26 $ ---'0"-"'00... 196,00581 221,681 82 $ 000 $ 214,856 72 $ _--,2""36""",35",7,-,2,,,7_ $ 417,298 73 $ 690,918 79 $ _.....;4:,:7,::9.::,54;:.1:..84::;:.. - 23- CITY OF YJpALIA BOARD OF EpUCATION - TOOMBS COUNTY COMBINING STATEMENT OF REVENUES, EXpENDITURES AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUND YEAR ENDED JUNE 30 2001 REVENUES State Funds Federal Funds Other Funds Total Revenues EXPENDITURES Current Instrucbon Support SeMces Pupil Sel'VlC8S Improvement oflnstrucbonal Services General Admlnlstrauon School Admln,s1rabon Student Transportation Services Central Support Services Food SeMceS Operabon Communrty SeMces Operations Total Expenditures Excess of Revenues over (under) Expendrtures OTHER FINANCING SOURCES Operaung Transfers In Excess of Revenues and Other Flnancln9 Sources over (under) Expenditures FUND BALANCE JULY 1 Food Inventory - Net Chenge ,n Period Donated Commodrtles Purchased Food FUND BALANCE JUNE 30 SCHOOL FOOD SERVICES FUND LOTTERY PROGRAMS $ 67,690 00 $ 577.50327 238,27573 $ 883,46900 $ 49,88000 49,88000 $ 49,88000 $ 909,14501 $ 909.14501 $ $ -25.67601 $ 49.88000 000 $ -25,67601 $ 000 236,35727 000 4.17732 -166 $ 214,856 72 $~_~.....l0~0~0~ See notes to the genera~purpose finanCIal statements - 24- EXHIBIT "H" FEDERAL PROGRAMS TOTALS YEAR ENDED JUNE 30, 2001 JUNE 30, 2000 $ 117,57000 $ 130,42661 $ 1,056,424 94 1,633,92821 1,757,560 11 238,27573 221,00941 $ 1,056,424 94 $ 1,989,n394 $ 2,108,996 13 $ 753,6n 80 $ 803,55780 $ 1,067,48518 12,472 38 207,37623 67,896 22 7200 14,930 31 12,472 38 207,37623 67,896 22 7200 14,930 31 909,14501 18,495 40 145,32483 45,83544 5,598.27 38400 865,40647 4950 S 1,056,424 94 $ 2,015,449 95 $ 2,148,5n09 $ 000 $ -25,67601 $ -39,580 98 1,050 07 $ 000 $ -25,67601 S -38,53089 000 236,35727 283,02843 4,ln32 -186 -7,64767 -'19260 s 000 $ 214,856 72 $_....:2;:;36=,3;;:,57:.2~7_ - 25- CITY OF VIDALIA BOARD OF EDUCATION - IOOMBS COUNTY COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30. 2QQ1 ASSETS Cash and Cash EqUivalents Accounts ReceIVable Iotal Assets LIABILITIES AND FUND EQUITY L1ABILlIIES Accounts Payable Contracts Payable Retalnages Payable Iotal LlabllrtlflS FUND EQUITY Fund Balances Reserved For Purposes of Bond Issue For SPLOSI Projects Unreserved Undeslgnated Iotal Fund Equrty Iotal Llabllrtles and Fund Equrty REGULAR BOND PROCEEDS $ 33,0874Q $ 168,534 87 $ $ 17980 $ 17980 $ 168,355 07 $ 33,0874Q OQQ $ 33,08740 $ 168,35507 $ 33,087 40 $ _ _.:.:168~,534~~87:.. See notes to the general-purpose financial statements - 26- EXHIBIT "I" SPECiAl PURPOSE LOCAL OPTION SALES TAX TOTALS JUNE 30, 2001 JUNE 30, 2000 $ 732,55945 $ 934,181 72 $ 281,47894 287,586 70 287,586 70 267,61207 $ 1,221,768 42 $ _.....:54=9.:;:,09.::.1:.0::.1~ $ 17980 $ 179,84517 179,84517 39,234 85 39,234 85 $ 219,080 02 $ _---'2"'1"'9.,.2..""59"""'82... $ 168,35507 $ 210,02705 $ 801,06613 801,066 13 297,291 56 000 33,08740 41 ,772 40 $ 801,066 13 $ 1,002,508 60 $ _---'54=9"",09",1'-0"-1'-- $ 1,020,14615 $ 1,221 ?68 42 S ~...;:54~9:;",0~9;,:,1_0.1.. - 27- CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY COMBINING STATEMENT OF RElfENUES EXPENDITURES AND CHANGES IN FUND BALANCES CAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 2001 REVENUES Taxes Other Funds Total Revenues EXPENDITURES Capital Outlay Lend and Land Improvements BUilding and BUildIng Improvements Total Expenditures Excess of Revenues over (under) Expendrtures OTHER FINANCING SOURCES (USES) Operating Transfers In Operabng Transfers Out Total Other Flnanang Sources (Uses) Excess of Revenues and Other Financing Sources over (under) Expendrtures and Other Fmanang Usas FUND BALANCE JULY 1 FUND BALANCE JUNE 30 REGULAR BOND PROCEEDS $ 000 $ 3,18323 $ 000 $ 3,18323 $ 32,432 00 $ 84,82591 $ 117,25791 $ $ -117,25791 $ 2,241 21 35,253 00 37,494 21 -34,31098 $ 108,57291 $ $ 108,57291 $ -7,36100 -7,381 00 $ -8,68500 $ -41,67198 41,772 40 210,02705 $ 331087 40 $ _ _1.:.:6~8,;:,3:::;55~0.~7. Sse notes to the genera~purpoS8finanCIal stataments - 28 EXHIBITJ" SPECIAL PURPOSE LOCAL OPTION SALES TAX TOTALS YEAR ENDED JUNE 30, 2001 JUNE 30, 2000 $ 1,178,23616 $ 1,178,23616 $ 19,72038 22,903 61 371,20024 11,47475 $ 1,197,956 54 $ n 1,201,139 $ _---'38=2"",6"'74~99::... $ 17,29662 $ 51,96983 687,611 85 807,690 76 $ _---'44=2...."1",44"-,,,86,-- $ 704,908 47 $ 859,660 59 $ _---'44=2....,,1"'44"-86=. $ 493,048 07 $ 341,47918 $ _ _-""59::..:,4""6,,,-9,,,,87,-- $ 10,726 50 $ 119,299 41 $ 34,000 00 -7,36100 $ 10,726 50 $ 111 ,938 41 $ 34,000 00 $ 503,77457 $ 453,417 59 $ 25,46987 297,29156 549,09101 574,560 88 $ 801,06813 $ 1,002,508 60 $_.....:54=9..::,09:::,1.:..::.01:.. - 29 CIJY Of V10N.tA BOARD Of EpUCATION - TOOMBS CQUNIV COMBINING BALANCE SHEET pEBT SERVICE FUNp JUNE 30 2001 EXHIBIT "K" ~ Cuh and Cuh Equtvalents LII\BILIJIES ANp FUND EaylJY L1ABILIJIES Accounts Pa-Jable -FYNPEQYIJY Fund BaIancao For Dallt 5ervIca UlVllI8rved Unclaslgnated Total Fund Equity Total L1ablhb.. and Fund Equity PROPER"TY TAXES FOR BOND DEBT SPECIAL PURPOSE LOCAL OPTION SALES TAX TOTALS JUNE 30, 2001 JUNE 30, 2000 $ 000 $ 15:64881 $ 15.648 81 $ 79500 $ 79500 $ 15,801881 $ 15801881 $ 000 000 000 $ 000 $ 000 $ 15,801881 $ 15,801881 $ 000 $ 000 $ 15,84881 $ 15,648 81 $ 79500 sae notaa to tha ganaraj.purpOSB financial llalaili8nlS - 30 CITY OF VIDALIA BOARD QF EDUCATION TOOMBS COUNTY COMBINING STATEMENT OF RE'lENUES EXPENDITURES AND CHANGES IN FUNp BALANCES pEBT SEBV1CE FUNp YEAR ENDED JuNE 30 2001 EXHIBIT "\." PROPERTY TAXES FOR BOND DEBT SPECIAL PURPOSE LOCAl OPTION SAlES TAX TOTAlS YEARENOED JUNE 30 2001 JUNE 30 2000 RF\lENu ES Taxes Other Funds TotalReveooes S 400,06317 S 400,06317 S 196 98 4,852 99 5,04997 S 000 S 196 9B S 405,31616 S 405,51314 S 000 EXl'EHDlJURES -Debt 5eMce Pnnapal PayIng Agent Foes Total ExpendJ..... Excess 01 Revenues ave< (under) Elq>endrtures S 205,000 00 1B3,n500 79500 S S 389,520 00 S S -389,323 02 S S 000 000 S 405,31616 S 205 000 00 S 183,n500 79500 389520 00 S 15,99314 S 180,000 00 192,27500 79500 37307000 -373,07000 OTHER FINANCING SOuRCES 'uSES) O_ng TranoIeIw In QporotJng Tranotel1l Out Total Other Fl!UIllCIng Sources (U....) S 38966735 S 389,66735 S 372,61933 -344 33 S -38966735 -390,0116B S 389,323 02 S -389,66735 S -34433 S 372,61933 Exceaa of Revenues and Other Flnanc:mg Sources r:NfIT (under) Expenditl.nl:s and Other Einanang Uses S fUND BALANCE JuLY 1 000 S 000 15,648 81 S 000 1564881 S 000 -45067 45967 FuND BALANCE JUNE 30 S 000 S 15:64881 S 15 64881 1 S 000 See notes to the ~-purpceefinanaal stotements - 31 - CITY OF VU?ALIA BOARD DF EDUCATION - TOOMBS COUNTY SCHEPULE OF EXPENPlTURES OF FEDERAL AWARDS YEAR ENDED JUNE 3Q 2QQl SCHEDULE .,. FUNDING AGENCY PROGRAM/GRANT Agncuhure, U S Department of Child Nutnbon Cluater P...-Through From Georgia Department of Education Food and Nutrition Program Food services School Breakfast Program Nabonal SChool Lunch Program Total Child Nutr1tIon Cluslar Other Programs Pa....Through From Georg.. Departmant of Education Food and Nutrttlon Program Food P,strlbuhon Program (1) Pass-Through From Ollioa of SChool Raadlnass Food and Nutnbon Program Chid and Adult care Food Program Total U S Department 01 Agriculture Educallon, U S Depa_ 01 Special Education Cluster Pass-Through From Georgia Department 01 Education IndrvlduaJs wtth DlsabiltiBs Education Act Part B Special EducaUon _001CBpacity Building Improvement Flow Through Total SPecial Education Cluslar Other Programs PaS8-Through From Georg.. Depam-.! of Education Comprehenstve SChool Refonn DemonstratIOn Elementary Ind secondary EducaUon Act TItiB I Administrative Site Evaluation Gran1s to Local Educa1lonal AgencIoo TItiB " EJsenhOWOf Professk,"al Development 11tIo III Technology Lrteracy Challanga Fund Grants 11tIo VI ImovatNe Educabon Program Strategies Class SIZe Reduetlon Voca1:IolUIl Education - RilLe Grantl to States H'llh SChool Program Basic Grant Total U 5 Departrnant of EdUcation CEDA NUMBER PASSTHROUGH EtmTY ID NUMBER FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD lQ 553 lQ s:l5 NJA S 102,174 &4 NJA 415,36937 S S 517,5 21 S (2) 851 729 99 (3) 851,721199 lQ 8SC lQ 588 NJA 57415Q2 87,41502 NJA 2,544 04 S 8n,50327 S (2) 909,145 Ql &4173 &4027 &4173 NJA S 6,17Q 00 S NJA 111,94912 NJA 11,47500 S 129,594 12 S 6,17QOO 111,94912 1147500 129594 12 &4 332 &4 Q1Q &4 Q1Q &4 281 &4 318 &4298 &4 340 84048 NJA 82,QI200 52,QI200 NJA 430000 4,300 DO NJA 598,961 03 598,961 Q3 NJA 531233 831233 NJA 132,28283 132 262 83 NlA 1995463 19,954 63 NlA 86 910 00 86,91Q 00 NlA 2711800 27,11800 S 1,Q86 424 94 S 1,Q86,424 94 Total Foderal Financial_lance N1A a Not AVlllabie - 32- S 1,833,92821 S CITY OF ViDALIA BOARD OF EDlICATlPN - TOOMBS COUNTY SCHEDULE OF EXPENplTURES OF FEpERAL AWARDS YEAR ENDED JUNE 30 2001 SCHEDULE "1" Note, to the Schedule of EYMndrtvres of Federal Awards (1) The amounts shown lor the Food OIoIr1butlon Program _ n t s the Fedorally "''lIned val... of nonmonetary aaalstance for donated commoclttiea receHed and/or conaumed by the system during the ament fiscal year (2) Expendllt.ros for the Chid and Adult eore Food ProQram and the School Breoklaot Progrem wore not manta"od separately and are Induded In the 2001 Natklnal Sd\oollooch Program (3) Expendlturoslor this program Includo Slata, and/or Other Funds Expendlturos are not maintained by lund source MaJOr Programs are identtfied by an .ateri:ak r) In front of the CFDA number The School DIstricl dod not prollkla Foderal Aaalalance to any Subraclplent The accompanying schodula of expenditures of Foderal awards ,ncIudas the Foderal grant aCllvtly of the CIty of Vidalia Board of Educabon and IS presented on the modified accrual basis of accountmg which Is the basis of accountmg usad In the pre_bon of the goneral-plOJlOO8 finanaal stalamant5 see notes to tho goneral-purpoae ftnanclal statamants - 33- CITY Of YIlJlll.IA BOARQ Of EDUCATION - TOOMBS COUNTY SCHEDuLE Of STATE REVENUE YEAR ENDED JUNE 30 2001 SCHEDULE "2" AGENCYIFUNDING GRANTS Education. Georgia Deportment 01 0ualIty BaoIc EdUC81lon Dlled IllIlnlCb0n81 COal Kindergarten Program 1_ Kindergarten Program - Early Program Primary G.-a (1-3) Program Pr1mary Grades - Early InteMll1tlon (1-3) Program Upper Elementary Gradee (4-5) Program Middle 5chooI (&-8) Program High 5chooI Genenli Education (9-12) Progrem Voca1ionIlll.eboretory (9-12) Program Students WIth DIsebiIItles Cetegory I Cetegory " Cetegory III Co1egory IV _I GIfted Student - Cetegory VI Remedlel EducetIon Program A!IemathIe Educetlon Program Modla Center Program S1afI end Development indirect Coe1 cetegorical Grants Pupil Trensportabon Reguler Bus Replacement N..mg 5enitces PrlIlQl>lll SuppIemenlz VocobonaJ SupervIsors Educabon Equalization FundIng Grent Food 5enIk:8I VocaboneJ Education Other Stele Progrems Health InalX8J1C8 ImovabYe Programs Mentor Teachere Presdulol Hendlcapped Program Bemedlel Surrrne< 5chooI Teachere' Retrement L.otlery Programs Computers In the Cleaeroom OtIIce 01 the ao-nor ChIldren and Youth CoonlInating Coonal OASISGrenl Office of Trvaaury and FI:acaI 5e:MceI PublIC 5chooI Empi~ _ CONTRACTS Education. Georgia Department 01 Georgia" Readng Challenge Reading First Program GOVERNMENTAL FUND TYPES SPECIAL GENERAL REVENUE FUND FUND TOTAL S _36000 93.19100 1.179.11900 485,T89 00 749.707 00 1.489.509 00 1.212,280 00 4n.896 00 37.052 00 215.44500 439.333 00 96.34000 ~.45400 126.859 00 116.592 00 226.79800 57.427 00 1.4~.859 00 S _,36000 93.191 00 1.17811800 485.789 00 749.70700 1.489.509 00 1.212,280 00 4n 696 00 37.052 00 21544500 439.33300 96,340 00 ~45400 128.~900 118.592 00 226 798 00 57.427 00 1.~.85900 142.~00 37.4901 00 63.523 00 9.87500 18.698 00 &404.392 00 S 48.72409 67.890 00 139.73740 5,00000 2.282 00 32.069 00 3.08888 9.7Ool48 4988000 142,56500 374901 00 63 523 00 9.67500 18,698 00 &404 392 00 67.69000 49.72409 139.73740 5,00000 2.28200 32 069 00 3.08888 970449 49.880 00 32.038.29 27.34900 32.038.29 27.34900 29.43000 22.50100 29,430 00 22,501 00 See notes 10 the genaraI-purpooe tlnanaal'ta1amentI S 10:251:860 15 S 117.57000 S 10,369 430 15 - 34- CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF APPROVED LOCAL OPTION SALES TAX pROJECTS YEAR ENDED JUNE 30 2001 SCHEDULE "3" PROJECT ORIGINAL ESTIMATED COST (1) CURRENT ESTIMATED COSTS (2) AMOUNT EXPENDED IN CURRENT YEAR (3) AMOUNT EXPENDED IN PRIOR YEARS (3) PROJECT STATUS Retlrement of the SChool Dlstncfs Crty of Vidalia General Obllga~on BondB, series 1995, In the maxlnlum amount of $4,276,602 60 S 4,276,60260 S 4,276,60260 $ 389,520 DO OngOtng Development of IralnlllQ and reaeatJonal faalrtles al Videllill High SdlOoIIn the maximum amounl of $1,006,73960 1,006,739 60 1,006,73960 410,709 25 Ongotng RenovallOf1 of J D DICkerson SChool and Sally Meatdows SChool In the ma>