{"response":{"docs":[{"id":"dlg_ggpd_1379844644-2025-05-06","title":"Annual financial report, fiscal year 2024, Miller County Board of Education, Colquitt, Georgia, including independent auditor's report.","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, Miller County, 31.16399, -84.73072"],"dcterms_creator":null,"dc_date":["2025-05-06"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Miller County Board of Education, Ga.)"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Georgia Department of Audits \u0026 Accounts, [2022?]-"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Miller County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Miller County--Auditing--Periodicals.","Education--Georgia--Miller County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Miller County--fast","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report, fiscal year 2024, Miller County Board of Education, Colquitt, Georgia, including independent auditor's report."],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_1379844644-2025-05-06"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1379844644-2025-05-06"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"ANNUAL FINANCIAL REPORT  FISCAL YEAR 2024 \nMiller County Board of Education \nColquitt, Georgia \nIncluding Independent Auditor's Report \nGreg S. Griffin | State Auditor \n \n Miller County Board of Education \n \nTable of Contents \n \nSection I Financial \nIndependent Auditor's Report \n \nExhibits \n \nBasic Financial Statements \n \nGovernment-Wide Financial Statements \n \nA \n \nStatement of Net Position \n \n1 \n \nB \n \nStatement of Activities \n \n2 \n \nFund Financial Statements \n \nC \n \nBalance Sheet \n \nGovernmental Funds \n \n3 \n \nD \n \nReconciliation of the Governmental Funds Balance Sheet \n \nto the Statement of Net Position \n \n4 \n \nE \n \nStatement of Revenues, Expenditures and Changes in Fund Balances \n \nGovernmental Funds \n \n5 \n \nF \n \nReconciliation of the Governmental Funds Statement of \n \nRevenues, Expenditures and Changes in Fund Balances \n \nto the Statement of Activities \n \n6 \n \nG \n \nStatement of Fiduciary Net Position \n \nFiduciary Funds \n \n7 \n \nH \n \nStatement of Changes in Fiduciary Net Position \n \nFiduciary Funds \n \n8 \n \nI Notes to the Basic Financial Statements \n \n10 \n \nSchedules \n \nRequired Supplementary Information \n \n1 Schedule of Proportionate Share of the Net Pension Liability \n \nTeachers Retirement System of Georgia \n \n35 \n \n2 Schedule of Contributions  Teachers Retirement System of Georgia \n \n36 \n \n3 Schedule of Proportionate Share of the Net Pension Liability Public \n \nSchool Employees Retirement System of Georgia \n \n37 \n \n4 Schedule of Proportionate Share of the Net OPEB Liability \n \nSchool OPEB Fund \n \n38 \n \n Required Supplementary Information (Continued) \n \n5 Schedule of Contributions  School OPEB Fund \n \n39 \n \n6 Notes to the Required Supplementary Information \n \n40 \n \n7 Schedule of Revenues, Expenditures and Changes in Fund \n \nBalances - Budget and Actual General Fund \n \n41 \n \nSupplementary Information \n \n8 Schedule of Expenditures of Federal Awards \n \n42 \n \n9 Schedule of State Revenue \n \n44 \n \n10 Schedule of Approved Local Option Sales Tax Projects \n \n46 \n \nSection II \nCompliance and Internal Control Reports \nIndependent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards \n \nIndependent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance \n \nSection III Auditee's Response to Prior Year Findings and Questioned Costs \nSummary Schedule of Prior Audit Findings \n \nSection IV Findings and Questioned Costs \nSchedule of Findings and Questioned Costs \n \n Section I Financial \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Mr. Michael Keown, Superintendent and Members of the Miller County Board of Education \nReport on the Audit of the Financial Statements \nOpinions \nWe have audited the accompanying financial statements of the governmental activities, each major fund, and fiduciary activities of the Miller County Board of Education (School District) as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents. \nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and fiduciary activities of the School District as of June 30, 2024, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \nBasis for Opinions \nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. \nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \nResponsibilities of Management for the Financial Statements \nManagement is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. \nAuditor's Responsibilities for the Audit of the Financial Statements \nOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. \nIn performing an audit in accordance with GAAS and Government Auditing Standards, we: \n Exercise professional judgment and maintain professional skepticism throughout the audit. \n Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. \n Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, no such opinion is expressed. \n Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. \n Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for a reasonable period of time. \nWe are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. \nRequired Supplementary Information \nManagement has omitted the Management's Discussion and Analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of \n \n financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinions on the basic financial statements are not affected by this missing information. \nAccounting principles generally accepted in the United States of America require that the required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient appropriate evidence to express an opinion or provide any assurance. \nSupplementary Information \nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the School District's basic financial statements. The accompanying supplementary information, as listed in the table of contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements. \nThe supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements as a whole. \nOther Reporting Required by Government Auditing Standards \nIn accordance with Government Auditing Standards, we have also issued our report dated May 6, 2025 on our consideration of the School District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control over financial reporting and compliance. \n \n A copy of this report has been filed as a permanent record and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. Respectfully submitted, \nGreg S. Griffin State Auditor \nMay 6, 2025 \n \n Miller County Board of Education \n \n MILLER COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2024 \nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Local Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \nTotal Assets \nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \nTotal Deferred Outflows of Resources \nLIABILITIES Accounts Payable Salaries and Benefits Payable Payroll Withholdings Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities \nDue Within One Year Due in More Than One Year \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \nTotal Deferred Inflows of Resources \nNET POSITION Net Investment in Capital Assets Restricted for \nContinuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \nTotal Net Position \n \nEXHIBIT \"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n7,392,673.94 \n \n157,800.13 \n \n490,432.10 676,344.46 301,602.78 \n3,574.03 7,747.49 1,109,852.13 19,225,188.39 29,365,215.45 \n \n3,501,375.04 1,675,566.00 5,176,941.04 \n \n178,638.87 1,133,113.29 \n51,622.45 10,535,449.00 \n6,489,568.00 \n635,000.00 660,000.00 19,683,391.61 \n \n528,046.00 3,228,607.00 3,756,653.00 \n \n19,211,476.52 \n \n212,334.64 16,631.15 \n876,344.05 (9,214,674.48) \n \n$ \n \n11,102,111.88 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 1 - \n \n GOVERNMENTAL ACTIVITIES Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Operations of Non-Instructional Services Food Services Interest on Long-Term Debt \nTotal Governmental Activities \n \nMILLER COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30, 2024 \n \nEXHIBIT \"B\" \n \nEXPENSES \n \nPROGRAM REVENUES \n \nOPERATING \n \nCHARGES FOR \n \nGRANTS AND \n \nSERVICES \n \nCONTRIBUTIONS \n \nNET (EXPENSES) REVENUES \nAND CHANGES IN NET POSITION \n \n$ \n \n8,675,692.33 $ \n \n- $ \n \n5,629,537.44 $ \n \n843,859.12 871,436.22 135,402.92 470,752.12 759,209.59 248,763.91 1,767,615.93 1,083,738.10 \n60,320.40 \n \n159,771.23 - \n \n224,324.12 343,091.64 120,591.00 419,898.64 438,874.00 \n738.70 520,613.69 253,515.50 \n6,077.30 \n \n775,574.89 103,416.25 \n \n13,170.73 - \n \n709,556.66 - \n \n$ \n \n15,795,781.78 $ \n \n172,941.96 $ \n \n8,666,818.69 \n \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations For Debt Services Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Debt Services For Capital Projects Other Sales Tax Investment Earnings Miscellaneous Total General Revenues \n \nChange in Net Position \n \nNet Position - Beginning of Year \n \nNet Position - End of Year \n \n$ \n \n(3,046,154.89) \n(459,763.77) (528,344.58) \n(14,811.92) (50,853.48) (320,335.59) (248,025.21) (1,247,002.24) (830,222.60) (54,243.10) \n(52,847.50) (103,416.25) \n(6,956,021.13) \n4,562,821.38 157,918.58 17,090.81 \n560,000.00 240,685.21 \n35,058.38 138,541.82 491,537.18 6,203,653.36 \n(752,367.77) \n11,854,479.65 \n11,102,111.88 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 2 - \n \n ASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Local Inventories \nTotal Assets \nLIABILITIES Accounts Payable Salaries and Benefits Payable Payroll Withholdings Payable \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes \nFUND BALANCES Nonspendable Restricted Assigned Unassigned \nTotal Fund Balances \nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \n \nMILLER COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30, 2024 \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE FUND \n \nEXHIBIT \"C\" TOTAL \n \n$ \n \n6,576,096.53 $ \n \n157,800.13 \n \n401,343.40 676,344.46 301,602.78 \n3,574.03 7,747.49 \n \n$ \n \n8,124,508.82 $ \n \n800,882.75 $ - \n75,461.30 - \n876,344.05 $ \n \n15,694.66 $ - \n13,627.40 - \n29,322.06 $ \n \n7,392,673.94 157,800.13 \n490,432.10 676,344.46 301,602.78 \n3,574.03 7,747.49 \n9,030,174.93 \n \n$ \n \n178,638.87 $ \n \n1,133,113.29 \n \n51,622.45 \n \n1,363,374.61 \n \n- $ - \n \n- $ - \n \n178,638.87 1,133,113.29 \n51,622.45 1,363,374.61 \n \n329,394.46 \n \n- \n \n12,690.91 \n \n342,085.37 \n \n7,747.49 204,587.15 103,659.58 6,115,745.53 6,431,739.75 \n \n876,344.05 \n876,344.05 \n \n16,631.15 \n16,631.15 \n \n7,747.49 1,097,562.35 \n103,659.58 6,115,745.53 7,324,714.95 \n \n$ \n \n8,124,508.82 $ \n \n876,344.05 $ \n \n29,322.06 $ \n \n9,030,174.93 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 3 - \n \n MILLER COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \nTO THE STATEMENT OF NET POSITION JUNE 30, 2024 \n \nEXHIBIT \"D\" \n \nTotal fund balances - governmental funds (Exhibit \"C\") \nAmounts reported for governmental activities in the Statement of Net Position are different because: \nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land Buildings and improvements Equipment Land improvements Accumulated depreciation \nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB liability \nDeferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. Related to pension Related to OPEB \nTaxes that are not available to pay for current period expenditures are deferred in the funds. \nLong-term liabilities are not due and payable in the current period and therefore are not reported in the funds. Bonds payable \nNet position of governmental activities (Exhibit \"A\") \n \n$ \n \n7,324,714.95 \n \n$ \n \n1,109,852.13 \n \n24,835,008.00 \n \n3,249,725.32 \n \n1,382,304.65 \n \n(10,241,849.58) \n \n20,335,040.52 \n \n$ \n \n(10,535,449.00) \n \n(6,489,568.00) \n \n(17,025,017.00) \n \n$ \n \n2,973,329.04 \n \n(1,553,041.00) \n \n1,420,288.04 342,085.37 \n \n(1,295,000.00) \n \n$ \n \n11,102,111.88 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 4 - \n \n MILLER COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2024 \n \nEXHIBIT \"E\" \n \nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation Capital Outlay Debt Services Principal Dues and Fees Interest Total Expenditures \nRevenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES) Sale of Capital Assets Transfers In Transfers Out Total Other Financing Sources (Uses) \nNet Change in Fund Balances \nFund Balances - Beginning \nFund Balances - Ending \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ \n \n4,250,517.73 $ \n \n33,968.31 \n \n6,158,239.12 \n \n2,512,687.57 \n \n172,941.96 \n \n132,015.06 \n \n276,537.18 \n \n13,536,906.93 \n \n- $ 240,685.21 \n6,302.76 246,987.97 \n \n145,227.67 $ 561,090.07 \n224.00 706,541.74 \n \n4,395,745.40 835,743.59 \n6,158,239.12 2,512,687.57 \n172,941.96 138,541.82 276,537.18 14,490,436.64 \n \n7,434,475.51 \n839,623.98 836,441.17 138,591.00 470,067.74 722,671.19 244,983.72 1,935,869.15 839,034.79 \n55,219.24 804,706.66 \n89,500.00 \n14,411,184.15 (874,277.22) \n \n(120,000.00) (120,000.00) \n \n(994,277.22) \n \n7,426,016.97 \n \n$ \n \n6,431,739.75 $ \n \n- \n279,568.75 \n279,568.75 (32,580.78) \n215,000.00 120,000.00 \n335,000.00 \n302,419.22 \n573,924.83 \n876,344.05 $ \n \n- \n- \n610,000.00 40.00 \n103,376.25 713,416.25 \n(6,874.51) \n \n7,434,475.51 \n839,623.98 836,441.17 138,591.00 470,067.74 722,671.19 244,983.72 1,935,869.15 839,034.79 \n55,219.24 804,706.66 369,068.75 \n610,000.00 40.00 \n103,376.25 15,404,169.15 \n(913,732.51) \n \n- \n(6,874.51) \n23,505.66 \n16,631.15 $ \n \n215,000.00 120,000.00 (120,000.00) 215,000.00 \n(698,732.51) \n8,023,447.46 \n7,324,714.95 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 5 - \n \n MILLER COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2024 \n \nNet change in fund balances total governmental funds (Exhibit \"E\") \n \nAmounts reported for governmental activities in the Statement of Activities are different because: \n \nGovernmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of capital assets is allocated over their estimated useful lives as depreciation expense. Depreciation expense \n \nThe net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, donations, and disposals) is to decrease net position. \n \nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \n \nThe issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts and the difference between the carrying value of refunded debt and the acquisition cost of refunded debt when debt is first issued. These amounts are deferred and amortized in the Statement of Activities. Bond principal retirements \n \nDistrict pension/OPEB contributions are reported as expenditures in the \n \ngovernmental funds when made. However, they are reported as deferred \n \noutflows of resources in the Statement of Net Position because the reported \n \nnet pension/OPEB liability is measured a year before the District's report date. \n \nPension/OPEB expense, which is the change in the net pension/OPEB liability \n \nadjusted for changes in deferred outflows and inflows of resources related \n \nto pensions/OPEB, is reported in the Statement of Activities. \n \nPension expense \n \n$ \n \nOPEB expense \n \nChange in net position of governmental activities (Exhibit \"B\") \n \n$ \n(650,519.15) 697,877.00 \n$ \n \nEXHIBIT \"F\" (698,732.51) \n(723,608.62) (329,469.86) 342,085.37 \n610,000.00 \n47,357.85 (752,367.77) \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 6 - \n \n MILLER COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET POSITION \nFIDUCIARY FUNDS JUNE 30, 2024 \nASSETS Receivables, Net Local \nLIABILITIES Cash Overdraft \nNET POSITION Restricted Individuals, Organizations, and Other Governments \n \nEXHIBIT \"G\" \n \nCUSTODIAL FUNDS \n \n$ \n \n13,124.53 \n \n4,536.92 \n \n$ \n \n8,587.61 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 7 - \n \n ADDITIONS Miscellaneous \nDEDUCTIONS Other Deductions \nChange in Net Position \nNet Position - Beginning \nNet Position - Ending \n \nMILLER COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDUCIARY NET POSITION \nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2024 \n \nEXHIBIT \"H\" \n \nCUSTODIAL FUNDS \n \n$ \n \n52,500.00 \n \n64,981.58 \n \n(12,481.58) \n \n21,069.19 \n \n$ \n \n8,587.61 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 8 - \n \n (This page left intentionally blank) \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \nReporting Entity \nThe Miller County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent 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 primary government and consists of all the organizations that compose its legal entity. \nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe accompanying financial statements of the School District have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). GASB is the accepted standard-setting body for governmental accounting and financial reporting principles. The most significant of the School District's accounting policies are described below. \nBasis of Presentation \nThe School District's basic financial statements are collectively comprised of the government-wide financial statements, fund financial statements and notes to the basic financial statements. The government-wide statements focus on the School District as a whole, while the fund financial statements focus on major funds. Each presentation provides valuable information that can be analyzed and compared between years and between governments to enhance the information's usefulness. \nGovernment-Wide Statements: \nThe Statement of Net Position and the Statement of Activities display information about the financial activities of the overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \nThe Statement of Net Position presents the School District's non-fiduciary assets, deferred outflows of resources, deferred inflows of resources and liabilities, with the difference reported as net position. Net position is reported in three categories as follows: \n1. Net investment in capital assets consists of the School District's total investment in capital assets, net of accumulated depreciation, and reduced by outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of net investment in capital assets. \n2. Restricted net position consists of resources for which the School District is legally or contractually obligated to spend in accordance with restrictions imposed by external third parties or imposed by law through constitutional provisions or enabling legislation. \n3. Unrestricted net position consists of resources not meeting the definition of the two preceding categories. Unrestricted net position often has constraints on resources imposed by management which can be removed or modified. \nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \n- 10 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nDirect 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 School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \nProgram revenues include (a) charges paid by the recipients of goods 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, including all taxes, are presented as general revenues. \nFund Financial Statements \nThe fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate financial statements are presented for governmental and fiduciary funds. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \nThe School District reports the following major governmental funds: \n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST), that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \n The debt service fund accounts for and reports financial resources that are restricted, committed, or assigned including taxes (property and sales) legally restricted for the payment of general long-term principal and interest. \nThe School District reports the following fiduciary fund type: \n Custodial funds are used to report resources held by the School District in a purely custodial capacity. \nBasis of Accounting \nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide and fiduciary fund 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 School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes and grants. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants is recognized in the fiscal year in which all eligibility requirements have been satisfied. \nThe School District 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. \n- 11 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. The School District considers certain revenues reported in the governmental funds to be available if they are collected within 60 days after year-end. The School District considers all intergovernmental revenues to be available if they are collected within 120 days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities are reported as other financing sources. \nThe School District 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 resources available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \nNew Accounting Pronouncements \nIn fiscal year 2024, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 100, Accounting Changes and Error Corrections. The objective of this statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent and comparable information for making decisions or assessing accountability. The adoption of this statement did not have a material impact on the School District's financial statements. This statement will be applied prospectively. \nCash and Cash Equivalents \nCash and cash equivalents consist of cash on hand, demand deposits, investments in the State of Georgia local government investment pool (Georgia Fund 1) and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated (O.C.G.A.) 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \nInvestments \nThe School District can invest its funds as permitted by O.C.G.A. 36-83-4. 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. \nInvestments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. All other investments are reported at fair value. \nFor accounting purposes, certificates of deposit are classified as investments if they have an original maturity greater than three months when acquired. \n \n- 12 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nReceivables \nReceivables consist of amounts due from property and sales taxes, 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. \n \nInventories \n \nFood Inventories \n \nOn the basic financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (calculated on the first-in, first-out basis). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \n \nCapital Assets \nOn the government-wide financial statements, capital assets are recorded 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 the acquisition value on the date donated. 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. The School District does not capitalize book collections or works of art. \nCapital acquisition and construction are recorded as expenditures in the governmental fund financial statements at the time of purchase (including ancillary charges), and the related assets are reported as capital assets in the governmental activities column in the government-wide financial statements. \n \nDepreciation is computed using the straight-line half year for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \n \nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \n \nCapitalization Policy \n \nEstimated Useful Life \n \nLand Land Improvements Buildings and Improvements Equipment Intangible Assets \n \nAny Amount \n \n$ \n \n100,000.00 \n \n$ \n \n100,000.00 \n \n$ \n \n50,000.00 \n \n$ \n \n100,000.00 \n \nN/A 15 to 80 years up to 80 years \n5 to 50 years 5 years \n \n- 13 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nDuring the current fiscal year, management increased the capital asset threshold from $5,000.00 to $100,000.00 for land improvements and buildings and improvements and from $5,000.00 to $50,000.00 for equipment. The changes in threshold did not have a material or significant impact on in the financial statements. \nDeferred Outflows/Inflows of Resources \nIn addition to assets, the statement of financial position will report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of resources that applies to a future period(s) and therefore will not be recognized as an outflow of resources (expense/expenditure) until then. \nIn addition to liabilities, the statement of financial position will report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of resources that applies to a future period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time. \nLong-Term Liabilities \nIn the School District's government-wide financial statements, outstanding debt is reported as liabilities. Bond issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \nIn the governmental fund financial statements, the School District recognizes the proceeds of debt as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures. \nPensions \nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \nPost-Employment Benefits Other than Pensions (OPEB) \nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Post-Employment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \nFund Balances \nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \n \n- 14 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nThe School District's fund balances are classified as follows: \nNonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \nUse of Estimates \nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \nProperty Taxes \nThe Miller County Board of Commissioners adopted the property tax levy for the 2023 tax digest year (calendar year) on October 16, 2023 (levy date) based on property values as of January 1, 2023. Taxes were due on December 20, 2023 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2023 tax digest are reported as revenue in the governmental funds for fiscal year 2024. The Miller County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2024, for maintenance and operations amounted to $3,825,019.00 and for school bonds amounted to $145,227.67. \n \n- 15 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nThe tax millage rates levied for the 2023 tax digest year (calendar year) for the School District were as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations School Bonds \n \n17.884 mills 0.665 mills \n \n18.549 mills \n \nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $408,407.92 during fiscal year ended June 30, 2024. \nSales Taxes \nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $800,685.21 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \nNOTE 3: BUDGETARY DATA \nThe budget is a complete financial plan for the School District's fiscal year and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general, debt service, and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds, except the various school activity (principal) accounts, is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate fund level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \n \n- 16 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nNOTE 4: DEPOSITS \nCollateralization of Deposits \nO.C.G.A. 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 of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A. 45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance. \nAcceptable security for deposits consists of any one of or any combination of the following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \n(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, \n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n(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 or securities guaranteed 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. \nCategorization of Deposits \nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2024, the School District had deposits with a carrying amount of $7,545,937.15, and a bank balance of $7,946,411.46. The bank balances insured by Federal depository insurance were $750,000.00 and the bank balances collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name were $711,715.58. \nAt June 30, 2024, $6,484,695.88 of the School District's bank balances were exposed to custodial credit risk. This balance was in the State's Secure Deposit Program (SDP). \n \n- 17 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. The SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians. \nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \n \nReconciliation of cash and cash equivalents balances to carrying value of deposits: \n \nCash and cash equivalents Statement of Net Position Statement of Fiduciary Net Position \n \n$ \n \n7,392,673.94 \n \n(4,536.92) \n \nTotal cash and cash equivalents \n \n7,388,137.02 \n \nAdd: Deposits with original maturity of three months or more reported as investments \n \n157,800.13 \n \nTotal carrying value of deposits - June 30, 2024 \n \n$ \n \n7,545,937.15 \n \n- 18 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nNOTE 5: CAPITAL ASSETS \n \nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \n \nBalances July 1, 2023 \n \nIncreases \n \nDecreases \n \nBalances June 30, 2024 \n \nGovernmental Activities Capital Assets, \nNot Being Depreciated: Land \n \n$ 1,109,852.13 $ \n \n- \n \n$ \n \n- $ \n \n1,109,852.13 \n \nCapital Assets, Being Depreciated: Buildings and Improvements Equipment Land Improvements \nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \n \n24,941,248.45 4,735,418.21 1,570,420.93 \n \n- \n \n106,240.45 \n \n24,835,008.00 \n \n- \n \n1,485,692.89 \n \n3,249,725.32 \n \n- \n \n188,116.28 \n \n1,382,304.65 \n \n7,130,770.25 3,162,107.18 \n675,943.29 \n \n449,190.19 206,812.46 \n67,605.97 \n \n74,517.13 1,196,346.35 \n179,716.28 \n \n7,505,443.31 2,172,573.29 \n563,832.98 \n \nTotal Capital Assets, Being Depreciated, Net \n \n20,278,266.87 \n \n(723,608.62) \n \n329,469.86 \n \n19,225,188.39 \n \nGovernmental Activities Capital Assets - Net \n \n$ 21,388,119.00 $ (723,608.62) $ 329,469.86 $ 20,335,040.52 \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction Support Services \nMaintenance and Operation of Plant $ Student Transportation Services \n \n$ 581,432.20 \n \n7,883.02 134,293.40 \n \n142,176.42 \n \n$ 723,608.62 \n \n- 19 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nNOTE 6: INTERFUND TRANSFERS Interfund transfers for the year ended June 30, 2024, consisted of the following: \n \nTransfers to \n \nTransfers From General Fund \n \nCapital Projects Fund $ \n \n120,000.00 \n \nEXHIBIT \"I\" \n \nTransfers are used to move property tax revenues collected by the general fund to capital projects fund as required match or supplemental funding source for capital construction projects. \n \nNOTE 7: LONG-TERM LIABILITIES The changes in long-term liabilities during the fiscal year for governmental activities were as follows: \n \nBalance July 1, 2023 \n \nGovernmental Activities Balance \nAdditions Deductions June 30, 2024 \n \nDue Within One Year \n \nGeneral Obligation (G.O.) Bonds \n \n$ 1,905,000.00 $ \n \n- $ 610,000.00 $ 1,295,000.00 $ 635,000.00 \n \nGeneral Obligation Bonds \n \nThe School District's bonded debt consists of general obligation bonds that are generally noncallable with interest payable semiannually. Bond proceeds primarily pay for acquiring or constructing capital facilities. The School District repays general obligation bonds from voter-approved property and sales taxes. General obligation bonds are direct obligations and pledge the full faith and credit of the School District. \n \nThe School District had no unused line of credit or outstanding notes from direct borrowings and direct placements related to governmental activities as of June 30, 2024. In the event the entity is unable to make the principal and interest payments using proceeds from the Education Special Purpose Local Option Sales Tax (ESPLOST), the debt will be satisfied from a direct annual ad valorem tax levied upon all taxable property within the School District. Additional security is provided by the State of Georgia Intercept Program which allows for state appropriations entitled to the School District to be transferred to the Debt Service Account Custodian for the payment of debt. \n \nGeneral obligation bonds currently outstanding are as follows: \n \nDescription \n \nInterest Rate \n \nIssue Date \n \nMaturity \n \nDate \n \nAmount Issued \n \nAmount Outstanding \n \nGeneral Government - Series 2006 \n \n4.05% \n \n6/8/2006 2/1/2026 $ 9,100,000.00 $ 1,295,000.00 \n \n- 20 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nThe following schedule details debt service requirements to maturity for the School District's total general obligation bonds payable: \n \nFiscal Year Ended June 30: \n \nGeneral Obligation Debt \n \nPrincipal \n \nInterest \n \n2025 2026 \n \n$ \n \n635,000.00 $ \n \n660,000.00 \n \n52,447.50 26,730.00 \n \nTotal Principal and Interest $ 1,295,000.00 $ \n \n79,177.50 \n \nNOTE 8: RISK MANAGEMENT \nInsurance \nThe School District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors or omissions; job related illness or injuries to employees; and natural disasters. \nGeorgia School Boards Association Risk Management Fund \nThe School District participates in the Georgia School Boards Association Risk Management Fund (the Fund), a public entity risk pool organized on August 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, errors and omissions liability, cyber risk and property damage, including safety engineering and other loss prevention and control techniques, and to administer the Fund including the processing and defense of claims brought against members of the Fund. The School District pays an annual contribution to the Fund for coverage. Reinsurance is provided to the Fund through agreements by the Fund with insurance companies according to their specialty for property (including coverage for flood and earthquake), machinery breakdown, general liability, errors and omissions, crime, cyber risk and automobile risks. Reinsurance limits and retentions vary by line of coverage. \nWorkers' Compensation \nGeorgia Education Workers' Compensation Trust \nThe School District participates in the Georgia Education Workers' Compensation Trust (the Trust), a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general workers' compensation insurance coverage. Specific excess of loss insurance coverage is provided through an agreement by the Trust with the Safety National Casualty Company to provide coverage for potential losses sustained by the Trust in excess of $1.0 million loss per occurrence, up to the statutory limit. Employers' Liability insurance coverage is also provided with limits of $2.0 million. The Trust covers the first $1.0 million of each Employers Liability claim with Safety National providing additional Employers Liability limits up to $2.0 million per occurrence maximum. Safety National Casualty Company also provides $2.0 million in aggregate coverage to the Trust, attaching at 107% of the loss fund and based on the Fund's annual normal premium. \n \n- 21 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nUnemployment Compensation \n \nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the general fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \n \nSurety Bond The School District purchased a surety bond to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nSuperintendent \n \n$ \n \n84,000.00 \n \nNOTE 9: FUND BALANCE CLASSIFICATION DETAILS \nThe School District's financial statements include the following amounts presented in the aggregate at June 30, 2024: \n \nNonspendable Inventories \nRestricted Continuation of Federal Programs Capital Projects Debt Service \nAssigned School Activity Accounts \nUnassigned \n \n$ \n$ 204,587.15 876,344.05 16,631.15 \n \n7,747.49 \n1,097,562.35 103,659.58 \n6,115,745.53 \n \nFund Balance, June 30, 2024 \n \n$ \n \n7,324,714.95 \n \nWhen multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \nNOTE 10: SIGNIFICANT CONTINGENT LIABILITIES \nFederal Grants \nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position. \n \n- 22 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nLitigation \nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine School District operations. The ultimate disposition of these proceedings is not presently determinable but is not believed to have a material adverse effect on the financial condition of the School District. \nNOTE 11: OTHER POST-EMPLOYMENT BENEFITS (OPEB) \nGeorgia School Personnel Post-Employment Health Benefit Fund \nPlan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit post-employment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board. \nBenefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. \nContributions: As established by the Board, the School OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $237,936.00 for the year ended June 30, 2024. Active employees are not required to contribute to the School OPEB Fund. \nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \nAt June 30, 2024, the School District reported a liability of $6,489,568.00 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of June 30, 2023. The total OPEB liability used to calculate the net OPEB liability was based on an actuarial valuation as of June 30, 2022. An expected total OPEB liability as of June 30, 2023 was determined using standard roll-forward techniques. The School District's proportion of the net OPEB liability was actuarially determined based on employer contributions during the fiscal year ended June 30, 2023. At June 30, 2023, the School District's proportion was 0.059247%, which was an increase of 0.000566% from its proportion measured as of June 30, 2022. \n \n- 23 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nFor the year ended June 30, 2024, the School District recognized OPEB expense of ($459,941.00). At June 30, 2024, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \n \nOPEB Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual \n \nexperience \n \n$ \n \n189,160.00 $ 1,863,880.00 \n \nChanges of assumptions \n \n1,179,027.00 \n \n810,449.00 \n \nNet difference between projected and actual \n \nearnings on OPEB plan investments \n \n3,893.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n65,550.00 \n \n554,278.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n237,936.00 \n \n- \n \nTotal \n \n$ 1,675,566.00 $ 3,228,607.00 \n \nSchool District contributions subsequent to the measurement date are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: \n \nYear Ended June 30: \n \nOPEB \n \n2025 2026 2027 2028 2029 Thereafter \n \n$ \n \n(668,952.00) \n \n$ \n \n(490,553.00) \n \n$ \n \n(506,448.00) \n \n$ \n \n(194,643.00) \n \n$ \n \n57,385.00 \n \n$ \n \n12,274.00 \n \n- 24 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nActuarial Assumptions: The total OPEB liability as of June 30, 2023 was determined by an actuarial valuation as of June 30, 2022 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2023: \n \nOPEB: \n \nInflation \n \n2.50% \n \nSalary increases \n \n3.00%  8.75%, including inflation \n \nLong-term expected rate of return \n \n7.00%, compounded annually, net of investment expense, and including inflation \n \nHealthcare cost trend rate \n \n7.00% \n \nUltimate trend rate \n \n4.50% \n \nYear of Ultimate trend rate \n \n2032 \n \nThe Plan currently uses mortality tables that vary by age, gender, and health status (i.e. disabled or not disabled) as follows: \n \n For TRS members: Post-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% was used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 Projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \n For PSERS members: Pre-retirement mortality rates were based on the Pub-2010 General \nEmployee Mortality Table, with no adjustment, with the MP-2019 Projection scale applied generationally. Post-retirement mortality rates for service retirements were based on the Pub-2010 General Healthy Annuitant Mortality Table (ages set forward one year and adjusted 101% for males and 103% for females) with the MP-2019 Projection scale applied generationally. Postretirement mortality rates for disability retirements were based on the Pub-2010 General Disabled Mortality Table (ages set back three years for males and adjusted 103% for males and 106% for females) with the MP-2019 Projection scaled applied generationally. Postretirement mortality rates for beneficiaries were based on the Pub-2010 General Contingent Survivor Mortality Table (ages set forward two years and adjusted 104% for males and 99% for females) with the MP-2019 Projection scale applied generationally. \n \n- 25 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nThe actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2018, with the exception of the assumed annual rate of inflation which was changed from 2.75% to 2.50%, effective with the June 30, 2018 valuation. \n \nThe remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2022 valuation were based on a review of recent plan experience done concurrently with the June 30, 2022 valuation. \n \nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \n \nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \n \nAsset Class \n \nTarget Allocation \n \nLong-Term Expected Real Rate of Return* \n \nFixed income Equities \n \n30.00% 70.00% \n \n1.50% 9.40% \n \nTotal \n \n100.00% \n \n* Net of inflation \nDiscount Rate: In order to measure the total OPEB liability for the School OPEB Fund, a single equivalent interest rate of 3.68% was used as the discount rate, as compared with last year's rate of 3.57%. The plan's fiduciary net position was projected to not be able to make all future benefit payments of current plan members. Therefore, the municipal bond rate as used for the long-term rate of return was applied to all periods of projected benefit payments to determine total OPEB liability. This is comprised mainly of the yield or index rate for 20 year tax-exempt general obligation bonds with an average rating of AA or higher (3.65% per the Municipal Bond Index Rate). The projection of cash flows used to determine the discount rate assumed that contributions from members and from the employers will be made at the current level as averaged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2128. \n \n- 26 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net OPEB liability calculated using the discount rate of 3.68%, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (2.68%) or 1-percentage-point higher (4.68%) than the current discount rate: \n \n1% Decrease (2.68%) \n \nCurrent Discount Rate (3.68%) \n \nSchool District's proportionate share \n \nof the Net OPEB liability \n \n$ \n \n7,356,225.00 $ \n \n6,489,568.00 $ \n \n1% Increase (4.68%) \n5,759,660.00 \n \nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates: The following presents the School District's proportionate share of the net OPEB liability, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates: \n \n1% Decrease \n \nCurrent Healthcare Cost Trend Rate \n \nSchool District's proportionate share \n \nof the Net OPEB liability \n \n$ \n \n5,589,903.00 $ \n \n6,489,568.00 $ \n \n1% Increase 7,598,662.00 \n \nOPEB Plan Fiduciary Net Position: Detailed information about the OPEB plan's fiduciary net position is available in the Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \nNOTE 12: RETIREMENT PLANS \nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \nTeachers Retirement System of Georgia (TRS) \nPlan Description: All teachers of the School District as defined in O.C.G.A. 47-3-60 and certain other support personnel as defined by O.C.G.A. 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple-employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and \n- 27 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \ncompensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2024. The School District's contractually required contribution rate for the year ended June 30, 2024 was 19.98% of annual School District payroll. For the current fiscal year, employer contributions to the pension plan were $1,141,541.04 from the School District. \nPublic School Employees Retirement System (PSERS) \nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \nBenefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \nUpon retirement, the member will receive a monthly benefit of $16.00, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits. \nContributions: The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. \nIndividuals who became members prior to July 1, 2012 contribute $4 per month for nine months each fiscal year. Individuals who became members on or after July 1, 2012 contribute $10 per month for nine months each fiscal year. The State of Georgia, although not the employer of PSERS members, is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS Board of Trustees. The current fiscal year contribution was $28,709.00. \n \n- 28 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \nAt June 30, 2024, the School District reported a liability of $10,535,449.00 for its proportionate share of the net pension liability for TRS. \nThe net pension liability for TRS was measured as of June 30, 2023. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2022. An expected total pension liability as of June 30, 2023 was determined using standard roll-forward techniques. The School District's proportion of the net pension liability was based on contributions to TRS during the fiscal year ended June 30, 2023. \nAt June 30, 2023, the School District's TRS proportion was 0.035684%, which was a decrease of 0.000517% from its proportion measured as of June 30, 2022. \nAt June 30, 2024, the School District did not have a PSERS liability for a proportionate share of the net pension liability because of a Special Funding Situation with the State of Georgia, which is responsible for the net pension liability of the plan. The amount of the State's proportionate share of the net pension liability associated with the School District is $136,305.00. \nThe PSERS net pension liability was measured as of June 30, 2023. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2022. An expected total pension liability as of June 30, 2023 was determined using standard roll-forward techniques. The State's proportion of the net pension liability associated with the School District was based on actuarially determined contributions paid by the State during the fiscal year ended June 30, 2023. \nFor the year ended June 30, 2024, the School District recognized pension expense of $1,792,060.29 for TRS and $24,601.00 for PSERS and revenue of $24,601.00 for PSERS. The revenue is support provided by the State of Georgia. \n \n- 29 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nAt June 30, 2024, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \n \nTRS Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual \n \nexperience \n \n$ \n \n534,976.00 $ \n \n43,561.00 \n \nChanges of assumptions \n \n1,083,872.00 \n \n- \n \nNet difference between projected and \n \nactual earnings on pension plan \n \ninvestments \n \n740,986.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n- \n \n484,485.00 \n \nSchool District contributions subsequent \n \nto the measurement date \n \n1,141,541.04 \n \n- \n \nTotal \n \n$ 3,501,375.04 $ 528,046.00 \n \nThe School District contributions subsequent to the measurement date for TRS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \n \nYear Ended June 30: \n \nTRS \n \n2025 2026 2027 2028 \n \n$ \n \n442,385.00 \n \n$ \n \n297,417.00 \n \n$ 1,362,648.00 \n \n$ \n \n(270,662.00) \n \n- 30 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nActuarial Assumptions: The total pension liability as of June 30, 2022 was determined by an actuarial valuation as of June 30, 2021, using the following actuarial assumptions, applied to all periods included in the measurement: \n \nTeachers Retirement System: Inflation \n \n2.50% \n \nSalary increases \n \n3.00%  8.75%, average, including inflation \n \nInvestment rate of return \n \n6.90%, net of pension plan investment expense, including inflation \n \nPost-retirement benefit increases \n \n1.50% semi-annually \n \nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 Projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \n \nThe actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study for the period July 1, 2013  June 30, 2018. \n \nPublic School Employees Retirement System: \n \nInflation Salary increases Investment rate of return \nPost-retirement benefit increases \n \n2.50% \nN/A 7.00%, net of pension plan investment expense, including inflation 1.50% semi-annually \n \n- 31 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nMortality rates are as follows: \n The Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale is used for both males and females while in active service. \n The Pub-2010 Family of Tables projected generationally with the MP-2019 Scale and with further adjustments are used for post-retirement mortality assumptions as follows: \n \nParticipant Type Service Retirees \n \nMembership Table \n \nSet Forward (+)/ Setback (-) \n \nGeneral Healthy Below- Male: +2; Female: +2 Median Annuitant \n \nAdjustment to Rates Male: 101%; Female: 103% \n \nDisability Retirees General Disabled \n \nMale: -3; Female: 0 \n \nMale: 103%; Female: 106% \n \nBeneficiaries \n \nGeneral Below-Median Male: +2; Female: +2 Contingent Survivors \n \nMale: 104%; Female: 99% \n \nThe actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study for the period July 1, 2014  June 30, 2019. \n \nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \n \nAsset Class \n \nTRS/PSERS Target \nAllocation \n \nLong-Term Expected Real Rate of Return* \n \nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \n \n30.00% 46.30% \n1.20% 12.30% \n5.20% 5.00% \n \n0.90% 9.40% 13.40% 9.40% 11.40% 10.50% \n \nTotal \n \n100.00% \n \n* Rates shown are net of inflation \nDiscount Rate: The discount rate used to measure the total TRS pension liability was 6.90%. The discount rate used to measure the total PSERS pension liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS and PSERS pension plans' fiduciary net position were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \n- 32 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nSensitivity of the School District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 6.90%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.90%) or 1-percentage-point higher (7.90%) than the current rate: \n \nTeachers Retirement System: \n \n1% Decrease (5.90%) \n \nCurrent Discount Rate (6.90%) \n \n1% Increase (7.90%) \n \nSchool District's proportionate share of \n \nthe net pension liability \n \n$ \n \n16,657,771.00 $ \n \n10,535,449.00 $ \n \n5,535,750.00 \n \nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available at www.trsga.com/publications and www.ers.ga.gov/financials. \n \nNOTE 13: TAX ABATEMENTS \n \nMiller County enters into property tax abatement agreements with local businesses for the purpose of attracting or retaining businesses within their jurisdictions. The abatements may be granted to any business located within or promising to relocate to Miller County. \n \nFor the fiscal year ended June 30, 2024, Miller County abated property taxes due to the School District that were levied on October 16, 2023 and due on December 20, 2023 totaling $61,618.82. Included in that amount abated, the following are individual tax abatement agreements that each exceeded 10 percent of the total amount abated: \n \n A 100 percent property tax abatement to a manufacturing company granted by the development authority to build an olive oil plant. The abatement amounted to $35,768.00. \n \n A 100 percent property tax abatement to an automobile dealership granted by the development authority to build a new dealership. The abatement amounted to $25,850.82. \n \n- 33 - \n \n (This page left intentionally blank) \n \n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"1\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion \nof the Net Pension Liability (NPL) \n \nSchool District's proportionate share \nof the NPL \n \nState of Georgia's proportionate share \nof the NPL associated with the \nSchool District \n \nTotal \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the NPL as a percentage of its covered payroll \n \nPlan fiduciary net position as a percentage \nof the total pension liability \n \n2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.035684% $ 10,535,449.00 $ 0.036201% $ 11,755,164.00 $ 0.038386% $ 3,394,986.00 $ 0.039796% $ 9,640,149.00 $ 0.042651% $ 9,171,118.00 $ 0.043746% $ 8,120,195.00 $ 0.044124% $ 8,200,581.00 $ 0.045916% $ 9,472,983.00 $ 0.050468% $ 7,683,252.00 $ 0.049712% $ 6,280,455.00 $ \n \n- \n \n$ 10,535,449.00 $ 5,210,812.14 \n \n- \n \n$ 11,755,164.00 $ 4,893,141.03 \n \n- \n \n$ 3,394,986.00 $ 4,994,322.71 \n \n- \n \n$ 9,640,149.00 $ 5,130,885.02 \n \n- \n \n$ 9,171,118.00 $ 5,160,067.10 \n \n- \n \n$ 8,120,195.00 $ 5,210,419.42 \n \n- \n \n$ 8,200,581.00 $ 5,068,573.26 \n \n- \n \n$ 9,472,983.00 $ 5,029,154.41 \n \n- \n \n$ 7,683,252.00 $ 5,321,369.18 \n \n- \n \n$ 6,280,455.00 $ 5,071,601.30 \n \n202.18% 240.24% \n67.98% 187.88% 177.73% 155.85% 161.79% 188.36% 144.38% 123.84% \n \n76.29% 72.85% 92.03% 77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \n \n- 35 - \n \n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"2\" \n \nFor the Year Ended June 30 \n \nContractually required contribution \n \nContributions in relation to the contractually required \ncontribution \n \nContribution deficiency (excess) \n \nSchool District's covered payroll \n \nContribution as a percentage of covered \npayroll \n \n2024 \n \n$ \n \n2023 \n \n$ \n \n2022 \n \n$ \n \n2021 \n \n$ \n \n2020 \n \n$ \n \n2019 \n \n$ \n \n2018 \n \n$ \n \n2017 \n \n$ \n \n2016 \n \n$ \n \n2015 \n \n$ \n \n1,141,541.04 $ 1,040,966.19 $ \n969,331.13 $ 951,918.00 $ 1,084,670.00 $ 1,078,454.00 $ 875,871.00 $ 723,285.40 $ 717,660.33 $ 699,760.06 $ \n \n1,141,541.04 $ 1,040,966.19 $ \n969,331.13 $ 951,918.00 $ 1,084,670.00 $ 1,078,454.00 $ 875,871.00 $ 723,285.40 $ 717,660.33 $ 699,760.06 $ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n5,713,422.25 5,210,812.14 4,893,141.03 4,994,322.71 5,130,885.02 5,160,067.10 5,210,419.42 5,068,573.26 5,029,154.41 5,321,369.18 \n \n19.98% 19.98% 19.81% 19.06% 21.14% 20.90% 16.81% 14.27% 14.27% 13.15% \n \n- 36 - \n \n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"3\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of \nthe Net Pension Liability (NPL) \n \nSchool District's proportionate share \nof the NPL \n \nState of Georgia's proportionate share \nof the NPL associated with the \nSchool District \n \nTotal \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the NPL as a percentage of its covered payroll \n \nPlan fiduciary net position as a \npercentage of the total pension \nliability \n \n2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n136,305.00 $ 136,305.00 $ \n \n193,906.00 $ 193,906.00 $ \n \n21,286.00 $ \n \n21,286.00 $ \n \n157,496.00 $ 157,496.00 $ \n \n157,477.00 $ 157,477.00 $ \n \n149,196.00 $ 149,196.00 $ \n \n134,781.00 $ 134,781.00 $ \n \n183,834.00 $ 183,834.00 $ \n \n121,368.00 $ 121,368.00 $ \n \n107,832.00 $ 107,832.00 $ \n \n329,941.15 309,457.45 312,900.98 335,447.71 348,419.84 331,739.45 340,578.13 368,655.41 387,890.43 373,761.38 \n \nN/A \n \n85.67% \n \nN/A \n \n81.21% \n \nN/A \n \n98.00% \n \nN/A \n \n84.45% \n \nN/A \n \n85.02% \n \nN/A \n \n85.26% \n \nN/A \n \n85.69% \n \nN/A \n \n81.00% \n \nN/A \n \n87.00% \n \nN/A \n \n88.29% \n \n- 37 - \n \n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \nSCHOOL OPEB FUND \n \nSCHEDULE \"4\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the Net OPEB Liability \n(NOL) \n \nSchool District's proportionate share of the NOL \n \nState of Georgia's proportionate \nshare of the NOL associated with the School District \n \nTotal \n \nSchool District's covered-employee \npayroll \n \nSchool District's proportionate share of the NOL as a percentage of its coveredemployee payroll \n \nPlan fiduciary net position as a percentage \nof the total OPEB liability \n \n2024 2023 2022 2021 2020 2019 2018 \n \n0.059247% $ 6,489,568.00 $ 0.058681% $ 5,811,286.00 $ 0.059558% $ 6,450,624.00 $ 0.062430% $ 9,169,513.00 $ 0.065070% $ 7,985,485.00 $ 0.066966% $ 8,511,173.00 $ 0.069548% $ 9,771,466.00 $ \n \n- \n \n$ 6,489,568.00 $ 4,811,300.69 \n \n- \n \n$ 5,811,286.00 $ 4,281,981.47 \n \n- \n \n$ 6,450,624.00 $ 4,226,309.42 \n \n- \n \n$ 9,169,513.00 $ 4,341,919.57 \n \n- \n \n$ 7,985,485.00 $ 4,462,146.75 \n \n- \n \n$ 8,511,173.00 $ 4,534,794.59 \n \n- \n \n$ 9,771,466.00 $ 4,505,198.27 \n \n134.88% 135.71% 152.63% 211.19% 178.96% 187.69% 216.89% \n \n6.05% 6.17% 6.14% 3.99% 4.63% 2.93% 1.61% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 38 - \n \n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \n \nSCHEDULE \"5\" \n \nFor the Year Ended June 30 \n \nContractually required contribution \n \nContributions in relation to the contractually required \ncontribution \n \nContribution deficiency (excess) \n \nSchool District's covered-employee \npayroll \n \nContribution as a percentage of \ncovered-employee payroll \n \n2024 \n \n$ \n \n2023 \n \n$ \n \n2022 \n \n$ \n \n2021 \n \n$ \n \n2020 \n \n$ \n \n2019 \n \n$ \n \n2018 \n \n$ \n \n237,936.00 $ 227,772.00 $ 212,174.00 $ 221,547.00 $ 211,124.00 $ 350,451.00 $ 347,077.00 $ \n \n237,936.00 $ 227,772.00 $ 212,174.00 $ 221,547.00 $ 211,124.00 $ 350,451.00 $ 347,077.00 $ \n \n- \n \n$ \n \n5,275,428.94 \n \n- \n \n$ \n \n4,811,300.69 \n \n- \n \n$ \n \n4,281,981.47 \n \n- \n \n$ \n \n4,226,309.42 \n \n- \n \n$ \n \n4,341,919.57 \n \n- \n \n$ \n \n4,462,146.75 \n \n- \n \n$ \n \n4,534,794.59 \n \n4.51% 4.73% 4.96% 5.24% 4.86% 7.85% 7.65% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 39 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \nFOR THE YEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"6 \" \n \nTeachers Retirement System Change of benefit terms: There have been no changes in benefit terms. \nChanges of assumptions: On November 18, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males). \nOn May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed annual rate of inflation has been reduced from 2.75% to 2.50%. \nIn 2019 and later, the expectation of retired life mortality was changed to the Pub-2010 Teacher Headcount Weighted Below Median Healthy Retiree mortality table from the RP-2000 Mortality Tables. In 2019, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \nOn May 11, 2022, the Board adopted recommended changes to the long-term assumed rate of return and payroll growth assumption utilized by the System. The long-term assumed rate of return was changed from 7.25% to 6.90%, and the payroll growth assumption was changed from 3.00% to 2.50%. \nPublic School Employees Retirement System Changes of benefit terms: There have been no changes in benefit terms. \nChanges of assumptions: On December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP-2000 Blue Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females). \nA new funding policy was initially adopted by the Board on March 15, 2018, and most recently amended on December 17, 2020. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for the June 30, 2017 actuarial valuation and further reduced from 7.40% to 7.30% for the June 30, 2018 actuarial valuation. \nOn December 17, 2020, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System based on the experience study prepared for the five-year period ending June 30, 2019. Primary among the changes were the updates to rates or mortality, retirement, disability, and withdrawal. This also included a change to the long-term assumed investment rate of return to 7.00%. These assumption changes are reflected in the calculation of the June 30, 2021 Total Pension Liability. \nSchool OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. \nChanges in assumptions: June 30, 2022 valuation: The tobacco use assumption and aging factors were revised. \nJune 30, 2020 valuation: Decremental assumptions were changed to reflect the Employees' Retirement System's experience study. Approximately 0.10% of employees are members of the Employees' Retirement System. \nJune 30, 2019 valuation: Decremental assumptions were changed to reflect the Teachers Retirement System's experience study. \nJune 30, 2018 valuation: The inflation assumption was lowered from 2.75% to 2.50%. \nJune 30, 2017 valuation: The participation assumption, tobacco use assumption and morbidity factors were revised. \nJune 30, 2015 valuation: Decremental and underlying inflation assumptions were changed to reflect the Retirement Systems' experience studies. \nJune 30, 2012 valuation: A data audit was performed and data collection procedures and assumptions were changed. \nThe discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017, to 3.87% as of June 30, 2018, back to 3.58% as of June 30, 2019, to 2.22% as of June 30, 2020, to 2.20% as of June 30, 2021, to 3.57% as of June 30, 2022, and to 3.68% as of June 30, 2023. \n \n- 40 - \n \n MILLER COUNTY BOARD OF EDUCATION GENERAL FUND \nSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"7\" \n \nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation Capital Outlay Total Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES(USES) Other Sources Other Uses Total Other Financing Sources (Uses) \nNet Change in Fund Balances \nFund Balances - Beginning \nAdjustments \nFund Balances - Ending \n \nNONAPPROPRIATED BUDGETS \n \nORIGINAL (1) \n \nFINAL (1) \n \nACTUAL AMOUNTS \n \nVARIANCE OVER/UNDER \n \n$ \n \n3,780,000.00 $ \n \n3,780,000.00 $ \n \n4,250,517.73 $ \n \n42,000.00 \n \n42,000.00 \n \n33,968.31 \n \n5,579,511.00 \n \n5,579,511.00 \n \n6,158,239.12 \n \n2,613,175.00 \n \n2,653,376.00 \n \n2,512,687.57 \n \n12,250.00 \n \n12,250.00 \n \n172,941.96 \n \n8,700.00 \n \n8,700.00 \n \n132,015.06 \n \n200.00 \n \n200.00 \n \n276,537.18 \n \n12,035,836.00 \n \n12,076,037.00 \n \n13,536,906.93 \n \n470,517.73 (8,031.69) \n578,728.12 (140,688.43) 160,691.96 123,315.06 276,337.18 1,460,869.93 \n \n7,805,148.47 \n407,646.60 948,992.51 142,670.00 611,570.11 730,023.00 267,920.00 1,422,905.00 745,413.00 \n18,193.00 808,856.00 \n13,909,337.69 (1,873,501.69) \n \n7,894,817.98 \n409,554.60 934,313.00 142,670.00 611,180.11 730,023.00 267,920.00 1,582,905.00 745,413.00 \n18,253.00 808,856.00 \n14,145,905.69 (2,069,868.69) \n \n7,434,475.51 \n839,623.98 836,441.17 138,591.00 470,067.74 722,671.19 244,983.72 1,935,869.15 839,034.79 \n55,219.24 804,706.66 \n89,500.00 14,411,184.15 \n(874,277.22) \n \n188,889.00 (278,889.00) \n(90,000.00) \n \n197,633.00 (287,633.00) \n(90,000.00) \n \n(1,963,501.69) \n \n(2,159,868.69) \n \n7,211,288.00 \n \n7,211,288.00 \n \n10,106.39 \n \n1,298.15 \n \n$ \n \n5,257,892.70 $ \n \n5,052,717.46 $ \n \n(120,000.00) (120,000.00) \n(994,277.22) \n7,426,016.97 \n- \n6,431,739.75 $ \n \n460,342.47 \n(430,069.38) 97,871.83 4,079.00 \n141,112.37 7,351.81 \n22,936.28 (352,964.15) \n(93,621.79) (36,966.24) \n4,149.34 (89,500.00) (265,278.46) 1,195,591.47 \n(197,633.00) 167,633.00 (30,000.00) \n1,165,591.47 \n214,728.97 \n(1,298.15) \n1,379,022.29 \n \nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $362,273.35 and $382,841.57, respectively. \nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting \n \nSee notes to the basic financial statements. \n \n- 41 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"8\" \n \nFUNDING AGENCY PROGRAM/GRANT Agriculture, U. S. Department of \nChild Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program COVID-19 - National School Lunch Program Total Child Nutrition Cluster \nOther Programs Pass-Through From Georgia Department of Education Food Services State Administrative Expenses for Child Nutrition Total U. S. Department of Agriculture \nEducation, U. S. Department of Education Stabilization Fund Pass-Through From Georgia Department of Education COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund - Homeless Children and Youth Total Education Stabilization Fund \nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Grants to States Preschool Grants Preschool Grants COVID-19 - American Rescue Plan - Preschool Total Special Education Cluster \nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Rural and Low-Income School Program Rural and Low-Income School Program Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Total Other Programs Total U. S. Department of Education \nTotal Expenditures of Federal Awards \n \nASSISTANCE LISTING NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n10.553 10.555 10.555 \n \n245GA324N1199 $ 245GA324N1199 225GA324N1099 \n \n202,123.44 532,887.41 \n23,258.65 758,269.50 \n \n10.560 \n \n245GA904N2533 \n \n2,932.25 761,201.75 \n \n84.425D 84.425U 84.425W \n \nS425D210012 S425U210012 S425W210011 \n \n112,270.19 \n908,542.53 \n45,111.42 1,065,924.14 \n \n84.027A 84.027A 84.173A 84.173A 84.173X \n \nH027A220073 H027A230073 H173A220081 H173A230081 H173X210081 \n \n111,331.13 125,956.49 \n12,491.82 892.66 767.67 \n251,439.77 \n \n84.048A 84.358B 84.358B 84.010A 84.010A \n \nV048A230010 S358F220010 S358F230010 S010A220010 S010A230010 \n$ \n \n16,292.07 6,655.00 \n19,288.15 63,779.00 511,013.37 617,027.59 1,934,391.50 \n2,695,593.25 \n \n- 42 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"8\" \n \nNote 1. Basis of Presentation \n \nNotes to the Schedule of Expenditures of Federal Awards \n \nThe accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Miller County Board of Education (the \"Board\") under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position or changes in net position of the Board. \nNote 2. Summary of Significant Accounting Policies \n \nExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. \nNote 3. Indirect Cost Rate \n \nThe Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. \n \nNote 4. Elementary and Secondary School Emergency Relief Fund Activity \nFor the year ended June 30, 2024, the amount reflected on the Schedule for the American Rescue Plan Elementary and Secondary School Emergency Relief Fund (ALN 84.425D/U) includes $99,167.00 of approved eligible expenditures that were incurred in a prior fiscal year. \nNote 5. Transfers Between Programs \nFunds totaling $34,546.00 were transferred from the Student Support and Academic Enrichment Program program (ALN 84.424A) and funds totaling $60,297.00 were transferred from the Supporting Effective Instruction State Grants program (ALN 84.367A) and expended in the Title I Grants to Local Educational Agencies program (ALN 84.010A) during Fiscal Year 2024. \n \nSee notes to the basic financial statements. \n \n- 43 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2024 \nAGENCY/FUNDING GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Amended Formula Adjustment Categorical Grants Pupil Transportation Regular Nursing Services Sparsity Other State Programs Computer Science Capacity Grant (CS4GA) Dyslexia Services Food Services Hygiene Products Math and Science Supplements Preschool Disability Services School Security Grant Vocational Education Office of the State Treasurer Public School Employees Retirement \nSee notes to the basic financial statements. \n \nSCHEDULE \"9\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n284,718.00 \n \n294,806.00 58,106.00 \n623,678.00 139,665.00 252,142.00 143,262.00 549,568.00 548,870.00 197,228.00 908,154.00 106,444.00 \n99,639.00 40,219.00 \n8,986.00 99,737.00 31,877.00 17,376.00 \n909.00 \n368,202.00 362,838.00 185,235.00 \n99,457.00 \n \n244,092.00 45,000.00 \n153,081.00 \n \n3,964.36 1,424.00 19,316.00 \n500.00 1,809.31 2,720.94 141,102.30 95,404.21 \n \n28,709.00 \n \n$ \n \n6,158,239.12 \n \n- 44 - \n \n (This page left intentionally blank) \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"10\" \n \nPROJECT \nSPLOST 2020 Paying a portion of principal and interest due of outstanding Miller County School District (Georgia) General Obligation Bonds (series 2006). \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \nESTIMATED COMPLETION \nDATE \n \n$ \n \n3,500,000.00 $ \n \n3,500,000.00 \n \nDecember 2025 \n \n- 46 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"10\" \n \nPROJECT \nSPLOST 2020 Paying a portion of principal and interest due of outstanding Miller County School District (Georgia) General Obligation Bonds (series 2006). \n \nAMOUNT EXPENDED IN CURRENT \nYEAR (3) \n \nAMOUNT EXPENDED IN PRIOR YEARS (3) \n \nTOTAL COMPLETION \nCOST \n \nEXCESS PROCEEDS NOT \nEXPENDED \n \n$ \n \n713,416.25 $ 2,073,926.00 $ \n \n- $ \n \n- \n \n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. (2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. (3) The voters of Miller County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. \nAmounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \n \nSee notes to the basic financial statements. \n \n- 47 - \n \n Section II Compliance and Internal Control Reports \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Mr. Michael Keown, Superintendent and Members of the Miller County Board of Education \nWe have audited the financial statements of the governmental activities, each major fund, and fiduciary activities of the Miller County Board of Education (School District) as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements, and have issued our report thereon dated May 6, 2025. We conducted our audit in accordance with the auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. \nReport on Internal Control Over Financial Reporting \nIn planning and performing our audit of the financial statements, we considered the School District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the basic financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control. \nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the School District's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \nOur consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n Report on Compliance and Other Matters \nAs part of obtaining reasonable assurance about whether the School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \nPurpose of this Report \nThe purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. \nRespectfully submitted, \nGreg S. Griffin State Auditor \nMay 6, 2025 \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Mr. Michael Keown, Superintendent and Members of the Miller County Board of Education \nReport on Compliance for Each Major Federal Program \nOpinion on Each Major Federal Program \nWe have audited the Miller County Board of Education's (School District) compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on each of the School District's major federal programs for the year ended June 30, 2024. The School District's major federal programs are identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs. \nIn our opinion, the School District complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2024. \nBasis for Opinion on Each Major Federal Program \nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditor's Responsibilities for the Audit of Compliance section of our report. \nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal program. Our audit does not provide a legal determination of the School District's compliance with the compliance requirements referred to above. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n Responsibilities of Management for Compliance \nManagement is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the School District's federal programs. \nAuditor's Responsibilities for the Audit of Compliance \nOur objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the School District's compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the School District's compliance with the requirements of each major federal program as a whole. \nIn performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we: \n Exercise professional judgment and maintain professional skepticism throughout the audit. \n Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the School District's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. \n Obtain an understanding of the School District's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control over compliance. Accordingly, no such opinion is expressed. \nWe are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit. \nReport on Internal Control over Compliance \nA deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance \n \n requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. \nOur consideration of internal control over compliance was for the limited purpose described in the Auditor's Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified. \nOur audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed. \nThe purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. \nRespectfully submitted, \nGreg S. Griffin State Auditor \nMay 6, 2025 \n \n Section III Auditee's Response to Prior Year Findings and Questioned Costs \n \n MILLER COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2024 \n \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS No matters were reported. \n \nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \n \nFA 2023-001 \n \nImprove Controls over Wage Rate Requirements \n \nFederal Awarding Agency: Pass-Through Entity: Repeat of Prior Year Finding: \n \nU.S. Department of Education Georgia Department of Education N/A \n \nFinding Status: \n \nUnresolved \n \nThe School District did not have any construction expenditures paid with federal funds in fiscal year 2024, therefore the corrective action plan the board established could not be tested to support \nthat the corrective action plan was implemented. \n \n Section IV Findings and Questioned Costs \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2024 \n \nI SUMMARY OF AUDITOR'S RESULTS \n \nFinancial Statements \nType of auditor's report issued: Governmental Activities, Each Major Fund, and Fiduciary Activities \nInternal control over financial reporting:  Material weakness(es) identified?  Significant deficiency(ies) identified? \nNoncompliance material to financial statements noted: \n \nFederal Awards \n \nInternal control over major programs:  Material weakness(es) identified? \n Significant deficiency(ies) identified? \n \nType of auditor's report issued on compliance for major programs: \n \nAll major programs \n \nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \n \nIdentification of major programs: \n \nAssistance Listing Number Assistance Listing Program or Cluster Title \n \n10.553, 10.555 84.425 \n \nChild Nutrition Cluster Education Stabilization Fund \n \nDollar threshold used to distinguish between Type A and Type B programs: \n \nAuditee qualified as low-risk auditee? \n \nII FINANCIAL STATEMENT FINDINGS No matters were reported. lll FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \n \nUnmodified No \nNone Reported No \nNo None Reported \nUnmodified No \n$750,000.00 No \n \n "},{"id":"dlg_ggpd_1379844644-2024-08-13","title":"Annual financial report, fiscal year 2023, Miller County Board of Education, Colquitt, Georgia, including independent auditor's report.","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, Miller County, 31.16399, -84.73072"],"dcterms_creator":null,"dc_date":["2024-08-13"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Miller County Board of Education, Ga.)"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Georgia Department of Audits \u0026 Accounts, [2022?]-"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Miller County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Miller County--Auditing--Periodicals.","Education--Georgia--Miller County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Miller County--fast","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report, fiscal year 2023, Miller County Board of Education, Colquitt, Georgia, including independent auditor's report."],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_1379844644-2024-08-13"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1379844644-2024-08-13"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"ANNUAL FINANCIAL REPORT  FISCAL YEAR 2023 \nMiller County Board of Education \nColquitt, Georgia \nIncluding Independent Auditor's Report \nGreg S. Griffin | State Auditor \n \n Miller County Board of Education \n \nTable of Contents \n \nSection I Financial \nIndependent Auditor's Report \n \nExhibits \n \nBasic Financial Statements \n \nGovernment-Wide Financial Statements \n \nA \n \nStatement of Net Position \n \n1 \n \nB \n \nStatement of Activities \n \n2 \n \nFund Financial Statements \n \nC \n \nBalance Sheet \n \nGovernmental Funds \n \n3 \n \nD \n \nReconciliation of the Governmental Funds Balance Sheet \n \nto the Statement of Net Position \n \n4 \n \nE \n \nStatement of Revenues, Expenditures and Changes in Fund Balances \n \nGovernmental Funds \n \n5 \n \nF \n \nReconciliation of the Governmental Funds Statement of \n \nRevenues, Expenditures and Changes in Fund Balances \n \nto the Statement of Activities \n \n6 \n \nG \n \nStatement of Fiduciary Net Position \n \nFiduciary Funds \n \n7 \n \nH \n \nStatement of Changes in Fiduciary Net Position \n \nFiduciary Funds \n \n8 \n \nI Notes to the Basic Financial Statements \n \n9 \n \nSchedules \n \nRequired Supplementary Information \n \n1 Schedule of Proportionate Share of the Net Pension Liability \n \nTeachers Retirement System of Georgia \n \n33 \n \n2 Schedule of Contributions  Teachers Retirement System of Georgia \n \n34 \n \n3 Schedule of Proportionate Share of the Net Pension Liability Public \n \nSchool Employees Retirement System of Georgia \n \n35 \n \n4 Schedule of Proportionate Share of the Net OPEB Liability \n \nSchool OPEB Fund \n \n36 \n \n5 Schedule of Contributions  School OPEB Fund \n \n37 \n \n6 Notes to the Required Supplementary Information \n \n38 \n \n7 Schedule of Revenues, Expenditures and Changes in Fund \n \nBalances - Budget and Actual General Fund \n \n39 \n \n Supplementary Information \n \n8 Schedule of Expenditures of Federal Awards \n \n40 \n \n9 Schedule of State Revenue \n \n42 \n \n10 Schedule of Approved Local Option Sales Tax Projects \n \n44 \n \nSection II \nCompliance and Internal Control Reports \nIndependent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards \nIndependent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance \n \nSection III Auditee's Response to Prior Year Findings and Questioned Costs \nSummary Schedule of Prior Audit Findings \n \nSection IV Findings and Questioned Costs \nSchedule of Findings and Questioned Costs \n \nSection V Management's Corrective Action for Current Year Findings \nSchedule of Management's Corrective Action \n \n Section I Financial \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Mr. Michael Keown, Superintendent and Members of the Miller County Board of Education \nReport on the Audit of the Financial Statements \nOpinions \nWe have audited the accompanying financial statements of the governmental activities, each major fund, and fiduciary activities of the Miller County Board of Education (School District) as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents. \nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and fiduciary activities of the School District as of June 30, 2023, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \nBasis for Opinions \nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. \nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \nResponsibilities of Management for the Financial Statements \nManagement is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. \nAuditor's Responsibilities for the Audit of the Financial Statements \nOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. \nIn performing an audit in accordance with GAAS and Government Auditing Standards, we: \n Exercise professional judgment and maintain professional skepticism throughout the audit. \n Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. \n Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, no such opinion is expressed. \n Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. \n Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for a reasonable period of time. \nWe are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. \nRequired Supplementary Information \nManagement has omitted the Management's Discussion and Analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of \n \n financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinions on the basic financial statements are not affected by this missing information. \nAccounting principles generally accepted in the United States of America require that the required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient appropriate evidence to express an opinion or provide any assurance. \nSupplementary Information \nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the School District's basic financial statements. The accompanying supplementary information, as listed in the table of contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements. \nThe supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements as a whole. \nOther Reporting Required by Government Auditing Standards \nIn accordance with Government Auditing Standards, we have also issued our report dated August 13, 2024 on our consideration of the School District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control over financial reporting and compliance. \n \n A copy of this report has been filed as a permanent record and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. Respectfully submitted, \nGreg S. Griffin State Auditor \nAugust 13, 2024 \n \n Miller County Board of Education \n \n MILLER COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2023 \nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \nTotal Assets \nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \nTotal Deferred Outflows of Resources \nLIABILITIES Accounts Payable Salaries and Benefits Payable Payroll Withholdings Payable Net Pension Liability Net OPEB Liability \nDue Within One Year Due in More Than One Year \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \nTotal Deferred Inflows of Resources \nNET POSITION Net Investment in Capital Assets Restricted for \nContinuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \nTotal Net Position \n \nEXHIBIT \"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n7,126,612.50 \n \n152,554.76 \n \n140,016.45 565,681.75 1,781,472.43 \n6,449.34 1,109,852.13 20,278,266.87 31,160,906.23 \n \n5,608,008.19 1,380,251.00 6,988,259.19 \n \n608,098.00 1,039,949.85 \n101,291.92 11,755,164.00 \n5,811,286.00 610,000.00 \n1,295,000.00 21,220,789.77 \n \n764,445.00 4,309,451.00 5,073,896.00 \n \n19,654,555.00 \n \n281,370.80 23,505.66 \n573,924.83 (8,678,876.64) \n \n$ \n \n11,854,479.65 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 1 - \n \n MILLER COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30, 2023 \n \nEXHIBIT \"B\" \n \nEXPENSES \n \nCHARGES FOR SERVICES \n \nPROGRAM REVENUES OPERATING GRANTS AND \nCONTRIBUTIONS \n \nCAPITAL GRANTS AND CONTRIBUTIONS \n \nNET (EXPENSES) REVENUES \nAND CHANGES IN NET POSITION \n \nGOVERNMENTAL ACTIVITIES \n \nInstruction \n \n$ \n \nSupport Services \n \nPupil Services \n \nImprovement of Instructional Services \n \nEducational Media Services \n \nGeneral Administration \n \nSchool Administration \n \nBusiness Administration \n \nMaintenance and Operation of Plant \n \nStudent Transportation Services \n \nOther Support Services \n \nOperations of Non-Instructional Services \n \nFood Services \n \nInterest on Long-Term Debt \n \n7,448,077.72 $ \n763,225.13 851,839.07 134,870.98 494,930.00 752,095.36 272,228.44 1,362,509.38 1,110,700.93 \n40,651.51 \n780,896.10 52,070.75 \n \n- $ \n135,380.07 - \n13,426.13 - \n \n5,765,873.02 $ \n470,986.27 282,942.34 106,865.19 426,947.13 400,353.38 \n393,677.23 264,721.80 \n3,700.00 \n822,438.97 - \n \n- $ \n528,660.00 - \n- \n \n(1,682,204.70) \n(156,858.79) (568,896.73) \n(28,005.79) (67,982.87) (351,741.98) (272,228.44) (968,832.15) (317,319.13) (36,951.51) \n54,969.00 (52,070.75) \n \nTotal Governmental Activities \n \n$ \n \n14,064,095.37 $ \n \n148,806.20 $ \n \n8,938,505.33 $ \n \n528,660.00 \n \n(4,448,123.84) \n \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations For Debt Services Sales Taxes For Debt Services For Capital Projects Other Sales Tax Investment Earnings Miscellaneous Total General Revenues \n \n4,056,927.60 127,459.54 \n465,523.75 285,461.88 \n30,360.49 110,052.62 259,415.48 5,335,201.36 \n \nChange in Net Position \n \n887,077.52 \n \nNet Position - Beginning of Year \n \n10,967,402.13 \n \nNet Position - End of Year \n \n$ \n \n11,854,479.65 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 2 - \n \n MILLER COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30, 2023 \n \nEXHIBIT \"C\" \n \nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Inventories \nTotal Assets \nLIABILITIES Accounts Payable Salaries and Benefits Payable Payroll Withholdings Payable \nTotal Liabilities \nFUND BALANCES Nonspendable Restricted Assigned Unassigned \nTotal Fund Balances \nTotal Liabilities and Fund Balances \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE FUND \n \nTOTAL \n \n$ \n \n6,602,087.39 $ \n \n152,554.76 \n \n67,111.07 565,681.75 1,781,472.43 \n6,449.34 \n \n$ \n \n9,175,356.74 $ \n \n501,952.80 $ - \n71,972.03 - \n573,924.83 $ \n \n22,572.31 $ - \n933.35 - \n23,505.66 $ \n \n7,126,612.50 152,554.76 \n140,016.45 565,681.75 1,781,472.43 \n6,449.34 \n9,772,787.23 \n \n$ \n \n608,098.00 $ \n \n1,039,949.85 \n \n101,291.92 \n \n1,749,339.77 \n \n- $ - \n \n- $ - \n \n608,098.00 1,039,949.85 \n101,291.92 1,749,339.77 \n \n6,449.34 274,921.46 124,227.80 7,020,418.37 7,426,016.97 \n \n$ \n \n9,175,356.74 $ \n \n573,924.83 \n573,924.83 \n573,924.83 $ \n \n23,505.66 \n23,505.66 \n23,505.66 $ \n \n6,449.34 872,351.95 124,227.80 7,020,418.37 8,023,447.46 \n9,772,787.23 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 3 - \n \n MILLER COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \nTO THE STATEMENT OF NET POSITION JUNE 30, 2023 \n \nTotal fund balances - governmental funds (Exhibit \"C\") \nAmounts reported for governmental activities in the Statement of Net Position are different because: \nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land Buildings and improvements Equipment Land improvements Accumulated depreciation \nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB liability \nDeferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. Related to pensions Related to OPEB \nLong-term liabilities are not due and payable in the current period and therefore are not reported in the funds. Bonds payable \nNet position of governmental activities (Exhibit \"A\") \n \n$ \n \n$ \n \n1,109,852.13 \n \n24,941,248.45 \n \n4,735,418.21 \n \n1,570,420.93 \n \n(10,968,820.72) \n \n$ \n \n(11,755,164.00) \n \n(5,811,286.00) \n \n$ \n \n4,843,563.19 \n \n(2,929,200.00) \n \n$ \n \nEXHIBIT \"D\" 8,023,447.46 \n21,388,119.00 (17,566,450.00) \n1,914,363.19 (1,905,000.00) 11,854,479.65 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 4 - \n \n MILLER COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2023 \n \nEXHIBIT \"E\" \n \nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation Capital Outlay Debt Services Principal Dues and Fees Interest Total Expenditures \nRevenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES) Transfers In Transfers Out Total Other Financing Sources (Uses) \nNet Change in Fund Balances \nFund Balances - Beginning \nFund Balances - Ending \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ \n \n4,080,113.12 $ \n \n29,390.14 \n \n5,690,704.61 \n \n3,756,441.71 \n \n148,806.20 \n \n106,755.34 \n \n259,415.48 \n \n14,071,626.60 \n \n- $ 285,461.88 \n2,301.52 287,763.40 \n \n119,909.08 $ 466,494.10 \n995.76 587,398.94 \n \n4,200,022.20 781,346.12 \n5,690,704.61 3,756,441.71 \n148,806.20 110,052.62 259,415.48 14,946,788.94 \n \n7,095,690.85 \n775,607.22 853,610.06 145,417.98 508,192.30 747,861.99 285,325.01 1,620,145.87 1,774,475.76 \n24,368.37 812,312.30 608,321.32 \n15,251,329.03 (1,179,702.43) \n \n(725,008.85) (725,008.85) \n \n(1,904,711.28) \n \n9,330,728.25 \n \n$ \n \n7,426,016.97 $ \n \n- \n725,008.85 \n725,008.85 (437,245.45) \n725,008.85 - \n725,008.85 \n287,763.40 \n286,161.43 \n573,924.83 $ \n \n- \n- \n590,000.00 1,547.00 \n50,523.75 642,070.75 (54,671.81) \n \n7,095,690.85 \n775,607.22 853,610.06 145,417.98 508,192.30 747,861.99 285,325.01 1,620,145.87 1,774,475.76 \n24,368.37 812,312.30 1,333,330.17 \n590,000.00 1,547.00 \n50,523.75 16,618,408.63 (1,671,619.69) \n \n- \n(54,671.81) \n78,177.47 \n23,505.66 $ \n \n725,008.85 (725,008.85) \n- \n(1,671,619.69) \n9,695,067.15 \n8,023,447.46 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 5 - \n \n MILLER COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2023 \n \nEXHIBIT \"F\" \n \nNet change in fund balances total governmental funds (Exhibit \"E\") \nAmounts reported for governmental activities in the Statement of Activities are different because: \nGovernmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of capital assets is allocated over their estimated useful lives as depreciation expense. Capital outlay Depreciation expense \nThe net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, donations, and disposals) is to decrease net position. \nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \nThe issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts and the difference between the carrying value of refunded debt and the acquisition cost of refunded debt when debt is first issued. These amounts are deferred and amortized in the Statement of Activities. Bond principal retirements \nDistrict pension/OPEB contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension/OPEB liability is measured a year before the District's report date. Pension/OPEB expense, which is the change in the net pension/OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions/OPEB, is reported in the Statement of Activities. Pension expense OPEB expense \nChange in net position of governmental activities (Exhibit \"B\") \n \n$ \n \n(1,671,619.69) \n \n$ \n \n2,296,110.54 \n \n(784,460.54) \n \n1,511,650.00 (14,591.79) (15,635.06) \n \n590,000.00 \n \n$ \n \n(359,257.94) \n \n846,532.00 \n \n$ \n \n487,274.06 887,077.52 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 6 - \n \n MILLER COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET POSITION \nFIDUCIARY FUNDS JUNE 30, 2023 \nASSETS Receivables, Net \nLocal \nLIABILITIES Cash Overdraft Accounts Payable \nTotal Liabilities \nNET POSITION Restricted \nIndividuals, Organizations, and Other Governments \n \nEXHIBIT \"G\" \n \nCUSTODIAL FUNDS \n \n$ \n \n23,045.54 \n \n1,291.45 684.90 \n1,976.35 \n \n$ \n \n21,069.19 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 7 - \n \n MILLER COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDCUCIARY NET POSITION \nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2023 \nADDITIONS Miscellaneous \nDEDUCTIONS Other Deductions Change in Net Position \nNet Position - Beginning Net Position - Ending \n \nEXHIBIT \"H\" \n \nCUSTODIAL FUNDS \n \n$ \n \n75,509.13 \n \n56,785.45 \n \n18,723.68 \n \n2,345.51 \n \n$ \n \n21,069.19 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 8 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \nReporting Entity \nThe Miller County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent 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 primary government and consists of all the organizations that compose its legal entity. \nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe accompanying financial statements of the School District have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). GASB is the accepted standard-setting body for governmental accounting and financial reporting principles. The most significant of the School District's accounting policies are described below. \nBasis of Presentation \nThe School District's basic financial statements are collectively comprised of the government-wide financial statements, fund financial statements and notes to the basic financial statements. The government-wide statements focus on the School District as a whole, while the fund financial statements focus on major funds. Each presentation provides valuable information that can be analyzed and compared between years and between governments to enhance the information's usefulness. \nGovernment-Wide Statements: \nThe Statement of Net Position and the Statement of Activities display information about the financial activities of the overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \nThe Statement of Net Position presents the School District's non-fiduciary assets, deferred outflows of resources, deferred inflows of resources and liabilities, with the difference reported as net position. Net position is reported in three categories as follows: \n1. Net investment in capital assets consists of the School District's total investment in capital assets, net of accumulated depreciation, and reduced by outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of net investment in capital assets. \n2. Restricted net position consists of resources for which the School District is legally or contractually obligated to spend in accordance with restrictions imposed by external third parties or imposed by law through constitutional provisions or enabling legislation. \n3. Unrestricted net position consists of resources not meeting the definition of the two preceding categories. Unrestricted net position often has constraints on resources imposed by management which can be removed or modified. \nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \n- 9 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nDirect 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 School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \nProgram revenues include (a) charges paid by the recipients of goods 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, including all taxes, are presented as general revenues. \nFund Financial Statements \nThe fund financial statements provide information about the School District's funds , including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate financial statements are presented for governmental and fiduciary funds. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \nThe School District reports the following major governmental funds: \n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST), that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \n The debt service fund accounts for and reports financial resources that are restricted, committed, or assigned including taxes (property and sales) legally restricted for the payment of general long-term principal and interest. \nThe School District reports the following fiduciary fund type: \n Custodial funds are used to report resources held by the School District in a purely custodial capacity. \nBasis of Accounting \nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide and fiduciary fund 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 School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes and grants. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants is recognized in the fiscal year in which all eligibility requirements have been satisfied. \nThe School District 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. \n- 10 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. The School District considers certain revenues reported in the governmental funds to be available if they are collected within 60 days after year-end. The School District considers all intergovernmental revenues to be available if they are collected within 120 days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities are reported as other financing sources. \nThe School District 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 resources available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \nNew Accounting Pronouncements \nIn fiscal year 2023, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 96, Subscription-Based Information Technology Arrangements. This statement defines subscription-based information technology arrangements and provides uniform guidance for accounting and financial reporting for transactions that meet that definition. Under this statement, a government is required to recognize a subscription liability and an intangible right-to-use asset for contracts that meet the definition of a subscription-based information technology arrangement. The adoption of this statement did not have a material impact on the School District's financial statements. \nCash and Cash Equivalents \nCash and cash equivalents consist of cash on hand, demand deposits, investments in the State of Georgia local government investment pool (Georgia Fund 1) and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated (O.C.G.A.) 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \nInvestments \nThe School District can invest its funds as permitted by O.C.G.A. 36-83-4. 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. \nInvestments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. All other investments are reported at fair value. \nFor accounting purposes, certificates of deposit are classified as investments if they have an original maturity greater than three months when acquired. \n \n- 11 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nReceivables \n \nReceivables consist of amounts due from property and sales taxes, 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. \n \nInventories \n \nFood Inventories \n \nOn the basic financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (calculated on the first-in, first-out basis). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \n \nCapital Assets \n \nOn the government-wide financial statements, capital assets are recorded 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 the acquisition value on the date donated. 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. The School District does not capitalize book collections or works of art. \n \nCapital acquisition and construction are recorded as expenditures in the governmental fund financial statements at the time of purchase (including ancillary charges), and the related assets are reported as capital assets in the governmental activities column in the government-wide financial statements. \n \nDepreciation is computed using the straight-line half year for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \n \nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \n \nCapitalization Policy \n \nEstimated Useful Life \n \nLand \n \n$ \n \nLand Improvements \n \n$ \n \nBuildings and Improvements $ \n \nEquipment \n \n$ \n \nIntangible Assets \n \n$ \n \nAny Amount 5,000.00 5,000.00 5,000.00 \n100,000.00 \n \nN/A 15 to 80 years up to 80 years \n5 to 50 years 5 years \n \n- 12 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nDeferred Outflows/Inflows of Resources \nIn addition to assets, the statement of financial position will report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of resources that applies to a future period(s) and therefore will not be recognized as an outflow of resources (expense/expenditure) until then. \nIn addition to liabilities, the statement of financial position will report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of resources that applies to a future period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time. \nLong-Term Liabilities and Bond Discounts/Premiums \nIn the School District's government-wide financial statements, outstanding debt is reported as liabilities. Bond issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \nIn the governmental fund financial statements, the School District recognizes the proceeds of debt and premiums as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures. \nPensions \nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \nPost-Employment Benefits Other than Pensions (OPEB) \nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Post-Employment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \nFund Balances \nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \n \n- 13 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nThe School District's fund balances are classified as follows: \nNonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \n \nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \n \nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \n \nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \n \nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \n \nUse of Estimates \n \nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \n \nProperty Taxes \n \nThe Miller County Board of Commissioners adopted the property tax levy for the 2022 tax digest year (calendar year) on September 12, 2022 (levy date) based on property values as of January 1, 2022. Taxes were due on December 29, 2022 (lien date) Taxes collected within the current fiscal year or within 60 days after year-end on the 2022 tax digest are reported as revenue in the governmental funds for fiscal year 2023. The Miller County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2023, for maintenance and operations amounted to $3,681,617.49 and for school bonds amounted to $119,909.08. \n \nThe tax millage rates levied for the 2022 tax digest year (calendar year) for the School District were as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations School Bonds \n \n19.551 mills 0.665 mills \n \n20.216 mills \n \n- 14 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $398,495.63 during fiscal year ended June 30, 2023. \n \nSales Taxes \n \nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $750,985.63 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \n \nNOTE 3: BUDGETARY DATA \n \nThe budget is a complete financial plan for the School District's fiscal year and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general, debt service, and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds, except the various school activity(principal) accounts, is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate fund level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \n \nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \n \nNOTE 4: DEPOSITS \n \nCollateralization of Deposits \n \nO.C.G.A. 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 of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A. 45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance. \nAcceptable security for deposits consists of any one of or any combination of the following: \n \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n \n- 15 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \n(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, \n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n(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 or securities guaranteed 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. \nCategorization of Deposits \nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2023, the School District had deposits with a carrying amount of $7,277,875.81, and a bank balance of $7,502,396.56. The bank balances insured by Federal depository insurance were $750,000.00 and the bank balances collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name were $637,350.71. \nAt June 30, 2023, $6,115,045.85 of the School District's bank balances were exposed to custodial credit risk. This balance was in the State's Secure Deposit Program (SDP). \nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. The SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians. \nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \n \n- 16 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nReconciliation of cash and cash equivalents balances to carrying value of deposits: \n \nCash and cash equivalents Statement of Net Position Statement of Fiduciary Net Position \n \n$ 7,126,612.50 (1,291.45) \n \nTotal cash and cash equivalents \n \n7,125,321.05 \n \nAdd: Deposits with original maturity of three months or more reported as investments \n \n152,554.76 \n \nTotal carrying value of deposits - June 30, 2023 \n \n$ 7,277,875.81 \n \nNOTE 6: CAPITAL ASSETS \nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \n \nBalances July 1, 2022 \n \nIncreases \n \nDecreases \n \nBalances June 30, 2023 \n \nGovernmental Activities Capital Assets, \nNot Being Depreciated: Land Construction in Progress \n \n$ 1,109,852.13 $ 44,121.81 \n \n- $ \n \n- $ 1,109,852.13 \n \n- \n \n44,121.81 \n \n- \n \nTotal Capital Assets Not Being Depreciated \n \n1,153,973.94 \n \n- \n \n44,121.81 \n \n1,109,852.13 \n \nCapital Assets, Being Depreciated Buildings and Improvements Equipment Land Improvements \nLess Accumulated Depreciation Buildings and Improvements Equipment Land Improvements \n \n24,313,840.89 4,169,890.04 814,754.93 \n \n627,407.56 957,158.79 755,666.00 \n \n391,630.62 \n- \n \n24,941,248.45 4,735,418.21 1,570,420.93 \n \n6,678,399.04 3,275,262.65 \n607,737.32 \n \n452,371.21 263,883.36 \n68,205.97 \n \n377,038.83 \n- \n \n7,130,770.25 3,162,107.18 \n675,943.29 \n \nTotal Capital Assets, Being Depreciated, Net \n \n18,737,086.85 \n \n1,555,771.81 \n \n14,591.79 \n \n20,278,266.87 \n \nGovernmental Activities Capital Assets - Net \n \n$ 19,891,060.79 $ 1,555,771.81 $ 58,713.60 $ 21,388,119.00 \n \n- 17 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction \n \nSupport Services \n \nPupil Services \n \n$ \n \nMaintenance and Operation of Plant \n \nStudent Transportation Services \n \nOther Support Services \n \nFood Services \n \n$ 599,408.67 \n \n2,620.68 15,925.52 144,055.28 12,706.27 \n \n175,307.75 9,744.12 \n \n$ 784,460.54 \n \nNOTE 7: INTERFUND TRANSFERS Interfund transfers for the year ended June 30, 2023, consisted of the following: \n \nTransfers to \n \nTransfers From General Fund \n \nCapital Projects Fund \n \n$ 725,008.85 \n \nTransfers are made from the general fund to the capital outlay fund to pay for local capital projects. \n \nNOTE 8: LONG-TERM LIABILITIES \n \nThe changes in long-term liabilities during the fiscal year for governmental activities were as follows: \n \nBalance July 1, 2022 \n \nGovernmental Activities Balance \nAdditions Deductions June 30, 2023 \n \nDue Within One Year \n \nGeneral Obligation (G.O.) Bonds \n \n$ 2,495,000.00 $ \n \n- $ 590,000.00 $ 1,905,000.00 $ 610,000.00 \n \nGeneral Obligation Bonds \nThe School District's bonded debt consists of general obligation bonds that are generally noncallable with interest payable semiannually. Bond proceeds primarily pay for acquiring or constructing capital facilities. The School District repays general obligation bonds from voter-approved property and sales taxes. General obligation bonds are direct obligations and pledge the full faith and credit of the School District. \nThe School District had no unused line of credit or outstanding notes from direct borrowings and direct placements related to governmental activities as of June 30, 2023. In the event the entity is unable to make the principal and interest payments using proceeds from the Education Special Purpose Local Option Sales Tax (ESPLOST), the debt will be satisfied from a direct annual ad valorem tax levied upon all taxable property within the School District. Additional security is provided by the State of Georgia Intercept Program which allows for state appropriations entitled to the School District to be transferred to the Debt Service Account Custodian for the payment of debt. \n \n- 18 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nGeneral obligation bonds currently outstanding are as follows: \n \nDescription \n \nInterest Rate \n \nIssue Date \n \nMaturity Date \n \nAmount Issued \n \nAmount Outstanding \n \nGeneral Government - Series 2006 \n \n4.05% 6/8/2006 2/1/2026 $ 9,100,000.00 $ 1,905,000.00 \n \nThe following schedule details debt service requirements to maturity for the School District's total general obligation bonds payable: \n \nFiscal Year Ended June 30: \n \nGeneral Obligation Debt \n \nPrincipal \n \nInterest \n \n2024 2025 2026 \n \n$ \n \n610,000.00 $ 77,152.50 \n \n635,000.00 \n \n52,447.50 \n \n660,000.00 \n \n26,730.00 \n \nTotal Principal and Interest $ 1,905,000.00 $ 156,330.00 \n \nNOTE 9: RISK MANAGEMENT \nInsurance \nThe School District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors or omissions; job related illness or injuries to employees; and natural disasters. \nGeorgia School Boards Association Risk Management Fund \nThe School District participates in the Georgia School Boards Association Risk Management Fund (the Fund), a public entity risk pool organized on August 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, errors and omissions liability, cyber risk and property damage, including safety engineering and other loss prevention and control techniques, and to administer the Fund including the processing and defense of claims brought against members of the Fund. The School District pays an annual contribution to the Fund for coverage. Reinsurance is provided to the Fund through agreements by the Fund with insurance companies according to their specialty for property (including coverage for flood and earthquake), machinery breakdown, general liability, errors and omissions, crime, cyber risk and automobile risks. Reinsurance limits and retentions vary by line of coverage. \nWorkers' Compensation \nGeorgia Education Workers' Compensation Trust \nThe School District participates in the Georgia Education Workers' Compensation Trust (the Trust), a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general workers' compensation insurance coverage. Specific excess of loss insurance coverage is provided through an agreement by the Trust with the Safety National \n- 19 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nCasualty Company to provide coverage for potential losses sustained by the Trust in excess of $1.0 million loss per occurrence, up to the statutory limit. Employers' Liability insurance coverage is also provided with limits of $2.0 million. The Trust covers the first $1.0 million of each Employers Liability claim with Safety National providing additional Employers Liability limits up to a $2.0 million per occurrence maximum. Safety National Casualty Company also provides $2.0 million in aggregate coverage to the Trust, attaching at 107% of the loss fund and based on the Fund's annual normal premium. \n \nUnemployment Compensation \n \nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the general fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \n \nSurety Bond \n \nThe School District purchased a surety bond to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nSuperintendent \n \n$ \n \n84,000.00 \n \nNOTE 10: FUND BALANCE CLASSIFICATION DETAILS \nThe School District's financial statements include the following amounts presented in the aggregate at June 30, 2023: \n \nNonspendable \n \nInventories \n \n$ \n \n6,449.34 \n \nRestricted \n \nContinuation of Federal Programs $ 274,921.46 \n \nCapital Projects \n \n573,924.83 \n \nDebt Service \n \n23,505.66 \n \n872,351.95 \n \nAssigned \n \nSchool Activity Accounts \n \n124,227.80 \n \nUnassigned \n \n7,020,418.37 \n \nFund Balance, June 30, 2023 \n \n$ 8,023,447.46 \n \nWhen multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \n \n- 20 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nNOTE 11: SIGNIFICANT CONTINGENT LIABILITIES \nFederal Grants \nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position. \nLitigation \nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine School District operations. The ultimate disposition of these proceedings is not presently determinable but is not believed to have a material adverse effect on the financial condition of the School District. \nNOTE 12: OTHER POST-EMPLOYMENT BENEFITS (OPEB) \nGeorgia School Personnel Post-Employment Health Benefit Fund \nPlan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit post-employment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board. \nBenefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. \nContributions: As established by the Board, the School OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $227,772.00 for the year ended June 30, 2023. Active employees are not required to contribute to the School OPEB Fund. \n \n- 21 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \n \nAt June 30, 2023, the School District reported a liability of $5,811,286.00 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of June 30, 2022. The total OPEB liability used to calculate the net OPEB liability was based on an actuarial valuation as of June 30, 2021. An expected total OPEB liability as of June 30, 2022 was determined using standard roll-forward techniques. The School District's proportion of the net OPEB liability was actuarially determined based on employer contributions during the fiscal year ended June 30, 2022. At June 30, 2022, the School District's proportion was 0.058681%, which was an decrease of 0.000877% from its proportion measured as of June 30, 2021. \n \nFor the year ended June 30, 2023, the School District recognized OPEB expense of ($618,760.00). At June 30, 2023, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \n \nOPEB Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual \n \nexperience \n \n$ \n \n231,961.00 $ 2,284,011.00 \n \nChanges of assumptions \n \n885,071.00 \n \n1,175,341.00 \n \nNet difference between projected and actual \n \nearnings on OPEB plan investments \n \n35,447.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n- \n \n850,099.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n227,772.00 \n \n- \n \nTotal \n \n$ 1,380,251.00 $ 4,309,451.00 \n \n- 22 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nSchool District contributions subsequent to the measurement date are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2024. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: \n \nYear Ended June 30: \n \nOPEB \n \n2024 2025 2026 2027 2028 Thereafter \n \n$ (952,762.00) \n \n$ (746,258.00) \n \n$ (569,041.00) \n \n$ (584,203.00) \n \n$ (274,668.00) \n \n$ \n \n(30,040.00) \n \nActuarial Assumptions: The total OPEB liability as of June 30, 2022 was determined by an actuarial valuation as of June 30, 2021 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2022: \nOPEB: \n \nInflation \n \n2.50% \n \nSalary increases \n \n3.00%  8.75%, including inflation \n \nLong-term expected rate of return \nHealthcare cost trend rate \n \n7.00%, compounded annually, net of investment expense, and including inflation \n \nPre-Medicare Eligible Medicare Eligible Ultimate trend rate \n \n6.50% 5.00% \n \nPre-Medicare Eligible Medicare Eligible Year of Ultimate trend rate \n \n4.50% 4.50% \n \nPre-Medicare Eligible \n \n2029 \n \nMedicare Eligible \n \n2023 \n \n- 23 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nThe Plan currently uses mortality tables that vary by age, gender, and health status (i.e. disabled or not disabled) as follows: \n For TRS members: Post-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% was used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 Projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \n For PSERS members: Pre-retirement mortality rates were based on the Pub-2010 General Employee Mortality Table, with no adjustment, with the MP-2019 Projection scale applied generationally. Post-retirement mortality rates for service retirements were based on the Pub-2010 General Healthy Annuitant Mortality Table (ages set forward one year and adjusted 101% for males and 103% for females) with the MP-2019 Projection scale applied generationally. Postretirement mortality rates for disability retirements were based on the Pub-2010 General Disabled Mortality Table (ages set back three years for males and adjusted 103% for males and 106% for females) with the MP-2019 Projection scaled applied generationally. Postretirement mortality rates for beneficiaries were based on the Pub-2010 General Contingent Survivor Mortality Table (ages set forward two years and adjusted 104% for males and 99% for females) with the MP-2019 Projection scale applied generationally. \nThe actuarial assumptions used in the June 30, 2021 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2018, with the exception of the assumed annual rate of inflation which was changed from 2.75% to 2.50%, effective with the June 30, 2018 valuation. \nThe remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2021 valuation were based on a review of recent plan experience done concurrently with the June 30, 2021 valuation. \nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \n \n- 24 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \n \nAsset Class \n \nTarget Allocation \n \nLong-Term Expected Real Rate of Return* \n \nFixed income Equities \n \n30.00% 70.00% \n \n2.00% 9.40% \n \nTotal \n \n100.00% \n \n* Net of inflation \n \nDiscount Rate: In order to measure the total OPEB liability for the School OPEB, a single equivalent interest rate of 3.57% was used as the discount rate, as compared with last year's rate of 2.20%. The plan's fiduciary net position was projected to not be able to make all future benefit payments of current plan members. Therefore, the municipal bond rate as used for the long-term rate of return was applied to all periods of projected benefit payments to determine total OPEB liability. This is comprised mainly of the yield or index rate for 20 year tax-exempt general obligation bonds with an average rating of AA or higher (3.54% per the Municipal Bond Index Rate). The projection of cash flows used to determine the discount rate assumed that contributions from members and from the employers will be made at the current level as averaged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2128. \n \nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net OPEB liability calculated using the discount rate of 3.57%, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (2.57%) or 1-percentage-point higher (4.57%) than the current discount rate: \n \n1% Decrease (2.57%) \n \nCurrent Discount Rate (3.57%) \n \n1% Increase (4.57%) \n \nSchool District's proportionate share \n \nof the Net OPEB liability \n \n$ \n \n6,573,262.00 $ \n \n5,811,286.00 $ \n \n5,165,478.00 \n \n- 25 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates: The following presents the School District's proportionate share of the net OPEB liability, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates: \n \n1% Decrease \n \nCurrent Healthcare Cost Trend Rate \n \n1% Increase \n \nSchool District's proportionate share \n \nof the Net OPEB liability \n \n$ \n \n5,007,118.00 $ \n \n5,811,286.00 $ \n \n6,799,606.00 \n \nOPEB Plan Fiduciary Net Position: Detailed information about the OPEB plan's fiduciary net position is available in the Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \n \nNOTE 13: RETIREMENT PLANS \n \nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \n \nTeachers Retirement System of Georgia (TRS) \n \nPlan Description: All teachers of the School District as defined in O.C.G.A. 47-3-60 and certain other support personnel as defined by O.C.G.A. 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple-employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2023. The School District's contractually required contribution rate for the year ended June 30, 2023 was 19.98% of annual School District payroll. For the current fiscal year, employer contributions to the pension plan were $1,040,966.19 from the School District. \n \n- 26 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nPublic School Employees Retirement System (PSERS) \nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \nBenefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \nUpon retirement, the member will receive a monthly benefit of $15.75, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits. \nContributions: The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. \nIndividuals who became members prior to July 1, 2012 contribute $4 per month for nine months each fiscal year. Individuals who became members on or after July 1, 2012 contribute $10 per month for nine months each fiscal year. The State of Georgia, although not the employer of PSERS members, is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS Board of Trustees. The current fiscal year contribution was $28,709.00. \nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \nAt June 30, 2023, the School District reported a liability of $11,755,164.00 for its proportionate share of the net pension liability for TRS. \nThe net pension liability for TRS was measured as of June 30, 2022. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2021. An expected total pension liability as of June 30, 2022 was determined using standard roll-forward techniques. The School District's proportion of the net pension liability was based on contributions to TRS during the fiscal year ended June 30, 2022. \nAt June 30, 2022, the School District's TRS proportion was 0.036201%, which was an decrease of 0.002185% from its proportion measured as of June 30, 2021. \nAt June 30, 2023, the School District did not have a PSERS liability for a proportionate share of the net pension liability because of a Special Funding Situation with the State of Georgia, which is responsible for the net pension liability of the plan. The amount of the State's proportionate share of the net pension liability associated with the School District is $193,906.00. \n- 27 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nThe PSERS net pension liability was measured as of June 30, 2022. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2021. An expected total pension liability as of June 30, 2022 was determined using standard roll-forward techniques. The State's proportion of the net pension liability associated with the School District was based on actuarially determined contributions paid by the State during the fiscal year ended June 30, 2022. \nFor the year ended June 30, 2023, the School District recognized pension expense of $ 1,400,224.13 for TRS, and $48,728.00 for PSERS and revenue of $48,728.00 for PSERS. The revenue is support provided by the State of Georgia. \n \nAt June 30, 2023, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \n \nTRS Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual \n \nexperience \n \n$ \n \n487,960.00 $ \n \n61,188.00 \n \nChanges of assumptions \n \n1,769,527.00 \n \n- \n \nNet difference between projected and \n \nactual earnings on pension plan \n \ninvestments \n \n2,309,555.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n- \n \n703,257.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n1,040,966.19 \n \n- \n \nTotal \n \n$ 5,608,008.19 $ 764,445.00 \n \nThe School District contributions subsequent to the measurement date for TRS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2024. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \n \nYear Ended June 30: \n \nTRS \n \n2024 2025 2026 2027 \n \n$ \n \n920,629.00 \n \n$ \n \n699,793.00 \n \n$ \n \n551,308.00 \n \n$ 1,630,867.00 \n \n- 28 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nActuarial Assumptions: The total pension liability as of June 30, 2022 was determined by an actuarial valuation as of June 30, 2021, using the following actuarial assumptions, applied to all periods included in the measurement: \n \nTeachers Retirement System: \n \nInflation \n \n2.50% \n \nSalary increases \n \n3.00%  8.75%, average, including inflation \n \nInvestment rate of return \n \n6.90%, net of pension plan investment expense, including inflation \n \nPost-retirement benefit increases \n \n1.50% semi-annually \n \nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 Projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \nThe actuarial assumptions used in the June 30, 2021 valuation were based on the results of an actuarial experience study for the period July 1, 2013  June 30, 2018, with the exception of the investment rate of return and payroll growth assumption. \n \nPublic School Employees Retirement System: \n \nInflation \n \n2.50% \n \nSalary increases Investment rate of return \n \nN/A \n7.00%, net of pension plan investment expense, including inflation \n \nPost-retirement benefit increases \n \n1.50% semi-annually \n \n- 29 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nMortality rates are as follows: \n The Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale is used for both males and females while in active service. \n The Pub-2010 Family of Tables projected generationally with the MP-2019 Scale and with further adjustments are used for post-retirement mortality assumptions as follows: \n \nParticipant Type \n \nMembership Table \n \nSet Forward (+)/ Setback (-) Adjustment to Rates \n \nService Retirees \n \nGeneral Healthy Below- Male: +2; Female: +2 Median Annuitant \n \nMale: 101%; Female: 103% \n \nDisability Retirees \n \nGeneral Disabled \n \nMale: -3; Female: 0 \n \nMale: 103%; Female: 106% \n \nBeneficiaries \n \nGeneral Below-Median Contingent Survivors \n \nMale: +2; Female: +2 \n \nMale: 104%; Female: 99% \n \nThe actuarial assumptions used in the June 30, 2021 valuation were based on the results of an actuarial experience study for the period July 1, 2014  June 30, 2019. \n \nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \n \nAsset Class \n \nTRS/PSERS Target \nAllocation \n \nLong-Term Expected Real Rate of Return* \n \nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \n \n30.00% 46.30% \n1.20% 12.30% \n5.20% 5.00% \n \n0.20% 9.40% 13.40% 9.40% 11.40% 10.50% \n \nTotal \n \n100.00% \n \n* Rates shown are net of inlation \nDiscount Rate: The discount rate used to measure the total TRS pension liability was 6.90%. The discount rate used to measure the total PSERS pension liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS and PSERS pension plans' fiduciary net position were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \n- 30 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nSensitivity of the School District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 6.90%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.90%) or 1-percentage-point higher (7.90%) than the current rate: \n \nTeachers Retirement System: \n \n1% Decrease (5.90%) \n \nCurrent Discount Rate (6.90%) \n \n1% Increase (7.90%) \n \nSchool District's proportionate share of \n \nthe net pension liability \n \n$ \n \n17,734,650.00 $ \n \n11,755,164.00 $ \n \n6,872,123.00 \n \nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available at www.trsga.com/publications and www.ers.ga.gov/financials. \n \nNOTE 14: TAX ABATEMENTS \nMiller County enters into property tax abatement agreements with local businesses for the purpose of attracting or retaining businesses within their jurisdictions. The abatements may be granted to any business located within or promising to relocate to Miller County. \nFor the fiscal year ended June 30, 2023, Miller County abated property taxes due to the School District that were levied on September 12, 2022 and due on December 29, 2022 totaling $67,362.42. Included in that amount abated, the following are individual tax abatement agreements that each exceeded 10 percent of the total amount abated: \n A 100 percent property tax abatement to a manufacturing company granted by the development authority to build an olive oil plant. The abatement amounted to $39,102.00. \n A 100 percent property tax abatement to an automobile dealership granted by the development authority to build a new dealership. The abatement amounted to $28,260.42. \n \n- 31 - \n \n (This page left intentionally blank) \n \n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"1\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion \nof the Net Pension Liability (NPL) \n \nSchool District's proportionate share of the NPL \n \nState of Georgia's proportionate share of \nthe NPL associated with the School District \n \nTotal \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the NPL as a percentage of its covered payroll \n \nPlan fiduciary net position as a percentage \nof the total pension liability \n \n2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.036201% $ 11,755,164.00 $ 0.038386% $ 3,394,986.00 $ 0.039796% $ 9,640,149.00 $ 0.042651% $ 9,171,118.00 $ 0.043746% $ 8,120,195.00 $ 0.044124% $ 8,200,581.00 $ 0.045916% $ 9,472,983.00 $ 0.050468% $ 7,683,252.00 $ 0.049712% $ 6,280,455.00 $ \n \n- $ 11,755,164.00 - $ 3,394,986.00 - $ 9,640,149.00 - $ 9,171,118.00 - $ 8,120,195.00 - $ 8,200,581.00 - $ 9,472,983.00 - $ 7,683,252.00 - $ 6,280,455.00 \n \n$ 4,893,141.03 $ 4,994,322.71 $ 5,130,885.02 $ 5,160,067.10 $ 5,210,419.42 $ 5,068,573.26 $ 5,029,154.41 $ 5,321,369.18 $ 5,071,601.30 \n \n240.24% 67.98% \n187.88% 177.73% 155.85% 161.79% 188.36% 144.38% 123.84% \n \n72.85% 92.03% 77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 33 - \n \n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"2\" \n \nFor the Year Ended June 30 \n2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \nContractually required contribution \n \nContributions in relation to the contractually required \ncontribution \n \nContribution deficiency (excess) \n \n$ \n \n1,040,966.19 $ \n \n1,040,966.19 $ \n \n- \n \n$ \n \n969,331.13 $ \n \n969,331.13 $ \n \n- \n \n$ \n \n951,918.00 $ \n \n951,918.00 $ \n \n- \n \n$ \n \n1,084,670.00 $ \n \n1,084,670.00 $ \n \n- \n \n$ \n \n1,078,454.00 $ \n \n1,078,454.00 $ \n \n- \n \n$ \n \n875,871.00 $ \n \n875,871.00 $ \n \n- \n \n$ \n \n723,285.40 $ \n \n723,285.40 $ \n \n- \n \n$ \n \n717,660.33 $ \n \n717,660.33 $ \n \n- \n \n$ \n \n699,760.06 $ \n \n699,760.06 $ \n \n- \n \nSchool District's covered payroll \n \nContribution as a percentage of covered \npayroll \n \n$ \n \n5,210,812.14 \n \n$ \n \n4,893,141.03 \n \n$ \n \n4,994,322.71 \n \n$ \n \n5,130,885.02 \n \n$ \n \n5,160,067.10 \n \n$ \n \n5,210,419.42 \n \n$ \n \n5,068,573.26 \n \n$ \n \n5,029,154.41 \n \n$ \n \n5,321,369.18 \n \n19.98% 19.81% 19.06% 21.14% 20.90% 16.81% 14.27% 14.27% 13.15% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 34 - \n \n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"3\" \n \nFor the Year Ended June 30 \n \nSchool District's proportion of the Net Pension Liability (NPL) \n \nSchool District's proportionate share \nof the NPL \n \nState of Georgia's proportionate share \nof the NPL associated with the \nSchool District \n \nTotal \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the NPL as a percentage of its covered payroll \n \nPlan fiduciary net position as a \npercentage of the total pension \nliability \n \n2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \n \n- $ \n \n193,906.00 $ 193,906.00 $ 309,457.45 \n \n- $ \n \n21,286.00 $ 21,286.00 $ 312,900.98 \n \n- $ \n \n157,496.00 $ 157,496.00 $ 335,447.71 \n \n- $ \n \n157,477.00 $ 157,477.00 $ 348,419.84 \n \n- $ \n \n149,196.00 $ 149,196.00 $ 331,739.45 \n \n- $ \n \n134,781.00 $ 134,781.00 $ 340,578.13 \n \n- $ \n \n183,834.00 $ 183,834.00 $ 368,655.41 \n \n- $ \n \n121,368.00 $ 121,368.00 $ 387,890.43 \n \n- $ \n \n107,832.00 $ 107,832.00 $ 373,761.38 \n \nN/A \n \n81.21% \n \nN/A \n \n98.00% \n \nN/A \n \n84.45% \n \nN/A \n \n85.02% \n \nN/A \n \n85.26% \n \nN/A \n \n85.69% \n \nN/A \n \n81.00% \n \nN/A \n \n87.00% \n \nN/A \n \n88.29% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 35 - \n \n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \nSCHOOL OPEB FUND \n \nSCHEDULE \"4\" \n \nFor the Year Ended June 30 \n \nSchool District's proportion of the Net OPEB Liability (NOL) \n \nSchool District's proportionate share of the NOL \n \nState of Georgia's proportionate \nshare of the NOL associated with the School District \n \nTotal \n \nSchool District's covered-employee \npayroll \n \nSchool District's proportionate share of the NOL as a percentage of its coveredemployee payroll \n \nPlan fiduciary net position as a percentage \nof the total OPEB liability \n \n2023 2022 2021 2020 2019 2018 \n \n0.058681% $ 5,811,286.00 $ 0.059558% $ 6,450,624.00 $ 0.062430% $ 9,169,513.00 $ 0.065070% $ 7,985,485.00 $ 0.066966% $ 8,511,173.00 $ 0.069548% $ 9,771,466.00 $ \n \n$- 5,811,286.00 $- 6,450,624.00 $- 9,169,513.00 $- 7,985,485.00 $- 8,511,173.00 $- 9,771,466.00 \n \n$ 4,281,981.47 $ 4,226,309.42 $ 4,341,919.57 $ 4,462,146.75 $ 4,534,794.59 $ 4,505,198.27 \n \n135.71% 152.63% 211.19% 178.96% 187.69% 216.89% \n \n6.17% 6.14% 3.99% 4.63% 2.93% 1.61% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 36 - \n \n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \n \nSCHEDULE \"5\" \n \nFor the Year Ended June 30 \n2023 2022 2021 2020 2019 2018 \n \nContractually required contribution \n \nContributions in relation to the contractually required \ncontribution \n \nContribution deficiency (excess) \n \nSchool District's covered-employee \npayroll \n \n$ \n \n227,772.00 $ \n \n$ \n \n212,174.00 $ \n \n$ \n \n221,547.00 $ \n \n$ \n \n211,124.00 $ \n \n$ \n \n350,451.00 $ \n \n$ \n \n347,077.00 $ \n \n227,772.00 $ 212,174.00 $ 221,547.00 $ 211,124.00 $ 350,451.00 $ 347,077.00 $ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n4,811,300.69 4,281,981.47 4,226,309.42 4,341,919.57 4,462,146.75 4,534,794.59 \n \nContribution as a percentage of \ncovered-employee payroll \n4.73% 4.96% 5.24% 4.86% 7.85% 7.65% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 37 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \nFOR THE YEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"6\" \n \nTeachers Retirement System Change of benefit terms: There have been no changes in benefit terms. \nChanges of assumptions: On November 18, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males). \nOn May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed annual rate of inflation has been reduced from 2.75% to 2.50%. \nIn 2019 and later, the expectation of retired life mortality was changed to the Pub-2010 Teacher Headcount Weighted Below Median Healthy Retiree mortality table from the RP-2000 Mortality Tables. In 2019, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \nOn May 11, 2022, the Board adopted recommended changes to the long-term assumed rate of return and payroll growth assumption utilized by the System. The long-term assumed rate of return was changed from 7.25% to 6.90%, and the payroll growth assumption was changed from 3.00% to 2.50%. \nPublic School Employees Retirement System Changes of benefit terms: There have been no changes in benefit terms. \nChanges of assumptions: On December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP-2000 Blue Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females). \nA new funding policy was initially adopted by the Board on March 15, 2018, and most recently amended on December 17, 2020. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for the June 30, 2017 actuarial valuation and further reduced from 7.40% to 7.30% for the June 30, 2018 actuarial valuation. \nOn December 17, 2020, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System based on the experience study prepared for the five-year period ending June 30, 2019. Primary among the changes were the updates to rates or mortality, retirement, disability, and withdrawal. This also included a change to the long-term assumed investment rate of return to 7.00%. These assumption changes are reflected in the calculation of the June 30, 2021 Total Pension Liability. \nSchool OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. \nChanges in assumptions: June 30, 2020 valuation: Decremental assumptions were changed to reflect the Employees' Retirement System's experience study. Approximately 0.10% of employees are members of the Employees' Retirement System. \nJune 30, 2019 valuation: Decremental assumptions were changed to reflect the Teachers Retirement System's experience study. \nJune 30, 2018 valuation: The inflation assumption was lowered from 2.75% to 2.50%. \nJune 30, 2017 valuation: The participation assumption, tobacco use assumption and morbidity factors were revised. \nJune 30, 2015 valuation: Decremental and underlying inflation assumptions were changed to reflect the Retirement Systems' experience studies. \nJune 30, 2012 valuation: A data audit was performed and data collection procedures and assumptions were changed. \nThe discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017, to 3.87% as of June 30, 2018, back to 3.58% as of June 30, 2019, and to 2.22% as of June 30, 2020. \n \n- 38 - \n \n MILLER COUNTY BOARD OF EDUCATION GENERAL FUND \nSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \nYEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"7\" \n \nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation Capital Outlay Total Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES(USES) Other Sources Other Uses Total Other Financing Sources (Uses) \nNet Change in Fund Balances \nFund Balances - Beginning \nAdjustments \nFund Balances - Ending \n \nNONAPPROPRIATED BUDGETS \n \nORIGINAL (1) \n \nFINAL (1) \n \nACTUAL AMOUNTS \n \nVARIANCE OVER/UNDER \n \n$ \n \n3,780,000.00 $ \n \n3,780,000.00 $ \n \n4,080,113.12 $ \n \n42,000.00 \n \n42,000.00 \n \n29,390.14 \n \n4,840,482.00 \n \n5,373,128.00 \n \n5,690,704.61 \n \n3,696,854.00 \n \n4,050,486.00 \n \n3,756,441.71 \n \n10,500.00 \n \n10,500.00 \n \n148,806.20 \n \n8,800.00 \n \n8,800.00 \n \n106,755.34 \n \n700.00 \n \n700.00 \n \n259,415.48 \n \n12,379,336.00 \n \n13,265,614.00 \n \n14,071,626.60 \n \n300,113.12 (12,609.86) 317,576.61 (294,044.29) 138,306.20 97,955.34 258,715.48 806,012.60 \n \n7,669,867.94 \n457,278.00 1,338,260.01 \n130,770.00 593,933.00 707,333.00 266,550.00 1,436,285.00 767,413.00 \n13,540.00 738,206.00 300,000.00 14,419,435.95 (2,040,099.95) \n \n80,000.00 (1,280,000.00) (1,200,000.00) \n \n(3,240,099.95) \n \n10,475,523.12 \n \n879.47 \n \n$ \n \n7,236,302.64 $ \n \n7,793,219.95 \n488,975.00 1,212,039.90 \n139,382.00 603,897.00 724,557.00 266,550.00 1,677,766.00 771,719.00 \n18,540.00 738,206.00 362,000.00 14,796,851.85 (1,531,237.85) \n86,099.00 (1,286,099.00) (1,200,000.00) \n(2,731,237.85) \n10,475,523.12 \n(1,176,362.84) \n6,567,922.43 $ \n \n7,095,690.85 \n775,607.22 853,610.06 145,417.98 508,192.30 747,861.99 285,325.01 1,620,145.87 1,774,475.76 \n24,368.37 812,312.30 608,321.32 15,251,329.03 (1,179,702.43) \n(725,008.85) (725,008.85) \n(1,904,711.28) \n9,330,728.25 \n- \n7,426,016.97 $ \n \n697,529.10 \n(286,632.22) 358,429.84 \n(6,035.98) 95,704.70 (23,304.99) (18,775.01) 57,620.13 (1,002,756.76) (5,828.37) (74,106.30) (246,321.32) (454,477.18) 351,535.42 \n(86,099.00) 561,090.15 474,991.15 \n826,526.57 \n(1,144,794.87) \n1,176,362.84 \n858,094.54 \n \nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $317,504.74 and $298,803.29, respectively. \nThe 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. \n \nSee notes to the basic financial statements. \n \n- 39 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"8\" \n \nFUNDING AGENCY PROGRAM/GRANT Agriculture, U. S. Department of \nChild Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program COVID-19 - National School Lunch Program Total Child Nutrition Cluster \nOther Programs Pass-Through From Georgia Department of Education Food Services State Administrative Expenses for Child Nutrition Total U. S. Department of Agriculture \nEducation, U. S. Department of Education Stabilization Fund Pass-Through From Georgia Department of Education COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund Total Education Stabilization Fund \nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Grants to States COVID-19 - American Rescue Plan - Grants to States Preschool Grants Preschool Grants Total Special Education Cluster \nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Rural and Low-Income School Program Rural and Low-Income School Program Student Support and Academic Enrichment Program Supporting Effective Instruction State Grants Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Total Other Programs Total U. S. Department of Education \nTotal Expenditures of Federal Awards \n \nASSISTANCE LISTING NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n10.553 10.555 10.555 \n \n235GA324N1199 $ 235GA324N1199 225GA324N1099 \n \n211,373.22 491,021.06 \n30,467.92 732,862.20 \n \n10.560 \n \n225GA904N2533 \n \n2,082.75 734,944.95 \n \n84.425D 84.425D \n84.425U \n \nS425D200012 S425D210012 \nS425U210012 \n \n718,956.00 86,903.74 \n1,178,101.00 1,983,960.74 \n \n84.027A 84.027A 84.027X 84.173A 84.173A \n \nH027A200073 H027A210073 H027X210073 H173A200081 H173A210081 \n \n120,450.44 170,000.15 \n34,732.44 9,145.00 6,491.88 \n340,819.91 \n \n84.048A 84.358B 84.358B 84.424A 84.367A 84.010A 84.010A \n \nV048A210010 S358B210010 S358F220010 S424A220011 S367A220001 S010A210010-21A S010A220010-22A \n$ \n \n22,468.79 5,096.00 \n15,112.21 32,026.00 54,073.00 47,788.72 370,119.31 546,684.03 2,871,464.68 \n3,606,409.63 \n \n- 40 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"8\" \n \nNotes to the Schedule of Expenditures of Federal Awards \nNote 1. Basis of Presentation \nThe accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Miller County Board of Education (the \"Board\") under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position or changes in net position of the Board. \nNote 2. Summary of Significant Accounting Policies \nExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. \nNote 3. Indirect Cost Rate \nThe Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. \n \nSee notes to the basic financial statements. \n \n- 41 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2023 \nAGENCY/FUNDING GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Amended Formula Adjustment Categorical Grants Pupil Transportation Regular Nursing Services Sparsity Other State Programs Food Services Hygiene Products Math and Science Supplements Preschool Disability Services Pupil Transportation - State Bonds Vocational Education Office of the State Treasurer Public School Employees Retirement \n \nSCHEDULE \"9\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n208,402.64 \n \n179,019.00 65,182.00 \n444,943.00 169,385.00 179,003.00 144,192.00 423,632.00 479,556.00 151,371.00 791,205.00 \n85,365.00 87,565.00 34,503.00 17,896.00 79,955.00 25,174.00 15,732.00 \n572.00 \n323,148.00 313,038.00 172,673.00 198,120.00 \n \n223,230.00 45,946.00 \n148,371.00 \n \n26,300.00 506.57 \n10,855.84 3,164.56 \n528,660.00 85,330.00 \n \n28,709.00 \n \n$ \n \n5,690,704.61 \n \nSee notes to the basic financial statements. \n \n- 42 - \n \n (This page left intentionally blank) \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"10\" \n \nPROJECT \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \nSPLOST 2020 \n \nPaying a portion of principal and interest due of outstanding Miller County \n \nSchool District (Georgia) General Obligation Bonds (series 2006). \n \n$ \n \n3,500,000.00 $ \n \n3,500,000.00 \n \nESTIMATED COMPLETION \nDATE \nDecember 2025 \n \n- 44 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"10\" \n \nPROJECT \n \nAMOUNT EXPENDED IN CURRENT \nYEAR (3) \n \nAMOUNT EXPENDED IN PRIOR YEARS (3) \n \nTOTAL COMPLETION \nCOST \n \nEXCESS PROCEEDS NOT \nEXPENDED \n \nSPLOST 2020 \n \nPaying a portion of principal and interest due of outstanding Miller County \n \nSchool District (Georgia) General Obligation Bonds (series 2006). \n \n$ \n \n642,070.75 $ 1,431,855.25 $ \n \n- $ \n \n- \n \n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. (2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. (3) The voters of Miller County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. \nAmounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \n \nSee notes to the basic financial statements. \n \n- 45 - \n \n Section II Compliance and Internal Control Reports \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Mr. Michael Keown, Superintendent and Members of the Miller County Board of Education \nWe have audited the financial statements of the governmental activities, each major fund, and fiduciary activities of the Miller County Board of Education (School District) as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements, and have issued our report thereon dated August 13, 2024. We conducted our audit in accordance with the auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. \nReport on Internal Control Over Financial Reporting \nIn planning and performing our audit of the financial statements, we considered the School District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the basic financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control. \nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the School District's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \nOur consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n Report on Compliance and Other Matters \nAs part of obtaining reasonable assurance about whether the School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \nPurpose of this Report \nThe purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. \nRespectfully submitted, \nGreg S. Griffin State Auditor \nAugust 13, 2024 \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Mr. Michael Keown, Superintendent and Members of the Miller County Board of Education \nReport on Compliance for Each Major Federal Program \nQualified Opinion \nWe have audited the Miller County Board of Education's (School District) compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on each of the School District's major federal programs for the year ended June 30, 2023. The School District's major federal programs are identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs. \nIn our opinion, except for the noncompliance described in the \"Basis for Qualified Opinion \" section of our report, the School District complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on the Education Stabilization Fund (84.425) for the year ended June 30, 2023. \nBasis for Qualified Opinion \nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditor's Responsibilities for the Audit of Compliance section of our report. \nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion on compliance for each major federal program. Our audit does not provide a legal determination of the School District's compliance with the compliance requirements referred to above. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n Matters Giving Rise to Qualified Opinion on Education Stabilization Fund (84.425) \nAs described in the accompanying Schedule of Findings and Questioned Costs, the School District did not comply with requirements regarding the Education Stabilization Fund (84.425) as described in finding FA 2023-001 for Special Tests and Provisions. Compliance with such requirements is necessary, in our opinion, for the School District to comply with requirements applicable to that program. \nResponsibilities of Management for Compliance \nManagement is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the School District's federal programs. \nAuditor's Responsibilities for the Audit of Compliance \nOur objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the School District's compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the School District's compliance with the requirements of each major federal program as a whole. \nIn performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we: \n Exercise professional judgment and maintain professional skepticism throughout the audit. \n Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the School District's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. \n Obtain an understanding of the School District's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control over compliance. Accordingly, no such opinion is expressed. \nWe are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit. \n \n Other Matters \nGovernment Auditing Standards requires the auditor to perform limited procedures on the School District's response to the noncompliance finding identified in our compliance audit and described in the accompanying Schedule of Findings and Questioned Costs. The School District's response was not subjected to the other auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the response. \nReport on Internal Control over Compliance \nOur consideration of internal control over compliance was for the limited purpose described in the Auditor's Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance and therefore, material weaknesses or significant deficiencies may exist that were not identified. However, as discussed below, we did identify a certain deficiency in internal control over compliance that we consider to be a material weakness. \nA deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. We consider the deficiency in internal control over compliance described in the accompanying Schedule of Findings and Questioned Costs in finding FA 2023-001 to be a material weakness. \nA significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. \nOur audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed. \nGovernment Auditing Standards requires the auditor to perform limited procedures on the School District's response to the internal control over compliance finding identified in our audit and described in the accompanying Schedule of Findings and Questioned Costs. The School District's response was not subjected to the other auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the response. \n \n The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. Respectfully submitted, \nGreg S. Griffin State Auditor \nAugust 13, 2024 \n \n Section III Auditee's Response to Prior Year Findings and Questioned Costs \n \n MILLER COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2023 \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS \nNo matters were reported. \nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \nNo matters were reported. \n \n Section IV Findings and Questioned Costs \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2023 \n \nI SUMMARY OF AUDITOR'S RESULTS \n \nFinancial Statements \n \nType of auditor's report issued: Governmental Activities, Each Major Fund, and Fiduciary Activities \n \nInternal control over financial reporting:  Material weakness(es) identified?  Significant deficiency(ies) identified? \n \nNoncompliance material to financial statements noted: \n \nFederal Awards \n \nInternal control over major programs:  Material weakness(es) identified?  Significant deficiency(ies) identified? \n \nType of auditor's report issued on compliance for major programs: Education Stabilization Fund (84.425) \n \nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \n \nIdentification of major programs: \n \nAssistance Listing Number Assistance Listing Program or Cluster Title \n \n84.425 \n \nEducation Stabilization Fund \n \nDollar threshold used to distinguish between Type A and Type B programs: \n \nAuditee qualified as low-risk auditee? \n \nUnmodified No \nNone Reported No \nYes None Reported \nQualified Yes \n$750,000.00 No \n \n- 1 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2023 \n \nII FINANCIAL STATEMENT FINDINGS \n \nNo matters were reported. \n \nIll FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \n \nFA 2023-001 \n \nImprove Controls over Wage Rage Requirements \n \nCompliance Requirement: Internal Control Impact: Compliance Impact: Federal Awarding Agency: Pass-Through Entity: AL Number and Title: \nFederal Award Number: Questioned Costs: \n \nSpecial Tests and Provisions Material Weakness Material Noncompliance U.S. Department of Education Georgia Department of Education COVID-19  84.425D  Elementary and Secondary School Emergency Relief Fund S425D200012 (Year: 2020) None Identified \n \nDescription: A review of construction-related expenditures charged to the Elementary and Secondary School Emergency Relief Fund program revealed that the School District's internal control procedures were not operating to ensure that Wage Rate Requirements were followed appropriately. \nBackground: On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. The CARES Act was designed to mitigate the economic effects of the COVID-19 pandemic in a variety of ways, including providing additional funding for local educational agencies (LEAs) navigating the impact of the COVID-19 outbreak. \nProvisions included in Title VIII of the CARES Act created the Education Stabilization Fund to provide financial resources to educational entities to prevent, prepare for, and respond to coronavirus. The CARES Act allocated $30.75 billion, the Coronavirus Response and Relief Supplemental Appropriations Act allocated an additional $81.9 billion, and the American Rescue Plan Act added $165.1 billion in funding to the Education Stabilization Fund. Multiple Education Stabilization Fund subprograms were created and allotted funding through the various COVID-19-related legislation. Of these programs, the Elementary and Secondary School Emergency Relief (ESSER) Fund was created to address the impact that COVID-19 has had, and continues to have, on elementary and secondary schools across the nation. \nESSER funding was granted to the Georgia Department of Education (GaDOE) by the U.S. Department of Education (ED). GaDOE is responsible for distributing funds to LEAs and overseeing the expenditure of funds by LEAs. ESSER funds totaling $1,983,960.74 were expended and reported on the Miller County Board of Education's Schedule of Expenditures of Federal Awards (SEFA) for fiscal year 2023. \nCriteria: As a recipient of federal awards, the School District is required to establish and maintain effective internal control over federal awards that provides reasonable assurance of managing the federal awards in compliance with federal statutes, regulations, and the terms and conditions of the federal awards \n- 2 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2023 \npursuant to Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), Section 200.303  Internal Controls. \nAdditionally, the Uniform Guidance, Appendix II to Part 200  Contract Provisions for Non-Federal Entity Contracts Under Federal Awards, Part D addresses Davis-Bacon Act requirements and states, in part, \"When required by Federal program legislation, all prime construction contracts in excess of $2,000 awarded by non-Federal entities must include a provision for compliance with the DavisBacon Act (40 U.S.C. 3141-3144, and 3146-3148) as supplemented by Department of Labor regulations (29 CFR Part 5, \"Labor Standards Provisions Applicable to Contracts Covering Federally Financed and Assisted Construction\"). In accordance with the statute, contractors must be required to pay wages to laborers and mechanics at a rate not less than the prevailing wages specified in a wage determination made by the Secretary of Labor.\" \nSpecifically, 29 CFR, Section 5.5  Contract Provisions and Related Matters requires that these construction contracts contain certain clauses, including minimum wage rate requirements and the submission of certified payrolls. Provisions included in 29 CFR, Section 5.5(a)(3)(ii) state, in part, that \"(A) The contractor shall submit weekly for each week in which any contract work is performed a copy of all payrolls... (B) Each payroll submitted shall be accompanied by a \"Statement of Compliance,\" signed by the contractor or subcontractor.\" \nCondition: Our review of expenditures charged to the ESSER program revealed that the School District entered into construction contracts in excess of $2,000, which required the School District to confirm that these contractors complied with certain Wage Rate Requirements provisions. While it was later noted that the appropriate wage rate was paid to laborers, the School District did not ensure that the contractor submitted the required certified payrolls, which includes a copy of payroll disbursements and a statement of compliance with Wage Rate Requirements, at least weekly during the construction period. \nCause: In discussing this deficiency with management, they stated that the School District lacked adequate procedures to ensure that Wage Rate Requirements were met. \nEffect: The School District is not in compliance with the Uniform Guidance or U.S. Department of Education (ED) guidance related to the ESSER program. Failure to ensure that appropriate provisions are included in contracts associated with construction financed in part or in whole with federal funds may expose the School District to unnecessary financial strains and shortages as ED or GaDOE may require the School District to return funds associated with these construction expenditures. \nRecommendation: The School District should develop policies and procedures to ensure that all construction contracts financed by federal financial assistance reflect appropriate provisions associated with Wage Rate Requirements and that certified payrolls are obtained from contractors as necessary. Furthermore, management should develop and implement a monitoring process to ensure that controls are operating appropriately. \nViews of Responsible Officials: We concur with this finding. \n- 3 - \n \n Section V Management's Corrective Action \n \n   "},{"id":"dlg_ggpd_1379844644-2023-06-12","title":"Annual financial report, 2022 June 30, Miller County Board of Education, Colquitt, Georgia, including independent auditor's report.","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, Miller County, 31.16399, -84.73072"],"dcterms_creator":null,"dc_date":["2023-06-12"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Miller County Board of Education, Ga.)"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Georgia Department of Audits \u0026 Accounts, [2022?]-"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Miller County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Miller County--Auditing--Periodicals.","Education--Georgia--Miller County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Miller County--fast","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report, 2022 June 30, Miller County Board of Education, Colquitt, Georgia, including independent auditor's report."],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_1379844644-2023-06-12"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1379844644-2023-06-12"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"ANNUAL FINANCIAL REPORT  FISCAL YEAR 2022 \nMiller County Board of Education \nColquitt, Georgia \nIncluding Independent Auditor's Report \nGreg S. Griffin | State Auditor \n \n Miller County Board of Education \n \nTable of Contents \n \nSection I \n \nFinancial Independent Auditor's Report \n \nExhibits \n \nBasic Financial Statements \n \nGovernment-Wide Financial Statements \n \nA \n \nStatement of Net Position \n \n1 \n \nB \n \nStatement of Activities \n \n2 \n \nFund Financial Statements \n \nC \n \nBalance Sheet \n \nGovernmental Funds \n \n3 \n \nD \n \nReconciliation of the Governmental Funds Balance Sheet \n \nto the Statement of Net Position \n \n4 \n \nE \n \nStatement of Revenues, Expenditures and Changes in Fund Balances \n \nGovernmental Funds \n \n5 \n \nF \n \nReconciliation of the Governmental Funds Statement of \n \nRevenues, Expenditures and Changes in Fund Balances \n \nto the Statement of Activities \n \n6 \n \nG \n \nStatement of Fiduciary Net Position \n \nFiduciary Funds \n \n7 \n \nH \n \nStatement of Changes in Fiduciary Net Position \n \nFiduciary Funds \n \n8 \n \nI Notes to the Basic Financial Statements \n \n10 \n \nSchedules \n \nRequired Supplementary Information \n \n1 Schedule of Proportionate Share of the Net Pension Liability \n \nTeachers Retirement System of Georgia \n \n35 \n \n2 Schedule of Contributions  Teachers Retirement System of Georgia \n \n36 \n \n3 Schedule of Proportionate Share of the Net Pension Liability \n \nPublic School Employees Retirement System of Georgia \n \n37 \n \n4 Schedule of Proportionate Share of the Net OPEB Liability \n \nSchool OPEB Fund \n \n38 \n \n5 Schedule of Contributions  School OPEB Fund \n \n39 \n \n6 Notes to the Required Supplementary Information \n \n40 \n \n7 Schedule of Revenues, Expenditures and Changes in Fund \n \nBalances - Budget and Actual General Fund \n \n41 \n \n Supplementary Information \n \n8 Schedule of Expenditures of Federal Awards \n \n42 \n \n9 Schedule of State Revenue \n \n44 \n \n10 Schedule of Approved Local Option Sales Tax Projects \n \n46 \n \nSection II \nCompliance and Internal Control Reports \nIndependent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards \nIndependent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance \n \nSection III Auditee's Response to Prior Year Findings and Questioned Costs Summary Schedule of Prior Audit Findings \n \nSection IV Findings and Questioned Costs Schedule of Findings and Questioned Costs \n \n Section I Financial \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Mr. Shane Miller, Superintendent and Members of the Miller County Board of Education \nReport on the Audit of the Financial Statements \nOpinions \nWe have audited the accompanying financial statements of the governmental activities, each major fund, and fiduciary activities of the Miller County Board of Education (School District) as of and for the year ended June 30, 2022, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents. \nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and fiduciary activities of the School District as of June 30, 2022, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \nBasis for Opinions \nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. \nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \nResponsibilities of Management for the Financial Statements \nManagement is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. \nAuditor's Responsibilities for the Audit of the Financial Statements \nOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. \nIn performing an audit in accordance with GAAS and Government Auditing Standards, we: \n Exercise professional judgment and maintain professional skepticism throughout the audit. \n Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. \n Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, no such opinion is expressed. \n Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. \n Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for a reasonable period of time. \nWe are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. \nRequired Supplementary Information \nManagement has omitted the Management's Discussion and Analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of \n \n financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinions on the basic financial statements are not affected by this missing information. \nAccounting principles generally accepted in the United States of America require that the required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient appropriate evidence to express an opinion or provide any assurance. \nSupplementary Information \nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the School District's basic financial statements. The accompanying supplementary information, as listed in the table of contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements. \nThe supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements as a whole. \nOther Reporting Required by Government Auditing Standards \nIn accordance with Government Auditing Standards, we have also issued our report dated June 12, 2023 on our consideration of the School District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control over financial reporting and compliance. \n \n A copy of this report has been filed as a permanent record and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. Respectfully submitted, \nGreg S. Griffin State Auditor \nJune 12, 2023 \n \n Miller County Board of Education \n \n MILLER COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2022 \nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Local Other Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \nTotal Assets \nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \nTotal Deferred Outflows of Resources \nLIABILITIES Accounts Payable Salaries and Benefits Payable Payroll Withholdings Payable Claims and Judgements Net Pension Liability Net OPEB Liability Long-Term Liabilities \nDue Within One Year Due in More Than One Year \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \nTotal Deferred Inflows of Resources \nNET POSITION Net Investment in Capital Assets Restricted for \nContinuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \nTotal Net Position \n \nEXHIBIT \"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n10,442,778.42 \n \n150,012.25 \n \n165,599.82 569,649.88 624,502.46 \n339.02 35,031.48 12,247.18 1,153,973.94 18,737,086.85 31,891,221.30 \n \n2,436,571.13 1,393,383.00 3,829,954.13 \n \n139,085.34 940,112.10 39,695.86 1,170,565.00 3,394,986.00 6,450,624.00 \n590,000.00 1,905,000.00 14,630,068.30 \n \n5,593,928.00 4,529,777.00 10,123,705.00 \n \n17,567,496.79 \n \n226,476.70 78,177.47 286,161.43 (7,190,910.26) \n \n$ \n \n10,967,402.13 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 1 - \n \n GOVERNMENTAL ACTIVITIES Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Operations of Non-Instructional Services Food Services Interest on Long-Term Debt \nTotal Governmental Activities \n \nMILLER COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30, 2022 \n \nEXHIBIT \"B\" \n \nEXPENSES \n \nPROGRAM REVENUES \n \nCHARGES FOR SERVICES \n \nOPERATING GRANTS AND CONTRIBUTIONS \n \nNET (EXPENSES) REVENUES \nAND CHANGES IN NET POSITION \n \n$ \n \n5,988,539.10 $ \n \n94,691.65 $ \n \n5,633,866.00 $ \n \n716,184.09 569,146.59 104,288.32 647,145.61 712,120.84 171,633.46 1,184,204.26 935,279.51 47,352.79 \n \n- \n \n361,855.72 \n \n- \n \n368,472.76 \n \n- \n \n106,513.91 \n \n- \n \n596,815.79 \n \n- \n \n351,739.61 \n \n- \n \n19,431.21 \n \n- \n \n295,102.54 \n \n- \n \n373,623.05 \n \n- \n \n11,739.66 \n \n703,358.68 123,518.25 \n \n10,676.15 - \n \n884,058.43 - \n \n$ \n \n11,902,771.50 $ \n \n105,367.80 $ \n \n9,003,218.68 \n \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations For Debt Services Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Debt Services For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \nSpecial Item PPP Loan Repayment Total General Revenues and Special Items \n \nChange in Net Position \n \nNet Position - Beginning of Year \n \nNet Position - End of Year \n \n$ \n \n(259,981.45) \n(354,328.37) (200,673.83) \n2,225.59 (50,329.82) (360,381.23) (152,202.25) (889,101.72) (561,656.46) (35,613.13) \n191,375.90 (123,518.25) \n(2,794,185.02) \n3,943,920.91 125,169.08 18,198.36 \n580,000.00 90,193.60 55,885.74 \n382,917.00 12,131.54 \n472,295.48 \n(1,170,565.00) 4,510,146.71 \n1,715,961.69 \n9,251,440.44 \n10,967,402.13 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 2 - \n \n ASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Local Other Inventories \nTotal Assets \nLIABILITIES Accounts Payable Salaries and Benefits Payable Payroll Withholdings Payable Claims and Judgements \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes \nFUND BALANCES Nonspendable Restricted Assigned Unassigned \nTotal Fund Balances \nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \n \nMILLER COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30, 2022 \n \nEXHIBIT \"C\" \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ \n \n10,142,662.21 $ \n \n150,012.25 \n \n100,861.12 569,649.88 624,502.46 \n339.02 35,031.48 12,247.18 \n \n$ \n \n11,635,305.60 $ \n \n223,241.42 $ - \n62,920.01 - \n286,161.43 $ \n \n76,874.79 $ - \n1,818.69 - \n78,693.48 $ \n \n10,442,778.42 150,012.25 \n165,599.82 569,649.88 624,502.46 \n339.02 35,031.48 12,247.18 \n12,000,160.51 \n \n$ \n \n139,085.34 $ \n \n940,112.10 \n \n39,695.86 \n \n1,170,565.00 \n \n2,289,458.30 \n \n15,119.05 \n \n12,247.18 214,229.52 105,526.35 8,998,725.20 9,330,728.25 \n \n$ \n \n11,635,305.60 $ \n \n- $ - \n- \n286,161.43 \n286,161.43 \n286,161.43 $ \n \n- $ - \n \n139,085.34 940,112.10 \n39,695.86 1,170,565.00 2,289,458.30 \n \n516.01 \n \n15,635.06 \n \n78,177.47 \n78,177.47 \n \n12,247.18 578,568.42 105,526.35 8,998,725.20 9,695,067.15 \n \n78,693.48 $ \n \n12,000,160.51 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 3 - \n \n MILLER COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \nTO THE STATEMENT OF NET POSITION JUNE 30, 2022 \n \nEXHIBIT \"D\" \n \nTotal fund balances - governmental funds (Exhibit \"C\") \nAmounts reported for governmental activities in the Statement of Net Position are different because: \nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land Construction in progress Buildings and improvements Equipment Land improvements Accumulated depreciation \nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB liability \nDeferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. Related to pensions Related to OPEB \nTaxes that are not available to pay for current period expenditures are deferred in the funds. \nLong-term liabilities, and related accrued interest, are not due and payable in the current period and therefore are not reported in the funds. Bonds payable \nNet position of governmental activities (Exhibit \"A\") \n \n$ \n \n9,695,067.15 \n \n$ \n \n1,109,852.13 \n \n44,121.81 \n \n24,313,840.89 \n \n4,169,890.04 \n \n814,754.93 \n \n(10,561,399.01) \n \n19,891,060.79 \n \n$ \n \n(3,394,986.00) \n \n(6,450,624.00) \n \n(9,845,610.00) \n \n$ \n \n(3,157,356.87) \n \n(3,136,394.00) \n \n(6,293,750.87) 15,635.06 \n \n(2,495,000.00) \n \n$ \n \n10,967,402.13 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 4 - \n \n MILLER COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2022 \n \nEXHIBIT \"E\" \n \nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation Capital Outlay Debt Services Principal Dues and Fees Interest Total Expenditures \nRevenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES) Transfers In Transfers Out Total Other Financing Sources (Uses) \nSPECIAL ITEM PPP Loan Repayment \nNet Change in Fund Balances \nFund Balances - Beginning \nFund Balances - Ending \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE FUND \n \nTOTAL \n \n$ \n \n4,037,418.85 $ \n \n54,153.89 \n \n5,704,162.15 \n \n3,711,070.53 \n \n105,367.80 \n \n11,801.34 \n \n472,295.48 \n \n14,096,270.04 \n \n- $ 90,237.03 \n272.49 90,509.52 \n \n127,708.16 $ 581,688.42 \n57.71 709,454.29 \n \n4,165,127.01 726,079.34 \n5,704,162.15 3,711,070.53 \n105,367.80 12,131.54 \n472,295.48 14,896,233.85 \n \n6,204,038.12 \n771,673.34 698,528.30 131,328.56 720,271.52 819,100.43 217,777.73 1,283,410.11 964,069.33 \n33,011.77 769,553.12 295,710.52 \n12,908,472.85 1,187,797.19 \n \n(373,100.81) (373,100.81) \n \n(1,170,565.00) \n \n(355,868.62) \n \n9,686,596.87 \n \n$ \n \n9,330,728.25 $ \n \n- \n373,110.81 \n373,110.81 (282,601.29) \n373,100.81 - \n373,100.81 \n- \n90,499.52 \n195,661.91 \n286,161.43 $ \n \n- \n- \n565,000.00 702.00 \n174,453.75 740,155.75 (30,701.46) \n \n6,204,038.12 \n771,673.34 698,528.30 131,328.56 720,271.52 819,100.43 217,777.73 1,283,410.11 964,069.33 \n33,011.77 769,553.12 668,821.33 \n565,000.00 702.00 \n174,453.75 14,021,739.41 \n874,494.44 \n \n- \n \n373,100.81 \n \n- \n \n(373,100.81) \n \n- \n \n- \n \n(30,701.46) 108,878.93 78,177.47 $ \n \n(1,170,565.00) (296,070.56) 9,991,137.71 9,695,067.15 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 5 - \n \n MILLER COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2022 \n \nEXHIBIT \"F\" \n \nNet change in fund balances total governmental funds (Exhibit \"E\") \nAmounts reported for governmental activities in the Statement of Activities are different because: \nGovernmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of capital assets is allocated over their estimated useful lives as depreciation expense. Capital outlay Depreciation expense \nThe net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, donations, and disposals) is to decrease net position. \nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \nThe issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts and the difference between the carrying value of refunded debt and the acquisition cost of refunded debt when debt is first issued. These amounts are deferred and amortized in the Statement of Activities. Bond principal retirements \nDistrict pension/OPEB contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension/OPEB liability is measured a year before the District's report date. Pension/OPEB expense, which is the change in the net pension/OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions/OPEB, is reported in the Statement of Activities. Pension expense OPEB expense \nSome 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. Net decrease in accrued interest \nChange in net position of governmental activities (Exhibit \"B\") \n \n$ \n \n(296,070.56) \n \n$ \n \n580,261.22 \n \n(631,707.56) \n \n(51,446.34) (183,291.38) \n(77,838.66) \n \n565,000.00 \n \n$ \n \n1,151,320.13 \n \n556,651.00 \n \n1,707,971.13 \n \n51,637.50 \n \n$ \n \n1,715,961.69 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 6 - \n \n MILLER COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET POSITION \nFIDUCIARY FUNDS JUNE 30, 2022 \nASSETS Receivables, Net \nState Local \nTotal Assets \nLIABILITIES Cash Overdraft Accounts Payable \nTotal Liabilities \nNET POSITION Restricted \nIndividuals, Organizations, and Other Governments \n \nEXHIBIT \"G\" \n \nCUSTODIAL FUNDS \n \n$ \n \n22,992.97 \n \n2,500.00 \n \n25,492.97 \n \n23,039.01 108.45 \n23,147.46 \n \n$ \n \n2,345.51 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 7 - \n \n ADDITIONS Miscellaneous \nDEDUCTIONS Other Deductions \nChange in Net Position \nNet Position - Beginning \nNet Position - Ending \n \nMILLER COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDCUCIARY NET POSITION \nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2022 \n \nEXHIBIT \"H\" \n \nCUSTODIAL FUNDS \n \n$ \n \n56,670.91 \n \n54,325.40 \n \n2,345.51 \n \n- \n \n$ \n \n2,345.51 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 8 - \n \n (This page left intentionally blank) \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \nReporting Entity \nThe Miller County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent 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 primary government and consists of all the organizations that compose its legal entity. \nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe accompanying financial statements of the School District have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). GASB is the accepted standard-setting body for governmental accounting and financial reporting principles. The most significant of the School District's accounting policies are described below. \nBasis of Presentation \nThe School District's basic financial statements are collectively comprised of the government-wide financial statements, fund financial statements and notes to the basic financial statements. The government-wide statements focus on the School District as a whole, while the fund financial statements focus on major funds. Each presentation provides valuable information that can be analyzed and compared between years and between governments to enhance the information's usefulness. \nGovernment-Wide Statements: \nThe Statement of Net Position and the Statement of Activities display information about the financial activities of the overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \nThe Statement of Net Position presents the School District's non-fiduciary assets, deferred outflows of resources, deferred inflows of resources and liabilities, with the difference reported as net position. Net position is reported in three categories as follows: \n1. Net investment in capital assets consists of the School District's total investment in capital assets, net of accumulated depreciation, and reduced by outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of net investment in capital assets. \n2. Restricted net position consists of resources for which the School District is legally or contractually obligated to spend in accordance with restrictions imposed by external third parties or imposed by law through constitutional provisions or enabling legislation. \n3. Unrestricted net position consists of resources not meeting the definition of the two preceding categories. Unrestricted net position often has constraints on resources imposed by management which can be removed or modified. \n \n- 10 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \nDirect 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 School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \nProgram revenues include (a) charges paid by the recipients of goods 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, including all taxes, are presented as general revenues. \nFund Financial Statements \nThe fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate financial statements are presented for governmental and fiduciary funds. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \nThe School District reports the following major governmental funds: \n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST) that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \n The debt service fund accounts for and reports financial resources that are restricted, committed, or assigned including taxes (property and sales) legally restricted for the payment of general long-term principal and interest. \nThe School District reports the following fiduciary fund type: \n Custodial funds are used to report resources held by the School District in a purely custodial capacity. \nBasis of Accounting \nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide and fiduciary fund 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 School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes and grants. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants is recognized in the fiscal year in which all eligibility requirements have been satisfied. \n \n- 11 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nThe School District 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. \nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. The School District considers certain revenues reported in the governmental funds to be available if they are collected within 60 days after year-end. The School District considers all intergovernmental revenues to be available if they are collected within 120 days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities are reported as other financing sources. \nThe School District 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 resources available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \nNew Accounting Pronouncements \nIn fiscal year 2022, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 87, Leases. The primary objective of this statement is to better meet the information needs of financial statement users by improving accounting and financial reporting for leases by governments. This statement increases the usefulness of government's financial statements by requiring recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract. It establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. The adoption of this statement did not have an impact on the School District's financial statements. \nCash and Cash Equivalents \nCash and cash equivalents consist of cash on hand, demand deposits, investments in the State of Georgia local government investment pool (Georgia Fund 1) and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated (O.C.G.A.) 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \nInvestments \nThe School District can invest its funds as permitted by O.C.G.A. 36-83-4. 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. \n \n- 12 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nInvestments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. All other investments are reported at fair value. \nFor accounting purposes, certificates of deposit are classified as investments if they have an original maturity greater than three months when acquired. \nReceivables \nReceivables consist of amounts due from property and sales taxes, 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. \nInventories \nFood Inventories \nOn the basic financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (calculated on the first-in, first-out basis). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \nCapital Assets \nOn the government-wide financial statements, capital assets are recorded 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 the acquisition value on the date donated. 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. The School District does not capitalize book collections or works of art. \nCapital acquisition and construction are recorded as expenditures in the governmental fund financial statements at the time of purchase (including ancillary charges), and the related assets are reported as capital assets in the governmental activities column in the government-wide financial statements. \nDepreciation is computed using the straight-line half year for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \n \n- 13 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \n \nCapitalization Policy \n \nEstimated Useful Life \n \nLand Land Improvements Buildings and Improvements Equipment Intangible Assets \n \nAny Amount \n \n$ \n \n5,000.00 \n \n$ \n \n5,000.00 \n \n$ \n \n5,000.00 \n \n$ \n \n100,000.00 \n \nN/A 15 to 80 years up to 80 years \n5 to 50 years 5 years \n \nDeferred Outflows/Inflows of Resources \nIn addition to assets, the statement of financial position will report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of resources that applies to a future period(s) and therefore will not be recognized as an outflow of resources (expense/expenditure) until then. \nIn addition to liabilities, the statement of financial position will report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of resources that applies to a future period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time. \nLong-Term Liabilities and Bond Discounts/Premiums \nIn the School District's government-wide financial statements, outstanding debt is reported as liabilities. Bond premiums and discounts and the difference between the reacquisition price and the net carrying value of refunded debt are deferred and amortized over the life of the bonds using the straightline method. To conform to generally accepted accounting principles, bond premiums and discounts should be amortized using the effective interest method. The effect of this deviation is deemed to be immaterial to the fair presentation of the basic financial statements. Bond issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \nIn the governmental fund financial statements, the School District recognizes the proceeds of debt and premiums as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures. \nPensions \nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \n \n- 14 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nPost-Employment Benefits Other Than Pensions (OPEB) \nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Post-Employment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \nFund Balances \nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \nThe School District's fund balances are classified as follows: \nNonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \nUse of Estimates \nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \n \n- 15 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nProperty Taxes \n \nThe Miller County Board of Commissioners adopted the property tax levy for the 2021 tax digest year (calendar year) on September 16, 2021 (levy date) based on property values as of January 1, 2021. Taxes were due on December 29, 2021 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2021 tax digest are reported as revenue in the governmental funds for fiscal year 2022. The Miller County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2022, for maintenance and operations amounted to $3,661,681.46 and for school bonds amounted to $127,708.16. \n \nThe tax millage rates levied for the 2021 tax digest year (calendar year) for the School District were as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations School Bonds \n \n19.551 mills 0.665 mills \n \n20.216 mills \n \nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $357,539.03 during fiscal year ended June 30, 2022. \nSales Taxes \nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $670,193.60 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \nNOTE 3: BUDGETARY DATA \nThe budget is a complete financial plan for the School District's fiscal year and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general, debt service and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds, except the various school activity (principal) accounts, is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate fund level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \n- 16 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \nNOTE 4: DEPOSITS \nCollateralization of Deposits \nO.C.G.A. 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 of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A. 45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance. \nAcceptable security for deposits consists of any one of or any combination of the following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \n(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, \n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n(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 or securities guaranteed 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. \nCategorization of Deposits \nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2022, the School District had deposits with a carrying amount of $10,569,751.66, and a bank balance of $10,832,160.81. The bank balances insured by Federal depository insurance were $869,529.49 and the bank balances collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name were $190,689.63. \nAt June 30, 2022, $9,771,941.69 of the School District's bank balances was exposed to custodial credit risk. This balance was in the State's Secure Deposit Program (SDP). \n- 17 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. The SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians. \n \nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \n \nReconciliation of cash and cash equivalents balances to carrying value of deposits: \n \nCash and cash equivalents Statement of Net Position Statement of Fiduciary Net Position \n \n$ 10,442,778.42 (23,039.01) \n \nTotal cash and cash equivalents \n \n10,419,739.41 \n \nAdd: Deposits with original maturity of three months or more reported as investments \n \n150,012.25 \n \nTotal carrying value of deposits - June 30, 2022 \n \n$ 10,569,751.66 \n \n- 18 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nNOTE 5: CAPITAL ASSETS \n \nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \n \nGovernmental Activities Capital Assets, \nNot Being Depreciated: Land Construction in Progress \n \nBalances July 1, 2021 \n \nIncreases \n \nDecreases \n \nBalances June 30, 2022 \n \n$ 1,109,852.13 $ \n \n- $ \n \n- \n \n44,121.81 \n \n- $ 1,109,852.13 \n \n- \n \n44,121.81 \n \nTotal Capital Assets Not Being Depreciated \n \n1,109,852.13 \n \n44,121.81 \n \n- \n \n1,153,973.94 \n \nCapital Assets, Being Depreciated Buildings and Improvements Equipment Land Improvements \nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \n \n24,830,675.86 4,041,778.15 632,486.65 \n6,698,438.85 3,200,646.35 \n589,909.08 \n \n123,182.24 230,688.89 182,268.28 \n436,686.02 177,193.30 \n17,828.24 \n \n640,017.21 102,577.00 \n- \n456,725.83 102,577.00 \n- \n \n24,313,840.89 4,169,890.04 814,754.93 \n6,678,399.04 3,275,262.65 \n607,737.32 \n \nTotal Capital Assets, Being Depreciated, Net \n \n19,015,946.38 \n \n(95,568.15) 183,291.38 \n \n18,737,086.85 \n \nGovernmental Activities Capital Assets - Net \n \n$ 20,125,798.51 $ (51,446.34) $ 183,291.38 $ 19,891,060.79 \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction Support Services \nPupil Services Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services \n \n$ 1,613.28 3,038.30 \n78,480.28 16,154.79 \n \n$ 527,063.55 \n99,286.65 5,357.36 \n$ 631,707.56 \n \n- 19 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nNOTE 6: INTERFUND TRANSFERS \n \nInterfund transfers for the year ended June 30, 2022, consisted of the following: \n \nTransfers to \n \nTransfers From General Fund \n \nCapital Projects Fund \n \n$ 373,100.81 \n \nTransfers are made from the general fund to the capital outlay fund to pay for local capital projects. \n \nNOTE 7: LONG-TERM LIABILITIES \n \nThe changes in long-term liabilities during the fiscal year for governmental activities were as follows: \n \nBalance July 1, 2021 \n \nGovernmental Activities Balance \nAdditions Deductions June 30, 2022 \n \nDue Within One Year \n \nGeneral Obligation (G.O.) Bonds $ 3,060,000.00 $ \n \n- $ 565,000.00 $ 2,495,000.00 $ 590,000.00 \n \nGeneral Obligation Bonds \n \nThe School District's bonded debt consists of general obligation bonds that are generally noncallable with interest payable semiannually. Bond proceeds primarily pay for acquiring or constructing capital facilities. The School District repays general obligation bonds from voter-approved property and sales taxes. General obligation bonds are direct obligations and pledge the full faith and credit of the School District. \nThe School District had no unused line of credit or outstanding notes from direct borrowings and direct placements related to governmental activities as of June 30, 2022. In the event the entity is unable to make the principal and interest payments using proceeds from the Education Special Purpose Local Option Sales Tax (ESPLOST), the debt will be satisfied from a direct annual ad valorem tax levied upon all taxable property within the School District. Additional security is provided by the State of Georgia Intercept Program which allows for state appropriations entitled to the School District to be transferred to the Debt Service Account Custodian for the payment of debt. \nGeneral obligation bonds currently outstanding are as follows: \n \nDescription \n \nInterest Rate \n \nIssue Date \n \nMaturity Date \n \nAmount Issued \n \nAmount Outstanding \n \nGeneral Government - Series 2006 \n \n4.05% 6/8/2006 2/1/2026 $ 9,100,000.00 $ 2,495,000.00 \n \n- 20 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nThe following schedule details debt service requirements to maturity for the School District's total general obligation bonds payable: \n \nFiscal Year Ended June 30: \n \nGeneral Obligation Debt \n \nPrincipal \n \nInterest \n \n2023 2024 2025 2026 \n \n$ \n \n590,000.00 $ 50,523.75 \n \n610,000.00 \n \n77,152.50 \n \n635,000.00 \n \n52,447.50 \n \n660,000.00 \n \n26,730.00 \n \nTotal Principal and Interest $ 2,495,000.00 $ 206,853.75 \n \nNOTE 8: RISK MANAGEMENT \nInsurance \nThe School District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors or omissions; job related illness or injuries to employees; and natural disasters. \nGeorgia School Boards Association Risk Management Fund \nThe School District participates in the Georgia School Boards Association Risk Management Fund (the Fund), a public entity risk pool organized on August 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, errors and omissions liability, cyber risk and property damage, including safety engineering and other loss prevention and control techniques, and to administer the Fund including the processing and defense of claims brought against members of the Fund . The School District pays an annual contribution to the Fund for coverage. Reinsurance is provided to the Fund through agreements by the Fund with insurance companies according to their specialty for property (including coverage for flood and earthquake), machinery breakdown, general liability, errors and omissions, crime, cyber risk and automobile risks. Reinsurance limits and retentions vary by line of coverage. \nWorkers' Compensation \nGeorgia Education Workers' Compensation Trust \nThe School District participates in the Georgia Education Workers' Compensation Trust (the Trust), a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general workers' compensation insurance coverage. Specific excess of loss insurance coverage is provided through an agreement by the Trust with the Safety National Casualty Company to provide coverage for potential losses sustained by the Trust in excess of $1.0 million loss per occurrence, up to the statutory limit. Employers' Liability insurance coverage is also provided with limits of $2.0 million. The Trust covers the first $1.0 million of each Employers Liability claim with Safety National providing additional Employers Liability limits up to a $2.0 million per \n \n- 21 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \noccurrence maximum. Safety National Casualty Company also provides $2.0 million in aggregate coverage to the Trust, attaching at 107% of the loss fund and based on the Fund's annual normal premium. \n \nUnemployment Compensation \n \nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the general fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \n \nSurety Bond \n \nThe School District purchased a surety bond to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nSuperintendent \n \n$ \n \n84,000.00 \n \nNOTE 9: FUND BALANCE CLASSIFICATION DETAILS \n \nThe School District's financial statements include the following amounts presented in the aggregate at June 30, 2022: \n \nNonspendable Inventories \nRestricted Continuation of Federal Programs Capital Projects Debt Service \nAssigned School Activity Accounts \nUnassigned \n \n$ 12,247.18 \n \n$ 214,229.52 286,161.43 78,177.47 \n \n578,568.42 \n \n105,526.35 8,998,725.20 \n \nFund Balance, June 30, 2022 \n \n$ 9,695,067.15 \n \nWhen multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \n \n- 22 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nNOTE 10: SIGNIFICANT COMMITMENTS \n \nCommitments under Construction Contracts \n \nThe following is an analysis of significant outstanding construction or renovation contracts executed by the School District as of June 30, 2022: \n \nProject \n \nUnearned Executed Contracts (1) \n \nPayments through June 30, 2022 \n \nHVAC Replacement and Roof Modifications \n \n$ \n \n536,533.56 $ \n \n28,086.24 \n \n(1) The amounts described are not reflected in the basic financial statements. \nNOTE 11: SIGNIFICANT CONTINGENT LIABILITIES \nFederal Grants \nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position. \nLitigation \nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine School District operations. The ultimate disposition of these proceedings is not presently determinable but is not believed to have a material adverse effect on the financial condition of the School District. \nNOTE 12: OTHER POST-EMPLOYMENT BENEFITS (OPEB) \nGeorgia School Personnel Post-Employment Health Benefit Fund \nPlan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit post-employment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board. \nBenefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare \n- 23 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nAdvantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. \n \nContributions: As established by the Board, the School OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $212,174.00 for the year ended June 30, 2022. Active employees are not required to contribute to the School OPEB Fund. \n \nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \n \nAt June 30, 2022, the School District reported a liability of $6,450,624.00 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of June 30, 2021. The total OPEB liability used to calculate the net OPEB liability was based on an actuarial valuation as of June 30, 2020. An expected total OPEB liability as of June 30, 2021 was determined using standard roll-forward techniques. The School District's proportion of the net OPEB liability was actuarially determined based on employer contributions during the fiscal year ended June 30, 2021. At June 30, 2021, the School District's proportion was 0.059558%, which was a decrease of 0.002872% from its proportion measured as of June 30, 2020. \n \nFor the year ended June 30, 2022, the School District recognized OPEB expense of ($344,553.00). At June 30, 2022, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \n \nDeferred Outflows of Resources \n \nOPEB \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual experience \nChanges of assumptions Net difference between projected and actual earnings on OPEB plan investments \n \n$ \n \n- $ 2,945,334.00 \n \n1,181,209.00 \n \n526,367.00 \n \n- \n \n10,229.00 \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \nSchool District contributions subsequent to the measurement date \nTotal \n \n- \n \n1,047,847.00 \n \n212,174.00 \n \n- \n \n$ 1,393,383.00 $ 4,529,777.00 \n \n- 24 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nSchool District contributions subsequent to the measurement date are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: \n \nYear Ended June 30: \n \nOPEB \n \n2023 2024 2025 2026 2027 Thereafter \n \n$ (901,295.00) $ (822,180.00) $ (613,597.00) $ (434,547.00) $ (450,907.00) $ (126,042.00) \n \nActuarial Assumptions: The total OPEB liability as of June 30, 2021 was determined by an actuarial valuation as of June 30, 2020 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2021: \n \nOPEB: \n \nInflation \n \n2.50% \n \nSalary increases \n \n3.00%  8.75%, including inflation \n \nLong-term expected rate of return \n \n7.00%, compounded annually, net of investment expense, and including inflation \n \nHealthcare cost trend rate Pre-Medicare Eligible Medicare Eligible Ultimate trend rate Pre-Medicare Eligible Medicare Eligible Year of Ultimate trend rate \nPre-Medicare Eligible Medicare Eligible \n \n6.75% 5.13% \n4.50% 4.50% \n2029 2023 \n \nMortality rates were based on the Pub-2010 Mortality Tables for Males or Females, as appropriate, as follows: \n For TRS members: Post-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior \n- 25 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nto the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% was used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate.  For PSERS members: Pre-retirement mortality rates were based on the Pub-2010 General Employee Mortality Table, with no adjustment, with the MP-2019 Projections scale applied generationally. Post-retirement mortality rates for service retirements were based on the Pub-2010 General Healthy Annuitant Mortality Table (ages set forward one year and adjusted 105% for males and 108% for females) with the MP-2019 Projection scale applied generationally. Post-retirement mortality rates for disability retirements were based on the Pub-2010 General Disabled Mortality Table (ages set back three years for males and adjusted 103% for males and 106% for females) with the MP-2019 Projections scaled applied generationally. Post-retirement mortality rates for beneficiaries were based on the Pub-2010 General Contingent Survivor Mortality Table (ages set forward two years and adjust 106% for males and 158% for females) with the MP-2019 Project scale applied generationally. \nThe actuarial assumptions used in the June 30, 2020 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2018, with the exception of the assumed annual rate of inflation with changed from 2.75% to 2.50%, effective with the June 30, 2018 valuation. \nThe remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2020 valuation were based on a review of recent plan experience done concurrently with the June 30, 2020 valuation. \nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \n \n- 26 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \n \nAsset class \n \nTarget allocation \n \nLong-Term Expected Real Rate of Return* \n \nFixed income Equi ti es \n \n30.00% 70.00% \n \n0.14% 9.20% \n \nTotal \n \n100.00% \n \n*Net of Inflation \n \nDiscount Rate: In order to measure the total OPEB liability for the School OPEB Fund, a single equivalent interest rate of 2.20% was used as the discount rate, as compared with last year's rate of 2.22%. This is comprised mainly of the yield or index rate for 20-year tax-exempt general obligation bonds with an average rating of AA or higher (2.16% per the Municipal Bond Index Rate). The projection of cash flows used to determine the discount rate assumed that contributions from members and from the employers will be made at the current level as averaged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2145. \nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net OPEB liability calculated using the discount rate of 2.20%, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (1.20%) or 1-percentage-point higher (3.20%) than the current discount rate: \n \nSchool District's proportionate share of the Net OPEB liability \n \n1% Decrease (1.20%) \n \nCurrent Discount Rate (2.20%) \n \n1% Increase (3.20%) \n \n$ 7,374,510.00 $ \n \n6,450,624.00 $ 5,677,244.00 \n \nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates: The following presents the School District's proportionate share of the net OPEB liability, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates: \n \nSchool District's proportionate share of the Net OPEB liability \n \n1% Decrease \n \nCurrent Healthcare Cost Trend Rate \n \n1% Increase \n \n$ 5,473,605.00 $ \n \n6,450,624.00 $ 7,671,975.00 - 27 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nOPEB Plan Fiduciary Net Position: Detailed information about the OPEB plan's fiduciary net position is available in the Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \nNOTE 13: RETIREMENT PLANS \nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \nTeachers Retirement System of Georgia (TRS) \nPlan Description: All teachers of the School District as defined in O.C.G.A 47-3-60 and certain other support personnel as defined by O.C.G.A 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple- employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2022. The School District's contractually required contribution rate for the year ended June 30, 2022 was 19.81% of annual School District payroll. For the current fiscal year, employer contributions to the pension plan were $969,331.13 from the School District. \nPublic School Employees Retirement System (PSERS) \nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \n \n- 28 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nBenefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \nUpon retirement, the member will receive a monthly benefit of $15.50, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits. \nContributions: The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. \nIndividuals who became members prior to July 1, 2012 contribute $4 per month for nine months each fiscal year. Individuals who became members on or after July 1, 2012 contribute $10 per month for nine months each fiscal year. The State of Georgia, although not the employer of PSERS members, is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS Board of Trustees. The current fiscal year contribution was $29,321.00. \nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \nAt June 30, 2022, the School District reported a liability of $3,394,986.00 for its proportionate share of the net pension liability for TRS. \nThe net pension liability for TRS was measured as of June 30, 2021. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2020. An expected total pension liability as of June 30, 2021 was determined using standard roll-forward techniques. The School District's proportion of the net pension liability was based on contributions to TRS during the fiscal year ended June 30, 2021. \nAt June 30, 2021, the School District's TRS proportion was 0.038386%, which was a decrease of 0.001410% from its proportion measured as of June 30, 2020. \nAt June 30, 2022, the School District did not have a PSERS liability for a proportionate share of the net pension liability because of a Special Funding Situation with the State of Georgia, which is responsible for the net pension liability of the plan. The amount of the State's proportionate share of the net pension liability associated with the School District is $21,286.00. \nThe PSERS net pension liability was measured as of June 30, 2021. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2020. An expected total pension liability as of June 30, 2021 was determined using standard roll-forward techniques. The State's proportion of the net pension liability associated with the School District was based on actuarially determined contributions paid by the State during the fiscal year ended June 30, 2021. \n \n- 29 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nFor the year ended June 30, 2022, the School District recognized pension expense of ($181,989.00) for TRS and $224.00 for PSERS and revenue of $224.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \n \nAt June 30, 2022, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \n \nTRS Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual \n \nexperience \n \n$ 810,152.00 $ \n \n- \n \nChanges of assumptions \n \n657,088.00 \n \n- \n \nNet difference between projected and actual earnings on pension plan investments \n \n- \n \n4,965,905.00 \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n- \n \n628,023.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n969,331.13 \n \n- \n \nTotal \n \n$ 2,436,571.13 $ 5,593,928.00 \n \nThe School District contributions subsequent to the measurement date for TRS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \n \nYear Ended June 30: \n \nTRS \n \n2023 2024 2025 2026 \n \n$ (892,292.00) $ (864,594.00) $ (1,103,226.00) $ (1,266,576.00) \n \n- 30 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nActuarial Assumptions: The total pension liability as of June 30, 2021 was determined by an actuarial valuation as of June 30, 2020, using the following actuarial assumptions, applied to all periods included in the measurement: \n \nTeachers Retirement System: \n \nInflation \n \n2.50% \n \nSalary increases \n \n3.00%  8.75%, average, including inflation \n \nInvestment rate of return \n \n7.25%, net of pension plan investment expense, including inflation \n \nPost-retirement benefit increases 1.50% semi-annually \n \nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \n \nThe actuarial assumptions used in the June 30, 2020 valuation were based on the results of an actuarial experience study for the period July 1, 2013  June 30, 2018. \n \nPublic School Employees Retirement System: \n \nInflation Salary increases Investment rate of return \n \n2.50% \nN/A \n7.00%, net of pension plan investment expense, including inflation \n \nPost-retirement benefit increases 1.50% semi-annually \n \n- 31 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \nMortality rates are as follows: \n The Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale is used for both males and females while in active service. \n The Pub-2010 Family of Tables projected generationally with the MP-2019 Scale and with further adjustments are used for post-retirement mortality assumptions as follows: \n \nParticipant Type \n \nMembership Table \n \nSet Forward (+)/ Setback (-) Adjustment to Rates \n \nService Retirees \n \nGeneral Healthy BelowMedian Annuitant \n \nMale: +2; Female: +2 \n \nMale: 101%; Female: 103% \n \nDisability Retirees \n \nGeneral Disabled \n \nMale: -3; Female: 0 \n \nMale: 103%; Female: 106% \n \nBeneficiaries \n \nGeneral Below-Median Contingent Survivors \n \nMale: +2; Female: +2 \n \nMale: 104%; Female: 99% \n \nThe actuarial assumptions used in the June 30, 2020 valuation were based on the results of an actuarial experience study for the period July 1, 2014  June 30, 2019. \n \nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \n \nAsset class \n \nTRS Target allocation \n \nLong-term expected real rate of return* \n \nPSERS Target allocation \n \nLong-term expected real rate of return* \n \nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \n \n30.00% 46.30% \n1.20% 11.50% \n6.00% 5.00% \n \n(0.80)% 9.30% 13.30% 9.30% 11.30% 10.60% \n \n30.00% 46.40% \n1.10% 11.70% \n5.80% 5.00% \n \n(1.50)% 9.20% 13.40% 9.20% 10.40% 10.60% \n \nTotal \n \n100.00% \n \n100.00% \n \n* Rates shown are net of inflation \nDiscount Rate: The discount rate used to measure the total TRS pension liability was 7.25%. The discount rate used to measure the total PSERS pension liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS and PSERS pension plans' fiduciary net position were projected to be \n \n- 32 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"I\" \n \navailable to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \n \nSensitivity of the School District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 7.25%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.25% ) or 1-percentage-point higher (8.25%) than the current rate: \n \nTeachers Retirement System: \n \n1% Decrease (6.25%) \n \nCurrent Discount Rate (7.25%) \n \n1% Increase (8.25%) \n \nSchool District's proportionate share of the net pension liability \n \n$ 9,145,192.00 $ \n \n3,394,986.00 $ (1,316,912.00) \n \nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \n \nNOTE 14: TAX ABATEMENTS \n \nMiller County enters into property tax abatement agreements with local businesses for the purpose of attracting or retaining businesses within their jurisdictions. The abatements may be granted to any business located within or promising to relocate to Miller County. \nFor the fiscal year ended June 30, 2022, Miller County abated property taxes due to the School District that were levied on September 16, 2021 and due on December 29, 2021 totaling $67,362.42. Included in that amount abated, the following are individual tax abatement agreements that each exceeded 10 percent of the total amount abated: \n A 100 percent property tax abatement to a manufacturing company granted by the development authority to build an olive oil plant. The abatement amounted to $39,102.00. \n A 100 percent property tax abatement to an automobile dealership granted by the development authority to build a new dealership. The abatement amounted to $28,260.42. \n \nNOTE 15: SPECIAL ITEM \n \nAn expense and related liability was reported in the amount of $1,170,565.00 for repayment of a Paycheck Protection Program (PPP) loan that was forgiven previously but has since been determined to be ineligible. \n \n- 33 - \n \n (This page left intentionally blank) \n \n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"1\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the Net Pension \nLiability (NPL) \n \nSchool District's proportionate share \nof the NPL \n \nState of Georgia's proportionate share of the NPL associated \nwith the School District \n \nTotal \n \nSchool District's covered payroll \n \nSchool District's proportionate share \nof the NPL as a percentage of its covered payroll \n \nPlan fiduciary net position as a \npercentage of the total pension liability \n \n2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.038386% $ 0.039796% $ 0.042651% $ 0.043746% $ 0.044124% $ 0.045916% $ 0.050468% $ 0.049712% $ \n \n3,394,986.00 $ 9,640,149.00 $ 9,171,118.00 $ 8,120,195.00 $ 8,200,581.00 $ 9,472,983.00 $ 7,683,252.00 $ 6,280,455.00 $ \n \n- \n \n$ 3,394,986.00 $ 4,994,322.71 \n \n- \n \n$ 9,640,149.00 $ 5,130,885.02 \n \n- \n \n$ 9,171,118.00 $ 5,160,067.10 \n \n- \n \n$ 8,120,195.00 $ 5,210,419.42 \n \n- \n \n$ 8,200,581.00 $ 5,068,573.26 \n \n- \n \n$ 9,472,983.00 $ 5,029,154.41 \n \n- \n \n$ 7,683,252.00 $ 5,321,369.18 \n \n- \n \n$ 6,280,455.00 $ 5,071,601.30 \n \n67.98% 187.88% 177.73% 155.85% 161.79% 188.36% 144.38% 123.84% \n \n92.03% 77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 35 - \n \n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"2\" \n \nFor the Year Ended June 30 \n \nContractually required contribution \n \nContributions in relation to the contractually required contribution \n \nContribution deficiency (excess) \n \nSchool District's covered payroll \n \nContribution as a percentage of covered \npayroll \n \n2022 \n \n$ \n \n2021 \n \n$ \n \n2020 \n \n$ \n \n2019 \n \n$ \n \n2018 \n \n$ \n \n2017 \n \n$ \n \n2016 \n \n$ \n \n2015 \n \n$ \n \n969,331.13 $ 951,918.00 $ 1,084,670.00 $ 1,078,454.00 $ 875,871.00 $ 723,285.40 $ 717,660.33 $ 699,760.06 $ \n \n969,331.13 $ 951,918.00 $ 1,084,670.00 $ 1,078,454.00 $ 875,871.00 $ 723,285.40 $ 717,660.33 $ 699,760.06 $ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n4,893,141.03 4,994,322.71 5,130,885.02 5,160,067.10 5,210,419.42 5,068,573.26 5,029,154.41 5,321,369.18 \n \n19.81% 19.06% 21.14% 20.90% 16.81% 14.27% 14.27% 13.15% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 36 - \n \n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"3\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the \nNet Pension Liability (NPL) \n \nSchool District's proportionate share \nof the NPL \n \nState of Georgia's proportionate share of \nthe NPL associated with the School District \n \nTotal \n \nSchool District's covered payroll \n \nSchool District's proportionate share \nof the NPL as a percentage of its covered payroll \n \nPlan fiduciary net position as a \npercentage of the total pension liability \n \n2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n21,286.00 $ 157,496.00 $ 157,477.00 $ 149,196.00 $ 134,781.00 $ 183,834.00 $ 121,368.00 $ 107,832.00 $ \n \n21,286.00 $ 157,496.00 $ 157,477.00 $ 149,196.00 $ 134,781.00 $ 183,834.00 $ 121,368.00 $ 107,832.00 $ \n \n312,900.98 335,447.71 348,419.84 331,739.45 340,578.13 368,655.41 387,890.43 373,761.38 \n \nN/A \n \n98.00% \n \nN/A \n \n84.45% \n \nN/A \n \n85.02% \n \nN/A \n \n85.26% \n \nN/A \n \n85.69% \n \nN/A \n \n81.00% \n \nN/A \n \n87.00% \n \nN/A \n \n88.29% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 37 - \n \n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \nSCHOOL OPEB FUND \n \nSCHEDULE \"4\" \n \nFor the Year Ended June 30 \n \nSchool District's proportion of the \nNet OPEB Liability (NOL) \n \nSchool District's proportionate share \nof the NOL \n \nState of Georgia's proportionate share \nof the NOL associated with the \nSchool District \n \nTotal \n \nSchool District's covered-employee \npayroll \n \nSchool District's proportionate share of the NOL as a percentage of its covered-employee \npayroll \n \nPlan fiduciary net position as a percentage of the total OPEB \nliability \n \n2022 2021 2020 2019 2018 \n \n0.059558% $ 0.062430% $ 0.065070% $ 0.066966% $ 0.069548% $ \n \n6,450,624.00 $ 9,169,513.00 $ 7,985,485.00 $ 8,511,173.00 $ 9,771,466.00 $ \n \n- \n \n$ 6,450,624.00 $ 4,226,309.42 \n \n- \n \n$ 9,169,513.00 $ 4,341,919.57 \n \n- \n \n$ 7,985,485.00 $ 4,462,146.75 \n \n- \n \n$ 8,511,173.00 $ 4,534,794.59 \n \n- \n \n$ 9,771,466.00 $ 4,505,198.27 \n \n152.63% 211.19% 178.96% 187.69% 216.89% \n \n6.14% 3.99% 4.63% 2.93% 1.61% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 38 - \n \n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \n \nSCHEDULE \"5\" \n \nFor the Year Ended June 30 \n \nContractually required contribution \n \nContributions in relation to the contractually required contribution \n \nContribution deficiency (excess) \n \n2022 \n \n$ \n \n212,174.00 $ \n \n212,174.00 $ \n \n- \n \n2021 \n \n$ \n \n221,547.00 $ \n \n221,547.00 $ \n \n- \n \n2020 \n \n$ \n \n211,124.00 $ \n \n211,124.00 $ \n \n- \n \n2019 \n \n$ \n \n350,451.00 $ \n \n350,451.00 $ \n \n- \n \n2018 \n \n$ \n \n347,077.00 $ \n \n347,077.00 $ \n \n- \n \nSchool District's covered-employee \npayroll \n \nContribution as a percentage of covered- \nemployee payroll \n \n$ \n \n4,281,981.47 \n \n$ \n \n4,226,309.42 \n \n$ \n \n4,341,919.57 \n \n$ \n \n4,462,146.75 \n \n$ \n \n4,534,794.59 \n \n4.96% 5.24% 4.86% 7.85% 7.65% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 39 - \n \n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \nFOR THE YEAR ENDED JUNE 30, 2022 \n \nSCHEDULE \"6\" \n \nTeachers Retirement System Change of benefit terms: There have been no changes in benefit terms. \nChanges of assumptions: On November 18, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males). \nOn May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed annual rate of inflation has been reduced from 2.75% to 2.50%. \nIn 2019 and later, the expectation of retired life mortality was changed to the Pub-2010 Teacher Headcount Weighted Below Median Healthy Retiree mortality table from the RP-2000 Mortality Tables. In 2019, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \nPublic School Employees Retirement System Changes of benefit terms: There have been no changes in benefit terms. \nChanges of assumptions: On December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP-2000 Blue Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females). \nA new funding policy was initially adopted by the Board on March 15, 2018, and most recently amended on December 17, 2020. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for the June 30, 2017 actuarial valuation and further reduced from 7.40% to 7.30% for the June 30, 2018 actuarial valuation. \nOn December 17, 2020, the Board adopted recommended changes to the economic and demographic assumption utilized by the System based on the experience study prepared for the five-year period ending June 30, 2019. Primary among the changes were the updates to rates or mortality, retirement, disability, and withdrawal. This also included a change to the long-term assumed investment rate of return to 7.00%. These assumption changes are reflected in the calculation of the June 30, 2021 Total Pension Liability. \n \nSchool OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. \nChanges in assumptions: June 30, 2020 valuation: Decremental assumptions were changed to reflect the Employees Retirement Systems experience study. Approximately 0.10% of employees are members of the Employees Retirement System. \nJune 30, 2019 valuation: Decremental assumptions were changed to reflect the Teachers Retirement Systems experience study. \nJune 30, 2018 valuation: The inflation assumption was lowered from 2.75% to 2.50%. \nJune 30, 2017 valuation: The participation assumption, tobacco use assumption and morbidity factors were revised. \nJune 30, 2015 valuation: Decremental and underlying inflation assumptions were changed to reflect to Retirement Systems' experience studies. \nJune 30, 2012 valuation: A data audit was performed and data collection procedures and assumptions were changed. \nThe discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017, to 3.87% as of June 30, 2018, back to 3.58% of June 30, 2019, and to 2.22% as of June 30, 2020. \n \n- 40 - \n \n MILLER COUNTY BOARD OF EDUCATION GENERAL FUND \nSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \nYEAR ENDED JUNE 30, 2022 \n \nSCHEDULE \"7\" \n \nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation Capital Outlay Total Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES(USES) Other Sources Special Item Other Uses Total Other Financing Sources (Uses) \nNet Change in Fund Balances \nFund Balances - Beginning \nAdjustments \nFund Balances - Ending \n \nNONAPPROPRIATED BUDGETS \n \nORIGINAL (1) \n \nFINAL (1) \n \nACTUAL AMOUNTS \n \nVARIANCE OVER/UNDER \n \n$ \n \n3,670,000.00 $ \n \n3,670,000.00 $ \n \n4,037,418.85 $ \n \n367,418.85 \n \n42,000.00 \n \n42,000.00 \n \n54,153.89 \n \n12,153.89 \n \n5,485,058.00 \n \n5,689,260.00 \n \n5,704,162.15 \n \n14,902.15 \n \n5,217,478.27 \n \n5,459,081.27 \n \n3,711,070.53 \n \n(1,748,010.74) \n \n6,000.00 \n \n6,000.00 \n \n105,367.80 \n \n99,367.80 \n \n14,225.00 \n \n14,225.00 \n \n11,801.34 \n \n(2,423.66) \n \n900.00 \n \n900.00 \n \n472,295.48 \n \n471,395.48 \n \n14,435,661.27 \n \n14,881,466.27 \n \n14,096,270.04 \n \n(785,196.23) \n \n8,876,640.74 \n412,727.00 1,329,052.26 \n126,905.00 702,732.00 794,475.00 254,970.00 1,287,885.00 975,083.00 \n18,000.00 722,795.00 \n15,501,265.00 (1,065,603.73) \n \n9,250,571.24 \n442,558.00 1,187,342.76 \n128,005.00 699,392.00 795,894.00 254,970.00 1,287,885.00 975,083.00 \n22,000.00 722,795.00 \n15,766,496.00 \n(885,029.73) \n \n6,204,038.12 \n771,673.34 698,528.30 131,328.56 720,271.52 819,100.43 217,777.73 1,283,410.11 964,069.33 33,011.77 769,553.12 295,710.52 12,908,472.85 1,187,797.19 \n \n3,046,533.12 \n(329,115.34) 488,814.46 \n(3,323.56) (20,879.52) (23,206.43) 37,192.27 \n4,474.89 11,013.67 (11,011.77) (46,758.12) (295,710.52) 2,858,023.15 2,072,826.92 \n \n80,000.00 - \n(680,000.00) (600,000.00) \n \n83,826.00 - \n(683,826.00) (600,000.00) \n \n(1,170,565.00) \n(373,100.81) (1,543,665.81) \n \n(83,826.00) (1,170,565.00) \n310,725.19 (943,665.81) \n \n(1,665,603.73) \n \n(1,485,029.73) \n \n(355,868.62) \n \n1,129,161.11 \n \n9,564,117.43 \n \n9,564,117.43 \n \n9,686,596.87 \n \n122,479.44 \n \n8,692.21 \n \n798.38 \n \n- \n \n(798.38) \n \n$ \n \n7,907,205.91 $ \n \n8,079,886.08 $ \n \n9,330,728.25 $ \n \n1,250,842.17 \n \nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $323,621.99 and $312,002.70, respectively. \nThe 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. \n \nSee notes to the basic financial statements. \n \n- 41 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2022 \n \nSCHEDULE \"8\" \n \nFUNDING AGENCY PROGRAM/GRANT \nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program COVID-19 - National School Lunch Program Total Child Nutrition Cluster \nOther Programs Pass-Through From Georgia Department of Education Food Services State Administrative Expenses for Child Nutrition Total U. S. Department of Agriculture \nEducation, U. S. Department of Education Stabilization Fund Pass-Through From Georgia Department of Education COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund Total Education Stabilization Fund \nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Grants to States COVID-19 - American Rescue Plan - Grants to States Preschool Grants Preschool Grants Total Special Education Cluster \nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Rural and Low-Income School Program Rural and Low-Income School Program Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Total Other Programs Total U. S. Department of Education \nTotal Expenditures of Federal Awards \n \nASSISTANCE LISTING NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n10.553 10.555 10.555 \n \n225GA324N1199 $ 225GA324N1199 225GA324N1099 \n \n217,855.50 412,197.99 \n20,580.89 650,634.38 \n \n10.560 \n \n205GA904N2533 \n \n2,413.50 653,047.88 \n \n84.425D 84.425U \n \nS425D210012 S425U210012 \n \n776,950.63 \n1,437,489.06 2,214,439.69 \n \n84.027A 84.027A 84.027X 84.173A 84.173A \n \nH027A200073 H027A210073 H027X210073 H173A200081 H173A210081 \n \n77,898.86 100,314.80 \n10,782.50 18,768.00 \n9,624.66 217,388.82 \n \n84.048A 84.358B 84.358B 84.010A 84.010A \n \nV048A210010 S358B200010 S358B210010 S010A200010 S010A210010-21A \n$ \n \n24,978.00 1,463.00 \n14,661.30 8,080.00 \n452,019.05 501,201.35 2,933,029.86 \n3,586,077.74 \n \n- 42 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2022 \n \nSCHEDULE \"8\" \n \nNotes to the Schedule of Expenditures of Federal Awards \nNote 1. Basis of Presentation \nThe accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Miller County Board of Education (the \"Board\") under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position or changes in net position of the Board. \nNote 2. Summary of Significant Accounting Policies \nExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. \nNote 3. Indirect Cost Rate \nThe Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. \nFor the year ended June 30, 2022, the amount reflected on the Schedule for the Elementary and Secondary School Emergency Relief Fund/ (ALN 84.425D) includes $186,568.10 of approved eligible. \n \nSee notes to the basic financial statements. \n \n- 43 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2022 \nAGENCY/FUNDING GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Mid-term Adjustment Hold-Harmless Amended Formula Adjustment Categorical Grants Pupil Transportation Regular Nursing Services Sparsity Education Equalization Funding Grant Other State Programs Food Services Hygiene Products Math and Science Supplements One-time Salary Supplement Vocational Education Office of the State Treasurer Public School Employees Retirement \nSee notes to the basic financial statements. \n \nSCHEDULE \"9\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n164,646.20 \n \n200,076.00 58,328.00 \n375,732.00 131,532.00 201,165.00 124,211.00 391,518.00 448,500.00 149,887.00 890,571.00 108,605.00 101,715.00 \n34,460.00 19,362.00 77,575.00 23,797.00 15,361.00 \n829.00 \n326,490.00 238,250.00 171,748.00 269,280.00 \n30,535.00 \n \n254,666.88 45,000.00 \n128,996.00 382,917.00 \n \n46,615.00 360.07 \n3,592.00 182,610.00 \n75,911.00 \n \n29,321.00 \n \n$ \n \n5,704,162.15 \n \n- 44 - \n \n (This page left intentionally blank) \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2022 \n \nSCHEDULE \"10\" \n \nPROJECT \nSPLOST 2020 Paying a portion of principal and interest due of outstanding Miller County School District (Georgia) General Obligation Bonds (series 2006). \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \nESTIMATED COMPLETION \nDATE \n \n$ \n \n3,500,000.00 $ \n \n3,500,000.00 \n \nDecember 2025 \n \n- 46 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2022 \n \nSCHEDULE \"10\" \n \nPROJECT \nSPLOST 2020 Paying a portion of principal and interest due of outstanding Miller County School District (Georgia) General Obligation Bonds (series 2006). \n \nAMOUNT EXPENDED IN CURRENT YEAR (3) \n \nAMOUNT EXPENDED IN PRIOR YEARS (3) \n \nTOTAL COMPLETION \nCOST \n \nEXCESS PROCEEDS NOT \nEXPENDED \n \n$ \n \n740,155.75 $ 691,699.50 $ \n \n- \n \n$ \n \n- \n \n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. (2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. (3) The voters of Miller County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. \nAmounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \n \nSee notes to the basic financial statements. \n \n- 47 - \n \n Section II Compliance and Internal Control Reports \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN \nACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Mr. Shane Miller, Superintendent and Members of the Miller County Board of Education \nWe have audited the financial statements of the governmental activities, each major fund, and fiduciary activities of the Miller County Board of Education (School District) as of and for the year ended June 30, 2022, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements, and have issued our report thereon dated June 12, 2023. We conducted our audit in accordance with the auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. \nReport on Internal Control Over Financial Reporting \nIn planning and performing our audit of the financial statements, we considered the School District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the basic financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control. \nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the School District's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \nOur consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n Report on Compliance and Other Matters \nAs part of obtaining reasonable assurance about whether the School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \nPurpose of this Report \nThe purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. \nRespectfully submitted, \nGreg S. Griffin State Auditor \nJune 12, 2023 \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Mr. Shane Miller, Superintendent and Members of the Miller County Board of Education \nReport on Compliance for Each Major Federal Program \nOpinion on Each Major Federal Program \nWe have audited the Miller County Board of Education's (School District) compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on each of the School District's major federal programs for the year ended June 30, 2022. The School District's major federal programs are identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs. \nIn our opinion, the School District complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2022. \nBasis for Opinion on Each Major Federal Program \nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditor's Responsibilities for the Audit of Compliance section of our report. \nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal program. Our audit does not provide a legal determination of the School District's compliance with the compliance requirements referred to above. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n Responsibilities of Management for Compliance \nManagement is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the School District's federal programs. \nAuditor's Responsibilities for the Audit of Compliance \nOur objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the School District's compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the School District's compliance with the requirements of each major federal program as a whole. \nIn performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we: \n Exercise professional judgment and maintain professional skepticism throughout the audit. \n Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the School District's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. \n Obtain an understanding of the School District's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control over compliance. Accordingly, no such opinion is expressed. \nWe are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit. \nReport on Internal Control over Compliance \nA deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance \n \n requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. \nOur consideration of internal control over compliance was for the limited purpose described in the Auditor's Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified. \nOur audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed. \nThe purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. \nRespectfully submitted, \nGreg S. Griffin State Auditor \nJune 12, 2023 \n \n Section III Auditee's Response to Prior Year Findings and Questioned Costs \n \n MILLER COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2022 \n \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS \n \nFS 2021-001 \n \nNoncompliance with Paycheck Protection Program Provisions \n \nFinding Status: \n \nPreviously Reported Corrective Action Implemented \n \nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \n \n Section IV Findings and Questioned Costs \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2022 \n \nI SUMMARY OF AUDITOR'S RESULTS \n \nFinancial Statements \nType of auditor's report issued: Governmental Activities, Each Major Fund, and Fiduciary Activities \nInternal control over financial reporting:  Material weakness(es) identified?  Significant deficiency(ies) identified? \nNoncompliance material to financial statements noted: \nFederal Awards \n \nInternal control over major programs:  Material weakness(es) identified?  Significant deficiency(ies) identified? \n \nType of auditor's report issued on compliance for major programs: \n \nAll major programs \n \nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \n \nIdentification of major programs: \n \nAssistance Listing Number Assistance Listing Program or Cluster Title \n \n84.425 \n \nEducation Stabilization fund \n \nDollar threshold used to distinguish between Type A and Type B programs: \n \nAuditee qualified as low-risk auditee? \n \nII FINANCIAL STATEMENT FINDINGS No matters were reported. Ill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \n \nUnmodified No \nNone Reported No \nNo None Reported \nUnmodified No \n$750,000.00 No \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bm6-b2021-belec-p-btext","title":"Annual financial report, 2021 June 30, Miller County Board of Education, Colquitt, Georgia, including independent auditor's report","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2022-11-03"],"dcterms_description":["Annual report from the Miller County Board of Education."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia. Department of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Miller County Board of Education (Ga.)--Appropriations and expenditures--Periodicals","Education--Georgia--Miller County--Auditing--Periodicals","Education--Georgia--Miller County--Finance--Statistics--Periodicals"],"dcterms_title":["Annual financial report, 2021 June 30, Miller County Board of Education, Colquitt, Georgia, including independent auditor's report"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bm6-b2021-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bm6-b2021-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records","audits","financial statements","financial records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"ANNUAL FINANCIAL REPORT  FISCAL YEAR 2021 \r\nMiller County Board of Education \r\nColquitt, Georgia \r\nIncluding Independent Auditor's Report \r\nGreg S. Griffin | State Auditor Kristina A. Turner | Deputy State Auditor \r\n \r\n Miller County Board of Education \r\n \r\nTable of Contents Section I \r\n \r\nFinancial \r\n \r\nIndependent Auditor's Report \r\n \r\nExhibits \r\n \r\nBasic Financial Statements \r\n \r\nGovernment-Wide Financial Statements \r\n \r\nA \r\n \r\nStatement of Net Position \r\n \r\n1 \r\n \r\nB \r\n \r\nStatement of Activities \r\n \r\n2 \r\n \r\nFund Financial Statements \r\n \r\nC \r\n \r\nBalance Sheet \r\n \r\nGovernmental Funds \r\n \r\n3 \r\n \r\nD \r\n \r\nReconciliation of the Governmental Funds Balance Sheet \r\n \r\nto the Statement of Net Position \r\n \r\n4 \r\n \r\nE \r\n \r\nStatement of Revenues, Expenditures and Changes in Fund \r\n \r\nBalances \r\n \r\nGovernmental Funds \r\n \r\n5 \r\n \r\nF \r\n \r\nReconciliation of the Governmental Funds Statement of \r\n \r\nRevenues, Expenditures and Changes in Fund Balances \r\n \r\nto the Statement of Activities \r\n \r\n6 \r\n \r\nG \r\n \r\nStatement of Fiduciary Net Position \r\n \r\nFiduciary Funds \r\n \r\n7 \r\n \r\nH \r\n \r\nStatement of Changes in Fiduciary Net Position \r\n \r\nFiduciary Funds \r\n \r\n8 \r\n \r\nI Notes to the Basic Financial Statements \r\n \r\n9 \r\n \r\nSchedules \r\n \r\nRequired Supplementary Information \r\n \r\n1 Schedule of Proportionate Share of the Net Pension Liability \r\n \r\nTeachers Retirement System of Georgia \r\n \r\n35 \r\n \r\n2 Schedule of Contributions  Teachers Retirement System of Georgia \r\n \r\n36 \r\n \r\n3 Schedule of Proportionate Share of the Net Pension Liability \r\n \r\nPublic School Employees Retirement System of Georgia \r\n \r\n37 \r\n \r\n4 Schedule of Proportionate Share of the Net OPEB Liability \r\n \r\nSchool OPEB Fund \r\n \r\n38 \r\n \r\n Miller County Board of Education \r\n \r\nTable of Contents Section I \r\n \r\nRequired Supplementary Information \r\n \r\n5 Schedule of Contributions  School OPEB Fund \r\n \r\n39 \r\n \r\n6 Notes to the Required Supplementary Information \r\n \r\n40 \r\n \r\n7 Schedule of Revenues, Expenditures and Changes in Fund \r\n \r\nBalances - Budget and Actual General Fund \r\n \r\n41 \r\n \r\nSupplementary Information \r\n \r\n8 Schedule of Expenditures of Federal Awards \r\n \r\n42 \r\n \r\n9 Schedule of State Revenue \r\n \r\n44 \r\n \r\n10 Schedule of Approved Local Option Sales Tax Projects \r\n \r\n46 \r\n \r\nSection II \r\n \r\nCompliance and Internal Control Reports \r\nIndependent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards \r\nIndependent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance \r\n \r\nSection III \r\n \r\nAuditee's Response to Prior Year Findings and Questioned Costs Summary Schedule of Prior Year Findings Section IV \r\n \r\nFindings and Questioned Costs Schedule of Findings and Questioned Costs Section V \r\n \r\nManagement's Corrective Action For Current Year Findings Schedule of Management's Corrective Action \r\n \r\n Section I Financial \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Mr. Shane Miller, Superintendent and Members of the Miller County Board of Education \r\nReport on the Financial Statements \r\nWe have audited the accompanying financial statements of the governmental activities, each major fund, and fiduciary activities of the Miller County Board of Education (School District), as of and for the year ended June 30, 2021, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents. \r\nManagement's Responsibility for the Financial Statements \r\nManagement is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \r\nAuditor's Responsibility \r\nOur 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 of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. \r\nAn audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the School District's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \r\nOpinions \r\nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and fiduciary activities of the School District as of June 30, 2021, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \r\nEmphasis of Matter \r\nAs described in Note 2 to the financial statements, in 2021, the School District adopted new accounting guidance, Governmental Accounting Standards Board (GASB) Statement No. 84, Fiduciary Activities. The School District restated beginning balances for the effect of GASB Statement No. 84. Our opinions are not modified with respect to this matter. \r\nOther Matters \r\nRequired Supplementary Information \r\nManagement has omitted the Management's Discussion and Analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinions on the basic financial statements are not affected by this missing information. \r\nAccounting principles generally accepted in the United States of America require that the required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. \r\nOther Information \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the School District's basic financial statements. The accompanying supplementary information, as listed in the table of contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The Schedule of Expenditures of Federal Awards \r\n \r\n is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements. \r\nThe accompanying supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \r\nOther Reporting Required by Government Auditing Standards \r\nIn accordance with Government Auditing Standards, we have also issued our report dated November 3, 2022 on our consideration of the School District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control over financial reporting and compliance. \r\nA copy of this report has been filed as a permanent record and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\nNovember 3, 2022 \r\n \r\n (This page left intentionally blank) \r\n \r\n Miller County Board of Education \r\n \r\n MILLER COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2021 \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Other Inventories Prepaid Items Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Outflows of Resources \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Interest Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities \r\nDue Within One Year Due in More Than One Year \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Inflows of Resources \r\nNET POSITION Net Investment in Capital Assets Restricted for \r\nContinuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n9,378,368.24 \r\n \r\n149,529.89 \r\n \r\n338,918.65 685,491.00 378,608.34 20,893.40 \r\n11,453.80 92,478.00 1,109,852.13 19,015,946.38 31,181,539.83 \r\n \r\n2,596,880.00 1,761,880.00 4,358,760.00 \r\n \r\n46,469.14 924,660.75 \r\n51,637.50 9,640,149.00 9,169,513.00 \r\n565,000.00 2,495,000.00 22,892,429.39 \r\n \r\n660,394.00 2,736,036.00 3,396,430.00 \r\n \r\n17,237,234.51 \r\n \r\n93,370.54 60,296.52 195,661.91 (8,335,123.04) \r\n \r\n$ \r\n \r\n9,251,440.44 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 1 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2021 \r\n \r\nEXHIBIT \"B\" \r\n \r\nEXPENSES \r\n \r\nPROGRAM REVENUES \r\n \r\nOPERATING \r\n \r\nCHARGES FOR \r\n \r\nGRANTS AND \r\n \r\nSERVICES \r\n \r\nCONTRIBUTIONS \r\n \r\nCAPITAL GRANTS AND CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET POSITION \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\nInstruction \r\n \r\n$ \r\n \r\nSupport Services \r\n \r\nPupil Services \r\n \r\nImprovement of Instructional Services \r\n \r\nEducational Media Services \r\n \r\nGeneral Administration \r\n \r\nSchool Administration \r\n \r\nBusiness Administration \r\n \r\nMaintenance and Operation of Plant \r\n \r\nStudent Transportation Services \r\n \r\nCentral Support Services \r\n \r\nOther Support Services \r\n \r\nOperations of Non-Instructional Services \r\n \r\nFood Services \r\n \r\nInterest on Long-Term Debt \r\n \r\n6,456,501.22 $ \r\n609,562.03 763,468.96 \r\n119,456.11 566,888.10 691,425.57 209,220.10 924,620.35 758,426.95 \r\n3,920.72 27,320.40 \r\n749,786.65 136,845.62 \r\n \r\n28,077.84 $ \r\n \r\n4,728,109.73 $ \r\n \r\n- \r\n \r\n257,047.58 \r\n \r\n- \r\n \r\n390,535.78 \r\n \r\n- \r\n \r\n100,134.00 \r\n \r\n- \r\n \r\n404,702.86 \r\n \r\n- \r\n \r\n389,997.00 \r\n \r\n- \r\n \r\n299.39 \r\n \r\n- \r\n \r\n234,838.55 \r\n \r\n- \r\n \r\n262,597.25 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n422.95 \r\n \r\n1,142.05 - \r\n \r\n711,798.59 - \r\n \r\n- \r\n \r\n$ \r\n \r\n154,440.00 - \r\n \r\n- \r\n \r\n(1,700,313.65) \r\n(352,514.45) (372,933.18) \r\n(19,322.11) (162,185.24) (301,428.57) (208,920.71) (689,781.80) (341,389.70) \r\n(3,920.72) (26,897.45) \r\n(36,846.01) (136,845.62) \r\n \r\nTotal Governmental Activities \r\n \r\n$ 12,017,442.78 $ \r\n \r\n29,219.89 $ 7,480,483.68 $ \r\n \r\n154,440.00 \r\n \r\n(4,353,299.21) \r\n \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations For Debt Services Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Debt Services For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nSpecial Item Forgiveness of PPP Loan Total General Revenues and Special Item \r\n \r\n4,009,287.75 126,763.44 17,686.59 \r\n554,157.68 68,981.03 38,528.56 509,360.00 28,911.87 349,416.91 \r\n1,170,565.00 6,873,658.83 \r\n \r\nChange in Net Position \r\n \r\n2,520,359.62 \r\n \r\nNet Position - Beginning of Year (Restated) \r\n \r\n6,731,080.82 \r\n \r\nNet Position - End of Year \r\n \r\n$ \r\n \r\n9,251,440.44 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 2 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2021 \r\n \r\nEXHIBIT \"C\" \r\n \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Other Inventories Prepaid Items \r\nTotal Assets \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes \r\nFUND BALANCES Nonspendable Restricted Assigned Unassigned \r\nTotal Fund Balances \r\nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n9,131,723.47 $ \r\n \r\n149,529.89 \r\n \r\n277,967.49 685,491.00 378,608.34 20,893.40 \r\n11,453.80 92,478.00 \r\n \r\n$ \r\n \r\n10,748,145.39 $ \r\n \r\n142,115.74 $ - \r\n53,546.17 - \r\n195,661.91 $ \r\n \r\n104,529.03 $ - \r\n7,404.99 - \r\n111,934.02 $ \r\n \r\n9,378,368.24 149,529.89 \r\n338,918.65 685,491.00 378,608.34 20,893.40 \r\n11,453.80 92,478.00 \r\n11,055,741.32 \r\n \r\n$ \r\n \r\n46,469.14 $ \r\n \r\n924,660.75 \r\n \r\n971,129.89 \r\n \r\n- $ - \r\n \r\n- $ - \r\n \r\n46,469.14 924,660.75 \r\n971,129.89 \r\n \r\n90,418.63 \r\n \r\n- \r\n \r\n3,055.09 \r\n \r\n93,473.72 \r\n \r\n103,931.80 81,916.74 \r\n93,907.06 9,406,841.27 9,686,596.87 \r\n \r\n195,661.91 \r\n195,661.91 \r\n \r\n108,878.93 \r\n108,878.93 \r\n \r\n103,931.80 386,457.58 93,907.06 9,406,841.27 9,991,137.71 \r\n \r\n$ \r\n \r\n10,748,145.39 $ \r\n \r\n195,661.91 $ \r\n \r\n111,934.02 $ \r\n \r\n11,055,741.32 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 3 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET POSITION JUNE 30, 2021 \r\n \r\nEXHIBIT \"D\" \r\n \r\nTotal fund balances - governmental funds (Exhibit \"C\") \r\nAmounts reported for governmental activities in the Statement of Net Position are different because: \r\nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land Buildings and improvements Equipment Land improvements Accumulated depreciation \r\nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB liability \r\nDeferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. Related to pensions Related to OPEB \r\nTaxes that are not available to pay for current period expenditures are deferred in the funds. \r\nLong-term liabilities, and related accrued interest, are not due and payable in the current period and therefore are not reported in the funds. Bonds payable Accrued interest payable \r\nNet position of governmental activities (Exhibit \"A\") \r\n \r\n$ \r\n \r\n9,991,137.71 \r\n \r\n$ \r\n \r\n1,109,852.13 \r\n \r\n24,830,675.86 \r\n \r\n4,041,778.15 \r\n \r\n632,486.65 \r\n \r\n(10,488,994.28) \r\n \r\n20,125,798.51 \r\n \r\n$ \r\n \r\n(9,640,149.00) \r\n \r\n(9,169,513.00) \r\n \r\n(18,809,662.00) \r\n \r\n$ \r\n \r\n1,936,486.00 \r\n \r\n(974,156.00) \r\n \r\n962,330.00 93,473.72 \r\n \r\n$ \r\n \r\n(3,060,000.00) \r\n \r\n(51,637.50) \r\n \r\n$ \r\n \r\n(3,111,637.50) 9,251,440.44 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 4 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2021 \r\n \r\nEXHIBIT \"E\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Debt Services Principal Dues and Fees Interest Total Expenditures \r\nNet Change in Fund Balances \r\nFund Balances - Beginning (Restated) \r\nFund Balances - Ending \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n4,004,868.71 $ \r\n \r\n38,463.50 \r\n \r\n6,143,654.11 \r\n \r\n1,997,238.57 \r\n \r\n29,219.89 \r\n \r\n28,207.56 \r\n \r\n349,416.91 \r\n \r\n12,591,069.25 \r\n \r\n- $ 68,981.03 \r\n500.28 69,481.31 \r\n \r\n126,086.26 $ 554,222.74 \r\n204.03 680,513.03 \r\n \r\n4,130,954.97 661,667.27 6,143,654.11 \r\n1,997,238.57 29,219.89 28,911.87 349,416.91 \r\n13,341,063.59 \r\n \r\n5,714,418.68 \r\n \r\n601,279.24 754,527.08 116,974.74 553,669.11 670,069.99 202,915.26 1,014,927.16 758,167.65 \r\n3,920.72 1,325.40 783,404.50 \r\n \r\n47,900.00 - \r\n11,223,499.53 \r\n \r\n1,367,569.72 \r\n \r\n8,319,027.15 \r\n \r\n$ \r\n \r\n9,686,596.87 $ \r\n \r\n- \r\n- \r\n- \r\n69,481.31 \r\n126,180.60 \r\n195,661.91 $ \r\n \r\n- \r\n- \r\n545,000.00 657.00 \r\n146,042.50 691,699.50 \r\n(11,186.47) \r\n120,065.40 \r\n108,878.93 $ \r\n \r\n5,714,418.68 \r\n601,279.24 754,527.08 116,974.74 553,669.11 670,069.99 202,915.26 1,014,927.16 758,167.65 \r\n3,920.72 1,325.40 783,404.50 \r\n592,900.00 657.00 \r\n146,042.50 11,915,199.03 \r\n1,425,864.56 \r\n8,565,273.15 \r\n9,991,137.71 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 5 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2021 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNet change in fund balances total governmental funds (Exhibit \"E\") \r\n \r\n$ 1,425,864.56 \r\n \r\nAmounts reported for governmental activities in the Statement of Activities are different because: \r\n \r\nGovernmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of capital assets is allocated over their estimated useful lives as depreciation expense. Capital outlay Depreciation expense \r\n \r\n$ \r\n \r\n119,717.64 \r\n \r\n(612,722.27) \r\n \r\n(493,004.63) \r\n \r\nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \r\n \r\n22,782.81 \r\n \r\nThe issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts and the difference between the carrying value of refunded debt and the acquisition cost of refunded debt when debt is first issued. These amounts are deferred and amortized in the Statement of Activities. Bond principal retirements Promissory note payments \r\n \r\n$ \r\n \r\n545,000.00 \r\n \r\n47,900.00 \r\n \r\n592,900.00 \r\n \r\nThe issuance of SBA Paycheck Protection loan program funds in 2020 provided current financial resources to governmental funds; while the repayment of the principal consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position \r\n \r\n1,170,565.00 \r\n \r\nDistrict pension/OPEB contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension/OPEB liability is measured a year before the District's report date. Pension/OPEB expense, which is the change in the net pension/OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions/OPEB, is reported in the Statement of Activities. Pension expense OPEB expense \r\n \r\n$ \r\n \r\n(300,951.00) \r\n \r\n93,006.00 \r\n \r\n(207,945.00) \r\n \r\nSome 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. Net decrease in accrued interest \r\n \r\n9,196.88 \r\n \r\nChange in net position of governmental activities (Exhibit \"B\") \r\n \r\n$ 2,520,359.62 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 6 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET POSITION \r\nFIDUCIARY FUNDS JUNE 30, 2021 \r\nASSETS Receivables, Net \r\nState LIABILITIES Cash Overdraft NET POSITION Restricted \r\nIndividuals, Organizations, and Other Governments \r\n \r\nEXHIBIT \"G\" \r\n \r\nCUSTODIAL FUNDS \r\n \r\n$ \r\n \r\n13,618.22 \r\n \r\n13,618.22 \r\n \r\n$ \r\n \r\n- \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 7 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDCUCIARY NET POSITION \r\nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2021 \r\nADDITIONS Miscellaneous \r\nDEDUCTIONS Other Deductions Change in Net Position \r\nNet Position - Beginning Net Position - Ending \r\n \r\nEXHIBIT \"H\" \r\n \r\nCUSTODIAL FUNDS \r\n \r\n$ \r\n \r\n48,602.45 \r\n \r\n48,602.45 \r\n \r\n- \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 8 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nReporting Entity \r\nThe Miller County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent 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 primary government and consists of all the organizations that compose its legal entity. \r\nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nThe accompanying financial statements of the School District have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). GASB is the accepted standard-setting body for governmental accounting and financial reporting principles. The most significant of the School District's accounting policies are described below. \r\nBasis of Presentation \r\nThe School District's basic financial statements are collectively comprised of the government-wide financial statements, fund financial statements and notes to the basic financial statements. The government-wide statements focus on the School District as a whole, while the fund financial statements focus on major funds. Each presentation provides valuable information that can be analyzed and compared between years and between governments to enhance the information's usefulness. \r\nGovernment-Wide Statements: \r\nThe Statement of Net Position and the Statement of Activities display information about the financial activities of the overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \r\nThe Statement of Net Position presents the School District's non-fiduciary assets, deferred outflows of resources, deferred inflows of resources and liabilities, with the difference reported as net position. Net position is reported in three categories as follows: \r\n1. Net investment in capital assets consists of the School District's total investment in capital assets, net of accumulated depreciation, and reduced by outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of net investment in capital assets. \r\n2. Restricted net position consists of resources for which the School District is legally or contractually obligated to spend in accordance with restrictions imposed by external third parties or imposed by law through constitutional provisions or enabling legislation. \r\n3. Unrestricted net position consists of resources not meeting the definition of the two preceding categories. Unrestricted net position often has constraints on resources imposed by management which can be removed or modified. \r\n \r\n- 9 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\nDirect 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 School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\nProgram revenues include (a) charges paid by the recipients of goods 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, including all taxes, are presented as general revenues. \r\nFund Financial Statements \r\nThe fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate financial statements are presented for governmental and fiduciary funds. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\nThe School District reports the following major governmental funds: \r\n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \r\n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST) that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \r\n The debt service fund accounts for and reports financial resources that are restricted, committed, or assigned including taxes (property and sales) legally restricted for the payment of general long-term principal and interest. \r\nThe School District reports the following fiduciary fund type: \r\n Custodial funds are used to report resources held by the School District in a purely custodial capacity. \r\nBasis of Accounting \r\nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide and fiduciary fund 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 School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, and grants. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants is recognized in the fiscal year in which all eligibility requirements have been satisfied. \r\n \r\n- 10 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe School District 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. \r\nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. The School District considers certain revenues reported in the governmental funds to be available if they are collected within 60 days after year-end. The School District considers all intergovernmental revenues to be available if they are collected within 120 days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities are reported as other financing sources. \r\nThe School District 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 resources available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\nNew Accounting Pronouncements \r\nIn fiscal year 2021, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 84, Fiduciary Activities. This statement establishes criteria for identifying fiduciary activities of all state and local governments. The focus of the criteria generally is on (1) whether a government is controlling the assets of the fiduciary activity and (2) the beneficiaries with whom a fiduciary relationship exists. Separate criteria are included to identify fiduciary component units and postemployment benefit arrangements that are fiduciary activities. An activity meeting the criteria should be reported in a fiduciary fund in the basic financial statements. Governments with activities meeting the criteria should present a statement of fiduciary net position and a statement of changes in fiduciary net position. The cumulative effect of the GASB Statement No. 84 is described in the restatement note. \r\nCash and Cash Equivalents \r\nCash and cash equivalents consist of cash on hand, demand deposits, investments in the State of Georgia local government investment pool (Georgia Fund 1) and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated (O.C.G.A.) 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \r\nInvestments \r\nThe School District can invest its funds as permitted by O.C.G.A. 36-83-4. 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. \r\n \r\n- 11 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nInvestments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. All other investments are reported at fair value. \r\nFor accounting purposes, certificates of deposit are classified as investments if they have an original maturity greater than three months when acquired. \r\nReceivables \r\nReceivables consist of amounts due from property and sales taxes, 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. \r\nInventories \r\nFood Inventories \r\nOn the basic financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (calculated on the first-in, first-out basis). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \r\nPrepaid Items \r\nPayments made to vendors for services that will benefit future accounting periods are recorded as prepaid items, in both the government-wide and governmental fund financial statements. \r\nCapital Assets \r\nOn the government-wide financial statements, capital assets are recorded 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 the acquisition value on the date donated. 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. The School District does not capitalize book collections or works of art. \r\nCapital acquisition and construction are recorded as expenditures in the governmental fund financial statements at the time of purchase (including ancillary charges), and the related assets are reported as capital assets in the governmental activities column in the government-wide financial statements. \r\nDepreciation is computed using the straight-line method for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \r\n \r\n- 12 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Land Improvements Buildings and Improvements Equipment Intangible Assets \r\n \r\nAny Amount $ 5,000.00 $ 5,000.00 $ 5,000.00 $ 100,000.00 \r\n \r\nN/A 15 to 80 years up to 80 years 5 to 30 years \r\n5 years \r\n \r\nDeferred Outflows/Inflows of Resources \r\nIn addition to assets, the statement of financial position will report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of resources that applies to a future period(s) and therefore will not be recognized as an outflow of resources (expense/expenditure) until then. \r\nIn addition to liabilities, the statement of financial position will report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of resources that applies to a future period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time. \r\nLong-Term Liabilities and Bond Discounts/Premiums \r\nIn the School District's government-wide financial statements, outstanding debt is reported as liabilities. Bond premiums and discounts and the difference between the reacquisition price and the net carrying value of refunded debt are deferred and amortized over the life of the bonds using the straightline method. To conform to generally accepted accounting principles, bond premiums and discounts should be amortized using the effective interest method. The effect of this deviation is deemed to be immaterial to the fair presentation of the basic financial statements. Bond issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \r\nIn the governmental fund financial statements, the School District recognizes the proceeds of debt and premiums as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures. \r\nPensions \r\nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\n \r\n- 13 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nPost-Employment Benefits Other Than Pensions (OPEB) \r\nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Post-Employment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nFund Balances \r\nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \r\nThe School District's fund balances are classified as follows: \r\nNonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \r\nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \r\nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \r\nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \r\nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \r\nUse of Estimates \r\nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \r\nProperty Taxes \r\nThe Miller County Board of Commissioners adopted the property tax levy for the 2020 tax digest year (calendar year) on September 25, 2020 (levy date) based on property values as of January 1, 2020. Taxes were due on December 20, 2020 (lien date). Taxes collected within the current fiscal year or \r\n- 14 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nwithin 60 days after year-end on the 2020 tax digest are reported as revenue in the governmental funds for fiscal year 2021. The Miller County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2021, for maintenance and operations amounted to $3,603,679.07 and for school bonds amounted to $126,086.26. \r\n \r\nThe tax millage rates levied for the 2020 tax digest year (calendar year) for the School District were as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations School Bonds \r\n \r\n19.551 mills 0.665 mills \r\n \r\n20.216 mills \r\n \r\nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $383,503.05 during fiscal year ended June 30, 2021. \r\nSales Taxes \r\nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $623,138.71 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\nNOTE 3: BUDGETARY DATA \r\nThe budget is a complete financial plan for the School District's fiscal year and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general, debt service, and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate fund level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \r\nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \r\n \r\n- 15 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 4: DEPOSITS \r\nCollateralization of Deposits \r\nO.C.G.A.  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 of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A.  45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance. \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n(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, \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n(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 or securities guaranteed 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. \r\nCategorization of Deposits \r\nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2021, the School District had deposits with a carrying amount of $9,514,279.91, and a bank balance of $10,327,499.83. The bank balances insured by Federal depository insurance were $854,529.03 and the bank balances collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name were $208,847.46. \r\nAt June 30, 2021, $9,264,123.34 of the School District's bank balances was in the State's Secure Deposit Program (SDP). \r\nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization \r\n- 16 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nlevels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. The SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians. \r\n \r\nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \r\n \r\nReconciliation of cash and cash equivalents balances to carrying value of deposits: \r\n \r\nCash and cash equivalents Statement of Net Position Statement of Fiduciary Net Position \r\n \r\n$ 9,378,368.24 (13,618.22) \r\n \r\nTotal cash and cash equivalents \r\n \r\n9,364,750.02 \r\n \r\nAdd: Deposits with original maturity of three months or more reported as investments \r\n \r\n149,529.89 \r\n \r\nTotal carrying value of deposits - June 30, 2021 \r\n \r\n$ 9,514,279.91 \r\n \r\n- 17 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \r\n \r\nBalances July 1, 2020 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2021 \r\n \r\nGovernmental Activities Capital Assets, \r\nNot Being Depreciated: Land \r\n \r\n$ \r\n \r\n1,109,852.13 $ \r\n \r\n- $ \r\n \r\n- $ \r\n \r\n1,109,852.13 \r\n \r\nCapital Assets, Being Depreciated: Buildings and Improvements Equipment Land Improvements \r\nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \r\n \r\n24,830,675.86 3,971,376.51 632,486.65 \r\n \r\n119,717.64 \r\n- \r\n \r\n49,316.00 \r\n- \r\n \r\n24,830,675.86 4,041,778.15 632,486.65 \r\n \r\n6,266,618.36 3,074,737.60 \r\n584,232.05 \r\n \r\n431,820.49 175,224.75 \r\n5,677.03 \r\n \r\n49,316.00 \r\n- \r\n \r\n6,698,438.85 3,200,646.35 \r\n589,909.08 \r\n \r\nTotal Capital Assets, Being Depreciated, Net \r\n \r\n19,508,951.01 \r\n \r\n(493,004.63) \r\n \r\n- \r\n \r\n19,015,946.38 \r\n \r\nGovernmental Activities Capital Assets - Net \r\n \r\n$ \r\n \r\n20,618,803.14 $ (493,004.63) $ \r\n \r\n- $ 20,125,798.51 \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction Support Services \r\nMaintenance and Operation of Plant $ Student Transportation Services Other Support Services Food Services \r\n \r\n1,051.10 77,301.08 20,584.00 \r\n \r\n$ 505,683.95 \r\n98,936.18 8,102.14 \r\n \r\n$ 612,722.27 \r\n \r\n- 18 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 6: SHORT-TERM DEBT \r\n \r\nThe School District was granted a loan from PeoplesSouth Bank in the amount of $1,170,565.00 in the prior year, pursuant to the Paycheck Protection Program (PPP) under Division A, Title I of the CARES Act, which was enacted March 27, 2020. \r\nFunds from the loan may only be used for payroll costs, group health insurance benefits, rents and utilities. Under the terms of PPP, certain amounts of the loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. The unforgiven portion of the loan is payable over two years at an interest rate of 1%, with a deferral of payments for the first six months. The PPP loan was forgiven as of June 30, 2021. \r\n \r\nShort-term debt activity for the fiscal year is as follows: \r\n \r\nBeginning Balance \r\n \r\nIssued \r\n \r\nRedeemed \r\n \r\nEnding Balance \r\n \r\nTemporary Loans $ 1,170,565.00 $ \r\n \r\n- $ 1,170,565.00 $ \r\n \r\n- \r\n \r\nNOTE 7: LONG-TERM LIABILITIES \r\n \r\nThe changes in long-term liabilities during the fiscal year for governmental activities were as follows: \r\n \r\nBalance July 1, 2020 \r\n \r\nGovernmental Activities \r\n \r\nAdditions \r\n \r\nDeductions \r\n \r\nBalance June 30, 2021 \r\n \r\nDue Within One Year \r\n \r\nGeneral Obligation (G.O.) Bonds $ 3,605,000.00 $ \r\n \r\nPromissory Notes \r\n \r\n47,900.00 \r\n \r\n- $ 545,000.00 $ 3,060,000.00 $ 565,000.00 \r\n \r\n- \r\n \r\n47,900.00 \r\n \r\n- \r\n \r\n- \r\n \r\n$ 3,652,900.00 $ \r\n \r\n- $ 592,900.00 $ 3,060,000.00 $ 565,000.00 \r\n \r\nGeneral Obligation Debt Outstanding \r\nThe School District's bonded debt consists of general obligation bonds that are generally noncallable with interest payable semiannually. Bond proceeds primarily pay for acquiring or constructing capital facilities. The School District repays general obligation bonds from voter-approved property and sales taxes. General obligation bonds are direct obligations and pledge the full faith and credit of the School District. \r\nThe School District had no unused line of credit or outstanding notes from direct borrowings and direct placements related to governmental activities as of June 30, 2021. In the event the entity is unable to make the principal and interest payments using proceeds from the Education Special Purpose Local Option Sales Tax (ESPLOST), the debt will be satisfied from a direct annual ad valorem tax levied upon all taxable property within the School District. Additional security is provided by the State of Georgia Intercept Program which allows for state appropriations entitled to the School District to be transferred to the Debt Service Account Custodian for the payment of debt. \r\n \r\n- 19 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nGeneral obligation bonds currently outstanding are as follows: \r\n \r\nDescription \r\n \r\nInterest Rate \r\n \r\nIssue Date \r\n \r\nMaturity Date \r\n \r\nAmount Issued \r\n \r\nEXHIBIT \"I\" \r\nAmount Outstanding \r\n \r\nGeneral Government - Series 2006 \r\n \r\n4.05% \r\n \r\n6/8/2006 \r\n \r\n2/1/2026 $ 9,100,000.00 $ 3,060,000.00 \r\n \r\nThe following schedule details debt service requirements to maturity for the School District's total general obligation bonds payable: \r\n \r\nFiscal Year Ended June 30: \r\n \r\nGeneral Obligation Debt \r\n \r\nPrincipal \r\n \r\nInterest \r\n \r\n2022 2023 2024 2025 2026 \r\n \r\n$ \r\n \r\n565,000.00 $ 123,930.00 \r\n \r\n590,000.00 \r\n \r\n101,047.50 \r\n \r\n610,000.00 \r\n \r\n77,152.50 \r\n \r\n635,000.00 \r\n \r\n52,447.50 \r\n \r\n660,000.00 \r\n \r\n26,730.00 \r\n \r\nTotal Principal and Interest $ 3,060,000.00 $ 381,307.50 \r\n \r\nNOTE 8: RISK MANAGEMENT \r\nInsurance \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors or omissions; job related illness or injuries to employees; and natural disasters. \r\nGeorgia School Boards Association Risk Management Fund \r\nThe School District participates in the Georgia School Boards Association Risk Management Fund (the Fund), a public entity risk pool organized on August 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, errors and omissions liability, cyber risk and property damage, including safety engineering and other loss prevention and control techniques, and to administer the Fund including the processing and defense of claims brought against members of the Fund. The School District pays an annual contribution to the Fund for coverage. Reinsurance is provided to the Fund through agreements by the Fund with insurance companies according to their specialty for property (including coverage for flood and earthquake), machinery breakdown, general liability, errors and omissions, crime, and cyber risk. Reinsurance limits and retentions vary by line of coverage. \r\n \r\n- 20 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nWorkers' Compensation \r\n \r\nGeorgia Education Workers' Compensation Trust \r\n \r\nThe School District participates in the Georgia Education Workers' Compensation Trust (the Trust), a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general workers' compensation insurance coverage. Specific excess of loss insurance coverage is provided through an agreement by the Trust with the Safety National Casualty Company to provide coverage for potential losses sustained by the Trust in excess of $1.0 million loss per occurrence, up to the statutory limit. Employers' Liability insurance coverage is also provided with limits of $2.0 million. The Trust covers the first $1.0 million of each Employers Liability claim with Safety National providing additional Employers Liability limits up to a $2.0 million per occurrence maximum. Safety National Casualty Company also provides $2.0 million in aggregate coverage to the Trust, attaching at 107% of the loss fund and based on the Fund's annual normal premium. \r\n \r\nUnemployment Compensation \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. The School District 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 of that loss can be reasonably estimated. \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability \r\n \r\nClaims and Changes in \r\nEstimates \r\n \r\nClaims Paid \r\n \r\nEnd of Year Liability \r\n \r\n2020 $ \r\n \r\n- \r\n \r\n$ 10,909.39 $ 10,909.39 $ \r\n \r\n- \r\n \r\n2021 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\nSurety Bond \r\n \r\nThe School District purchased a surety bond to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent \r\n \r\n$ \r\n \r\n50,000.00 \r\n \r\n- 21 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 9: FUND BALANCE CLASSIFICATION DETAILS \r\n \r\nThe School District's financial statements include the following amounts presented in the aggregate at June 30, 2021: \r\n \r\nNonspendable \r\n \r\nInventories \r\n \r\n$ \r\n \r\nPrepaid Assets \r\n \r\nRestricted \r\n \r\nContinuation of Federal Programs $ \r\n \r\nCapital Projects \r\n \r\nDebt Service \r\n \r\nAssigned \r\n \r\nSchool Activity Accounts \r\n \r\nUnassigned \r\n \r\n11,453.80 92,478.00 $ \r\n \r\n103,931.80 \r\n \r\n81,916.74 195,661.91 108,878.93 \r\n \r\n386,457.58 \r\n \r\n93,907.06 9,406,841.27 \r\n \r\nFund Balance, June 30, 2021 \r\n \r\n$ 9,991,137.71 \r\n \r\nWhen multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \r\nIt is the goal of the School District to achieve and maintain a committed, assigned, and unassigned fund balance in the general fund at fiscal year-end of not less than 10% of revenues, not to exceed 15% of the total budget of the subsequent fiscal year. If the unassigned fund balance at fiscal year-end falls below the goal, the School District shall develop a restoration plan to achieve and maintain the minimum fund balance. \r\nNOTE 10: Significant Commitments \r\n \r\nOperating Leases \r\n \r\nThe School District leases equipment under the provisions of one or more long-term lease agreements classified as operating leases for accounting purposes. Rental expenditures under the terms of the operating leases totaled $19,140.00 for governmental activities for the year ended June 30, 2021. The following future minimum lease payments were required under operating leases at June 30, 2021: \r\n \r\nYear Ending \r\n \r\nGovernmental Activities \r\n \r\n2022 2023 2024 \r\n \r\n$ \r\n \r\n19,140.00 \r\n \r\n19,140.00 \r\n \r\n3,190.00 \r\n \r\nTotal \r\n \r\n$ \r\n \r\n41,470.00 \r\n \r\n- 22 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 11: SIGNIFICANT CONTINGENT LIABILITIES \r\nFederal Grants \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\nLitigation \r\nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine School District operations. The ultimate disposition of these proceedings is not presently determinable but is not believed to have a material adverse effect on the financial condition of the School District. \r\nNOTE 12: OTHER POST-EMPLOYMENT BENEFITS (OPEB) \r\nGeorgia School Personnel Post-Employment Health Benefit Fund \r\nPlan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit post-employment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board. \r\nBenefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. \r\nContributions: As established by the Board, the School OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $221,547.00 for the year ended June 30, 2021. Active employees are not required to contribute to the School OPEB Fund. \r\n \r\n- 23 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \r\n \r\nAt June 30, 2021, the School District reported a liability of $9,169,513.00 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of June 30, 2020. The total OPEB liability used to calculate the net OPEB liability was based on an actuarial valuation as of June 30, 2019. An expected total OPEB liability as of June 30, 2020 was determined using standard roll-forward techniques. The School District's proportion of the net OPEB liability was actuarially determined based on employer contributions during the fiscal year ended June 30, 2020. At June 30, 2020, the School District's proportion was 0.062430%, which was a decrease of 0.002640% from its proportion measured as of June 30, 2019. \r\nFor the year ended June 30, 2021, the School District recognized OPEB expense of $128,541.00. At June 30, 2021, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \r\n \r\nDifferences between expected and actual experience \r\n \r\nOPEB \r\n \r\nDeferred \r\n \r\nDeferred \r\n \r\nOutflows of \r\n \r\nInflows of \r\n \r\nResources \r\n \r\nResources \r\n \r\n$ \r\n \r\n- $ 1,001,026.00 \r\n \r\nChanges of assumptions \r\n \r\n1,516,434.00 \r\n \r\n815,889.00 \r\n \r\nNet difference between projected and \r\n \r\nactual earnings on OPEB plan \r\n \r\ninvestments \r\n \r\n23,899.00 \r\n \r\n- \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n- \r\n \r\n919,121.00 \r\n \r\nSchool District contributions \r\n \r\nsubsequent to the measurement date \r\n \r\n221,547.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 1,761,880.00 $ 2,736,036.00 \r\n \r\n- 24 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nSchool District contributions subsequent to the measurement date are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2022. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nOPEB \r\n \r\n2022 2023 2024 2025 2026 Thereafter \r\n \r\n$ (417,942.00) $ (418,583.00) $ (337,138.00) $ (121,742.00) $ 63,305.00 $ 36,397.00 \r\n \r\nActuarial Assumptions: The total OPEB liability as of June 30, 2020 was determined by an actuarial valuation as of June 30, 2019 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2020: \r\nOPEB: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases Long-term expected rate of return Healthcare cost trend rate \r\nPre-Medicare Eligible Medicare Eligible Ultimate trend rate Pre-Medicare Eligible Medicare Eligible Year of Ultimate trend rate \r\n \r\n3.00%  8.75%, including inflation 7.30%, compounded annually, net of investment expense, and including inflation \r\n7.00% 5.25% \r\n4.50% 4.50% \r\n \r\nPre-Medicare Eligible Medicare Eligible \r\n \r\n2029 2023 \r\n \r\n- 25 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nMortality rates were based on the RP-2000 Combined Mortality Table for Males or Females, as appropriate, with adjustments for mortality improvements based on Scale BB as follows: \r\n \r\n For TRS members: The Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree Mortality Table projected generationally with MP-2019 projection scale (set forward one year and adjusted 106%) is used for death prior to retirement and for service retirements and beneficiaries. The Pub-2010 Teachers Mortality Table for Disabled Retirees projected generationally with MP-2019 Projection scale (set forward one year and adjusted 106%) is used for disability retirements. For both, rates of improvement were reduced by 20% for all years prior to the ultimate rate. \r\n For PSERS members: The RP-2000 Blue-Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females) is used for the period after service retirement and for beneficiaries of deceased members. The RP-2000 Disabled Mortality Table projected to 2025 with projection scale BB (set forward 5 years for both males and females) is used for the period after disability retirement. Rates of mortality in active service was based on the RP-2000 Employee Mortality Table projected to 2025 with projection scale BB. There is a margin for future morality improvement in the tables used by the plan. \r\n \r\nThe actuarial assumptions used in the June 30, 2019 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2018, with the exception of the assumed annual rate of inflation which was changed from 2.75% to 2.50%, effective with the June 30, 2018 valuation. \r\n \r\nThe remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2019 valuation were based on a review of recent plan experience done concurrently with the June 30, 2019 valuation. \r\n \r\nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \r\n \r\nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset class \r\n \r\nTarget allocation \r\n \r\nLong-Term Expected Real Rate of Return* \r\n \r\nFixed income Equities \r\nTotal \r\n*Net of Inflation \r\n \r\n30.00% 70.00% \r\n100.00% \r\n \r\n0.50% 9.20% \r\n- 26 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nDiscount Rate: In order to measure the total OPEB liability for the School OPEB Fund, a single equivalent interest rate of 2.22% was used as the discount rate, as compared with last year's rate of 3.58%. This is comprised mainly of the yield or index rate for 20-year tax-exempt general obligation bonds with an average rating of AA or higher (2.21% per the Municipal Bond Buyers Index Rate). The projection of cash flows used to determine the discount rate assumed that contributions from members and from the employer will be made at the current level as averaged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2118. \r\nSensitivity of the School District's proportionate share of the net OPEB liability to changes in the discount rate: The following presents the collective net OPEB liability of the participating employers calculated using the discount rate of 2.22%, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (1.22%) or 1-percentage-point higher (3.22%) than the current discount rate: \r\n \r\nSchool District's proportionate share of the Net OPEB liability \r\n \r\n1% Decrease (1.22%) \r\n \r\nCurrent Discount Rate (2.22%) \r\n \r\n1% Increase (3.22%) \r\n \r\n$ 10,772,665.00 $ \r\n \r\n9,169,513.00 $ 7,887,439.00 \r\n \r\nSensitivity of the School District's proportionate share of the net OPEB liability to changes in the healthcare cost trend rates: The following presents the collective net OPEB liability of the participating employers, as well as what the collective net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1-percentagepoint higher than the current healthcare cost trend rates: \r\n \r\nSchool District's proportionate share of the Net OPEB liability \r\n \r\n1% Decrease \r\n \r\nCurrent Healthcare Cost Trend Rate \r\n \r\n1% Increase \r\n \r\n$ \r\n \r\n7,634,541.00 $ \r\n \r\n9,169,513.00 $ \r\n \r\n11,156,856.00 \r\n \r\nOPEB plan fiduciary net position: Detailed information about the OPEB plan's fiduciary net position is available in the Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \r\n \r\nNOTE 13: RETIREMENT PLANS \r\n \r\nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \r\n \r\nTeachers Retirement System of Georgia (TRS) \r\n \r\nPlan Description: All teachers of the School District as defined in O.C.G.A 47-3-60 and certain other support personnel as defined by O.C.G.A 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple-employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the \r\n \r\n- 27 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nauthority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \r\nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \r\nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2021. The School District's contractually required contribution rate for the year ended June 30, 2021 was 19.06% of annual School District payroll. For the current fiscal year, employer contributions to the pension plan were $951,918.00 from the School District. \r\nPublic School Employees Retirement System (PSERS) \r\nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \r\nBenefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \r\nUpon retirement, the member will receive a monthly benefit of $15.50, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits. \r\nContributions: The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. \r\n- 28 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nIndividuals who became members prior to July 1, 2012 contribute $4 per month for nine months each fiscal year. Individuals who became members on or after July 1, 2012 contribute $10 per month for nine months each fiscal year. The State of Georgia, although not the employer of PSERS members, is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS Board of Trustees. The current fiscal year contribution was $28,573.00. \r\nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \r\nAt June 30, 2021, the School District reported a liability of $9,640,149.00 for its proportionate share of the net pension liability for TRS. \r\nThe net pension liability for TRS was measured as of June 30, 2020. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2019. An expected total pension liability as of June 30, 2020 was determined using standard roll-forward techniques. The School District's proportion of the net pension liability was based on contributions to TRS during the fiscal year ended June 30, 2020. \r\nAt June 30, 2020, the School District's TRS proportion was 0.039796%, which was a decrease of 0.002855% from its proportion measured as of June 30, 2019. \r\nAt June 30, 2021, the School District did not have a PSERS liability for a proportionate share of the net pension liability because of a Special Funding Situation with the State of Georgia, which is responsible for the net pension liability of the plan. The amount of the State's proportionate share of the net pension liability associated with the School District is $157,496.00. \r\nThe PSERS net pension liability was measured as of June 30, 2020. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2019. An expected total pension liability as of June 30, 2020 was determined using standard roll-forward techniques. The State's proportion of the net pension liability associated with the School District was based on actuarially determined contributions paid by the State during the fiscal year ended June 30, 2020. \r\nFor the year ended June 30, 2021, the School District recognized pension expense of $1,252,868.00 for TRS and $31,964.00 for PSERS and revenue of $31,964.00 for PSERS. The revenue is support provided by the State of Georgia. \r\n \r\n- 29 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nAt June 30, 2021, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \r\n \r\nTRS \r\n \r\nDeferred \r\n \r\nDeferred \r\n \r\nOutflows of \r\n \r\nInflows of \r\n \r\nResources \r\n \r\nResources \r\n \r\nDifferences between expected and actual experience \r\nChanges of assumptions \r\nNet difference between projected and actual earnings on pension plan investments \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\nSchool District contributions subsequent to the measurement date \r\n \r\n$ 419,831.00 $ \r\n \r\n- \r\n \r\n992,946.00 \r\n \r\n- \r\n \r\n232,185.00 \r\n \r\n- \r\n \r\n- \r\n \r\n660,394.00 \r\n \r\n951,918.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 2,596,880.00 $ 660,394.00 \r\n \r\nThe School District contributions subsequent to the measurement date for TRS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2022. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nTRS \r\n \r\n2022 2023 2024 2025 \r\n \r\n$ \r\n \r\n86,712.00 \r\n \r\n$ \r\n \r\n363,952.00 \r\n \r\n$ \r\n \r\n392,011.00 \r\n \r\n$ \r\n \r\n141,893.00 \r\n \r\n- 30 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nActuarial Assumptions: The total pension liability as of June 30, 2020 was determined by an actuarial valuation as of June 30, 2019, using the following actuarial assumptions, applied to all periods included in the measurement: \r\n \r\nTeachers Retirement System: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases \r\n \r\n3.00%  8.75%, average, including inflation \r\n \r\nInvestment rate of return \r\n \r\n7.25%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases 1.50% semi-annually \r\n \r\nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \r\nThe actuarial assumptions used in the June 30, 2019 valuation were based on the results of an actuarial experience study for the period July 1, 2013  June 30, 2018. \r\n \r\nPublic School Employees Retirement System: \r\n \r\nInflation \r\n \r\n2.75% \r\n \r\nSalary increases \r\n \r\nN/A \r\n \r\nInvestment rate of return \r\n \r\n7.30%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases 1.50% semi-annually \r\n \r\nPost-retirement mortality rates were based on the RP-2000 Blue-Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females) for the period after service retirements and for dependent beneficiaries. The RP-2000 Disabled Mortality projected to 2025 with projection scale BB (set forward 5 years for both males and females) was used for death after disability retirement. There is a margin for future mortality improvement in the tables used by the System. Based on the results of the most recent experience study adopted by the Board on December 17, 2015, the numbers of expected future deaths are 9-11% less than the actual number of deaths that occurred during the study period for healthy retirees and 9-11% less than expected under the selected table for disabled retirees. Rates of mortality in active service were based on the RP-2000 Employee Mortality Table projected to 2025 with projection scale BB. \r\n \r\n- 31 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe actuarial assumptions used in the June 30, 2019 valuation were based on the results of an actuarial experience study for the period July 1, 2009  June 30, 2014, with the exception of the assumed investment rate of return. \r\n \r\nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target asset allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset class \r\n \r\nTRS Target allocation \r\n \r\nPSERS Target allocation \r\n \r\nLong-term expected real rate of return* \r\n \r\nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \r\n \r\n30.00% 51.00% \r\n1.50% 12.40% \r\n5.10% - \r\n \r\n30.00% 46.20% \r\n1.30% 12.40% \r\n5.10% 5.00% \r\n \r\n(0.10)% 8.90% 13.20% 8.90% 10.90% 12.00% \r\n \r\nTotal \r\n \r\n100.00% \r\n \r\n100.00% \r\n \r\n* Rates shown are net of the 2.75% assumed rate of inflation with the exception of TRS, which assumed a rate of 2.50% rate of inflation. \r\n \r\nDiscount Rate: The discount rate used to measure the total TRS pension liability was 7.25%. The discount rate used to measure the total PSERS pension liability was 7.30%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS and PSERS pension plans' fiduciary net position were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \r\n \r\nSensitivity of the School District's proportionate share of the net pension liability to changes in the discount rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 7.25%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.25%) or 1-percentage-point higher (8.25%) than the current rate: \r\n \r\nTeachers Retirement System: \r\n \r\n1% Decrease (6.25%) \r\n \r\nCurrent Discount Rate (7.25%) \r\n \r\n1% Increase (8.25%) \r\n \r\nSchool District's proportionate share of the net pension liability \r\n \r\n$ 15,286,975.00 $ \r\n \r\n9,640,149.00 $ 5,011,371.00 \r\n \r\n- 32 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nPension plan fiduciary net position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \r\n \r\nNOTE 14: RESTATEMENT OF PRIOR YEAR NET POSITION AND FUND BALANCE \r\n \r\nFor fiscal year 2021, the School District made prior period adjustments due to the adoption of GASB Statement No, 84, as described in \"New Accounting Pronouncements,\" which requires the restatement of the June 30, 2020 net position in governmental activities and fund balance in the general fund. These changes are in accordance with generally accepted accounting principles. \r\n \r\nNet Position, July 1, 2020, as previously reported \r\n \r\n$ 6,672,385.43 \r\n \r\nPrior Period Adjustment - Implementation of GASB 84: School Activity Account Reclassification \r\n \r\n58,695.39 \r\n \r\nNet Position, July 1, 2020, as restated \r\n \r\n$ 6,731,080.82 \r\n \r\nFund Balance (General fund), July 1, 2020 as previously reported \r\n \r\n$ \r\n \r\n8,260,311.76 \r\n \r\nPrior Period Adjustment - Implementation of GASB 84: School Activity Account Reclassification \r\nFund Balance (General Fund), July 1, 2020, as restated \r\n \r\n58,695.39 \r\n \r\n$ \r\n \r\n8,319,007.15 \r\n \r\nFunds Held or Others of $58,695.39, previously presented in fiduciary funds, was reclassified to net position and fund balance (general fund). \r\nNOTE 15: TAX ABATEMENTS \r\nMiller County enters into property tax abatement agreements with local businesses for the purpose of attracting or retaining businesses within their jurisdictions. The abatements may be granted to any business located within or promising to relocate to Miller County. \r\nFor the fiscal year ended June 30, 2021, Miller County abated property taxes due to the School District that were levied on September 25, 2020 and due on December 20, 2020, totaling $67,362.42. Included in that amount abated, the following are individual tax abatement agreements that each exceeded 10 percent of the total amount abated: \r\n A 100 percent property tax abatement to a manufacturing company granted by the development authority to build an olive oil plant. The abatement amounted to $39,102.00. \r\n A 100 percent property tax abatement to an automobile dealership granted by the development authority to build a new dealership. The abatement amounted to $28,260.42. \r\nNOTE 16: SPECIAL ITEM \r\nThe School District was granted a loan from PeoplesSouth Bank in the amount of $1,170,565.00 in the prior year, pursuant to the Paycheck Protection Program (PPP) under Division A, Title I of the CARES Act, which was enacted March 27, 2020. This loan was forgiven as of June 30, 2021. The forgiveness of the PPP loan has been reported as a special item in the Statement of Activities. \r\n- 33 - \r\n \r\n (This page left intentionally blank) \r\n \r\n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"1\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion \r\nof the Net Pension Liability (NPL) \r\n \r\nSchool District's proportionate share of the NPL \r\n \r\nState of Georgia's proportionate share of the NPL associated with the School \r\nDistrict \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share of the NPL as a percentage of its covered \r\npayroll \r\n \r\nPlan fiduciary net position \r\nas a percentage of \r\nthe total pension liability \r\n \r\n2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.039796% $ 9,640,149.00 $ 0.042651% $ 9,171,118.00 $ 0.043746% $ 8,120,195.00 $ 0.044124% $ 8,200,581.00 $ 0.045916% $ 9,472,983.00 $ 0.050468% $ 7,683,252.00 $ 0.049712% $ 6,280,455.00 $ \r\n \r\n- \r\n \r\n$ 9,640,149.00 $ 5,130,885.02 \r\n \r\n- \r\n \r\n$ 9,171,118.00 $ 5,160,067.10 \r\n \r\n- \r\n \r\n$ 8,120,195.00 $ 5,210,419.42 \r\n \r\n- \r\n \r\n$ 8,200,581.00 $ 5,068,573.26 \r\n \r\n- \r\n \r\n$ 9,472,983.00 $ 5,029,154.41 \r\n \r\n- \r\n \r\n$ 7,683,252.00 $ 5,321,369.18 \r\n \r\n- \r\n \r\n$ 6,280,455.00 $ 5,071,601.30 \r\n \r\n187.88% 177.73% 155.85% 161.79% 188.36% 144.38% 123.84% \r\n \r\n77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 35 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"2\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required contribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered payroll \r\n \r\n2021 2020 2019 2018 2017 2016 2015 \r\n \r\n$ \r\n \r\n951,918.00 $ \r\n \r\n$ \r\n \r\n1,084,670.00 $ \r\n \r\n$ \r\n \r\n1,078,454.00 $ \r\n \r\n$ \r\n \r\n875,871.00 $ \r\n \r\n$ \r\n \r\n723,285.40 $ \r\n \r\n$ \r\n \r\n717,660.33 $ \r\n \r\n$ \r\n \r\n699,760.06 $ \r\n \r\n951,918.00 $ 1,084,670.00 $ 1,078,454.00 $ \r\n875,871.00 $ 723,285.40 $ 717,660.33 $ 699,760.06 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n4,994,322.71 \r\n \r\n- \r\n \r\n$ \r\n \r\n5,130,885.02 \r\n \r\n- \r\n \r\n$ \r\n \r\n5,160,067.10 \r\n \r\n- \r\n \r\n$ \r\n \r\n5,210,419.42 \r\n \r\n- \r\n \r\n$ \r\n \r\n5,068,573.26 \r\n \r\n- \r\n \r\n$ \r\n \r\n5,029,154.41 \r\n \r\n- \r\n \r\n$ \r\n \r\n5,321,369.18 \r\n \r\nContribution as a percentage of covered payroll \r\n19.06% 21.14% 20.90% 16.81% 14.27% 14.27% 13.15% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 36 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"3\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the Net Pension Liability (NPL) \r\n \r\nSchool District's proportionate share of the NPL \r\n \r\nState of Georgia's proportionate \r\nshare of the NPL associated with the School District \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share of the NPL as a percentage of its covered \r\npayroll \r\n \r\nPlan fiduciary net position as a percentage \r\nof the total pension liability \r\n \r\n2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \r\n \r\n- \r\n \r\n$ \r\n \r\n157,496.00 $ 157,496.00 $ \r\n \r\n335,447.71 \r\n \r\n- \r\n \r\n$ \r\n \r\n157,477.00 $ 157,477.00 $ 348,419.84 \r\n \r\n- \r\n \r\n$ \r\n \r\n149,196.00 $ 149,196.00 $ \r\n \r\n331,739.45 \r\n \r\n- \r\n \r\n$ \r\n \r\n134,781.00 $ 134,781.00 $ \r\n \r\n340,578.13 \r\n \r\n- \r\n \r\n$ \r\n \r\n183,834.00 $ 183,834.00 $ \r\n \r\n368,655.41 \r\n \r\n- \r\n \r\n$ \r\n \r\n121,368.00 $ 121,368.00 $ 387,890.43 \r\n \r\n- \r\n \r\n$ \r\n \r\n107,832.00 $ 107,832.00 $ \r\n \r\n373,761.38 \r\n \r\nN/A \r\n \r\n84.45% \r\n \r\nN/A \r\n \r\n85.02% \r\n \r\nN/A \r\n \r\n85.26% \r\n \r\nN/A \r\n \r\n85.69% \r\n \r\nN/A \r\n \r\n81.00% \r\n \r\nN/A \r\n \r\n87.00% \r\n \r\nN/A \r\n \r\n88.29% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 37 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \r\nSCHOOL OPEB FUND \r\n \r\nSCHEDULE \"4\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the Net OPEB Liability (NOL) \r\n \r\nSchool District's proportionate share of the NOL \r\n \r\nState of Georgia's proportionate share of the NOL associated with the School \r\nDistrict \r\n \r\nTotal \r\n \r\nSchool District's covered- \r\nemployee payroll \r\n \r\nSchool District's proportionate share of the \r\nNOL as a percentage of \r\nits coveredemployee payroll \r\n \r\nPlan fiduciary net position \r\nas a percentage of the total OPEB liability \r\n \r\n2021 2020 2019 2018 \r\n \r\n0.062430% $ 9,169,513.00 $ 0.065070% $ 7,985,485.00 $ 0.066966% $ 8,511,173.00 $ 0.069548% $ 9,771,466.00 $ \r\n \r\n- \r\n \r\n$ 9,169,513.00 $ 4,341,919.57 \r\n \r\n- \r\n \r\n$ 7,985,485.00 $ 4,462,146.75 \r\n \r\n- \r\n \r\n$ 8,511,173.00 $ 4,534,794.59 \r\n \r\n- \r\n \r\n$ 9,771,466.00 $ 4,505,198.27 \r\n \r\n211.19% 178.96% 187.69% 216.89% \r\n \r\n3.99% 4.63% 2.93% 1.61% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 38 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \r\n \r\nSCHEDULE \"5\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required contribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nContribution as a percentage of \r\ncovered-employee payroll \r\n \r\n2021 \r\n \r\n$ \r\n \r\n2020 \r\n \r\n$ \r\n \r\n2019 \r\n \r\n$ \r\n \r\n2018 \r\n \r\n$ \r\n \r\n221,547.00 $ 211,124.00 $ 350,451.00 $ 347,077.00 $ \r\n \r\n221,547.00 $ 211,124.00 $ 350,451.00 $ 347,077.00 $ \r\n \r\n- \r\n \r\n$ 4,226,309.42 \r\n \r\n- \r\n \r\n$ \r\n \r\n4,341,919.57 \r\n \r\n- \r\n \r\n$ \r\n \r\n4,462,146.75 \r\n \r\n- \r\n \r\n$ 4,534,794.59 \r\n \r\n5.24% 4.86% 7.85% 7.65% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 39 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \r\nFOR THE YEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"6\" \r\n \r\nTeachers Retirement System Changes of assumptions: In 2010 and later, the expectation of retired life mortality was changed to the RP2000 Mortality Tables rather than the 1994 Group Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. In 2010, assumed rates of salary increase were adjusted to more closely reflect actual and anticipated experience. \r\nOn November 18, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males). \r\nOn May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed annual rate of inflation has been reduced from 2.75% to 2.50%. \r\nIn 2019 and later, the expectation of retired life mortality was changed to the Pub-2010 Teacher Headcount Weighted Below Median Healthy Retiree mortality table from the RP-2000 Mortality Tables. In 2019, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \r\nPublic School Employees Retirement System Changes of benefit terms: The member contribution rate was increased from $4.00 to $10.00 per month for members joining the System on or after July 1, 2012. The monthly benefit accrual rate was increased from $14.75 to $15.00 per year of credible service effective July 1, 2017. The monthly benefit accrual was increased from $15.00 to $15.25 per year of credible service effective July 1, 2018. The monthly benefit accrual was increased from $15.25 to $15.50 per year of credible service effective July 1, 2019. A 2% cost-of-living adjustment (COLA) was granted to certain retirees and beneficiaries effective July 2016, another July 2017, and another July 2018. Two 1.5% COLAs were granted to certain retirees and beneficiaries effective July 2019 and January 2020. \r\nChanges of assumptions: In 2010 and later, the expectation of retired life mortality was changed to the RP-2000 Mortality Tables rather than the 1994 Group Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \r\nOn December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP-2000 Blue Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females). \r\nOn March 15, 2018, the Board adopted a new funding policy. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for June 30, 2017 actuarial valuation. In addition, based on the Board's new funding policy, the assumed investment rate of return was further reduced by 0.10% from 7.40% to 7.30% as of the June 30, 2018 measurement date. The assumed investment rate of return remained at 7.30% for the June 30, 2019 valuation. \r\nSchool OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. \r\nChanges in assumptions: The June 30, 2017 actuarial valuation was revised, for various factors, including the methodology used to determine how employees and retirees were assigned to each of the OPEB Funds and anticipated participation percentages. Current and former employees of State organizations (including technical colleges, community service boards and public health departments) are now assigned to State OPEB fund based on their last employer payroll location; irrespective of retirement affiliation. \r\nThe June 30, 2019 decremental valuation were changed to reflect the Teachers Retirement Systems experience study. \r\nThe discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017 to 3.87% as of June 30, 2018, to 3.58% as of June 30, 2019, and to 2.22% as of June 30, 2020. \r\n \r\n- 40 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"7\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Debt Service Total Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES(USES) Other Sources Other Uses Total Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning (Restated) \r\nAdjustments \r\nFund Balances - Ending \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\n$ \r\n \r\n3,400,000.00 $ \r\n \r\n3,400,000.00 $ \r\n \r\n- \r\n \r\n- \r\n \r\n5,860,550.00 \r\n \r\n5,861,280.00 \r\n \r\n2,075,266.21 \r\n \r\n2,220,476.21 \r\n \r\n23,000.00 \r\n \r\n23,000.00 \r\n \r\n225.00 \r\n \r\n225.00 \r\n \r\n900.00 \r\n \r\n1,400.00 \r\n \r\n11,359,941.21 \r\n \r\n11,506,381.21 \r\n \r\n6,316,951.14 \r\n304,284.78 500,343.69 \r\n111,937.45 680,424.00 \r\n815,632.16 288,889.00 1,338,407.48 \r\n813,673.10 115,333.00 61,000.00 838,625.00 \r\n12,185,500.80 \r\n(825,559.59) \r\n \r\n6,375,839.78 \r\n422,039.11 1,271,864.76 \r\n113,966.45 682,039.61 826,602.16 291,932.50 1,860,713.98 974,509.10 115,333.00 \r\n69,164.30 922,086.00 \r\n13,926,090.75 (2,419,709.54) \r\n \r\n82,019.00 (82,019.00) \r\n- \r\n \r\n82,003.00 (82,003.00) \r\n- \r\n \r\n(825,559.59) \r\n \r\n(2,419,709.54) \r\n \r\n8,220,995.52 \r\n \r\n8,220,995.52 \r\n \r\n(14,176.86) \r\n \r\n(231,481.22) \r\n \r\n$ \r\n \r\n7,381,259.07 $ \r\n \r\n5,569,804.76 $ \r\n \r\nACTUAL AMOUNTS \r\n \r\nVARIANCE OVER/UNDER \r\n \r\n4,004,868.71 $ 38,463.50 \r\n6,143,654.11 1,997,238.57 \r\n29,219.89 28,207.56 349,416.91 12,591,069.25 \r\n \r\n604,868.71 38,463.50 282,374.11 (223,237.64) \r\n6,219.89 27,982.56 348,016.91 1,084,688.04 \r\n \r\n5,714,418.68 \r\n601,279.24 754,527.08 116,974.74 553,669.11 670,069.99 202,915.26 1,014,927.16 758,167.65 \r\n3,920.72 1,325.40 783,404.50 47,900.00 11,223,499.53 1,367,569.72 \r\n \r\n661,421.10 \r\n(179,240.13) 517,337.68 (3,008.29) 128,370.50 156,532.17 89,017.24 845,786.82 216,341.45 \r\n111,412.28 67,838.90 138,681.50 (47,900.00) 2,702,591.22 3,787,279.26 \r\n \r\n- \r\n1,367,569.72 \r\n8,319,027.15 \r\n- \r\n9,686,596.87 $ \r\n \r\n(82,003.00) 82,003.00 \r\n- \r\n3,787,279.26 \r\n98,031.63 \r\n231,481.22 \r\n4,116,792.11 \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $294,250.37 and $296,199.40, respectively. \r\nThe 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. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 41 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"8\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program Child Nutrition Discretionary Grants Limited Availability Total Child Nutrition Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Food Services State Administrative Expenses for Child Nutrition Total U. S. Department of Agriculture \r\nEducation, U. S. Department of Education Stabilization Fund Pass-Through From Georgia Department of Education COVID-19 - Elementary and Secondary School Emergency Relief Fund \r\nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Grants to States Total Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Rural Education Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Total Other Programs Total U. S. Department of Education \r\nHealth and Human Services, U. S. Department of Pass-Through From Bright From the Start Georgia Department of Early Care and Learning COVID-19 - Child Care and Development Block Grant \r\nTotal Expenditures of Federal Awards \r\n \r\nASSISTANCE LISTING NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 10.579 \r\n \r\n215GA324N1199 $ 215GA324N1199 215GA350N8103 \r\n \r\n213,585.82 494,369.36 \r\n39,166.87 747,122.05 \r\n \r\n10.560 \r\n \r\n205GA904N2533 \r\n \r\n1,486.09 748,608.14 \r\n \r\n84.425D \r\n \r\nS425D200012 \r\n \r\n409,922.50 \r\n \r\n84.027A 84.027A \r\n \r\nH027A190073 H027A200073 \r\n \r\n97,612.00 142,539.86 240,151.86 \r\n \r\n84.048A 84.358B 84.010A 84.010A \r\n \r\nV048A200010 S365B200010 S010A190010 S010A200010-20A \r\n \r\n17,599.00 16,101.54 \r\n125,583.10 503,736.55 663,020.19 1,313,094.55 \r\n \r\n93.575 \r\n \r\n2110GACCC5 $ \r\n \r\n4,058.00 2,065,760.69 \r\n \r\n- 42 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"8\" \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\nNote 1. Basis of Presentation \r\nThe accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Miller County Board of Education (the \"Board\") under programs of the federal government for the year ended June 30, 2021. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position or changes in net position of the Board. \r\nNote 2. Summary of Significant Accounting Policies \r\nExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. \r\nNote 3. Indirect Cost Rate \r\nThe Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. \r\nNote 4. Donated Personal Protective Equipment \r\nIn response to the COVID-19 pandemic, the federal government donated personal protective equipment (PPE) to Georgia Emergency Management and Homeland Security Agency (GEMA/HS). GEMA/HS, then, donated PPE with an estimated fair market value of $2,395.00 to the Miller County Board of Education. This amount is not included in the Schedule of Expenditures of Federal Awards and is not subject to audit. Therefore, this amount is unaudited. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 43 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2021 \r\nAGENCY/FUNDING GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Mid-term Adjustment Hold-Harmless Amended Formula Adjustment Categorical Grants Pupil Transportation Regular Bus Replacement Nursing Services Sparsity Education Equalization Funding Grant Other State Programs Food Services Hygiene Products Math and Science Supplements Pupil Transportation - State Bonds Vocational Education Georgia Emergency Management Agency Donations to LEA for COVID Office of the State Treasurer Public School Employees Retirement \r\nSee notes to the basic financial statements. \r\n \r\nSCHEDULE \"9\" \r\n \r\nGOVERNMENTAL FUND TYPE GENERAL FUND \r\n \r\n$ \r\n \r\n177,081.56 \r\n \r\n170,802.00 98,834.00 345,097.00 275,056.00 174,137.00 215,997.00 440,504.00 453,571.00 139,085.00 1,029,561.00 103,217.00 151,574.00 34,615.00 \r\n7,699.00 84,921.00 25,744.00 17,333.00 \r\n851.00 \r\n338,293.00 321,985.00 188,088.00 289,590.00 (160,519.00) \r\n \r\n242,075.00 77,220.00 45,000.00 121,328.00 \r\n509,360.00 \r\n \r\n15,850.00 730.00 \r\n7,284.00 77,220.00 75,484.00 \r\n \r\n20,413.55 \r\n \r\n28,573.00 \r\n \r\n$ \r\n \r\n6,143,654.11 \r\n \r\n- 44 - \r\n \r\n (This page left intentionally blank) \r\n \r\n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"12\" \r\n \r\nPROJECT \r\nPayment of and retirement of previously incurred general obligation debt used to construct and acquire a new school facility, acquiring, constructing and equipping new school facilities, to include a new school for Kindergarten through grade 12, \r\nConstructing infrastructure to provide access and services to the new school facilities; \r\nRenovations and improvements to facilities throughout the School District; \r\nTransportation and maintenance facilities; \r\nPhysical education and athletic facilities; \r\nTechnology upgrades; \r\nand related educational facilities useful or desirable in connection with the foregoing. \r\nSubtotal \r\nSPLOST 2020 \r\nPaying a portion of principal and interest due of outstanding Miller County School District (Georgia) General Obligation Bonds (series 2006). \r\nSubtotal 2020 Projects \r\nTotal \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nESTIMATED COMPLETION \r\nDATE \r\n \r\n$ \r\n \r\n3,500,000.00 $ \r\n \r\n- \r\n \r\n- \r\n \r\n3,500,000.00 \r\n \r\n3,500,000.00 \r\n- \r\n- \r\n3,500,000.00 \r\n \r\nCompleted \r\nCompleted \r\nCompleted Completed Completed Completed \r\nCompleted \r\n \r\n3,500,000.00 3,500,000.00 \r\n \r\n$ \r\n \r\n7,000,000.00 $ \r\n \r\n3,500,000.00 3,500,000.00 \r\n7,000,000.00 \r\n \r\nDecember 2025 \r\n \r\n- 46 - \r\n \r\n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"12\" \r\n \r\nPROJECT \r\n \r\nAMOUNT EXPENDED IN CURRENT YEAR (3) \r\n \r\nAMOUNT EXPENDED IN PRIOR YEARS (3) \r\n \r\nTOTAL COMPLETION \r\nCOST \r\n \r\nEXCESS PROCEEDS NOT \r\nEXPENDED \r\n \r\nPayment of and retirement of previously incurred general \r\n \r\nobligation debt used to construct and acquire a new school \r\n \r\nfacility, acquiring, constructing and equipping new school \r\n \r\nfacilities, to include a new school for Kindergarten through \r\n \r\ngrade 12, \r\n \r\n$ \r\n \r\n- $ \r\n \r\n3,476,103.00 $ 3,476,103.00 $ \r\n \r\n23,897.00 \r\n \r\nConstructing infrastructure to provide access and services to \r\n \r\nthe new school facilities; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nRenovations and improvements to facilities throughout the School District; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nTransportation and maintenance facilities; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nPhysical education and athletic facilities; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nTechnology upgrades; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nand related educational facilities useful or desirable in connection with the foregoing. \r\nSubtotal \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n3,476,103.00 \r\n \r\n3,476,103.00 \r\n \r\n23,897.00 \r\n \r\nSPLOST 2020 \r\n \r\nPaying a portion of principal and interest due of outstanding \r\n \r\nMiller County School District (Georgia) General Obligation \r\n \r\n(series 2006). \r\n \r\n691,699.50 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nSubtotal 2020 Projects \r\n \r\n691,699.50 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ \r\n \r\n691,699.50 $ \r\n \r\n3,476,103.00 $ 3,476,103.00 $ \r\n \r\n23,897.00 \r\n \r\n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. (2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. (3) The voters of Miller County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. \r\nAmounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 47 - \r\n \r\n Section II Compliance and Internal Control Reports \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Mr. Shane Miller, Superintendent and Members of the Miller County Board of Education \r\nWe have audited the financial statements of the governmental activities, each major fund, and fiduciary activities of the Miller County Board of Education (School District), as of and for the year ended June 30, 2021, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements, and have issued our report thereon dated November 3, 2022. We conducted our audit in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit of the financial statements, we considered the School District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the basic financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control. \r\nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the School District's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that have not been identified. We did identify a certain deficiency in internal control, described in the accompanying Schedule of Findings and Questioned Costs as item FS 2021-001, that we consider to be a material weakness. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n Compliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether the School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed an instance of noncompliance or other matters that is required to be reported under Government Auditing Standards and which is described in the accompanying Schedule of Findings and Questioned Costs in finding FS 2021-001. \r\nResponse to Findings \r\nThe School District's response to the finding identified in our audit is described in the accompanying Schedule of Findings and Questioned Costs. The School District's response was not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on it. \r\nPurpose of this Report \r\nThe purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\nNovember 3, 2022 \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Mr. Shane Miller, Superintendent and Members of the Miller County Board of Education \r\nReport on Compliance for Each Major Federal Program \r\nWe have audited the Miller County Board of Education's (School District) compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2021. The School District's major federal programs are identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs. \r\nManagement's Responsibility \r\nManagement is responsible for compliance with federal statutes, regulations, and the terms and conditions of its federal awards applicable to its federal programs. \r\nAuditor's Responsibility \r\nOur responsibility is to express an opinion on compliance for each of the School District's major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards and the Uniform Guidance require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the School District's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. \r\nWe believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the School District's compliance. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n Opinion on Each Major Federal Program \r\nIn our opinion, the School District complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2021. \r\nReport on Internal Control over Compliance \r\nManagement of the School District is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the School District's internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control over compliance. \r\nA deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. \r\nThe purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\nNovember 3, 2022 \r\n \r\n Section III Auditee's Response to Prior Year Findings and Questioned Costs \r\n \r\n MILLER COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2021 \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS No matters were reported. \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n \r\n Section IV Findings and Questioned Costs \r\n \r\n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\nFinancial Statements \r\n \r\nType of auditor's report issued: Governmental Activities, Each Major Fund, and Fiduciary Activities \r\nInternal control over financial reporting:  Material weakness(es) identified?  Significant deficiency(ies) identified? \r\nNoncompliance material to financial statements noted: \r\n \r\nUnmodified \r\nYes None Reported \r\nYes \r\n \r\nFederal Awards \r\n \r\nInternal Control over major programs:  Material weakness(es) identified?  Significant deficiency(ies) identified? \r\n \r\nType of auditor's report issued on compliance for major programs: \r\n \r\nAll major programs \r\n \r\nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \r\n \r\nIdentification of major programs: \r\n \r\nAssistance Listing Number Assistance Listing Program or Cluster Title \r\n \r\n84.010 84.425 \r\n \r\nTitle I Grants to Local Educational Agencies Education Stabilization Fund \r\n \r\nDollar threshold used to distinguish between Type A and Type B programs: \r\n \r\nAuditee qualified as low-risk auditee? \r\n \r\nNo None Reported \r\nUnmodified No \r\n$750,000.00 No \r\n \r\n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nII FINANCIAL STATEMENT FINDINGS \r\n \r\nFS 2021-001 Noncompliance with Paycheck Protection Program Provisions \r\n \r\nInternal Control Impact: Material Weakness \r\n \r\nCompliance Impact: \r\n \r\nMaterial Noncompliance \r\n \r\nDescription: The School District was not eligible to apply for or receive Paycheck Protection Program loan proceeds that were subsequently forgiven by the Small Business Administration. \r\n \r\nCriteria: Title I, Section 1102(a)(1)(D)(i) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides guidance associated with Paycheck Protection Program (PPP) eligibility requirements. Eligible entities must meet certain standards associated with location and size and may include any business concerns, nonprofit organizations as described in section 501(c)(3) of the Internal Revenue Code (IRC), veterans organizations as described in section 501(c)(19) of the IRC, or Tribal business concerns as defined in section 31(b)(2)(C) of the Small Business Act. Additionally, Title 13 U.S. Code of Federal Regulations (CFR) Section 120.110 specifically indicates that \"government-owned entities (except for businesses owned or controlled by a Native American tribe)\" are ineligible to receive business loans from the Small Business Administration (SBA). \r\nFurthermore, Title I, Section 1106(b) of the CARES Act allows for the forgiveness of PPP loans and states \"an eligible recipient shall be eligible for forgiveness of indebtedness on a covered loan in an amount equal to the sum of the following costs incurred and payments made during the covered period: (1) Payroll costs. (2) Any payment of interest on any covered mortgage obligation (which shall not include any prepayment of or payment of principal on a covered mortgage obligation). (3) Any payment on any covered rent obligation. (4) Any covered utility payment.\" \r\n \r\nCondition: Upon performing testing over various financial statement balances, auditors noted that the School District recognized $1,170,565 in revenue related to a PPP loan that was forgiven by the SBA during the period under review. However, government-owned entities are not eligible to receive SBA business loans, including PPP loans, and these funds should not have been received by the School District or subsequently forgiven. \r\nFurthermore, it was noted that when the School District submitted the PPP Borrower Application Form, the School District identified itself as both a 501(c)(3) nonprofit and a C-Corp. The School District is a governmental entity created under the laws of the State of Georgia (State) and does not qualify as a nonprofit organization as described in section 501(c)(3) of the IRC or a C-Corp, which is formed upon filing Articles of Incorporation with the State. \r\n \r\nCause: \r\nIn discussing this deficiency with management, they stated that they were not aware that governmental entities could not apply for and receive the funds. Additionally, during the period in which PPP loans were received and forgiven, there were still many unknowns surrounding the effects of the COVID-19 pandemic on schools and the economy as only the initial CARES Act funding had been allocated and received and vaccinations were not yet available to the public. Therefore, School District personnel believed that additional funding was necessary to continue school operations. \r\n \r\n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2021 \r\nEffect: The School District was not in compliance with provisions included in the CARES Act or SBA guidance associated with PPP loans. The SBA will also likely require repayment of forgiven loan amounts and may assess additional associated expenses, such as fines or interest charges. \r\nRecommendation: The School District should repay the PPP loan amount that was forgiven by the SBA. Additionally, management should implement internal control procedures to confirm that the School District is eligible to receive any future loans or grant awards for which it applies and ensure that any related applications for such funds are accurately completed. \r\nViews of Responsible Officials: We concur with this finding. \r\nIll FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\nNo matters were reported. \r\n \r\n Section V Management's Corrective Action \r\n \r\n  "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bm6-b1998-h99","title":"Audit report, Miller County Board of Education, Colquitt, Georgia, year ended June 30, 1999","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, Miller County, 31.16399, -84.73072"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["1999-06-30"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Miller County Board of Education, Ga.)"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Auditors' reports--Georgia","Financial statements--Georgia","Miller County (Ga.). Board of Education--Appropriations and expenditures"],"dcterms_title":["Audit report, Miller County Board of Education, Colquitt, Georgia, year ended June 30, 1999"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bm6-b1998-h99"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bm6-b1998-h99"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"(Ji fl \nAgoo \n.. R \\ E.llo \nM(o \n'\\9tt8-qq \nAUDIT REPORT MILLER COUNTY BOARD OF EDUCATION \nCOLQUITf, GEORGIA YEAR ENDED JUNE 30, 1999 \nSTATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS \n254 WASHINGTON STREET \nATLANTA, GEORGIA 30334-8400 \n \n MILLER COUNTY BOARD OF EDUCATION \n- TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \n \nEXHIBITS \n \nGENERAL PURPOSE FINANCIAL STATEMENTS \n \nCOMBINED STATEMENTS - OVERVIEW \n \nA \n \nCOMBINED BALANCE SHEET \n \nALL FUND TYPES AND ACCOUNT GROUP \n \nB \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES \n \nALL GOVERNMENTAL FUND TYPES \n \nC \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \n \n(NON-GAAP BASIS) \n \nGENERAL AND SPECIAL REVENUE FUNDS \n \nD NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nADDIDONAL FINANCIAL INFORMATION \n \nCOMBINING STATEMENTS \n \nSPECIAL REVENUE FUND \n \nE \n \nCOMBINING BALANCE SHEET \n \nF \n \nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \n \nAND CHANGES IN FUND BALANCES \n \nSCHEDULES \n \n1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \n \n2 SCHEDULE OF STATE REVENUE \n \n3 SCHEDULE OF EXPENDITURES \n \nLOTTERY PROGRAMS \n \nANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS \n \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS \n \n4 \n \nOVERALL \n \n5 \n \nBYPROGRAM \n \n~ \n2 4 5 6 \n16 17 18 \n20 \n21 23 24 \n \n MILLER COUNTY BOARD OF EDUCATION -TABLE OF CONTENTS - \nSECTION II 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 \nGOVERNMENT AUDITING STANDARDS \nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \nSECTIONill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \nSECTIONIV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \n SECTION I FINANCIAL \n \n w. RUSSELL HINTON \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nJanuary 31, 2000 \n \nHonorable Roy E. Barnes, Governor Members ofthe General Assembly Members ofthe State Board ofEducation \nand Superintendent and Members ofthe Miller County Board ofEducation \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - \nSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nLadies and Gentlemen: \nWe have audited the accompanying general purpose financial statements of the Miller County Board of Education, as of and for the year ended June 30, 1999, as listed in the table of contents. These general purpose financial statements are the responsibility of the Miller County Board of Education's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. \nWe conducted our audit in accordance with generally accepted auditing standards and the standards applicable \nto financial audits contained in Government Auditin~ Standards, issued by the Comptroller General of the \nUnited States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on  a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \nAs described in the notes to the general purpose financial statements, the Board's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: \n* The general purpose financial statements of the Board did not contain a General Fixed Assets \nAccount Group to account for property and equipment owned by the Board which should be included to conform to generally accepted accounting principles. \n \n99ARL-13 \n \n * School activity accounts maintained at the individual schools are not included in the general purpose \n:financial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. \n* The Board did not recognize as expenditures, in the year ended June 30, 1999, a portion of salaries \nand the corresponding employer's cost ofrelated benefits earned for contractual services completed prior to June 30, 1999. Also funds received, subsequent to June 30, 1999, from the Georgia Department ofEducation for the State's share ofthese unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1998, were improperly recorded in the year ended June 30, 1999. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. \nThe aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. \nIn our opinion, except for the effects on the general purpose financial statements ofthe matters referred to in the preceding paragraph, the general purpose financial statements referred to above present fairly, in all material respects, the financial position ofthe Miller County Board of Education as ofJune 30, 1999, and the results of its operations for the year then ended, in confonnity with generally accepted accounting principles. \nIn accordance with Government Auditing Standards, we have also issued our report dated January 31, 2000, on our consideration ofthe Miller County Board ofEducation's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. \nOur audit was performed for the purpose of forming an opinion on the general purpose financial statements of the Miller County Board of Education taken as a whole. The accompanying combining statements (Exhibits E and F) and the financial schedules (Schedules 1 through 5), which includes the Schedule of Expenditures of Federal Awards as required by U.S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes ofadditional analysis and are not a required part of the general purpose financial statements. Such information has been subjected to the auditing procedures applied in the audit ofthe general purpose :financial statements and in our opinion, except for the effects ofthe matters referred to in the third paragraph, such information is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. \nA copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press ofthe State, as provided for by Official Code of Georgia Annotated Section 50-6-24. \nRespectfully submitted, \n~~~ \nRu ell W. Hinton State Auditor \nRWH:gp 99ARL-13 \n \n Mll,,LER COUNTY BOARD OF EDUCATION \n \n MILLER COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET \nALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 1999 \n \nASSETS \nCash and Cash Equivalents \nInvestments \nAccounts Receivable \nInventories Food Donated Commodities Purchased Food \nAmount Available in Debt Service Fund \nAmount to be Provided in Future Years For Payment of: Bond Debt Capital Lease Agreements \nTotal Assets \n \nGOVERNMENTAL FUND \n \nSPECIAL \n \nGENERAL \n \nREVENUE \n \nFUND \n \nFUND \n \n$ \n \n779,662.99 \n \n1,029,875.45 \n \n92,184.48 $ 187,968.90 \n \n7,303.77 7,550.27 \n \n$ 1,901.722.92 $ 202,822.94 \n \nLIABILITIES AND FUND EQUITY \nLIABILITIES \nCash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable Capital Lease Agreements General Obligation Bonds Payable \nTotal Liabilities \nFUND EQUITY \nFund Balances Reserved For Bus Replacement Funds For Continuation of Federal Programs For Debt Service For Inventories Food Donated Commodities Purchased Food Unreserved Designated for Equipment Purchases Designated for Local Capital Outlay Undesignated \nTotal Fund Equity \n \n$ \n \n77,087.20 \n \n$ \n \n12,688.82 \n \n22,243.92 \n \n79,496.23 \n \n100.00 \n \n$ \n \n12.688.82 $ 178,927.35 \n \n$ \n \n23,792.00 \n \n$ \n \n7,509.44 \n \n270,000.00 504,191.00 1,091,051.10 \n$ 1,889,034.10 $ \n \n7,303.77 7,550.27 \n11sa2.11 23,895.59 \n \nTotal Liabilities and Fund Equity \nThe notes to the general purpose financial statements are an integral part of this statement \n-2- \n \n$ 1,901,722.92 $ 202,822.94 \n \n EXHIBITA \n \nTYPES DEBT \nSERVICE FUND \n \n$ \n \n133,323.39 \n \n3,243.16 \n \nACCOUNT GROUP GENERAL \nLONG-TERM DEBT \n \nTOTALS \n \n(Memorandum Only) \n \nJUNE 30, 1999 \n \nJUNE 301 1998 \n \n$ \n \n912,986.38 $ 1,367,236.17 \n \n1,029,875.45 \n \n507,764.37 \n \n283,396.54 \n \n122,255.42 \n \n$ \n \n136,566.55 \n \n7,303.77 7,550.27 \n136,566.55 \n \n4,594.21 7,013.73 \n133,776.06 \n \n643,433.45 153,682.05 . \n \n643,433.45 153,682.05 \n \n686,223.94 42,500.24 \n \n$ \n \n136,566.55 $ \n \n933,682.05 $ 3,174,794.46 $ 2,871,364.14 \n \n$ \n \n77,087.20 \n \n34,932.74 $ \n \n44,309.27 \n \n79,496.23 \n \n73,172.27 \n \n100.00 \n \n23,085.58 \n \n$ \n \n153,682.05 \n \n153,682.05 \n \n42,500.24 \n \n780,000.00 \n \n780,000.00 \n \n8201000.00 \n \n$ \n \n933,682.05 $ 1,1251298.22 $ 110031067.36 \n \n$ \n \n136,566.55 \n \n0.00 \n \n$ \n \n1361566.55 \n \n$ \n \n23,792.00 \n \n7,509.44 $ \n \n3,038.71 \n \n136,566.55 \n \n133,776.06 \n \n7,303.77 7,550.27 \n \n4,594.21 7,013.73 \n \n270,000.00 504,191.00 11092,583.21 \n \n450,000.00 11269,874.07 \n \n$ 2,049,496.24 $ 118681296.78 \n \n$ \n \n1361566.55 $ \n \n933,682.05 $ 3,174,794.46 $ 2,871.364.14 \n \n-3- \n \n MILLER COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30, 1999 \n \nEXHIBIT'B \n \nREVENUES \n \nGENERAL FUND \n \nSPECIAL REVENUE \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTALS {Memorandum Only} \nYEAR ENDED JUNE 301 1999 JUNE 301 1998 \n \nState Funds Federal Funds Taxes Other Funds \n \n$ 5,434,490.30 $ 249,385.44 \n \n$ 5,683,875.74 $ 5,269,707.25 \n \n1,010,979.70 \n \n1,010,979.70 \n \n795,201.03 \n \n1,647,480.71 \n \n$ 100,212.09 1,747,692.80 1,663,906.23 \n \n90,081.91 \n \n96,845.29 \n \n4,392.48 \n \n191,319.68 \n \n184,670.55 \n \nTotal Revenues EXPENDITURES \n \n$ 7,172,052.92 $ 1,357,210.43 $ 104,604.57 $ 8,633,867.92 $ 7,913,485.06 \n \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food. Services Operation \ncapital OuUay Debt Service \nPrincipal Interest Paying Agent Fees \n \n$ 4,714,702.35 $ 699,279.37 \n \n$ 5,413,981.72 $ 4,750,283.19 \n \n281,007.71 201,860.04 165,968.03 156,046.40 433,669.15 \n64,956.98 426,914.87 521,107.92 \n57,442.64 \n36,912.91 \n \n48,366.70 45,405.35 56,335.22 15,109.51 \n537,267.96 \n \n329,374.41 247,265.39 165,968.03 212,381.62 448,778.66 \n64,956.98 426,914.87 521,107.92 \n57,442.64 537,267.96 \n36,912.91 \n \n288,140.11 238,272.43 149,042.80 204,838.98 408,361.96 \n60,052.04 418,813.02 505,801.71 \n53,343.20 519,270.89 \n57,438.16 \n \n19,710.19 2,929.18 \n \n$ 40,000.00 59,400.00 2,414.08 \n \n59,710.19 62,329.18 \n2,414.08 \n \n53,008.01 66,162.72 \n1,045.84 \n \nTotal Expenditures Excess of Revenues over (under) Expenditures \n \n$ 7,083,228.37 $ 1,401,764.11 $ 101,814.08 $ 8,586,806.56 $ 7,773,875.06 $ 88,824.55 $ -44,553.68 $ 2,790.49 $ 47,061.36 $ 139,610.00 \n \nOTHER FINANCING SOURCES (YSES) \n \ncapital Leases Operating Transfers In Operating Transfers Out \n \n$ 130,892.00 $ \n-12,209.23 \n \n12,209.23 \n \n$ 130,892.00 $ \n \n2,280.00 \n \n12,209.23 \n \n34,294.97 \n \n-12,209.23 \n \n-34,294.97 \n \nTotal Other Financing Sources (Uses) \n \n$ 118,682.77 $ 12,209.23 \n \n$ 130,892.00 $ \n \n2,280.00 \n \nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ 207,507.32 $ -32,344.45 $ 2,790.49 $ 177,953.36 $ 141,890.00 \n \nFUND BALANCE JULY 1 \n \n1,681,526.78 \n \n52,993.94 133,776.06 1,868,296.78 1,728,137.56 \n \nFood Inventory - Net Change in Period Donated Commodities Purchased Food \n \n2,709.56 536.54 \n \n2,709.56 536.54 \n \n-178.74 -1,552.04 \n \nFUND BALANCE JUNE 30 \n \n$ 118891034.10 $ 231895.59 $ 1361566.55 $ 210491496.24 $ 118681296.78 \n \nThe notes to the general purpose financial statements are an integral part of this statement -4- \n \n MILLER COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nBUDGET AND ACTUAL - (NON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS \nYEAR ENDED JUNE 30, 1999 \n \nEXHIBITc \n \nREVENUES \n \nState Funds \n \n$ \n \nFederal Funds \n \nTaxes \n \nOther Funds \n \nTotal Revenues \n \n$ \n \nEXPENDITURES \n \nCurrent \n \nInstruction \n \n$ \n \nSupport Services \n \nPupil Services \n \nImprovement of Instructional Services \n \nEducational Media Services \n \nGeneral Administration \n \nSchool Administration \n \nBusiness Administration \n \nMaintenance and Operation of Plant \n \nStudent Transportation Services \n \nOther Support Services \n \nFood Services Operation \n \nCapital Outlay \n \nDebt Service \n \nTotal Expenditures \n \n$ \n \nExcess of Revenues over (under) Expenditures \n \n$ \n \nOTHER FINANCING SOURCES (USES) \n \nOther Sources Other Uses \n \nTotal Other Financing Sources (Uses) \n \nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ \n \nFUND BALANCE JULY 1, 1998 \n \nFood Inventory - Net Change in Period Donated Commodities Purchased Foods \n \nGENERAL FUND \n \nACTUAL \n \n(BUDGET \n \nBUDGET \n \nBASIS} \n \n5,259,327.00 $ 1,900.00 \n1,622,019.00 \n \n5,434,490.30 \n1,647,480.71 90,081.91 \n \n6,883,246.00 $ 7,172,052.92 \n \n4,738,011.00 $ 4,714,702.35 \n \n256,400.00 200,443.00 158,060.00 167,900.00 458,000.00 \n65,500.00 523,850.00 440,300.00 \n65,928.00 \n \n281,007.71 201,860.04 165,968.03 156,046.40 433,669.15 \n64,956.98 426,914.87 521,107.92 \n57,442.64 \n \n116,000.00 \n \n36,912.91 22,639.37 \n \n7,190,392.00 $ 7,083,228.37 \n \n-307,146.00 $ \n \n88,824.55 \n \n$ 130,892.00 -12,209.23 \n$ 118,682.77 \n \n-307,146.00 $ 207,507.32 \n \n1,651,548.45 \n \n1,681,526.78 \n \nFUND BALANCE JUNE 30, 1999 \n \n$ 1,344,402.45 $ 1,889,034.10 \n \nSPECIAL REVENUE FUND \n \nACTUAL \n \n(BUDGET \n \nBUDGET \n \nBASIS} \n \n$ 188,783.00 $ 249,385.44 \n \n776,929.00 \n \n1,010,979.70 \n \n106,770.00 \n \n96,845.29 \n \n$ 1,072,482.00 $ 1,357,210.43 \n \n$ 454,121.00 $ 699,279.37 \n \n58,000.00 4,600.00 \n \n48,366.70 45,405.35 \n \n51,240.00 \n \n56,335.22 15,109.51 \n \n200.00 540,570.00 \n \n537,267.96 \n \n$ 1,108,731.00 $ 1,401,764.11 $ -36,249.00 $ -44,553.68 \n \n$ \n \n12,209.23 \n \n$ \n \n12,209.23 \n \n$ -36,249.00 $ -32,344.45 \n \n59,820.22 \n \n52,993.94 \n \n2,709.56 536.54 \n \n$ \n \n23,571.22 $ \n \n23,895.59 \n \nThe notes to the general purpose financial statements are an integral part of this statement -5- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1999 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY \nThe Miller County Board ofEducation (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the Board is a primary government and consists of all the organizations that compose its legal entity. \nFUND ACCOUNTING \nThe Board uses funds and an account group to report on its :financial position and the results ofits operations. Fund accounting is designed to demonstrate legal compliance and to aid :financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available :financial resources. \nGeneral Fixed Assets are recorded as expenditures in the various funds at the time ofpurchase. A General Fixed Assets Account Group is not presently maintained by the Board. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. \nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these :financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose :financial statements. \nThe general purpose :financial statements account for all State, Federal, Taxes and Other funds under control ofthe Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: \nGOVERNMENTAL FUND TYPES - are used to account for all or most ofa Board's educational activities. Governmental Fund Types include: \nGENERAL FUND - the fund used to account for all financial resources ofthe Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. \nSPECIAL REVENUE FUND - the fund used to account for the proceeds ofspecific revenue sources that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department of Education and from the Federal government to accomplish specific educational objectives. \n-6- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1999 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nDEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. \nACCOUNT GROUP \nGENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding and capital lease obligations. \nBASIS OF ACCOUNTING \nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current :financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. \nGovernmental funds are accounted for using the modified accrual basis of accounting under which: \nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). \"Measurable\" means the amount ofthe transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities ofthe current period. Those revenues considered susceptible to accrual are property taxes, intergovernmental grants and investment income. \nExpenditures are generally recognized when the related fund liability is incurred. \nA departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share of these contracts. During fiscal year 1999, a substantial number of personnel ofthe Board were employed for a one hundred and ninety day period beginning in late August 1998 and ending in early June 1999. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1998 and ending in August 1999. State grants to fund the State's share ofthese contracts were disbursed from the Georgia Department ofEducation to the Board in the same twelve months. As of June 30, 1999, compensation under these employment contracts had been earned, but two ofthe twelve monthly payments, due for July and August 1999, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 1999. Also, the State's portion ofthe compensation paid in July and August 1999 was received \n-7- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1999 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nand recorded as revenue in the fiscal year subsequent to June 30, 1999. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1998, were recorded in the year ended June 30, 1999. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. \nBUDGET \nThe Miller County Board ofEducation's budget is a complete financial plan for the Board's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level ofbudget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. \nThe budget process begins when the Board's administration 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 of general circulation in the locality. At the next regular meeting ofthe Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 20-2-167, to the Georgia Department ofEducation. The Board may increase or decrease the budget at ariy time during the year. All unexpended budget authority lapses at fiscal year-end. \nCASH AND CASH EQUIVALENTS \nCOMPOSITTON OF DEPOSITS Cash and cash equivalents consist of deposits in authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. \nINVESTMENTS \nCOMPOSITION OF INVESTMENTS Investments made by the Board in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase 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 Board to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \n-8- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1999 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \n(1) Obligations issued by the State of Georgia or by other states, \n \n(2) Obligations issued by the United States government, \n \n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \n \n(4) Obligations of any corporation of the United States government, \n \n(5) Prime banker's acceptances, \n \n(6) The Local Government Investment Pool administered by the State of Georgia, Office ofTreasury and Fiscal Services, \n \n(7) Repurchase agreements, and \n \n(8) Obligations ofother political subdivisions ofthe State of Georgia. \n \nRECEIVABLES \n \nReceivables consist of 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 general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \n \nPROPERTY TAXES \n \nThe Miller County Board of Commissioners fixed the property tax levy for the 1998 tax year (calendar year) on October 15, 1998 (levy date). Taxes were due on January 6, 1999. The lien date for property taxes was January 1~ 1998. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1999. The Miller County Tax Commissioner bills and collects the property taxes for the Board ofEducation and remits the balance oftaxes collected to the Board. \n \nTax millage rates levied for the 1998 tax year (calendar year) for the Miller County Board of Education were as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations School Bonds \n \n15.53 mills _1!.mills \n \n16.50 mills \n \n-9- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1999 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nINVENTORIES \nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (first-in, first-out). Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time of purchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute \"available spendable resources\" even though they are a component of net current assets. \nGENERAL OBLIGATION BONDS \nThe Board 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 during the year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit ofthe government. The outstanding amount of these bonds is recorded in the General Long-Term Debt Account Group. \nINTERFUND TRANSACTIONS \nThe Board has the following types ofinterfund transactions: \nReimbursements of expenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \nOperating transfers are recorded for all interfund transactions other than reimbursements. \nMEMORANDUM ONLY -TOTAL COLUMNS \nTotal columns on the general purpose :financial statements are captioned \"Memorandum Only'' to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \nNote 2: DEPOSITS \nCOLLATERALIZATION 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 \n-10- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 1999 \n \nNote 2: DEPOSITS \nsurety bond, by guarantee ofinsurance, or by collateral. The aggregate of the face value of such surety bond and the market value ofsecurities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. OCGA Section 45-8-1 l(b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. \nAcceptable security for deposits consists of any one of or any combination of the following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates ofindebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates ofindebtedness or other obligations ofthe counties or municipalities of the State of Georgia, \n(5) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n(6) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia, and \n(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. \nCATEGORIZATION OF DEPOSITS At June 30, 1999, the bank balances were $2,541,419.37. The amounts of the total bank balances are classified into three categories of credit risk: \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name. \n \n-11 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPQSE FINANCIAL STATEMENTS \n \nJUNE 30, 1999 \n \nNote 2: DEPOSITS \n \nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Board's name.) \n \nThe Board's deposits are classified by risk category at June 30, 1999, as follows: \n \nRisk Categozy \n \nBank Balance \n \n1 \n \n$ 200,000.00 \n \n2 \n \n0.00 \n \n3 \n \n2,341,419.37 \n \nTotal \n \n$ 2.541.419.37 \n \nNote 3: NON-MONETARY TRANSACTIONS \n \nThe Board receives food commodities from the United States Department ofAgriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \n \nNote 4: RISK MANAGEMENT \n \nThe Board is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; natural disaster and unemployment compensation. \n \nThe Board has obtained commercial insurance for risk ofloss associated with torts, assets and natural disaster. The Board has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any ofthe past three years. \n \nThe Board has elected to self-insure for all losses related to natural disaster, with the exception of flood damage, for which coverage was purchased to cover up to a total of$15,000.00 for the term ofthe policy after a deductible of $250.00 per occurrence. In addition, the Board has elected to self-insure for errors or omissions, which includes, among other risks, risks for sexual harassment and discrimination. The Board has not experienced any losses related to these risks in the past three years. \n \nThe Board is self-insured with regard to unemployment compensation claims. The Board accounts for claims within the General Fund with expenditure and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. The Board has not experienced any unemployment claims during the past two fiscal years. \n \n-12- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1999 \n \nNote 4: RISK MANAGEMENT \n \nThe Board participates in the Georgia Education Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991 to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The Board pays an annual premium to the Trust for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Trust with the United States Fidelity and Guaranty Company to provide coverage for potential losses sustained by the Trust in excess of $250,000.00 loss per occurrence, up to $2,000,000.00. \n \nThe Board has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \nSuperintendent Each Principal Lunchroom Supervisor Each Lunchroom Manager \nNote 5: GENERAL LONG-TERM DEBT \n \nAmount \n$ 10,000.00 $ 3,000.00 $ 5,000.00 $ 5,000.00 \n \nCAPITAL LEASES The Miller County Board ofEducation has entered into various lease agreements as lessee for copy machines and buses. These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value ofthe future minimum lease payments as ofthe date of their inception. \n \nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \n \nPurpose \n \nInterest Rates \n \nAmount \n \nGeneral Government- Series 1991 \n \n5.20% - 7.50% \n \n$ 780.000.00 \n \nThe changes in General Long-Term Debt during the fiscal year ended June 30, 1999, were as follows: \n \nBalance July 1, 1998 \nAdditions \nDeductions Debt Retired \nBalance June 30, 1999 \n \nCapital Leases \n \nGeneral Obligation \nBonds \n \nTotal \n \n$ 42,500.24 $ 820,000.00 $ 862,500.24 \n \n130,892.00 \n \n130,892.00 \n \n19,710.19 $ 153.682.05 \n \n40,000.00 $ 780.000.00 \n \n59,710.19 $ 933.682.05 \n \n- 13 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1999 \n \nNote 5: GENERAL LONG-TERM DEBT \n \nAt June 30, 1999, payments due by fiscal year which includes principal and interest for these items are as follows: \n \nFiscal Year Ended June 30 \n2000 2001 2002 2003 2004 2005 -2009 2010-2011 \nTotal Principal and Interest \nDeduct: Imputed Interest \nNet Present Value ofFuture Minimum Lease Payments \nNote6: ON-BEHALFPAYMENTS \n \nCapital Leases $ 58,155.87 40,580.32 37,346.66 37,329.75 \n$ 173,412.60 19.730,55 \n \nGeneral Obligation \nBonds \n$ 96,760.00 99,080.00 101,020.00 102,570.00 98,720.00 \n501,435.00 206,000.00 \n$ 112051585.oo \n \nTotal Debt \n$ 154,915.87 139,660.32 138,366.66 139,899.75 98,720.00 501,435.00 206,000.00 \n$ 1.378.997.60 \n \n$ 153.682.05 \n \nThe Board has recognized revenues and expenditures in the amount of$107,229.88 for health insurance and retirement contributions paid on the Board's behalfby the following State Agencies. \n \nGeorgia Department ofEducation Paid to the State Merit System ofPersonnel Administration For Health Insurance ofNon-Certified Personnel In the amount of$81,753.88 \n \nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of$25,476.00 \n \nNote 7: CONTINGENT LIABILITIES \n \nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The Board believes that such disallowances, if any, will .be immaterial to its overall financial position. \n \n- 14- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1999 \n \nNote 7: CONTINGENT LIABILITIES \n \nThe Board is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine Board operations. The ultimate disposition of these proceedings is not presently determinable, but is not believed to be material to the general PllIJ\u003eOSe financial statements. \n \nNote 8: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer 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. \n \nTRS CONTRIBUTIONS REQUIRED AND MADE \nEmployees ofthe Board who are covered by TRS are required by State statute to contribute 5% oftheir gross \nearnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.95% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n1999 1998 1997 \n \n100% 100% 100% \n \n$ 563,087.57 $ 501,312.34 $ 468,789.36 \n \n-15 - \n \n MILLER COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 1999 \n \nEXHIBITE \n \nASSETS \nCash and Cash Equivalents \nInvestments \nAccounts Receivable \nInventories Food Donated Commodities Purchased Food \n \nSCHOOL FOOD \nSERVICES FUND \n \nLOTTERY PROGRAMS \n \nFEDERAL PROGRAMS \n \nTOTALS JUNE 30, 1999 JUNE 30, 1998 \n \n$ 33,465.04 $ 28,779.70 \n \n$ 62,244.74 $ 110,695.78 \n \n7,764.37 \n \n4,673.68 \n \n$ 183,295.22 \n \n187,968.90 \n \n52,157.40 \n \n7,303.n 7,550.27 \n \n7,303.n 7,550.27 \n \n4,594.21 7,013.73 \n \nTotal Assets \n \n$ 52,992.76 $ 28,TT9.70 $ 183,295.22 $ 265,067.68 $ 182,225.49 \n \nLIABILITIES AND FUND EQUITY \nLIABILITIES \nCash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable \nTotal Liabilities \nFUND EQUITY \nFund Balances Reserved For Continuation of Federal Programs For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated \nTotal Fund Equity \n \n$ 6,957.36 $ 29,649.25 \n \n$ 139,331.94 $ \n \n6,340.26 \n \n8,946.30 \n \n22,439.44 \n \n27,407.54 \n \n100.00 \n \n$ 36,606.61 $ 28,TT9.70 $ 175,785.78 $ \n \n139,331.94 22,243.92 $ 79,496.23 \n100.00 \n241,172.09 $ \n \n32,973.70 73,172.27 23,085.58 \n129,231.55 \n \n$ 7,303.n 7,550.27 \n1,532.11 $ \n$ 16,386.15 $ \n \n$ 7,509.44 $ \n \n7,509.44 $ \n \n3,038.71 \n \n0.00 0.00 $ \n \n0.00 7,509.44 $ \n \n7,303.n 7,550.27 \n1,532.11 \n23,895.59 $ \n \n4,594.21 7,013.73 \n38,347.29 \n52,993.94 \n \nTotal Liabilities and Fund Equity \n \n$ 52,992.76 $ 28,TT9.70 $ 183,295.22 $ 265,067.68 $ 182,225.49 \n \nSee notes to the general purpose financial statements. \n \n-16- \n \n MILLER COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nSPECIAL REVENUE FUND YEAR ENDED JUNE 30, 1999 \n \nEXHIBIT\"P \n \nREVENUES \n \nSCHOOL FOOD \nSERVICES FUND \n \nLOTTERY PROGRAMS \n \nFEDERAL PROGRAMS \n \nTOTALS YEAR ENDED JUNE 301 1999 JUNE 30, 1998 \n \nState Funds Federal Funds Other Funds \n \n$ 41,262.00 $ 208,123.44 \n \n$ 249,385.44 $ \n \n359,921.62 \n \n$ 651,058.08 \n \n1,010,979.70 \n \n96,845.29 \n \n96,845.29 \n \n239,203.03 795,201.03 \n94,723.25 \n \nTotal Revenues \n \n$ 498,028.91 $ 2081123.44 $ 6511058.08 $ 11357,210.43 $ 11129,127.31 \n \nEXPENDITURES \n \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services General Administration School Administration Food Services Operation \n \n$ 166,969.66 $ 532,309.71 $ \n \n$ 534,844.09 \n \n38,983.67 781.00 \n2,423.87 \n \n9,383.03 44,624.35 56,335.22 15,109.51 \n \n699,279.37 $ \n48,366.70 45,405.35 56,335.22 15,109.51 537,267.96 \n \n502,554.01 \n55,688.64 39,104.20 46,617.65 \n5,548.20 519,270.89 \n \nTotal Expenditures \n \n$ 534,844.09 $ 2091158.20 $ 657,761.82 $ 11401,764.11 $ 11168,783.59 \n \nExcess of Revenues over (under) Expenditures \n \n$ -36,815.18 $ -1,034.76 $ -6,703.74 $ -44,553.68 $ -39,656.28 \n \nOTHER FINANCING SOUBCES \n \nOperating Transfers In \n \n11034.76 \n \n111174.47 \n \n121209.23 \n \n34,294.97 \n \nExcess of Revenues and Other Financing Sources \n \nover (under) Expenditures \n \n$ -36,815.18 $ \n \n0.00 $ 4,470.73 $ -32,344.45 $ \n \n-5,361.31 \n \nFUND BALANCE JULY 1 \n \n49,955.23 \n \n0.00 \n \n3,038.71 \n \n52,993.94 \n \n60,086.03 \n \nFood Inventory - Net Change in Period Donated Commodities Purchased Food \n \n2,709.56 536.54 \n \n2,709.56 536.54 \n \n-178.74 -1,552.04 \n \nFUND BALANCE JUNE 30 \n \ns s___ s s s_ 16,386.15 \n \no_._oo_ 7,509.44 \n \n23,895.59 \n \n_,,5_2_,9..,93..,_.94_ \n \nSee notes to the general purpose financial statements. \n \n-17- \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 1999 \n \nFUNDING AGENCY \nPROGRAM/GRANT \n \nCFDA \nNUMBER \n \nPASS- \nTHROUGH ENTITY ID NUMBER \n \nFEDERAL REVENUE IN PERIOD \n \nEXPENDITURES IN PERIOD \n \nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food and Nutrition Program Food Services School Breakfast Program 1999 Grant National School Lunch Program 1999 Grant \n \n* 10.553 * 10.555 \n \nN/A $ N/A \n \n108,042.54 \n216,763.80 $ \n \n(2) 499,728.81 (3) \n \nTotal Child Nutrition Cluster \n \n$ \n \n324,806.34 $ \n \n499,728.81 \n \nOther Programs \n \nPass-Through From Georgia Department of Education \n \nFood and Nutrition Program \n \nFood Distribution Program (1) \n \n10.550 \n \nN/A \n \n35,115.28 \n \n35,115.28 \n \nTotal U. S. Department of Agriculture \n \n$ \n \n359,921.62 $ \n \n534,844.09 \n \nEducation, U. S. Department of \n \nSpecial Education Cluster \n \nPass-Through From Georgia Department of Education \n \nIndividuals with Disabilities Education Act \n \nPart B - Special Education \n \nFlow Through 1999 Grant \n \n84.027 \n \nN/A $ \n \n72,377.59 $ \n \n72,377.59 \n \nPreschool \n \n~ \n \n1999 Grant \n \n84.173 \n \nN/A \n \n20,309.00 \n \n20,309.00 \n \nCapacity Building Improvement Grant \n \n1999 Grant \n \n84.173 \n \nNIA \n \n3,742.00 \n \n3z742.00 \n \nTotal Special Education Cluster \n \n$ \n \n96,428.59 $ \n \n96,428.59 \n \nPass-Through From Georgia Department of Education \n \nElementary and Secondary Education Act \n \nTitle I \n \nGrants to Local Educational Agencies \n \n1999 Grant \n \n84.010 \n \nNIA \n \nTitle II \n \nEisenhower Professional Development 1998 Grant 1999 Grant \n \n84.281 \n \nN/A \n \n84.281 \n \nN/A \n \nTitle VI \n \nInnovative Education Program Strategies 1999 Grant \n \n84.298 \n \nN/A \n \nGoals2000 \n \nState and Local Education Systemic \n \nImprovement Grants 1999 Grant \n \n* 84.276 \n \nNIA \n \nVocational Education - Basic Grants to States \n \nHigh School Program \n \nBasic Grant 1999 Grant \n \n84.048 \n \nN/A \n \n256,935.72 -3,038.71 18,500.00 8,777.00 \n226,148.68 \n17,307.00 \n \n256,935.72 10,990.56 8,788.16 (3) \n237,271.16 (3) 17,347.83 (3) \n \nTotalU.S.DepartmentofEducation \n \n$ \n \n621,058.28 $ \n \n627,762.02 \n \n-18- \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 1999 \n \nFUNDING AGENCY PROGRAM/GRANT \nLabor, U. S. Department of Pass-Through From Georgia Department of Labor Job Training Partnership Act 96-B-92 \n \nCFDA NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nFEDERAL REVENUE IN PERIOD \n \nEXPENDITURES IN PERIOD \n \n17.250 \n \nN/A $ \n \n29.999.80 $ \n \n29.999.80 \n \nTotal Federal Financial Assistance \n \n$ 1.010,979.70 $ _ _1,.1.9.=2=,6=0=5..9..,.1 \n \nN/A = Not Available \n \nNotes to the Schedule of Expenditures of Federal Awards \n \n(1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. \n(2) Expenditures for the School Breakfast Program were not maintained separately and are included in the 1999 National School Lunch Program. \n(3) Expenditures for this program include State, and/or Other Funds. Expenditures are not maintained by fund source. \n \nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \n \nThe Board did not provide Federal Assistance to any Subrecipient. \n \nThe accompanying schedule of expenditures of Federal Awards includes the Federal Grant Activity of the Miller County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the general purpose financial statements. \n \nSee notes to the general purpose financial statements. \n \n-19- \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 1999 \n \nSCHEDULE \"2\" \n \nAGENCY/FUNDING \nGRANTS Education, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost Pupil Transportation Regular Bus Replacement Sparsity Grant Middle School Incentive Program Special Instructional Assistance In-School Suspension Counselors Grades 4 and 5 Technology Specialist Local Fair Share Educational Equalization Funding Grant Food Services Vocational Education Other State Programs Alternative Program At-Risk Summer School Program Health Insurance Preschool Handicapped Program Remedial Summer School Program Student Record \nYear 2000 Project Funding Lottery Programs \nAssistive Technology Computers in the Classroom \nOffice of School Readiness Pre-Kindergarten Program \nOffice of the Governor Georgia Council for the Arts Georgia Challenge Grant \nOffice of Treasury and Fiscal Services Public School Employees Retirement \nCONTRACTS Education, Georgia Department of Reading First \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nGENERAL \n \nREVENUE \n \nFUND \n \nFUND \n \nTOTAL \n \n$ 2,856,348.00 545,093.00 245,082.00 123,004.00 32,954.00 799,015.00 \n256,200.00 68,252.00 101,576.00 102,995.00 63,799.00 47,175.00 12,262.00 28,842.00 \n-487,806.00 353,536.00 \n$ 61,025.00 \n30,000.00 5,429.04 81,753.88 31,993.00 2,684.23 945.00 7,294.15 \n \n$ \n41,262.00 4,352.93 25,145.00 \n \n2,856,348.00 545,093.00 245,082.00 123,004.00 32,954.00 799,015.00 \n256,200.00 68,252.00 101,576.00 102,995.00 63,799.00 47,175.00 12,262.00 28,842.00 \n-487,806.00 353,536.00 41,262.00 61,025.00 \n30,000.00 5,429.04 \n81,753.88 31,993.00 \n2,684.23 945.00 \n7,294.15 \n4,352.93 25,145.00 \n \n178,625.51 \n \n178,625.51 \n \n15,000.00 25,476.00 \n \n15,000.00 25,476.00 \n \n24,563.00 \n \n24,563.00 \n \nSee notes to the general purpose financial statements. \n \n$ 5,434,490.30 $ \n \n249,385.44 $ 5,683,875.74 \n \n-20- \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES LOTTERY PROGRAMS YEAR ENDED JUNE 30, 1999 \n \nSCHEDULE 3 \n \nEXPENDITURES \n \nASSISTIVE TECHNOLOGY \n \nCOMPUTERS INTHE \nCLASSROOM \n \nPRE-KINDERGARTEN PROGRAM \n \nTOTAL \n \nCurrent \n \nInstruction \n \n$ \n \nSupport Services \n \nPupil Services \n \nImprovement of Instructional Services \n \nFood Services Operation \n \n4,352.93 $ \n \n25,145.00 $ \n \n137,471.73 $ 166,969.66 \n \n38,983.67 781.00 \n2.423.87 \n \n38,983.67 781.00 \n2,423.87 \n \nTotal Expenditures \n \n$ \n \n4,352.93 $ \n \ns_ _ _ s 2s,14s.oo \n \n...,;,;11_9_,s_so_.2_1_ 209,158.20 \n \nRECAP: Salaries and Benefits Pre-Kindergarten Program Other Expenditures Assistive Technology Computers in the Classroom Pre-Kindergarten Program \n \n$ 172,507.81 \n4,352.93 25,145.00 7,152.46 \n \n$ \n \nSee notes to the general purpose financial statements. \n \n-21- \n \n MILLER COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 1999 \n \nSCHEDULE \"4\" \n \nMinimum Expenditure Requirements (Total Allotment) Expenditures on Combined Program Basis \nSalaries Operations \nLess: Expenditures for Media Center Programs in Excess of Total Media Allotment \nExpenditures per Audit \nAmount of Underexpenditure for Total Allotment \n \nFOURTEEN WEIGHTED AND MEDIA CENTER \nPROGRAMS \n \n100% TEST FOR OPERATIONS PORTION OF FOURTEEN WEIGHTED PROGRAMS \n \n$ \n \n3,7691527.00 $ \n \n110,319.00 \n \n$ \n \n4,087,141.58 \n \n177,769.55 $ _ _ _1_5_.3,_18_0_.3_2 \n \n$ \n \n4,264,911.13 \n \n-40,605.00 $ ____4._,2_24_,_,3_0_6__.1__3 \n \n$ \n \n0.00 $======0.=00= \n \nSee notes to the general purpose financial statements. - 23 - \n \n SCHEDULE\"5\" \n \nEDUCATION TOTAL \nREQUIRED \n \nACTUAL EXPENDITURES \n \nSALARIES \n \nOPERATIONS \n \nTOTAL \n \nAMOUNT OF UNDEREXPENDITURE \nFOR REQUIRED ALLOTMENT \n \n$ \n \n230,682.60 $ \n \n247,525.66 $ \n \n8,536.69 $ \n \n256,062.35 \n \n654,936.30 \n \n702,735.58 \n \n19,017.38 \n \n721,752.96 \n \n$ \n \n885,618.90 $ \n \n950,261.24 $ \n \n27,554.07 $ \n \n977,815.31 $ \n \n0.00 \n \n328,613.40 \n \n387,027.31 \n \n9,720.02 \n \n396,747.33 \n \n0.00 \n \n560,499.30 \n \n723,971.24 \n \n16,207.39 \n \n740,178.63 \n \n0.00 \n \n454,247.10 \n \n617,716.60 \n \n59,328.22 \n \n677,044.82 \n \n0.00 \n \n139,209.30 \n \n145,226.54 \n \n4,950.63 \n \n150,177.17 \n \n0.00 \n \n202,525.20 \n \n323,252.12 \n \n21,170.20 \n \n344,422.32 \n \n0.00 \n \n$ 2,570,713.20 $ 3,147,455.05 $ \n \n138,930.53 $ 3,286,385.58 \n \n~ \n \n$ \n \n490,583.70 \n \n$ \n \n251,185.59 $ 181,874.21 124,575.25 \n \n3,587.66 $ 5,052.00 3,069.68 \n \n254,773.25 186,926.21 127,644.93 \n \n$ \n \n490,583.70 $ \n \n557,635.05 $ \n \n11,709.34 $ \n \n569,344.39 \n \n0.00 \n \n20,213.91 \n \n424.85 \n \n20,638.76 \n \n$ \n \n490,583.70 $ \n \n577,848.96 $ \n \n12,134.19 $ \n \n589,983.15 \n \n0.00 \n \n$ \n \n220,573.80 $ \n \n222,817.80 $ \n \n2,115.60 $ \n \n224,933.40 \n \n0.00 \n \n$ 3,281,870.70 $ 3,948,121.81 $ \n \n153,180.32 $ 4,101,302.13 \n \n$ \n \n88,734.60 $ \n \n139,019.77 \n \n$ \n \n139,019.77 \n \n0.00 \n \n24,410.00 - - - - - $ _ _ _24__,_58_9_.2_3 \n \n24,589.23 \n \n0.00 \n \n$ \n \n113,144.60 $ \n \n139,019.77 $ \n \n24,589.23 $ _---'1\"\"'s3\"\"',s.;;,.;0\"\"9.;.;;o~o \n \n$ 3,395,015.30 $ 4,087,141.58 $ \n \n177,769.55 $ 4,264,911.13 $ \n \n0.00 \n \n===--====== \n \n$ \n \n10,394.00 \n \n22,560.00 \n \n$===32=,9=54==00= \n \n$ \n \n10,132.68 $ \n \n10,132.68 \n \n26,719.44 \n \n26,719.44 \n \n$ \n \n36,852.12 $ \n \n36,852.12 $.....,_ _ _ _ _,..0..0..0... \n \n 25  \n \n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \n \n w. RUSSELL HINTON STATE AUDITOR (404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nJanuary 31, 2000 \n \nHonorable Roy E. Barnes, Governor Members of the General Assembly Members ofthe State Board of Education \nand Superintendent and Members ofthe Miller County Board of Education \nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH \nGOVERNMENT AUDITING STANDARDS \nLadies and Gentlemen: \nWe have audited the financial statements ofMiller County Board of Education as of and for the year ended June 30, 1999, and have issued our report thereon dated January 31, 2000. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. \nCompliance \nAs part of obtaining reasonable assurance about whether Miller County Board of Education's financial s~tements are free ofmaterial misstatement, we performed tests ofits compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards. \nInternal Control Over Financial Reporting \nIn planning and performing our audit, we considered Miller County Board ofEducation's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. However, we noted certain matters involving the internal control over financial reporting and its operation \n99YB-40 \n \n that we consider to be reportable conditions. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of the internal control over financial reporting that, in our judgement, could adversely affect Miller County Board ofEducation's ability to record, process, summarize and report financial data consistent with assertions of management in the financial statements. Reportable conditions are described in the accompanying Schedule ofFindings and Questioned Costs as items FS-7001-99-01 and FS-7001-99-02. \nA material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course ofperforming their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, all ofthe reportable conditions noted above were considered to be material weaknesses. \nThis report is intended solely for the information and use of management, members of the Miller County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n~-~ \nussell W. Hinton State Auditor \nRWH:gp 99YB-40 \n \n RussELL W. HINTON \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nJanuary 31, 2000 \n \nHonorable Roy E. Barnes, Governor Members ofthe General Assembly Members ofthe State Board of Education \nand Superintendent and Members of the Miller County Board ofEducation \nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND INTERNAL CONTROLOVERCOMPLIANCEJNACCORDANCE WITH 0MB CIRCULARA-133 \nLadies and Gentlemen: \nCompliance \nWe have audited the compliance of Miller County Board of Education with the types of compliance requirements described in the U.S. Office ofManagement and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to each ofits major Federal programs for the year ended June 30, 1999. Miller County Board ofEducation's major Federal programs are identified in the accompanying Schedule ofFindings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility ofMiller County Board ofEducation's management. Our responsibility is to express an opinion on Miller County Board ofEducation's compliance based on our audit. \nWe conducted our audit of compliance in accordance with generally accepted auditing standards; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and 0MB Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations. Those standards and 0MB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Miller County Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Miller County Board of Education's compliance with those requirements. \n \n99SA-10 \n \n In our opinion, the Miller County Board ofEducation complied, in all material respects, with the requirements referred to above that are applicable to each ofits major Federal programs for the year ended June 30, 1999. \nInternal Control Over Compliance \nThe management of Miller County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Miller County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with 0MB Circular A-133. \nOur consideration of the internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a condition in which the design or operation ofone or more ofthe internal control components does not reduce to a relatively low level ofrisk that noncompliance with applicable requirements of laws, regulations, contracts and grants that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. \nThis report is intended solely for the information and use of management, members of the Miller County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n~~-~~ Russell W. Hinton State Auditor \nRWH:gp 99SA-10 \n \n SECTIONill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n MILLER COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 1999 \n \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nFINDING CONTROL NUMBER AND STATUS \n \nFS-7001-97-01 FS-7001-97-02 FS-7001-98-01 FS-7001-98-02 \n \nFurther Action Not Warranted Further Action Not Warranted Unresolved - See Corrective Action/Responses Unresolved - See Corrective Action/Responses \n \nCORRECTIVE ACTION/RESPONSES \n \nCASH AND CASH EQUNALENTS Inadequate Separation ofDuties Finding Control Number: FS-7001-98-01 \n \nDue to budgetary constraints the Board is unable to hire the additional staff required to clear this finding. The Board feels that it has provided for the most appropriate assignments of duties with the number ofpersonnel available to perform the accounting functions with staff limitations. This finding cannot be totally resolved. \n \nGENERAL FIXED ASSETS \nFailure to Maintain General Fixed Assets Account Group Finding Control Number: FS-7001-98-02 \n \nDue to current staffing limitations and budgetary considerations prohibiting the hiring ofadditional administrative staff, the Board has decided not to pursue the recording of general fixed assets on the financial statements. We are presently gathering information regarding computer programs available for this purpose. At some point we would consider purchasing one to solve this problem. \n \n SECTION IV FINDINGS AND QUESTIONED COSTS \n \n MILLER COUNT BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 1999 \n \nI SUMMARY OF AUDITOR'S RESULTS \n \n1. T)l)e of Re.port Issued on the Financial Statements The auditor's opinion on the Miller County Board of Education's financial statements was qualified for various departures from generally accepted accounting principles. \n \n2. Re.portable Conditions in Internal Control Disclosed by the Audit of the Financial Statements \nThe audit report for the Miller County Board of Education disclosed financial statement reportable \nconditions related to the following control categories. \n \nCash and Cash Equivalents \n \nGeneral Fixed Assets \n \nAll ofthe reportable conditions described above are considered to be material weaknesses. \n \n3. Noncompliance Material to the Financial Statements \nThe audit ofthe Miller County Board ofEducation disclosed no instances ofnoncompliance that were \ndeemed to be material to the financial statements. \n \n4. Re.portable Conditions in Internal Control Over Major Programs \nThe audit report for the Miller County Board ofEducation did not disclose any reportable conditions in internal control over major programs. \n \n5. T)l)e ofReport Issued on Compliance for Major Programs \nThe auditor's opinion on the Miller County Board of Education's report on compliance with \nrequirements applicable to major programs was unqualified. \n \n6. Audit Findin~s Required to be Re.ported by Section ,510(.a,) ofOMB CircularA-133 \nThe Miller County Board ofEducation's audit did not disclose audit findings required to be reported \nby section .510(a) ofOMB Circular A-133. \n \n7. Major Programs Federal awards audited as major programs are as follows: 10.553 Food and Nutrition Program - Food Services - School Breakfast Program 10.555 Food and Nutrition Program - Food Services - National School Lunch Program 84.276 Elementary and Secondary Education Act - Goals 2000 - State and Local Education Systemic Improvement Grant \n \n8. T):1tJe \"A\" Program Dollar Threshold \nThe dollar threshold for type \"A\" programs was $300,000.00. \n \n9. Low Risk Auditee \nThe Miller County Board ofEducation did not qualify as a low risk auditee as defined by Section .530 \nofOMB Circular A-133. \n \n- 1- \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 1999 \nIl FINANCIAL STATEMENT FlNDlNQS AND QUESTIONED COSTS \nCASH AND CASH EQUNALENTS Inadequate Separation ofDuties Reportable Condition - Material Weakness Repeated From Prior Year Finding Control Number: FS-7001-99-01 \nAn examination of the internal accounting control procedures revealed that the Board did not maintain adequate separation of duties in the performance of the following accounting functions and related procedures: \nThe check preparation :function was not separated from the recording of disbursements on the general ledger. In addition, the reconciliation of the operating/payroll and debt service accounts were not performed by someone independent ofthe payroll/general ledger function. No supervisory review of the bank reconciliations was performed. \nSeparation of duties involving key accounting functions is the basis for achieving an adequate system of internal control. These deficiencies were a result of management's decision to limit the number of administrative staffmade responsible for accounting :functions. Management should periodically review this decision to determine ifemployee duties can be reassigned to achieve a higher degree ofinternal control with the existing staff. \nGENERAL FIXED ASSETS \nFailure to Maintain General Fixed Assets Account Group Reportable Condition - Material Weakness Repeated From Prior Year Finding Control Number: FS-7001-99-02 \nThe Miller County Board ofEducation did not maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. This condition results in the general purpose financial statements ofthe Board being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Board to establish accounting controls and procedures to provide for maintenance of a General Fixed Assets Account Group. The subsidiary records should include an inventory ofland, buildings and equipment owned by the Board and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. \nm FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \nNo matters were reported. \n-2- \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bm6-b1997-h98","title":"Audit report, Miller County Board of Education, Colquitt, Georgia, year ended June 30, 1998","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, Miller County, 31.16399, -84.73072"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["1998-06-30"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Miller County Board of Education, Ga.)"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Auditors' reports--Georgia","Financial statements--Georgia","Miller County (Ga.). Board of Education--Appropriations and expenditures"],"dcterms_title":["Audit report, Miller County Board of Education, Colquitt, Georgia, year ended June 30, 1998"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bm6-b1997-h98"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bm6-b1997-h98"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"AUDIT REPORT MilLER COUNTY BOARD OF EDUCAnON \nCOLQUITT, GEORGIA YEAR ENDED JUNE 30,1998 \n \n MILLER COUNTY BOARD OF EDUCATION \n- TABLE OF CONTENTS- \n \nSECTION I \n \nFlNANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FlNANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \n \nEXIDBITS \n \nGENERAL PURPOSE FlNANCIAL STATEMENTS \n \nCOMBINED STATEMENTS - OVERVIEW \n \nA \n \nCOMBINED BALANCE SHEET \n \nALL FUND TYPES AND ACCOUNT GROUP \n \n2 \n \nB \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES \n \nALL GOVERNMENTAL FUND TYPES \n \n4 \n \nC \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \n \n(NON-GAAP BASIS) \n \nGENERAL AND SPECIAL REVENUE FUNDS \n \n5 \n \nD NOTES TO THE GENERAL PURPOSE FlNANCIAL STATEMENTS \n \n7 \n \nADDmONAL FlNANCIAL INFORMATION \n \nCOMBlNlNG STATEMENTS \n \nSPECIAL REVENUE FUND \n \nE \n \nCOMBlNlNG BALANCE SHEET \n \n18 \n \nF \n \nCOMBlNlNG STATEMENT OF REVENUES, EXPENDITURES \n \nAND CHANGES IN FUND BALANCES \n \n19 \n \nSCHEDULES \n \n1 SCHEDULE OF REQUIRED SUPPLEMENTARY INFORMATION \n \n20 \n \n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \n \n21 \n \n3 SCHEDULE OF STATE REVENUE \n \n23 \n \n4 SCHEDULE OF EXPENDITURES \n \nLOTTERY PROGRAMS \n \n24 \n \nANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS \n \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS \n \n5 \n \nOVERALL \n \n25 \n \n6 \n \nBY PROGRAM \n \n26 \n \n MILLER CmJNIY BOARP OF EDUCATION - TABLE OF CONTENTS - \nSECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS REPORT ON COMPLIANCE AND ON IN1ERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GpYERNMENT AUDITING STANDARDS REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 \nSECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \n SECTION I FINANCIAL \n \n RUSSELL W. HtNTON \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \nJuly 13, 1999 \n \nHonorable Roy E. Barnes, Governor Members ofthe General Assembly Members of the State Board of Education \nand Superintendent and Members of the Miller County Board of Education \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SupPLEMENTARY INFORMATION - \nSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nLadies and Gentlemen: \nWe have audited the accompanying general purpose financial statements of the Miller County Board of Education, as of and for the year ended June 30, 1998, as listed in the table of contents. These general purpose financial statements are the responsibility of the Miller County Board ofEducation's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. \nWe conducted our audit in accordance with generally accepted auditing standards and the standards applicable \nto financial audits contained in Government Auditin~ Standards, issued by the Comptroller General of the \nUnited States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \nAs described in the notes to the general purpose financial statements, the Board's fmancial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: \n* The general purpose financial statements of the Board did not contain a General Fixed Assets \nAccount Group to account for property and equipment owned by the Board which should be included to confonn to generally accepted accounting principles. \n \n98ARL-13B \n \n  School activity accounts maintained at the individual schools are not included in the general purpose financial statements. To confonn to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. \n The Board did not recognize as expenditures, in the year ended June 30, 1998, a portion of salaries and the corresponding employer's cost ofrelated benefits earned for contractual services completed prior to June 30, 1998. Also funds received, subsequent to June 30, 1998, from the Georgia Department ofEducation for the State's share ofthese unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1997, were improperly recorded in the year ended June 30, 1998. To confonn to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. \nThe aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. \nIn. our opinion, except for the effects on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements referred to above present fairly, in all material respects, the financial position ofthe Miller County Board ofEducation as of June 30, 1998, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. \nIn. accordance with Goyernment Auditing Standards we have also issued our report dated July 13, 1999, on our consideration ofthe Miller County Board ofEducation's internal control over financial reporting and our tests ofits compliance with certain provisions of laws, regulations, contracts and grants. \nThe year 2000 supplementary infonnation on Schedule \"1\" is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries ofmanagement regarding the methods ofmeasurement and presentation ofthe supplementary infonnation. However we did not audit the infonnation and do not express an opinion on it. In. addition, we do not provide assurance that Miller County Board ofEducation is or will become year 2000 compliant, that the Board's year 2000 remediation efforts will be successful in whole or in part, or that parties with which Miller County Board of Education does business are or will become year 2000 compliant. \nOur andit was perfonned for the purpose of forming an opinion on the general purpose financial statements of the Miller County Board of Education taken as a whole. The accompanying combining statements (Exhibits E and F) and the financial schedules (Schedules 2 through 6), which includes the Schedule of Expenditures of Federal Awards as required by U. S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the general purpose financial statements. Such infonnation has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and in our opinion, except for the effects of the matters referred to in the third paragraph, such infonnation is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. \n98ARL-13B \n \n A copy of this report has been filed as a pennanent 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. \nRespectfully submitted, \n~t1J.~ Russell W. Hinton State Auditor \nRWH:jb 98ARL-13B \n \n MILLER COUNTY BOARD OF EDUCATION \n \n MILLER COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET \nALL FUND TYPES AND ACCOUNT GROUp JUNE3Q 1998 \n \n~ \nCash and Cash Equivalents \nInvestmenta \nAccounts Receivable \nInventories Food Donatad Commodities Purchased Food \nAmount Available in Debt Service Fund \nAmount to be Provided in Future Years For Payment of: Bond Debt Capilal Lease Agreements \n \nGOVERNMENTAL FUND \n \nSPECIAL \n \nGENERAL \n \nREVENUE \n \nFUND \n \nFUND \n \n$ 1,126,687.70 $ 110,695.78 \n \n500,000.00 \n \n7,764.37 \n \n68,174.65 \n \n52, 157.40 \n \n4,594.21 7.013.73 \n \nTotel Assets \n \n$ 1.682.862.35 $ 162,225.49 \n \nLIABILITIES AND FUND EQUITY \n~ \nCash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable Capilal Lease Agreementa General ObDgation Bonds Payable \nTotel Liabilitiee \nFUND EQUITY \nFund Balances Reserved \nF~B~Re~mentFunds \nFor Continuation of Federal Programs For Debt Service For Expired Grant BalanceslQueetioned Coots For Inventoriee \nFood Donatad Commodities Purchesed Food \nUnreserved Designated for Local Capital Outlay Undesignated \nTotel Fund Equity \n \n$ \n \n11,335.57 $ \n \n32,973.70 \n \n73,172.27 \n \n23,085.58 \n \n$ \n \n11,335.57 \n \n129,231.65 \n \n$ \n \n3,038.71 \n \n450,000.00 1,231,526.78 \n$ 1.681,526.78 \n \n4,594.21 7,013.73 \n38,347.29 52.993,94 \n \nTotel Liabilities and Fund Equity \nThe notes to the general purpose financial statements are an integral part of this statement -2- \n \n$ 1,692,862.35 $ 162,225.49 \n \n EXHIBIT \"A\" \n \nTYPES DEBT \nSERVICE FUND \n \n$ \n \n129,852.69 \n \n3,923,37 \n \nACCOUNT GROUP \nGENERAL LONG-TERM \nDEBT \n \nTOTALS \n \n(Memorandum Only) \n \nJUNE 30, 1998 \n \nJUNE 30, 1997 \n \n$ 1,367,236.17 $ 1,579,812.01 \n \n507,764.37 \n \n122,255,42 \n \n295,862.94 \n \n$ \n \n133,776.06 \n \n4,594.21 7,013.73 \n133,776.06 \n \n4,772.95 8,565.77 \n129,296.31 \n \n686,223,94 42,500,24 \n \n686,223.94 42,500.24 \n \n725,703.69 56,228,25 \n \n$ \n \n133,776,06 $ \n \n862,500,24 $ 2871364.14 $ 2802241.92 \n \n$ \n \n59,967.62 \n \n$ \n \n44,309,27 \n \n28,906.83 \n \n73,172.27 \n \n70,356.28 \n \n23,0B5,56 \n \n1,643.38 \n \n$ \n \n42,500.24 \n \n42,500.24 \n \n56,228.25 \n \n820,000.00 \n \n820,000.00 \n \n855,000.00 \n \n$ \n \n862,500,24 $ 1,003,067,36 $ 1,074,104.36 \n \n$ \n \n133,776,06 \n \n0.00 133,776.06 \n \n$ \n \n81,877.00 \n \n$ \n \n3,038.71 \n \n100.00 \n \n133,776.06 \n \n129,296,31 \n \n11,664.64 \n \n4,594,21 7,013.73 \n \n4,m.95 8,565.77 \n \n450,000.00 1,269,874.07 \n \n450,000.00 1,041,840.89 \n \n$ 1,868,296.78 $ 1,728,137.56 \n \n133 776,06 $ \n \n862,500.24 $ 2,871 ,364.14 $ 2,802 241.92 \n \n-3- \n \n MILLER COUNTY BOARD OF EDUCATION \nCOMBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FuND BALANCES \nAU. GOVERNMENTAl. FUND TYPES \n)'EAR ENDED JUNE 30 1998 \n \nEXHIBIT\"B\" \n \n~ \nState Funds Fodllllli Funds Taxes other Funds \nTotal Revenues \nEXpENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant SbJdent Transportation Services other Support Services Food Services Operation \nCapilal Outlay DebtS.rvIce \nPrIncipal InlaOlOl Paying Agant F_ \nToIol Expenditures \nExcoss 01 Revenues over (undor) Expondltures \nOTHER ANANCING SOURCES !USESl \nCapllllIL. . . . . OplIIlltIng Transfers In OplIIlltIng Transfers Out \nToIoI 0Iher Anonclng So..... (Uses) \nExcess of Revenues and Other Financing Sources over (under) Expenditures and QIhor Ananclng Uses \nFuND BALANCE JULy 1 \nFood Inventory - Not Chango In Poriod \nDonotod Commod_ \nPUIOhuod Food \n \nGENERAL FUND \n \nSPECIAL REVENUE \nFuND \n \n5,030,504.22 \n1,566,410.50 85277.44 \n6,682,192.16 \n \n239,203.03 795,201.03 \n94 723.25 \n1,129,127.31 \n \n4,247,729,18 \n232,451.47 199,16823 149,042.80 158,221.33 402,813.76 60,052.04 418,813.02 505,801.71 63,34320 \n57,438.16 \n18,008.01 4,522.72 \n \n502,554.01 55,688.64 39,104.20 46,617.65 5,54820 \n519,270.89 \n \n6507405.63 174,766.63 \n \n1,168 783.59 -39,656.28 \n \n2,280.00 -34294.97 -32014.97 \n142,77.1.56 1,538,75522 \n \n34294.97 \n34,294.97 \n-5,361.31 60,066.03 \n-178.74 -1552.04 \n \nDEBT SERVICE \nFuND \n \nTOTALS \u003cMemorandum OnM \nYEAR ENDED JUNE30 1998 JUNE 30 1997 \n \n97,495.73 4669.86 \n102165.59 \n \n5,269,707.25 795,201.03 \n1,663,906.23 184,670.55 \n7,913485.06 \n \n5,044,667.62 715,633.53 \n1,617,811.51 172 816.74 \n7,550,929,40 \n \n35,000.00 61,840.00 \n1045.84 \n97,685.84 \n4479.75 \n \n4,750,263.19 \n288,140.11 238272.43 149,042.80 204,838.98 408,361.96 \n60,052.04 418,813.02 505,801.71 63,343.20 519270.89 \n57,438.16 \n63,008.01 66,162.72 \n1045.84 \n7773875.06 \n139610.00 \n \n4,603,153.95 \n266,493.20 219,984.28 141,898.48 196,009.38 314,637.11 57,596.68 392,872.80 331,536.58 50,541.51 553,065.90 275,050.50 \n51,706.50 69,471.40 \n1040.96 \n7,523,959.23 \n26970.17 \n \n4,479.75 129,296.31 \n \n2280.00 34,294.97 -34 294.97 2280.00 \n141,890.00 1,728,137.56 \n-178.74 1552.04 \n \n5,693.13 36,077..39 -36077..39 \n5693.13 \n32,663.30 1,693,740.52 \n737.40 996.34 \n \nFUNp BALANCE JUNE 30 \n \n1681\u002626.78 \n \n52[993.94 \n \n13377.6.06 $ 1 868,296.78 \n \n1,728[137.56 \n \nThe notes to the general purpose financial statements are an integral part of this statement. 4- \n \n MILLER COUNTY BOARD OF EDUCATION \nCOMBINED STATEMENT OF RElIENUES EXPENDITURES AND CHANGES IN FUND BALANCES \nBUDGET AND ACTUAL - INON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS \nYEAR ENDED JUNE 30 1998 \n \nEXHIBIT\"C\" \n \n~ \nState Funds Federal Funds Taxes otherFu_ \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Adminl_tion Business Administration Maintenance and Operation of Plant StUdent Transportation Services other Support Services Food Services Operation \nCapital Outlay Debt Service \nTotal Expendftures \nExcess of Revenues over (under) Expendftures \nOTHER FINANCING SOURCES (USES) \nother Sources other Uses \nTotal other FInancing Sources (Uses) \nExcess of Revenues and other Financing Sources over (under) Expendftures and other Financing Uses \nFUND BALANCE JULY 1 1997 \nAdJu_ Food Inventory - Net Change in Period \nDonated Commodities Purchased Food \n \nGENERAL FUND \n \nACTUAL \n \n(BUDGET \n \nBUDGET \n \nBASIS) \n \n$ 4,774,613.00 $ 5,030,504.22 \n \n1,900.00 \n \n1,613,003.00 \n \n1,566,410.50 \n \n85,277.44 \n \n$ 6,389,516.00 \n \n6,682,192.16 \n \n$ 4,323,782.00 \n \n4,247,729.18 \n \n261,000.00 185,555.00 154,000.00 177,700.00 439,200.00 65,300.00 \n429,900.00 574,100.00 \n56,912.00 \n \n232,451.47 199,168.23 149,042.80 158,221.33 402,813.76 60,052.04 418,813.02 505,801.71 53,343.20 \n \n116,000.00 \n \n57,438.16 22,530.73 \n \n6,783,449.00 $ 6,507.405.83 \n \n$ \n \n~,933.00 \n \n174,786.53 \n \n$ \n \n2,280.00 \n \n-34,294.97 \n \n$ \n \n-3~014.97 \n \n$ ~,933.00 $ \n \n14~771.56 \n \n1,515,896.95 \n \n1,538,755.22 \n \n20.00 \n \n0.00 \n \nFUND BALANCE JUNE 30 1998 \n \n1,121,783.95 $ 1,681,526.78 \n \nSPECIAL REVENUE FUND \n \nACTUAL \n \n(BUDGET \n \nBUDGET \n \nBASIS) \n \n$ 216,523.00 771,839.00 \n \n239,203.03 795,201.03 \n \n113,100.00 \n \n94,723.25 \n \n$ 1,101 ,462.00 $ 1,129,127.31 \n \n448,200.00 62,100.00 \n250.00 45,403.00 \nSOC.OO 544,400.00 \n \n502,554.01 55,668.64 39,104.20 46,617.65 5,546.20 \n519,270.89 \n \n$ 1,100,853.00 $ 1,168,783.59 \n \n$ \n \n609.00 $ -39,656.28 \n \n$ \n \n34,294.97 \n \n$ \n \n34,294,97 \n \n$ \n \n609.00 $ \n \n-5,361.31 \n \n57,920.18 \n \n60,086.03 \n \n89.17 \n \n-178.74 -1,552.04 \n \n58,618.35 $ \n \n52,993.94 \n \nThe notes to the general purpose financial statements are an integral part of this statement. -5- \n \n  MILLER COUNTY BOARD OF EDUCATION \n \nEXlllBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJ!JNE3Q 1998 \n \nNote l' SUMMARY OF SIGNIFICANT ACCOUNTING POUCIES \nREPORTING ENTITY \nThe Miller County Board of Education (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. According1y, the Board is a primary government and consists of all the organizations that compose its legal entity. \nFUND ACCOUNTING \nThe Board uses funds and an account group 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 ofaccounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. \nGeneral Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Board. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. \nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. \nThe general purpose financial statements account for all State, Federal, Taxes and Other funds under control ofthe Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: \nGOVERNMENTAL FUND TYPES - are used to account for all or most ofa Board's educational activities. Governmental Fund Types include: \nGENERAL FUND - the fund used to account for all financial resources ofthe Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. \nSPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department ofEducation and from the Federal government to accomplish specific educational objectives. \n-7 - \n \n MILLER COUNTY BOARD OF EPUCATION \n \nEXHIBIT \"0\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE3Q 1998 \n \nNote 1 SUMMARY OF SIGNIfICANT ACCOUNTING POUCIES \nDEBT SERVICE FUND - the fund used to account for the accumulation ofresoW'Ces for, and the payment of, general long-term principal, interest and paying agent fees. \nACCOUNT GROUP \nGENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding and material capital lease obligatious. \nBASIS OF ACCOUNTING \nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current fmancial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure ofavailable spendable resoW'Ces. \nLiabilities which are expected to be fmanced from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. \nGovernmental funds are accounted for using the modified accrual basis of accounting under which: \nRevenues are recognized when susceptible to aceruaJ (Le., when they become both measurable and available). \"Measurable\" means the amount ofthe transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities ofthe current period. Those revenues considered susceptible to accrual are property taxes, intergovernmental grants and investment income. \nExpenditures are generally recognized when the related fund liability is incurred. \nA departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resoW'Ces available from the Georgia Department of Education for the State's share of these contracts. During fiscal year 1998, a substantial number of personnel ofthe Board were employed for a one hundred and ninety day period beginning in late August 1997 and ending in early June 1998. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1997 and ending in August 1998. State grants to fund the State's share ofthese contracts were disbursed from the Georgia Department of Education to the Board in the same twelve months. As of June 30, 1998, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 1998, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 1998. Also, the State's portion of the compensation paid in July and August 1998 was received and recorded as revenue in the fiscal year subsequent to June 30, 1998. Conversely, the similar expenditures \n-8- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PIJRPOSE FINANCIAL STATEMENTS \n \nJUNE30 1998 \n \nNote I' SUMMARY OF SIGNIFICANT ACCOUNTING POUCIES \nand related revenues for contractual services completed prior to June 30, 1997, were recorded in the year ended June 30, 1998. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. \nBUDGET \nThe Miller County Board of Education's budget is a complete financial plan for the Board's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level of budget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. \nThe budget process begins when the Board's administration prepares a tentative budget for the Board's approval. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality. At the next regular meeting ofthe Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 20-2-167, to the Georgia Department ofEducation. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \nCASH AND CASH EQUIVALENTS \nCOMPOSmON OF DEPOSITS \nCash and cash equivalents consist of deposits in authorized financial institutions. Georgia Laws authorize \nthe Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. \nINVESTMENTS \nCOMPOSmON OF INVESTMENTS Investments made by the Board in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Board to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \n(1) Obligations issued by the State of Georgia or by other states, \n-9- \n \n MILLER COIJNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO TIIE GENERAL PlJRPOSE FINANCIAL STATEMENTS \nruNE 30 1998 \n \nNote I SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES \n \n(2) Obligations issued by the United States government, \n \n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \n \n(4) Obligations of any corporation ofthe United States government, \n \n(5) Prime banker's acceptances, \n \n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \n \n(7) Repurchase agreements, and \n \n(8) Obligations ofother political subdivisions ofthe State of Georgia. \n \nRECEIVABLES \n \nReceivables consist ofgrant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available.. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \n \nPROPERTY TAXES \n \nThe Miller County Board of Commissioners fixed the property tax levy for the 1997 tax year (calendar year) on October 15, 1997 (levy date). Taxes were due on December 20,1997. The lien date for property taxes was January 1,1997. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1998. The Miller County Tax Commissioner bills and collects the property taxes for the Board ofEducation and remits the balance oftaxes collected to the Board. \n \nTax millage rates levied for the 1997 tax year (calendar year) for the Miller County Board of Education were as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations School Bonds \n \n15.53 mills -..2fi mills \n \n16.49 mills \n \n- 10- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30.1998 \n \nNote l' SUMMARY OF SIGNIFICANT ACCffiJNJJNG POLICIES \nINVENTORIES \nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (first-in, first-out). Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time of purchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations offund balance which indicates that these amounts do not constitute \"available spendable resources\" even though they are a component of net current assets. \nGENERAL OBLIGATION BONDS \nThe Board 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 during the year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the General Long-Term Debt Account Group. \nINTERFUND TRANSACTIONS \nThe Board has the following types of interfund transactions: \nReimbursements of expenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \nOperating transfers are recorded for all interfund transactions other than reimbursements. \nMEMORANDUM ONLY - TOTAL COLUMNS \nTotal columns on the general purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. Certain reclassifications have been made to the comparative data to conform to the current year classifications. \n \n- 11 - \n \n MILLER COUNTY BOARD OF EmJCATION \n \nEXHIBIT \"0\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30.1998 \n \nNote 2' DEPOSITS \nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee ofinsurance, or by collateral. The aggregate of the face value of such surety bond and the market value ofsecurities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction of the amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. \nAcceptable security for deposits consists of anyone of or any combination of the following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates ofindebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates ofindebtedness or other obligations ofthe counties or municipalities of the State of Georgia, \n(5) Bonds ofany public authority created by the laws ofthe State ofGeorgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n(7) Bonds, bills, notes, certificates ofindebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \nCATEGORIZATION OF DEPOSITS At June 30, 1998, the bank balances were $2,442,436.50. The amounts of the total bank balances are classified into three categories of credit risk: \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. \n- 12- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"0\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 1998 \n \nNote 2' DEPOSITS \n \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name. \nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Board's name.) \n \nThe Board's deposits are classified by risk category at June 30, 1998, as follows: \n \nRisk CateiOIY \n \nBank Balance \n \n1 2 3 \nTotal \n \n$ 200,000.00 37,617.06 \n2204.81944 \n$ 2.442.436.50 \n \nNote 3: NON-MONETARY TRANSACTIONS \n \nThe Board receives food commodities from the United States Department ofAgriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \n \nNote 4: RISK MANAGEMENT \n \nThe Board 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; natural disaster and unemployment compensation. \n \nThe Board has obtained commercial insurance for risk ofloss associated with torts, assets, errors or omissions and natural disaster. However, the errors or omissions policy excludes coverage for sexual harassment and discrimination. The Board has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any of the past three years. \n \nThe Board has elected to self-insure for all losses related to natural disaster, with the exception of flood damage, for which coverage was purchased to cover up to a total of$15,000.00 for the term ofthe policy after a deductible of$250.00 per occurrence. The Board has not experienced any losses related to this risk in the past three years. \n \n- 13 - \n \n MILLER COUNTy BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE30 1998 \n \nNote 4' RISK MANAGEMENT \n \nThe Board is self-insured with regard to unemployment compensation claims. The Board accounts for claims within the General Fund with expenditure and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. The Board has not experienced any unemployment claims during the past two fiscal years. \n \nThe Board participates in the Georgia Education Workers' Compensation Trust, a public entity risk pool organized on December I, 1991 to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The Board pays an annual premium to the Trust for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Trust with the United States Fidelity and Guaranty Company to provide coverage for potential losses sustained by the Trust in excess of $250,000.00 loss per occurrence, up to$2,000,000.00. \n \nThe Board has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \n \nSuperintendent Each Principal Lunchroom Supervisor Each Lunchroom Manager \nNote 5: GENERAL LONG-TERM DEBT \n \n$ 10,000.00 $ 3,000.00 $ 5,000.00 $ 5,000.00 \n \nCAPITAL LEASES The Miller County Board of Education has entered into various lease agreements as lessee for copy machines. These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of the future minimum lease payments as of the ,date of their inception. \n \nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currimtly outstanding are as follows: \n \nPurpose \n \nInterest Rates \n \nAmount \n \nGeneral Government - Series 1991 \n \n5.20% - 7.50% $ 820.000.00 \n \nThe changes in General Long-Term Debt during the fiscal year ended June 30, 1998, were as follows: \n \n- 14 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \nJUNE 30,1998 \n \nNote 5' GENERAL LONG-TERM DEBT \n \nCapital Leases \n \nGeneral Obligation \nBonds \n \nTotal \n \nBalance July 1,1997 \n \n$ 55,871.21 $ 855,000,00 $ 910,871.21 \n \nRetroactive Restatement ofPrior Year Balances \n \n235704 \n \n000 \n \n2357.04 \n \nBalance July 1, 1997 Restated \n \n$ 58,228.25 $ 855,000.00 $ 913,228,25 \n \nAdditions \n \n2,280,00 \n \n2,280,00 \n \nDeductions Payments \n \n1800801 \n \n3500000 \n \n53008 01 \n \nBalance June 30,1998 \n \n$ 42500.24 $ 820,000.00 $ 862500.24 \n \nAt June 30, 1998, payments due by fiscal year which includes principal and interest for these items are as follows: \n \nFiscal Year Ended June 30 \n1999 2000 2001 2002 2003 2004 - 2008 2009 - 2011 \nTotal Principal and Interest \nDeduct: Imputed Interest \n \nCapital Leases \n \nGeneral Obligation \nBonds \n \nTotal Debt \n \n$ 22,728.59 $ 99,400.00 $ 122,128.59 \n \n20,809.21 \n \n96,760.00 \n \n117,569.21 \n \n3,144.45 \n \n99,080.00 \n \n102,224.45 \n \n101,020.00 \n \n101,020,00 \n \n102,570.00 \n \n102,570.00 \n \n500,280.00 \n \n500,280.00 \n \n305875.00 \n \n305,87500 \n \n$ 46,682.25 $ 1.304.985.00 $135166725 \n \n4 182.01 \n \nNet Present Value ofFuture Minimum Lease Payments \n \n$ 42 500.24 \n \n- 15 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nnJNE30.1998 \n \nNote 6' ON-BEHALf PAYMENTS \nThe Board has recognized revenues and expenditures in the amount of$108,805.45 for health insurance and retirement contributions paid on the Board's behalfby the following State Agencies. \nGeorgia Department of Education Paid to the State Merit System of Personnel Administration For Health Insurance of Non-Certified Personnel In the amount of $86,996.45 \nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of$21,809.00 \nNote 7' CONTINGENT LlABllJTIES \nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The Board believes that such disallowances, if any, will be immaterial to its overall financial position. \nThe Board is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine Board operations. The ultimate disposition of these proceedings is not presently determinable, but is not believed to be material to the general purpose financial statements. \nNote 8' RETIREMWNTPLANS \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \nIRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (IRS), which is a cost-sharing multiple employer defined benefit pension plan. IRS 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. \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees of the Board who are covered by TRS are required by State statute to contribute 5% of their gross earnings to IRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.81% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n- 16 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"0\" \n \nNOTES TO THE GENERAL PIJRPOSE FINANCIAL STATEMENTS \n \nJUNE 30 1998 \n \nNote 8: RETIREMENT PLANS \nFiscal Year \n1998 1997 1996 \n \nPercentage Contributed \n100% 100% 100% \n \nRequired Contribution \n$ 501,312.34 $ 468,789.36 $ 433,432.65 \n \n- 17- \n \n MILLER COUNTY BOARD DE epUCATION COMBINING BALANCE SHEET SpeCIAL REVENUE FUNp JUNE 30 1998 \n \nEXHIBIT \"E\" \n \nAm \nCosh and Cosh EquJvalenta \n1- \nAccounla Receivable \nInventories Food Donated Commodnies Purchased Food \n \nSCHOOL FOOD \nSERVICES FUND \n \n$ \n \n72,740,87 \n \n7,764.37 \n \n3,248.86 \n \nLOITERY PROGRAMS \n \nFEDERAL PROGRAMS \n \nTOTALS JUNE 30, 1998 JUNE 30, 1997 \n \n24,768,31 $ \n \n13,186.60 $ 110,695,78 $ \n \n82,161.59 \n \n7,764.37 \n \n2,202.62 \n \n46,705.92 \n \n52,157.40 \n \n198,866.01 \n \n4,594.21 7,013.73 \n \n4,594.21 7,013.73 \n \n4,m.95 8,565.77 \n \nTalalAaoeta \n \n$ \n \n95,362,04 $ \n \n26.970.93 $ \n \n59.892.52 \n \n182,225.49 $ 294,386.32 \n \nLIABILITIES ANp FUNp EQUITY \n \n~ \n \nCoahOYardraft \n \nAccounla Payable \n \n$ \n \nSalaries Payable \n \nExpIred Grant Balances Payable \n \nTotal L1abllilles \n \n$ \n \nFUND EQUITY \n \nFund Balances \n \nReserved \n \nFor Continuation of Federal Programs \n \nFor Invantorles \n \nFood \n \neo.-d Commodilles \n \n$ \n \nPurchaaed Food \n \nUnraeelVed \n \nUndeslgnated \n \nTalal Fund Equity \n \n$ \n \n18,905.35 26,501.46 45.406.81 \n4,594.21 7,013.73 38,347,28 $ 48,955.23 $ \n \n6,013,48 $ 20,957.44 26.970.93 $ \n$ \n0.00 0.00 $ \n \n8,054.86 $ 25,713.37 23,085.58 \n58,853.81 $ \n \n$ 32,873,70 73,172,27 23,085.58 \n129,231,55 $ \n \n142,129.21 20,169.42 70,358.28 \n1,643.38 \n234,300.29 \n \n3,038.71 $ \n \n3,038.71 $ \n \n100.00 \n \n0.00 3,038.71 $ \n \n4,594.21 7,013,73 \n38,347,28 \n52,993,94 $ \n \n4,m.95 8,585.77 \n46,647.31 \n60,086.03 \n \nTotal L1ablltles and Fund Equity \n \n$ \n \n95,362.04 $ \n \n28,970.93 $ \n \n59,892.52 $ 182.225.49 $ 294,386.32 \n \nSee notes to the general purpose financial statements. \n \n-18- \n \n MILLER COUNTy BOARp OF epUCATION COMBINING STATEMeNT OF ReltENUeS eXpeNDITUReS AND CHANGeS IN FUND BALANCES \nspeCIAL BEyENUE FUND yEAR ENpED JUNE 30 1998 \n \nEXHIBIT\"P \n \nI!5I!EI!!!S \nState Funds Federal Funds other Funds \nTotal RevenulS \nEXpeNDITUReS \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Servtees Educational Media Services General Administration School Administration Food Services OpenIlion \nTotal Expend~urlS \nExcess of Revenues over (under) Expenditures \nOTHeR FINANCING SOURCes \nOperating Transfenlln \nExcess of Revenues and Other Financing Sources over (under) Expend~res \nFUND BALANCe JUly 1 \nFood Inventory - Net Change In Period Donated Commodities Pu_Foods \n \nSCHOOL FOOD \nSERVICES FUND \n \nLOTTERY PROGRAMS \n \nFEDERAL PROGRAMS \n \nTOTALS YEAR ENDED JUNE 30,1998 JUNE 30, 1997 \n \n$ \n \n38,434.00 \n \n376,094.13 \n \n94,723.25 \n \n509,251.38 \n \n200,769.03 200,769.03 \n \n419,106.90 419.106.90 \n \n239,203.03 795,201.03 \n94,723,25 \n \n407.076.45 715,633.53 \n96,289.79 \n \n1,129,127.31 $ 1,218,999.n \n \n190,691.13 \n38,722.90 641.00 \n \n517,551.40 517,551.40 $ \n-8,300.02 \n \n1.719.49 231,n4.52 -31,005.49 \n \n311,862.88 16,965.74 38,463.20 46,617.65 5,548.20 \n419,457.67 -350.n \n \n502,554.01 \n \n628,745.64 \n \n55,688.64 39,104.20 \n46,617.65 5,548.20 \n519,270.89 \n \n45,449.64 19,n2.62 \n514.85 50,126.79 \n553,065.90 \n \n1.166.763.59 $ 1.297,sn.44 \n \n-39,656.28 $ \n \n-78,6n.67 \n \n$ \n \n-8,300.02 \n \nsa,986.03 \n \n-178.74 -1.552.04 \n \n31.005.49 \n0.00 0.00 \n \n3.269.46 \n2,938.71 100.00 \n \n34,294.97 \n-5,361.31 60,086.03 \n-178.74 -1,552,04 \n \n36,on.39 \n-42,600.28 100,952.57 \n-737.40 996.34 \n \nFUNp BALANCE JUNE 30 \n \n49,955.23 \n \n0.00 $ \n \n3.038.71 \n \n52.993.94 \n \n60,086.03 \n \nSee notes to the general purpose financial statements. \n \n-19- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nSCHEDULE \"1\" \n \nSCHEDill.E OF REOlDRED SUPPLEMENTARY INFORMATION \nYEAR 2000 DISCLOSURES \n \nYEAR ENDED JUNE 30 1998 \n \nAt June 30, 1998, the Miller County Board of Education had no outstanding contractual commitments for the purpose of making computer systems and other electronic equipment year 2000 compliant. The year 2000 issue is the result ofshortcomings in many electronic data processing systems and other equipment that make operations beyond year 1999 troublesome. The year 2000 issue is ofprimary concern for the Board's financial accounting system. The following stages have been identified as necessary to implement a year 2000 compliant systems. \nAwareness Stage - Encompasses establishing a budget and project plan for dealing with the year 2000 issue. \nAssessment Stage - The actual process of identifying all of its systems and individual components of the systems to check for compliance. \nRemediation Stage - When changes are made to systems and equipment. \nValidationffesting Stage - The process of ensuring that the changes made to systems and equipment will produce a year 2000 compliant system. \nIt will be necessary for the Board to progress through all four of these stages for each computer and/or electronic system, not already year 2000 compliant, in order to assure that these systems will not be adversely affected. As ofJune 30, 1998, the financial accounting system was determined to be at the Awareness Stage. \nThe Board's financial accounting software (GENESIS) and hardware (Wang VS) are owned by the State (Georgia Department ofEducation). These systems have been determined to be critical to the Board's ability to successfully conduct operations. As of June 30, 1998, the State had not contracted for the remediation of either the Wang VS operating system or the GENESIS accounting software. In the subsequent period, the Georgia Department of Education remediated the Wang VS operating system and the updated operating system was installed at all GENESIS sites as of December 9,1998. The Georgia Department of Education has remediated the GENESIS software and conducted tests at nine pilot sites. The remediated GENESIS software has been provided to all boards of education currently utilizing the GENESIS accounting software. \n \nSee notes to the general purpose financial statements. - 20- \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30 1998 \n \nSCHEDULE \"2\" \n \nFUNDING AGENCY PROGRAM/GRANT \n \nCFDA ~ \n \nAgriculture, U. S. Department of \n \nPass-Through From Georgia Department of Education \n \nFood and Nutrition Program \n \nFood Services \n \nSchool Breakfast Program \n \n1998 Grant \n \n 10.553 \n \nNational School Lunch Program \n \n1998 Grant \n \n 10.555 \n \nFood Distribution Program (1) \n \n10.550 \n \nPass-Through From Office of School Readiness \n \nChild and AduR Care Food Program \n \n1998 Contract \n \n10.558 \n \nPASSTHROUGH \nENTITY 10 \nNUMBER \n \nFEDERAL REVENUE IN PERIOD \n \nEXPENDITURES IN PERIOD \n \nNlA \n \n$ 113,501.24 \n \n(2) \n \nNlA \n \n228,166.04 $ \n \n485,427.85 (3) \n \nN/A \n \n32,123.55 \n \n32,123.55 \n \nN/A \n \n2,303.30 \n \n(2) \n \nTetal U. S. Department of Agriculture \n \n$ 376,094.13 $ \n \n517,551.40 \n \nEducation, U. S. Department of Pass-Through From Georgia Department of Education Elementary and Secondary Education Act Title I Grants to Local Educational Agencies 1996 Grant 1998 Grant Title II Eisenhower Professional Development 1997 Grant 1998 Grant Title VI Innovative Education Program Strategies 1998 Grant Goals 2000 S1ate and Local Education Systemic Improvement Grants 1997 Grant 1998 Grant Incividuals with Disabilities Education Act Part B - Special Education Flow Through 1996 Grant 1998 Grant Preschool 1998 Grant Vocational Education - Basic Grants to States High School Program \nBasic Grant 1998 Grant \nTech-Prep Education 1998 Grant \n \n84.010 84.010 \n84.281 84.281 \n84.298 \n84.276 84.276 \n84.027 84.027 84.173 \n84.048 84.243 \n \nNlA \n \n$ \n \n-478.66 \n \nNlA \n \n252,448.05 $ \n \n252,448.05 \n \nN/A \n \n2,826.56 \n \n3,038.71 (3) \n \nN/A \n \n17,500.00 \n \n14,461.29 \n \nN/A \n \n8,109.00 \n \n8,584.25 (3) \n \nN/A \n \n25,300.00 \n \n25,811.92 (3) \n \nN/A \n \n8,851.32 \n \n8,851.32 \n \nN/A \n \n-1,586.67 \n \nN/A \n \n60,819.17 \n \n60,819.17 \n \nN/A \n \n17,899.65 \n \n17,899.65 \n \nN/A \n \n10,576.00 \n \n10,576.00 \n \nN/A \n \n5,000.00 \n \n5,144.83 (3) \n \nTotal U. S. Department of Education \n \n$ 407.284.42 $ \n \n407,615.19 \n \n-21- \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30 1998 \n \nSCHEDULE \"2\" \n \nFUNDING AGENCY PROGRAM/GRANT \nLabor, U. S. Department of Pass-Through From Georgia Department of Labor Job Training Partnership Act 96-8-92 \n \nCFDA ~ \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nFEDERAL REVENUE IN PERIOD \n \nEXPENDITURES IN PERIOD \n \n17.250 \n \nN/A \n \n$ \n \n11,842.48 $, _ _-!.11!.J.,8~4~2:::.4~8 \n \nTotal Federal Financial Assistance N1A = Not Available \n \n$ 795,201.03 $ _ _.::;93::.:7~,O;:;0:::9;::.0::.7 \n \nNotes to the Schedule of Expendjlures of Federal Awards \n \n(1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system duling the current fiscal year. \n(2) Expenditures for the Child and Adu~ Care Food Program and the School Breakfast Program were not maintained separately and are included in the 1998 National School Lunch Program. \n(3) Expendjlures for this program include Stale, and/or Other Funds. Expendjlures are not maintained by fund source. \n \nMajor Programs are identified by an asteIisk (\") in front of the CFDA number. \n \nThe Board did not provide Federal Assistance to any Subrecipient \n \nThe accompanying schedule of expendjlures of Federal awards includes the Federal grant activity of the Miller County Board of Education and is presented on the modified accrual basis of accounting which is the same basis of accounting used in the presentation of the general purpose financial statements. \n \nSee notes to the general purpose financial statements. \n \n-22- \n \n MILLER COUNTY BOARD Of EDUCATION SCHEDULE Of STATE REVENUE YEAR ENDED JUNE 30 1998 \n \nSCHEDULE \"3\" \n \nAGENCYIEUNDING \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nGENERAL \n \nREVENUE \n \nFUND \n \nFUND \n \nGRANTS Education, Georgia Department of Quality Basic Education \nGeneral and Career Education Programs $ \nSpecial Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost Pupil Transportation \nRegular Bus Replacement Sparsity Grant Middle School Incentive Program In-School Suspension Counselors Grades 4 and 5 Technology Training Local fair Share Educational Equalization funding qrant food Services Vocational Education Other State Programs Ad Valorem Tax Adjustment A1temative Program At-Risk Summer School Program Health Insurance PSATExams Remedial Summer School Program Lottery Programs A1temative School Program Instructional Technology Assistive Technology Classroom Technology \nOffice of School Readiness Pre-Kindergarten Program \n \n2,724,074.00 507,651.00 184,716.00 114,285.00 34,555.00 777,432.00 \n251,618.00 82,102.00 \n126,028.00 56,840.00 43,432.00 11,147.00 28,842.00 \n-443,342.00 294,256.00 \n$ \n46,059.00 \n28,514.00 30,500.00 \n4,753.32 86,996.45 \n160.00 3,076.45 \n \n$ \n38,434.00 \n4,132.00 2,202.62 53,000.00 \n~_ ...... \n141,434.41 \n \nOffice of the Govemor Georgia Council for the Arts Georgia Challenge Grant \n \n15,000.00 \n \nOffice of Treasury and fiscal Services Public School Employees Retirement \n \n21,809.00 \n \nTOTAL \n2,724,074.00 507,651.00 184,716.00 114,285.00 34,555.00 777,432.00 \n251,618.00 82,102.00 \n126,028.00 56,840.00 43,432.00 11,147.00 28,842.00 \n-443,342.00 294,256.00 \n38,434.00 46,059.00 \n28,514.00 30,500.00 \n4,753.32 86,996.45 \n160.00 3,076.45 \n4,132.00 \n2,202.62 53,000.00 \n141,434.41 \n15,000.00 \n21,809.00 \n \n$ 5.030.504.22 $ \n \n239.203.03 $ 5,269,707.25 \n \nSee notes to the general purpose financial statements. -23- \n \n MILLER CQUNTY BOARD OF EDUCATION SCHEQUlE OF EXpENplTURES LOUERY PROGRAMS YEAR ENDED JUNE 3Q 1998 \n \nSCHEDULE \"4\" \n \nEXPENPlTURES \nCurrent Instruc:lion Support 5elvicea Pupil 5elvicea Improvement of Instructionsl Services Food services Operation \n \nALTERNATIVE SCHOOL PROGRAM \n \nINSTRUCTIONAL TECHNOLOGY \n \nASSISTIVE \n \nCLASSROOM \n \nTECHNOLOGY TECHNOLOGY \n \nPREKINDERGARTEN PROGRAM \n \n4,229,82 $ \n \n2,202.62 $ \n \n53,000.00 $ \n \n131,258.69 \n38,722,90 641.00 \n1719.49 \n \nTOTAL \n190,691.13 \n38,722.90 641.00 \n1719.49 \n \nTotsIExpendilulllS \nRECAP: salaries and Benefits Pre-Klndergerten Program Other ExpondltulllS Alternative SChool Program lnabuclional Technology AssIIIJve Technology Classroom Technology Pre-Kindergarten Program \n \n4,229.82 \n \n2202.62 $ \n \n53000.00 $ \n \n172 342.08 $._~2iol3\",1!.i77~4\".5~2 \n \n165,168,55 \n4,229.82 \n2,202.82 53,000.00 7173.53 \n \n231 n4.S2 \n \nSee notes to the general purpose financial statements. \n \n-24- \n \n MILLER COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REqUIREMENTS - OVERALL \nGENERAL FUND - qUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30 1998 \n \nSCHEDULE \"5\" \n \nMinimum Expenditure Requirements (Total Allotment) Expenditures on Combined Program Basis \nSalaries Operations \nLess: Expenditures for Media Center Programs in Excess of Total Media Allotment \nExpenditures per Audit \nAmount of Underexpendilure for Tetal Allotment \n \nFOURTEEN WEIGHTED AND MEDIA CENTER \nPROGRAMS \n \n100% TEST FOR OPERATIONS PORTION OF FOURTEEN WEIGHTED PROGRAMS \n \n$ \n \n3,530,726.00 $ \n \n95,537.00 \n \n$ \n \n3,785,966.96 \n \n175,288.46 $ \n \n$ \n \n3,961,255.42 \n \n156,030.69 \n \n-32,224.19 \n \n$ \n \n3,929,031.23 \n \n$ \n \n0.00 $ \n \n0.00 \n \nSee notes to the general purpose financial statements. - 25 - \n \n MILLER COUNTY BOARD OF EDUCATION \nANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - BY PROGRAM \nGENERAL FUNp - QUALITY BASIC EDUCATION PROGRAMS \nYEAR ENDEP JUNE 30 1998 \n \nGENERAL AND CAREER EDUCATION PROGRAMS KIndergarten (.) Grades1-3 r) Sub-Total- K-3 Grades4-5r) Grades 6 - 8 (.) Grades 9 - 12 (.) High School Laboratories (.) Vocational Education laboratories r) Total General end Cereer Education Programs' \nSPECIAL EDUCATION PROGRAMS Regular Programs Cetegory 11 (.) Cetegory 111 r) Cetegory IV (.) Total Special Education Programs \nREMEPIAL EDUCATION PROGRAM (.) Total Four-. Weighted Programs \nMEDIA CENTER PROGRAMS Selaries Operations Total Media Center Programs \n \nALlOTMENTS FROM DEPARTMENT OF EDUCATION \n \nORIGINAL -!!.- \n \nREQUIRED ORIGINAL \n \nMID-TERM \n \n288,465.00 \n \n$ \n \n727,083.00 \n \n$ \n \n995,548.00 90 $ \n \n331,977.00 90 \n \n603,135.00 90 \n \n455,837.00 90 \n \n144,667.00 90 \n \n192,910.00 90 \n \n$ - = :2:,7:2:4:,0:7:4...0=0 \n \n241,618.50 $ 654,374.70 895,993.20 $ 298,779.30 542,821.50 410,253.30 130,200.30 173,819.00 2,451,666.60 \n \n$ \n \n507,651.00 \n \n$ \n \n456,885.90 $ \n \n0.00 0.00 \n0.00 0.00 \n \n$ \n \n507,651.00 90 $ \n \n456,885.90 $ \n \n0.00 \n \n$ \n \n184,716.00 90 $ \n \n166,244.40 $ \n \n0.00 \n \n$ 3,416,441.00 \n \n$ 3,074,798.90 $ \n \n0.00 \n \n$ \n \n93,528.00 90 $ \n \n84,175.20 $ \n \n0.00 \n \n20,757.00 90 \n \n18,681.30 \n \n$ \n \n114,285.00 \n \n$ \n \n102,856.50 $ \n \n0.00 \n \nTotal Fourteen Weighted and Media Center Programs \n \n$ 3,530,728.00 \n \n$ 3,177,653.40 $ \n \n0.00 \n \nSTAFF PEVELOPMENT PROGRAMS Cost of Ins1rucllon Professional Development \n \n$ \n \n10,023.00 \n \n$ \n \n10,023.00 $ \n \n0.00 \n \n24,532.00 \n \n24,532.00 \n \nTotal Staff Development Programs (.) Identlfies Fourteen Weighted Programs. See notes to the general purpose financial statements. \n \n$ \n \n34,555.00 100 $ \n \n34,555.00 $ \n \n0.00 \n \n- 26 - \n \n SCHEDULE \"6\" \n \nTOTAL REQUIRED \n \nACTUAL EXPENDITURES \n \nSALARIES \n \nOPERATIONS \n \nTOTAL \n \nAMOUNT OF UNDEREXPENDITURE \nFOR REQUIRED ALLOTMENT \n \n$ \n \n241,618.50 $ \n \n248,932.24 $ \n \n16,066.57 $ \n \n264,998.81 \n \n664,374.70 \n \n703.082.94 \n \n35,827.52 \n \n738,910.46 \n \n$ \n \n895,993.20 $ \n \n952,015.18 $ \n \n51,894.09 $ 1,003,909.27 $ \n \n0.00 \n \n298,779.30 \n \n405,188.96 \n \n17,224.37 \n \n422,413.33 \n \n0.00 \n \n642,821.50 \n \n731,910.57 \n \n32,873.56 \n \n764,784.13 \n \n0.00 \n \n410,253.30 \n \n440,831.52 \n \n23,432.17 \n \n464,263.69 \n \n0.00 \n \n130,200.30 \n \n153,359.30 \n \n4,911.50 \n \n158,270.80 \n \n0.00 \n \n173,619.00 \n \n300,161.70 \n \n21,294.12 \n \n321,455.82 \n \n0.00 \n \n$ 2,451,666.60 $ 2,983,467.23 $ \n \n151,829.81 $ 3,135,097.04 \n \n$ \n \n456,885.90 \n \n$ \n \n229,990.37 \n185,419.68 $ 92,751.57 \n \n$ 96.20 \n \n229,990.37 185,515.88 92,751.57 \n \n$ \n \n456,885.90 $ \n \n508,161.62 $ \n \n96.20 $ \n \n508,257.82 \n \n0.00 \n \n$ \n \n166,244.40 $ \n \n167,086.69 $ \n \n4,304.68 $ \n \n171,391.37 \n \n0.00 \n \n$ 3,074,796.90 $ 3,658.715.64 $ \n \n156,030.69 $ 3,814,746.23 \n \n$ \n \n84,175.20 $ \n \n127,251.42 \n \n$ \n \n127,251.42 \n \n0.00 \n \n18,681.30 \n \n$ \n \n19,257.77 \n \n19,257,77 \n \n0.00 \n \n$ \n \n102,856.50 $ \n \n127,251.42 $ \n \n19,257.77 $ \n \n146,509.19 \n \n$ 3,177,653.40 $ 3,785,966.96 $ \n \n175,288.46 $ 3,961,255.42 $ \n \n0.00 \n \n$ \n \n10,023.00 \n \n24.532.00 \n \n$, _ _;:34::,:,5:;;55;:;:.0:::0 \n \n$ \n \n16,687.49 \n \n17.867.51 \n \n16,687.49 17,867.51 \n \n$ \n \n34,555.00 $ \n \n34,555.00 $ \n \n=..:0;;;:.0:;:,0 \n \n- 27 - \n \n SECTIONll COMPLIANCE AND INTERNAL CONTROL REPORTS \n \n RUSSELL W. HINTON \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \nJuly 13, 1999 \n \nHonorable Roy E. Barnes, Governor Members ofthe General Assembly Members ofthe State Board ofEducation \nand Superintendent and Members ofthe Miller County Board ofEducation \nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH \nGOVERNMENT AUDITING STANDARDS \nLadies and Gentlemen: \nWe have audited the financial statements of Miller County Board ofEducation as ofand for the year ended June 30,1998, and have issued our report thereon dated July 13, 1999. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We conducted our audit in accordance with generally accepted auditing \nstandards and the standards applicable to financial audits contained in Government Auditing Standards issued \nby the Comptroller General of the United States. \nCompliance \nAs part of obtaining reasonable assurance about whether Miller County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination offinancial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards. \nInternal Control Over Financial B.e1lorting \nIn planning and performing our audit, we considered Miller County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. However, we noted certain matters involving the internal control over financial reporting and its operation \n98YB-40 \n \n that we consider to be reportable conditions. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over financial reporting that, inour judgement, could adversely affect Miller County Board of Education's ability to record, process, summarize and report financial data consistent with assertions of management in the financial statements. Reportable conditions are described in the accompanying Schedule ofFindings and Questioned Costs as items FS-7001-98-01 and FS-700l-98-02. \nA material weakness is a condition in which the design or operation of one or more of the intemal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the intemal control over financial reporting would not necessarily disclose all matters in the intemal control that might be reportable conditions and accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, all of the reportable conditions noted above, were considered to be material weaknesses. \nThis report is intended for the information of management, the Federal cognizant agency, Federal awarding agencies and pass through entities. This restriction is not intended to limit the distribution ofthis report which is a matter of public record. \nRespectfully submitted, \n \nRWH:jb 98YB-40 \n \nRussell W. Hinton State Auditor \n \n RUSSELL W, HINTON \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \nJuly 13, 1999 \n \nHonorable Roy E. Barnes, Governor Members ofthe General Assembly Members ofthe State Board of Education \nand Superintendent and Members of the Miller County Board of Education \nREPORT ON COMPLIANCE WITH REQUIREMENTS APPUCABLE TO EACH MAJOR PROGRAM \nAND INTERNAL CONfRQL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-I 33 \nLadies and Gentlemen: \nCompliance \nWe have audited the compliance of Miller County Board of Education with the types of compliance \nrequirements described in the U.S. Office 0/Management and Budget (OMB) Circular A-133 Compliance \nSupplement that are applicable to each ofits major Federal programs for the year ended June 30, 1998. Miller County Board ofEducation's major Federal programs are identified in the accompanying Schedule ofFindings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each ofits major Federal programs is the responsibility ofMiller County Board ofEducation's management. Our responsibility is to express an opinion on Miller County Board of Education's compliance based on our audit. \nWe conducted our audit of compliance in accordance with generally accepted auditing standards; the \nstandards applicable to financial audits contained in Government Auditjnl1 Standards, issued by the \nComptroller General of the United States; and OMB Circular A-B3, Audits o/States, Local Governments, andNon-Profit Organizations. Those standards and OMB Circular A-B3 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Miller County Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Miller County Board of Education's compliance with those requirements. \n \n98SA-1O \n \n In our opinion, the Miller County Board ofEducation complied, in all material respects, with the requirements referred to above that are applicable to each ofits major Federal programs for the year ended June 30, 1998. \nInternal Control Over Compliance \nThe management of Miller County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Miller County Board ofEducatiorrs intemal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose ofexpressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-133. \nOur consideration ofthe internal control over compliance would not necessarily disclose all matters in the intemal control that might be material weaknesses. A material weakness is a condition in which the design or operation ofone or more ofthe intemal control components does not reduce to a relatively low level ofrisk that noncompliance with applicable requirements of laws, regulations, contracts and grants that would be materia1 in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the intemal control over compliance and its operation that we consider to be material weaknesses. \nThis report is intended for the information of management, the Federal cognizant agency, Federal awarding agencies and pass through entities. This restriction is not intended to limit the distribution ofthis report which is a matter ofpublic record. \nRespectfully submitted, \n~4.J~L\u003c)~ \nRnssell W. Hinton State Auditor \nRWH:jb 98SA-I0 \n \n SECTIONlli AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n MIlLER COUNTY BOARD OF EDUCATION \nAUPITEE'S RESPONSE \nSUMMARY SCHEmJLE OF PRIOR YEAR FINDINGS AND OUESTIONED COSTS YEAR ENDED JUNE 30 1998 \n \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND OUESTIONED COSTS \n \nFINDING CONTROL NUMBER AND STATUS \n \n7001-93-01 7001-93-02 7001-95-01 FS-7001-97-01 FS-7001-97-02 \n \nFurther Action Not Warranted Further Action Not Warranted Previously Reported Corrective Action Implemented Unresolved - See Corrective ActionlResponses Unresolved - See Corrective ActionlResponses \n \nCORRECTIVE ACTIONIRESPONSES \n \nCASH AND CASH EQUNALENIS Inadequate Separation ofDuties Finding Control Number: FSc7001-97-01 \n \nDue to budgetary constraints the Board is unable to hire the additional staff required to clear this fmding. The Board feels that it has provided for the most appropriate assignments of duties with the number ofpersonnel available to perform the accounting functions with staff limitations. Ibis finding cannot be totally resolved. \n \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: FS-7001-97-o2 \n \nDue to current staffing limitations and budgetary considerations prohibiting the hiring of additional administrative staffthe Board has decided not to pursue the recording of general fixed assets on the financial statements. We are presently gathering information regarding computer programs available for this purpose. At some point we would consider purchasing one to solve this problem. \n \n SECTION IV FINDINGS AND QUESTIONED COSTS \n \n MIT I FR COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30 1998 \n \nSUMMARY OF AUDITOR'S RESULTS \n \n1. JSpe of Report Issued on the Financial Statements The auditor's opinion on the Miller County Board of Education's financial statements was qualified for various departures from generally accepted accounting principles. \n \n2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Miller County Board ofEducation disclosed financial statement reportable conditions related to the following control categories. \n \nCash and Cash Equivalents \n \nGeneral Fixed Assets \n \nAll of the reportable conditions described above are considered to be material weaknesses. \n \n3. Noncompliance Material to the Financial Statements The audit ofthe Miller County Board ofEducation disclosed no instances ofnoncompliance that were deemed to be material to the financial statements. \n \n4. Reportable Conditions in Internal Control Over Major ProifllDls \nThe audit report for the Miller County Board ofEducation did not disclose any reportable conditions in internal control over major programs. \n \n5. type ofReport Issued on Compliance for Major Pronms The auditor's opinion on the Miller County Board of Education's report on compliance with requirements applicable to major programs was unqualified. \n6. Audit Findings Required to be Reported by Section 51 ora) of OMB Circular A-I 33 \nThe Miller County Board ofEducation's audit did not disclose audit findings required to be reported by section .510(a) ofOMB Circular A-133. \n \n7. Major Programs Federal awards audited as major programs are as follows: 10.553 Food and Nutrition Program - Food Services - School Breakfast Program 10.555 Food and Nutrition Program - Food Services - National School Lunch Program \n \n8. Type\" A\" Pronm Dollar Threshold The dollar threshold for type \"A\" programs was S300,OOO.00. \n \n9. Low Rjsk Auditee The Miller County Board of Education was audited as a low risk auditee based on a waiver granted by the U. S. Department ofEducation. \n \n-1- \n \n MU4ER COUNTY BOARP OFEPUCAJION \nSCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30 1998 \nn FINANCIAL STATEMENT FINDINGS AND OUESTIONED COSTS \nCASH AND CASH EQUNALENTS Inadequate Separation ofDuties Reportable Condition - Material Wealmess Repeated From Prior Year Finding Control Number: FS-7001-98-01 \nAn examination of the internal accounting control procedures revealed that the Board did not maintain adequate separation of duties in the performance of the following accounting functions and related procedures: \nThe check preparation function was not separated from the recording of disbursements on the general ledger. In addition, the reconciliation of the operating/payroll and debt service accounts were not performed by someone independent ofthe payroIl/generalledger function. No supervisory review of the bank reconciliations was performed. \nSeparation of duties involving key accounting functions is the basis for achieving an adequate system of internal control. These deficiencies were a result of management's decision to limit the number of administrative staffmade responsible for accounting functions. Management should periodically review this decision to determine ifemployee duties can be reassigned to achieve a higher degree of internal control with the existing staff. \nManagement's Response: \nDue to budgetary constraints the Board is unable to hire the additional staffrequired to clear this finding. The Board feels that it has provided for the most appropriate assignments ofduties with the number of personnel available to perform the accounting functions with stafflimitations. This finding cannot be totally resolved. \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Reportable Condition - Material Wealmess Repeated From Prior Year Finding Control Number: FS-7001-98-02 \nThe Miller County Board ofEducation did not maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. This condition results in the general purpose financial statements ofthe Board being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Board to establish accounting controls and procedures to provide for maintenance of a General Fixed Assets Account Group. The subsidiary records should include an inventory of land, buildings and equipment owned by the Board and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. \n-2- \n \n MILLER CffiJNTY BOARD OF EDUCATION SCHEDlJLE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED TIJNE 30 1998 \nIT FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Reportable Condition - Material Weakness Repeated From Prior Year Finding Control Number: FS-7001-98-02 Management's Response: Due to current staffing limitations and budgetary considerations prohibiting the hiring of additional administrative staffthe Board has decided not to pursue the recording of general fixed assets on the financial statements. We are presently gathering information regarding computer programs available for this purpose. At some point we would consider purchasing one to solve this problem. \nill FEDERAL AWARP FINDINGS AND OUESTIONED COSTS No matters were reported. \n-3- \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bm6-b1996-h97","title":"Audit report, Miller County Board of Education, Colquitt, Georgia, year ended June 30, 1997","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, Miller County, 31.16399, -84.73072"],"dcterms_creator":["Georgia. 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VICKERS \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS \n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \nMay 28,1997 \n \nHonorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board of Education \nand Superintendent and Members of the Miller County Board ofEducation \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \nLadies and Gentlemen: \nWe have audited the general purpose financial statements (Exhibits A through D) of the Miller County Board of Education, as of and for the year ended June 30, 1996\\, as listed in the table of contents. These financial statements are the responsibility of the Board's management. Our responsibility is to express an opinion on these financial statements based on our audit. \nWe conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the provisions of the Office of Management and Budget Circular A-128, \"Audits of State and Local Governments\". Those standards and OMB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \nAs described in the notes to the general purpose financial statements, the Board's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: \n* The general purpose financial statements of the Board did not contain a General Fixed Assets \nAccount Group to account for property and equipment owned by the Board which should be included to conform to generally accepted accounting principles. \n96ARL-13 \n \n * School activity accounts maintained at the individual schools are not included in the general purpose \nfinancial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. \n* The Board did not recognize as expenditures, in the year ended June 30, 1996, a portion of salaries \nand the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 1996. Also funds received, subsequent to June 30, 1996, from the Georgia Department of Education for the State's share of these unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1995, were improperly.recorded in the year ended June 30, 1996. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. \nThe aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. \nIn our opinion, except for the effects on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements present fairly, in all material respects, the financial position of the Miller County Board of Education as of June 30, 1996, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated May 28, 1997, on our consideration ofthe Board's internal control structure and a report dated May 28, 1997, on its compliance with laws and regulations. \nOur audit was conducted for the purpose of forming an opinion on the general purpose financial statements ofthe Miller County Board of Education taken as a whol~. The combining statements (Exhibits E and F) and the fmancial schedules (Schedules 1 through 11 which includes the Schedule of Federal Financial Assistance) are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the Miller County Board of Education. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, except for the effects of the matters referred to in the third paragraph, such information is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. \nA 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. \nRespectfully submitted,- \n~d2 \nClaude L. Vickers State Auditor \nCLV:dt 96ARL-13 \n \n ~LERCOUNTYBOARDOFEDUCATION \n- 1- \n \n The notes to the general purpose financial statements are an integral part of this statement. -2- \n \n EXHIBIT \"A\" \n \nDEBT SERVICE \nFUND \n \nACCOUNT GROUP GENERAL \nLONG-TERM DEBT \n \nTOTALS (Memorandum Only) JUNE 30,1996 JUNE 30,1995 \n \n$ 114,811.14 \n \n$ 1,705,267.32 $ 1,621,555.52 \n \n604.89 \n \n90,879.14 \n \n134,136.58 \n \n4,035.55 7,569.43 \n \n4,535.96 7,292.78 \n \n$ \n \n115,416.03 \n \n115,416.03 \n \n104,077.43 \n \n774,583.97 66,884.58 \n \n774,583.97 66,884.58 \n \n815,922.57 6,379.37 \n \n$ \n \n115,416~03 $ \n \n956,884.58 $ 2,764,636.02 $ 2,693,900.21 \n \n$ \n \n32,076.18 $ \n \n47,528.96 \n \n72,371.43 \n \n63,023.06 \n \n71,257.98 \n \n9,563.31 \n \n$ \n \n66,884.58 \n \n66,884.58 \n \n6,37,9.37 \n \n890,000.00 \n \n890,000.00 \n \n920,000.00 \n \n$ \n \n956,884.58 $ 1,070,895.50 $ 1,108,189.37 \n \n$ 115,416.03 \n$ 115,416.03 0.00 \n$ 115,416.03 $ 115,416.03 $ \n \n$ \n \n88,476.91 \n \n$ \n \n5,429.61 \n \n115,416.03 \n \n104,077.43 \n \n13,461.60 \n \n16,956.44 \n \n4,035.55 7,569.43 \n \n4,535.96 7,292.78 \n \n$ 145,912.22 $ 221,339.52 \n \n700,000.00 847,828.30 \n \n700,000.00 664,371.32 \n \n$ 1,693,740.52 $ 1,585.710.84 \n \n956,884.58 $ 2,764,636.02 $ 2,693,900.21 \n \n-3- \n \n MILLER COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30, 1996 \n \nREVENUES \nState Funds Federal Funds Taxes and Other Funds \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation Other Operations of Non-Instructional Services \nCapital Outlay Debt Service \nPrincipal Interest Paying Agent Fees \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES) \nCapital Leases Operating Transfers In Operating Transfers Out \nTotal Other Financing Sources (Uses) \nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \nFUND BALANCE JULY 1 \nFood Inventory - Net Change in Period Donated Commodities Purchased Food \nfUND BALANCE JUNE 30 \n \nGENERAL FUND \n \nSPECIAL REVENUE \nFUND \n \nCAPITAL PROJECTS \nFUND \n \n$ 4,326,670,59 $ 677.00 \n1,496,121.01 \n \n280,522.90 $ 759,700.51 \n95,338.83 \n \n$ 5,823,468.60 $ 1,135,562.24 $ \n \n50,000,00 50,000.00 \n \n$ 3,752,213.92 $ \n151,321.41 144,739.21 133,650.74 134,355.04 307,809.56 53,374.64 448,717.89 514,831.19 46,194.75 \n55,345.20 33,726.11 \n14,857.21 5,854.79 \n \n531,243.95 53,126.49 9,620.26 44,685.83 \n501,466.39 $ \n \n$ 5,796,991.66 $ 1,140,142.92 $ \n \n$ \n \n26,476.94 $ \n \n-4,580.68 $ \n \n50,343.84 \n50,343.84 -343.84 \n \n$ \n \n75,362.42 \n \n$ \n \n-22,340.26 \n \n$ \n \n53,022.16 $ \n \n21,996.42 $ 21,996.42 $ \n \n$ \n \n79,499.10 $ \n \n1,397,872.82 \n \n17,415.74 $ 83,760.59 \n \n-500.41 276.65 \n \n343.84 343.84 \n0.00 0.00 \n \n$ 1,477,371.92 $ 100,952.57 $=====0=.0=0 \n \nThe notes to the general purpose financial statements are an integral part of this statement. -4- \n \n EXHIBIT\"B\" \n \nDEBT SERVICE \nFUND \n \nTOTALS (Memorandum Only) \nYEAR ENDED JUNE 30,1996 JUNE 30,1995 \n \n$ 4,657,193.49 $ 4,196,689.15 \n \n760,377.51 \n \n898,674.14 \n \n$ 108,085.64 \n \n1,699,545.48 \n \n1,716,904.16 \n \n$108,085.64 $ 7,117,116.48 $ 6,812,267.45 \n \n$ 4,283,457.87 $ 3,784,047.91 \n \n204,447.90 154,359.47 133,650.74 179,040.87 307,809.56 53,374.64 448,717.89 514,831.19 46,194.75 501,466.39 55,345.20 \n84,069.95 \n \n168,518.52 185,311.86 129,056.16 167,178.55 276,213.83 49,635.57 403,964.28 305,054.54 44,644.19 489,224.35 45,686.32 43,124.50 \n \n$ \n \n30,000.00 \n \n65,610.00 \n \n1,137.04 \n \n44,857.21 71,464.79 \n1,137.04 \n \n35,928.27 67,828.07 \n1,152.38 \n \n$ \n \n96,747.04 $ 7,084,225.46 $ 6,196,569.30 \n \n$ \n \n11,338.60 $ \n \n32,891.02 $ 615,698.15 \n \n$ \n \n75,362.42 $ \n \n22,340.26 \n \n-22,340.26 \n \n$ \n \n75,362.42 $ \n \n4,369.00 1,328.56 -1,328.56 \n4,369.00 \n \n$ \n \n11,338.60 $ 108,253.44 $ 620,067.15 \n \n104,077.43 \n \n1,585,710.84 \n \n964,415.43 \n \n~500.41 276.65 \n \n1,158.72 69.54 \n \n$ 115,416.03 $ 1,693,740.52 $ 1,585,710.84 \n \n- 5- \n \n MILLER COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nBUDGET AND ACTUAL GENERAL AND SPECIAL REVENUE FUNDS \nYEAR ENDED JUNE 30,1996 \n \nEXHIBIT\"Cn \n \nFUND BALANCE JUNE 30,1996 \n \n$ 1,182,538.94 $ 1,477,371.92 \n \n$ 123,116.50 $ 100,952.57 \n \nThe notes to the general purpose financial statements are an integral part of this statement. -6- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1996 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe Miller County Board of Education (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board and Superintendent, both elected by the voters. With the exception of the departures from generally accepted accounting principles disclosed in these notes, the financial statements of the Board have been prepared in conformity with generally accepted accounting principles as applied to governmental units and unless otherwise disclosed in these notes, the financial statements present all of the fund types and account groups of the Board. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and fmancial reporting standards. \nThe more significant of the Board's accounting policies are described below. \nREPORTING ENTITY \nIn evaluating how to defme the governmental unit for fmancial reporting purposes, management has considered the criteria set forth in GASB Codification of Governmental Accounting and Financial Reporting Standards, Section 2100, \"Defining the Financial Reporting Entity\". The primary government consists of all the organizations that compose the legal entity of the Miller County Board of Education. \nBased upon the application of the above criteria, the Miller County Board of Education is determined to be the lowest level of government exercising oversight responsibility and control over all activities related to public education in Miller County, Georgia. The Board i~ not included in any other governmental \"reporting entity\" as defined by GASB Codification of Governmental Accounting and Financial Reporting Standards.. \nBoard members were elected by the public and have decision making authority, the power to designate management, except for the Superintendent who was also elected, the ability to significantly influence operations, and primary accountability for fiscal matters. The Board determines the millage rate at which school taxes are levied and may incur bonded indebtedness with voter approval. \nFUND ACCOUNTING \nThe Board uses funds and an account group to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial m.anagement by segregating transactions related to certain governmental functions or activities. \nA fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. \nGeneral Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Board. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. \n-7- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30,1996 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances ofthese accounts are reflected in these fmancial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose fmancial statements. \nThe general purpose financial statements account for all State, Federal, Taxes and Other funds under control ofthe Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: \nGOVERNMENTAL FUND TYPES - are used to account for all or most ofa Board's educational activities. Governmental Fund Types include: \nGENERAL FUND - the fund used to account for all financial resources ofthe Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board ofeducation. \nSPECIAL REVENUE FUND - the fund used to account for the proceeds ofspecific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are primarily received from the Georgia Department ofEducation and from the Federal government to accomplish specific objectives and are required to be accounted for separately. \nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of a State funded greenhouse project. \nDEBT SERVICE FUND - the fund used to account for the accumulation of resources for, and the payment of, general long-term principal, interest and paying agent fees. \nACCOUNT GROUP \nGENERAL LONG-TERM DEBT ACCOUNT GROUP - used to account for general obligation bonds outstanding and material capital lease obligations. \nBASIS OF ACCOUNTING \nThe accounting and fmancial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current fmancial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \n \n-8- \n \n MILLER COUNTY BOARD OF EDUCAnON \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 1996 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. \nGovernmental funds are accounted for using the modified accrual basis of accounting under which: \nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). \"Measurable\" means the amount ofthe transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities ofthe current period. Those revenues considered susceptible to accrual are property taxes, intergovernmental grants and investment income. Property taxes are considered available ifthey are collected and remitted by the collecting agent to the Board within 60 days after fiscal year-end. \nExpenditures are generally recognized when the related fund liability is incurred. \nA departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share of these contracts. During fiscal year 1996, a substantial number of personnel ofthe Board were employed for a one hundred and ninety day period beginning in late August 1995 and ending in early June 1996. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1995 and ending in August 1996. State grants to fund the State's share ofthese contracts were disbursed from the Georgia Department of Education to the Board in the same twelve months. As of June 30, 1996, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 1996, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 1996. Also, the State's portion of the compensation paid in July and August 1996 was received and recorded as revenue in the fiscal year subsequent to June 30, 1996. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1995, were recorded in the year ended June 30, 1996. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. \nBUDGET \nThe Miller County Board of Education's budget is a complete financial plan for the Board's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level of budget control was established by the Board at the aggregate level. The budget for governmental funds was prepared in accordance with generally accepted accounting principles. \n \n- 9- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30,1996 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nThe budget process begins when the Board's administration 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 tentative budget, makes revisions as necessary and adopts a final school budget. This fmal budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 20-2-167, to the Georgia Department ofEducation. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \n \nCASH AND CASH EQUIVALENTS \n \nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits (including certificates ofdeposit, savings and N.O.W. accounts) in authorized fmancial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. The placement of proceeds from bond issues in certificates of deposit is limited to financial institutions located within this State. \n \nRECEIVABLES \n \nReceivables consist of grant reimbursements due fro~ State or other grantors for expenditures made but not reimbursed and other receivables disclosed from infonnation available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose fmancial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \n \nPROPERTY TAXES \n \nThe Miller County Board of Commissioners fixed the property tax levy for the 1995 tax year (calendar year) on October 3, 1995 (levy date). Taxes were due on December 29, 1995. The lien date for property taxes was January 1, 1995. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1996 since their collection meets the criteria of GASB codification section P70.1 03. The Miller County Tax Commissioner bills and collects the property taxes for-the Board of Education and remits the balance of taxes collected to the Board. \n \nTax millage rates levied for the 1995 tax year (calendar year) for the Miller County Board of Education were as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations School Bonds \n \n14.31 mills \n--l.:Ql mills \n \n15.32 mills \n \n- 10- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1996 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nINVENTORIES \nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (first-in, first-out). Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time of purchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute \"available spendable resources\" even though they are a component of net current assets. \nGENERAL OBLIGATION BONDS \nThe Board issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond premiums and discounts, as well as issuance cost, are recognized during the year bonds are issued. Issuance cost, whether or not withheld from actualnet proceeds, are reported as capital project expenditures. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount ofthese bonds is recorded in the General Long-Term Debt Account Group. \nINTERFUND TRANSACTIONS \nThe Board has the following types of interfund transactions: \nReimbursements of expenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \nOperating transfers are recorded for all interfund transactions other than reimbursements. \nMEMORANDUM ONLY - TOTAL COLUMNS \nTotal columns on the general purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate fmancial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \n \n- 11 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30,1996 \n \nNote 2: DEPOSITS - \nCOLLATERALIZATION 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 \n surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond \nand the market value of securities shall be equal to not less than 11 percent ofthe public funds being secured after the deduction ofthe amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. \nAcceptable security for deposits consists of anyone of or any combination of the following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations ofthe counties or municipalities of the State of Georgia, \n(5) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of asubsidiary corporation of \nthe United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the CentraLBank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \nCATEGORIZAnON OF DEPOSITS At June 30, 1996, the bank balances were $2,214,796.13. The amounts of the total bank balances are classified into three categories of credit risk: \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. \n- 12 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1996 \n \nNote 2: DEPOSITS \n \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name. \nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Board's name.) \n \nThe Board's deposits are classified by risk category at June 30, 1996, as follows: \n \nRisk Category 1 2 3 Total \nNote 3: NON-MONETARY TRANSACTIONS \n \nBank Balance \n$ 200,000.00 2,014,796.13 0.00 \n$ 2.214,796.13 \n \nThe Board receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \n \nNote 4: RISK MANAGEMENT \n \nThe Board is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; natural disaster and unemployment compensation. \n \nThe Board has obtained commercial insurance for risk of loss associated with torts, assets, errors or omissions and natural disaster. However, the errors or omissions policy excludes coverage for se:xual harassment and discrimination. The Board has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any of the past three years. \n \nThe Board has elected to self-insure for all losses related to torts, assets and natural disaster, with the exception of flood damage, for which coverage was purchased to cover up to a total of $15,000.00 for the term of the policy after a deductible of$250.00 per occurrence. The Board has not experienced any losses related to these risks in the past three years. \n \nThe Board is self-insured with regard to unemployment compensation claims. The Board accounts for claims within the General Fund with expenditure and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. The Board has not experienced any unemployment claims during the past two fiscal years. \n \n- 13- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1996 \n \nNote 4: RISK MANAGEMENT \n \nThe Board participates in the Georgia Education and Government Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991 to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The Board pays an annual premium to the Trust for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Trust with the Continental Insurance Company to provide coverage for potential losses sustained by the Trust in excess of $250,000.00 loss per occurrence, up to $1,000,000.00. \n \nNote 5: GENERAL LONG-TERM DEBT \n \nCAPITAL LEASES The Miller County Board of Education has entered into various lease agreements as lessee for copy machines. These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of the future minimum lease payments as of the date of their inception. \n \nGENERAL OBLIGATION BONDS OUTSTANDING General Obligation Bonds currently outstanding are as follows: \n \nPurpose \n \nInterest Rates \n \nAmount \n \nGeneral Government - Series 1991 \n \n5.20% - 7.50% $ 890,000.00 \n \nThe changes in General Long-Term Debt during the fiscal year ended June 30, 1996, were as follows: \n \nBalance July I, 1995 \nAdditions Deductions \nPayments Balance June 30, 1996 \n \nCapital Leases \n \nGeneral Obligation \nBonds \n \nTotal \n \n$ 6,379.37 $ 920,000.00 $ 926,379.37 \n \n75,362.42 \n \n75,362.42 \n \n14,857.21 \n \n30,000.00 \n \n44,857.21 \n \n$ 66,88458 $ 890000.00 $ 95688458 \n \nAt June 30, 1996, payments due, by fiscal year which includes principal and interest for these items are as follows: \n \n- 14- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1996 \n \nNote 5: GENERAL LONG-TERM DEBT \n \nFiscal Year Ended June 30 \n1997 1998 1999 2000 2001 2002 and thereafter \nTotal Principal and Interest \nDeduct: Imputed Interest \nNet Present Value of Future Minimum Lease Payments \n \nCapital Leases \n \nGeneral Obligation \nBonds \n \nTotal Debt \n \n$ 20,448.52 $ 98,810.00 $ 119,258.52 \n \n19,612.54 \n \n96,640.00 \n \n116,252.54 \n \n18,772.80 \n \n99,400.00 \n \n118,172.80 \n \n18,772.80 \n \n96,760.00 \n \n115,532.80 \n \n2,346.60 \n \n99,080.00 \n \n101,426.60 \n \n1.009,745.00 1.009,745.00 \n \n$ 79,953.26 $ 1,50043500 $ 1,580.38826 \n \n13,068.68 \n \n$ 66884.58 \n \nNote 6: ON-BEHALF PAYMENTS \n \nThe Board has recognized revenues and expenditures in the amount of$110,626,95 for health insurance and retirement contributions paid on the Board's behalf by the following State Agencies. \n \nGeorgia Department of Education Paid to the State Merit System of Personnel, Administration For Health Insurance of Non-Certified Personnel In the amount of $90,447.95 \n \nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of$20,179.00 \n \nNote 7: SIGNIFICANT COMMITMENTS \n \nThe following is an analysis of significant outstanding construction or renovation contracts executed by the Board as of June 30, 1996: \n \nProject \n \nUnearned Executed Contracts \n \nElementary School Reroofing \n \n$ 170,066.40 \n \nThe amount described in this note is not reflected in the general purpose financial statements. \n \n-15 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT liD\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30,1996 \n \nNote 8: CONTINGENT LIABILITIES \nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The Board believes that such disallowances, if any, will be immaterial to its overall fmancial position. \nThe Board is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine Board operations. The ultimate disposition of these proceedings is not presently determinable, but is not believed to be material to the general purpose fmancial statements. \nNote 9: RETIREMENT PLANS \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer public employee retirement system (PERS). \nTRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. A member is eligible for service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment'of age 60. A member is eligible for early retirement after 25 years of creditable service and attainment of age 55, at a reduced benefit. Retirement benefits paid to members are equal to 2% of the average of the member's two consecutive highest paid years of service multiplied by the number of years of creditable service up to 40 years. The normal retirement pension is payable monthly for life. Options are available for distribution ofthe member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \nRetirement benefits also include death and disability benefits. A disabled member or surviving spouse is entitled to receive annually an amount equal to the member's s~rvice retirement benefit or disability retirement, whichever is greater. The death benefit is the amount that would be payable to the member's beneficiary had the member retired on the date of death on either a service retirement allowance or a disability retirement allowance, whichever is larger. The benefit is based on the member's creditable service (minimum of 10 years of service) and compensation up to the time of disability or death. \nMembers become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting of employer contributions occurs, but the member's contributions are refunded with interest. \nThe Board's payroll for employees covered by TRS for the year ended June 30, 1996, was $3,670,043.78; total payroll was $4,231,253.46. \n \n-16 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1996 \n \nNore9: RETffiEMENTPLANS \n \nIRS CONTRIBUTIONS REQUffiED AND MADE Employees of the Board who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. For fiscal year 1996 that rate for employer contributions was 11.81 %. The interest rate assumption (rate of return on investments) was 7.50%. \n \nTotal contributions made during fiscal year 1996 amounted to $616,945.37, of which $433,432.65 was made by the Board and $183,512.72 was made by employees. These contributions represented 11.81% (Board) and 5% (employees) of covered payroll. \n \nTRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No.5 ofthe Governmental Accounting Standards Board (GASB) that, with some exceptions, must be used by a PERS. The standardized measurement is the actuarial present value of credited projected benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salary increases. A standardized measure of the pension benefit obligation was adopted by the GASB to enable readers of PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other PERS and among other employers. \n \nTotal unfunded pension benefit obligation ofTRS as of June 30, 1995, was as follows: \n \nTotal pension benefit obligation \n \n$17,442,607,000.00 \n \nNet assets available for benefits, at cost \n \n15,857,066,000.00 \n \nUnfunded pension benefit obligation \n \n$ 1.585,541.000.00 \n \nThe measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1995. Net assets available to pay pension benefits were valued as of the same date. TR$ does not make separate measurements of assets and pension benefit obligation for individual employers. \n \nTotal contributions from all employers to TRS for fiscal year ended June 30, 1996 were $607,275,000.00. The Board's contribution for the year ended June 30, 1996 of $433,432.65 was actuarially determined and represented .0714% of total contributions made by all participating employers. \n \nTen year historical trend information is presented in the 1996 TRS Component Unit Financial Report. This information is useful in assessing TRS's accumulation of sufficient assets to pay pension benefits as they become due. \n \n- 17 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1996 \n \nNote 9: RETIREMENT PLANS \nPUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA (PSERS) \nPSERS PLAN DESCRIPTION Substantially all bus drivers, maintenance, custodial, and lunchroom personnel employed by local school systems are covered by the Public School Employees Retirement System ofGeorgia (PSERS). All employer's contributions are made by the State of Georgia in accordance with State statute. \nPSERS provides, in accordance with State statute, service retirement, disability retirement and survivors benefits for its members. A member is eligible for normal service retirement after 10 years of service and attainment of age 65. A member applying for service retirement with 10 years of service and retires between the ages of 60 and 65 receives a reduced benefit. Monthly retirement benefits paid to members are equal to $8.00 per month multiplied by the number of years of creditable service. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \nRetirement provisions include death and disability benefits. Disability benefits are the same as if the employee had retired at age 65 as long as the employee has 15 or more years of creditable service. Death benefits are dependent upon the number of years of service. Ifthere are less than ten years of service, a lump sum refund of the employee's contributions and interest are made to the beneficiary. If there are more than ten years of service, the beneficiary shall receive for life half ofwhat the employee would have received upon retirement. \nMembers become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting of employer contributions occurs, but the member's contributions are refunded with interest. \nThere were 46 employees covered under PSERS for the year ended June 30, 1996. \nPSERS CONTRIBUTIONS REQUIRED AND MADE Covered employees are required by State statute to contribute $4.00 a.month for the nine month school year. Unlike TRS, the Board makes no contribution to PSERS. The State of Georgia is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS' Board of Trustees. Total contributions from employees of the Board made during fiscal year 1996 amounted to $1,556.00. Total contribution for all school systems made by the State of Georgia to PSERS for fiscal year ended June 30, 1996, was $9,817,769.80. \nNote 10: SURETY BONDS \nMr. Kelley Summers, School Superintendent through December 31, 1996, was bonded in the amount of $10,000.00 with the Western Surety Company, Sioux Falls, South Dakota, their Bond No. 13657251. \n \n- 18 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1996 \n \nNote 10: SURETY BONDS \nThe School Superintendent, Mr. Victor M. Hill, effective January 1, 1997, is bonded in the amount of $10,000.00 with the Western Surety Company, Sioux Falls, South Dakota, their Bond No. 1367254, on which premium is paid through December 31, 1997. \n \n- 19- \n \n MILLER COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 3D. 1996 \n \nASSETS \nCash and Cash Equivalents \nAccounts Receivable \nInventories Food Donated Commodities Purchased Food \n \nSCHOOL FOOD \nSERVICES FUND \n \nLOTTERY PROGRAMS \n \nELEMENTARY AND SECONDARY EDUCATION ACT \n \nTITLE I \n \nTITLE VI \n \nGRANTS TO \n \nTITLE\" \n \nINNOVATIVE \n \nLOCAL \n \nEISENHOWER \n \nEDUCATION \n \nEDUCATIONAL PROFESSIONAL \n \nPROGRAM \n \nAGENCIES \n \nDEVELOPMENT STRATEGIES \n \n$ 109,734.85 $ 5,801.02 $ \n \n66.75 $ \n \n4,944.87 $ \n \n765.61 \n \n4,782.93 19,026.00 \n \n35,267.27 \n \n4,035.55 7,569.43 \n \nTotal Assets \n \n$ 126,122.76 $ 24,827.02 $ \n \n35,334.02 $ \n \n4,944.87 $ \n \n765.61 \n \nLIABILITIES AND FUND EQUITY \nLIABILITIES \nCash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable \nTotal Liabilities \nFUND EQUITY \nFund Balances Reserved For Continuation of Federal Programs For Expired Grant Balances/Questioned Costs For Inventories Food Donated Commodities Purchased Food \nUnreserved Undesignated \nTotal Fund Equity \n \n$ 5,964.86 $ 6,262.88 $ 24,634.94 18,564.14 \n$ 30,599.80 $ 24,827.02 $ \n \n$ 4,035.55 7,569.43 \n$ 11,604.98 83,917.98 $ \n$ 95,522.96 $ \n \n0.00 $ 0.00 $ \n \n8,097.21 27,236.81 35.334.02 \n$ \n$ 0.00 0.00 $ \n \nTotal Liabilities and Fund EqUity \n \n$ 126,122.76 $ 24,827.02 $ \n \n35,334.02 $ \n \n$ $ \n4,944.87 \n4,944.87 0.00 $ \n4,944.87 $ 4,944.87 $ \n \n765.61 765.61 \n0.00 0.00 765.61 \n \nSee notes to the general purpose financial statements. \n \n- 20- \n \n EXHIBIT \"En \n \nINDIVIDUALS WITH \n \nDISABILITIES EDUCATION ACT \n \nPARTB \n \nSPECIAL EDUCATION \n \nFLOW \n \nTHROUGH \n \nPRESCHOOL \n \nVOCATIONAL EDUCATION \nFEDERAL \n \nGOALS 2000 \n \nSTATE AND \n \nLOCAL \n \nEDUCATION \n \nJOB TRAINING SYSTEMIC \n \nPARTNERSHIP IMPROVEMENT \n \nTOTALS \n \nACT \n \nGRANTS JUNE 30,1996 JUNE 30, 1995 \n \n$ 3,228.88 $ \n \n2,474.72 $ \n \n2,836.17 \n \n$ \n \n484.74 $ 130,337.61 $ 106,996.11 \n \n$ \n \n4,093.16 \n \n63,169.36 \n \n93,186.09 \n \n4,035.55 7,569.43 \n \n4,535.96 7,292.78 \n \n$ 3,228.88 $ \n \n2,474.72 $ \n \n2,836.17 $ \n \n4,093.16 $ \n \n484.74 $ 205,111.95 $ 212,010.94 \n \n$ $ 3,228.88 $ 3,228.88 $ \n \n539.18 $ 1,935.54 \n2,474.72 $ \n \n$ 21.00 \n2,815.17 \n2,836.17 $ \n \n4,093.16 4,093.16 \n \n$ \n \n4,093.16 $ \n \n37,403.16 \n \n20,885.13 \n \n27,824.13 \n \n72,371.43 \n \n63,023.06 \n \n6,809.66 \n \n$ 104,159.38 $ 128,250.35 \n \n$ \n \n0.00 $ \n \n$ \n \n0.00 $ \n \n0.00 $ 0.00 $ \n \n0.00 $ 0.00 $ \n \n$ \n$ 0.00 0.00 $ \n \n484.74 $ \n \n5,429.61 $ \n \n833.10 \n \n484.74 $ 0.00 \n484.74 $ \n \n4,035.55 7,569.43 17,034.59 $ \n83,917.98 100,952.57 $ \n \n4,535.96 7,292.78 12,661.84 \n71,098.75 83,760.59 \n \n$ \n \n3,228.88 $ \n \n2,474.72 $ \n \n2,836.17 $ \n \n4,093.16 $ \n \n484.74 $ 205,111.95 $ 212,010.94 \n \n- 21 - \n \n MILLER COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nSPECIAL REVENUE FUND YEAR ENDED JUNE 30, 1996 \n \nREVENUES \nState Funds Federal Funds Taxes and Other Funds \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services General Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \nCapital Outlay Debt Service \nPrincipal \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES \nOperating Transfers In \nExcess of Revenues and Other Financing Sources over (under) Expenditures \nFUND BALANCE JULY 1 \nFood Inventory - Net Change in Period Donated Commodities Purchased Food \n \nSCHOOL FOOD \nSERVICES FUND \n \nLOTTERY PROGRAMS \n \nELEMENTARY AND SECONDARY EDUCATION ACT \n \nTITLE I \n \nTITLE VI \n \nGRANTS TO \n \nTITLEIJ \n \nINNOVATIVE \n \nLOCAL \n \nEISENHOWER \n \nEDUCATION \n \nEDUCATIONAL PROFESSIONAL \n \nPROGRAM \n \nAGENCIES \n \nDEVELOPMENT STRATEGIES \n \n$ 35,288,00 $ 245,234.90 \n \n382,453.93 \n \n$ \n \n95,338,83 \n \n$ 513,080,76 $ 245,234,90 $ \n \n238,567,27 $ 238,567.27 $ \n \n8,247.33 $ 8,247,33 $ \n \n8,247,39 8,247.39 \n \n$ 225,857,57 $ 40,347.06 \n \n217,989,75 $ 20,577.52 \n \n$ 500,261.53 \n \n1,204.86 \n \n3,286,81 $ 15.65 \n \n7,597,39 650,00 \n \n$ 500,261.53 $ 267,409,49 $ $ 12,819,23 $ -22,174.59 $ \n \n238,567.27 $ 0,00 $ \n \n21,341.49 \n \n$ 12,819.23 $ 82,927.49 \n \n-833.10 $ 833.10 \n \n-500.41 276.65 \n \n0.00 $ 0.00 \n \n3,302.46 $ 4,944.87 $ \n \n8,247.39 0.00 \n \n4,944.87 $ \n \n0.00 \n \n0,00 \n \n0.00 \n \nFUND BALANCE JUNE 30 \n \n$ 95,522.96 $ \n \n0.00 $ \n \n0.00 $ \n \n4,944.87 $ \n \n0.00 \n \nSee notes to the general purpose financial statements. \n \n- 22- \n \n EXHIBIT \"F\" \n \nINDIVIDUALS WITH \n \nDISABILITIES EDUCATION ACT \n \nPARTB \n \nSPECIAL EDUCATION \n \nFLOW \n \nTHROUGH \n \nPRESCHOOL \n \nVOCATIONAL EDUCATION \nFEDERAL \n \nJOB TRAINING PARTNERSHIP \nACT \n \nGOALS 2000 STATE AND \nLOCAL EDUCATION SYSTEMIC IMPROVEMENT \nGRANTS \n \nTOTALS YEAR ENDED JUNE 30, 1996 JUNE 30, 1995 \n \n$ 39,189.12 $ $ 39,189.12 $ \n \n15,840.00 $ 45,497.83 $ \n \n12,307.64 $ \n \n15,840.00 $ 45,497.83 $ \n \n12,307.64 $ \n \n$ 9,350.00 \n \n280,522.90 $ 759,700.51 95,338.83 \n \n227,503.11 802,374.49 \n90,054.78 \n \n9,350.00 $ 1,135,562.24 $ 1,119,932.38 \n \n$ \n \n9,260.71 $ \n \n12,779.43 250.00 \n16,898.98 \n \n$ 39,189.12 $ \n \n$ \n \n0.00 $ \n \n16,494.93 $ 44,078.34 $ \n \n6,533.45 $ \n \n1,419.49 \n \n5,774.19 \n \n16,494.93 $ -654.93 $ \n \n45,497.83 $ 0.00 $ \n \n12,307.64 $ 0.00 $ \n \n145.00 $ 531,243.95 $ 508,617.89 \n \n8,720.26 \n \n53,126.49 9,620.26 \n44,685.83 \n501,466.39 \n \n35,289.80 8,532.14 \n42,811.18 14,343.40 \n4,177.56 250.59 \n489,224.35 4,010.50 \n \n440.01 \n \n8,865.26 $ 1,140,142.92 $ 1,107,697.42 \n \n484.74 $ \n \n-4,580.68 $ \n \n12,234.96 \n \n$ \n \n0.00 $ \n \n0.00 \n \n$ \n \n0.00 $ \n \n654.93 \n0.00 $ 0.00 \n \n0.00 $ 0.00 \n \n0.-.0,;.0 $ \n \n0,;,;;.0,;;,,0 $ \n \n0.00 $ 0.00 \n \n21,996.42 \n \n1,328.56 \n \n484.74 $ 0.00 \n \n17,415.74 $ 83,760.59 \n \n13,563.52 68,968.81 \n \n-500.41 276.65 \n \n1,158.72 69.54 \n \n0.00 $ \n \n484.74 $ 100,952.57 $ \n \n83,760.59 \n \n- 23- \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \nYEAR ENDED JUNE 30. 1996 \n \nSCHEDULE \"1\" \n \nFUNDING AGENCY PROGRAM/GRANT \nAgriculture, U. S. Department of Through Georgia Department of Education Food and Nutrition Program Child and Adult Care Food Program 1996 Contract Food Services School Breakfast Program 1996 Grant National School Lunch Program 1996 Grant Food Distribution Program (1) \nTotal U. S. Department of Agriculture \nEducation, U. S. Department of Through Georgia Department of Education Elementary and Secondary Education Act Title I Grants to Local Educational Agencies 1996 Grant Title II Eisenhower Professional Development 1995 Regular 1996 Grant Title VI Innovative Education Program Strategies 1996 Grant Goals 2000 State and Local Education Systemic Improvement Grants 1996 Grant Individuals with Disabilities Education Act Part B - Special Education Flow Through 1996 Grant Preschool 1996 Grant Vocational Education - Basic Grants to States High School Program Basic Grant 1996 Grant Tech-Prep Education 1996 Grant \nTotal U. S. Department of Education \nJustice, U. S. Department of Through Office of the Governor Juvenile Justice and Delinquency Program Grant No. 94S-19-9404-0007 \n \nCFDA NUMBER \n \nFEDERAL REVENUE IN PERIOD \n \nEXPENDITURES IN PERIOD \n \n10.558 $ \n \n3,055.64 \n \n(2) \n \n10.553 \n10.555 10.550 \n$ \n \n115,512.42 \n228,906.30 $ 34,979.57 \n382,453.93 $ \n \n(2) \n465,281.96 (3) 34,979.57 \n500,261.53 \n \n84.010 $ 238,567.27 $ \n \n238,567.27 \n \n84.281 84.281 \n \n247.33 8,000.00 \n \n247.33 3,055.13 \n \n84.298 \n \n8,247.39 \n \n8,247.39 \n \n84.276 \n \n9,350.00 \n \n8,865.26 \n \n84.027 84.173 \n \n39,189.12 15,840.00 \n \n39,189.12 16,494.93 (3) \n \n84.048 \n \n_ 16,823.68 \n \n84.243 \n \n28,674.15 \n \n$ 364,938.94 $ \n \n16,823.68 28,674.15 360,164.26 \n \n16.540 $ \n \n677.00 $ \n \n915.00 (3) \n \n- 24 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \nYEAR ENDED JUNE 30, 1996 \n \nSCHEDULE \"1\" \n \nFUNDING AGENCY PROGRAM/GRANT \nLabor, U. S. Department of Through Southwest Georgia Regional Development Center Job Training Partnership Act 93-B-79 92-B-79 \nTotal U. S. Department of Labor \n \nCFDA NUMBER \n \nFEDERAL REVENUE IN PERIOD \n \nEXPENDITURES IN PERIOD \n \n17.250 $ 17.250 \n$ \n \n4,093.16 $ 8.214.48 \n12,307.64 $ \n \n4,093.16 8.214.48 \n12.307.64 \n \nTotal Federal Financial Assistance \n \n$ 760,377.51 $=====8.7.3.=,=64=8...4.==3 \n \nThe Board had no major programs as defined by the Single Audit Act of 1984. \n \n(1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. \n(2) Expenditures for the School Breakfast Program and the Child and Adult Care Food Program were not maintained separately and are included in the 1996 National School Lunch Program. \n(3) Expenditures for this program include State and/or Other Funds. Expenditures are not maintained by fund source. \n \nSee notes to the general purpose financial statements. \n \n- 25 - \n \n MILLER COUNTY BOARD OF EDUCATION CASH AND CASH EQUIVALENTS JUNE 30,1996 \n \nSCHEDULE \"2\" \n \nINTEREST BEARING ACCOUNTS \nPeoples Community Bank, Colquitt. Georgia \nCertificate of Deposit No, 13798 (6,00%) Money Market Account (4.00%) N.O'w. Accounts (3.75%) \nSecurity Bank. Colquitt. Georgia \nCertificates of Deposit No. 26692 (3.95%) No. 26693 (3.95%) No. 26694 (3.95%) No. 26695 (3.95%) NO.28941 (5.30%) No. 29907 (3.90%) No. 29906 (4.45%) \nN.O.W. Accounts (3.10%) \n \n$ 6.891.42 114,811.14 103,719.46 $ \n \n225,422.02 \n \n$ 103,876.76 103.876.76 103,876.76 103.876.76 500,000.00 203.633.24 155,610.86 205.094.16 \n \n1,479.845.30 \n \n$ 1,705.267.32 \n \nSee notes to the general purpose financial statements. \n \n-26 - \n \n MILLER COUNTY BOARD OF EDUCATION ACCOUNTS RECEIVABLE JUNE 30. 1996 \n \nSCHEDULE \"3\" \n \nEducation, Georgia Department of Food Services School Breakfast Program National School Lunch Program Child and Adult Care Food Program Vocational Education State Funds Federal Program Elementary and Secondary Education Act Title I Grants to Local Educational Agencies \nMiller County Tax Commissioner County Wide Bond Tax County Wide School Tax \nOffice of School Readiness Pre-Kindergarten Program \nSouthwest Georgia Regional Development Center Job Training Partnership Act \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nDEBT \n \nGENERAL \n \nREVENUE \n \nSERVICE \n \nFUND \n \nFUND \n \nFUND \n \nTOTAL \n \n$ \n \n$ \n \n18,521.00 \n \n2,300.77 2,107.59 \n374.57 \n \n$ \n \n2,300.77 \n \n2,107.59 \n \n374.57 \n \n18,521.00 \n \n8,583.89 \n \n35,267.27 \n$ \n19,026.00 \n \n604.89 \n \n35,267.27 \n604.89 8,583.89 \n19,026.00 \n \n4,093.16 \n \n4,093.16 \n \n$ \n \n27,104.89 $ \n \n63,169.36 $ \n \n604.89 $ ===90;;,;,,8;;;,;7,,;;9,;,;,.1=4 \n \nSee notes to the general purpose financial statements. \n \n- 27 - \n \n MILLER COUNTY BOARD OF EDUCATION DEBT SERVICE REqUIREMENTS TO MATURITY \nJUNE 30, 1996 \n \nSCHEDULE \"4\" \n \nPAYMENTS DUE IN FISCAL YEAR ENDING JUNE 30 \n1997 1998 1999 2000 2001 \n2002 2003 2004 2005 2006 \n2007 2008 2009 2010 2011 \n \nTOTAL DEBT SERVICE \n \n1991 ISSUE \n \nINTEREST \n \nPRINCIPAL \n \n$ \n \n98,810.00 $ \n \n63,810.00 $ \n \n35,000.00 \n \n96,640.00 \n \n61,640.00 \n \n35,000.00 \n \n99,400.00 \n \n59,400.00 \n \n40,000.00 \n \n96,760.00 \n \n56,760.00 \n \n40,000.00 \n \n99,080.00 \n \n54,080.00 \n \n45,000.00 \n \n101,020.00 102,570.00 \n98,720.00 99,815.00 100,495.00 \n \n51,020.00 47,570.00 43,720.00 39,815.00 35,495.00 \n \n50,000.00 55,000.00 55,000.00 60,000.00 65,000.00 \n \n100,750.00 100,500.00 \n99,875.00 103,875.00 102,125.00 \n \n30,750.00 25,500.00 19,875.00 13,875.00 \n7,125.00 \n \n70,000.00 75,000.00 80,000.00 90,000.00 95,000.00 \n \n$ 1,500,435.00 $ 610,435.00 $ 890,000.00 \n \nCHANGES IN GENERAL LONG-TERM DEBT Bonds Payable at July 1, 1995 Bonds Retired During Period \n \n1991 ISSUE $ 920,000.00 \n30,000.00 \n \nBonds Payable at June 30, 1996 \n \n$ 890,000.00 \n \nMATURITY DATES Semi-Annual Interest Payment Dates Annual Debt Retirement Date \n \nFEB 1 -AUG 1 FEB 1 \n \nSee notes to the general purpose financial statements. - 28 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30,1996 \n \nSCHEDULE \"5\" \n \nAGENCY/FUNDING \nGRANTS Education, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost Pupil Transportation Regular Bus Replacement Sparsity Grant In-School Suspension Counselors Grades 4 and 5 Technology Training Local Fair Share Educational Equalization Funding Grant Food Services Vocational Education Other State Programs Alternative Programs Apprenticeship Program At-Risk Summer School Program Health Insurance Innovative Programs Preschool Handicapped Program Remedial Summer School Program Lottery Programs Distant Learning Instructional Technology Pre-Kindergarten Program Technology Installation \nOffice of School Readiness Pre-Kindergarten Program \nOffice of Treasury and Fiscal Services Public School Employees Retirement \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nGENERAL \n \nREVENUE \n \nPROJECTS \n \nFUND \n \nFUND \n \nFUND \n \nTOTAL \n \n$ 2,383,222.00 360,998.00 164,673.00 102,517.00 32,542.00 700,239.00 \n247,420,00 60,629.00 \n114,161.00 38,583.00 6,301.00 25,765.00 \n-411,464.00 299,200.00 \n$ \n41,204.00 \n20,000.00 3,823.00 5,248.45 \n90,447,95 3,100.00 \n15,777.00 2,105.19 \n \n35,288.00 $ \n-833.10 53,178.00 72,000.00 30,000.00 \n \n$ 2,383,222.00 360,998.00 164,673.00 102,517.00 32,542.00 700,239.00 \n \n50,000.00 \n \n247,420.00 60,629.00 \n114,161.00 38,583.00 6,301.00 25,765.00 \n-411,464.00 299,200.00 \n35,288.00 91,204.00 \n \n20,000.00 3,823.00 5,248.45 \n90,447.95 3,100.00 \n15,777.00 2,105.19 \n \n-833.10 53,178.00 72,000.00 30,000.00 \n \n90,890.00 \n \n90,890.00 \n \n20,179.00 \n \n20,179.00 \n \n$ 4,326,670.59 $ 280,522.90 $ 50,000.00 $ 4,657,193.49 \n \nSee notes to the general purpose financial statements. \n \n-29 - \n \n Taxes County Wide Bond Tax County Wide School Tax Railroad Car Tax Real Estate Transfer Tax \nOther Sources Interest Earned Lost and Damaged Books Rents Sales Lunches School Assets Other \n \nMILLER COUNTY BOARD OF EDUCATION SCHEDULE OF TAXES AND OTHER REVENUE \nYEAR ENDED JUNE 30,1996 \n \nSCHEDULE \"6\" \n\" \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nDEBT \n \nGENERAL \n \nREVENUE \n \nSERVICE \n \nFUND \n \nFUND \n \nFUND \n \nTOTAL \n \n$ 1,439,896.09 2,769.51 2,656.95 \n \n$ 103,814.34 $ 103,814.34 1,439,896.09 2,769.51 2,656.95 \n \n42,841.14 $ 448.82 725.00 \n6,384.00 399.50 \n \n3,099.43 \n91,979.44 259.96 \n \n4,271.30 \n \n50,211.87 448.82 725.00 \n91,979.44 6,384.00 659.46 \n \n$ 1,496,121.01 $ \n \n95,338.83 $ 108,085.64 $ 1,699,545.48 \n \nSee notes to the general purpose financial statements. - 30 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT GENERAL. SPECIAL REVENUE AND CAPITAL PROJECTS FUNDS \nYEAR ENDED JUNE 30, 1996 \n \nSCHEDULE \"7\" \n \nEXPENDITURES \nOperating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Compensation and Travel of Board Members Water, Sewer and Cleaning Services Repair and Maintenance Services Rents Insurance Communications Commodity Hauling Shared Services Other Purchased Services Supplies Energy Food Usage Books, Textbooks and Periodicals Dues and Fees Other Expenditures \nNonoperating Costs Principal and Interest Building and Building Improvements Equipment \n \nGENERAL FUND \n \nSPECIAL REVENUE \nFUND \n \nCAPITAL PROJECTS \nFUND \n \nTOTAL \n \n$ 3,729,111,06 $ 1,111,905,18 16,894,24 21,231,31 8,066,92 26,670.40 44,627,80 2,846,32 26,104,32 23,132,69 \n4,500.00 41,744.75 119,605,69 181,985,99 \n55,539,58 8,031.00 1,445.16 \n \n502,142,40 131,926,17 \n9,019,70 27,254.66 \n1,080,00 3,436,85 \n275,00 728.47 1,760.41 \n74,346.40 \n262,679.88 3,600,00 834.00 2,588.00 \n \n$ 4,231,253.46 1,243,831,35 25,913,94 48,485,97 8,066,92 27,750.40 48,064.65 2,846,32 26,379,32 23,861,16 1,760.41 4,500.00 41,744,75 193,952,09 181,985,99 262,679,88 59,139,58 8,865.00 4,033.16 \n \n20,712,00 24,309,71 328,527,54 \n \n$ 118,470.98 \n \n41,724.47 8,619.37 \n \n20,712.00 66,034.18 455,617.89 \n \nTotal Expenditures \n \n$ 5,796,991.66 $ 1,140,142,92 $ 50,343.84 $ 6,987,478.42 \n \nSee notes to the general purpose financial statements. \n \n- 31 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT \nLOTTERY PROGRAMS YEAR ENDED JUNE 30,1996 \n \nSCHEDULE \"8\" \n \nINSTRUCTIONAL PRE-KINDERGARTEN TECHNOLOGY \n \nTECHNOLOGY \n \nPROGRAM \n \nINSTALLATION \n \nEXPENDITURES \n \nOperating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Communications Supplies Food USiage Other Operating \n \n$ \n \n131,164.29 \n \n$ \n \n37,085.28 \n \n1,215.46 \n \n92.00 \n \n32.00 \n \n5,280.13 \n \n1,204.86 \n \n2,500.00 \n \nNonoperating Costs Equipment \n \n$ \n \n58,131.38 \n \n$ \n \n30,704.09 \n \nTOTAL \n131,164.29 37,085.28 1,215.46 92.00 32.00 5,280.13 1,204.86 2,500.00 \n88,835.47 \n \nTotal Expenditures \n \n$ \n \n58,131.38 $ \n \n178,574.02 $ \n \n30,704.09 $===2=67=,4=0=9=.4=9 \n \nSee notes to the general purpose financial statements. \n \n- 32 - \n \n MILLER COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 1996 \n \nSCHEDULE \"9\" \n \nMinimum Expenditure Requirements (Total Allotment) Expenditures on Combined Program Basis \nSalaries Operations \nLess: Expenditures for Media Center Programs in Excess of Total Media Allotment \nExpenditures per Audit \nAmount of Underexpenditure for Total Allotment \n \nTHIRTEEN WEIGHTED AND MEDIA CENTER \nPROGRAMS \n \n100% TEST FOR OPERATIONS PORTION OF THIRTEEN WEIGHTED PROGRAMS \n \n$ 3,011,410.00 $ \n \n9; . .4;.,l.,;,5; . ;.1. .; . 0.;. ;.0, -0 \n \n$ 3,369,559.25 162,004.01 $ _ _---:;.14.:..:1-'-',9;.,;,1.;.;5....;;..08~ \n$ 3,531,563.26 \n \n-17,895.40 $ 3,513,667.86 \n \n$ \n \n0.00 $======:.::::0:::: \n \nSee notes to the general purpose financial statements. - 33 - \n \n MILLER COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS BY PROGRAM \nGENERAL FUND QUALITY BASIC EDUCATION PROGRAMS . YEAR ENDED JUNE 30 1996 \n \nSee notes to the general purpose financial statements. \n \n 34 - \n \n SCHEDULE \"10\" \n \nTOTAL REQUIRED \n \nACTUAL EXPENDITURES \n \nSALARIES \n \nOPERATIONS \n \nTOTAL \n \nAMOUNT OF UNDEREXPENDITURE \nFOR REQUIRED ALLOTMENT \n \n$ \n \n202,016.70 $ \n \n217,815.18 $ \n \n12,319.19 $ \n \n230,134.37 \n \n525,780.00 \n \n607,019.20 \n \n18,662.02 \n \n625,681.22 \n \n$ \n \n727,796.70 $ \n \n824,834.38 $ \n \n30,981.21 $ \n \n855,815.59 $ \n \n0.00 \n \n259,375.50 \n \n367,038.46 \n \n14,569.00 \n \n381,607.46 \n \n0.00 \n \n503,053.20 \n \n598,663.35 \n \n23,552.54 \n \n622,215.89 \n \n0.00 \n \n343,909.80 \n \n407,454.71 \n \n38,253.54 \n \n445,708.25 \n \n0.00 \n \n117,108.00 \n \n158,722.67 \n \n4,783.28 \n \n163,505.95 \n \n0.00 \n \n193,656.60 \n \n371,779.51 \n \n23,415.94 \n \n395,195.45 \n \n0.00 \n \n$ 2,144,899.80 $ \n \n2,728,493.08 $ \n \n135,555.51 $ 2,864,048.59 \n \n$ \n \n324,898.20 \n \n$ \n \n162,505.62 $ 231,918.32 \n \n215.80 $ 3,050.00 \n \n162,721.42 234,968.32 \n \n$ \n \n324,898.20 $ \n \n. 394,423.94 $ \n \n3,265.80 $ \n \n397,689.74 \n \n0.00 \n \n$ \n \n148,205.70 $ \n \n146,318.76 $ \n \n3,093.77 $ \n \n149,412.53 \n \n0.00 \n \n$ 2,618,003.70 $ \n \n3,269,235.78 $ \n \n141,915.08 $ 3,411,150.86 \n \n$ \n \n73,803.60 $ \n \n100,323.47 \n \n$ \n \n100,323.47 \n \n0.00 \n \n18,461.70 \n \n$ \n \n20,088.93 \n \n20,088.93 \n \n0.00 \n \n$ \n \n92,265.30 $ \n \n100,323.47 $ \n \n20,088.93 $ \n \n120,412.40 \n \n$ 2,710,269.00 $ \n \n3,369,559.25 $ \n \n162,004.01 $ 3,531,563.26 $ \n \n0.00 \n \n$ \n \n8,029.00 \n \n24,513.00 \n \n$ ==.;32;;;,,5;;,,4;,;;;2=.0;;,,0 \n \n$ \n \n7,514.01 $ \n \n7,514.01 \n \n25,082.95 \n \n25,082.95 \n \n$ \n \n32,596.96 $ \n \n32,596.96 $ ========0.=0=0 \n \n- 35 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS \nYEAR ENDED JUNE 30,1996 \n \nSCHEDULE \"11\" \n \nBOARD MEMBER ADDRESS \nMr. Dole Cook, Jr., Chairman (*) 252 Steerhole Road Colquitt, Georgia 31737 \nMr, David Bracewell (*) 1099 Hwy 91 South Colquitt, Georgia 31737 \nMr. Kevin Hall (*) 111 Crawford Street Colquitt, Georgia 31737 \nMr. Lowell McNease (*) 92 Babcock Road Colquitt, Georgia 31737 \nMr. Charles Thorne (*) 538 Griggs/Lucille Road Colquitt, Georgia 31737 \nMr, David Varnadoe P,O, Box 513 ColqUitt, Georgia 31737 \n(*) Denotes Board Members Serving as of June 30, 1996 \n \nCOMPENSATION \n \nTRAVEL \n \n$ \n \n1,725,00 $ \n \n360,30 \n \n950.00 \n \n109,00 \n \n200,00 \n \n1,250,00 \n \n329.00 \n \n1,200,00 \n \n481.44 \n \n1,000.00 \n \n462,18 \n \n$ \n \n6,325,00 $ ======1=,7=::4:::::;1,=:92= \n \nSee notes to the general purpose financial statements. \n \n- 36 - \n \n SECTIONll COMPLIANCE \n \n CLAUDE L. VICKERS \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS \n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \nMay 28, 1997 \n \nHonorable Zell Miller, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Miller County Board of Education \nCOMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nLadies and Gentlemen: \nWe have audited the general purpose fmancial statements of the Miller County Board of Education as of and for the year ended June 30, 1996, and have issued our report thereon dated May 28, 1997. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \\ \nWe. conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. \nCompliance with laws, regulations, contracts, and grants applicable to Miller County Board of Education is the responsibility of the Board's management. As part of obtaining reasonable assurance about whether the general purpose financial statements are free of material misstatement, we performed tests of the Board's compliance with certain provisions oflaws, regulations, contracts, and grants. However, the objective of our audit of the financial statements was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion. \nThe results of our tests disclosed no instances of noncompliance that are required to be reported herein under Government Auditing Standards. \n \n96CRL-I0 \n \n This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \nRespectfully submitted, \nL~ \nClaude L. Vickers State Auditor \nCLV:dt 96CRL-IO \n \n CLAUDE L. VICKERS \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS \n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \nMay 28, 1997 \n \nHonorable Zell Miller, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Miller County Board of Education \n \nSINGLE AUDIT REPORT ON COMPLIANCE WITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS \n \nLadies and Gentlemen: \n \nWe have audited the general purpose fmancial statements ofthe Miller County Board of Education as of and \nfor the year ended June 30, 1996, and have issued our report thereon dated May 28, 1997. This report was \nqualified for various departures from generally accepted accounting principles, as identified in the auditor's \\ \nreport on the general purpose financial statements. . \n \nWe have applied procedures to test the Miller County Board of Education's compliance with the following requirements applicable to each of its Federal financial assistance programs, which are listedin the Schedule of Federal Financial Assistance, for the year ended June 30, 1996: \n \n(1) Political Activity \n \n(5) Allowable Costs/Cost Principles \n \n(2) Civil Rights \n \n(6) Audit Follow-UplResolution \n \n(3) Cash Management \n \n(7) Administrative Requirements \n \n(4) Federal Financial Reports \n \nOur procedures were limited to the applicable procedures described in the Office of Management and Budget's \"Compliance Supplement for Single Audits of State and Local Governments\" and other additional procedures as deemed necessary. Our procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the Board's compliance with the requirements listed in the preceding paragraph. Accordingly, we do not express such an opinion. \n \n96CRL-50 \n \n With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph of this report. With respect to items not tested, nothing came to our attention that caused us to believe that the Miller County Board of Education had not complied, in all material respects, with those requirements. However, the results of our procedures disclosed an immaterial instance of noncompliance with those requirements, which is described in the Schedule of Findings and Improper or Questioned Costs. \nThis report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \nRespectfully submitted, \n~~ \nClaude L. Vickers State Auditor \nCLV:dt 96CRL-50 \n \n CLAUDE L. VICKERS \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS \n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \nMay 28,1997 \n \nHonorable Zell Miller, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Miller County Board of Education \n \nSINGLE AUDIT REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS \n \nLadies and Gentlemen: \n \nWe have audited the general purpose financial statements ofthe Miller County Board of Education as of and for the year ended June 30, 1996, and have issued our report thereon dated May 28, 1997. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose fmancial statements. \n \nIn connection with our audit of the fiscal year 1996 general purpose financial statements ofthe Miller County Board of Education and with our consideration of the Board's control structure used to administer Federal financial assistance programs, as required by Office of Management and Budget (OMB) Circular A-128, \"Audits of State and Local Governments\", we selected certain transactions applicable to certain nonmajor Federal financial assistance programs for the year ended June 30, 1996. As required by OMB Circular A-128, we have performed auditing procedures on the selected transactions to test compliance with the requirements governmg: \n \n(1) Types of Services Allowed or Unallowed \n \n(2) Eligibility \n \nOur procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the Board's compliance with these requirements. Accordingly, we do not express such an opinion. \n \nWith respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the Miller County Board of Education had not complied, in all material respects, with those requirements. \n \n96CRL-120 \n \n This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \nRespectfully submitted, \n~~ \nClaude L. Vickers State Auditor \nCLV:dt 96CRL-120 \n \n SECTION III INTERNAL CONTROL \n \n CLAUDE L. VICKERS \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS \n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \nMay 28,1997 \n \nHonorable Zell Miller, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Miller County Board of Education \nREPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nLadies and Gentlemen: \nWe have audited the general purpose fmancial statements of the Miller County Board of Education as of and for the year ended June 30, 1996, and have issued our report thereon dated May 28, 1997. This report was qualified for various departures from generally accrpted accounting principles, as identified in the auditor's report on the general purpose financial statements. \nWe conducted our audit in accordance with generally accepted auditing standards, and Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. \nThe management of the Miller County Board of Education is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of general purpose financial statements in accordance with generally accepted accounting principles. Because of inherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. \n \n96ICL-3 \n \n In planning and perfonning our audit ofthe general purpose financial statements of the Miller County Board ofEducation for the year ended June 30, 1996, we obtained an understanding ofthe internal control structure. With respect to the internal control structure, we obtained an understanding ofthe design of relevant policies and procedures and whether they have been placed in operation, and we assessed control risk in order to determine our auditing procedures for the purpose of expressing our opinion on the general purpose financial statements and not to provide an opinion on the internal control structure. Accordingly, we do not express such an opinion. \n \nWe noted certain matters involving the internal control structure and its operation that we consider to be reportable conditions under standards established by the American Institute of Certified Public Accountants. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of the internal control structure that, in our judgment, could adversely affect the entity's ability to record, process, summarize, and report financial data consistent with the assertions of management in the general purpose financial statements. \n \nAs described in the Schedule ofFindings and Improper or Questioned Costs, reportable conditions were noted in the following control categories: \n \n(1) Accounting Controls (Overall) \n \n(2) General Fixed Assets \n \nA material weakness is a reportable condition in which the design or operation of one or more of the specific internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the general purpose financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. \n \nOur consideration of the internal control structure would\\not necessarily disclose all matters in the internal control structure that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses as defined above. However, we believe that the reportable conditions disclosed above are also considered to be material weaknesses. \n \nThese conditions were considered in determining the nature, timing, and extent of the procedures to be performed in our audit of the Miller County Board of Education's financial statements and this report does not affect our report thereon dated May 28, 1997. \n \nThis report is intended for the information of management, the Federal cognizant audit agency and other \n \nFederal grantor agencies. This restriction is not intended to limit the distribution of this report which is a \n \nmatter of public record. \n \n- \n \nCLV:dt 96ICL-3 \n \n CLAUDE L. VICKERS \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nMay 28, 1997 \n \nHonorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board of Education \nand Superintendent and Members of the Miller County Board of Education \nSINGLE AUDIT REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS \nLadies and Gentlemen: \nWe have audited the general purpose fmancial statements of the Miller County Board of Education as of and for the year ended June 30, 1996, and have issued our report thereon dated May 28, 1997. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \\ \nWe conducted our audit in accordance with generally accepted auditing standards; Government Auditing Standards, issued by the Comptroller General of the United States; and the provisions of Office of Management and Budget (OMB) Circular A-128, \"Audits of State and Local Governments\". Those standards and OMB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. \nIn plarming and performing our audit for the year ended June 30, 1996, we considered the Board's internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the Board's general purpose fmancial statements and to report on the internal control structure in accordance with OMB Circular A-128. This report addresses our consideration of internal control structure policies and procedures relevant to compliance with requirements applicable to Federal financial assistance programs. We have addressed internal control structure policies and procedures relevant to our audit of the general purpose financial statements in a separate report dated May 28, 1997. \nThe management of the Miller County Board of Education is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, \n96ICL-15 \n \n assurance that assets are safeguarded against loss from unauthorized use or disposition, that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of general purpose financial statements in accordance with generally accepted accounting principles, and that Federal financial assistance programs are managed incompliance with applicable laws and regulations. Because of inherent limitations in any internal control structure, errors, irregularities, or instances of noncompliance may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness ofthe design and operation of policies and procedures may deteriorate. \nFor the purpose of this report, we have classified the significant internal control structure policies and procedures used in administering Federal financial assistance programs in the following control categories: \n \nFor all of the internal control structure categories listed above, we obtained an understanding of the design of relevant policies and procedures and determined whether they have been placed in operation, and we assessed control risk. \n \nDuring the year ended June 30, 1996, the Miller County Board of Education had no major Federal financial \n \nassistance programs and expended 62% of its total Federal fmancial assistance under the following nonmajor \n \nFederal financial assistance programs: \n \n- \n \nFood and Nutrition Program Food Services National School Lunch Program \nElementary and Secondary Education Act Title I Grants to Local Educational Agencies \n \n96ICL-15 \n \n We performed tests of controls, as required by OMB Circular A-128, to evaluate the effectiveness of the design and operation of internal control structure policies and procedures that we considered relevant to preventing or detecting material noncompliance with general requirements and specific requirements as described above that are applicable to the aforementioned nonmajor programs. Our procedures were less in scope than would be necessary to render an opinion on these internal control structure policies and procedures. Accordingly, we do not express such an opinion. \nWe noted a certain matter involving the internal control structure and its operation that we consider to be a reportable condition under standards established ,by the American Institute of Certified Public Accountants. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control structure that, in our judgment, could adversely affect the Board's ability to administer Federal fmancial assistance programs in accordance with applicable laws and regulations. \nAs described in the Schedule ofFindings and Improper or Questioned Costs, a reportable condition was noted in the following control category: \nAdministrative Requirements \nA material weakness is a reportable condition in which the design or operation of one or more of the internal control structure elements does not reduce to a relatively low level the risk that noncompliance with laws and regulations that would be material to a Federal fmancial assistance program may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. \nOur consideration of the internal control structure policies and procedures used in administering Federal financial assistance would not necessarily disclose all matters in the internal control structure that might be reportable conditions and, accordingly, would not nec~ssarily disclose all reportable conditions that are also considered to be material weaknesses as defined aboVe. However, we believe that the reportable condition described above is also considered to be a material weakness. \nThis report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies and should not be used for any other purpose. This restriction is not intended to limit the distribution of this report which is a matter of public record. \nCLV:dt 96ICL-15 \n \n SECTION IV FINDINGS AND IMPROPER OR QUESTIONED COSTS \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR OUESTIONED COSTS \nYEAR ENDED JUNE 30, 1996 \nPRIOR YEAR \nAUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Finding Resolved Audit Control Number 7001-93-03 \nThe audit report for the year ended June 30, 1993, stated that the Board had underexpenditures of Quality Basic Education (QBE) funds of$373.59 for the operations portion ofthe High School Laboratories Program, $1,820.65 for the operations portion ofthe Vocational Education Laboratories Program and $467.50 for the StaffDevelopment - Cost ofInstruction Program. For the year under review, an adjustment was made to the Board's local fair share by the Georgia Department of Education to refund these underexpenditures as required. \nAUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $1,776.96 Audit Control Number 7001-94-02 \nThe audit report for the year ended June 30, 1994, reported that the Board had underexpenditures of Quality Basic Education (QBE) funds of $93.95 for the operatioIlS portion of the High School Laboratories Program, and $1,683.01 for the operations portion of the Vocational Education Laboratories Program. For the year under review, no adjustment was made to the Board's local fair share by the Georgia Department of Education to refund these underexpenditures as required. The underexpenditure of$I,776.96 should be returned to the Georgia Department of Education through an increase in the Board's local fair share for the QBE programs in a subsequent fiscal period. \nAUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $11,684.64 Audit Control Number 7001-95-01 \nThe audit report for the year ended June 30, 1995, reported that the Board had an underexpenditure of Quality Basic Education (QBE) funds of$II,684.64 for the Remedial Education Program. For the year under review, no adjustment was made to the Board's local fair share by the Georgia Department of Education to refund this underexpenditure as required. The underexpenditure of $11,684.64 should be returned to the Georgia Department of Education through an increase in the Board's local fair share for the QBE programs in a subsequent fiscal period. \n- 1- \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR OUESTIONED COSTS \nYEAR ENDED JUNE 30, 1996 \nPRIOR YEAR \nAUDIT FOLLOW-UP/RESOLUTION Excessive Lottery Cash Balances Financial Statements Finding Resolved Audit Control Number 7001-95-02 \nThe audit report for the year ended June 30, 1995 disclosed that the Board had an excess cash balance on hand of$833.10 for the Lottery - 1994 and 1995 Distant Learning programs. This questioned cost had not been resolved at June 30, 1996. However, refund of $833.10 was made by the Board in the subsequent fiscal period and this amount is included in Accounts Payable as shown in the Combined Balance Sheet, Exhibit \"A\", of this report. \nPRIORYE~CURRENTYEAR \nACCOUNTING CONTROLS (OVERALL) - Financial Statements ADMINISTRATIVE REQUIREMENTS - Federal Financial Assistance Inadequate Separation of Duties Reportable Condition - Material Weakness Audit ControlNumber 7001-93-01 \nThe audit report for the year ended June 30, 1,995, stated that the Board did not provide for adequate separation of employee duties in the perfonnance of accounting functions and related procedures. In the year under review, no improvement in adequate separation of employee duties was noted. This condition was a result of management's decision to limit the number of administrative staff made responsible for accounting functions. Management should periodically review this decision to detennine if employee duties can be reassigned to achieve a higher degree of internal control with existing staff. \nNote: All Federal financial assistance programs listed in the Schedule of Federal Financial Assistance, Schedule \"1 \" of this report are affected by this finding. \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 7001-93-02 \nThe audit report for the year ended June 30, 1995, noted that the management of the Miller County Board of Education had chosen not to maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. In the year under review, the Board did not establish a General Fixed Assets Account Group within the fonnal accounting records. This condition results in the general purpose financial statements of the Board being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Board \n-2- \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR OUESTIONED COSTS \nYEAR ENDED JUNE 30, 1996 \nPRIOR YEAR/CURRENT YEAR \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 7001-93-02 \nto establish accounting controls and procedures to provide for maintenance ofa General Fixed Assets Account Group. These subsidiary records should include an inventory of land, buildings and equipment owned by the Board and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. \nCURRENT YEAR \nEXPENDITURESILIABILITIESIDISBURSEMENTS Unlocated Lottery Equipment Financial Statements Nonmaterial Noncompliance Audit Control Number 7001-96-01 \nFor the year under review, an examination oflottery equipment purchased for the Miller County Middle/High School revealed that four equipment items purchased With a cost totaling $6,235.00 could not be physically located. This condition occurred as a result of the Board not properly maintaining the equipment inventory records. The Board should implement procedures to ensure that all equipment is properly accounted for within the Board's equipment inventory. The Georgia Department of Education should review this matter to determine if a reclaim of funds is appropriate. \nEMPLOYEE COMPENSATION Salary Overpayment Financial Statements Nonmaterial Noncompliance Amount: $141.04 Audit Control Number 7001-96-02 \nA sample of twenty employees were selected to test employee compensation. The results of this sample revealed that the Board overpaid employees in two instances amounting to $141.04. These overpayments occurred because the Board did not include applicable salary supplements when calculating the payroll deduction for excess leave taken. The Board should seek reimbursement of these overpayments for deposit into the Board's General Fund. \n-3- \n \n ~LERCOUNTYBOARDOFEDUCATION \nSCHEDULE OF FINDINGS AND IMPROPER OR OUESTIONED COSTS YEAR ENDED JUNE 30, 1996 \n \nCURRENT YEAR \n \nALLOWABLE COSTS/COST PRINCIPLES Inadequate Time and Attendance Records Federal Financial Assistance Nonmaterial Noncompliance Amount: $2,065.33 Audit Control Number 7001-96-03 \n \nA review of salaries charged to the following Federal fmancial assistance programs revealed that salary expenditures for one individual were not supported by adequate time and attendance records as required by Chapter 41, of the Financial Management for Georgia Local Units of Administration (FMGLUA). Salary charges to Federal programs should be based on actual time worked by employees. \n \nElementary and Secondary Education Act - Title I Grants to Local Educational Agencies (CFDA 84.010) \nIndividuals with Disabilities Education Act - Title VI, B Flow Through Program (CFDA 84.027) \n \n$ 478.66 $ 1,586.67 \n \nThese improper expenditures were the result ofmanagement's failure to maintain time and attendance records in a manner that would enable the accurate proration of salary charges. Appropriate internal controls should be established by the Board to ensure that all salary charges of employees involved in Federal and/or State projects be based on actual hours worked. The Gebrgia Department of Education should review this matter to determine if a reclaim of funds is appropriate. \n \n-4- \n \n SECTION V PERTINENT VIEWS OF RESPONSffiLE OFFICIALS \n \n MILLER COUNTYBOARD OF EDUCATION PERTINENT VIEWS OF RESPONSffiLE OFFICIALS \nYEAR ENDED JUNE 30, 1996 \nAUDIT FOLLOW~UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Finding Resolved Audit Control Number 7001-93-03 \nWe concur with ~s finding and understand that this finding will be resolved by the Georgia Department of Education through a future increase in the Board's local fair share portion ofQBE allotments. \nAUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $1,776.96 Audit Control Number 7001-94-02 \nWe concur with this fmding and understand that this finding will be resolved by the Georgia Department of Education through a future increase in the Board's local fair share portion ofQBE allotments. \nAUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $11,684.64 Audit Control Number 7001-95-01 \nWe concur with this finding and understand that this finding will be resolved by the Georgia Department of Education through a future increase in the Board's local fair share portion of QBE allotments. \nACCOUNTING CONTROLS (OVERALL) - Financial Statements ADMINISTRATNE REQUIREMENTS - Federal Financial Assistance Inadequate Separation of Duties Reportable Condition - Material Weakness Audit Control Number 7001-93-01 \nWe concur with this finding, however due to budgetary constraints the Board is UI!able to hire the additional staff required to clear this finding. The Board feels that it has provided for the most appropriate assignment of duties with the number of personnel available to perform the accounting functions with staff limitations. This finding cannot be totally resolved. \n- 1- \n \n MILLER COUNTY BOARD OF EDUCATION PERTINENT VIEWS OF RESPONSIBLE OFFICIALS \nYEAR ENDED JUNE 30, 1996 \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 7001-93-02 \nWe concur with this recommendation. Due to current staffing limitations and budgetary considerations prohibiting the firing of additional administrative staffthe Board has decided not to pursue the recording of general fIxed assets of the [mancial statements. We are presently gathering information regarding computer programs available for this purpose. At some point we would consider purchasing one to solve this problem. \nEXPENDITURESILIABILITIESIDISBURSEMENTS Unlocated Lottery Equipment Financial Statements Nonmaterial Noncompliance Audit Control Number 7001-96-01 \nFor the year under review, an examination oflottery equipment purchased for the Miller County MiddlelHigh School revealed that four equipment items listed on paid invoices, with a cost totaling $6,235.00, could not be physically located. This condition was a result of an exchange between the original order placed and different equipment received. As the invoice had already been issued to the school for payment and the invoice amount did not change, a new invoice was not submitted. The new equipment is presently accounted for on our equipment inventory located at the school site. \nEMPLOYEE COMPENSATION Salary Overpayment . Financial Statements Nonmaterial Noncompliance Amount: $141.04 Audit Control Number 7001-96-02 \nFor the year under review, a sample of twenty employees payroll records were examined. We concur with the finding of the employee overpayment amounting to $141.04, however, the Board feels that the small amount of money is not worth the hardship it could cause to reclaim these funds. The Board also will be sure to include applicable salary supplements when calculating payroll deduction for excess leave by employees in the future. \n-2- \n \n MILLER COUNTY BOARD OF EDUCATION PERTINENT VIEWS OF RESPONSIBLE OFFICIALS \nYEAR ENDED JUNE 30, 1996 ALLOWABLE COSTS/COST PRINCIPLES Inadequate Time and Attendance Records Federal Financial Assistance Nonmaterial Noncompliance Amount: $2,065.33 Audit Control Number 7001-96-03 We concur with this finding concerning inadequate time and attendance records. We have corrected this situation with time and attendance sheets that reflect accurately and specifically the hours and salary charges of employees involved in Federal and/or State projects. \n-3- \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bm6-b1994-h95","title":"Audit report, Miller County Board of Education, Colquitt, Georgia, year ended June 30, 1995","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, Miller County, 31.16399, -84.73072"],"dcterms_creator":["Georgia. 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GEORGIA 30334 \n \n AUDIT REPORT MILLER COUNTY BOARD OF EDUCATION \nCOLQUITT, GEORGIA YEAR ENDED JUNE 30, 1995 \n \n MILLER COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \n \nEXHIBITS \n \nGENERAL PURPOSE FINANCIAL STATEMENTS \n \nCOMBINED STATEMENTS - OVERVIEW \n \nA \n \nCOMBINED BALANCE SHEET \n \nALLFUNDTYPESANDACCOUNTGROUP \n \n2 \n \nB \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES \n \nALL GOVERNMENTAL FUND TYPES \n \n4 \n \nC \n \nSTATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \n \n(NON-GAAP BASIS) \n \nGENERAL AND SPECIAL REVENUE FUNDS \n \n5 \n \nD NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \n6 \n \nADDITIONAL FINANCIAL INFORMATION \n \nCOMBINING STATEMENTS \n \nSPECIAL REVENUE FUND \n \nE \n \nCOMBINING BALANCE SHEET \n \n18 \n \nF \n \nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \n \nAND CHANGES IN FUND BALANCES \n \n20 \n \nSCHEDULES \n \n1 SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \n \n22 \n \n2 CASH AND CASH EQUIVALENTS \n \n24 \n \n3 ACCOUNTS RECEIVABLE \n \n25 \n \n4 DEBT SERVICE REQUIREMENTS TO MATURITY \n \n26 \n \nSCHEDULE OF REVENUE \n \n5 \n \nSTATE \n \n27 \n \n6 \n \nLOCAL AND OTHER \n \n28 \n \n MILLER COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nADDITIONAL FINANCIAL INFORMATION \n \nSCHEDULES \n \nSCHEDULE OF EXPENDITURES BY OBJECT \n \n7 \n \nGENERAL AND SPECIAL REVENUE FUNDS \n \n29 \n \n8 \n \nLOTTERY PROGRAMS \n \n30 \n \nANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS \n \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS \n \n9 \n \nOVERALL \n \n31 \n \nIO \n \nBY PROGRAM \n \n32 \n \n11 SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS \n \n34 \n \nSECTION II \nCOMPLIANCE \nCOMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nSINGLE AUDIT REPORT ON COMPLIANCE WITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS \nSINGLE AUDIT OPINION ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS \nSINGLE AUDIT REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS \n \nSECTION III \nINTERNAL CONTROL \nREPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nSINGLE AUDIT REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS \n \n MILLER COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \nSECTION IV FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \n \n SECTION I FINANCIAL \n \n CLAUDE L. VICKERS \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nMay IO, 1996 \n \nHonorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation \nand Superintendent and Members ofthe Miller County Board ofEducation \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \nLadies and Gentlemen: \nWe have audited the general purpose financial statements (Exhibits A through D) of the Miller County Board of Education, as of and for the year ended June 30, I 995, as listed in the table of contents. These financial statements are the responsibility ofthe Board's management. Our responsibility is to express an opinion on these financial statements based on our audit. \nWe conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the provisions of the Office of Management and Budget Circular A-128, \"Audits of State and Local Governments\". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \nAs described in the notes to the general purpose financial statements, the Board's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: \n* The general purpose financial statements of the Board did not contain a General Fixed Assets Account Group to account for property and equipment owned by the Board which should be included to conform to generally accepted accounting principles. \n95ARL-13* \n \n * School activity accounts maintained at the individual schools are not included in the general purpose financial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. \n* The Board did not recognize as expenditures, in the year ended June 30, 1995, a portion of salaries \nand the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 1995. Also funds received, subsequent to June 30, 1995, from the Georgia Department ofEducation for the State's share ofthese unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1994, were improperly recorded in the year ended June 30, 1995. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. \nThe aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. \nIn our opinion, except for the effects on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements present fairly, in all material respects, the financial position ofthe Miller County Board ofEducation as ofJune 30, 1995, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated May 10, 1996, on our consideration of the Board's internal control structure and a report dated May 10, 1996, on its compliance with laws and regulations. \nOur audit was conducted for the purpose offorming an opinion on the general purpose financial statements ofthe Miller County Board ofEducation taken as a whole. The combining statements (Exhibits E and F) and the financial schedules (Schedules 1 through 11 which includes the Schedule ofFederal Financial Assistance) are presented for purposes ofadditional analysis and are not a required part of the general purpose financial statements of the Miller County Board of Education. Such information has been subjected to the auditing procedures applied in the audit ofthe general purpose financial statements and, in our opinion, except for the effects of the matters referred to in the third paragraph, such information is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. \nA copy ofthis 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. \nRespectfully submitted, \n~ \nClaude L. Vickers State Auditor \nCLV:dt 95ARL-13* \n \n MILLER COUNTY BOARD OF EDUCATION - 1- \n \n MILLER COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET \nALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 1995 \n \nASSETS \nCash and Cash Equivalents \nAccounts Receivable \nInventories \nFood \nDonated Commodities Purchased Foods \nAmount Available in Debt Service Fund \nAmount to be Provided in Future Years For Payment of: Bond Debt Capital Lease Agreements \nTotal Assets \nLIABILITIES AND FUND EQUITY \nLIABILITIES \nAccounts Payable Salaries Payable Notes Payable Expired Grant Balances Payable Deferred Revenue Capital Lease Agreements General Obligation Bonds Payable \nTotal Liabilities \nFUND EQUITY \nFund Balances Reserved For Bus Replacement Funds For Debt Service For Expired Grant Balances/Questioned Costs For Inventories Food Donated Commodities Purchased Food \nUnreserved Designated for Capital Outlay Undesignated \nTotal Fund Equity \nTotal Liabilities and Fund Equity \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nDEBT \n \nGENERAL \n \nREVENUE \n \nSERVICE \n \nFUND \n \nFUND \n \nFUND \n \n$ 1,450,306.25 $ \n \n69,592.95 $ \n \n101,656.32 \n \n38,529.38 \n \n93,186.09 \n \n2,421.11 \n \n4,535.96 7,292.78 \n \n$ 1,488,835.63 $ \n \n------ 174,607.78 $ \n \n104,077.43 \n \n$ \n \n19,704.83 $ \n \n27,824.13 \n \n63,023.06 \n \n71,257.98 \n \n$ \n \n90,962.81 $ _ _ _90...._,84_7_.1_9 \n \n$ \n \n88,476.91 \n \n16,123.34 $ \n \n$ \n \n104,600.25 $ \n \n700,000.00 593,272.57 \n \n$ 1,397,872.82 $ \n \n$ 833.10 \n \n104,077.43 \n \n4,535.96 7,292.78 \n12,661.84 $ \n \n104,077.43 \n \n71,098.75 83,760.59 $ \n \n0.00 104,077.43 \n \n$ 1,488,835.63 $ \n \n174,607.78 $ \n \n104,077.43 \n \nThe notes to the general purpose financial statements are an integral part of this statement. - 2- \n \n EXHIBIT\"A\" \n \nACCOUNT GROUP GENERAL \nLONG-TERM DEBT \n \nTOTALS {Memorandum Onll} JUNE 30, 1995 JUNE 30, 1994 \n \n$ 1,621,555.52 $ 1,093,117.06 \n \n134,136.58 \n \n169,176.21 \n \n4,535.96 7,292.78 \n \n3,377.24 7,223.24 \n \n$ \n \n104,077.43 \n \n104,077.43 \n \n77,140.09 \n \n815,922.57 6,379.37 \n \n815,922.57 6,379.37 \n \n872,859.91 7,938.64 \n \n$ \n \n926,379.37 $ 2,693,900.21 $ 2,230,832.39 \n \n$ \n \n47,528.96 $ \n \n126,713.74 \n \n63,023.06 \n \n60,796.36 \n \n71,257.98 \n \n102,824.16 \n \n3,545.95 \n \n14,598.11 \n \n$ \n \n6,379.37 \n \n6,379.37 \n \n7,938.64 \n \n920,000.00 \n \n920,000.00 \n \n950,000.00 \n \n$ \n \n926,379.37 $ 1,108,189.37 $ 1,266,416.96 \n \n$ \n \n88,476.91 $ \n \n104,077.43 \n \n16,956.44 \n \n29,807.91 77,140.09 \n4,438.70 \n \n4,535.96 7,292.78 \n \n$ \n \n221,339.52 $ \n \n700,000.00 664,371.32 \n \n$ 1,585,710.84 $ \n \n3,377.24 7,223.24 121,987.18 \n842,428.25 964,415.43 \n \n$ \n \n926,379.37 $ 2,693,900.21 $ 2,230,832.39 \n \n-3- \n \n MIi.i.ER COU!'.:flY BOARQ QF EQUQATIQN QQMa!NEQ STATEMEtfi QE BE~NUES E2!;PENQIIURES AND Q~~ES I~ EU~Q BALANQES \nALL ~Q~BNMENIAL FUNQ TYPES \nYEAB ENQEQ JUNE 30 1995 \n \nEXHIBIT\"B\" \n \nRMNUES \nState Funds Federal Funds Loc:al and Other Funds \nTotal Revenues \nl;)(Pf;NDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation Other Operations of Non-Instructional Services \nCapital Outlay Debt Service \nPrincipal Interest Paying Agent Fees \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nQTt!ER FINANQING SOURQES (USES) \nCapital Leases Operating Transfers In Operating Transfers Out \nTotal Other Financing Sources (Uses) \nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \nFUND BALANCE JULY 1 \nFood Inventory- Net Change in Period Donated Commodities Purchased Food \n \nGENERAL FUND \n \nSPECIAL REVENUE \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTALS \n(Memorandum OnM \nYEAR ENDED \nJUNE 30, 1995 JUNE 30, 1994 \n \n$ 3,969,186.04 $ 96,299.65 \n1,501,424.66 \n \n227,503.11 802,374.49 \n90,054.78 $ \n \n$ 5,566,910.35 $ 1,119,932.38 $ \n \n$ 125,424.72 \n \n4,196,689.15 $ 898,674.14 \n1,716,904.16 \n \n3,817,158.42 m,91s.1s \n1,499,494.10 \n \n125,424.72 $ 6,812,267.45 $ 6,094,567.68 \n \n$ 3,275,430.02 $ \n133,228.72 176,779.72 129,056.16 124,367.37 276,213.83 \n49,635.57 389,620.88 300,876.98 \n44,393.60 \n45,686.32 39,114.00 \n5,488.26 493.07 \n \n508,617.89 \n35,289.80 8,532.14 \n42,811.18 \n14,343.40 4,177.56 250.59 \n489,224.35 \n4,010.50 \n440.01 $ \n \n$ 4,990,384.50 $ 1,107,697.42 $ \n \n$ 576,525.85 $ \n \n12,234.96 $ \n \n$ 3,784,047.91 $ 3,512,065.20 \n \n168,518.52 185,311.86 129,056.16 167,178.55 276,213.83 49,635.57 403,964.28 305,054.54 44,644.19 489,224.35 45,686.32 43,124.50 \n \n158,346.18 128,021.75 163,068.35 240,172.45 251,732.95 \n2,498.32 355,393.70 372,296.11 \n14,822.79 420,058.35 \n36,540.51 68,975.49 \n \n30,000.00 67,335.00 \n1,152.38 \n \n35,928.27 67,828.07 \n1,152.38 \n \n30,403.68 69,453.30 \n1,102.04 \n \n98,487.38 $ 6,196,569.30 $ 5,824,951.17 \n \n26,937.34 $ 615,698.15 $ 269,616.51 \n \n$ \n \n4,369.00 \n \n$ \n \n-1,328.56 \n \n$ \n \n3,040.44 $ \n \n1,328.56 1,328.56 \n \n$ \n \n4,369.00 \n \n1,328.56 $ \n \n45,909.66 \n \n-1,328.56 \n \n-45,909.66 \n \n$ \n \n4,369.00 $ \n \n0.00 \n \n$ 579,566.29 $ 818,306.53 \n \n13,563.52 $ 68,968.81 \n \n26,937.34 $ 77,140.09 \n \n620,067.15 $ 964,415.43 \n \n269,616.51 697,051.78 \n \n1.158.72 69.54 \n \n1,158.72 69.54 \n \n-4,319.08 2,066.22 \n \nFUND BALANCE JUNE 30 \n \n$ 1,397,872.82 $ \n \n83,760.59 $ 104,077.43 $ 1,585,710.84 $ 964,415.43 \n \nThe notes to the general purpose financial statements are an integral part of this statement. -4- \n \n MILLER COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nBUDGET AND ACTUAL - {NON-GAAP BASIS} GENERAL AND SPECIAL REVENUE FUNDS \nYEAR ENDED JUNE 30, 1995 \n \nEXHIBITc \n \nREVENUES \nState Funds Federal Funds Local and Other Funds \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation Other Operations of Non-Instructional Services \nCapital Outlay Debt Service \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES {USES} \nCapital Lease Operating Transfers In Operating Transfers Out \nTotal Other Financing Sources (Uses) \nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \nFUND BALANCE JULY 1, 1994 \nAdjustments \n \nGENERAL FUND \n \nACTUAL \n \n(BUDGET \n \nBUDGET \n \nBASIS) \n \n$ 3,857,852.00 $ 3,969,186.04 \n \n112,868.00 \n \n96,299.65 \n \n1,300,261.00 1,501,424.66 \n \n$ 5,270,981.00 $ 5,566,910.35 \n \n$ 3,501,605.00 $ 3,275,430.02 \n \n157,659.00 145,498.00 172,155.00 169,458.00 299,771.00 51,550.00 428,295.00 366,141.00 \n6,500.00 \n \n133,228.72 176,779.72 129,056.16 124,367.37 276,213.83 49,635.57 389,620.88 300,876.98 44,393.60 \n \n39,796.00 4,000.00 \n \n45,686.32 39,114.00 \n5,981.33 \n \n$ 5,342,428.00 $ 4,990,384.50 \n \n$ -71,447.00 $ 576,525.85 \n \n$ $ -10,000.00 $ -10,000.00 $ \n \n4,369.00 -1,328.56 3,040.44 \n \n$ -81,447.00 $ 521,440.29 206,477.71 \n \n579,566.29 818,306.53 \n \nFUND BALANCE JUNE 30, 1995 \n \n$ 646,471.00 $ 1,397,872.82 \n \nSPECIAL REVENUE FUND \n \nACTUAL \n \n(BUDGET \n \nBUDGET \n \nBASIS) \n \n$ 210,971.00 $ 227,503.11 \n \n651,535.00 \n \n802,374.49 \n \n105,570.00 \n \n90,054.78 \n \n$ 968,076.00 $ 1,119,932.38 \n \n$ 502,090.00 $ 508,617.89 \n \n53,555.00 6,019.00 \n \n35,289.80 8,532.14 \n \n38,440.00 \n \n42,811.18 \n \n720.00 3,000.00 \n600.00 431,170.00 \n \n14,343.40 4,177.56 250.59 \n489,224.35 \n \n4,010.50 440.01 \n \n$ 1,035,594.00 $ 1,107,697.42 \n \n$ -67,518.00 $ 12,234.96 \n \n$ \n \n0.00 $ \n \n1,328.56 \n \n$ \n \n0.00 $ \n \n1,328.56 \n \n$ -67,518.00 $ 68,038.72 2,158.35 \n \n13,563.52 58,368.33 \n \n$ \n \n2,679.07 $ 71,931.85 \n \nThe notes to the general purpose financial statements are an integral part of this statement. -5- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1995 \n \n( \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nThe Miller County Board of Education (Board) was established under the laws ofthe State of Georgia and operates under the guidance of a school board and Superintendent, both elected by the voters. With the exception ofthe departures from generally accepted accounting principles disclosed in these notes, the financial statements of the Board have been prepared in conformity with generally accepted accounting principles as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting standards. \n \nThe more significant ofthe Board's accounting policies are described below. \n \nREPORTING ENTITY \n \nIn evaluating how to define the government unit for financial reporting purposes, management has considered the criteria set forth in GASB Codification of Governmental Accounting and Financial Reporting Standards. Section 2100, \"Defining the Financial Reporting Entity\". The primary government consists of all the organizations that compose the legal entity of the Miller County Board ofEducation. \n \nBased upon the application of the above criteria, the Miller County Board of Education is determined to be the lowest level of government exercising oversight responsibility and control over all activities related to public education in Miller County, Georgia. The Board is not included in any other governmental \"reporting entity\" as defined by GASB Codification of Governmental Accounting and Financial Reporting Standards. \n \nBoard members were elected by the public and have decision making authority, the power to designate management, except for the Superintendent who was also elected, the ability to significantly influence operations, and primary accountability for fiscal matters. The Board determines the millage rate at which school taxes are levied and may incur bonded indebtedness with voter approval. \n \nFUND ACCOUNTING \n \nThe Board uses funds and an account group 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. \n \nA fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. \n \nGeneral Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Board. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. \n \n- 6- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXIDBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1995 \n \nNote 1: SUM:MARY OF SIGNIFICANT ACCOUNTING POLICIES \nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. \nThe general purpose financial statements account for all State, Federal, Local and Other Funds under control ofthe Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: \nGOVERNMENTAL FUND TYPES - are used to account for all or most ofa Board's general activities. Governmental Fund Types include: \nGENERAL FUND - the fund used to account for all financial resources of the Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. \nSPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. These funds are primarily received from the Georgia Department ofEducation and from the Federal government to accomplish specific objectives and are required to be accounted for separately. Also included are proceeds received from State, Federal, Local and Other sources for operations of the school food services fund. This fund could be accounted for as an enterprise fund; however, the Board chooses not to provide for depreciation, but to maintain the fund on a modified accrual basis and to report the fund as a special revenue fund under governmental fund types, which is acceptable under generally accepted accounting principles for governmental entities. \nDEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. \nACCOUNT GROUP \nGENERAL LONG-TERM DEBT ACCOUNT GROUP - used to account for general obligation bonds outstanding and material capital lease obligations. \nBASIS OF ACCOUNTING \nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \n- 7- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1995 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. \nGovernmental funds are accounted for using the modified accrual basis of accounting under which: \nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). \"Measurable\" means the amount ofthe transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Those revenues considered susceptible to accrual. are property taxes, intergovernmental grants and investment income. Property taxes are considered available if they are collected and remitted by the collecting agent to the Board within 60 days after fiscal year-end. \nExpenditures are generally recognized when the related fund liability is incurred. \nA departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share ofthese contracts. During fiscal year 1995, a substantial number of personnel of the Board were employed for a one hundred and ninety day period beginning in late August 1994 and ending in early June 1995. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1994 and ending in August 1995. State grants to fund the State's share of these contracts were disbursed from the Georgia Department of Education to the Board in the same twelve months. As ofJune 30, 1995, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 1995, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 1995. Also, the State's portion ofthe compensation paid in July and August 1995 was received and recorded as revenue in the fiscal year subsequent to June 30, 1995. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1994, were recorded in the year ended June 30, 1995. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. \nBUDGET \nThe Miller County Board of Education's budget is a complete financial plan for the Board's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level of budget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. \nThe budget process begins when the Board's administration prepares a tentative budget for the Board's approval. After approval of this tentative budget by the Board, such budget is advertised at least once in a \n- 8- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXIDBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1995 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nnewspaper ofgeneral circulation in the locality. At the next regular meeting ofthe Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions ofthe Quality Basic Education Act, OCGA Section 20-2-167, to the Georgia Department ofEducation. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \n \nThe Statement ofRevenues, Expenditures and Changes in Fund Balances - Budget and Actual presents actual and budgeted data for the General Fund and Special Revenue Fund. To facilitate comparison with ~he budget, the following adjustments have been made to actual revenues, expenditures and fund balance as reflected on Exhibit \"B\" of this report: \n \nExcess ofRevenues and Other Sources of Financial Resources over (under) Expenditures and Other Financing Uses \nFund Balance July 1, 1994 \nAdjustments: Inventories July 1, 1994 Food Donated Commodities Purchased Foods \nFund Balance June 30, 1995 (Budget Basis) \n \nSpecial Revenue \nFund \n$ 13,563.52 68,968.81 \n-3,377.24 -7,223.24 $ 71 931.85 \n \nCASH AND CASH EQUIVALENTS \n \nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist ofdeposits (mcluding certificates of deposit, savings and N.O.W. accounts) in authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. The placement of proceeds from bond issues in certificates of deposit is limited to financial institutions located within this State. \n \nRECEIVABLES \n \nReceivables consist ofgrant reimbursements due from Federal, State or other grantors for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when \n \n- 9- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXIIlBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1995 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \neither the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \n \nPROPERTY TAXES \n \nThe Miller County Board of Commissioners fixed the property tax levy for the 1994 tax year (calendar year) on October 3, 1994 (levy date). Taxes were due on December 20, 1994. The lien date for property taxes was January 1, 1994. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1995 since their collection meets the criteria of GASB codification section P70; 103. The Miller County Tax Commissioner bills and collects the property taxes for the Board of Education and remits the balance of taxes collected to the Board. \n \nThe tax millage rates levied for the 1994 tax year (calendar year) for the Miller County Board ofEducation were as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations School Bonds \n \n14.202 mills 1.076 mills \n \n15 278 mills \n \nINVENTORIES \n \nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost. Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time of purchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute \"available spendable resources\" even though they are a component of net current assets. \n \nGENERAL OBLIGATION BONDS \n \nThe Board issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the General Long-Term Debt Account Group. \n \n- 10 - \n \n :MILLER COUNTY BOARD OF EDUCATION \n \nEXIIlBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1995 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nINTERFUND TRANSACTIONS \nThe Board has the following types ofinterfund transactions: \nReimbursements of expenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \nOperating transfers are recorded for all interfund transactions other than reimbursements. \nMEMORANDUM ONLY - TOTAL COLUMNS \nTotal columns on the general purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \nNote 2: DEPOSITS \nCOLLATERALIZATION 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 ofsecurities shall be equal to not less than 110 percent of the public funds being secured after the deduction of the amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. \nAcceptable security for deposits consists of any one of or any combination of the following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \n \n- 11 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1995 \n \nNote 2: DEPOSITS \n \n(5) Bonds ofany public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n \n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n \n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \n \nCATEGORIZATION OF DEPOSITS At June 30, 1995, the bank balances were $2,039,500.00. The amounts of the total bank balances are classified into three categories of credit risk: \n \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name. \nCategory 3 - Uncollateralized deposits. {This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Board's name.) \n \nThe Board's deposits are classified by risk category at June 30, 1995, as follows: \nRisk Category: 1 2 3 Total \nNote 3: NON-MONETARY TRANSACTIONS \n \nBank Balance \n$ 200,000.00 1,839,500.00 0.00 \n$ 2 039 500 00 \n \nThe Board receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \n \n- 12 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1995 \n \nNote 4: RISK MANAGEMENT \nThe Board is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illnesses or injuries to employees; natural disaster; and unemployment compensation. \nThe Board has obtained commercial insurance for risk ofloss associated with torts and assets. The Board has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any ofthe past three years. \nThe Board has elected to self-insure for all losses related to errors or omissions, which includes, among other risks, risks for sexual harassment and discrimination. In addition, the Board has elected to self-insure for all losses related to natural disaster. The Board has not experienced any losses related to these risks in the past three years. \nThe Board is self-insured with regard to unemployment compensation claims. The Board accounts for claims within the General Fund with expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. The Board has not experienced any unemployment claims during the last two fiscal years. \nThe Board participates in the Georgia Education and Government Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991 to develop, implement, and administer a program ofworkers' compensation self-insurance for its member organizations. The Board pays an annual premium to the Fund for its general insurance coverage. Additional coverage is provided through an agreement by the Fund with the Continental Insurance Company to provide coverage for potential losses sustained by the Fund in excess of$250,000.00 loss per occurrence, up to $1,000,000.00 \nNote 5: OPERATING LEASES \nMiller County Board ofEducation has entered into various leases as lessee for copy machines. These leases are considered for accounting purposes to be operating leases. Lease expenditures for the year ended June 30, 1995, amounted to $11,764.32. There were no remaining lease payments at June 30, 1995. \nNote 6: GENERAL LONG-TERM DEBT \nCAPITAL LEASES The Miller County Board ofEducation has entered into various lease agreements as lessee for copy machines. These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of the future minimum lease payments as ofthe date of their inception. \n \n- 13 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXIIlBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1995 \n \nNote 6: GENERAL LONG-TERM DEBT \n \nThe changes in General Long-Term Debt during the fiscal year ended June 30, 1995, were as follows: \n \nBalance July 1, 1994 Additions Deletions Balance June 30, 1995 \n \nCapital Leases $ 7,938.64 \n4,369.00 5,928.27 \n$ 6 312 31 \n \nGeneral Obligation \nBonds $ 950,000.00 \n30,000.00 \n$ 220 000 00 \n \nTotal $ 957,938.64 \n4,369.00 35,928.27 \n$ 226 312 31 \n \nAt June 30, 1995, payments due, by fiscal year which includes principal and interest for these items are as follows: \n \nFiscal Year Ended June 30 \n1996 1997 1998 1999 2000 2001 and thereafter \nTotal Principal and Interest \nDeduct: Imputed Interest \n \nCapital Leases $ 4,285.80 \n1,675.72 839.74 \n$ 6,801.26 421.89 \n \nGeneral Obligation \nBonds \n$ 95,610.00 98,810.00 96,640.00 99,400.00 96,760.00 \n1,108,825.00 \n$ l 526 045 00 \n \nTotal Debt \n$ 99,895.80 100,485.72 97,479.74 99,400.00 96,760.00 \n1,108,825.00 \n$ l 602 846 26 \n \nNet Present Value ofFuture Minimum Lease Payments \n \n$ 6 319 31 \n \nNote 7: CONTINGENT LIABILITIES \n \nAmounts received or receivable principally from the Federal government are subject to audit and review by granter agencies. This could result in requests for reimbursement to the granter agency for any expenditures which are disallowed under grant terms. The Board believes that such disallowances, if any, will be immaterial to its overall financial position. \n \n- 14 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1995 \n \nNote 8: RETIREMENT PLANS \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer public employee retirement system (PERS). \nTRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. A member is eligible for service retirement after 30 years of creditable service, regardless ofage, or after 10 years of service and attainment of age 60. A member is eligible for early retirement after 25 years of creditable service and attainment of age 55, at a reduced benefit. Retirement benefits paid to members are equal to 2% of the average of the member's two consecutive highest paid years of service multiplied by the number of years of creditable service up to 40 years. The normal retirement pension is payable monthly for life. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \nRetirement benefits also include death and disability benefits. A disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The death benefit is the amount that would be payable to the member's beneficiary had the member retired on the date of death on either a service retirement allowance or a disability retirement allowance1 whichever is larger. The benefit is based on the member's creditable service (minimum of 10 years of service) and compensation up to the time of disability or death. \nMembers become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting ofemployer contributions occurs, but the member's contributions are refunded with interest. \nThe Board's payroll for employees covered by TRS for the year ended June 30, 1995, was $3,385,399.28; total payroll was $3,949,112.82. \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Board who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. For fiscal year 1995 that rate for employer contributions was 11.81%. The interest rate assumption (rate of return on investments) was 7.50%. \nTotal contributions made during fiscal year 1995 amounted to $569,086.66, ofwhich $399,816.31 was made by the Board and $169,270.35 was made by employees. 'These contributions represented 11.81% (Board) and 5% (employees) of covered payroll. \n \n- 15 - \n \n :MILLER COUNTY BOARD OF EDUCATION \n \nEXIDBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1995 \n \nNote 8: RETIREMENT PLANS \n \nTRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 ofthe Governmental Accounting Standards Board (GASB) that, with some exceptions, must be used by a PERS. The standardized measurement is the actuarial present value of credited projected benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salary increases. A standardized measure ofthe pension benefit obligation was adopted by the GASB to enable readers of PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other PERS and among other employers. \n \nTotal unfunded pension benefit obligation ofTRS as of June 30, 1994, was as follows: \n \nTotal pension benefit obligation \n \n$15,313,743,000.00 \n \nNet assets available for benefits, at cost \n \n14,254,785,000.00 \n \nUnfunded pension benefit obligation \n \n$ 1.058.958.000.00 \n \nThe measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1994. Net assets available to pay pension benefits were valued as of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers. \n \nTotal contributions from all employers to TRS for fiscal year ended June 30, 1995 were $565,117,811.00. The Board's contribution for the year ended June 30, 1995 of$399,816.31 was actuarially determined and represented .0707% of total contributions made by all participating employers. \n \nTen year historical trend information is presented in the 1995 TRS Component Unit Financial Report. This information is useful in assessing ~S's accumulation of sufficient assets to pay pension benefits as they become due. \n \nPUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA (PSERS) \n \nPSERS PLAN DESCRIPTION Substantially all bus drivers, maintenance, custodial, and lunchroom personnel employed by local school systems are covered by the Public School Employees Retirement System of Georgia (PSERS). All employer's contributions are made by the State of Georgia in accordance with State statute. \n \nPSERS provides in accordance with State statute service retirement, disability retirement and survivors benefits for its members. A member is eligible for normal service retirement after 10 years of service and attainment ofage 65. A member applying for service retirement with 10 years of service and retires between the ages of 60 and 65 receives a reduced benefit. Monthly retirement benefits paid to members are equal to \n \n- 16 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1995 \n \nNote 8: RETIREMENT PLANS \n$8.00 per month multiplied by the number ofyears of creditable service. Options are available for distribution ofthe member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \nRetirement provisions include death and disability benefits. Disability benefits are the same as if the employee had retired at age 65 as long as the employee has 15 or more years of creditable service. Death benefits are dependent upon the number ofyears of service. Ifthere are less than ten years of service, a lump sum refund ofthe employee's contributions and interest are made to the beneficiary. Ifthere are more than ten years of service, the beneficiary shall receive for life half ofwhat the employee would have received upon retirement. \nMembers become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting ofemployer contributions occurs, but the member's contributions are refunded with interest. \nThere were 46 employees covered under PSERS for the year ended June 30, 1995. \nPSERS CONTRIBUTIONS REQUIRED AND MADE Covered employees are required by State statute to contribute $4.00 a month for the nine month school year. Unlike TRS, the Board makes no contribution to PSERS. The State of Georgia is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS' Board of Trustees. Total contributions from employees ofthe Board made during fiscal year 1995 amounted to $1,576.00. Total contribution for all school systems made by the State of Georgia to PSERS for fiscal year ended June 30, 1995, was $9,162,000.00. \nNote 9: SURETY BOND \nThe School Superintendent, Mr. Kelley Summers, is bonded in the amount ofSI0,000.00 with the Western Surety Company, Sioux Falls, South Dakota, their Bond No. 13657251, on which premium was paid through December 31, 1995. \n \n- 17 - \n \n MILLER COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30. 1995 \n \nASSETS Cash and Cash Equivalents \nAccounts Receivable Inventories \nFood \nDonated Commodities Purchased Food \nTotal Assets \n \nELEMENTARY AND SECONDARY \n \nSCHOOL FOOD \nSERVICES FUND \n \nLOTTERY PROGRAMS \n \nCHAPTER 1 EDUCATION OF \nDEPRNED CHILDREN \n \nCHAPTER2 BLOCK GRANT FLOW THROUGH \n \n$ 94,992.86 $ \n \ns,361.n \n \n5,253.17 \n \n$ \n \n51,712.51 $ \n \n9,263.00 \n \n4,535.96 7,292.78 \n \ns s 112,014.n \n \ns 9,361.n \n \ns1,112.s1 s_ _ _s_._2_63_.o_o_ \n \nLIABILITIES AND FUND EQUITY \nLIABILITIES \nCash Overdraft \nAccounts Payable \nSalaries Payable Expired Grant Balances Payable Deferred Revenue \nTotal Liabilities \nFUND EQUITY \nFund Balances Reserved For Expired Grant Balances/Questioned Costs For Inventories Food Donated Commodities Purchased Food \nUnreserved Undesignated \nTotal Fund Equity \nTotal Liabilities and Fund Equity \n \n$ \n \n5,647.12 $ \n \n23,500.16 \n \n$ 8,528.67 \n \n2,100.48 $ 10,974.93 38,637.10 \n \n$ 29,147.28 $ \n \n8,528.67 $ \n \n51,712.51 $ \n \n9,263.00 9,263.00 \n \n$ \n \n$ \n \n4,535.96 \n \n7,292.78 \n \n$ 11,828.74 $ \n \n71,098.75 \n \n$ 82,927.49 $ \n \n833.10 \n833.10 0.00 $ \n833.10 $ \n \n0.00 $ 0.00 $ \n \n0.00 0.00 \n \n$ 112,014.n $ \n \ns s,361.n \n \ns1.112.s1 s_ _ _s_,.2..6..3.._oo_ \n \nSee notes to the general purpose financial statements. \n \n-18- \n \n EXHIBIT\"E\" \n \nEDUCATION ACT TITLE II- \nEISENHOWER MATHEMATICS AND SCIENCE \nEDUCATION \n \nINDIVIDUALS WITH \n \nDISABILITIES EDUCATION ACT \n \nTITLE VI, B \n \nFLOW \n \nPRESCHOOL \n \nTHROUGH \n \nPROGRAM \n \nJOB TRAINING \n \nPARTNERSHIP \n \nTOTALS \n \nACT \n \nJUNE 30, 1995 JUNE 30, 1994 \n \n$ \n \n2,641.48 \n \n$ 106,996.11 $ 148,712.56 \n \n$ \n \n6,752.67 \n \n$ \n \n8,400.00 $ 11,804.74 \n \n93,186.09 \n \n91,071.29 \n \n4,535.96 7,292.78 \n \n3,3n.24 7,223.24 \n \n$ \n \n6,752.67 $ \n \n2,641.48 $ \n \n8,400.00 $ 11,804.74 $ 212,010.94 $ 250,384.33 \n \n$ \n \n6,752.67 \n \n$ \n \n8,400.00 $ 10,887.01 $ 37,403.16 $ 13,684.31 \n \n$ \n \n1,755.68 \n \n917.73 \n \n27,824.13 \n \n88,790.79 \n \n885.80 \n \n63,023.06 \n \n60,796.36 \n \n3,545.95 \n \n14,598.11 \n \n$ \n \n6,752.67 $ \n \n2,641.48 $ \n \n8,400.00 $ 11,804.74 $ 128,250.35 $ 181,415.52 \n \n$ \n \n833.10 \n \n4,535.96 $ 7,292.78 \n \n3,3n.24 7,223.24 \n \n$ 12,661.84 $ 10,600.48 \n \n$ \n \n0.00 $ \n \n0.00 $ \n \n0.00 $ \n \n0.00 \n \n71,098.75 \n \n58,368.33 \n \n$ \n \n0.00 $ \n \n0.00 $ \n \n0.00 $ \n \n0.00 $ 83,760.59 $ 68,968.81 \n \n$ \n \n6,752.67 $ \n \n2,641.48 $ \n \n8,400.00 $ 11,804.74 $ 212,010.94 $ 250,384.33 \n \n-19- \n \n MILLER COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \nSPECIAL REVENUE FUND YEAR ENDED JUNE 30. 1995 \n \nREVENUES \nState Funds Federal Funds Local and Other Funds \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation Capital Outlay Debt Service Principal \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES \nOperating Transfers In \nExcess of Revenues and Other Financing Sources over (under) Expenditures \nFUND BALANCE JULY 1 \nFood Inventory - Net Change in Period Donated Commodities Purchased Food \nFUND BALANCE JUNE 30 \n \nSCHOOL FOOD \nSERVICES FUND \n \nELEMENTARY AND SECONDARY \n \nLOTTERY PROGRAMS \n \nCHAPTER 1 EDUCATION OF \nDEPRIVED CHILDREN \n \nCHAPTER2 BLOCK GRANT FLOW THROUGH \n \n$ 33,566.00 $ 193,937.11 \n \n378,TT4.00 \n \n$ \n \n90,054.78 \n \n$ 502,394.78 $ 193,937.11 $ \n \n324,891.46 $ 324,891.46 $ \n \n9,263.00 9,263.00 \n \n$ 146,325.85 $ \n24,155.09 5,347.14 \n \n14,343.40 \n \n$ 489,224.35 \n \n250.59 4,010.50 \n \n440.01 \n \n$ 489,664.36 $ 194,432.57 $ \n \n$ 12,730.42 $ \n \n-495.46 $ \n \n305,546.20 $ 19,345.26 \n324,891.46 $ 0.00 $ \n \n9,239.22 23.78 \n9,263.00 0.00 \n \n1,328.56 \n \n$ 12,730.42 $ 68,968.81 \n \n833.10 $ 0.00 \n \n1,158.72 69.54 \n \n$ 82,927.49 $ \n \n833.10 $ \n \n0.00 $ \n \n0.00 \n \n0.00 \n \n0.00 \n \n------ 0.00 $ \n \n0.00 \n \nSee notes to the general purpose financial statements. \n \n-20- \n \n EXHIBITP \n \nEDUCATION ACT TITLE II- \nEISENHOWER MATHEMATICS AND SCIENCE \nEDUCATION \n \nINDIVIDUALS WITH \n \nDISABILITIES EDUCATION ACT \n \nTITLE VI, B \n \nFLOW \n \nPRESCHOOL \n \nTHROUGH \n \nPROGRAM \n \nJOB TRAINING PARTNERSHIP \nACT \n \nTOTALS YEAR ENDED JUNE 30, 1995 JUNE 30, 1994 \n \n$ \n \n13,737.20 $ \n \n50,459.00 $ \n \n$ \n \n13,737.20 $ \n \n50,459.00 $ \n \n8,400.00 $ 8,400.00 $ \n \n$ 16,849.83 \n \n227,503.11 $ 802,374.49 \n90,054.78 \n \n16,849.83 $ 1,119,932.38 $ \n \n136,657.89 713,087.85 \n98,347.97 \n948,093.71 \n \n$ \n \n10,802.20 $ \n \n20,068.28 $ \n \n2,935.00 \n \n11,134.71 250.00 \n \n14,828.45 \n \n4,177.56 \n \n$ \n \n13,737.20 $ \n \n50,459.00 $ \n \n$ \n \n0.00 $ \n \n0.00 $ \n \n8,400.00 $ \n8,400.00 $ 0.00 $ \n \n8,236.14 $ 508,617.89 $ \n \n35,289.80 8,532.14 \n \n8,613.69 \n \n42,811.18 14,343.40 \n4,177.56 250.59 \n489,224.35 4,010.50 \n \n440.01 \n \n16,849.83 $ 1,107,697.42 $ \n \n0.00 $ \n \n12,234.96 $ \n \n425,168.49 \n1,204.11 250.00 \n35,020.00 50,504.28 9,000.00 11,002.49 \n420,058.35 \n586.68 \n952,794.40 \n-4,700.69 \n \n1,328.56 \n \n116.53 \n \n$ \n \n0.00 $ \n \n0.00 $ \n \n0.00 $ \n \n0.00 $ \n \n13,563.52 $ \n \n-4,584.16 \n \n0.00 \n \n0.00 \n \n0.00 \n \n0.00 \n \n68,968.81 \n \n75,805.83 \n \n1,158.72 69.54 \n \n-4,319.08 2,066.22 \n \n$ \n \no.oo s____o_.oo_ $ \n \no.oo s _ _ _ _o_.oo_ $ 83,760.59 $ _ _sa_,_968_.s_1 \n \n- 21 - \n \n MILLER COUNTY BOARD OF EDUCATION \nSCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \nYEAR ENDED JUNE 30 1995 \n \nFUNDING AGENCY PROGRAM/GRANT \nAgriculture, U. S. Department of Through Georgia Department of Education Food and Nutrition Program Child and AduH care Food Program 1995 Contract Food Services School Breakfast Program 1995 Grant National School Lunch Program 1994Grant 1995 Grant Food Distribution Program (1) \n \nCFDA \n \nAWARDS \n \nNUMBER IN PERIOD \n \nFEDERAL FUNDS RECEIVED IN PERIOD(NET OF REFUNDS) \n \nFEDERAL REVENUE IN PERIOD \n \nEXPENDITURES IN PERIOD \n \n10.558 $ \n \n2,220.79 $ \n \n10.553 \n10.555 10.555 10.550 \n \n117,253.09 \n224,782.58 34,517.54 \n \n2,200.86 $ \n \n2,220.79 \n \n(2) \n \n114,420.41 \n930.09 222,382.02 N/A \n \n117,253.09 \n \n(2) \n \n224,782.58 $ 34,517.54 \n \n455,146.82 (3) .34,517.54 \n \nTotal U.S. Department of AgricuHure \n \n$ 378,n4.00 $ \n \n339,933.38 $ 378,n4.00 $ \n \n489,664.36 \n \nEducation, U. S. Department of \n \nThrough Georgia Department of Education \n \nElementary and Secondary Education Act \n \nChapter 1 \n \nEducation of Deprived Children \n \n1994 Regular \n \n* 84.010 \n \n1994 Carry-Over \n \n* 84.010 $ \n \n1995 Regular \n \n* 84.010 \n \nChapter2 \n \nBlock Grant - Flow Through \n \n1995 Regular \n \n84.151 \n \nTrtlell \n \nEisenhower Mathematics and Science \n \nEducation \n \n1994 Regular \n \n84.164 \n \n1995 Regular \n \n84.164 \n \nIndividuals with Disabilities Education Act \n \nTitle VI, B \n \nFlow Through \n \n1994 Regular \n \n84.027 \n \n1994 Carry-Over \n \n84.027 \n \n1995 Regular \n \n84.027 \n \nPreschool Program \n \n1995 Regular \n \n84.173 \n \nVocational Education - Basic Grants to States \n \nHigh School Program \n \nBasic Grant \n \n1994Grant \n \n84.048 \n \n1995 Grant \n \n84.048 \n \nCommunity Based Organizations \n \nVocational Educational Support Program \n \n1995 Grant \n \n84.174 \n \nTech-Prep Education \n \n1994 Grant \n \n84.243 \n \n1995 Grant \n \n84.243 \n \nTotal U. S. Department of Education \n \n$ \n \n$ 61,409.00 293,722.00 9,263.00 \n7,000.00 \n4,289.00 46,170.00 \n8,400.00 \n19,061.71 15,000.00 40,000.00 504,314.71 $ \n \n41,456.89 61,409.00 $ 211,769.95 \n \n61,409.00 $ 263,482.46 \n \n61,409.00 263,482.46 \n \n9,263.00 \n \n9,263.00 \n \n7,000.00 \n \n6,984.53 6,752.67 \n \n6,984.53 6,752.67 \n \n-3,545.95 4,289.00 46,170.00 \n \n4,289.00 46,170.00 \n8,400.00 \n \n4,289.00 46,170.00 \n8,400.00 \n \n4,568.93 \n \n18,488.08 \n \n19,061.71 \n \n(4) \n \n15,000.00 \n57,028.04 33,694.93 \n497,328.87 $ \n \n15,000.00 \n20,000.00 381sn.94 499,690.31 $ \n \n(4) \n(4) {4) \n400i7so.66 \n \nJustice, U. S. Department of Through Office of the Governor Juvenile Justice and Delinquency Program Grant No. 92S-19-9204-002 Grant No. 945-19-9404-0007 \nTotal U.S. Department of Justice \n \n16.540 16.540 \n \n$ \n \n1,013.00 \n \n1,680.00 $ \n \n3,360.00 $ \n \n4,520.00 (3) \n \n$ \n \n2,693.00 $ \n \n3,360.00 $ \n \n4,520.00 \n \n- 22 - \n \n MILLER COUNTY BOARD OF EDUCATION \nSCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \nVEAR ENDED JUNE 30 1995 \n \nSCHEDULE \"1\" \n \nFUNDING AGENCY PROGRAM/GRANT \nLabor, U. S. Department of Through Southwest Georgia Regional Development Center Job Training Partnership Act 92-8-79 93-8-79 \nTotal U. S. Department of Labor \n \nCFDA NUMBER \n \nAWARDS IN PERIOD \n \nFEDERAL FUNDS RECEIVED IN PERIOD(NET OF REFUNDS) \n \nFEDERAL REVENUE IN PERIOD \n \nEXPENDITURES IN PERIOD \n \n17.250 17.250 $ \n$ \n \n$ 22,604.00 \n22,604.00 $ \n \n18,713.93 $ 18,713.93 $ \n \n5,045.09 $ 11,804.74 \n16,849.83 $ \n \n5,045.09 11,804.74 \n16,849.83 \n \nTotal Federal Financial Assistance \n \n$ 905,692.71 $ \n \nThe Major Program Is Identified by an asterisk(*) in front of the CFDA number. \n \n858,669.18 $ 898,674.14 $ 917,784.85 \n \n(1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. \n(2) Expenditures for the School Breakfast Program and the Child and Adult Care Food Program were not maintained separately and are Included in the 1995 National School Lunch Program. \n(3) Expenditures for this program include State, and/or Local and Other Funds. Expenditures are not maintained by fund source. \n(4) Expenditures on this program were not maintained by fund source. \n \nSee notes to the general purpose financial statements. \n \n- 23 - \n \n MILLER COUNTY BOARD OF EDUCATION CASH AND CASH EQUIVALENTS JUNE 30. 1995 \n \nSCHEDULE \"Z' \n \nINTEREST BEARING ACCOUNTS \nSecurity Bank, Colquitt, Georgia \nN.O.W. Accounts (2.95%) \nThe Peoples Community Bank, Colquitt, Georgia \nCertificate of Deposit No. 13072 (5.75%) Money Market Account (4.00%) Money Market Account (4.25%) \n \n$ 219,701.30 \n \n$ \n \n6,518.84 \n \n1,293,297.56 \n \n102,037.82 \n \n1,401,854.22 \n \n$ 1,621,555.52 \n \nSee notes to the general purpose financial statements. \n \n- 24 - \n \n MILLER COUNTY BOARD OF EDUCATION ACCOUNTS RECEIVABLE JUNE 30, 1995 \n \nSCHEDULE \"3\" \n \nEducation, Georgia Department of Food Services \nChild and Adult Care Food Program School Breakfast Program National School Lunch Program Vocational Education State Funds Federal Funds Federal Programs \nESEA - Chapter 1 Education of Deprived Children \nESEA - Chapter 2 Block Grant - Flow Through \nESEA-Tltlell Eisenhower Mathematics and Science Education \nIndividuals With Disabilities Education Act \nTitle VI, B Preschool Program \nMiller County Tax Commissioner \nCounty Wide Bond Tax County Wide School Tax \nOffice of the Governor Juvenile Justice and Delinquency Prevention \nSouthwest Georgia Regional Development Center \nJob Training Partnership Act \nVarious Sources Vendor Overpayment \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nDEBT \n \nGENERAL REVENUE \n \nSERVICE \n \nFUND \n \nFUND \n \nFUND \n \nTOTAL \n \n$ \n \n19.93 \n \n2,832.68 \n \n2,400.56 \n \n$ \n \n876.12 \n \n5,756.64 \n \n$ \n \n19.93 \n \n2,832.68 \n \n2,400.56 \n \n.876.12 5,756.64 \n \n51,712.51 9,263.00 \n \n51,712.51 9,263.00 \n \n6,752.67 8,400.00 \n \n6,752.67 8,400.00 \n \n28,231.12 \n \n$ 2,421.11 \n \n2,421.11 28,231.12 \n \n1,680.00 \n \n1,680.00 \n \n11,804.74 1,985.50 \n \n11,804.74 1,985.50 \n \n$ 38,529.38 $ 93,186.09 $ 2,421.11 $ 134,136.58 \n \nSee notes to the general purpose financial statements. \n \n- 25 - \n \n MILLER COUNTY BOARD OF EDUCATION DEBT SERVICE REQUIREMENTS TO MATURITY \nJUNE 30, 1995 \n \nSCHEDULE 4 \n \nPAYMENTS DUE IN FISCAL YEAR ENDING JUNE 30 \n1996 1997 1998 1999 \n2000 \n2001 2002 2003 \n2004 2005 \n2006 2007 2008 2009 2010 \n2011 \n \nTOTAL DEBT SERVICE \n \n1991 ISSUE \n \nINTEREST \n \nPRINCIPAL \n \n$ \n \n95,610.00 $ \n \n65,610.00 $ \n \n30,000.00 \n \n98,810.00 \n \n63,810.00 \n \n35,000.00 \n \n96,640.00 \n \n61,640.00 \n \n. 35,000.00 \n \n99,400.00 \n \n59,400.00 \n \n40,000.00 \n \n96,760.00 \n \n56,760.00 \n \n40,000.00 \n \n99,080.00 101,020.00 102,570.00 \n98,720.00 99,815.00 \n \n54,080.00 51,020.00 47,570.00 43,720.00 39,815.00 \n \n45,000.00 50,000.00 55,000.00 55,000.00 60,000.00 \n \n100,495.00 100,750.00 100,500.00 \n99,875.00 103,875.00 \n \n35,495.00 30,750.00 25,500.00 19,875.00 13,875.00 \n \n65,000.00 70,000.00 75,000.00 80,000.00 90,000.00 \n \n102,125.00 \n \n7,125.00 \n \n95,000.00 \n \n$ 1,596,045.00 $ \n \n676,045.00 $ \n \n920,000.00 \n \nCHANGES IN GENERAL LONG-TERM DEBT \nBonds Payable at July 1, 1994 \nBonds Retired During Period \n \n1991 ISSUE \n \n$ \n \n950,000.00 \n \n30,000.00 \n \nBonds Payable at June 30, 1995 \n \n$ \n \n920,000.00 \n \nMATURITY DATES Semi-Annual Interest Payment Dates Annual Debt Retirement Date \n \nFEB 1 -AUG 1 FEB 1 \n \nSee notes to the general purpose financial statements. \n \n- 26 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 1995 \n \nSCHEDULE n5\" \n \nAGENCY/FUNDING \nGRANTS Education, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost PupU Transportation Regular Bus Replacement Sparsity Grant In-School Suspension Mid-term Adjustment School Counselors Grades 4 and 5 Superintendents Base Salary Local Fair Share Educational Equalization Funding Grant Food Services Vocational Education Other State Programs Innovative Programs Preschool Handicapped Program Remedial Summer School Program Special Education Low Incidence Grant Lottery Programs Distant Leaming Instructional Technology Pre-Kindergarten Program Safe Schools Grant \nOTHER Education, Georgia Department of Reimbursement for Student Information Systems Project \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nGENERAL \n \nREVENUE \n \nFUND \n \nFUND \n \nTOTAL \n \n$ 2,278,307.00 299,619.00 154,867.00 98,336.00 30,217.00 663,567.00 \n244,387.00 58,669.00 \n104,709.00 36,378.00 16,538.00 19,971.00 17,766.00 -417,932.00 276,385.00 \n$ 46,319.07 \n4,860.00 12,356.00 \n1,419.97 21,447.00 \n \n$ 2,278,307.00 299,619.00 154,867.00 98,336.00 30,217.00 663,567.00 \n \n33,566.00 \n \n244,387.00 58,669.00 \n104,709.00 36,378.00 16,538.00 19,971.00 17,766.00 -417,932.00 276,385.00 33,566.00 46,319.07 \n \n4,860.00 12,356.00 \n1,419.97 21,447.00 \n \n4,200.00 8,524.00 168,615.00 12,598.11 \n \n4,200.00 8,524.00 168,615.00 12,598.11 \n \n1,000.00 \n \n1,000.00 \n \n$ 3,969,186.04 $ 227,503.11 $ 4,196,689.15 \n \nSee notes to the general purpose financial statements. \n \n- 27 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF LOCAL AND OTHER REVENUE \nYEAR ENDED JUNE 30, 1995 \n \nSCHEDULE \"6\" \n \nTaxes County Wide Bond Tax County Wide School Tax Railroad Car Tax Real Estate Transfer Tax \nOther Compensation for Loss of Assets Interest Earned Lost and Damaged Books Rents Sales Lunches School Assets Other \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nDEBT \n \nGENERAL \n \nREVENUE \n \nSERVICE \n \nFUND \n \nFUND \n \nFUND \n \nTOTAL \n \n$ 1,425,231.71 2,822.75 3,468.12 \n \n$ 120,172.19 $ 120,172.19 1,425,231.71 \n2,822.75 3,468.12 \n \n3,932.02 46,095.95 $ \n491.48 2,120.40 \n \n1,739.88 \n \n16,835.18 427.05 \n \n88,314.90 \n \n5,252.53 \n \n3,932.02 53,088.36 \n491.48 2,120.40 \n88,314.90 16,835.18 \n427.05 \n \n$ 1,501,424.66 $ 90,054.78 $ 125,424.72 $ 1,716,904.16 \n \nSee notes to the general purpose financial statements. - 28 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT GENERAL AND SPECIAL REVENUE FUNDS \nYEAR ENDED JUNE 30, 1995 \n \nSCHEDULE '7\" \n \nEXPENDITURES \nOperating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Compensation and Travel of Board Members Water, Sewer and Cleaning Services Repair and Maintenance Services Rents Insurance Communications Commodity Hauling Shared Services Other Purchased Services Supplies Energy Food Usage Books, Textbooks and Periodicals Dues and Fees Interest Expense Other Expenditures \nNonoperating Costs Principal and Interest Land and Land Improvements Building and Building Improvements Equipment \n \nGENERAL FUND \n \nSPECIAL REVENUE \nFUND \n \nTOTAL \n \n$ 3,433,778.14 $ 911,795.56 \n17,444.89 39,891.39 \n7,372.63 23,149.17 47,566.37 11,827.92 22\",310.18 20,273.24 \n44,393.60 50.00 \n123,636.86 153,762.92 \n34,495.75 6,601.00 7,117.54 15,883.74 \n \n515,334.68 $ \n133,304.72 7,161.81 \n14,098.68 \n1,080.00 2,345.29 \n275.00 433.25 1,772.82 \n197.01 101,720.12 \n253,293.11 4,051.63 3,111.23 \n \n3,949,112.82 1,045,100.28 \n24,606.70 53,990.07 \n7,372.63 24,229.17 49,911.66 11,827.92 22,585.18 20,706.49 \n1,772.82 44,393.60 \n247.01 225,356.98 153,762.92 253,293.11 \n38,547.38 9,712.23 7,117.54 \n15,883.74 \n \n5,981.33 \n39,114.00 23,938.27 \n \n440.01 4,010.50 \n65,067.56 \n \n6,421.34 4,010.50 39,114.00 89,005.83 \n \nTotal Expenditures \n \n$ 4,990,384.50 $ 1,107,697.42 $ 6,098,081.92 \n \nSee notes to the general purpose financial statements. - 29 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT \nLOTTERY PROGRAMS YEAR ENDED JUNE 30, 1995 \n \nSCHEDULEs- \n \nEXPENDITURES \nOperating Costs Salaries Employee Benefits Travel rA Employees Professional and Technical Services Other Purchased Services Supplies Dues and Fees \nNonoperating Costs Land and Land Improvements Equipment \n \nDISTANT LEARNING \n \nINSTRUCTIONAL PRE-KINDERGARTEN \n \nTECHNOLOGY \n \nPROGRAM \n \nSAFE SCHOOLS \nGRANT \n \nTOTAL \n \n$ \n \n$ \n \n320.40 \n \n3,705.10 $ \n \n8,524.00 \n \n87,839.18 23,636.25 \n4,704.25 108.00 197.01 \n32,504.37 161.73 \n4,010.50 15 457.38 $ \n \n$ 13,264.40 \n \n87,839.18 23,636.25 \n4,704.25 108.00 197.01 \n32,824.77 161.73 \n4,010.50 40,950.88 \n \nTotal Expenditures \n \n$ \n \n4,025.50 $ \n \n8,524.00 $ \n \n168,618.67 $ \n \n13,264.40 $ \n \n194,432.57 \n \nSee notes to the general purpose financial statements. \n \n- 30 - \n \n MILLER COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 1995 \n \nSCHEDULE \"9\" \n \nMinimum Expenditure Requirements (Total Allotment) Expenditures on Combined Program Basis \nSalaries Operations \nLess: Expenditures for Media Center Programs in Excess of Total Media Allotment \nExpenditures per Audit \nAmount of Underexpenditure for Total Allotment \n \nTHIRTEEN WEIGHTED AND MEDIA CENTER \nPROGRAMS \n \n100% TEST FOR OPERATIONS PORTION OF THIRTEEN WEIGHTED PROGRAMS \n \n$ 2,847,667.00 $ \n \n93,938.00 \n \n$ \n \n___ __ 3,046,842.13 117,205.42 $ \n \n9_7__,.6_ 57.83 \n \n$ 3,164,047.55 \n \n-14,752.16 $ 3,149,295.39 \n \n$ \n \n0.00 $ ======0.=00= \n \nSee notes to the general purpose financial statements. - 31 - \n \n MILLER COUNTY BOARD Of EDUCATION ANALYSIS Of MINIMUM EXPENDITURE REQUIREMENTS - BY PROGRAM \nGENERAL FUND QUALITY BASIC EDUCATION PROGRAMS \nYEAR ENDED JUNE 30 1995 \n \nGl;;NERAL AND ~EER EDUCATION ffiOGRAMS \nKindergarten r\u003e \nGrades 1 - 3 r, \nSub-Total - K-3 Grades 4 - 5 (\") Grades 6 - 8 (\") Grades 9 - 12 r) \nHigh School Laboratories r, \nVocational Education Laboratories (\") Total General and career Education Programs \nSPECIAL EDUCATION PROGRAMS Regular Programs Category I r) Category II (\") Category Ill r) Total Special Education Programs \nREMEDIAL EDUCATION PROGRAM fj \nTotal Thirteen Weighted Programs MEDIA CENTER PROGRAMS \nSalaries Operations \nTotal Media Center Programs \nTotal Thirteen Weighted and Media Center Programs \nSTAFF DEVELOPMENT PROGRAMS Cost c:l Instruction Professional Dellelopment \nTotal Slaff Dellelopment (\") Identifies Thirteen Weighted Programs. \n \nALLOTMENTS FROM DEPARTMENT OF EDUCATION \n \nREQUIRED \n \nORIGINAL \n \n% \n \nORIGINAL \n \nMID-TERM \n \n$ \n \n253,926.00 \n \n$ \n \n228,533.40 \n \n531,884.00 \n \n478,695.60 $ \n \n$ \n \n785,810.00 90 $ \n \n707,229.00 $ \n \n289,922.00 90 \n \n260,929.80 \n \n520,917.00 90 \n \n468,825.30 \n \n366,426.00 90 \n \n329,783.40 \n \n120,722.00 90 \n \n108,649.80 \n \n194,510.00 90 \n \n175,059.00 \n \n$ 2,278,307.00 \n \n$ 2,050,476.30 $ \n \n898.00 898.00 \n898.00 \n \n$ \n \n299,619.00 \n \n$ \n \n269,657.10 $ \n \n15,640.00 \n \n$ \n \n299,619.00 90 $ \n \n269,657.10 $ \n \n$ \n \n154,867.00 90 $ \n \n139,380.30 $ \n \n$ 2,732,793.00 \n \n$ 2,459,513.70 $ \n \n15,640.00 0.00 \n16,538.00 \n \n$ \n \n77,791.00 90 $ \n \n70,011.90 $ \n \n0.00 \n \n20,545.00 90 \n \n18,490.50 \n \n$ \n \n98,336.00 \n \n$ \n \n88,502.40 $ \n \n0.00 \n \n$ 2,831,129.00 \n \n$ 2,548,016.10 $ \n \n16,538.00 \n \n$ \n \n7,120.00 \n \n$ \n \n7,120.00 $ \n \n0.00 \n \n23,097.00 \n \n23,097.00 \n \n0.00 \n \n$ \n \n30,217.00 100 $ \n \n30,217.00 $ \n \n0.00 \n \nSee notes to the general purpose financial statements. \n \n- 32 - \n \n SCHEDULE \"10\" \n \nTOTAL REQUIRED \n \nACTUAL EXPENDITURES \n \nSALARIES \n \nOPERATIONS \n \nTOTAL \n \nAMOUNT OF UNDER EXPENDITURE \nFOR REQUIRED ALLOTMENT \n \ns 228,533.40 s \n \n211,965.19 s \n \n7,295.16 s \n \n219,260.35 \n \n479,593.60 \n \n529,930.88 \n \n11,577.77 \n \n541,508.65 \n \ns 708,127.00 s \n \n741,896.07 s \n \n18,872.93 s \n \n760,769.00 s \n \n0.00 \n \n260,929.80 \n \n344,604.31 \n \n6,239.34 \n \n350,843.65 \n \n0.00 \n \n\"68,825.30 \n \n547,832.46 \n \n7,300.16 \n \n555,132.62 \n \n0.00 \n \n329,783.40 \n \n437,895.89 \n \n17,901.77 \n \n455,797.66 \n \n0.00 \n \n108,649.80 \n \n124,645.55 \n \n4,679.89 \n \n129,325.44 \n \n0.00 \n \n175,059.00 \n \n308,127.35 \n \n35,793.57 \n \n343,920.92 \n \n0.00 \n \ns 2,051,374.30 s 2,505,001.63 s \n \ns 90,787.66 \n \n2,595,789.29 \n \ns \n \n285,297.10 \n \ns \n \ns \n \n285,297.10 s \n \ns \n \n139,380.30 s \n \ns 2,476,051.70 s \n \n32,838.21 \n126,242.23 s \n164,028.42 \n323,108.86 s 125,191.07 s 2,953,301.56 s \n \ns \n2,055.06 2,310.52 \n4,365.58 s \n2,504.59 s \n97,657.83 s \n \n32,838.21 128,297.29 166,338.94 \n327,474.44 \n127,695.66 \n3,050,959.39 \n \n0.00 11,684.64 \n \ns \n \n70,011.90 s \n \n93,540.57 \n \ns \n \n93,540.57 \n \n0.00 \n \n18,490.50 \n \ns \n \n19,547.59 \n \n19,547.59 \n \n0.00 \n \ns \n \ns 88,502.40 \n \ns 93,540.57 \n \n19,547.59 s \n \n113,088.16 \n \ns 21564,554.10 S 3,046,842.13 S \n \ns 1171205.42 \n \n31164,047.55 S \n \n11,684.64 \n \ns \n \n7,120.00 \n \n23,097.00 \n \ns _ _,_30_,2_1_1_.oo_ 1 \n \ns \n \n7,562.21 S \n \n7,562.21 \n \n22,883.54 \n \n22,883.54 \n \ns \n \n30,445.75 $ \n \n30,445.75 s _ _ _ _ _ _o_.oo_ \n \n- 33 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS \nYEAR ENDED JUNE 30, 1995 \n \nSCHEDULE \"11\" \n \nBOARD MEMBER ADDRESS \nMr. Dole Cook, Jr., Chairman (*) 1647 Cooktown Road Colquitt, Georgia 31737 \nMr. David Varnadoe, Vice-Chairman (*) \nP. 0. Box513 \nColquitt, Georgia 31737 \nMr. David Bracewell (*) 1099 Hwy 91 South Colquitt, Georgia 31737 \nMs. Gail Everson Route 2, Box 118 Colquitt, Georgia 31737 \nMr. Lowell McNease (*) 92 Babcock Road Colquitt, Georgia 31737 \nMr. Charles Thorne (*) 538 Griggs/Lucille Road Colquitt, Georgia 31737 \nMs. Beatrice Widner Route 4, Box 214 Colquitt, Georgia 31737 \n \nCOMPENSATION \n \nTRAVEL \n \n$ \n \n1,500.00 $ \n \n115.50 \n \n1,350.00 \n \n62.67 \n \n1,150.00 \n \n466.81 \n \n600.00 \n \n450.00 \n \n202.65 \n \n500.00 \n \n975.00 \n \n(*) Denotes Board Members Serving as of June 30, 1995 \n \n$ \n \n6,525.00 $ = = = =84=7.6=3 \n \nSee notes to the general purpose financial statements. \n \n- 34 - \n \n SECTION II COMPLIANCE \n \n CLAUDE L. VICKERS \nSTATE AUDllOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nMay 10, 1996 \n \nHonorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation \nand Superintendent and Members of the Miller County Board ofEducation \nCOMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nLadies and Gentlemen: \nWe have audited the general purpose financial statements of the Miller County Board ofEducation as of and for the year ended June 30, 1995, and have issued our report thereon dated May 10, 1996. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \nWe conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. \nCompliance with laws, regulations, contracts, and grants applicable to Miller County Board ofEducation is the responsibility of the Board's management. As part of obtaining reasonable assurance about whether the general purpose financial statements are free of material misstatement, we performed tests of the Board's compliance with certain provisions oflaws, regulations, contracts, and grants. However, the objective of our audit of the financial statements was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion. \nThe results ofour tests disclosed no instances of noncompliance that are required to be reported herein under Government Auditing Standards. \n \n95CRL-10 \n \n This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \nRespectfully submitted, \n~~~ \nClaude L. Vickers State Auditor \nCLV:dt 95CRL-10 \n \n CLAUDE L. VICKERS \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nMay IO, 1996 \n \nHonorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation \nand Superintendent and Members ofthe Miller County Board ofEducation \n \nSINGLE AUDIT REPORT ON COMPLIANCE WITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS \n \nLadies and Gentlemen: \n \nWe have audited the general purpose financial statements of the Miller County Board ofEducation as of and for the year ended June 30, 1995, and have issued our report thereon dated May 10, 1996. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \n \nWe have applied procedures to test the Miller County Board of Education's compliance with the following requirements applicable to each of its Federal financial assistance programs, which are listed in the Schedule ofFederal Financial Assistance, for the year ended June 30, 1995: \n \n{l) Political Activity \n \n(5) Allowable Costs/Cost Principles \n \n(2) Civil Rights \n \n(6) Audit Follow-Up/Resolution \n \n(3) Cash Management \n \n(7) Administrative Requirements \n \n(4) Federal Financial Reports \n \nOur procedures were limited to the applicable procedures described in the Office of Management and Budget's \"Compliance Supplement for Single Audits of State and Local Governments\" and other additional procedures as deemed necessary. Our procedures were substantially less in scope than an audit, the objective of which \nis the expression of an opinion on the Board's compliance with the requirements listed fo the preceding \nparagraph. Accordingly, we do not express such an opinion. \n \n95CRL-40 \n \n With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph of this report. With respect to items not \ntested, nothing came to our attention that caused us to believe that Miller County Board ofEducation had not \ncomplied, in all material respects, with those requirements. \nThis report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter ofpublic record. \nRespectfully submitted, \n~~ \nClaude L. Vickers State Auditor \nCLV:dt 95CRL-40 \n \n CLAUDE L. VICKERS \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nMay IO, 1996 \n \nHonorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation \nand Superintendent and Members of the Miller County Board ofEducation \n \nSINGLE AUDIT OPINION ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS \n \nLadies and Gentlemen: \n \nWe have audited the general purpose financial statements of the Miller County Board ofEducation as of and for the year ended June 30, 1995, and have issued our report thereon dated May I0, 1996. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \n \nWe have also audited the Miller County Board ofEducation's compliance with the requirements governing: \n \n(1) Types of Services Allowed or Unallowed \n \n(5) Applicable Special Tests and Provisions \n \n(2) Eligibility \n(3) Matching, Level ofEffort, and/or Earmarking \n \n(6) Other Requirement Claims for Advances and Reimbursements \n \n(4) Reporting \n \nThese requirements are applicable to the major Federal financial assistance program, which is identified in the Schedule of Federal Financial Assistance, for the year ended June 30, 1995. The management of the Miller County Board of Education is responsible for the Board's compliance with those requirements. Our responsibility is to express an opinion on compliance with those requirements based on our audit. \n \n95CRL-80 \n \n We conducted our audit ofcompliance in accordance with generally accepted auditing standards; Government Auditing Standards. issued by the Comptroller General ofthe United States; and Office ofManagement and Budget (0MB) Circular A-128, \"Audits of State and Local Governments\". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether material noncompliance with the requirements referred to above occurred. An audit includes examining. on a test basis. evidence about the Board's compliance with those requirements. We believe that our audit provides a reasonable basis for our opinion. \nIn oui opinion, the Miller County Board ofEducation complied. in all material respects. with the requirements as disclosed in the second paragraph that are applicable to its major Federal financial assistance program for the year ended June 30, 1995. \nThis report is intended for the information of management. the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \nRespectfully submitted, \nc$.~ \nClaude L. Vickers State Auditor \nCLV:dt 95CRL-80 \n \n CLAUDE L. VICKERS \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nMay 10, 1996 \n \nHonorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation \nand Superintendent and Members of the Miller County Board ofEducation \n \nSINGLE AUDIT REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS \n \nLadies and Gentlemen: \n \nWe have audited the general purpose financial statements of the Miller County Board ofEducation as of and for the year ended June 30, 1995, and have issued our report thereon dated May 10, 1996. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \n \nIn connection with our audit ofthe fiscal year 1995 general purpose financial statements ofthe Miller County Board ofEducation and with our consideration of the Board's control structure used to administer Federal financial assistance programs, as required by Office of Management and Budget (0MB) Circular A-128, \"Audits of State and Local Governments\", we selected certain transactions applicable to certain nonmajor Federal financial assistance programs for the year ended June 30, 1995. As required by 0MB Circular A-128, we have performed auditing procedures on the selected transactions to test compliance with the requirements governing: \n \n(1) Types of Services Allowed or Unallowed \n \n(2) Eligibility \n \nOur procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the Board's compliance with these requirements. Accordingly, we do not express such an opinion. \n \nWith respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the Miller County Board ofEducation had not complied, in all material respects, with those requirements. \n \n95CRL-120 \n \n This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \nRespectfully submitted, \n~~ \nClaude L. Vickers State Auditor \nCLV:dt 95CRL-120 \n \n SECTION III INTERNAL CONTROL \n \n CLAUDE L. VICKERS \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nMay 10, 1996 \n \nHonorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation \nand Superintendent and Members ofthe Miller County Board ofEducation \nREPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nLadies and Gentlemen: \nWe have audited the general purpose financial statements of the Miller County Board of Education as of and for the year ended June 30, 1995, and have issued our report thereon dated May 10, 1996. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \nWe conducted our audit in accordance with generally accepted auditing standards, and Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free ofmaterial misstatement. \nThe management of the Miller County Board ofEducation is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation ofgeneral purpose financial statements in accordance with generally accepted accounting principles. Because ofinherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. \nIn planning and performing our audit of the general purpose financial statements of the Miller County Board ofEducation for the year ended June 30, 1995, we obtained an understanding of the internal control structure. \n95ICL-3 \n \n With respect to the internal control structure, we obtained an understanding of the design of relevant policies and procedures and whether they have been placed in operation, and we assessed control risk in order to determine our auditing procedures for the purpose of expressing our opinion on the general purpose financial statements and not to provide an opinion on the internal control structure. Accordingly, we do not express such an opinion. \n \nWe noted certain matters involving the internal controi structure and its operation that we consider to be reportable conditions under standards established by the American Institute of Certified Public Accountants. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control structure that, in our judgment, could adversely affect the entity's ability to record, process, summarize, and report financial data consistent with the assertions of management in the general purpose financial statements. \n \nAs described in the Schedule ofFindings and Improper or Questioned Costs, reportable conditions were noted in the following control categories: \n \n(1) Accounting Controls (Overall) \n \n(2) General Fixed Assets \n \nA material weakness is a reportable condition in which the design or operation of one or more of the internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the general purpose financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. \n \nOur consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses as defined above. However, we believe that all of the reportable conditions disclosed above are also considered to be material weaknesses. \n \nThese conditions were considered in determining the nature, timing, and extent of the procedures to be performed in our audit ofthe Miller County Board ofEducation's financial statements and this report does not affect our report thereon dated May 10, 1996. \n \nThis report is intended for the information of management, the Federal cognizant audit agency and other Federal -grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \n \nL ~ Respectfully submitted, \nClaude L. Vickers State Auditor \n \nCLV:dt 95ICL-3 \n \n CLAUDE L. VICKERS \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nMay 10, 1996 \n \nHonorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation \nand Superintendent and Members of the Miller County Board ofEducation \nSINGLE AUDIT REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS \nLadies and Gentlemen: \nWe have audited the general purpose financial statements ofthe Miller County Board ofEducation as of and for the year ended June 30, 1995, and have issued our report thereon dated May 10, 1996. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We have also audited the Miller County Board of Education's compliance with requirements applicable to its major Federal financial assistance program and have issued our opinion thereon dated May 10, 1996. \nWe conducted our audit in accordance with generally accepted auditing standards; Government Auditing Standards, issued by the Comptroller General of the United States; and the provisions of Office of Management and Budget (0MB) Circular A-128, \"Audits ofState and Local Governments\". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement and about whether the Miller County Board ofEducation complied with laws and regulations, noncompliance with which would be material to a major Federal financial assistance program. \nIn planning and performing our audit for the year ended June 30, 1995, we considered the Board's internal control structure in order to determine our auditing procedures for the purpose of expressing our opinions on the Board's general purpose financial statements and on its compliance with requirements applicable to major Federal financial assistance programs and to report on the internal control structure in accordance with 0MB Circular A-128. This report addresses our consideration of internal control structure policies and procedures relevant to compliance with requirements applicable to Federal financial assistance programs. We have addressed internal control structure policies and procedures relevant to our audit of the general purpose financial statements in a separate report dated May 10, 1996. \n95ICL-11 \n \n The management ofthe Miller County Board ofEducation is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance.that, assets are safeguarded against loss from unauthorized use or disposition, that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of general purpose financial statements in accordance with generally accepted accounting principles, and that Federal financial assistance programs are managed in compliance with applicable laws and regulations. Because of inherent limitations in any internal control structure, errors, irregularities, or instances of noncompliance may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness ofthe design and operation of policies and procedures may deteriorate. \n \nFor the purpose of this report, we have classified the significant internal control structure policies and procedures used in administering Federal financial assistance programs in the following control categories: \n \nGENERAL REQUIREMENTS \n \nSPECIFIC REQUIREMENTS \n \n(1) Political Activity (2) Civil Rights (3) Cash Management (4) Federal Financial Reports \n \n(1) Types of Services Allowed or Unallowed \n(2) Eligibility \n(3) Matching, Level ofEffort, and/or Earmarking \n \n(5) Allowable Costs/Cost Principles \n \n(4) Reporting \n \n(6) Audit Follow-Up/Resolution (7) Administrative Requirements \n \n(5) Applicable Special Tests and Provisions \n(6) Other Requirement Claims for Advances and Reimbursements \n \nFor all of the internal control structure categories listed above, we obtained an understanding of the design of relevant policies and procedures and determined whether they have been placed in operation, and we assessed control risk. \n \nDuring the year ended June 30, 1995, the Miller County Board ofEducation expended 61% ofits total Federal financial assistance under one major Federal financial assistance program and the following nonmajor Federal financial assistance program: \n \nFood and Nutrition Program Food Services National School Lunch Program \n \n95ICL-l l \n \n We performed tests of controls, as required by 0MB Circular A-128, to evaluate the effectiveness of the design and operation of internal control structure policies and procedures that we considered relevant to preventing or detecting material noncompliance with general requirements and specific requirements as described above that are applicable to the Board's major Federal financial assistance program, which is identified in the Schedule of Federal Financial Assistance, and the aforementioned nonmajor program. Our procedures were less in scope than would be necessary to render an opinion on these internal control structure policies and procedures. Accordingly, we do not express such an opinion. \nWe noted a certain matter involving the internal control structure and its operation that we consider to be a reportable condition under standards established by the American Institute of Certified Public Accountants. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of the internal control structure that, in our judgment, could adversely affect the Board's ability to administer Federal financial assistance programs in accordance with applicable laws and regulations. \nAs described in the Schedule ofFindings and Improper or Questioned Costs, a reportable condition was noted in the following control category: \nAdministrative Requirements \nA material weakness is a reportable condition in which the design or operation of one or more of the internal control structure elements does not reduce to a relatively low level the risk that noncompliance with laws and regulations that would be material to a Federal financial assistance program may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. \nOur consideration of the internal control structure policies and procedures used in administering Federal financial assistance would not necessarily disclose all matters in the internal control structure that might be reportable conditions, and accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses as defined above. However, we believe that the reportable condition described above is also considered to be a material weakness.. \nThis condition was considered in determining the nature, timing, and extent of the procedures to be performed in our audit of the Miller County Board ofEducation's compliance with requirements applicable to its major Federal financial assistance program for the year ended June 30, 1995, and this report does not affect our report thereon dated May 10, I996. \nThis report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies and should not be used for any other purpose. This restriction is not intended to limit the distribution of this report which is a matter of public record. \nRespectfully submitted, \n~~ \nClaude L. Vickers State Auditor \nCLV:dt 95ICL-l l \n \n SECTION IV FINDINGS AND IMPROPER OR QUESTIONED COSTS \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \nYEAR ENDED JUNE 30, 1995 \nPRIOR YEAR \nAUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $2,661.74 Audit Control Number 7001-93-03 \nThe audit report for the year ended June 30, 1993, reported that the Board had an underexpenditure of Quality Basic Education (QBE) funds of$373.59 for the operations portion ofthe High School Laboratories Program, $1,820.65 for the operations portion of the Vocational Education Laboratories Program and $467.50 for the StaffDevelopment - Cost ofInstruction Program. For the year under review, no adjustment was made to the Boards's local fair share by the Georgia Department of Education to refund these underexpenditures as required. The underexpenditure of $2,661.74 should be returned to the Georgia Department of Education through an increase in the Board's local fair share for the QBE programs in a subsequent fiscal period. \nAUDIT FOLLOW-UP/RESOLUTION Uncollateralized Deposits Financial Statements Finding Resolved Audit Control Number 7001-94-01 \nThe audit report for the year ended June 30, 1994, disclosed that the Board did not have its bank balances fully collateralized as required by the Official Code of Georgia Annotated Section 45-8-12. For the year under review, audit tests of the Board's bank balances indicated that the Board complied with the State laws governing collateralization of cash deposits. \nAUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $1,776.96 Audit Control Number 7001-94-02 \nThe audit report for the year ended June 30, 1994, reported that the Board had an underexpenditure of Quality Basic Education (QBE) funds of$93.95 for the operations portion of the High School Laboratories Program, and $1,683.01 for the operations portion of the Vocational Education Laboratories Program. For the year under review, no adjustment was made to the Board's local fair share by the Georgia Department of Education to refund these underexpenditures as required. The underexpenditure of$ 1,776.96 should be returned to the Georgia Department of Education through an increase in the Board's local fair share for the QBE programs in a subsequent fiscal period. \n- 1- \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \nYEAR ENDED JUNE 30, 1995 \nPRIOR YEAR/CURRENT YEAR \nACCOUNTING CONTROLS (OVERALL) - Financial Statements ADMINISTRATIVE REQUIREMENTS - Federal Financial Assistance Inadequate Separation ofDuties Reportable Condition - Material Weakness Audit Control Number 7001-93-01 \nThe audit report for the year ended June 30, 1994, stated that the Board did not provide for adequate separation ofemployee duties in the performance of accounting functions and related procedures. In the year under review, no improvement in adequate separation of employee duties was noted. This deficiency-was a result of management's decision to limit the number of administrative staff made responsible for accounting functions. Management should periodically review this decision to determine if employee duties can be reassigned to achieve a higher degree of internal control with existing staff. \nNote: All Federal Financial Assistance Programs listed in the Schedule of Federal Financial Assistance, Schedule \"I\" of this report are affected by this finding. \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 7001-93-02 \nThe audit report for the year ended June 30, 1994, noted that the management of the Miller County Board of \nEducation had chosen not to maintain a system-wide General Fixed Assets Account Group within the formal \naccounting records as required by generally accepted accounting principles. In the year under review, the Board did not establish a General Fixed Assets Account Group within the formal accounting records. This condition results in the general purpose financial statements of the Board being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Board to establish accounting controls and procedures to provide for maintenance of a General Fixed Assets Account Group. These subsidiary records should include an inventory of land, buildings and equipment owned by the Board and should include but may not be limited to date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. \n-2- \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \nYEAR ENDED JUNE 30, 1995 \nCURRENT YEAR EXPENDITURES/LIABILITIES/DISBURSEMENTS Failure to Meet Expenditure Requirements Financial Statements Nonmaterial Noncompliance Amount: $11,684.64 Audit Control Number 7001-95-01 For the year under review, the Miller County Board of Education reported to the Georgia Department of Education on DE form 0420 underexpenditures of Quality Basic Education (QBE) funds of$1 l,684.64 for the Remedial Education Program. This underexpenditure occurred because the Board expended less than the minimum expenditure requirement for this QBE Program. These funds should be returned to the Georgia Department of Education through an increase in the Board's local fair share for the QBE programs in a subsequent fiscal period. CASH MANAGEMENT Excessive Lottery Cash Balance Financial Statements Nonmaterial Noncompliance Audit Control Number 7001-95-02 \nA review of cash management procedures for the Lottery - 1994 and 1995 Distant Leaming programs disclosed that cash draws were made in excess of actual expenditures. At June 30, 1995 these reimbursement basis programs had cash balances of $32.50 and $800.60, respectively. Procedures should be implemented to ensure that excess funds are not retained in these programs at year end. The Georgia Department of Education should review this matter to determine if a reclaim of funds is appropriate. \nNote: The Miller County Board of Education was provided an opportunity to include pertinent comments from the Board's management concerning these audit findings, conclusions and recommendations. The Board has elected not to provide comments for inclusion in this report. \n-3- \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bm6-b1993-h94","title":"Audit report, Miller County Board of Education, Colquitt, Georgia, year ended June 30, 1994","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, Miller County, 31.16399, -84.73072"],"dcterms_creator":["Georgia. 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FINANCIAL \n \n CLAUDE L. VICKERS \nSTATE AUDITOR (404) 656-2174 \n \nDEPARTMENT OF AUDITS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nJune 14, 1995 \n \nHonorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation \nand Superintendent and Members of the Miller County Board ofEducation \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARYINFORMATIONSCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \nLadies and Gentlemen: \nWe have audited the general purpose financial statements (Exhibits A through D) of the Miller County Board of Education, as of and for the year ended June 30, 1994, as listed in the table of contents. These financial statements are the responsibility of the Board's management. Our responsibility is to express an opinion on these financial statements based on our audit. \nWe conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States, and the provisions of the Office of Management and Budget Circular A-128, \"Audits of State and Local Governments\". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \nAs described in the notes to the general purpose financial statements, the Board's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: \n* The general purpose financial statements of the Board did not contain a General Fixed Assets Account Group to account for property and equipment owned by the Board which should be included to conform to generally accepted accounting principles. \n94ARL-13 \n \n * School activity accounts maintained at the individual schools are not included in the general purpose \nfinancial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. \n* The Board did not recognize as expenditures, in the year ended June 30, 1994, a portion of salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 1994. Also funds received, subsequent to June 30, 1994, from the Georgia Department ofEducation for the State's share ofthese unrecorded salaries and related benefits were not recorded as revenue in th~ year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1993, were improperly recorded in the year ended June 30, 1994. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. \nThe aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. \nIn our opinion, except for the effects on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements present fairly, in all material respects, the financial position of the Miller County Board of Education as of June 30, 1994, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. \nOur audit was conducted for the purpose of forming an opinion on the general purpose financial statements of the Miller County Board of Education taken as a whole. The combining statements (Exhibits E through H) and the financial schedules (Schedules 1 through 11 which includes the Schedule of Federal Financial Assistance) are presented for purposes ofadditional analysis and are not a required part of the general purpose financial statements of the Miller County Board of Education. Such information has been subjected to the auditing procedures applied in the audit ofthe general purpose financial statements and, in our opinion, except for the effects of the matters referred to in the third paragraph, such information is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. \nA copy ofthis 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. \nRespectfully submitted, \n \nCLV:jy 94ARL-13 \n \nClaude L. Vickers State Auditor \n \n MILLER COUNTY BOARD OF EDUCATION - 1- \n \n ASSETS \nCash and Cash Equivalents \nAccounts Receivable \nInventories Food Donated Commodrlies Purchased Food \nAmount Available in Debt Service Fund \nAmount to be Provided in Future Years Fer Payment of: Bond Debt \nCapital Lease Agreements \nTotalAssels \nLIABILITIES ANO FUND EQUITY \nLIABILITIES \nAccounts Payable Salaries Payable Notes Payable Expired Grant Balances Payable Contracts Payable Deferred Revenue Capital Lease Agreements General Obligation Bonds Payable \nTotal Liabilrties \nFUND EQUITY \nFund Balances Reserved Fer Bus Replacement Funds Fer Continuation of Federal Programs Fer Debt Service Fer Expired Grant Balances/Questioned Costs Fer Inventories Food Donated Commodrties Purchased Food Fer State Capital Outlay Projects \nUnreserved Undesignated \nTotal Fund Equity \nTotal Liabilrties and Fund Equity \n \nGENERAL FUND \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nREVENUE \n \nPROJECTS \n \nFUND \n \nFUND \n \n$ 883,526.43 $ 135,028.25 $ \n \n0.00 \n \n75,527.21 \n \n91,071.29 \n \n3,377.24 7,223.24 \n \n$ 959,053.64 $ 236,700.02 $ \n \n0.00 \n \n$ \n \n37,922.95 $ \n \n102,824.16 \n \n88,790.79 60,796.36 \n3,545.95 \n14,598.11 \n \n140,747.11 $ 167,731.21 \n \n$ \n \n29,807.91 \n \n4,438.70 \n \n3,377.24 7,223.24 \n \n$ \n \n34,246.61 $ \n \n10,600.48 \n \n784,059.92 \n \n58,368.33 $ \n \n0.00 \n \n818,306.53 $ \n \n68,968.81 $ \n \n0.00 \n \n$ 959,053.64 $ 236,700.02 $ \n \n0.00 \n \nThe notes to the general purpose financial statements are an integral part of this statement. -2- \n \n EXHIBIT\"A\" \n \nDEBT SERVICE \nFUND \n$ 74,562.38 \n2,577.71 \n \nACCOUNT GROUP GENERAL \nLONG-TERM DEBT \n \nTOTALS (Memorandum Onlrl JUNE 30, 1994 JUNE 30, 1993 \n \n$ 1,093,117.06 $ 322,443.29 \n \n169,176.21 \n \n647,047.78 \n \n3,377.24 7,223.24 \n \n7,696.32 5,157.02 \n \n$ \n \n77,140.09 \n \n77,140.09 \n \n61,733.06 \n \nan,859.91 7,938.64 \n \n872,859.91 7,938.64 \n \n913,266.94 13,342.32 \n \n$ 77140.09 $ \n \n957938.64 $ 2,230,832.39 $ 1,970,686.73 \n \n$ 126,713.74 $ 159,460.44 \n \n60,796.36 \n \n62,951.13 \n \n102,824.16 \n \n11,496.70 \n \n3,545.95 \n \n1,884.36 \n \n49,500.00 \n \n14,598.11 \n \n$ \n \n7,938.64 \n \n7,938.64 \n \n13,342.32 \n \n950,000.00 \n \n950,000.00 \n \n975,000.00 \n \n$ \n \n957,938.64 $ 1,266,416.96 $ 1,273,634.95 \n \n77,140.09 \n$ 77,140.09 0.00 \n77,140.09 $ 77,140.09 $ \n \n$ \n \n29,807.91 $ \n \n38,542.91 \n \n6,237.22 \n \n77,140.09 \n \n61,733.06 \n \n4,438.70 \n \n2,661.74 \n \n3,377.24 7,223.24 \n \n7,696.32 5,157.02 127,306.19 \n \n$ 121,987.18 $ 249,334.46 \n \n842,428.25 \n \n447,717.32 \n \n964,415.43 $ 697,051.78 \n \n957,938.64 $ 2,230,832.39 $ 1,970,686.73 \n \n-3- \n \n MIi i ER COUNTY AQARQ Pf f;Dl.JCATIQN coMB1NEP STATfMfNT OF BFYFNl 1f EXPENPm JBES ANP CH/1.NGES 1N Fl 1Np BALANCES \nGOVERNMENTAL FLJNP TYPES VEAR ENPEP JUNE 30 1994 \n \nEXHJBIT''B'' \n \nGENERAL FUND \n \nSPECIAL REVENUE \nFUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTALS (Memorandum On!:k'.} \nYEAR ENDED JUNE 30 1994 JUNE 30 1993 \n \n~ \n5-Funds Federal Funds Local and other Funds \n \n$ 3,680,500.53 $ 64,827.31 \n1290267.20 \n \n136,657.89 713,087.85 \n98 347.97 $ \n \n659.86 $ \n \n$ 110 219.07 \n \n3,817,158.42 $ 777,915.16 \n1499494.10 \n \n3,729,525.83 825,957.50 \n1319283.48 \n \nTctal Revenues \n \n$ 5 035 595.04 $ 948 093.71 $ \n \n659.86 $ 110 219.07 $ 6 094 567.68 $ 5 874 766.81 \n \nEXPfNQITURfS \n \nCunent Instruction Support Services Pui\u003eISe!vices lmproYement of lnstroctional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant student Transportation Services Central Support Services Other Support Services Food Se!vices Operatiao other Operation\u0026 cl Non-Instructional Services \nCopilal outlay DebtSe!vice \nPrincipal IPaying Agent F... \n \n$ 3,086,896.71 $ \n157,142.07 121,n1.75 128,048.35 169,668.17 251,732.95 \n2,496.32 346,393.70 361,293.62 \n14,822.79 \n36,540.51 22,522.50 \n4,817.00 743.30 \n \n425,168.49 1,204.11 250.00 \n35,020.00 50,504.28 \n9,000.00 11,002.49 \n420,058.35 \n586.68 \n \n46,452.99 \n \n$ 3,512,065.20 $ 3,329,141.36 \n \n158,346.18 126,021.75 163,068.35 240,172.45 251,732.95 \n2,498.32 355,393.70 372,296.11 \n14,822.79 420,058.35 \n36,540.51 68,975.49 \n \n150,232.49 116,703.63 128,774.29 434,935.05 303,239.34 42,084.00 316,139.71 330,096.80 \n5,048.45 11,883.79 441,801.21 34,969.68 11,992.31 \n \n25,000.00 68,710.00 \n1102.04 \n \n30,403.68 69,453.30 \n1102.04 \n \n25,000.00 70,010.00 \n1 076.70 \n \nTotal Expenditures \n \n$ 4 730 891.74 $ 952 794.40 $ \n \n46 452.99 $ \n \n94 812.04 $ 5824951.17 $ 5 753128.81 \n \nExcess of Revenues over (under) Expenditures \n \n304 703.30 $ \n \n-4 700.69 $ -45 793.13 $ \n \n15407.03 $ 269 616.51 $ 121 638.00 \n \nQTHfR FINANCING SOURCES {!:,!1;:S) \n \nOperating Transfers In Operating Transfers Out \n \n-45 909.66 \n \n116.53 $ \n \n45,793.13 \n \n45,909.66 $ -45 909.66 \n \n10,623.64 -10 623.64 \n \nTotal other Financing Sources (Uses) \n \n-45909.66 $ \n \n116.53 $ \n \n45 793.13 \n \n0.00 $ \n \n0.00 \n \nExoess d Revenues and other Financing Sources over (under) Expenditures and other Financing Uses \n \n258,793.64 $ \n \n-4,584.16 $ \n \n0.00 $ \n \n15,407.03 $ 269,616.51 $ 121,638.00 \n \nFUNC1 BALANCE JULY 1 \n \n432,206.70 \n \n75,805.83 \n \n127,306.19 \n \n61,733.06 \n \n697,051.78 \n \n574,392.27 \n \nFood Inventory - Net Change in Period Donated Commodities Purchased Food \nResidual Equity Transfer \n \n127 306.19 \n \n-4,319.06 2,066.22 \n \n-127 306.19 \n \n-4,319.08 2,066.22 \n0.00 \n \n698.20 323.31 \n \nFUNQ BALANCE JUN;; 30 \n \n818 306.53 $ \n \n68 968.81 $ \n \n0.00 $ \n \n77140,09 $ 964 415.43 $ 697 051.78 \n \nThe notes to the general purpose financial statements are an integral part of this statement -4- \n \n MILLfB ~UtiD'.: ~ARQ QF fQUQAI!Q~ roMal~fQ IaifMf;MI QE Bf~fN!Jf$ fiPf;NQITUBf A~Q Ql:t6~~f lti EUt!IQ Ml 6~Qf$ \n6C.IU61 A~Q f!UOOfI  ~~fB~Mf~I61 EU~Q n'.Ef$ \nYfAR EN Pf P JUNf 30 1994 \n \nEXHIBIT\"C\" \n \n~ \nState Funds Federal Funds Local and other Funds \nTotal Revenues \nEXP~NDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operatton of Plant Student Transportation Services other Support Services Food Services Operation other Operations of Non-Instructional Services \nC8pital Outlay Debt Service \nTotal Expenditures \nExcess of Revenue\u0026 over (under) Expenditures \nQI!:l~R FltjANQIN!:, liQUBQ~ (!.!~ll \nother Sources other Uses \nTotal other Financing Sources (Uses) \nExceu of Revenues and Other Financing Sources cwer (under) Expenditures and other Financing Uses \nFUNQ l!l',bl\\NC~ J!,!LY 1 1993 \n~CJ!JIME~ \nPrior Year (Net) \nFQQQ ll!lll~NTQBY - tlla QHANG~ IN P~RIOQ \nDonated Commodities Purchased Food \n \nACTUAL PER \nEXHIBIT\"B\" \n \nACTUAL PER \nADJUSTMENTS BUDGET BASIS \n \nBUDGET \n \nVARIANCE FAVORABLE !UNFAVORABLE) \n \n$ 3,817,158.42 $ 777,915.16 \n1,499,494.10 \n$ 6,094,587.68 $ \n \n0.00 $ 3,817,158.42 $ 3,568,626.00 $ \n \n777,915.16 \n \n710,658.00 \n \n1,499,494.10 1,473,439.00 \n \n0.00 $ 6,094,567.68 $ 5,752,723.00 $ \n \n248,532.42 67,257.16 26,055.10 \n341,844.68 \n \n$ 3,512,065.20 $ \n158,346.18 128,021.75 163,068.35 240,172.45 251,732.95 \n2,498.32 355,393.70 372,296.11 \n14,822.79 420,058.35 \n36,540.51 68,975.49 100,959.02 \n5,824,951.17 $ \n269,616.51 $ \n \n$ 45,909.66$ -45,909.66 \n \n$ \n \n0.00 $ \n \n0.00 $ 3,512,065.20 $ 3,546,018.00 $ \n \n158,346.18 128,021.75 163,068.35 240,172.45 251,732.95 \n2,498.32 355,393.70 372,296.11 \n14,822.79 420,058.35 \n36,540.51 68,975.49 100,959.02 \n \n152,529.00 114,091.00 126,049.00 234,989.00 319,295.00 \n364,113.00 350,335.00 \n16,500.00 420,600.00 \n37,156.00 50,000.00 95,864.00 \n \n0.00 $ 5,824,951.17 $ 5,827,539.00 $ \n \n0.00 $ 269,616.51 $ -74,816.00 $ \n \n33,952.80 \n-5,817.18 -13,930.75 -37,019.35 -5,183.45 67,562.05 -2,498.32 \n8,719.30 -21,961.11 \n1,677.21 541.65 615.49 \n-18,975.49 -5,095.02 \n2,587.83 \n344,432.51 \n \n0.00 $ 0.00 \n0.00 $ \n \n45,909.66$ -45,909.66 \n0.00 $ \n \n50,000.00 $ -50,000.00 \n0.00 $ \n \n-4,090.34 4,090.34 \n0.00 \n \n$ 269,616.51 $ 697,051.78 \n \n0.00 $ -12,853.34 \n \n269,616.51 $ 684,198.44 \n \n-74,816.00 $ 651,182.68 \n \n344,432.51 33,015.76 \n \n10,631.40 \n \n-10,631.40 \n \n-4,319.08 \n \n4,319.08 \n \n0.00 \n \n0.00 \n \n2,066.22 \n \n-2,066.22 \n \n0.00 \n \n0.00 \n \nFUNQ !!,\",LANCE J!,!NE 30 1994 \n \n$ 964,415.43 $ -10,600.48 $ 953,814.95 $ 586,998.08 $ \n \n366,816.87 \n \nThe notes to the general purpose financial statements are an integral part of this statement. -5- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30 1994 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe Miller County Board of Education (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board and Superintendent, both elected by the voters. With the exception of the departures from generally accepted accounting principles disclosed in the following paragraphs, the financial statements of the Board have been prepared in conformity with generally accepted accounting principles as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting standards. \nThe more significant of the Board's accounting policies are described below. \nREPORTING ENTITY \nIn evaluating how to define the government unit for financial reporting purposes, management has considered the criteria set forth in GASB Codification of Governmental Accounting and Financial Reporting Standards, Section 2100, \"Defining the Financial Reporting Entity\". The primary government consists of all the organizations that compose the legal entity of the Miller County Board ofEducation. \nBased upon the application of the above criteria, the Miller County Board ofEducation is determined to be the lowest level of government exercising oversight responsibility and control over all activities related to public education in Miller County, Georgia. The Board is not included in any other governmental \"reporting entity\" as defined by GASB Codification of Governmental Accounting and Financial Reporting Standards. \nBoard members were elected by the public and have decision making authority, the power to designate management, except for the Superintendent who was also elected, the ability to significantly influence operations, and primary accountability for fiscal matters. The Board determines the millage rate at which school taxes are levied and may incur bonded indebtedness with voter approval. \nFUND ACCOUNTING \nThe Board uses funds and an account group 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. \nA fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. \nGeneral Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Board. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. \n- 6- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30 1994 \n \nNote I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, liabilities' and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. \nThe general purpose financial statements account for all State, Federal, Local and Other Funds under control ofthe Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: \nGOVERNMENTAL FUND TYPES - are used to account for all or most ofa Board's general activities. Governmental Fund Types include: \nGENERAL FUND - the fund used to account for all financial resources of the Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services traditionally provided by a board of education. \nSPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are primarily received from the Georgia Department of Education and from the Federal government to accomplish specific objectives and are required to be accounted for separately. Also included are proceeds received from State, Federal, Local and Other sources for operations of the school food services fund. This fund could be accounted for as an enterprise fund; however, the Board chooses not to provide for depreciation, but to maintain the fund on a modified accrual basis and to report the fund as a special revenue fund under governmental fund types, which is acceptable under generally accepted accounting principles for governmental entities. \nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. \nDEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. \nACCOUNT GROUP \nGENERAL LONG-TERM DEBT ACCOUNT GROUP - used to account for general obligation bonds outstanding and capital lease obligations. \n \n- 7- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30 1994 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nBASIS OF ACCOUNTING \nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. \nGovernmental funds are accounted for using the modified accrual basis of accounting under which: \nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). \"Measurable\" means the amount ofthe transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities ofthe current period. Those revenues considered susceptible to accrual are property taxes, intergovernmental grants and investment income. Property taxes are considered available if they are collected and remitted by the collecting agent to the Board within 60 days after fiscal year-end. \nExpenditures are generally recognized when the related fund liability is incurred. \nA departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share ofthese contracts. During fiscal year 1994, a substantial number of personnel of the Board were employed for a one hundred and ninety day period beginning in late August 1993 and ending in early June 1994. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1993 and ending in August 1994. State grants to fund the State's share of these contracts were disbursed from the Georgia Department of Education to the Board in the same twelve months. As ofJune 30, 1994, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 1994, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 1994. Also, the State's portion of the compensation paid in July and August 1994 was received and recorded as revenue in the fiscal year subsequent to June 30, 1994. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1993, were recorded in the year ended June 30, 1994. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. \n \n- 8- \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATE:MENTS \n \nJUNE30 1994 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nBUDGET \nThe Miller County Board of Education has a legally authorized nonappropriated budget which is formally approved by the Board at the aggregate level. Budgets are prepared to provide a basis for funding operations and there is no legal prohibition regarding overexpenditure of the aggregate budget. The budget process begins when the Board's administration prepares a tentative aggregated budget for the Board's approval. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper ofgeneral circulation in the locality. At the next regular meeting ofthe Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 20-2-167, to the Georgia Department ofEducation. \nThe Board prepares its budget on the modified accrual basis, which is the same basis on which it presents its financial statements. The budget comparison on Exhibit \"C\" presents actual and budget data for all governmental funds on a combined basis. To facilitate comparison with the budget, donated and purchased food inventories as reflected on Exhibit \"B\" have been eliminated from fund balance. \nCASH AND CASH EQUIVALENTS \nCOMPOSITION OF DEPOSITS Cash and cash equivalents consists ofdeposits (including certificates of deposit, savings and N. 0.W. accounts) in authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. The placement of proceeds from bond issues in certificates of deposit is limited to financial institutions located within this State. \nRECEIVABLES \nReceivables consist ofgrant reimbursements due from Federal, State or other grantors for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \nPROPERTY TAXES \nThe Miller County Board of Commissioners fixed the property tax levy for the 1993 tax year (calendar year) on October 1, 1993 (levy date). Taxes were due on April 1, 1994. The lien date for property taxes was January 1, 1993. Taxes collected within the current fiscal year or within 60 days after year-end are reported \n \n- 9- \n \n MILT F..R COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30 1994 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nas revenue in fiscal year 1994 since their collection meets the criteria of GASB codification section P70.103. The Miller County Tax Commissioner bills and collects the property taxes for the Board of Education and remits the balance of taxes collected to the Board. \n \nTax millage rates levied for the 1993 tax year (calendar year) for the Miller County Board ofEducation were as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations School Bonds \n \n12.52 mills 1.05 mills \n \n13 57 mills \n \nINVENTORIES \n \nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost. Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time of purchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations offund balance which indicates that these amounts do not constitute \"available spendable resources\" even though they are a component of net current assets. \n \nGENERAL OBLIGATION BONDS \n \nThe Board issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the General Long-Term Debt Account Group. \n \nINTERFUND TRANSACTIONS \n \nThe Board has the following types ofinterfund transactions: \n \nReimbursements of expenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \n \nResidual equity transfers are recorded for nonrecurring or nonroutine permanent transfers of equity. \n \n- 10 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30 1994 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nOperating transfers are recorded for all inter-fund transactions other than residual equity transfers and reimbursements. \nMEMORANDUM ONLY - TOTAL COLUMNS \nTotal columns on the general purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Inter-fund eliminations have not been made in the aggregation of this data. \nNote 2: DEPOSITS \nCOLLATERALIZATION 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 in an amount ofnot less than 110 percent of the public funds being secured after the deduction ofthe amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. \nAcceptable security for deposits consists of any one of or any combination of the following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations ofthe counties or municipalities ofthe State of Georgia, \n(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, \n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n \n- 11 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE30 1994 \n \nNote 2: DEPOSITS \n \n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \n \nCATEGORIZATION OF DEPOSITS At June 30, 1994, the bank balances were $1,528,325.28. The amounts of the total bank balances are classified into three categories of credit risk: \n \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name. \nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Board's name.) \n \nThe Board's deposits are classified by risk category at June 30, 1994, as follows: \nRisk Category 1 2 3 \nTotal \nNote 3: NON-MONETARY TRANSACTIONS \n \nBank Balance \n$ 200,000.00 683,929.77 644 395.51 \n$ 1 528 325 28 \n \nThe Board receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \n \nNote 4: RISK MANAGEMENT \n \nThe Board has established a limited risk management program for Unemployment Compensation. Estimated claims are budgeted by management based on known claims and prior experience. During fiscal year 1994, no claims were paid. \n \n- 12 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30 1994 \n \nNote 5: OPERATING LEASES \n \nThe Miller County Board of Education has entered into various leases as lessee for copy machines. These leases are considered for accounting purposes to be operating leases. Lease expenditures for the year ended June 30, 1994, amounted to $11,764.32. Future minimum lease payments for these leases are as follows: \n \nYear Ending \n \nAmount \n \n1995 \n \n$ 11 764 32 \n \nNote 6: GENERALLONG-TERMDEBT \n \nCAPITAL LEASES The Miller County Board ofEducation has entered into various lease agreements as lessee for copy machines. These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of the future minimum lease payments as ofthe date of their inception. \n \nThe changes in General Long-Term Debt during the fiscal year ended June 30, 1994, were as follows: \n \nCapital Leases \n \nGeneral Obligation \nBonds \n \nTotal \n \nBalance July 1, 1993 \nRetroactive Restatement ofPrior Year Balances \nBalance July 1, 1993 Restated \nAdditions \nDeductions \nBalance June 30, 1994 \n \n$ 14,084.40 $ 975,000.00 $ 989,084.40 \n \n-742.08 \n \n-742.08 \n \n$ 13,342.32 $ 975,000.00 $ 988,342.32 \n \n0.00 \n \n0.00 \n \n0.00 \n \n5 403.68 \n \n25 000.00 30 403.68 \n \n$ 7 938 64 $ 950 000 00$ 957 938 64 \n \n- 13 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXIIlBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30 1994 \n \nNote 6: GENERALLONG-TERMDEBT \n \nAt June 30, 1994, payments due, by fiscal year which includes principal and interest for these items: \n \nFiscal Year Ended June 30 \n \nCapital Leases \n \nGeneral Obligation \nBonds \n \nTotal Debt \n \n1995 1996 1997 1998 1999 2000 and thereafter \n \n$ 5,222.64 $ 97,335.00 $ 102,557.64 \n \n2,847.36 \n \n95,610.00 98,457.36 \n \n237.28 \n \n98,810.00 99,047.28 \n \n96,640.00 96,640.00 \n \n99,400.00 99,400.00 \n \nI 205 585.00 1 205 585.00 \n \nTotal Principal and Interest \n \n$ 8,307.28 $ I 693 380 00 $ 1 701 687 28 \n \nDeduct: Imputed Interest \n \n368.64 \n \nNet Present Value ofFuture Minimum Lease Payments \n \n$ Z238~ \n \nNote 7: SIGNIFICANT COMMITMENTS \n \nAt June 30, 1994, the Board had encumbrances in the amount of$15,890.50 for the unperformed portion of \npurt:hase orders, contracts and other commitments for goods and services associated with Lottery Programs. \nLottery funds in the amount of $14,598.11 are available to fund these encumbrances. Encumbrances outstanding do not constitute expenditures or liabilities in the current year because these commitments will be honored during the subsequent year. These encumbrances are identified by Lottery Program as follows: \n \nDistant Learning Safe Schools Grant \n \n$ 2,626.10 13 264.40 \n$ 15 890 so \n \nThe amounts described in this note are not reflected in the general purpose financial statements. \n \nNote 8: CONTINGENT LIABILITIES \n \nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The Board believes that such disallowances, if any, will be immaterial to its overall financial position. \n \n- 14 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30 1994 \n \nNote 9: RETIREMENT PLANS \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS}, which is a cost-sharing multiple employer public employee retirement system (PERS). \nTRS provides service retirement, disability retirement and survivors benefits for its members. A member is eligible for service retirement after 30 years ofcreditable service, regardless of age, or after 10 years of service and attainment of age 60. A member is eligible for early retirement after 25 years of creditable service and attainment of age 55, at a reduced benefit. Retirement benefits paid to members are equal to 2% of the average of the member's two consecutive highest paid years of service multiplied by the number ofyears of creditable service up to 40 years. The normal retirement pension is payable monthly for life. Options are available for distnbution ofthe member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \nRetirement benefits also include death and disability benefits. A disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The death benefit is the amount that would be payable to the member's beneficiary had the member retired on the date of death on either a service retirement allowance or a disability retirement allowance, whichever is larger. The benefit is based on the member's creditable service (minimum of IO years of service) and compensation up to the time of disability or death. \nMembers become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting ofemployer contributions occurs, but the member's contributions are refunded with interest. \nThe Board's payroll for employees covered byTRS for the year ended June 30, 1994, was $3,167,335.74; total payroll was $3,646,780.38. \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees of the Board who are covered by TRS are required to contribute 6% of their gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees as advised by their independent actuary. For fiscal year 1994 that rate for employer contributions was 11.81%. The interest rate assumption (rate ofreturn on investments) was 7.50%. \nTotal contributions made during fiscal year 1994 amounted to $564,102.69, of which $374,062.87 was made by the Board and $190,039.82 was made by employees. These contributions represented 11.81% (Board) and 6% (employees) of covered payroll. \n \n- 15 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30 1994 \n \nNote 9: RETIREMENT PLANS \n \nTRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 ofthe Governmental Accounting Standards Board (GASB) that, with some exceptions, must be used by a PERS. The standardized measurement is the actuarial present value of credited projected benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salary increases. A standardized measure ofthe pension benefit obligation was adopted by the GASB to enable readers of PERS financial statements to assess that PERS funding status on a going-concern basis, assess \nprogress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other \nPERS and among other employers. \n \nTotal unfunded pension benefit obligation ofTRS as of June 30, 1993, was as follows: \n \nTotal pension benefit obligation \n \n$13,912,014,000.00 \n \nNet assets available for benefits, at cost Unfunded pension benefit obligation \n \n12 821 722 000.00 \n$ l 090 292 ooo 00 \n \nThe measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1993. Net assets available to pay pension benefits were valued as of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers. \n \nTotal contributions from all employers to TRS for fiscal year ended June 30, 1994 were $521,550,000.00. The Board's contribution for the year ended June 30, 1994 of$374,062.87 was actuarially determined and represented .0717% oftotal contributions made by all participating employers. \n \nTen year historical trend information is presented in the 1994 TRS Component Unit Financial Report. This information is useful in assessing TRS's accumulation of sufficient assets to pay pension benefits as they become due. \n \nPUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA (PSERS) \n \nPSERS PLAN DESCRIPTION Substantially all bus drivers, maintenance, custodial, and lunchroom personnel employed by local school systems are covered by the Public School Employees Retirement System of Georgia (PSERS). All employer's contributions are made by the State of Georgia. \n \nPSERS provides service retirement, disability retirement and survivors benefits for its members. A member is eligible for normal service retirement after 10 years ofservice and attainment of age 65. A member applying for service retirement with 10 years of service and retires between the ages of 60 and 65 receives a reduced \n \n- 16 - \n \n MILLER COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30 1994 \n \nNote 9: RETIREMENT PLANS \nbenefit. Monthly retirement benefits paid to members are equal to $8.00 per month multiplied by the number of years of creditable service. Options are av111lable for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \nRetirement provisions include death and disability benefits. Disability benefits are the same as if the employee had retired at age 65 as long as the employee has 15 or more years of creditable service. Death benefits are dependent upon the number ofyears of service. Ifthere are less than ten years of service, a lump sum refund ofthe employee's contributions and interest are made to the beneficiary. Ifthere are more than ten years of service, the beneficiary shall receive for life half of what the employee would have received upon retirement. \nMembers become fully vested after ten years of service. Ifa member terminates with less than ten years of service, no vesting ofemployer contributions occurs, but the member's contributions are refunded with interest. \nThere were 45 employees covered under PSERS for the year ended June 30, 1994. \nPSERS CONTRIBUTIONS REQUIRED AND MADE Covered employees are required by State statute to contribute $4.00 a month for the nine month school year. Unlike TRS, the Board makes no contribution to PSERS. The State of Georgia is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS' Board ofTrustees. Total contributions from employees ofthe Board made during fiscal year 1994 amounted to $1,544.00. Total contribution for all school systems made by the State of Georgia to PSERS for fiscal year ended June 30, 1994, was $9,150,000.00. \nNote 10: SURETY BONDS \nThe School Superintendent, Mr Kelley Summers, is bonded in the amount of$10,000.00 with the Western Surety Company, Sioux Falls, South Dakota, their Bond No. 13657251, on which premium was paid through December 31, 1994. \n \n- 17 - \n \n MILLER COUNTY BOARD OF EDUCATION COMBINING BALANCE; SHEET SPECIAL REVENUE FUND JUNE 30 1994 \n \nASSETS \nCash and Cash Equivalen1s \nAccoun1s Receivable \nInventories Food Donated Commodities Purchased Food \n \nELEMENTARY AND SECONDARY \n \nSCHOOL FOOD \nSERVICES FUND \n \nLOTTERY PROGRAMS \n \nCHAPTER 1 EDUCATION OF \nDEPRIVED CHILDREN \n \nCHAPTER2 BLOCK GRANT FLOW THROUGH \n \n$ 86,476.08 $ 49,618.11 $ \n \n8,155.54 $ \n \n0.00 \n \n930.09 \n \n35,000.00 \n \n41,456.89 \n \n3,3TT.24 7,223.24 \n \nTotal Assets \n \n$ 98,006.65 $ 84,618.11 $ \n \n49,612.43 $ \n \n0.00 \n \nLIABILITIES AND FUND EQUITY \nLIABILITIES \nCash Overdraft Accoun1s Payable Salaries Payable Notes Payable Expired Grant Balances Payable Deferred Revenue \nTotal Liabilities \nFUND EQUITY \nFund Balances Reserved For Continuation of Federal Programs For Inventories Food Donated Commodities Purchased Food \nUnreserved Undesignated \nTotal Fund Equity \n \n$ \n \n7,728.12 $ 70,020.00 $ \n \n21,309.n \n \n10,9TT.53 38,634.90 \n \n14,598.11 $ 29,037.84 $ 84,618.11 $ \n \n49,612.43 \n \n$ \n \n3,3TT.24 \n \n7,223.24 \n \n$ 10,600.48 \n \n58,368.33 $ \n \n$ 68,968.81 $ \n \n0.00 $ 0.00 $ \n \n0.00 $ 0.00 $ \n \n0.00 0.00 \n \nTotal Liabilities and Fund Equity \n \n$ 98,006.65 $ 84,618.11 $ \n \n49,612.43 $ \n \n0.00 \n \nsee notes to the general purpose financial statements. \n \n-18- \n \n EXHIBIT\"E\" \n \nEDUCATION ACT TITLEII- \nEISENHOWER MATHEMATICS AND SCIENCE \nEDUCATION \n \nINDIVIDUALS WITH \n \nDISABILITIES EDUCATION ACT \n \nTITLE VI, B \n \nFLOW \n \nPRESCHOOL \n \nTHROUGH \n \nPROGRAM \n \nJOB TRAINING \n \nPARTNERSHIP \n \nTOTALS \n \nACT \n \nJUNE 30, 1994 JUNE 30, 1993 \n \n$ \n \n4,462.83 $ \n \n0.00 \n \n$ 148,712.56 $ 133,540.88 \n \n$ \n \n15.47 \n \n$ \n \n13,668.84 \n \n91,071.29 \n \n24,121.27 \n \n3,377.24 7,223.24 \n \n7,696.32 5,157.02 \n \n$ \n \n15.47 $ \n \n4,462.83 $ \n \n0.00 $ \n \n13,668.84 $ 250,384.33 $ 170,515.49 \n \n$ \n \n15.47 \n \n$ \n \n65.14 \n \n851.74 \n \n3,545.95 \n \n$ \n \n15.47 $ \n \n4,462.83 \n \n$ \n \n13,668.84 $ \n \n13,684.31 \n \n88,790.79 $ \n \n18,377.47 \n \n60,796.36 \n \n62,951.13 \n \n11,496.70 \n \n3,545.95 \n \n1,884.36 \n \n14,598.11 \n \n$ \n \n13,668.84 $ 181,415.52 $ \n \n94,709.66 \n \n$ \n \n0.00 $ \n \n0.00 $ \n \n$ \n \n0.00 $ \n \n0.00 $ \n \n$ \n \n15.47 $ \n \n4,462.83 $ \n \n0.00 $ 0.00 $ \n \n$ \n \n6,237.22 \n \n$ \n$ 0.00 0.00 $ \n \n3,377.24 7,223.24 \n10,600.48 $ \n58,368.33 68,968.81 $ \n \n7,696.32 5,157.02 \n19,090.56 \n56,715.27 75,805.83 \n \n0.00 $ \n \n13,668.84 $ 250,384.33 $ 170,515.49 \n \n-19- \n \n MILLER COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES \nSPECIAL REVENUE FUND YEAR ENDED JUNE 30 1994 \n \nREVENUES \nState Funds Federal Funds Local and Other Funds \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration Maintenance and Operation of Plant Student Transportation Services Food Services Operation \nDebt Service Principal \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES \nOperating Transfers In \nExcess of Revenues and Other Financing Sources over (under) Expenditures \nFUND BALANCE JULY 1 \nFood Inventory - Net Change in Period Donated Commodities Purchased Food \n \nSCHOOL FOOD \nSERVICES FUND \n \nELEMENTARY AND SECONDARY \n \nLOTTERY PROGRAMS \n \nCHAPTER 1 EDUCATION OF \nDEPRIVED CHILDREN \n \nCHAPTER 2 BLOCK GRANT FLOW THROUGH \n \n$ 32,354.00 $ 104,303.89 \n \n291,596.12 \n \n$ \n \n98,347.97 \n \n$ 422,298.09 $ 104,303.89 $ \n \n343,116.89 $ 343,116.89 $ \n \n11,198.00 11,198.00 \n \n$ 55,318.90 $ 323,142.08 $ \n \n35,020.00 \n \n$ 420,058.35 \n \n9,000.00 4,987.89 \n \n586.68 \n \n$ 420,645.03 $ 104,326.79 $ \n \n$ \n \n1,653.06 $ \n \n-22.90 $ \n \n19,974.81 \n343,116.89 $ 0.00 $ \n \n$ \n \n1,653.06 $ \n \n69,568.61 \n \n-4,319.08 2,066.22 \n \n22.90 0.00 $ \n \n0.00 $ \n \n11,198.00 \n11,198.00 0.00 0.00 \n \nFUND BALANCE JUNE 30 \n \n$ 68,968.81 $ \n \n0.00 $ \n \n0.00 $ \n \n0.00 \n \nSee notes to the general purpose financial statements. \n \n-20- \n \n EXHIBIT\"P' \n \nEDUCATION ACT TITLE II- \nEISENHOWER MATHEMATICS AND SCIENCE \nEDUCATION \n \nINDIVIDUALS WITH \n \nDISABILITIES EDUCATION ACT \n \nTITLE VI, B \n \nFLOW \n \nPRESCHOOL \n \nTHROUGH \n \nPROGRAM \n \nJOB TRAINING PARTNERSHIP \nACT \n \nTOTALS YEAR ENDED JUNE 30, 1994 JUNE 30, 1993 \n \n$ 136,657.89 $ \n \n48,724.80 \n \n$ \n \n15.47 $ 38,364.05 $ \n \n7,286.00 $ \n \n21,511.32 \n \n713,087.85 \n \n793,755.65 \n \n98,347.97 \n \n103,824.62 \n \n$ \n \n15.47 $ 38,364.05 $ \n \n7,286.00 $ \n \n21,511.32 $ 948,093.71 $ 946,305.07 \n \n$ \n \n6,251.63 $ 15,119.06 $ \n \n1,204.11 250.00 \n \n15.47 \n \n15,776.28 \n \n6,014.60 \n \n$ \n \n6,267.10 $ 38,364.05 $ \n \n$ \n \n-6,251.63 $ \n \n0.00 $ \n \n7,365.22 $ \n7,365.22 $ -79.22 $ \n \n6,773.60 $ 14,737.72 \n21,511.32 $ 0.00 $ \n \n425,168.49 $ \n1,204.11 250.00 \n35,020.00 50,504.28 \n9,000.00 11,002.49 420,058.35 \n586.68 \n952,794.40 $ \n-4,700.69 $ \n \n451,536.69 1,290.93 7,447.10 \n44,099.37 5,212.29 \n441,801.21 \n951,387.59 -5,082.52 \n \n14.41 \n \n$ \n \n-6,237.22 $ \n \n6,237.22 \n \n0.00 $ \n \n79.22 0.00 $ \n \n116.53 \n \n3,252.83 \n \n0.00 $ \n \n-4,584.16 $ 75,805.83 \n \n-1,829.69 76,614.01 \n \n-4,319.08 2,066.22 \n \n698.20 323.31 \n \n$ \n \n0.00 $ \n \n0.00 $ \n \n0.00 $ \n \n0.00 $ \n \n68,968.81 $ \n \n75,805.83 \n \n-21- \n \n MILLER COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE30 1994 \n \nEXHIBIT \"G\" \n \nASSETS Cash and Cash Equivalents Accounts Receivable \n \nREGULAR \n \nGEORGIA STATE FINANCING AND \nINVESTMENT COMMISSION \nPROJECT 90/90S-7CO-Ol2 \n \nTOTALS JUNE30 1994 JUNE 30 1993 \n \n$ \n \n0.00 $ \n \n0.00 $ \n \n0.00 $ \n \n69,223.45 \n \n143970.90 \n \nTotal Assets \n \n$ \n \n0.00 $ \n \n0.00 $ \n \n0.00 $ \n \n213,194.35 \n \nLIABILITIES AND FUND EQUITY \nLIABILITIES \nAccounts Payable Contracts Payable \nTotal Liabiltties \nFUND EQUITY \nFund Balances Reserved For State Capital Outlay Projects \n \n0.00 $ \n \n$ \n \n36,388.16 \n \n49500.00 \n \n$ \n \n85,888.16 \n \n0.00 $ \n \n0.00 \n \n127306.19 \n \nTotal Liabilities and Fund Equity \n \n$ \n \n0.00 $ \n \n0.00 $ \n \n0.00 $ \n \n213194.35 \n \nSee notes to the general purpose financial statements. \n \n-22- \n \n MILLER COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES \nCAPITAL PROJECTS FUND YEAR ENDED JUNE 30 1994 \n \nEXHIBIT\"H\" \n \nREVENUES \nState Funds Local and Other Funds \nTotal Revenues \nEXPENDITURES \ncurrent Support Services General Administration Professional and Technical Services Other Legal Settlement \nCapital Outlay Building and Building Improvements Equipment \nTotal Expend~ures \nExcess of Revenues over (under) Expend~res \nOTHER FINANCING SOURCES \nOperating Transfers In \nExcess of Revenues and Other Financing Sources over (under) Expend~ures \nFUND BALANCE JULY 1 \nResidual Eqooy Transfer \nFUND BALANCE JUNE 30 \n \nREGULAR \n \nGEORGIA STATE FINANCING AND \nINVESTMENT COMMISSION \nPROJECT 90/905-700-042 \n \nTOTALS YEAR ENDED JUNE 30 1994 JUNE 30 1993 \n \n659.86 $ 659.86 $ \n \n0.00 $ _ ____,65=9-cc86=- \n \n0.00 $ \n \n659.86 $ \n \n98,970.90 47016.18 \n145 987.08 \n \n46,452.99 $ \n$ 46452.99 $ S -45,793.13 S \n \n0.00 $ \n0.00 $ 0.00 $ \n \n16,588.16 \n \n20,500.00 \n \n46,452.99 \n \n11,014.31 978.00 \n \n46 452.99 $ _ _4e,9:,:080=c,-4;:_7 \n \n-45,793.13 $ \n \n96,906.61 \n \n45 793.13 \n \n45 793.13 \n \n7370.81 \n \n0.00 $ 0.00 \n \n0.00 $ \n \n0.00 $ \n \n127,306.19 \n \n127,306.19 \n \n-127306.19 \n \n-127306.19 \n \n104,277.42 23,028.TT \n \ns _ ____.o_.oo_s _ _ _ _.::0.::.00::.s \n \n0.00 $ 127,306.19 \n \nSee notes to the general purpose financial statements. \n \n-23- \n \n MILLl;B QQUf::IIY BQ6BQ QE ;QUQATIQ~ ~Q!::lt;Ql.!I E QE EEQEB6L Elf::laf::IQIAL 6~~1~:IAf::IQt; \nYEAR fNPfPJUNE 30 1994 \n \nSCHEDULE \"1\" \n \nFUNDING AGENCY \nPROGRAM/GRANT \n \nCFDA NUMBER \n \nAWARDS IN PERIOD \n \nFEDERAL FUNDS RECEIVED IN PERIOD(NET OF REFUNDS} \n \nFEDERAL REVENUE IN PERIOD \n \nEXPENDITURES IN PERIOD \n \nAgncullure, U. S. Department of Through Georgia Department of Education Food and Nutrition Program Food Services School Brea- Program 1993 Grant 1994Grant National School Lunch Program 1993 Grant 1994Grant Food Distribution Program (1) \n \n10.553 10.553 $ \n10.555 10.555 10.550 \n \n$ 55,768.45 \n206,009.44 29818.23 \n \n4,701.02 55,768.45$ \n1,445.12 205,079.35 NIA \n \n55,768.45 \n206,009.44 $ 29818.23 \n \n(2) \n390,826.80 (3) 29818.23 \n \nTotal U.S. Depatment of Agricllllure \n \n$ 291596.12 $ \n \n266993.94 $ 291 596.12 $ \n \n420645.03 \n \nEducation, U. S. Department of Through Georgia Department of Education Elementary and Secondary Education Act Chapter 1 Education of Deprived Children 1993 Regular 1993 carry-Over 1994Regular Chapter2 Block Grant - Flow Through 1993 Regular 1994 Regular Title II E - Mathematics and Science Education 1993 Regular 1994 Regular Individuals wilh Disabilities Education Act TltleVl,B Flow Through 1993 Corry-Over 1994Regular Preschool Program 1993 Regular \n1993 carry.over \n1994 Regular Vocational Education - Basic Grants to States \nHigh School Program Basic Grants 1994Granl Tocl\u003e-Prep Education 1994Grant \n \n84.010 84.010 $ 84.010 \n84.151 84.151 \n84.164 84.164 \n84.027 84.027 84.173 84.173 84.173 \n84.048 84.243 \n \n$ 62,940.00 341,586.00 \n11,198.00 \n7,000.00 \n1,486.00 40,424.00 \n779.00 6,507.00 \n21,462.31 60000.00 \n \n9,826.42 62,940.00$ 238,720.00 \n \n62,940.00$ 280,176.89 \n \n62,940.00 280,176.89 \n \n-166.14 11,198.00 \n \n11,198.00 \n \n11,198.00 \n \n15.47 \n \n6,251.63 (3) 15.47 \n \n1,486.00 40,424.00 \n-760.00 779.00 6,507.00 \n \n1,486.00 36,878.05 \n779.00 6,507.00 \n \n1,486.00 36,878.05 \n779.00 6,586.22 (3) \n \n16,893.38 \n \n21,462.31 \n \n(4) \n \n2971.96 \n \n40000.00 \n \n!4} \n \nTotal U. S. Department of Education \nJustice, u. s. Department of \nThrough Office of the Governor Juvenile Justice and Delinquency Program Grant No. 91J-19-9104-0006 Grant No. 92J-19-9204-0025 Grant No. 945-19-9404-0007 \n \n$ 553382.31 $ \n \n16.540 16.540 16.540 $ \n \n$ 4037.00 \n \n390819.62 $ 461442.72 $ \n \n406311.26 \n \n340.87 3,024.00 $ \n \n3,365.00 $ \n \n4,570.00 (3) \n \nTotal U. S. Department of Justice \n \n4037.00 $ \n \n3364.87 $ \n \n3365.00 $ \n \n4570.00 \n \n- 24 - \n \n Mil I ER COUNTY BOARD OF EDUCATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \nYEAR ENDED JUNE 30 1994 \n \nSCHEDULE \"1\" \n \nFUNDING AGENCY PROGRAM/GRANT \nLabor, U. S. Department of ThroUgh Southwest Georgia Regional DewloprnentCenter Job Training Partnership Act 91-B-53 92-92-B-79 \nTotal U. S. Department of Labor \n \nCFDA NUMBER \n \nAWARDS IN PERIOD \n \nFEDERAL FUNDS RECEIVED IN PERIOD (NET OF REFUNDS) \n \nFEDERAL REVENUE IN PERIOD \n \nEXPENDITURES IN PERIOD \n \n17.250 17.250 17.250 $ \n$ \n \n$ 22604.00 22604.00 $ \n \n-821.02 15,943.05$ \n15122.03 $ \n \n7,842.48$ 13668.84 \n21 511.32 $ \n \n7,842.48 13668.84 \n21511.32 \n \nTotal Federal Financial Assistance \n \n$ 871 619.43 $ \n \n676300.46 $ 777915.16 $ 853037.61 \n \nThe Major Program i\u0026 identified by an asterisk (\") in front of the CFDA number. \n \n(1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. \n(2) Expenditures for the School Breakfast Program _,, not maintained separately and are included in the 1994 National School Lunch Program. \n(3) Expenditures for this program include State, and/or Local and other Funds. Expend~ures are not maintained by fund source. \n(4) Expenditures on !hi\u0026 program were not maintained by fund source. \n \nSee notes to the general purpose financial statements. \n \n- 25. \n \n MILLER COUNTY BOARD OF EDUCATION ANALYSIS OF CASH AND CASH EQUIVALENTS \nJUNE 30 1994 \n \nSCHEDULE \"2\" \n \nINTEREST BEARING ACCOUNTS \nSecurity Bank, Colquitt, Georgia \nN.O.W. Accounts (2.95%) \nThe Peoples Community Bank, Colquitt, Georgia \nCertificate of Deposit No. 12757 (3.75%) Money Market Account (3.75%) Money Market Account (4.00%) \n \n$ 119,017.95 \n \n$ 6,399.18 833,571.84 134,128.09 \n \n974,099.11 \n \n$ 1,093,117.06 \n \nSee notes to the general purpose financial statements. - 26 - \n \n MILLER COUNTY BOARD Of EQUCAifON ACCOUNTS RECEIVABLE JUNE3Q 1994 \n \nSCHEDULE \"3\" \n \nEducation, Georgia Department of Food Services National School Lunch Program Federal Programs ESEA - Chapter 1 Education of Deprived Children ESEA-Tollell Eisenhower Mathematics and Science Education Lottery Program Computers in Classroom Vocational Education Stale Funds Federal Funds \nMiller County Tax Commissioner County Wide Bond Tax County Wide School Tax \nOffice of the Governor Juvenile Justice and Delinquency Prevention \nSouthwest Georgia Regional llevelopmenl Center Job Training Partnership Aa \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nDEBT \n \nGENERAL REVENUE SERVICE \n \nFUND \n \nFUND \n \nFUND \n \nTOTAL \n \n$ \n \n930.09 \n \n$ \n \n930.09 \n \n41,456.89 \n \n41,456.89 \n \n$ 2,042.36 41,596.97 \n \n15.47 35,000.00 \n \n15.47 \n35,000.00 \n2,042.36 41,596.97 \n \n30,874.88 \n \n$ 2,577.71 \n \n2,577.71 30,874.88 \n \n1,013.00 \n \n1,013.00 \n \n13,668.84 \n \n13,668.84 \n \n$ 75,527.21 $ 91 071.29 $ 2 577.71 $ 169176.21 \n \nSee notes to the general purpose financial statements. \n \n- 27 - \n \n PAYMENTS DUE IN FISCAL YEAR ENDING JUNE 30 \n1995 1996 1997 1998 1999 \n2000 2001 2002 2003 2004 \n2005 2006 2007 2008 2009 \n2010 2011 \n \nMILLER COUNTY BOARD OF EDUCATION DEBT SERVICE REQUIREMENTS TO MATURITY \nJUNE 30 1994 \n \nSCHEDULE \"4\" \n \nTOTAL DEBT SERVICE \n \n1991 ISSUE \n \nINTEREST \n \nPRINCIPAL \n \n$ \n \n97,335.00 $ \n \n67,335.00 $ \n \n30,000.00 \n \n95,610.00 \n \n65,610.00 \n \n30,000.00 \n \n98,810.00 \n \n63,810.00 \n \n35,000.00 \n \n96,640.00 \n \n61,640.00 \n \n35,000.00 \n \n99,400.00 \n \n59,400.00 \n \n40,000.00 \n \n96,760.00 99,080.00 101,020.00 102,570.00 98,720.00 \n \n56,760.00 54,080.00 51,020.00 47,570.00 43,720.00 \n \n40,000.00 45,000.00 50,000.00 55,000.00 55,000.00 \n \n99,815.00 100,495.00 100,750.00 100,500.00 \n99,875.00 \n \n39,815.00 35,495.00 30,750.00 25,500.00 19,875.00 \n \n60,000.00 65,000.00 70,000.00 75,000.00 80,000.00 \n \n103,875.00 102,125.00 \n \n13,875.00 7,125.00 \n \n90,000.00 95,000.00 \n \n$ 1,693,380.00 $ \n \n743,380.00 $ 950,000.00 \n \nCHANGES IN GENERAL LONG-TERM DEBT Bonds Payable at July 1, 1993 Bonds Retired During Period \nBonds Payable at June 30, 1994 \nMATURITY DATES Semi-Annual Interest Payment Dates Annual Debt Retirement Date \n \n1991 ISSUE \n \n$ \n \n975,000.00 \n \n25,000.00 \n \n$ \n \n950,000.00 \n \nFEB 1 -AUG 1 FEB1 \n \nSee notes to the general purpose financial statements. - 28 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30 1994 \n \nSCHEDULE \"5\" \n \nAGENCY/FUNDING \nGRANTS Education, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost Pupil Transportation Regular Bus Replacement Sparsity Grant In-School Suspension Mid-term Adjustment Local Fair Share Educational Equalization Funding Grant Food Services Vocational Education Other State Programs Innovative Programs Preschool Handicapped Program Lottery Programs Algebra Classrooms Computers in Classrooms Media Center and Library Equipment Safe Schools Grant \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nGENERAL \n \nREVENUE \n \nFUND \n \nFUND \n \nTOTAL \n \n$ 2,146,198.00 287,017.00 121,132.00 93,180.00 29,452.00 639,694.00 \n234,160.00 69,305.00 101,798.00 34,198.00 30,213.00 \n-423,347.00 249,907.00 \n$ 50,386.53 \n4,800.00 12,407.00 \n \n$ 2,146,198.00 287,017.00 121,132.00 93,180.00 29,452.00 639,694.00 \n \n32,354.00 \n \n234,160.00 69,305.00 101,798.00 34,198.00 30,213.00 \n-423,347.00 249,907.00 \n32,354.00 50,386.53 \n \n4,800.00 12,407.00 \n \n2,316.00 53,000.00 35,000.00 13,987.89 \n \n2,316.00 53,000.00 35,000.00 13,987.89 \n \n$ 3,680,500.53 $ 136,657.89 $ 3,817,158.42 \n \nSee notes to the general purpose financial statements. - 29 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDUI E OF LOCAL AND OTHER REVENUE \nYEAR ENDED JUNE 30 1994 \n \nSCHEDULE \"6\" \n \nTaxes County Wide Bond Tax County Wide School Tax Railroad Car Tax Real Estate Transfer Tax \nother Interest Earned Lost and Damaged Books Rents Sales Lunches School Assets other \n \nGENERAL FUND \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nREVENUE PROJECTS \n \nFUND \n \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ 1,264,607.17 2,357.69 2,215.46 \n \n$ 108,200.03 $ 108,200.03 \n \n1,264,607.17 \n \n196.69 \n \n2,554.38 \n \n184.82 \n \n2,400.28 \n \n14,180.64 $ 841.93 \n2,371.50 \n \n2,133.52 $ \n \n784.00 2 908.61 \n \n96,214.45 \n \n659.66 \n \n1,637.53 \n \n16,611.55 841.93 \n2,371.50 \n96,214.45 784.00 \n2,906.81 \n \n$ 1,290,267.20 $ 98,347.97 $ \n \n659.66 $ 110,219.07 $ 1,499,494.10 \n \nSee notes to the general purpose financial statements. - 30 - \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT \nGOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30 1994 \n \nSCHEDULE '7\" \n \nEXPENDITURES \nOperating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Compensation and Travel of Board Members Water, Sewer and Cleaning Services Repair and Maintenance Services Rents Insurance Communications Commodity Hauling Other Purchased Services Supplies Energy Food Usage Books, Textbooks and Periodicals Dues and Fees Interest Expense Other Expenditures \nNonoperating Costs Principal and Interest Land and Land Improvements Equipment \n \nGENERAL FUND \n \nSPECIAL REVENUE \nFUND \n \nTOTAL \n \n$ 3,210,777.23 $ 436,003.15 $ 3,646,780.38 \n \n859,796.56 \n \n111,759.61 \n \n971,556.17 \n \n14,296.98 \n \n3,085.73 \n \n17,382.71 \n \n30,470.29 \n \n2,183.86 \n \n32,654.15 \n \n11,306.83 \n \n11,306.83 \n \n20,280.88 \n \n1,080.00 \n \n21,360.88 \n \n34,260.17 \n \n7,670.14 \n \n41,930.31 \n \n11,897.32 \n \n11,897.32 \n \n25,315.82 \n \n275.00 \n \n25,590.82 \n \n18,342.02 \n \n463.15 \n \n18,805.17 \n \n1,838.06 \n \n1,838.06 \n \n14,964.79 \n \n14,964.79 \n \n101,785.48 \n \n52,542.00 \n \n154,327.48 \n \n158,377.63 \n \n158,377.63 \n \n212,350.21 \n \n212,350.21 \n \n40,098.20 \n \n4,076.33 \n \n44,174.53 \n \n5,473.80 \n \n386.02 \n \n5,859.82 \n \n3,405.35 \n \n172.99 \n \n3,578.34 \n \n2,126.70 \n \n561.50 \n \n2,688.20 \n \n5,560.30 22,522.50 139,832.89 \n \n586.68 117,759.97 \n \n6,146.98 22,522.50 257,592.86 \n \nTotal Expenditures \n \n$ 4,730,891.74 $ 952,794.40 $ 5,683,686.14 \n \nSee notes to the general purpose financial statements. - 31 \n \n EXPENDITURES \nOperating Costs SUpplies \nNonoperaling Costs Equipment \nTclal Expenditures \n \nMILLER couNTY BOARD OF EDUCATION SCHEPUI E OF fXPfNPITURES BY OBJECT \nLOTTERY PROGRAMS YEAR ENDED JUNE 30 1994 \n \nSCHEDULE \"8\" \n \nALGEBRA CLASSROOMS \n \nCOMPUTERS IN \nCLASSROOMS \n \nMEDIA CENTER AND \nLIBRARY EQUIPMENT \n \nSAFE SCHOOLS \nGRANT \n \nTOTAL \n \n$ \n \n2,318.90 \n \n$ \n \n2,318.90 \n \n$ \n \n53000.00 $ \n \n35020.00 $ \n \n13987.89 \n \n102007.89 \n \n$ \n \n2318.90 $ \n \n53,000.00 $ \n \n35020.00 $ \n \n13987.89 $ 104,326.79 \n \nSee notes to the general purpose financial statements. \n \n- 32 - \n \n MILLER COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30 1994 \n \nSCHEDULE \"9\" \n \nMinimum Expenditure Requirements (Total Allotment) \nExpenditures on Combined Program Basis Salaries Operations \nLess: Expenditures for Media Center Programs in Excess of Total Media Allotment Expenditures for Staff Development Programs in Excess of Total Staff Development Allotment for: Cost of Instruction Professional Development \nExpenditures per Audit \nAmount of Underexpenditure for Total Allotment \n \nTHIRTEEN WEIGHTED AND MEDIA CENTER \nPROGRAMS \n \nSTAFF DEVELOPMENT \nPROGRAM \n \n$ 2,677,663.00 $ \n \n29,529.00 \n \n$ 2,897,950.15 140,230.42 $ \n$ 3,038,180.57 $ \n \n31,261.34 31,261.34 \n \n-17,286.70 \n \n$ 3,020,893.87 $ \n \n-385.01 -1,347.33 \n29,529.00 \n \n$ \n \n0.00 $ \n \n0.00 \n \nSee notes to the general purpose financial statements. - 33 - \n \n av MIi I EB COUNTY RQABQ 9E EQtJCATIQN \nANAi Y$1S 9E U1N1Ml IM EXPENQITl IRE RFQI IIREMFNTS - PROGRAM GENERAi EUNP - QI IA) TTY BASIC EP\\ IQATIQN PROGRAMS \nYEAR ENDER JLJNE 30 1994 \n \nGENERA[ AND CAREER EQUCATIQN PROGRAMS K;ndergarten (\") GradN1 -3 (\") Sub-Total - K-3 Grades4-5 (\") Grades 6- 8 (\") Grades 9-12 (\") \nH11h School Laboratories (\") Vocational Education Laboratories (\") \nTotal General and Career Education Programs SP5QIAI fptJCATIQN PROGRAMS \nRegular Programs categay I(\") categay II(\") categay Ill () Itinerant Total Special Education Programs \nRfMfQIAb f[)UCATIQN PRQGRAM C, \nME;QIA CfNJfR PROGRAM \nTotal Thirteen Weighted and Media Center STAFF DfVfl OPM;NT PROGRAMS \nCost r:l ln\u0026truction Prole\u0026sk\u003enalDe,elopment \nTotal Staff Development \n(\") Identifies Thirteen Weighted Programs \n \nALLOTMENTS FROM DEPARTMENT OF EDUCATION \n \nREQUIRED \n \nTOTAL \n \nORIGINAL _'.!__ \n \nORIGINAL \n \nMID-TERM \n \nREQUIRED \n \n215,396.00 545 632.00 761,028.00 283,171.00 487,471.00 345,314.00 101,126.00 168 088.00 2146,198.00 \n \n90 $ 90 90 90 90 90 \n \n193,856.40 $ 491 068.80 684,925.20 $ 254,853.90 438,723.90 310,782.60 \n91,013.40 151 279.20 1 931,578.20 $ \n \n30,136.00 $ 30,136.00 $ \n30 136.00 $ \n \n223,992.40 491 068.80 715,061.20 254,853.90 438,723.90 310,782.60 91,013.40 151 279.20 1 961 714.20 \n \n287,017.00 \n \n258,315.30 $ \n \n0.00 $ \n \n258,315.30 \n \n287 017.00 121132.00 \n93 180.00 \n \n90 $ 90 $ 90 $ \n \n258 315.30 $ 109 018.80 $ \n83,862.00 $ \n \n0.00 $ \n \n258 315.30 \n \n0.00 $ \n \n109 018.80 \n \no.oo s_~83=86~2~.oo~ \n \n$ 2,647,527.00 \n \n2 382,774.30 $ \n \n30,136.00 $ 2,412,910.30 \n \n6,624.00 100 $ 22,828.00 100 \n \n6,624.00 $ 22,828.00 \n \n77.00 $ \n \n6,701.00 22 828.00 \n \n29,452.00 \n \n29,452.00 $ \n \nn.oo s_.....,;29=,5:a29:;,:.00:::, \n \n$ 2,676,979.00 \n \n2 412,226.30 $ \n \n30,213.00 $ 2,442,439.30 \n \nSee notes to the general purpose financial statements \n \n 34  \n \n SCHEDULE \"1 O'' \n \nREQUIRED ALLOTMENT \n \nSALARIES ACTUAL \n \nDISTRIBUTION BY RESPECTIVE PORTIONS \n \nAMOUNT OF UNOEREXPENDITI.JRE \nFOR REQUIRED ALLOTMENT \n \nREQUIRED ALLOTMENT \n \nOPERATIONS \n \nAMOUNT OF \n \nUNDER EXPENDITURE \n \nFOR REQUIRED \n \nACTUAL \n \nALLOTMENT \n \n213,363.90 $ 476 393.40 689,757.30 $ 247,509.90 426,483.90 297,908.10 \n87,257.70 132 704.10 1 881 621.00 $ \n \n237,802.32 493,650.14 731,452.46 $ 337,403.63 536,833.32 425,020.44 109,008.32 265 210.62 2 404 928.79 $ \n \n0.00 0.00 0.00 0.00 0.00 \no.oo \n0.00 \n \n10,628.50 $ 14,675.40 25,303.90 $ \n7,344.00 12,240.00 12,874.50 \n3,755.70 18 575.10 80,093.20 $ \n \n12,463.97 14,332.44 26,796.41 $ 10,788.86 19,825.79 32,633.19 \n3,661.75 16 892.09 110,598.09 $ \n \n0.00 0.00 0.00 0.00 93.95 1683.01 1,776.96 \n \n104,171.40 147,735.00 \n551,70 \n252 458.10 $ \n107 210.70 $ \n65 576.70 $ \n \n180,185.39 107,709.33 \n 287 894.72  115 232.57 \n89 894.07 $ \n \n2,306,866.50 $ \n \n 2,897,950.15 \n \n  2 306,866.50 \n \n2,897,950.15 \n \n0.00 0.00 0.00 0.00 \n0.00 \n \n 2,088.90 \n3,768.30 \n5 857.20 $ \n 1 808.10 \n18,285.30 $ \n \n1,837.26 5,325.51 \n 1,162.n \n1 896.93 $ \n20,572.63 $ \n \n106,043.80 $ \n \n140,230.42 $ \n \n6,701.00 $ 22,828.00 \n \n7,086.01 $ 24175.33 \n \n29,529.00 $ \n \n31,261.34 $ \n \n135,572.80 $ \n \n171,491.76 $ \n \n0.00 0.00 0.00 \n1,776.96 \n0.00 0.00 \n0.00 \n1,776.96 \n \n- 35  \n \n MILLLER COUN1Y BOARD OF EDUCATION SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS \nYEAR ENDED JUNE 30 1994 \n \nSCHEDULE \"11\" \n \nBOARD MEMBER ADDRESS \nMs. Beatrice Widner, Chairperson (*) Route 4, Box 214 Colquitt, Georgia 31737 \nMr. Dole Cook, Jr., Vice-Chairman (*) \nRoute 4, Box 450 Colquitt, Georgia 31737 \nMr. David Bracewell(*) \nRoute 5, Box 15 Colquitt, Georgia 31737 \nMs. Gail Everson (*) \nRoute 2, Box 118 Colquitt, Georgia 31737 \nMr. David Varnadoe(*) \n106 Bremond Street Colquitt, Georgia 31737 \n \nCOMPENSATION \n \nTRAVEL \n \n$ \n \n2,700.00 $ \n \n762.85 \n \n1,200.00 \n \n486.56 \n \n1,350.00 \n \n425.51 \n \n1,850.00 \n \n1,004.77 \n \n1,300.00 \n \n227.14 \n \n(*) Denotes Board Members Serving as of June 30, 1994 \n \n$ \n \n8,400.00 $ \n \n2,906.83 \n \nSee notes to the general purpose financial statements. \n \n- 36 - \n \n SECTION II COMPLIANCE \n \n CLAUDE L. VICKERS \nSTATE AUDITOR (404) 6562174 \n \nDEPARTMENT OF AUDITS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nJune 14, 1995 \n \nHonorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation \nand Superintendent and Members ofthe Miller County Board ofEducation \n \nCOMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nLadies and Gentlemen: \nWe have audited the general purpose financial statements of the Miller County Board of Education as of and for the year ended June 30, 1994, and have issued our report thereon dated June 14, 1995. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \nWe conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. \nCompliance with laws, regulations, contracts, and grants applicable to Miller County Board of Education is the responsibility of the Board's management. As part of obtaining reasonable assurance about whether the general purpose financial statements are free of material misstatement, we performed tests of the Board's compliance with certain provisions oflaws, regulations, contracts, and grants. However, the objective of our audit of the financial statements was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion. \nThe results ofour tests indicate that, with respect to the items tested, the Miller County Board of Education complied, in all material respects, with the provisions referred to in the preceding paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the Board had not complied, in all material respects, with those provisions. \n94CRL-10 \n \n This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \nRespectfully submitted, \n~~ \nClaude L. Vickers State Auditor \nCLV:jy 94CRL-10 \n \n CLAUDE L. VICKERS \nSTATE AUDITOR (404) 656-2174 \n \nDEPARTMENT OF AUDITS \n254 Washington Street. S.W., Suite 214 Atlanta, Georgia 30334-8400 \nJune 14, 1995 \n \nHonorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation \nand Superintendent and Members ofthe Miller County Board ofEducation \n \nSINGLE AUDIT REPORT ON COMPLIANCE WITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS \n \nLadies and Gentlemen: \n \nWe have audited the general purpose financial statements of the Miller County Board of Education as of and for the year ended June 30, 1994, and have issued our report thereon dated June 14, 1995. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \n \nWe have applied procedures to test the Miller County Board of Education's compliance with the following requirements applicable to each ofits Federal financial assistance programs, which are listed in the Schedule of Federal Financial Assistance, for the year ended June 30, 1994: \n \n(I) Political Activity \n \n(5) Allowable Costs/Cost Principles \n \n(2) Civil Rights \n \n(6) Audit Follow-Up/Resolution \n \n(3) Cash Management \n \n(7) Administrative Requirements \n \n(4) Federal Financial Reports \n \nOur procedures were limited to the applicable procedures described in the Office of Management and Budget's \"Compliance Supplement for Single Audits of State and Local Governments\" and other additional procedures as deemed necessary. Our procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the Board's compliance with the requirements listed in the preceding paragraph. Accordingly, we do not express such an opinion. \n \n94CRL-40 \n \n With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph ofthis report. With respect to items not tested, nothing came to our attention that caused us to believe that Miller County Board ofEducation had not complied, in all material respects, with those requirements. \nThis report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \nRespectfully submitted, \n \nCLV:jy 94CRL-40 \n \nClaude L. Vickers State Auditor \n \n CLAUDE L. VICKERS \nSTATE AUDITOR (404) 656-2174 \n \nDEPARTMENT OF AUDITS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nJune 14, 1995 \n \nHonorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation \nand Superintendent and Members ofthe Miller County Board ofEducation \n \nSINGLE AUDIT OPINION ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS \n \nLadies and Gentlemen: \n \nWe have audited the general purpose financial statements of the Miller County Board of Education as of and for the year ended June 30, 1994, and have issued our report thereon dated June 14, 1995. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \n \nWe have also audited the Miller County Board ofEducation's compliance with the requirements governing: \n \n(1) Types of Services Allowed or Unallowed \n \n(5) Applicable Special Tests and Provisions \n \n(2) Eligibility \n(3) Matching, Level ofEffort, and/or Earmarking \n \n(6) Other Requirement Claims for Advances and Reimbursements \n \n(4) Reporting \n \nThese requirements are applicable to the major Federal financial assistance program, which is identified in the Schedule of Federal Financial Assistance, for the year ended June 30, 1994. The management of the Miller County Board of Education is responsible for the Board's compliance with those requirements. Our responsibility is to express an opinion on compliance with those requirements based on our audit. \n \n94CRL-80 \n \n We conducted our audit ofcompliance in accordance with generally accepted auditing standards; Government Auditing Standards issued by the Comptroller General of the United States; and Office ofManagement and Budget (0MB) Circular A-128, \"Audits of State and Local Governments\". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether material noncompliance with the requirements referred to above occurred. An audit includes examining, on a test basis, evidence about the Board's compliance with those requirements. We believe that our audit provides a reasonable basis for our opinion. \nIn our opinion, the Miller County Board ofEducation complied, in all material respects, with the requirements as disclosed in the second paragraph that are applicable to its major Federal financial assistance program for the year ended June 30, 1994. \nThis report is intended for the information of management, the Federal cognizant audit agency and other \nFederal grantor agencies. This restriction is not intended to limit the distribution of this report which is a \nmatter of public record. \nRespectfully submitted, \n~~ \nClaude L. Vickers State Auditor \nCLV:jy 94CRL-80 \n \n CLAUDE L. VICKERS \nSTATE AUDITOR (404) 6562174 \n \nDEPARTMENT OF AUDITS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nJune 14, 1995 \n \nHonorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation \nand Superintendent and Members ofthe Miller County Board ofEducation \n \nSINGLE AUDIT REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS \n \nLadies and Gentlemen: \n \nWe have audited the general purpose financial statements ofthe Miller County Board ofEducation as of and for the year ended June 30, 1994, and have issued our report thereon dated June 14, 1995. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \n \nIn connection with our audit ofthe fiscal year I 994 general purpose financial statements of the Miller County Board ofEducation and with our consideration ofthe Board's internal control structure used to administer Federal financial assistance programs, as required by Office of Management and Budget (0MB) Circular A128, \"Audits ofState and Local Governments\", we selected certain transactions applicable to certain nonmajor Federal financial assistance programs for the year ended June 30, 1994. As required by 0MB Circular A-128, we have performed auditing procedures on the selected transactions to test compliance with the requirements governing: \n \n(I) Types of Services Allowed or Unallowed \n \n(2) Eligibility \n \nOur procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the Board's compliance with these requirements. Accordingly, we do not express such an opinion. \n \n94CRL-120 \n \n With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the Miller County Board ofEducation had not complied, in all material respects, with those requirements. \nThis report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \nRespectfully submitted, \n \nCLV:jy 94CRL-120 \n \n~A'~ \nClaude L. Vickers State Auditor \n \n SECTION III INTERNAL CONTROL \n \n CLAUDE L. VICKERS \nSTATE AUDITOR (404) 656-2174 \n \nDEPARTMENT OF AUDITS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nJune 14, 1995 \n \nHonorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation \nand Superintendent and Members ofthe Miller County Board ofEducation \nREPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nLadies and Gentlemen: \nWe have audited the general purpose financial statements of the Miller County Board of Education as of and for the year ended June 30, 1994, and have issued our report thereon dated January 14, 1995. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \nWe conducted our audit in accordance with generally accepted auditing standards, and Government Auditing Standardt issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. \nIn planning and performing our audit of the general purpose financial statements of the Miller County Board of Education for the year ended June 30, 1994, we considered the internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the general purpose financial statements and not to provide assurance on the internal control structure. \nThe management ofthe Miller County Board of Education is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation ofgeneral purpose financial statements in accordance with generally accepted accounting principles. Because \n94ICL-4 \n \n ofinherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. \n \nFor the purposes of this report, we have classified the significant internal control structure policies and procedures in the following categories: \n \n(1) Cash and Cash Equivalents \n \n(6) Employee Compensation \n \n(2) Inventories \n \n(7) General Ledger \n \n(3) Revenue/Receivables/Receipts \n \n(8) General Fixed Assets \n \n(4) Procurement \n \n(5) Expenditures/Liabilities/ Disbursements \n \nFor all ofthe internal control categories listed above, we obtained an understanding of the design ofrelevant policies and procedures and whether they have been placed in operation, and we assessed control risk. \n \nWe noted certain matters involving the internal control structure and its operation that we consider to be reportable conditions under standards established by the American Institute of Certified Public Accountants. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of the internal control structure that, in our judgment, could adversely affect the entity's ability to record, process, summarize, and report financial data consistent with the assertions of management in the general purpose financial statements. \n \nAs descnbed in the Schedule ofFindings and Improper or Questioned Costs, reportable conditions were noted in the following control categories: \n \n(1) Accounting Controls (Overall) \n \n(2) Cash and Cash Equivalents \n \n(3) General Fixed Assets \n \nA material weakness is a reportable condition in which the design or operation of one or more ofthe specific internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the general purpose financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. \n \n94ICL-4 \n \n Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses as defined above. \nHowever, as described in the Schedule of Findings and Improper or Questioned Costs, the following control categories include reportable conditions that are also considered to be material weaknesses: \n(I) Accounting Controls (Overall) \n(2) General Fixed Assets \nThese conditions were considered in determining the nature, timing, and extent of the procedures to be performed in our audit ofthe Miller County Board ofEducation's financial statements and this report does not affect our report thereon dated June 14, 1995. \nThis report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \nRespectfully submitted, \nc::?~ \nClaude L. Vickers State Auditor \nCLV:jy 94ICL-4 \n \n CLAUDE L. VICKERS \nSTATE AUDITOR (404) 656-2174 \n \nDEPARTMENT OF AUDITS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nJune 14, 1995 \n \nHonorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation \nand Superintendent and Members ofthe Miller County Board of Education \nSINGLE AUDIT REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS \nLadies and Gentlemen: \nWe have audited the general purpose financial statements ofthe Miller County Board ofEducation as of and for the year ended June 30, 1994, and have issued our report thereon dated June 14, 1995. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We have also audited the Miller County Board of Education's compliance with requirements applicable to its major Federal financial assistance program and have issued our opinion thereon dated June 14, 1995. \nWe conducted our audit in accordance with generally accepted auditing standards; Government Auditing Standards, issued by the Comptroller General of the United States; and the provisions of Office of Management and Budget (0MB) Circular A-128, \"Audits ofState and Local Governments\". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement and about whether the Miller County Board of Education complied with laws and regulations, noncompliance with which would be material to a major Federal financial assistance program. \nIn planning and performing our audit for the year ended June 30, 1994, we considered the Board's internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the Board's general purpose financial statements and on its compliance with requirements applicable to major Federal financial assistance programs and to report on the internal control structure in accordance with 0MB Circular A-128. This report addresses our consideration ofintemal control structure policies and procedures relevant to compliance with requirements applicable to Federal financial assistance programs. We have addressed internal control structure policies and procedures relevant to our audit of the general purpose financial statements in a separate report dated June 14, 1995. \n94ICL-11 \n \n The management ofthe Miller County Board of Education is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that, assets are safeguarded against loss from unauthorized use or disposition, that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of general purpose financial statements in accordance with generally accepted accounting principles, and that Federal financial assistance programs are managed in compliance with applicable laws and regulations. Because of inherent limitations in any internal control structure, errors, irregularities, or instances of noncompliance may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. \n \nFor the purpose of this report, we have classified the significant internal control structure policies and procedures used in administering Federal financial assistance programs in the following control categories: \n \nGENERAL REQUIREMENTS \n \nSPECIFIC REQUIREMENTS \n \n(I) Political Activity (2) Civil Rights (3) Cash Management (4) Federal Financial Reports \n \n(1) Types of Services Allowed or Unallowed \n(2) Eligibility \n(3) Matching, Level ofEffort, and/or Earmarking \n \n(5) Allowable Costs/Cost Principles \n \n(4) Reporting \n \n(6) Audit Follow-Up/Resolution (7) Administrative Requirements \n \n(5) Applicable Special Tests and Provisions \n(6) Other Requirement Claims for Advances and Reimbursements \n \nFor all of the internal control structure categories listed above, we obtained an understanding ofthe design of relevant policies and procedures and determined whether they have been placed in operation, and we assessed control risk. \n \nDuring the year ended June 30, I994, the Miller County Board ofEducation expended 70% of its total Federal financial assistance under a major Federal financial assistance program and the following nonmajor Federal financial assistance program: \nFood and Nutrition Program Food Services National School Lunch Program \n \n94ICL-l I \n \n We performed tests of controls, as required by O:MB Circular A-128, to evaluate the effectiveness of the design and operation of internal control structure policies and procedures that we considered relevant to preventing or detecting material noncompliance with general requirements, and specific requirements, as described above that are applicable to the Board's major Federal financial assistance program, which is identified in the Schedule of Federal Financial Assistance, and the aforementioned nonmajor program. Our procedures were less in scope than would be necessary to render an opinion on these internal control structure policies and procedures. Accordingly, we do not express such an opinion. \nWe noted a certain matter involving the internal control structure and its operation that we consider to be a reportable condition under standards established by the American Institute ofCertified Public Accountants. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of the internal control structure that, in our judgment, could adversely affect the Board's ability to administer Federal financial assistance programs in accordance with applicable laws and regulations. \nAs described in the Schedule ofFindings and Improper or Questioned Costs, a reportable condition was noted in the following control category: \nAdministrative Requirements \nA material weakness is a reportable condition in which the design or operation of one or more ofthe internal control structure elements does not reduce to a relatively low level the risk that noncompliance with laws and regulations that would be material to a Federal financial assistance program may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. \nOur consideration of the internal control structure policies and procedures used in administering Federal financial assistance would not necessarily disclose all matters in the internal control structure that might be reportable conditions, and accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses as defined above. However, we believe that the reportable condition described above is also considered to be a material weakness. \nThis condition was considered in determining the nature, timing, and extent of the procedures to be performed in our audit ofthe Miller County Board ofEducation's compliance with requirements applicable to the major Federal financial assistance program for the year ended June 30, 1994, and this report does not affect our report thereon dated June 14, 1995. \nThis report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies and should not be used for any other purpose. This restriction is not intended to limit the distribution of this report which is a matter of public record. \nRespectfully submitted, \n~~ \nClaude L. Vickers State Auditor \nCLV:jy 94ICL-11 \n \n SECTIONN FINDINGS AND IMPROPER OR QUESTIONED COSTS \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \nYEARENDEDJUNE30 1994 \nPRIOR YEAR \nAUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $2,661.74 Audit Control Number 7001-93-03 \nThe audit report for the year ended June 30, 1993, disclosed that the Board had underexpenditures of Quality Basic Education (QBE) funds of$373.59 for the operations portion ofthe High School Laboratories Program, $1,820.65 for the operations portion of the Vocational Education Laboratories Program and $467.50 for the StaffDevelopment - Cost ofInstruction Program. For the year under review, no adjustment was made to the Board's local fair share by the Georgia Department of Education to refund this underexpenditure as required. These funds should be returned to the Georgia Department of Education through an increase in the Board's local fair share for the QBE programs in a subsequent fiscal period. \nPRIOR YEAR/CURRENT YEAR \nACCOUNTING CONTROLS (OVERALL) - Financial Statements ADMINISTRATIVE REQUIREMENTS - Federal Financial Assistance Inadequate Separation ofDuties Reportable Condition - Material Weakness Audit Control Number 7001-93-01 \nThe audit report for the year ended June 30, 1993, stated that the Board did not provide for adequate separation of employee duties in the performance of accounting functions and related procedures for all funds. For the year under review, our audit noted no improvements regarding adequate separation of employee duties. This deficiency was a result ofmanagement's decision to limit the number of administrative staff made responsible for accounting functions. Management should periodically review this decision to determine if employee duties can be reassigned to achieve a higher degree of internal control with existing staff. \nNote: All Federal financial assistance programs listed in the Schedule of Federal Financial Assistance, Schedule \"l\" of this report are affected by this finding. \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 7001-93-02 \nThe audit report for the year ended June 30, 1993, noted that the management of the Miller County Board of Education had chosen not to maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. In the year under review, the \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \nYEAR ENDED JUNE 30 1994 \nPRIOR YEAR/CURRENT YEAR \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit ControlNumber 7001-93-02 \nBoard did not establish a General Fixed Assets Account Group within the formal accounting records. This condition results in the general purpose financial statements of the Board being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Board to establish accounting controls and procedures to provide for maintenance of a General Fixed Assets Account Group. These subsidiary records should include an inventory ofland, buildings and equipment owned by the Board and should include but may not be limited to date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. \nCURRENT YEAR \nCASH AND CASH EQUIVALENTS Uncollateralized Deposits Financial Statements Reportable Condition Nonmaterial Noncompliance Audit Control Number 7001-94-01 \nAs ofJune 30, 1994, the Miller County Board ofEducation failed to have its bank balances fully collateralized as provided for by the Official Code of Georgia Annotated Section 45-8-12 which states, in part, as follows: \n\"The collecting officer or officer holding public funds may not have on deposit at any one time in any depository for a time longer than ten days a sum of money belonging to the public body when such depository has not given bond to the public body as set forth in this Code section... The aggregate of the face value ofsuch surety bond, the face or par value ofsecurities pledged, and the amount ofdeposit insurance shall be equal to not less than 110 percent of the public funds being secured... after the deduction of the amount of deposit insurance\" \nThis noncompliance occurred because of management's failure to adequately monitor the collateralization of balances at individual banks. The Board should implement adequate procedures to monitor the collateralization of bank balances to ensure compliance at all times with State Laws governing deposits and investments. \n \n MILLER COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \nYEAR ENDED JUNE 30 1994 \nCURRENT YEAR \nEXPENDITURES/LIABILITIES/DISBURSEMENTS Failure to Meet Expenditure Requirements Financial Statements Nonmaterial Noncompliance Amount: $1,776.96 Audit Control Number 7001-94-02 \nFor the year under review, the Board had underexpenditures of Quality Basic Education (QBE) funds of $93.95 for the operations portion ofthe High School Laboratories Program and $1,683.01 for the operations portion of the Vocational Education Laboratories Program. These questioned costs resulted from management's failure to meet the minimum expenditure requirements of these QBE programs. These funds should be returned to the Georgia Department ofEducation through an increase in the Boards's local fair share for the QBE programs in a subsequent fiscal period. \n \n SECTIONV PERTINENT VIEWS OF RESPONSIBLE OFFICIALS \n \n MILLER COUNTY BOARD OF EDUCATION PERTINENT VIEWS OF RESPONSIBLE OFFICIALS \nYEAR ENDED JUNE 30 1994 \nAUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $2,661.74 Audit Control Number 7001-93-03 \nWe concur with this finding and understand that this finding will be resolved by Georgia Department of Education through a future increase in the Board's loC{ll fair share portion of QBE allotments. \nACCOUNTING CONTROLS (OVERALL) - Financial Statements ADMINISTRATIVE REQUIREMENTS - Federal Financial Assistance Inadequate Separation ofDuties Reportable Condition - Material Weakness Audit Control Number 7001-93-01 \nWe concur with this finding, however, due to budgetary constraints the Board is unable to hire the additional staffrequired to clear this finding. The Board feels that it has provided for the most appropriate assignment ofduties with the number of personnel available to perform the accounting functions with staff limitations. This finding cannot be totally resolved. \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 7001-93-02 \nWe concur with this recommendation. Due to current staffing limitations and budgetary considerations prohibiting the hiring of additional administrative staff, the Board has decided not to pursue the recording of general fixed assets on the financial statements. We are presently gathering information regarding computer programs available for this purpose. At some point we would consider purchasing one to solve this problem. \nCASH AND CASH EQUIVALENTS Uncollateralized Deposits Financial Statements Reportable Condition Nonmaterial Noncompliance Audit Control Number 7001-94-01 \nWe concur with this finding. We have changed banks and I have conferred with bank officials. These officials have provided the Board with documentation which will correct this immediately. \n \n MILLER COUNTY BOARD OF EDUCATION PERTINENT VIEWS OF RESPONSIBLE OFFICIALS \nYEAR ENDED JUNE 30 1994 \nEXPENDITURES/LIABILITIES/DISBURSEMENTS Failure to Meet Expenditure Requirements Financial Statements Nonmaterial Noncompliance Amount: $1,776.96 Audit Control Number 7001-94-02 \nWe concur with this finding and understand that it will be resolved by an increase in our local fair share portion of our QBE allotment. \n \n "}],"pages":{"current_page":1,"next_page":null,"prev_page":null,"total_pages":1,"limit_value":10,"offset_value":0,"total_count":10,"first_page?":true,"last_page?":true},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":10}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"creator_facet","items":[{"value":"Georgia. Department of Audits","hits":6},{"value":"Georgia. 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