{"response":{"docs":[{"id":"dlg_ggpd_1391984189-2025-03-28","title":"Annual financial report, fiscal year 2024, Thomaston-Upson County Board of Education, Thomaston, 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, Upson County, 32.88127, -84.29934"],"dcterms_creator":null,"dc_date":["2025-03-28"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Thomaston-Upson County Board of Education (Ga.))","Fiscal year 2021; title from PDF cover (Georgia Government Publications database, viewed August 2, 2023).","Fiscal year 2021; (Georgia Government Publications database, viewed August 2, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Georgia Department of Audits \u0026 Accounts, [2022?]-"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Thomaston-Upson County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Upson County--Auditing--Periodicals.","Education--Georgia--Upson County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Upson County--fast","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report, fiscal year 2024, Thomaston-Upson County Board of Education, Thomaston, 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_1391984189-2025-03-28"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1391984189-2025-03-28"],"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 \nThomaston-Upson County Board of Education \nThomaston, Georgia \nIncluding Independent Auditor's Report \nGreg S. Griffin | State Auditor \n \n Thomaston-Upson 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 \n41 \n \n2 Schedule of Contributions  Teachers Retirement System of Georgia \n \n42 \n \n3 Schedule of Proportionate Share of the Net Pension Liability \n \nEmployees' Retirement System of Georgia \n \n43 \n \n4 Schedule of Contributions  Employees' Retirement System of Georgia \n \n44 \n \n5 Schedule of Proportionate Share of the Net Pension Liability Public \n \nSchool Employees Retirement System of Georgia \n \n45 \n \n Required Supplementary Information (Continued) \n \n6 Schedule of Proportionate Share of the Net OPEB Liability \n \nSchool OPEB Fund \n \n46 \n \n7 Schedule of Contributions  School OPEB Fund \n \n47 \n \n8 Schedule of Proportionate Share of the Net OPEB Asset \n \nSEADOPEB \n \n48 \n \n9 Schedule of Contributions  SEAD-OPEB \n \n49 \n \n10 Notes to the Required Supplementary Information \n \n50 \n \n11 Schedule of Revenues, Expenditures and Changes in Fund \n \nBalances - Budget and Actual General Fund \n \n52 \n \nSupplementary Information \n \n12 Schedule of Expenditures of Federal Awards \n \n53 \n \n13 Schedule of State Revenue \n \n55 \n \n14 Schedule of Approved Local Option Sales Tax Projects \n \n56 \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 Dr. Larry Derico, Superintendent and Members of the Thomaston-Upson 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 Thomaston-Upson County Board of Education (School District) as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents. \nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund and fiduciary activities of the School District as of June 30, 2024, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \nBasis for Opinions \nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. \nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \nResponsibilities of Management for the Financial Statements \nManagement is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. \nAuditor's Responsibilities for the Audit of the Financial Statements \nOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. \nIn performing an audit in accordance with GAAS and Government Auditing Standards, we: \n Exercise professional judgment and maintain professional skepticism throughout the audit. \n Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. \n Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, no such opinion is expressed. \n Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. \n Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for a reasonable period of time. \nWe are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. \nRequired Supplementary Information \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 \n \n 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 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 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 28, 2025 \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \nINTRODUCTION \nThe discussion and analysis of the Thomaston-Upson 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 The School District had $69.5 million in expenses relating to governmental activities; only $45.5 million of these expenses were offset by program specific charges for services, grants and contributions. General revenues (primarily property and sales taxes) of $26.4 million were adequate to provide for these programs. \n As stated above, the general revenues accounted for $26.4 million or 36.7% of all revenues totaling $71.9 million. Program specific revenues in the form of charges for services, grants and contributions accounted for the rest. \n Among major funds, the general fund had $64.5 million in revenues and $65.8 million in expenditures. The fund balance for the general fund decreased $1.3 million to $16.0 million. The decrease is due to expenditures being slightly higher than anticipated. \n Long-term debt increased by $27.8 million for 2024. This increase was due to the issuance of general obligations bonds on January 17, 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 fiscal year 2024, the general fund, the capital projects fund, and the debt service fund represent the most significant funds. \ni \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \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, deferred outflows of resources, liabilities, and deferred inflows of resources. 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, such as scholarships. 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 THOMASTON-UPSON 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 \nThe 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 \nAssets Current and Other Assets Capital Assets, Net \nTotal Assets \nDeferred Outflows of Resources Related to Defined Benefit Pension Plans Related to OPEB Plan \n \nFiscal Year 2024 \n \nGovernmental Activities Fiscal Year 2023 \n \nNet Change \n \n$ 43,941,012 $ 25,604,110 $ 18,336,902 \n \n70,222,596 \n \n51,909,494 \n \n18,313,102 \n \n114,163,608 \n \n77,513,604 \n \n36,650,004 \n \n18,387,875 8,494,003 \n \n30,160,436 7,780,038 \n \n(11,772,561) 713,965 \n \nTotal Deferred Outflows of Resources \n \n26,881,878 \n \n37,940,474 \n \n(11,058,596) \n \nTotal Assets and Deferred Outflows of Resources \n \n141,045,486 \n \n115,454,078 \n \n25,591,408 \n \nLiabilities Current and Other Liabilities Long-Term Liabilities \n \n8,776,532 113,449,161 \n \n5,684,142 89,532,692 \n \n3,092,390 23,916,469 \n \nTotal Liabilities \n \n122,225,693 \n \n95,216,834 \n \n27,008,859 \n \nDeferred Inflows of Resources Related to Defined Benefit Pension Plans Related to OPEB Plan \n \n1,017,645 13,460,592 \n \n828,393 17,456,218 \n \n189,252 (3,995,626) \n \nTotal Deferred Inflows of Resources \n \n14,478,237 \n \n18,284,611 \n \n(3,806,374) \n \nTotal Liabilities and Deferred Inflows of Resources \nNet Position Net Investment in Capital Assets Restricted Unrestricted \nTotal Net Position \n \n136,703,930 \n \n113,501,445 \n \n23,202,485 \n \n58,275,686 24,817,041 (78,751,171) \n \n51,015,893 5,854,642 \n(54,917,902) \n \n7,259,793 18,962,399 (23,833,269) \n \n$ \n \n4,341,556 $ \n \n1,952,633 $ 2,388,923 \n \niii \n \n THOMASTON-UPSON 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 and Sales Operating Grants and Contributions Capital Grants and Contributions \nTotal Program Revenues \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 \nTotal General Revenues \nTotal 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 Food Services Interest on Long-Term Debt \n \nFiscal Year 2024 \n \nGovernmental Activities Fiscal Year 2023 \n \nNet Change \n \n$ \n \n501,209 $ \n \n504,996 $ \n \n42,654,401 \n \n42,525,495 \n \n2,361,554 \n \n- \n \n45,517,164 \n \n43,030,491 \n \n(3,787) 128,906 2,361,554 \n2,486,673 \n \n14,365,442 10,442 \n513,891 4,772,241 \n196,881 \n4,317,405 984,188 \n1,191,365 \n26,351,855 \n71,869,019 \n41,434,816 \n3,128,497 2,811,532 \n611,446 1,654,827 4,086,924 \n998,966 4,950,321 3,611,040 \n237,898 236,220 \n4,703,423 1,014,185 \n \n12,099,750 - \n5,163,964 \n201,808 \n4,090,298 128,962 \n1,404,299 \n23,089,081 \n66,119,572 \n38,601,533 \n2,669,551 2,446,852 \n603,705 1,495,599 3,656,901 \n420,021 4,731,324 3,308,285 \n207,256 193,325 \n4,309,173 - \n \n2,265,692 10,442 \n513,891 (391,723) \n(4,927) \n227,107 855,226 (212,934) \n3,262,774 \n5,749,447 \n2,833,283 \n458,946 364,680 \n7,741 159,228 430,023 578,945 218,997 302,755 \n30,642 42,895 \n394,250 1,014,185 \n \nTotal Expenses Increase/(Decrease) in Net Position \n \n69,480,095 \n \n62,643,525 \n \n6,836,570 \n \n$ \n \n2,388,924 $ \n \n3,476,047 $ \n \n(1,087,123) \n \niv \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \n \nProgram revenues, in the form of charges for services, operating grants and contributions and capital grants and contributions increased $2.5 million for governmental activities due to an increase in capital grants and contributions. \n \nGeneral revenues increased by $3.3 million during fiscal year 2024 due in part to an increase in property tax revenue and investment earnings. \n \nThe total change in net position decreased $1.1 million in fiscal year 2024. \n \nGovernmental Activities \n \nThe Statement of Activities shows the cost of program services and the charges for services and grants offsetting those services. Table 3 shows the total cost of services and the net cost of services. Net cost of services can be defined as the total cost less fees generated by the activities and intergovernmental revenue provided for specific programs. The net cost reflects the financial burden on the School District's taxpayers by each activity. \n \nTable 3 Governmental Activities \n \nTotal Cost of Services \n \nFiscal Year \n \nFiscal Year \n \n2024 \n \n2023 \n \nNet Cost of Services \n \nFiscal Year \n \nFiscal Year \n \n2024 \n \n2023 \n \nInstruction \n \n$ \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 \nFood Services \n \nInterest on Long-Term Debt \n \nTotal Expenses \n \n$ \n \n41,434,816 $ \n3,128,497 2,811,532 \n611,446 1,654,827 4,086,924 \n998,966 4,950,321 3,611,040 \n237,898 236,220 \n4,703,423 1,014,185 \n69,480,095 $ \n \n38,601,533 $ \n2,669,551 2,446,852 \n603,705 1,495,599 3,656,901 \n420,021 4,731,324 3,308,285 \n207,256 193,325 \n4,309,173 - \n62,643,525 $ \n \n10,516,692 $ \n2,284,564 1,077,632 \n(39,566) 1,870 \n2,859,239 992,605 \n3,283,838 1,332,605 \n235,188 155,316 \n248,764 1,014,185 \n23,962,932 $ \n \n8,654,911 \n1,878,754 751,500 21,107 (200,345) \n2,493,923 410,812 \n3,143,182 2,341,440 \n201,149 174,097 \n(257,495) - \n19,613,035 \n \nAlthough program revenues make up a majority of the revenues, the School District is still dependent upon tax revenues for governmental activities. For 2024, 37.9% of expenses were supplemented by taxes and other general revenues compared to 36.9% in 2023. \nFINANCIAL ANALYSIS OF THE SCHOOL DISTRICT'S FUNDS \nThe School District's governmental funds are accounted for using the modified accrual basis of accounting. The governmental funds had revenues and other financing sources of $98.5 million and total expenditures of $83.9. The net change in fund balance for the year in the general fund was a decrease of $1.3 million and in the capital projects fund an increase of $15.9 million. \n \nv \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \n \nGeneral Fund Budgeting Highlights \n \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. \n \nThe School District's budget is adopted at the aggregate level and maintained at the program, function, object, and site levels to facilitate budgetary control. The budgeting systems are designed to control the total budget but provide flexibility to meet the ongoing programmatic needs. The budgeting systems are also designed to control total site budgets but provide flexibility for site management as well. \n \nFor the general fund, the actual revenues of $64.5 million were over the final budgeted amount of $64.2 million with a variance of $0.3 million. The variance (actual vs. final budget) were mainly attributable to revenue received for the State's Quality Basic Education (QBE) funding, an increase in charges for services, an increase from investment earnings due to increased interest rates and a decrease for federal funds that span multiple fiscal years. Additionally, the School District did not include revenues for school activity accounts (included in miscellaneous revenues) in the final budget. The School District traditionally estimates revenue on a conservative basis to avoid shortfalls in actual revenues. \n \nThe general fund's final actual expenditures of $65.8 million were less than the final budget amount of $68.9 million. Expenditures were less than budget in instruction, improvement of instructional services, general administration, maintenance and operation of plant, student transportation services, other support services, and capital outlay. Expenditures were more than budget in pupil services, educational media services, school administration, business administration, central support services, and food services. Actual general fund expenditures exceeded revenues by $1.3 million from a budgeted decrease of $4.7 million. As in prior years, the School District did not include expenditures for school activity accounts in the final budget. \n \nCAPITAL ASSETS \n \nAt the fiscal years ended June 30, 2024 the School District had $70.2 million invested in capital assets (net of accumulated depreciation), all in governmental activities. Table 4 shows fiscal year 2024 balances compared with fiscal year 2023 balances. \n \nTable 4 Capital Assets (Net of Depreciation) \n \nFiscal Year 2024 \n \nGovernmental Activities Fiscal Year 2023 \n \nNet Change \n \nLand Construction In Progress Building and Improvements Equipment Land Improvements \n \n$ \n \n797,021 $ \n \n17,054,824 \n \n42,023,888 \n \n8,296,299 \n \n2,050,564 \n \n797,021 $ 1,600,572 42,195,169 5,844,682 1,472,050 \n \n15,454,252 \n(171,281) 2,451,617 \n578,514 \n \nTotal \n \n$ 70,222,596 $ \n \n51,909,494 $ 18,313,102 \n \nvi \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \n \nDEBT ADMINISTRATION \nIn January, 2024, the School District issued $25.0 million in General Obligation Bonds for the purposes of fulfilling their athletic facility plan. These will be repaid from Education Special Purpose Local Option Sales Tax (ESPLOST) VI funds that began in January 2024. Table 5 summarizes bond debt outstanding at June 30, 2024. \nTable 5 Debt at June 30 \n \nFiscal Year 2024 \n \nGovernmental Activities Fiscal Year 2023 \n \nNet Change \n \nBonds Payable Unamortized Bond Premiums \nTotal \n \n$ 25,000,000 $ 2,818,307 \n \n$ \n \n27,818,307 $ \n \n- $ \n \n25,000,000 \n \n- \n \n2,818,307 \n \n- $ \n \n27,818,307 \n \nAt June 30, 2024 the school district's underlying bond rating was \"A1\" and the enhanced bond rating (State Intercept Program) was \"Aa1\" as determined by Moody's. Both bond ratings represent the School District's very strong capacity to pay debts in a timely manner. \nCURRENT ISSUES \nThe School District continues to be financially stable. The School District's operating millage rate for fiscal year 2024 was 14.01 mills. Our millage rate continues to remain one of the lowest of the surrounding counties. As shown in Table 3, property and sales tax revenue is responsible for covering 28.3% of the School District's costs. The pressure to provide local monies to meet mandated educational requirements and operational costs will continue. \nThe board anticipates financial challenges going forward with recent legislation enacted by the legislature, the impact of inflation and limited local tax revenue, coupled with rising employer benefit costs. \nConsidering on-going economic challenges and the continuing need to improve student achievement, the School District, under the direction of the Superintendent has developed and is effectively implementing a Continuous Improvement Plan to guide all of its actions. This plan considers program delivery in relation to stakeholder needs, while aligning resource allocation and cost structure to ensure the best opportunity for student success and utilization of taxpayer resources. \nThe School District passed a budget for fiscal year 2025 that leverages funding and will allow the School District to remain committed to retaining and attracting quality employees, to continue to address learning loss from the COVID-19 pandemic, and to address behavior and mental health issues, while preserving the School District's ability to balance it responsibility to taxpayers and the education of the student. \n \nvii \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \nCONTACTING THE SCHOOL DISTRICT'S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens and taxpayers 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 information, contact Kathy Matthews, Chief Financial Officer at the Thomaston-Upson County Board of Education, 205 Civic Center Drive, Thomaston, GA 30286. You may also email your questions to kmatthews@upson.k12.ga.us. \nviii \n \n Thomaston-Upson County Board of Education \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2024 \nASSETS Cash and Cash Equivalents Accounts Receivable, Net \nInterest Taxes State Government Federal Government Other Due from Other Funds Inventories Prepaid Items Net OPEB Asset Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \nTotal Assets \nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plans Related to OPEB Plan \nTotal Deferred Outflows of Resources \nLIABILITIES Accounts Payable Salaries and Benefits Payable Payroll Withholdings Payable Interest Payable Contracts Payable Retainages Payable Deposits and Unearned Revenues Net Pension Liability Net OPEB Liability Long-Term Liabilities \nDue Within One Year Due in More Than One Year \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension 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 Net OPEB Asset Unrestricted (Deficit) \nTotal Net Position \n \nEXHIBIT \"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n34,531,973.12 \n \n114,948.27 907,364.35 6,456,992.36 1,516,710.47 227,840.44 \n282.08 127,814.02 \n50,238.57 6,849.00 \n17,851,845.00 52,370,750.54 114,163,608.22 \n \n18,387,875.55 8,494,003.00 \n26,881,878.55 \n \n1,486,020.45 3,422,333.03 \n303.29 625,000.00 2,403,194.14 801,119.49 \n38,561.98 53,708,117.00 31,754,380.00 \n2,489,289.23 25,497,374.81 122,225,693.42 \n \n1,017,645.00 13,460,592.00 14,478,237.00 \n \n58,275,686.51 \n \n2,610,042.05 2,314,703.84 19,885,445.82 \n6,849.00 (78,751,170.87) \n \n$ \n \n4,341,556.35 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 1 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30, 2024 \n \nEXHIBIT \"B\" \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 \nFood Services \n \nInterest on Long-Term Debt \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 \n41,434,816.27 $ \n3,128,496.57 2,811,532.30 \n611,446.29 1,654,827.10 4,086,923.83 \n998,965.80 4,950,321.48 3,611,039.67 \n237,897.76 236,219.84 \n4,703,423.39 1,014,185.04 \n \n345,607.93 $ 29,562,224.97 $ \n \n9,490.00 - \n \n843,933.11 1,732,094.94 \n651,012.72 1,636,114.48 1,227,684.76 \n5,280.63 1,602,754.09 1,053,992.06 \n2,709.35 80,903.90 \n \n146,110.59 - \n \n4,255,696.16 - \n \n1,010,291.86 $ \n1,805.15 \n16,842.64 \n1,079.89 54,239.11 1,224,442.65 \n- \n52,852.80 - \n \n(10,516,691.51) \n(2,284,563.46) (1,077,632.21) \n39,566.43 (1,869.98) (2,859,239.07) (992,605.28) (3,283,838.28) (1,332,604.96) (235,188.41) (155,315.94) \n(248,763.84) (1,014,185.04) \n \nTotal Governmental Activities \n \n$ \n \n69,480,095.34 $ \n \n501,208.52 $ 42,654,401.17 $ \n \n2,361,554.10 \n \n(23,962,931.55) \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 \n14,365,442.42 10,441.92 \n513,890.89 4,772,241.40 \n196,881.27 4,317,405.00 \n984,187.72 1,191,364.77 26,351,855.39 \n \nChange in Net Position \n \n2,388,923.84 \n \nNet Position - Beginning of Year \n \n1,952,632.51 \n \nNet Position - End of Year \n \n$ \n \n4,341,556.35 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 2 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30, 2024 \n \nEXHIBIT \"C\" \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \nASSETS Cash and Cash Equivalents Accounts Receivable, Net \nInterest Taxes State Government Federal Government Other Due from Other Funds Inventories Prepaid Items \n \n$ 13,543,169.63 $ 20,988,801.49 $ \n \n47,555.56 462,606.21 5,305,073.36 1,516,710.47 227,840.44 \n282.08 127,814.02 \n16,915.47 \n \n67,392.71 432,895.24 1,151,919.00 \n33,323.10 \n \n2.00 $ 34,531,973.12 \n \n- \n \n114,948.27 \n \n- \n \n895,501.45 \n \n- \n \n6,456,992.36 \n \n- \n \n1,516,710.47 \n \n- \n \n227,840.44 \n \n- \n \n282.08 \n \n- \n \n127,814.02 \n \n- \n \n50,238.57 \n \nTotal Assets \n \n$ 21,247,967.24 $ 22,674,331.54 $ \n \n2.00 $ 43,922,300.78 \n \nLIABILITIES Accounts Payable Salaries and Benefits Payable Payroll Withholdings Payable Contracts Payable Retainages Payable Deposits and Unearned Revenues \nTotal Liabilities \n \n$ \n \n1,445,132.73 $ \n \n40,887.72 $ \n \n3,422,333.03 \n \n- \n \n303.29 \n \n- \n \n67,000.00 \n \n2,336,194.14 \n \n- \n \n801,119.49 \n \n26,699.08 \n \n- \n \n4,961,468.13 \n \n3,178,201.35 \n \n- $ - \n \n1,486,020.45 3,422,333.03 \n303.29 2,403,194.14 \n801,119.49 26,699.08 \n8,139,669.48 \n \nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes Unavailable Revenue - Georgia State Financing and Investment Commission Unavailable Revenue - Federal Funds Unavailable Revenue - State Funds \nTotal Deferred Inflows of Resources \n \n244,731.52 - \n5,258.97 50.00 \n250,040.49 \n \n1,151,919.00 \n1,151,919.00 \n \n- \n \n244,731.52 \n \n- \n \n1,151,919.00 \n \n- \n \n5,258.97 \n \n- \n \n50.00 \n \n- \n \n1,401,959.49 \n \nFUND BALANCES Nonspendable Restricted Committed Assigned Unassigned \nTotal Fund Balances \n \n145,011.57 2,482,228.03 \n398,121.60 2,272,543.00 10,738,554.42 16,036,458.62 \n \n1,185,242.10 17,158,969.09 \n18,344,211.19 \n \n- \n \n1,330,253.67 \n \n2.00 \n \n19,641,199.12 \n \n- \n \n398,121.60 \n \n- \n \n2,272,543.00 \n \n- \n \n10,738,554.42 \n \n2.00 \n \n34,380,671.81 \n \nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \n \n$ 21,247,967.24 $ 22,674,331.54 $ \n \n2.00 $ 43,922,300.78 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 3 - \n \n THOMASTON-UPSON 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 \nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB asset 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. \nState funds that are not available to pay current period expenditures are deferred in the funds. \nFederal funds 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 Compensated absences payable Unamortized bond premium \nNet position of governmental activities (Exhibit \"A\") \n \n$ \n \n34,380,671.81 \n \n$ \n \n797,020.96 \n \n17,054,824.04 \n \n75,435,197.94 \n \n15,607,286.53 \n \n9,397,912.19 \n \n(48,069,646.12) \n \n70,222,595.54 \n \n$ \n \n(53,708,117.00) \n \n6,849.00 \n \n(31,754,380.00) \n \n(85,455,648.00) \n \n$ \n \n17,370,230.55 \n \n(4,966,589.00) \n \n12,403,641.55 244,731.52 \n1,151,969.00 5,258.97 \n \n$ \n \n(25,000,000.00) \n \n(625,000.00) \n \n(168,357.09) \n \n(2,818,306.95) \n \n(28,611,664.04) \n \n$ \n \n4,341,556.35 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 4 - \n \n THOMASTON-UPSON 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 Food Services Operation Capital Outlay Debt Services Interest Total Expenditures \nRevenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES) Proceeds of Bonds Premiums on Bonds Sold 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 \n14,190,579.51 $ \n \n180,036.29 \n \n35,846,753.56 \n \n12,178,025.56 \n \n501,208.52 \n \n393,931.81 \n \n1,191,364.77 \n \n64,481,900.02 \n \n- $ 4,772,241.40 \n152,365.09 - \n590,255.91 - \n5,514,862.40 \n \n- $ 513,890.89 \n513,890.89 \n \n14,190,579.51 5,466,168.58 \n35,999,118.65 12,178,025.56 \n501,208.52 984,187.72 1,191,364.77 70,510,653.31 \n \n36,304,186.48 \n2,837,231.82 2,580,848.47 \n569,304.29 1,446,665.98 3,722,483.50 \n410,035.52 7,612,466.81 4,676,349.63 \n218,444.25 234,611.84 4,592,962.90 603,597.27 \n65,809,188.76 (1,327,288.74) \n \n218,210.38 \n122,208.16 9,912.18 679.00 \n45,107.35 26,487.08 575,233.49 236,136.76 291,120.00 \n6,654.00 - \n44,157.60 16,018,956.61 \n17,594,862.61 (12,080,000.21) \n \n- \n- \n513,888.89 513,888.89 \n2.00 \n \n36,522,396.86 \n2,959,439.98 2,590,760.65 \n569,983.29 1,491,773.33 3,748,970.58 \n985,269.01 7,848,603.57 4,967,469.63 \n225,098.25 234,611.84 4,637,120.50 16,622,553.88 \n513,888.89 83,917,940.26 (13,407,286.95) \n \n- \n \n25,000,000.00 \n \n- \n \n2,943,010.80 \n \n- \n \n27,943,010.80 \n \n(1,327,288.74) \n \n15,863,010.59 \n \n17,363,747.36 \n \n2,481,200.60 \n \n$ \n \n16,036,458.62 $ \n \n18,344,211.19 $ \n \n- \n2.00 \n- \n2.00 $ \n \n25,000,000.00 2,943,010.80 \n27,943,010.80 \n14,535,723.85 \n19,844,947.96 \n34,380,671.81 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 5 - \n \n THOMASTON-UPSON 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 Depreciation expense \nThe net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, donations, and disposals) is to decrease net position. \nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \nState revenue reported in the Statement of Activities that do not provide current financial resources are not reported as revenue 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. General obligation bonds issued, including a premium of $2,943,010.80 Amortization of bond premium \nDistrict pension/OPEB contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension/OPEB liability is measured a year before the District's report date. Pension/OPEB expense, which is the change in the net pension/OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions/OPEB, is reported in the Statement of Activities. Pension expense OPEB expense \nSome items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. Net increase in accrued interest Compensated absences \nChange in net position of governmental activities (Exhibit \"B\") \n \n$ \n \n14,535,723.85 \n \n$ \n \n21,708,787.26 \n \n(3,196,157.43) \n \n18,512,629.83 (199,528.58) 202,149.81 1,151,969.00 5,258.97 (10,540.94) \n \n$ \n \n(27,943,010.80) \n \n124,703.85 \n \n(27,818,306.95) \n \n$ \n \n(5,328,789.00) \n \n1,964,112.00 \n \n(3,364,677.00) \n \n$ \n \n(625,000.00) \n \n(754.15) \n \n(625,754.15) \n \n$ \n \n2,388,923.84 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 6 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS JUNE 30, 2024 \nASSETS Cash and Cash Equivalents \nLIABILITIES Due To Other Funds \nNET POSITION Held in Trust for Private Purposes \n \nEXHIBIT \"G\" \n \nPRIVATE PURPOSE TRUSTS \n \n$ \n \n174,188.82 \n \n282.08 \n \n$ \n \n173,906.74 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 7 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDUCIARY NET POSITION \nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2024 \nADDITIONS Contributions Donors \nDEDUCTIONS Scholarships Other Deductions Total Deductions Change in Net Position \nNet Position - Beginning Net Position - Ending \n \nEXHIBIT \"H\" \n \nPRIVATE PURPOSE TRUSTS \n \n$ \n \n950.00 \n \n14,659.14 50,900.00 65,559.14 \n \n(64,609.14) \n \n238,515.88 \n \n$ \n \n173,906.74 \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 THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \nReporting Entity \nThe Thomaston-Upson County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe accompanying financial statements of the School District have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). GASB is the accepted standard-setting body for governmental accounting and financial reporting principles. The most significant of the School District's accounting policies are described below. \nBasis of Presentation \nThe School District's basic financial statements are collectively comprised of the government-wide financial statements, fund financial statements and notes to the basic financial statements. The government-wide statements focus on the School District as a whole, while the fund financial statements focus on major funds. Each presentation provides valuable information that can be analyzed and compared between years and between governments to enhance the information's usefulness. \nGovernment-Wide Statements: \nThe Statement of Net Position and the Statement of Activities display information about the financial activities of the overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \nThe Statement of Net Position presents the School District's non-fiduciary assets, deferred outflows of resources, deferred inflows of resources and liabilities, with the difference reported as net position. Net position is reported in three categories as follows: \n1. Net investment in capital assets consists of the School District's total investment in capital assets, net of accumulated depreciation, and reduced by outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of net investment in capital assets. \n2. Restricted net position consists of resources for which the School District is legally or contractually obligated to spend in accordance with restrictions imposed by external third parties or imposed by law through constitutional provisions or enabling legislation. \n3. Unrestricted net position consists of resources not meeting the definition of the two preceding categories. Unrestricted net position often has constraints on resources imposed by management which can be removed or modified. \nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \n- 10 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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), bond proceeds and grants from Georgia State Financing and Investment Commission that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \n The debt service fund accounts for and reports financial resources that are restricted, committed, or assigned including taxes (sales) legally restricted for the payment of general long-term principal and interest. \nThe School District reports the following fiduciary fund type: \n Private purpose trust funds are used to report all trust arrangements, other than those properly reported elsewhere, in which principal and income benefit individuals, private organizations or other governments. \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- 11 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \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 and compensated absences, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities are reported as other financing sources. \nThe School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted resources available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general funds. \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. \nDue to other funds and due from other funds consist of activities between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year. \n- 12 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nInventories \n \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. \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 \n \nLand Improvements \n \n$ \n \nBuildings and Improvements \n \n$ \n \nEquipment \n \n$ \n \nIntangible Assets \n \n$ \n \nConstruction in Progress \n \nAll 10,000.00 20,000.00 \n5,000.00 200,000.00 All \n \nN/A 20 to 50 years 25 to 50 years \n5 to 50 years 5 to 50 years \nN/A \n \n- 13 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nDeferred Outflows/Inflows of Resources \nIn addition to assets, the statement of financial position will report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of resources that applies to a future period(s) and therefore will not be recognized as an outflow of resources (expense/expenditure) until then. \nIn addition to liabilities, the statement of financial position will report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of resources that applies to a future period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time. \nCompensated Absences \nCompensated absences payable consists of vacation leave employees earned based on services already rendered. \nVacation leave of 10 days is awarded on a fiscal year basis to all full-time personnel employed on a twelve-month basis. No other employees are eligible to earn vacation leave. Vacation leave not utilized during the fiscal year may be carried over to the next fiscal year, providing such vacation leave does not exceed 20 days. Upon terminating employment, the School District pays all unused and unforfeited vacation benefits to employees. Accordingly, vacation benefits are accrued as a liability in the government-wide financial statements. A liability for these amounts is reported in the governmental fund financial statements only if they have matured, for example, as a result of employee resignations and retirements by fiscal-year end. \nMembers of the Teachers Retirement System of Georgia (TRS) may apply unused sick leave toward early retirement. The liability for early retirement will be borne by TRS rather than by the individual School Districts. Otherwise, sick leave does not vest with the employee, and no liability is reported in the School District's financial statements. \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. \n \n- 14 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \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. \nPost-Employment Benefits Other Than Pensions (SEAD - 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 State Employees' Assurance Department Retired and Vested Inactive Members Trust Fund (SEADOPEB) plan (the Plan) and additions to/deductions from the SEAD-OPEB's fiduciary net position have been determined on the same basis as they are reported by SEAD-OPEB. For this purpose, death benefits are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \nFund Balances \nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \nThe School District's fund balances are classified as follows: \nNonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \n \n- 15 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \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 Upson County Board of Commissioners adopted the property tax levy for the 2023 tax digest year (calendar year) on August 28, 2023 (levy date) based on property values as of January 1, 2023. Taxes were due on November 15, 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 Upson 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 $12,668,014.93. \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 \n14.01 mills \n \nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $1,522,564.58 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 $5,286,132.29 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 \n- 16 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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 and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds, except the various school activity (principal) accounts, is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate function level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \nThe Superintendent is authorized by the Board to approve adjustments of no more than 10% of the amount budgeted for expenditures in any budget function for any fund. The Superintendent shall report any such adjustments to the Board. If expenditure of funds in any budget function for any fund is anticipated to be more than 10% of the budgeted amount, the Superintendent shall request Board approval for the budget amendment. Any position or expenditure not previously approved in the annual budget that exceeds $100,000.00 shall require Board approval unless the Superintendent deems the position or purchase an emergency. In such case, the expenditure shall be reported to the Board at its regularly scheduled meeting. Under no circumstance is the Superintendent or other staff person authorized to spend funds that exceed the total budget without approval by the Board. \nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \nNOTE 4: DEPOSITS \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, - 17 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \nCategorization of Deposits \nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2024, the School District had deposits with a carrying amount of $34,706,161.94, and a bank balance of $34,861,069.09. The bank balances insured by Federal depository insurance were $714,247.65. \nAt June 30, 2024, $34,146,821.44 of the School District's bank balances was exposed to custodial credit risk. This balance was in the State's Secure Deposit Program (SDP). \nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. The SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians. \nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \n \n- 18 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nNOTE 5: CAPITAL ASSETS \nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \n \nBalances July 1, 2023 \n \nIncreases \n \nDecreases \n \nBalances June 30, 2024 \n \nGovernmental Activities Capital Assets, \nNot Being Depreciated: Land Construction in Progress \n \n$ 797,020.96 $ \n \n- $ \n \n- $ 797,020.96 \n \n1,600,571.79 \n \n18,579,016.20 3,124,763.95 \n \n17,054,824.04 \n \nTotal Capital Assets Not Being Depreciated \n \n2,397,592.75 \n \n18,579,016.20 3,124,763.95 \n \n17,851,845.00 \n \nCapital Assets, Being Depreciated: Buildings and Improvements Equipment Land Improvements \nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \n \n74,002,370.08 12,535,445.94 \n8,628,073.10 \n \n1,833,615.90 3,651,080.02 \n769,839.09 \n \n400,788.04 579,239.43 \n- \n \n75,435,197.94 15,607,286.53 \n9,397,912.19 \n \n31,807,201.42 6,690,763.26 7,156,022.90 \n \n1,832,096.22 1,172,736.37 \n191,324.84 \n \n227,987.26 552,511.63 \n- \n \n33,411,310.38 7,310,988.00 7,347,347.74 \n \nTotal Capital Assets, Being Depreciated, Net \n \n49,511,901.54 \n \n3,058,377.58 \n \n199,528.58 52,370,750.54 \n \nGovernmental Activities Capital Assets - Net \n \n$ 51,909,494.29 $ 21,637,393.78 $ 3,324,292.53 $ 70,222,595.54 \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction Support Services \nImprovements of Instructional Services $ General Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Food Services \n \n$ \n4,423.52 41,273.00 \n2,646.30 132,913.34 409,657.77 \n \n2,475,727.34 \n590,913.93 129,516.16 \n \n$ \n \n3,196,157.43 \n \n- 19 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nNOTE 6: INTERFUND ASSETS AND LIABILITIES \nDue to and due from other funds are recorded for interfund receivables and payables which arise from interfund transactions. Interfund balances at June 30, 2024, consisted of the following: \n \nDue From Other Funds \n \nDue To Other Funds \n \nGeneral Fund \n \n$ \n \nPrivate Purpose Trust \n \n282.08 $ - \n \n282.08 \n \n$ \n \n282.08 $ \n \n282.08 \n \nThe interfund balances presented are derived primarily from expenditures originally paid with the general fund and to be reimbursed from the private purpose fund after the fiscal year. \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 June 30, 2024 \n \nDue Within One Year \n \nGeneral Obligation (G.O.) Bonds Unamortized Bond Premiums Compensated Absences (1) \n \n$ \n \n- $ 25,000,000.00 $ \n \n- $ 25,000,000.00 $ 2,190,000.00 \n \n- \n \n2,943,010.80 124,703.85 \n \n2,818,306.95 \n \n299,289.23 \n \n167,602.94 \n \n9,785.74 \n \n9,031.59 \n \n168,357.09 \n \n- \n \n$ 167,602.94 $ 27,952,796.54 $ 133,735.44 $ 27,986,664.04 $ 2,489,289.23 \n \n(1) The portion of compensated absences due within one year has been determined to be immaterial to the basic financial statements. \nGeneral Obligation Bonds \nThe School District's bonded debt consists of general obligation bonds that are generally callable 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 had no unused line of credit or outstanding notes from direct borrowings and direct placements related to governmental activities as of June 30, 2024. In the event the entity is unable to make the principal and interest payments using proceeds from the Education Special Purpose Local Option Sales Tax (ESPLOST), the debt will be satisfied from a direct annual ad valorem tax levied upon all taxable property within the School District. Additional security is provided by the State of Georgia Intercept Program which allows for state appropriations entitled to the School District to be transferred to the Debt Service Account Custodian for the payment of debt. \nDuring the current year, the School District issued general obligation bonds totaling $25,000,000.00 to fund Athletic Facility upgrades. \n \n- 20 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nGeneral obligation bonds currently outstanding are as follows: \n \nDescription \n \nInterest Rate \n \nIssue Date \n \nMaturity Date \n \nAmount Issued \n \nAmount Outstanding \n \nGeneral Government - Series 2024 \n \n5.00% 1/17/2024 12/15/2033 $ 25,000,000.00 $ 25,000,000.00 \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 2026 2027 2028 2029 2030 - 2034 \n \n$ 2,190,000.00 $ 2,250,000.00 2,315,000.00 2,380,000.00 2,450,000.00 \n13,415,000.00 \n \n1,195,250.00 $ 1,084,250.00 \n970,125.00 852,750.00 732,000.00 1,718,875.00 \n \n299,289.23 299,289.23 299,289.23 299,289.23 299,289.23 1,321,860.78 \n \nTotal Principal and Interest $ 25,000,000.00 $ 6,553,250.00 $ 2,818,306.95 \n \nCompensated Absences \nCompensated absences represent obligations of the School District relating to employees' rights to receive compensation for future absences based upon service already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. Typically, the general fund is the fund used to liquidate this long-term debt. The School District uses the vesting method to compute compensated absences. \nNOTE 8: RISK MANAGEMENT \nInsurance \nCommercial Insurance \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 these risks. Settled claims resulting from these insured risks have not exceeded commercial insurance coverage in any of the past three fiscal years. \n \n- 21 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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. The School District has paid no unemployment compensation claims during the last two fiscal years. \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 Training Education $ \n \nAll Employees \n \n$ \n \n25,000.00 10,000.00 100,000.00 \n \nNOTE 9: FUND BALANCE CLASSIFICATION DETAILS \nThe School District's financial statements include the following amounts presented in the aggregate at June 30, 2024: \n \nNonspendable \n \nInventories \n \n$ \n \nPrepaid Assets \n \nInterfund Accounts Receivable \n \nRestricted \n \nContinuation of Federal Programs $ \n \nCapital Projects \n \nDebt Service \n \nCommitted \n \nSchool Activity Accounts \n \nAssigned \n \nSubsequent Period Expenditures \n \nUnassigned \n \n127,814.02 50,238.57 \n1,152,201.08 $ \n2,482,228.03 14,343,971.09 \n2,815,000.00 \n \n1,330,253.67 \n19,641,199.12 398,121.60 \n2,272,543.00 10,738,554.42 \n \nFund Balance, June 30, 2024 \n \n$ \n \n34,380,671.81 \n \nWhen multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \n \n- 22 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \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 5% 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 \nThe following is an analysis of significant outstanding construction or renovation contracts executed by the School District as of June 30, 2024, together with funding available: \n \nProject \n \nUnearned Executed Contracts (1) \n \nPayments through June 30, 2024 (2) \n \nFunding Available From State (1) \n \nAthletic Facility Improvement \n \n$ \n \nSoftball/Tennis Complex \n \nAthletic Facility Improvement \n \nMatthews Field - Phase I \n \nRoofing - Primary, Elementary, and \n \nSkylight High School \n \n110,746.60 $ 1,245,335.15 \n685,680.64 \n \n8,770,047.88 $ 1,922,922.17 \n5,351,807.70 \n \n- \n1,279,910.00 \n \n$ \n \n2,041,762.39 $ \n \n16,044,777.75 $ \n \n1,279,910.00 \n \n(1) The amounts described are not reflected in the basic financial statements. (2) Payments include contracts and retainages payable at year-end. \nNOTE 11: SIGNIFICANT CONTINGENT LIABILITIES \nFederal Grants \nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position. \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. \n \n- 23 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \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 $1,139,570.00 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 $31,754,380.00 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of June 30, 2023. The total OPEB liability used to calculate the net OPEB liability was based on an actuarial valuation as of June 30, 2022. An expected total OPEB liability as of June 30, 2023 was determined using standard roll-forward techniques. The School District's proportion of the net OPEB liability was actuarially determined based on employer contributions during the fiscal year ended June 30, 2023. At June 30, 2023, the School District's proportion was 0.289904%, which was decrease of 0.003173% from its proportion measured as of June 30, 2022. \n \n- 24 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nFor the year ended June 30, 2024, the School District recognized OPEB expense of ($834,709.00). At June 30, 2024, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \n \nOPEB Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual \n \nexperience \n \n$ \n \n925,588.00 $ 9,120,231.00 \n \nChanges of assumptions \n \n5,769,147.00 \n \n3,965,640.00 \n \nNet difference between projected and actual \n \nearnings on OPEB plan investments \n \n19,051.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n632,181.00 \n \n374,721.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n1,139,570.00 \n \n- \n \nTotal \n \n$ 8,485,537.00 $ 13,460,592.00 \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$ (2,033,986.00) \n \n$ (1,491,854.00) \n \n$ (1,986,074.00) \n \n$ (825,523.00) \n \n$ \n \n181,494.00 \n \n$ \n \n41,318.00 \n \n- 25 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nActuarial Assumptions: The total OPEB liability as of June 30, 2023 was determined by an actuarial valuation as of June 30, 2022 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2023: \n \nOPEB: \n \nInflation \n \n2.50% \n \nSalary increases \n \n3.00%  8.75%, including inflation \n \nLong-term expected rate of return \n \n7.00%, compounded annually, net of investment expense, and including inflation \n \nHealthcare cost trend rate \n \n7.00% \n \nUltimate trend rate \n \n4.50% \n \nYear of Ultimate trend rate \n \n2032 \n \nThe Plan currently uses mortality tables that vary by age, gender, and health status (i.e. disabled or not disabled) as follows: \n 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- 26 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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 \nTotal \n \n30.00% 70.00% \n100.00% \n \n1.50% 9.40% \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- 27 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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 \n35,995,055.00 $ \n \n31,754,380.00 $ 28,182,836.00 \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 \n27,352,189.00 $ \n \n31,754,380.00 $ 37,181,334.00 \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 \nPost-Employment Benefits Other Than Pensions (SEAD  OPEB) \nPlan Description: SEAD-OPEB was created in 2007 by the Georgia General Assembly to amend Title 47 of the O.C.G.A., relating to retirement, so as to establish a fund for the provision of term life insurance to retired and vested inactive members of the Employees' Retirement System of Georgia (ERS), the Legislative Retirement System (LRS), and the Georgia Judicial Retirement System (GJRS). The plan is a cost-sharing multiple-employer defined benefit other postemployment benefit plan as defined in Governmental Accounting Standards Board (GASB) Statement No. 74, Financial Reporting for Post-Employment Benefit Plans other than OPEB Plans. The SEAD-OPEB trust fund accumulates the premiums received from the aforementioned retirement plans, including interest earned on deposits and investments of such payments. \nBenefits Provided: The amount of insurance for a retiree with creditable service prior to April 1, 1964 is the full amount of insurance in effect on the date of retirement. The amount of insurance for a service retiree with no creditable service prior to April 1, 1964, is 70% of the amount of insurance in effect at age 60 or at termination, if earlier. Life insurance proceeds are paid in a lump sum to the beneficiary upon death of the retiree. \nContributions: Georgia law provides that employee contributions to the plan shall be in an amount established by the Board of Trustees not to exceed one-half of 1% of the member's earnable compensation. There were no employer contributions required for the fiscal year ended June 30, 2024. \n \n- 28 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \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 an asset of $6,849.00 for its proportionate share of the net OPEB asset. The net OPEB asset was measured as of June 30, 2023. The total OPEB liability used to calculate the net OPEB asset 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 asset was based on actual member salaries reported to the SEADOPEB plan during the fiscal year ended June 30, 2023. At June 30, 2023, the School District's proportion was 0.001553%, which was an decrease of .004404% from its proportion measured as of June 30, 2022. \nFor the year ended June 30, 2024, the School District recognized OPEB expense of $10,167.00. At June 30, 2024, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \n \nSEAD-OPEB \n \nDeferred \n \nDeferred \n \nOutflows of \n \nInflows of \n \nResources \n \nResources \n \nDifferences between expected and actual \n \nexperience \n \n$ \n \n44.00 $ \n \n- \n \nChanges of assumptions \n \n- \n \n- \n \nNet difference between projected and actual \n \nearnings on OPEB plan investments \n \n370.00 \n \n- \n \nChanges in proportion and differences \n \nbetween School District contributions and \n \nproportionate share of contributions \n \n8,052.00 \n \n- \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n- \n \n- \n \nTotal \n \n$ \n \n8,466.00 $ \n \n- \n \nThere were no employer contributions subsequent to the measurement date. 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 \nSEAD-OPEB \n \n2025 2026 2027 2028 \n \n$ \n \n8,042.00 \n \n$ \n \n(126.00) \n \n$ \n \n721.00 \n \n$ \n \n(171.00) \n \n- 29 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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, applied to all periods included in the measurement: \n \nSEAD  OPEB: \n \nInflation Salary increases: \nERS GJRS LRS Investment rate of return \n \n2.50% \n3.00%  6.75% 3.75% N/A 7.00%, net of OPEB plan investment expense, including inflation \n \nHealthcare cost trend rate \n \nN/A \n \nMortality rates are as follows: \n The Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale is used for both males and females while in active service. \n The Pub-2010 Family of Tables projected generationally with the MP-2019 Scale and with further adjustments are used for post-retirement mortality assumptions as follows: \n \nParticipant Type Membership Table \n \nService Retirees General Healthy Annuitant \n \nDisability Retirees General Disabled \n \nBeneficiaries \n \nGeneral Contingent Survivors \n \nSet Forward (+)/ Setback (-) Adjustment to Rates \n \nMale: +1; Female: +1 \n \nMale: 105%; Female: 108% \n \nMale: -3; Female: 0 \n \nMale: 103%; Female: 106% \n \nMale: +2; Female: +2 \n \nMale: 106%; Female: 105% \n \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. \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 returns, net of 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. \n \n- 30 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nThe target asset 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 \nTotal \n \nSEAD - OPEB Target \nAllocation \n30.00% 46.30% \n1.20% 12.30% \n5.20% 5.00% \n100.00% \n \nLong-Term Expected Real Rate of Return* \n0.90% 9.40% 13.40% 9.40% 11.40% 10.50% \n \n* Rates shown are net of inflation \n \nDiscount Rate: The discount rate used to measure the total OPEB 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 State of Georgia contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the OPEB plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the longterm expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability. \n \nSensitivity of the School District's Proportionate Share of the Net OPEB Asset to Changes in the Discount Rate: The following presents the School District's proportionate share of the net OPEB asset calculated using the discount rate of 7.00%, as well as what the School District's proportionate share of the net OPEB asset would be if it were calculated using a discount rate that is 1percentage-point lower (6.00%) or 1-percentage-point higher (8.00%) than the current rate: \n \n1% Decrease (6.00%) \n \nCurrent Discount Rate (7.00%) \n \n1% Increase (8.00%) \n \nSchool District's proportionate share \n \nof the net OPEB asset \n \n$ \n \n4,828.00 $ \n \n6,849.00 $ \n \n8,507.00 \n \nOPEB Plan Fiduciary Net Position: Detailed information about the OPEB plan's fiduciary net position is available in the separately issued ERS annual comprehensive financial report which is publicly available at www.ers.ga.gov/financials. \n \n- 31 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nNOTE 13: RETIREMENT PLANS \nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \nTeachers Retirement System of Georgia (TRS) \nPlan Description: All teachers of the School District as defined in O.C.G.A. 47-3-60 and certain other support personnel as defined by O.C.G.A. 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple-employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2024. The School District's contractually required contribution rate for the year ended June 30, 2024 was 19.98% of annual School District payroll. For the current fiscal year, employer contributions to the pension plan were $5,547,485.55 from the School District. \nEmployees' Retirement System \nPlan Description: The Employees' Retirement System of Georgia (ERS) is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly during the 1949 Legislative Session for the purpose of providing retirement allowances for employees of the State of Georgia and its political subdivisions. ERS is directed by a Board of Trustees. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. ERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \n \n- 32 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nBenefits Provided: The ERS Plan supports three benefit tiers: Old Plan, New Plan, and Georgia State Employees' Pension and Savings Plan (GSEPS). Employees under the old plan started membership prior to July 1, 1982 and are subject to plan provisions in effect prior to July 1, 1982. Members hired on or after July 1, 1982 but prior to January 1, 2009 are new plan members subject to modified plan provisions. Effective January 1, 2009, new state employees and rehired state employees who did not retain membership rights under the Old or New Plans are members of GSEPS. ERS members hired prior to January 1, 2009 also have the option to irrevocably change their membership to GSEPS. \nUnder the old plan, the new plan, and GSEPS, a member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 60 or 30 years of creditable service regardless of age. Additionally, there are some provisions allowing for early retirement after 25 years of creditable service for members under age 60. \nRetirement benefits paid to members are based upon the monthly average of the member's highest 24 consecutive calendar months, multiplied by the number of years of creditable service, multiplied by the applicable benefit factor. Annually, postretirement cost-of-living adjustments may also be made to members' benefits, provided the members were hired prior to July 1, 2009. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension, at reduced rates, to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS. \nContributions: Member contributions under the old plan are 4.00% of annual compensation, up to $4,200.00, plus 6.00% of annual compensation in excess of $4,200.00. Under the old plan, the state pays member contributions in excess of 1.25% of annual compensation. Under the old plan, these state contributions are included in the members' accounts for refund purposes and are used in the computation of the members' earnable compensation for the purpose of computing retirement benefits. Member contributions under the new plan and GSEPS are 1.25% of annual compensation. The School District's total required contribution rate for the year ended June 30, 2024 was 29.35% of annual covered payroll for old and new plan members and 25.51% for GSEPS members. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employer contributions to the pension plan were $0.00 for the current fiscal year. \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 \n- 33 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \ntermination 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 $137,989.00. \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 $53,708,117.00 for its proportionate share of the net pension liability for TRS ($53,673,397.00) and ERS ($34,720.00). \nThe net pension liability for TRS and ERS 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 and ERS during the fiscal year ended June 30, 2023. \nAt June 30, 2023, the School District's TRS proportion was 0.181794%, which was a decrease of 0.003519% from its proportion measured as of June 30, 2022. At June 30, 2023, the School District's ERS proportion was 0.000582%, which was a decrease of 0.001910% 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 $817,826.00. \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 $10,899,629.00 for TRS, ($31,032.00) for ERS and $147,606.00 for PSERS and revenue of ($88.00) for TRS and $147,606.00 for PSERS. The revenue is support provided by the State of Georgia. \n \n- 34 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nAt June 30, 2024, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \n \nTRS Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nERS Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual experience \n \n$ 2,725,463.00 $ 221,921.00 $ \n \n527.00 $ \n \n81.00 \n \nChanges of assumptions \n \n5,521,840.00 \n \n- \n \n1,336.00 \n \n- \n \nNet difference between projected and actual \n \nearnings on pension plan investments \n \n3,774,994.00 \n \n- \n \n1,414.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n814,742.00 \n \n746,037.00 \n \n74.00 \n \n49,606.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n5,547,485.55 \n \n- \n \n- \n \n- \n \nTotal \n \n$ 18,384,524.55 $ 967,958.00 $ \n \n3,351.00 $ 49,687.00 \n \nThe School District contributions subsequent to the measurement date for TRS and ERS 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 \nERS \n \n2025 2026 2027 2028 \n \n$ 3,495,593.00 $ $ 2,441,121.00 $ $ 7,330,949.00 $ $ (1,398,582.00) $ \n \n(39,801.00) (8,714.00) 2,826.00 (647.00) \n \n- 35 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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 1.50% semi-annually \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, 2022 valuation were based on the results of an actuarial experience study for the period July 1, 2013  June 30, 2018. \n \nEmployees' Retirement System: \n \nInflation \n \n2.50% \n \nSalary increases Investment rate of return \n \n3.00%  6.75%, including inflation \n7.00%, net of pension plan investment expense, including inflation \n \nCost-of-living adjustment \n \n1.05%, annually \n \n- 36 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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 Membership Table \n \nSet Forward (+)/ Setback (-) Adjustment to Rates \n \nService Retirees General Healthy Annuitant \n \nMale: +1; Female: +1 \n \nMale: 105%; Female: 108% \n \nDisability Retirees General Disabled \n \nMale: -3; Female: 0 \n \nMale: 103%; Female: 106% \n \nBeneficiaries \n \nGeneral Contingent Survivors Male: +2; Female: +2 \n \nMale: 106%; Female: 105% \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 \nPublic School Employees Retirement System: \n \nInflation \n \n2.50% \n \nSalary increases Investment rate of return \nPost-retirement benefit increases \n \nN/A 7.00%, net of pension plan investment expense, including inflation 1.50% semi-annually \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 \n- 37 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nThe long-term expected rate of return on TRS, ERS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \n \nAsset Class \nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \n \nTRS/ERS/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 \nDiscount Rate: The discount rate used to measure the total TRS pension liability was 6.90%. The discount rate used to measure the total ERS and PSERS pension liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS, ERS and PSERS pension plans' fiduciary net position were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \n \n- 38 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2024 \n \nEXHIBIT \"I\" \n \nSensitivity of the School District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 6.90% and 7.00%, 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% and 6.00%) or 1-percentage-point higher (7.90% and 8.00%) 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 \n84,863,884.00 $ \n \n53,673,397.00 $ 28,202,165.00 \n \nEmployees' Retirement System: \n \n1% Decrease (6.00%) \n \nCurrent Discount Rate (7.00%) \n \n1% Increase (8.00%) \n \nSchool District's proportionate share of \n \nthe net pension liability \n \n$ \n \n47,643.00 $ \n \n34,720.00 $ \n \n23,845.00 \n \nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS, ERS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \n \nNOTE 14: TAX ABATEMENTS \nThe School District property tax revenues were reduced by $26,036.00 under agreements entered into by Standard Textile. Standard Textile reimburses the School District on an eight-year phase in schedule. The School District received $43,609.00 in fiscal year 2024. \n \n- 39 - \n \n (This page left intentionally blank) \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"1\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion \nof the Net Pension Liability (NPL) \n \nSchool District's proportionate share \nof the NPL \n \nState of Georgia's proportionate share \nof the NPL associated with the \nSchool District \n \nTotal \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the NPL as a percentage of its covered payroll \n \nPlan fiduciary net position as a percentage \nof the total pension liability \n \n2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.181794% $ 53,673,397.00 $ 0.185313% $ 60,174,713.00 $ 0.178162% $ 15,757,241.00 $ 0.176939% $ 42,861,551.00 $ 0.184029% $ 39,571,211.00 $ 0.176141% $ 32,695,543.00 $ 0.185640% $ 34,501,766.00 $ 0.191445% $ 39,497,238.00 $ 0.198917% $ 30,283,138.00 $ 0.204991% $ 25,897,909.00 $ \n \n7,509.00 - \n \n$ 53,673,397.00 $ 60,174,713.00 $ 15,757,241.00 $ 42,869,060.00 $ 39,571,211.00 $ 32,695,543.00 $ 34,501,766.00 $ 39,497,238.00 $ 30,283,138.00 $ 25,897,909.00 \n \n$ 26,521,490.05 $ 25,048,870.22 $ 23,142,923.38 $ 22,815,000.75 $ 22,456,389.54 $ 20,984,370.31 $ 21,315,696.34 $ 20,953,028.58 $ 20,978,778.02 $ 20,911,311.48 \n \n202.38% 240.23% \n68.09% 187.87% 176.21% 155.81% 161.86% 188.50% 144.35% 123.85% \n \n76.29% 72.85% 92.03% 77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \n \n- 41 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"2\" \n \nFor the Year Ended June 30 \n \nContractually required contribution \n \nContributions in relation to the contractually required \ncontribution \n \nContribution deficiency (excess) \n \nSchool District's covered payroll \n \nContribution as a percentage of covered \npayroll \n \n2024 \n \n$ \n \n2023 \n \n$ \n \n2022 \n \n$ \n \n2021 \n \n$ \n \n2020 \n \n$ \n \n2019 \n \n$ \n \n2018 \n \n$ \n \n2017 \n \n$ \n \n2016 \n \n$ \n \n2015 \n \n$ \n \n5,547,485.55 $ 5,300,200.55 $ 4,962,181.16 $ 4,411,041.58 $ 4,823,091.16 $ 4,693,385.41 $ 3,527,472.65 $ 3,041,749.87 $ 2,989,997.18 $ 2,758,709.31 $ \n \n5,547,485.55 $ 5,300,200.55 $ 4,962,181.16 $ 4,411,041.58 $ 4,823,091.16 $ 4,693,385.41 $ 3,527,472.65 $ 3,041,749.87 $ 2,989,997.18 $ 2,758,709.31 $ \n \n- \n \n$ \n \n27,765,192.43 \n \n- \n \n$ \n \n26,521,490.05 \n \n- \n \n$ \n \n25,048,870.22 \n \n- \n \n$ \n \n23,142,923.38 \n \n- \n \n$ \n \n22,815,000.75 \n \n- \n \n$ \n \n22,456,389.54 \n \n- \n \n$ \n \n20,984,370.31 \n \n- \n \n$ \n \n21,315,696.34 \n \n- \n \n$ \n \n20,953,028.58 \n \n- \n \n$ \n \n20,978,778.02 \n \n19.98% 19.98% 19.81% 19.06% 21.14% 20.90% 16.81% 14.27% 14.27% 13.15% \n \n- 42 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"3\" \n \nFor the Year Ended June 30 \n \nSchool District's proportion of the Net Pension Liability (NPL) \n \nSchool District's proportionate share of \nthe NPL \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the NPL as a percentage \nof covered payroll \n \nPlan fiduciary net position as a \npercentage of total pension liability \n \n2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.000582% $ 0.002492% $ 0.002477% $ 0.002288% $ 0.003187% $ 0.004486% $ 0.004667% $ 0.004709% $ 0.004418% $ 0.002162% $ \n \n34,720.00 $ 166,427.00 $ \n57,935.00 $ 96,438.00 $ 131,513.00 $ 184,421.00 $ 189,543.00 $ 222,755.00 $ 178,991.00 $ 81,088.00 $ \n \n21,928.45 61,348.30 59,383.71 57,678.11 95,111.16 114,416.08 114,463.92 109,486.13 101,014.11 48,679.50 \n \n158.33% 271.28% \n97.56% 167.20% 138.27% 161.18% 165.59% 203.45% 177.19% 166.58% \n \n71.20% 67.44% 87.62% 76.21% 76.74% 76.68% 76.33% 72.34% 76.20% 77.99% \n \n- 43 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS \nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"4\" \n \nFor the Year Ended June 30 \n \nContractually required contribution \n \nContributions in relation to the contractually required \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 \n- \n \n$ \n \n6,800.00 $ \n \n15,110.39 $ \n \n14,643.97 $ \n \n14,223.39 $ \n \n23,566.49 $ \n \n28,386.64 $ \n \n28,398.46 $ \n \n27,065.02 $ \n \n22,182.70 $ \n \n- \n \n$ \n \n6,800.00 $ \n \n15,110.39 $ \n \n14,643.97 $ \n \n14,223.39 $ \n \n23,566.49 $ \n \n28,386.64 $ \n \n28,398.46 $ \n \n27,065.02 $ \n \n22,182.70 $ \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 \n21,928.45 61,349.30 59,383.71 57,678.11 95,111.16 114,416.08 114,463.92 109,486.13 101,014.11 \n \n0.00% 31.01% 24.63% 24.66% 24.66% 24.78% 24.81% 24.81% 24.72% 21.96% \n \n- 44 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"5\" \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 \n817,826.00 $ 817,826.00 $ 2,233,750.33 \n \n- \n \n$ 1,066,488.00 $ 1,066,488.00 $ 2,098,666.17 \n \n- \n \n$ \n \n107,189.00 $ 107,189.00 $ 1,785,643.24 \n \n- \n \n$ \n \n756,994.00 $ 756,994.00 $ 1,923,862.41 \n \n- \n \n$ \n \n696,711.00 $ 696,711.00 $ 1,576,547.99 \n \n- \n \n$ \n \n669,127.00 $ 669,127.00 $ 1,513,604.79 \n \n- \n \n$ \n \n608,559.00 $ 608,559.00 $ 1,539,671.66 \n \n- \n \n$ \n \n773,187.00 $ 773,187.00 $ 1,583,839.04 \n \n- \n \n$ \n \n523,617.00 $ 523,617.00 $ 1,543,478.79 \n \n- \n \n$ \n \n449,299.00 $ 449,299.00 $ 1,536,388.00 \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- 45 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY SCHOOL OPEB FUND \n \nSCHEDULE \"6\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the Net OPEB Liability (NOL) \n \nSchool District's proportionate share \nof the NOL \n \nState of Georgia's proportionate \nshare of the NOL associated with the School District \n \nTotal \n \nSchool District's covered-employee \npayroll \n \nSchool District's proportionate share of the NOL as a percentage of its coveredemployee payroll \n \nPlan fiduciary net position \nas a percentage of the total OPEB \nliability \n \n2024 2023 2022 2021 2020 2019 2018 \n \n0.289904% $ 31,754,380.00 $ 0.293077% $ 29,023,949.00 $ 0.290067% $ 31,416,656.00 $ 0.290159% $ 42,617,600.00 $ 0.286761% $ 35,191,727.00 $ 0.282988% $ 35,966,906.00 $ 0.281563% $ 39,559,489.00 $ \n \n- \n \n$ 31,754,380.00 $ 27,564,695.85 \n \n- \n \n$ 29,023,949.00 $ 26,456,700.45 \n \n- \n \n$ 31,416,656.00 $ 24,535,283.44 \n \n- \n \n$ 42,617,600.00 $ 22,843,069.90 \n \n- \n \n$ 35,191,727.00 $ 22,364,222.54 \n \n- \n \n$ 35,966,906.00 $ 20,876,189.48 \n \n- \n \n$ 39,559,489.00 $ 20,530,328.80 \n \n115.20% 109.70% 128.05% 186.57% 157.36% 172.29% 192.69% \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- 46 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \n \nSCHEDULE \"7\" \n \nFor the Year Ended June 30 \n \nContractually required contribution \n \nContributions in relation to the contractually required \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 \n1,139,570.00 $ 1,114,519.00 $ 1,059,693.00 $ 1,079,002.00 $ \n981,249.00 $ 1,544,401.00 $ 1,466,700.00 $ 1,468,092.00 $ \n \n1,139,570.00 $ 1,114,519.00 $ 1,059,693.00 $ 1,079,002.00 $ \n981,249.00 $ 1,544,401.00 $ 1,466,700.00 $ 1,468,092.00 $ \n \n- \n \n$ \n \n27,850,731.74 \n \n- \n \n$ \n \n27,564,695.85 \n \n- \n \n$ \n \n26,456,700.45 \n \n- \n \n$ \n \n24,535,283.44 \n \n- \n \n$ \n \n22,843,069.90 \n \n- \n \n$ \n \n22,364,222.54 \n \n- \n \n$ \n \n20,876,189.48 \n \n- \n \n$ \n \n20,530,328.80 \n \n4.09% 4.04% 4.01% 4.40% 4.30% 6.91% 7.03% 7.15% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 47 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB ASSET SEAD-OPEB \n \nSCHEDULE \"8\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the Net OPEB Asset (NOA) \n \nSchool District's proportionate share \nof the NOA \n \nState of Georgia's proportionate \nshare of the NOA associated with the School District \n \nTotal \n \nSchool District's covered-employee \npayroll \n \nSchool District's proportionate share of the NOA as a percentage of its coveredemployee payroll \n \nPlan fiduciary net position \nas a percentage of the total OPEB \nasset \n \n2024 2023 2022 2021 2020 2019 2018 \n \n0.001553% $ 0.005957% $ 0.005478% $ 0.004841% $ 0.006298% $ 0.008625% $ 0.007860% $ \n \n6,849.00 $ 21,897.00 $ 33,735.00 $ 13,749.00 $ 17,809.00 $ 22,369.00 $ 20,429.00 $ \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 \n6,849.00 $ 21,897.00 $ 33,735.00 $ 13,749.00 $ 17,809.00 $ 22,369.00 $ 20,429.00 $ \n \n21,928.45 61,349.30 59,383.71 57,678.11 95,111.16 114,416.08 114,463.92 \n \n31.23% 35.69% 56.81% 23.84% 18.72% 19.55% 17.85% \n \n144.49% 138.03% 164.76% 129.20% 129.73% 129.46% 130.17% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 48 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS SEAD - OPEB \n \nSCHEDULE \"9\" \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 \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- \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 \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n21,928.45 61,349.30 59,383.71 57,678.11 95,111.16 114,416.08 114,463.92 \n \n0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 49 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \nFOR THE YEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"10\" \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%. \nEmployees' 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, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to the RP-2000 Combined Mortality Table projected to 2025 with projection scale BB (set forwarded 2 years for both males and females). \nA new funding policy was initially adopted the Board on March 15, 2018, and most recently amended on June 18, 2020. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for the June 30, 2017 actuarial valuation and further reduced from 7.40% to 7.30% for the June 30, 2018 actuarial valuation. \nOn December 17, 2020, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System based on the experience study prepared for the five-year period ending June 30, 2019. Primary among the changes were the updates to rate of mortality, retirement, withdrawal, and salary increases. This also included a change to the long-term assumed investment rate of return of 7.00%. These assumption changes are reflected in the calculation of the June 30, 2021 Total Pension Liability. \nOn April 21, 2022, the Board adopted a new funding policy which, in part, provides that the Actuarial Accrued Liability and Normal Cost of the System will include a prefunded variable Cost-of-Living Adjustment (COLA) for eligible retirees and beneficiaries of the System. Under the new policy, future COLAs are provided through a profit-sharing mechanism using the System's asset performance. After studying the parameters of this new policy, the assumption for future COLAs was set at 1.05%. Previously, no future COLAs were assumed. In addition, the funding policy set the assumed rate of return at 7.20% for the June 30, 2021 valuation and established a new Transitional Unfunded Actuarial Accrued Liability as of June 30, 2021 which will be amortized over a closed 20-year period. \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. \n- 50 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \nFOR THE YEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"10\" \n \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. \nSEAD-OPEB Employer Changes of benefit terms: There have been no changes in benefit terms. \nChanges of assumptions: On December 17, 2015, the Board of Trustees adopted recommended changes to the economic and demographic assumptions utilized by the Plan. 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 the RP-2000 Combined Mortality Table projected to 2025 with projection scale BB (set forward 2 years for both males and females). \nA new funding policy was initially adopted by the Board on March 15, 2018. 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 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. \n \n- 51 - \n \n THOMASTON-UPSON 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 \"11\" \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 Food Services Operation Capital Outlay Total Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES) Operating Transfers from Other Funds Other Uses 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 \n14,120,112.00 $ \n \n14,120,112.00 $ \n \n14,190,579.51 $ \n \n175,000.00 \n \n175,000.00 \n \n180,036.29 \n \n34,602,301.00 \n \n35,392,603.00 \n \n35,846,753.56 \n \n12,801,513.00 \n \n13,166,104.00 \n \n12,178,025.56 \n \n121,500.00 \n \n121,500.00 \n \n501,208.52 \n \n89,400.00 \n \n89,400.00 \n \n393,931.81 \n \n1,096,000.00 \n \n1,096,000.00 \n \n1,191,364.77 \n \n63,005,826.00 \n \n64,160,719.00 \n \n64,481,900.02 \n \n70,467.51 5,036.29 \n454,150.56 (988,078.44) 379,708.52 304,531.81 \n95,364.77 321,181.02 \n \n36,274,471.00 \n2,935,829.00 3,046,261.00 \n553,321.00 2,246,290.00 3,490,237.00 \n355,163.00 5,533,572.00 4,519,574.00 \n209,776.00 270,968.00 4,113,482.00 242,446.00 63,791,390.00 (785,564.00) \n \n38,265,017.00 \n2,720,758.00 2,885,824.00 \n557,649.00 2,158,845.00 3,546,377.00 \n409,931.00 8,174,680.00 4,794,908.00 \n212,108.00 276,444.00 4,305,410.00 608,146.00 68,916,097.00 (4,755,378.00) \n \n36,304,186.48 \n2,837,231.82 2,580,848.47 \n569,304.29 1,446,665.98 3,722,483.50 \n410,035.52 7,612,466.81 4,676,349.63 \n218,444.25 234,611.84 4,592,962.90 603,597.27 65,809,188.76 (1,327,288.74) \n \n1,960,830.52 \n(116,473.82) 304,975.53 (11,655.29) 712,179.02 (176,106.50) \n(104.52) 562,213.19 118,558.37 \n(6,336.25) 41,832.16 (287,552.90) \n4,548.73 3,106,908.24 3,428,089.26 \n \n1,773,400.00 80,000.00 \n(1,773,400.00) 80,000.00 \n \n(705,564.00) \n \n17,320,406.87 \n \n19,280.50 \n \n$ \n \n16,634,123.37 $ \n \n3,558,195.00 80,000.00 \n(3,558,195.00) 80,000.00 \n(4,675,378.00) \n17,320,406.87 \n6,254.49 \n12,651,283.36 $ \n \n- \n(1,327,288.74) \n17,363,747.36 \n- \n16,036,458.62 $ \n \n(3,558,195.00) (80,000.00) \n3,558,195.00 (80,000.00) \n3,348,089.26 \n43,340.49 \n(6,254.49) \n3,385,175.26 \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 $1,049,934.34 and $1,184,574.43, 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- 52 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"12\" \n \nFUNDING AGENCY PROGRAM/GRANT Agriculture, U.S. Department of \nChild Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program COVID-19 - National School Lunch Program Total Child Nutrition Cluster \nOther Programs Pass-Through From Georgia Department of Education Food Services State Administrative Expenses for Child Nutrition Total U.S. Department of Agriculture \nEducation, U.S. Department of Education Stabilization Fund Pass-Through From Georgia Department of Education COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund 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 Preschool Grants Total Special Education Cluster \nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Rural Education - Rural and Low-Income School Program Rural Education - Rural and Low-Income School Program Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Total Other Programs Total U.S. Department of Education \nDefense, U.S. Department of Direct Department of the Air Force R.O.T.C. Program \nTotal Expenditures of Federal Awards \n \nASSISTANCE LISTING NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n10.553 10.555 10.555 \n \n245GA324N1199 $ 245GA324N1199 225GA324N1099 \n \n1,558,904.87 2,545,810.83 \n105,857.31 4,210,573.01 \n \n10.560 \n \n245GA904N2533 \n \n28,869.37 4,239,442.38 \n \n84.425D 84.425U 84.425U 84.425W \n \nS425D200012 S425U200012 S425U210012 S425W210011 \n \n42,985.05 4,068,338.00 \n303,870.13 1,270.00 \n4,416,463.18 \n \n84.027A 84.173A \n \nH027A230073 H173A230081 \n \n84.048A 84.358B 84.358B 84.010A 84.010A \n \nV048A230010 S358F220010 S358F230010 S010A220010 S010A230010 \n \n1,066,485.43 24,093.75 \n1,090,579.18 \n72,951.09 9,520.00 \n97,156.36 180,942.00 2,127,513.97 2,488,083.42 7,995,125.78 \n \n12. UNKNOWN \n \n61,924.95 \n \n$ \n \n12,296,493.11 \n \n- 53 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"12\" \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 Thomaston-Upson 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 $262,409.00 were transferred from the Supporting Effective Instruction program (ALN 84.367A) and funds totaling $149,634.00 were transferred from the Student Support and Academic Enrichment program (ALN 84.424A) and expended in the Title I Grants to Local Educational Agencies program (ALN 84.010A) during Fiscal Year 2024. \n \nSee notes to the basic financial statements. \n \n- 54 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"13\" \n \nAGENCY/FUNDING \n \nGRANTS \n \nBright From the Start: \n \nGeorgia Department of Early Care and Learning \n \nPre-Kindergarten Program \n \n$ \n \nEducation, Georgia Department of \n \nQuality Basic Education \n \nDirect Instructional Cost \n \nKindergarten Program \n \nKindergarten Program - Early Intervention Program \n \nPrimary Grades (1-3) Program \n \nPrimary Grades - Early Intervention (1-3) Program \n \nUpper Elementary Grades (4-5) Program \n \nUpper Elementary Grades - Early Intervention (4-5) Program \n \nMiddle School (6-8) Program \n \nHigh School General Education (9-12) Program \n \nVocational Laboratory (9-12) Program \n \nStudents with Disabilities \n \nGifted Student - Category VI \n \nRemedial Education Program \n \nAlternative Education Program \n \nEnglish Speakers of Other Languages (ESOL) \n \nMedia Center Program \n \n20 Days Additional Instruction \n \nStaff and Professional Development \n \nPrincipal Staff and Professional Development \n \nIndirect Cost \n \nCentral Administration \n \nSchool Administration \n \nFacility Maintenance and Operations \n \nMid-Term Adjustment Hold-Harmless \n \nCategorical Grants \n \nPupil Transportation \n \nRegular \n \nNursing Services \n \nEducation Equalization Funding Grant \n \nOther State Programs \n \nCareer, Technical and Agricultural Education (CTEA) \n \nDyslexia Services Grant \n \nFood Services \n \nGNETS State Grant \n \nHygiene Products \n \nMath and Science Supplements \n \nOne Time QBE Adjustment \n \nPreschool Disability Services \n \nPupil Transportation - State Bonds \n \nSchool Bus Safety Incentive Funding \n \nSchool Security Grant \n \nVocational Supervisors \n \nGeorgia State Financing and Investment Commission \n \nReimbursement on Construction Projects \n \nOffice of the State Treasurer \n \nPublic School Employees Retirement \n \n$ \n \nGOVERNMENTAL FUND TYPES \n \nGENERAL \n \nCAPITAL PROJECTS \n \nFUND \n \nFUND \n \n774,468.50 $ \n \n- $ \n \n1,227,538.00 422,874.00 \n3,461,065.00 1,178,731.00 1,699,678.00 \n388,200.00 3,204,389.00 2,572,694.00 1,496,611.00 6,230,180.00 1,056,611.00 \n322,008.00 241,214.00 \n56,567.00 569,311.00 175,354.00 \n77,017.00 26,857.00 \n767,943.00 1,001,561.00 1,048,437.00 \n120,223.00 \n738,889.00 92,600.00 \n4,317,405.00 \n83,635.83 8,270.00 \n98,316.00 183,150.00 \n3,480.32 16,822.91 489,518.00 115,049.00 1,057,220.00 156,000.00 200,000.00 28,877.00 \n- \n137,989.00 \n35,846,753.56 $ \n \n- \n- \n- \n- \n152,365.09 \n- \n152,365.09 $ \n \nTOTAL \n774,468.50 \n1,227,538.00 422,874.00 \n3,461,065.00 1,178,731.00 1,699,678.00 \n388,200.00 3,204,389.00 2,572,694.00 1,496,611.00 6,230,180.00 1,056,611.00 \n322,008.00 241,214.00 \n56,567.00 569,311.00 175,354.00 \n77,017.00 26,857.00 \n767,943.00 1,001,561.00 1,048,437.00 \n120,223.00 \n738,889.00 92,600.00 \n4,317,405.00 \n83,635.83 8,270.00 \n98,316.00 183,150.00 \n3,480.32 16,822.91 489,518.00 115,049.00 1,057,220.00 156,000.00 200,000.00 28,877.00 \n152,365.09 \n137,989.00 \n35,999,118.65 \n \nSee notes to the basic financial statements. \n \n- 55 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"14\" \n \nPROJECT SPLOST #5 \n(i) Acquiring maintenance and security vehicles, maintenance equipment, and new buses; \n(ii) Acquiring administrative and instructional technology/communications equipment, textbooks, grounds maintenance and kitchen equipment and safety and security equipment; \n(iii) Acquiring equipment and furnishings, including student furniture and band and athletic uniforms and equipment; \n(iv) Renovations, extensions, additions, repairs, upgrades, updates and improvements to existing school facilities, including fine arts, exercise/training rooms, physical education and athletic facilities improvements, playground updates, parking lot improvements, paving, painting and flooring updates; and school-wide HVAC updates; and enclosing open-air walkaways for safety and security purposes; and \n(v) Paying expenses incident to accomplishing the foregoing. Subtotal SPLOST #5 Projects \nSPLOST #6 (i) Acquiring safety and security equipment; \n(ii) Acquiring, constructing, equipping, and furnishing new school, athletic, and support facilities; \n(iii) Renovating, extending, adding to, repairing, upgrading, updating and improving existing school sites and facilities, including fine arts, exercise/training rooms, physical education and athletic and support facilities improvements, playground updates, parking lot improvements, paving, painting and flooring updates, school-wide HVAC updates; and enclosing open air walkways for safety and security purposes; \n(iv) Acquiring maintenance and security vehicles, maintenance equipment, and new buses; \n(v) Acquiring administrative and instructional technology/communications textbooks and textbook related materials, including e-books, and grounds maintenance and kitchen equipment; \n(vi) Acquiring equipment and furnishings, including student furniture and band and athletic uniforms and equipment; \n(vii) Demolition and site work (collectively, the \"Projects\"); and \n(viii) Paying capitalized interest and/or costs of issuing Bonds. Subtotal SPLOST #6 Projects \nTotal \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \n$ \n \n750,000.00 $ \n \n950,000.00 \n \n3,950,000.00 \n \n3,600,000.00 \n \n1,000,000.00 \n \n1,000,000.00 \n \n9,291,469.00 \n8,531.00 15,000,000.00 \n \n12,490,906.00 \n8,531.00 18,049,437.00 \n \n2,000,000.00 \n \n2,000,000.00 \n \n1,000,000.00 \n \n1,000,000.00 \n \n2,000,000.00 \n \n2,000,000.00 \n \n925,000.00 \n \n925,000.00 \n \n4,000,000.00 \n \n4,000,000.00 \n \n1,000,000.00 \n \n1,000,000.00 \n \n461,431.00 \n \n461,431.00 \n \n16,613,569.00 28,000,000.00 \n \n16,613,569.00 28,000,000.00 \n \n$ \n \n43,000,000.00 $ 46,049,437.00 \n \nESTIMATED COMPLETION \nDATE 06/2025 \n06/2025 06/2025 \n06/2025 Completed \n06/2028 06/2028 \n06/2028 06/2028 \n06/2028 06/2028 06/2028 06/2028 \n \n- 56 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"14\" \n \nPROJECT SPLOST #5 \n(i) Acquiring maintenance and security vehicles, maintenance equipment, and new buses; \n \nAMOUNT EXPENDED IN CURRENT YEAR (3)(4) \n \nAMOUNT EXPENDED IN PRIOR YEARS (3) \n \nTOTAL COMPLETION \nCOST \n \nEXCESS PROCEEDS NOT \nEXPENDED \n \n$ 460,877.00 $ 293,126.00 $ \n \n- $ \n \n- \n \n(ii) Acquiring administrative and instructional technology/communications \n \nequipment, textbooks, grounds maintenance and kitchen equipment and safety \n \nand security equipment; \n \n648,652.97 \n \n2,924,844.23 \n \n- \n \n- \n \n(iii) Acquiring equipment and furnishings, including student furniture and band \n \nand athletic uniforms and equipment; \n \n214,654.56 \n \n746,872.62 \n \n- \n \n- \n \n(iv) Renovations, extensions, additions, repairs, upgrades, updates and \n \nimprovements to existing school facilities, including fine arts, exercise/training \n \nrooms, physical education and athletic facilities improvements, playground updates, \n \nparking lot improvements, paving, painting and flooring updates; and school-wide \n \nHVAC updates; and enclosing open-air walkaways for safety and security \n \npurposes; and \n \n2,326,469.88 \n \n8,634,811.43 \n \n- \n \n- \n \n(v) Paying expenses incident to accomplishing the foregoing. Subtotal SPLOST #5 Projects \n \n- \n \n8,351.00 \n \n8,351.00 \n \n- \n \n3,650,654.41 12,608,005.28 \n \n8,351.00 \n \n- \n \nSPLOST #6 (i) Acquiring safety and security equipment; \n \n- \n \n- \n \n- \n \n- \n \n(ii) Acquiring, constructing, equipping, and furnishing new school, athletic, and \n \nsupport facilities; \n \n- \n \n- \n \n- \n \n- \n \n(iii) Renovating, extending, adding to, repairing, upgrading, updating and \n \nimproving existing school sites and facilities, including fine arts, \n \nexercise/training rooms, physical education and athletic and support facilities \n \nimprovements, playground updates, parking lot improvements, paving, painting \n \nand flooring updates, school-wide HVAC updates; and enclosing open air \n \nwalkways for safety and security purposes; \n \n- \n \n- \n \n- \n \n- \n \n(iv) Acquiring maintenance and security vehicles, maintenance equipment, and new buses; \n \n- \n \n- \n \n- \n \n- \n \n(v) Acquiring administrative and instructional technology/communications textbooks and textbook related materials, including e-books, and grounds maintenance and kitchen equipment; \n \n- \n \n- \n \n- \n \n- \n \n(vi) Acquiring equipment and furnishings, including student furniture and band \n \nand athletic uniforms and equipment; \n \n- \n \n- \n \n- \n \n- \n \n(vii) Demolition and site work (collectively, the \"Projects\"); and \n \n- \n \n- \n \n- \n \n- \n \n(viii) Paying capitalized interest and/or costs of issuing Bonds. Subtotal SPLOST #6 Projects \n \n529,568.98 \n \n- \n \n- \n \n- \n \n529,568.98 \n \n- \n \n- \n \n- \n \nTotal \n \n$ 4,180,223.39 $ 12,608,005.28 $ \n \n8,351.00 $ \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 Upson County approved the imposition of a 1% sales tax to fund the above projects. \nAmounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. (4) In addition to the expenditures shown above, the School District has incurred interest to provide advance funding as follows: \n \nPrior Years Current Year \n \n$ \n \n- \n \n513,888.89 \n \nTotal \n \n$ 513,888.89 \n \nSee notes to the basic financial statements. \n \n- 57 - \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 Dr. Larry Derico, Superintendent and Members of the Thomaston-Upson County Board of Education \nWe have audited the financial statements of the governmental activities, each major fund and fiduciary activities of the Thomaston-Upson 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 March 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 \nMarch 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 Dr. Larry Derico, Superintendent and Members of the Thomaston-Upson County Board of Education \nReport on Compliance for Each Major Federal Program \nOpinion on Each Major Federal Program \nWe have audited the Thomaston-Upson 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 \nMarch 28, 2025 \n \n Section III Auditee's Response to Prior Year Findings and Questioned Costs \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2024 \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS \nNo matters were reported. \nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \nNo matters were reported. \n \n Section IV Findings and Questioned Costs \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2024 \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:  Material weakness(es) identified? \n Significant deficiency(ies) identified? \n \nNoncompliance material to financial statements noted: \n \nFederal Awards \n \nInternal control over major programs:  Material weakness(es) identified? \n Significant deficiency(ies) identified? \n \nType of auditor's report issued on compliance for major programs: \n \nAll major programs \n \nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \n \nIdentification of major programs: \n \nAssistance Listing Number Assistance Listing Program or Cluster Title \n \n10.553, 10.555 \n \nChild Nutrition Cluster \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_1391984189-2024-03-26","title":"Annual financial report, fiscal year 2023, Thomaston-Upson County Board of Education, Thomaston, 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, Upson County, 32.88127, -84.29934"],"dcterms_creator":null,"dc_date":["2024-03-26"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Thomaston-Upson County Board of Education (Ga.))","Fiscal year 2021; title from PDF cover (Georgia Government Publications database, viewed August 2, 2023).","Fiscal year 2021; (Georgia Government Publications database, viewed August 2, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Georgia Department of Audits \u0026 Accounts, [2022?]-"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Thomaston-Upson County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Upson County--Auditing--Periodicals.","Education--Georgia--Upson County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Upson County--fast","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report, fiscal year 2023, Thomaston-Upson County Board of Education, Thomaston, 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_1391984189-2024-03-26"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1391984189-2024-03-26"],"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 \nThomaston-Upson County Board of Education \nThomaston, Georgia \nIncluding Independent Auditor's Report \nGreg S. Griffin | State Auditor \n \n Thomaston-Upson County Board of Education Table 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 \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 \n \nEmployees' Retirement System of Georgia \n \n39 \n \n4 Schedule of Contributions  Employees' Retirement System of Georgia \n \n40 \n \n5 Schedule of Proportionate Share of the Net Pension Liability Public \n \nSchool Employees Retirement System of Georgia \n \n41 \n \n Required Supplementary Information (Continued) \n \n6 Schedule of Proportionate Share of the Net OPEB Liability \n \nSchool OPEB Fund \n \n42 \n \n7 Schedule of Contributions  School OPEB Fund \n \n43 \n \n8 Schedule of Proportionate Share of the Net OPEB Asset \n \nSEADOPEB \n \n44 \n \n9 Schedule of Contributions  SEAD-OPEB \n \n45 \n \n10 Notes to the Required Supplementary Information \n \n46 \n \n11 Schedule of Revenues, Expenditures and Changes in Fund \n \nBalances - Budget and Actual General Fund \n \n48 \n \nSupplementary Information \n \n12 Schedule of Expenditures of Federal Awards \n \n49 \n \n13 Schedule of State Revenue \n \n51 \n \n14 Schedule of Approved Local Option Sales Tax Projects \n \n52 \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 Dr. Larry Derico, Superintendent and Members of the Thomaston-Upson County Board of Education \nReport on the Audit of the Financial Statements \nOpinions \nWe have audited the accompanying financial statements of the governmental activities and each major fund, and fiduciary activities of the Thomaston-Upson County Board of Education (School District) as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents. \nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the School District as of June 30, 2023, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \nBasis for Opinions \nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. \nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \nResponsibilities of Management for the Financial Statements \nManagement is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. \nAuditor's Responsibilities for the Audit of the Financial Statements \nOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. \nIn performing an audit in accordance with GAAS and Government Auditing Standards, we: \n Exercise professional judgment and maintain professional skepticism throughout the audit. \n Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. \n Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, no such opinion is expressed. \n Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. \n Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for a reasonable period of time. \nWe are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. \nRequired Supplementary Information \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 \n \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. \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 26, 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. \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 \nMarch 26, 2024 \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \nINTRODUCTION \nThe discussion and analysis of the Thomaston-Upson 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 The School District had $62.6 million in expenses relating to governmental activities: only $43.0 million of these expenses were offset by program specific charges for services, grants and contributions. General revenues (primarily property and sales taxes) of $23.1 million were adequate to provide for these programs. \n As stated above, general revenues accounted for $23.1 million, or 34.9%, of all revenues totaling $66.1 million. Program specific revenues in the form of charges for services, grants and contributions accounted for the rest. \n Among major funds, the general fund had $62.0 million in revenues and $60.7 million in expenditures. The fund balance for the general fund increased $1.3 million to $17.4 million. The increase is due to expenses being lower than anticipated. \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 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. \nThe fund financial statements reflect the School District's most significant funds. In the case of Thomaston-Upson County School District, the general fund and capital projects fund represent the most significant funds. \ni \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \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, deferred outflows of resources, liabilities, and deferred inflows of resources. 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. The School District's major governmental funds are the general fund and the capital projects 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, such as scholarships. 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 THOMASTON-UPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \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 Statement of Net Position, provides a summary of the School District's net position for fiscal years 2023 and 2022. \nTable 1 Net Position \n \nFiscal Year 2023 \n \nGovernmental Activities Fiscal \nYear 2022 \n \nNet Change \n \nAssets Current and Other Assets Capital Assets, Net \n \n$ \n \n25,604,110 $ 27,629,497 $ (2,025,387) \n \n51,909,494 \n \n44,444,562 \n \n7,464,932 \n \nTotal Assets \n \n77,513,604 \n \n72,074,059 \n \n5,439,545 \n \nDeferred Outflows of Resources Related to Defined Benefit Pension Plans Related to OPEB Plan \n \n30,160,436 7,780,038 \n \n12,558,525 7,548,406 \n \n17,601,911 231,632 \n \nTotal Deferred Outflows of Resources \n \n37,940,474 \n \n20,106,931 \n \n17,833,543 \n \nLiabilities Current and Other Liabilities Long-Term Liabilities Net Pension Liability Net OPED Liability \n \n5,684,142 167,603 \n60,341,140 29,023,949 \n \n4,602,425 163,644 \n15,815,176 31,416,656 \n \n1,081,717 3,959 \n44,525,964 (2,392,707) \n \nTotal Liabilities \n \n95,216,834 \n \n51,997,901 \n \n43,218,933 \n \nDeferred Inflows of Resources Related to Defined Benefit Pension Plans Related to OPEB Plan \n \n828,393 17,456,218 \n \n24,254,632 17,451,871 \n \n(23,426,239) 4,347 \n \nTotal Deferred Inflows of Resources \n \n18,284,611 \n \n41,706,503 \n \n(23,421,892) \n \nNet Position Net Investment in Capital Assets Restricted Unrestricted (Deficit) \n \n51,015,893 5,854,642 \n(54,917,902) \n \n43,332,569 9,191,312 \n(54,047,295) \n \n7,683,324 (3,336,670) \n(870,607) \n \nTotal Net Position \n \n$ \n \n1,952,633 $ (1,523,414) $ 3,476,047 \n \nTotal change in net position decreased $8.6 million in fiscal year 2023 from the prior year. This change in net position is detailed in Table 2 as presented below. \n \niii \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \n \nTable 2 shows the changes in net position for fiscal years ending June 30, 2023 and June 30, 2022. \nTable 2 Change in Net Position \n \nRevenues Program Revenues: Charges for Services Operating Grants and Contributions Capital Grants and Contributions \n \nFiscal Year 2023 \n \nGovernmental Activities Fiscal Year 2022 \n \nNet Change \n \n$ \n \n504,996 $ \n \n426,639 $ \n \n78,357 \n \n42,525,495 \n \n41,086,622 \n \n1,438,873 \n \n- \n \n316,921 \n \n(316,921) \n \nTotal Program Revenues \n \n43,030,491 \n \n41,830,182 \n \n1,200,309 \n \nGeneral Revenues: Taxes Property Taxes For Maintenance and Operations Other Taxes Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \n \n12,099,750 - \n5,163,964 201,808 \n4,090,298 128,962 \n1,404,299 \n \n10,518,987 23,180 \n4,590,293 307,962 \n4,477,639 313,727 \n1,018,960 \n \n1,580,763 (23,180) \n573,671 (106,154) \n(387,341) (184,765) 385,339 \n \nTotal General Revenues \n \n23,089,081 \n \n21,250,748 \n \n1,838,333 \n \nTotal Revenues \n \n66,119,572 \n \n63,080,930 \n \n3,038,642 \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 Food Services \n \n38,601,533 \n2,669,551 2,446,852 \n603,705 1,495,599 3,656,901 \n420,021 4,731,324 3,308,285 \n207,256 193,325 \n4,309,173 \n \n30,927,382 \n2,098,630 1,728,243 \n448,479 1,188,113 2,863,170 \n353,735 4,179,732 3,169,835 \n174,131 155,893 \n3,729,218 \n \n7,674,151 \n570,921 718,609 155,226 307,486 793,731 \n66,286 551,592 138,450 \n33,125 37,432 \n579,955 \n \nTotal Expenses \n \n62,643,525 \n \n51,016,561 11,626,964 \n \nIncrease in Net Position \n \n$ 3,476,047 $ 12,064,369 $ (8,588,322) \niv \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \n \nProgram revenues, in the form of charges for services, and operating grants and contributions increased $1.2 million for governmental activities. \nGeneral revenues increased $1.8 million during fiscal year 2023 due in part to an increase in property tax and SPLOST revenue. \nGovernmental Activities \nThe Statement of Activities shows the cost of program services and the charges for services and grants offsetting those services. Table 3 shows the total cost of services and the net cost of services. Net cost of services can be defined as the total cost less fees generated by the activities and intergovernmental revenue provided for specific programs. The net cost reflects the financial burden on the School District's taxpayers by each activity. \nTable 3 Governmental Activities \n \nTotal Cost of Services \n \nFiscal \n \nFiscal \n \nYear 2023 \n \nYear 2022 \n \nNet Cost of Services \n \nFiscal \n \nFiscal \n \nYear 2023 \n \nYear 2022 \n \nInstruction Support Services: \nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services: Food Services \n \n$ 38,601,533 $ \n2,669,551 2,446,852 \n603,705 1,495,599 3,656,901 \n420,021 4,731,324 3,308,285 \n207,256 193,325 \n4,309,173 \n \n30,927,382 $ \n2,098,630 1,728,243 \n448,479 1,188,113 2,863,170 \n353,735 4,179,732 3,169,835 \n174,131 155,893 \n3,729,218 \n \n8,654,911 $ \n \n3,334,699 \n \n1,878,754 751,500 21,107 (200,345) \n2,493,923 410,812 \n3,143,182 2,341,440 \n201,149 174,097 \n \n1,335,486 265,684 (109,159) (321,495) \n1,761,501 345,790 \n2,803,733 567,354 168,910 154,350 \n \n(257,495) \n \n(1,120,475) \n \nTotal Expenses \n \n$ 62,643,525 $ 51,016,561 $ 19,613,035 $ \n \n9,186,378 \n \nAlthough program revenues make up a majority of the funding, the School District is still dependent upon tax revenues for governmental activities. For 2023, 22.4% of instruction and 56.8% of support activities were supplemented by taxes and other general revenues. The school district levies a millage rate of 14.01 mills to provide additional local funding along with a 1% ESPLOST sales tax. \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 of $67.2 million and total expenditures of $69.1 million. The net change in fund balance for the year in the general fund was an increase of $1.3 million and in the capital projects fund a decrease of $3.2 million. \n \nv \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \n \nGeneral Fund Budgeting Highlights \n \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. \n \nThe School District's budget is adopted at the aggregate level and maintained at the program, function, object, and site levels to facilitate budgetary control. The budgeting systems are designed to control the total budget but provide flexibility to meet the ongoing programmatic needs. The budgeting systems are also designed to control total site budgets but provide flexibility for site management as well. \n \nFor the general fund, the actual revenues of $62.0 million were under the final budgeted amount of $65.7 million by $3.7 million. The difference (actual vs. final budget) was mainly due to budgeting for Federal funds that span multiple fiscal years. Additionally, the School District did not include revenues for school activity accounts (included in miscellaneous revenues) in the final budget. The School District traditionally estimates revenue on a conservative basis to avoid shortfalls in actual revenues. \n \nThe general fund's final actual expenditures of $60.7 million were less than the final budget amount of $67.2 million. Expenditures were less than budget in instruction, pupil services, improvement of instructional services, educational media services, general administration, business administration, maintenance and operation of plant, student transportation services, central support, other support services, and capital outlay. Expenditures were more than budget in school administration, and food services. Actual general fund revenues exceeded expenditures by $1.3 million from a budgeted decrease of $1.5 million. As in prior years, the School District did not include expenditures for school activity accounts in the final budget. \n \nCAPITAL ASSETS \n \nAt the fiscal years ended June 30, 2023 and June 30, 2022, the School District had $51.9 million and $44.4 million, respectively, invested in capital assets, net of accumulated depreciation. These assets are made up of a broad range of capital assets, including land; buildings; transportation, food service and maintenance equipment. Table 4 reflects a summary of these balances, by class, net of accumulated depreciation. \n \nTable 4 Capital Assets (Net of Depreciation) \n \nFiscal Year 2023 \n \nGovernmental Activities Fiscal \nYear 2022 \n \nNet Change \n \nLand \n \n$ \n \nConstruction In Progress \n \nBuilding and Improvements \n \nEquipment \n \nLand Improvements \n \n797,021 $ 1,600,572 42,195,169 5,844,682 1,472,050 \n \n797,021 $ 2,977,244 33,061,286 6,447,031 1,161,980 \n \n(1,376,672) 9,133,883 \n(602,349) 310,070 \n \nTotal \n \n$ \n \n51,909,494 $ \n \n44,444,562 $ \n \n7,464,932 \nvi \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \nA net increase was made in building and improvements (asset category) due to the completion of the Upson Lee Elementary Classroom Addition and the Upson Lee Agriculture Center. CURRENT ISSUES \nThe School District is not aware of any currently known facts, decisions, or conditions that are expected to have a significant effect on the financial position or results of operations during this fiscal year. \nThe School District continues to be financially stable. The Georgia Department of Education increased the QBE funding formula to its full amount. We continued to utilize the CARES (COVID-19) funds to supplement the operating budget. Property values are continuing to increase and have allowed for current funding levels to hold steady. The School District does not anticipate a decline in revenue in this area, at least during the foreseeable future. The School District's operating millage rate for fiscal year 2023 was 14.01 mills. Our millage rate continues to remain one of the lowest of the surrounding counties. As shown in Table 3, property tax and sales tax are responsible for covering 27.9% 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. The School District passed a budget for fiscal year 2024 that leverages the new federal funding and will allow the School District to increase its reserves, hire additional teachers and other support staff, and address the learning loss caused by the ongoing pandemic, while preserving the School District's ability to meet mandated educational requirements and operational costs. The School District has also been utilizing our strategic waiver abilities to structure programs for the benefit of children and is committed to making additional resources available at the school site level which could enable our strategic initiatives. \nIn March of 2023, the voters of Upson County approved the continuation of the Special Purpose Local Option Sales Tax along with the issuance of $25.0 million in bonds. \nCONTACTING THE SCHOOL DISTRICT'S FINANCIAL MANAGEMENT \nThe financial report is designed to provide our citizens and taxpayers with a general overview of the School District's finances and to show the School District's accountability for the money it receives. If you have questions about this report or need additional financial information, contact Kathy Matthews, Director of Finance for the ThomastonUpson County Board of Education, 205 Civic Center Drive, Thomaston, GA 30286. You may also email your requests to kmatthews@upson.k12.ga.us. \nvii \n \n Thomaston-Upson County Board of Education \n \n THOMASTON-UPSON COUNTY BOARD COUNTY OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2023 \nASSETS Cash and Cash Equivalents Accounts Receivable, Net \nTaxes State Government Federal Government Other Due from Other Funds Inventories Prepaid Items Net OPEB Asset Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \nTotal Assets \nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plans Related to OPEB Plan \nTotal Deferred Outflows of Resources \nLIABILITIES Accounts Payable Salaries and Benefits Payable Contracts Payable Retainages Payable Deposits and Unearned Revenues Net Pension Liability Net OPEB Liability Long-Term Liabilities \nDue in More Than One Year Total Liabilities \nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plans Related to OPEB Plan \nTotal Deferred Inflows of Resources \nNET POSITION Net Investment in Capital Assets Restricted for \nContinuation of Federal Programs Capital Projects Net OPEB Asset Unrestricted (Deficit) \nTotal Net Position \n \nEXHIBIT \"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n18,808,130.58 \n \n871,204.78 3,826,029.62 1,707,703.43 \n61,057.34 3,426.32 \n121,559.53 183,100.94 \n21,897.00 2,397,592.75 49,511,901.54 77,513,603.83 \n \n30,160,435.55 7,780,038.00 \n37,940,473.55 \n \n1,333,818.20 3,270,791.02 \n788,514.69 105,087.01 185,931.01 60,341,140.00 29,023,949.00 \n167,602.94 95,216,833.87 \n \n828,393.00 17,456,218.00 18,284,611.00 \n \n51,015,892.59 \n \n2,505,549.10 3,327,195.67 \n21,897.00 (54,917,901.85) \n \n$ \n \n1,952,632.51 \n \nSee notes to the basic financial statements. \n \n- 1 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30, 2023 \n \nEXHIBIT \"B\" \n \nEXPENSES \n \nPROGRAM REVENUES \n \nOPERATING \n \nCHARGES FOR \n \nGRANTS AND \n \nSERVICES \n \nCONTRIBUTIONS \n \nNET (EXPENSES) REVENUES \nAND CHANGES IN NET POSITION \n \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 \nFood Services \n \n38,601,533.41 $ \n2,669,550.54 2,446,852.40 \n603,705.06 1,495,598.48 3,656,901.44 \n420,020.72 4,731,323.74 3,308,285.20 \n207,256.35 193,325.32 \n4,309,172.63 \n \n367,677.65 $ \n6,900.00 - \n130,417.85 \n \n29,578,944.98 $ \n790,796.79 1,695,352.67 \n582,598.03 1,695,943.14 1,162,978.28 \n9,208.37 1,581,241.81 \n966,845.18 6,107.99 \n19,228.24 \n4,436,249.58 \n \n(8,654,910.78) \n(1,878,753.75) (751,499.73) (21,107.03) 200,344.66 \n(2,493,923.16) (410,812.35) \n(3,143,181.93) (2,341,440.02) \n(201,148.36) (174,097.08) \n257,494.80 \n \nTotal Governmental Activities \n \n$ \n \n62,643,525.29 $ \n \n504,995.50 $ \n \n42,525,495.06 $ \n \n(19,613,034.73) \n \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous Total General Revenues \n \n12,099,749.56 \n5,163,963.78 201,808.26 \n4,090,298.00 128,962.26 \n1,404,299.28 23,089,081.14 \n \nChange in Net Position \n \n3,476,046.41 \n \nNet Position - Beginning of Year \n \n(1,523,413.90) \n \nNet Position - End of Year \n \n$ \n \n1,952,632.51 \n \nSee notes to the basic financial statements. \n \n- 2 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30, 2023 \n \nASSETS Cash and Cash Equivalents Accounts Receivable, Net \nTaxes State Government Federal Government Other Due from Other Funds Inventories Prepaid Items \nTotal Assets \nLIABILITIES Accounts Payable Salaries and Benefits Payable Contracts Payable Retainages Payable \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes Unavailable Revenue - Federal Funds Unavailable Revenue - State Funds \nTotal Deferred Inflows of Resoruces \nFUND BALANCES Nonspendable Restricted Committed Assigned Unassigned \nTotal Fund Balances \nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \n$ \n \n15,953,096.79 $ \n \n399,039.43 3,650,540.53 1,707,703.43 \n61,057.34 3,426.32 \n121,559.53 150,391.46 \n \n$ \n \n22,046,814.83 $ \n \n2,855,033.79 $ \n461,723.43 175,489.09 \n32,709.48 \n3,524,955.79 $ \n \n$ \n \n1,311,547.17 $ \n \n3,270,791.02 \n \n40,494.64 \n \n7,111.99 \n \n4,629,944.82 \n \n22,271.03 $ - \n748,020.05 97,975.02 \n868,266.10 \n \n42,581.71 10,540.94 \n53,122.65 \n \n175,489.09 175,489.09 \n \n275,377.31 2,373,448.63 \n534,783.62 337,042.00 13,843,095.80 17,363,747.36 \n \n32,709.48 2,448,491.12 \n2,481,200.60 \n \n$ \n \n22,046,814.83 $ \n \n3,524,955.79 $ \n \nEXHIBIT \"C\" \nTOTAL \n18,808,130.58 860,762.86 \n3,826,029.62 1,707,703.43 \n61,057.34 3,426.32 \n121,559.53 183,100.94 25,571,770.62 \n1,333,818.20 3,270,791.02 \n788,514.69 105,087.01 5,498,210.92 \n42,581.71 10,540.94 175,489.09 228,611.74 \n308,086.79 4,821,939.75 \n534,783.62 337,042.00 13,843,095.80 19,844,947.96 \n25,571,770.62 \n \nSee notes to the basic financial statements. \n \n- 3 - \n \n THOMASTON-UPSON 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 \nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB asset 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 funds that are not available to pay current period expenditures are deferred in the funds. \nLong-term liabilities are not due and payable in the current period and therefore are not reported in the funds. Compensated absences payable \nNet position of governmental activities (Exhibit \"A\") \n \n$ \n \n19,844,947.96 \n \n$ \n \n797,020.96 \n \n1,600,571.79 \n \n74,002,370.08 \n \n12,535,445.94 \n \n8,628,073.10 \n \n(45,653,987.58) \n \n51,909,494.29 \n \n$ \n \n(60,341,140.00) \n \n21,897.00 \n \n(29,023,949.00) \n \n(89,343,192.00) \n \n$ \n \n29,332,042.55 \n \n(9,676,180.00) \n \n19,655,862.55 42,581.71 10,540.94 \n \n(167,602.94) \n \n$ \n \n1,952,632.51 \n \nSee noes to the basic financial statements. \n \n- 4 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nGOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2023 \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 Food Services Operation Capital Outlay Total Expenditures \nNet Change in Fund Balances \nFund Balances - Beginning \nFund Balances - Ending \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \n$ \n \n12,116,633.99 $ \n \n201,808.26 \n \n31,652,047.52 \n \n16,007,109.88 \n \n504,995.50 \n \n88,962.56 \n \n1,404,299.28 \n \n61,975,856.99 \n \n- $ 5,163,963.78 \n39,999.70 5,203,963.48 \n \n34,961,317.00 \n \n2,513,615.78 2,338,494.39 \n540,838.07 1,358,444.75 3,515,264.84 \n307,440.75 5,162,395.39 3,026,713.36 \n201,574.55 192,812.32 4,383,595.73 2,163,270.08 60,665,777.01 \n \n1,310,079.98 \n \n16,053,667.38 \n \n$ \n \n17,363,747.36 $ \n \n579,227.36 \n99,337.48 8,855.40 \n60,756.99 31,161.06 33,530.45 97,128.41 261,261.90 \n3,814.76 818.99 - \n5,017.65 7,238,219.40 8,419,129.85 \n(3,215,166.37) \n5,696,366.97 \n2,481,200.60 $ \n \nEXHIBIT \"E\" \nTOTAL \n12,116,633.99 5,365,772.04 \n31,652,047.52 16,007,109.88 \n504,995.50 128,962.26 1,404,299.28 67,179,820.47 \n35,540,544.36 \n2,612,953.26 2,347,349.79 \n601,595.06 1,389,605.81 3,548,795.29 \n404,569.16 5,423,657.29 3,030,528.12 \n202,393.54 192,812.32 4,388,613.38 9,401,489.48 69,084,906.86 \n(1,905,086.39) \n21,750,034.35 \n19,844,947.96 \n \nSee notes to the basic financial statements. \n \n- 5 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2023 \n \nEXHIBIT \"F\" \n \nNet change in fund balances total governmental funds (Exhibit \"E\") \nAmounts reported for governmental activities in the Statement of Activities are different because: \nGovernmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of capital assets is allocated over their estimated useful lives as depreciation expense. Capital outlay Depreciation expense \nThe net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, donations, and disposals) is to decrease net position. \nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \nState funds that are not available to pay current period expenditures are deferred in the funds. \nFederal funds that are not available to pay current period expenditures are deferred in the funds. \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. Compensated absences \nChange in net position of governmental activities (Exhibit \"B\") \n \n$ \n \n(1,905,086.39) \n \n$ \n \n10,405,661.24 \n \n(2,842,195.55) \n \n7,563,465.69 (98,533.40) (16,884.43) (4,472.88) \n(1,168,822.45) \n \n$ \n \n(3,497,815.00) \n \n2,608,154.00 \n \n(889,661.00) \n \n(3,958.73) \n \n$ \n \n3,476,046.41 \n \nSee notes to the basic financial statements. \n \n- 6 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS JUNE 30, 2023 \nASSETS Cash and Cash Equivalents LIABILITIES Due To Other Funds NET POSITION Held in Trust for Private Purposes \n \nEXHIBIT \"G\" \n \nPRIVATE PURPOSE TRUSTS \n \n$ \n \n241,942.20 \n \n3,426.32 \n \n$ \n \n238,515.88 \n \nSee notes to the basic financial statements. \n \n- 7 - \n \n ADDITIONS Contributions Donors \nDEDUCTIONS Scholarships Other Deductions Total Deductions \nChange in Net Position \nNet Position - Beginning \nNet Position - Ending \n \nTHOMASTON-UPSON COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDCUCIARY NET POSITION \nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2023 \n \nEXHIBIT \"H\" \n \nPRIVATE PURPOSE TRUSTS \n \n$ \n \n230,520.00 \n \n1,800.00 3,426.32 5,226.32 \n \n225,293.68 \n \n13,222.20 \n \n$ \n \n238,515.88 \n \nSee notes to the basic financial statements. \n \n- 8 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \nReporting Entity \nThe Thomaston-Upson 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 THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nDirect expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \nProgram revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \nFund Financial Statements \nThe fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate financial statements are presented for governmental and fiduciary funds. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \nThe School District reports the following major governmental funds: \n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST) that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \nThe School District reports the following fiduciary fund type: \n Private purpose trust funds are used to report all trust arrangements, other than those properly reported elsewhere, in which principal and income benefit individuals, private organizations or other governments. \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 \n- 10 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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 compensated absences, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. \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 funds. \nNew Accounting Pronouncements \nIn fiscal year 2023, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 96, Subscription-Based Information Technology Arrangements. This statement defines subscription-based information technology arrangements and provides uniform guidance for accounting and financial reporting for transactions that meet that definition. Under this statement, a government is required to recognize a subscription liability and an intangible right-to-use asset for contracts that meet the definition of a subscription-based information technology arrangement. The adoption of this statement did not have a material impact on the School District's financial statements. \nCash and Cash Equivalents \nCash and cash equivalents consist of cash on hand, demand deposits, investments in the State of Georgia local government investment pool (Georgia Fund 1) and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated (O.C.G.A.) 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \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. \nDue to other funds and due from other funds consist of activities between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year. \n \n- 11 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nInventories \n \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. \n \nPrepaid Items \n \nPayments made to vendors for services that will benefit future accounting periods are recorded as prepaid items, in both the government-wide and governmental fund financial statements. \n \nCapital Assets \n \nOn the government-wide financial statements, capital assets are recorded at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at the acquisition value on the date donated. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. The School District does not capitalize book collections or works of art. \n \nCapital acquisition and construction are recorded as expenditures in the governmental fund financial statements at the time of purchase (including ancillary charges), and the related assets are reported as capital assets in the governmental activities column in the government-wide financial statements. \n \nDepreciation is computed using the straight-line for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \n \nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \n \nCapitalization Policy \n \nEstimated Useful Life \n \nLand \n \nLand Improvements \n \n$ \n \nBuildings and Improvements $ \n \nEquipment \n \n$ \n \nIntangible Assets \n \n$ \n \nConstruction in Progress \n \nAll 10,000.00 20,000.00 \n5,000.00 200,000.00 All \n \nN/A 20 to 50 years 25 to 50 years \n5 to 50 years 5 to 50 years \nN/A \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. \n \n- 12 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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. \nCompensated Absences \nCompensated absences payable consists of vacation leave employees earned based on services already rendered. \nVacation leave of 10 days is awarded on a fiscal year basis to all full-time personnel employed on a twelve-month basis. No other employees are eligible to earn vacation leave. Vacation leave not utilized during the fiscal year may be carried over to the next fiscal year, providing such vacation leave does not exceed 20 days. Upon terminating employment, the School District pays all unused and unforfeited vacation benefits to employees. Accordingly, vacation benefits are accrued as a liability in the government-wide financial statements. A liability for these amounts is reported in the governmental fund financial statements only if they have matured, for example, as a result of employee resignations and retirements by fiscal-year end. \nMembers of the Teachers Retirement System of Georgia (TRS) may apply unused sick leave toward early retirement. The liability for early retirement will be borne by TRS rather than by the individual School Districts. Otherwise, sick leave does not vest with the employee, and no liability is reported in the School District's financial statements. \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. \nPost-Employment Benefits Other Than Pensions (SEAD - 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 State Employees' Assurance Department Retired and Vested Inactive Members Trust Fund (SEADOPEB) plan (the Plan) and additions to/deductions from the SEAD-OPEB's fiduciary net position have been determined on the same basis as they are reported by SEAD-OPEB. For this purpose, death benefits are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \n- 13 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nFund Balances \nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \nThe School District's fund balances are classified as follows: \nNonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \nUse of Estimates \nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \nProperty Taxes \nThe Upson County Board of Commissioners adopted the property tax levy for the 2022 tax digest year (calendar year) on August 28, 2022 (levy date) based on property values as of January 1, 2022. Taxes were due on November 15, 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 Upson 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 $10,597,134.45. \n \n- 14 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \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 \n14.01 mills \n \nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $1,519,499.54 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 $5,163,963.78 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, function and object. The legal level of budgetary control was established by the Board at the aggregate function level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \nThe Superintendent is authorized by the Board to approve adjustments of no more than 10% of the amount budgeted for expenditures in any budget function for any fund. The Superintendent shall report any such adjustments to the Board. If expenditure of funds in any budget function for any fund is anticipated to be more than 10% of the budgeted amount, the Superintendent shall request Board approval for the budget amendment. Any position or expenditure not previously approved in the annual budget that exceeds $100,000.00 shall require Board approval unless the Superintendent deems the position or purchase an emergency. In such case, the expenditure shall be reported to the Board at its regularly scheduled meeting. Under no circumstance is the Superintendent or other staff person authorized to spend funds that exceed the total budget without approval by the Board. \nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \n \n- 15 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nNOTE 4: DEPOSITS \nCollateralization of Deposits \nO.C.G.A. 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A. 45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance. \nAcceptable security for deposits consists of any one of or any combination of the following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \nCategorization of Deposits \nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2023, the School District had deposits with a carrying amount of $19,050,072.78, and a bank balance of $19,425,603.21. The bank balances insured by Federal depository insurance were $500,000.00. \nAt June 30, 2023, $18,925,603.21 of the School District's bank balances was exposed to custodial credit risk. This balance was in the State's Secure Deposit Program (SDP). \nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. \n- 16 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nThe SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians. \n \nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \n \nNOTE 5: CAPITAL ASSETS \nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \n \nGovernmental Activities Capital Assets, \nNot Being Depreciated: Land Construction in Progress \n \nBalances July, 1 2022 \n \nIncreases \n \n$ \n \n797,020.96 $ \n \n- $ \n \n2,977,243.64 \n \n9,379,599.83 \n \nDecreases \n \nBalances June 30, 2023 \n \n- $ 10,756,271.68 \n \n797,020.96 1,600,571.79 \n \nTotal Capital Assets Not Being Depreciated \n \n3,774,264.60 \n \n9,379,599.83 \n \n10,756,271.68 \n \n2,397,592.75 \n \nCapital Assets, Being Depreciated: Buildings and Improvements Equipment Land Improvements \n \n63,186,927.41 12,310,910.09 \n8,192,292.96 \n \n10,815,442.67 531,110.28 435,780.14 \n \n306,574.43 \n- \n \n74,002,370.08 12,535,445.94 \n8,628,073.10 \n \nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \n \n30,125,641.19 5,863,879.13 7,030,312.74 \n \n1,681,560.23 1,034,925.16 \n125,710.16 \n \n208,041.03 \n- \n \n31,807,201.42 6,690,763.26 7,156,022.90 \n \nTotal Capital Assets Being Depreciated, Net \n \n40,670,297.40 \n \n8,940,137.54 \n \n98,533.40 \n \n49,511,901.54 \n \nGovernmental Activities Capital Assets - Net \n \n$ 44,444,562.00 $ 18,319,737.37 $ \n \n10,854,805.08 $ 51,909,494.29 \n \n- 17 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction Support Services \nGeneral Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Food Services \n \n$ \n \n$ \n \n38,806.87 \n \n2,639.07 \n \n84,469.99 \n \n372,368.80 \n \n2,281,246.31 \n498,284.73 62,664.51 \n \n$ 2,842,195.55 \n \nNOTE 6: INTERFUND ASSETS AND LIABILITIES \n \nDue to and due from other funds are recorded for interfund receivables and payables which arise from interfund transactions. Interfund balances at June 30, 2023, consisted of the following: \n \nDue From Other Funds \n \nDue To Other Funds \n \nGeneral Fund \n \n$ \n \nPrivate Purpose Trust \n \n3,426.32 $ - \n \n3,426.32 \n \n$ \n \n3,426.32 $ \n \n3,426.32 \n \nThe interfund balances presented are derived primarily from expenditures originally paid with the general fund and to be reimbursed from the private purpose fund after the fiscal year. \n \nNOTE 7: LONG-TERM LIABILITIES \n \nThe changes in long-term liabilities during the fiscal year for governmental activities were as follows: \n \nBalance July 1, 2022 \n \nGovernmental Activities \n \nAdditions \n \nDeductions \n \nBalance June 30, 2023 \n \nCompensated Absences (1) \n \n$ 163,644.21 $ 188,048.49 $ 184,089.76 $ 167,602.94 \n \n(1) The portion of compensated absences due within one year has been determined to be immaterial to the basic financial statements. \nCompensated Absences \nCompensated absences represent obligations of the School District relating to employees' rights to receive compensation for future absences based upon service already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. Typically, the general fund is the fund used to liquidate this long-term debt. The School District uses the vesting method to compute compensated absences. \n \n- 18 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nNOTE 8: RISK MANAGEMENT \n \nInsurance \n \nCommercial Insurance \n \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 these risks. Settled claims resulting from these insured risks have not exceed commercial insurance coverage in any of the past three fiscal years. \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 Estimates \n \nClaims Paid \n \nEnd of Year Liability \n \n2022 $ \n \n- $ \n \n340.32 $ \n \n340.32 $ \n \n- \n \n2023 $ \n \n- $ \n \n- $ \n \n- $ \n \n- \n \nSurety Bond \n \nThe School District purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nSuperintendent Drivers Training Education All Employees \n \n$ \n \n25,000.00 \n \n$ \n \n10,000.00 \n \n$ \n \n100,000.00 \n \n- 19 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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 \nInterfund Accounts Receivable \n \nPrepaid Assets \n \nRestricted \n \nContinuation of Federal Programs $ \n \nCapital Projects \n \nCommitted \n \nSchool Activity Accounts \n \nAssigned \n \nSubsequent Period Expenditures \n \nUnassigned \n \n121,559.53 3,426.32 \n183,100.94 $ \n \n308,086.79 \n \n2,373,448.63 2,448,491.12 \n \n4,821,939.75 \n \n534,783.62 \n \n337,042.00 13,843,095.80 \n \nFund Balance, June 30, 2023 \n \n$ 19,844,947.96 \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 \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 5% 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, 2023, together with funding available: \n \nProject \n \nUnearned Executed Contracts (1) \n \nPayments through June 30, 2023 (2) \n \nFunding Available From State (1) \n \nDistrict-wide Kitchen Renovations, Pedestrian \n \n$ \n \nBridge, and High School Culinary Arts Classroom \n \nPlaygrounds - Primary and Elementary School \n \n$ \n \n1,486,312.05 $ 249,347.13 \n1,735,659.18 $ \n \n1,164,414.26 $ 196,790.03 \n1,361,204.29 $ \n \n175,489.09 - \n175,489.09 \n \n(1) The amounts described are not reflected in the basic financial statements. (2) Payments include contracts and retainages payable at year-end. \n \n- 20 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nNOTE 11: SIGNIFICANT CONTINGENT LIABILITIES \nFederal Grants \nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position. \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 $1,114,519.00 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 $29,023,949.00 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 0.293077%, which was an increase of 0.003010% from its proportion measured as of June 30, 2021. \n \n- 21 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nFor the year ended June 30, 2023, the School District recognized OPEB expense of ($1,489,024.00). At June 30, 2023, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \n \nOPEB Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual experience \n \n$ 1,158,508.00 $ 11,407,291.00 \n \nChanges of assumptions \n \n4,420,407.00 \n \n5,870,134.00 \n \nNet difference between projected and actual \n \nearnings on OPEB plan investments \n \n177,038.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n904,901.00 \n \n177,713.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n1,114,519.00 \n \n- \n \nTotal \n \n$ 7,775,373.00 $ 17,455,138.00 \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$ (3,178,775.00) $ (2,330,790.00) $ (1,782,032.00) $ (2,280,583.00) $ (1,107,085.00) $ (115,019.00) \n \n- 22 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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 Salary increases Long-term expected rate of return \nHealthcare cost trend rate Pre-Medicare Eligible Medicare Eligible \nUltimate trend rate Pre-Medicare Eligible Medicare Eligible \nYear of Ultimate trend rate \n \n2.50% 3.00%  8.75%, including inflation 7.00%, compounded annually, net of investment expense, and including inflation \n6.50% 5.00% \n4.50% 4.50% \n \nPre-Medicare Eligible \n \n2029 \n \nMedicare Eligible \n \n2023 \n \nThe Plan currently uses mortality tables that vary by age, gender, and health status (i.e. disabled or not disabled) as follows: \n \n For TRS members: Post-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior 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- 23 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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- 24 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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 \n32,829,571.00 $ \n \n29,023,949.00 $ 25,798,516.00 \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 \n25,007,601.00 $ \n \n29,023,949.00 $ 33,960,023.00 \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 \nPost Employment Benefits Other Than Pensions (SEAD  OPEB) \n \nPlan Description: SEAD-OPEB was created in 2007 by the Georgia General Assembly to amend Title 47 of the O.C.G.A., relating to retirement, so as to establish a fund for the provision of term life insurance to retired and vested inactive members of the Employees' Retirement System of Georgia (ERS), the Legislative Retirement System (LRS), and the Georgia Judicial Retirement System (GJRS). The plan is a cost-sharing multiple-employer defined benefit other post-employment benefit plan as defined in Governmental Accounting Standards Board (GASB) Statement No. 74, Financial Reporting for Post-Employment Benefit Plans other than OPEB Plans. The SEAD-OPEB trust fund accumulates the premiums received from the aforementioned retirement plans, including interest earned on deposits and investments of such payments. \n \nBenefits Provided: The amount of insurance for a retiree with creditable service prior to April 1, 1964 is the full amount of insurance in effect on the date of retirement. The amount of insurance for a service retiree with no creditable service prior to April 1, 1964 is 70% of the amount of insurance in effect at age 60 or at termination, if earlier. Life insurance proceeds are paid in a lump sum to the beneficiary upon death of the retiree. \n \n- 25 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nContributions: Georgia law provides that employee contributions to the plan shall be in an amount established by the Board of Trustees not to exceed one-half of 1% of the member's earnable compensation. There were no employer contributions required for the fiscal year ended June 30, 2023. \n \nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \n \nAt June 30, 2023, the School District reported an asset of $21,897.00 for its proportionate share of the net OPEB asset. The net OPEB asset was measured as of June 30, 2022. The total OPEB asset used to calculate the net OPEB asset was based on an actuarial valuation as of June 30, 2021. An expected total OPEB asset as of June 30, 2022 was determined using standard roll-forward techniques. The School District's proportion of the net OPEB asset was based on actual member salaries reported to the SEADOPEB plan during the fiscal year ended June 30, 2022. At June 30 2022, the School District's proportion was 0.005957%, which was an increase of 0.000479% from its proportion measured as of June 30, 2021. \n \nFor the year ended June 30, 2023, the School District recognized OPEB expense of ($4,611.00). At June 30, 2023, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \n \nSEAD - OPEB \n \nDeferred \n \nDeferred \n \nOutflows of \n \nInflows of \n \nResources \n \nResources \n \nDifferences between expected and actual experience \n \n$ \n \n100.00 $ \n \n7.00 \n \nChanges of assumptions \nNet difference between projected and actual earnings on OPEB plan investments \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n4,565.00 \n \n104.00 - \n \n- \n \n969.00 \n \n$ \n \n4,665.00 $ \n \n1,080.00 \n \n- 26 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nThere were no School District contributions subsequent to the measurement date. Other amounts reported as defined 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 \nSEAD - OPEB \n \n2024 2025 2026 2027 \n \n$ \n \n(455.00) \n \n$ \n \n448.00 \n \n$ \n \n171.00 \n \n$ \n \n3,421.00 \n \nActuarial Assumptions: The total OPEB liability as of June 30, 2022 was determined by an actuarial valuation as of June 30, 2021 using the following actuarial assumptions, applied to all periods included in the measurement: \n \nSEAD  OPEB: \n \nInflation Salary increases: \nERS \n \n2.50% 3.00%  6.75% \n \nGJRS LRS Investment rate of return \n \n3.75% \nN/A \n7.00%, net of OPEB plan investment expense, including inflation \n \nHealthcare cost trend rate N/A \n \nMortality rates are as follows: \n The Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale is used for both males and females while in active service. \n The Pub-2010 Family of Tables projected generationally with the MP-2019 Scale and with further adjustments are used for post-retirement mortality assumptions as follows: \n \nParticipant Type Membership Table \n \nSet Forward (+)/Setback (-) Adjustment to Rates \n \nService Retirees \n \nGeneral Healthy Annuitant \n \nMale: +1; Female: +1 \n \nMale: 105%; Female: 108% \n \nDisability Retirees General Disabled \n \nMale: -3; Female: 0 \n \nMale: 103%; Female: 106% \n \nBeneficiaries \n \nGeneral Contingent Survivors \n \nMale: +2; Female: +2 \n \nMale: 106%; Female: 105% \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 \n- 27 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of 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. \n \nThe target asset allocation and estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \n \nSEAD - OPEB \n \nLong-term \n \nTarget \n \nexpected real \n \nAsset class \n \nallocation \n \nrate of return* \n \nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \n \n30.00% 46.30% \n1.20% 12.30% \n5.20% 5.00% \n \n0.20% 9.40% 13.40% 9.40% 11.40% 10.50% \n \nTotal \n \n100.00% \n \n* Rates shown are net of inflation \n \nDiscount Rate: The discount rate used to measure the total OPEB 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 State of Georgia contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the OPEB plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the longterm expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability. \n \nSensitivity of the Employer's Proportionate Share of the Net OPEB Asset to Changes in the Discount Rate: The following presents the School District's proportionate share of the net OPEB asset calculated using the discount rate of 7.00%, 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-percentagepoint lower (6.00%) or 1-percentage-point higher (8.00%) than the current rate: \n \n1% Decrease (6.00%) \n \nCurrent Discount Rate \n(7.00%) \n \n1% Increase (8.00%) \n \nSchool District's proportionate share of the net OPEB asset \n \n$ \n \n14,134.00 $ 21,897.00 $ 28,255.00 \n \nOPEB Plan Fiduciary Net Position: Detailed information about the OPEB plan's fiduciary net position is available in the separately issued ERS comprehensive annual financial report which is publicly available at www.ers.ga.gov/financials. \n \n- 28 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nNOTE 13: RETIREMENT PLANS \nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \nTeachers Retirement System of Georgia (TRS) \nPlan Description: All teachers of the School District as defined in O.C.G.A. 47-3-60 and certain other support personnel as defined by O.C.G.A. 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple- employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2023. The School District's contractually required contribution rate for the year ended June 30, 2023 was 19.98% of the annual School District payroll. For the current fiscal year, employer contributions to the pension plan were $5,300,200.55 from the School District. \nEmployees' Retirement System \nPlan Description: The Employees' Retirement System of Georgia (ERS) is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly during the 1949 Legislative Session for the purpose of providing retirement allowances for employees of the State of Georgia and its political subdivisions. ERS is directed by a Board of Trustees. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. ERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \nBenefits Provided: The ERS Plan supports three benefit tiers: Old Plan, New Plan, and Georgia State Employees' Pension and Savings Plan (GSEPS). Employees under the old plan started membership prior to July 1, 1982 and are subject to plan provisions in effect prior to July 1, 1982. Members hired on or after July 1, 1982 but prior to January 1, 2009 are new plan members subject to modified plan provisions. Effective January 1, 2009, new state employees and rehired state employees who did not retain membership rights under the Old or New Plans are members of GSEPS. ERS members hired prior to January 1, 2009 also have the option to irrevocably change their membership to GSEPS. \n- 29 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nUnder the old plan, the new plan, and GSEPS, a member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 60 or 30 years of creditable service regardless of age. Additionally, there are some provisions allowing for early retirement after 25 years of creditable service for members under age 60. \nRetirement benefits paid to members are based upon the monthly average of the member's highest 24 consecutive calendar months, multiplied by the number of years of creditable service, multiplied by the applicable benefit factor. Annually, postretirement cost-of-living adjustments may also be made to members' benefits, provided the members were hired prior to July 1, 2009. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension, at reduced rates, to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS. \nContributions: Member contributions under the old plan are 4.00% of annual compensation, up to $4,200.00, plus 6.00% of annual compensation in excess of $4,200.00. Under the old plan, the state pays member contributions in excess of 1.25% of annual compensation. Under the old plan, these state contributions are included in the members' accounts for refund purposes and are used in the computation of the members' earnable compensation for the purpose of computing retirement benefits. Member contributions under the new plan and GSEPS are 1.25% of annual compensation. The School District's total required contribution rate for the year ended June 30, 2023 was 31.01% of annual covered payroll for old and new plan members and 27.47% for GSEPS members. The rates include the annual actuarially determined employer contribution rate of 24.67% of annual covered payroll for old and new plan members and 21.59% for GSEPS members, plus 6.34% adjustment to the old and new plan and a 5.88% adjustment to the GSEPS plan for the commencement of cost-of-living adjustments (COLA) prefunding for certain retired ERS members. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employer contributions to the pension plan were $6,800.00 for the current fiscal year. \nPublic School Employees Retirement System (PSERS) \nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \nBenefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \nUpon retirement, the member will receive a monthly benefit of $15.75, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits. \n \n- 30 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \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. \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 $137,989.00. \nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \nAt June 30, 2023, the School District reported a liability of $60,341,140.00 for its proportionate share of the net pension liability for TRS ($60,174,713.00) and ERS ($166,427.00). \nThe net pension liability for TRS and ERS 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 and ERS during the fiscal year ended June 30, 2022. \nAt June 30, 2022, the School District's TRS proportion was 0.185313%, which was an increase of 0.007151% from its proportion measured as of June 30, 2021. At June 30, 2022, the School District's ERS proportion was 0.002492%, which was an increase of 0.000015% from its proportion measured as of June 30, 2021. \nAt June 30, 2023, the School District did not have a PSERS liability for a proportionate share of the net pension liability because of a Special Funding Situation with the State of Georgia, which is responsible for the net pension liability of the plan. The amount of the State's proportionate share of the net pension liability associated with the School District is $1,066,488.00. \nThe PSERS net pension liability was measured as of June 30, 2022. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2021. An expected total pension liability as of June 30, 2022 was determined using standard roll-forward techniques. The State's proportion of the net pension liability associated with the School District was based on actuarially determined contributions paid by the State during the fiscal year ended June 30, 2022. \nFor the year ended June 30, 2023, the School District recognized pension expense of $8,768,656.00 for TRS, $35,901.00 for ERS and $268,008.00 for PSERS and revenue of ($88.00) for TRS and $268,008.00 for PSERS. The revenue is support provided by the State of Georgia. \n \n- 31 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nAt June 30, 2023, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \n \nTRS Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nERS Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual experience \n \n$ 2,497,867.00 $ \n \n313,223.00 $ \n \n357.00 $ \n \n1,509.00 \n \nChanges of assumptions \n \n9,058,214.00 \n \n- \n \n29,584.00 \n \n- \n \nNet difference between projected and \n \nactual earnings on pension plan \n \ninvestments \n \n11,822,619.00 \n \n- \n \n19,337.00 \n \n- \n \nChanges in proportion and differences \n \nbetween School District contributions and \n \nproportionate share of contributions \n \n1,423,844.00 \n \n513,661.00 \n \n1,613.00 \n \n- \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n5,300,200.55 \n \n- \n \n6,800.00 \n \n- \n \nTotal \n \n$ 30,102,744.55 $ 826,884.00 $ 57,691.00 $ \n \n1,509.00 \n \nThe School District contributions subsequent to the measurement date for TRS and ERS 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 \nERS \n \n2024 2025 2026 2027 \n \n$ \n \n6,538,185.00 $ \n \n$ \n \n4,868,983.00 $ \n \n$ \n \n3,790,571.00 $ \n \n$ \n \n8,777,921.00 $ \n \n26,803.00 7,226.00 482.00 \n14,871.00 \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 \n- 32 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \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 \nEmployees' Retirement System: \n \nInflation \n \n2.50% \n \nSalary increases \n \n3.00%  6.75%, including inflation \n \nInvestment rate of return \n \n7.00%, net of pension plan investment expense, including inflation \n \nMortality rates are as follows: \n \n The Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale is used for both males and females while in active service. \n The Pub-2010 Family of Tables projected generationally with the MP-2019 Scale and with further adjustments are used for post-retirement mortality assumptions as follows: \n \nParticipant Type Service Retirees \n \nMembership Table General Healthy Annuitant \n \nSet Forward (+)/ Setback (-) Adjustment to Rates \n \nMale: +1; Female: +1 \n \nMale: 105%; Female: 108% \n \nDisability Retirees \n \nGeneral Disabled \n \nMale: -3; Female: 0 \n \nMale: 103%; Female: 106% \n \nBeneficiaries \n \nGeneral Contingent Survivors \n \nMale: +2; Female: +2 \n \nMale: 106%; Female: 105% \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 \nPublic School Employees Retirement System: \n \nInflation Salary increases Investment rate of return \nPost-retirement benefit increases \n \n2.50% \nN/A 7.00%, net of pension plan investment expense, including inflation 1.50% semi-annually \n \n- 33 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nMortality rates are as follows: \n The Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale is used for both males and females while in active service. \n The Pub-2010 Family of Tables projected generationally with the MP-2019 Scale and with further adjustments are used for post-retirement mortality assumptions as follows: \n \nParticipant Type \n \nMembership Table \n \nSet Forward (+)/ Setback (-) Adjustment to Rates \n \nService Retirees \n \nGeneral Healthy 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, ERS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \n \nAsset Class \nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \n \nTRS/ERS/PSERS Target \nAllocation \n30.00% 46.30% \n1.20% 12.30% \n5.20% 5.00% \n \nLong-Term Expected Real Rate of Return* \n0.20% 9.40% 13.40% 9.40% 11.40% 10.50% \n \nTotal \n \n100.00% \n \n* Rates shown are net of inflation \nDiscount Rate: The discount rate used to measure the total TRS pension liability was 6.90%. The discount rate used to measure the total ERS and PSERS pension liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS, ERS and PSERS pension plans' fiduciary net position were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \n- 34 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2023 \n \nEXHIBIT \"I\" \n \nSensitivity of the School District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 6.90% and 7.00%, 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% and 6.00%) or 1-percentage-point higher (7.90% and 8.00%) 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 \n90,783,714.00 $ \n \n60,174,713.00 $ 35,178,415.00 \n \nEmployees' Retirement System: \nSchool District's proportionate share of the net pension liability \n \n1% Decrease (6.00%) \n \nCurrent Discount Rate (7.00%) \n \n$ \n \n221,546.00 $ \n \n166,427.00 $ \n \n1% Increase (8.00%) \n120,077.00 \n \nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS, ERS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \nNOTE 14: TAX ABATEMENTS \nThe School District property tax revenues were reduced by $31,974.00 under agreements entered into by Standard Textile. Standard Textile reimburses the School District on an eight-year phase in schedule. The School District received $42,792.00 in fiscal year 2023. \nNOTE 15: SUBSEQUENT EVENTS \nOn March 21, 2023, voters authorized the School District to continue collections of a 1% percent local option sales tax, and not to exceed a $25,000,000.00 issue in general obligation bonds. The School District closed on the issuance of $25,000,000.00 Series 2024 general obligation bonds January 17, 2024. The proceeds from these bonds will be used for various capital outlay projects and to provide funds for debt service as those obligations become due. \n \n- 35 - \n \n (This page left intentionally blank) \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"1\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion \nof the Net Pension Liability (NPL) \n \nSchool District's proportionate share \nof the NPL \n \nState of Georgia's proportionate share \nof the NPL associated with the \nSchool District \n \nTotal \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the NPL as a percentage of its covered payroll \n \nPlan fiduciary net position as a percentage \nof the total pension liability \n \n2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.185313% $ 60,174,713.00 $ 0.178162% $ 15,757,241.00 $ 0.176939% $ 42,861,551.00 $ 0.184029% $ 39,571,211.00 $ 0.176141% $ 32,695,543.00 $ 0.185640% $ 34,501,766.00 $ 0.191445% $ 39,497,238.00 $ 0.198917% $ 30,283,138.00 $ 0.204991% $ 25,897,909.00 $ \n \n7,509.00 - \n \n$ 60,174,713.00 $ 15,757,241.00 $ 42,869,060.00 $ 39,571,211.00 $ 32,695,543.00 $ 34,501,766.00 $ 39,497,238.00 $ 30,283,138.00 $ 25,897,909.00 \n \n$ 25,048,870.22 $ 23,142,923.38 $ 22,815,000.75 $ 22,456,389.54 $ 20,984,370.31 $ 21,315,696.34 $ 20,953,028.58 $ 20,978,778.02 $ 20,911,311.48 \n \n240.23% 68.09% \n187.87% 176.21% 155.81% 161.86% 188.50% 144.35% 123.85% \n \n72.85% 92.03% 77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 37 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"2\" \n \nFor the Year Ended June 30 \n \nContractually required contribution \n \nContributions in relation to the contractually required \ncontribution \n \nContribution deficiency (excess) \n \nSchool District's covered payroll \n \nContribution as a percentage of covered \npayroll \n \n2023 \n \n$ \n \n2022 \n \n$ \n \n2021 \n \n$ \n \n2020 \n \n$ \n \n2019 \n \n$ \n \n2018 \n \n$ \n \n2017 \n \n$ \n \n2016 \n \n$ \n \n2015 \n \n$ \n \n2014 \n \n$ \n \n5,300,200.55 $ 4,962,181.16 $ 4,411,041.58 $ 4,823,091.16 $ 4,693,385.41 $ 3,527,472.65 $ 3,041,749.87 $ 2,989,997.18 $ 2,758,709.31 $ 2,567,909.05 $ \n \n5,300,200.55 $ 4,962,181.16 $ 4,411,041.58 $ 4,823,091.16 $ 4,693,385.41 $ 3,527,472.65 $ 3,041,749.87 $ 2,989,997.18 $ 2,758,709.31 $ 2,567,909.05 $ \n \n- \n \n$ \n \n26,521,490.05 \n \n- \n \n$ \n \n25,048,870.22 \n \n- \n \n$ \n \n23,142,923.38 \n \n- \n \n$ \n \n22,815,000.75 \n \n- \n \n$ \n \n22,456,389.54 \n \n- \n \n$ \n \n20,984,370.31 \n \n- \n \n$ \n \n21,315,696.34 \n \n- \n \n$ \n \n20,953,028.58 \n \n- \n \n$ \n \n20,978,778.02 \n \n- \n \n$ \n \n20,911,311.48 \n \n19.98% 19.81% 19.06% 21.14% 20.90% 16.81% 14.27% 14.27% 13.15% 12.28% \n \n- 38 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"3\" \n \nFor the Year Ended June 30 \n2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \nSchool District's proportion of the Net Pension Liability (NPL) \n \nSchool District's proportionate share of \nthe NPL \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the NPL as a percentage \nof covered payroll \n \n0.002492% $ 0.002477% $ 0.002288% $ 0.003187% $ 0.004486% $ 0.004667% $ 0.004709% $ 0.004418% $ 0.002162% $ \n \n166,427.00 $ 57,935.00 $ 96,438.00 $ \n131,513.00 $ 184,421.00 $ 189,543.00 $ 222,755.00 $ 178,991.00 $ \n81,088.00 $ \n \n61,348.30 59,383.71 57,678.11 95,111.16 114,416.08 114,463.92 109,486.13 101,014.11 48,679.50 \n \n271.28% 97.56% \n167.20% 138.27% 161.18% 165.59% 203.45% 177.19% 166.58% \n \nPlan fiduciary net position as a \npercentage of total pension liability \n67.44% 87.62% 76.21% 76.74% 76.68% 76.33% 72.34% 76.20% 77.99% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 39 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS \nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"4\" \n \nFor the Year Ended June 30 \n \nContractually required contribution \n \nContributions in relation to the contractually required \ncontribution \n \nContribution deficiency (excess) \n \nSchool District's covered payroll \n \nContribution as a percentage of covered \npayroll \n \n2023 \n \n$ \n \n2022 \n \n$ \n \n2021 \n \n$ \n \n2020 \n \n$ \n \n2019 \n \n$ \n \n2018 \n \n$ \n \n2017 \n \n$ \n \n2016 \n \n$ \n \n2015 \n \n$ \n \n2014 \n \n$ \n \n6,800.00 $ 15,110.39 $ 14,643.97 $ 14,223.39 $ 23,566.49 $ 28,386.64 $ 28,398.46 $ 27,065.02 $ 22,182.70 $ \n8,986.30 $ \n \n6,800.00 $ 15,110.39 $ 14,643.97 $ 14,223.39 $ 23,566.49 $ 28,386.64 $ 28,398.46 $ 27,065.02 $ 22,182.70 $ \n8,986.30 $ \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 \n21,928.45 61,348.30 59,383.71 57,678.11 95,111.16 114,416.08 114,463.92 109,486.13 101,014.11 48,679.50 \n \n31.01% 24.63% 24.66% 24.66% 24.78% 24.81% 24.81% 24.72% 21.96% 18.46% \n \n- 40 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"5\" \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$ 1,066,488.00 $ 1,066,488.00 $ 2,098,666.17 \n \n- \n \n$ \n \n107,189.00 $ 107,189.00 $ 1,785,643.24 \n \n- \n \n$ \n \n756,994.00 $ 756,994.00 $ 1,923,862.41 \n \n- \n \n$ \n \n696,711.00 $ 696,711.00 $ 1,576,547.99 \n \n- \n \n$ \n \n669,127.00 $ 669,127.00 $ 1,513,604.79 \n \n- \n \n$ \n \n608,559.00 $ 608,559.00 $ 1,539,671.66 \n \n- \n \n$ \n \n773,187.00 $ 773,187.00 $ 1,583,839.04 \n \n- \n \n$ \n \n523,617.00 $ 523,617.00 $ 1,543,478.79 \n \n- \n \n$ \n \n449,299.00 $ 449,299.00 $ 1,536,388.00 \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 THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY SCHOOL OPEB FUND \n \nSCHEDULE \"6\" \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 \n0.293077% $ 29,023,949.00 $ 0.290067% $ 31,416,656.00 $ 0.290159% $ 42,617,600.00 $ 0.286761% $ 35,191,727.00 $ 0.282988% $ 35,966,906.00 $ 0.281563% $ 39,559,489.00 $ \n \n- \n \n$ 29,023,949.00 $ 26,456,700.45 \n \n- \n \n$ 31,416,656.00 $ 24,535,283.44 \n \n- \n \n$ 42,617,600.00 $ 22,843,069.90 \n \n- \n \n$ 35,191,727.00 $ 22,364,222.54 \n \n- \n \n$ 35,966,906.00 $ 20,876,189.48 \n \n- \n \n$ 39,559,489.00 $ 20,530,328.80 \n \n109.70% 128.05% 186.57% 157.36% 172.29% 192.69% \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 THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \n \nSCHEDULE \"7\" \n \nFor the Year Ended June 30 \n \nContractually required contribution \n \nContributions in relation to the contractually required \ncontribution \n \nContribution deficiency (excess) \n \n2023 \n \n$ \n \n1,114,519.00 $ \n \n1,114,519.00 $ \n \n- \n \n2022 \n \n$ \n \n1,059,693.00 $ \n \n1,059,693.00 $ \n \n- \n \n2021 \n \n$ \n \n1,079,002.00 $ \n \n1,079,002.00 $ \n \n- \n \n2020 \n \n$ \n \n981,249.00 $ \n \n981,249.00 $ \n \n- \n \n2019 \n \n$ \n \n1,544,401.00 $ \n \n1,544,401.00 $ \n \n- \n \n2018 \n \n$ \n \n1,466,700.00 $ \n \n1,466,700.00 $ \n \n- \n \n2017 \n \n$ \n \n1,468,092.00 $ \n \n1,468,092.00 $ \n \n- \n \nSchool District's covered-employee \npayroll \n \n$ \n \n27,564,695.85 \n \n$ \n \n26,456,700.45 \n \n$ \n \n24,535,283.44 \n \n$ \n \n22,843,069.90 \n \n$ \n \n22,364,222.54 \n \n$ \n \n20,876,189.48 \n \n$ \n \n20,530,328.80 \n \nContribution as a percentage of \ncovered-employee payroll \n4.04% 4.01% 4.40% 4.30% 6.91% 7.03% 7.15% \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 THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB ASSET SEAD-OPEB \n \nSCHEDULE \"8\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the Net OPEB Asset (NOA) \n \nSchool District's proportionate share \nof the NOA \n \nState of Georgia's proportionate \nshare of the NOA associated with the School District \n \nTotal \n \nSchool District's covered-employee \npayroll \n \nSchool District's proportionate share of the NOA as a percentage of its coveredemployee payroll \n \nPlan fiduciary net position as a percentage \nof the total OPEB asset \n \n2023 2022 2021 2020 2019 2018 \n \n0.005957% $ 0.005478% $ 0.004841% $ 0.006298% $ 0.008625% $ 0.007860% $ \n \n21,897.00 $ 33,735.00 $ 13,749.00 $ 17,809.00 $ 22,369.00 $ 20,429.00 $ \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 \n21,897.00 $ 33,735.00 $ 13,749.00 $ 17,809.00 $ 22,369.00 $ 20,429.00 $ \n \n61,349.30 59,383.71 57,678.11 95,111.16 114,416.08 114,463.92 \n \n35.69% 56.81% 23.84% 18.72% 19.55% 17.85% \n \n138.03% 164.76% 129.20% 129.73% 129.46% 130.17% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 44 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS SEAD - OPEB \n \nSCHEDULE \"9\" \n \nFor the Year Ended June 30 \n \nContractually required contribution \n \n2023 \n \n$ \n \n- \n \n2022 \n \n$ \n \n- \n \n2021 \n \n$ \n \n- \n \n2020 \n \n$ \n \n- \n \n2019 \n \n$ \n \n- \n \n2018 \n \n$ \n \n- \n \n2017 \n \n$ \n \n- \n \nContributions in relation to the contractually required \ncontribution \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 \nContribution deficiency (excess) \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 \nSchool District's covered-employee \npayroll \n \n$ \n \n21,928.45 \n \n$ \n \n61,349.30 \n \n$ \n \n59,383.71 \n \n$ \n \n57,678.11 \n \n$ \n \n95,111.16 \n \n$ \n \n114,416.08 \n \n$ \n \n114,463.92 \n \nContribution as a percentage of \ncovered-employee payroll \n0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 45 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \nFOR THE YEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"10\" \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%. \n \nEmployees' 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, withdrawal and salary increases. The expectation of retired life mortality was changed to the RP-2000 Combined Mortality Table projected to 2025 with projection scale BB (set forwarded 2 years for both males and females). \nA new funding policy was initially adopted the Board on March 15, 2018, and most recently amended on June 18, 2020. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for the June 30, 2017 actuarial valuation and further reduced from 7.40% to 7.30% for the June 30, 2018 actuarial valuation. \nOn December 17, 2020, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System based on the experience study prepared for the five-year period ending June 30, 2019. Primary among the changes were the updates to rate of mortality, retirement, withdrawal, and salary increases. This also included a change to the long-term assumed investment rate of return of 7.00%. These assumption changes are reflected in the calculation of the June 30, 2021 Total Pension Liability. \nOn April 21, 2022, the Board adopted a new funding policy which, in part, provides that the Actuarial Accrued Liability and Normal Cost of the System will include a prefunded variable Cost-of-Living Adjustment (COLA) for eligible retirees and beneficiaries of the System. Under the new policy, future COLAs are provided through a profit-sharing mechanism using the System's asset performance. After studying the parameters of this new policy, the assumption for future COLAs was set at 1.05%. Previously, no future COLAs were assumed. In addition, the funding policy set the assumed rate of return at 7.20% for the June 30, 2021 valuation and established a new Transitional Unfunded Actuarial Accrued Liability as of June 30, 2021 which will be amortized over a closed 20-year period. \n \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 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. \n \n- 46 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \nFOR THE YEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"10\" \n \nSchool OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. \nChanges in assumptions: June 30, 2020 valuation: Decremental assumptions were changed to reflect the Employees Retirement Systems experience study. Approximately 0.10% of employees are members of the Employees Retirement System. \nJune 30, 2019 valuation: Decremental assumptions were changed to reflect the Teachers Retirement Systems experience study. \nJune 30, 2018 valuation: The inflation assumption was lowered from 2.75% to 2.50%. \nJune 30, 2017 valuation: The participation assumption, tobacco use assumption and morbidity factors were revised. \nJune 30, 2015 valuation: Decremental and underlying inflation assumptions were changed to reflect to Retirement Systems' experience studies. \nJune 30, 2012 valuation: A data audit was performed and data collection procedures and assumptions were changed. \nThe discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017, to 3.87% as of June 30, 2018, back to 3.58% as of June 30, 2019, and to 2.22% as of June 30, 2020. \n \nSEAD-OPEB Employer Changes of benefit terms: There have been no changes in benefit terms. \nChanges of assumptions: On December 17, 2015, the Board of Trustees adopted recommended changes to the economic and demographic assumptions utilized by the Plan. 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 Combined Mortality Table projected to 2025 with projection scale BB (set forward 2 years for both males and females). \nA new funding policy was initially adopted by the Board on March 15, 2018. Because of this new funding policy, the assumed 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 actual 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. \n \n- 47 - \n \n THOMASTON-UPSON 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 \"11\" \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 Food Services Operation Capital Outlay Total Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES(USES) Operating Transfers from Other Funds Other Sources 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 \n11,745,950.00 $ \n \n150,000.00 \n \n30,353,009.00 \n \n16,116,559.00 \n \n99,000.00 \n \n24,000.00 \n \n481,100.00 \n \n58,969,618.00 \n \n11,745,950.00 $ 150,000.00 \n32,571,007.37 20,572,308.00 \n134,000.00 24,000.00 \n506,100.00 65,703,365.37 \n \n12,116,633.99 $ 201,808.26 \n31,652,047.52 16,007,109.88 \n504,995.50 88,962.56 \n1,404,299.28 61,975,856.99 \n \n370,683.99 51,808.26 \n(918,959.85) (4,565,198.12) \n370,995.50 64,962.56 \n898,199.28 (3,727,508.38) \n \n33,957,631.00 \n2,265,407.00 4,057,475.00 \n520,973.00 2,311,023.00 3,134,920.00 \n311,457.00 4,228,838.00 3,370,063.00 \n205,381.00 176,261.00 3,572,162.00 1,931,877.00 60,043,468.00 (1,073,850.00) \n \n36,248,951.37 \n3,013,468.00 3,234,438.00 \n548,197.00 2,606,142.00 3,309,280.00 \n317,916.00 6,376,805.00 4,266,101.00 \n201,687.00 270,412.00 4,235,356.00 2,546,877.00 67,175,630.37 (1,472,265.00) \n \n34,961,317.00 \n2,513,615.78 2,338,494.39 \n540,838.07 1,358,444.75 3,515,264.84 \n307,440.75 5,162,395.39 3,026,713.36 \n201,574.55 192,812.32 4,383,595.73 2,163,270.08 60,665,777.01 1,310,079.98 \n \n1,287,634.37 \n499,852.22 895,943.61 \n7,358.93 1,247,697.25 (205,984.84) \n10,475.25 1,214,409.61 1,239,387.64 \n112.45 77,599.68 (148,239.73) 383,606.92 6,509,853.36 2,782,344.98 \n \n1,766,184.00 35,000.00 \n(1,766,184.00) 35,000.00 \n \n(1,038,850.00) \n \n17,154,788.76 \n \n49,083.47 \n \n$ \n \n16,165,022.23 $ \n \n3,765,917.00 35,000.00 \n(3,765,917.00) 35,000.00 \n(1,437,265.00) \n17,154,788.76 \n17,572.64 \n15,735,096.40 $ \n \n- \n1,310,079.98 \n16,053,667.38 \n- \n17,363,747.36 $ \n \n(3,765,917.00) (35,000.00) \n3,765,917.00 (35,000.00) \n2,747,344.98 \n(1,101,121.38) \n(17,572.64) \n1,628,650.96 \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 $1,220,613.57 and $1,053,731.97, 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- 48 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"12\" \n \nFUNDING AGENCY PROGRAM/GRANT Agriculture, U. S. Department of \nChild Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program COVID-19 National School Lunch Program Total Child Nutrition Cluster \nOther Programs Pass-Through From Georgia Department of Education Food Services Child Nutrition Discretionary Grants Limited Availability 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 - Elementary and Secondary School Emergency Relief Fund COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund - Homeless Children and Youth Total Education Stabilization Fund \nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States COVID-19 - American Rescue Plan - Grants to States Preschool Grants COVID-19 - American Rescue Plan - Preschool Total Special Education Cluster \nOther Programs Direct Small, Rural Education Achievement Program Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Student Support and Academic Enrichment Program Student Support and Academic Enrichment Program Supporting Effective Instruction State Grants Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Total Other Programs Total U. S. Department of Education \n \nASSISTANCE LISTING NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n10.553 10.555 10.555 \n \n235GA324N1199 $ 235GA324N1199 225GA324N1099 \n \n1,447,507.99 2,146,909.00 \n121,992.70 3,716,409.69 \n \n10.579 10.560 \n \n202321I500345 225GA904N2533 \n \n22,434.00 24,333.42 46,767.42 3,763,177.11 \n \n84.425D 84.425D \n84.425U \n84.425W \n \nS425D200012 S425D210012 \nS425U210012 \nS425W210011 \n \n2,902,880.00 110,684.78 \n3,867,020.19 \n63,125.88 6,943,710.85 \n \n84.027A 84.027X 84.173A 84.173X \n \nH027A220073 H027X210073 H173A220081 H173X210081 \n \n1,089,031.50 81,158.42 25,157.00 3,294.30 \n1,198,641.22 \n \n84.358A \n84.048A 84.424A 84.424A 84.367A 84.010A 84.010A \n \nV048A220010 S424A210011 S424A220011 S367A220001 S010A210010-21A S010A220010 \n \n117,583.55 \n69,848.80 12,288.00 126,328.00 237,850.00 175,275.00 1,698,947.37 2,438,120.72 10,580,472.79 \n \n- 49 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"12\" \n \nFUNDING AGENCY PROGRAM/GRANT \nHealth and Human Services, U. S. Department of Pass-Through From Bright From the Start Georgia Department of Early Care and Learning COVID-19 - Child Care and Development Block Grant \nDefense, U. S. Department of Direct Department of the Air Force R.O.T.C. Program \nTotal Expenditures of Federal Awards \n \nASSISTANCE LISTING NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n93.575 \n \n2210GACCCS \n \n30,000.00 \n \n12. UNKNOWN \n \n101,257.43 \n \n$ \n \n14,474,907.33 \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 Thomaston-Upson County Board of Education (the \"Board\") under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position or changes in net position of the Board. \nNote 2. Summary of Significant Accounting Policies \nExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. \nNote 3. Indirect Cost Rate \nThe Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. \nNote 4. Tranfers Between Programs \nFunds totaling $238,850.00 were transferred from the Title II - A Improving Teacher Quality program (ALN 84.367) and funds totaling $138,616.00 were tranferred from the Title IV - Part A Student Support and Academic Enrichment (ALN 84.424) and expended in the Title I - A Improving the Academic Achievement of the Disadvantaged program (ALN 84.010) during Fiscal Year 2023. \n \nSee notes to the basic financial statements. \n \n- 50 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2023 \nAGENCY/FUNDING GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Mid-term Adjustment Hold-Harmless Amended Formula Adjustment Categorical Grants Pupil Transportation Regular Nursing Services Education Equalization Funding Grant Other State Programs Food Services Hygiene Products Math and Science Supplements Preschool Disability Services Vocational Education Vocational Supervisors Office of the State Treasurer Public School Employees Retirement CONTRACT Education, Georgia Department of Second Step Social - Emotional Learning \nSee notes to the basic financial statements. \n \nSCHEDULE \"13\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n669,791.95 \n \n1,057,429.00 510,779.00 \n2,427,133.00 1,573,022.00 1,385,908.00 \n708,587.00 2,603,684.00 2,251,957.00 1,247,144.00 5,275,235.00 \n978,426.00 449,796.00 200,325.00 \n51,464.00 500,439.00 151,867.00 \n98,340.00 1,236.00 \n676,922.00 890,176.00 1,042,517.00 459,279.00 1,099,050.00 \n \n692,354.00 89,134.00 \n4,090,298.00 \n112,918.00 3,446.36 \n21,786.97 73,670.00 80,480.84 28,667.00 \n137,989.00 \n \n10,796.40 \n \n$ \n \n31,652,047.52 \n \n- 51 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"14\" \n \nPROJECT \nSPLOST #5 \n(i) Acquiring maintenance and security vehicles, maintenance equipment, and new buses; \n(ii) Acquiring administrative and instructional technology/communications equipment, textbooks, grounds maintenance and kitchen equipment and safety and security equipment; \n(iii) Acquiring equipment and furnishings, including student furniture and band and athletic uniforms and equipment; \n(iv) Renovations, extensions, additions, repairs, upgrades, updates and improvements to existing school facilities, including fine arts, exercise/training rooms, physical education and athletic facilities improvements, playground updates, parking lot improvements, paving, painting and flooring updates, and school wide HVAC updates; and enclosing open-air walkaways for safety and security pruposes; and \n(v) Paying expenses incident to accomplishing the foregoing. \nTotal SPLOST #5 Projects \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \nESTIMATED COMPLETION \nDATE \n \n$ \n \n750,000.00 $ \n \n950,000.00 \n \n06/2024 \n \n3,950,000.00 1,000,000.00 \n \n3,650,000.00 950,000.00 \n \n06/2024 06/2024 \n \n9,291,469.00 \n \n9,441,469.00 \n \n8,531.00 \n \n8,531.00 \n \n$ \n \n15,000,000.00 $ \n \n15,000,000.00 \n \n06/2024 Completed \n \n- 52 - \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"14\" \n \nPROJECT \nSPLOST #5 \n(i) Acquiring maintenance and security vehicles, maintenance equipment, and new buses; \n(ii) Acquiring administrative and instructional technology/communications equipment, textbooks, grounds maintenance and kitchen equipment and safety and security equipment; \n(iii) Acquiring equipment and furnishings, including student furniture and band and athletic uniforms and equipment; \n(iv) Renovations, extensions, additions, repairs, upgrades, updates and improvements to existing school facilities, including fine arts, exercise/training rooms, physical education and athletic facilities improvements, playground updates, parking lot improvements, paving, painting and flooring updates, and school wide HVAC updates; and enclosing open-air walkaways for safety and security pruposes; and \n(v) Paying expenses incident to accomplishing the foregoing. \nTotal SPLOST #5 Projects \n \nAMOUNT EXPENDED IN CURRENT \nYEAR (3) \n \nAMOUNT EXPENDED IN PRIOR YEARS (3) \n \nTOTAL COMPLETION \nCOST \n \nEXCESS PROCEEDS NOT \nEXPENDED \n \n$ \n \n60,813.00 $ \n \n232,313.00 $ \n \n- $ \n \n- \n \n667,684.31 \n \n2,257,159.92 \n \n- \n \n- \n \n358,284.31 \n \n388,588.31 \n \n- \n \n- \n \n7,156,859.14 \n \n1,477,952.29 \n \n- \n \n- \n \n- \n \n8,351.00 \n \n8,531.00 \n \n- \n \n$ 8,243,640.76 $ \n \n4,364,364.52 $ \n \n8,531.00 $ \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 Upson County approved the imposition of a 1% sales tax to fund the above projects. \nAmounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \n \nSee notes to the basic financial statements. \n \n- 53 - \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 Dr. Larry Derico, Superintendent and Members of the Thomaston-Upson County Board of Education \nWe have audited the financial statements of the governmental activities, each major fund, and fiduciary activities of the Thomaston-Upson 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 26, 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 26, 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 Dr. Larry Derico, Superintendent and Members of the Thomaston-Upson County Board of Education \nReport on Compliance for Each Major Federal Program \nOpinion on Each Major Federal Program \nWe have audited the Thomaston-Upson 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 26, 2024 \n \n Section III Auditee's Response to Prior Year Findings and Questioned Costs \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2023 \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS \nNo matters were reported. \nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \nNo matters were reported. \n \n Section IV Findings and Questioned Costs \n \n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2023 \n \nI SUMMARY OF AUDITOR'S RESULTS \n \nFinancial Statements \nType of auditor's report issued: Governmental Activities, Each Major Fund, and Fiduciary Activities \nInternal control over financial reporting:  Material weakness(es) identified?  Significant deficiency(ies) identified? \nNoncompliance material to financial statements noted: \n \nFederal Awards \n \nInternal control over major programs:  Material weakness(es) identified?  Significant deficiency(ies) identified? \n \nType of auditor's report issued on compliance for major programs: \n \nAll major programs \n \nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \n \nIdentification of major programs: \n \nAssistance Listing Number Assistance Listing Program or Cluster Title \n \n10.553, 10.555 84.425 \n \nChild Nutrition Cluster Education Stabilization Fund \n \nDollar threshold used to distinguish between Type A and Type B programs: \n \nAuditee qualified as low-risk auditee? \n \nII FINANCIAL STATEMENT FINDINGS No matters were reported. Ill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \n \nUnmodified No \nNone Reported No \nNo None Reported \nUnmodified No \n$750,000.00 Yes \n \n "},{"id":"dlg_ggpd_1391984189-2023-03-31","title":"Annual financial report 2022 June 30, Thomaston-Upson County Board of Education, Thomaston, Georgia, including independent auditor's report.","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":null,"dc_date":["2023-03-31"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Thomaston-Upson County Board of Education, Ga.)","Fiscal year 2021; title from PDF cover (Georgia Government Publications database, viewed August 2, 2023).","Fiscal year 2021; (Georgia Government Publications database, viewed August 2, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Georgia Department of Audits \u0026 Accounts, [2022?]-"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Thomaston-Upson County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Upson County--Auditing--Periodicals.","Education--Georgia--Upson County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Upson County--fast","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report 2022 June 30, Thomaston-Upson County Board of Education, Thomaston, 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_1391984189-2023-03-31"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1391984189-2023-03-31"],"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\nThomaston-Upson County Board of Education \r\nThomaston, Georgia \r\nIncluding Independent Auditor's Report \r\nGreg S. Griffin | State Auditor \r\n \r\n Thomaston-Upson County Board of Education \r\n \r\nTable of Contents \r\n \r\nSection I \r\n \r\nFinancial Independent Auditor's Report \r\n \r\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\nFiduciary Funds \r\n \r\n8 \r\n \r\nI Notes to the Basic Financial Statements \r\n \r\n9 \r\n \r\nSchedules \r\n \r\nRequired Supplementary Information \r\n \r\n1 Schedule of Proportionate Share of the Net Pension Liability \r\n \r\nTeachers Retirement System of Georgia \r\n \r\n39 \r\n \r\n2 Schedule of Contributions  Teachers Retirement System of Georgia \r\n \r\n40 \r\n \r\n3 Schedule of Proportionate Share of the Net Pension Liability \r\n \r\nEmployees' Retirement System of Georgia \r\n \r\n41 \r\n \r\n4 Schedule of Contributions  Employees' Retirement System of Georgia \r\n \r\n42 \r\n \r\n5 Schedule of Proportionate Share of the Net Pension Liability \r\n \r\nPublic School Employees Retirement System of Georgia \r\n \r\n43 \r\n \r\n Required Supplementary Information (Continued) \r\n \r\n6 Schedule of Proportionate Share of the Net OPEB Liability \r\n \r\nSchool OPEB Fund \r\n \r\n44 \r\n \r\n7 Schedule of Contributions  School OPEB Fund \r\n \r\n45 \r\n \r\n8 Schedule of Proportionate Share of the Net OPEB Liability \r\n \r\nSEADOPEB \r\n \r\n46 \r\n \r\n9 Schedule of Contributions  SEAD-OPEB \r\n \r\n47 \r\n \r\n10 Notes to the Required Supplementary Information \r\n \r\n48 \r\n \r\n11 Schedule of Revenues, Expenditures and Changes in Fund \r\n \r\nBalances - Budget and Actual General Fund \r\n \r\n50 \r\n \r\nSupplementary Information \r\n \r\n12 Schedule of Expenditures of Federal Awards \r\n \r\n51 \r\n \r\n13 Schedule of State Revenue \r\n \r\n53 \r\n \r\n14 Schedule of Approved Local Option Sales Tax Projects \r\n \r\n54 \r\n \r\nSection II \r\nCompliance and Internal Control Reports \r\nIndependent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards \r\n \r\nIndependent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance \r\n \r\nSection III Auditee's Response to Prior Year Findings and Questioned Costs Summary Schedule of Prior Audit Findings \r\n \r\nSection IV Findings and Questioned Costs Schedule of Findings and Questioned Costs \r\n \r\n Section I Financial \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Larry Derico, Superintendent and Members of the Thomaston-Upson 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 Thomaston-Upson 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 and each major fund of the School District as of June 30, 2022, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \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 \r\n \r\n reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient appropriate evidence to express an opinion or provide any assurance. \r\nSupplementary Information \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the School District's basic financial statements. The accompanying supplementary information, as listed in the table of contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements. \r\nThe supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements as a whole. \r\nOther Reporting Required by Government Auditing Standards \r\nIn accordance with Government Auditing Standards, we have also issued our report dated March 31, 2023 on our consideration of the School District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control over financial reporting and compliance. \r\n \r\n A copy of this report has been filed as a permanent record and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. Respectfully submitted, \r\nGreg S. Griffin State Auditor \r\nMarch 31, 2023 \r\n \r\n THOMASTONUPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\nINTRODUCTION \r\nOur discussion and analysis of the ThomastonUpson 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 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 fiscal year 2022 are as follows: \r\n The School District had $51.0 million in expenses relating to governmental activities: only $41.8 million of these expenses were offset by program specific charges for services, grants and contributions. General revenues (primarily property and sales taxes) of $21.3 million were adequate to provide for these programs. \r\n As stated above, general revenues accounted for $21.3 million, or 33.7%, of all revenues totaling $63.1 million. Program specific revenues in the form of charges for services, grants and contributions accounted for the rest. \r\n Among major funds, the general fund had $57.8 million in revenues and $57.4 million in expenditures. The fund balance for the general fund increased $403 thousand to $16.1 million. The increase is due to expenses being lower than anticipated. \r\nOVERVIEW OF THE FINANCIAL STATEMENTS \r\nThis report consists of several parts including management's discussion and analysis, the basic financial statements, notes to the basic financial statements, required supplementary information, 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 School District's overall financial status. \r\nThe fund financial statements focus on individual parts of the School District, 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 statement provides information about the financial relationships in which the School District solely is trustee or agent for the benefit of others. The fund financial statements reflect the School District's most significant funds. In the case of the ThomastonUpson County School District, the general fund and capital projects fund are the most significant funds. \r\nGovernment-Wide Statements \r\nThe government-wide financial statements are basically a consolidation of all the School District's operating funds into one column called governmental activities. In reviewing the government-wide financial statements, a reader might ask the questions about whether the School District is in a better financial position than last year. The Statement of Net Position and Statement of Activities provide the basis for answering this question. These financial statements include all School District's non-fiduciary assets and \r\ni \r\n \r\n THOMASTONUPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\nliabilities and uses the accrual basis of accounting similar to the accounting used by most private-sector companies. This basis of accounting takes into account all of the current year's revenues and expenses regardless of when cash is received or paid. These two statements report the School District's net position and any changes in net position. The change in net position is important because it tells the reader that, for the School District as a whole, the financial position of the School District has improved or diminished. The causes of this change may be the results 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\nThe Statement of Net Position and the Statement of Activities reflect the School District's 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, principal's accounts and various others. \r\nFund Financial Statements \r\nThe School District uses many funds to account for a multitude of financial transactions during the fiscal year. However, the fund financial statements presented in this report provide detailed information about only the School District's significant or major funds. Governmental Funds \r\nMost of the School District's activities are reported in governmental funds, which focus on how money flows into and out of those funds and the balances left at year-end available for spending in future periods. These funds are reported using the modified accrual method of accounting which measures cash and 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 differences between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds are reconciled within the financial statements. Fiduciary Funds The School District is the trustee, or fiduciary, for assets that belong to others, such as scholarships. 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 THOMASTONUPSON 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\nTable 1, Statement of Net Position, provides the perspective of the School District as a whole. \r\n \r\nTable 1 Net Position \r\n \r\nAssets Current and Other Assets Capital Assets, Net \r\nTotal Assets \r\n \r\nFiscal Year 2022 \r\n \r\nGovernmental Activities Fiscal Year 2021 \r\n \r\nNet Change \r\n \r\n$ 27,629,497 $ 44,444,562 \r\n72,074,059 \r\n \r\n23,604,018 $ 41,324,397 \r\n64,928,415 \r\n \r\n4,025,479 3,120,165 \r\n7,145,644 \r\n \r\nDeferred Outflows of Resources Related to Defined Pension Plans Related to OPEB Plan \r\nTotal Deferred Outflows Of Resources \r\n \r\n12,558,525 7,548,406 \r\n20,106,931 \r\n \r\n12,574,898 9,178,183 \r\n21,753,081 \r\n \r\n(16,373) (1,629,777) \r\n(1,646,150) \r\n \r\nLiabilities Current and Other Liabilities Long-Term Liabilities Net Pension Liability Net OPEB Liability \r\nTotal Liabilities \r\n \r\n4,602,425 163,644 \r\n15,815,176 31,416,656 \r\n51,997,901 \r\n \r\n3,298,251 146,146 \r\n42,957,989 42,617,600 \r\n89,019,986 \r\n \r\n1,304,174 17,498 \r\n(27,142,813) (11,200,944) \r\n(37,022,085) \r\n \r\nDeferred Inflows of Resources Related to Defined Benefit Pension Plans Related to OPEB Plan \r\nTotal Deferred Inflows of Resources \r\n \r\n24,254,632 17,451,871 \r\n41,706,503 \r\n \r\n2,035,502 9,213,791 \r\n11,249,293 \r\n \r\n22,219,130 8,238,080 \r\n30,457,210 \r\n \r\nNet Position Net Investment in Capital Assets Restricted Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\n43,332,569 9,191,312 \r\n(54,047,295) \r\n \r\n41,177,734 5,690,370 \r\n(60,455,887) \r\n \r\n2,154,835 3,500,942 6,408,592 \r\n \r\n$ (1,523,414) $ (13,587,783) $ 12,064,369 \r\n \r\niii \r\n \r\n THOMASTONUPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\n \r\nTotal change in net position increased $11.1 million in fiscal year 2022 from the prior year. This change in net position is detailed in Table 2 as presented below. Table 2 shows the changes in net position for fiscal year 2022 as compared to 2021. \r\nTable 2 Change in Net Position \r\n \r\nRevenues Program Revenues Charges for Services Operating Grants and Contributions Capital Grants and Contributions \r\nTotal Program Revenues General Revenues \r\nTaxes Property Taxes For Maintenance and Operations Other Taxes Sales Tax Special Purpose Local Option Sales Tax For Capital Projects Other Sales Tax \r\nGrants and Contributions not Restricted to Specific Programs \r\nInvestment Earnings Miscellaneous Special Item Donated Land and Buildings \r\nTotal General Revenues and Special Item \r\nTotal Revenues and Special Item \r\nProgram Expenses Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Food Services \r\nTotal Expenses \r\nIncrease in Net Position \r\n \r\nFiscal Year 2022 \r\n \r\nGovernmental Activities Fiscal Year 2021 \r\n \r\nNet Change \r\n \r\n$ \r\n \r\n426,639 $ \r\n \r\n306,742 $ \r\n \r\n119,897 \r\n \r\n41,086,622 \r\n \r\n34,492,952 \r\n \r\n6,593,670 \r\n \r\n316,921 \r\n \r\n386,100 \r\n \r\n(69,179) \r\n \r\n41,830,182 \r\n \r\n35,185,794 \r\n \r\n6,644,388 \r\n \r\n10,518,987 23,180 \r\n \r\n10,176,337 11,722 \r\n \r\n342,650 11,458 \r\n \r\n4,590,293 307,962 \r\n4,477,639 313,727 \r\n1,018,960 \r\n21,250,748 63,080,930 \r\n \r\n4,062,296 230,264 \r\n4,176,797 260,469 777,703 \r\n472,378 20,167,966 55,353,760 \r\n \r\n527,997 77,698 \r\n300,842 53,258 \r\n241,257 \r\n(472,378) 1,082,782 7,727,170 \r\n \r\n30,927,382 \r\n \r\n34,194,810 \r\n \r\n(3,267,428) \r\n \r\n2,098,630 1,728,243 \r\n448,479 1,188,113 2,863,170 \r\n353,735 4,179,732 3,169,835 \r\n174,131 155,893 \r\n \r\n2,167,300 1,703,650 \r\n490,864 1,358,536 3,283,556 \r\n447,515 4,181,523 2,637,612 \r\n192,036 133,024 \r\n \r\n(68,670) 24,593 (42,385) (170,423) (420,386) (93,780) (1,791) 532,223 (17,905) 22,869 \r\n \r\n3,729,218 \r\n \r\n3,573,412 \r\n \r\n155,806 \r\n \r\n51,016,561 \r\n \r\n54,363,838 \r\n \r\n(3,347,277) \r\n \r\n$ 12,064,369 $ \r\n \r\n989,922 $ 11,074,447 \r\n \r\niv \r\n \r\n THOMASTONUPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\nGovernmental Activities \r\nInstruction comprises 60.6% of governmental program expenses. Support service expenses make up 32.1% of the expenses. \r\nThe state's QBE funding does not provide an adequate level of funding to provide basic education services and to adequately maintain facilities. The School District levies a millage rate of 13.21 mills to provide additional local funding along with a 1% (ESPLOST) sales tax. \r\nThe Statement of Activities shows the cost of program services and the charges for services and grants offsetting these services. Table 3 shows, for governmental activities, 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. \r\n \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 Food Services \r\nTotal Expenses \r\n \r\n$ 30,927,382 $ 34,194,810 $ 3,334,699 $ 9,275,957 \r\n \r\n2,098,630 1,728,243 \r\n448,479 1,188,113 2,863,170 \r\n353,735 4,179,732 3,169,835 \r\n174,131 155,893 \r\n \r\n2,167,300 1,703,650 \r\n490,864 1,358,536 3,283,556 \r\n447,515 4,181,523 2,637,612 \r\n192,036 133,025 \r\n \r\n1,335,486 265,684 (109,159) (321,495) \r\n1,761,501 345,790 \r\n2,803,733 567,354 168,910 154,350 \r\n \r\n1,725,377 650,831 (47,569) 227,405 \r\n2,214,909 441,142 \r\n2,624,937 1,464,643 \r\n188,464 131,176 \r\n \r\n3,729,218 \r\n \r\n3,573,412 \r\n \r\n(1,120,475) \r\n \r\n280,772 \r\n \r\n$ 51,016,561 $ 54,363,839 $ 9,186,378 $ 19,178,044 \r\n \r\nInstructional expenses include activities directly dealing with the teaching of pupils and the interaction between teacher and pupil. \r\nPupil Services are activities designed to assess and improve the well-being of students and to supplement the teaching process. \r\nImprovement of instruction are activities which are designed primarily for assisting instructional staff in planning, developing, and evaluating the process of providing a challenging learning experience for students. \r\nEducational media is directing, managing, and operating educational media centers. \r\nGeneral administration establishes and administers policy for operating the School District. \r\n \r\nv \r\n \r\n THOMASTONUPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\nSchool administration includes principals, assistant principals, and clerical staff who administer the school operations. \r\nBusiness administration includes the financial operations of the School District. \r\nMaintenance and operations of plant activities involve keeping the school grounds, buildings, and equipment in effective working condition. \r\nStudent transportation includes activities involved with the conveyance of students to and from school, as well as to and from school activities, as provided by state law. \r\nCentral support includes personnel services, strategic planning, and public relations activities. \r\nOther support services include all other support services. \r\nFood services prepares and serves breakfast, lunch, and snacks to the students of the School District. \r\nAlthough program revenues make up a majority of the revenue, the School District is still dependent upon tax revenues for governmental activities. \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 of $62.5 million and total expenditures of $60.5 million. The net change in fund balance for the year in the general fund was an increase of $403 thousand and in the capital projects fund an increase of $1.6 million. \r\nGeneral Fund Budgeting Highlights \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. \r\nThe School District's budget is adopted at the aggregate level and maintained at the program, function, object, and site levels to facilitate budgetary control. The budgeting systems are designed to control the total budget but provide flexibility to meet the ongoing programmatic needs. The budgeting systems are also designed to control total site budgets but provide flexibility for site management as well. \r\nFor the general fund, the actual revenues of $57.8 million were under the final budgeted amount of $69.7 million by $11.9 million. The difference (actual vs. final budget) was mainly due to budgeting for Federal funds that span multiple fiscal years. Additionally, the School District did not include revenues for school activity accounts (included in miscellaneous revenues) in the final budget. The School District traditionally estimates revenue on a conservative basis to avoid shortfalls in actual revenues. \r\nThe general fund's final actual expenditures of $57.4 million were less than the final budget amount of $70.5 million. Expenses were less than budget in instruction, pupil services, improvement of instructional services, educational media services, general administration, maintenance and operation of plant, student transportation services, central support, and capital outlay. Expenses were more than budget in school administration, business administration, other support services, and food services. Actual general fund revenues exceeded expenses by $403 thousand from a budgeted decrease of $863 thousand. As in prior years, the School District did not include expenditures for school activity accounts in the final budget. \r\nvi \r\n \r\n THOMASTONUPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\n \r\nCAPITAL ASSETS \r\n \r\nTable 4 Capital Assets (Net of Depreciation) \r\n \r\nFiscal Year 2022 \r\n \r\nGovernmental Activities Fiscal Year 2021 \r\n \r\nLand Construction In Progress Building and Improvements Equipment Land Improvements \r\nTotal \r\n \r\n$ \r\n \r\n797,021 $ \r\n \r\n2,977,244 \r\n \r\n33,061,286 \r\n \r\n6,447,031 \r\n \r\n1,161,980 \r\n \r\n$ \r\n \r\n44,444,562 $ \r\n \r\n797,021 $ 246,458 34,418,616 4,582,724 1,279,578 \r\n41,324,397 $ \r\n \r\nNet Change \r\n2,730,786 (1,357,330) 1,864,307 \r\n(117,598) \r\n3,120,165 \r\n \r\nAt fiscal year ended June 30, 2022, the School District had $44.4 million invested in capital assets, all in governmental activities. Table 4 reflects a summary of these balances, net of accumulated depreciation. \r\nCURRENT ISSUES \r\nThe School District is not aware of any currently known facts, decisions, or conditions that are expected to have a significant effect on the financial position or results of operations during this fiscal year. \r\nThe School District continues to be financially stable as the fund balance continues to exceed the state's benchmark. The School District's operating millage rate for fiscal year 2022 was 13.21 mills. Our millage rate continues to remain one of the lowest of the surrounding counties. \r\nThe School District passed a budget for fiscal year 2023 that leverages the new federal funding and will allow the School District to address the learning loss caused by the ongoing pandemic, while preserving the School District's ability to meet mandated educational requirements and operational costs. The School District is committed to make additional resources available at the school site level which could enable our strategic initiatives. \r\nCONTACTING THE SCHOOL DISTRICT'S FINANCIAL MANAGEMENT \r\nThe financial report is designed to provide our citizens and taxpayers 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 Kathy Matthews, Director of Finance, ThomastonUpson County Board of Education, 205 Civic Center Drive, Thomaston, Georgia 30286. Alternatively, you may send requests to the following email address kmatthews@upson.k12.ga.us. \r\n \r\nvii \r\n \r\n Thomaston-Upson County Board of Education \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2022 \r\nASSETS Cash and Cash Equivalents Accounts Receivable, Net \r\nTaxes State Government Federal Government Other Due From Other Funds Inventories Prepaid Items Net OPEB Asset Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plans Related to OPEB Plan \r\nTotal Deferred Outflows of Resources \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Payroll Withholdings Payable Contracts Payable Retainages Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities \r\nDue in More Than One Year Total Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plans Related to OPEB Plan \r\nTotal Deferred Inflows of Resources \r\nNET POSITION Net Investment in Capital Assets Restricted for \r\nContinuation of Federal Programs Capital Projects Net OPEB Asset Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n18,760,305.04 \r\n \r\n976,448.63 3,632,751.01 3,815,545.15 \r\n15,842.28 3,992.75 \r\n103,986.89 286,890.20 \r\n33,735.00 3,774,264.60 40,670,297.40 72,074,058.95 \r\n \r\n12,558,525.55 7,548,406.00 20,106,931.55 \r\n \r\n530,745.30 2,979,892.37 \r\n231.57 850,396.44 241,159.51 15,815,176.00 31,416,656.00 \r\n163,644.21 51,997,901.40 \r\n \r\n24,254,632.00 17,451,871.00 41,706,503.00 \r\n \r\n43,332,569.25 \r\n \r\n2,349,217.16 6,808,359.72 \r\n33,735.00 (54,047,295.03) \r\n \r\n$ \r\n \r\n(1,523,413.90) \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 1 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2022 \r\n \r\nEXHIBIT \"B\" \r\n \r\nGOVERNMENTAL ACTIVITIES Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Food Services \r\nTotal Governmental Activities \r\n \r\nEXPENSES \r\n \r\nCHARGES FOR SERVICES \r\n \r\nPROGRAM REVENUES OPERATING GRANTS AND \r\nCONTRIBUTIONS \r\n \r\nCAPITAL GRANTS AND CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET POSITION \r\n \r\n$ \r\n \r\n30,927,381.55 $ \r\n \r\n304,639.75 $ \r\n \r\n27,288,042.60 $ \r\n \r\n2,098,629.62 1,728,243.43 \r\n448,479.17 1,188,113.33 2,863,169.99 \r\n353,735.22 4,179,732.51 3,169,834.95 \r\n174,130.54 155,892.72 \r\n \r\n6,570.00 - \r\n \r\n763,143.27 1,462,559.71 \r\n557,637.73 1,509,608.15 1,101,669.41 \r\n7,944.73 1,369,429.29 2,370,820.93 \r\n5,220.62 1,542.86 \r\n \r\n3,729,217.87 \r\n \r\n115,429.15 \r\n \r\n4,649,003.28 \r\n \r\n$ \r\n \r\n51,016,560.90 $ \r\n \r\n426,638.90 $ \r\n \r\n41,086,622.58 $ \r\n \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous Total General Revenues \r\n \r\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\n231,660.00 - \r\n85,260.91 \r\n316,920.91 \r\n \r\n(3,334,699.20) \r\n(1,335,486.35) (265,683.72) 109,158.56 321,494.82 \r\n(1,761,500.58) (345,790.49) \r\n(2,803,733.22) (567,354.02) (168,909.92) (154,349.86) \r\n1,120,475.47 \r\n(9,186,378.51) \r\n \r\n10,518,986.80 23,179.75 \r\n \r\n4,590,293.39 307,961.64 \r\n4,477,639.00 313,727.10 \r\n1,018,959.50 21,250,747.18 \r\n \r\n12,064,368.67 \r\n \r\n(13,587,782.57) \r\n \r\n$ \r\n \r\n(1,523,413.90) \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 2 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2022 \r\n \r\nEXHIBIT \"C\" \r\n \r\nASSETS Cash and Cash Equivalents Accounts Receivable, Net \r\nTaxes State Government Federal Government Other Due from Other Funds Inventories Prepaid Items \r\nTotal Assets \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Payroll Withholdings Payable Due to Other Funds Contracts Payable Retainages Payable \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes Unavailable Revenue - State Revenues Unavailable Revenue - Federal Revenues \r\nTotal Deferred Inflows of Resources \r\nFUND BALANCES Nonspendable Restricted Committed Assigned Unassigned \r\nTotal Fund Balances \r\nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n13,467,278.01 $ \r\n \r\n542,979.55 3,603,916.94 3,815,545.15 \r\n15,842.28 3,992.75 \r\n103,986.89 243,091.58 \r\n \r\n$ \r\n \r\n21,796,633.15 $ \r\n \r\n5,293,027.03 $ \r\n433,469.08 28,834.07 68,956.28 43,798.62 \r\n5,868,085.08 $ \r\n \r\n18,760,305.04 \r\n976,448.63 3,632,751.01 3,815,545.15 \r\n15,842.28 72,949.03 103,986.89 286,890.20 \r\n27,664,718.23 \r\n \r\n$ \r\n \r\n359,027.19 $ \r\n \r\n2,979,892.37 \r\n \r\n231.57 \r\n \r\n68,956.28 \r\n \r\n850,396.44 \r\n \r\n241,159.51 \r\n \r\n4,499,663.36 \r\n \r\n171,718.11 $ - \r\n171,718.11 \r\n \r\n530,745.30 2,979,892.37 \r\n231.57 68,956.28 850,396.44 241,159.51 4,671,381.47 \r\n \r\n59,466.14 4,472.88 \r\n1,179,363.39 1,243,302.41 \r\n \r\n- \r\n \r\n59,466.14 \r\n \r\n- \r\n \r\n4,472.88 \r\n \r\n- \r\n \r\n1,179,363.39 \r\n \r\n- \r\n \r\n1,243,302.41 \r\n \r\n351,071.22 2,009,465.09 \r\n367,902.02 2,020,445.00 11,304,784.05 16,053,667.38 \r\n \r\n112,754.90 5,583,612.07 \r\n5,696,366.97 \r\n \r\n463,826.12 7,593,077.16 \r\n367,902.02 2,020,445.00 11,304,784.05 21,750,034.35 \r\n \r\n$ \r\n \r\n21,796,633.15 $ \r\n \r\n5,868,085.08 $ \r\n \r\n27,664,718.23 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 3 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET POSITION FOR THE YEAR ENDED 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 Construction in progress Buildings and improvements Equipment Land improvements Accumulated depreciation \r\nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB asset 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\nState funds that are not available to pay current period expenditures are deferred in the funds. \r\nFederal funds that are not available to pay current period expenditures are deferred in the funds. \r\nLong-term liabilities are not due and payable in the current period and therefore are not reported in the funds. Compensated absences payable \r\nNet position of governmental activities (Exhibit \"A\") \r\n \r\n$ \r\n \r\n21,750,034.35 \r\n \r\n$ \r\n \r\n797,020.96 \r\n \r\n2,977,243.64 \r\n \r\n63,186,927.41 \r\n \r\n12,310,910.09 \r\n \r\n8,192,292.96 \r\n \r\n(43,019,833.06) \r\n \r\n44,444,562.00 \r\n \r\n$ \r\n \r\n(15,815,176.00) \r\n \r\n33,735.00 \r\n \r\n(31,416,656.00) \r\n \r\n(47,198,097.00) \r\n \r\n$ \r\n \r\n(11,696,106.45) \r\n \r\n(9,903,465.00) \r\n \r\n(21,599,571.45) 59,466.14 4,472.88 \r\n1,179,363.39 \r\n \r\n(163,644.21) \r\n \r\n$ \r\n \r\n(1,523,413.90) \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 4 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS FOR THE 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 Food Services Operation Capital Outlay Total Expenditures \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nFund Balances - Ending \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n10,559,122.68 $ \r\n \r\n307,961.64 \r\n \r\n31,676,621.87 \r\n \r\n13,563,505.61 \r\n \r\n426,638.90 \r\n \r\n242,297.43 \r\n \r\n1,018,959.50 \r\n \r\n57,795,107.63 \r\n \r\n- $ 4,590,293.39 \r\n85,260.91 - \r\n71,429.67 - \r\n4,746,983.97 \r\n \r\n10,559,122.68 4,898,255.03 31,761,882.78 13,563,505.61 426,638.90 313,727.10 1,018,959.50 62,542,091.60 \r\n \r\n31,920,815.42 \r\n \r\n2,202,361.71 1,951,845.96 \r\n518,010.19 1,264,126.63 3,300,237.88 \r\n307,307.62 4,023,668.94 5,036,193.23 \r\n197,167.04 156,692.72 3,900,658.50 2,612,618.79 57,391,704.63 \r\n \r\n403,403.00 \r\n \r\n15,650,264.38 \r\n \r\n$ \r\n \r\n16,053,667.38 $ \r\n \r\n1,444,826.54 \r\n127,128.76 26,815.23 299.98 52,239.60 30,098.11 93,413.00 \r\n305,332.18 160,874.10 \r\n1,247.98 - \r\n10,127.80 864,186.32 3,116,589.60 \r\n1,630,394.37 \r\n4,065,972.60 \r\n5,696,366.97 $ \r\n \r\n33,365,641.96 \r\n2,329,490.47 1,978,661.19 \r\n518,310.17 1,316,366.23 3,330,335.99 \r\n400,720.62 4,329,001.12 5,197,067.33 \r\n198,415.02 156,692.72 3,910,786.30 3,476,805.11 60,508,294.23 \r\n2,033,797.37 \r\n19,716,236.98 \r\n21,750,034.35 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 5 - \r\n \r\n THOMASTON-UPSON 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\nState funds that are not available to pay current period expenditures are deferred in the funds. \r\nFederal funds that are not available to pay current period expenditures are deferred in the funds. \r\nDistrict pension/OPEB contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension/OPEB liability is measured a year before the District's report date. Pension/OPEB expense, which is the change in the net pension/OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions/OPEB, is reported in the Statement of Activities. Pension expense OPEB expense \r\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. Compensated Absences \r\nChange in net position of governmental activities (Exhibit \"B\") \r\n \r\n$ \r\n \r\n2,033,797.37 \r\n \r\n$ \r\n \r\n5,771,075.80 \r\n \r\n(2,639,275.03) \r\n \r\n3,131,800.77 (11,635.27) (16,956.13) 4,472.88 680,004.32 \r\n \r\n$ \r\n \r\n4,907,310.00 \r\n \r\n1,353,073.00 \r\n \r\n6,260,383.00 \r\n \r\n(17,498.27) \r\n \r\n$ \r\n \r\n12,064,368.67 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 6 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS FOR THE YEAR ENDED JUNE 30, 2022 \r\nASSETS Cash and Cash Equivalents LIABILITIES Due To Other Funds NET POSITION Held in Trust for Private Purposes \r\n \r\nEXHIBIT \"G\" \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\n$ \r\n \r\n17,214.95 \r\n \r\n3,992.75 \r\n \r\n$ \r\n \r\n13,222.20 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 7 - \r\n \r\n ADDITIONS Contributions Donors \r\nDEDUCTIONS Scholarships \r\nChange in Net Position \r\nNet Position - Beginning \r\nNet Position - Ending \r\n \r\nTHOMASTON-UPSON COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDCUCIARY NET POSITION \r\nFIDUCIARY FUNDS FOR THE YEAR ENDED JUNE 30, 2022 \r\n \r\nEXHIBIT \"H\" \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\n$ \r\n \r\n8,650.00 \r\n \r\n8,642.75 \r\n \r\n7.25 \r\n \r\n13,214.95 \r\n \r\n$ \r\n \r\n13,222.20 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 8 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nReporting Entity \r\nThe Thomaston-Upson 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 THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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 grants from Georgia State Financing and Investment Commission that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \r\nThe School District reports the following fiduciary fund type: \r\n Private purpose trust funds are used to report all trust arrangements, other than those properly reported elsewhere, in which principal and income benefit individuals, private organizations or other governments. \r\nBasis of Accounting \r\nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, 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 THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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 compensated absences, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. \r\nThe School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted resources available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general funds. \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\n \r\n- 11 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nReceivables \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\nDue to other funds and due from other funds consist of activities between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year. \r\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 THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Land Improvements Buildings and Improvements Equipment Intangible Assets Construction In Progress \r\n \r\nAll \r\n \r\n$ 10,000.00 \r\n \r\n$ 20,000.00 \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ 200,000.00 \r\n \r\nAll \r\n \r\nN/A 20 to 50 years 25 to 50 years \r\n5 to 50 years 5 to 50 years \r\nN/A \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\nCompensated Absences \r\nCompensated absences payable consists of vacation leave employees earned based on services already rendered. \r\nVacation leave of 10 days is awarded on a fiscal year basis to all full-time personnel employed on a twelve-month basis. No other employees are eligible to earn vacation leave. Vacation leave not utilized during the fiscal year may be carried over to the next fiscal year, providing such vacation leave does not exceed 20 days. Upon terminating employment, the School District pays all unused and unforfeited vacation benefits to employees. Accordingly, vacation benefits are accrued as a liability in the government-wide financial statements. A liability for these amounts is reported in the governmental fund financial statements only if they have matured, for example, as a result of employee resignations and retirements by fiscal-year end. \r\nMembers of the Teachers Retirement System of Georgia (TRS) may apply unused sick leave toward early retirement. The liability for early retirement will be borne by TRS rather than by the individual School Districts. Otherwise, sick leave does not vest with the employee, and no liability is reported in the School District's financial statements. \r\n \r\n- 13 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nPensions \r\nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nPost-Employment Benefits Other Than Pensions (OPEB) \r\nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Post-Employment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nPost-Employment Benefits Other Than Pensions (SEAD - 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 State Employees' Assurance Department Retired and Vested Inactive Members Trust Fund (SEADOPEB) plan (the Plan) and additions to/deductions from the SEAD-OPEB's fiduciary net position have been determined on the same basis as they are reported by SEAD-OPEB. For this purpose, death benefits are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nFund Balances \r\nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \r\nThe School District's fund balances are classified as follows: \r\nNonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \r\nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \r\nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \r\n \r\n- 14 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \r\n \r\nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \r\n \r\nUse of Estimates \r\n \r\nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \r\n \r\nProperty Taxes \r\n \r\nThe Upson County Board of Commissioners adopted the property tax levy for the 2021 tax digest year (calendar year) on August 19, 2021 (levy date) based on property values as of January 1, 2021. Taxes were due on November 15, 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 Upson 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 $9,141,833.03. \r\n \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\n13.21 mills \r\n \r\nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $1,394,109.90 during fiscal year ended June 30, 2022. \r\nSales Taxes \r\nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $4,590,293.39 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\nNOTE 3: BUDGETARY DATA \r\nThe budget is a complete financial plan for the School District's fiscal year and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds, except the various school activity(principal) accounts, is prepared and adopted by fund, function and object. The legal level of \r\n \r\n- 15 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nbudgetary control was established by the Board at the aggregate function level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \r\nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nThe Superintendent is authorized by the Board to approve adjustments of no more than 10% of the amount budgeted for expenditures in any budget function for any fund. The Superintendent shall report any such adjustments to the Board. If expenditure of funds in any budget function for any fund is anticipated to be more than 10% of the budgeted amount, the Superintendent shall request Board approval for the budget amendment. Any position or expenditure not previously approved in the annual budget that exceeds $100,000.00 shall require Board approval unless the Superintendent deems the position or purchase an emergency. In such case, the expenditure shall be reported to the Board at its regularly scheduled meeting. Under no circumstance is the Superintendent or other staff person authorized to spend funds that exceed the total budget without approval by the Board. \r\nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \r\nNOTE 4: DEPOSITS \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- 16 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\nCategorization of Deposits \r\nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2022, the School District had deposits with a carrying amount of $18,777,519.99, and a bank balance of $19,833,821.78. The bank balances insured by Federal depository insurance were $328,552.12. \r\nAt June 30, 2022, $19,505,269.66 of the School District's bank balances was exposed to custodial credit risk. This balance was in the State's Secure Deposit Program (SDP). \r\nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. The SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians. \r\nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \r\n \r\n- 17 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \r\n \r\nBalances July 1, 2021 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2022 \r\n \r\nGovernmental Activities Capital Assets, \r\nNot Being Depreciated: Land Construction in Progress \r\n \r\n$ \r\n \r\n797,020.96 $ \r\n \r\n- $ \r\n \r\n- $ \r\n \r\n797,020.96 \r\n \r\n246,458.18 \r\n \r\n3,181,558.50 \r\n \r\n450,773.04 \r\n \r\n2,977,243.64 \r\n \r\nTotal Capital Assets Not Being Depreciated \r\n \r\n1,043,479.14 \r\n \r\n3,181,558.50 \r\n \r\n450,773.04 \r\n \r\n3,774,264.60 \r\n \r\nCapital Assets, Being Depreciated: Buildings and Improvements Equipment Land Improvements \r\nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \r\n \r\n62,967,026.62 10,117,824.82 \r\n8,192,292.96 \r\n \r\n219,900.79 2,820,389.55 \r\n- \r\n \r\n627,304.28 \r\n- \r\n \r\n63,186,927.41 12,310,910.09 \r\n8,192,292.96 \r\n \r\n28,548,410.92 5,535,100.97 6,912,715.15 \r\n \r\n1,577,230.27 944,447.17 117,597.59 \r\n \r\n615,669.01 \r\n- \r\n \r\n30,125,641.19 5,863,879.13 7,030,312.74 \r\n \r\nTotal Capital Assets, Being Depreciated, Net \r\n \r\n40,280,917.36 \r\n \r\n401,015.31 \r\n \r\n11,635.27 \r\n \r\n40,670,297.40 \r\n \r\nGovernmental Activities Capital Assets - Net \r\n \r\n$ 41,324,396.50 $ 3,582,573.81 $ 462,408.31 $ 44,444,562.00 \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction \r\n \r\n$ \r\n \r\nSupport Services \r\n \r\nGeneral Administration \r\n \r\n$ \r\n \r\n39,591.76 \r\n \r\nBusiness Administration \r\n \r\n2,639.07 \r\n \r\nMaintenance and Operation of Plant \r\n \r\n37,039.96 \r\n \r\nStudent Transportation Services \r\n \r\n340,385.95 \r\n \r\nFood Services \r\n \r\n2,161,173.22 \r\n419,656.74 58,445.07 \r\n \r\n$ 2,639,275.03 \r\n \r\n- 18 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 6: INTERFUND ASSETS AND LIABILITIES \r\n \r\nDue to and due from other funds are recorded for interfund receivables and payables which arise from interfund transactions. Interfund balances at June 30, 2022, consisted of the following: \r\n \r\nDue From Other Funds \r\n \r\nDue To Other Funds \r\n \r\nGeneral Fund \r\n \r\n$ \r\n \r\n3,992.75 $ \r\n \r\n68,956.28 \r\n \r\nCapital Projects Fund \r\n \r\n68,956.28 \r\n \r\n- \r\n \r\nPrivate Purpose Trust \r\n \r\n- \r\n \r\n3,992.75 \r\n \r\n$ \r\n \r\n72,949.03 $ \r\n \r\n72,949.03 \r\n \r\nThe interfund balances presented are derived primarily from expenditures originally paid with the capital projects fund and the general fund and to be reimbursed from the general fund and the private purpose fund after the fiscal year. \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\nAdditions \r\n \r\nDeductions \r\n \r\nBalance June 30, 2022 \r\n \r\nCompensated Absences (1) \r\n \r\n$ 146,145.94 $ 165,727.59 $ 148,229.32 $ 163,644.21 \r\n \r\n(1) The portion of compensated absences due within one year has been determined to be immaterial to the basic financial statements. \r\nCompensated Absences \r\nCompensated absences represent obligations of the School District relating to employees' rights to receive compensation for future absences based upon service already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. Typically, the general fund is the fund used to liquidate this long-term debt. The School District uses the vesting method to compute compensated absences. \r\nNOTE 8: RISK MANAGEMENT \r\nInsurance \r\nCommercial Insurance \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 these risks. Settled claims resulting from these insured risks have not exceed commercial insurance coverage in any of the past three fiscal years. \r\n \r\n- 19 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \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\n17,922.00 $ \r\n \r\n17,922.00 $ \r\n \r\n- \r\n \r\n2022 $ \r\n \r\n- $ \r\n \r\n340.32 $ \r\n \r\n340.32 $ \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 Drivers Training Education All Employees \r\n \r\n$ \r\n \r\n25,000.00 \r\n \r\n$ \r\n \r\n10,000.00 \r\n \r\n$ \r\n \r\n100,000.00 \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 Interfund Accounts Receivable Prepaid Assets \r\nRestricted Continuation of Federal Programs Capital Projects \r\nCommitted School Activity Accounts \r\nAssigned Subsequent Period Expenditures \r\nUnassigned \r\n \r\n$ 103,986.89 72,949.03 \r\n286,890.20 $ \r\n \r\n463,826.12 \r\n \r\n$ 2,009,465.09 5,583,612.07 \r\n \r\n7,593,077.16 \r\n \r\n367,902.02 \r\n \r\n2,020,445.00 11,304,784.05 \r\n \r\nFund Balance, June 30, 2022 \r\n \r\n$ 21,750,034.35 \r\n \r\n- 20 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nWhen multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \r\nIt is the goal of the School District to achieve and maintain a committed, assigned, and unassigned fund balance in the general fund at fiscal year-end of not less than 5% of expenditures, not to exceed 15% of the total budget of the subsequent fiscal year, in compliance with O.C.G.A.  20-2-167(a)5. If the unassigned fund balance at fiscal year-end falls below the goal, the School District shall develop a restoration plan to achieve and maintain the minimum fund balance. \r\nNOTE 10: SIGNIFICANT COMMITMENTS \r\n \r\nCommitments under Construction Contracts \r\n \r\nThe following is an analysis of significant outstanding construction or renovation contracts executed by the School District as of June 30, 2022: \r\n \r\nProject \r\n \r\nUnearned Executed Contracts (1) \r\n \r\nPayments through June 30, 2022 (2) \r\n \r\nUpson Lee Elementary Addition Agriculture Center \r\n \r\n$ \r\n \r\n2,217,199.58 $ \r\n \r\n2,612,618.79 \r\n \r\n5,454,286.22 \r\n \r\n234,315.65 \r\n \r\n$ \r\n \r\n7,671,485.80 $ \r\n \r\n2,846,934.44 \r\n \r\n(1) The amounts described are not reflected in the basic financial statements. (2) Payments include contracts and retainages payabel at year end. \r\nNOTE 11: SIGNIFICANT CONTINGENT LIABILITIES \r\nFederal Grants \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\nNOTE 12: OTHER POST-EMPLOYMENT BENEFITS (OPEB) \r\nGeorgia School Personnel Post-Employment Health Benefit Fund \r\nPlan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit post-employment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board. \r\n \r\n- 21 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nBenefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. \r\nContributions: As established by the Board, the School OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $1,059,693.00 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 $31,416,656.00 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 0.290067%, which was a decrease of 0.000092% from its proportion measured as of June 30, 2020. \r\n \r\n- 22 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nFor the year ended June 30, 2022, the School District recognized OPEB expense of ($293,380.00). At June 30, 2022, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \r\n \r\nOPEB \r\n \r\nDeferred \r\n \r\nDeferred \r\n \r\nOutflows of \r\n \r\nInflows of \r\n \r\nResources \r\n \r\nResources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ \r\n \r\n- $ 14,344,745.00 \r\n \r\nChanges of assumptions \r\n \r\n5,752,874.00 \r\n \r\n2,563,579.00 \r\n \r\nNet difference between projected and actual earnings on OPEB plan investments \r\n \r\n- \r\n \r\n49,817.00 \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n735,337.00 \r\n \r\n480,364.00 \r\n \r\nSchool District contributions subsequent to \r\n \r\nthe measurement date \r\n \r\n1,059,693.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 7,547,904.00 $ 17,438,505.00 \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\n2023 2024 2025 2026 2027 Thereafter \r\n \r\n$ (3,001,391.00) $ (2,633,852.00) $ (1,793,008.00) $ (1,250,535.00) $ (1,744,978.00) $ (526,530.00) \r\n \r\n- 23 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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 \r\n \r\n2.50% 3.00%  8.75%, including inflation 7.00%, compounded annually, net of investment expense, and including inflation \r\n6.75% 5.13% \r\n4.50% 4.50% \r\n \r\nPre-Medicare Eligible Medicare Eligible \r\n \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- 24 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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 Equi ti es \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- 25 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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$ 35,916,283.00 $ \r\n \r\n31,416,656.00 $ 27,650,042.00 \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$ 26,658,250.00 $ \r\n \r\n31,416,656.00 $ 37,365,037.00 \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\nPost-Employment Benefits Other Than Pensions (SEAD  OPEB) \r\n \r\nPlan Description: SEAD-OPEB was created in 2007 by the Georgia General Assembly to amend Title 47 of the O.C.G.A., relating to retirement, so as to establish a fund for the provision of term life insurance to retired and vested inactive members of the Employees' Retirement System of Georgia (ERS), the Legislative Retirement System (LRS), and the Georgia Judicial Retirement System (GJRS). The plan is a cost-sharing multiple-employer defined benefit other postemployment benefit plan as defined in Governmental Accounting Standards Board (GASB) Statement No. 74, Financial Reporting for Postemployment Benefit Plans other than OPEB Plans. The SEAD-OPEB trust fund accumulates the premiums received from the aforementioned retirement plans, including interest earned on deposits and investments of such payments. \r\nBenefits Provided: The amount of insurance for a retiree with creditable service prior to April 1, 1964 is the full amount of insurance in effect on the date of retirement. The amount of insurance for a service retiree with no creditable service prior to April 1, 1964 is 70% of the amount of insurance in effect at age 60 or at termination, if earlier. Life insurance proceeds are paid in a lump sum to the beneficiary upon death of the retiree. \r\nContributions: Georgia law provides that employee contributions to the plan shall be in an amount established by the Board of Trustees not to exceed one-half of 1% of the member's earnable compensation. There were no employer contributions required for the fiscal year ended June 30, 2022. \r\n \r\n- 26 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \r\nAt June 30, 2022, the School District reported an asset of $33,735.00 for its proportionate share of the net OPEB asset. The net OPEB asset was measured as of June 30, 2021. The total OPEB asset used to calculate the net OPEB asset was based on an actuarial valuation as of June 30, 2020. An expected total OPEB asset as of June 30, 2021 was determined using standard roll-forward techniques. The School District's proportion of the net OPEB asset was based on actual member salaries reported to the SEADOPEB plan during the fiscal year ended June 30, 2021. At June 30 2021, the School District's proportion was 0.005478%, which was an increase of 0.000637% from its proportion measured as of June 30, 2020. \r\nFor the year ended June 30, 2022, the School District recognized OPEB expense of ($3,872.00). At June 30, 2022, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \r\n \r\nSEAD - OPEB \r\n \r\nDeferred \r\n \r\nDeferred \r\n \r\nOutflows of \r\n \r\nInflows of \r\n \r\nResources \r\n \r\nResources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n101.00 \r\n \r\nChanges of assumptions \r\n \r\n- \r\n \r\n1,052.00 \r\n \r\nNet difference between projected and actual earnings on OPEB plan investments \r\n \r\n- \r\n \r\n11,257.00 \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n502.00 \r\n \r\n956.00 \r\n \r\nTotal \r\n \r\n$ \r\n \r\n502.00 $ \r\n \r\n13,366.00 \r\n \r\nThere were no School District contributions subsequent to the measurement date. Other amounts reported as defined 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\nSEAD-OPEB \r\n \r\n2023 2024 2025 2026 \r\n \r\n$ (4,288.00) $ (2,852.00) $ (2,734.00) $ (2,990.00) \r\n \r\n- 27 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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, 2010 using the following actuarial assumptions, applied to all periods included in the measurement: \r\nSEAD  OPEB: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases: ERS \r\n \r\n3.00%  6.75% \r\n \r\nGJRS \r\n \r\n3.75% \r\n \r\nLRS \r\n \r\nN/A \r\n \r\nInvestment rate of return \r\n \r\n7.00%, net of OPEB plan investment expense, including inflation \r\n \r\nHealthcare cost trend rate \r\n \r\nN/A \r\n \r\nMortality rates are as follows: \r\n \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 Annuitant General Disabled General Contingent Survivors \r\n \r\nMale: +1; Female: +1 Male: -3; Female: 0 Male: +2; Female: +2 \r\n \r\nMale: 105%; Male: 103%; Male: 106%; \r\n \r\nFemale: 108% Female: 106% Female: 105% \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\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 returns, net of 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. \r\n \r\n- 28 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe target asset allocation and estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset class \r\n \r\nSEAD - OPEB Target \r\nallocation \r\n \r\nLong-term expected real rate of return* \r\n \r\nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \r\n \r\n30.00% 46.40% \r\n1.10% 11.70% \r\n5.80% 5.00% \r\n \r\n(1.50)% 9.20% 13.40% 9.20% 10.40% 10.60% \r\n \r\nTotal \r\n \r\n100.00% \r\n \r\n* Rates shown are net of inflation \r\n \r\nDiscount Rate: The discount rate used to measure the total OPEB 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 State of Georgia contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the OPEB plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the longterm expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability. \r\n \r\nSensitivity of the Employer's Proportionate Share of the Net OPEB Asset to Changes in the Discount Rate: The following presents the School District's proportionate share of the net OPEB asset calculated using the discount rate of 7.00%, 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-percentagepoint lower (6.00%) or 1-percentage-point higher (8.00%) than the current rate: \r\n \r\nSchool District's proportionate share of the net OPEB asset \r\n \r\n1% Decrease (6.00%) \r\n \r\nCurrent Discount Rate (7.00%) \r\n \r\n1% Increase (8.00%) \r\n \r\n$ \r\n \r\n26,532.00 $ \r\n \r\n33,735.00 $ 39,616.00 \r\n \r\nOPEB Plan Fiduciary Net Position: Detailed information about the OPEB plan's fiduciary net position is available in the separately issued ERS comprehensive annual financial report which is publicly available at www.ers.ga.gov/financials. \r\n \r\nNOTE 13: RETIREMENT PLANS \r\nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \r\nTeachers Retirement System of Georgia (TRS) \r\nPlan Description: All teachers of the School District as defined in O.C.G.A 47-3-60 and certain other support personnel as defined by O.C.G.A 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple-employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the \r\n- 29 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nauthority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \r\nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \r\nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2022. The School District's contractually required contribution rate for the year ended June 30, 2022 was 19.81% of annual School District payroll. For the current fiscal year, employer contributions to the pension plan were $4,962,181.16 from the School District. \r\nEmployees' Retirement System \r\nPlan Description: The Employees' Retirement System of Georgia (ERS) is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly during the 1949 Legislative Session for the purpose of providing retirement allowances for employees of the State of Georgia and its political subdivisions. ERS is directed by a Board of Trustees. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. ERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \r\nBenefits Provided: The ERS Plan supports three benefit tiers: Old Plan, New Plan, and Georgia State Employees' Pension and Savings Plan (GSEPS). Employees under the old plan started membership prior to July 1, 1982 and are subject to plan provisions in effect prior to July 1, 1982. Members hired on or after July 1, 1982 but prior to January 1, 2009 are new plan members subject to modified plan provisions. Effective January 1, 2009, new state employees and rehired state employees who did not retain membership rights under the Old or New Plans are members of GSEPS. ERS members hired prior to January 1, 2009 also have the option to irrevocably change their membership to GSEPS. \r\nUnder the old plan, the new plan, and GSEPS, a member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 60 or 30 years of creditable service regardless of age. Additionally, there are some provisions allowing for early retirement after 25 years of creditable service for members under age 60. \r\nRetirement benefits paid to members are based upon the monthly average of the member's highest 24 consecutive calendar months, multiplied by the number of years of creditable service, multiplied by the applicable benefit factor. Annually, postretirement cost-of-living adjustments may also be made to members' benefits, provided the members were hired prior to July 1, 2009. The normal \r\n \r\n- 30 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nretirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension, at reduced rates, to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS. \r\nContributions: Member contributions under the old plan are 4.00% of annual compensation, up to $4,200.00, plus 6.00% of annual compensation in excess of $4,200.00. Under the old plan, the state pays member contributions in excess of 1.25% of annual compensation. Under the old plan, these state contributions are included in the members' accounts for refund purposes and are used in the computation of the members' earnable compensation for the purpose of computing retirement benefits. Member contributions under the new plan and GSEPS are 1.25% of annual compensation. The School District's total required contribution rate for the year ended June 30, 2022 was 24.63% of annual covered payroll for old and new plan members and 21.57% for GSEPS members. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employer contributions to the pension plan were $15,110.39 for the current fiscal year. \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 $129,723.00. \r\n \r\n- 31 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \r\nAt June 30, 2022, the School District reported a liability of $15,815,176.00 for its proportionate share of the net pension liability for TRS ($15,757,241.00) and ERS ($57,935.00). \r\nThe net pension liability for TRS and ERS 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 and ERS during the fiscal year ended June 30, 2021. \r\nAt June 30, 2021, the School District's TRS proportion was 0.178162%, which was an increase of 0.001223% from its proportion measured as of June 30, 2020. At June 30, 2021, the School District's ERS proportion was 0.002477%, which was an increase of 0.000189% 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 $107,189.00. \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 $86,439.58 for TRS, ($16,546.00) for ERS and $1,127.00 for PSERS and revenue of ($88.00) for TRS and $1,127.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \r\n \r\n- 32 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nAt June 30, 2022, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \r\n \r\nTRS \r\n \r\nDeferred \r\n \r\nDeferred \r\n \r\nOutflows of \r\n \r\nInflows of \r\n \r\nResources \r\n \r\nResources \r\n \r\nERS \r\n \r\nDeferred \r\n \r\nDeferred \r\n \r\nOutflows of \r\n \r\nInflows of \r\n \r\nResources \r\n \r\nResources \r\n \r\nDifferences between expected and actual experience \r\n \r\n$ 3,760,178.00 $ \r\n \r\n- \r\n \r\n$ 1,371.00 $ \r\n \r\n- \r\n \r\nChanges of assumptions \r\n \r\n3,049,763.00 \r\n \r\n- \r\n \r\n16,684.00 \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\n23,048,392.00 \r\n \r\n- \r\n \r\n53,545.00 \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n748,713.00 \r\n \r\n1,145,423.00 \r\n \r\n4,525.00 \r\n \r\n7,272.00 \r\n \r\nSchool District contributions subsequent to the measurement date \r\nTotal \r\n \r\n4,962,181.16 \r\n \r\n- \r\n \r\n$ 12,520,835.16 $ 24,193,815.00 \r\n \r\n15,110.39 \r\n \r\n- \r\n \r\n$ 37,690.39 $ 60,817.00 \r\n \r\nThe School District contributions subsequent to the measurement date for TRS and ERS 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\nERS \r\n \r\n2023 2024 2025 2026 \r\n \r\n$ (3,367,120.00) $ (4,747.00) $ (3,005,453.00) $ (6,176.00) $ (4,616,412.00) $ (13,013.00) $ (5,646,176.00) $ (14,301.00) \r\n \r\n- 33 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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 Salary increases Investment rate of return \r\nPost-retirement benefit increases \r\n \r\n2.50% 3.00%  8.75%, average, including inflation 7.25%, net of pension plan investment expense, including inflation 1.50% semi-annually \r\n \r\nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \r\nThe actuarial assumptions used in the June 30, 2020 valuation were based on the results of an actuarial experience study for the period July 1, 2013  June 30, 2018. \r\n \r\nEmployees' Retirement System: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases Investment rate of return \r\n \r\n3.00% - 6.75%, including inflation \r\n7.00%, net of pension plan investment expense, including inflation \r\n \r\nMortality rates are as follows: \r\n \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 Annuitant General Disabled General Contingent Survivors \r\n \r\nMale: +1; Female: +1 Male: -3; Female: 0 Male: +2; Female: +2 \r\n \r\nMale: 105%; Male: 103%; Male: 106%; \r\n \r\nFemale: 108% Female: 106% Female: 105% \r\n \r\n- 34 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 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\n \r\nPublic School Employees Retirement System: \r\n \r\nInflation Salary increases Investment rate of return \r\n \r\n2.50% \r\nN/A \r\n7.00%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases 1.50% semi-annually \r\n \r\nMortality rates are as follows: \r\n \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 \r\nDisability 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 \r\nMale: +2; Female: +2 \r\n \r\nMale: 101%; Female: 103% Male: 103%; Female: 106% \r\nMale: 104%; Female: 99% \r\n \r\nThe actuarial assumptions used in the June 30, 2020 valuation were based on the results of an actuarial experience study for the period July 1, 2014  June 30, 2019. \r\n \r\n- 35 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe long-term expected rate of return on TRS, ERS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset class \r\n \r\nTRS Target allocation \r\n \r\nLong-term expected real rate of return* \r\n \r\nERS/PSERS Target \r\nallocation \r\n \r\nLong-term expected real rate of return* \r\n \r\nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \r\n \r\n30.00% 46.30% \r\n1.20% 11.50% \r\n6.00% 5.00% \r\n \r\n(0.80)% 9.30% 13.30% 9.30% 11.30% 10.60% \r\n \r\n30.00% 46.40% \r\n1.10% 11.70% \r\n5.80% 5.00% \r\n \r\n(1.50)% 9.20% 13.40% 9.20% 10.40% 10.60% \r\n \r\nTotal \r\n \r\n100.00% \r\n \r\n100.00% \r\n \r\n* Rates shown are net of inflation \r\nDiscount Rate: The discount rate used to measure the total TRS pension liability was 7.25%. The discount rate used to measure the total ERS and PSERS pension liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS, ERS and PSERS pension plans' fiduciary net position were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \r\n \r\n- 36 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2022 \r\n \r\nEXHIBIT \"I\" \r\n \r\nSensitivity of the School District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 7.25% and 7.00%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.25% and 6.00%) or 1-percentage-point higher (8.25% and 8.00%) 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$ 42,445,832.00 $ \r\n \r\n15,757,241.00 $ (6,112,218.00) \r\n \r\nEmployees' Retirement System: \r\nSchool District's proportionate share of the net pension liability \r\n \r\n1% Decrease (6.00%) \r\n \r\nCurrent Discount Rate (7.00%) \r\n \r\n1% Increase (8.00%) \r\n \r\n$ \r\n \r\n106,164.00 $ \r\n \r\n57,935.00 $ \r\n \r\n17,146.00 \r\n \r\nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS, ERS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \r\nNOTE 14: TAX ABATEMENTS \r\nThe School District property tax revenues were reduced by $38,581.00 under agreements entered into by Standard Textile. Standard Textile reimburses the School District on an eight-year phase in schedule. The School District received $36,117.00 in fiscal year 2022. \r\nNOTE 15: SUBSEQUENT EVENTS \r\nOn March 21, 2023, voters authorized the School District to continue collections of a 1% percent local option sales tax, not to exceed issue $25,000,000.00, and to issue general obligation bonds in this amount. The proceeds from these bonds will be used for various capital outlay projects and to provide funds for debt service as those obligations become due. As of the report date, the School District had not issued any of the debt approved by the voters. \r\n \r\n- 37 - \r\n \r\n (This page left intentionally blank) \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"1\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion 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\n0.178162% $ 15,757,241.00 $ 0.176939% $ 42,861,551.00 $ 0.184029% $ 39,571,211.00 $ 0.176141% $ 32,695,543.00 $ 0.185640% $ 34,501,766.00 $ 0.191445% $ 39,497,238.00 $ 0.198917% $ 30,283,138.00 $ 0.204991% $ 25,897,909.00 $ \r\n \r\n- \r\n \r\n$ 15,757,241.00 $ 23,142,923.38 \r\n \r\n7,509.00 $ 42,869,060.00 $ 22,815,000.75 \r\n \r\n- \r\n \r\n$ 39,571,211.00 $ 22,456,389.54 \r\n \r\n- \r\n \r\n$ 32,695,543.00 $ 20,984,370.31 \r\n \r\n- \r\n \r\n$ 34,501,766.00 $ 21,315,696.34 \r\n \r\n- \r\n \r\n$ 39,497,238.00 $ 20,953,028.58 \r\n \r\n- \r\n \r\n$ 30,283,138.00 $ 20,978,778.02 \r\n \r\n- \r\n \r\n$ 25,897,909.00 $ 20,911,311.48 \r\n \r\n68.09% 187.87% 176.21% 155.81% 161.86% 188.50% 144.35% 123.85% \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- 39 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE 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\n2022 \r\n \r\n$ \r\n \r\n4,962,181.16 $ \r\n \r\n4,962,181.16 $ \r\n \r\n- \r\n \r\n2021 \r\n \r\n$ \r\n \r\n4,411,041.58 $ \r\n \r\n4,411,041.58 $ \r\n \r\n- \r\n \r\n2020 \r\n \r\n$ \r\n \r\n4,823,091.16 $ \r\n \r\n4,823,091.16 $ \r\n \r\n- \r\n \r\n2019 \r\n \r\n$ \r\n \r\n4,693,385.41 $ \r\n \r\n4,693,385.41 $ \r\n \r\n- \r\n \r\n2018 \r\n \r\n$ \r\n \r\n3,527,472.65 $ \r\n \r\n3,527,472.65 $ \r\n \r\n- \r\n \r\n2017 \r\n \r\n$ \r\n \r\n3,041,749.87 $ \r\n \r\n3,041,749.87 $ \r\n \r\n- \r\n \r\n2016 \r\n \r\n$ \r\n \r\n2,989,997.18 $ \r\n \r\n2,989,997.18 $ \r\n \r\n- \r\n \r\n2015 \r\n \r\n$ \r\n \r\n2,758,709.31 $ \r\n \r\n2,758,709.31 $ \r\n \r\n- \r\n \r\n2014 \r\n \r\n$ \r\n \r\n2,567,909.05 $ \r\n \r\n2,567,909.05 $ \r\n \r\n- \r\n \r\n2013 \r\n \r\n$ \r\n \r\n2,381,602.29 $ \r\n \r\n2,381,602.29 $ \r\n \r\n- \r\n \r\nSchool District's covered payroll \r\n \r\nContribution as a percentage of covered \r\npayroll \r\n \r\n$ \r\n \r\n25,048,870.22 \r\n \r\n$ \r\n \r\n23,142,923.38 \r\n \r\n$ \r\n \r\n22,815,000.75 \r\n \r\n$ \r\n \r\n22,456,389.54 \r\n \r\n$ \r\n \r\n20,984,370.31 \r\n \r\n$ \r\n \r\n21,315,696.34 \r\n \r\n$ \r\n \r\n20,953,028.58 \r\n \r\n$ \r\n \r\n20,978,778.02 \r\n \r\n$ \r\n \r\n20,911,311.48 \r\n \r\n$ \r\n \r\n20,872,938.56 \r\n \r\n19.81% 19.06% 21.14% 20.90% 16.81% 14.27% 14.27% 13.15% 12.28% 11.41% \r\n \r\n- 40 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"3\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nSchool District's proportion of the Net Pension Liability \r\n(NPL) \r\n \r\nSchool District's proportionate share of the \r\nNPL \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share of the \r\nNPL as a percentage of covered payroll \r\n \r\nPlan fiduciary net position as a percentage of total \r\npension liability \r\n \r\n2022 2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.002477% $ 0.002288% $ 0.003187% $ 0.004486% $ 0.004667% $ 0.004709% $ 0.004418% $ 0.002162% $ \r\n \r\n57,935.00 $ 96,438.00 $ 131,513.00 $ 184,421.00 $ 189,543.00 $ 222,755.00 $ 178,991.00 $ 81,088.00 $ \r\n \r\n59,383.71 57,678.11 95,111.16 114,416.08 114,463.92 109,486.13 101,014.11 48,679.50 \r\n \r\n97.56% 167.20% 138.27% 161.18% 165.59% 203.45% 177.19% 166.58% \r\n \r\n87.62% 76.21% 76.74% 76.68% 76.33% 72.34% 76.20% 77.99% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 41 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS \r\nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"4\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required contribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered payroll \r\n \r\nContribution as a percentage of covered \r\npayroll \r\n \r\n2022 \r\n \r\n$ \r\n \r\n2021 \r\n \r\n$ \r\n \r\n2020 \r\n \r\n$ \r\n \r\n2019 \r\n \r\n$ \r\n \r\n2018 \r\n \r\n$ \r\n \r\n2017 \r\n \r\n$ \r\n \r\n2016 \r\n \r\n$ \r\n \r\n2015 \r\n \r\n$ \r\n \r\n2014 \r\n \r\n$ \r\n \r\n2013 \r\n \r\n$ \r\n \r\n15,110.39 $ 14,643.97 $ 14,223.39 $ 23,566.49 $ 28,386.64 $ 28,398.46 $ 27,065.02 $ 22,182.70 $ \r\n8,986.30 $ 6,969.24 $ \r\n \r\n15,110.39 $ 14,643.97 $ 14,223.39 $ 23,566.49 $ 28,386.64 $ 28,398.46 $ 27,065.02 $ 22,182.70 $ \r\n8,986.30 $ 6,969.24 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n61,348.30 59,383.71 57,678.11 95,111.16 114,416.08 114,463.92 109,486.13 101,014.11 48,679.50 46,773.68 \r\n \r\n24.63% 24.66% 24.66% 24.78% 24.81% 24.81% 24.72% 21.96% 18.46% 14.90% \r\n \r\n- 42 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"5\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the \r\nNet Pension Liability (NPL) \r\n \r\nSchool District's proportionate share \r\nof the NPL \r\n \r\nState of Georgia's proportionate share of \r\nthe NPL associated with the School District \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share \r\nof the NPL as a percentage of its covered payroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total pension liability \r\n \r\n2022 2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n107,189.00 $ 107,189.00 $ 1,785,643.24 756,994.00 $ 756,994.00 $ 1,923,862.41 696,711.00 $ 696,711.00 $ 1,576,547.99 669,127.00 $ 669,127.00 $ 1,513,604.79 608,559.00 $ 608,559.00 $ 1,539,671.66 773,187.00 $ 773,187.00 $ 1,583,839.04 523,617.00 $ 523,617.00 $ 1,543,478.79 449,299.00 $ 449,299.00 $ 1,536,388.00 \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- 43 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY SCHOOL OPEB FUND \r\n \r\nSCHEDULE \"6\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the \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 \r\nthe NOL associated with the School District \r\n \r\nTotal \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nSchool District's proportionate share \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\n0.290067% $ 31,416,656.00 $ 0.290159% $ 42,617,600.00 $ 0.286761% $ 35,191,727.00 $ 0.282988% $ 35,966,906.00 $ 0.281563% $ 39,559,489.00 $ \r\n \r\n- \r\n \r\n$ 31,416,656.00 $ 24,535,283.44 \r\n \r\n- \r\n \r\n$ 42,617,600.00 $ 22,843,069.90 \r\n \r\n- \r\n \r\n$ 35,191,727.00 $ 22,364,222.54 \r\n \r\n- \r\n \r\n$ 35,966,906.00 $ 20,876,189.48 \r\n \r\n- \r\n \r\n$ 39,559,489.00 $ 20,530,328.80 \r\n \r\n128.05% 186.57% 157.36% 172.29% 192.69% \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- 44 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \r\n \r\nSCHEDULE \"7\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required contribution \r\n \r\nContribution deficiency (excess) \r\n \r\n2022 \r\n \r\n$ \r\n \r\n1,059,693.00 $ \r\n \r\n1,059,693.00 $ \r\n \r\n- \r\n \r\n2021 \r\n \r\n$ \r\n \r\n1,079,002.00 $ \r\n \r\n1,079,002.00 $ \r\n \r\n- \r\n \r\n2020 \r\n \r\n$ \r\n \r\n981,249.00 $ \r\n \r\n981,249.00 $ \r\n \r\n- \r\n \r\n2019 \r\n \r\n$ \r\n \r\n1,544,401.00 $ \r\n \r\n1,544,401.00 $ \r\n \r\n- \r\n \r\n2018 \r\n \r\n$ \r\n \r\n1,466,700.00 $ \r\n \r\n1,466,700.00 $ \r\n \r\n- \r\n \r\n2017 \r\n \r\n$ \r\n \r\n1,468,092.00 $ \r\n \r\n1,468,092.00 $ \r\n \r\n- \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nContribution as a percentage of covered- \r\nemployee payroll \r\n \r\n$ \r\n \r\n26,456,700.45 \r\n \r\n$ \r\n \r\n24,535,283.44 \r\n \r\n$ \r\n \r\n22,843,069.90 \r\n \r\n$ \r\n \r\n22,364,222.54 \r\n \r\n$ \r\n \r\n20,876,189.48 \r\n \r\n$ \r\n \r\n20,530,328.80 \r\n \r\n4.01% 4.40% 4.30% 6.91% 7.03% 7.15% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 45 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB ASSET SEAD - OPEB \r\n \r\nSCHEDULE \"8\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the Net OPEB Asset \r\n(NOA) \r\n \r\nSchool District's proportionate share \r\nof the NOA \r\n \r\nState of Georgia's proportionate share of the NOA 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 NOA as a percentage of its covered-employee \r\npayroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total OPEB asset \r\n \r\n2022 2021 2020 2019 2018 \r\n \r\n0.005478% $ 0.004841% $ 0.006298% $ 0.008625% $ 0.007860% $ \r\n \r\n33,735.00 $ 13,749.00 $ 17,809.00 $ 22,369.00 $ 20,429.00 $ \r\n \r\n- \r\n \r\n$ 33,735.00 $ \r\n \r\n- \r\n \r\n$ 13,749.00 $ \r\n \r\n- \r\n \r\n$ 17,809.00 $ \r\n \r\n- \r\n \r\n$ 22,369.00 $ \r\n \r\n- \r\n \r\n$ 20,429.00 $ \r\n \r\n59,383.71 57,678.11 95,111.16 114,416.08 114,463.92 \r\n \r\n56.81% 23.84% 18.72% 19.55% 17.85% \r\n \r\n164.76% 129.20% 129.73% 129.46% 130.17% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 46 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS SEAD - OPEB \r\n \r\nSCHEDULE \"9\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\n2022 \r\n \r\n$ \r\n \r\n- \r\n \r\n2021 \r\n \r\n$ \r\n \r\n- \r\n \r\n2020 \r\n \r\n$ \r\n \r\n- \r\n \r\n2019 \r\n \r\n$ \r\n \r\n- \r\n \r\n2018 \r\n \r\n$ \r\n \r\n- \r\n \r\n2017 \r\n \r\n$ \r\n \r\n- \r\n \r\nContributions in relation to the contractually required contribution \r\n \r\nContribution deficiency (excess) \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nContribution as a percentage of covered- \r\nemployee payroll \r\n \r\n$ \r\n \r\n61,349.30 \r\n \r\n$ \r\n \r\n59,383.71 \r\n \r\n$ \r\n \r\n57,678.11 \r\n \r\n$ \r\n \r\n95,111.16 \r\n \r\n$ \r\n \r\n114,416.08 \r\n \r\n$ \r\n \r\n114,463.92 \r\n \r\n0.00% 0.00% 0.00% 0.00% 0.00% 0.00% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 47 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE \r\nFOR THE YEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"10\" \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\nEmployees' Retirement System Changes of benefit terms: A new benefit tier was added for members joining the System on and after July 1, 2009. A one-time 3% payment was granted to certain retirees and beneficiaries effective July 2016, and a one-time 3% payment was granted to certain retirees and beneficiaries effective July 2017. Two one-time 2% payments were granted to certain retirees and beneficiaries effective July 2018 and January 2019. Two one-time 3% payments were granted to certain retirees and beneficiaries effective July 2019 and January 2020. \r\nChanges of assumptions: On December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, withdrawal and salary increases. The expectation of retired life mortality was changed to the RP-2000 Combined Mortality Table projected to 2025 with projection scale BB (set fowared 2 years for both males and females). \r\nA new funding policy was initially adopted the Board on March 15, 2018, and most recently amended on June 18, 2020. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for the June 30, 2017 actuarial valuation and further reduced from 7.40% to 7.30% for the June 30, 2018 actuarial valuation. \r\nOn December 17, 2020, the Board adopted recommended changes to the economic and demographic assumptions utlizied by the System based on the experience study prepared for the five-year period ending June 30, 2019. Primary among the changes were the updates to rate of mortality, retirement, withdrawl, and salary increases. This also included a change to the long-term assumed investment rate of return of 7.00%. These assumption changes are reflected in the calcuation of the June 30, 2021 Total Pension Liability. \r\nPublic School Employees Retirement System Changes of benefit terms: There have been no changes in benefit terms. \r\nChanges of assumptions: On December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP-2000 Blue Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females). \r\nA new funding policy was initially adopted by the Board on March 15, 2018, and most recently amended on December 17, 2020. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for the June 30, 2017 actuarial valuation and further reduced from 7.40% to 7.30% for the June 30, 2018 actuarial valuation. \r\nOn December 17, 2020, the Board adopted recommended changes to the economic and demographic assumption utilized by the System based on the experience study prepared for the five-year period ending June 30, 2019. Primary among the changes were the updates to rates or mortality, retirement, disability, and withdrawal. This also included a change to the long-term assumed investment rate of return to 7.00%. These assumption changes are reflected in the calculation of the June 30, 2021 Total Pension Liability. \r\nSchool OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. \r\nChanges in assumptions: June 30, 2020 valuation: Decremental assumptions were changed to reflect the Employees Retirement Systems experience study. Approximately 0.10% of emloyees are members of the Employees Retirement System. \r\nJune 30, 2019 valuation: Decremental assumptions were changed to reflect the Teachers Retirement Systems experience study. \r\nJune 30, 2018 valuation: The inflation assumption was lowered from 2.75% to 2.50%. \r\nJune 30, 2017 valuation: The participation assumption, tobacco use assumption and morbidity factors were revised. \r\nJune 30, 2015 valuation: Decremental and underlying inflation assumptions were changed to reflect to Retirement Systems' experience studies. \r\nJune 30, 2012 valuation: A data audit was performed and data collection procedures and asssumptions were changed. \r\nThe discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017, to 3.87% as of June 30, 2018, back to 3.58% of June 30, 2019, and to 2.22% as of June 30, 2020. \r\n \r\n- 48 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE \r\nFOR THE YEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"10\" \r\n \r\nSEAD-OPEB Employer Changes of benefit terms: There have been no changes in benefit terms. \r\nChanges of assumptions: On December 17, 2015, the Board of Trustees adopted recommended changes to the economic and demographic assumptions utilized by the Plan. 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 the RP-2000 Combined Mortality Table projected to 2025 with projection scale BB (set forward 2 years for both males and females). \r\nA new funding policy was initially adopted by the Board on March 15, 2018. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for the June 30, 2017 actuarial valuation and further reduced from 7.40% to 7.30% for the June 30, 2018 actuarial valuation. \r\nOn December 17, 2020, the Board adopted recommended changes to the economic and demographic assumptions utilized by the 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. \r\n \r\n- 49 - \r\n \r\n THOMASTON-UPSON 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 \"11\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Capital Outlay Total Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) Operating Transfers from Other Funds Other Sources Operating Transfers to Other Funds Total Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nAdjustments \r\nFund Balances - Ending \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\nACTUAL AMOUNTS \r\n \r\nVARIANCE OVER/UNDER \r\n \r\n$ \r\n \r\n10,161,267.00 $ \r\n \r\n10,161,267.00 $ \r\n \r\n10,559,122.68 $ \r\n \r\n397,855.68 \r\n \r\n150,000.00 \r\n \r\n150,000.00 \r\n \r\n307,961.64 \r\n \r\n157,961.64 \r\n \r\n29,246,207.00 \r\n \r\n31,524,924.50 \r\n \r\n31,676,621.87 \r\n \r\n151,697.37 \r\n \r\n20,473,350.00 \r\n \r\n26,772,402.00 \r\n \r\n13,563,505.61 \r\n \r\n(13,208,896.39) \r\n \r\n90,000.00 \r\n \r\n100,000.00 \r\n \r\n426,638.90 \r\n \r\n326,638.90 \r\n \r\n195,000.00 \r\n \r\n195,000.00 \r\n \r\n242,297.43 \r\n \r\n47,297.43 \r\n \r\n736,700.00 \r\n \r\n761,700.00 \r\n \r\n1,018,959.50 \r\n \r\n257,259.50 \r\n \r\n61,052,524.00 \r\n \r\n69,665,293.50 \r\n \r\n57,795,107.63 \r\n \r\n(11,870,185.87) \r\n \r\n36,093,340.00 \r\n2,584,222.00 2,116,996.00 \r\n587,012.00 2,680,387.00 3,135,039.00 \r\n301,444.00 4,370,789.00 6,833,992.00 \r\n198,631.00 147,049.00 3,304,002.00 \r\n62,352,903.00 (1,300,379.00) \r\n \r\n38,168,802.50 \r\n2,702,083.00 4,409,422.00 \r\n602,393.00 2,816,598.00 3,201,689.00 \r\n306,571.00 4,355,883.00 5,303,699.00 \r\n202,049.00 147,049.00 3,767,476.00 4,544,496.00 70,528,210.50 (862,917.00) \r\n \r\n31,920,815.42 \r\n2,202,361.71 1,951,845.96 \r\n518,010.19 1,264,126.63 3,300,237.88 \r\n307,307.62 4,023,668.94 5,036,193.23 \r\n197,167.04 156,692.72 3,900,658.50 2,612,618.79 57,391,704.63 403,403.00 \r\n \r\n6,247,987.08 \r\n499,721.29 2,457,576.04 \r\n84,382.81 1,552,471.37 \r\n(98,548.88) (736.62) \r\n332,214.06 267,505.77 \r\n4,881.96 (9,643.72) (133,182.50) 1,931,877.21 13,136,505.87 1,266,320.00 \r\n \r\n514,281.00 \r\n \r\n514,199.00 \r\n \r\n- \r\n \r\n35,000.00 \r\n \r\n35,000.00 \r\n \r\n- \r\n \r\n(514,281.00) \r\n \r\n(514,199.00) \r\n \r\n- \r\n \r\n35,000.00 \r\n \r\n35,000.00 \r\n \r\n- \r\n \r\n(1,265,379.00) \r\n \r\n(827,917.00) \r\n \r\n403,403.00 \r\n \r\n16,101,530.66 \r\n \r\n16,101,530.66 \r\n \r\n15,650,264.38 \r\n \r\n20,654.15 \r\n \r\n(34,543.03) \r\n \r\n- \r\n \r\n$ \r\n \r\n14,856,805.81 $ \r\n \r\n15,239,070.63 $ \r\n \r\n16,053,667.38 $ \r\n \r\n(514,199.00) (35,000.00) 514,199.00 (35,000.00) \r\n1,231,320.00 \r\n(451,266.28) \r\n34,543.03 \r\n814,596.75 \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $950,894.79 and $876,933.44, 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- 50 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"12\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT Agriculture, U. S. Department of \r\nChild Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program National School Lunch Program Total U.S. Department of Agriculture \r\nEducation, U. S. Department of Education Stabilization Fund Pass-Through From Georgia Department of Education COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund - Homeless Children and Youth Total Education Stabilization Fund \r\nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States COVID-19 - American Rescue Plan - Grants to States Preschool Grants COVID-19 - American Rescue Plan - Preschool Total Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Rural and Low-Income School Program Rural and Low-Income School Program Student Support and Academic Enrichment Program Supporting Effective Instruction State Grants Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Total Other Programs Total U. S. Department of Education \r\nHealth and Human Services, U. S. Department of Pass-Through From Bright From the Start Georgia Department of Early Care and Learning COVID-19 - Child Care and Development Block Grant \r\n \r\nASSISTANCE LISTING NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 10.555 \r\n \r\n225GA324N1199 $ 225GA324N1199 225GA324N1199 \r\n \r\n1,383,390.24 1,777,238.45 \r\n321,844.31 3,482,473.00 \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\n53,852.30 2,030,635.96 \r\n4,182,697.25 \r\n7,973.27 6,275,158.78 \r\n \r\n84.027A 84.027X 84.173A 84.173X \r\n \r\nH027A210073 H027X210073 H173A210081 H173X210081 \r\n \r\n84.048A 84.358B 84.358B 84.424A 84.367A 84.010A 84.010A \r\n \r\nV048A210010 S358B200010 S358B210010 S424A210011 S367A210001 S010A200010-20A S010A210010-21A \r\n \r\n1,013,039.00 128,120.68 23,694.15 10,215.03 \r\n1,175,068.86 \r\n62,725.54 3,449.00 84,390.09 134,345.00 210,604.00 211,505.00 1,616,425.69 2,323,444.32 9,773,671.96 \r\n \r\n93.575 \r\n \r\n2210GACCC5 \r\n \r\n24,348.00 \r\n \r\n- 51 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"12\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nDefense, U. S. Department of Direct Department of the Air Force R.O.T.C. Program \r\nTotal Expenditures of Federal Awards \r\n \r\nASSISTANCE LISTING NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n12. UNKNOWN \r\n \r\n100,241.19 \r\n \r\n$ \r\n \r\n13,380,734.15 \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\nNote 1. Basis of Presentation \r\nThe accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Thomaston-Upson 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 the financial position, changes in net position, or cash flows of the Board. \r\nNote 2. Summary of Significant Accounting Policies \r\nExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. \r\nNote 3. Indirect Cost Rate \r\nThe Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 52 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"13\" \r\n \r\nAGENCY/FUNDING GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Mid-term Adjustment Hold-Harmless Amended Formula Adjustment Categorical Grants Pupil Transportation Regular Bus Replacement Nursing Services Other State Programs Food Services Hygiene Products Math and Science Supplements One-Time QBE Adjustment Preschool Disability Services Pupil Transportation - State Bonds Vocational Education Georgia State Financing and Investment Commission Reimbursement on Construction Projects Office of the State Treasurer Public School Employees Retirement CONTRACT Education, Georgia Department of Second Step Social - Emotional Learning \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nGENERAL \r\n \r\nCAPITAL PROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n613,720.40 $ \r\n \r\n- $ \r\n \r\n613,720.40 \r\n \r\n677,061.00 1,041,013.00 1,524,852.00 2,772,049.00 \r\n802,940.00 1,575,451.00 2,423,229.00 2,195,591.00 1,261,059.00 4,831,549.00 \r\n810,323.00 466,521.00 194,425.00 \r\n36,197.00 478,116.00 146,190.00 \r\n97,316.00 1,181.00 \r\n636,968.00 857,924.00 1,039,201.00 \r\n61,987.00 156,296.00 \r\n \r\n651,625.57 82,267.00 \r\n4,477,639.00 \r\n93,622.00 2,730.00 \r\n21,547.00 1,129,241.00 \r\n60,513.00 231,660.00 \r\n74,136.40 \r\n- \r\n129,723.00 \r\n \r\n20,758.50 \r\n \r\n$ \r\n \r\n31,676,621.87 $ \r\n \r\n- \r\n- \r\n- \r\n- \r\n85,260.91 \r\n- \r\n- \r\n85,260.91 $ \r\n \r\n677,061.00 1,041,013.00 1,524,852.00 2,772,049.00 \r\n802,940.00 1,575,451.00 2,423,229.00 2,195,591.00 1,261,059.00 4,831,549.00 \r\n810,323.00 466,521.00 194,425.00 \r\n36,197.00 478,116.00 146,190.00 \r\n97,316.00 1,181.00 \r\n636,968.00 857,924.00 1,039,201.00 \r\n61,987.00 156,296.00 \r\n651,625.57 82,267.00 \r\n4,477,639.00 \r\n93,622.00 2,730.00 21,547.00 1,129,241.00 60,513.00 231,660.00 74,136.40 \r\n85,260.91 \r\n129,723.00 \r\n20,758.50 \r\n31,761,882.78 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 53 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"14\" \r\n \r\nPROJECT \r\nSPLOST #5 (i) Acquiring maintenance and security vehicles, maintenance equipment, and new buses; \r\n(ii) Acquiring administrative and instructional technology/communications equipment, textbooks, grounds maintenance and kitchen equipment and safety and security equipment; \r\n(iii) Acquiring equipment and furnishings, including student furniture and band and athletic uniforms and equipment; \r\n(iv) Renovations, extensions, additions, repairs, upgrades, updates and improvements to existing school facilities, including fine arts, exercise/training rooms, physical education and athletic facilities improvements, playground updates, parking lot improvements, paving, painting and flooring updates, and school wide HVAC updates; and enclosing open-air walkways for safety and security purposes; and \r\n(v) Paying expenses incident to accomplishing the foregoing. \r\nSubtotal SPLOST #5 Projects \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\n750,000.00 $ \r\n \r\n750,000.00 \r\n \r\n06/2024 \r\n \r\n3,950,000.00 1,000,000.00 \r\n \r\n3,950,000.00 1,000,000.00 \r\n \r\n06/2024 06/2024 \r\n \r\n9,291,469.00 \r\n \r\n9,291,469.00 \r\n \r\n8,531.00 \r\n \r\n8,531.00 \r\n \r\n$ \r\n \r\n15,000,000.00 $ \r\n \r\n15,000,000.00 \r\n \r\n06/2024 Completed \r\n \r\n- 54 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"14\" \r\n \r\nPROJECT \r\nSPLOST #5 (i) Acquiring maintenance and security vehicles, maintenance equipment, and new buses; \r\n(ii) Acquiring administrative and instructional technology/communications equipment, textbooks, grounds maintenance and kitchen equipment and safety and security equipment; \r\n(iii) Acquiring equipment and furnishings, including student furniture and band and athletic uniforms and equipment; \r\n(iv) Renovations, extensions, additions, repairs, upgrades, updates and improvements to existing school facilities, including fine arts, exercise/training rooms, physical education and athletic facilities improvements, playground updates, parking lot improvements, paving, painting and flooring updates, and school wide HVAC updates; and enclosing open-air walkways for safety and security purposes; and \r\n(v) Paying expenses incident to accomplishing the foregoing. \r\nSubtotal SPLOST #5 Projects \r\n \r\nAMOUNT EXPENDED IN CURRENT YEAR (3) \r\n \r\nAMOUNT EXPENDED IN PRIOR YEARS (3) \r\n \r\nTOTAL COMPLETION \r\nCOST \r\n \r\nEXCESS PROCEEDS NOT \r\nEXPENDED \r\n \r\n$ \r\n \r\n232,313.00 $ \r\n \r\n- $ \r\n \r\n- $ \r\n \r\n- \r\n \r\n1,667,046.16 \r\n \r\n590,113.76 \r\n \r\n- \r\n \r\n- \r\n \r\n337,122.61 \r\n \r\n51,465.70 \r\n \r\n- \r\n \r\n- \r\n \r\n794,846.92 \r\n \r\n683,105.37 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n8,531.00 \r\n \r\n8,531.00 \r\n \r\n- \r\n \r\n$ \r\n \r\n3,031,328.69 $ \r\n \r\n1,333,215.83 $ \r\n \r\n8,531.00 $ \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 Upson County approved the imposition of a 1% sales tax to fund the above projects. Amounts expended for these projects may include \r\nsales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 55 - \r\n \r\n Section II Compliance and Internal Control Reports \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN \r\nACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Larry Derico, Superintendent and Members of the Thomaston-Upson County Board of Education \r\nWe have audited the financial statements of the governmental activities, each major fund, and fiduciary activities of the Thomaston-Upson 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 [Publish Date]. 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 31, 2023 \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Larry Derico, Superintendent and Members of the Thomaston-Upson 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 Thomaston-Upson 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 31, 2023 \r\n \r\n Section III Auditee's Response to Prior Year Findings and Questioned Costs \r\n \r\n THOMASTON-UPSON 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 THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR 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 Activites \r\nInternal control over financial reporting:  Material weakness(es) identified?  Significant deficiency(ies) identified? \r\nNoncompliance material to financial statements noted: \r\n \r\nUnmodified \r\nNo None Reported \r\nNo \r\n \r\nFederal Awards \r\n \r\nInternal Control over major programs:  Material weakness(es) identified?  Significant deficiency(ies) identified? \r\n \r\nNo None Reported \r\n \r\nType of auditor's report issued on compliance for major programs: \r\n \r\nAll major programs \r\n \r\nUnmodified \r\n \r\nAny audit findings disclosed that are required to be reported in \r\n \r\naccordance with 2 CFR 200.516(a)? \r\n \r\nNo \r\n \r\nIdentification of major programs: \r\n \r\nAssistance Listing Numbers 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: Auditee qualified as low-risk auditee? \r\n \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-bu6-b2021-belec-p-btext","title":"Annual financial report, 2021 June 30, Thomaston-Upson County Board of Education, Thomaston, Georgia, including independent auditor's report","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2022-08-16"],"dcterms_description":["Annual financial report for the Thomaston-Upson 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":["Thomaston-Upson County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Upson County--Auditing--Periodicals.","Education--Georgia--Upson County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Upson County--fast","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report, 2021 June 30, Thomaston-Upson County Board of Education, Thomaston, 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-bu6-b2021-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bu6-b2021-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records","audits","financial records","financial statements"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"ANNUAL FINANCIAL REPORT  FISCAL YEAR 2021 \r\nThomaston-Upson County Board of Education \r\nThomaston, Georgia \r\nIncluding Independent Auditor's Report \r\nGreg S. Griffin | State Auditor Kristina A. Turner | Deputy State Auditor \r\n \r\n Thomaston-Upson County Board of Education \r\n \r\nTable of Contents \r\n \r\nSection I \r\n \r\nFinancial \r\n \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 \r\n \r\nBalances \r\n \r\nGovernmental Funds \r\n \r\n5 \r\n \r\nF \r\n \r\nReconciliation of the Governmental Funds Statement of \r\n \r\nRevenues, Expenditures and Changes in Fund Balances \r\n \r\nto the Statement of Activities \r\n \r\n6 \r\n \r\nG \r\n \r\nStatement of Fiduciary Net Position \r\n \r\nFiduciary Funds \r\n \r\n7 \r\n \r\nH \r\n \r\nStatement of Changes in Fiduciary Net Position \r\n \r\nFiduciary Funds \r\n \r\n8 \r\n \r\nI Notes to the Basic Financial Statements \r\n \r\n10 \r\n \r\nSchedules \r\n \r\nRequired Supplementary Information \r\n \r\n1 Schedule of Proportionate Share of the Net Pension Liability \r\n \r\nTeachers Retirement System of Georgia \r\n \r\n41 \r\n \r\n2 Schedule of Contributions  Teachers Retirement System of Georgia \r\n \r\n42 \r\n \r\n3 Schedule of Proportionate Share of the Net Pension Liability \r\n \r\nEmployees' Retirement System of Georgia \r\n \r\n43 \r\n \r\n Thomaston-Upson County Board of Education \r\n \r\nTable of Contents Section I \r\n \r\nSchedules \r\n \r\nRequired Supplementary Information \r\n \r\n4 Schedule of Contributions  Employees' Retirement System of Georgia \r\n \r\n44 \r\n \r\n5 Schedule of Proportionate Share of the Net Pension Liability Public \r\n \r\nSchool Employees Retirement System of Georgia \r\n \r\n45 \r\n \r\n6 Schedule of Proportionate Share of the Net OPEB Liability \r\n \r\nSchool OPEB Fund \r\n \r\n46 \r\n \r\n7 Schedule of Contributions  School OPEB Fund \r\n \r\n47 \r\n \r\n8 Schedule of Proportionate Share of the Net OPEB Liability \r\n \r\nSEADOPEB \r\n \r\n48 \r\n \r\n9 Schedule of Contributions  SEAD-OPEB \r\n \r\n49 \r\n \r\n10 Notes to the Required Supplementary Information \r\n \r\n50 \r\n \r\n11 Schedule of Revenues, Expenditures and Changes in Fund \r\n \r\nBalances - Budget and Actual General Fund \r\n \r\n52 \r\n \r\nSupplementary Information \r\n \r\n12 Schedule of Expenditures of Federal Awards \r\n \r\n53 \r\n \r\n13 Schedule of State Revenue \r\n \r\n55 \r\n \r\n14 Schedule of Approved Local Option Sales Tax Projects \r\n \r\n56 \r\n \r\nSection II \r\n \r\nCompliance and Internal Control Reports \r\nIndependent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards \r\nIndependent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance \r\n \r\nSection III \r\n \r\nAuditee's Response to Prior Year Findings and Questioned Costs Summary Schedule of Prior Year Findings \r\n \r\n Thomaston-Upson County Board of Education Table of Contents Section IV Findings and Questioned Costs Schedule of Findings and Questioned Costs \r\n \r\n Section I Financial \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Larry Derico, Superintendent and Members of the Thomaston-Upson County Board of Education \r\nReport on the Financial Statements \r\nWe have audited the accompanying financial statements of the governmental activities, each major fund, and fiduciary activities of the Thomaston-Upson County Board of Education (School District), as of and for the year ended June 30, 2021, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents. \r\nManagement's Responsibility for the Financial Statements \r\nManagement is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \r\nAuditor's Responsibility \r\nOur responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. \r\nAn audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the School District's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \r\nOpinions \r\nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and fiduciary activities of the School District as of June 30, 2021, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \r\nEmphasis of Matter \r\nAs described in Note 2 to the financial statements, in 2021, the School District adopted new accounting guidance, Governmental Accounting Standards Board (GASB) Statement No. 84, Fiduciary Activities. The School District restated beginning balances for the effect of GASB Statement No. 84. Our opinions are not modified with respect to this matter. \r\nOther Matters \r\nRequired Supplementary Information \r\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. \r\nOther Information \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the School District's basic financial statements. The accompanying supplementary information, as listed in the table of contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements. \r\nThe accompanying supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the 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 \r\n \r\n the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \r\nOther Reporting Required by Government Auditing Standards \r\nIn accordance with Government Auditing Standards, we have also issued our report dated August 16, 2022 on our consideration of the School District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control over financial reporting and compliance. \r\nA copy of this report has been filed as a permanent record and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\nAugust 16, 2022 \r\n \r\n (This page left intentionally blank) \r\n \r\n THOMASTONUPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \r\nINTRODUCTION \r\nOur discussion and analysis of the ThomastonUpson 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, 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 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 fiscal year 2021 are as follows: \r\n In fiscal year 2021, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 84, Fiduciary Activities, and Statement No. 90, Majority Equity Interests. Adoption of Statement No. 84 resulted in a restatement of prior year net position and fund balance, an increase of $116 thousand for both prior year net position and fund balance. See Note 14 for additional information. \r\n At June 30, 2021, the School District's general fund reported a fund balance of $15.7 million, an increase of $2.8 million from the prior fiscal year. Of this total $1.3 million has been restricted to the continuation of federal programs and bus replacement. Unassigned fund balance totaled $12.7 million. \r\n The School District had $54.4 million in expenses relating to governmental activities: only $35.2 million of these expenses were offset by program specific charges for services, grants and contributions. General revenues (primarily property and sales taxes) of $19.7 million were adequate to provide for these programs. \r\n General revenues and special item accounted for $20.2 million, or 36.4%, of all revenues totaling $55.4 million. Program specific revenues in the form of charges for services, grants and contributions accounted for the rest. \r\n Among major funds, the general fund had $50.7 million in revenues and $47.9 million in expenditures. The fund balance for the general fund increased $2.8 million to $15.7 million. The increase is due to expenses being $9.2 million lower than anticipated. \r\n SPLOST collections in fiscal year 2021 increased 20.6% as compared to collections in fiscal year 2020. \r\nOVERVIEW OF THE FINANCIAL STATEMENTS \r\nThis report consists of several parts including management's discussion and analysis, the basic financial statements, notes to the basic financial statements, required supplementary information, 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 School District's overall financial status. \r\nThe fund financial statements focus on individual parts of the School District, 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 statement provides \r\ni \r\n \r\n THOMASTONUPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \r\ninformation about the financial relationships in which the School District solely is trustee or agent for the benefit of others. The fund financial statements reflect the School District's most significant funds. In the case of the ThomastonUpson County School District, the general fund and capital projects fund are the most significant funds. \r\nGovernment-Wide Statements \r\nThe government-wide financial statements are basically a consolidation of all the School District's operating funds into one column called governmental activities. In reviewing the government-wide financial statements, a reader might ask the questions about whether the School District is in a better financial position than last year. The Statement of Net Position and Statement of Activities provide the basis for answering this question. These financial statements include all School District's non-fiduciary assets and liabilities and uses the accrual basis of accounting similar to the accounting used by most private-sector companies. This basis of accounting takes into account all of the current year's revenues and expenses regardless of when cash is received or paid. \r\nThese two statements report the School District's net position and any changes in net position. The change in net position is important because it tells the reader that, for the School District as a whole, the financial position of the School District has improved or diminished. The causes of this change may be the results 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\nThe Statement of Net Position and the Statement of Activities reflect the School District's 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, principal's accounts and various others. \r\nFund Financial Statements \r\nThe School District uses many funds to account for a multitude of financial transactions during the fiscal year. However, the fund financial statements presented in this report provide detailed information about only the School District's significant or major funds. \r\nGovernmental Funds \r\nMost of the School District's activities are reported in governmental funds, which focus on how money flows into and out of those funds and the balances left at year-end available for spending in future periods. These funds are reported using the modified accrual method of accounting which measures cash and 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 differences between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds are reconciled within the financial statements. \r\nFiduciary Funds \r\nThe School District is the trustee, or fiduciary, for assets that belong to others, such as scholarships. 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 THOMASTONUPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \r\n \r\nFINANCIAL ANALYSIS OF THE SCHOOL DISTRICT AS A WHOLE \r\n \r\nTable 1, Statement of Net Position, provides the perspective of the School District as a whole. \r\n \r\nAssets Current and Other Assets Capital Assets, Net \r\n \r\nTable 1 Net Position \r\nFiscal Year 2021 \r\n \r\nGovernmental Activities Fiscal Year 2020 (1) \r\n \r\nNet Change \r\n \r\n$ 23,604,018 $ 19,144,889 $ 4,459,129 \r\n \r\n41,324,397 \r\n \r\n42,591,443 \r\n \r\n(1,267,046) \r\n \r\nTotal Assets \r\n \r\n64,928,415 \r\n \r\n61,736,332 \r\n \r\n3,192,083 \r\n \r\nDeferred Outflows of Resources Related to Defined Pension Plans Related to OPED Plan \r\n \r\n12,574,898 9,178,183 \r\n \r\n11,982,385 2,915,680 \r\n \r\n592,513 6,262,503 \r\n \r\nTotal Deferred Outflows Of Resources 21,753,081 \r\n \r\n14,898,065 \r\n \r\n6,855,016 \r\n \r\nLiabilities Current and Other Liabilities Long-Term Liabilities Net Pension Liability Net OBEP Liability \r\n \r\n3,298,251 146,146 \r\n42,957,989 42,617,600 \r\n \r\n3,670,606 150,947 \r\n39,702,724 35,191,727 \r\n \r\n(372,355) (4,801) \r\n3,255,265 7,425,873 \r\n \r\nTotal Liabilities \r\n \r\n89,019,986 \r\n \r\n78,716,004 \r\n \r\n10,303,982 \r\n \r\nDeferred Inflows of Resources Related to Defined Benefit Pension Plans Related to OPEB Plan \r\n \r\n2,035,502 9,213,791 \r\n \r\n2,751,566 9,860,804 \r\n \r\n(716,064) (647,013) \r\n \r\nTotal Deferred Inflows of Resources \r\n \r\n11,249,293 \r\n \r\n12,612,370 \r\n \r\n(1,363,077) \r\n \r\nNet Position Net Investment in Capital Assets Restricted Unrestricted (Deficit) \r\n \r\n41,177,734 5,690,370 \r\n(60,455,887) \r\n \r\n42,591,443 3,198,023 \r\n(60,483,443) \r\n \r\n(1,413,709) 2,492,347 \r\n27,556 \r\n \r\nTotal Net Position \r\n \r\n$ (13,587,783) $ (14,693,977) $ 1,106,194 \r\n \r\n(1) Fiscal year 2020 balances do not reflect the effects of the Restatement of Net Position. See Note 14 in the Notes to the Basic Financial Statements for additional information. \r\n \r\niii \r\n \r\n THOMASTONUPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \r\n \r\nTotal net position decreased $1.1 million, without consideration of the restatement, in fiscal year 2021 from the prior year. This change in net position is detailed in Table 2 as presented below. Table 2 shows the changes in net position for fiscal year 2021 as compared to 2020. \r\n \r\nTable 2 \r\n \r\nChange in Net Position \r\n \r\nGovernmental Activities \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2021 \r\n \r\n2020 (1) \r\n \r\nRevenues \r\n \r\nProgram Revenues \r\n \r\nCharges for Services \r\n \r\n$ \r\n \r\n306,742 $ \r\n \r\n284,864 $ \r\n \r\nOperating Grants and Contributions \r\n \r\n34,492,952 \r\n \r\n32,325,582 \r\n \r\nCapital Grants and Contributions \r\n \r\n386,100 \r\n \r\n154,440 \r\n \r\nNet Change \r\n21,878 2,167,370 \r\n231,660 \r\n \r\nTotal Program Revenues General Revenues \r\nTaxes Property Taxes For Maintenance and Operations Other Taxes Sales Tax Special Purpose Local Option Sales Tax For Capital Projects Other Sales Tax \r\nGrants and Contributions not Restricted to Specific Programs \r\nInvestment Earnings Miscellaneous Special Item Donated Land and Buildings \r\n \r\n35,185,794 \r\n10,176,337 11,722 \r\n4,062,296 230,264 \r\n4,176,797 260,469 777,703 472,378 \r\n \r\n32,764,886 \r\n9,629,161 11,455 \r\n3,971,338 166,872 \r\n4,553,884 191,932 642,591 - \r\n \r\n2,420,908 \r\n547,176 267 \r\n90,958 63,392 (377,087) 68,537 135,112 472,378 \r\n \r\nTotal General Revenues and Special Item \r\n \r\n20,167,966 \r\n \r\n19,167,233 \r\n \r\n1,000,733 \r\n \r\nTotal Revenues \r\n \r\n55,353,760 \r\n \r\n51,932,119 \r\n \r\n3,421,641 \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 Food Services \r\n \r\n34,194,810 \r\n2,167,300 1,703,650 \r\n490,864 1,358,536 3,283,556 \r\n447,515 4,181,523 2,637,612 \r\n192,036 133,024 \r\n3,573,412 \r\n \r\n30,580,456 \r\n1,949,680 1,638,459 \r\n502,932 1,241,749 3,189,135 \r\n443,459 3,730,727 2,649,430 \r\n201,540 145,344 \r\n3,507,928 \r\n \r\n3,614,354 \r\n217,620 65,191 (12,068) \r\n116,787 94,421 4,056 \r\n450,796 (11,818) \r\n(9,504) (12,320) \r\n65,484 \r\n \r\nTotal Expenses \r\n \r\n54,363,838 \r\n \r\n49,780,839 \r\n \r\n4,582,999 \r\n \r\nIncrease in Net Position \r\n \r\n$ \r\n \r\n989,922 $ 2,151,280 $ (1,161,358) \r\n \r\n(1) Fiscal year 2020 balances do not reflect the effects of the Restatement of Net Position. See Note 14 in the Notes to the Basic Financial Statements for additional information. \r\n \r\niv \r\n \r\n THOMASTONUPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \r\nGovernmental Activities \r\nInstruction comprises 62.9% of governmental program expenses. Support service expenses make up 30.5% of the expenses. \r\nThe state's QBE funding does not provide an adequate level of funding to provide basic education services and to adequately maintain facilities. The School District levies a millage rate of 13.73 mills to provide additional local funding along with a 1% (ESPLOST) sales tax. \r\nThe Statement of Activities shows the cost of program services and the charges for services and grants offsetting these services. Table 3 shows, for governmental activities, 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. \r\n \r\nTable 3 \r\n \r\nGovernmental Activities \r\n \r\nTotal Cost of Services \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2021 \r\n \r\n2020 (1) \r\n \r\nNet Cost of Services \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2021 \r\n \r\n2020 (1) \r\n \r\nInstruction \r\n \r\n$ \r\n \r\nSupport Services \r\n \r\nPupil Services \r\n \r\nImprovement of Instructional Services \r\n \r\nEducational Media Services \r\n \r\nGeneral Administration \r\n \r\nSchool Administration \r\n \r\nBusiness Administration \r\n \r\nMaintenance and Operation of Plant \r\n \r\nStudent Transportation Services \r\n \r\nCentral Support Services \r\n \r\nOther Support Services \r\n \r\nOperations of Non-Instructional Services \r\n \r\nFood Services \r\n \r\n34,194,810 $ 30,580,456 $ \r\n \r\n2,167,300 1,703,650 \r\n490,864 1,358,536 3,283,556 \r\n447,515 4,181,523 2,637,612 \r\n192,036 133,025 \r\n \r\n1,949,680 1,638,459 \r\n502,932 1,241,749 3,189,135 \r\n443,459 3,730,727 2,649,430 \r\n201,540 145,344 \r\n \r\n3,573,412 \r\n \r\n3,507,928 \r\n \r\n9,275,957 $ \r\n1,725,377 650,831 (47,569) 227,405 \r\n2,214,909 441,142 \r\n2,624,937 1,464,643 \r\n188,464 131,176 \r\n280,772 \r\n \r\n7,249,436 \r\n1,669,749 642,437 (54,590) 147,876 \r\n2,135,817 439,355 \r\n2,243,931 1,769,307 \r\n199,063 143,498 \r\n430,075 \r\n \r\nTotal Expenses \r\n \r\n$ 54,362,839 $ 49,780,839 $ 19,178,044 $ 17,015,954 \r\n \r\n(1) Fiscal year 2020 balances do not reflect the effects of the Restatement of Net Position. See Note 14 in the Notes to the Basic Financial Statements for additional information. \r\n \r\nInstructional expenses include activities directly dealing with the teaching of pupils and the interaction between teacher and pupil. \r\n \r\nPupil Services are activities designed to assess and improve the well-being of students and to supplement the teaching process. \r\n \r\nImprovement of instruction are activities which are designed primarily for assisting instructional staff in planning, developing, and evaluating the process of providing a challenging learning experience for students. \r\n \r\nEducational media is directing, managing, and operating educational media centers. v \r\n \r\n THOMASTONUPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \r\nGeneral administration establishes and administers policy for operating the School District. \r\nSchool administration includes principals, assistant principals, and clerical staff who administer the school operations. \r\nBusiness administration includes the financial operations of the School District. \r\nMaintenance and operations of plant activities involve keeping the school grounds, buildings, and equipment in effective working condition. \r\nStudent transportation includes activities involved with the conveyance of students to and from school, as well as to and from school activities, as provided by state law. \r\nCentral support includes personnel services, strategic planning, and public relations activities. \r\nOther support services include all other support services. \r\nFood services prepares and serves breakfast, lunch, and snacks to the students of the School District. \r\nAlthough program revenues make up a majority of the revenue, the School District is still dependent upon tax revenues for governmental activities. \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 of $55.2 million and total expenses of $50.1 million. The net change in fund balance for the year in the general fund was an increase of $2.8 million and in the capital projects fund an increase of $2.2 million. \r\nGeneral Fund Budgeting Highlights \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. \r\nThe School District's budget is adopted at the aggregate level and maintained at the program, function, object, and site levels to facilitate budgetary control. The budgeting systems are designed to control the total budget but provide flexibility to meet the ongoing programmatic needs. The budgeting systems are also designed to control total site budgets but provide flexibility for site management as well. \r\nFor the general fund, the actual revenues of $50.7 million were under the final budgeted amount of $54.9 million by $4.2 million. The difference (actual vs. final budget) was mainly due to a decrease in federal revenue. Additionally, the School District did not include revenues for school activity accounts (included in miscellaneous revenues) in the final budget. The School District traditionally estimates revenue on a conservative basis to avoid shortfalls in actual revenues. \r\nThe general fund's final actual expenditures of $47.9 million were less than the final budget amount of $57.2 million. Expenses were less than budget in instruction, pupil services, improvement of instructional services, educational media services, general administration, business administration, maintenance and operation of plant, student transportation services, central support services, other support services, and food services. Expenses were more than budget in school administration. Actual general fund revenues exceeded expenses by $2.8 million from a budgeted decrease of $2.3 million. As in prior years, the School District did not include expenditures for school activity accounts in the final budget. \r\nvi \r\n \r\n CAPITAL ASSETS \r\n \r\nTHOMASTONUPSON COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \r\n \r\nTable 4 Capital Assets (Net of Depreciation) \r\n \r\nFiscal Year 2021 \r\n \r\nGovernmental Activities Fiscal Year 2020 \r\n \r\nNet Change \r\n \r\nLand Construction In Progress Building and Improvements Equipment Land Improvements \r\nTotal \r\n \r\n$ \r\n \r\n797,021 $ \r\n \r\n451,746 $ \r\n \r\n345,275 \r\n \r\n246,458 \r\n \r\n97,628 \r\n \r\n148,830 \r\n \r\n34,418,616 \r\n \r\n35,603,143 \r\n \r\n(1,184,527) \r\n \r\n4,582,724 \r\n \r\n5,167,470 \r\n \r\n(584,746) \r\n \r\n1,279,578 \r\n \r\n1,271,456 \r\n \r\n8,122 \r\n \r\n$ 41,324,397 $ 42,591,443 $ (1,267,046) \r\n \r\nAt fiscal year ended June 30, 2021, the School District had $41.3 million invested in capital assets, net of depreciation, all in governmental activities. Table 4 reflects a summary of these balances, net of accumulated depreciation. \r\n \r\nCURRENT ISSUES \r\n \r\nThe School District is not aware of any currently known facts, decisions, or conditions that are expected to have a significant effect on the financial position or results of operations during this fiscal year. \r\n \r\nThe School District continues to be financially stable as the fund balance continues to exceed the state's benchmark. The School District's operating millage rate for fiscal year 2021 was 13.73 mills. Our millage rate continues to remain one of the lowest of the surrounding counties. \r\n \r\nThe School District passed a budget for fiscal year 2022 that dips into their reserves $1.1 million. The School District does not intend to continue to pass future budgets that dip in their reserves but did this as a temporary measure to minimize the impact on schools. The School District is committed to make additional resources available at the school level which could enable our strategic initiatives. \r\n \r\nThe School District has received approximately $21.6 million in additional COVID-19 federal relief funds from the CARES Act, CARES II and American Rescue Plan (ARP). This includes $300,000 in fiscal year 2022 funds. The purpose of these funds is to address the impact COVID-19 has had on elementary and secondary schools across the nation. The School District is utilizing these funds for continuity of services, updating technology, software for remote learners, learning loss, literacy, social and emotional learning and safety and sanitation efforts. \r\n \r\nCONTACTING THE SCHOOL DISTRICT'S FINANCIAL MANAGEMENT \r\n \r\nThe financial report is designed to provide our citizens and taxpayers 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 Kathy Matthews, Director of Finance, ThomastonUpson County Board of Education, 205 Civic Center Drive, Thomaston, Georgia 30286. Alternatively, you may send requests to following email address kmatthews@upson.k12.ga.us. \r\n \r\nvii \r\n \r\n Thomaston-Upson County Board of Education \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2021 \r\nASSETS Cash and Cash Equivalents Accounts Receivable, Net \r\nTaxes State Government Federal Government Other Due From Other Funds Inventories Prepaid Items Net OPEB Asset Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plans Related to OPEB Plan \r\nTotal Deferred Outflows of Resources \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Contracts Payable Retainages Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities \r\nDue Within One Year Total Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plans Related to OPEB Plan \r\nTotal Deferred Inflows of Resources \r\nNET POSITION Net Investment in Capital Assets Restricted for \r\nBus Replacement Continuation of Federal Programs Capital Projects Net OPEB Asset Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n17,392,263.14 \r\n \r\n785,659.55 3,478,124.38 1,652,717.94 \r\n99,553.27 2,455.00 138,698.42 40,797.89 13,749.00 1,043,479.14 40,280,917.36 64,928,415.09 \r\n \r\n12,574,898.55 9,178,183.00 21,753,081.55 \r\n \r\n497,546.17 2,654,042.80 \r\n130,164.75 16,497.55 42,957,989.00 42,617,600.00 \r\n146,145.94 89,019,986.21 \r\n \r\n2,035,502.00 9,213,791.00 \r\n11,249,293.00 \r\n \r\n41,177,734.20 \r\n \r\n386,100.00 1,077,886.14 4,212,634.90 \r\n13,749.00 (60,455,886.81) \r\n \r\n$ \r\n \r\n(13,587,782.57) \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 THOMASTON-UPSON COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2021 \r\n \r\nEXHIBIT \"B\" \r\n \r\nEXPENSES \r\n \r\nPROGRAM REVENUES \r\n \r\nOPERATING \r\n \r\nCHARGES FOR SERVICES \r\n \r\nGRANTS AND CONTRIBUTIONS \r\n \r\nCAPITAL GRANTS AND CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET POSITION \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\nInstruction \r\n \r\n$ \r\n \r\nSupport Services \r\n \r\nPupil Services \r\n \r\nImprovement of Instructional Services \r\n \r\nEducational Media Services \r\n \r\nGeneral Administration \r\n \r\nSchool Administration \r\n \r\nBusiness Administration \r\n \r\nMaintenance and Operation of Plant \r\n \r\nStudent Transportation Services \r\n \r\nCentral Support Services \r\n \r\nOther Support Services \r\n \r\nOperations of Non-Instructional Services \r\n \r\nFood Services \r\n \r\n34,194,810.12 $ \r\n2,167,299.71 1,703,650.20 \r\n490,863.79 1,358,536.06 3,283,555.80 \r\n447,515.29 4,181,523.25 2,637,612.06 \r\n192,036.25 133,024.50 \r\n3,573,411.53 \r\n \r\n225,948.03 $ 24,692,905.66 $ \r\n \r\n- \r\n \r\n441,922.70 \r\n \r\n- \r\n \r\n1,052,819.05 \r\n \r\n- \r\n \r\n538,432.92 \r\n \r\n- \r\n \r\n1,131,130.67 \r\n \r\n- \r\n \r\n1,068,646.94 \r\n \r\n- \r\n \r\n6,373.01 \r\n \r\n- \r\n \r\n1,556,586.83 \r\n \r\n- \r\n \r\n786,868.74 \r\n \r\n- \r\n \r\n3,571.93 \r\n \r\n- \r\n \r\n1,849.04 \r\n \r\n80,794.15 \r\n \r\n3,211,844.99 \r\n \r\n- $ (9,275,956.43) \r\n \r\n386,100.00 - \r\n \r\n(1,725,377.01) (650,831.15) 47,569.13 (227,405.39) \r\n(2,214,908.86) (441,142.28) \r\n(2,624,936.42) (1,464,643.32) \r\n(188,464.32) (131,175.46) \r\n \r\n- \r\n \r\n(280,772.39) \r\n \r\nTotal Governmental Activities \r\n \r\n$ 54,363,838.56 $ \r\n \r\n306,742.18 $ 34,492,952.48 $ \r\n \r\n386,100.00 \r\n \r\n(19,178,043.90) \r\n \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nSpecial Item Donated Land and Buildings Total General Revenues and Special Item \r\n \r\n10,176,336.96 11,721.77 \r\n4,062,295.84 230,264.60 \r\n4,176,797.00 260,468.45 777,703.10 \r\n472,378.00 20,167,965.72 \r\n \r\nChange in Net Position \r\n \r\n989,921.82 \r\n \r\nNet Position - Beginning of Year (Restated) \r\n \r\n(14,577,704.39) \r\n \r\nNet Position - End of Year \r\n \r\n$ (13,587,782.57) \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 THOMASTON-UPSON COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2021 \r\n \r\nEXHIBIT \"C\" \r\n \r\nASSETS Cash and Cash Equivalents Accounts Receivable, Net \r\nTaxes State Government Federal Government Other Due from Other Funds Inventories Prepaid Items \r\nTotal Assets \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Contracts Payable Retainages Payable \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes Unavailable Revenue - Federal Revenues \r\nFUND BALANCES Nonspendable Restricted Committed Assigned Unassigned \r\nTotal Fund Balances \r\nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n13,382,668.35 $ \r\n \r\n4,009,594.79 $ \r\n \r\n17,392,263.14 \r\n \r\n408,580.99 3,478,124.38 1,652,717.94 \r\n98,915.59 2,455.00 138,698.42 7,254.46 \r\n \r\n377,078.56 - \r\n637.68 - \r\n33,543.43 \r\n \r\n785,659.55 3,478,124.38 1,652,717.94 \r\n99,553.27 2,455.00 138,698.42 40,797.89 \r\n \r\n$ \r\n \r\n19,169,415.13 $ \r\n \r\n4,420,854.46 $ 23,590,269.59 \r\n \r\n289,326.61 2,654,042.80 \r\n2,943,369.41 \r\n \r\n208,219.56 - \r\n130,164.75 16,497.55 354,881.86 \r\n \r\n497,546.17 2,654,042.80 \r\n130,164.75 16,497.55 3,298,251.27 \r\n \r\n76,422.27 499,359.07 575,781.34 \r\n \r\n- \r\n \r\n76,422.27 \r\n \r\n- \r\n \r\n499,359.07 \r\n \r\n- \r\n \r\n575,781.34 \r\n \r\n148,407.88 1,322,826.83 \r\n293,940.67 1,140,415.00 12,744,674.00 15,650,264.38 \r\n \r\n33,543.43 4,032,429.17 \r\n4,065,972.60 \r\n \r\n181,951.31 5,355,256.00 \r\n293,940.67 1,140,415.00 12,744,674.00 19,716,236.98 \r\n \r\n$ \r\n \r\n19,169,415.13 $ \r\n \r\n4,420,854.46 $ 23,590,269.59 \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 THOMASTON-UPSON COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET POSITION JUNE 30, 2021 \r\n \r\nEXHIBIT \"D\" \r\n \r\nTotal fund balances - governmental funds (Exhibit \"C\") \r\nAmounts reported for governmental activities in the Statement of Net Position are different because: \r\nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land Construction in progress Buildings and improvements Equipment Land improvements Accumulated depreciation \r\nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB asset 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\nFederal Funds that are not available to pay current period expenditures are deferred in the funds. \r\nLong-term liabilities are not due and payable in the current period and therefore are not reported in the funds. Compensated absences payable \r\nNet position of governmental activities (Exhibit \"A\") \r\n \r\n$ \r\n \r\n19,716,236.98 \r\n \r\n$ \r\n \r\n797,020.96 \r\n \r\n246,458.18 \r\n \r\n62,967,026.62 \r\n \r\n10,117,824.82 \r\n \r\n8,192,292.96 \r\n \r\n(40,996,227.04) \r\n \r\n41,324,396.50 \r\n \r\n$ \r\n \r\n(42,957,989.00) \r\n \r\n13,749.00 \r\n \r\n(42,617,600.00) \r\n \r\n(85,561,840.00) \r\n \r\n$ \r\n \r\n10,539,396.55 \r\n \r\n(35,608.00) \r\n \r\n10,503,788.55 76,422.27 \r\n499,359.07 \r\n \r\n(146,145.94) \r\n \r\n$ \r\n \r\n(13,587,782.57) \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 THOMASTON-UPSON COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2021 \r\n \r\nEXHIBIT \"E\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Capital Outlay Total Expenditures \r\nNet Change in Fund Balances \r\nFund Balances - Beginning (Restated) \r\nFund Balances - Ending \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n10,279,651.45 $ \r\n \r\n- $ \r\n \r\n10,279,651.45 \r\n \r\n230,264.60 \r\n \r\n4,392,275.10 \r\n \r\n4,622,539.70 \r\n \r\n29,566,381.14 \r\n \r\n- \r\n \r\n29,566,381.14 \r\n \r\n9,336,119.41 \r\n \r\n- \r\n \r\n9,336,119.41 \r\n \r\n306,742.18 \r\n \r\n- \r\n \r\n306,742.18 \r\n \r\n216,708.25 \r\n \r\n43,760.20 \r\n \r\n260,468.45 \r\n \r\n780,203.10 \r\n \r\n- \r\n \r\n780,203.10 \r\n \r\n50,716,070.13 \r\n \r\n4,436,035.30 \r\n \r\n55,152,105.43 \r\n \r\n29,250,526.80 \r\n \r\n2,033,302.51 1,598,684.31 457,075.79 1,205,429.67 3,059,110.84 \r\n313,632.85 3,789,678.69 2,478,327.88 \r\n184,505.69 132,665.50 3,439,239.58 \r\n47,942,180.11 \r\n \r\n2,773,890.02 \r\n \r\n12,876,374.36 \r\n \r\n$ \r\n \r\n15,650,264.38 $ \r\n \r\n1,017,566.25 \r\n \r\n30,268,093.05 \r\n \r\n41,581.49 11,817.44 2,199.00 38,104.26 27,379.15 111,666.07 275,363.12 2,418.76 \r\n438.99 - \r\n15,248.28 649,475.53 2,193,258.34 \r\n \r\n2,074,884.00 1,610,501.75 459,274.79 1,243,533.93 \r\n3,086,489.99 425,298.92 \r\n4,065,041.81 2,480,746.64 \r\n184,944.68 132,665.50 3,454,487.86 649,475.53 50,135,438.45 \r\n \r\n2,242,776.96 \r\n \r\n5,016,666.98 \r\n \r\n1,823,195.64 \r\n \r\n14,699,570.00 \r\n \r\n4,065,972.60 $ \r\n \r\n19,716,236.98 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 5 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2021 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNet change in fund balances total governmental funds (Exhibit \"E\") \r\nAmounts reported for governmental activities in the Statement of Activities are different because: \r\nGovernmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of capital assets is allocated over their estimated useful lives as depreciation expense. Capital outlay Depreciation expense \r\nThe net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, donations, and disposals) is to increase 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\nFederal Funds reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \r\nDistrict pension/OPEB contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension/OPEB liability is measured a year before the District's report date. Pension/OPEB expense, which is the change in the net pension/OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions/OPEB, is reported in the Statement of Activities. Pension expense OPEB expense \r\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. Compensated absences \r\nChange in net position of governmental activities (Exhibit \"B\") \r\n \r\n$ \r\n \r\n5,016,666.98 \r\n \r\n$ \r\n \r\n855,355.05 \r\n \r\n(2,546,504.50) \r\n \r\n(1,691,149.45) 424,102.87 (421,571.98) 124,175.93 \r\n \r\n$ \r\n \r\n(1,946,687.00) \r\n \r\n(520,417.00) \r\n \r\n(2,467,104.00) \r\n \r\n4,801.47 \r\n \r\n$ \r\n \r\n989,921.82 \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 THOMASTON-UPSON COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS JUNE 30, 2021 \r\nASSETS Cash and Cash Equivalents LIABILITIES Due To Other Funds NET POSITION Restricted \r\nIndividuals, Organizations, and Other Governments \r\n \r\nEXHIBIT \"G\" \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\n$ \r\n \r\n15,669.95 \r\n \r\n2,455.00 \r\n \r\n$ \r\n \r\n13,214.95 \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 THOMASTON-UPSON COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDCUCIARY NET POSITION \r\nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2021 \r\nADDITIONS Contributions Donors \r\nDEDUCTIONS Scholarships Change in Net Position \r\nNet Position - Beginning Net Position - Ending \r\n \r\nEXHIBIT \"H\" \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\n$ \r\n \r\n9,300.00 \r\n \r\n10,547.53 \r\n \r\n(1,247.53) \r\n \r\n14,462.48 \r\n \r\n$ \r\n \r\n13,214.95 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 8 - \r\n \r\n (This page left intentionally blank) \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nReporting Entity \r\nThe Thomaston-Upson County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nThe accompanying financial statements of the School District have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). GASB is the accepted standard-setting body for governmental accounting and financial reporting principles. The most significant of the School District's accounting policies are described below. \r\nBasis of Presentation \r\nThe School District's basic financial statements are collectively comprised of the government-wide financial statements, fund financial statements and notes to the basic financial statements. The government-wide statements focus on the School District as a whole, while the fund financial statements focus on major funds. Each presentation provides valuable information that can be analyzed and compared between years and between governments to enhance the information's usefulness. \r\nGovernment-Wide Statements: \r\nThe Statement of Net Position and the Statement of Activities display information about the financial activities of the overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \r\nThe Statement of Net Position presents the School District's non-fiduciary assets, deferred outflows of resources, deferred inflows of resources and liabilities, with the difference reported as net position. Net position is reported in three categories as follows: \r\n1. Net investment in capital assets consists of the School District's total investment in capital assets, net of accumulated depreciation, and reduced by outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of net investment in capital assets. \r\n2. Restricted net position consists of resources for which the School District is legally or contractually obligated to spend in accordance with restrictions imposed by external third parties or imposed by law through constitutional provisions or enabling legislation. \r\n3. Unrestricted net position consists of resources not meeting the definition of the two preceding categories. Unrestricted net position often has constraints on resources imposed by management which can be removed or modified. \r\n \r\n- 10 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\nDirect expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\nProgram revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFund Financial Statements \r\nThe fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate financial statements are presented for governmental and fiduciary funds. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\nThe School District reports the following major governmental funds: \r\n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \r\n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST) that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \r\nThe School District reports the following fiduciary fund type: \r\n Private purpose trust funds are used to report all trust arrangements, other than those properly reported elsewhere, in which principal and income benefit individuals, private organizations or other governments. \r\nBasis of Accounting \r\nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \r\n \r\n- 11 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \r\nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. The School District considers certain revenues reported in the governmental funds to be available if they are collected within 60 days after year-end. The School District considers all intergovernmental revenues to be available if they are collected within 120 days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for compensated absences, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. \r\nThe School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted resources available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general funds. \r\nNew Accounting Pronouncements \r\nIn fiscal year 2021, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 84, Fiduciary Activities. This statement establishes criteria for identifying fiduciary activities of all state and local governments. The focus of the criteria generally is on (1) whether a government is controlling the assets of the fiduciary activity and (2) the beneficiaries with whom a fiduciary relationship exists. Separate criteria are included to identify fiduciary component units and postemployment benefit arrangements that are fiduciary activities. An activity meeting the criteria should be reported in a fiduciary fund in the basic financial statements. Governments with activities meeting the criteria should present a statement of fiduciary net position and a statement of changes in fiduciary net position. The cumulative effect of the GASB Statement No. 84 is described in the restatement note. \r\nIn fiscal year 2021, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 90, Majority Equity Interests. It defines a majority equity interest and specifies that majority equity interest in a legal separate organization should be reported as an investment. A majority equity interest that meets the definition of an investment should be measured using the equity method, unless it is held by a special-purpose government engaged only in fiduciary activities, a fiduciary fund, or an endowment (including permanent and term endowments) or permanent fund. Those governments and funds should measure the majority equity interest at fair value. The adoption of this statement did not have an impact on the School District's financial statements. \r\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. \r\n \r\n- 12 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nOfficial 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\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\nDue to other funds and due from other funds consist of activities between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year. \r\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- 13 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Land Improvements Buildings and Improvements Equipment Intangible Assets Construction in Progress \r\n \r\nAll \r\n \r\n$ \r\n \r\n10,000.00 \r\n \r\n$ \r\n \r\n20,000.00 \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ 200,000.00 \r\n \r\nAll \r\n \r\nN/A 20 to 50 years 25 to 50 years \r\n5 to 50 years 5 to 50 years \r\nN/A \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\nCompensated Absences \r\nCompensated absences payable consists of vacation leave employees earned based on services already rendered. \r\nVacation leave of 10 days is awarded on a fiscal year basis to all full-time personnel employed on a twelve-month basis. No other employees are eligible to earn vacation leave. Vacation leave not utilized during the fiscal year may be carried over to the next fiscal year, providing such vacation leave does not exceed 20 days. Upon terminating employment, the School District pays all unused and unforfeited vacation benefits to employees. Accordingly, vacation benefits are accrued as a liability in the government-wide financial statements. A liability for these amounts is reported in the governmental fund financial statements only if they have matured, for example, as a result of employee resignations and retirements by fiscal-year end. \r\nMembers of the Teachers Retirement System of Georgia (TRS) may apply unused sick leave toward early retirement. The liability for early retirement will be borne by TRS rather than by the individual School Districts. Otherwise, sick leave does not vest with the employee, and no liability is reported in the School District's financial statements. \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 \r\n \r\n- 14 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\non the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nPost-Employment Benefits Other Than Pensions (OPEB) \r\nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Post-Employment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nPost-Employment Benefits Other Than Pensions (SEAD - 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 State Employees' Assurance Department Retired and Vested Inactive Members Trust Fund (SEADOPEB) plan (the Plan) and additions to/deductions from the SEAD-OPEB's fiduciary net position have been determined on the same basis as they are reported by SEAD-OPEB. For this purpose, death benefits are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nFund Balances \r\nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \r\nThe School District's fund balances are classified as follows: \r\nNonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \r\nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \r\nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \r\nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \r\n \r\n- 15 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \r\n \r\nUse of Estimates \r\n \r\nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \r\n \r\nProperty Taxes \r\n \r\nThe Upson County Board of Commissioners adopted the property tax levy for the 2020 tax digest year (calendar year) on August 25, 2020 (levy date) based on property values as of January 1, 2020. Taxes were due on November 16, 2020 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2020 tax digest are reported as revenue in the governmental funds for fiscal year 2021. The Upson County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2021, for maintenance and operations amounted to $8,865,631.99. \r\nThe tax millage rate levied for the 2020 tax digest year (calendar year) for the School District was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n13.73 mills \r\n \r\nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $1,402,297.69 during fiscal year ended June 30, 2021. \r\nSales Taxes \r\nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $4,392,275.10 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\nNOTE 3: BUDGETARY DATA \r\nThe budget is a complete financial plan for the School District's fiscal year and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds, except the various school activity (principal) accounts, is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate function level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \r\n \r\n- 16 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nThe Superintendent is authorized by the Board to approve adjustments of no more than 10% of the amount budgeted for expenditures in any budget function for any fund. The Superintendent shall report any such adjustments to the Board. If expenditure of funds in any budget function for any fund is anticipated to be more than 10% of the budgeted amount, the Superintendent shall request Board approval for the budget amendment. Any position or expenditure not previously approved in the annual budget that exceeds $100,000.00 shall require Board approval unless the Superintendent deems the position or purchase an emergency. In such case, the expenditure shall be reported to the Board at its regularly scheduled meeting. Under no circumstance is the Superintendent or other staff person authorized to spend funds that exceed the total budget without approval by the Board. \r\nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \r\nNOTE 4: DEPOSITS \r\nCollateralization of Deposits \r\nO.C.G.A.  45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A.  45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance. \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n \r\n- 17 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\nCategorization of Deposits \r\nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2021, the School District had deposits with a carrying amount of $17,407,933.09, and a bank balance of $18,274,076.75. The bank balances insured by Federal depository insurance were $337,254.76. \r\nAt June 30, 2021, $17,936,821.99 of the School District's bank balances was in the State's Secure Deposit Program (SDP). \r\nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. The SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians. \r\nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \r\n \r\n- 18 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \r\n \r\nBalances July 1, 2020 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2021 \r\n \r\nGovernmental Activities Capital Assets, \r\nNot Being Depreciated: Land Construction in Progress \r\nTotal Capital Assets Not Being Depreciated \r\n \r\n$ \r\n \r\n451,745.96 $ 345,275.00 $ \r\n \r\n- $ \r\n \r\n797,020.96 \r\n \r\n97,628.00 \r\n \r\n237,458.18 \r\n \r\n88,628.00 \r\n \r\n246,458.18 \r\n \r\n549,373.96 \r\n \r\n582,733.18 \r\n \r\n88,628.00 \r\n \r\n1,043,479.14 \r\n \r\nCapital Assets, Being Depreciated: Buildings and Improvements Equipment Land Improvements \r\n \r\n62,587,923.62 10,460,868.69 8,067,492.96 \r\n \r\n379,103.00 324,834.83 129,690.04 \r\n \r\n667,878.70 \r\n4,890.04 \r\n \r\n62,967,026.62 10,117,824.82 8,192,292.96 \r\n \r\nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \r\n \r\n26,984,780.93 5,293,398.22 6,796,037.00 \r\n \r\n1,563,629.99 866,196.36 116,678.15 \r\n \r\n624,493.61 \r\n- \r\n \r\n28,548,410.92 5,535,100.97 6,912,715.15 \r\n \r\nTotal Capital Assets, Being Depreciated, Net \r\n \r\n42,042,069.12 \r\n \r\n(1,712,876.63) \r\n \r\n48,275.13 \r\n \r\n40,280,917.36 \r\n \r\nGovernmental Activities Capital Assets - Net \r\n \r\n$ 42,591,443.08 $ (1,130,143.45) $ 136,903.13 $ 41,324,396.50 \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction \r\n \r\nSupport Services \r\n \r\nGeneral Administration \r\n \r\n$ \r\n \r\nBusiness Administration \r\n \r\nMaintenance and Operation of Plant \r\n \r\nStudent Transportation Services \r\n \r\nFood Services \r\n \r\n38,219.88 2,075.10 \r\n29,615.03 281,254.47 \r\n \r\n$ 2,151,783.53 \r\n351,164.48 43,556.49 \r\n \r\n$ 2,546,504.50 \r\n \r\n- 19 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 6: INTERFUND ASSETS AND LIABILITIES \r\n \r\nInterfund Assets and Liabilities \r\n \r\nDue to and due from other funds are recorded for interfund receivables and payables which arise from interfund transactions. Interfund balances at June 30, 2021, consisted of the following: \r\n \r\nDue From Other Funds \r\n \r\nDue To Other Funds \r\n \r\nGeneral Fund \r\n \r\n$ \r\n \r\nPrivate Purpose Trust \r\n \r\n2,455.00 $ - \r\n \r\n2,455.00 \r\n \r\n$ \r\n \r\n2,455.00 $ \r\n \r\n2,455.00 \r\n \r\nThe interfund balances presented are derived primarily from expenditures originally paid with general fund and to be reimbursed from private purpose fund after fiscal year. \r\nNOTE 7: LONG-TERM LIABILITIES \r\n \r\nThe changes in long-term liabilities during the fiscal year for governmental activities were as follows: \r\n \r\nBalance July 1, 2020 \r\n \r\nGovernmental Activities Balance \r\nAdditions Deductions June 30, 2021 \r\n \r\nDue Within One Year \r\n \r\nCompensated Absences $ 150,947.41 $ 154,743.60 $ 159,545.07 $ \r\n \r\n146,145.94 $ 146,145.94 \r\n \r\nCompensated Absences \r\nCompensated absences represent obligations of the School District relating to employees' rights to receive compensation for future absences based upon service already rendered. This obligation related only to vesting accumulating leave in which payment is probable and can be reasonably estimated. Typically, the general fund is the fund used to liquidate this long-term debt. The School District used the vesting method to compute compensated absences. \r\nNOTE 8: RISK MANAGEMENT \r\nInsurance \r\nCommercial Insurance \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 these risks. Settled claims resulting from these insured risks have not exceed commercial insurance coverage in any of the past three fiscal years. \r\nUnemployment Compensation \r\nThe School District is self-insured with regard to unemployment compensation claims. A premium is charged when needed by the general fund to each user program on the basis of the percentage of that fund's payroll to total payroll in order to cover estimated claims budgeted by management based on \r\n- 20 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nknown claims and prior experience. The School District accounts for claims with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability \r\n \r\nClaims and Changes in \r\nEstimates \r\n \r\nClaims Paid \r\n \r\nEnd of Year Liability \r\n \r\n2020 \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n5,110.00 \r\n \r\n$ \r\n \r\n5,110.00 \r\n \r\n$ \r\n \r\n- \r\n \r\n2021 \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n17,922.00 \r\n \r\n$ \r\n \r\n17,922.00 \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 Drivers Training Education All Employees \r\n \r\n$ \r\n \r\n25,000.00 \r\n \r\n$ \r\n \r\n10,000.00 \r\n \r\n$ \r\n \r\n100,000.00 \r\n \r\nNOTE 9: FUND BALANCE CLASSIFICATION DETAILS \r\n \r\nThe School District's financial statements include the following amounts presented in the aggregate at June 30, 2021: \r\n \r\nNonspendable \r\n \r\nInventories \r\n \r\n$ \r\n \r\nInterfund Accounts Receivable \r\n \r\nPrepaid Assets \r\n \r\nRestricted \r\n \r\nBus Replacement \r\n \r\n$ \r\n \r\nContinuation of Federal Programs \r\n \r\nCapital Projects \r\n \r\nCommitted \r\n \r\nSchool Activity Accounts \r\n \r\nAssigned \r\n \r\nSubsequent Period Expenditures \r\n \r\nUnassigned \r\n \r\n138,698.42 2,455.00 40,797.89 $ \r\n386,100.00 936,726.83 4,032,429.17 \r\n \r\n181,951.31 \r\n5,355,256.00 293,940.67 1,140,415.00 \r\n12,744,674.00 \r\n \r\nFund Balance, June 30, 2021 \r\n \r\n$ \r\n \r\n19,716,236.98 \r\n \r\nWhen multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \r\n \r\n- 21 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nIt is the goal of the School District to achieve and maintain a committed, assigned, and unassigned fund balance in the general fund at fiscal year-end of not less than 10% of expenditures, not to exceed 15% of the total budget of the subsequent fiscal year, in compliance with O.C.G.A.  20-2-167(a)5. If the unassigned fund balance at fiscal year-end falls below the goal, the School District shall develop a restoration plan to achieve and maintain the minimum fund balance. \r\nNOTE 10: SIGNIFICANT COMMITMENTS \r\n \r\nCommitments Under Construction Contracts \r\n \r\nThe following is an analysis of significant outstanding construction or renovation contracts executed by the School District as of June 30, 2021, together with funding available: \r\n \r\nProject \r\n \r\nUnearned Executed Contracts (1) \r\n \r\nPayments through June 30, 2021 (2) \r\n \r\nFunding Available From State (1) \r\n \r\nKitchen Renovation - All Schools \r\n \r\n$ \r\n \r\n246,402.75 $ \r\n \r\n189,658.18 $ \r\n \r\n260,750.00 \r\n \r\n(1) The amount described are not reflected in the basic financial statements. (2) Payments include contracts and retainages payable at year-end. \r\n \r\nOperating Leases \r\n \r\nThe School District leases copiers and risographs under the provisions of one or more long-term lease agreements classified as operating leases for accounting purposes. Rental expenditures under the terms of the operating leases totaled $57,640.63 for governmental activities for the year ended June 30, 2021. The following future minimum lease payments were required under operating leases at June 30, 2021: \r\n \r\nYear Ending \r\n \r\nGovernmental Activities \r\n \r\n2022 \r\n \r\n$ \r\n \r\n55,582.84 \r\n \r\nNOTE 11: SIGNIFICANT CONTINGENT LIABILITIES \r\nFederal Grants \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\nNOTE 12: OTHER POST-EMPLOYMENT BENEFITS (OPEB) \r\nGeorgia School Personnel Post-Employment Health Benefit Fund \r\nPlan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit post-employment \r\n- 22 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nhealthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board. \r\nBenefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. \r\nContributions: As established by the Board, the School OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $1,079,002.00 for the year ended June 30, 2021. 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, 2021, the School District reported a liability of $42,617,600.00 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 0.290159%, which was an increase of 0.003398% from its proportion measured as of June 30, 2019. \r\n \r\n- 23 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nFor the year ended June 30, 2021, the School District recognized OPEB expense of $1,597,158.00. At June 30, 2021, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \r\n \r\nOPEB Deferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ \r\n \r\n- \r\n \r\n$ 4,652,519.00 \r\n \r\nChanges of assumptions \r\n \r\n7,048,004.00 \r\n \r\n3,792,050.00 \r\n \r\nNet difference between projected and \r\n \r\nactual earnings on OPEB plan investments \r\n \r\n111,078.00 \r\n \r\n- \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n936,721.00 \r\n \r\n769,094.00 \r\n \r\nSchool District contributions subsequent to \r\n \r\nthe measurement date \r\n \r\n1,079,002.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 9,174,805.00 $ 9,213,663.00 \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, 2022. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nOPEB \r\n \r\n2022 2023 2024 2025 2026 Thereafter \r\n \r\n$ \r\n \r\n(942,759.00) \r\n \r\n$ \r\n \r\n(945,739.00) \r\n \r\n$ \r\n \r\n(578,125.00) \r\n \r\n$ \r\n \r\n262,937.00 \r\n \r\n$ \r\n \r\n805,602.00 \r\n \r\n$ \r\n \r\n280,224.00 \r\n \r\n- 24 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nActuarial Assumptions: The total OPEB liability as of June 30, 2020 was determined by an actuarial valuation as of June 30, 2019 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2020: \r\nOPEB: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases \r\n \r\n3.00%  8.75%, including inflation \r\n \r\nLong-term expected rate of return \r\nHealthcare cost trend rate \r\n \r\n7.30%, compounded annually, net of investment expense, and including inflation \r\n \r\nPre-Medicare Eligible \r\n \r\n7.00% \r\n \r\nMedicare Eligible \r\n \r\n5.25% \r\n \r\nUltimate trend rate \r\n \r\nPre-Medicare Eligible \r\n \r\n4.50% \r\n \r\nMedicare Eligible \r\n \r\n4.50% \r\n \r\nYear of Ultimate trend rate \r\n \r\nPre-Medicare Eligible \r\n \r\n2029 \r\n \r\nMedicare Eligible \r\n \r\n2023 \r\n \r\nMortality rates were based on the RP-2000 Combined Mortality Table for Males or Females, as appropriate, with adjustments for mortality improvements based on Scale BB as follows: \r\n For TRS members: The Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree Mortality Table projected generationally with MP-2019 projection scale (set forward one year and adjusted 106%) is used for death prior to retirement and for service retirements and beneficiaries. The Pub-2010 Teachers Mortality Table for Disabled Retirees projected generationally with MP-2019 Projection scale (set forward one year and adjusted 106%) is used for disability retirements. For both, rates of improvement were reduced by 20% for all years prior to the ultimate rate. \r\n For PSERS members: The RP-2000 Blue-Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females) is used for the period after service retirement and for beneficiaries of deceased members. The RP-2000 Disabled Mortality Table projected to 2025 with projection scale BB (set forward 5 years for both males and females) is used for the period after disability retirement. Rates of mortality in active service were based on the RP-2000 Employee Mortality Table projected to 2025 with projection scale BB. There is a margin for future morality improvement in the tables used by the plan. \r\nThe actuarial assumptions used in the June 30, 2019 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2018, with the exception of the assumed annual rate of inflation which was changed from 2.75% to 2.50%, effective with the June 30, 2018 valuation. \r\n- 25 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2019 valuation were based on a review of recent plan experience done concurrently with the June 30, 2019 valuation. \r\n \r\nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \r\n \r\nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset class \r\n \r\nTarget allocation \r\n \r\nLong-Term Expected Real Rate of Return* \r\n \r\nFixed income Equities \r\n \r\n30.00% 70.00% \r\n \r\n0.50% 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, a single equivalent interest rate of 2.22% was used as the discount rate, as compared with last year's rate of 3.58%. This is comprised mainly of the yield or index rate for 20 year tax-exempt general obligation bonds with an average rating of AA or higher (2.21% per the Municipal Bond Index Rate). The projection of cash flows used to determine the discount rate assumed that contributions from members and from the employer will be made at the current level as averaged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2118. \r\n \r\n- 26 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Discount Rate: The following presents the collective net OPEB liability of the participating employers calculated using the discount rate of 2.22%, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (1.22%) or 1-percentage-point higher (3.22%) than the current discount rate: \r\n \r\n1% Decrease (1.22%) \r\n \r\nCurrent Discount Rate (2.22%) \r\n \r\n1% Increase (3.22%) \r\n \r\nSchool District's proportionate share of the Net OPEB liability \r\n \r\n$ 50,068,649.00 $ \r\n \r\n42,617,600.00 $ 36,658,842.00 \r\n \r\nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates: The following presents the collective net OPEB liability of the participating employers, as well as what the collective net OPEB liability would be, if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1-percentagepoint higher than the current healthcare cost trend rates: \r\n \r\n1% Decrease \r\n \r\nCurrent Healthcare Cost Trend Rate \r\n \r\n1% Increase \r\n \r\nSchool District's proportionate share of the Net OPEB liability \r\n \r\n$ 35,483,436.00 $ \r\n \r\n42,617,600.00 $ 51,854,270.00 \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\nPost-Employment Benefits Other Than Pensions (SEAD  OPEB) \r\n \r\nPlan Description: SEAD-OPEB was created in 2007 by the Georgia General Assembly to amend Title 47 of the O.C.G.A., relating to retirement, so as to establish a fund for the provision of term life insurance to retired and vested inactive members of the Employees' Retirement System of Georgia (ERS), the Legislative Retirement System (LRS), and the Georgia Judicial Retirement System (GJRS). The plan is a cost-sharing multiple-employer defined benefit other post-employment benefit plan as defined in Governmental Accounting Standards Board (GASB) Statement No. 74, Financial Reporting for Post-Employment Benefit Plans other than OPEB Plans. The SEAD-OPEB trust fund accumulates the premiums received from the aforementioned retirement plans, including interest earned on deposits and investments of such payments. \r\nBenefits Provided: The amount of insurance for a retiree with creditable service prior to April 1, 1964 is the full amount of insurance in effect on the date of retirement. The amount of insurance for a service retiree with no creditable service prior to April 1, 1964 is 70% of the amount of insurance in effect at age 60 or at termination, if earlier. Life insurance proceeds are paid in a lump sum to the beneficiary upon death of the retiree. \r\n \r\n- 27 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nContributions: Georgia law provides that employee contributions to the plan shall be in an amount established by the Board of Trustees not to exceed one-half of 1% of the member's earnable compensation. There were no employer contributions required for the fiscal year ended June 30, 2021. \r\n \r\nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \r\n \r\nAt June 30, 2021, the School District reported an asset of $13,749.00 for its proportionate share of the net OPEB asset. The net OPEB asset was measured as of June 30, 2020. The total OPEB liability used to calculate the net OPEB asset 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 asset was based on actual member salaries reported to the SEADOPEB plan during the fiscal year ended June 30, 2020. At June 30 2020, the School District's proportion was 0.004841%, which was an decrease of 0.001457 % from its proportion measured as of June 30, 2019. \r\n \r\nFor the year ended June 30, 2021, the School District recognized OPEB expense of $2,261.00. At June 30, 2021, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \r\n \r\nSEAD-OPEB \r\n \r\nDeferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual experience \r\n \r\n$ \r\n \r\n4.00 $ \r\n \r\n128.00 \r\n \r\nChanges of assumptions \r\n \r\n- \r\n \r\n- \r\n \r\nNet difference between projected and actual earnings on OPEB plan investments \r\n \r\n244.00 \r\n \r\n- \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n3,130.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ \r\n \r\n3,378.00 $ \r\n \r\n128.00 \r\n \r\n- 28 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThere were no School District contributions subsequent to the measurement date. Other amounts reported as defined 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\nSEAD-OPEB \r\n \r\n2022 2023 2024 2025 2026 Thereafter \r\n \r\n$ 2,159.00 \r\n \r\n$ \r\n \r\n579.00 \r\n \r\n$ \r\n \r\n287.00 \r\n \r\n$ \r\n \r\n225.00 \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\nActuarial Assumptions: The total OPEB liability as of June 30, 2020 was determined by an actuarial valuation as of June 30, 2019 using the following actuarial assumptions, applied to all periods included in the measurement: \r\nSEAD  OPEB: \r\n \r\nInflation \r\n \r\n2.75% \r\n \r\nSalary increases: \r\n \r\nERS \r\n \r\n3.25%  7.00% \r\n \r\nGJRS \r\n \r\n4.50% \r\n \r\nLRS \r\n \r\nN/A \r\n \r\nInvestment rate of return \r\n \r\n7.30%, net of OPEB plan investment expense, including inflation \r\n \r\nHealthcare cost trend rate \r\n \r\nN/A \r\n \r\nPostretirement mortality rates were based on the RP-2000 Combined Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB and set forward 2 years for both males and females for service retirements and dependent beneficiaries. There is a margin for future mortality improvement in the tables used by the plan. \r\nThe actuarial assumptions used in the June 30, 2019 valuation were based on the results of an actuarial experience study for the period July 1, 2009  June 30, 2014, with the exception of the long-term assumed rate of return and the assumed annual rate of inflation. \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 plan 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 \r\n \r\n- 29 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nweighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target asset allocation and estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset class \r\n \r\nSEAD - OPEB Target \r\nallocation \r\n \r\nLong-term expected real rate of return* \r\n \r\nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \r\n \r\n30.00% 46.20% \r\n1.30% 12.40% \r\n5.10% 5.00% \r\n \r\n(0.10)% 8.90% 13.20% 8.90% 10.90% 12.00% \r\n \r\nTotal \r\n \r\n100.00% \r\n \r\n* Rates shown are net of inflation \r\n \r\nDiscount Rate: The discount rate used to measure the total OPEB 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 State of Georgia contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the OPEB plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the longterm expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability. \r\nSensitivity of the Employer's Proportionate Share of the Net OPEB Asset to Changes in the Discount Rate: The following presents the School District's proportionate share of the net OPEB asset calculated using the discount rate of 7.30%, 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-percentagepoint lower (6.30%) or 1-percentage-point higher (8.30%) than the current rate: \r\n \r\n1% Decrease (6.30%) \r\n \r\nCurrent Discount Rate (7.30%) \r\n \r\n1% Increase (8.30%) \r\n \r\nSchool District's proportionate share \r\n \r\nof the net OPEB liability (asset) \r\n \r\n$ \r\n \r\n7,627.00 $ \r\n \r\n13,749.00 $ \r\n \r\n18,797.00 \r\n \r\nOPEB Plan Fiduciary Net Position: Detailed information about the OPEB plan's fiduciary net position is available in the separately issued ERS annual comprehensive financial report which is publicly available at www.ers.ga.gov/financials. \r\n \r\n- 30 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 13: RETIREMENT PLANS \r\nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \r\nTeachers Retirement System of Georgia (TRS) \r\nPlan Description: All teachers of the School District as defined in O.C.G.A. 47-3-60 and certain other support personnel as defined by O.C.G.A. 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple-employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \r\nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \r\nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2021. The School District's contractually required contribution rate for the year ended June 30, 2021 was 19.06% of annual School District payroll. For the current fiscal year, employer contributions to the pension plan were $4,411,041.58 from the School District. \r\nEmployees' Retirement System \r\nPlan Description: The Employees' Retirement System of Georgia (ERS) is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly during the 1949 Legislative Session for the purpose of providing retirement allowances for employees of the State of Georgia and its political subdivisions. ERS is directed by a Board of Trustees. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. ERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \r\nBenefits Provided: The ERS Plan supports three benefit tiers: Old Plan, New Plan, and Georgia State Employees' Pension and Savings Plan (GSEPS). Employees under the old plan started membership prior to July 1, 1982 and are subject to plan provisions in effect prior to July 1, 1982. Members hired on or after July 1, 1982 but prior to January 1, 2009 are new plan members subject to modified plan provisions. Effective January 1, 2009, new state employees and rehired state employees who did not retain membership rights under the Old or New Plans are members of GSEPS. ERS members hired prior to January 1, 2009 also have the option to irrevocably change their membership to GSEPS. \r\n- 31 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nUnder the old plan, the new plan, and GSEPS, a member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 60 or 30 years of creditable service regardless of age. Additionally, there are some provisions allowing for early retirement after 25 years of creditable service for members under age 60. \r\nRetirement benefits paid to members are based upon the monthly average of the member's highest 24 consecutive calendar months, multiplied by the number of years of creditable service, multiplied by the applicable benefit factor. Annually, postretirement cost-of-living adjustments may also be made to members' benefits, provided the members were hired prior to July 1, 2009. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension, at reduced rates, to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS. \r\nContributions: Member contributions under the old plan are 4.00% of annual compensation, up to $4,200.00, plus 6.00% of annual compensation in excess of $4,200.00. Under the old plan, the state pays member contributions in excess of 1.25% of annual compensation. Under the old plan, these state contributions are included in the members' accounts for refund purposes and are used in the computation of the members' earnable compensation for the purpose of computing retirement benefits. Member contributions under the new plan and GSEPS are 1.25% of annual compensation. The School District's total required contribution rate for the year ended June 30, 2021 was 24.66% of annual covered payroll for old plan members of which 19.91% was required from the School District and 4.75% was contributed on behalf of the School District by the state. Additionally, the School District's total required contribution rate was 24.66% for new plan members and 21.57% for GSEPS members. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employer contributions to the pension plan were $14,643.97 for the current fiscal year. \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 \r\n- 32 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\npaid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. \r\n \r\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 $128,146.00. \r\n \r\nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \r\nAt June 30, 2021, the School District reported a liability of $42,957,989 for its proportionate share of the net pension liability for TRS ($42,861,551.00) and ERS ($96,438.00). \r\n \r\nThe TRS net pension liability reflected a reduction for support provided to the School District by the State of Georgia for certain public school support personnel. The amount recognized by the School District as its proportionate share of the net pension liability, the related State of Georgia support, and the total portion of the net pension liability that was associated with the School District were as follows: \r\n \r\nSchool District's proportionate share of the net pension liability \r\n \r\n$ 42,861,551.00 \r\n \r\nState of Georgia's proportionate share of the net pension liability associated with the School District \r\n \r\n7,509.00 \r\n \r\nTotal \r\n \r\n$ 42,869,060.00 \r\n \r\nThe net pension liability for TRS and ERS 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 and ERS during the fiscal year ended June 30, 2020. \r\n \r\nAt June 30, 2020, the School District's TRS proportion was 0.176939%, which was a decrease of 0.007090% from its proportion measured as of June 30, 2019. At June 30, 2020, the School District's ERS proportion was 0.002288%, which was an a decrease of 0.000899% from its proportion measured as of June 30, 2019. \r\n \r\nAt June 30, 2021, the School District did not have a PSERS liability for a proportionate share of the net pension liability because of a Special Funding Situation with the State of Georgia, which is responsible for the net pension liability of the plan. The amount of the State's proportionate share of the net pension liability associated with the School District is $756,994.00. \r\n \r\nThe PSERS net pension liability was measured as of June 30, 2020. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2019. An expected total pension liability as of June 30, 2020 was determined using standard roll-forward techniques. The State's proportion of the net pension liability associated with the School District was based on actuarially determined contributions paid by the State during the fiscal year ended June 30, 2020. \r\n \r\n- 33 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nFor the year ended June 30, 2021, the School District recognized pension expense of $6,394,376.00 for TRS, ($20,056.00) for ERS and $152,333.00 for PSERS and revenue of $2,486.00 for TRS and $152,333.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \r\n \r\nAt June 30, 2021, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \r\n \r\nTRS Deferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\nERS Deferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ 1,866,634.00 $ \r\n \r\n- $ \r\n \r\n1,175.00 $ \r\n \r\n- \r\n \r\nChanges of assumptions \r\n \r\n4,414,789.00 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nNet difference between projected and actual \r\n \r\nearnings on pension plan investments \r\n \r\n1,032,328.00 \r\n \r\n- \r\n \r\n1,362.00 \r\n \r\n- \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n832,925.00 \r\n \r\n2,002,041.00 \r\n \r\n- \r\n \r\n33,461.00 \r\n \r\nSchool District contributions subsequent to \r\n \r\nthe measurement date \r\n \r\n4,411,041.58 \r\n \r\n- \r\n \r\n14,643.97 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 12,557,717.58 $ 2,002,041.00 $ \r\n \r\n17,180.97 $ \r\n \r\n33,461.00 \r\n \r\nThe School District contributions subsequent to the measurement date for TRS and for ERS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2022. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \r\n \r\nYear Ending June 30: \r\n \r\nTRS \r\n \r\nERS \r\n \r\n2022 2023 2024 2025 2026 Thereafter \r\n \r\n$ 941,992.00 \r\n \r\n$ 2,026,977.00 \r\n \r\n$ 2,388,332.00 \r\n \r\n$ 787,334.00 \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ (27,154.00) \r\n \r\n$ (6,542.00) \r\n \r\n$ 1,581.00 \r\n \r\n$ 1,191.00 \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n- 34 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nActuarial Assumptions: The total pension liability as of June 30, 2020 was determined by an actuarial valuation as of June 30, 2019, using the following actuarial assumptions, applied to all periods included in the measurement: \r\n \r\nTeachers Retirement System: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases \r\n \r\n3.00%  8.75%, average, including inflation \r\n \r\nInvestment rate of return \r\n \r\n7.25%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases 1.50% semi-annually \r\n \r\nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \r\nThe actuarial assumptions used in the June 30, 2019 valuation were based on the results of an actuarial experience study for the period July 1, 2013  June 30, 2018. \r\nEmployees' Retirement System: \r\n \r\nInflation \r\n \r\n2.75% \r\n \r\nSalary increases \r\n \r\n3.25% - 7.00%, including inflation \r\n \r\nInvestment rate of return \r\n \r\n7.30%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement mortality rates were based on the RP-2000 Combined Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB and set forward 2 years for both males and females for service retirements and dependent beneficiaries. The RP-2000 Disabled Mortality Table with future mortality improvement projected to 2025 with Society of Actuaries' projection scale BB and set back 7 years for males and set forward 3 years for females was used for death after disability retirement. There is a margin for future mortality improvement in the tables used by the System. Based on the results of the most recent experience study adopted by the Board on December 17, 2015, the numbers of expected future deaths are 9-12% less than the actual number of deaths that occurred during the study period for service retirements and beneficiaries and for disability retirements. Rates of mortality in active service were based on the RP-2000 Employee Mortality Table projected to 2025 with projection scale BB. \r\n \r\n- 35 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe actuarial assumptions used in the June 30, 2019 valuation were based on the results of an actuarial experience study for the period July 1, 2009  June 30, 2014, with the exception of the assumed investment rate of return. \r\n \r\nPublic School Employees Retirement System: \r\n \r\nInflation \r\n \r\n2.75% \r\n \r\nSalary increases \r\n \r\nN/A \r\n \r\nInvestment rate of return \r\n \r\n7.30%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases \r\n \r\n1.50% semi-annually \r\n \r\nPost-retirement mortality rates were based on the RP-2000 Blue-Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females) for the period after service retirements and for dependent beneficiaries. The RP-2000 Disabled Mortality projected to 2025 with projection scale BB (set forward 5 years for both males and females) was used for death after disability retirement. There is a margin for future mortality improvement in the tables used by the System. Based on the results of the most recent experience study adopted by the Board on December 17, 2015, the numbers of expected future deaths are 9-11% less than the actual number of deaths that occurred during the study period for healthy retirees and 9-11% less than expected under the selected table for disabled retirees. Rates of mortality in active service were based on the RP-2000 Employee Mortality Table projected to 2025 with projection scale BB. \r\nThe actuarial assumptions used in the June 30, 2019 valuation were based on the results of an actuarial experience study for the period July 1, 2009  June 30, 2014, with the exception of the assumed investment rate of return. \r\n \r\n- 36 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe long-term expected rate of return on TRS, ERS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target asset allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset class \r\n \r\nTRS Target allocation \r\n \r\nERS/PSERS Target \r\nallocation \r\n \r\nLong-term expected real rate of return* \r\n \r\nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \r\nTotal \r\n \r\n30.00% 51.00% \r\n1.50% 12.40% \r\n5.10% -- \r\n100.00% \r\n \r\n30.00% 46.20% \r\n1.30% 12.40% \r\n5.10% 5.00% \r\n100.00% \r\n \r\n(0.10)% 8.90% 13.20% 8.90% 10.90% 12.00% \r\n \r\n* Rates shown are net of the 2.75% assumed rate of inflation with the exception of TRS, which assumed a \r\nrate of 2.50% rate of inflation. \r\nDiscount Rate: The discount rate used to measure the total TRS pension liability was 7.25%. The discount rate used to measure the total ERS and PSERS pension liability was 7.30%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS, ERS and PSERS pension plans' fiduciary net position were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \r\n \r\n- 37 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nSensitivity of the School District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 7.25% and 7.30%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.25% and 6.30%) or 1-percentage-point higher (8.25% and 8.30%) than the current rate: \r\n \r\nTeachers Retirement System: \r\n \r\n1% Decrease (6.25%) \r\n \r\nCurrent Discount Rate (7.25%) \r\n \r\n1% Increase (8.25%) \r\n \r\nSchool District's proportionate share \r\n \r\nof the net pension liability \r\n \r\n$ 67,968,189.00 $ \r\n \r\n42,861,551.00 $ 22,281,307.00 \r\n \r\nEmployees' Retirement System: \r\n \r\n1% Decrease (6.30%) \r\n \r\nCurrent Discount Rate (7.30%) \r\n \r\n1% Increase (8.30%) \r\n \r\nSchool District's proportionate share \r\n \r\nof the net pension liability \r\n \r\n$ \r\n \r\n135,672.00 $ \r\n \r\n96,438.00 $ \r\n \r\n62,957.00 \r\n \r\nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS, ERS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \r\n \r\nNOTE 14: RESTATEMENT OF PRIOR YEAR NET POSITION AND FUND BALANCE \r\n \r\nFor fiscal year 2021, the School District made prior period adjustments due to the adoption of GASB Statement No, 84, as described in \"New Accounting Pronouncements,\" which requires the restatement of the June 30, 2020 net position in governmental activities and fund balance in the general fund and fiduciary funds. These changes are in accordance with generally accepted accounting principles. \r\n \r\nNet Position, July 1, 2020 as previously reported Prior Period Adjustment - Implementation of GASB No. 84: School Activity Accounts Reclassification \r\n \r\n$ \r\n \r\n(14,693,977.62) \r\n \r\n116,273.23 \r\n \r\nNet Position, July 1, 2020, as restated \r\n \r\n$ \r\n \r\n(14,577,704.39) \r\n \r\nFund Balance (General Fund), July 1, 2020, as previously reported Prior Period Adjustment - Implementation of GASB No. 84: School Activity Accounts Reclassification \r\n \r\n$ \r\n \r\n12,760,101.13 \r\n \r\n116,273.23 \r\n \r\nFund Balance (General Fund), July 1, 2020, as restated \r\n \r\n$ \r\n \r\n12,876,374.36 \r\n \r\nFunds held for others of $116,273.23, previously presented in the Fiduciary Funds, was reclassified to net position and fund balance (general fund). \r\n \r\n- 38 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2021 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 15: TAX ABATEMENTS \r\nThe School District property tax revenues were reduced by $41,324.00 under agreements entered into by Standard Textile. Standard Textile reimburses the School District on an eight-year phase in schedule. The School District received $31,724.00 in fiscal year 2021. \r\nNOTE 16: SPECIAL ITEMS \r\nSpecial items reflect significant transactions or other events within the control of management that are unusual in nature and/or infrequent in occurrence. This activity is reflected as a special item on the Statement of Activities. For the fiscal year ended June 30, 2021, the special item included the following: \r\n The School District received $472,378.00 in donated land and buildings from the Upson County Board of Commissioners. This property was transferred back to the School District under the 20-year agreements which terminated December 31, 2020. The land and buildings are more commonly known as: Matthews Field, Municipal Field, the Little League Field, and the ULHS Softball Complex. The capital assets are included in Note 5, in the land and building categories. \r\n \r\n- 39 - \r\n \r\n (This page left intentionally blank) \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"1\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion \r\nof the Net Pension Liability (NPL) \r\n \r\nSchool District's proportionate share of the NPL \r\n \r\nState of Georgia's proportionate \r\nshare of the NPL associated with \r\nthe School District \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share of the NPL as a percentage of its covered \r\npayroll \r\n \r\nPlan fiduciary net position \r\nas a percentage of the total \r\npension liability \r\n \r\n2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.176939% $ 42,861,551.00 $ 0.184029% $ 39,571,211.00 $ \r\n0.176141% $ 32,695,543.00 $ 0.185640% $ 34,501,766.00 $ 0.191445% $ 39,497,238.00 $ 0.198917% $ 30,283,138.00 $ 0.204991% $ 25,897,909.00 $ \r\n \r\n7,509.00 - \r\n \r\n$ 42,869,060.00 $ 39,571,211.00 $ 32,695,543.00 $ 34,501,766.00 $ 39,497,238.00 $ 30,283,138.00 $ 25,897,909.00 \r\n \r\n$ 22,815,000.75 $ 22,456,389.54 $ 20,984,370.31 $ 21,315,696.34 $ 20,953,028.58 $ 20,978,778.02 $ 20,911,311.48 \r\n \r\n187.87% 176.21% 155.81% 161.86% 188.50% 144.35% 123.85% \r\n \r\n77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 41 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"2\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required contribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered payroll \r\n \r\n2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 \r\n \r\n$ \r\n \r\n4,411,041.58 $ \r\n \r\n$ \r\n \r\n4,823,091.16 $ \r\n \r\n$ \r\n \r\n4,693,385.41 $ \r\n \r\n$ \r\n \r\n3,527,472.65 $ \r\n \r\n$ \r\n \r\n3,041,749.87 $ \r\n \r\n$ \r\n \r\n2,989,997.18 $ \r\n \r\n$ \r\n \r\n2,758,709.31 $ \r\n \r\n$ \r\n \r\n2,567,909.05 $ \r\n \r\n$ \r\n \r\n2,381,602.29 $ \r\n \r\n$ \r\n \r\n2,215,924.54 $ \r\n \r\n4,411,041.58 $ 4,823,091.16 $ 4,693,385.41 $ 3,527,472.65 $ 3,041,749.87 $ 2,989,997.18 $ 2,758,709.31 $ 2,567,909.05 $ 2,381,602.29 $ 2,215,924.54 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n23,142,923.38 \r\n \r\n- \r\n \r\n$ 22,815,000.75 \r\n \r\n- \r\n \r\n$ 22,456,389.54 \r\n \r\n- \r\n \r\n$ 20,984,370.31 \r\n \r\n- \r\n \r\n$ \r\n \r\n21,315,696.34 \r\n \r\n- \r\n \r\n$ 20,953,028.58 \r\n \r\n- \r\n \r\n$ 20,978,778.02 \r\n \r\n- \r\n \r\n$ \r\n \r\n20,911,311.48 \r\n \r\n- \r\n \r\n$ 20,872,938.56 \r\n \r\n- \r\n \r\n$ \r\n \r\n21,555,686.19 \r\n \r\nContribution as a percentage of covered payroll \r\n19.06% 21.14% 20.90% 16.81% 14.27% 14.27% 13.15% 12.28% 11.41% 10.28% \r\n \r\n- 42 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"3\" \r\n \r\nFor the Year Ended June 30 \r\n2021 2020 2019 2018 2017 2016 2015 \r\n \r\nSchool District's proportion of the Net Pension Liability (NPL) \r\n \r\nSchool District's proportionate share \r\nof the NPL \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share of \r\nthe NPL as a percentage of covered payroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of total pension liability \r\n \r\n0.002288% $ 0.003187% $ 0.004486% $ 0.004667% $ 0.004709% $ 0.004418% $ 0.002162% $ \r\n \r\n96,438.00 $ 131,513.00 $ 184,421.00 $ 189,543.00 $ 222,755.00 $ 178,991.00 $ 81,088.00 $ \r\n \r\n57,678.11 95,111.16 114,416.08 114,463.92 109,486.13 101,014.11 48,679.50 \r\n \r\n167.20% 138.27% 161.18% 165.59% 203.45% 177.19% 166.58% \r\n \r\n76.21% 76.74% 76.68% 76.33% 72.34% 76.20% 77.99% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 43 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS \r\nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"4\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required contribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered payroll \r\n \r\nContribution as a percentage of covered payroll \r\n \r\n2021 \r\n \r\n$ \r\n \r\n2020 \r\n \r\n$ \r\n \r\n2019 \r\n \r\n$ \r\n \r\n2018 \r\n \r\n$ \r\n \r\n2017 \r\n \r\n$ \r\n \r\n2016 \r\n \r\n$ \r\n \r\n2015 \r\n \r\n$ \r\n \r\n2014 \r\n \r\n$ \r\n \r\n2013 \r\n \r\n$ \r\n \r\n2012 \r\n \r\n$ \r\n \r\n14,643.97 $ 14,223.39 $ 23,566.49 $ 28,386.64 $ 28,398.46 $ 27,065.02 $ 22,182.70 $ 8,986.30 $ 6,969.24 $ 5,235.46 $ \r\n \r\n14,643.97 $ 14,223.39 $ 23,566.49 $ 28,386.64 $ 28,398.46 $ 27,065.02 $ 22,182.70 $ 8,986.30 $ 6,969.24 $ 5,235.46 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n59,383.71 57,678.11 95,111.16 114,416.08 114,463.92 109,486.13 101,014.11 48,679.50 46,773.68 45,011.72 \r\n \r\n24.66% 24.66% 24.78% 24.81% 24.81% 24.72% 21.96% 18.46% 14.90% \r\n11.63% \r\n \r\n- 44 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"5\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the Net Pension Liability (NPL) \r\n \r\nSchool District's proportionate share of the NPL \r\n \r\nState of Georgia's proportionate \r\nshare of the NPL associated with the School District \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share of the NPL as a percentage of its covered \r\npayroll \r\n \r\nPlan fiduciary net position as a percentage \r\nof the total pension liability \r\n \r\n2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \r\n \r\n- \r\n \r\n$ \r\n \r\n756,994.00 $ 756,994.00 $ 1,923,862.41 \r\n \r\n- \r\n \r\n$ \r\n \r\n696,711.00 $ \r\n \r\n696,711.00 $ 1,576,547.99 \r\n \r\n- \r\n \r\n$ \r\n \r\n669,127.00 $ 669,127.00 $ 1,513,604.79 \r\n \r\n- \r\n \r\n$ 608,559.00 $ 608,559.00 $ 1,539,671.66 \r\n \r\n- \r\n \r\n$ \r\n \r\n773,187.00 $ \r\n \r\n773,187.00 $ 1,583,839.04 \r\n \r\n- \r\n \r\n$ \r\n \r\n523,617.00 $ 523,617.00 $ 1,543,478.79 \r\n \r\n- \r\n \r\n$ 449,299.00 $ 449,299.00 $ 1,536,388.00 \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- 45 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY SCHOOL OPEB FUND \r\n \r\nSCHEDULE \"6\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the Net OPEB Liability (NOL) \r\n \r\nSchool District's proportionate share of the NOL \r\n \r\nState of Georgia's proportionate share of the NOL associated with the School \r\nDistrict \r\n \r\nTotal \r\n \r\nSchool District's covered- \r\nemployee payroll \r\n \r\nSchool District's proportionate share of the \r\nNOL as a percentage of \r\nits coveredemployee payroll \r\n \r\nPlan fiduciary net position \r\nas a percentage of the total OPEB liability \r\n \r\n2021 2020 2019 2018 \r\n \r\n0.290159% $ 42,617,600.00 $ 0.286761% $ 35,191,727.00 $ 0.282988% $ 35,966,906.00 $ 0.281563% $ 39,559,489.00 $ \r\n \r\n- \r\n \r\n$ 42,617,600.00 $ 22,843,069.90 \r\n \r\n- \r\n \r\n$ 35,191,727.00 $ 22,364,222.54 \r\n \r\n- \r\n \r\n$ 35,966,906.00 $ 20,876,189.48 \r\n \r\n- \r\n \r\n$ 39,559,489.00 $ 20,530,328.80 \r\n \r\n186.57% 157.36% 172.29% 192.69% \r\n \r\n3.99% 4.63% 2.93% 1.61% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 46 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \r\n \r\nSCHEDULE \"7\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required contribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nContribution as a percentage of \r\ncovered-employee payroll \r\n \r\n2021 \r\n \r\n$ \r\n \r\n1,079,002.00 $ \r\n \r\n2020 \r\n \r\n$ \r\n \r\n981,249.00 $ \r\n \r\n2019 \r\n \r\n$ \r\n \r\n1,544,401.00 $ \r\n \r\n2018 \r\n \r\n$ \r\n \r\n1,466,700.00 $ \r\n \r\n2017 \r\n \r\n$ \r\n \r\n1,468,092.00 $ \r\n \r\n1,079,002.00 $ 981,249.00 $ \r\n1,544,401.00 $ 1,466,700.00 $ 1,468,092.00 $ \r\n \r\n- \r\n \r\n$ 24,535,283.44 \r\n \r\n- \r\n \r\n$ 22,843,069.90 \r\n \r\n- \r\n \r\n$ 22,364,222.54 \r\n \r\n- \r\n \r\n$ 20,876,189.48 \r\n \r\n- \r\n \r\n$ 20,530,328.80 \r\n \r\n4.40% 4.30% 6.91% 7.03% 7.15% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 47 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB ASSET SEAD-OPEB \r\n \r\nSCHEDULE \"8\" \r\n \r\nFor the Year \r\nEnded June 30 \r\n \r\nSchool District's proportion of the Net OPEB \r\nAsset \r\n \r\nSchool District's proportionate share of the Net \r\nOPEB Asset \r\n \r\nState of Georgia's proportionate \r\nshare of the net OPEB liability \r\nassociated with the School District \r\n \r\nTotal \r\n \r\nSchool District's covered- \r\nemployee payroll \r\n \r\nSchool District's proportionate share of the NOL as a percentage of its coveredemployee payroll \r\n \r\nPlan fiduciary net position \r\nas a percentage of \r\nthe total OPEB liability \r\n \r\n2021 2020 2019 2018 \r\n \r\n0.004841% $ \r\n \r\n13,749.00 $ \r\n \r\n0.006298% $ 17,809.00 $ \r\n \r\n0.008625% $ 22,369.00 $ \r\n \r\n0.007860% $ 20,429.00 $ \r\n \r\n- \r\n \r\n$ 13,749.00 $ \r\n \r\n57,678.11 \r\n \r\n- \r\n \r\n$ 17,809.00 $ \r\n \r\n95,111.16 \r\n \r\n- \r\n \r\n$ 22,369.00 $ \r\n \r\n114,416.08 \r\n \r\n- \r\n \r\n$ 20,429.00 $ 114,463.92 \r\n \r\n23.84% 18.72% 19.55% 17.85% \r\n \r\n129.20% 129.73% 129.46% 130.17% \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- 48 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS SEAD-OPEB \r\n \r\nSCHEDULE \"9\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required \r\ncontribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nContribution as a percentage of \r\ncovered-employee payroll \r\n \r\n2021 \r\n \r\n$ \r\n \r\n2020 \r\n \r\n$ \r\n \r\n2019 \r\n \r\n$ \r\n \r\n2018 \r\n \r\n$ \r\n \r\n2017 \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\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\n59,383.71 57,678.11 95,111.16 114,416.08 114,463.92 \r\n \r\n0.00% 0.00% 0.00% 0.00% 0.00% \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- 49 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \r\nFOR THE YEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"10\" \r\n \r\nTeachers Retirement System \r\nChanges of assumptions: In 2010 and later, the expectation of retired life mortality was changed to the RP2000 Mortality Tables rather than the 1994 Group Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. In 2010, assumed rates of salary increase were adjusted to more closely reflect actual and anticipated experience. \r\nOn November 18, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males). \r\nOn May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed annual rate of inflation has been reduced from 2.75% to 2.50%. \r\nIn 2019 and later, the expectation of retired life mortality was changed to the Pub-2010 Teacher Headcount Weighted Below Median Healthy Retiree mortality table from the RP-2000 Mortality Tables. In 2019, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \r\nEmployees' Retirement System \r\nChanges of benefit terms: A new benefit tier was added for members joining the System on and after July 1, 2009. A one-time 3% payment was granted to certain retirees and beneficiaries effective July 2016, and a one-time 3% payment was granted to certain retirees and beneficiaries effective July 2017. Two one-time 2% payments were granted to certain retirees and beneficiaries effective July 2018 and January 2019. Two onetime 3% payments were granted to certain retirees and beneficiaries effective July 2019 and January 2020. \r\nChanges of assumptions: On December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, withdrawal and salary increases. \r\nOn March 15, 2018, the Board adopted a new funding policy. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for the June 30, 2017 actuarial valuation. In addition, based on the Board's new funding policy, the assumed investment rate of return was further reduced by 0.10% from 7.40% to 7.30% as of the June 30, 2018 measurement date. The assumed investment rate of return remained at 7.30% for the June 30, 2019 actuarial valuation. \r\nPublic School Employees Retirement System \r\nChanges of benefit terms: The member contribution rate was increased from $4.00 to $10.00 per month for members joining the System on or after July 1, 2012. The monthly benefit accrual rate was increased from $14.75 to $15.00 per year of credible service effective July 1, 2017. The monthly benefit accrual was increased from $15.00 to $15.25 per year of credible service effective July 1, 2018. The monthly benefit accrual was increased from $15.25 to $15.50 per year of credible service effective July 1, 2019. A 2% cost-of-living adjustment (COLA) was granted to certain retirees and beneficiaries effective July 2016, another July 2017, and another July 2018. Two 1.5% COLAs were granted to certain retirees and beneficiaries effective July 2019 and January 2020. \r\nChanges of assumptions: In 2010 and later, the expectation of retired life mortality was changed to the RP-2000 Mortality Tables rather than the 1994 Group Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \r\nOn December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP-2000 Blue Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females). \r\nOn March 15, 2018, the Board adopted a new funding policy. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for June 30, 2017 actuarial valuation. In addition, based on the Board's new funding policy, the assumed investment rate of return was further reduced by 0.10% from 7.40% to 7.30% as of the June 30, 2018 measurement date. The assumed investment rate of return remained at 7.30% for the June 30, 2019 valuation. \r\n- 50 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \r\nFOR THE YEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"10\" \r\n \r\nSchool OPEB Fund \r\nChanges of benefit terms: There have been no changes in benefit terms. \r\nChanges in assumptions: The June 30, 2017 actuarial valuation was revised, for various factors, including the methodology used to determine how employees and retirees were assigned to each of the OPEB Funds and anticipated participation percentages. Current and former employees of State organizations (including technical colleges, community service boards and public health departments) are now assigned to State OPEB fund based on their last employer payroll location; irrespective of retirement affiliation. \r\nThe June 30, 2019 decremental valuation were changed to reflect the Teachers Retirement Systems experience study. \r\nThe discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017 to 3.87% as of June 30, 2018, to 3.58% as of June 30, 2019, and to 2.22% as of June 30, 2020. \r\nSEAD-OPEB Employer \r\nChanges of assumptions: On December 17, 2015, the Board of Trustees adopted recommended changes to the economic and demographic assumptions utilized by the Plan. 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 the RP-2000 Combined Morality Table projected to 2025 with projection scale BB (set forward 2 years for both males and females). \r\nOn March 15, 2018, the Board adopted a new funding policy. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for the June 30, 2017 actuarial valuation. In addition, based on the Board's new funding policy, the assumed investment rate of return was further reduced by 0.10% from 7.40% to 7.30% as of the June 30, 2018 measurement date. The assumed investment rate of return remained at 7.30% for the June 30, 2019 actuarial valuation. \r\n \r\n- 51 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"11\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Total Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES(USES) Operating Transfer from Other Funds Other Sources Operating Transfers to Other Funds Total Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning (Restated) \r\nAdjustments \r\nFund Balances - Ending \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\n$ \r\n \r\n9,688,542.00 $ \r\n \r\n9,688,542.00 $ \r\n \r\n100,000.00 \r\n \r\n100,000.00 \r\n \r\n27,771,743.80 \r\n \r\n29,607,980.80 \r\n \r\n6,539,305.00 \r\n \r\n14,882,744.00 \r\n \r\n113,000.00 \r\n \r\n115,728.00 \r\n \r\n163,200.00 \r\n \r\n163,200.00 \r\n \r\n289,700.00 \r\n \r\n314,700.00 \r\n \r\n44,665,490.80 \r\n \r\n54,872,894.80 \r\n \r\n29,528,547.80 \r\n1,823,651.00 1,389,285.00 \r\n560,344.00 1,254,321.00 2,912,712.00 327,009.00 3,694,095.00 3,099,123.00 \r\n184,199.00 137,733.00 3,573,150.00 48,484,169.80 (3,818,679.00) \r\n \r\n33,521,604.80 \r\n2,052,845.00 1,704,924.00 \r\n565,156.00 2,083,583.00 3,015,853.00 \r\n335,497.00 4,281,315.00 5,546,815.00 \r\n188,981.00 137,733.00 3,755,572.00 57,189,878.80 (2,316,984.00) \r\n \r\n1,283,938.00 75,000.00 \r\n(1,283,938.00) 75,000.00 \r\n \r\n459,220.00 75,000.00 (459,220.00) 75,000.00 \r\n \r\n(3,743,679.00) \r\n \r\n(2,241,984.00) \r\n \r\n12,954,304.26 \r\n \r\n13,056,647.05 \r\n \r\n79,259.32 \r\n \r\n56,378.12 \r\n \r\n$ \r\n \r\n9,289,884.58 $ \r\n \r\n10,871,041.17 $ \r\n \r\nACTUAL AMOUNTS \r\n \r\nVARIANCE OVER/UNDER \r\n \r\n10,279,651.45 $ 230,264.60 \r\n29,566,381.14 9,336,119.41 306,742.18 216,708.25 780,203.10 \r\n50,716,070.13 \r\n \r\n591,109.45 130,264.60 (41,599.66) (5,546,624.59) \r\n191,014.18 53,508.25 465,503.10 (4,156,824.67) \r\n \r\n29,250,526.80 \r\n2,033,302.51 1,598,684.31 457,075.79 1,205,429.67 3,059,110.84 \r\n313,632.85 3,789,678.69 2,478,327.88 \r\n184,505.69 132,665.50 3,439,239.58 47,942,180.11 2,773,890.02 \r\n \r\n4,271,078.00 \r\n19,542.49 106,239.69 108,080.21 878,153.33 (43,257.84) \r\n21,864.15 491,636.31 3,068,487.12 \r\n4,475.31 5,067.50 316,332.42 9,247,698.69 5,090,874.02 \r\n \r\n- \r\n2,773,890.02 \r\n12,876,374.36 \r\n- \r\n15,650,264.38 $ \r\n \r\n(459,220.00) (75,000.00) 459,220.00 (75,000.00) \r\n5,015,874.02 \r\n(180,272.69) \r\n(56,378.12) \r\n4,779,223.21 \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $697,059.06 and $640,772.50, 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- 52 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"12\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program Total Child Nutrition Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Food Services State Administrative Expenses for Child Nutrition Total U. S. Department of Agriculture \r\nEducation, U. S. Department of Education Stabilization Fund Pass-Through From Georgia Department of Education COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund Total Education Stabilization Fund \r\nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Preschool Grants Total Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Rural Education Rural Education Student Support and Academic Enrichment Program Supporting Effective Instruction State Grants Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Total Other Programs Total U. S. Department of Education \r\n \r\nASSISTANCE LISTING NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 \r\n \r\n215GA324N1199 $ 215GA324N1199 \r\n \r\n1,073,944.50 1,935,972.67 3,009,917.17 \r\n \r\n10.560 \r\n \r\n205GA904N2533 \r\n \r\n2,572.38 3,012,489.55 \r\n \r\n84.425D 84.425D \r\n84.425U \r\n \r\nS425D200012 S425D210012 \r\nS425U210012 \r\n \r\n1,306,350.09 972,064.79 \r\n620,752.00 2,899,166.88 \r\n \r\n84.027A 84.173A \r\n \r\nH027A190073 H173A200081 \r\n \r\n84.048A 84.358B 84.358B 84.424A 84.367A 84.010A 84.010A \r\n \r\nV048A210010 S358B200010 S358B210010 S424A210011 S367A200001 S010A200010 S010A210010 \r\n \r\n990,036.00 24,147.00 \r\n1,014,183.00 \r\n65,494.04 47,050.00 76,757.09 136,286.00 220,334.00 315,116.00 1,875,315.24 2,736,352.37 6,649,702.25 \r\n \r\n- 53 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"12\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nTreasury, U.S. Department of the Pass-Through From Bright from the Start COVID-19 - State and Local Fiscal Recovery Funds \r\nDefense, U. S. Department of Direct Department of the Air Force R.O.T.C. Program \r\nTotal Expenditures of Federal Awards \r\n \r\nASSISTANCE LISTING NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n21.017 \r\n \r\n12,174.00 \r\n \r\n12. UNKNOWN \r\n \r\n141,189.92 \r\n \r\n$ \r\n \r\n9,815,555.72 \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\nNote 1. Basis of Presentation \r\nThe accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Thomaston-Upson County Board of Education (the \"Board\") under programs of the federal government for the year ended June 30, 2021. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position or changes in net position of the Board. \r\nNote 2. Summary of Significant Accounting Policies \r\nExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. \r\nNote 3. Indirect Cost Rate \r\nThe Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. \r\nNote 4. Donated Personal Protective Equipment \r\nIn response to the COVID-19 pandemic, the federal government donated personal protective equipment (PPE) to Georgia Emergency Management and Homeland Security Agency (GEMA/HS). GEMA/HS, then, donated PPE with an estimated fair market value of $4,450.00 to the Thomaston-Upson County Board of Education. This amount is not included in the Schedule of Expenditures of Federal Awards and is not subject to audit. Therefore, this amount is unaudited. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 54 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2021 \r\nAGENCY/FUNDING GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Mid-term Adjustment Hold-Harmless Amended Formula Adjustment Categorical Grants Pupil Transportation Regular Bus Replacement Nursing Services Education Equalization Funding Grant Other State Programs Food Services Hygiene Products Math and Science Supplements Preschool Disability Services Vocational Education Georgia Emergency Management Agency Donations to LEA for COVID Office of the State Treasurer Public School Employees Retirement CONTRACT Education, Georgia Department of Second Step Social - Emotional Learning \r\nSee notes to the basic financial statements. \r\n \r\nSCHEDULE \"13\" \r\n \r\nGOVERNMENTAL FUND TYPE GENERAL FUND \r\n \r\n$ \r\n \r\n595,839.60 \r\n \r\n675,246.00 993,686.00 932,078.00 3,436,065.00 793,120.00 1,662,543.00 2,513,006.00 1,945,659.00 1,227,464.00 4,841,762.00 690,947.00 752,805.00 186,033.00 \r\n47,055.00 474,790.00 144,655.00 \r\n98,432.00 1,188.00 \r\n628,149.00 848,075.00 1,040,086.00 \r\n66,913.00 (780,045.00) \r\n \r\n648,337.00 386,100.00 \r\n84,376.00 4,176,797.00 \r\n79,702.00 2,424.00 19,315.00 \r\n82,385.00 72,510.91 \r\n32,601.83 \r\n128,146.00 \r\n \r\n38,134.80 \r\n \r\n$ \r\n \r\n29,566,381.14 \r\n \r\n- 55 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"12\" \r\n \r\nPROJECT \r\nSPLOST #4 (i) Acquiring maintenance vehicles, maintenance equipment, and new buses; (ii) Acquiring administrative and instructional technology/ communications equipment, textbooks, grounds maintenance and kitchen equipment and safety and security equipment; (iii) Acquiring equipment and furnishings, including student furniture and band and athletic uniforms and equipment; (iv) Renovations, extensions, additions, repairs, upgrades, updates and improvements to existing school facilities, including fine arts, exercise/training rooms, physical education and athletic facilities improvements, playground updates, parking lot improvements, paving, painting and flooring updates, and school wide HVAC updates to include the ULMS sixth grade facility; and (v) Paying expenses incident to accomplishing the foregoing. \r\nSubtotal SPLOST #4 Projects \r\nSPLOST #5 (i) Acquiring maintenance and security vehicles, maintenance equipment, and new buses; (ii) Acquiring administrative and instructional technology/ communications equipment, textbooks, grounds maintenance and kitchen equipment and safety and security equipment; (iii) Acquiring equipment and furnishings, including student furniture and band and athletic uniforms and equipment; (iv) Renovations, extensions, additions, repairs, upgrades, updates and improvements to existing school facilities, including fine arts, exercise/training rooms, physical education and athletic facilities improvements, playground updates, parking lot improvements, paving, painting and flooring updates, and school wide HVAC updates; and enclosing open-air walkways for safety and security purposes; purposes; and (v) Paying expenses incident to accomplishing the foregoing. \r\nSubtotal SPLOST #5 Projects \r\nTotal \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nESTIMATED COMPLETION \r\nDATE \r\n \r\n$ \r\n \r\n600,000.00 $ \r\n \r\n678,202.28 \r\n \r\nCompleted \r\n \r\n1,000,000.00 200,000.00 \r\n \r\n7,738,296.86 1,538,441.56 \r\n \r\nCompleted Completed \r\n \r\n13,180,000.00 20,000.00 \r\n15,000,000.00 \r\n \r\n5,445,603.31 17,793.90 \r\n15,418,337.91 \r\n \r\nCompleted Completed \r\n \r\n750,000.00 \r\n \r\n750,000.00 \r\n \r\n3,950,000.00 1,000,000.00 \r\n \r\n3,950,000.00 1,000,000.00 \r\n \r\n06/2024 \r\n06/2024 06/2024 \r\n \r\n9,291,469.00 8,531.00 \r\n15,000,000.00 \r\n \r\n9,291,469.00 8,531.00 \r\n15,000,000.00 \r\n \r\n$ 30,000,000.00 $ \r\n \r\n30,418,337.91 \r\n \r\n06/2024 Completed \r\n \r\n- 56 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"12\" \r\n \r\nPROJECT \r\n \r\nAMOUNT EXPENDED IN CURRENT YEAR (3) \r\n \r\nAMOUNT EXPENDED IN PRIOR YEARS (3) \r\n \r\nTOTAL COMPLETION \r\nCOST \r\n \r\nEXCESS PROCEEDS NOT \r\nEXPENDED \r\n \r\nSPLOST #4 \r\n \r\n(i) Acquiring maintenance vehicles, maintenance equipment, \r\n \r\nand new buses; \r\n \r\n$ \r\n \r\n- $ \r\n \r\n678,202.28 $ \r\n \r\n678,202.28 $ \r\n \r\n- \r\n \r\n(ii) Acquiring administrative and instructional technology/ \r\n \r\ncommunications equipment, textbooks, grounds \r\n \r\nmaintenance and kitchen equipment and safety and security \r\n \r\nequipment; \r\n \r\n759,106.31 \r\n \r\n6,979,190.55 \r\n \r\n7,738,296.86 \r\n \r\n- \r\n \r\n(iii) Acquiring equipment and furnishings, including student \r\n \r\nfurniture and band and athletic uniforms and equipment; \r\n \r\n13,364.65 \r\n \r\n1,525,076.91 \r\n \r\n1,538,441.56 \r\n \r\n- \r\n \r\n(iv) Renovations, extensions, additions, repairs, upgrades, \r\n \r\nupdates and improvements to existing school facilities, \r\n \r\nincluding fine arts, exercise/training rooms, physical \r\n \r\neducation and athletic facilities improvements, playground \r\n \r\nupdates, parking lot improvements, paving, painting and \r\n \r\nflooring updates, and school wide HVAC updates to \r\n \r\ninclude the ULMS sixth grade facility; and \r\n \r\n97,268.93 \r\n \r\n5,348,334.38 \r\n \r\n5,445,603.31 \r\n \r\n- \r\n \r\n(v) Paying expenses incident to accomplishing the foregoing. \r\n \r\n- \r\n \r\n17,793.90 \r\n \r\n17,793.90 \r\n \r\n- \r\n \r\nSubtotal SPLOST #4 Projects \r\n \r\n869,739.89 \r\n \r\n14,548,598.02 \r\n \r\n15,418,337.91 \r\n \r\n- \r\n \r\nSPLOST #5 \r\n \r\n(i) Acquiring maintenance and security vehicles, \r\n \r\nmaintenance equipment, and new buses; \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n(ii) Acquiring administrative and instructional technology/ \r\n \r\ncommunications equipment, textbooks, grounds maintenance \r\n \r\nand kitchen equipment and safety and security equipment; \r\n \r\n590,113.76 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n(iii) Acquiring equipment and furnishings, including student \r\n \r\nfurniture and band and athletic uniforms and equipment; \r\n \r\n50,299.32 \r\n \r\n1,166.38 \r\n \r\n- \r\n \r\n- \r\n \r\n(iv) Renovations, extensions, additions, repairs, upgrades, \r\n \r\nupdates and improvements to existing school facilities, \r\n \r\nincluding fine arts, exercise/training rooms, physical \r\n \r\neducation and athletic facilities improvements, playground \r\n \r\nupdates, parking lot improvements, paving, painting and \r\n \r\nflooring updates, and school wide HVAC updates; and \r\n \r\nenclosing open-air walkways for safety and security \r\n \r\npurposes; and \r\n \r\n683,105.37 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n(v) Paying expenses incident to accomplishing the foregoing. \r\n \r\n- \r\n \r\n8,531.00 \r\n \r\n8,531.00 \r\n \r\n- \r\n \r\nSubtotal SPLOST #5 Projects \r\n \r\n1,323,518.45 \r\n \r\n9,697.38 \r\n \r\n8,531.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ \r\n \r\n2,193,258.34 $ 14,558,295.40 $ 15,426,868.91 $ \r\n \r\n- \r\n \r\n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. (2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. (3) The voters of Upson County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. \r\nAmounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 57 - \r\n \r\n Section II Compliance and Internal Control Reports \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Larry Derico, Superintendent and Members of the Thomaston-Upson County Board of Education \r\nWe have audited the financial statements of the governmental activities, each major fund, and fiduciary activities of the Thomaston-Upson County Board of Education (School District), as of and for the year ended June 30, 2021, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements, and have issued our report thereon dated August 16, 2022. We conducted our audit in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit of the financial statements, we considered the School District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control. \r\nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the School District's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n Compliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether the School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nPurpose of this Report \r\nThe purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\nAugust 16, 2022 \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Larry Derico, Superintendent and Members of the Thomaston-Upson County Board of Education \r\nReport on Compliance for Each Major Federal Program \r\nWe have audited the Thomaston-Upson County Board of Education's (School District) compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2021. The School District's major federal programs are identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs. \r\nManagement's Responsibility \r\nManagement is responsible for compliance with federal statutes, regulations, and the terms and conditions of its federal awards applicable to its federal programs. \r\nAuditor's Responsibility \r\nOur responsibility is to express an opinion on compliance for each of the School District's major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards and the Uniform Guidance require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the School District's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. \r\nWe believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the School District's compliance. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n Opinion on Each Major Federal Program \r\nIn our opinion, the School District complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2021. \r\nReport on Internal Control over Compliance \r\nManagement of the School District is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the School District's internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control over compliance. \r\nA deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. \r\nThe purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\nAugust 16, 2022 \r\n \r\n Section III Auditee's Response to Prior Year Findings and Questioned Costs \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2021 \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS \r\nNo matters were reported. \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\nNo matters were reported. \r\n \r\n Section IV Findings and Questioned Costs \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2021 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\nFinancial Statements \r\n \r\nType of auditor's report issued: \r\nGovernmental Activities, Each Major Fund, and Fiduciary Activities \r\n \r\nInternal control over financial reporting:  Material weakness(es) identified? \r\n Significant deficiency(ies) identified? \r\n \r\nNoncompliance material to financial statements noted: \r\n \r\nFederal Awards \r\n \r\nInternal Control over major programs: \r\n Material weakness(es) identified?  Significant deficiency(ies) identified? \r\n \r\nType of auditor's report issued on compliance for major programs: \r\n \r\nAll major programs \r\n \r\nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \r\n \r\nIdentification of major programs: \r\n \r\nAssistance Listing Number Assistance Listing Program or Cluster Title \r\n \r\n84.425 \r\n \r\nEducation Stabilization Fund \r\n \r\nDollar threshold used to distinguish between Type A and Type B programs: \r\n \r\nAuditee qualified as low-risk auditee? \r\n \r\nII FINANCIAL STATEMENT FINDINGS No matters were reported. Ill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n \r\nUnmodified No \r\nNone Reported No \r\nNo None Reported \r\nUnmodified No \r\n$750,000.00 Yes \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bu6-b1998-h99","title":"Audit report, Thomaston-Upson County Board of Education, Thomaston, Georgia, year ended June 30, 1999","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, Upson County, Thomaston, 32.88819, -84.32659"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["1999-06-30"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Thomaston-Upson County Board of Education, Ga.)","Fiscal year 2021; title from PDF cover (Georgia Government Publications database, viewed August 2, 2023).","Fiscal year 2021; (Georgia Government Publications database, viewed August 2, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Thomaston-Upson County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Upson County--Auditing--Periodicals.","Education--Georgia--Upson County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Upson County--fast","Georgia Government Documents--Serial"],"dcterms_title":["Audit report, Thomaston-Upson County Board of Education, Thomaston, Georgia, year ended June 30, 1999"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bu6-b1998-h99"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bu6-b1998-h99"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"G1/i \r\nAgOe B RI \r\nE2b \r\nu'\" \r\nlQ98-'f'1 \r\n \r\nAUDIT REPORT \r\n \r\ni THOMASTON-UPSON COUNTY BOARD OF EDUCATION \r\n \r\nTHOMASTON, GEORGIA \r\n \r\nI \r\n \r\nYEAR ENDED JUNE 30, 1999 \r\n \r\ni \\._-------------~/ \r\n \r\nSTATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 WASHINGTON STREET ATLANTA, GEORGIA 30334-8400 \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHIBITS \r\n \r\nGENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nCOMBINED STATEMENTS - OVERVIEW \r\n \r\nA \r\n \r\nCOMBINED BALANCE SHEET \r\n \r\nALL FUND TYPES AND ACCOUNT GROUP \r\n \r\n2 \r\n \r\nB \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES \r\n \r\nALL GOVERNMENTAL FUND TYPES \r\n \r\nAND EXPENDABLE TRUST FUNDS \r\n \r\n4 \r\n \r\nC \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \r\n \r\n(NON-GAAP BASIS) \r\n \r\nGENERAL AND SPECIAL REVENUE FUNDS \r\n \r\n7 \r\n \r\nD NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\n8 \r\n \r\nADDmONAL FINANCIAL INFORMATION \r\n \r\nCOMBINING STATEMENTS \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nE \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n18 \r\n \r\nF \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\n19 \r\n \r\nSCHEDULES \r\n \r\n1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\n20 \r\n \r\n2 SCHEDULE OF STATE REVENUE \r\n \r\n22 \r\n \r\n3 SCHEDULE OF EXPENDITURES \r\n \r\nLOTTERY PROGRAMS \r\n \r\n23 \r\n \r\nANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS \r\n \r\n4 \r\n \r\nOVERALL \r\n \r\n25 \r\n \r\n5 \r\n \r\nBY PROGRAM \r\n \r\n26 \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION -TABLEOFCONTENTS- \r\nSECTIONll COMPLIANCE AND INTERNAL CONTROL REPORTS REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-I33 \r\nSECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR (404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 3,2000 \r\n \r\nHonorable Roy E. Barnes, Governor Members of the General Assembly Members ofthe State Board of Education \r\nand Superintendent and Members of the Thomaston-Upson County Board of Education \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying general purpose financial statements of the Thomaston-Upson County Board of Education, as of and for the year ended June 30, 1999, as listed in the table of contents. These general purpose financial statements are the responsibility of the Thomaston-Upson County Board of Education's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. \r\nExcept as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures \r\niIi the financial statements. An audit also includes assessing the accounting principles used and significant \r\nestimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \r\nWe did not observe the taking of either the Federal donated commodities inventory or purchased foods inventory at June 30, 1999, nor could we satisfy ourse,lves as to the accuracy of the amounts stated as inventories through alternative procedures. \r\nAs described in the notes to the general purpose financial statements, the Board's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: \r\n99ARL-13 \r\n \r\n * The general purpose financial statements of the Board did not contain a General Fixed Assets \r\nAccount Group to account for property and equipment owned by the Board which should be included to conform to generally accepted accounting principles. \r\n* School activity accounts maintained at the individual schools are not included in the general pUIpose \r\nfinancial statements. To conform to generally accepted accounting principles, these accounts should be included in the general pUIpose financial statements. \r\nThe aggregate effects on the general pUIpose financial statements of these variances or omissions have not been determined, but are believed to be material. \r\nIn our opinion, except for the effects of such adjustments, ifany, on the Special Revenue Fund, as might have been determined to be necessary had we been able to satisfy ourselves as to the accuracy of the food service inventories as discussed in the third paragraph, and except for the effects on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Thomaston-Upson County Board of Education as of June 30, 1999, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. \r\nIn accordance with Government Auditing Standards, we have also issued our report dated March 3, 2000, on our consideration of the Thomaston-Upson County Board of Education's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. \r\nOur audit was performed for the purpose of forming an opinion on the general purpose financial statements of the Thomaston-Upson County Board of Education taken as a whole. The accompanying combining statements (Exhibits E and F) and the financial schedules (Schedules 1 through 5), which includes the Schedule ofExpenditures ofFederal Awards as required by U. S. Office ofManagement and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part ofthe general pUIpose financial statements. Such information has been subjected to the auditing procedures applied in the audifofthe general pUIpose financial statements and in our opinion, except for the effect of adjustments, if any, on the Special Revenue Fund, as might have been determined to be necessary had we been able to satisfy ourselves as to the accuracy of the food service inventories as discussed in the third paragraph, and except for the effects of the matters referred to in the fourth paragraph, such information is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. \r\nA copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated Section 50-6-24. \r\nRespectfully submitted, \r\n~w4~ Russell W. Hinton State Auditor \r\nRWH:gp 99ARL-13 \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET \r\nALL FUND TYPES AND ACCOUNT GROUP JUNE 30,1999 \r\n \r\nASSETS \r\nCash and Cash Equivalents \r\nInvestments \r\nAccounts Receivable \r\nInventories Food Donated Commodities Purchased Food \r\nAmount Available in Debt Service Fund \r\nAmount to be Provided in Future Years For Payment of Bond Debt \r\n \r\nGENERAL FUND \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\n$ 3,664,472.14 $ \r\n \r\n446,494.96 $ \r\n \r\n473.230.08 \r\n \r\n22,189.64 \r\n \r\n2.575.943.18 \r\n \r\n225.090.42 \r\n \r\n48,118.81 12.984.93 \r\n \r\nTotal Assets \r\n \r\n$ 6.240,415.32 $ \r\n \r\n754.878.76 $==4,;,,;7::::;;3=.2=30=.=:08= \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nAccounts Payable Salaries Payable Expired Grant Balances Payable General Obligation Bonds Payable \r\nTotal Liabilities \r\nFUND EQUITY \r\nFund Balances Reserved For Bus Replacement Funds For Continuation of Federal Programs For Debt Service For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated \r\nTotal Fund Equity \r\n \r\n$ \r\n \r\n737.604.11 $ \r\n \r\n2.556.700.69 \r\n \r\n69.238.52 222.714.94 \r\n \r\n$ 3.294,304.80 $ \r\n \r\n291.953.46 \r\n \r\n$ \r\n \r\n82.406.44 \r\n \r\n$ \r\n \r\n1.322.80 \r\n \r\n2.863.704.08 $ 2.946.110.52 $ \r\n \r\n48.118.81 12,984.93 \r\n400.498.76 $ \r\n462.925.30 $ \r\n \r\n473,230.08 473.230.08 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ 6,240,415.32 $ \r\n \r\n754.878.76 $ _ _4.7.3.2-.30,..08.... \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. -2- \r\n \r\n EXHIBIT \"A\" \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nFIDUCIARY FUND TYPES EXPENDABLE TRUST FUND \r\n \r\nACCOUNT GROUP GENERAL \r\nLONG-TERM DEBT \r\n \r\nTOTALS \r\n \r\n(Memorandum Only) \r\n \r\nJUNE 30,1999 \r\n \r\nJUNE 30,1998 \r\n \r\n$ \r\n \r\n35,158.08 $ \r\n \r\n0.00 \r\n \r\n$ 4,619,355.26 $ 4,306,976.88 \r\n \r\n22,189.64 \r\n \r\n22,836.62 \r\n \r\n11,005.97 \r\n \r\n2,812,039.57 \r\n \r\n2,923,058.04 \r\n \r\n$ \r\n \r\n46,164.05 \r\n \r\n2,158,835.95 \r\n \r\n48,118.81 12,984.93 46,164.05 \r\n2,158,835.95 \r\n \r\n37,580.21 12,121.30 42,081.39 \r\n2,317,918.61 \r\n \r\n$ \r\n \r\n46,164.05 $ \r\n \r\n0.00 $ \r\n \r\n2,205,000.00 $ 9,719,688.21 $ 9,662,573.05 \r\n \r\n$ \r\n \r\n806,842.63 $ \r\n \r\n843,870.14 \r\n \r\n2,779,415.63 \r\n \r\n2,470,671.48 \r\n \r\n41,503.16 \r\n \r\n$ \r\n \r\n2,205,000.00 \r\n \r\n2,205,000.00 \r\n \r\n2,360,000.00 \r\n \r\n$ \r\n \r\n2,205,000.00 $ 5,791,258.26 $ 5,716,044.78 \r\n \r\n$ \r\n \r\n46,164.05 \r\n \r\n0.00 $ \r\n \r\n$ \r\n \r\n46,164.05 $ \r\n \r\n$ \r\n \r\n46,164.05 $ \r\n \r\n0.00 0.00 \r\n \r\n$ \r\n \r\n82,406.44 \r\n \r\n1,322.80 $ \r\n \r\n1,485.00 \r\n \r\n46,164.05 \r\n \r\n42,081.39 \r\n \r\n48,118.81 12,984.93 \r\n \r\n37,580.21 12,121.30 \r\n \r\n3,737,432.92 \r\n \r\n3,853,260.37 \r\n \r\n$ 3.928,429.95 $ 3,946,528.27 \r\n \r\n0.00 $ \r\n \r\n2,205,000.00 $ 9,719,688.21 $ 9,662.573.05 \r\n \r\n-3- \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \r\nALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS YEAR ENDED JUNE 30. 1999 \r\n \r\nREVENUES \r\nState Funds Federal Funds Taxes Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation \r\nCapital Outlay Debt Service \r\nPrincipal Interest Paying Agent Fees \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nOperating Transfers In Operating Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \r\nFUND BALANCE JULY 1 \r\nFood Inventory - Net Change in Period Donated Commodities Purchased Food \r\n \r\nGENERAL FUND \r\n \r\nGOVERNMENTAL FUND \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\n$ 18,323,837.00 $ 63,998.14 \r\n5,955,659.41 602,409.66 \r\n$ 24,945,904.21 $ \r\n \r\n700,688.63 2,815,660.41 \r\n466,502.85 $ \r\n3,982,851.89 $ \r\n \r\n2,340.50 2,340.50 \r\n \r\n$ 16,964,941.40 $ \r\n1,313,321.13 366,005.17 572,660.40 442,474.87 \r\n1,753,860.70 275,040.39 \r\n2,078,296.06 981.206.53 200.003.98 18,284.96 \r\n \r\n1,715,378.66 \r\n122,383.24 119,716.25 \r\n142.31 69,268.27 32,439.69 \r\n12,541.89 28,770.92 32,696.25 52,710.06 1.786,731.51 \r\n$ \r\n \r\n25,654.87 \r\n \r\n$ 24,966.095.59 $ \r\n \r\n$ \r\n \r\n-20,191.38 $ \r\n \r\n3,972,779.05 $ 10,072.84 $ \r\n \r\n25,654.87 -23,314.37 \r\n \r\n$ \r\n \r\n$ \r\n \r\n-45,260.26 \r\n \r\n$ \r\n \r\n-45,260.26 $ \r\n \r\n$ \r\n \r\n-65,451.64 $ \r\n \r\n3,011,562.16 \r\n \r\n45,260.26 \r\n45.260.26 \r\n55.333.10 $ 396.189.97 \r\n10.538.60 863.63 \r\n \r\n-23,314.37 496,544.45 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ 2,946,110.52 $ \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. -4- \r\n \r\n462,925.30 $ ......=4,;,;7_3:lOi.2.3.0...0,.8.... \r\n \r\n EXHIBIT\"B\" \r\n \r\nTYPES DEBT \r\nSERVICE FUND \r\n \r\nTOTAL \r\n \r\nFIDUCIARY \r\nFUND TYPE EXPENDABLE TRUST FUNDS \r\n \r\nTOTALS \r\n(Memorandum Only) \r\nYEAR ENDED JUNE 30.1999 JUNE 30.1998 \r\n \r\n$ 19.024.525.63 \r\n \r\n2.879.658.55 \r\n \r\n$ \r\n \r\n300.387.82 \r\n \r\n6.256.047.23 \r\n \r\n7.894.70 \r\n \r\n1,079.147.71 $ \r\n \r\n$ \r\n \r\n308.282.52 $ 29.239,379.12 $ \r\n \r\n$ 1.72 \r\n \r\n19.024.525.63 $ 2.879.658.55 6.256.047.23 1.079.149.43 \r\n \r\n18.274.948.26 2.635.448.09 5.482,020.83 \r\n940.235.75 \r\n \r\n1.72 $ 29.239.380.84 $ 27,332.652.93 \r\n \r\n$ 18.680.320.06 \r\n \r\n1.435,704.37 485,721.42 572,802.71 511,743.14 \r\n1,786.300.39 275.040.39 \r\n2.090,837.95 1,009,977.45 \r\n232,700.23 70,995.02 $ \r\n1,786,731.51 25,654.87 \r\n \r\n$ \r\n \r\n155,000.00 \r\n \r\n148,515.00 \r\n \r\n684.86 \r\n \r\n155,000.00 148,515.00 \r\n684.86 \r\n \r\n$ \r\n \r\n304.199.86 $ 29.268.729.37 $ \r\n \r\n$ \r\n \r\n4,082.66 $ \r\n \r\n-29,350.25 $ \r\n \r\n$ \r\n \r\n45,260.26 \r\n \r\n-45,260.26 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n4,082.66 $ \r\n \r\n-29,350.25 $ \r\n \r\n42,081.39 \r\n \r\n3,946,377.97 \r\n \r\n10,538.60 863.63 \r\n \r\n$ \r\n \r\n46,164.05 $ 3,928.429.95 $ \r\n \r\n$ 18,680.320.06 $ 17.137,200.27 \r\n \r\n152.02 \r\n \r\n1.435,704.37 485,721.42 572,802.71 511,743.14 \r\n1,786,300.39 275,040.39 \r\n2,090,837.95 1,009,977.45 \r\n232,700.23 71,147.04 \r\n1,786,731.51 25,654.87 \r\n \r\n1,257,967.59 465,660.50 588,627.21 511,788.26 \r\n1.671,204.65 271,263.73 \r\n1,517,589.88 1,130,009.61 \r\n234,732.65 58,567.06 \r\n1,539,824.79 450.00 \r\n \r\n155,000.00 148.515.00 \r\n684.86 \r\n \r\n145.000.00 156,635.00 \r\n636.46 \r\n \r\n152.02 $ 29,268.881.39 $ 26,687.157.66 \r\n \r\n-150.30 $ \r\n \r\n-29.500.55 $ \r\n \r\n645.495.27 \r\n \r\n$ \r\n \r\n45,260.26 $ \r\n \r\n-45.260.26 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n2,250.56 . -2,250.56 \r\n0.00 \r\n \r\n-150.30 $ 150.30 \r\n \r\n-29,500.55 $ 3,946,528.27 \r\n \r\n645.495.27 3,306,441.95 \r\n \r\n10,538.60 863.63 \r\n \r\n-6,116.44 707.49 \r\n \r\n....,;0.0.0.. $ 3.928,429.95 $ 3,946,528.27 -5- \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \r\nBUDGET AND ACTUAL - (NON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS \r\nYEAR ENDED JUNE 30,1999 \r\n \r\nEXHIBIT\"C\" \r\n \r\nGENERAL FUND \r\n \r\nACTUAL \r\n \r\n(BUDGET \r\n \r\nBUDGET \r\n \r\nBASIS) \r\n \r\nREVENUES \r\n \r\nState Funds Federal Funds Taxes Other Funds \r\n \r\n$ 17,855,208,13 $ 18,323,837.00 \r\n \r\n64,540,00 \r\n \r\n63,998.14 \r\n \r\n5,321,811.00 \r\n \r\n5,955,659.41 \r\n \r\n50,000.00 \r\n \r\n602,409.66 \r\n \r\nTotal Revenues \r\n \r\n$ 23,291,559.13 $ 24,945,904.21 \r\n \r\nEXPENDITURES \r\n \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation \r\n \r\n$ 16,600,792.13 $ 16,964,941.40 \r\n \r\n1,234,325.00 350,703.00 558,050.00 494,355.00 \r\n1,698,610.00 348,411.00 \r\n1,751,936.00 1,023,306.00 \r\n199,940.00 2,000.00 \r\n \r\n1,313,321.13 366,005,17 572,660.40 442,474.87 \r\n1,753,860.70 275,040.39 \r\n2,078,296.06 981,206.53 200,003.98 18,284.96 \r\n \r\nTotal Expenditures \r\n \r\n$ 24,262,428.13 $ 24,966,095.59 \r\n \r\nExcess of Revenues over (under) Expenditures \r\n \r\n$ -970,869.00 $ -20,191.38 \r\n \r\nOTHER FINANCING SOURCES (USES) \r\n \r\nOther Sources Other Uses \r\n \r\n$ \r\n \r\n-20,000.00 $ \r\n \r\n-45,260.26 \r\n \r\nTotal Other Financing Sources (Uses) \r\n \r\n$ \r\n \r\n-20,000.00 $ \r\n \r\n-45,260.26 \r\n \r\nExcess of Revenues and Other Financing Sources \r\nover (under) ExPenditures and Other Financing Uses $ \r\n \r\n-990,869.00 $ \r\n \r\n-65,451.64 \r\n \r\nFUND BALANCE JULY 1.1998 \r\n \r\n3,537,195.22 \r\n \r\n3,011,562.16 \r\n \r\nAdjustments Food Inventory - Net Change in Period \r\nDonated Commodities Purchased Food \r\n \r\n298.16 \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nACTUAL \r\n \r\n(BUDGET \r\n \r\nBUDGET \r\n \r\nBASIS) \r\n \r\n$ 557,548.00 $ 700,688,63 \r\n2,418,623.00 2,815,660.41 \r\n \r\n459,880.00 \r\n \r\n466,502.85 \r\n \r\n$ 3,436,051.00 $ 3,982,851.89 \r\n \r\n$ 1,313,845.95 $ 1,715,378.66 \r\n \r\n33,379.00 66,543.00 \r\n63,137.00 19,748.00 \r\n \r\n122,383.24 119,716.25 \r\n142.31 69,268.27 32,439.69 \r\n \r\n2,960.00 16,311.00 45,590.00 51,454,00 1,824,675.00 \r\n \r\n12,541.89 28,770.92 32,696.25 52,710.06 1,786,731.51 \r\n \r\n$ 3,437,642.95 $ 3,972,779.05 \r\n \r\n$ -1,591.95 $ 10,072.84 \r\n \r\n$ 45,260.26 \r\n \r\n$ 45,260.26 \r\n \r\n$ \r\n \r\n-1,591.95 $ 55,333.10 \r\n \r\n437,701.76 \r\n \r\n396,189.97 \r\n \r\n167,725.60 \r\n \r\n10,538.60 863.63 \r\n \r\nFUND BALANCE JUNE 30, 1999 \r\n \r\n$ 2,546,624.38 $ 2,946,110.52 \r\n \r\n$ 603,835.41 $ 462,925.30 \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. -7- \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION \r\n \r\nEXHmIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 3D. 1999 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nREPORTING ENTITY \r\nThe Thomaston-Upson County Board of Education (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the Board is a primary government and consists of all the organizations that compose its legal entity. \r\nFUND ACCOUNTING \r\nThe Board uses funds and an account group to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separateaccounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. \r\nGeneral Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Board. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. \r\nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. \r\nThe general pmpose financial statements account for all State, Federal, Taxes and Other funds under control of the Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: \r\nGOVERNMENTAL FUND TYPES - are used to account for all or most of a Board's educational activities. Governmental Fund Types include: \r\nGENERAL FUND - the fund used to account for all financial resources ofthe Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. \r\nSPECIAL REVENUE FUND - the fund used to account for the proceeds ofspecific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department ofEducation and from the Federal government to accomplish specific educational objectives. \r\n- 8- \r\n \r\n THOMASTON-UPSON COUNTy BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30.1999 \r\n \r\nNote 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES \r\nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. \r\nDEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. \r\nFIDUCIARY FUND TYPES - the funds used to account for assets held by a government unit in a trustee capacity or as an agent for individuals, private organizations, other government units and/or other funds. These funds include: \r\nEXPENDABLE TRUST FUNDS Harold O. Maguire Scholarship Fund - the fund used to account for the principal and earnings which may be expended to provide scholarships for selected students. \r\nACCOUNT GROUP \r\nGENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding. \r\nBASIS OF ACCOUNTING \r\nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental and expendable trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \r\nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. \r\nGovernmental and expendable trust funds are accounted for using the modified accrual basis of accounting under which: \r\nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). \"Measurable\" means the amount ofthe transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities ofthe current period. Those revenues considered susceptible to accrual are property taxes, intergovernmental grants and investment income. \r\nExpenditures are generally recognized when the related fund liability is incurred. \r\n-9- \r\n \r\n THOMASTON-upSON COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30.1999 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nA substantial number of personnel of the Board were employed for a one hundred and ninety day period beginning in late August of 1998 and ending in early June 1999. Employment contracts for these employment periods typically specify that compensation be paid in twelve equal monthly payments beginning in September 1998 and ending in August 1999. State grants to fund the State's share of these contracts are disbursed to the Board in the same twelve month period. In accordance with generally accepted accounting principles, salary and fringe benefit expenditures and the related revenue from the State to fund these contracts are recorded in the fiscal period covered by these financial statements. \r\nBUDGET \r\nThe Thomaston-Upson County Board ofEducation's budget is a complete financial plan for the Board's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level ofbudget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. \r\nThe budget process begins when the Board's administration prepares a tentative budget for the Board's approval. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality. At the next regular meeting ofthe Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 20-2-167, to the Georgia Department ofEducation. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nCASH AND CASH EQUIVALENTS \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits in \"authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. \r\nINVESTMENTS \r\nCOMPOSITION OF INVESTMENTS Investments made by the Board in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Board to \r\n \r\n-10 - \r\n \r\n THOMASTON-UPSON COUNTy BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1999 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\ninvest its funds. 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. Funds may be invested in the following: \r\n(l) Obligations issued by the State of Georgia or by other states, \r\n(2) Obligations issued by the United States government, \r\n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n(4) Obligations of any corporation of the United States government, \r\n(5) Prime banker's acceptances, \r\n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \r\n(7) Repurchase agreements, and \r\n(8) Obligations of other political subdivisions of the State of Georgia. \r\nRECEIVABLES \r\nReceivables consist of grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\nPROPERTY TAXES \r\nThe Thomaston-Upson County Board of Commissioners fixed the property tax levy for the 1998 tax year (calendar year) on October 6, 1998 (levy date). Taxes were due on December 20, 1998. The lien date for property taxes was January 1, 1998. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1999. The Thomaston-Upson County Tax Commissioner bills and collects the property taxes for the Board ofEducation, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance oftaxes collected to the Board. \r\nTax millage rates levied for the 1998 tax year (calendar year) for the Thomaston-Upson County Board of Education were as follows (a mill equals $1 per thousand dollars of assessed value): \r\n- 11 - \r\n \r\n THOMASTON-upSON COUNTy BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1999 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nSchool Operations School Bonds \r\n \r\n15.95 mills \r\n~mills \r\n \r\n16.75 mills \r\n \r\nINVENTORIES \r\n \r\nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (first-in, first-out). Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time of purchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute \"available spendable resources\" even though they are a component of net current assets. \r\n \r\nGENERAL OBLIGATION BONDS \r\n \r\nThe Board issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond premiums and discounts, as well as issuance costs, are recognized in the financial statements during the year bonds are issued. In addition, general obligation bonds have been issued to refund existing general obligation bonds. General obligation bonds are direct obligations and pledge the full faith and credit ofthe government. The outstanding amount ofthese bonds is recorded in the General Long-Term Debt Account Group. \r\n \r\nINTERFUND TRANSACTIONS \r\n \r\nThe Board has the following types ofinterfund transactions: \r\n \r\nReimbursements of expenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \r\n \r\nOperating transfers are recorded for all interfund transactions other than reimbursements. \r\n \r\nMEMORANDUM ONLY - TOTAL COLUMNS \r\n \r\nTotal columns on the general purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \r\n \r\n- 12- \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1999 \r\n \r\nNote 2: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by \r\n surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond \r\nand the market value of securities pledged shall be equal to not less than 11 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operatil}g funds placed in demand deposit checking accounts. \r\nAcceptable security for deposits consists of anyone 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 ofindebtedness or other obligations ofthe counties or municipalities of the State of Georgia, \r\n(5) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws ofthe 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 the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\nCATEGORIZATION OF DEPOSITS At June 30, 1999, the bank balances were $5,886,037.85. The amounts of the total bank balances are classified into three categories of credit risk: \r\nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. \r\n-13 - \r\n \r\n THOMASTON-upSON COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1999 \r\n \r\nNote 2: DEPOSITS \r\n \r\nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name. \r\nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Board's name.) \r\n \r\nThe Board's deposits are classified by risk category at June 30, 1999, as follows: \r\n \r\nRisk Category \r\n \r\nBank Balance \r\n \r\n1 \r\n \r\n$ 260,993.59 \r\n \r\n2 \r\n \r\n5,625,044.26 \r\n \r\n3 \r\n \r\n0.00 \r\n \r\nTotal \r\n \r\n$ 5,886,037.85 \r\n \r\nNote 3: NON-MONETARY TRANSACTIONS \r\n \r\nThe Board receives food commodities from the United States Department ofAgriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \r\n \r\nNote 4: RISK MANAGEMENT \r\n \r\nThe Board is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; natural disaster and unemployment compensation. \r\n \r\nThe Board has obtained commercial insurance for risk of loss associated with torts, assets, errors or omissions, job related illness or injuries to employees and natural disaster. The Board has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any of the past three years. \r\n \r\nThe Board is self-insured with regard to unemployment compensation claims. The Board accounts for claims within the same fund that the employee's salary and benefits were paid. Claims are accounted for with expenditure and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. The Board has not incurred any liabilities for unemployment compensation during the past two fiscal years. \r\n \r\nThe Board has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\n- 14- \r\n \r\n THOMASTON-UPSON COUNTy BOARD OF EDUCATION EXHIBIT liD\" \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\nJUNE 30,1999 \r\n \r\nNote 4: RISK MANAGEMENT \r\n \r\nPosition Covered \r\nSuperintendent Each Assistant Superintendent Each Principal or Assistant Principal Each Lunchroom Director Each Bookkeeper Each Payroll Clerk \r\nNote 5: GENERAL LONG-TERM DEBT \r\n \r\nAmount \r\n$ 25,000.00 $ 10,000,00 $ 10,000.00 $ 10,000,00 $ 10,000.00 $ 10,000,00 \r\n \r\nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \r\n \r\nPurpose General Government -.Refunding - Series 1992 \r\n \r\nInterest Rates 4.00% - 6.50% \r\n \r\nAmount $ 2.205,000.00 \r\n \r\nThe changes in General Long-Term Debt during the fiscal year ended June 30, 1999, were as follows: \r\n \r\nBalance July 1, 1998 \r\nDeductions Debt Retired \r\nBalance June 30, 1999 \r\n \r\nGeneral Obligation \r\nBonds $ 2,360,000.00 \r\n155,000.00 $ 2.205.000.00 \r\n \r\nAt June 30, 1999, payments due by fiscal year which includes principal and interest for these items are as follows: \r\n \r\nFiscal Year Ended June 30 \r\n2000 2001 2002 2003 2004 2005 - 2009 2010 - 2014 \r\nTotal Principal and Interest \r\n \r\nGeneral Obligation \r\nBonds \r\n$ 69,762.50 294,805,00 290,135.00 285,085,00 279,647,50 \r\n1,279,490,00 664,637.50 \r\n$ 3.\u0026163,562,50 \r\n \r\n- 15 - \r\n \r\n THOMASTON-upSON COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1999 \r\n \r\nNote 6: ON-BEHALF PAYMENTS \r\nThe Board has recognized revenues and expenditures in the amount of$355,354.00 for health insurance and retirement contributions paid on the Board's behalf by the following State Agencies. \r\nGeorgia Department of Education Paid to the State Merit System of Personnel Administration For Health Insurance of Non-Certified Personnel In the amount of$278,925.00 \r\nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of $76,429.00 \r\nNote 7: CONTINGENT LIABILITIES \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The Board believes that such disallowances, if any, will be immaterial to its overall financial position. \r\nNote 8: RETIREMENT PLANS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute, The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Board who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary, The required employer contribution rate is 11,95% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\n- 16- \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION EXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1999 \r\n \r\n\\ \r\n \r\nNote 8: RETIREMENT PLANS \r\nFiscal Year \r\n1999 1998 1997 \r\n \r\nPercentage Contributed \r\n100% 100% 100% \r\n \r\nRequired Contribution \r\n$ 1,938,273.43 $ 1,787,871.26 $ 1,656,170.39 \r\n \r\n- 17 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 1999 \r\n \r\nEXHIBIT \"E\" \r\n \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable Inventories \r\nFood Donated Commodities Purchased Food \r\nTotal Assets \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTIERY \r\n \r\nFEDERAL \r\n \r\nTOTALS \r\n \r\nPROGRAMS PROGRAMS JUNE 30, 1999 JUNE 30,1998 \r\n \r\n$ 475,501.20 $ 54,913.16 \r\n \r\n$ 530,414.36 $ 326,869.60 \r\n \r\n22,189.64 \r\n \r\n22,189.64 \r\n \r\n21,042.80 \r\n \r\n1,518.54 $ 223,571.88 \r\n \r\n225,090.42 \r\n \r\n430,476.03 \r\n \r\n48,118.81 12,984.93 \r\n \r\n48,118.81 12,984.93 \r\n \r\n37,580.21 12,121,30 \r\n \r\n$ 558,794.58 $ 56,431.70 $ 223,571.88 $ 838,798.16 $ 828,089.94 \r\n \r\nLIABILITIES AND FUND EqUITY \r\nLIABILITIES \r\nCash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable \r\nTotal Liabilities \r\nFUND EqUITY \r\nFund Balances Reserved For Continuation of Federal Programs For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated \r\nTotal Fund Equity \r\n \r\n$ 83,919.40 $ \r\n \r\n$ 17,098.80 $ 12,664.02 \r\n \r\n39,475.70 \r\n \r\n80,093.46 \r\n \r\n43,767,50 \r\n \r\n98,853.98 \r\n \r\n83,919.40 $ \r\n69,238.52 222,714.94 \r\n \r\n$ 97,192.26 $ 56,431.52 $ 222,249.08 $ 375,872.86 $ \r\n \r\n$ 48,118.81 \r\n12,984.93 \r\n400,498.58 $ \r\n$ 461,602.32 $ \r\n \r\n$ 1,322.80 $ \r\n \r\n1,322.80 $ \r\n \r\n0.18 \r\n0.18 $ \r\n \r\n0.00 \r\n1,322.80 $ \r\n \r\n48,118.81 12,984.93 \r\n400,498.76 \r\n462,925.30 $ \r\n \r\n119,051.03 70,255.00 \r\n201,090.78 41,503.16 \r\n431,899.97 \r\n1,485.00 \r\n37,580.21 12,121.30 345,003.46 396,189.97 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ 558,794.58 $ 56,431.70 $ 223,571.88 $ 838,798.16 $ 828,089.94 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n-18- \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \r\nSPECIAL REVENUE FUND YEAR ENDED JUNE 30, 1999 \r\n \r\nEXHIBIT\"F\" \r\n \r\nREVENUES \r\nState Funds Federal Funds Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instru ction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES \r\nOperating Transfers In \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures \r\nFUND BALANCE JULY 1 \r\nFood Inventory - Net Change in Period Donated Commodities Purchased Food \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTIERY PROGRAMS \r\n \r\nFEDERAL PROGRAMS \r\n \r\nTOTALS YEAR ENDED JUNE 30,1999 JUNE 30,1998 \r\n \r\n$ 132,774.00 $ 507,166.63 $ 60,748.00 $ \r\n \r\n1,236,366.11 \r\n \r\n1,579,294.30 \r\n \r\n466,502.85 \r\n \r\n700,688.63 $ 2,815,660.41 \r\n466,502,85 \r\n \r\n637,144.64 2,577,496.31 \r\n431,041.80 \r\n \r\n$ 1,835,642,96 $ 507,166.63 $ 1,640,042.30 $ 3,982,851,89 $ 3,645,682.75 \r\n \r\n$ 430,218.52 $ 1,285,160.14 $ 1,715,378.66 $ 1,514,784.71 \r\n \r\n31,552.76 335.14 \r\n \r\n19,803.13 11,729.03 \r\n8,891.63 \r\n \r\n$ 1,780,147.84 \r\n \r\n4,636.24 \r\n \r\n90,830.48 119,381.11 \r\n142,31 69,268.27 12,636.56 \r\n812,86 19,879.29 32,696.25 52,710.06 \r\n1,947.43 \r\n \r\n122,383.24 119,716.25 \r\n142.31 69,268.27 32,439.69 12,541.89 28,770,92 32,696.25 52,710,06 1,786,731,51 \r\n \r\n54,518.73 101,591.55 \r\n346.17 59,735.78 30,574,77 15,836.47 24,487.45 36,012.75 46,090.43 1,539,824.79 \r\n \r\n$ 1,780,147.84 $ 507,166.45 $ 1,685,464.76 $ 3,972,779.05 $ 3,423,803,60 \r\n \r\n$ 55,495,12 $ \r\n \r\n0.18 $ -45,422.46 $ \r\n \r\n10,072.84 $ 221,879.15 \r\n \r\n$ 55,495.12 $ 394,704.97 \r\n10,538.60 863.63 \r\n \r\n45,260.26 \r\n \r\n45,260,26 \r\n \r\n2,250.56 \r\n \r\n0.18 $ 0.00 \r\n \r\n-162.20 $ 1,485.00 \r\n \r\n55,333.10 $ 396,189.97 \r\n \r\n224,129.71 177,469.21 \r\n \r\n10,538.60 863.63 \r\n \r\n-6,116.44 707.49 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ 461,602.32 $ \r\n \r\n0.18 $ \r\n \r\n1,322.80 $ 462,925.30 $ 396,189.97 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n-19- \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 1999 \r\n \r\nSCHEDULE \"1\" \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30,1999 \r\n \r\nSCHEDULE -1- \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nEducation, U. S. Department of Pass-Through From Griffin Regional Educational Service Agency Safe and Drug-Free Schools 1999 Grant \r\nTotal U. S. Department of Education \r\nLabor, U. S. Department of Pass-Through From Georgia Department of Labor Job Training Partnership Act Pass-Through From West Central Georgia Private Industry Council Job Training Partnership Act \r\nTotal U. S. Department of Labor \r\nDefense. U. S. Department of Direct Department of the Navy R.O.T.C. Program \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n84.186 \r\n17.250 17.250 \r\n \r\n$ \r\n \r\n20,889.00 $ \r\n \r\n26.827.36 (3) \r\n \r\n$ \r\n \r\n1,552.305.85 $ _--:..l1.:::.64.:...:7-,=.5::=9.:::.0.:.::6~0 \r\n \r\n$ \r\n \r\n16.630.00 $ \r\n \r\n26.112.36 (3) \r\n \r\n10,358.45 \r\n \r\n11.761.80 (3) \r\n \r\n$ \r\n \r\n26.988.45 $ \r\n \r\n3;:;.;7'-\".8;:;.;7....;.4~.1~6 \r\n \r\n$ \r\n \r\n6~3:.t.:.9::=9:.::8:..:..1..:..4 \r\n \r\n(4) \r\n \r\nTotal Federal Financial Assistance \r\n \r\n$ 2,879.658.55 $ ==3=,=46=5=,6=1=2.=6=0 \r\n \r\nN/A = Not Available \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n \r\n(1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. \r\n(2) Expenditures for the School Breakfast Program were not maintained separately and are induded in the 1999 National School Lunch Program. \r\n(3) Expenditures for this program indude State. and/or Other Funds. Expenditures are not maintained by fund source. \r\n(4) Expenditures on this program were not maintained by fund source. \r\n \r\nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \r\n \r\nThe Board did not provide Federal Assistance to any Subrecipient. \r\n \r\nThe accompanying schedule of expenditures of Federal awards indudes the Federal grant activity of the Thomaston-Upson County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the general purpose financial statements. \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n21 \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30,1999 \r\n \r\nSCHEDULE \"2\" \r\n \r\nAGENCY/FUNDING \r\nGRANTS Education, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost Pupil Transportation Regular Bus Replacement Middle School Incentive Program Special Instructional Assistance In-School Suspension Counselors Grades 4 and 5 Technology Specialist Local Fair Share Deferred Summer Salaries (Prior Year) Deferred Summer Salaries (Current Year) Educational Equalization Funding Grant Food Services Vocational Education Other State Programs Alternative Program Apprenticeship Program At-Risk Summer School Program Health Insurance Innovative Programs Mentoring Program Mentor Teacher Program Preschool Handicapped Program Remedial Summer School Program Student Records Lottery Programs Assistive Technology Computers in the Classroom \r\nOffice of School Readiness Pre-Kindergarten Program \r\nOffice of Treasury and Fiscal Services Public School Employees Retirement \r\nCONTRACT Education, Georgia Department of Reading First Program \r\nSee notes to the general purpose financial statements. \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 11,009,656.00 \r\n1,943,425.00 435,361.00 470,624.00 130,555.00 \r\n2,971,094.00 \r\n603,485.00 177,269.00 409,677.00 228,152.00 \r\n87,704.00 47,553.00 57,685.00 -2,109,747.00 -2,262,389.00 2,338,662.00 1,265,983.00 \r\n$ \r\n1,968.00 \r\n62,500.00 362.47 \r\n13,911.93 278,925.00 \r\n5,000.00 4,563.65 2,592.00 61,533.00 7,564.20 3,738.75 \r\n \r\n$ 11,009,656.00 \r\n1,943,425.00 435,361.00 470,624.00 130,555.00 \r\n2,971,094.00 \r\n \r\n132,774.00 \r\n \r\n603,485.00 177,269.00 409,677.00 228,152.00 87,704.00 47,553.00 \r\n57,685.00 -2,109,747.00 -2,262,389.00 2,338,662.00 1,265,983.00 \r\n132,774.00 1,968.00 \r\n \r\n62,500.00 362.47 \r\n13,911.93 278,925.00 \r\n5,000.00 4,563.65 2,592.00 61,533.00 7,564.20 3,738.75 \r\n \r\n9,852.54 91,402.00 \r\n \r\n9,852.54 91,402.00 \r\n \r\n405,912.09 \r\n \r\n405,912.09 \r\n \r\n76,429.00 \r\n \r\n76,429.00 \r\n \r\n60,748.00 \r\n \r\n60,748.00 \r\n \r\n$ 18,323,837.00 $ \r\n \r\n700,688.63 $ 19,024,525.63 \r\n \r\n-22- \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES LOTTERY PROGRAMS YEAR ENDED JUNE 30,1999 \r\n \r\nSCHEDULE \"3\" \r\n \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Business Administration Maintenance and Operation of Plant Student Transportation Services Food Services Operation \r\n \r\nASSISTIVE TECHNOLOGY \r\n \r\nCOMPUTERS IN THE \r\nCLASSROOM \r\n \r\nPRE-KINDERGARTEN PROGRAM \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n9.852,54 $ 91,402.00 $ \r\n \r\n328.963.98 $ 430.218.52 \r\n \r\n31.552.76 335.14 \r\n19.803,13 11.729.03 \r\n8.891.63 4,636.24 \r\n \r\n31.552.76 335.14 \r\n19.803.13 11.729.03 \r\n8,891,63 4.636.24 \r\n \r\nTotal Expenditures \r\n \r\n$ \r\n \r\n9,852,54 $ 91,402.00 $ = = =.....4..0..5....9=1..1...,.9==1 $ 507.166.45 \r\n \r\nRECAP: Salaries and Benefits Pre-Kindergarten Program Other Expenditures Assistive Technology Computers in the Classroom Pre-Kindergarten Program \r\n \r\n$ 359.727,86 \r\n9,852.54 91,402,00 46,184.05 \r\n \r\n$ 507.166.45 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n-23- \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30,1999 \r\n \r\nSCHEDULE \"4\" \r\n \r\nMinimum Expenditure Requirements (Total Allotment) \r\nExpenditures on Combined Program Basis Salaries (1) (2) Operations \r\nLess: Expenditures for Media Center Programs in Excess of Total Media Allotment \r\nExpenditures per Audit \r\n \r\nFOURTEEN WEIGHTED AND MEDIA CENTER \r\nPROGRAMS \r\n \r\n100% TEST FOR OPERATIONS PORTION OF FOURTEEN WEIGHTED PROGRAMS \r\n \r\n$ \r\n \r\n13,859,066.00 $ _ _---:;42=.;6:.\u003e-,8::..;7....::9.;.;;.0;.;;;..0 \r\n \r\n$ \r\n \r\n15,144,072.78 \r\n \r\n707,734.71 $ _ _....;:6=0=9,....:..;43=2=.3....:...1 \r\n \r\n$ \r\n \r\n15,851 ,807.49 \r\n \r\n-90,320,06 $ _---:1c.::5:.l.:.,7.::,.61:.J.:,4:.::8:.:.7:.:.4.::,.3 \r\n \r\nAmount of Underexpenditure for Total Allotment \r\n \r\n$ \r\n \r\n0.00 $ =====0=,0==0 \r\n \r\nNote: (1) Salary accruals (July and August 1999 Deferred Salaries) reported as expenditures in the General Purpose Financial Statements are not included on this analysis in order to comply with program guidelines. \r\n(2) Salary accruals (July and August 1998 Deferred Salaries) reported as expenditures in the prior year General Purpose Financial Statements are included on this analysis as required by program gUidelines. \r\n \r\nSee notes to the general purpose financial statements. - 25 - \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - BY PROGRAM \r\nGENERAL FUND QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30 1999 \r\n \r\nGENERAL AND CAREER EDUCATION PROGRAMS Kindergarten (*) Grades 1 - 3 (*) Sub-Total - K-3 Grades 4 - 5 (*) Grades 6 - 8 (*) Grades 9 - 12 (*) High School Laboratories (*) Vocational Education Laboratories (*) Total General and Career Education Programs \r\nSPECIAL EDUCATION PROGRAMS Regular Programs Category I (*) Category II (*) Category III (*) Category IV (*) Category V (*) SubTotal - Regular Category VI (Gifted) (*) Total Special Education Programs \r\nREMEDIAL EDUCATION PROGRAM (*) Total Fourteen Weighted Programs \r\nMEDIA CENTER PROGRAMS Salaries Operations Total Media Center Programs \r\nTotal Fourteen Weighted and Media Center Programs \r\nSTAFF DEVELOPMENT PROGRAMS Cost of Instruction Professional Development \r\nTotal Staff Development Programs (*) Identifies Fourteen Weighted Programs. (1) Salary accruals (July and August 1999 Deferred \r\nSalaries) reported as expenditures in the General Purpose Financial Statements are not included \r\non this analysis in order to comply with program \r\nguidelines. \r\nSee notes to the general purpose financial statements. \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF \r\n \r\nREQUIRED \r\n \r\nORIGINAL \r\n \r\n~ \r\n \r\nORIGINAL \r\n \r\nMID-TERM \r\n \r\n$ 1,184,127.00 \r\n \r\n$ 1,065,714.30 $ \r\n \r\n3,016,458.00 \r\n \r\n2,714,812.20 \r\n \r\n$ 4,200,585.00 90 $ 3,780,526.50 $ \r\n \r\n1,418,575.00 90 \r\n \r\n1,276,717.50 \r\n \r\n2,449,171.00 90 \r\n \r\n2,204,253.90 \r\n \r\n1,347,083.00 90 \r\n \r\n1,212,374.70 \r\n \r\n923,856.00 90 \r\n \r\n831,470.40 \r\n \r\n670,386.00 90 \r\n \r\n603,347.40 \r\n \r\n$ 11,009,656.00 \r\n \r\n$ 9,908,690.40 $ \r\n \r\n0.00 0.00 \r\n0.00 \r\n \r\n$ 1,823,836.00 \r\n \r\n$ 1,641,452.40 $ \r\n \r\n0.00 \r\n \r\n$ 1,823,836.00 90 $ 1,641,452.40 $ \r\n \r\n119,589.00 90 \r\n \r\n107,630.10 \r\n \r\n$ 1,943,425.00 \r\n \r\n$ 1,749,082.50 $ \r\n \r\n$ \r\n \r\n435,361.00 90 $ \r\n \r\n391,824.90 $ \r\n \r\n$ 13,388,442.00 \r\n \r\n$ 12,049,597.80 $ \r\n \r\n$ \r\n \r\n373,803.00 90 $ \r\n \r\n336,422.70 $ \r\n \r\n96,821.00 100 \r\n \r\n96,821.00 \r\n \r\n$ \r\n \r\n470,624.00 \r\n \r\n$ \r\n \r\n433,243.70 $ \r\n \r\n$ 13,859,066.00 \r\n \r\n$ 12,482,841.50 $ \r\n \r\n0.00 \r\n0.00 0.00 0.00 \r\n0.00 0.00 \r\n0.00 \r\n \r\n$ \r\n \r\n41,183.00 \r\n \r\n89,372.00 \r\n \r\n$ \r\n \r\n41,183.00 $ \r\n \r\n89,372.00 \r\n \r\n$ \r\n \r\n130,555.00 100 $ \r\n \r\n130,555.00 $ \r\n \r\n(2) Salary accruals (JUly and August 1998 Deferred Salaries) reported as expenditures in the prior year General Purpose Financial Statements are included on this analysis as required by program guidelines. \r\n \r\n- 26  \r\n \r\n0.00 0.00 \r\n0.00 \r\n \r\n SCHEDULE \"5\" \r\n \r\nEDUCATION TOTAL \r\nREQUIRED \r\n \r\nACTUAL EXPENDITURES \r\n \r\nSALARIES (1)(2) OPERATIONS \r\n \r\nTOTAL \r\n \r\nAMOUNT OF UNDEREXPENDITURE \r\nFOR REQUIRED ALLOTMENT \r\n \r\n$ 1,065,714.30 $ 1,113,203.87 $ \r\n \r\n28,730.19 $ 1,141,934.06 \r\n \r\n2,714,812.20 \r\n \r\n3,182,536.94 \r\n \r\n62,873.68 \r\n \r\n3,245,410.62 \r\n \r\n$ 3,780,526.50 $ 4,295,740.81 $ . 91,603.87 $ 4,387,344.68 $ \r\n \r\n0.00 \r\n \r\n1,276,717.50 \r\n \r\n1,875,767.99 \r\n \r\n36,405.77 \r\n \r\n1,912,173.76 \r\n \r\n0.00 \r\n \r\n2,204,253.90 \r\n \r\n2,404,758.13 \r\n \r\n74,552.34 \r\n \r\n2,479,310.47 \r\n \r\n0.00 \r\n \r\n1,212,374.70 \r\n \r\n1,696,623.17 \r\n \r\n223,597.80 \r\n \r\n1,920,220.97 \r\n \r\n0.00 \r\n \r\n831,470.40 \r\n \r\n1,157,918.03 \r\n \r\n33,414.05 \r\n \r\n1,191,332.08 \r\n \r\n0.00 \r\n \r\n603,347.40 \r\n \r\n883,224.65 \r\n \r\n78,712.02 \r\n \r\n961,936.67 \r\n \r\no.oa \r\n \r\n$ 9,908,690.40 $ 12,314,032.78 $ \r\n \r\n538,285.85 $ 12,852,318.63 \r\n \r\n$ 1,641,452.40 $ \r\n \r\n37,110.24 $ 455,284.20 1,233,229.06 49,796.86 \r\n7,222.26 \r\n \r\n1,195.00 $ 6,521.37 52,439.01 1,687.97 \r\n472.10 \r\n \r\n38,305.24 461,805.57 1,285,668.07 \r\n51,484.83 7,694.36 \r\n \r\n$ 1,641,452.40 $ 1,782,642.62 $ \r\n \r\n62,315.45 $ 1,844,958.07 \r\n \r\n0.00 \r\n \r\n107,630.10 \r\n \r\n154,236.19 \r\n \r\n2,917.30 \r\n \r\n157,153.49 \r\n \r\n0.00 \r\n \r\n$ 1,749,082.50 $ 1,936,878.81 $ \r\n \r\n65,232.75 $ 2,002,111.56 \r\n \r\n$ \r\n \r\n391,824.90 $ \r\n \r\n430,519.53 $ \r\n \r\n5,913.71 $ \r\n \r\n436,433.24 \r\n \r\n0.00 \r\n \r\n$ 12,049,597.80 $ 14,681,431.12 $ \r\n \r\n609,432.31 $ 15,290,863.43 \r\n \r\n$ \r\n \r\n336,422.70 $ \r\n \r\n462,641.66 \r\n \r\n$ \r\n \r\n462,641.66 \r\n \r\n0.00 \r\n \r\n96,821.00 \r\n \r\n$ \r\n \r\n98,302.40 \r\n \r\n98,302.40 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n433,243.70 $ \r\n \r\n462,641.66 $ \r\n \r\n98,302.40 $ \r\n \r\n560,944.06 \r\n \r\n$ 12,482,841.50 $ 15,144,072.78 $ \r\n \r\n707,734.71 $ 15,851,807.49 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n41,183.00 \r\n \r\n89,372.00 \r\n \r\n$ ==1;,;;:3:,;;,0.,.5=55=.=00~ \r\n \r\n$ \r\n \r\n66,591.78 $ \r\n \r\n66,591.78 \r\n \r\n67,212.43 \r\n \r\n67,212.43 \r\n \r\n$ \r\n \r\n133,804.21 $ \r\n \r\n133,804.21 $=======0=.=00= \r\n \r\n- 27 - \r\n \r\n SECTIONll COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR (404) 6562174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 3, 2000 \r\n \r\nHonorable Roy E. Barnes, Governor Members ofthe General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Thomaston-Upson County Board of Education \r\nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING \r\nBASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements of Thomaston-Upson County Board of Education as of and for the year ended June 30, 1999, and have issued our report thereon dated March 3, 2000. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. Except as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \r\nWe did not observe the taking of either the Federal donated commodities inventory or the purchased foods inventory at June 30, 1999, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. \r\nCompliance \r\nAs part of obtaining reasonable assurance about whether Thomaston-Upson County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and accordingly, we do not express such an opinion. The results of our tests disclosed no instances ofnoncompliance that are required to be reported under Government Auditing Standards. \r\n \r\n99YB-40 \r\n \r\n Internal Control Over Financial Re.porting \r\nIn planning and performing our audit, we considered Thomaston-Upson County Board ofEducation's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the fmancial statements and not to provide assurance on the internal control over financial reporting. However, we noted a certain matter involving the internal control over financial reporting and its operation that we consider to be a reportable condition. Reportable conditions involve matters corning to our attention relating to significant deficiencies in the design or operation of the internal control over financial reporting that, in our judgement, could adversely affect Thomaston-Upson County Board of Education's ability to record, process, summarize and report financial data consistent with assertions of management in the financial statements. The reportable condition is described in the accompanying Schedule of Findings and Questioned Costs as item FS-7451-99-01. \r\nA material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, the reportable condition described above is considered to be a material weakness. \r\nThis report is intended solely for the information and use ofmanagement, members ofthe Thomaston-Upson County Board of Education, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n~-JXL~.4~ Russell W. Hinton State Auditor \r\nRWH:gp 99YB-40 \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 6562174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 3, 2000 \r\n \r\nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Thomaston-Upson County Board of Education \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MNOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULARA-133 \r\nLadies and Gentlemen: \r\nCompliance \r\nWe have audited the compliance of Thomaston-Upson County Board of Education with the types of \r\nu.s. compliance requirements described in the Office ofManagement and Budget (OMB) Circular A-i33 \r\nCompliance Supplement that are applicable to each of its major Federal programs for the year ended June 30, 1999. Thomaston-Upson County Board of Education's major Federal programs are identified in the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility of Thomaston-Upson County Board of Education's management. Our responsibility is to express an opinion on Thomaston.,.Upson County Board of Education's compliance based on our audit. \r\nWe conducted our audit of compliance in accordance with generally accepted auditing standards; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Thomaston-Upson CoUnty Board ofEducation's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Thomaston-Upson County Board of Education's compliance with those requirements. \r\n \r\n99SA-10 \r\n \r\n In our opinion, the Thomaston-Upson County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to each of its major Federal programs for the year ended June 30, 1999. \r\nInternal Control Over Compliance \r\nThe management of Thomaston-Upson County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered ThomastonUpson County Board of Education's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-133. \r\nOur consideration of the internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a condition in which the design or operation of one or more ofthe internal control components does not reduce to a relatively low level ofrisk that noncompliance with applicable requirements of laws, regulations, contracts and grants that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. , \r\nThis report is intended solely for the information and use ofmanagement, members ofthe Thomaston-Upson County Board of Education, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n~.4~ \r\nR ssell W. Hinton State Auditor \r\nRWH:gp 99SA-IO \r\n \r\n SECTIONlli AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 1999 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFS-7451-97-01 FS-7451-98-01 \r\n \r\nFurther Action Not Warranted Unresolved - See Corrective Action/Responses \r\n \r\nCORRECTIVE ACTIONIRESPONSES \r\n \r\nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: FS-745l-98-0l \r\n \r\nDue to current staffing limitations and budgetary considerations prohibiting the hiring of additional administrative staff, the Board has decided not to pursue the recording of general fixed assets on the financial statements. \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n THOMASTON-UPSON COUNTy BOARD OF EDUCATION \r\nSCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 1999 \r\nI SUMMARy OF AUDITOR'S RESULTS \r\n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Thomaston-Upson County Board ofEducation's financial statements was qualified for a scope limitation and for various departures from generally accepted accounting principles. \r\n2. Reportable Conditions in Internal Control Disclosed by the Audit ofthe Financial Statements The audit report for the Thomaston-Upson County Board ofEducation disclosed a financial statement reportable condition related to the following control category. \r\nGeneral Fixed Assets \r\nThe reportable condition described above is considered to be a material weakness. \r\n3. Noncompliance Material to the Financial Statements The audit of the Thomaston-Upson County Board of Education disclosed no instances of noncompliance that were deemed to be material to the financial statements, \r\n4, Reportable Conditions in Internal Control Over Major Programs The audit report for the Thomaston-Upson County Board ofEducation did not disclose any reportable conditions in internal control over major programs, \r\n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Thomaston-Upson County Board ofEducation's report on compliance with requirements applicable to major programs was unqualified, \r\n6. Audit Findings ReQJ.1ired to be JWlorted by Section ,51O(a) ofOMB Circular A-133 The Thomaston-Upson County Board of Education's audit did not disclose audit findings required to be reported by section .510(a) ofOMB Circular A-133, \r\n7, Major Programs Federal awards audited as major programs are as follows: 84,010 Elementary and Secondary Education Act - Title I - Grants to Local Educational Agencies 84,027 Individuals with Disabilities Education Act - Part B - Special Education - Flow Through 84,173 Individuals with Disabilities Education Act - Part B - Special Education - Preschool \r\n8, T)11e \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000,00, \r\n9. Low Risk Auditee \r\nThe Thomaston-Upson County Board of Education was audited as a low risk auditee based on a waiver granted by the U, S. Department ofEducation, \r\n- 1- \r\n \r\n THOMASTON-UPSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 3D. 1999 \r\nIT FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Reportable Condition - Material Weakness Finding Control Number: FS-7451-99-01 The Thomaston-Upson County Board of Education did not maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. This condition results in the general purpose financial statements of the Board being incomplete and not in accordance with generally aCGepted accounting principles. Appropriate action should be taken by the Board to establish accounting controls and procedures to provide for maintenance ofa General Fixed Assets Account Group. These subsidiary records should include an inventory of land, buildings and equipment owned by the Board and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location, and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. \r\nill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\nNo matters were reported. \r\n-2- \r\n \r\n "}],"pages":{"current_page":1,"next_page":null,"prev_page":null,"total_pages":1,"limit_value":10,"offset_value":0,"total_count":5,"first_page?":true,"last_page?":true},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":5}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"creator_facet","items":[{"value":"Georgia. Department of Audits","hits":1},{"value":"Georgia. 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