{"response":{"docs":[{"id":"dlg_ggpd_1381685589-2025-05-29","title":"Annual financial report, fiscal year 2024, Oglethorpe County Board of Education, Lexington, 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":null,"dc_date":["2025-05-29"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Oglethorpe County Board of Education, Ga.)","Fiscal year 2021; title from PDF cover (Georgia Government Publications database, viewed June 9, 2023).","Fiscal year 2021; (Georgia Government Publications database, viewed June 9, 2023)."],"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":["Oglethorpe County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Oglethorpe County--Auditing--Periodicals.","Education--Georgia--Oglethorpe County--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report, fiscal year 2024, Oglethorpe County Board of Education, Lexington, 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_1381685589-2025-05-29"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1381685589-2025-05-29"],"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 \nOglethorpe County Board of Education \nLexington, Georgia \nIncluding Independent Auditor's Report \nGreg S. Griffin | State Auditor \n \n Oglethorpe 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 Notes to the Basic Financial Statements \n \n7 \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 \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 \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 Ms. Beverley Levine, Superintendent and Members of the Oglethorpe County Board of Education \nReport on the Audit of the Financial Statements \nOpinions \nWe have audited the accompanying financial statements of the governmental activities and each major fund of the Oglethorpe 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 and each major fund 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 29, 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 29, 2025 \n \n Oglethorpe County Board of Education \n \n OGLETHORPE 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 Other Inventories Prepaid Items Intangible Right-to-Use Assets (Net of Accumulated Amortization) 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 Interest Payable Contracts Payable Retainages Payable Deposits and Unearned Revenues 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 Donor Restricted Trust Unrestricted (Deficit) \nTotal Net Position \nThe notes to the basic financial statements are an integral part of this statement. \n \nEXHIBIT \"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n41,210,722.33 \n \n10,968.95 \n \n632,778.33 5,748,705.94 1,885,221.99 \n21,171.35 14,354.25 46,654.66 \n450.00 9,464,077.21 32,683,975.35 24,660,901.29 116,379,981.65 \n \n9,765,768.22 5,067,542.00 14,833,310.22 \n \n52,191.19 3,701,916.97 \n465.98 399,381.77 1,933,198.16 2,866,803.73 \n10,384.00 29,509,828.00 16,486,200.00 \n941,938.92 34,834,569.68 90,736,878.40 \n \n649,756.00 6,901,280.00 7,551,036.00 \n \n42,727,301.39 \n \n752,448.20 1,177,140.11 9,764,703.35 \n7,460.08 (21,503,675.66) \n \n$ \n \n32,925,377.47 \n \n- 1 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30, 2024 \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 \nCentral Support Services \n \nOther Support Services \n \nOperations of Non-Instructional Services \n \nEnterprise Operations \n \nFood Services \n \nInterest on Long-Term Debt \n \n24,698,225.62 $ \n1,696,092.44 1,375,040.26 \n494,433.12 421,734.03 1,900,062.00 527,610.24 2,446,728.84 2,158,993.70 \n251,857.47 \n187,328.04 1,339,852.56 1,704,382.57 \n \n133,859.75 $ \n- \n147,904.85 \n- \n \n17,095,004.69 $ \n786,864.89 374,777.78 431,899.81 676,107.09 951,142.18 \n10,735.56 977,817.89 775,977.77 \n8,656.47 \n1,181,652.14 \n- \n \n17,772,909.21 $ \n26,328.58 - \n296,616.17 89,771.14 \n342,271.52 - \n582,821.13 176,220.00 \n29,149.50 26,798.73 \n785,287.32 \n- \n \n10,303,548.03 \n(882,898.97) (1,000,262.48) \n234,082.86 344,144.20 (606,648.30) (516,874.68) (886,089.82) (1,206,795.93) \n29,149.50 (216,402.27) \n(187,328.04) 774,991.75 (1,704,382.57) \n \nTotal Governmental Activities \n \n$ \n \n39,202,340.89 $ \n \n281,764.60 $ \n \n23,270,636.27 $ \n \n20,128,173.30 \n \n4,478,233.28 \n \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations For Debt Services Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \nSpecial Item Gain on Sale of Capital Asset Total General Revenues and Special Items \n \n11,479,600.99 1,645,621.97 \n1,366,562.04 208,055.14 \n1,447,805.00 1,312,558.10 1,203,077.11 \n65,404.38 18,728,684.73 \n \nChange in Net Position \n \n23,206,918.01 \n \nNet Position - Beginning of Year \n \n9,718,459.46 \n \nNet Position - End of Year \n \n$ \n \n32,925,377.47 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 2 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30, 2024 \n \nEXHIBIT \"C\" \n \nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Local Other Inventories Prepaid Items \nTotal Assets \nLIABILITIES Accounts Payable Salaries and Benefits Payable Payroll Withholdings Payable Contracts Payable Retainages Payable Deposits and Unearned Revenues \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes \nFUND BALANCES Nonspendable Restricted Committed Assigned Unassigned \nTotal Fund Balances \nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ \n \n9,073,018.95 $ \n \n31,191,583.75 $ \n \n10,968.95 \n \n- \n \n459,613.92 2,592,763.37 1,885,221.99 \n21,171.35 14,354.25 46,654.66 \n450.00 \n \n109,012.16 3,155,942.57 \n- \n \n$ \n \n14,104,217.44 $ \n \n34,456,538.48 $ \n \n946,119.63 $ - \n64,152.25 - \n1,010,271.88 $ \n \n41,210,722.33 10,968.95 \n632,778.33 5,748,705.94 1,885,221.99 \n21,171.35 14,354.25 46,654.66 \n450.00 \n49,571,027.80 \n \n$ \n \n52,191.19 $ \n \n- $ \n \n3,701,916.97 \n \n- \n \n465.98 \n \n- \n \n- \n \n1,933,198.16 \n \n- \n \n2,866,803.73 \n \n10,384.00 \n \n- \n \n3,764,958.14 \n \n4,800,001.89 \n \n- $ - \n \n52,191.19 3,701,916.97 \n465.98 1,933,198.16 2,866,803.73 \n10,384.00 8,564,960.03 \n \n211,165.81 \n \n- \n \n43,773.05 \n \n254,938.86 \n \n47,104.66 713,253.62 329,031.57 \n9,038,703.64 10,128,093.49 \n \n21,660,899.75 \n7,995,636.84 \n29,656,536.59 \n \n966,498.83 \n966,498.83 \n \n47,104.66 23,340,652.20 \n329,031.57 7,995,636.84 9,038,703.64 40,751,128.91 \n \n$ \n \n14,104,217.44 $ \n \n34,456,538.48 $ \n \n1,010,271.88 $ \n \n49,571,027.80 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 3 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \nTO THE STATEMENT OF NET POSITION JUNE 30, 2024 \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 \nRight-to-Use assets used in governmental activities are not financial resources and therefore are not reported in the funds. Leased building and improvements Accumulated amortization - Right-to-Use assets \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 Accrued interest payable Lease liability payable Unamortized bond premiums \nNet position of governmental activities (Exhibit \"A\") \n \n$ \n \n$ \n \n553,536.65 \n \n32,130,438.70 \n \n37,496,396.07 \n \n4,401,321.95 \n \n417,266.61 \n \n(17,654,083.34) \n \n$ \n \n11,356,891.21 \n \n(1,892,814.00) \n \n$ \n \n(29,509,828.00) \n \n(16,486,200.00) \n \n$ \n \n9,116,012.22 \n \n(1,833,738.00) \n \n$ \n \n(22,650,000.00) \n \n(399,381.77) \n \n(10,592,871.59) \n \n(2,533,637.01) \n \n$ \n \nEXHIBIT \"D\" 40,751,128.91 \n57,344,876.64 9,464,077.21 \n(45,996,028.00) 7,282,274.22 254,938.86 \n(36,175,890.37) 32,925,377.47 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 4 - \n \n OGLETHORPE 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 Enterprise Operations 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 Sale of Capital Assets \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 \n11,481,867.64 $ \n \n- $ \n \n208,055.14 \n \n1,366,562.04 \n \n19,244,706.98 \n \n19,951,953.30 \n \n5,637,234.62 \n \n- \n \n281,764.60 \n \n- \n \n64,279.40 \n \n1,248,038.07 \n \n1,122,135.11 \n \n80,942.00 \n \n38,040,043.49 \n \n22,647,495.41 \n \n1,638,284.83 $ - \n240.63 - \n1,638,525.46 \n \n13,120,152.47 1,574,617.18 \n39,196,660.28 5,637,234.62 281,764.60 1,312,558.10 1,203,077.11 \n62,326,064.36 \n \n21,973,190.22 \n1,572,027.52 1,302,129.88 \n450,979.64 383,092.98 1,775,877.95 508,913.31 2,497,155.19 2,195,425.05 251,857.47 187,328.04 1,328,615.76 \n- \n34,426,593.01 3,613,450.48 \n \n- \n29,762,971.55 \n389,986.69 - \n477,913.84 30,630,872.08 (7,983,376.67) \n \n- \n- \n1,675,000.00 500.00 \n1,128,249.98 2,803,749.98 (1,165,224.52) \n \n21,973,190.22 \n1,572,027.52 1,302,129.88 \n450,979.64 383,092.98 1,775,877.95 508,913.31 2,497,155.19 2,195,425.05 251,857.47 187,328.04 1,328,615.76 29,762,971.55 \n2,064,986.69 500.00 \n1,606,163.82 67,861,215.07 (5,535,150.71) \n \n(618,249.00) (618,249.00) \n \n618,249.00 (750,000.00) (131,751.00) \n \n750,000.00 - \n750,000.00 \n \n1,368,249.00 (1,368,249.00) \n- \n \n391,140.00 \n \n- \n \n3,386,341.48 \n \n(8,115,127.67) \n \n6,741,752.01 \n \n37,771,664.26 \n \n$ \n \n10,128,093.49 $ \n \n29,656,536.59 $ \n \n(415,224.52) 1,381,723.35 966,498.83 $ \n \n391,140.00 (5,144,010.71) 45,895,139.62 40,751,128.91 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 5 - \n \n OGLETHORPE 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 \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 \n \nof Activities, the cost of capital assets and right-to-use assets is allocated over their \n \nestimated useful lives as depreciation/amortization expense. \n \nCapital outlay \n \n$ \n \nDepreciation expense \n \nAmortization 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 \n \ngovernmental funds, while the repayment of the principal of long-term debt \n \nconsumes the current financial resources of governmental funds. Neither \n \ntransaction, however, has any effect on net position. Also, governmental funds \n \nreport the effect of premiums, discounts and the difference between the \n \ncarrying value of refunded debt and the acquisition cost of refunded debt when \n \ndebt is first issued. These amounts are deferred and amortized in the Statement \n \nof Activities. \n \nAmortization of deferred credit on refunding of bonds \n \n$ \n \nBond principal retirements \n \nLease liability payments \n \nAmortization of bond premium \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 \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. Accrued interest on issuance of bonds \n \nChange in net position of governmental activities (Exhibit \"B\") \n \n$ \n30,143,841.47 (974,340.79) (630,938.00) \n(38,112.40) 1,675,000.00 \n389,986.69 188,853.11 \n(2,574,943.77) 787,407.00 \n$ \n \nEXHIBIT \"F\" (5,144,010.71) \n28,538,562.68 (371,935.62) 5,070.49 \n2,215,727.40 \n(1,787,536.77) (248,959.46) \n23,206,918.01 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 6 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \nReporting Entity \nThe Oglethorpe 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. 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 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- 7 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \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. Eliminations have been made to minimize the double counting of internal activities. 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), bond proceeds, and grants from Georgia State Financing and Investment Commission 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) legally restricted for the payment of general long-term principal and interest. \nBasis of Accounting \nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide 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, grants and donations. 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 and donations 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. \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 \n- 8 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \navailable 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- 9 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \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 \nPrepaid Items \n \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. \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 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 \nLand Improvements \n \n$ \n \nBuildings and Improvements $ \n \nEquipment \n \n$ \n \nIntangible Assets \n \n$ \n \nALL 50,000.00 100,000.00 25,000.00 200,000.00 \n \nN/A 20 to 80 years Up to 80 years \n5 to 20 years 10 to 20 years \n \n- 10 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nIntangible Right-To-Use Assets \nLeases, as a lessee, are included as intangible right-to-use assets and lease obligations on the Statement of Net Position. \nAn intangible right-to-use asset represents the School District's right to use an underlying asset for the lease term. Lease obligations represent the School District's liability to make lease payments arising from the lease agreement. Intangible right-to-use assets and lease obligations are recognized based on the present value of lease payments over the lease term, where the initial term exceeds 12 months. Residual value guarantees and the value of an option to extend or terminate a lease are reflected to the extent it is reasonably certain to be paid or exercised. Variable payments based on future performance or usage are not included in the measurement of the lease liability. Intangible right-to-use assets are amortized using a straight-line basis over the shorter of the lease term or useful life of the underlying asset. \nCapitalization thresholds of intangible right-to-use assets reported in the government-wide statements are as follows: \nCapitalization Policy \n \nLand \n \n$ \n \nLand Improvements \n \n$ \n \nBuildings and Improvements $ \n \nEquipment \n \n$ \n \nSubscription Assets \n \n$ \n \nALL 50,000.00 \n100,000.00 25,000.00 \n100,000.00 \n \nLeases as Lessee \nThe School District is a lessee for noncancellable leases of building improvements owned by third parties. \nAt the commencement of a lease, the School District initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The right-to-use lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on the straight-line basis over the shorter of the useful life of the asset or the lease term. \nKey estimates and judgments related to leases include how the School District determines (1) lease term and (2) lease payments: \nThe lease term includes the noncancellable period of the lease. Lease payments included in the measurement of the lease liability are composed of fixed payments the School District will make over the lease term. \nThe School District monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease asset and lease liability if certain changes occur that are expected to significantly affect the amount of the lease liability. \nLease assets are reported with other capital assets and lease liabilities are reported with current and long-term debt on the Statement of Net Position. \n \n- 11 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \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. \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- 12 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \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 Oglethorpe County Board of Commissioners adopted the property tax levy for the 2023 tax digest year (calendar year) on September 18, 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 Oglethorpe 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 $10,436,453.29 and for school bonds amounted to $1,638,284.83. \n \n- 13 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \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 \n15.824 mills 2.490 mills \n \n18.314 mills \nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $1,045,414.35 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 $1,366,562.04 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 fund. 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 and function. 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. \nThe Superintendent is authorized by the Board to approve adjustments of no more than 5% of the amount budgeted for expenditures in any budget function for any fund. The Superintendent shall report any such adjustments to the Board. If expenditure of funds in any budget function for any fund is anticipated to be more than 5% of the budgeted amount, the Superintendent shall request Board approval for the budget amendment. Any position or expenditure not previously approved in the annual budget that exceeds $5,000.00 shall require Board approval unless the Superintendent deems the position or purchase an emergency. In such case, the expenditure shall be reported to the Board at its regularly scheduled meeting. Under no circumstance is the Superintendent or other staff person authorized to spend funds that exceed the total budget without approval by the Board. \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- 14 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nNOTE 4: DEPOSITS AND CASH EQUIVALENTS \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 $30,641,706.15, and a bank balance of $32,468,292.95. The bank balances insured by Federal depository insurance were $452,014.01. \nAt June 30, 2024, $32,016,278.94 of the School District's bank balances were exposed to custodial credit risk. This balance was in the State's Secure Deposit Program (SDP). \nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. \n \n- 15 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nThe SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians. \n \nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \n \nReconciliation of cash and cash equivalents balances to carrying value of deposits: \n \nCash and cash equivalents Statement of Net Position \n \n$ 41,210,722.33 \n \nAdd: Deposits with original maturity of three months or more reported as investments \n \n10,968.95 \n \nLess: Investment pools reported as cash and cash equivalents \nGeorgia Fund 1 \n \n10,579,985.13 \n \nTotal carrying value of deposits - June 30, 2024 \n \n$ 30,641,706.15 \n \nCategorization of Cash Equivalents \nThe School District reported cash equivalents of $10,579,985.13 in Georgia Fund 1, a local government investment pool, which is included in the cash balances above. Georgia Fund 1 is not registered with the SEC as an investment company and does not operate in a manner consistent with the SEC's Rule 2a-7 of the Investment Company Act of 1940. The investment is valued at the pool's share price, $1.00 per share, which approximates fair value. The pool is an AAAf rated investment pool by Fitch. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2024 was 33 days. \nGeorgia Fund 1, administered by the State of Georgia, Office of the State Treasurer, is not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of the State Treasurer for the Georgia Fund 1, does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State of Georgia Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \n \n- 16 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nNOTE 5: CAPITAL ASSETS AND INTANGIBLE RIGHT-TO-USE ASSETS \n \nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \n \nBalances July 1, 2023 \n \nIncreases \n \nDecreases \n \nBalances June 30, 2024 \n \nGovernmental Activities Capital Assets, \nNot Being Depreciated: Land Construction in Progress \n \n$ \n \n600,770.65 $ \n \n- $ \n \n2,474,605.23 29,655,833.47 \n \n47,234.00 $ \n \n553,536.65 \n \n- \n \n32,130,438.70 \n \nTotal Capital Assets Not Being Depreciated \n \n3,075,375.88 29,655,833.47 \n \n47,234.00 \n \n32,683,975.35 \n \nCapital Assets, Being Depreciated: Buildings and Improvements Equipment Land Improvements \nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \n \n38,038,835.85 3,937,412.95 417,266.61 \n \n488,008.00 \n- \n \n13,642,457.70 2,861,855.70 417,266.31 \n \n731,180.55 243,160.24 \n- \n \n542,439.78 24,099.00 - \n \n37,496,396.07 4,401,321.95 417,266.61 \n \n217,738.16 24,099.00 - \n \n14,155,900.09 3,080,916.94 417,266.31 \n \nTotal Capital Assets, Being Depreciated, Net \n \n25,471,935.70 \n \n(486,332.79) \n \n324,701.62 \n \n24,660,901.29 \n \nGovernmental Activities Capital Assets - Net \n \n$ 28,547,311.58 $ 29,169,500.68 $ \n \n371,935.62 $ 57,344,876.64 \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction \n \nSupport Services \n \nEducational Media Services \n \n$ \n \nGeneral Administration \n \nMaintenance and Operation of Plant \n \nStudent Transportation Services \n \nFood Services \n \n$ \n4,566.50 4,108.40 8,991.93 229,596.28 \n \n717,083.82 \n247,263.11 9,993.86 \n \n$ \n \n974,340.79 \n \n- 17 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nThe following is a summary of changes in the intangible right-to-use 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 Intangible Right-to-Use Assets \nBuildings and Improvements \n \n$ 11,356,891.21 $ \n \n- $ \n \n- $ 11,356,891.21 \n \nLess Accumulated Amortization: Buildings and Improvements \n \n1,261,876.00 \n \n630,938.00 \n \n- \n \n1,892,814.00 \n \nGovernmental Activities Intangible Right-to-Use Assets - Net $ 10,095,015.21 $ (630,938.00) $ \n \n- $ 9,464,077.21 \n \nCurrent year amortization expense by function is as follows: \n \nInstruction \n \nSupport Services \n \nEducational Media Services \n \n$ \n \nGeneral Administration \n \nMaintenance and Operation of Plant \n \nStudent Transportation Services \n \nFood Services \n \n$ \n2,162.52 3,479.53 9,881.88 82,567.43 \n \n527,895.30 \n98,091.36 4,951.34 \n \n$ \n \n630,938.00 \n \nNOTE 6: INTERFUND TRANSFERS \n \nInterfund transfers for the year ended June 30, 2024, consisted of the following: \n \nTransfers to \n \nGeneral Fund \n \nTransfers From Capital Projects \nFund \n \nTotal \n \nCapital Projects Fund Debt Service Fund \n \n$ \n \n618,249.00 $ \n \n- $ \n \n618,249.00 \n \n- \n \n750,000.00 \n \n750,000.00 \n \nTotal \n \n$ \n \n618,249.00 $ \n \n750,000.00 $ 1,368,249.00 \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 and to pay principal and interest payments on agreements. Transfers were also made to move Education Special Local Option Sales Tax (ESPLOST) revenues collected by the capital projects fund to the debt service fund to pay bond principal and interest payments. \n \n- 18 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \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 \nAdditions \n \nGovernmental Activities \n \nBalance \n \nDeductions \n \nJune 30, 2024 \n \nDue Within One Year \n \nGeneral Obligation (G.O.) Bonds Unamortized Bond Premiums Leases \n \n$ 24,325,000.00 $ 2,722,490.12 \n10,982,858.28 \n \n- $ 1,675,000.00 $ 22,650,000.00 $ \n \n- \n \n188,853.11 \n \n2,533,637.01 \n \n- \n \n389,986.69 \n \n10,592,871.59 \n \n395,000.00 128,325.04 418,613.88 \n \n$ 38,030,348.40 $ \n \n- $ 2,253,839.80 $ 35,776,508.60 $ 941,938.92 \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. Bonds have also been issued to advance-refund previously issued bonds. 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 Series 2023 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 Rates \n \nIssue Date \n \nMaturity Date \n \nAmount Issued \n \nAmount Outstanding \n \nGeneral Government - Series 2023 \n \n3.05 - 3.93% 4/12/2023 \n \n4/1/2044 $ 22,650,000.00 $ 22,650,000.00 \n \n- 19 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \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 \nUnamortized Bond Premium \n \n2025 2026 2027 \n2028 2029 2030 - 2034 2035 - 2039 2040 - 2044 \n \n$ \n \n395,000.00 $ 1,132,500.00 $ \n \n390,000.00 \n \n1,112,750.00 \n \n1,060,000.00 \n \n1,093,250.00 \n \n1,010,000.00 \n \n1,040,250.00 \n \n1,030,000.00 \n \n989,750.00 \n \n5,450,000.00 \n \n4,157,750.00 \n \n6,115,000.00 \n \n2,732,000.00 \n \n7,200,000.00 \n \n1,096,750.00 \n \n128,325.04 128,325.04 128,325.04 \n128,325.04 128,325.04 641,625.18 641,625.18 608,761.45 \n \nTotal Principal and Interest $ 22,650,000.00 $ 13,355,000.00 $ 2,533,637.01 \n \nLeases \nThe School District has acquired building improvements under the provisions of various contracts that convey control of the right to use another entity's asset for a period of time in an exchange-like transaction. These contracts are classified as leases for accounting purposes. \nThe following is a summary of the carrying values of intangible right-to-use assets under lease at June 30, 2024: \nGovernmental Activities \n \nBuildings and Improvements Less: Accumulated Amortization \n \n$ 11,356,891.21 1,892,814.00 \n \nLeases currently outstanding are as follows: \n \nPurpose \n \nInterest Rate \n \nIssue Date \n \nEnergy Lease Purchase Agreement \n \n4.39% \n \n7/1/2021 \n \n$ 9,464,077.21 \n \nMaturity Date \n \nAmount Issued \n \nAmount Outstanding \n \n4/1/2039 $ 11,725,622.21 $ 10,592,871.59 \n \n- 20 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nThe following is a schedule of total lease payments: \n \nFiscal Year Ended June 30: \n \nPrincipal \n \nInterest \n \n2025 2026 2027 2028 2029 2030 - 2034 2035 - 2039 \n \n$ \n \n418,613.88 $ \n \n460,482.65 \n \n449,009.99 \n \n441,775.53 \n \n481,274.80 \n \n421,713.73 \n \n515,514.47 \n \n400,214.06 \n \n551,839.90 \n \n377,188.63 \n \n3,385,701.02 \n \n1,480,358.62 \n \n4,790,917.53 \n \n605,898.08 \n \nTotal Principal and Interest $ 10,592,871.59 $ 4,187,631.30 \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 School Boards Association Workers' Compensation Fund \nThe School District participates in the Georgia School Boards Association Workers' Compensation Fund (the Fund), a public entity risk pool organized on July 1, 1992, to develop, implement, and administer a program to reduce the risk of loss from employee accidents. The School District pays an annual contribution to the Fund for coverage. The Fund provides statutory limits of coverage for Workers' Compensation coverage and a $2,000,000 limit per occurrence for Employers' Liability coverage. Excess insurance coverage is provided through an agreement between the Fund and the Safety National Casualty Corporation to limit the Fund's exposure to large losses. \n \n- 21 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nUnemployment Compensation \nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the general fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. The School District has not incurred any liabilities for unemployment compensation claims during the last two fiscal years. \n \nSurety Bond The School District purchased a surety bond to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nSuperintendent \n \n$ \n \n100,000.00 \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 \n \nInventories \n \n$ \n \nPrepaid Assets \n \nRestricted \n \nContinuation of Federal Programs \n \nCapital Projects \n \nDebt Service \n \nOther (Donor Restricted Trust) \n \nCommitted \n \nSchool Activity Accounts \n \nAssigned \n \nLocal Capital Outlay Projects \n \nUnassigned \n \n46,654.66 450.00 $ \n705,793.54 21,094,649.75 \n1,532,748.83 7,460.08 \n \n47,104.66 \n23,340,652.20 329,031.57 \n7,995,636.84 9,038,703.64 \n \nFund Balance, June 30, 2024 \n \n$ \n \n40,751,128.91 \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 OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \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, 2024, together with funding available: \n \nProject \n \nUnearned Executed Contracts (1) \n \nPayments through June 30, 2024 (2) \n \nFunding Available From State (1) \n \nK-5 Building \n \n$ 12,205,083.14 $ 31,579,278.94 $ 2,216,883.70 \n \n(1) The amounts described are not reflected in the basic financial statements. (2) Payments include contracts and retainages payable at year-end. \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. \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. \n- 23 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \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 $614,891.00 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 \n \nAt June 30, 2024, the School District reported a liability of $16,486,200.00 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 0.150512%, which was an increase of 0.003438% from its proportion measured as of June 30, 2022. \n \nFor the year ended June 30, 2024, the School District recognized OPEB expense of ($172,516.00). At June 30, 2024, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \n \nOPEB Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual \n \nexperience \n \n$ \n \n480,545.00 $ 4,735,030.00 \n \nChanges of assumptions \n \n2,995,218.00 \n \n2,058,876.00 \n \nNet difference between projected and actual \n \nearnings on OPEB plan investments \n \n9,891.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n966,997.00 \n \n107,374.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n614,891.00 \n \n- \n \nTotal \n \n$ 5,067,542.00 $ 6,901,280.00 \n \n- 24 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \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(863,162.00) \n \n$ \n \n(661,286.00) \n \n$ \n \n(887,720.00) \n \n$ \n \n(286,350.00) \n \n$ \n \n212,395.00 \n \n$ \n \n37,494.00 \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 Ultimate trend rate Year of Ultimate trend rate \n \n7.00% 4.50% 2032 \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 \n- 25 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \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 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 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 Projections 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 adjust 104% for males and 99% for females) with the MP-2019 Project scale applied generationally. \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 with 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 \n- 26 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nof 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 \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 \n1% Increase (4.68%) \n \nSchool District's proportionate share \n \nof the Net OPEB liability \n \n$ \n \n18,687,868.00 $ \n \n16,486,200.00 $ 14,631,930.00 \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 \n1% Increase \n \nSchool District's proportionate share \n \nof the Net OPEB liability \n \n$ 14,200,675.00 $ \n \n16,486,200.00 $ 19,303,759.00 \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 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. \n- 27 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \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. Pursuant to O.C.G.A. 47-3-63, the employer contributions for certain full-time public school support personnel are funded on behalf of the employer by the State of Georgia. 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, of which 19.86% of payroll was required from the School District and 0.12% of payroll was required from the State. For the current fiscal year, employer contributions to the pension plan were $3,155,865.22 and $18,488.32 from the School District and the State, respectively. \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. \n \n- 28 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \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 $64,827.00. \nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \n \nAt June 30, 2024, the School District reported a liability of $29,509,828.00 for its proportionate share of the net pension liability for TRS. \n \nThe TRS net pension liability reflected a reduction for support provided to the School District by the State of Georgia for certain public school support personnel. The amount recognized by the School District as its proportionate share of the net pension liability, the related State of Georgia support, and the total portion of the net pension liability that was associated with the School District were as follows: \n \nSchool District's proportionate share of the net pension liability \n \n$ \n \n29,509,828.00 \n \nState of Georgia's proportionate share of the net pension liability associated with the School District \n \n176,260.00 \n \nTotal \n \n$ \n \n29,686,088.00 \n \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 0.099951%, which was a decrease of 0.001412% 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 $357,798.00. \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 $5,765,939.00 for TRS and $64,577.00 for PSERS and revenue of $31,458.00 for TRS and $64,577.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \n \n- 29 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nAt June 30, 2024, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \n \nTRS Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual experience \n \n$ 1,498,469.00 $ 122,013.00 \n \nChanges of assumptions \n \n3,035,928.00 \n \n- \n \nNet difference between projected and \n \nactual earnings on pension plan investments \n \n2,075,506.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n- \n \n527,743.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n3,155,865.22 \n \n- \n \nTotal \n \n$ 9,765,768.22 $ 649,756.00 \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$ 1,722,452.00 \n \n$ 1,087,513.00 \n \n$ 3,907,498.00 \n \n$ \n \n(757,316.00) \n \n- 30 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nActuarial Assumptions: The total pension liability as of June 30, 2023 was determined by an actuarial valuation as of June 30, 2022, 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. \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 OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \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, 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 \n \nusing a log-normal distribution analysis in which best-estimate ranges of expected future real rates of \n \nreturn (expected returns, net of pension plan investment expense and inflation) are developed for each \n \nmajor asset class. These ranges are combined to produce the long-term expected rate of return by \n \nweighting the expected future real rates of return by the target asset allocation percentage and by \n \nadding expected inflation. The target allocation and estimates of arithmetic real rates of return for each \n \nmajor asset class are summarized in the following table: \n \nTRS/PSERS \n \nLong-Term \n \nTarget \n \nExpected Real \n \nAsset Class \n \nAllocation \n \nRate 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 \n \n- 32 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \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. \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 \n46,658,471.00 $ \n \n29,509,828.00 $ 15,505,653.00 \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 \nDefined Contribution Plan \n \nOn November 1, 2001, the School District began an employer paid 403(b) annuity plan for the group of employees covered under the Public School Employees Retirement System (PSERS). Recognizing that PSERS was a limited defined contribution and defined benefit plan which did not provide for an adequate retirement for this group of employees, it was the Board's desire to supplement the retirement of this group. \n \nThe School District selected Lincoln Financial Group as the provider of this plan. For each employee covered under PSERS, the Board began contributing to the plan a maximum of 2.25% of the employee's base pay. \n \nThe employee becomes vested upon enrollment in the plan. \n \nEmployer 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 \n2024 2023 2022 \n \n2.25% \n \n$ \n \n222,437.95 \n \n2.25% \n \n$ \n \n220,447.76 \n \n2.25% \n \n$ \n \n217,657.98 \n \nNOTE 14: SPECIAL ITEM \nThe School District sold their portion of the ownership in the Rutland Center Academy located in Athens, Georgia to the Clarke County School District. The School District received $391,140.00 from the sale resulting in a $65,404.38 gain that has been reported on the Statement of Activities. The related land and building have been removed from the capital asset listing. \n \n- 33 - \n \n (This page left intentionally blank) \n \n OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE 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 \n0.099951% $ 29,509,828.00 $ 0.101363% $ 32,914,525.00 $ 0.103679% $ 9,169,716.00 $ 0.104142% $ 25,227,269.00 $ 0.105542% $ 22,694,384.00 $ 0.104300% $ 19,360,314.00 $ 0.103665% $ 19,266,460.00 $ 0.109202% $ 22,529,590.00 $ 0.119566% $ 18,202,736.00 $ 0.117766% $ 14,878,181.00 $ \n \n176,260.00 201,651.00 \n56,515.00 154,549.00 139,983.00 120,283.00 213,731.00 335,875.00 265,507.00 300,429.00 \n \n$ 29,686,088.00 $ 33,116,176.00 $ 9,226,231.00 $ 25,381,818.00 $ 22,834,367.00 $ 19,480,597.00 $ 19,480,191.00 $ 22,865,465.00 $ 18,468,243.00 $ 15,178,610.00 \n \n$ 14,637,495.17 $ 13,784,312.09 $ 13,572,687.32 $ 13,509,076.45 $ 12,959,921.11 $ 12,499,999.21 $ 12,049,030.72 $ 12,156,977.27 $ 12,800,091.72 $ 12,027,265.72 \n \n201.60% 238.78% \n67.56% 186.74% 175.11% 154.88% 159.90% 185.32% 142.21% 123.70% \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 OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE 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 \n3,155,865.22 $ 2,907,188.99 $ 2,714,131.05 $ 2,571,100.20 $ 2,838,427.00 $ 2,692,024.53 $ 2,088,268.85 $ 1,700,560.76 $ 1,709,319.88 $ 1,659,082.78 $ \n \n3,155,865.22 $ 2,907,188.99 $ 2,714,131.05 $ 2,571,100.20 $ 2,838,427.00 $ 2,692,024.53 $ 2,088,268.85 $ 1,700,560.76 $ 1,709,319.88 $ 1,659,082.78 $ \n \n- \n \n$ \n \n15,888,721.93 \n \n- \n \n$ \n \n14,637,495.17 \n \n- \n \n$ \n \n13,784,312.09 \n \n- \n \n$ \n \n13,572,687.32 \n \n- \n \n$ \n \n13,509,076.45 \n \n- \n \n$ \n \n12,959,921.11 \n \n- \n \n$ \n \n12,499,999.21 \n \n- \n \n$ \n \n12,049,030.72 \n \n- \n \n$ \n \n12,156,977.27 \n \n- \n \n$ \n \n12,800,091.72 \n \n19.86% 19.86% 19.69% 18.94% 21.01% 20.77% 16.71% 14.11% 14.06% 12.96% \n \n- 36 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE 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 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 \n357,798.00 $ 447,476.00 $ \n50,934.00 $ 355,634.00 $ 343,584.00 $ 325,521.00 $ 273,648.00 $ 367,668.00 $ 242,736.00 $ 215,664.00 $ \n \n357,798.00 $ 447,476.00 $ \n50,934.00 $ 355,634.00 $ 343,584.00 $ 325,521.00 $ 273,648.00 $ 367,668.00 $ 242,736.00 $ 215,664.00 $ \n \n1,054,958.92 894,794.97 866,455.90 911,801.61 882,465.39 869,550.08 836,120.36 549,477.55 592,524.69 499,267.86 \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 OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY SCHOOL OPEB FUND \n \nSCHEDULE \"4\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the Net OPEB Liability (NOL) \n \nSchool District's proportionate share \nof 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 \nas a percentage of the total OPEB \nliability \n \n2024 2023 2022 2021 2020 2019 2018 \n \n0.150512% $ 16,486,200.00 $ 0.147074% $ 14,565,006.00 $ 0.144754% $ 15,678,056.00 $ 0.143255% $ 21,040,823.00 $ 0.145231% $ 17,822,960.00 $ 0.140446% $ 17,850,256.00 $ 0.136015% $ 19,110,052.00 $ \n \n- \n \n$ 16,486,200.00 $ 13,224,344.54 \n \n- \n \n$ 14,565,006.00 $ 12,488,309.48 \n \n- \n \n$ 15,678,056.00 $ 12,223,202.42 \n \n- \n \n$ 21,040,823.00 $ 11,747,928.38 \n \n- \n \n$ 17,822,960.00 $ 11,050,140.13 \n \n- \n \n$ 17,850,256.00 $ 10,607,296.51 \n \n- \n \n$ 19,110,052.00 $ 9,845,563.53 \n \n124.67% 116.63% 128.26% 179.10% 161.29% 168.28% 194.10% \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 OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE 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 \n2017 \n \n$ \n \n614,891.00 $ 578,634.00 $ 531,783.00 $ 538,462.00 $ 484,455.00 $ 782,166.00 $ 727,917.00 $ 709,194.00 $ \n \n614,891.00 $ 578,634.00 $ 531,783.00 $ 538,462.00 $ 484,455.00 $ 782,166.00 $ 727,917.00 $ 709,194.00 $ \n \n- \n \n$ \n \n14,331,962.04 \n \n- \n \n$ \n \n13,224,344.54 \n \n- \n \n$ \n \n12,488,309.48 \n \n- \n \n$ \n \n12,223,202.42 \n \n- \n \n$ \n \n11,747,928.38 \n \n- \n \n$ \n \n11,050,140.13 \n \n- \n \n$ \n \n10,607,296.51 \n \n- \n \n$ \n \n9,845,563.53 \n \n4.29% 4.38% 4.26% 4.41% 4.12% 7.08% 6.86% 7.20% \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 OGLETHORPE 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- 40 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION GENERAL FUND \nSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \nYEAR ENDED JUNE 30, 2024 \n \nNONAPPROPRIATED BUDGETS \n \nORIGINAL (1) \n \nFINAL (1) \n \nACTUAL AMOUNTS \n \nSCHEDULE \"7\" \nVARIANCE OVER/UNDER \n \nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \n \n$ \n \n10,792,723.00 $ \n \n10,792,723.00 $ \n \n11,481,867.64 $ \n \n90,000.00 \n \n90,000.00 \n \n208,055.14 \n \n17,654,790.00 \n \n17,884,790.85 \n \n19,244,706.98 \n \n2,779,001.00 \n \n4,994,756.00 \n \n5,637,234.62 \n \n316,200.00 \n \n316,200.00 \n \n281,764.60 \n \n12,660.00 \n \n12,660.00 \n \n64,279.40 \n \n514,000.00 \n \n514,000.00 \n \n1,122,135.11 \n \n32,159,374.00 \n \n34,605,129.85 \n \n38,040,043.49 \n \n689,144.64 118,055.14 1,359,916.13 642,478.62 (34,435.40) \n51,619.40 608,135.11 3,434,913.64 \n \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 Enterprise Operation Food Services Operation Total Expenditures \nExcess of Revenues over (under) Expenditures \n \n20,309,584.43 \n1,236,246.28 872,591.47 423,551.82 466,838.00 \n1,814,360.00 562,179.00 \n2,216,622.00 1,830,671.00 \n223,700.00 60,480.00 \n1,226,612.00 31,243,436.00 \n915,938.00 \n \n21,465,785.55 \n1,640,845.28 1,296,634.39 \n453,125.54 469,340.00 1,814,360.00 562,179.00 2,523,227.00 1,969,386.00 223,700.00 \n60,480.00 1,226,612.00 33,705,674.76 \n899,455.09 \n \n21,973,190.22 \n1,572,027.52 1,302,129.88 \n450,979.64 383,092.98 1,775,877.95 508,913.31 2,497,155.19 2,195,425.05 251,857.47 187,328.04 1,328,615.76 34,426,593.01 3,613,450.48 \n \n(507,404.67) \n68,817.76 (5,495.49) 2,145.90 86,247.02 38,482.05 53,265.69 26,071.81 (226,039.05) (28,157.47) (126,848.04) (102,003.76) (720,918.25) 2,713,995.39 \n \nOTHER FINANCING SOURCES(USES) Other Sources Other Uses Total Other Financing Sources (Uses) \n \n209,151.00 (827,400.00) (618,249.00) \n \n209,518.00 (827,767.00) (618,249.00) \n \n391,140.00 (618,249.00) (227,109.00) \n \n181,622.00 209,518.00 391,140.00 \n \nNet Change in Fund Balances \n \n297,689.00 \n \n281,206.09 \n \n3,386,341.48 \n \n3,105,135.39 \n \nFund Balances - Beginning \n \n6,695,201.89 \n \n6,695,201.89 \n \n6,741,752.01 \n \n46,550.12 \n \nAdjustments \n \n10,570.41 \n \n(16,808.06) \n \n- \n \n16,808.06 \n \nFund Balances - Ending \n \n$ \n \n7,003,461.30 $ \n \n6,959,599.92 $ \n \n10,128,093.49 $ \n \n3,168,493.57 \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 $625,493.51 and $611,914.52, 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 OGLETHORPE COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2024 \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 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 Total Special Education Cluster \nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States English Language Acquisition State Grants English Language Acquisition State Grants 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 Twenty-First Century Community Learning Centers Twenty-First Century Community Learning Centers Total Other Programs Total U.S. Department of Education \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 \n268,833.17 890,595.21 \n59,925.01 1,219,353.39 \n \n10.560 \n \n245GA904N2533 \n \n6,997.27 1,226,350.66 \n \n84.425D 84.425U 84.425W \n \nS425D210012 S425U210012 S425W210011 \n \n19,252.96 \n1,569,874.30 \n5,523.88 1,594,651.14 \n \n84.027A 84.027A 84.173A 84.173A \n \nH027A220073 H027A230073 H173A220081 H173A230081 \n \n84.048A 84.365A 84.365A 84.358B 84.424F 84.367A 84.010A 84.010A 84.287C 84.287C \n \nV048A230010 S365A220010 S365A230010 S358F220010 S424F220011 S367A230001 S010A220010 S010A230010 S287C220010 S287C230010 \n \n124,775.76 492,997.00 \n6,960.00 31,043.94 655,776.70 \n22,216.00 2,112.00 \n11,839.61 7,479.34 \n113,100.07 575.00 \n81,228.66 619,814.69 \n38,799.87 338,607.36 1,235,772.60 3,486,200.44 \n \n- 42 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"8\" \n \nFUNDING AGENCY PROGRAM/GRANT \nTreasury, U.S. Department of the Pass-Through From Georgia Department of Education COVID-19 - Coronavirus State and Local Fiscal Recovery Funds \nTotal Expenditures of Federal Awards \n \nASSISTANCE LISTING NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n21.027 \n \nSLT-1189 $ \n \n1,579.61 4,714,130.71 \n \nNotes to the Schedule of Expenditures of Federal Awards \nNote 1. Basis of Presentation The accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Oglethorpe 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 Expenditures 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 The Board has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. \nNote 4. Transfers Between Programs Funds totaling $46,328.00 and $87,190.00 were transferred from the Student Support and Academic Enrichment program (ALN 84.424F) and the Supporting Effective Instruction State Grants program (ALN 84.367A) respectively were expended in the Title I Grants to Local Educational Agencies program during Fiscal Year 2024. \n \nSee notes to the basic financial statements. \n \n- 43 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"9\" \n \nGOVERNMENTAL FUND TYPES \n \nGENERAL \n \nCAPITAL PROJECTS \n \nAGENCY/FUNDING \n \nFUND \n \nFUND \n \nGRANTS \n \nBright From the Start: \n \nGeorgia Department of Early Care and Learning \n \nPre-Kindergarten Program \n \n$ \n \n253,079.00 $ \n \n- $ \n \nEducation, Georgia Department of \n \nQuality Basic Education \n \nDirect Instructional Cost \n \nKindergarten Program \n \n929,700.00 \n \n- \n \nKindergarten Program - Early Intervention Program \n \n87,154.00 \n \n- \n \nPrimary Grades (1-3) Program \n \n2,435,777.00 \n \n- \n \nPrimary Grades - Early Intervention (1-3) Program \n \n269,726.00 \n \n- \n \nUpper Elementary Grades (4-5) Program \n \n1,076,936.00 \n \n- \n \nUpper Elementary Grades - Early Intervention (4-5) Program \n \n183,685.00 \n \n- \n \nMiddle School (6-8) Program \n \n2,033,513.00 \n \n- \n \nHigh School General Education (9-12) Program \n \n1,661,206.00 \n \n- \n \nVocational Laboratory (9-12) Program \n \n623,171.00 \n \n- \n \nStudents with Disabilities \n \n2,944,295.00 \n \n- \n \nGifted Student - Category VI \n \n698,144.00 \n \n- \n \nRemedial Education Program \n \n238,703.00 \n \n- \n \nAlternative Education Program \n \n143,203.00 \n \n- \n \nEnglish Speakers of Other Languages (ESOL) \n \n218,243.00 \n \n- \n \nMedia Center Program \n \n346,022.00 \n \n- \n \n20 Days Additional Instruction \n \n107,536.00 \n \n- \n \nStaff and Professional Development \n \n55,275.00 \n \n- \n \nPrincipal Staff and Professional Development \n \n1,277.00 \n \n- \n \nIndirect Cost \n \nCentral Administration \n \n584,169.00 \n \n- \n \nSchool Administration \n \n759,325.00 \n \n- \n \nFacility Maintenance and Operations \n \n594,799.00 \n \n- \n \nCategorical Grants \n \nPupil Transportation \n \nRegular \n \n421,447.00 \n \n- \n \nNursing Services \n \n102,958.00 \n \n- \n \nSparsity \n \n9,348.00 \n \n- \n \nEducation Equalization Funding Grant \n \n1,447,805.00 \n \n- \n \nOther State Programs \n \nCareer, Technical and Agricultural Education (CTAE) \n \n57,281.00 \n \n- \n \nDyslexia Screener State Grant \n \n4,804.00 \n \n- \n \nFood Services \n \n36,740.00 \n \n- \n \nHygiene Products \n \n1,733.00 \n \n- \n \nMath and Science Supplements \n \n11,943.85 \n \n- \n \nOne Time QBE Adjustment \n \n269,156.00 \n \n- \n \nPreschool Disability Services \n \n69,452.00 \n \n- \n \nSchool Bus Regular Funding \n \n176,220.00 \n \n- \n \nSchool Security Grant \n \n200,000.00 \n \n- \n \nTeachers Retirement \n \n18,488.32 \n \n- \n \nVocational Education \n \n7,219.00 \n \n- \n \nGeorgia State Financing and Investment Commission \n \nReimbursement on Construction Projects \n \n- \n \n19,951,953.30 \n \nOffice of the State Treasurer \n \nPublic School Employees Retirement \n \n64,827.00 \n \n- \n \nTOTAL \n253,079.00 \n929,700.00 87,154.00 \n2,435,777.00 269,726.00 \n1,076,936.00 183,685.00 \n2,033,513.00 1,661,206.00 \n623,171.00 2,944,295.00 \n698,144.00 238,703.00 143,203.00 218,243.00 346,022.00 107,536.00 \n55,275.00 1,277.00 \n584,169.00 759,325.00 594,799.00 \n421,447.00 102,958.00 \n9,348.00 1,447,805.00 \n57,281.00 4,804.00 \n36,740.00 1,733.00 \n11,943.85 269,156.00 \n69,452.00 176,220.00 200,000.00 \n18,488.32 7,219.00 \n19,951,953.30 \n64,827.00 \n \n- 44 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"9\" \n \nAGENCY/FUNDING CONTRACT Commerce, Georgia Chamber of Workforce Development Grant Human Resources, Georgia Department of Family Connections \n \nGOVERNMENTAL FUND TYPES \n \nGENERAL \n \nCAPITAL PROJECTS \n \nFUND \n \nFUND \n \nTOTAL \n \n47,846.81 \n \n- \n \n47,846.81 \n \n52,500.00 \n \n- \n \n52,500.00 \n \n$ \n \n19,244,706.98 $ \n \n19,951,953.30 $ \n \n39,196,660.28 \n \nSee notes to the basic financial statements. \n \n- 45 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"10\" \n \nPROJECT 2017 SPLOST \nRetiring outstanding general obligation debt of the School District previously incurred and issued with the respect to capital outlay projects in the principal and interest amount not to exceed $3,500,000.00, comprised of a portion of the School District's Series 2008 and 2015 general obligation and/or refunding bonds coming due in the years 2018 through 2023; and The following capital outlay projects at a maximum cost of $500,000.00; (a) Making system-wide technology improvements, including, but not limited to, the acquisition and installation of instruction technology, security, and information systems hardware and associated software and accessories, and infrastructure at all schools and selected other facilities; and (b) Improving school and/or athletic facilities, purchasing school buses, school equipment, and safety and security equipment. \nSubtotal 2017 Projects \n2022 SPLOST Acquiring, constructing, repairing, improving, renovating, adding to, extending, upgrading, furnishing, and equipping school buildings and support facilities and infrastructure in the Oglethorpe County School District useful or desirable in connection therewith, including acquiring any necessary property or demolition therefore, both real and personal, including, but not limited to: (1) Paying a portion of the costs of acquiring, constructing, equipping, and furnishing (including any demolition that may be necessary) new school buildings and facilities useful and desirable in connection therewith, including, but not limited to, a kindergarten to 5th grade building or a kindergarten to 3rd grade building and, in either case, support and athletic/physical education facilities; (2) Adding to, renovating, repairing, improving and equipping existing schools and facilities including, but not limited to, vocational/agricultural facilities, gymnasiums, HVAC and physical education and athletic facilities; (3) Acquiring miscellaneous new equipment, fixtures and furnishings for the Oglethorpe County School District, including textbooks, band instruments, computer technology equipment and software, interactive boards, safety and security technology, food service equipment, school buses and other vehicles; (4) Acquiring real property; (5) Acquiring any other capital property necessary ordesirable, both real and personal (collectively, the \"Projects\"); (6) Paying capitalized interest and/or costs of issuing bonds; and \n(1) Paying a portion of the principal of and interest on the Bonds (2) Paying all or a portion of the costs of the Projects (3) Making lease purchase payments \nSubtotal 2022 Projects \nTotal \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 \nJune 30, 2025 \n \n250,000.00 \n250,000.00 4,000,000.00 \n \n250,000.00 \n250,000.00 4,000,000.00 \n \nJune 30, 2025 June 30, 2025 \n \n5,005,000.00 \n \n32,130,438.70 \n \nJune 30, 2028 \n \n5,005,000.00 \n \nJune 30, 2028 \n \n500,000.00 - \n- \n2,095,000.00 7,600,000.00 \n$ 11,600,000.00 $ \n \n500,000.00 - \n- \n2,095,000.00 39,730,438.70 \n43,730,438.70 \n \nJune 30, 2028 June 30, 2028 \nJune 30, 2028 \nJune 30, 2028 June 30, 2028 June 30, 2028 \n \n- 46 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"10\" \n \nPROJECT 2017 SPLOST \nRetiring outstanding general obligation debt of the School District previously incurred and issued with the respect to capital outlay projects in the principal and interest amount not to exceed $3,500,000.00, comprised of a portion of the School District's Series 2008 and 2015 general obligation and/or refunding bonds coming due in the years 2018 through 2023; and The following capital outlay projects at a maximum cost of $500,000.00; (a) Making system-wide technology improvements, including, but not limited to, the acquisition and installation of instruction technology, security, and information systems hardware and associated software and accessories, and infrastructure at all schools and selected other facilities; and (b) Improving school and/or athletic facilities, purchasing school buses, school equipment, and safety and security equipment. \nSubtotal 2017 Projects \n \nAMOUNT EXPENDED IN CURRENT YEAR (3) (4) \n \nAMOUNT EXPENDED IN PRIOR YEARS (3) (4) \n \nTOTAL COMPLETION \nCOST \n \nEXCESS PROCEEDS NOT \nEXPENDED \n \n$ \n \n750,000.00 $ 1,954,250.04 $ \n \n- $ \n \n- \n \n107,138.08 \n \n- \n \n- \n \n- \n \n- \n \n101,308.76 \n \n- \n \n- \n \n857,138.08 \n \n2,055,558.80 \n \n- \n \n- \n \n2022 SPLOST \n \nAcquiring, constructing, repairing, improving, renovating, adding to, extending, \n \nupgrading, furnishing, and equipping school buildings and support facilities and \n \ninfrastructure in the Oglethorpe County School District useful or desirable in \n \nconnection therewith, including acquiring any necessary property or demolition \n \ntherefore, both real and personal, including, but not limited to: \n \n- \n \n- \n \n- \n \n- \n \n(1) Paying a portion of the costs of acquiring, constructing, equipping, and \n \nfurnishing (including any demolition that may be necessary) new school \n \nbuildings and facilities useful and desirable in connection therewith, including, \n \nbut not limited to, a kindergarten to 5th grade building or a kindergarten \n \nto 3rd grade building and, in either case, support and athletic/physical \n \neducation facilities; \n \n29,655,833.47 \n \n2,474,605.23 \n \n- \n \n- \n \n(2) Adding to, renovating, repairing, improving and equipping existing schools \n \nand facilities including, but not limited to, vocational/agricultural facilities, \n \ngymnasiums, HVAC and physical education and athletic facilities; \n \n- \n \n- \n \n- \n \n- \n \n(3) Acquiring miscellaneous new equipment, fixtures and furnishings for the \n \nOglethorpe County School District, including textbooks, band instruments, \n \ncomputer technology equipment and software, interactive boards, safety and \n \nsecurity technology, food service equipment, school buses and other vehicles; \n \n- \n \n- \n \n- \n \n- \n \n(4) Acquiring real property; \n \n- \n \n- \n \n- \n \n- \n \n(5) Acquiring any other capital property necessary ordesirable, both real and \n \npersonal (collectively, the \"Projects\"); \n \n- \n \n- \n \n- \n \n- \n \n(6) Paying capitalized interest and/or costs of issuing bonds; and \n \n(1) Paying a portion of the principal of and interest on the Bonds \n \n- \n \n- \n \n- \n \n- \n \n(2) Paying all or a portion of the costs of the Projects \n \n- \n \n- \n \n- \n \n- \n \n(3) Making lease purchase payments \n \n- \n \n- \n \n- \n \n- \n \nSubtotal 2022 Projects \n \n29,655,833.47 \n \n2,474,605.23 \n \n- \n \n- \n \nTotal \n \n$ 30,512,971.55 $ 4,530,164.03 $ \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 Oglethorpe 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. (4) In addition to the expenditures shown above, the School District has incurred interest to provide advance funding as follows: \n \nPrior Years Current Year \n \n$ \n \n- \n \n1,128,249.98 \n \nTotal \n \n$ 1,128,249.98 \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 Ms. Beverley Levine, Superintendent and Members of the Oglethorpe County Board of Education \nWe have audited the financial statements of the governmental activities and each major fund of the Oglethorpe 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 29, 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 29, 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 Ms. Beverley Levine, Superintendent and Members of the Oglethorpe County Board of Education \nReport on Compliance for Each Major Federal Program \nOpinion on Each Major Federal Program \nWe have audited the Oglethorpe 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 29, 2025 \n \n Section III Auditee's Response to Prior Year Findings and Questioned Costs \n \n OGLETHORPE COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2024 \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 OGLETHORPE 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 and Each Major Fund \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?  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. 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_1381685589-2024-08-27","title":"Annual financial report, fiscal year 2023, Oglethorpe County Board of Education, Lexington, 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":null,"dc_date":["2024-08-27"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Oglethorpe County Board of Education, Ga.)","Fiscal year 2021; title from PDF cover (Georgia Government Publications database, viewed June 9, 2023).","Fiscal year 2021; (Georgia Government Publications database, viewed June 9, 2023)."],"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":["Oglethorpe County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Oglethorpe County--Auditing--Periodicals.","Education--Georgia--Oglethorpe County--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report, fiscal year 2023, Oglethorpe County Board of Education, Lexington, 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_1381685589-2024-08-27"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1381685589-2024-08-27"],"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 \nOglethorpe County Board of Education \nLexington, Georgia \nIncluding Independent Auditor's Report \nGreg S. Griffin | State Auditor \n \n Oglethorpe 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 Notes to the Basic Financial Statements \n \n8 \n \nSchedules \n \nRequired Supplementary Information \n \n1 Schedule of Proportionate Share of the Net Pension Liability \n \nTeachers Retirement System of Georgia \n \n37 \n \n2 Schedule of Contributions  Teachers Retirement System of Georgia \n \n38 \n \n3 Schedule of Proportionate Share of the Net Pension Liability \n \nPublic School Employees Retirement System of Georgia \n \n39 \n \n4 Schedule of Proportionate Share of the Net OPEB Liability \n \nSchool OPEB Fund \n \n40 \n \n5 Schedule of Contributions  School OPEB Fund \n \n41 \n \n6 Notes to the Required Supplementary Information \n \n42 \n \n7 Schedule of Revenues, Expenditures and Changes in Fund \n \nBalances - Budget and Actual General Fund \n \n43 \n \n Supplementary Information \n \n8 Schedule of Expenditures of Federal Awards \n \n44 \n \n9 Schedule of State Revenue \n \n46 \n \n10 Schedule of Approved Local Option Sales Tax Projects \n \n48 \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 Mrs. Beverley Levine, Superintendent and Members of the Oglethorpe County Board of Education \nReport on the Audit of the Financial Statements \nOpinions \nWe have audited the accompanying financial statements of the governmental activities and each major fund of the Oglethorpe 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 and each major fund 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 27, 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 27, 2024 \n \n Oglethorpe County Board of Education \n \n OGLETHORPE 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 Other Inventories Intangible Right-to-Use Assets (Net of Accumulated Amortization) Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \nTotal Assets \nDEFERRED OUTFLOWS OF RESOURCES Deferred Charge on Debt Refunding Related to Defined Benefit Pension Plan Related to OPEB Plan \nTotal Deferred Outflows of Resources \nLIABILITIES Accounts Payable Salaries and Benefits Payable Interest Payable Contracts Payable Deposits and Unearned Revenues 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 Donor Restricted Trust Unrestricted (Deficit) \nTotal Net Position \n \nEXHIBIT \"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n45,877,063.71 \n \n10,772.97 \n \n576,494.74 2,263,164.88 1,665,361.12 \n40,200.85 66,729.54 10,095,015.21 3,075,375.88 25,471,935.70 89,142,114.60 \n \n38,112.40 15,740,849.99 \n4,341,499.00 20,120,461.39 \n \n42,964.33 3,278,289.69 \n150,422.31 1,032,025.80 \n1,500.00 32,914,525.00 14,565,006.00 \n2,253,839.80 35,776,508.60 90,015,081.53 \n \n645,197.00 8,883,838.00 9,529,035.00 \n \n19,743,459.76 \n \n711,510.06 2,123,013.60 10,050,356.18 \n8,541.10 (22,918,421.24) \n \n$ \n \n9,718,459.46 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 1 - \n \n OGLETHORPE 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 \nEnterprise Operations \n \nFood Services \n \nInterest on Long-Term Debt \n \n21,268,381.96 $ \n1,541,155.65 1,088,797.18 \n401,227.65 481,569.15 1,617,778.42 862,560.93 1,921,538.37 1,902,927.88 181,445.29 \n189,065.70 1,165,254.54 \n486,733.81 \n \n155,683.15 $ \n- \n196,703.74 \n- \n \n14,433,942.15 $ \n522,126.96 414,983.94 375,407.47 605,110.93 838,787.38 \n12,775.51 759,903.24 825,561.83 \n8,626.64 \n1,098,936.55 \n- \n \n- $ \n176,220.00 - \n- \n \n(6,678,756.66) \n(1,019,028.69) (673,813.24) (25,820.18) 123,541.78 (778,991.04) (849,785.42) \n(1,161,635.13) (901,146.05) (172,818.65) \n(189,065.70) 130,385.75 (486,733.81) \n \nTotal Governmental Activities \n \n$ \n \n33,108,436.53 $ \n \n352,386.89 $ \n \n19,896,162.60 $ \n \n176,220.00 \n \n(12,683,667.04) \n \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations For Debt Services Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous Total General Revenues \n \n9,996,599.68 1,414,561.77 \n1,275,492.25 206,240.76 \n1,315,169.00 470,184.59 \n1,007,183.68 15,685,431.73 \n \nChange in Net Position \n \n3,001,764.69 \n \nNet Position - Beginning of Year \n \n6,716,694.77 \n \nNet Position - End of Year \n \n$ \n \n9,718,459.46 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 2 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30, 2023 \n \nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Other Inventories \nTotal Assets \nLIABILITIES Accounts Payable Salaries and Benefits Payable Contracts Payable Deposits and Unearned Revenues \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes \nFUND BALANCES Nonspendable Restricted Committed Assigned Unassigned \nTotal Fund Balances \nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \n$ \n \n5,819,242.95 $ \n \n38,690,486.48 $ \n \n10,772.97 \n \n- \n \n412,466.18 2,263,164.88 1,665,361.12 \n40,200.85 66,729.54 \n \n113,203.58 - \n \n$ \n \n10,277,938.49 $ \n \n38,803,690.06 $ \n \n1,367,334.28 $ - \n50,824.98 - \n1,418,159.26 $ \n \n$ \n \n42,964.33 $ \n \n- $ \n \n3,278,289.69 \n \n- \n \n- \n \n1,032,025.80 \n \n1,500.00 \n \n- \n \n3,322,754.02 \n \n1,032,025.80 \n \n- $ - \n \n213,432.46 \n \n- \n \n36,435.91 \n \n66,729.54 653,321.62 315,971.56 \n5,705,729.29 6,741,752.01 \n \n29,999,001.80 \n7,772,662.46 \n37,771,664.26 \n \n1,381,723.35 \n1,381,723.35 \n \n$ \n \n10,277,938.49 $ \n \n38,803,690.06 $ \n \n1,418,159.26 $ \n \nEXHIBIT \"C\" \nTOTAL \n45,877,063.71 10,772.97 \n576,494.74 2,263,164.88 1,665,361.12 \n40,200.85 66,729.54 50,499,787.81 \n42,964.33 3,278,289.69 1,032,025.80 \n1,500.00 4,354,779.82 \n249,868.37 \n66,729.54 32,034,046.77 \n315,971.56 7,772,662.46 5,705,729.29 45,895,139.62 \n50,499,787.81 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 3 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \nTO THE STATEMENT OF NET POSITION JUNE 30, 2023 \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 \nRight-to-use assets used in governmental activities are not financial resources and therefore are not reported in the funds. Leased buildings and improvements Accumulated amortization - Right-to-use assets \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 charges or credits on debt refundings are applicable to future periods and are therefore not reported in the funds and are amortized over the life of the new debt. \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 Accrued interest payable Lease liability payable Unamortized bond premiums \nNet position of governmental activities (Exhibit \"A\") \n \n$ \n \n45,895,139.62 \n \n$ \n \n600,770.65 \n \n2,474,605.23 \n \n38,038,835.85 \n \n3,937,412.95 \n \n417,266.61 \n \n(16,921,579.71) \n \n28,547,311.58 \n \n$ \n \n11,356,891.21 \n \n(1,261,876.00) \n \n10,095,015.21 \n \n$ \n \n(32,914,525.00) \n \n(14,565,006.00) \n \n(47,479,531.00) 38,112.40 \n \n$ \n \n15,095,652.99 \n \n(4,542,339.00) \n \n10,553,313.99 249,868.37 \n \n$ \n \n(24,325,000.00) \n \n(150,422.31) \n \n(10,982,858.28) \n \n(2,722,490.12) \n \n(38,180,770.71) \n \n$ \n \n9,718,459.46 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 4 - \n \n OGLETHORPE 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 Enterprise Operations Food Services Operation Capital Outlay Debt Services Principal Dues and Fees Interest Total Expenditures \nRevenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES) Proceeds of Bonds Premiums on Bonds Sold Transfers In Transfers Out Total Other Financing Sources (Uses) Net 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 \n9,919,089.65 $ \n \n206,240.76 \n \n16,870,225.16 \n \n4,477,600.12 \n \n352,386.89 \n \n41,734.24 \n \n930,501.68 \n \n32,797,778.50 \n \n- $ 1,275,492.25 \n428,169.37 76,682.00 1,780,343.62 \n \n1,400,338.59 $ - \n280.98 - \n1,400,619.57 \n \n11,319,428.24 1,481,733.01 \n16,870,225.16 4,477,600.12 352,386.89 470,184.59 1,007,183.68 \n35,978,741.69 \n \n19,348,898.43 \n1,475,147.74 1,043,896.37 \n369,409.72 452,530.12 1,558,582.91 485,469.30 2,026,305.52 2,032,498.47 181,445.29 189,065.70 1,189,858.95 \n- \n30,353,108.52 2,444,669.98 \n \n- \n364,909.74 2,485,421.23 \n363,032.93 - \n494,143.59 3,707,507.49 (1,927,163.87) \n \n- \n- \n1,610,000.00 1,000.00 \n99,200.00 1,710,200.00 (309,580.43) \n \n19,348,898.43 \n1,475,147.74 1,043,896.37 \n369,409.72 452,530.12 1,558,582.91 850,379.04 2,026,305.52 2,032,498.47 181,445.29 189,065.70 1,189,858.95 2,485,421.23 \n1,973,032.93 1,000.00 \n593,343.59 35,770,816.01 \n207,925.68 \n \n(1,975,989.81) (1,975,989.81) 468,680.17 \n \n22,650,000.00 2,694,825.75 1,975,989.81 (400,000.00) \n26,920,815.56 24,993,651.69 \n \n400,000.00 400,000.00 90,419.57 \n \n22,650,000.00 2,694,825.75 2,375,989.81 (2,375,989.81) \n25,344,825.75 25,552,751.43 \n \n6,273,071.84 \n \n12,778,012.57 \n \n1,291,303.78 \n \n20,342,388.19 \n \n$ \n \n6,741,752.01 $ \n \n37,771,664.26 $ \n \n1,381,723.35 $ \n \n45,895,139.62 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 5 - \n \n OGLETHORPE 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 Amortization 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. General obligation bonds issued, including a premium of $2,694,825.75 Amortization of deferred charge on refunding of bonds Bond principal retirements Lease liability payments Amortization of bond premium \nDistrict pension/OPEB contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension/OPEB liability is measured a year before the District's report date. Pension/OPEB expense, which is the change in the net pension/OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions/OPEB, is reported in the Statement of Activities. Pension expense OPEB expense \nSome items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. Accrued interest on issuance of bonds \nChange in net position of governmental activities (Exhibit \"B\") \n \n$ \n \n25,552,751.43 \n \n$ \n \n2,859,353.23 \n \n(951,621.43) \n \n(630,938.00) \n \n1,276,793.80 (30,143.65) 91,733.21 \n \n$ \n \n(25,344,825.75) \n \n(76,224.79) \n \n1,610,000.00 \n \n363,032.93 \n \n153,919.87 \n \n(23,294,097.74) \n \n$ \n \n(1,782,431.06) \n \n1,158,244.00 \n \n(624,187.06) \n \n28,914.70 \n \n$ \n \n3,001,764.69 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 6 - \n \n (This page left intentionally blank) \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \nReporting Entity \nThe Oglethorpe 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. 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 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- 8 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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. Eliminations have been made to minimize the double counting of internal activities. 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) and bond proceeds 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) legally restricted for the payment of general long-term principal and interest. \nBasis of Accounting \nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide 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, grants and donations. 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 and donations 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. \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 \n- 9 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nintergovernmental 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 grant 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- 10 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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 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 \nLand Improvements \n \n$ \n \nBuildings and Improvements $ \n \nEquipment \n \n$ \n \nIntangible Assets \n \n$ \n \nALL 50,000.00 100,000.00 25,000.00 200,000.00 \n \nN/A 20 to 80 years Up to 80 years \n5 to 20 years 10 to 20 years \n \n- 11 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nIntangible Right-To-Use Assets \nLeases, as a lessee, are included as intangible right-to-use assets and lease obligations on the Statement of Net Position. \nAn intangible right-to-use asset represents the School District's right to use an underlying asset for the lease. Lease obligations represent the School District's liability to make lease payments arising from the lease. Intangible right-to-use assets and lease obligations are recognized based on the present value of lease payments over the lease term, where the initial term exceeds 12 months. Residual value guarantees and the value of an option to extend or terminate a lease or subscription are reflected to the extent it is reasonably certain to be paid or exercised. Variable payments based on future performance or usage are not included in the measurement of the lease liability. Intangible right-to-use assets are amortized using a straight-line basis over the shorter of the lease term or useful life of the underlying asset. \nCapitalization thresholds of intangible right-to-use assets reported in the government-wide statements are as follows: \nCapitalization Policy \n \nLand \n \nLand Improvements \n \n$ \n \nBuildings and Improvements $ \n \nEquipment \n \n$ \n \nSubscription Assets \n \n$ \n \nALL 50,000.00 \n100,000.00 25,000.00 \n100,000.00 \n \nLeases as Lessee \nThe School District is a lessee for noncancellable leases of building improvements owned by 3rd parties. \nAt the commencement of a lease, the School District initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The right-to-use lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on the straight-line basis over the shorter of the useful life of the asset or the lease term. \nKey estimates and judgments related to leases include how the School District determines (1) lease term and (2) lease payments: \nThe lease term includes the noncancellable period of the lease. Lease payments included in the measurement of the lease liability are composed of fixed payments the School District will make over the lease term. \nThe School District monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease asset and lease liability if certain changes occur that are expected to significantly affect the amount of the lease liability. \nLease assets are reported with other capital assets and lease liabilities are reported with current and long-term debt on the Statement of Net Position. \n \n- 12 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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. \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 OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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 Oglethorpe County Board of Commissioners adopted the property tax levy for the 2022 tax digest year (calendar year) on September 13, 2022 (levy date) based on property values as of January 1, 2022. Taxes were due on December 20, 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 Oglethorpe 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 $8,967,836.35 and for school bonds amounted to $1,400,338.59. \n \n- 14 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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 \n16.65 mills 2.61 mills \n \n19.26 mills \n \nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $951,253.30 during fiscal year ended June 30, 2023. \nSales Taxes \nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $1,275,492.25 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 fund. 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 and function. 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. \nThe Superintendent is authorized by the Board to approve adjustments of no more than 5% of the amount budgeted for expenditures in any budget function for any fund. The Superintendent shall report any such adjustments to the Board. If expenditure of funds in any budget function for any fund is anticipated to be more than 5% of the budgeted amount, the Superintendent shall request Board approval for the budget amendment. Any position or expenditure not previously approved in the annual budget that exceeds $5,000.00 shall require Board approval unless the Superintendent deems the position or purchase an emergency. In such case, the expenditure shall be reported to the Board at its regularly scheduled meeting. Under no circumstance is the Superintendent or other staff person authorized to spend funds that exceed the total budget without approval by the Board. \n \n- 15 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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 AND CASH EQUIVALENTS \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, 2023, the School District had deposits with a carrying amount of $11,303,131.49, and a bank balance of $13,769,752.94. The bank balances insured by Federal depository insurance were $428,627.71. \nAt June 30, 2023, $13,341,125.23 of the School District's bank balances was exposed to custodial credit risk. This balance was in the State's Secure Deposit Program (SDP). \n \n- 16 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. The SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians. \nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \nReconciliation of cash and cash equivalents balances to carrying value of deposits: \n \nCash and cash equivalents Statement of Net Position \n \n$ 45,877,063.71 \n \nAdd: Deposits with original maturity of three months or more reported as investments \n \n10,772.97 \n \nLess: Investment pools reported as cash and cash equivalents \nGeorgia Fund 1 \nTotal carrying value of deposits - June 30, 2023 \n \n34,584,705.19 $ 11,303,131.49 \n \nCategorization of Cash Equivalents \nThe School District reported cash equivalents of $34,584,705.19 in Georgia Fund 1, a local government investment pool, which is included in the cash balances above. Georgia Fund 1 is not registered with the SEC as an investment company and does not operate in a manner consistent with the SEC's Rule 2a-7 of the Investment Company Act of 1940. The investment is valued at the pool's share price, $1.00 per share, which approximates fair value. The pool is an AAAf rated investment pool by Fitch. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2023 was 28 days. \nGeorgia Fund 1, administered by the State of Georgia, Office of the State Treasurer, is not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of the State Treasurer for the Georgia Fund 1, does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State of Georgia Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \n \n- 17 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nNOTE 5: CAPITAL ASSETS AND INTANGIBLE RIGHT-TO-USE ASSETS \n \nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \n \nGovernmental Activities Capital Assets, \nNot Being Depreciated: Land Construction in Progress \n \nBalances July 1, 2022 \n \nIncreases \n \nDecreases \n \nBalances June 30, 2023 \n \n$ 600,770.65 $ \n \n- $ \n \n- \n \n2,474,605.23 \n \n- $ 600,770.65 \n \n- \n \n2,474,605.23 \n \nTotal Capital Assets Not Being Depreciated \n \n600,770.65 \n \n2,474,605.23 \n \n- \n \n3,075,375.88 \n \nCapital Assets, Being Depreciated Buildings and Improvements Equipment Land Improvements \nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \n \n38,120,473.34 4,771,760.97 417,266.61 \n12,948,899.18 3,874,382.65 417,266.31 \n \n384,748.00 \n- \n \n81,637.49 1,219,096.02 \n- \n \n38,038,835.85 3,937,412.95 417,266.61 \n \n747,226.39 204,395.04 \n- \n \n53,667.87 1,216,921.99 \n- \n \n13,642,457.70 2,861,855.70 417,266.31 \n \nTotal Capital Assets, Being Depreciated, Net \n \n26,068,952.78 \n \n(566,873.43) \n \n30,143.65 25,471,935.70 \n \nGovernmental Activities Capital Assets - Net \n \n$ 26,669,723.43 $ 1,907,731.80 $ 30,143.65 $ 28,547,311.58 \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction Support Services \nEducational Media Services General Administration Maintenance and Operation of Plant Student Transportation Services Food Services \n \n$ \n \n$ \n \n4,566.50 \n \n4,108.40 \n \n7,076.31 \n \n185,622.64 \n \n739,792.06 \n201,373.85 10,455.52 \n \n$ \n \n951,621.43 \n \n- 18 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nThe following is a summary of changes in the intangible right-to-use 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 Intangible Right-to-Use Assets \nBuildings and Improvements $ 11,356,891.21 $ \n \n- $ \n \n- $ 11,356,891.21 \n \nLess Accumulated Amortization: Buildings and Improvements \n \n630,938.00 \n \n630,938.00 \n \n- \n \n1,261,876.00 \n \nGovernmental Activities Intangible Right-to-Use Assets - Net $ 10,725,953.21 $ \n \n(630,938.00) $ \n \n- $ 10,095,015.21 \n \nCurrent year amortization expense by function is as follows: \n \nInstruction \n \nSupport Services \n \nEducational Media Services \n \n$ \n \nGeneral Administration \n \nMaintenance and Operation of Plant \n \nStudent Transportation Services \n \nFood Services \n \n$ \n2,162.52 3,479.53 9,881.88 82,567.43 \n \n527,895.30 \n98,091.36 4,951.34 \n \n$ \n \n630,938.00 \n \nNOTE 6: INTERFUND TRANSFERS \n \nInterfund transfers for the year ended June 30, 2023, consisted of the following: \n \nTransfers to \n \nGeneral Fund \n \nTransfers From Capital Projects \nFund \n \nTotal \n \nCapital Projects Fund Debt Service Fund \n \n$ 1,975,989.81 $ - \n \n- $ 1,975,989.81 \n \n400,000.00 \n \n400,000.00 \n \nTotal \n \n$ 1,975,989.81 $ \n \n400,000.00 $ 2,375,989.81 \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 and to pay principal and interest payments on agreement. Transfers were also made to move Education Special Local Option Sales Tax (ESPLOST) revenues collected by the capital projects fund to the debt service fund to pay bond principal and interest payments. \n \n- 19 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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, 2022 \n \nAdditions \n \nGovernmental Activities \n \nBalance \n \nDeductions \n \nJune 30, 2023 \n \nDue Within One Year \n \nGeneral Obligation (G.O.) Bonds $ 3,285,000.00 $ \n \nUnamortized Bond Premiums \n \n181,584.24 \n \nLeases \n \n11,345,891.21 \n \n22,650,000.00 $ 2,694,825.75 - \n \n1,610,000.00 $ 153,919.87 363,032.93 \n \n24,325,000.00 $ 2,722,490.12 \n10,982,858.28 \n \n1,675,000.00 188,853.11 389,986.69 \n \n$ 14,812,475.45 $ 25,344,825.75 $ 2,126,952.80 $ 38,030,348.40 $ 2,253,839.80 \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. Bonds have also been issued to advance-refund previously issued bonds. 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 \nIn the event that the School District would default on their Series 2015 G.O. bond principal and interest payments, the underwriter or beneficial owner may take actions (including court orders) to cause the School District to comply with its obligations, and the cost to the School District to perform its obligations would be paid solely from funds lawfully available for this purpose. \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, 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 Series 2023 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 \nDuring the current year, the School District issued general obligation bonds totaling $22,650,000.00 for the acquisition, construction, and equipping of capital facilities. \n \nOf the total amount originally authorized, $495,000.00 remains unissued. General obligation bonds \n \ncurrently outstanding are as follows: \n \nInterest \n \nMaturity \n \nAmount \n \nDescription \n \nRates \n \nIssue Date \n \nDate \n \nAmount Issued Outstanding \n \nGeneral Government - Refunding - Series 2015 General Government - Series 2023 \n \n2.00% - 4.00% 4/9/2015 3.05% - 3.93% 4/12/2023 \n \n8/1/2023 $ 8,740,000.00 $ 1,675,000.00 4/1/2044 22,650,000.00 22,650,000.00 \n$ 31,390,000.00 $ 24,325,000.00 \n \n- 20 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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 \nUnamortized Bond Premium \n \n2024 2025 2026 2027 2028 2029 - 2033 2034 - 2038 2039 - 2043 2044 \n \n$ 1,675,000.00 $ 1,128,250.00 $ \n \n395,000.00 \n \n1,132,500.00 \n \n390,000.00 \n \n1,112,750.00 \n \n1,060,000.00 \n \n1,093,250.00 \n \n1,010,000.00 \n \n1,040,250.00 \n \n5,345,000.00 \n \n4,425,000.00 \n \n5,965,000.00 \n \n3,030,250.00 \n \n6,975,000.00 \n \n1,445,500.00 \n \n1,510,000.00 \n \n75,500.00 \n \n188,853.11 128,325.04 128,325.04 128,325.04 128,325.04 641,625.18 641,625.18 641,625.18 \n95,461.31 \n \nTotal Principal and Interest $ 24,325,000.00 $ 14,483,250.00 $ 2,722,490.12 \n \nLeases \nThe School District has acquired building improvements under the provisions of various contracts that convey control of the right to use another entity's asset for a period of time in an exchange-like transaction. These contracts are classified as leases for accounting purposes. \nThe following is a summary of the carrying values of intangible right-to-use assets under lease at June 30, 2023: \nGovernmental Activities \n \nBuildings and Improvements Less: Accumulated Amortizaion \n \n$ 11,356,891.21 1,261,876.00 \n$ 10,095,015.21 \n \nLeases currently outstanding are as follows: \n \nPurpose \n \nInterest Rate \n \nEnergy Lease Purchase Agreement \n \n4.39% \n \nIssue Date 7/1/2021 \n \nMaturity Date \n \nAmount Issued \n \nAmount Outstanding \n \n4/1/2039 $ 11,725,622.21 $ 10,982,858.28 \n \n- 21 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nThe following is a schedule of total lease payments: \nFiscal Year Ended June 30: \n \nPrincipal \n \nInterest \n \n2024 2025 2026 2027 2028 2029 - 2033 2034 - 2038 2039 \n \n$ \n \n389,986.69 $ \n \n477,913.84 \n \n418,613.88 \n \n460,482.65 \n \n449,009.99 \n \n441,775.53 \n \n481,274.80 \n \n421,713.73 \n \n515,514.48 \n \n400,214.06 \n \n3,168,435.12 \n \n1,621,811.52 \n \n4,475,533.83 \n \n805,797.78 \n \n1,084,489.49 \n \n35,836.02 \n \nTotal Principal and Interest $ 10,982,858.28 $ 4,665,545.13 \n \nEXHIBIT \"G\" \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 School Boards Association Workers' Compensation Fund \nThe School District participates in the Georgia School Boards Association Workers' Compensation Fund (the Fund), a public entity risk pool organized on July 1, 1992, to develop, implement, and administer a program to reduce the risk of loss from employee accidents. The School District pays an annual contribution to the Fund for coverage. The Fund provides statutory limits of coverage for Workers' Compensation coverage and a $2,000,000 limit per occurrence for Employers' Liability coverage. Excess insurance coverage is provided through an agreement between the Fund and the Safety National Casualty Corporation to limit the Fund's exposure to large losses. \n \n- 22 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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 \nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \n \nBeginning of Year Liability \n \nClaims and Changes in \nEstimates \n \nClaims Paid \n \nEnd of Year Liability \n \n2022 $ \n \n- $ \n \n163.00 $ \n \n163.00 $ \n \n- \n \n2023 $ \n \n- $ \n \n- $ \n \n- $ \n \n- \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 \n100,000.00 \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, 2023: \n \nNonspendable Inventories \nRestricted Continuation of Federal Programs $ Capital Projects Debt Service Other (Donor Restricted Trust) \nCommitted School Activity Accounts \nAssigned Local Capital Outlay Projects \nUnassigned \n \n$ \n644,780.52 29,143,725.15 \n2,237,000.00 8,541.10 \n \n66,729.54 \n32,034,046.77 315,971.56 \n7,772,662.46 5,705,729.29 \n \nFund Balance, June 30, 2023 \n \n$ \n \n45,895,139.62 \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- 23 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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, 2023, together with funding available: \n \nProject \n \nUnearned Executed Contracts (1) \n \nPayments through June 30, 2023 (2) \n \nFunding Available From State (1) \n \nK-5 Building \n \n$ \n \n41,378,302.15 $ \n \n2,426,295.73 $ \n \n22,168,837.00 \n \n(1) The amounts described are not reflected in the basic financial statements. (2) Payments include contracts and retainages payable at year-end. \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- 24 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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 $578,634.00 for the year ended June 30, 2023. 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, 2023, the School District reported a liability of $14,565,006.00 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 0.147074%, which was an increase of 0.002320% from its proportion measured as of June 30, 2021. \n \nFor the year ended June 30, 2023, the School District recognized OPEB expense of ($579,610.00). At June 30, 2023, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \n \nOPEB Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual \n \nexperience \n \n$ \n \n581,371.00 $ 5,724,488.00 \n \nChanges of assumptions \n \n2,218,280.00 \n \n2,945,793.00 \n \nNet difference between projected and actual \n \nearnings on OPEB plan investments \n \n88,842.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n874,372.00 \n \n213,557.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n578,634.00 \n \n- \n \nTotal \n \n$ 4,341,499.00 $ 8,883,838.00 \n \n- 25 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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$ (1,447,156.00) $ (1,086,969.00) $ (892,273.00) $ (1,114,015.00) $ (526,674.00) $ (53,886.00) \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: \n \nOPEB: Inflation Salary increases Long-term expected rate of return \nHealthcare cost trend rate Pre-Medicare Eligible Medicare Eligible \nUltimate trend rate Pre-Medicare Eligible Medicare Eligible \nYear of Ultimate trend rate \n \n2.50% 3.00%  8.75%, including inflation 7.00%, compounded annually, net of investment expense, and including inflation \n6.50% 5.00% \n4.50% 4.50% \n \nPre-Medicare Eligible \n \n2029 \n \nMedicare Eligible \n \n2023 \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 \n \n- 26 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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 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 Projections 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 adjust 104% for males and 99% for females) with the MP-2019 Project 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 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, 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- 27 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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 Fund, 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 \n16,474,770.00 $ \n \n14,565,006.00 $ \n \n12,946,396.00 \n \n- 28 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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 \n12,549,494.00 $ \n \n14,565,006.00 $ \n \n17,042,062.00 \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. \n \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. \n \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. Pursuant to O.C.G.A. 47-3-63, the employer contributions for certain full-time public school support personnel are funded on behalf of the employer by the State of Georgia. 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, of which 19.86% of \n \n- 29 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \npayroll was required from the School District and 0.12% of payroll was required from the State. For the current fiscal year, employer contributions to the pension plan were $2,907,188.99 and $17,249.68 from the School District and the State, respectively. \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 $64,827.00. \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 $32,914,525.00 for its proportionate share of the net pension liability for TRS. \n \n- 30 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nThe TRS net pension liability reflected a reduction for support provided to the School District by the State of Georgia for certain public school support personnel. The amount recognized by the School District as its proportionate share of the net pension liability, the related State of Georgia support, and the total portion of the net pension liability that was associated with the School District were as follows: \n \nSchool District's proportionate share of the net pension liability \n \n$ \n \n32,914,525.00 \n \nState of Georgia's proportionate share of the net pension liability associated with the School District \n \n201,651.00 \n \nTotal \n \n$ \n \n33,116,176.00 \n \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 0.101363%, which was a decrease of 0.002316% 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 $447,476.00. \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 $4,698,973.00 for TRS and $112,450.00 for PSERS and revenue of $9,353.00 for TRS and $112,450.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \n \n- 31 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nAt June 30, 2023, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \n \nTRS Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual \n \nexperience \n \n$ 1,366,290.00 $ 171,328.00 \n \nChanges of assumptions \n \n4,954,686.00 \n \n- \n \nNet difference between projected and \n \nactual earnings on pension plan \n \ninvestments \n \n6,466,768.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n45,917.00 \n \n473,869.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n2,907,188.99 \n \n- \n \nTotal \n \n$ 15,740,849.99 $ 645,197.00 \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$ 3,295,665.00 $ 2,440,924.00 $ 1,796,380.00 $ 4,655,495.00 \n \n- 32 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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 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- 33 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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 Membership 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 General 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 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 \n \n- 34 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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. \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: \nSchool District's proportionate share of the net pension liability \n \n1% Decrease (5.90%) \n \nCurrent Discount Rate (6.90%) \n \n$ 49,657,118.00 $ \n \n32,914,525.00 $ \n \n1% Increase (7.90%) \n19,241,984.00 \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 \nDefined Contribution Plan \nOn November 1, 2001, the School District began an employer paid 403(b) annuity plan for the group of employees covered under the Public School Employees Retirement System (PSERS). Recognizing that PSERS was a limited defined contribution and defined benefit plan which did not provide for an adequate retirement for this group of employees, it was the Board's desire to supplement the retirement of this group. \n \nThe School District selected Lincoln Financial Group as the provider of this plan. For each employee covered under PSERS, the Board began contributing to the plan a maximum of 2.25% of the employee's base pay. \nThe employee becomes vested upon enrollment in the plan. \n \nEmployer 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 \n2023 2022 2021 \n \n2.25% 2.25% 2.25% \n \n$ \n \n220,447.76 \n \n$ \n \n217,657.98 \n \n$ \n \n223,167.61 \n \n- 35 - \n \n (This page left intentionally blank) \n \n OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE 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 \n2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.101363% $ 32,914,525.00 $ 0.103679% $ 9,169,716.00 $ 0.104142% $ 25,227,269.00 $ 0.105542% $ 22,694,384.00 $ 0.104300% $ 19,360,314.00 $ 0.103665% $ 19,266,460.00 $ 0.109202% $ 22,529,590.00 $ 0.119566% $ 18,202,736.00 $ 0.117766% $ 14,878,181.00 $ \n \n201,651.00 56,515.00 \n154,549.00 139,983.00 120,283.00 213,731.00 335,875.00 265,507.00 300,429.00 \n \n$ 33,116,176.00 $ 9,226,231.00 $ 25,381,818.00 $ 22,834,367.00 $ 19,480,597.00 $ 19,480,191.00 $ 22,865,465.00 $ 18,468,243.00 $ 15,178,610.00 \n \n$ 13,784,312.09 $ 13,572,687.32 $ 13,509,076.45 $ 12,959,921.11 $ 12,499,999.21 $ 12,049,030.72 $ 12,156,977.27 $ 12,800,091.72 $ 12,027,265.72 \n \n238.78% 67.56% \n186.74% 175.11% 154.88% 159.90% 185.32% 142.21% 123.70% \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- 37 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE 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 \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 \n2,907,188.99 $ 2,714,131.05 $ 2,571,100.20 $ 2,838,427.00 $ 2,692,024.53 $ 2,088,268.85 $ 1,700,560.76 $ 1,709,319.88 $ 1,659,082.78 $ \n \n2,907,188.99 $ 2,714,131.05 $ 2,571,100.20 $ 2,838,427.00 $ 2,692,024.53 $ 2,088,268.85 $ 1,700,560.76 $ 1,709,319.88 $ 1,659,082.78 $ \n \n- \n \n$ \n \n14,637,495.17 \n \n- \n \n$ \n \n13,784,312.09 \n \n- \n \n$ \n \n13,572,687.32 \n \n- \n \n$ \n \n13,509,076.45 \n \n- \n \n$ \n \n12,959,921.11 \n \n- \n \n$ \n \n12,499,999.21 \n \n- \n \n$ \n \n12,049,030.72 \n \n- \n \n$ \n \n12,156,977.27 \n \n- \n \n$ \n \n12,800,091.72 \n \n19.86% 19.69% 18.94% 21.01% 20.77% 16.71% 14.11% 14.06% 12.96% \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 OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE 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 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 \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 \n447,476.00 $ 50,934.00 $ \n355,634.00 $ 343,584.00 $ 325,521.00 $ 273,648.00 $ 367,668.00 $ 242,736.00 $ 215,664.00 $ \n \n447,476.00 $ 50,934.00 $ \n355,634.00 $ 343,584.00 $ 325,521.00 $ 273,648.00 $ 367,668.00 $ 242,736.00 $ 215,664.00 $ \n \n894,794.97 866,455.90 911,801.61 882,465.39 869,550.08 836,120.36 549,477.55 592,524.69 499,267.86 \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- 39 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY SCHOOL OPEB FUND \n \nSCHEDULE \"4\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the Net OPEB Liability (NOL) \n \nSchool District's proportionate share \nof 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 \nas a percentage of the total OPEB \nliability \n \n2023 2022 2021 2020 2019 2018 \n \n0.147074% $ 14,565,006.00 $ 0.144754% $ 15,678,056.00 $ 0.143255% $ 21,040,823.00 $ 0.145231% $ 17,822,960.00 $ 0.140446% $ 17,850,256.00 $ 0.136015% $ 19,110,052.00 $ \n \n- \n \n$ 14,565,006.00 $ 12,488,309.48 \n \n- \n \n$ 15,678,056.00 $ 12,223,202.42 \n \n- \n \n$ 21,040,823.00 $ 11,747,928.38 \n \n- \n \n$ 17,822,960.00 $ 11,050,140.13 \n \n- \n \n$ 17,850,256.00 $ 10,607,296.51 \n \n- \n \n$ 19,110,052.00 $ 9,845,563.53 \n \n116.63% 128.26% 179.10% 161.29% 168.28% 194.10% \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- 40 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE 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 \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 \n578,634.00 $ 531,783.00 $ 538,462.00 $ 484,455.00 $ 782,166.00 $ 727,917.00 $ 709,194.00 $ \n \n578,634.00 $ 531,783.00 $ 538,462.00 $ 484,455.00 $ 782,166.00 $ 727,917.00 $ 709,194.00 $ \n \n- \n \n$ \n \n13,224,344.54 \n \n- \n \n$ \n \n12,488,309.48 \n \n- \n \n$ \n \n12,223,202.42 \n \n- \n \n$ \n \n11,747,928.38 \n \n- \n \n$ \n \n11,050,140.13 \n \n- \n \n$ \n \n10,607,296.51 \n \n- \n \n$ \n \n9,845,563.53 \n \n4.38% 4.26% 4.41% 4.12% 7.08% 6.86% 7.20% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 41 - \n \n OGLETHORPE 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- 42 - \n \n OGLETHORPE 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 Enterprise Operation 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 \n8,467,466.00 $ \n \n8,467,466.00 $ \n \n9,919,089.65 $ \n \n90,000.00 \n \n90,000.00 \n \n206,240.76 \n \n15,149,607.00 \n \n15,225,172.30 \n \n16,870,225.16 \n \n2,224,933.00 \n \n3,511,017.00 \n \n4,477,600.12 \n \n275,107.00 \n \n275,107.00 \n \n352,386.89 \n \n14,946.00 \n \n14,946.00 \n \n41,734.24 \n \n417,104.00 \n \n417,104.00 \n \n930,501.68 \n \n26,639,163.00 \n \n28,000,812.30 \n \n32,797,778.50 \n \n1,451,623.65 116,240.76 \n1,645,052.86 966,583.12 77,279.89 26,788.24 513,397.68 \n4,796,966.20 \n \n16,547,508.00 \n1,187,873.99 978,138.01 326,112.00 376,858.00 \n1,746,175.00 511,402.00 \n2,039,450.00 1,709,553.00 \n227,040.00 1,155,686.00 \n232,404.00 27,038,200.00 \n(399,037.00) \n \n17,401,270.19 \n1,285,896.99 1,086,456.59 \n326,412.00 378,945.00 1,746,175.00 511,402.00 2,096,768.00 1,898,722.00 227,040.00 1,165,934.00 232,404.00 28,357,425.77 (356,613.47) \n \n19,348,898.43 \n1,475,147.74 1,043,896.37 \n369,409.72 452,530.12 1,558,582.91 485,469.30 2,026,305.52 2,032,498.47 181,445.29 1,189,858.95 189,065.70 30,353,108.52 2,444,669.98 \n \n(1,947,628.24) \n(189,250.75) 42,560.22 (42,997.72) (73,585.12) \n187,592.09 25,932.70 70,462.48 \n(133,776.47) 45,594.71 (23,924.95) 43,338.30 \n(1,995,682.75) 2,801,283.45 \n \n77,588.00 (570,837.00) (493,249.00) \n \n216,252.00 (709,501.00) (493,249.00) \n \n(1,975,989.81) (1,975,989.81) \n \n(216,252.00) (1,266,488.81) (1,482,740.81) \n \n(892,286.00) \n \n(849,862.47) \n \n468,680.17 \n \n1,318,542.64 \n \n6,224,997.60 \n \n6,224,997.60 \n \n6,273,071.84 \n \n48,074.24 \n \n(1.26) \n \n17,496.95 \n \n- \n \n(17,496.95) \n \n$ \n \n5,332,710.34 $ \n \n5,392,632.08 $ \n \n6,741,752.01 $ \n \n1,349,119.93 \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 $606,332.69 and $540,104.12, 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- 43 - \n \n OGLETHORPE 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 \nForest Service Schools and Roads Cluster Pass-Through From Office of the State Treasurer Schools and Roads - Grants to States \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 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 English Language Acquisition State Grants English Language Acquisition State Grants Rural and Low-Income School Program Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Twenty-First Century Community Learning Centers Twenty-First Century Community Learning Centers Total Other Programs Total U. S. Department of Education \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 \n215,273.96 796,892.96 \n70,269.72 1,082,436.64 \n \n10.665 \n \n486Forest \n \n5,343.65 \n \n10.560 \n \n235GA904N2533 \n \n6,270.01 1,094,050.30 \n \n84.425D 84.425D \n84.425U \n84.425W \n \nS425D200012 S425D210012 \nS425U210012 \nS425W210011 \n \n103.45 507,642.60 \n1,072,473.87 \n38,458.87 1,618,678.79 \n \n84.027A 84.027A 84.173A 84.173A 84.173X \n \nH027A210073 H027A220073 H173A210081 H173A220081 H173X210081 \n \n84.048A 84.365A 84.365A 84.358B 84.010A 84.010A 84.287C 84.287C \n \nV048A220010 S365A210010 S365A220010 S358F220010 S010A210010-21A S010A220010 S287C210010 S287C220010 \n \n73,508.17 471,682.17 \n16,482.00 23,493.98 \n770.00 585,936.32 \n32,402.00 3,235.00 \n11,471.65 21,927.66 73,251.00 641,024.43 53,852.88 311,200.18 1,148,364.80 3,352,979.91 \n- 44 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"8\" \n \nFUNDING AGENCY PROGRAM/GRANT \nFederal Communications Commission, U. S. Direct COVID-19 Emergency Connectivity Fund Program \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 \nTotal Expenditures of Federal Awards \n \nASSISTANCE LISTING NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n32.009 \n \n80,000.00 \n \n93.575 \n \n2210GACCC5 $ \n \n10,000.00 4,537,030.21 \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 Oglethorpe 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. \n \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. \n \nNote 3. Indirect Cost Rate The 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- 45 - \n \n OGLETHORPE 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 Categorical Grants Pupil Transportation Regular Nursing Services Education Equalization Funding Grant Other State Programs Computer Science Capacity Grant (CS4GA) Grant Food Services Hygiene Products Math and Science Supplements Preschool Disability Services One Time QBE Adjustment Pupil Transportation - State Bonds Teachers Retirement Vocational Education Vocational Supervisors Office of the State Treasurer Public School Employees Retirement CONTRACT Human Resources, Georgia Department of Family Connections \nSee notes to the basic financial statements. \n \nSCHEDULE \"9\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n224,206.48 \n \n832,304.00 61,916.00 \n2,049,670.00 235,523.00 909,889.00 135,945.00 \n1,664,296.00 1,429,390.00 \n523,978.00 2,593,061.00 \n578,836.00 214,159.00 122,529.00 154,485.00 296,295.00 \n90,569.00 50,093.00 \n1,151.00 \n522,771.00 673,446.00 568,458.00 \n424,081.00 49,101.00 7,780.00 \n1,315,169.00 \n21,280.51 40,560.00 \n1,695.00 27,412.82 43,805.00 641,760.00 176,220.00 17,249.68 37,445.59 16,368.08 \n64,827.00 \n \n52,500.00 \n \n$ \n \n16,870,225.16 \n \n- 46 - \n \n (This page left intentionally blank) \n \n OGLETHORPE COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"10\" \n \nPROJECT 2017 SPLOST \nRetiring outstanding general obligation debt of the School District previously incurred and issued with respect to capital outlay projects in the principal and interest amount not to exceed $3,500,000.00, compromised of a portion of the School District's Series 2008 and 2015 general obligation and/or refunding bonds coming due in the years 2018 through 2023; and The following capital outlay projects at a maximum cost of $500,000.00; (a) making system-wide technology improvements, including, but not limited to, the acquisition and installation of instruction technology, security, and information systems hardware and associated software and accessories, and infrastructure at all schools and selected other facilities; and (b) improving school and/or athletic facilities, purchasing school buses, school equipment, and safety and security equipment. \nSubtotal 2017 Projects \n2022 SPLOST Acquiring, constructing, repairing, improving, renovating, adding to, extending, upgrading, furnishing, and equipping school buildings and support facilities and infrastructure in the Oglethorpe County School District useful or desirable in connection therewith, including acquiring any necessary property or demolition therefore, both real and personal, including, but not limited to: (1) Paying a portion of the costs of acquiring, constructing, equipping, and furnishing (including any demolition that may be necessary) new school buildings and facilities useful and desirable in connection therewith, including, but not limited to, a kindergarten to 5th grade building or a kindergarten to 3rd grade building and, in either case, support and athletic/physical education facilities; (2) Adding to, renovating, repairing, improving and equipping existing schools and facilities including, but not limited to, vocational/agricultural facilities, gymnasiums, HVAC and physical education and athletic facilities; (3) Acquiring miscellaneous new equipment, fixtures and furnishings for the Oglethorpe County School District, including textbooks, band instruments, computer technology equipment and software, interactive boards, safety and security technology, food service equipment, school buses and other vehicles; (4) Acquiring real property; (5) Acquiring any other capital property necessary or desirable, both real and personal (collectively, the \"Projects\"); (6) Paying capitalized interest and/or costs of issuing Bonds; and... \n(1) Paying a portion of the principal of and interest on the Bonds (2) Paying all or a portion of the costs of the Projects (3) Making lease purchase payments \nSubtotal 2022 Projects \nTotal \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 \nJune 30, 2024 \n \n250,000.00 \n \n250,000.00 \n \nJune 30, 2024 \n \n250,000.00 4,000,000.00 \n \n250,000.00 4,000,000.00 \n \nJune 30, 2024 \n \n5,005,000.00 \n \n- \n \nJune 30, 2028 \n \n5,005,000.00 \n \nJune 30, 2028 \n \n500,000.00 - \n \n2,095,000.00 7,600,000.00 \n \n$ \n \n11,600,000.00 $ \n \n500,000.00 - \n2,095,000.00 7,600,000.00 \n11,600,000.00 \n \nJune 30, 2028 June 30, 2028 \nJune 30, 2028 June 30, 2028 June 30, 2028 June 30, 2028 June 30, 2028 \n \n- 48 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"10\" \n \nPROJECT \n \n2017 SPLOST \n \nRetiring outstanding general obligation debt of the School District previously \n \nincurred and issued with respect to capital outlay projects in the principal and \n \ninterest amount not to exceed $3,500,000.00, compromised of a portion of \n \nthe School District's Series 2008 and 2015 general obligation and/or refunding \n \nbonds coming due in the years 2018 through 2023; and \n \n$ \n \nThe following capital outlay projects at a maximum cost of $500,000.00; \n \n(a) making system-wide technology improvements, including, but not limited to, \n \nthe acquisition and installation of instruction technology, security, and \n \ninformation systems hardware and associated software and accessories, \n \nand infrastructure at all schools and selected other facilities; and \n \n(b) improving school and/or athletic facilities, purchasing school buses, \n \nschool equipment, and safety and security equipment. \n \nSubtotal 2017 Projects \n \nAMOUNT EXPENDED IN CURRENT YEAR (3) (4) \n400,000.00 $ \n400,000.00 \n \nAMOUNT EXPENDED IN PRIOR YEARS (3) (4) \n \nTOTAL COMPLETION \nCOST \n \n1,554,250.04 $ \n \n- $ \n \n- \n \n- \n \n101,308.76 \n \n- \n \n1,655,558.80 \n \n- \n \nEXCESS PROCEEDS NOT \nEXPENDED \n- \n- \n \n2022 SPLOST \n \nAcquiring, constructing, repairing, improving, renovating, adding to, extending, \n \nupgrading, furnishing, and equipping school buildings and support facilities and \n \ninfrastructure in the Oglethorpe County School District useful or desirable in \n \nconnection therewith, including acquiring any necessary property or demolition \n \ntherefore, both real and personal, including, but not limited to: \n \n(1) Paying a portion of the costs of acquiring, constructing, equipping, and \n \nfurnishing (including any demolition that may be necessary) new school \n \nbuildings and facilities useful and desirable in connection therewith, including, \n \nbut not limited to, a kindergarten to 5th grade building or a kindergarten \n \nto 3rd grade building and, in either case, support and athletic/physical \n \neducation facilities; \n \n2,474,605.23 \n \n- \n \n- \n \n- \n \n(2) Adding to, renovating, repairing, improving and equipping existing schools \n \nand facilities including, but not limited to, vocational/agricultural facilities, \n \ngymnasiums, HVAC and physical education and athletic facilities; \n \n- \n \n- \n \n- \n \n- \n \n(3) Acquiring miscellaneous new equipment, fixtures and furnishings for the \n \nOglethorpe County School District, including textbooks, band instruments, \n \ncomputer technology equipment and software, interactive boards, safety and \n \nsecurity technology, food service equipment, school buses and other vehicles; \n \n- \n \n- \n \n- \n \n- \n \n(4) Acquiring real property; \n \n- \n \n- \n \n- \n \n- \n \n(5) Acquiring any other capital property necessary or desirable, both real and \n \npersonal (collectively, the \"Projects\"); \n \n- \n \n- \n \n- \n \n- \n \n(6) Paying capitalized interest and/or costs of issuing Bonds; and... \n \n- \n \n- \n \n- \n \n- \n \n(1) Paying a portion of the principal of and interest on the Bonds \n \n- \n \n- \n \n- \n \n- \n \n(2) Paying all or a portion of the costs of the Projects \n \n- \n \n- \n \n- \n \n- \n \n(3) Making lease purchase payments \n \n- \n \n- \n \n- \n \n- \n \nSubtotal 2022 Projects \n \n2,474,605.23 \n \n- \n \n- \n \n- \n \nTotal \n \n$ 2,874,605.23 $ 1,655,558.80 $ \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 Oglethorpe 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. (4) Cost of HVAC Equipment through Capital Outlay Funds for the Primary and Elementary School are included. \n \nSee notes to the basic financial statements. \n \n- 49 - \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 Mrs. Beverley Levine, Superintendent and Members of the Oglethorpe County Board of Education \nWe have audited the financial statements of the governmental activities and each major fund of the Oglethorpe 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 27, 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 27, 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 Mrs. Beverley Levine, Superintendent and Members of the Oglethorpe County Board of Education \nReport on Compliance for Each Major Federal Program \nOpinion on Each Major Federal Program \nWe have audited the Oglethorpe 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, 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, 2023. \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 \nAugust 27, 2024 \n \n Section III Auditee's Response to Prior Year Findings and Questioned Costs \n \n OGLETHORPE COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2023 \n \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS \n \nFS 2022-001 Internal Controls over Financial Reporting \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 OGLETHORPE 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 \nType of auditor's report issued: Governmental Activities and Each Major Fund \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?  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. 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_1381685589-2023-08-28","title":"Annual financial report, 2022 June 30, Oglethorpe County Board of Education, Lexington, 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":null,"dc_date":["2023-08-28"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Oglethorpe County Board of Education, Ga.)","Fiscal year 2021; title from PDF cover (Georgia Government Publications database, viewed June 9, 2023).","Fiscal year 2021; (Georgia Government Publications database, viewed June 9, 2023)."],"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":["Oglethorpe County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Oglethorpe County--Auditing--Periodicals.","Education--Georgia--Oglethorpe County--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report, 2022 June 30, Oglethorpe County Board of Education, Lexington, 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_1381685589-2023-08-28"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1381685589-2023-08-28"],"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 \nOglethorpe County Board of Education \nLexington, Georgia \nIncluding Independent Auditor's Report \nGreg S. Griffin | State Auditor \n \n Oglethorpe 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 Notes to the Basic Financial Statements \n \n7 \n \nSchedules \n \nRequired Supplementary Information \n \n1 Schedule of Proportionate Share of the Net Pension Liability \n \nTeachers Retirement System of Georgia \n \n37 \n \n2 Schedule of Contributions  Teachers Retirement System of Georgia \n \n38 \n \n3 Schedule of Proportionate Share of the Net Pension Liability \n \nEmployees' Retirement System of Georgia \n \n39 \n \n4 Schedule of Contributions  Employees' Retirement System of Georgia \n \n40 \n \n5 Schedule of Proportionate Share of the Net Pension Liability \n \nPublic School Employees Retirement System of Georgia \n \n41 \n \n6 Schedule of Proportionate Share of the Net OPEB Liability \n \nSchool OPEB Fund \n \n42 \n \n Required Supplementary Information (Continued) \n \n7 Schedule of Contributions  School OPEB Fund \n \n43 \n \n8 Notes to the Required Supplementary Information \n \n44 \n \n9 Schedule of Revenues, Expenditures and Changes in Fund \n \nBalances - Budget and Actual General Fund \n \n45 \n \nSupplementary Information \n \n10 Schedule of Expenditures of Federal Awards \n \n46 \n \n11 Schedule of State Revenue \n \n48 \n \n12 Schedule of Approved Local Option Sales Tax Projects \n \n50 \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 Summary Schedule of Prior Audit Findings \n \nSection IV Findings and Questioned Costs Schedule of Findings and Questioned Costs \n \nSection V Management's Corrective Action for Current Year Findings Schedule 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 Mrs. Beverley Levine, Superintendent and Members of the Oglethorpe County Board of Education \nReport on the Audit of the Financial Statements \nOpinions \nWe have audited the accompanying financial statements of the governmental activities and each major fund of the Oglethorpe 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 and each major fund 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. \nEmphasis of Matter \nAs described in Note 2 to the financial statements, in 2022, the School District adopted new accounting guidance, Governmental Accounting Standards Board (GASB) Statement No. 87, Leases. The School District restated beginning balances for the effect of GASB Statement No. 87. Our opinions are not modified with respect to this matter. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n Responsibilities 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. \nIn 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. \n \n Required 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 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 28, 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 \n \n 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. 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 28, 2023 \n \n Oglethorpe County Board of Education \n \n OGLETHORPE 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 Other Inventories Prepaid Items Intangible Right-to-Use Assets (Net of Accumulated Amortization) Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \nTotal Assets \nDEFERRED OUTFLOWS OF RESOURCES Deferred Charge on Debt Refunding Related to Defined Benefit Pension Plans Related to OPEB Plan \nTotal Deferred Outflows of Resources \nLIABILITIES Accounts Payable Salaries and Benefits Payable Interest 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 Plans 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 Donor Restricted Trust Unrestricted (Deficit) \nTotal Net Position \n \nEXHIBIT \"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n18,683,914.07 \n \n10,753.38 \n \n483,826.80 2,034,736.55 2,103,283.83 \n39,007.55 49,499.05 \n450.00 10,725,953.21 \n600,770.65 26,068,952.78 60,801,147.87 \n \n114,337.19 6,788,733.05 4,241,688.00 11,144,758.24 \n \n47,791.09 2,857,156.79 \n179,337.01 9,169,716.00 15,678,056.00 \n2,094,089.07 12,718,386.38 42,744,532.34 \n \n13,655,458.00 8,829,221.00 \n22,484,679.00 \n \n22,697,538.38 \n \n574,049.68 1,518,575.72 5,393,616.35 \n9,811.29 (23,476,896.65) \n \n$ \n \n6,716,694.77 \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 Enterprise Operations Food Services Interest on Long-Term Debt \nTotal Governmental Activities \n \nOGLETHORPE COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30, 2022 \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 \n16,737,311.10 $ \n \n112,806.62 $ \n \n14,330,886.86 $ \n \n1,207,341.53 1,038,108.40 \n283,310.87 463,606.56 1,449,061.84 404,448.53 1,710,158.51 1,657,349.83 150,385.04 \n \n- \n \n553,925.12 \n \n- \n \n311,099.24 \n \n- \n \n380,683.37 \n \n- \n \n600,463.34 \n \n- \n \n803,938.74 \n \n- \n \n2,073.06 \n \n- \n \n702,431.82 \n \n- \n \n791,690.55 \n \n- \n \n10,615.38 \n \n229,404.39 1,146,629.49 \n713,522.83 \n \n59,336.43 \n- \n \n1,487,681.81 \n- \n \n$ \n \n27,190,638.92 $ \n \n172,143.05 $ \n \n19,975,489.29 \n \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations For Debt Services Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous Total General Revenues \n \nChange in Net Position \n \nNet Position - Beginning of Year (Restated) \n \nNet Position - End of Year \n \n$ \n \n(2,293,617.62) \n(653,416.41) (727,009.16) \n97,372.50 136,856.78 (645,123.10) (402,375.47) (1,007,726.69) (865,659.28) (139,769.66) \n(229,404.39) 400,388.75 (713,522.83) \n(7,043,006.58) \n9,292,697.19 1,346,005.04 \n1,146,095.31 334,404.75 \n1,315,066.00 15,790.01 \n731,552.06 14,181,610.36 \n7,138,603.78 \n(421,909.01) \n6,716,694.77 \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 Other Inventories Prepaid Items \nTotal Assets \nLIABILITIES Accounts Payable Salaries and Benefits Payable \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes \nFUND BALANCES Nonspendable Restricted Committed Assigned Unassigned \nTotal Fund Balances \nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \n \nOGLETHORPE COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30, 2022 \n \nEXHIBIT \"C\" \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE FUND \n \nTOTAL \n \n$ \n \n4,736,385.06 $ \n \n12,671,894.06 $ \n \n1,275,634.95 $ \n \n18,683,914.07 \n \n10,753.38 \n \n- \n \n- \n \n10,753.38 \n \n339,826.73 2,034,736.55 2,103,283.83 \n39,007.55 49,499.05 \n450.00 \n \n106,118.51 - \n \n37,881.56 - \n \n483,826.80 2,034,736.55 2,103,283.83 \n39,007.55 49,499.05 \n450.00 \n \n$ \n \n9,313,942.15 $ \n \n12,778,012.57 $ \n \n1,313,516.51 $ \n \n23,405,471.23 \n \n$ \n \n47,791.09 $ \n \n2,857,156.79 \n \n2,904,947.88 \n \n- $ - \n \n- $ - \n \n47,791.09 2,857,156.79 2,904,947.88 \n \n135,922.43 \n \n- \n \n22,212.73 \n \n158,135.16 \n \n49,949.05 534,361.92 248,218.87 \n5,440,542.00 6,273,071.84 \n \n5,778,012.57 \n7,000,000.00 \n12,778,012.57 \n \n1,291,303.78 \n1,291,303.78 \n \n49,949.05 7,603,678.27 \n248,218.87 7,000,000.00 5,440,542.00 20,342,388.19 \n \n$ \n \n9,313,942.15 $ \n \n12,778,012.57 $ \n \n1,313,516.51 $ \n \n23,405,471.23 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 3 - \n \n OGLETHORPE 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 Buildings and improvements Equipment Land improvements Accumulated depreciation \nRight-to-use assets used in governmental activities are not financial resources and therefore are not reported in the funds. Leased buildings and improvements Accumulated amortization - Right-to-use assets \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 charges or credits on debt refundings are applicable to future periods and are therefore not reported in the funds and are amortized over the life of the new debt. \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 Accrued interest payable Lease liability payable Unamortized bond premiums \nNet position of governmental activities (Exhibit \"A\") \n \n$ \n \n20,342,388.19 \n \n$ \n \n600,770.65 \n \n38,120,473.34 \n \n4,771,760.97 \n \n417,266.61 \n \n(17,240,548.14) \n \n26,669,723.43 \n \n$ \n \n11,356,891.21 \n \n(630,938.00) \n \n10,725,953.21 \n \n$ \n \n(9,169,716.00) \n \n(15,678,056.00) \n \n(24,847,772.00) 114,337.19 \n \n$ \n \n(6,866,724.95) \n \n(4,587,533.00) \n \n(11,454,257.95) 158,135.16 \n \n$ \n \n(3,285,000.00) \n \n(179,337.01) \n \n(11,345,891.21) \n \n(181,584.24) \n \n(14,991,812.46) \n \n$ \n \n6,716,694.77 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 4 - \n \n OGLETHORPE 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 Enterprise Operations 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) Net 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 \n9,296,703.30 $ \n \n334,404.75 \n \n16,291,893.43 \n \n5,111,066.02 \n \n172,143.05 \n \n8,768.09 \n \n731,552.06 \n \n31,946,530.70 \n \n- $ 1,146,095.31 \n6,747.36 1,152,842.67 \n \n1,346,372.94 $ - \n274.56 - \n1,346,647.50 \n \n10,643,076.24 1,480,500.06 16,291,893.43 5,111,066.02 \n172,143.05 15,790.01 731,552.06 34,446,020.87 \n \n17,744,564.52 \n1,358,707.73 1,162,396.62 \n336,298.98 505,560.69 1,655,659.23 448,944.80 1,800,703.70 1,655,934.85 150,385.04 229,404.39 1,216,043.11 \n- \n28,264,603.66 3,681,927.04 \n \n- \n16,150.00 \n11,000.00 - \n498,454.66 525,604.66 627,238.01 \n \n- \n- \n1,565,000.00 1,000.00 \n154,875.00 1,720,875.00 (374,227.50) \n \n17,744,564.52 \n1,358,707.73 1,162,396.62 \n336,298.98 505,560.69 1,655,659.23 448,944.80 1,800,703.70 1,655,934.85 150,385.04 229,404.39 1,216,043.11 16,150.00 \n1,576,000.00 1,000.00 \n653,329.66 30,511,083.32 3,934,937.55 \n \n(2,906,464.00) (2,906,464.00) \n775,463.04 \n \n2,906,464.00 (412,000.00) 2,494,464.00 3,121,702.01 \n \n412,000.00 - \n412,000.00 37,772.50 \n \n3,318,464.00 (3,318,464.00) \n3,934,937.55 \n \n5,497,608.80 \n \n9,656,310.56 \n \n1,253,531.28 \n \n16,407,450.64 \n \n$ \n \n6,273,071.84 $ \n \n12,778,012.57 $ \n \n1,291,303.78 $ \n \n20,342,388.19 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 5 - \n \n OGLETHORPE 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 Amortization expense \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. Amortization of deferred charge on refunding of bonds Bond principal retirements Lease liability payments Amortization of bond premium \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 increase in accrued interest \nChange in net position of governmental activities (Exhibit \"B\") \n \n$ \n \n3,934,937.55 \n \n$ \n \n129,727.00 \n \n(952,327.44) \n \n(630,938.00) \n \n(1,453,538.44) (4,374.01) \n \n$ \n \n(76,224.80) \n \n1,565,000.00 \n \n11,000.00 \n \n121,056.14 \n \n1,620,831.34 \n \n$ \n \n2,617,667.85 \n \n528,104.00 \n \n3,145,771.85 \n \n(105,024.51) \n \n$ \n \n7,138,603.78 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 6 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \n \nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \nReporting Entity \nThe Oglethorpe 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. 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 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- 7 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \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. Eliminations have been made to minimize the double counting of internal activities. 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) legally restricted for the payment of general long-term principal and interest. \nBasis of Accounting \nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide 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, grants and donations. 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 and donations 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 \n- 8 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \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 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 cumulative effect of GASB Statement No. 87 is described in the restatement note. \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. \n \n- 9 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \n \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. \nPrepaid Items \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. \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 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- 10 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \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 \nBuildings and Improvements Equipment Intangible Assets \n \nALL \n \nN/A \n \n$ \n \n50,000.00 \n \n20 to 80 years \n \n$ \n \n100,000.00 \n \nUp to 80 years \n \n$ \n \n25,000.00 \n \n5 to 20 years \n \n$ \n \n200,000.00 \n \n10 to 20 years \n \nIntangible Right-To-Use Assets \n \nLeases, as a lessee, are included as intangible right-to-use assets and lease obligations on the Statement of Net Position. An intangible right-to-use asset represents the School District's right to use an underlying asset for the lease term. Lease obligations represent the School District's liability to make lease payments arising from the lease agreement. Intangible right-to-use assets and lease obligations are recognized based on the present value of lease payments over the lease term, where the initial term exceeds 12 months. Residual value guarantees and the value of an option to extend or terminate a lease are reflected to the extent it is reasonably certain to be paid or exercised. Variable payments based on future performance or usage are not included in the measurement of the lease liability. Intangible rightto-use assets are amortized using a straight-line basis over the shorter of the lease term or useful life of the underlying asset. \nCapitalization thresholds of intangible right-to-use assets reported in the government-wide are as follows: \n \nCapitalization Policy \n \nLand Land Improvements \nBuildings and Improvements Equipment \n \nALL \n \n$ \n \n50,000.00 \n \n$ \n \n100,000.00 \n \n$ \n \n25,000.00 \n \nLeases as Lessee \nThe School District is a lessee for noncancellable leases of building improvements owned by 3rd parties. \nAt the commencement of a lease, the School District initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The right-to-use lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on the straight-line basis over the shorter of the useful life of the asset or the lease term. \n \n- 11 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \n \nKey estimates and judgements related to leases include how the School District determines (1) lease term and (2) lease payments: \nThe lease term includes the noncancellable period of the lease. Lease payments included in the measurement of the lease liability are composed of fixed payments the School District will make over the lease term. \nThe School District monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease asset and lease liability if certain changes occur that are expected to significantly affect the amount of the lease liability. \nLease assets are reported with other capital assets and lease liabilities are reported with current and long-term debt on the statement of net position. \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- 12 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \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- 13 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \n \nProperty Taxes \n \nThe Oglethorpe County Board of Commissioners adopted the property tax levy for the 2021 tax digest year (calendar year) on July 21, 2021 (levy date) based on property values as of January 1, 2021. Taxes were due on December 20, 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 Oglethorpe 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 $8,427,613.89 and for school bonds amounted to $1,346,372.94. \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 \n18.400 mills 2.968 mills \n \n21.368 mills \n \nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $869,089.41 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 $1,146,095.31 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 fund. 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 and function. 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 \n- 14 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \n \nThe Superintendent is authorized by the Board to approve adjustments of no more than 5% of the amount budgeted for expenditures in any budget function for any fund. The Superintendent shall report any such adjustments to the Board. If expenditure of funds in any budget function for any fund is anticipated to be more than 5% of the budgeted amount, the Superintendent shall request Board approval for the budget amendment. Any position or expenditure not previously approved in the annual budget that exceeds $5,000.00 shall require Board approval unless the Superintendent deems the position or purchase an emergency. In such case, the expenditure shall be reported to the Board at its regularly scheduled meeting. Under no circumstance is the Superintendent or other staff person authorized to spend funds that exceed the total budget without approval by the Board. \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 AND CASH EQUIVALENTS \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. \n \n- 15 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \n \nCategorization of Deposits \n \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 $14,373,773.50, and a bank balance of $15,255,191.47. The bank balances insured by Federal depository insurance were $415,653.23. \nAt June 30, 2022, $14,839,538.24 of the School District's bank balances were exposed to custodial credit risk. This balance was in the State's Secure Deposit Program (SDP). \n \nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. The SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians. \n \nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \n \nReconciliation of cash and cash equivalents balances to carrying value of deposits: \n \nCash and cash equivalents Statement of Net Position \n \n$ 18,683,914.07 \n \nAdd: Deposits with original maturity of three months or more reported as investments \n \n10,753.38 \n \nLess: Investment pools reported as cash and cash equivalents \nGeorgia Fund 1 \n \n4,320,893.95 \n \nTotal carrying value of deposits - June 30, 2022 \n \n$ 14,373,773.50 \n \nCategorization of Cash Equivalents \nThe School District reported cash equivalents of $4,320,893.95 in Georgia Fund 1, a local government investment pool, which is included in the cash balances above. Georgia Fund 1 is not registered with the SEC as an investment company and does not operate in a manner consistent with the SEC's Rule 2a-7 of the Investment Company Act of 1940. The investment is valued at the pool's share price, $1.00 per share, which approximates fair value. The pool is an AAAf rated investment pool by Standard and Poor's. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2022 was 43 days. \n \n- 16 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \n \nGeorgia Fund 1, administered by the State of Georgia, Office of the State Treasurer, is not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of the State Treasurer for the Georgia Fund 1, does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State of Georgia Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \n \nNOTE 5: CAPITAL ASSETS AND INTANGIBLE RIGHT-TO-USE ASSETS \n \nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \n \nGovernmental Activities Capital Assets, \nNot Being Depreciated: Land \n \nRestated Balances July 1, 2021 \n \nIncreases \n \nDecreases \n \nBalances June 30, 2022 \n \n$ \n \n600,770.65 $ \n \n- $ \n \n- $ \n \n600,770.65 \n \nCapital Assets, Being Depreciated Buildings and Improvements Equipment Land Improvements \nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \n \n38,181,261.60 4,642,033.97 417,266.61 \n \n129,727.00 \n- \n \n60,788.26 - \n \n38,120,473.34 4,771,760.97 417,266.61 \n \n12,255,790.58 3,675,952.07 417,266.31 \n \n753,896.86 198,430.58 \n- \n \n60,788.26 - \n \n12,948,899.18 3,874,382.65 417,266.31 \n \nTotal Capital Assets, Being Depreciated, Net \n \n26,891,553.22 \n \n(822,600.44) \n \n- \n \n26,068,952.78 \n \nGovernmental Activities Capital Assets - Net \n \n$ 27,492,323.87 $ (822,600.44) $ \n \n- $ 26,669,723.43 \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction Support Services \nEducational Media Services General Administration Maintenance and Operation of Plant Student Transportation Services Food Services \n \n$ \n \n3,264.07 \n \n5,251.95 \n \n14,915.55 \n \n124,625.92 \n \n$ 796,796.48 \n148,057.49 7,473.47 \n \n$ 952,327.44 \n \n- 17 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \n \nThe following is a summary of changes in the intangible right-to-use assets for governmental activities during the fiscal year: \n \nRestated Balances July 1, 2021 \n \nIncreases \n \nDecreases \n \nBalances June 30, 2022 \n \nGovernmental Activities Intangible Right-to-Use Assets \nBuildings and Improvements \nLess Accumulated Amortization: Buildings and Improvements \n \n$ 11,356,891.21 $ \n \n- $ \n \n- \n \n630,938.00 \n \n- $ 11,356,891.21 \n \n- \n \n630,938.00 \n \nGovernmental Activities Intangible Right-to-Use Assets - Net \n \n$ 11,356,891.21 $ (630,938.00) $ \n \n- $ 10,725,953.21 \n \nCurrent year amortization expense by function is as follows: \n \nInstruction Support Services \nEducational Media Services General Administration Maintenance and Operation of Plant Student Transportation Services Food Services \n \n$ \n \n2,162.52 \n \n3,479.53 \n \n9,881.88 \n \n82,567.43 \n \n$ 527,895.30 \n98,091.36 4,951.34 \n$ 630,938.00 \n \nNOTE 6: INTERFUND TRANSFERS \n \nInterfund transfers for the year ended June 30, 2022, consisted of the following: \n \nTransfers to \n \nGeneral Fund \n \nTransfers From Capital Projects \nFund \n \nTotal \n \nCapital Projects Fund Debt Service Fund \n \n$ 2,906,464.00 $ - \n \n- $ 412,000.00 \n \n2,906,464.00 412,000.00 \n \nTotal \n \n$ 2,906,464.00 $ \n \n412,000.00 $ \n \n3,318,464.00 \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 and to pay bond principal and interest payments on installment sales agreement. Transfers were also made to move Education Special Local Option Sales Tax (ESPLOST) revenues collected by the capital projects fund to the debt service fund to pay bond principal and interest payments. \n \n- 18 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \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 \n \nBalance \n \nAdditions \n \nDeductions \n \nJune 30, 2022 \n \nDue Within One Year \n \nGeneral Obligation (G.O.) Bonds Unamortized Bond Premiums Leases \n \n$ 4,850,000.00 $ 302,640.38 \n11,356,891.21 \n \n- $ 1,565,000.00 $ 3,285,000.00 $ 1,610,000.00 \n \n- \n \n121,056.14 \n \n181,584.24 \n \n121,056.14 \n \n- \n \n11,000.00 11,345,891.21 \n \n363,032.93 \n \n$ 16,509,531.59 $ \n \n- $ 1,697,056.14 $ 14,812,475.45 $ 2,094,089.07 \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. Bonds have also been issued to advance-refund previously issued bonds. 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. \nIn the event that the School District would default on their G.O. bond principal and interest payments, the underwriter or beneficial owner may take actions (including court orders) to cause the School District to comply with its obligations, and the cost to the School District to perform its obligations would be paid solely from funds lawfully available for this purpose. \nAdditional 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. \nOf the total amount originally authorized, $495,000.00 remains unissued. General obligation bonds currently outstanding are as follows: \n \nDescription \n \nInterest Rates Issue Date \n \nMaturity Date \n \nAmount Issued \n \nAmount Outstanding \n \nGeneral Government - Refunding - Series 2015 2.00% - 4.00% 4/9/2015 8/1/2023 $ 8,740,000.00 $ 3,285,000.00 \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 \nUnamortized Bond Premium \n \n2023 2024 \n \n$ 1,610,000.00 $ 99,200.00 $ \n \n1,675,000.00 \n \n33,500.00 \n \n121,056.14 60,528.10 \n \nTotal Principal and Interest $ 3,285,000.00 $ 132,700.00 $ 181,584.24 \n \n- 19 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \n \nLeases \nThe School District has acquired building improvements under the provisions of various contracts that convey control of the right-to-use another entity's asset for a period of time in an exchange-like transaction. These contracts are classified as leases for accounting purposes. \nThe following is a summary of the carrying values of intangible right-to-use assets under lease at June 30, 2022: \nGovernmental Activities \n \nBuildings and Improvements Less: Accumulated Amortizaion \n \n$ 11,356,891.21 630,938.00 \n \n$ 10,725,953.21 \n \nLeases currently outstanding are as follows: \n \nPurpose \n \nInterest Rate \n \nIssue Date \n \nMaturity Date \n \nAmount Issued \n \nAmount Outstanding \n \nEnergy Lease Purchase Agreement \n \n4.39% \n \n7/1/2021 4/1/2039 $ 11,725,622.21 $ 11,345,891.21 \n \nThe following is a schedule of total lease payments: \n \nFiscal Year Ended June 30: \n \nPrincipal \n \nInterest \n \n2023 2024 2025 2026 2027 2028 - 2032 2033 - 2037 2038 - 2039 \n \n$ \n \n363,032.93 $ \n \n494,143.59 \n \n389,986.69 \n \n477,913.84 \n \n418,613.88 \n \n460,482.65 \n \n449,009.99 \n \n441,775.53 \n \n481,274.80 \n \n421,713.73 \n \n2,963,494.90 \n \n1,754,133.76 \n \n4,178,264.89 \n \n992,450.71 \n \n2,102,213.13 \n \n117,074.92 \n \nTotal Principal and Interest $ 11,345,891.21 $ 5,159,688.73 \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. \n \n- 20 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \n \nGeorgia School Boards Association Risk Management Fund \n \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 \n \nGeorgia School Boards Association Workers' Compensation Fund \n \nThe School District participates in the Georgia School Boards Association Workers' Compensation Fund (the Fund), a public entity risk pool organized on July 1, 1992, to develop, implement, and administer a program to reduce the risk of loss from employee accidents. The School District pays an annual contribution to the Fund for coverage. The Fund provides statutory limits of coverage for Workers' Compensation coverage and a $2,000,000 limit per occurrence for Employers' Liability coverage. Excess insurance coverage is provided through an agreement between the Fund and the Safety National Casualty Corporation to limit the Fund's exposure to large losses. \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 \nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \n \nBeginning of Year Liability \n \nClaims and Changes in Estimates \n \nClaims Paid \n \nEnd of Year Liability \n \n2021 $ \n \n- \n \n$ \n \n2,467.58 \n \n$ \n \n2,467.58 \n \n$ \n \n- \n \n2022 $ \n \n- \n \n$ \n \n163.00 \n \n$ \n \n163.00 \n \n$ \n \n- \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 \n100,000.00 \n \n- 21 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \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 Prepaid Assets \nRestricted Continuation of Federal Programs Capital Projects Debt Service Other (Donor Restricted Trust) \nCommitted School Activity Accounts \nAssigned Local Capital Outlay Projects \nUnassigned \n \n$ \n \n49,499.05 \n \n450.00 \n \n$ \n \n49,949.05 \n \n$ \n \n524,550.63 \n \n5,393,616.35 \n \n1,675,700.00 \n \n9,811.29 \n \n7,603,678.27 \n \n248,218.87 \n \n7,000,000.00 5,440,542.00 \n \nFund Balance, June 30, 2022 \n \n$ 20,342,388.19 \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. \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 \n- 22 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \n \nhealthcare 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 $531,783.00 for the year ended June 30, 2022. 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, 2022, the School District reported a liability of $15,678,056.00 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 0.144754%, which was an increase of 0.001499% from its proportion measured as of June 30, 2020. \n \n- 23 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \n \nFor the year ended June 30, 2022, the School District recognized OPEB expense of $3,494.00. At June 30, 2022, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \n \nOPEB Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual \n \nexperience \n \n$ \n \n- $ 7,158,550.00 \n \nChanges of assumptions \n \n2,870,894.00 \n \n1,279,319.00 \n \nNet difference between projected and actual earnings on OPEB plan investments \n \n- \n \n24,860.00 \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n839,011.00 \n \n366,492.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n531,783.00 \n \n- \n \nTotal \n \n$ 4,241,688.00 $ 8,829,221.00 \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, 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$ (1,349,650.00) $ (1,185,448.00) $ (830,765.00) $ (640,913.00) $ (859,488.00) $ (253,052.00) \n \n- 24 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \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 \n \nPre-Medicare Eligible Medicare Eligible Ultimate trend rate \n \n6.75% 5.13% \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 \nMortality rates were based on the Pub-2010 Mortality Tables for Males or Females, as appropriate, 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 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 - 25 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \n \ngenerationally. 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. \n \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 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, 2020 valuation were based on a review of recent plan experience done concurrently with the June 30, 2020 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 \n0.14% 9.20% \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 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. \n \n- 26 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \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 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$ 17,923,534.00 $ \n \n15,678,056.00 $ 13,798,378.00 \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 \n1% Increase \n \nSchool District's proportionate share of the Net OPEB liability \n \n$ 13,303,438.00 $ \n \n15,678,056.00 $ 18,646,514.00 \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 12: 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 \n \n- 27 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \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. Pursuant to O.C.G.A. 47-3-63, the employer contributions for certain full-time public school support personnel are funded on behalf of the employer by the State of Georgia. 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, of which 19.69% of payroll was required from the School District and 0.12% of payroll was required from the State. For the current fiscal year, employer contributions to the pension plan were $2,714,131.05 and $16,489.16 from the School District and the State, respectively. \nEmployees' Retirement System \nPlan Description: The Employees' Retirement System of Georgia (ERS) is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly during the 1949 Legislative Session for the purpose of providing retirement allowances for employees of the State of Georgia and its political subdivisions. ERS is directed by a Board of Trustees. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. ERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \nBenefits Provided: The ERS Plan supports three benefit tiers: Old Plan, New Plan, and Georgia State Employees' Pension and Savings Plan (GSEPS). Employees under the old plan started membership prior to July 1, 1982 and are subject to plan provisions in effect prior to July 1, 1982. Members hired on or after July 1, 1982 but prior to January 1, 2009 are new plan members subject to modified plan provisions. Effective January 1, 2009, new state employees and rehired state employees who did not retain membership rights under the Old or New Plans are members of GSEPS. ERS members hired prior to January 1, 2009 also have the option to irrevocably change their membership to GSEPS. \nUnder the old plan, the new plan, and GSEPS, a member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 60 or 30 years of creditable service regardless of age. Additionally, there are some provisions allowing for early retirement after 25 years of creditable service for members under age 60. \nRetirement benefits paid to members are based upon the monthly average of the member's highest 24 consecutive calendar months, multiplied by the number of years of creditable service, multiplied by the applicable benefit factor. Annually, postretirement cost-of-living adjustments may also be made to members' benefits, provided the members were hired prior to July 1, 2009. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension, at reduced rates, to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS. \nContributions: Member contributions under the old plan are 4.00% of annual compensation, up to $4,200.00, plus 6.00% of annual compensation in excess of $4,200.00. Under the old plan, the state pays member contributions in excess of 1.25% of annual compensation. Under the old plan, these state contributions are included in the members' accounts for refund purposes and are used in the \n- 28 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \n \ncomputation of the members' earnable compensation for the purpose of computing retirement benefits. Member contributions under the new plan and GSEPS are 1.25% of annual compensation. The School District's total required contribution rate for the year ended June 30, 2022 was 24.63% of annual covered payroll for old and new plan members and 21.57% for GSEPS members. 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. There are no employer contributions to the pension plan for the current fiscal year due to the fact that the School District has no current employees who are covered under ERS. \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 $15.50, 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 $63,973.00. \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 $9,169,716.00 for its proportionate share of the net pension liability for TRS. \n \n- 29 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \n \nThe TRS net pension liability reflected a reduction for support provided to the School District by the State of Georgia for certain public school support personnel. The amount recognized by the School District as its proportionate share of the net pension liability, the related State of Georgia support, and the total portion of the net pension liability that was associated with the School District were as follows: \n \nSchool District's proportionate share of the net pension liability \n \n$ \n \n9,169,716.00 \n \nState of Georgia's proportionate share of the net pension liability associated with the School District \n \n56,515.00 \n \nTotal \n \n$ \n \n9,226,231.00 \n \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 0.103679%, which was a decrease of 0.000463% from its proportion measured as of June 30, 2020. At June 30, 2021, the School District's ERS proportion was 0.000000%, which was no change 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 $50,934.00. \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. \nFor the year ended June 30, 2022, the School District recognized pension expense of $64,677.20 for TRS, ($691.00) for ERS and $535.00 for PSERS and revenue of ($32,477.00) for TRS and $535.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \n \n- 30 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \n \nAt June 30, 2022, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \n \nTRS Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual \n \nexperience \n \n$ 2,188,186.00 $ \n \n- \n \nChanges of assumptions \n \n1,774,769.00 \n \n- \n \nNet difference between projected and actual earnings on pension plan investments \n \n- \n \n13,412,704.00 \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n111,647.00 \n \n242,754.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n2,714,131.05 \n \n- \n \nTotal \n \n$ 6,788,733.05 $ 13,655,458.00 \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$ (1,812,458.00) $ (1,786,963.00) $ (2,660,568.00) $ (3,320,867.00) \n \n- 31 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \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: \nTeachers Retirement System: \n \nInflation Salary increases Investment rate of return \nPost-retirement benefit increases \n \n2.50% 3.00%  8.75%, average, including inflation 7.25%, net of pension plan investment expense, including inflation 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. \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. \nEmployees' Retirement System: \n \nInflation \n \n2.50% \n \nSalary increases Investment rate of return \n \n3.00% - 6.75%, including inflation \n7.00%, net of pension plan investment expense, including inflation \n \nMortality rates are as follows: \n \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 Disability Retirees Beneficiaries \n \nMembership Table General Healthy Annuitant General Disabled General Contingent Survivors \n \nSet Forward (+)/ Setback (-) Adjustment to Rates \n \nMale: +1; Female: +1 \n \nMale: 105%; Female: 108% \n \nMale: -3; Female: 0 \n \nMale: 103%; Female: 106% \n \nMale: +2; Female: +2 \n \nMale: 106%; Female: 105% \n \n- 32 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \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. \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 \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 \n- 33 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \n \nThe long-term expected rate of return on TRS, ERS 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 \nERS/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% 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 \n \nDiscount Rate: The discount rate used to measure the total TRS pension liability was 7.25%. The discount rate used to measure the total ERS and 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, ERS 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 \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$ 24,700,786.00 $ \n \n9,169,716.00 $ (3,556,924.00) \n \nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS, ERS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \n \n- 34 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2022 \n \nEXHIBIT \"G\" \n \nDefined Contribution Plan \n \nOn November 1, 2001, the School District began an employer paid 403(b) annuity plan for the group of employees covered under the Public School Employees Retirement System (PSERS). Recognizing that PSERS was a limited defined benefit plan which did not provide for an adequate retirement for this group of employees, it was the Board's desire to supplement the retirement of this group. \n \nThe School District selected Lincoln Financial Group as the provider of this plan. For each employee covered under PSERS, the Board began contributing to the plan a maximum of 2.25% of the employee's base pay. \n \nThe employee becomes vested upon enrollment in the plan. \n \nEmployer 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 \n2022 2021 2020 \n \n100% 100% 100% \n \n$ \n \n217,657.98 \n \n$ \n \n223,167.61 \n \n$ \n \n225,209.20 \n \nNOTE 13: RESTATEMENT OF PRIOR YEAR NET POSITION \n \nFor fiscal year 2022, the School District made prior period adjustments due to the adoption of GASB Statement No. 87, as described in \"New Accounting Pronouncements,\" which requires the restatement of the June 30, 2021 net position in governmental activities. These changes are in accordance with generally accepted accounting principles. \n \nNet Position, July 1, 2021 as previously reported \n \n$ (2,870,580.80) \n \nPrior Period Adjustment - Implementation of GASB No. 87: \n \n2,448,671.79 \n \nNet Position, July 1, 2021, as restated \n \n$ \n \n(421,909.01) \n \nNOTE 14: SUBSEQUENT EVENTS \nIn April 2023, the School District sold General Obligation Bonds, Series 2023, in the amount of $22,650,000.00, to provide the necessary funds for the acquisition, construction, and equipping of capital facilities. \n \n- 35 - \n \n (This page left intentionally blank) \n \n OGLETHORPE 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 \npension liability \n \n2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.103679% $ 9,169,716.00 $ 0.104142% $ 25,227,269.00 $ 0.105542% $ 22,694,384.00 $ 0.104300% $ 19,360,314.00 $ 0.103665% $ 19,266,460.00 $ 0.109202% $ 22,529,590.00 $ 0.119566% $ 18,202,736.00 $ 0.117766% $ 14,878,181.00 $ \n \n56,515.00 $ 9,226,231.00 $ 13,572,687.32 154,549.00 $ 25,381,818.00 $ 13,509,076.45 139,983.00 $ 22,834,367.00 $ 12,959,921.11 120,283.00 $ 19,480,597.00 $ 12,499,999.21 213,731.00 $ 19,480,191.00 $ 12,049,030.72 335,875.00 $ 22,865,465.00 $ 12,156,977.27 265,507.00 $ 18,468,243.00 $ 12,800,091.72 300,429.00 $ 15,178,610.00 $ 12,027,265.72 \n \n67.56% 186.74% 175.11% 154.88% 159.90% 185.32% 142.21% 123.70% \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- 37 - \n \n OGLETHORPE 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 \n2,714,131.05 $ 2,571,100.20 $ 2,838,427.00 $ 2,692,024.53 $ 2,088,268.85 $ 1,700,560.76 $ 1,709,319.88 $ 1,659,082.78 $ \n \n2,714,131.05 $ 2,571,100.20 $ 2,838,427.00 $ 2,692,024.53 $ 2,088,268.85 $ 1,700,560.76 $ 1,709,319.88 $ 1,659,082.78 $ \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 \n13,784,312.09 13,572,687.32 13,509,076.45 12,959,921.11 12,499,999.21 12,049,030.72 12,156,977.27 12,800,091.72 \n \n19.69% 18.94% 21.01% 20.77% 16.71% 14.11% 14.06% 12.96% \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 OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY 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 \n(NPL) \n \nSchool District's proportionate share of the \nNPL \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the \nNPL as a percentage of covered payroll \n \nPlan fiduciary net position as a percentage of total \npension liability \n \n2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.000000% $ 0.000000% $ 0.000000% $ 0.000077% $ 0.000401% $ 0.000000% $ 0.000522% $ 0.003174% $ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n3,165.00 $ \n \n16,286.00 $ \n \n- \n \n$ \n \n21,148.00 $ \n \n119,045.00 $ \n \n1,965.60 9,828.05 71,479.00 \n \n0.00% 0.00% 0.00% 161.02% 165.71% 0.00% 0.00% 166.55% \n \n87.62% 76.21% 76.74% 76.68% 76.33% 72.34% 76.20% 77.99% \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 OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF CONTRIBUTIONS EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"4\" \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 \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n487.66 $ \n \n2,438.34 $ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n487.66 $ \n \n2,438.34 $ \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 \n1,965.60 9,828.05 \n \n24.81% 24.81% \n \nThis schedule is intended to show information for 10 years. Addtional years will be displayed as they become available. \n \n- 40 - \n \n OGLETHORPE 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 \"5\" \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 \n50,934.00 $ 355,634.00 $ 343,584.00 $ 325,521.00 $ 273,648.00 $ 367,668.00 $ 242,736.00 $ 215,664.00 $ \n \n50,934.00 $ 355,634.00 $ 343,584.00 $ 325,521.00 $ 273,648.00 $ 367,668.00 $ 242,736.00 $ 215,664.00 $ \n \n866,455.90 911,801.61 882,465.39 869,550.08 836,120.36 549,477.55 592,524.69 499,267.86 \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- 41 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \nSCHOOL OPEB FUND \n \nSCHEDULE \"6\" \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 \n0.144754% $ 15,678,056.00 $ 0.143255% $ 21,040,823.00 $ 0.145231% $ 17,822,960.00 $ 0.140446% $ 17,850,256.00 $ 0.136015% $ 19,110,052.00 $ \n \n- \n \n$ 15,678,056.00 $ 12,223,202.42 \n \n- \n \n$ 21,040,823.00 $ 11,747,928.38 \n \n- \n \n$ 17,822,960.00 $ 11,050,140.13 \n \n- \n \n$ 17,850,256.00 $ 10,607,296.51 \n \n- \n \n$ 19,110,052.00 $ 9,845,563.53 \n \n128.26% 179.10% 161.29% 168.28% 194.10% \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- 42 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \n \nSCHEDULE \"7\" \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-employee \npayroll \n \nContribution as a percentage of covered- \nemployee payroll \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 \n531,783.00 $ 538,462.00 $ 484,455.00 $ 782,166.00 $ 727,917.00 $ 709,194.00 $ \n \n531,783.00 $ 538,462.00 $ 484,455.00 $ 782,166.00 $ 727,917.00 $ 709,194.00 $ \n \n- \n \n$ \n \n12,488,309.48 \n \n- \n \n$ \n \n12,223,202.42 \n \n- \n \n$ \n \n11,747,928.38 \n \n- \n \n$ \n \n11,050,140.13 \n \n- \n \n$ \n \n10,607,296.51 \n \n- \n \n$ \n \n9,845,563.53 \n \n4.26% 4.41% 4.12% 7.08% 6.86% 7.20% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 43 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \nFOR THE YEAR ENDED JUNE 30, 2022 \n \nSCHEDULE \"8\" \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. \nEmployees' Retirement System Changes of benefit terms: A new benefit tier was added for members joining the System on and after July 1, 2009. A one-time 3% payment was granted to certain retirees and beneficiaries effective July 2016, and a one-time 3% payment was granted to certain retirees and beneficiaries effective July 2017. Two one-time 2% payments were granted to certain retirees and beneficiaries effective July 2018 and January 2019. Two one-time 3% payments were granted to certain retirees and beneficiaries effective July 2019 and January 2020. \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, withdrawal and salary increases. The expectation of retired life mortality was changed to the RP-2000 Combined Mortality Table projected to 2025 with projection scale BB (set forward 2 years for both males and females). \nA new funding policy was initially adopted the Board on March 15, 2018, and most recently amended on June 18, 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 rate of mortality, retirement, withdrawal, and salary increases. This also included a change to the long-term assumed investment rate of return of 7.00%. These assumption changes are reflected in the calculation of the June 30, 2021 Total Pension Liability. \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. \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 two 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- 44 - \n \n OGLETHORPE 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 \"9\" \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 Enterprise Operations Food Services Operation 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 \n8,467,466.00 $ \n \n8,467,466.00 $ \n \n9,296,703.30 $ \n \n90,000.00 \n \n90,000.00 \n \n334,404.75 \n \n15,038,373.50 \n \n15,026,605.50 \n \n16,291,893.43 \n \n2,551,235.00 \n \n4,434,771.00 \n \n5,111,066.02 \n \n24,800.00 \n \n24,800.00 \n \n172,143.05 \n \n12,300.00 \n \n12,300.00 \n \n8,768.09 \n \n15,000.00 \n \n15,000.00 \n \n731,552.06 \n \n26,199,174.50 \n \n28,070,942.50 \n \n31,946,530.70 \n \n829,237.30 244,404.75 1,265,287.93 676,295.02 147,343.05 \n(3,531.91) 716,552.06 3,875,588.20 \n \n16,323,126.38 \n1,010,068.97 1,242,055.92 \n390,997.73 339,618.00 1,634,176.00 482,658.00 1,841,349.00 1,535,345.50 227,311.00 \n1,093,152.00 26,119,858.50 \n79,316.00 \n \n17,743,375.00 \n1,246,594.00 1,464,981.00 \n423,266.00 339,268.00 1,634,176.00 482,658.00 1,842,743.00 1,587,829.50 227,311.00 \n1,094,354.00 28,086,555.50 \n(15,613.00) \n \n17,744,564.52 \n1,358,707.73 1,162,396.62 \n336,298.98 505,560.69 1,655,659.23 448,944.80 1,800,703.70 1,655,934.85 150,385.04 229,404.39 1,216,043.11 28,264,603.66 3,681,927.04 \n \n(1,189.52) \n(112,113.73) 302,584.38 \n86,967.02 (166,292.69) \n(21,483.23) 33,713.20 42,039.30 (68,105.35) 76,925.96 (229,404.39) (121,689.11) (178,048.16) 3,697,540.04 \n \n437,617.00 (523,331.00) (85,714.00) \n \n437,588.00 (523,302.00) (85,714.00) \n \n(2,906,464.00) (2,906,464.00) \n \n(437,588.00) (2,383,162.00) (2,820,750.00) \n \n(6,398.00) \n \n(101,327.00) \n \n775,463.04 \n \n876,790.04 \n \n5,365,637.90 \n \n5,365,637.90 \n \n5,497,608.80 \n \n131,970.90 \n \n- \n \n(12,014.71) \n \n- \n \n12,014.71 \n \n$ \n \n5,359,239.90 $ \n \n5,252,296.19 $ \n \n6,273,071.84 $ \n \n1,020,775.65 \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 $591,741.95 and $510,622.40, 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- 45 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2022 \n \nSCHEDULE \"10\" \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 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 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 COVID-19 - American Rescue Plan - 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 English Language Acquisition State Grants English Language Acquisition State Grants Migrant Education - State Grant Program 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 Twenty-First Century Community Learning Centers Twenty-First Century Community Learning Centers Total Other Programs Total U. S. Department of Education \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 \n315,430.39 697,370.80 \n50,867.45 1,063,668.64 \n \n84.425D 84.425D \n84.425U \n84.425W \n \nS425D200012 S425D210012 \nS425U210012 \nS425W210011 \n \n12,993.49 676,174.04 \n1,260,803.57 \n200.82 1,950,171.92 \n \n84.027A 84.027A 84.027X 84.173A 84.173A 84.173X \n \nH027A200073 H027A210073 H027X210073 H173A200081 H173A210081 H173X210081 \n \n84.048A 84.365A 84.365A 84.011A 84.358B 84.358B 84.010A 84.010A 84.287C 84.287C \n \nV048A210010 S365A200010 S365A210010 S011A200011 S358B200010 S358B210010 S010A200010 S010A210010-21A S287C200010 S287C210010 \n \n94,488.10 433,040.50 \n90,434.42 14,601.00 13,692.51 \n5,776.63 652,033.16 \n23,699.00 3,695.00 \n11,087.79 12,230.84 29,454.73 135,639.95 56,462.82 441,518.90 53,850.93 287,146.49 1,054,786.45 3,656,991.53 \n \n- 46 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2022 \n \nSCHEDULE \"10\" \n \nFUNDING AGENCY PROGRAM/GRANT \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 \nTotal Expenditures of Federal Awards \n \nASSISTANCE LISTING NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n93.575 \n \n2210GACCC5 $ \n \n8,364.00 4,729,024.17 \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 Oglethorpe 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. \n \nSee notes to the basic financial statements. \n \n- 47 - \n \n OGLETHORPE 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 One Time QBE Adjustment Categorical Grants Pupil Transportation Regular Nursing Services Sparsity Vocational Supervisor Education Equalization Funding Grant Other State Programs Food Services Hygiene Products Math and Science Supplements Preschool Disability Services Teachers Retirement Vocational Education Office of the State Treasurer Public School Employees Retirement CONTRACT Human Resources, Georgia Department of Family Connections \nSee notes to the basic financial statements. \n \nSCHEDULE \"11\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n206,609.50 \n \n913,140.00 18,410.00 \n1,967,954.00 127,500.00 \n1,003,000.00 154,536.00 \n1,655,024.00 1,333,678.00 \n466,425.00 2,313,259.00 \n604,633.00 213,257.00 115,483.00 180,198.00 291,223.00 \n88,700.00 46,275.00 \n1,153.00 \n512,385.00 661,543.00 552,375.00 103,351.00 \n86,780.00 567,969.00 \n \n437,585.77 45,000.00 6,475.00 5,835.00 \n1,315,066.00 \n72,377.00 1,451.00 7,522.00 \n44,043.00 16,489.16 43,216.00 \n63,973.00 \n \n48,000.00 \n \n$ \n \n16,291,893.43 \n \n- 48 - \n \n (This page left intentionally blank) \n \n OGLETHORPE COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2022 \n \nSCHEDULE \"12\" \n \nPROJECT \n2017 SPLOST \nRetiring outstanding general obligation debt of the School District previously incurred and issued with respect to capital outlay projects in the principal and interest amount not to exceed $3,500,000.00, comprised of a portion of the School District's Series 2008 and 2015 general obligation and/or refunding bonds coming due in the years 2018 through 2023; and \nThe following capital outlay projects at a maximum cost cost of $500,000.00; \n(i) making system-wide technology improvements, including, but not limited to, the acquisition and installation of instruction technology, security, and information systems hardware and associated software and accessories, and infrastructure at all schools and selected other facilities; and \n(ii) improving school and/or athletic facilities, purchasing school buses, school equipment, and safety and security equipment. \nTotal \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \nESTIMATED COMPLETION \nDATE \n \n$ \n \n3,500,000.00 $ \n \n3,500,000.00 \n \nJune 30, 2023 \n \n250,000.00 \n \n250,000.00 \n \nJune 30, 2023 \n \n250,000.00 \n \n250,000.00 \n \n$ \n \n4,000,000.00 $ \n \n4,000,000.00 \n \nJune 30, 2023 \n \n- 50 - \n \n OGLETHORPE COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2022 \n \nSCHEDULE \"12\" \n \nPROJECT \n2017 SPLOST \nRetiring outstanding general obligation debt of the School District previously incurred and issued with respect to capital outlay projects in the principal and interest amount not to exceed $3,500,000.00, comprised of a portion of the School District's Series 2008 and 2015 general obligation and/or refunding bonds coming due in the years 2018 through 2023; and \nThe following capital outlay projects at a maximum cost cost of $500,000.00; \n(i) making system-wide technology improvements, including, but not limited to, the acquisition and installation of instruction technology, security, and information systems hardware and associated software and accessories, and infrastructure at all schools and selected other facilities; and \n(ii) improving school and/or athletic facilities, purchasing school buses, school equipment, and safety and security equipment. \nTotal \n \nAMOUNT EXPENDED IN CURRENT YEAR (3) (4) \n \nAMOUNT EXPENDED IN PRIOR YEARS (3) (4) \n \nTOTAL COMPLETION \nCOST \n \nEXCESS PROCEEDS NOT \nEXPENDED \n \n$ \n \n412,000.00 $ 1,142,250.04 $ \n \n- $ \n \n- \n \n- \n \n- \n \n- \n \n- \n \n- \n \n101,308.76 \n \n- \n \n- \n \n$ \n \n412,000.00 $ 1,243,558.80 $ \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 Oglethorpe 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. (4) Cost of HVAC equipment through Capital Outlay Funds for the Primary and Elementary School are included. \n \nSee notes to the basic financial statements. \n \n- 51 - \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 Mrs. Beverley Levine, Superintendent and Members of the Oglethorpe County Board of Education \nWe have audited the financial statements of the governmental activities and each major fund of the Oglethorpe 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 August 28, 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 and therefore, material weaknesses or significant deficiencies \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n may exist that were not identified. We did identify a certain deficiency in internal control, described in the accompanying Schedule of Findings and Questioned Costs in finding FS 2022-001 that we consider to be a material weakness. \nReport 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. \nSchool District's Response to Findings \nGovernment Auditing Standards requires the auditor to perform limited procedures on the School District's response to the 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 the financial statements and, accordingly, we express no opinion on the response. \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 28, 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 Mrs. Beverley Levine, Superintendent and Members of the Oglethorpe County Board of Education \nReport on Compliance for Each Major Federal Program \nOpinion on Each Major Federal Program \nWe have audited the Oglethorpe 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 \nAugust 28, 2023 \n \n Section III Auditee's Response to Prior Year Findings and Questioned Costs \n \n OGLETHORPE COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2022 \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS No matters were reported. \nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \n \n Section IV Findings and Questioned Costs \n \n OGLETHORPE 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 \n \nType of auditor's report issued: Governmental Activities and Each Major Fund \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: \n \nAll major programs \n \nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \nIdentification of major programs: \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: Auditee qualified as low-risk auditee? \n \nUnmodified Yes \nNone Reported No \nNo None Reported \nUnmodified No \n$750,000.00 No \n \n OGLETHORPE COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2022 \n \nII FINANCIAL STATEMENT FINDINGS \n \nFS 2022-001 Internal Controls over Financial Reporting \n \nInternal Control Impact: Compliance Impact: \n \nMaterial Weakness None \n \nDescription: \nThe School District did not have adequate internal controls in place over the financial statement reporting process. \n \nCriteria: \nManagement is responsible for having adequate controls over the preparation of financial statements in accordance with generally accepted accounting principles (GAAP). The School District's internal controls over GAAP financial reporting should include adequately trained personnel with the knowledge, skills and experience to prepare GAAP based financial statements and include all disclosures as required by the Governmental Accounting Standards Board (GASB). \n \nGASB Statement No. 34, Basic Financial Statements  Management's Discussion and Analysis  for State and Local Governments (Statement), requires governments to present government-wide and fund financial statements as well as a summary reconciliation of the (a) total governmental funds balances to the net position of governmental activities in the Statement of Net Position, and (b) total change in governmental fund balances to the change in the net position of governmental activities in the Statement of Activities. In addition, the Statement requires information about the government's major and nonmajor funds in the aggregate, to be provided in the fund financial statements. \n \nChapter II  2, Annual Financial Reporting of the Financial Management for Georgia Local Units of Administration provides that School Districts must prepare their financial statements in accordance with generally accepted accounting principles. \n \nCondition: \nThe following errors and omissions were noted in the School District's financial statements, note disclosures and supplementary information presented for audit: \n \n Net OPEB Liability was overstated by $8,580,630.00, Deferred Outflows of Resources Related to OPEB Plan was overstated by $3,156,203.00, Deferred Inflows of Resources Related to OPEB plan was understated by $4,575,784.00, and OPEB expense was overstated by $848,643.01 due to current year activity not being recorded properly. A material adjustment was proposed by the auditors and accepted by the School District to correct. \n Other audit adjustments and reclassifications were proposed and accepted by the client to properly present the School District's financial statements, note disclosures, and supplemental information. \n \n OGLETHORPE COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2022 \nCause: In discussing these deficiencies with the finance director, they indicated the errors occurred due to oversight in preparing the financial statements. \nEffect: Material misstatements were included in the financial statements presented for audit. The lack of controls and monitoring could impact the reporting of the School District's financial position and results of operations. \nRecommendation: The School District should strengthen their internal controls and review procedures over the financial reporting process to ensure that the financial statements, including disclosures, presented for audit are complete and accurate. These procedures should be performed by a properly trained individual possessing a thorough understanding of GAAP statements, GASB pronouncements and knowledge of the School District's activities and operations. The School District should also consider implementing the use of a review checklist to assist in the review process over the financial statements. \nViews of Responsible Officials: We concur with this finding. \nIll FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \nNo matters were reported. \n \n Section V Management's Corrective Action \n \n  "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bo3-b2021-belec-p-btext","title":"Annual financial report 2021 June 30, Oglethorpe County Board of Education, Lexington, 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":["2022-08-25"],"dcterms_description":["Annual financial report for the Oglethorpe 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":["Oglethorpe County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Oglethorpe County--Auditing--Periodicals.","Education--Georgia--Oglethorpe County--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report 2021 June 30, Oglethorpe County Board of Education, Lexington, 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-bo3-b2021-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bo3-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 records","financial statements"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"ANNUAL FINANCIAL REPORT  FISCAL YEAR 2021 \r\nOglethorpe County Board of Education \r\nLexington, Georgia \r\nIncluding Independent Auditor's Report \r\nGreg S. Griffin | State Auditor Kristina A. Turner | Deputy State Auditor \r\n \r\n Oglethorpe County Board of Education Table of Contents \r\n \r\nSection 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\n41 \r\n \r\n2 Schedule of Contributions  Teachers Retirement System of Georgia \r\n \r\n42 \r\n \r\n3 Schedule of Proportionate Share of the Net Pension Liability \r\n \r\nEmployees' Retirement System of Georgia \r\n \r\n43 \r\n \r\n4 Schedule of Contributions  Employees' Retirement System of Georgia \r\n \r\n44 \r\n \r\n5 Schedule of Proportionate Share of the Net Pension Liability Public \r\n \r\nSchool Employees Retirement System of Georgia \r\n \r\n45 \r\n \r\n Oglethorpe County Board of Education Table of Contents Section I Schedules Required Supplementary Information \r\n \r\n6 Schedule of Proportionate Share of the Net OPEB Liability \r\n \r\nSchool OPEB Fund \r\n \r\n46 \r\n \r\n7 Schedule of Contributions  School OPEB Fund \r\n \r\n47 \r\n \r\n8 Notes to the Required Supplementary Information \r\n \r\n48 \r\n \r\n9 Schedule of Revenues, Expenditures and Changes in Fund \r\n \r\nBalances - Budget and Actual General Fund \r\n \r\n50 \r\n \r\nSupplementary Information \r\n \r\n10 Schedule of Expenditures of Federal Awards \r\n \r\n51 \r\n \r\n11 Schedule of State Revenue \r\n \r\n53 \r\n \r\n12 Schedule of Approved Local Option Sales Tax Projects \r\n \r\n54 \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 \r\nSummary Schedule of Prior Year Findings \r\nSection IV \r\n \r\nFindings and Questioned Costs \r\nSchedule of Findings and Questioned Costs \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 Ms. Beverley Levine, Superintendent and Members of the Oglethorpe 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 Oglethorpe 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 August 25, 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\nAugust 25, 2022 \r\n \r\n (This page left intentionally blank) \r\n \r\n Oglethorpe County Board of Education \r\n \r\n OGLETHORPE 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 Local Other Inventories Prepaid Items Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nDEFERRED OUTFLOWS OF RESOURCES Deferred Charge on Debt Refunding Related to Defined Benefit Pension Plans 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 Plans 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 Donor Restricted Trust Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n15,758,371.69 \r\n \r\n11,931.48 \r\n \r\n504,723.67 1,902,255.34 1,001,907.34 \r\n51,867.50 62,411.30 68,922.85 114,170.46 600,770.65 35,799,772.64 55,877,104.92 \r\n \r\n190,561.99 7,053,173.20 4,935,743.00 12,179,478.19 \r\n \r\n54,770.56 2,851,831.26 \r\n74,312.50 25,227,269.00 21,040,823.00 \r\n1,697,056.14 14,812,475.45 65,758,537.91 \r\n \r\n480,013.00 4,688,613.00 5,168,626.00 \r\n \r\n20,081,573.69 \r\n \r\n158,053.21 1,201,799.41 4,656,310.56 \r\n11,065.55 (28,979,383.22) \r\n \r\n$ \r\n \r\n(2,870,580.80) \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 OGLETHORPE 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 SERVICES \r\n \r\nGRANTS AND CONTRIBUTIONS \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\nOther Support Services \r\n \r\nOperations of Non-Instructional Services \r\n \r\nEnterprise Operations \r\n \r\nFood Services \r\n \r\nInterest on Long-Term Debt \r\n \r\n19,216,235.36 $ \r\n1,181,990.01 998,284.15 472,937.54 353,255.69 1,727,412.49 456,605.42 1,898,014.69 1,634,566.04 168,422.91 \r\n204,089.29 1,079,320.65 \r\n646,078.42 \r\n \r\n93,530.51 $ 12,796,109.50 $ \r\n \r\n- \r\n \r\n407,286.81 \r\n \r\n- \r\n \r\n163,637.51 \r\n \r\n- \r\n \r\n363,414.76 \r\n \r\n- \r\n \r\n577,837.04 \r\n \r\n- \r\n \r\n765,802.54 \r\n \r\n- \r\n \r\n11,276.11 \r\n \r\n- \r\n \r\n816,506.47 \r\n \r\n- \r\n \r\n678,474.00 \r\n \r\n- \r\n \r\n10,628.10 \r\n \r\n22,893.97 \r\n- \r\n \r\n1,035,981.52 \r\n- \r\n \r\n- $ (6,326,595.35) \r\n \r\n231,660.00 - \r\n \r\n(774,703.20) (834,646.64) (109,522.78) \r\n224,581.35 (961,609.95) (445,329.31) (1,081,508.22) (724,432.04) (157,794.81) \r\n \r\n- \r\n \r\n(204,089.29) \r\n \r\n- \r\n \r\n(20,445.16) \r\n \r\n- \r\n \r\n(646,078.42) \r\n \r\nTotal Governmental Activities \r\n \r\n$ 30,037,212.66 $ \r\n \r\n116,424.48 $ 17,626,954.36 $ \r\n \r\n231,660.00 \r\n \r\n(12,062,173.82) \r\n \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations For Debt Services Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous Total General Revenues \r\n \r\n9,259,749.35 1,310,765.78 \r\n1,003,675.18 339,467.65 \r\n1,392,514.00 12,982.45 \r\n653,098.88 13,972,253.29 \r\n \r\nChange in Net Position \r\n \r\n1,910,079.47 \r\n \r\nNet Position - Beginning of Year (Restated) \r\n \r\n(4,780,660.27) \r\n \r\nNet Position - End of Year \r\n \r\n$ (2,870,580.80) \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 OGLETHORPE 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 Local 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\n5,122,104.33 $ \r\n \r\n9,397,739.50 $ \r\n \r\n1,238,527.86 $ \r\n \r\n15,758,371.69 \r\n \r\n11,931.48 \r\n \r\n- \r\n \r\n- \r\n \r\n11,931.48 \r\n \r\n377,491.02 1,902,255.34 1,001,907.34 \r\n51,867.50 7,209.30 68,922.85 \r\n450.00 \r\n \r\n89,648.60 - \r\n55,202.00 - \r\n113,720.46 \r\n \r\n37,584.05 - \r\n \r\n504,723.67 1,902,255.34 1,001,907.34 \r\n51,867.50 62,411.30 68,922.85 114,170.46 \r\n \r\n$ \r\n \r\n8,544,139.16 $ \r\n \r\n9,656,310.56 $ \r\n \r\n1,276,111.91 $ \r\n \r\n19,476,561.63 \r\n \r\n$ \r\n \r\n54,770.56 $ \r\n \r\n2,851,831.26 \r\n \r\n2,906,601.82 \r\n \r\n- $ - \r\n \r\n- $ - \r\n \r\n54,770.56 2,851,831.26 2,906,601.82 \r\n \r\n139,928.54 \r\n \r\n- \r\n \r\n22,580.63 \r\n \r\n162,509.17 \r\n \r\n69,372.85 100,195.91 241,304.35 5,086,735.69 5,497,608.80 \r\n \r\n113,720.46 4,542,590.10 5,000,000.00 \r\n9,656,310.56 \r\n \r\n1,253,531.28 \r\n1,253,531.28 \r\n \r\n183,093.31 5,896,317.29 5,241,304.35 5,086,735.69 16,407,450.64 \r\n \r\n$ \r\n \r\n8,544,139.16 $ \r\n \r\n9,656,310.56 $ \r\n \r\n1,276,111.91 $ \r\n \r\n19,476,561.63 \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 OGLETHORPE 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\n \r\nAmounts reported for governmental activities in the Statement of Net Position are different because: \r\n \r\nCapital assets used in governmental activities are not financial resources \r\n \r\nand therefore are not reported in the funds. \r\n \r\nLand \r\n \r\n$ \r\n \r\nBuildings and improvements \r\n \r\nEquipment \r\n \r\nLand improvements \r\n \r\nAccumulated depreciation \r\n \r\nSome liabilities are not due and payable in the current period and, \r\n \r\ntherefore, are not reported in the funds. \r\n \r\nNet pension liability \r\n \r\n$ \r\n \r\nNet OPEB liability \r\n \r\nDeferred charges or credits on debt refundings are applicable to future periods and are therefore not reported in the funds and are amortized over the life of the new debt. \r\n \r\nDeferred outflows and inflows of resources related to pensions/OPEB are \r\n \r\napplicable to future periods and, therefore, are not reported in the funds. \r\n \r\nRelated to pensions \r\n \r\n$ \r\n \r\nRelated to OPEB \r\n \r\nTaxes that are not available to pay for current period expenditures are deferred in the funds. \r\n \r\nLong-term liabilities, and related accrued interest, are not due and payable \r\n \r\nin the current period and therefore are not reported in the funds. \r\n \r\nBonds payable \r\n \r\n$ \r\n \r\nAccrued interest payable \r\n \r\nEnergy efficiency lease payable \r\n \r\nUnamortized bond premiums \r\n \r\nNet position of governmental activities (Exhibit \"A\") \r\n \r\n$ \r\n \r\n16,407,450.64 \r\n \r\n600,770.65 48,039,470.60 \r\n4,642,033.97 417,266.61 \r\n(17,298,998.54) \r\n \r\n36,400,543.29 \r\n \r\n(25,227,269.00) (21,040,823.00) \r\n \r\n(46,268,092.00) 190,561.99 \r\n \r\n6,573,160.20 247,130.00 \r\n \r\n6,820,290.20 162,509.17 \r\n \r\n(4,850,000.00) (74,312.50) \r\n(11,356,891.21) (302,640.38) \r\n$ \r\n \r\n(16,583,844.09) (2,870,580.80) \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 OGLETHORPE 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 Other Support Services Enterprise Operations Food Services Operation Capital Outlay Debt Services Principal Dues and Fees Interest Total Expenditures \r\nRevenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) Transfers In Transfers Out Total Other Financing Sources (Uses) \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\n9,346,328.76 $ \r\n \r\n339,467.65 \r\n \r\n15,401,537.34 \r\n \r\n3,872,396.15 \r\n \r\n116,424.48 \r\n \r\n10,869.18 \r\n \r\n537,742.70 \r\n \r\n29,624,766.26 \r\n \r\n- $ 1,003,675.18 \r\n1,607.86 115,356.18 1,120,639.22 \r\n \r\n1,324,525.64 $ - \r\n505.41 - \r\n1,325,031.05 \r\n \r\n10,670,854.40 1,343,142.83 \r\n15,401,537.34 3,872,396.15 \r\n116,424.48 12,982.45 653,098.88 32,070,436.53 \r\n \r\n16,857,702.74 \r\n1,123,928.99 969,890.25 407,845.19 325,100.74 1,626,137.49 440,848.44 1,953,380.65 1,746,755.99 \r\n168,422.91 204,089.29 1,044,811.19 \r\n- \r\n26,868,913.87 2,755,852.39 \r\n \r\n- \r\n6,233.23 23,280.00 \r\n232,465.97 - \r\n507,559.75 769,538.95 351,100.27 \r\n \r\n- \r\n- \r\n1,500,000.00 1,000.00 \r\n208,350.00 1,709,350.00 \r\n(384,318.95) \r\n \r\n16,857,702.74 \r\n1,123,928.99 969,890.25 407,845.19 325,100.74 1,626,137.49 440,848.44 1,959,613.88 1,746,755.99 \r\n168,422.91 204,089.29 1,044,811.19 \r\n23,280.00 \r\n1,732,465.97 1,000.00 \r\n715,909.75 29,347,802.82 \r\n2,722,633.71 \r\n \r\n(3,403,754.00) (3,403,754.00) \r\n \r\n3,403,754.00 (559,336.47) 2,844,417.53 \r\n \r\n(647,901.61) \r\n \r\n3,195,517.80 \r\n \r\n6,145,510.41 \r\n \r\n6,460,792.76 \r\n \r\n$ \r\n \r\n5,497,608.80 $ \r\n \r\n9,656,310.56 $ \r\n \r\n559,336.47 - \r\n559,336.47 \r\n \r\n3,963,090.47 (3,963,090.47) \r\n- \r\n \r\n175,017.52 \r\n \r\n2,722,633.71 \r\n \r\n1,078,513.76 \r\n \r\n13,684,816.93 \r\n \r\n1,253,531.28 $ \r\n \r\n16,407,450.64 \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 OGLETHORPE 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\nAmounts reported for governmental activities in the Statement of Activities are different because: \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\nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \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. Amortization of deferred charge on refunding of bonds Bond principal retirements Energy efficiency lease payments Revenue bond payments Amortization of bond premium \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\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\nChange in net position of governmental activities (Exhibit \"B\") \r\n \r\n$ \r\n \r\n2,722,633.71 \r\n \r\n$ \r\n \r\n334,023.00 \r\n \r\n(1,322,151.27) \r\n \r\n(988,128.27) (100,339.27) \r\n \r\n$ \r\n \r\n(76,224.81) \r\n \r\n1,500,000.00 \r\n \r\n189,066.00 \r\n \r\n43,399.97 \r\n \r\n121,056.14 \r\n \r\n1,777,297.30 \r\n \r\n$ \r\n \r\n(1,166,023.80) \r\n \r\n(360,360.20) \r\n \r\n(1,526,384.00) \r\n \r\n25,000.00 \r\n \r\n$ \r\n \r\n1,910,079.47 \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 OGLETHORPE COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS JUNE 30, 2021 \r\nASSETS Cash and Cash Equivalents NET POSITION Restricted \r\nHeld in Trust for Private Purposes \r\n \r\nEXHIBIT \"G\" \r\n \r\nPRIVATE PURPOSE TRUSTS \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- 7 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDCUCIARY NET POSITION \r\nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2021 \r\nADDITIONS Contributions Donors \r\nDEDUCTIONS Other Deductions Change in Net Position \r\nNet Position - Beginning Net Position - Ending \r\n \r\nEXHIBIT \"H\" \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\n$ \r\n \r\n867.00 \r\n \r\n7,163.01 \r\n \r\n(6,296.01) \r\n \r\n6,296.01 \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 OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nReporting Entity \r\nThe Oglethorpe 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 OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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\nThe 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) legally restricted for the payment of general long-term principal and interest. \r\nThe School District reports the following fiduciary fund type: \r\n Private purpose trust funds are used to report all trust arrangements, other than those properly reported elsewhere, in which principal and income benefit individuals, private organizations or other governments. \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- 10 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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\nIn fiscal year 2021, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 90, Majority Equity Interests. It defines a majority equity interest and specifies that majority equity interest in a legal separate organization should be reported as an investment. A majority equity interest that meets the definition of an investment should be measured using the equity method, unless it is held by a special-purpose government engaged only in fiduciary activities, a fiduciary fund, or an endowment (including permanent and term endowments) or permanent fund. Those governments and funds should measure the majority equity interest at fair value. The adoption of this statement did not have an impact on the School District's financial statements. \r\n \r\n- 11 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \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\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\n \r\n- 12 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nCapital Assets \r\n \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 for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \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 \r\n \r\nLand Improvements \r\n \r\n$ \r\n \r\nBuildings and Improvements $ \r\n \r\nEquipment \r\n \r\n$ \r\n \r\nIntangible Assets \r\n \r\n$ \r\n \r\nALL 50,000.00 100,000.00 25,000.00 200,000.00 \r\n \r\nN/A 20 to 80 Years Up to 80 Years \r\n5 to 20 Years 10 to 20 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\n- 13 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \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\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\n \r\n- 14 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \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\n \r\nUse of Estimates \r\n \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\n \r\nProperty Taxes \r\n \r\nThe Oglethorpe County Board of Commissioners adopted the property tax levy for the 2020 tax digest year (calendar year) on July 21, 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 within 60 days after year-end on the 2020 tax digest are reported as revenue in the governmental funds for fiscal year 2021. The Oglethorpe 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 $8,482,937.30 and for school bonds amounted to $1,324,525.64. \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\n18.840 mills 2.973 mills \r\n \r\n21.813 mills \r\n \r\nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $863,391.46 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 $1,003,675.18 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\n \r\n- 15 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \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 fund. 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 and function. 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\nThe Superintendent is authorized by the Board to approve adjustments of no more than 5% of the amount budgeted for expenditures in any budget function for any fund. The Superintendent shall report any such adjustments to the Board. If expenditure of funds in any budget function for any fund is anticipated to be more than 5% of the budgeted amount, the Superintendent shall request Board approval for the budget amendment. Any position or expenditure not previously approved in the annual budget that exceeds $5,000.00 shall require Board approval unless the Superintendent deems the position or purchase an emergency. In such case, the expenditure shall be reported to the Board at its regularly scheduled meeting. Under no circumstance is the Superintendent or other staff person authorized to spend funds that exceed the total budget without approval by the Board. \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\nNOTE 4: DEPOSITS AND CASH EQUIVALENTS \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\n \r\n- 16 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \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 $12,176,151.69, and a bank balance of $13,401,048.40. The bank balances insured by Federal depository insurance were $418,297.59. \r\nAt June 30, 2021, $12,982,750.81 of the School District's bank balances was in the State's Secure Deposit Program (SDP). \r\nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. The SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians. \r\nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \r\n \r\n- 17 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nReconciliation of cash and cash equivalents balances to carrying value of deposits: \r\n \r\nCash and cash equivalents Statement of Net Position \r\n \r\n$ 15,758,371.69 \r\n \r\nAdd: Deposits with original maturity of three months or more reported as investments \r\n \r\n11,931.48 \r\n \r\nLess: Investment pools reported as cash and cash equivalents \r\nGeorgia Fund 1 \r\n \r\n3,594,151.48 \r\n \r\nTotal carrying value of deposits - June 30, 2021 \r\n \r\n$ 12,176,151.69 \r\n \r\nCategorization of Cash Equivalents \r\nThe School District reported cash equivalents of $3,594,151.48 in Georgia Fund 1, a local government investment pool, which is included in the cash balances above. Georgia Fund 1 is not registered with the SEC as an investment company and does not operate in a manner consistent with the SEC's Rule 2a-7 of the Investment Company Act of 1940. The investment is valued at the pool's share price, $1.00 per share, which approximates fair value. The pool is an AAAf rated investment pool by Standard and Poor's. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2021 was 36 days. \r\nGeorgia Fund 1, administered by the State of Georgia, Office of the State Treasurer, is not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of the State Treasurer for the Georgia Fund 1, does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State of Georgia Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \r\n \r\n- 18 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \r\n \r\nBalances July 1, 2020 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2021 \r\n \r\nGovernmental Activities \r\n \r\nCapital Assets, \r\n \r\nNot Being Depreciated: \r\n \r\nLand \r\n \r\n$ \r\n \r\nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \r\n \r\nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \r\n \r\nTotal Capital Assets, Being Depreciated, Net \r\n \r\nGovernmental Activities \r\n \r\nCapital Assets - Net \r\n \r\n$ \r\n \r\n600,770.65 $ \r\n48,039,470.60 4,308,010.97 417,266.61 \r\n12,071,887.25 3,487,693.71 \r\n417,266.31 \r\n36,787,900.91 \r\n37,388,671.56 $ \r\n \r\n- $ \r\n334,023.00 \r\n- \r\n1,133,892.91 188,258.36 \r\n- \r\n(988,128.27) \r\n(988,128.27) $ \r\n \r\n- $ \r\n \r\n600,770.65 \r\n \r\n- \r\n \r\n48,039,470.60 \r\n \r\n- \r\n \r\n4,642,033.97 \r\n \r\n- \r\n \r\n417,266.61 \r\n \r\n- \r\n \r\n13,205,780.16 \r\n \r\n- \r\n \r\n3,675,952.07 \r\n \r\n- \r\n \r\n417,266.31 \r\n \r\n- \r\n \r\n35,799,772.64 \r\n \r\n- $ 36,400,543.29 \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction \r\n \r\nSupport Services \r\n \r\nEducational Media Services \r\n \r\n$ \r\n \r\nGeneral Administration \r\n \r\nMaintenance and Operation of Plant \r\n \r\nStudent Transportation Services \r\n \r\nFood Services \r\n \r\n4,566.50 7,347.58 19,628.88 163,906.32 \r\n \r\n$ 1,115,937.77 \r\n195,449.28 10,764.22 \r\n \r\n$ 1,322,151.27 \r\n \r\n- 19 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 6: INTERFUND TRANSFERS \r\n \r\nInterfund transfers for the year ended June 30, 2021, consisted of the following: \r\n \r\nTransfers to \r\n \r\nTransfers From \r\n \r\nCapital Projects \r\n \r\nGeneral Fund \r\n \r\nFund \r\n \r\nCapital Projects Fund Debt Service Fund \r\n \r\n$ 3,403,754.00 $ - \r\n \r\n559,336.47 \r\n \r\nTotal \r\n \r\n$ 3,403,754.00 $ \r\n \r\n559,336.47 \r\n \r\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 and to pay bond principal and interest payments on an installment sales agreement. Transfers were also made to move Education Special Local Option Sales Tax (ESPLOST) revenues collected by the capital projects fund to the debt service fund to pay bond principal and interest payments. \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\nAdditions \r\n \r\nGovernmental Activities \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 Unamortized Bond Premiums Energy Efficiency Lease Revenue Bonds \r\n \r\n$ 6,350,000.00 $ 423,696.52 \r\n11,545,957.21 43,399.97 \r\n \r\n- $ 1,500,000.00 $ 4,850,000.00 $ 1,565,000.00 \r\n \r\n- \r\n \r\n121,056.14 \r\n \r\n302,640.38 \r\n \r\n121,056.14 \r\n \r\n- \r\n \r\n189,066.00 \r\n \r\n11,356,891.21 \r\n \r\n11,000.00 \r\n \r\n- \r\n \r\n43,399.97 \r\n \r\n- \r\n \r\n- \r\n \r\n$ 18,363,053.70 $ \r\n \r\n- $ 1,853,522.11 $ 16,509,531.59 $ 1,697,056.14 \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. Bonds have also been issued to advance-refund previously issued bonds. 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\nIn the event that the School District would default on their G.O. bond principal and interest payments, the underwriter or beneficial owner may take actions (including court orders) to cause the School District to comply with its obligations, and the cost to the School District to perform its obligations would be paid solely from funds lawfully available for this purpose. \r\nAdditional 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- 20 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nOf the total amount originally authorized, $495,000.00 remains unissued. General obligation bonds currently outstanding are as follows: \r\n \r\nDescription \r\n \r\nInterest Rates \r\n \r\nIssue Date \r\n \r\nMaturity Date \r\n \r\nAmount Issued \r\n \r\nAmount Outstanding \r\n \r\nGeneral Government - Refunding - Series 2015 \r\n \r\n2.00% - 4.00% 4/9/2015 8/1/2023 $ 8,740,000.00 $ 4,850,000.00 \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\nUnamortized Bond Premium \r\n \r\n2022 2023 2024 \r\n \r\n$ 1,565,000.00 $ 154,875.00 $ \r\n \r\n1,610,000.00 \r\n \r\n99,500.00 \r\n \r\n1,675,000.00 \r\n \r\n33,500.00 \r\n \r\n121,056.14 121,056.14 60,528.10 \r\n \r\nTotal Principal and Interest $ 4,850,000.00 $ 287,875.00 $ 302,640.38 \r\n \r\nObligations Under Financed Purchases \r\n \r\nAn energy efficiency lease agreement dated April 16, 2018 was executed by and between the School District, the lessee, and First Security Finance Inc., the lessor. The agreement authorized the borrowing of $11,725,622.21 for the purchase of energy efficiency equipment, machinery, supplies, building modifications and other energy saving items. Payments of the lease shall be made from the capital projects fund. \r\nThe School District's outstanding obligations from an energy efficiency lease agreement related to governmental activities of $11,356,891.21 contain a provision that in an event of default, the lessor has the option of declaring outstanding amounts immediately due and payable or they make take possession of project, equipment, machinery or supplies. \r\nEnergy efficiency leases currently outstanding are as follows: \r\n \r\nPurpose \r\n \r\nInterest Rate \r\n \r\nIssue Date \r\n \r\nMaturity Date \r\n \r\nAmount Issued \r\n \r\nAmount Outstanding \r\n \r\nEnergy Lease Purchase Agreement \r\n \r\n4.39% \r\n \r\n4/16/2018 \r\n \r\n4/1/2039 $ 11,725,622.21 $ 11,356,891.21 \r\n \r\n- 21 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe following is a schedule of total finance purchase payments: \r\n \r\nFiscal Year Ended June 30: \r\n \r\nPrincipal \r\n \r\nInterest \r\n \r\n2022 2023 2024 2025 2026 2027 - 2031 2032 - 2036 2037 - 2039 \r\n \r\n$ \r\n \r\n11,000.00 $ \r\n \r\n363,032.93 \r\n \r\n389,986.69 \r\n \r\n418,613.88 \r\n \r\n449,009.99 \r\n \r\n2,770,226.85 \r\n \r\n3,898,140.53 \r\n \r\n3,056,880.34 \r\n \r\nTotal Principal and Interest $ \r\n \r\n11,356,891.21 $ \r\n \r\n498,457.77 494,143.59 477,913.84 460,482.65 441,775.53 1,877,844.81 1,166,620.08 240,908.23 \r\n5,658,146.50 \r\n \r\nThe following assets were acquired through the energy efficiency lease and are reflected in the capital asset note at fiscal year-end: \r\nGovernmental Activities \r\n \r\nBuildings and Improvements \r\n \r\n$ \r\n \r\nLess: Accumulated Depreciation \r\n \r\n9,858,209.00 949,989.58 \r\n \r\n$ 8,908,219.42 \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, cyber risk and automobile risks. Reinsurance limits and retentions vary by line of coverage. \r\n- 22 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nWorkers' Compensation \r\n \r\nGeorgia School Boards Association Workers' Compensation Fund \r\n \r\nThe School District participates in the Georgia School Boards Association Workers' Compensation Fund (the Fund), a public entity risk pool organized on July 1, 1992, to develop, implement, and administer a program to reduce the risk of loss from employee accidents. The School District pays an annual contribution to the Fund for coverage. The Fund provides statutory limits of coverage for Workers' Compensation coverage and a $2,000,000 limit per occurrence for Employers' Liability coverage. Excess insurance coverage is provided through an agreement between the Fund and the Safety National Casualty Corporation to limit the Fund's exposure to large losses. \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$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n2021 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n2,467.58 \r\n \r\n$ \r\n \r\n2,467.58 \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\n100,000.00 \r\n \r\n- 23 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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 Inventories Prepaid Assets \r\nRestricted Continuation of Federal Programs Capital Projects Debt Service Other (Donor Restricted Trust) \r\nAssigned Local Capital Outlay Projects School Activity Accounts \r\nUnassigned \r\n \r\n$ \r\n \r\n68,922.85 \r\n \r\n114,170.46 $ \r\n \r\n$ \r\n \r\n89,130.36 \r\n \r\n4,542,590.10 \r\n \r\n1,253,531.28 \r\n \r\n11,065.55 \r\n \r\n$ 5,000,000.00 241,304.35 \r\n \r\n183,093.31 \r\n5,896,317.29 5,241,304.35 5,086,735.69 \r\n \r\nFund Balance, June 30, 2021 \r\n \r\n$ 16,407,450.64 \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\nNOTE 10: SIGNIFICANT COMMITMENTS \r\n \r\nOperating Leases \r\n \r\nThe School District leases copiers 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 $76,432.80 for governmental activities for the year ended June 30, 2021. The following future minimum lease payments were required under operating leases at June 30, 2021: \r\n \r\nYear Ending \r\n \r\nGovernmental Activities \r\n \r\n2022 2023 \r\n \r\n$ \r\n \r\n51,517.20 \r\n \r\n17,172.40 \r\n \r\nTotal \r\n \r\n$ \r\n \r\n68,689.60 \r\n \r\n- 24 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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 $583,462.00 for the year ended June 30, 2021. Active employees are not required to contribute to the School OPEB Fund. \r\n \r\n- 25 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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\nAt June 30, 2021, the School District reported a liability of $21,040,823.00 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 0.143255%, which was a decrease of 0.001976% from its proportion measured as of June 30, 2019. \r\nFor the year ended June 30, 2021, the School District recognized OPEB expense of $898,822.00. At June 30, 2021, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \r\n \r\nOPEB Deferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and \r\n \r\nactual experience \r\n \r\n$ \r\n \r\n- $ 2,297,005.00 \r\n \r\nChanges of assumptions \r\n \r\n3,479,685.00 \r\n \r\n1,872,181.00 \r\n \r\nNet difference between projected and \r\n \r\nactual earnings on OPEB plan \r\n \r\ninvestments \r\n \r\n54,840.00 \r\n \r\n- \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n862,756.00 \r\n \r\n519,427.00 \r\n \r\nSchool District contributions \r\n \r\nsubsequent to the measurement date \r\n \r\n538,462.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 4,935,743.00 $ 4,688,613.00 \r\n \r\n- 26 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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$ (355,167.00) $ (356,638.00) $ (193,653.00) $ 157,475.00 $ 344,196.00 $ 112,455.00 \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 \r\n \r\n3.00%  8.75%, including inflation \r\n \r\nLong-term expected rate of return Healthcare cost trend rate \r\n \r\n7.30%, compounded annually, net of investment expense, and including inflation \r\n \r\nPre-Medicare Eligible \r\n \r\n7.00% \r\n \r\nMedicare Eligible \r\n \r\n5.25% \r\n \r\nUltimate trend rate \r\n \r\nPre-Medicare Eligible \r\n \r\n4.50% \r\n \r\nMedicare Eligible \r\n \r\n4.50% \r\n \r\nYear of Ultimate trend rate \r\n \r\nPre-Medicare Eligible \r\n \r\n2029 \r\n \r\nMedicare Eligible \r\n \r\n2023 \r\n \r\n- 27 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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 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 were 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\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\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\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\n- 28 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \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 \r\n30.00% 70.00% \r\n100.00% \r\n \r\n0.50% 9.20% \r\n \r\n*Net of Inflation \r\n \r\nDiscount Rate: In order to measure the total OPEB liability for the School OPEB, 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 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\n \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\n1% Decrease (1.22%) \r\n \r\nCurrent Discount Rate (2.22%) \r\n \r\n1% Increase (3.22%) \r\n \r\nSchool District's proportionate share of the Net OPEB liability \r\n \r\n$ 24,719,496.00 $ \r\n \r\n21,040,823.00 $ 18,098,912.00 \r\n \r\n- 29 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \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 would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates: \r\n \r\n1% Decrease \r\n \r\nCurrent Healthcare Cost Trend Rate \r\n \r\n1% Increase \r\n \r\nSchool District's proportionate share of the Net OPEB liability \r\n \r\n$ 17,518,600.00 $ \r\n \r\n21,040,823.00 $ 25,601,079.00 \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 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. \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. Pursuant to O.C.G.A. 47-3-63, the employer contributions for certain full-time public school support personnel are funded on behalf of the employer by the State of Georgia. 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, of which 18.94% of \r\n \r\n- 30 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\npayroll was required from the School District and 0.12% of payroll was required from the State. For the current fiscal year, employer contributions to the pension plan were $2,571,100.20 and $16,118.14 from the School District and the State, respectively. \r\nEmployees' Retirement System \r\nPlan Description: The Employees' Retirement System of Georgia (ERS) is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly during the 1949 Legislative Session for the purpose of providing retirement allowances for employees of the State of Georgia and its political subdivisions. ERS is directed by a Board of Trustees. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. ERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \r\nBenefits Provided: The ERS Plan supports three benefit tiers: Old Plan, New Plan, and Georgia State Employees' Pension and Savings Plan (GSEPS). Employees under the old plan started membership prior to July 1, 1982 and are subject to plan provisions in effect prior to July 1, 1982. Members hired on or after July 1, 1982 but prior to January 1, 2009 are new plan members subject to modified plan provisions. Effective January 1, 2009, new state employees and rehired state employees who did not retain membership rights under the Old or New Plans are members of GSEPS. ERS members hired prior to January 1, 2009 also have the option to irrevocably change their membership to GSEPS. \r\nUnder the old plan, the new plan, and GSEPS, a member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 60 or 30 years of creditable service regardless of age. Additionally, there are some provisions allowing for early retirement after 25 years of creditable service for members under age 60. \r\nRetirement benefits paid to members are based upon the monthly average of the member's highest 24 consecutive calendar months, multiplied by the number of years of creditable service, multiplied by the applicable benefit factor. Annually, postretirement cost-of-living adjustments may also be made to members' benefits, provided the members were hired prior to July 1, 2009. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension, at reduced rates, to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS. \r\nContributions: Member contributions under the old plan are 4.00% of annual compensation, up to $4,200.00, plus 6.00% of annual compensation in excess of $4,200.00. Under the old plan, the state pays member contributions in excess of 1.25% of annual compensation. Under the old plan, these state contributions are included in the members' accounts for refund purposes and are used in the computation of the members' earnable compensation for the purpose of computing retirement benefits. Member contributions under the new plan and GSEPS are 1.25% of annual compensation. The School District's total required contribution rate for the year ended June 30, 2021 was 24.66% of annual covered payroll for old plan members of which 19.91% was required from the School District and 4.75% was contributed on behalf of the School District by the state. Additionally, the School District's total required contribution rate was 24.66% for new plan members and 21.57% for GSEPS members. 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. There are no employer contributions to the pension plan for the current fiscal year due to the fact that the School District has no current employees who are covered under ERS. \r\n \r\n- 31 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \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\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 $62,341.00. \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 $25,227,269.00 for its proportionate share of the net pension liability for TRS. \r\n \r\n- 32 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe TRS net pension liability reflected a reduction for support provided to the School District by the State of Georgia for certain public school support personnel. The amount recognized by the School District as its proportionate share of the net pension liability, the related State of Georgia support, and the total portion of the net pension liability that was associated with the School District were as follows: \r\n \r\nSchool District's proportionate share of the net pension liability \r\n \r\n$ 25,227,269.00 \r\n \r\nState of Georgia's proportionate share of the net pension liability associated with the School District \r\nTotal \r\n \r\n154,549.00 $ 25,381,818.00 \r\n \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 0.104142%, which was a decrease of 0.001400% from its proportion measured as of June 30, 2019. At June 30, 2020, the School District's ERS proportion was 0.000000 which was no change 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 $355,634.00. \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 $3,725,365.00 for TRS, ($4,153.00) for ERS and $71,566.00 for PSERS and revenue of ($15,912.00) for TRS and $71,566.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \r\n \r\n- 33 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nAt June 30, 2021, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \r\n \r\nTRS \r\nDeferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\nERS \r\n \r\nDeferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual experience \r\n \r\n$ 1,098,655.00 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\nChanges of assumptions \r\n \r\n2,598,438.00 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nNet difference between projected and \r\n \r\nactual earnings on pension plan \r\n \r\ninvestments \r\n \r\n607,603.00 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nChanges in proportion and differences \r\n \r\nbetween School District contributions and \r\n \r\nproportionate share of contributions \r\n \r\n177,377.00 \r\n \r\n479,322.00 \r\n \r\n- \r\n \r\n691.00 \r\n \r\nSchool District contributions subsequent \r\n \r\nto the measurement date \r\n \r\n2,571,100.20 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 7,053,173.20 $ 479,322.00 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n691.00 \r\n \r\nThe School District contributions subsequent to the measurement date 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\nERS \r\n \r\n2022 2023 2024 2025 \r\n \r\n$ 651,140.00 $ $ 1,392,587.00 $ $ 1,418,200.00 $ $ 540,824.00 $ \r\n \r\n(691.00) - \r\n \r\n- 34 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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\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\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\nEmployees' Retirement System: \r\n \r\nInflation \r\n \r\n2.75% \r\n \r\nSalary increases \r\n \r\n3.25% - 7.00%, including inflation \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 mortality rates were based on the RP-2000 Combined Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB and set forward 2 years for both males and females for service retirements and dependent beneficiaries. The RP-2000 Disabled Mortality Table with future mortality improvement projected to 2025 with Society of Actuaries' projection scale BB and set back 7 years for males and set forward 3 years for 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 9-12% less than the actual number of deaths that occurred during the study period for service retirements and beneficiaries and for disability retirements. 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- 35 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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\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\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\n- 36 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe long-term expected rate of return on TRS, ERS 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\nERS/PSERS Target \r\nallocation \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\nTotal \r\n \r\n30.00% 51.00% \r\n1.50% 12.40% \r\n5.10% - \r\n100.00% \r\n \r\n30.00% 46.20% \r\n1.30% 12.40% \r\n5.10% 5.00% \r\n100.00% \r\n \r\n(0.10)% 8.90% 13.20% 8.90% 10.90% 12.00% \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 ERS and 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, ERS 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% and 7.30%, 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% and 6.30%) or 1-percentage-point higher (8.25% and 8.30%) 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$ 40,004,426.00 $ \r\n \r\n25,227,269.00 $ \r\n \r\n13,114,237.00 \r\n \r\n- 37 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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, ERS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \r\n \r\nDefined Contribution Plan \r\n \r\nOn November 1, 2001, the School District began an employer paid 403(b) annuity plan for the group of employees covered under the Public School Employees Retirement System (PSERS). Recognizing that PSERS was a limited defined contribution and defined benefit plan which did not provide for an adequate retirement for this group of employees, it was the Board's desire to supplement the retirement of this group. \r\nThe School District selected Lincoln Financial Group as the provider of this plan. For each employee covered under PSERS, the Board began contributing to the plan a maximum of 2.25% of the employee's base pay. \r\nThe employee becomes vested upon enrollment in the plan. \r\nEmployer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2021 2020 2019 \r\n \r\n100% 100% 100% \r\n \r\n$ \r\n \r\n223,167.61 \r\n \r\n$ \r\n \r\n225,209.20 \r\n \r\n$ \r\n \r\n213,288.14 \r\n \r\nNOTE 14: RESTATEMENT OF PRIOR YEAR NET POSITION AND FUND BALANCE \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 Prior Period Adjustment - Implementation of GASB No. 84: Student Activity Account Reclassification \r\nNet Position, July 1, 2020, as restated Fund Balance (General Fund), July 1, 2020, as previously reported \r\nPrior Period Adjustment - Implementation of GASB No. 84: Student Activity Account Reclassification \r\nFund Balance (General Fund), July 1, 2020, as restated \r\n \r\n$ \r\n \r\n(4,862,150.11) \r\n \r\n81,489.84 $ (4,780,660.27) $ 6,064,020.57 \r\n \r\n81,489.84 \r\n \r\n$ \r\n \r\n6,145,510.41 \r\n \r\nFunds Held for Others of $81,489.84, previously held in the fiduciary funds, was reclassified to Net Position and Fund Balance (general fund). \r\n- 38 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDCUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 15: SUBSEQUENT EVENTS \r\nOn May 24, 2022, the voters of Oglethorpe County approved the continuation of the Education Special Purpose Local Option Sales Tax along with the issuance of not more than $22,650,000.00 of general obligation bonds for the purpose of (1) paying a portion of the costs of acquiring, constructing, equipping, and furnishing (including any demolition that may be necessary) new school buildings and facilities useful and desirable in connection therewith, including, but not limited to, a kindergarten to 5th grade building or a kindergarten to 3rd grade building and, in either case, support and athletic/physical education facilities; (2) adding to, renovating, repairing, improving and equipping existing schools and facilities including, but not limited to, vocational/agricultural facilities, gymnasiums, HVAC and physical education and athletic facilities; (3) acquiring miscellaneous new equipment, fixtures and furnishings for the Oglethorpe County School District, including textbooks, band instruments, computer technology equipment and software, interactive boards, safety and security technology, food service equipment, school buses and other vehicles; (4) acquiring real property; (5) acquiring any other capital property necessary or desirable, both real and personal (collectively, the \"Projects\"); and/or (6) paying capitalized interest and/or costs of issuing the Bonds. \r\n \r\n- 39 - \r\n \r\n (This page left intentionally blank) \r\n \r\n OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE 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 the total \r\npension liability \r\n \r\n2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.104142% 0.105542% 0.104300% 0.103665% 0.109202% 0.119566% 0.117766% \r\n \r\n$ 25,227,269.00 $ 22,694,384.00 $ 19,360,314.00 $ 19,266,460.00 $ 22,529,590.00 $ 18,202,736.00 $ 14,878,181.00 \r\n \r\n$ 154,549.00 $ 139,983.00 $ 120,283.00 $ 213,731.00 $ 335,875.00 $ 265,507.00 $ 300,429.00 \r\n \r\n$ 25,381,818.00 $ 22,834,367.00 $ 19,480,597.00 $ 19,480,191.00 $ 22,865,465.00 $ 18,468,243.00 $ 15,178,610.00 \r\n \r\n$ 13,509,076.45 $ 12,959,921.11 $ 12,499,999.21 $ 12,049,030.72 $ 12,156,977.27 $ 12,800,091.72 $ 12,027,265.72 \r\n \r\n186.74% 175.11% \r\n154.88% 159.90% 185.32% 142.21% 123.70% \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- 41 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS \r\nTEACHERS 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\n2021 \r\n \r\n$ \r\n \r\n2,571,100.20 $ \r\n \r\n2,571,100.20 $ \r\n \r\n- \r\n \r\n2020 \r\n \r\n$ \r\n \r\n2,838,427.00 $ \r\n \r\n2,838,427.00 $ \r\n \r\n- \r\n \r\n2019 \r\n \r\n$ \r\n \r\n2,692,024.53 $ \r\n \r\n2,692,024.53 $ \r\n \r\n- \r\n \r\n2018 \r\n \r\n$ \r\n \r\n2,088,268.85 $ \r\n \r\n2,088,268.85 $ \r\n \r\n- \r\n \r\n2017 \r\n \r\n$ \r\n \r\n1,700,560.76 $ \r\n \r\n1,700,560.76 $ \r\n \r\n- \r\n \r\n2016 \r\n \r\n$ \r\n \r\n1,709,319.88 $ \r\n \r\n1,709,319.88 $ \r\n \r\n- \r\n \r\n2015 \r\n \r\n$ \r\n \r\n1,659,082.78 $ \r\n \r\n1,659,082.78 $ \r\n \r\n- \r\n \r\nSchool District's covered payroll \r\n \r\n$ \r\n \r\n13,572,687.32 \r\n \r\n$ 13,509,076.45 \r\n \r\n$ \r\n \r\n12,959,921.11 \r\n \r\n$ \r\n \r\n12,499,999.21 \r\n \r\n$ 12,049,030.72 \r\n \r\n$ \r\n \r\n12,156,977.27 \r\n \r\n$ \r\n \r\n12,800,091.72 \r\n \r\nContribution as a percentage of covered payroll \r\n18.94% 21.01% 20.77% 16.71% 14.11% 14.06% 12.96% \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- 42 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"3\" \r\n \r\nFor the Year Ended June 30 \r\n2021 2020 2019 2018 2017 206 2015 \r\n \r\nSchool District's proportion of the Net Pension Liability (NPL) \r\n \r\nSchool District's proportionate share \r\nof the NPL \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share of \r\nthe NPL as a percentage of covered payroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of total pension liability \r\n \r\n0.000000% $ 0.000000% $ 0.000077% $ 0.000401% $ 0.000000% $ 0.00000522 $ 0.00003174 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n3,165.00 $ \r\n \r\n16,286.00 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n21,148.00 $ \r\n \r\n119,045.00 $ \r\n \r\n1,965.60 9,828.05 71,479.00 \r\n \r\n0.00% 0.00% 161.02% 165.71% 0.00% 0.00% 166.55% \r\n \r\n76.21% 76.74% 76.68% 76.33% 72.34% 76.20% 77.99% \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- 43 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS \r\nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"4\" \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\nContribution as a percentage of covered 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\n2017 \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\n487.66 $ \r\n \r\n2,438.34 $ \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\n487.66 $ \r\n \r\n2,438.34 $ \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\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n1,965.60 9,828.05 \r\n \r\n24.81% 24.81% \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- 44 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"5\" \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 \r\nthe 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$ 355,634.00 $ 355,634.00 $ \r\n \r\n911,801.61 \r\n \r\n- \r\n \r\n$ 343,584.00 $ 343,584.00 $ 882,465.39 \r\n \r\n- \r\n \r\n$ 325,521.00 $ 325,521.00 $ 869,550.08 \r\n \r\n- \r\n \r\n$ 273,648.00 $ 273,648.00 $ 836,120.36 \r\n \r\n- \r\n \r\n$ 367,668.00 $ 367,668.00 $ 549,477.55 \r\n \r\n- \r\n \r\n$ 242,736.00 $ 242,736.00 $ 592,524.69 \r\n \r\n- \r\n \r\n$ 215,664.00 $ 215,664.00 $ 499,267.86 \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- 45 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY SCHOOL OPEB FUND \r\n \r\nSCHEDULE \"6\" \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\n0.143255% $ 21,040,823.00 $ 0.145231% $ 17,822,960.00 $ 0.140446% $ 17,850,256.00 $ 0.136015% $ 19,110,052.00 $ \r\n \r\n- \r\n \r\n$ 21,040,823.00 $ 11,747,928.38 \r\n \r\n- \r\n \r\n$ 17,822,960.00 $ 11,050,140.13 \r\n \r\n- \r\n \r\n$ 17,850,256.00 $ 10,607,296.51 \r\n \r\n- \r\n \r\n$ 19,110,052.00 $ 9,845,563.53 \r\n \r\n179.10% 161.29% 168.28% 194.10% \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- 46 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \r\n \r\nSCHEDULE \"7\" \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 \r\ncontribution \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\n2017 \r\n \r\n$ \r\n \r\n538,462.00 $ 484,455.00 $ 782,166.00 $ 727,917.00 $ 709,194.00 $ \r\n \r\n538,462.00 $ 484,455.00 $ 782,166.00 $ 727,917.00 $ 709,194.00 $ \r\n \r\n- \r\n \r\n$ 12,223,202.42 \r\n \r\n- \r\n \r\n$ 11,747,928.38 \r\n \r\n- \r\n \r\n$ \r\n \r\n11,050,140.13 \r\n \r\n- \r\n \r\n$ 10,607,296.51 \r\n \r\n- \r\n \r\n$ 9,845,563.53 \r\n \r\n4.41% 4.12% 7.08% 6.86% 7.20% \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- 47 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \r\nFOR THE YEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"8\" \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\nEmployees' Retirement System Changes of benefit terms: A new benefit tier was added for members joining the System on and after July 1, 2009. A one-time 3% payment was granted to certain retirees and beneficiaries effective July 2016, and a one-time 3% payment was granted to certain retirees and beneficiaries effective July 2017. Two one-time 2% payments were granted to certain retirees and beneficiaries effective July 2018 and January 2019. Two onetime 3% payments were granted to certain retirees and beneficiaries effective July 2019 and January 2020. \r\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, withdrawal and salary increases. \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 the 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 actuarial valuation. \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\n \r\n- 48 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \r\nFOR THE YEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"8\" \r\n \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- 49 - \r\n \r\n OGLETHORPE 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 \"9\" \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL \r\n \r\nFINAL \r\n \r\nACTUAL AMOUNTS \r\n \r\nVARIANCE OVER/UNDER \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\n \r\n$ \r\n \r\n8,467,466.00 $ \r\n \r\n90,000.00 \r\n \r\n14,090,225.00 \r\n \r\n2,457,435.00 \r\n \r\n161,100.00 \r\n \r\n12,800.00 \r\n \r\n15,000.00 \r\n \r\n25,294,026.00 \r\n \r\n8,467,466.00 $ 90,000.00 \r\n14,156,046.20 7,610,673.68 161,100.00 12,800.00 15,000.00 \r\n30,513,085.88 \r\n \r\n9,346,328.76 $ 339,467.65 \r\n15,401,537.34 3,872,396.15 \r\n116,424.48 10,869.18 \r\n537,742.70 29,624,766.26 \r\n \r\n878,862.76 249,467.65 1,245,491.14 (3,738,277.53) (44,675.52) \r\n(1,930.82) 522,742.70 (888,319.62) \r\n \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 Other Support Services Enterprise Operations Food Services Operation Total Expenditures \r\nExcess of Revenues over (under) Expenditures \r\n \r\n16,735,613.75 \r\n1,001,132.18 796,418.34 454,296.73 320,774.00 1,641,729.00 490,233.00 1,758,125.00 1,666,445.00 231,892.00 \r\n1,058,337.00 26,154,996.00 (860,970.00) \r\n \r\n19,520,679.94 \r\n2,011,967.76 1,313,131.97 431,006.01 325,788.00 \r\n1,703,753.00 500,697.00 1,989,189.00 2,199,506.19 231,892.00 \r\n1,150,354.00 31,377,964.87 (864,878.99) \r\n \r\n16,857,702.74 \r\n1,123,928.99 969,890.25 407,845.19 325,100.74 1,626,137.49 440,848.44 1,953,380.65 1,746,755.99 \r\n168,422.91 204,089.29 1,044,811.19 26,868,913.87 2,755,852.39 \r\n \r\n2,662,977.20 \r\n888,038.77 343,241.72 23,160.82 \r\n687.26 77,615.51 59,848.56 35,808.35 452,750.20 63,469.09 (204,089.29) 105,542.81 4,509,051.00 3,620,731.38 \r\n \r\nOTHER FINANCING SOURCES(USES) Other Sources Other Uses Total Other Financing Sources (Uses) \r\n \r\n434,842.00 (508,596.00) \r\n(73,754.00) \r\n \r\n446,702.00 (520,456.00) \r\n(73,754.00) \r\n \r\n(3,403,754.00) (3,403,754.00) \r\n \r\n(446,702.00) (2,883,298.00) (3,330,000.00) \r\n \r\nNet Change in Fund Balances \r\n \r\n(934,724.00) \r\n \r\n(938,632.99) \r\n \r\n(647,901.61) \r\n \r\n290,731.38 \r\n \r\nFund Balances - Beginning (Restated) \r\n \r\n6,015,377.41 \r\n \r\n6,015,377.41 \r\n \r\n6,145,510.41 \r\n \r\n130,133.00 \r\n \r\nAdjustments \r\n \r\n- \r\n \r\n26,047.79 \r\n \r\n- \r\n \r\n(26,047.79) \r\n \r\nFund Balances - Ending \r\n \r\n$ \r\n \r\n5,080,653.41 $ \r\n \r\n5,102,792.21 $ \r\n \r\n5,497,608.80 $ \r\n \r\n394,816.59 \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \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- 50 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"10\" \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 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 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 \r\nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Grants to States COVID-19 - Grants to States Preschool Grants Total Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States English Language Acquisition State Grants English Language Acquisition State Grants Rural Education Rural Education Special Education - State Personnel Development 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 Twenty-First Century Community Learning Centers Twenty-First Century Community Learning Centers 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\n10.553 10.555 \r\n84.425D 84.425D 84.425U \r\n84.027A 84.027A 84.027A 84.173A \r\n84.048A 84.365A 84.365A 84.358B 84.358B 84.323A 84.424A 84.367A 84.010A 84.010A 84.287C 84.287C \r\n93.575 \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n215GA324N1199 $ 215GA324N1199 \r\n \r\n196,556.78 790,176.94 986,733.72 \r\n \r\nS425D200012 S425D210012 \r\nS425U210012 \r\n \r\n185,995.77 869,351.76 \r\n166,409.73 1,221,757.26 \r\n \r\nH027A190073 H027A200073 H027A200073 H173A200081 \r\nV048A200010 S365A190010 S365A200010 S365B190010 S365B200010 H323A170010 S424A190011 S367A200001 S010A190010 S010A200010 S287C190010 S287C200010 \r\n \r\n93,032.68 396,891.53 30,359.00 \r\n15,584.60 535,867.81 \r\n23,304.00 6,201.00 9,280.58 \r\n10,966.00 151,650.59 8,000.00 \r\n14,279.91 655.00 \r\n71,986.24 448,124.24 180,689.06 214,845.43 1,139,982.05 2,897,607.12 \r\n \r\n2110GACCC5 $ \r\n \r\n4,058.00 3,888,398.84 \r\n \r\n- 51 - \r\n \r\n OGLETHORPE COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"10\" \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 Oglethorpe 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\n \r\nSee notes to the basic financial statements. \r\n \r\n- 52 - \r\n \r\n OGLETHORPE 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 Amended Formula Adjustment Categorical Grants Pupil Transportation Regular Bus Replacement Nursing Services Sparsity Vocational Supervisors Education Equalization Funding Grant Other State Programs Food Services Hygiene Products Math and Science Supplements Preschool Disability Services Pupil Transportation - State Bonds Teachers Retirement Vocational Education Office of the State Treasurer Public School Employees Retirement CONTRACT Human Resources, Georgia Department of Family Connections \r\nSee notes to the basic financial statements. \r\n \r\nSCHEDULE \"11\" \r\n \r\nGOVERNMENTAL FUND TYPE \r\nGENERAL FUND \r\n \r\n$ \r\n \r\n203,547.20 \r\n \r\n760,440.00 246,180.00 1,400,791.00 732,265.00 719,627.00 610,780.00 1,509,818.00 1,420,093.00 452,167.00 2,271,273.00 605,711.00 127,743.00 118,958.00 162,890.00 278,507.00 85,009.00 47,670.00 \r\n1,166.00 \r\n501,140.00 648,429.00 549,215.00 (431,655.00) \r\n \r\n436,396.00 154,440.00 45,000.00 \r\n2,486.00 6,825.00 1,392,514.00 \r\n28,120.00 989.00 \r\n5,066.00 59,157.00 77,220.00 \r\n16,118.14 45,101.00 \r\n62,341.00 \r\n \r\n48,000.00 \r\n \r\n$ \r\n \r\n15,401,537.34 \r\n \r\n- 53 - \r\n \r\n OGLETHORPE 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\n2017 SPLOST \r\nRetiring outstanding general obligation debt of the School District previously incurred and issued with the respect to capital outlay projects in the principal and interest amount not to exceed $3,500,000.00, comprised of a portion of the School District's Series 2008 and 2015 general obligation and/or refunding bonds coming due in the years 2018 through 2023 and; \r\nThe following capital outlay projects at a maximum cost of $500,000.00; \r\n(i) making system-wide technology improvements, including, but not limited to, the acquisition and installation of instruction technology, security, and information systems hardware and associated software and accessories, and infrastructure at all schools and selected other facilities; and \r\n(ii) improving school and/or athletic facilities, purchasing school buses, school equipment, and safety and security equipment. \r\nTotal \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nESTIMATED COMPLETION \r\nDATE \r\n \r\n$ \r\n \r\n3,500,000.00 $ \r\n \r\n3,500,000.00 \r\n \r\nJune 30, 2023 \r\n \r\n250,000.00 \r\n \r\n250,000.00 \r\n \r\nJune 30, 2023 \r\n \r\n250,000.00 \r\n \r\n250,000.00 \r\n \r\n$ \r\n \r\n4,000,000.00 $ \r\n \r\n4,000,000.00 \r\n \r\nJune 30, 2023 \r\n \r\n- 54 - \r\n \r\n OGLETHORPE 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) (4) \r\n \r\nAMOUNT EXPENDED IN PRIOR YEARS (3) (4) \r\n \r\nTOTAL COMPLETION \r\nCOST \r\n \r\nEXCESS PROCEEDS NOT \r\nEXPENDED \r\n \r\n2017 SPLOST \r\n \r\nRetiring outstanding general obligation debt of the \r\n \r\nSchool District previously incurred and issued with \r\n \r\nthe respect to capital outlay projects in the principal and \r\n \r\ninterest amount not to exceed $3,500,000.00, \r\n \r\ncomprised of a portion of the School District's Series \r\n \r\n2008 and 2015 general obligation and/or refunding \r\n \r\nbonds coming due in the years 2018 through 2023 and; \r\n \r\n$ \r\n \r\n559,336.47 $ \r\n \r\n582,913.57 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\nThe following capital outlay projects at a maximum cost of $500,000.00; \r\n \r\n(i) making system-wide technology improvements, \r\n \r\nincluding, but not limited to, the acquisition and \r\n \r\ninstallation of instruction technology, security, and \r\n \r\ninformation systems hardware and associated software \r\n \r\nand accessories, and infrastructure at all schools and \r\n \r\nselected other facilities; and \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n(ii) improving school and/or athletic facilities, \r\n \r\npurchasing school buses, school equipment, and safety \r\n \r\nand security equipment. \r\n \r\n- \r\n \r\n101,308.76 \r\n \r\n- \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ \r\n \r\n559,336.47 $ \r\n \r\n684,222.33 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \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 Oglethorpe 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. (4) Cost of HVAC equipment through Capital Outlay Funds for the Primary and Elementary School are included. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 55 - \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 Ms. Beverley Levine, Superintendent and Members of the Oglethorpe County Board of Education \r\nWe have audited the financial statements of the governmental activities, each major fund, and fiduciary activities of the Oglethorpe 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 August 25, 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. 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 may exist that have not been identified. \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 no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \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\nAugust 25, 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 Ms. Beverley Levine, Superintendent and Members of the Oglethorpe County Board of Education \r\nReport on Compliance for Each Major Federal Program \r\nWe have audited the Oglethorpe 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\nAugust 25, 2022 \r\n \r\n Section III Auditee's Response to Prior Year Findings and Questioned Costs \r\n \r\n OGLETHORPE 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 OGLETHORPE 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\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\n10.553, 10.555 84.425 \r\n \r\nChild Nutrition Cluster 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\nII FINANCIAL STATEMENT FINDINGS No matters were reported. 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