Lake Blackshear Regional Library, Americus, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2006

LAKE BLACKSHEAR REGIONAL LIBRARY
AMERICUS, GEORGIA REPORT ON AUDIT
OF THE FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2006
STATE OF GEORGIA
DEPARTMENT OF AUDITS AND ACCOUNTS
Russell W. Hinton State Auditor

LAKE BLACKSHEAR REGIONAL LIBRARY - TABLE OF CONTENTS -

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 FUND

3

D

RECONCILIATION OF THE GOVERNMENTAL FUND BALANCE SHEET

TO THE STATEMENT OF NET ASSETS

4

E

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES

IN FUND BALANCE

GOVERNMENTAL FUND

5

F

RECONCILIATION OF THE GOVERNMENTAL FUND STATEMENT

OF REVENUES, EXPENDITURES AND CHANGES IN FUND

BALANCE TO THE STATEMENT OF ACTIVITIES

7

G

NOTES TO THE BASIC FINANCIAL STATEMENTS

8

SCHEDULES

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES

IN FUND BALANCE - BUDGET AND ACTUAL

GENERAL FUND

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
July 6, 2007

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 Lake Blackshear 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 ofthe governmental activities and the major fund (Exhibits A through G) of the Lake Blackshear Regional Library as of and for the year ended June 30, 2006, which collectively comprise the Library's basic financial statements as listed in the table of contents. These financial statements are the responsibility ofthe Lake Blackshear 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 of the governmental activities and the major fund of the Lake Blackshear Regional Library, as of June 30, 2006, 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.

2006ARL-41

The Lake Blackshear 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 Lake Blackshear 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,
r=5.:e~in~~~ State Auditor
RWH:as 2006ARL-41

LAKE BLACKSHEAR REGIONAL LIBRARY

LAKE BLACKSHEAR REGIONAL LIBRARY STATEMENT OF NET ASSETS
JUNE 30, 2006
ASSETS Cash and Cash Equivalents Accounts Receivable, Net
Local Capital Assets
Land Land Improvements Buildings Equipment Library Collections Less: Accumulated Depreciation
Total Assets
LIABILITIES Long-Term Liabilities
Due in More Than One Year NET ASSETS
Invested in Capital Assets, Net of Related Debt Unrestricted
Total Net Assets
Total Liabilities and Net Assets

EXHIBIT"A"

GOVERNMENTAL ACTIVITIES

$

70,447

1,702

17,445 67,518 1,024,239 258,911 2,072,192 -2,791,922

$====7=2=0=,5=32=

$ _ _ _--=3=8'-'4.;;..51.;_

$

648,383

33698

$ ______6__8__=2,..__0_8_1____

$ ====7=2=0'=5=32=

The notes to the basic financial statements are an integral part of this statement. - 1-

LAKE BLACKSHEAR REGIONAL LIBRARY STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2006

EXHIBIT"B"

GOVERNMENTAL ACTIVITIES
Current Services Public Services Technical Services Support Services Maintenance and Operations Information Technology
Total Governmental Activities

EXPENSES

PROGRAM REVENUES

OPERATING

CHARGES FOR

GRANTS AND

SERVICES

CONTRIBUTIONS

NET (EXPENSES) REVENUES
AND CHANGES IN NET ASSETS

$ 649,791 $ 83,653 166,346 69,436 2,738
971,964 $

24,835 $

364,738 $

41,364

24 835 $ ===--==40=6=10=2= $

-260,218 -83,653
-166,346 -28,072 -2 738
-541,027

General Revenues Allotments from Participating Governments Investment Earnings Miscellaneous
Special Item Donated Land Improvement
Total General Revenues and Special Item
Change in Net Assets
Net Assets - Beginning of Year (Restated)

$

469,881

694

32,844

9004

$ _ _ _....;5:..:1~2,_,4:;23:;...

$

-28,604

710 685

Net Assets - End of Year

$ ====--=6=8=2=0=81..,

The notes to the basic financial statements are an integral part of this statement. -2-

LAKE BLACKSHEAR REGIONAL LIBRARY BALANCE SHEET
GOVERNMENTAL FUND JUNE 30, 2006
ASSETS Cash and Cash Equivalents Accounts Receivable, Net
Local
Total Assets
FUND BALANCE Unreserved
Undesignated Reported in: General Fund

EXHIBIT"C"

GENERAL FUND

$

70,447

1 702

$ ====72====14=9=

$ ==7=2=1=49=

The notes to the basic financial statements are an integral part of this statement. -3-

LAKE BLACKSHEAR REGIONAL LIBRARY RECONCILIATION OF THE GOVERNMENTAL FUND BALANCE SHEET
TO THE STATEMENT OF NET ASSETS JUNE 30, 2006

EXHIBIT" "

Total Fund Balance - Governmental Fund (Exhibit "C")
Amounts reported for Governmental Activitie.s 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:
Land Land Improvements Buildings Equipment Library Collections Accumulated Depreciation
Total Capital Assets
Long-Term Liabilities are not due and payable in the current period and therefore are not reported as liabilities in the funds. Long-Term Liabilities at year-end consist of:
Compensated Absences
Net Assets of Governmental Activities (Exhibit "A")

$

72,149

$

17,445

67,518

1,024,239

258,911

2,072,192

-2,79t922

648,383

-38451 $ ===68=2=,0=8=1

The notes to the basic financial statements are an integral part of this statement. -4-

LAKE BLACKSHEAR REGIONAL LIBRARY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
GOVERNMENTAL FUND YEAR ENDED JUNE 30, 2006

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 Information Technology
Total Expenditures
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending

GENERAL FUND

$

469,881

398,602

7,500

24,835

694

32,844

$

934,356

$

589,273

83,526

173,110

69,436

2,000

$

917,345

$

17,011

55,138

$ ===7=2=14=9=

The notes to the basic financial statements are an integral part of this statement. -5-

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LAKE BLACKSHEAR REGIONAL LIBRARY RECONCILIATION OF THE GOVERNMENTAL FUND STATEMENT OF
REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE TO THE STATEMENT OF ACTIVITIES JUNE 30, 2006

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
Donated Capital Assets are not reported in Governmental Funds. However, in the Statement of Activities, the donated value is shown as a Special Item.
Donated Land Improvements
Some items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in Governmental Funds. These activities consist of:
Decrease in Compensated Absences

$

17,011

$ 62,050 -120,522

-58,472

9,004

3,853

Change in Net Assets of Governmental Activities (Exhibit "B")

$ ===-2=8=,6=0=4

The notes to the basic financial statements are an integral part of this statement. -7-

LAKE BLACKSHEAR REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2006

EXHIBIT"G"

Note 1: DESCRIPTION OF LIBRARY AND REPORTING ENTITY
REPORTING ENTITY
The Lake Blackshear 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 of38 members which are also trustees ofthe member library which appointed them. The Library Board membership consists of 9 members appointed by the Crisp County Library Board, 9 members appointed by the Dooly County Library Board, 8 members appointed by the Schley County Library Board and 12 members appointed by the Sumter 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 oflocal and other funds for continued operations and is the lowest level of oversight responsibility for the Library's operations. The Lake Blackshear Regional Library is therefore determined to be a joint venture. The basic financial statements do not include all financial activity of the various affiliated Library accounts.
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 of the Lake Blackshear Regional Library.
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 of Activities 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 of the Library's programs, such as office and maintenance personnel and accounting) are not allocated to programs.

-8-

LAKE BLACKSHEAR REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2006

EXHIBIT"G"

Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 fund:
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.
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.
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 except for compensated absences, which are recognized as expenditures to the extent they have matured. 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

-9-

LAKE BLACKSHEAR REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2006

EXHIBIT"G"

Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
RESTATEMENT OF PRIOR YEAR NET ASSETS
For fiscal year 2006, the Library restated various Capital Assets due to a change in capitalization policy and errors and omissions. The Library decreased buildings and improvements, equipment, land improvements and Library collections, net ofaccumulated depreciation, by $1,160, $43 5, $552 and $147,220, respectively. The result is a decrease in Net Assets at July 1, 2005, of$149,367. This change is in accordance with generally accepted accounting principles.
CASH AND CASH EQUIVALENTS
COMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand and demand deposits. Georgia Laws OCGA 458-14 authorize the Library to deposit its funds in one or more solvent banks or insured Federal savings and loan associations.
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:

- 10 -

LAKE BLACKSHEAR REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2006

EXHIBIT "G"

Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Capitalization Policy

Estimated Useful Life

Land Land Improvements Buildings and Improvements Equipment Library Collections

$

5,000

NIA

$

5,000

30 years

$

5,000 15 to 40 years

$

5,000 5 to 40 years

$

5,000

10 years

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 of insurance, 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.

Acceptable security for deposits consists of any one of or any combination of the following:

(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia,

(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation,

(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia,

(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia,

(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose,

(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and

- 11 -

LAKE BLACKSHEAR REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2006

EXHIBIT "G"

Note 3: DEPOSITS

(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.

CATEGORIZATION OF DEPOSITS At June 30, 2006, the bank balances were $112,175. The bank balances were entirely covered by Federal depository insurance.

Note 4: CAPITAL ASSETS

The following is a summary of changes in the Capital Assets during the fiscal year:

Balances July 1, 2005 (Restated)

Increases

Balances Decreases June 30, 2006

Governmental Activities

Capital Assets, Not Being Depreciated:

Land

$

17 445 $

0 $

0 $

17 445

Capital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements Library Collections

$ 1,024,239 258,911 58,514 $
2,023,998

9,004 62,050 $

$ 13,856

1,024,239 258,911 67,518
2,072,192

Less Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements Library Collections

753,025 178,294 25,910 1,728,027

47,230 8,957 1,256 63,079

13,856

800,255 187,251 27,166 1,777.250

Total Capital Assets, Being Depreciated, Net $ 680,406 $ -49 468 $

0 $ 630,938

Governmental Activity Capital Assets - Net $ 627,851 $ -42.468 $

Q $ MS,383

Current year depreciation expense by function is as follows:

- 12 -

LAKE BLACKSHEAR REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2006

EXHIBIT "G"

Note 4: CAPITAL ASSETS

Public Services Information Technology

$

119,784

738

Note 5: RISK MANAGEMENT

$=~1-20-,5=!2=2

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; acts of God and unemployment compensation.

The Library has obtained commercial insurance for risk ofloss associated with torts, assets and job related illness or injuries to employees. 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 of God. 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 is self-insured with regard to unemployment compensation claims. The Library accounts for claims within the General Fund with expenses/expenditures and liability 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 claims liability during the last two fiscal years are as follows:

2005 2006

Beginning of Year Liability

Claims and Changes in Estimates

Claims Paid

End of Year Liability

$

0 $

505 $

505 $

0

$

0 $

0 $

0 $

0

The Library has purchased surety bonds to provide additional insurance coverage as follows:

Position Covered

Amount

Director Assistant Director Bookkeeper

$

10,000

$

5,000

$

5,000

- 13 -

LAKE BLACKSHEAR REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2006

EXHIBIT"G"

Note 6: LONG-TERM DEBT

COMPENSATED ABSENCES Compensated absences represent obligations ofthe Library relating to employees' rights to receive compensation for future absences based upon service already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. The Library uses the vesting method to compute compensated absences.

The changes in Long-Term Debt during the fiscal year ended June 30, 2006, were as follows:

Governmental Funds
Compensated Absences (1)

Balance July 1, 2005

$

42,304

Additions Annual Leave Earned

43,970

Deductions Annual Leave Utilized

47,823

Balance June 30, 2006

$=="'='38""=.4==5==1

(1) The portion of Compensated Absences due within one year has been determined to be immaterial to the basic financial statements.

Note 7: ON-BEHALF PAYMENTS

The Library has recognized revenues and expenditures in the amount of $36,689 for salaries and employer's contribution paid on the Library's behalfby the Dooly County Board ofCommissioners.

Note 8: SPECIAL ITEM

In fiscal year 2006, the Lake Blackshear Regional Library received a donation of a parking lot repaving from Sumter County. The asset is recorded at estimated fair market value at the date donated. The donation is reported as a special item on the Statement of Activities.

- 14 -

LAKE BLACKSHEAR REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2006

EXHIBIT"G"

Note 9: 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

2006 2005 2004

100% 100% 100%

$ 43,639 $ 44,470 $ 42,030

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LAKE BLACKSHEAR REGIONAL LIBRARY GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL
YEAR ENDED JUNE 30, 2006

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 Information Technology
Total Expenditures
Net Change in Fund Balance
Fund Balance - Beginning

NONAPPROPRIATED BUDGETS

ORIGINAL

FINAL

ACTUAL AMOUNTS

$

415,170 $

415,170 $

469,881

406,886

406,886

398,602

7,500

24,535

24,535

24,835

580

580

694

35 395

35 395

32 844

$

882,566 $

882,566 $

934 356

$

567,664 $

567,664 $

589,273

81,834

81,834

83,526

160,493

160,493

173,110

71,675

71,675

69,436

900

900

2 000

$

882,566 $

882 566 $

917 345

$

0 $

0 $

17,011

55138

55138

55 138

Fund Balance - Ending

$

55 138 $

55138 $====7=2=1=49===

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 -

LAKE BLACKSHEAR REGIONAL LIBRARY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2006
AGENCY/FUNDING GRANTS Board of Regents of the University System of Georgia Office of Public Library Services Salaries Library Materials Maintenance and Operations

SCHEDULE "2"

GOVERNMENTAL FUND TYPE GENERAL FUND

$

327,240

29,998

41 364

$ ====39=8=,6=0=2

See notes to the basic financial statements.

- 18 -

LAKE BLACKSHEAR REGIONAL LIBRARY SCHEDULE OF FEDERAL REVENUE YEAR ENDED JUNE 30, 2006
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 Library Program

SCHEDULE "3"
GOVERNMENTAL FUND TYPE GENERAL FUND
$=====7=5=0=0

See notes to the basic financial statements.

- 19 -

LAKE BLACKSHEAR REGIONAL LIBRARY SCHEDULE OF LOCAL REVENUE YEAR ENDED JUNE 30, 2006
LOCAL SOURCES City Governments Americus Byromville Cordele Ellaville Unadilla County Governments Boards of Commissioners Dooly Schley Sumter

SCHEDULE "4"

GOVERNMENTAL FUND TYPE GENERAL FUND

$

108,550

1,868

87,450

4,000

40,752

69,289 20,331 137 641

$ ====4=6=9=8=81=

See notes to the basic financial statements.

- 20-

LAKE BLACKSHEAR REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL
YEAR ENDED JUNE 30, 2006

SCHEDULE "5"

NAME

Baker, Bartlett, Brogdon, Brown, Bryam, Cook, Deriso, Erkhart, Franklin, Greene, Guttenberg, Harris, Hauesler, Hawkins, Hendrix, Hopkins, Isbell, Kloberdanz, Kloberdanz, Mathis, Michelli, Miles, Powell, Ricketts, Tondee, Wilkes, Wishum, Wright,

Letitia Yvonne Rhonda Debra A. Cheryl WilliamW. Jr. Ruth Jean F. Linda H. Mary Donna Laura S. KayC. Ella D. Connie L. Richard Jane B. Shirley J. Anne M. JillD. Micah Dalton Dianne Marye. Judith Brenda Helen SaraW. Mary Ellen HelenW. Erin

TITLE CATEGORY
Library Clerk Library Manager Library Manager Librarian, Head of Public Services Director of Literacy Library Clerk Bookmobile Clerk Administrative Assistant Library Clerk Library Clerk Library Clerk Library Clerk Library Clerk Assistant Director Director Library Clerk Director Library Clerk Library Clerk Library Clerk Librarian, Head of Information Services Library Clerk Library Clerk Library Clerk Library Manager Library Clerk Library Clerk Library Manager

Adjustments Dooly County Board of Commissioners On-Behalf Payments

SALARIES

TRAVEL

$

8,998

31,200 $

18,763

45,836

7,198

5,466

26,308

6,769

2,438

12,802

5,913

20,465

12,551

50,990

54,765

1,083

59,115

12,415

5,435

2,684

64,379

17,913

1,313

3,935

6,598

1,539

31,850

3 814

41 1,733
1,894 1,209 2,657 3,163

$

522,535 $

10,697

26,453

Totals per Report

$

548,988 $ ===1=0=6=9=7

See notes to the basic financial statements.

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