{"response":{"docs":[{"id":"dlg_ggpd_1390891355-2025-04-28","title":"Annual financial report, fiscal year 2024, Toombs County Board of Education, Lyons, Georgia, including independent auditor's report.","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":null,"dc_date":["2025-04-28"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Toombs 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":["Toombs County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Toombs County--Auditing--Periodicals.","Education--Georgia--Toombs County--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report, fiscal year 2024, Toombs County Board of Education, Lyons, 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_1390891355-2025-04-28"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1390891355-2025-04-28"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"ANNUAL FINANCIAL REPORT  FISCAL YEAR 2024 \nToombs County Board of Education \nLyons, Georgia \nIncluding Independent Auditor's Report \nGreg S. Griffin | State Auditor \n \n Toombs County Board of Education \n \nTable of Contents \n \nSection I Financial \nIndependent Auditor's Report \n \nRequired Supplementary Information \n \nManagement's Discussion and Analysis \n \ni \n \nExhibits \n \nBasic Financial Statements \n \nGovernment-Wide Financial Statements \n \nA \n \nStatement of Net Position \n \n1 \n \nB \n \nStatement of Activities \n \n2 \n \nFund Financial Statements \n \nC \n \nBalance Sheet \n \nGovernmental Funds \n \n3 \n \nD \n \nReconciliation of the Governmental Funds Balance Sheet \n \nto the Statement of Net Position \n \n4 \n \nE \n \nStatement of Revenues, Expenditures and Changes in Fund Balances \n \nGovernmental Funds \n \n5 \n \nF \n \nReconciliation of the Governmental Funds Statement of \n \nRevenues, Expenditures and Changes in Fund Balances \n \nto the Statement of Activities \n \n6 \n \nG \n \nStatement of Fiduciary Net Position \n \nFiduciary Funds \n \n7 \n \nH \n \nStatement of Changes in Fiduciary Net Position \n \nFiduciary Funds \n \n8 \n \nI Notes to the Basic Financial Statements \n \n10 \n \nSchedules \n \nRequired Supplementary Information \n \n1 Schedule of Proportionate Share of the Net Pension Liability \n \nTeachers Retirement System of Georgia \n \n39 \n \n2 Schedule of Contributions  Teachers Retirement System of Georgia \n \n40 \n \n3 Schedule of Proportionate Share of the Net Pension Liability Public \n \nSchool Employees Retirement System of Georgia \n \n41 \n \n Required Supplementary Information (Continued) \n \n4 Schedule of Proportionate Share of the Net OPEB Liability \n \nSchool OPEB Fund \n \n42 \n \n5 Schedule of Contributions  School OPEB Fund \n \n43 \n \n6 Notes to the Required Supplementary Information \n \n44 \n \n7 Schedule of Revenues, Expenditures and Changes in Fund \n \nBalances - Budget and Actual General Fund \n \n45 \n \nSupplementary Information \n \n8 Schedule of Expenditures of Federal Awards \n \n46 \n \n9 Schedule of State Revenue \n \n48 \n \n10 Schedule of Approved Local Option Sales Tax Projects \n \n50 \n \nSection II \nCompliance and Internal Control Reports \nIndependent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards \n \nIndependent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance \n \nSection III Auditee's Response to Prior Year Findings and Questioned Costs Summary Schedule of Prior Audit Findings \n \nSection IV Findings and Questioned Costs Schedule of Findings and Questioned Costs \n \n Section I Financial \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Mr. Barry Waller, Superintendent and Members of the Toombs County Board of Education \nReport on the Audit of the Financial Statements \nOpinions \nWe have audited the accompanying financial statements of the governmental activities, each major fund, and fiduciary activities of the Toombs County Board of Education (School District) as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents. \nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and fiduciary activities of the School District as of June 30, 2024, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \nBasis for Opinions \nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. \nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \nEmphasis of Matter \nAs discussed in Note 13 to the financial statements, in 2024, the School District restated the prior period financial statements to correct an error. Our opinions are not modified with respect to this matter. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n Responsibilities of Management for the Financial Statements \nManagement is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \nIn preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. \nAuditor's Responsibilities for the Audit of the Financial Statements \nOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. \nIn performing an audit in accordance with GAAS and Government Auditing Standards, we: \n Exercise professional judgment and maintain professional skepticism throughout the audit. \n Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. \n Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, no such opinion is expressed. \n Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. \n Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for a reasonable period of time. \n \n We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. \nRequired Supplementary Information \nAccounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis and required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient appropriate evidence to express an opinion or provide any assurance. \nSupplementary Information \nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the School District's basic financial statements. The accompanying supplementary information, as listed in the table of contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements. \nThe supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements as a whole. \nOther Reporting Required by Government Auditing Standards \nIn accordance with Government Auditing Standards, we have also issued our report dated April 28, 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 \n \n or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control over financial reporting and compliance. A copy of this report has been filed as a permanent record and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. Respectfully submitted, \nGreg S. Griffin State Auditor \nApril 28, 2025 \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \nINTRODUCTION \nThe discussion and analysis of the Toombs County Board of Education's (the School District) financial performance provides an overview of the School District's financial activities for the fiscal year ended June 30, 2024. The intent of this discussion and analysis is to look at the School District's financial performance as a whole. Readers should also review the financial statements and the notes to the basic financial statements to enhance their understanding of the School District's financial performance. \nFINANCIAL HIGHLIGHTS \nKey financial highlights for the fiscal year 2024 are as follows: \n For the government-wide financial statements, net position represents the difference between the assets and deferred outflow of resources, and the liabilities and deferred inflow of resources of the School District. As of June 30, 2024, the School District's net position was $41.4 million, an increase of $6.0 million from the restated net position of $35.3 million as of June 30, 2023. \n General revenues accounted for $17.7 million, or 33.4% of all revenues. Program specific revenues, including charges for services and sales, grants and contributions, accounted for $35.3 million, or 66.6% of total revenues of $53.0 million. \n The School District incurred $47.0 million in expenses related to governmental activities. However, $35.3 million of these expenses were offset by program specific charges for services, grants or contributions. General revenues, primarily from taxes, totaled $17.7 million and were adequate to provide for these programs. \n On May 21, 2024, Toombs County voters passed a one percent sales tax for educational purposes (ESPLOST) for another five-year period, from 2024 to 2029. \n Long-term debt decreased by $2.0 million for 2024, primarily due to principal payments on outstanding general obligation bond debt. \n Among the major funds, the general fund had $48.5 million in revenues and $45.7 million in expenditures. The fund balance for the general fund increased by $500 thousand, from $13.4 million to approximately $13.9 million. \n The deficit balance reflected in the unrestricted net provision is due to the recording of pensions per GASB No. 68, GASB No. 71, and GASB No. 75 relating to accounting and financial reporting for postemployment benefits. The amount of the School District's proportionate share of the collective net pension liability for the Teachers Retirement System cost sharing benefit pension plan was $35.1 million. The amount of the School District's proportionate share of the collective net Other Post Employment Benefit (OPEB) liability was $18.4 million. \n The comparative data presented for fiscal year 2023 has been restated to correct an error identified in fiscal year 2023. The error related to a $120,000.00 payment that was improperly recorded as a prepaid asset in the capital projects fund and governmental activities. This amount did not meet the criteria for a prepaid item and should have been expensed in the period incurred. The restatement decreased the beginning fund balance of the capital projects fund and the beginning net position of governmental activities as of July 1, 2023. \ni \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \nOVERVIEW OF THE FINANCIAL STATEMENTS \nThis annual report consists of three parts; management's discussion and analysis, the basic financial statements and supplementary information. The basic financial statements include two levels of statements that present different views of the School District. These include the government-wide and fund financial statements. \nThe government-wide financial statements include the Statement of Net Position and Statement of Activities. These statements provide information about the activities of the School District presenting both short-term and long-term information about the overall financial status. \nThe fund financial statements focus on individual parts, reporting the School District's operation in more detail. The governmental funds statements disclose how basic services are financed in the shortterm as well as what remains for future spending. The fiduciary funds statements provide information about the financial relationships in which the School District acts solely as a trustee or agent for the benefit of others. \nThe fund financial statements reflect the School District's most significant funds. For the year ending June 30, 2024, the general fund, capital projects fund, and debt service fund represent the most significant funds. \nThe financial statements also include notes that explain some of the information in the statements and provide more detailed data. The statements are followed by a section of required supplementary information that further explains and supports the financial statements. Additionally, other supplementary information (not required) is also presented that further supplements understanding of the financial statements. \nGovernment-Wide Statements \nThe government-wide financial statements are basically a consolidation of all of the School District's operating funds into one column called governmental activities. In reviewing the government-wide financial statements, a reader might ask the question about whether the School District is in a better financial position than last year? The Statement of Net Position and the Statement of Activities provides the basis for answering this question. These financial statements include all of the School District's non-fiduciary assets and liabilities and use the accrual basis of accounting similar to the accounting used by most private-sector companies. This basis of accounting considers all of the current year's revenues and expenditures regardless of when cash is received or paid. \nThe two government-wide statements report the School District's net position and how it has changed. Net position, the difference between the School District's non-fiduciary assets, deferred outflows of resources, liabilities and deferred inflows of resources, is one way to measure the School District's overall financial health or position. Over time, increases or decreases in net position are an indication of whether its financial health is improving or deteriorating. Changes may be the result of many factors, including those not under the School District's control, such as the property tax base, facility conditions, required educational programs and other factors. \nii \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \nIn the Statement of Net Position and the Statement of Activities, the School District has one distinct type of activity: \n Governmental Activities  All of the School District's programs and services are reported here including instruction, support services, operation and maintenance of plant, pupil transportation, food service, student activity accounts and various others. \nFund Financial Statements The School District's fund financial statements provide detailed information about the most significant funds, not the School District as a whole. Some funds are required by State law and some by bond requirements. The School District's major governmental funds are the general fund, the capital projects fund, and the debt service fund. Governmental Funds - Most of the School District's activities are reported in governmental funds, which focus on the determination of financial position and change in financial position, not on income determination. These funds are reported using the modified accrual method of accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the School District's general government operations and the basic services it provides. Governmental fund information helps determine whether there are more or fewer financial resources that can be spent in the near future to finance educational programs. The relationship (or differences) between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds are reconciled to the financial statements. Fiduciary Funds - The School District is the trustee, or fiduciary, for assets that belong to others. The School District is responsible for ensuring that the assets reported in these funds are used only for their intended purposes and by those to whom the assets belong. The School District excludes these activities from the government-wide financial statements because it cannot use these assets to finance its operations. \niii \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \n \nFINANCIAL ANALYSIS OF THE SCHOOL DISTRICT AS A WHOLE \n \nRecall that the Statement of Net Position provides the perspective of the School District as a whole. Table 1 provides a summary of the School District's net position for fiscal years 2024 and 2023. \n \nTable 1 Net Position \n \nGovernmental Activities \n \nFiscal Year \n \nFiscal Year \n \nNet \n \n2024 \n \n2023 (1) \n \nChange \n \nASSETS \n \nCash and Cash Equivalents \n \n$ 26,233,680 $ 20,913,690 $ 5,319,990 \n \nReceivable, Net \n \nTaxes \n \n1,654,713 \n \n1,408,729 \n \n245,984 \n \nState Government \n \n3,068,648 \n \n3,263,338 \n \n(194,690) \n \nFederal Government \n \n1,401,681 \n \n1,959,218 \n \n(557,537) \n \nOther \n \n335,935 \n \n41,149 \n \n294,786 \n \nInventories \n \n82,718 \n \n79,738 \n \n2,980 \n \nPrepaid Items \n \n380,126 \n \n339,404 \n \n40,722 \n \nIntangible Right-to-Use Assets (Net of Accumulated Amortization) \n \n223,770 \n \n315,273 \n \n(91,503) \n \nSubscription Right-to-Use Assets (Net of Accumulated Amortization) \n \n578,934 \n \n173,200 \n \n405,734 \n \nCapital Assets, Non-Depreciable \n \n1,041,112 \n \n2,205,667 \n \n(1,164,555) \n \nCapital Assets, Depreciable \n \n(Net of Accumulated Depreciation) \n \n59,972,138 \n \n58,613,957 \n \n1,358,181 \n \nTotal Assets \n \n94,973,455 \n \n89,313,363 \n \n5,660,092 \n \nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plans Related to OPEB Plan Total Deferred Outflows of Resources \n \n11,512,406 5,420,372 \n16,932,778 \n \n18,764,579 4,505,217 \n23,269,796 \n \n(7,252,173) 915,155 \n(6,337,018) \n \nLIABILITIES Accounts Payable Salaries and Benefits Payable Interest Payable Deposits and Unearned Revenues Net Pension Liability Net OPEB Liability Long-Term Liabilities Due Within One Year Due in More Than One Year Total Liabilities \n \n616,052 4,231,565 \n27,378 35,536 35,091,101 18,380,483 \n2,314,424 317,604 \n61,014,143 \n \n833,416 3,888,053 \n26,845 - \n39,357,606 16,308,362 \n2,201,943 2,437,277 65,053,502 \n \n(217,364) 343,512 \n533 35,536 (4,266,505) 2,072,121 \n112,481 (2,119,673) (4,039,359) \n \nDEFERRED INFLOWS OF OUTFLOWS Related to Defined Benefit Pension Plans Related to OPEB Plan Total Deferred Inflows of Resources \n \n867,309 8,665,409 9,532,718 \n \n961,671 11,256,312 12,217,983 \n \n(94,362) (2,590,903) (2,685,265) \n \nNET ASSETS Net Investment in Capital Assets Restricted for Continuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \n \n59,416,227 \n1,187,195 25,625 \n5,804,726 (25,074,401) \n \n56,901,177 \n1,474,604 58,854 \n4,258,449 (27,381,410) \n \n2,515,050 \n(287,409) (33,229) \n1,546,277 2,307,009 \n \nTotal Net Position \n \n$ 41,359,372 $ 35,311,674 $ 6,047,698 \n \n(1) Restated to correct an error related to a $120,000.00 prepaid asset that was improperly recorded in FY23. \n \niv \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Total assets increased by $5.7 million, driven by higher cash and cash equivalents resulting from increased state program revenues, investment earnings, property tax revenues, and collections from the Education Special Purpose Local Option Sales Tax (ESPLOST). Of this $5.7 million increase, 9.0% was attributed to a rise in capital assets, net of accumulated depreciation and amortization, primarily due to the addition of the access control project for the system. Total liabilities, excluding net pension and net OPEB liabilities, decreased by $1.8 million, primarily due to a $2.0 million reduction in long-term debt. Changes in pension and OPEB activity were driven by decreases in deferred outflows of resources, total liabilities, and deferred inflows of resources, resulting in a net decrease of $1.5 million in net position. Overall, the net position of the School District increased by $6.0 million in fiscal year 2024. \nv \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \n \nTable 2 shows the changes in net position for fiscal years ending June 30, 2024 and June 30, 2023. \n \nTable 2 Change in Net Position \n \nRevenues Program Revenues: Charges for Services Operating Grants and Contributions Capital Grants and Contributions Total Program Revenues \nGeneral Revenues: Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Debt Service For Capital Projects Other Taxes Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \nTotal General Revenues Total Revenues \nProgram Expenses: Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Community Services Food Services Interest on Long-Term Debt Total Expenses \nIncrease in Net Position \n \nGovernmental Activities \n \nFiscal Year \n \nFiscal Year \n \n2024 \n \n2023 (1) \n \nNet Change \n \n$ 369,147 $ 266,273 $ \n \n34,494,539 33,305,421 \n \n440,550 \n \n912,929 \n \n35,304,236 34,484,623 \n \n102,874 1,189,118 \n(472,379) 819,613 \n \n8,506,074 22,660 \n \n7,409,733 - \n \n1,096,341 22,660 \n \n3,758,359 \n77,627 \n \n2,257,675 1,204,929 \n72,943 \n \n2,802,505 1,182,269 1,329,762 \n17,679,256 52,983,492 \n \n3,043,541 603,879 \n1,230,498 \n15,823,198 50,307,821 \n \n(2,257,675) 2,553,430 \n4,684 \n(241,036) 578,390 \n99,264 1,856,058 2,675,671 \n \n29,253,391 \n \n26,651,213 \n \n2,602,178 \n \n2,584,134 1,829,592 \n673,929 400,123 2,406,908 489,698 3,028,158 2,097,058 221,561 \n71,537 \n \n2,389,047 1,442,826 \n635,206 370,700 1,971,010 370,475 2,779,965 1,868,385 251,519 \n71,463 \n \n195,087 386,766 \n38,723 29,423 435,898 119,223 248,193 228,673 (29,958) \n74 \n \n413,709 76,110 \n3,311,979 77,907 \n46,935,794 \n \n237,656 40,031 \n3,014,379 139,196 \n42,233,071 \n \n$ 6,047,698 $ 8,074,750 $ \n \n176,053 36,079 \n297,600 (61,289) 4,702,723 \n(2,027,052) \n \n(1) Restated to correct an error related to a $120,000.00 prepaid asset that was improperly recorded in FY23. \n \nvi \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \n \nIn fiscal year 2024, program revenues, which include charges for services, operating grants and contributions, and capital grants and contributions, increased by $800 thousand for governmental activities. This increase is primarily due to additional revenues from state operating grants and contributions. General revenues increased by $1.9 million during fiscal year 2024, attributed to higher property tax collections resulting from an increase in the School District's property tax digest value, along with increases in sales taxes revenues and investment earnings. \nProgram expenditures grew by $4.7 million from 2023 to 2024, primarily due to a $3.4 million increase in salaries and benefits expenditures, as well as actuarial estimates for higher pension expenditures for fiscal year 2024 as compared to the prior year. \nGovernmental Activities \nThe Statement of Activities shows the cost of program services and the charges for services and grants offsetting those services. Table 3 shows the total cost of services and the net cost of services. It identifies the cost of these services supported by tax revenue and unrestricted State entitlements. \n \nTable 3 Governmental Activities \n \nTotal Cost of Services \n \nFiscal Year \n \nFiscal Year \n \n2024 \n \n2023 (1) \n \nNet Cost of Services \n \nFiscal Year \n \nFiscal Year \n \n2024 \n \n2023 (1) \n \nInstruction \n \n$ 29,253,391 $ 26,651,213 $ \n \nSupport Services: \n \nPupil Services \n \n2,584,134 \n \n2,389,047 \n \nImprovement of Instructional Services \n \n1,829,592 \n \n1,442,826 \n \nEducational Media Services \n \n673,929 \n \n635,206 \n \nGeneral Administration \n \n400,123 \n \n370,700 \n \nSchool Administration \n \n2,406,908 \n \n1,971,010 \n \nBusiness Administration \n \n489,698 \n \n370,475 \n \nMaintenance and Operation of Plant \n \n3,028,158 \n \n2,779,965 \n \nStudent Transportation Services \n \n2,097,058 \n \n1,868,385 \n \nCentral Support Services \n \n221,561 \n \n251,519 \n \nOther Support Services \n \n71,537 \n \n71,463 \n \nOperations of Non-Instructional Services: \n \nEnterprise Operations \n \n413,709 \n \n237,656 \n \nCommunity Services \n \n76,110 \n \n40,031 \n \nFood Services \n \n3,311,979 \n \n3,014,379 \n \nInterest on Long-Term Debt \n \n77,907 \n \n139,196 \n \n5,818,950 $ 3,514,311 \n \n1,445,233 336,627 162,281 (623,558) \n1,242,109 474,079 \n1,694,285 612,037 80,938 34,975 \n \n1,010,040 184,626 135,913 (724,171) 934,735 361,106 \n1,654,918 363,970 77,220 42,170 \n \n111,064 - \n164,631 77,907 \n \n38,705 - \n(224,291) 139,196 \n \nTotal Expenses \n \n$ 46,935,794 $ 42,233,071 $ 11,631,558 $ 7,508,448 \n \n(1) Restated to correct an error related to a $120,000.00 prepaid asset that was improperly recorded in FY23. \nAlthough program revenues make up a majority of the funding, the School District is still greatly dependent upon tax revenues for governmental activities. For 2024, 25.0% of expenditures were supplemented by taxes and other general revenues. \n \nvii \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \nFINANCIAL ANALYSIS OF THE SCHOOL DISTRICT'S FUNDS The School District's governmental funds are accounted for using the modified accrual basis of accounting. For the fiscal year, the governmental funds reported total revenues and other financing sources of $57.6 million, and total expenditures and other financing uses of $52.8 million. This resulted in an increase in the fund balance of $4.8 million for the governmental funds as a whole. The increase was primarily due to higher state operating grants and contributions, property tax revenues, as well as increases in sales tax revenues and investment earnings. General Fund Budgeting Highlights The School District's budget is prepared according to Georgia Law. The most significant budgeted fund is the general fund, which includes local, state and federal funds collected and disbursed for the purpose of operating the school district. During the course of fiscal year 2024, the School District amended its general fund budget as needed. The School District's budget is based on its overall mission and incorporates site-based budgeting into the budget process to control total site budgets but provide flexibility for site management. For the general fund, actual revenues and other financing sources totaled $48.7 million, exceeding the final budgeted amount of $48.4 million by $339 thousand. This variance (final actual vs. final budget) was primarily due to property tax revenues being collected at a higher percentage rate than budgeted. Final actual expenditures and other financing uses for fiscal year 2024 totaled $48.2 million, which was $596 thousand less than the final budgeted amount of $48.8 million. The decrease in actual expenditures compared to the final budget expenditures was due primarily due to elimination entries, including the reduction of indirect cost expenditures related to federal spending. \nviii \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \n \nCAPITAL ASSETS AND INTANGIBLE RIGHT-TO-USE ASSETS \n \nAt the fiscal year ended June 30, 2024, the School District had $61.8 million invested in capital assets net of accumulated depreciation and intangible right-to-use assets net of accumulated amortization. These assets are made up of a broad range of capital assets, including land, buildings, transportation, food service and maintenance equipment. Table 4 reflects a summary of these balances, by class, net of accumulated depreciation and amortization. \n \nTable 4 Capital Assets and Intangible Right-to-Use Assets \n(Net of Depreciation and Amortization) \n \nGovernmental Activities \n \nFiscal Year \n \nFiscal Year \n \n2024 \n \n2023 \n \nNet Change \n \nLand \n \n$ \n \nConstruction In Progress \n \nBuilding and Improvements \n \nEquipment \n \nLand Improvements \n \nRight-to-Use Equipment \n \nRight-to-Use Subscription Assets \n \n1,018,112 $ 23,000 \n51,444,734 6,721,009 1,806,395 223,770 578,934 \n \n1,018,112 $ \n \n- \n \n1,187,555 (1,164,555) \n \n52,571,061 (1,126,327) \n \n4,146,796 \n \n2,574,213 \n \n1,896,100 \n \n(89,705) \n \n315,273 \n \n(91,503) \n \n173,200 \n \n405,734 \n \nTotal \n \n$ 61,815,954 $ 61,308,097 $ 507,857 \n \nThe overall capital assets increased by $508 thousand in fiscal year 2024, primarily due to the addition of the assets related to the access control project, the purchase of six new school buses for student transportation, and the acquisition of new right-to-use subscription assets. \n \nLONG-TERM LIABILITIES \n \nAt June 30, 2024, the School District had $2.6 million in total debt outstanding with $2.3 million due within one year. Table 5 summarizes bond debt outstanding at June 30, 2024 and 2023. \n \nTable 5 Long-term Debt at June 30 \n \nGovernmental Activities \n \nFiscal Year \n \nFiscal Year \n \n2024 \n \n2023 \n \nGeneral Obligation Bonds Bond Premiums Amortized Leases Subscription Liabilities \n \n$ 2,090,000 $ 95,799 \n251,478 194,751 \n \n4,095,000 210,757 333,463 - \n \nTotal \n \n$ 2,632,028 $ 4,639,220 \n \nix \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \nCURRENT ISSUES \nThe following statements provide an overview of the Toombs County School District's current financial position and the impact of ongoing economic conditions. The global coronavirus pandemic significantly affected Georgia's economy, particularly with the \"stay at home\" executive orders beginning in March 2020. The effects of the pandemic extended into the current fiscal year marking the final year of funding from the Elementary and Secondary School Emergency Relief (E.S.S.E.R.) and American Rescue Plan (A.R.P.) federal grants. These funds have been utilized to retain current employees, implement additional safety measures and address learning loss caused by the pandemic. While these grants will no longer be available in the future, the Toombs County Board of Education remains financially strong and optimistic about the School District's ability to effectively utilize its resources to continue providing quality education. \nIn fiscal year 2024, approximately 74.85% of general fund expenditures, the School District's primary operating fund, were allocated to salaries and employee benefits. Among certified personnel, 31.5% have 21 or more years of experience, and over 41% have 19 or more years, placing them at the highest state pay levels. Given the significant portion of the budget dedicated to personnel costs, it is challenging to offset mandated increases, such as contributions to the Teacher Retirement System (TRS) and health insurance premiums. Salary and benefit expenditures rose by 10.98% in fiscal year 2024. \nLooking ahead to fiscal year 2025, the employer's contribution to the TRS pension is expected to increase by approximately $390,000, while an anticipated rise in health insurance premiums for noncertified employees could add another $350,000 to employee benefits costs. The School District continually assesses ways to spend funds more effectively, ensuring that resources are maximized to deliver quality education through highly qualified personnel. \nThe School District's millage rate for fiscal year 2024 was 14.000. The net digest increased from $443.0 million in fiscal year 2023 to $515.0 million in fiscal year 2024. This increase in the net digest generated approximately $514,570 per mill. As shown in Table 3, property and sales tax revenues account for 25.0% of the School District's overall costs. \nCONTACTING THE SCHOOL DISTRICT'S FINANCIAL MANAGEMENT \nThis financial report is designed to provide our citizens, taxpayers, investors and creditors with a general overview of the School District's finances and to show the School District's accountability for the money it receives. If you have questions about this report or need additional financial information, please contact Stephanie Smith, Finance Director for the Toombs County Board of Education, 600 Bulldog Road Unit 1, Lyons, GA 30436. You may also email your questions to stephanie.smith@toombs.k12.ga.us. \nx \n \n Toombs County Board of Education \n \n TOOMBS COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2024 \nASSETS Cash and Cash Equivalents Accounts Receivable, Net \nTaxes State Government Federal Government Other Inventories Prepaid Items Intangible Right-to-Use Assets (Net of Accumulated Amortization) Subscription Right-to-Use Assets (Net of Accumulated Amortization) Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \nTotal Assets \nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plan(s) Related to OPEB Plan \nTotal Deferred Outflows of Resources \nLIABILITIES Accounts Payable Salaries and Benefits Payable Interest Payable Deposits and Unearned Revenues Net Pension Liability Net OPEB Liability Long-Term Liabilities \nDue Within One Year Due in More Than One Year \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plans Related to OPEB Plan \nTotal Deferred Inflows of Resources \nNET POSITION Net Investment in Capital Assets Restricted for \nContinuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \nTotal Net Position \n \nEXHIBIT \"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n26,233,679.80 \n \n1,654,712.47 3,068,647.93 1,401,681.01 \n335,935.15 82,718.26 \n380,126.05 223,769.63 578,934.00 1,041,112.49 59,972,138.35 94,973,455.14 \n \n11,512,406.00 5,420,372.00 \n16,932,778.00 \n \n616,051.44 4,231,565.08 \n27,378.20 35,536.00 35,091,101.00 18,380,483.00 \n2,314,424.18 317,604.19 \n61,014,143.09 \n \n867,309.00 8,665,409.00 9,532,718.00 \n \n59,416,226.82 \n \n1,187,195.49 25,624.96 \n5,804,726.04 (25,074,401.26) \n \n$ \n \n41,359,372.05 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 1 - \n \n TOOMBS COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30, 2024 \n \nEXHIBIT \"B\" \n \nEXPENSES \n \nCHARGES FOR SERVICES \n \nPROGRAM REVENUES OPERATING GRANTS AND \nCONTRIBUTIONS \n \nCAPITAL GRANTS AND CONTRIBUTIONS \n \nNET (EXPENSES) REVENUES \nAND CHANGES IN NET POSITION \n \nGOVERNMENTAL ACTIVITIES \n \nInstruction \n \n$ \n \nSupport Services \n \nPupil Services \n \nImprovement of Instructional Services \n \nEducational Media Services \n \nGeneral Administration \n \nSchool Administration \n \nBusiness Administration \n \nMaintenance and Operation of Plant \n \nStudent Transportation Services \n \nCentral Support Services \n \nOther Support Services \n \nOperations of Non-Instructional Services \n \nEnterprise Operations \n \nCommunity Services \n \nFood Services \n \nInterest on Long-Term Debt \n \n29,253,390.53 $ \n2,584,134.31 1,829,591.58 \n673,928.71 400,122.78 2,406,908.25 489,698.44 3,028,158.48 2,097,057.77 221,560.86 \n71,537.40 \n413,708.76 76,110.43 \n3,311,978.71 77,907.30 \n \n- $ \n- \n302,644.62 - \n66,502.64 - \n \n23,434,440.48 $ \n1,138,901.13 1,492,964.37 \n511,648.21 1,023,680.62 1,164,798.84 \n15,619.44 1,333,873.92 1,044,470.95 \n140,623.02 36,562.65 \n76,110.43 3,080,845.34 \n- \n \n- $ \n440,550.00 - \n- \n \n(5,818,950.05) \n(1,445,233.18) (336,627.21) (162,280.50) 623,557.84 \n(1,242,109.41) (474,079.00) \n(1,694,284.56) (612,036.82) (80,937.84) (34,974.75) \n(111,064.14) - \n(164,630.73) (77,907.30) \n \nTotal Governmental Activities \n \n$ \n \n46,935,794.31 $ \n \n369,147.26 $ 34,494,539.40 $ \n \n440,550.00 \n \n(11,631,557.65) \n \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 \n \n8,506,073.93 22,659.43 \n3,758,359.19 77,627.29 \n2,802,505.00 1,182,268.51 1,329,762.20 17,679,255.55 \n \nChange in Net Position \n \n6,047,697.90 \n \nNet Position - Beginning of Year, as previously presented \n \n35,431,674.15 \n \nError Correction \n \n(120,000.00) \n \nNet Position - Beginning of Year, as restated \n \n35,311,674.15 \n \nNet Position - End of Year \n \n$ \n \n41,359,372.05 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 2 - \n \n TOOMBS COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30, 2024 \n \nEXHIBIT \"C\" \n \nASSETS Cash and Cash Equivalents Accounts Receivable, Net \nTaxes State Government Federal Government Other Inventories Prepaid Items \nTotal Assets \nLIABILITIES Accounts Payable Salaries and Benefits Payable Deposits and Unearned Revenue \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes Unavailable Revenue - Federal Funds \nTotal Deferred Inflows of Resources \nFUND BALANCES Nonspendable Restricted Assigned Unassigned \nTotal Fund Balances \nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE FUND \n \nTOTAL \n \n$ \n \n13,472,178.54 $ \n \n12,757,248.10 $ \n \n1,337,488.21 3,068,647.93 1,401,681.01 \n335,935.15 82,718.26 \n380,126.05 \n \n317,224.26 - \n \n$ \n \n20,078,775.15 $ \n \n13,074,472.36 $ \n \n4,253.16 $ \n- \n4,253.16 $ \n \n26,233,679.80 \n1,654,712.47 3,068,647.93 1,401,681.01 \n335,935.15 82,718.26 \n380,126.05 \n33,157,500.67 \n \n$ \n \n600,557.27 $ \n \n4,231,565.08 \n \n35,536.00 \n \n4,867,658.35 \n \n11,994.17 $ - \n11,994.17 \n \n3,500.00 $ - \n3,500.00 \n \n616,051.44 4,231,565.08 \n35,536.00 4,883,152.52 \n \n975,290.21 \n \n- \n \n390,026.05 \n \n- \n \n1,365,316.26 \n \n- \n \n- \n \n975,290.21 \n \n- \n \n390,026.05 \n \n- \n \n1,365,316.26 \n \n72,818.26 1,104,477.23 \n577,460.91 12,091,044.14 13,845,800.54 \n \n5,856,976.04 7,205,502.15 \n13,062,478.19 \n \n753.16 \n753.16 \n \n72,818.26 6,962,206.43 7,782,963.06 12,091,044.14 26,909,031.89 \n \n$ \n \n20,078,775.15 $ \n \n13,074,472.36 $ \n \n4,253.16 $ \n \n33,157,500.67 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 3 - \n \n TOOMBS COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \nTO THE STATEMENT OF NET POSITION JUNE 30, 2024 \n \nEXHIBIT \"D\" \n \nTotal fund balances - governmental funds (Exhibit \"C\") \nAmounts reported for governmental activities in the Statement of Net Position are different because: \nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land Construction in progress Buildings and improvements Equipment Land improvements Accumulated depreciation \nRight-to-use assets used in governmental activities are not financial resources and therefore are not reported in the funds. Leased machinery and equipment Subscription assets Accumulated amortization - Right-to-use assets \nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB liability \nDeferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. Related to pensions Related to OPEB \nTaxes that are not available to pay for current period expenditures are deferred in the funds. \nRevenue that are not available to pay current period expenditures are deferred in the funds. \nLong-term liabilities, and related accrued interest, are not due and payable in the current period and therefore are not reported in the funds. Bonds payable Accrued interest payable Lease liability payable Subscription liability payable Unamortized bond premiums \nNet position of governmental activities (Exhibit \"A\") \n \n$ \n \n26,909,031.89 \n \n$ \n \n1,018,112.49 \n \n23,000.00 \n \n65,956,887.99 \n \n12,354,355.26 \n \n3,538,507.36 \n \n(21,877,612.26) \n \n61,013,250.84 \n \n$ \n \n327,201.72 \n \n856,257.00 \n \n(380,755.09) \n \n802,703.63 \n \n$ \n \n(35,091,101.00) \n \n(18,380,483.00) \n \n(53,471,584.00) \n \n$ \n \n10,645,097.00 \n \n(3,245,037.00) \n \n7,400,060.00 975,290.21 390,026.05 \n \n$ \n \n(2,090,000.00) \n \n(27,378.20) \n \n(251,478.58) \n \n(194,751.00) \n \n(95,798.79) \n \n(2,659,406.57) \n \n$ \n \n41,359,372.05 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 4 - \n \n TOOMBS COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2024 \n \nEXHIBIT \"E\" \n \nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation Capital Outlay Debt Services Principal Dues and Fees Interest Total Expenditures \nRevenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES) Subscription Liability Proceeds Transfers In Transfers Out Total Other Financing Sources (Uses) \nNet Change in Fund Balances \nFund Balances - Beginning, as previously reported \nError Correction \nFund Balances - Beginnng, as restated \nFund Balances - Ending \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ \n \n8,415,593.13 $ \n \n77,627.29 \n \n26,385,821.88 \n \n11,215,392.43 \n \n369,147.26 \n \n659,970.37 \n \n1,329,762.20 \n \n48,453,314.56 \n \n- $ 3,758,359.19 \n520,344.04 4,278,703.23 \n \n- $ 1,954.10 1,954.10 \n \n8,415,593.13 3,835,986.48 26,385,821.88 11,215,392.43 \n369,147.26 1,182,268.51 1,329,762.20 52,733,971.89 \n \n27,501,216.76 \n2,213,292.81 1,939,225.67 \n613,815.17 369,999.66 2,226,281.71 668,990.24 2,755,978.87 2,621,098.18 195,114.74 \n70,395.40 402,789.04 \n76,110.43 3,323,069.38 \n573,869.00 \n152,815.82 - \n23,107.86 45,727,170.74 \n2,726,143.82 \n \n- \n101,616.11 169,754.41 \n271,370.52 4,007,332.71 \n \n- \n- \n2,005,000.00 4,575.00 \n164,650.00 2,174,225.00 (2,172,270.90) \n \n27,501,216.76 \n2,213,292.81 1,939,225.67 \n613,815.17 369,999.66 2,226,281.71 668,990.24 2,857,594.98 2,621,098.18 195,114.74 \n70,395.40 402,789.04 \n76,110.43 3,323,069.38 \n743,623.41 \n2,157,815.82 4,575.00 \n187,757.86 48,172,766.26 \n4,561,205.63 \n \n265,582.00 - \n(2,500,000.00) (2,234,418.00) \n \n2,500,000.00 (2,087,325.00) \n412,675.00 \n \n491,725.82 \n \n4,420,007.71 \n \n13,354,074.72 \n \n8,762,470.48 \n \n- \n \n(120,000.00) \n \n13,354,074.72 \n \n8,642,470.48 \n \n$ \n \n13,845,800.54 $ \n \n13,062,478.19 $ \n \n2,087,325.00 \n2,087,325.00 \n(84,945.90) \n85,699.06 \n- \n85,699.06 \n753.16 $ \n \n265,582.00 4,587,325.00 (4,587,325.00) \n265,582.00 \n4,826,787.63 \n22,202,244.26 \n(120,000.00) \n22,082,244.26 \n26,909,031.89 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 5 - \n \n TOOMBS COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2024 \n \nEXHIBIT \"F\" \n \nNet change in fund balances total governmental funds (Exhibit \"E\") \nAmounts reported for governmental activities in the Statement of Activities are different because: \nGovernmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of capital assets is allocated over their estimated useful lives as depreciation expense. Capital outlay Intangible right-to-use outlay Depreciation expense Amortization Expense \nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \nFederal revenue reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \nFederal revenue deferred in the funds in the prior year but recognized as revenue in the current year. \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. Subscription liability proceeds Bond principal retirements Lease liability payments Subscription liability payments Amortization of bond premium \nDistrict pension/OPEB contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension/OPEB liability is measured a year before the District's report date. Pension/OPEB expense, which is the change in the net pension/OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions/OPEB, is reported in the Statement of Activities. Pension expense OPEB expense \nSome items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. Net decrease in accrued interest \nChange in net position of governmental activities (Exhibit \"B\") \n \n$ \n \n4,826,787.63 \n \n$ \n \n2,232,737.40 \n \n639,757.00 \n \n(2,039,110.70) \n \n(325,526.38) \n \n507,857.32 113,140.23 390,026.05 (339,403.71) \n \n$ \n \n(265,582.00) \n \n2,005,000.00 \n \n81,984.82 \n \n70,831.00 \n \n114,958.56 \n \n2,007,192.38 \n \n$ \n \n(2,891,306.00) \n \n1,433,937.00 \n \n(1,457,369.00) \n \n(533.00) \n \n$ \n \n6,047,697.90 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 6 - \n \n TOOMBS COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET POSITION \nFIDUCIARY FUNDS JUNE 30, 2024 \nASSETS Cash and Cash Equivalents \nLIABILITIES Accounts Payable \nNET POSITION Restricted Southeastern Early College and Career Academy \n \nEXHIBIT \"G\" \n \nCUSTODIAL FUNDS \n \n$ \n \n1,005,797.74 \n \n607,924.98 \n \n$ \n \n397,872.76 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 7 - \n \n TOOMBS COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDUCIARY NET POSITION \nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2024 \nADDITIONS Contributions Interest Miscellaneous Total Additions \nDEDUCTIONS Purchased Professional Services Supplies and Other Total Deductions \nChange in Net Position \nNet Position - Beginning \nNet Position - Ending \n \nEXHIBIT \"H\" \n \nCUSTODIAL FUNDS \n \n$ \n \n818,474.00 \n \n5,715.77 \n \n18,265.00 \n \n842,454.77 \n \n625,899.44 145,511.16 771,410.60 \n \n71,044.17 \n \n326,828.59 \n \n$ \n \n397,872.76 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 8 - \n \n (This page left intentionally blank) \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \nReporting Entity \nThe Toombs County (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe accompanying financial statements of the School District have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). GASB is the accepted standard-setting body for governmental accounting and financial reporting principles. The most significant of the School District's accounting policies are described below. \nBasis of Presentation \nThe School District's basic financial statements are collectively comprised of the government-wide financial statements, fund financial statements and notes to the basic financial statements. The government-wide statements focus on the School District as a whole, while the fund financial statements focus on major funds. Each presentation provides valuable information that can be analyzed and compared between years and between governments to enhance the information's usefulness. \nGovernment-Wide Statements: \nThe Statement of Net Position and the Statement of Activities display information about the financial activities of the overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \nThe Statement of Net Position presents the School District's non-fiduciary assets, deferred outflows of resources, deferred inflows of resources and liabilities, with the difference reported as net position. Net position is reported in three categories as follows: \n1. Net investment in capital assets consists of the School District's total investment in capital assets, net of accumulated depreciation, and reduced by outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of net investment in capital assets. \n2. Restricted net position consists of resources for which the School District is legally or contractually obligated to spend in accordance with restrictions imposed by external third parties or imposed by law through constitutional provisions or enabling legislation. \n3. Unrestricted net position consists of resources not meeting the definition of the two preceding categories. Unrestricted net position often has constraints on resources imposed by management which can be removed or modified. \nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \n \n- 10 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nDirect expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \nProgram revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \nFund Financial Statements \nThe fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate financial statements are presented for governmental and fiduciary funds. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \nThe School District reports the following major governmental funds: \n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST) and bond proceeds that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \n The debt service fund accounts for and reports financial resources that are restricted, committed, or assigned including taxes (sales) legally restricted for the payment of general long-term principal and interest. \nThe School District reports the following fiduciary fund type: \n Custodial funds are used to report resources held by the School District in a purely custodial capacity. \nBasis of Accounting \nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \n- 11 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. The School District considers certain revenues reported in the governmental funds to be available if they are collected within 60 days after year-end. The School District considers all intergovernmental revenues to be available if they are collected within 120 days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities and acquisitions under leases and subscriptions are reported as other financing sources. \nThe School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted resources available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \nNew Accounting Pronouncements \nIn fiscal year 2024, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 100, Accounting Changes and Error Corrections. The objective of this statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent and comparable information for making decisions or assessing accountability. The adoption of this statement did not have a material impact on the School District's financial statements. This statement will be applied prospectively. \nCash and Cash Equivalents \nCash and cash equivalents consist of cash on hand, demand deposits, investments in the State of Georgia local government investment pool (Georgia Fund 1) and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated (O.C.G.A.) 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \nReceivables \nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \nInventories \nFood Inventories \nOn the basic financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (calculated on the first-in, first-out basis). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue \n- 12 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nwhen received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \n \nPrepaid Items \nPayments made to vendors for services that will benefit future accounting periods are recorded as prepaid items, in both the government-wide and governmental fund financial statements. \n \nCapital Assets \nOn the government-wide financial statements, capital assets are recorded at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at the acquisition value on the date donated. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. The School District does not capitalize book collections or works of art. \nCapital acquisition and construction are recorded as expenditures in the governmental fund financial statements at the time of purchase (including ancillary charges), and the related assets are reported as capital assets in the governmental activities column in the government-wide financial statements. \nDepreciation is computed using the straight-line for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \n \nCapitalization Policy \n \nEstimated Useful Life \n \nLand Land Improvements Buildings and Improvements Equipment Buses Intangible Assets \n \nAny Amount \n \n$ \n \n5,000.00 \n \n$ \n \n5,000.00 \n \n$ \n \n5,000.00 \n \n$ \n \n5,000.00 \n \n$ 200,000.00 \n \nN/A 20 to 80 years Up to 80 years \n5 to 25 years 8 to 14 years 5 to 10 years \n \nIntangible Right-To-Use Assets \nLeases, as a lessee, are included as intangible right-to-use assets and lease obligations on the Statement of Net Position. Subscription-based information technology arrangements (SBITAs) result in an intangible right-to-use subscription asset and a subscription liability on the Statement of Net Position. \nAn intangible right-to-use asset represents the School District's right to use an underlying asset for the lease or subscription term. Lease and subscription obligations represent the School District's liability to make lease and subscription payments arising from the lease or subscription agreement. Intangible right-to-use assets, lease obligations and subscription liabilities are recognized based on the present value of lease or subscription payments over the lease term, where the initial term exceeds 12 months. Residual value guarantees and the value of an option to extend or terminate a lease or subscription are reflected to the extent it is reasonably certain to be paid or exercised. Variable payments based on \n- 13 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nfuture performance or usage are not included in the measurement of the lease or subscription liability. Intangible right-to-use assets are amortized using a straight-line basis over the shorter of the lease or subscription term or useful life of the underlying asset. Prepayments made before the commencement of the lease or subscription are reported as intangible right-to-use assets-in-progress. \nCapitalization thresholds of intangible right-to-use assets reported in the government-wide statements are capitalized in accordance with the guidelines set for similar capital asset categories whose purchase is financed through means other than a lease. Capitalization threshold of intangible right-to-use subscription assets is $200,000.00. \nLeases as Lessee \nThe School District is a lessee for noncancellable leases of copiers and subscription software owned by third parties. \nAt the commencement of a lease, the School District initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The right-to-use lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on the straight-line basis over the shorter of the useful life of the asset or the lease term. \nKey estimates and judgments related to leases include how the School District determines (1) the discount rate it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease payments: \nThe lease agreements entered into by the School District as lessee do not contain stated interest rates. Therefore, the School District has used its estimated incremental borrowing rate as the discount rate for the leases. The School District has estimated this incremental borrowing rate to be 7.90% to 8.50% for the leases in which the School District is currently involved as the lessee. \nThe lease term includes the noncancellable period of the lease. Lease payments included in the measurement of the lease liability are composed of fixed payments the School District will make over the lease term. \nThe School District monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease asset and lease liability if certain changes occur that are expected to significantly affect the amount of the lease liability. \nLease assets are reported with other capital assets and lease liabilities are reported with current and long-term debt on the statement of net position. \nDeferred Outflows/Inflows of Resources \nIn addition to assets, the statement of financial position will report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of resources that applies to a future period(s) and therefore will not be recognized as an outflow of resources (expense/expenditure) until then. \nIn addition to liabilities, the statement of financial position will report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of resources that applies to a future period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time. \n- 14 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nLong-Term Liabilities and Bond Discounts/Premiums \nIn the School District's government-wide financial statements, outstanding debt is reported as liabilities. Bond premiums and discounts and the difference between the reacquisition price and the net carrying value of refunded debt are deferred and amortized over the life of the bonds using the straightline method. To conform to generally accepted accounting principles, bond premiums and discounts should be amortized using the effective interest method. The effect of this deviation is deemed to be immaterial to the fair presentation of the basic financial statements. Bond issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \nIn the governmental fund financial statements, the School District recognizes the proceeds of debt and premiums as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures. \nPensions \nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \nPost-Employment Benefits Other Than Pensions (OPEB) \nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Post-Employment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \nFund Balances \nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \nThe School District's fund balances are classified as follows: \nNon-spendable consists of resources that cannot be spent either because they are in a non-spendable form or because they are legally or contractually required to be maintained intact. \nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \n \n- 15 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \nUse of Estimates \nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \nProperty Taxes \nThe Toombs County Board of Commissioners adopted the property tax levy for the 2023 tax digest year (calendar year) on September 15, 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 Toombs 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 $7,117,280.98. \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): \n \nSchool Operations \n \n14.00 mills \n \nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $1,275,652.72 during fiscal year ended June 30, 2024. \nSales Taxes \nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $3,758,359.19 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \n- 16 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nNOTE 3: BUDGETARY DATA \nThe budget is a complete financial plan for the School District's fiscal year and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general, debt service and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds, except the various school activity (principal) accounts, is prepared and adopted by fund and function. The legal level of budgetary control was established by the Board at the aggregate fund level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \nThe Superintendent is authorized by the Board to approve adjustments of the amount budgeted for expenditures between any budget function within the same fund. The Superintendent shall report any such adjustments to the Board. If expenditure of funds is anticipated to exceed the total appropriation at the aggregate fund level, the Superintendent shall request Board approval for the budget amendment. Under no circumstance is the Superintendent or other staff person authorized to spend funds that exceed the total budget without approval by the Board. \nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \nNOTE 4: DEPOSITS AND CASH EQUIVALENTS \nCollateralization of Deposits \nO.C.G.A. 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A. 45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance. \nAcceptable security for deposits consists of any one of or any combination of the following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n \n- 17 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \nCategorization of Deposits \nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2024, the School District had deposits with a carrying amount of $9,715,191.47, and a bank balance of $10,866,003.85. The bank balances insured by Federal depository insurance were $750,000.00 and the bank balances collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name were $345,371.65. \nAt June 30, 2024, $9,770,632.20 of the School District's bank balances was exposed to custodial credit risk. This balance was in the State's Secure Deposit Program (SDP). \nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. The SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians. \n \n- 18 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \nReconciliation of cash and cash equivalents balances to carrying value of deposits: \n \nCash and cash equivalents Statement of Net Position Statement of Fiduciary Net Position \n \n$ 26,233,679.80 1,005,797.74 \n \nTotal cash and cash equivalents \n \n27,239,477.54 \n \nLess: Investment pools reported as cash and cash equivalents \nGeorgia Fund 1 \n \n17,524,286.07 \n \nTotal carrying value of deposits - June 30, 2024 \n \n$ \n \n9,715,191.47 \n \nCategorization of Cash Equivalents \nThe School District reported cash equivalents of $17,524,286.07 in Georgia Fund 1, a local government investment pool, which is included in the cash balances above. Georgia Fund 1 is not registered with the SEC as an investment company and does not operate in a manner consistent with the SEC's Rule 2a-7 of the Investment Company Act of 1940. The investment is valued at the pool's share price, $1.00 per share, which approximates fair value. The pool is an AAAf rated investment pool by Fitch. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2024 was 33 days. \nGeorgia Fund 1, administered by the State of Georgia, Office of the State Treasurer, is not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of the State Treasurer for the Georgia Fund 1, does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State of Georgia Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \n \n- 19 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nNOTE 5: CAPITAL ASSETS AND INTANGIBLE RIGHT-TO-USE ASSETS \nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \n \nBalances July 1, 2023 \n \nIncreases \n \nDecreases \n \nTransfers \n \nBalances June 30, 2024 \n \nGovernmental Activities Capital Assets, \nNot Being Depreciated: Land Construction in Progress \n \n$ 1,018,112.49 $ \n \n- $ \n \n1,187,555.00 \n \n272,654.00 \n \n- \n \n$ \n \n- $ \n \n1,018,112.49 \n \n- \n \n(1,437,209.00) \n \n23,000.00 \n \nTotal Capital Assets Not Being Depreciated \n \n2,205,667.49 \n \n272,654.00 \n \n- \n \n(1,437,209.00) \n \n1,041,112.49 \n \nCapital Assets, Being Depreciated: Buildings and Improvements Equipment Land Improvements \n \n65,881,324.99 9,091,438.27 3,479,694.95 \n \n63,163.00 1,838,107.99 \n58,812.41 \n \n- \n \n12,400.00 \n \n65,956,887.99 \n \n- \n \n1,424,809.00 \n \n12,354,355.26 \n \n- \n \n- \n \n3,538,507.36 \n \nLess Accumulated \n \nDepreciation for: \n \nBuildings and Improvements \n \n13,310,264.25 \n \n1,201,889.64 \n \n- \n \nEquipment \n \n4,944,642.46 \n \n688,703.35 \n \n- \n \nLand Improvements \n \n1,583,594.85 \n \n148,517.71 \n \n- \n \n- \n \n14,512,153.89 \n \n- \n \n5,633,345.81 \n \n- \n \n1,732,112.56 \n \nTotal Capital Assets, Being Depreciated, Net \n \n58,613,956.65 \n \n(79,027.30) \n \n- \n \n1,437,209.00 \n \n59,972,138.35 \n \nGovernmental Activities Capital Assets - Net \n \n$ 60,819,624.14 $ 193,626.70 $ \n \n- \n \n$ \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction \n \nSupport Services \n \nPupil Services \n \n$ \n \nImprovements of Instructional Services \n \nEducational Media Services \n \nGeneral Administration \n \nSchool Administration \n \nMaintenance and Operation of Plant \n \nStudent Transportation Services \n \nCentral Support Services \n \nFood Services \n \nEnterprise Operations \n \n$ \n287,785.17 14,261.32 27,709.87 11,003.52 51,549.55 \n158,593.09 320,515.94 \n19,449.26 \n \n- $ 61,013,250.84 \n1,055,182.86 \n890,867.72 81,928.57 11,131.55 \n \n$ \n \n2,039,110.70 \n \n- 20 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nThe following is a summary of changes in the intangible right-to-use assets for governmental activities during the fiscal year: \n \nBalances July 1, 2023 \n \nIncreases \n \nDecreases \n \nBalance June 30, 2024 \n \nGovernmental Activities Intangible Right-to-Use Assets \nEquipment Subscription Assets \n \n$ 439,794.01 $ \n \n- $ 112,592.29 $ \n \n216,500.00 \n \n639,757.00 \n \n- \n \n327,201.72 856,257.00 \n \nLess Accumulated Amortization for: Equipment Subscription Assets \n \n124,521.00 43,300.00 \n \n91,503.38 234,023.00 \n \n112,592.29 - \n \n103,432.09 277,323.00 \n \nGovernmental Activities Intangible Right-to-Use Assets - Net \n \n$ 488,473.01 $ 314,230.62 $ \n \n- $ 802,703.63 \n \nCurrent year amortization expense by function is as follows: \n \nSupport Services \n \nBusiness Administration \n \n$ \n \nMaintenance and Operation of Plant \n \n$ \n \n59,053.00 266,473.38 \n325,526.38 \n \nNOTE 6: INTERFUND TRANSFERS Interfund transfers for the year ended June 30, 2024, consisted of the following: \n \nTransfers to \nCapital Projects Fund Debt Service Fund \n \nGeneral Fund \n \nTransfers From Capital Projects \nFund \n \nTotal \n \n$ 2,500,000.00 $ \n \n- $ 2,500,000.00 \n \n- \n \n2,087,325.00 2,087,325.00 \n \nTotal \n \n$ 2,500,000.00 $ 2,087,325.00 $ 4,587,325.00 \n \nTransfers are used to move property tax revenues collected by the general fund to the capital projects fund as required match or supplemental funding source for capital construction projects. Also, transfers are used to move Education Special Purpose Local Option Sales Tax (ESPLOST) revenues collected by the capital projects fund to the debt service fund for the payment of principal and interest on general long-term debt. \n \n- 21 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nNOTE 7: LONG-TERM LIABILITIES The changes in long-term liabilities during the fiscal year for governmental activities were as follows: \n \nBalance July 1, 2023 \n \nGovernmental Activities \n \nBalance \n \nAdditions \n \nDeductions \n \nJune 30, 2024 \n \nDue Within One Year \n \nGeneral Obligation (G.O.) Bonds Unamortized Bond Premiums Leases Subscription Liabilities \n \n$ 4,095,000.00 $ \n \n- $ 2,005,000.00 $ 2,090,000.00 $ 2,090,000.00 \n \n210,757.35 \n \n- \n \n114,958.56 \n \n95,798.79 \n \n95,798.79 \n \n333,463.40 \n \n- \n \n81,984.82 \n \n251,478.58 \n \n59,297.39 \n \n- \n \n265,582.00 \n \n70,831.00 \n \n194,751.00 \n \n69,328.00 \n \n$ 4,639,220.75 $ 265,582.00 $ 2,272,774.38 $ 2,632,028.37 $ 2,314,424.18 \n \nGeneral Obligation Bonds \nThe School District's bonded debt consists of general obligation bonds that are generally noncallable with interest payable semiannually. Bond proceeds primarily pay for acquiring or constructing capital facilities. The School District repays general obligation bonds from voter-approved sales taxes. General obligation bonds are direct obligations and pledge the full faith and credit of the School District. \nThe School District's outstanding bonds from direct placements related to governmental activities of $2,090,000.00 as of June 30, 2024 contain a provision that in the event the entity is unable to make the principal and interest payments using proceeds from the Education Special Purpose Local Option Sales Tax (ESPLOST), the debt will be satisfied from a direct annual ad valorem tax levied upon all taxable property within the School District. Additional security is provided by the State of Georgia Intercept Program which allows for state appropriations entitled to the School District to be transferred to the Debt Service Account Custodian for the payment of debt. \nGeneral obligation bonds currently outstanding are as follows: \n \nDescription \n \nInterest Rates \n \nIssue Date \n \nMaturity Date \n \nAmount Issued \n \nAmount Outstanding \n \nGeneral Government - Series 2019 3.00% - 5.00% 6/18/2019 5/1/2025 $ 6,025,000.00 $ 2,090,000.00 \n \nThe following schedule details debt service requirements to maturity for the School District's total general obligation bonds payable: \n \nFiscal Year Ended June 30: \n \nGeneral Obligation Debt \n \nPrincipal \n \nInterest \n \nUnamortized Bond Premium \n \n2025 \n \n$ \n \n2,090,000.00 $ \n \n104,500.00 $ \n \n95,798.79 \n \n- 22 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nLeases \nThe School District has acquired equipment under the provisions of various contracts that convey control of the right-to-use another entity's asset for a period of time in an exchange-like transaction. These contracts are classified as leases for accounting purposes. \nThe following is a summary of the carrying values of intangible right-to-use assets under lease at June 30, 2024: \nGovernmental Activities \n \nEquipment \n \n$ \n \nLess: Accumulated Amortization \n \n327,201.72 103,432.09 \n \n$ \n \n223,769.63 \n \nLeases currently outstanding are as follows: \n \nDescription \n \nInterest Rate \n \nIssue Date \n \nMaturity Date Amount Issued \n \nAmount Outstanding \n \nCanon Copiers \n \n7.92% \n \n12/1/2022 \n \n4/30/2028 $ \n \n327,201.72 $ \n \n251,478.58 \n \nThe following is a schedule of total lease payments: \n \nFiscal Year Ended June 30: \n \nPrincipal \n \nInterest \n \n2025 2026 2027 2028 \n \n$ \n \n59,297.39 $ \n \n17,795.29 \n \n64,168.03 \n \n12,924.65 \n \n69,438.75 \n \n7,653.93 \n \n58,574.41 \n \n2,061.97 \n \nTotal Principal and Interest $ \n \n251,478.58 $ \n \n40,435.84 \n \nSubscription Liabilities \nThe School District has entered into certain subscription-based contracts to use vendor-provided information technology (IT) under the provisions of various contracts that convey control of the rightto-use another entity's asset for a period of time in an exchange or exchange-like transaction. These contracts are classified as subscription liabilities for accounting purposes. The subscription asset is amortized on the straight-line basis over the shorter of the useful life of the asset or the subscriptionbased information technology arrangement term. \nThere were no variable payments based on performance, nor termination penalties expensed for fiscal year ended June 30, 2024. \n \n- 23 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nThe following is a summary of the carrying values of intangible right-to-use assets under subscription at June 30, 2024: \nGovernmental Activities \n \nSubscription Assets \n \n$ \n \nLess: Accumulated Amortization \n \n856,257.00 277,323.00 \n \n$ \n \n578,934.00 \n \nDuring the current fiscal year, the School District entered into a subscription agreement for the rightto-use Your One Source Solution at a cost of $203,316.00 with a down payment of $45,000.00. This subscription liability qualifies as a subscription liability for accounting purposes, and, therefore, has been recorded at the present value of the future minimum subscription payments as of the date of inception. \nDuring the current fiscal year, the School District renewed the subscription agreement for the right-touse Softdocs at a cost of $62,266.00 with a down payment of $25,831.00. This subscription liability qualifies as a subscription liability for accounting purposes, and, therefore, has been recorded at the present value of the future minimum subscription payments as of the date of inception. \nAt the commencement of the subscription-based information technology arrangement (SBITA), the School District initially measures the subscription liability at the present value of payments expected to be made during the term of the SBITA. Subsequently, the subscription liability is reduced by the principal portion of SBITA payments made. The right-to-use subscription asset is initially measured as the initial amount of the subscription liability, adjusted for SBITA payments made at or before the SBITA commencement date, plus certain initial direct costs. Subsequently, the subscription asset is amortized on the straight-line basis over the shorter of the useful life of the asset or the SBITA term. \nSubscription liabilities currently outstanding are as follows: \n \nPurpose \n \nInterest Rates \n \nIssue Date \n \nMaturity Date \n \nAmount Issued \n \nAmount Outstanding \n \nYOSS HR/finance platform Softdocs Payroll/finance system \n \n8.50% 8.50% \n \n11/1/2023 9/1/2023 \n \n10/31/2028 $ 8/31/2025 \n \n203,316.00 $ 62,266.00 \n \n158,316.00 36,435.00 \n \n$ \n \n265,582.00 $ \n \n194,751.00 \n \n- 24 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nThe following is a schedule of total subscription liability payments: \n \nFiscal Year Ended June 30: \n \nPrincipal \n \n2025 2026 2027 2028 \n \n$ \n \n69,328.00 $ \n \n37,080.00 \n \n41,663.00 \n \n46,680.00 \n \nInterest \n16,554.00 10,661.00 \n7,509.00 3,968.00 \n \nTotal Principal and Interest $ \n \n194,751.00 $ \n \n38,692.00 \n \nEXHIBIT \"I\" \n \nNOTE 8: RISK MANAGEMENT \nInsurance \nThe School District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors or omissions; job related illness or injuries to employees; and natural disasters. \nGeorgia School Boards Association Risk Management Fund \nThe School District participates in the Georgia School Boards Association Risk Management Fund (the Fund), a public entity risk pool organized on August 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, errors and omissions liability, cyber risk and property damage, including safety engineering and other loss prevention and control techniques, and to administer the Fund including the processing and defense of claims brought against members of the Fund. The School District pays an annual contribution to the Fund for coverage. Reinsurance is provided to the Fund through agreements by the Fund with insurance companies according to their specialty for property (including coverage for flood and earthquake), machinery breakdown, general liability, errors and omissions, crime, cyber risk and automobile risks. Reinsurance limits and retentions vary by line of coverage. \nWorkers' Compensation \nGeorgia School Boards Association Workers' Compensation Fund \nThe School District participates in the Georgia School Boards Association Workers' Compensation Fund (the Fund), a public entity risk pool organized on July 1, 1992, to develop, implement, and administer a program to reduce the risk of loss from employee accidents. The School District pays an annual contribution to the Fund for coverage. The Fund provides statutory limits of coverage for Workers' Compensation coverage and a $2,000,000 limit per occurrence for Employers' Liability coverage. Excess insurance coverage is provided through an agreement between the Fund and the Safety National Casualty Corporation to limit the Fund's exposure to large losses. \n \n- 25 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nUnemployment Compensation \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. \nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \n \nBeginning of Year Liability \n \nClaims and Changes in Estimates \n \nClaims Paid \n \nEnd of Year Liability \n \n2023 $ 2024 $ \n \n- $ 17,155.00 $ \n \n17,155.00 $ - $ \n \n- $ - $ \n \n17,155.00 17,155.00 \n \nSurety Bond The School District purchased a surety bond to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nAthletic Director \n \n$ 10,000.00 \n \nNOTE 9: FUND BALANCE CLASSIFICATION DETAILS \nThe School District's financial statements include the following amounts presented in the aggregate at June 30, 2024: \n \nNonspendable \n \nInventories \n \nRestricted \n \nContinuation of Federal Programs $ \n \nCapital Projects \n \nDebt Service \n \nAssigned \n \nLocal Capital Outlay Projects \n \n$ \n \nSchool Activity Accounts \n \nUnassigned \n \n$ \n1,104,477.23 5,804,726.04 \n53,003.16 \n7,205,502.15 577,460.91 \n \n72,818.26 \n6,962,206.43 7,782,963.06 12,091,044.14 \n \nFund Balance, June 30, 2024 \n \n$ \n \n26,909,031.89 \n \n- 26 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nWhen multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \nNOTE 10: SIGNIFICANT CONTINGENT LIABILITIES \nFederal Grants \nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position. \nNOTE 11: OTHER POST-EMPLOYMENT BENEFITS (OPEB) \nGeorgia School Personnel Post-Employment Health Benefit Fund \nPlan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit post-employment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board. \nBenefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. \nContributions: As established by the Board, the School OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $690,663.00 for the year ended June 30, 2024. Active employees are not required to contribute to the School OPEB Fund. \nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \nAt June 30, 2024, the School District reported a liability of $18,380,483.00 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 \n- 27 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \non employer contributions during the fiscal year ended June 30, 2023. At June 30, 2023, the School District's proportion was 0.167806%, which was an increase of 0.003128% from its proportion measured as of June 30, 2022. \nFor the year ended June 30, 2024, the School District recognized OPEB expense of ($742,720.00). At June 30, 2024, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \n \nOPEB \n \nDeferred \n \nDeferred \n \nOutflows of \n \nInflows of \n \nResources \n \nResources \n \nDifferences between expected and actual experience \n \n$ 535,761.00 $ 5,279,091.00 \n \nChanges of assumptions \n \n3,339,372.00 2,295,443.00 \n \nNet difference between projected and actual \n \nearnings on OPEB plan investments \n \n11,027.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n843,549.00 1,090,875.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n690,663.00 \n \n- \n \nTotal \n \n$ 5,420,372.00 $ 8,665,409.00 \n \nSchool District contributions subsequent to the measurement date are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: \n \nYear Ended June 30: \n \nOPEB \n \n2025 2026 2027 2028 2029 Thereafter \n \n$ (1,553,258.00) \n \n$ (1,154,878.00) \n \n$ (1,172,921.00) \n \n$ (325,631.00) \n \n$ \n \n231,415.00 \n \n$ \n \n39,573.00 \n \n- 28 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nActuarial Assumptions: The total OPEB liability as of June 30, 2023 was determined by an actuarial valuation as of June 30, 2022 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2023: \n \nOPEB: Inflation Salary increases Long-term expected rate of return \nHealthcare cost trend rate Ultimate trend rate Year of Ultimate trend rate \n \n2.50% 3.00%  8.75%, including inflation 7.00%, compounded annually, net of investment expense, and including inflation 7.00% 4.50% 2032 \n \nThe Plan currently uses mortality tables that vary by age, gender, and health status (i.e. disabled or not disabled) as follows: \n For TRS members: Post-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% was used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \n For PSERS members: Pre-retirement mortality rates were based on the Pub-2010 General Employee Mortality Table, with no adjustment, with the MP-2019 Projections scale applied generationally. Post-retirement mortality rates for service retirements were based on the Pub-2010 General Healthy Annuitant Mortality Table (ages set forward one year and adjusted 101% for males and 103% for females) with the MP-2019 Projection scale applied generationally. Postretirement mortality rates for disability retirements were based on the Pub-2010 General Disabled Mortality Table (ages set back three years for males and adjusted 103% for males and 106% for females) with the MP-2019 Projections scaled applied generationally. Postretirement mortality rates for beneficiaries were based on the Pub-2010 General Contingent Survivor Mortality Table (ages set forward two years and adjust 104% for males and 99% for females) with the MP-2019 Project scale applied generationally. \n \n- 29 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nThe actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2018, with the exception of the assumed annual rate of inflation with changed from 2.75% to 2.50%, effective with the June 30, 2018 valuation. \n \nThe remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2022 valuation were based on a review of recent plan experience done concurrently with the June 30, 2022 valuation. \n \nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \n \nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \n \nAsset Class \n \nTarget Allocation \n \nLong-Term Expected Real Rate of Return* \n \nFixed income Equities \n \n30.00% 70.00% \n \n1.50% 9.40% \n \nTotal \n \n100.00% \n \n* Net of inflation \nDiscount Rate: In order to measure the total OPEB liability for the School OPEB Fund, a single equivalent interest rate of 3.68% was used as the discount rate, as compared with last year's rate of 3.57%. The plan's fiduciary net position was projected to not be able to make all future benefit payments of current plan members. Therefore, the municipal bond rate as used for the long-term rate of return was applied to all periods of projected benefit payments to determine total OPEB liability. This is comprised mainly of the yield or index rate for 20-year tax-exempt general obligation bonds with an average rating of AA or higher (3.65% per the Municipal Bond Index Rate). The projection of cash flows used to determine the discount rate assumed that contributions from members and from the employers will be made at the current level as averaged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2128. \n \n- 30 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net OPEB liability calculated using the discount rate of 3.68%, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (2.68%) or 1-percentage-point higher (4.68%) than the current discount rate: \n \n1% Decrease (2.68%) \n \nCurrent Discount Rate (3.68%) \n \n1% Increase (4.68%) \n \nSchool District's proportionate share \n \nof the Net OPEB liability \n \n$ \n \n20,835,126.00 $ \n \n18,380,483.00 $ 16,313,155.00 \n \nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates: The following presents the School District's proportionate share of the net OPEB liability, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates: \n \n1% Decrease \n \nCurrent Healthcare Cost Trend Rate \n \n1% Increase \n \nSchool District's proportionate share \n \nof the Net OPEB liability \n \n$ \n \n15,832,349.00 $ \n \n18,380,483.00 $ \n \n21,521,783.00 \n \nOPEB Plan Fiduciary Net Position: Detailed information about the OPEB plan's fiduciary net position is available in the Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \n \nNOTE 12: RETIREMENT PLANS \nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \nTeachers Retirement System of Georgia (TRS) \nPlan Description: All teachers of the School District as defined in O.C.G.A. 47-3-60 and certain other support personnel as defined by O.C.G.A. 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple-employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and \n \n- 31 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \ncompensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Pursuant to O.C.G.A. 47-3-63, the employer contributions for certain full-time public school support personnel are funded on behalf of the employer by the State of Georgia. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2024. The School District's contractually required contribution rate for the year ended June 30, 2024 was 19.98% of annual School District payroll, of which 19.74% of payroll was required from the School District and 0.24% of payroll was required from the State. For the current fiscal year, employer contributions to the pension plan were $3,652,355.00 and $45,217.25 from the School District and the State, respectively. \nPublic School Employees Retirement System (PSERS) \nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \nBenefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \nUpon retirement, the member will receive a monthly benefit of $16.00, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits. \nContributions: The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. \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 $45,379.00. \n \n- 32 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \nAt June 30, 2024, the School District reported a liability of $35,091,101.00 for its proportionate share of the net pension liability for TRS. \nThe TRS net pension liability reflected a reduction for support provided to the School District by the State of Georgia for certain public school support personnel. The amount recognized by the School District as its proportionate share of the net pension liability, the related State of Georgia support, and the total portion of the net pension liability that was associated with the School District were as follows: \n \nSchool District's proportionate share of the net pension liability \n \n$ \n \n35,091,101.00 \n \nState of Georgia's proportionate share of the net pension liability associated with the School District \n \n516,675.00 \n \nTotal \n \n$ \n \n35,607,776.00 \n \nThe net pension liability for TRS was measured as of June 30, 2023. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2022. An expected total pension liability as of June 30, 2023 was determined using standard roll-forward techniques. The School District's proportion of the net pension liability was based on contributions to TRS during the fiscal year ended June 30, 2023. \nAt June 30, 2023, the School District's TRS proportion was 0.118855%, which was a decrease of 0.002350% from its proportion measured as of June 30, 2022. \nAt June 30, 2024, the School District did not have a PSERS liability for a proportionate share of the net pension liability because of a Special Funding Situation with the State of Georgia, which is responsible for the net pension liability of the plan. The amount of the State's proportionate share of the net pension liability associated with the School District is $312,364.00. \nThe PSERS net pension liability was measured as of June 30, 2023. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2022. An expected total pension liability as of June 30, 2023 was determined using standard roll-forward techniques. The State's proportion of the net pension liability associated with the School District was based on actuarially determined contributions paid by the State during the fiscal year ended June 30, 2023. \nFor the year ended June 30, 2024, the School District recognized pension expense of $6,663,637.81 for TRS and $56,377.00 for PSERS and revenue of $119,977.00 for TRS and $56,377.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \n \n- 33 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nAt June 30, 2024, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \n \nTRS Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual experience \n \n$ 1,781,879.00 $ 145,090.00 \n \nChanges of assumptions \n \n3,610,121.00 \n \n- \n \nNet difference between projected and actual \n \nearnings on pension plan investments \n \n2,468,051.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n- \n \n722,219.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n3,652,355.00 \n \n- \n \nTotal \n \n$ 11,512,406.00 $ 867,309.00 \n \nThe School District contributions subsequent to the measurement date for TRS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \n \nYear Ended June 30: \n \nTRS \n \n2025 2026 2027 2028 \n \n$ \n \n1,973,755.00 \n \n$ \n \n1,282,744.00 \n \n$ \n \n4,651,718.00 \n \n$ \n \n(915,475.00) \n \n- 34 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nActuarial Assumptions: The total pension liability as of June 30, 2023 was determined by an actuarial valuation as of June 30, 2022, using the following actuarial assumptions, applied to all periods included in the measurement: \n \nTeachers Retirement System: \n \nInflation \n \n2.50% \n \nSalary increases \n \n3.00%  8.75%, average, including inflation \n \nInvestment rate of return \n \n6.90%, net of pension plan investment expense, including inflation \n \nPost-retirement benefit increases \n \n1.50% semi-annually \n \nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \n \nThe actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study for the period July 1, 2013  June 30, 2018. \n \nPublic School Employees Retirement System: \n \nInflation Salary increases Investment rate of return \nPost-retirement benefit increases \n \n2.50% N/A 7.00%, net of pension plan investment expense, including inflation 1.50% semi-annually \n \n- 35 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nMortality rates are as follows: \n The Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale is used for both males and females while in active service. \n The Pub-2010 Family of Tables projected generationally with the MP-2019 Scale and with further adjustments are used for post-retirement mortality assumptions as follows: \n \nParticipant Type \n \nMembership Table \n \nSet Forward (+)/ Setback (-) Adjustment to Rates \n \nService Retirees \n \nGeneral Healthy Below- Male: +2; Female: +2 Median Annuitant \n \nMale: 101%; Female: 103% \n \nDisability Retirees \n \nGeneral Disabled \n \nMale: -3; Female: 0 \n \nMale: 103%; Female: 106% \n \nBeneficiaries \n \nGeneral Below-Median Contingent Survivors \n \nMale: +2; Female: +2 \n \nMale: 104%; Female: 99% \n \nThe actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study for the period July 1, 2014  June 30, 2019. \n \nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \n \nAsset Class \nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \n \nTRS/PSERS Target \nAllocation \n30.00% 46.30% \n1.20% 12.30% \n5.20% 5.00% \n \nLong-Term Expected Real Rate of Return* \n0.90% 9.40% 13.40% 9.40% 11.40% 10.50% \n \nTotal \n \n100.00% \n \n* Rates shown are net of inflation \n \n- 36 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nDiscount Rate: The discount rate used to measure the total TRS pension liability was 6.90%. The discount rate used to measure the total PSERS pension liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS and PSERS pension plans' fiduciary net position were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \n \nSensitivity of the School District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 6.90%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.90%) or 1-percentage-point higher (7.90%) than the current rate: \n \nTeachers Retirement System: \n \n1% Decrease (5.90%) \n \nCurrent Discount Rate (6.90%) \n \n1% Increase (7.90%) \n \nSchool District's proportionate share of \n \nthe net pension liability \n \n$ \n \n55,483,113.00 $ \n \n35,091,101.00 $ 18,438,278.00 \n \nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \n \nNOTE 13: RESTATEMENT OF PRIOR YEAR NET POSITION AND FUND BALANCE \nDuring fiscal year 2024, the School District identified an error in the reporting of its financial statements for fiscal year 2023. A payment in the amount of $120,000.00 was recorded as a prepaid asset in error. Upon review, it was determined that the payment did not meet the criteria for recognition as a prepaid item under GASB standards and should have been expensed in the period incurred. \nAs a result, the beginning fund balance of the capital projects fund and the beginning net position in the governmental activities on the government-wide financial statements has been restated as follows to correct this error: \n \nFund Balance, July 1, 2023, as previously reported \n \n$ \n \n8,762,470.48 \n \nError Correction: Correction of Prepaid asset at July 1, 2023 \n \n(120,000.00) \n \nFund Balance, July 1, 2023, as restated \n \n$ \n \n8,642,470.48 \n \nNet Position, July 1, 2023, as previously reported \nError Correction: Correction of Prepaid asset at July 1, 2023 \nNet Position, July 1, 2023, as restated \n \n$ 35,431,674.15 \n(120,000.00) $ 35,311,674.15 \n- 37 - \n \n (This page left intentionally blank) \n \n TOOMBS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"1\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion \nof the Net Pension Liability (NPL) \n \nSchool District's proportionate share \nof the NPL \n \nState of Georgia's proportionate share \nof the NPL associated with the \nSchool District \n \nTotal \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the NPL as a percentage of its covered payroll \n \nPlan fiduciary net position as a percentage \nof the total pension liability \n \n2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.118855% $ 35,091,101.00 $ 0.121205% $ 39,357,606.00 $ 0.122463% $ 10,831,036.00 $ 0.124317% $ 30,114,443.00 $ 0.127676% $ 27,453,792.00 $ 0.131125% $ 24,339,609.00 $ 0.135991% $ 25,274,346.00 $ 0.136703% $ 28,203,353.00 $ 0.140441% $ 21,380,748.00 $ 0.142080% $ 17,949,934.00 $ \n \n516,675.00 452,334.00 124,351.00 335,017.00 319,100.00 276,762.00 \n47,578.00 - \n \n$ 35,607,776.00 $ 39,809,940.00 $ 10,955,387.00 $ 30,449,460.00 $ 27,772,892.00 $ 24,616,371.00 $ 25,321,924.00 $ 28,203,353.00 $ 21,380,748.00 $ 17,949,934.00 \n \n$ 17,631,681.20 $ 16,643,657.39 $ 16,128,614.59 $ 16,237,801.42 $ 15,762,764.09 $ 15,851,880.81 $ 15,658,673.37 $ 15,094,728.93 $ 14,824,395.13 $ 14,407,600.89 \n \n199.02% 236.47% \n67.15% 185.46% 174.17% 153.54% 161.41% 186.84% 144.23% 124.59% \n \n76.29% 72.85% 92.03% 77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \n \n- 39 - \n \n TOOMBS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"2\" \n \nFor the Year Ended June 30 \n \nContractually required contribution \n \nContributions in relation to the contractually required \ncontribution \n \nContribution deficiency (excess) \n \nSchool District's covered payroll \n \nContribution as a percentage of covered \npayroll \n \n2024 \n \n$ \n \n2023 \n \n$ \n \n2022 \n \n$ \n \n2021 \n \n$ \n \n2020 \n \n$ \n \n2019 \n \n$ \n \n2018 \n \n$ \n \n2017 \n \n$ \n \n2016 \n \n$ \n \n2015 \n \n$ \n \n3,652,355.00 $ 3,473,609.00 $ 3,260,599.00 $ 3,039,250.00 $ 3,394,191.00 $ 3,256,569.93 $ 2,634,844.45 $ 2,230,298.64 $ 2,154,017.82 $ 1,949,407.96 $ \n \n3,652,355.00 $ 3,473,609.00 $ 3,260,599.00 $ 3,039,250.00 $ 3,394,191.00 $ 3,256,569.93 $ 2,634,844.45 $ 2,230,298.64 $ 2,154,017.82 $ 1,949,407.96 $ \n \n- \n \n$ \n \n18,502,304.96 \n \n- \n \n$ \n \n17,631,681.20 \n \n- \n \n$ \n \n16,643,657.39 \n \n- \n \n$ \n \n16,128,614.59 \n \n- \n \n$ \n \n16,237,801.42 \n \n- \n \n$ \n \n15,762,764.09 \n \n- \n \n$ \n \n15,851,880.81 \n \n- \n \n$ \n \n15,658,673.37 \n \n- \n \n$ \n \n15,094,728.93 \n \n- \n \n$ \n \n14,824,395.13 \n \n19.74% 19.70% 19.59% 18.84% 20.90% 20.66% 16.62% 14.24% 14.27% 13.15% \n \n- 40 - \n \n TOOMBS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"3\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the Net Pension Liability (NPL) \n \nSchool District's proportionate share \nof the NPL \n \nState of Georgia's proportionate share \nof the NPL associated with the \nSchool District \n \nTotal \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the NPL as a percentage of its covered payroll \n \nPlan fiduciary net position as a \npercentage of the total pension \nliability \n \n2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n312,364.00 $ 312,364.00 $ 387,814.00 $ 387,814.00 $ \n38,010.00 $ 38,010.00 $ 248,944.00 $ 248,944.00 $ 291,092.00 $ 291,092.00 $ 271,268.00 $ 271,268.00 $ 261,394.00 $ 261,394.00 $ 335,228.00 $ 335,228.00 $ 235,801.00 $ 235,801.00 $ 224,650.00 $ 224,650.00 $ \n \n770,166.86 690,619.56 652,499.19 650,816.73 764,044.93 708,039.17 728,391.07 693,860.80 740,925.09 771,363.07 \n \nN/A \n \n85.67% \n \nN/A \n \n81.21% \n \nN/A \n \n98.00% \n \nN/A \n \n84.45% \n \nN/A \n \n85.02% \n \nN/A \n \n85.26% \n \nN/A \n \n85.69% \n \nN/A \n \n81.00% \n \nN/A \n \n87.00% \n \nN/A \n \n88.29% \n \n- 41 - \n \n TOOMBS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \nSCHOOL OPEB FUND \n \nSCHEDULE \"4\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the Net OPEB Liability (NOL) \n \nSchool District's proportionate share \nof the NOL \n \nState of Georgia's proportionate \nshare of the NOL associated with the School District \n \nTotal \n \nSchool District's covered-employee \npayroll \n \nSchool District's proportionate share of the NOL as a percentage of its coveredemployee payroll \n \nPlan fiduciary net position as a \npercentage of the total OPEB \nliability \n \n2024 2023 2022 2021 2020 2019 2018 \n \n0.167806% $ 18,380,483.00 $ 0.164678% $ 16,308,362.00 $ 0.159877% $ 17,316,002.00 $ 0.165045% $ 24,241,267.00 $ 0.174936% $ 21,468,400.00 $ 0.179165% $ 22,771,322.00 $ 0.178888% $ 25,133,693.00 $ \n \n- \n \n$ 18,380,483.00 $ 15,993,716.69 \n \n- \n \n$ 16,308,362.00 $ 15,635,912.18 \n \n- \n \n$ 17,316,002.00 $ 14,409,357.78 \n \n- \n \n$ 24,241,267.00 $ 13,788,312.97 \n \n- \n \n$ 21,468,400.00 $ 13,574,106.07 \n \n- \n \n$ 22,771,322.00 $ 13,859,309.24 \n \n- \n \n$ 25,133,693.00 $ 13,362,633.48 \n \n114.92% 104.30% 120.17% 175.81% 158.16% 164.30% 188.09% \n \n6.05% 6.17% 6.14% 3.99% 4.63% 2.93% 1.61% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 42 - \n \n TOOMBS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \n \nSCHEDULE \"5\" \n \nFor the Year Ended June 30 \n \nContractually required contribution \n \nContributions in relation to the contractually required \ncontribution \n \nContribution deficiency (excess) \n \nSchool District's covered-employee \npayroll \n \nContribution as a percentage of \ncovered-employee payroll \n \n2024 \n \n$ \n \n2023 \n \n$ \n \n2022 \n \n$ \n \n2021 \n \n$ \n \n2020 \n \n$ \n \n2019 \n \n$ \n \n2018 \n \n$ \n \n2017 \n \n$ \n \n2016 \n \n$ \n \n690,663.00 $ 644,565.00 $ 595,435.00 $ 594,714.00 $ 558,143.00 $ 942,154.00 $ 928,594.00 $ 932,733.00 $ 740,708.00 $ \n \n690,663.00 $ 644,565.00 $ 595,435.00 $ 594,714.00 $ 558,143.00 $ 942,154.00 $ 928,594.00 $ 932,733.00 $ 740,708.00 $ \n \n- \n \n$ \n \n17,466,728.48 \n \n- \n \n$ \n \n15,993,716.69 \n \n- \n \n$ \n \n15,635,912.18 \n \n- \n \n$ \n \n14,409,357.78 \n \n- \n \n$ \n \n13,788,312.97 \n \n- \n \n$ \n \n13,574,106.07 \n \n- \n \n$ \n \n13,859,309.24 \n \n- \n \n$ \n \n13,362,633.48 \n \n- \n \n$ \n \n12,755,874.89 \n \n3.95% 4.03% 3.81% 4.13% 4.05% 6.94% 6.70% 6.98% 5.81% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 43 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \nFOR THE YEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"6\" \n \nTeachers Retirement System Change of benefit terms: There have been no changes in benefit terms. \nChanges of assumptions: On November 18, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males). \nOn May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed annual rate of inflation has been reduced from 2.75% to 2.50%. \nIn 2019 and later, the expectation of retired life mortality was changed to the Pub-2010 Teacher Headcount Weighted Below Median Healthy Retiree mortality table from the RP-2000 Mortality Tables. In 2019, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \nOn May 11, 2022, the Board adopted recommended changes to the long-term assumed rate of return and payroll growth assumption utilized by the System. The long-term assumed rate of return was changed from 7.25% to 6.90%, and the payroll growth assumption was changed from 3.00% to 2.50%. \nPublic School Employees Retirement System Changes of benefit terms: There have been no changes in benefit terms. \nChanges of assumptions: On December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP-2000 Blue Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females). \nA new funding policy was initially adopted by the Board on March 15, 2018, and most recently amended on December 17, 2020. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for the June 30, 2017 actuarial valuation and further reduced from 7.40% to 7.30% for the June 30, 2018 actuarial valuation. \nOn December 17, 2020, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System based on the experience study prepared for the five-year period ending June 30, 2019. Primary among the changes were the updates to rates or mortality, retirement, disability, and withdrawal. This also included a change to the long-term assumed investment rate of return to 7.00%. These assumption changes are reflected in the calculation of the June 30, 2021 Total Pension Liability. \nSchool OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. \nChanges in assumptions: June 30, 2022 valuation: The tobacco use assumption and aging factors were revised. \nJune 30, 2020 valuation: Decremental assumptions were changed to reflect the Employees' Retirement System's experience study. Approximately 0.10% of employees are members of the Employees' Retirement System. \nJune 30, 2019 valuation: Decremental assumptions were changed to reflect the Teachers Retirement System's experience study. \nJune 30, 2018 valuation: The inflation assumption was lowered from 2.75% to 2.50%. \nJune 30, 2017 valuation: The participation assumption, tobacco use assumption and morbidity factors were revised. \nJune 30, 2015 valuation: Decremental and underlying inflation assumptions were changed to reflect the Retirement Systems' experience studies. \nJune 30, 2012 valuation: A data audit was performed and data collection procedures and assumptions were changed. \nThe discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017, to 3.87% as of June 30, 2018, back to 3.58% as of June 30, 2019, to 2.22% as of June 30, 2020, to 2.20% as of June 30, 2021, to 3.57% as of June 30, 2022, and to 3.68% as of June 30, 2023. \n- 44 - \n \n TOOMBS COUNTY BOARD OF EDUCATION GENERAL FUND \nSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"7\" \n \nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operation Community Services Food Services Operation Capital Outlay Debt Services Total Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES(USES) Lease Liability Proceeds Other Sources Other Uses Total Other Financing Sources (Uses) \nNet Change in Fund Balances \nFund Balances - Beginning \nAdjustments \nFund Balances - Ending \n \nNONAPPROPRIATED BUDGETS \n \nORIGINAL (1) \n \nFINAL (1) \n \nACTUAL AMOUNTS \n \nVARIANCE OVER/UNDER \n \n$ \n \n7,392,134.00 $ \n \n8,104,303.00 $ \n \n8,415,593.13 $ \n \n55,000.00 \n \n70,000.00 \n \n77,627.29 \n \n23,556,443.00 \n \n26,453,164.61 \n \n26,385,821.88 \n \n11,263,594.00 \n \n11,947,432.73 \n \n11,215,392.43 \n \n57,000.00 \n \n150,000.00 \n \n369,147.26 \n \n50,965.00 \n \n656,885.85 \n \n659,970.37 \n \n384,000.00 \n \n865,915.37 \n \n1,329,762.20 \n \n42,759,136.00 \n \n48,247,701.56 \n \n48,453,314.56 \n \n311,290.13 7,627.29 \n(67,342.73) (732,040.30) 219,147.26 \n3,084.52 463,846.83 205,613.00 \n \n26,502,317.58 \n2,203,913.33 1,871,978.75 \n627,968.23 561,528.28 2,144,395.69 385,956.00 2,506,917.18 2,005,250.04 218,991.74 \n54,110.04 50,000.00 116,905.00 3,534,185.90 645,319.00 \n43,429,736.76 \n(670,600.76) \n \n27,495,297.76 \n2,492,675.59 2,013,769.12 \n646,751.79 656,966.34 2,219,190.00 404,969.00 2,839,835.77 2,752,754.00 215,340.82 \n88,307.73 113,827.37 \n76,110.43 3,594,407.25 \n581,765.00 - \n46,191,967.97 2,055,733.59 \n \n27,501,216.76 \n2,213,292.81 1,939,225.67 \n613,815.17 369,999.66 2,226,281.71 668,990.24 2,755,978.87 2,621,098.18 195,114.74 \n70,395.40 402,789.04 \n76,110.43 3,323,069.38 \n573,869.00 175,923.68 45,727,170.74 2,726,143.82 \n \n86,579.00 (86,579.00) \n- \n \n131,960.00 (2,631,960.00) (2,500,000.00) \n \n265,582.00 - \n(2,500,000.00) (2,234,418.00) \n \n(670,600.76) \n \n(444,266.41) \n \n491,725.82 \n \n13,354,074.72 \n \n13,354,074.72 \n \n13,354,074.72 \n \n60,516.61 \n \n2,980.62 \n \n- \n \n$ \n \n12,743,990.57 $ \n \n12,912,788.93 $ \n \n13,845,800.54 $ \n \n(5,919.00) \n279,382.78 74,543.45 32,936.62 \n286,966.68 (7,091.71) \n(264,021.24) 83,856.90 \n131,655.82 20,226.08 17,912.33 \n(288,961.67) - \n271,337.87 7,896.00 \n(175,923.68) 464,797.23 670,410.23 \n265,582.00 (131,960.00) 131,960.00 265,582.00 \n935,992.23 \n- \n(2,980.62) \n933,011.61 \n \nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $939,274.94 and $863,517.38, respectively. \nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \n \nSee notes to the basic financial statements. \n \n- 45 - \n \n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2024 \n \nFUNDING AGENCY PROGRAM/GRANT Agriculture, U.S. Department of \nChild Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program COVID-19 - National School Lunch Program Fresh Fruit and Vegetable Program Total Child Nutrition Cluster \nOther Programs Pass-Through From Bright From the Start Georgia Department of Early Car and Learning Child and Adult Care Food Program Pass-Through From Georgia Department of Education Food Services State Administrative Expenses for Child Nutrition Total Other Programs Total U.S. Department of Agriculture \nEducation, U.S. Department of Education Stabilization Fund Pass-Through From Georgia Department of Education COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund - Homeless Children and Youth Total Education Stabilization Fund \nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Grants to States Grants to States Preschool Grants Total Special Education Cluster \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 Comprehensive Literacy Development English Language Acquisition State Grants English Language Acquisition State Grants Migrant Education State Grant Program Migrant Education State Grant Program Rural and Low-Income School Program Rural and Low-Income School Program Student Support and Academic Enrichment Program Student Support and Academic Enrichment 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 \nTotal Expenditures of Federal Awards \n \nASSISTANCE LISTING NUMBER \n10.553 10.555 10.555 10.582 \n10.558 \n10.560 \n84.425U 84.425W \n84.027A 84.027A 84.027A 84.173A \n84.048A 84.048A 84.371C 84.365A 84.365A 84.011A 84.011A 84.358B 84.358B 84.424A 84.424A 84.424F 84.367A 84.367A 84.010A 84.010A \n \nSCHEDULE \"8\" \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n245GA324N1199 $ 245GA324N1199 225GA324N1099 245GA324N1199 \n \n685,696.05 2,235,552.94 \n79,997.10 88,989.85 3,090,235.94 \n \n245GA368N2020 245GA904N2533 \n \n29,006.41 \n12,638.37 41,644.78 3,131,880.72 \n \nS425U210012 S425W210011 \n \n4,230,770.80 \n31,003.86 4,261,774.66 \n \nH027A210073 H027A220073 H027A230073 H173A230081 \n \n46,587.60 155,314.50 633,273.47 \n26,486.10 861,661.67 \n \nV048A220010 V048A230010 S371C190016 S365A220010 S365A230010 S011A220011 S011A230011 S358F220010 S358F230010 S424A220011 S424A230011 S424F220011 S367A220001 S367A230001 S010A220010 S010A230010 \n$ \n \n3,062.00 51,636.00 945,218.93 \n4,038.00 25,283.16 140,039.47 49,904.86 28,066.00 84,952.07 \n6.00 126,392.50 \n1,000.00 15,997.00 116,850.05 142,024.38 1,601,533.64 3,336,004.06 8,459,440.39 \n11,591,321.11 \n \n- 46 - \n \n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"8\" \n \nNotes to the Schedule of Expenditures of Federal Awards \nNote 1. Basis of Presentation The accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Toombs County Board of Education (the \"Board\") under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position or changes in net position of the Board. \nNote 2. Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. \nNote 3. Indirect Cost Rate The Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. \nNote 4. Transfers Between Programs Funds totaling $51,960.00 were transferred from the Supporting Effective Instruction State Grants program (ALN 84.367A) and expended in the Title I Grants to Local Education Agencies program (ALN 84.010A) during Fiscal Year 2024. \n \nSee notes to the basic financial statements. \n \n- 47 - \n \n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2024 \nAGENCY/FUNDING GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Nursing Services Sparsity Education Equalization Funding Grant Other State Programs Food Services Hygiene Products Instructional Supports and Teacher Training to Address Readiness in Literacy Math and Science Supplements One Time QBE Adjustment Preschool Disability Services Pupil Transportation - State Allotment Pupil Transportation - State Bonds School Security Grant Teachers Retirement Vocational Education Vocational Supervisors Office of the State Treasurer Public School Employees Retirement CONTRACT Human Resources, Georgia Department of Family Connections \nSee notes to the basic financial statements. \n \nSCHEDULE \"9\" \n \nGOVERNMENTAL FUND TYPES \nGENERAL FUND \n \n$ \n \n975,968.46 \n \n1,076,460.01 297,887.00 \n2,383,046.00 758,399.00 \n1,232,161.00 444,198.00 \n2,361,928.00 2,051,038.00 1,003,780.00 4,745,746.00 \n272,422.00 290,525.00 173,468.00 335,930.00 423,988.00 130,809.00 \n76,219.00 1,641.00 \n644,181.99 933,806.00 790,117.00 \n \n555,260.00 67,872.00 40,315.00 \n2,802,505.00 \n74,794.00 2,249.00 6,173.00 \n22,146.40 319,475.00 \n81,999.00 88,110.00 352,440.00 250,000.00 45,217.25 149,450.46 14,437.92 \n45,379.00 \n \n64,280.39 \n \n$ \n \n26,385,821.88 \n \n- 48 - \n \n (This page left intentionally blank) \n \n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"10\" \n \nPROJECT \nSPLOST #5 \na. The payment of principal and interest on general obligation debt incurred for constructing and equipping Toombs County High School; \nb. Constructing and equipping a new athletic facility at Toombs County High School; \nc. Constructing, make additions to and/or renovating, modifying and equipping Toombs Central Elementary School and other school system facilities and making critical infrastructure and security improvements to existing facilities; \nd. Purchasing School buses; \ne. Purchasing textbooks (including e-books), furniture, technology and software, additional instructional materials and equipment for all facilities. \nTotal \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \nESTIMATED COMPLETION \nDATE \n \n$ \n \n4,342,000.00 $ \n \n4,095,000.00 \n \nCompleted \n \n3,350,000.00 \n \n4,122,518.43 \n \nCompleted \n \n4,598,000.00 500,000.00 \n \n4,598,000.00 500,000.00 \n \n6/30/2026 6/30/2026 \n \n1,250,000.00 \n \n1,250,000.00 \n \n6/30/2026 \n \n$ \n \n14,040,000.00 $ \n \n14,565,518.43 \n \n- 50 - \n \n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"10\" \n \nPROJECT \nSPLOST #5 \na. The payment of principal and interest on general obligation debt incurred for constructing and equipping Toombs County High School; \nb. Constructing and equipping a new athletic facility at Toombs County High School; \nc. Constructing, make additions to and/or renovating, modifying and equipping Toombs Central Elementary School and other school system facilities and making critical infrastructure and security improvements to existing facilities; \nd. Purchasing School buses; \ne. Purchasing textbooks (including e-books), furniture, technology and software, additional instructional materials and equipment for all facilities. \nTotal \n \nAMOUNT EXPENDED IN CURRENT YEAR (3) (4) \n \nAMOUNT EXPENDED IN PRIOR YEARS (3) (4) \n \nTOTAL COMPLETION \nCOST \n \nEXCESS PROCEEDS NOT \nEXPENDED \n \n$ \n \n- $ 4,095,000.00 $ 4,095,000.00 $ \n \n- \n \n31,275.00 \n \n4,091,243.43 \n \n4,122,518.43 \n \n- \n \n104,572.00 \n \n2,042,083.76 \n \n- \n \n- \n \n- \n \n- \n \n- \n \n- \n \n89,194.60 \n \n527,134.26 \n \n- \n \n- \n \n$ 225,041.60 $ 10,755,461.45 $ 8,217,518.43 $ \n \n- \n \n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. (2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. (3) The voters of Toombs County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. \nAmounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. (4) In addition to the expenditures shown above, the School District has incurred interest to provide advance funding as follows: \n \nPrior Years Current Year \n \n$ 935,825.13 164,650.00 \n \nTotal \n \n$ 1,100,475.13 \n \nSee notes to the basic financial statements. \n \n- 51 - \n \n Section II Compliance and Internal Control Reports \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Mr. Barry Waller, Superintendent and Members of the Toombs County Board of Education \nWe have audited the financial statements of the governmental activities, each major fund, and fiduciary activities of the Toombs 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 April 28, 2025. We conducted our audit in accordance with the auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. \nReport on Internal Control Over Financial Reporting \nIn planning and performing our audit of the financial statements, we considered the School District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the basic financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control. \nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the School District's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \nOur consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n Report on Compliance and Other Matters \nAs part of obtaining reasonable assurance about whether the School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \nPurpose of this Report \nThe purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. \nRespectfully submitted, \nGreg S. Griffin State Auditor \nApril 28, 2025 \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Mr. Barry Waller, Superintendent and Members of the Toombs County Board of Education \nReport on Compliance for Each Major Federal Program \nOpinion on Each Major Federal Program \nWe have audited the Toombs County Board of Education's (School District) compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on each of the School District's major federal programs for the year ended June 30, 2024. The School District's major federal programs are identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs. \nIn our opinion, the School District complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2024. \nBasis for Opinion on Each Major Federal Program \nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditor's Responsibilities for the Audit of Compliance section of our report. \nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal program. Our audit does not provide a legal determination of the School District's compliance with the compliance requirements referred to above. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n Responsibilities of Management for Compliance \nManagement is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the School District's federal programs. \nAuditor's Responsibilities for the Audit of Compliance \nOur objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the School District's compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the School District's compliance with the requirements of each major federal program as a whole. \nIn performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we: \n Exercise professional judgment and maintain professional skepticism throughout the audit. \n Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the School District's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. \n Obtain an understanding of the School District's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control over compliance. Accordingly, no such opinion is expressed. \nWe are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit. \nReport on Internal Control over Compliance \nA deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance \n \n requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. \nOur consideration of internal control over compliance was for the limited purpose described in the Auditor's Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified. \nOur audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed. \nThe purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. \nRespectfully submitted, \nGreg S. Griffin State Auditor \nApril 28, 2025 \n \n Section III Auditee's Response to Prior Year Findings and Questioned Costs \n \n TOOMBS COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2024 \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS No matters were reported. \nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \nNo matters were reported. \n \n Section IV Findings and Questioned Costs \n \n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2024 \n \nI SUMMARY OF AUDITOR'S RESULTS \n \nFinancial Statements \nType of auditor's report issued: Governmental Activities, Each Major Fund, and Fiduciary Activities \nInternal control over financial reporting:  Material weakness(es) identified?  Significant deficiency(ies) identified? \nNoncompliance material to financial statements noted: \n \nFederal Awards \n \nInternal control over major programs: \n Material weakness(es) identified?  Significant deficiency(ies) identified? \n \nType of auditor's report issued on compliance for major programs: \n \nAll major programs \n \nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \n \nIdentification of major programs: \n \nAssistance Listing Number Assistance Listing Program or Cluster Title \n \n84.010 84.371 \n \nTitle I Grants to Local Education Agencies Comprehensive Literacy Development \n \nUnmodified No \nNone Reported No \nNo None Reported \nUnmodified No \n \nDollar threshold used to distinguish between Type A and Type B programs: Auditee qualified as low-risk auditee? \nII FINANCIAL STATEMENT FINDINGS No matters were reported. Ill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \n \n$750,000.00 Yes \n \n "},{"id":"dlg_ggpd_1390891355-2024-03-27","title":"Annual financial report, fiscal year 2023, Toombs County Board of Education, Lyons, 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":["2024-03-27"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Toombs 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":["Toombs County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Toombs County--Auditing--Periodicals.","Education--Georgia--Toombs County--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report, fiscal year 2023, Toombs County Board of Education, Lyons, 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_1390891355-2024-03-27"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1390891355-2024-03-27"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"ANNUAL FINANCIAL REPORT  FISCAL YEAR 2023 \nToombs County Board of Education \nLyons, Georgia \nIncluding Independent Auditor's Report \nGreg S. Griffin | State Auditor \n \n Toombs County Board of Education \n \nTable of Contents \n \nSection I Financial \nIndependent Auditor's Report \n \nRequired Supplementary Information \n \nManagement's Discussion and Analysis \n \ni \n \nExhibits \n \nBasic Financial Statements \n \nGovernment-Wide Financial Statements \n \nA \n \nStatement of Net Position \n \n1 \n \nB \n \nStatement of Activities \n \n2 \n \nFund Financial Statements \n \nC \n \nBalance Sheet \n \nGovernmental Funds \n \n3 \n \nD \n \nReconciliation of the Governmental Funds Balance Sheet \n \nto the Statement of Net Position \n \n4 \n \nE \n \nStatement of Revenues, Expenditures and Changes in Fund Balances \n \nGovernmental Funds \n \n5 \n \nF \n \nReconciliation of the Governmental Funds Statement of \n \nRevenues, Expenditures and Changes in Fund Balances \n \nto the Statement of Activities \n \n6 \n \nG \n \nStatement of Fiduciary Net Position \n \nFiduciary Funds \n \n7 \n \nH \n \nStatement of Changes in Fiduciary Net Position \n \nFiduciary Funds \n \n8 \n \nI Notes to the Basic Financial Statements \n \n10 \n \nSchedules \n \nRequired Supplementary Information \n \n1 Schedule of Proportionate Share of the Net Pension Liability \n \nTeachers Retirement System of Georgia \n \n39 \n \n2 Schedule of Contributions  Teachers Retirement System of Georgia \n \n40 \n \n3 Schedule of Proportionate Share of the Net Pension Liability Public \n \nSchool Employees Retirement System of Georgia \n \n41 \n \n Required Supplementary Information (Continued) \n \n4 Schedule of Proportionate Share of the Net OPEB Liability \n \nSchool OPEB Fund \n \n42 \n \n5 Schedule of Contributions  School OPEB Fund \n \n43 \n \n6 Notes to the Required Supplementary Information \n \n44 \n \n7 Schedule of Revenues, Expenditures and Changes in Fund \n \nBalances - Budget and Actual General Fund \n \n45 \n \nSupplementary Information \n \n8 Schedule of Expenditures of Federal Awards \n \n46 \n \n9 Schedule of State Revenue \n \n48 \n \n10 Schedule of Approved Local Option Sales Tax Projects \n \n50 \n \nSection II \nCompliance and Internal Control Reports \nIndependent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards \nIndependent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance \n \nSection III Auditee's Response to Prior Year Findings and Questioned Costs \nSummary Schedule of Prior Audit Findings \n \nSection IV Findings and Questioned Costs \nSchedule of Findings and Questioned Costs \n \n Section I Financial \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Mr. Barry Waller, Superintendent and Members of the Toombs County Board of Education \nReport on the Audit of the Financial Statements \nOpinions \nWe have audited the accompanying financial statements of the governmental activities, each major fund, and fiduciary activities of the Toombs County Board of Education (School District) as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents. \nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and fiduciary activities of the School District as of June 30, 2023, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \nBasis for Opinions \nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. \nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \nEmphasis of Matter \nAs described in Note 2 to the financial statements, in 2023, the School District adopted new accounting guidance, Governmental Accounting Standards Board (GASB) Statement No. 96, Subscription-Based Information Technology Arrangements. The School District restated beginning balances for the effect of GASB Statement No. 96. Our opinions are not modified with respect to this matter. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n As described in Note 13 to the financial statements, in 2023, the School District restated the prior period financial statements to correct a misstatement. Our opinions are not modified with respect to this matter. \nResponsibilities of Management for the Financial Statements \nManagement is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \nIn preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. \nAuditor's Responsibilities for the Audit of the Financial Statements \nOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. \nIn performing an audit in accordance with GAAS and Government Auditing Standards, we: \n Exercise professional judgment and maintain professional skepticism throughout the audit. \n Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. \n Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, no such opinion is expressed. \n Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. \n Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for a reasonable period of time. \n \n We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. \nRequired Supplementary Information \nAccounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis and required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient appropriate evidence to express an opinion or provide any assurance. \nSupplementary Information \nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the School District's basic financial statements. The accompanying supplementary information, as listed in the table of contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements. \nThe supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements as a whole. \nOther Reporting Required by Government Auditing Standards \nIn accordance with Government Auditing Standards, we have also issued our report dated March 27, 2024 on our consideration of the School District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control over financial reporting and compliance. \n \n A copy of this report has been filed as a permanent record and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. Respectfully submitted, \nGreg S. Griffin State Auditor \nMarch 27, 2024 \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \nINTRODUCTION \nThe discussion and analysis of the Toombs County Board of Education's (the School District) financial performance provides an overview of the School District's financial activities for the fiscal year ended June 30, 2023. The intent of this discussion and analysis is to look at the School District's financial performance as a whole. Readers should also review the financial statements and the notes to the basic financial statements to enhance their understanding of the School District's financial performance. \nFINANCIAL HIGHLIGHTS \nKey financial highlights for the fiscal year 2023 are as follows: \n On the government-wide financial statements, the assets and deferred outflow of resources of the School District exceeded liabilities and deferred inflow of resources by $35.4 million for the fiscal year ended June 30, 2023. \n General revenues accounted for $15.8 million in revenue or 31.5% of all revenues. Program specific revenues in the form of charges for services and sales, grants and contributions accounted for $34.5 million or 68.5% of total revenues of $50.3 million. \n The School District had $42.1 million in expenditures related to governmental activities; however, $34.5 million of these expenditures were offset by program specific charges for services, grants or contributions. General revenues (primarily taxes) of $15.8 million were adequate to provide for these programs. \n Among major funds, the general fund had $45.6 million in revenues and $43.1 million in expenditures. The fund balance for the general fund increased by $0.60 million from $12.7 million to approximately $13.3 million. \n The deficit balance reflected in the unrestricted net provision is due to the recording of pensions per GASB No. 68, GASB No. 71, and GASB No. 75 relating to accounting and financial reporting for postemployment benefits. The amount of the School District's proportionate share of the collective net pension liability for the Teachers Retirement System cost sharing benefit pension plan was $39.4 million. The amount of the School District's proportionate share of the collective net Other Post Employment Benefit (OPEB) liability was $16.3 million. \nOVERVIEW OF THE FINANCIAL STATEMENTS \nThis report consists of several parts including management's discussion and analysis, the basic financial statements and supplementary information. The basic financial statements include two levels of statements that present different views of the School District. These include the governmentwide and fund financial statements. \nThe government-wide financial statements include the Statement of Net Position and Statement of Activities. These statements provide information about the activities of the School District presenting both short-term and long-term information about the overall financial status. \ni \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \nThe fund financial statements focus on individual parts, reporting the School District's operation in more detail. The governmental funds statements disclose how basic services are financed in the shortterm as well as what remains for future spending. The fiduciary funds statements provide information about the financial relationships in which the School District acts solely as a trustee or agent for the benefit of others. \nThe fund financial statements reflect the School District's most significant funds. For the year ending June 30, 2023, the general fund, capital projects fund, and debt service fund represent the most significant funds. \nThe financial statements also include notes that explain some of the information in the statements and provide more detailed data. The statements are followed by a section of required supplementary information that further explains and supports the financial statements. Additionally, other supplementary information (not required) is also presented that further supplements understanding of the financial statements. \nGovernment-Wide Statements \nThe government-wide financial statements are basically a consolidation of all of the School District's operating funds into one column called governmental activities. In reviewing the government-wide financial statements, a reader might ask the question about whether the School District is in a better financial position than last year? The Statement of Net Position and the Statement of Activities provides the basis for answering this question. These financial statements include all of the School District's non-financial assets, deferred outflows of resources, liabilities, and deferred inflows of resources. These accounts use the accrual basis of accounting similar to the accounting used by most private-sector companies. This basis of accounting considers all of the current year's revenues and expenditures regardless of when cash is received or paid. \nThe two government-wide statements report the School District's net position and how it has changed. Net position, the difference between the School District's assets, deferred outflows of resources, liabilities and deferred inflows of resources, is one way to measure the School District's overall financial health or position. Over time, increases or decreases in net position are an indication of whether its financial health is improving or deteriorating. Changes may be the result of many factors, including those not under the School District's control, such as the property tax base, facility conditions, required educational programs and other factors. \nIn the Statement of Net Position and the Statement of Activities, the School District has one distinct type of activity: \n Governmental Activities  All of the School District's programs and services are reported here including instruction, support services, operation and maintenance of plant, pupil transportation, food service, student activity accounts and various others. \nFund Financial Statements \nThe School District's fund financial statements provide detailed information about the most significant funds, not the School District as a whole. Some funds are required by State law and some by bond requirements. The School District's major governmental funds are the general fund, the capital projects fund, and the debt service fund. \nii \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 Governmental Funds - Most of the School District's activities are reported in governmental funds, which focus on the determination of financial position and change in financial position, not on income determination. These funds are reported using the modified accrual method of accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the School District's general government operations and the basic services it provides. Governmental fund information helps determine whether there are more or fewer financial resources that can be spent in the near future to finance educational programs. The relationship (or differences) between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds are reconciled to the financial statements. Fiduciary Funds - The School District is the trustee, or fiduciary, for assets that belong to others, the School District is responsible for ensuring that the assets reported in these funds are used only for their intended purposes and by those to whom the assets belong. The School District excludes these activities from the government-wide financial statements because it cannot use these assets to finance its operations. \niii \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \nFINANCIAL ANALYSIS OF THE SCHOOL DISTRICT AS A WHOLE \nRecall that the Statement of Net Position provides the perspective of the School District as a whole. Table 1 provides a summary of the School District's net position for fiscal years 2023 and 2022. \n \nTable 1 Net Position \n \nASSETS \n \nCash and Cash Equivalents \n \n$ \n \nInvestments \n \nReceivable, Net \n \nInterest \n \nTaxes \n \nState Government \n \nFederal Government \n \nOther \n \nInventories \n \nPrepaid Items \n \nIntangible Right-to-Use Assets (Net of Accumulated Amortization) \n \nSubscription Right-to-Use Assets (Net of Accumulated Amortization) \n \nCapital Assets, Non-Depreciable \n \nCapital Assets, Depreciable \n \n(Net of Accumulated Depreciation) \n \nFiscal Year 2023 \n \nGovernmental Activities Fiscal Year 2022 (1) \n \n20,913,690 $ - \n \n12,463,481 $ 4,543,260 \n \n1,408,729 3,263,338 1,959,218 \n41,149 79,738 459,404 315,273 173,200 2,205,667 \n \n1,665 1,646,970 2,528,636 1,439,983 \n28,846 66,975 133,550 63,594 \n1,018,112 \n \n58,613,957 \n \n58,398,557 \n \nNet Change \n8,450,209 (4,543,260) \n(1,665) (238,241) 734,702 519,235 \n12,303 12,763 325,854 251,679 173,200 1,187,555 \n215,400 \n \nTotal Assets \n \n89,433,363 \n \n82,333,629 \n \n7,099,734 \n \nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plans Related to OPEB Plan \n \n18,764,579 4,505,217 \n \n7,941,540 3,851,954 \n \n10,823,039 653,263 \n \nTotal Deferred Outflows of Resources \n \n23,269,796 \n \n11,793,494 \n \n11,476,302 \n \nLIABILITIES Accounts Payable Salaries and Benefits Payable Interest Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities Due Within One Year Due in More Than One Year \n \n833,416 3,888,053 \n26,845 39,357,606 16,308,362 \n2,201,943 2,437,277 \n \n394,735 3,577,109 \n39,432 10,831,036 17,316,002 \n2,117,997 4,332,945 \n \n438,681 310,944 (12,587) 28,526,570 (1,007,640) \n83,946 (1,895,668) \n \nTotal Liabilities \n \n65,053,502 \n \n38,609,256 \n \n26,444,246 \n \nDEFERRED INFLOWS OF OUTFLOWS Related to Defined Benefit Pension Plans Related to OPEB Plan \n \n961,671 11,256,312 \n \n16,928,468 11,352,475 \n \n(15,966,797) (96,163) \n \nTotal Deferred Inflows of Resources \nNET ASSETS Net Investment in Capital Assets Restricted for Continuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \n \n12,217,983 \n56,901,177 \n1,474,604 58,854 \n4,258,449 (27,261,410) \n \n28,280,943 \n53,261,622 \n1,427,505 81,690 \n3,015,326 (30,549,219) \n \n(16,062,960) \n3,639,555 \n47,099 (22,836) 1,243,123 3,287,809 \n \nTotal Net Position \n \n$ 35,431,674 $ 27,236,924 $ 8,194,750 \n \n(1) Fiscal Year 2022 amounts reflect the effects of the restatement of net position. See Note 13 in the Notes to the Basic Financial Statements for more information. \niv \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 Total assets increased by $7.1 million. This was related to an increase in cash and cash equivalents due to an increase in state program revenues, increase in investment earnings, increase in property tax revenues and an increase in collections of Education Special Purpose Local Option Sales Tax (ESPLOST). Of that $7.1 million, 20% was due to an increase in capital assets, net of accumulated depreciation and amortization, primarily related to the construction in progress at year end of the access control project for the system. Total liabilities, excluding net pension liabilities and net OPEB liabilities, decreased by $1.1 million primarily due to the long-term debt payment of $2.0 million. The pension and OPEB activity changed due to the combination of the decrease in deferred outflows of resources and total liabilities and the increase in deferred inflows of resources which had a net effect of an increase in $20 thousand in net positions. In fiscal year 2023, the overall net position increased by $8.2 million. \nv \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \n \nTable 2 shows the changes in net position for fiscal years ending June 30, 2023 and 2022. \n \nTable 2 Change in Net Position \n \nRevenues \n \nProgram Revenues: \n \nCharges for Services \n \n$ \n \nOperating Grants and Contributions \n \nCapital Grants and Contributions \n \nGovernmental Activities \n \nFiscal Year \n \nFiscal Year \n \n2023 \n \n2022(1) \n \n266,273 $ 33,305,421 \n912,929 \n \n191,183 $ 32,280,334 \n- \n \nNet Change \n75,090 1,025,087 \n912,929 \n \nTotal Program Revenues \nGeneral Revenues: Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Debt Service For Capital Projects Other Taxes Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \nSpecial Iten Loss on Sale of Capital Assets \n \n34,484,623 \n \n32,471,517 \n \n2,013,106 \n \n7,409,733 - \n \n6,998,708 21,326 \n \n411,025 (21,326) \n \n2,257,675 1,204,929 \n72,943 \n3,043,541 603,879 \n1,230,498 \n- \n \n2,168,452 1,212,451 \n79,439 \n3,076,473 31,249 \n937,033 \n(133,946) \n \n89,223 (7,522) (6,496) \n(32,932) 572,630 293,464 \n133,946 \n \nTotal General Revenues and Special Item \n \n15,823,198 \n \n14,391,185 \n \n1,432,013 \n \nTotal Revenues and Special Item \nProgram Expenses: 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 \nTotal Expenses \nIncrease in Net Position \n \n50,307,821 \n \n46,862,702 \n \n3,445,119 \n \n26,531,213 \n \n20,970,975 \n \n5,560,238 \n \n2,389,047 1,442,826 \n635,206 370,700 1,971,010 370,475 2,779,965 1,868,385 251,519 \n71,463 \n \n1,609,153 1,234,122 \n486,058 313,140 1,608,325 294,797 2,567,442 1,718,266 144,583 \n87,119 \n \n779,894 208,704 149,148 \n57,560 362,685 \n75,678 212,523 150,119 106,936 (15,656) \n \n237,656 40,031 \n3,014,379 139,196 \n \n234,387 23,781 \n2,648,985 130,666 \n \n3,269 16,250 365,394 \n8,530 \n \n42,113,071 \n \n34,071,799 \n \n8,041,272 \n \n$ 8,194,750 $ 12,790,903 $ (4,596,153) \n \n(1) Fiscal Year 2022 amounts reflect the effects of the restatement of net position. See Note 13 in the Notes to the Basic Financial Statements for more information. \nvi \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \n \nIn fiscal year 2023, program revenues, in the form of charges for services, operating grants and capital grants and contributions increased by $2.0 million for governmental activities due to an increase in both operating and capital grants and programs revenues. General revenues increased by $1.4 million due to increases in the collection of property and sales taxes and an increase in investment earnings. Program expenditures increased by $8.1 million from 2022 to 2023 primarily due to the result of actuarial estimates for lower pension expenses for fiscal year 2023 as compared to the prior year. \nGovernmental Activities \nThe Statement of Activities shows the cost of program services and the charges for services and grants offsetting those services. Table 3 shows the total cost of services and the net cost of services. It identifies the cost of these services supported by tax revenue and unrestricted State entitlements. \n \nTable 3 Governmental Activities \n \nTotal Cost of Services \n \nFiscal Year \n \nFiscal Year \n \n2023 \n \n2022(1) \n \nNet Cost of Services \n \nFiscal Year \n \nFiscal Year \n \n2023 \n \n2022(1) \n \nInstruction Support Services: \nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services: Enterprise Operations Community Services Food Services Interest on Long-Term Debt \n \n$ 26,531,213 $ 20,970,975 $ 3,634,311 $ (240,547) \n \n2,389,047 1,442,826 \n635,206 370,700 1,971,010 370,475 2,779,965 1,868,385 251,519 \n71,463 \n \n1,609,153 1,234,122 \n486,058 313,140 1,608,325 294,797 2,567,442 1,718,266 144,583 \n87,119 \n \n1,010,040 184,626 135,913 (724,171) 934,735 361,106 \n1,654,918 363,970 77,220 42,170 \n \n826,438 (16,328) 46,086 (926,103) 549,310 279,129 1,523,922 (161,798) 46,615 36,063 \n \n237,656 40,031 \n3,014,379 139,196 \n \n234,387 23,781 \n2,648,985 130,666 \n \n38,705 - \n(224,291) 139,196 \n \n99,568 - \n(629,370) 130,666 \n \nTotal Expenses \n \n$ 42,113,071 $ 34,071,799 $ 7,628,448 $ 1,563,651 \n \n(1) Fiscal Year 2022 amounts reflect the effects of the restatement of net position. See Note 13 in the Notes to the Basic Financial Statements for more information. \n \nAlthough program revenues make up a majority of the funding, the School District is still greatly dependent upon tax revenues for governmental activities. For 2023, 18.1% of expenditures were supplemented by taxes and other general revenues. \n \nvii \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 FINANCIAL ANALYSIS OF THE SCHOOL DISTRICT'S FUNDS The School District's governmental funds are accounted for using the modified accrual basis of accounting. The governmental funds had total revenues and other financing sources of $51.9 million and total expenditures and other financing uses of $47.9 million. There was an increase in the fund balance totaling $4.0 million for the governmental funds as a whole. This increase was mostly due to an increase in state grants and program revenues and an increase in investment earnings. General Fund Budgeting Highlights The School District's budget is prepared according to Georgia Law. The most significant budgeted fund is the general fund, which includes local, state and federal funds collected and disbursed for the purpose of operating the School District. During the course of fiscal year 2023, the School District amended its general fund budget as needed. The School District's budget is based on its overall mission and incorporates site-based budgeting into the budget process to control total site budgets but provide flexibility for site management. For the general fund, the actual revenues and other financing sources totaling $45.9 million represented a decrease from the final budgeted amount of $46.3 million by $335 thousand. This difference (final actual vs. final budget) was primarily due to actual expenditures of federal funds being less than budgeted which in turn reduced federal grant revenues. Final actual expenditures and other financing uses during fiscal year 2023 totaling $45.3 million represented a decrease from the final budgeted amount of $46.0 million by $719 thousand. The decrease in actual expenditures versus final budget expenditures was due primarily to a reduction in federal spending. \nviii \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \n \nCAPITAL ASSETS AND INTANGIBLE RIGHT-TO-USE ASSETS \n \nAt the fiscal year ended June 30, 2023, the School District had $61.3 million invested in capital assets net of accumulated depreciation and intangible right-to-use assets net of accumulated amortization. These assets are made up of a broad range of capital assets, including land, buildings, transportation, food service and maintenance equipment. Table 4 reflects a summary of these balances, by class, net of accumulated depreciation and amortization. \n \nTable 4 Capital Assets and Intangible Right-to-Use Assets \n(Net of Depreciation and Amortization) \n \nFiscal Year 2023 \n \nGovernmental Activities Fiscal Year 2022 (1) \n \nNet Change \n \nLand \n \n$ \n \nConstruction In Progress \n \nBuilding and Improvements \n \nEquipment \n \nLand Improvements \n \nRight-to-use Equipment \n \nRight-to-use Subscription Assets \n \n1,018,112 $ 1,187,555 52,571,061 4,146,796 1,896,100 \n315,273 173,200 \n \n1,018,112 $ - \n53,771,417 2,693,577 1,933,563 63,594 - \n \n1,187,555 (1,200,356) 1,453,219 \n(37,463) 251,679 173,200 \n \nTotal \n \n$ 61,308,097 $ \n \n59,480,263 $ \n \n1,827,834 \n \n(1) Fiscal Year 2022 amounts reflect the effects of the restatement of net position. See Note 13 in the Notes to the Financial Statements for more information. \n \nThe overall capital assets increased in fiscal year 2023 by $1.8 million primarily due to the addition of the assets related to the ongoing access control project not completed by the end of the fiscal year. \n \nLONG-TERM LIABILITIES \n \nAt June 30, 2023, the School District had $4.6 million in total debt outstanding with $2.2 million due within one year. Table 5 summarizes long term debt outstanding at June 30, 2023 and 2022. \n \nTable 5 Long-term Debt at June 30 \n \nGovernmental Activities \n \nFiscal Year \n \nFiscal Year \n \n2023 \n \n2022 (1) \n \nGeneral Obligation Bonds Unamortized Bond Premiums Leases Subscription Liabilities \n \n$ \n \n4,095,000 $ \n \n6,025,000 \n \n210,757 \n \n325,716 \n \n333,463 \n \n65,386 \n \n- \n \n34,840 \n \nTotal \n \n$ \n \n4,639,220 $ \n \n6,450,942 \n \n(1) Fiscal Year 2022 amounts reflect the effects of the restatement of net position. See Note 13 in the Notes to the Financial Statements for more information. \n \nix \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \nCURRENT ISSUES Despite the challenges presented by the pandemic, the Toombs County Board of Education is strong financially, and we remain optimistic about the ability of the School District to maximize all of the financial resources to continue to provide a quality education to our students. For the final year, the School District will continue to utilize Elementary and Secondary School Emergency Relief (ESSER) funding to provide resources and tools to address learning loss students may have incurred due to the pandemic and supplemental instructional initiatives in 2024. The School District also plans to utilize ESSER funding to purchase equipment to provide a safer environment for students and staff. Approximately 71.59% of general fund expenditures, the main operating fund for the School District, were related to salaries and employee benefits for the year ended June 30, 2023. More than a third of certified personnel in the School District have 21 years or more of experience resulting in salaries at the highest possible state pay level. With such heavy personnel expenditures, it is difficult to offset mandated expenditure increases such as TRS and health insurance premium expenditures. Salary and benefit expenditures increased by 5.59% in 2023. The School District consistently evaluates how funds can be spent smarter and more effectively to ensure that students receive a quality education from effective personnel. The School District's millage rate for fiscal year 2023 was 14.37. The net digest increased from $407.0 million in fiscal year 2022 to $443.0 million in fiscal year 2023. The net digest for fiscal year 2023 produced approximately $443,053 per mill. As shown in Table 3, property tax, sales tax, and other general revenues are responsible for covering 18.1% of the School District's costs. CONTACTING THE SCHOOL DISTRICT'S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, taxpayers, investors and creditors with a general overview of the School District's finances and to show the School District's accountability for the money it receives. If you have questions about this report or need additional financial information, please contact Stephanie Smith, Finance Director for the Toombs County Board of Education, 600 Bulldog Road Unit 1, Lyons, GA 30436. You may also email your questions to stephanie.smith@toombs.k12.ga.us. \nx \n \n Toombs County Board of Education \n \n TOOMBS COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2023 \nASSETS Cash and Cash Equivalents Accounts Receivable, Net \nTaxes State Government Federal Government Other Inventories Prepaid Items Intangible Right-to-Use Assets (Net of Accumulated Amortization) Subscription Right-to-Use Assets (Net of Accumulated Amortization) Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \nTotal Assets \nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \nTotal Deferred Outflows of Resources \nLIABILITIES Accounts Payable Salaries and Benefits Payable Interest Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities \nDue Within One Year Due in More Than One Year \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \nTotal Deferred Inflows of Resources \nNET POSITION Net Investment in Capital Assets Restricted for \nContinuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \nTotal Net Position \n \nEXHIBIT \"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n20,913,689.92 \n \n1,408,728.82 3,263,338.46 1,959,218.14 \n41,148.91 79,737.64 459,403.71 315,273.01 173,200.00 2,205,667.49 58,613,956.65 89,433,362.75 \n \n18,764,579.00 4,505,217.00 \n23,269,796.00 \n \n833,415.33 3,888,052.32 \n26,845.20 39,357,606.00 16,308,362.00 \n2,201,943.38 2,437,277.37 65,053,501.60 \n \n961,671.00 11,256,312.00 12,217,983.00 \n \n56,901,177.12 \n \n1,474,603.76 58,853.86 \n4,258,449.04 (27,261,409.63) \n \n$ \n \n35,431,674.15 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 1 - \n \n TOOMBS COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES JUNE 30, 2023 \n \nEXHIBIT \"B\" \n \nEXPENSES \n \nCHARGES FOR SERVICES \n \nPROGRAM REVENUES OPERATING GRANTS AND \nCONTRIBUTIONS \n \nCAPITAL GRANTS AND CONTRIBUTIONS \n \nNET (EXPENSES) REVENUES \nAND CHANGES IN NET POSITION \n \nGOVERNMENTAL ACTIVITIES \n \nInstruction \n \n$ \n \nSupport Services \n \nPupil Services \n \nImprovement of Instructional Services \n \nEducational Media Services \n \nGeneral Administration \n \nSchool Administration \n \nBusiness Administration \n \nMaintenance and Operation of Plant \n \nStudent Transportation Services \n \nCentral Support Services \n \nOther Support Services \n \nOperations of Non-Instructional Services \n \nEnterprise Operations \n \nCommunity Services \n \nFood Services \n \nInterest on Long-Term Debt \n \n26,531,212.93 $ \n2,389,046.54 1,442,826.21 \n635,205.92 370,700.45 1,971,010.15 370,474.78 2,779,964.77 1,868,384.76 251,519.40 \n71,463.36 \n237,656.15 40,030.96 \n3,014,378.70 139,195.51 \n \n- $ \n- \n198,951.33 - \n67,321.60 - \n \n22,896,901.44 $ \n994,736.95 1,258,199.94 \n499,293.33 1,094,871.78 1,036,275.63 \n9,368.44 1,125,046.51 \n975,754.60 174,299.84 \n29,293.01 \n40,030.96 3,171,348.21 \n- \n \n- $ \n384,269.12 - \n528,660.00 - \n- \n \n(3,634,311.49) \n(1,010,040.47) (184,626.27) (135,912.59) 724,171.33 (934,734.52) (361,106.34) \n(1,654,918.26) (363,970.16) (77,219.56) (42,170.35) \n(38,704.82) - \n224,291.11 (139,195.51) \n \nTotal Governmental Activities \n \n$ \n \n42,113,070.59 $ \n \n266,272.93 $ 33,305,420.64 $ \n \n912,929.12 \n \n(7,628,447.90) \n \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Sales Taxes Special Purpose Local Option Sales Tax For Debt Services For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous Total General Revenues \n \n7,409,733.29 \n2,257,675.00 1,204,928.95 \n72,943.49 3,043,541.00 \n603,879.29 1,230,497.44 15,823,198.46 \n \nChange in Net Position \n \n8,194,750.56 \n \nNet Position - Beginning of Year (Restated) \n \n27,236,923.59 \n \nNet Position - End of Year \n \n$ \n \n35,431,674.15 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 2 - \n \n TOOMBS COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30, 2023 \n \nEXHIBIT \"C\" \n \nASSETS Cash and Cash Equivalents Accounts Receivable, Net \nTaxes State Government Federal Government Other Inventories Prepaid Items \nTotal Assets \nLIABILITIES Accounts Payable Salaries and Benefits Payable \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes Unavailable Revenue - Federal Funds \nTotal Deferred Inflows of Resources \nFUND BALANCES Nonspendable Restricted Assigned Unassigned \nTotal Fund Balances \nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE FUND \n \nTOTAL \n \n$ \n \n12,424,587.21 $ \n \n1,093,216.00 3,263,338.46 1,959,218.14 \n41,148.91 79,737.64 339,403.71 \n \n$ \n \n19,200,650.07 $ \n \n8,399,903.65 $ \n315,512.82 - \n120,000.00 \n8,835,416.47 $ \n \n89,199.06 $ \n- \n89,199.06 $ \n \n20,913,689.92 \n1,408,728.82 3,263,338.46 1,959,218.14 \n41,148.91 79,737.64 459,403.71 \n28,125,265.60 \n \n$ \n \n756,969.34 $ \n \n3,888,052.32 \n \n4,645,021.66 \n \n72,945.99 $ - \n72,945.99 \n \n3,500.00 $ - \n3,500.00 \n \n833,415.33 3,888,052.32 4,721,467.65 \n \n862,149.98 \n \n- \n \n339,403.71 \n \n- \n \n1,201,553.69 \n \n- \n \n- \n \n862,149.98 \n \n- \n \n339,403.71 \n \n- \n \n1,201,553.69 \n \n79,737.64 1,394,866.12 \n501,703.35 11,377,767.61 13,354,074.72 \n \n120,000.00 4,138,449.04 4,504,021.44 \n8,762,470.48 \n \n85,699.06 \n85,699.06 \n \n199,737.64 5,619,014.22 5,005,724.79 11,377,767.61 22,202,244.26 \n \n$ \n \n19,200,650.07 $ \n \n8,835,416.47 $ \n \n89,199.06 $ \n \n28,125,265.60 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 3 - \n \n TOOMBS COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \nTO THE STATEMENT OF NET POSITION JUNE 30, 2023 \n \nEXHIBIT \"D\" \n \nTotal fund balances - governmental funds (Exhibit \"C\") \nAmounts reported for governmental activities in the Statement of Net Position are different because: \nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land Construction in progress Buildings and improvements Equipment Land improvements Accumulated depreciation \nRight-to use assets used in governmental activities are not financial resources and therefore are not reported in the funds. Leased machinery and equipment Subscription leases Accumulated amortization - right-to-use assets \nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB liability \nDeferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. Related to pensions Related to OPEB \nTaxes that are not available to pay for current period expenditures are deferred in the funds. \nFederal grant revenues that are not available to pay for current period deferred in the funds. \nLong-term liabilities, and related accrued interest, are not due and payable in the current period and therefore are not reported in the funds. Bonds payable Accrued interest payable Lease liability payable Unamortized bond premiums \nNet position of governmental activities (Exhibit \"A\") \n \n$ \n \n22,202,244.26 \n \n$ \n \n1,018,112.49 \n \n1,187,555.00 \n \n65,881,324.99 \n \n9,091,438.27 \n \n3,479,694.95 \n \n(19,838,501.56) \n \n60,819,624.14 \n \n$ \n \n439,794.01 \n \n216,500.00 \n \n(167,821.00) \n \n488,473.01 \n \n$ \n \n(39,357,606.00) \n \n(16,308,362.00) \n \n(55,665,968.00) \n \n$ \n \n17,802,908.00 \n \n(6,751,095.00) \n \n11,051,813.00 862,149.98 339,403.71 \n \n$ \n \n(4,095,000.00) \n \n(26,845.20) \n \n(333,463.40) \n \n(210,757.35) \n \n(4,666,065.95) \n \n$ \n \n35,431,674.15 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 4 - \n \n TOOMBS COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2023 \n \nEXHIBIT \"E\" \n \nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation Capital Outlay Debt Services Principal Dues and Fees Interest Total Expenditures \nRevenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES) Lease Liability Proceeds Transfers In Transfers Out Total Other Financing Sources (Uses) \nNet Change in Fund Balances \nFund Balances - Beginning \nFund Balances - Ending \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ \n \n7,237,548.92 $ \n \n72,943.49 \n \n24,733,671.85 \n \n11,695,069.14 \n \n266,272.93 \n \n363,624.16 \n \n1,230,497.44 \n \n45,599,627.93 \n \n- $ 1,204,928.95 \n236,002.69 1,440,931.64 \n \n- $ 2,257,675.00 \n4,252.44 2,261,927.44 \n \n7,237,548.92 3,535,547.44 24,733,671.85 11,695,069.14 \n266,272.93 603,879.29 1,230,497.44 49,302,487.01 \n \n26,192,390.11 \n2,145,928.80 1,416,568.01 \n602,316.63 357,746.62 1,874,100.59 364,360.36 2,542,049.27 2,524,623.76 294,853.26 \n70,686.80 227,088.29 \n40,030.96 3,078,772.04 1,223,415.00 \n93,964.60 - \n20,315.87 43,069,210.97 \n2,530,416.96 \n \n- \n29,907.35 - \n3,938.00 - \n69,246.21 - \n270,273.09 \n373,364.65 1,067,566.99 \n \n- \n- \n1,930,000.00 4,575.00 \n241,850.00 2,176,425.00 \n85,502.44 \n \n26,192,390.11 \n2,175,836.15 1,416,568.01 \n602,316.63 357,746.62 1,878,038.59 364,360.36 2,611,295.48 2,524,623.76 294,853.26 \n70,686.80 227,088.29 \n40,030.96 3,078,772.04 1,493,688.09 \n2,023,964.60 4,575.00 \n262,165.87 45,619,000.62 \n3,683,486.39 \n \n327,201.72 - \n(2,250,000.00) (1,922,798.28) \n \n607,618.68 \n \n12,746,456.04 \n \n$ \n \n13,354,074.72 $ \n \n2,250,000.00 \n2,250,000.00 \n3,317,566.99 \n5,444,903.49 \n8,762,470.48 $ \n \n- \n85,502.44 \n196.62 \n85,699.06 $ \n \n327,201.72 2,250,000.00 (2,250,000.00) \n327,201.72 \n4,010,688.11 \n18,191,556.15 \n22,202,244.26 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 5 - \n \n TOOMBS COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2023 \n \nEXHIBIT \"F\" \n \nNet change in fund balances total governmental funds (Exhibit \"E\") \nAmounts reported for governmental activities in the Statement of Activities are different because: \nGovernmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of capital assets and right-to-use assets are allocated over their estimated useful lives as depreciation expense. Capital outlay Intangible right-to-use outlay Depreciation expense Amortization Expense \nCapital assets purchased with Universal Service Fund (e-rate) proceeds are not reported in governmental funds. However, in the Statement of Activities, the e-rate proceeds are shown as capital grants and contributions. \nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \nOperating Grants and Contributions reported in the Statement of Activities that do not provide current financial resources are not reported as federal revenues in the funds. \nThe issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts and the difference between the carrying value of refunded debt and the acquisition cost of refunded debt when debt is first issued. These amounts are deferred and amortized in the Statement of Activities. Lease liability proceeds Bond principal retirements Lease liability payments Subscription liability payments Amortization of bond premium \nDistrict pension/OPEB contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension/OPEB liability is measured a year before the District's report date. Pension/OPEB expense, which is the change in the net pension/OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions/OPEB, is reported in the Statement of Activities. Pension expense OPEB expense \nSome items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. Net decrease in accrued interest \nChange in net position of governmental activities (Exhibit \"B\") \n \n$ \n \n4,010,688.11 \n \n$ \n \n2,908,448.04 \n \n543,701.72 \n \n(1,889,762.24) \n \n(118,822.51) \n \n1,443,565.01 \n \n384,269.12 172,184.37 339,403.71 \n \n$ \n \n(327,201.72) \n \n1,930,000.00 \n \n59,124.60 \n \n34,840.00 \n \n114,958.56 \n \n1,811,721.44 \n \n$ \n \n(1,736,734.00) \n \n1,757,066.00 \n \n20,332.00 \n \n12,586.80 \n \n$ \n \n8,194,750.56 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 6 - \n \n TOOMBS COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET POSITION \nFIDUCIARY FUNDS JUNE 30, 2023 \nASSETS Cash and Cash Equivalents Receivables, Net \nOther Total Assets \nLIABILITIES Accounts Payable \nNET POSITION Restricted \nSoutheastern Early College and Career Academy \n \nEXHIBIT \"G\" \n \nCUSTODIAL FUNDS \n \n$ \n \n362,463.43 \n \n192,465.00 554,928.43 \n \n228,099.84 \n \n$ \n \n326,828.59 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 7 - \n \n TOOMBS COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDUCIARY NET POSITION \nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2023 \nADDITIONS Contributions Interest Miscellaneous Total Additions \nDEDUCTIONS Purchased Professional Services Supplies and Other Total Deductions \nChange in Net Position \nNet Position - Beginning \nNet Position - Ending \n \nEXHIBIT \"H\" \n \nCUSTODIAL FUNDS \n \n$ \n \n811,151.13 \n \n3,943.61 \n \n34,515.00 \n \n849,609.74 \n \n629,870.30 123,317.46 753,187.76 \n \n96,421.98 \n \n230,406.61 \n \n$ \n \n326,828.59 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 8 - \n \n (This page left intentionally blank) \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \nReporting Entity \nThe Toombs County (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe accompanying financial statements of the School District have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). GASB is the accepted standard-setting body for governmental accounting and financial reporting principles. The most significant of the School District's accounting policies are described below. \nBasis of Presentation \nThe School District's basic financial statements are collectively comprised of the government-wide financial statements, fund financial statements and notes to the basic financial statements. The government-wide statements focus on the School District as a whole, while the fund financial statements focus on major funds. Each presentation provides valuable information that can be analyzed and compared between years and between governments to enhance the information's usefulness. \nGovernment-Wide Statements: \nThe Statement of Net Position and the Statement of Activities display information about the financial activities of the overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \nThe Statement of Net Position presents the School District's non-fiduciary assets, deferred outflows of resources, deferred inflows of resources and liabilities, with the difference reported as net position. Net position is reported in three categories as follows: \n1. Net investment in capital assets consists of the School District's total investment in capital assets, net of accumulated depreciation, and reduced by outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of net investment in capital assets. \n2. Restricted net position consists of resources for which the School District is legally or contractually obligated to spend in accordance with restrictions imposed by external third parties or imposed by law through constitutional provisions or enabling legislation. \n3. Unrestricted net position consists of resources not meeting the definition of the two preceding categories. Unrestricted net position often has constraints on resources imposed by management which can be removed or modified. \nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \n \n- 10 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nDirect expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \nProgram revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \nFund Financial Statements \nThe fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate financial statements are presented for governmental and fiduciary funds. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \nThe School District reports the following major governmental funds: \n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST) and bond proceeds that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \n The debt service fund accounts for and reports financial resources that are restricted, committed, or assigned including taxes (sales) legally restricted for the payment of general longterm principal and interest. \nThe School District reports the following fiduciary fund type: \n Custodial funds are used to report resources held by the School District in a purely custodial capacity. \nBasis of Accounting \nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \n- 11 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. The School District considers certain revenues reported in the governmental funds to be available if they are collected within 60 days after year-end. The School District considers all intergovernmental revenues to be available if they are collected within 120 days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities and acquisitions under leases are reported as other financing sources. \nThe School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted resources available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \nNew Accounting Pronouncements \nIn fiscal year 2023, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 96, Subscription-Based Information Technology Arrangements. This statement defines subscription-based information technology arrangements and provides uniform guidance for accounting and financial reporting for transactions that meet that definition. Under this statement, a government is required to recognize a subscription liability and an intangible right-to-use asset for contracts that meet the definition of a subscription-based information technology arrangement. The cumulative effect of GASB Statement No. 96 is described in the restatement note. \nCash and Cash Equivalents \nCash and cash equivalents consist of cash on hand, demand deposits, investments in the State of Georgia local government investment pool (Georgia Fund 1) and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated (O.C.G.A.) 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \nReceivables \nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \nInventories \nFood Inventories \nOn the basic financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (calculated on the first-in, first-out basis). The School District uses the consumption method to \n- 12 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \naccount for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \n \nPrepaid Items \n \nPayments made to vendors for services that will benefit future accounting periods are recorded as prepaid items, in both the government-wide and governmental fund financial statements. \n \nCapital Assets \n \nOn the government-wide financial statements, capital assets are recorded at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at the acquisition value on the date donated. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. The School District does not capitalize book collections or works of art. \n \nCapital acquisition and construction are recorded as expenditures in the governmental fund financial statements at the time of purchase (including ancillary charges), and the related assets are reported as capital assets in the governmental activities column in the government-wide financial statements. \n \nDepreciation is computed using the straight-line for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \n \nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \n \nCapitalization Policy \n \nEstimated Useful Life \n \nLand Land Improvements Buildings and Improvements Equipment Buses Intangible Assets \n \nAny Amount \n \n$ \n \n5,000.00 \n \n$ \n \n5,000.00 \n \n$ \n \n5,000.00 \n \n$ \n \n5,000.00 \n \n$ 200,000.00 \n \nN/A 20 to 80 years Up to 80 years \n5 to 25 years 8 to 14 years 5 to 10 years \n \nIntangible Right-To-Use Assets \nLeases, as a lessee, are included as intangible right-to-use assets and lease obligations on the Statement of Net Position. Subscription-based information technology arrangements (SBITAs) result in an intangible right-to-use subscription asset and a subscription liability on the Statement of Net Position. \nAn intangible right-to-use asset represents the School District's right to use an underlying asset for the lease or subscription term. Lease and subscription obligations represent the School District's liability to make lease and subscription payments arising from the lease or subscription agreement. Intangible right-to-use assets, lease obligations and subscription liabilities are recognized based on the present value of lease or subscription payments over the lease term, where the initial term exceeds 12 months. Residual value guarantees and the value of an option to extend or terminate a lease or subscription are \n- 13 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nreflected to the extent it is reasonably certain to be paid or exercised. Variable payments based on future performance or usage are not included in the measurement of the lease or subscription liability. Intangible right-to-use assets are amortized using a straight-line basis over the shorter of the lease or subscription term or useful life of the underlying asset. Prepayments made before the commencement of the lease or subscription are reported as intangible right-to-use assets-in-progress. \nCapitalization thresholds of intangible right-to-use assets reported in the government-wide statements are capitalized in accordance with the guidelines set for similar capital asset categories whose purchase is financed through means other than a lease. Capitalization threshold of intangible right-to-use subscription assets is $200,000.00. \nLeases as Lessee \nThe School District is a lessee for noncancellable leases of copiers, internet fiber, and subscription software owned by 3rd parties. \nAt the commencement of a lease, the School District initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The right-to-use lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on the straight-line basis over the shorter of the useful life of the asset or the lease term. \nKey estimates and judgments related to leases include how the School District determines (1) the discount rate it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease payments: \nThe lease agreements entered into by the School District as lessee do not contain stated interest rates. Therefore, the School District has used its estimated incremental borrowing rate as the discount rate for the leases. The School District has estimated this incremental borrowing rate to be 7.90% to 7.92% for the leases in which the School District is currently involved as the lessee. \nThe lease term includes the noncancellable period of the lease. Lease payments included in the measurement of the lease liability are composed of fixed payments the School District will make over the lease term. \nThe School District monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease asset and lease liability if certain changes occur that are expected to significantly affect the amount of the lease liability. \nLease assets are reported with other capital assets and lease liabilities are reported with current and long-term debt on the statement of net position. \nDeferred Outflows/Inflows of Resources \nIn addition to assets, the statement of financial position will report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of resources that applies to a future period(s) and therefore will not be recognized as an outflow of resources (expense/expenditure) until then. \n \n- 14 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nIn addition to liabilities, the statement of financial position will report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of resources that applies to a future period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time. \nLong-Term Liabilities and Bond Discounts/Premiums \nIn the School District's government-wide financial statements, outstanding debt is reported as liabilities. Bond premiums and discounts and the difference between the reacquisition price and the net carrying value of refunded debt are deferred and amortized over the life of the bonds using the straightline method. To conform to generally accepted accounting principles, bond premiums and discounts should be amortized using the effective interest method. The effect of this deviation is deemed to be immaterial to the fair presentation of the basic financial statements. Bond issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \nIn the governmental fund financial statements, the School District recognizes the proceeds of debt and premiums as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures. \nPensions \nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \nPost-Employment Benefits Other Than Pensions (OPEB) \nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Post-employment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \nFund Balances \nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \nThe School District's fund balances are classified as follows: \nNon-spendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \n \n- 15 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \nUse of Estimates \nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \nProperty Taxes \nThe Toombs County Board of Commissioners adopted the property tax levy for the 2022 tax digest year (calendar year) on September 15, 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 Toombs 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 $6,137,497.68. \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): \n \nSchool Operations \n \n14.37 mills \n \nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $1,100,051.24 during fiscal year ended June 30, 2023. \nSales Taxes \nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $3,462,603.95 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \n- 16 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nNOTE 3: BUDGETARY DATA \nThe budget is a complete financial plan for the School District's fiscal year and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general 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 and function. The legal level of budgetary control was established by the Board at the aggregate fund level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \nThe Superintendent is authorized by the Board to approve adjustments of the amount budgeted for expenditures between any budget function within the same fund. The Superintendent shall report any such adjustments to the Board. If expenditure of funds is anticipated to exceed the total appropriation at the aggregate fund level, the Superintendent shall request Board approval for the budget amendment. Under no circumstance is the Superintendent or other staff person authorized to spend funds that exceed the total budget without approval by the Board. \nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \nNOTE 4: DEPOSITS AND CASH EQUIVALENTS \nCollateralization of Deposits \nO.C.G.A. 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A. 45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance. \nAcceptable security for deposits consists of any one of or any combination of the following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n- 17 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \nCategorization of Deposits \nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2023, the School District had deposits with a carrying amount of $9,783,489.39, and a bank balance of $10,567,071.96. The bank balances insured by Federal depository insurance were $750,000.00 and the bank balances collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name were $257,566.52. \nAt June 30, 2023, $9,559,505.44 of the School District's bank balances was exposed to custodial credit risk. This balance was in the State's Secure Deposit Program (SDP). \nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. The SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians. \nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \n \n- 18 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nReconciliation of cash and cash equivalents balances to carrying value of deposits: \n \nCash and cash equivalents \n \nStatement of Net Position \n \n$ \n \nStatement of Fiduciary Net Position \n \n20,913,689.92 362,463.43 \n \nTotal cash and cash equivalents \n \n21,276,153.35 \n \nLess: Investment pools reported as cash and cash equivalents \nGeorgia Fund 1 \n \n11,492,663.96 \n \nTotal carrying value of deposits - June 30, 2023 \n \n$ \n \n9,783,489.39 \n \nCategorization of Cash Equivalents \nThe School District reported cash equivalents of $11,492,663.96 in Georgia Fund 1, a local government investment pool, which is included in the cash balances above. Georgia Fund 1 is not registered with the SEC as an investment company and does not operate in a manner consistent with the SEC's Rule 2a-7 of the Investment Company Act of 1940. The investment is valued at the pool's share price, $1.00 per share, which approximates fair value. The pool is an AAAf rated investment pool by Fitch. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2023 was 28 days. \nGeorgia Fund 1, administered by the State of Georgia, Office of the State Treasurer, is not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of the State Treasurer for the Georgia Fund 1, does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State of Georgia Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \n \n- 19 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nNOTE 5: CAPITAL ASSETS AND INTANGIBLE RIGHT-TO-USE ASSETS \n \nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \n \nBalances July 1, 2022 \n \nIncreases \n \nDecreases \n \nBalances June 30, 2023 \n \nGovernmental Activities Capital Assets, \nNot Being Depreciated: Land Construction in Progress \nTotal Capital Assets Not Being Depreciated \nCapital Assets, Being Depreciated Buildings and Improvements Equipment Land Improvements \nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \nTotal Capital Assets, Being Depreciated, Net \nGovernmental Activities Capital Assets - Net \n \n$ \n \n1,018,112.49 $ \n \n- \n \n1,018,112.49 \n \n65,881,324.99 7,093,432.11 3,372,538.95 \n12,109,908.31 4,399,854.85 1,438,976.16 \n58,398,556.73 \n$ 59,416,669.22 $ \n \n- $ 1,187,555.00 \n1,187,555.00 \n1,998,006.16 \n107,156.00 \n1,200,355.94 544,787.61 144,618.69 \n215,399.92 \n1,402,954.92 $ \n \n- $ 1,018,112.49 \n \n- \n \n1,187,555.00 \n \n- \n \n2,205,667.49 \n \n- \n \n65,881,324.99 \n \n- \n \n9,091,438.27 \n \n- \n \n3,479,694.95 \n \n- \n \n13,310,264.25 \n \n- \n \n4,944,642.46 \n \n- \n \n1,583,594.85 \n \n- \n \n58,613,956.65 \n \n- $ 60,819,624.14 \n \n- 20 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nCurrent year depreciation by function is as follows: \n \nInstruction \n \nSupport Services \n \nPupil Services \n \n$ \n \nEducational Media Services \n \nGeneral Administration \n \nSchool Administration \n \nMaintenance and Operation of Plant \n \nStudent Transportation Services \n \nCentral Support Services \n \nFood Services \n \nEnterprise Operations \n \n$ \n258,360.17 27,709.87 11,003.52 51,549.55 \n198,870.90 234,773.88 \n14,951.77 \n$ \n \n1,004,007.56 \n797,219.66 77,317.86 11,217.16 \n1,889,762.24 \n \nThe following is a summary of changes in the intangible right-to-use assets for governmental activities during the fiscal year: \n \nBalances July 1, 2022 (1) \n \nIncreases \n \nDecreases \n \nBalances June 30, 2023 \n \nGovernmental Activities Intangible Right-to-Use Assets Equipment Subscription Assets \n \n$ 112,592.29 $ 327,201.72 $ \n \n- \n \n216,500.00 \n \n- $ 439,794.01 \n \n- \n \n216,500.00 \n \nLess Accumulated Amortization: Equipment Subscription Assets \n \n48,998.49 - \n \n75,522.51 43,300.00 \n \n- \n \n124,521.00 \n \n- \n \n43,300.00 \n \nGovernmental Activities Intangible Right-to-Use Assets - Net $ 63,593.80 $ 424,879.21 $ \n \n- $ 488,473.01 \n \n(1) Fiscal Year 2022 amounts reflect the effects of the restatement of net position. See Note 13 in the Notes to the Basic Financial Statements for more information. \n \n- 21 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nCurrent year amortization expense by function is as follows: \nInstruction Support Services \nMaintenance and Operation of Plant \n \n$ \n \n37,991.75 \n \n80,830.76 \n \n$ \n \n118,822.51 \n \nNOTE 6: INTERFUND TRANSFERS \n \nInterfund transfers for the year ended June 30, 2023, consisted of the following: \n \nTransfers to \n \nTransfers From General Fund \n \nCapital Projects Fund $ 2,250,000.00 \n \nTransfers are used to move property tax revenues collected by the general fund to the capital projects fund as required match or supplemental funding source for capital construction projects. \n \nNOTE 7: LONG-TERM LIABILITIES \n \nThe changes in long-term liabilities during the fiscal year for governmental activities were as follows: \n \nRestated (1) Balance \nJuly 1, 2022 \n \nGovernmental Activities \n \nAdditions \n \nDeductions \n \nBalance June 30, 2023 \n \nDue Within One Year \n \nGeneral Obligation (G.O.) Bonds $ Unamortized Bond Premiums Leases (1) Subscription Liabilities (1) \n \n6,025,000.00 $ 325,715.91 65,386.28 34,840.00 \n \n- $ 1,930,000.00 $ 4,095,000.00 $ \n \n- \n \n114,958.56 \n \n210,757.35 \n \n327,201.72 \n \n59,124.60 \n \n333,463.40 \n \n- \n \n34,840.00 \n \n- \n \n2,005,000.00 114,958.56 81,984.82 - \n \n$ 6,450,942.19 $ 327,201.72 $ 2,138,923.16 $ 4,639,220.75 $ 2,201,943.38 \n \n(1) Balance as of July 1, 2022 reflects the prior period adjustments due to the adoption of GASB Statement No. 96, as described in \"New Accounting Pronouncements\", and due to a correction for an error in the prior year leases, which resulted in the restatement of the June 30, 2022 net position in govermental activities. \n \n- 22 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nGeneral Obligation Bonds \n \nThe School District's bonded debt consists of general obligation bonds that are generally noncallable with interest payable semiannually. Bond proceeds primarily pay for acquiring or constructing capital facilities. The School District repays general obligation bonds from voter-approved sales taxes. General obligation bonds are direct obligations and pledge the full faith and credit of the School District. \n \nThe School District's outstanding bonds from direct placements related to governmental activities of $4,095,000.00 contain a provision that in the event the entity is unable to make the principal and interest payments using proceeds from the Education Special Purpose Local Option Sales Tax (ESPLOST), the debt will be satisfied from a direct annual ad valorem tax levied upon all taxable property within the School District. Additional security is provided by the State of Georgia Intercept Program which allows for state appropriations entitled to the School District to be transferred to the Debt Service Account Custodian for the payment of debt. \n \nGeneral obligation bonds currently outstanding are as follows: \n \nDescription \n \nInterest Rates \n \nIssue Date \n \nMaturity Date \n \nAmount Issued \n \nAmount Outstanding \n \nGeneral Government - Series 2019 \n \n3.00% - 5.00% 6/18/2019 5/1/2025 $ 6,025,000.00 $ 4,095,000.00 \n \nThe following schedule details debt service requirements to maturity for the School District's total general obligation bonds payable: \n \nFiscal Year Ended June 30: \n \nGeneral Obligation Debt \n \nPrincipal \n \nInterest \n \nUnamortized Bond Premium \n \n2024 2025 \n \n$ 2,005,000.00 $ 2,090,000.00 \n \n164,650.00 $ 104,500.00 \n \n114,958.56 95,798.79 \n \nTotal Principal and Interest $ 4,095,000.00 $ \n \n269,150.00 $ \n \n210,757.35 \n \nLeases \nThe School District has acquired equipment under the provisions of various contracts that convey control of the right-to-use another entity's asset for a period of time in an exchange-like transaction. These contracts are classified as leases for accounting purposes. \nThe following is a summary of the carrying values of intangible right-to-use assets under lease at June 30, 2023: \nGovernmental Activities \n \nEquipment \n \n$ \n \nLess: Accumulated Amortization \n \n439,794.01 124,521.00 \n \n$ \n \n315,273.01 \n \n- 23 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nDuring the current fiscal year, the School District entered into a lease agreement as lessee for the rightto-use Canon copiers at a cost of $327,201.72 with a down payment of $0.00. This lease qualifies as a lease for accounting purposes, and, therefore, has been recorded at the present value of the future minimum lease payments as of the date of inception. \n \nLeases currently outstanding are as follows: \n \nPurpose \n \nInterest Rates \n \nIssue Date \n \nMaturity Date \n \nAmount Issued \n \nAmount Outstanding \n \nATC Fiber Canon Copiers \n \n7.90% 7.92% \n \n3/10/2021 12/1/2022 \n \n2/10/2024 $ 4/30/2028 \n \n112,592.29 $ 27,188.38 \n \n327,201.72 \n \n306,275.02 \n \nThe following is a schedule of total lease payments: \nFiscal Year Ended June 30: \n \n$ 439,794.01 $ 333,463.40 \n \nPrincipal \n \nInterest \n \n2024 2025 2026 2027 2028 \n \n$ 81,984.82 $ 23,107.86 \n \n59,297.39 17,795.29 \n \n64,168.03 12,924.65 \n \n69,438.75 \n \n7,653.93 \n \n58,574.41 \n \n2,061.97 \n \nTotal Principal and Interest $ 333,463.40 $ 63,543.70 \n \nNOTE 8: RISK MANAGEMENT \nInsurance \nThe School District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors or omissions; job related illness or injuries to employees; and natural disasters. \nGeorgia School Boards Association Risk Management Fund \nThe School District participates in the Georgia School Boards Association Risk Management Fund (the Fund), a public entity risk pool organized on August 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, errors and omissions liability, cyber risk and property damage, including safety engineering and other loss prevention and control techniques, and to administer the Fund including the processing and defense of claims brought against members of the Fund . The School District pays an annual contribution to the Fund for coverage. Reinsurance is provided to the Fund through agreements by the Fund with insurance companies according to their specialty for property (including coverage for flood and earthquake), machinery breakdown, general liability, errors and omissions, crime, cyber risk and automobile risks. Reinsurance limits and retentions vary by line of coverage. \n \n- 24 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nWorkers' Compensation \n \nGeorgia School Boards Association Workers' Compensation Fund \n \nThe School District participates in the Georgia School Boards Association Workers' Compensation Fund (the Fund), a public entity risk pool organized on July 1, 1992, to develop, implement, and administer a program to reduce the risk of loss from employee accidents. The School District pays an annual contribution to the Fund for coverage. The Fund provides statutory limits of coverage for Workers' Compensation coverage and a $2,000,000 limit per occurrence for Employers' Liability coverage. Excess insurance coverage is provided through an agreement between the Fund and the Safety National Casualty Corporation to limit the Fund's exposure to large losses. \n \nUnemployment Compensation \n \nThe School District is self-insured with regard to unemployment compensation claims. 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. \n \nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \n \nBeginning of Year Liability \n \nClaims and Changes in \nEstimates \n \nClaims Paid \n \nEnd of Year Liability \n \n2022 $ 2023 $ \n \n- $ - $ \n \n- $ 17,155.00 $ \n \n- $ - $ \n \n17,155.00 \n \nSurety Bond \n \nThe School District purchased a surety bond to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nAthletic Director \n \n$ 10,000.00 \n \n- 25 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nNOTE 9: FUND BALANCE CLASSIFICATION DETAILS \n \nThe School District's financial statements include the following amounts presented in the aggregate at June 30, 2023: \n \nNonspendable \n \nInventories \n \n$ \n \nPrepaid Assets \n \nRestricted \n \nContinuation of Federal Programs $ \n \nCapital Projects \n \nDebt Service \n \nAssigned \n \nLocal Capital Outlay Projects \n \n$ \n \nSchool Activity Accounts \n \nUnassigned \n \n79,737.64 120,000.00 $ \n1,394,866.12 4,138,449.04 \n85,699.06 \n4,504,021.44 501,703.35 \n \n199,737.64 \n5,619,014.22 5,005,724.79 11,377,767.61 \n \nFund Balance, June 30, 2023 \n \n$ \n \n22,202,244.26 \n \nWhen multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \nNOTE 10: SIGNIFICANT CONTINGENT LIABILITIES \n \nFederal Grants \nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position. \nNOTE 11: OTHER POST-EMPLOYMENT BENEFITS (OPEB) \nGeorgia School Personnel Post-Employment Health Benefit Fund \nPlan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit post-employment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board. \nBenefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or \n \n- 26 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nPublic School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. \nContributions: As established by the Board, the School OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $644,565.00 for the year ended June 30, 2023. Active employees are not required to contribute to the School OPEB Fund. \nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \nAt June 30, 2023, the School District reported a liability of $16,308,362.00 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 0.164678%, which was an increase of 0.004801% from its proportion measured as of June 30, 2021. \n \n- 27 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nFor the year ended June 30, 2023, the School District recognized OPEB expense of ($1,112,501.00). At June 30, 2023, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \n \nOPEB Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual \n \nexperience \n \n$ \n \n650,958.00 $ 6,409,680.00 \n \nChanges of assumptions \n \n2,483,797.00 \n \n3,298,389.00 \n \nNet difference between projected and actual \n \nearnings on OPEB plan investments \n \n99,476.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n626,421.00 \n \n1,548,243.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n644,565.00 \n \n- \n \nTotal \n \n$ 4,505,217.00 $ 11,256,312.00 \n \nSchool District contributions subsequent to the measurement date are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2024. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: \n \nYear Ended June 30: \n \nOPEB \n \n2024 2025 2026 2027 2028 Thereafter \n \n$ (2,155,825.00) \n \n$ (1,793,117.00) \n \n$ (1,401,269.00) \n \n$ (1,415,043.00) \n \n$ \n \n(580,517.00) \n \n$ \n \n(49,889.00) \n \n- 28 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nActuarial Assumptions: The total OPEB liability as of June 30, 2022 was determined by an actuarial valuation as of June 30, 2021 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2022: \n \nOPEB: \n \nInflation \n \n2.50% \n \nSalary increases \n \n3.00%  8.75%, including inflation \n \nLong-term expected rate of return \nHealthcare cost trend rate \n \n7.00%, compounded annually, net of investment expense, and including inflation \n \nPre-Medicare Eligible \n \n6.50% \n \nMedicare Eligible \n \n5.00% \n \nUltimate trend rate \n \nPre-Medicare Eligible \n \n4.50% \n \nMedicare Eligible \n \n4.50% \n \nYear of Ultimate trend rate \n \nPre-Medicare Eligible \n \n2029 \n \nMedicare Eligible \n \n2023 \n \nThe Plan currently uses mortality tables that vary by age, gender, and health status (i.e. disabled or not disabled) as follows: \n For TRS members: Post-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% was used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \n For PSERS members: Pre-retirement mortality rates were based on the Pub-2010 General Employee Mortality Table, with no adjustment, with the MP-2019 Projections scale applied generationally. Post-retirement mortality rates for service retirements were based on the Pub-2010 General Healthy Annuitant Mortality Table (ages set forward one year and adjusted 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 \n- 29 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \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. \n \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. \n \nThe remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2021 valuation were based on a review of recent plan experience done concurrently with the June 30, 2021 valuation. \n \nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \n \nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \n \nAsset Class \n \nTarget Allocation \n \nLong-Term Expected Real Rate of Return* \n \nFixed income Equities \n \n30.00% 70.00% \n \n2.00% 9.40% \n \nTotal \n \n100.00% \n \n* Net of inflation \nDiscount Rate: In order to measure the total OPEB liability for the School OPEB Fund, a single equivalent interest rate of 3.57% 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 \n \n- 30 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \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. \n \nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net OPEB liability calculated using the discount rate of 3.57%, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (2.57%) or 1-percentage-point higher (4.57%) than the current discount rate: \n \n1% Decrease (2.57%) \n \nCurrent Discount Rate (3.57%) \n \n1% Increase (4.57%) \n \nSchool District's proportionate share \n \nof the Net OPEB liability \n \n$ \n \n18,446,715.00 $ \n \n16,308,362.00 $ 14,496,013.00 \n \nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates: The following presents the School District's proportionate share of the net OPEB liability, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates: \n \nSchool District's proportionate share \n \nof the Net OPEB liability \n \n$ \n \n1% Decrease 14,051,603.00 $ \n \nCurrent Healthcare Cost Trend Rate \n16,308,362.00 $ \n \n1% Increase 19,081,909.00 \n \nOPEB Plan Fiduciary Net Position: Detailed information about the OPEB plan's fiduciary net position is available in the Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \n \n- 31 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nNOTE 12: RETIREMENT PLANS \nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \nTeachers Retirement System of Georgia (TRS) \nPlan Description: All teachers of the School District as defined in O.C.G.A. 47-3-60 and certain other support personnel as defined by O.C.G.A. 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple- employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Pursuant to O.C.G.A. 47-3-63, the employer contributions for certain full-time public school support personnel are funded on behalf of the employer by the State of Georgia. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 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 19.70% of payroll was required from the School District and 0.28% of payroll was required from the State. For the current fiscal year, employer contributions to the pension plan were $3,473,609.00 and $48,558.06 from the School District and the State, respectively. \nPublic School Employees Retirement System (PSERS) \nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \n \n- 32 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nBenefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \n \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. \n \nContributions: The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. \n \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 $45,379.00. \n \nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \n \nAt June 30, 2023, the School District reported a liability of $39,357,606.00 for its proportionate share of the net pension liability for TRS. \n \nThe TRS net pension liability reflected a reduction for support provided to the School District by the State of Georgia for certain public school support personnel. The amount recognized by the School District as its proportionate share of the net pension liability, the related State of Georgia support, and the total portion of the net pension liability that was associated with the School District were as follows: \n \nSchool District's proportionate share of the net pension liability \n \n$ \n \n39,357,606.00 \n \nState of Georgia's proportionate share of the net pension liability associated with the School District \n \n452,334.00 \n \nTotal \n \n$ \n \n39,809,940.00 \n \nThe net pension liability for TRS was measured as of June 30, 2022. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2021. An expected total pension liability as of June 30, 2022 was determined using standard roll-forward techniques. The School District's proportion of the net pension liability was based on contributions to TRS during the fiscal year ended June 30, 2022. \n \n- 33 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nAt June 30, 2022, the School District's TRS proportion was 0.121205%, which was a decrease of 0.001258% from its proportion measured as of June 30, 2021. \n \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 $387,814.00. \n \nThe PSERS net pension liability was measured as of June 30, 2022. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2021. An expected total pension liability as of June 30, 2022 was determined using standard roll-forward techniques. The State's proportion of the net pension liability associated with the School District was based on actuarially determined contributions paid by the State during the fiscal year ended June 30, 2022. \n \nFor the year ended June 30, 2023, the School District recognized pension expense of $5,301,123.00 for TRS and $97,457.00 for PSERS and revenue of $105,957.00 for TRS and $97,457.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \n \nAt June 30, 2023, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \n \nTRS Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual experience \n \n$ 1,633,744.00 $ \n \n204,866.00 \n \nChanges of assumptions \nNet difference between projected and actual earnings on pension plan investments \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n5,924,576.00 7,732,650.00 \n- \n \n756,805.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n3,473,609.00 \n \n- \n \nTotal \n \n$ 18,764,579.00 $ 961,671.00 \n \n- 34 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nThe School District contributions subsequent to the measurement date for TRS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2024. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \n \nYear Ended June 30: \n \nTRS \n \n2024 2025 2026 2027 \n \n$ 3,683,843.00 $ 2,875,118.00 $ 2,168,119.00 $ 5,602,219.00 \n \nActuarial Assumptions: The total pension liability as of June 30, 2022 was determined by an actuarial valuation as of June 30, 2021, using the following actuarial assumptions, applied to all periods included in the measurement: \n \nTeachers Retirement System: \n \nInflation \n \n2.50% \n \nSalary increases \n \n3.00%  8.75%, average, including inflation \n \nInvestment rate of return \n \n6.90%, net of pension plan investment expense, including inflation \n \nPost-retirement benefit increases \n \n1.50% semi-annually \n \nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \nThe actuarial assumptions used in the June 30, 2021 valuation were based on the results of an actuarial experience study for the period July 1, 2013  June 30, 2018, with the exception of the investment rate of return and payroll growth assumption. \n \nPublic School Employees Retirement System: \n \nInflation \n \n2.50% \n \nSalary increases Investment rate of return \nPost-retirement benefit increases \n \nN/A \n7.00%, net of pension plan investment expense, including inflation \n1.50% semi-annually \n \n- 35 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nMortality rates are as follows: \n \n The Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale is used for both males and females while in active service. \n The Pub-2010 Family of Tables projected generationally with the MP-2019 Scale and with further adjustments are used for post-retirement mortality assumptions as follows: \n \nParticipant Type \n \nMembership Table \n \nSet Forward (+)/ Setback (-) Adjustment to Rates \n \nService Retirees \n \nGeneral Healthy BelowMedian Annuitant \n \nMale: +2; Female: +2 \n \nMale: 101%; Female: 103% \n \nDisability Retirees \n \nGeneral Disabled \n \nMale: -3; Female: 0 \n \nMale: 103%; Female: 106% \n \nBeneficiaries \n \nGeneral Below-Median Contingent Survivors \n \nMale: +2; Female: +2 \n \nMale: 104%; Female: 99% \n \nThe actuarial assumptions used in the June 30, 2021 valuation were based on the results of an actuarial experience study for the period July 1, 2014  June 30, 2019. \n \nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \n \nAsset Class \n \nTRS/PSERS Target \nAllocation \n \nLong-Term Expected Real Rate of Return* \n \nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \n \n30.00% 46.30% \n1.20% 12.30% \n5.20% 5.00% \n \n0.20% 9.40% 13.40% 9.40% 11.40% 10.50% \n \nTotal \n \n100.00% \n \n* Rates shown are net of inflation \n \n- 36 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"I\" \n \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. \nSensitivity of the School District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 6.90%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.90%) or 1-percentage-point higher (7.90%) than the current rate: \n \nTeachers Retirement System: \n \n1% Decrease (5.90%) \n \nCurrent Discount Rate (6.90%) \n \n1% Increase (7.90%) \n \nSchool District's proportionate share of \n \nthe net pension liability \n \n$ \n \n59,377,594.00 $ \n \n39,357,606.00 $ 23,008,638.00 \n \nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \n \nNOTE 13: RESTATEMENT OF PRIOR YEAR NET POSITION \n \nFor fiscal year 2023, the School District made prior period adjustments due to the adoption of GASB Statement No, 96, as described in \"New Accounting Pronouncements,\" and due to a correction for an error in the prior year for under reported leases, which requires the restatement of the June 30, 2022 net position in governmental activities. These changes are in accordance with generally accepted accounting principles. \n \nNet Position, July 1, 2022, as previously reported \n \n$ 27,273,556.07 \n \nCorrection for Prior Year Error Prior Period Adjustment - Implementation of GASB No. 96: \n \n(1,792.48) (34,840.00) \n \nNet Position, July 1, 2022, as restated \n \n$ 27,236,923.59 \n \n- 37 - \n \n (This page left intentionally blank) \n \n TOOMBS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"1\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion \nof the Net Pension Liability (NPL) \n \nSchool District's proportionate share \nof the NPL \n \nState of Georgia's proportionate share \nof the NPL associated with the \nSchool District \n \nTotal \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the NPL as a percentage of its covered payroll \n \nPlan fiduciary net position as a percentage \nof the total pension liability \n \n2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.121205% $ 39,357,606.00 $ 0.122463% $ 10,831,036.00 $ 0.124317% $ 30,114,443.00 $ 0.127676% $ 27,453,792.00 $ 0.131125% $ 24,339,609.00 $ 0.135991% $ 25,274,346.00 $ 0.136703% $ 28,203,353.00 $ 0.140441% $ 21,380,748.00 $ 0.142080% $ 17,949,934.00 $ \n \n452,334.00 124,351.00 335,017.00 319,100.00 276,762.00 \n47,578.00 - \n \n$ 39,809,940.00 $ 10,955,387.00 $ 30,449,460.00 $ 27,772,892.00 $ 24,616,371.00 $ 25,321,924.00 $ 28,203,353.00 $ 21,380,748.00 $ 17,949,934.00 \n \n$ 16,643,657.39 $ 16,128,614.59 $ 16,237,801.42 $ 15,762,764.09 $ 15,851,880.81 $ 15,658,673.37 $ 15,094,728.93 $ 14,824,395.13 $ 14,407,600.89 \n \n236.47% 67.15% \n185.46% 174.17% 153.54% 161.41% 186.84% 144.23% 124.59% \n \n72.85% 92.03% 77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 39 - \n \n TOOMBS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"2\" \n \nFor the Year Ended June 30 \n2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 \n \nContractually required contribution \n \nContributions in relation to the contractually required \ncontribution \n \nContribution deficiency (excess) \n \n$ \n \n3,473,609.00 $ \n \n3,473,609.00 $ \n \n- \n \n$ \n \n3,260,599.00 $ \n \n3,260,599.00 $ \n \n- \n \n$ \n \n3,039,250.00 $ \n \n3,039,250.00 $ \n \n- \n \n$ \n \n3,394,191.00 $ \n \n3,394,191.00 $ \n \n- \n \n$ \n \n3,256,569.93 $ \n \n3,256,569.93 $ \n \n- \n \n$ \n \n2,634,844.45 $ \n \n2,634,844.45 $ \n \n- \n \n$ \n \n2,230,298.64 $ \n \n2,230,298.64 $ \n \n- \n \n$ \n \n2,154,017.82 $ \n \n2,154,017.82 $ \n \n- \n \n$ \n \n1,949,407.96 $ \n \n1,949,407.96 $ \n \n- \n \n$ \n \n1,769,253.39 $ \n \n1,769,253.39 $ \n \n- \n \nSchool District's covered payroll \n \nContribution as a percentage of covered \npayroll \n \n$ \n \n17,631,681.20 \n \n$ \n \n16,643,657.39 \n \n$ \n \n16,128,614.59 \n \n$ \n \n16,237,801.42 \n \n$ \n \n15,762,764.09 \n \n$ \n \n15,851,880.81 \n \n$ \n \n15,658,673.37 \n \n$ \n \n15,094,728.93 \n \n$ \n \n14,824,395.13 \n \n$ \n \n14,407,600.89 \n \n19.70% 19.59% 18.84% 20.90% 20.66% 16.62% 14.24% 14.27% 13.15% 12.28% \n \n- 40 - \n \n TOOMBS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"3\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the Net Pension Liability (NPL) \n \nSchool District's proportionate share \nof the NPL \n \nState of Georgia's proportionate share \nof the NPL associated with the \nSchool District \n \nTotal \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the NPL as a percentage of its covered payroll \n \nPlan fiduciary net position as a \npercentage of the total pension \nliability \n \n2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n387,814.00 $ 387,814.00 $ \n \n38,010.00 $ \n \n38,010.00 $ \n \n248,944.00 $ 248,944.00 $ \n \n291,092.00 $ 291,092.00 $ \n \n271,268.00 $ 271,268.00 $ \n \n261,394.00 $ 261,394.00 $ \n \n335,228.00 $ 335,228.00 $ \n \n235,801.00 $ 235,801.00 $ \n \n224,650.00 $ 224,650.00 $ \n \n690,619.56 652,499.19 650,816.73 764,044.93 708,039.17 728,391.07 693,860.80 740,925.09 771,363.07 \n \nN/A \n \n81.21% \n \nN/A \n \n98.00% \n \nN/A \n \n84.45% \n \nN/A \n \n85.02% \n \nN/A \n \n85.26% \n \nN/A \n \n85.69% \n \nN/A \n \n81.00% \n \nN/A \n \n87.00% \n \nN/A \n \n88.29% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 41 - \n \n TOOMBS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \nSCHOOL OPEB FUND \n \nSCHEDULE \"4\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the Net OPEB Liability (NOL) \n \nSchool District's proportionate share \nof the NOL \n \nState of Georgia's proportionate \nshare of the NOL associated with the School District \n \nTotal \n \nSchool District's covered-employee \npayroll \n \nSchool District's proportionate share of the NOL as a percentage of its coveredemployee payroll \n \nPlan fiduciary net position as a percentage \nof the total OPEB liability \n \n2023 2022 2021 2020 2019 2018 \n \n0.164678% $ 16,308,362.00 $ 0.159877% $ 17,316,002.00 $ 0.165045% $ 24,241,267.00 $ 0.174936% $ 21,468,400.00 $ 0.179165% $ 22,771,322.00 $ 0.178888% $ 25,133,693.00 $ \n \n- \n \n$ 16,308,362.00 $ 15,635,912.18 \n \n- \n \n$ 17,316,002.00 $ 14,409,357.78 \n \n- \n \n$ 24,241,267.00 $ 13,788,312.97 \n \n- \n \n$ 21,468,400.00 $ 13,574,106.07 \n \n- \n \n$ 22,771,322.00 $ 13,859,309.24 \n \n- \n \n$ 25,133,693.00 $ 13,362,633.48 \n \n104.30% 120.17% 175.81% 158.16% 164.30% 188.09% \n \n6.17% 6.14% 3.99% 4.63% 2.93% 1.61% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 42 - \n \n TOOMBS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \n \nSCHEDULE \"5\" \n \nFor the Year Ended June 30 \n2023 2022 2021 2020 2019 2018 2017 2016 \n \nContractually required contribution \n \nContributions in relation to the contractually required \ncontribution \n \n$ \n \n644,565.00 $ \n \n- \n \n$ \n \n595,435.00 $ \n \n- \n \n$ \n \n594,714.00 $ \n \n- \n \n$ \n \n558,143.00 $ \n \n- \n \n$ \n \n942,154.00 $ \n \n- \n \n$ \n \n928,594.00 $ \n \n- \n \n$ \n \n932,733.00 $ \n \n- \n \n$ \n \n740,708.00 $ \n \n- \n \nContribution deficiency (excess) \n \nSchool District's covered-employee \npayroll \n \n$ \n \n644,565.00 $ \n \n15,993,716.69 \n \n$ \n \n595,435.00 $ \n \n15,635,912.18 \n \n$ \n \n594,714.00 $ \n \n14,409,357.78 \n \n$ \n \n558,143.00 $ \n \n13,788,312.97 \n \n$ \n \n942,154.00 $ \n \n13,574,106.07 \n \n$ \n \n928,594.00 $ \n \n13,859,309.24 \n \n$ \n \n932,733.00 $ \n \n13,362,633.48 \n \n$ \n \n740,708.00 $ \n \n12,755,874.89 \n \nContribution as a percentage of \ncovered-employee payroll \n4.03% 3.81% 4.13% 4.05% 6.94% 6.70% 6.98% 5.81% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 43 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \nFOR THE YEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"6\" \n \nTeachers Retirement System Change of benefit terms: There have been no changes in benefit terms. \nChanges of assumptions: On November 18, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males). \nOn May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed annual rate of inflation has been reduced from 2.75% to 2.50%. \nIn 2019 and later, the expectation of retired life mortality was changed to the Pub-2010 Teacher Headcount Weighted Below Median Healthy Retiree mortality table from the RP-2000 Mortality Tables. In 2019, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \nPublic School Employees Retirement System Changes of benefit terms: The member contribution rate was increased from $4.00 to $10.00 per month for members joining the System on or after July 1, 2012. The monthly benefit accrual rate was increased from $14.75 to $15.00 per year of credible service effective July 1, 2017. The monthly benefit accrual was increased from $15.00 to $15.25 per year of credible service effective July 1, 2018. The monthly benefit accrual was increased from $15.25 to $15.50 per year of credible service effective July 1, 2019. A 2% cost-of-living adjustment (COLA) was granted to certain retirees and beneficiaries effective July 2016, another July 2017, and another July 2018. Two 1.5% COLAs were granted to certain retirees and beneficiaries effective July 2019 and January 2020. \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. \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). \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. \nOn December 17, 2020, the Board adopted recommended changes to the economic and demographic assumptions utilized by the Systems based on the experience study prepared for the five-year period ending June 30, 2019. Primary among the changes were the updates to rates of mortality, retirement, withdrawal, and salary increases. 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 OPEB Liability. \nSchool OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. \nChanges in assumptions: June 30, 2020 valuation: Decremental assumptions were changed to reflect the Employees Retirement Systems experience study. Approximately 0.10% of emloyees are members of the Employees Retirement System. \nJune 30, 2019 valuation: Decremental assumptions were changed to reflect the Teachers Retirement Systems experience study. \nJune 30, 2018 valuation: The inflation assumption was lowered from 2.75% to 2.50%. \nJune 30, 2017 valuation: The participation assumption, tobacco use assumption and morbidity factors were revised. \nJune 30, 2015 valuation: Decremental and underlying inflation assumptions were changed to reflect to Retirement Systems' experience studies. \nJune 30, 2012 valuation: A data audit was performed and data collection procedures and asssumptions were changed. \nThe discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017, to 3.87% as of June 30, 2018, back to 3.58% of June 30, 2019, and to 2.22% as of June 30, 2020. \n \n- 44 - \n \n TOOMBS COUNTY BOARD OF EDUCATION GENERAL FUND \nSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \nYEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"7\" \n \nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Operations Food Services Operation Capital Outlay Debt Services Total Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES(USES) Lease Liability Proceeds Operating Transfers From Other Fuds Operating Transfers to Other Funds Total Other Financing Sources (Uses) \nNet Change in Fund Balances \nFund Balances - Beginning \nAdjustments \nFund Balances - Ending \n \nNONAPPROPRIATED BUDGETS \n \nORIGINAL (1) \n \nFINAL (1) \n \nACTUAL AMOUNTS \n \nVARIANCE OVER/UNDER \n \n$ \n \n6,835,711.00 $ \n \n75,000.00 \n \n23,309,743.00 \n \n12,514,004.94 \n \n55,500.00 \n \n11,465.00 \n \n378,303.00 \n \n43,179,726.94 \n \n7,392,134.00 $ 55,000.00 \n24,754,916.60 12,796,738.88 \n67,130.00 297,351.00 847,899.00 46,211,169.48 \n \n7,237,548.92 $ 72,943.49 \n24,733,671.85 11,695,069.14 \n266,272.93 363,624.16 1,230,497.44 45,599,627.93 \n \n(154,585.08) 17,943.49 (21,244.75) \n(1,101,669.74) 199,142.93 66,273.16 382,598.44 (611,541.55) \n \n25,013,915.90 \n2,106,645.72 1,831,747.40 \n613,534.72 897,733.00 1,982,848.40 363,465.40 2,410,056.00 2,511,172.00 392,409.00 \n51,096.00 - \n102,654.00 3,085,253.92 2,016,500.00 \n43,379,031.46 \n(199,304.52) \n \n26,158,137.50 \n2,317,770.07 1,506,202.02 \n606,398.50 678,641.67 1,857,487.82 364,400.90 2,645,762.37 2,583,027.33 359,929.70 \n49,679.83 - \n40,031.00 3,293,040.75 1,276,865.00 \n43,737,374.46 \n2,473,795.02 \n \n26,192,390.11 \n2,145,928.80 1,416,568.01 \n602,316.63 357,746.62 1,874,100.59 364,360.36 2,542,049.27 2,524,623.76 294,853.26 \n70,686.80 227,088.29 \n40,030.96 3,078,772.04 1,223,415.00 \n114,280.47 43,069,210.97 \n2,530,416.96 \n \n48,600.00 (148,600.00) (100,000.00) \n \n50,680.00 (2,300,680.00) (2,250,000.00) \n \n327,201.72 - \n(2,250,000.00) (1,922,798.28) \n \n(299,304.52) \n \n223,795.02 \n \n607,618.68 \n \n12,746,456.04 \n \n12,746,456.04 \n \n12,746,456.04 \n \n59,622.84 \n \n12,762.84 \n \n- \n \n$ \n \n12,506,774.36 $ \n \n12,983,013.90 $ \n \n13,354,074.72 $ \n \n(34,252.61) \n171,841.27 89,634.01 4,081.87 \n320,895.05 (16,612.77) \n40.54 103,713.10 \n58,403.57 65,076.44 (21,006.97) (227,088.29) \n0.04 214,268.71 \n53,450.00 (114,280.47) 668,163.49 \n56,621.94 \n327,201.72 (50,680.00) 50,680.00 327,201.72 \n383,823.66 \n- \n(12,762.84) \n371,060.82 \n \nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $805,123.17 and $726,370.19, respectively. \nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \n \nSee notes to the basic financial statements. \n \n- 45 - \n \n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"8\" \n \nFUNDING AGENCY PROGRAM/GRANT Agriculture, U. S. Department of \nChild Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program COVID-19 - National School Lunch Program Fresh Fruit and Vegetable Program Total Child Nutrition Cluster \nOther Programs Pass-Through From Bright From the Start: Georgia Department of Early Care and Learning Child and Adult Care Food Program Total U. S. Department of Agriculture \nEducation, U. S. Department of Education Stabilization Fund Pass-Through From Georgia Department of Education COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund - Homeless Children and Youth Total Education Stabilization Fund \nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Grants to States COVID-19 - American Rescue Plan - Grants to States Preschool Grants Preschool Grants Total Special Education Cluster \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 Comprehensive Literacy Development English Language Acquisition State Grants English Language Acquisition State Grants Migrant Education - State Grant Program Migrant Education - State Grant Program Rural and Low-Income School Program Rural and Low-Income School Program Student Support and Academic Enrichment 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 \n \nASSISTANCE LISTING NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n10.553 10.555 10.555 10.582 \n \n235GA324N1199 $ 235GA324N1199 225GA324N1099 235GA324L1603 \n \n703,791.60 1,997,944.39 \n91,733.37 106,290.64 2,899,760.00 \n \n10.558 \n \n235GA368N1099 \n \n29,504.96 2,929,264.96 \n \n84.425D 84.425U 84.425W \n \nS425D210012 S425U210012 S425W210011 \n \n202,119.92 \n4,099,196.40 \n5,792.45 4,307,108.77 \n \n84.027A 84.027A 84.027X 84.173A 84.173A \n \nH027A210073 H027A220073 H027X210073 H173A210081 H173A220081 \n \n84.048A 84.048A 84.371C 84.365A 84.365A 84.011A 84.011A 84.358B 84.358B 84.424A 84.424A 84.367A 84.367A 84.010A 84.010A \n \nV048A210010 V048A220010 S371C190016-19A S365A210010 S365A220010 S011A200011 S011A220011 S358B210010 S358F220010 S424A210011 S424A220011 S367A210001 S367A220001 S010A220010 S010A210010-21A \n \n305,003.60 591,117.16 \n24,000.00 27.00 \n27,042.00 947,189.76 \n3,100.00 59,904.28 500,743.02 \n551.00 26,003.10 163,915.00 58,690.99 \n568.00 61,975.35 \n2,767.00 129,958.38 \n3,430.00 131,691.17 1,649,828.68 109,835.00 2,902,960.97 8,157,259.50 \n \n- 46 - \n \n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"8\" \n \nFUNDING AGENCY PROGRAM/GRANT \nFederal Communications Commission, U.S. Direct COVID-19 - Emergency Connectivity Fund Program \nHealth and Human Services, U. S. Department of Pass-Through From Bright From the Start Georgia Department of Early Care and Learning COVID-19 - Child Care and Development Block Grant \nTotal Expenditures of Federal Awards \n \nASSISTANCE LISTING NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n32.009 \n \nECOECF229000366911 \n \n615,600.00 \n \n93.575 \n \n2310GACCDD $ \n \n40,000.00 11,742,124.46 \n \nNotes to the Schedule of Expenditures of Federal Awards \nNote 1. Basis of Presentation \nThe accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Toombs County Board of Education (the \"Board\") under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position or changes in net position of the Board. \nNote 2. Summary of Significant Accounting Policies \nExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. \nNote 3. Indirect Cost Rate The Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. \nNote 4: Transfers Between Programs \nFunds totaling $49,930.00 were transferred from the Supporting Effective Instruction State Grants program (ALN 84.367A) and expended in the Title I Grants to Local Education Agencies program (ALN 84.010A) during Fiscal Year 2023. \n \nSee notes to the basic financial statements. \n \n- 47 - \n \n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2023 \nAGENCY/FUNDING GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Amended Formula Adjustment Categorical Grants Pupil Transportation Regular Nursing Services Sparsity Education Equalization Funding Grant Other State Programs Food Services Hygiene Products Math and Science Supplements Preschool Disability Services Pupil Transportation - State Bonds School Bus Safety Incentive Funding Teachers Retirement Vocational Construction Related Equipment - State Bonds Vocational Education Vocational Supervisors Office of the State Treasurer Public School Employees Retirement CONTRACT Human Resources, Georgia Department of DFCS Out of School Services Family Connections \nSee notes to the basic financial statements. \n \nSCHEDULE \"9\" \n \nGOVERNMENTAL FUND TYPE \nGENERAL FUND \n \n$ \n \n853,752.60 \n \n929,100.99 293,767.00 2,282,901.00 714,115.00 1,112,932.00 371,280.00 2,198,317.00 1,804,004.00 889,530.00 3,832,987.00 237,041.00 256,830.00 167,333.00 332,018.00 385,895.00 118,856.00 \n70,234.00 1,573.00 \n578,564.01 859,904.00 777,110.00 742,860.00 \n \n495,614.00 64,774.00 30,008.00 \n3,043,541.00 \n88,860.00 2,175.00 \n11,694.92 58,526.00 528,660.00 28,285.00 48,558.06 200,000.00 130,138.81 14,332.80 \n45,379.00 \n \n75,000.00 57,220.66 \n \n$ \n \n24,733,671.85 \n \n- 48 - \n \n (This page left intentionally blank) \n \n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"10\" \n \nPROJECT \n \nSPLOST #5 \n \na. The payment of principal and interest on general obligation debt \n \nincurred for constructing and equipping Toombs County High \n \nSchool. \n \n$ \n \nb. Constructing and equipping a new athletic facility at Toombs County High School. \n \nc. Constructing, make additions to and/or renovating, modifying and equipping Toombs Central Elementary School and other school system facilities and making critical infrastructure and security improvements to existing facilities. \n \nd. Purchasing School buses. \n \ne. Purchasing textbooks (including e-books), furniture, technology and software, additional instructional materials and equipment for all facilities. \n \nTotal \n \n$ \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \n4,342,000.00 $ 3,350,000.00 \n \n4,095,000.00 4,500,000.00 \n \n4,598,000.00 500,000.00 \n \n4,598,000.00 500,000.00 \n \n1,250,000.00 14,040,000.00 $ \n \n1,250,000.00 14,943,000.00 \n \nESTIMATED COMPLETION \nDATE \nCompleted 6/30/2024 \n6/30/2026 6/30/2026 \n6/30/2026 \n \n- 50 - \n \n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"10\" \n \nPROJECT \n \nAMOUNT EXPENDED IN CURRENT YEAR (3) (4) \n \nAMOUNT EXPENDED IN PRIOR YEARS (3) (4) \n \nTOTAL COMPLETION \nCOST \n \nEXCESS PROCEEDS NOT \nEXPENDED \n \nSPLOST #5 \n \na. The payment of principal and interest on general obligation debt \n \nincurred for constructing and equipping Toombs County High \n \nSchool. \n \n$ \n \n- $ 4,095,000.00 $ 4,095,000.00 $ \n \n- \n \nb. Constructing and equipping a new athletic facility at Toombs \n \nCounty High School. \n \n64,054.96 \n \n4,027,188.47 \n \n- \n \n- \n \nc. Constructing, make additions to and/or renovating, modifying and \n \nequipping Toombs Central Elementary School and other school system \n \nfacilities and making critical infrastructure and security improvements \n \nto existing facilities. \n \n56,720.00 \n \n1,985,363.76 \n \n- \n \n- \n \nd. Purchasing School buses. \n \n- \n \n- \n \n- \n \n- \n \ne. Purchasing textbooks (including e-books), furniture, technology \n \nand software, additional instructional materials and equipment for \n \nall facilities. \n \n105,017.70 \n \n422,116.56 \n \n- \n \n- \n \nTotal \n \n$ 225,792.66 $ 10,529,668.79 $ 4,095,000.00 $ \n \n- \n \n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. (2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. (3) The voters of Toombs County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. \nAmounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. (4) In addition to the expenditures shown above, the School District has incurred interest to provide advance funding as follows: \n \nPrior Years Current Year Total \n \n$ 693,975.13 241,850.00 \n$ 935,825.13 \n \nSee notes to the basic financial statements. \n \n- 51 - \n \n Section II Compliance and Internal Control Reports \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Mr. Barry Waller, Superintendent and Members of the Toombs County Board of Education \nWe have audited the financial statements of the governmental activities, each major fund, and fiduciary activities of the Toombs 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 27, 2024. We conducted our audit in accordance with the auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. \nReport on Internal Control Over Financial Reporting \nIn planning and performing our audit of the financial statements, we considered the School District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the basic financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control. \nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the School District's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \nOur consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n Report on Compliance and Other Matters \nAs part of obtaining reasonable assurance about whether the School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \nPurpose of this Report \nThe purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. \nRespectfully submitted, \nGreg S. Griffin State Auditor \nMarch 27, 2024 \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Mr. Barry Waller, Superintendent and Members of the Toombs County Board of Education \nReport on Compliance for Each Major Federal Program \nOpinion on Each Major Federal Program \nWe have audited the Toombs County Board of Education's (School District) compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on each of the School District's major federal programs for the year ended June 30, 2023. The School District's major federal programs are identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs. \nIn our opinion, the School District complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2023. \nBasis for Opinion on Each Major Federal Program \nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditor's Responsibilities for the Audit of Compliance section of our report. \nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal program. Our audit does not provide a legal determination of the School District's compliance with the compliance requirements referred to above. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n Responsibilities of Management for Compliance \nManagement is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the School District's federal programs. \nAuditor's Responsibilities for the Audit of Compliance \nOur objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the School District's compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the School District's compliance with the requirements of each major federal program as a whole. \nIn performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we: \n Exercise professional judgment and maintain professional skepticism throughout the audit. \n Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the School District's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. \n Obtain an understanding of the School District's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control over compliance. Accordingly, no such opinion is expressed. \nWe are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit. \nReport on Internal Control over Compliance \nA deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance \n \n requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. \nOur consideration of internal control over compliance was for the limited purpose described in the Auditor's Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified. \nOur audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed. \nThe purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. \nRespectfully submitted, \nGreg S. Griffin State Auditor \nMarch 27, 2024 \n \n Section III Auditee's Response to Prior Year Findings and Questioned Costs \n \n TOOMBS COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2023 \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS No matters were reported. \nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \n \n Section IV Findings and Questioned Costs \n \n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2023 \n \nI SUMMARY OF AUDITOR'S RESULTS \n \nFinancial Statements \n \nType of auditor's report issued: \nGovernmental Activities, Each Major Fund, and Fiduciary Activities \n \nInternal control over financial reporting: \n Material weakness(es) identified?  Significant deficiency(ies) identified? \n \nNoncompliance material to financial statements noted: \n \nFederal Awards \n \nInternal control over major programs: \n Material weakness(es) identified?  Significant deficiency(ies) identified? \n \nType of auditor's report issued on compliance for major programs: \n \nAll major programs \n \nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \n \nIdentification of major programs: \n \nAssistance Listing Number Assistance Listing Program or Cluster Title \n \n10.553, 10.555, 10.582 84.425 \n \nChild Nutrition Cluster Education Stabilization Fund \n \nDollar threshold used to distinguish between Type A and Type B programs: \n \nAuditee qualified as low-risk auditee? \n \nII FINANCIAL STATEMENT FINDINGS No matters were reported. Ill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \n \nUnmodified No \nNone Reported No \nNo None Reported \nUnmodified No \n$750,000.00 Yes \n \n "},{"id":"dlg_ggpd_1390891355-2023-03-22","title":"Annual financial report 2022 June 30, Toombs County Board of Education, Lyons, 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, Toombs County, 32.12172, -82.33129"],"dcterms_creator":null,"dc_date":["2023-03-22"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Toombs 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":["Toombs County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Toombs County Board of Education (Ga.)","Education--Georgia--Toombs County--Auditing--Periodicals.","Education--Georgia--Toombs County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Toombs County.--fast--(OCoLC)fst01212297","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report 2022 June 30, Toombs County Board of Education, Lyons, 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_1390891355-2023-03-22"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1390891355-2023-03-22"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"ANNUAL FINANCIAL REPORT  FISCAL YEAR 2022 \r\nToombs County Board of Education \r\nLyons, Georgia \r\nIncluding Independent Auditor's Report \r\nGreg S. Griffin | State Auditor \r\n \r\n Toombs County Board of Education \r\n \r\nTable of Contents \r\n \r\nSection I Financial \r\nIndependent Auditor's Report \r\n \r\nRequired Supplementary Information \r\n \r\nManagement's Discussion and Analysis \r\n \r\ni \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\n8 \r\n \r\nI Notes to the Basic Financial Statements \r\n \r\n9 \r\n \r\nSchedules \r\n \r\nRequired Supplementary Information \r\n \r\n1 Schedule of Proportionate Share of the Net Pension Liability \r\n \r\nTeachers Retirement System of Georgia \r\n \r\n35 \r\n \r\n2 Schedule of Contributions  Teachers Retirement System of Georgia \r\n \r\n36 \r\n \r\n3 Schedule of Proportionate Share of the Net Pension Liability \r\n \r\nPublic School Employees Retirement System of Georgia \r\n \r\n37 \r\n \r\n4 Schedule of Proportionate Share of the Net OPEB Liability \r\n \r\nSchool OPEB Fund \r\n \r\n38 \r\n \r\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\n Required Supplementary Information (Continued) \r\n \r\n7 Schedule of Revenues, Expenditures and Changes in Fund \r\n \r\nBalances - Budget and Actual General Fund \r\n \r\n41 \r\n \r\nSupplementary Information \r\n \r\n8 Schedule of Expenditures of Federal Awards \r\n \r\n42 \r\n \r\n9 Schedule of State Revenue \r\n \r\n44 \r\n \r\n10 Schedule of Approved Local Option Sales Tax Projects \r\n \r\n46 \r\n \r\nSection II \r\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 Mr. Barry Waller, Superintendent and Members of the Toombs 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 Toombs 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\nAccounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis and 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 \r\n \r\n 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 22, 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\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\nMarch 22, 2023 \r\n \r\n (This page left intentionally blank) \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\nINTRODUCTION \r\nThe discussion and analysis of the Toombs County Board of Education's (School District) financial performance provides an overview of the School District's financial activities for the fiscal year ended June 30, 2022. The intent of this discussion and analysis is to look at the School District's financial performance as a whole. Readers should also review the financial statements and the notes to the basic financial statements to enhance their understanding of the School District's financial performance. \r\nFINANCIAL HIGHLIGHTS \r\nKey financial highlights for the fiscal year 2022 are as follows: \r\n On the government-wide financial statements, the assets and deferred outflow of resources of the School District exceeded liabilities and deferred inflow of resources by $27.3 million for the fiscal year ended June 30, 2022. \r\n General revenues and a special item accounted for $14.4 million in revenue or 30.7% of all revenues. Program specific revenues in the form of charges for services, grants and contributions accounted for $32.5 million or 69.3% of total revenues of $46.9 million. \r\n The School District had $34.0 million in expenses related to governmental activities; however, $32.5 million of these expenses were offset by program specific charges for services, grants or contributions. General revenues (primarily taxes) and a special item of $14.4 million were adequate to provide for these programs. \r\n Among major funds, the general fund had $43.9 million in revenues and other financing sources and $39.2 million in expenditures and other financing sources. The fund balance for the general fund increased by $4.7 million from $8.0 million to approximately $12.7 million. \r\n The deficit balance reflected in the unrestricted net position is due to the recording of pensions and postemployment benefits. The amount of the School District's proportionate share of the collective net pension liability for the Teachers Retirement System cost sharing benefit pension plan was $10.8 million. The amount of the School District's proportionate share of the collective net Other PostEmployment Benefit (OPEB) liability was $17.3 million. \r\nOVERVIEW OF THE FINANCIAL STATEMENTS \r\nThis report consists of several parts including management's discussion and analysis, the basic financial statements and supplementary information. The basic financial statements include two levels of statements that present different views of the School District. These include the government-wide and fund financial statements. \r\nThe government-wide financial statements include the Statement of Net Position and Statement of Activities. These statements provide information about the activities of the School District presenting both short-term and long-term information about the overall financial status. \r\nThe fund financial statements focus on individual parts, reporting the School District's operation in more detail. The governmental funds statements disclose how basic services are financed in the short-term as well as what remains for future spending. The fiduciary funds statements provide information about the financial relationships in which the School District acts solely as a trustee or agent for the benefit of others. \r\nThe fund financial statements reflect the School District's most significant funds. For the year ending June 30, 2022, the general fund, capital projects fund, and debt service fund represent the most significant funds. \r\ni \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\nThe financial statements also include notes that explain some of the information in the statements and provide more detailed data. The statements are followed by a section of required supplementary information that further explains and supports the financial statements. Additionally, other supplementary information (not required) is also presented that further supplements understanding of the financial statements. \r\nGovernment-Wide Statements \r\nThe government-wide financial statements are basically a consolidation of all of the School District's operating funds into one column called governmental activities. In reviewing the government-wide financial statements, a reader might ask the question about whether the School District is in a better financial position than last year? The Statement of Net Position and the Statement of Activities provides the basis for answering this question. These financial statements include all of the School District's non-fiduciary assets, deferred outflows of resources, liabilities, and deferred inflows of resources. These accounts use the accrual basis of accounting similar to the accounting used by most private-sector companies. This basis of accounting considers all of the current year's revenues and expenses regardless of when cash is received or paid. \r\nThe two government-wide statements report the School District's net position and how it has changed. Net position, the difference between the School District's assets, deferred outflows of resources, liabilities and deferred inflows of resources, is one way to measure the School District's overall financial health or position. Over time, increases or decreases in net position are an indication of whether its financial health is improving or deteriorating. Changes may be the result of many factors, including those not under the School District's control, such as the property tax base, facility conditions, required educational programs and other factors. \r\nIn the Statement of Net Position and the Statement of Activities, the School District has one distinct type of activity: \r\n Governmental Activities  All of the School District's programs and services are reported here including instruction, support services, operation and maintenance of plant, pupil transportation, food service, student activity accounts and various others. \r\nFund Financial Statements \r\nThe School District's fund financial statements provide detailed information about the most significant funds, not the School District as a whole. Some funds are required by state law and some by bond requirements. The School District's major governmental funds are the general fund, the capital projects fund, and the debt service fund. \r\nGovernmental Funds - Most of the School District's activities are reported in governmental funds, which focus on the determination of financial position and change in financial position, not on income determination. These funds are reported using the modified accrual method of accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the School District's general government operations and the basic services it provides. Governmental fund information helps determine whether there are more or fewer financial resources that can be spent in the near future to finance educational programs. The relationship (or differences) between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds are reconciled to the financial statements. \r\nFiduciary Funds - The School District is the trustee, or fiduciary, for assets that belong to others, the School District is responsible for ensuring that the assets reported in these funds are used only for their intended purposes and by those to whom the assets belong. The School District excludes these activities from the government-wide financial statements because it cannot use these assets to finance its operations. \r\nii \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\nFINANCIAL ANALYSIS OF THE SCHOOL DISTRICT AS A WHOLE \r\nRecall that the Statement of Net Position provides the perspective of the School District as a whole. Table 1 provides a summary of the School District's net position for fiscal years 2022 and 2021. \r\n \r\nTable 1 Net Position \r\n \r\nFiscal Year 2022 \r\n \r\nGovernmental Activities Fiscal Year 2021 \r\n \r\nNet Change \r\n \r\nASSETS Cash and Cash Equivalents Investments Receivable, Net Interest Taxes State Government Federal Government Other Inventories Prepaid Items Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) Total Assets \r\n \r\n$ \r\n \r\n12,463,481 $ \r\n \r\n8,294,710 $ \r\n \r\n4,168,771 \r\n \r\n4,543,260 \r\n \r\n4,531,692 \r\n \r\n11,568 \r\n \r\n1,665 1,646,970 2,528,636 1,439,983 \r\n28,846 66,975 133,550 1,018,112 \r\n \r\n2,261 1,667,355 2,424,666 1,129,071 \r\n145,894 54,253 - \r\n1,882,441 \r\n \r\n(596) (20,385) 103,970 310,912 (117,048) 12,722 133,550 (864,329) \r\n \r\n58,398,557 82,270,035 \r\n \r\n57,169,764 77,302,107 \r\n \r\n1,228,793 4,967,928 \r\n \r\nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan Total Deferred Outflows of Resources \r\n \r\n7,941,540 3,851,954 11,793,494 \r\n \r\n8,177,876 4,803,494 12,981,370 \r\n \r\n(236,336) (951,540) (1,187,876) \r\n \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Interest Payable Contracts Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities Due Within One Year Due in More Than One Year Total Liabilities \r\n \r\n394,735 3,577,109 \r\n39,432 - \r\n10,831,036 17,316,002 \r\n2,044,959 4,305,757 38,509,030 \r\n \r\n1,242,596 3,516,029 \r\n53,115 300,000 30,114,443 24,241,267 \r\n2,270,310 6,350,716 68,088,476 \r\n \r\n(847,861) 61,080 (13,683) \r\n(300,000) (19,283,407) \r\n(6,925,265) \r\n(225,351) (2,044,959) (29,579,446) \r\n \r\nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan Total Deferred Inflows of Resources \r\n \r\n16,928,468 11,352,475 28,280,943 \r\n \r\n1,264,611 6,484,369 7,748,980 \r\n \r\n15,663,857 4,868,106 \r\n20,531,963 \r\n \r\nNET ASSETS Net Investment in Capital Assets Restricted for Continuation of Federal Programs Debt Service Capital Projects Bus Replacement Unrestricted (Deficit) \r\n \r\n53,298,254 \r\n1,427,505 81,690 \r\n3,015,326 - \r\n(30,549,219) \r\n \r\n50,383,059 \r\n865,440 230,633 2,658,365 231,660 (39,923,136) \r\n \r\n2,915,195 \r\n562,065 (148,943) 356,961 (231,660) 9,373,917 \r\n \r\nTotal Net Position \r\n \r\n$ \r\n \r\n27,273,556 $ 14,446,021 $ 12,827,535 \r\n \r\niii \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 Total assets increased by $5.0 million. This was primarily related to an increase in cash and cash equivalents due to an increase in state and federal funding and an increase in collections of Education Special Purpose Local Option Sales Tax (ESPLOST). Total liabilities, excluding net pension liabilities and net OPEB liabilities, decreased by $3.4 million primarily due to the long-term debt payment of $2.1 million. The pension and OPEB activity changed due to the combination of the decrease in deferred outflows of resources and total liabilities and the increase in deferred inflows of resources which yielded an increase in net positions of $4.5 million. In fiscal year 2022, the overall net position increased by $12.8 million. \r\niv \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\n \r\nTable 2 shows the changes in net position for fiscal years ending June 30, 2022 and 2021. \r\n \r\nTable 2 Change in Net Position \r\n \r\nRevenues Program Revenues: Charges for Services Operating Grants and Contributions Capital Grants and Contributions Total Program Revenues \r\n \r\nFiscal Year 2022 \r\n \r\nGovernmental Activities Fiscal Year 2021 \r\n \r\nNet Change \r\n \r\n$ \r\n \r\n191,183 $ \r\n \r\n189,252 $ \r\n \r\n1,931 \r\n \r\n32,280,334 \r\n \r\n29,058,637 \r\n \r\n3,221,697 \r\n \r\n- \r\n \r\n402,300 \r\n \r\n(402,300) \r\n \r\n32,471,517 \r\n \r\n29,650,189 \r\n \r\n2,821,328 \r\n \r\nGeneral Revenues: Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Debt Services For Capital Projects Other Taxes Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous Special Item Loss on Sale of Capital Assets Total General Revenues and Special Item Total Revenues and Special Item \r\n \r\n6,998,708 21,326 \r\n2,168,452 1,212,451 \r\n79,439 \r\n3,076,473 31,249 \r\n937,033 \r\n(133,946) 14,391,185 46,862,702 \r\n \r\n6,879,599 20,726 \r\n2,015,000 899,357 81,000 \r\n2,232,944 35,333 \r\n890,521 \r\n13,054,480 42,704,669 \r\n \r\n119,109 600 \r\n153,452 313,094 \r\n(1,561) \r\n843,529 (4,084) 46,512 \r\n(133,946) 1,336,705 4,158,033 \r\n \r\nProgram Expenses: 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 Total Expenses \r\nIncrease in Net Position \r\n \r\n20,934,343 \r\n \r\n25,134,553 \r\n \r\n(4,200,210) \r\n \r\n1,609,153 1,234,122 \r\n486,058 313,140 1,608,325 294,797 2,567,442 1,718,266 144,583 \r\n87,119 \r\n \r\n1,639,850 1,395,327 \r\n794,072 333,171 1,808,930 361,554 2,238,113 1,614,640 117,754 \r\n59,968 \r\n \r\n(30,697) (161,205) (308,014) \r\n(20,031) (200,605) \r\n(66,757) 329,329 103,626 \r\n26,829 27,151 \r\n \r\n234,387 23,781 \r\n2,648,985 130,666 \r\n34,035,167 \r\n \r\n201,994 15,565 \r\n2,490,712 201,097 \r\n38,407,300 \r\n \r\n32,393 8,216 \r\n158,273 (70,431) (4,372,133) \r\n \r\n$ \r\n \r\n12,827,535 $ \r\n \r\n4,297,369 $ 8,530,166 \r\n \r\nv \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\nFor fiscal year 2022, program revenues, in the form of charges for services and operating grants and contributions increased by $2.8 million for governmental activities due to an increase in grant revenues. General revenues increased by $1.4 million due to increases in unrestricted grants and in the collection of property and sales taxes. Program expenditures decreased by $4.4 million primarily due to decreases related to net pension and OPEB activity. \r\nGovernmental Activities \r\nThe Statement of Activities shows the cost of program services and the charges for services and grants offsetting those services. Table 3 shows the total cost of services and the net cost of services. Net cost of services can be defined as the total cost less fees generated by the activities and intergovernmental revenue provided for specific programs. The net cost reflects the financial burden on the School District's taxpayers by each activity. \r\nTable 3 Governmental Activities \r\n \r\nTotal Cost of Services \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2022 \r\n \r\n2021 \r\n \r\nNet Cost of Services \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2022 \r\n \r\n2021 \r\n \r\nInstruction Support Services: \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services: Enterprise Operations Community Services Food Services Interest on Long-Term Debt \r\n \r\n$ 20,934,343 $ 25,134,553 $ \r\n \r\n(240,547) $ 5,065,276 \r\n \r\n1,609,153 1,234,122 \r\n486,058 313,140 1,608,325 294,797 2,567,442 1,718,266 144,583 \r\n87,119 \r\n \r\n1,639,850 1,395,327 \r\n794,072 333,171 1,808,930 361,554 2,238,113 1,614,640 117,754 \r\n59,968 \r\n \r\n826,438 (16,328) 46,086 (926,103) 549,310 279,129 1,523,922 (161,798) 46,615 36,063 \r\n \r\n945,370 253,893 267,975 (771,609) 789,659 \r\n38,044 1,298,026 \r\n400,060 109,363 \r\n38,186 \r\n \r\n234,387 23,781 \r\n2,648,985 130,666 \r\n \r\n201,994 15,565 \r\n2,490,712 201,097 \r\n \r\n99,568 - \r\n(629,370) 130,666 \r\n \r\n60,435 - \r\n61,336 201,097 \r\n \r\nTotal Expenses \r\n \r\n$ 34,035,167 $ 38,407,300 $ 1,563,651 $ 8,757,111 \r\n \r\nAlthough program revenues make up a majority of the funding, the School District is still dependent upon tax revenues for governmental activities. For 2022, 4.6% of expenses were supplemented by taxes and other general revenues. \r\nFINANCIAL ANALYSIS OF THE SCHOOL DISTRICT'S FUNDS \r\nThe School District's governmental funds are accounted for using the modified accrual basis of accounting. The governmental funds had total revenues, special item proceeds, and other financing sources of $49.0 million and total expenses and other financing uses of $43.1 million. There was an increase in the fund \r\nvi \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\n \r\nbalance totaling $6.0 million for the governmental funds as a whole. This increase was mostly due to the additional federal funding made available through the Elementary and Secondary School Emergency Relief (ESSER) Funds due to the Covid-19 pandemic and an effort to keep expenses in line with state and federal funding. \r\n \r\nGeneral Fund Budgeting Highlights \r\n \r\nThe School District's budget is prepared according to Georgia Law. The most significant budgeted fund is the general fund, which includes local, state and federal funds collected and disbursed for the purpose of operating the School District. During the course of fiscal year 2022, the School District amended its general fund budget as needed. \r\n \r\nThe School District's budget is based on its overall mission and incorporates site-based budgeting into the budget process to control total site budgets but provide flexibility for site management. \r\n \r\nFor the general fund, the actual revenues and other financing sources totaling $43.9 million represented a decrease from the final budgeted amount of $44.1 million by $213 thousand. This difference (actual vs. budget) was primarily due to the net of an increases in delinquent property tax collections, state funds, charges for services, and miscellaneous revenue offset by a decrease in the expenditures of federal funds which in turn reduced federal grant revenues. \r\n \r\nFinal actual expenditures and other financing uses during fiscal year 2022 totaling $39.2 million represented a decrease from the final budgeted amount of $41.5 million by $2.3 million. The decrease in actual expenditures versus final budget expenditures was due primarily to a reduction in federal spending and the carryover of some capital items requisitioned but not received by fiscal year end. \r\n \r\nCAPITAL ASSETS \r\n \r\nAt fiscal year end June 30, 2022, the School District had $59.4 invested in capital assets, net of accumulated depreciation. These assets are made up of a broad range of capital assets, including land, buildings, transportation, food service and maintenance equipment. Table 4 reflects a summary of these balances, by class, net of accumulated depreciation. \r\n \r\nTable 4 Capital Assets (Net of Depreciation) \r\n \r\nFiscal Year 2022 \r\n \r\nGovernmental Activities Fiscal Year 2021 \r\n \r\nNet Change \r\n \r\nLand Construction In Progress Building and Improvements Equipment Land Improvements \r\n \r\n$ \r\n \r\n1,018,112 $ \r\n \r\n- \r\n \r\n53,771,417 \r\n \r\n2,693,577 \r\n \r\n1,933,563 \r\n \r\n1,033,709 $ 848,731 \r\n54,605,261 1,782,988 781,516 \r\n \r\n(15,597) (848,731) (833,844) 910,589 1,152,047 \r\n \r\nTotal \r\n \r\n$ \r\n \r\n59,416,669 $ \r\n \r\n59,052,205 $ \r\n \r\n364,464 \r\n \r\nThe overall capital assets increased in fiscal year 2022 by $364 thousand due to the addition of the assets related to the capital projects completed in the fiscal year. \r\n \r\nConstruction in progress decreased due to the completion of the capital projects related to the stadium and new bus shop which increased building and improvements and land improvements. \r\nvii \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\n \r\nLONG-TERM LIABILITIES \r\n \r\nAt June 30, 2022, the School District had $6.4 million in total debt outstanding with $2.0 million due within one year. Table 5 summarizes bond debt outstanding at June 30, 2022 and 2021. \r\n \r\nTable 5 Long-Term Debt at June 30 \r\n \r\nGovernmental Activities \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2022 \r\n \r\n2021 \r\n \r\nGeneral Obligation Bonds Unamortized Bond Premiums Leases \r\nTotal \r\n \r\n$ 6,025,000 $ 325,716 - \r\n$ 6,350,716 $ \r\n \r\n8,105,000 511,899 4,127 \r\n8,621,026 \r\n \r\nCURRENT ISSUES \r\n \r\nDespite the challenges presented by the pandemic, the School District is strong financially, and remains optimistic about the ability of the School District to maximize all of the financial resources to continue to provide a quality education to the School District's students. \r\n \r\nIn fiscal year 2023, the School District will continue to utilize ESSER funding to provide resources and tools to address learning loss students may have incurred due to the pandemic and supplemental instructional initiatives. The School District also plans to utilize ESSER funding to purchase equipment to provide a safer environment for students and staff. \r\n \r\nApproximately 77.4% of general fund expenses, the main operating fund for the School District, were related to salaries and employee benefits for the year ended June 30, 2022. More than a third of certified personnel in the School District have 21 years or more of experience resulting in salaries at the highest possible state pay level. With such heavy personnel expenses, it is difficult to offset mandated expense increases such as TRS and health insurance premium expenses. The School District consistently evaluates how funds can be spent smarter and more effectively to ensure that students receive a quality education from effective personnel. \r\n \r\nThe School District's millage rate for fiscal year 2022 was 14.612. The net digest increased from $387.5 million in fiscal year 2021 to $407.0 million in fiscal year 2022. The net digest for fiscal year 2022 produced approximately $406,980 per mill. As shown in Table 3, property tax, sales tax, and other general revenues are responsible for covering 4.6% of the School District's costs. \r\n \r\nCONTACTING THE SCHOOL DISTRICT'S FINANCIAL MANAGEMENT \r\n \r\nThis financial report is designed to provide our citizens, taxpayers, investors and creditors with a general overview of the School District's finances and to show the School District's accountability for the money it receives. If you have questions about this report or need additional financial information, please contact Stephanie Smith, Finance Director for the Toombs County Board of Education, 600 Bulldog Road Unit 1, Lyons, GA 30436. You may also email your questions to stephanie.smith@toombs.k12.ga.us. \r\n \r\nviii \r\n \r\n Toombs County Board of Education \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2022 \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nInterest Taxes State Government Federal Government Other Inventories Prepaid Items Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Outflows of Resources \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Interest Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities \r\nDue Within One Year Due in More Than One Year \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Inflows of Resources \r\nNET POSITION Net Investment in Capital Assets Restricted for \r\nContinuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n12,463,481.14 \r\n \r\n4,543,259.49 \r\n \r\n1,664.98 1,646,970.35 2,528,636.15 1,439,982.55 \r\n28,845.91 66,974.80 133,550.00 1,018,112.49 58,398,556.73 82,270,034.59 \r\n \r\n7,941,540.00 3,851,954.00 11,793,494.00 \r\n \r\n394,734.78 3,577,108.83 \r\n39,432.00 10,831,036.00 17,316,002.00 \r\n2,044,958.56 4,305,757.35 38,509,029.52 \r\n \r\n16,928,468.00 11,352,475.00 28,280,943.00 \r\n \r\n53,298,254.03 \r\n \r\n1,427,505.56 81,689.62 \r\n3,015,325.95 (30,549,219.09) \r\n \r\n$ \r\n \r\n27,273,556.07 \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\nTOOMBS 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\n20,934,342.96 $ \r\n \r\n- $ \r\n \r\n21,174,890.36 $ \r\n \r\n1,609,153.19 1,234,122.31 \r\n486,058.19 313,140.22 1,608,324.97 294,796.69 2,567,441.66 1,718,265.53 144,583.05 \r\n87,119.46 \r\n \r\n- \r\n \r\n782,715.50 \r\n \r\n- \r\n \r\n1,250,450.57 \r\n \r\n- \r\n \r\n439,971.79 \r\n \r\n- \r\n \r\n1,239,243.72 \r\n \r\n- \r\n \r\n1,059,015.29 \r\n \r\n- \r\n \r\n15,667.35 \r\n \r\n- \r\n \r\n1,043,519.28 \r\n \r\n- \r\n \r\n1,880,063.92 \r\n \r\n- \r\n \r\n97,967.77 \r\n \r\n- \r\n \r\n51,056.48 \r\n \r\n234,387.20 23,780.75 \r\n2,648,984.73 130,666.20 \r\n \r\n134,818.89 - \r\n56,363.80 - \r\n \r\n23,780.75 3,221,991.15 \r\n- \r\n \r\n$ \r\n \r\n34,035,167.11 $ \r\n \r\n191,182.69 $ \r\n \r\n32,280,333.93 \r\n \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Debt Services For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nSpecial Item Loss on Sale of Capital Assets Total General Revenues and Special Item \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\n240,547.40 \r\n(826,437.69) 16,328.26 (46,086.40) \r\n926,103.50 (549,309.68) (279,129.34) (1,523,922.38) 161,798.39 \r\n(46,615.28) (36,062.98) \r\n(99,568.31) - \r\n629,370.22 (130,666.20) \r\n(1,563,650.49) \r\n6,998,707.80 21,325.80 \r\n2,168,452.26 1,212,450.58 \r\n79,439.24 3,076,473.00 \r\n31,249.00 937,033.56 \r\n(133,945.76) 14,391,185.48 \r\n12,827,534.99 \r\n14,446,021.08 \r\n27,273,556.07 \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\nInterest Taxes State Government Federal Government Other Inventories Prepaid Items \r\nTotal Assets \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes \r\nFUND BALANCES Nonspendable Restricted Assigned Unassigned \r\nTotal Fund Balances \r\nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \r\n \r\nTOOMBS 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\n$ \r\n \r\n7,449,793.09 $ \r\n \r\n4,543,259.49 \r\n \r\n1,664.98 1,349,108.29 2,528,636.15 1,439,982.55 \r\n28,845.91 66,974.80 \r\n- \r\n \r\n$ \r\n \r\n17,408,265.26 $ \r\n \r\n5,013,491.43 $ - \r\n297,862.06 \r\n133,550.00 \r\n5,444,903.49 $ \r\n \r\n196.62 $ - \r\n- \r\n196.62 $ \r\n \r\n$ \r\n \r\n394,734.78 $ \r\n \r\n3,577,108.83 \r\n \r\n3,971,843.61 \r\n \r\n- $ - \r\n \r\n- $ - \r\n \r\n689,965.61 \r\n \r\n- \r\n \r\n- \r\n \r\n66,974.80 1,360,530.76 \r\n422,950.37 10,896,000.11 12,746,456.04 \r\n \r\n133,550.00 3,002,700.95 2,308,652.54 \r\n5,444,903.49 \r\n \r\n196.62 \r\n196.62 \r\n \r\n$ \r\n \r\n17,408,265.26 $ \r\n \r\n5,444,903.49 $ \r\n \r\n196.62 $ \r\n \r\nTOTAL \r\n12,463,481.14 4,543,259.49 \r\n1,664.98 1,646,970.35 2,528,636.15 1,439,982.55 \r\n28,845.91 66,974.80 133,550.00 \r\n22,853,365.37 \r\n394,734.78 3,577,108.83 3,971,843.61 \r\n689,965.61 \r\n200,524.80 4,363,428.33 2,731,602.91 10,896,000.11 18,191,556.15 \r\n22,853,365.37 \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 TOOMBS 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\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 Unamortized bond premiums \r\nNet position of governmental activities (Exhibit \"A\") \r\n \r\n$ \r\n \r\n18,191,556.15 \r\n \r\n$ \r\n \r\n1,018,112.49 \r\n \r\n65,881,324.99 \r\n \r\n7,093,432.11 \r\n \r\n3,372,538.95 \r\n \r\n(17,948,739.32) \r\n \r\n59,416,669.22 \r\n \r\n$ \r\n \r\n(10,831,036.00) \r\n \r\n(17,316,002.00) \r\n \r\n(28,147,038.00) \r\n \r\n$ \r\n \r\n(8,986,928.00) \r\n \r\n(7,500,521.00) \r\n \r\n(16,487,449.00) 689,965.61 \r\n \r\n$ \r\n \r\n(6,025,000.00) \r\n \r\n(39,432.00) \r\n \r\n(325,715.91) \r\n \r\n(6,390,147.91) \r\n \r\n$ \r\n \r\n27,273,556.07 \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 TOOMBS 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 Dues and Fees Interest Total Expenditures \r\nRevenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) Sale of Buses Transfers In Transfers Out Total Other Financing Sources (Uses) \r\nSPECIAL ITEM Proceeds from Sale of Building \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\n7,298,101.78 $ \r\n \r\n79,439.24 \r\n \r\n22,757,259.19 \r\n \r\n12,637,272.77 \r\n \r\n191,182.69 \r\n \r\n25,408.66 \r\n \r\n937,033.56 \r\n \r\n43,925,697.89 \r\n \r\n- $ 1,212,450.58 \r\n5,748.93 1,218,199.51 \r\n \r\n- $ 2,168,452.26 \r\n91.41 2,168,543.67 \r\n \r\n7,298,101.78 3,460,342.08 22,757,259.19 12,637,272.77 \r\n191,182.69 31,249.00 937,033.56 \r\n47,312,441.07 \r\n \r\n23,585,870.69 \r\n1,599,300.67 1,437,148.06 \r\n550,862.70 338,548.06 1,836,297.24 353,043.96 2,417,055.09 2,452,236.66 138,366.78 90,679.82 223,170.04 23,780.75 2,657,422.11 \r\n11,500.00 \r\n4,127.28 - \r\n154.79 37,719,564.70 6,206,133.19 \r\n \r\n3,410.06 \r\n17,750.16 1,416,275.99 \r\n1,437,436.21 (219,236.70) \r\n \r\n- \r\n- \r\n2,080,000.00 5,327.50 \r\n325,050.00 2,410,377.50 (241,833.83) \r\n \r\n23,589,280.75 \r\n1,599,300.67 1,437,148.06 \r\n550,862.70 338,548.06 1,836,297.24 353,043.96 2,434,805.25 2,452,236.66 138,366.78 90,679.82 223,170.04 \r\n23,780.75 2,657,422.11 1,427,775.99 \r\n2,084,127.28 5,327.50 \r\n325,204.79 41,567,378.41 \r\n5,745,062.66 \r\n \r\n5,700.00 - \r\n(1,500,000.00) (1,494,300.00) \r\n \r\n- \r\n \r\n4,711,833.19 \r\n \r\n8,034,622.85 \r\n \r\n$ \r\n \r\n12,746,456.04 $ \r\n \r\n1,500,000.00 \r\n1,500,000.00 \r\n217,550.00 \r\n1,498,313.30 \r\n3,946,590.19 \r\n5,444,903.49 $ \r\n \r\n- \r\n- \r\n(241,833.83) \r\n242,030.45 \r\n196.62 $ \r\n \r\n5,700.00 1,500,000.00 (1,500,000.00) \r\n5,700.00 \r\n217,550.00 \r\n5,968,312.66 \r\n12,223,243.49 \r\n18,191,556.15 \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 TOOMBS 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\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\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 Lease liability payments Amortization of bond premium \r\nDistrict pension/OPEB contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension/OPEB liability is measured a year before the District's report date. Pension/OPEB expense, which is the change in the net pension/OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions/OPEB, is reported in the Statement of Activities. Pension expense OPEB expense \r\nSome items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. Net decrease in accrued interest \r\nChange in net position of governmental activities (Exhibit \"B\") \r\n \r\n$ \r\n \r\n5,968,312.66 \r\n \r\n$ \r\n \r\n2,463,086.76 \r\n \r\n(1,741,426.86) \r\n \r\n721,659.90 (357,195.76) (278,068.18) \r\n \r\n$ \r\n \r\n2,080,000.00 \r\n \r\n4,127.28 \r\n \r\n186,182.67 \r\n \r\n2,270,309.95 \r\n \r\n$ \r\n \r\n3,383,214.00 \r\n \r\n1,105,619.00 \r\n \r\n4,488,833.00 \r\n \r\n13,683.42 \r\n \r\n$ \r\n \r\n12,827,534.99 \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 TOOMBS COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET POSITION \r\nFIDUCIARY FUNDS JUNE 30, 2022 \r\nASSETS Cash and Cash Equivalents Receivables, Net \r\nOther Total Assets \r\nLIABILITIES Accounts Payable \r\nNET POSITION Restricted for Southeastern Early College and Career Academy \r\n \r\nEXHIBIT \"G\" \r\n \r\nCUSTODIAL FUNDS \r\n \r\n$ \r\n \r\n362,843.61 \r\n \r\n158,940.14 521,783.75 \r\n \r\n291,377.14 \r\n \r\n$ \r\n \r\n230,406.61 \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 TOOMBS COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDCUCIARY NET POSITION \r\nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2022 \r\nADDITIONS Contributions Interest Miscellaneous Total Additions \r\nDEDUCTIONS Purchased Professional and Technical Services Supplies and Other Total Deductions \r\nChange 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\n810,993.75 \r\n \r\n175.41 \r\n \r\n16,500.00 \r\n \r\n827,669.16 \r\n \r\n690,992.84 72,612.29 \r\n763,605.13 \r\n \r\n64,064.03 \r\n \r\n166,342.58 \r\n \r\n$ \r\n \r\n230,406.61 \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 TOOMBS 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 Toombs County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nThe accompanying financial statements of the School District have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). GASB is the accepted standard-setting body for governmental accounting and financial reporting principles. The most significant of the School District's accounting policies are described below. \r\nBasis of Presentation \r\nThe School District's basic financial statements are collectively comprised of the government-wide financial statements, fund financial statements and notes to the basic financial statements. The government-wide statements focus on the School District as a whole, while the fund financial statements focus on major funds. Each presentation provides valuable information that can be analyzed and compared between years and between governments to enhance the information's usefulness. \r\nGovernment-Wide Statements: \r\nThe Statement of Net Position and the Statement of Activities display information about the financial activities of the overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \r\nThe Statement of Net Position presents the School District's non-fiduciary assets, deferred outflows of resources, deferred inflows of resources and liabilities, with the difference reported as net position. Net position is reported in three categories as follows: \r\n1. Net investment in capital assets consists of the School District's total investment in capital assets, net of accumulated depreciation, and reduced by outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of net investment in capital assets. \r\n2. Restricted net position consists of resources for which the School District is legally or contractually obligated to spend in accordance with restrictions imposed by external third parties or imposed by law through constitutional provisions or enabling legislation. \r\n3. Unrestricted net position consists of resources not meeting the definition of the two preceding categories. Unrestricted net position often has constraints on resources imposed by management which can be removed or modified. \r\n \r\n- 9 - \r\n \r\n TOOMBS 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) and bond proceeds that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \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 TOOMBS 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. Proceeds of general long-term liabilities and acquisitions under leases 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 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- 11 - \r\n \r\n TOOMBS 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\nPrepaid Items \r\nPayments made to vendors for services that will benefit future accounting periods are recorded as prepaid items, in both the government-wide and governmental fund financial statements. \r\nCapital Assets \r\nOn the government-wide financial statements, capital assets are recorded at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at the acquisition value on the date donated. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. The School District does not capitalize book collections or works of art. \r\nCapital acquisition and construction are recorded as expenditures in the governmental fund financial statements at the time of purchase (including ancillary charges), and the related assets are reported as capital assets in the governmental activities column in the government-wide financial statements. \r\nDepreciation is computed using the straight-line for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \r\n \r\n- 12 - \r\n \r\n TOOMBS 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 \r\n \r\nLand Improvements \r\n \r\n$ \r\n \r\nBuildings and Improvements $ \r\n \r\nEquipment \r\n \r\n$ \r\n \r\nBuses \r\n \r\n$ \r\n \r\nIntangible Assets \r\n \r\n$ \r\n \r\nAny Amount 5,000.00 5,000.00 5,000.00 5,000.00 \r\n200,000.00 \r\n \r\nN/A 20 to 80 years Up to 80 years \r\n5 to 25 years 8 to 14 years 5 to 10 years \r\n \r\nDeferred Outflows/Inflows of Resources \r\nIn addition to assets, the statement of financial position will report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of resources that applies to a future period(s) and therefore will not be recognized as an outflow of resources (expense/expenditure) until then. \r\nIn addition to liabilities, the statement of financial position will report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of resources that applies to a future period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time. \r\nLong-Term Liabilities and Bond Discounts/Premiums \r\nIn the School District's government-wide financial statements, outstanding debt is reported as liabilities. Bond premiums and discounts and the difference between the reacquisition price and the net carrying value of refunded debt are deferred and amortized over the life of the bonds using the straightline method. To conform to generally accepted accounting principles, bond premiums and discounts should be amortized using the effective interest method. The effect of this deviation is deemed to be immaterial to the fair presentation of the basic financial statements. Bond issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \r\nIn the governmental fund financial statements, the School District recognizes the proceeds of debt and premiums as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures. \r\nPensions \r\nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\n \r\n- 13 - \r\n \r\n TOOMBS 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\nNon-spendable consists of resources that cannot be spent either because they are in a non-spendable 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- 14 - \r\n \r\n TOOMBS 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 Toombs County Board of Commissioners adopted the property tax levy for the 2021 tax digest year (calendar year) on September 7, 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 Toombs 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 $6,125,795.22. \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\n14.612 mills \r\n \r\nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $1,150,980.76 during fiscal year ended June 30, 2022. \r\n \r\nSales Taxes \r\n \r\nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $3,380,902.84 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\n \r\nNOTE 3: BUDGETARY DATA \r\n \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 and function. The legal level of budgetary control was established by the Board at the aggregate fund level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \r\nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\n \r\n- 15 - \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe Superintendent is authorized by the Board to approve adjustments of the amount budgeted for expenditures between any budget function within the same fund. The Superintendent shall report any such adjustments to the Board. If the expenditure of funds is anticipated to exceed the total appropriation at the aggregate fund level, the Superintendent shall request Board approval for the budget amendment. Under no circumstance is the Superintendent or other staff person authorized to spend funds that exceed the total budget without approval by the Board. \r\nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \r\nNOTE 4: DEPOSITS AND CASH EQUIVALENTS \r\nCollateralization of Deposits \r\nO.C.G.A.  45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A.  45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance. \r\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- 16 - \r\n \r\n TOOMBS 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 $11,751,232.56, which includes $4,543,259.49 in Certificates of Deposits that are reported as investments. The School District had a bank balance of $12,652,493.07. 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 $184,573.82. \r\n \r\nAt June 30, 2022, $11,967,919.25 of the School District's bank balances were exposed to custodial credit risk. This balance was in the State's Secure Deposit Program (SDP). \r\nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75% and 110%. The SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians. \r\n \r\nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \r\n \r\nReconciliation of cash and cash equivalents balances to carrying value of deposits: \r\n \r\nCash and cash equivalents Statement of Net Position Statement of Fiduciary Net Position \r\n \r\n$ 12,463,481.14 362,843.61 \r\n \r\nTotal cash and cash equivalents \r\n \r\n12,826,324.75 \r\n \r\nAdd: Deposits with original maturity of three months or more reported \r\nas investment \r\n \r\n4,543,259.49 \r\n \r\nLess: Investment pools reported as cash and cash equivalents \r\nGeorgia Fund 1 \r\n \r\n5,618,351.68 \r\n \r\nTotal carrying value of deposits - June 30, 2022 \r\n \r\n$ 11,751,232.56 \r\n \r\n- 17 - \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nCategorization of Cash Equivalents \r\n \r\nThe School District reported cash equivalents of $5,618,351.68 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, $1.00 per share, which approximates fair value. The pool is an AAAf rated investment pool by Standard and Poor's. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2022 was 43 days. \r\nGeorgia Fund 1, administered by the State of Georgia, Office of the State Treasurer, is not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of the State Treasurer for the Georgia Fund 1, does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State of Georgia Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \r\n \r\nNOTE 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \r\n \r\nBalances July 1, 2021 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nTransfers \r\n \r\nBalances June 30, 2022 \r\n \r\nGovernmental Activities Capital Assets, \r\nNot Being Depreciated: Land Construction in Progress \r\nTotal Capital Assets Not Being Depreciated \r\n \r\n$ 1,033,709.49 $ 848,731.33 \r\n1,882,440.82 \r\n \r\n- $ 15,597.00 $ \r\n \r\n- $ 1,018,112.49 \r\n \r\n- \r\n \r\n- \r\n \r\n(848,731.33) \r\n \r\n- \r\n \r\n- \r\n \r\n15,597.00 \r\n \r\n(848,731.33) \r\n \r\n1,018,112.49 \r\n \r\nCapital Assets, Being Depreciated Buildings and Improvements Equipment Land Improvements \r\n \r\n66,121,056.32 6,047,864.22 2,235,779.92 \r\n \r\n252,926.96 1,236,734.77 \r\n973,425.03 \r\n \r\n922,289.62 310,266.88 136,666.00 \r\n \r\n429,631.33 119,100.00 300,000.00 \r\n \r\n65,881,324.99 7,093,432.11 3,372,538.95 \r\n \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\n11,515,795.96 4,264,876.14 1,454,264.10 \r\n \r\n1,197,461.55 422,587.25 121,378.06 \r\n \r\n603,349.20 287,608.54 136,666.00 \r\n \r\n- \r\n \r\n12,109,908.31 \r\n \r\n- \r\n \r\n4,399,854.85 \r\n \r\n- \r\n \r\n1,438,976.16 \r\n \r\n57,169,764.26 \r\n \r\n721,659.90 341,598.76 \r\n \r\n848,731.33 \r\n \r\n58,398,556.73 \r\n \r\n$ 59,052,205.08 $ 721,659.90 $ 357,195.76 $ \r\n \r\n- $ 59,416,669.22 \r\n \r\n- 18 - \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \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\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\nFood Services \r\n \r\nEnterprise Operations \r\n \r\n$ \r\n160,008.87 27,709.87 11,003.52 51,549.55 \r\n196,411.68 203,511.32 \r\n10,002.77 \r\n \r\n$ \r\n \r\n958,346.92 \r\n660,197.58 111,665.20 \r\n11,217.16 1,741,426.86 \r\n \r\nNOTE 6: INTERFUND TRANSFERS \r\n \r\nInterfund transfers for the year ended June 30, 2022, consisted of the following: \r\n \r\nTransfer To \r\n \r\nTransfer From General Fund \r\n \r\nCapital Projects Fund $ 1,500,000.00 \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\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 \r\n \r\nBalance \r\n \r\nAdditions \r\n \r\nDeductions \r\n \r\nJune 30, 2022 \r\n \r\nDue Within One Year \r\n \r\nGeneral Obligation (G.O.) Bonds Unamortized Bond Premiums Leases \r\n \r\n$ 8,105,000.00 $ 511,898.58 4,127.28 \r\n \r\n- $ 2,080,000.00 $ 6,025,000.00 $ 1,930,000.00 \r\n \r\n- \r\n \r\n186,182.67 \r\n \r\n325,715.91 \r\n \r\n114,958.56 \r\n \r\n- \r\n \r\n4,127.28 \r\n \r\n- \r\n \r\n- \r\n \r\n$ 8,621,025.86 $ \r\n \r\n- $ 2,270,309.95 $ 6,350,715.91 $ 2,044,958.56 \r\n \r\n- 19 - \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nGeneral Obligation Bonds \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 sales taxes. General obligation bonds are direct obligations and pledge the full faith and credit of the School District. \r\n \r\nThe School District's outstanding bonds from direct placements related to governmental activities of $6,025,000.00 contain a provision that 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 Rates Issue Date \r\n \r\nMaturity Date \r\n \r\nAmount Issued \r\n \r\nAmount Outstanding \r\n \r\nGeneral Government - Series 2019 3.00% - 5.00% 6/18/2019 5/1/2025 $ 6,025,000.00 $ 6,025,000.00 \r\n \r\nThe following schedule details debt service requirements to maturity for the School District's total general obligation bonds payable: \r\n \r\nFiscal Year Ended June 30: \r\n \r\nGeneral Obligation Debt \r\n \r\nPrincipal \r\n \r\nInterest \r\n \r\nUnamortized Bond Premium \r\n \r\n2023 \r\n \r\n$ \r\n \r\n1,930,000.00 $ \r\n \r\n241,850.00 \r\n \r\n$ \r\n \r\n114,958.56 \r\n \r\n2024 \r\n \r\n2,005,000.00 \r\n \r\n164,650.00 \r\n \r\n114,958.56 \r\n \r\n2025 \r\n \r\n2,090,000.00 \r\n \r\n104,500.00 \r\n \r\n95,798.79 \r\n \r\nTotal Principal and Interest $ \r\n \r\n6,025,000.00 $ \r\n \r\n511,000.00 \r\n \r\n$ \r\n \r\n325,715.91 \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. The School District carries commercial insurance for risk of loss associated with automobile risks. Settled claims resulting from these insured risks have not exceeded commercial insurance coverage in any of the past three fiscal years. \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- 20 - \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \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, and cyber risk. 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\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\n$ \r\n \r\n2,831.50 $ \r\n \r\n2,831.50 $ \r\n \r\n- \r\n \r\n2022 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\nSurety Bond \r\n \r\nThe School District purchased surety bonds 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\n30,000.00 \r\n \r\nDrivers Education Instruction \r\n \r\n$ \r\n \r\n10,000.00 \r\n \r\nAthletic Director \r\n \r\n$ \r\n \r\n10,000.00 \r\n \r\n- 21 - \r\n \r\n TOOMBS 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 Inventories Prepaid Items \r\nRestricted Continuation of Federal Programs Capital Projects Debt Service \r\nAssigned Local Capital Outlay Projects School Activity Accounts \r\nUnassigned \r\n \r\n$ \r\n \r\n66,974.80 \r\n \r\n133,550.00 $ \r\n \r\n200,524.80 \r\n \r\n$ 1,360,530.76 2,881,775.95 121,121.62 \r\n \r\n4,363,428.33 \r\n \r\n$ 2,308,652.54 422,950.37 \r\n \r\n2,731,602.91 10,896,000.11 \r\n \r\nFund Balance, June 30, 2022 \r\n \r\n$ 18,191,556.15 \r\n \r\nWhen multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \r\nNOTE 10: SIGNIFICANT CONTINGENT LIABILITIES \r\n \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\n \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 \r\n \r\n- 22 - \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nRetirement 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 $595,435.00 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 $17,316,002.00 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 0.159877%, which was a decrease of 0.005168% from its proportion measured as of June 30, 2020. \r\n \r\n- 23 - \r\n \r\n TOOMBS 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 ($510,592.00). At June 30, 2022, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \r\n \r\nDeferred Outflows of Resources \r\n \r\nOPEB \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ \r\n \r\n- $ 7,906,431.00 \r\n \r\nChanges of assumptions \r\n \r\n3,170,827.00 \r\n \r\n1,412,975.00 \r\n \r\nNet difference between projected and actual earnings on OPEB plan investments \r\n \r\n- \r\n \r\n27,458.00 \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n85,692.00 \r\n \r\n2,005,611.00 \r\n \r\nSchool District contributions subsequent to \r\n \r\nthe measurement date \r\n \r\n595,435.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 3,851,954.00 $ 11,352,475.00 \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$ (2,004,898.00) $ (1,894,767.00) $ (1,543,448.00) $ (1,161,626.00) $ (1,168,847.00) $ (322,370.00) \r\n \r\n- 24 - \r\n \r\n TOOMBS 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\nOPEB: \r\n \r\nInflation Salary increases Long-term expected rate of return Healthcare cost trend rate \r\nPre-Medicare Eligible Medicare Eligible Ultimate trend rate Pre-Medicare Eligible Medicare Eligible Year of Ultimate trend rate Pre-Medicare Eligible Medicare Eligible \r\n \r\n2.50% 3.00%  8.75%, including inflation 7.00%, compounded annually, net of investment expense, and including inflation 6.75% 5.13% \r\n4.50% 4.50% \r\n2029 2023 \r\n \r\nMortality rates were based on the Pub-2010 Mortality Tables for Males or Females, as appropriate, 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 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 TOOMBS 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\n \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\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, 2020 valuation were based on a review of recent plan experience done concurrently with the June 30, 2020 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\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 TOOMBS 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 the Net OPEB liability \r\n \r\n$ 19,796,073.00 $ \r\n \r\n17,316,002.00 $ 15,239,947.00 \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$ 14,693,299.00 $ \r\n \r\n17,316,002.00 $ 20,594,587.00 \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 TOOMBS 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. Pursuant to O.C.G.A. 47-3-63, the employer contributions for certain full-time public school support personnel are funded on behalf of the employer by the State of Georgia. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2022. The School District's contractually required contribution rate for the year ended June 30, 2022 was 19.81% of annual School District payroll, of which 19.59% of payroll was required from the School District and 0.22% of payroll was required from the State. For the current fiscal year, employer contributions to the pension plan were $3,260,599.00 and $37,017.02 from the School District and the State, respectively. \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 $54,199.00. \r\n \r\n- 28 - \r\n \r\n TOOMBS 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\n \r\nAt June 30, 2022, the School District reported a liability of $10,831,036.00 for its proportionate share of the net pension liability for TRS. \r\n \r\nThe TRS net pension liability reflected a reduction for support provided to the School District by the State of Georgia for certain public school support personnel. The amount recognized by the School District as its proportionate share of the net pension liability, the related State of Georgia support, and the total portion of the net pension liability that was associated with the School District were as follows: \r\n \r\nSchool District's proportionate share of the net pension liability \r\n \r\n$ 10,831,036.00 \r\n \r\nState of Georgia's proportionate share of the net pension liability associated with the School District \r\n \r\n124,351.00 \r\n \r\nTotal \r\n \r\n$ 10,955,387.00 \r\n \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 0.122463%, which was a decrease of 0.001854% 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 $38,010.00. \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 ($71,854.00) for TRS and $400.00 for PSERS and revenue of $53,091.00 for TRS and $400.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \r\n \r\n- 29 - \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nAt June 30, 2022, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \r\n \r\nTRS \r\n \r\nDeferred \r\n \r\nDeferred \r\n \r\nOutflows of \r\n \r\nInflows of \r\n \r\nResources \r\n \r\nResources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ 2,584,629.00 $ \r\n \r\n- \r\n \r\nChanges of assumptions \r\n \r\n2,096,312.00 \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\n15,842,746.00 \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n- \r\n \r\n1,085,722.00 \r\n \r\nSchool District contributions subsequent to \r\n \r\nthe measurement date \r\n \r\n3,260,599.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 7,941,540.00 $ 16,928,468.00 \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$ (2,612,702.00) $ (2,427,108.00) $ (3,246,080.00) $ (3,961,637.00) \r\n \r\n- 30 - \r\n \r\n TOOMBS 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\nPost-retirement benefit increases \r\n \r\n2.50% N/A 7.00%, net of pension plan investment expense, including inflation 1.50% semi-annually \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 (-) \r\n \r\nAdjustment to Rates \r\n \r\nService Retirees Disability Retirees Beneficiaries \r\n \r\nGeneral Healthy Below - Median Annuitant General Disabled General Below - Median Contingent Survivors \r\n \r\nMale: +2; Female: +2 Male: -3; Female: 0 Male: +2; Female: +2 \r\n \r\nMale: 101%; Female: 103% Male: 103%; Female: 106% Male: 104%; Female: 99% \r\n \r\n- 31 - \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \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\nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \r\n \r\nTRS Target allocation \r\n30.00% 46.30% \r\n1.20% 11.50% \r\n6.00% 5.00% \r\n \r\nLong-term expected real rate of return* \r\n(0.80)% 9.30% 13.30% 9.30% 11.30% 10.60% \r\n \r\nPSERS Target allocation \r\n30.00% 46.40% \r\n1.10% 11.70% \r\n5.80% 5.00% \r\n \r\nLong-term expected real rate of return* \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 inlation \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 7.00%. 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 \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$ 29,175,940.00 $ \r\n \r\n10,831,036.00 $ (4,201,348.00) \r\n \r\n- 32 - \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \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 13: SPECIAL ITEM \r\nDuring fiscal year 2022, the School District sold certain capital assets. These items were removed from the capital assets records at their net carrying values and combined with the proceeds received, resulted in a net loss of $133,945.76. This amount is reported as a special item on Exhibit B of this report. \r\n \r\n- 33 - \r\n \r\n (This page left intentionally blank) \r\n \r\n TOOMBS 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\n0.122463% $ 10,831,036.00 $ 0.124317% $ 30,114,443.00 $ 0.127676% $ 27,453,792.00 $ 0.131125% $ 24,339,609.00 $ 0.135991% $ 25,274,346.00 $ 0.136703% $ 28,203,353.00 $ 0.140441% $ 21,380,748.00 $ 0.142080% $ 17,949,934.00 $ \r\n \r\n124,351.00 335,017.00 319,100.00 276,762.00 47,578.00 \r\n- \r\n \r\n$ 10,955,387.00 $ 30,449,460.00 $ 27,772,892.00 $ 24,616,371.00 $ 25,321,924.00 $ 28,203,353.00 $ 21,380,748.00 $ 17,949,934.00 \r\n \r\n$ 16,128,614.59 $ 16,237,801.42 $ 15,762,764.09 $ 15,851,880.81 $ 15,658,673.37 $ 15,094,728.93 $ 14,824,395.13 $ 14,407,600.89 \r\n \r\n67.15% 185.46% 174.17% 153.54% 161.41% 186.84% 144.23% 124.59% \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 TOOMBS 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 2021 2020 2019 2018 2017 2016 2015 2014 2013 \r\n \r\n$ \r\n \r\n3,260,599.00 $ \r\n \r\n$ \r\n \r\n3,039,250.00 $ \r\n \r\n$ \r\n \r\n3,394,191.00 $ \r\n \r\n$ \r\n \r\n3,256,569.93 $ \r\n \r\n$ \r\n \r\n2,634,844.45 $ \r\n \r\n$ \r\n \r\n2,230,298.64 $ \r\n \r\n$ \r\n \r\n2,154,017.82 $ \r\n \r\n$ \r\n \r\n1,949,407.96 $ \r\n \r\n$ \r\n \r\n1,769,253.39 $ \r\n \r\n$ \r\n \r\n1,696,148.79 $ \r\n \r\n3,260,599.00 $ 3,039,250.00 $ 3,394,191.00 $ 3,256,569.93 $ 2,634,844.45 $ 2,230,298.64 $ 2,154,017.82 $ 1,949,407.96 $ 1,769,253.39 $ 1,696,148.79 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n16,643,657.39 \r\n \r\n- \r\n \r\n$ \r\n \r\n16,128,614.59 \r\n \r\n- \r\n \r\n$ \r\n \r\n16,237,801.42 \r\n \r\n- \r\n \r\n$ \r\n \r\n15,762,764.09 \r\n \r\n- \r\n \r\n$ \r\n \r\n15,851,880.81 \r\n \r\n- \r\n \r\n$ \r\n \r\n15,658,673.37 \r\n \r\n- \r\n \r\n$ \r\n \r\n15,094,728.93 \r\n \r\n- \r\n \r\n$ \r\n \r\n14,824,395.13 \r\n \r\n- \r\n \r\n$ \r\n \r\n14,407,600.89 \r\n \r\n- \r\n \r\n$ \r\n \r\n14,865,458.28 \r\n \r\n19.59% 18.84% 20.90% 20.66% 16.62% 14.24% 14.27% 13.15% 12.28% 11.41% \r\n \r\n- 36 - \r\n \r\n TOOMBS 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 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 \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\n38,010.00 $ 38,010.00 $ 248,944.00 $ 248,944.00 $ 291,092.00 $ 291,092.00 $ 271,268.00 $ 271,268.00 $ 261,394.00 $ 261,394.00 $ 335,228.00 $ 335,228.00 $ 235,801.00 $ 235,801.00 $ 224,650.00 $ 224,650.00 $ \r\n \r\n652,499.19 650,816.73 764,044.93 708,039.17 728,391.07 693,860.80 740,925.09 771,363.07 \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 TOOMBS 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 \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 of the NOL associated \r\nwith 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 \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\n0.159877% $ 17,316,002.00 $ 0.165045% $ 24,241,267.00 $ 0.174936% $ 21,468,400.00 $ 0.179165% $ 22,771,322.00 $ 0.178888% $ 25,133,693.00 $ \r\n \r\n- \r\n \r\n$ 17,316,002.00 $ 14,409,357.78 \r\n \r\n- \r\n \r\n$ 24,241,267.00 $ 13,788,312.97 \r\n \r\n- \r\n \r\n$ 21,468,400.00 $ 13,574,106.07 \r\n \r\n- \r\n \r\n$ 22,771,322.00 $ 13,859,309.24 \r\n \r\n- \r\n \r\n$ 25,133,693.00 $ 13,362,633.48 \r\n \r\n120.17% 175.81% 158.16% 164.30% 188.09% \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 TOOMBS 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 coveredemployee payroll \r\n \r\nContribution as a percentage of covered- \r\nemployee payroll \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\n595,435.00 $ 594,714.00 $ 558,143.00 $ 942,154.00 $ 928,594.00 $ 932,733.00 $ 740,708.00 $ \r\n \r\n595,435.00 $ 594,714.00 $ 558,143.00 $ 942,154.00 $ 928,594.00 $ 932,733.00 $ 740,708.00 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n15,635,912.18 \r\n \r\n- \r\n \r\n$ \r\n \r\n14,409,357.78 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,788,312.97 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,574,106.07 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,859,309.24 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,362,633.48 \r\n \r\n- \r\n \r\n$ \r\n \r\n12,755,874.89 \r\n \r\n3.81% 4.13% 4.05% 6.94% 6.70% 6.98% 5.81% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 39 - \r\n \r\n TOOMBS 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 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 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 employees 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 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% of June 30, 2019, and to 2.22% as of June 30, 2020. \r\n \r\n- 40 - \r\n \r\n TOOMBS 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\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\n6,850,084.00 $ \r\n \r\n7,081,222.00 $ \r\n \r\n7,298,101.78 $ \r\n \r\n216,879.78 \r\n \r\n70,000.00 \r\n \r\n70,000.00 \r\n \r\n79,439.24 \r\n \r\n9,439.24 \r\n \r\n20,825,411.50 \r\n \r\n22,580,513.90 \r\n \r\n22,757,259.19 \r\n \r\n176,745.29 \r\n \r\n14,900,140.37 \r\n \r\n13,574,023.08 \r\n \r\n12,637,272.77 \r\n \r\n(936,750.31) \r\n \r\n54,700.00 \r\n \r\n54,700.00 \r\n \r\n191,182.69 \r\n \r\n136,482.69 \r\n \r\n23,095.00 \r\n \r\n11,620.00 \r\n \r\n25,408.66 \r\n \r\n13,788.66 \r\n \r\n1,257,485.00 \r\n \r\n702,893.54 \r\n \r\n937,033.56 \r\n \r\n234,140.02 \r\n \r\n43,980,915.87 \r\n \r\n44,074,972.52 \r\n \r\n43,925,697.89 \r\n \r\n(149,274.63) \r\n \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Enterprise Operations Community Services Operations Capital Outlay Debt Services Total Expenditures \r\nExcess of Revenues over (under) Expenditures \r\n \r\n21,990,764.13 \r\n1,517,054.51 1,580,213.78 \r\n469,472.06 631,791.33 1,605,715.03 351,048.69 1,822,072.45 2,049,876.42 136,263.40 55,878.24 2,672,636.51 \r\n67,983.19 1,497,578.00 4,282.00 36,452,629.74 7,528,286.13 \r\n \r\n24,473,381.16 \r\n1,929,880.47 1,604,682.01 \r\n560,980.50 906,240.92 1,863,204.00 354,363.00 2,474,140.31 2,585,992.37 297,026.19 80,147.71 2,695,482.45 \r\n99,601.00 11,500.00 4,282.07 39,940,904.16 4,134,068.36 \r\n \r\n23,585,870.69 \r\n1,599,300.67 1,437,148.06 \r\n550,862.70 338,548.06 1,836,297.24 353,043.96 2,417,055.09 2,452,236.66 138,366.78 90,679.82 2,657,422.11 223,170.04 23,780.75 11,500.00 \r\n4,282.07 37,719,564.70 \r\n6,206,133.19 \r\n \r\n887,510.47 \r\n330,579.80 167,533.95 10,117.80 567,692.86 26,906.76 \r\n1,319.04 57,085.22 133,755.71 158,659.41 (10,532.11) 38,060.34 (223,170.04) 75,820.25 \r\n2,221,339.46 2,072,064.83 \r\n \r\nOTHER FINANCING SOURCES(USES) Sale of Buses Operating Transfers From Other Funds Operating Transfers To Other Funds Total Other Financing Sources (Uses) \r\n \r\n9,039.00 (3,009,039.00) (3,000,000.00) \r\n \r\n69,114.00 (1,569,114.00) (1,500,000.00) \r\n \r\n5,700.00 - \r\n(1,500,000.00) (1,494,300.00) \r\n \r\n5,700.00 (69,114.00) 69,114.00 \r\n5,700.00 \r\n \r\nNet Change in Fund Balances \r\n \r\n4,528,286.13 \r\n \r\n2,634,068.36 \r\n \r\n4,711,833.19 \r\n \r\n2,077,764.83 \r\n \r\nFund Balances - Beginning \r\n \r\n8,034,622.85 \r\n \r\n7,970,558.82 \r\n \r\n8,034,622.85 \r\n \r\n64,064.03 \r\n \r\nAdjustments \r\n \r\n36,717.87 \r\n \r\n12,721.56 \r\n \r\n- \r\n \r\n(12,721.56) \r\n \r\nFund Balances - Ending \r\n \r\n$ \r\n \r\n12,599,626.85 $ \r\n \r\n10,617,348.74 $ \r\n \r\n12,746,456.04 $ \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\n \r\n2,129,107.30 \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 $625,306.41 and $641,916.70, 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 TOOMBS 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 Fresh Fruit and Vegetable Program Total Child Nutrition Cluster \r\nOther Programs Pass-Through From Bright From the Start: Georgia Department of Early Care and Learning Child and Adult Care Food Program Total U. S. Department of Agriculture \r\nEducation, U. S. Department of Education Stabilization Fund Pass-Through From Georgia Department of Education COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund 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 Grants to States COVID-19 - American Rescue Plan - Grants to States Preschool Grants Preschool Grants COVID-19 - American Rescue Plan - Preschool Grants 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 Comprehensive Literacy Development English Language Acquisition State Grants English Language Acquisition State Grants Migrant Education - State Grant Program Migrant Education - State Grant Program Rural and Low-Income School Program Student Support and Academic Enrichment 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 Child Care and Development Fund Cluster 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 IDENTIFYING \r\nNUMBER \r\n \r\nFEDERAL EXPENDITURES \r\n \r\n10.553 10.555 10.555 10.582 \r\n \r\n225GA324N1199 $ 225GA324N1199 225GA324N1099 225GA324L1603 \r\n \r\n670,585.35 1,547,480.19 \r\n235,622.66 97,743.93 2,551,432.13 \r\n \r\n10.558 \r\n \r\n225GA368N1099 \r\n \r\n15,539.41 2,566,971.54 \r\n \r\n84.425D 84.425D \r\n84.425U \r\n84.425W \r\n \r\nS425D200012 S425D210012 \r\nS425U210012 \r\nS425W210011 \r\n \r\n4,613.97 2,037,306.43 \r\n4,212,211.75 \r\n25,592.68 6,279,724.83 \r\n \r\n84.027A 84.027A 84.027X 84.173A 84.173A 84.173X \r\n \r\nH027A200073 H027A210073 H027X210073 H173A200081 H173A210081 H173X210081 \r\n \r\n84.048A 84.048A 84.371C 84.365A 84.365A 84.011A 84.011A 84.358B 84.424A 84.424A 84.367A 84.367A 84.010A 84.010A \r\n \r\nV048A200010 V048A210010 S371C190016-19A S365A200010 S365A210010 S011A200011 S011A210011 S358B210010 S424A200011 S424A210011 S367A200001 S367A210001 S010A200010 S010A210010-21A \r\n \r\n162,173.00 414,709.50 155,562.00 \r\n83.00 25,944.07 10,041.00 768,512.57 \r\n5,300.00 54,380.00 343,016.71 \r\n4,974.00 30,771.69 132,221.00 88,828.84 57,524.58 \r\n1,262.55 122,560.75 \r\n12,126.00 99,730.55 \r\n9,023.00 1,535,484.02 2,497,203.69 9,545,441.09 \r\n \r\n93.575 \r\n \r\n2210GACCDD $ \r\n \r\n32,464.00 12,144,876.63 \r\n \r\n- 42 - \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"8\" \r\n \r\nNote 1. Basis of Presentation \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n \r\nThe accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Toombs 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\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: Elementary and Secondary School Emergency Relief Fund Activity \r\nFor the year ended June 30, 2022, the amount reflected on the Schedule for the American Rescue Plan Elementary and Secondary School Emergency Relief Fund (ALN 84.425U) includes $1,791,227.34 of approved eligible expenditures that were incurred in a prior fiscal year. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 43 - \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2022 \r\nAGENCY/FUNDING GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program \r\nEducation, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Amended Formula Adjustment One Time QBE Adjustment Categorical Grants Pupil Transportation Regular Nursing Services Sparsity Education Equalization Funding Grant Other State Programs Food Services Hygiene Products Math and Science Supplements Preschool Disability Services Teachers Retirement Vocational Education \r\nOffice of the State Treasurer Public School Employees Retirement \r\nCONTRACT Human Resources, Georgia Department of Family Connection \r\n \r\nSCHEDULE \"9\" \r\n \r\nGOVERNMENTAL FUND TYPE GENERAL FUND \r\n \r\n$ \r\n \r\n781,719.90 \r\n \r\n964,781.00 341,056.00 2,013,726.00 799,839.00 1,147,121.00 270,242.00 2,001,316.00 1,641,460.00 765,517.00 3,602,676.00 230,791.00 195,694.00 147,961.00 318,339.00 362,868.00 110,324.00 \r\n65,655.00 1,493.00 \r\n546,688.00 811,590.00 755,952.00 108,868.00 576,236.00 \r\n \r\n525,903.79 58,368.00 37,354.00 \r\n3,076,473.00 \r\n125,683.00 1,846.00 9,232.00 \r\n81,021.00 37,017.02 132,125.87 \r\n54,199.00 \r\n \r\n56,123.61 \r\n \r\n$ \r\n \r\n22,757,259.19 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 44 - \r\n \r\n (This page left intentionally blank) \r\n \r\n TOOMBS 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 \r\nSPLOST #4 \r\ni. Constructing and equipping two (new) or replacement schools, specifically: Toombs County High School and Toombs Central School. \r\nii. Modifying and equipping the existing Toombs County High School for further instructional use. \r\niii. Purchasing School buses. \r\niv. Purchasing textbooks, furniture, technology, additional instructional materials and equipment for all sites. \r\nv. Constructing additions to and/or renovating, modifying, and equipping existing school system facilities and making critical infrastructure improvements to existing facilities. SPLOST #4 TOTALS \r\nSPLOST #5 \r\na. The payment of principal and interest on general obligation debt incurred for constructing and equipping Toombs County High School. \r\nb. Constructing and equipping a new athletic facility at Toombs County High School. \r\nc. Constructing, make additions to and/or renovating, modifying and equipping Toombs Central Elementary School and other school system facilities and making critical infrastructure and security improvements to existing facilities. \r\nd. Purchasing School buses. \r\ne. Purchasing textbooks (including e-books), furniture, technology and software, additional instructional materials and equipment for all facilities. SPLOST #5 TOTALS \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\n11,340,000.00 $ \r\n \r\n3,000,000.00 500,000.00 \r\n \r\n- \r\n \r\n17,543,710.95 749,464.46 101,294.67 643,498.62 \r\n \r\nCompleted Completed Completed Completed \r\n \r\n500,000.00 15,340,000.00 \r\n \r\n1,850,618.40 20,888,587.10 \r\n \r\nCompleted \r\n \r\n4,342,000.00 3,350,000.00 \r\n \r\n4,095,000.00 4,500,000.00 \r\n \r\nCompleted 6/30/2023 \r\n \r\n4,598,000.00 500,000.00 \r\n \r\n4,598,000.00 500,000.00 \r\n \r\n1,250,000.00 14,040,000.00 \r\n \r\n$ \r\n \r\n29,380,000.00 $ \r\n \r\n1,250,000.00 14,943,000.00 \r\n35,831,587.10 \r\n \r\n6/30/2026 6/30/2026 \r\n6/30/2026 \r\n \r\n- 46 - \r\n \r\n TOOMBS 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 \r\nSPLOST #4 \r\ni. Constructing and equipping two (new) or replacement schools, specifically: Toombs County High School and Toombs Central School. \r\nii. Modifying and equipping the existing Toombs County High School for further instructional use. \r\niii. Purchasing School buses. \r\niv. Purchasing textbooks, furniture, technology, additional instructional materials and equipment for all sites. \r\nv. Constructing additions to and/or renovating, modifying, and equipping existing school system facilities and making critical infrastructure improvements to existing facilities. SPLOST #4 TOTALS \r\nSPLOST #5 \r\na. The payment of principal and interest on general obligation debt incurred for constructing and equipping Toombs County High School. \r\nb. Constructing and equipping a new athletic facility at Toombs County High School. \r\nc. Constructing, make additions to and/or renovating, modifying and equipping Toombs Central Elementary School and other school system facilities and making critical infrastructure and security improvements to existing facilities. \r\nd. Purchasing School buses. \r\ne. Purchasing textbooks (including e-books), furniture, technology and software, additional instructional materials and equipment for all facilities. SPLOST #5 TOTALS \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- $ 17,543,710.95 $ 17,543,710.95 $ \r\n \r\n- \r\n \r\n- \r\n \r\n749,464.46 \r\n \r\n749,464.46 \r\n \r\n- \r\n \r\n- \r\n \r\n101,294.67 \r\n \r\n101,294.67 \r\n \r\n- \r\n \r\n- \r\n \r\n643,498.62 \r\n \r\n643,498.62 \r\n \r\n- \r\n \r\n476,205.05 \r\n \r\n1,374,413.35 \r\n \r\n1,850,618.40 \r\n \r\n- \r\n \r\n476,205.05 \r\n \r\n20,412,382.05 \r\n \r\n20,888,587.10 \r\n \r\n- \r\n \r\n2,080,000.00 \r\n \r\n2,015,000.00 \r\n \r\n4,095,000.00 \r\n \r\n- \r\n \r\n55,760.00 \r\n \r\n3,971,428.47 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n1,985,363.76 \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\n422,116.56 \r\n \r\n- \r\n \r\n- \r\n \r\n2,135,760.00 \r\n \r\n8,393,908.79 \r\n \r\n4,095,000.00 \r\n \r\n- \r\n \r\n$ 2,611,965.05 $ 28,806,290.84 $ 24,983,587.10 $ \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 Toombs 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\nSERIES 2013A \r\n \r\nSERIES 2019 \r\n \r\nPrior Years Current Year \r\n \r\n$ 2,360,586.88 $ 83,200.00 \r\n \r\n452,125.13 241,850.00 \r\n \r\nTotal \r\n \r\n$ 2,443,786.88 $ \r\n \r\n693,975.13 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 47 - \r\n \r\n Section II Compliance and Internal Control Reports \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN \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 Mr. Barry Waller, Superintendent and Members of the Toombs County Board of Education \r\nWe have audited the financial statements of the governmental activities, each major fund, and fiduciary activities of the Toombs 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 22, 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 22, 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 Mr. Barry Waller, Superintendent and Members of the Toombs 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 Toombs 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 22, 2023 \r\n \r\n Section III Auditee's Response to Prior Year Findings and Questioned Costs \r\n \r\n TOOMBS COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2022 \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS No matters were reported. \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n \r\n Section IV Findings and Questioned Costs \r\n \r\n TOOMBS 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\nUnmodified \r\nNo None Reported \r\nNo \r\n \r\nInternal Control over major programs:  Material weakness(es) identified?  Significant deficiency(ies) identified? \r\n \r\nType of auditor's report issued on compliance for major programs: \r\n \r\nAll major programs \r\n \r\nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \r\n \r\nIdentification of major programs: \r\n \r\nAssistance Listing Number Assistance Listing Program or Cluster Title \r\n \r\n84.010 84.027, 84.173 84.425 \r\n \r\nTitle I Grants to Local Educational Agencies Special Education 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\nNo None Reported \r\nUnmodified No \r\n$750,000.00 Yes \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\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bt6-b2021-belec-p-btext","title":"Annual financial report, 2021 June 30, Toombs County Board of Education, Lyons, 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":["2022-06-09"],"dcterms_description":["Annual financial report for the Toombs 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":["Toombs County Board of Education (Ga.)--Appropriations and expenditures--Periodicals","Education--Georgia--Toombs County--Auditing--Periodicals","Education--Georgia--Toombs County--Finance--Statistics--Periodicals"],"dcterms_title":["Annual financial report, 2021 June 30, Toombs County Board of Education, Lyons, 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-bt6-b2021-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bt6-b2021-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records","audits","financial records","financial statements"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"ANNUAL FINANCIAL REPORT  FISCAL YEAR 2021 \nToombs County Board of Education \nLyons, Georgia \nIncluding Independent Auditor's Report \nGreg S. Griffin | State Auditor Kristina A. Turner | Deputy State Auditor \n \n Toombs County Board of Education \n \nTable of Contents Section I \n \nFinancial Independent Auditor's Report \n \nRequired Supplementary Information \n \nManagement's Discussion and Analysis \n \ni \n \nExhibits \n \nBasic Financial Statements Government-Wide Financial Statements \n \nA \n \nStatement of Net Position \n \n1 \n \nB \n \nStatement of Activities \n \n2 \n \nFund Financial Statements \n \nC \n \nBalance Sheet \n \nGovernmental Funds \n \n3 \n \nD \n \nReconciliation of the Governmental Funds Balance Sheet \n \nto the Statement of Net Position \n \n4 \n \nE \n \nStatement of Revenues, Expenditures and Changes in Fund \n \nBalances to the Statement of Activities \n \n5 \n \nF \n \nReconciliation of the Governmental Funds Statement of \n \nRevenues, Expenditures and Changes in Fund Balances \n \nto the Statement of Activities \n \n6 \n \nG \n \nStatement of Fiduciary Net Position \n \nFiduciary Funds \n \n7 \n \nH \n \nStatement of Changes in Fiduciary Net Position \n \nFiduciary Funds \n \n8 \n \nI Notes to the Basic Financial Statements \n \n9 \n \nSchedules \n \nRequired Supplementary Information \n \n1 Schedule of Proportionate Share of the Net Pension Liability \n \nTeachers Retirement System of Georgia \n \n37 \n \n2 Schedule of Contributions  Teachers Retirement System of Georgia \n \n38 \n \n3 Schedule of Proportionate Share of the Net Pension Liability Public \n \nSchool Employees Retirement System of Georgia \n \n39 \n \n Toombs County Board of Education \n \nTable of Contents Section I \n \nSchedules \n \nRequired Supplementary Information \n \n4 Schedule of Proportionate Share of the Net OPEB Liability \n \nSchool OPEB Fund \n \n40 \n \n5 Schedule of Contributions  School OPEB Fund \n \n41 \n \n6 Notes to the Required Supplementary Information \n \n42 \n \n7 Schedule of Revenues, Expenditures and Changes in Fund \n \nBalances - Budget and Actual General Fund \n \n43 \n \nSupplementary Information \n \n8 Schedule of Expenditures of Federal Awards \n \n44 \n \n9 Schedule of State Revenue \n \n46 \n \n10 Schedule of Approved Local Option Sales Tax Projects \n \n48 \n \nSection II \n \nCompliance and Internal Control Reports \nIndependent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards \nIndependent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance \n \nSection III \n \nAuditee's Response to Prior Year Findings and Questioned Costs Summary Schedule of Prior Year Findings Section IV \n \nFindings and Questioned Costs Schedule of Findings and Questioned Costs \n \n Section I Financial \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Mr. Barry Waller, Superintendent and Members of the Toombs County Board of Education \nReport on the Financial Statements \nWe have audited the accompanying financial statements of the governmental activities, each major fund, and fiduciary activities of the Toombs 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. \nManagement's Responsibility for the Financial Statements \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. \nAuditor's Responsibility \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. \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. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \nOpinions \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. \nOther Matters \nRequired Supplementary Information \nAccounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis and 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. \nOther Information \nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the School District's basic financial statements. The accompanying supplementary information, as listed in the table of contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements. \nThe accompanying supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \n \n Other Reporting Required by Government Auditing Standards \nIn accordance with Government Auditing Standards, we have also issued our report dated June 9, 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. \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. \nRespectfully submitted, \nGreg S. Griffin State Auditor \nJune 9, 2022 \n \n (This page left intentionally blank) \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \nINTRODUCTION \nThe discussion and analysis of the Toombs County Board of Education's (the School District) financial performance provides an overview of the School District's financial activities for the fiscal year ended June 30, 2021. The intent of this discussion and analysis is to look at the School District's financial performance as a whole. Readers should also review the financial statements and the notes to the basic financial statements to enhance their understanding of the School District's financial performance. \nFINANCIAL HIGHLIGHTS \nKey financial highlights for the fiscal year 2021 are as follows: \n On the government-wide financial statements, the assets and deferred outflow of resources of the School District exceeded liabilities and deferred inflow of resources by $14.4 million for the fiscal ended June 30, 2021. \n General revenues accounts for $13.1 million in revenue or 30.6% of all revenues. Program specific revenues in the form of charges for services and sales, grants and contributions accounted for $29.6 million or 69.4% of total revenues of $42.7 million. \n The School District had $38.4 million in expenses related to governmental activities; however, $29.6 million of these expenses were offset by program specific charges for services, grants or contributions. General revenues (primarily taxes) of $13.1 million were adequate to provide for these programs. \n Among major funds, the general fund had $39.6 million in revenues and $35.2 million in expenditures. The fund balance for the general fund increased by $2.4 million from $5.6 million to approximately $8.0 million. \n The deficit balance reflected in the unrestricted net position is due to the recording of pensions and postemployment benefits. The amount of the School District's proportionate share of the collective net pension liability for the Teachers Retirement System cost sharing benefit pension plan was $30.1 million. The amount of the School District's proportionate share of the collective net Other Post Employment Benefit (OPEB) liability was $24.2 million. \nOVERVIEW OF THE FINANCIAL STATEMENTS \nThis annual report consists of three parts; management's discussion and analysis, the basic financial statements and required supplementary information. The basic financial statements include two levels of statements that present different views of the School District. These include the government-wide and fund financial statements. \nThe government-wide financial statements include the Statement of Net Position and Statement of Activities. These statements provide information about the activities of the School District presenting both short-term and long-term information about the overall financial status. \nThe fund financial statements focus on individual parts, reporting the School District's operation in more detail. The governmental funds statements disclose how basic services are financed in the short-term as well as what remains for future spending. The fiduciary funds statements provide information about the financial relationships in which the School District acts solely as a trustee or agent for the benefit of others. \ni \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \nThe fund financial statements reflect the School District's most significant funds. For the year ending June 30, 2021, the general fund, capital projects fund and debt service fund represent the most significant fund. \nThe financial statements also include notes that explain some of the information in the statements and provide more detailed data. The statements are followed by a section of required supplementary information that further explains and supports the financial statements. Additionally, other supplementary information (not required) is also presented that further supplements understanding of the financial statements. \nGovernment-Wide Statements \nThe government-wide statements report information about the School District as a whole using accounting methods similar to those used by private-sector companies. The Statement of Net Position includes all of the School District's non-fiduciary assets and liabilities. All of the current fiscal year's revenues and expenses are accounted for in the Statement of Activities regardless of when cash is received or paid. \nThe two government-wide statements report the School District's net position and how it has changed. Net position, the difference between the School District's assets, deferred outflows of resources, liabilities and deferred inflows of resources, is one way to measure the School District's overall financial health or position. Over time, increases or decreases in net position are an indication of whether its financial health is improving or deteriorating. Changes may be the result of many factors, including those not under the School District's control, such as the property tax base, facility conditions, required educational programs and other factors. \nIn the Statement of Net Position and the Statement of Activities, the School District has one distinct type of activity: \n Governmental Activities  All of the School District's programs and services are reported here including instruction, support services, operation and maintenance of plant, pupil transportation, food service, student activity accounts and various others. \nFund Financial Statements \nThe School District's fund financial statements provide detailed information about the most significant funds, not the School District as a whole. Some funds are required by State law and some by bond requirements. The School District's major governmental funds are the general fund, the capital projects fund, and the debt service fund. \nGovernmental Funds - Most of the School District's activities are reported in governmental funds, which focus on the determination of financial position and change in financial position, not on income determination. These funds are reported using the modified accrual method of accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the School District's general government operations and the basic services it provides. Governmental fund information helps determine whether there are more or fewer financial resources that can be spent in the near future to finance educational programs. The relationship (or differences) between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds are reconciled to the financial statements. \nFiduciary Funds - The School District is the trustee, or fiduciary, for assets that belong to others, The School District is responsible for ensuring that the assets reported in these funds are used only for their intended purposes and by those to whom the assets belong. The School District excludes these activities from the government-wide financial statements because it cannot use these assets to finance its operations. \nii \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \n \nFINANCIAL ANALYSIS OF THE SCHOOL DISTRICT AS A WHOLE \n \nRecall that the Statement of Net Position provides the perspective of the School District as a whole. Table 1 provides a summary of the School District's net position for fiscal years 2021 and 2020. \n \nTable 1 Net Position \n \nASSETS Cash and Cash Equivalents Investments Receivable, Net Interest Taxes State Government Federal Government Other Inventories Prepaid Items Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \nTotal Assets \nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \nTotal Deferred Outflows of Resources \nLIABILITIES Accounts Payable Salaries and Benefits Payable Interest Payable Contracts Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities Due Within One Year Due in More Than One Year \nTotal Liabilities \nDEFERRED INFLOWS OF OUTFLOWS Related to Defined Benefit Pension Plan Related to OPEB Plan \nTotal Deferred Inflows of Resources \nNET ASSETS Net Investment in Capital Assets Restricted for Continuation of Federal Programs Debt Service Capital Projects Restricted for Bus Replacement Unrestricted (Deficit) \nTotal Net Position \n \nGovernmental Activities \n \nFiscal Year \n \nFiscal Year \n \n2021 \n \n2020 \n \nNet Change \n \n$ 8,294,710 $ 8,669,283 $ (374,573) \n \n4,531,692 \n \n1,507,415 \n \n3,024,277 \n \n2,261 1,667,355 2,424,666 1,129,071 \n145,894 54,253 - \n1,882,441 \n \n4,053 1,807,082 2,269,093 \n512,566 101,352 \n74,598 77,546 3,983,778 \n \n(1,792) (139,727) 155,573 616,505 \n44,542 (20,345) (77,546) (2,101,337) \n \n57,169,764 77,302,108 \n \n54,201,523 73,208,289 \n \n2,968,241 4,093,819 \n \n8,177,876 4,803,494 \n12,981,370 \n \n7,576,177 1,538,019 \n9,114,196 \n \n601,699 3,265,475 \n3,867,174 \n \n1,242,596 3,516,029 \n53,115 300,000 30,114,443 24,241,267 \n2,270,310 6,350,716 \n68,088,476 \n \n315,028 3,466,847 \n66,373 784,381 27,453,792 21,468,400 \n2,219,405 8,621,026 \n64,395,252 \n \n927,568 49,182 (13,258) \n(484,381) 2,660,651 2,772,867 \n50,905 (2,270,310) \n3,693,224 \n \n1,264,611 6,484,369 \n7,748,980 \n \n1,875,404 5,903,177 \n7,778,581 \n \n(610,793) 581,192 \n(29,601) \n \n50,383,059 \n \n47,454,546 \n \n2,928,513 \n \n865,440 230,633 2,658,365 231,660 (39,923,136) \n \n574,312 507,248 3,182,324 \n(41,569,777) \n \n291,128 (276,615) (523,959) 231,660 1,646,641 \n \n$ 14,446,021 $ 10,148,653 $ 4,297,368 \n \niii \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 Total assets increased by $4.1 million which was primarily due to an increase in cash due to the increase in collections of property and sales taxes and reductions of expenditures on the initial budget in preparation for the expected state funding cuts due to COVID-19. The state budget cuts were partially restored within the fiscal year with additional federal funding becoming available through the Elementary and Secondary School Emergency Relief (ESSER) Fund. Total liabilities, excluding net pension liabilities and net OPEB liabilities, decreased by $1.7 million due to the long-term debt payment. The pension and OPEB activity changed due to the combination of the increase of deferred outflows of resources and the increase in total liabilities and deferred inflows of resources which yielded a decrease in net position of $1.5 million. Total net position increased by $4.3 million in fiscal year 2021. \niv \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \nTable 2 shows the changes in net position for fiscal years ending June 30, 2021 and 2020. \n \nTable 2 Change in Net Position \n \nRevenues Program Revenues: Charges for Services Operating Grants and Contributions Capital Grants and Contributions \n \nGovernmental Activities \n \nFiscal Year \n \nFiscal Year \n \n2021 \n \n2020 \n \nNet Change \n \n$ \n \n189,252 $ \n \n189,357 $ \n \n(105) \n \n29,058,637 \n \n23,631,968 \n \n5,426,669 \n \n402,300 \n \n227,220 \n \n175,080 \n \nTotal Program Revenues \n \n29,650,189 \n \n24,048,545 \n \n5,601,644 \n \nGeneral Revenues: Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Debt Service For Capital Projects Other Taxes Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \n \n6,879,599 20,726 \n2,015,000 899,357 81,000 \n2,232,944 35,333 \n890,521 \n \n6,264,640 20,240 \n1,955,000 930,029 101,450 \n1,847,243 165,936 874,459 \n \n614,959 486 \n60,000 (30,672) (20,450) \n385,701 (130,603) \n16,062 \n \nTotal General Revenues \n \n13,054,480 \n \n12,158,997 \n \n895,483 \n \nTotal Revenues \n \n42,704,669 \n \n36,207,542 \n \n6,497,127 \n \nProgram Expenses: 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 \n \n25,134,553 \n1,639,850 1,395,327 \n794,072 333,171 1,808,930 361,554 2,238,113 1,614,640 117,754 \n59,968 \n201,994 15,565 \n2,490,712 201,097 \n \n22,036,119 \n1,306,808 1,239,592 \n560,550 300,389 1,766,135 338,198 1,967,098 1,476,730 144,079 \n67,245 \n221,269 - \n2,327,025 256,447 \n \n3,098,434 \n333,042 155,735 233,522 \n32,782 42,795 23,356 271,015 137,910 (26,325) (7,277) \n(19,275) 15,565 163,687 (55,350) \n \nTotal Expenses \n \n38,407,300 \n \n34,007,684 \n \n4,399,616 \n \nIncrease in Net Position \n \n$ 4,297,369 $ 2,199,858 $ 2,097,511 \n \nv \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \nFor fiscal year 2021, program revenues, in the form of charges for services, operating grants and contributions and capital grants and contributions increased by $5.6 million for governmental activities due to an increase in grant revenues. General revenues increased by $895 thousand primarily due to increases in the collection of property and sales taxes and restricted grants and contributions. \nGovernmental Activities \nThe Statement of Activities shows the cost of program services and the charges for services and grants offsetting those services. Table 3 shows the total cost of services and the net cost of services. Net cost of services can be defined as the total cost less fees generated by the activities and intergovernmental revenue provided for specific programs. The net cost reflects the financial burden on the School District's taxpayers by each activity. \nTable 3 Governmental Activities \n \nTotal Cost of Services \n \nFiscal Year 2021 \n \nFiscal Year 2020 \n \nNet Cost of Services \n \nFiscal Year 2021 \n \nFiscal Year 2020 \n \nInstruction \n \n$ 25,134,553 \n \nSupport Services: \n \nPupil Services \n \n1,639,850 \n \nImprovement of Instructional Services \n \n1,395,327 \n \nEducational Media Services \n \n794,072 \n \nGeneral Administration \n \n333,171 \n \nSchool Administration \n \n1,808,930 \n \nBusiness Administration \n \n361,554 \n \nMaintenance and Operation of Plant \n \n2,238,113 \n \nStudent Transportation Services \n \n1,614,640 \n \nCentral Support Services \n \n117,754 \n \nOther Support Services \n \n59,968 \n \nOperations of Non-Instructional Services: \n \nEnterprise Operations \n \n201,994 \n \nCommunity Services \n \n15,565 \n \nFood Services \n \n2,490,712 \n \nInterest on Long-Term Debt \n \n201,097 \n \n$ 22,036,119 \n1,306,808 1,239,592 \n560,550 300,389 1,766,135 338,198 1,967,098 1,476,730 144,079 \n67,245 \n221,269 - \n2,327,025 256,447 \n \n$ 5,065,276 $ 5,739,079 \n \n945,370 253,893 267,975 (771,609) 789,659 \n38,044 1,298,026 \n400,060 109,363 \n38,186 \n \n854,689 120,920 140,934 (567,151) 837,162 336,993 1,056,067 757,784 143,387 \n30,926 \n \n60,435 - \n61,336 201,097 \n \n87,615 - \n164,286 256,447 \n \nTotal Expenses \n \n$ 38,407,300 $ 34,007,684 $ 8,757,111 $ 9,959,138 \n \nAlthough program revenues make up a majority of the funding, the School District is still dependent upon tax revenues for governmental activities. For 2021, 22.8% of all expenses were supplemented by taxes and other general revenues. \n \nFINANCIAL ANALYSIS OF THE SCHOOL DISTRICT'S FUNDS \n \nThe School District's governmental funds are accounted for using the modified accrual basis of accounting. The governmental funds had total revenues and other financing sources of $45.0 million and total expenses and other financing uses of $42.1 million. There was an increase in the fund balance totaling $3.0 million for \n \nvi \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \nthe governmental funds as a whole. This increase was mostly due to the additional federal funding made available through the Elementary and Secondary School Emergency Relief Funds due to the COVID-19 pandemic. \nGeneral Fund Budgeting Highlights \nThe School District's budget is prepared according to Georgia Law. The most significant budgeted fund is the general fund, funded primarily through state revenue and local property tax revenue. During the course of fiscal years 2021, the School District amended its general fund budget as needed. \nThe School District's budget is adopted at the aggregate fund level but is prepared by fund, function and object and presented by fund and function for management control. \nDuring fiscal year 2021, the general fund had final actual revenues totaling $39.6 million, which represented a decrease from the final budgeted amount of $41.5 million by $1.9 million. This difference (actual vs. budget) was primarily due to the Elementary and Secondary School Emergency Relief III budget not being approved until July 2021 so those grant revenues could not be requested for drawdown and not budgeting for School Activities Accounts. \nFinal actual expenditures and other financing uses during fiscal year 2021 totaling $37.2 million represented a decrease from the final budgeted amount of $39.1 million by $1.9 million. The decrease in actual expenditures versus final budget expenditures was due primarily to expenditures for bus replacement that could not be recognized in fiscal year 2021 due to limited availability of buses and will be recognized in fiscal year 2022. As well as a decrease in expenditures related to the School Nutrition Program due to lower than projected student enrollment and not budgeting for School Activities Accounts. \nCAPITAL ASSETS \nAt the fiscal year 2021, the School District had $59.1 million invested in capital assets, net of accumulated depreciation. These assets are made up of a broad range of capital assets, including land, buildings, transportation, food service and maintenance equipment. Table 4 reflects a summary of these balances, by class, net of accumulated depreciation. \nTable 4 Capital Assets (Net of Depreciation) \n \nLand Construction In Progress Building and Improvements Equipment Land Improvements \nTotal \n \nGovernmental Activities \n \nFiscal \n \nFiscal \n \nYear 2021 \n \nYear 2020 \n \nNet Change \n \n$ 1,033,709 $ 1,033,709 $ \n \n- \n \n848,731 \n \n2,950,069 \n \n(2,101,338) \n \n54,605,261 \n \n51,590,669 \n \n3,014,592 \n \n1,782,988 \n \n1,789,908 \n \n(6,920) \n \n781,516 \n \n820,946 \n \n(39,430) \n \n$ 59,052,205 $ 58,185,301 $ 866,904 \n \nvii \n \n TOOMBS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \n \nThe overall capital assets increased in fiscal year 2021 by $867 thousand due to the addition of the assets related to the capital projects ongoing and completed in the fiscal year 2021. \nConstruction in progress decreased due to the completion of the capital projects related to the athletic facility and the board office renovations which increased building and improvements. \nLONG-TERM LIABILITIES \nAt June 30, 2021, the School District had $8.6 million in total debt outstanding with $2.3 million due within one year. Table 5 summarizes bond debt outstanding at June 30, 2021 and 2020. \n \nTable 5 Long-term Debt at June 30 \n \nGovernmental Activities \n \nFiscal Year \n \nFiscal Year \n \n2021 \n \n2020 \n \nGeneral Obligation Bonds Bond Premiums Amortized Capital Lease \n \n$ \n \n8,105,000 $ 10,120,000 \n \n511,899 \n \n712,326 \n \n4,127 \n \n8,105 \n \nTotal \nCURRENT ISSUES \n \n$ \n \n8,621,026 $ 10,840,431 \n \nIn fiscal year 2022, revenues will again be cut as the State of Georgia imposes another QBE Austerity Reduction expected to cost the School District approximately $700 thousand in earned revenue. In spite of these reductions, the School District plans to fill positions that were not filled in fiscal year 2021 due to the anticipated funding reductions as well as add new instructional positions. These new positions will be funded by the Elementary and Secondary School Emergency Relief grant in an effort to support learning loss students may have incurred during the shutdown or virtual learning platforms offered due to the pandemic. \n \nApproximately 76.2% of general fund expenses, the main operating fund for the School District, were related to salaries and employee benefits for the year ended June 30, 2021. More than a third of certified personnel in the School District have 21 years or more of experience resulting in salaries at the highest possible state pay level. With such heavy personnel expenses, it is difficult to offset mandated expense increases such as TRS and health insurance premium expenses. The School District consistently evaluates how funds can be spent smarter and more effectively to ensure that County students receive a quality education from effective personnel. \n \nThe School District's millage rate for fiscal year 2021 was 15.000. The net digest increased from $378.8 million in fiscal year 2020 to $387.5 million in fiscal year 2021. The net digest for fiscal year 2021 produced approximately $387,515 per mill. As shown in Table 3, property tax and sales tax are responsible for covering 22.8% of the School District's costs. It is anticipated that this pressure to provide local monies to meet mandated educational requirements and operational costs will continue. \n \nCONTACTING THE SCHOOL DISTRICT'S FINANCIAL MANAGEMENT \n \nThis financial report is designed to provide our citizens, taxpayers, investors and creditors with a general overview of the School District's finances and to show the School District's accountability for the money it receives. If you have questions about this report or need additional financial information, contact Stephanie Smith at the Toombs County Board of Education,600 Bulldog Road Unit 1, Lyons, GA 30436. \nviii \n \n Toombs County Board of Education \n \n TOOMBS COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2021 \nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \nInterest Taxes State Government Federal Government Other Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \nTotal Assets \nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \nTotal Deferred Outflows of Resources \nLIABILITIES Accounts Payable Salaries and Benefits Payable Interest Payable Contracts Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities \nDue Within One Year Due in More Than One Year \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \nTotal Deferred Inflows of Resources \nNET POSITION Net Investment in Capital Assets Restricted for \nBus Replacement Continuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \nTotal Net Position \n \nEXHIBIT \"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n8,294,710.10 \n \n4,531,691.64 \n \n2,261.34 1,667,355.11 2,424,666.41 1,129,071.08 145,893.77 \n54,253.24 1,882,440.82 57,169,764.26 77,302,107.77 \n \n8,177,876.00 4,803,494.00 12,981,370.00 \n \n1,242,596.25 3,516,029.16 \n53,115.42 300,000.00 30,114,443.00 24,241,267.00 \n2,270,309.95 6,350,715.91 \n68,088,476.69 \n \n1,264,611.00 6,484,369.00 7,748,980.00 \n \n50,383,059.32 \n \n231,660.00 865,440.21 230,633.05 2,658,364.55 (39,923,136.05) \n \n$ \n \n14,446,021.08 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 1 - \n \n TOOMBS COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30, 2021 \n \nEXHIBIT \"B\" \n \nEXPENSES \n \nPROGRAM REVENUES \n \nOPERATING \n \nCHARGES FOR SERVICES \n \nGRANTS AND CONTRIBUTIONS \n \nCAPITAL GRANTS AND CONTRIBUTIONS \n \nNET (EXPENSES) REVENUES \nAND CHANGES IN NET POSITION \n \nGOVERNMENTAL ACTIVITIES \n \nInstruction \n \n$ \n \nSupport Services \n \nPupil Services \n \nImprovement of Instructional Services \n \nEducational Media Services \n \nGeneral Administration \n \nSchool Administration \n \nBusiness Administration \n \nMaintenance and Operation of Plant \n \nStudent Transportation Services \n \nCentral Support Services \n \nOther Support Services \n \nOperations of Non-Instructional Services \n \nEnterprise Operations \n \nCommunity Services \n \nFood Services \n \nInterest on Long-Term Debt \n \n25,134,553.43 $ \n1,639,849.96 1,395,326.62 \n794,071.65 333,170.85 1,808,930.45 361,553.52 2,238,113.04 1,614,640.37 117,754.24 59,967.95 \n201,994.42 15,564.74 \n2,490,712.08 201,096.97 \n \n- \n \n$ 20,069,277.40 $ \n \n- \n \n678,279.44 \n \n- \n \n1,141,434.09 \n \n- \n \n526,096.20 \n \n- \n \n1,104,779.78 \n \n- \n \n1,019,270.96 \n \n- \n \n323,509.62 \n \n- \n \n940,087.19 \n \n- \n \n828,480.78 \n \n- \n \n8,391.41 \n \n- \n \n21,782.09 \n \n141,559.41 - \n47,692.35 - \n \n15,564.74 2,381,683.26 \n- \n \n- $ (5,065,276.03) \n \n16,200.00 - \n386,100.00 - \n \n(945,370.52) (253,892.53) (267,975.45) 771,608.93 (789,659.49) (38,043.90) (1,298,025.85) (400,059.59) (109,362.83) \n(38,185.86) \n \n- \n \n(60,435.01) \n \n- \n \n- \n \n- \n \n(61,336.47) \n \n- \n \n(201,096.97) \n \nTotal Governmental Activities \n \n$ 38,407,300.27 $ \n \n189,251.76 $ 29,058,636.96 $ \n \n402,300.00 \n \n(8,757,111.57) \n \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Debt Services For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous Total General Revenues \n \n6,879,598.69 20,726.08 \n2,015,000.00 899,357.68 80,999.84 \n2,232,944.00 35,333.33 \n890,520.92 13,054,480.54 \n \nChange in Net Position \n \n4,297,368.97 \n \nNet Position - Beginning of Year \n \n10,148,652.11 \n \nNet Position - End of Year \n \n$ 14,446,021.08 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 2 - \n \n TOOMBS COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30, 2021 \n \nEXHIBIT \"C\" \n \nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \nInterest Taxes State Government Federal Government Other Inventories \nTotal Assets \nLIABILITIES Accounts Payable Salaries and Benefits Payable Contracts Payable \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes \nFUND BALANCES Nonspendable Restricted Assigned Unassigned \nTotal Fund Balances \nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ \n \n4,009,628.25 $ \n \n4,531,691.64 \n \n2,261.34 1,395,439.09 2,424,666.41 1,129,071.08 \n145,893.77 54,253.24 \n \n$ \n \n13,692,904.82 $ \n \n4,043,051.40 $ - \n271,916.02 \n- \n4,314,967.42 $ \n \n242,030.45 $ - \n- \n242,030.45 $ \n \n8,294,710.10 4,531,691.64 \n2,261.34 1,667,355.11 2,424,666.41 1,129,071.08 145,893.77 \n54,253.24 \n18,249,902.69 \n \n$ \n \n1,174,219.02 $ \n \n3,516,029.16 \n \n- \n \n4,690,248.18 \n \n68,377.23 $ - \n300,000.00 368,377.23 \n \n- $ - \n \n1,242,596.25 3,516,029.16 300,000.00 5,058,625.41 \n \n968,033.79 \n \n- \n \n- \n \n968,033.79 \n \n54,253.24 1,042,846.97 \n439,560.66 6,497,961.98 8,034,622.85 \n \n2,342,287.32 1,604,302.87 \n3,946,590.19 \n \n242,030.45 \n242,030.45 \n \n54,253.24 3,627,164.74 2,043,863.53 6,497,961.98 12,223,243.49 \n \n$ \n \n13,692,904.82 $ \n \n4,314,967.42 $ \n \n242,030.45 $ \n \n18,249,902.69 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n-3- \n \n TOOMBS COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \nTO THE STATEMENT OF NET POSITION JUNE 30, 2021 \n \nEXHIBIT \"D\" \n \nTotal fund balances - governmental funds (Exhibit \"C\") \nAmounts reported for governmental activities in the Statement of Net Position are different because: \nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land Construction in progress Buildings and improvements Equipment Land improvements Accumulated depreciation \nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB liability \nDeferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. Related to pensions Related to OPEB \nTaxes that are not available to pay for current period expenditures are deferred in the funds. \nLong-term liabilities, and related accrued interest, are not due and payable in the current period and therefore are not reported in the funds. Bonds payable Accrued interest payable Capital lease payable Unamortized bond premiums \nNet position of governmental activities (Exhibit \"A\") \n \n$ \n \n12,223,243.49 \n \n$ \n \n1,033,709.49 \n \n848,731.33 \n \n66,121,056.32 \n \n6,047,864.22 \n \n2,235,779.92 \n \n(17,234,936.20) \n \n59,052,205.08 \n \n$ \n \n(30,114,443.00) \n \n(24,241,267.00) \n \n(54,355,710.00) \n \n$ \n \n6,913,265.00 \n \n(1,680,875.00) \n \n5,232,390.00 968,033.79 \n \n$ \n \n(8,105,000.00) \n \n(53,115.42) \n \n(4,127.28) \n \n(511,898.58) \n \n$ \n \n(8,674,141.28) 14,446,021.08 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 4 - \n \n TOOMBS COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2021 \n \nEXHIBIT \"E\" \n \nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation Capital Outlay Debt Services Principal Dues and Fees Interest Total Expenditures \nRevenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES) Transfers In Transfers Out Total Other Financing Sources (Uses) \nNet Change in Fund Balances \nFund Balances - Beginning \nFund Balances - Ending \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ \n \n6,850,162.32 $ \n \n80,999.84 \n \n20,786,740.90 \n \n10,818,336.36 \n \n189,251.76 \n \n32,168.72 \n \n855,720.92 \n \n39,613,380.82 \n \n- $ 1,192,394.11 \n2,695.90 34,800.00 1,229,890.01 \n \n- $ 2,015,000.00 \n468.71 2,015,468.71 \n \n6,850,162.32 3,288,393.95 20,786,740.90 10,818,336.36 \n189,251.76 35,333.33 890,520.92 42,858,739.54 \n \n22,960,728.88 \n1,544,424.04 1,326,243.69 \n735,280.77 318,247.34 1,653,843.52 340,510.32 2,020,202.47 1,556,105.22 131,422.02 56,667.44 190,280.27 \n15,564.74 2,335,720.43 \n3,978.12 303.95 35,189,523.22 4,423,857.60 \n \n- \n3,766.00 - \n10,700.00 33,660.00 \n2,214,193.04 2,262,319.04 (1,032,429.03) \n \n- \n2,015,000.00 8,827.50 405,650.00 2,429,477.50 (414,008.79) \n \n22,960,728.88 \n1,548,190.04 1,326,243.69 \n735,280.77 318,247.34 1,653,843.52 340,510.32 2,030,902.47 1,589,765.22 131,422.02 56,667.44 190,280.27 \n15,564.74 2,335,720.43 2,214,193.04 \n2,018,978.12 \n8,827.50 405,953.95 39,881,319.76 2,977,419.78 \n \n(2,010,017.21) (2,010,017.21) \n \n2,413,840.39 \n \n5,620,782.46 \n \n$ \n \n8,034,622.85 $ \n \n2,010,017.21 (164,552.50) 1,845,464.71 \n813,035.68 \n3,133,554.51 \n3,946,590.19 $ \n \n164,552.50 - \n164,552.50 \n(249,456.29) \n491,486.74 \n242,030.45 $ \n \n2,174,569.71 (2,174,569.71) \n- \n2,977,419.78 \n9,245,823.71 \n12,223,243.49 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 5 - \n \n TOOMBS COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2021 \n \nEXHIBIT \"F\" \n \nNet change in fund balances total governmental funds (Exhibit \"E\") \nAmounts reported for governmental activities in the Statement of Activities are different because: \nGovernmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of capital assets is allocated over their estimated useful lives as depreciation expense. Capital outlay Depreciation expense \nThe net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, donations, and disposals) is to decrease net position. \nCapital assets purchased with Universal Service Fund (e-rate) proceeds are not reported in governmental funds. However, in the Statement of Activities, the e-rate proceeds are shown as capital grants and contributions. \nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. Property taxes Sales taxes \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. Capital lease payments Bond principal retirements Amortization of bond premium \nDistrict pension/OPEB contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension/OPEB liability is measured a year before the District's report date. Pension/OPEB expense, which is the change in the net pension/OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions/OPEB, is reported in the Statement of Activities. Pension expense OPEB expense \nSome items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. Net decrease in accrued interest \nChange in net position of governmental activities (Exhibit \"B\") \n \n$ \n \n2,977,419.78 \n \n$ \n \n2,433,233.04 \n \n(1,575,183.44) \n \n858,049.60 (7,346.03) \n \n$ \n \n50,162.45 \n \n(293,036.43) \n \n16,200.00 (242,873.98) \n \n$ \n \n3,978.12 \n \n2,015,000.00 \n \n200,427.24 \n \n2,219,405.36 \n \n$ \n \n(1,448,159.00) \n \n(88,584.00) \n \n(1,536,743.00) \n \n13,257.24 \n \n$ \n \n4,297,368.97 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 6 - \n \n TOOMBS COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET POSITION \nFIDUCIARY FUNDS JUNE 30, 2021 \nASSETS Cash and Cash Equivalents LIABILITIES Accounts Payable NET POSITION Restricted for Southeastern Early College and Career Academy \n \nExhibit \"G\" \n \nCUSTODIAL FUNDS \n \n$ \n \n709,559.01 \n \n543,216.43 \n \n$ \n \n166,342.58 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 7 - \n \n TOOMBS COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDCUCIARY NET POSITION \nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2021 \nADDITIONS Contributions Interest Miscellaneous Total Additions \nDEDUCTIONS Purchased Professional and Technical Services Supplies and Other Total Deductions \nChange in Net Position \nNet Position - Beginning \nNet Position - Ending \n \nExhibit \"H\" \n \nCUSTODIAL FUNDS \n \n$ \n \n722,523.00 \n \n174.34 \n \n10,500.00 \n \n733,197.34 \n \n627,475.51 91,657.43 719,132.94 \n \n14,064.40 \n \n152,278.18 \n \n$ \n \n166,342.58 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 8 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \nReporting Entity \nThe Toombs County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe accompanying financial statements of the School District have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). GASB is the accepted standard-setting body for governmental accounting and financial reporting principles. The most significant of the School District's accounting policies are described below. \nBasis of Presentation \nThe School District's basic financial statements are collectively comprised of the government-wide financial statements, fund financial statements and notes to the basic financial statements. The government-wide statements focus on the School District as a whole, while the fund financial statements focus on major funds. Each presentation provides valuable information that can be analyzed and compared between years and between governments to enhance the information's usefulness. \nGovernment-Wide Statements: \nThe Statement of Net Position and the Statement of Activities display information about the financial activities of the overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \nThe Statement of Net Position presents the School District's non-fiduciary assets, deferred outflows of resources, deferred inflows of resources and liabilities, with the difference reported as net position. Net position is reported in three categories as follows: \n1. Net investment in capital assets consists of the School District's total investment in capital assets, net of accumulated depreciation, and reduced by outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of net investment in capital assets. \n2. Restricted net position consists of resources for which the School District is legally or contractually obligated to spend in accordance with restrictions imposed by external third parties or imposed by law through constitutional provisions or enabling legislation. \n3. Unrestricted net position consists of resources not meeting the definition of the two preceding categories. Unrestricted net position often has constraints on resources imposed by management which can be removed or modified. \nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \n- 9 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nDirect expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \nProgram revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \nFund Financial Statements \nThe fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate financial statements are presented for governmental and fiduciary funds. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \nThe School District reports the following major governmental funds: \n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST) and bond proceeds that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \n The debt service fund accounts for and reports financial resources that are restricted, committed, or assigned including taxes (sales) legally restricted for the payment of general longterm principal and interest. \nThe School District reports the following fiduciary fund type: \n Custodial funds are used to report resources held by the School District in a purely custodial capacity. \nBasis of Accounting \nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, 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. \n \n- 10 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. The School District considers certain revenues reported in the governmental funds to be available if they are collected within 60 days after year-end. The School District considers all intergovernmental revenues to be available if they are collected within 120 days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities and acquisitions under capital leases are reported as other financing sources. \nThe School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted resources available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \nNew Accounting Pronouncements \nIn fiscal year 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. \nCash and Cash Equivalents \nCash and cash equivalents consist of cash on hand, demand deposits, investments in the State of Georgia local government investment pool (Georgia Fund 1) and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated (O.C.G.A.) 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \nInvestments \nThe School District can invest its funds as permitted by O.C.G.A. 36-83-4. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. \n \n- 11 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nInvestments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. All other investments are reported at fair value. \nFor accounting purposes, certificates of deposit are classified as investments if they have an original maturity greater than three months when acquired. \nReceivables \nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \nInventories \nFood Inventories \nOn the basic financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (calculated on the first-in, first-out basis). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \nCapital Assets \nOn the government-wide financial statements, capital assets are recorded at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at the acquisition value on the date donated. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. The School District does not capitalize book collections or works of art. \nCapital acquisition and construction are recorded as expenditures in the governmental fund financial statements at the time of purchase (including ancillary charges), and the related assets are reported as capital assets in the governmental activities column in the government-wide financial statements. \nDepreciation is computed using the straight-line for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \n \n- 12 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \n \nCapitalization Policy \n \nEstimated Useful Life \n \nLand Land Improvements Buildings and Improvements Equipment Buses Intangible Assets \n \nAny Amount \n \n$ \n \n5,000.00 \n \n$ \n \n5,000.00 \n \n$ \n \n5,000.00 \n \n$ \n \n5,000.00 \n \n$ 200,000.00 \n \nN/A 20 to 80 years Up to 80 years \n5 to 25 years 8 to 14 years 5 to 10 years \n \nDeferred Outflows/Inflows of Resources \nIn addition to assets, the statement of financial position will report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of resources that applies to a future period(s) and therefore will not be recognized as an outflow of resources (expense/expenditure) until then. \nIn addition to liabilities, the statement of financial position will report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of resources that applies to a future period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time. \nLong-Term Liabilities and Bond Discounts/Premiums \nIn the School District's government-wide financial statements, outstanding debt is reported as liabilities. Bond premiums and discounts and the difference between the reacquisition price and the net carrying value of refunded debt are deferred and amortized over the life of the bonds using the straightline method. To conform to generally accepted accounting principles, bond premiums and discounts should be amortized using the effective interest method. The effect of this deviation is deemed to be immaterial to the fair presentation of the basic financial statements. Bond issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \nIn the governmental fund financial statements, the School District recognizes the proceeds of debt and premiums as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures. \nPensions \nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \n \n- 13 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nPost-Employment Benefits Other Than Pensions (OPEB) \nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Post-Employment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \nFund Balances \nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \nThe School District's fund balances are classified as follows: \nNon-spendable consists of resources that cannot be spent either because they are in a non-spendable form or because they are legally or contractually required to be maintained intact. \nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \nUse of Estimates \nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \nProperty Taxes \nThe Toombs County Board of Commissioners adopted the property tax levy for the 2020 tax digest year (calendar year) on October 3, 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 \n- 14 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \ndays after year-end on the 2020 tax digest are reported as revenue in the governmental funds for fiscal year 2021. The Toombs County Tax Commissioners 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 $5,730,771.11. \n \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): \n \nSchool Operations \n \n15.000 mills \n \nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $1,098,665.13 during fiscal year ended June 30, 2021. \nSales Taxes \nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $3,207,394.11 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \nNOTE 3: BUDGETARY DATA \nThe budget is a complete financial plan for the School District's fiscal year and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general 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 and function. The legal level of budgetary control was established by the Board at the aggregate fund level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \nThe Superintendent is authorized by the Board to approve adjustments of the amount budgeted for expenditures between any budget function within the same fund. The Superintendent shall report any such adjustments to the Board. If the expenditure of funds is anticipated to exceed the total appropriation at the aggregate fund level, the Superintendent shall request Board approval for the budget amendment. Under no circumstance is the Superintendent or other staff person authorized to spend funds that exceed the total budget without approval by the Board. \nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \n- 15 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nNOTE 4: DEPOSITS AND CASH EQUIVALENTS \nCollateralization of Deposits \nO.C.G.A.  45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A.  45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance. At June 30, 2021, $43,074.46 of deposits were not secured by surety bond, insurance or collateral as specified above. The School District is working with the affected financial institutions to ensure appropriate levels of collateral are maintained for all the School District's deposits. \nAcceptable security for deposits consists of any one of or any combination of the following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \nCategorization of Deposits \nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2021, the School District had deposits with a carrying amount of $12,282,940.30, which includes $4,531,691.64 in Certificates of Deposits that are reported as investments. The School District had a bank balance of $13,171,628.68. 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 $150,000.00. \nAt June 30, 2021, $12,478,554.22 of the School District's bank balances was in the State's Secure Deposit Program (SDP). \n- 16 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. The SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians. \nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \nAt June 30, 2021, $43,074.46 of the School District's bank balance was uninsured and uncollateralized thereby exposed to custodial credit risk. \nReconciliation of cash and cash equivalents balances to carrying value of deposits: \n \nCash and cash equivalents Statement of Net Position Statement of Fiduciary Net Position \n \n$ 8,294,710.10 709,559.01 \n \nTotal cash and cash equivalents \n \n9,004,269.11 \n \nAdd: Deposits with original maturity of three months or more reported as investments \nLess: Investment pools reported as cash and cash equivalents Georgia Fund 1 \n \n4,531,691.64 1,253,020.45 \n \nTotal carrying value of deposits - June 30, 2021 \n \n$ 12,282,940.30 \n \nCategorization of Cash Equivalents \nThe School District reported cash equivalents of $1,253,020.45 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, $1.00 per share, which approximates fair value. The pool is an AAAf rated investment pool by Standard and Poor's. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2021 was 36 days. \n \n- 17 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nGeorgia Fund 1, administered by the State of Georgia, Office of the State Treasurer, is not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of the State Treasurer for the Georgia Fund 1, does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State of Georgia Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \nNOTE 5: CAPITAL ASSETS \nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \n \nGovernmental Activities Capital Assets, \nNot Being Depreciated: Land Construction in Progress \n \nBalances July 1, 2020 \n \nIncreases \n \nDecreases \n \nTransfers \n \nBalances June 30, 2021 \n \n$ 1,033,709.49 $ \n \n- $ \n \n2,950,068.58 \n \n1,991,492.93 \n \n- $ \n \n- $ 1,033,709.49 \n \n(4,092,830.18) \n \n848,731.33 \n \nTotal Capital Assets Not Being Depreciated \n \n3,983,778.07 \n \n1,991,492.93 \n \n- \n \n(4,092,830.18) \n \n1,882,440.82 \n \nCapital Assets, Being Depreciated Buildings and Improvements Equipment Land Improvements \n \n61,975,438.98 6,112,839.72 \n2,206,456.92 \n \n52,787.16 363,652.95 41,500.00 \n \n428,628.45 \n12,177.00 \n \n4,092,830.18 - \n \n66,121,056.32 6,047,864.22 2,235,779.92 \n \nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \n \n10,384,769.55 4,322,932.15 1,385,510.48 \n \n1,131,026.41 367,133.20 77,023.83 \n \nTotal Capital Assets Being Depreciated, Net \n \n54,201,523.44 \n \n(1,117,243.33) \n \nGovernmental Activities Capital Assets - Net \n \n$ 58,185,301.51 $ 874,249.60 $ \n \n425,189.21 \n8,270.21 \n \n- \n \n11,515,795.96 \n \n- \n \n4,264,876.14 \n \n- \n \n1,454,264.10 \n \n7,346.03 4,092,830.18 \n \n57,169,764.26 \n \n7,346.03 $ \n \n- $ 59,052,205.08 \n \n- 18 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction Support Services \nPupil Services Improvements of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Enterprise Operations \n \n$ 43,829.57 242.47 \n27,709.87 1,666.66 \n51,549.55 944.90 \n193,872.02 166,417.43 \n8,286.57 1,481.29 \n \n$ 955,858.24 \n496,000.33 111,665.29 11,659.58 \n \n$ 1,575,183.44 \n \nNOTE 6: INTERFUND TRANSFERS \n \nInterfund transfers for the year ended June 30, 2021, consisted of the following: \n \nTransfers From \n \nTransfers to \n \nGeneral Fund \n \nCapital Projects Fund \n \nTotal \n \nCapital Projects Fund Debt Service Fund \n \n$ 2,010,017.21 $ - \n \n- \n \n$ \n \n164,552.50 \n \n2,010,017.21 164,552.50 \n \nTotal \n \n$ 2,010,017.21 $ \n \n164,552.50 $ 2,174,569.71 \n \nTransfers are used to move property tax revenues collected by the general fund to the capital projects fund as required match or supplemental funding source for capital construction projects. Also, transfers are used to move Education Special Purpose Local Option Sales Tax (ESPLOST) revenues collected by the capital projects fund to the debt service fund for the payment of principal and interest on general long-term debt. \n \n- 19 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nNOTE 7: LONG-TERM LIABILITIES The changes in long-term liabilities during the fiscal year for governmental activities were as follows: \n \nBalance July 1, 2020 \n \nGovernmental Activities \n \nBalance \n \nAdditions \n \nDeductions \n \nJune 30, 2021 \n \nDue Within One Year \n \nGeneral Obligation (G.O.) Bonds $ 10,120,000.00 $ \n \nUnamortized Bond Premiums \n \n712,325.82 \n \nCapital Leases \n \n8,105.40 \n \n- $ 2,015,000.00 $ 8,105,000.00 $ 2,080,000.00 \n \n- \n \n200,427.24 \n \n511,898.58 \n \n186,182.67 \n \n- \n \n3,978.12 \n \n4,127.28 \n \n4,127.28 \n \n$ 10,840,431.22 $ \n \n- $ 2,219,405.36 $ 8,621,025.86 $ 2,270,309.95 \n \nGeneral Obligation Debt Outstanding \n \nThe School District's bonded debt consists of general obligation bonds that are generally noncallable with interest payable semiannually. Bond proceeds primarily pay for acquiring or constructing capital facilities. The School District repays general obligation bonds from voter-approved sales taxes. General obligation bonds are direct obligations and pledge the full faith and credit of the School District. \n \nThe School District's outstanding bonds from direct placements related to governmental activities of $8,105,000.00 contain a provision that in the event the entity is unable to make the principal and interest payments using proceeds from the Education Special Purpose Local Option Sales Tax (ESPLOST), the debt will be satisfied from a direct annual ad valorem tax levied upon all taxable property within the School District. Additional security is provided by the State of Georgia Intercept Program which allows for state appropriations entitled to the School District to be transferred to the Debt Service Account Custodian for the payment of debt. \n \nGeneral obligation bonds currently outstanding are as follows: \n \nDescription \n \nInterest Rates Issue Date \n \nMaturity Date \n \nAmount Issued \n \nAmount Outstanding \n \nGeneral Government - Series 2013A General Government - Series 2019 \n \n3.00% - 4.00% 3.00% - 5.00% \n \n10/10/2013 6/18/2019 \n \n5/1/2022 $ 9,255,000.00 $ 2,080,000.00 \n \n5/1/2025 6,025,000.00 \n \n6,025,000.00 \n \n$ 15,280,000.00 $ 8,105,000.00 \n \n- 20 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nThe following schedule details debt service requirements to maturity for the School District's total general obligation bonds payable: \n \nFiscal Year Ended June 30: \n \nGeneral Obligation Debt \n \nPrincipal \n \nInterest \n \nUnamortized Bond Premium \n \n2022 2023 2024 2025 \n \n$ \n \n2,080,000.00 $ 325,050.00 \n \n$ \n \n1,930,000.00 \n \n241,850.00 \n \n2,005,000.00 \n \n164,650.00 \n \n2,090,000.00 \n \n104,500.00 \n \n186,182.67 114,958.56 114,958.56 95,798.79 \n \nTotal Principal and Interest $ \n \n8,105,000.00 $ 836,050.00 \n \n$ \n \n511,898.58 \n \nCapital Leases \nThe School District has acquired equipment under the provisions of various long-term lease agreements classified as capital leases for accounting purposes because they provide for a bargain purchase option or a transfer of ownership by the end of the lease term. \nThe following assets were acquired through capital leases and are reflected in the capital asset note at fiscal year-end: \nGovernmental Activities \n \nEquipment \n \n$ \n \nLess: Accumulated Depreciation \n \n20,749.47 11,115.79 \n \n$ \n \n9,633.68 \n \nCapital leases currently outstanding are as follows: \n \nPurpose \n \nInterest Rate \n \nIssue Date \n \nMaturity Date \n \nAmount Issued \n \nAmount Outstanding \n \nGrasshopper Mower 3.75% \n \n9/22/2017 9/22/2021 $ \n \n20,749.47 $ \n \n4,127.28 \n \nThe following is a schedule of total capital lease payments: \n \nFiscal Year Ended June 30: \n \nPrincipal \n \nInterest \n \n2022 \n \n$ 4,127.28 $ 154.79 \n \n- 21 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nNOTE 8: RISK MANAGEMENT \nInsurance \nThe School District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors or omissions; job related illness or injuries to employees; and natural disasters. \nGeorgia School Boards Association Risk Management Fund \nThe School District participates in the Georgia School Boards Association Risk Management Fund (the Fund), a public entity risk pool organized on August 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, errors and omissions liability, cyber risk and property damage, including safety engineering and other loss prevention and control techniques, and to administer the Fund including the processing and defense of claims brought against members of the Fund . The School District pays an annual contribution to the Fund for coverage. Reinsurance is provided to the Fund through agreements by the Fund with insurance companies according to their specialty for property (including coverage for flood and earthquake), machinery breakdown, general liability, errors and omissions, crime, cyber risk and automobile risks. Reinsurance limits and retentions vary by line of coverage. \nWorkers' Compensation \nGeorgia School Boards Association Workers' Compensation Fund \nThe School District participates in the Georgia School Boards Association Workers' Compensation Fund (the Fund), a public entity risk pool organized on July 1, 1992, to develop, implement, and administer a program to reduce the risk of loss from employee accidents. The School District pays an annual contribution to the Fund for coverage. The Fund provides statutory limits of coverage for Workers' Compensation coverage and a $2,000,000 limit per occurrence for Employers' Liability coverage. Excess insurance coverage is provided through an agreement between the Fund and the Safety National Casualty Corporation to limit the Fund's exposure to large losses. \nUnemployment Compensation \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. \n \n- 22 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \n \nBeginning of Year Liability \n \nClaims and Changes in \nEstimates \n \nClaims Paid \n \nEnd of Year Liability \n \n2020 $ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n2021 $ \n \n- \n \n$ \n \n2,831.50 \n \n$ \n \n2,831.50 \n \n$ \n \n- \n \nSurety Bond The School District purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nSuperintendent \n \n$ \n \nDrivers Education Instruction \n \n$ \n \nAthletic Director \n \n$ \n \n30,000.00 10,000.00 10,000.00 \n \nNOTE 9: FUND BALANCE CLASSIFICATION DETAILS \nThe School District's financial statements include the following amounts presented in the aggregate at June 30, 2021: \n \nNonspendable Inventories \nRestricted Bus Replacement Continuation of Federal Programs Capital Projects Debt Service \nAssigned Local Capital Outlay Projects School Activity Accounts \nUnassigned \n \n$ \n \n54,253.24 \n \n$ \n \n231,660.00 \n \n811,186.97 \n \n2,300,687.32 \n \n283,630.45 \n \n3,627,164.74 \n \n$ 1,604,302.87 439,560.66 \n \n2,043,863.53 6,497,961.98 \n \nFund Balance, June 30, 2021 \n \n$ 12,223,243.49 \n \nWhen multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \n \n- 23 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \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 1% 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. \n \nNOTE 10: SIGNIFICANT COMMITMENTS \n \nCommitments Under Construction Contracts \n \nThe following is an analysis of significant outstanding construction or renovation contracts executed by the School District as of June 30, 2021, together with funding available: \n \nProject \n \nUnearned Executed Contracts (1) \n \nPayments through June 30, 2021 (2) \n \nStadium Parking Lot and Lighting \n \n$ \n \n659,000.00 $ \n \n300,000.00 \n \n(1) The amounts described are not reflected in the basic financial statements. (2) Payments include Contracts and Retainges Payable at year end. \n \nOperating Leases \n \nThe School District leases Canon 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 $69,264.00 for governmental activities for the year ended June 30, 2021. The following future minimum lease payments were required under operating leases at June 30, 2021: \n \nYear Ending \n \nGovernmental Activities \n \n2022 2023 \n \n$ 69,264.00 14,436.00 \n \nTotal \n \n$ 83,700.00 \n \nNOTE 11: SIGNIFICANT CONTINGENT LIABILITIES \nFederal Grants \nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position. \n \n- 24 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nNOTE 12: OTHER POST-EMPLOYMENT BENEFITS (OPEB) \nGeorgia School Personnel Post-Employment Health Benefit Fund \nPlan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit post-employment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board. \nBenefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. \nContributions: As established by the Board, the School OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $594,714.00 for the year ended June 30, 2021. Active employees are not required to contribute to the School OPEB Fund. \nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \nAt June 30, 2021, the School District reported a liability of $24,241,267.00 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 0.165045%, which was a decrease of 0.009891% from its proportion measured as of June 30, 2019. \n \n- 25 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nFor the year ended June 30, 2021, the School District recognized OPEB expense of $683,298.00. At June 30, 2021, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \n \nOPEB \n \nDeferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual experience \n \n$ \n \n- $ 2,646,394.00 \n \nChanges of assumptions \n \n4,008,967.00 \n \n2,156,951.00 \n \nNet difference between projected and actual earnings on OPEB plan investments \n \n63,182.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n136,631.00 \n \n1,681,024.00 \n \nSchool District contributions subsequent to the measurement date \nTotal \n \n594,714.00 \n \n- \n \n$ 4,803,494.00 $ 6,484,369.00 \n \nSchool District contributions subsequent to the measurement date are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 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: \n \nYear Ended June 30: \n \nOPEB \n \n2022 2023 2024 2025 2026 Thereafter \n \n$ (761,429.00) $ (763,124.00) $ (648,800.00) $ (285,222.00) $ 107,393.00 $ 75,593.00 \n \n- 26 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \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: \nOPEB: \n \nInflation \n \n2.50% \n \nSalary increases \n \n3.00%  8.75%, including inflation \n \nLong-term expected rate of return \n \n7.30%, compounded annually, net of investment expense, and including inflation \n \nHealthcare cost trend rate \n \nPre-Medicare Eligible Medicare Eligible Ultimate trend rate \n \n7.00% 5.25% \n \nPre-Medicare Eligible Medicare Eligible Year of Ultimate trend rate \n \n4.50% 4.50% \n \nPre-Medicare Eligible \n \n2029 \n \nMedicare Eligible \n \n2023 \n \nMortality rates were based on the RP-2000 Combined Mortality Table for Males or Females, as appropriate, with adjustments for mortality improvements based on Scale BB as follows: \n \n For TRS members: The Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree Mortality Table projected generationally with MP-2019 projection scale (set forward one year and adjusted 106%) is used for death prior to retirement and for service retirements and beneficiaries. The Pub-2010 Teachers Mortality Table for Disabled Retirees projected generationally with MP-2019 Projection scale (set forward one year and adjusted 106%) is used for disability retirements. For both, rates of improvement were reduced by 20% for all years prior to the ultimate rate. \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. \n \n- 27 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \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. \n \nThe remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2019 valuation were based on a review of recent plan experience done concurrently with the June 30, 2019 valuation. \n \nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \n \nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected \n \nnominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \n \nLong-Term Expected \n \nAsset Class \n \nTarget allocation \n \nReal Rate of Return* \n \nFixed Income Equities \n \n30.00% 70.00% \n \n0.50% 9.20% \n \nTotal \n \n100.00% \n \n*Net of Inflation \nDiscount Rate: In order to measure the total OPEB liability for the School OPEB, a single equivalent interest rate of 2.22% was used as the discount rate, as compared with last year's rate of 3.58%. This is comprised mainly of the yield or index rate for 20 year tax-exempt general obligation bonds with an average rating of AA or higher (2.21% per the Municipal Bond Index Rate). The projection of cash flows used to determine the discount rate assumed that contributions from members and from the employer will be made at the current level as averaged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2118. \n \n- 28 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Discount Rate: The following presents the 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: \n \n1% Decrease (1.22%) \n \nCurrent Discount Rate (2.22%) \n \n1% Increase (3.22%) \n \nSchool District's proportionate share of the Net OPEB liability \n \n$ 28,479,489.00 $ \n \n24,241,267.00 $ 20,851,873.00 \n \nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates: The following presents the 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: \n \n1% Decrease \n \nCurrent Healthcare Cost Trend Rate \n \n1% Increase \n \nSchool District's Proportionate Share of the Net OPEB Liability $ 20,183,291.00 $ \n \n24,241,267.00 $ 29,495,166.00 \n \nOPEB Plan Fiduciary Net Position: Detailed information about the OPEB plan's fiduciary net position is available in the Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \nNOTE 13: RETIREMENT PLANS \nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \nTeachers Retirement System of Georgia (TRS) \nPlan Description: All teachers of the School District as defined in O.C.G.A 47-3-60 and certain other support personnel as defined by O.C.G.A 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple-employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and \n \n- 29 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \ncompensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Pursuant to O.C.G.A. 47-3-63, the employer contributions for certain full-time public school support personnel are funded on behalf of the employer by the State of Georgia. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2021. The School District's contractually required contribution rate for the year ended June 30, 2021 was 19.06% of annual School District payroll, of which 18.84% of payroll was required from the School District and 0.22% of payroll was required from the State. For the current fiscal year, employer contributions to the pension plan were $3,039,250.00 and $29,053.30 from the School District and the State, respectively. \nPublic School Employees Retirement System (PSERS) \nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \nBenefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \nUpon retirement, the member will receive a monthly benefit of $15.50, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits. \nContributions: The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. \nIndividuals who became members prior to July 1, 2012 contribute $4 per month for nine months each fiscal year. Individuals who became members on or after July 1, 2012 contribute $10 per month for nine months each fiscal year. The State of Georgia, although not the employer of PSERS members, is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS Board of Trustees. The current fiscal year contribution was $51,951.00. \n \n- 30 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \n \nAt June 30, 2021, the School District reported a liability of $30,114,443.00 for its proportionate share of the net pension liability for TRS. \n \nThe TRS net pension liability reflected a reduction for support provided to the School District by the State of Georgia for certain public school support personnel. The amount recognized by the School District as its proportionate share of the net pension liability, the related State of Georgia support, and the total portion of the net pension liability that was associated with the School District were as follows: \n \nSchool District's proportionate share of the net pension liability \n \n$ 30,114,443.00 \n \nState of Georgia's proportionate share of the net pension liability associated with the School District \n \n335,017.00 \n \nTotal \n \n$ 30,449,460.00 \n \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. \nAt June 30, 2020, the School District's TRS proportion was 0.124317%, which was a decrease of 0.003359% from its proportion measured as of June 30, 2019. \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 $248,944.00. \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. \nFor the year ended June 30, 2021, the School District recognized pension expense of $4,590,921.00 for TRS and $50,096.00 for PSERS and revenue of $103,512.00 for TRS and $50,096.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \n \n- 31 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nAt June 30, 2021, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \n \nTRS Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual \n \nexperience \n \n$ \n \n1,311,493.00 $ \n \n- \n \nChanges of assumptions \n \n3,101,822.00 \n \n- \n \nNet difference between projected and actual \n \nearnings on pension plan investments \n \n725,311.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n- \n \n1,264,611.00 \n \nSchool District contributions subsequent to the measurement date \n \n3,039,250.00 \n \nTotal \n \n$ 8,177,876.00 $ \n \n1,264,611.00 \n \nThe School District contributions subsequent to the measurement date of 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: \n \nYear Ended June 30: \n \nTRS \n \n2022 2023 2024 2025 \n \n$ 596,514.00 $ 1,246,479.00 $ 1,432,547.00 $ 598,475.00 \n \n- 32 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \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: \nTeachers Retirement System: \n \nInflation \n \n2.50% \n \nSalary increases \n \n3.00%  8.75%, average, including inflation \n \nInvestment rate of return \n \n7.25%, net of pension plan investment expense, including inflation \n \nPost-retirement benefit increases 1.50% semi-annually \n \nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \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. \nPublic School Employees Retirement System: \n \nInflation \n \n2.75% \n \nSalary increases \n \nN/A \n \nInvestment rate of return \n \n7.30%, net of pension plan investment expense, including inflation \n \nPost-retirement benefit increases \n \n1.50% semi-annually \n \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. \n \n- 33 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \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. \n \nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target asset allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \n \nAsset Class \n \nTRS target allocation \n \nPSERS target allocation \n \nLong-term expected real rate of return* \n \nFixed Income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \nTotal \n \n30.00% 51.00% \n1.50% 12.40% \n5.10% - \n100.00% \n \n30.00% 46.20% \n1.30% 12.40% \n5.10% 5.00% \n100.00% \n \n(0.10)% 8.90% 13.20% 8.90% 10.90% 12.00% \n \n*Rates shown are net of the 2.75% assumed rate of inflation with the exception of TRS, which assumed a rate \nof 2.50% rate of inflation. \nDiscount Rate: The discount rate used to measure the total TRS pension liability was 7.25%. The discount rate used to measure the total PSERS pension liability was 7.30%. 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. \n \n- 34 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2021 \n \nEXHIBIT \"I\" \n \nSensitivity of the School District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 7.25%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.25%) or 1-percentage-point higher (8.25%) than the current rate: \n \nTeachers Retirement System: \n \n1% Decrease (6.25%) \n \nCurrent Discount Rate (7.25%) \n \n1% Increase (8.25%) \n \nSchool District's proportionate share of the net pension liability \n \n$ 47,754,318.00 $ 30,114,443.00 $ 15,654,803.00 \n \nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \n \n- 35 - \n \n (This page left intentionally blank) \n \n TOOMBS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"1\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the Net Pension \nLiability (NPL) \n \nSchool District's proportionate share of the NPL \n \nState of Georgia's proportionate share of the NPL associated with the School \nDistrict \n \nTotal \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the NPL as a percentage of its covered \npayroll \n \nPlan fiduciary net position \nas a percentage of \nthe total pension liability \n \n2021 2020 2019 2018 2017 2016 2015 \n \n0.124317% 0.127676% 0.131125% 0.135991% 0.136703% 0.140441% 0.142080% \n \n$ 30,114,443.00 $ 27,453,792.00 $ 24,339,609.00 $ 25,274,346.00 $ 28,203,353.00 $ 21,380,748.00 $ 17,949,934.00 \n \n$ 335,017.00 \n \n$ 319,100.00 \n \n$ 276,762.00 \n \n$ 47,578.00 \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ 30,449,460.00 $ 27,772,892.00 $ 24,616,371.00 $ 25,321,924.00 $ 28,203,353.00 $ 21,380,748.00 $ 17,949,934.00 \n \n$ 16,237,801.42 $ 15,762,764.09 $ 15,851,880.81 $ 15,658,673.37 $ 15,094,728.93 $ 14,824,395.13 $ 14,407,600.89 \n \n185.46% 174.17% 153.54% 161.41% 186.84% 144.23% 124.59% \n \n77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 37 - \n \n TOOMBS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"2\" \n \nFor the Year Ended June 30 \n \nContractually required contribution \n \nContributions in relation to the contractually required contribution \n \nContribution deficiency (excess) \n \nSchool District's covered payroll \n \n2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 \n \n$ \n \n3,039,250.00 $ \n \n$ \n \n3,394,191.00 $ \n \n$ \n \n3,256,569.93 $ \n \n$ \n \n2,634,844.45 $ \n \n$ \n \n2,230,298.64 $ \n \n$ \n \n2,154,017.82 $ \n \n$ \n \n1,949,407.96 $ \n \n$ \n \n1,769,253.39 $ \n \n$ \n \n1,696,148.79 $ \n \n$ \n \n1,525,068.38 $ \n \n3,039,250.00 $ 3,394,191.00 $ 3,256,569.93 $ 2,634,844.45 $ 2,230,298.64 $ 2,154,017.82 $ 1,949,407.96 $ 1,769,253.39 $ 1,696,148.79 $ 1,525,068.38 $ \n \n- \n \n$ \n \n16,128,614.59 \n \n- \n \n$ \n \n16,237,801.42 \n \n- \n \n$ 15,762,764.09 \n \n- \n \n$ \n \n15,851,880.81 \n \n- \n \n$ \n \n15,658,673.37 \n \n- \n \n$ 15,094,728.93 \n \n- \n \n$ \n \n14,824,395.13 \n \n- \n \n$ 14,407,600.89 \n \n- \n \n$ 14,865,458.28 \n \n- \n \n$ \n \n14,835,295.52 \n \nContribution as a percentage of covered payroll \n18.84% 20.90% 20.66% 16.62% 14.24% 14.27% \n13.15% 12.28% 11.41% 10.28% \n \n- 38 - \n \n TOOMBS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"3\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the Net Pension Liability (NPL) \n \nSchool District's proportionate share of the NPL \n \nState of Georgia's proportionate \nshare of the NPL associated with the School District \n \nTotal \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the NPL as a percentage of its covered \npayroll \n \nPlan fiduciary net position as a percentage \nof the total pension liability \n \n2021 2020 2019 2018 2017 2016 2015 \n \n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \n \n- \n \n$ \n \n248,944.00 $ 248,944.00 $ \n \n650,816.73 \n \n- \n \n$ \n \n291,092.00 $ 291,092.00 $ 764,044.93 \n \n- \n \n$ \n \n271,268.00 $ \n \n271,268.00 $ \n \n708,039.17 \n \n- \n \n$ \n \n261,394.00 $ 261,394.00 $ \n \n728,391.07 \n \n- \n \n$ \n \n335,228.00 $ 335,228.00 $ 693,860.80 \n \n- \n \n$ \n \n235,801.00 $ 235,801.00 $ 740,925.09 \n \n- \n \n$ 224,650.00 $ 224,650.00 $ \n \n771,363.07 \n \nN/A \n \n84.45% \n \nN/A \n \n85.02% \n \nN/A \n \n85.26% \n \nN/A \n \n85.69% \n \nN/A \n \n81.00% \n \nN/A \n \n87.00% \n \nN/A \n \n88.29% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 39 - \n \n TOOMBS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \nSCHOOL OPEB FUND \n \nSCHEDULE \"4\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the Net OPEB Liability (NOL) \n \nSchool District's proportionate share of the NOL \n \nState of Georgia's proportionate \nshare of the NOL associated with \nthe School District \n \nTotal \n \nSchool District's covered- \nemployee payroll \n \nSchool District's proportionate share of the NOL as a percentage of its coveredemployee payroll \n \nPlan fiduciary net position as a percentage of the total \nOPEB liability \n \n2021 2020 2019 2018 \n \n0.165045% $ 24,241,267.00 $ 0.174936% $ 21,468,400.00 $ 0.179165% $ 22,771,322.00 $ 0.178888% $ 25,133,693.00 $ \n \n- \n \n$ 24,241,267.00 $ 13,788,312.97 \n \n- \n \n$ 21,468,400.00 $ 13,574,106.07 \n \n- \n \n$ 22,771,322.00 $ 13,859,309.24 \n \n- \n \n$ 25,133,693.00 $ 13,362,633.48 \n \n175.81% 158.16% 164.30% 188.09% \n \n3.99% 4.63% 2.93% 1.61% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 40 - \n \n TOOMBS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \n \nSCHEDULE \"5\" \n \nFor the Year Ended June 30 \n \nContractually required contribution \n \nContributions in relation to the contractually required contribution \n \nContribution deficiency (excess) \n \nSchool District's covered-employee \npayroll \n \nContribution as a percentage of \ncovered-employee payroll \n \n2021 \n \n$ \n \n2020 \n \n$ \n \n2019 \n \n$ \n \n2018 \n \n$ \n \n2017 \n \n$ \n \n2016 \n \n$ \n \n594,714.00 $ 558,143.00 $ 942,154.00 $ 928,594.00 $ 932,733.00 $ 740,708.00 $ \n \n594,714.00 $ 558,143.00 $ 942,154.00 $ 928,594.00 $ 932,733.00 $ 740,708.00 $ \n \n- \n \n$ 14,409,357.78 \n \n- \n \n$ 13,788,312.97 \n \n- \n \n$ 13,574,106.07 \n \n- \n \n$ 13,859,309.24 \n \n- \n \n$ 13,362,633.48 \n \n- \n \n$ 12,755,874.89 \n \n4.13% 4.05% 6.94% 6.70% 6.98% 5.81% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 41 - \n \n TOOMBS COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \nFOR THE YEAR ENDED JUNE 30, 2021 \n \nSCHEDULE \"6\" \n \nTeachers Retirement System Changes of assumptions: In 2010 and later, the expectation of retired life mortality was changed to the RP2000 Mortality Tables rather than the 1994 Group Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. In 2010, assumed rates of salary increase were adjusted to more closely reflect actual and anticipated experience. \n \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). \n \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%. \n \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. \n \nPublic School Employees Retirement System Changes of benefit terms: The member contribution rate was increased from $4.00 to $10.00 per month for members joining the System on or after July 1, 2012. The monthly benefit accrual rate was increased from $14.75 to $15.00 per year of credible service effective July 1, 2017. The monthly benefit accrual was increased from $15.00 to $15.25 per year of credible service effective July 1, 2018. The monthly benefit accrual was increased from $15.25 to $15.50 per year of credible service effective July 1, 2019. A 2% cost-of-living adjustment (COLA) was granted to certain retirees and beneficiaries effective July 2016, another July 2017, and another July 2018. Two 1.5% COLAs were granted to certain retirees and beneficiaries effective July 2019 and January 2020. \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. \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). \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. \n \nSchool OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. \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. \nThe June 30, 2019 decremental valuation were changed to reflect the Teachers Retirement Systems experience study. \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. \n \n- 42 - \n \n TOOMBS COUNTY BOARD OF EDUCATION GENERAL FUND \nSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \nYEAR ENDED JUNE 30, 2021 \n \nSCHEDULE \"7\" \n \nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation Debt Service Total Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES(USES) Operating Transer from Other Funds Operating Transer to Other Funds Total Other Financing Sources (Uses) \nNet Change in Fund Balances \nFund Balances - Beginning (Restated) \nAdjustments \nFund Balances - Ending \n \nNONAPPROPRIATED BUDGETS \n \nORIGINAL (1) \n \nFINAL (1) \n \n$ \n \n6,312,536.00 $ \n \n6,894,734.00 $ \n \n55,000.00 \n \n70,000.00 \n \n19,347,729.34 \n \n20,603,484.82 \n \n6,744,365.00 \n \n12,288,199.30 \n \n68,850.00 \n \n68,850.00 \n \n20,490.00 \n \n23,490.00 \n \n1,083,571.00 \n \n1,223,571.00 \n \n33,632,541.34 \n \n41,172,329.12 \n \n21,113,429.30 \n1,510,609.33 1,411,642.92 519,388.83 368,324.10 1,660,298.05 339,160.87 2,061,332.16 1,642,378.18 160,066.09 \n45,486.73 - \n2,847,890.85 4,282.00 \n33,684,289.41 (51,748.07) \n \n23,210,141.38 \n1,640,106.43 1,427,288.92 \n744,801.74 521,763.58 1,656,831.50 340,779.07 2,107,972.60 1,878,210.34 178,399.93 44,469.09 \n50,725.00 2,917,436.48 \n4,282.07 36,723,208.13 4,449,120.99 \n \n- \n \n324,779.00 \n \n- \n \n(2,333,448.00) \n \n- \n \n(2,008,669.00) \n \n(51,748.07) \n \n2,440,451.99 \n \n5,773,060.64 \n \n5,773,060.64 \n \n27,381.82 \n \n(20,344.32) \n \n$ \n \n5,748,694.39 $ \n \n8,193,168.31 $ \n \nACTUAL AMOUNTS \n \nVARIANCE OVER/UNDER \n \n6,850,162.32 $ 80,999.84 \n20,786,740.90 10,818,336.36 189,251.76 32,168.72 855,720.92 39,613,380.82 \n \n(44,571.68) 10,999.84 183,256.08 (1,469,862.94) 120,401.76 \n8,678.72 (367,850.08) (1,558,948.30) \n \n22,960,728.88 \n1,544,424.04 1,326,243.69 \n735,280.77 318,247.34 1,653,843.52 340,510.32 2,020,202.47 1,556,105.22 131,422.02 56,667.44 190,280.27 \n15,564.74 2,335,720.43 \n4,282.07 35,189,523.22 4,423,857.60 \n(2,010,017.21) (2,010,017.21) \n2,413,840.39 \n5,620,782.46 \n- \n8,034,622.85 $ \n \n249,412.50 \n95,682.39 101,045.23 \n9,520.97 203,516.24 \n2,987.98 268.75 \n87,770.13 322,105.12 46,977.91 (12,198.35) (190,280.27) 35,160.26 581,716.05 \n1,533,684.91 \n(25,263.39) \n(324,779.00) 323,430.79 \n(1,348.21) \n(26,611.60) \n(152,278.18) \n20,344.32 \n(158,545.46) \n \nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $568,924.67 and $490,994.00, respectively. \nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \n \nSee notes to the basic financial statements. \n \n- 43 - \n \n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2021 \n \nSCHEDULE \"8\" \n \nFUNDING AGENCY PROGRAM/GRANT \nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program Total Child Nutrition Cluster \nOther Programs Pass-Through From Bright From the Start: Georgia Department of Early Care and Learning Child and Adult Care Food Program Pass-Through From Georgia Department of Education Food Services Fresh Fruit and Vegetable Program Total Other Programs Total U. S. Department of Agriculture \nEducation, U. S. Department of Education Stabilization Fund Pass-Through From Georgia Department of Education COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund Total Education Stabilization Fund \nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Grants to States Preschool Grants Total Special Education Cluster \nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Comprehensive Literacy Development English Language Acquisition State Grants English Language Acquisition State Grants Migrant Education - State Grant Program Migrant Education - State Grant Program Rural Education Rural Education Student Support and Academic Enrichment Program Student Support and Academic Enrichment Program \n \nASSISTANCE LISTING NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n10.553 10.555 \n \n215GA324N1199 $ 215GA324N1199 \n \n517,863.18 1,567,269.72 2,085,132.90 \n \n10.558 10.582 \n \n215GA368N1099 215GA324L1603 \n \n12,281.28 \n64,213.21 76,494.49 2,161,627.39 \n \n84.425D 84.425D \n84.425U \n \nS425D200012 S425D210012 \nS425U210012 \n \n1,290,246.53 3,282,591.10 \n366,680.88 4,939,518.51 \n \n84.027A 84.027A 84.173A \n \nH027A190073 H027A200073 H173A200081 \n \n76,450.00 533,747.47 \n26,110.05 636,307.52 \n \n84.048A 84.371C 84.365A 84.365A 84.011 84.011 84.358B 84.358B 84.424A 84.424A \n \nV048A200010 S371C190016-19A \nS365A190010 S365A200010 S011A190011 S011A200011 S365B190010 S365B200010 S424A190011 S424A200011 \n \n66,533.00 569,473.20 \n17,149.00 26,976.44 105,120.00 128,818.51 \n945.00 56,049.00 \n3,975.00 119,430.25 \n \n- 44 - \n \n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2021 \n \nSCHEDULE \"8\" \n \nFUNDING AGENCY PROGRAM/GRANT \nSupporting Effective Instruction State Grants Supporting Effective Instruction State Grants Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies \nTotal Other Programs Total U. S. Department of Education \nHealth and Human Services, U. S. Department of Pass-Through From Bright From the Start Georgia Department of Early Care and Learning COVID-19 - Child Care and Development Block Grant \nTotal Expenditures of Federal Awards \n \nASSISTANCE LISTING NUMBER \n84.367A 84.367A 84.010A 84.010A \n \nPASSTHROUGH \nENTITY ID \nNUMBER \nS367A190001 S367A200001 S010A190010 S010A200010 \n \nEXPENDITURES IN PERIOD \n9,048.00 96,786.08 48,462.00 1,734,543.09 2,983,308.57 8,559,134.60 \n \n93.575 \n \n2110GACCC5 \n \n16,232.00 \n \n$ 10,736,993.99 \n \nNotes to the Schedule of Expenditures of Federal Awards \nNote 1. Basis of Presentation \nThe accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Toombs 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. \nNote 2. Summary of Significant Accounting Policies \nExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. \nNote 3. Indirect Cost Rate \nThe Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. \n \nSee notes to the basic financial statements. \n \n- 45 - \n \n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2021 \nAGENCY/FUNDING GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Mid-term Adjustment Hold-Harmless Amended Formula Adjustment Categorical Grants Pupil Transportation Regular Bus Replacement Nursing Services Sparsity Education Equalization Funding Grant Other State Programs Food Services Hygiene Products Math and Science Supplements Preschool Disability Services Pupil Transportation - State Bonds Teachers Retirement Vocational Education Georgia Emergency Management Agency Donations to LEA for COVID Office of the State Treasurer Public School Employees Retirement CONTRACT Human Services, Georgia Department of Family Connections \nSee notes to the basic financial statements. \n \nSCHEDULE \"9\" \n \nGOVERNMENTAL FUND TYPE \nGENERAL FUND \n \n$ \n \n781,208.70 \n \n787,478.00 328,647.00 2,053,698.00 849,100.00 1,066,713.00 383,480.00 2,081,226.00 1,539,029.00 813,516.00 3,268,916.00 178,971.00 218,658.00 145,249.00 368,823.01 356,782.00 109,586.00 \n63,203.00 1,495.00 \n537,526.99 810,766.00 734,895.00 209,559.00 (548,387.00) \n \n480,694.00 231,660.00 60,324.00 \n33,316.00 2,232,944.00 \n53,280.00 2,219.00 3,861.00 \n107,822.00 154,440.00 \n29,053.30 119,543.75 \n37,571.09 \n51,951.00 \n \n47,923.06 \n \n$ \n \n20,786,740.90 \n \n- 46 - \n \n (This page left intentionally blank) \n \n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2021 \n \nSCHEDULE \"10\" \n \nPROJECT \nSPLOST #4 I. Constructing and equipping two (new) or replacement schools, specifically: Toombs County High School and Toombs Central Elementary School \nII. Modifying and equipping the existing Toombs County High School for further instructional use \nIII. Purchasing school buses \nIV. Purchasing textbooks, furniture, technology, additional instructional materials and equipment for all sites \nV. Constructing additions to and/or renovating, modifying, and equipping existing school system facilities and making critical infrastructure improvements to existing facilities. \nSPLOST #4 TOTALS \nSPLOST #5 a. The payment of principal and interest on general obligation debt incurred for constructing and equipping Toombs County High School \nb. Constructing and equipping a new athletic facility at Toombs County High School \nc. Constructing, make additions to and/or renovating, modifying and equipping Toombs Central Elementary School and other school system facilities and making critical infrastructure and security improvements to existing facilities \nd. Purchasing school buses \ne. Purchasing textbooks (including e-books), furniture, technology and software, additional instructional materials and equipment for all facilities. \nSPLOST #5 TOTALS \nTotal \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \nAMOUNT ESTIMATED COMPLETION \nDATE \n \n$ 11,340,000.00 $ 17,543,710.95 \n \nCompleted \n \n3,000,000.00 500,000.00 \n \n749,464.46 165,000.00 \n \nCompleted 12/31/2021 \n \n- \n \n643,498.62 \n \nCompleted \n \n500,000.00 15,340,000.00 \n \n1,500,000.00 20,601,674.03 \n \n6/30/2022 \n \n4,342,000.00 \n \n4,342,000.00 \n \n6/30/2022 \n \n3,350,000.00 \n \n4,100,000.00 \n \n12/31/2021 \n \n4,598,000.00 500,000.00 \n \n4,598,000.00 500,000.00 \n \n6/30/2026 6/30/2026 \n \n1,250,000.00 14,040,000.00 \n \n1,250,000.00 14,790,000.00 \n \n$ 29,380,000.00 $ 35,391,674.03 \n \n6/30/2026 \n \n- 48 - \n \n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2021 \n \nSCHEDULE \"10\" \n \nPROJECT \n \nAMOUNT EXPENDED IN CURRENT YEAR (3)(4) \n \nAMOUNT EXPENDED IN PRIOR YEARS (3)(4) \n \nTOTAL COMPLETION \nCOST \n \nEXCESS PROCEEDS NOT \nEXPENDED \n \nSPLOST #4 I. Constructing and equipping two (new) or replacement schools, \n \nspecifically: Toombs County High School and Toombs Central \n \nElementary School \n \n$ \n \n- $ 17,543,710.95 $ 17,543,710.95 $ \n \n- \n \nII. Modifying and equipping the existing Toombs County High \n \nSchool for further instructional use \n \n- \n \n749,464.46 \n \n749,464.46 \n \n- \n \n- \n \nIII. Purchasing school buses \n \n33,660.00 \n \n67,634.67 \n \n- \n \n- \n \nIV. Purchasing textbooks, furniture, technology, additional \n \ninstructional materials and equipment for all sites \n \n- \n \n643,498.62 \n \n643,498.62 \n \n- \n \n- \n \nV. Constructing additions to and/or renovating, modifying, and \n \nequipping existing school system facilities and making critical \n \ninfrastructure improvements to existing facilities. \n \n870,147.01 \n \n504,266.34 \n \n- \n \n- \n \nSPLOST #4 TOTALS \n \n903,807.01 \n \n19,508,575.04 \n \n18,936,674.03 \n \n- \n \nSPLOST #5 \n \na. The payment of principal and interest on general obligation debt \n \nincurred for constructing and equipping Toombs County High \n \nSchool \n \n2,015,000.00 \n \n- \n \n- \n \n- \n \nb. Constructing and equipping a new athletic facility at Toombs \n \nCounty High School \n \n868,004.87 \n \n3,103,423.60 \n \n- \n \n- \n \nc. Constructing, make additions to and/or renovating, modifying \n \nand equipping Toombs Central Elementary School and other \n \nschool system facilities and making critical infrastructure and \n \nsecurity improvements to existing facilities \n \n90,007.16 \n \n1,895,356.60 \n \n- \n \n- \n \nd. Purchasing school buses \n \n- \n \n- \n \n- \n \n- \n \ne. Purchasing textbooks (including e-books), furniture, technology \n \nand software, additional instructional materials and equipment for \n \nall facilities. \n \n- \n \n422,116.56 \n \n- \n \n- \n \nSPLOST #5 TOTALS \n \n2,973,012.03 \n \n5,420,896.76 \n \n- \n \n- \n \nTotal \n \n$ 3,876,819.04 $ 24,929,471.80 $ 18,936,674.03 $ \n \n- \n \n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. (2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. (3) The voters of Toombs County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. \nAmounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. (4) In addition to the expenditures shown above, the School District has incurred interest to provide advance funding as follows: \n \nPrior Years Current Year \n \nSERIES 2013A $ 2,196,786.88 $ \n163,800.00 \n \nSERIES 2019 210,275.13 241,850.00 \n \nTotal \n \n$ 2,360,586.88 $ \n \n452,125.13 \n \nSee notes to the basic financial statements. \n \n- 49 - \n \n Section II Compliance and Internal Control Reports \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Mr. Barry Waller, Superintendent and Members of the Toombs County Board of Education \nWe have audited the financial statements of the governmental activities, each major fund, and fiduciary activities of the Toombs 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 June 9, 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. \nInternal Control Over Financial Reporting \nIn planning and performing our audit of the financial statements, we considered the School District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the basic financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control. \nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the School District's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \nOur consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n Compliance and Other Matters \nAs part of obtaining reasonable assurance about whether the School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \nPurpose of this Report \nThe purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. \nRespectfully submitted, \nGreg S. Griffin State Auditor \nJune 9, 2022 \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Mr. Barry Waller, Superintendent and Members of the Toombs County Board of Education \nReport on Compliance for Each Major Federal Program \nWe have audited the Toombs 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. \nManagement's Responsibility \nManagement is responsible for compliance with federal statutes, regulations, and the terms and conditions of its federal awards applicable to its federal programs. \nAuditor's Responsibility \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. \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. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n Opinion on Each Major Federal Program \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. \nReport on Internal Control over Compliance \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. \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. \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. \nThe purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. \nRespectfully submitted, \nGreg S. Griffin State Auditor \nJune 9, 2022 \n \n Section III Auditee's Response to Prior Year Findings and Questioned Costs \n \n TOOMBS COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2021 \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS No matters were reported. \nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \n \n Section IV Findings and Questioned Costs \n \n TOOMBS COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2021 \n \nI SUMMARY OF AUDITOR'S RESULTS \n \nFinancial Statements \nType of auditor's report issued: Governmental Activities, Each Major Fund, and Fiduciary Activities \nInternal control over financial reporting:  Material weakness(es) identified?  Significant deficiency(ies) identified? \nNoncompliance material to financial statements noted: \nFederal Awards \n \nInternal Control over major programs:  Material weakness (es) identified?  Significant deficiency (ies) identified? \n \nType of auditor's report issued on compliance for major programs: \n \nAll major programs \n \nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \n \nIdentification of major programs: \n \nAssistance Listing Number Assistance Listing Program or Cluster Title \n \n84.425 \n \nEducation Stabilization Fund \n \nDollar threshold used to distinguish between Type A and Type B programs: \n \nAuditee qualified as low-risk auditee? \n \nII FINANCIAL STATEMENT FINDINGS No matters were reported. Ill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \n \nUnmodified \nNo None Reported \nNo \nNo None Reported \nUnmodified No \n$750,000.00 No \n \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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