{"response":{"docs":[{"id":"dlg_ggpd_1514313802-2021-03-17","title":"City of Vidalia Board of Education, Toombs County, Georgia, annual financial report for the fiscal year ended 2020 June 30 (including independent auditor's reports).","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":["2021-03-17"],"dcterms_description":["Began with fiscal year ended June 30, 2009.","Report year covers fiscal year.","Fiscal year ended June 30, 2014 (Received via FTP from the Georgia Department of Audits and Accounts); title from PDF cover (Georgia Government Publications database, viewed August 24, 2023).","Fiscal year ended June 30, 2015 (received 6/27/16 via FTP from Georgia Dept. of Audits and Accounts); (Georgia Government Publications database, viewed August 24, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Department of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["City of Vidalia Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Vidalia--Auditing--Periodicals.","Education--Georgia--Vidalia--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Vidalia--fast--https://id.oclc.org/worldcat/entity/E39PBJyGV4M3vq3JgGDqHt9JjC","Georgia Government Documents--Serial"],"dcterms_title":["City of Vidalia Board of Education, Toombs County, Georgia, annual financial report for the fiscal year ended 2020 June 30 (including independent auditor's reports)."],"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_1514313802-2021-03-17"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1514313802-2021-03-17"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":["Education--Auditing--fast","Education--Finance--fast","Expenditures, Public--fast","Georgia--Vidalia--fast--https://id.oclc.org/worldcat/entity/E39PBJyGV4M3vq3JgGDqHt9JjC","Periodicals--fast","Statistics--fast"],"fulltext":"CITY OF VIDALIA BOARD OF EDUCATION \r\nTOOMBS COUNTY, GEORGIA \r\nANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2020 \r\n(Including Independent Auditor's Reports) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S REPORT \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\nMANAGEMENT'S DISCUSSION AND ANALYSIS \r\n \r\nEXHIBITS \r\n \r\nBASIC FINANCIAL STATEMENTS \r\n \r\nGOVERNMENT-WIDE FINANCIAL STATEMENTS \r\n \r\nA \r\n \r\nSTATEMENT OF NET POSITION \r\n \r\nB \r\n \r\nSTATEMENT OF ACTIVITIES \r\n \r\nFUND FINANCIAL STATEMENTS \r\n \r\nC \r\n \r\nBALANCE SHEET \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\nD \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\n \r\nTO THE STATEMENT OF NET POSITION \r\n \r\nE \r\n \r\nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\nF \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \r\n \r\nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \r\n \r\nBALANCES TO THE STATEMENT OF ACTIVITIES \r\n \r\nG \r\n \r\nSTATEMENT OF FIDUCIARY NET POSITION \r\n \r\nFIDUCIARY FUNDS \r\n \r\nH \r\n \r\nSTATEMENT OF CHANGES IN FIDUCIARY NET POSITION \r\n \r\nFIDUCIARY FUNDS \r\n \r\nI NOTES TO THE BASIC FINANCIAL STATEMENTS \r\n \r\nSCHEDULES \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n1 SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n2 SCHEDULE OF CONTRIBUTIONS  TEACHERS RETIREMENT SYSTEM OF GEORGIA 3 SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY \r\nPUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA 4 SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \r\nSCHOOL OPEB FUND 5 SCHEDULE OF CONTRIBUTIONS  SCHOOL OPEB FUND 6 NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION 7 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \r\nIN FUND BALANCES - BUDGET AND ACTUAL GENERAL FUND \r\n \r\nPage \r\ni \r\n1 2 \r\n3 4 5 6 7 8 9 \r\n31 32 33 34 35 36 37 \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY - TABLE OF CONTENTS - \r\nSECTION I FINANCIAL SCHEDULES SUPPLEMENTARY INFORMATION 8 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 9 SCHEDULE OF STATE REVENUE 10 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\nPage \r\n38 39 41 \r\n \r\nSECTION II \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \r\n \r\nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n (This page left intentionally blank) \r\n \r\n SECTION I FINANCIAL \r\n \r\n (This page left intentionally blank) \r\n \r\n Greg S. Griffin \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 4-101 Atlanta, Georgia 30334-8400 \r\n \r\nINDEPENDENT AUDITOR'S REPORT \r\n \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nReport on the Financial Statements \r\nWe have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Vidalia Board of Education (School District), as of and for the year ended June 30, 2020, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents. \r\nManagement's Responsibility for the Financial Statements \r\nManagement is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \r\nAuditor's Responsibility \r\nOur responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. \r\nAn audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. \r\n \r\n (This page left intentionally blank) \r\n \r\n We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \r\nOpinions \r\nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the School District as of June 30, 2020, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \r\nEmphasis of Matter \r\nAs described in Note 2 to the financial statements, in 2020, the City of Vidalia Board of Education early adopted new accounting guidance, Governmental Accounting Standards Board (GASB) Statement No. 84, Fiduciary Activities. The cumulative effect of GASB Statement No. 84 is described in the restatement note in the Notes to the Basic Financial Statements. Our opinions are not modified with respect to this matter. \r\nOther Matters \r\nRequired Supplementary Information \r\nAccounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis and required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. \r\nOther Information \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the School District's basic financial statements. The accompanying supplementary information, as listed in the table of contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements. \r\nThe accompanying supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional \r\n \r\n (This page left intentionally blank) \r\n \r\n procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \r\nOther Reporting Required by Government Auditing Standards \r\nIn accordance with Government Auditing Standards, we have also issued our report dated March 17, 2021 on our consideration of the School District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control over financial reporting and compliance. \r\nA copy of this report has been filed as a permanent record and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \r\nRespectfully submitted, \r\n \r\nMarch 17, 2021 \r\n \r\nGreg S. Griffin State Auditor \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2020 \r\nINTRODUCTION \r\nThe discussion and analysis of the City of Vidalia Board of Education's (School District) financial performance provides an overview of the School District's financial activities for the fiscal year ended June 30, 2020. 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 notes to the basic financial statements and financial statements to enhance their understanding of the School District's financial performance. \r\nFINANCIAL HIGHLIGHTS \r\nKey financial highlights for fiscal year 2020 are as follows: \r\n The total net position increased by $184 thousand, without the effect of the restatement, which represents a 1.5% increase from the fiscal year 2019. This increase was due in part to a decrease in long-term debt. \r\n The School District had $29.3 million in expenses relating to governmental activities; only $18.6 million of these expenses were offset by program specific charges for services and grants and contributions. General revenues (primarily property and sales taxes) and a special item of $10.8 million were adequate to provide for these programs. \r\n As stated above, general revenues and special item account for $10.8 million or 36.8% of all revenues totaling $29.4 million. Program specific revenues in the form of charges for services and operating grants and contributions accounted for the remainder. \r\n Long-term liabilities decreased by $807.7 thousand for 2020. This decrease for 2020 was primarily due to principal payments on outstanding debt. \r\n In fiscal year 2020, the School District early adopted Governmental Accounting Standards Board (GASB) Statement No. 84, Fiduciary Activities. This implementation caused a restatement of beginning net position for governmental activities and beginning fund balance for the general fund in the amount of $62.5 thousand. \r\nOVERVIEW OF THE FINANCIAL STATEMENTS \r\nThis report consists of several parts including management's discussion and analysis, the basic financial statements and supplementary information. The basic financial statements include two levels of statements that present different views of the School District. These include the governmentwide and the fund financial statements. \r\nThe government-wide financial statements include the Statement of Net Position and the Statement of Activities. These statements provide information about the activities of the School District presenting both short-term and long-term information about the School District's overall financial status. \r\nThe fund financial statements focus on the individual parts of the School District, reporting the School District's operation in more detail. The governmental funds statements disclose how basic services are financed in the short-term as well as what remains for future spending. The fiduciary funds statement provides information about the financial relationships in which the School District acts solely in a custodial capacity. The fund financial statements reflect the School District's most significant funds. In the case of the City of Vidalia Board of Education, the general fund, capital projects fund and debt service fund are the most significant funds. \r\ni \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2020 \r\nThe financial statements also include notes that explain some of the information in the statements and provide more detailed data. The statements are followed by a section of required supplementary information that further explains and supports the financial statements. Additionally, other supplementary information (not required) is also presented that further supplements understanding of the financial statements. \r\nGOVERNMENT-WIDE STATEMENTS \r\nThe government-wide financial statements are basically a consolidation of all of the School District's operating funds into one column called governmental activities. In reviewing the government-wide financial statements, a reader might ask the question about whether the School District is in a better financial position than last year? The Statement of Net Position and the Statement of Activities provides the basis for answering this question. These financial statements include all of the School District's assets, deferred outflows, liabilities, and deferred inflows. They use the accrual basis of accounting similar to the accounting used by most private-sector companies. This basis of accounting takes into account all of the current year's revenues and expenses regardless of when cash is received or paid. \r\nThese two statements report the School District's net position and any changes in net position. The change in net position is important because it tells the reader that, for the School District as a whole, the financial position of the School District has improved or diminished. The causes of this change may be the results of many factors, including those not under the School District's control, such as the property tax base, facility conditions, required educational programs and other factors. \r\nThe Statement of Net Position and the Statement of Activities reflect the School District's governmental activities. \r\nFUND FINANCIAL STATEMENTS \r\nThe School District uses many funds to account for a multitude of financial transactions during the fiscal year. However, the fund financial statements presented in this report provide detail information about only the School District's significant or major funds. \r\nGovernmental Funds - Most 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 basis 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 differences between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds are reconciled within the financial statements. \r\nFiduciary Funds  Custodial funds are used to report resources held by the School District in a purely custodial capacity. The School District excludes these activities from the government-wide financial statements because it cannot use these assets to finance its operations. Implementation of GASB Statement No. 84, Fiduciary Activities impacted these funds and was addressed by a restatement. \r\nii \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2020 \r\n \r\nFINANCIAL ANALYSIS OF THE SCHOOL DISTRICT AS A WHOLE \r\n \r\nRecall that the Statement of Net Position provides the perspective of the School District as a whole. Table 1 provides a summary of the School District's net position for the fiscal years 2020 and 2019. Table 2 shows the changes in net position for the fiscal years ending June 30, 2020 and June 30, 2019. \r\n \r\nTable 1 Net Position \r\n \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net Taxes State Government Federal Government Local Other Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\n \r\nFiscal Year 2020 \r\n \r\nGovernmental Activities Fiscal Year 2019 (1) \r\n \r\n$ \r\n \r\n8,542,265 $ \r\n \r\n7,133,523 $ \r\n \r\n89,645 \r\n \r\n89,206 \r\n \r\n3,185,228 1,921,880 \r\n365,713 - \r\n254,496 65,829 \r\n805,630 56,699,146 \r\n \r\n3,048,951 2,133,970 \r\n417,235 7,053 \r\n174,061 50,539 \r\n808,422 57,649,483 \r\n \r\nNet Change \r\n1,408,742 439 \r\n136,277 (212,090) \r\n(51,522) (7,053) 80,435 15,290 (2,792) \r\n(950,337) \r\n \r\nTotal Assets \r\n \r\n71,929,832 \r\n \r\n71,512,443 \r\n \r\n417,389 \r\n \r\nDeferred Outflows of Resources Related to Defined Benefit Pension Plan Related to OPEB Plan \r\n \r\n6,265,023 1,594,898 \r\n \r\n4,365,012 1,277,365 \r\n \r\n1,900,011 317,533 \r\n \r\nTotal Deferred Outflows of Resources \r\n \r\n7,859,921 \r\n \r\n5,642,377 \r\n \r\n2,217,544 \r\n \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Interest Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities Due Within One Year Due in More Than One Year \r\n \r\n87,723 2,608,507 \r\n296,641 22,399,152 16,949,060 \r\n832,728 18,680,699 \r\n \r\n3,022 2,526,386 \r\n305,391 19,617,214 17,444,181 \r\n807,728 19,513,428 \r\n \r\n84,701 82,121 (8,750) 2,781,938 (495,121) \r\n25,000 (832,729) \r\n \r\nTotal Liabilities \r\n \r\n61,854,510 \r\n \r\n60,217,350 \r\n \r\n1,637,160 \r\n \r\nDeferred Inflows of Resources Related to Defined Benefits Pension Plan Related to OPEB Plan \r\n \r\n1,231,839 4,532,855 \r\n \r\n1,232,997 3,717,763 \r\n \r\n(1,158) 815,092 \r\n \r\nTotal Deferred Inflows of Resources \r\n \r\n5,764,694 \r\n \r\n4,950,760 \r\n \r\n813,934 \r\n \r\nNET POSITION Net Investment in Capital Assets Restricted for Continuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\n38,335,431 \r\n \r\n38,480,832 \r\n \r\n688,913 783,678 3,151,231 (30,788,704) \r\n \r\n854,681 761,406 2,202,243 (30,312,452) \r\n \r\n$ 12,170,549 $ 11,986,710 $ \r\n \r\n(145,401) \r\n(165,768) 22,272 \r\n948,988 (476,252) \r\n183,839 \r\n \r\n(1) Fiscal year 2019 balances do not reflect the effects of the Restatement of Net Position. See note 14 in the Notes to the Basic Financial Statements for additional information. \r\niii \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2020 \r\n \r\nTable 2 Change in Net Position \r\n \r\nFiscal Year 2020 \r\n \r\nGovernmental Activities Fiscal Year 2019 (1) \r\n \r\nNet Change \r\n \r\nRevenues Program Revenues Charges for Services Operating Grants and Contributions Capital Grants and Contributions \r\n \r\n$ \r\n \r\n456,774 $ \r\n \r\n18,131,903 \r\n \r\n- \r\n \r\n477,715 $ 17,644,212 \r\n1,197,081 \r\n \r\n(20,941) 487,691 (1,197,081) \r\n \r\nTotal Program Revenues \r\nGeneral Revenues: Taxes Property Taxes For Maintenance and Operations Sales Taxes For Capital Projects Grants and Contributions Not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nSpecial Item: Gain on disposal of Capital Assets \r\n \r\n18,588,677 \r\n5,327,490 2,663,106 1,115,573 \r\n3,137 1,432,966 \r\n267,464 \r\n \r\n19,319,008 \r\n \r\n(730,331) \r\n \r\n5,283,408 \r\n2,269,393 1,081,837 \r\n3,083 1,122,903 \r\n- \r\n \r\n44,082 \r\n393,713 33,736 54 \r\n310,063 \r\n267,464 \r\n \r\nTotal General Revenues and Special Item \r\n \r\n10,809,736 \r\n \r\n9,760,624 \r\n \r\n1,049,112 \r\n \r\nTotal Revenues \r\n \r\n29,398,413 \r\n \r\n29,079,632 \r\n \r\n318,781 \r\n \r\nProgram Expenses: Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Community Services Food Services Interest on Long-Term Debt \r\n \r\n17,479,403 \r\n2,148,734 651,153 512,653 615,828 \r\n1,665,343 366,414 \r\n2,220,322 844,156 140,579 24,778 \r\n109,728 70,325 \r\n1,820,698 606,969 \r\n \r\n16,334,362 \r\n1,896,303 742,469 463,348 529,764 \r\n1,398,017 303,974 \r\n2,734,747 830,962 5,713 27,679 \r\n80,696 81,831 1,762,149 627,361 \r\n \r\n1,145,041 \r\n252,431 (91,316) 49,305 86,064 267,326 62,440 (514,425) 13,194 134,866 \r\n(2,901) \r\n29,032 (11,506) 58,549 (20,392) \r\n \r\nTotal Expenses \r\n \r\n29,277,083 \r\n \r\n27,819,375 \r\n \r\n1,457,708 \r\n \r\nIncrease in Net Position \r\n \r\n$ \r\n \r\n121,330 $ \r\n \r\n1,260,257 $ (1,138,927) \r\n \r\n(1) Fiscal year 2019 balances do not reflect the effects of the restatement of net position. See note 14 in the Notes to the Basic Financial Statements for additional information. \r\n \r\niv \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2020 \r\nGOVERNMENTAL ACTIVITIES \r\nThe Statement of Activities shows the cost of program services and the charges for services and grants offsetting these services. Table 3 shows, for governmental activities, the total cost of services and the net cost of services. It identifies the cost of these services supported by tax revenue and unrestricted state entitlements. \r\nTable 3 Governmental Activities \r\n \r\nTotal Cost of Services Fiscal Year 2020 \r\n \r\nNet Cost of Services Fiscal Year 2020 \r\n \r\nInstruction Support Services \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Community Services Food Services Interest on Long-Term Debt \r\n \r\n$ \r\n \r\n17,479,403 $ \r\n \r\n2,148,734 651,153 512,653 615,828 \r\n1,665,343 366,414 \r\n2,220,322 844,156 140,579 24,778 \r\n \r\n109,728 70,325 \r\n1,820,698 606,969 \r\n \r\n3,873,612 \r\n2,010,839 347,016 167,575 (48,114) 909,103 364,494 \r\n1,376,095 639,104 140,579 23,846 \r\n(42,297) 13,385 306,200 606,969 \r\n \r\nTotal Expenses \r\n \r\n$ \r\n \r\n29,277,083 $ \r\n \r\n10,688,406 \r\n \r\nAlthough program revenues make up a majority of the funding, the School District is still dependent upon tax revenues for governmental activities. For 2020, 36.5% of expenses were supplemented by taxes and other general revenues. \r\n \r\nFINANCIAL ANALYSIS OF THE SCHOOL DISTRICT'S FUNDS \r\n \r\nThe School District's governmental funds are accounted for using the modified accrual basis of accounting. The governmental funds had total revenues of $29.0 million and total expenditures of $28.3 million. The general fund balance had an increase of $296 thousand due to an increase in state funding. The fund balance related to the capital projects fund increased $678 thousand due to an increase in Special Purpose Local Option Sales Tax (SPLOST) collections and less expenditures for construction or capital charges in relation to maintaining school facilities. \r\n \r\nv \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2020 \r\nGENERAL FUND BUDGETING HIGHLIGHTS \r\nThe School District's budget is prepared in accordance with Georgia law. The most significant budgeted fund is the general fund, which includes local, state and federal funds collected and disbursed for the purpose of operating the school system. \r\nThe School District's budget is based on its overall mission and incorporates site-based budgeting into the budget process to control total site budgets but provide flexibility for site management. \r\nFor the general fund, the final budgeted amount of $26.4 million was less than the actual revenues of $26.6 million by $141 thousand. Property tax revenues were budgeted based on the tax digest, but changes in the distribution of Title Ad Valorem Tax from the City of Vidalia resulted in additional unbudgeted revenue. \r\nThe final budgeted expenditures of $26.3 million was more than the actual amount by $21 thousand. This difference is well within the expected parameters for budget variances. \r\nGeneral fund revenues were more than expenditures by $294 thousand. \r\nCAPITAL ASSETS \r\nAt fiscal year ended June 30, 2020, the School District had $57.5 million invested in capital assets net of depreciation in the government-wide financial statements (Statement of Net Position). Table 4 reflects a summary of these balances for fiscal year 2020 as compared to balances for fiscal year 2019. The old Central Office Complex was sold and removed from the capital assets listings in this year. \r\n \r\nTable 4 Capital Assets Net of Depreciation \r\n \r\nFiscal Year 2020 \r\n \r\nGovernmental Activities Fiscal Year 2019 \r\n \r\nNet Change \r\n \r\nLand Land Improvements Buildings and Improvements Equipment \r\n \r\n$ \r\n \r\n805,630 $ \r\n \r\n2,004,968 \r\n \r\n53,725,600 \r\n \r\n968,578 \r\n \r\n808,422 $ 1,945,484 54,833,669 \r\n870,330 \r\n \r\n(2,792) 59,484 (1,108,069) 98,248 \r\n \r\n$ 57,504,776 $ \r\n \r\n58,457,905 $ \r\n \r\n(953,129) \r\n \r\nvi \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2020 \r\nLONG-TERM LIABILITIES \r\nAt June 30, 2020, the School District had $19.5 million in total long-term liabilities outstanding with $833 thousand due within one year. The bond debt will be repaid using sales tax proceeds of a Special Purpose Local Option Sales Tax (SPLOST) that began January 2019 and will end December 2024. Table 5 summarizes long-term liabilities outstanding at June 30, 2020 and 2019. \r\nTable 5 Long-term Liabilities at June 30 \r\n \r\nGeneral Obligation Bonds Unamortized Bond Premium \r\n \r\nGovernmental Activities \r\n \r\nFiscal Year 2020 \r\n \r\nFiscal Year 2019 \r\n \r\n$ 17,700,000 $ 1,813,428 \r\n \r\n18,400,000 1,921,156 \r\n \r\nTotal \r\n \r\n$ 19,513,428 $ \r\n \r\n20,321,156 \r\n \r\nCURRENT ISSUES \r\n \r\nThe following statements should help to explain the current financial position of the City of Vidalia School District and the effects the current economic conditions have had on it. At the beginning of fiscal year 2020, the State of Georgia economic conditions had been improving and state funding for education no longer reflected austerity cuts (or amended formula adjustments). The removal of the austerity cuts from the funding formula had greatly impacted the financial position in a positive way. Unfortunately, the global coronavirus pandemic adversely affected Georgia's economy when business closures and \"stay at home\" executive orders became effective in March 2020. This resulted in the reinstatement of the austerity cuts. \r\n \r\nApproximately 80% of general fund expenses, the main operating fund for the Board, were related to salaries and employee benefits for the year ended June 30, 2020. More than a third of certified personnel in the School District have 21 years or more of experience resulting in salaries at the highest possible state pay level. With such personnel heavy expenses, it is difficult to offset large declines in revenue. The School District will continue to look for ways to align resources and costs with the objective of providing a quality education to our students. \r\n \r\nThe Board's property tax millage rate for fiscal year 2020 was 15.00. The net digest showed a slight decrease during fiscal years 2019 and 2020. The net digest for fiscal year 2020 was $310.0 million, which produced approximately $310,000 per mill. As shown in Table 3, property tax, sales tax and other general revenues are responsible for covering 36.5% of the Board's costs. It is anticipated that this pressure to provide local monies to meet mandated educational requirements and operational costs will continue. It is important to note that the Board is under a millage rate cap of 15.00 mills which would require voter approval to remove. \r\nCentral office administration moved to the old high school facility in January of 2019 and the old central office complex was sold in June of 2020 for $323 thousand which offset most of the prior year cost of $360 thousand for replacing the roof prior to the move. These changes have been made in an effort to make the best use of available facilities and reduce maintenance and upkeep costs on older buildings. \r\n \r\nvii \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2020 \r\nThe most significant challenge facing the Board is the relative uncertainty regarding how School Districts will be funded moving forward. The General Assembly is in the process of exploring new funding formulas that would likely change the way personnel salaries are calculated. It is uncertain at this point what type of financial impact these changes might have on the Board's finances. CONTACTING THE SCHOOL DISTRICT'S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, taxpayers, and creditors with a general overview of the School District`s finances and to show the School District's accountability for the money it receives. If you have questions about this report or need additional financial information, please contact Mrs. Norma D. Croft, Finance Director for the City of Vidalia Board of Education, 1001 North Street, West, Vidalia, GA 30474. You may also email your questions to Mrs. Croft at ncroft@vidalia-city.k12.ga.us. \r\nviii \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF NET POSITION JUNE 30, 2020 \r\nASSETS \r\nCash and Cash Equivalents Investments Receivables, Net \r\nTaxes State Government Federal Government Other Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nDEFERRED OUTFLOWS OF RESOURCES \r\nRelated to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Outflows of Resources \r\nLIABILITIES \r\nAccounts Payable Salaries and Benefits Payable Interest Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities \r\nDue Within One Year Due in More Than One Year \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES \r\nRelated to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Inflows of Resources \r\nNET POSITION \r\nNet Investment in Capital Assets Restricted for \r\nContinuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n8,542,265.48 \r\n \r\n89,644.92 \r\n \r\n3,185,227.74 1,921,879.50 \r\n365,713.43 254,496.28 \r\n65,828.98 805,630.13 56,699,145.90 \r\n \r\n71,929,832.36 \r\n \r\n6,265,023.36 1,594,898.00 \r\n7,859,921.36 \r\n \r\n87,722.40 2,608,507.45 \r\n296,640.83 22,399,152.00 16,949,060.00 \r\n832,728.38 18,680,699.37 \r\n61,854,510.43 \r\n \r\n1,231,839.00 4,532,855.00 \r\n5,764,694.00 \r\n \r\n38,335,431.31 \r\n688,913.36 783,677.65 3,151,230.82 (30,788,703.85) \r\n \r\n$ \r\n \r\n12,170,549.29 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 1 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2020 \r\n \r\nEXHIBIT \"B\" \r\n \r\nEXPENSES \r\n \r\nPROGRAM REVENUES \r\n \r\nOPERATING \r\n \r\nCHARGES FOR \r\n \r\nGRANTS AND \r\n \r\nSERVICES \r\n \r\nCONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET POSITION \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\nInstruction Support Services \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Community Services Food Services Interest on Long-Term Debt \r\n \r\n$ 17,479,402.76 $ 193,311.54 $ 13,412,479.63 $ \r\n \r\n2,148,734.40 651,153.01 512,652.87 615,828.48 \r\n1,665,343.04 366,413.72 \r\n2,220,321.68 844,156.26 140,579.44 24,778.46 \r\n \r\n- \r\n \r\n137,895.26 \r\n \r\n- \r\n \r\n304,136.63 \r\n \r\n- \r\n \r\n345,078.00 \r\n \r\n- \r\n \r\n663,942.06 \r\n \r\n- \r\n \r\n756,240.00 \r\n \r\n- \r\n \r\n1,919.15 \r\n \r\n- \r\n \r\n844,227.04 \r\n \r\n- \r\n \r\n205,052.28 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n932.50 \r\n \r\n109,727.48 70,324.98 \r\n1,820,697.47 606,969.12 \r\n \r\n152,024.94 56,940.25 54,496.90 - \r\n \r\n1,460,000.59 - \r\n \r\n(3,873,611.59) \r\n(2,010,839.14) (347,016.38) (167,574.87) 48,113.58 (909,103.04) (364,494.57) \r\n(1,376,094.64) (639,103.98) (140,579.44) (23,845.96) \r\n42,297.46 (13,384.73) (306,199.98) (606,969.12) \r\n \r\nTotal Governmental Activities \r\n \r\n$ 29,277,083.17 $ 456,773.63 $ 18,131,903.14 \r\n \r\n(10,688,406.40) \r\n \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nSpecial Item Gain on Disposal of Capital Assets \r\n \r\n5,327,489.57 \r\n2,663,106.01 1,115,573.00 \r\n3,137.96 1,432,966.48 \r\n267,463.57 \r\n \r\nTotal General Revenues and Special Item \r\n \r\n10,809,736.59 \r\n \r\nChange in Net Position \r\n \r\n121,330.19 \r\n \r\nNet Position - Beginning of Year (Restated) \r\n \r\n12,049,219.10 \r\n \r\nNet Position - End of Year \r\n \r\n$ 12,170,549.29 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 2 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2020 \r\n \r\nEXHIBIT \"C\" \r\n \r\nASSETS \r\nCash and Cash Equivalents Investments Receivables, Net \r\nTaxes State Government Federal Government Other Inventories \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 4,781,059.14 $ 2,680,887.86 $ 1,080,318.48 $ \r\n \r\n89,644.92 \r\n \r\n- \r\n \r\n- \r\n \r\n2,714,884.78 \r\n \r\n470,342.96 \r\n \r\n- \r\n \r\n1,921,879.50 \r\n \r\n- \r\n \r\n- \r\n \r\n365,713.43 \r\n \r\n- \r\n \r\n- \r\n \r\n254,496.28 \r\n \r\n- \r\n \r\n- \r\n \r\n65,828.98 \r\n \r\n- \r\n \r\n- \r\n \r\n8,542,265.48 89,644.92 \r\n3,185,227.74 1,921,879.50 \r\n365,713.43 254,496.28 \r\n65,828.98 \r\n \r\nTotal Assets \r\nLIABILITIES \r\nAccounts Payable Salaries and Benefits Payable \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES \r\nUnavailable Revenue - Property Taxes Unavailable Revenue - Special Purpose Local Option Sales Tax \r\nTotal Deferred Inflows of Resources \r\nFUND BALANCES \r\nNonspendable Restricted Unassigned \r\nTotal Fund Balances \r\n \r\n$ 10,193,507.03 $ 3,151,230.82 $ 1,080,318.48 $ 14,425,056.33 \r\n \r\n$ \r\n \r\n87,722.40 $ \r\n \r\n2,608,507.45 \r\n \r\n2,696,229.85 \r\n \r\n- $ - \r\n- \r\n \r\n- $ \r\n \r\n87,722.40 \r\n \r\n- \r\n \r\n2,608,507.45 \r\n \r\n- \r\n \r\n2,696,229.85 \r\n \r\n1,464,510.89 - \r\n1,464,510.89 \r\n \r\n270,495.14 \r\n270,495.14 \r\n \r\n- \r\n \r\n1,464,510.89 \r\n \r\n- \r\n \r\n270,495.14 \r\n \r\n- \r\n \r\n1,735,006.03 \r\n \r\n65,828.98 623,084.38 5,343,852.93 \r\n6,032,766.29 \r\n \r\n2,880,735.68 \r\n- \r\n2,880,735.68 \r\n \r\n1,080,318.48 \r\n- \r\n1,080,318.48 \r\n \r\n65,828.98 4,584,138.54 5,343,852.93 \r\n9,993,820.45 \r\n \r\nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \r\n \r\n$ 10,193,507.03 $ 3,151,230.82 $ 1,080,318.48 $ 14,425,056.33 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 3 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET POSITION JUNE 30, 2020 \r\n \r\nEXHIBIT \"D\" \r\n \r\nTotal fund balances - governmental funds (Exhibit \"C\") \r\nAmounts reported for governmental activities in the Statement of Net Position are different because: \r\nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. \r\nLand Buildings and improvements Equipment Land improvements Accumulated depreciation \r\nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. \r\nNet pension liability Net OPEB liability \r\nDeferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. \r\nRelated to pensions Related to OPEB \r\nTaxes that are not available to pay for current period expenditures are deferred in the funds. \r\nLong-term liabilities, and related accrued interest, are not due and payable in the current period and therefore are not reported in the funds. \r\nBonds payable Accrued interest payable Unamortized bond premium \r\n \r\n$ \r\n \r\n9,993,820.45 \r\n \r\n$ \r\n \r\n805,630.13 \r\n \r\n64,494,080.69 \r\n \r\n2,606,586.38 \r\n \r\n2,827,000.09 \r\n \r\n(13,228,521.26) \r\n \r\n57,504,776.03 \r\n \r\n$ (22,399,152.00) (16,949,060.00) \r\n \r\n(39,348,212.00) \r\n \r\n$ 5,033,184.36 (2,937,957.00) \r\n \r\n2,095,227.36 1,735,006.03 \r\n \r\n$ (17,700,000.00) (296,640.83) \r\n(1,813,427.75) \r\n \r\n(19,810,068.58) \r\n \r\nNet position of governmental activities (Exhibit \"A\") \r\n \r\n$ 12,170,549.29 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 4 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2020 \r\n \r\nEXHIBIT \"E\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation \r\nCapital Outlay Debt Service \r\nPrincipal Interest \r\nTotal Expenditures \r\nRevenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nTransfers In Transfers Out Sale of Capital Assets \r\nTotal Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning (Restated) \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 5,445,436.20 $ \r\n \r\n- $ \r\n \r\n- \r\n \r\n2,392,610.87 \r\n \r\n16,286,548.21 \r\n \r\n- \r\n \r\n2,939,114.00 \r\n \r\n- \r\n \r\n456,773.63 \r\n \r\n- \r\n \r\n1,912.72 \r\n \r\n1,225.24 \r\n \r\n1,432,966.48 \r\n \r\n- \r\n \r\n26,562,751.24 \r\n \r\n2,393,836.11 \r\n \r\n- $ 5,445,436.20 \r\n \r\n- \r\n \r\n2,392,610.87 \r\n \r\n- \r\n \r\n16,286,548.21 \r\n \r\n- \r\n \r\n2,939,114.00 \r\n \r\n- \r\n \r\n456,773.63 \r\n \r\n- \r\n \r\n3,137.96 \r\n \r\n- \r\n \r\n1,432,966.48 \r\n \r\n- \r\n \r\n28,956,587.35 \r\n \r\n15,746,946.05 \r\n2,011,541.83 633,091.23 460,749.29 555,277.78 \r\n1,573,406.69 315,528.07 \r\n2,177,177.31 747,531.59 140,579.44 24,778.46 109,727.48 69,340.97 \r\n1,703,449.87 - \r\n- \r\n26,269,126.06 \r\n293,625.18 \r\n \r\n163,365.00 \r\n2,560.00 35,500.00 23,610.23 207,888.00 168,451.00 \r\n- \r\n601,374.23 \r\n1,792,461.88 \r\n \r\n- \r\n- \r\n700,000.00 723,447.50 \r\n1,423,447.50 \r\n(1,423,447.50) \r\n \r\n15,910,311.05 \r\n2,011,541.83 633,091.23 460,749.29 557,837.78 \r\n1,573,406.69 351,028.07 \r\n2,200,787.54 955,419.59 140,579.44 24,778.46 109,727.48 69,340.97 \r\n1,703,449.87 168,451.00 \r\n700,000.00 723,447.50 \r\n28,293,947.79 \r\n662,639.56 \r\n \r\n3,000.00 \r\n3,000.00 \r\n296,625.18 \r\n5,736,141.11 \r\n \r\n(1,436,969.00) \r\n323,000.00 \r\n(1,113,969.00) \r\n678,492.88 \r\n2,202,242.80 \r\n \r\n1,436,969.00 - \r\n1,436,969.00 \r\n13,521.50 \r\n1,066,796.98 \r\n \r\n1,436,969.00 (1,436,969.00) \r\n326,000.00 \r\n326,000.00 \r\n988,639.56 \r\n9,005,180.89 \r\n \r\nFund Balances - Ending \r\n \r\n$ 6,032,766.29 $ 2,880,735.68 $ 1,080,318.48 $ 9,993,820.45 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 5 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2020 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNet change in fund balances total governmental funds (Exhibit \"E\") \r\nAmounts reported for governmental activities in the Statement of Activities are different because: \r\nGovernmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of capital assets is allocated over their estimated useful lives as depreciation expense. \r\nCapital outlay Depreciation expense \r\nThe net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, donations, and disposals) is to decrease net position. \r\nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \r\nThe issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts and the difference between the carrying value of refunded debt and the acquisition cost of refunded debt when debt is first issued. These amounts are deferred and amortized in the Statement of Activities. \r\nBond principal retirements Amortization of bond premium \r\nDistrict pension 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. \r\nPension expense OPEB expense \r\nSome items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. \r\nAccrued interest on issuance of bonds \r\n \r\n$ 988,639.56 \r\n \r\n$ \r\n \r\n425,722.40 \r\n \r\n(1,320,315.43) \r\n \r\n(894,593.03) (58,536.43) 152,548.51 \r\n \r\n$ \r\n \r\n700,000.00 \r\n \r\n107,728.38 \r\n \r\n807,728.38 \r\n \r\n$ (880,768.80) (2,438.00) \r\n \r\n(883,206.80) \r\n \r\n8,750.00 \r\n \r\nChange in net position of governmental activities (Exhibit \"B\") \r\n \r\n$ 121,330.19 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 6 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS JUNE 30, 2020 \r\n \r\nEXHIBIT \"G\" \r\n \r\nASSETS Cash and Cash Equivalents \r\nNET POSITION Restricted \r\nIndividuals, Organizations, and Other Governments \r\n \r\nCUSTODIAL FUNDS \r\n \r\n$ \r\n \r\n30,632.28 \r\n \r\n$ \r\n \r\n30,632.28 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 7 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FIDUCIARY FUNDS YEAR ENDED JUNE 30, 2020 \r\nADDITIONS Contributions Donors \r\nDEDUCTIONS Scholarships Change in Net Position \r\nNet Position - Beginning (Restated) \r\nNet Position - Ending \r\n \r\nEXHIBIT \"H\" \r\n \r\nCUSTODIAL FUNDS \r\n \r\n$ \r\n \r\n5,900.00 \r\n \r\n2,800.00 3,100.00 27,532.28 \r\n \r\n$ \r\n \r\n30,632.28 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 8 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nREPORTING ENTITY \r\nThe City of Vidalia Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nThe accompanying financial statements of the School District have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). GASB is the accepted standard-setting body for governmental accounting and financial reporting principles. The most significant of the School District's accounting policies are described below. \r\nBASIS OF PRESENTATION \r\nThe School District's basic financial statements are collectively comprised of the government-wide financial statements, fund financial statements and notes to the basic financial statements. The government-wide statements focus on the School District as a whole, while the fund financial statements focus on major funds. Each presentation provides valuable information that can be analyzed and compared between years and between governments to enhance the information's usefulness. \r\nGOVERNMENT-WIDE STATEMENTS: \r\nThe Statement of Net Position and the Statement of Activities display information about the financial activities of the overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \r\nThe Statement of Net Position presents the School District's non-fiduciary assets, deferred outflows of resources, deferred inflows of resources and liabilities, with the difference reported as net position. Net position is reported in three categories as follows: \r\n1. Net investment in capital assets consists of the School District's total investment in capital assets, net of accumulated depreciation, and reduced by outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of net investment in capital assets. \r\n2. Restricted net position consists of resources for which the School District is legally or contractually obligated to spend in accordance with restrictions imposed by external third parties or imposed by law through constitutional provisions or enabling legislation. \r\n3. Unrestricted net position consists of resources not meeting the definition of the two preceding categories. Unrestricted net position often has constraints on resources imposed by management which can be removed or modified. \r\nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\nDirect expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\n \r\n- 9 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nProgram revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFUND FINANCIAL STATEMENTS: \r\nThe fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate financial statements are presented for governmental and fiduciary funds. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\nThe School District reports the following major governmental funds: \r\n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \r\n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST) that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \r\n The debt service fund accounts for and reports financial resources that are restricted, committed, or assigned including taxes (sales) legally restricted for the payment of general long-term principal and interest. \r\nThe School District reports the following fiduciary fund type: \r\n Custodial funds are used to report resources held by the School District in a purely custodial capacity. \r\nBASIS OF ACCOUNTING \r\nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \r\nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \r\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 all revenues reported in the governmental funds to be available if they are collected within sixty 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 longterm debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities and acquisitions under capital leases are reported as other financing sources. \r\n- 10 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted resources available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\nNEW ACCOUNTING PRONOUNCEMENTS \r\nIn fiscal year 2020, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance. The primary objective of this statement is to provide temporary relief to governments and other stakeholders in light of the COVID-19 pandemic. That objective is accomplished by postponing the effective dates of certain provisions in statements and Implementation Guides that first became effective or are scheduled to become effective for period beginning after June 15, 2018, and later. \r\nIn fiscal year 2020, the School District early adopted Governmental Accounting Standards Board (GASB) Statement No. 84, Fiduciary Activities. This statement establishes criteria for identifying fiduciary activities of all state and local governments. The focus of the criteria generally is on (1) whether a government is controlling the assets of the fiduciary activity and (2) the beneficiaries with whom a fiduciary relationship exists. Separate criteria are included to identify fiduciary component units and postemployment benefit arrangements that are fiduciary activities. An activity meeting the criteria should be reported in a fiduciary fund in the basic financial statements. Governments with activities meeting the criteria should present a statement of fiduciary net position and a statement of changes in fiduciary net position. The cumulative effect of GASB Statement No. 84 is described in the restatement note. \r\nIn fiscal year 2020, the School District early adopted Governmental Accounting Standards Board (GASB) Statement No. 90, Majority Equity Interests. It defines a majority equity interest and specifies that majority equity interest in a legal separate organization should be reported as an investment. A majority equity interest that meets the definition of an investment should be measured using the equity method, unless it is held by a special-purpose government engaged only in fiduciary activities, a fiduciary fund, or an endowment (including permanent and term endowments) or permanent fund. Those governments and funds should measure the majority equity interest at fair value. The adoption of this statement did not have an impact on the School District's financial statements. \r\nCASH AND CASH EQUIVALENTS \r\nCash and cash equivalents consist of cash on hand, demand deposits, investments in the State of Georgia local government investment pool (Georgia Fund 1) and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated (O.C.G.A.) 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \r\nINVESTMENTS \r\nThe School District can invest its funds as permitted by O.C.G.A. 36-83-4. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. \r\nInvestments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. All other investments are reported at fair value. \r\nFor accounting purposes, certificates of deposit are classified as investments if they have an original maturity greater than three months when acquired. \r\n \r\n- 11 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\nINVENTORIES \r\n \r\nFood Inventories \r\n \r\nOn the basic financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (calculated on the first-in, first out basis). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \r\n \r\nCAPITAL ASSETS \r\n \r\nOn the government-wide financial statements, capital assets are recorded at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at the acquisition value on the date donated. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. The School District does not capitalize book collections or works of art. \r\n \r\nCapital acquisition and construction are recorded as expenditures in the governmental fund financial statements at the time of purchase (including ancillary charges), and the related assets are reported as capital assets in the governmental activities column in the government-wide financial statements. \r\n \r\nDepreciation is computed using the straight-line for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand \r\n \r\nLand Improvements \r\n \r\n$ \r\n \r\nBuildings and Improvements $ \r\n \r\nEquipment \r\n \r\n$ \r\n \r\nIntangible Assets \r\n \r\n$ \r\n \r\nAll 10,000.00 10,000.00 10,000.00 100,000.00 \r\n \r\nN/A 60 years 25 to 60 years 10 to 15 years 10 years \r\n \r\nDEFERRED OUTFLOWS/INFLOWS OF RESOURCES \r\nIn addition to assets, the statement of financial position will report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of resources that applies to a future period(s) and therefore will not be recognized as an outflow of resources (expense/expenditure) until then. \r\nIn addition to liabilities, the statement of financial position will report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of resources that applies to a future period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time. \r\n- 12 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nLONG-TERM LIABILITIES AND BOND DISCOUNTS/PREMIUMS \r\nIn the School District's government-wide financial statements, outstanding debt is reported as liabilities. Bond premiums and discounts and the difference between the reacquisition price and the net carrying value of refunded debt are deferred and amortized over the life of the bonds using the straight-line method. To conform to generally accepted accounting principles, bond premiums and discounts should be amortized using the effective interest method. The effect of this deviation is deemed to be immaterial to the fair presentation of the basic financial statements. Bond issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \r\nIn the governmental fund financial statements, the School District recognizes the proceeds of debt and premiums as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures. \r\nPENSIONS \r\nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nPOSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) \r\nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Postemployment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nFUND BALANCES \r\nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \r\nThe School District's fund balances are classified as follows: \r\nNonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \r\nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \r\nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \r\nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \r\n \r\n- 13 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \r\n \r\nUSE OF ESTIMATES \r\nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \r\n \r\nPROPERTY TAXES \r\nThe City of Vidalia adopted the property tax levy for the 2019 tax digest year (calendar year) on October 14, 2019 (levy date) based on property values as of January 1, 2019. Taxes were due on December 20, 2019 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2019 tax digest are reported as revenue in the governmental funds for fiscal year 2020. The Vidalia City Clerk bills and collects the property taxes for the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2020, for maintenance and operations amounted to $4,919,179.78. \r\n \r\nThe tax millage rate levied for the 2019 tax year (calendar year) for the School District was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n15.00 mills \r\n \r\nAdditionally, the Toombs County Tax Commissioner collects Title Ad Valorem 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. Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $526,256.42 during fiscal year ended June 30, 2020. \r\nSALES TAXES \r\nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $2,392,610.87 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\nNOTE 3: BUDGETARY DATA \r\nThe budget is a complete financial plan for the School District's fiscal year and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general, 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 is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate function level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \r\nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\n \r\n- 14 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \r\nNOTE 4: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS \r\nO.C.G.A.  45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A.  45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance. \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\nCATEGORIZATION OF DEPOSITS \r\nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2020, the School District had deposits with a carrying amount of $8,662,442.68, which includes $89,644.92 in Certificates of Deposits that are reported as investments, and a bank balance of $9,315,341.13. The bank balances insured by Federal depository insurance were $472,138.07. \r\nAt June 30, 2020, $8,843,203.06 of the School District's bank balances was exposed to custodial credit risk. This balance was in the State's Secure Deposit Program (SDP). \r\nThe School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. The SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible collateral. The OST approves authorized custodians. \r\n- 15 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \r\n \r\nReconciliation of cash and cash equivalents balances to carrying value of deposits: \r\n \r\nCash and cash equivalents Statement of Net Position Statement of Fiduciary Net Position \r\n \r\n$ 8,542,265.48 30,632.28 \r\n \r\nTotal cash and cash equivalents \r\n \r\n8,572,897.76 \r\n \r\nAdd: Deposits with original maturity of three months or more reported as investments \r\n \r\n89,644.92 \r\n \r\nLess: Cash on hand \r\n \r\n100.00 \r\n \r\nTotal carrying value of deposits - June 30, 2020 \r\n \r\n$ 8,662,442.68 \r\n \r\nNOTE 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \r\n \r\nBalances July 1, 2019 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2020 \r\n \r\nGovernmental Activities Capital Assets, Not Being Depreciated: \r\nLand \r\n \r\n$ 808,422.05 $ \r\n \r\n- $ 2,791.92 $ 805,630.13 \r\n \r\nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \r\nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \r\n \r\n64,932,151.05 2,462,807.22 2,726,720.19 \r\n \r\n85,460.40 222,262.00 118,000.00 \r\n \r\n523,530.76 78,482.84 17,720.10 \r\n \r\n64,494,080.69 2,606,586.38 2,827,000.09 \r\n \r\n10,098,482.20 1,592,476.83 781,235.99 \r\n \r\n1,149,746.24 124,014.42 46,554.77 \r\n \r\n479,747.26 78,482.84 5,759.09 \r\n \r\n10,768,481.18 1,638,008.41 822,031.67 \r\n \r\nTotal Capital Assets, Being Depreciated, Net \r\n \r\n57,649,483.44 \r\n \r\n(894,593.03) \r\n \r\n55,744.51 56,699,145.90 \r\n \r\nGovernmental Activities Capital Assets - Net $ 58,457,905.49 $ (894,593.03) $ 58,536.43 $ 57,504,776.03 \r\n \r\n- 16 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction Support Services \r\nPupil Services Improvements of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Food Services \r\n \r\n$ 86,619.12 743.11 \r\n33,251.74 99,944.95 27,136.75 \r\n2,571.92 15,695.09 86,217.10 \r\n \r\n$ 876,363.79 \r\n352,179.78 91,771.86 \r\n \r\n$ 1,320,315.43 \r\n \r\nNOTE 6: INTERFUND TRANSFERS Interfund transfers for the year ended June 30, 2020, consisted of the following: \r\n \r\nTransfer To \r\n \r\nTransfer From Capital Projects \r\nFund \r\n \r\nDebt Service Fund \r\n \r\n$ 1,436,969.00 \r\n \r\nTransfers are used to move sales tax revenue collected by the capital projects fund to the debt service fund as needed to pay debt payments. \r\n \r\nNOTE 7: LONG-TERM LIABILITIES \r\n \r\nThe changes in long-term liabilities during the fiscal year for governmental activities were as follows: \r\n \r\nBalance July 1, 2019 \r\n \r\nAdditions \r\n \r\nGovernmental Activities \r\n \r\nBalance \r\n \r\nDeductions \r\n \r\nJune 30, 2020 \r\n \r\nDue Within One Year \r\n \r\nGeneral Obligation (G.O.) Bonds Unamortized Bond Premium \r\n \r\n$ 18,400,000.00 $ 1,921,156.13 \r\n \r\n- $ 700,000.00 $ 17,700,000.00 $ 725,000.00 \r\n \r\n- \r\n \r\n107,728.38 \r\n \r\n1,813,427.75 \r\n \r\n107,728.38 \r\n \r\n$ 20,321,156.13 $ \r\n \r\n- $ 807,728.38 $ 19,513,427.75 $ 832,728.38 \r\n \r\nGENERAL OBLIGATION DEBT OUTSTANDING \r\nThe School District's bonded debt consists of general obligation bonds that are generally callable with interest payable semiannually. Bond proceeds primarily pay for acquiring or constructing capital facilities. The School District repays general obligation bonds from voter-approved sales taxes. General obligation bonds are direct obligations and pledge the full faith and credit of the School District. \r\nThe School District had no unused line of credit or outstanding notes from direct borrowings and direct placements related to governmental activities as of June 30, 2020. In the event the entity is unable to make the principal and interest payments using proceeds from the Education Special Purpose Local Option Sales Tax (ESPLOST), the debt will be satisfied from 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. \r\n- 17 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nOf the total amount originally authorized, $5,915,000.00 remains unissued. General obligation bonds currently outstanding are as follows: \r\n \r\nDescription \r\n \r\nInterest Rates \r\n \r\nIssue Date \r\n \r\nMaturity Date \r\n \r\nAmount Issued \r\n \r\nAmount Outstanding \r\n \r\nGeneral Government - Series 2016 \r\n \r\n2.0% - 5.0% 4/14/2016 \r\n \r\n8/1/2037 $ 19,085,000.00 $ 17,700,000.00 \r\n \r\nThe following schedule details debt service requirements to maturity for the School District's total general obligation bonds payable: \r\n \r\nFiscal Year Ended June 30: \r\n \r\nGeneral Obligation Debt \r\n \r\nPrincipal \r\n \r\nInterest \r\n \r\nUnamortized Bond Premium \r\n \r\n2021 2022 2023 2024 2025 2026 - 2030 2031 - 2035 2036 - 2038 \r\n \r\n$ \r\n \r\n725,000.00 $ \r\n \r\n701,063.00 \r\n \r\n$ \r\n \r\n107,728.38 \r\n \r\n740,000.00 \r\n \r\n675,388.00 \r\n \r\n107,728.38 \r\n \r\n775,000.00 \r\n \r\n651,869.00 \r\n \r\n107,728.38 \r\n \r\n785,000.00 \r\n \r\n631,375.00 \r\n \r\n107,728.38 \r\n \r\n810,000.00 \r\n \r\n610,488.00 \r\n \r\n107,728.38 \r\n \r\n4,425,000.00 \r\n \r\n2,647,088.00 \r\n \r\n538,641.90 \r\n \r\n5,525,000.00 \r\n \r\n1,497,075.00 \r\n \r\n538,641.90 \r\n \r\n3,915,000.00 \r\n \r\n293,125.00 \r\n \r\n197,502.05 \r\n \r\nTotal Principal and Interest \r\n \r\n$ \r\n \r\n17,700,000.00 $ 7,707,471.00 \r\n \r\n$ \r\n \r\n1,813,427.75 \r\n \r\nNOTE 8: RISK MANAGEMENT \r\n \r\nINSURANCE \r\n \r\nCommercial Insurance \r\n \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors or omissions; job related illness or injuries to employees; and natural disasters. Except as described below, the School District carries commercial insurance for these risks. Settled claims resulting from these insured risks have not exceeded commercial insurance coverage in any of the past three fiscal years. \r\n \r\nThe School District has elected to self-insure for losses related to natural disasters. The School District has not experienced any losses related to this risk in the past three years. \r\n \r\nUNEMPLOYMENT COMPENSATION \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the general fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability \r\n \r\nClaims and Changes in Estimates \r\n \r\nClaims Paid \r\n \r\nEnd of Year Liability \r\n \r\n2019 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n3,684.45 \r\n \r\n$ \r\n \r\n3,684.45 \r\n \r\n$ \r\n \r\n- \r\n \r\n2020 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n2,464.30 \r\n \r\n$ \r\n \r\n2,464.30 \r\n \r\n$ \r\n \r\n- \r\n \r\n- 18 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nSURETY BOND The School District purchased a surety bond to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent \r\n \r\n$ 50,000.00 \r\n \r\nNOTE 9: FUND BALANCE CLASSIFICATION DETAILS \r\nThe School District's financial statements include the following amounts presented in the aggregate at June 30, 2020: \r\n \r\nNonspendable Inventories \r\nRestricted Continuation of Federal Programs Capital Projects Debt Service \r\nUnassigned \r\n \r\n$ \r\n \r\n65,828.98 \r\n \r\n$ 623,084.38 2,880,735.68 1,080,318.48 \r\n \r\n4,584,138.54 5,343,852.93 \r\n \r\nFund Balance, June 30, 2020 \r\n \r\n$ 9,993,820.45 \r\n \r\nWhen multiple categories of fund balance are available for expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \r\n \r\nNOTE 10: SIGNIFICANT COMMITMENTS \r\n \r\nOPERATING LEASES \r\n \r\nThe School District leases copiers under the provisions of one or more long-term lease agreements classified as operating leases for accounting purposes. Rental expenditures under the terms of the operating leases totaled $68,664.92 for governmental activities for the year ended June 30, 2020. The following future minimum lease payments were required under operating leases at June 30, 2020: \r\n \r\nYear Ending \r\n \r\nGovernmental Funds \r\n \r\n2021 2022 \r\n \r\n$ \r\n \r\n68,599.92 \r\n \r\n68,599.92 \r\n \r\nTotal \r\n \r\n$ 137,199.84 \r\n \r\nNOTE 11: SIGNIFICANT CONTINGENT LIABILITIES \r\nFEDERAL GRANTS \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\n \r\n- 19 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nLITIGATION \r\nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine School District operations. The ultimate disposition of these proceedings is not presently determinable but is not believed to have a material adverse effect on the financial condition of the School District. \r\nNOTE 12: OTHER POST-EMPLOYMENT BENEFITS (OPEB) \r\nGEORGIA SCHOOL PERSONNEL POST-EMPLOYMENT HEALTH BENEFIT FUND \r\nPlan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit postemployment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board. \r\nBenefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. \r\nContributions: As established by the Board, the School OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $461,321.00 for the year ended June 30, 2020. Active employees are not required to contribute to the School OPEB Fund. \r\nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \r\nAt June 30, 2020, the School District reported a liability of $16,949,060.00 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of June 30, 2019. The total OPEB liability used to calculate the net OPEB liability was based on an actuarial valuation as of June 30, 2018. An expected total OPEB liability as of June 30, 2019 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, 2019. At June 30, 2019, the School District's proportion was 0.138110%, which was an increase of 0.000859% from its proportion measured as of June 30, 2018. \r\n \r\n- 20 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nFor the year ended June 30, 2020, the School District recognized OPEB expense of $463,759.00. At June 30, 2020, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \r\n \r\nDeferred Outflows of Resources \r\n \r\nOPEB \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ \r\n \r\n- $ 1,843,882.00 \r\n \r\nChanges of assumptions \r\n \r\n588,608.00 \r\n \r\n2,389,282.00 \r\n \r\nNet difference between projected and actual \r\n \r\nearnings on OPEB plan investments \r\n \r\n36,910.00 \r\n \r\n- \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n508,059.00 \r\n \r\n299,691.00 \r\n \r\nSchool District contributions subsequent to \r\n \r\nthe measurement date \r\n \r\n461,321.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 1,594,898.00 $ 4,532,855.00 \r\n \r\nSchool District contributions subsequent to the measurement date are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2021. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nOPEB \r\n \r\n2021 2022 2023 2024 2025 2026 \r\n \r\n$ (749,032.00) $ (749,032.00) $ (750,450.00) $ (687,598.00) $ (391,493.00) $ (71,673.00) \r\n \r\n- 21 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nActuarial assumptions: The total OPEB liability as of June 30, 2019 was determined by an actuarial valuation as of June 30, 2018 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, 2019: \r\n \r\nOPEB: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases \r\n \r\n3.00%  8.75%, including inflation \r\n \r\nLong-term expected rate of return Healthcare cost trend rate \r\nPre-Medicare Eligible Medicare Eligible Ultimate trend rate Pre-Medicare Eligible Medicare Eligible Year of Ultimate trend rate \r\n \r\n7.30%, compounded annually, net of investment expense, and including inflation 7.250% 5.375% \r\n4.75% 4.75% \r\n \r\nPre-Medicare Eligible Medicare Eligible \r\n \r\n2028 2022 \r\n \r\nMortality rates were based on the RP-2000 Combined Mortality Table for Males or Females, as appropriate, with adjustments for mortality improvements based on Scale BB as follows: \r\n \r\n For TRS members: The RP-2000 White Collar Mortality Table projected to 2025 with projection \r\nscale BB (set forward 1 year for males) is used for death after service retirement and beneficiaries. The RP-2000 Disabled Mortality Table projected to 2025 with projection scale BB (set forward two years for males and four years for females) is used for death after disability retirement. \r\n For PSERS members: The RP-2000 Blue-Collar Mortality Table projected to 2025 with \r\nprojection scale BB (set forward 3 years for males and 2 years for females) is used for the period after service retirement and for beneficiaries of deceased members. The RP-2000 Disabled Mortality Table projected to 2025 with projection scale BB (set forward 5 years for both males and females) is used for the period after disability retirement. \r\n \r\nThe actuarial assumptions used in the June 30, 2018 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2014, and adopted by the pension Board on December 17, 2015. The next experience study for TRS will be for the period ending June 30, 2018. \r\nThe remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2018 valuation were based on a review of recent plan experience done concurrently with the June 30, 2018 valuation. \r\nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \r\n \r\n- 22 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. During fiscal year 2018, the School OPEB fund updated their investment strategy to a more long-term approach. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset class \r\n \r\nTarget allocation \r\n \r\nLong-Term Expected Real Rate of Return* \r\n \r\nFixed income Domestic Stocks -- Large Cap Domestic Stocks -- Small Cap Int'l Stocks - Developed Mkt Int'l Stocks - Emerging Mkt Alternatives \r\n \r\n30.00% 46.20% \r\n1.30% 12.40% \r\n5.10% 5.00% \r\n \r\n(0.10)% 8.90% \r\n13.20% 8.90% \r\n10.90% 12.00% \r\n \r\nTotal \r\n \r\n100.00% \r\n \r\n*Net of Inflation \r\nDiscount rate: The discount rate has changed since the prior measurement date from 3.87% to 3.58%. In order to measure the total OPEB liability for the School OPEB Fund, a single equivalent interest rate of 3.58% was used as the discount rate. This is comprised mainly of the yield or index rate for 20-year tax-exempt general obligation municipal bonds with an average rating of AA or higher (3.50% per the Bond Buyers Index). The projection of cash flows used to determine the discount rate assumed that contributions from members and from the employer will be made at the current level as averaged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2119. Based on these assumptions, the OPEB plan's fiduciary net position was projected to be available to make OPEB payments for inactive employees through year 2026. Therefore, the calculated discount rate of 3.58% was applied to all periods of projected benefit payments to determine the total OPEB liability. \r\nSensitivity of the School District's proportionate share of the net OPEB liability to changes in the discount rate: The following presents the School District's proportionate share of the net OPEB liability calculated using the discount rate of 3.58%, 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 (2.58%) or 1 percentage-point higher (4.58%) than the current discount rate: \r\n \r\nSchool District's proportionate share of the Net OPEB Liability \r\n \r\n1% Decrease (2.58%) \r\n \r\nCurrent Discount Rate (3.58%) \r\n \r\n1% Increase (4.58%) \r\n \r\n$ 19,700,402.00 $ \r\n \r\n16,949,060.00 $ 14,710,967.00 \r\n \r\nSensitivity of the School District's proportionate share of the net OPEB liability to changes in the healthcare cost trend rates: The following presents the School District's proportionate share of the net OPEB liability, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1percentage-point higher than the current healthcare cost trend rates: \r\n \r\nSchool District's proportionate share of the Net OPEB Liability \r\n \r\n1% Decrease \r\n \r\nCurrent Healthcare Cost Trend Rate \r\n \r\n1% Increase \r\n \r\n$ 14,277,788.00 $ \r\n \r\n16,949,060.00 $ 20,341,779.00 \r\n \r\n- 23 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nOPEB plan fiduciary net position: Detailed information about the OPEB plan's fiduciary net position is available in the Comprehensive Annual Financial Report (CAFR) which is publicly available at https://sao.georgia.gov/comprehensive-annual-financial-reports. \r\nNOTE 13: RETIREMENT PLANS \r\nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\nPlan Description: All teachers of the School District as defined in O.C.G.A 47-3-60 and certain other support personnel as defined by O.C.G.A. 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple-employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \r\nBenefits P rovided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \r\nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Pursuant to O.C.G.A. 47-3-63, the employer contributions for certain full-time public school support personnel are funded on behalf of the employer by the State of Georgia. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2020. The School District's contractually required contribution rate for the year ended June 30, 2020 was 21.14% of annual School District payroll, of which 21.14% of payroll was required from the School District and 0.00% of payroll was required from the State. For the current fiscal year, employer contributions to the pension plan were $2,836,143.36 and $696.07 from the School District and the State, respectively. \r\nPUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM (PSERS) \r\nP lan description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \r\nBenefits provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \r\nUpon retirement, the member will receive a monthly benefit of $15.25, 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 \r\n \r\n- 24 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\ntermination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits. \r\nContributions: The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. \r\nIndividuals who became members prior to July 1, 2012 contribute $4 per month for nine months each fiscal year. Individuals who became members on or after July 1, 2012 contribute $10 per month for nine months each fiscal year. The State of Georgia, although not the employer of PSERS members, is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS Board of Trustees. The current fiscal year contribution was $33,001.00. \r\nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \r\nAt June 30, 2020, the School District reported a liability of $22,399,152.00 for its proportionate share of the net pension liability for TRS. \r\nThe net pension liability for TRS was measured as of June 30, 2019. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2018. An expected total pension liability as of June 30, 2019 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, 2019. \r\nAt June 30, 2019, the School District's TRS proportion was 0.104169%, which was a decrease of 0.001515% from its proportion measured as of June 30, 2018. \r\nAt June 30, 2020, 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 $205,197.00. \r\nThe PSERS net pension liability was measured as of June 30, 2019. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2018. An expected total pension liability as of June 30, 2019 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, 2019. \r\nFor the year ended June 30, 2020, the School District recognized pension expense of $3,708,605.00 for TRS and $63,280.00 for PSERS and revenue of ($7,769.00) for TRS and $63,280.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \r\n \r\n- 25 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nAt June 30, 2020, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \r\n \r\nTRS Deferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual experience \r\n \r\n$ 1,262,530.00 $ \r\n \r\n6,641.00 \r\n \r\nChanges of assumptions \r\n \r\n2,149,491.00 \r\n \r\n- \r\n \r\nNet difference between projected and actual earnings on pension plan investments \r\n \r\n- \r\n \r\n533,392.00 \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n16,859.00 \r\n \r\n691,806.00 \r\n \r\nSchool District contributions subsequent to the measurement date \r\n \r\n2,836,143.36 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 6,265,023.36 $ 1,231,839.00 \r\n \r\nThe School District contributions subsequent to the measurement date for TRS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2021. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nTRS \r\n \r\n2021 2022 2023 2024 \r\n \r\n$ 1,008,427.00 $ (17,495.00) $ 534,737.00 $ 671,372.00 \r\n \r\nActuarial assum ptions: The total pension liability as of June 30, 2019 was determined by an actuarial valuation as of June 30, 2018, using the following actuarial assumptions, applied to all periods \r\nincluded in the measurement: \r\n \r\nTeachers Retirement System: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases \r\n \r\n3.00%  8.75%, average, including inflation \r\n \r\nInvestment rate of return \r\n \r\n7.25%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases 1.50% semi-annually \r\n \r\n- 26 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nPost-retirement mortality rates were based on the 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) for service requirements and dependent beneficiaries. The RP-2000 Disabled Mortality table with future mortality improvement projected to 2025 with Society of Actuaries' projection scale BB (set forward two years for males and four years for females) was used for the death after disability retirement. Rates of mortality in active service were based on the RP-2000 Employee Mortality Table projected to 2025 with projection scale BB. \r\nThe actuarial assumptions used in the June 30, 2018 valuation were based on the results of an actuarial experience study for the period July 1, 2009  June 30, 2014, with the exception of the longterm assumed rate of return. \r\nPublic School Employees Retirement System: \r\n \r\nInflation \r\n \r\n2.75% \r\n \r\nSalary increases Investment rate of return \r\n \r\nN/A \r\n7.30%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases \r\n \r\n1.50% semi-annually \r\n \r\nPost-retirement mortality rates were based on the RP-2000 Blue-Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females) for the period after service retirements and for dependent beneficiaries. The RP-2000 Disabled Mortality projected to 2025 with projection scale BB (set forward 5 years for both males and females) was used for death after disability retirement. There is a margin for future mortality improvement in the tables used by the System. Based on the results of the most recent experience study adopted by the Board on December 17, 2015, the numbers of expected future deaths are 9-11% less than the actual number of deaths that occurred during the study period for healthy retirees and 9-11% less than expected under the selected table for disabled retirees. Rates of mortality in active service were based on the RP-2000 Employee Mortality Table projected to 2025 with projection scale BB. \r\nThe actuarial assumptions used in the June 30, 2018 valuation were based on the results of an actuarial experience study for the period July 1, 2009  June 30, 2014, with the exception of the assumed investment rate of return. \r\nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset class \r\nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \r\nTotal \r\n* Rates shown are net of assumed rate of inflation. \r\n \r\nTRS Target allocation \r\n30.00% 51.00% \r\n1.50% 12.40% \r\n5.10% - \r\n100.00% \r\n \r\nPSERS Target allocation \r\n30.00% 46.20% \r\n1.30% 12.40% \r\n5.10% 5.00% \r\n100.00% \r\n \r\nLong-term expected real rate of return* \r\n(0.10)% 8.90% 13.20% 8.90% 10.90% 12.00% \r\n \r\n- 27 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nDiscount rate: The discount rate used to measure the total TRS pension liability was 7.25%. The discount rate used to measure the total PSERS pension liability was 7.30%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS and PSERS pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \r\nSensitivity of the School District's proportionate share of the net pension liability to changes in the discount rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 7.25%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.25%) or 1-percentage-point higher (8.25%) than the current rate: \r\n \r\nTeachers Retirement System: \r\n \r\n1% Decrease (6.25%) \r\n \r\nCurrent Discount Rate (7.25%) \r\n \r\n1% Increase (8.25%) \r\n \r\nSchool District's proportionate share of the net pension liability \r\n \r\n$ 36,360,379.00 $ \r\n \r\n22,399,152.00 $ 10,918,062.00 \r\n \r\nPension plan fiduciary net position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available \r\nat www.trsga.com/publications and www.ers.ga.gov/financials. \r\n \r\nDEFINED CONTRIBUTION PLAN \r\n \r\nIn 1999, the School District began an employer paid 403(b) annuity plan for the group of employees covered under the Public School Employees Retirement System (PSERS). Recognizing that PSERS was a limited defined contribution and defined benefit plan which did not provide for an adequate retirement for this group of employees, it was the Board's desire to supplement the retirement of this group. \r\n \r\nThe School District selected VALIC as the provider of this plan. For each employee covered under PSERS, the Board began contributing to the plan an amount equal to a 50% match of the employee's contribution up to 3% of the employee's base pay. \r\n \r\nThe employee becomes vested in the plan with five years of experience. Employees who had already achieved five years of experience at the time the plan was implemented were vested upon enrollment. \r\n \r\nFunds accumulated in the employer paid accounts are only available to the employee upon termination of employment and five years of service to City of Vidalia Board of Education. If an employee terminates employment prior to achieving five years of service, funds paid on behalf of the non-vested employee are credited back to the School District. \r\n \r\nEmployer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2020 2019 2018 \r\n \r\n100% \r\n \r\n$ \r\n \r\n100% \r\n \r\n$ \r\n \r\n100% \r\n \r\n$ \r\n \r\n9,610.30 8,018.70 8,169.63 \r\n \r\n- 28 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2020 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 14: RESTATEMENT OF PRIOR YEAR NET POSITION AND FUND BALANCE \r\nFor fiscal year 2020, the School District made prior period adjustments due to the adoption of GASB Statement No. 84, as described in \"New Accounting Pronouncements,\" which requires the restatement of the June 30, 2019 net position in governmental activities and fund balance in the general fund and fiduciary funds. These changes are in accordance with generally accepted accounting principles. \r\n \r\nNet Position, July 1, 2019 as previously reported \r\n \r\n$ 11,986,710.47 \r\n \r\nPrior Period Adjustment - Implementation of GASB No. 84: School Activity Account Reclassification \r\n \r\n62,508.63 \r\n \r\nNet Position, July 1, 2019, as restated \r\n \r\n$ 12,049,219.10 \r\n \r\nFund Balance (General Fund), July 1, 2019, as previously reported $ \r\n \r\nPrior Period Adjustment - Implementation of GASB No. 84: School Activity Account Reclassification \r\n \r\nFund Balance (General Fund), July 1, 2019, as restated \r\n \r\n$ \r\n \r\n5,673,632.48 \r\n62,508.63 5,736,141.11 \r\n \r\nNet Position (Fiduciary Funds), July 1, 2019 as previously reported $ \r\n \r\n90,040.91 \r\n \r\nPrior Period Adjustment - Implementation of GASB No. 84: Restatement for Custodial Funds Beginning Net Position \r\n \r\n(62,508.63) \r\n \r\nNet Position (Fiduciary Funds), July 1, 2019, as restated \r\n \r\n$ \r\n \r\n27,532.28 \r\n \r\nNOTE 15: TAX ABATEMENTS \r\nThe School District property tax revenues were reduced by $14,468.48 under agreements entered into by the Toombs County Development Authority. Under the Toombs County Development Authority annual budget for fiscal year 2020, Dot Foods Facility reimburses the School District for a portion of the reduction in tax revenues. The School District received $38,730.48 in fiscal year 2020. \r\nNOTE 16: SPECIAL ITEM \r\nIn fiscal year 2020, the School District sold the land and building that was formerly the central office property in the amount of $323,000.00. These proceeds were deposited in the capital projects fund. In addition, the School District sold a retired bus in the amount of $3,000.00. These proceeds were deposited in the general fund. The net effect of this activity is a recognized gain, reported on the Statement of Activities, in the amount of $267,463.57, which includes these proceeds less the carrying value of $58,536.43. \r\n \r\n- 29 - \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA FOR THE YEAR ENDED JUNE 30 \r\n \r\nSCHEDULE \"1\" \r\n \r\nYear Ended \r\n2020 2019 2018 2017 2016 2015 \r\n \r\nSchool District's proportion of the \r\nnet pension liability \r\n \r\nSchool District's proportionate share of \r\nthe net pension liability \r\n \r\nState of Georgia's proportionate share of the net pension liability \r\nassociated with the School District \r\n \r\n0.104169% $ 22,399,152.00 $ 0.105684% $ 19,617,214.00 $ 0.109054% $ 20,268,022.00 $ 0.110474% $ 22,792,018.00 $ 0.110872% $ 16,879,161.00 $ 0.108299% $ 13,682,150.00 $ \r\n \r\n21,770.00 30,321.00 \r\n \r\nTotal \r\n$ 22,399,152.00 $ 19,617,214.00 $ 20,268,022.00 $ 22,792,018.00 $ 16,900,931.00 $ 13,712,471.00 \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share of the net pension liability as a percentage of its covered \r\npayroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total pension liability \r\n \r\n$ 12,715,495.38 $ 12,586,629.66 $ 12,521,868.84 $ 12,157,753.66 $ 11,718,322.21 $ 11,062,648.70 \r\n \r\n176.16% 155.86% 161.86% 187.47% 144.04% 123.68% \r\n \r\n78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 31 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA FOR THE YEAR ENDED JUNE 30 \r\n \r\nSCHEDULE \"2\" \r\n \r\nContractually required \r\n \r\nYear Ended \r\n \r\ncontribution \r\n \r\nContributions in relation to the contractually required \r\ncontribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered payroll \r\n \r\nContribution as a percentage of covered \r\npayroll \r\n \r\n2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 \r\n \r\n$ 2,836,143.36 $ $ 2,657,538.16 $ $ 2,115,812.23 $ $ 1,786,873.33 $ $ 1,734,913.72 $ $ 1,540,959.37 $ $ 1,358,493.26 $ $ 1,237,180.06 $ $ 1,126,961.75 $ $ 1,136,385.67 $ \r\n \r\n2,836,143.36 2,657,538.16 2,115,812.23 1,786,873.33 1,734,913.72 1,540,959.37 1,358,493.26 1,237,180.06 1,126,961.75 1,136,385.67 \r\n \r\n- \r\n \r\n$ 13,416,000.24 \r\n \r\n- \r\n \r\n$ 12,715,495.38 \r\n \r\n- \r\n \r\n$ 12,586,629.66 \r\n \r\n- \r\n \r\n$ 12,521,868.84 \r\n \r\n- \r\n \r\n$ 12,157,753.66 \r\n \r\n- \r\n \r\n$ 11,718,322.21 \r\n \r\n- \r\n \r\n$ 11,062,648.70 \r\n \r\n- \r\n \r\n$ 10,842,945.31 \r\n \r\n- \r\n \r\n$ 10,962,662.94 \r\n \r\n- \r\n \r\n$ 11,054,335.31 \r\n \r\n21.14% 20.90% 16.81% 14.27% 14.27% 13.15% 12.28% 11.41% 10.28% 10.28% \r\n \r\n- 32 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA FOR THE YEAR ENDED JUNE 30 \r\n \r\nSCHEDULE \"3\" \r\n \r\nYear Ended \r\n2020 2019 2018 2017 2016 2015 \r\n \r\nSchool District's proportion of the net pension liability \r\n \r\nSchool District's proportionate share of the net pension \r\nliability \r\n \r\n0.00% $ \r\n \r\n- \r\n \r\n0.00% $ \r\n \r\n- \r\n \r\n0.00% $ \r\n \r\n- \r\n \r\n0.00% $ \r\n \r\n- \r\n \r\n0.00% $ \r\n \r\n- \r\n \r\n0.00% $ \r\n \r\n- \r\n \r\nState of Georgia's proportionate share of the \r\nnet pension liability associated with the School \r\nDistrict \r\n \r\n$ \r\n \r\n205,197.00 \r\n \r\n$ \r\n \r\n189,887.00 \r\n \r\n$ \r\n \r\n163,371.00 \r\n \r\n$ \r\n \r\n221,683.00 \r\n \r\n$ \r\n \r\n135,239.00 \r\n \r\n$ \r\n \r\n122,808.00 \r\n \r\nTotal \r\n$ 205,197.00 $ 189,887.00 $ 163,371.00 $ 221,683.00 $ 135,239.00 $ 122,808.00 \r\n \r\nSchool District's covered payroll \r\n$ 558,275.67 $ 530,294.91 $ 508,517.47 $ 498,322.64 $ 471,421.68 $ 450,257.47 \r\n \r\nSchool District's proportionate share of the net pension liability as a percentage of its covered \r\npayroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total pension liability \r\n \r\nN/A \r\n \r\n85.02% \r\n \r\nN/A \r\n \r\n85.26% \r\n \r\nN/A \r\n \r\n85.69% \r\n \r\nN/A \r\n \r\n81.00% \r\n \r\nN/A \r\n \r\n87.00% \r\n \r\nN/A \r\n \r\n88.29% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 33 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY SCHOOL OPEB FUND \r\nFOR THE YEAR ENDED JUNE 30 \r\n \r\nSCHEDULE \"4\" \r\n \r\nYear Ended \r\n \r\nSchool District's proportion of the net \r\nOPEB liability \r\n \r\nSchool District's proportionate share \r\nof the net OPEB liability \r\n \r\nState of Georgia's proportionate share of the \r\nnet OPEB liability associated with the School \r\nDistrict \r\n \r\nTotal \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nSchool District's proportionate share of the \r\nnet OPEB liability as a percentage of its covered- \r\nemployee payroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total OPEB liability \r\n \r\n2020 2019 2018 \r\n \r\n0.138110% $ 16,949,060.00 0.137251% $ 17,444,181.00 0.140109% $ 19,685,258.00 \r\n \r\n- \r\n \r\n$ 16,949,060.00 $ 10,785,702.32 \r\n \r\n- \r\n \r\n$ 17,444,181.00 $ 10,541,784.47 \r\n \r\n- \r\n \r\n$ 19,685,258.00 $ 10,448,316.35 \r\n \r\n157.14% 165.48% 188.41% \r\n \r\n4.63% 2.93% 1.61% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 34 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND FOR THE YEAR ENDED JUNE 30 \r\n \r\nSCHEDULE \"5\" \r\n \r\nYear Ended \r\n2020 2019 2018 2017 \r\n \r\nContractually required contribution \r\n \r\n$ \r\n \r\n461,321.00 \r\n \r\n$ \r\n \r\n743,819.00 \r\n \r\n$ \r\n \r\n711,360.00 \r\n \r\n$ \r\n \r\n730,540.00 \r\n \r\nContributions in relation to the contractually required \r\ncontribution \r\n \r\n$ \r\n \r\n461,321.00 \r\n \r\n$ \r\n \r\n743,819.00 \r\n \r\n$ \r\n \r\n711,360.00 \r\n \r\n$ \r\n \r\n730,540.00 \r\n \r\nContribution deficiency (excess) \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\nSchool District's coveredemployee payroll \r\n \r\nContribution as a percentage of covered- \r\nemployee payroll \r\n \r\n$ \r\n \r\n11,337,589.09 \r\n \r\n$ \r\n \r\n10,785,702.32 \r\n \r\n$ \r\n \r\n10,541,784.47 \r\n \r\n$ \r\n \r\n10,448,316.35 \r\n \r\n4.07% 6.90% 6.75% 6.99% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 35 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \r\nFOR THE YEAR ENDED JUNE 30, 2020 \r\n \r\nSCHEDULE \"6\" \r\n \r\nTeachers Retirement System \r\nChanges of assumptions: In 2010 and later, the expectation of retired life mortality was changed to the RP2000 Mortality Tables rather than the 1994 Group Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. In 2010, assumed rates of salary increase were adjusted to more closely reflect actual and anticipated experience. \r\nOn November 18, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males). \r\nOn May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed annual rate of inflation has been reduced from 2.75% to 2.50%. \r\nPublic School Employees Retirement System \r\nChanges of assumptions: In 2010 and later, the expectation of retired life mortality was changed to the RP2000 Mortality Tables rather than the 1994 Group Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \r\nOn December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP2000 Blue Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females). \r\nOn March 15, 2018, the Board adopted a new funding policy. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for June 30, 2017 actuarial valuation. In addition, based on the Board's new funding policy, the assumed investment rate of return was further reduced by 0.10% from 7.40% to 7.30% as of the June 30, 2018 measurement date. \r\nSchool OPEB Fund \r\nChanges of benefit terms: There have been no changes in benefit terms. \r\nChanges in assumptions: The June 30, 2017 actuarial valuation was revised, for various factors, including the methodology used to determine how employees and retirees were assigned to each of the OPEB Funds and anticipated participation percentages. Current and former employees of State organizations (including technical colleges, community service boards and public health departments) are now assigned to State OPEB fund based on their last employer payroll location; irrespective of retirement affiliation. \r\nThe 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, and back to 3.58% as of June 30, 2019. \r\n \r\n- 36 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2020 \r\n \r\nSCHEDULE \"7\" \r\n \r\nREVENUES \r\nProperty Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES \r\nSale of Capital Assets \r\nNet Change in Fund Balances \r\nFund Balances - Beginning (Restated) \r\nAdjustments \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL \r\n \r\nFINAL \r\n \r\nACTUAL AMOUNTS \r\n \r\nVARIANCE OVER/UNDER \r\n \r\n$ \r\n \r\n4,863,187.36 $ \r\n \r\n4,863,187.36 $ \r\n \r\n5,445,436.20 $ \r\n \r\n16,103,275.00 \r\n \r\n16,351,429.10 \r\n \r\n16,286,548.21 \r\n \r\n3,244,880.00 \r\n \r\n3,456,934.00 \r\n \r\n2,939,114.00 \r\n \r\n637,910.00 \r\n \r\n637,910.00 \r\n \r\n456,773.63 \r\n \r\n1,625.00 \r\n \r\n1,625.00 \r\n \r\n1,912.72 \r\n \r\n975,780.00 \r\n \r\n1,110,255.00 \r\n \r\n1,432,966.48 \r\n \r\n25,826,657.36 \r\n \r\n26,421,340.46 \r\n \r\n26,562,751.24 \r\n \r\n582,248.84 (64,880.89) (517,820.00) (181,136.37) \r\n287.72 322,711.48 \r\n141,410.78 \r\n \r\n16,263,219.74 \r\n1,852,066.13 606,395.16 456,787.84 530,196.20 \r\n1,553,133.10 308,072.24 \r\n2,042,056.64 710,615.00 115,211.00 28,175.00 80,685.00 80,615.00 \r\n1,797,242.16 \r\n26,424,470.21 \r\n(597,812.85) \r\n \r\n15,951,240.44 \r\n1,934,550.11 629,327.31 462,447.27 552,921.44 \r\n1,588,248.05 302,317.37 \r\n2,018,482.96 746,731.24 138,538.12 26,243.14 80,685.00 66,536.70 \r\n1,792,244.79 \r\n26,290,513.94 \r\n130,826.52 \r\n \r\n15,746,946.05 \r\n2,011,541.83 633,091.23 460,749.29 555,277.78 \r\n1,573,406.69 315,528.07 \r\n2,177,177.31 747,531.59 140,579.44 24,778.46 109,727.48 69,340.97 \r\n1,703,449.87 \r\n26,269,126.06 \r\n293,625.18 \r\n \r\n204,294.39 \r\n(76,991.72) (3,763.92) 1,697.98 (2,356.34) 14,841.36 \r\n(13,210.70) (158,694.35) \r\n(800.35) (2,041.32) 1,464.68 (29,042.48) (2,804.27) 88,794.92 \r\n21,387.88 \r\n162,798.66 \r\n \r\n(597,812.85) 5,673,632.48 \r\n21,116.36 \r\n \r\n3,000.00 133,826.52 5,673,632.48 \r\n15,290.29 \r\n \r\n3,000.00 296,625.18 5,736,141.11 \r\n- \r\n \r\n162,798.66 \r\n62,508.63 (15,290.29) \r\n \r\nFund Balances - Ending \r\n \r\n$ \r\n \r\n5,096,935.99 $ \r\n \r\n5,822,749.29 $ 6,032,766.29 $ \r\n \r\n210,017.00 \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 37 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2020 \r\n \r\nSCHEDULE \"8\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program \r\nTotal Child Nutrition Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Food Services Fresh Fruit and Vegetable Program \r\nTotal U. S. Department of Agriculture \r\nEducation, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Grants to States Preschool Grants \r\nTotal Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Rural Education Rural Education Student Support and Academic Enrichment Program Student Support and Academic Enrichment Program Supporting Effective Instruction State Grants Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Twenty-First Century Community Learning Centers \r\nTotal Other Programs \r\nTotal U. S. Department of Education \r\nDefense, U. S. Department of Direct Department of the Army R.O.T.C. Program \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 \r\n10.582 \r\n \r\n205GA324N1099 $ 205GA324N1099 \r\n \r\n375,715.16 1,230,883.91 \r\n1,606,599.07 \r\n \r\n205GA324L1603 \r\n \r\n17,951.98 1,624,551.05 \r\n \r\n84.027 84.027 84.173 \r\n \r\nH027A180073 H027A190073 H173A190081 \r\n \r\n84.048 84.358 84.358 84.424A 84.424A 84.367 84.010 84.010 84.287 \r\n \r\nV048A190010 S365B180010 S358B190010 S424A180011 S424A190011 S367A190001 S010A180010 S010A190010 S287C180010 \r\n \r\n9,296.47 453,724.92 \r\n11,770.00 \r\n474,791.39 \r\n32,872.75 2,630.00 \r\n47,504.57 6,454.00 \r\n53,000.26 87,882.71 26,969.00 753,616.03 \r\n3,046.00 \r\n1,013,975.32 \r\n1,488,766.71 \r\n60,401.12 \r\n \r\nTotal Expenditures of Federal Awards \r\n \r\n$ \r\n \r\n3,173,718.88 \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\nNote 1. Basis of Presentation \r\nThe accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the City of Vidalia Board of Education (the \"Board\") under programs of the federal government for the year ended June 30, 2020. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position or changes in net position of the Board. \r\nNote 2. Summary of Significant Accounting Policies \r\nExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. \r\nNote 3. Indirect Cost Rate \r\nThe Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 38 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2020 \r\nAGENCY/FUNDING \r\nGRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program \r\nEducation, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle Grades (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Mid-term Adjustment Hold-Harmless Amended Formula Adjustment Charter System Adjustment Categorical Grants Pupil Transportation Regular Nursing Services Education Equalization Funding Grant Other State Programs Food Services Hygiene Products in Georgia Schools Math and Science Supplements Preschool Disability Services School Security Grant Teachers Retirement Vocational Education \r\nGovernor's Office of Student Achievement Connections for Classrooms Grant \r\nOffice of the State Treasurer Public School Employees Retirement \r\n \r\nSCHEDULE \"9\" \r\n \r\nGOVERNMENTAL FUND TYPE GENERAL FUND \r\n \r\n$ \r\n \r\n721,616.02 \r\n \r\n712,962.00 231,123.00 1,848,338.00 437,274.00 957,997.00 382,875.00 1,961,448.00 1,643,686.00 573,785.00 2,015,510.00 211,781.00 169,451.00 143,625.00 \r\n39,332.00 306,507.00 \r\n98,721.00 51,157.00 \r\n1,169.00 \r\n580,631.00 671,414.00 643,745.00 104,895.00 (207,725.00) 259,364.00 \r\n155,060.00 52,461.00 \r\n1,115,573.00 \r\n44,846.00 2,448.00 \r\n13,228.73 48,010.00 105,606.11 \r\n696.07 109,776.89 \r\n45,160.39 \r\n33,001.00 \r\n$ 16,286,548.21 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 39 - \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2020 \r\n \r\nSCHEDULE \"10\" \r\n \r\nPROJECTS \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT YEAR (3) (4) \r\n \r\nAMOUNT EXPENDED IN PRIOR YEARS (3) (4) \r\n \r\nTOTAL COMPLETION \r\nCOST \r\n \r\nEXCESS PROCEEDS NOT \r\nEXPENDED \r\n \r\nPROJECT III \r\n \r\n(i) To purchase textbooks, furniture, additional \r\n \r\ninstructional materials and equipment for all sites; \r\n \r\n$ 1,100,000.00 $ \r\n \r\n743,260.49 $ \r\n \r\n2,560.00 $ \r\n \r\n740,700.49 $ \r\n \r\n743,260.49 $ \r\n \r\n- \r\n \r\n(ii) To expand technology usage and improve communication \r\n \r\nand safety capabilities to include, but not be limited to, \r\n \r\nthe upgrade of electrical capacity at J.R.Trippe Middle School \r\n \r\nand Vidalia Comprehensive High School; safety and security \r\n \r\nupgrades at all facilities, and technology upgrades \r\n \r\nsystem-wide; \r\n \r\n1,065,000.00 \r\n \r\n1,423,664.89 \r\n \r\n169,418.00 \r\n \r\n1,254,246.89 \r\n \r\n1,423,664.89 \r\n \r\n- \r\n \r\n(iii) To acquire, improve, and maintain facilities for Vidalia \r\n \r\nschools to include, but not be limited to, tempered HVAC \r\n \r\nat Vidalia Comprehensive High School and J.R. Trippe \r\n \r\nMiddle School gyms; kitchen expansions at Vidalia \r\n \r\nComprehensive High School; maintaining roofing \r\n \r\nwarranties throughout the system; and \r\n \r\n11,725,000.00 \r\n \r\n32,064,393.49 \r\n \r\n22,810.00 \r\n \r\n32,041,583.49 \r\n \r\n32,064,393.49 \r\n \r\n- \r\n \r\n(iv) To expand and maintain student transportation to \r\n \r\ninclude but not be limited to purchase of additional \r\n \r\nstudent regular transportation and activity vehicles. \r\n \r\n270,000.00 \r\n \r\n472,356.50 \r\n \r\n207,888.00 \r\n \r\n264,468.50 \r\n \r\n472,356.50 \r\n \r\n- \r\n \r\n14,160,000.00 \r\n \r\n34,703,675.37 \r\n \r\n402,676.00 \r\n \r\n34,300,999.37 \r\n \r\n34,703,675.37 \r\n \r\n- \r\n \r\nPROJECT IV \r\n \r\n(a) The payment of principal and interest on general \r\n \r\nobligation debt of the Vidalia School District incurred \r\n \r\nfor the construction of the Vidalia High School; \r\n \r\n7,154,900.00 \r\n \r\n7,154,900.00 \r\n \r\n355,968.75 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n(b) To purchase textbooks, furniture, technology and \r\n \r\nsoftware, additional instructional materials, and \r\n \r\nequipment for all facilities; \r\n \r\n1,000,000.00 \r\n \r\n1,000,000.00 \r\n \r\n11,954.23 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nc) To expand technology upgrades and improvements to \r\n \r\ncommunication, safety and security upgrades and \r\n \r\ncapabilities at all facilities; \r\n \r\n2,305,100.00 \r\n \r\n2,305,100.00 \r\n \r\n54,370.00 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n(d) To expand and maintain student transportation \r\n \r\nincluding additional student regular transportation \r\n \r\nand activity vehicles; and \r\n \r\n500,000.00 \r\n \r\n500,000.00 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\ne) To acquire and improve facilities, including but not \r\n \r\nlimited to, HVAC and maintaining roof warranties \r\n \r\nthrough the system. \r\n \r\n2,000,000.00 \r\n \r\n2,000,000.00 \r\n \r\n132,374.00 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n12,960,000.00 \r\n \r\n12,960,000.00 \r\n \r\n554,666.98 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\nESTIMATED COMPLETION \r\nDATE Completed \r\nCompleted \r\nCompleted Completed \r\nDecember 2024 December 2024 December 2024 December 2024 December 2024 \r\n \r\n$ 27,120,000.00 $ 47,663,675.37 $ 957,342.98 $ 34,300,999.37 $ 34,703,675.37 $ \r\n \r\n- \r\n \r\n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n \r\n(2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. \r\n \r\n(3) The voters of Toombs County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \r\n \r\n(4) In addition to the expenditures shown above, the School District has incurred interest to provide advance funding for the above projects as follows: \r\n \r\nPrior Years Current Year \r\n \r\n$ 2,081,661.52 366,468.75 \r\n \r\n$ 2,448,130.27 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 41 - \r\n \r\n (This page left intentionally blank) \r\n \r\n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n (This page left intentionally blank) \r\n \r\n Greg S. Griffin \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 4-101 Atlanta, Georgia 30334-8400 \r\n \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON \r\nCOMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\n \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nWe have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Vidalia Board of Education (School District), as of and for the year ended June 30, 2020, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements, and have issued our report thereon dated March 17, 2021. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit of the financial statements, we considered the School District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control. \r\nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. \r\n \r\n (This page left intentionally blank) \r\n \r\n Compliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether the School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nPurpose of this Report \r\nThe purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. \r\nRespectfully submitted, \r\n \r\nMarch 17, 2021 \r\n \r\nGreg S. Griffin State Auditor \r\n \r\n (This page left intentionally blank) \r\n \r\n Greg S. Griffin \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 4-101 Atlanta, Georgia 30334-8400 \r\n \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \r\n \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nReport on Compliance for Each Major Federal Program \r\nWe have audited the City of Vidalia Board of Education's (School District) compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2020. The School District's major federal programs are identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs. \r\nManagement's Responsibility \r\nManagement is responsible for compliance with federal statutes, regulations, and the terms and conditions of its federal awards applicable to its federal programs. \r\nAuditor's Responsibility \r\nOur responsibility is to express an opinion on compliance for each of the School District's major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards and the Uniform Guidance require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the School District's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. \r\nWe believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the School District's compliance. \r\n \r\n (This page left intentionally blank) \r\n \r\n Opinion on Each Major Federal Program \r\nIn our opinion, the School District complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2020. \r\nReport on Internal Control over Compliance \r\nManagement of the School District is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the School District's internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control over compliance. \r\nA deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. \r\nThe purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. \r\nRespectfully submitted, \r\n \r\nMarch 17, 2021 \r\n \r\nGreg S. Griffin State Auditor \r\n \r\n (This page left intentionally blank) \r\n \r\n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2020 \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nNo matters were reported. \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\nNo matters were reported. \r\n \r\n (This page left intentionally blank) \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2020 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\nFinancial Statements \r\nType of auditor's report issued: Governmental Activities; All Major Funds; Aggregate Remaining Fund Information \r\n \r\nUnmodified \r\n \r\nInternal control over financial reporting:  Material weakness identified?  Significant deficiency identified? \r\n \r\nNo None Reported \r\n \r\nNoncompliance material to financial statements noted: \r\n \r\nNo \r\n \r\nFederal Awards \r\n \r\nInternal Control over major programs:  Material weakness identified?  Significant deficiency identified? \r\n \r\nNo None Reported \r\n \r\nType of auditor's report issued on compliance for major programs: All major programs \r\n \r\nUnmodified \r\n \r\nAny audit findings disclosed that are required to be reported in \r\n \r\naccordance with 2 CFR 200.516(a)? \r\n \r\nNo \r\n \r\nIdentification of major programs: CFDA Numbers \r\n \r\nName of Federal Program or Cluster \r\n \r\n10.553, 10.555 \r\n \r\nChild Nutrition Cluster \r\n \r\nDollar threshold used to distinguish between Type A and Type B programs: \r\n \r\n$750,000.00 \r\n \r\nAuditee qualified as low-risk auditee? \r\n \r\nYes \r\n \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n \r\nIII FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n \r\n "},{"id":"dlg_ggpd_1514313802-2020-03-25","title":"City of Vidalia Board of Education, Toombs County, Georgia, annual financial report for the fiscal year ended 2019 June 30 (including independent auditor's reports).","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":["2020-03-25"],"dcterms_description":["Began with fiscal year ended June 30, 2009.","Report year covers fiscal year.","Fiscal year ended June 30, 2014 (Received via FTP from the Georgia Department of Audits and Accounts); title from PDF cover (Georgia Government Publications database, viewed August 24, 2023).","Fiscal year ended June 30, 2015 (received 6/27/16 via FTP from Georgia Dept. of Audits and Accounts); (Georgia Government Publications database, viewed August 24, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Department of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["City of Vidalia Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Vidalia--Auditing--Periodicals.","Education--Georgia--Vidalia--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Vidalia--fast--https://id.oclc.org/worldcat/entity/E39PBJyGV4M3vq3JgGDqHt9JjC","Georgia Government Documents--Serial"],"dcterms_title":["City of Vidalia Board of Education, Toombs County, Georgia, annual financial report for the fiscal year ended 2019 June 30 (including independent auditor's reports)."],"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_1514313802-2020-03-25"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1514313802-2020-03-25"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":["Education--Auditing--fast","Education--Finance--fast","Expenditures, Public--fast","Georgia--Vidalia--fast--https://id.oclc.org/worldcat/entity/E39PBJyGV4M3vq3JgGDqHt9JjC","Periodicals--fast","Statistics--fast"],"fulltext":"CITY OF VIDALIA BOARD OF EDUCATION \r\nTOOMBS COUNTY, GEORGIA \r\nANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2019 \r\n(Including Independent Auditor's Reports) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S REPORT \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\nMANAGEMENT'S DISCUSSION AND ANALYSIS \r\n \r\nEXHIBITS \r\n \r\nBASIC FINANCIAL STATEMENTS \r\n \r\nGOVERNMENT-WIDE FINANCIAL STATEMENTS \r\n \r\nA \r\n \r\nSTATEMENT OF NET POSITION \r\n \r\nB \r\n \r\nSTATEMENT OF ACTIVITIES \r\n \r\nFUND FINANCIAL STATEMENTS \r\n \r\nC \r\n \r\nBALANCE SHEET \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\nD \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\n \r\nTO THE STATEMENT OF NET POSITION \r\n \r\nE \r\n \r\nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\nF \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \r\n \r\nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \r\n \r\nBALANCES TO THE STATEMENT OF ACTIVITIES \r\n \r\nG \r\n \r\nSTATEMENT OF FIDUCIARY NET POSITION \r\n \r\nFIDUCIARY FUNDS \r\n \r\nH NOTES TO THE BASIC FINANCIAL STATEMENTS \r\n \r\nSCHEDULES \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n1 SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n2 SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \r\n3 SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY SCHOOL OPEB FUND \r\n4 SCHEDULE OF CONTRIBUTIONS  TEACHERS RETIREMENT SYSTEM OF GEORGIA 5 SCHEDULE OF CONTRIBUTIONS  SCHOOL OPEB FUND 6 NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION 7 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \r\nIN FUND BALANCES - BUDGET AND ACTUAL GENERAL FUND \r\n \r\nPage \r\ni \r\n1 2 \r\n4 5 6 7 8 10 \r\n31 32 33 34 35 36 37 \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY - TABLE OF CONTENTS - \r\nSECTION I FINANCIAL SCHEDULES SUPPLEMENTARY INFORMATION 8 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 9 SCHEDULE OF STATE REVENUE 10 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\nPage \r\n38 39 41 \r\n \r\nSECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS INDEPENDENT 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 INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \r\nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n Greg S. Griffin \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nINDEPENDENT AUDITOR'S REPORT \r\n \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nReport on the Financial Statements \r\nWe have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Vidalia Board of Education (School District), as of and for the year ended June 30, 2019, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents. \r\nManagement's Responsibility for the Financial Statements \r\nManagement is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \r\nAuditor's Responsibility \r\nOur responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. \r\nAn audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. \r\n \r\n We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \r\nOpinions \r\nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the of the governmental activities, each major fund, and the aggregate remaining fund information of the School District as of June 30, 2019, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \r\nOther Matters \r\nRequired Supplementary Information \r\nAccounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis and required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. \r\nOther Information \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the School District's basic financial statements. The accompanying supplementary information, as listed in the table of contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements. \r\nThe accompanying supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \r\n \r\n Other Reporting Required by Government Auditing Standards \r\nIn accordance with Government Auditing Standards, we have also issued our report dated March 25, 2020 on our consideration of the School District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control over financial reporting and compliance. \r\nA copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \r\nRespectfully submitted, \r\n \r\nMarch 25, 2020 \r\n \r\nGreg S. Griffin State Auditor \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2019 \r\nINTRODUCTION \r\nThe discussion and analysis of the City of Vidalia Board of Education's (School District) financial performance provides an overview of the School District's financial activities for the fiscal year ended June 30, 2019. 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 notes to the basic financial statements and financial statements to enhance their understanding of the School District's financial performance. \r\nFINANCIAL HIGHLIGHTS \r\nKey financial highlights for fiscal year 2019 are as follows: \r\n The total net position increased by $1.3 million which represents a 11.8% increase from the fiscal year 2018. This increase was due in part to a decrease in long-term debt. \r\n The School District had $27.8 million in expenses relating to governmental activities; only $19.3 million of these expenses were offset by program specific charges for services and grants and contributions. General revenues (primarily property and sales taxes) of $9.8 million were adequate to provide for these programs. \r\n As stated above, general revenues account for $9.8 million or 33.6% of all revenues totaling $29.1 million. Program specific revenues in the form of charges for services and operating and capital grants and contributions accounted for the remainder. \r\n The Toombs County voters passed a one percent sales tax for educational purposes (ESPLOST) for another five years (2020  2025) on March 19, 2019. \r\n Long-term liabilities decreased by $793 thousand for 2019. This decrease for 2019 was primarily due to principal payments on outstanding debt. \r\nOVERVIEW OF THE FINANCIAL STATEMENTS \r\nThis report consists of several parts including management's discussion and analysis, the basic financial statements and supplementary information. The basic financial statements include two levels of statements that present different views of the School District. These include the government-wide and the fund financial statements. \r\nThe government-wide financial statements include the Statement of Net Position and the Statement of Activities. These statements provide information about the activities of the School District presenting both short-term and long-term information about the School District's overall financial status. \r\nThe fund financial statements focus on the individual parts of the School District, reporting the School District's operation in more detail. The governmental funds statements disclose how basic services are financed in the short-term as well as what remains for future spending. The fiduciary funds statement provides information about the financial relationships in which the School District acts solely as an agent for the benefit of others. The fund financial statements reflect the School District's most significant funds. In the case of the City of Vidalia Board of Education, the general fund and capital projects fund are the most significant funds. \r\ni \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2019 \r\nThe financial statements also include notes that explain some of the information in the statements and provide more detailed data. The statements are followed by a section of required supplementary information that further explains and supports the financial statements. Additionally, other supplementary information (not required) is also presented that further supplements understanding of the financial statements. \r\nGOVERNMENT-WIDE STATEMENTS \r\nThe government-wide financial statements are basically a consolidation of all of the School District's operating funds into one column called governmental activities. In reviewing the government-wide financial statements, a reader might ask the question about whether the School District is in a better financial position than last year? The Statement of Net Position and the Statement of Activities provides the basis for answering this question. These financial statements include all of the School District's assets, deferred outflows, liabilities, and deferred inflows. They use the accrual basis of accounting similar to the accounting used by most private-sector companies. This basis of accounting takes into account all of the current year's revenues and expenses regardless of when cash is received or paid. \r\nThese two statements report the School District's net position and any changes in net position. The change in net position is important because it tells the reader that, for the School District as a whole, the financial position of the School District has improved or diminished. The causes of this change may be the results of many factors, including those not under the School District's control, such as the property tax base, facility conditions, required educational programs and other factors. \r\nThe Statement of Net Position and the Statement of Activities reflect the School District's governmental activities. \r\nFUND FINANCIAL STATEMENTS \r\nThe School District uses many funds to account for a multitude of financial transactions during the fiscal year. However, the fund financial statements presented in this report provide detail information about only the School District's significant or major funds. \r\nGovernmental Funds - Most 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 basis 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 differences between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds are reconciled within the financial statements. \r\nFiduciary Funds - The School District is the trustee, or fiduciary, for assets that belong to others, such as school clubs and organizations within the principals' accounts. The School District is responsible for ensuring that the assets reported in these funds are used only for their intended purposes and by those to whom the assets belong. The School District excludes these activities from the governmentwide financial statements because it cannot use these assets to finance its operations. \r\nii \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2019 \r\n \r\nFINANCIAL ANALYSIS OF THE SCHOOL DISTRICT AS A WHOLE \r\n \r\nRecall that the Statement of Net Position provides the perspective of the School District as a whole. Table 1 provides a summary of the School District's net position for the fiscal years 2019 and 2018. Table 2 shows the changes in net position for the fiscal years ending June 30, 2019 and June 30, 2018. \r\n \r\nTable 1 \r\n \r\nNet Position \r\n \r\nGovernmental Activities \r\n \r\nFiscal \r\n \r\nFiscal \r\n \r\nNet \r\n \r\nYear 2019 \r\n \r\nYear 2018 \r\n \r\nChange \r\n \r\nASSETS \r\n \r\nCash and Cash Equivalents \r\n \r\n$ \r\n \r\n7,133,523 $ 9,080,722 $ (1,947,199) \r\n \r\nInvestments \r\n \r\n89,206 \r\n \r\n88,752 \r\n \r\n454 \r\n \r\nAccounts Receivable, Net \r\n \r\nTaxes \r\n \r\n3,048,951 \r\n \r\n3,066,373 \r\n \r\n(17,422) \r\n \r\nState Government \r\n \r\n2,133,970 \r\n \r\n1,907,194 \r\n \r\n226,776 \r\n \r\nFederal Government \r\n \r\n417,235 \r\n \r\n520,603 \r\n \r\n(103,368) \r\n \r\nLocal \r\n \r\n7,053 \r\n \r\n44,363 \r\n \r\n(37,310) \r\n \r\nOther \r\n \r\n174,061 \r\n \r\n160,460 \r\n \r\n13,601 \r\n \r\nInventories \r\n \r\n50,539 \r\n \r\n47,661 \r\n \r\n2,878 \r\n \r\nCapital Assets, Non-Depreciable \r\n \r\n808,422 \r\n \r\n30,377,364 \r\n \r\n(29,568,942) \r\n \r\nCapital Assets, Depreciable (Net of Accumulated Depreciation) \r\n \r\n57,649,483 \r\n \r\n27,884,368 \r\n \r\n29,765,115 \r\n \r\nTotal Assets Deferred Outflows of Resources \r\nRelated to Defined Benefit Pension Plans Related to OPEB Plan \r\n \r\n71,512,443 \r\n4,365,012 1,277,365 \r\n \r\n73,177,860 \r\n3,544,346 1,338,892 \r\n \r\n(1,665,417) \r\n820,666 (61,527) \r\n \r\nTotal Deferred Outflows of Resources LIABILITIES \r\nAccounts Payable Salaries and Benefits Payable Interest Payable Retainages Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities \r\nDue Within One Year Due in More Than One Year \r\n \r\n5,642,377 \r\n3,022 2,526,386 \r\n305,391 - \r\n19,617,214 17,444,181 \r\n807,728 19,513,428 \r\n \r\n4,883,238 \r\n7,398 2,619,232 \r\n311,099 1,376,765 20,268,022 19,685,258 \r\n792,728 20,321,156 \r\n \r\n759,139 \r\n(4,376) (92,846) \r\n(5,708) (1,376,765) \r\n(650,808) (2,241,077) \r\n15,000 (807,728) \r\n \r\nTotal Liabilities Deferred Inflows of Resources \r\nRelated to Defined Benefits Pension Plans Related to OPEB Plan \r\n \r\n60,217,350 \r\n1,232,997 3,717,763 \r\n \r\n65,381,658 \r\n454,004 1,498,983 \r\n \r\n(5,164,308) \r\n778,993 2,218,780 \r\n \r\nTotal Deferred Inflows of Resources NET POSITION \r\nNet Investment in Capital Assets Restricted for \r\nContinuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \r\n \r\n4,950,760 \r\n38,480,832 \r\n854,681 761,406 2,202,243 (30,312,452) \r\n \r\n1,952,987 \r\n36,115,168 \r\n744,089 746,495 4,347,100 (31,226,399) \r\n \r\n2,997,773 \r\n2,365,664 \r\n110,592 14,911 \r\n(2,144,857) 913,947 \r\n \r\nTotal Net Position \r\n \r\n$ 11,986,710 $ 10,726,453 $ 1,260,257 \r\n \r\niii \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2019 \r\n \r\nTable 2 Change in Net Position \r\n \r\nREVENUES \r\n \r\nProgram Revenues \r\n \r\nCharges for Services \r\n \r\n$ \r\n \r\nOperating Grants and Contributions \r\n \r\nCapital Grants and Contributions \r\n \r\nTotal Program Revenues \r\n \r\nGeneral Revenues: Taxes Property Taxes For Maintenance and Operations Sales Taxes For Capital Projects Grants and Contributions not Restricted to Specific Programs Investment Earnings \r\nMiscellaneous \r\n \r\nTotal General Revenues \r\n \r\nTotal Revenues \r\n \r\nProgram Expenses: Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Community Services Food Services Interest on Short-Term and Long-Term Debt \r\n \r\nTotal Expenses \r\n \r\nIncrease in Net Position \r\n \r\n$ \r\n \r\nFiscal Year 2019 \r\n \r\nGOVERNMENTAL ACTIVITIES Fiscal \r\nYear 2018 \r\n \r\nNet Change \r\n \r\n477,715 $ 17,644,212 \r\n1,197,081 \r\n19,319,008 \r\n \r\n416,690 $ 17,422,153 \r\n7,433,849 \r\n25,272,692 \r\n \r\n61,025 222,059 (6,236,768) \r\n(5,953,684) \r\n \r\n5,283,408 \r\n2,269,393 1,081,837 \r\n3,083 1,122,903 \r\n9,760,624 \r\n29,079,632 \r\n \r\n5,054,636 \r\n2,160,082 872,981 8,968 952,091 \r\n9,048,758 \r\n34,321,450 \r\n \r\n228,772 \r\n109,311 208,856 \r\n(5,885) 170,812 \r\n711,866 \r\n(5,241,818) \r\n \r\n16,334,362 \r\n1,896,303 742,469 463,348 529,764 \r\n1,398,017 303,974 \r\n2,734,747 830,962 5,713 27,679 \r\n80,696 81,831 1,762,149 627,361 \r\n27,819,375 \r\n1,260,257 $ \r\n \r\n16,367,719 \r\n1,903,968 654,488 473,236 416,619 \r\n1,377,715 261,142 \r\n1,894,372 823,273 6,161 33,823 \r\n48,343 73,209 1,861,113 639,919 \r\n26,835,100 \r\n7,486,350 $ \r\n \r\n(33,357) \r\n(7,665) 87,981 (9,888) 113,145 20,302 42,832 840,375 \r\n7,689 (448) \r\n(6,144) \r\n32,353 8,622 \r\n(98,964) (12,558) \r\n984,275 \r\n(6,226,093) \r\n \r\niv \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2019 \r\n \r\nGOVERNMENTAL ACTIVITIES \r\nThe Statement of Activities shows the cost of program services and the charges for services and grants offsetting these services. Table 3 shows, for governmental activities, the total cost of services and the net cost of services. It identifies the cost of these services supported by tax revenue and unrestricted state entitlements. \r\n \r\nTable 3 Governmental Activities \r\nTotal Cost of Services Fiscal Year 2019 \r\n \r\nNet Cost of Services Fiscal Year 2019 \r\n \r\nInstruction Support Services \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Community Services Food Services Interest on Short-Term and Long-Term Debt \r\n \r\n$ 16,334,362 $ \r\n1,896,303 742,469 463,348 529,764 \r\n1,398,017 303,974 \r\n2,734,747 830,962 5,713 27,679 \r\n80,696 81,831 1,762,149 627,361 \r\n \r\n2,512,115 \r\n1,574,311 420,400 101,834 (92,426) 656,327 299,452 \r\n1,977,224 563,636 5,713 27,679 \r\n(77,708) 8,122 \r\n(103,673) 627,361 \r\n \r\nTotal Expenses \r\n \r\n$ 27,819,375 $ \r\n \r\n8,500,367 \r\n \r\nAlthough program revenues make up a majority of the funding, the School District is still dependent upon tax revenues for governmental activities. For 2019, 30.6% of expenses were supplemented by taxes and other general revenues. \r\n \r\nFINANCIAL ANALYSIS OF THE SCHOOL DISTRICT'S FUNDS \r\nThe School District's governmental funds are accounted for using the modified accrual basis of accounting. The governmental funds had total revenues of $29.4 million and total expenditures of $29.5 million. The general fund revenues had an increase of $1.9 million due to an increase in state and federal funding and changes in local property tax distribution related to Title Ad Valorem Tax. The fund balance related to the capital projects fund decreased $768 thousand due to expenditures for additional technology, instructional materials and various construction projects to maintain and improve school facilities as well as completion of the new Vidalia High School. \r\n \r\nv \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2019 \r\nGENERAL FUND BUDGETING HIGHLIGHTS \r\nThe School District's budget is prepared in accordance with Georgia law. The most significant budgeted fund is the general fund, which includes local, state and federal funds collected and disbursed for the purpose of operating the school system. \r\nThe School District's budget is based on its overall mission and incorporates site-based budgeting into the budget process to control total site budgets but provide flexibility for site management. \r\nFor the general fund, the final budgeted amount of $25.7 million was less than the actual revenues of $26.3 million by $537 thousand. Property tax revenues were budgeted based on the tax digest, but changes in the distribution of Title Ad Valorem Tax from the City of Vidalia resulted in additional unbudgeted revenue. \r\nThe budgeted expenditures of $25.7 million was more than the actual amount of $25.6 million by $122 thousand. This difference is well within the expected parameters for budget variances. \r\nGeneral fund revenues were more than expenditures by $700 thousand. \r\nCAPITAL ASSETS \r\nAt fiscal year ended June 30, 2019, the School District had $58.5 million invested in capital assets in the government-wide financial statements (Statement of Net Position). Table 4 reflects a summary of these balances for fiscal year 2019 as compared to balances for fiscal year 2018. Construction began on the new Vidalia High School in fiscal year 2017 and was completed this fiscal year. This has resulted in a $29.4 million dollar increase in buildings and improvements for fiscal year 2019. \r\nTable 4 Capital Assets (Net of Depreciation) \r\n \r\nFiscal Year 2019 \r\n \r\nGovernmental Activities Fiscal \r\nYear 2018 \r\n \r\nNet Change \r\n \r\nLand Construction in Progress Land Improvements Buildings and Improvements Equipment \r\n \r\n$ \r\n \r\n808,422 $ \r\n \r\n- \r\n \r\n1,945,484 \r\n \r\n54,833,669 \r\n \r\n870,330 \r\n \r\n$ 58,457,905 $ \r\n \r\n808,422 $ 29,568,942 \r\n1,974,090 25,478,390 \r\n431,888 \r\n58,261,732 $ \r\n \r\n(29,568,942) \r\n(28,606) 29,355,279 \r\n438,442 \r\n196,173 \r\n \r\nvi \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2019 \r\nLONG-TERM LIABILITIES \r\nAt June 30, 2019, the School District had $20.3 million in total long-term liabilities outstanding with $807.7 thousand due within one year. Table 5 summarizes bond debt outstanding at June 30, 2019 and 2018. \r\nTable 5 Debt at June 30 \r\n \r\nGeneral Obligation Bonds Unamortized Bond Premium \r\n \r\nGovernmental Activities \r\n \r\nFiscal Year 2019 \r\n \r\nFiscal Year 2018 \r\n \r\n$ 18,400,000 1,921,156 \r\n \r\n$ 19,085,000 2,028,885 \r\n \r\nTotal \r\n \r\n$ 20,321,156 $ 21,113,885 \r\n \r\nCURRENT ISSUES \r\nThe following statements should help to explain the current financial position of the City of Vidalia School District and the effects the current economic conditions have had on it. The State of Georgia economic conditions are improving and state funding for education no longer reflects austerity cuts (or amended formula adjustments) which began in fiscal year 2003. Our School District has seen the weight of taxpayer burden shift from the state taxpayer level to the local taxpayer level, and the removal of the austerity cuts from the funding formula has greatly impacted the financial position in a positive way. Changes in the way Title Ad Valorem Taxes are distributed to the school system by the City of Vidalia coupled with back pay for \"True Up\" monies from prior years also served to improve the current financial position. The School District will continue to look for ways to align resources and costs with the objective of providing a quality education to our students. \r\nThe New Vidalia High School project was completed early in the fiscal year and was within budget. Other major expenses for the year included a new roof for the old Vidalia High School main building at a cost of $364 thousand, which was funded from Local Option Sales Tax. A portion of these funds are intended to be replaced by proceeds from the sale of the old central office facility, when this occurs. Central office administration moved to the old high school facility in January of 2019. These changes have been made in an effort to make the best use of available facilities and reduce maintenance and upkeep costs on older buildings. \r\nCONTACTING THE SCHOOL DISTRICT'S FINANCIAL MANAGEMENT \r\nThis financial report is designed to provide our citizens, taxpayers, and creditors with a general overview of the School District`s finances and to show the School District's accountability for the money it receives. If you have questions about this report or need additional financial information, please contact Mrs. Norma D. Croft, Finance Director for the City of Vidalia Board of Education, 1001 North Street, West, Vidalia, GA 30474. You may also email your questions to Mrs. Croft at ncroft@vidalia-city.k12.ga.us. \r\nvii \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF NET POSITION JUNE 30, 2019 \r\nASSETS \r\nCash and Cash Equivalents Investments Receivables, Net \r\nTaxes State Government Federal Government Local Other Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nDEFERRED OUTFLOWS OF RESOURCES \r\nRelated to Defined Benefit Pension Plans Related to OPEB Plan \r\nTotal Deferred Outflows of Resources \r\nLIABILITIES \r\nAccounts Payable Salaries and Benefits Payable Interest Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities \r\nDue Within One Year Due in More Than One Year \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES \r\nRelated to Defined Benefit Pension Plans Related to OPEB Plan \r\nTotal Deferred Inflows of Resources \r\nNET POSITION \r\nNet Investment in Capital Assets Restricted for \r\nContinuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n7,133,523.45 \r\n \r\n89,205.96 \r\n \r\n3,048,950.63 2,133,969.61 \r\n417,235.25 7,053.50 \r\n174,060.98 50,538.69 \r\n808,422.05 57,649,483.44 \r\n \r\n71,512,443.56 \r\n \r\n4,365,012.16 1,277,365.00 \r\n5,642,377.16 \r\n \r\n3,021.80 2,526,386.49 \r\n305,390.83 19,617,214.00 17,444,181.00 \r\n807,728.38 19,513,427.75 \r\n60,217,350.25 \r\n \r\n1,232,997.00 3,717,763.00 \r\n4,950,760.00 \r\n \r\n38,480,832.39 \r\n854,681.29 761,406.15 2,202,242.80 (30,312,452.16) \r\n \r\n$ \r\n \r\n11,986,710.47 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 1 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF ACTIVITES JUNE 30, 2019 \r\n \r\nGOVERNMENTAL ACTIVITIES \r\nInstruction Support Services \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Community Services Food Services Interest on Short-Term and Long-Term Debt \r\nTotal Governmental Activities \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nTotal General Revenues \r\nChange in Net Position \r\nNet Position - Beginning of Year \r\nNet Position - End of Year \r\n \r\nEXPENSES \r\n \r\nCHARGES FOR SERVICES \r\n \r\n$ 16,334,361.64 $ \r\n1,896,303.07 742,468.52 463,347.64 529,764.03 \r\n1,398,017.49 303,974.33 \r\n2,734,747.13 830,961.74 5,712.50 27,679.53 \r\n80,696.28 81,831.38 1,762,149.07 627,360.78 \r\n$ 27,819,375.13 $ \r\n \r\n164,481.73 \r\n- \r\n158,403.84 73,709.00 81,120.89 - \r\n477,715.46 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 2 - \r\n \r\n EXHIBIT \"B\" \r\n \r\nPROGRAM REVENUES OPERATING GRANTS AND \r\nCONTRIBUTIONS \r\n \r\nCAPITAL GRANTS AND CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET POSITION \r\n \r\n$ \r\n \r\n12,832,770.65 $ \r\n \r\n226,923.05 321,187.43 327,455.93 543,458.00 714,747.33 \r\n818.88 734,010.80 240,991.44 \r\n- \r\n \r\n1,701,848.26 - \r\n \r\n$ \r\n \r\n17,644,211.77 $ \r\n \r\n824,994.60 $ \r\n95,069.14 881.41 \r\n34,057.91 78,732.08 26,943.22 \r\n3,703.37 23,512.74 26,333.82 \r\n- \r\n82,852.91 - \r\n1,197,081.20 \r\n \r\n(2,512,114.66) \r\n(1,574,310.88) (420,399.68) (101,833.80) 92,426.05 (656,326.94) (299,452.08) \r\n(1,977,223.59) (563,636.48) (5,712.50) (27,679.53) \r\n77,707.56 (8,122.38) 103,672.99 (627,360.78) \r\n(8,500,366.70) \r\n \r\n5,283,408.23 \r\n2,269,393.44 1,081,837.00 \r\n3,082.73 1,122,902.54 \r\n9,760,623.94 \r\n1,260,257.24 \r\n10,726,453.23 \r\n \r\n$ \r\n \r\n11,986,710.47 \r\n \r\n- 3 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2019 \r\n \r\nEXHIBIT \"C\" \r\n \r\nASSETS \r\nCash and Cash Equivalents Investments Receivables, Net \r\nTaxes State Government Federal Government Local Other Inventories \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 4,104,451.02 $ 1,962,275.45 $ 1,066,796.98 $ \r\n \r\n89,205.96 \r\n \r\n- \r\n \r\n- \r\n \r\n2,850,081.28 \r\n \r\n198,869.35 \r\n \r\n- \r\n \r\n2,092,871.61 \r\n \r\n41,098.00 \r\n \r\n- \r\n \r\n417,235.25 \r\n \r\n- \r\n \r\n- \r\n \r\n7,053.50 \r\n \r\n- \r\n \r\n- \r\n \r\n174,060.98 \r\n \r\n- \r\n \r\n- \r\n \r\n50,538.69 \r\n \r\n- \r\n \r\n- \r\n \r\n7,133,523.45 89,205.96 \r\n3,048,950.63 2,133,969.61 \r\n417,235.25 7,053.50 \r\n174,060.98 50,538.69 \r\n \r\nTotal Assets \r\nLIABILITIES \r\nAccounts Payable Salaries and Benefits Payable \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES \r\nUnavailable Revenue - Property Taxes \r\nFUND BALANCES \r\nNonspendable Restricted Unassigned \r\nTotal Fund Balances \r\n \r\n$ 9,785,498.29 $ 2,202,242.80 $ 1,066,796.98 $ 13,054,538.07 \r\n \r\n$ \r\n \r\n3,021.80 $ \r\n \r\n2,526,386.49 \r\n \r\n2,529,408.29 \r\n \r\n- $ - \r\n- \r\n \r\n- $ - \r\n- \r\n \r\n3,021.80 2,526,386.49 \r\n2,529,408.29 \r\n \r\n1,582,457.52 \r\n \r\n- \r\n \r\n- \r\n \r\n1,582,457.52 \r\n \r\n50,538.69 804,142.60 4,818,951.19 \r\n5,673,632.48 \r\n \r\n2,202,242.80 \r\n- \r\n2,202,242.80 \r\n \r\n1,066,796.98 \r\n- \r\n1,066,796.98 \r\n \r\n50,538.69 4,073,182.38 4,818,951.19 \r\n8,942,672.26 \r\n \r\nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances $ 9,785,498.29 $ 2,202,242.80 $ 1,066,796.98 $ 13,054,538.07 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 4 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET POSITION JUNE 30, 2019 \r\n \r\nEXHIBIT \"D\" \r\n \r\nTotal fund balances - governmental funds (Exhibit \"C\") \r\nAmounts reported for governmental activities in the Statement of Net Position are different because: \r\nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. \r\nLand Buildings and improvements Equipment Land improvements Accumulated depreciation \r\nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. \r\nNet pension liability Net OPEB liability \r\nDeferred outflows and inflows of resources related to pensions and OPEB are applicable to future periods and, therefore, are not reported in the funds. \r\nRelated to pensions Related to OPEB \r\nTaxes that are not available to pay for current period expenditures are deferred in the funds. \r\nLong-term liabilities, and related accrued interest, are not due and payable in the current period and therefore are not reported in the funds. \r\nBonds payable Accrued interest payable Unamortized bond premium \r\n \r\n$ \r\n \r\n8,942,672.26 \r\n \r\n$ \r\n \r\n808,422.05 \r\n \r\n64,932,151.05 \r\n \r\n2,462,807.22 \r\n \r\n2,726,720.19 \r\n \r\n(12,472,195.02) \r\n \r\n58,457,905.49 \r\n \r\n$ (19,617,214.00) (17,444,181.00) \r\n \r\n(37,061,395.00) \r\n \r\n$ \r\n \r\n3,132,015.16 \r\n \r\n(2,440,398.00) \r\n \r\n691,617.16 1,582,457.52 \r\n \r\n$ (18,400,000.00) (305,390.83) \r\n(1,921,156.13) \r\n \r\n(20,626,546.96) \r\n \r\nNet position of governmental activities (Exhibit \"A\") \r\n \r\n$ \r\n \r\n11,986,710.47 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 5 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2019 \r\n \r\nEXHIBIT \"E\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation \r\nCapital Outlay Debt Services \r\nPrincipal Interest \r\nTotal Expenditures \r\nRevenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nTransfers In Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n5,612,113.67 $ \r\n \r\n- \r\n \r\n15,483,492.10 \r\n \r\n3,568,235.67 \r\n \r\n477,715.46 \r\n \r\n1,812.65 \r\n \r\n1,122,902.54 \r\n \r\n26,266,272.09 \r\n \r\n- $ 2,269,393.44 \r\n867,081.20 - \r\n1,270.08 - \r\n3,137,744.72 \r\n \r\n- $ \r\n \r\n5,612,113.67 \r\n \r\n- \r\n \r\n2,269,393.44 \r\n \r\n- \r\n \r\n16,350,573.30 \r\n \r\n- \r\n \r\n3,568,235.67 \r\n \r\n- \r\n \r\n477,715.46 \r\n \r\n- \r\n \r\n3,082.73 \r\n \r\n- \r\n \r\n1,122,902.54 \r\n \r\n- \r\n \r\n29,404,016.81 \r\n \r\n15,699,113.40 \r\n1,835,918.25 749,756.74 442,827.22 463,421.41 \r\n1,417,046.12 306,653.62 \r\n2,020,330.74 751,693.09 5,712.50 27,679.53 80,696.28 82,502.56 \r\n1,682,927.06 - \r\n- \r\n25,566,278.52 \r\n699,993.57 \r\n \r\n408,519.84 \r\n689,650.00 125,000.00 1,247,668.71 \r\n- \r\n2,470,838.55 \r\n666,906.17 \r\n \r\n- \r\n- \r\n685,000.00 740,797.50 \r\n1,425,797.50 \r\n(1,425,797.50) \r\n \r\n16,107,633.24 \r\n1,835,918.25 749,756.74 442,827.22 463,421.41 \r\n1,417,046.12 306,653.62 \r\n2,709,980.74 876,693.09 5,712.50 27,679.53 80,696.28 82,502.56 \r\n1,682,927.06 1,247,668.71 \r\n685,000.00 740,797.50 \r\n29,462,914.57 \r\n(58,897.76) \r\n \r\n699,993.57 4,973,638.91 \r\n \r\n(1,435,000.00) (1,435,000.00) \r\n(768,093.83) 2,970,336.63 \r\n \r\n1,435,000.00 - \r\n1,435,000.00 9,202.50 \r\n1,057,594.48 \r\n \r\n1,435,000.00 (1,435,000.00) \r\n(58,897.76) 9,001,570.02 \r\n \r\nFund Balances - Ending \r\n \r\n$ \r\n \r\n5,673,632.48 $ \r\n \r\n2,202,242.80 $ \r\n \r\n1,066,796.98 $ \r\n \r\n8,942,672.26 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 6 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN THE FUND BALANCES \r\nTO THE STATEMENT OF ACTIVITIES JUNE 30, 2019 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNet change in fund balances total governmental funds (Exhibit \"E\") \r\nAmounts reported for governmental activities in the Statement of Activities are different because: \r\nGovernmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of capital assets is allocated over their estimated useful lives as depreciation expense. \r\nCapital outlay Depreciation expense \r\nThe net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, donations, and disposals) is to decrease net position. \r\nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \r\nThe issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts and the difference between the carrying value of refunded debt and the acquisition cost of refunded debt when debt is first issued. These amounts are deferred and amortized in the Statement of Activities. \r\nBond principal retirements Amortization of bond premium \r\nDistrict pension 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 and OPEB liability is measured a year before the District's report date. Pension and OPEB expense, which is the change in the net pension and OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions and OPEB, is reported in the Statement of Activities. \r\nPension expense OPEB expense \r\nSome items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. \r\nAccrued interest on issuance of bonds \r\n \r\n$ \r\n \r\n(58,897.76) \r\n \r\n$ \r\n \r\n1,232,348.51 \r\n \r\n(1,009,250.09) \r\n \r\n223,098.42 (26,925.63) (328,705.44) \r\n \r\n$ \r\n \r\n685,000.00 \r\n \r\n107,728.38 \r\n \r\n792,728.38 \r\n \r\n$ \r\n \r\n692,480.93 \r\n \r\n(39,230.00) \r\n \r\n653,250.93 \r\n \r\n5,708.34 \r\n \r\nChange in net position of governmental activities (Exhibit \"B\") \r\n \r\n$ 1,260,257.24 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 7 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS JUNE 30, 2019 \r\nASSETS Cash and Cash Equivalents \r\nLIABILITIES Funds Held for Others \r\n \r\nEXHIBIT \"G\" \r\n \r\nAGENCY FUNDS \r\n \r\n$ \r\n \r\n90,040.91 \r\n \r\n$ \r\n \r\n90,040.91 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 8 - \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nREPORTING ENTITY \r\nThe City of Vidalia Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nThe accompanying financial statements of the School District have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). GASB is the accepted standard-setting body for governmental accounting and financial reporting principles. The most significant of the School District's accounting policies are described below. \r\nBASIS OF PRESENTATION \r\nThe School District's basic financial statements are collectively comprised of the government-wide financial statements, fund financial statements and notes to the basic financial statements. The government-wide statements focus on the School District as a whole, while the fund financial statements focus on major funds. Each presentation provides valuable information that can be analyzed and compared between years and between governments to enhance the information's usefulness. \r\nGOVERNMENT-WIDE STATEMENTS: \r\nThe Statement of Net Position and the Statement of Activities display information about the financial activities of the overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \r\nThe Statement of Net Position presents the School District's non-fiduciary assets and liabilities, with the difference reported as net position. Net position is reported in three categories as follows: \r\n1. Net investment in capital assets consists of the School District's total investment in capital assets, net of accumulated depreciation, and reduced by outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of net investment in capital assets. \r\n2. Restricted net position consists of resources for which the School District is legally or contractually obligated to spend in accordance with restrictions imposed by external third parties or imposed by law through constitutional provisions or enabling legislation. \r\n3. Unrestricted net position consists of resources not meeting the definition of the two preceding categories. Unrestricted net position often has constraints on resources imposed by management which can be removed or modified. \r\nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\nDirect expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\n \r\n- 10 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\nProgram revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFUND FINANCIAL STATEMENTS \r\nThe fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate financial statements are presented for governmental and fiduciary funds. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\nThe School District reports the following major governmental funds: \r\n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \r\n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST), Bond Proceeds and grants from Georgia State Financing and Investment Commission that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \r\n The debt service fund accounts for and reports financial resources that are restricted, committed, or assigned including taxes (sales) legally restricted for the payment of general long-term principal and interest. \r\nThe School District reports the following fiduciary fund type: \r\n Agency funds are used to report resources held by the School District in a purely custodial capacity (assets equal liabilities) and do not involve measurement of results of operations. \r\nBASIS OF ACCOUNTING \r\nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \r\nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \r\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 all revenues reported in the governmental funds to be available if they are collected within sixty 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 \r\n \r\n- 11 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\nlong-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities are reported as other financing sources. \r\nThe School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted resources available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\nNEW ACCOUNTING PRONOUNCEMENTS \r\nIn fiscal year 2019, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 83, Certain Asset Retirement Obligations. This statement addresses accounting and financial reporting for certain asset retirement obligations (AROs). An ARO is a legally enforceable liability associated with the retirement of a tangible capital asset. A government that has legal obligations to perform future asset retirement activities related to its tangible capital assets should recognize a liability based on the guidance in this statement. The adoption of this statement did not have an impact on the School District's financial statements. \r\nIn fiscal year 2019, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements. The primary objective of this statement is to improve the information that is disclosed in notes to government financial statements related to debt, including direct borrowings and direct placements. It also clarifies which liabilities governments should include when disclosing information related to debt. The School District included additional information in the Long-term Liabilities note disclosure. \r\nCASH AND CASH EQUIVALENTS \r\nCash and cash equivalents consist of cash on hand, demand deposits, investments in the State of Georgia local government investment pool (Georgia Fund 1) and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated (O.C.G.A.) 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \r\nINVESTMENTS \r\nThe School District can invest its funds as permitted by O.C.G.A. 36-83-4. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. \r\nInvestments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interestearning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. All other investments are reported at fair value. \r\nFor accounting purposes, certificates of deposit are classified as investments if they have an original maturity greater than three months when acquired. \r\nRECEIVABLES \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n- 12 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\nINVENTORIES \r\n \r\nFood Inventories \r\n \r\nOn the basic financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (calculated on the first-in, first-out basis). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \r\n \r\nCAPITAL ASSETS \r\n \r\nOn the government-wide financial statements, capital assets are recorded at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at the acquisition value on the date donated. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. The School District does not capitalize book collections or works of art. \r\n \r\nCapital acquisition and construction are recorded as expenditures in the governmental fund financial statements at the time of purchase (including ancillary charges), and the related assets are reported as capital assets in the governmental activities column in the government-wide financial statements. \r\n \r\nDepreciation is computed using the straight-line for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the governmentwide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand \r\n \r\nLand Improvements \r\n \r\n$ \r\n \r\nBuildings and Improvements $ \r\n \r\nEquipment \r\n \r\n$ \r\n \r\nIntangible Assets \r\n \r\n$ \r\n \r\nAll 10,000.00 10,000.00 10,000.00 100,000.00 \r\n \r\nN/A 60 years 25 to 60 years 10 to 15 years 10 years \r\n \r\nDEFERRED OUTFLOWS/INFLOWS OF RESOURCES \r\nIn addition to assets, the statement of financial position will report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of resources that applies to a future period(s) and therefore will not be recognized as an outflow of resources (expense/expenditure) until then. \r\n \r\nIn addition to liabilities, the statement of financial position will report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of resources that applies to a future period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time. \r\n \r\nLONG-TERM LIABILITIES AND BOND DISCOUNTS/PREMIUMS \r\nIn the School District's government-wide financial statements, outstanding debt is reported as liabilities. Bond premiums and discounts and the difference between the reacquisition price and the net carrying value of refunded debt are deferred and amortized over the life of the bonds using the straight-line method. To conform to generally accepted accounting principles, bond premiums and \r\n \r\n- 13 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\ndiscounts should be amortized using the effective interest method. The effect of this deviation is deemed to be immaterial to the fair presentation of the basic financial statements. Bond issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \r\nIn the governmental fund financial statements, the School District recognizes the proceeds of debt and premiums as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures. \r\nPENSIONS \r\nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nPOSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) \r\nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Postemployment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nFUND BALANCES \r\nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \r\nThe School District's fund balances are classified as follows: \r\nNonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \r\nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \r\nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \r\nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \r\nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \r\n \r\n- 14 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\nUSE OF ESTIMATES \r\nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \r\nPROPERTY TAXES \r\nThe City of Vidalia adopted the property tax levy for the 2018 tax digest year (calendar year) on October 10, 2018 (levy date) based on property values as of January 1, 2018. Taxes were due on December 20, 2018 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2018 tax digest are reported as revenue in the governmental funds for fiscal year 2019. The Vidalia City Clerk bills and collects the property taxes for the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2019, for maintenance and operations amounted to $5,419,872.29. \r\nThe tax millage rate levied for the 2018 tax year (calendar year) for the School District was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n15.00 mills \r\n \r\nAdditionally, the Toombs County Tax Commissioner collects Title Ad Valorem 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. Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $192,241.38 during fiscal year ended June 30, 2019. \r\nSALES TAXES \r\nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $2,269,393.44 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 reauthorized at least every five years. \r\nNOTE 3: BUDGETARY DATA \r\nThe budget is a complete financial plan for the School District's fiscal year and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general, debt service, and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate function level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \r\nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \r\n- 15 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNOTE 4: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS \r\nO.C.G.A.  45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A.  45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance. \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\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 amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible collateral. The OST approves authorized custodians. \r\nIn accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository's collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized. \r\nCATEGORIZATION OF DEPOSITS \r\nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2019, the School District had deposits with a carrying amount of $7,312,670.32, which includes $89,205.96 in Certificates of Deposits that are reported as investments, and a bank \r\n \r\n- 16 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\nbalance of $8,482,078.88. The bank balances insured by Federal depository insurance were $487,459.02. The bank balances included in the State's Secure Deposit Program (SDP) were $7,994,619.86. \r\nReconciliation of cash and cash equivalents balances to carrying value of deposits: \r\n \r\nCash and cash equivalents Statement of Net Position Statement of Fiduciary Net Position \r\n \r\n$ 7,133,523.45 90,040.91 \r\n \r\nTotal cash and cash equivalents \r\n \r\n7,223,564.36 \r\n \r\nAdd: Deposits with original maturity of three months or more reported as investments \r\n \r\n89,205.96 \r\n \r\nLess: Cash on hand \r\n \r\n100.00 \r\n \r\nTotal carrying value of deposits - June 30, 2019 \r\n \r\n$ 7,312,670.32 \r\n \r\nNOTE 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \r\n \r\nBalances July 1, 2018 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2019 \r\n \r\nGovernmental Activities Capital Assets, Not Being Depreciated: \r\nLand Construction in Progress \r\n \r\n$ 808,422.05 $ 29,568,942.37 \r\n \r\n- $ \r\n \r\n- $ \r\n \r\n550,312.53 30,119,254.90 \r\n \r\n808,422.05 - \r\n \r\nTotal Capital Assets Not Being Depreciated \r\n \r\n30,377,364.42 \r\n \r\n550,312.53 30,119,254.90 \r\n \r\n808,422.05 \r\n \r\nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \r\n \r\n34,704,668.06 2,031,357.90 2,710,020.19 \r\n \r\n30,227,482.99 557,107.89 16,700.00 \r\n \r\n125,658.57 \r\n- \r\n \r\n64,932,151.05 2,462,807.22 2,726,720.19 \r\n \r\nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \r\n \r\n9,226,278.27 1,599,469.79 \r\n735,929.81 \r\n \r\n872,203.93 91,739.98 45,306.18 \r\n \r\n98,732.94 \r\n- \r\n \r\n10,098,482.20 1,592,476.83 781,235.99 \r\n \r\nTotal Capital Assets, Being Depreciated, Net \r\n \r\n27,884,368.28 29,792,040.79 \r\n \r\n26,925.63 57,649,483.44 \r\n \r\nGovernmental Activities Capital Assets - Net $ 58,261,732.70 $ 30,342,353.32 $ 30,146,180.53 $ 58,457,905.49 \r\n \r\n- 17 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction \r\n \r\n$ 657,229.17 \r\n \r\nSupport Services \r\n \r\nPupil Services \r\n \r\n$ 75,734.24 \r\n \r\nImprovements of Instructional Services \r\n \r\n743.11 \r\n \r\nEducational Media Services \r\n \r\n27,132.64 \r\n \r\nGeneral Administration \r\n \r\n66,378.42 \r\n \r\nSchool Administration \r\n \r\n21,465.39 \r\n \r\nBusiness Administration \r\n \r\n3,122.28 \r\n \r\nMaintenance and Operation of Plant \r\n \r\n19,823.41 \r\n \r\nStudent Transportation Services \r\n \r\n71,618.31 \r\n \r\n286,017.80 \r\n \r\nFood Services \r\n \r\n66,003.12 \r\n \r\n$ 1,009,250.09 \r\n \r\nNOTE 6: INTERFUND TRANSFERS INTERFUND TRANSFERS Interfund transfers for the year ended June 30, 2019, consisted of the following: \r\n \r\nTransfer to \r\n \r\nTransfer From Capital Projects \r\nFund \r\n \r\nDebt Service Fund \r\n \r\n$ \r\n \r\n1,435,000.00 \r\n \r\nTransfers are used to move sales tax revenue collected by the capital projects fund to the debt service fund as needed to pay debt payments. \r\n \r\nNOTE 7: LONG-TERM LIABILITIES The changes in long-term liabilities during the fiscal year for governmental activities were as follows: \r\n \r\nBalance July 1, 2018 \r\n \r\nGovernmental Activities \r\n \r\nBalance \r\n \r\nAdditions \r\n \r\nDeductions \r\n \r\nJune 30, 2019 \r\n \r\nDue Within One Year \r\n \r\nGeneral Obligation Bonds Unamortized Bond Premiums \r\n \r\n$ 19,085,000.00 $ 2,028,884.51 \r\n \r\n- $ 685,000.00 $ 18,400,000.00 $ 700,000.00 \r\n \r\n- \r\n \r\n107,728.38 \r\n \r\n1,921,156.13 107,728.38 \r\n \r\n$ 21,113,884.51 $ \r\n \r\n- $ 792,728.38 $ 20,321,156.13 $ 807,728.38 \r\n \r\nThe School District had no unused line of credit or outstanding notes from direct borrowings and direct placements related to governmental activities as of June 30, 2019. In the event the entity is unable to make the principal and interest payments using proceeds of the Education Special Purpose Local Option Sales Tax (ESPLOST), 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. \r\n \r\n- 18 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\nGENERAL OBLIGATION DEBT OUTSTANDING \r\n \r\nThe School District's bonded debt consists of an issue of general obligation bonds that are generally callable with interest payable semiannually. Bond proceeds primarily pay for acquiring or constructing capital facilities. The School District repays general obligation bonds from voterapproved sales taxes. General obligation bonds are direct obligations and pledge the full faith and credit of the School District. \r\n \r\nOf the total amount originally authorized, $5,915,000.00 remains unissued. General obligation bonds currently outstanding are as follows: \r\n \r\nDescription \r\n \r\nInterest Rates \r\n \r\nIssue Date \r\n \r\nMaturity Date \r\n \r\nAmount Issued \r\n \r\nAmount Outstanding \r\n \r\nGeneral Government - Series 2016 \r\n \r\n2.0% - 5.0% 4/14/2016 8/1/2037 $ 19,085,000.00 $ 18,400,000.00 \r\n \r\nThe following schedule details debt service requirements to maturity for the School District's total general obligation bonds payable: \r\n \r\nFiscal Year Ended June 30: \r\n \r\nGeneral Obligation Debt \r\n \r\nPrincipal \r\n \r\nInterest \r\n \r\nUnamortized Bond Premium \r\n \r\n2020 2021 2022 2023 2024 2025 - 2029 2030 - 2034 2035 - 2038 \r\n \r\n$ \r\n \r\n700,000.00 $ 722,438.00 $ \r\n \r\n725,000.00 \r\n \r\n701,063.00 \r\n \r\n740,000.00 \r\n \r\n675,388.00 \r\n \r\n775,000.00 \r\n \r\n651,869.00 \r\n \r\n785,000.00 \r\n \r\n631,375.00 \r\n \r\n4,275,000.00 2,809,376.00 \r\n \r\n5,285,000.00 1,738,025.00 \r\n \r\n5,115,000.00 \r\n \r\n500,375.00 \r\n \r\n107,728.38 107,728.38 107,728.38 107,728.38 107,728.38 538,641.90 538,641.90 305,230.43 \r\n \r\nTotal Principal and Interest $ 18,400,000.00 $ 8,429,909.00 $ 1,921,156.13 \r\nNOTE 8: RISK MANAGEMENT \r\nINSURANCE \r\nCommercial Insurance \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors or omissions; job related illness or injuries to employees; and natural disasters. Except as described below, the School District carries commercial insurance for these risks. Settled claims resulting from these insured risks have not exceeded commercial insurance coverage in any of the past three fiscal years. \r\nThe School District has elected to self-insure for losses related to natural disasters. The School District has not experienced any losses related to this risk in the past three years. \r\nUNEMPLOYMENT COMPENSATION \r\nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the general fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \r\n \r\n- 19 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability \r\n \r\nClaims and Changes in Estimates \r\n \r\nClaims Paid \r\n \r\nEnd of Year Liability \r\n \r\n2018 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n2019 $ \r\n \r\n- \r\n \r\n$ 3,684.45 $ 3,684.45 $ \r\n \r\n- \r\n \r\nSURETY BOND The School District purchased a surety bond to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent \r\n \r\n$ 50,000.00 \r\n \r\nNOTE 9: FUND BALANCE CLASSIFICATION DETAILS \r\n \r\nThe School District's financial statements include the following amounts presented in the aggregate at June 30, 2019: \r\n \r\nNonspendable Inventories \r\nRestricted Continuation of Federal Programs Capital Projects Debt Service \r\nUnassigned \r\n \r\n$ \r\n \r\n50,538.69 \r\n \r\n$ 804,142.60 2,202,242.80 1,066,796.98 \r\n \r\n4,073,182.38 4,818,951.19 \r\n \r\nFund Balance, June 30, 2019 \r\n \r\n$ 8,942,672.26 \r\n \r\nWhen multiple categories of fund balance are available for expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \r\n \r\nNOTE 10: SIGNIFICANT COMMITMENTS \r\n \r\nOPERATING LEASES \r\n \r\nThe School District leases copiers under the provisions of one or more long-term lease agreements classified as operating leases for accounting purposes. Rental expenditures under the terms of the operating leases totaled $66,799.92 for governmental activities for the year ended June 30, 2019. The following future minimum lease payments were required under operating leases at June 30, 2019: \r\n \r\nGovernmental \r\n \r\nYear Ending \r\n \r\nFunds \r\n \r\n2020 2021 2022 \r\nTotal \r\n \r\n$ \r\n \r\n68,599.92 \r\n \r\n68,599.92 \r\n \r\n68,599.92 \r\n \r\n$ 205,799.76 \r\n \r\n- 20 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNOTE 11: SIGNIFICANT CONTINGENT LIABILITIES \r\nFEDERAL GRANTS \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\nLITIGATION \r\nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine School District operations. The ultimate disposition of these proceedings is not presently determinable but is not believed to have a material adverse effect on the financial condition of the School District. \r\nNOTE 12: OTHER POST-EMPLOYMENT BENEFITS (OPEB) \r\nGEORGIA SCHOOL PERSONNEL POST-EMPLOYMENT HEALTH BENEFIT FUND \r\nPlan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit postemployment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board. \r\nBenefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. \r\nContributions: As established by the Board, the School OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $743,819.00 for the year ended June 30, 2019. Active employees are not required to contribute to the School OPEB Fund. \r\nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \r\nAt June 30, 2019, the School District reported a liability of $17,444,181.00 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of June 30, 2018. The total OPEB liability used to calculate the net OPEB liability was based on an actuarial valuation as of June 30, 2017. An expected total OPEB liability as of June 30, 2018 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, 2018. At June 30, 2018, the School District's proportion was 0.137251%, which was a decrease of 0.002858% from its proportion measured as of June 30, 2017. \r\n \r\n- 21 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\nFor the year ended June 30, 2019, the School District recognized OPEB expense of $783,049.00. At June 30, 2019, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \r\n \r\nDeferred Outflows of Resources \r\n \r\nOPEB \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ \r\n \r\n- $ 396,786.00 \r\n \r\nChanges of assumptions \r\n \r\n- \r\n \r\n2,955,128.00 \r\n \r\nNet difference between projected and actual \r\n \r\nearnings on OPEB plan investments \r\n \r\n23,602.00 \r\n \r\n- \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n509,944.00 \r\n \r\n365,849.00 \r\n \r\nSchool District contributions subsequent to \r\n \r\nthe measurement date \r\n \r\n743,819.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 1,277,365.00 $ 3,717,763.00 \r\n \r\nSchool District contributions subsequent to the measurement date are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2020. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nOPEB \r\n \r\n2020 2021 2022 2023 2024 Thereafter \r\n \r\n$ (600,533.00) $ (600,533.00) $ (600,533.00) $ (601,943.00) $ (539,787.00) $ (240,888.00) \r\n \r\nActuarial assumptions: The total OPEB liability as of June 30, 2018 was determined by an actuarial valuation as of June 30, 2017 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, 2018: \r\n \r\nOPEB: \r\n \r\nInflation \r\n \r\n2.75% \r\n \r\nSalary increases \r\n \r\n3.25% - 9.00%, including inflation \r\n \r\nLong-term expected rate of return \r\n \r\n7.30%, compounded annually, net of investment expense, and including inflation \r\n \r\n- 22 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\nHealthcare cost trend rate \r\n \r\nPre-Medicare Eligible \r\n \r\n7.50% \r\n \r\nMedicare Eligible \r\n \r\n5.50% \r\n \r\nUltimate trend rate \r\n \r\nPre-Medicare Eligible \r\n \r\n4.75% \r\n \r\nMedicare Eligible \r\n \r\n4.75% \r\n \r\nYear of Ultimate trend rate \r\n \r\nPre-Medicare Eligible \r\n \r\n2028 \r\n \r\nMedicare Eligible \r\n \r\n2022 \r\n \r\nMortality rates were based on the RP-2000 Combined Mortality Table for Males or Females, as appropriate, with adjustments for mortality improvements based on Scale BB as follows: \r\n \r\n For TRS members: The RP-2000 White Collar Mortality Table projected to 2025 with \r\nprojection scale BB (set forward 1 year for males) is used for death after service retirement and beneficiaries. The RP-2000 Disabled Mortality Table projected to 2025 with projection scale BB (set forward two years for males and four years for females) is used for death after disability retirement. \r\n For PSERS members: The RP-2000 Blue-Collar Mortality Table projected to 2025 with \r\nprojection scale BB (set forward 3 years for males and 2 years for females) is used for the period after service retirement and for beneficiaries of deceased members. The RP-2000 Disabled Mortality Table projected to 2025 with projection scale BB (set forward 5 years for both males and females) is used for the period after disability retirement. \r\n \r\nThe actuarial assumptions used in the June 30, 2017 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2014. \r\nThe remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2017 valuation were based on a review of recent plan experience done concurrently with the June 30, 2017 valuation. \r\n \r\nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \r\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 \r\n \r\n- 23 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\nadding expected inflation. During fiscal year 2018, the School OPEB fund updated their investment strategy to a more long-term approach. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset class \r\nFixed income Domestic Stocks -- Large Cap Domestic Stocks -- Mid Cap Domestic Stocks -- Small Cap Int'l Stocks - Developed Mkt Int'l Stocks - Emerging Mkt Alternatives \r\nTotal \r\n \r\nTarget allocation \r\n30.00% 37.20% \r\n3.40% 1.40% 17.80% 5.20% 5.00% \r\n100.00% \r\n \r\nLong-Term Expected Real Rate of Return* \r\n(0.50)% 9.00% \r\n12.00% 13.50% \r\n8.00% 12.00% 10.50% \r\n \r\n*Net of Inflation \r\n \r\nDiscount rate: The discount rate has changed since the prior measurement date from 3.58% to 3.87%. In order to measure the total OPEB liability for the School OPEB Fund, a single equivalent interest rate of 3.87% was used as the discount rate. This is comprised mainly of the yield or index rate for 20-year tax-exempt general obligation municipal bonds with an average rating of AA or higher (3.87% per the Bond Buyers Index). The projection of cash flows used to determine the discount rate assumed that contributions from members and from the employer will be made at the current level as averaged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2118. Based on these assumptions, the OPEB plan's fiduciary net position was projected to be available to make OPEB payments for inactive employees through year 2018. Therefore, the calculated discount rate of 3.87% was applied to all periods of projected benefit payments to determine the total OPEB liability. \r\nSensitivity of the School District's proportionate share of the net OPEB liability to changes in the discount rate: The following presents the School District's proportionate share of the net OPEB liability calculated using the discount rate of 3.87%, 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 (2.87%) or 1 percentage-point higher (4.87%) than the current discount rate: \r\n \r\n1% Decrease (2.87%) \r\n \r\nCurrent Discount Rate (3.87%) \r\n \r\n1% Increase (4.87%) \r\n \r\nSchool District's proportionate share of the Net OPEB Liability \r\n \r\n$ 20,369,333.00 $ \r\n \r\n17,444,181.00 $ 15,085,351.00 \r\n \r\nSensitivity of the School District's proportionate share of the net OPEB liability to changes in the healthcare cost trend rates: The following presents the School District's proportionate share of the net OPEB liability, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates: \r\n \r\n1% Decrease \r\n \r\nCurrent Healthcare Cost Trend Rate \r\n \r\n1% Increase \r\n \r\nSchool District's proportionate share of the Net OPEB Liability \r\n \r\n$ 14,665,463.00 $ \r\n \r\n17,444,181.00 $ 20,995,280.00 \r\n \r\n- 24 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\nOPEB plan fiduciary net position: Detailed information about the OPEB plan's fiduciary net position is available in the Comprehensive Annual Financial Report (CAFR) which is publicly available at https://sao.georgia.gov/comprehensive-annual-financial-reports. \r\nNOTE 13: RETIREMENT PLANS \r\nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\nPlan Description: All teachers of the School District as defined in O.C.G.A 47-3-60 and certain other support personnel as defined by O.C.G.A. 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple-employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \r\nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \r\nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2019. The School District's contractually required contribution rate for the year ended June 30, 2019 was 20.90% of annual School District payroll. For the current fiscal year, employer contributions to the pension plan were $2,657,538.16 from the School District. \r\nPUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM (PSERS) \r\nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/formspubs/formspubs. \r\nBenefits provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \r\nUpon retirement, the member will receive a monthly benefit of $15.00, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits. \r\n- 25 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\nContributions: The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. \r\nIndividuals who became members prior to July 1, 2012 contribute $4 per month for nine months each fiscal year. Individuals who became members on or after July 1, 2012 contribute $10 per month for nine months each fiscal year. The State of Georgia, although not the employer of PSERS members, is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS Board of Trustees. The current fiscal year contribution was $31,858.00. \r\nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \r\nAt June 30, 2019, the School District reported a liability of $19,617,214.00 for its proportionate share of the net pension liability for TRS. \r\nThe net pension liability for TRS was measured as of June 30, 2018. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2017. An expected total pension liability as of June 30, 2018 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, 2018. \r\nAt June 30, 2018, the School District's TRS proportion was 0.105684%, which was a decrease of 0.003370% from its proportion measured as of June 30, 2017. \r\nAt June 30, 2019, 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 $189,887.00. \r\nThe PSERS net pension liability was measured as of June 30, 2018. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2017. An expected total pension liability as of June 30, 2018 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, 2018. \r\nFor the year ended June 30, 2019, the School District recognized pension expense of $1,957,446.00 for TRS and $43,966.00 for PSERS and revenue of ($7,787.00) for TRS and $43,966.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \r\n \r\n- 26 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\nAt June 30, 2019, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \r\n \r\nTRS \r\n \r\nDeferred \r\n \r\nDeferred \r\n \r\nOutflows of \r\n \r\nInflows of \r\n \r\nResources \r\n \r\nResources \r\n \r\nDifferences between expected and actual experience \r\n \r\n$ 1,298,687.00 $ 40,432.00 \r\n \r\nChanges of assumptions \r\n \r\n296,017.00 \r\n \r\n- \r\n \r\nNet difference between projected and actual earnings on pension plan investments \r\n \r\n- \r\n \r\n536,373.00 \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n112,770.00 \r\n \r\n656,192.00 \r\n \r\nSchool District contributions subsequent to the measurement date \r\n \r\n2,657,538.16 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 4,365,012.16 $ 1,232,997.00 \r\n \r\nThe School District contributions subsequent to the measurement date for TRS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2020. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nTRS \r\n \r\n2020 \r\n \r\n$ 936,553.00 \r\n \r\n2021 \r\n \r\n$ 350,988.00 \r\n \r\n2022 \r\n \r\n$ (689,758.00) \r\n \r\n2023 \r\n \r\n$ (130,162.00) \r\n \r\n2024 \r\n \r\n$ \r\n \r\n6,856.00 \r\n \r\nActuarial assum ptions: The total pension liability as of June 30, 2018 was determined by an actuarial valuation as of June 30, 2017, using the following actuarial assumptions, applied to all periods included in the measurement: \r\n \r\nTeachers Retirement System: \r\nInflation Salary increases Investment rate of return \r\n \r\n2.75% \r\n3.25%  9.00%, average, including inflation \r\n7.50%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement mortality rates were based on the 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) for service requirements and dependent beneficiaries. The RP-2000 Disabled Mortality table with future mortality improvement projected to 2025 with Society of \r\n \r\n- 27 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\nActuaries' projection scale BB (set forward two years for males and four years for females) was used for the death after disability retirement. Rates of mortality in active service were based on the RP-2000 Employee Mortality Table projected to 2025 with projection scale BB. \r\n \r\nThe actuarial assumptions used in the June 30, 2017 valuation were based on the results of an actuarial experience study for the period July 1, 2009  June 30, 2014. \r\n \r\nPublic School Employees Retirement System: \r\n \r\nInflation \r\n \r\n2.75% \r\n \r\nSalary increases \r\n \r\nN/A \r\n \r\nInvestment rate of return \r\n \r\n7.30%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement mortality rates were based on the RP-2000 Blue-Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females) for the period after service retirements and for dependent beneficiaries. The RP-2000 Disabled Mortality projected to 2025 with projection scale BB (set forward 5 years for both males and females) was used for death after disability retirement. There is a margin for future mortality improvement in the tables used by the System. Based on the results of the most recent experience study adopted by the Board on December 17, 2015, the numbers of expected future deaths are 9-11% less than the actual number of deaths that occurred during the study period for healthy retirees and 9-11% less than expected under the selected table for disabled retirees. Rates of mortality in active service were based on the RP-2000 Employee Mortality Table projected to 2025 with projection scale BB. \r\nThe actuarial assumptions used in the June 30, 2017 valuation were based on the results of an actuarial experience study for the period July 1, 2009  June 30, 2014. \r\nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target asset allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset class \r\n \r\nTRS Target allocation \r\n \r\nPSERS Target allocation \r\n \r\nLong-term expected real rate of return* \r\n \r\nFixed income Domestic large stocks Domestic mid stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \r\n \r\n30.00% 39.80% \r\n3.70% 1.50% 19.40% 5.60% \r\n- \r\n \r\n30.00% 37.20% \r\n3.40% 1.40% 17.80% 5.20% 5.00% \r\n \r\n(0.50)% 9.00% 12.00% 13.50% 8.00% 12.00% 10.50% \r\n \r\nTotal \r\n \r\n100.00% \r\n \r\n100.00% \r\n \r\n* Rates shown are net of the 2.75% assumed rate of inflation \r\nDiscount rate: The discount rate used to measure the total TRS pension liability was 7.50%. The discount rate used to measure the total PSERS pension liability was 7.30%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined \r\n \r\n- 28 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2019 \r\n \r\nEXHIBIT \"H\" \r\n \r\ncontribution rates and the member rate. Based on those assumptions, the TRS and PSERS pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \r\nSensitivity of the School District's proportionate share of the net pension liability to changes in the discount rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 7.50%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.50%) or 1-percentage-point higher (8.50%) than the current rate: \r\n \r\nTeachers Retirement System: \r\nSchool District's proportionate share of the net pension liability \r\n \r\n1% Decrease (6.50%) \r\n \r\nCurrent Discount Rate (7.50%) \r\n \r\n1% Increase (8.50%) \r\n \r\n$ 32,746,748.00 $ \r\n \r\n19,617,214.00 $ 8,797,810.00 \r\n \r\nPension plan fiduciary net position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/formspubs/formspubs.html. \r\n \r\nDEFINED CONTRIBUTION PLAN \r\n \r\nIn 1999, the School District began an employer paid 403(b) annuity plan for the group of employees covered under the Public School Employees Retirement System (PSERS). Recognizing that PSERS was a limited defined contribution and defined benefit plan which did not provide for an adequate retirement for this group of employees, it was the Board's desire to supplement the retirement of this group. \r\n \r\nThe School District selected VALIC as the provider of this plan. For each employee covered under PSERS, the Board began contributing to the plan an amount equal to a 50% match of the employee's contribution up to 3% of the employee's base pay. \r\n \r\nThe employee becomes vested in the plan with five years of experience. Employees who had already achieved five years of experience at the time the plan was implemented were vested upon enrollment. \r\n \r\nFunds accumulated in the employer paid accounts are only available to the employee upon termination of employment and five years of service to City of Vidalia Board of Education. If an employee terminates employment prior to achieving five years of service, funds paid on behalf of the non-vested employee are credited back to the School District. \r\n \r\nEmployer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2019 2018 2017 \r\n \r\n100% \r\n \r\n$ \r\n \r\n100% \r\n \r\n$ \r\n \r\n100% \r\n \r\n$ \r\n \r\n8,018.70 8,169.63 8,657.04 \r\n \r\nNOTE 14: TAX ABATEMENTS \r\n \r\nThe School District property tax revenues were reduced by $15,627.86 under agreements entered into by the Toombs County Development Authority. Under the Toombs County Development Authority annual budget for fiscal year 2019, Dot Foods Facility reimburses the School District for a portion of the reduction in tax revenues. The School District received $39,889.86 in fiscal year 2019. \r\n \r\n- 29 - \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA FOR THE YEAR ENDED JUNE 30 \r\n \r\nSCHEDULE \"1\" \r\n \r\nYear Ended \r\n2019 2018 2017 2016 2015 \r\n \r\nSchool District's proportion of the \r\nnet pension liability \r\n \r\nSchool District's proportionate share of the net pension liability \r\n \r\nState of Georgia's proportionate share of the \r\nnet pension liability associated with the \r\nSchool District \r\n \r\nTotal \r\n \r\n0.105684% $ 0.109054% $ 0.110474% $ 0.110872% $ 0.108299% $ \r\n \r\n19,617,214.00 $ 20,268,022.00 $ 22,792,018.00 $ 16,879,161.00 $ 13,682,150.00 $ \r\n \r\n21,770.00 30,321.00 \r\n \r\n$ 19,617,214.00 $ 20,268,022.00 $ 22,792,018.00 $ 16,900,931.00 $ 13,712,471.00 \r\n \r\nSchool District's covered payroll \r\n$ 12,586,629.66 $ 12,521,868.84 $ 12,157,753.66 $ 11,718,322.21 $ 11,062,648.70 \r\n \r\nSchool District's proportionate share of the net pension liability as a percentage of its \r\ncovered payroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total pension liability \r\n \r\n155.86% 161.86% 187.47% 144.04% 123.68% \r\n \r\n80.27% 79.33% 76.06% 81.44% 84.03% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 31 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOLS EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \r\nFOR THE YEAR ENDED JUNE 30 \r\n \r\nSCHEDULE \"2\" \r\n \r\nYear Ended \r\n2019 2018 2017 2016 2015 \r\n \r\nSchool District's proportion of the net \r\npension liability \r\n \r\nSchool District's proportionate share of the \r\nnet pension liability \r\n \r\nState of Georgia's proportionate share of the net \r\npension liability associated with the School District \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share of the net pension liability as a percentage of its covered \r\npayroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total pension liability \r\n \r\n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n189,887.00 $ 189,887.00 $ 163,371.00 $ 163,371.00 $ 221,683.00 $ 221,683.00 $ 135,239.00 $ 135,239.00 $ 122,808.00 $ 122,808.00 $ \r\n \r\n530,294.91 508,517.47 498,322.64 471,421.68 450,257.47 \r\n \r\nN/A \r\n \r\n85.26% \r\n \r\nN/A \r\n \r\n85.69% \r\n \r\nN/A \r\n \r\n81.00% \r\n \r\nN/A \r\n \r\n87.00% \r\n \r\nN/A \r\n \r\n88.29% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 32 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY SCHOOL OPEB FUND \r\nFOR THE YEAR ENDED JUNE 30 \r\n \r\nSCHEDULE \"3\" \r\n \r\nYear Ended \r\n2019 2018 \r\n \r\nSchool District's proportion of the net OPEB liability \r\n \r\nSchool District's proportionate share of the net OPEB liability \r\n \r\nState of Georgia's proportionate share of the \r\nnet OPEB liability associated with the \r\nSchool District \r\n \r\nTotal \r\n \r\nSchool District's covered employee \r\npayroll \r\n \r\n0.137251% $ 0.140109% $ \r\n \r\n17,444,181.00 $ 19,685,258.00 $ \r\n \r\n- \r\n \r\n$ 17,444,181.00 $ 10,541,784.47 \r\n \r\n- \r\n \r\n$ 19,685,258.00 $ 10,448,316.35 \r\n \r\nSchool District's proportionate share of the \r\nnet OPEB liability as a percentage of its covered- \r\nemployee payroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total OPEB liability \r\n \r\n165.48% 188.41% \r\n \r\n2.93% 1.61% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 33 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA FOR THE YEAR ENDED JUNE 30 \r\n \r\nSCHEDULE \"4\" \r\n \r\nYear Ended \r\n2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required contribution \r\n \r\nContribution deficiency (excess) \r\n \r\n$ \r\n \r\n2,657,538.16 $ \r\n \r\n2,657,538.16 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n2,115,812.23 $ \r\n \r\n2,115,812.23 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n1,786,873.33 $ \r\n \r\n1,786,873.33 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n1,734,913.72 $ \r\n \r\n1,734,913.72 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n1,540,959.37 $ \r\n \r\n1,540,959.37 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n1,358,493.26 $ \r\n \r\n1,358,493.26 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n1,237,180.06 $ \r\n \r\n1,237,180.06 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n1,126,961.75 $ \r\n \r\n1,126,961.75 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n1,136,385.67 $ \r\n \r\n1,136,385.67 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n1,140,065.54 $ \r\n \r\n1,140,065.54 $ \r\n \r\n- \r\n \r\nSchool District's covered payroll \r\n \r\nContribution as a percentage of covered payroll \r\n \r\n$ 12,715,495.38 $ 12,586,629.66 $ 12,521,868.84 $ 12,157,753.66 $ 11,718,322.21 $ 11,062,648.70 $ 10,842,945.31 $ 10,962,662.94 $ 11,054,335.31 $ 11,704,985.01 \r\n \r\n20.90% 16.81% 14.27% 14.27% 13.15% 12.28% 11.41% 10.28% 10.28% \r\n9.74% \r\n \r\n- 34 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND FOR THE YEAR ENDED JUNE 30 \r\n \r\nSCHEDULE \"5\" \r\n \r\nYear Ended \r\n2019 2018 2017 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required contribution \r\n \r\nContribution deficiency (excess) \r\n \r\n$ \r\n \r\n743,819.00 $ \r\n \r\n743,819.00 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n711,360.00 $ \r\n \r\n711,360.00 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n730,540.00 $ \r\n \r\n730,540.00 $ \r\n \r\n- \r\n \r\nSchool District's covered employee payroll \r\n \r\nContribution as a percentage of covered employee payroll \r\n \r\n$ \r\n \r\n10,785,702.32 \r\n \r\n$ \r\n \r\n10,541,784.47 \r\n \r\n$ \r\n \r\n10,448,316.35 \r\n \r\n6.90% 6.75% 6.99% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 35 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \r\nFOR THE YEAR ENDED JUNE 30, 2019 \r\n \r\nSCHEDULE \"6\" \r\n \r\nTeachers Retirement System \r\n \r\nChanges of assumptions: On November 18, 2015, th-e 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 \r\n \r\nexpectation of retired life mortality was changed to RP 2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the \r\n \r\nSociety of Actuaries' projection scale BB (set forward one year for males). \r\n \r\n \r\n \r\nIn 2010 and later, the expectation of retired life mortality was changed to the RP 2000 Mortality Tables rather than the 1994 Group Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. In 2010, assumed rates of salary increase were adjusted to more closely reflect actual and anticipated experience. \r\n \r\nPublic School Employees Retirement System \r\nChanges of assumptions: On March 15, 2018, the Board adopted a new funding policy. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for June 30, 2017 actuarial valuation. In addition, based on the Board's new funding policy, the assumed investment rate of return was further reduced by 0.10% from 7.40% to 7.30% as of the June 30, 2018 measurement date. \r\nOn-December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP 2000 Blue Collar Mortality Table projected to 2025 with projection scale BB (-set forward 3 years for males and 2 years for females). \r\nIn 2010 and later, the expectation of retired life mortality was changed to the RP 2000 Mortality Tables rather than the 1994 Group Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \r\nSchool OPEB Fund \r\nChanges of benefit terms: There have been no changes in benefit terms. \r\nChanges in assumptions: June 30, 2017 valuation: the June 30, 2017 actuarial valuation was revised, for various factors, including the methodology used to determine how employees and retirees were assigned to each of the OPEB Funds and anticipated participation percentages. Current and former employees of State organizations (including technical colleges, community service boards and public health departments) are now assigned to the State OPEB fund based on their last employee payroll location: irrespective of retirement affiliation. \r\nThe discount rate was updated from 3.58% as of June 30, 2017 to 3.87% as of June 30, 2018. \r\n \r\n- 36 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2019 \r\n \r\nSCHEDULE \"7\" \r\n \r\nREVENUES \r\nProperty Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation \r\nTotal Expenditures \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nAdjustments \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL \r\n \r\nFINAL \r\n \r\nACTUAL AMOUNTS \r\n \r\nVARIANCE OVER/UNDER \r\n \r\n$ \r\n \r\n4,973,187.36 $ \r\n \r\n4,863,187.36 $ \r\n \r\n5,612,113.67 $ \r\n \r\n15,049,786.00 \r\n \r\n15,464,535.30 \r\n \r\n15,483,492.10 \r\n \r\n3,704,005.00 \r\n \r\n3,658,949.00 \r\n \r\n3,568,235.67 \r\n \r\n583,537.00 \r\n \r\n583,537.00 \r\n \r\n477,715.46 \r\n \r\n1,660.00 \r\n \r\n1,660.00 \r\n \r\n1,812.65 \r\n \r\n902,819.00 \r\n \r\n1,157,694.00 \r\n \r\n1,122,902.54 \r\n \r\n25,214,994.36 \r\n \r\n25,729,562.66 \r\n \r\n26,266,272.09 \r\n \r\n748,926.31 18,956.80 (90,713.33) \r\n(105,821.54) 152.65 \r\n(34,791.46) \r\n536,709.43 \r\n \r\n15,766,690.82 \r\n1,840,162.58 562,684.22 456,208.50 445,944.66 \r\n1,413,490.00 280,734.00 \r\n1,963,415.90 730,474.64 23,025.00 34,045.00 80,495.00 \r\n1,807,424.00 \r\n25,404,794.32 \r\n(189,799.96) \r\n4,973,638.91 \r\n- \r\n \r\n16,052,313.92 \r\n1,816,437.00 581,400.00 455,448.50 459,426.00 \r\n1,415,530.00 282,349.00 \r\n1,962,573.23 724,433.00 33,525.00 34,045.00 80,495.00 \r\n1,790,294.00 \r\n25,688,269.65 \r\n41,293.01 \r\n4,973,638.91 \r\n2,877.37 \r\n \r\n15,699,113.40 \r\n1,835,918.25 749,756.74 442,827.22 463,421.41 \r\n1,417,046.12 306,653.62 \r\n2,020,330.74 751,693.09 5,712.50 27,679.53 80,696.28 82,502.56 \r\n1,682,927.06 \r\n25,566,278.52 \r\n699,993.57 \r\n4,973,638.91 \r\n- \r\n \r\n353,200.52 \r\n(19,481.25) (168,356.74) \r\n12,621.28 (3,995.41) (1,516.12) (24,304.62) (57,757.51) (27,260.09) (5,712.50) 5,845.47 (46,651.28) (2,007.56) 107,366.94 \r\n121,991.13 \r\n658,700.56 \r\n- \r\n(2,877.37) \r\n \r\nFund Balances - Ending \r\n \r\n$ \r\n \r\n4,783,838.95 $ \r\n \r\n5,017,809.29 $ \r\n \r\n5,673,632.48 $ \r\n \r\n655,823.19 \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 37 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2019 \r\n \r\nSCHEDULE \"8\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program \r\nTotal Child Nutrition Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Food Services Fresh Fruit and Vegetable Program \r\nTotal U. S. Department of Agriculture \r\nEducation, U.S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Preschool Grants \r\nTotal Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Rural Education Student Support and Academic Enrichment Program Supporting Effective Instruction State Grants Supporting Effective Instruction State Grants Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Twenty-First Century Community Learning Centers Twenty-First Century Community Learning Centers \r\nTotal Other Programs \r\nTotal U. S. Department of Education \r\nDefense, U. S. Department of Direct Department of the Army R.O.T.C. Program \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 \r\n \r\n195GA324N1099 $ 195GA324N1099 \r\n \r\n415,529.50 1,170,643.02 \r\n1,586,172.52 \r\n \r\n10.582 \r\n \r\n195GA324L1603 \r\n \r\n24,785.10 1,610,957.62 \r\n \r\n84.027 84.173 \r\n \r\nH027A180073 H173A180081 \r\n \r\n84.048 84.358 84.424A 84.367 84.367 84.010 84.010 84.287 84.287 \r\n \r\nV048A180010 S365B180010 S424A180011 S367A170001 S367A180001 S010A170010 S010A180010 S287C170010 S287C180010 \r\n \r\n458,254.09 10,915.00 \r\n469,169.09 \r\n31,126.00 43,888.37 49,459.23 \r\n5,321.00 83,443.00 23,745.40 789,090.98 43,654.41 346,768.62 \r\n1,416,497.01 \r\n1,885,666.10 \r\n47,958.97 \r\n \r\nTotal Expenditures of Federal Awards \r\n \r\n$ \r\n \r\n3,544,582.69 \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\nNote 1. Basis of Presentation \r\nThe accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the City of Vidalia Board of Education (the \"Board\") under programs of the federal government for the year ended June 30, 2019. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position or changes in net position of the Board. \r\nNote 2. Summary of Significant Accounting Policies \r\nExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. \r\nNote 3: Indirect Cost Rate \r\nThe Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 38 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2019 \r\n \r\nSCHEDULE \"9\" \r\n \r\nAGENCY/FUNDING \r\nGRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program \r\nEducation, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations State Health Benefit Plan Employer Holiday Charter System Adjustment Categorical Grants Pupil Transportation Regular Nursing Services Education Equalization Funding Grant Other State Programs Food Services Math and Science Supplements Preschool Disability Services Facility Safety Bond Grant Vocational Education Vocational Construction Related Equipment - State Bonds \r\nGeorgia State Financing and Investment Commission Reimbursement on Construction Projects \r\nOffice of the State Treasurer Public School Employees Retirement \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nCAPITAL \r\n \r\nGENERAL \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n686,644.30 $ \r\n \r\n- $ \r\n \r\n686,644.30 \r\n \r\n636,264.00 281,539.00 1,860,920.00 405,507.00 928,569.00 312,915.00 1,605,724.00 1,526,339.00 570,151.00 2,147,128.00 244,272.00 \r\n90,372.00 123,760.00 \r\n38,204.00 288,890.00 \r\n90,734.00 48,020.00 \r\n1,082.00 \r\n458,055.00 630,783.00 638,906.00 (132,300.00) 236,354.00 \r\n150,248.00 50,871.00 \r\n1,081,837.00 \r\n41,486.68 10,221.12 34,073.00 \r\n34,065.00 330,000.00 \r\n- \r\n31,858.00 \r\n \r\n- \r\n- \r\n- \r\n41,098.00 - \r\n825,983.20 \r\n- \r\n \r\n636,264.00 281,539.00 1,860,920.00 405,507.00 928,569.00 312,915.00 1,605,724.00 1,526,339.00 570,151.00 2,147,128.00 244,272.00 \r\n90,372.00 123,760.00 \r\n38,204.00 288,890.00 \r\n90,734.00 48,020.00 \r\n1,082.00 \r\n458,055.00 630,783.00 638,906.00 (132,300.00) 236,354.00 \r\n150,248.00 50,871.00 \r\n1,081,837.00 \r\n41,486.68 10,221.12 34,073.00 41,098.00 34,065.00 330,000.00 \r\n825,983.20 \r\n31,858.00 \r\n \r\n$ 15,483,492.10 $ \r\n \r\n867,081.20 $ 16,350,573.30 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 39 - \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2019 \r\n \r\nSCHEDULE \"10\" \r\n \r\nPROJECT \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT YEAR (3) (4) \r\n \r\nAMOUNT EXPENDED IN PRIOR YEARS (3) (4) \r\n \r\nTOTAL COMPLETION \r\nCOST \r\n \r\nEXCESS PROCEEDS NOT \r\nEXPENDED \r\n \r\nESTIMATED COMPLETION \r\nDATE \r\n \r\nPROJECT III \r\n \r\n(i) To purchase textbooks, furniture, additional instructional materials and equipment for all sites; $ \r\n \r\n1,100,000.00 $ \r\n \r\n1,100,000.00 $ \r\n \r\n659,826.24 $ \r\n \r\n80,874.25 $ \r\n \r\n- $ \r\n \r\n- \r\n \r\nDecember 2019 \r\n \r\n(ii) To expand technology usage and improve \r\n \r\ncommunication and safety capabilities to \r\n \r\ninclude, but not be limited to,the upgrade \r\n \r\nof electrical capacity at J.R.Trippe Middle \r\n \r\nSchool and Vidalia Comprehensive High \r\n \r\nSchool; safety and security upgrades at all \r\n \r\nfacilities, and technology upgrades system-wide; \r\n \r\n1,065,000.00 \r\n \r\n1,254,246.89 \r\n \r\n474,243.60 \r\n \r\n780,003.29 \r\n \r\n- \r\n \r\n- \r\n \r\nDecember 2019 \r\n \r\n(iii) To acquire, improve, and maintain facilities \r\n \r\nfor Vidalia schools to include, but not be limited \r\n \r\nto, tempered HVACat Vidalia Comprehensive \r\n \r\nHigh School and J.R. Trippe Middle School gyms; \r\n \r\nkitchen expansions at Vidalia Comprehensive \r\n \r\nHigh School; maintaining roofing warranties \r\n \r\nthroughout the System; and \r\n \r\n11,725,000.00 \r\n \r\n33,418,347.22 \r\n \r\n1,193,528.21 \r\n \r\n30,848,055.28 \r\n \r\n- \r\n \r\n- \r\n \r\nDecember 2019 \r\n \r\n(iv) To expand and maintain student transportation \r\n \r\nto include but not be limited to purchase of \r\n \r\nadditional student regular transportation and \r\n \r\nactivity vehicles. \r\n \r\n270,000.00 \r\n \r\n270,000.00 \r\n \r\n143,240.50 \r\n \r\n121,228.00 \r\n \r\n- \r\n \r\n- \r\n \r\nDecember 2019 \r\n \r\n$ 14,160,000.00 $ 36,042,594.11 $ 2,470,838.55 $ 31,830,160.82 $ \r\n \r\n- $ \r\n \r\n- \r\n \r\n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n \r\n(2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. \r\n \r\n(3) The voters of Toombs County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \r\n \r\n(4) In addition to the expenditures shown above, the School District has incurred interest to provide advance funding for the above projects as follows: \r\n \r\nPrior Years Current Year \r\n \r\n$ 1,341,873.52 739,788.00 \r\n \r\n$ 2,081,661.52 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 41 - \r\n \r\n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n Greg S. Griffin \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\n \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON \r\nCOMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\n \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nWe have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Vidalia Board of Education (School District), as of and for the year ended June 30, 2019, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements, and have issued our report thereon dated March 25, 2020. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit of the financial statements, we considered the School District's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control. \r\nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. \r\n \r\n Compliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether the School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nPurpose of this Report \r\nThe purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. \r\nRespectfully submitted, \r\n \r\nMarch 25, 2020 \r\n \r\nGreg S. Griffin State Auditor \r\n \r\n Greg S. Griffin \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\n \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \r\n \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nReport on Compliance for Each Major Federal Program \r\nWe have audited the City of Vidalia Board of Education's (School District) compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2019. The School District's major federal programs are identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs. \r\nManagement's Responsibility \r\nManagement is responsible for compliance with federal statutes, regulations, and the terms and conditions of its federal awards applicable to its federal programs. \r\nAuditor's Responsibility \r\nOur responsibility is to express an opinion on compliance for each of the School District's major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards and the Uniform Guidance require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the School District's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. \r\nWe believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the School District's compliance. \r\n \r\n Opinion on Each Major Federal Program \r\nIn our opinion, the School District complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2019. \r\nReport on Internal Control over Compliance \r\nManagement of the School District is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the School District's internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control over compliance. \r\nA deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. \r\nThe purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. \r\nRespectfully submitted, \r\n \r\nMarch 25, 2020 \r\n \r\nGreg S. Griffin State Auditor \r\n \r\n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2019 \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nNo matters were reported. \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\nNo matters were reported. \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2019 \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\nFinancial Statements \r\n \r\nType of auditor's report issue: Governmental Activities; General Fund; Capital Projects Fund; Debt Service Fund; Aggregate Remaining Fund Information \r\nInternal control over financial reporting:  Material weakness identified?  Significant deficiency identified? \r\nNoncompliance material to financial statements noted: \r\n \r\nUnmodified \r\nNo None Reported \r\nNo \r\n \r\nFederal Awards \r\nInternal Control over major programs:  Material weakness identified?  Significant deficiency identified? \r\n \r\nNo None Reported \r\n \r\nType of auditor's report issued on compliance for major programs: All major programs \r\n \r\nUnmodified \r\n \r\nAny audit findings disclosed that are required to be reported in \r\n \r\naccordance with 2 CFR 200.516(a)? \r\n \r\nNo \r\n \r\nIdentification of major programs: \r\n \r\nCFDA Numbers \r\n \r\nName of Federal Program or Cluster \r\n \r\n10.553, 10.555 \r\n \r\nChild Nutrition Cluster \r\n \r\nDollar threshold used to distinguish between Type A and Type B programs: \r\n \r\n$750,000.00 \r\n \r\nAuditee qualified as low-risk auditee? \r\n \r\nYes \r\n \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS No matters were reported. III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n \r\n "},{"id":"dlg_ggpd_1514313802-2019-03-26","title":"City of Vidalia Board of Education, Toombs County, Georgia, annual financial report for the fiscal year ended 2018 June 30 (including independent auditor's reports).","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":["2019-03-26"],"dcterms_description":["Began with fiscal year ended June 30, 2009.","Report year covers fiscal year.","Fiscal year ended June 30, 2014 (Received via FTP from the Georgia Department of Audits and Accounts); title from PDF cover (Georgia Government Publications database, viewed August 24, 2023).","Fiscal year ended June 30, 2015 (received 6/27/16 via FTP from Georgia Dept. of Audits and Accounts); (Georgia Government Publications database, viewed August 24, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Department of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["City of Vidalia Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Vidalia--Auditing--Periodicals.","Education--Georgia--Vidalia--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Vidalia--fast--https://id.oclc.org/worldcat/entity/E39PBJyGV4M3vq3JgGDqHt9JjC","Georgia Government Documents--Serial"],"dcterms_title":["City of Vidalia Board of Education, Toombs County, Georgia, annual financial report for the fiscal year ended 2018 June 30 (including independent auditor's reports)."],"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_1514313802-2019-03-26"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1514313802-2019-03-26"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":["Education--Auditing--fast","Education--Finance--fast","Expenditures, Public--fast","Georgia--Vidalia--fast--https://id.oclc.org/worldcat/entity/E39PBJyGV4M3vq3JgGDqHt9JjC","Periodicals--fast","Statistics--fast"],"fulltext":"CITY OF VIDALIA BOARD OF EDUCATION \r\nTOOMBS COUNTY, GEORGIA \r\nANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2018 \r\n(Including Independent Auditor's Reports) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S REPORT \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\nMANAGEMENT'S DISCUSSION AND ANALYSIS \r\n \r\nEXHIBITS \r\n \r\nBASIC FINANCIAL STATEMENTS \r\n \r\nGOVERNMENT-WIDE FINANCIAL STATEMENTS \r\n \r\nA \r\n \r\nSTATEMENT OF NET POSITION \r\n \r\nB \r\n \r\nSTATEMENT OF ACTIVITIES \r\n \r\nFUND FINANCIAL STATEMENTS \r\n \r\nC \r\n \r\nBALANCE SHEET \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\nD \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\n \r\nTO THE STATEMENT OF NET POSITION \r\n \r\nE \r\n \r\nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\nF \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \r\n \r\nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \r\n \r\nBALANCES TO THE STATEMENT OF ACTIVITIES \r\n \r\nG \r\n \r\nSTATEMENT OF FIDUCIARY NET POSITION \r\n \r\nFIDUCIARY FUNDS \r\n \r\nH NOTES TO THE BASIC FINANCIAL STATEMENTS \r\n \r\nSCHEDULES \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n1 SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n2 SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \r\n3 SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY SCHOOL OPEB FUND \r\n4 SCHEDULE OF CONTRIBUTIONS  TEACHERS RETIREMENT SYSTEM OF GEORGIA 5 SCHEDULE OF CONTRIBUTIONS  SCHOOL OPEB FUND 6 NOTES TO THE REQUIRED SUPPLEMENTATY INFORMATION 7 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \r\nIN FUND BALANCES - BUDGET AND ACTUAL GENERAL FUND \r\n \r\nPage \r\ni \r\n1 2 \r\n4 5 6 7 8 9 \r\n31 32 33 34 35 36 37 \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY - TABLE OF CONTENTS - \r\n \r\nSCHEDULES \r\n \r\nSECTION I FINANCIAL \r\nSUPPLEMENTARY INFORMATION \r\n \r\n8 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 9 SCHEDULE OF STATE REVENUE 10 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\nPage \r\n38 39 41 \r\n \r\nSECTION II \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \r\n \r\nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n Greg S. Griffin \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nMarch 26, 2019 \r\n \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nINDEPENDENT AUDITOR'S REPORT \r\nReport on the Financial Statements \r\nWe have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Vidalia Board of Education (School District), as of and for the year ended June 30, 2018, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents. \r\nManagement's Responsibility for the Financial Statements \r\nManagement is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \r\nAuditor's Responsibility \r\nOur responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. \r\nAn audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. \r\n \r\n We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \r\nOpinions \r\nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the School District as of June 30, 2018, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \r\nEmphasis of Matter \r\nAs described in Notes 2 to the financial statements, in 2018, the School District adopted new accounting guidance, Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, as amended by GASB Statement No. 85, Omnibus 2017. The School District restated beginning net position for the effect of GASB Statement No. 75. Our opinions are not modified with respect to this matter. \r\nOther Matters \r\nRequired Supplementary Information \r\nAccounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis and required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. \r\nOther Information \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the School District's basic financial statements. The accompanying supplementary information, as listed in the table of contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements. \r\nThe accompanying supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare \r\n \r\n the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \r\nOther Reporting Required by Government Auditing Standards \r\nIn accordance with Government Auditing Standards, we have also issued our report dated March 26, 2019 on our consideration of the School District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control over financial reporting and compliance. \r\nA copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2018 \r\nINTRODUCTION \r\nThe discussion and analysis of the City of Vidalia Board of Education's (School District) financial performance provides an overview of the School District's financial activities for the fiscal year ended June 30, 2018. 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 notes to the basic financial statements and financial statements to enhance their understanding of the School District's financial performance. \r\nFINANCIAL HIGHLIGHTS \r\nKey financial highlights for fiscal year 2018 are as follows: \r\n The total net position decreased by $11.8 million which represents a 52.4% decrease from the fiscal year 2017. This decrease is due to the implementation of GASB No. 75, Accounting and Financial Reporting for Other Postemployment Benefits Other than Pensions. This standard directly impacts the School District's liabilities and unrestricted net position on the government-wide financial statements and resulted in significant changes in how the School District reflects its future responsibilities and liabilities to its employees. The current financial stability of the organization is not materially impacted by the adoption of this standard. \r\n Beginning net position was restated resulting in a decrease of $19.3 million for the implementation of GASB No. 75. \r\n The School District had $26.8 million in expenses relating to governmental activities; only $25.3 million of these expenses were offset by program specific charges for services and grants and contributions. General revenues (primarily property and sales taxes) of $9.0 million were adequate to provide for these programs. \r\n As stated above, general revenues account for $9.0 million or 26.4% of all revenues totaling $34.3 million. Program specific revenues in the form of charges for services and operating and capital grants and contributions accounted for the remainder. \r\nOVERVIEW OF THE FINANCIAL STATEMENTS \r\nThis report consists of several parts including management's discussion and analysis, the basic financial statements and required supplementary information. The basic financial statements include two levels of statements that present different views of the School District. These include the government-wide and the fund financial statements. \r\nThe government-wide financial statements include the Statement of Net Position and the Statement of Activities. These statements provide information about the activities of the School District presenting both short-term and long-term information about the School District's overall financial status. \r\nThe fund financial statements focus on the individual parts of the School District, reporting the School District's operation in more detail. The governmental funds statements disclose how basic services are financed in the short-term as well as what remains for future spending. The fiduciary funds statement provides information about the financial relationships in which the School District acts solely as an agent for the benefit of others. The fund financial statements reflect the School District's most significant funds. In the case of the City of Vidalia Board of Education, the general fund and capital projects fund are the most significant funds. \r\ni \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2018 \r\nThe financial statements also include notes that explain some of the information in the statements and provide more detailed data. The statements are followed by a section of required supplementary information that further explains and supports the financial statements. Additionally, other supplementary information (not required) is also presented that further supplements understanding of the financial statements. \r\nGOVERNMENT-WIDE STATEMENTS \r\nThe government-wide financial statements are basically a consolidation of all of the School District's operating funds into one column called governmental activities. In reviewing the government-wide financial statements, a reader might ask the question about whether the School District is in a better financial position than last year? The Statement of Net Position and the Statement of Activities provides the basis for answering this question. These financial statements include all of the School District's assets and liabilities and use the accrual basis of accounting similar to the accounting used by most private-sector companies. This basis of accounting takes into account all of the current year's revenues and expenses regardless of when cash is received or paid. \r\nThese two statements report the School District's net position and any changes in net position. The change in net position is important because it tells the reader that, for the School District as a whole, the financial position of the School District has improved or diminished. The causes of this change may be the results of many factors, including those not under the School District's control, such as the property tax base, facility conditions, required educational programs and other factors. \r\nThe Statement of Net Position and the Statement of Activities reflect the School District's governmental activities. \r\nFUND FINANCIAL STATEMENTS \r\nThe School District uses many funds to account for a multitude of financial transactions during the fiscal year. However, the fund financial statements presented in this report provide detail information about only the School District's significant or major funds. \r\nGovernmental Funds - Most 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 basis 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 differences between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds are reconciled within the financial statements. \r\nFiduciary Funds - The School District is the trustee, or fiduciary, for assets that belong to others, such as school clubs and organizations within the principals' accounts. The School District is responsible for ensuring that the assets reported in these funds are used only for their intended purposes and by those to whom the assets belong. The School District excludes these activities from the governmentwide financial statements because it cannot use these assets to finance its operations. \r\nii \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2018 \r\nFINANCIAL ANALYSIS OF THE SCHOOL DISTRICT AS A WHOLE Recall that the Statement of Net Position provides the perspective of the School District as a whole. Table 1 provides a summary of the School District's net position for the fiscal years 2018 and 2017. Table 2 shows the changes in net position for the fiscal years ending June 30, 2018 and June 30, 2017. \r\niii \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2018 \r\n \r\nTable 1 Net Position \r\n \r\nASSETS \r\n \r\nCash and Cash Equivalents \r\n \r\n$ \r\n \r\nInvestments \r\n \r\nAccounts Receivable, Net \r\n \r\nTaxes \r\n \r\nState Government \r\n \r\nFederal Government \r\n \r\nLocal \r\n \r\nOther \r\n \r\nInventories \r\n \r\nCapital Assets, Non-Depreciable \r\n \r\nCapital Assets, Depreciable (Net of Accumulated Depreciation) \r\n \r\nTotal Assets \r\n \r\nDeferred Outflows of Resources \r\n \r\nRelated to Defined Benefit Pension Plans \r\n \r\nRelated to OPEB Plan \r\n \r\nTotal Deferred Outflows of Resources \r\n \r\nLIABILITIES \r\n \r\nAccounts Payable \r\n \r\nSalaries and Benefits Payable \r\n \r\nInterest Payable \r\n \r\nContracts Payable \r\n \r\nRetainages Payable \r\n \r\nNet Pension Liability \r\n \r\nNet OPEB Liability \r\n \r\nLong-Term Liabilities \r\n \r\nDue Within One Year \r\n \r\nDue in More Than One Year \r\n \r\nTotal Liabilities \r\n \r\nDeferred Inflows of Resources \r\n \r\nRelated to Defined Benefits Pension Plan \r\n \r\nRelated to OPEB Plan \r\n \r\nTotal Deferred Inflows of Resources \r\n \r\nNET POSITION \r\n \r\nNet Investment in Capital Assets \r\n \r\nRestricted for \r\n \r\nContinuation of Federal Programs \r\n \r\nDebt Service \r\n \r\nCapital Projects \r\n \r\nUnrestricted (Deficit) \r\n \r\nFiscal Year 2018 \r\n \r\nGovernmental Activities Fiscal \r\nYear 2017 (1) \r\n \r\n9,080,722 $ 88,752 \r\n \r\n17,531,789 $ 88,490 \r\n \r\n3,066,373 1,907,194 \r\n520,603 44,363 \r\n160,460 47,661 \r\n30,377,364 27,884,368 73,177,860 \r\n \r\n2,551,660 1,696,225 \r\n450,019 - \r\n75,357 66,678 14,886,653 28,634,953 65,981,824 \r\n \r\n3,544,346 1,338,892 4,883,238 \r\n \r\n5,939,836 - \r\n5,939,836 \r\n \r\n7,398 2,619,232 \r\n311,099 - \r\n1,376,765 20,268,022 19,685,258 \r\n \r\n366 2,341,800 \r\n311,099 1,324,428 1,223,618 22,792,018 \r\n- \r\n \r\n792,728 20,321,156 65,381,658 \r\n \r\n107,728 21,113,885 49,214,942 \r\n \r\n454,004 1,498,983 1,952,987 \r\n \r\n166,205 - \r\n166,205 \r\n \r\n36,115,168 \r\n \r\n29,902,185 \r\n \r\n744,089 746,495 4,347,100 (31,226,399) \r\n \r\n735,722 62,505 \r\n3,091,730 (11,251,629) \r\n \r\nNet Change \r\n(8,451,067) 262 \r\n514,713 210,969 \r\n70,584 44,363 85,103 (19,017) 15,490,711 (750,585) 7,196,036 \r\n(2,395,490) 1,338,892 (1,056,598) \r\n7,032 277,432 \r\n(1,324,428) \r\n153,147 (2,523,996) 19,685,258 \r\n685,000 (792,729) 16,166,716 \r\n287,799 1,498,983 1,786,782 \r\n6,212,983 \r\n8,367 683,990 1,255,370 (19,974,770) \r\n \r\nTotal Net Position \r\n \r\n$ 10,726,453 $ 22,540,513 $ (11,814,060) \r\n \r\n(1) Fiscal year 2017 balances do not reflect the effects of the restatement of net position. See Restatement of Net Position in the Notes to the Basic Financial Statements for additional information. \r\niv \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2018 \r\n \r\nREVENUES Program Revenues Charges for Services Operating Grants and Contributions Capital Grants and Contributions \r\n \r\nTable 2 Change in Net Position \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\nFiscal Year 2018 \r\n \r\nFiscal Year 2017 (1) \r\n \r\nNet Change \r\n \r\n$ \r\n \r\n416,690 $ \r\n \r\n436,861 $ \r\n \r\n17,422,153 \r\n \r\n17,572,106 \r\n \r\n7,433,849 \r\n \r\n- \r\n \r\n(20,171) (149,953) 7,433,849 \r\n \r\nTotal Program Revenues \r\nGeneral Revenues: Taxes Property Taxes For Maintenance and Operations Sales Taxes For Capital Projects Grants and Contributions Not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nSpecial Item Loss on disposal of Capital Assets \r\n \r\n25,272,692 \r\n \r\n18,008,967 \r\n \r\n5,054,636 \r\n2,160,082 872,981 8,968 952,091 \r\n- \r\n \r\n5,793,924 \r\n2,137,972 721,240 40,513 881,613 \r\n(3,536,041) \r\n \r\n7,263,725 \r\n(739,288) 22,110 \r\n151,741 (31,545) 70,478 3,536,041 \r\n \r\nTotal General Revenues and Special Items \r\n \r\n9,048,758 \r\n \r\n6,039,221 \r\n \r\n3,009,537 \r\n \r\nTotal Revenues \r\n \r\n34,321,450 \r\n \r\n24,048,188 \r\n \r\n10,273,262 \r\n \r\nProgram Expenses: Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Community Services Food Services Interest on Short-Term and Long-Term Debt \r\n \r\n16,367,719 \r\n1,903,968 654,488 473,236 416,619 \r\n1,377,715 261,142 \r\n1,894,372 823,273 6,161 33,823 \r\n48,343 73,209 1,861,113 639,919 \r\n \r\n16,357,125 \r\n1,905,760 691,606 454,151 480,588 \r\n1,418,236 258,405 \r\n1,731,684 761,053 5,872 29,974 \r\n34,774 77,495 1,663,289 680,570 \r\n \r\n10,594 \r\n(1,792) (37,118) 19,085 (63,969) (40,521) \r\n2,737 162,688 \r\n62,220 289 \r\n3,849 \r\n13,569 (4,286) 197,824 (40,651) \r\n \r\nTotal Expenses \r\n \r\n26,835,100 \r\n \r\n26,550,582 \r\n \r\n284,518 \r\n \r\nIncrease (Decrease) in Net Position \r\n \r\n$ \r\n \r\n7,486,350 $ \r\n \r\n(2,502,394) $ \r\n \r\n(1) Fiscal year 2017 balances do not reflect the effects of the restatement of Net Position. See Restatement of Net Position in the Notes to the Basic Financial Statements for additonal information. \r\n \r\n9,988,744 \r\nv \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2018 \r\nGOVERNMENTAL ACTIVITIES \r\n \r\nThe Statement of Activities shows the cost of program services and the charges for services and grants offsetting these services. Table 3 shows, for governmental activities, the total cost of services and the net cost of services. It identifies the cost of these services supported by tax revenue and unrestricted State entitlements. \r\nTable 3 \r\n \r\nGovernmental Activities Total Cost of \r\n \r\nNet Cost of \r\n \r\nServices Fiscal Year 2018 \r\n \r\nServices Fiscal Year 2018 \r\n \r\nInstruction \r\n \r\n$ \r\n \r\n16,367,719 $ \r\n \r\n(2,104,805) \r\n \r\nSupport Services \r\n \r\nPupil Services \r\n \r\n1,903,968 \r\n \r\n1,020,497 \r\n \r\nImprovement of Instructional Services \r\n \r\n654,488 \r\n \r\n316,903 \r\n \r\nEducational Media Services \r\n \r\n473,236 \r\n \r\n(105,941) \r\n \r\nGeneral Administration \r\n \r\n416,619 \r\n \r\n(164,181) \r\n \r\nSchool Administration \r\n \r\n1,377,715 \r\n \r\n494,365 \r\n \r\nBusiness Administration \r\n \r\n261,142 \r\n \r\n255,765 \r\n \r\nMaintenance and Operation of Plant \r\n \r\n1,894,372 \r\n \r\n1,111,275 \r\n \r\nStudent Transportation Services \r\n \r\n823,273 \r\n \r\n578,785 \r\n \r\nCentral Support Services \r\n \r\n6,161 \r\n \r\n6,161 \r\n \r\nOther Support Services \r\n \r\n33,823 \r\n \r\n33,823 \r\n \r\nOperations of Non-Instructional Services \r\n \r\nEnterprise Operations \r\n \r\n48,343 \r\n \r\n(73,978) \r\n \r\nCommunity Services \r\n \r\n73,209 \r\n \r\n16,282 \r\n \r\nFood Services \r\n \r\n1,861,113 \r\n \r\n(462,463) \r\n \r\nInterest on Short-Term and Long-Term Debt \r\n \r\n639,919 \r\n \r\n639,919 \r\n \r\nTotal Expenses \r\n \r\n$ \r\n \r\n26,835,100 $ \r\n \r\n1,562,407 \r\n \r\nAlthough program revenues make up a majority of the funding, the School District is still dependent upon tax revenues for governmental activities. For 2018, 5.8% of expenses were supplemented by taxes and other general revenues. \r\n \r\nFINANCIAL ANALYSIS OF THE SCHOOL DISTRICT'S FUNDS \r\n \r\nThe School District's governmental funds are accounted for using the modified accrual basis of accounting. The governmental funds had total revenues of $34.0 million and total expenditures of $41.0 million. The general fund revenues had a decrease of $433.7 thousand due to reductions of federal funding and changes in local property tax distribution related to Title Ad Valorem Tax. The fund balance related to the capital projects fund decreased $7.4 million due to expenditures for additional technology, instructional materials and various construction projects to maintain and improve school facilities as well as construction of the new Vidalia High School. \r\n \r\nvi \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2018 \r\n \r\nGENERAL FUND BUDGETING HIGHLIGHTS \r\n \r\nThe School District's budget is prepared in accordance with Georgia law. The most significant budgeted fund is the general fund, which includes local, state and federal funds collected and disbursed for the purpose of operating the School District. \r\n \r\nThe School District's budget is based on its overall mission and incorporates site-based budgeting into the budget process to control total site budgets but provide flexibility for site management. \r\n \r\nFor the general fund, the final budgeted amount of $25.2 million exceeded the actual revenues of $24.4 million by $816.7 thousand. This difference between actual revenues and final budget revenues was due to several reasons. Actual state funds were lower than budgeted because the School District did not properly adjust the budget for changes in state grants. Property tax revenues were budgeted based on the tax digest, but all projected revenues have not yet been collected from the City of Vidalia. \r\n \r\nThe budgeted expenditures of $24.6 million was less than the actual amount of $24.7 million by $33.8 thousand. This difference was due to changes in needs for food services expenditures which were not adequately reflected in the final budget amendment. \r\n \r\nGeneral fund revenues were less than expenditures by $285.7 thousand. \r\n \r\nCAPITAL ASSETS \r\n \r\nAt fiscal year ended June 30, 2018, the School District had $58.3 million invested in capital assets in the government-wide financial statements (Statement of Net Position). Table 4 reflects a summary of these balances for fiscal year 2018 as compared to balances for fiscal year 2017. Construction began on the new Vidalia High School in fiscal year 2017 and is still on going. This has resulted in a $15.5 million dollar increase in construction in progress. \r\n \r\nTable 4 Capital Assets Net of Depreciation \r\nGovernmental Activities Fiscal Year 2018 Fiscal Year 2017 \r\n \r\nNet Change \r\n \r\nLand \r\n \r\n$ \r\n \r\nConstruction in Progress \r\n \r\nLand Improvements \r\n \r\nBuildings and Improvements \r\n \r\nEquipment \r\n \r\n808,422 $ 29,568,942 \r\n1,974,090 25,478,390 \r\n431,888 \r\n \r\n808,422 $ 14,078,231 \r\n2,019,257 26,098,569 \r\n517,127 \r\n \r\n15,490,711 \r\n(45,167) (620,179) \r\n(85,239) \r\n \r\n$ 58,261,732 $ 43,521,606 $ 14,740,126 \r\n \r\nvii \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2018 \r\n \r\nDEBT ADMINISTRATION \r\nAt June 30, 2018, the School District had $21.1 million in total debt outstanding with $792.7 thousand due within one year. Table 5 summarizes bond debt outstanding at June 30, 2018 and 2017. \r\n \r\nTable 5 Debt at June 30 \r\n \r\nGeneral Obligation Bonds $ Unamortized Bond Premium \r\n \r\nGovernmental Activities \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2018 \r\n \r\n2017 \r\n \r\n19,085,000 $ 19,085,000 \r\n \r\n2,028,885 \r\n \r\n2,136,613 \r\n \r\nTotal \r\n \r\n$ 21,113,885 $ 21,221,613 \r\n \r\nCURRENT ISSUES \r\nThe following statements should help to explain the current financial position of the City of Vidalia School District and the effects the current economic conditions have had on it. The State of Georgia economic conditions are improving and state funding for education continues to reflect austerity cuts (or amended formula adjustments) which began in Fiscal Year 2003. This negative impact has totaled in excess of $13.1 million over 16 years. Our School District has seen the weight of taxpayer burden shift from the state taxpayer level to the local taxpayer level, and although the situation has improved, the state continues to underfund education which is further complicated by a 15 millage rate cap for local taxes for the School District. In addition, the health insurance costs funded by the School District have risen over the past few years as have the costs of retirement benefits, which have negatively impacted our financial position. A combination of furlough days, reductions in staff (mostly through attrition), and better use of Special Purpose Local Option Sales Tax (SPLOST) funds to fund textbooks and school buses have kept the general fund's fund balance from being depleted. The School District will continue to look for ways to align resources and costs with the objective of providing a quality education to our students. \r\nFiscal Year 2018 included the construction of a New Vidalia High School. The majority of the project was completed by the end of the fiscal year and is projected for completion within budget at $28.0 million in the fall of 2018. Future plans for the upcoming year include a new roof for the old Vidalia High School main building at an approximate cost of $500 thousand, which will be funded from Local Option Sales Tax and proceeds from the sale of the current central office facility. Central office administration will be moved to the old high school facility. These decisions have been made in an effort to make the best use of available facilities and reduce maintenance and upkeep costs on older buildings. \r\nCONTACTING THE SCHOOL DISTRICT'S FINANCIAL MANAGEMENT \r\nThis financial report is designed to provide our citizens, taxpayers, and creditors with a general overview of the School District `s finances and to show the School District's accountability for the money it receives. If you have questions about this report or need additional financial information, please contact Mrs. Norma D. Croft, Finance Director for the City of Vidalia Board of Education, 1001 North Street, West, Vidalia, GA 30474. You may also email your questions to Mrs. Croft at ncroft@vidalia-city.k12.ga.us. \r\nviii \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF NET POSITION JUNE 30, 2018 \r\nASSETS \r\nCash and Cash Equivalents Investments Receivables, Net \r\nTaxes State Government Federal Government Local Other Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nDEFERRED OUTFLOWS OF RESOURCES \r\nRelated to Defined Benefit Pension Plans Related to OPEB Plan \r\nTotal Deferred Outflows of Resources \r\nLIABILITIES \r\nAccounts Payable Salaries and Benefits Payable Interest Payable Retainages Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities \r\nDue Within One Year Due in More Than One Year \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES \r\nRelated to Defined Benefit Pension Plans Related to OPEB Plan \r\nTotal Deferred Inflows of Resources \r\nNET POSITION \r\nNet Investment in Capital Assets Restricted for \r\nContinuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n9,080,722.17 \r\n \r\n88,752.37 \r\n \r\n3,066,372.78 1,907,194.40 \r\n520,603.10 44,360.79 \r\n160,459.93 47,661.32 \r\n30,377,364.42 27,884,368.28 \r\n \r\n73,177,859.56 \r\n \r\n3,544,346.23 1,338,892.00 \r\n4,883,238.23 \r\n \r\n7,397.84 2,619,232.31 \r\n311,099.17 1,376,763.73 20,268,022.00 19,685,258.00 \r\n792,728.38 20,321,156.13 \r\n65,381,657.56 \r\n \r\n454,004.00 1,498,983.00 \r\n1,952,987.00 \r\n \r\n36,115,167.49 \r\n744,088.76 746,495.31 4,347,100.36 (31,226,398.69) \r\n \r\n$ \r\n \r\n10,726,453.23 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 1 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2018 \r\n \r\nGOVERNMENTAL ACTIVITIES \r\nInstruction Support Services \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Community Services Food Services Interest on Short-Term and Long-Term Debt \r\nTotal Governmental Activities \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nTotal General Revenues \r\nChange in Net Position \r\nNet Position - Beginning of Year (Restated) \r\nNet Position - End of Year \r\n \r\nEXPENSES \r\n \r\nCHARGES FOR SERVICES \r\n \r\n$ 16,367,719.41 $ \r\n1,903,967.59 654,487.88 473,235.79 416,618.60 \r\n1,377,714.97 261,142.03 \r\n1,894,372.31 823,273.48 6,160.52 33,822.93 \r\n48,343.14 73,208.85 1,861,113.16 639,919.12 \r\n$ 26,835,099.78 $ \r\n \r\n146,184.80 \r\n- \r\n122,321.19 56,927.00 91,257.17 - \r\n416,690.16 \r\n \r\n- 2 - \r\n \r\n EXHIBIT \"B\" \r\n \r\nPROGRAM REVENUES OPERATING GRANTS AND \r\nCONTRIBUTIONS \r\n \r\nCAPITAL GRANTS AND CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET POSITION \r\n \r\n$ 12,612,434.34 $ \r\n221,933.98 337,584.82 322,783.00 542,307.95 696,418.00 \r\n723,944.14 244,488.01 \r\n- \r\n1,720,258.98 - \r\n$ 17,422,153.22 $ \r\n \r\n5,713,905.07 $ \r\n661,536.81 - \r\n256,393.51 38,491.18 \r\n186,931.60 5,376.61 \r\n59,153.56 \r\n- \r\n512,060.46 - \r\n7,433,848.80 \r\n \r\n2,104,804.80 \r\n(1,020,496.80) (316,903.06) 105,940.72 164,180.53 (494,365.37) (255,765.42) \r\n(1,111,274.61) (578,785.47) (6,160.52) (33,822.93) \r\n73,978.05 (16,281.85) 462,463.45 (639,919.12) \r\n(1,562,407.60) \r\n \r\n5,054,635.50 \r\n2,160,082.46 872,981.00 8,968.23 952,090.61 \r\n9,048,757.80 \r\n7,486,350.20 \r\n3,240,103.03 \r\n \r\n$ \r\n \r\n10,726,453.23 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 3 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2018 \r\n \r\nEXHIBIT \"C\" \r\n \r\nASSETS \r\nCash and Cash Equivalents Investments Receivables, Net \r\nTaxes State Government Federal Government Local Other Inventories \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 3,863,223.21 $ 4,159,904.48 $ \r\n \r\n88,752.37 \r\n \r\n- \r\n \r\n2,879,176.90 1,907,194.40 \r\n520,603.10 44,360.79 \r\n160,459.93 47,661.32 \r\n \r\n187,195.88 - \r\n \r\n1,057,594.48 $ - \r\n- \r\n \r\n9,080,722.17 88,752.37 \r\n3,066,372.78 1,907,194.40 \r\n520,603.10 44,360.79 \r\n160,459.93 47,661.32 \r\n \r\nTotal Assets \r\nLIABILITIES \r\nAccounts Payable Salaries and Benefits Payable Retainages Payable \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES \r\nUnavailable Revenue - Property Taxes \r\nFUND BALANCES \r\nNonspendable Restricted Unassigned \r\nTotal Fund Balances \r\n \r\n$ 9,511,432.02 $ 4,347,100.36 $ \r\n \r\n1,057,594.48 $ 14,916,126.86 \r\n \r\n$ \r\n \r\n7,397.84 $ \r\n \r\n- $ \r\n \r\n2,619,232.31 \r\n \r\n- \r\n \r\n- \r\n \r\n1,376,763.73 \r\n \r\n2,626,630.15 \r\n \r\n1,376,763.73 \r\n \r\n- $ \r\n \r\n7,397.84 \r\n \r\n- \r\n \r\n2,619,232.31 \r\n \r\n- \r\n \r\n1,376,763.73 \r\n \r\n- \r\n \r\n4,003,393.88 \r\n \r\n1,911,162.96 \r\n \r\n- \r\n \r\n- \r\n \r\n1,911,162.96 \r\n \r\n47,661.32 696,427.44 4,229,550.15 \r\n4,973,638.91 \r\n \r\n2,970,336.63 \r\n- \r\n2,970,336.63 \r\n \r\n1,057,594.48 \r\n- \r\n1,057,594.48 \r\n \r\n47,661.32 4,724,358.55 4,229,550.15 \r\n9,001,570.02 \r\n \r\nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \r\n \r\n$ 9,511,432.02 $ 4,347,100.36 $ \r\n \r\n1,057,594.48 $ 14,916,126.86 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 4 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET POSITION JUNE 30, 2018 \r\n \r\nEXHIBIT \"D\" \r\n \r\nTotal fund balances - governmental funds (Exhibit \"C\") \r\nAmounts reported for governmental activities in the Statement of Net Position are different because: \r\nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. \r\nLand Construction in progress Buildings and Improvements Equipment Land improvements Accumulated depreciation \r\nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. \r\nNet pension liability Net OPEB liability \r\nDeferred outflows and inflows of resources related to pensions and OPEB are applicable to future periods and, therefore, are not reported in the funds. \r\nRelated to pensions Related to OPEB \r\nTaxes that are not available to pay for current period expenditures are deferred in the funds. \r\nLong-term liabilities, and related accrued interest, are not due and payable in the current period and therefore are not reported in the funds. \r\nBonds payable Accrued interest payable Unamortized bond premium \r\n \r\n$ \r\n \r\n9,001,570.02 \r\n \r\n$ \r\n \r\n808,422.05 \r\n \r\n29,568,942.37 \r\n \r\n34,704,668.06 \r\n \r\n2,031,357.90 \r\n \r\n2,710,020.19 \r\n \r\n(11,561,677.87) \r\n \r\n58,261,732.70 \r\n \r\n$ (20,268,022.00) \r\n(19,685,258.00) \r\n \r\n(39,953,280.00) \r\n \r\n$ \r\n \r\n3,090,342.23 \r\n \r\n(160,091.00) \r\n \r\n2,930,251.23 1,911,162.96 \r\n \r\n$ (19,085,000.00) (311,099.17) \r\n(2,028,884.51) \r\n \r\n(21,424,983.68) \r\n \r\nNet position of governmental activities (Exhibit \"A\") \r\n \r\n$ 10,726,453.23 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 5 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2018 \r\n \r\nEXHIBIT \"E\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation \r\nCapital Outlay Debt Services \r\nDues and Fees Interest \r\nTotal Expenditures \r\nRevenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nTransfers In Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 4,730,657.68 $ - \r\n14,573,435.70 3,719,228.52 416,690.16 1,555.26 952,090.61 \r\n24,393,657.93 \r\n \r\n- $ 2,160,082.46 7,433,848.80 \r\n7,412.97 - \r\n9,601,344.23 \r\n \r\n- $ 4,730,657.68 \r\n \r\n- \r\n \r\n2,160,082.46 \r\n \r\n- \r\n \r\n22,007,284.50 \r\n \r\n- \r\n \r\n3,719,228.52 \r\n \r\n- \r\n \r\n416,690.16 \r\n \r\n- \r\n \r\n8,968.23 \r\n \r\n- \r\n \r\n952,090.61 \r\n \r\n- \r\n \r\n33,995,002.16 \r\n \r\n15,316,308.13 \r\n1,806,662.35 643,361.06 437,045.10 393,847.04 \r\n1,313,267.25 252,036.28 \r\n1,866,537.35 687,133.87 6,160.52 33,822.93 48,343.14 72,434.20 \r\n1,802,438.16 - \r\n- \r\n24,679,397.38 \r\n(285,739.45) \r\n \r\n3,750.00 \r\n18,545.35 10,900.00 15,516,014.01 \r\n- \r\n15,549,209.36 \r\n(5,947,865.13) \r\n \r\n- \r\n- \r\n1,010.00 746,637.50 \r\n747,647.50 \r\n(747,647.50) \r\n \r\n15,320,058.13 \r\n1,806,662.35 643,361.06 437,045.10 393,847.04 \r\n1,313,267.25 252,036.28 \r\n1,885,082.70 698,033.87 6,160.52 33,822.93 48,343.14 72,434.20 \r\n1,802,438.16 15,516,014.01 \r\n1,010.00 746,637.50 \r\n40,976,254.24 \r\n(6,981,252.08) \r\n \r\n- \r\n- \r\n(285,739.45) \r\n5,259,378.36 \r\n \r\n(1,431,638.00) \r\n(1,431,638.00) \r\n(7,379,503.13) \r\n10,349,839.76 \r\n \r\n1,431,638.00 - \r\n1,431,638.00 \r\n683,990.50 \r\n373,603.98 \r\n \r\n1,431,638.00 (1,431,638.00) \r\n- \r\n(6,981,252.08) \r\n15,982,822.10 \r\n \r\nFund Balances - Ending \r\n \r\n$ 4,973,638.91 $ 2,970,336.63 $ 1,057,594.48 $ 9,001,570.02 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 6 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2018 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNet change in fund balances total governmental funds (Exhibit \"E\") \r\n \r\n$ \r\n \r\nAmounts reported for governmental activities in the Statement of Activities are different because: \r\n \r\nGovernmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of capital assets is allocated over their estimated useful lives as depreciation expense. \r\n \r\nCapital outlay Depreciation expense \r\n \r\n$ 15,501,611.41 (760,942.83) \r\n \r\nThe net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, donations, and disposals) is to decrease net position. \r\n \r\nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \r\n \r\nThe issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts and the difference between the carrying value of refunded debt and the acquisition cost of refunded debt when debt is first issued. These amounts are deferred and amortized in the Statement of Activities. \r\n \r\nAmortization of bond premium \r\n \r\nDistrict pension and 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 and OPEB liability is measured a year before the District's report date. Pension and OPEB expense, which is the change in the net pension and OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions and OPEB, is reported in the Statement of Activities. \r\n \r\nPension expense OPEB expense \r\n \r\n$ \r\n \r\n(159,292.10) \r\n \r\n(544,939.00) \r\n \r\n(6,981,252.08) \r\n14,740,668.58 (541.40) \r\n323,977.82 \r\n107,728.38 \r\n(704,231.10) \r\n \r\nChange in net position of governmental activities (Exhibit \"B\") \r\n \r\n$ \r\n \r\n7,486,350.20 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 7 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS JUNE 30, 2018 \r\nASSETS Cash and Cash Equivalents \r\nLIABILITIES Funds Held for Others \r\n \r\nEXHIBIT \"G\" \r\nAGENCY FUNDS $ 83,163.25 $ 83,163.25 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 8 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nREPORTING ENTITY \r\nThe City of Vidalia Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nThe accompanying financial statements of the School District have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). GASB is the accepted standard-setting body for governmental accounting and financial reporting principles. The most significant of the School District's accounting policies are described below. \r\nBASIS OF PRESENTATION \r\nThe School District's basic financial statements are collectively comprised of the government-wide financial statements, fund financial statements and notes to the basic financial statements. The government-wide statements focus on the School District as a whole, while the fund financial statements focus on major funds. Each presentation provides valuable information that can be analyzed and compared between years and between governments to enhance the information's usefulness. \r\nGOVERNMENT-WIDE STATEMENTS: \r\nThe Statement of Net Position and the Statement of Activities display information about the financial activities of the overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \r\nThe Statement of Net Position presents the School District's non-fiduciary assets and liabilities, with the difference reported as net position. Net position is reported in three categories as follows: \r\n1. Net investment in capital assets consists of the School District's total investment in capital assets, net of accumulated depreciation, and reduced by outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of net investment in capital assets. \r\n2. Restricted net position consists of resources for which the School District is legally or contractually obligated to spend in accordance with restrictions imposed by external third parties or imposed by law through constitutional provisions or enabling legislation. \r\n3. Unrestricted net position consists of resources not meeting the definition of the two preceding categories. Unrestricted net positon often has constraints on resources imposed by management which can be removed or modified. \r\nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\nDirect expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\n \r\n- 9 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nProgram revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFUND FINANCIAL STATEMENTS \r\nThe fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate financial statements are presented for governmental and fiduciary funds. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\nThe School District reports the following major governmental funds: \r\n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \r\n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST), bond proceeds and grants from Georgia State Financing and Investment Commission that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \r\n The debt service fund accounts for and reports financial resources that are restricted, committed, or assigned including taxes (sales) legally restricted for the payment of general long-term principal and interest. \r\nThe School District reports the following fiduciary fund type: \r\n Agency funds are used to report resources held by the School District in a purely custodial capacity (assets equal liabilities) and do not involve measurement of results of operations. \r\nBASIS OF ACCOUNTING \r\nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \r\nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \r\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 all revenues reported in the governmental funds to be available if they are collected within sixty 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 \r\n \r\n- 10 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nlong-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities are reported as other financing sources. \r\nThe School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\nNEW ACCOUNTING PRONOUNCEMENTS \r\nIn fiscal year 2018, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions. This statement establishes standards for recognizing and measuring liabilities, deferred outflows of resources, deferred inflows of resources, and expense/expenditures. For defined benefit OPEB, this statement identifies the methods and assumptions that are required to be used to project benefit payments, discount projected benefit payments to their actuarial present value, and attribute that present value to periods of employee service. Note disclosure and required supplementary information requirements about defined benefit OPEB also are addressed. The adoption of this statement has a significant impact on the School District's financial statements. As noted in the Restatement of Net Position note disclosure, the School District restated beginning net position for the cumulative effect of this accounting change. \r\nIn fiscal year 2018, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 81, Irrevocable Split-Interest Agreements. This statement requires that a government that receives resources pursuant to an irrevocable split-interest agreement recognize assets, liabilities, and deferred inflows of resources at the inception of the agreement. Furthermore, this statement requires that a government recognize assets representing its beneficial interests in irrevocable split-interest agreements that are administered by a third party, if the government controls the present service capacity of the beneficial interests. This statement requires that a government recognize revenue when the resources become applicable to the reporting period. The adoption of this statement does not have a significant impact on the School District's financial statements. \r\nIn fiscal year 2018, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 85, Omnibus 2017. The objective of this statement is to address practice issues that have been identified during implementation and application of certain GASB Statements. This statement addresses a variety of topics including issues related to blending component units, goodwill, fair value measurement and application, and postemployment benefits (pensions and other postemployment benefits (OPEB)). The adoption of this statement does not have a significant impact on the School District's financial statements. \r\nIn fiscal year 2018, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 86, Certain Debt Extinguishment Issues. The primary objective of this statement is to improve consistency in accounting and financial reporting for in-substance defeasance of debt by providing guidance for transactions in which cash and other monetary assets acquired with only existing resources--resources other than the proceeds of refunding debt--are placed in an irrevocable trust for the sole purpose of extinguishing debt. This statement also improves accounting and financial reporting for prepaid insurance on debt that is extinguished and notes to financial statements for debt that is defeased in substance. The adoption of this statement does not have a significant impact on the School District's financial statements. \r\n \r\n- 11 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nCASH AND CASH EQUIVALENTS \r\nCash and cash equivalents consist of cash on hand, demand deposits, investments in the State of Georgia local government investment pool (Georgia Fund 1) and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated (O.C.G.A.) 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \r\nINVESTMENTS \r\nThe School District can invest its funds as permitted by O.C.G.A. 36-83-4. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. \r\nInvestments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interestearning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. All other investments are reported at fair value. \r\nFor accounting purposes, certificates of deposit are classified as investments if they have an original maturity greater than three months when acquired. \r\nRECEIVABLES \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\nINVENTORIES \r\nFood Inventories \r\nOn the basic financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (calculated on the first-in, first-out basis). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \r\nCAPITAL ASSETS \r\nOn the government-wide financial statements, capital assets are recorded at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at the acquisition value on the date donated. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. The School District does not capitalize book collections or works of art. \r\nCapital acquisition and construction are recorded as expenditures in the governmental fund financial statements at the time of purchase (including ancillary charges), and the related assets are reported as capital assets in the governmental activities column in the government-wide financial statements. \r\nDepreciation is computed using the straight-line for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \r\n \r\n- 12 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the governmentwide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand \r\n \r\nLand Improvements \r\n \r\n$ \r\n \r\nBuildings and Improvements $ \r\n \r\nEquipment \r\n \r\n$ \r\n \r\nIntangible Assets \r\n \r\n$ \r\n \r\nAll 10,000.00 10,000.00 10,000.00 100,000.00 \r\n \r\nN/A 60 years \r\n25 to 60 years 10 to 15 years \r\n10 years \r\n \r\nDEFERRED OUTFLOWS/INFLOWS OF RESOURCES \r\nIn addition to assets, the statement of financial position will report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of resources that applies to a future period(s) and therefore will not be recognized as an outflow of resources (expense/expenditure) until then. \r\nIn addition to liabilities, the statement of financial position will report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of resources that applies to a future period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time. \r\nLONG-TERM LIABILITIES AND BOND DISCOUNTS/PREMIUMS \r\nIn the School District's government-wide financial statements, outstanding debt is reported as liabilities. Bond premiums and discounts and the difference between the reacquisition price and the net carrying value of refunded debt are deferred and amortized over the life of the bonds using the straight-line method. To conform to generally accepted accounting principles, bond premiums and discounts should be amortized using the effective interest method. The effect of this deviation is deemed to be immaterial to the fair presentation of the basic financial statements. Bond issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \r\nIn the governmental fund financial statements, the School District recognizes the proceeds of debt and premiums as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures. \r\nPENSIONS \r\nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nPOSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) \r\nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Postemployment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\n \r\n- 13 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nFUND BALANCES \r\nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \r\nThe School District's fund balances are classified as follows: \r\nNonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \r\nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \r\nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \r\nAssigned consists of resources constrained by the School District's intent to be used for specific purposes, but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \r\nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \r\nUSE OF ESTIMATES \r\nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \r\nPROPERTY TAXES \r\nThe City of Vidalia adopted the property tax levy for the 2017 tax digest year (calendar year) on October 20, 2017 (levy date) based on property values as of January 1, 2017. Taxes were due on December 20, 2017 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2017 tax digest are reported as revenue in the governmental funds for fiscal year 2018. The Vidalia City Clerk bills and collects the property taxes for the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2018, for maintenance and operations amounted to $4,560,494.42. \r\nThe tax millage rate levied for the 2017 tax year (calendar year) for the School District was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n15.00 mills \r\n \r\nAdditionally, the Toombs County Tax Commissioner collects Title Ad Valorem 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. Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $170,163.26 during fiscal year ended June 30, 2018. \r\n \r\n- 14 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nSALES TAXES \r\nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $2,160,082.46 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 reauthorized at least every five years. \r\nNOTE 3: BUDGETARY DATA \r\nThe budget is a complete financial plan for the School District's fiscal year, and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general, debt service, and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate function level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \r\nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \r\nNOTE 4: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS \r\nO.C.G.A.  45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A.  45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance. \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n \r\n- 15 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\nCATEGORIZATION OF DEPOSITS \r\nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2018, the School District had deposits with a carrying amount of $9,252,637.79, which includes $88,752.37 in Certificates of Deposits that are reported as investments, and a bank balance of $11,256,738.60. The bank balances insured by Federal depository insurance were $731,341.50. \r\nAt June 30, 2018, $10,525,397.10 of the School District's bank balance was exposed to custodial credit risk as follows: \r\n \r\nUninsured and Uncollateralized \r\n \r\n$ \r\n \r\n- \r\n \r\nUninsured with collateral held by the pledging \r\n \r\nfinancial institution \r\n \r\n- \r\n \r\nUninsured with collateral held by the pledging financial institution's trust department or agent but not in the School District's name \r\n \r\n10,525,397.10 \r\n \r\nTotal \r\n \r\n$ 10,525,397.10 \r\n \r\nReconciliation of cash and cash equivalents balances to carrying value of deposits. \r\n \r\nCash and cash equivalents Statement of Net Position Statement of Fiduciary Net Position \r\n \r\n$ 9,080,722.17 83,163.25 \r\n \r\nTotal cash and cash equivalents \r\n \r\n9,163,885.42 \r\n \r\nAdd: Deposits with original maturity of three months or more reported as investments \r\n \r\n88,752.37 \r\n \r\nTotal carrying value of deposits - June 30, 2018 \r\n \r\n$ 9,252,637.79 \r\n \r\n- 16 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNOTE 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \r\n \r\nBalances July 1, 2017 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2018 \r\n \r\nGovernmental Activities Capital Assets, Not Being Depreciated: \r\nLand Construction in Progress \r\n \r\n$ \r\n \r\n808,422.05 $ \r\n \r\n- $ \r\n \r\n14,078,230.96 \r\n \r\n15,490,711.41 \r\n \r\n- $ \r\n \r\n808,422.05 \r\n \r\n- \r\n \r\n29,568,942.37 \r\n \r\nTotal Capital Assets Not Being Depreciated \r\n \r\n14,886,653.01 \r\n \r\n15,490,711.41 \r\n \r\n- \r\n \r\n30,377,364.42 \r\n \r\nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \r\nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \r\n \r\n34,704,668.06 2,189,438.59 2,710,020.19 \r\n8,606,099.52 1,672,312.02 \r\n690,762.79 \r\n \r\n10,900.00 \r\n- \r\n \r\n168,980.69 \r\n- \r\n \r\n34,704,668.06 2,031,357.90 2,710,020.19 \r\n \r\n620,178.75 95,597.06 45,167.02 \r\n \r\n168,439.29 \r\n- \r\n \r\n9,226,278.27 1,599,469.79 \r\n735,929.81 \r\n \r\nTotal Capital Assets, Being Depreciated, Net \r\n \r\n28,634,952.51 \r\n \r\n(750,042.83) \r\n \r\n541.40 \r\n \r\n27,884,368.28 \r\n \r\nGovernmental Activity Capital Assets - Net $ 43,521,605.52 $ 14,740,668.58 $ \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction \r\n \r\n$ \r\n \r\nSupport Services \r\n \r\nPupil Services \r\n \r\n$ 61,111.42 \r\n \r\nEducational Media Services \r\n \r\n23,685.11 \r\n \r\nGeneral Administration \r\n \r\n3,940.03 \r\n \r\nSchool Administration \r\n \r\n17,268.36 \r\n \r\nBusiness Administration \r\n \r\n550.36 \r\n \r\nMaintenance and Operation of Plant \r\n \r\n6,055.07 \r\n \r\nStudent Transportation Services \r\n \r\n82,240.42 \r\n \r\nFood Services \r\n \r\n541.40 $ 58,261,732.70 \r\n518,788.96 \r\n194,850.77 47,303.10 \r\n \r\n$ 760,942.83 \r\n \r\nNOTE 6: INTERFUND TRANSFERS INTERFUND TRANSFERS Interfund transfers for the year ended June 30, 2018, consisted of the following: \r\n \r\nTransfers to \r\n \r\nTransfers From Capital \r\nProjects Fund \r\n \r\nDebt Service Fund $ 1,431,638.00 \r\n \r\n- 17 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nTransfers are used to move sales tax revenue collected by the capital projects fund to the debt service fund as needed to pay debt payments. \r\nNOTE 7: LONG-TERM LIABILITIES \r\nThe changes in long-term liabilities during the fiscal year for governmental activities, were as follows: \r\n \r\nBalance July 1, 2017 \r\n \r\nAdditions \r\n \r\nGovernmental Activities \r\n \r\nBalance \r\n \r\nDeductions \r\n \r\nJune 30, 2018 \r\n \r\nDue Within One Year \r\n \r\nGeneral Obligation Bonds Unamortized Bond Premiums \r\n \r\n$ 19,085,000.00 $ 2,136,612.89 \r\n \r\n- $ \r\n \r\n- $ 19,085,000.00 $ \r\n \r\n- \r\n \r\n107,728.38 \r\n \r\n2,028,884.51 \r\n \r\n685,000.00 107,728.38 \r\n \r\n$ 21,221,612.89 $ \r\n \r\n- $ 107,728.38 $ 21,113,884.51 $ \r\n \r\n792,728.38 \r\n \r\nGENERAL OBLIGATION DEBT OUTSTANDING \r\n \r\nThe School District's bonded debt consists of an issue of general obligation bonds that are generally callable with interest payable semiannually. Bond proceeds primarily pay for acquiring or constructing capital facilities. The School District repays general obligation bonds from voterapproved sales taxes. General obligation bonds are direct obligations and pledge the full faith and credit of the School District. \r\n \r\nOf the total amount originally authorized, $5,915,000.00 remains unissued. General obligation bonds currently outstanding are as follows: \r\n \r\nDescription \r\n \r\nInterest Rates \r\n \r\nIssue Date \r\n \r\nMaturity Date \r\n \r\nAmount Issued \r\n \r\nAmount Outstanding \r\n \r\nGeneral Government - Series 2016 2.00 - 5.00% \r\n \r\n4/14/2016 \r\n \r\n8/1/2037 $ 19,085,000.00 $ 19,085,000.00 \r\n \r\nThe following schedule details debt service requirements to maturity for the School District's total general obligation bonds payable: \r\n \r\nFiscal Year Ended June 30: \r\n \r\nGeneral Obligation Debt \r\n \r\nPrincipal \r\n \r\nInterest \r\n \r\nUnamortized Bond Premium \r\n \r\n2019 2020 2021 2022 2023 2024 - 2028 2029 - 2033 2034 - 2038 \r\n \r\n$ \r\n \r\n685,000.00 $ 739,788.00 $ \r\n \r\n700,000.00 \r\n \r\n722,438.00 \r\n \r\n725,000.00 \r\n \r\n701,063.00 \r\n \r\n740,000.00 \r\n \r\n675,388.00 \r\n \r\n775,000.00 \r\n \r\n651,869.00 \r\n \r\n4,145,000.00 \r\n \r\n2,945,676.00 \r\n \r\n5,035,000.00 \r\n \r\n1,984,375.00 \r\n \r\n6,280,000.00 \r\n \r\n749,100.00 \r\n \r\n107,728.38 107,728.38 107,728.38 107,728.38 107,728.38 538,641.90 538,641.90 412,958.81 \r\n \r\nTotal Principal and Interest \r\n \r\n$ 19,085,000.00 $ 9,169,697.00 \r\n \r\n$ 2,028,884.51 \r\n \r\nNOTE 8: RISK MANAGEMENT \r\nINSURANCE \r\nCommercial Insurance \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors or omissions; job related illness or injuries to employees; and natural disasters. Except as described below, the School District carries commercial insurance for these risks. Settled claims resulting from these insured risks have not exceeded commercial insurance coverage in any of the past three fiscal years. \r\n- 18 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nThe School District has elected to self-insure for losses related to natural disasters. The School District has not experienced any losses related to this risk in the past three years. \r\n \r\nUNEMPLOYMENT COMPENSATION \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the general fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability \r\n \r\nClaims and Changes in Estimates \r\n \r\nClaims Paid \r\n \r\nEnd of Year Liability \r\n \r\n2017 $ \r\n \r\n- \r\n \r\n$ 18,595.75 $ 18,595.75 $ \r\n \r\n- \r\n \r\n2018 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\nSURETY BOND The School District purchased a surety bond to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent \r\n \r\n$ \r\n \r\n50,000.00 \r\n \r\nNOTE 9: FUND BALANCE CLASSIFICATION DETAILS \r\n \r\nThe School District's financial statements include the following amounts presented in the aggregate at June 30, 2018: \r\n \r\nNonspendable \r\n \r\nInventories \r\n \r\n$ 47,661.32 \r\n \r\nRestricted \r\n \r\nContinuation of Federal Programs $ 696,427.44 \r\n \r\nCapital Projects \r\n \r\n2,970,336.63 \r\n \r\nDebt Service \r\n \r\n1,057,594.48 \r\n \r\n4,724,358.55 \r\n \r\nUnassigned \r\n \r\n4,229,550.15 \r\n \r\nFund Balance, June 30, 2018 \r\n \r\n$ 9,001,570.02 \r\n \r\nWhen multiple categories of fund balance are available for expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \r\nIt is the goal of the School District to achieve and maintain a committed, assigned, and unassigned fund balance in the general fund at fiscal year-end of not less than 1% of expenditures, not to exceed 15% of the total budget of the subsequent fiscal year, in compliance with O.C.G.A.  20-2-167(a)5. If the unassigned fund balance at fiscal year-end falls below the goal, the School District shall develop a restoration plan to achieve and maintain the minimum fund balance. \r\n \r\n- 19 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNOTE 10: SIGNIFICANT COMMITMENTS \r\n \r\nCOMMITMENTS UNDER CONSTRUCTION CONTRACTS \r\n \r\nThe following is an analysis of significant outstanding construction or renovation contracts executed by the School District as of June 30, 2018, together with funding available: \r\n \r\nProject \r\n \r\nUnearned Executed Contracts (1) \r\n \r\nPayments through June 30, 2018 (2) \r\n \r\nFunding Available From State (1) \r\n \r\nNew Vidalia High School \r\n \r\n$ \r\n \r\n481,525.49 $ 29,198,474.51 $ 825,983.20 \r\n \r\n(1) The amounts described are not reflected in the basic financial statements. (2) Payments include retainages payable at year-end. \r\n \r\nOPERATING LEASES \r\nThe School District leases copiers under the provisions of one or more long-term lease agreements classified as operating leases for accounting purposes. Rental expenditures under the terms of the operating leases totaled $66,876.85 for governmental activities for the year ended June 30, 2018. The following future minimum lease payments were required under operating leases at June 30, 2018: \r\n \r\nYear Ending \r\n \r\nGovernmental Funds \r\n \r\n2019 \r\n \r\n$ 65,000.00 \r\n \r\nNOTE 11: SIGNIFICANT CONTINGENT LIABILITIES \r\nFEDERAL GRANTS \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\nLITIGATION \r\nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine School District operations. The ultimate disposition of these proceedings is not presently determinable, but is not believed to have a material adverse effect on the financial condition of the School District. \r\nNOTE 12: OTHER POST-EMPLOYMENT BENEFITS (OPEB) \r\nGEORGIA SCHOOL PERSONNEL POST-EMPLOYMENT HEALTH BENEFIT FUND \r\nPlan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit postemployment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board. \r\nBenefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public \r\n \r\n- 20 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nschool employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. \r\n \r\nContributions: As established by the Board, the School OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $711,360.00 for the year ended June 30, 2018. Active employees are not required to contribute to the School OPEB Fund. \r\n \r\nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \r\n \r\nAt June 30, 2018, the School District reported a liability of $19,685,258.00 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of June 30, 2017. The total OPEB liability used to calculate the net OPEB liability was based on an actuarial valuation as of June 30, 2016. An expected total OPEB liability as of June 30, 2017 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, 2017. At June 30, 2017, the School District's proportion was 0.140109%, which was an increase of 0.004950% from its proportion measured as of June 30, 2016. \r\n \r\nFor the year ended June 30, 2018, the School District recognized OPEB expense of $1,256,299.00. At June 30, 2018, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \r\n \r\nDeferred Outflows of Resources \r\n \r\nOPEB \r\n \r\nDeferred Inflows of Resources \r\n \r\nChanges of assumptions \r\n \r\n$ \r\n \r\n- $ 1,498,983.00 \r\n \r\nNet difference between projected and actual \r\n \r\nearnings on OPEB plan investments \r\n \r\n5,758.00 \r\n \r\n- \r\n \r\nChanges in proportion and differences \r\n \r\nbetween School District contributions and \r\n \r\nproportionate share of contributions \r\n \r\n621,774.00 \r\n \r\n- \r\n \r\nSchool District contributions subsequent to the measurement date \r\nTotal \r\n \r\n711,360.00 \r\n \r\n- \r\n \r\n$ 1,338,892.00 $ 1,498,983.00 \r\n \r\n- 21 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nSchool District contributions subsequent to the measurement date of $711,360.00 are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2019. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nOPEB \r\n \r\n2019 2020 2021 2022 2023 2024 \r\n \r\n$ (156,332.00) $ (156,332.00) $ (156,332.00) $ (156,332.00) $ (157,771.00) $ (88,352.00) \r\n \r\nActuarial assumptions: The total OPEB liability as of June 30, 2017 was determined by an actuarial valuation as of June 30, 2016 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, 2017: \r\n \r\nOPEB: \r\n \r\nInflation \r\n \r\n2.75% \r\n \r\nSalary increases \r\n \r\nERS \r\n \r\n3.25% - 7.00%, including inflation \r\n \r\nJRS \r\n \r\n4.50%, including inflation \r\n \r\nLRS \r\n \r\nNone \r\n \r\nTRS \r\n \r\n3.25 -- 9.00%, including inflation \r\n \r\nPSERS \r\n \r\nN/A \r\n \r\nLong-term expected rate of return \r\nHealthcare cost trend rate \r\n \r\n3.88%, compounded annually, net of investment expense, and including inflation \r\n \r\nPre-Medicare Eligible \r\n \r\n7.75% \r\n \r\nMedicare Eligible \r\n \r\n5.75% \r\n \r\nUltimate trend rate \r\n \r\nPre-Medicare Eligible \r\n \r\n5.00% \r\n \r\nMedicare Eligible \r\n \r\n5.00% \r\n \r\nYear of Ultimate trend rate \r\n \r\n2022 \r\n \r\nMortality rates were based on the RP-2000 Combined Mortality Table for Males or Females, as appropriate, with adjustments for mortality improvements based on Scale BB as follows: \r\n \r\n For ERS, JRS and LRS members: The RP-2000 Combined Mortality Table projected to 2025 \r\nwith projection scale BB and set forward 2 years or both males and females is used for the period after service retirement and for dependent beneficiaries. The RP-2000 Disabled Mortality Table projected to 2025 with projection scale BB and set back 7 years for males and set forward 3 years for females is used for the period after disability retirement. \r\n \r\n- 22 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\n For TRS members: The RP-2000 White Collar Mortality Table projected to 2025 with \r\nprojection scale BB (set forward 1 year for males) is used for death after service retirement and beneficiaries. The RP-2000 Disabled Mortality Table projected to 2025 with projection scale BB (set forward two years for males and four years for females) is used for death after disability retirement. \r\n For PSERS members: The RP-2000 Blue-Collar Mortality Table projected to 2025 with \r\nprojection scale BB (set forward 3 years for males and 2 years for females) is used for the period after service retirement and for beneficiaries of deceased members. The RP-2000 Disabled Mortality Table projected to 2025 with projection scale BB (set forward 5 years for both males and females) is used for the period after disability retirement. \r\n \r\nThe actuarial assumptions used in the June 30, 2016 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2014. \r\n \r\nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \r\n \r\nAdditionally, there was a change of assumptions that affected measurement of the total OPEB liability since the prior measurement date. The methodology used to determine employee and retiree participation in the School OPEB Fund is based on their current or last employer payroll location. Current and former employees of public school districts, libraries, regional educational service agencies and community colleges are allocated to the School OPEB Fund irrespective of retirement system affiliation. In addition, the discount rate increased from 3.07% to 3.58%. \r\n \r\nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset Class \r\n \r\nTarget Allocation \r\n \r\nLong-Term Expected Real Rate of Return \r\n \r\nLocal Government Investment Pool \r\n \r\n100.00% \r\n \r\n1.13%* \r\n \r\n*Rate shown is net of the 2.75% assumed rate of inflation \r\n \r\nDiscount rate: In order to measure the total OPEB liability for the School OPEB Fund, a single equivalent interest rate of 3.58% was used as the discount rate. This is comprised mainly of the yield or index rate for 20 year tax-exempt general obligation municipal bonds with an average rating of AA or higher (3.56% per the Bond Buyers Index). The projection of cash flows used to determine the discount rate assumed that contributions from members and from the employer will be made at the current level as averaged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2115. Based on these assumptions, the OPEB plan's fiduciary net position was projected to be available to make OPEB payments for inactive employees through year 2029. Therefore, the calculated discount rate of 3.58% was applied to all periods of projected benefit payments to determine the total OPEB liability. \r\n \r\n- 23 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nSensitivity of the 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 3.58%, as well as what the 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 \r\n(2.58%) or 1 percentage-point higher (4.58%) than the current discount rate: \r\n \r\n1% Decrease (2.58%) \r\n \r\nCurrent Discount Rate (3.58%) \r\n \r\n1% Increase (4.58%) \r\n \r\nNet OPEB Liability \r\n \r\n$ 23,372,718.00 $ \r\n \r\n19,685,258.00 $ 16,775,105.00 \r\n \r\nSensitivity of the 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 District's proportionate share of the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates: \r\n \r\n1% Decrease \r\n \r\nCurrent Healthcare Cost Trend Rate \r\n \r\n1% Increase \r\n \r\nNet OPEB Liability \r\n \r\n$ 16,316,836.00 $ \r\n \r\n19,685,258.00 $ 24,070,938.00 \r\n \r\nOPEB plan fiduciary net position: Detailed information about the OPEB plan's fiduciary net position is available in the Comprehensive Annual Financial Report (CAFR) which is publicly available at https://sao.georgia.gov/comprehensive-annual-financial-reports. \r\nNOTE 13: RETIREMENT PLANS \r\nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\nPlan Description: All teachers of the School District as defined in O.C.G.A 47-3-60 and certain other support personnel as defined by 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple-employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \r\nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \r\nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6% of their annual pay during fiscal year 2018. The School District's contractually \r\n \r\n- 24 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nrequired contribution rate for the year ended June 30, 2018 was 16.81% of annual School District payroll. For the current fiscal year, employer contributions to the pension plan were $2,115,812.23 from the School District. \r\nPUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM (PSERS) \r\nPlan description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/formspubs/formspubs. \r\nBenefits provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \r\nUpon retirement, the member will receive a monthly benefit of $14.75, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits. \r\nContributions: The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. \r\nIndividuals who became members prior to July 1, 2012 contribute $4 per month for nine months each fiscal year. Individuals who became members on or after July 1, 2012 contribute $10 per month for nine months each fiscal year. The State of Georgia, although not the employer of PSERS members, is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS Board of Trustees. The current fiscal year contribution was $30,456.00. \r\nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \r\nAt June 30, 2018, the School District reported a liability of $20,268,022.00 for its proportionate share of the net pension liability for TRS. \r\nThe net pension liability for TRS was measured as of June 30, 2017. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2016. An expected total pension liability as of June 30, 2017 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, 2017. \r\nAt June 30, 2017, the School District's TRS proportion was 0.109054%, which was a decrease of 0.001420% from its proportion measured as of June 30, 2016. \r\nAt June 30, 2018, 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 $163,371.00. \r\n \r\n- 25 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nThe PSERS net pension liability was measured as of June 30, 2017. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2016. An expected total pension liability as of June 30, 2017 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, 2017. \r\n \r\nFor the year ended June 30, 2018, the School District recognized pension expense of $2,275,102.00 for TRS and $32,926.00 for PSERS and revenue of $32,926.00 for PSERS. The revenue is support provided by the State of Georgia. \r\n \r\nAt June 30, 2018, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \r\n \r\nTRS Deferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual experience $ 758,149.00 $ 76,489.00 \r\n \r\nChanges of assumptions \r\n \r\n444,300.00 \r\n \r\n- \r\n \r\nNet difference between projected and actual earnings on pension plan investments \r\n \r\n- \r\n \r\n139,478.00 \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n226,085.00 \r\n \r\n238,037.00 \r\n \r\nSchool District contributions subsequent to the \r\n \r\nmeasurement date \r\n \r\n2,115,812.23 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 3,544,346.23 $ 454,004.00 \r\n \r\nThe School District contributions subsequent to the measurement date of $2,115,812.23 for TRS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2019. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nTRS \r\n \r\n2019 2020 2021 2022 2023 \r\n \r\n$ (76,478.00) \r\n \r\n$ 1,106,904.00 \r\n \r\n$ 505,188.00 \r\n \r\n$ (568,532.00) \r\n \r\n$ \r\n \r\n7,448.00 \r\n \r\n- 26 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nActuarial assum ptions: The total pension liability as of June 30, 2017 was determined by an actuarial valuation as of June 30, 2016, using the following actuarial assumptions, applied to all periods included in the measurement: \r\n \r\nTeachers Retirement System: \r\n \r\nInflation \r\n \r\n2.75% \r\n \r\nSalary increases \r\n \r\n3.25%  9.00%, average, including inflation \r\n \r\nInvestment rate of return \r\n \r\n7.50%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement mortality rates were based on the 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) for service requirements and dependent beneficiaries. The RP-2000 Disabled Mortality table with future mortality improvement projected to 2025 with Society of Actuaries' projection scale BB (set forward two years for males and four years for females) was used for the death after disability retirement. Rates of mortality in active service were based on the RP-2000 Employee Mortality Table projected to 2025 with projection scale BB. \r\nThe actuarial assumptions used in the June 30, 2016 valuation were based on the results of an actuarial experience study for the period July 1, 2009  June 30, 2014. \r\n \r\nPublic School Employees Retirement System: \r\n \r\nInflation \r\n \r\n2.75% \r\n \r\nSalary increases \r\n \r\nN/A \r\n \r\nInvestment rate of return \r\n \r\n7.50%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement mortality rates were based on the RP-2000 Blue-Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females) for the period after service retirements and for dependent beneficiaries. The RP-2000 Disabled Mortality projected to 2025 with projection scale BB (set forward 5 years for both males and females) was used for death after disability retirement. There is a margin for future mortality improvement in the tables used by the System. Based on the results of the most recent experience study adopted by the Board on December 17, 2015, the numbers of expected future deaths are 9-11% less than the actual number of deaths that occurred during the study period for healthy retirees and 9-11% less than expected under the selected table for disabled retirees. Rates of mortality in active service were based on the RP-2000 Employee Mortality Table projected to 2025 with projection scale BB. \r\nThe actuarial assumptions used in the June 30, 2016 valuation were based on the results of an actuarial experience study for the period July 1, 2009  June 30, 2014. \r\nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return \r\n \r\n- 27 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nby weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target asset allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset class \r\nFixed income Domestic large stocks Domestic mid stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \r\nTotal \r\n \r\nTRS Target allocation \r\n30.00% 39.80% \r\n3.70% 1.50% 19.40% 5.60% \r\n- \r\n100.00% \r\n \r\nPSERS Target allocation \r\n30.00% 37.20% \r\n3.40% 1.40% 17.80% 5.20% 5.00% \r\n100.00% \r\n \r\nLong-term expected real rate of return* \r\n(0.50)% 9.00% 12.00% 13.50% 8.00% 12.00% 10.50% \r\n \r\n*Rates shown are net of the 2.75% assumed rate of inflation \r\nDiscount rate: The discount rate used to measure the total TRS and PSERS pension liability was 7.50%. 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 plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \r\nSensitivity of the School District's proportionate share of the net pension liability to changes in the discount rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 7.50%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.50%) or 1-percentage-point higher (8.50%) than the current rate: \r\n \r\nTeachers Retirement System: \r\n \r\n1% Decrease (6.50%) \r\n \r\nCurrent Discount Rate (7.50%) \r\n \r\n1% Increase (8.50%) \r\n \r\nSchool District's proportionate share of the net pension liability \r\n \r\n$ 33,262,202.00 $ \r\n \r\n20,268,022.00 $ 9,563,738.00 \r\n \r\nPension plan fiduciary net position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publically available at www.trsga.com/publications and http://www.ers.ga.gov/formspubs/formspubs.html. \r\nDEFINED CONTRIBUTION PLAN \r\nIn 1999, the School District began an employer paid 403(b) annuity plan for the group of employees covered under the Public School Employees Retirement System (PSERS). Recognizing that PSERS was a limited defined contribution and defined benefit plan which did not provide for an adequate retirement for this group of employees, it was the Board's desire to supplement the retirement of this group. \r\nThe School District selected VALIC as the provider of this plan. For each employee covered under PSERS, the Board began contributing to the plan an amount equal to a 50% match of the employee's contribution up to 3% of the employee's base pay. \r\n \r\nThe employee becomes vested in the plan with five years of experience. Employees who had already achieved five years of experience at the time the plan was implemented were vested upon enrollment. \r\n \r\n- 28 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2018 \r\n \r\nEXHIBIT \"H\" \r\n \r\nFunds accumulated in the employer paid accounts are only available to the employee upon termination of employment and five years of service to City of Vidalia Board of Education. If an employee terminates employment prior to achieving five years of service, funds paid on behalf of the non-vested employee are credited back to the School District. \r\n \r\nEmployer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2018 2017 2016 \r\n \r\n100% 100% 100% \r\n \r\n$ 8,169.63 $ 8,657.04 $ 7,711.54 \r\n \r\nNOTE 14: RESTATEMENT OF PRIOR YEAR NET POSITION \r\nFor fiscal year 2018, the School District made prior period adjustments due to the adoption of GASB Statement No. 75, as described in \"New Accounting Pronouncements\", which require the restatement of the June 30, 2017, net position in Governmental Activities. The result is a decrease in net position at July 1, 2017 of $19,300,410.00. This change is in accordance with generally accepted accounting procedures. \r\n \r\nNet Position, July 1, 2017 as previously reported \r\n \r\n$ 22,540,513.03 \r\n \r\nPrior Period Adjustment - Implementation of GASB No. 75: Net OPEB Liability (measurement date) \r\n \r\n(20,030,950.00) \r\n \r\nDeferred Outflows - School District's Contributions made during fiscal year 2017 \r\n \r\n730,540.00 \r\n \r\nNet Position, July 1, 2017, as restated \r\n \r\n$ \r\n \r\n3,240,103.03 \r\n \r\nNOTE 15: TAX ABATEMENTS \r\nThe School District property tax revenues were reduced by $15,627.86 under agreements entered into by the Toombs County Development Authority. Under the Toombs County Development Authority annual budget for fiscal year 2018, Dot Foods Facility reimburses the School District for a portion of the reduction in tax revenues. The School District received $39,889.86 in fiscal year 2018. \r\n \r\n- 29 - \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA FOR THE YEAR ENDED JUNE 30 \r\n \r\nSCHEDULE \"1\" \r\n \r\nYear Ended \r\n \r\nSchool District's proportion of the \r\nnet pension liability \r\n \r\nSchool District's proportionate share of the net pension liability \r\n \r\nState of Georgia's proportionate share of the \r\nnet pension liability associated with the \r\nSchool District \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share of the net pension liability as a percentage of its \r\ncovered payroll \r\n \r\nPlan fiduciary net position as a percentage of \r\nthe total pension liability \r\n \r\n2018 2017 2016 2015 \r\n \r\n0.109054% $ 0.110474% $ 0.110872% $ 0.108299% $ \r\n \r\n20,268,022.00 $ 22,792,018.00 $ 16,879,161.00 $ 13,682,150.00 $ \r\n \r\n21,770.00 30,321.00 \r\n \r\n$ 20,268,022.00 $ 22,792,018.00 $ 16,900,931.00 $ 13,712,471.00 \r\n \r\n$ 12,521,868.84 $ 12,157,753.66 $ 11,718,322.21 $ 11,062,648.70 \r\n \r\n161.86% 187.47% 144.04% 123.68% \r\n \r\n79.33% 76.06% 81.44% 84.03% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they come available. \r\n \r\n- 31 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOLS EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \r\nFOR THE YEAR ENDED JUNE 30 \r\n \r\nSCHEDULE \"2\" \r\n \r\nYear Ended \r\n \r\nSchool District's proportion of the net \r\npension liability \r\n \r\nSchool District's proportionate share of the net pension \r\nliability \r\n \r\nState of Georgia's proportionate share of the \r\nnet pension liability associated with the \r\nSchool District \r\n \r\n2018 2017 2016 2015 \r\n \r\n0.00% 0.00% 0.00% 0.00% \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n163,371.00 $ 221,683.00 $ 135,239.00 $ 122,808.00 $ \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share of the net pension liability as a percentage of its covered \r\npayroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total pension liability \r\n \r\n163,371.00 $ 221,683.00 $ 135,239.00 $ 122,808.00 $ \r\n \r\n508,517.47 498,322.64 471,421.68 450,257.47 \r\n \r\nN/A \r\n \r\n85.69% \r\n \r\nN/A \r\n \r\n81.00% \r\n \r\nN/A \r\n \r\n87.00% \r\n \r\nN/A \r\n \r\n88.29% \r\n \r\nThe schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 32 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY SCHOOL OPEB FUND \r\nFOR THE YEAR ENDED JUNE 30 \r\n \r\nSCHEDULE \"3\" \r\n \r\nYear Ended \r\n \r\nSchool District's proportion of the net \r\nOPEB liability \r\n \r\nSchool District's proportionate share of the net OPEB liability \r\n \r\nState of Georgia's proportionate share of the \r\nnet OPEB liability associated with the School \r\nDistrict \r\n \r\nTotal \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nSchool District's proportionate share of the \r\nnet OPEB liability as a percentage of its covered- \r\nemployee payroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total OPEB liability \r\n \r\n2018 \r\n \r\n0.140109% $ 19,685,258.00 \r\n \r\n- \r\n \r\n$ 19,685,258.00 $ 10,448,316.35 \r\n \r\n188.41% \r\n \r\n1.61% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 33 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA FOR THE YEAR ENDED JUNE 30 \r\n \r\nSCHEDULE \"4\" \r\n \r\nYear Ended \r\n2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 \r\n \r\nContractually required contribution \r\n \r\n$ \r\n \r\n2,115,812.23 \r\n \r\n$ \r\n \r\n1,786,873.33 \r\n \r\n$ \r\n \r\n1,734,913.72 \r\n \r\n$ \r\n \r\n1,540,959.37 \r\n \r\n$ \r\n \r\n1,358,493.26 \r\n \r\n$ \r\n \r\n1,237,180.06 \r\n \r\n$ \r\n \r\n1,126,961.75 \r\n \r\n$ \r\n \r\n1,136,385.67 \r\n \r\n$ \r\n \r\n1,140,065.54 \r\n \r\n$ \r\n \r\n1,157,604.75 \r\n \r\nContributions in relation to the contractually required \r\ncontribution \r\n \r\n$ \r\n \r\n2,115,812.23 \r\n \r\n$ \r\n \r\n1,786,873.33 \r\n \r\n$ \r\n \r\n1,734,913.72 \r\n \r\n$ \r\n \r\n1,540,959.37 \r\n \r\n$ \r\n \r\n1,358,493.26 \r\n \r\n$ \r\n \r\n1,237,180.06 \r\n \r\n$ \r\n \r\n1,126,961.75 \r\n \r\n$ \r\n \r\n1,136,385.67 \r\n \r\n$ \r\n \r\n1,140,065.54 \r\n \r\n$ \r\n \r\n1,157,604.75 \r\n \r\nContribution deficiency (excess) \r\n- \r\n \r\nSchool District's covered payroll \r\n \r\n$ \r\n \r\n12,586,629.66 \r\n \r\n$ \r\n \r\n12,521,868.84 \r\n \r\n$ \r\n \r\n12,157,753.66 \r\n \r\n$ \r\n \r\n11,718,322.21 \r\n \r\n$ \r\n \r\n11,062,648.70 \r\n \r\n$ \r\n \r\n10,842,945.31 \r\n \r\n$ \r\n \r\n10,962,662.94 \r\n \r\n$ \r\n \r\n11,054,335.31 \r\n \r\n$ \r\n \r\n11,704,985.01 \r\n \r\n$ \r\n \r\n12,474,189.12 \r\n \r\nContribution as a percentage of covered payroll \r\n16.81% 14.27% 14.27% 13.15% 12.28% 11.41% 10.28% 10.28% \r\n9.74% 9.28% \r\n \r\n- 34 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND FOR THE YEAR ENDED JUNE 30 \r\n \r\nSCHEDULE \"5\" \r\n \r\nYear Ended \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required contribution \r\n \r\nContribution deficiency (excess) \r\n \r\n2018 \r\n \r\n$ \r\n \r\n711,360.00 $ \r\n \r\n711,360.00 $ \r\n \r\n- \r\n \r\n2017 \r\n \r\n$ \r\n \r\n730,540.00 $ \r\n \r\n730,540.00 $ \r\n \r\n- \r\n \r\nSchool District's coveredemployee payroll \r\n \r\nContribution as a percentage of covered- \r\nemployee payroll \r\n \r\n$ \r\n \r\n10,541,784.47 \r\n \r\n$ \r\n \r\n10,448,316.35 \r\n \r\n6.75% 6.99% \r\n \r\nThe schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 35 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \r\nFOR THE YEAR ENDED JUNE 30, 2018 \r\n \r\nSCHEDULE \"6\" \r\n \r\nTeachers Retirement System \r\nChanges of assumptions : In 2010 and later, the expectation of retired life mortality was changed to the RP 2000 Mortality Tables rather than the 1994 Group Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. In 2010, assumed rates of salary increase were adjusted to more closely reflect actual and anticipated experience. \r\nOn-November 18, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP 2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males). \r\nPublic School Employees Retirement System \r\nChanges of assumptions : In 2010 and later, the expectation of retired life mortality was changed to the RP 2000 Mortality Tables rather than the 1994 Group Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \r\n- On December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP 2000 Blue Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females). \r\nSchool OPEB Fund \r\nChanges of benefit terms : In June 30, 2010 actuarial valuation, there was a change of benefit terms to require Medicare-eligible recipients to enroll in a Medicare Advantage plan to receive the State subsidy. \r\nChanges in assumptions : In the revised June 30, 2017 actuarial valuation, there was a change relating to employee allocation. Employees were previously allocated based on their Retirement System membership, and currently employees are allocated based on their current employer payroll location. \r\nIn the June 30, 2015 actuarial valuation, decremental and underlying inflation assumptions were changed to reflect the Retirement Systems' experience studies. \r\nIn the June 30, 2012 actuarial valuation, a data audit was performed and data collection procedures and assumptions were changed. \r\n \r\n- 36 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2018 \r\n \r\nSCHEDULE \"7\" \r\n \r\nREVENUES \r\nProperty Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES \r\nOther Sources \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nAdjustments \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\nACTUAL AMOUNTS \r\n \r\nVARIANCE OVER/UNDER \r\n \r\n$ 4,976,062.36 $ 4,976,062.36 $ 4,730,657.68 $ \r\n \r\n14,361,742.00 \r\n \r\n14,850,691.00 \r\n \r\n14,573,435.70 \r\n \r\n3,956,183.00 \r\n \r\n3,765,005.00 \r\n \r\n3,719,228.52 \r\n \r\n567,075.00 \r\n \r\n567,075.00 \r\n \r\n416,690.16 \r\n \r\n1,750.00 \r\n \r\n1,750.00 \r\n \r\n1,555.26 \r\n \r\n912,095.00 \r\n \r\n1,049,810.00 \r\n \r\n952,090.61 \r\n \r\n24,774,907.36 \r\n \r\n25,210,393.36 \r\n \r\n24,393,657.93 \r\n \r\n(245,404.68) (277,255.30) \r\n(45,776.48) (150,384.84) \r\n(194.74) (97,719.39) \r\n(816,735.43) \r\n \r\n15,507,726.00 \r\n1,884,504.00 624,915.00 430,987.00 489,229.00 \r\n1,328,472.00 254,705.00 \r\n1,881,625.50 712,429.91 26,305.00 34,045.00 78,715.00 \r\n1,581,226.32 \r\n24,834,884.73 \r\n(59,977.37) \r\n \r\n15,369,088.35 \r\n1,842,043.58 675,779.79 430,987.00 455,883.13 \r\n1,328,472.00 254,705.00 \r\n1,874,378.72 678,551.16 23,025.00 34,045.00 78,715.00 \r\n1,599,948.00 \r\n24,645,621.73 \r\n564,771.63 \r\n \r\n15,316,308.13 \r\n1,806,662.35 643,361.06 437,045.10 393,847.04 \r\n1,313,267.25 252,036.28 \r\n1,866,537.35 687,133.87 6,160.52 33,822.93 48,343.14 72,434.20 \r\n1,802,438.16 \r\n24,679,397.38 \r\n(285,739.45) \r\n \r\n52,780.22 \r\n35,381.23 32,418.73 (6,058.10) 62,036.09 15,204.75 \r\n2,668.72 7,841.37 (8,582.71) (6,160.52) (10,797.93) (14,298.14) 6,280.80 (202,490.16) \r\n(33,775.65) \r\n(850,511.08) \r\n \r\n(59,977.37) 5,259,378.36 \r\n7,244.24 \r\n \r\n7,000.00 571,771.63 5,259,378.36 (19,016.80) \r\n \r\n(285,739.45) 5,259,378.36 \r\n- \r\n \r\n(7,000.00) (857,511.08) \r\n19,016.80 \r\n \r\nFund Balances - Ending \r\n \r\n$ 5,206,645.23 $ 5,812,133.19 $ 4,973,638.91 $ \r\n \r\n(838,494.28) \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 37 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2018 \r\n \r\nSCHEDULE \"8\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program \r\nTotal Child Nutrition Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Food Services Fresh Fruit and Vegetable Program \r\nTotal U. S. Department of Agriculture \r\nEducation, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Grants to States Preschool Grants \r\nTotal Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Supporting Effective Instruction State Grants Supporting Effective Instruction State Grants Rural Education Striving Readers Student Support and Academic Enrichment Program Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Twenty-First Century Community Learning Centers Twenty-First Century Community Learning Centers Pass-Through From Southwest Georgia Regional Educational Service Agency English Language Acquisition State Grants \r\nTotal Other Programs \r\nTotal U. S. Department of Education \r\nDefense, U. S. Department of Direct Department of the Army R.O.T.C. Program \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 \r\n \r\n18185GA324N1099 $ 18185GA324N1100 \r\n \r\n456,267.17 1,251,283.57 \r\n1,707,550.74 \r\n \r\n10.582 \r\n \r\n185GA324L1603 \r\n \r\n21,435.89 1,728,986.63 \r\n \r\n84.027 84.027 84.173 \r\n \r\nH027A160073 H027A170073 H173A170081 \r\n \r\n84.048 84.367 84.367 84.358 84.371 84.424A 84.010 84.010 84.287 84.287 \r\n84.365 \r\n \r\nV048A170010 S367A160001 S367A170001 S365B170010 S371C170002 S424A170011 S010A160010 S010A170010 S287C160010 S287C170010 \r\nS365A170010 \r\n \r\n49,319.00 447,059.00 \r\n10,363.00 \r\n506,741.00 \r\n29,022.00 6,729.00 \r\n72,454.55 78,207.00 45,317.28 19,328.00 74,264.00 817,665.48 44,876.00 311,616.61 \r\n2,102.89 \r\n1,501,582.81 \r\n2,008,323.81 \r\n \r\n53,590.61 \r\n \r\nTotal Expenditures of Federal Awards \r\n \r\n$ \r\n \r\n3,790,901.05 \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\nNote 1. Basis of Presentation \r\nThe accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the City of Vidalia Board of Education (the \"Board\") under programs of the federal government for the year ended June 30, 2018. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position or changes in net position of the Board. \r\nNote 2. Summary of Significant Accounting Policies \r\nExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 38 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2018 \r\n \r\nSCHEDULE \"9\" \r\n \r\nAGENCY/FUNDING \r\nGRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program \r\nEducation, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Mid-term Adjustment Hold-Harmless Amended Formula Adjustment Charter System Adjustment Categorical Grants Pupil Transportation Regular Nursing Services Education Equalization Funding Grant Other State Programs Food Services Math and Science Supplements Preschool Disability Services Teacher of the Year Vocational Education \r\nGeorgia State Financing and Investment Commission Reimbursement on Construction Projects \r\nOffice of the State Treasurer Public School Employees Retirement \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nCAPITAL \r\n \r\nGENERAL \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n661,340.13 $ \r\n \r\n- $ \r\n \r\n661,340.13 \r\n \r\n613,889.00 344,930.00 1,741,113.00 579,108.00 936,307.00 174,599.00 1,690,427.00 1,408,727.00 536,765.00 1,930,618.00 221,166.00 133,340.00 122,510.00 \r\n25,900.00 284,060.00 \r\n89,422.00 46,943.00 \r\n1,075.00 \r\n474,360.00 612,325.00 629,672.00 \r\n63,522.00 (208,960.00) 227,042.00 \r\n145,961.00 49,055.00 \r\n872,981.00 \r\n38,542.00 16,698.32 24,981.00 \r\n507.25 54,054.00 \r\n- \r\n30,456.00 \r\n \r\n- \r\n- \r\n- \r\n- \r\n7,433,848.80 \r\n- \r\n \r\n613,889.00 344,930.00 1,741,113.00 579,108.00 936,307.00 174,599.00 1,690,427.00 1,408,727.00 536,765.00 1,930,618.00 221,166.00 133,340.00 122,510.00 \r\n25,900.00 284,060.00 \r\n89,422.00 46,943.00 \r\n1,075.00 \r\n474,360.00 612,325.00 629,672.00 \r\n63,522.00 (208,960.00) 227,042.00 \r\n145,961.00 49,055.00 \r\n872,981.00 \r\n38,542.00 16,698.32 24,981.00 \r\n507.25 54,054.00 \r\n7,433,848.80 \r\n30,456.00 \r\n \r\n$ 14,573,435.70 $ 7,433,848.80 $ 22,007,284.50 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 39 - \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2018 \r\n \r\nSCHEDULE \"10\" \r\n \r\nPROJECT \r\nPROJECT III \r\n(i)To purchase textbooks, furniture, additional instructional materials and equipment for all sites; \r\n(ii)To expand technology usage and improve communication and safety capabilities to include, but not be limited to, the upgrade of electrical capacity at J.R.Trippe Middle School and Vidalia Comprehensive High School; safety and security upgrades at all facilities, and technology upgrades systemwide; \r\n(iii)To acquire, improve, and maintain facilities for Vidalia schools to include, but not be limited to, tempered HVAC at Vidalia Comprehensive High School and J.R. Trippe Middle School gyms; kitchen expansions at Vidalia Comprehensive High school; maintaining roofing warranties throughout the system; and \r\n(iv)to expand and maintain student transportation to include but not be limited to purchase of additional student regular transportation and activity vehicles. \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT YEAR (3) (4) \r\n \r\nAMOUNT EXPENDED IN PRIOR YEARS (3) (4) \r\n \r\nTOTAL COMPLETION \r\nCOST \r\n \r\nEXCESS PROCEEDS NOT \r\nEXPENDED \r\n \r\nESTIMATED COMPLETION \r\nDATE \r\n \r\n$ 1,100,000.00 $ \r\n \r\n1,100,000.00 $ \r\n \r\n3,750.00 $ \r\n \r\n77,124.25 $ \r\n \r\n- $ \r\n \r\n- \r\n \r\nDecember 2019 \r\n \r\n1,065,000.00 \r\n \r\n1,065,000.00 \r\n \r\n19,432.60 \r\n \r\n760,570.69 \r\n \r\n- \r\n \r\n- \r\n \r\nDecember 2019 \r\n \r\n11,725,000.00 \r\n \r\n30,848,055.28 \r\n \r\n15,515,126.76 \r\n \r\n15,332,928.52 \r\n \r\n- \r\n \r\n270,000.00 \r\n \r\n270,000.00 \r\n \r\n10,900.00 \r\n \r\n110,328.00 \r\n \r\n- \r\n \r\n- \r\n \r\nDecember 2019 \r\n \r\n- \r\n \r\nDecember 2019 \r\n \r\n$ 14,160,000.00 $ 33,283,055.28 $ 15,549,209.36 $ 16,280,951.46 $ \r\n \r\n- $ \r\n \r\n- \r\n \r\n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n \r\n(2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. \r\n \r\n(3) The voters of Toombs County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \r\n \r\n(4) In addition to the expenditures shown above, the School District has incurred interest to provide advance funding for the above projects as follows: \r\n \r\nPrior Years \r\n \r\n$ \r\n \r\nCurrent Year \r\n \r\n595,236.02 746,637.50 \r\n \r\n$ 1,341,873.52 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 41 - \r\n \r\n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n Greg S. Griffin \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nMarch 26, 2019 \r\n \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED \r\nIN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nWe have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Vidalia Board of Education (School District), as of and for the year ended June 30, 2018, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements, and have issued our report thereon dated March 26, 2019. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit of the financial statements, we considered the School District's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control. \r\nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. \r\n \r\n Compliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether the School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nPurpose of this Report \r\nThe purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\n \r\n Greg S. Griffin \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nMarch 26, 2019 \r\n \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \r\nReport on Compliance for Each Major Federal Program \r\nWe have audited the City of Vidalia Board of Education (School District) compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2018. The School District's major federal programs are identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs. \r\nManagement's Responsibility \r\nManagement is responsible for compliance with federal statutes, regulations, and the terms and conditions of its federal awards applicable to its federal programs. \r\nAuditor's Responsibility \r\nOur responsibility is to express an opinion on compliance for each of the School District's major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards and the Uniform Guidance require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the School District's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. \r\nWe believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the School District's compliance. \r\n \r\n Opinion on Each Major Federal Program \r\nIn our opinion, the School District complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2018. \r\nReport on Internal Control over Compliance \r\nManagement of the School District is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the School District's internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control over compliance. \r\nA deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. \r\nThe purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\n \r\n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2018 \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nNo matters were reported. \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\nNo matters were reported. \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION  TOOMBS COUNTY SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2018 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\nFinancial Statements \r\nType of auditor's report issue: Governmental Activities; General Fund; Capital Projects Fund; Debt Service Fund; Aggregate Remaining Fund Information \r\n \r\nUnmodified \r\n \r\nInternal control over financial reporting:  Material weakness identified?  Significant deficiency identified? \r\n \r\nNo None Reported \r\n \r\nNoncompliance material to financial statements noted: \r\n \r\nNo \r\n \r\nFederal Awards \r\n \r\nInternal Control over major programs:  Material weakness identified?  Significant deficiency identified? \r\n \r\nNo None Reported \r\n \r\nType of auditor's report issued on compliance for major programs: All major programs \r\n \r\nUnmodified \r\n \r\nAny audit findings disclosed that are required to be reported in \r\n \r\naccordance with 2 CFR 200.516(a)? \r\n \r\nNo \r\n \r\nIdentification of major programs: CFDA Number \r\n \r\nName of Federal Program \r\n \r\n84.010 \r\n \r\nTitle I Grants to Local Education Agencies \r\n \r\nDollar threshold used to distinguish between Type A and Type B programs: Auditee qualified as low-risk auditee? II FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS No matters were reported. III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n \r\n$750,000.00 Yes \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be33-bv3-b2015-belec-p-btext","title":"City of Vidalia Board of Education, Toombs County, Georgia, annual financial report for the fiscal year ended 2015 June 30 (including independent auditor's reports)","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2016-03-25"],"dcterms_description":["Annual financial report for the City of Vidalia Board of Education."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia. 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Griffin \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nMarch 25, 2014 \r\n \r\nHonorable Nathan Deal, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nINDEPENDENT AUDITOR'S REPORT \r\nLadies and Gentlemen: \r\nReport on the Financial Statements \r\nWe have audited the accompanying financial statements of the governmental activities, major fund, and the aggregate remaining fund information (Exhibits A through I) of the City of Vidalia Board of Education, as of and for the year ended June 30, 2013, and the related notes to the financial statements, which collectively comprise the Board's basic financial statements as listed in the table of contents. \r\nManagement's Responsibility for the Financial Statements \r\nManagement is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \r\nAuditor's Responsibility \r\nOur responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. \r\nAn audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of \r\n2013ARL-11 \r\n \r\n expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. \r\nWe believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \r\nOpinions \r\nIn our opinion, the financial statements referred to previously present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Vidalia Board of Education, as of June 30, 2013, and the respective changes in financial position thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. \r\nEmphasis of Matter \r\nAs described in Note 2 to the financial statements, in 2013, the City of Vidalia Board of Education adopted new accounting guidance, Governmental Accounting Standards Board (GASB) Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position. Our opinion is not modified with respect to this matter. \r\nOther Matters \r\nRequired Supplementary Information \r\nManagement has omitted the Management's Discussion and Analysis that accounting principles generally accepted in the United States of America requires to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinion on the basic financial statements is not affected by this missing information. Accounting principles generally accepted in the United States of America require that the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual, as presented on page 25, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management regarding the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. \r\nOther Information \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of Vidalia Board of Education's basic financial statements. The accompanying supplementary information, consisting of Schedules 2 through 5, is presented for the \r\n2013ARL-11 \r\n \r\n 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 U. S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and is not a required part of the basic financial statements. \r\nThe accompanying supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the basic financial statements as a whole. \r\nOther Reporting Required by Governm ent Auditing Standards \r\nIn accordance with Government Auditing Standards, we have also issued our report dated March 25, 2014, on our consideration of the City of Vidalia Board of Education'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 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 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 City of Vidalia Board of Education's internal control over financial reporting and compliance. \r\nA copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \r\nRespectfully submitted, \r\n \r\nGSG:as 2013ARL-11 \r\n \r\nGreg S. Griffin State Auditor \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF NET POSITION JUNE 30, 2013 \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Local Other Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nLIABILITIES \r\nAccounts Payable Salaries and Benefits Payable Short-Term Debt \r\nTotal Liabilities \r\nNET POSITION \r\nInvestment in Capital Assets Restricted for \r\nContinuation of Federal Programs Unrestricted \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ 2,199,137.61 87,441.88 \r\n2,815,812.30 1,393,349.28 \r\n399,849.25 180,508.24 \r\n5,665.41 74,971.60 888,237.75 31,778,859.84 \r\n$ 39,823,833.16 \r\n \r\n$ \r\n \r\n639.19 \r\n \r\n2,038,672.72 \r\n \r\n325,000.00 \r\n \r\n$ 2,364,311.91 \r\n \r\n$ 32,667,097.59 \r\n723,825.91 4,068,597.75 \r\n \r\n$ 37,459,521.25 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 1 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2013 \r\n \r\nGOVERNMENTAL ACTIVITIES \r\nInstruction Support Services \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Community Services Food Services \r\nTotal Governmental Activities \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nTotal General Revenues \r\nChange in Net Position \r\nNet Position - Beginning of Year \r\nNet Position - End of Year \r\n \r\nEXPENSES \r\n \r\nCHARGES FOR SERVICES \r\n \r\n$ 12,684,185.84 $ 178,261.36 \r\n \r\n1,156,152.35 610,238.24 334,942.49 337,234.40 \r\n1,095,661.80 204,377.40 \r\n1,707,351.59 651,324.19 700.54 70,800.72 \r\n \r\n33,360.37 \r\n \r\n123,784.84 136,426.96 1,363,344.91 \r\n \r\n119,337.85 119,371.00 239,531.30 \r\n \r\n$ 20,476,526.27 $ 689,861.88 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 2 - \r\n \r\n EXHIBIT \"B\" \r\n \r\nPROGRAM REVENUES \r\n \r\nOPERATING \r\n \r\nCAPITAL \r\n \r\nGRANTS AND \r\n \r\nGRANTS AND \r\n \r\nCONTRIBUTIONS CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET POSITION \r\n \r\n$ 9,040,650.11 \r\n131,009.40 353,549.13 348,342.32 534,741.78 784,013.88 \r\n17,498.37 781,010.89 256,781.39 $ \r\n301.60 8,038.16 \r\n15,810.70 1,150,214.50 \r\n$ 13,421,962.23 $ \r\n \r\n$ 76,219.50 76,219.50 $ \r\n \r\n-3,465,274.37 \r\n-1,025,142.95 -256,689.11 13,399.83 197,507.38 -311,647.92 -186,879.03 -892,980.33 -318,323.30 -398.94 -62,762.56 \r\n-4,446.99 -1,245.26 26,400.89 \r\n-6,288,482.66 \r\n \r\n$ \r\n \r\n4,539,702.44 \r\n \r\n2,303,427.23 430,767.00 2,838.57 794,183.08 \r\n \r\n$ \r\n \r\n8,070,918.32 \r\n \r\n$ \r\n \r\n1,782,435.66 \r\n \r\n35,677,085.59 \r\n \r\n$ 37,459,521.25 \r\n \r\n- 3 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2013 \r\n \r\nEXHIBIT \"C\" \r\n \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Local Other Inventories \r\nTotal Assets \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 2,112,418.03 $ 87,441.88 \r\n2,627,785.59 1,393,349.28 \r\n399,849.25 180,508.24 \r\n5,665.41 74,971.60 \r\n \r\n86,719.58 $ 188,026.71 \r\n \r\n2,199,137.61 87,441.88 \r\n2,815,812.30 1,393,349.28 \r\n399,849.25 180,508.24 \r\n5,665.41 74,971.60 \r\n \r\n$ 6,881,989.28 $ \r\n \r\n274,746.29 $ \r\n \r\n7,156,735.57 \r\n \r\nLIABILITIES AND FUND BALANCES LIABILITIES \r\nAccounts Payable Salaries and Benefits Payable Short-Term Debt Deposits and Deferred Revenue \r\nTotal Liabilities FUND BALANCES \r\nNonspendable Restricted Unassigned (Deficit) \r\nTotal Fund Balances \r\nTotal Liabilities and Fund Balances \r\n \r\n$ \r\n \r\n639.19 \r\n \r\n2,038,672.72 \r\n \r\n$ \r\n \r\n1,384,381.05 \r\n \r\n$ 3,423,692.96 $ \r\n \r\n$ 325,000.00 \r\n325,000.00 $ \r\n \r\n639.19 2,038,672.72 \r\n325,000.00 1,384,381.05 \r\n3,748,692.96 \r\n \r\n$ \r\n \r\n74,971.60 \r\n \r\n648,854.31 \r\n \r\n2,734,470.41 $ \r\n \r\n$ 3,458,296.32 $ \r\n \r\n$ -50,253.71 -50,253.71 $ \r\n \r\n74,971.60 648,854.31 2,684,216.70 \r\n3,408,042.61 \r\n \r\n$ 6,881,989.28 $ \r\n \r\n274,746.29 $ \r\n \r\n7,156,735.57 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 4 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET POSITION JUNE 30, 2013 \r\n \r\nEXHIBIT \"D\" \r\n \r\nTotal Fund Balances - Governmental Funds (Exhibit \"C\") \r\nAmounts reported for Governmental Activities in the Statement of Net Position are different because: \r\nCapital Assets used in Governmental Activities are not financial resources and therefore are not reported as assets in the governmental funds. These assets consist of: \r\nLand Construction in Progress Land Improvements Buildings Equipment Accumulated Depreciation \r\nTotal Capital Assets \r\nTaxes that are not available to pay for current period expenditures are deferred in the governmental funds. \r\n \r\n$ 3,408,042.61 \r\n \r\n$ 759,304.05 128,933.70 \r\n2,784,655.40 35,908,463.75 \r\n1,841,572.99 -8,755,832.30 \r\n \r\n32,667,097.59 \r\n \r\n1,384,381.05 \r\n \r\nNet Position of Governmental Activities (Exhibit \"A\") \r\n \r\n$ 37,459,521.25 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 5 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2013 \r\n \r\nEXHIBIT \"E\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation \r\nCapital Outlay \r\nTotal Expenditures \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nFund Balances - Ending \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 4,973,321.15 $ \r\n11,117,884.65 2,811,064.08 689,861.88 2,498.13 794,183.08 \r\n \r\n$ 2,303,427.23 \r\n340.44 \r\n \r\n4,973,321.15 2,303,427.23 11,117,884.65 2,811,064.08 \r\n689,861.88 2,838.57 \r\n794,183.08 \r\n \r\n$ 20,388,812.97 $ 2,303,767.67 $ 22,692,580.64 \r\n \r\n$ 12,523,247.14 \r\n \r\n$ 12,523,247.14 \r\n \r\n1,108,224.18 610,238.24 316,145.22 333,391.26 \r\n1,080,799.59 207,401.21 $ \r\n1,720,567.39 654,324.59 700.54 70,800.72 53,908.07 136,426.96 \r\n1,357,068.80 \r\n \r\n2,063.54 3,732,529.82 \r\n \r\n1,108,224.18 610,238.24 316,145.22 333,391.26 \r\n1,080,799.59 209,464.75 \r\n1,720,567.39 654,324.59 700.54 70,800.72 53,908.07 136,426.96 \r\n1,357,068.80 3,732,529.82 \r\n \r\n$ 20,173,243.91 $ 3,734,593.36 $ 23,907,837.27 \r\n \r\n$ 215,569.06 $ -1,430,825.69 $ -1,215,256.63 \r\n \r\n3,242,727.26 1,380,571.98 \r\n \r\n4,623,299.24 \r\n \r\n$ 3,458,296.32 $ -50,253.71 $ 3,408,042.61 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 6 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2013 \r\n \r\nEXHIBIT \"F\" \r\n \r\nTotal Net Change in Fund Balances - Governmental Funds (Exhibit \"E\") \r\nAmounts reported for Governmental Activities in the Statement of Activities are different because: \r\nCapital Outlays are reported as expenditures in Governmental Funds. However, in the Statement of Activities, the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are: \r\nCapital Outlay Depreciation Expense \r\nExcess of Capital Outlay over Depreciation Expense \r\nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \r\nChange in Net Position of Governmental Activities (Exhibit \"B\") \r\n \r\n$ -1,215,256.63 \r\n \r\n$ 4,152,955.50 -721,644.50 \r\n \r\n3,431,311.00 \r\n \r\n-433,618.71 \r\n \r\n$ 1,782,435.66 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 7 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS JUNE 30, 2013 \r\n \r\nEXHIBIT \"G\" \r\n \r\nASSETS Cash and Cash Equivalents \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\nAGENCY FUNDS \r\n \r\n$ \r\n \r\n1,237.97 $ \r\n \r\n52,154.11 \r\n \r\nLIABILITIES Funds Held for Others \r\n \r\n$ \r\n \r\n52,154.11 \r\n \r\nNET POSITION Held in Trust for Private Purpose \r\n \r\n$ \r\n \r\n1,237.97 \r\n \r\nTotal Liabilities and Net Position \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 8 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FIDUCIARY FUNDS YEAR ENDED JUNE 30, 2013 \r\nADDITIONS None Reported \r\nDEDUCTIONS None Reported Change in Net Position \r\nNet Position - Beginning \r\nNet Position - Ending \r\n \r\nEXHIBIT \"H\" \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n1,237.97 \r\n \r\n$ \r\n \r\n1,237.97 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 9 - \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2013 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nREPORTING ENTITY \r\nThe City of Vidalia Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF PRESENTATION \r\nThe School District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and notes to the basic financial statements of the City of Vidalia Board of Education. \r\nDistrict-wide Statements: The Statement of Net Position and the Statement of Activities display information about the financial activities of the overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \r\nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\n Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\n Program revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFund Financial Statements: The fund financial statements provide information about the School District's funds. Eliminations have been made to minimize the double counting of internal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds. \r\nThe School District reports the following major governmental funds: \r\n General Fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \r\n District-wide Capital Projects Fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST) that are restricted, committed or assigned to the expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital assets. \r\nThe School District reports the following fiduciary fund types: \r\n Private Purpose Trust fund reports a trust arrangement under which income may be expended to provide College scholarships to City of Vidalia High School Seniors. \r\n \r\n- 11 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2013 \r\n \r\nEXHIBIT \"I\" \r\n \r\n Agency funds account for assets held by the School District as an agent for various funds, governments, or individuals. \r\nBASIS OF ACCOUNTING \r\nThe basis of accounting determines when transactions are reported on the financial statements. The District-wide governmental and fiduciary financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants is recognized in the fiscal year in which all eligibility requirements have been satisfied. \r\nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \r\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 all revenues reported in the governmental funds to be available if they are collected within sixty 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. Capital asset acquisitions are reported as expenditures in governmental funds. \r\nThe School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, both restricted and unrestricted resources are available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\nNEW ACCOUNTING PRONOUNCEMENTS \r\nIn fiscal year 2013, the School District adopted the Governmental Accounting Standards Board (GASB) Statement No. 60, Accounting and Financial Reporting for Service Concession Arrangements. The provisions of this Statement establish accounting and financial reporting standards for governments who enter into Service Concession Arrangements (SCA) with other governmental or nongovernmental entities. As of June 30, 2013, the School District has not entered into any arrangements that meet the qualifications to be reported as a SCA in accordance with this standard. \r\nIn fiscal year 2013, the School District adopted the Governmental Accounting Standards Board (GASB) Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. The provisions of this Statement incorporate certain accounting and financial reporting guidance into authoritative GASB literature. \r\nIn fiscal year 2013, the School District adopted the Governmental Accounting Standards Board (GASB) Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources and Net Position. The provisions of this Statement establish financial reporting standards for the presentation of deferred outflows of resources and deferred inflows of resources and their effects on a government's net position. The School District changed its presentation of net assets to net position for fiscal year 2013. There were no other applicable reporting changes for the School District. \r\n \r\n- 12 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2013 \r\n \r\nEXHIBIT \"I\" \r\n \r\nCASH AND CASH EQUIVALENTS \r\nComposition of Deposits Cash and cash equivalents consist of cash on hand, demand deposits 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 Section 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \r\nINVESTMENTS \r\nComposition of Investments Investments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interestearning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n1. Obligations issued by the State of Georgia or by other states, \r\n2. Obligations issued by the United States government, \r\n3. Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n4. Obligations of any corporation of the United States government, \r\n5. Prime banker's acceptances, \r\n6. The Georgia Fund 1 administered by the State of Georgia, Office of the State Treasurer, \r\n7. Repurchase agreements, and \r\n8. Obligations of other political subdivisions of the State of Georgia. \r\nThe School District does not have a formal policy regarding investment policies that address custodial credit risks. \r\nRECEIVABLES \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\nPROPERTY TAXES \r\nThe City of Vidalia adopted the property tax levy for the 2012 tax digest year (calendar year) on October 29, 2012 (levy date) based on property values as of January 1, 2012. Taxes were due on December 31, 2012 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2012 tax digest are reported as revenue in the governmental funds for fiscal year 2013. The Vidalia City Clerk bills and collects the property taxes for the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2013, for maintenance and operations amounted to $4,908,795.84. \r\n \r\n- 13 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2013 \r\n \r\nEXHIBIT \"I\" \r\n \r\nTax millage rates levied for the 2012 tax year (calendar year) for the City of Vidalia Board of Education were as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations - Toombs County \r\n \r\n14.991 mills \r\n \r\nSchool Operations - Montgomery County \r\n \r\n15.000 mills \r\n \r\nAdditionally, Title Ad Valorem Taxes in the amount of $64,525.31 were collected during the fiscal year. \r\nSALES TAXES \r\nEducation Special Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $2,303,427.23 and is to be used for capital outlay for educational purposes. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\nINVENTORIES \r\nFood Inventories On 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 (first-in, first-out). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \r\nCAPITAL ASSETS \r\n \r\nCapital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time of purchase (including ancillary charges). On the District-wide financial statements, all purchased capital assets are valued 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 estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. 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. Depreciation is computed using the straight-line method. The School District does not capitalize book collections or works of art. During the fiscal year under review, no events or changes in circumstances affecting a capital asset that may indicate impairment were known to the School District. \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the District-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Land Improvements Buildings and Improvements Equipment Intangible Assets \r\n \r\nAll $ 10,000.00 $ 10,000.00 $ 10,000.00 $ 100,000.00 \r\n \r\nN/A 60 years 25 to 60 years 10 to 15 years 10 years \r\n \r\nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives, with the exception of intangible assets which are amortized. \r\n- 14 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2013 \r\n \r\nEXHIBIT \"I\" \r\n \r\nAmortization of intangible assets such as water, timber, and mineral rights, easements, patents, trademarks, copyrights and internally generated software is computed using the straight-line method over the estimated useful lives of the assets, for 10 years. \r\nNET POSITION \r\n \r\nThe School District's net position in the District-wide Statements is classified as follows: \r\n \r\nInvestment in capital assets - This represents the School District's total investment in capital assets. \r\n \r\nRestricted net position - This represents resources for which the School District is legally or contractually obligated to spend resources for continuation of Federal Programs in accordance with restrictions imposed by external third parties. \r\n \r\nUnrestricted net position - Unrestricted net position represents resources derived from property taxes, grants and contributions not restricted to specific programs, charges for services, and miscellaneous revenues. These resources are used for transactions relating to the educational and general operations of the School District, and may be used at the discretion of the Board to meet current expenses for those purposes. \r\nFUND BALANCES \r\nThe School District's fund balances are classified as follows: \r\n \r\nNonspendable - Amounts that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \r\n \r\nRestricted - Constraints are placed on the use of resources are either (1) externally imposed conditions by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \r\n \r\nCommitted - Amounts that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board of Education. The Board of Education is the School District's highest level of decision-making authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \r\nAssigned - Amounts that are 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 of Education or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \r\n \r\nUnassigned - The residual classification for the General Fund. This classification represents fund balances that has not been assigned to other funds and that has not been restricted, committed, or assigned to specific purposes within the General Fund. \r\n \r\nFund Balances of the Governmental Funds at June 30, 2013, are as follows: \r\n \r\nNonspendable Inventories \r\nRestricted Continuation of Federal Programs \r\nUnassigned \r\n \r\n$ \r\n \r\n74,971.60 \r\n \r\n648,854.31 2,684,216.70 \r\n \r\nFund Balance, June 30, 2013 \r\n \r\n$ 3,408,042.61 \r\n \r\n- 15 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2013 \r\n \r\nEXHIBIT \"I\" \r\n \r\nIt is the goal of the School District to achieve and maintain a committed, assigned, and unassigned fund balance in the general fund at fiscal year end of not less than 1% of expenditures, not to exceed 15% of the total budget of the subsequent fiscal year, in compliance with Official Code of Georgia Annotated Section 20-2-167(a)5. If the unassigned fund balance at fiscal year end falls below the goal, the School District shall develop a restoration plan to achieve and maintain the minimum fund balance. \r\n \r\nWhen multiple categories of fund balance are available for expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \r\nDEFICIT FUND BALANCES \r\n \r\nThe fund reporting a deficit fund balance at June 30, 2013, is as follows: \r\n \r\nFund Type/Fund Name \r\n \r\nDeficit Balance \r\n \r\nCapital Projects Fund \r\n \r\n$ \r\n \r\n50,253.71 \r\n \r\nThe Capital Projects fund shows a deficit fund balance due to the Tax Anticipation Note that remained outstanding at fiscal year end. This deficit will be resolved when the Tax Anticipation Note is paid prior to December 31, 2013. \r\nUSE OF ESTIMATES \r\nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \r\nNOTE 3: BUDGETARY DATA \r\nThe budget is a complete financial plan for the School District's fiscal year, and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate function level. The budget for the General Fund was prepared in accordance with accounting principles generally accepted in the United States of America. \r\nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of Official Code of Georgia Annotated section 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nThe Superintendent is authorized by the Board to approve adjustments for expenditures in any budget function for any fund. The Superintendent shall report any such adjustments to the Board. Any position or expenditure not previously approved in the annual budget that exceeds $5,000.00 shall require Board approval unless the Superintendent deems the position or purchase an \r\n \r\n- 16 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2013 \r\n \r\nEXHIBIT \"I\" \r\n \r\nemergency. In such case, the expenditure shall be reported to the Board at its regularly scheduled meeting. Under no circumstance is the Superintendent or other staff person authorized to spend funds that exceed the total budget without approval by the Board. \r\nSee Schedule 1 - General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual for a detail of any over/under expenditures during the fiscal year under review. \r\nNOTE 4: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS \r\nOfficial Code of Georgia Annotated (O.C.G.A.) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by 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 percent 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. Section 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 percent of the daily pool balance. \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n1. Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n2. Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n3. Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n4. Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n5. Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n6. Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n7. Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\nCATEGORIZATION OF DEPOSITS \r\nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2013, the bank balances were $3,275,730.06. The bank balances were entirely covered by Federal depository insurance or collateralized with securities held by the pledging financial institution in the School District's name. \r\nNOTE 5: NON-MONETARY TRANSACTIONS \r\nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \r\n \r\n- 17 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2013 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 6: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the Capital Assets during the fiscal year: \r\n \r\nGovernmental Activities Capital Assets, Not Being Depreciated: \r\nLand Construction Work In Progress \r\n \r\nBalances July 1, 2012 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2013 \r\n \r\n$ \r\n \r\n722,804.05 $ \r\n \r\n2,610,242.42 \r\n \r\n36,500.00 128,933.70 $ \r\n \r\n$ 2,610,242.42 \r\n \r\n759,304.05 128,933.70 \r\n \r\nTotal Capital Assets, Not Being Depreciated $ 3,333,046.47 $ \r\n \r\n165,433.70 $ 2,610,242.42 $ \r\n \r\n888,237.75 \r\n \r\nCapital Assets, Being Depreciated: Buildings and Improvements Equipment Land Improvements \r\n \r\n$ 29,683,565.28 $ 1,618,625.98 2,682,771.65 \r\n \r\n6,224,898.47 270,982.00 $ 101,883.75 \r\n \r\n$ 48,034.99 \r\n \r\n35,908,463.75 1,841,572.99 2,784,655.40 \r\n \r\nLess: Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \r\n \r\n6,399,162.62 1,209,197.96 \r\n473,862.21 \r\n \r\n560,745.53 115,337.07 \r\n45,561.90 \r\n \r\n48,034.99 \r\n \r\n6,959,908.15 1,276,500.04 \r\n519,424.11 \r\n \r\nTotal Capital Assets, Being Depreciated, Net $ 25,902,740.12 $ 5,876,119.72 $ \r\n \r\n0.00 $ 31,778,859.84 \r\n \r\nGovernmental Activity Capital Assets - Net $ 29,235,786.59 $ 6,041,553.42 $ 2,610,242.42 $ 32,667,097.59 \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction Support Services \r\nPupil Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Enterprise Operations Food Services \r\n \r\n$ \r\n \r\n$ \r\n \r\n49,136.54 \r\n \r\n19,271.19 \r\n \r\n3,940.03 \r\n \r\n15,236.92 \r\n \r\n550.36 \r\n \r\n6,056.04 \r\n \r\n104,147.80 \r\n \r\n71,638.50 \r\n \r\n410,953.55 \r\n269,977.38 40,713.57 \r\n \r\n$ \r\n \r\n721,644.50 \r\n \r\nNOTE 7: RISK MANAGEMENT \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \r\nThe School District has obtained commercial insurance for risk of loss associated with torts, assets and errors or omissions. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any of the past three years. \r\n- 18 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2013 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe School District has elected to self-insure for all losses related to acts of God. The School District has not experienced any losses related to this risk in the past three years. \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the same fund that the employee's salary and benefits were paid. Claims are accounted for with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability \r\n \r\nClaims and Changes in Estimates \r\n \r\nClaims Paid \r\n \r\nEnd of Year Liability \r\n \r\n2012 $ 2013 $ \r\n \r\n1,593.55 $ 0.00 $ \r\n \r\n2,508.65 $ 14,866.00 $ \r\n \r\n4,102.20 $ 14,618.00 $ \r\n \r\n0.00 248.00 \r\n \r\nThe School District participates in the Georgia Education Workers' Compensation 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 worker's 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 million loss per occurrence, up to the statutory limit. Employers' Liability insurance coverage is also provided with limits of $2 million. The Trust covers the first $1 million of each Employers liability claim with Safety National providing additional Employers Liability limits up to a $2 million per occurrence maximum. Safety National Casualty Company also provides $2 million in aggregate coverage to the Trust, attaching at 110% of the loss fund and based on the Fund's annual normal premium. \r\n \r\nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Board Treasurer Board Vice Treasurer All Employees \r\n \r\n$ \r\n \r\n50,000.00 \r\n \r\n$ \r\n \r\n50,000.00 \r\n \r\n$ \r\n \r\n50,000.00 \r\n \r\n$ \r\n \r\n100,000.00 \r\n \r\nNOTE 8: SHORT-TERM DEBT \r\n \r\nThe School District issues tax anticipation notes in advance of sales tax collections, depositing the proceeds in its Capital Projects Fund. This short-term debt is to provide cash for construction in anticipation of SPLOST. Article IX, Section V, Paragraph V of the Constitution of the State of Georgia limits the aggregate amount of short-term debt to 75 percent of the total gross income from taxes collected in the preceding year and requires all short-term debt to be repaid no later than December 31 of the calendar year in which the debt was incurred. \r\n \r\nShort-term debt activity for the fiscal year is as follows: \r\n \r\nBeginning Balance \r\n \r\nIssued \r\n \r\nRedeemed \r\n \r\nEnding Balance \r\n \r\nTax Anticipation Notes $ \r\n \r\n0.00 $ 1,120,000.00 $ 795,000.00 $ 325,000.00 \r\n \r\n- 19 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2013 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 9: ON-BEHALF PAYMENTS \r\nThe School District has recognized revenues and costs in the amount of $1,254,155.29 for health insurance and retirement contributions paid on the School District's behalf by the following State Agencies. \r\n \r\nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance of Certificated Personnel In the amount of $1,223,412.00 \r\n \r\nPaid to the Teachers' Retirement System of Georgia For Teachers' Retirement System (TRS) Employer's Cost In the amount of $4,648.29 \r\n \r\nOffice of the State Treasurer Paid to the Public School Employees' Retirement System For Public School Employees' Retirement (PSERS) Employer's Cost In the amount of $26,095.00 \r\n \r\nFunds paid to the Georgia Department of Community Health by the Georgia Department of Education on behalf of the School District are reported as part of the Quality Basic Education revenue allotments on Schedule 3 - Schedule of State Revenue. \r\nNOTE 10: SIGNIFICANT COMMITMENTS \r\n \r\nThe following is an analysis of significant outstanding construction or renovation contracts executed by the School District as of June 30, 2013: \r\n \r\nProject \r\n \r\nUnearned Executed Contracts \r\n \r\nJ. R. Trippe Middle School Fieldhouse \r\n \r\n$ \r\n \r\n46,761.01 \r\n \r\nThe amount described in this note is not reflected in the basic financial statements. \r\nNOTE 11: SIGNIFICANT CONTINGENT LIABILITIES \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine School District operations. The ultimate disposition of these proceedings is not presently determinable, but is not believed to be material to the basic financial statements. \r\nNOTE 12: POST-EMPLOYMENT BENEFITS \r\nGEORGIA SCHOOL PERSONNEL POST-EMPLOYMENT HEALTH BENEFIT FUND \r\nPlan Description. The Georgia School Personnel Post-employment Health Benefit Fund (School OPEB Fund) is a cost-sharing multiple-employer defined benefit post-employment healthcare plan that covers eligible former employees of public school systems, libraries and regional educational service agencies. The School OPEB Fund provides health insurance benefits to eligible former employees and their qualified beneficiaries through the State Employees Health Benefit Plan administered by the Department of Community Health. The Official Code of Georgia Annotated (O.C.G.A.) assigns the \r\n \r\n- 20 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2013 \r\n \r\nEXHIBIT \"I\" \r\n \r\nauthority to establish and amend the benefit provisions of the group health plans, including benefits for retirees, to the Board of Community Health (Board). The Department of Community Health, which includes the School OPEB Fund, issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\nFunding Policy. The contribution requirements of plan members and participating employers are established by the Board in accordance with the current Appropriations Act and may be amended by the Board. Contributions of plan members or beneficiaries receiving benefits vary based on plan election, dependent coverage, and Medicare eligibility and election. For members with fewer than five years of service as of January 1, 2013, contributions also vary based on years of service. On average, members with five years or more of service as of January 1, 2013, pay approximately 25 percent of the cost of the health insurance coverage. In accordance with the Board resolution dated December 8, 2011, for members with fewer than five years of service as of January 1, 2013, the State provides a premium subsidy in retirement that ranges from 0% for fewer than 10 years of service to 75% (but no greater than the subsidy percentage offered to active employees) for 30 or more years of service. The subsidy for eligible dependents ranges from 0% to 55% (but no greater than the subsidy percentage offered to dependents of active employees minus 20%). No subsidy is available to Medicare eligible members not enrolled in a Medicare Advantage Option. The Board of Community Health sets all member premiums by resolution and in accordance with the law and applicable revenue and expense projections. Any subsidy policy adopted by the Board may be changed at any time by Board resolution and does not constitute a contract or promise of any amount of subsidy. \r\nParticipating employers are statutorily required to contribute in accordance with the employer contribution rates established by the Board. The contribution rates are established to fund all benefits due under the health insurance plans for both active and retired employees based on projected \"pay-as-you-go\" financing requirements. Contributions are not based on the actuarially calculated annual required contribution (ARC) which represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. \r\nThe combined active and retiree contribution rates established by the Board for employers participating in the School OPEB Fund were as follows for the fiscal year ended June 30, 2013: \r\nFor certificated teachers, librarians and regional educational service agencies and certain other \r\neligible participants: \r\n \r\nJuly 2012 - February 2013 March 2013 - June 2013 \r\n \r\n$912.34 per member per month $937.34 per member per month \r\n \r\nFor non-certificated school personnel: \r\n \r\nJuly 2012 - June 2013 \r\n \r\n$446.20 per member per month \r\n \r\nNo additional contribution was required by the Board for fiscal year 2013 nor contributed to the School OPEB Fund to prefund retiree benefits. Such additional contribution amounts are determined annually by the Board in accordance with the School plan for other post-employment benefits and are subject to appropriation. \r\n \r\n- 21 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2013 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe School District's combined active and retiree contributions to the health insurance plans, which equaled the required contribution, for the current fiscal year and the preceding two fiscal years were as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2013 2012 2011 \r\n \r\n100% 100% 100% \r\n \r\n$ \r\n \r\n2,033,049.32 \r\n \r\n$ \r\n \r\n1,988,638.65 \r\n \r\n$ \r\n \r\n1,916,681.46 \r\n \r\nNOTE 13: RETIREMENT PLANS \r\nTEACHERS' RETIREMENT SYSTEM OF GEORGIA (TRS) \r\nPlan Description. The TRS is a cost-sharing multiple-employer defined benefit plan created in 1943 by an act of the Georgia General Assembly to provide retirement benefits for qualifying employees in educational service. A Board of Trustees comprised of active and retired members and ex-officio State employees is ultimately responsible for the administration of TRS. The Teachers' Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\nOn October 25, 1996, the Board created the Supplemental Retirement Benefits Plan of the Georgia Teachers' Retirement System (SRBP-TRS). SRBP-TRS was established as a qualified excess benefit plan in accordance with Section 415 of the Internal Revenue Code (IRC) as a portion of TRS. The purpose of SRBP-TRS is to provide retirement benefits to employees covered by TRS whose benefits are otherwise limited by IRC Section 415. Beginning July 1, 1997, all members and retired former members in TRS are eligible to participate in the SRBP-TRS whenever their benefits under TRS exceed the IRC Section 415 imposed limitation on benefits. \r\nTRS provides service retirement, disability retirement, and survivor's benefits. The benefit structure of TRS is defined and may be amended by State statute. A member 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. A member is eligible for early retirement after 25 years of creditable service. \r\nNormal retirement (pension) benefits paid to members are equal to 2% of the average of the member's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. Early retirement benefits are reduced by the lesser of one-twelfth of 7% for each month the member is below age 60 or by 7% for each year or fraction thereof by which the member has less than 30 years of service. It is also assumed that certain cost-of-living adjustments, based on the Consumer Price Index, will be made in future years. Retirement benefits are payable monthly for life. A member may elect to receive a partial lump-sum distribution in addition to a reduced monthly retirement benefit. Death, disability and spousal benefits are also available. \r\nFunding Policy. TRS is funded by member and employer contributions as adopted and amended by the Board of Trustees. Members become fully vested after 10 years of service. If a member terminates with less than 10 years of service, no vesting of employer contributions occurs, but the member's contributions may be refunded with interest. Member contributions are limited by State law to not less than 5% or more than 6% of a member's earnable compensation. Member contributions as adopted by the Board of Trustees for the fiscal year ended June 30, 2013, were 6.00% of annual salary. Employer contributions required for fiscal year 2013 were 11.41% of annual salary as required by the June 30, 2010, actuarial valuation. The employer contribution rate will increase to 12.28% effective July 1, 2013. \r\n \r\n- 22 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2013 \r\n \r\nEXHIBIT \"I\" \r\n \r\nEmployer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2013 2012 2011 \r\n \r\n100% 100% 100% \r\n \r\n$ \r\n \r\n1,237,180.06 \r\n \r\n$ \r\n \r\n1,126,961.75 \r\n \r\n$ \r\n \r\n1,136,385.67 \r\n \r\nPUBLIC SCHOOL EMPLOYEES' RETIREMENT SYSTEM (PSERS) \r\n \r\nBus drivers, lunchroom personnel, and maintenance and custodial personnel are members of the Public School Employees' Retirement System of Georgia. The System is funded by contributions by the employees and by the State of Georgia. The School District makes no contribution to this plan. \r\nDEFINED CONTRIBUTION PLAN \r\nIn 1999, City of Vidalia Board of Education began an employer paid 403(b) annuity plan for the group of employees covered under the Public School Employees' Retirement System (PSERS). Recognizing that PSERS was a limited defined contribution and defined benefit plan which did not provide for an adequate retirement for this group of employees, it was the Board's desire to supplement the retirement of this group. \r\n \r\nThe Board selected VALIC as the provider of this plan. For each employee covered under PSERS, the Board began contributing to the plan an amount equal to a 50% match of employee contribution up to 3 percent of the employee's base pay. \r\n \r\nThe employee becomes vested in the plan with 5 years of experience. Employees who had already achieved 5 years of experience at the time the plan was implemented were vested upon enrollment. \r\n \r\nFunds accumulated in the employer paid accounts are only available to the employee upon termination of employment and 5 years of service to City of Vidalia Board of Education. If an employee terminates employment prior to achieving 5 years of service, funds paid on behalf of the non-vested employee are credited back to the Board. \r\n \r\nEmployer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2013 2012 2011 \r\n \r\n100% 100% 100% \r\n \r\n$ \r\n \r\n6,336.72 \r\n \r\n$ \r\n \r\n5,735.52 \r\n \r\n$ \r\n \r\n5,386.89 \r\n \r\n- 23 - \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2013 \r\n \r\nSCHEDULE \"1\" \r\n \r\nREVENUES \r\nProperty Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Operations Food Services Operation \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nTransfers In Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nAdjustments \r\nFund Balances - Ending \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\nACTUAL AMOUNTS \r\n \r\nVARIANCE OVER/UNDER \r\n \r\n$ 4,376,636.00 $ 4,376,636.00 $ 4,973,321.15 $ \r\n \r\n10,951,534.50 11,080,149.50 11,117,884.65 \r\n \r\n2,668,691.00 \r\n \r\n2,807,329.00 \r\n \r\n2,811,064.08 \r\n \r\n820,060.00 \r\n \r\n786,375.00 \r\n \r\n689,861.88 \r\n \r\n27,060.00 \r\n \r\n27,060.00 \r\n \r\n2,498.13 \r\n \r\n869,327.00 \r\n \r\n869,327.00 \r\n \r\n794,183.08 \r\n \r\n596,685.15 37,735.15 3,735.08 -96,513.12 -24,561.87 -75,143.92 \r\n \r\n$ 19,713,308.50 $ 19,946,876.50 $ 20,388,812.97 $ 441,936.47 \r\n \r\n$ 12,456,602.68 $ 12,529,946.18 $ 12,523,247.14 $ \r\n \r\n6,699.04 \r\n \r\n945,967.00 501,582.00 339,768.00 286,294.00 1,158,748.00 209,563.00 1,848,160.00 685,373.00 \r\n71,277.00 55,136.00 175,055.00 1,520,242.00 \r\n \r\n945,954.50 565,784.00 339,768.00 286,384.00 1,158,748.00 209,563.00 1,848,160.00 685,373.00 \r\n71,277.00 55,136.00 141,370.00 1,520,242.00 \r\n \r\n1,108,224.18 610,238.24 316,145.22 333,391.26 \r\n1,080,799.59 207,401.21 \r\n1,720,567.39 654,324.59 700.54 70,800.72 53,908.07 136,426.96 \r\n1,357,068.80 \r\n \r\n-162,269.68 -44,454.24 23,622.78 -47,007.26 77,948.41 2,161.79 127,592.61 31,048.41 -700.54 476.28 1,227.93 4,943.04 163,173.20 \r\n \r\n$ 20,253,767.68 $ 20,357,705.68 $ 20,173,243.91 $ 184,461.77 \r\n \r\n$ -540,459.18 $ -410,829.18 $ 215,569.06 $ 626,398.24 \r\n \r\n$ \r\n \r\n54,000.00 $ \r\n \r\n54,000.00 \r\n \r\n-54,000.00 \r\n \r\n-54,000.00 \r\n \r\n$ 54,000.00 -54,000.00 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ -540,459.18 $ -410,829.18 $ 215,569.06 $ 626,398.24 \r\n \r\n3,242,727.26 \r\n \r\n3,242,727.26 \r\n \r\n3,242,727.26 \r\n \r\n0.00 \r\n \r\n16,103.78 \r\n \r\n13,167.43 \r\n \r\n-13,167.43 \r\n \r\n$ 2,718,371.86 $ 2,845,065.51 $ 3,458,296.32 $ 613,230.81 \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\n(1) Original and Final Budget amounts do not include budgeted revenues or expenditures of the various principal accounts. \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 25 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2013 \r\n \r\nSCHEDULE \"2\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program \r\nTotal U. S. Department of Agriculture \r\nEducation, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Preschool Grants \r\nTotal Special Education Cluster \r\nTitle I, Part A Cluster Pass-Through From Georgia Department of Education Title I Grants to Local Educational Agencies \r\nOther Programs Pass-Through From Georgia Department of Education ARRA - Race-to-the-Top Incentive Grants Career and Technical Education - Basic Grants to States Education Jobs Fund Improving Teacher Quality State Grants Rural Education Striving Readers \r\nTotal Other Programs \r\nTotal U. S. Department of Education \r\nHealth and Human Services, U. S. Department of Child Care and Development Fund Cluster Pass-Through From Bright From the Start: Georgia Department of Early Care and Learning ARRA - Child Care and Development Block Grant \r\nDefense, U. S. Department of Direct Department of the Army R.O.T.C. Program \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 \r\n \r\nN/A \r\n \r\n(2) \r\n \r\nN/A $ 1,316,905.57 (1) \r\n \r\n$ 1,316,905.57 \r\n \r\n84.027 84.173 \r\n \r\nN/A $ 424,487.30 \r\n \r\nN/A \r\n \r\n10,399.00 \r\n \r\n$ 434,886.30 \r\n \r\n* 84.010 \r\n \r\nN/A $ 795,222.96 \r\n \r\n84.395 84.048 84.410 84.367 84.358 84.371 \r\n \r\nN/A $ \r\n \r\n93,538.00 \r\n \r\nN/A \r\n \r\n25,719.00 \r\n \r\nN/A \r\n \r\n911.00 \r\n \r\nN/A \r\n \r\n167,015.35 \r\n \r\nN/A \r\n \r\n51,060.34 \r\n \r\nN/A \r\n \r\n53,243.15 \r\n \r\n$ 391,486.84 \r\n \r\n$ 1,621,596.10 \r\n \r\n93.575 \r\n \r\nN/A $ \r\n \r\n27,500.00 \r\n \r\n$ \r\n \r\n48,489.48 \r\n \r\nTotal Expenditures of Federal Awards \r\nN/A = Not Available \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n(1) Includes the Federally assigned value of donated commodities for the Food Donation Program in the amount of $106,899.00. \r\n(2) Expenditures for the funds earned on the School Breakfast Program ($245,883.78) were not maintained separately and are included in the 2013 National School Lunch Program. \r\nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \r\nThe School District did not provide Federal Assistance to any Subrecipient. \r\nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the City of Vidalia Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\nSee notes to the basic financial statements. \r\n \r\n$ 3,014,491.15 \r\n \r\n- 26 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2013 \r\n \r\nAGENCY/FUNDING \r\nGRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program \r\nEducation, Georgia Department of Quality Basic Education (1) Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Amended Formula Adjustment Categorical Grants Pupil Transportation Regular Nursing Services Education Equalization Funding Grant Other State Programs Food Services Math and Science Supplements Preschool Handicapped Program Pupil Transportation - State Bonds Teacher's Retirement Vocational Education Vocational Supervisors \r\nOffice of State Treasurer Public School Employees' Retirement \r\n \r\n(1) Payments to the Georgia Department of Community Health by the Georgia Department of Education on behalf of the School District in the amount of $1,223,412.00 are included as part of the Quality Basic Education revenue allotments above. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 27 - \r\n \r\nSCHEDULE \"3\" \r\n \r\nGOVERNMENTAL FUND TYPE GENERAL FUND \r\n \r\n$ \r\n \r\n577,288.51 \r\n \r\n831,658.00 181,031.00 1,972,479.00 324,541.00 851,794.00 228,461.00 1,670,911.00 1,427,062.00 480,226.00 1,056,367.00 \r\n49,979.00 130,669.00 130,651.00 276,442.00 \r\n89,569.00 48,917.00 \r\n424,342.00 586,012.00 645,688.00 -1,738,553.00 \r\n141,358.00 53,469.00 \r\n430,767.00 \r\n36,736.00 12,108.35 46,248.00 76,219.50 \r\n4,648.29 37,670.00 \r\n7,031.00 \r\n26,095.00 \r\n$ 11,117,884.65 \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2013 \r\n \r\nSCHEDULE \"4\" \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT YEAR (3) \r\n \r\nAMOUNT EXPENDED IN PRIOR YEARS (3) \r\n \r\nTOTAL COMPLETION \r\nCOST \r\n \r\nEXCESS PROCEEDS NOT \r\nEXPENDED \r\n \r\nESTIMATED COMPLETION \r\nDATE \r\n \r\nPROJECT II \r\n \r\n(i)To purchase textbooks and additional instructional materials and equipment for all sites; \r\n \r\n$ 880,000.00 $ 880,000.00 \r\n \r\nDecember, 2014 \r\n \r\n(ii)To renovate J.D. Dickerson Primary School and complete Phase III renovations at Sally D. Meadows Elementary School; \r\n \r\n10,000,000.00 10,000,000.00 $ 2,657,863.67 $ 4,420,563.80 \r\n \r\nDecember, 2013 \r\n \r\n(iii)To expand technology usage and improve communication and safety capabilities to include but not be limited to the upgrade of electrical capacity at J.D. Dickerson Primary School, Sally D. Meadows Elementary School, and Vidalia Comprehensive High school, safety and security upgrades at all facilities, and technology upgrades system wide; \r\n \r\n500,000.00 \r\n \r\n500,000.00 \r\n \r\n61,913.00 \r\n \r\nDecember, 2014 \r\n \r\n(iv)To acquire, improve, and maintain facilities for Vidalia Schools to include but not be limited to an athletic/physical training facility at J.R. Trippe Middle School; kitchen expansions at Vidalia Comprehensive High School and J. D. Dickerson Primary School, and maintain roofing warranties throughout the system; \r\n \r\n6,160,000.00 \r\n \r\n6,160,000.00 \r\n \r\n876,799.99 \r\n \r\n476,238.55 \r\n \r\nDecember, 2014 \r\n \r\n(v) To expand and maintain student transportation to include but not be limited to purchase of additional student regular transportation and activity vehicles. \r\n \r\n700,000.00 \r\n \r\n700,000.00 \r\n \r\nDecember, 2014 \r\n \r\nPROJECT III \r\n \r\n(i)To purchase textbooks, furniture, additional instructional materials and equipment for all sites; \r\n \r\n1,100,000.00 1,100,000.00 \r\n \r\nDecember, 2019 \r\n \r\n(ii)To expand technology usage and improve communication and safety capabilities to include, but not be limited to, the upgrade of electrical capacity at J.R.Trippe Middle School and Vidalia Comprehensive High School; safety and security upgrades at all facilities, and technology upgrades system wide; \r\n \r\n1,065,000.00 1,065,000.00 \r\n \r\nDecember, 2019 \r\n \r\n(iii)To acquire, improve, and maintain facilities for Vidalia schools to include, but not be limited to, tempered HVAC at Vidalia Comprehensive High School and J.R. Trippe Comprehensive High school; maintaining roofing warranties throughout the system; and \r\n \r\n11,725,000.00 11,725,000.00 \r\n \r\n138,016.70 \r\n \r\nDecember, 2019 \r\n \r\n(iv)to expand and maintain student transportation to include but not be limited to purchase of additional student regular transportation and activity vehicles. \r\n \r\n270,000.00 \r\n \r\n270,000.00 \r\n \r\nDecember, 2019 \r\n \r\n$ 32,400,000.00 $ 32,400,000.00 $ 3,734,593.36 $ 4,896,802.35 \r\n \r\n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n(2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. \r\n(3) The voters of Toombs County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 28 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \r\nALLOTMENTS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30, 2013 \r\n \r\nSCHEDULE \"5\" \r\n \r\nDESCRIPTION \r\nDirect Instructional Programs 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 Category I Category II Category III Category IV Gifted Student - Category VI Remedial Education Program Alternative Education Program \r\nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \r\nMedia Center Program Staff and Professional Development \r\nTOTAL QBE FORMULA FUNDS \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) (2) (3) \r\n \r\nELIGIBLE QBE PROGRAM COSTS \r\n \r\nSALARIES \r\n \r\nOPERATIONS \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n951,820.00 $ \r\n \r\n582,826.02 $ \r\n \r\n17,882.51 $ \r\n \r\n600,708.53 \r\n \r\n197,861.00 \r\n \r\n248,059.45 \r\n \r\n248,059.45 \r\n \r\n2,254,892.00 \r\n \r\n1,667,587.27 \r\n \r\n71,141.51 \r\n \r\n1,738,728.78 \r\n \r\n374,044.00 \r\n \r\n379,002.78 \r\n \r\n379,002.78 \r\n \r\n999,751.00 \r\n \r\n905,406.69 \r\n \r\n44,213.29 \r\n \r\n949,619.98 \r\n \r\n250,908.00 1,910,745.00 1,633,785.00 \r\n539,861.00 1,201,476.00 \r\n56,323.00 148,217.00 149,658.00 \r\n \r\n94,316.51 1,769,384.69 2,148,990.93 \r\n343,523.52 \r\n627,929.66 200,423.05 267,757.27 112,076.45 \r\n62,982.78 \r\n216,051.43 \r\n \r\n44,069.29 68,900.53 29,189.63 \r\n65,302.84 1,695.66 4,290.49 488.09 3,200.00 \r\n23,021.12 \r\n \r\n94,316.51 1,813,453.98 2,217,891.46 \r\n372,713.15 \r\n693,232.50 202,118.71 272,047.76 112,564.54 \r\n66,182.78 \r\n239,072.55 \r\n \r\n$ \r\n \r\n10,669,341.00 $ \r\n \r\n9,626,318.50 $ 373,394.96 $ 9,999,713.46 \r\n \r\n315,778.00 55,809.00 \r\n \r\n258,583.29 16,781.53 \r\n \r\n55,608.66 20,728.33 \r\n \r\n314,191.95 37,509.86 \r\n \r\n$ \r\n \r\n11,040,928.00 $ \r\n \r\n9,901,683.32 $ 449,731.95 $ 10,351,415.27 \r\n \r\n(1) Comprised of State Funds plus Local Five Mill Share. (2) Allotments do not include the impact of the State amended formula adjustment. (3) Allotments do not include the State Health payments made by GDOE to the Department of Community Health for the certified employees. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 29 - \r\n \r\n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n Greg S. Griffin \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nMarch 25, 2014 \r\n \r\nHonorable Nathan Deal, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of City of Vidalia Board of Education as of and for the year ended June 30, 2013, and the related notes to the financial statements, which collectively comprise City of Vidalia Board of Education's basic financial statements and have issued our report thereon dated March 25, 2014. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit of the financial statements, we considered City of Vidalia Board of Education's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City of Vidalia Board of Education's internal control. Accordingly, we do not express an opinion on the effectiveness of the City of Vidalia Board of Education's internal control. \r\nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \r\n \r\n2013YB-10 \r\n \r\n Our 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 over financial reporting that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. \r\nCompliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether City of Vidalia Board of Education'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 determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nWe noted certain matters that we have reported to management of City of Vidalia Board of Education in a separate letter dated March 25, 2014. \r\nPurpose of this Report \r\nThe purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, not to provide an opinion on the effectiveness of the City of Vidalia Board of Education'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 City of Vidalia Board of Education's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. \r\nRespectfully submitted, \r\n \r\nGSG:as 2013YB-10 \r\n \r\nGreg S. Griffin State Auditor \r\n \r\n Greg S. Griffin \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nMarch 25, 2014 \r\n \r\nHonorable Nathan Deal, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY OMB CIRCULAR A-133 \r\nLadies and Gentlemen: \r\nReport on Compliance for Each Major Federal Program \r\nWe have audited City of Vidalia Board of Education's compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement that could have a direct and material effect on its major Federal program for the year ended June 30, 2013. City of Vidalia Board of Education's major Federal program is identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs. \r\nManagement's Responsibility \r\nManagement is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its Federal programs. \r\nAuditor's Responsibility \r\nOur responsibility is to express an opinion on compliance for City of Vidalia Board of Education's major Federal program based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the City of Vidalia Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. \r\nWe believe that our audit provides a reasonable basis for our opinion on compliance for its major Federal program. However, our audit does not provide a legal determination of City of Vidalia Board of Education's compliance. \r\n2013SA-10 \r\n \r\n Opinion on Each Major Federal Program \r\nIn our opinion, the City of Vidalia Board of Education complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on its major Federal program for the year ended June 30, 2013. \r\nReport on Internal Control over Compliance \r\nManagement of City of Vidalia Board of Education is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered City of Vidalia Board of Education's internal control over compliance with the types of requirements that could have a direct and material effect on its major Federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for its major Federal program and to test and report on internal control over compliance in accordance with OMB Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the City of Vidalia Board of Education's internal control over compliance. \r\nA deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a Federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a Federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a Federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. \r\nThe purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A-133. Accordingly, this report is not suitable for any other purpose. \r\nRespectfully submitted, \r\n \r\nGSG:as 2013SA-10 \r\n \r\nGreg S. Griffin State Auditor \r\n \r\n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2013 \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS No matters were reported. PRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2013 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\nFinancial Statements \r\n \r\nType of auditor's report issue: Governmental Activities; General Fund; Capital Projects Fund; Aggregate Remaining Fund Information \r\n \r\nUnmodified \r\n \r\nInternal control over financial reporting:  Material weakness identified?  Significant deficiency identified? \r\n \r\nNo None Reported \r\n \r\nNoncompliance material to financial statements noted: \r\n \r\nNo \r\n \r\nFederal Awards \r\n \r\nInternal Control over the major program:  Material weakness identified?  Significant deficiency identified? \r\n \r\nNo None Reported \r\n \r\nType of auditor's report issued on compliance for the major program: \r\n \r\nUnmodified \r\n \r\nAny audit findings disclosed that are required to be reported in \r\n \r\naccordance with OMB Circular A-133, Section 510(a)? \r\n \r\nNo \r\n \r\nIdentification of major program: \r\n \r\nCFDA Number \r\n \r\nName of Federal Program or Cluster \r\n \r\n84.010 \r\n \r\nTitle I, Part A Cluster \r\n \r\nDollar threshold used to distinguish between Type A and Type B programs: \r\n \r\n$300,000.00 \r\n \r\nAuditee qualified as low-risk auditee? \r\n \r\nYes \r\n \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nNo matters were reported. \r\n \r\nIII FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\n \r\nNo matters were reported. \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be33-bv3-b2011-h2012-belec-p-btext","title":"City of Vidalia Board of Education, Toombs County, Georgia, annual financial report for the fiscal year ended June 30, 2012 (including independent auditor's reports)","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, Toombs County, Vidalia, 32.21769, -82.41346"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2012-06-30"],"dcterms_description":["Began with fiscal year ended June 30, 2009.","Report year covers fiscal year.","Fiscal year ended June 30, 2014 (Received via FTP from the Georgia Department of Audits and Accounts); title from PDF cover (Georgia Government Publications database, viewed August 24, 2023).","Fiscal year ended June 30, 2015 (received 6/27/16 via FTP from Georgia Dept. of Audits and Accounts); (Georgia Government Publications database, viewed August 24, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["City of Vidalia Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Vidalia--Auditing--Periodicals.","Education--Georgia--Vidalia--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Vidalia--fast--https://id.oclc.org/worldcat/entity/E39PBJyGV4M3vq3JgGDqHt9JjC","Georgia Government Documents--Serial"],"dcterms_title":["City of Vidalia Board of Education, Toombs County, Georgia, annual financial report for the fiscal year ended June 30, 2012 (including independent auditor's reports)"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be33-bv3-b2011-h2012-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be33-bv3-b2011-h2012-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":["Education--Auditing--fast","Education--Finance--fast","Expenditures, Public--fast","Georgia--Vidalia--fast--https://id.oclc.org/worldcat/entity/E39PBJyGV4M3vq3JgGDqHt9JjC","Periodicals--fast","Statistics--fast"],"fulltext":"CITY OF VIDALIA BOARD OF EDUCATION \r\nTOOMBS COUNTY, GEORGIA \r\nANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2012 \r\n(Including Independent Auditor's Reports) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHIBITS \r\n \r\nBASIC FINANCIAL STATEMENTS \r\n \r\nDISTRICT-WIDE FINANCIAL STATEMENTS \r\n \r\nA \r\n \r\nSTATEMENT OF NET ASSETS \r\n \r\nB \r\n \r\nSTATEMENT OF ACTIVITIES \r\n \r\nFUND FINANCIAL STATEMENTS \r\n \r\nC \r\n \r\nBALANCE SHEET \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\nD \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\n \r\nTO THE STATEMENT OF NET ASSETS \r\n \r\nE \r\n \r\nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\nF \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \r\n \r\nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \r\n \r\nBALANCES TO THE STATEMENT OF ACTIVITIES \r\n \r\nG \r\n \r\nSTATEMENT OF FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\nH \r\n \r\nSTATEMENT OF CHANGES IN FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\nI \r\n \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS \r\n \r\nSCHEDULES \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL GENERAL FUND \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 3 SCHEDULE OF STATE REVENUE \r\n \r\nPage \r\n1 2 4 5 6 7 8 9 11 \r\n25 26 27 \r\n \r\n  CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\nFINANCIAL \r\nSCHEDULES \r\nSUPPLEMENTARY INFORMATION \r\n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS 5 ALLOTMENTS AND EXPENDITURES \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) BY PROGRAM \r\n \r\nPage \r\n28 29 \r\n \r\nSECTION II \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH REQUIREMENTS THAT COULD HAVE A DIRECT AND MATERIAL EFFECT ON EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 \r\n \r\nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n  SECTION I FINANCIAL \r\n \r\n  Greg S. Griffin \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nJanuary 31, 2013 \r\n \r\nHonorable Nathan Deal, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information (Exhibits A through I) of the City of Vidalia Board of Education, as of and for the year ended June 30, 2012, which collectively comprise the Board's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the City of Vidalia Board of Education's management. Our responsibility is to express opinions on these financial statements based on our audit. \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Board's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. \r\nIn our opinion, the financial statements referred to previously present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Vidalia Board of Education, as of June 30, 2012, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. \r\n \r\n2012ARL-11 \r\n \r\n  Management has omitted Management's Discussion and Analysis that accounting principles generally accepted in the United States of America requires to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinion on the basic financial statements is not affected by this missing information. \r\nIn accordance with Government Auditing Standards, we have also issued our report dated January 31, 2013, on our consideration of the City of Vidalia Board of Education'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 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 internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. \r\nThe Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 25, is not a required part of the basic financial statements but is supplementary information required by accounting principles generally accepted in the United States of America. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management regarding the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of Vidalia Board of Education's financial statements as a whole. The accompanying supplementary information consists of Schedules 2 through 5, which includes the Schedule of Expenditures of Federal Awards as required by U. S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the financial statements. The accompanying supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The 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 financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements as a whole. \r\n2012ARL-11 \r\n \r\n  A copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \r\nRespectfully submitted, \r\n \r\nGSG:as 2012ARL-11 \r\n \r\nGreg S. Griffin State Auditor \r\n \r\n  CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY \r\n \r\n  CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF NET ASSETS JUNE 30, 2012 \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Local Other Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nLIABILITIES \r\nAccounts Payable Salaries and Benefits Payable Payroll Withholdings Payable Retainages Payable \r\nTotal Liabilities \r\nNET ASSETS \r\nInvested in Capital Assets Restricted for \r\nContinuation of Federal Programs Capital Projects Continuation of State Programs Unrestricted \r\nTotal Net Assets \r\nTotal Liabilities and Net Assets \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n3,792,545.39 \r\n \r\n87,089.88 \r\n \r\n2,871,272.31 1,413,928.00 \r\n338,441.63 155,238.30 \r\n14,635.17 61,804.17 3,333,046.47 25,902,740.12 \r\n \r\n$ \r\n \r\n37,970,741.44 \r\n \r\n$ \r\n \r\n7,326.37 \r\n \r\n2,045,117.70 \r\n \r\n1,303.10 \r\n \r\n239,908.68 \r\n \r\n$ \r\n \r\n2,293,655.85 \r\n \r\n$ \r\n \r\n29,235,786.59 \r\n \r\n687,213.84 1,380,571.98 \r\n3,777.78 4,369,735.40 \r\n \r\n$ \r\n \r\n35,677,085.59 \r\n \r\n$ \r\n \r\n37,970,741.44 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 1 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2012 \r\n \r\nGOVERNMENTAL ACTIVITIES \r\nInstruction Support Services \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Community Services Food Services \r\nTotal Governmental Activities \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nTotal General Revenues \r\nChange in Net Assets \r\nNet Assets - Beginning of Year \r\nNet Assets - End of Year \r\n \r\nEXPENSES \r\n \r\nCHARGES FOR SERVICES \r\n \r\n$ \r\n \r\n12,866,775.01 $ \r\n \r\n1,037,620.69 508,407.68 428,624.23 274,239.02 \r\n1,161,566.75 203,131.62 \r\n1,702,945.11 658,798.39 360.00 73,366.39 \r\n \r\n138,881.41 181,295.02 1,401,211.48 \r\n \r\n$ \r\n \r\n20,637,222.80 $ \r\n \r\n118,720.19 \r\n45,283.08 \r\n121,514.24 138,827.00 262,187.86 686,532.37 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 2 - \r\n \r\n EXHIBIT \"B\" \r\n \r\nPROGRAM REVENUES OPERATING GRANTS AND \r\nCONTRIBUTIONS \r\n \r\nCAPITAL GRANTS AND CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET ASSETS \r\n \r\n$ \r\n \r\n8,927,354.49 \r\n \r\n142,946.13 329,994.35 320,981.76 476,777.39 727,108.13 \r\n21,333.64 798,722.80 261,065.36 $ \r\n \r\n9,123.99 \r\n \r\n23,031.52 1,129,948.13 \r\n \r\n$ \r\n \r\n13,168,387.69 $ \r\n \r\n$ 76,292.00 76,292.00 $ \r\n \r\n-3,820,700.33 \r\n-894,674.56 -178,413.33 -107,642.47 202,538.37 -434,458.62 -181,797.98 -858,939.23 -321,441.03 \r\n-360.00 -64,242.40 \r\n-17,367.17 -19,436.50 \r\n-9,075.49 \r\n-6,706,010.74 \r\n \r\n$ \r\n \r\n4,153,170.26 \r\n \r\n2,272,573.74 606,761.00 26,160.64 754,102.15 \r\n \r\n$ \r\n \r\n7,812,767.79 \r\n \r\n$ \r\n \r\n1,106,757.05 \r\n \r\n34,570,328.54 \r\n \r\n$ \r\n \r\n35,677,085.59 \r\n \r\n- 3 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30,N 2012 \r\n \r\nEXHIBIT \"C\" \r\n \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Local Other Inventories \r\nTotal Assets \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 2,370,487.38 $ 1,422,058.01 $ 87,089.88 \r\n \r\n2,672,849.66 1,413,928.00 \r\n338,441.63 155,238.30 \r\n14,635.17 61,804.17 \r\n \r\n198,422.65 \r\n \r\n3,792,545.39 87,089.88 \r\n2,871,272.31 1,413,928.00 \r\n338,441.63 155,238.30 \r\n14,635.17 61,804.17 \r\n \r\n$ 7,114,474.19 $ 1,620,480.66 $ \r\n \r\n8,734,954.85 \r\n \r\nLIABILITIES AND FUND BALANCES \r\nLIABILITIES \r\nAccounts Payable Salaries and Benefits Payable Payroll Withholdings Payable Retainages Payable Deposits and Deferred Revenue \r\nTotal Liabilities \r\nFUND BALANCES \r\nNonspendable Restricted Unassigned \r\nTotal Fund Balances \r\nTotal Liabilities and Fund Balances \r\n \r\n$ \r\n \r\n7,326.37 \r\n \r\n2,045,117.70 \r\n \r\n1,303.10 \r\n \r\n$ \r\n \r\n1,817,999.76 \r\n \r\n$ 3,871,746.93 $ \r\n \r\n$ 239,908.68 239,908.68 $ \r\n \r\n7,326.37 2,045,117.70 \r\n1,303.10 239,908.68 1,817,999.76 \r\n4,111,655.61 \r\n \r\n$ \r\n \r\n61,804.17 \r\n \r\n$ \r\n \r\n629,187.45 $ 1,380,571.98 \r\n \r\n2,551,735.64 \r\n \r\n$ 3,242,727.26 $ 1,380,571.98 $ \r\n \r\n61,804.17 2,009,759.43 2,551,735.64 \r\n4,623,299.24 \r\n \r\n$ 7,114,474.19 $ 1,620,480.66 $ \r\n \r\n8,734,954.85 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 4 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET ASSETS JUNE 30, 2012 \r\n \r\nEXHIBIT \"D\" \r\n \r\nTotal Fund Balances - Governmental Funds (Exhibit \"C\") \r\nAmounts reported for Governmental Activities in the Statement of Net Assets are different because: \r\nCapital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: \r\nLand Construction in Progress Land Improvements Buildings Equipment Accumulated Depreciation \r\nTotal Capital Assets \r\nProperty Taxes that are not available to pay for current period expenditures are deferred in the funds. \r\n \r\n$ 4,623,299.24 \r\n \r\n$ \r\n \r\n722,804.05 \r\n \r\n2,610,242.42 \r\n \r\n2,682,771.65 \r\n \r\n29,683,565.28 \r\n \r\n1,618,625.98 \r\n \r\n-8,082,222.79 \r\n \r\n29,235,786.59 \r\n \r\n1,817,999.76 \r\n \r\nNet Assets of Governmental Activities (Exhibit \"A\") \r\n \r\n$ 35,677,085.59 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 5 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2012 \r\n \r\nEXHIBIT \"E\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation \r\nCapital Outlay \r\nTotal Expenditures \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nFund Balances - Ending \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 4,693,266.90 \r\n \r\n$ \r\n \r\n$ 2,272,573.74 \r\n \r\n11,191,258.47 \r\n \r\n2,660,182.22 \r\n \r\n686,532.37 \r\n \r\n20,419.13 \r\n \r\n5,741.51 \r\n \r\n754,102.15 \r\n \r\n4,693,266.90 2,272,573.74 11,191,258.47 2,660,182.22 \r\n686,532.37 26,160.64 \r\n754,102.15 \r\n \r\n$ 20,005,761.24 $ 2,278,315.25 $ 22,284,076.49 \r\n \r\n$ 12,193,210.55 \r\n \r\n$ 12,193,210.55 \r\n \r\n993,155.70 508,407.68 409,528.17 269,667.58 1,144,969.50 202,493.06 1,695,918.56 658,138.02 \r\n360.00 73,366.39 55,762.47 181,295.02 1,360,475.84 \r\n$ 2,808,476.10 \r\n \r\n993,155.70 508,407.68 409,528.17 269,667.58 1,144,969.50 202,493.06 1,695,918.56 658,138.02 \r\n360.00 73,366.39 55,762.47 181,295.02 1,360,475.84 2,808,476.10 \r\n \r\n$ 19,746,748.54 $ 2,808,476.10 $ 22,555,224.64 \r\n \r\n$ 259,012.70 $ -530,160.85 $ \r\n \r\n-271,148.15 \r\n \r\n2,983,714.56 1,910,732.83 \r\n \r\n4,894,447.39 \r\n \r\n$ 3,242,727.26 $ 1,380,571.98 $ 4,623,299.24 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 6 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2012 \r\n \r\nEXHIBIT \"F\" \r\n \r\nTotal Net Change in Fund Balances - Governmental Funds (Exhibit \"E\") \r\nAmounts reported for Governmental Activities in the Statement of Activities are different because: \r\nCapital Outlays are reported as expenditures in Governmental Funds. However, in the Statement of Activities, the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are: \r\nCapital Outlay Depreciation Expense \r\nExcess of Capital Outlay over Depreciation Expense \r\nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \r\nChange in Net Assets of Governmental Activities (Exhibit \"B\") \r\n \r\n$ -271,148.15 \r\n \r\n$ 2,568,567.42 -650,565.58 \r\n \r\n1,918,001.84 \r\n \r\n-540,096.64 \r\n \r\n$ 1,106,757.05 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 7 - \r\n \r\n ASSETS \r\nCash and Cash Equivalents Investments \r\n \r\nCITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF FIDUCIARY NET ASSETS FIDUCIARY FUNDS JUNE 30, 2012 \r\nPRIVATE PURPOSE TRUSTS \r\n \r\nEXHIBIT \"G\" \r\nAGENCY FUNDS \r\n \r\n$ \r\n \r\n1,072.87 $ \r\n \r\n55,394.39 \r\n \r\n165.10 \r\n \r\nTotal Assets \r\n \r\n$ \r\n \r\n1,237.97 $ \r\n \r\n55,394.39 \r\n \r\nLIABILITIES Funds Held for Others \r\nNET ASSETS Held in Trust for Private Purposes \r\n \r\n$ \r\n \r\n55,394.39 \r\n \r\n$ \r\n \r\n1,237.97 \r\n \r\nTotal Liabilities and Net Assets \r\n \r\n$ \r\n \r\n1,237.97 $ \r\n \r\n55,394.39 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 8 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS FIDUCIARY FUNDS YEAR ENDED JUNE 30, 2012 \r\nADDITIONS Investment Earnings Net Increase (Decrease) in Fair Value of Investments Dividends Total Additions \r\nDEDUCTIONS None Reported Change in Net Assets \r\nNet Assets - Beginning \r\nNet Assets - Ending \r\n \r\nEXHIBIT \"H\" \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\n$ \r\n \r\n-354.90 \r\n \r\n0.52 \r\n \r\n$ \r\n \r\n-354.38 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n-354.38 \r\n \r\n1,592.35 \r\n \r\n$ \r\n \r\n1,237.97 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 9 - \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2012 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nREPORTING ENTITY \r\nThe City of Vidalia Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF PRESENTATION \r\nThe School District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and notes to the basic financial statements of the City of Vidalia Board of Education. \r\nDistrict-wide Statements: The Statement of Net Assets and the Statement of Activities display information about the financial activities of the overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \r\nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\n Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\n Program revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFund Financial Statements: The fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\nThe School District reports the following major governmental funds: \r\n General Fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \r\n District-wide Capital Projects Fund accounts for and reports financial resources including Special Purpose Local Option Sales Tax (SPLOST) that are restricted, committed or assigned to the expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital assets. \r\nThe School District reports the following fiduciary fund types: \r\n Private Purpose Trust fund reports a trust arrangement under which income may be expended to provide College scholarships to City of Vidalia High School Seniors. \r\n \r\n- 11 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2012 \r\n \r\nEXHIBIT \"I\" \r\n \r\n Agency funds account for assets held by the School District as an agent for various funds, governments, or individuals. \r\nBASIS OF ACCOUNTING \r\nThe basis of accounting determines when transactions are reported on the financial statements. The District-wide governmental and fiduciary financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \r\nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \r\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 all revenues reported in the governmental funds to be available if they are collected within sixty 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. Capital asset acquisitions are reported as expenditures in governmental funds. \r\nThe School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\nCASH AND CASH EQUIVALENTS \r\nComposition of Deposits Cash and cash equivalents consist of cash on hand, demand deposits 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 Section 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \r\nINVESTMENTS \r\nComposition of Investments Investments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interestearning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n \r\n- 12 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2012 \r\n \r\nEXHIBIT \"I\" \r\n \r\n1. Obligations issued by the State of Georgia or by other states, \r\n \r\n2. Obligations issued by the United States government, \r\n \r\n3. Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n \r\n4. Obligations of any corporation of the United States government, \r\n \r\n5. Prime banker's acceptances, \r\n \r\n6. The Georgia Fund 1 administered by the State of Georgia, Office of the State Treasurer, \r\n \r\n7. Repurchase agreements, and \r\n \r\n8. Obligations of other political subdivisions of the State of Georgia. \r\n \r\nThe School District does not have a formal policy regarding investment policies that address custodial credit risks. \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\nPROPERTY TAXES \r\n \r\nThe City of Vidalia fixed the property tax levy for the 2011 tax digest year (calendar year) on October 20, 2011 (levy date). Taxes were due on December 20, 2011 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2011 tax digest are reported as revenue in the governmental funds for fiscal year 2012. The Vidalia City Clerk bills and collects the property taxes for the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2012, for maintenance and operations amounted to $4,693,266.90. \r\n \r\nThe Tax millage rate levied for the 2011 tax year (calendar year) for the City of Vidalia Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n1 5 .0 0 m ills \r\n \r\nSALES TAXES \r\nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $2,272,573.74 and is to be used for capital outlay for educational purposes. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\nINVENTORIES \r\nFood Inventories On 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 (first-in, first-out). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \r\n \r\n- 13 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2012 \r\n \r\nEXHIBIT \"I\" \r\n \r\nCAPITAL ASSETS \r\n \r\nCapital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time of purchase (including ancillary charges). On the District-wide financial statements, all purchased capital assets are valued 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 estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. 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. Depreciation is computed using the straight-line method. The School District does not capitalize book collections or works of art. During the fiscal year under review, no events or changes in circumstances affecting a capital asset that may indicate impairment were known to the School District. \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the District-wide statements are as follows: \r\n \r\nC a p ita liz a tio n Policy \r\n \r\nEstim ated Useful Life \r\n \r\nLand \r\n \r\nLand Im provem ents \r\n \r\n$ \r\n \r\nBuildings and Im provem ents $ \r\n \r\nEquipm ent \r\n \r\n$ \r\n \r\nIntangible Assets \r\n \r\n$ \r\n \r\nAll 1 0 ,0 0 0 .0 0 1 0 ,0 0 0 .0 0 1 0 ,0 0 0 .0 0 1 0 0 ,0 0 0 .0 0 \r\n \r\nN/A 60 years \r\n25 to 60 years 10 to 15 years \r\n10 years \r\n \r\nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives, with the exception of intangible assets which are amortized. \r\nAmortization of intangible assets such as water, timber, and mineral rights, easements, patents, trademarks, copyrights and internally generated software is computed using the straight-line method over the estimated useful lives of the assets, for 10 years. \r\nNET ASSETS \r\nThe School District's net assets in the District-wide Statements are classified as follows: \r\nInvested in capital assets - This represents the School District's total investment in capital assets. \r\nRestricted net assets - These represent resources for which the School District is legally or contractually obligated to spend resources for bus replacement, continuation of Federal Programs, continuation of State program and capital projects in accordance with restrictions imposed by external third parties. \r\nUnrestricted net assets - Unrestricted net assets represent resources derived from property taxes, grants and contributions not restricted to specific programs, charges for services, and miscellaneous revenues. These resources are used for transactions relating to the educational and general operations of the School District, and may be used at the discretion of the Board to meet current expenses for those purposes. \r\nFUND BALANCES \r\nThe School District's fund balances are classified as follows: \r\nNonspendable  Amounts that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \r\nRestricted  Constraints are placed on the use of resources are either (1) externally imposed conditions by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \r\n- 14 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2012 \r\n \r\nEXHIBIT \"I\" \r\n \r\nCommitted  Amounts that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board of Education. The Board of Education is the School District's highest level of decision-making authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \r\nAssigned  Amounts that are 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 of Education or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \r\n \r\nUnassigned  The residual classification for the General Fund. This classification represents fund balances that has not been assigned to other funds and that has not been restricted, committed, or assigned to specific purposes within the General Fund. \r\n \r\nFund Balances of the Governmental Funds at June 30, 2012, are as follows: \r\n \r\nN o nspe nda ble In v e n to rie s \r\nRestricted Bus Replacem ent Continuation of Federal Program s Capital Projects Continuation of State Program \r\nUnassigned \r\n \r\n$ \r\n \r\n6 1 ,8 0 4 .1 7 \r\n \r\n$ \r\n \r\n7 2 5 .0 0 \r\n \r\n6 2 5 ,4 0 9 .6 7 \r\n \r\n1 ,3 8 0 ,5 7 1 .9 8 \r\n \r\n3 ,0 5 2 .7 8 \r\n \r\n2 ,0 0 9 ,7 5 9 .4 3 2 ,5 5 1 ,7 3 5 .6 4 \r\n \r\nFund Balance, June 30, 2012 \r\n \r\n$ 4,623,299.24 \r\n \r\nIt is the goal of the School District to achieve and maintain a committed, assigned, and unassigned fund balance in the general fund at fiscal year end of not less than 1% of expenditures, not to exceed 15% of the total budget of the subsequent fiscal year, in compliance with Official Code of Georgia Annotated Section 20-2-167(a)5. If the unassigned fund balance at fiscal year end falls below the goal, the School District shall develop a restoration plan to achieve and maintain the minimum fund balance. \r\nWhen multiple categories of fund balance are available for expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \r\nUSE OF ESTIMATES \r\nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \r\nNOTE 3: BUDGETARY DATA \r\nThe budget is a complete financial plan for the School District's fiscal year, and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general, special revenue, and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate function level. The budget for the General Fund was prepared in accordance with accounting principles generally accepted in the United States of America. \r\n \r\n- 15 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2012 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of Official Code of Georgia Annotated section 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nThe Superintendent is authorized by the Board to approve adjustments for expenditures in any budget function for any fund. \r\nSee Schedule 1  General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual for a detail of any over/under expenditures during the fiscal year under review. \r\nNOTE 4: DEPOSITS AND INVESTMENTS \r\nCOLLATERALIZATION OF DEPOSITS \r\nOfficial Code of Georgia Annotated (O.C.G.A.) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by 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 percent 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. Section 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 percent of the daily pool balance. \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n1. Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n2. Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n3. Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n4. Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n5. Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n6. Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n7. Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n \r\n- 16 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2012 \r\n \r\nEXHIBIT \"I\" \r\n \r\nCATEGORIZATION OF DEPOSITS \r\n \r\nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2012, the bank balances were $5,578,838.62. The bank balances were entirely covered by Federal depository insurance or collateralized with securities held by the pledging financial institution in the School District's name. \r\nCATEGORIZATION OF INVESTMENTS \r\nCustodial Credit Risk Custodial 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 for investments. \r\n \r\nAt June 30, 2012, the fair value of the School District's total investments was $165.10 and this entire amount consisted of common stock which was insured or registered or securities held by the School District or the School District's agent in the School District's name. \r\nNOTE 5: NON-MONETARY TRANSACTIONS \r\n \r\nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \r\nNOTE 6: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the Capital Assets during the fiscal year: \r\n \r\nBalances July 1, 2011 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2012 \r\n \r\nGovernmental Activities Capital Assets, Not B eing Depreciated: \r\nLand Construction Work In Progress \r\n \r\n$ \r\n \r\n722,804.05 \r\n \r\n$ \r\n \r\n41,675.00 $ 2,568,567.42 \r\n \r\n0.00 $ 722,804.05 2,610,242.42 \r\n \r\nTotal Capital Assets, Not B eing Depreciated \r\n \r\n$ \r\n \r\n764,479.05 $ 2,568,567.42 $ \r\n \r\n0.00 $ 3,333,046.47 \r\n \r\nCapital Assets, B eing Depreciated: B uildings and Improvements Equipment Land Improvements \r\nLess: Accumulated Depreciation: B uildings and Improvements Equipment Land Improvements \r\n \r\n$ 29,683,565.28 \r\n \r\n$ \r\n \r\n1,618,625.98 \r\n \r\n2,682,771.65 \r\n \r\n5,890,291.26 $ 1,112,216.61 \r\n429,149.34 \r\n \r\n508,871.36 96,981.35 44,712.87 \r\n \r\n0.00 $ 29,683,565.28 1,618,625.98 2,682,771.65 \r\n6,399,162.62 1,209,197.96 \r\n473,862.21 \r\n \r\nTotal Capital Assets, Being Depreciated, Net \r\n \r\n$ 26,553,305.70 $ -650,565.58 $ \r\n \r\n0.00 $ 25,902,740.12 \r\n \r\nGovernmental Activity Capital Assets - Net \r\n \r\n$ 27,317,784.75 $ 1,918,001.84 $ \r\n \r\n0.00 $ 29,235,786.59 \r\n \r\n- 17 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2012 \r\n \r\nEXHIBIT \"I\" \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction \r\n \r\nSupport Services \r\n \r\nPupil Services \r\n \r\n$ \r\n \r\nImprovement of Instructional Services \r\n \r\nEducational Media Services \r\n \r\nGeneral Administration \r\n \r\nSchool Administration \r\n \r\nBusiness Administration \r\n \r\nMaintenance and Operation of Plant \r\n \r\nStudent Transportation Services \r\n \r\nCommunity Services \r\n \r\nFood Services \r\n \r\n$ \r\n3 8 ,3 2 3 .4 6 \r\n1 6 ,4 5 8 .5 0 3 ,9 4 0 .0 3 \r\n1 4 ,3 0 4 .8 3 5 5 0 .3 6 \r\n6 ,0 5 6 .0 4 8 9 ,9 8 5 .7 0 7 1 ,6 3 8 .5 0 \r\n \r\n$ \r\n \r\n3 7 3 ,7 5 8 .9 6 \r\n2 4 1 ,2 5 7 .4 2 3 5 ,5 4 9 .2 0 \r\n6 5 0 ,5 6 5 .5 8 \r\n \r\nNOTE 7: RISK MANAGEMENT \r\n \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \r\n \r\nThe School District has obtained commercial insurance for risk of loss associated with torts, assets and errors or omissions. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any of the past three years. \r\n \r\nThe School District has elected to self-insure for all losses related to acts of God. The School District has not experienced any losses related to this risk in the past three years. \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the same fund that the employee's salary and benefits were paid. Claims are accounted for with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability \r\n \r\nClaim s and Changes in Estim ates \r\n \r\nClaim s Paid \r\n \r\nEnd of Year Liability \r\n \r\n2011 \r\n \r\n$ \r\n \r\n2012 \r\n \r\n$ \r\n \r\n0.00 $ 1 ,5 9 3 .5 5 $ \r\n \r\n11,916.52 $ 2,508.65 $ \r\n \r\n10,322.97 $ 4,102.20 $ \r\n \r\n1 ,5 9 3 .5 5 0 .0 0 \r\n \r\nThe School District participates in the Georgia Education Workers' Compensation 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 worker's 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 million loss per occurrence, up to the statutory limit. Employers' Liability insurance coverage is also provided with limits of $2 million. The Trust covers the first $1 million of each Employers liability claim with Safety National providing additional Employers Liability limits up to a $2 million per occurrence maximum. Safety National Casualty Company also provides aggregate cover to the Trust with a loss fund percentage of 100%, based on the Fund's annual normal premium, up to a maximum limit of indemnity of aggregate limit of $2 million. \r\n- 18 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2012 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Board Treasurer Board Vice Treasurer All Em ployees \r\n \r\n$ \r\n \r\n5 0 ,0 0 0 .0 0 \r\n \r\n$ \r\n \r\n5 0 ,0 0 0 .0 0 \r\n \r\n$ \r\n \r\n5 0 ,0 0 0 .0 0 \r\n \r\n$ \r\n \r\n1 0 0 ,0 0 0 .0 0 \r\n \r\nNOTE 8: ON-BEHALF PAYMENTS \r\nThe School District has recognized revenues and costs in the amount of $1,550,549.31 for health insurance and retirement contributions paid on the School District's behalf by the following State Agencies. \r\nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance of Certificated Personnel In the amount of $1,520,221.00 \r\n \r\nPaid to the Teachers' Retirement System of Georgia For Teachers' Retirement System (TRS) Employer's Cost In the amount of $10,757.31 \r\n \r\nOffice of the State Treasurer Paid to the Public School Employees' Retirement System For Public School Employees' Retirement (PSERS) Employer's Cost In the amount of $19,571.00 \r\n \r\nNOTE 9: SIGNIFICANT COMMITMENTS \r\n \r\nThe following is an analysis of significant outstanding construction or renovation contracts executed by the School District as of June 30, 2012: \r\n \r\nPro je c t \r\n \r\nUnearned Executed C o ntra cts \r\n \r\nJ.D. Dickerson Prim ary School Renovations J.R. Trippe M iddle School Fieldhouse \r\n \r\n$ \r\n \r\n2 ,5 1 8 ,7 9 1 .8 6 \r\n \r\n8 0 7 ,8 8 8 .5 0 \r\n \r\n$ \r\n \r\n3 ,3 2 6 ,6 8 0 .3 6 \r\n \r\nThe amounts described in this note are not reflected in the basic financial statements. \r\nNOTE 10: SIGNIFICANT CONTINGENT LIABILITIES \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine School District operations. The ultimate disposition of these proceedings is not presently determinable, but is not believed to be material to the basic financial statements. \r\n \r\n- 19 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2012 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 11: POST-EMPLOYMENT BENEFITS \r\nGEORGIA SCHOOL PERSONNEL POST-EMPLOYMENT HEALTH BENEFIT FUND \r\nPlan Description. The Georgia School Personnel Post-employment Health Benefit Fund (School OPEB Fund) is a cost-sharing multiple-employer defined benefit post-employment healthcare plan that covers eligible former employees of public school systems, libraries and regional educational service agencies. The School OPEB Fund provides health insurance benefits to eligible former employees and their qualified beneficiaries through the State Employees Health Benefit Plan administered by the Department of Community Health. The Official Code of Georgia Annotated (O.C.G.A.) assigns the authority to establish and amend the benefit provisions of the group health plans, including benefits for retirees, to the Board of Community Health (Board). The Department of Community Health, which includes the School OPEB Fund, issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\nFunding Policy. The contribution requirements of plan members and participating employers are established by the Board in accordance with the current Appropriations Act and may be amended by the Board. Contributions of plan members or beneficiaries receiving benefits vary based on plan election, dependent coverage, and Medicare eligibility and election. For members with fewer than five years of service as of January 1, 2012, contributions also vary based on years of service. On average, members with five years or more of service as of January 1, 2012, pay approximately 25 percent of the cost of the health insurance coverage. In accordance with the Board resolution dated December 8, 2011, for members with fewer than five years of service as of January 1, 2012, the State provides a premium subsidy in retirement that ranges from 0% for fewer than 10 years of service to 75% (but no greater than the subsidy percentage offered to active employees) for 30 or more years of service. The subsidy for eligible dependents ranges from 0% to 55% (but no greater than the subsidy percentage offered to dependents of active employees minus 20%). No subsidy is available to Medicare eligible members not enrolled in a Medicare Advantage Option. The Board of Community Health sets all member premiums by resolution and in accordance with the law and applicable revenue and expense projections. Any subsidy policy adopted by the Board may be changed at any time by Board resolution and does not constitute a contract or promise of any amount of subsidy. \r\nParticipating employers are statutorily required to contribute in accordance with the employer contribution rates established by the Board. The contribution rates are established to fund all benefits due under the health insurance plans for both active and retired employees based on projected \"pay-as-you-go\" financing requirements. Contributions are not based on the actuarially calculated annual required contribution (ARC) which represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. \r\n \r\n- 20 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2012 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe combined active and retiree contribution rates established by the Board for employers participating in the School OPEB Fund were as follows for the fiscal year ended June 30, 2012: \r\nFor certificated teachers, librarians and regional educational service agencies and certain other eligible participants: \r\n \r\nJune 2011 July 2011 August 2011 - March 2012 April 2012 - June 2012 \r\n \r\n1.429% of covered payroll for July coverage 18.534% of covered payroll for August coverage 24.000% of covered payroll for September - April coverage \r\n3.958% of covered payroll for May - July coverage \r\n \r\nFor non-certificated school personnel: \r\n \r\nJuly 2011 - August 2011 \r\n \r\n$246.20 per member per month \r\n \r\nSeptember 2011 - June 2012 $296.20 per member per month \r\n \r\nNo additional contribution was required by the Board for fiscal year 2012 nor contributed to the School OPEB Fund to prefund retiree benefits. Such additional contribution amounts are determined annually by the Board in accordance with the School plan for other post-employment benefits and are subject to appropriation. \r\n \r\nThe School District's combined active and retiree contributions to the health insurance plans, which equaled the required contribution, for the current fiscal year and the preceding two fiscal years were as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage C o ntribute d \r\n \r\nRequired C o n trib u tio n \r\n \r\n2012 2011 2010 \r\n \r\n100% 100% 100% \r\n \r\n$ \r\n \r\n1 ,9 8 8,6 3 8.6 5 \r\n \r\n$ \r\n \r\n1 ,9 1 6,6 8 1.4 6 \r\n \r\n$ \r\n \r\n1 ,8 3 5,3 2 4.4 8 \r\n \r\nNOTE 12: RETIREMENT PLANS \r\nTEACHERS' RETIREMENT SYSTEM OF GEORGIA (TRS) \r\nPlan Description. The TRS is a cost-sharing multiple-employer defined benefit plan created in 1943 by an act of the Georgia General Assembly to provide retirement benefits for qualifying employees in educational service. A Board of Trustees comprised of active and retired members and ex-officio State employees is ultimately responsible for the administration of TRS. The Teachers' Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\nOn October 25, 1996, the Board created the Supplemental Retirement Benefits Plan of the Georgia Teachers' Retirement System (SRBP-TRS). SRBP-TRS was established as a qualified excess benefit plan in accordance with Section 415 of the Internal Revenue Code (IRC) as a portion of TRS. The purpose of SRBP-TRS is to provide retirement benefits to employees covered by TRS whose benefits are otherwise limited by IRC Section 415. Beginning July 1, 1997, all members and retired former members in TRS are eligible to participate in the SRBP-TRS whenever their benefits under TRS exceed the IRC Section 415 imposed limitation on benefits. \r\nTRS provides service retirement, disability retirement, and survivor's benefits. The benefit structure of TRS is defined and may be amended by State statute. A member 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. A member is eligible for early retirement after 25 years of creditable service. \r\n \r\n- 21 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2012 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNormal retirement (pension) benefits paid to members are equal to 2% of the average of the member's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. Early retirement benefits are reduced by the lesser of one-twelfth of 7% for each month the member is below age 60 or by 7% for each year or fraction thereof by which the member has less than 30 years of service. It is also assumed that certain cost-of-living adjustments, based on the Consumer Price Index, will be made in future years. Retirement benefits are payable monthly for life. A member may elect to receive a partial lump-sum distribution in addition to a reduced monthly retirement benefit. Death, disability and spousal benefits are also available. \r\nFunding Policy. TRS is funded by member and employer contributions as adopted and amended by the Board of Trustees. Members become fully vested after 10 years of service. If a member terminates with less than 10 years of service, no vesting of employer contributions occurs, but the member's contributions may be refunded with interest. Member contributions are limited by State law to not less than 5% or more than 6% of a member's earnable compensation. Member contributions as adopted by the Board of Trustees for the fiscal year ended June 30, 2012, were 5.53% of annual salary. The member contribution rate will increase to 6.00% effective July 1, 2012. Employer contributions required for fiscal year 2012 were 10.28% of annual salary as required by the June 30, 2009, actuarial valuation. The employer contribution rate will increase to 11.41% effective July 1, 2012. \r\n \r\nEmployer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage C o ntribute d \r\n \r\nRequired C o n trib u tio n \r\n \r\n2012 2011 2010 \r\n \r\n100% 100% 100% \r\n \r\n$ \r\n \r\n1 ,1 2 6,9 6 1.7 5 \r\n \r\n$ \r\n \r\n1 ,1 3 6,3 8 5.6 7 \r\n \r\n$ \r\n \r\n1 ,1 4 0,0 6 5.5 4 \r\n \r\nPUBLIC SCHOOL EMPLOYEES' RETIREMENT SYSTEM (PSERS) \r\nBus drivers, lunchroom personnel, and maintenance and custodial personnel are members of the Public School Employees' Retirement System of Georgia. The System is funded by contributions by the employees and by the State of Georgia. The School District makes no contribution to this plan. \r\nDEFINED CONTRIBUTION PLAN \r\nIn 1999, City of Vidalia Board of Education began an employer paid 403(b) annuity plan for the group of employees covered under the Public School Employees' Retirement System (PSERS). Recognizing that PSERS was a limited defined contribution and defined benefit plan which did not provide for an adequate retirement for this group of employees, it was the Board's desire to supplement the retirement of this group. \r\nThe Board selected VALIC as the provider of this plan. For each employee covered under PSERS, the Board began contributing to the plan an amount equal to a 50% match of employee contribution up to 3 percent of the employee's base pay. \r\nThe employee becomes vested in the plan with 5 years of experience. Employees who had already achieved 5 years of experience at the time the plan was implemented were vested upon enrollment. \r\nFunds accumulated in the employer paid accounts are only available to the employee upon termination of employment and 5 years of service to City of Vidalia Board of Education. If an employee terminates employment prior to achieving 5 years of service, funds paid on behalf of the non-vested employee are credited back to the Board. \r\n \r\n- 22 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2012 \r\n \r\nEXHIBIT \"I\" \r\n \r\nEmployer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage C o ntribute d \r\n \r\nRequired C o n trib u tio n \r\n \r\n2012 2011 2010 \r\n \r\n100% 100% 100% \r\n \r\n$ \r\n \r\n5 ,7 3 5 .5 2 \r\n \r\n$ \r\n \r\n5 ,3 8 6 .8 9 \r\n \r\n$ \r\n \r\n5 ,3 6 2 .8 8 \r\n \r\n- 23 - \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2012 \r\n \r\nSCHEDULE \"1\" \r\n \r\nREVENUES \r\nProperty Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Operations Food Services Operation \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nOperating Transfers From Other Funds Operating Transfers To Other Funds \r\nTotal Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nAdjustments \r\nFund Balances - Ending \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL \r\n \r\nFINAL \r\n \r\nACTUAL AMOUNTS \r\n \r\nVARIANCE OVER/UNDER \r\n \r\n$ 4,166,059.35 $ 4,166,059.35 $ 4,693,266.90 $ 527,207.55 \r\n \r\n10,861,333.00 10,861,333.00 11,191,258.47 \r\n \r\n329,925.47 \r\n \r\n2,418,486.00 \r\n \r\n2,590,352.00 \r\n \r\n2,660,182.22 \r\n \r\n69,830.22 \r\n \r\n872,250.00 \r\n \r\n872,250.00 \r\n \r\n686,532.37 \r\n \r\n-185,717.63 \r\n \r\n40,175.00 \r\n \r\n40,175.00 \r\n \r\n20,419.13 \r\n \r\n-19,755.87 \r\n \r\n524,500.00 \r\n \r\n850,295.00 \r\n \r\n754,102.15 \r\n \r\n-96,192.85 \r\n \r\n$ 18,882,803.35 $ 19,380,464.35 $ 20,005,761.24 $ 625,296.89 \r\n \r\n$ 11,991,699.39 $ 12,460,618.16 $ 12,193,210.55 $ 267,407.61 \r\n \r\n998,730.27 498,844.00 379,578.49 258,476.67 1,096,516.35 205,988.99 1,775,030.29 519,880.98 \r\n91,519.85 52,250.00 214,750.00 1,465,345.00 \r\n \r\n991,418.34 529,798.54 379,578.49 240,138.88 1,099,202.35 205,988.99 1,802,802.29 526,042.32 \r\n90,887.85 52,250.00 214,750.00 1,465,345.00 \r\n \r\n993,155.70 508,407.68 409,528.17 269,667.58 1,144,969.50 202,493.06 1,695,918.56 658,138.02 \r\n360.00 73,366.39 55,762.47 181,295.02 1,360,475.84 \r\n \r\n-1,737.36 21,390.86 -29,949.68 -29,528.70 -45,767.15 \r\n3,495.93 106,883.73 -132,095.70 \r\n-360.00 17,521.46 -3,512.47 33,454.98 104,869.16 \r\n \r\n$ 19,548,610.28 $ 20,058,821.21 $ 19,746,748.54 $ 312,072.67 \r\n \r\n$ -665,806.93 $ -678,356.86 $ 259,012.70 $ 937,369.56 \r\n \r\n$ \r\n \r\n53,000.00 $ \r\n \r\n53,000.00 \r\n \r\n-53,000.00 \r\n \r\n-53,000.00 \r\n \r\n$ -53,000.00 53,000.00 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ -665,806.93 $ -678,356.86 $ 259,012.70 $ 937,369.56 \r\n \r\n2,983,714.56 \r\n \r\n2,983,714.56 \r\n \r\n2,983,714.56 \r\n \r\n0.00 \r\n \r\n10,721.98 \r\n \r\n-5,571.36 \r\n \r\n5,571.36 \r\n \r\n$ 2,328,629.61 $ 2,299,786.34 $ 3,242,727.26 $ 942,940.92 \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 25 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2012 \r\n \r\nSCHEDULE \"2\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program \r\nTotal U. S. Department of Agriculture \r\nEducation, U. S. Department of Education Technology State Grants Cluster Pass-Through From Georgia Department of Education ARRA - Education Technology State Grants \r\nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Preschool Grants \r\nTotal Special Education Cluster \r\nTitle I, Part A Cluster Pass-Through From Georgia Department of Education Title I Grants to Local Educational Agencies \r\nOther Programs Pass-Through From Georgia Department of Education ARRA - Race-to-the-Top Incentive Grants Career and Technical Education - Basic Grants to States Education Jobs Fund Improving Teacher Quality State Grants Rural Education \r\nTotal Other Programs \r\nTotal U. S. Department of Education \r\nDefense, U.S. Department of Direct Department of the Army R.O.T.C. Program \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n* 10.553 * 10.555 \r\n \r\nN/A \r\n \r\n(2) \r\n \r\nN/A \r\n \r\n$ \r\n \r\n1,324,503.84 (1) \r\n \r\n$ \r\n \r\n1,324,503.84 \r\n \r\n84.386 \r\n \r\nN/A \r\n \r\n$ \r\n \r\n17,255.38 \r\n \r\n84.027 84.173 \r\n \r\nN/A \r\n \r\n$ \r\n \r\nN/A \r\n \r\n$ \r\n \r\n468,429.89 11,166.00 \r\n479,595.89 \r\n \r\n84.010 \r\n \r\nN/A \r\n \r\n$ \r\n \r\n775,407.00 \r\n \r\n84.395 84.048 84.410 84.367 84.358 \r\n \r\nN/A \r\n \r\n$ \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\n1,461.75 28,528.00 \r\n5,628.00 169,461.00 \r\n58,670.00 \r\n \r\n$ \r\n \r\n263,748.75 \r\n \r\n$ \r\n \r\n1,536,007.02 \r\n \r\n$ \r\n \r\n47,414.90 \r\n \r\nTotal Expenditures of Federal Awards \r\nN/A = Not Available \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n(1) Includes the Federally assigned value of donated commodities for the Food Donation Program in the amount of $123,117.26. \r\n(2) Expenditures for the funds earned on the School Breakfast Program ($235,800.84) were not maintained separately and are included in the 2012 National School Lunch Program. \r\nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \r\nThe School District did not provide Federal Assistance to any Subrecipient. \r\nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the City of Vidalia Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\nSee notes to the basic financial statements. \r\n- 26 - \r\n \r\n$ \r\n \r\n2,907,925.76 \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2012 \r\nAGENCY/FUNDING \r\nGRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program \r\nEducation, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Amended Formula Adjustment Categorical Grants Pupil Transportation Regular Education Equalization Funding Grant Food Services Nursing Services State Health Reimbursement Other State Programs Dual Enrollment Math and Science Supplements Preschool Handicapped Program Pupil Transportation - State Bonds Special Project - QBE Equalization Teachers' Retirement Virtual Schools Grant Vocational Education Vocational Supervisors \r\nOffice of State Treasurer Public School Employees Retirement \r\n \r\nSCHEDULE \"3\" \r\n \r\nGOVERNMENTAL FUND TYPE GENERAL FUND \r\n \r\n$ \r\n \r\n534,216.95 \r\n \r\n705,330.00 108,401.00 1,671,589.00 305,756.00 856,142.00 149,079.00 1,420,413.00 1,234,531.00 355,498.00 901,957.00 \r\n36,512.00 102,782.00 112,658.00 241,162.00 \r\n76,820.00 47,748.00 \r\n370,619.00 510,776.00 635,015.00 -1,752,592.00 \r\n142,454.00 606,761.00 \r\n35,972.00 52,799.00 1,520,221.00 \r\n8,510.00 10,120.21 43,321.00 76,292.00 \r\n979.00 10,757.31 \r\n50.00 31,991.00 \r\n7,047.00 \r\n19,571.00 \r\n$ 11,191,258.47 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 27 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2012 \r\n \r\nSCHEDULE \"4\" \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT YEAR (3) \r\n \r\nAMOUNT EXPENDED IN PRIOR YEARS (3) \r\n \r\nTOTAL COMPLETION \r\nCOST \r\n \r\nEXCESS PROCEEDS NOT \r\nEXPENDED \r\n \r\nESTIMATED COMPLETION \r\nDATE \r\n \r\nPROJECT II (i)To purchase textbooks and additional instructional materials and equipment for all sites; \r\n \r\n$ 880,000.00 $ 880,000.00 \r\n \r\nDecember, 2014 \r\n \r\n(ii)To renovate J.D. Dickerson Primary School and complete Phase III renovations at Sally D. Meadows Elementary School; \r\n \r\n10,000,000.00 10,000,000.00 $ 2,343,886.55 $ 2,076,677.25 \r\n \r\nDecember, 2013 \r\n \r\n(iii)To expand technology usage and improve communication and safety capabilities to include but not be limited to the upgrade of electrical capacity at J.D. Dickerson Primary School, Sally D. Meadows Elementary School, and Vidalia Comprehensive High School, safety and security upgrades at all facilities, and technology upgrades system-wide; \r\n \r\n500,000.00 \r\n \r\n500,000.00 \r\n \r\nDecember, 2014 \r\n \r\n(iv)To acquire, improve, and maintain facilities for Vidalia Schools to include but not be limited to an athletic/physical training facility at J.R. Trippe Middle School; kitchen expansions at Vidalia Comprehensive High School and J. D. Dickerson Primary School, and maintain roofing warranties throughout the system; \r\n \r\n6,160,000.00 \r\n \r\n6,160,000.00 \r\n \r\n464,589.55 \r\n \r\n11,649.00 \r\n \r\nDecember, 2014 \r\n \r\n(v) To expand and maintain student transportation to include but not be limited to purchase of additional student regular transportation and activity vehicles. \r\n \r\n700,000.00 \r\n \r\n700,000.00 \r\n \r\nDecember, 2014 \r\n \r\nPROJECT III (i)To purchase textbooks, furniture, additional instructional materials and equipment for all sites; \r\n \r\n1,100,000.00 \r\n \r\n1,100,000.00 \r\n \r\nDecember, 2019 \r\n \r\n(ii)To expand technology usage and improve communication \r\n \r\nand safety capabilities to include, but not be limited to, \r\n \r\nthe upgrade of electrical capacity at J.R. Trippe Middle School \r\n \r\nand Vidalia Comprehensive High School; safety and security \r\n \r\nupgrades at all facilities, and technology upgrades system- \r\n \r\nwide; \r\n \r\n1,065,000.00 \r\n \r\n1,065,000.00 \r\n \r\nDecember, 2019 \r\n \r\n(iii)To acquire, improve, and maintain facilities for Vidalia schools to include, but not be limited to, tempered HVAC at Vidalia Comprehensive High School and J.R. Trippe Middle School gyms; kitchen expansions at Vidalia Comprehensive High School; maintaining roofing warranties throughout the system; and \r\n \r\n11,725,000.00 \r\n \r\n11,725,000.00 \r\n \r\nDecember, 2019 \r\n \r\n(iv)to expand and maintain student transportation to include but not be limited to purchase of additional student regular transportation and activity vehicles. \r\n \r\n270,000.00 \r\n \r\n270,000.00 \r\n \r\nDecember, 2019 \r\n \r\n$ 32,400,000.00 $ 32,400,000.00 $ 2,808,476.10 $ 2,088,326.25 $ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n(2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. \r\n(3) The voters of Toombs County approved the imposition of a 1% sales tax to fund the above projects. Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 28 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \r\nALLOTMENTS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30, 2012 \r\n \r\nSCHEDULE \"5\" \r\n \r\nDESCRIPTION \r\nDirect Instructional Programs 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 Category I Category II Category III Category IV Gifted Student - Category VI Remedial Education Program Alternative Education Program \r\nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \r\nMedia Center Program Staff and Professional Development \r\nTOTAL QBE FORMULA FUNDS \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) (2) \r\n \r\nELIGIBLE QBE PROGRAM COSTS \r\n \r\nSALARIES \r\n \r\nOPERATIONS \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n822,382.00 $ 588,304.46 $ 22,613.53 $ 610,917.99 \r\n \r\n122,799.00 \r\n \r\n201,385.10 \r\n \r\n201,385.10 \r\n \r\n1,936,657.00 1,725,030.16 \r\n \r\n80,330.71 \r\n \r\n1,805,360.87 \r\n \r\n336,599.00 \r\n \r\n291,194.83 \r\n \r\n291,194.83 \r\n \r\n994,343.00 \r\n \r\n936,032.23 \r\n \r\n45,091.29 \r\n \r\n981,123.52 \r\n \r\n162,241.00 1,643,780.00 1,419,916.00 \r\n417,414.00 999,578.00 \r\n44,125.00 121,092.00 130,174.00 \r\n \r\n148,853.06 1,749,562.67 2,220,649.33 \r\n409,431.82 \r\n349,610.43 293,117.53 221,664.85 133,640.63 \r\n71,300.63 558.05 \r\n221,375.20 \r\n \r\n42,863.71 80,734.46 26,665.71 \r\n8,738.89 2,443.18 1,503.14 \r\n531.99 1,454.00 \r\n23,395.09 \r\n \r\n148,853.06 1,792,426.38 2,301,383.79 \r\n436,097.53 \r\n358,349.32 295,560.71 223,167.99 134,172.62 \r\n72,754.63 558.05 \r\n244,770.29 \r\n \r\n$ \r\n \r\n9,151,100.00 $ 9,561,710.98 $ 336,365.70 $ 9,898,076.68 \r\n \r\n278,239.00 55,010.00 \r\n \r\n344,381.02 6,064.84 \r\n \r\n51,956.33 9,153.94 \r\n \r\n396,337.35 15,218.78 \r\n \r\n$ \r\n \r\n9,484,349.00 $ 9,912,156.84 $ 397,475.97 $ 10,309,632.81 \r\n \r\n(1) Comprised of State Funds plus Local Five Mill Share. (2) Allotments do not include the impact of the State amended formula adjustment. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 29 - \r\n \r\n  SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n  Greg S. Griffin \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nJanuary 31, 2013 \r\n \r\nHonorable Nathan Deal, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of City of Vidalia Board of Education as of and for the year ended June 30, 2012, which collectively comprise City of Vidalia Board of Education's basic financial statements and have issued our report thereon dated January 31, 2013. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \r\nInternal Control Over Financial Reporting \r\nManagement of City of Vidalia Board of Education is responsible for establishing and maintaining effective internal control over financial reporting. In planning and performing our audit, we considered City of Vidalia Board of Education's internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City of Vidalia Board of Education's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the City of Vidalia Board of Education's internal control over financial reporting. \r\nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. \r\n \r\n2012YB-10 \r\n \r\n  Our consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over financial reporting that might be deficiencies, significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses, as defined above. \r\nCompliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether City of Vidalia Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nWe noted certain matters that we have reported to management of City of Vidalia Board of Education in a separate letter dated January 31, 2013. \r\nThis report is intended solely for the information and use of management, members of the City of Vidalia Board of Education, others within the entity, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n \r\nGSG:as 2012YB-10 \r\n \r\nGreg S. Griffin State Auditor \r\n \r\n  Greg S. Griffin \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nJanuary 31, 2013 \r\n \r\nHonorable Nathan Deal, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH REQUIREMENTS THAT COULD HAVE A DIRECT AND MATERIAL EFFECT ON EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 \r\nLadies and Gentlemen: \r\nCompliance \r\nWe have audited City of Vidalia Board of Education's compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement that could have a direct and material effect on each of its major Federal programs for the year ended June 30, 2012. City of Vidalia Board of Education's major Federal programs are identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts, and grants applicable to each of its major Federal programs is the responsibility of City of Vidalia Board of Education's management. Our responsibility is to express an opinion on City of Vidalia Board of Education's compliance based on our audit. \r\nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the City of Vidalia Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on City of Vidalia Board of Education's compliance with those requirements. \r\nIn our opinion, the City of Vidalia Board of Education 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, 2012. \r\n \r\n2012SA-10 \r\n \r\n  Internal Control Over Compliance \r\nManagement of City of Vidalia Board of Education is responsible for establishing and maintaining effective internal control over compliance with the requirements of laws, regulations, contracts, and grants applicable to Federal programs. In planning and performing our audit, we considered City of Vidalia Board of Education's internal control over compliance with the requirements that could have a direct and material effect on a major Federal program to determine the auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the City of Vidalia Board of Education's internal control over compliance. \r\nA deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a Federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a Federal program will not be prevented, or detected and corrected, on a timely basis. \r\nOur consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be deficiencies, significant deficiencies, or material weaknesses. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. \r\nThis report is intended solely for the information and use of management, members of the City of Vidalia Board of Education, others within the entity, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n \r\nGSG:as 2012SA-10 \r\n \r\nGreg S. Griffin State Auditor \r\n \r\n  SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n  CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2012 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER \r\n \r\nAUDITEE'S RESPONSE/STATUS \r\n \r\nSEE AUDITOR'S COMMENTS \r\n \r\nFS-7931-10-01 \r\n \r\nFurther Action Not Warranted \r\n \r\nFS-7931-11-01 \r\n \r\nFurther Action Not Warranted \r\n \r\n(1) \r\n \r\nAUDITOR'S COMMENTS \r\n \r\n(1) This deficiency was materially resolved in fiscal year 2012. The remaining unresolved discrepancies do not require reporting in the audit report in accordance with Statements on Auditing Standards (SAS) 122 or Governmental Auditing Standards (Yellow Book), will be communicated in a management letter. \r\n \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\n \r\nNo matters were reported. \r\n \r\n  SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n  CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2012 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\nFinancial Statements \r\n \r\nType of auditor's report issue: Governmental Activities; General Fund; Capital Projects Fund; Aggregate Remaining Fund Information \r\n \r\nUnqualified \r\n \r\nInternal control over financial reporting:  Material weakness identified?  Significant deficiency identified? \r\n \r\nNo None Reported \r\n \r\nNoncompliance material to financial statements noted: \r\n \r\nNo \r\n \r\nFederal Awards \r\n \r\nInternal Control over major programs:  Material weakness identified?  Significant deficiency identified? \r\n \r\nNo None Reported \r\n \r\nType of auditor's report issued on compliance for major programs: All major programs \r\n \r\nUnqualified \r\n \r\nAny audit findings disclosed that are required to be reported in \r\n \r\naccordance with OMB Circular A-133, Section 510(a)? \r\n \r\nNo \r\n \r\nIdentification of major programs: CFDA Numbers \r\n \r\nName of Federal Program or Cluster \r\n \r\n10.553, 10.555 \r\n \r\nChild Nutrition Cluster \r\n \r\nDollar threshold used to distinguish between Type A and Type B programs: \r\n \r\n$300,000.00 \r\n \r\nAuditee qualified as low-risk auditee? \r\n \r\nYes \r\n \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n \r\nIII FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be33-bv3-b2010-h2011-belec-p-btext","title":"City of Vidalia Board of Education, Toombs County, Georgia, annual financial report for the fiscal year ended June 30, 2011 (including independent auditor's reports)","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, Toombs County, Vidalia, 32.21769, -82.41346"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2011-06-30"],"dcterms_description":["Began with fiscal year ended June 30, 2009.","Report year covers fiscal year.","Fiscal year ended June 30, 2014 (Received via FTP from the Georgia Department of Audits and Accounts); title from PDF cover (Georgia Government Publications database, viewed August 24, 2023).","Fiscal year ended June 30, 2015 (received 6/27/16 via FTP from Georgia Dept. of Audits and Accounts); (Georgia Government Publications database, viewed August 24, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["City of Vidalia Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Vidalia--Auditing--Periodicals.","Education--Georgia--Vidalia--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Vidalia--fast--https://id.oclc.org/worldcat/entity/E39PBJyGV4M3vq3JgGDqHt9JjC","Georgia Government Documents--Serial"],"dcterms_title":["City of Vidalia Board of Education, Toombs County, Georgia, annual financial report for the fiscal year ended June 30, 2011 (including independent auditor's reports)"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be33-bv3-b2010-h2011-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be33-bv3-b2010-h2011-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":["Education--Auditing--fast","Education--Finance--fast","Expenditures, Public--fast","Georgia--Vidalia--fast--https://id.oclc.org/worldcat/entity/E39PBJyGV4M3vq3JgGDqHt9JjC","Periodicals--fast","Statistics--fast"],"fulltext":"CITY OF VIDALIA BOARD OF EDUCATION \r\nTOOMBS COUNTY, GEORGIA \r\nANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2011 \r\n(Including Independent Auditor's Reports) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHIBITS \r\n \r\nBASIC FINANCIAL STATEMENTS \r\n \r\nDISTRICT-WIDE FINANCIAL STATEMENTS \r\n \r\nA \r\n \r\nSTATEMENT OF NET ASSETS \r\n \r\nB \r\n \r\nSTATEMENT OF ACTIVITIES \r\n \r\nFUND FINANCIAL STATEMENTS \r\n \r\nC \r\n \r\nBALANCE SHEET \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\nD \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\n \r\nTO THE STATEMENT OF NET ASSETS \r\n \r\nE \r\n \r\nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\nF \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \r\n \r\nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \r\n \r\nBALANCES TO THE STATEMENT OF ACTIVITIES \r\n \r\nG \r\n \r\nSTATEMENT OF FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\nH \r\n \r\nSTATEMENT OF CHANGES IN FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\nI \r\n \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS \r\n \r\nSCHEDULES \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL GENERAL FUND \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 3 SCHEDULE OF STATE REVENUE \r\n \r\nPage \r\n1 2 3 4 5 6 7 9 10 \r\n23 24 25 \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\nFINANCIAL \r\nSCHEDULES \r\nSUPPLEMENTARY INFORMATION \r\n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS 5 ALLOTMENTS AND EXPENDITURES \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) BY PROGRAM \r\n \r\nPage \r\n26 27 \r\n \r\nSECTION II \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH REQUIREMENTS THAT COULD HAVE A DIRECT AND MATERIAL EFFECT ON EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 \r\n \r\nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY - TABLE OF CONTENTS - \r\nSECTION V MANAGEMENT'S RESPONSES SCHEDULE OF MANAGEMENT'S RESPONSES \r\n \r\n SECTION I FINANCIAL \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nFebruary 9, 2012 \r\n \r\nHonorable Nathan Deal, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information (Exhibits A through I) of the City of Vidalia Board of Education, as of and for the year ended June 30, 2011, which collectively comprise the Board's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the City of Vidalia Board of Education's management. Our responsibility is to express opinions on these financial statements based on our audit. \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Board's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. \r\nIn our opinion, the financial statements referred to previously present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Vidalia Board of Education, as of June 30, 2011, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. \r\n \r\n2011ARL-11 \r\n \r\n The City of Vidalia Board of Education has not presented Management's Discussion and Analysis that accounting principles generally accepted in the United States of America has determined is necessary to supplement, although not to be part of, the basic financial statements. \r\nIn accordance with Government Auditing Standards, we have also issued our report dated February 9, 2012, on our consideration of the City of Vidalia Board of Education'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 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 internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. \r\nThe Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 23 , is not a required part of the basic financial statements but is supplementary information required by accounting principles generally accepted in the United States of America. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of Vidalia Board of Education's financial statements as a whole. The accompanying supplementary information consists of Schedules 2 through 5, which includes the Schedule of Expenditures of Federal Awards as required by U. S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole. \r\nA copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \r\nRespectfully submitted, \r\n \r\nRWH:as 2011ARL-11 \r\n \r\nRussell W. Hinton, CPA, CGFM State Auditor \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF NET ASSETS JUNE 30, 2011 \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Local Other Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nLIABILITIES Salaries and Benefits Payable \r\nNET ASSETS Invested in Capital Assets Restricted for \r\nContinuation of Federal Programs Capital Projects Other Unrestricted \r\nTotal Net Assets \r\nTotal Liabilities and Net Assets \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n5,087,169.44 \r\n \r\n86,269.26 \r\n \r\n2,550,636.68 1,390,144.00 \r\n109,305.29 49,505.72 3,957.00 50,792.97 \r\n764,479.05 26,553,305.70 \r\n \r\n$ \r\n \r\n36,645,565.11 \r\n \r\n$ \r\n \r\n2,075,236.57 \r\n \r\n$ \r\n \r\n27,317,784.75 \r\n \r\n660,475.08 1,910,732.83 \r\n54,165.62 4,627,170.26 \r\n \r\n$ \r\n \r\n34,570,328.54 \r\n \r\n$ \r\n \r\n36,645,565.11 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 1 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2011 \r\n \r\nEXHIBIT \"B\" \r\n \r\nEXPENSES \r\n \r\nPROGRAM REVENUES \r\n \r\nOPERATING \r\n \r\nCHARGES FOR \r\n \r\nGRANTS AND \r\n \r\nSERVICES \r\n \r\nCONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET ASSETS \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\nInstruction Support Services \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Community Services Food Services \r\n \r\n$ 12,691,324.87 $ 153,867.29 $ 10,313,236.64 $ \r\n \r\n1,086,504.53 579,035.04 433,262.10 254,602.76 \r\n1,199,011.46 198,801.89 \r\n1,645,778.38 583,478.74 360.00 78,806.60 \r\n \r\n63,403.31 \r\n \r\n82,472.07 442,575.03 317,361.61 521,556.53 679,116.93 \r\n682.82 754,054.16 236,105.29 \r\n17,536.03 \r\n \r\n130,085.61 216,843.74 1,302,722.29 \r\n \r\n131,440.53 148,412.00 267,639.79 \r\n \r\n687.71 1,023,326.68 \r\n \r\n-2,224,220.94 \r\n-1,004,032.46 -136,460.01 -115,900.49 266,953.77 -519,894.53 -198,119.07 -828,320.91 -347,373.45 -360.00 -61,270.57 \r\n1,354.92 -67,744.03 -11,755.82 \r\n \r\nTotal Governmental Activities \r\n \r\n$ 20,400,618.01 $ 764,762.92 $ 14,388,711.50 $ -5,247,143.59 \r\n \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\n \r\n$ 4,314,435.44 \r\n2,114,527.65 932,697.00 45,673.17 555,677.71 \r\n \r\nTotal General Revenues \r\n \r\n$ 7,963,010.97 \r\n \r\nChange in Net Assets \r\n \r\n$ 2,715,867.38 \r\n \r\nNet Assets - Beginning of Year \r\n \r\n31,854,461.16 \r\n \r\nNet Assets - End of Year \r\n \r\n$ 34,570,328.54 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 2 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2011 \r\n \r\nEXHIBIT \"C\" \r\n \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Local Other Inventories \r\nTotal Assets \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 3,368,976.89 $ 1,718,192.55 $ 86,269.26 \r\n \r\n2,358,096.40 1,390,144.00 \r\n109,305.29 49,505.72 3,957.00 50,792.97 \r\n \r\n192,540.28 \r\n \r\n5,087,169.44 86,269.26 \r\n2,550,636.68 1,390,144.00 \r\n109,305.29 49,505.72 3,957.00 50,792.97 \r\n \r\n$ 7,417,047.53 $ 1,910,732.83 $ \r\n \r\n9,327,780.36 \r\n \r\nLIABILITIES AND FUND BALANCES LIABILITIES \r\nSalaries and Benefits Payable Deposits and Deferred Revenue \r\nTotal Liabilities FUND BALANCES \r\nNonspendable Restricted Unassigned \r\nTotal Fund Balances \r\nTotal Liabilities and Fund Balances \r\n \r\n$ 2,075,236.57 2,358,096.40 \r\n$ 4,433,332.97 \r\n \r\n$ \r\n \r\n2,075,236.57 \r\n \r\n2,358,096.40 \r\n \r\n$ \r\n \r\n4,433,332.97 \r\n \r\n$ \r\n \r\n50,792.97 \r\n \r\n$ \r\n \r\n663,847.73 $ 1,910,732.83 \r\n \r\n2,269,073.86 \r\n \r\n$ 2,983,714.56 $ 1,910,732.83 $ \r\n \r\n50,792.97 2,574,580.56 2,269,073.86 \r\n4,894,447.39 \r\n \r\n$ 7,417,047.53 $ 1,910,732.83 $ \r\n \r\n9,327,780.36 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 3 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET ASSETS JUNE 30, 2011 \r\n \r\nEXHIBIT \"D\" \r\n \r\nTotal Fund Balances - Governmental Funds (Exhibit \"C\") \r\nAmounts reported for Governmental Activities in the Statement of Net Assets are different because: \r\nCapital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: \r\nLand Construction in Progress Land Improvements Buildings Equipment Accumulated Depreciation \r\nTotal Capital Assets \r\nProperty Taxes that are not available to pay for current period expenditures are deferred in the funds. \r\n \r\n$ 4,894,447.39 \r\n \r\n$ 722,804.05 41,675.00 \r\n2,682,771.65 29,683,565.28 \r\n1,618,625.98 -7,431,657.21 \r\n \r\n27,317,784.75 \r\n \r\n2,358,096.40 \r\n \r\nNet Assets of Governmental Activities (Exhibit \"A\") \r\n \r\n$ 34,570,328.54 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 4 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2011 \r\n \r\nEXHIBIT \"E\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation \r\nCapital Outlay \r\nTotal Expenditures \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nFund Balances - Ending \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 3,717,055.05 \r\n \r\n$ \r\n \r\n$ 2,114,527.65 \r\n \r\n11,768,657.70 \r\n \r\n3,552,750.80 \r\n \r\n764,762.92 \r\n \r\n36,031.27 \r\n \r\n9,641.90 \r\n \r\n555,677.71 \r\n \r\n$ 20,394,935.45 $ 2,124,169.55 $ \r\n \r\n3,717,055.05 2,114,527.65 11,768,657.70 3,552,750.80 \r\n764,762.92 45,673.17 \r\n555,677.71 \r\n22,519,105.00 \r\n \r\n$ 12,289,694.48 \r\n \r\n$ \r\n \r\n1,044,882.65 579,734.04 414,709.49 250,323.62 \r\n1,182,576.63 198,204.16 \r\n1,639,201.11 478,884.82 10,684.58 78,806.60 52,281.34 216,843.74 \r\n1,271,021.71 $ \r\n \r\n41,675.00 \r\n \r\n$ 19,707,848.97 $ 41,675.00 $ \r\n \r\n$ 687,086.48 $ 2,082,494.55 $ \r\n \r\n2,296,628.08 \r\n \r\n-171,761.72 \r\n \r\n12,289,694.48 \r\n1,044,882.65 579,734.04 414,709.49 250,323.62 \r\n1,182,576.63 198,204.16 \r\n1,639,201.11 478,884.82 10,684.58 78,806.60 52,281.34 216,843.74 \r\n1,271,021.71 41,675.00 \r\n19,749,523.97 \r\n2,769,581.03 \r\n2,124,866.36 \r\n \r\n$ 2,983,714.56 $ 1,910,732.83 $ \r\n \r\n4,894,447.39 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 5 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2011 \r\n \r\nEXHIBIT \"F\" \r\n \r\nTotal Net Change in Fund Balances - Governmental Funds (Exhibit \"E\") \r\nAmounts reported for Governmental Activities in the Statement of Activities are different because: \r\nCapital Outlays are reported as expenditures in Governmental Funds. However, in the Statement of Activities, the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are: \r\nCapital Outlay Depreciation Expense \r\nExcess of Capital Outlay over Depreciation Expense \r\nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \r\nThe net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, donations, and disposals) is to decrease net assets. \r\nChange in Net Assets of Governmental Activities (Exhibit \"B\") \r\n \r\n$ 2,769,581.03 \r\n \r\n$ \r\n \r\n41,675.00 \r\n \r\n-669,617.13 \r\n \r\n-627,942.13 597,380.39 -23,151.91 \r\n \r\n$ 2,715,867.38 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 6 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF FIDUCIARY NET ASSETS FIDUCIARY FUNDS JUNE 30, 2011 \r\n \r\nEXHIBIT \"G\" \r\n \r\nASSETS Cash and Cash Equivalents Investments \r\nTotal Assets \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\nAGENCY FUNDS \r\n \r\n$ \r\n \r\n1,072.35 $ \r\n \r\n39,609.01 \r\n \r\n520.00 \r\n \r\n$ \r\n \r\n1,592.35 $ \r\n \r\n39,609.01 \r\n \r\nLIABILITIES Funds Held for Others \r\nNET ASSETS Held in Trust for Private Purposes \r\nTotal Liabilities and Net Assets \r\n \r\n$ \r\n \r\n39,609.01 \r\n \r\n$ \r\n \r\n1,592.35 \r\n \r\n$ \r\n \r\n1,592.35 $ \r\n \r\n39,609.01 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 7 - \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS FIDUCIARY FUNDS YEAR ENDED JUNE 30, 2011 \r\nADDITIONS Investment Earnings Net Increase (Decrease) in Fair Value of Investments Dividends Total Additions \r\nDEDUCTIONS None Reported Change in Net Assets \r\nNet Assets - Beginning \r\nNet Assets - Ending \r\n \r\nEXHIBIT \"H\" \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\n$ \r\n \r\n257.40 \r\n \r\n2.08 \r\n \r\n$ \r\n \r\n259.48 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n259.48 \r\n \r\n1,332.87 \r\n \r\n$ \r\n \r\n1,592.35 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 9 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2011 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nREPORTING ENTITY \r\nThe City of Vidalia Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF PRESENTATION \r\nThe School District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and notes to the basic financial statements of the City of Vidalia Board of Education. \r\nDistrict-wide Statements: \r\nThe Statement of Net Assets and the Statement of Activities display information about the financial activities of the overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \r\nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\n Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\n Program revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFund Financial Statements: \r\nThe fund financial statements provide information about the School District's funds including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\nThe School District reports the following major governmental funds: \r\n General Fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \r\n District-wide Capital Projects Fund accounts for and reports financial resources including Special Purpose Local Option Sales Tax (SPLOST) that are restricted, committed or assigned to the expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital assets. \r\n \r\n- 10 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2011 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe School District reports the following fiduciary fund types: \r\n Private Purpose Trust fund reports a trust arrangement under which income may be expended to provide college scholarships to City of Vidalia High School Seniors. \r\n Agency funds account for assets held by the School District as an agent for various funds, governments or individuals. \r\nBASIS OF ACCOUNTING \r\nThe basis of accounting determines when transactions are reported on the financial statements. The District-wide governmental (governmental and fiduciary) financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations are recognized in the fiscal year in which all eligibility requirements have been satisfied. \r\nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \r\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 all revenues reported in the governmental funds to be available if they are collected within sixty 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. Capital asset acquisitions are reported as expenditures in governmental funds. \r\nThe School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\nThe State of Georgia reimburses the School System for teachers' salaries and operating costs through the Quality Basic Education Formula Earnings program (QBE). Generally teachers are contracted for the school year (July 1  June 30) and paid over a twelve month contract period, generally September 1 through August 31. In accordance with the respective rules and regulations of the QBE program, the State of Georgia reimburses the School System over the same twelve month period in which teachers are paid. At June 30, the amount of teachers' salaries incurred but not paid until July and August of the subsequent year are accrued. Since the State of Georgia recognizes its QBE liability for the July and August salaries at June 30, the School System recognizes the same QBE as a receivable and revenue, consistent with symmetrical recognition. \r\nNEW ACCOUNTING PRONOUNCEMENTS \r\nIn fiscal year 2011, the School District adopted the Governmental Accounting Standards Board (GASB) Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions. The provisions of this Statement establish accounting and financial reporting standards for all governments that report governmental funds. It establishes criteria for classifying fund balances into specifically defined classifications and clarifies definitions for governmental funds. \r\n- 11 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2011 \r\n \r\nEXHIBIT \"I\" \r\n \r\nCASH AND CASH EQUIVALENTS Composition of Deposits \r\nCash and cash equivalents consist of cash on hand, demand deposits 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 Section 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \r\nINVESTMENTS Composition of Investments \r\nInvestments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interestearning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n1. Obligations issued by the State of Georgia or by other states, \r\n2. Obligations issued by the United States government, \r\n3. Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n4. Obligations of any corporation of the United States government, \r\n5. Prime banker's acceptances, \r\n6. The Georgia Fund 1 administered by the State of Georgia, Office of the State Treasurer, \r\n7. Repurchase agreements, and \r\n8. Obligations of other political subdivisions of the State of Georgia. \r\nThe School District does not have a formal policy regarding investment policies that address credit risks, custodial credit risks, concentration of credit risks, interest rate risks or foreign currency risks. \r\nRECEIVABLES \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\nPROPERTY TAXES \r\nThe City of Vidalia fixed the property tax levy for the 2010 tax digest year (calendar year) on October 11, 2010 (levy date). Taxes were due on December 20, 2010 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2010 tax digest are reported as revenue in the governmental funds for fiscal year 2011. The Vidalia City Clerk bills and collects the property taxes for the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2011, for maintenance and operations amounted to $3,717,055.05. \r\n- 12 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2011 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe tax millage rate levied for the 2010 tax year (calendar year) for the City of Vidalia Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n15.00 mills \r\n \r\nSALES TAXES \r\n \r\nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $2,114,527.65 and is to be used for capital outlay for educational purposes. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\nINVENTORIES \r\nFood Inventories \r\n \r\nOn the basic financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (first-in, first-out). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \r\nCAPITAL ASSETS \r\n \r\nCapital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time of purchase (including ancillary charges). On the District-wide financial statements, all purchased capital assets are valued 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 estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. 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. Depreciation is computed using the straight-line method. The School District does not capitalize book collections or works of art. During the fiscal year under review, no events or changes in circumstances affecting a capital asset that may indicate impairment were known to the School District. \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the District-wide statements are as follows: \r\n \r\nC a pita liz a tio n Policy \r\n \r\nEstim ate d Useful Life \r\n \r\nLand Land Im provem ents Buildings and Im provem ents Equipm e nt Intangible Assets \r\n \r\nAll \r\n \r\nN/A \r\n \r\n$ \r\n \r\n1 0 ,0 0 0 .0 0 \r\n \r\n60 years \r\n \r\n$ \r\n \r\n10,000.00 25 to 60 years \r\n \r\n$ \r\n \r\n10,000.00 10 to 15 years \r\n \r\n$ 100,000.00 \r\n \r\n10 years \r\n \r\nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives, with the exception of intangible assets which are amortized. \r\nAmortization of intangible assets such as water, timber, and mineral rights, easements, patents, trademarks, copyrights and internally generated software is computed using the straight-line method over the estimated useful lives of the assets, for 10 years. \r\n \r\n- 13 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2011 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNET ASSETS \r\n \r\nThe School District's net assets in the District-wide Statements are classified as follows: \r\n \r\nInvested in capital assets - This represents the School District's total investment in capital assets. \r\n \r\nRestricted net assets - These represent resources for which the School District is legally or contractually obligated to spend resources for bus replacement, continuation of Federal Programs, continuation of State program, and capital projects in accordance with restrictions imposed by external third parties. \r\n \r\nUnrestricted net assets - Unrestricted net assets represent resources derived from property taxes, sales taxes, grants and contributions not restricted to specific programs, charges for services, and miscellaneous revenues. These resources are used for transactions relating to the educational and general operations of the School District, and may be used at the discretion of the Board to meet current expenses for those purposes. \r\nFUND BALANCES \r\n \r\nThe School District's fund balances are classified as follows: \r\n \r\nNonspendable Amounts that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \r\n \r\nRestricted  Constraints are placed on the use of resources are either (1) externally imposed conditions by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \r\n \r\nUnassigned  The residual classification for the General Fund. This classification represents fund balances that has not been assigned to other funds and that has not been restricted, committed, or assigned to specific purposes within the General Fund. \r\n \r\nFund Balances of the Governmental Funds at June 30, 2011, are as follows: \r\n \r\nNonspendable Inventories \r\nRestricted Bus Replacement Continuation of Federal Programs Capital Projects Continuation of State Program \r\nUnassigned \r\n \r\n$ 50,792.97 \r\n \r\n$ 28,179.00 609,682.11 \r\n1,910,732.83 25,986.62 \r\n \r\n2,574,580.56 2,269,073.86 \r\n \r\nFund Balance, June 30, 2011 \r\n \r\n$ 4,894,447.39 \r\n \r\nIt is the goal of the School District to achieve and maintain a committed, assigned, and unassigned fund balance in the general fund at fiscal year end of not less than 1% of expenditures, not to exceed 15% of the total budget of the subsequent fiscal year, in compliance with Official Code of Georgia Annotated Section 20-2-167(a)5. If the unassigned fund balance at fiscal year end falls below the goal, the School District shall develop a restoration plan to achieve and maintain the minimum fund balance. \r\nWhen multiple categories of fund balance are available for expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \r\n \r\n- 14 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2011 \r\n \r\nEXHIBIT \"I\" \r\n \r\nUSE OF ESTIMATES \r\n \r\nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \r\n \r\nNOTE 3: DEPOSITS AND INVESTMENTS \r\n \r\nCOLLATERALIZATION OF DEPOSITS \r\n \r\nOfficial Code of Georgia Annotated (O.C.G.A.) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by 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 percent 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. Section 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 percent of the daily pool balance. \r\n \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n \r\n1. Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n \r\n2. Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n \r\n3. Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n \r\n4. Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n \r\n5. Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n \r\n6. Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n \r\n7. Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\nCATEGORIZATION OF DEPOSITS \r\n \r\nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2011, the bank balances were $5,884,808.66. The amounts exposed to custodial credit risk are classified into three categories as follows: \r\n \r\nCategory 1 Category 2 - \r\nCategory 3 - \r\n \r\nUncollateralized, Cash collateralized with securities held by the pledging financial institution, or Cash collateralized with securities held by the pledging financial institution's trust department or agent but not in the School District's name. \r\n \r\n- 15 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2011 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe School District's deposits by custodial credit risk category at June 30, 2011, are as follows: \r\n \r\nCustodial Credit Risk Category \r\n \r\nBank Balance \r\n \r\n1 \r\n \r\n$ \r\n \r\n0 .0 0 \r\n \r\n2 \r\n \r\n0 .0 0 \r\n \r\n3 \r\n \r\n5 ,1 1 9 ,0 4 8 .9 2 \r\n \r\nTotal \r\n \r\n$ 5,119,048.92 \r\n \r\nCATEGORIZATION OF INVESTMENTS Custodial Credit Risk \r\n \r\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. \r\n \r\nAt June 30, 2011, the fair value of the School District's total investments was $520.00 and this entire amount consisted of common stock which was insured or registered or securities held by the School District or the School District's agent in the School District's name. \r\nNOTE 4: NON-MONETARY TRANSACTIONS \r\n \r\nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \r\nNOTE 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the Capital Assets during the fiscal year: \r\n \r\nBalances July 1, 2010 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2011 \r\n \r\nGovernmental Activities Capital Assets, Not Being Depreciated: \r\nLand Construction in Progress \r\n \r\n$ 722,804.05 0.00 $ \r\n \r\n$ 41,675.00 \r\n \r\n0.00 $ \r\n \r\n722,804.05 41,675.00 \r\n \r\nTotal Capital Assets Not Being Depreciated \r\nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \r\nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \r\n \r\n$ 722,804.05 $ \r\n \r\n41,675.00 $ \r\n \r\n0.00 $ 764,479.05 \r\n \r\n$ 29,744,491.32 1,618,625.98 2,682,771.65 \r\n \r\n$ 60,926.04 $ 29,683,565.28 1,618,625.98 2,682,771.65 \r\n \r\n5,406,461.92 $ 1,008,915.81 \r\n384,436.48 \r\n \r\n521,603.47 103,300.80 \r\n44,712.86 \r\n \r\n37,774.13 \r\n \r\n5,890,291.26 1,112,216.61 \r\n429,149.34 \r\n \r\nTotal Capital Assets, Being Depreciated, Net $ 27,246,074.74 $ -669,617.13 $ 23,151.91 $ 26,553,305.70 \r\n \r\nGovernmental Activity Capital Assets - Net $ 27,968,878.79 $ -627,942.13 $ 23,151.91 $ 27,317,784.75 \r\n \r\n- 16 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2011 \r\n \r\nEXHIBIT \"I\" \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction \r\n \r\nSupport Services \r\n \r\nPupil Services \r\n \r\n$ \r\n \r\nEducational M edia Services \r\n \r\nGeneral Adm inistration \r\n \r\nSchool Adm inistration \r\n \r\nBusiness Adm inistration \r\n \r\nM aintenance and Operation of Plant \r\n \r\nStudent Transportation Services \r\n \r\nEnterprise Operations \r\n \r\nFood Services \r\n \r\n$ \r\n3 8 ,3 2 3 .4 6 1 7 ,0 8 2 .3 7 \r\n3 ,9 4 0 .0 3 1 5 ,1 3 2 .4 2 \r\n5 5 0 .3 6 6 ,0 5 6 .0 4 9 6 ,3 0 5 .1 5 \r\n \r\n$ \r\n \r\n3 8 3 ,6 1 3 .6 1 \r\n1 7 7 ,3 8 9 .8 3 7 1 ,6 3 8 .5 0 3 6 ,9 7 5 .1 9 \r\n6 6 9 ,6 1 7 .1 3 \r\n \r\nNOTE 6: RISK MANAGEMENT \r\n \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \r\n \r\nThe School District has obtained commercial insurance for risk of loss associated with torts, assets, and errors or omissions. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any of the past three years. \r\n \r\nThe School District has elected to self-insure for all losses related to acts of God. The School District has not experienced any losses related to this risk in the past three years. \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the same fund that the employee's salary and benefits were paid. Claims are accounted for with expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability \r\n \r\nClaims and Changes in Estim ate s \r\n \r\nC laim s Paid \r\n \r\nEnd of Year Liability \r\n \r\n2010 $ 2011 $ \r\n \r\n0.00 $ 26,488.00 $ 26,488.00 $ \r\n \r\n0 .0 0 \r\n \r\n0.00 $ 11,916.52 $ 10,322.97 $ 1,593.55 \r\n \r\nThe School District participates in the Georgia Education Workers' Compensation 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 insurance coverage. Additional 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 $1,000,000.00 loss per occurrence, up to the statutory limit. Employers' Liability insurance coverage is also provided by Safety National Casualty Company with a loss fund percentage of 100%, based on the Fund's annual normal premium, up to a maximum limit of indemnity of aggregate limit of $2,000,000.00. \r\n \r\n- 17 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2011 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Board Treasurer Board Vice Treasurer All Em ployees \r\n \r\n$ \r\n \r\n5 0 ,0 0 0 .0 0 \r\n \r\n$ \r\n \r\n5 0 ,0 0 0 .0 0 \r\n \r\n$ \r\n \r\n5 0 ,0 0 0 .0 0 \r\n \r\n$ 100,000.00 \r\n \r\nNOTE 7: ON-BEHALF PAYMENTS \r\nThe School District has recognized revenues and costs in the amount of $50,698.89 for health insurance and retirement contributions paid on the School District's behalf by the following State Agencies. \r\nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance of Non-Certified Personnel In the amount of $29,412.64 \r\nPaid to the Teachers' Retirement System of Georgia For Teachers Retirement System (TRS) Employer's Cost In the amount of $12,302.25 \r\nOffice of State Treasurer Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of $8,984.00 \r\nNOTE 8: SIGNIFICANT CONTINGENT LIABILITIES \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine School District operations. The ultimate disposition of these proceedings is not presently determinable, but is not believed to be material to the basic financial statements. \r\nNOTE 9: POST-EMPLOYMENT BENEFITS \r\nGEORGIA SCHOOL PERSONNEL POST-EMPLOYMENT HEALTH BENEFIT FUND \r\nPlan Description. The Georgia School Personnel Post-employment Health Benefit Fund (School OPEB Fund) is a cost-sharing multiple-employer defined benefit post-employment healthcare plan that covers eligible former employees of public school systems, libraries and regional educational service agencies. The School OPEB Fund provides health insurance benefits to eligible former employees and their qualified beneficiaries through the State Employees Health Benefit Plan administered by the Department of Community Health. The Official Code of Georgia Annotated (O.C.G.A.) assigns the authority to establish and amend the benefit provisions of the group health plans, including benefits for retirees, to the Board of Community Health (Board). The Department of Community Health, which includes the School OPEB Fund, issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\n \r\n- 18 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2011 \r\n \r\nEXHIBIT \"I\" \r\n \r\nFunding Policy. The contribution requirements of plan members and participating employers are established by the Board in accordance with the current Appropriations Act and may be amended by the Board. Contributions of plan members or beneficiaries receiving benefits vary based on plan election, dependent coverage, and Medicare eligibility and election. On average, plan members pay approximately 25 percent of the cost of the health insurance coverage. \r\nParticipating employers are statutorily required to contribute in accordance with the employer contribution rates established by the Board. The contribution rates are established to fund all benefits due under the health insurance plans for both active and retired employees based on projected \"pay-as-you-go\" financing requirements. Contributions are not based on the actuarially calculated annual required contribution (ARC) which represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. \r\nThe combined active and retiree contribution rates established by the Board for employers participating in the School OPEB Fund were as follows for the fiscal year ended June 30, 2011: \r\nFor certificated teachers, librarians and regional educational service agencies: \r\n \r\nJuly 2010 - April 2011 May 2011 - June 2011 \r\n \r\n21.955% of covered payroll for August - May Coverage 1.429% of covered payroll for June - July Coverage \r\n \r\nFor non-certificated school personnel: \r\n \r\nJuly 2010 - December 2010 January 2011 - May 2011 June 2011 \r\n \r\n$162.72 per member per month $218.20 per member per month $246.20 per member per month \r\n \r\nThe Department of Education was appropriated an additional $25,081,633 for non-certificated personnel health insurance payments. The amount attributable to the School District is reflected in the On-behalf note disclosure. \r\nNo additional contribution was required by the Board for fiscal year 2011 nor contributed to the School OPEB Fund to prefund retiree benefits. Such additional contribution amounts are determined annually by the Board in accordance with the School plan for other post-employment benefits and are subject to appropriation. \r\nThe School District's combined active and retiree contributions to the health insurance plans, which equaled the required contribution, for the current fiscal year and the preceding two fiscal years were as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2011 2010 2009 \r\n \r\n100% 100% 100% \r\n \r\n$ 1,916,681.46 $ 1,835,324.48 $ 1,432,909.09 \r\n \r\nNOTE 10: RETIREMENT PLANS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\nPlan Description. The TRS is a cost-sharing multiple-employer defined benefit plan created in 1943 by an act of the Georgia General Assembly to provide retirement benefits for qualifying employees in educational service. A Board of Trustees comprised of active and retired members and ex-officio State employees is ultimately responsible for the administration of TRS. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\n- 19 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2011 \r\n \r\nEXHIBIT \"I\" \r\n \r\nOn October 25, 1996, the Board created the Supplemental Retirement Benefits Plan of the Georgia Teachers Retirement System (SRBP-TRS). SRBP-TRS was established as a qualified excess benefit plan in accordance with Section 415 of the Internal Revenue Code (IRC) as a portion of TRS. The purpose of SRBP-TRS is to provide retirement benefits to employees covered by TRS whose benefits are otherwise limited by IRC Section 415. Beginning July 1, 1997, all members and retired former members in TRS are eligible to participate in the SRBP-TRS whenever their benefits under TRS exceed the IRC Section 415 imposed limitation on benefits. \r\n \r\nTRS provides service retirement, disability retirement, and survivor's benefits. The benefit structure of TRS is defined and may be amended by State statute. A member 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. A member is eligible for early retirement after 25 years of creditable service. \r\n \r\nNormal retirement (pension) benefits paid to members are equal to 2% of the average of the member's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. Early retirement benefits are reduced by the lesser of one-twelfth of 7% for each month the member is below age 60 or by 7% for each year or fraction thereof by which the member has less than 30 years of service. It is also assumed that certain cost-of-living adjustments, based on the Consumer Price Index, will be made in future years. Retirement benefits are payable monthly for life. A member may elect to receive a partial lump-sum distribution in addition to a reduced monthly retirement benefit. Death, disability and spousal benefits are also available. \r\n \r\nFunding Policy. TRS is funded by member and employer contributions as adopted and amended by the Board of Trustees. Members become fully vested after 10 years of service. If a member terminates with less than 10 years of service, no vesting of employer contributions occurs, but the member's contributions may be refunded with interest. Member contributions are limited by State law to not less than 5% or more than 6% of a member's earnable compensation. Member contributions as adopted by the Board of Trustees for the fiscal year ended June 30, 2011, were 5.53% of annual salary. The member contribution rate will increase to 6.00% effective July 1, 2012. Employer contributions required for fiscal year 2011 were 10.28% of annual salary as required by the June 30, 2008, actuarial valuation. The employer contribution rate will increase to 11.41% effective July 1, 2012. \r\n \r\nEmployer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2011 2010 2009 \r\n \r\n100% 100% 100% \r\n \r\n$ 1,136,385.67 $ 1,140,065.54 $ 1,157,604.75 \r\n \r\nPUBLIC SCHOOL EMPLOYEES' RETIREMENT SYSTEM (PSERS) \r\nBus drivers, lunchroom personnel, and maintenance and custodial personnel are members of the Public School Employees' Retirement System of Georgia. The System is funded by contributions by the employees and by the State of Georgia. The School District makes no contribution to this plan. \r\nDEFINED CONTRIBUTION PLAN \r\nIn 1999, the Board began an employer paid 403(b) annuity plan for the group of employees covered under the Public School Retirement System (PSERS). Recognizing that PSERS was a limited defined contribution and defined benefit plan which did not provide for an adequate retirement for this group of employees, it was the Board's desire to supplement the retirement of this group. \r\n \r\n- 20 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2011 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe Board selected VALIC as the provider of this plan. For each employee covered under PSERS who elected to participate, the Board began contributing to the plan an amount equal to a 50% match of employee contribution up to 3% percent of the employee's base pay. \r\n \r\nThe employee becomes vested in the plan with 5 years of experience. Employees who had already achieved 5 years of experience at the time the plan was implemented were vested upon enrollment. \r\n \r\nFunds accumulated in the employer paid accounts are only available to the employee upon termination of employment and 5 years of service. If an employee terminates employment prior to achieving 5 years of service, funds paid on behalf of the non-vested employee are credited back to the Board. \r\n \r\nEmployer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nAm ount Contributed \r\n \r\n2011 2010 2009 \r\n \r\n100% 100% 100% \r\n \r\n$ \r\n \r\n5 ,3 8 6 .8 9 \r\n \r\n$ \r\n \r\n5 ,3 6 2 .8 8 \r\n \r\n$ \r\n \r\n4 ,6 1 2 .0 7 \r\n \r\n- 21 - \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2011 \r\n \r\nSCHEDULE \"1\" \r\n \r\nREVENUES \r\nProperty Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Operations Food Services Operation \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nOperating Transfers From Other Funds Operating Transfers To Other Funds \r\nTotal Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nAdjustments \r\nFund Balances - Ending \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL \r\n \r\nFINAL \r\n \r\nACTUAL AMOUNTS \r\n \r\n$ \r\n \r\n4,166,059.35 $ \r\n \r\n4,166,059.35 $ \r\n \r\n3,717,055.05 \r\n \r\n11,273,081.71 \r\n \r\n11,328,995.31 \r\n \r\n11,768,657.70 \r\n \r\n2,895,942.44 \r\n \r\n3,503,710.63 \r\n \r\n3,552,750.80 \r\n \r\n830,800.00 \r\n \r\n890,800.00 \r\n \r\n764,762.92 \r\n \r\n55,750.00 \r\n \r\n55,750.00 \r\n \r\n36,031.27 \r\n \r\n395,625.00 \r\n \r\n409,125.00 \r\n \r\n555,677.71 \r\n \r\n$ 19,617,258.50 $ 20,354,440.29 $ 20,394,935.45 \r\n \r\n$ 12,412,733.08 $ 13,053,142.80 $ 12,289,694.48 \r\n \r\n933,640.67 601,499.14 392,269.91 262,408.84 1,116,690.06 201,023.72 1,692,232.84 529,546.64 \r\n10,733.37 116,591.78 \r\n54,600.00 198,425.00 1,361,577.00 \r\n \r\n933,640.67 470,927.73 392,269.91 280,949.66 1,116,690.06 201,023.72 1,692,232.84 529,546.64 \r\n10,324.58 110,391.78 \r\n54,600.00 198,425.00 1,361,577.00 \r\n \r\n1,044,882.65 579,734.04 414,709.49 250,323.62 \r\n1,182,576.63 198,204.16 \r\n1,639,201.11 478,884.82 10,684.58 78,806.60 52,281.34 216,843.74 \r\n1,271,021.71 \r\n \r\n$ 19,883,972.05 $ 20,405,742.39 $ 19,707,848.97 \r\n \r\n$ \r\n \r\n-266,713.55 $ \r\n \r\n-51,302.10 $ \r\n \r\n687,086.48 \r\n \r\n$ \r\n \r\n50,500.00 $ \r\n \r\n50,500.00 \r\n \r\n-50,500.00 \r\n \r\n-50,500.00 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n-266,713.55 $ \r\n \r\n-51,302.10 $ \r\n \r\n687,086.48 \r\n \r\n2,296,628.08 \r\n \r\n2,296,628.08 \r\n \r\n2,296,628.08 \r\n \r\n5,114.57 \r\n \r\n-31,759.61 \r\n \r\n$ \r\n \r\n2,035,029.10 $ \r\n \r\n2,213,566.37 $ \r\n \r\n2,983,714.56 \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 23 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30 2011 \r\n \r\nSCHEDULE \"2\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program \r\nTotal U. S. Department of Agriculture \r\nEducation, U. S. Department of Education Technology State Grants Cluster Pass-Through From Georgia Department of Education ARRA - Education Technology State Grants Education Technology State Grants \r\nTotal Education Technology State Grants Cluster \r\nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education ARRA - Grants to States ARRA - Preschool Grants Grants to States Preschool Grants \r\nTotal Special Education Cluster \r\nTitle I, Part A Cluster Pass-Through From Georgia Department of Education ARRA - Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies \r\nTotal Title I, Part A Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Education Jobs Fund Improving Teacher Quality State Grants Rural Education \r\nTotal Other Programs \r\nTotal U. S. Department of Education \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n* 10.553 * 10.555 \r\n \r\nN/A \r\n \r\nN/A \r\n \r\n$ \r\n \r\n$ \r\n \r\n(2) 1,230,813.71 (1) \r\n1,230,813.71 \r\n \r\n* 84.386 * 84.318 \r\n \r\nN/A \r\n \r\n$ \r\n \r\nN/A \r\n \r\n$ \r\n \r\n169,820.62 6,326.89 \r\n176,147.51 \r\n \r\n* 84.391 * 84.392 * 84.027 * 84.173 \r\n84.389 84.010 \r\n84.048 * 84.410 \r\n84.367 84.358 \r\n \r\nN/A \r\n \r\n$ \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\n$ \r\n \r\n258,384.11 7,642.51 \r\n355,417.44 10,294.00 \r\n631,738.06 \r\n \r\nN/A \r\n \r\n$ \r\n \r\nN/A \r\n \r\n$ \r\n \r\n153,216.00 870,081.82 \r\n1,023,297.82 \r\n \r\nN/A \r\n \r\n$ \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\n$ \r\n \r\n$ \r\n \r\n43,371.96 452,768.00 161,051.51 \r\n62,736.00 \r\n719,927.47 \r\n2,551,110.86 \r\n \r\nTotal Expenditures of Federal Awards \r\nN/A = Not Available \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n(1) Includes the Federally assigned value of donated commodities for the Food Donation Program in the amount of $80,915.10. \r\n(2) Expenditures for the funds earned on the School Breakfast Program ($218,797.60) were not maintained separately and are included in the 2011 National School Lunch Program. \r\nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \r\nThe School District did not provide Federal Assistance to any Subrecipient. \r\nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the City of Vidalia Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\n$ \r\n \r\n3,781,924.57 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 24 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2011 \r\nAGENCY/FUNDING \r\nGRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program \r\nEducation, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle Grades (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Nursing Services Vocational Supervisors Education Equalization Funding Grant Food Services Vocational Education Amended Formula Adjustment Other State Programs Dual Enrollment Health Insurance Math and Science Supplements Preschool Handicapped Program Teachers' Retirement Virtual Schools Grant \r\nOffice of State Treasurer Public School Employees Retirement \r\n \r\nSCHEDULE \"3\" \r\n \r\nGOVERNMENTAL FUND TYPE GENERAL FUND \r\n \r\n$ \r\n \r\n601,871.22 \r\n \r\n899,533.00 108,868.00 2,033,699.00 252,064.00 1,109,087.00 104,162.00 1,811,360.00 1,481,837.00 477,513.00 807,657.00 \r\n54,809.00 137,132.00 135,150.00 282,045.00 \r\n92,421.00 47,753.00 \r\n422,734.00 594,403.00 647,686.00 \r\n148,680.00 53,469.00 7,318.00 \r\n932,697.00 40,208.00 34,443.00 \r\n-1,634,983.00 \r\n1,728.00 29,412.64 12,424.59 20,115.00 12,302.25 \r\n75.00 \r\n8,984.00 \r\n$ 11,768,657.70 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 25 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2011 \r\n \r\nSCHEDULE \"4\" \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT YEAR (3) \r\n \r\nAMOUNT EXPENDED IN PRIOR YEARS (3) \r\n \r\nPROJECT STATUS \r\n \r\nPROJECT \r\n \r\nTo purchase textbooks and additional instructional materials and equipment for all sites; \r\n \r\n$ 880,000.00 $ 880,000.00 \r\n \r\nOngoing \r\n \r\nTo renovate J.D. Dickerson Primary School and complete Phase III renovations at Sally D. Meadows Elementary School; \r\n \r\n10,000,000.00 \r\n \r\n10,000,000.00 $ 30,026.00 $ 2,046,651.25 Ongoing \r\n \r\nTo expand technology usage and improve communication and safety capabilities to include but not be limited to the upgrade of electrical capacity at J.D. Dickerson Primary School, Sally D. Meadows Elementary School, and Vidalia Comprehensive High School, safety and security upgrades at all facilities, and technology upgrades system-wide; \r\n \r\n500,000.00 \r\n \r\n500,000.00 \r\n \r\nOngoing \r\n \r\nTo acquire, improve, and maintain facilities for Vidalia Schools to include but not be limited to an athletic/physical training facility at J. R. Trippe Middle School; kitchen expansions at Vidalia Comprehensive High School and J. D. Dickerson Primary School, and maintain roofing warranties throughout the system; \r\n \r\n6,160,000.00 \r\n \r\n6,160,000.00 \r\n \r\n11,649.00 \r\n \r\nOngoing \r\n \r\nTo expand and maintain student transportation to include but not be limited to purchase of additional student regular transportation and activity vehicles. \r\n \r\n700,000.00 \r\n \r\n700,000.00 \r\n \r\nOngoing \r\n \r\n$ 18,240,000.00 $ 18,240,000.00 $ 41,675.00 $ 2,046,651.25 \r\n \r\n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n(2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. \r\n(3) The voters of Toombs County approved the imposition of a 1% sales tax to fund the above projects. Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 26 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY GENERAL FUND - QUALITY BASIC EDUCATION PROGRAM (QBE) \r\nALLOTMENTS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30, 2011 \r\n \r\nSCHEDULE \"5\" \r\n \r\nDESCRIPTION \r\nDirect Instructional Programs 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 Category I Category II Category III Category IV Gifted Student - Category VI Remedial Education Program Alternative Education Program \r\nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \r\nMedia Center Program Staff and Professional Development \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) (2) \r\n \r\nELIGIBLE QBE PROGRAM COSTS \r\n \r\nSALARIES \r\n \r\nOPERATIONS \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n992,871.00 $ 562,189.33 $ \r\n \r\n19,477.31 $ \r\n \r\n581,666.64 \r\n \r\n127,611.00 \r\n \r\n198,436.56 \r\n \r\n198,436.56 \r\n \r\n2,265,651.00 1,624,097.37 \r\n \r\n76,606.69 \r\n \r\n1,700,704.06 \r\n \r\n291,598.00 \r\n \r\n332,923.65 \r\n \r\n332,923.65 \r\n \r\n1,177,480.00 \r\n \r\n883,900.00 \r\n \r\n46,783.72 \r\n \r\n930,683.72 \r\n \r\n129,290.00 1,912,423.00 1,596,667.00 \r\n519,188.00 902,805.00 \r\n62,252.00 153,442.00 150,375.00 \r\n \r\n152,921.01 1,592,786.38 2,005,392.95 \r\n449,376.36 \r\n238,483.73 241,516.05 122,025.26 201,156.14 153,223.31 \r\n89,614.62 283,054.82 \r\n \r\n2,161.72 42,173.31 73,549.76 25,010.94 \r\n2,067.53 1,707.27 1,806.57 1,191.53 1,454.00 \r\n21,221.60 \r\n \r\n155,082.73 1,634,959.69 2,078,942.71 \r\n474,387.30 \r\n240,551.26 243,223.32 123,831.83 202,347.67 154,677.31 \r\n89,614.62 304,276.42 \r\n \r\n$ \r\n \r\n10,281,653.00 $ 9,131,097.54 $ 315,211.95 $ 9,446,309.49 \r\n \r\n314,576.00 53,566.00 \r\n \r\n364,976.88 4,940.04 \r\n \r\n43,483.31 8,865.77 \r\n \r\n408,460.19 13,805.81 \r\n \r\nTOTAL QBE FORMULA FUNDS \r\n \r\n$ \r\n \r\n10,649,795.00 $ 9,501,014.46 $ 367,561.03 $ 9,868,575.49 \r\n \r\n(1) Comprised of State Funds plus Local Five Mill Share. (2) Allotments do not include the impact of the State amended formula adjustment. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 27 - \r\n \r\n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nFebruary 9, 2012 \r\n \r\nHonorable Nathan Deal, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of City of Vidalia Board of Education as of and for the year ended June 30, 2011, which collectively comprise City of Vidalia Board of Education's basic financial statements and have issued our report thereon dated February 9, 2012. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \r\nInternal Control Over Financial Reporting \r\nManagement of City of Vidalia Board of Education is responsible for establishing and maintaining effective internal control over financial reporting. In planning and performing our audit, we considered City of Vidalia Board of Education's internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City of Vidalia Board of Education's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the City of Vidalia Board of Education's internal control over financial reporting. \r\nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. \r\n \r\n2011YB-30 \r\n \r\n Our consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over financial reporting that might be deficiencies, significant deficiencies, or material weaknesses. We did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses, as defined above. However, we consider item FS-7931-11-01, described in the accompanying Schedule of Findings and Questioned Costs to be a significant deficiency in internal control over financial reporting. A significant deficiency is a deficiency, or combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \r\nCompliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether City of Vidalia Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nWe noted certain matters that we have reported to management of City of Vidalia Board of Education in a separate letter dated February 9, 2012. \r\nCity of Vidalia Board of Education's response to the findings identified in our audit is described in the accompanying Schedule of Management's Responses. We did not audit City of Vidalia Board of Education's response and, accordingly, we express no opinion on it. \r\nThis report is intended solely for the information and use of management, members of the City of Vidalia Board of Education, others within the entity, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n \r\nRWH:as 2011YB-30 \r\n \r\nRussell W. Hinton, CPA, CGFM State Auditor \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nFebruary 9, 2012 \r\n \r\nHonorable Nathan Deal, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH REQUIREMENTS THAT COULD HAVE A DIRECT AND MATERIAL EFFECT ON EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 \r\nLadies and Gentlemen: \r\nCompliance \r\nWe have audited City of Vidalia Board of Education's compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement that could have a direct and material effect on each of its major Federal programs for the year ended June 30, 2011. City of Vidalia Board of Education's major Federal programs are identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts, and grants applicable to each of its major Federal programs is the responsibility of City of Vidalia Board of Education's management. Our responsibility is to express an opinion on City of Vidalia Board of Education's compliance based on our audit. \r\nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the City of Vidalia Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on City of Vidalia Board of Education's compliance with those requirements. \r\nIn our opinion, the City of Vidalia Board of Education 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, 2011. \r\n \r\n2011SA-10 \r\n \r\n Internal Control Over Compliance \r\nManagement of City of Vidalia Board of Education is responsible for establishing and maintaining effective internal control over compliance with the requirements of laws, regulations, contracts, and grants applicable to Federal programs. In planning and performing our audit, we considered City of Vidalia Board of Education's internal control over compliance with the requirements that could have a direct and material effect on a major Federal program to determine the auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the City of Vidalia Board of Education's internal control over compliance. \r\nA deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a Federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a Federal program will not be prevented, or detected and corrected, on a timely basis. \r\nOur consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be deficiencies, significant deficiencies, or material weaknesses. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. \r\nThis report is intended solely for the information and use of management, members of the City of Vidalia Board of Education, others within the entity, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n \r\nRWH:as 2011SA-10 \r\n \r\nRussell W. Hinton, CPA, CGFM State Auditor \r\n \r\n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2011 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFS-7931-09-01 FS-7931-10-01 \r\n \r\nFurther Action Not Warranted Partially Resolved - See Corrective Action/Responses \r\n \r\nCORRECTIVE ACTION/RESPONSES \r\n \r\nCASH AND CASH EQUIVALENTS REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Controls over School Activity Accounts Finding Control Number: FS-7931-10-01 \r\n \r\nPeriodic reviews will continue to be done at the schools by a central office employee or contracted auditor to make sure that supporting documentation is being properly provided for all revenue and that voucher packets are complete including purchase orders produced for all expenditures in a timely manner. The School Activities Account Handbook will be updated and reviewed with all bookkeepers and principals to reiterate proper procedures and establish internal controls to be implemented immediately. Procedures for accounting of non-resident tuition will be revised to include new reporting requirements. \r\n \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\n \r\nNo matters were reported. \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2011 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\nFinancial Statements \r\n \r\nType of auditor's report issue: Governmental Activities; General Fund; Capital Projects Fund; Aggregate Remaining Fund Information \r\n \r\nUnqualified \r\n \r\nInternal control over financial reporting: \r\n \r\n Material weakness identified? \r\n \r\nNo \r\n \r\n Significant deficiency identified? \r\n \r\nYes \r\n \r\nNoncompliance material to financial statements noted: \r\n \r\nNo \r\n \r\nFederal Awards \r\n \r\nInternal Control over major programs:  Material weakness identified?  Significant deficiency identified? \r\n \r\nNo None Reported \r\n \r\nType of auditor's report issued on compliance for major programs: All major programs \r\n \r\nUnqualified \r\n \r\nAny audit findings disclosed that are required to be reported in \r\n \r\naccordance with OMB Circular A-133, Section 510(a)? \r\n \r\nNo \r\n \r\nIdentification of major programs: CFDA Numbers \r\n \r\nName of Federal Program or Cluster \r\n \r\n10.553, 10.555 84.027, 84.173, 84.391, 84.392 84.410 84.318, 84.386 \r\n \r\nChild Nutrition Cluster Special Education Cluster Education Jobs Fund Education Technology State Grants Cluster \r\n \r\nDollar threshold used to distinguish between Type A and Type B programs: \r\n \r\n$300,000.00 \r\n \r\nAuditee qualified as low-risk auditee? \r\n \r\nYes \r\n \r\n- 1 - \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2011 \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nREVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Controls over School Activity Accounts Significant Deficiency Finding Control Number: FS-7931-11-01 \r\nCondition: This is a repeat finding (FS-7931-10-01, FS-7931-09-01 and FS-7931-08-01) from the years ended June 30, 2010, June 30, 2009, and June 30, 2008, respectively. The accounting procedures of the School District were insufficient to provide for adequate internal controls over the school activity accounts. \r\nCriteria: The School District's management is responsible for designing and maintaining internal controls that provide reasonable assurance that transactions are processed according to established procedures. \r\nQuestioned Cost: N/A \r\nInformation: Revenues/Receivables/Receipts: \r\n Several receipts lacked adequate supporting documentation.  Untimely deposits were noted.  One school failed to maintain adequate documentation for nonresident student tuition. The \r\nauditor was unable to determine if all fees collected were properly deposited and recorded. \r\nExpenditures/Liabilities/Disbursements:  Instances were noted where vouchers did not contain complete purchase orders, invoices and/or lacked proper approvals for payments.  One instance was noted where the purchase order was dated subsequent to the invoice date and the receipt of goods.  Some checks requiring two signatures only contained one signature on the check.  Several vouchers lacked evidence of receipt of goods. \r\nCause: These deficiencies were a result of management's failure to ensure that internal controls were established, implemented and functioning at the school level. \r\nEffect: Errors and/or irregularities may not be detected in a timely manner. \r\nRecommendation: Management should monitor controls to provide reasonable assurance that transactions are processed according to established policies and implement those procedures deemed necessary to strengthen internal controls over the accounting functions. \r\nIII FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\nNo matters were reported. \r\n- 2 - \r\n \r\n SECTION V MANAGEMENT'S RESPONSES \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF MANAGEMENT'S RESPONSES YEAR ENDED JUNE 30, 2011 \r\nFinding Control Number: FS-7931-11-01 \r\nWe have requested of management its views concerning this finding, its conclusions, its recommendations and the planned corrective actions. We have not received management's views as of the release of this audit report. \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be33-bv3-b2009-h2010","title":"City of Vidalia Board of Education, Toombs County, Georgia, annual financial report for the fiscal year ended June 30, 2010 (including independent auditor's reports)","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, Toombs County, Vidalia, 32.21769, -82.41346"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2010-06-30"],"dcterms_description":["Began with fiscal year ended June 30, 2009.","Report year covers fiscal year.","Fiscal year ended June 30, 2014 (Received via FTP from the Georgia Department of Audits and Accounts); title from PDF cover (Georgia Government Publications database, viewed August 24, 2023).","Fiscal year ended June 30, 2015 (received 6/27/16 via FTP from Georgia Dept. of Audits and Accounts); (Georgia Government Publications database, viewed August 24, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["City of Vidalia Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Vidalia--Auditing--Periodicals.","Education--Georgia--Vidalia--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Vidalia--fast--https://id.oclc.org/worldcat/entity/E39PBJyGV4M3vq3JgGDqHt9JjC","Georgia Government Documents--Serial"],"dcterms_title":["City of Vidalia Board of Education, Toombs County, Georgia, annual financial report for the fiscal year ended June 30, 2010 (including independent auditor's reports)"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be33-bv3-b2009-h2010"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be33-bv3-b2009-h2010"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":["Education--Auditing--fast","Education--Finance--fast","Expenditures, Public--fast","Georgia--Vidalia--fast--https://id.oclc.org/worldcat/entity/E39PBJyGV4M3vq3JgGDqHt9JjC","Periodicals--fast","Statistics--fast"],"fulltext":"CIlY OF VIDALIA BOARD OF EDUCATION \r\nTOOMBS COUNTY, GEORGIA \r\nANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED \r\nJUNE 30,2010 (Including Independent Auditor's Reports) \r\n \r\n CITY OF VlDALlA BOARD OF EDUCATION - TOOMBS COUNTY - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERALAWARDS \r\n \r\nEXHIBlTS \r\n \r\nBASIC FINANCIAL STATEMENTS \r\n \r\nDISTRICT-WIDE FINANCIAL STATEMENTS \r\n \r\nA \r\n \r\nSTATEMENT OF NET ASSETS \r\n \r\nB \r\n \r\nSTATEMENT OF ACTIVITIES \r\n \r\nFUND FINANCIAL STATEMENTS \r\n \r\nC \r\n \r\nBALANCE SHEET \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\nD \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\n \r\nTO THE STATEMENT OF NET ASSETS \r\n \r\nE \r\n \r\nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\nF \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \r\n \r\nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \r\n \r\nBALANCES TO THE STATEMENT OF ACTIVITIES \r\n \r\nG \r\n \r\nSTATEMENT OF FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\nH \r\n \r\nSTATEMENT OF CHANGES IN FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\nI \r\n \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS \r\n \r\nSCHEDULES \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \r\nIN FUND BALANCES - BUDGET AND ACTUAL GENERAL FUND \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 3 SCHEDULE OF STATE REVENUE \r\n \r\n CITY OF VlDALlA BOARD OF EDUCATION - TOOMBS COUNTY - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\nFINANCIAL \r\nSCHEDULES \r\nSUPPLEMENTARY INFORMATION \r\n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS 5 ALLOTMENTS AND EXPENDITURES \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) BY PROGRAM \r\n \r\nPage \r\n \r\nSECTION II \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER M A l l E R S BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WlTH GOVERNMENTAUDlTlNG STANDARDS \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WlTH REQUIREMENTS THAT COULD HAVE A DIRECT AND MATERIAL EFFECT ON EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WlTH OMB CIRCULAR A-133 \r\n \r\nSECTION Ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n CITY OF VlDALlA BOARD OF EDUCATION - TOOMBS COUNTY - TABLE OF CONTENTS - \r\nSECTION V MANAGEMENT'S RESPONSES SCHEDULE OF MANAGEMENT'S RESPONSES \r\n \r\n SECTION I FI NANClAL \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404)656-2174 \r\n \r\nDEPARTMENOTF AUDITSAND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nMarch 16.2011 \r\n \r\nHonorable Nathan Deal, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nINDEPENDENTAUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information (ExhibitsA through I) of the City of Vidalia Board of Education, as of and for the year ended June 30, 2010, which collectively comprise the Board's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the City of Vidalia Board of Education's management. Our responsibility is to express opinions on these financial statements based on our audit. \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. \r\nIn our opinion, the financial statements referred to previously present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Vidalia Board of Education, as of June 30, 2010, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. \r\nThe City of Vidalia Board of Education has not presented Management's Discussion and Analysis that accounting principles generally accepted in the United States of America has determined is necessaryto supplement, although not to be part of, the basic financial statements. \r\n \r\n In accordance with GovernmentAuditing Standards, we have also issued our report dated March 16, 2011, on our consideration of the City of Vidalia Board of Education'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 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 internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Audithg Standards and should be considered in assessingthe results of our audit. \r\nAccounting principles generally accepted in the United States of America require that the Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 25, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures, to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during the audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of Vidalia Board of Education's financial statements as a whole. The accompanying supplementary information consists of Schedules 2 through 5, which includes the Schedule of Expenditures of Federal Awards as required by U. S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Prufit Organizations, are presented for purposes of additional analysis and are not a required part of the financial statements. Such information is the responsibility of management and was derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole. \r\nA copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \r\nRespectfully submitted, \r\n~us)ell W. Hinton, CPA, CGFM State Auditor \r\n \r\n CITY OF VlDALlA BOARD OF EDUCATION - TOOMBS COUNTY \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENT OF NET ASSETS JUNE 30.2010 \r\nASSETS Cash and Cash Equivalents ~nvestments Accounts Receivable, Net \r\nTaxes State Government Federal Government Local Other l nventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nLIABILITIES Salaries and Benefits Payable \r\nNET ASSETS Invested in Capital Assets Restricted for \r\nBus Replacement Continuation of Federal Programs Unrestricted \r\nTotal Net Assets \r\nTotal Liab~litiesand Net Assets \r\n \r\nEXHIBIT \"A\" \r\nGOVERNMENTAL ACTIVITIES \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -1- \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION- TOOMBS COUNTY \r\nSTATEMENT OF ACTIVITIES FOR THE YEAR ENDEDJUNE 30,2010 \r\n \r\nGOVERNMENTAL ACTIVITIES \r\nInstruction Support Services \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Malntenance and Operation of Plant Student Transportation Services Central Support Services Other Support S e ~ l c e s Operationsof Non-Instructional Services Enterprise Operations Community Services Food Services \r\nTotal Governmental Activities \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Grants and Contributions not Restrictedto Speciflc Programs Investment Earnings M~s~ellaneous \r\nTotal General Revenues \r\nChange in Net Assets \r\nNet Assets - Beginningof Year \r\nNet Assets - End of Year \r\n \r\nEXPENSES \r\n \r\nCHARGES FOR SERVICES \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n- 2 - \r\n \r\n PROGRAM REVENUES OPERATING GRANTS AND \r\nCONTRIBUTIONS \r\n \r\nCAPITAL GRANTS AND CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET ASSETS \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY BAMNCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30.2010 \r\n \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Local lnterfund Other Inventories \r\nTotal Assets \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nLIABILITIESAND FUND BALANCES \r\nLIABILITIES \r\nAccounts Payable- lnterfund \r\nSalaries and Benefits Payable Deposits and Deferred Revenue \r\nTotal Liabilities \r\nFUND BALANCES \r\nReserved for: Bus Replacement Continuation of Federal Programs \r\nUnrese~ed Designated for Student Activities Undesignated Reported in: General Fund Capital Projects \r\nTotal Fund Balances \r\nTotal Liabilities and Fund Balances \r\n \r\nEXHIBIT \"C\" \r\nTOTAL \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 4 - \r\n \r\n CIW OF VlDALlA BOARD OF EDUCATION - TOOMBS COUNTY RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET ASSETS JUNE 30.2010 \r\nTotal Fund Balances - Governmental Funds (Exhibit \"C\") \r\nAmounts reportedfor GovernmentalActivities in the Statement of Net Assets are different because: \r\nCapital Assets used in Governmental Activities are not financial resources and therefore are not rewrted in the funds. These assets conslst of: \r\nLand Land Improvements Buildings Equipment Accumulated Depreciation \r\nTotal Capital Assets \r\nTaxes that are not availableto pay for current period expendituresare deferred in the funds. \r\nNet Assets of Governmental Activities (Exh~bi\"tA\") \r\n \r\nEXHIBIT \" D \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -5- \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENTOF REVENUES, EXPENDITURESAND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30,2010 \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Servlces Food Services Operation \r\nCapital Outlay \r\nTotal Expenditures \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nFund Balances - Ending \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nEXHIBIT \" E TOTAL \r\n \r\nThe notes to the basic financ~asl tatements are an integral part of this statement. 6- \r\n \r\n CITY OF VlDALlA BOARD OF EDUCATION - TOOMBS COUNTY \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30,2010 \r\nTotal Net Change in Fund Balances - Governmental Funds (Exhibit \" E ) \r\nAmounts reported for GovernmentalActivities in the Statement of Activlties are different because: \r\nCapital Outlays are reported as expenditures in Governmental Funds. However, in the Statement of Activlties, the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are: \r\nCapital Outlay Depreciation Expense \r\nExcess of Capital Outlay over Depreciation Expense \r\nTaxes reported In the Statement of Activities that do not provide current financial resourcesare not reported as revenues in the funds. \r\nThe net effect of various rnlscellaneoustransactions ~nvolvlngcapital assets (i.e., disposals) is to decrease net assets. \r\nChange in Net Assets of GovernmentalActivities (Exhibit \"B\") \r\n \r\nEXHIBIT \"F\" \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -7- \r\n \r\n CITY OF VlDALlA BOARD OF EDUCATION - TOOMBS COUNTY \r\nSTATEMENT OF FIDUCIARY NET ASSETS FIDUCIARY FUNDS JUNE 30,2010 \r\n \r\nASSETS Cash and Cash Ecluivalents l nvestrnents \r\nTotal Assets \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\nLIABILITIES Funds Held for Others \r\nNET ASSETS Held in Trust for Private Purposes \r\nTotal Liabilities and Net Assets \r\n \r\nEXHIBIT \"G\" \r\nAGENCY FUNDS \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n- 8 - \r\n \r\n CITY OF VlDALlA BOARD OF EDUCATION - TOOMBS COUNTY STATEMENTOF CHANGES IN FIDUCIARYNET ASSETS FIDUCIARY FUNDS JUNE 30,2010 \r\nADDITIONS Investment Earnings Net Increase (Decrease)in Fair Value of Investments Dividends Total Additions \r\nDEDUCTIONS None Reported Change in Net Assets \r\nNet Assets - Beginning \r\nNet Assets - Ending \r\n \r\nEXHIBIT \"H\" \r\nPRIVATE PURPOSE TRUSTS \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 9- \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2010 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nREPORTING ENTITY \r\nThe City of Vidalia Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF PRESENTATION \r\nThe School District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and notes to the basic financial statements of the City of Vidalia Board of Education. \r\nDistrict-wide Statements: The Statement of Net Assets and the Statement of Activities display information about the financial activities of the overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \r\nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\nDirect expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expensesof the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\nProgram revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFund Financial Sbtemenk The fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\nThe School District reports the following major governmental funds: \r\nGeneral Fund is the School District's primary operating fund. It accounts for all financial resources of the School District, except those resources required to be accounted for in another fund. \r\n \r\n CITY OF VIDAUA BOARD OF EDUCATION - TOOMBS COUNTY \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2010 \r\n \r\nEXHIBlT \"I\" \r\n \r\nDistrict-wide Capital Projects Fund accounts for financial resources includingspecial Purpose Local Option Sales Tax (SPLOST) and grants from Georgia State Financing and Investment Commission to be used for the acquisition, construction or renovation of major capital facilities. \r\nThe School District reports the following fiduciary fund types: \r\nPrivate Purpose Trust fund reports a trust arrangement under which income may be expended to provide college scholarships to Vidalia City High School seniors. \r\nAgency funds account for assets held by the School District as an agent for various funds, governments or individuals. \r\nBASIS OF ACCOUNTING \r\nThe basis of accounting determines when transactions are reported on the financial statements. The District-wide governmental and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations are recognized in the fiscal year in which all eligibility requirements have been satisfied. \r\nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \r\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 all revenues reported in the governmental funds to be available if they are collected within sixty 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. Capital asset acquisitions are reported as expenditures in governmental funds. \r\nThe School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTESTO M E BASIC FINANCIAL STATEMENTS JUNE 30,2010 \r\n \r\nEXHIBIT \"I\" \r\n \r\nThe State of Georgia reimburses the School District for teachers' salaries and operating costs through the Quality Basic Education Formula Earnings program (QBE). Generally teachers are contracted for the school year (July 1- June 30) and paid over a twelve month contract period, generally September 1through August 31. In accordance with the respective rules and regulations of the QBE program, the State of Georgia reimburses the School District over the same twelve month period in which teachers are paid. At June 30, the amount of teachers' salaries incurred but not paid until July and August of the subsequent year are accrued. Since the State of Georgia recognizes its QBE liability for the July and August salaries at June 30, the School District recognizes the same QBE as a receivable and revenue, consistent with symmetrical recognition. \r\nNEW ACCOUNTING PRONOUNCEMENTS \r\nIn fiscal year 2010, the School District adopted the Governmental Accounting and Standards Board (GASB) Statement No. 51, Accounting and Reporting for Intangible Asset3 The provisions of this Statement generally require retroactive reportingfor intangible assets acquired after June 30, 1980, with the exception of those intangible assets that have indefinite useful lives and those that are considered internally generated. \r\nIn addition, the School District adopted GASB Statement No. 53, Accounting and Financial Reporting for Derivative Instruments. The provisions of this Statement impacts disclosure regarding derivative instruments entered into by the state and local governments. Derivative disclosures, if any, will be identified in Note 3. \r\nCASH AND CASH EQUIVALENTS \r\nComposition of Deposits Cash and cash equivalents consist of cash on hand, demand deposits 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 Section 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \r\nINVESTMENTS \r\nComposition of Investments lnvestments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interestearning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year and equity investments are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n1. Obligations issued by the State of Georgia or by other states, \r\n2. Obligations issued by the United States government, \r\n3. Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n \r\n CrrY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2010 \r\n \r\nEXHIBIT \"I\" \r\n \r\n4. Obligations of any corporation of the United States government, \r\n5. Prime banker's acceptances, \r\n6. The Georgia Fund 1administered by the State of Georgia, Office of Treasury and Fiscal Services, \r\n7. Repurchase agreements, and \r\n8. Obligations of other political subdivisions of the State of Georgia. \r\nThe School District does not have a formal policy regarding investment policies that address credit risks, custodial credit risks, concentration of credit risks, interest rate risks or foreign currency risks. \r\nRECEIVABLES \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\nPROPERTY TAXES \r\nThe City of Vidalia fixed the property tax levy for the 2009 tax digest year (calendar year) on December 11,2009 (levy date). Taxes were due on February 9, 2010 (lien date). Taxes collected within the current fiscal year or within 6 0 days after year-end on the 2009 tax digest are reported as revenue in the governmental funds for fiscal year 2010. The Vidalia City Clerk bills and collects the property taxes for the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30,2010, for maintenance and operations amounted to $3,864,688.74. \r\nThe tax millage rate levied for the 2009 tax year (calendar year) for the City of Vidalia Board of Education was as follows (a mill equals $1per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n15.00 mills \r\n \r\nSALES TAXES \r\nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $2,212,621.08 and is to be used for capital outlay for educational purposes. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\nINVENTORIES \r\nFood Inventories On 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 (first-in, first-out). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2010 \r\n \r\nEXHIBIT \"I\" \r\n \r\nCAPITAL ASSETS \r\n \r\nCapital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time of purchase (including ancillary charges). On the District-wide \r\nfinancial statements, all purchased capital assets are valued 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 estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. 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. Depreciation is computed using the straight-line method. The School District does not capitalize book collections or works of art. During the fiscal year under review, no events or changes in circumstances affecting a capital asset that may indicate impairment were known to the School District. \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the District-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Land Improvements Buildings and Improvements Equipment Intangible Assets \r\n \r\nAll \r\n \r\n$ \r\n \r\n10,000.00 \r\n \r\n$ \r\n \r\n10,000.00 \r\n \r\n$ \r\n \r\n10,000.00 \r\n \r\n$ 100,000.00 \r\n \r\nN/A 6 0 years \r\n25 to 6 0 years \r\n1 0 to 1 5 years 1 0 years \r\n \r\nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives, with the exception of intangible assets which are amortized. \r\n \r\nAmortization of intangible assets such as water, timber, and mineral rights, easements, patents, trademarks, copyrights and internally generated software is computed using the straight-line method over the estimated useful lives of the assets, for 10 years. \r\n \r\nNET ASSETS \r\n \r\nThe School District's net assets in the District-wide Statements are classified as follows: \r\n \r\nInvested in capital assets -This represents the School District's total investment in capital assets. \r\n \r\nRestricted net assets - These represent resources for which the School District is legally or contractually obligated to spend resources for bus replacement and continuation of Federal Programs in accordance with restrictions imposed by external third parties. \r\n \r\nUnrestricted net assets - Unrestricted net assets represent resources derived from property taxes, sales taxes, grants and contributions not restricted to specific programs, charges for services, and miscellaneous revenues. These resources are used for transactions relating to the educational and general operations of the School District, and may be used at the discretion of the Board to meet current expenses for those purposes. \r\n \r\n CJTY OF VIDAUA BOARD OF EDUCATION - TOOMBS COUNTY \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30,2010 \r\n \r\nEXHIBIT \"I\" \r\n \r\nFUND BALANCES \r\n \r\nReserved Reserves represent those portions of fund balance equity that are legally segregated for a specific future use. \r\nUnreserved - Designated \r\nDesignatedfund balances represent tentative plans for future use of financial resources. \r\n \r\nDEFICIT FUND BALANCES \r\n \r\nThe fund reporting a deficit fund balance at June 30,2010, is as follows: \r\n \r\nFund Type/Fund Name \r\n \r\nDeficit Balance \r\n \r\nDistrict-wideCapital Projects Fund \r\n \r\n$ 171,761.72 \r\n \r\nThe collection of SPLOST receipts in the subsequent period will fund the deficit. \r\n \r\nUSE OF EST1MATES \r\n \r\nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \r\n \r\nNOTE 3: DEPOSITS AND INVESTMENTS \r\n \r\nCOLLATERALIZATION OF DEPOSITS \r\n \r\nOfficial Code of Georgia Annotated (O.C.G.A.) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by 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 percent 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. Section 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 1 1 0 percent of the daily pool balance. \r\n \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n \r\n1. Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n2. lnsurance on accounts provided by the Federal Deposit lnsurance Corporation, \r\n3. Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n4. Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n \r\n CrPl OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30,2010 \r\n \r\nEXHIBIT \"I\" \r\n \r\n5. Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n6. Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n7. Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n \r\nCATEGORIZATION OF DEPOSITS \r\n \r\nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2010, the bank balances were $2,013,333.81. The amounts exposed to custodial credit risk are classified into three categories as follows: \r\n \r\nCategory 1Category 2 - \r\nCategory 3 - \r\n \r\nUncollateralized, Cash collateralized with securities held by the pledging financial institution, \r\n0 r \r\nCash collateralized with securities held by the pledging financial institution's trust department or agent but not in the School District's name. \r\n \r\nThe School District's deposits by custodial risk category at June 30, 2010, are as follows: \r\n \r\nCustodial Credit Risk Category \r\n \r\nBank Balance \r\n \r\nTotal \r\n \r\n$ 1,364,755.95 \r\n \r\nCATEGORIZATION OF INVESTMENTS \r\nCustodial Credit Risk Custodial 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. \r\nAt June 30, 2010, the fair value of the School District's total investments was $262.60 and this entire amount consisted of common stock which was insured or registered or sercurities held by the School District or the School District's agent in the School District's name. \r\n \r\n CITY OF VIDAUA BOARD OF EDUCATION - TOOMBS COUNTY \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2010 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 4: NON-MONETARY TRANSACTIONS \r\n \r\nThe School District receives food commodities from the United States Department of Agriculture \r\n(USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally \r\nassigned value. See Note 2 - Inventories \r\n \r\nNOTE 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the Capital Assets during the fiscal year: \r\n \r\nGovernmental Activities Capital Assets, Not B e ~ n gDepreciated: \r\nLand Construction Work In Progress \r\n \r\nBalances July 1,2009 \r\n \r\nincreases \r\n \r\nDecreases \r\n \r\nBalances June 30,2010 \r\n \r\n$ 722,804.05 $ 6,289,465.67 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n$ 6,289,465.67 \r\n \r\n722,804.05 0.00 \r\n \r\nTotal Capital Assets, Not Being Depreciated $ 7,012,269.72 $ \r\n \r\n0.00 $ 6,289,465.67 $ 722,804.05 \r\n \r\nCapital Assets, Being Depreciated: Buildings and Improvements Equipment Land Improvements \r\n \r\n$ 18,870,794.04 $ 10,912,106.61 $ \r\n \r\n1,575.185.98 \r\n \r\n43,440.00 \r\n \r\n2,682,771.65 \r\n \r\n38,409.33 $ 29,744,491.32 1,618,625.98 2,682,771.65 \r\n \r\nLess: Accumulated Depreciation: Buildings and lmprovements Equipment Land lmprovements \r\n \r\nTotal Capital Assets, Being Depreciated, Net $ 16,871,492.08 $ 10,389,946.43 $ \r\n \r\n15,363.77 $ 27,246,074.74 \r\n \r\nGovernmental Activity Capital Assets - Net $ 23,883,761.80 $ 10,389,946.43 $ 6,304,829.44 $ 27,968,878.79 \r\n \r\nCurrent year depreciation expense by function is as follows: \r\nInstruction Support Services \r\nPupil Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Enterprise Operations Food Services \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30,2010 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 6: INTERFUNDASSETS AND LIABILITIES \r\n \r\nDue to and due from other funds are recorded for interfund receivables and payables which arise from intetfund transactions. lnterfund balances at June 30, 2010, consisted of the following: \r\n \r\nDue From Other Funds \r\n \r\nDue To Other Funds \r\n \r\nGeneral Fund District-wideCapital Projects \r\n \r\nCash was borrowed from the General Fund to pay for some SPLOST project expenditures. These funds will be paid back with sales tax revenue. \r\n \r\nNOTE 7: RISK MANAGEMENT \r\n \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \r\n \r\nThe School District has obtained commercial insurance for risk of loss associated with torts, assets, and errors or omissions. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any of the past three years. \r\n \r\nThe School District has elected to self-insure for all losses related to acts of God. The School District has not experienced any losses related to this risk in the past three years. \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the same fund that the employee's salary and benefits were paid. Claims are accounted for with expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginningof Year Liability \r\n \r\nClaims and Changes in Estimates \r\n \r\nClaims Paid \r\n \r\nEnd of Year Liability \r\n \r\nThe School District participates in the Georgia Education Workers' Compensation 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 insurance coverage. Additional insurance coverage is \r\n \r\n CrrY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2010 \r\n \r\nEXHIBIT \"I\" \r\n \r\nprovided through an agreement by the Trust with the Midwest Employers Casualty Company to provide coverage for potential losses sustained by the Trust in excess of $700,000.00 loss per occurrence, up to the statutory limit. Employers' Liability insurance coverage is also provided by Midwest Employers Casualty Company to provide coverage for potential losses sustained by the Fund in excess of $700,000.00 loss per occurrence, up to $1,000,000.00, with an aggregate limit of $2,000,000.00. \r\nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Board Treasurer Board Vice-Treasurer All Employees \r\n \r\nNOTE 8: SHORT-TERM DEBT \r\n \r\nThe School District issues tax anticipation notes in advance of property tax collections, depositing the proceeds in its General Fund. This short-term debt is to provide cash for construction until SPLOST tax collections are received by the School District. Article IX, Section V, Paragraph V of the Constitution of the State of Georgia limits the aggregate amount of short-term debt to 75 percent of the total gross income from taxes collected in the preceding year and requires all short-term debt to be repaid no later than December 3 1of the calendar year in which the debt was incurred. \r\n \r\nShort-term debt activity for the fiscal year is as follows: \r\n \r\nBeginning Balance \r\n \r\nIssued \r\n \r\nRedeemed \r\n \r\nEnding Balance \r\n \r\nTax Anticipation Notes $ \r\n \r\n0.00 $ \r\n \r\n697.010.00 $ \r\n \r\n697,010.00 $ \r\n \r\n0.00 \r\n \r\nNOTE 9: ON-BEHALF PAYMENTS \r\nThe School District has recognized revenues and costs in the amount of $43,054.40 for health insurance and retirement contributions paid on the School District's behalf by the following State Agencies. \r\nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance of Non-Certified Personnel In the amount of $26,410.89 \r\nPaid to the Teachers Retirement System of Georgia For Teachers Retirement System (TRS) Employer's Cost In the amount of $10,028.44 \r\nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of $6,615.07 \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30,2010 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 10: SIGNIFICANT CONTINGENT LIABILITIES \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\nThe School District is a defendant in various legal proceedings pertainingto 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 be material to the basic financial statements. \r\nNOTE 11: POST-EMPLOYMENT BENEFITS \r\nGEORGIA SCHOOL PERSONNEL EMPLOYEES POST-EMPLOYMENT HEALTH BENEFIT FUND \r\nPlan Description. The Georgia School Personnel Post-employment Health Benefit Fund (School OPEB Fund) is a cost-sharing multiple-employer defined benefit post-employment healthcare plan that covers eligible former employees of public school systems, libraries and regional educational service agencies. The School OPEB Fun provides health insurance benefits to eligible former employees and their qualified beneficiaries through the State Employees Health Insurance Plan administered by the Department of Community Health. The Official Code of Georgia Annotated (OCGA) assigns the authority to establish and amend the benefit provisions of the group health plans, including benefits for retirees, to the Board of Community Health (Board). \r\nFunding Policy. The contribution requirements of plan members and participating employers are established by the Board in accordance with the current Appropriations Act and may be amended by the Board. Contributions of plan members or beneficiaries receiving benefits vary based on plan election, dependent coverage, and Medicare eligibility and election. On average, plan members pay approximately 25 percent of the cost of health insurance coverage. \r\nParticipating employers are statutorily required to contribute in accordance with the employer contribution rates established by the Board. The contribution rates are established to fund all benefits due under the health insurance plans for both active and retired employees based on projected \"pay-as-you-go\"financing requirements. Contributions are not based on the actuarially calculated annual required contribution (ARC) which represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. \r\nThe combined active and retiree contribution rates established by the Board for employers participating in the School OPEB Fund were as follows for the fiscal year ended June 30, 2010: \r\nFor certificated teachers, librarians and regional educational service agencies: \r\n \r\nJuly 2009 August 2009 -October 2009 November 2009 -June 2010 \r\n \r\n18.534% of covered payroll for August Coverage 14.492% of covered payrollfor September - November Coverage 18.534% of covered payrollfor December - July Coverage \r\n \r\nFor non-certificated school personnel: \r\n \r\nJuly 2009 -June 2010 \r\n \r\n$162.72 per member per month plus Department of Education contribution of $22,838,311.00 \r\n \r\n CITY OF VIDAUA BOARD OF EDUCATION - TOOMBS COUNTY \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30,2010 \r\n \r\nEXHIBJT \"I\" \r\n \r\nNo additional contribution was required by the Board for fiscal year 2010 nor contributed to the State OPEB Fund to prefund retiree benefits. Such additional contribution amounts are determined annually by the Board in accordance with the State plan for other postemployment benefits and are subject to appropriation. \r\n \r\nThe School District's combined active and retiree contributions to the health insurance plans, which \r\n \r\nequaled the required contribution, for the current fiscal year and the preceding two fiscal years were \r\n \r\nas follows: \r\n \r\nPercentage \r\n \r\nRequired \r\n \r\nFiscaI Year \r\n \r\nContributed \r\n \r\nContribution \r\n \r\nNOTE 12: RETIREMENT PLANS \r\nTEACHERS RETIREMENTSYSTEM OF GEORGIA (TRS) \r\nPlan Description. The TRS is a cost-sharing multiple-employer defined benefit plan created in 1943 by an act of the Georgia General Assembly to provide retirement benefits for qualifying employees in educational service. A Board of Trustees comprised of active and retired members and ex-officio State employees is ultimately responsible for the administration of TRS. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\nOn October 25, 1996, the Board created the Supplemental Retirement Benefits Plan of the Georgia Teachers Retirement System (SRBP-TRS). SRBP-TRS was established as a qualified excess benefit plan in accordance with Section 415 of the Internal Revenue Code (IRC) as a portion of TRS. The purpose of SRBP-TRS is to provide retirement benefits to employees covered by TRS whose benefits are otherwise limited by IRC Section 415. Beginning July 1,1997, all members and retired former members in TRS are eligible to participate in the SRBP-TRS whenever their benefits under TRS exceed the IRC Section 415 imposed limitation on benefits. \r\nTRS provides service retirement, disability retirement, and survivor's benefits. The benefit structure of TRS is defined and may be amended by State statute. A member is eligible for normal service retirement after 3 0 years of creditable service, regardless of age, or after 1 0 years of service and attainment of age 60. A member is eligible for early retirement after 2 5 years of creditable service. \r\nNormal retirement (pension) benefits paid to members are equal to 2% of the average of the member's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 4 0 years. Early retirement benefits are reduced by the lesser of one-twelfth of 7% for each month the member is below age 60 or by 7% for each year or fraction thereof by which the member has less than 3 0 years of service. It is also assumed that certain cost-of-living adjustments, based on the Consumer Price Index, will be made in future years. Retirement benefits are payable monthly for life. A member may elect to receive a partial lump-sum distribution in addition to a reduced monthly retirement benefit. Death, disability and spousal benefits are also available. \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30,2010 \r\n \r\nEXHIBlT \"I\" \r\n \r\nFunding Policy. TRS is funded by member and employer contributions as adopted and amended by the Board of Trustees. Members become fully vested after 1 0 years of service. If a member terminates with less than 1 0 years of service, no vesting of employer contributions occurs, but the member's contributions may be refunded with interest. Member contributions are limited by State law to not less than 5% or more than 6% of a member's earnable compensation. Member contributions as adopted by the Board of Trustees for the fiscal year ended June 30, 2010, were 5.25% of annual salary. The member contribution rate will increase to 5.53%effective July 1,2010. Employer contributions required for fiscal year 2010 were 9.74%of annual salary as required by the June 30, 2007, actuarial valuation. The employer contribution rate will increase to 10.28% effective July 1,2010. \r\n \r\nEmployer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VlDALlA BOARD OF EDUCATION- TOOMBS COUNTY GENERAL FUND \r\nSCHEDULE OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30.2010 \r\n \r\nSCHEDULE \"1\" \r\n \r\nREVENUES \r\nProperty Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent lnstructlon Support Sew~ces Pup11Sew~ces Improvementof lnstructlonal Serv~ces Educat~onaMl ed~aServices General Admlnlstration School Admlnlstratlon Busmess Admlnlstrat~on Maintenance and Operat~onof Plant Student Transportat~onSewlces Central Support Servlces Other Support SewIces Enterprise Operat~ons Comrnunlty Sew~cesOperat~ons Food Sewlces Ooeratlon \r\nTotal Expendltures \r\nExcessof Revenuesover (under) Expend~tures \r\nOTHER FINANCING SOURCES USES1 \r\nOperatingTransfers From Other Funds OperatingTransfersTo Other Funds \r\nTotal Other FinancingSources (Uses) \r\nNet Change In Fund Balances \r\nFund Balances - Beg~nn~ng \r\nAdjustments \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL \r\n \r\nFINAL \r\n \r\nACTUAL AMOUNTS \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n-124.460.55 $ \r\n \r\n-104,311.41 $ \r\n \r\n187,312.82 \r\n \r\n2,109,315.26 \r\n \r\n2,109,315.26 \r\n \r\n2,109,315.26 \r\n \r\n26.536.98 \r\n \r\n39,408.90 \r\n \r\nFund Balances- End~ng \r\nNotesto the Scheduleof Revenues. Ex~endlturesand Chanees In Fund Balances Budeet and Actual The accompanying scheduleof revenues,expenditures and changes ln fund balances budget and actual IS presented on the rnod~fiedaccrual bas~sof accountlng whlch 1s the bass of accountlng used In the presentation of the fund flnanclal statements. \r\n \r\nSee notes to the baslc financ~asl tatements. \r\n \r\n CITY OFVlDALlA BOARD OF EDUCATIONTOOMBS COUNTY SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30.2010 \r\n \r\nSCHEDULE \"2\" \r\n \r\nFUNDING AGENCY PROGRAM/SRANT \r\nAgriculture. U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program Nat~onaSl chool Lunch Program \r\nTotal Ch~ldNutrltlon Cluster \r\nather Programs Pass-Through From Georgia Department of Educat~on Food Services ARRA- Child Nutr~tlonDlscret~onaryGrants L~mltedAvailablllty \r\nTotal U. S. Department of Agr~culture \r\nEducation, U. S. Department of Educat~onTechnology State Grants Cluster Pass-Through From Georgia Department of Educat~on ARRA Education TechnologyState Grants \r\nSpecial Education Cluster Pass-Through From Georg~aDepartment of Educat~on Special Education \r\nARRA - Grants to States \r\nARRA - Preschool Grants Grants to States Preschool Grants \r\nTotal S ~ e c ~Eadlucat~onCluster \r\nState F~scaSl tablllrabon Fund Cluster Pass-Through From Georgia Department of Education ARRA- Educat~onState Grants \r\nTitle I. PartA Cluster Pass-Through From Georgia Department of Education ARRA - T~tleI Grants to Local Educatlonal Agencles Tltle I Grants to Local Educational Agencies \r\nTotal Title I, Part A Cluster \r\nOther Programs Pass-Through From Georgia Department of Educat~on Career and Technical Educat~on- Bas~cGrants to States lmprov~ngTeacher Quality State Grants Rural Education \r\nTotal Other Programs \r\nTotal U. S. Department of Education \r\nHealth and Human Services, U. S. Department of Child Care and Development Fund Cluster Pass-Through From Bright From the Start: Georga Department of Early Care and Learning ARRA- Chlld Care and Development Block Grant \r\nTotal Federal F~nanclaAl ssstance \r\nN/A = Not Available \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY 1 D \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n anOF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY \r\nSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDEDJUNE 30,2010 \r\n \r\nSCHEDULE \" 2 \r\n \r\nNotes to the Schedule of Exoendltures of Federal Awards \r\n(1) Includes the Federally assigned value of donated commodltles for the F w d Donation Program In the amount of $130,234.25. \r\n(2) Expenditures for the funds earned on the School Breakfast Program ($207.378.04) were not mainta~nedseparately and are lncluded in the 2010 Nat~onaSl chool Lunch Program. \r\nMajor Programsare identified by an asterisk (*) in front of the CFDA number. \r\nThe School Distrlct did not prov~deFederal Assistance to any Subrec~p~ent. \r\nThe accompanyingschedule of expenditures of Federal awards Includes the Federal grant actlvlty of the City of V~daliaBoard of Education and is presented on the m o d ~ f ~ aecdcrual bass of account~ngwhlch1s the bas~sof accounting used In the presentation of the fund f~nanc~satal tements. \r\n \r\nSee notes to the basic flnanclal statements. \r\n \r\n CITY OF VlDALlA BOARD OF EDUCATION - TOOMBS COUNlY \r\nSCHEDULE OF STATE REVENUE YEAR ENDEDJUNE 30,2010 \r\n \r\nSCHEDULE \"3\" \r\n \r\nGRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program \r\nEducation, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program \r\n- Primary Grades Early Intervention (1-3) Program \r\nUpper ElementaryGrades (4-5) Program \r\nUpper ElementaryGrades - Early Intervention (4-5) Program \r\nMiddle Grades (6-8) Program High School General Education ( 4 1 2 ) Program Vocational Laboratoty (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Sparsity Nursing Services Vocational Supervisors Mid-term Adjustment Hold-Harmless Education Equalization Funding Grant Food Services Vocational Education Amended Formula Adjustment 3 Day Furlough-Austerity Reduct~on Other State Programs Dual Enrollment Health Insurance National Teacher Certification Preschool Handicapped Program Teachers' Retirement Virtual Schools Grant \r\nGeorgia State Financingand Investment Commission Reimbursementon Construction Projects \r\nOffice of Treasury and Fiscal Services Public School Employees Retirement \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nCAPITAL \r\n \r\nGENERAL \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\nSee notes to the basic financial statements. \r\n \r\n C I N OF VlDALlA BOARD OF EDUCATION- TOOMBS COUNN SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDEDJUNE30,2010 \r\n \r\nSCHEDULE \"4\" \r\n \r\nPROJECT l \r\n(I) TOpurchasetextbooks and addltlonal ~nstruct~onmalaterials and equipment for all sltes; (11)To expand technologyusage and Improve communlcatlon and safety capabllltles to Include but not be l~m~tetodthe upgradeof electr~cacl apaclty at JDDP. SDM, and VCHS, safety and securlty upgrades a t all fac~llt~es. and technology upgrades system-wlde. (111)To acqulre, Improve and malntain fac~l~tlefosr VCS to ~ncludebut not be l ~ m ~ t etodan athlet~c/physlcal education tralnlng faclllty at VCHS and JRT; kltchen expanslons at VCHS. SDM, and JDDP. and malntaln rooflng warranbes throughout the system. (IV) To expand and maintaln student transportatlon to ~ncludebut not be ilmlted to purchase of addlt~onasl tudent regular transportatlon and actlvlty buses \r\nPROJECT II \r\nTOpurchase textbooks and additional instructlonal mater~alsand equipment for all sites; \r\nTo renovate J.D. Dickerson Primary School and complete Phase Ill renovationsat Sally D. Meadows Elementary School; \r\nTo expand technology usage and improve mmmunicatlon and safety capabil~t~etos include but not be l~m~tetodthe upgrade of electrical capacity at J.D. DlckersonPrimary School, Sally D. Meadows Elementary School, and Vidalia Comprehensive High school, safety and securlty upgradesat all facllltles. and technology upgrades system-wide; \r\nTo acqulre, improve. and maintain facilit~esfor Vldalia Schools to include but not be llmlted to an athletic/phys~caltralnlngfaclllty at J.R. Trlppe Mlddle School; k~tchenexpansions at Vldalla Comprehensive H~ghSchool and J. D. Dlckerson PrlmalySchool. and ma~nta~ronoflngwarranties throughout the system; \r\nTo expand and malntaln student transportatlon to inciude but not be limlted to purchase of addit~onasl tudent regular transportation and actlvlty vehicles. \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT YEAR (3) \r\n \r\nAMOUNT EXPENDED IN PRIOR YEARS (3) \r\n \r\n$ 9,696,000.00 $ 12,283,121.00 $ 2.073.579.86 $ 10.209.541.14 \r\n \r\n6,160.000.00 \r\n \r\n6,160,000.00 \r\n \r\n700,000.00 \r\n \r\n700,000.00 \r\n \r\nPROJECT STATUS \r\nCompleted \r\nOngoing Ongoing \r\n \r\n$ 27.936.000.00 $ 30.523.121.00 $ 4.120.231.11 $ 10,209,541.14 \r\n \r\n(1)The School District's orlgmal cost estlmate as specified In the resolution calling for the imposltlon of the Local Optlon Sales Tax. \r\n(2) The School D~str~ctc'surrent estimate of total cost for the projects. Includes all cost from project Inception to mmpletlon. \r\n(3) The voters of Toombs County approvedthe Imposition of a 1%sales tax to fund the above projects. Amounts expended for these projects may Include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \r\n \r\nSee notes to the baslc flnanclal Statements. \r\n \r\n (This page left intentionally blank) \r\n \r\n CITY OF VlDALlA BOARD OF EDUCATIONTOOMBS COUNTY \r\nGENERAL FUND -QUALITY BASIC EDUCATION PROGRAM (QBE) \r\nALLOTMENTS AND EXPENDITURES - BY PROGRAM \r\nYEAR ENDEDJUNE 30.2010 \r\n \r\nSCHEDULE \" 5 \r\n \r\nDESCRIPTION \r\nDirect lnstruct~onaPl rograms Kindergarten Program Kindergarten Program-Early Intewentlon Program Pr~maryGrades (1-3) Program Primary Grades-Early l n t e ~ e n t i o n(1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades-Early lntervent~on(4-5) Program Middle School ( 6 8 ) Program High School General Education (9-12) Program Vocational Laboratory (912)Program Students wlth Dlsablllties Category I Category II Category Ill Category IV \r\nG~ftedStudent - Category VI \r\nRemedial Education Program Alternative Education Program \r\nTOTAL DIRECT INSTRUCTIONALPROGRAMS \r\nMedia Center Program Staff and Professional Development \r\nTOTAL QBE FORMULA FUNDS \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1)(2) \r\n \r\nELIGIBLE QBE PROGRAM COSTS \r\n \r\nSALARIES \r\n \r\nOPERATIONS \r\n \r\nTOTAL \r\n \r\n(1) Comprlsed of State Funds plus Local Five Mill Share. (2) Allotments do nat include the lmpact of the State amended formula adjustment. \r\n \r\nSee notes to the bas~cfinancial statements. \r\n \r\n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENOTF AUDITSAND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1- 156 \r\nAtlanta, Georgia 30334-8400 \r\nMarch 16,2011 \r\n \r\nHonorable Nathan Deal, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MAlTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of City of Vidalia Board of Education as of and for the year ended June 30, 2010, which collectively comprise City of Vidalia Board of Education's basic financial statements and have issued our report thereon dated March 16, 2011. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit, we considered City of Vidalia Board of Education's internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressingour opinions on the financial statements, but not for the purpose of expressingan opinion on the effectiveness of the City of Vidalia Board of Education's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the City of Vidalia Board of Education's internal control over financial reporting. \r\nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. \r\nOur consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over financial reporting that might be deficiencies, significant deficiencies, or material weaknesses. We did not identify any deficiencies in internal control over financial reporting that we consider to be \r\n \r\n material weaknesses, as defined above. However, we consider item FS-7931-10-01, described in the accompanying Schedule of Findings and Questioned Costs to be a significant deficiency in internal control over financial reporting. A significant deficienqv is a deficiency, or combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \r\nCompliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether City of Vidalia Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nWe noted certain matters that we have reported to management of City of Vidalia Board of Education in a separate letter dated March 16, 2011. \r\nCity of Vidalia Board of Education's response to the finding identified in our audit is described in the accompanying Schedule of Management's Responses. We did not audit City of Vidalia Board of Education's response and, accordingly, we express no opinion on it. \r\nThis report is intended solely for the information and use of management, members of the City of Vidalia Board of Education, others within the entity, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\nusd dell W. Hinton, CPA, CGFM \r\nState Auditor \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404)656-2174 \r\n \r\nDEPARTMENOTF AUDITSAND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nMarch 16,2011 \r\n \r\nHonorable Nathan Deal, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WlTH REOUIREMENTS THAT COULD HAVE A DIRECT AND MATERIAL EFFECT ON EACH MAIOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WlTH OMB CIRCULAR A-133 \r\nLadies and Gentlemen: \r\n \r\nWe have audited City of Vidalia Board of Education's compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement that could have a direct and material effect on each of its major Federal programs for the year ended June 30, 2010. City of Vidalia Board of Education's major Federal programs are identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts, and grants applicable to each of its major Federal programs is the responsibility of City of Vidalia Board of Education's management. Our responsibility is to express an opinion on City of Vidalia Board of Education's compliance based on our audit. \r\nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, \r\nAudits of States, Local Governments, and Nun-Profit Organtzations. Those standards and 0MB Circular \r\nA-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the City of Vidalia Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on City of Vidalia Board of Education's compliance with those requirements. \r\nIn our opinion, the City of Vidalia Board of Education complied, in all material respects, with the compliance requirements referred t o above that could have a direct and material effect on each of its major Federal programs for the year ended June 30,2010. \r\n \r\n Internal Control Over Comlsliance \r\nManagement of City of Vidalia Board of Education is responsible for establishing and maintaining effective internal control over compliance with the requirements of laws, regulations, contracts, and grants applicable to Federal programs. In planning and performing our audit, we considered City of Vidalia Board of Education's internal control over compliance with the requirements that could have a direct and material effect on a major Federal program to determine the auditing proceduresfor the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the City of Vidalia Board of Education's internal control over compliance. \r\nA deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a Federal program on a timely basis. A material weakness in internal control over compllbnce is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a Federal program will not be prevented, or detected and corrected, on a timely basis. \r\nOur consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be deficiencies, significant deficiencies, or material weaknesses. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. \r\nThis report is intended solely for the information and use of management, members of the City of Vidalia Board of Education, others within the entity, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\n- RespectfuIly submitted, I \r\n~ u s $ e lWl . Hinton, CPA, CGFM State Auditor \r\n \r\n SECTION Ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n CITY OF VlDALlA BOARD OF EDUCATION - TOOMBS COUNTY AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30,2010 \r\n \r\nPRIOR YEAR FINANCIALSTATEMENT FINDINGSAND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFS-793 1 - 0 8 - 0 1 FS-7931-09-01 \r\n \r\nFurther Action Not Warranted Partially Resolved - See Corrective Action/Responses \r\n \r\nCORRECTIVE ACTION/RESPONSES \r\n \r\nCASH AND CASH EQUIVALENTS REVENUES/RECEIVABLES/RECEIPTS EXPENDlTURES/LIABILITIES/DISBURSEMENTS GENERAL LEDGER Inadequate Internal Controls over School Activity Accounts Finding Control Number: FS-7931-09-01 \r\n \r\nAdditional controls are currently being implemented including but not limited to: dual signature requirements, new lock boxes and vaults, replacement of one school bookkeeper, and additional controls from the Central Office level as far as reporting requirements to insure that all procedures established in the handbook are actually being followed. We believe this finding will be resolved by the end of fiscal year 2011. \r\n \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND OUESTIONED COSTS \r\n \r\nNo matters were reported. \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n CITY OF VlDALlA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30.2010 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\nFinancial Statements \r\n \r\nType of auditor's report issue: Governmental Activities; General Fund; Capital Projects Fund; Aggregate Remaining Fund Information \r\n \r\nUnqualified \r\n \r\nInternal control over financial reporting: \r\n \r\nMaterial weakness identified? \r\n \r\nN 0 \r\n \r\nSignificant deficiency identified? \r\n \r\nYes \r\n \r\nNoncompliance material to financial statements noted: \r\n \r\nFederal Awards \r\n \r\nInternal Control over major programs: Material weakness identified? Significant deficiency identified? \r\n \r\nN 0 None Reported \r\n \r\nType of auditor's report issued on compliance for major programs: All major programs \r\n \r\nUnqualified \r\n \r\nAny audit findings disclosed that are required to be reported in accordance with OMB Circular A-133, Section 510(a)? \r\n \r\nIdentification of major programs: \r\n \r\nCFDA Nurnber(s) \r\n \r\nName of Federal Program or Cluster Title I, Part A Cluster Special Education Cluster State Fiscal Stabilization Fund Cluster \r\n \r\nDollar threshold used to distinguish between Type A and Type B programs: \r\n \r\nAuditee qualified as low-risk auditee? \r\n \r\nII FINANCIALSTATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nCASH AND CASH EQUIVALENTS REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Controls over School Activity Accounts Significant Deficiency Finding Control Number: FS-7931-10-01 \r\n \r\nCondition: This is a repeat finding (FS-7931-09-01 and FS-7931-08-01) from the years ended June 30, 2009, and June 30, 2008, respectively. The accounting procedures of the School District were insufficient to provide for adequate internal controls over the school activity accounts. \r\n \r\n c l n OF VIDALIA BOARD OF EDUCATION - TOOMBSCOUNTY \r\nSCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30,2010 \r\nII FINANCIALSTATEMENT FINDINGSAND QUESTIONEDCOSTS \r\nCASH AND CASH EQUIVALENTS REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LlABILlTlES/DISBURSEMENTS Inadequate Internal Controls over School Activity Accounts Significant Deficiency Finding Control Number: FS-7931-10-01 \r\nCriteria: The School District's management is responsible for designing and maintaining internal controls that provide reasonable assurance that transactions are processed according to established procedures. \r\nQuestioned Cost: N/A \r\nInformation: Cash and Cash Equivalents: The bank reconciliation function was not separated from the check writing function. \r\nRevenues/Receiva ble/Receipts: The cash receipts function was not separated from the record keepingfunction. Several receipts lacked adequate supporting documentation. One school failed to maintain adequate documentation for nonresident student tuition. The auditor was unable to determine if all fees collected were properly deposited and recorded. It was noted that several checks were erroneously written off as nonsufficient funds (NSF). The School District's policy regarding NSF checks was not followed and checks that were allegedly cashed were credited against revenue. \r\nExpenditures/Liabilities/Disbursements: Instances were noted where vouchers did not contain complete purchase orders, invoices and/or lacked proper approvals for payments. Some checks were written with the amounts left blank and the vendor filled in the amounts. Some vouchers lacked evidence of receipt of goods. \r\nThese deficiencies lead to an apparent theft of funds. Charges have been filed in this case. \r\nCause: These deficiencies were a result of management's decision to limit the number of administrative staff made responsible for accounting functions and management's failure to ensure that internal controls were established, implemented and functioning at the school level. \r\nEffect: Errors and/or irregularities may not be detected in a timely manner. \r\n \r\n CITY OF VlDALlA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30,2010 \r\nII FINANCIALSTATEMENT FINDINGSAND QUESTIONEDCOSTS \r\nCASH AND CASH EQUIVALENTS REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Controls over School Activity Accounts Significant Deficiency Finding Control Number: FS-7931-10-01 \r\nRecommendation: The School District should implement procedures to ensure that the key accounting functions of custody, record keeping and authorization are separated and/or utilize oversight for these incompatible activities. In addition, management should monitor controls to provide reasonable assurance that transactions are processed according to established policies and implement those procedures deemed necessary to strengthen internal controls over the accounting functions. \r\nIll FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\nNo matters were reported. \r\n \r\n SECTION V MANAGEMENT'S RESPONSES \r\n \r\n CITY OF VlDALlA BOARD OF EDUCATION - TOOMBS COUNTY SCHEDULE OF MANAGEMENT'S RESPONSES YEAR ENDED JUNE 30,2010 \r\n \r\nFinding Control Number: FS-7931-10-01 \r\n \r\nWe concur with this finding. The City of Vidalia Board of Education has established procedures for bank reconciliations to be reviewed by someone from the Central Office as well as the school principal. The cash receipts function will now require that two individuals will be made responsible for all deposits at the school level - both will sign off on the receipt and one will take deposits to the bank. New procedures have been established and standardized for handling Non-Sufficient Funds (NSF) checks and procedures have been established regarding transfer of funds. Periodic reviews will be done at the schools by a central office employee to make sure that supporting documentation is being properly provided for all revenue and that voucher packets are complete including purchase orders produced for all expenditures in a timely manner. The School Activities Account Handbook will be updated and reviewed with all bookkeepers and principals to reiterate proper procedures and establish internal controls to be implemented immediately. These procedures will be established by FY2011. \r\n \r\nContact Person: Telephone: Fax: Email: \r\n \r\nNorma D. Croft, Finance Director (912) 537-3088 (912) 538-0938 ncroft@vidalia-cityk. 12.ga.u~ \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be33-bv3-b2008-h2009","title":"City of Vidalia Board of Education, Toombs County, Georgia, annual financial report for the fiscal year ended June 30, 2009 (including independent auditor's reports)","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, Toombs County, Vidalia, 32.21769, -82.41346"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2009-06-30"],"dcterms_description":["Began with fiscal year ended June 30, 2009.","Report year covers fiscal year.","Fiscal year ended June 30, 2014 (Received via FTP from the Georgia Department of Audits and Accounts); title from PDF cover (Georgia Government Publications database, viewed August 24, 2023).","Fiscal year ended June 30, 2015 (received 6/27/16 via FTP from Georgia Dept. of Audits and Accounts); (Georgia Government Publications database, viewed August 24, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["City of Vidalia Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Vidalia--Auditing--Periodicals.","Education--Georgia--Vidalia--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Vidalia--fast--https://id.oclc.org/worldcat/entity/E39PBJyGV4M3vq3JgGDqHt9JjC","Georgia Government Documents--Serial"],"dcterms_title":["City of Vidalia Board of Education, Toombs County, Georgia, annual financial report for the fiscal year ended June 30, 2009 (including independent auditor's reports)"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be33-bv3-b2008-h2009"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be33-bv3-b2008-h2009"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":["Education--Auditing--fast","Education--Finance--fast","Expenditures, Public--fast","Georgia--Vidalia--fast--https://id.oclc.org/worldcat/entity/E39PBJyGV4M3vq3JgGDqHt9JjC","Periodicals--fast","Statistics--fast"],"fulltext":"i CITY OF VIDALIA BOARD OF EDUCATION \r\nTOOMBS COUNTY, GEORGIA \r\nANNUAL FINANCIAL REPORT \r\nFOR THE FISCAL YEAR ENDED \r\nJUNE 30,2009 (Including Independent Auditor's Reports) \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY \r\n- TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL \r\nSTATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF \r\nEXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHIBITS \r\n \r\nBASIC FINANCIAL STATEMENTS \r\n \r\nDISTRICT-WIDE FINANCIAL STATEMENTS \r\n \r\nA \r\n \r\nSTATEMENT OF NET ASSETS \r\n \r\nB \r\n \r\nSTATEMENT OF ACTIVITIES \r\n \r\nFUND FINANCIAL STATEMENTS \r\n \r\nC \r\n \r\nBALANCE SHEET \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\nD \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\n \r\nTO THE STATEMENT OF NET ASSETS \r\n \r\nE \r\n \r\nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\nF \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \r\n \r\nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \r\n \r\nBALANCES TO THE STATEMENT OF ACTIVITIES \r\n \r\nG \r\n \r\nSTATEMENT OF FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\nH \r\n \r\nSTATEMENT OF CHANGES IN FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\nI \r\n \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS \r\n \r\nSCHEDULES \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \r\nIN FUND BALANCES - BUDGET AND ACTUAL \r\nGENERAL FUND \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 3 SCHEDULE OF STATE REVENUE \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY \r\n- TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nSCHEDULES \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\n28 \r\n \r\n5 ALLOTMENTS AND EXPENDITURES \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \r\n \r\nBY PROGRAM \r\n \r\n29 \r\n \r\nSECTION I1 \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A- 133 \r\n \r\nSECTION I11 AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n CITY OF VIDALIA BOARD OF EDUCATION - TOOMBS COUNTY \r\n- TABLE OF CONTENTS - \r\nSECTION V MANAGEMENT'S RESPONSES SCHEDULE OF MANAGEMENT'S RESPONSES \r\n \r\n SECTION I FINANCIAL \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENOTF AUDITSAND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nMarch 8,2010 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the City of Vidalia Board of Education \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL \r\nSTATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF \r\nEXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information (Exhibits A through I) of the City of Vidalia Board of Education, as of and for the year ended June 30, 2009, which collectively comprise the Board's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the City of Vidalia Board of Education's management. Our responsibility is to express opinions on these financial statements based on our audit. \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City of Vidalia Board of Education's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. \r\nIn our opinion, the financial statements referred to previously present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and \r\n \r\n                                               "}],"pages":{"current_page":1,"next_page":null,"prev_page":null,"total_pages":1,"limit_value":10,"offset_value":0,"total_count":10,"first_page?":true,"last_page?":true},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":10}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"creator_facet","items":[{"value":"Georgia. 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