{"response":{"docs":[{"id":"dlg_ggpd_1389416770-2025-02-05","title":"Annual financial report, fiscal year 2024, Screven County Board of Education, Sylvania, 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, Screven County, 32.75059, -81.61193"],"dcterms_creator":null,"dc_date":["2025-02-05"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Screven County Board of Education (Ga.))"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Georgia Department of Audits \u0026 Accounts, [2022?]-"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Screven County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Screven County--Auditing--Periodicals.","Education--Georgia--Screven County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Screven County--fast","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report, fiscal year 2024, Screven County Board of Education, Sylvania, 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_1389416770-2025-02-05"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1389416770-2025-02-05"],"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":["Education--Auditing--fast","Education--Finance--fast","Expenditures, Public--fast","Georgia--Screven County--fast","Periodicals--fast","Statistics--fast"],"fulltext":"ANNUAL FINANCIAL REPORT  FISCAL YEAR 2024 \r\nScreven County Board of Education \r\nSylvania, Georgia \r\nIncluding Independent Auditor's Report \r\nGreg S. Griffin | State Auditor \r\n \r\n Screven County Board of Education Table of Contents \r\n \r\nSection I Financial \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 Balances \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\n10 \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\n33 \r\n \r\n2 Schedule of Contributions  Teachers Retirement System of Georgia \r\n \r\n34 \r\n \r\n3 Schedule of Proportionate Share of the Net Pension Liability Public \r\n \r\nSchool Employees Retirement System of Georgia \r\n \r\n35 \r\n \r\n4 Schedule of Proportionate Share of the Net OPEB Liability \r\n \r\nSchool OPEB Fund \r\n \r\n36 \r\n \r\n5 Schedule of Contributions  School OPEB Fund \r\n \r\n37 \r\n \r\n6 Notes to the Required Supplementary Information \r\n \r\n38 \r\n \r\n7 Schedule of Revenues, Expenditures and Changes in Fund \r\n \r\nBalances - Budget and Actual General Fund \r\n \r\n39 \r\n \r\n Supplementary Information \r\n \r\n8 Schedule of Expenditures of Federal Awards \r\n \r\n40 \r\n \r\n9 Schedule of State Revenue \r\n \r\n42 \r\n \r\n10 Schedule of Approved Local Option Sales Tax Projects \r\n \r\n44 \r\n \r\nSection II \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\n \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 Auditee's Response to Prior Year Findings and Questioned Costs Summary Schedule of Prior Audit Findings \r\n \r\nSection IV Findings and Questioned Costs Schedule 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 Mr. Jim Thompson, Superintendent and Members of the Screven County Board of Education \r\nReport on the Audit of the Financial Statements \r\nOpinions \r\nWe have audited the accompanying financial statements of the governmental activities, each major fund, and fiduciary activities of the Screven 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. \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, 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. \r\nBasis for Opinions \r\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. \r\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. \r\nResponsibilities of Management for the Financial Statements \r\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. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\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. \r\nAuditor's Responsibilities for the Audit of the Financial Statements \r\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. \r\nIn performing an audit in accordance with GAAS and Government Auditing Standards, we: \r\n Exercise professional judgment and maintain professional skepticism throughout the audit. \r\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. \r\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. \r\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. \r\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. \r\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. \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 \r\n \r\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. \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 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. \r\nSupplementary 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 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 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. \r\nOther Reporting Required by Government Auditing Standards \r\nIn accordance with Government Auditing Standards, we have also issued our report dated February 5, 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. \r\n \r\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, \r\nGreg S. Griffin State Auditor \r\nFebruary 5, 2025 \r\n \r\n Screven County Board of Education \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2024 \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Other Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Outflows of Resources \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Deposits and Unearned Revenue Net Pension Liability Net OPEB Liability \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Inflows of Resources \r\nNET POSITION Net Investment in Capital Assets Restricted for \r\nContinuation of Federal Programs Capital Projects Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n14,508,307.27 \r\n \r\n23,948.36 \r\n \r\n921,144.13 2,321,546.37 1,346,108.32 \r\n527.94 38,871.63 1,093,964.79 46,228,693.24 66,483,112.05 \r\n \r\n9,211,026.70 3,955,804.00 13,166,830.70 \r\n \r\n39,590.09 2,993,878.08 \r\n17,768.00 28,346,571.00 15,189,097.00 46,586,904.17 \r\n \r\n1,282,834.00 6,496,079.00 7,778,913.00 \r\n \r\n47,322,658.03 \r\n \r\n678,235.11 1,123,031.61 (23,839,799.17) \r\n \r\n$ \r\n \r\n25,284,125.58 \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 SCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2024 \r\n \r\nEXHIBIT \"B\" \r\n \r\nEXPENSES \r\n \r\nCHARGES FOR SERVICES \r\n \r\nPROGRAM REVENUES OPERATING GRANTS AND \r\nCONTRIBUTIONS \r\n \r\nCAPITAL GRANTS AND CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET POSITION \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\nInstruction \r\n \r\n$ \r\n \r\nSupport Services \r\n \r\nPupil Services \r\n \r\nImprovement of Instructional Services \r\n \r\nEducational Media Services \r\n \r\nGeneral Administration \r\n \r\nSchool Administration \r\n \r\nBusiness Administration \r\n \r\nMaintenance and Operation of Plant \r\n \r\nStudent Transportation Services \r\n \r\nCentral Support Services \r\n \r\nOther Support Services \r\n \r\nOperations of Non-Instructional Services \r\n \r\nEnterprise Operations \r\n \r\nCommunity Services \r\n \r\nFood Services \r\n \r\n20,588,635.56 $ \r\n1,458,783.37 1,306,046.68 \r\n467,859.62 10,323.07 \r\n1,887,400.50 371,154.42 \r\n2,408,050.62 1,864,792.54 \r\n315,182.37 454,760.54 \r\n285,853.81 26,667.77 \r\n1,763,634.82 \r\n \r\n66,466.63 $ \r\n18,560.50 - \r\n43,001.00 \r\n7,897.50 \r\n \r\n15,546,273.57 $ \r\n730,275.47 1,298,996.76 \r\n344,071.11 654,087.98 1,028,628.11 \r\n6,349.30 625,204.97 456,143.63 \r\n38,714.20 53,050.99 \r\n1,587,542.00 \r\n \r\n2,077,233.50 $ \r\n14,896.97 297.94 \r\n48,564.12 33,369.21 45,584.73 \r\n309,993.46 616,770.00 \r\n4,171.15 398,047.03 \r\n197,235.89 \r\n \r\n(2,898,661.86) \r\n(713,610.93) (6,751.98) \r\n(75,224.39) 677,134.12 (813,187.66) (364,805.12) (1,472,852.19) (773,318.41) (272,297.02) \r\n(3,662.52) \r\n(285,853.81) 16,333.23 29,040.57 \r\n \r\nTotal Governmental Activities \r\n \r\n$ \r\n \r\n33,209,145.69 $ \r\n \r\n135,925.63 $ \r\n \r\n22,369,338.09 $ \r\n \r\n3,746,164.00 \r\n \r\n(6,957,717.97) \r\n \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars 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\n7,810,381.41 34,701.60 \r\n1,945,312.01 58,155.87 \r\n1,425,764.00 678,134.90 \r\n1,220,432.62 13,172,882.41 \r\n \r\nChange in Net Position \r\n \r\n6,215,164.44 \r\n \r\nNet Position - Beginning of Year \r\n \r\n19,068,961.14 \r\n \r\nNet Position - End of Year \r\n \r\n$ \r\n \r\n25,284,125.58 \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 SCREVEN COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2024 \r\n \r\nEXHIBIT \"C\" \r\n \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Other Due from Other Funds Inventories \r\nTotal Assets \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Due to Other Funds Deposits and Unearned Revenue \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\nTOTAL \r\n \r\n$ \r\n \r\n13,531,743.41 $ \r\n \r\n23,948.36 \r\n \r\n759,274.51 2,023,606.97 1,346,108.32 \r\n527.94 297,939.40 \r\n38,871.63 \r\n \r\n$ \r\n \r\n18,022,020.54 $ \r\n \r\n976,563.86 $ - \r\n161,869.62 297,939.40 \r\n- \r\n1,436,372.88 $ \r\n \r\n14,508,307.27 23,948.36 \r\n921,144.13 2,321,546.37 1,346,108.32 \r\n527.94 297,939.40 \r\n38,871.63 \r\n19,458,393.42 \r\n \r\n$ \r\n \r\n24,188.22 $ \r\n \r\n2,993,878.08 \r\n \r\n- \r\n \r\n17,768.00 \r\n \r\n3,035,834.30 \r\n \r\n15,401.87 $ - \r\n297,939.40 - \r\n313,341.27 \r\n \r\n39,590.09 2,993,878.08 \r\n297,939.40 17,768.00 \r\n3,349,175.57 \r\n \r\n385,420.07 \r\n \r\n- \r\n \r\n385,420.07 \r\n \r\n38,871.63 639,363.48 381,611.64 13,540,919.42 14,600,766.17 \r\n \r\n1,123,031.61 \r\n1,123,031.61 \r\n \r\n38,871.63 1,762,395.09 \r\n381,611.64 13,540,919.42 15,723,797.78 \r\n \r\n$ \r\n \r\n18,022,020.54 $ \r\n \r\n1,436,372.88 $ \r\n \r\n19,458,393.42 \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 SCREVEN COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET POSITION JUNE 30, 2024 \r\n \r\nEXHIBIT \"D\" \r\n \r\nTotal fund balances - governmental funds (Exhibit \"C\") \r\nAmounts reported for governmental activities in the Statement of Net Position are different because: \r\nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land Buildings and improvements Equipment Land improvements Accumulated depreciation \r\nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB liability \r\nDeferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. Related to pensions Related to OPEB \r\nTaxes that are not available to pay for current period expenditures are deferred in the funds. \r\nNet position of governmental activities (Exhibit \"A\") \r\n \r\n$ \r\n \r\n15,723,797.78 \r\n \r\n$ \r\n \r\n1,093,964.79 \r\n \r\n61,530,803.62 \r\n \r\n7,384,610.27 \r\n \r\n5,513,932.98 \r\n \r\n(28,200,653.63) \r\n \r\n47,322,658.03 \r\n \r\n$ \r\n \r\n(28,346,571.00) \r\n \r\n(15,189,097.00) \r\n \r\n(43,535,668.00) \r\n \r\n$ \r\n \r\n7,928,192.70 \r\n \r\n(2,540,275.00) \r\n \r\n5,387,917.70 \r\n \r\n385,420.07 \r\n \r\n$ \r\n \r\n25,284,125.58 \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 SCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2024 \r\n \r\nEXHIBIT \"E\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation Capital Outlay 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 \r\nFund Balances - Ending \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n7,742,443.05 $ \r\n \r\n58,155.87 \r\n \r\n17,222,500.32 \r\n \r\n7,342,327.77 \r\n \r\n135,925.63 \r\n \r\n632,218.47 \r\n \r\n1,220,432.62 \r\n \r\n34,354,003.73 \r\n \r\n- $ 1,945,312.01 2,979,394.00 \r\n45,916.43 4,970,622.44 \r\n \r\n7,742,443.05 2,003,467.88 20,201,894.32 7,342,327.77 \r\n135,925.63 678,134.90 1,220,432.62 39,324,626.17 \r\n \r\n17,922,335.95 \r\n1,333,466.60 1,228,259.65 \r\n407,731.38 493,117.16 1,746,628.36 347,008.11 2,248,442.28 2,218,311.03 335,431.18 157,316.49 285,853.81 \r\n26,667.77 1,864,450.47 2,099,383.09 32,714,403.33 1,639,600.40 \r\n \r\n131,094.90 \r\n88,755.03 305,930.00 7,256,652.75 7,782,432.68 (2,811,810.24) \r\n \r\n18,053,430.85 \r\n1,333,466.60 1,228,259.65 \r\n407,731.38 493,117.16 1,746,628.36 347,008.11 2,337,197.31 2,524,241.03 335,431.18 157,316.49 285,853.81 \r\n26,667.77 1,864,450.47 9,356,035.84 40,496,836.01 (1,172,209.84) \r\n \r\n(3,026,213.30) (3,026,213.30) \r\n \r\n(1,386,612.90) \r\n \r\n15,987,379.07 \r\n \r\n$ \r\n \r\n14,600,766.17 $ \r\n \r\n3,026,213.30 - \r\n3,026,213.30 \r\n214,403.06 \r\n908,628.55 \r\n1,123,031.61 $ \r\n \r\n3,026,213.30 (3,026,213.30) \r\n- \r\n(1,172,209.84) \r\n16,896,007.62 \r\n15,723,797.78 \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 SCREVEN 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, 2024 \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\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\nChange in net position of governmental activities (Exhibit \"B\") \r\n \r\n$ \r\n \r\n(1,172,209.84) \r\n \r\n$ \r\n \r\n10,492,991.27 \r\n \r\n(1,798,011.65) \r\n \r\n8,694,979.62 102,639.96 \r\n \r\n$ \r\n \r\n(2,416,157.30) \r\n \r\n1,005,912.00 \r\n \r\n$ \r\n \r\n(1,410,245.30) 6,215,164.44 \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 SCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET POSITION \r\nFIDUCIARY FUNDS JUNE 30, 2024 \r\nASSETS Cash and Cash Equivalents Investments \r\nTotal Assets \r\nNET POSITION Restricted Individuals, Organizations, and Other Governments \r\n \r\nEXHIBIT \"G\" \r\n \r\nCUSTODIAL FUNDS \r\n \r\n$ \r\n \r\n2,842.24 \r\n \r\n7,222.95 \r\n \r\n$ \r\n \r\n10,065.19 \r\n \r\n$ \r\n \r\n10,065.19 \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 ADDITIONS Miscellaneous \r\nDEDUCTIONS Other Deductions \r\nChange in Net Position \r\nNet Position - Beginning \r\nNet Position - Ending \r\n \r\nSCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDUCIARY NET POSITION \r\nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2024 \r\n \r\nEXHIBIT \"H\" \r\n \r\nCUSTODIAL FUNDS \r\n \r\n$ \r\n \r\n1,300.00 \r\n \r\n1,330.98 \r\n \r\n(30.98) \r\n \r\n10,096.17 \r\n \r\n$ \r\n \r\n10,065.19 \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 (This page left intentionally blank) \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nReporting Entity \r\nThe Screven 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. \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\nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\n \r\n- 10 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nDirect expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\nProgram revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFund Financial Statements \r\nThe fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate financial statements are presented for governmental and fiduciary funds. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\nThe School District reports the following major governmental funds: \r\n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \r\n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST) 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. \r\nThe School District reports the following fiduciary fund type: \r\n Custodial funds are used to report resources held by the School District in a purely custodial capacity. \r\nBasis of Accounting \r\nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, 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. \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\n \r\n- 11 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \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 liability is incurred. Capital asset acquisitions are reported as expenditures in governmental funds. \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 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. \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\n \r\n- 12 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nReceivables \r\n \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\n \r\nDue to other funds and due from other funds consist of activities between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year. \r\n \r\nInventories \r\n \r\nFood Inventories \r\n \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\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\n \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\n \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\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Land Improvements Buildings and Improvements Equipment Intangible Assets \r\n \r\nAny Amount \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ 100,000.00 \r\n \r\nN/A Up to 80 years 25 to 80 years \r\n4 to 14 years 10 years \r\n \r\n- 13 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \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\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\n \r\n- 14 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \r\nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \r\nUse of Estimates \r\nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \r\nProperty Taxes \r\nThe Screven County Board of Commissioners adopted the property tax levy for the 2023 tax digest year (calendar year) on September 26, 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 Screven 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 $6,765,929.28. \r\nThe tax millage rate levied for the 2023 tax digest year (calendar year) for the School District was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n14.00 mills \r\n \r\nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $941,812.17 during fiscal year ended June 30, 2024. \r\nSales Taxes \r\nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $1,945,312.01 and is to be used for capital outlay for educational purposes. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\nNOTE 3: BUDGETARY DATA \r\nThe budget is a complete financial plan for the School District's fiscal year and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds, except the various school activity (principal) accounts, is prepared and adopted by fund, function and object. The legal level of \r\n \r\n- 15 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nbudgetary control was established by the Board at the aggregate fund level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \r\nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \r\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\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 \r\n \r\n- 16 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nFederal 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\n \r\nCategorization of Deposits \r\n \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, 2024, the School District had deposits with a carrying amount of $1,831,213.85, and a bank balance of $4,115,420.64. The bank balances insured by Federal depository insurance were $250,000.00 and the bank balances collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name were $3,865,420.64. \r\n \r\nReconciliation of cash and cash equivalents balances to carrying value of deposits: \r\n \r\nCash and cash equivalents Statement of Net Position Statement of Fiduciary Net Position \r\n \r\n$ 14,508,307.27 2,842.24 \r\n \r\nTotal cash and cash equivalents \r\n \r\n14,511,149.51 \r\n \r\nAdd: Deposits with original maturity of three months or more reported as investments \r\n \r\n31,171.31 \r\n \r\nLess: Investment pools reported as cash and cash equivalents \r\nGeorgia Fund 1 \r\n \r\n12,711,106.97 \r\n \r\nTotal carrying value of deposits - June 30, 2024 \r\n \r\n$ \r\n \r\n1,831,213.85 \r\n \r\nCategorization of Cash Equivalents \r\nThe School District reported cash equivalents of $12,711,106.97 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, $1.00 per share, which approximates fair value. The pool is an AAAf rated investment pool by Fitch. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2024 was 33 days. \r\nGeorgia Fund 1, administered by the State of Georgia, Office of the State Treasurer, is not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of the State Treasurer for the Georgia Fund 1, does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State of Georgia Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \r\n \r\n- 17 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \r\n \r\nGovernmental Activities Capital Assets, \r\nNot Being Depreciated: Land Construction in Progress \r\n \r\nBalances July, 1 2023 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nTransfers \r\n \r\nBalances June 30, 2024 \r\n \r\n$ 1,075,974.23 $ \r\n \r\n17,990.56 $ \r\n \r\n8,534,047.35 \r\n \r\n9,056,803.98 \r\n \r\n- $ \r\n \r\n- $ \r\n \r\n- \r\n \r\n(17,590,851.33) \r\n \r\n1,093,964.79 - \r\n \r\nTotal Capital Assets Not Being Depreciated \r\n \r\n9,610,021.58 \r\n \r\n9,074,794.54 \r\n \r\n- \r\n \r\n(17,590,851.33) \r\n \r\n1,093,964.79 \r\n \r\nCapital Assets, Being Depreciated: Buildings and Improvements Equipment Land Improvements \r\n \r\n43,778,037.28 6,888,262.14 5,513,932.98 \r\n \r\n161,915.01 1,256,281.72 \r\n- \r\n \r\n759,933.59 \r\n- \r\n \r\n17,590,851.33 - \r\n \r\n61,530,803.62 7,384,610.27 5,513,932.98 \r\n \r\nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \r\n \r\n18,647,207.77 4,810,680.99 3,704,686.81 \r\n \r\n1,212,800.56 413,677.68 171,533.41 \r\n \r\n759,933.59 \r\n- \r\n \r\n- \r\n \r\n19,860,008.33 \r\n \r\n- \r\n \r\n4,464,425.08 \r\n \r\n- \r\n \r\n3,876,220.22 \r\n \r\nTotal Capital Assets Being Depreciated, Net \r\n \r\n29,017,656.83 \r\n \r\n(379,814.92) \r\n \r\n- \r\n \r\n17,590,851.33 \r\n \r\n46,228,693.24 \r\n \r\nGovernmental Activities Capital Assets - Net \r\n \r\n$ 38,627,678.41 $ 8,694,979.62 $ \r\n \r\n- $ \r\n \r\n- $ 47,322,658.03 \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction \r\n \r\nSupport Services \r\n \r\nPupil Services \r\n \r\n$ \r\n \r\nImprovements of Instructional Services \r\n \r\nEducational Media Services \r\n \r\nGeneral Administration \r\n \r\nSchool Administration \r\n \r\nMaintenance and Operation of Plant \r\n \r\nStudent Transportation Services \r\n \r\nCentral Support Services \r\n \r\nOther Support Services \r\n \r\nFood Services \r\n \r\n$ \r\n7,670.55 97.02 \r\n25,019.05 17,201.17 23,567.53 82,502.38 260,650.26 \r\n2,132.64 205,400.32 \r\n \r\n1,072,073.97 \r\n624,240.92 101,696.76 \r\n \r\n$ \r\n \r\n1,798,011.65 \r\n \r\n- 18 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 6: INTERFUND ASSETS, LIABILITIES, AND TRANSFERS \r\n \r\nInterfund Assets and Liabilities \r\n \r\nDue to and due from other funds are recorded for interfund receivables and payables which arise from interfund transactions. Interfund balances at June 30, 2024, consisted of the following: \r\n \r\nDue From Other Funds \r\n \r\nDue To Other Funds \r\n \r\nGeneral Fund \r\n \r\n$ \r\n \r\nCapital Projects Fund \r\n \r\n$ \r\n \r\n- $ 297,939.40 \r\n297,939.40 $ \r\n \r\n297,939.40 - \r\n297,939.40 \r\n \r\nFunds are due to the general fund for grants from Georgia State Financing and Investment Commission to be collected by the capital projects fund as a reimbursement for capital outlay expenditures. \r\n \r\nInterfund Transfers \r\n \r\nInterfund transfers for the year ended June 30, 2024, consisted of the following: \r\n \r\nTransfers to \r\n \r\nTransfers From General Fund \r\n \r\nCapital Projects Fund \r\n \r\n$ 3,026,213.30 \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. \r\nNOTE 7: LONG-TERM LIABILITIES \r\nGeneral Obligation Bonds General obligation bonds in the amount of $4,000,000.00 have been authorized but have not been issued. \r\nNOTE 8: RISK MANAGEMENT \r\nInsurance The 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 \r\n- 19 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nmembers 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 \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 $2,000,000 limit per occurrence for Employers' Liability coverage. Excess insurance coverage is provided through an agreement between the Fund and the Safety National Casualty Corporation to limit the Fund's exposure to large losses. \r\n \r\nUnemployment Compensation \r\nThe School District is self-insured with regard to unemployment compensation claims. A premium is charged when needed by the general fund to each user program on the basis of the percentage of that fund's payroll to total payroll in order to cover estimated claims budgeted by management based on known claims and prior experience. The School District accounts for claims with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \r\n \r\nThe School District has not incurred any liabilities for unemployment compensation during the past two years. \r\n \r\nSurety Bond The School District purchased a surety bond to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent \r\n \r\n$ \r\n \r\n100,000.00 \r\n \r\n- 20 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 9: FUND BALANCE CLASSIFICATION DETAILS \r\nThe School District's financial statements include the following amounts presented in the aggregate at June 30, 2024: \r\n \r\nNonspendable Inventories \r\nRestricted Continuation of Federal Programs $ Capital Projects \r\nAssigned School Activity Accounts \r\nUnassigned \r\n \r\n$ \r\n639,363.48 1,123,031.61 \r\n \r\n38,871.63 \r\n1,762,395.09 381,611.64 \r\n13,540,919.42 \r\n \r\nFund Balance, June 30, 2024 \r\n \r\n$ \r\n \r\n15,723,797.78 \r\n \r\nWhen multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \r\nIt is the goal of the School District to achieve and maintain a committed, assigned, and unassigned fund balance in the general fund at fiscal year-end of not less than 13% of expenditures, not to exceed 15% of the total budget of the subsequent fiscal year, in compliance with O.C.G.A. 20-2-167(a)5. If the unassigned fund balance at fiscal year-end falls below the goal, the School District shall develop a restoration plan to achieve and maintain the minimum fund balance. \r\nNOTE 10: SIGNIFICANT 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\nNOTE 11: 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 \r\n- 21 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\neligible 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\n \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 $550,898.00 for the year ended June 30, 2024. Active employees are not required to contribute to the School OPEB Fund. \r\n \r\nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \r\n \r\nAt June 30, 2024, the School District reported a liability of $15,189,097.00 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 0.138670%, which was a decrease of 0.000720% from its proportion measured as of June 30, 2022. \r\n \r\nFor the year ended June 30, 2024, the School District recognized OPEB expense of ($455,014.00). At June 30, 2024, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \r\n \r\nOPEB Deferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual experience $ \r\n \r\n442,737.00 $ 4,362,487.00 \r\n \r\nChanges of assumptions \r\n \r\n2,759,560.00 \r\n \r\n1,896,888.00 \r\n \r\nNet difference between projected and actual earnings on OPEB plan investments \r\n \r\n9,113.00 \r\n \r\n- \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n193,496.00 \r\n \r\n236,704.00 \r\n \r\nSchool District contributions subsequent to the \r\n \r\nmeasurement date \r\n \r\n550,898.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 3,955,804.00 $ 6,496,079.00 \r\n \r\n- 22 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \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, 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: \r\n \r\nYear Ended June 30: \r\n \r\nOPEB \r\n \r\n2025 2026 2027 2028 2029 Thereafter \r\n \r\n$ (1,077,192.00) \r\n \r\n$ \r\n \r\n(801,658.00) \r\n \r\n$ \r\n \r\n(965,957.00) \r\n \r\n$ \r\n \r\n(374,708.00) \r\n \r\n$ \r\n \r\n106,061.00 \r\n \r\n$ \r\n \r\n22,281.00 \r\n \r\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: \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 \r\n \r\n7.00%, compounded annually, net of investment expense, and including inflation \r\n \r\nHealthcare cost trend rate \r\n \r\n7.00% \r\n \r\nUltimate trend rate \r\n \r\n4.50% \r\n \r\nYear of Ultimate trend rate \r\n \r\n2032 \r\n \r\nThe Plan currently uses mortality tables that vary by age, gender, and health status (i.e. disabled or not disabled) as follows: \r\n \r\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. \r\n \r\n- 23 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\n For PSERS members: Pre-retirement mortality rates were based on the Pub-2010 General Employee Mortality Table, with no adjustment, with the MP-2019 Projection scale applied generationally. Post-retirement mortality rates for service retirements were based on the Pub-2010 General Healthy Annuitant Mortality Table (ages set forward one year and adjusted 101% for males and 103% for females) with the MP-2019 Projection scale applied generationally. Postretirement mortality rates for disability retirements were based on the Pub-2010 General Disabled Mortality Table (ages set back three years for males and adjusted 103% for males and 106% for females) with the MP-2019 Projection scale applied generationally. Postretirement mortality rates for beneficiaries were based on the Pub-2010 General Contingent Survivor Mortality Table (ages set forward two years and adjusted 104% for males and 99% for females) with the MP-2019 Projection scale applied generationally. \r\n \r\nThe actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2018, with the exception of the assumed annual rate of inflation which was changed from 2.75% to 2.50%, effective with the June 30, 2018 valuation. \r\n \r\nThe remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2022 valuation were based on a review of recent plan experience done concurrently with the June 30, 2022 valuation. \r\n \r\nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \r\n \r\nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset Class \r\n \r\nTarget Allocation \r\n \r\nLong-Term Expected Real Rate of Return* \r\n \r\nFixed income Equities \r\nTotal \r\n \r\n30.00% 70.00% \r\n100.00% \r\n \r\n1.50% 9.40% \r\n \r\n* Net of inflation \r\nDiscount Rate: In order to measure the total OPEB liability for the School OPEB, a single equivalent interest rate of 3.68% was used as the discount rate, as compared with last year's rate of 3.57%. The plan's fiduciary net position was projected to not be able to make all future benefit payments of current plan members. Therefore, the municipal bond rate as used for the long-term rate of return was applied to all periods of projected benefit payments to determine total OPEB liability. This is comprised mainly \r\n- 24 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nof 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. \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 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: \r\n \r\n1% Decrease (2.68%) \r\n \r\nCurrent Discount Rate (3.68%) \r\n \r\n1% Increase (4.68%) \r\n \r\nSchool District's proportionate share \r\n \r\nof the Net OPEB liability \r\n \r\n$ \r\n \r\n17,217,542.00 $ \r\n \r\n15,189,097.00 $ \r\n \r\n13,480,717.00 \r\n \r\nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates: The following presents the 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: \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 \r\n \r\nof the Net OPEB liability \r\n \r\n$ \r\n \r\n13,083,393.00 $ \r\n \r\n15,189,097.00 $ \r\n \r\n17,784,976.00 \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 12: 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\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\n \r\n- 25 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \r\nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 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 19.98% of payroll was required from the School District. For the current fiscal year, employer contributions to the pension plan were $2,861,682.70 from the School District. \r\nPublic School Employees Retirement System (PSERS) \r\nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \r\nBenefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \r\nUpon retirement, the member will receive a monthly benefit of $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. \r\nContributions: The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. \r\n \r\n- 26 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nIndividuals who became members prior to July 1, 2012 contribute $4 per month for nine months each fiscal year. Individuals who became members on or after July 1, 2012 contribute $10 per month for nine months each fiscal year. The State of Georgia, although not the employer of PSERS members, is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS Board of Trustees. The current fiscal year contribution was $49,083.00. \r\nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \r\nAt June 30, 2024, the School District reported a liability of $28,346,571.00 for its proportionate share of the net pension liability for TRS. \r\nThe net pension liability for TRS was measured as of June 30, 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. \r\nAt June 30, 2023, the School District's TRS proportion was 0.096011%, which was a decrease of 0.004346% from its proportion measured as of June 30, 2022. \r\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 $255,570.00. \r\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. \r\nFor the year ended June 30, 2024, the School District recognized pension expense of $5,280,966.00 for TRS and $46,127.00 for PSERS and revenue of $46,127.00 for PSERS. The revenue is support provided by the State of Georgia. \r\n \r\n- 27 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nAt June 30, 2024, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \r\n \r\nTRS Deferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual experience \r\n \r\n$ 1,439,401.00 $ 117,204.00 \r\n \r\nChanges of assumptions \r\n \r\n2,916,253.00 \r\n \r\n- \r\n \r\nNet difference between projected and actual \r\n \r\nearnings on pension plan investments \r\n \r\n1,993,690.00 \r\n \r\n- \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n- \r\n \r\n1,165,630.00 \r\n \r\nSchool District contributions subsequent to \r\n \r\nthe measurement date \r\n \r\n2,861,682.70 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 9,211,026.70 $ 1,282,834.00 \r\n \r\nThe School District contributions subsequent to the measurement date for TRS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 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: \r\n \r\nYear Ended June 30: \r\n \r\nTRS \r\n \r\n2025 2026 2027 2028 \r\n \r\n$ 1,432,274.00 \r\n \r\n$ \r\n \r\n829,586.00 \r\n \r\n$ 3,598,636.00 \r\n \r\n$ \r\n \r\n(793,986.00) \r\n \r\n- 28 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\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: \r\n \r\nTeachers Retirement System: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases \r\n \r\n3.00%  8.75%, average, including inflation \r\n \r\nInvestment rate of return \r\n \r\n6.90%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases \r\n \r\n1.50% semi-annually \r\n \r\nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 Projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \r\n \r\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. \r\n \r\nPublic School Employees Retirement System: \r\n \r\nInflation Salary increases Investment rate of return \r\nPost-retirement benefit increases \r\n \r\n2.50% \r\nN/A 7.00%, net of pension plan investment expense, including inflation 1.50% semi-annually \r\n \r\n- 29 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nMortality rates are as follows: \r\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. \r\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: \r\n \r\nParticipant Type Membership Table \r\n \r\nSet Forward (+)/ Setback (-) Adjustment to Rates \r\n \r\nService Retirees \r\n \r\nGeneral Healthy BelowMedian Annuitant \r\n \r\nMale: +2; Female: +2 \r\n \r\nMale: 101%; Female: 103% \r\n \r\nDisability Retirees General Disabled \r\n \r\nMale: -3; Female: 0 \r\n \r\nMale: 103%; Female: 106% \r\n \r\nBeneficiaries \r\n \r\nGeneral Below-Median Contingent Survivors \r\n \r\nMale: +2; Female: +2 \r\n \r\nMale: 104%; Female: 99% \r\n \r\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. \r\n \r\nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and 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/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\n \r\n30.00% 46.30% \r\n1.20% 12.30% \r\n5.20% 5.00% \r\n \r\n0.90% 9.40% 13.40% 9.40% 11.40% 10.50% \r\n \r\nTotal \r\n \r\n100.00% \r\n \r\n* Rates shown are net of inflation \r\nDiscount Rate: The discount rate used to measure the total TRS pension liability was 6.90%. The discount rate used to measure the total PSERS pension liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS and PSERS pension plans' fiduciary net position were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \r\n- 30 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \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 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: \r\n \r\nTeachers Retirement System: \r\n \r\n1% Decrease (5.90%) \r\n \r\nCurrent Discount Rate (6.90%) \r\n \r\n1% Increase (7.90%) \r\n \r\nSchool District's proportionate share of \r\n \r\nthe net pension liability \r\n \r\n$ \r\n \r\n44,819,226.00 $ \r\n \r\n28,346,571.00 $ 14,894,430.00 \r\n \r\nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available at www.trsga.com/publications and www.ers.ga.gov/financials. \r\n \r\nNOTE 13: TAX ABATEMENTS \r\nThe School District property tax revenues were reduced by $14,836.69 under agreements entered into by Norman W. Fries, Inc. d/b/a Claxton Poultry Farms. \r\n \r\n- 31 - \r\n \r\n (This page left intentionally blank) \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"1\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion \r\nof the Net Pension Liability (NPL) \r\n \r\nSchool District's proportionate share \r\nof the NPL \r\n \r\nState of Georgia's proportionate share \r\nof the NPL associated with the \r\nSchool 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 payroll \r\n \r\nPlan fiduciary net position as a percentage \r\nof the total pension liability \r\n \r\n2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.096011% $ 28,346,571.00 $ 0.100357% $ 32,587,858.00 $ 0.103512% $ 9,154,946.00 $ 0.105484% $ 25,552,353.00 $ 0.106386% $ 22,875,867.00 $ 0.105380% $ 19,560,785.00 $ 0.105899% $ 19,681,655.00 $ 0.108000% $ 22,281,604.00 $ 0.111732% $ 17,010,088.00 $ 0.116329% $ 14,696,635.00 $ \r\n \r\n- \r\n \r\n$ 28,346,571.00 $ 13,978,991.21 \r\n \r\n- \r\n \r\n$ 32,587,858.00 $ 13,565,802.10 \r\n \r\n- \r\n \r\n$ 9,154,946.00 $ 13,467,777.62 \r\n \r\n- \r\n \r\n$ 25,552,353.00 $ 13,609,858.95 \r\n \r\n- \r\n \r\n$ 22,875,867.00 $ 12,983,396.02 \r\n \r\n- \r\n \r\n$ 19,560,785.00 $ 12,570,852.72 \r\n \r\n- \r\n \r\n$ 19,681,655.00 $ 12,164,897.63 \r\n \r\n- \r\n \r\n$ 22,281,604.00 $ 11,842,866.41 \r\n \r\n- \r\n \r\n$ 17,010,088.00 $ 11,799,715.59 \r\n \r\n- \r\n \r\n$ 14,696,635.00 $ 11,867,913.60 \r\n \r\n202.78% 240.22% \r\n67.98% 187.75% 176.19% 155.60% 161.79% 188.14% 144.16% 123.84% \r\n \r\n76.29% 72.85% 92.03% 77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \r\n \r\n- 33 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"2\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required \r\ncontribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered payroll \r\n \r\nContribution as a percentage of covered \r\npayroll \r\n \r\n2024 \r\n \r\n$ \r\n \r\n2023 \r\n \r\n$ \r\n \r\n2022 \r\n \r\n$ \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\n2016 \r\n \r\n$ \r\n \r\n2015 \r\n \r\n$ \r\n \r\n2,861,682.70 $ 2,793,002.00 $ 2,687,290.00 $ 2,566,955.05 $ 2,877,126.25 $ 2,713,532.09 $ 2,113,160.34 $ 1,735,931.38 $ 1,690,038.80 $ 1,551,663.00 $ \r\n \r\n2,861,682.70 $ 2,793,002.00 $ 2,687,290.00 $ 2,566,955.05 $ 2,877,126.25 $ 2,713,532.09 $ 2,113,160.34 $ 1,735,931.38 $ 1,690,038.80 $ 1,551,663.00 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n14,322,736.25 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,978,991.21 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,565,802.10 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,467,777.62 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,609,858.95 \r\n \r\n- \r\n \r\n$ \r\n \r\n12,983,396.02 \r\n \r\n- \r\n \r\n$ \r\n \r\n12,570,852.72 \r\n \r\n- \r\n \r\n$ \r\n \r\n12,164,897.63 \r\n \r\n- \r\n \r\n$ \r\n \r\n11,842,866.41 \r\n \r\n- \r\n \r\n$ \r\n \r\n11,799,715.59 \r\n \r\n19.98% 19.98% 19.81% 19.06% 21.14% 20.90% 16.81% 14.27% 14.27% 13.15% \r\n \r\n- 34 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"3\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the Net Pension Liability (NPL) \r\n \r\nSchool District's proportionate share \r\nof the NPL \r\n \r\nState of Georgia's proportionate share \r\nof the NPL associated with the \r\nSchool 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 payroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total pension \r\nliability \r\n \r\n2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \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\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\n255,570.00 $ 365,440.00 $ \r\n39,531.00 $ 269,265.00 $ 286,319.00 $ 298,394.00 $ 261,394.00 $ 367,668.00 $ 242,736.00 $ 218,659.00 $ \r\n \r\n255,570.00 $ 365,440.00 $ \r\n39,531.00 $ 269,265.00 $ 286,319.00 $ 298,394.00 $ 261,394.00 $ 367,668.00 $ 242,736.00 $ 218,659.00 $ \r\n \r\n590,896.49 614,558.98 612,491.71 651,609.99 670,114.44 717,925.76 700,348.50 711,740.27 720,858.86 728,878.41 \r\n \r\nN/A \r\n \r\n85.67% \r\n \r\nN/A \r\n \r\n81.21% \r\n \r\nN/A \r\n \r\n98.00% \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\n- 35 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \r\nSCHOOL OPEB FUND \r\n \r\nSCHEDULE \"4\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the Net OPEB Liability (NOL) \r\n \r\nSchool District's proportionate share \r\nof the NOL \r\n \r\nState of Georgia's proportionate \r\nshare of the NOL associated with the School District \r\n \r\nTotal \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nSchool District's proportionate share of the NOL as a percentage of its coveredemployee payroll \r\n \r\nPlan fiduciary net position \r\nas a percentage of the total OPEB \r\nliability \r\n \r\n2024 2023 2022 2021 2020 2019 2018 \r\n \r\n0.138670% $ 15,189,097.00 $ 0.139390% $ 13,804,045.00 $ 0.137682% $ 14,912,100.00 $ 0.138390% $ 20,326,268.00 $ 0.140185% $ 17,203,707.00 $ 0.139765% $ 17,763,703.00 $ 0.139034% $ 19,534,221.00 $ \r\n \r\n- \r\n \r\n$ 15,189,097.00 $ 12,527,634.00 \r\n \r\n- \r\n \r\n$ 13,804,045.00 $ 12,303,757.00 \r\n \r\n- \r\n \r\n$ 14,912,100.00 $ 12,107,612.00 \r\n \r\n- \r\n \r\n$ 20,326,268.00 $ 11,352,391.00 \r\n \r\n- \r\n \r\n$ 17,203,707.00 $ 10,880,839.00 \r\n \r\n- \r\n \r\n$ 17,763,703.00 $ 10,574,802.00 \r\n \r\n- \r\n \r\n$ 19,534,221.00 $ 10,411,092.00 \r\n \r\n121.24% 112.19% 123.16% 179.05% 158.11% 167.98% 187.63% \r\n \r\n6.05% 6.17% 6.14% 3.99% 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- 36 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \r\n \r\nSCHEDULE \"5\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required \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\n2024 \r\n \r\n$ \r\n \r\n2023 \r\n \r\n$ \r\n \r\n2022 \r\n \r\n$ \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\n550,898.00 $ 533,110.00 $ 503,998.00 $ 512,154.00 $ 468,004.00 $ 754,993.00 $ 724,390.00 $ 724,937.00 $ \r\n \r\n550,898.00 $ 533,110.00 $ 503,998.00 $ 512,154.00 $ 468,004.00 $ 754,993.00 $ 724,390.00 $ 724,937.00 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n12,174,045.81 \r\n \r\n- \r\n \r\n$ \r\n \r\n12,527,634.00 \r\n \r\n- \r\n \r\n$ \r\n \r\n12,303,757.00 \r\n \r\n- \r\n \r\n$ \r\n \r\n12,107,612.00 \r\n \r\n- \r\n \r\n$ \r\n \r\n11,352,391.00 \r\n \r\n- \r\n \r\n$ \r\n \r\n10,880,839.00 \r\n \r\n- \r\n \r\n$ \r\n \r\n10,574,802.00 \r\n \r\n- \r\n \r\n$ \r\n \r\n10,411,092.00 \r\n \r\n4.53% 4.26% 4.10% 4.23% 4.12% 6.94% 6.85% 6.96% \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- 37 - \r\n \r\n SCREVEN BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \r\nFOR THE YEAR ENDED JUNE 30, 2024 \r\n \r\nSCHEDULE \"6\" \r\n \r\nTeachers Retirement System Change of benefit terms: There have been no changes in benefit terms. \r\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). \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\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%. \r\nPublic School Employees Retirement System Changes of benefit terms: There have been no changes in benefit terms. \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 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\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. \r\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. \r\nSchool OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. \r\nChanges in assumptions: June 30, 2022 valuation: The tobacco use assumption and aging factors were revised. \r\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. \r\nJune 30, 2019 valuation: Decremental assumptions were changed to reflect the Teachers Retirement System's experience study. \r\nJune 30, 2018 valuation: The inflation assumption was lowered from 2.75% to 2.50%. \r\nJune 30, 2017 valuation: The participation assumption, tobacco use assumption and morbidity factors were revised. \r\nJune 30, 2015 valuation: Decremental and underlying inflation assumptions were changed to reflect the Retirement Systems' experience studies. \r\nJune 30, 2012 valuation: A data audit was performed and data collection procedures and assumptions were changed. \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, 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. \r\n \r\n- 38 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2024 \r\n \r\nSCHEDULE \"7\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operation Community Services Food Services Operation Capital Outlay Total Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES(USES) Other Sources Other Uses Total Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nAdjustments \r\nFund Balances - Ending \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\nACTUAL AMOUNTS \r\n \r\nVARIANCE OVER/UNDER \r\n \r\n$ \r\n \r\n6,768,662.00 $ \r\n \r\n6,768,662.00 $ \r\n \r\n7,742,443.05 $ \r\n \r\n30,000.00 \r\n \r\n30,000.00 \r\n \r\n58,155.87 \r\n \r\n18,571,202.00 \r\n \r\n18,832,641.00 \r\n \r\n17,222,500.32 \r\n \r\n8,778,790.00 \r\n \r\n8,764,748.00 \r\n \r\n7,342,327.77 \r\n \r\n43,500.00 \r\n \r\n43,500.00 \r\n \r\n135,925.63 \r\n \r\n50,700.00 \r\n \r\n50,700.00 \r\n \r\n632,218.47 \r\n \r\n449,137.00 \r\n \r\n449,137.00 \r\n \r\n1,220,432.62 \r\n \r\n34,691,991.00 \r\n \r\n34,939,388.00 \r\n \r\n34,354,003.73 \r\n \r\n973,781.05 28,155.87 \r\n(1,610,140.68) (1,422,420.23) \r\n92,425.63 581,518.47 771,295.62 (585,384.27) \r\n \r\n20,436,219.00 \r\n1,374,628.00 1,038,259.00 \r\n454,900.00 494,300.00 1,817,575.00 340,850.00 2,312,375.00 1,830,950.00 299,825.00 \r\n85,550.00 - \r\n28,000.00 1,496,700.00 4,108,000.00 36,118,131.00 (1,426,140.00) \r\n \r\n20,337,786.00 \r\n1,329,062.00 1,205,204.00 \r\n454,900.00 497,847.00 1,807,782.00 340,850.00 2,316,681.00 1,830,950.00 299,825.00 \r\n85,550.00 - \r\n28,000.00 1,496,700.00 1,525,000.00 33,556,137.00 1,383,251.00 \r\n \r\n17,922,335.95 \r\n1,333,466.60 1,228,259.65 \r\n407,731.38 493,117.16 1,746,628.36 347,008.11 2,248,442.28 2,218,311.03 335,431.18 157,316.49 285,853.81 \r\n26,667.77 1,864,450.47 2,099,383.09 32,714,403.33 1,639,600.40 \r\n \r\n2,415,450.05 \r\n(4,404.60) (23,055.65) 47,168.62 \r\n4,729.84 61,153.64 (6,158.11) 68,238.72 (387,361.03) (35,606.18) (71,766.49) (285,853.81) \r\n1,332.23 (367,750.47) (574,383.09) 841,733.67 256,349.40 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n(3,026,213.30) \r\n \r\n- \r\n \r\n- \r\n \r\n(3,026,213.30) \r\n \r\n(1,426,140.00) \r\n \r\n1,383,251.00 \r\n \r\n(1,386,612.90) \r\n \r\n16,446,516.67 \r\n \r\n16,446,516.67 \r\n \r\n15,987,379.07 \r\n \r\n48,703.77 \r\n \r\n(37,116.02) \r\n \r\n- \r\n \r\n$ \r\n \r\n15,069,080.44 $ \r\n \r\n17,792,651.65 $ \r\n \r\n14,600,766.17 $ \r\n \r\n(3,026,213.30) (3,026,213.30) \r\n(2,769,863.90) \r\n(459,137.60) \r\n37,116.02 \r\n(3,191,885.48) \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $712,976.80 and $654,503.14, respectively. \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 39 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2024 \r\n \r\nSCHEDULE \"8\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program COVID-19 - National School Lunch Program Total Child Nutrition Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Food Services State Administrative Expenses for Child Nutrition Child Nutrition Discretionary Grants Limited Availability Total Other Programs 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 - 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 \r\nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education 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 Rural and Low-Income School Program Rural and Low-Income School Program Supporting Effective Instruction State Grants Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Total Other Programs Total U. S. Department of Education \r\n \r\nASSISTANCE LISTING NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 10.555 \r\n \r\n245GA324N1199 $ 245GA324N1199 225GA324N1099 \r\n \r\n505,059.42 1,157,362.41 \r\n55,875.81 1,718,297.64 \r\n \r\n10.560 10.579 \r\n \r\n245GA904N2533 202321I500345 \r\n \r\n6,172.40 21,635.00 27,807.40 1,746,105.04 \r\n \r\n84.425D 84.425U 84.425W \r\n \r\nS425D210012 S425U210012 S425W210011 \r\n \r\n4,288.69 \r\n3,626,524.01 \r\n36,344.46 3,667,157.16 \r\n \r\n84.027A 84.173A \r\n \r\nH027A230073 H173A230081 \r\n \r\n84.048A 84.358B 84.358B 84.367A 84.010A 84.010A \r\n \r\nV048A230010 S358F220010 S358F230010 S367A230001 S010A220010 S010A230010 \r\n \r\n599,365.00 14,722.00 \r\n614,087.00 \r\n37,934.05 8,603.00 \r\n43,259.85 130,436.00 \r\n67,035.00 1,251,795.97 1,539,063.87 5,820,308.03 \r\n \r\n- 40 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2024 \r\n \r\nSCHEDULE \"8\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nHealth and Human Services, U. S. Department of Pass-Through From Bright From the Start Georgia Department of Early Care and Learning COVID-19 - Child Care and Development Block Grant \r\nTotal Expenditures of Federal Awards \r\n \r\nASSISTANCE LISTING NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n93.575 \r\n \r\n2220GACCC5 $ \r\n \r\n8,612.00 7,575,025.07 \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\nNote 1. Basis of Presentation The accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Screven 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. \r\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. \r\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. \r\nNote 4. Transfers Between Programs Funds totaling $108,721.00 were transferred from the Student Support and Academic Enrichment program (ALN 84.424A) and expended in the Title I Grants to Local Educational Agencies program (ALN 84.010A) during Fiscal Year 2024. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 41 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2024 \r\n \r\nSCHEDULE \"9\" \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nGENERAL \r\n \r\nCAPITAL PROJECTS \r\n \r\nAGENCY/FUNDING \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nGRANTS \r\n \r\nBright From the Start: \r\n \r\nGeorgia Department of Early Care and Learning \r\n \r\nPre-Kindergarten Program \r\n \r\n$ \r\n \r\n479,349.07 $ \r\n \r\n- $ \r\n \r\nEducation, Georgia Department of \r\n \r\nQuality Basic Education \r\n \r\nDirect Instructional Cost \r\n \r\nKindergarten Program \r\n \r\n996,215.00 \r\n \r\n- \r\n \r\nKindergarten Program - Early Intervention Program \r\n \r\n102,683.00 \r\n \r\n- \r\n \r\nPrimary Grades (1-3) Program \r\n \r\n2,002,273.00 \r\n \r\n- \r\n \r\nPrimary Grades - Early Intervention (1-3) Program \r\n \r\n132,625.00 \r\n \r\n- \r\n \r\nUpper Elementary Grades (4-5) Program \r\n \r\n980,547.00 \r\n \r\n- \r\n \r\nUpper Elementary Grades - Early Intervention (4-5) Program \r\n \r\n58,332.00 \r\n \r\n- \r\n \r\nMiddle School (6-8) Program \r\n \r\n1,724,336.00 \r\n \r\n- \r\n \r\nHigh School General Education (9-12) Program \r\n \r\n1,368,653.00 \r\n \r\n- \r\n \r\nVocational Laboratory (9-12) Program \r\n \r\n656,619.00 \r\n \r\n- \r\n \r\nStudents with Disabilities \r\n \r\n2,565,337.00 \r\n \r\n- \r\n \r\nGifted Student - Category VI \r\n \r\n495,160.00 \r\n \r\n- \r\n \r\nRemedial Education Program \r\n \r\n227,950.00 \r\n \r\n- \r\n \r\nAlternative Education Program \r\n \r\n129,896.00 \r\n \r\n- \r\n \r\nMedia Center Program \r\n \r\n296,884.00 \r\n \r\n- \r\n \r\n20 Days Additional Instruction \r\n \r\n93,154.00 \r\n \r\n- \r\n \r\nStaff and Professional Development \r\n \r\n47,690.00 \r\n \r\n- \r\n \r\nPrincipal Staff and Professional Development \r\n \r\n957.00 \r\n \r\n- \r\n \r\nIndirect Cost \r\n \r\nCentral Administration \r\n \r\n539,626.00 \r\n \r\n- \r\n \r\nSchool Administration \r\n \r\n607,161.00 \r\n \r\n- \r\n \r\nFacility Maintenance and Operations \r\n \r\n521,368.00 \r\n \r\n- \r\n \r\nMid-Term Adjustment Hold-Harmless Categorical Grants \r\n \r\n224,027.00 \r\n \r\n- \r\n \r\nPupil Transportation \r\n \r\nRegular \r\n \r\n403,391.00 \r\n \r\n- \r\n \r\nBus Replacement \r\n \r\n528,660.00 \r\n \r\n- \r\n \r\nNursing Services \r\n \r\n46,259.00 \r\n \r\n- \r\n \r\nEducation Equalization Funding Grant \r\n \r\n1,425,764.00 \r\n \r\n- \r\n \r\nOther State Programs \r\n \r\nDyslexia Screener Grant \r\n \r\n4,249.00 \r\n \r\n- \r\n \r\nFood Services \r\n \r\n44,282.00 \r\n \r\n- \r\n \r\nHygiene Products \r\n \r\n1,610.00 \r\n \r\n- \r\n \r\nMath and Science Supplements \r\n \r\n22,139.31 \r\n \r\n- \r\n \r\nPreschool Disability Services \r\n \r\n46,807.00 \r\n \r\n- \r\n \r\nPupil Transportation - State Bonds \r\n \r\n88,110.00 \r\n \r\n- \r\n \r\nVocational Education \r\n \r\n107,203.94 \r\n \r\n- \r\n \r\nSchool Security Grant \r\n \r\n150,000.00 \r\n \r\n- \r\n \r\nEconomic Development, Georgia Department of \r\n \r\nVibrant Communities Grant \r\n \r\n1,600.00 \r\n \r\n- \r\n \r\nGeorgia State Financing and Investment Commission \r\n \r\nReimbursement on Construction Projects \r\n \r\n- \r\n \r\n2,979,394.00 \r\n \r\nOffice of the State Treasurer \r\n \r\nPublic School Employees Retirement \r\n \r\n49,083.00 \r\n \r\n- \r\n \r\nCONTRACT \r\n \r\nHuman Resources, Georgia Department of \r\n \r\nFamily Connections \r\n \r\n52,500.00 \r\n \r\n- \r\n \r\n$ \r\n \r\n17,222,500.32 $ \r\n \r\n2,979,394.00 $ \r\n \r\nSee notes to the basic financial statements. \r\n \r\nTOTAL \r\n479,349.07 \r\n996,215.00 102,683.00 2,002,273.00 132,625.00 980,547.00 \r\n58,332.00 1,724,336.00 1,368,653.00 \r\n656,619.00 2,565,337.00 \r\n495,160.00 227,950.00 129,896.00 296,884.00 \r\n93,154.00 47,690.00 \r\n957.00 \r\n539,626.00 607,161.00 521,368.00 224,027.00 \r\n403,391.00 528,660.00 \r\n46,259.00 1,425,764.00 \r\n4,249.00 44,282.00 \r\n1,610.00 22,139.31 46,807.00 88,110.00 107,203.94 150,000.00 \r\n1,600.00 \r\n2,979,394.00 \r\n49,083.00 \r\n52,500.00 \r\n20,201,894.32 \r\n- 42 - \r\n \r\n (This page left intentionally blank) \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2024 \r\n \r\nSCHEDULE \"10\" \r\n \r\nPROJECT - SPLOST Beginning July 2022 \r\nFor the purpose of acquiring, constructing, and equipping the following capital outlay projects: A) Renovation of Screven County High School; B) Acquisition of grounds equipment and equipment for \r\nmaintenance, including but not limited to tractors and mowers; C) Acquisition, construction, and upgrading of equipment and facilities necessary for fleet operation, repair, and maintenance; D) Acquisition and upgrade of buses and other system vehicles, including communication systems, GPS location systems, and technology infrastructures; E) Acquisition and upgrading of computers, technology equipment, telecommunications systems and equipment, and technology infrastructures; F) Updating, replacement, and acquisitions of textbooks; G) Upgrading, renovations, and construction of athletic facilities within the School District; H) Upgrading and construction of School District roads, driveways, and parking lots; I) Acquisition, renovation, safety updates including, but not limited to, fencing, and construction of buildings, structures, properties, and facilities of the School District, including any property, both real and personal, and equipment; J) Acquisition, and upgrading of equipment necessary to maintain operations during emergencies, severe weather events, and natural disasters; K) Upgrading of School District safety and security systems; and L) Updating, replacement, and acquisition of classroom furniture. \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\n4,500,000.00 $ \r\n \r\n9,000,000.00 \r\n \r\n200,000.00 \r\n \r\n200,000.00 \r\n \r\n100,000.00 \r\n \r\n100,000.00 \r\n \r\n500,000.00 \r\n \r\n500,000.00 \r\n \r\n650,000.00 400,000.00 \r\n300,000.00 \r\n350,000.00 \r\n \r\n300,000.00 400,000.00 \r\n300,000.00 \r\n350,000.00 \r\n \r\nJune 2025 \r\nJune 2027 \r\nJune 2027 \r\nJune 2027 \r\nJune 2027 June 2027 June 2027 June 2027 \r\n \r\n750,000.00 \r\n \r\n2,100,000.00 \r\n \r\n250,000.00 \r\n \r\n250,000.00 \r\n \r\n250,000.00 250,000.00 \r\n \r\n250,000.00 250,000.00 \r\n \r\n$ \r\n \r\n8,500,000.00 $ \r\n \r\n14,000,000.00 \r\n \r\nJune 2027 \r\nJune 2027 June 2027 June 2027 \r\n \r\n- 44 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2024 \r\n \r\nSCHEDULE \"10\" \r\n \r\nPROJECT - SPLOST Beginning July 2022 \r\n \r\nAMOUNT EXPENDED IN CURRENT \r\nYEAR (3) \r\n \r\nAMOUNT EXPENDED IN PRIOR YEARS (3) \r\n \r\nTOTAL COMPLETION \r\nCOST \r\n \r\nEXCESS PROCEEDS NOT \r\nEXPENDED \r\n \r\nFor the purpose of acquiring, constructing, and equipping the \r\n \r\nfollowing capital outlay projects: \r\n \r\nA) Renovation of Screven County High School; \r\n \r\n$ 5,330,834.47 $ 1,011,216.41 $ \r\n \r\n- $ \r\n \r\n- \r\n \r\nB) Acquisition of grounds equipment and equipment for \r\n \r\nmaintenance, including but not limited to tractors and \r\n \r\nmowers; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nC) Acquisition, construction, and upgrading of equipment \r\n \r\nand facilities necessary for fleet operation, repair, \r\n \r\nand maintenance; \r\n \r\n21,000.00 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nD) Acquisition and upgrade of buses and other system vehicles, \r\n \r\nincluding communication systems, GPS location systems, \r\n \r\nand technology infrastructures; \r\n \r\n305,930.00 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nE) Acquisition and upgrading of computers, technology equipment, \r\n \r\ntelecommunications systems and equipment, and technology \r\n \r\ninfrastructures; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nF) Updating, replacement, and acquisitions of textbooks; \r\n \r\n131,094.90 \r\n \r\n- \r\n \r\n- \r\n \r\nG) Upgrading, renovations, and construction of athletic \r\n \r\nfacilities within the School District; \r\n \r\n117,396.54 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nH) Upgrading and construction of School District roads, \r\n \r\ndriveways, and parking lots; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nI) Acquisition, renovation, safety updates including, but \r\n \r\nnot limited to, fencing, and construction of buildings, \r\n \r\nstructures, properties, and facilities of the School District, \r\n \r\nincluding any property, both real and personal, and \r\n \r\nequipment; \r\n \r\n1,808,421.74 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nJ) Acquisition, and upgrading of equipment necessary \r\n \r\nto maintain operations during emergencies, severe \r\n \r\nweather events, and natural disasters; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nK) Upgrading of School District safety and security \r\n \r\nsystems; and \r\n \r\n15,401.87 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nL) Updating, replacement, and acquisition of classroom furniture. \r\n \r\n52,353.16 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 7,782,432.68 $ 1,011,216.41 $ \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 Screven County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. \r\nAmounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 45 - \r\n \r\n Section II Compliance and Internal Control Reports \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Mr. Jim Thompson, Superintendent and Members of the Screven County Board of Education \r\nWe have audited the financial statements of the governmental activities, each major fund, and fiduciary activities of the Screven 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 February 5, 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. \r\nReport on Internal 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 or significant deficiencies may exist that were not identified. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n Report on 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\nFebruary 5, 2025 \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Mr. Jim Thompson, Superintendent and Members of the Screven County Board of Education \r\nReport on Compliance for Each Major Federal Program \r\nOpinion on Each Major Federal Program \r\nWe have audited the Screven 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. \r\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. \r\nBasis for Opinion on Each Major Federal Program \r\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. \r\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. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n Responsibilities of Management for Compliance \r\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. \r\nAuditor's Responsibilities for the Audit of Compliance \r\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. \r\nIn performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we: \r\n Exercise professional judgment and maintain professional skepticism throughout the audit. \r\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. \r\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. \r\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. \r\nReport on 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 \r\n \r\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. \r\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. \r\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. \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\nFebruary 5, 2025 \r\n \r\n Section III Auditee's Response to Prior Year Findings and Questioned Costs \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2024 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS \r\n \r\nFS 2023-001 \r\n \r\nInternal Controls over Financial Reporting \r\n \r\nFinding Status: \r\n \r\nPreviously Reported Corrective Action Implemented \r\n \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\n \r\nNo matters were reported. \r\n \r\n Section IV Findings and Questioned Costs \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2024 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\nFinancial Statements \r\n \r\nType of auditor's report issued: \r\nGovernmental Activities, Each Major Fund, and Fiduciary Activities \r\n \r\nInternal control over financial reporting: \r\n Material weakness(es) identified?  Significant deficiency(ies) identified? \r\n \r\nNoncompliance material to financial statements noted: \r\n \r\nFederal Awards \r\n \r\nInternal control over major programs: \r\n Material weakness(es) identified?  Significant deficiency(ies) identified? \r\n \r\nType of auditor's report issued on compliance for major programs: \r\n \r\nAll major programs \r\n \r\nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \r\n \r\nIdentification of major programs: \r\n \r\nAssistance Listing Number Assistance Listing Program or Cluster Title \r\n \r\n84.425 \r\n \r\nEducation 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. lll FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n \r\nUnmodified No \r\nNone Reported No \r\nNo None Reported \r\nUnmodified No \r\n$750,000.00 Yes \r\n \r\n "},{"id":"dlg_ggpd_1389416770-2024-03-12","title":"Annual financial report, 2023 June 30, Screven County Board of Education, Sylvania, 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":["2024-03-12"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Screven County Board of Education, Ga.)"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Georgia Department of Audits \u0026 Accounts, [2022?]-"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Screven County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Screven County--Auditing--Periodicals.","Education--Georgia--Screven County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Screven County--fast","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report, 2023 June 30, Screven County Board of Education, Sylvania, 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_1389416770-2024-03-12"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1389416770-2024-03-12"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":["Education--Auditing--fast","Education--Finance--fast","Expenditures, Public--fast","Georgia--Screven County--fast","Periodicals--fast","Statistics--fast"],"fulltext":"ANNUAL FINANCIAL REPORT  FISCAL YEAR 2023 \r\nScreven County Board of Education \r\nSylvania, Georgia \r\nIncluding Independent Auditor's Report \r\nGreg S. Griffin | State Auditor \r\n \r\n Screven County Board of Education \r\n \r\nTable of Contents \r\n \r\nSection I Financial \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 Balances \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\n33 \r\n \r\n2 Schedule of Contributions  Teachers Retirement System of Georgia \r\n \r\n34 \r\n \r\n3 Schedule of Proportionate Share of the Net Pension Liability Public \r\n \r\nSchool Employees Retirement System of Georgia \r\n \r\n35 \r\n \r\n4 Schedule of Proportionate Share of the Net OPEB Liability \r\n \r\nSchool OPEB Fund \r\n \r\n36 \r\n \r\n5 Schedule of Contributions  School OPEB Fund \r\n \r\n37 \r\n \r\n6 Notes to the Required Supplementary Information \r\n \r\n38 \r\n \r\n7 Schedule of Revenues, Expenditures and Changes in Fund \r\n \r\nBalances - Budget and Actual General Fund \r\n \r\n39 \r\n \r\n Supplementary Information \r\n \r\n8 Schedule of Expenditures of Federal Awards \r\n \r\n40 \r\n \r\n9 Schedule of State Revenue \r\n \r\n42 \r\n \r\n10 Schedule of Approved Local Option Sales Tax Projects \r\n \r\n44 \r\n \r\nSection II \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 Auditee's Response to Prior Year Findings and Questioned Costs \r\nSummary Schedule of Prior Audit Findings \r\n \r\nSection IV Findings and Questioned Costs \r\nSchedule of Findings and Questioned Costs \r\n \r\nSection V Management's Corrective Action for Current Year Findings \r\nSchedule of Management's Corrective Action \r\n \r\n Section I Financial \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Jim Thompson, Superintendent and Members of the Screven County Board of Education \r\nReport on the Audit of the Financial Statements \r\nOpinions \r\nWe have audited the accompanying financial statements of the governmental activities, each major fund, and fiduciary activities of the Screven 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. \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, 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. \r\nBasis for Opinions \r\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. \r\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. \r\nResponsibilities of Management for the Financial Statements \r\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. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\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. \r\nAuditor's Responsibilities for the Audit of the Financial Statements \r\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. \r\nIn performing an audit in accordance with GAAS and Government Auditing Standards, we: \r\n Exercise professional judgment and maintain professional skepticism throughout the audit. \r\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. \r\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. \r\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. \r\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. \r\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. \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 \r\n \r\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. \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 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. \r\nSupplementary 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 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 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. \r\nOther Reporting Required by Government Auditing Standards \r\nIn accordance with Government Auditing Standards, we have also issued our report dated March 12, 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. \r\n \r\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, \r\nGreg S. Griffin State Auditor \r\nMarch 12, 2024 \r\n \r\n Screven County Board of Education \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2023 \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Other Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Outflows of Resources \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Contracts Payable Retainages Payable Net Pension Liability Net OPEB Liability \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Inflows of Resources \r\nNET POSITION Net Investment in Capital Assets Restricted for \r\nContinuation of Federal Programs Capital Projects Bus Replacement Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n18,692,062.20 \r\n \r\n23,593.49 \r\n \r\n685,272.56 1,792,874.18 2,378,811.55 \r\n1,772.11 75,987.65 9,610,021.58 29,017,656.83 62,278,052.15 \r\n \r\n15,489,241.00 3,531,398.00 \r\n19,020,639.00 \r\n \r\n11,507.92 2,802,299.63 2,883,198.46 \r\n774,580.00 32,587,858.00 13,804,045.00 52,863,489.01 \r\n \r\n903,604.00 8,462,637.00 9,366,241.00 \r\n \r\n34,962,899.95 \r\n \r\n939,043.05 4,573,407.01 \r\n20,788.00 (21,427,176.87) \r\n \r\n$ \r\n \r\n19,068,961.14 \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 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 Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Community Services Food Services \r\nTotal Governmental Activities \r\n \r\nSCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2023 \r\n \r\nEXHIBIT \"B\" \r\n \r\nEXPENSES \r\n \r\nPROGRAM REVENUES \r\n \r\nOPERATING \r\n \r\nCHARGES FOR \r\n \r\nGRANTS AND \r\n \r\nSERVICES \r\n \r\nCONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET POSITION \r\n \r\n$ \r\n \r\n18,568,320.15 $ \r\n \r\n- $ \r\n \r\n15,727,563.54 $ \r\n \r\n1,502,257.29 1,137,999.18 \r\n418,172.68 518,415.18 1,773,485.26 341,807.97 2,260,705.80 1,575,552.44 291,900.25 338,792.43 \r\n \r\n20,397.98 - \r\n \r\n1,194,934.90 1,452,717.56 \r\n301,606.00 567,329.63 1,132,140.16 \r\n50,515.95 758,909.44 648,879.67 \r\n74,855.63 52,601.88 \r\n \r\n258,875.42 25,608.13 \r\n1,521,092.23 \r\n \r\n74,928.17 37,299.00 \r\n8,297.50 \r\n \r\n1,833,038.73 \r\n \r\n$ \r\n \r\n30,532,984.41 $ \r\n \r\n140,922.65 $ \r\n \r\n23,795,093.09 \r\n \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations 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\nChange in Net Position \r\n \r\nNet Position - Beginning of Year \r\n \r\nNet Position - End of Year \r\n \r\n$ \r\n \r\n(2,840,756.61) \r\n(307,322.39) 314,718.38 (116,566.68) \r\n48,914.45 (641,345.10) (291,292.02) (1,501,796.36) (906,274.79) (217,044.62) (286,190.55) \r\n(183,947.25) 11,690.87 \r\n320,244.00 \r\n(6,596,968.67) \r\n7,822,170.57 \r\n1,886,613.87 84,587.62 \r\n1,279,948.00 605,091.97 \r\n1,192,553.29 12,870,965.32 \r\n6,273,996.65 \r\n12,794,964.49 \r\n19,068,961.14 \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 ASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Other Inventories \r\nTotal Assets \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Contracts Payable Retainages 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\nSCREVEN COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2023 \r\n \r\nEXHIBIT \"C\" \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE FUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n16,288,857.94 $ \r\n \r\n2,403,204.26 $ \r\n \r\n23,593.49 \r\n \r\n- \r\n \r\n512,622.15 1,792,874.18 2,378,811.55 \r\n1,772.11 75,987.65 \r\n \r\n172,650.41 - \r\n \r\n$ \r\n \r\n21,074,519.07 $ \r\n \r\n2,575,854.67 $ \r\n \r\n- $ - \r\n- \r\n- $ \r\n \r\n18,692,062.20 23,593.49 \r\n685,272.56 1,792,874.18 2,378,811.55 \r\n1,772.11 75,987.65 \r\n23,650,373.74 \r\n \r\n$ \r\n \r\n4,507.92 $ \r\n \r\n7,000.00 $ \r\n \r\n2,802,299.63 \r\n \r\n- \r\n \r\n1,538,460.14 \r\n \r\n1,344,738.32 \r\n \r\n459,092.20 \r\n \r\n315,487.80 \r\n \r\n4,804,359.89 \r\n \r\n1,667,226.12 \r\n \r\n- $ - \r\n \r\n11,507.92 2,802,299.63 2,883,198.46 \r\n774,580.00 6,471,586.01 \r\n \r\n282,780.11 \r\n \r\n- \r\n \r\n- \r\n \r\n282,780.11 \r\n \r\n75,987.65 883,843.40 313,083.81 14,714,464.21 15,987,379.07 \r\n \r\n908,628.55 \r\n908,628.55 \r\n \r\n- \r\n \r\n75,987.65 \r\n \r\n- \r\n \r\n1,792,471.95 \r\n \r\n- \r\n \r\n313,083.81 \r\n \r\n- \r\n \r\n14,714,464.21 \r\n \r\n- \r\n \r\n16,896,007.62 \r\n \r\n$ \r\n \r\n21,074,519.07 $ \r\n \r\n2,575,854.67 $ \r\n \r\n- $ \r\n \r\n23,650,373.74 \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 SCREVEN COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET POSITION JUNE 30, 2023 \r\n \r\nTotal fund balances - governmental funds (Exhibit \"C\") \r\nAmounts reported for governmental activities in the Statement of Net Position are different because: \r\nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land Construction in progress Buildings and improvements Equipment Land improvements Accumulated depreciation \r\nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB liability \r\nDeferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. Related to pensions Related to OPEB \r\nTaxes that are not available to pay for current period expenditures are deferred in the funds. \r\nNet position of governmental activities (Exhibit \"A\") \r\n \r\n$ \r\n \r\n$ \r\n \r\n1,075,974.23 \r\n \r\n8,534,047.35 \r\n \r\n43,778,037.28 \r\n \r\n6,888,262.14 \r\n \r\n5,513,932.98 \r\n \r\n(27,162,575.57) \r\n \r\n$ \r\n \r\n(32,587,858.00) \r\n \r\n(13,804,045.00) \r\n \r\n$ \r\n \r\n14,585,637.00 \r\n \r\n(4,931,239.00) \r\n \r\n$ \r\n \r\nEXHIBIT \"D\" 16,896,007.62 \r\n38,627,678.41 (46,391,903.00) \r\n9,654,398.00 282,780.11 \r\n19,068,961.14 \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 SCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2023 \r\n \r\nEXHIBIT \"E\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation Capital Outlay 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 \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\n7,817,237.23 $ \r\n \r\n84,587.62 \r\n \r\n15,182,184.99 \r\n \r\n9,850,104.10 \r\n \r\n140,922.65 \r\n \r\n499,560.11 \r\n \r\n1,192,553.29 \r\n \r\n34,767,149.99 \r\n \r\n- $ 1,886,613.87 \r\n105,531.86 1,992,145.73 \r\n \r\n- $ - \r\n \r\n7,817,237.23 1,971,201.49 15,182,184.99 9,850,104.10 \r\n140,922.65 605,091.97 1,192,553.29 36,759,295.72 \r\n \r\n17,237,141.16 \r\n1,439,789.27 1,088,682.11 \r\n387,715.44 474,458.23 1,692,945.85 325,601.74 2,196,464.05 1,529,740.19 343,370.65 149,674.66 258,875.42 \r\n25,608.13 1,554,805.17 5,042,876.94 33,747,749.01 1,019,400.98 \r\n \r\n- \r\n261,625.00 3,491,179.41 3,752,804.41 (1,760,658.68) \r\n \r\n- \r\n \r\n1,019,400.98 \r\n \r\n14,967,978.09 \r\n \r\n$ \r\n \r\n15,987,379.07 $ \r\n \r\n212.07 - \r\n212.07 \r\n(1,760,446.61) \r\n2,669,075.16 \r\n908,628.55 $ \r\n \r\n- \r\n \r\n17,237,141.16 \r\n \r\n- \r\n \r\n1,439,789.27 \r\n \r\n- \r\n \r\n1,088,682.11 \r\n \r\n- \r\n \r\n387,715.44 \r\n \r\n- \r\n \r\n474,458.23 \r\n \r\n- \r\n \r\n1,692,945.85 \r\n \r\n- \r\n \r\n325,601.74 \r\n \r\n- \r\n \r\n2,458,089.05 \r\n \r\n- \r\n \r\n1,529,740.19 \r\n \r\n- \r\n \r\n343,370.65 \r\n \r\n- \r\n \r\n149,674.66 \r\n \r\n- \r\n \r\n258,875.42 \r\n \r\n- \r\n \r\n25,608.13 \r\n \r\n- \r\n \r\n1,554,805.17 \r\n \r\n- \r\n \r\n8,534,056.35 \r\n \r\n- \r\n \r\n37,500,553.42 \r\n \r\n- \r\n \r\n(741,257.70) \r\n \r\n(212.07) (212.07) \r\n(212.07) \r\n212.07 \r\n- $ \r\n \r\n212.07 (212.07) \r\n- \r\n(741,257.70) \r\n17,637,265.32 \r\n16,896,007.62 \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 SCREVEN 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, 2023 \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\nThe net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, donations, and disposals) is to decrease net position. \r\nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \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\nChange in net position of governmental activities (Exhibit \"B\") \r\n \r\n$ \r\n \r\n(741,257.70) \r\n \r\n$ \r\n \r\n8,839,339.22 \r\n \r\n(1,367,560.76) \r\n \r\n7,471,778.46 (3,955.45) 4,933.34 \r\n \r\n$ \r\n \r\n(1,734,924.00) \r\n \r\n1,277,422.00 \r\n \r\n$ \r\n \r\n(457,502.00) 6,273,996.65 \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 SCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET POSITION \r\nFIDUCIARY FUNDS JUNE 30, 2023 \r\nASSETS Cash and Cash Equivalents Investments \r\nTotal Assets NET POSITION Restricted \r\nIndividuals, Organizations, and Other Governments \r\n \r\nEXHIBIT \"G\" \r\n \r\nCUSTODIAL FUNDS \r\n \r\n$ \r\n \r\n2,873.22 \r\n \r\n7,222.95 \r\n \r\n$ \r\n \r\n10,096.17 \r\n \r\n$ \r\n \r\n10,096.17 \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 ADDITIONS Miscellaneous \r\nDEDUCTIONS Other Deductions \r\nChange in Net Position \r\nNet Position - Beginning \r\nNet Position - Ending \r\n \r\nSCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDCUCIARY NET POSITION \r\nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2023 \r\n \r\nEXHIBIT \"H\" \r\n \r\nCUSTODIAL FUNDS \r\n \r\n$ \r\n \r\n965.00 \r\n \r\n1,027.54 \r\n \r\n(62.54) \r\n \r\n10,158.71 \r\n \r\n$ \r\n \r\n10,096.17 \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 SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nReporting Entity \r\nThe Screven 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 contracts and retainages payable related to those 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\nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\n \r\n- 9 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \r\nDirect expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\nProgram revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFund Financial Statements \r\nThe fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate financial statements are presented for governmental and fiduciary funds. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\nThe School District reports the following major governmental funds: \r\n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \r\n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST) that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \r\n The debt service fund accounts for and reports financial resources that are restricted, committed, or assigned including taxes (sales) legally restricted for the payment of general longterm principal and interest. \r\nThe School District reports the following fiduciary fund type: \r\n Custodial funds are used to report resources held by the School District in a purely custodial capacity. \r\nBasis of Accounting \r\nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, 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. \r\n \r\n- 10 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \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. Capital asset acquisitions are reported as expenditures in governmental funds. \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 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. \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\n- 11 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \r\nReceivables \r\n \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\n \r\nInventories \r\n \r\nFood Inventories \r\n \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\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\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Land Improvements Buildings and Improvements Equipment Intangible Assets \r\n \r\nAny Amount \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ \r\n \r\n100,000.00 \r\n \r\nN/A Up to 80 years 25 to 80 years \r\n4 to 14 years 10 years \r\n \r\n- 12 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \r\nDuring the fiscal year, management changed the estimated useful life for intangible assets from determined on an individual basis based on the service capacity of the asset to 10 years. The change in the estimated useful life does not have a material or significant impact on the financial statements. \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\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 \r\n \r\n- 13 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \r\nfund 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\n \r\nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \r\nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \r\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 Screven 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 Screven 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 $6,933,648.08. \r\n \r\nThe tax millage rate levied for the 2022 tax digest year (calendar year) for the School District was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n14.31 mills \r\n \r\nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $883,589.15 during fiscal year ended June 30, 2023. \r\nSales Taxes \r\nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $1,886,613.87 and is to be used for capital outlay for educational purposes. 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- 14 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \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 and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds, except the various school activity (principal) accounts, is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate fund level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \r\nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \r\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\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- 15 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \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\n \r\nCategorization of Deposits \r\n \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, 2023, the School District had deposits with a carrying amount of $2,560,560.62, and a bank balance of $3,349,085.45. The bank balances insured by Federal depository insurance were $250,000.00 and the bank balances collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name were $3,099,085.45. \r\nReconciliation of cash and cash equivalents balances to carrying value of deposits: \r\n \r\nCash and cash equivalents Statement of Net Position Statement of Fiduciary Net Position \r\n \r\n$ 18,692,062.20 2,873.22 \r\n \r\nTotal cash and cash equivalents \r\n \r\n18,694,935.42 \r\n \r\nAdd: Deposits with original maturity of three months or more reported as investments \r\n \r\n30,816.44 \r\n \r\nLess: Investment pools reported as cash and cash equivalents \r\nGeorgia Fund 1 \r\n \r\n16,165,191.24 \r\n \r\nTotal carrying value of deposits - June 30, 2023 \r\n \r\n$ \r\n \r\n2,560,560.62 \r\n \r\nCategorization of Cash Equivalents \r\nThe School District reported cash equivalents of $16,165,191.24 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, $1.00 per share, which approximates fair value. The pool is an AAAf rated investment pool by Fitch. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2023 was 28 days. \r\n \r\n- 16 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \r\nGeorgia Fund 1, administered by the State of Georgia, Office of the State Treasurer, is not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of the State Treasurer for the Georgia Fund 1, does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State of Georgia Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \r\n \r\nNOTE 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \r\n \r\nBalances July 1, 2022 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2023 \r\n \r\nGovernmental Activities Capital Assets, \r\nNot Being Depreciated: Land Construction in Progress \r\nTotal Capital Assets Not Being Depreciated \r\nCapital Assets, Being Depreciated Buildings and Improvements Equipment Land Improvements \r\nLess Accumulated Depreciation Buildings and Improvements Equipment Land Improvements \r\nTotal Capital Assets, Being Depreciated, Net \r\nGovernmental Activities Capital Assets - Net \r\n \r\n$ 1,075,974.23 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n8,534,047.35 \r\n \r\n1,075,974.23 \r\n \r\n8,534,047.35 \r\n \r\n- $ - \r\n \r\n1,075,974.23 8,534,047.35 \r\n \r\n- \r\n \r\n9,610,021.58 \r\n \r\n43,778,037.28 6,900,204.27 5,275,807.98 \r\n \r\n67,166.87 238,125.00 \r\n \r\n79,109.00 \r\n- \r\n \r\n43,778,037.28 6,888,262.14 5,513,932.98 \r\n \r\n17,724,840.92 4,578,556.55 3,566,770.89 \r\n \r\n922,366.85 307,277.99 137,915.92 \r\n \r\n75,153.55 \r\n- \r\n \r\n18,647,207.77 4,810,680.99 3,704,686.81 \r\n \r\n30,083,881.17 \r\n \r\n(1,062,268.89) \r\n \r\n3,955.45 \r\n \r\n29,017,656.83 \r\n \r\n$ 31,159,855.40 $ 7,471,778.46 $ 3,955.45 $ 38,627,678.41 \r\n \r\n- 17 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \r\nCurrent year depreciation and amortization expense by function is as follows: \r\n \r\nInstruction \r\n \r\nSupport Services \r\n \r\nPupil Services \r\n \r\n$ \r\n \r\nImprovements of Instructional Services \r\n \r\nEducational Media Services \r\n \r\nGeneral Administration \r\n \r\nSchool Administration \r\n \r\nMaintenance and Operation of Plant \r\n \r\nStudent Transportation Services \r\n \r\nCentral Support Services \r\n \r\nOther Support Services \r\n \r\nFood Services \r\n \r\n$ \r\n4,951.24 95.79 \r\n17,054.59 19,553.33 17,805.35 65,156.94 172,509.57 \r\n1,052.77 172,148.97 \r\n \r\n823,430.86 \r\n470,328.55 73,801.35 \r\n \r\n$ \r\n \r\n1,367,560.76 \r\n \r\nNOTE 6: INTERFUND TRANSFERS \r\n \r\nInterfund transfers for the year ended June 30, 2023, consisted of the following: \r\n \r\nTransfers to \r\n \r\nTransfers From Debt Service \r\nFund \r\n \r\nCapital Projects Fund $ \r\n \r\n212.07 \r\n \r\nTransfers are used to move funds remaining in the debt service fund after the retirement of debt back to the capital projects fund as a supplemental funding source for capital construction projects. \r\nNOTE 7: LONG-TERM LIABILITIES \r\nGeneral Obligation Bonds \r\nGeneral obligation bonds in the amount of $4,000,000.00 have been authorized but have not been issued. \r\nNOTE 8: RISK MANAGEMENT \r\nInsurance The 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\n \r\n- 18 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \r\nGeorgia School Boards Association Risk Management Fund \r\n \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 \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. A premium is charged when needed by the general fund to each user program on the basis of the percentage of that fund's payroll to total payroll in order to cover estimated claims budgeted by management based on known claims and prior experience. The School District accounts for claims 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\n \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\n2022 $ \r\n \r\n- $ \r\n \r\n406.15 $ \r\n \r\n406.15 $ \r\n \r\n- \r\n \r\n2023 $ \r\n \r\n- $ \r\n \r\n- $ \r\n \r\n- $ \r\n \r\n- \r\n \r\n- 19 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \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, 2023: \r\n \r\nNonspendable \r\n \r\nInventories \r\n \r\nRestricted \r\n \r\nBus Replacement \r\n \r\n$ \r\n \r\nContinuation of Federal Programs \r\n \r\nCapital Projects \r\n \r\nAssigned \r\n \r\nSchool Activity Accounts \r\n \r\nUnassigned \r\n \r\n$ \r\n20,788.00 863,055.40 908,628.55 \r\n \r\n75,987.65 \r\n1,792,471.95 313,083.81 \r\n14,714,464.21 \r\n \r\nFund Balance, June 30, 2023 \r\n \r\n$ \r\n \r\n16,896,007.62 \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\n \r\nIt is the goal of the School District to achieve and maintain a committed, assigned, and unassigned fund balance in the general fund at fiscal year-end of not less than 13% of expenditures, not to exceed 15% of the total budget of the subsequent fiscal year, in compliance with O.C.G.A. 20-2-167(a)5. If the unassigned fund balance at fiscal year-end falls below the goal, the School District shall develop a restoration plan to achieve and maintain the minimum fund balance. \r\n \r\nNOTE 10: SIGNIFICANT COMMITMENTS \r\n \r\nCommitments Under Construction Contracts \r\n \r\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: \r\n \r\nProject \r\n \r\nUnearned Executed Contracts (1) \r\n \r\nPayments through June 30, 2023 (2) \r\n \r\nFunding Available From State (1) \r\n \r\nScreven County High School (ESSER) $ Screven County High School (Local) \r\n \r\n3,142,148.44 $ 3,172,010.90 \r\n \r\n5,018,946.32 $ 3,482,005.54 \r\n \r\n2,979,394.00 \r\n \r\n$ \r\n \r\n6,314,159.34 $ \r\n \r\n8,500,951.86 $ \r\n \r\n2,979,394.00 \r\n \r\n(1) The amounts described are not reflected in the basic financial statements. (2) Payments include Contracts and Retainages Payable at year end. \r\n \r\n- 20 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \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\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 $533,110.00 for the year ended June 30, 2023. Active employees are not required to contribute to the School OPEB Fund. \r\nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \r\nAt June 30, 2023, the School District reported a liability of $13,804,045.00 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 0.139390%, which was an increase of 0.001708% from its proportion measured as of June 30, 2021. \r\n- 21 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \r\nFor the year ended June 30, 2023, the School District recognized OPEB expense of $744,312.00. At June 30, 2023, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \r\n \r\nOPEB Deferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ \r\n \r\n550,997.00 $ 5,425,408.00 \r\n \r\nChanges of assumptions \r\n \r\n2,102,384.00 \r\n \r\n2,791,887.00 \r\n \r\nNet difference between projected and actual \r\n \r\nearnings on OPEB plan investments \r\n \r\n84,201.00 \r\n \r\n- \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n260,706.00 \r\n \r\n245,342.00 \r\n \r\nSchool District contributions subsequent to \r\n \r\nthe measurement date \r\n \r\n533,110.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 3,531,398.00 $ 8,462,637.00 \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, 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: \r\n \r\nYear Ended June 30: \r\n \r\nOPEB \r\n \r\n2024 2025 2026 2027 2028 Thereafter \r\n \r\n$ (1,585,299.00) \r\n \r\n$ (1,230,098.00) \r\n \r\n$ (953,060.00) \r\n \r\n$ (1,118,343.00) \r\n \r\n$ (524,156.00) \r\n \r\n$ \r\n \r\n(53,393.00) \r\n \r\n- 22 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \r\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: \r\n \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 \r\nHealthcare cost trend rate \r\n \r\n7.00%, compounded annually, net of investment expense, and including inflation \r\n \r\nPre-Medicare Eligible \r\n \r\n6.50% \r\n \r\nMedicare Eligible \r\n \r\n5.00% \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\nThe Plan currently uses mortality tables that vary by age, gender, and health status (i.e. disabled or not disabled) as follows: \r\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. \r\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 \r\n- 23 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \r\nDisabled 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. \r\n \r\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. \r\n \r\nThe remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2021 valuation were based on a review of recent plan experience done concurrently with the June 30, 2021 valuation. \r\n \r\nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \r\n \r\nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset Class \r\n \r\nTarget Allocation \r\n \r\nLong-Term Expected Real Rate of Return* \r\n \r\nFixed income Equities \r\n \r\n30.00% 70.00% \r\n \r\n2.00% 9.40% \r\n \r\nTotal \r\n \r\n100.00% \r\n \r\n* Net of inflation \r\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 \r\n \r\n- 24 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \r\nwill 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. \r\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: \r\n \r\n1% Decrease (2.57%) \r\n \r\nCurrent Discount Rate (3.57%) \r\n \r\n1% Increase (4.57%) \r\n \r\nSchool District's proportionate share of the Net OPEB Liability \r\n \r\n$ 15,614,033.00 $ \r\n \r\n13,804,045.00 $ 12,270,001.00 \r\n \r\nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates: The following presents the 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: \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$ 11,893,835.00 $ \r\n \r\n13,804,045.00 $ 16,151,686.00 \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\n \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, \r\n \r\n- 25 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \r\nor after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \r\nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 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 19.98% of payroll was required from the School District. For the current fiscal year, employer contributions to the pension plan were $2,793,002.00 from the School District. \r\nPublic School Employees Retirement System (PSERS) \r\nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \r\nBenefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \r\nUpon retirement, the member will receive a monthly benefit of $15.75, 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. \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 $49,083.00. \r\n \r\n- 26 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \r\nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \r\nAt June 30, 2023, the School District reported a liability of $32,587,858.00 for its proportionate share of the net pension liability for TRS. \r\nThe net pension liability for TRS was measured as of June 30, 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. \r\nAt June 30, 2022, the School District's TRS proportion was 0.100357%, which was a decrease of 0.003155% from its proportion measured as of June 30, 2021. \r\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 $365,440.00. \r\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. \r\nFor the year ended June 30, 2023, the School District recognized pension expense of $4,527,926.00 for TRS and $91,835.00 for PSERS and revenue of $91,835.00 for PSERS. The revenue is support provided by the State of Georgia. \r\n \r\n- 27 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \r\nAt June 30, 2023, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \r\n \r\nTRS Deferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ \r\n \r\n1,352,730.00 $ 169,627.00 \r\n \r\nChanges of assumptions \r\n \r\n4,905,512.00 \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\n6,402,587.00 \r\n \r\n- \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n35,410.00 \r\n \r\n733,977.00 \r\n \r\nSchool District contributions subsequent to \r\n \r\nthe measurement date \r\n \r\n2,793,002.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 15,489,241.00 $ 903,604.00 \r\n \r\nThe School District contributions subsequent to the measurement date for TRS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 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: \r\n \r\nYear Ended June 30: \r\n \r\nTRS \r\n \r\n2024 2025 2026 2027 \r\n \r\n$ 3,172,062.00 $ 2,331,863.00 $ 1,699,609.00 $ 4,589,101.00 \r\n \r\n- 28 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \r\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: \r\n \r\nTeachers Retirement System: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases \r\n \r\n3.00%  8.75%, average, including inflation \r\n \r\nInvestment rate of return \r\n \r\n6.90%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases \r\n \r\n1.50% semi-annually \r\n \r\nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \r\nThe actuarial assumptions used in the June 30, 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. \r\n \r\nPublic School Employees Retirement System: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases Investment rate of return \r\nPost-retirement benefit increases \r\n \r\nN/A 7.00%, net of pension plan investment expense, including inflation 1.50% semi-annually \r\n \r\n- 29 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \r\nMortality rates are as follows: \r\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. \r\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: \r\n \r\nParticipant Type \r\n \r\nMembership Table \r\n \r\nSet Forward (+)/ Setback (-) Adjustment to Rates \r\n \r\nService Retirees \r\n \r\nGeneral Healthy Below- Male: +2; Female: +2 Median Annuitant \r\n \r\nMale: 101%; Female: 103% \r\n \r\nDisability Retirees \r\n \r\nGeneral Disabled \r\n \r\nMale: -3; Female: 0 \r\n \r\nMale: 103%; Female: 106% \r\n \r\nBeneficiaries \r\n \r\nGeneral Below-Median Contingent Survivors \r\n \r\nMale: +2; Female: +2 \r\n \r\nMale: 104%; Female: 99% \r\n \r\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. \r\n \r\nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and 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/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\n \r\n30.00% 46.30% \r\n1.20% 12.30% \r\n5.20% 5.00% \r\n \r\n0.20% 9.40% 13.40% 9.40% 11.40% 10.50% \r\n \r\nTotal \r\n \r\n100.00% \r\n \r\n* Rates shown are net of inlation \r\n \r\n- 30 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"I\" \r\n \r\nDiscount Rate: The discount rate used to measure the total TRS pension liability was 6.90%. The discount rate used to measure the total PSERS pension liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS and PSERS pension plans' fiduciary net position were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \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 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: \r\n \r\nTeachers Retirement System: \r\nSchool District's proportionate share of the net pension liability \r\n \r\n1% Decrease (5.90%) \r\n \r\nCurrent Discount Rate (6.90%) \r\n \r\n$ 49,164,285.00 $ \r\n \r\n32,587,858.00 $ \r\n \r\n1% Increase (7.90%) \r\n19,051,012.00 \r\n \r\nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \r\nNOTE 14: TAX ABATEMENTS \r\nThe School District property tax revenues were reduced by $44,510.69 under agreements entered into by Norman W. Fries, Inc. d/b/a Claxton Poultry Farms. \r\n \r\n- 31 - \r\n \r\n (This page left intentionally blank) \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"1\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n2023 2022 2021 2020 2019 2018 2017 2016 2015 \r\n \r\nSchool District's proportion \r\nof the Net Pension Liability (NPL) \r\n \r\nSchool District's proportionate share \r\nof the NPL \r\n \r\nState of Georgia's proportionate share \r\nof the NPL associated with the \r\nSchool 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 payroll \r\n \r\nPlan fiduciary net position as a percentage \r\nof the total pension liability \r\n \r\n0.100357% $ 32,587,858.00 $ 0.103512% $ 9,154,946.00 $ 0.105484% $ 25,552,353.00 $ 0.106386% $ 22,875,867.00 $ 0.105380% $ 19,560,785.00 $ 0.105899% $ 19,681,655.00 $ 0.108000% $ 22,281,604.00 $ 0.111732% $ 17,010,088.00 $ 0.116329% $ 14,696,635.00 $ \r\n \r\n- \r\n \r\n$ 32,587,858.00 $ 13,565,802.10 \r\n \r\n- \r\n \r\n$ 9,154,946.00 $ 13,467,777.62 \r\n \r\n- \r\n \r\n$ 25,552,353.00 $ 13,609,858.95 \r\n \r\n- \r\n \r\n$ 22,875,867.00 $ 12,983,396.02 \r\n \r\n- \r\n \r\n$ 19,560,785.00 $ 12,570,852.72 \r\n \r\n- \r\n \r\n$ 19,681,655.00 $ 12,164,897.63 \r\n \r\n- \r\n \r\n$ 22,281,604.00 $ 11,842,866.41 \r\n \r\n- \r\n \r\n$ 17,010,088.00 $ 11,799,715.59 \r\n \r\n- \r\n \r\n$ 14,696,635.00 $ 11,867,913.60 \r\n \r\n240.22% 67.98% \r\n187.75% 176.19% 155.60% 161.79% 188.14% 144.16% 123.84% \r\n \r\n72.85% 92.03% 77.01% 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- 33 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"2\" \r\n \r\nFor the Year \r\nEnded June 30 \r\n2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 \r\n \r\nContractually required contribution \r\n \r\n$ \r\n \r\n2,793,002.00 \r\n \r\n$ \r\n \r\n2,687,290.00 \r\n \r\n$ \r\n \r\n2,566,955.05 \r\n \r\n$ \r\n \r\n2,877,126.25 \r\n \r\n$ \r\n \r\n2,713,532.09 \r\n \r\n$ \r\n \r\n2,113,160.34 \r\n \r\n$ \r\n \r\n1,735,931.38 \r\n \r\n$ \r\n \r\n1,690,038.80 \r\n \r\n$ \r\n \r\n1,551,663.00 \r\n \r\n$ \r\n \r\n1,457,379.79 \r\n \r\nContributions in relation to the contractually required \r\ncontribution \r\n \r\n$ \r\n \r\n2,793,002.00 \r\n \r\n$ \r\n \r\n2,687,290.00 \r\n \r\n$ \r\n \r\n2,566,955.05 \r\n \r\n$ \r\n \r\n2,877,126.25 \r\n \r\n$ \r\n \r\n2,713,532.09 \r\n \r\n$ \r\n \r\n2,113,160.34 \r\n \r\n$ \r\n \r\n1,735,931.38 \r\n \r\n$ \r\n \r\n1,690,038.80 \r\n \r\n$ \r\n \r\n1,551,663.00 \r\n \r\n$ \r\n \r\n1,457,379.79 \r\n \r\nContribution deficiency (excess) \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\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\nSchool District's covered payroll \r\n \r\nContribution as a percentage of covered \r\npayroll \r\n \r\n$ \r\n \r\n13,978,991.21 \r\n \r\n$ \r\n \r\n13,565,802.10 \r\n \r\n$ \r\n \r\n13,467,777.62 \r\n \r\n$ \r\n \r\n13,609,858.95 \r\n \r\n$ \r\n \r\n12,983,396.02 \r\n \r\n$ \r\n \r\n12,570,852.72 \r\n \r\n$ \r\n \r\n12,164,897.63 \r\n \r\n$ \r\n \r\n11,842,866.41 \r\n \r\n$ \r\n \r\n11,799,715.59 \r\n \r\n$ \r\n \r\n11,867,913.60 \r\n \r\n19.98% 19.81% 19.06% 21.14% 20.90% 16.81% 14.27% 14.27% 13.15% 12.28% \r\n \r\n- 34 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"3\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of \r\nthe Net Pension Liability (NPL) \r\n \r\nSchool District's proportionate share \r\nof the NPL \r\n \r\nState of Georgia's proportionate share \r\nof the NPL associated with the \r\nSchool 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 payroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total pension \r\nliability \r\n \r\n2023 2022 2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \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\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\n365,440.00 $ 365,440.00 $ \r\n \r\n39,531.00 $ \r\n \r\n39,531.00 $ \r\n \r\n269,265.00 $ 269,265.00 $ \r\n \r\n286,319.00 $ 286,319.00 $ \r\n \r\n298,394.00 $ 298,394.00 $ \r\n \r\n261,394.00 $ 261,394.00 $ \r\n \r\n367,668.00 $ 367,668.00 $ \r\n \r\n242,736.00 $ 242,736.00 $ \r\n \r\n218,659.00 $ 218,659.00 $ \r\n \r\n614,558.98 612,491.71 651,609.99 670,114.44 717,925.76 700,348.50 711,740.27 720,858.86 728,878.41 \r\n \r\nN/A \r\n \r\n81.21% \r\n \r\nN/A \r\n \r\n98.00% \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- 35 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \r\nSCHOOL OPEB FUND \r\n \r\nSCHEDULE \"4\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the Net OPEB Liability (NOL) \r\n \r\nSchool District's proportionate share \r\nof the NOL \r\n \r\nState of Georgia's proportionate share of the NOL associated with the School District \r\n \r\nTotal \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nSchool District's proportionate share of the NOL as a percentage of its coveredemployee payroll \r\n \r\nPlan fiduciary net position as a percentage of the total OPEB \r\nliability \r\n \r\n2023 2022 2021 2020 2019 2018 \r\n \r\n0.139390% $ 13,804,045.00 $ 0.137682% $ 14,912,100.00 $ 0.138390% $ 20,326,268.00 $ 0.140185% $ 17,203,707.00 $ 0.139765% $ 17,763,703.00 $ 0.139034% $ 19,534,221.00 $ \r\n \r\n- \r\n \r\n$ 13,804,045.00 $ 12,303,757.00 \r\n \r\n- \r\n \r\n$ 14,912,100.00 $ 12,107,612.00 \r\n \r\n- \r\n \r\n$ 20,326,268.00 $ 11,352,391.00 \r\n \r\n- \r\n \r\n$ 17,203,707.00 $ 10,880,839.00 \r\n \r\n- \r\n \r\n$ 17,763,703.00 $ 10,574,802.00 \r\n \r\n- \r\n \r\n$ 19,534,221.00 $ 10,411,092.00 \r\n \r\n112.19% 123.16% 179.05% 158.11% 167.98% 187.63% \r\n \r\n6.17% 6.14% 3.99% 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- 36 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \r\n \r\nSCHEDULE \"5\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required \r\ncontribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's coveredemployee payroll \r\n \r\nContribution as a percentage of \r\ncovered-employee payroll \r\n \r\n2023 \r\n \r\n$ \r\n \r\n533,110.00 $ \r\n \r\n2022 \r\n \r\n$ \r\n \r\n503,998.00 $ \r\n \r\n2021 \r\n \r\n$ \r\n \r\n512,154.00 $ \r\n \r\n2020 \r\n \r\n$ \r\n \r\n468,004.00 $ \r\n \r\n2019 \r\n \r\n$ \r\n \r\n754,993.00 $ \r\n \r\n2018 \r\n \r\n$ \r\n \r\n724,390.00 $ \r\n \r\n2017 \r\n \r\n$ \r\n \r\n724,937.00 $ \r\n \r\n533,110.00 $ 503,998.00 $ 512,154.00 $ 468,004.00 $ 754,993.00 $ 724,390.00 $ 724,937.00 $ \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\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n12,527,634.00 12,303,757.00 12,107,612.00 11,352,391.00 10,880,839.00 10,574,802.00 10,411,092.00 \r\n \r\n4.26% 4.10% 4.23% 4.12% 6.94% 6.85% 6.96% \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- 37 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \r\nFOR THE YEAR ENDED JUNE 30, 2023 \r\n \r\nSCHEDULE \"6\" \r\n \r\nTeachers Retirement System Change of benefit terms: There have been no changes in benefit terms. \r\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). \r\nOn May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed annual rate of inflation has been reduced from 2.75% to 2.50%. \r\nIn 2019 and later, the expectation of retired life mortality was changed to the Pub-2010 Teacher Headcount Weighted Below Median Healthy Retiree mortality table from the RP-2000 Mortality Tables. In 2019, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \r\nPublic School Employees Retirement System Changes of benefit terms: There have been no changes in benefit terms. \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 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\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. \r\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. \r\nSchool OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. \r\nChanges in assumptions: June 30, 2020 valuation: Decremental assumptions were changed to reflect the Employees Retirement Systems experience study. Approximately 0.10% of emloyees are members of the Employees Retirement System. \r\nJune 30, 2019 valuation: Decremental assumptions were changed to reflect the Teachers Retirement Systems experience study. \r\nJune 30, 2018 valuation: The inflation assumption was lowered from 2.75% to 2.50%. \r\nJune 30, 2017 valuation: The participation assumption, tobacco use assumption and morbidity factors were revised. \r\nJune 30, 2015 valuation: Decremental and underlying inflation assumptions were changed to reflect to Retirement Systems' experience studies. \r\nJune 30, 2012 valuation: A data audit was performed and data collection procedures and asssumptions were changed. \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, back to 3.58% of June 30, 2019, and to 2.22% as of June 30, 2020. \r\n \r\n- 38 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2023 \r\n \r\nSCHEDULE \"7\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation Capital Outlay Total Expenditures \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nAdjustments \r\nFund Balances - Ending \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\nACTUAL AMOUNTS \r\n \r\nVARIANCE OVER/UNDER \r\n \r\n$ \r\n \r\n6,579,693.00 $ \r\n \r\n6,579,693.00 $ \r\n \r\n7,817,237.23 $ \r\n \r\n1,237,544.23 \r\n \r\n30,000.00 \r\n \r\n30,000.00 \r\n \r\n84,587.62 \r\n \r\n54,587.62 \r\n \r\n17,352,503.00 \r\n \r\n17,035,983.00 \r\n \r\n15,182,184.99 \r\n \r\n(1,853,798.01) \r\n \r\n12,698,905.00 \r\n \r\n12,982,033.00 \r\n \r\n9,850,104.10 \r\n \r\n(3,131,928.90) \r\n \r\n46,100.00 \r\n \r\n46,100.00 \r\n \r\n140,922.65 \r\n \r\n94,822.65 \r\n \r\n5,700.00 \r\n \r\n5,700.00 \r\n \r\n499,560.11 \r\n \r\n493,860.11 \r\n \r\n415,000.00 \r\n \r\n415,000.00 \r\n \r\n1,192,553.29 \r\n \r\n777,553.29 \r\n \r\n37,127,901.00 \r\n \r\n37,094,509.00 \r\n \r\n34,767,149.99 \r\n \r\n(2,327,359.01) \r\n \r\n21,405,676.00 \r\n \r\n19,123,817.00 \r\n \r\n17,237,141.16 \r\n \r\n945,210.00 772,344.00 429,520.00 465,650.00 1,627,825.00 319,900.00 2,085,310.00 1,821,950.00 294,800.00 \r\n85,550.00 - \r\n28,000.00 1,374,800.00 6,250,000.00 37,906,535.00 \r\n \r\n1,722,578.00 1,457,552.00 \r\n429,520.00 470,365.00 1,807,515.00 319,900.00 2,582,856.00 1,821,950.00 411,400.00 \r\n85,550.00 - \r\n28,000.00 1,374,800.00 6,750,000.00 38,385,803.00 \r\n \r\n1,439,789.27 1,088,682.11 \r\n387,715.44 474,458.23 1,692,945.85 325,601.74 2,196,464.05 1,529,740.19 343,370.65 149,674.66 258,875.42 \r\n25,608.13 1,554,805.17 5,042,876.94 33,747,749.01 \r\n \r\n(778,634.00) \r\n \r\n(1,291,294.00) \r\n \r\n1,019,400.98 \r\n \r\n14,968,373.49 \r\n \r\n14,968,373.49 \r\n \r\n14,967,978.09 \r\n \r\n36,798.93 \r\n \r\n12,287.64 \r\n \r\n- \r\n \r\n$ \r\n \r\n14,226,538.42 $ \r\n \r\n13,689,367.13 $ \r\n \r\n15,987,379.07 $ \r\n \r\n1,886,675.84 \r\n282,788.73 368,869.89 \r\n41,804.56 (4,093.23) 114,569.15 (5,701.74) 386,391.95 292,209.81 68,029.35 (64,124.66) (258,875.42) 2,391.87 (180,005.17) 1,707,123.06 4,638,053.99 \r\n2,310,694.98 \r\n(395.40) \r\n(12,287.64) \r\n2,298,011.94 \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $655,133.21 and $614,429.42, respectively. \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 39 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2023 \r\n \r\nSCHEDULE \"8\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT Agriculture, U. S. Department of \r\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 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 - American Rescue Plan 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 \r\nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States COVID-19 - American Rescue Plan - Grants to States Preschool Grants COVID-19 - American Rescue Plan - Preschool Total Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Career and Technical Education - Basic Grants to States Rural and Low-Income School Program Rural and Low-Income School Program Supporting Effective Instruction State Grants Supporting Effective Instruction State Grants Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Total Other Programs Total U. S. Department of Education \r\nHealth and Human Services, U. S. Department of Pass-Through From Bright From the Start Georgia Department of Early Care and Learning COVID-19 - Child Care and Development Block Grant \r\nTotal Expenditures of Federal Awards \r\n \r\nASSISTANCE LISTING NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 10.555 \r\n \r\n225GA324N1199 $ 225GA324N1199 225GA324N1099 \r\n \r\n508,910.58 918,808.24 \r\n67,227.19 1,494,946.01 \r\n \r\n84.425D 84.425U 84.425U 84.425W \r\n \r\nS425D200012 S425U220012 S425U200012 S425W210011 \r\n \r\n122,976.59 \r\n137,101.96 \r\n5,594,112.20 \r\n34,101.90 5,888,292.65 \r\n \r\n84.027A 84.027X 84.173A 84.173X \r\n \r\nH027A220073 H027X210073 H173A220081 H173X210081 \r\n \r\n84.048A 84.048A 84.358B 84.358B 84.367A 84.367A 84.010A 84.010A \r\n \r\nV048A210010 V048A220010 S358B210010 S358B220010 S367A210001 S367A220001 S010A210010-21A S010A220010 \r\n \r\n625,295.00 58,401.00 15,108.31 2,503.73 \r\n701,308.04 \r\n1,943.00 36,679.84 \r\n9,484.00 52,162.57 \r\n5,533.00 132,781.00 \r\n27,955.00 1,400,072.62 1,666,611.03 8,256,211.72 \r\n \r\n93.575 \r\n \r\n2210GACCCS $ \r\n \r\n20,000.63 9,771,158.36 \r\n \r\n- 40 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2023 \r\n \r\nSCHEDULE \"8\" \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\nNote 1. Basis of Presentation \r\nThe accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Screven 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. \r\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. \r\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. \r\nNote 4. Transfers Funds totaling $101,262.00 were transferred from the Student Support and Academic Enrichment Program (ALN 84.424A) and expended in the Title I Grants to Local Educational Agencies program (ALN 84.010A) during Fiscal Year 2023. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 41 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2023 \r\nAGENCY/FUNDING GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program Economic Development, Georgia Department of Georgia Council for the Arts Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle Grades (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development One Time QBE Adjustment Indirect Cost Central Administration School Administration Facility Maintenance and Operations Mid-Term Adjustment Hold-Harmless Categorical Grants Pupil Transportation Regular Nursing Services Education Equalization Funding Grant Other State Programs Food Services Hygiene Products Math and Science Supplements Preschool Disability Services Vocational Education Vocational Supervisors Office of the State Treasurer Public School Employees Retirement CONTRACT Human Resources, Georgia Department of Family Connections \r\nSee notes to the basic financial statements. \r\n \r\nSCHEDULE \"9\" \r\n \r\nGOVERNMENTAL FUND TYPE \r\nGENERAL \r\nFUND \r\n \r\n$ \r\n \r\n432,792.87 \r\n \r\n1,250.00 \r\n \r\n685,209.00 183,117.00 1,816,387.00 \r\n89,364.00 912,817.00 \r\n69,864.00 1,456,377.00 1,072,731.00 \r\n649,975.00 2,332,213.00 \r\n339,452.00 251,211.00 104,712.00 260,123.00 \r\n80,719.00 43,866.00 \r\n902.00 546,780.00 \r\n482,387.00 541,840.00 500,791.00 297,879.00 \r\n \r\n388,372.00 45,946.00 \r\n1,279,948.00 \r\n56,576.00 1,692.00 \r\n22,629.73 32,952.00 85,394.39 14,333.00 \r\n49,083.00 \r\n \r\n52,500.00 \r\n \r\n$ \r\n \r\n15,182,184.99 \r\n \r\n- 42 - \r\n \r\n (This page left intentionally blank) \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2023 \r\n \r\nSCHEDULE \"10\" \r\n \r\nPROJECT- SPLOST Beginning July 2017 \r\n \r\nFor the purpose of acquiring, constructing, and equipping the \r\n \r\nfollowing capital outlay projects: \r\n \r\nA) Renovation of Screven County Middle School; \r\n \r\n$ \r\n \r\nB) Acquisition of grounds equipment and equipment for \r\n \r\nmaintenance (such as backhoe, tractor and mowers); \r\n \r\nC) Continuing the development of the maintenance and operation facility \r\n \r\nat the site formerly known as Screven County Middle School including, \r\n \r\nbut not limited to, ground treatment such as crush and run, concrete, \r\n \r\nasphalt paving, fencing, shelters, bus wash system, fuel port, renovation \r\n \r\nto media center, and old gym for storage and inventory controls, and \r\n \r\nequipment necessary for fleet management; \r\n \r\nD) Acquisition and upgrade of buses and other system vehicles, \r\n \r\nincluding communication systems, GPS location systems, and cameras; \r\n \r\nE) Updating and acquisition of computers, telecommunications systems \r\n \r\nand equipment, technology infrastructures, and technology updates; \r\n \r\nF) Updating, replacement, and acquisition of textbooks; \r\n \r\nG) Upgrading, renovations, and constructions of athletic \r\n \r\nfacilities within the School District; \r\n \r\nH) Acquisition, renovation, and construction of buildings, properties, and \r\n \r\nfacilities of the School District, including any property, both real and \r\n \r\npersonal, and equipment; \r\n \r\nI) Upgrading of School District safety and security systems; \r\n \r\nJ) Updating, replacement, and acquisition of classroom furniture. \r\n \r\nSubtotal 2017 Projects \r\n \r\nPROJECT- SPLOST Beginning July 2022 \r\n \r\nFor the purpose of acquiring, constructing, and equipping the following capital outlay projects: \r\nA) Renovation of Screven County High School; B) Acquisition of grounds equipment and equipment for maintenance, \r\nincluding but not limited to tractors and mowers; C) Acquisition, construction, and upgrading of equipment and facilities \r\nnecessary for fleet operation, repair, and maintenance; D) Acquisition and upgrade of buses and other system vehicles, including \r\ncommunication systems, GPS location systems, and technology infrastructures; E) Acquisition and upgrading of computers, technology equipment, telecommunications systems and equipment, and technology infrastructures; F) Updating, replacement, and acquisitions of textbooks; G) Upgrading, renovations, and construction of athletic facilities within the School District; H) Upgrading and construction of School District roads, driveways, and parking lots; I) Acquisition, renovation, safety updates including, but not limited to, fencing, and construction of buildings, structures, properties, and facilities of the School District, including any property, both real and personal, and equipment; J) Acquisition, and upgrading of equipment necessary to maintain operations during emergencies, severe weather events, and natural disasters; K) Upgrading of School District safety and security systems; L) Updating, replacement, and acquisition of classroom furniture. \r\nSubtotal 2022 Projects \r\n \r\nTotal \r\n \r\n$ \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n4,600,000.00 $ 200,000.00 \r\n300,000.00 250,000.00 500,000.00 350,000.00 250,000.00 \r\n250,000.00 200,000.00 100,000.00 7,000,000.00 \r\n4,500,000.00 200,000.00 100,000.00 \r\n500,000.00 \r\n650,000.00 400,000.00 300,000.00 350,000.00 \r\n750,000.00 250,000.00 250,000.00 250,000.00 8,500,000.00 15,500,000.00 $ \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n4,661,116.63 70,210.00 \r\n340,014.00 114,274.50 136,883.08 1,069,946.92 \r\n2,538,379.78 336,171.00 4,255.00 \r\n9,271,250.91 \r\n4,500,000.00 200,000.00 100,000.00 \r\n500,000.00 \r\n650,000.00 400,000.00 300,000.00 350,000.00 \r\n750,000.00 250,000.00 250,000.00 250,000.00 8,500,000.00 17,771,250.91 \r\n \r\nESTIMATED COMPLETION \r\nDATE \r\nCompleted Completed \r\nCompleted Completed Completed Completed Completed \r\nCompleted Completed Completed \r\nJune 2024 June 2027 June 2027 \r\nJune 2027 \r\nJune 2027 June 2027 June 2027 June 2027 \r\nJune 2027 June 2027 June 2027 June 2027 \r\n \r\n- 44 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2023 \r\n \r\nSCHEDULE \"10\" \r\n \r\nPROJECT- SPLOST Beginning July 2017 \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\nFor the purpose of acquiring, constructing, and equipping the \r\n \r\nfollowing capital outlay projects: \r\n \r\nA) Renovation of Screven County Middle School; \r\n \r\n$ \r\n \r\n- $ 4,661,116.63 $ 4,661,116.63 $ \r\n \r\n- \r\n \r\nB) Acquisition of grounds equipment and equipment for \r\n \r\nmaintenance (such as backhoe, tractor and mowers); \r\n \r\n- \r\n \r\n70,210.00 \r\n \r\n70,210.00 \r\n \r\n- \r\n \r\nC) Continuing the development of the maintenance and operation facility \r\n \r\nat the site formerly known as Screven County Middle School including, \r\n \r\nbut not limited to, ground treatment such as crush and run, concrete, \r\n \r\nasphalt paving, fencing, shelters, bus wash system, fuel port, renovation \r\n \r\nto media center, and old gym for storage and inventory controls, and \r\n \r\nequipment necessary for fleet management; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nD) Acquisition and upgrade of buses and other system vehicles, \r\n \r\nincluding communication systems, GPS location systems, and cameras; \r\n \r\n- \r\n \r\n340,014.00 \r\n \r\n340,014.00 \r\n \r\n- \r\n \r\nE) Updating and acquisition of computers, telecommunications systems \r\n \r\nand equipment, technology infrastructures, and technology updates; \r\n \r\n- \r\n \r\n114,274.50 \r\n \r\n114,274.50 \r\n \r\n- \r\n \r\nF) Updating, replacement, and acquisition of textbooks; \r\n \r\n- \r\n \r\n136,883.08 \r\n \r\n136,883.08 \r\n \r\n- \r\n \r\nG) Upgrading, renovations, and constructions of athletic \r\n \r\nfacilities within the School District; \r\n \r\n- \r\n \r\n1,069,946.92 \r\n \r\n1,069,946.92 \r\n \r\n- \r\n \r\nH) Acquisition, renovation, and construction of buildings, properties, and \r\n \r\nfacilities of the School District, including any property, both real and \r\n \r\npersonal, and equipment; \r\n \r\n2,508,463.00 \r\n \r\n29,916.78 \r\n \r\n2,538,379.78 \r\n \r\n- \r\n \r\nI) Upgrading of School District safety and security systems; \r\n \r\n233,125.00 \r\n \r\n103,046.00 \r\n \r\n336,171.00 \r\n \r\n- \r\n \r\nJ) Updating, replacement, and acquisition of classroom furniture. \r\n \r\n- \r\n \r\n4,255.00 \r\n \r\n4,255.00 \r\n \r\n- \r\n \r\nSubtotal 2017 Projects \r\n \r\n2,741,588.00 \r\n \r\n6,529,662.91 \r\n \r\n9,271,250.91 \r\n \r\n- \r\n \r\nPROJECT- SPLOST Beginning July 2022 \r\n \r\nFor the purpose of acquiring, constructing, and equipping the \r\n \r\nfollowing capital outlay projects: \r\n \r\nA) Renovation of Screven County High School; \r\n \r\n1,011,216.41 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nB) Acquisition of grounds equipment and equipment for maintenance, \r\n \r\nincluding but not limited to tractors and mowers; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nC) Acquisition, construction, and upgrading of equipment and facilities \r\n \r\nnecessary for fleet operation, repair, and maintenance; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nD) Acquisition and upgrade of buses and other system vehicles, including \r\n \r\ncommunication systems, GPS location systems, and technology \r\n \r\ninfrastructures; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nE) Acquisition and upgrading of computers, technology equipment, \r\n \r\ntelecommunications systems and equipment, and technology \r\n \r\ninfrastructures; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nF) Updating, replacement, and acquisitions of textbooks; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nG) Upgrading, renovations, and construction of athletic facilities within the \r\n \r\nSchool District; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nH) Upgrading and construction of School District roads, driveways, and \r\n \r\nparking lots; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nI) Acquisition, renovation, safety updates including, but not limited to, \r\n \r\nfencing, and construction of buildings, structures, properties, and \r\n \r\nfacilities of the School District, including any property, both real and \r\n \r\npersonal, and equipment; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nJ) Acquisition, and upgrading of equipment necessary to maintain \r\n \r\noperations during emergencies, severe weather events, and natural disasters; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nK) Upgrading of School District safety and security systems; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nL) Updating, replacement, and acquisition of classroom furniture. \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nSubtotal 2022 Projects \r\n \r\n1,011,216.41 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 3,752,804.41 $ 6,529,662.91 $ 9,271,250.91 $ \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 Screven 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) In addition to the expenditures shown above, the School District has incurred interest to provide advance funding as follows: \r\n \r\nPrior Years Current Year \r\n \r\n$ \r\n \r\n128,673.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ \r\n \r\n128,673.00 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 45 - \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 Dr. Jim Thompson, Superintendent and Members of the Screven County Board of Education \r\nWe have audited the financial statements of the governmental activities, each major fund, and fiduciary activities of the Screven 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 March 12, 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. \r\nReport on Internal Control Over Financial Reporting \r\nIn planning and performing our audit of the financial statements, we considered the School District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the basic financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control. \r\nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the School District's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. Given these limitations, during our audit we did not identify any \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n deficiencies in internal control that we consider to be material weaknesses. We did identify a certain deficiency in internal control, described in the accompanying Schedule of Findings and Questioned Costs in finding FS 2023-001 that we consider to be a significant deficiency. \r\nReport on 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\nSchool District's Response to Findings \r\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. \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\nMarch 12, 2024 \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 Dr. Jim Thompson, Superintendent and Members of the Screven County Board of Education \r\nReport on Compliance for Each Major Federal Program \r\nOpinion on Each Major Federal Program \r\nWe have audited the Screven 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. \r\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. \r\nBasis for Opinion on Each Major Federal Program \r\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. \r\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. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n Responsibilities of Management for Compliance \r\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. \r\nAuditor's Responsibilities for the Audit of Compliance \r\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. \r\nIn performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we: \r\n Exercise professional judgment and maintain professional skepticism throughout the audit. \r\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. \r\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. \r\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. \r\nReport on 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 \r\n \r\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. \r\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. \r\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. \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\nMarch 12, 2024 \r\n \r\n Section III Auditee's Response to Prior Year Findings and Questioned Costs \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2023 \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS \r\nNo matters were reported. \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\nNo matters were reported. \r\n \r\n Section IV Findings and Questioned Costs \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2023 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\nFinancial Statements \r\n \r\nType of auditor's report issued: \r\nGovernmental Activities, Each Major Fund, and Fiduciary Activities \r\n \r\nInternal control over financial reporting: \r\n Material weakness(es) identified?  Significant deficiency(ies) identified? \r\n \r\nNoncompliance material to financial statements noted: \r\n \r\nFederal Awards \r\n \r\nInternal control over major programs: \r\n Material weakness(es) identified?  Significant deficiency(ies) identified? \r\n \r\nType of auditor's report issued on compliance for major programs: \r\n \r\nAll major programs \r\n \r\nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \r\n \r\nIdentification of major programs: \r\n \r\nAssistance Listing Number Assistance Listing Program or Cluster Title \r\n \r\n84.010 84.425 \r\n \r\nTitle I Grants to Local Educational Agencies Education Stabilization Fund \r\n \r\nDollar threshold used to distinguish between Type A and Type B programs: \r\n \r\nAuditee qualified as low-risk auditee? \r\n \r\nUnmodified No Yes No \r\nNo None Reported \r\nUnmodified No \r\n$750,000.00 Yes \r\n \r\n- 1 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2023 \r\n \r\nII FINANCIAL STATEMENT FINDINGS \r\n \r\nFS 2023-001 \r\n \r\nInternal Controls over Financial Reporting \r\n \r\nInternal Control Impact: Repeat of Prior Year Finding: \r\n \r\nSignificant Deficiency No \r\n \r\nDescription: The School District did not have adequate internal controls in place over the financial statement reporting process. \r\nCriteria: Management 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). \r\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 fund 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. \r\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. \r\nCondition: The following errors and omissions were noted in the School District's financial statements, note disclosures and supplementary information presented for audit: \r\n An audit adjustment totaling $774,580.00 was proposed and accepted by the School District to record retainages payable in the general fund, capital projects fund and government-wide financial statements. \r\n An audit adjustment totaling $166,952.54 was proposed and accepted by the School District to record the July 2023 special purpose local option sales tax receivable in the capital projects fund and government-wide financial statements. \r\n An audit adjustment totaling $788,337.35 was proposed and accepted by the School District to record an architect payment as part of construction in progress on the government-wide financial statements. \r\n Other audit adjustments were proposed by the auditors and accepted by the School District to properly present the financial statements and note disclosures. \r\nCause: In discussing these issues with the School District, they indicated the errors occurred due to oversight in preparing the financial statements. \r\n \r\n- 2 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2023 Effect or Potential Effect: Significant 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. Recommendation: The School District should strengthen the internal controls and review procedures over the financial process to ensure that the financial statements presented for audit are complete and accurate. These procedures should be performed by a properly trained individual possessing a thorough understanding of the applicable GAAP statements, the applicable GASB pronouncements, and the School District's operations. The School District should also consider implementing the use of a review checklist to assist in the review process over the financial statements. Views of Responsible Officials: We concur with this finding. lll FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n- 3 - \r\n \r\n Section V Management's Corrective Action \r\n \r\n  "},{"id":"dlg_ggpd_1389416770-2023-03-24","title":"Annual financial report 2022 June 30, Screven County Board of Education, Sylvania, 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, Screven County, 32.75059, -81.61193"],"dcterms_creator":null,"dc_date":["2023-03-24"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Screven County Board of Education, Ga.)"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Georgia Department of Audits \u0026 Accounts, [2022?]-"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Screven County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Screven County--Auditing--Periodicals.","Education--Georgia--Screven County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Screven County--fast","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report 2022 June 30, Screven County Board of Education, Sylvania, 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_1389416770-2023-03-24"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1389416770-2023-03-24"],"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":["Education--Auditing--fast","Education--Finance--fast","Expenditures, Public--fast","Georgia--Screven County--fast","Periodicals--fast","Statistics--fast"],"fulltext":"ANNUAL FINANCIAL REPORT  FISCAL YEAR 2022 \r\nScreven County Board of Education \r\nSylvania, Georgia \r\nIncluding Independent Auditor's Report \r\nGreg S. Griffin | State Auditor \r\n \r\n Screven County Board of Education \r\n \r\nTable of Contents \r\n \r\nSection I \r\n \r\nFinancial Independent 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 Balances \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\n10 \r\n \r\nSchedules \r\n \r\nRequired Supplementary Information \r\n \r\n1 Schedule of Proportionate Share of the Net Pension Liability \r\n \r\nTeachers Retirement System of Georgia \r\n \r\n35 \r\n \r\n2 Schedule of Contributions  Teachers Retirement System of Georgia \r\n \r\n36 \r\n \r\n3 Schedule of Proportionate Share of the Net Pension Liability Public \r\n \r\nSchool Employees Retirement System of Georgia \r\n \r\n37 \r\n \r\n4 Schedule of Proportionate Share of the Net OPEB Liability \r\n \r\nSchool OPEB Fund \r\n \r\n38 \r\n \r\n5 Schedule of Contributions  School OPEB Fund \r\n \r\n39 \r\n \r\n6 Notes to the Required Supplementary Information \r\n \r\n40 \r\n \r\n7 Schedule of Revenues, Expenditures and Changes in Fund \r\n \r\nBalances - Budget and Actual General Fund \r\n \r\n41 \r\n \r\n Supplementary Information \r\n \r\n8 Schedule of Expenditures of Federal Awards \r\n \r\n42 \r\n \r\n9 Schedule of State Revenue \r\n \r\n43 \r\n \r\n10 Schedule of Approved Local Option Sales Tax Projects \r\n \r\n44 \r\n \r\nSection II \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 Auditee's Response to Prior Year Findings and Questioned Costs Summary Schedule of Prior Audit Findings \r\n \r\nSection IV Findings and Questioned Costs Schedule 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 Dr. Jim Thompson, Superintendent and Members of the Screven County Board of Education \r\nReport on the Audit of the Financial Statements \r\nOpinions \r\nWe have audited the accompanying financial statements of the governmental activities, each major fund, and fiduciary activities of the Screven 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. \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, 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. \r\nBasis for Opinions \r\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. \r\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. \r\nResponsibilities of Management for the Financial Statements \r\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. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\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. \r\nAuditor's Responsibilities for the Audit of the Financial Statements \r\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. \r\nIn performing an audit in accordance with GAAS and Government Auditing Standards, we: \r\n Exercise professional judgment and maintain professional skepticism throughout the audit. \r\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. \r\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. \r\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. \r\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. \r\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. \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 \r\n \r\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. \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 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. \r\nSupplementary 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 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 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. \r\nOther Reporting Required by Government Auditing Standards \r\nIn accordance with Government Auditing Standards, we have also issued our report dated March 24, 2023 on our consideration of the School District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control over financial reporting and compliance. \r\n \r\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, \r\nGreg S. Griffin State Auditor \r\nMarch 24, 2023 \r\n \r\n Screven County Board of Education \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2022 \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Other Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Outflows of Resources \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Net Pension Liability Net OPEB Liability \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Inflows of Resources \r\nNET POSITION Net Investment in Capital Assets Restricted for \r\nContinuation of Federal Programs Debt Service Capital Projects Bus Replacement Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n16,364,178.30 \r\n \r\n523,499.49 \r\n \r\n776,655.71 1,807,444.48 \r\n997,142.61 135.74 \r\n63,700.01 1,075,974.23 30,083,881.17 51,692,611.74 \r\n \r\n6,714,680.00 3,311,579.00 10,026,259.00 \r\n \r\n9,190.10 2,608,454.15 9,154,946.00 14,912,100.00 26,684,690.25 \r\n \r\n13,827,031.00 8,412,185.00 22,239,216.00 \r\n \r\n31,159,855.40 \r\n \r\n837,658.67 212.07 \r\n2,669,075.16 20,788.00 \r\n(21,892,624.81) \r\n \r\n$ \r\n \r\n12,794,964.49 \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 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 Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Community Services Food Services Interest on Long-Term Debt \r\nTotal Governmental Activities \r\n \r\nSCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2022 \r\n \r\nEXHIBIT \"B\" \r\n \r\nEXPENSES \r\n \r\nPROGRAM REVENUES \r\n \r\nCHARGES FOR SERVICES \r\n \r\nOPERATING GRANTS AND CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET POSITION \r\n \r\n$ \r\n \r\n16,239,151.80 $ \r\n \r\n- $ \r\n \r\n14,809,642.82 $ \r\n \r\n1,081,163.48 936,013.87 332,151.81 392,076.53 \r\n1,407,176.43 256,709.97 \r\n2,068,807.19 1,093,002.34 \r\n273,313.77 424,324.09 \r\n \r\n13,780.00 - \r\n \r\n396,164.57 486,693.53 314,192.79 569,040.58 770,417.56 \r\n9,597.85 1,149,197.36 1,097,368.16 \r\n101,697.41 83,270.27 \r\n \r\n242,616.09 18,373.33 1,376,131.19 4,907.16 \r\n \r\n58,363.43 25,696.00 8,032.50 \r\n- \r\n \r\n1,784,228.51 - \r\n \r\n$ \r\n \r\n26,145,919.05 $ \r\n \r\n105,871.93 $ \r\n \r\n21,571,511.41 \r\n \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Other Taxes 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\nChange in Net Position \r\n \r\nNet Position - Beginning of Year \r\n \r\nNet Position - End of Year \r\n \r\n$ \r\n \r\n(1,429,508.98) \r\n(684,998.91) (449,320.34) (17,959.02) 176,964.05 (636,758.87) (247,112.12) (919,609.83) \r\n18,145.82 (171,616.36) (341,053.82) \r\n(184,252.66) 7,322.67 \r\n416,129.82 (4,907.16) \r\n(4,468,535.71) \r\n6,921,380.84 49,438.62 \r\n1,740,546.39 90,013.84 \r\n1,771,397.00 36,410.70 \r\n1,082,105.11 11,691,292.50 \r\n7,222,756.79 \r\n5,572,207.70 \r\n12,794,964.49 \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 ASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Other Inventories \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\nSCREVEN COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2022 \r\n \r\nEXHIBIT \"C\" \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\n13,850,800.06 $ \r\n \r\n523,499.49 \r\n \r\n620,746.72 1,807,444.48 \r\n997,142.61 135.74 \r\n63,700.01 \r\n \r\n$ \r\n \r\n17,863,469.11 $ \r\n \r\n2,513,166.17 $ - \r\n155,908.99 - \r\n2,669,075.16 $ \r\n \r\n212.07 $ - \r\n- \r\n212.07 $ \r\n \r\n16,364,178.30 523,499.49 \r\n776,655.71 1,807,444.48 \r\n997,142.61 135.74 \r\n63,700.01 \r\n20,532,756.34 \r\n \r\n$ \r\n \r\n9,190.10 $ \r\n \r\n2,608,454.15 \r\n \r\n2,617,644.25 \r\n \r\n- $ - \r\n \r\n- $ - \r\n \r\n9,190.10 2,608,454.15 2,617,644.25 \r\n \r\n277,846.77 \r\n \r\n- \r\n \r\n- \r\n \r\n277,846.77 \r\n \r\n63,700.01 794,746.66 272,667.48 13,836,863.94 14,967,978.09 \r\n \r\n2,669,075.16 \r\n2,669,075.16 \r\n \r\n212.07 \r\n212.07 \r\n \r\n63,700.01 3,464,033.89 \r\n272,667.48 13,836,863.94 17,637,265.32 \r\n \r\n$ \r\n \r\n17,863,469.11 $ \r\n \r\n2,669,075.16 $ \r\n \r\n212.07 $ \r\n \r\n20,532,756.34 \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 SCREVEN COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET POSITION JUNE 30, 2022 \r\n \r\nEXHIBIT \"D\" \r\n \r\nTotal fund balances - governmental funds (Exhibit \"C\") \r\nAmounts reported for governmental activities in the Statement of Net Position are different because: \r\nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land Buildings and improvements Equipment Land improvements Accumulated depreciation \r\nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB liability \r\nDeferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. Related to pensions Related to OPEB \r\nTaxes that are not available to pay for current period expenditures are deferred in the funds. \r\nNet position of governmental activities (Exhibit \"A\") \r\n \r\n$ \r\n \r\n17,637,265.32 \r\n \r\n$ \r\n \r\n1,075,974.23 \r\n \r\n43,778,037.28 \r\n \r\n6,900,204.27 \r\n \r\n5,275,807.98 \r\n \r\n(25,870,168.36) \r\n \r\n31,159,855.40 \r\n \r\n$ \r\n \r\n(9,154,946.00) \r\n \r\n(14,912,100.00) \r\n \r\n(24,067,046.00) \r\n \r\n$ \r\n \r\n(7,112,351.00) \r\n \r\n(5,100,606.00) \r\n \r\n(12,212,957.00) \r\n \r\n277,846.77 \r\n \r\n$ \r\n \r\n12,794,964.49 \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 SCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2022 \r\n \r\nEXHIBIT \"E\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation Capital Outlay Debt Services Principal 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 \r\nFund Balances - Ending \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE FUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n6,987,035.83 $ \r\n \r\n90,013.84 \r\n \r\n15,875,603.45 \r\n \r\n7,520,199.96 \r\n \r\n105,871.93 \r\n \r\n31,058.22 \r\n \r\n1,082,105.11 \r\n \r\n31,691,888.34 \r\n \r\n- $ 1,740,546.39 \r\n5,119.60 1,745,665.99 \r\n \r\n- $ 232.88 232.88 \r\n \r\n6,987,035.83 1,830,560.23 15,875,603.45 7,520,199.96 \r\n105,871.93 36,410.70 \r\n1,082,105.11 33,437,787.21 \r\n \r\n17,544,293.29 \r\n1,217,192.68 1,024,447.49 \r\n360,067.10 422,269.32 1,618,891.24 303,500.05 2,095,062.23 1,975,915.41 379,514.60 161,993.47 242,616.09 18,373.33 1,352,232.40 31,500.00 \r\n28,747,868.70 2,944,019.64 \r\n \r\n- \r\n49,266.93 31,000.00 1,057,451.74 \r\n1,137,718.67 607,947.32 \r\n \r\n- \r\n- \r\n750,000.00 9,787.50 \r\n759,787.50 (759,554.62) \r\n \r\n17,544,293.29 \r\n1,217,192.68 1,024,447.49 \r\n360,067.10 422,269.32 1,618,891.24 303,500.05 2,144,329.16 2,006,915.41 379,514.60 161,993.47 242,616.09 18,373.33 1,352,232.40 1,088,951.74 \r\n750,000.00 9,787.50 \r\n30,645,374.87 2,792,412.34 \r\n \r\n- \r\n \r\n2,944,019.64 \r\n \r\n12,023,958.45 \r\n \r\n$ \r\n \r\n14,967,978.09 $ \r\n \r\n166,429.70 - \r\n166,429.70 \r\n774,377.02 \r\n1,894,698.14 \r\n2,669,075.16 $ \r\n \r\n(166,429.70) (166,429.70) \r\n(925,984.32) \r\n926,196.39 \r\n212.07 $ \r\n \r\n166,429.70 (166,429.70) \r\n- \r\n2,792,412.34 \r\n14,844,852.98 \r\n17,637,265.32 \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 SCREVEN 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, 2022 \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. Bond principal retirements \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. Accrued interest on issuance of bonds \r\nChange in net position of governmental activities (Exhibit \"B\") \r\n \r\n$ \r\n \r\n2,792,412.34 \r\n \r\n$ \r\n \r\n1,902,127.16 \r\n \r\n(1,419,421.63) \r\n \r\n482,705.53 (16,216.37) \r\n \r\n750,000.00 \r\n \r\n$ \r\n \r\n2,524,795.95 \r\n \r\n684,179.00 \r\n \r\n3,208,974.95 \r\n \r\n4,880.34 \r\n \r\n$ \r\n \r\n7,222,756.79 \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 SCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET POSITION \r\nFIDUCIARY FUNDS JUNE 30, 2022 \r\nASSETS Cash and Cash Equivalents Investments \r\nTotal Assets \r\nNET POSITION Restricted \r\nIndividuals, Organizations, and Other Governments \r\n \r\nEXHIBIT \"G\" \r\n \r\nCUSTODIAL FUNDS \r\n \r\n$ \r\n \r\n2,935.76 \r\n \r\n7,222.95 \r\n \r\n$ \r\n \r\n10,158.71 \r\n \r\n$ \r\n \r\n10,158.71 \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 ADDITIONS Miscellaneous \r\nDEDUCTIONS Other Deductions \r\nChange in Net Position \r\nNet Position - Beginning \r\nNet Position - Ending \r\n \r\nSCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDCUCIARY NET POSITION \r\nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2022 \r\n \r\nEXHIBIT \"H\" \r\n \r\nCUSTODIAL FUNDS \r\n \r\n$ \r\n \r\n1,382.00 \r\n \r\n973.30 \r\n \r\n408.70 \r\n \r\n9,750.01 \r\n \r\n$ \r\n \r\n10,158.71 \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 (This page left intentionally blank) \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nReporting Entity \r\nThe Screven 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- 10 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\nDirect expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\nProgram revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFund Financial Statements \r\nThe fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate financial statements are presented for governmental and fiduciary funds. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\nThe School District reports the following major governmental funds: \r\n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \r\n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST) that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \r\n The debt service fund accounts for and reports financial resources that are restricted, committed, or assigned including taxes (sales) legally restricted for the payment of general longterm principal and interest. \r\nThe School District reports the following fiduciary fund type: \r\n Custodial funds are used to report resources held by the School District in a purely custodial capacity. \r\nBasis of Accounting \r\nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, 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. \r\n \r\n- 11 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \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. \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 2022, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 87, Leases. The primary objective of this statement is to better meet the information needs of financial statement users by improving accounting and financial reporting for leases by governments. This Statement increases the usefulness of government's financial statements by requiring recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract. It establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. The adoption of this statement did not have an impact on the School District's financial statements. \r\nCash and Cash Equivalents \r\nCash and cash equivalents consist of cash on hand, demand deposits, investments in the State of Georgia local government investment pool (Georgia Fund 1) and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated (O.C.G.A.) 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \r\nInvestments \r\nThe School District can invest its funds as permitted by O.C.G.A. 36-83-4. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. \r\n \r\n- 12 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nInvestments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. All other investments are reported at fair value. \r\nFor accounting purposes, certificates of deposit are classified as investments if they have an original maturity greater than three months when acquired. \r\nReceivables \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\nInventories \r\nFood Inventories \r\nOn the basic financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (calculated on the first-in, first-out basis). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \r\nCapital Assets \r\nOn the government-wide financial statements, capital assets are recorded at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at the acquisition value on the date donated. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. The School District does not capitalize book collections or works of art. \r\nCapital acquisition and construction are recorded as expenditures in the governmental fund financial statements at the time of purchase (including ancillary charges), and the related assets are reported as capital assets in the governmental activities column in the government-wide financial statements. \r\nDepreciation is computed using the straight-line for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \r\n \r\n- 13 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Land Improvements Buildings and Improvements Equipment Intangible Assets \r\n \r\nAny Amount \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ 100,000.00 \r\n \r\nN/A Up to 80 years 25 to 80 years 4 to 14 years Determined on an individual basis based on the service capacity of \r\nthe asset \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 issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \r\nIn the governmental fund financial statements, the School District recognizes the proceeds of debt and premiums as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures. \r\nPensions \r\nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\n \r\n- 14 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nPost-Employment Benefits Other Than Pensions (OPEB) \r\nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Post-Employment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nFund Balances \r\nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \r\nThe School District's fund balances are classified as follows: \r\nNonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \r\nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \r\nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \r\nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \r\nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \r\nUse of Estimates \r\nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \r\n \r\n- 15 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nProperty Taxes \r\n \r\nThe Screven County Board of Commissioners adopted the property tax levy for the 2021 tax digest year (calendar year) on September 14, 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 Screven 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 $6,155,527.66. \r\nThe tax millage rate levied for the 2021 tax digest year (calendar year) for the School District was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n15.00 mills \r\n \r\nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $782,069.55 during fiscal year ended June 30, 2022. \r\nSales Taxes \r\nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $1,740,546.39 and is to be used for capital outlay for educational purposes. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\nNOTE 3: BUDGETARY DATA \r\nThe budget is a complete financial plan for the School District's fiscal year and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general, debt service and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds, except the various school activity (principal) accounts, is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate fund level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \r\nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \r\n \r\n- 16 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \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\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\n \r\n- 17 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nCategorization of Deposits \r\n \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, 2022, the School District had deposits with a carrying amount of $2,290,326.73, and a bank balance of $3,615,373.09. The bank balances insured by Federal depository insurance were $500,000.00 and the bank balances collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name were $3,115,373.09. \r\n \r\nReconciliation of cash and cash equivalents balances to carrying value of deposits: \r\n \r\nCash and cash equivalents Statement of Net Position Statement of Fiduciary Net Position \r\n \r\n$ 16,364,178.30 2,935.76 \r\n \r\nTotal cash and cash equivalents \r\n \r\n16,367,114.06 \r\n \r\nAdd: Deposits with original maturity of three months or more reported as investments \r\nLess: Investment pools reported as cash and cash equivalents \r\nGeorgia Fund 1 \r\n \r\n530,722.44 14,607,509.77 \r\n \r\nTotal carrying value of deposits - June 30, 2022 \r\n \r\n$ 2,290,326.73 \r\n \r\nCategorization of Cash Equivalents \r\nThe School District reported cash equivalents of $14,607,509.77 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, $1.00 per share, which approximates fair value. The pool is an AAAf rated investment pool by Standard and Poor's. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2022 was 43 days. \r\nGeorgia Fund 1, administered by the State of Georgia, Office of the State Treasurer, is not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of the State Treasurer for the Georgia Fund 1, does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State of Georgia Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \r\n \r\n- 18 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \r\n \r\nBalances July 1, 2021 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2022 \r\n \r\nGovernmental Activities Capital Assets, \r\nNot Being Depreciated: Land \r\n \r\n$ 1,075,974.23 $ \r\n \r\n- $ \r\n \r\n- $ 1,075,974.23 \r\n \r\nCapital Assets, Being Depreciated Buildings and Improvements Equipment Land Improvements \r\nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \r\nTotal Capital Assets, Being Depreciated, Net \r\nGovernmental Activities Capital Assets - Net \r\n \r\n43,778,037.28 6,556,796.09 4,124,370.00 \r\n \r\n750,689.18 1,151,437.98 \r\n \r\n407,281.00 \r\n- \r\n \r\n16,801,142.97 4,640,267.68 3,416,617.08 \r\n \r\n923,697.95 345,569.87 150,153.81 \r\n \r\n407,281.00 \r\n- \r\n \r\n29,601,175.64 \r\n \r\n482,705.53 \r\n \r\n- \r\n \r\n$ 30,677,149.87 $ 482,705.53 $ \r\n \r\n- $ \r\n \r\n43,778,037.28 6,900,204.27 5,275,807.98 \r\n17,724,840.92 4,578,556.55 3,566,770.89 \r\n30,083,881.17 \r\n31,159,855.40 \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction \r\n \r\nSupport Services \r\n \r\nPupil Services \r\n \r\n$ \r\n \r\nImprovements of Instructional Services \r\n \r\nEducational Media Services \r\n \r\nGeneral Administration \r\n \r\nSchool Administration \r\n \r\nMaintenance and Operation of Plant \r\n \r\nStudent Transportation Services \r\n \r\nOther Support Services \r\n \r\nFood Services \r\n \r\n4,951.24 95.79 \r\n17,054.59 21,158.15 17,805.35 63,324.09 208,524.62 186,301.39 \r\n \r\n$ \r\n \r\n825,576.28 \r\n \r\n519,215.22 74,630.13 \r\n \r\n$ 1,419,421.63 \r\n \r\n- 19 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 6: INTERFUND TRANSFERS Interfund transfers for the year ended June 30, 2022, consisted of the following: \r\n \r\nTransfers to \r\n \r\nTransfers From Debt Service \r\nFund \r\n \r\nCapital Projects Fund \r\n \r\n$ 166,429.70 \r\n \r\nTransfers are used to move funds remaining in the debt service fund after the retirement of debt back to the capital projects fund as supplemental funding source for capital construction projects. \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, 2021 \r\n \r\nGovernmental Activities Balance \r\nAdditions Deductions June 30, 2022 \r\n \r\nDue Within One Year \r\n \r\nGeneral Obligation (G.O.) Bonds \r\n \r\n$ 750,000.00 $ \r\n \r\n- $ 750,000.00 $ \r\n \r\n- $ \r\n \r\n- \r\n \r\nGeneral Obligation Debt Outstanding \r\nThe School District's bonded debt consists of general obligation bonds that are generally noncallable with interest payable semiannually. Bond proceeds primarily pay for acquiring or constructing capital facilities. The School District repays general obligation bonds from voter-approved property taxes. General obligation bonds are direct obligations and pledge the full faith and credit of the School District. \r\nThe School District had no unused line of credit or outstanding notes from direct borrowings and direct placements related to governmental activities as of June 30, 2022. In the event the entity is unable to make the principal and interest payments using proceeds from the Education Special Purpose Local Option Sales Tax (ESPLOST), the debt will be satisfied from a direct annual ad valorem tax levied upon all taxable property within the School District. Additional security is provided by the State of Georgia Intercept Program which allows for state appropriations entitled to the School District to be transferred to the Debt Service Account Custodian for the payment of debt. \r\nNOTE 8: RISK MANAGEMENT \r\n \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\n \r\n- 20 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nGeorgia School Boards Association Risk Management Fund \r\n \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 \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\nUnemployment Compensation \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. A premium is charged when needed by the general fund to each user program on the basis of the percentage of that fund's payroll to total payroll in order to cover estimated claims budgeted by management based on known claims and prior experience. The School District accounts for claims 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\n \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 Estimates \r\n \r\nClaims Paid \r\n \r\nEnd of Year Liability \r\n \r\n2021 $ \r\n \r\n- $ \r\n \r\n2,600.26 $ \r\n \r\n2,600.26 $ \r\n \r\n- \r\n \r\n2022 $ \r\n \r\n- $ \r\n \r\n406.15 $ \r\n \r\n406.15 $ \r\n \r\n- \r\n \r\n- 21 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \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, 2022: \r\n \r\nNonspendable \r\n \r\nInventories \r\n \r\n$ \r\n \r\n63,700.01 \r\n \r\nRestricted \r\n \r\nBus Replacement \r\n \r\n$ \r\n \r\n20,788.00 \r\n \r\nContinuation of Federal Programs \r\n \r\n773,958.66 \r\n \r\nCapital Projects \r\n \r\n2,669,075.16 \r\n \r\nDebt Service \r\n \r\n212.07 \r\n \r\n3,464,033.89 \r\n \r\nAssigned \r\n \r\nSchool Activity Accounts \r\n \r\n272,667.48 \r\n \r\nUnassigned \r\n \r\n13,836,863.94 \r\n \r\nFund Balance, June 30, 2022 \r\n \r\n$ 17,637,265.32 \r\n \r\nWhen multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \r\nIt is the goal of the School District to achieve and maintain a committed, assigned, and unassigned fund balance in the general fund at fiscal year-end of not less than 13% of expenditures, not to exceed 15% of the total budget of the subsequent fiscal year, in compliance with O.C.G.A.  20-2-167(a)5. If the unassigned fund balance at fiscal year-end falls below the goal, the School District shall develop a restoration plan to achieve and maintain the minimum fund balance. \r\nNOTE 10: SIGNIFICANT 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\nNOTE 11: 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\n \r\n- 22 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \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 $503,998.00 for the year ended June 30, 2022. Active employees are not required to contribute to the School OPEB Fund. \r\nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \r\nAt June 30, 2022, the School District reported a liability of $14,912,100.00 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 0.137682%, which was a decrease of 0.000708% from its proportion measured as of June 30, 2020. \r\n \r\n- 23 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nFor the year ended June 30, 2022, the School District recognized OPEB expense of ($180,357.00). At June 30, 2022, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \r\n \r\nDeferred Outflows of Resources \r\n \r\nOPEB \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ \r\n \r\n- $ \r\n \r\n6,808,817.00 \r\n \r\nChanges of assumptions \r\n \r\n2,730,636.00 \r\n \r\n1,216,818.00 \r\n \r\nNet difference between projected and actual earnings on OPEB plan investments \r\n \r\n- \r\n \r\n23,646.00 \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n76,945.00 \r\n \r\n362,904.00 \r\n \r\nSchool District contributions subsequent to \r\n \r\nthe measurement date \r\n \r\n503,998.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ \r\n \r\n3,311,579.00 $ \r\n \r\n8,412,185.00 \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, 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: \r\n \r\nYear Ended June 30: \r\n \r\nOPEB \r\n \r\n2023 2024 2025 2026 2027 Thereafter \r\n \r\n$ (1,467,392.00) $ (1,330,140.00) $ (978,991.00) $ (705,520.00) $ (868,472.00) $ (254,089.00) \r\n \r\n- 24 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\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: \r\n \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\n7.00%, compounded annually, net of investment expense, and including inflation \r\n \r\nPre-Medicare Eligible Medicare Eligible Ultimate trend rate \r\n \r\n6.75% 5.13% \r\n \r\nPre-Medicare Eligible Medicare Eligible Year of Ultimate trend rate \r\n \r\n4.50% 4.50% \r\n \r\nPre-Medicare Eligible \r\n \r\n2029 \r\n \r\nMedicare Eligible \r\n \r\n2023 \r\n \r\nMortality rates were based on the Pub-2010 Mortality Tables for Males or Females, as appropriate, as follows: \r\n \r\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. \r\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 \r\n \r\n- 25 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\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. \r\nThe actuarial assumptions used in the June 30, 2020 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2018, with the exception of the assumed annual rate of inflation with changed from 2.75% to 2.50%, effective with the June 30, 2018 valuation. \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, 2020 valuation were based on a review of recent plan experience done concurrently with the June 30, 2020 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\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\nFixed income Equities \r\n \r\nTarget allocation \r\n30.00% 70.00% \r\n \r\nLong-Term Expected Real Rate of Return* \r\n0.14% 9.20% \r\n \r\nTotal \r\n \r\n100.00% \r\n \r\n*Net of Inflation \r\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. \r\n \r\n- 26 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \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 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: \r\n \r\n1% Decrease (1.20%) \r\n \r\nCurrent Discount Rate (2.20%) \r\n \r\n1% Increase (3.20%) \r\n \r\nSchool District's Proportionate Share of \r\n \r\nthe Net OPEB Liability \r\n \r\n$ \r\n \r\n17,047,874.00 $ \r\n \r\n14,912,100.00 $ 13,124,254.00 \r\n \r\nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates: The following presents the 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: \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 \r\n \r\nthe Net OPEB Liability \r\n \r\n$ \r\n \r\n12,653,495.00 $ \r\n \r\n14,912,100.00 $ 17,735,533.00 \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 12: 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 \r\n \r\n- 27 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\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. \r\nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2022. The School District's contractually required contribution rate for the year ended June 30, 2022 was 19.81% of annual School District payroll. For the current fiscal year, employer contributions to the pension plan were $2,687,290.00 from the School District. \r\nPublic School Employees Retirement System (PSERS) \r\nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \r\nBenefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \r\nUpon retirement, the member will receive a monthly benefit of $15.50, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits. \r\nContributions: The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. \r\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 $53,311.00. \r\n \r\n- 28 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \r\nAt June 30, 2022, the School District reported a liability of $9,154,946.00 for its proportionate share of the net pension liability for TRS. \r\nThe net pension liability for TRS was measured as of June 30, 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. \r\nAt June 30, 2021, the School District's TRS proportion was 0.103512%, which was a decrease of 0.001972% from its proportion measured as of June 30, 2020. \r\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 $39,531.00. \r\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. \r\nFor the year ended June 30, 2022, the School District recognized pension expense of $162,509.00 for TRS and $416.00 for PSERS and revenue of $416.00 for PSERS. The revenue is support provided by the State of Georgia. \r\n \r\n- 29 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nAt June 30, 2022, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \r\n \r\nTRS \r\n \r\nDeferred \r\n \r\nDeferred \r\n \r\nOutflows of \r\n \r\nInflows of \r\n \r\nResources \r\n \r\nResources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ 2,184,661.00 $ \r\n \r\n- \r\n \r\nChanges of assumptions \r\n \r\n1,771,910.00 \r\n \r\n- \r\n \r\nNet difference between projected and actual earnings on pension plan investments \r\n \r\n- \r\n \r\n13,391,100.00 \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n70,819.00 \r\n \r\n435,931.00 \r\n \r\nSchool District contributions subsequent to \r\n \r\nthe measurement date \r\n \r\n2,687,290.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 6,714,680.00 $ 13,827,031.00 \r\n \r\nThe School District contributions subsequent to the measurement date for TRS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 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: \r\n \r\nYear Ended June 30: \r\n \r\nTRS \r\n \r\n2023 2024 2025 2026 \r\n \r\n$ (1,890,895.00) $ (1,841,079.00) $ (2,706,975.00) $ (3,360,692.00) \r\n \r\n- 30 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\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: \r\n \r\nTeachers Retirement System: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases \r\n \r\n3.00%  8.75%, average, including inflation \r\n \r\nInvestment rate of return \r\n \r\n7.25%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases 1.50% semi-annually \r\n \r\nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \r\n \r\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. \r\n \r\nPublic School Employees Retirement System: \r\n \r\nInflation Salary increases Investment rate of return \r\n \r\n2.50% \r\nN/A \r\n7.00%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases 1.50% semi-annually \r\n \r\n- 31 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nMortality rates are as follows: \r\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. \r\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: \r\n \r\nParticipant Type \r\nService Retirees Disability Retirees Beneficiaries \r\n \r\nMembership Table \r\nGeneral Healthy Below - Median Annuitant General Disabled General Below - Median Contingent Survivors \r\n \r\nSet Forward (+) / Setback (-) \r\nMale: +2; Female: +2 Male: -3; Female: 0 Male: +2; Female: +2 \r\n \r\nAdjustment to Rates \r\nMale: 101%; Female: 103% Male: 103%; Female: 106% Male: 104%; Female: 99% \r\n \r\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. \r\nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and 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\nLong-term expected real rate of return* \r\n \r\nPSERS Target allocation \r\n \r\nLong-term expected real rate of return* \r\n \r\nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \r\n \r\n30.00% 46.30% \r\n1.20% 11.50% \r\n6.00% 5.00% \r\n \r\n(0.80)% 9.30% 13.30% 9.30% 11.30% 10.60% \r\n \r\n30.00% 46.40% \r\n1.10% 11.70% \r\n5.80% 5.00% \r\n \r\n(1.50)% 9.20% 13.40% 9.20% 10.40% 10.60% \r\n \r\nTotal \r\n \r\n100.00% \r\n \r\n100.00% \r\n \r\n* Rates shown are net of inflation \r\nDiscount Rate: The discount rate used to measure the total TRS pension liability was 7.25%. The discount rate used to measure the total PSERS pension liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS and PSERS pension plans' fiduciary net position were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \r\n- 32 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nSensitivity of the School District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 7.25% as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.25%) or 1-percentage-point higher (8.25%) than the current rate: \r\n \r\nTeachers Retirement System: \r\nSchool District's proportionate share of the net pension liability \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\n$ 24,660,999.00 $ \r\n \r\n9,154,946.00 $ (3,551,194.00) \r\n \r\nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \r\n \r\nNOTE 13: TAX ABATEMENTS \r\n \r\nThe School District property tax revenues were reduced by $59,346.78 under agreements entered into by Norman W. Fries, Inc. d/b/a Claxton Poultry Farms. \r\n \r\n- 33 - \r\n \r\n (This page left intentionally blank) \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"1\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the Net Pension \r\nLiability (NPL) \r\n \r\nSchool District's proportionate share \r\nof the NPL \r\n \r\nState of Georgia's proportionate share of the NPL associated \r\nwith the School District \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share of \r\nthe NPL as a percentage of its covered payroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total pension liability \r\n \r\n2022 2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.103512% $ 9,154,946.00 $ 0.105484% $ 25,552,353.00 $ 0.106386% $ 22,875,867.00 $ 0.105380% $ 19,560,785.00 $ 0.105899% $ 19,681,655.00 $ 0.108000% $ 22,281,604.00 $ 0.111732% $ 17,010,088.00 $ 0.116329% $ 14,696,635.00 $ \r\n \r\n- \r\n \r\n$ 9,154,946.00 $ 13,467,777.62 \r\n \r\n- \r\n \r\n$ 25,552,353.00 $ 13,609,858.95 \r\n \r\n- \r\n \r\n$ 22,875,867.00 $ 12,983,396.02 \r\n \r\n- \r\n \r\n$ 19,560,785.00 $ 12,570,852.72 \r\n \r\n- \r\n \r\n$ 19,681,655.00 $ 12,164,897.63 \r\n \r\n- \r\n \r\n$ 22,281,604.00 $ 11,842,866.41 \r\n \r\n- \r\n \r\n$ 17,010,088.00 $ 11,799,715.59 \r\n \r\n- \r\n \r\n$ 14,696,635.00 $ 11,867,913.60 \r\n \r\n67.98% 187.75% 176.19% 155.60% 161.79% 188.14% 144.16% 123.84% \r\n \r\n92.03% 77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 35 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"2\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required contribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered payroll \r\n \r\nContribution as a percentage of covered \r\npayroll \r\n \r\n2022 \r\n \r\n$ \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\n2016 \r\n \r\n$ \r\n \r\n2015 \r\n \r\n$ \r\n \r\n2014 \r\n \r\n$ \r\n \r\n2013 \r\n \r\n$ \r\n \r\n2,687,290.00 $ 2,566,955.05 $ 2,877,126.25 $ 2,713,532.09 $ 2,113,160.34 $ 1,735,931.38 $ 1,690,038.80 $ 1,551,663.00 $ 1,457,379.79 $ 1,357,276.35 $ \r\n \r\n2,687,290.00 $ 2,566,955.05 $ 2,877,126.25 $ 2,713,532.09 $ 2,113,160.34 $ 1,735,931.38 $ 1,690,038.80 $ 1,551,663.00 $ 1,457,379.79 $ 1,357,276.35 $ \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\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\n13,565,802.10 13,467,777.62 13,609,858.95 12,983,396.02 12,570,852.72 12,164,897.63 11,842,866.41 11,799,715.59 11,867,913.60 11,895,498.25 \r\n \r\n19.81% 19.06% 21.14% 20.90% 16.81% 14.27% 14.27% 13.15% 12.28% 11.41% \r\n \r\n- 36 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"3\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the \r\nNet Pension Liability (NPL) \r\n \r\nSchool District's proportionate share \r\nof the NPL \r\n \r\nState of Georgia's proportionate share of \r\nthe NPL associated with the School District \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share \r\nof the NPL as a percentage of its covered payroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total pension liability \r\n \r\n2022 2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \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\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n39,531.00 $ 39,531.00 $ 269,265.00 $ 269,265.00 $ 286,319.00 $ 286,319.00 $ 298,394.00 $ 298,394.00 $ 261,394.00 $ 261,394.00 $ 367,668.00 $ 367,668.00 $ 242,736.00 $ 242,736.00 $ 218,659.00 $ 218,659.00 $ \r\n \r\n612,491.71 651,609.99 670,114.44 717,925.76 700,348.50 711,740.27 720,858.86 728,878.41 \r\n \r\nN/A \r\n \r\n98.00% \r\n \r\nN/A \r\n \r\n84.45% \r\n \r\nN/A \r\n \r\n85.02% \r\n \r\nN/A \r\n \r\n85.26% \r\n \r\nN/A \r\n \r\n85.69% \r\n \r\nN/A \r\n \r\n81.00% \r\n \r\nN/A \r\n \r\n87.00% \r\n \r\nN/A \r\n \r\n88.29% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 37 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \r\nSCHOOL OPEB FUND \r\n \r\nSCHEDULE \"4\" \r\n \r\nFor the Year Ended June \r\n30 \r\n \r\nSchool District's proportion of the \r\nNet OPEB Liability (NOL) \r\n \r\nSchool District's proportionate share \r\nof the NOL \r\n \r\nState of Georgia's proportionate share \r\nof the NOL associated with the \r\nSchool District \r\n \r\nTotal \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nSchool District's proportionate share \r\nof the NOL as a percentage of its covered-employee \r\npayroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total OPEB liability \r\n \r\n2022 2021 2020 2019 2018 \r\n \r\n0.137682% $ 14,912,100.00 $ 0.138390% $ 20,326,268.00 $ 0.140185% $ 17,203,707.00 $ 0.139765% $ 17,763,703.00 $ 0.139034% $ 19,534,221.00 $ \r\n \r\n- \r\n \r\n$ 14,912,100.00 $ 12,107,612.00 \r\n \r\n- \r\n \r\n$ 20,326,268.00 $ 11,352,391.00 \r\n \r\n- \r\n \r\n$ 17,203,707.00 $ 10,880,839.00 \r\n \r\n- \r\n \r\n$ 17,763,703.00 $ 10,574,802.00 \r\n \r\n- \r\n \r\n$ 19,534,221.00 $ 10,411,092.00 \r\n \r\n123.16% 179.05% 158.11% 167.98% 187.63% \r\n \r\n6.14% 3.99% 4.63% 2.93% 1.61% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 38 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \r\n \r\nSCHEDULE \"5\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\n2022 \r\n \r\n$ \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\n503,998.00 512,154.00 468,004.00 754,993.00 724,390.00 724,937.00 \r\n \r\nContributions in relation to the contractually required contribution \r\n \r\n$ \r\n \r\n503,998.00 \r\n \r\n$ \r\n \r\n512,154.00 \r\n \r\n$ \r\n \r\n468,004.00 \r\n \r\n$ \r\n \r\n754,993.00 \r\n \r\n$ \r\n \r\n724,390.00 \r\n \r\n$ \r\n \r\n724,937.00 \r\n \r\nContribution deficiency (excess) \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\n$ \r\n \r\n- \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nContribution as a percentage of covered- \r\nemployee payroll \r\n \r\n$ \r\n \r\n12,303,757.00 \r\n \r\n$ \r\n \r\n12,107,612.00 \r\n \r\n$ \r\n \r\n11,352,391.00 \r\n \r\n$ \r\n \r\n10,880,839.00 \r\n \r\n$ \r\n \r\n10,574,802.00 \r\n \r\n$ \r\n \r\n10,411,092.00 \r\n \r\n4.10% 4.23% 4.12% 6.94% 6.85% 6.96% \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- 39 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \r\nFOR THE YEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"6\" \r\n \r\nTeachers Retirement System Change of benefit terms: There have been no changes in benefit terms. \r\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). \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 RP2000 Mortality Tables. In 2019, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \r\nPublic School Employees Retirement System Changes of benefit terms: There have been no changes in benefit terms. \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 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\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. \r\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. \r\nSchool OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. \r\nChanges in assumptions: June 30, 2020 valuation: Decremental assumptions were changed to reflect the Employees Retirement Systems experience study. Approximately 0.10% of emloyees are members of the Employees Retirement System. \r\nJune 30, 2019 valuation: Decremental assumptions were changed to reflect the Teachers Retirement Systems experience study. \r\nJune 30, 2018 valuation: The inflation assumption was lowered from 2.75% to 2.50%. \r\nJune 30, 2017 valuation: The participation assumption, tobacco use assumption and morbidity factors were revised. \r\nJune 30, 2015 valuation: Decremental and underlying inflation assumptions were changed to reflect to Retirement Systems' experience studies. \r\nJune 30, 2012 valuation: A data audit was performed and data collection procedures and asssumptions were changed. \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, back to 3.58% of June 30, 2019, and to 2.22% as of June 30, 2020. \r\n \r\n- 40 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"7\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation Capital Outlay Total Expenditures \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nAdjustments \r\nFund Balances - Ending \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\nACTUAL AMOUNTS \r\n \r\nVARIANCE OVER/UNDER \r\n \r\n$ \r\n \r\n6,474,727.00 $ \r\n \r\n6,474,727.00 $ \r\n \r\n6,987,035.83 $ \r\n \r\n512,308.83 \r\n \r\n30,000.00 \r\n \r\n30,000.00 \r\n \r\n90,013.84 \r\n \r\n60,013.84 \r\n \r\n14,664,954.00 \r\n \r\n14,638,560.00 \r\n \r\n15,875,603.45 \r\n \r\n1,237,043.45 \r\n \r\n8,308,313.00 \r\n \r\n8,541,433.00 \r\n \r\n7,520,199.96 \r\n \r\n(1,021,233.04) \r\n \r\n42,500.00 \r\n \r\n42,500.00 \r\n \r\n105,871.93 \r\n \r\n63,371.93 \r\n \r\n5,700.00 \r\n \r\n5,700.00 \r\n \r\n31,058.22 \r\n \r\n25,358.22 \r\n \r\n454,000.00 \r\n \r\n454,000.00 \r\n \r\n1,082,105.11 \r\n \r\n628,105.11 \r\n \r\n29,980,194.00 \r\n \r\n30,186,920.00 \r\n \r\n31,691,888.34 \r\n \r\n1,504,968.34 \r\n \r\n18,447,433.00 \r\n \r\n20,294,969.20 \r\n \r\n17,544,293.29 \r\n \r\n1,477,940.00 1,530,963.00 \r\n410,750.00 435,450.00 1,730,215.00 308,050.00 4,671,930.00 2,075,350.00 379,600.00 105,550.00 \r\n28,000.00 1,238,500.00 \r\n32,839,731.00 \r\n \r\n1,479,089.00 1,171,418.00 \r\n417,795.00 443,645.00 1,729,211.00 310,909.00 2,620,778.00 2,196,684.00 392,754.00 140,817.00 \r\n28,000.00 1,219,241.00 \r\n32,445,310.20 \r\n \r\n1,217,192.68 1,024,447.49 \r\n360,067.10 422,269.32 1,618,891.24 303,500.05 2,095,062.23 1,975,915.41 379,514.60 161,993.47 242,616.09 \r\n18,373.33 1,352,232.40 \r\n31,500.00 28,747,868.70 \r\n \r\n(2,859,537.00) \r\n \r\n(2,258,390.20) \r\n \r\n2,944,019.64 \r\n \r\n11,997,056.53 \r\n \r\n11,997,056.53 \r\n \r\n12,023,958.45 \r\n \r\n27,675.46 \r\n \r\n- \r\n \r\n- \r\n \r\n$ \r\n \r\n9,165,194.99 $ \r\n \r\n9,738,666.33 $ \r\n \r\n14,967,978.09 $ \r\n \r\n2,750,675.91 \r\n261,896.32 146,970.51 \r\n57,727.90 21,375.68 110,319.76 \r\n7,408.95 525,715.77 220,768.59 \r\n13,239.40 (21,176.47) (242,616.09) \r\n9,626.67 (132,991.40) \r\n(31,500.00) 3,697,441.50 \r\n5,202,409.84 \r\n26,901.92 \r\n- \r\n5,229,311.76 \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $620,607.82 and $564,366.15, respectively. \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 41 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"8\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program COVID-19 - National School Lunch Program Total U.S. Department of Agriculture \r\n \r\nASSISTANCE LISTING NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 10.555 \r\n \r\n215GA324N1199 $ 215GA324N1199 225GA324N1099 \r\n \r\n497,142.79 711,349.35 63,162.46 1,271,654.60 \r\n \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 COVID - 19 - American Rescue Plan - Grants to States Preschool Grants COVID - 19 - American Rescue Plan - Preschool Total Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Career and Technical Education - Basic Grants to States Rural and Low - Income School Program Rural and Low - Income School Program Student Support and Academic Enrichment Program Supporting Effective Instruction State Grants Supporting Effective Instruction State Grants Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Total Other Programs Total U. S. Department of Education \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\n84.425D 84.425D \r\n84.425U \r\n \r\nS425D200012 S425D210012 \r\nS425U210012 \r\n \r\n1,419.00 3,293,171.69 \r\n99,270.16 3,393,860.85 \r\n \r\n84.027A 84.027X 84.173A 84.173X \r\n \r\nH027A210073 H027X210073 H173A210081 H173X210081 \r\n \r\n84.048A 84.048A 84.358B 84.358B 84.424A 84.367A 84.367A 84.010A 84.010A \r\n \r\nV048A200010 V048A210010 S358B200010 S358B210010 S424A210011 S367A200001 S367A210001 S010A200010 S010A210010-21A \r\n \r\n582,004.00 50,396.77 14,437.00 4,519.25 651,357.02 \r\n3,575.15 36,241.00 33,261.00 43,540.21 92,600.00 11,759.00 119,142.01 145,100.00 1,280,854.62 1,766,072.99 5,811,290.86 \r\n \r\n93.575 \r\n \r\n2210GACCDD $ \r\n \r\n16,232.00 7,099,177.46 \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n \r\nNote 1. Basis of Presentation \r\nThe accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Screven 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. \r\n \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\n \r\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. \r\n \r\n- 42 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2022 \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 Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Mid-term Adjustment Hold-Harmless Amended Formula Adjustment Categorical Grants Pupil Transportation Regular Nursing Services Education Equalization Funding Grant Other State Programs Food Services Hygiene Products Math and Science Supplements One-Time Salary Supplement Preschool Disability Services Vocational Education Vocational Supervisor Office of the State Treasurer Public School Employees Retirement Human Resources, Georgia Department of Family Connections \r\n \r\nSCHEDULE \"9\" \r\n \r\nGOVERNMENTAL FUND TYPE GENERAL FUND \r\n \r\n$ \r\n \r\n393,530.70 \r\n \r\n678,010.00 171,286.00 1,652,843.00 182,794.00 920,435.00 \r\n92,019.00 1,603,187.00 1,048,955.00 \r\n600,406.00 2,648,491.00 \r\n223,789.00 218,704.00 106,632.00 260,255.00 \r\n80,286.00 44,004.00 \r\n866.00 \r\n477,142.00 536,713.00 515,654.00 217,687.00 \r\n79,666.00 \r\n \r\n513,706.04 45,000.00 \r\n1,771,397.00 \r\n \r\n48,204.00 1,416.00 12,244.88 \r\n511,387.00 36,720.00 75,027.83 5,835.00 \r\n \r\n53,311.00 \r\n \r\n48,000.00 \r\n \r\n$ \r\n \r\n15,875,603.45 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 43 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"10\" \r\n \r\nPROJECT - SPLOST Beginning July 2017 \r\nFor the purpose of acquiring, constructing, and equipping the following capital outlay projects: \r\nA) Renovation of Screven County Middle School; \r\nB) Acquisition of grounds equipment and equipment for maintenance (such as backhoe, tractor and mowers); \r\nC) Continuing the development of the maintenance and operation facility at the site formerly known as Screven County Middle School including, but not limited to, ground treatment such as crush and run, concrete, asphalt paving, fencing, shelters, bus wash system, fuel port, renovation to media center, and old gym for storage and inventory controls, and equipment necessary for fleet management; \r\nD) Acquisition and upgrade of buses and other system vehicles, including communication systems GPS location systems, and cameras; \r\nE) Updating and acquisition of computers, telecommunications systems and equipment, technology infrastructures, and technology upgrades; \r\nF) Updating, replacement and acquisition of textbooks; \r\nG) Upgrading, renovations and constructions of athletic facilities within the School District; \r\nH) Acquisition, renovation and construction of buildings, properties, and facilities of the School District, including any property, both real and personal, and equipment; \r\nI) Upgrading of School District safety and security systems; and \r\nJ) Updating, replacement, and acquisition of classroom furniture. \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\n4,600,000.00 $ \r\n \r\n4,661,116.63 \r\n \r\n200,000.00 \r\n \r\n70,210.00 \r\n \r\nCompleted Completed \r\n \r\n300,000.00 \r\n \r\n300,000.00 \r\n \r\nCompleted \r\n \r\n250,000.00 \r\n \r\n340,014.00 \r\n \r\nCompleted \r\n \r\n500,000.00 350,000.00 \r\n250,000.00 \r\n \r\n114,274.50 136,883.08 \r\n1,069,946.92 \r\n \r\nCompleted Completed \r\nCompleted \r\n \r\n250,000.00 \r\n \r\n200,253.87 \r\n \r\n200,000.00 \r\n \r\n103,046.00 \r\n \r\n100,000.00 \r\n \r\n4,255.00 \r\n \r\n$ \r\n \r\n7,000,000.00 $ \r\n \r\n7,000,000.00 \r\n \r\nJune 2023 Completed Completed \r\n \r\n- 44 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"10\" \r\n \r\nPROJECT - SPLOST Beginning July 2017 \r\nFor the purpose of acquiring, constructing, and equipping the following capital outlay projects: \r\nA) Renovation of Screven County Middle School; \r\nB) Acquisition of grounds equipment and equipment for maintenance (such as backhoe, tractor and mowers); \r\nC) Continuing the development of the maintenance and operation facility at the site formerly known as Screven County Middle School including, but not limited to, ground treatment such as crush and run, concrete, asphalt paving, fencing, shelters, bus wash system, fuel port, renovation to media center, and old gym for storage and inventory controls, and equipment necessary for fleet management; \r\nD) Acquisition and upgrade of buses and other system vehicles, including communication systems GPS location systems, and cameras; \r\nE) Updating and acquisition of computers, telecommunications systems and equipment, technology infrastructures, and technology upgrades; \r\nF) Updating, replacement and acquisition of textbooks; \r\nG) Upgrading, renovations and constructions of athletic facilities within the School District; \r\nH) Acquisition, renovation and construction of buildings, properties, and facilities of the School District, including any property, both real and personal, and equipment; \r\nI) Upgrading of School District safety and security systems; and \r\nJ) Updating, replacement, and acquisition of classroom furniture. \r\nTotal \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\n$ \r\n \r\n- $ \r\n \r\n4,661,116.63 $ \r\n \r\n4,661,116.63 $ \r\n \r\n- \r\n \r\n8,800.00 \r\n \r\n61,410.00 \r\n \r\n70,210.00 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n31,000.00 \r\n \r\n309,014.00 \r\n \r\n340,014.00 \r\n \r\n- \r\n \r\n- \r\n \r\n114,274.50 \r\n \r\n114,274.50 \r\n \r\n- \r\n \r\n- \r\n \r\n136,883.08 \r\n \r\n136,883.08 \r\n \r\n- \r\n \r\n1,069,946.92 \r\n \r\n- \r\n \r\n1,069,946.92 \r\n \r\n- \r\n \r\n7,449.75 \r\n \r\n22,467.03 \r\n \r\n- \r\n \r\n- \r\n \r\n20,522.00 \r\n \r\n82,524.00 \r\n \r\n103,046.00 \r\n \r\n- \r\n \r\n- \r\n \r\n4,255.00 \r\n \r\n4,255.00 \r\n \r\n- \r\n \r\n$ \r\n \r\n1,137,718.67 $ \r\n \r\n5,391,944.24 $ \r\n \r\n6,499,746.13 $ \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 Screven 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) In addition to the expenditures shown above, the School District has incurred interest to provide advance funding as follows: \r\n \r\nPrior Years Current Year \r\n \r\n$ \r\n \r\n118,885.50 \r\n \r\n9,787.50 \r\n \r\nTotal \r\n \r\n$ \r\n \r\n128,673.00 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 45 - \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 \r\nACCORDANCE 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 Dr. Jim Thompson, Superintendent and Members of the Screven County Board of Education \r\nWe have audited the financial statements of the governmental activities, each major fund, and fiduciary activities of the Screven 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 March 24, 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. \r\nReport on Internal 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 or significant deficiencies may exist that were not identified. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n Report on 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\nMarch 24, 2023 \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 Dr. Jim Thompson, Superintendent and Members of the Screven County Board of Education \r\nReport on Compliance for Each Major Federal Program \r\nOpinion on Each Major Federal Program \r\nWe have audited the Screven 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. \r\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. \r\nBasis for Opinion on Each Major Federal Program \r\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. \r\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. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n Responsibilities of Management for Compliance \r\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. \r\nAuditor's Responsibilities for the Audit of Compliance \r\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. \r\nIn performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we: \r\n Exercise professional judgment and maintain professional skepticism throughout the audit. \r\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 School District's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. \r\n Obtain an understanding of 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. \r\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. \r\nReport on 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 \r\n \r\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. \r\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. \r\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. \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\nMarch 24, 2023 \r\n \r\n Section III Auditee's Response to Prior Year Findings and Questioned Costs \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2022 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS FS 2021-001 Internal Controls over Financial Reporting \r\n \r\nFinding Status: \r\n \r\nPreviously Reported Corrective Action Implemented \r\n \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 SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2022 \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. Ill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n \r\nUnmodified No \r\nNone Reported No \r\nNo None Reported \r\nUnmodified No \r\n$750,000.00 Yes \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bs4-b2021-belec-p-btext","title":"Annual financial report, 2021 June 30, Screven County Board of Education, Sylvania, 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":["2022-04-15"],"dcterms_description":["Annual financial report for the Screven 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":["Screven County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Screven County--Auditing--Periodicals.","Education--Georgia--Screven County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Screven County--fast","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report, 2021 June 30, Screven County Board of Education, Sylvania, 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-bs4-b2021-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bs4-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":["Education--Auditing--fast","Education--Finance--fast","Expenditures, Public--fast","Georgia--Screven County--fast","Periodicals--fast","Statistics--fast"],"fulltext":"ANNUAL FINANCIAL REPORT  FISCAL YEAR 2021 \r\nScreven County Board of Education \r\nSylvania, Georgia \r\nIncluding Independent Auditor's Report \r\nKristina A. Turner | Deputy State Auditor Greg S. Griffin | State Auditor \r\n \r\n Screven County Board of Education Table of Contents Section I \r\n \r\nFinancial Independent Auditor's Report \r\nRequired Supplementary Information \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\n33 \r\n \r\n2 Schedule of Contributions  Teachers Retirement System of Georgia \r\n \r\n34 \r\n \r\n3 Schedule of Proportionate Share of the Net Pension Liability Public \r\n \r\nSchool Employee Retirement System of Georgia \r\n \r\n35 \r\n \r\n4 Schedule of Proportionate Share of the Net OPEB Liability \r\n \r\nSchool OPEB Fund \r\n \r\n36 \r\n \r\n Screven County Board of Education Table of Contents Section I Schedules Required Supplementary Information \r\n \r\n5 Schedule of Contributions  School OPEB Fund \r\n \r\n37 \r\n \r\n6 Notes to the Required Supplementary Information \r\n \r\n38 \r\n \r\n7 Schedule of Revenues, Expenditures and Changes in Fund \r\n \r\nBalances - Budget and Actual General Fund \r\n \r\n39 \r\n \r\nSupplementary Information \r\n \r\n8 Schedule of Expenditures of Federal Awards \r\n \r\n40 \r\n \r\n9 Schedule of State Revenue \r\n \r\n42 \r\n \r\n10 Schedule of Approved Local Option Sales Tax Projects \r\n \r\n44 \r\n \r\nSection II \r\n \r\nCompliance and Internal Control Reports \r\nIndependent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards \r\nIndependent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance \r\n \r\nSection III \r\n \r\nAuditee's Response to Prior Year Findings and Questioned Costs Summary Schedule of Prior Year Findings Section IV \r\n \r\nFindings and Questioned Costs Schedule of Findings and Questioned Costs \r\n \r\n Screven County Board of Education Table of Contents Section V Management's Corrective Action for Current Year Findings Schedule of Management's Corrective Action \r\n \r\n Section I Financial \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Mr. Jim Thompson, Superintendent and Members of the Screven 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 Screven 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\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 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 \r\n \r\n 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 April 15, 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\nApril 15, 2022 \r\n \r\n Screven County Board of Education \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2021 \r\nASSETS Cash and Cash Equivalents Investments Receivables, Net \r\nTaxes State Government Federal Government Other Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Outflows of Resources \r\nLIABILITIES Salaries and Benefits Payable Interest Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities \r\nDue Within One Year Total Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Inflows of Resources \r\nNET POSITION Net Investment in Capital Assets Restricted for \r\nContinuation of Federal Programs Debt Service Capital Projects Bus Replacement Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n13,829,209.76 \r\n \r\n523,405.87 \r\n \r\n757,051.29 1,760,023.25 \r\n850,894.60 4,248.63 62,337.35 \r\n1,075,974.23 29,601,175.64 48,464,320.62 \r\n \r\n7,033,351.05 4,030,321.00 11,063,672.05 \r\n \r\n2,648,254.63 4,880.34 \r\n25,552,353.00 20,326,268.00 \r\n750,000.00 49,281,755.97 \r\n \r\n273,091.00 4,400,938.00 4,674,029.00 \r\n \r\n29,927,149.87 \r\n \r\n378,326.49 921,316.05 1,894,698.14 10,750.00 (27,560,032.85) \r\n \r\n$ \r\n \r\n5,572,207.70 \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 SCREVEN 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\nCHARGES FOR SERVICES \r\n \r\nPROGRAM REVENUES \r\n \r\nOPERATING \r\n \r\nCAPITAL \r\n \r\nGRANTS AND \r\n \r\nGRANTS AND \r\n \r\nCONTRIBUTIONS CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET POSITION \r\n \r\nGOVERNMENTAL 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 Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Food Services Interest on Long-Term Debt \r\n \r\n$ 19,646,136.62 $ \r\n1,360,157.96 796,456.78 444,933.43 \r\n521,861.17 1,739,347.53 368,204.82 2,117,528.56 \r\n720,317.57 266,327.69 394,619.67 \r\n231,565.34 1,464,064.71 \r\n25,190.26 \r\n \r\n- \r\n \r\n$ 13,816,957.05 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n11,480.50 - \r\n \r\n378,849.46 332,602.95 312,494.49 541,544.64 \r\n651,791.55 11,039.45 859,869.74 588,014.53 8,702.88 53,000.00 \r\n \r\n231,660.00 - \r\n \r\n40,201.78 \r\n \r\n- \r\n \r\n- \r\n \r\n5,665.50 \r\n \r\n1,318,614.95 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n(5,829,179.57) \r\n(981,308.50) (463,853.83) (132,438.94) \r\n19,683.47 (1,087,555.98) \r\n(357,165.37) (1,257,658.82) \r\n110,837.46 (257,624.81) (341,619.67) \r\n(191,363.56) (139,784.26) (25,190.26) \r\n \r\nTotal Governmental Activities \r\n \r\n$ 30,096,712.11 $ \r\n \r\n57,347.78 $ 18,873,481.69 $ \r\n \r\n231,660.00 \r\n \r\n(10,934,222.64) \r\n \r\nGeneral Revenues Taxes \r\nProperty Taxes For Maintenance and Operations Other Taxes \r\nSales 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\nChange in Net Position \r\n \r\n7,783,858.71 48,048.33 \r\n1,577,212.99 72,722.63 \r\n1,889,960.00 13,062.67 \r\n932,195.90 12,317,061.23 \r\n1,382,838.59 \r\n \r\nNet Position - Beginning of Year \r\n \r\n4,189,369.11 \r\n \r\nNet Position - End of Year \r\n \r\n$ \r\n \r\n5,572,207.70 \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 SCREVEN COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2021 \r\n \r\nEXHIBIT \"C\" \r\n \r\nASSETS Cash and Cash Equivalents Investments Receivables, Net \r\nTaxes State Government Federal Government Other Inventories \r\nTotal Assets \r\nLIABILITIES Salaries and Benefits Payable \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$ 11,147,500.71 $ 1,755,512.66 $ 926,196.39 $ 13,829,209.76 \r\n \r\n523,405.87 \r\n \r\n- \r\n \r\n- \r\n \r\n523,405.87 \r\n \r\n617,865.81 1,760,023.25 \r\n850,894.60 4,248.63 62,337.35 \r\n \r\n139,185.48 - \r\n \r\n- \r\n \r\n757,051.29 \r\n \r\n- \r\n \r\n1,760,023.25 \r\n \r\n- \r\n \r\n850,894.60 \r\n \r\n- \r\n \r\n4,248.63 \r\n \r\n- \r\n \r\n62,337.35 \r\n \r\n$ 14,966,276.22 $ 1,894,698.14 $ 926,196.39 $ 17,787,170.75 \r\n \r\n$ 2,648,254.63 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ 2,648,254.63 \r\n \r\n294,063.14 \r\n \r\n- \r\n \r\n- \r\n \r\n294,063.14 \r\n \r\n62,337.35 326,739.14 188,859.87 11,446,022.09 12,023,958.45 \r\n \r\n1,894,698.14 \r\n1,894,698.14 \r\n \r\n926,196.39 \r\n926,196.39 \r\n \r\n62,337.35 3,147,633.67 \r\n188,859.87 11,446,022.09 14,844,852.98 \r\n \r\n$ 14,966,276.22 $ 1,894,698.14 $ 926,196.39 $ 17,787,170.75 \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 SCREVEN COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET POSITION JUNE 30, 2021 \r\n \r\nEXHIBIT \"D\" \r\n \r\nTotal fund balances - governmental funds (Exhibit \"C\") \r\nAmounts reported for governmental activities in the Statement of Net Position are different because: \r\nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land Buildings and improvements Equipment Land improvements Accumulated depreciation \r\nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB liability \r\nDeferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. Related to pensions Related to OPEB \r\nTaxes that are not available to pay for current period expenditures are deferred in the funds. \r\nLong-term liabilities, and related accrued interest, are not due and payable in the current period and therefore are not reported in the funds. Bonds payable Accrued interest payable \r\nNet position of governmental activities (Exhibit \"A\") \r\n \r\n$ \r\n \r\n14,844,852.98 \r\n \r\n$ \r\n \r\n1,075,974.23 \r\n \r\n43,778,037.28 \r\n \r\n6,556,796.09 \r\n \r\n4,124,370.00 \r\n \r\n(24,858,027.73) \r\n \r\n30,677,149.87 \r\n \r\n$ (25,552,353.00) (20,326,268.00) \r\n \r\n(45,878,621.00) \r\n \r\n$ \r\n \r\n6,760,260.05 \r\n \r\n(370,617.00) \r\n \r\n6,389,643.05 294,063.14 \r\n \r\n$ \r\n \r\n(750,000.00) \r\n \r\n(4,880.34) \r\n \r\n(754,880.34) \r\n \r\n$ \r\n \r\n5,572,207.70 \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 SCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2021 \r\n \r\nEXHIBIT \"E\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Capital Outlay Food Services Operation Debt Service 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 \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\n7,753,430.78 $ \r\n \r\n72,722.63 \r\n \r\n15,641,058.60 \r\n \r\n5,357,004.09 \r\n \r\n57,347.78 \r\n \r\n11,433.28 \r\n \r\n932,195.90 \r\n \r\n29,825,193.06 \r\n \r\n- $ 1,577,212.99 \r\n600.71 1,577,813.70 \r\n \r\n- $ 1,028.68 1,028.68 \r\n \r\n7,753,430.78 1,649,935.62 15,641,058.60 5,357,004.09 \r\n57,347.78 13,062.67 932,195.90 31,404,035.44 \r\n \r\n16,981,801.13 \r\n1,277,123.53 731,268.09 388,998.67 451,123.76 1,572,835.68 345,505.21 1,994,148.24 1,592,434.68 273,001.57 106,885.60 231,565.34 \r\n1,306,293.35 \r\n27,252,984.85 2,572,208.21 \r\n \r\n2,340.70 \r\n29,905.00 47,449.00 920,656.25 - \r\n1,000,350.95 577,462.75 \r\n \r\n- \r\n- \r\n735,000.00 806.25 \r\n29,166.75 764,973.00 (763,944.32) \r\n \r\n16,984,141.83 \r\n1,277,123.53 731,268.09 388,998.67 451,123.76 1,572,835.68 345,505.21 2,024,053.24 1,639,883.68 273,001.57 106,885.60 231,565.34 920,656.25 1,306,293.35 \r\n735,000.00 806.25 \r\n29,166.75 29,018,308.80 \r\n2,385,726.64 \r\n \r\n(920,656.25) (920,656.25) \r\n1,651,551.96 \r\n10,372,406.49 \r\n$ 12,023,958.45 $ \r\n \r\n920,656.25 - \r\n920,656.25 \r\n \r\n- \r\n \r\n920,656.25 \r\n \r\n- \r\n \r\n(920,656.25) \r\n \r\n- \r\n \r\n- \r\n \r\n1,498,119.00 \r\n \r\n(763,944.32) \r\n \r\n2,385,726.64 \r\n \r\n396,579.14 \r\n \r\n1,690,140.71 \r\n \r\n12,459,126.34 \r\n \r\n1,894,698.14 $ \r\n \r\n926,196.39 $ 14,844,852.98 \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 SCREVEN COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2021 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNet change in fund balances total governmental funds (Exhibit \"E\") \r\n \r\nAmounts reported for governmental activities in the Statement of Activities are different because: \r\n \r\nGovernmental funds report capital outlays as expenditures. However, \r\n \r\nin the Statement of Activities, the cost of capital assets is allocated over \r\n \r\ntheir estimated useful lives as depreciation expense. \r\n \r\nCapital outlay \r\n \r\n$ \r\n \r\nDepreciation expense \r\n \r\nThe net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, donations, and disposals) is to decrease net position. \r\n \r\nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \r\n \r\nThe issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts and the difference between the carrying value of refunded debt and the acquisition cost of refunded debt when debt is first issued. These amounts are deferred and amortized in the Statement of Activities. Bond principal retirements \r\n \r\nDistrict pension contributions are reported as expenditures in the governmental funds when \r\n \r\nmade. However, they are reported as deferred outflows of resources in the Statement \r\n \r\nof Net Position because the reported net pension/OPEB liability is measured a year \r\n \r\nbefore the District's report date. Pension/OPEB expense, which is the change in the net \r\n \r\npension/OPEB liability adjusted for changes in deferred outflows and inflows of \r\n \r\nresources related to pensions/OPEB, is reported in the Statement of Activities. \r\n \r\nPension expense \r\n \r\n$ \r\n \r\nOPEB expense \r\n \r\nSome items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. Accrued interest on issuance of bonds \r\n \r\nChange in net position of governmental activities (Exhibit \"B\") \r\n \r\n$ \r\n \r\n2,385,726.64 \r\n \r\n1,220,000.25 (1,324,443.09) \r\n \r\n(104,442.84) (4,206.01) 78,476.26 \r\n \r\n735,000.00 \r\n \r\n(1,489,372.20) (223,126.00) \r\n \r\n(1,712,498.20) \r\n \r\n4,782.74 \r\n \r\n$ \r\n \r\n1,382,838.59 \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 SCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET POSITION \r\nFIDUCIARY FUNDS JUNE 30, 2021 \r\nASSETS Cash and Cash Equivalents Investments \r\nTotal Assets \r\nNET POSITION Restricted \r\nIndividuals, Organizations, and Other Governments \r\n \r\nEXHIBIT \"G\" \r\n \r\nCUSTODIAL FUNDS \r\n \r\n$ \r\n \r\n2,527.06 \r\n \r\n7,222.95 \r\n \r\n$ \r\n \r\n9,750.01 \r\n \r\n$ \r\n \r\n9,750.01 \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 SCREVEN COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDUCIARY NET POSITION \r\nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2021 \r\nADDITIONS Total Additions \r\nDEDUCTIONS Other Deductions Change in Net Position \r\nNet Position - Beginning Net Position - Ending \r\n \r\nEXHIBIT \"H\" \r\n \r\nCUSTODIAL FUNDS \r\n \r\n$ \r\n \r\n- \r\n \r\n160.00 (160.00) \r\n \r\n9,910.01 \r\n \r\n$ \r\n \r\n9,750.01 \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 SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nReporting Entity \r\nThe Screven 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\nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\n \r\n- 9 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nDirect expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\nProgram revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFund Financial Statements \r\nThe fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate financial statements are presented for governmental and fiduciary funds. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\nThe School District reports the following major governmental funds: \r\n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \r\n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST) that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \r\n The debt service fund accounts for and reports financial resources that are restricted, committed, or assigned including taxes (sales) legally restricted for the payment of general long-term principal and interest. \r\nThe School District reports the following fiduciary fund type: \r\n Custodial funds are used to report resources held by the School District in a purely custodial capacity. \r\nBasis of Accounting \r\nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, 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. \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\n- 10 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \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. 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\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\n \r\n- 11 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \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\n \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\n \r\nCapital Assets \r\nOn the government-wide financial statements, capital assets are recorded at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at the acquisition value on the date donated. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. The School District does not capitalize book collections or works of art. \r\nCapital acquisition and construction are recorded as expenditures in the governmental fund financial statements at the time of purchase (including ancillary charges), and the related assets are reported as capital assets in the governmental activities column in the government-wide financial statements. \r\nDepreciation is computed using the straight-line 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 Land Improvements Buildings and Improvements Equipment Intangible Assets \r\n \r\nAny Amount $ 5,000.00 $ 5,000.00 $ 5,000.00 $ 100,000.00 \r\n \r\nN/A Up to 80 years 25 to 80 years \r\n4 to 14 years Determined on an individual basis based \r\non the service capacity of the asset \r\n \r\n- 12 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \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 issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \r\nIn the governmental fund financial statements, the School District recognizes the proceeds of debt and premiums as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures. \r\nPensions \r\nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\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\n- 13 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \r\nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \r\nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \r\nUse of Estimates \r\nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \r\nProperty Taxes \r\nThe Screven County Board of Commissioners adopted the property tax levy for the 2020 tax digest year (calendar year) on October 13, 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 Screven 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 $6,978,631.85. \r\nThe tax millage rate levied for the 2020 tax digest year (calendar year) for the School District was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n15.619 mills \r\n \r\nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $726,750.60 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 $1,577,212.99 and is to be used for capital outlay for educational purposes. 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- 14 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 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, debt service and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds, except the various school activity (principal) accounts, is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate fund level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \r\nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \r\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\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 \r\n- 15 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n \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\n \r\nCategorization of Deposits \r\n \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 $2,165,748.52, and a bank balance of $2,789,475.73. The bank balances insured by Federal depository insurance were $500,000.00 and the bank balances collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name were $2,289,475.73. \r\n \r\nReconciliation of cash and cash equivalents balances to carrying value of deposits: \r\n \r\nCash and cash equivalents Statement of Net Position Statement of Fiduciary Net Position \r\n \r\n$ 13,829,209.76 2,527.06 \r\n \r\nTotal cash and cash equivalents \r\nAdd: Deposits with original maturity of three months or more reported as investments \r\nLess: Investment pools reported as cash and cash equivalents \r\nGeorgia Fund 1 \r\nTotal carrying value of deposits - June 30, 2021 \r\n \r\n13,831,736.82 \r\n \r\n530,628.82 \r\n \r\n12,196,617.12 \r\n \r\n$ \r\n \r\n2,165,748.52 \r\n \r\nCategorization of Cash Equivalents \r\nThe School District reported cash equivalents of $12,196,617.12 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, $1.00 per share, which approximates fair value. The pool is an AAAf rated investment pool by Standard and Poor's. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2021 was 36 days. \r\n \r\n- 16 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nGeorgia Fund 1, administered by the State of Georgia, Office of the State Treasurer, is not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of the State Treasurer for the Georgia Fund 1, does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State of Georgia Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \r\n \r\nNOTE 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \r\n \r\nBalances July 1, 2020 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2021 \r\n \r\nGovernmental Activities Capital Assets, Not Being Depreciated: \r\nLand \r\nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \r\nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \r\n \r\n$ 1,075,974.23 $ \r\n \r\n- $ \r\n \r\n- $ 1,075,974.23 \r\n \r\n43,778,037.28 5,911,104.46 \r\n4,124,370.00 \r\n \r\n1,220,000.25 \r\n- \r\n \r\n574,308.62 \r\n- \r\n \r\n43,778,037.28 6,556,796.09 4,124,370.00 \r\n \r\n15,875,974.71 4,939,981.81 3,287,730.73 \r\n \r\n925,168.26 270,388.48 128,886.35 \r\n \r\n570,102.61 \r\n- \r\n \r\n16,801,142.97 4,640,267.68 \r\n3,416,617.08 \r\n \r\nTotal Capital Assets, Being Depreciated, Net \r\n \r\n29,709,824.49 \r\n \r\n(104,442.84) \r\n \r\n4,206.01 \r\n \r\n29,601,175.64 \r\n \r\nGovernmental Activities Capital Assets - Net $ 30,785,798.72 $ (104,442.84) $ 4,206.01 $ 30,677,149.87 \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction Support Services \r\nPupil Services Improvements of Instructional Services Educational Media Services General Administration School Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services \r\n \r\n$ \r\n \r\n4,675.04 \r\n \r\n95.79 \r\n \r\n15,903.79 \r\n \r\n21,158.15 \r\n \r\n16,654.55 \r\n \r\n64,822.43 \r\n \r\n175,816.13 \r\n \r\n162,544.54 \r\n \r\n$ \r\n \r\n786,119.03 \r\n \r\n461,670.42 76,653.64 \r\n \r\n$ 1,324,443.09 \r\n \r\n- 17 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 6: INTERFUND TRANSFERS Interfund Transfers Interfund transfers for the year ended June 30, 2021, consisted of the following: \r\n \r\nTransfers to \r\n \r\nTransfers From General Fund \r\n \r\nCapital Projects Fund \r\n \r\n$ 920,656.25 \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 projects. \r\n \r\nNOTE 7: LONG-TERM LIABILITIES The 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\nBalance \r\n \r\nDeductions \r\n \r\nJune 30, 2021 \r\n \r\nDue Within One Year \r\n \r\nGeneral Obligation (G.O.) Bonds $ 1,485,000.00 $ \r\n \r\n- \r\n \r\n$ 735,000.00 $ 750,000.00 $ 750,000.00 \r\n \r\nGeneral Obligation Debt Outstanding \r\n \r\nThe School District's bonded debt consists of general obligation bonds that are generally noncallable with interest payable semiannually. Bond proceeds primarily pay for acquiring or constructing capital facilities. The School District repays general obligation bonds from voter-approved property taxes. General obligation bonds are direct obligations and pledge the full faith and credit of the School District. \r\n \r\nThe School District had no unused line of credit or outstanding notes from direct borrowings and direct placements related to governmental activities as of June 30, 2021. In the event the entity is unable to make the principal and interest payments using proceeds from the Education Special Purpose Local Option Sales Tax (ESPLOST), the debt will be satisfied from a direct annual ad valorem tax levied upon all taxable property within the School District. Additional security is provided by the State of Georgia Intercept Program which allows for state appropriations entitled to the School District to be transferred to the Debt Service Account Custodian for the payment of debt. \r\n \r\nGeneral obligation bonds currently outstanding are as follows: \r\n \r\nDescription \r\n \r\nInterest Rate \r\n \r\nIssue Date \r\n \r\nMaturity Date \r\n \r\nAmount Issued \r\n \r\nAmount Outstanding \r\n \r\nGeneral Government - Series 2018 \r\n \r\n2.61% \r\n \r\n7/10/2018 \r\n \r\n10/1/2021 $ 2,200,000.00 $ 750,000.00 \r\n \r\n- 18 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe following schedule details debt service requirements to maturity for the School District's total general obligation bonds payable: \r\n \r\nFiscal Year Ended June 30: \r\n \r\nGeneral Obligation Debt \r\n \r\nPrincipal \r\n \r\nInterest \r\n \r\n2022 \r\n \r\n$ \r\n \r\n750,000.00 $ \r\n \r\n9,787.50 \r\n \r\nNOTE 8: RISK MANAGEMENT \r\nInsurance \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors or omissions; job related illness or injuries to employees; and natural disasters. \r\nGeorgia School Boards Association Risk Management Fund \r\nThe School District participates in the Georgia School Boards Association Risk Management Fund (the Fund), a public entity risk pool organized on August 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, errors and omissions liability, cyber risk and property damage, including safety engineering and other loss prevention and control techniques, and to administer the Fund including the processing and defense of claims brought against members of the Fund. The School District pays an annual contribution to the Fund for coverage. Reinsurance is provided to the Fund through agreements by the Fund with insurance companies according to their specialty for property (including coverage for flood and earthquake), machinery breakdown, general liability, errors and omissions, crime, cyber risk and automobile risks. Reinsurance limits and retentions vary by line of coverage. \r\nWorkers' Compensation \r\nGeorgia School Boards Association Workers' Compensation Fund \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 $2,000,000 limit per occurrence for Employers' Liability coverage. Excess insurance coverage is provided through an agreement between the Fund and the Safety National Casualty Corporation to limit the Fund's exposure to large losses. \r\nUnemployment Compensation \r\nThe School District is self-insured with regard to unemployment compensation claims. A premium is charged when needed by the general fund to each user program on the basis of the percentage of that fund's payroll to total payroll in order to cover estimated claims budgeted by management based on known claims and prior experience. The School District accounts for claims with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \r\n \r\n- 19 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability \r\n \r\nClaims and Changes in \r\nEstimates \r\n \r\nClaims Paid \r\n \r\nEnd of Year Liability \r\n \r\n2020 \r\n \r\n$ \r\n \r\n- $ \r\n \r\n- $ \r\n \r\n- $ \r\n \r\n- \r\n \r\n2021 \r\n \r\n$ \r\n \r\n- $ \r\n \r\n2,600.26 $ \r\n \r\n2,600.26 $ \r\n \r\n- \r\n \r\nNOTE 9: FUND BALANCE CLASSIFICATION DETAILS \r\nThe School District's financial statements include the following amounts presented in the aggregate at June 30, 2021: \r\n \r\nNonspendable Inventories \r\nRestricted Bus Replacement Continuation of Federal Programs Capital Projects Debt Service \r\nAssigned School Activity Accounts \r\nUnassigned \r\n \r\n$ \r\n \r\n62,337.35 \r\n \r\n$ 10,750.00 315,989.14 \r\n1,894,698.14 926,196.39 \r\n \r\n3,147,633.67 \r\n \r\n188,859.87 11,446,022.09 \r\n \r\nFund Balance, June 30, 2021 \r\n \r\n$ 14,844,852.98 \r\n \r\nWhen multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \r\nIt is the goal of the School District to achieve and maintain a committed, assigned, and unassigned fund balance in the general fund at fiscal year-end of not less than 13% of expenditures, not to exceed 15% of the total budget of the subsequent fiscal year, in compliance with O.C.G.A.  20-2-167(a)5. If the unassigned fund balance at fiscal year-end falls below the goal, the School District shall develop a restoration plan to achieve and maintain the minimum fund balance. \r\n \r\n- 20 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 10: SIGNIFICANT COMMITMENTS \r\nOperating Leases \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(s) totaled $61,189.08 for governmental activities for the year ended June 30, 2021. The following future minimum lease payments were required under operating leases at June 30, 2021: \r\n \r\nYear Ending \r\n \r\nGovernmental Activities \r\n \r\n2022 \r\n \r\n$ \r\n \r\n45,522.28 \r\n \r\n2023 \r\n \r\n27,613.72 \r\n \r\n2024 \r\n \r\n27,079.72 \r\n \r\n2025 - 2029 \r\n \r\n639.76 \r\n \r\nTotal \r\n \r\n$ 100,855.48 \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\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\n- 21 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \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 $512,154.00 for the year ended June 30, 2021. Active employees are not required to contribute to the School OPEB Fund. \r\n \r\nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \r\n \r\nAt June 30, 2021, the School District reported a liability of $20,326,268.00 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 0.138390%, which was a decrease of 0.001795% from its proportion measured as of June 30, 2019. \r\n \r\nFor the year ended June 30, 2021, the School District recognized OPEB expense of $735,280.00. At June 30, 2021, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \r\n \r\nOPEB Deferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual experience \r\nChanges of assumptions \r\n \r\n$ \r\n \r\n- $ 2,218,997.00 \r\n \r\n3,361,513.00 \r\n \r\n1,808,601.00 \r\n \r\nNet difference between projected and actual earnings on OPEB plan investments \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\nSchool District contributions subsequent to the measurement date \r\nTotal \r\n \r\n52,978.00 \r\n \r\n- \r\n \r\n103,676.00 \r\n \r\n373,340.00 \r\n \r\n512,154.00 \r\n \r\n- \r\n \r\n$ 4,030,321.00 $ 4,400,938.00 \r\n \r\n- 22 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nSchool District contributions subsequent to the measurement date are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2022. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nOPEB \r\n \r\n2022 2023 2024 2025 2026 Thereafter \r\n \r\n$ (476,123.00) \r\n \r\n$ (477,545.00) \r\n \r\n$ (339,719.00) \r\n \r\n$ \r\n \r\n13,110.00 \r\n \r\n$ 288,059.00 \r\n \r\n$ 109,447.00 \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 \r\n \r\n7.30%, compounded annually, net of investment expense, and including inflation \r\n \r\nHealthcare cost trend rate \r\n \r\nPre-Medicare Eligible Medicare Eligible Ultimate trend rate \r\n \r\n7.00% 5.25% \r\n \r\nPre-Medicare Eligible Medicare Eligible Year of Ultimate trend rate \r\n \r\n4.50% 4.50% \r\n \r\nPre-Medicare Eligible \r\n \r\n2029 \r\n \r\nMedicare Eligible \r\n \r\n2023 \r\n \r\nMortality rates were based on the RP-2000 Combined Mortality Table for Males or Females, as appropriate, with adjustments for mortality improvements based on Scale BB as follows: \r\n \r\n For TRS members: The Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree Mortality Table projected generationally with MP-2019 projection scale (set forward one year and adjusted 106%) is used for death prior to retirement and for service retirements and beneficiaries. The Pub-2010 Teachers Mortality Table for Disabled Retirees projected \r\n \r\n- 23 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\ngenerationally 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\n \r\nThe actuarial assumptions used in the June 30, 2019 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2018, with the exception of the assumed annual rate of inflation which was changed from 2.75% to 2.50%, effective with the June 30, 2018 valuation. \r\n \r\nThe remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2019 valuation were based on a review of recent plan experience done concurrently with the June 30, 2019 valuation. \r\n \r\nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \r\n \r\nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset class \r\n \r\nTarget allocation \r\n \r\nLong-Term Expected Real Rate of Return* \r\n \r\nFixed income Equities \r\nTotal \r\n \r\n30.00% 70.00% 100.00% \r\n \r\n0.50% 9.20% \r\n \r\n*Net of Inflation \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 \r\n- 24 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\naverage 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\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$ 23,880,012.00 $ \r\n \r\n20,326,268.00 $ 17,484,266.00 \r\n \r\nSensitivity of the School District's proportionate share of the net OPEB liability to changes in the healthcare cost trend rates: The following presents the collective net OPEB liability of the participating employers, as well as what the collective net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1-percentagepoint higher than the current healthcare cost trend rates: \r\n \r\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$ \r\n \r\n16,923,661.00 $ \r\n \r\n20,326,268.00 $ 24,731,655.00 \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\nNOTE 13: RETIREMENT PLANS \r\nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \r\nTeachers Retirement System of Georgia (TRS) \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\n \r\n- 25 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \r\nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2021. The School District's contractually required contribution rate for the year ended June 30, 2021 was 19.06% of annual School District payroll. For the current fiscal year, employer contributions to the pension plan were $2,566,955.05 from the School District. \r\nPublic School Employees Retirement System (PSERS) \r\nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \r\nBenefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \r\nUpon retirement, the member will receive a monthly benefit of $15.50, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits. \r\nContributions: The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. \r\n \r\n- 26 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nIndividuals who became members prior to July 1, 2012 contribute $4 per month for nine months each fiscal year. Individuals who became members on or after July 1, 2012 contribute $10 per month for nine months each fiscal year. The State of Georgia, although not the employer of PSERS members, is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS Board of Trustees. The current fiscal year contribution was $57,146.00. \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 $25,552,353.00 for its proportionate share of the net pension liability for TRS. \r\nThe net pension liability for TRS was measured as of June 30, 2020. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2019. An expected total pension liability as of June 30, 2020 was determined using standard roll-forward techniques. The School District's proportion of the net pension liability was based on contributions to TRS during the fiscal year ended June 30, 2020. \r\nAt June 30, 2020, the School District's TRS proportion was 0.105484%, which was a decrease of 0.000902% 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 $269,265.00. \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 $4,054,198.00 for TRS and $54,185.00 for PSERS and revenue of $54,185.00 for PSERS. The revenue is support provided by the State of Georgia. \r\n \r\n- 27 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nAt June 30, 2021, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \r\n \r\nTRS Deferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ \r\n \r\n1,112,813.00 $ \r\n \r\n- \r\n \r\nChanges of assumptions \r\n \r\n2,631,922.00 \r\n \r\n- \r\n \r\nNet difference between projected and actual earnings on pension plan investments \r\n \r\n615,433.00 \r\n \r\n- \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n106,228.00 \r\n \r\n273,091.00 \r\n \r\nSchool District contributions subsequent \r\n \r\nto the measurement date \r\n \r\n2,566,955.05 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 7,033,351.05 $ \r\n \r\n273,091.00 \r\n \r\nThe School District contributions subsequent to the measurement date of June 30, 2020 for TRS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2022. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nTRS \r\n \r\n2022 2023 2024 2025 \r\n \r\n$ 793,103.00 $ 1,393,839.00 $ 1,444,160.00 $ 562,203.00 \r\n \r\n- 28 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nActuarial assumptions: The total pension liability as of June 30, 2020 was determined by an actuarial valuation as of June 30, 2019, using the following actuarial assumptions, applied to all periods included in the measurement: \r\n \r\nTeachers Retirement System: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases \r\n \r\n3.00%  8.75%, average, including inflation \r\n \r\nInvestment rate of return \r\n \r\n7.25%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases 1.50% semi-annually \r\n \r\nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \r\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, 2013  June 30, 2018. \r\n \r\nPublic School Employees Retirement System: \r\n \r\nInflation \r\n \r\n2.75% \r\n \r\nSalary increases \r\n \r\nN/A \r\n \r\nInvestment rate of return \r\n \r\n7.30%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases 1.50% semi-annually \r\n \r\nPost-retirement mortality rates were based on the RP-2000 Blue-Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females) for the period after service retirements and for dependent beneficiaries. The RP-2000 Disabled Mortality projected to 2025 with projection scale BB (set forward 5 years for both males and females) was used for death after disability retirement. There is a margin for future mortality improvement in the tables used by the System. Based on the results of the most recent experience study adopted by the Board on December 17, 2015, the numbers of expected future deaths are 9-11% less than the actual number of deaths that occurred during the study period for healthy retirees and 9-11% less than expected under the selected table for disabled retirees. Rates of mortality in active service were based on the RP-2000 Employee Mortality Table projected to 2025 with projection scale BB. \r\n \r\n- 29 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe actuarial assumptions used in the June 30, 2019 valuation were based on the results of an actuarial experience study for the period July 1, 2009  June 30, 2014, with the exception of the assumed investment rate of return. \r\nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target asset allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset class \r\n \r\nTRS Target allocation \r\n \r\nPSERS Target allocation \r\n \r\nLong-term expected real rate of return* \r\n \r\nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \r\n \r\n30.00% 51.00% \r\n1.50% 12.40% \r\n5.10% - \r\n \r\n30.00% 46.20% \r\n1.30% 12.40% \r\n5.10% 5.00% \r\n \r\n(0.10)% 8.90% 13.20% 8.90% 10.90% 12.00% \r\n \r\nTotal \r\n \r\n100.00% \r\n \r\n100.00% \r\n \r\n* Rates shown are net of the 2.75% assumed rate of inflation with the exception of TRS, which assumed a rate of 2.50% rate of inflation. \r\n \r\nDiscount Rate: The discount rate used to measure the total TRS pension liability was 7.25%. The discount rate used to measure the total PSERS pension liability was 7.30%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS and PSERS pension plans' fiduciary net position were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \r\nSensitivity of the School District's proportionate share of the net pension liability to changes in the discount rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 7.25%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.25%) or 1-percentage-point higher (8.25%) than the current rate: \r\n \r\nTeachers Retirement System: \r\n \r\n1% Decrease (6.25%) \r\n \r\nCurrent Discount Rate (7.25%) \r\n \r\n1% Increase (8.25%) \r\n \r\nSchool District's proportionate share of the net pension liability \r\n \r\n$ 40,519,933.00 $ \r\n \r\n25,552,353.00 $ 13,283,230.00 \r\n \r\n- 30 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nPension plan fiduciary net position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \r\nNOTE 14: TAX ABATEMENTS \r\nThe School District property tax revenues were reduced by $74,183.47 under agreements entered into by Norman W, Fries, Inc.. Under the Norman W, Fries, Inc. annual budget for fiscal year 2021-2025, Norman W, Fries, Inc. reimburses the School District for 100.00% of the reduction in tax revenues. \r\n \r\n- 31 - \r\n \r\n (This page left intentionally blank) \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"1\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of \r\nthe Net Pension Liability (NPL) \r\n \r\nSchool District's proportionate share of the NPL \r\n \r\nState of Georgia's proportionate share of the NPL associated with the School \r\nDistrict \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share of the NPL as a percentage of its covered payroll \r\n \r\nPlan fiduciary net position as a percentage of \r\nthe total pension liability \r\n \r\n2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.105484% 0.106386% 0.105380% 0.105899% 0.108000% \r\n0.111732% 0.116329% \r\n \r\n$ 25,552,353.00 $ $ 22,875,867.00 $ $ 19,560,785.00 $ $ 19,681,655.00 $ $ 22,281,604.00 $ $ 17,010,088.00 $ $ 14,696,635.00 $ \r\n \r\n- \r\n \r\n$ 25,552,353.00 $ 13,609,858.95 \r\n \r\n- \r\n \r\n$ 22,875,867.00 $ 12,983,396.02 \r\n \r\n- \r\n \r\n$ 19,560,785.00 $ 12,570,852.72 \r\n \r\n- \r\n \r\n$ 19,681,655.00 $ 12,164,897.63 \r\n \r\n- \r\n \r\n$ 22,281,604.00 $ 11,842,866.41 \r\n \r\n- \r\n \r\n$ 17,010,088.00 $ 11,799,715.59 \r\n \r\n- \r\n \r\n$ 14,696,635.00 $ 11,867,913.60 \r\n \r\n187.75% 176.19% 155.60% 161.79% 188.14% 144.16% 123.84% \r\n \r\n77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 33 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"2\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required \r\ncontribution \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 2020 2019 2018 2017 2016 2015 2014 2013 2012 \r\n \r\n$ \r\n \r\n2,566,955.05 $ \r\n \r\n$ \r\n \r\n2,877,126.25 $ \r\n \r\n$ \r\n \r\n2,713,532.09 $ \r\n \r\n$ \r\n \r\n2,113,160.34 $ \r\n \r\n$ \r\n \r\n1,735,931.38 $ \r\n \r\n$ \r\n \r\n1,690,038.80 $ \r\n \r\n$ \r\n \r\n1,551,663.00 $ \r\n \r\n$ \r\n \r\n1,457,379.79 $ \r\n \r\n$ \r\n \r\n1,357,276.35 $ \r\n \r\n$ \r\n \r\n1,232,220.43 $ \r\n \r\n2,566,955.05 $ 2,877,126.25 $ 2,713,532.09 $ 2,113,160.34 $ 1,735,931.38 $ 1,690,038.80 $ 1,551,663.00 $ 1,457,379.79 $ 1,357,276.35 $ 1,232,220.43 $ \r\n \r\n- \r\n \r\n$ 13,467,777.62 \r\n \r\n- \r\n \r\n$ 13,609,858.95 \r\n \r\n- \r\n \r\n$ 12,983,396.02 \r\n \r\n- \r\n \r\n$ 12,570,852.72 \r\n \r\n- \r\n \r\n$ 12,164,897.63 \r\n \r\n- \r\n \r\n$ 11,842,866.41 \r\n \r\n- \r\n \r\n$ 11,799,715.59 \r\n \r\n- \r\n \r\n$ 11,867,913.60 \r\n \r\n- \r\n \r\n$ 11,895,498.25 \r\n \r\n- \r\n \r\n$ 11,986,580.06 \r\n \r\n19.06% 21.14% 20.90% 16.81% 14.27% 14.27% 13.15% 12.28% 11.41% 10.28% \r\n \r\n- 34 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"3\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of \r\nthe Net Pension Liability (NPL) \r\n \r\nSchool District's proportionate share of the \r\nNPL \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 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$ 269,265.00 $ 269,265.00 $ 651,609.99 \r\n \r\n- \r\n \r\n$ 286,319.00 $ 286,319.00 $ 670,114.44 \r\n \r\n- \r\n \r\n$ 298,394.00 $ 298,394.00 $ 717,925.76 \r\n \r\n- \r\n \r\n$ 261,394.00 $ 261,394.00 $ 700,348.50 \r\n \r\n- \r\n \r\n$ 367,668.00 $ 367,668.00 $ 711,740.27 \r\n \r\n- \r\n \r\n$ 242,736.00 $ 242,736.00 $ 720,858.86 \r\n \r\n- \r\n \r\n$ 218,659.00 $ 218,659.00 $ 728,878.41 \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- 35 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \r\nSCHOOL OPEB FUND \r\n \r\nSCHEDULE \"4\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the Net \r\nOPEB 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 NOL as a percentage of its coveredemployee payroll \r\n \r\nPlan fiduciary net position as a percentage \r\nof the total OPEB liability \r\n \r\n2021 2020 2019 2018 \r\n \r\n0.138390% $ 20,326,268.00 $ 0.140185% $ 17,203,707.00 $ 0.139765% $ 17,763,703.00 $ 0.139034% $ 19,534,221.00 $ \r\n \r\n- \r\n \r\n$ 20,326,268.00 $ 11,352,391.00 \r\n \r\n- \r\n \r\n$ 17,203,707.00 $ 10,880,839.00 \r\n \r\n- \r\n \r\n$ 17,763,703.00 $ 10,574,802.00 \r\n \r\n- \r\n \r\n$ 19,534,221.00 $ 10,411,092.00 \r\n \r\n179.05% 158.11% 167.98% 187.63% \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- 36 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \r\n \r\nSCHEDULE \"5\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required contribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nContribution as a percentage of \r\ncovered-employee payroll \r\n \r\n2021 \r\n \r\n$ \r\n \r\n2020 \r\n \r\n$ \r\n \r\n2019 \r\n \r\n$ \r\n \r\n2018 \r\n \r\n$ \r\n \r\n2017 \r\n \r\n$ \r\n \r\n512,154.00 $ 468,004.00 $ 754,993.00 $ 724,390.00 $ 724,937.00 $ \r\n \r\n512,154.00 $ 468,004.00 $ 754,993.00 $ 724,390.00 $ 724,937.00 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n12,107,612.00 \r\n \r\n- \r\n \r\n$ \r\n \r\n11,352,391.00 \r\n \r\n- \r\n \r\n$ 10,880,839.00 \r\n \r\n- \r\n \r\n$ 10,574,802.00 \r\n \r\n- \r\n \r\n$ \r\n \r\n10,411,092.00 \r\n \r\n4.23% 4.12% 6.94% 6.85% 6.96% \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- 37 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \r\nFOR THE YEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"6\" \r\n \r\nTeachers Retirement System \r\nChanges of assumptions: In 2010 and later, the expectation of retired life mortality was changed to the RP2000 Mortality Tables rather than the 1994 Group Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. In 2010, assumed rates of salary increase were adjusted to more closely reflect actual and anticipated experience. \r\nOn November 18, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males). \r\nOn May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed annual rate of inflation has been reduced from 2.75% to 2.50%. \r\nIn 2019 and later, the expectation of retired life mortality was changed to the Pub-2010 Teacher Headcount Weighted Below Median Healthy Retiree mortality table from the RP-2000 Mortality Tables. In 2019, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \r\nPublic School Employees Retirement System \r\nChanges of benefit terms: The member contribution rate was increased from $4.00 to $10.00 per month for members joining the System on or after July 1, 2012. The monthly benefit accrual rate was increased from $14.75 to $15.00 per year of credible service effective July 1, 2017. The monthly benefit accrual was increased from $15.00 to $15.25 per year of credible service effective July 1, 2018. The monthly benefit accrual was increased from $15.25 to $15.50 per year of credible service effective July 1, 2019. A 2% cost-of-living adjustment (COLA) was granted to certain retirees and beneficiaries effective July 2016, another July 2017, and another July 2018. Two 1.5% COLAs were granted to certain retirees and beneficiaries effective July 2019 and January 2020. \r\nChanges of assumptions: In 2010 and later, the expectation of retired life mortality was changed to the RP-2000 Mortality Tables rather than the 1994 Group Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \r\nOn December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP-2000 Blue Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females). \r\nOn March 15, 2018, the Board adopted a new funding policy. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for June 30, 2017 actuarial valuation. In addition, based on the Board's new funding policy, the assumed investment rate of return was further reduced by 0.10% from 7.40% to 7.30% as of the June 30, 2018 measurement date. The assumed investment rate of return remained at 7.30% for the June 30, 2019 valuation. \r\nSchool OPEB Fund \r\nChanges 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- 38 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"7\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation Total Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES Transfers Out \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nAdjustments \r\nFund Balances - Ending \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\nACTUAL AMOUNTS \r\n \r\nVARIANCE OVER/UNDER \r\n \r\n$ \r\n \r\n6,055,970.00 $ \r\n \r\n6,055,970.00 $ \r\n \r\n7,753,430.78 $ \r\n \r\n1,697,460.78 \r\n \r\n30,000.00 \r\n \r\n30,000.00 \r\n \r\n72,722.63 \r\n \r\n42,722.63 \r\n \r\n13,777,874.00 \r\n \r\n15,447,230.00 \r\n \r\n15,641,058.60 \r\n \r\n193,828.60 \r\n \r\n3,918,543.00 \r\n \r\n9,170,856.95 \r\n \r\n5,357,004.09 \r\n \r\n(3,813,852.86) \r\n \r\n52,000.00 \r\n \r\n52,000.00 \r\n \r\n57,347.78 \r\n \r\n5,347.78 \r\n \r\n90,800.00 \r\n \r\n90,800.00 \r\n \r\n11,433.28 \r\n \r\n(79,366.72) \r\n \r\n415,000.00 \r\n \r\n415,000.00 \r\n \r\n932,195.90 \r\n \r\n517,195.90 \r\n \r\n24,340,187.00 \r\n \r\n31,261,856.95 \r\n \r\n29,825,193.06 \r\n \r\n(1,436,663.89) \r\n \r\n17,454,861.00 \r\n1,285,755.00 1,000,196.00 \r\n408,180.00 462,190.00 1,610,259.00 293,700.00 2,068,460.00 1,654,725.00 192,620.00 105,085.00 \r\n28,000.00 1,552,300.00 28,116,331.00 (3,776,144.00) \r\n \r\n20,711,809.00 \r\n1,446,605.00 760,504.00 425,802.00 480,588.00 1,782,102.00 306,451.00 \r\n3,210,065.00 2,203,728.00 \r\n321,729.00 145,085.00 \r\n28,000.00 1,624,203.00 33,446,671.00 (2,184,814.05) \r\n \r\n16,981,801.13 \r\n1,277,123.53 731,268.09 388,998.67 451,123.76 1,572,835.68 345,505.21 1,994,148.24 1,592,434.68 273,001.57 106,885.60 231,565.34 \r\n1,306,293.35 27,252,984.85 2,572,208.21 \r\n \r\n3,730,007.87 \r\n169,481.47 29,235.91 36,803.33 29,464.24 209,266.32 (39,054.21) 1,215,916.76 611,293.32 48,727.43 38,199.40 (231,565.34) 28,000.00 317,909.65 6,193,686.15 4,757,022.26 \r\n \r\n- \r\n \r\n- \r\n \r\n(920,656.25) \r\n \r\n(920,656.25) \r\n \r\n(3,776,144.00) \r\n \r\n(2,184,814.05) \r\n \r\n1,651,551.96 \r\n \r\n3,836,366.01 \r\n \r\n10,344,781.85 \r\n \r\n10,344,781.85 \r\n \r\n10,372,406.49 \r\n \r\n27,624.64 \r\n \r\n36,227.34 \r\n \r\n(24,937.49) \r\n \r\n- \r\n \r\n24,937.49 \r\n \r\n$ \r\n \r\n6,604,865.19 $ \r\n \r\n8,135,030.31 $ 12,023,958.45 $ \r\n \r\n3,888,928.14 \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\n \r\n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $405,115.42 and $393,068.28, respectively. \r\n \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual 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- 39 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"8\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program 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 - 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 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 Rural Education Achievement Program Rural Education Achievement Program Student Support and Academic Enrichment Program Supporting Effective Instruction State Grants Supporting Effective Instruction State Grants Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Total Other Programs Total U. S. Department of Education \r\nHealth and Human Services, U. S. Department of Pass-Through From Bright From the Start Georgia Department of Early Care and Learning Child Care and Development Block Grant \r\nTotal Expenditures of Federal Awards \r\n \r\nASSISTANCE LISTING NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 \r\n \r\n215GA324N1199 $ 215GA324N1199 \r\n \r\n349,116.48 834,018.21 1,183,134.69 \r\n \r\n84.425D 84.425U \r\n \r\nS425D210012 S425U210012 \r\n \r\n1,555,953.72 \r\n321,481.95 1,877,435.67 \r\n \r\n84.027A 84.027A 84.173A \r\n \r\nH027A200073 H027A200073 H173A200081 \r\n \r\n571,013.00 5,066.00 14,662.96 \r\n590,741.96 \r\n \r\n84.048A 84.358B 84.358B 84.424A 84.367A 84.367A 84.010A 84.010A \r\n \r\nV048A200010 S358B190010 S358B200010 S424A200011 S367A190001 S367A200001 S010A200010 S010A200010-20A \r\n \r\n46,929.00 26,124.00 11,736.64 78,392.00 30,859.00 132,462.56 187,837.00 1,070,822.74 1,585,162.94 4,053,340.57 \r\n \r\n93.575 \r\n \r\n2110GACCC5 \r\n \r\n8,116.00 \r\n \r\n$ 5,244,591.26 \r\n \r\n- 40 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"8\" \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\nNote 1. Basis of Presentation \r\nThe accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Screven County Board of Education (the \"Board\") under programs of the federal government for the year ended June 30, 2021. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position or changes in net position of the Board. \r\nNote 2. Summary of Significant Accounting Policies \r\nExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. \r\nNote 3. Indirect Cost Rate \r\nThe board has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. \r\nNote 4. Donated Personal Protective Equipment \r\nIn response to the COVID-19 pandemic, the federal government donated personal protective equipment (PPE) to Georgia Emergency Management and Homeland Security Agency (GEMA/HS). GEMA/HS, then, donated PPE with an estimated fair market value of $74,212.62 to the Screven County Board of Education. This amount is not included in the Schedule of Expenditures of Federal Awards and is not subject to audit. Therefore, this amount is unaudited. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 41 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2021 \r\nAGENCY/FUNDING GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle Grades (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Mid-term Adjustment Hold-Harmless Amended Formula Adjustment Categorical Grants Pupil Transportation Regular Bus Replacement Nursing Services Education Equalization Funding Grant Other State Programs Food Services Hygiene Products in Georgia Schools Math and Science Supplements Preschool Disability Services Pupil Transportation - State Bonds Vocational Education Vocational Supervisor Office of the State Treasurer Public School Employees Retirement Human Resources, Georgia Department of Family Connection \r\nSee notes to the basic financial statements. \r\n \r\nSCHEDULE \"9\" \r\n \r\nGOVERNMENTAL FUND TYPE GENERAL FUND \r\n \r\n$ \r\n \r\n386,653.70 \r\n \r\n442,890.00 454,595.00 1,551,383.00 580,332.00 859,718.00 241,280.00 \r\n1,648,615.00 1,096,672.00 \r\n608,226.00 2,392,574.00 \r\n90,242.00 110,100.00 110,146.00 262,152.00 82,233.00 45,765.00 \r\n872.00 \r\n458,480.00 532,344.00 533,494.00 664,834.00 (415,037.00) \r\n \r\n462,621.00 154,440.00 \r\n47,323.00 1,889,960.00 \r\n \r\n38,326.00 1,325.00 6,101.05 \r\n35,226.85 77,220.00 72,981.00 \r\n6,825.00 \r\n \r\n57,146.00 \r\n \r\n53,000.00 \r\n \r\n$ \r\n \r\n15,641,058.60 \r\n \r\n- 42 - \r\n \r\n (This page left intentionally blank) \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"10\" \r\n \r\nPROJECT - SPLOST beginning July 2017 \r\nFor the purpose of acquiring, constructing, and equipping the following capital outlay projects: \r\nA) Renovation of Screven County Middle School; \r\nB) Acquisition of grounds equipment and equipment for maintenance (such as backhoe, tractor and mowers); \r\nC) Continuing the development of the maintenance and operation facility at the site formerly known as Screven County Middle School including, but not limited to, ground treament such as crush and run, concrete, asphalt paving, fencing, shelters, bus wash system, fuel port, renovation to media center, and old gym for storage and inventory controls, and equipment necessary for fleet management; \r\nD) Acquisition and upgrade of buses and other system vehicles, including communication systems GPS location systems, and cameras; \r\nE) Updating and acquisition of computers, telecommunications systems and equipment, technology infrastructures, and technology upgrades; \r\nF) Updating, replacement and acquisition of textbooks; \r\nG) Upgrading, renovations and construction of athletic facilities within the School District; \r\nH) Acquisition, renovation and construction of buildings, properties, and facilities of the School District, including any property, both real and personal, and equipment; \r\nI) Upgrading of School District safety and security systems. \r\nJ) Updating, replacement, and acquisition of classroom furniture. \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\n4,600,000.00 $ \r\n \r\n4,661,116.63 \r\n \r\n200,000.00 \r\n \r\n200,000.00 \r\n \r\nCompleted June 2022 \r\n \r\n300,000.00 \r\n \r\n300,000.00 \r\n \r\nJune 2022 \r\n \r\n250,000.00 \r\n \r\n388,883.37 \r\n \r\nJune 2022 \r\n \r\n500,000.00 350,000.00 \r\n250,000.00 \r\n \r\n400,000.00 350,000.00 \r\n250,000.00 \r\n \r\nJune 2022 June 2022 \r\nJune 2022 \r\n \r\n250,000.00 \r\n \r\n200,000.00 \r\n \r\n100,000.00 \r\n \r\n$ \r\n \r\n7,000,000.00 $ \r\n \r\n250,000.00 200,000.00 100,000.00 7,100,000.00 \r\n \r\nJune 2022 June 2022 June 2022 \r\n \r\n- 44 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"10\" \r\n \r\nPROJECT - SPLOST beginning July 2017 \r\n \r\nEXPENDED 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\nFor the purpose of acquiring, constructing, and equipping the following capital outlay projects: \r\n \r\nA) Renovation of Screven County Middle School; \r\n \r\n$ \r\n \r\n- $ \r\n \r\n4,661,116.63 $ \r\n \r\n4,661,116.63 $ \r\n \r\n- \r\n \r\nB) Acquisition of grounds equipment and equipment for maintenance (such as backhoe, tractor and mowers); \r\n \r\n- \r\n \r\n61,410.00 \r\n \r\n- \r\n \r\n- \r\n \r\nC) Continuing the development of the maintenance and \r\n \r\noperation facility at the site formerly known as Screven \r\n \r\nCounty Middle School including, but not limited to, ground \r\n \r\ntreament such as crush and run, concrete, asphalt paving, \r\n \r\nfencing, shelters, bus wash system, fuel port, renovation \r\n \r\nto media center, and old gym for storage and inventory \r\n \r\ncontrols, and equipment necessary for fleet management; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nD) Acquisition and upgrade of buses and other system vehicles, \r\n \r\nincluding communication systems GPS location systems, and \r\n \r\ncameras; \r\n \r\n- \r\n \r\n231,660.00 \r\n \r\n- \r\n \r\n- \r\n \r\nE) Updating and acquisition of computers, telecommunications \r\n \r\nsystems and equipment, technology infrastructures, and \r\n \r\ntechnology upgrades; \r\n \r\n- \r\n \r\n114,274.50 \r\n \r\n- \r\n \r\n- \r\n \r\nF) Updating, replacement and acquisition of textbooks; \r\n \r\n- \r\n \r\n134,542.38 \r\n \r\n- \r\n \r\n- \r\n \r\nG) Upgrading, renovations and construction of athletic facilities within the School District; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nH) Acquisition, renovation and construction of buildings, properties, and facilities of the School District, including any property, both real and personal, and equipment; \r\n \r\n- \r\n \r\n22,467.03 \r\n \r\n- \r\n \r\n- \r\n \r\nI) Upgrading of School District safety and security systems. \r\n \r\n82,524.00 \r\n \r\n- \r\n \r\n- \r\n \r\nJ) Updating, replacement, and acquisition of classroom furniture. \r\n \r\n- \r\n \r\n4,255.00 \r\n \r\n- \r\n \r\n- \r\n \r\n$ \r\n \r\n- $ 5,312,249.54 $ \r\n \r\n4,661,116.63 $ \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. \r\n \r\n(2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. \r\n \r\n(3) The voters of Screven County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. Amounts \r\n \r\nexpended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \r\n \r\n(4) In addition to the expenditures shown above, the School District has incurred interest to provide advance funding for the above projects \r\n \r\nare as follows: \r\n \r\nPrior Years \r\n \r\n$ \r\n \r\n89,718.75 \r\n \r\nCurrent Year \r\n \r\n29,166.75 \r\n \r\nTotal \r\n \r\n$ \r\n \r\n118,885.50 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 45 - \r\n \r\n Section II Compliance and Internal Control Reports \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Mr. Jim Thompson, Superintendent and Members of the Screven County Board of Education \r\nWe have audited the financial statements of the governmental activities, each major fund, and fiduciary activities of the Screven 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 April 15, 2022. We conducted our audit in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit of the financial statements, we considered the School District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the basic financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control. \r\nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the School District's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that have not been identified. Given these limitations, during our audit we did not identify \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n any deficiencies in internal control that we consider to be material weaknesses. We did identify a certain deficiency in internal control, described in the accompanying Schedule of Findings and Questioned Costs in finding FS 2021-001 that we consider to be a significant deficiency. \r\nCompliance 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 did not disclose an instance of noncompliance or other matters that is required to be reported under Government Auditing Standards. \r\nSchool District's Response to Findings \r\nThe School District's response to the finding identified in our audit is described in the accompanying Schedule of Findings and Questioned Costs. The School District's response was not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on it. \r\nPurpose of this Report \r\nThe purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\nApril 15, 2022 \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Mr. Jim Thompson, Superintendent and Members of the Screven County Board of Education \r\nReport on Compliance for Each Major Federal Program \r\nWe have audited the Screven 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\nApril 15, 2022 \r\n \r\n Section III Auditee's Response to Prior Year Findings and Questioned Costs \r\n \r\n SCREVEN 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. Prior 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 SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2021 \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\nFinancial Statements \r\n \r\nType of auditor's report issued: Governmental Activities, Each Major Fund, and Fiduciary Activities \r\nInternal control over financial reporting:  Material weakness(es) identified?  Significant deficiency(ies) identified? \r\nNoncompliance material to financial statements noted: \r\n \r\nFederal Awards \r\n \r\nInternal Control over major programs:  Material weakness(es) identified?  Significant deficiency(ies) identified? \r\n \r\nType of auditor's report issued on compliance for major programs: \r\n \r\nAll major programs \r\n \r\nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \r\n \r\nIdentification of major programs: \r\n \r\nAssistance Listing Number Assistance Listing Program or Cluster Title \r\n \r\n84.425 \r\n \r\nEducation 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\nUnmodified No Yes No \r\nNo None Reported \r\nUnmodified No \r\n$750,000.00 Yes \r\n \r\n- 1 - \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2021 \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFS 2021-001 Internal Controls over Financial Reporting \r\n \r\nControl Category: \r\n \r\nFinancial Reporting \r\n \r\nInternal Control Impact: \r\n \r\nSignificant Deficiency \r\n \r\nCompliance Impact: \r\n \r\nNone \r\n \r\nRepeat of Prior Year Finding: \r\n \r\nNo \r\n \r\nDescription: The School District did not have adequate internal controls in place over the financial statement reporting process. \r\n \r\nCriteria: Management 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). \r\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 fund 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. \r\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. \r\n \r\nCondition: Miscellaneous additions of $12,851.70 and other deductions of $13,201.70, totaling a net position of $350.00, were incorrectly recorded as custodial funds by the School District. Adjustments to the financial statements were proposed by the auditors and accepted by the School District. \r\nCause: Per discussion with the finance director, it was determined that the misstatements were an oversight by the financial statement preparer. \r\n \r\nEffect: A misstatement was included in the financial statements presented for audit. The lack of controls and monitoring over the financial statement process could impact the reporting of the School District's financial position and results of operations. \r\n \r\n2 \r\n \r\n SCREVEN COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2021 II FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS Recommendation: The School District should strengthen their internal controls and review procedures over the financial reporting process to ensure that the financial statements presented for audit are complete and accurate. Views of Responsible Officials: We concur with this finding. Ill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n3 \r\n \r\n Section V Management's Corrective Action \r\n \r\n Screrren \r\n \r\nSchooI \r\n \r\n-1E2 ltakymddr Rod o Pmr (Xfre Bq 166S Sylrair Crogia XH67 \r\n(912) 451-am o Fs: (9t2) 451-ffit \r\n \r\n.Iasr*ri A\" \r\n \r\nI\\ \r\n \r\nSsrytiarierrLfuot \r\n \r\nJanuar5r tgrz'o2tE \r\n \r\nCORRECTTVE ACTION PIJ\\NS. FINANCIAL STAIEMENT FIT{DINGS \r\n \r\nrIS 2CI21{t lilcrDd Com,ob ovcr Fimrid ncporfiEg kroccss \r\n \r\nInternal Control tmpect: Conplflamr Impact: Rcpeat of Prior YcarFinding: \r\n \r\nSignificanr Deficiery \r\nNone No \r\n \r\nDeriplion: The School Di;*rkt did not hane adequate internal oontrols in place over tbe financial statement ryortingprms* Gonernmental acuuntsrrmin@rrcthinctuded as C\\stodial FEds- \r\nCorrulivc Aclior PLE \r\nThS{bod Distrlthasestalili$dprocudures t**r=that allfinancal mtmenta{iusments urill have an administrative revierv performed utilizing arrailable rMti* to determine iltlrc \r\naajusmtsarcDeoesaryandorrwt TkSdrmlDistrictoontinustotightctrintemalontrols to eosre that financial statements are presented acurately. \r\n \r\nEstimatcd Cmptcrion DAe. 6 fiol zozz \r\n \r\nCootact Person: Christie Durrence \r\nTclcphom: 9r2-45r-2qx, \r\nEmeil: cdurrence@screrren.krz ga.us \r\n \r\nA \r\n \r\nLu/tl^/\\tJ-J \r\n \r\nf, \r\n \r\n "}],"pages":{"current_page":1,"next_page":null,"prev_page":null,"total_pages":1,"limit_value":10,"offset_value":0,"total_count":4,"first_page?":true,"last_page?":true},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":4}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"creator_facet","items":[{"value":"Georgia. 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