{"response":{"docs":[{"id":"dlg_ggpd_1493773600-2025-07-08","title":"Annual financial report, fiscal year 2024, Echols County Board of Education, Statenville, Georgia, including independent auditor's report.","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":null,"dc_date":["2025-07-08"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Echols County Board of Education (Ga.))","Fiscal year 2021; title from PDF cover (Georgia Government Publications database, viewed February 5, 2025).","Fiscal year 2023 (Georgia Government Publications database, viewed February 5, 2025)."],"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":["Echols County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Echols County--Auditing--Periodicals.","Education--Georgia--Echols County--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report, fiscal year 2024, Echols County Board of Education, Statenville, 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_1493773600-2025-07-08"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1493773600-2025-07-08"],"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 \nEchols County Board of Education \nStatenville, Georgia \nIncluding Independent Auditor's Report \nGreg S. Griffin | State Auditor \n \n Echols 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 Notes to the Basic Financial Statements \n \n7 \n \nSchedules \n \nRequired Supplementary Information \n \n1 Schedule of Proportionate Share of the Net Pension Liability \n \nTeachers Retirement System of Georgia \n \n33 \n \n2 Schedule of Contributions  Teachers Retirement System of Georgia \n \n34 \n \n3 Schedule of Proportionate Share of the Net Pension Liability Public \n \nSchool Employees Retirement System of Georgia \n \n35 \n \n4 Schedule of Proportionate Share of the Net OPEB Liability \n \nSchool OPEB Fund \n \n36 \n \n5 Schedule of Contributions  School OPEB Fund \n \n37 \n \n6 Notes to the Required Supplementary Information \n \n38 \n \n7 Schedule of Revenues, Expenditures and Changes in Fund \n \nBalances - Budget and Actual General Fund \n \n39 \n \n Supplementary Information \n \n8 Schedule of Expenditures of Federal Awards \n \n40 \n \n9 Schedule of State Revenue \n \n42 \n \n10 Schedule of Approved Local Option Sales Tax Projects \n \n44 \n \nSection II \nCompliance and Internal Control Reports \nIndependent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards \nIndependent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance \n \nSection III Auditee's Response to Prior Year Findings and Questioned Costs \nSummary Schedule of Prior Audit Findings \n \nSection IV Findings and Questioned Costs \nSchedule of Findings and Questioned Costs \n \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. Vincent M. Hamm, Superintendent and Members of the Echols County Board of Education \nReport on the Audit of the Financial Statements \nOpinions \nWe have audited the accompanying financial statements of the governmental activities and each major fund of the Echols County Board of Education (School District) as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents. \nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the School District as of June 30, 2024, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \nBasis for Opinions \nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. \nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \nResponsibilities of Management for the Financial Statements \nManagement is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. \nAuditor's Responsibilities for the Audit of the Financial Statements \nOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. \nIn performing an audit in accordance with GAAS and Government Auditing Standards, we: \n Exercise professional judgment and maintain professional skepticism throughout the audit. \n Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. \n Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, no such opinion is expressed. \n Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. \n Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for a reasonable period of time. \nWe are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. \nRequired Supplementary Information \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 July 8, 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 \nJuly 8, 2025 \n \n ECHOLS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \nOur discussion and analysis of the Echols County Board of Education's (School District) financial performance provides an overall review 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 fiscal year 2024 are as follows: \n In total, net position increased by $2.5 million, which represents a 30.5 percent increase from fiscal year 2023. The increase is due to an excess of revenues over expenditures. \n The deficit balance reflected in the unrestricted net position is due to the implementation of GASB No. 68, GASB No. 71 and GASB No. 75. Excluding the impact of reporting the School District's proportionate share of the collective net pension and OPEB liabilities, as well as the related deferred inflows and outflows of resources, the unrestricted net position would be $10.9 million. \n General revenues accounted for $5.1 million in revenue or 32.7 percent of all revenues. Program specific revenues in the form of charges for services, operating and capital grants and contributions accounted for $10.5 million or 67.3 percent of total revenues. Total revenues were $15.6 million. \n The School District had $13.2 million of expenses related to governmental activities; $10.5 million of these expenses were offset by program specific charges for services, grants, or contributions. General revenues of $5.1 million were sufficient to provide for these programs. \n Among major funds, the general fund had $14.5 million revenues and $14.3 million expenditures and other financing uses. The general fund's balance increased from $3.3 million to $3.4 million. \nUsing the Basic Financial Statements \nThis annual report consists of several parts including management's discussion and analysis (this section), the basic financial statements and supplementary information. These parts are organized so the reader can understand the Echols County Board of Education as a financial whole, or as an entire operating entity. 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 whole School District, presenting both short-term and long-term information about the School District's overall financial status. \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 fund financial statements reflect the School District's most significant funds. In the case of the Echols County Board of Education, the general fund, capital projects fund and debt service fund are the most significant funds. \ni \n \n ECHOLS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \nReporting the School District as a Whole \nStatement of Net Position and Statement of Activities \nWhile these documents contain the large number of funds used by the School District to provide programs and activities, the view of the School District as a whole looks at all financial transactions and asks the question, \"How did we do financially during fiscal year 2024?\" The Statement of Net Position and the Statement of Activities answer this question. These statements include all assets and all liabilities using 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. \nThese two statements report the School District's net position and changes in net position. The change in net position is important because it tells the reader whether, 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 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. \nThe Statement of Net Position and the Statement of Activities reflects the School District's governmental activities. \nReporting the School District's Most Significant Funds \nFund Financial Statements \nFund financial statements provide detailed information about the School District's major funds. The School District uses many funds to account for a multitude of financial transactions. However, the fund financial statements focus on the School District's most significant funds. The School District's major governmental funds are the general fund, the capital projects fund, and the debt service fund. \nGovernmental Funds - All 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 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 is reconciled in the financial statements. \nii \n \n ECHOLS 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 \nThe perspective of the Statement of Net Position is of the School District as a whole. Table 1 provides a summary of the School District's net position for fiscal year 2024 as compared to net position for fiscal year 2023. \n \nTable 1 Net Position \n \nAssets \n \nCurrent and Other Assets \n \n$ \n \nCapital Assets, Net \n \nSubscription Right-To-Use Assets, Net \n \nTotal Assets \n \nDeferred Outflows of Resources Deferred Charge on Debt Refunding Related to Pension/OPEB Plans Total Deferred Outflows of Resources \n \nLiabilities Current and Other Liabilities Net Pension and Net OPEB Liability Long-Term Liabilities Total Liabilities \n \nDeferred Inflows of Resources Related to Pension/OPEB Plans \n \nNet Position Net Investment in Capital Assets Restricted Unrestricted \n \nTotal Net Position \n \n$ \n \nGovernmental Activities \n \nFiscal Year \n \nFiscal Year \n \n2024 \n \n2023 \n \n14,245,492 \n \n$ \n \n13,664,178 \n \n120,431 \n \n28,030,101 \n \n12,011,701 13,571,851 \n25,583,552 \n \n76,055 4,902,747 4,978,802 \n \n96,336 7,007,801 7,104,137 \n \n1,299,321 15,762,157 \n2,371,744 19,433,222 \n3,006,114 \n \n1,262,065 16,692,271 \n2,921,875 20,876,211 \n3,709,237 \n \n11,647,721 1,869,749 (2,947,903) \n10,569,567 $ \n \n10,905,114 1,760,960 (4,563,833) \n8,102,241 \n \nNet Position increased by $2.5 million. \n \niii \n \n ECHOLS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \n \nTable 2 shows the changes in net position for fiscal year 2024 as compared to fiscal year 2023. \n \nTable 2 Changes in Net Position \nRevenues Program Revenues: Charges for Services and Sales Operating Grants and Contributions Capital Grants and Contributions Total Program Revenues \n \nGovernmental Activities \n \nFiscal Year \n \nFiscal Year \n \n2024 \n \n2023 \n \n$ \n \n15,497 $ \n \n17,669 \n \n10,332,643 \n \n9,434,301 \n \n176,220 \n \n88,110 \n \n10,524,360 \n \n9,540,080 \n \nGeneral Revenues: Taxes Property Taxes For Maintenance and Operations For Debt Service For Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Taxes Grants and Contributions Not Restricted to Specific Programs Investment Earnings Miscellaneous \nTotal General Revenues \n \n2,174,134 470,638 21,756 \n236,603 11,917 \n1,247,330 463,492 485,187 \n5,111,057 \n \n2,070,802 477,224 23,456 \n229,875 15,214 \n1,218,178 68,085 \n480,990 4,583,824 \n \nTotal Revenues \n \n15,635,417 \n \n14,123,904 \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 Interest on Long-Term Debt Total Expenses \n \n7,589,636 \n414,970 362,099 172,328 931,376 682,753 \n25,975 1,196,594 \n815,660 45,324 8,478 \n858,939 63,958 \n13,168,090 \n \n6,752,790 \n374,953 300,081 159,013 779,226 672,253 \n21,052 921,713 726,330 \n19,811 18,010 \n776,363 75,673 \n11,597,268 \n \nIncrease (Decrease) in Net Position \n \n$ 2,467,327 $ 2,526,636 \n \niv \n \n ECHOLS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \n \nGovernmental Activities \nInstruction comprises 57.6 percent of governmental program expenses. \nThe Statement of Activities shows the cost of program services and the charges for services and grants offsetting those services. Table 3 shows, for governmental activities, the total cost of services and the net cost of services. That is, it identifies the cost of these services supported by tax revenue and by unrestricted State entitlements. \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 \n7,589,636 $ \n414,970 362,099 172,328 931,376 682,753 \n25,975 1,196,594 \n815,660 45,324 8,478 \n858,939 63,958 \n \n6,752,790 $ 1,218,614 $ 1,003,372 \n \n374,953 300,081 159,013 779,226 672,253 \n21,052 921,713 726,330 \n19,811 18,010 \n \n127,304 150,899 (12,822) 173,854 253,833 \n25,975 253,554 418,511 \n45,324 1,800 \n \n94,467 88,716 (10,751) (84,579) 261,993 21,052 113,624 440,485 19,811 18,010 \n \n776,363 75,673 \n \n(77,074) 63,958 \n \n15,316 75,673 \n \nTotal Expenses \n \n$ 13,168,090 $ 11,597,268 $ 2,643,730 $ 2,057,189 \n \nAlthough program revenues make up 67.3 percent of the revenues, the School District is still dependent upon tax revenues for governmental activities. For 2024, 16.0 percent of instruction activities are supported through taxes, and other general revenues; for all governmental activities, general revenue support is 20.1 percent. \n \nThe School District's Funds \n \nThe School District's governmental funds are accounted for using the modified accrual basis of accounting. Total governmental funds had revenues of $15.6 million and expenditures of $13.4 million, resulting in fund balance increase of $2.2 million. \n \nv \n \n ECHOLS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \n \nGeneral Fund Budgeting Highlights \nThe School District's budget is prepared according to Georgia law. The most significant budgeted fund is the general fund. \nThe School District budget is adopted at the aggregate level but prepared and presented by fund, function, and object for management control. \nFor the general fund, actual revenues of $14.5 million were more than the final budget of $13.9 million by $518 thousand. The difference is due to a combination of factors, but primarily due to the addition of student activity accounts that are not budgeted along with increased taxes and federal funds. \nActual expenditures and other uses of $14.3 million were less than the final budget of $14.6 million by $290 thousand. \nCapital Assets, Debt Administration, and Right-to-Use Assets \nCapital Assets \nAt the end of fiscal year 2024, the School District had $13.7 million invested in capital assets, net of accumulated depreciation, all in governmental activities. Table 4 shows balances for fiscal year 2024 compared to balances for fiscal year 2023. \n \nTable 4 Capital Assets (Net of Depreciation) \n \nGovernmental Activities \n \nFiscal Year \n \nFiscal Year \n \n2024 \n \n2023 \n \nLand \n \n$ \n \n561,835 $ \n \n561,835 \n \nBuildings and Improvements \n \n11,671,269 \n \n12,015,219 \n \nEquipment \n \n1,100,837 \n \n845,569 \n \nLand Improvements \n \n330,237 \n \n149,228 \n \nTotal \n \n$ \n \n13,664,178 $ \n \n13,571,851 \n \nvi \n \n ECHOLS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \n \nDebt Administration \n \nAt June 30, 2024, the School District had $2.4 million in total debt outstanding. Table 5 shows balances for fiscal year 2024 compared to balances for fiscal year 2023. \n \nTable 5 Debt at June 30 \n \nGovernmental Activities \n \nFiscal Year \n \nFiscal Year \n \n2024 \n \n2023 \n \nGeneral Obligation Bonds Unamortized Bond Premiums \n \n$ 2,240,000 $ 2,755,000 \n \n131,744 \n \n166,875 \n \nTotal \n \n$ 2,371,744 $ 2,921,875 \n \nSubscription Right-to-Use Assets \nAt June 30, 2024, the School District had $120,431 in total subscription right-to-use assets. Table 6 shows balances for fiscal year 2024 compared to balances for fiscal year 2023. \nTable 6 Subscription Right-to-Use Assets \n \nIntangible Right-to-Use Assets Subscription Assets \nCurrent Issues \n \nGovernmental Activities \n \nFiscal Year \n \nFiscal Year \n \n2024 \n \n2023 \n \n$ \n \n120,431 $ \n \n- \n \nThe following issues are expected to have a significant impact on the financial positions or results of operations. \n \nState and Local Economy \n \nThe state of Georgia's economy continues to show strong economic growth that provides financial stability for school districts. Districts rely heavily on state funding, property taxes, and local sales tax for revenues to support schools, students, and staff. House Bill 581, known as \"Save Our Homes Act' includes a statewide homestead exemption which limits annual increases in home value assessments, potentially affecting local revenues. \n \nvii \n \n ECHOLS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 With the significant increases in cost of goods and materials, the expiration of the Coronavirus Aid, Relief, and Economic Security (CARES) and the American Recovery Act (ARA) federal grants, combined with the potential for reduced local funding from House Bill 581, the district may face substantial budget challenges ahead. Even with these uncertainties regarding future economic stability and with limited financial resources, the School District is optimistic about their ability to maximize all of the financial resources to provide a quality education for the students in Echols County. Contacting the School District's Financial Management This financial report is designed to provide our citizens, taxpayers, investors, and creditors with a general overview of the School District's finances and to show the School District's accountability for the money it receives. If you have questions about this report or need additional information, contact Mr. Dave Rosser, Director of Finance, at the Echols County Board of Education, 216 US Highway 129 North, Statenville, GA. You may also email any questions to dave.rosser@echols.k12.ga.us or visit our website at www.echols.k12.ga.us. \nviii \n \n Echols County Board of Education \n \n ECHOLS COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2024 \nASSETS Cash and Cash Equivalents Accounts Receivable, Net \nTaxes State Government Federal Government Inventories Subscription Right-to-Use Assets (Net of Accumulated Amortization) Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \nTotal Assets \nDEFERRED OUTFLOWS OF RESOURCES Deferred Charge on Debt Refunding Related to Defined Benefit Pension Plan Related to OPEB Plan \nTotal Deferred Outflows of Resources \nLIABILITIES Accounts Payable Salaries and Benefits Payable Interest Payable Deposits and Unearned Revenues Net Pension Liability Net OPEB Liability Long-Term Liabilities \nDue Within One Year Due in More Than One Year \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \nTotal Deferred Inflows of Resources \nNET POSITION Net Investment in Capital Assets Restricted for \nBus Replacement Continuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \nTotal Net Position \n \nEXHIBIT \"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n12,582,549.95 \n \n206,749.87 881,401.00 559,551.00 \n15,241.06 120,430.54 561,834.57 13,102,343.43 28,030,101.42 \n \n76,054.74 3,442,414.00 1,460,333.00 4,978,801.74 \n \n20,532.46 1,223,196.66 \n16,708.20 38,884.00 10,333,208.00 5,428,949.00 \n565,131.60 1,806,611.90 19,433,221.82 \n \n254,367.00 2,751,747.00 3,006,114.00 \n \n11,647,721.50 \n \n2,460.00 279,784.32 \n94,530.10 1,492,974.29 (2,947,902.87) \n \n$ \n \n10,569,567.34 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 1 - \n \n ECHOLS COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30, 2024 \n \nEXHIBIT \"B\" \n \nEXPENSES \n \nCHARGES FOR SERVICES \n \nPROGRAM REVENUES OPERATING GRANTS AND \nCONTRIBUTIONS \n \nCAPITAL GRANTS AND CONTRIBUTIONS \n \nNET (EXPENSES) REVENUES \nAND CHANGES IN NET POSITION \n \nGOVERNMENTAL ACTIVITIES \n \nInstruction \n \n$ \n \nSupport Services \n \nPupil Services \n \nImprovement of Instructional Services \n \nEducational Media Services \n \nGeneral Administration \n \nSchool Administration \n \nBusiness Administration \n \nMaintenance and Operation of Plant \n \nStudent Transportation Services \n \nCentral Support Services \n \nOther Support Services \n \nOperations of Non-Instructional Services \n \nFood Services \n \nInterest on Long-Term Debt \n \n7,589,635.75 $ \n414,969.70 362,099.25 172,328.19 931,376.25 682,752.87 \n25,975.45 1,196,594.15 \n815,660.22 45,323.67 8,477.76 \n858,938.89 63,958.27 \n \n- $ \n- \n15,497.60 - \n \n6,371,022.06 $ \n287,666.22 211,199.93 185,150.60 757,521.78 428,919.84 \n943,040.24 220,928.95 \n6,677.76 \n920,515.51 - \n \n- $ \n176,220.00 - \n- \n \n(1,218,613.69) \n(127,303.48) (150,899.32) \n12,822.41 (173,854.47) (253,833.03) \n(25,975.45) (253,553.91) (418,511.27) \n(45,323.67) (1,800.00) \n77,074.22 (63,958.27) \n \nTotal Governmental Activities \n \n$ \n \n13,168,090.42 $ \n \n15,497.60 $ 10,332,642.89 $ \n \n176,220.00 \n \n(2,643,729.93) \n \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations For Debt Services Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous Total General Revenues \n \n2,174,133.58 470,638.46 21,756.27 \n236,602.50 11,916.79 \n1,247,330.00 463,491.93 485,187.06 \n5,111,056.59 \n \nChange in Net Position \n \n2,467,326.66 \n \nNet Position - Beginning of Year \n \n8,102,240.68 \n \nNet Position - End of Year \n \n$ \n \n10,569,567.34 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 2 - \n \n ECHOLS COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30, 2024 \n \nEXHIBIT \"C\" \n \nASSETS Cash and Cash Equivalents Accounts Receivable, Net \nTaxes State Government Federal Government Due from Other Funds Inventories \nTotal Assets \nLIABILITIES Accounts Payable Salaries and Benefits Payable Due to Other Funds Deposits and Unearned Revenues \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes \nFUND BALANCES Nonspendable Restricted Committed Assigned Unassigned \nTotal Fund Balances \nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ \n \n3,155,359.28 $ \n \n9,353,051.02 $ \n \n147,630.15 881,401.00 559,551.00 \n9,400.00 15,241.06 \n \n22,021.07 - \n \n$ \n \n4,768,582.49 $ \n \n9,375,072.09 $ \n \n74,139.65 $ \n37,098.65 - \n111,238.30 $ \n \n12,582,549.95 \n206,749.87 881,401.00 559,551.00 \n9,400.00 15,241.06 \n14,254,892.88 \n \n$ \n \n20,532.46 $ \n \n1,223,196.66 \n \n- \n \n38,884.00 \n \n1,282,613.12 \n \n- $ 9,400.00 9,400.00 \n \n- $ - \n \n20,532.46 1,223,196.66 \n9,400.00 38,884.00 1,292,013.12 \n \n67,272.30 \n \n- \n \n20,775.43 \n \n88,047.73 \n \n15,241.06 267,003.26 149,637.00 226,704.89 2,760,110.86 3,418,697.07 \n \n1,492,974.29 \n7,872,697.80 \n9,365,672.09 \n \n90,462.87 \n90,462.87 \n \n15,241.06 1,850,440.42 \n149,637.00 8,099,402.69 2,760,110.86 12,874,832.03 \n \n$ \n \n4,768,582.49 $ \n \n9,375,072.09 $ \n \n111,238.30 $ \n \n14,254,892.88 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 3 - \n \n ECHOLS COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \nTO THE STATEMENT OF NET POSITION JUNE 30, 2024 \n \nEXHIBIT \"D\" \n \nTotal fund balances - governmental funds (Exhibit \"C\") \nAmounts reported for governmental activities in the Statement of Net Position are different because: \nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land Buildings and improvements Equipment Land improvements Accumulated depreciation \nRight-to-use assets used in governmental activities are not financial resources and therefore are not reported in the funds. Subscription assets Accumulated amortization - Right-to-use assets \nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB liability \nDeferred charges or credits on debt refundings are applicable to future periods and are therefore not reported in the funds and are amortized over the life of the new debt. \nDeferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. Related to pensions Related to OPEB \nTaxes that are not available to pay for current period expenditures are deferred in the funds. \nLong-term liabilities, and related accrued interest, are not due and payable in the current period and therefore are not reported in the funds. Bonds payable Accrued interest payable Unamortized bond premiums \nNet position of governmental activities (Exhibit \"A\") \n \n$ \n \n12,874,832.03 \n \n$ \n \n561,834.57 \n \n17,827,937.14 \n \n2,194,362.82 \n \n546,031.00 \n \n(7,465,987.53) \n \n13,664,178.00 \n \n$ \n \n162,585.81 \n \n(42,155.27) \n \n120,430.54 \n \n$ \n \n(10,333,208.00) \n \n(5,428,949.00) \n \n(15,762,157.00) 76,054.74 \n \n$ \n \n3,188,047.00 \n \n(1,291,414.00) \n \n1,896,633.00 88,047.73 \n \n$ \n \n(2,240,000.00) \n \n(16,708.20) \n \n(131,743.50) \n \n(2,388,451.70) \n \n$ \n \n10,569,567.34 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 4 - \n \n ECHOLS 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 Principal Interest Total Expenditures \nRevenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES) Transfers In Transfers Out Total Other Financing Sources (Uses) \nNet Change in Fund Balances \nFund Balances - Beginning \nFund Balances - Ending \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ \n \n2,191,159.88 $ \n \n11,916.79 \n \n8,599,877.82 \n \n3,138,542.07 \n \n15,497.60 \n \n23,285.76 \n \n485,187.06 \n \n14,465,466.98 \n \n- $ 236,602.50 \n440,206.17 676,808.67 \n \n466,740.02 $ - \n466,740.02 \n \n2,657,899.90 248,519.29 \n8,599,877.82 3,138,542.07 \n15,497.60 463,491.93 485,187.06 15,609,015.67 \n \n7,019,645.65 \n395,730.74 335,794.92 162,217.50 875,045.34 653,051.53 \n22,805.00 1,229,470.09 \n969,064.29 45,323.67 8,477.76 \n946,565.20 - \n12,663,191.69 1,802,275.29 \n \n- \n164,108.00 \n164,108.00 512,700.67 \n \n- \n- \n515,000.00 82,650.00 \n597,650.00 (130,909.98) \n \n7,019,645.65 \n395,730.74 335,794.92 162,217.50 875,045.34 653,051.53 \n22,805.00 1,229,470.09 \n969,064.29 45,323.67 8,477.76 \n946,565.20 164,108.00 \n515,000.00 82,650.00 \n13,424,949.69 2,184,065.98 \n \n(1,656,827.49) (1,656,827.49) \n145,447.80 \n \n3,273,249.27 \n \n$ \n \n3,418,697.07 $ \n \n1,654,708.00 (171,000.00) 1,483,708.00 \n1,996,408.67 \n7,369,263.42 \n9,365,672.09 $ \n \n173,119.49 - \n173,119.49 \n42,209.51 \n48,253.36 \n90,462.87 $ \n \n1,827,827.49 (1,827,827.49) \n- \n2,184,065.98 \n10,690,766.05 \n12,874,832.03 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 5 - \n \n ECHOLS 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 and right-to-use assets are allocated over their estimated useful lives as depreciation expense. Capital outlay Intangible right-to-use outlay Depreciation expense Amortization expense \nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \nThe issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts and the difference between the carrying value of refunded debt and the acquisition cost of refunded debt when debt is first issued. These amounts are deferred and amortized in the Statement of Activities. Amortization of deferred charge on refunding of bonds Bond principal retirements Amortization of bond premium \nDistrict pension/OPEB contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension/OPEB liability is measured a year before the District's report date. Pension/OPEB expense, which is the change in the net pension/OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions/OPEB, is reported in the Statement of Activities. Pension expense OPEB expense \nSome items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. Net decrease of accrued interest \nChange in net position of governmental activities (Exhibit \"B\") \n \n$ \n \n2,184,065.98 \n \n$ \n \n584,205.00 \n \n162,585.81 \n \n(491,878.00) \n \n(42,155.27) \n \n212,757.54 8,628.41 \n \n$ \n \n(20,281.26) \n \n515,000.00 \n \n35,131.60 \n \n529,850.34 \n \n$ \n \n(894,676.00) \n \n422,859.00 \n \n(471,817.00) \n \n3,841.39 \n \n$ \n \n2,467,326.66 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 6 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \nReporting Entity \nThe Echols County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe accompanying financial statements of the School District have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). GASB is the accepted standard-setting body for governmental accounting and financial reporting principles. The most significant of the School District's accounting policies are described below. \nBasis of Presentation \nThe School District's basic financial statements are collectively comprised of the government-wide financial statements, fund financial statements and notes to the basic financial statements. The government-wide statements focus on the School District as a whole, while the fund financial statements focus on major funds. Each presentation provides valuable information that can be analyzed and compared between years and between governments to enhance the information's usefulness. \nGovernment-Wide Statements: \nThe Statement of Net Position and the Statement of Activities display information about the financial activities of the overall School District. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \nThe Statement of Net Position presents the School District's assets, deferred outflows of resources, deferred inflows of resources and liabilities, with the difference reported as net position. Net position is reported in three categories as follows: \n1. Net investment in capital assets consists of the School District's total investment in capital assets, net of accumulated depreciation, and reduced by outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of net investment in capital assets. \n2. Restricted net position consists of resources for which the School District is legally or contractually obligated to spend in accordance with restrictions imposed by external third parties or imposed by law through constitutional provisions or enabling legislation. \n3. Unrestricted net position consists of resources not meeting the definition of the two preceding categories. Unrestricted net position often has constraints on resources imposed by management which can be removed or modified. \n \n- 7 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \nDirect expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \nProgram revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \nFund Financial Statements \nThe fund financial statements provide information about the School District's funds. Eliminations have been made to minimize the double counting of internal activities. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \nThe School District reports the following major governmental funds: \n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST) that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \n The debt service fund accounts for and reports financial resources that are restricted, committed, or assigned including taxes (property) legally restricted for the payment of general long-term principal and interest. \nBasis of Accounting \nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, and grants. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants is recognized in the fiscal year in which all eligibility requirements have been satisfied. \nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \n \n- 8 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. The School District considers certain revenues reported in the governmental funds to be available if they are collected within 60 days after year-end. The School District considers all intergovernmental revenues to be available if they are collected within 120 days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities and subscription assets 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-reimburseable grants, then general revenues. \nNew Accounting Pronouncements \nIn fiscal year 2024, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 100, Accounting Changes and Error Corrections. The objective of this statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent and comparable information for making decisions or assessing accountability. The adoption of this statement did not have a material impact on the School District's financial statements. This statement will be applied prospectively. \nCash and Cash Equivalents \nCash and cash equivalents consist of cash on hand, demand deposits, investments in the State of Georgia local government investment pool (Georgia Fund 1) and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated (O.C.G.A.) 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \nReceivables \nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \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- 9 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \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 \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 method for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \n \nCapitalization Policy \n \nEstimated Useful Life \n \nLand Land Improvements Buildings and Improvements Equipment Intangible Assets \n \nAny Amount \n \n$ \n \n10,000.00 \n \n$ \n \n10,000.00 \n \n$ \n \n10,000.00 \n \n$ \n \n50,000.00 \n \nN/A 15 to 60 years Up to 100 years \n5 to 20 years 5 to 20 years \n \nIntangible Right-To-Use Assets \nSubscription-based information technology arrangements (SBITAs) result in an intangible right-to-use subscription asset on the Statement of Net Position. \nAn intangible right-to-use asset represents the School District's right to use an underlying asset for the subscription term. Intangible right-to-use assets are recognized based on the present value of subscription payments over the subscription term, where the initial term exceeds 12 months. Residual value guarantees and the value of an option to extend or terminate a subscription are reflected to the extent it is reasonably certain to be paid or exercised. Intangible right-to-use assets are amortized \n \n- 10 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nusing a straight-line basis over the shorter of the subscription term or useful life of the underlying asset. Prepayments made before the commencement of the subscription are reported as intangible right-to-use assets-in-progress. \nThe capitalization threshold of intangible right-to-use assets reported in the government-wide statements is as follows: \nCapitalization Policy \n \nSubscription Assets \n \n$ 50,000.00 \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. \n \nLong-Term Liabilities and Bond Discounts/Premiums \nIn the School District's government-wide financial statements, outstanding debt is reported as liabilities. Bond premiums and discounts and the difference between the reacquisition price and the net carrying value of refunded debt are deferred and amortized over the life of the bonds using the straightline method. To conform to generally accepted accounting principles, bond premiums and discounts should be amortized using the effective interest method. The effect of this deviation is deemed to be immaterial to the fair presentation of the basic financial statements. Bond issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \nIn the governmental fund financial statements, the School District recognizes the proceeds of debt and premiums as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures. \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. \n \n- 11 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nPost-Employment Benefits Other Than Pensions (OPEB) \nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Post-Employment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \nFund Balances \nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \nThe School District's fund balances are classified as follows: \nNonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \nRestricted consists of resources that can be used only for specific purposes pursuant to constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \nUse of Estimates \nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \n \n- 12 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nProperty Taxes \nThe Echols County Board of Commissioners adopted the property tax levy for the 2023 tax digest year (calendar year) on October 5, 2023 (levy date) based on property values as of January 1, 2023. Taxes were due on December 20, 2023 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2023 tax digest are reported as revenue in the governmental funds for fiscal year 2024. The Echols 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 $1,900,217.58 and for school bonds amounted to $466,740.02. \nThe tax millage rates levied for the 2023 tax digest year (calendar year) for the School District were as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations School Bonds \n \n15.501 mills 4.135 mills \n \n19.636 mills \n \nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $269,186.03 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 $236,602.50 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \nNOTE 3: BUDGETARY DATA \nThe budget is a complete financial plan for the School District's fiscal year and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general, debt service, and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds, except the various school activity (principal) accounts, is prepared and adopted by fund, function, and object. The legal level of budgetary control was established by the Board at the aggregate fund level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. Two public hearings to receive input are held prior to the final adoption of the budget. 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 \n \n- 13 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \napproved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \nNOTE 4: DEPOSITS AND CASH EQUIVALENTS \nCollateralization of Deposits \nO.C.G.A. 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A. 45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance. \nAcceptable security for deposits consists of any one of or any combination of the following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \n \n- 14 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \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 $2,880,856.88, and a bank balance of $3,377,450.53. The bank balances insured by Federal depository insurance were $250,000.00. \nAt June 30, 2024, $3,127,450.53 of the School District's bank balances was in the State's Secure Deposit Program (SDP). \nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. The SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians. \nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to fully collateralized. \nReconciliation of cash and cash equivalents balances to carrying value of deposits: \n \nCash and cash equivalents Statement of Net Position \n \n$ 12,582,549.95 \n \nLess: Investment pools reported as cash and cash equivalents \nGeorgia Fund 1 \n \n9,701,693.07 \n \nTotal carrying value of deposits - June 30, 2024 \n \n$ 2,880,856.88 \n \nCategorization of Cash Equivalents \nThe School District reported cash equivalents of $9,701,693.07 in Georgia Fund 1, a local government investment pool, which is included in the cash balances above. Georgia Fund 1 is not registered with the SEC as an investment company and does not operate in a manner consistent with the SEC's Rule 2a-7 of the Investment Company Act of 1940. The investment is valued at the pool's share price, $1.00 per share, which approximates fair value. The pool is an AAAf rated investment pool by Fitch. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2024 was 33 days. \n \n- 15 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nGeorgia Fund 1, administered by the State of Georgia, Office of the State Treasurer, is not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of the State Treasurer for the Georgia Fund 1, does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State of Georgia Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \n \nNOTE 5: CAPITAL ASSETS AND INTANGIBLE RIGHT-TO-USE ASSETS \nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \n \nBalances July 1, 2023 \n \nIncreases \n \nDecreases \n \nBalances June 30, 2024 \n \nGovernmental Activities Capital Assets, \nNot Being Depreciated: Land \n \n$ \n \n561,834.57 $ \n \n- $ \n \n- $ \n \n561,834.57 \n \nCapital Assets, Being Depreciated: Buildings and Improvements Equipment Land Improvements \n \n17,827,937.14 2,074,557.82 343,153.00 \n \n381,327.00 202,878.00 \n \n261,522.00 \n- \n \n17,827,937.14 2,194,362.82 546,031.00 \n \nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \n \n5,812,718.25 1,228,988.83 \n193,924.45 \n \n343,950.00 126,058.00 \n21,870.00 \n \n261,522.00 \n- \n \n6,156,668.25 1,093,524.83 \n215,794.45 \n \nTotal Capital Assets, Being Depreciated, Net \n \n13,010,016.43 \n \n92,327.00 \n \nGovernmental Activities Capital Assets - Net \n \n$ 13,571,851.00 $ \n \n92,327.00 $ \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction \n \nSupport Services \n \nPupil Services \n \n$ \n \nGeneral Administration \n \nBusiness Administration \n \nMaintenance and Operation of Plant \n \nStudent Transportation Services \n \nFood Services \n \n$ \n5,843.00 5,673.00 3,111.00 9,521.00 94,191.00 \n \n- \n \n13,102,343.43 \n \n- $ 13,664,178.00 \n \n358,396.00 \n \n118,339.00 15,143.00 \n \n$ \n \n491,878.00 \n \n- 16 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nThe following is a summary of changes in the intangible right-to-use assets for governmental activities during the fiscal year: \n \nBalances July 1, 2023 \n \nIncreases \n \nDecreases \n \nBalance June 30, 2024 \n \nGovernmental Activities Intangible Right-to-Use Assets \nSubscription Assets \n \n$ \n \n- $ 162,585.81 $ \n \n- $ 162,585.81 \n \nLess Accumulated Amortization: Subscription Assets \n \n- \n \n42,155.27 \n \n- \n \n42,155.27 \n \nGovernmental Activities \n \nIntangible Right-to-Use Assets - Net \n \n$ \n \n- $ 120,430.54 $ \n \nCurrent year amortization expense by function is as follows: \n \nSupport Services Pupil Services General Administration Business Administration Maintenance and Operation of Plant \nFood Services \n \n$ \n \n500.76 \n \n486.19 \n \n8,339.04 \n \n31,531.48 \n \n- $ 120,430.54 \n40,857.47 1,297.80 \n \n$ \n \n42,155.27 \n \nNOTE 6: INTERFUND ASSETS, LIABILITIES, AND TRANSFERS \n \nInterfund 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 \nCapital Projects Fund \n \n9,400.00 $ - \n \n9,400.00 \n \n$ \n \n9,400.00 $ \n \n9,400.00 \n \nThe interfund balances presented of $9,400.00 are derived from an expenditure originally paid by the general fund for testing services and to be reimbursed by the capital projects fund after the fiscal year. \n \n- 17 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nInterfund Transfers Interfund transfers for the year ended June 30, 2024, consisted of the following: \n \nTransfers to \n \nGeneral Fund \n \nTransfer From \nCapital Projects Fund \n \nTotal \n \nCapital Projects Fund Debt Service Fund \nTotal \n \n$ 1,654,708.00 $ 2,119.49 \n$ 1,656,827.49 $ \n \n- $ 1,654,708.00 \n \n171,000.00 \n \n173,119.49 \n \n171,000.00 $ 1,827,827.49 \n \nTransfers are used to move property tax revenues collected by the general fund to capital projects fund and debt service fund as supplemental funding source for capital construction projects and debt service payments. Transfers are used to move ESPLOST revenues collected by the capital projects fund to the debt service fund for debt service payments. \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 \n \n$ 2,755,000.00 $ 166,875.10 \n \n- $ 515,000.00 $ 2,240,000.00 $ 530,000.00 \n \n- \n \n35,131.60 \n \n131,743.50 \n \n35,131.60 \n \n$ 2,921,875.10 $ \n \n- $ 550,131.60 $ 2,371,743.50 $ 565,131.60 \n \nGeneral Obligation Bonds Outstanding \nThe School District's bonded debt consists of general obligation bonds that are generally noncallable with interest payable semiannually. Bond proceeds primarily pay for acquiring or constructing capital facilities. Bonds have also been issued to advance-refund previously issued bonds. The School District repays general obligation bonds from voter-approved property taxes and ESPLOST proceeds. 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. The debt will be satisfied from the general fund, from a direct annual ad valorem tax levied upon all taxable property within the School District or from ESPLOST proceeds. Additional security is provided by the State of Georgia Intercept Program which allows for state appropriations entitled to the School District to be transferred to the Debt Service Account Custodian for the payment of debt. \nGeneral obligation bonds currently outstanding are as follows: \n \nDescription \n \nInterest Rates \n \nIssue Date \n \nMaturity Date \n \nAmount Issued \n \nAmount Outstanding \n \nGeneral Government - Refunding - Series 2016 \n \n2.00% - 3.00% 10/18/2016 \n \n4/1/2028 $ 4,800,000.00 $ 2,240,000.00 \n \n- 18 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nThe following schedule details debt service requirements to maturity for the School District's total general obligation bonds payable: \n \nFiscal Year Ended June 30: \n \nGeneral Obligation Debt \n \nPrincipal \n \nInterest \n \nUnamortized Bond Premium \n \n2025 2026 2027 2028 \n \n$ \n \n530,000.00 $ \n \n67,200.00 $ \n \n550,000.00 \n \n51,300.00 \n \n570,000.00 \n \n34,800.00 \n \n590,000.00 \n \n17,700.00 \n \n35,131.60 35,131.60 35,131.60 26,348.70 \n \nTotal Principal and Interest $ 2,240,000.00 $ 171,000.00 $ \n \n131,743.50 \n \nNOTE 8: RISK MANAGEMENT \nInsurance \nThe School District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors or omissions; job related illness or injuries to employees; and natural disasters. \nGeorgia School Boards Association Risk Management Fund \nThe School District participates in the Georgia School Boards Association Risk Management Fund (the Fund), a public entity risk pool organized on August 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, errors and omissions liability, cyber risk and property damage, including safety engineering and other loss prevention and control techniques, and to administer the Fund including the processing and defense of claims brought against members of the Fund . The School District pays an annual contribution to the Fund for coverage. Reinsurance is provided to the Fund through agreements by the Fund with insurance companies according to their specialty for property (including coverage for flood and earthquake), machinery breakdown, general liability, errors and omissions, crime, cyber risk and automobile risks. Reinsurance limits and retentions vary by line of coverage. \nWorkers' Compensation \nGeorgia School Boards Association Workers' Compensation Fund \nThe School District participates in the Georgia School Boards Association Workers' Compensation Fund (the Fund), a public entity risk pool organized on July 1, 1992, to develop, implement, and administer a program to reduce the risk of loss from employee accidents. The School District pays an annual contribution to the Fund for coverage. The Fund provides statutory limits of coverage for Workers' Compensation coverage and a $2,000,000 limit per occurrence for Employers' Liability coverage. Excess insurance coverage is provided through an agreement between the Fund and the Safety National Casualty Corporation to limit the Fund's exposure to large losses. \n \n- 19 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nUnemployment Compensation \nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the general fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. The School District has not incurred any claims liability during the last three fiscal years. \n \nSurety Bond The School District purchased a surety bond to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nSuperintendent \n \n$ \n \n100,000.00 \n \nNOTE 9: FUND BALANCE CLASSIFICATION DETAILS \nThe School District's financial statements include the following amounts presented in the aggregate at June 30, 2024: \n \nNonspendable Inventories \nRestricted Bus Replacement Continuation of Federal Programs Capital Projects Debt Service \nCommitted Auditorium Renovation Design Other (Equipment and Supplies) \nAssigned Local Capital Outlay Projects School Activity Accounts \nUnassigned \n \n$ \n \n15,241.06 \n \n$ \n \n2,460.00 \n \n264,543.26 \n \n1,492,974.29 \n \n90,462.87 \n \n1,850,440.42 \n \n$ \n \n9,100.00 \n \n140,537.00 \n \n149,637.00 \n \n$ 7,872,697.80 226,704.89 \n \n8,099,402.69 2,760,110.86 \n \nFund Balance, June 30, 2024 \n \n$ 12,874,832.03 \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. \nIt is the goal of the School District to achieve and maintain committed, assigned, and unassigned fund balances 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, net of any committed reserve balance for capital expenditures and assigned fund balances \"to cover unanticipated deficiencies in revenue or unanticipated expenditures\" in compliance with O.C.G.A.  20-2-167(a)5. If the total of the committed, assigned, and unassigned fund balances (net of the previous allowances) at fiscal year-end falls below the goal, the School District shall develop a restoration plan to achieve and maintain the minimum fund balance. Unbudgeted Activity Funds shall be excluded from the calculation. \n \n- 20 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nNOTE 10: SIGNIFICANT CONTINGENT LIABILITIES \nFederal Grants \nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position. \nLitigation \nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine School District operations. The ultimate disposition of these proceedings is not presently determinable but is not believed to have a material adverse effect on the financial condition of the School District. \nNOTE 11: OTHER POST-EMPLOYMENT BENEFITS (OPEB) \nGeorgia School Personnel Post-Employment Health Benefit Fund \nPlan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit post-employment 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 $204,679.00 for the year ended June 30, 2024. Active employees are not required to contribute to the School OPEB Fund. \n \n- 21 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \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 a liability of $5,428,949.00 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 0.049564%, which was a decrease of 0.001339% from its proportion measured as of June 30, 2022. \nFor the year ended June 30, 2024, the School District recognized OPEB expense of ($218,180.00). At June 30, 2024, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \n \nOPEB Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual \n \nexperience \n \n$ \n \n158,245.00 $ 1,559,258.00 \n \nChanges of assumptions \n \n986,333.00 \n \n677,993.00 \n \nNet difference between projected and actual \n \nearnings on OPEB plan investments \n \n3,257.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n107,819.00 \n \n514,496.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n204,679.00 \n \n- \n \nTotal \n \n$ \n \n1,460,333.00 $ 2,751,747.00 \n \n- 22 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nSchool District contributions subsequent to the measurement date are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: \n \nYear Ended June 30: \n \nOPEB \n \n2025 2026 2027 2028 2029 Thereafter \n \n$ \n \n(451,388.00) \n \n$ \n \n(393,160.00) \n \n$ \n \n(473,252.00) \n \n$ \n \n(193,925.00) \n \n$ \n \n11,081.00 \n \n$ \n \n4,551.00 \n \nActuarial Assumptions: The total OPEB liability as of June 30, 2023 was determined by an actuarial valuation as of June 30, 2022 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2023: \n \nOPEB: \n \nInflation Salary increases Long-term expected rate of return \nHealthcare cost trend rate Ultimate trend rate Year of Ultimate trend rate \n \n2.50% 3.00%  8.75%, including inflation 7.00%, compounded annually, net of investment expense, and including inflation 7.00% 4.50% 2032 \n \nThe Plan currently uses mortality tables that vary by age, gender, and health status (i.e. disabled or not disabled) as follows: \n For TRS members: Post-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% was used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \n \n- 23 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \n For PSERS members: Pre-retirement mortality rates were based on the Pub-2010 General Employee Mortality Table, with no adjustment, with the MP-2019 Projections scale applied generationally. Post-retirement mortality rates for service retirements were based on the Pub-2010 General Healthy Annuitant Mortality Table (ages set forward one year and adjusted 101% for males and 103% for females) with the MP-2019 Projection scale applied generationally. Postretirement mortality rates for disability retirements were based on the Pub-2010 General Disabled Mortality Table (ages set back three years for males and adjusted 103% for males and 106% for females) with the MP-2019 Projections scaled applied generationally. Postretirement mortality rates for beneficiaries were based on the Pub-2010 General Contingent Survivor Mortality Table (ages set forward two years and adjust 104% for males and 99% for females) with the MP-2019 Project scale applied generationally. \n \nThe actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2018, with the exception of the assumed annual rate of inflation with changed from 2.75% to 2.50%, effective with the June 30, 2018 valuation. \n \nThe remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2022 valuation were based on a review of recent plan experience done concurrently with the June 30, 2022 valuation. \n \nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \n \nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \n \nAsset Class \n \nTarget Allocation \n \nLong-Term Expected Real Rate of Return* \n \nFixed income Equities \nTotal \n \n30.00% 70.00% \n100.00% \n \n1.50% 9.40% \n \n* Net of inflation \n \n- 24 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \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. \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 of the Net OPEB liability \n \n$ \n \n6,153,964.00 $ \n \n5,428,949.00 $ \n \n4,818,333.00 \n \nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates: The following presents the School District's proportionate share of the net OPEB liability, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates: \n \n1% Decrease \n \nCurrent Healthcare Cost Trend Rate \n \n1% Increase \n \nSchool District's proportionate share of the Net OPEB liability \n \n$ \n \n4,676,320.00 $ \n \n5,428,949.00 $ \n \n6,356,779.00 \n \nOPEB Plan Fiduciary Net Position: Detailed information about the OPEB plan's fiduciary net position is available in the Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \n \nNOTE 12: RETIREMENT PLANS \nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \nTeachers Retirement System of Georgia (TRS) \nPlan Description: All teachers of the School District as defined in O.C.G.A. 47-3-60 and certain other support personnel as defined by O.C.G.A. 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple-employer defined benefit pension \n- 25 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nplan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Pursuant to O.C.G.A. 47-3-63, the employer contributions for certain full-time public school support personnel are funded on behalf of the employer by the State of Georgia. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2024. The School District's contractually required contribution rate for the year ended June 30, 2024 was 19.98% of annual School District payroll, of which 19.52% of payroll was required from the School District and 0.46% of payroll was required from the State. For the current fiscal year, employer contributions to the pension plan were $1,074,285.00 and $25,079.56 from the School District and the State, respectively. \nPublic School Employees Retirement System (PSERS) \nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \nBenefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \nUpon retirement, the member will receive a monthly benefit of $16.00, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits. \n \n- 26 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \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 $12,965.00. \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 $10,333,208.00 for its proportionate share of the net pension liability for TRS. \nThe TRS net pension liability reflected a reduction for support provided to the School District by the State of Georgia for certain public school support personnel. The amount recognized by the School District as its proportionate share of the net pension liability, the related State of Georgia support, and the total portion of the net pension liability that was associated with the School District were as follows: \n \nSchool District's proportionate share of the net pension liability \n \n$ \n \n10,333,208.00 \n \nState of Georgia's proportionate share of the net pension liability associated with the School District \n \n239,737.00 \n \nTotal \n \n$ \n \n10,572,945.00 \n \nThe net pension liability for TRS was measured as of June 30, 2023. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2022. An expected total pension liability as of June 30, 2023 was determined using standard roll-forward techniques. The School District's proportion of the net pension liability was based on contributions to TRS during the fiscal year ended June 30, 2023. \nAt June 30, 2023, the School District's TRS proportion was 0.034999%, which was a decrease of 0.000882% 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 $39,755.00. \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. \n \n- 27 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nFor the year ended June 30, 2024, the School District recognized pension expense of $2,016,682.00 for TRS and $7,175.00 for PSERS and revenue of $48,643.00 for TRS and $7,175.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \nAt June 30, 2024, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \n \nTRS Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual \n \nexperience \n \n$ 524,706.00 $ \n \n42,724.00 \n \nChanges of assumptions \n \n1,063,065.00 \n \n- \n \nNet difference between projected and \n \nactual earnings on pension plan \n \n726,762.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n53,596.00 \n \n211,643.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n1,074,285.00 \n \n- \n \nTotal \n \n$ 3,442,414.00 $ 254,367.00 \n \nThe School District contributions subsequent to the measurement date for TRS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \n \nYear Ended June 30: \n \nTRS \n \n2025 2026 2027 2028 \n \n$ \n \n614,851.00 \n \n$ \n \n390,343.00 \n \n$ 1,382,376.00 \n \n$ \n \n(273,808.00) \n \n- 28 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nActuarial Assumptions: The total pension liability as of June 30, 2023 was determined by an actuarial valuation as of June 30, 2022, using the following actuarial assumptions, applied to all periods included in the measurement: \n \nTeachers Retirement System: \n \nInflation \n \n2.50% \n \nSalary increases \n \n3.00%  8.75%, average, including inflation \n \nInvestment rate of return \n \n6.90%, net of pension plan investment expense, including inflation \n \nPost-retirement benefit increases \n \n1.50% semi-annually \n \nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \n \nThe actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study for the period July 1, 2013  June 30, 2018. \n \nPublic School Employees Retirement System: \n \nInflation Salary increases Investment rate of return \nPost-retirement benefit increases \n \n2.50% N/A 7.00%, net of pension plan investment expense, including inflation 1.50% semi-annually \n \n- 29 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nMortality rates are as follows: \n The Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale is used for both males and females while in active service. \n The Pub-2010 Family of Tables projected generationally with the MP-2019 Scale and with further adjustments are used for post-retirement mortality assumptions as follows: \n \nParticipant Type \n \nMembership Table \n \nSet Forward (+)/ Setback (-) Adjustment to Rates \n \nService Retirees \n \nGeneral Healthy Below- Male: +2; Female: +2 Median Annuitant \n \nMale: 101%; Female: 103% \n \nDisability Retirees \n \nGeneral Disabled \n \nMale: -3; Female: 0 \n \nMale: 103%; Female: 106% \n \nBeneficiaries \n \nGeneral Below-Median Contingent Survivors \n \nMale: +2; Female: +2 \n \nMale: 104%; Female: 99% \n \nThe actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study for the period July 1, 2014  June 30, 2019. \n \nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \n \nAsset Class \n \nTRS/PSERS Target \nAllocation \n \nLong-Term Expected Real Rate of Return* \n \nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \n \n30.00% 46.30% \n1.20% 12.30% \n5.20% 5.00% \n \n0.90% 9.40% 13.40% 9.40% 11.40% 10.50% \n \nTotal \n \n100.00% \n \n* Rates shown are net of inflation \n \n- 30 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2024 \n \nEXHIBIT \"G\" \n \nDiscount Rate: The discount rate used to measure the total TRS pension liability was 6.90%. The discount rate used to measure the total PSERS pension liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS and PSERS pension plans' fiduciary net position were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \nSensitivity of the School District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 6.90%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.90%) or 1-percentage-point higher (7.90%) than the current rate: \n \nTeachers Retirement System: \n \n1% Decrease (5.90%) \n \nCurrent Discount Rate (6.90%) \n \n1% Increase (7.90%) \n \nSchool District's proportionate share of the net pension liability \n \n$ \n \n16,338,004.00 $ \n \n10,333,208.00 $ \n \n5,429,484.00 \n \nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \n \nDefined Contribution Plan \nIn January 1982, the Echols County Board of Education implemented an employer paid 403(b) annuity plan for the group of employees covered under the Public School Employees Retirement System (PSERS) and Teachers Retirement System (TRS). The Board contributes to the Plan for these groups at 7.5 percent and 5.24 percent, respectively. \nThe School District selected VALIC and Equitable (AXA) as the providers of this plan. \nThe employee becomes vested in the plan at the beginning of employment and individuals who were employed at the time of implementation were vested upon enrollment. \nFunds accumulated in the employer paid accounts are only available to the employee upon termination of employment. \nEmployer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2024 2023 2022 \n \n5.24% - 7.50% $ 5.24% - 7.50% $ 5.24% - 7.50% $ \n \n275,504.49 268,504.91 274,186.53 \n \n- 31 - \n \n (This page left intentionally blank) \n \n ECHOLS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"1\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion \nof the Net Pension Liability (NPL) \n \nSchool District's proportionate share \nof the NPL \n \nState of Georgia's proportionate share \nof the NPL associated with the \nSchool District \n \nTotal \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the NPL as a percentage of its covered payroll \n \nPlan fiduciary net position as a percentage \nof the total pension liability \n \n2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.034999% $ 10,333,208.00 $ 0.035881% $ 11,651,254.00 $ 0.035353% $ 3,126,737.00 $ 0.036367% $ 8,809,511.00 $ 0.036388% $ 7,824,404.00 $ 0.037547% $ 6,969,527.00 $ 0.037668% $ 7,000,714.00 $ 0.039743% $ 8,199,424.00 $ 0.039520% $ 6,016,528.00 $ 0.039041% $ 4,932,315.00 $ \n \n239,737.00 $ 10,572,945.00 $ 5,224,436.80 225,680.00 $ 11,876,934.00 $ 4,943,824.82 \n73,762.00 $ 3,200,499.00 $ 4,708,228.37 206,388.00 $ 9,015,899.00 $ 4,798,279.86 168,151.00 $ 7,992,555.00 $ 4,535,131.62 148,497.00 $ 7,118,024.00 $ 4,569,837.49 180,277.00 $ 7,180,991.00 $ 4,436,455.40 248,399.00 $ 8,447,823.00 $ 4,491,521.98 176,903.00 $ 6,193,431.00 $ 4,303,644.64 151,857.00 $ 5,084,172.00 $ 4,105,550.03 \n \n197.79% 235.67% \n66.41% 183.60% 172.53% 152.51% 157.80% 182.55% 139.80% 120.14% \n \n76.29% 72.85% 92.03% 77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \n \n- 33 - \n \n ECHOLS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"2\" \n \nFor the Year Ended June 30 \n \nContractually required contribution \n \nContributions in relation to the contractually required \ncontribution \n \nContribution deficiency (excess) \n \nSchool District's covered payroll \n \nContribution as a percentage of covered \npayroll \n \n2024 \n \n$ \n \n2023 \n \n$ \n \n2022 \n \n$ \n \n2021 \n \n$ \n \n2020 \n \n$ \n \n2019 \n \n$ \n \n2018 \n \n$ \n \n2017 \n \n$ \n \n2016 \n \n$ \n \n2015 \n \n$ \n \n1,074,285.00 $ 1,020,202.00 $ \n960,772.00 $ 876,712.47 $ 991,128.42 $ 927,891.18 $ 752,180.00 $ 617,188.00 $ 622,565.00 $ 549,804.87 $ \n \n1,074,285.00 $ 1,020,202.00 $ \n960,772.00 $ 876,712.47 $ 991,128.42 $ 927,891.18 $ 752,180.00 $ 617,188.00 $ 622,565.00 $ 549,804.87 $ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n5,502,231.46 5,224,436.80 4,943,824.82 4,708,228.37 4,798,279.86 4,535,131.62 4,569,837.49 4,436,455.40 4,491,521.98 4,303,644.64 \n \n19.52% 19.53% 19.43% 18.62% 20.66% 20.46% 16.46% 13.91% 13.86% 12.78% \n \n- 34 - \n \n ECHOLS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"3\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the Net Pension Liability (NPL) \n \nSchool District's proportionate share \nof the NPL \n \nState of Georgia's proportionate share \nof the NPL associated with the \nSchool District \n \nTotal \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the NPL as a percentage of its covered payroll \n \nPlan fiduciary net position as a \npercentage of the total pension \nliability \n \n2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n39,755.00 $ 74,580.00 $ \n9,883.00 $ 71,127.00 $ 71,579.00 $ 76,860.00 $ 57,181.00 $ 86,510.00 $ 52,014.00 $ 44,930.00 $ \n \n39,755.00 $ 74,580.00 $ \n9,883.00 $ 71,127.00 $ 71,579.00 $ 76,860.00 $ 57,181.00 $ 86,510.00 $ 52,014.00 $ 44,930.00 $ \n \n61,087.10 116,104.82 126,467.15 126,403.27 141,959.21 141,176.57 121,117.52 \n99,962.63 109,364.35 105,160.45 \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- 35 - \n \n ECHOLS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \nSCHOOL OPEB FUND \n \nSCHEDULE \"4\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the Net OPEB Liability (NOL) \n \nSchool District's proportionate share \nof the NOL \n \nState of Georgia's proportionate \nshare of the NOL associated with the School District \n \nTotal \n \nSchool District's covered-employee \npayroll \n \nSchool District's proportionate share of the NOL as a percentage of its coveredemployee payroll \n \nPlan fiduciary net position \nas a percentage of the total OPEB \nliability \n \n2024 2023 2022 2021 2020 2019 2018 \n \n0.049564% $ 5,428,949.00 $ 0.050903% $ 5,041,017.00 $ 0.050811% $ 5,503,252.00 $ 0.054778% $ 8,045,612.00 $ 0.055640% $ 6,828,222.00 $ 0.053257% $ 6,768,801.00 $ 0.051927% $ 7,295,722.00 $ \n \n- \n \n$ 5,428,949.00 $ 4,242,971.27 \n \n- \n \n$ 5,041,017.00 $ 4,130,412.08 \n \n- \n \n$ 5,503,252.00 $ 4,082,419.22 \n \n- \n \n$ 8,045,612.00 $ 4,107,729.69 \n \n- \n \n$ 6,828,222.00 $ 3,972,237.63 \n \n- \n \n$ 6,768,801.00 $ 3,844,559.96 \n \n- \n \n$ 7,295,722.00 $ 3,691,446.87 \n \n127.95% 122.05% 134.80% 195.87% 171.90% 176.06% 197.64% \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- 36 - \n \n ECHOLS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \n \nSCHEDULE \"5\" \n \nFor the Year Ended June 30 \n \nContractually required contribution \n \nContributions in relation to the contractually required \ncontribution \n \nContribution deficiency (excess) \n \nSchool District's covered-employee \npayroll \n \nContribution as a percentage of \ncovered-employee payroll \n \n2024 \n \n$ \n \n2023 \n \n$ \n \n2022 \n \n$ \n \n2021 \n \n$ \n \n2020 \n \n$ \n \n2019 \n \n$ \n \n2018 \n \n$ \n \n204,679.00 $ 190,547.00 $ 184,053.00 $ 189,007.00 $ 185,248.00 $ 299,661.00 $ 276,028.00 $ \n \n204,679.00 $ 190,547.00 $ 184,053.00 $ 189,007.00 $ 185,248.00 $ 299,661.00 $ 276,028.00 $ \n \n- \n \n$ \n \n4,583,595.54 \n \n- \n \n$ \n \n4,242,971.27 \n \n- \n \n$ \n \n4,130,412.08 \n \n- \n \n$ \n \n4,082,419.22 \n \n- \n \n$ \n \n4,107,729.69 \n \n- \n \n$ \n \n3,972,237.63 \n \n- \n \n$ \n \n3,844,559.96 \n \n4.47% 4.49% 4.46% 4.63% 4.51% 7.54% 7.18% \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 ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \nFOR THE YEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"6\" \n \nTeachers Retirement System Change of benefit terms: There have been no changes in benefit terms. \nChanges of assumptions: On November 18, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males). \nOn May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed annual rate of inflation has been reduced from 2.75% to 2.50%. \nIn 2019 and later, the expectation of retired life mortality was changed to the Pub-2010 Teacher Headcount Weighted Below Median Healthy Retiree mortality table from the RP-2000 Mortality Tables. In 2019, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \nOn May 11, 2022, the Board adopted recommended changes to the long-term assumed rate of return and payroll growth assumption utilized by the System. The long-term assumed rate of return was changed from 7.25% to 6.90%, and the payroll growth assumption was changed from 3.00% to 2.50%. \nPublic School Employees Retirement System Changes of benefit terms: There have been no changes in benefit terms. \nChanges of assumptions: On December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP-2000 Blue Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females). \nA new funding policy was initially adopted by the Board on March 15, 2018, and most recently amended on December 17, 2020. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for the June 30, 2017 actuarial valuation and further reduced from 7.40% to 7.30% for the June 30, 2018 actuarial valuation. \nOn December 17, 2020, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System based on the experience study prepared for the five-year period ending June 30, 2019. Primary among the changes were the updates to rates or mortality, retirement, disability, and withdrawal. This also included a change to the long-term assumed investment rate of return to 7.00%. These assumption changes are reflected in the calculation of the June 30, 2021 Total Pension Liability. \nSchool OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. \nChanges in assumptions: June 30, 2022 valuation: The tobacco use assumption and aging factors were revised. \nJune 30, 2020 valuation: Decremental assumptions were changed to reflect the Employees' Retirement System's experience study. Approximately 0.10% of employees are members of the Employees' Retirement System. \nJune 30, 2019 valuation: Decremental assumptions were changed to reflect the Teachers Retirement System's experience study. \nJune 30, 2018 valuation: The inflation assumption was lowered from 2.75% to 2.50%. \nJune 30, 2017 valuation: The participation assumption, tobacco use assumption and morbidity factors were revised. \nJune 30, 2015 valuation: Decremental and underlying inflation assumptions were changed to reflect the Retirement Systems' experience studies. \nJune 30, 2012 valuation: A data audit was performed and data collection procedures and assumptions were changed. \nThe discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017, to 3.87% as of June 30, 2018, back to 3.58% as of June 30, 2019, to 2.22% as of June 30, 2020, to 2.20% as of June 30, 2021, to 3.57% as of June 30, 2022, and to 3.68% as of June 30, 2023. \n- 38 - \n \n ECHOLS COUNTY BOARD OF EDUCATION GENERAL FUND \nSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"7\" \n \nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Total Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES(USES) Operating Transfers from Other Funds 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 \n2,125,000.00 $ \n \n2,125,000.00 $ \n \n2,191,159.88 $ \n \n10,000.00 \n \n10,000.00 \n \n11,916.79 \n \n8,243,838.26 \n \n8,619,688.20 \n \n8,599,877.82 \n \n1,716,453.47 \n \n3,073,859.47 \n \n3,138,542.07 \n \n14,500.00 \n \n14,500.00 \n \n15,497.60 \n \n10,000.00 \n \n10,000.00 \n \n23,285.76 \n \n94,375.00 \n \n94,375.00 \n \n485,187.06 \n \n12,214,166.73 \n \n13,947,422.67 \n \n14,465,466.98 \n \n66,159.88 1,916.79 \n(19,810.38) 64,682.60 \n997.60 13,285.76 390,812.06 518,044.31 \n \n7,037,652.47 \n272,082.00 224,407.00 168,597.00 750,305.00 475,235.00 \n22,805.00 953,957.00 900,002.00 \n44,500.00 4,500.00 \n724,440.00 11,578,482.47 \n635,684.26 \n \n7,327,078.47 \n410,764.00 400,561.00 167,833.00 912,944.00 535,796.00 \n22,805.00 1,432,289.00 \n916,541.00 44,500.00 11,178.00 \n726,465.00 12,908,754.47 \n1,038,668.20 \n \n7,019,645.65 \n395,730.74 335,794.92 162,217.50 875,045.34 653,051.53 \n22,805.00 1,229,470.09 \n969,064.29 45,323.67 8,477.76 \n946,565.20 12,663,191.69 \n1,802,275.29 \n \n101,374.00 (101,374.00) \n- \n \n101,549.00 (1,701,549.00) (1,600,000.00) \n \n(1,656,827.49) (1,656,827.49) \n \n635,684.26 \n \n(561,331.80) \n \n145,447.80 \n \n3,166,036.96 \n \n3,166,036.96 \n \n3,273,249.27 \n \n20,139.60 \n \n29,218.09 \n \n- \n \n$ \n \n3,821,860.82 $ \n \n2,633,923.25 $ \n \n3,418,697.07 $ \n \n307,432.82 \n15,033.26 64,766.08 \n5,615.50 37,898.66 (117,255.53) \n202,818.91 (52,523.29) \n(823.67) 2,700.24 (220,100.20) 245,562.78 763,607.09 \n(101,549.00) 44,721.51 (56,827.49) \n706,779.60 \n107,212.31 \n(29,218.09) \n784,773.82 \n \nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $307,662.74 and $304,781.88, respectively. \nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \n \nSee notes to the basic financial statements. \n \n- 39 - \n \n ECHOLS COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"8\" \n \nFUNDING AGENCY PROGRAM/GRANT Agriculture, U.S. Department of \nChild Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program COVID-19 - National School Lunch Program Total Child Nutrition Cluster \nOther Programs Pass-Through From Georgia Department of Education Food Services State Administrative Expenses for Child Nutrition Child Nutrition Discretionary Grants Limited Availability Total Other Programs Total U.S. Department of Agriculture \nEducation, U.S. Department of Education Stabilization Fund Pass-Through From Georgia Department of Education COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund - Homeless Children and Youth Total Education Stabilization Fund \nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Grants to States Preschool Grants Preschool Grants Total Special Education Cluster \nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States English Language Acquisition State Grants English Language Acquisition State Grants Migrant Education State Grant Program Migrant Education State Grant Program Rural and Low-Income School Program Rural and Low-Income School Program Student Support and Academic Enrichment Program Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Total Other Programs Total U.S. Department of Education \nTotal Expenditures of Federal Awards \n \nASSISTANCE LISTING NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n10.553 10.555 10.555 \n \n245GA324N1199 $ 245GA324N1199 225GA324N1099 \n \n252,375.37 611,078.13 \n27,133.96 890,587.46 \n \n10.560 10.579 \n \n245GA904N2533 202321I500345 \n \n3,071.86 104,186.00 107,257.86 997,845.32 \n \n84.425U 84.425W \n \nS425U210012 S425W210011 \n \n1,026,486.88 \n11,988.55 1,038,475.43 \n \n84.027A 84.027A 84.173A 84.173A \n \nH027A220073 H027A230073 H173A220081 H173A230081 \n \n44,261.00 165,156.40 \n3,161.00 2,904.59 215,482.99 \n \n84.048A 84.365A 84.365A 84.011A 84.011A 84.358B 84.358B 84.424F 84.010A 84.010A \n \nV048A230010 S365A220010 S365A230010 S011A220011 S011A230011 S358F220010 S358F230010 S424F220011 S010A220010 S010A230010 \n$ \n \n10,613.00 461.00 \n19,025.71 10,710.00 216,482.57 \n2,496.00 94,845.06 220,822.62 \n9,881.00 336,203.38 921,540.34 2,175,498.76 \n3,173,344.08 \n \n- 40 - \n \n ECHOLS COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"8\" \n \nNotes to the Schedule of Expenditures of Federal Awards \n \nNote 1. Basis of Presentation \nThe accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Echols 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. \n \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. \n \nNote 4. Transfers Between Programs Funds totaling $42,583.00 and $28,966.00 were transferred from the Supporting Effective Instruction program (ALN 84.367A) and the Student Support and Academic Enrichment program (84.424A), respectively, and expended in the Title V-B Rural and Low Income Schools program (ALN 84.358B) during Fiscal Year 2024. \nNote 5. Schoolwide Consolidation of Funds Federal, state, and local funds were consolidated into one fund to support Title I schools operating a schoolwide program. The following federal programs and amounts were included in this schoolwide consolidation of funds: \n \nALN \n \nProgram Name \n \nAmount \n \n84.010A 84.011A 84.027A 84.358B 84.365A \n \nTitle I Grants to Local Educational Agencies Migrant Education State Grant Program Special Education Grants to States Rural Education - Rural and Low-Income School Program English Language Acquisition State Grants \n \nTotal Federal Funds in Schoolwide Consolidation of Funds \n \n$ \n \n345,654.98 \n \n155,157.28 \n \n82,270.70 \n \n97,227.61 \n \n19,465.55 \n \n$ \n \n699,776.12 \n \nSee notes to the basic financial statements. \n \n- 41 - \n \n ECHOLS COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2024 \nAGENCY/FUNDING GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Nursing Services Sparsity Education Equalization Funding Grant Other State Programs Dyslexia Screener State Grant Food Services Hygiene Products Math and Science Supplements One Time QBE Adjustment Preschool Disability Services School Bus Regular Funding School Security Grant Teachers Retirement Vocational Education Office of the State Treasurer Public School Employees Retirement \nSee notes to the basic financial statements. \n \nSCHEDULE \"9\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n242,298.90 \n \n243,584.00 148,857.00 633,523.00 460,721.00 362,522.00 344,666.00 612,216.00 500,090.00 297,076.00 634,465.00 \n87,798.00 220,561.00 \n48,008.00 504,887.00 127,899.00 \n39,500.00 23,419.00 \n665.00 \n388,494.00 313,874.00 243,265.00 \n \n143,174.00 45,414.00 \n158,340.00 1,247,330.00 \n \n2,058.00 21,276.00 \n718.00 12,768.36 104,543.00 \n6,309.00 176,220.00 100,000.00 \n25,079.56 65,294.00 \n \n12,965.00 \n \n$ \n \n8,599,877.82 \n \n- 42 - \n \n (This page left intentionally blank) \n \n ECHOLS COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"10\" \n \nPROJECT 2013 SPLOST \ni) Adding to, renovating, repairing, improving, furnishing and equipping existing school buildings and other buildings and facilities useful and desirable therewith; making system-wide technology improvements; acquiring new school equipment; acquiring new school buses and vehicles; and acquiring any necessary or desirable property, both real and personal, which has an extended useful life. \nii) Repaying principal and interest on Echols County School District's outstanding General Obligation Bonds for the new K-8 school. \nSubtotal 2013 Projects \n2018 SPLOST \ni) Adding to, renovating, repairing, improving, furnishing and equipping existing school buildings and other buildings and facilities useful and desirable therewith; making system-wide technology improvements; acquiring new school equipment; acquiring new school buses and vehicles; and acquiring any necessary or desirable property, both real and personal, which has an extended useful life. \nii) Paying a portion of the debt service on the Echols County School District General Obligation Bond, Series 2008 (the Series 2008 Bond\") or any general obligation debt issued to refund the Series 2008 bond. \nSubtotal 2018 Projects \n2023 SPLOST \ni) Renovations, improvements and equipment for existing school buildings, including HVAC replacement, security upgrades, technology system and structural repairs; architectural, design and preconstruction planning for a new high school; new school buses and vehicles; and acquisition of any property, both real and personal, and equipment necessary in connection with the above described capital outlay projects. \nii) Retiring general obligation debt of the Echols County School District previously incurred with respect to capital outlay projects. \nSubtotal 2023 Projects \nTotal \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \nESTIMATED COMPLETION \nDATE \n \n$ \n \n493,515.00 $ \n \n22,610.50 \n \nComplete \n \n1,006,485.00 1,500,000.00 \n \n861,863.05 884,473.55 \n \nComplete \n \n500,000.00 \n \n584,511.84 \n \n12/31/2026 \n \n1,000,000.00 1,500,000.00 \n \n915,488.16 1,500,000.00 \n \n12/31/2026 \n \n880,000.00 \n \n880,000.00 \n \n12/31/2028 \n \n620,000.00 1,500,000.00 \n \n$ \n \n4,500,000.00 $ \n \n620,000.00 1,500,000.00 \n3,884,473.55 \n \n12/31/2028 \n \n- 44 - \n \n ECHOLS COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2024 \n \nSCHEDULE \"10\" \n \nPROJECT 2013 SPLOST \n \nAMOUNT EXPENDED IN CURRENT YEAR (3) \n \ni) Adding to, renovating, repairing, improving, furnishing and \n \nequipping existing school buildings and other buildings and \n \nfacilities useful and desirable therewith; making system-wide \n \ntechnology improvements; acquiring new school equipment; \n \nacquiring new school buses and vehicles; and acquiring any \n \nnecessary or desirable property, both real and personal, which \n \nhas an extended useful life. \n \n$ \n \n- $ \n \nii) Repaying principal and interest on Echols County School District's outstanding General Obligation Bonds for the new K-8 school. \nSubtotal 2013 Projects \n \n171,000.00 171,000.00 \n \n2018 SPLOST \n \ni) Adding to, renovating, repairing, improving, furnishing and \n \nequipping existing school buildings and other buildings and \n \nfacilities useful and desirable therewith; making system-wide \n \ntechnology improvements; acquiring new school equipment; \n \nacquiring new school buses and vehicles; and acquiring any \n \nnecessary or desirable property, both real and personal, which \n \nhas an extended useful life. \n \n- \n \nii) Paying a portion of the debt service on the Echols County \n \nSchool District General Obligation Bond, Series 2008 (the \n \nSeries 2008 Bond\") or any general obligation debt issued to \n \nrefund the Series 2008 bond. \n \n- \n \nSubtotal 2018 Projects \n \n- \n \n2023 SPLOST \n \ni) Renovations, improvements and equipment for existing \n \nschool buildings, including HVAC replacement, security \n \nupgrades, technology system and structural repairs; \n \narchitectural, design and preconstruction planning for a new \n \nhigh school; new school buses and vehicles; and acquisition of \n \nany property, both real and personal, and equipment necessary \n \nin connection with the above described capital outlay projects. \n \n- \n \nii) Retiring general obligation debt of the Echols County \n \nSchool District previously incurred with respect to capital \n \noutlay projects. \n \n- \n \nSubtotal 2023 Projects \n \n- \n \nTotal \n \n$ \n \n171,000.00 $ \n \nAMOUNT EXPENDED IN PRIOR YEARS (3) \n \nTOTAL COMPLETION \nCOST \n \nEXCESS PROCEEDS NOT \nEXPENDED \n \n22,610.50 $ \n \n22,610.50 $ \n \n- \n \n690,863.05 \n \n861,863.05 \n \n- \n \n713,473.55 \n \n884,473.55 \n \n- \n \n89.06 \n \n- \n \n- \n \n- \n \n- \n \n- \n \n89.06 \n \n- \n \n- \n \n- \n \n- \n \n- \n \n- \n \n- \n \n- \n \n- \n \n- \n \n- \n \n713,562.61 $ \n \n884,473.55 $ \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 Echols County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. \nAmounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \n \nSee notes to the basic financial statements. \n \n- 45 - \n \n Section II Compliance and Internal Control Reports \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Dr. Vincent M. Hamm, Superintendent and Members of the Echols County Board of Education \nWe have audited the financial statements of the governmental activities and each major fund of the Echols 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 July 8, 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 \nJuly 8, 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. Vincent M. Hamm, Superintendent and Members of the Echols County Board of Education \nReport on Compliance for Each Major Federal Program \nOpinion on Each Major Federal Program \nWe have audited the Echols 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 \nJuly 8, 2025 \n \n Section III Auditee's Response to Prior Year Findings and Questioned Costs \n \n ECHOLS COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2024 \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS No matters were reported. \nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \n \n Section IV Findings and Questioned Costs \n \n ECHOLS COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2024 \n \nI SUMMARY OF AUDITOR'S RESULTS \n \nFinancial Statements \nType of auditor's report issued: Governmental Activities and Each Major Fund \nInternal control over financial reporting:  Material weakness(es) identified?  Significant deficiency(ies) identified? \nNoncompliance material to financial statements noted: \n \nFederal Awards \n \nInternal control over major programs:  Material weakness(es) identified? \n Significant deficiency(ies) identified? \n \nType of auditor's report issued on compliance for major programs: \n \nAll major programs \n \nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \n \nIdentification of major programs: \n \nAssistance Listing Number Assistance Listing Program or Cluster Title \n \n10.553, 10.555 84.425 \n \nChild Nutrition Cluster Education Stabilization Fund \n \nDollar threshold used to distinguish between Type A and Type B programs: \n \nAuditee qualified as low-risk auditee? \n \nII FINANCIAL STATEMENT FINDINGS No matters were reported. Ill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \n \nUnmodified No \nNone Reported No \nNo None Reported \nUnmodified No \n$750,000.00 No \n \n "},{"id":"dlg_ggpd_1493773600-2024-07-09","title":"Annual financial report, fiscal year 2023, Echols County Board of Education, Statenville, Georgia, including independent auditor's report.","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":null,"dc_date":["2024-07-09"],"dcterms_description":["Began with: Fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Echols County Board of Education (Ga.))","Fiscal year 2021; title from PDF cover (Georgia Government Publications database, viewed February 5, 2025).","Fiscal year 2023 (Georgia Government Publications database, viewed February 5, 2025)."],"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":["Echols County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Echols County--Auditing--Periodicals.","Education--Georgia--Echols County--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report, fiscal year 2023, Echols County Board of Education, Statenville, 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_1493773600-2024-07-09"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1493773600-2024-07-09"],"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 \nEchols County Board of Education \nStatenville, Georgia \nIncluding Independent Auditor's Report \nGreg S. Griffin | State Auditor \n \n Echols 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 Notes to the Basic Financial Statements \n \n7 \n \nSchedules \n \nRequired Supplementary Information \n \n1 Schedule of Proportionate Share of the Net Pension Liability \n \nTeachers Retirement System of Georgia \n \n33 \n \n2 Schedule of Contributions  Teachers Retirement System of Georgia \n \n34 \n \n3 Schedule of Proportionate Share of the Net Pension Liability Public \n \nSchool Employees Retirement System of Georgia \n \n35 \n \n4 Schedule of Proportionate Share of the Net OPEB Liability \n \nSchool OPEB Fund \n \n36 \n \n5 Schedule of Contributions  School OPEB Fund \n \n37 \n \n6 Notes to the Required Supplementary Information \n \n38 \n \n7 Schedule of Revenues, Expenditures and Changes in Fund \n \nBalances - Budget and Actual General Fund \n \n39 \n \n Supplementary Information \n \n8 Schedule of Expenditures of Federal Awards \n \n40 \n \n9 Schedule of State Revenue \n \n42 \n \n10 Schedule of Approved Local Option Sales Tax Projects \n \n44 \n \nSection II \nCompliance and Internal Control Reports \nIndependent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards \n \nIndependent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance \n \nSection III Auditee's Response to Prior Year Findings and Questioned Costs \nSummary Schedule of Prior Audit Findings \n \nSection IV Findings and Questioned Costs \nSchedule of Findings and Questioned Costs \n \n Section I Financial \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Dr. Vincent M. Hamm, Superintendent and Members of the Echols County Board of Education \nReport on the Audit of the Financial Statements \nOpinions \nWe have audited the accompanying financial statements of the governmental activities and each major fund of the Echols 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 July 9, 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 \nJuly 9, 2024 \n \n ECHOLS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \nOur discussion and analysis of the Echols County Board of Education's (School District) financial performance provides an overall review 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 fiscal year 2023 are as follows: \n In 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 the definition. This statement requires a government 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 an impact on the School District's financial statements. \n In total, net position increased by $2.5 million, which represents a 45.3 percent increase from fiscal year 2022. The increase is due to an excess of revenues over expenditures. \n The deficit balance reflected in the unrestricted net position is due to the implementation of GASB No. 68, GASB No. 71 and GASB No. 75. Excluding the impact of reporting the School District's proportionate share of the collective net pension and OPEB liabilities, as well as the related deferred inflows and outflows of resources, the unrestricted net position would be $8.7 million. \n General revenues accounted for $4.6 million in revenue or 32.5 percent of all revenues. Program specific revenues in the form of charges for services, operating and capital grants and contributions accounted for $9.5 million or 67.5 percent of total revenues. Total revenues were $14.1 million. \n The School District had $11.6 million of expenses related to governmental activities; $9.5 million of these expenses were offset by program specific charges for services, grants, or contributions. General revenues of $4.6 million were sufficient to provide for these programs. \n Among major funds, the general fund had $13.4 million in revenues and $13.4 million in expenditures and other financing uses. The general fund's balance decreased from $3.4 million to $3.3 million. \nUsing the Basic Financial Statements \nThis annual report consists of several parts including management's discussion and analysis (this section), the basic financial statements and supplementary information. These parts are organized so the reader can understand the Echols County Board of Education as a financial whole, or as an entire operating entity. 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 whole School District, presenting both shortterm and long-term information about the School District's overall financial status. \ni \n \n ECHOLS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \nThe fund financial statements focus on individual parts 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 fund financial statements reflect the School District's most significant funds. In the case of the Echols County Board of Education, the general fund, capital projects fund and debt service fund are the most significant funds. \nReporting the School District as a Whole \nStatement of Net Position and Statement of Activities \nWhile these documents contain the large number of funds used by the School District to provide programs and activities, the view of the School District as a whole looks at all financial transactions and asks the question, \"How did we do financially during fiscal year 2023?\" The Statement of Net Position and the Statement of Activities answer this question. These statements include all assets and all liabilities using 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. \nThese two statements report the School District's net position and changes in net position. The change in net position is important because it tells the reader whether, 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 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. \nThe Statement of Net Position and the Statement of Activities reflects the School District's governmental activities. \nReporting the School District's Most Significant Funds \nFund Financial Statements \nFund financial statements provide detailed information about the School District's major funds. The School District uses many funds to account for a multitude of financial transactions. However, the fund financial statements focus on the School District's most significant funds. The School District's major governmental funds are the general fund, the capital projects fund, and the debt service fund. \nGovernmental Funds - All 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 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 is reconciled in the financial statements. \nii \n \n ECHOLS 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 \nThe perspective of the Statement of Net Position is of the School District as a whole. Table 1 provides a summary of the School District's net position for fiscal year 2023 as compared to net position for fiscal year 2022. \n \nTable 1 Net Position \n \nAssets Current and Other Assets Capital Assets, Net Total Assets \n \nGovernmental Activities \n \nFiscal Year \n \nFiscal Year \n \n2023 \n \n2022 \n \n$ \n \n12,011,701 $ \n \n13,571,851 \n \n25,583,552 \n \n9,810,514 13,538,009 \n23,348,523 \n \nDeferred Outflows of Resources Related to Refunding Debt Related to Pension and OPEB Plans Total Deferred Outflows of Resources \n \n96,336 7,007,801 \n7,104,137 \n \n116,617 3,775,427 \n3,892,044 \n \nLiabilities Current and Other Liabilities Net Pension and Net OPEB Liability Long-Term Liabilities Total Liabilities \n \n1,262,065 16,692,271 \n2,921,875 20,876,211 \n \n1,148,601 8,629,989 3,459,885 13,238,475 \n \nDeferred Inflows of Resources Related to Pension and OPEB Plans \n \n3,709,237 \n \n8,426,487 \n \nNet Position Net Investment in Capital Assets Restricted Unrestricted (Deficit) \nTotal Net Position \n \n10,905,114 \n1,760,960 (4,563,833) \n \n$ \n \n8,102,241 $ \n \n10,353,543 1,644,032 (6,421,970) \n5,575,605 \n \nNet Position increased by $2.5 million. \n \niii \n \n ECHOLS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \n \nTable 2 shows the changes in net position for fiscal year 2023 as compared to fiscal year 2022. \n \nTable 2 Change in Net Position \n \nRevenues \n \nProgram Revenues: \n \nCharges for Services and Sales \n \n$ \n \nOperating Grants and Contributions Capital Grants and Contributions \n \nTotal Program Revenues \n \nGeneral Revenues: Taxes Property Taxes For Maintenance and Operations For Debt Service For Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Taxes Grants and Contributions Not Restricted to Specific Programs Investment Earnings Miscellaneous Extraordinary Item - Insurance Recovery for Storm Damage \nTotal General Revenues and Extraordinary Item Total Revenues \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 Interest on Long-Term Debt \nTotal Expenses \n \nIncrease (Decrease) in Net Position \n \n$ \n \nGovernmental Activities \n \nFiscal Year \n \nFiscal Year \n \n2023 \n \n2022 \n \n17,669 $ 9,434,301 \n88,110 \n9,540,080 \n \n17,891 9,329,654 \n- \n9,347,545 \n \n2,070,802 477,224 23,456 \n \n2,185,862 489,593 22,796 \n \n229,875 15,214 \n1,218,178 68,085 \n480,990 - \n4,583,824 14,123,904 \n6,752,790 \n374,953 300,081 159,013 779,226 672,253 \n21,052 921,713 726,330 \n19,811 18,010 \n776,363 75,673 \n11,597,268 \n2,526,636 $ \n \n206,881 56,323 \n1,059,627 3,469 \n386,798 120,409 4,531,758 13,879,303 \n6,161,594 \n345,093 211,806 \n85,014 575,586 558,077 \n14,687 992,409 684,521 \n14,066 17,508 \n589,103 89,904 \n10,339,368 \n3,539,935 \n \niv \n \n ECHOLS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \n \nGovernmental Activities \n \nInstruction comprises 58.2 percent of governmental program expenses. \n \nThe Statement of Activities shows the cost of program services and the charges for services and grants offsetting those services. Table 3 shows, for governmental activities, the total cost of services and the net cost of services. That is, it identifies the cost of these services supported by tax revenue and by unrestricted State entitlements. \nTable 3 Governmental Activities \n \nTotal Cost of Services \n \nFiscal Year \n \nFiscal Year \n \n2023 \n \n2022 \n \nNet Cost of Services \n \nFiscal Year \n \nFiscal Year \n \n2023 \n \n2022 \n \nInstruction \n \n$ 6,752,790 $ \n \nSupport Services \n \nPupil Services \n \n374,953 \n \nImprovement of Instructional Services \n \n300,081 \n \nEducational Media Services \n \n159,013 \n \nGeneral Administration \n \n779,226 \n \nSchool Administration \n \n672,253 \n \nBusiness Administration \n \n21,052 \n \nMaintenance and Operation of Plant \n \n921,713 \n \nStudent Transportation Services \n \n726,330 \n \nCentral Support Services \n \n19,811 \n \nOther Support Services \n \n18,010 \n \nOperations of Non-Instructional Services \n \nFood Services \n \n776,363 \n \nInterest on Long-Term Debt \n \n75,673 \n \n6,161,594 $ \n345,093 211,806 \n85,014 575,586 558,077 \n14,687 992,409 684,521 \n14,066 17,508 \n589,103 89,904 \n \n1,003,372 $ \n94,467 88,716 (10,751) (84,579) 261,993 21,052 113,624 440,485 19,811 18,010 \n15,316 75,673 \n \n107,039 \n85,879 1,172 \n(41,199) 64,637 131,926 14,687 352,383 429,369 14,066 17,508 \n(275,548) 89,904 \n \nTotal Expenses \n \n$ 11,597,268 $ 10,339,368 $ 2,057,189 $ \n \n991,823 \n \nAlthough program revenues make up 67.5 percent of the revenues, the School District is still dependent upon tax revenues for governmental activities. For 2023, 14.8 percent of instruction activities are supported through taxes, and other general revenues; for all governmental activities, general revenue support is 17.7 percent. \nThe School District's Funds \nThe School District's governmental funds are accounted for using the modified accrual basis of accounting. Total governmental funds had revenues of $14.1 million and expenditures of $12.0 million. \nGeneral Fund Budgeting Highlights \nThe School District's budget is prepared according to Georgia law. The most significant budgeted fund is the general fund. \nThe School District budget is adopted at the aggregate level but prepared and presented by fund, function, and object for management control. \n \nv \n \n ECHOLS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 \n \nFor the general fund, actual revenues of $13.4 million was less than the final budget of $13.7 million by $304 thousand. The difference is due to a combination of factors, but primarily due to less federal revenues than estimated. \n \nActual expenditures of $11.4 million were less than the final budget of $12.6 million by $1.2 million. \n \nCapital Assets and Debt Administration \n \nCapital Assets \n \nAt the end of fiscal year 2023, the School District had $13.6 million invested in capital assets, net of accumulated depreciation, all in governmental activities. Table 4 shows balances for fiscal year 2023 compared to balances for fiscal year 2022. \n \nTable 4 Capital Assets (Net of Depreciation) \n \nGovernmental Activities \n \nFiscal Year \n \nFiscal Year \n \n2023 \n \n2022 \n \nLand \n \n$ \n \nBuildings and Improvements \n \nEquipment \n \nLand Improvements \n \n561,835 $ 12,015,219 \n845,569 149,228 \n \n561,835 12,004,630 \n804,745 166,799 \n \nTotal \n \n$ 13,571,851 $ 13,538,009 \n \nDebt Administration \nAt June 30, 2023, the School District had $2.9 million in total debt outstanding with $550 thousand due within one year. Table 5 shows balances for fiscal year 2023 compared to balances for fiscal year 2022. \n \nTable 5 Debt at June 30 \n \nGovernmental Activities \n \nFiscal Year \n \nFiscal Year \n \n2023 \n \n2022 \n \nGeneral Obligation Bonds \n \n$ \n \nUnamortized Bond Premiums \n \nFinanced Purchases \n \n2,755,000 $ 166,875 - \n \n3,250,000 202,007 7,878 \n \nTotal \n \n$ \n \n2,921,875 $ \n \n3,459,885 \n \nvi \n \n ECHOLS COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 Current Issues The following issues are expected to have a significant effect on the financial positions or results of operations: State and Local Economy Three years after the onset of the COVID-19 pandemic, the State of Georgia's economy has recovered, and education funding has remained stable with no further reductions in state revenue. The School District has received significant federal funds through the Coronavirus Aid, Relief, and Economic Security (CARES) grant and the American Recovery Act (ARA) grant but, the School District has also experienced significant increases in the purchasing of supplies and materials. For the first time in the last four years, the School District's general fund reserve decreased slightly but the School District increased the amount of capital outlay support for its building program. Even with uncertainties regarding future economic stability and with limited financial resources, the School District is optimistic about their ability to maximize all of the financial resources to provide a quality education for the students in Echols County. Contacting the School District's Financial Management This financial report is designed to provide our citizens, taxpayers, investors, and creditors with a general overview of the School District's finances and to show the School District's accountability for the money it receives. If you have questions about this report or need additional information, contact Mr. Dave Rosser, Director of Finance, at the Echols County Board of Education, 216 US Highway 129 North, Statenville, GA. You may also email any questions to dave.rosser@echols.k12.ga.us or visit our website at www.echols.k12.ga.us. \nvii \n \n Echols County Board of Education \n \n ECHOLS COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2023 \nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Other Inventories Prepaid Items Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \nTotal Assets \nDEFERRED OUTFLOWS OF RESOURCES Deferred Charge on Debt Refunding Related to Defined Benefit Pension Plan Related to OPEB Plan \nTotal Deferred Outflows of Resources \nLIABILITIES Accounts Payable Salaries and Benefits Payable Interest Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities \nDue Within One Year Due in More Than One Year \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \nTotal Deferred Inflows of Resources \nNET POSITION Net Investment in Capital Assets Restricted for \nBus Replacement Continuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \nTotal Net Position \n \nEXHIBIT \"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n7,376,479.00 \n \n3,002,000.00 \n \n195,759.67 779,463.72 548,530.47 \n16,233.12 2,935.28 \n90,300.00 561,834.57 13,010,016.43 25,583,552.26 \n \n96,336.00 5,621,083.00 1,386,718.00 7,104,137.00 \n \n17,099.65 1,224,416.24 \n20,549.59 11,651,254.00 \n5,041,017.00 \n550,131.60 2,371,743.50 20,876,211.58 \n \n220,314.00 3,488,923.00 3,709,237.00 \n \n10,905,113.62 \n \n70,566.00 299,088.73 \n44,580.76 1,359,743.76 (4,576,852.19) \n \n$ \n \n8,102,240.68 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 1 - \n \n ECHOLS COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30, 2023 \n \nEXHIBIT \"B\" \n \nEXPENSES \n \nCHARGES FOR SERVICES \n \nPROGRAM REVENUES OPERATING GRANTS AND \nCONTRIBUTIONS \n \nCAPITAL GRANTS AND CONTRIBUTIONS \n \nNET (EXPENSES) REVENUES \nAND CHANGES IN NET POSITION \n \nGOVERNMENTAL ACTIVITIES \n \nInstruction \n \n$ \n \nSupport Services \n \nPupil Services \n \nImprovement of Instructional Services \n \nEducational Media Services \n \nGeneral Administration \n \nSchool Administration \n \nBusiness Administration \n \nMaintenance and Operation of Plant \n \nStudent Transportation Services \n \nCentral Support Services \n \nOther Support Services \n \nOperations of Non-Instructional Services \n \nFood Services \n \nInterest on Long-Term Debt \n \n6,752,789.75 $ \n374,952.81 300,081.07 159,013.21 779,225.66 672,253.22 \n21,052.27 921,712.92 726,330.35 \n19,810.83 18,010.21 \n776,362.48 75,673.33 \n \n- $ \n- \n17,668.51 - \n \n5,749,417.96 $ \n280,486.25 211,365.24 169,764.12 863,804.89 410,259.81 \n808,089.42 197,735.42 \n- \n743,377.89 - \n \n- $ \n88,110.00 - \n- \n \n(1,003,371.79) \n(94,466.56) (88,715.83) 10,750.91 84,579.23 (261,993.41) (21,052.27) (113,623.50) (440,484.93) (19,810.83) (18,010.21) \n(15,316.08) (75,673.33) \n \nTotal Governmental Activities \n \n$ \n \n11,597,268.11 $ \n \n17,668.51 $ \n \n9,434,301.00 $ \n \n88,110.00 \n \n(2,057,188.60) \n \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations For Debt Services Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous Total General Revenues \n \n2,070,802.48 477,223.68 23,456.05 \n229,875.15 15,213.75 \n1,218,178.00 68,084.85 \n480,990.30 4,583,824.26 \n \nChange in Net Position \n \n2,526,635.66 \n \nNet Position - Beginning of Year \n \n5,575,605.02 \n \nNet Position - End of Year \n \n$ \n \n8,102,240.68 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 2 - \n \n ASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Other Inventories Prepaid Items \nTotal Assets \nLIABILITIES Accounts Payable Salaries and Benefits Payable Intergovernmental Accounts Payables \nTotal Liabilities \nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes \nFUND BALANCES Nonspendable Restricted Committed Assigned Unassigned \nTotal Fund Balances \nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \n \nECHOLS COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30, 2023 \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nEXHIBIT \"C\" TOTAL \n \n$ \n \n2,997,725.13 $ \n \n4,346,274.45 $ \n \n- \n \n3,002,000.00 \n \n142,119.77 779,463.72 548,530.47 \n16,233.12 2,935.28 \n90,300.00 \n \n20,988.97 - \n \n$ \n \n4,577,307.49 $ \n \n7,369,263.42 $ \n \n32,479.42 $ - \n32,650.93 - \n65,130.35 $ \n \n7,376,479.00 3,002,000.00 \n195,759.67 779,463.72 548,530.47 \n16,233.12 2,935.28 \n90,300.00 \n12,011,701.26 \n \n$ \n \n187.34 $ \n \n1,224,416.24 \n \n16,912.31 \n \n1,241,515.89 \n \n- $ - \n \n- $ - \n \n187.34 1,224,416.24 \n16,912.31 1,241,515.89 \n \n62,542.33 \n \n- \n \n16,876.99 \n \n79,419.32 \n \n93,235.28 366,719.45 149,637.00 223,824.03 2,439,833.51 3,273,249.27 \n \n1,359,743.76 \n6,009,519.66 \n7,369,263.42 \n \n48,253.36 \n48,253.36 \n \n93,235.28 1,774,716.57 \n149,637.00 6,233,343.69 2,439,833.51 10,690,766.05 \n \n$ \n \n4,577,307.49 $ \n \n7,369,263.42 $ \n \n65,130.35 $ \n \n12,011,701.26 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 3 - \n \n ECHOLS 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 Buildings and improvements Equipment Land improvements Accumulated depreciation \nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB liability \nDeferred charges or credits on debt refundings are applicable to future periods and are therefore not reported in the funds and are amortized over the life of the new debt. \nDeferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. Related to pensions Related to OPEB \nTaxes that are not available to pay for current period expenditures are deferred in the funds. \nLong-term liabilities, and related accrued interest, are not due and payable in the current period and therefore are not reported in the funds. Bonds payable Accrued interest payable Unamortized bond premiums \nNet position of governmental activities (Exhibit \"A\") \n \n$ \n \n10,690,766.05 \n \n$ \n \n561,834.57 \n \n17,827,937.14 \n \n2,074,557.82 \n \n343,153.00 \n \n(7,235,631.53) \n \n13,571,851.00 \n \n$ \n \n(11,651,254.00) \n \n(5,041,017.00) \n \n(16,692,271.00) 96,336.00 \n \n$ \n \n5,400,769.00 \n \n(2,102,205.00) \n \n3,298,564.00 79,419.32 \n \n$ \n \n(2,755,000.00) \n \n(20,549.59) \n \n(166,875.10) \n \n(2,942,424.69) \n \n$ \n \n8,102,240.68 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 4 - \n \n ECHOLS COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2023 \n \nEXHIBIT \"E\" \n \nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Capital Outlay Debt Services Principal Interest Total Expenditures \nRevenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES) Transfers In Transfers Out Total Other Financing Sources (Uses) \nNet Change in Fund Balances \nFund Balances - Beginning \nFund Balances - Ending \n \nGENERAL FUND \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ \n \n2,092,988.68 $ \n \n15,213.75 \n \n7,704,101.60 \n \n3,030,712.14 \n \n17,668.51 \n \n15,322.06 \n \n480,990.30 \n \n13,356,997.04 \n \n- $ 229,875.15 \n52,762.79 282,637.94 \n \n460,346.69 $ - \n460,346.69 \n \n2,553,335.37 245,088.90 \n7,704,101.60 3,030,712.14 \n17,668.51 68,084.85 480,990.30 14,099,981.67 \n \n6,393,888.72 \n372,248.77 290,351.81 156,318.54 754,680.41 662,641.84 \n15,841.00 905,432.10 714,807.60 \n19,810.83 18,010.21 825,416.93 307,554.76 \n7,878.07 435.15 \n11,445,316.74 1,911,680.30 \n \n- \n- \n282,637.94 \n \n- \n- \n495,000.00 92,550.00 \n587,550.00 (127,203.31) \n \n6,393,888.72 \n372,248.77 290,351.81 156,318.54 754,680.41 662,641.84 \n15,841.00 905,432.10 714,807.60 \n19,810.83 18,010.21 825,416.93 307,554.76 \n502,878.07 92,985.15 \n12,032,866.74 2,067,114.93 \n \n(2,002,114.85) (2,002,114.85) \n \n(90,434.55) \n \n3,363,683.82 \n \n$ \n \n3,273,249.27 $ \n \n2,000,000.00 (107,000.00) 1,893,000.00 \n2,175,637.94 \n5,193,625.48 \n7,369,263.42 $ \n \n109,114.85 - \n109,114.85 \n(18,088.46) \n66,341.82 \n48,253.36 $ \n \n2,109,114.85 (2,109,114.85) \n- \n2,067,114.93 \n8,623,651.12 \n10,690,766.05 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 5 - \n \n ECHOLS 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 \nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \nThe issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts and the difference between the carrying value of refunded debt and the acquisition cost of refunded debt when debt is first issued. These amounts are deferred and amortized in the Statement of Activities. Amortization of deferred charge on refunding of bonds Bond principal retirements Financed purchase agreement payments Amortization of bond premium \nDistrict pension/OPEB contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension/OPEB liability is measured a year before the District's report date. Pension/OPEB expense, which is the change in the net pension/OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions/OPEB, is reported in the Statement of Activities. Pension expense OPEB expense \nSome items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. Net decrease in accrued interest \nChange in net position of governmental activities (Exhibit \"B\") \n \n$ \n \n2,067,114.93 \n \n$ \n \n489,404.00 \n \n(455,562.00) \n \n33,842.00 18,146.84 \n \n$ \n \n(20,281.26) \n \n495,000.00 \n \n7,878.07 \n \n35,131.60 \n \n517,728.41 \n \n$ \n \n(606,430.00) \n \n493,772.00 \n \n(112,658.00) \n \n2,461.48 \n \n$ \n \n2,526,635.66 \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n- 6 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \nReporting Entity \nThe Echols County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe accompanying financial statements of the School District have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). GASB is the accepted standard-setting body for governmental accounting and financial reporting principles. The most significant of the School District's accounting policies are described below. \nBasis of Presentation \nThe School District's basic financial statements are collectively comprised of the government-wide financial statements, fund financial statements and notes to the basic financial statements. The government-wide statements focus on the School District as a whole, while the fund financial statements focus on major funds. Each presentation provides valuable information that can be analyzed and compared between years and between governments to enhance the information's usefulness. \nGovernment-Wide Statements: \nThe Statement of Net Position and the Statement of Activities display information about the financial activities of the overall School District. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \nThe Statement of Net Position presents the School District's assets, deferred outflows of resources, deferred inflows of resources and liabilities, with the difference reported as net position. Net position is reported in three categories as follows: \n1. Net investment in capital assets consists of the School District's total investment in capital assets, net of accumulated depreciation, and reduced by outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of net investment in capital assets. \n2. Restricted net position consists of resources for which the School District is legally or contractually obligated to spend in accordance with restrictions imposed by external third parties or imposed by law through constitutional provisions or enabling legislation. \n3. Unrestricted net position consists of resources not meeting the definition of the two preceding categories. Unrestricted net position often has constraints on resources imposed by management which can be removed or modified. \nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \n- 7 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nDirect expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \nProgram revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \nFund Financial Statements \nThe fund financial statements provide information about the School District's funds. Eliminations have been made to minimize the double counting of internal activities. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \nThe School District reports the following major governmental funds: \n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST) that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \n The debt service fund accounts for and reports financial resources that are restricted, committed, or assigned including taxes (property) legally restricted for the payment of general long-term principal and interest. \nBasis of Accounting \nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, and grants. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants is recognized in the fiscal year in which all eligibility requirements have been satisfied. \nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \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 \n- 8 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \ntaxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities are reported as other financing sources. \nThe School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted resources available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursable grants, then general revenues. \nNew Accounting Pronouncements \nIn fiscal year 2023, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 96, Subscription-Based Information Technology Arrangements. This statement defines subscription-based information technology arrangements and provides uniform guidance for accounting and financial reporting for transactions that meet that definition. Under this statement, a government is required to recognize a subscription liability and an intangible right-to-use asset for contracts that meet the definition of a subscription-based information technology arrangement. The adoption of this statement did not have a material impact on the School District's financial statements. \nCash and Cash Equivalents \nCash and cash equivalents consist of cash on hand, demand deposits, investments in the State of Georgia local government investment pool (Georgia Fund 1) and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated (O.C.G.A.) 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \nInvestments \nThe School District can invest its funds as permitted by O.C.G.A. 36-83-4. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. \nInvestments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. All other investments are reported at fair value. \nFor accounting purposes, certificates of deposit are classified as investments if they have an original maturity greater than three months when acquired. \nReceivables \nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \n- 9 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nInventories \n \nFood Inventories \n \nOn the basic financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (calculated on the first-in, first-out basis). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \n \nPrepaid Items \n \nPayments made to vendors for services that will benefit future accounting periods are recorded as prepaid items, in both the government-wide and governmental fund financial statements. \n \nCapital Assets \n \nOn the government-wide financial statements, capital assets are recorded at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at the acquisition value on the date donated. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. The School District does not capitalize book collections or works of art. \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 \nEquipment \n \n$ \n \nIntangible Assets \n \n$ \n \nAny amount 10,000.00 10,000.00 10,000.00 50,000.00 \n \nN/A 15 to 60 years up to 100 years \n5 to 20 years 5 to 20 years \n \nDuring the fiscal year, management decreased the estimated useful life to 5 to 20 years from 5 to 30 years for equipment. In addition, management increased the capital asset threshold to $50,000.00 from $10,000.00 for intangible assets. The change in estimated useful life and threshold does not have a material or significant impact on the financial statements. \n \n- 10 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nDeferred Outflows/Inflows of Resources \nIn addition to assets, the statement of financial position will report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of resources that applies to a future period(s) and therefore will not be recognized as an outflow of resources (expense/expenditure) until then. \nIn addition to liabilities, the statement of financial position will report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of resources that applies to a future period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time. \nLong-Term Liabilities and Bond Discounts/Premiums \nIn the School District's government-wide financial statements, outstanding debt is reported as liabilities. Bond premiums and discounts and the difference between the reacquisition price and the net carrying value of refunded debt are deferred and amortized over the life of the bonds using the straightline method. To conform to generally accepted accounting principles, bond premiums and discounts should be amortized using the effective interest method. The effect of this deviation is deemed to be immaterial to the fair presentation of the basic financial statements. Bond issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \nIn the governmental fund financial statements, the School District recognizes the proceeds of debt and premiums as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures. \nPensions \nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \nPost-Employment Benefits Other Than Pensions (OPEB) \nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Post-Employment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \nFund Balances \nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \n \n- 11 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nThe School District's fund balances are classified as follows: \nNonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \n \nRestricted consists of resources that can be used only for specific purposes pursuant to constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \n \nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \n \nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \n \nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \n \nUse of Estimates \n \nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \n \nProperty Taxes \n \nThe Echols County Board of Commissioners adopted the property tax levy for the 2022 tax digest year (calendar year) on October 6, 2022 (levy date) based on property values as of January 1, 2022. Taxes were due on December 20, 2022 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2022 tax digest are reported as revenue in the governmental funds for fiscal year 2023. The Echols 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 $1,837,553.62 and for school bonds amounted to $460,346.69. \n \nTax millage rates levied for the 2022 tax digest year (calendar year) for the School District were as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations School Bonds \n \n15.501 mills 4.135 mills \n \n19.636 mills \n \n- 12 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $231,979.01 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 $229,875.15 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \nNOTE 3: BUDGETARY DATA \nThe budget is a complete financial plan for the School District's fiscal year and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general, debt service and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds, except the various school activity (principal) accounts, is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate fund level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. Two public hearings to receive input are held prior to the final adoption of the budget. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \nNOTE 4: DEPOSITS, CASH EQUIVALENTS AND INVESTMENTS \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- 13 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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, 2023, the School District had deposits with a carrying amount of $5,617,112.52 and a bank balance of $6,183,180.03. The bank balances insured by Federal depository insurance were $250,026.66. \nAt June 30, 2023, $5,933,153.37 of the School District's bank balances was in the State's Secure Deposit Program (SDP). \nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. The SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians. \n \n- 14 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \n \nCash and cash equivalents Statement of Net Position \n \n$ \n \n7,376,479.00 \n \nLess: Investment pools reported as cash and cash equivalents \nGeorgia Fund 1 \n \n1,759,366.48 \n \nTotal carrying value of deposits - June 30, 2023 \n \n$ \n \n5,617,112.52 \n \nCategorization of Cash Equivalents \n \nThe School District reported cash equivalents of $1,759,366.48 in Georgia Fund 1, a local government investment pool, which is included in the cash balances above. Georgia Fund 1 is not registered with the SEC as an investment company and does not operate in a manner consistent with the SEC's Rule 2a-7 of the Investment Company Act of 1940. The investment is valued at the pool's share price, $1.00 per share, which approximates fair value. The pool is an AAAf rated investment pool by Fitch. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2023 was 28 days. \n \nGeorgia Fund 1, administered by the State of Georgia, Office of the State Treasurer, is not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of the State Treasurer for the Georgia Fund 1, does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State of Georgia Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \n \nCategorization of Investments \n \nAt June 30, 2023, the School District had the following investments: \n \nInvestment Type \n \nFair Value \n \nInvestment Maturity Less Than 1 Year \n \nDebt Securities U. S. Treasuries \n \n$ 3,002,000.00 $ \n \n3,002,000.00 \n \nFair Value of Investments \n \nThe School District measures and records its investments using fair value measurement guidelines established by generally accepted accounting principles. These guidelines recognize a three-tiered fair value hierarchy, as follows: \n \nLevel 1: Quoted prices for identical investments in active markets; Level 2: Observable inputs other than quoted market prices; and, Level 3: Unobservable inputs. \n \n- 15 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nThe School District has the following recurring fair value measurements as of June 30, 2023: \nU.S. Treasuries of $3,002,000.00 are valued using observable prices for identical assets in non-active markets. (Level 2 inputs) \n \nInterest Rate Risk \n \nInterest rate risk is the risk that changes in interest rates of debt investment will adversely affect the fair value of an investment. The School District does not have a formal policy for managing interest rate risk. \n \nCustodial Credit Risk \n \nCustodial credit risk for investments is the risk that, in the event of the failure of the counterparty to a transaction, the School District will not be able to recover the value of the investment or collateral securities that are in the possession of an outside party. The School District does not have a formal policy for managing custodial credit risk. \nAt June 30, 2023, $3,002,000.00 of the School District's applicable investments were held by the investment's counterparty, not in the School District's name. \n \nNOTE 5: CAPITAL ASSETS \nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \n \nGovernmental Activities Capital Assets, \nNot Being Depreciated: Land \n \nBalances July 1, 2022 \n \nIncreases \n \nDecreases \n \nBalances June 30, 2023 \n \n$ 561,834.57 $ \n \n- $ \n \n- $ 561,834.57 \n \nCapital Assets, Being Depreciated Buildings and Improvements Equipment Land Improvements \nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \n \n17,484,927.14 1,928,163.82 343,153.00 \n \n343,010.00 146,394.00 \n- \n \n5,480,297.25 1,123,418.83 \n176,353.45 \n \n332,421.00 105,570.00 \n17,571.00 \n \n- \n \n17,827,937.14 \n \n- \n \n2,074,557.82 \n \n- \n \n343,153.00 \n \n- \n \n5,812,718.25 \n \n- \n \n1,228,988.83 \n \n- \n \n193,924.45 \n \nTotal Capital Assets, Being Depreciated, Net \n \n12,976,174.43 \n \n33,842.00 \n \n- \n \n13,010,016.43 \n \nGovernmental Activities Capital Assets - Net \n \n$ 13,538,009.00 $ 33,842.00 $ \n \n- $ 13,571,851.00 \n \n- 16 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction \n \nSupport Services \n \nGeneral Administration \n \n$ \n \nBusiness Administration \n \nMaintenance and Operation of Plant \n \nStudent Transportation Services \n \nFood Services \n \n$ \n5,673.00 3,111.00 8,316.00 82,394.00 \n \n346,867.00 \n99,494.00 9,201.00 \n \n$ \n \n455,562.00 \n \nNOTE 6: INTERFUND TRANSFERS \n \nInterfund transfers for the year ended June 30, 2023, consisted of the following: \n \nTransfers to \n \nGeneral Fund \n \nTransfers From Capital Projects \nFund \n \nTotal \n \nCapital Projects Fund Debt Service Fund \n \n$ \n \n2,000,000.00 $ \n \n2,114.85 \n \n- $ 107,000.00 \n \n2,000,000.00 109,114.85 \n \nTotal \n \n$ 2,002,114.85 $ \n \n107,000.00 $ 2,109,114.85 \n \nTransfers are used to move property tax revenues collected by the general fund to capital projects fund as required match or supplemental funding source for capital construction projects and to the debt service fund for bond payments. Transfers are used to move ESPLOST revenues collected by the capital projects fund to the debt service fund for debt service payments. \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 \nBalance \n \nAdditions \n \nDeductions June 30, 2023 \n \nDue Within One Year \n \nGeneral Obligation (G.O.) Bonds Unamortized Bond Premiums Financed Purchases \n \n$ 3,250,000.00 $ 202,006.70 7,878.07 \n \n- $ 495,000.00 $ 2,755,000.00 $ 515,000.00 \n \n- \n \n35,131.60 \n \n166,875.10 \n \n35,131.60 \n \n- \n \n7,878.07 \n \n- \n \n- \n \n$ 3,459,884.77 $ \n \n- $ 538,009.67 $ 2,921,875.10 $ 550,131.60 \n \nGeneral Obligation Debt Outstanding \nThe School District's bonded debt consists of general obligation bonds that are generally noncallable with interest payable semiannually. Bond proceeds primarily pay for acquiring or constructing capital facilities. Bonds have also been issued to advance-refund previously issued bonds. The School District repays general obligation bonds from voter-approved property taxes. General obligation bonds are direct obligations and pledge the full faith and credit of the School District. \n- 17 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nThe School District had no unused line of credit or outstanding notes from direct borrowings and direct placements related to governmental activities as of June 30, 2023. The debt will be satisfied from the general fund or from a direct annual ad valorem tax levied upon all taxable property within the School District. Additional security is provided by the State of Georgia Intercept Program which allows for state appropriations entitled to the School District to be transferred to the Debt Service Account Custodian for the payment of debt. \n \nGeneral obligation bonds currently outstanding are as follows: \n \nDescription \n \nInterest Rates \n \nIssue Date \n \nMaturity Date \n \nAmount Issued \n \nAmount Outstanding \n \nGeneral Government - Refunding - Series 2016 \n \n2.00% - 3.00% 10/18/2016 4/1/2028 $ 4,800,000.00 $ 2,755,000.00 \n \nThe following schedule details debt service requirements to maturity for the School District's total general obligation bonds payable: \n \nFiscal Year Ended June 30: \n \nGeneral Obligation Debt \n \nPrincipal \n \nInterest \n \nUnamortized Bond Premium \n \n2024 2025 2026 2027 2028 \n \n$ \n \n515,000.00 $ \n \n530,000.00 \n \n550,000.00 \n \n570,000.00 \n \n590,000.00 \n \n82,650.00 $ 67,200.00 51,300.00 34,800.00 17,700.00 \n \n35,131.60 35,131.60 35,131.60 35,131.60 26,348.70 \n \nTotal Principal and Interest $ 2,755,000.00 $ \n \n253,650.00 $ \n \n166,875.10 \n \nNOTE 8: RISK MANAGEMENT \nInsurance \nThe School District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors or omissions; job related illness or injuries to employees; and natural disasters. \nGeorgia School Boards Association Risk Management Fund \nThe School District participates in the Georgia School Boards Association Risk Management Fund (the Fund), a public entity risk pool organized on August 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, errors and omissions liability, cyber risk and property damage, including safety engineering and other loss prevention and control techniques, and to administer the Fund including the processing and defense of claims brought against members of the Fund. The School District pays an annual contribution to the Fund for coverage. Reinsurance is provided to the Fund through agreements by the Fund with insurance companies according to their specialty for property (including coverage for flood and earthquake), machinery breakdown, general liability, errors and omissions, crime, cyber risk and automobile risks. Reinsurance limits and retentions vary by line of coverage. \n \n- 18 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nWorkers' Compensation \n \nGeorgia Education Workers' Compensation Trust \n \nThe School District participated in the Georgia Education Workers' Compensation Trust through December 31, 2022, (the Trust), a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general workers' compensation insurance coverage. Specific excess of loss insurance coverage is provided through an agreement by the Trust with the Safety National Casualty Company to provide coverage for potential losses sustained by the Trust in excess of $1.0 million loss per occurrence, up to the statutory limit. Employers' Liability insurance coverage is also provided with limits of $2.0 million. The Trust covers the first $1.0 million of each Employers Liability claim with Safety National providing additional Employers Liability limits up to a $2.0 million per occurrence maximum. Safety National Casualty Company also provides $2.0 million in aggregate coverage to the Trust, attaching at 107% of the loss fund and based on the Fund's annual normal premium. \n \nGeorgia School Boards Association Workers' Compensation Fund \n \nBeginning on January 1, 2023 the School District began participating in the Georgia School Boards Association Workers' Compensation Fund (the Fund), a public entity risk pool organized on July 1, 1992, to develop, implement, and administer a program to reduce the risk of loss from employee accidents. The School District pays an annual contribution to the Fund for coverage. The Fund provides statutory limits of coverage for Workers' Compensation coverage and a $2,000,000 limit per occurrence for Employers' Liability coverage. Excess insurance coverage is provided through an agreement between the Fund and the Safety National Casualty Corporation to limit the Fund's exposure to large losses. \n \nUnemployment Compensation \n \nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the general fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. The School District has not incurred any claims liability during the last two fiscal years. \n \nSurety Bond \n \nThe School District purchased a surety bond to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nSuperintendent \n \n$ \n \n100,000.00 \n \n- 19 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nNOTE 9: FUND BALANCE CLASSIFICATION DETAILS \n \nThe School District's financial statements include the following amounts presented in the aggregate at June 30, 2023: \n \nNonspendable \n \nInventories \n \n$ \n \nPrepaid Assets \n \nRestricted \n \nBus Replacement \n \n$ \n \nContinuation of Federal Programs \n \nCapital Projects \n \nDebt Service \n \nCommitted \n \nAuditorium Renovation Design \n \n$ \n \nOther (Equipment and Supplies) \n \nAssigned \n \nLocal Capital Outlay Projects \n \n$ \n \nSchool Activity Accounts \n \nUnassigned \n \n2,935.28 90,300.00 $ \n70,566.00 296,153.45 1,359,743.76 \n48,253.36 \n9,100.00 140,537.00 \n6,009,519.66 223,824.03 \n \n93,235.28 \n1,774,716.57 149,637.00 \n6,233,343.69 2,439,833.51 \n \nFund Balance, June 30, 2023 \n \n$ \n \n10,690,766.05 \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. \nIt is the goal of the School District to achieve and maintain unassigned, assigned, and committed fund balances 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, net of any committed reserve balance for capital expenditures and assigned fund balances \"to cover unanticipated deficiencies in revenue or unanticipated expenditures\", in compliance with O.C.G.A. 20-2-167(a)5. If the total of the unassigned, assigned, and committed fund balances (net of the previous allowances) at fiscal year-end falls below the goal, the School District shall develop a restoration plan to achieve and maintain the minimum fund balance. Unbudgeted Activity Funds shall be excluded from the calculation. \nNOTE 10: SIGNIFICANT CONTINGENT LIABILITIES \nFederal Grants \nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position. \n \n- 20 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nLitigation \nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine School District operations. The ultimate disposition of these proceedings is not presently determinable but is not believed to have a material adverse effect on the financial condition of the School District. \nNOTE 11: OTHER POST-EMPLOYMENT BENEFITS (OPEB) \nGeorgia School Personnel Post-Employment Health Benefit Fund \nPlan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit post-employment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board. \nBenefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. \nContributions: As established by the Board, the School OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $190,547.00 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 $5,041,017.00 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 0.050903%, which was an increase of 0.000092% from its proportion measured as of June 30, 2021. \n \n- 21 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nFor the year ended June 30, 2023, the School District recognized OPEB expense of ($303,225.00). At June 30, 2023, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \n \nOPEB Deferred Outflows of Resources \n \nDeferred Inflows of Resources \n \nDifferences between expected and actual \n \nexperience \n \n$ \n \n201,215.00 $ 1,981,272.00 \n \nChanges of assumptions \n \n767,757.00 \n \n1,019,553.00 \n \nNet difference between projected and actual \n \nearnings on OPEB plan investments \n \n30,749.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n196,450.00 \n \n488,098.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n190,547.00 \n \n- \n \nTotal \n \n$ 1,386,718.00 $ 3,488,923.00 \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 2029 \n \n$ (609,910.00) \n \n$ (491,212.00) \n \n$ (430,188.00) \n \n$ (512,108.00) \n \n$ (227,316.00) \n \n$ \n \n(22,018.00) \n \n- 22 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nActuarial Assumptions: The total OPEB liability as of June 30, 2022 was determined by an actuarial valuation as of June 30, 2021 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2022: \n \nOPEB: \n \nInflation \n \n2.50% \n \nSalary increases \n \n3.00%  8.75%, including inflation \n \nLong-term expected rate of return \nHealthcare cost trend rate \n \n7.00%, compounded annually, net of investment expense, and including inflation \n \nPre-Medicare Eligible Medicare Eligible Ultimate trend rate \n \n6.50% 5.00% \n \nPre-Medicare Eligible Medicare Eligible Year of Ultimate trend rate \n \n4.50% 4.50% \n \nPre-Medicare Eligible \n \n2029 \n \nMedicare Eligible \n \n2023 \n \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 ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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 \n0.14% 9.20% \n \nTotal \n \n100.00% \n \n* Net of inflation \nDiscount Rate: In order to measure the total OPEB liability for the School OPEB Fund, a single equivalent interest rate of 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 ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \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. \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 \n5,701,995.00 $ \n \n5,041,017.00 $ \n \n4,480,808.00 \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 \n4,343,438.00 $ \n \n5,041,017.00 $ \n \n5,898,337.00 \n \nOPEB Plan Fiduciary Net Position: Detailed information about the OPEB plan's fiduciary net position is available in the Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \n \nNOTE 12: RETIREMENT PLANS \n \nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \n \nTeachers Retirement System of Georgia (TRS) \n \nPlan Description: All teachers of the School District as defined in O.C.G.A. 47-3-60 and certain other support personnel as defined by O.C.G.A. 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple-employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \n \nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, \n \n- 25 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nor after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Pursuant to O.C.G.A. 47-3-63, the employer contributions for certain full-time public school support personnel are funded on behalf of the employer by the State of Georgia. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2023. The School District's contractually required contribution rate for the year ended June 30, 2023 was 19.98% of annual School District payroll, of which 19.53% of payroll was required from the School District and 0.45% of payroll was required from the State. For the current fiscal year, employer contributions to the pension plan were $1,020,202.00 and $22,237.74 from the School District and the State, respectively. \nPublic School Employees Retirement System (PSERS) \nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \nBenefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \nUpon retirement, the member will receive a monthly benefit of $15.75, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits. \nContributions: The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. \n \n- 26 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nIndividuals who became members prior to July 1, 2012 contribute $4 per month for nine months each fiscal year. Individuals who became members on or after July 1, 2012 contribute $10 per month for nine months each fiscal year. The State of Georgia, although not the employer of PSERS members, is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS Board of Trustees. The current fiscal year contribution was $12,965.00. \n \nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \n \nAt June 30, 2023, the School District reported a liability of $11,651,254.00 for its proportionate share of the net pension liability for TRS. \n \nThe TRS net pension liability reflected a reduction for support provided to the School District by the State of Georgia for certain public school support personnel. The amount recognized by the School District as its proportionate share of the net pension liability, the related State of Georgia support, and the total portion of the net pension liability that was associated with the School District were as follows: \n \nSchool District's proportionate share of the net pension liability $ \n \n11,651,254.00 \n \nState of Georgia's proportionate share of the net pension liability associated with the School District \n \n225,680.00 \n \nTotal \n \n$ \n \n11,876,934.00 \n \nThe net pension liability for TRS was measured as of June 30, 2022. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2021. An expected total pension liability as of June 30, 2022 was determined using standard roll-forward techniques. The School District's proportion of the net pension liability was based on contributions to TRS during the fiscal year ended June 30, 2022. \nAt June 30, 2022, the School District's TRS proportion was 0.035881%, which was an increase of 0.000528% 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 $74,580.00. \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 $1,648,868.00 for TRS and $18,742.00 for PSERS and revenue of $22,236.00 for TRS and $18,742.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \n \n- 27 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nAt June 30, 2023, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \n \nTRS \n \nDeferred \n \nDeferred \n \nOutflows of \n \nInflows of \n \nResources \n \nResources \n \nDifferences between expected and actual experience \n \n$ 483,646.00 $ \n \n60,648.00 \n \nChanges of assumptions \n \n1,753,886.00 \n \n- \n \nNet difference between projected and \n \nactual earnings on pension plan \n \ninvestments \n \n2,289,140.00 \n \n- \n \nChanges in proportion and differences between School District contributions and proportionate share of contributions \n \n74,209.00 \n \n159,666.00 \n \nSchool District contributions subsequent to \n \nthe measurement date \n \n1,020,202.00 \n \n- \n \nTotal \n \n$ 5,621,083.00 $ 220,314.00 \n \nThe School District contributions subsequent to the measurement date for TRS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2024. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \n \nYear Ended June 30: \n \nTRS \n \n2024 2025 2026 2027 \n \n$ 1,144,358.00 \n \n$ \n \n893,584.00 \n \n$ \n \n663,075.00 \n \n$ 1,679,550.00 \n \n- 28 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nActuarial Assumptions: The total pension liability as of June 30, 2022 was determined by an actuarial valuation as of June 30, 2021, using the following actuarial assumptions, applied to all periods included in the measurement: \n \nTeachers Retirement System: \n \nInflation \n \n2.50% \n \nSalary increases \n \n3.00%  8.75%, average, including inflation \n \nInvestment rate of return \n \n6.90%, net of pension plan investment expense, including inflation \n \nPost-retirement benefit increases 1.50% semi-annually \n \nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \nThe actuarial assumptions used in the June 30, 2021 valuation were based on the results of an actuarial experience study for the period July 1, 2013  June 30, 2018, with the exception of the investment rate of return and payroll growth assumption. \n \nPublic School Employees Retirement System: \n \nInflation \n \n2.50% \n \nSalary increases Investment rate of return \nPost-retirement benefit increases \n \nN/A \n7.00%, net of pension plan investment expense, including inflation 1.50% semi-annually \n \n- 29 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \nMortality rates are as follows: \n The Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale is used for both males and females while in active service. \n The Pub-2010 Family of Tables projected generationally with the MP-2019 Scale and with further adjustments are used for post-retirement mortality assumptions as follows: \n \nParticipant Type Membership Table \n \nSet Forward (+)/ Setback (-) Adjustment to Rates \n \nService Retirees \n \nGeneral Healthy Below- Male: +2; Female: +2 Median Annuitant \n \nMale: 101%; Female: 103% \n \nDisability Retirees General Disabled \n \nMale: -3; Female: 0 \n \nMale: 103%; Female: 106% \n \nBeneficiaries \n \nGeneral Below-Median Contingent Survivors \n \nMale: +2; Female: +2 \n \nMale: 104%; Female: 99% \n \nThe actuarial assumptions used in the June 30, 2021 valuation were based on the results of an actuarial experience study for the period July 1, 2014  June 30, 2019. \n \nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \n \nAsset Class \nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \n \nTRS/PSERS Target \nAllocation \n30.00% 46.30% \n1.20% 12.30% \n5.20% 5.00% \n \nLong-Term Expected Real Rate of Return* \n0.20% 9.40% 13.40% 9.40% 11.40% 10.50% \n \nTotal \n \n100.00% \n \n* Rates shown are net of inflation \nDiscount Rate: The discount rate used to measure the total TRS pension liability was 6.90%. The discount rate used to measure the total PSERS pension liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS and PSERS pension plans' fiduciary net position were projected to be \n \n- 30 - \n \n ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2023 \n \nEXHIBIT \"G\" \n \navailable to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \n \nSensitivity of the School District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 6.90%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.90%) or 1-percentage-point higher (7.90%) than the current rate: \n \nTeachers Retirement System: \n \n1% Decrease (5.90%) \n \nCurrent Discount Rate (6.90%) \n \n1% Increase (7.90%) \n \nSchool District's proportionate share of \n \nthe net pension liability \n \n$ \n \n17,577,884.00 $ \n \n11,651,254.00 $ \n \n6,811,377.00 \n \nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \n \nDefined Contribution Plan \nIn January 1982, the Echols County Board of Education implemented an employer paid 403(b) annuity plan for the group of employees covered under the Public School Employees Retirement System (PSERS) and Teachers Retirement System (TRS). The Board contributes to the Plan for these groups at 7.5 percent and 5.24 percent, respectively. \nThe School District selected VALIC and Equitable (AXA) as the providers of this plan. \nThe employee becomes vested in the plan at the beginning of employment and individuals who were employed at the time of implementation were vested upon enrollment. \nFunds accumulated in the employer paid accounts are only available to the employee upon termination of employment. \nEmployer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2023 2022 2021 \n \n100% 100% 100% \n \n$ \n \n268,504.91 \n \n$ \n \n274,186.53 \n \n$ \n \n264,112.73 \n \n- 31 - \n \n (This page left intentionally blank) \n \n ECHOLS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"1\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion \nof the Net Pension Liability (NPL) \n \nSchool District's proportionate share \nof the NPL \n \nState of Georgia's proportionate share \nof the NPL associated with the \nSchool District \n \nTotal \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the NPL as a percentage of its covered payroll \n \nPlan fiduciary net position as a percentage \nof the total pension liability \n \n2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.035881% $ 11,651,254.00 $ 0.035353% $ 3,126,737.00 $ 0.036367% $ 8,809,511.00 $ 0.036388% $ 7,824,404.00 $ 0.037547% $ 6,969,527.00 $ 0.037668% $ 7,000,714.00 $ 0.039743% $ 8,199,424.00 $ 0.039520% $ 6,016,528.00 $ 0.039041% $ 4,932,315.00 $ \n \n225,680.00 73,762.00 \n206,388.00 168,151.00 148,497.00 180,277.00 248,399.00 176,903.00 151,857.00 \n \n$ 11,876,934.00 $ 3,200,499.00 $ 9,015,899.00 $ 7,992,555.00 $ 7,118,024.00 $ 7,180,991.00 $ 8,447,823.00 $ 6,193,431.00 $ 5,084,172.00 \n \n$ 4,943,824.82 $ 4,708,228.37 $ 4,798,279.86 $ 4,535,131.62 $ 4,569,837.49 $ 4,436,455.40 $ 4,491,521.98 $ 4,303,644.64 $ 4,105,550.03 \n \n235.67% 66.41% \n183.60% 172.53% 152.51% 157.80% 182.55% 139.80% 120.14% \n \n72.85% 92.03% 77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 33 - \n \n ECHOLS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"2\" \n \nFor the Year Ended June 30 \n2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \nContractually required contribution \n \nContributions in relation to the contractually required \ncontribution \n \nContribution deficiency (excess) \n \n$ \n \n1,020,202.00 $ \n \n1,020,202.00 $ \n \n- \n \n$ \n \n960,772.00 $ \n \n960,772.00 $ \n \n- \n \n$ \n \n876,712.47 $ \n \n876,712.47 $ \n \n- \n \n$ \n \n991,128.42 $ \n \n991,128.42 $ \n \n- \n \n$ \n \n927,891.18 $ \n \n927,891.18 $ \n \n- \n \n$ \n \n752,180.00 $ \n \n752,180.00 $ \n \n- \n \n$ \n \n617,188.00 $ \n \n617,188.00 $ \n \n- \n \n$ \n \n622,565.00 $ \n \n622,565.00 $ \n \n- \n \n$ \n \n549,804.87 $ \n \n549,804.87 $ \n \n- \n \nSchool District's covered payroll \n \nContribution as a percentage of covered \npayroll \n \n$ \n \n5,224,436.80 \n \n$ \n \n4,943,824.82 \n \n$ \n \n4,708,228.37 \n \n$ \n \n4,798,279.86 \n \n$ \n \n4,535,131.62 \n \n$ \n \n4,569,837.49 \n \n$ \n \n4,436,455.40 \n \n$ \n \n4,491,521.98 \n \n$ \n \n4,303,644.64 \n \n19.53% 19.43% 18.62% 20.66% 20.46% 16.46% 13.91% 13.86% 12.78% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 34 - \n \n ECHOLS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \n \nSCHEDULE \"3\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the Net Pension Liability (NPL) \n \nSchool District's proportionate share \nof the NPL \n \nState of Georgia's proportionate share \nof the NPL associated with the \nSchool District \n \nTotal \n \nSchool District's covered payroll \n \nSchool District's proportionate share of the NPL as a percentage of its covered payroll \n \nPlan fiduciary net position as a \npercentage of the total pension \nliability \n \n2023 2022 2021 2020 2019 2018 2017 2016 2015 \n \n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n- \n \n$ \n \n74,580.00 $ 9,883.00 $ \n71,127.00 $ 71,579.00 $ 76,860.00 $ 57,181.00 $ 86,510.00 $ 52,014.00 $ 44,930.00 $ \n \n74,580.00 $ 9,883.00 $ \n71,127.00 $ 71,579.00 $ 76,860.00 $ 57,181.00 $ 86,510.00 $ 52,014.00 $ 44,930.00 $ \n \n116,104.82 126,467.15 126,403.27 141,959.21 141,176.57 121,117.52 \n99,962.63 109,364.35 105,160.45 \n \nN/A \n \n81.21% \n \nN/A \n \n98.00% \n \nN/A \n \n84.45% \n \nN/A \n \n85.02% \n \nN/A \n \n85.26% \n \nN/A \n \n85.69% \n \nN/A \n \n81.00% \n \nN/A \n \n87.00% \n \nN/A \n \n88.29% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 35 - \n \n ECHOLS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \nSCHOOL OPEB FUND \n \nSCHEDULE \"4\" \n \nFor the Year Ended \nJune 30 \n \nSchool District's proportion of the Net OPEB Liability (NOL) \n \nSchool District's proportionate share \nof the NOL \n \nState of Georgia's proportionate \nshare of the NOL associated with the School District \n \nTotal \n \nSchool District's covered-employee \npayroll \n \nSchool District's proportionate share of the \nNOL as a percentage of its covered- \nemployee payroll \n \nPlan fiduciary net position as a percentage \nof the total OPEB liability \n \n2023 2022 2021 2020 2019 2018 \n \n0.050903% $ 5,041,017.00 $ 0.050811% $ 5,503,252.00 $ 0.054778% $ 8,045,612.00 $ 0.055640% $ 6,828,222.00 $ 0.053257% $ 6,768,801.00 $ 0.051927% $ 7,295,722.00 $ \n \n- \n \n$ 5,041,017.00 $ 4,130,412.08 \n \n- \n \n$ 5,503,252.00 $ 4,082,419.22 \n \n- \n \n$ 8,045,612.00 $ 4,107,729.69 \n \n- \n \n$ 6,828,222.00 $ 3,972,237.63 \n \n- \n \n$ 6,768,801.00 $ 3,844,559.96 \n \n- \n \n$ 7,295,722.00 $ 3,691,446.87 \n \n122.05% 134.80% 195.87% 171.90% 176.06% 197.64% \n \n6.17% 6.14% 3.99% 4.63% 2.93% 1.61% \n \nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \n \n- 36 - \n \n ECHOLS COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \nSCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \n \nSCHEDULE \"5\" \n \nFor the Year Ended June 30 \n2023 2022 2021 2020 2019 2018 \n \nContractually required contribution \n \nContributions in relation to the contractually required \ncontribution \n \nContribution deficiency (excess) \n \nSchool District's covered-employee \npayroll \n \n$ \n \n190,547.00 $ \n \n$ \n \n184,053.00 $ \n \n$ \n \n189,007.00 $ \n \n$ \n \n185,248.00 $ \n \n$ \n \n299,661.00 $ \n \n$ \n \n276,028.00 $ \n \n190,547.00 $ 184,053.00 $ 189,007.00 $ 185,248.00 $ 299,661.00 $ 276,028.00 $ \n \n- \n \n$ \n \n4,242,971.27 \n \n- \n \n$ \n \n4,130,412.08 \n \n- \n \n$ \n \n4,082,419.22 \n \n- \n \n$ \n \n4,107,729.69 \n \n- \n \n$ \n \n3,972,237.63 \n \n- \n \n$ \n \n3,844,559.96 \n \nContribution as a percentage of \ncovered-employee payroll \n4.49% 4.46% 4.63% 4.51% 7.54% 7.18% \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 ECHOLS COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \nFOR THE YEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"6\" \n \nTeachers Retirement System Change of benefit terms: There have been no changes in benefit terms. \nChanges of assumptions: On November 18, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males). \nOn May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed annual rate of inflation has been reduced from 2.75% to 2.50%. \nIn 2019 and later, the expectation of retired life mortality was changed to the Pub-2010 Teacher Headcount Weighted Below Median Healthy Retiree mortality table from the RP-2000 Mortality Tables. In 2019, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \nOn May 11, 2022, the Board adopted recommended changes to the long-term assumed rate of return and payroll growth assumption utilized by the System. The long-term assumed rate of return was changed from 7.25% to 6.90%, and the payroll growth assumption was changed from 3.00% to 2.50%. \nPublic School Employees Retirement System Changes of benefit terms: There have been no changes in benefit terms. \nChanges of assumptions: On December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP-2000 Blue Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females). \nA new funding policy was initially adopted by the Board on March 15, 2018, and most recently amended on December 17, 2020. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for the June 30, 2017 actuarial valuation and further reduced from 7.40% to 7.30% for the June 30,2018 actuarial valuation. \nOn December 17, 2020, the Board adopted recommended changes to the economic and demographic assumption utilized by the System based on the experience study prepared for the five-year period ending June 30, 2019. Primary among the changes were the updates to rates or mortality, retirement, disability, and withdrawal. This also included a change to the long-term assumed investment rate of return to 7.00%. These assumption changes are reflected in the calculation of the June 30, 2021 Total Pension Liability. \nSchool OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. \nChanges in assumptions: June 30, 2020 valuation: Decremental assumptions were changed to reflect the Employees Retirement Systems experience study. Approximately 0.10% of emloyees are members of the Employees Retirement System. \nJune 30, 2019 valuation: Decremental assumptions were changed to reflect the Teachers Retirement Systems experience study. \nJune 30, 2018 valuation: The inflation assumption was lowered from 2.75% to 2.50%. \nJune 30, 2017 valuation: The participation assumption, tobacco use assumption and morbidity factors were revised. \nJune 30, 2015 valuation: Decremental and underlying inflation assumptions were changed to reflect to Retirement Systems' experience studies. \nJune 30, 2012 valuation: A data audit was performed and data collection procedures and asssumptions were changed. \nThe discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017, to 3.87% as of June 30, 2018, back to 3.58% of June 30, 2019, and to 2.22% as of June 30, 2020. \n \n- 38 - \n \n ECHOLS COUNTY BOARD OF EDUCATION GENERAL FUND \nSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \nYEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"7\" \n \nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Capital Outlay Debt Service Principal Interest Total Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES(USES) Operating Transfers From Other Funds Operating Transfer 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 \n2,034,061.00 $ \n \n2,034,061.00 $ \n \n2,092,988.68 $ \n \n10,000.00 \n \n10,000.00 \n \n15,213.75 \n \n7,192,227.87 \n \n7,654,240.87 \n \n7,704,101.60 \n \n3,337,585.00 \n \n3,868,909.00 \n \n3,030,712.14 \n \n15,500.00 \n \n15,500.00 \n \n17,668.51 \n \n500.00 \n \n500.00 \n \n15,322.06 \n \n78,206.00 \n \n78,206.00 \n \n480,990.30 \n \n12,668,079.87 \n \n13,661,416.87 \n \n13,356,997.04 \n \n58,927.68 5,213.75 \n49,860.73 (838,196.86) \n2,168.51 14,822.06 402,784.30 (304,419.83) \n \n6,699,809.47 \n474,024.00 425,547.00 153,980.00 870,111.00 516,926.00 \n11,576.00 1,268,012.00 \n613,924.00 1,500.00 \n12,500.00 589,805.00 200,954.00 \n11,838,668.47 829,411.40 \n \n6,787,410.47 \n536,362.00 477,166.00 153,980.00 900,473.33 617,804.00 \n11,576.00 1,351,042.67 \n887,520.00 1,500.00 \n18,100.00 593,356.00 306,997.00 \n12,643,287.47 1,018,129.40 \n \n6,393,888.72 \n372,248.77 290,351.81 156,318.54 754,680.41 662,641.84 \n15,841.00 905,432.10 714,807.60 \n19,810.83 18,010.21 825,416.93 307,554.76 \n7,878.07 435.15 \n11,445,316.74 1,911,680.30 \n \n102,212.00 (102,212.00) \n- \n \n102,160.00 (2,102,160.00) (2,000,000.00) \n \n(2,002,114.85) (2,002,114.85) \n \n829,411.40 \n \n(981,870.60) \n \n(90,434.55) \n \n3,363,683.82 \n \n3,363,683.82 \n \n3,363,683.82 \n \n- \n \n(79,717.41) \n \n- \n \n$ \n \n4,193,095.22 $ \n \n2,302,095.81 $ \n \n3,273,249.27 $ \n \n393,521.75 \n164,113.23 186,814.19 \n(2,338.54) 145,792.92 (44,837.84) \n(4,265.00) 445,610.57 172,712.40 (18,310.83) \n89.79 (232,060.93) \n(557.76) \n(7,878.07) (435.15) \n1,197,970.73 893,550.90 \n(102,160.00) 100,045.15 \n(2,114.85) \n891,436.05 \n- \n79,717.41 \n971,153.46 \n \nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $344,238.98 and $289,752.61, respectively. \nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \n \nSee notes to the basic financial statements. \n \n- 39 - \n \n ECHOLS COUNTY BOARD OF EDUCATION SCHEDULE OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"8\" \n \nFUNDING AGENCY PROGRAM/GRANT Agriculture, U. S. Department of \nChild Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program COVID-19 - National School Lunch Program Total Child Nutrition Cluster \nOther Programs Pass-Through From Georgia Department of Education Food Services State Administrative Expenses for Child Nutrition Total U.S. Department of Agriculture \nEducation, U. S. Department of Education Stabilization Fund Pass-Through From Georgia Department of Education COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund - Homeless Children and Youth Total Education Stabilization Fund \nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Grants to States COVID-19 - American Rescue Plan - Grants to States Preschool Grants Preschool Grants Total Special Education Cluster \nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States English Language Acquisition State Grants English Language Acquisition State Grants Migrant Education State Grant Program Migrant Education State Grant Program Rural and Low-Income School Program Rural and Low-Income School Program 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 \n220,011.14 631,197.02 \n34,174.27 885,382.43 \n \n10.560 \n \n235GA904N2533 \n \n1,462.53 886,844.96 \n \n84.425D 84.425U 84.425W \n \nS425D210012 S425U210012 S425W210011 \n \n174,422.00 \n1,070,859.48 \n4,794.00 1,250,075.48 \n \n84.027A 84.027A 84.027X 84.173A 84.173A \n \nH027A210073 H027A220073 H027X210073 H173A210081 H173A220081 \n \n84.048A 84.365A 84.365A 84.011A 84.011A 84.358B 84.358B 84.010A 84.010A \n \nV048A220010 S365A210010 S365A220010 S011A200011 S011A220011 S358B210010 S358F220010 S010A210010-21A S010A220010 \n \n49,163.00 185,478.39 \n706.00 5,785.00 3,704.50 244,836.89 \n11,433.00 347.00 \n17,432.72 20,024.00 213,562.31 \n1,735.00 93,581.67 \n6,864.00 353,900.55 718,880.25 2,213,792.62 \n \n- 40 - \n \n ECHOLS COUNTY BOARD OF EDUCATION SCHEDULE OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"8\" \n \nFUNDING AGENCY PROGRAM/GRANT \nHealth and Human Services, U. S. Department of Pass-Through From Bright From the Start Georgia Department of Early Care and Learning COVID-19 - Child Care and Development Block Grant \nTotal Expenditures of Federal Awards \n \nASSISTANCE LISTING NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n93.575 \n \n2210GACCC5 $ \n \n10,000.00 3,110,637.58 \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 Echols 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: Transfers Between Programs \nFunds totaling $26,295.00 and $45,865.00 were transferred from the Student Support and Academic Enrichment program (ALN 84.424A) and Supporting Effective Instruction program (ALN 84.367A), respectively and expended in the Title V-B Rural and Low-Income Schools program (ALN 84.358B) during Fiscal Year 2023. \n \nSee notes to the basic financial statements. \n \n- 41 - \n \n ECHOLS COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2023 \nAGENCY/FUNDING GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Bus Replacement Nursing Services Sparsity Health Insurance Increase Education Equalization Funding Grant Other State Programs Computer Science Capacity Grant (CS4GA) Food Services Hygiene Products Math and Science Supplements Preschool Disability Services Teachers Retirement Vocational Education Office of the State Treasurer Public School Employees Retirement \nSee notes to the basic financial statements. \n \nSCHEDULE \"9\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n199,027.67 \n \n273,830.00 136,077.00 586,386.00 390,773.00 281,151.00 289,263.00 524,907.00 474,649.00 269,329.00 570,711.00 \n54,401.00 232,063.00 \n37,740.00 355,412.00 114,059.00 \n35,547.00 21,584.00 \n632.00 \n354,821.00 284,756.00 239,619.00 \n \n133,316.00 88,110.00 45,946.00 \n160,040.00 188,640.00 1,218,178.00 \n \n2,909.72 23,546.00 \n736.00 9,244.47 11,703.00 22,237.74 59,792.00 \n \n12,965.00 \n \n$ \n \n7,704,101.60 \n \n- 42 - \n \n (This page left intentionally blank) \n \n ECHOLS COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"10\" \n \nPROJECT 2013 SPLOST \ni) Adding to, renovating, repairing, improving, furnishing and equipping existing school buildings and other buildings and facilities useful and desirable therewith; making system-wide technology improvements; acquiring new school equipment; acquiring new school buses and vehicles; and acquiring any necessary or desirable property, both real and personal, which has an extended useful life. \nii) Repaying principal and interest on Echols County School District's outstanding General Obligation Bonds for the new K-8 school. \nSubtotal 2013 Projects \n2018 SPLOST \ni) Adding to, renovating, repairing, improving, furnishing and equipping existing school buildings and other buildings and facilities useful and desirable therewith; making system-wide technology improvements; acquiring new school equipment; acquiring new school buses and vehicles; and acquiring any necessary or desirable property, both real and personal, which has an extended useful life. \nii) Paying a portion of the debt service on the Echols County School District General Obligation Bond, Series 2008 (the \"Series 2008 Bond\") or any general obligation debt issued to refund the Series 2008 bond. \nSubtotal 2018 Projects \n2023 SPLOST \ni) Renovations, improvements and equipment for existing school buildings, including HVAC replacement, security upgrades, technology system and structural repairs; architectural, design and preconstruction planning for a new high school; new school buses and vehicles; and acquisition of any property, both real and personal, and equipment necessary in connection with the above described capital outlay projects. \nii) Retiring general obligation debt of the Echols County School District previously incurred with respect to capital outlay projects. \nSubtotal 2023 Projects \nTotal \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \nESTIMATED COMPLETION \nDATE \n \n$ \n \n493,515.00 $ \n \n584,511.84 \n \n12/31/2024 \n \n1,006,485.00 1,500,000.00 \n \n915,488.16 1,500,000.00 \n \n12/31/2024 \n \n500,000.00 \n \n584,511.84 \n \n12/31/2025 \n \n1,000,000.00 1,500,000.00 \n \n915,488.16 1,500,000.00 \n \n12/31/2025 \n \n880,000.00 \n \n880,000.00 \n \n620,000.00 1,500,000.00 \n \n$ \n \n4,500,000.00 $ \n \n620,000.00 1,500,000.00 \n4,500,000.00 \n \n12/31/2028 12/31/2028 \n \n- 44 - \n \n ECHOLS COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2023 \n \nSCHEDULE \"10\" \n \nPROJECT 2013 SPLOST \ni) Adding to, renovating, repairing, improving, furnishing and equipping existing school buildings and other buildings and facilities useful and desirable therewith; making system-wide technology improvements; acquiring new school equipment; acquiring new school buses and vehicles; and acquiring any necessary or desirable property, both real and personal, which has an extended useful life. \nii) Repaying principal and interest on Echols County School District's outstanding General Obligation Bonds for the new K-8 school. \nSubtotal 2013 Projects \n \nAMOUNT EXPENDED IN CURRENT YEAR (3) \n \n$ \n \n- $ \n \n107,000.00 107,000.00 \n \n2018 SPLOST \n \ni) Adding to, renovating, repairing, improving, furnishing and \n \nequipping existing school buildings and other buildings and \n \nfacilities useful and desirable therewith; making system-wide \n \ntechnology improvements; acquiring new school equipment; \n \nacquiring new school buses and vehicles; and acquiring any \n \nnecessary or desirable property, both real and personal, which \n \nhas an extended useful life. \n \n- \n \nii) Paying a portion of the debt service on the Echols County \n \nSchool District General Obligation Bond, Series 2008 \n \n(the \"Series 2008 Bond\") or any general obligation debt issued to \n \nrefund the Series 2008 bond. \n \n- \n \nSubtotal 2018 Projects \n \n- \n \n2023 SPLOST \n \ni) Renovations, improvements and equipment for existing school \n \nbuildings, including HVAC replacement, security upgrades, \n \ntechnology system and structural repairs; architectural, design \n \nand preconstruction planning for a new high school; new school \n \nbuses and vehicles; and acquisition of any property, both real and \n \npersonal, and equipment necessary in connection with the above \n \ndescribed capital outlay projects. \n \n- \n \nii) Retiring general obligation debt of the Echols County School District previously incurred with respect to capital outlay projects. \nSubtotal 2023 Projects \n \nTotal \n \n$ \n \n- \n107,000.00 $ \n \nAMOUNT EXPENDED IN PRIOR YEARS (3) \n \nTOTAL COMPLETION \nCOST \n \nEXCESS PROCEEDS NOT \nEXPENDED \n \n22,610.50 $ \n \n- $ \n \n- \n \n583,863.05 \n \n- \n \n- \n \n606,473.55 \n \n- \n \n- \n \n89.06 \n \n- \n \n- \n \n- \n \n- \n \n- \n \n89.06 \n \n- \n \n- \n \n- \n \n- \n \n- \n \n- \n \n- \n \n- \n \n- \n \n- \n \n- \n \n606,562.61 $ \n \n- $ \n \n- \n \n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. (2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. (3) The voters of Echols County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. \nAmounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \n \nSee notes to the basic financial statements. \n \n- 45 - \n \n Section II Compliance and Internal Control Reports \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \nand Dr. Vincent M. Hamm, Superintendent and Members of the Echols County Board of Education \nWe have audited the financial statements of the governmental activities and each major fund of the Echols 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 July 9, 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 \nJuly 9, 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. Vincent M. Hamm, Superintendent and Members of the Echols County Board of Education \nReport on Compliance for Each Major Federal Program \nOpinion on Each Major Federal Program \nWe have audited the Echols 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 \nJuly 9, 2024 \n \n Section III Auditee's Response to Prior Year Findings and Questioned Costs \n \n ECHOLS 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. PRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \nNo matters were reported. \n \n Section IV Findings and Questioned Costs \n \n ECHOLS COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2023 \n \nI SUMMARY OF AUDITOR'S RESULTS \n \nFinancial Statements \n \nType of auditor's report issued: Governmental Activities and Each Major Fund \n \nInternal control over financial reporting:  Material weakness(es) identified?  Significant deficiency(ies) identified? \nNoncompliance material to financial statements noted: Federal Awards \n \nInternal control over major programs:  Material weakness(es) identified?  Significant deficiency(ies) identified? \nType of auditor's report issued on compliance for major programs: \n \nAll major programs \nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \n \nIdentification of major programs: Assistance 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: Auditee qualified as low-risk auditee? \n \nII FINANCIAL STATEMENT FINDINGS \n \nNo matters were reported. Ill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \n \nNo matters were reported. \n \nUnmodified No \nNone Reported No \nNo None Reported \nUnmodified No \n$750,000.00 No \n \n "}],"pages":{"current_page":1,"next_page":null,"prev_page":null,"total_pages":1,"limit_value":10,"offset_value":0,"total_count":2,"first_page?":true,"last_page?":true},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":2}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"subject_facet","items":[{"value":"Echols County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","hits":2},{"value":"Education--Georgia--Echols County--Auditing--Periodicals.","hits":2},{"value":"Education--Georgia--Echols County--Finance--Statistics--Periodicals.","hits":2},{"value":"Georgia Government Documents--Serial","hits":2}],"options":{"sort":"count","limit":11,"offset":0,"prefix":null}},{"name":"location_facet","items":[{"value":"United States, Georgia, 32.75042, -83.50018","hits":2}],"options":{"sort":"count","limit":11,"offset":0,"prefix":null}},{"name":"year_facet","items":[{"value":"2024","hits":1},{"value":"2025","hits":1}],"options":{"sort":"count","limit":100,"offset":0,"prefix":null},"min":"2024","max":"2025","count":2,"missing":0},{"name":"medium_facet","items":[{"value":"state government records","hits":2}],"options":{"sort":"count","limit":11,"offset":0,"prefix":null}},{"name":"fulltext_present_b","items":[{"value":"true","hits":2}],"options":{"sort":"count","limit":100,"offset":0,"prefix":null}},{"name":"rights_facet","items":[{"value":"http://rightsstatements.org/vocab/InC/1.0/","hits":2}],"options":{"sort":"count","limit":11,"offset":0,"prefix":null}},{"name":"collection_titles_sms","items":[{"value":"Georgia Government Publications","hits":2}],"options":{"sort":"count","limit":11,"offset":0,"prefix":null}},{"name":"serial_titles_sms","items":[{"value":"Annual financial report ... 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