THREE RIVERS REGIONAL LIBRARY BRUNSWICK, GEORGIA REPORT ON AUDIT OF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2005 STATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS Russell W. Hinton State Auditor THREE RIVERS REGIONAL LIBRARY - TABLE OF CONTENTS - Page FINANCIAL INDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION EXHIBITS BASIC FINANCIAL STATEMENTS DISTRICT-WIDE FINANCIAL STATEMENTS A STATEMENT OF NET ASSETS 1 B STATEMENT OF ACTIVITIES 2 FUND FINANCIAL STATEMENTS C BALANCE SHEET GOVERNMENTAL FUNDS 3 D RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET ASSETS 4 E STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS 5 F RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES 7 G NOTES TO THE BASIC FINANCIAL STATEMENTS 8 SCHEDULES REQUIRED SUPPLEMENTARY INFORMATION 1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL GENERALFUND 17 SUPPLEMENTARY INFORMATION SCHEDULES OF REVENUE 2 STATE 18 3 FEDERAL 19 4 LOCAL 20 5 SCHEDULE OF SALARIES AND TRAVEL 21 FINANCIAL Russell W. Hinton STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 May 24, 2006 Honorable Sonny Perdue, Governor Members of the General Assembly Members of the Board of Regents of the University System of Georgia and Director and Members of the Three Rivers Regional Library Board INDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION Ladies and Gentlemen: We have audited the accompanying financial statements of the governmental activities and each major fund (Exhibits A through G) ofthe Three Rivers Regional Library as ofand for the year ended June 30, 2005, which collectively comprise the Library's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the Three Rivers Regional Library's management. Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica. 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 opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position ofthe governmental activities and each major fund ofthe Three Rivers Regional Library, as of June 30, 2005, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. 2005ARL-41 The Three Rivers Regional Library has not presented Management's Discussion and Analysis that accounting principles generally accepted in the United States has determined is necessary to supplement, although not to be part of, the basic financial statements. The Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 17 is not a required part of the basic financial statements but is supplementary information required by the accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods ofmeasurement and presentation ofthe required supplementary information. However, we did not audit the information and express no opinion on it. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Three Rivers Regional Library's basic financial statements. The accompanying supplementary information which consist ofSchedules 2 through 5, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit ofthe basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic 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 of Georgia Annotated section 50-6-24. Respectfully submitted, ~mw~ Russell W. Hinton State Auditor RWH:gp 2005ARL-41 THREE RIVERS REGIONAL LIBRARY THREE RIVERS REGIONAL LIBRARY STATEMENT OF NET ASSETS JUNE 30, 2005 ASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net Local Federal Government Other Capital Assets Equipment Library Collections Less: Accumulated Depreciation Total Assets LIABILITIES Accounts Payable Deposits and Deferred Revenues Total Liabilities NET ASSETS Invested in Capital Assets, Net of Related Debt Restricted for Capital Projects Unrestricted Total Net Assets Total Liabilities and Net Assets EXHIBIT"A" GOVERNMENTAL ACTIVITIES $ 803,612 205,016 93,879 1,915 2,661 120,808 3,259,576 -2,311,740 $ ===2='1=7=5=,7=27= $ 72,289 6 922 $ 79 211 $ 1,068,644 513,549 514,323 $ 2,096,516 $ ====2'=17=5=7,=27= The notes to the basic financial statements are an integral part of this statement. -1- THREE RIVERS REGIONAL LIBRARY STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2005 EXHIBIT"B" EXPENSES PROGRAM REVENUES OPERATING CHARGES FOR GRANTS AND SERVICES CONTRIBUTIONS NET (EXPENSES) REVENUES AND CHANGES IN NET ASSETS GOVERNMENTAL ACTIVITIES Current Services Public Services Technical Services Support Services Maintenance and Operations $ 1,037,217 $ 89,124 491,102 129,517 16,754 $ 860,160 $ 87544 -160,303 -89,124 -491,102 -41 973 Total Governmental Activities 1,746,960 $ 16 754 $ 947 704 $ _ _ _ _-7.:..:8:..::2'-",5-"02~ General Revenues Allotments from Participating Governments Investment Earnings Miscellaneous $ 749,393 14,489 38935 Total General Revenues $ _ _ _ _8~0~2~8_17_ Change in Net Assets $ 20,315 Net Assets - Beginning of Year 2,076,201 Net Assets - End of Year $ ===2='=096==,5=16= The notes to the basic financial statements are an integral part of this statement. -2- THREE RIVERS REGIONAL LIBRARY BALANCE SHEET GOVERNMENTAL FUNDS JUNE 30, 2005 EXHIBIT"C" ASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net Local Federal Government Other Total Assets LIABILITIES AND FUND BALANCES LIABILITIES Accounts Payable Deposits and Deferred Revenue Total Liabilities FUND BALANCES Reserved for: Capital Projects Unreserved Undesignated Reported in: General Fund Total Fund Balances Total Liabilities and Fund Balances GENERAL FUND CAPITAL PROJECTS FUND TOTAL $ 290,063 $ 513,549 $ 803,612 205,016 205,016 93,879 1,915 2 661 93,879 1,915 2 661 $ 593,534 $ 513,549 $ =====1=1,=07='=08..,3= $ 72,289 6,922 $ 79 211 $ 72,289 6,922 $ 79 211 $ 513,549 $ 513,549 $ 514,323 514,323 $ 514,323 $ 513,549 $ 1,027,872 $ 593,534 $ 513,549 $ =====1,=10=7,.,,,0=83= The notes to the basic financial statements are an integral part of this statement. -3- THREE RIVERS REGIONAL LIBRARY RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET ASSETS JUNE 30, 2005 EXHIBIT"D" Total Fund Balances - Governmental Fund (Exhibit "C") Amounts reported for Governmental Activities in the Statement of Net Assets are different because: Capital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: Equipment Library Collections Accumulated Depreciation Total Capital Assets $ $ 120,808 3,259,576 -2,311,740 1,027,872 1,068,644 Net Assets of Governmental Activities (Exhibit "A") $ ====2,=09=6=,5=16= The notes to the basic financial statements are an integral part of this statement. -4 - THREE RIVERS REGIONAL LIBRARY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2005 EXHIBIT"E" REVENUES Local Funds State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues EXPENDITURES Current Public Services Technical Services Support Services Maintenance and Operations Facilities Acquisition and Construction Total Expenditures Net Change in Fund Balance Fund Balance - Beginning Fund Balance - Ending GENERAL FUND CAPITAL PROJECTS FUND TOTAL $ 554,410 $ 945,537 2,167 16,754 7,620 38 935 $ 1,565,423 $ 194,983 $ 6,869 201,852 $ 749,393 945,537 2,167 16,754 14,489 38 935 1,767,275 $ 990,597 89,124 491,102 129,517 3 237 $ $ 1,703,577 $ $ -138, 154 $ 652 477 $ 57 318 57 318 $ 144,534 $ 369 015 990,597 89,124 491,102 129,517 60 555 1,760,895 6,380 1,021,492 $ 514 323 $ 513 549 $ =====1=,0=27='==87=2= The notes to the basic financial statements are an integral part of this statement. -5- (This page left intentionally blank) THREE RIVERS REGIONAL LIBRARY RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2005 EXHIBIT"F" Total Net Change in Fund Balance - Governmental Fund (Exhibit "E") Amounts reported for Governmental Activities in the Statement of Activities are different because: Capital Outlays are reported as expenditures in Governmental Funds. However, in the Statement of Activities, the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are: Capital Outlay Depreciation Expense Excess of Depreciation Expense over Capital Outlay $ $ 173,212 -159,277 6,380 13 935 Change in Net Assets of Governmental Activities (Exhibit "B") $ ===2=0=,3=15= The notes to the basic financial statements are an integral part of this statement. -7- THREE RIVERS REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2005 EXHIBIT "G" Note 1: DESCRIPTION OF LIBRARY AND REPORTING ENTITY REPORTING ENTITY The Three Rivers Regional Library (Library) operates pursuant to Official Code of Georgia Annotated Sections 20-5-40 through 20-5-59 to provide public library services with costs shared by participating local governmental agencies and grants from the State of Georgia. The Library Board is comprised of 15 members which are also trustees ofthe member library which appointed them. The Library Board membership consists of2 members appointed from the Brantley County Library Board, 2 members appointed from the Camden County Library Board, 2 members appointed from the Charlton County Library Board, 3 members appointed from the Glynn County Library Board, 2 members appointed from the Long County Library Board, 2 members appointed from the McIntosh County Library Board and 2 members appointed from the Wayne County Library Board. The Library Board is without authority to determine the amount of its funding, except by submission ofbudget requests to local governmental units from which the Library receives support and to the State of Georgia for State and Federal flow through funding. Membership in the Library and participation in library services is at the discretion of each participating governmental agency. The Library Board has the power to designate management, the power to retain unreserved fund balances of local and other funds for continued operations and is the lowest level of oversight responsibility for the Library's operations. The Three Rivers Regional Library is therefore determined to be a joint venture. Blended Component Unit-1883 Library Fund, Inc. The 1883 Library Fund, Inc., (the "Corporation") was created by the Board ofTrustees ofthe Glynn County Library. The sole purpose ofthe Corporation is to invest funds to provide an annual source of income for the Glynn County Library. The Corporation consists of six members who are appointed by the Glynn County Library Board. The 1883 Library Fund, Inc., is a component unit ofthe Three Rivers Regional Library and, as such the Corporation's financial activity has been blended with the Three Rivers Regional Library's basic financial statements. Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The Library's basic financial statements are collectively comprised of the Library-wide financial statements, fund financial statements and notes to the basic financial statements ofthe Three Rivers Regional Library. -8- THREE RIVERS REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2005 EXHIBIT "G" Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Library-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities of the overall Library. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through intergovernmental revenues and other nonexchange transactions. The Statement ofActivities presents a comparison between direct expenses and program revenues for each function of the Library's governmental activities. Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the Library related to the administration and support ofthe Library's programs, such as office and maintenance personnel and accounting) are not allocated to programs. Program revenues include (a) charges paid by the recipients ofgoods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues are presented as general revenues. Fund Financial Statements: The fund financial statements provide information about the Library's funds. Eliminations have been made to minimize the double counting of internal activities. The emphasis of fund financial statements is on major governmental funds. The Library reports the following major governmental funds: General Fund is the Library's primary operating fund. It accounts for all financial resources of the Library, except those resources required to be accounted for in another fund. Capital Projects Fund accounts for financial resources including grants from Local sources to be used for the acquisition, construction or renovation of major capital facilities. BASIS OF ACCOUNTING The basis ofaccounting determines when transactions are reported on the financial statements. The Library-wide governmental financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the Library gives (or receives) value without directly receiving (or giving) equal value in exchange, include grants and donations. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. -9- THREE RIVERS REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2005 EXHIBIT "G" Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Library uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The Library considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Interest is considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred. Capital asset acquisitions are reported as expenditures in governmental funds. The Library funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the Library's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. CASH AND CASH EQUIVALENTS COMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the Library 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 Library in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one 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 of Georgia Annotated Section 36-83-4 authorizes the Library 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 of Georgia or by other states, (2) Obligations issued by the United States government, THREE RIVERS REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2005 EXHIBIT "G" Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (3) Obligations fully insured or guaranteed by the United States government or a United States government agency, (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 ofGeorgia, Office of Treasury and Fiscal Services, (7) Repurchase agreements, and (8) Obligations of other political subdivisions of the State of Georgia. RECEIVABLES Receivables consist ofamounts due from grant 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 basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. CAPITAL ASSETS Capital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time ofpurchase. On the Library-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. Capitalization thresholds and estimated useful lives of capital assets reported in the Library-wide statements are as follows: Capitalization Policy Estimated Useful Life Land Land Improvements Buildings and Improvements Equipment Library Collections Any Amount $ 5,000 $ 5,000 $ 5,000 Any Amount NIA 80 years 25 to 80 years 5 to 15 years 10 years - 11 - THREE RIVERS REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2005 EXHIBIT"G" Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Depreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. Note 3: DEPOSITS COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee ofinsurance, or by collateral. The aggregate ofthe 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 being secured after the deduction ofthe amount ofdeposit insurance. Ifa depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. At June 30, 2005, $97,027 of deposits were not secured by surety bond, insurance or collateral as specified above. The Library is working with the affected financial institutions to ensure appropriate levels of collateral are maintained for all of the Library's deposits. Acceptable security for deposits consists of any one of or any combination of the following: (1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, (2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, (3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, (4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities ofthe State of Georgia, (5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, (6) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia, and (7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest 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. - 12 - THREE RIVERS REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2005 EXHIBIT"G" Note 3: DEPOSITS CATEGORIZATION OF DEPOSITS At June 30, 2005, the bank balances were $1,068,990. The amounts of the total bank balances are classified into four categories of custodial credit risk: Category 1 - Cash that is insured (e.g., Federal Deposit Insurance) or collateralized with securities held by the Library or by the Library's agent in the Library's name. Category 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Library's name. Category 3 - Cash collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Library's name. Category 4 - Uncollateralized. The Library's deposits are classified by custodial credit risk category at June 30, 2005, as follows: Custodial Credit Risk Category Bank Balance 1 $ 303,375 2 668,588 3 0 4 97.027 Total $ 1,068.990 Note 4: CAPITAL ASSETS The following is a summary of changes in the Capital Assets during the fiscal year: Governmental Activities Capital Assets Being Depreciated Equipment Library Collections Less Accumulated Depreciation for: Equipment Library Collections Governmental Activity Capital Assets - Net Balances July 1, 2004 Increases Decreases Balances June 30, 2005 $ 87,517 $ 3,208,089 33,291 139,921 $ $ 120,808 88,434 3,259,576 57,882 2,183,015 $ 1,054,102 $ 10,194 149,083 13,935 $ 1 88,433 68,075 2,243,665 Q $ 1,068,644 - 13 - THREE RIVERS REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2005 EXHIBIT"G" Note 4: CAPITAL ASSETS Current year depreciation expense by function is as follows: Public Services Note 5: RESTRICTED ASSETS $=====1==59-,2==7==7 Contributions from local governments restricted for capital improvements are reported as restricted assets in the Statement of Net Assets because their use is limited by applicable contractual agreements or statutory provisions. Restricted assets at June 30, 2005, were as follows: Capital Projects Restricted Cash and Cash Equivalents: Capital Acquisitions $ 513,549 Note 6: RISK MANAGEMENT The Library is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees and acts of God. The Library has obtained commercial insurance for risk of loss associated with torts, assets, job related illness or injuries to employees, windstorms and hail. The Library has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Library's insurance coverage in any of the past three years. The Library has elected to self-insure for all losses related to acts ofGod, except for windstorms and hail. In addition, the Library has elected to self-insure for errors or omissions, which includes, among other risks, risks for sexual harassment and discrimination. The Library has not experienced any losses related to these risks in the past three years. The Library has purchased surety bonds to provide additional insurance coverage as follows: Position Covered Amount Library Treasurer Library Assistant Treasurer All Other Employees $ 30,000 $ 30,000 $ 30,000 - 14 - THREE RIVERS REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2005 EXHIBIT "G" Note 7: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) TRS PLAN DESCRIPTION Substantially all librarians and clerical personnel employed by regional and county libraries are covered by the Teachers Retirement System of Georgia (TRS), 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 Library who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Library 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 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: Fiscal Year Percentage Contributed Required Contribution 2005 2004 2003 100% 100% 100% $ 92,688 $ 91,251 $ 92,428 - 15 - (This page left intentionally blank) THREE RIVERS REGIONAL LIBRARY GENERAL FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL YEAR ENDED JUNE 30, 2005 SCHEDULE "1" REVENUES Local Funds State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues EXPENDITURES Current Public Services Technical Services Support Services Maintenance and Operations Facilities Acquisition and Construction Total Expenditures Net Change in Fund Balance Fund Balance - Beginning NONAPPROPRIATED BUDGETS ORIGINAL FINAL ACTUAL AMOUNTS $ 417,411 $ 417,411 $ 554,410 958,110 958,110 945,537 2,167 24,848 24,848 16,754 22,000 22,000 7,620 239 918 239 918 38 935 $ 1,662,287 $ 1,662,287 $ 1,565.423 $ 971,469 $ 971,469 $ 990,597 87,403 87,403 89,124 473,224 473,224 491,102 127,016 127,016 129,517 3 175 3175 3 237 $ 1,662,287 $ 1,662,287 $ 1 703 577 $ 0 $ 0 $ -138,154 650 475 652 477 652 477 Fund Balance - Ending $ 650 475 $ 652 477 $ ===5=1=4=3=23= Notes to the Schedule of Revenues. Expenditures and Changes in Fund Balances Budget and Actual The accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. See notes to the basic financial statements. - 17 - THREE RIVERS REGIONAL LIBRARY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2005 AGENCY/FUNDING GRANTS Board of Regents of the University System of Georgia Office of Public Library Services Salaries Travel Library Materials Talking Book Centers Maintenance and Operations SCHEDULE "2" GOVERNMENTAL FUND TYPE GENERAL FUND $ 686,061 3,750 73,461 94,721 87 544 $ ======9=45=5=3=7 See notes to the basic financial statements. - 18 - THREE RIVERS REGIONAL LIBRARY SCHEDULE OF FEDERAL REVENUE YEAR ENDED JUNE 30, 2005 AGENCY/FUNDING GRANT Museum and Library Services, Institute of Through Board of Regents of the University System of Georgia Library Services and Technology Act State Vacation Reading Program SCHEDULE "3" GOVERNMENTAL FUND TYPE GENERAL FUND $ =======2=1=6=7 See notes to the basic financial statements. - 19 - LOCAL SOURCES Boards of Education Brantley County Camden County Charlton County Glynn County Long County McIntosh County City Government Brunswick County Governments Boards of Commissioners Camden Charlton Glynn Long County Libraries Charlton Long McIntosh Wayne THREE RIVERS REGIONAL LIBRARY SCHEDULE OF LOCAL REVENUE YEAR ENDED JUNE 30, 2005 SCHEDULE "4" GOVERNMENTAL FUND TYPES CAPITAL GENERAL PROJECTS FUND FUND TOTAL $ 2,426 4,628 1,633 2,300 817 944 21,420 $ 2,426 4,628 1,633 2,300 817 944 21,420 7,969 686 283,900 $ 713 46,364 30,519 52,425 97666 194,983 7,969 686 478,883 713 46,364 30,519 52,425 97666 $ 554 410 $ 194 983 $====74=9=,3=9=3 See notes to the basic financial statements. - 20- THREE RIVERS REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL YEAR ENDED JUNE 30, 2005 SCHEDULE "5" NAME Barber, Blanton, Brooks, Brown, Carlo, Cody, Coleman, Crummey, Danley, Darby, Douglas, Eastman, Estrada, Fernandez, Gibson, Goodloe, Gowen, Hall, Haven, Hildebrand, Jackson, Johnson, Jones, Kent, King, Knapp, Lang, Lassan, Leggett, Maney, McIntyre, McKenzie, Montgomery, Moon, Morgan, Murphy, Nessmith, O'Quinn, Parker, Pascal, Ransom, Rice, Robertson, Routsong, Sapp, Sawyer, Scott, Sellers, Sharpe, Shinnick, Smith, Taylor, Thompson, Vinson, Wayne, Wendt, Williamson, Wright, Virginia Carolyn Christina Angelia Helen Sara Deborah Shelley Robert Jim Paul Gary Cesar Agustin Joseph Wylie Amber Cynthia Karen Jane Diane Shirley Brittany Symone Rosa Carolyn Nellie Vivian Marvin Paulette Venus Betty Dorinda Robert Teena Terrie Georgia Diane Barbara Carol Betty Kristie Crystal Scott Windy Barbara Karla Mary Wanda Joseph Ceil Marian Brittney Patricia Virginia James Edna Susan TITLE CATEGORY Secretary Clerical Clerical Children's Assistant Clerical Reference Librarian Technical Services Assistant Clerical Clerical Director Clerical Clerical Clerical Clerical Custodian Clerical Clerical Clerical Technical Services Librarian Affiliate Coordinator Librarian Reference Assistant Bookmobile Assistant Clerical Clerical Clerical Adult Services Librarian Clerical Clerical Affiliate Manager Clerical Clerical Circulation Assistant Library Assistant Clerical Library Assistant Clerical Clerical Bookkeeper Affiliate Manager Clerical Talking Book Librarian Clerical Clerical Children's Librarian Clerical Affiliate Manager Clerical Bookmobile Assistant Clerical Assistant Director Circulation Assistant Library Assistant Clerical Clerical Clerical Regional Reference Librarian Affiliate Manager Clerical SALARIES TRAVEL $ 14,732 16,466 18,091 14,855 5,454 58,431 $ 16,958 1,416 6,309 72,639 16,958 16,306 14,855 14,855 13,657 2,761 1,183 785 51,981 61,067 5,129 14,855 2,616 6,336 9,751 56,746 6,545 7,428 11,449 9,976 13,918 18,619 14,664 14,855 6,949 455 102 32,783 7,730 4,124 56,476 7,349 5,923 48,256 10,018 7,312 2,562 3,926 13,071 62,253 43,657 2,789 530 3,836 14,855 56,746 27,646 16958 27 86 4,522 50 175 736 23 67 754 836 20 11 203 1,082 Totals per Report See notes to the basic financial statements. - 21 - $ 1,048,952 $ 8 592