{"response":{"docs":[{"id":"dlg_ggpd_1559129947-2025-08-07","title":"Annual financial report, fiscal year 2024, Bleckley County Board of Education, Cochran, Georgia, including independent auditor's report.","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":null,"dc_date":["2025-08-07"],"dcterms_description":["Began with fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Bleckley County Board of Education (Ga.))","Fiscal year 2023; title from PDF cover (Georgia Government Publications database, viewed December 5, 2025).","Fiscal year 2024 (Georgia Government Publications database, viewed December 5, 2025)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Georgia Department of Audits \u0026 Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Bleckley County Board of Education--Appropriations and expenditures--Periodicals.","Education--Georgia--Bleckley County--Auditing--Periodicals.","Education--Georgia--Bleckley County--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report, fiscal year 2024, Bleckley County Board of Education, Cochran, Georgia, including independent auditor's report."],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_1559129947-2025-08-07"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1559129947-2025-08-07"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"ANNUAL FINANCIAL REPORT  FISCAL YEAR 2024 \r\nBleckley County Board of Education \r\nCochran, Georgia \r\nIncluding Independent Auditor's Report \r\nGreg S. Griffin | State Auditor \r\n \r\n Bleckley County Board of Education Table of Contents \r\n \r\nSection I Financial \r\nIndependent Auditor's Report \r\n \r\nRequired Supplementary Information \r\n \r\nManagement's Discussion and Analysis \r\n \r\ni \r\n \r\nExhibits \r\n \r\nBasic Financial Statements \r\n \r\nGovernment-Wide Financial Statements \r\n \r\nA \r\n \r\nStatement of Net Position \r\n \r\n1 \r\n \r\nB \r\n \r\nStatement of Activities \r\n \r\n2 \r\n \r\nFund Financial Statements \r\n \r\nC \r\n \r\nBalance Sheet \r\n \r\nGovernmental Funds \r\n \r\n3 \r\n \r\nD \r\n \r\nReconciliation of the Governmental Funds Balance Sheet \r\n \r\nto the Statement of Net Position \r\n \r\n4 \r\n \r\nE \r\n \r\nStatement of Revenues, Expenditures and Changes in Fund Balances \r\n \r\nGovernmental Funds \r\n \r\n5 \r\n \r\nF \r\n \r\nReconciliation of the Governmental Funds Statement of \r\n \r\nRevenues, Expenditures and Changes in Fund Balances \r\n \r\nto the Statement of Activities \r\n \r\n6 \r\n \r\nG \r\n \r\nStatement of Fiduciary Net Position \r\n \r\nFiduciary Funds \r\n \r\n7 \r\n \r\nH \r\n \r\nStatement of Changes in Fiduciary Net Position \r\n \r\nFiduciary Funds \r\n \r\n8 \r\n \r\nI Notes to the Basic Financial Statements \r\n \r\n9 \r\n \r\nSchedules \r\n \r\nRequired Supplementary Information \r\n \r\n1 Schedule of Proportionate Share of the Net Pension Liability \r\n \r\nTeachers Retirement System of Georgia \r\n \r\n35 \r\n \r\n2 Schedule of Contributions  Teachers Retirement System of Georgia \r\n \r\n36 \r\n \r\n3 Schedule of Proportionate Share of the Net Pension Liability Public \r\n \r\nSchool Employees Retirement System of Georgia \r\n \r\n37 \r\n \r\n4 Schedule of Proportionate Share of the Net OPEB Liability \r\n \r\nSchool OPEB Fund \r\n \r\n38 \r\n \r\n5 Schedule of Contributions  School OPEB Fund \r\n \r\n39 \r\n \r\n6 Notes to the Required Supplementary Information \r\n \r\n40 \r\n \r\n Required Supplementary Information (Continued) \r\n \r\n7 Schedule of Revenues, Expenditures and Changes in Fund \r\n \r\nBalances - Budget and Actual General Fund \r\n \r\n41 \r\n \r\nSupplementary Information \r\n \r\n8 Schedule of Expenditures of Federal Awards \r\n \r\n42 \r\n \r\n9 Schedule of State Revenue \r\n \r\n44 \r\n \r\n10 Schedule of Approved Local Option Sales Tax Projects \r\n \r\n46 \r\n \r\nSection II \r\nCompliance and Internal Control Reports \r\nIndependent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards \r\nIndependent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance \r\n \r\nSection III Auditee's Response to Prior Year Findings and Questioned Costs \r\nSummary Schedule of Prior Audit Findings \r\n \r\nSection IV Findings and Questioned Costs \r\nSchedule of Findings and Questioned Costs \r\n \r\n Section I Financial \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Trey Belflower, Superintendent and Members of the Bleckley County Board of Education \r\nReport on the Audit of the Financial Statements \r\nOpinions \r\nWe have audited the accompanying financial statements of the governmental activities, each major fund, and fiduciary activities of the Bleckley County Board of Education (School District) as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents. \r\nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and fiduciary activities of the School District as of June 30, 2024, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \r\nBasis for Opinions \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. \r\nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \r\nResponsibilities of Management for the Financial Statements \r\nManagement is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. \r\nAuditor's Responsibilities for the Audit of the Financial Statements \r\nOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. \r\nIn performing an audit in accordance with GAAS and Government Auditing Standards, we: \r\n Exercise professional judgment and maintain professional skepticism throughout the audit. \r\n Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. \r\n Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, no such opinion is expressed. \r\n Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. \r\n Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for a reasonable period of time. \r\nWe are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. \r\nRequired Supplementary Information \r\nAccounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis and required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by \r\n \r\n the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient appropriate evidence to express an opinion or provide any assurance. \r\nSupplementary Information \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the School District's basic financial statements. The accompanying supplementary information, as listed in the table of contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements. \r\nThe supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements as a whole. \r\nOther Reporting Required by Government Auditing Standards \r\nIn accordance with Government Auditing Standards, we have also issued our report dated August 7, 2025 on our consideration of the School District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control over financial reporting and compliance. \r\n \r\n A copy of this report has been filed as a permanent record and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. Respectfully submitted, \r\nGreg S. Griffin State Auditor \r\nAugust 7, 2025 \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \r\nINTRODUCTION \r\nThe discussion and analysis of the Bleckley County Board of Education's (the School District) financial performance provides an overview of the School District's financial activities for the fiscal years ended June 30, 2024 and June 30, 2023. The intent of this discussion and analysis is to look at the School District's financial performance as a whole. Readers should also review the financial statements and the notes to the basic financial statements to enhance their understanding of the School District's financial performance. \r\nFINANCIAL HIGHLIGHTS \r\nKey financial highlights for the fiscal years 2024 and 2023 are as follows: \r\n On the government-wide financial statements, the assets and deferred outflows of resources of the School District exceeded liabilities and deferred inflows of resources by $15,696,993 and $15,246,550, respectively, for the fiscal years ended June 30, 2024 and June 30, 2023. The amounts for fiscal years 2024 and 2023 reflect the defined benefit pension plan and OPEB. \r\n General revenues accounts for $14,490,494 in revenue or 35% of all revenues. Program specific revenues in the form of charges for services, grants and contributions accounted for $26,556,133 or 65% of total revenues of $41,046,627. \r\n The School District had $40,596,184 in expenses related to governmental activities; however, $26,556,133 of these expenses were offset by program specific charges for services, grants or contributions. General revenues (primarily taxes) of $14,490,494 were adequate to provide for these programs. \r\n Long-term liabilities decreased by $652,748 when compared to the prior year. This decrease was due primarily to the principal payment on the 2020 bond. \r\n Among major funds, the general fund had $38,689,694 in revenues and $36,279,736 in expenditures. The fund balance for the general fund increased from $8,225,117 to $10,635,095. \r\nOVERVIEW OF THE FINANCIAL STATEMENTS \r\nThis annual report consists of three parts; management's discussion and analysis, the basic financial statements and supplementary information. The basic financial statements include two levels of statements that present different views of the School District. These include the government-wide and fund financial statements. \r\nThe government-wide financial statements include the Statement of Net Position and Statement of Activities. These statements provide information about the activities of the School District presenting both short-term and long-term information about the overall financial status. \r\nThe fund financial statements focus on individual parts, reporting the School District's operation in more detail. The governmental funds statements disclose how basic services are financed in the shortterm as well as what remains for future spending. The fiduciary funds statements provide information about the financial relationships in which the School District acts solely as a trustee or agent for the benefit of others. \r\ni \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \r\nThe fund financial statements reflect the School District's most significant funds. For the years ending June 30, 2024 and 2023, the general fund, the capital projects fund, and the debt service fund represent the most significant funds. \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 statements report information about the School District as a whole using accounting methods similar to those used by private-sector companies. The Statement of Net Position includes all of the School District's non-fiduciary assets and liabilities. All of the current fiscal year's revenues and expenses are accounted for in the Statement of Activities regardless of when cash is received or paid. \r\nThe two government-wide statements report the School District's net position and how it has changed. Net position, the difference between the School District's non-fiduciary assets and deferred outflows of resources, and liabilities and deferred inflows of resources, are one way to measure the School District's overall financial health or position. Over time, increases or decreases in net position are an indication of whether its financial health is improving or deteriorating. Changes may be the result of many factors, including those not under the School District's control, such as the property tax base, facility conditions, required educational programs and other factors. \r\nIn the Statement of Net Position and the Statement of Activities, the School District has one distinct type of activity: \r\n Governmental Activities  All of the School District's programs and services are reported here including instruction, support services, operation and maintenance of plant, pupil transportation, food service, student activity accounts and various others. \r\nFund Financial Statements \r\nThe School District's fund financial statements provide detailed information about the most significant funds, not the School District as a whole. Some funds are required by State law and some by bond requirements. The School District's major governmental funds are the general fund, the capital projects fund, and the debt service fund. \r\nGovernmental Funds - Most of the School District's activities are reported in governmental funds, which focus on the determination of financial position and change in financial position, not on income determination. These funds are reported using the modified accrual method of accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the School District's general government operations and the basic services it provides. Governmental fund information helps determine whether there are more or fewer financial resources that can be spent in the near future to finance educational programs. The relationship (or differences) between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds are reconciled to the financial statements. \r\nii \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \r\n \r\nFiduciary Funds  The School District is the trustee, or fiduciary, for assets that belong to others. The School District is responsible for ensuring that the assets reported in these funds are used only for their intended purposes and by those to whom the assets belong. The School District excludes these activities from the government-wide statements because it cannot use these assets to finance its operations. \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 fiscal years 2024 and 2023. \r\n \r\nTable 1 Net Position \r\n \r\nGovernmental Activities \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2024 \r\n \r\n2023 \r\n \r\nAssets Current and Other Assets Capital Assets, Net Total Assets \r\n \r\n$ \r\n \r\n16,239,130 $ 12,363,534 \r\n \r\n60,186,744 \r\n \r\n61,260,812 \r\n \r\n76,425,874 \r\n \r\n73,624,346 \r\n \r\nDeferred Outflows of Resources Related to Defined Benefit Pension Plans Related to OPEB Total Deferred Outflows of Resources \r\n \r\n11,142,378 5,095,531 \r\n16,237,909 \r\n \r\n18,276,631 5,061,608 \r\n23,338,239 \r\n \r\nLiabilities Current and Other Liabilities Long-Term Liabilities Total Liabilities \r\n \r\n50,919,828 18,576,403 69,496,231 \r\n \r\n52,823,372 19,229,151 72,052,523 \r\n \r\nDeferred Inflows of Resources Related to Defined Benefit Pension Plans Related to OPEB \r\n \r\n692,216 6,778,343 7,470,559 \r\n \r\n998,638 8,664,874 9,663,512 \r\n \r\nNet Position Net Investment in Capital Assets Restricted Unrestricted (Deficit) \r\n \r\n43,847,680 2,912,953 \r\n(31,063,640) \r\n \r\n44,995,529 1,931,932 \r\n(31,680,910) \r\n \r\nTotal Net Position \r\n \r\n$ \r\n \r\n15,696,993 $ 15,246,550 \r\n \r\niii \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Net position, which is the difference between total assets, deferred outflows of resources, total liabilities and deferred inflow of resources, is one indicator of the financial condition of the School District. When revenues exceed expenses, the result is an increase in net position. When expenses exceed revenues, the result is a decrease in net position. The relationship between revenues and expenses can be thought of as the School District's operating results. The School District's net position, as measured in the Statement of Net Position, can be one way to measure the School District's financial health, or financial position. Over time, increases or decreases in the School District's net position as measured in the Statement of Activities, are an indicator of whether its financial health is improving or deteriorating. However, the School District's goal and mission is to provide success for each child's education, not to generate profits as private corporations do. \r\niv \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \r\n \r\nTable 2 shows the changes in net position for fiscal years ending June 30, 2024 and June 30, 2023. \r\nTable 2 Change in Net Position \r\n \r\nRevenues Program Revenues: Charges for Services Operating Grants and Contributions Capital Grants and Contributions Total Program Revenues \r\nGeneral Revenues: Taxes Property Taxes For Maintenance and Operations Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Taxes Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nTotal General Revenues Total Revenues \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 Community Services Food Services Interest on Long-Term Debt Total Expenses \r\nIncrease (Decrease) in Net Position \r\n \r\nGovernmental Activities \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2024 \r\n \r\n2023 \r\n \r\n$ \r\n \r\n504,724 $ \r\n \r\n540,120 \r\n \r\n25,698,969 \r\n \r\n23,947,219 \r\n \r\n352,440 \r\n \r\n1,173,929 \r\n \r\n26,556,133 \r\n \r\n25,661,268 \r\n \r\n6,061,795 \r\n \r\n5,159,137 \r\n \r\n1,820,340 60,622 \r\n4,777,231 7,960 \r\n1,762,546 14,490,494 41,046,627 \r\n \r\n1,660,396 54,780 \r\n4,232,829 14,158 \r\n1,931,656 13,052,956 38,714,224 \r\n \r\n26,269,327 \r\n \r\n25,540,610 \r\n \r\n1,768,636 685,711 480,517 \r\n1,061,761 2,198,261 \r\n313,039 2,310,970 2,230,036 \r\n129,334 96,935 \r\n \r\n1,610,411 456,774 415,186 \r\n1,154,444 2,035,931 \r\n284,308 2,173,488 2,160,484 \r\n130,832 111,496 \r\n \r\n45,948 2,442,657 \r\n563,052 40,596,184 \r\n \r\n44,981 2,426,882 \r\n576,439 39,122,266 \r\n \r\n$ \r\n \r\n450,443 $ \r\n \r\n(408,042) \r\n \r\nv \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \r\n \r\nProgram revenues, in the form of charges for services, operating grants and contributions and capital grants and contributions increased $894,865 for governmental activities. This increase is largely due to an increase in funds earned through the State Quality Basic Education (QBE) Funding Formula. \r\nGeneral revenues increased by $1,437,538 during fiscal year 2024. This increase was primarily due to the increase of property taxes received. \r\nGovernmental Activities \r\nThe Statement of Activities shows the cost of program services and the charges for services and grants offsetting those services. Table 3 shows the total cost of services and the net cost of services. Net cost of services can be defined as the total cost less fees generated by the activities and intergovernmental revenue provided for specific programs. The net cost reflects the financial burden on the School District's taxpayers by each activity. \r\n \r\nTable 3 Governmental Activities \r\n(In Thousands) \r\n \r\nTotal Cost of Services \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2024 \r\n \r\n2023 \r\n \r\nNet Cost of Services \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2024 \r\n \r\n2023 \r\n \r\nInstruction Support Services: \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services: Community Services Food Services Interest on Short-Term and Long-Term Debt \r\n \r\n$ 26,269,327 $ 25,540,610 $ 7,220,235 $ \r\n \r\n1,768,636 685,711 480,517 \r\n1,061,761 2,198,261 \r\n313,039 2,310,970 2,230,036 \r\n129,334 96,935 \r\n \r\n1,610,411 456,774 415,186 \r\n1,154,444 2,035,931 \r\n284,309 2,173,488 2,160,484 \r\n130,831 111,496 \r\n \r\n1,459,066 233,129 17,255 343,855 \r\n1,174,177 309,502 \r\n1,096,311 1,209,501 \r\n125,770 9,899 \r\n \r\n45,948 2,442,657 \r\n563,052 \r\n \r\n44,981 2,426,882 \r\n576,439 \r\n \r\n45,948 232,351 563,052 \r\n \r\n6,414,341 \r\n1,244,337 166,874 106,722 385,389 \r\n1,152,818 281,058 \r\n1,385,626 1,482,252 \r\n127,755 58,638 \r\n44,981 33,768 576,439 \r\n \r\nTotal Expenses \r\n \r\n$ 40,596,184 $ 39,122,266 $ 14,040,051 $ \r\n \r\n13,460,998 \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 2024, 35% of total expenses were supplemented by taxes and other general revenues compared to 34% in 2023. \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 $40,510,382 and total expenses and of $37,652,950. There was an increase in the fund balance totaling $2,857,432 for the governmental funds as a whole. \r\nvi \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \r\n \r\nGeneral Fund Budgeting Highlights \r\n \r\nThe School District's budget is prepared according to Georgia Law. The most significant budgeted fund is the general fund, funded primarily through state revenue and local property tax revenue. During the course of fiscal years 2024 and 2023, the School District amended its general fund budget as needed. \r\n \r\nThe School District budget is adopted at the aggregate level and maintained at the program and function levels to facilitate budgetary control. The budgeting systems are designed to control the total budget, but provide flexibility to meet the ongoing programmatic needs. The budgeting systems are also designed to control total site budgets to provide flexibility for site management as well. \r\n \r\nFor the general fund, the final actual revenues of $38,689,694 increased from the final budgeted amount of $36,322,301 by $2,367,393. This difference was mainly due to an increase in property taxes received and miscellaneous revenue received. \r\n \r\nThe final actual expenditures of $36,279,736 was less than the final budgeted amount of $37,138,050 by $858,314. This difference was due mainly to final ESSER funds budgeted for but not expended in fiscal year 2024. The School District did not include revenues and expenditures for school activity accounts in the original or final budget. \r\n \r\nCAPITAL ASSETS \r\n \r\nAt the fiscal years ended June 30, 2024 and June 30, 2023, the School District had $60,186,744 and $61,260,812, respectively, invested in capital assets, net of accumulated depreciation. These assets are made up of a broad range of capital assets, including land; buildings; transportation, food service and maintenance equipment. Table 4 reflects a summary of these balances, by class, net of accumulated depreciation. \r\n \r\nTable 4 Capital Assets (Net of Depreciation) \r\n \r\nGovernmental Activities \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2024 \r\n \r\n2023 \r\n \r\nLand Construction In Progress Building and Improvements Equipment Land Improvements \r\n \r\n$ \r\n \r\n259,481 $ \r\n \r\n150,000 \r\n \r\n54,177,145 \r\n \r\n2,125,087 \r\n \r\n3,475,030 \r\n \r\n259,481 - \r\n55,699,491 1,737,687 3,564,153 \r\n \r\nTotal \r\n \r\n$ 60,186,743 $ \r\n \r\n61,260,812 \r\n \r\nThe overall capital assets decreased in fiscal year 2024 by $1,074,068 due to accumulated depreciation and deletion of assets, including but not limited to, video surveillance system and security cameras. \r\n \r\nvii \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 \r\n \r\nLONG-TERM LIABILITIES \r\n \r\nAt June 30, 2024, the School District had $18,576,403 in total long-term liabilities with $677,748 due within one year. Table 5 summarizes long-term liabilities outstanding at June 30, 2024 and 2023. \r\n \r\nTable 5 Long-Term Liabilities at June 30 \r\n \r\nGovernmental Activities \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2024 \r\n \r\n2023 \r\n \r\nGeneral Obligation Bonds \r\n \r\n$ 15,515,000 $ 16,000,000 \r\n \r\nUnamortized Bond Premiums \r\n \r\n3,061,403 \r\n \r\n3,229,151 \r\n \r\nTotal \r\n \r\n$ 18,576,403 $ 19,229,151 \r\n \r\nCURRENT ISSUES \r\n \r\nApproximately 78% of general fund expenses, the main operating fund for the School District, were related to salaries and employee benefits for the year ended June 30, 2024. More than a third of certified personnel in the School District have 22 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 mandated expense increases such as TRS and health insurance premium expenses. The School District consistently evaluates how funds can be spent smarter and more effectively to ensure that County students receive a quality education from effective personnel. \r\n \r\nThe School District is financially stable. The School District's operating millage for fiscal year 2024 was 14.10, which produced approximately $343 thousand per mill. The one percent local sales tax revenue will continue to pay bond debts. \r\n \r\nThe School District remains confident in the ability to maximize resources to provide the best possible educational experience for all students. Additionally, the School District will continue to be a good steward of tax dollars while providing educational opportunities for all students. \r\n \r\nThe School District was awarded $7.1 million in ESSER funds in fiscal year 2021. The School District used most of these funds in fiscal year 2024 for instructional salaries. Approximately $723,639 was expended through June 30, 2024. \r\n \r\nCONTACTING THE SCHOOL DISTRICT'S FINANCIAL MANAGEMENT \r\n \r\nThis financial report is designed to provide our citizens, taxpayers, investors and creditors with a general overview of the School District's finances and to show the School District's accountability for the money it receives. If you have questions about this report or need additional financial information, contact Aly Rozier at the Bleckley County Board of Education, 259 East Peter Street, Cochran, GA 31014. You may also email your questions to arozier@bleckleyschools.org. \r\n \r\nviii \r\n \r\n Bleckley County Board of Education \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2024 \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nInterest Taxes State Government Federal Government Other Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Outflows of Resources \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Interest Payable Contracts Payable Deposits and Unearned Revenues Net Pension Liability Net OPEB Liability Long-Term Liabilities \r\nDue Within One Year Due in More Than One Year \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Inflows of Resources \r\nNET POSITION Net Investment in Capital Assets Restricted for \r\nContinuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n11,289,054.29 \r\n \r\n3,966.18 \r\n \r\n43.52 1,061,006.91 2,793,921.63 1,010,720.43 \r\n21,228.46 59,188.97 409,480.81 59,777,262.34 76,425,873.54 \r\n \r\n11,142,378.19 5,095,531.00 \r\n16,237,909.19 \r\n \r\n646,942.48 1,906,564.43 \r\n175,300.00 150,000.00 \r\n69,159.00 32,695,795.00 15,276,067.00 \r\n677,748.12 17,898,655.03 69,496,231.06 \r\n \r\n692,216.00 6,778,343.00 7,470,559.00 \r\n \r\n43,847,680.36 \r\n \r\n913,985.00 695,500.00 1,303,467.96 (31,063,640.65) \r\n \r\n$ \r\n \r\n15,696,992.67 \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 BLECKLEY COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2024 \r\n \r\nEXHIBIT \"B\" \r\n \r\nEXPENSES \r\n \r\nCHARGES FOR SERVICES \r\n \r\nPROGRAM REVENUES \r\nOPERATING GRANTS AND CONTRIBUTIONS \r\n \r\nCAPITAL GRANTS AND CONTRIBUTIONS \r\n \r\nNET (EXPENSES) \r\nREVENUES AND CHANGES IN \r\nNET POSITION \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\nInstruction \r\n \r\n$ \r\n \r\nSupport Services \r\n \r\nPupil Services \r\n \r\nImprovement of Instructional Services \r\n \r\nEducational Media Services \r\n \r\nGeneral Administration \r\n \r\nSchool Administration \r\n \r\nBusiness Administration \r\n \r\nMaintenance and Operation of Plant \r\n \r\nStudent Transportation Services \r\n \r\nCentral Support Services \r\n \r\nOther Support Services \r\n \r\nOperations of Non-Instructional Services \r\n \r\nCommunity Services \r\n \r\nFood Services \r\n \r\nInterest on Long-Term Debt \r\n \r\n26,269,326.61 $ \r\n1,768,636.69 685,711.43 480,516.68 \r\n1,061,761.09 2,198,260.87 \r\n313,039.11 2,310,969.80 2,230,035.73 \r\n129,333.96 96,935.61 \r\n45,947.79 2,442,656.70 \r\n563,051.88 \r\n \r\n252,319.75 $ \r\n- \r\n252,404.16 \r\n- \r\n \r\n18,796,771.29 $ \r\n309,570.93 452,582.76 463,261.68 717,905.69 1,024,083.63 \r\n3,537.14 1,214,658.44 \r\n668,094.93 3,563.91 \r\n87,036.92 \r\n1,957,901.63 \r\n- \r\n \r\n- $ \r\n352,440.00 - \r\n- \r\n \r\n(7,220,235.57) \r\n(1,459,065.76) (233,128.67) (17,255.00) (343,855.40) \r\n(1,174,177.24) (309,501.97) \r\n(1,096,311.36) (1,209,500.80) \r\n(125,770.05) (9,898.69) \r\n(45,947.79) (232,350.91) (563,051.88) \r\n \r\nTotal Governmental Activities \r\n \r\n$ \r\n \r\n40,596,183.95 $ \r\n \r\n504,723.91 $ 25,698,968.95 $ \r\n \r\n352,440.00 \r\n \r\n(14,040,051.09) \r\n \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous Total General Revenues \r\n \r\n6,061,794.92 \r\n1,820,339.68 60,622.31 \r\n4,777,231.00 7,959.69 \r\n1,762,546.06 14,490,493.66 \r\n \r\nChange in Net Position \r\n \r\n450,442.57 \r\n \r\nNet Position - Beginning of Year \r\n \r\n15,246,550.10 \r\n \r\nNet Position - End of Year \r\n \r\n$ \r\n \r\n15,696,992.67 \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 BLECKLEY COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2024 \r\n \r\nEXHIBIT \"C\" \r\n \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nInterest Taxes State Government Federal Government Other Inventories \r\nTotal Assets \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Contracts Payable Deposits and Unearned Revenues \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes \r\nFUND BALANCES Nonspendable Restricted Unassigned \r\nTotal Fund Balances \r\nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n9,273,406.00 $ \r\n \r\n3,966.18 \r\n \r\n43.52 898,887.24 2,793,921.63 1,010,720.43 \r\n21,228.46 59,188.97 \r\n \r\n$ \r\n \r\n14,061,362.43 $ \r\n \r\n2,015,623.29 $ - \r\n162,119.67 \r\n- \r\n2,177,742.96 $ \r\n \r\n25.00 $ - \r\n- \r\n25.00 $ \r\n \r\n11,289,054.29 3,966.18 \r\n43.52 1,061,006.91 2,793,921.63 1,010,720.43 \r\n21,228.46 59,188.97 \r\n16,239,130.39 \r\n \r\n$ \r\n \r\n643,442.48 $ \r\n \r\n1,906,564.43 \r\n \r\n- \r\n \r\n69,159.00 \r\n \r\n2,619,165.91 \r\n \r\n3,500.00 $ - \r\n150,000.00 - \r\n153,500.00 \r\n \r\n- $ - \r\n \r\n646,942.48 1,906,564.43 \r\n150,000.00 69,159.00 \r\n2,772,665.91 \r\n \r\n807,101.19 \r\n \r\n- \r\n \r\n- \r\n \r\n807,101.19 \r\n \r\n59,188.97 854,796.03 9,721,110.33 10,635,095.33 \r\n \r\n2,024,242.96 \r\n2,024,242.96 \r\n \r\n25.00 \r\n25.00 \r\n \r\n59,188.97 2,879,063.99 9,721,110.33 12,659,363.29 \r\n \r\n$ \r\n \r\n14,061,362.43 $ \r\n \r\n2,177,742.96 $ \r\n \r\n25.00 $ \r\n \r\n16,239,130.39 \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 BLECKLEY COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET POSITION JUNE 30, 2024 \r\n \r\nEXHIBIT \"D\" \r\n \r\nTotal fund balances - governmental funds (Exhibit \"C\") \r\nAmounts reported for governmental activities in the Statement of Net Position are different because: \r\nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land Contruction in progress Buildings and improvements Equipment Land improvements Accumulated depreciation \r\nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB liability \r\nDeferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. Related to pensions Related to OPEB \r\nTaxes that are not available to pay for current period expenditures are deferred in the funds. \r\nLong-term liabilities, and related accrued interest, are not due and payable in the current period and therefore are not reported in the funds. Bonds payable Accrued interest payable Unamortized bond premiums \r\nNet position of governmental activities (Exhibit \"A\") \r\n \r\n$ \r\n \r\n12,659,363.29 \r\n \r\n$ \r\n \r\n259,480.81 \r\n \r\n150,000.00 \r\n \r\n70,735,132.43 \r\n \r\n6,087,140.49 \r\n \r\n4,529,218.08 \r\n \r\n(21,574,228.66) \r\n \r\n60,186,743.15 \r\n \r\n$ \r\n \r\n(32,695,795.00) \r\n \r\n(15,276,067.00) \r\n \r\n(47,971,862.00) \r\n \r\n$ \r\n \r\n10,450,162.19 \r\n \r\n(1,682,812.00) \r\n \r\n8,767,350.19 807,101.19 \r\n \r\n$ \r\n \r\n(15,515,000.00) \r\n \r\n(175,300.00) \r\n \r\n(3,061,403.15) \r\n \r\n(18,751,703.15) \r\n \r\n$ \r\n \r\n15,696,992.67 \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 BLECKLEY COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2024 \r\n \r\nEXHIBIT \"E\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Community Services Food Services Operation Capital Outlay Debt Services Principal Dues and Fees Interest Total Expenditures \r\nRevenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) Transfers In Transfers Out Total Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nFund Balances - Ending \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n5,563,294.94 $ \r\n \r\n60,622.31 \r\n \r\n25,625,466.62 \r\n \r\n5,165,428.56 \r\n \r\n504,723.91 \r\n \r\n7,611.73 \r\n \r\n1,762,546.06 \r\n \r\n38,689,694.13 \r\n \r\n- $ 1,820,339.68 \r\n347.96 1,820,687.64 \r\n \r\n- $ - \r\n \r\n5,563,294.94 1,880,961.99 25,625,466.62 5,165,428.56 \r\n504,723.91 7,959.69 \r\n1,762,546.06 40,510,381.77 \r\n \r\n22,837,399.82 \r\n1,533,998.94 653,977.49 441,692.81 880,658.87 \r\n1,977,580.87 277,098.97 \r\n2,433,644.55 2,569,005.98 \r\n117,244.50 97,889.56 45,947.79 \r\n2,409,181.04 4,414.67 \r\n36,279,735.86 2,409,958.27 \r\n \r\n6,728.43 \r\n145,585.33 \r\n3,500.00 \r\n155,813.76 1,664,873.88 \r\n \r\n- \r\n- \r\n485,000.00 1,100.00 \r\n731,300.00 1,217,400.00 (1,217,400.00) \r\n \r\n22,844,128.25 \r\n1,533,998.94 653,977.49 441,692.81 880,658.87 \r\n1,977,580.87 277,098.97 \r\n2,433,644.55 2,569,005.98 \r\n117,244.50 97,889.56 45,947.79 \r\n2,409,181.04 150,000.00 \r\n485,000.00 4,600.00 \r\n731,300.00 37,652,949.62 \r\n2,857,432.15 \r\n \r\n20.06 - \r\n20.06 \r\n \r\n2,409,978.33 \r\n \r\n8,225,117.00 \r\n \r\n$ \r\n \r\n10,635,095.33 $ \r\n \r\n(1,217,420.06) (1,217,420.06) \r\n447,453.82 \r\n1,576,789.14 \r\n2,024,242.96 $ \r\n \r\n1,217,400.00 - \r\n1,217,400.00 \r\n- \r\n25.00 \r\n25.00 $ \r\n \r\n1,217,420.06 (1,217,420.06) \r\n- \r\n2,857,432.15 \r\n9,801,931.14 \r\n12,659,363.29 \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 BLECKLEY COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2024 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNet change in fund balances total governmental funds (Exhibit \"E\") \r\nAmounts reported for governmental activities in the Statement of Activities are different because: \r\nGovernmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of capital assets is allocated over their estimated useful lives as depreciation expense. Capital outlay Depreciation expense \r\nThe net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, donations, and disposals) is to decrease net position. \r\nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \r\nThe issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts and the difference between the carrying value of refunded debt and the acquisition cost of refunded debt when debt is first issued. These amounts are deferred and amortized in the Statement of Activities. Bond principal retirements Amortization of bond premium \r\nDistrict pension/OPEB contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension/OPEB liability is measured a year before the District's report date. Pension/OPEB expense, which is the change in the net pension/OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions/OPEB, is reported in the Statement of Activities. Pension expense OPEB expense \r\nSome items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. Net decrease in accrued interest \r\nChange in net position of governmental activities (Exhibit \"B\") \r\n \r\n$ \r\n \r\n2,857,432.15 \r\n \r\n$ \r\n \r\n1,002,624.12 \r\n \r\n(2,045,891.74) \r\n \r\n(1,043,267.62) (30,801.25) 498,499.98 \r\n \r\n$ \r\n \r\n485,000.00 \r\n \r\n167,748.12 \r\n \r\n652,748.12 \r\n \r\n$ \r\n \r\n(3,195,975.81) \r\n \r\n706,707.00 \r\n \r\n(2,489,268.81) \r\n \r\n5,100.00 \r\n \r\n$ \r\n \r\n450,442.57 \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 BLECKLEY COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET POSITION \r\nFIDUCIARY FUNDS JUNE 30, 2024 \r\nASSETS Receivables, Net Federal \r\nLIABILITIES Cash Overdraft Accounts Payable and Accrued Liabilities Total Liabilities \r\nNET POSITION Restricted Individuals, Organizations, and Other Governments \r\n \r\nEXHIBIT \"G\" \r\n \r\nCUSTODIAL FUNDS \r\n \r\n$ \r\n \r\n18,569.30 \r\n \r\n16,544.88 2,024.42 \r\n18,569.30 \r\n \r\n$ \r\n \r\n- \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 7 - \r\n \r\n ADDITIONS Miscellaneous \r\nDEDUCTIONS Other Deductions \r\nChange in Net Position \r\nNet Position - Beginning \r\nNet Position - Ending \r\n \r\nBLECKLEY COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDUCIARY NET POSITION \r\nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2024 \r\n \r\nEXHIBIT \"H\" \r\n \r\nCUSTODIAL FUNDS \r\n \r\n$ \r\n \r\n51,948.78 \r\n \r\n51,948.78 \r\n \r\n- \r\n \r\n- \r\n \r\n$ \r\n \r\n- \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 BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nReporting Entity \r\nThe Bleckley County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nBlended Component Unit \r\nThe Bleckley County School Building Authority (the Authority) was created by House Bill 1312 during the 2008 session of the Georgia General Assembly. The purpose of the Authority is to provide, acquire, construct, equip, maintain, and operate public service facilities, to acquire the necessary property therefore, both real and personal, and to lease or sell any or all of such facilities, including real and personal property for the benefit of the School District. The Authority consists of five members appointed by the governing authority of the School District. The Authority is a component unit of the School District and as such the Authority's financial activity has been blended with the School District's basic financial statements. \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 and its component units, 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\n \r\n- 9 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \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\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 funds and fiduciary funds. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\nThe School District reports the following major governmental funds: \r\n The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund. \r\n The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST) and bond proceeds that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets. \r\n The debt service fund accounts for and reports financial resources that are restricted, committed, or assigned including taxes (sales) legally restricted for the payment of general long-term principal and interest. \r\n \r\n- 10 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \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 certain revenues reported in the governmental funds to be available if they are collected within 60 days after year-end. The School District considers all intergovernmental revenues to be available if they are collected within 120 days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities are reported as other financing sources. \r\nThe School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted resources available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\nNew Accounting Pronouncements \r\nIn fiscal year 2024, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 100, Accounting Changes and Error Corrections. The objective of this statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent and comparable information for making decisions or assessing accountability. The adoption of this statement did not have a material impact on the School District's financial statements. This statement will be applied prospectively. \r\n \r\n- 11 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \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 interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. All other investments are reported at fair value. \r\nFor accounting purposes, certificates of deposit are classified as investments if they have an original maturity greater than three months when acquired. \r\nReceivables \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\nInventories \r\nFood Inventories \r\nOn the basic financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (calculated on the first-in, first-out basis). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \r\nCapital Assets \r\nOn the government-wide financial statements, capital assets are recorded at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at the acquisition value on the date donated. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. The School District does not capitalize book collections or works of art. \r\n \r\n- 12 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \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\nDepreciation is computed using the straight-line for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand \r\n \r\nLand Improvements \r\n \r\n$ \r\n \r\nBuildings and Improvements \r\n \r\n$ \r\n \r\nEquipment \r\n \r\n$ \r\n \r\nIntangible Assets \r\n \r\n$ \r\n \r\nALL 5,000.00 5,000.00 5,000.00 \r\n200,000.00 \r\n \r\nN/A 20 to 80 years 10 to 80 years \r\n5 to 50 years 5 to 10 years \r\n \r\nDeferred Outflows/Inflows of Resources \r\nIn addition to assets, the statement of financial position will report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of resources that applies to a future period(s) and therefore will not be recognized as an outflow of resources (expense/expenditure) until then. \r\nIn addition to liabilities, the statement of financial position will report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of resources that applies to a future period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time. \r\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 straightline method. To conform to generally accepted accounting principles, bond premiums and discounts should be amortized using the effective interest method. The effect of this deviation is deemed to be immaterial to the fair presentation of the basic financial statements. Bond issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \r\nIn the governmental fund financial statements, the School District recognizes the proceeds of debt and premiums as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures. \r\n \r\nPensions \r\nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined \r\n \r\n- 13 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\non the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nPost-Employment Benefits Other Than Pensions (OPEB) \r\nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Post-Employment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nFund Balances \r\nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \r\nThe School District's fund balances are classified as follows: \r\nNonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \r\nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \r\nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \r\nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \r\nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \r\nUse of Estimates \r\nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \r\n \r\n- 14 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nProperty Taxes \r\nThe Bleckley County Board of Commissioners adopted the property tax levy for the 2023 tax digest year (calendar year) on October 18, 2023 (levy date) based on property values as of January 1, 2023. Taxes were due on December 28, 2023 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2023 tax digest are reported as revenue in the governmental funds for fiscal year 2024. The Bleckley County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2024, for maintenance and operations amounted to $4,834,555.76. \r\nThe tax millage rate levied for the 2023 tax digest year (calendar year) for the School District was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n14.10 mills \r\n \r\nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $728,739.18 during fiscal year ended June 30, 2024. \r\nSales Taxes \r\nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $1,820,339.68 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\n \r\nNOTE 3: BUDGETARY DATA \r\nThe budget is a complete financial plan for the School District's fiscal year and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general, debt service and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds, except the various school activity (principal) accounts, is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate fund level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \r\nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nThe Superintendent is authorized by the Board to approve adjustments of no more than 10% of the amount budgeted for expenditures in any budget function for any fund. The Superintendent shall report any such adjustments to the Board. If expenditure of funds in any budget function for any fund is \r\n \r\n- 15 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nanticipated to be more than 25% of the budgeted amount, the Superintendent shall request Board approval for the budget amendment. Any position or expenditure not previously approved in the annual budget that exceeds $50,000.00 shall require Board approval unless the Superintendent deems the position or purchase an emergency. In such case, the expenditure shall be reported to the Board at its regularly scheduled meeting. Under no circumstance is the Superintendent or other staff person authorized to spend funds that exceed the total budget without approval by the Board. \r\nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \r\nNOTE 4: DEPOSITS \r\nCollateralization of Deposits \r\nO.C.G.A. 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A. 45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance. \r\nAt June 30, 2024, $111,444.17 of deposits were not secured by surety bond, insurance or collateral as specified above. The School District is working with the affected financial institutions to ensure appropriate levels of collateral are maintained for all the School District's deposits. \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n \r\n- 16 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \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, 2024, the School District had deposits with a carrying amount of $11,276,475.59, which includes $3,966.18 in certificate of deposits that are recorded as investments, and a bank balance of $12,266,628.66. The bank balances insured by Federal depository insurance were $3,386,434.04 and the bank balances collateralized with securities held by the pledging financial institution in the School District's name were $8,602,247.30. The bank balances collateralized with securities held by the pledging financial institution's trust department or agent but not in the School District's name were $166,503.15. \r\nAt June 30, 2024, $111,444.17 of the School District's bank balance was uninsured/uncollateralized and exposed to custodial credit risk. \r\nReconciliation of cash and cash equivalents balances to carrying value of deposits: \r\n \r\nCash and cash equivalents Statement of Net Position Statement of Fiduciary Net Position \r\n \r\n$ 11,289,054.29 (16,544.88) \r\n \r\nTotal cash and cash equivalents \r\n \r\n11,272,509.41 \r\n \r\nAdd: Deposits with original maturity of three months or more reported as investments \r\n \r\n3,966.18 \r\n \r\nTotal carrying value of deposits - June 30, 2024 \r\n \r\n$ 11,276,475.59 \r\n \r\n- 17 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 5: CAPITAL ASSETS \r\nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \r\n \r\nBalances July 1, 2023 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2024 \r\n \r\nGovernmental Activities Capital Assets, \r\nNot Being Depreciated: Land Construction in Progress \r\n \r\n$ \r\n \r\n259,480.81 $ \r\n \r\n- \r\n \r\n- $ 150,000.00 \r\n \r\n- $ - \r\n \r\n259,480.81 150,000.00 \r\n \r\nTotal Capital Assets Not Being Depreciated \r\n \r\n259,480.81 \r\n \r\n150,000.00 \r\n \r\n- \r\n \r\n409,480.81 \r\n \r\nCapital Assets, Being Depreciated Buildings and Improvements Equipment Land Improvements \r\nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \r\n \r\n70,735,132.43 5,447,791.37 4,429,218.08 \r\n \r\n752,624.12 100,000.00 \r\n \r\n15,035,641.14 3,710,104.68 865,064.85 \r\n \r\n1,522,345.74 334,422.58 189,123.42 \r\n \r\n113,275.00 \r\n- \r\n \r\n70,735,132.43 6,087,140.49 4,529,218.08 \r\n \r\n82,473.75 \r\n- \r\n \r\n16,557,986.88 3,962,053.51 1,054,188.27 \r\n \r\nTotal Capital Assets, Being Depreciated, Net \r\n \r\n61,001,331.21 \r\n \r\n(1,193,267.62) \r\n \r\n30,801.25 \r\n \r\n59,777,262.34 \r\n \r\nGovernmental Activities Capital Assets - Net \r\n \r\n$ 61,260,812.02 $ (1,043,267.62) $ \r\n \r\n30,801.25 $ 60,186,743.15 \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$ \r\n \r\n18,620.10 \r\n \r\nGeneral Administration \r\n \r\n67,456.65 \r\n \r\nMaintenance and Operation of Plant \r\n \r\n32,303.45 \r\n \r\nStudent Transportation Services \r\n \r\n185,090.90 \r\n \r\nFood Services \r\n \r\n1,732,102.43 \r\n303,471.10 10,318.21 \r\n \r\n$ \r\n \r\n2,045,891.74 \r\n \r\n- 18 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 6: INTERFUND TRANSFERS Interfund transfers for the year ended June 30, 2024, consisted of the following: \r\n \r\nTransfers to \r\n \r\nTransfers From Capital Projects \r\nFund \r\n \r\nGeneral Fund Debt Service Fund \r\n \r\n$ \r\n \r\n20.06 \r\n \r\n1,217,400.00 \r\n \r\nTotal \r\n \r\n$ 1,217,420.06 \r\n \r\nThe capital projects fund transferred ESPLOST revenue to the debt service fund to service debt associated with the ESPLOST referendum and transferred interest income to the general fund to close out the remaining balance in the construction account. \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, 2023 \r\n \r\nGovernmental Activities Balance \r\nAdditions Deductions June 30, 2024 \r\n \r\nDue Within One Year \r\n \r\nGeneral Obligation (G.O.) Bonds Unamortized Bond Premiums \r\n \r\n$ 16,000,000.00 $ 3,229,151.27 \r\n \r\n- $ 485,000.00 $ 15,515,000.00 $ 510,000.00 \r\n \r\n- \r\n \r\n167,748.12 \r\n \r\n3,061,403.15 167,748.12 \r\n \r\n$ 19,229,151.27 $ \r\n \r\n- $ 652,748.12 $ 18,576,403.15 $ 677,748.12 \r\n \r\nGeneral Obligation Bonds \r\nThe School District's bonded debt consists of general obligation bonds that are generally noncallable with interest payable semiannually. Bond proceeds primarily pay for acquiring or constructing capital facilities. The School District repays general obligation bonds from voter-approved sales taxes. General obligation bonds are direct obligations and pledge the full faith and credit of the School District. \r\nThe School District had no unused line of credit or outstanding notes from direct borrowings and direct placements related to governmental activities as of June 30, 2024. In the event the entity is unable to make the principal and interest payments using proceeds from the Education Special Purpose Local Option Sales Tax (ESPLOST), the debt will be satisfied from a direct annual ad valorem tax levied upon all taxable property within the School District. Additional security is provided by the State of Georgia Intercept Program which allows for state appropriations entitled to the School District to be transferred to the Debt Service Account Custodian for the payment of debt. \r\n \r\n- 19 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nGeneral 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 2020 \r\n \r\n4.00 - 5.00% 5/7/2020 10/1/2042 $ 16,000,000.00 $ 15,515,000.00 \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\n2025 2026 2027 2028 2029 2030 - 2034 2035 - 2039 2040 - 2043 \r\n \r\n$ \r\n \r\n510,000.00 $ \r\n \r\n711,400.00 $ \r\n \r\n535,000.00 \r\n \r\n690,500.00 \r\n \r\n560,000.00 \r\n \r\n668,600.00 \r\n \r\n590,000.00 \r\n \r\n645,600.00 \r\n \r\n615,000.00 \r\n \r\n621,500.00 \r\n \r\n3,585,000.00 \r\n \r\n2,615,375.00 \r\n \r\n4,570,000.00 \r\n \r\n1,691,325.00 \r\n \r\n4,550,000.00 \r\n \r\n468,750.00 \r\n \r\n167,748.12 167,748.12 167,748.12 167,748.12 167,748.12 838,740.59 838,740.59 545,181.37 \r\n \r\nTotal Principal and Interest \r\n \r\n$ 15,515,000.00 $ 8,113,050.00 $ 3,061,403.15 \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\nGeorgia School Boards Association Risk Management Fund \r\nThe School District participates in the Georgia School Boards Association Risk Management Fund (the Fund), a public entity risk pool organized on August 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, errors and omissions liability, cyber risk and property damage, including safety engineering and other loss prevention and control techniques, and to administer the Fund including the processing and defense of claims brought against members of the Fund. The School District pays an annual contribution to the Fund for coverage. Reinsurance is provided to the Fund through agreements by the Fund with insurance companies according to their specialty for property (including coverage for flood and earthquake), machinery breakdown, general liability, errors and omissions, crime, cyber risk and automobile risks. Reinsurance limits and retentions vary by line of coverage. \r\n \r\n- 20 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nWorkers' Compensation \r\n \r\nGeorgia School Boards Association Workers' Compensation Fund \r\nThe School District participates in the Georgia School Boards Association Workers' Compensation Fund (the Fund), a public entity risk pool organized on July 1, 1992, to develop, implement, and administer a program to reduce the risk of loss from employee accidents. The School District pays an annual contribution to the Fund for coverage. The Fund provides statutory limits of coverage for Workers' Compensation coverage and a $2,000,000 limit per occurrence for Employers' Liability coverage. Excess insurance coverage is provided through an agreement between the Fund and the Safety National Casualty Corporation to limit the Fund's exposure to large losses. \r\n \r\nUnemployment Compensation \r\nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the general fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \r\nThe School District has not incurred any liabilities for unemployment compensation claims during the last two fiscal years. \r\n \r\nSurety Bond The School District purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Driver's Education \r\n \r\n$ \r\n \r\n50,000.00 \r\n \r\n$ \r\n \r\n10,000.00 \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, 2024: \r\n \r\nNonspendable Inventories \r\nRestricted Continuation of Federal Programs Capital Projects Debt Service \r\nUnassigned \r\n \r\n$ \r\n \r\n$ \r\n \r\n854,796.03 \r\n \r\n1,153,467.96 \r\n \r\n870,800.00 \r\n \r\n59,188.97 \r\n2,879,063.99 9,721,110.33 \r\n \r\nFund Balance, June 30, 2024 \r\n \r\n$ 12,659,363.29 \r\n \r\nWhen multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \r\n \r\n- 21 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 10: BROADBAND SPECTRUM AGREEMENT \r\nEffective August 18, 2005, the School District entered into a 5-year use agreement, with automatic renewals, with Nextel Spectrum Acquisition Corporation for the use of excess spectrum capacity on Education Broadband Service licenses currently held by the School District. These licenses were granted to the School District by the Federal Communications Commission. The agreement requires monthly payments over the term of the agreement, of which $28,459.44 was recognized during fiscal year 2024 as a general revenue on the Statement of Activities. \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 post-employment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board. \r\nBenefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. \r\n \r\n- 22 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nContributions: As established by the Board, the School OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $539,936.00 for the year ended June 30, 2024. 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, 2024, the School District reported a liability of $15,276,067.00 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of June 30, 2023. The total OPEB liability used to calculate the net OPEB liability was based on an actuarial valuation as of June 30, 2022. An expected total OPEB liability as of June 30, 2023 was determined using standard roll-forward techniques. The School District's proportion of the net OPEB liability was actuarially determined based on employer contributions during the fiscal year ended June 30, 2023. At June 30, 2023, the School District's proportion was 0.139464%, which was a decrease of 0.002534% from its proportion measured as of June 30, 2022. \r\nFor the year ended June 30, 2024, the School District recognized OPEB expense of ($166,771.00). At June 30, 2024, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \r\n \r\nDeferred Outflows of Resources \r\n \r\nOPEB \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ \r\n \r\n445,272.00 $ 4,387,466.00 \r\n \r\nChanges of assumptions \r\nNet difference between projected and actual earnings on OPEB plan investments \r\n \r\n2,775,361.00 9,165.00 \r\n \r\n1,907,749.00 - \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n1,325,797.00 \r\n \r\n483,128.00 \r\n \r\nSchool District contributions subsequent to the measurement date \r\n \r\nTotal \r\n \r\n$ \r\n \r\n539,936.00 \r\n \r\n- \r\n \r\n5,095,531.00 $ 6,778,343.00 \r\n \r\n- 23 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nSchool District contributions subsequent to the measurement date are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nOPEB \r\n \r\n2025 2026 2027 2028 2029 Thereafter \r\n \r\n$ \r\n \r\n(780,313.00) \r\n \r\n$ \r\n \r\n(548,962.00) \r\n \r\n$ \r\n \r\n(813,256.00) \r\n \r\n$ \r\n \r\n(206,876.00) \r\n \r\n$ \r\n \r\n109,961.00 \r\n \r\n$ \r\n \r\n16,698.00 \r\n \r\nActuarial Assumptions: The total OPEB liability as of June 30, 2023 was determined by an actuarial valuation as of June 30, 2022 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2023: \r\n \r\nOPEB: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases \r\n \r\n3.00%  8.75%, including inflation \r\n \r\nLong-term expected rate of return \r\n \r\n7.00%, compounded annually, net of investment expense, and including inflation \r\n \r\nHealthcare cost trend rate Ultimate trend rate Year of Ultimate trend rate \r\n \r\n7.00% 4.50% 2032 \r\n \r\nThe Plan currently uses mortality tables that vary by age, gender, and health status (i.e. disabled or not disabled) as follows: \r\n For TRS members: Post-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward \r\n \r\n- 24 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\none year and adjusted 106% was used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \r\n For PSERS members: Pre-retirement mortality rates were based on the Pub-2010 General Employee Mortality Table, with no adjustment, with the MP-2019 Projections scale applied generationally. Post-retirement mortality rates for service retirements were based on the Pub-2010 General Healthy Annuitant Mortality Table (ages set forward one year and adjusted 101% for males and 103% for females) with the MP-2019 Projection scale applied generationally. Postretirement mortality rates for disability retirements were based on the Pub-2010 General Disabled Mortality Table (ages set back three years for males and adjusted 103% for males and 106% for females) with the MP-2019 Projections scaled applied generationally. Postretirement mortality rates for beneficiaries were based on the Pub-2010 General Contingent Survivor Mortality Table (ages set forward two years and adjust 104% for males and 99% for females) with the MP-2019 Project scale applied generationally. \r\n \r\nThe actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2018, with the exception of the assumed annual rate of inflation with changed from 2.75% to 2.50%, effective with the June 30, 2018 valuation. \r\n \r\nThe remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2022 valuation were based on a review of recent plan experience done concurrently with the June 30, 2022 valuation. \r\n \r\nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \r\n \r\nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset Class \r\n \r\nTarget Allocation \r\n \r\nLong-Term Expected Real Rate of Return* \r\n \r\nFixed income Equities \r\nTotal \r\n \r\n30.00% 70.00% \r\n100.00% \r\n \r\n1.50% 9.40% \r\n \r\n* Net of inflation \r\n \r\n- 25 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nDiscount Rate: In order to measure the total OPEB liability for the School OPEB Fund, a single equivalent interest rate of 3.68% was used as the discount rate, as compared with last year's rate of 3.57%. The plan's fiduciary net position was projected to not be able to make all future benefit payments of current plan members. Therefore, the municipal bond rate as used for the long-term rate of return was applied to all periods of projected benefit payments to determine total OPEB liability. This is comprised mainly of the yield or index rate for 20-year tax-exempt general obligation bonds with an average rating of AA or higher (3.65% per the Municipal Bond Index Rate). The projection of cash flows used to determine the discount rate assumed that contributions from members and from the employers will be made at the current level as averaged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2128. \r\nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net OPEB liability calculated using the discount rate of 3.68%, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (2.68%) or 1-percentage-point higher (4.68%) than the current discount rate: \r\n \r\nSchool District's proportionate share \r\n \r\nof the Net OPEB liability \r\n \r\n$ \r\n \r\n1% Decrease (2.68%) \r\n \r\nCurrent Discount Rate (3.68%) \r\n \r\n17,316,127.00 $ \r\n \r\n15,276,067.00 $ \r\n \r\n1% Increase (4.68%) \r\n13,557,905.00 \r\n \r\nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates: The following presents the School District's proportionate share of the net OPEB liability, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates: \r\n \r\n1% Decrease \r\n \r\nCurrent Healthcare Cost Trend Rate \r\n \r\n1% Increase \r\n \r\nSchool District's proportionate share \r\n \r\nof the Net OPEB liability \r\n \r\n$ \r\n \r\n13,158,306.00 $ \r\n \r\n15,276,067.00 $ 17,886,809.00 \r\n \r\nOPEB Plan Fiduciary Net Position: Detailed information about the OPEB plan's fiduciary net position is available in the Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \r\n \r\nNOTE 13: RETIREMENT PLANS \r\nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \r\n \r\nTeachers Retirement System of Georgia (TRS) \r\nPlan Description: All teachers of the School District as defined in O.C.G.A. 47-3-60 and certain other support personnel as defined by O.C.G.A. 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple-employer defined benefit pension \r\n- 26 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nplan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \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. Pursuant to O.C.G.A. 47-3-63, the employer contributions for certain full-time public school support personnel are funded on behalf of the employer by the State of Georgia. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2024. The School District's contractually required contribution rate for the year ended June 30, 2024 was 19.98% of annual School District payroll, of which 19.78% of payroll was required from the School District and 0.20% of payroll was required from the State. For the current fiscal year, employer contributions to the pension plan were $3,204,083.21 and $30,885.23 from the School District and the State, respectively. \r\nPublic School Employees Retirement System (PSERS) \r\nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \r\nBenefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \r\nUpon retirement, the member will receive a monthly benefit of $16.00, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits. \r\n \r\n- 27 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \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 $75,014.00. \r\nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \r\nAt June 30, 2024, the School District reported a liability of $32,695,795.00 for its proportionate share of the net pension liability for TRS. \r\nThe TRS net pension liability reflected a reduction for support provided to the School District by the State of Georgia for certain public school support personnel. The amount recognized by the School District as its proportionate share of the net pension liability, the related State of Georgia support, and the total portion of the net pension liability that was associated with the School District were as follows: \r\n \r\nSchool District's proportionate share of the net pension liability \r\n \r\n$ \r\n \r\n32,695,795.00 \r\n \r\nState of Georgia's proportionate share of the net pension liability associated with the School District \r\n \r\n301,148.00 \r\n \r\nTotal \r\n \r\n$ \r\n \r\n32,996,943.00 \r\n \r\nThe net pension liability for TRS was measured as of June 30, 2023. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2022. An expected total pension liability as of June 30, 2023 was determined using standard roll-forward techniques. The School District's proportion of the net pension liability was based on contributions to TRS during the fiscal year ended June 30, 2023. \r\nAt June 30, 2023, the School District's TRS proportion was 0.110742%, which was a decrease of 0.001132% from its proportion measured as of June 30, 2022. \r\nAt June 30, 2024, the School District did not have a PSERS liability for a proportionate share of the net pension liability because of a Special Funding Situation with the State of Georgia, which is responsible for the net pension liability of the plan. The amount of the State's proportionate share of the net pension liability associated with the School District is $482,745.00. \r\nThe PSERS net pension liability was measured as of June 30, 2023. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2022. An expected total pension liability as of June 30, 2023 was determined using standard roll-forward techniques. The State's proportion of the net pension liability associated with the School District was based on actuarially determined contributions paid by the State during the fiscal year ended June 30, 2023. \r\n- 28 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nFor the year ended June 30, 2024, the School District recognized pension expense of $6,432,319.00 for TRS and $87,128.00 for PSERS and revenue of $56,546.00 for TRS and $87,128.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \r\nAt June 30, 2024, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \r\n \r\nTRS Deferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ 1,660,248.00 $ 135,186.00 \r\n \r\nChanges of assumptions \r\n \r\n3,363,695.00 \r\n \r\n- \r\n \r\nNet difference between projected and \r\n \r\nactual earnings on pension plan \r\n \r\n2,299,583.00 \r\n \r\n- \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n582,501.00 \r\n \r\n557,030.00 \r\n \r\nSchool District contributions subsequent to \r\n \r\nthe measurement date \r\n \r\n3,236,351.19 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 11,142,378.19 $ 692,216.00 \r\n \r\nThe School District contributions subsequent to the measurement date for TRS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nTRS \r\n \r\n2025 2026 2027 2028 \r\n \r\n$ 2,278,001.00 $ 1,440,174.00 $ 4,325,092.00 $ (829,456.00) \r\n \r\n- 29 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nActuarial Assumptions: The total pension liability as of June 30, 2023 was determined by an actuarial valuation as of June 30, 2022, using the following actuarial assumptions, applied to all periods included in the measurement: \r\n \r\nTeachers Retirement System: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases \r\n \r\n3.00%  8.75%, average, including inflation \r\n \r\nInvestment rate of return \r\n \r\n6.90%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases \r\n \r\n1.50% semi-annually \r\n \r\nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \r\n \r\nThe actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study for the period July 1, 2013  June 30, 2018. \r\n \r\nPublic School Employees Retirement System: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases Investment rate of return \r\n \r\nN/A \r\n7.00%, 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\n- 30 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nMortality rates are as follows: \r\n The Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale is used for both males and females while in active service. \r\n The Pub-2010 Family of Tables projected generationally with the MP-2019 Scale and with further adjustments are used for post-retirement mortality assumptions as follows: \r\n \r\nParticipant Type \r\n \r\nMembership Table \r\n \r\nSet Forward (+)/ Setback (-) Adjustment to Rates \r\n \r\nService Retirees \r\n \r\nGeneral Healthy Below- Male: +2; Female: +2 Median Annuitant \r\n \r\nMale: 101%; Female: 103% \r\n \r\nDisability Retirees \r\n \r\nGeneral Disabled \r\n \r\nMale: -3; Female: 0 \r\n \r\nMale: 103%; Female: 106% \r\n \r\nBeneficiaries \r\n \r\nGeneral Below-Median Contingent Survivors \r\n \r\nMale: +2; Female: +2 \r\n \r\nMale: 104%; Female: 99% \r\n \r\nThe actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study for the period July 1, 2014  June 30, 2019. \r\n \r\nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset Class \r\n \r\nTRS/PSERS Target \r\nAllocation \r\n \r\nLong-Term Expected Real Rate of Return* \r\n \r\nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \r\n \r\n30.00% 46.30% \r\n1.20% 12.30% \r\n5.20% 5.00% \r\n \r\n0.90% 9.40% 13.40% 9.40% 11.40% 10.50% \r\n \r\nTotal \r\n \r\n100.00% \r\n \r\n* Rates shown are net of inflation \r\nDiscount Rate: The discount rate used to measure the total TRS pension liability was 6.90%. The discount rate used to measure the total PSERS pension liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS and PSERS pension plans' fiduciary net position were projected to be \r\n \r\n- 31 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\navailable to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \r\nSensitivity of the School District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 6.90%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.90%) or 1-percentage-point higher (7.90%) than the current rate: \r\n \r\nTeachers Retirement System: \r\nSchool District's proportionate share of the net pension liability \r\n \r\n1% Decrease (5.90%) \r\n \r\nCurrent Discount Rate (6.90%) \r\n \r\n1% Increase (7.90%) \r\n \r\n$ 51,695,855.00 $ \r\n \r\n32,695,795.00 $ 17,179,688.00 \r\n \r\nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \r\nDefined Contribution Plan \r\nIn lieu of participating in the Federal Social Security program, the School District offers all employees not covered under the program the opportunity to participate in one of two 457(b) deferred contribution plans. Recognizing that employees may want to contribute additional funds to their retirement accounts, it was the School Boards' decision to offer such an option for employees. \r\nThe School District selected both VALIC and National Life Insurance Company as the providers of these plans. While the plans are the same, the School District wanted to allow employees the opportunity to choose the company with which their account is held. For each participating employee, the Board began contributing to the plan an amount equal to 100% match of the employee's contribution up to 4% of the employee's base pay. \r\nAll contributions, disbursements, and loans are governed by Internal Revenue Service rules and regulations as well as the plan document approved by the School District. There is no vesting period for the plan and employee participation is not mandatory. \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 Contributed \r\n \r\n2024 2023 2022 \r\n \r\n4% \r\n \r\n$ \r\n \r\n4% \r\n \r\n$ \r\n \r\n4% \r\n \r\n$ \r\n \r\n633,552.73 621,256.86 464,278.00 \r\n \r\n- 32 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2024 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNOTE 14: RELATED PARTY TRANSACTIONS \r\nDuring the year under review, the School District conducted business with one related party, Rozier Auto Parts. Rozier Auto Parts is owned by the Finance Director's husband's family. Current year expenditures for Rozier Auto Parts total $5,142.09. \r\n \r\n- 33 - \r\n \r\n (This page left intentionally blank) \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"1\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion \r\nof the Net Pension Liability (NPL) \r\n \r\nSchool District's proportionate share \r\nof the NPL \r\n \r\nState of Georgia's proportionate share \r\nof the NPL associated with the \r\nSchool District \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share of the NPL as a percentage of its covered payroll \r\n \r\nPlan fiduciary net position as a percentage \r\nof the total pension liability \r\n \r\n2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.110742% $ 32,695,795.00 $ 0.111874% $ 36,327,650.00 $ 0.115444% $ 10,210,252.00 $ 0.107428% $ 26,023,266.00 $ 0.108085% $ 23,241,198.00 $ 0.115564% $ 21,451,154.00 $ 0.111939% $ 20,804,208.00 $ 0.112846% $ 23,281,388.00 $ 0.113809% $ 17,326,290.00 $ 0.113422% $ 14,329,374.00 $ \r\n \r\n301,148.00 313,354.00 \r\n94,900.00 236,425.00 222,123.00 198,244.00 343,456.00 542,805.00 412,723.00 329,613.00 \r\n \r\n$ 32,996,943.00 $ 36,641,004.00 $ 10,305,152.00 $ 26,259,691.00 $ 23,463,321.00 $ 21,649,398.00 $ 21,147,664.00 $ 23,824,193.00 $ 17,739,013.00 $ 14,658,987.00 \r\n \r\n$ 16,290,362.45 $ 15,252,016.00 $ 15,159,813.38 $ 13,975,768.69 $ 13,318,312.29 $ 13,891,719.37 $ 13,064,761.59 $ 12,667,465.64 $ 12,299,400.07 $ 11,837,505.64 \r\n \r\n200.71% 238.18% \r\n67.35% 186.20% 174.51% 154.42% 159.24% 183.79% 140.87% 121.05% \r\n \r\n76.29% 72.85% 92.03% 77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \r\n \r\n- 35 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"2\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required \r\ncontribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered payroll \r\n \r\nContribution as a percentage of covered \r\npayroll \r\n \r\n2024 \r\n \r\n$ \r\n \r\n2023 \r\n \r\n$ \r\n \r\n2022 \r\n \r\n$ \r\n \r\n2021 \r\n \r\n$ \r\n \r\n2020 \r\n \r\n$ \r\n \r\n2019 \r\n \r\n$ \r\n \r\n2018 \r\n \r\n$ \r\n \r\n2017 \r\n \r\n$ \r\n \r\n2016 \r\n \r\n$ \r\n \r\n2015 \r\n \r\n$ \r\n \r\n3,204,083.21 $ 3,225,125.00 $ 2,995,729.81 $ 2,862,858.00 $ 2,927,885.56 $ 2,757,125.03 $ 2,313,812.96 $ 1,834,059.26 $ 1,767,095.82 $ 1,579,743.81 $ \r\n \r\n3,204,083.21 $ 3,225,125.00 $ 2,995,729.81 $ 2,862,858.00 $ 2,927,885.56 $ 2,757,125.03 $ 2,313,812.96 $ 1,834,059.26 $ 1,767,095.82 $ 1,579,743.81 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n16,197,931.65 \r\n \r\n- \r\n \r\n$ \r\n \r\n16,290,362.45 \r\n \r\n- \r\n \r\n$ \r\n \r\n15,252,016.00 \r\n \r\n- \r\n \r\n$ \r\n \r\n15,159,813.38 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,975,768.69 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,318,312.29 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,891,719.37 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,064,761.59 \r\n \r\n- \r\n \r\n$ \r\n \r\n12,667,465.64 \r\n \r\n- \r\n \r\n$ \r\n \r\n12,299,400.07 \r\n \r\n19.78% 19.80% 19.64% 18.88% 20.95% 20.70% 16.66% 14.04% 13.95% 12.84% \r\n \r\n- 36 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"3\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the Net Pension Liability (NPL) \r\n \r\nSchool District's proportionate share \r\nof the NPL \r\n \r\nState of Georgia's proportionate share \r\nof the NPL associated with the \r\nSchool District \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share \r\nof the NPL as a percentage of its covered payroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total pension \r\nliability \r\n \r\n2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n482,745.00 $ 482,745.00 $ 611,553.00 $ 611,553.00 $ \r\n61,577.00 $ 61,577.00 $ 411,519.00 $ 411,519.00 $ 405,620.00 $ 405,620.00 $ 348,127.00 $ 348,127.00 $ 306,322.00 $ 306,322.00 $ 405,517.00 $ 405,517.00 $ 267,010.00 $ 267,010.00 $ 239,626.00 $ 239,626.00 $ \r\n \r\n947,376.09 885,235.36 755,750.51 780,659.73 800,531.63 744,680.75 701,720.36 698,123.79 688,106.87 688,182.25 \r\n \r\nN/A \r\n \r\n85.67% \r\n \r\nN/A \r\n \r\n81.21% \r\n \r\nN/A \r\n \r\n98.00% \r\n \r\nN/A \r\n \r\n84.45% \r\n \r\nN/A \r\n \r\n85.02% \r\n \r\nN/A \r\n \r\n85.26% \r\n \r\nN/A \r\n \r\n85.69% \r\n \r\nN/A \r\n \r\n81.00% \r\n \r\nN/A \r\n \r\n87.00% \r\n \r\nN/A \r\n \r\n88.29% \r\n \r\n- 37 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \r\nSCHOOL OPEB FUND \r\n \r\nSCHEDULE \"4\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the Net OPEB Liability (NOL) \r\n \r\nSchool District's proportionate share \r\nof the NOL \r\n \r\nState of Georgia's proportionate \r\nshare of the NOL associated with the School District \r\n \r\nTotal \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nSchool District's proportionate share of the NOL as a percentage of its coveredemployee payroll \r\n \r\nPlan fiduciary net position \r\nas a percentage of the total OPEB \r\nliability \r\n \r\n2024 2023 2022 2021 2020 2019 2018 \r\n \r\n0.139464% $ 15,276,067.00 $ 0.141998% $ 14,062,320.00 $ 0.130982% $ 14,186,434.00 $ 0.133222% $ 19,567,209.00 $ 0.132829% $ 16,300,968.00 $ 0.126814% $ 16,117,670.00 $ 0.127887% $ 17,968,072.00 $ \r\n \r\n- \r\n \r\n$ 15,276,067.00 $ 12,640,414.19 \r\n \r\n- \r\n \r\n$ 14,062,320.00 $ 12,039,255.27 \r\n \r\n- \r\n \r\n$ 14,186,434.00 $ 11,473,420.48 \r\n \r\n- \r\n \r\n$ 19,567,209.00 $ 10,124,568.40 \r\n \r\n- \r\n \r\n$ 16,300,968.00 $ 9,728,022.24 \r\n \r\n- \r\n \r\n$ 16,117,670.00 $ 9,902,646.68 \r\n \r\n- \r\n \r\n$ 17,968,072.00 $ 9,392,659.42 \r\n \r\n120.85% 116.80% 123.65% 193.26% 167.57% 162.76% 191.30% \r\n \r\n6.05% 6.17% 6.14% 3.99% 4.63% 2.93% 1.61% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 38 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \r\n \r\nSCHEDULE \"5\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required \r\ncontribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nContribution as a percentage of \r\ncovered-employee payroll \r\n \r\n2024 \r\n \r\n$ \r\n \r\n2023 \r\n \r\n$ \r\n \r\n2022 \r\n \r\n$ \r\n \r\n2021 \r\n \r\n$ \r\n \r\n2020 \r\n \r\n$ \r\n \r\n2019 \r\n \r\n$ \r\n \r\n2018 \r\n \r\n$ \r\n \r\n2017 \r\n \r\n$ \r\n \r\n539,936.00 $ 536,162.00 $ 513,428.00 $ 487,230.00 $ 450,524.00 $ 715,377.00 $ 657,264.00 $ 666,817.00 $ \r\n \r\n539,936.00 $ 536,162.00 $ 513,428.00 $ 487,230.00 $ 450,524.00 $ 715,377.00 $ 657,264.00 $ 666,817.00 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n12,844,601.04 \r\n \r\n- \r\n \r\n$ \r\n \r\n12,640,414.19 \r\n \r\n- \r\n \r\n$ \r\n \r\n12,039,255.27 \r\n \r\n- \r\n \r\n$ \r\n \r\n11,473,420.48 \r\n \r\n- \r\n \r\n$ \r\n \r\n10,124,568.40 \r\n \r\n- \r\n \r\n$ \r\n \r\n9,728,022.24 \r\n \r\n- \r\n \r\n$ \r\n \r\n9,902,646.68 \r\n \r\n- \r\n \r\n$ \r\n \r\n9,392,659.42 \r\n \r\n4.20% 4.24% 4.26% 4.25% 4.45% 7.35% 6.64% 7.10% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 39 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \r\nFOR THE YEAR ENDED JUNE 30, 2024 \r\n \r\nSCHEDULE \"6\" \r\n \r\nTeachers Retirement System Change of benefit terms: There have been no changes in benefit terms. \r\nChanges of assumptions: On November 18, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males). \r\nOn May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed annual rate of inflation has been reduced from 2.75% to 2.50%. \r\nIn 2019 and later, the expectation of retired life mortality was changed to the Pub-2010 Teacher Headcount Weighted Below Median Healthy Retiree mortality table from the RP-2000 Mortality Tables. In 2019, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \r\nOn May 11, 2022, the Board adopted recommended changes to the long-term assumed rate of return and payroll growth assumption utilized by the System. The long-term assumed rate of return was changed from 7.25% to 6.90%, and the payroll growth assumption was changed from 3.00% to 2.50%. \r\nPublic School Employees Retirement System Changes of benefit terms: There have been no changes in benefit terms. \r\nChanges of assumptions: On December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP-2000 Blue Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females). \r\nA new funding policy was initially adopted by the Board on March 15, 2018, and most recently amended on December 17, 2020. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for the June 30, 2017 actuarial valuation and further reduced from 7.40% to 7.30% for the June 30, 2018 actuarial valuation. \r\nOn December 17, 2020, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System based on the experience study prepared for the five-year period ending June 30, 2019. Primary among the changes were the updates to rates or mortality, retirement, disability, and withdrawal. This also included a change to the long-term assumed investment rate of return to 7.00%. These assumption changes are reflected in the calculation of the June 30, 2021 Total Pension Liability. \r\nSchool OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. \r\nChanges in assumptions: June 30, 2022 valuation: The tobacco use assumption and aging factors were revised. \r\nJune 30, 2020 valuation: Decremental assumptions were changed to reflect the Employees' Retirement System's experience study. Approximately 0.10% of employees are members of the Employees' Retirement System. \r\nJune 30, 2019 valuation: Decremental assumptions were changed to reflect the Teachers Retirement System's experience study. \r\nJune 30, 2018 valuation: The inflation assumption was lowered from 2.75% to 2.50%. \r\nJune 30, 2017 valuation: The participation assumption, tobacco use assumption and morbidity factors were revised. \r\nJune 30, 2015 valuation: Decremental and underlying inflation assumptions were changed to reflect the Retirement Systems' experience studies. \r\nJune 30, 2012 valuation: A data audit was performed and data collection procedures and assumptions were changed. \r\nThe discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017, to 3.87% as of June 30, 2018, back to 3.58% as of June 30, 2019, to 2.22% as of June 30, 2020, to 2.20% as of June 30, 2021, to 3.57% as of June 30, 2022, and to 3.68% as of June 30, 2023. \r\n \r\n- 40 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2024 \r\n \r\nSCHEDULE \"7\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Community Services Food Services Operation Capital Outlay Total Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES(USES) Other Sources Other Uses Total Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nAdjustments \r\nFund Balances - Ending \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\nACTUAL AMOUNTS \r\n \r\nVARIANCE OVER/UNDER \r\n \r\n$ \r\n \r\n4,798,819.00 $ \r\n \r\n4,798,819.00 $ \r\n \r\n5,563,294.94 $ \r\n \r\n100,000.00 \r\n \r\n100,000.00 \r\n \r\n60,622.31 \r\n \r\n24,645,131.16 \r\n \r\n25,490,463.20 \r\n \r\n25,625,466.62 \r\n \r\n5,092,402.23 \r\n \r\n5,410,059.23 \r\n \r\n5,165,428.56 \r\n \r\n305,430.74 \r\n \r\n305,430.74 \r\n \r\n504,723.91 \r\n \r\n553.55 \r\n \r\n553.55 \r\n \r\n7,611.73 \r\n \r\n216,975.17 \r\n \r\n216,974.90 \r\n \r\n1,762,546.06 \r\n \r\n35,159,311.85 \r\n \r\n36,322,300.62 \r\n \r\n38,689,694.13 \r\n \r\n764,475.94 (39,377.69) 135,003.42 (244,630.67) 199,293.17 \r\n7,058.18 1,545,571.16 2,367,393.51 \r\n \r\n21,999,418.84 \r\n1,559,711.29 457,090.79 415,472.05 \r\n1,003,383.30 2,046,099.76 \r\n267,362.80 2,617,934.22 2,371,686.03 \r\n124,151.88 77,470.81 - \r\n2,352,368.00 - \r\n35,292,149.77 (132,837.92) \r\n \r\n22,867,180.89 \r\n1,580,468.29 684,858.79 419,530.05 \r\n1,007,533.30 2,032,267.91 \r\n268,377.30 2,728,775.61 2,959,438.24 \r\n124,659.13 92,200.81 - \r\n2,372,759.32 - \r\n37,138,049.64 (815,749.02) \r\n \r\n22,837,399.82 \r\n1,533,998.94 653,977.49 441,692.81 880,658.87 \r\n1,977,580.87 277,098.97 \r\n2,433,644.55 2,569,005.98 \r\n117,244.50 97,889.56 45,947.79 \r\n2,409,181.04 4,414.67 \r\n36,279,735.86 2,409,958.27 \r\n \r\n69,159.00 (69,159.00) \r\n- \r\n \r\n69,159.00 (69,159.00) \r\n- \r\n \r\n20.06 - \r\n20.06 \r\n \r\n(132,837.92) \r\n \r\n(815,749.02) \r\n \r\n2,409,978.33 \r\n \r\n8,208,553.75 \r\n \r\n8,208,553.75 \r\n \r\n8,225,117.00 \r\n \r\n32,509.18 \r\n \r\n14,661.93 \r\n \r\n- \r\n \r\n$ \r\n \r\n8,108,225.01 $ \r\n \r\n7,407,466.66 $ \r\n \r\n10,635,095.33 $ \r\n \r\n29,781.07 \r\n46,469.35 30,881.30 (22,162.76) 126,874.43 54,687.04 (8,721.67) 295,131.06 390,432.26 \r\n7,414.63 (5,688.75) (45,947.79) (36,421.72) (4,414.67) 858,313.78 3,225,707.29 \r\n(69,138.94) 69,159.00 \r\n20.06 \r\n3,225,727.35 \r\n16,563.25 \r\n(14,661.93) \r\n3,227,628.67 \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $1,654,830.90 and $1,702,752.86, respectively. \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 41 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2024 \r\n \r\nSCHEDULE \"8\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT Agriculture, U.S. Department of \r\nChild Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program COVID-19 - National School Lunch Program Total Child Nutrition Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Food Services Local Food for Schools Cooperative Agreement Program State Administrative Expenses for Child Nutrition Total Other Programs Total U. S. Department of Agriculture \r\nEducation, U.S. Department of Education Stabilization Fund Pass-Through From Georgia Department of Education COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund - Homeless Children and Youth Total Education Stabilization Fund \r\nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Grants to States Preschool Grants Total Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Rural Education - Rural and Low Income School Program Rural Education - Rural and Low Income School Program Student Support and Academic Enrichment Program Student Support and Academic Enrichment Program Student Support and Academic Enrichment Program Supporting Effective Instruction State Grants Supporting Effective Instruction State Grants Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Twenty-First Century Community Learning Centers Twenty-First Century Community Learning Centers Total Other Programs Total U.S. Department of Education \r\nHealth and Human Services, U.S. Department of Other Programs Pass-Through From Georgia Department of Health and Human Services Title V State Sexual Risk Avoidance Education (Title V State SRAE) Program \r\nTotal Expenditures of Federal Awards \r\n \r\nASSISTANCE LISTING NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 10.555 \r\n \r\n245GA324N1199 $ 245GA324N1199 225GA324N1099 \r\n \r\n451,589.13 1,772,221.81 \r\n107,873.87 2,331,684.81 \r\n \r\n10.185 10.560 \r\n \r\nAM23CPLFS000C018 245GA904N2533 \r\n \r\n11,584.00 810.86 \r\n12,394.86 2,344,079.67 \r\n \r\n84.425D 84.425D \r\n84.425U \r\n84.425W \r\n \r\nS425D200012 S425D210012 \r\nS425U210012 \r\nS425W210011 \r\n \r\n5,609.72 12,883.80 \r\n684,760.31 \r\n20,385.32 723,639.15 \r\n \r\n84.027A 84.027A 84.173A \r\n \r\nH027A220073 H027A230073 H173A230081 \r\n \r\n84.048A 84.358B 84.358B 84.424A 84.424A 84.424F 84.367A 84.367A 84.010A 84.010A 84.287C 84.287C \r\n \r\nV048A230010 S358F220010 S358F230010 S424A220011 S424A230011 S424F220011 S367A220001 S367A230001 S010A220010 S010A230010 S287C220010 S287C230010 \r\n \r\n109,888.00 564,980.25 \r\n23,536.00 698,404.25 \r\n30,817.00 33,654.00 56,922.28 \r\n124.00 39,534.07 187,616.95 24,154.75 25,857.52 124,935.45 976,589.84 54,222.00 292,231.33 1,846,659.19 3,268,702.59 \r\n \r\n93.235 \r\n \r\n2303GASRAE $ \r\n \r\n77,838.18 5,690,620.44 \r\n \r\n- 42 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2024 \r\n \r\nSCHEDULE \"8\" \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\nNote 1. Basis of Presentation The accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Bleckley County Board of Education (the \"Board\") under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position or changes in net position of the Board. \r\nNote 2. Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. \r\nNote 3. Indirect Cost Rate The Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. \r\nNote 4. Transfers Between Programs Funds totaling $69,159.00 were transferred from the Student Support and Academic Enrichment program (ALN 84.424A) and the Supporting Effective Instruction State Grants program (ALN 84.367A) and expended in the Title I Grants to Local Educational Agencies program (ALN 84.010A) during Fiscal Year 2024. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 43 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2024 \r\nAGENCY/FUNDING GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Mid-Term Adjustment Hold-Harmless Categorical Grants Pupil Transportation Regular Nursing Services Education Equalization Funding Grant Other State Programs Career, Technical and Agricultural Education (CTEA) Dyslexia Services Grant - State Funds Food Services Hygiene Products Math and Science Supplements One Time QBE Adjustment Preschool Disability Services Pupil Transportation - State Bonds School Bus Safety Incentive Funding School Security Grant Teachers Retirement Vocational Supervisors Office of the State Treasurer Public School Employees Retirement CONTRACT Human Resources, Georgia Department of Georgia Communities in Schools Dropout Prevention \r\n \r\nSCHEDULE \"9\" \r\n \r\nGOVERNMENTAL FUND TYPE GENERAL FUND \r\n \r\n$ \r\n \r\n908,118.20 \r\n \r\n992,281.00 234,380.00 1,945,912.00 1,198,158.00 1,147,296.00 282,589.00 1,958,230.00 1,707,802.00 677,272.00 3,992,688.00 887,699.00 214,342.00 142,375.00 375,360.00 111,911.00 \r\n67,481.00 1,712.00 \r\n640,254.00 884,665.00 689,055.00 \r\n37,916.00 \r\n \r\n430,645.00 58,220.00 \r\n4,775,789.00 \r\n54,892.62 5,594.00 \r\n65,268.00 1,904.00 9,878.33 \r\n289,971.00 70,875.00 \r\n352,440.00 15,668.00 \r\n250,000.00 30,885.23 7,219.00 \r\n75,014.00 \r\n \r\n33,707.24 \r\n \r\n$ \r\n \r\n25,625,466.62 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 44 - \r\n \r\n (This page left intentionally blank) \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2024 \r\n \r\nSCHEDULE \"10\" \r\n \r\nPROJECT The issuance of general obligation bonds in the principal amount not to exceed $16,000,000.00 to pay the cost of, \r\n(a) Acquiring, constructing, equipping, and furnishing new school buildings and facilities useful and desirable in connection therewith, including, but not limited to, a Primary School building, bus maintenance and storage facilities, and support and athletic/physical education facilities, \r\n(b) Adding to, renovating, repairing, improving and equipping the existing schools and facilities including, but not limited to, vocational/agricultural facilities, gymnasiums, HVAC and physical education and athletic facilities, \r\n(c) Acquiring miscellaneous new equipment, fixtures and furnishings for the School District, including textbooks, band instruments, computer technology equipment and software, interactive boards, safety and security technology, food service equipment, tables, desks and chairs, school buses and other vehicles, \r\n(d) Acquiring any capital property necessary or desirable for the foregoing purposes, both real and personal, and \r\n(e) Paying capitalized interest and/or costs of issuing. \r\nTotal \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nESTIMATED COMPLETION \r\nDATE \r\n \r\n$ \r\n \r\n3,391,111.67 $ \r\n \r\n31,890,850.72 \r\n \r\n6/30/2026 \r\n \r\n- \r\n \r\n353,000.00 \r\n \r\n6/30/2026 \r\n \r\n1,000,000.00 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n1,608,888.33 \r\n \r\n1,996,501.56 \r\n \r\n$ \r\n \r\n6,000,000.00 $ \r\n \r\n34,240,352.28 \r\n \r\n6/30/2026 \r\n6/30/2026 Complete \r\n \r\n- 46 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2024 \r\n \r\nSCHEDULE \"10\" \r\n \r\nPROJECT The issuance of general obligation bonds in the principal amount not to exceed $16,000,000.00 to pay the cost of, \r\n \r\nAMOUNT EXPENDED IN CURRENT YEAR (3) (4) \r\n \r\nAMOUNT EXPENDED IN PRIOR YEARS (3) (4) \r\n \r\nTOTAL COMPLETION \r\nCOST \r\n \r\nEXCESS PROCEEDS NOT \r\nEXPENDED \r\n \r\n(a) Acquiring, constructing, equipping, and furnishing new \r\n \r\nschool buildings and facilities useful and desirable in connection \r\n \r\ntherewith, including, but not limited to, a Primary School building, \r\n \r\nbus maintenance and storage facilities, and support and \r\n \r\nathletic/physical education facilities, \r\n \r\n$ \r\n \r\n- $ \r\n \r\n31,890,850.72 $ \r\n \r\n- $ \r\n \r\n- \r\n \r\n(b) Adding to, renovating, repairing, improving and equipping the \r\n \r\nexisting schools and facilities including, but not limited to, \r\n \r\nvocational/agricultural facilities, gymnasiums, HVAC and physical \r\n \r\neducation and athletic facilities, \r\n \r\n150,000.00 \r\n \r\n203,000.00 \r\n \r\n- \r\n \r\n- \r\n \r\n(c) Acquiring miscellaneous new equipment, fixtures and furnishings for the School District, including textbooks, band instruments, computer technology equipment and software, interactive boards, safety and security technology, food service equipment, tables, desks and chairs, school buses and other vehicles, \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n(d) Acquiring any capital property necessary or desirable for the \r\n \r\nforegoing purposes, both real and personal, and \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n(e) Paying capitalized interest and/or costs of issuing. \r\n \r\n4,600.00 \r\n \r\n1,991,901.56 \r\n \r\n1,996,501.56 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ \r\n \r\n154,600.00 $ \r\n \r\n34,085,752.28 $ \r\n \r\n1,996,501.56 $ \r\n \r\n- \r\n \r\n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. (2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. (3) The voters of Bleckley County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. \r\nAmounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. (4) In addition to the expenditures shown above, the School District has incurred interest to provide advance funding as follows: \r\n \r\nPrior Years Current Year \r\n \r\n$ \r\n \r\n1,148,787.50 \r\n \r\n731,300.00 \r\n \r\nTotal \r\n \r\n$ \r\n \r\n1,880,087.50 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 47 - \r\n \r\n Section II Compliance and Internal Control Reports \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Trey Belflower, Superintendent and Members of the Bleckley County Board of Education \r\nWe have audited the financial statements of the governmental activities, each major fund, and fiduciary activities of the Bleckley County Board of Education (School District) as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements, and have issued our report thereon dated August 7, 2025. We conducted our audit in accordance with the auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. \r\nReport on Internal Control Over Financial Reporting \r\nIn planning and performing our audit of the financial statements, we considered the School District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the basic financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control. \r\nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the School District's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n Report on Compliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether the School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nPurpose of this Report \r\nThe purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\nAugust 7, 2025 \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Trey Belflower, Superintendent and Members of the Bleckley County Board of Education \r\nReport on Compliance for Each Major Federal Program \r\nOpinion on Each Major Federal Program \r\nWe have audited the Bleckley County Board of Education's (School District) compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on each of the School District's major federal programs for the year ended June 30, 2024. The School District's major federal programs are identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs. \r\nIn our opinion, the School District complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2024. \r\nBasis for Opinion on Each Major Federal Program \r\nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditor's Responsibilities for the Audit of Compliance section of our report. \r\nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal program. Our audit does not provide a legal determination of the School District's compliance with the compliance requirements referred to above. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n Responsibilities of Management for Compliance \r\nManagement is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the School District's federal programs. \r\nAuditor's Responsibilities for the Audit of Compliance \r\nOur objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the School District's compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the School District's compliance with the requirements of each major federal program as a whole. \r\nIn performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we: \r\n Exercise professional judgment and maintain professional skepticism throughout the audit. \r\n Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the School District's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. \r\n Obtain an understanding of the School District's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control over compliance. Accordingly, no such opinion is expressed. \r\nWe are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit. \r\nReport on Internal Control over Compliance \r\nA deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance \r\n \r\n requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control over compliance was for the limited purpose described in the Auditor's Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified. \r\nOur audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed. \r\nThe purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\nAugust 7, 2025 \r\n \r\n Section III Auditee's Response to Prior Year Findings and Questioned Costs \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2024 \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS No matters were reported. \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n \r\n Section IV Findings and Questioned Costs \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2024 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\nFinancial Statements \r\nType of auditor's report issued: Governmental Activities, Each Major Fund, and Fiduciary Activities \r\nInternal control over financial reporting:  Material weakness(es) identified?  Significant deficiency(ies) identified? \r\nNoncompliance material to financial statements noted: \r\n \r\nFederal Awards \r\n \r\nInternal control over major programs: \r\n Material weakness(es) identified?  Significant deficiency(ies) identified? \r\n \r\nType of auditor's report issued on compliance for major programs: \r\n \r\nAll major programs \r\n \r\nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \r\n \r\nIdentification of major programs: \r\n \r\nAssistance Listing Number Assistance Listing Program or Cluster Title \r\n \r\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\nAuditee qualified as low-risk auditee? \r\n \r\nII FINANCIAL STATEMENT FINDINGS No matters were reported. lll FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n \r\nUnmodified \r\nNo None Reported \r\nNo \r\nNo None Reported \r\nUnmodified No \r\n$750,000.00 No \r\n \r\n "},{"id":"dlg_ggpd_1559129947-2024-05-28","title":"Annual financial report, fiscal year 2023, Bleckley County Board of Education, Cochran, Georgia, including independent auditor's report.","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":null,"dc_date":["2024-05-28"],"dcterms_description":["Began with fiscal year 2021.","Report year covers fiscal year.","May have supplement: Salaries and travel reimbursement (Bleckley County Board of Education (Ga.))","Fiscal year 2023; title from PDF cover (Georgia Government Publications database, viewed December 5, 2025).","Fiscal year 2024 (Georgia Government Publications database, viewed December 5, 2025)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Georgia Department of Audits \u0026 Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Bleckley County Board of Education--Appropriations and expenditures--Periodicals.","Education--Georgia--Bleckley County--Auditing--Periodicals.","Education--Georgia--Bleckley County--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial report, fiscal year 2023, Bleckley County Board of Education, Cochran, Georgia, including independent auditor's report."],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_1559129947-2024-05-28"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1559129947-2024-05-28"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"ANNUAL FINANCIAL REPORT  FISCAL YEAR 2023 \r\nBleckley County Board of Education \r\nCochran, Georgia \r\nIncluding Independent Auditor's Report \r\nGreg S. Griffin | State Auditor \r\n \r\n Bleckley County Board of Education \r\n \r\nTable of Contents \r\n \r\nSection I Financial \r\nIndependent Auditor's Report \r\n \r\nExhibits \r\n \r\nBasic Financial Statements \r\n \r\nGovernment-Wide Financial Statements \r\n \r\nA \r\n \r\nStatement of Net Position \r\n \r\n1 \r\n \r\nB \r\n \r\nStatement of Activities \r\n \r\n2 \r\n \r\nFund Financial Statements \r\n \r\nC \r\n \r\nBalance Sheet \r\n \r\nGovernmental Funds \r\n \r\n3 \r\n \r\nD \r\n \r\nReconciliation of the Governmental Funds Balance Sheet \r\n \r\nto the Statement of Net Position \r\n \r\n4 \r\n \r\nE \r\n \r\nStatement of Revenues, Expenditures and Changes in Fund Balances \r\n \r\nGovernmental Funds \r\n \r\n5 \r\n \r\nF \r\n \r\nReconciliation of the Governmental Funds Statement of \r\n \r\nRevenues, Expenditures and Changes in Fund Balances \r\n \r\nto the Statement of Activities \r\n \r\n6 \r\n \r\nG Notes to the Basic Financial Statements \r\n \r\n7 \r\n \r\nSchedules \r\n \r\nRequired Supplementary Information \r\n \r\n1 Schedule of Proportionate Share of the Net Pension Liability \r\n \r\nTeachers Retirement System of Georgia \r\n \r\n33 \r\n \r\n2 Schedule of Contributions  Teachers Retirement System of Georgia \r\n \r\n34 \r\n \r\n3 Schedule of Proportionate Share of the Net Pension Liability Public \r\n \r\nSchool Employees Retirement System of Georgia \r\n \r\n35 \r\n \r\n4 Schedule of Proportionate Share of the Net OPEB Liability \r\n \r\nSchool OPEB Fund \r\n \r\n36 \r\n \r\n5 Schedule of Contributions  School OPEB Fund \r\n \r\n37 \r\n \r\n6 Notes to the Required Supplementary Information \r\n \r\n38 \r\n \r\n7 Schedule of Revenues, Expenditures and Changes in Fund \r\n \r\nBalances - Budget and Actual General Fund \r\n \r\n39 \r\n \r\n Supplementary Information \r\n \r\n8 Schedule of Expenditures of Federal Awards \r\n \r\n40 \r\n \r\n9 Schedule of State Revenue \r\n \r\n42 \r\n \r\n10 Schedule of Approved Local Option Sales Tax Projects \r\n \r\n44 \r\n \r\nSection II \r\nCompliance and Internal Control Reports \r\nIndependent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards \r\nIndependent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance \r\n \r\nSection III Auditee's Response to Prior Year Findings and Questioned Costs \r\nSummary Schedule of Prior Audit Findings \r\n \r\nSection IV Findings and Questioned Costs \r\nSchedule of Findings and Questioned Costs \r\n \r\n Section I Financial \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Trey Belflower, Superintendent and Members of the Bleckley County Board of Education \r\nReport on the Audit of the Financial Statements \r\nOpinions \r\nWe have audited the accompanying financial statements of the governmental activities and each major fund of the Bleckley County Board of Education (School District) as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents. \r\nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the School District as of June 30, 2023, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \r\nBasis for Opinions \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. \r\nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \r\nResponsibilities of Management for the Financial Statements \r\nManagement is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. \r\nAuditor's Responsibilities for the Audit of the Financial Statements \r\nOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. \r\nIn performing an audit in accordance with GAAS and Government Auditing Standards, we: \r\n Exercise professional judgment and maintain professional skepticism throughout the audit. \r\n Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. \r\n Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, no such opinion is expressed. \r\n Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. \r\n Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for a reasonable period of time. \r\nWe are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. \r\nRequired Supplementary Information \r\nManagement has omitted the Management's Discussion and Analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of \r\n \r\n financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinions on the basic financial statements are not affected by this missing information. \r\nAccounting principles generally accepted in the United States of America require that the required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient appropriate evidence to express an opinion or provide any assurance. \r\nSupplementary Information \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the School District's basic financial statements. The accompanying supplementary information, as listed in the table of contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements. \r\nThe supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements as a whole. \r\nOther Reporting Required by Government Auditing Standards \r\nIn accordance with Government Auditing Standards, we have also issued our report dated May 28, 2024 on our consideration of the School District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control over financial reporting and compliance. \r\n \r\n A copy of this report has been filed as a permanent record and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. Respectfully submitted, \r\nGreg S. Griffin State Auditor \r\nMay 28, 2024 \r\n \r\n Bleckley County Board of Education \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2023 \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nInterest Taxes State Government Federal Government Other Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Outflows of Resources \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Interest Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities \r\nDue Within One Year Due in More Than One Year \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Inflows of Resources \r\nNET POSITION Net Investment in Capital Assets Restricted for \r\nContinuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n8,131,746.18 \r\n \r\n3,878.67 \r\n \r\n27.58 569,039.33 2,502,049.78 1,066,415.61 \r\n45,809.54 44,567.04 259,480.81 61,001,331.21 73,624,345.75 \r\n \r\n18,276,631.00 5,061,608.00 \r\n23,338,239.00 \r\n \r\n384,612.20 1,868,389.18 \r\n180,400.00 36,327,650.00 14,062,320.00 \r\n652,748.12 18,576,403.15 72,052,522.65 \r\n \r\n998,638.00 8,664,874.00 9,663,512.00 \r\n \r\n44,995,528.93 \r\n \r\n1,112,045.30 675,100.00 144,786.32 \r\n(31,680,910.45) \r\n \r\n$ \r\n \r\n15,246,550.10 \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 BLECKLEY COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2023 \r\n \r\nEXHIBIT \"B\" \r\n \r\nEXPENSES \r\n \r\nCHARGES FOR SERVICES \r\n \r\nPROGRAM REVENUES OPERATING GRANTS AND \r\nCONTRIBUTIONS \r\n \r\nCAPITAL GRANTS AND CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET POSITION \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\nInstruction \r\n \r\n$ \r\n \r\nSupport Services \r\n \r\nPupil Services \r\n \r\nImprovement of Instructional Services \r\n \r\nEducational Media Services \r\n \r\nGeneral Administration \r\n \r\nSchool Administration \r\n \r\nBusiness Administration \r\n \r\nMaintenance and Operation of Plant \r\n \r\nStudent Transportation Services \r\n \r\nCentral Support Services \r\n \r\nOther Support Services \r\n \r\nOperations of Non-Instructional Services \r\n \r\nCommunity Services \r\n \r\nFood Services \r\n \r\nInterest on Long-Term Debt \r\n \r\n25,540,610.45 $ \r\n1,610,410.71 456,774.03 415,185.99 \r\n1,154,444.22 2,035,930.93 \r\n284,308.61 2,173,487.66 2,160,483.98 \r\n130,831.59 111,495.69 \r\n44,981.11 2,426,882.40 \r\n576,438.52 \r\n \r\n247,463.11 $ \r\n- \r\n292,656.81 \r\n- \r\n \r\n17,894,807.13 $ \r\n337,051.42 289,899.43 308,464.29 733,577.26 883,112.63 \r\n3,250.00 775,310.51 575,685.17 \r\n3,076.20 52,857.89 \r\n2,090,127.38 \r\n- \r\n \r\n983,999.43 $ \r\n29,022.43 - \r\n35,477.75 - \r\n12,551.24 102,547.19 \r\n10,330.46 - \r\n \r\n(6,414,340.78) \r\n(1,244,336.86) (166,874.60) (106,721.70) (385,389.21) \r\n(1,152,818.30) (281,058.61) \r\n(1,385,625.91) (1,482,251.62) \r\n(127,755.39) (58,637.80) \r\n(44,981.11) (33,767.75) (576,438.52) \r\n \r\nTotal Governmental Activities \r\n \r\n$ \r\n \r\n39,122,265.89 $ \r\n \r\n540,119.92 $ 23,947,219.31 $ \r\n \r\n1,173,928.50 \r\n \r\n(13,460,998.16) \r\n \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous Total General Revenues \r\n \r\n5,159,136.87 \r\n1,660,396.02 54,780.72 \r\n4,232,829.00 14,157.73 \r\n1,931,655.74 13,052,956.08 \r\n \r\nChange in Net Position \r\n \r\n(408,042.08) \r\n \r\nNet Position - Beginning of Year \r\n \r\n15,654,592.18 \r\n \r\nNet Position - End of Year \r\n \r\n$ \r\n \r\n15,246,550.10 \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 BLECKLEY COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2023 \r\n \r\nEXHIBIT \"C\" \r\n \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nInterest Taxes State Government Federal Government Other Inventories \r\nTotal Assets \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes \r\nFUND BALANCES Nonspendable Restricted Unassigned \r\nTotal Fund Balances \r\nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE FUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n6,703,661.10 $ \r\n \r\n3,878.67 \r\n \r\n27.58 420,310.27 2,502,049.78 1,066,415.61 \r\n45,809.54 44,567.04 \r\n \r\n$ \r\n \r\n10,786,719.59 $ \r\n \r\n1,428,060.08 $ - \r\n148,729.06 \r\n- \r\n1,576,789.14 $ \r\n \r\n25.00 $ - \r\n- \r\n25.00 $ \r\n \r\n8,131,746.18 3,878.67 \r\n27.58 569,039.33 2,502,049.78 1,066,415.61 \r\n45,809.54 44,567.04 \r\n12,363,533.73 \r\n \r\n$ \r\n \r\n384,612.20 $ \r\n \r\n1,868,389.18 \r\n \r\n2,253,001.38 \r\n \r\n- $ - \r\n \r\n- $ - \r\n \r\n384,612.20 1,868,389.18 2,253,001.38 \r\n \r\n308,601.21 \r\n \r\n- \r\n \r\n- \r\n \r\n308,601.21 \r\n \r\n44,567.04 1,067,478.26 7,113,071.70 8,225,117.00 \r\n \r\n1,576,789.14 \r\n1,576,789.14 \r\n \r\n25.00 \r\n25.00 \r\n \r\n44,567.04 2,644,292.40 7,113,071.70 9,801,931.14 \r\n \r\n$ \r\n \r\n10,786,719.59 $ \r\n \r\n1,576,789.14 $ \r\n \r\n25.00 $ \r\n \r\n12,363,533.73 \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 BLECKLEY COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET POSITION JUNE 30, 2023 \r\n \r\nEXHIBIT \"D\" \r\n \r\nTotal fund balances - governmental funds (Exhibit \"C\") \r\nAmounts reported for governmental activities in the Statement of Net Position are different because: \r\nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land Buildings and improvements Equipment Land improvements Accumulated depreciation \r\nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB liability \r\nDeferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. Related to pensions Related to OPEB \r\nTaxes that are not available to pay for current period expenditures are deferred in the funds. \r\nLong-term liabilities, and related accrued interest, are not due and payable in the current period and therefore are not reported in the funds. Bonds payable Accrued interest payable Unamortized bond premiums \r\nNet position of governmental activities (Exhibit \"A\") \r\n \r\n$ \r\n \r\n9,801,931.14 \r\n \r\n$ \r\n \r\n259,480.81 \r\n \r\n70,735,132.43 \r\n \r\n5,447,791.37 \r\n \r\n4,429,218.08 \r\n \r\n(19,610,810.67) \r\n \r\n61,260,812.02 \r\n \r\n$ \r\n \r\n(36,327,650.00) \r\n \r\n(14,062,320.00) \r\n \r\n(50,389,970.00) \r\n \r\n$ \r\n \r\n17,277,993.00 \r\n \r\n(3,603,266.00) \r\n \r\n13,674,727.00 308,601.21 \r\n \r\n$ \r\n \r\n(16,000,000.00) \r\n \r\n(180,400.00) \r\n \r\n(3,229,151.27) \r\n \r\n(19,409,551.27) \r\n \r\n$ \r\n \r\n15,246,550.10 \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 BLECKLEY COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2023 \r\n \r\nEXHIBIT \"E\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Community Services Food Services Operation Capital Outlay Debt Services Principal Dues and Fees Interest Total Expenditures \r\nRevenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) Transfers In Transfers Out Total Other Financing Sources (Uses) Net Change in Fund Balances \r\nFund Balances - Beginning \r\nFund Balances - Ending \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n5,108,364.36 $ \r\n \r\n54,780.72 \r\n \r\n22,516,701.92 \r\n \r\n5,689,376.33 \r\n \r\n540,119.92 \r\n \r\n5,744.54 \r\n \r\n1,931,655.74 \r\n \r\n35,846,743.53 \r\n \r\n- $ 1,660,396.02 \r\n926,115.10 - \r\n7,398.69 - \r\n2,593,909.81 \r\n \r\n- $ 1,014.50 1,014.50 \r\n \r\n5,108,364.36 1,715,176.74 23,442,817.02 5,689,376.33 \r\n540,119.92 14,157.73 \r\n1,931,655.74 38,441,667.84 \r\n \r\n22,784,252.11 \r\n1,409,594.47 436,331.97 395,889.05 \r\n1,039,413.73 1,911,554.07 \r\n263,075.19 2,156,580.20 2,127,315.57 \r\n124,623.15 111,359.12 \r\n44,981.11 2,429,829.89 \r\n- \r\n35,234,799.63 611,943.90 \r\n \r\n- \r\n2,040,818.40 \r\n2,040,818.40 553,091.41 \r\n \r\n- \r\n- \r\n1,040,000.00 4,600.00 \r\n767,000.00 1,811,600.00 (1,810,585.50) \r\n \r\n22,784,252.11 \r\n1,409,594.47 436,331.97 395,889.05 \r\n1,039,413.73 1,911,554.07 \r\n263,075.19 2,156,580.20 2,127,315.57 \r\n124,623.15 111,359.12 \r\n44,981.11 2,429,829.89 2,040,818.40 \r\n1,040,000.00 4,600.00 \r\n767,000.00 39,087,218.03 \r\n(645,550.19) \r\n \r\n611,943.90 \r\n \r\n(1,492,181.95) (1,492,181.95) \r\n(939,090.54) \r\n \r\n1,492,181.95 - \r\n1,492,181.95 (318,403.55) \r\n \r\n1,492,181.95 (1,492,181.95) \r\n(645,550.19) \r\n \r\n7,613,173.10 \r\n \r\n2,515,879.68 \r\n \r\n318,428.55 \r\n \r\n10,447,481.33 \r\n \r\n$ \r\n \r\n8,225,117.00 $ \r\n \r\n1,576,789.14 $ \r\n \r\n25.00 $ \r\n \r\n9,801,931.14 \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 BLECKLEY COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2023 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNet change in fund balances total governmental funds (Exhibit \"E\") \r\nAmounts reported for governmental activities in the Statement of Activities are different because: \r\nGovernmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of capital assets is allocated over their estimated useful lives as depreciation expense. Capital outlay Depreciation expense \r\nThe net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, donations, and disposals) is to decrease net position. \r\nCapital assets purchased with Universal Service Fund (e-rate) proceeds are not reported in the governmental funds. However, in the Statement of Activities, the e-rate proceeds are shown as capital grants and contributions. \r\nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \r\nThe issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts and the difference between the carrying value of refunded debt and the acquisition cost of refunded debt when debt is first issued. These amounts are deferred and amortized in the Statement of Activities. Bond principal retirements Amortization of bond premium \r\nDistrict pension/OPEB contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension/OPEB liability is measured a year before the District's report date. Pension/OPEB expense, which is the change in the net pension/OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions/OPEB, is reported in the Statement of Activities. Pension expense OPEB expense \r\nSome items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. Net decrease in accrued interest \r\nChange in net position of governmental activities (Exhibit \"B\") \r\n \r\n$ \r\n \r\n(645,550.19) \r\n \r\n$ \r\n \r\n2,012,989.54 \r\n \r\n(1,615,553.83) \r\n \r\n397,435.71 (442,991.18) \r\n \r\n159,703.40 50,772.51 \r\n \r\n$ \r\n \r\n1,040,000.00 \r\n \r\n177,311.48 \r\n \r\n1,217,311.48 \r\n \r\n$ \r\n \r\n(2,118,792.81) \r\n \r\n956,219.00 \r\n \r\n(1,162,573.81) \r\n \r\n17,850.00 \r\n \r\n$ \r\n \r\n(408,042.08) \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 BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nReporting Entity \r\nThe Bleckley County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nBlended Component Unit \r\nThe Bleckley County School Building Authority (the Authority) was created by House Bill 1312 during the 2008 session of the Georgia General Assembly. The purpose of the Authority is to provide, acquire, construct, equip, maintain, and operate public service facilities, to acquire the necessary property therefore, both real and personal, and to lease or sell any or all of such facilities, including real and personal property for the benefit of the School District. The Authority consists of five members appointed by the governing authority of the School District. The Authority is a component unit of the School District and as such the Authority's financial activity has been blended with the School District's basic financial statements. \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 and its component units. 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\n \r\n- 7 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nThe Statement of Net Position presents the School District's assets, deferred outflows of resources, deferred inflows of resources and liabilities, with the difference reported as net position. Net position is reported in three categories as follows: \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\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. Eliminations have been made to minimize the double counting of internal activities. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \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 longterm principal and interest. \r\n \r\n- 8 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nBasis of Accounting \r\nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, 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 certain revenues reported in the governmental funds to be available if they are collected within 60 days after year-end. The School District considers all intergovernmental revenues to be available if they are collected within 120 days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities are reported as other financing sources. \r\nThe School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted resources available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\nNew Accounting Pronouncements \r\nIn fiscal year 2023, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 96, Subscription-Based Information Technology Arrangements. This statement defines subscription-based information technology arrangements and provides uniform guidance for accounting and financial reporting for transactions that meet that definition. Under this statement, a government is required to recognize a subscription liability and an intangible right-to-use asset for contracts that meet the definition of a subscription-based information technology arrangement. The adoption of this statement did not have a material impact on the School District's financial statements. \r\n \r\n- 9 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nCash and Cash Equivalents \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 (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\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\n \r\n- 10 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \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\nDepreciation is computed using the straight-line for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Land Improvements Buildings and Improvements Equipment Intangible Assets \r\n \r\nALL \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ 200,000.00 \r\n \r\nN/A 20 to 80 years 10 to 80 years \r\n5 to 50 years 5 to 10 years \r\n \r\nDeferred Outflows/Inflows of Resources \r\nIn addition to assets, the statement of financial position will report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of resources that applies to a future period(s) and therefore will not be recognized as an outflow of resources (expense/expenditure) until then. \r\nIn addition to liabilities, the statement of financial position will report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of resources that applies to a future period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time. \r\nLong-Term Liabilities and Bond Discounts/Premiums \r\nIn the School District's government-wide financial statements, outstanding debt is reported as liabilities. Bond premiums and discounts and the difference between the reacquisition price and the net carrying value of refunded debt are deferred and amortized over the life of the bonds using the straightline method. To conform to generally accepted accounting principles, bond premiums and discounts should be amortized using the effective interest method. The effect of this deviation is deemed to be immaterial to the fair presentation of the basic financial statements. Bond issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \r\nIn the governmental fund financial statements, the School District recognizes the proceeds of debt and premiums as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures. \r\nPensions \r\nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined \r\n \r\n- 11 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\non the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nPost-Employment Benefits Other Than Pensions (OPEB) \r\nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Post-Employment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nFund Balances \r\nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \r\nThe School District's fund balances are classified as follows: \r\nNonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \r\nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \r\nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \r\nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \r\nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \r\nUse of Estimates \r\nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \r\n \r\n- 12 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nProperty Taxes \r\nThe Bleckley County Board of Commissioners adopted the property tax levy for the 2022 tax digest year (calendar year) on November 4, 2022 (levy date) based on property values as of January 1, 2022. Taxes were due on January 11, 2023 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2022 tax digest are reported as revenue in the governmental funds for fiscal year 2023. The Bleckley County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2023, for maintenance and operations amounted to $4,459,567.80. \r\nThe tax millage rate levied for the 2022 tax digest year (calendar year) for the School District was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n14.10 mills \r\n \r\nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $648,796.56 during fiscal year ended June 30, 2023. \r\nSales Taxes \r\nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $1,660,396.02 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, except the various school activity (principal) accounts, is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate fund level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \r\nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nThe Superintendent is authorized by the Board to approve adjustments of no more than 10% of the amount budgeted for expenditures in any budget function for any fund. The Superintendent shall report any such adjustments to the Board. If expenditure of funds in any budget function for any fund is \r\n- 13 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nanticipated to be more than 25% of the budgeted amount, the Superintendent shall request Board approval for the budget amendment. Any position or expenditure not previously approved in the annual budget that exceeds $50,000.00 shall require Board approval unless the Superintendent deems the position or purchase an emergency. In such case, the expenditure shall be reported to the Board at its regularly scheduled meeting. Under no circumstance is the Superintendent or other staff person authorized to spend funds that exceed the total budget without approval by the Board. \r\nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \r\nNOTE 4: DEPOSITS \r\nCollateralization of Deposits \r\nO.C.G.A. 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A. 45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance. At June 30, 2023, $1,103,847.89 of deposits were not secured by surety bond, insurance or collateral as specified above. The School District is working with the affected financial institutions to ensure appropriate levels of collateral are maintained for all the School District's deposits. \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n \r\n- 14 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nCategorization of Deposits \r\n \r\nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2023, the School District had deposits with a carrying amount of $8,135,624.85, which includes $3,878.67 in certificate of deposits that are recorded as investments, and a bank balance of $9,414,375.75. The bank balances insured by Federal depository insurance were $1,103,847.89 and the bank balances collateralized with securities held by the pledging financial institution in the School District's name were $7,073,990.06. \r\nAt June 30, 2023, $1,236,537.80 of the School District's bank balance was uninsured/uncollateralized and exposed to custodial credit risk. \r\nReconciliation of cash and cash equivalents balances to carrying value of deposits: \r\n \r\nCash and cash equivalents Statement of Net Position \r\n \r\n$ 8,131,746.18 \r\n \r\nAdd: Deposits with original maturity of three months or more reported as investments \r\n \r\n3,878.67 \r\n \r\nTotal carrying value of deposits - June 30, 2023 \r\n \r\n$ 8,135,624.85 \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 \r\n \r\nyear: \r\n \r\nBalances \r\n \r\nBalances \r\n \r\nJuly 1, 2022 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nTransfers \r\n \r\nJune 30, 2023 \r\n \r\nGovernmental Activities Capital Assets, \r\nNot Being Depreciated: Land Construction in Progress \r\n \r\n$ \r\n \r\n259,480.81 $ \r\n \r\n- $ \r\n \r\n29,574,100.32 \r\n \r\n1,542,845.06 \r\n \r\n- $ \r\n \r\n- $ \r\n \r\n- \r\n \r\n(31,116,945.38) \r\n \r\n259,480.81 - \r\n \r\nTotal Capital Assets Not Being Depreciated \r\n \r\n29,833,581.13 \r\n \r\n1,542,845.06 \r\n \r\n- \r\n \r\n(31,116,945.38) \r\n \r\n259,480.81 \r\n \r\nCapital Assets, Being Depreciated Buildings and Improvements Equipment Land Improvements \r\n \r\n42,905,282.29 4,663,314.70 1,916,814.39 \r\n \r\n608,797.88 \r\n21,050.00 \r\n \r\n81,537.04 170,519.31 \r\n- \r\n \r\n27,911,387.18 346,198.10 \r\n2,491,353.69 \r\n \r\n70,735,132.43 5,447,791.37 4,429,218.08 \r\n \r\nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \r\n \r\n13,799,747.59 3,619,503.31 753,077.52 \r\n \r\n1,244,862.62 258,703.88 111,987.33 \r\n \r\n8,969.07 168,102.51 \r\n- \r\n \r\n- \r\n \r\n15,035,641.14 \r\n \r\n- \r\n \r\n3,710,104.68 \r\n \r\n- \r\n \r\n865,064.85 \r\n \r\nTotal Capital Assets, Being Depreciated, Net \r\nGovernmental Activities Capital Assets - Net \r\n \r\n31,313,082.96 \r\n \r\n(985,705.95) \r\n \r\n$ 61,146,664.09 $ 557,139.11 $ \r\n \r\n74,984.77 \r\n \r\n30,748,938.97 61,001,331.21 \r\n \r\n74,984.77 $ (368,006.41) $ 61,260,812.02 \r\n \r\n- 15 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \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\nGeneral Administration \r\n \r\nMaintenance and Operation of Plant \r\n \r\nStudent Transportation Services \r\n \r\nFood Services \r\n \r\n$ \r\n99,508.82 34,418.21 19,769.83 146,077.77 \r\n \r\n1,297,483.26 \r\n299,774.63 18,295.94 \r\n \r\n$ \r\n \r\n1,615,553.83 \r\n \r\nNOTE 6: INTERFUND TRANSFERS \r\n \r\nInterfund transfers for the year ended June 30, 2023, consisted of the following: \r\n \r\nTransfers to \r\n \r\nTransfers From Capital Projects \r\nFund \r\n \r\nDebt Service Fund \r\n \r\n$ 1,492,181.95 \r\n \r\nThe capital projects fund transferred SPLOST revenue to the debt service fund to service debt associated with the ESPLOST referendum. \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, 2022 \r\n \r\nGovernmental Activities \r\n \r\nBalance \r\n \r\nAdditions \r\n \r\nDeductions \r\n \r\nJune 30, 2023 \r\n \r\nDue Within One Year \r\n \r\nGeneral Obligation (G.O.) Bonds $ 17,040,000.00 $ \r\n \r\nUnamortized Bond Premiums \r\n \r\n3,406,462.75 \r\n \r\n- $ 1,040,000.00 $ 16,000,000.00 $ 485,000.00 \r\n \r\n- \r\n \r\n177,311.48 \r\n \r\n3,229,151.27 \r\n \r\n167,748.12 \r\n \r\n$ 20,446,462.75 $ \r\n \r\n- $ 1,217,311.48 $ 19,229,151.27 $ 652,748.12 \r\n \r\nGeneral Obligation Bonds \r\nThe School District's bonded debt consists of general obligation bonds that are generally noncallable with interest payable semiannually. Bond proceeds primarily pay for acquiring or constructing capital facilities. The School District repays general obligation bonds from voter-approved sales taxes. General obligation bonds are direct obligations and pledge the full faith and credit of the School District. \r\nThe School District had no unused line of credit or outstanding notes from direct borrowings and direct placements related to governmental activities as of June 30, 2023. In the event the entity is unable to make the principal and interest payments using proceeds from the Education Special Purpose Local Option Sales Tax (ESPLOST), the debt will be satisfied from a direct annual ad valorem tax levied upon \r\n \r\n- 16 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nall taxable property within the School District. Additional security is provided by the State of Georgia Intercept Program which allows for state appropriations entitled to the School District to be transferred to the Debt Service Account Custodian for the payment of debt. \r\n \r\nGeneral obligation bonds currently outstanding are as follows: \r\n \r\nDescription \r\n \r\nInterest Rates \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 2009 General Government - Series 2020 \r\n \r\n2.00 - 5.00% 4.00 - 5.00% \r\n \r\n12/1/2009 5/7/2020 \r\n \r\n10/1/2022 $ 8,900,000.00 $ \r\n \r\n- \r\n \r\n10/1/2042 16,000,000.00 16,000,000.00 \r\n \r\n$ 24,900,000.00 $ 16,000,000.00 \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\n2024 2025 2026 2027 2028 2029 - 2033 2034 - 2038 2039 - 2043 \r\n \r\n$ 485,000.00 $ 731,300.00 $ \r\n \r\n510,000.00 \r\n \r\n711,400.00 \r\n \r\n535,000.00 \r\n \r\n690,500.00 \r\n \r\n560,000.00 \r\n \r\n668,600.00 \r\n \r\n590,000.00 \r\n \r\n645,600.00 \r\n \r\n3,410,000.00 \r\n \r\n2,787,175.00 \r\n \r\n4,355,000.00 \r\n \r\n1,888,400.00 \r\n \r\n5,555,000.00 \r\n \r\n721,375.00 \r\n \r\n167,748.11 167,748.12 167,748.12 167,748.12 167,748.12 838,740.59 838,740.59 712,929.50 \r\n \r\nTotal Principal and Interest $ 16,000,000.00 $ 8,844,350.00 $ 3,229,151.27 \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 exceed commercial insurance coverage in any of the past three fiscal years. \r\nGeorgia School Boards Association Risk Management Fund \r\nThe School District participates in the Georgia School Boards Association Risk Management Fund (the Fund), a public entity risk pool organized on August 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, errors and omissions liability, cyber risk and property damage, including safety engineering and other loss prevention and control techniques, and to administer the Fund including the processing and defense of claims brought against \r\n- 17 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nmembers of the Fund . The School District pays an annual contribution to the Fund for coverage. Reinsurance is provided to the Fund through agreements by the Fund with insurance companies according to their specialty for property (including coverage for flood and earthquake), machinery breakdown, general liability, errors and omissions, crime, cyber risk and automobile risks. Reinsurance limits and retentions vary by line of coverage. \r\n \r\nWorkers' Compensation \r\n \r\nGeorgia School Boards Association Workers' Compensation Fund \r\n \r\nThe School District participates in the Georgia School Boards Association Workers' Compensation Fund (the Fund), a public entity risk pool organized on July 1, 1992, to develop, implement, and administer a program to reduce the risk of loss from employee accidents. The School District pays an annual contribution to the Fund for coverage. The Fund provides statutory limits of coverage for Workers' Compensation coverage and a $2,000,000 limit per occurrence for Employers' Liability coverage. Excess insurance coverage is provided through an agreement between the Fund and the Safety National Casualty Corporation to limit the Fund's exposure to large losses. \r\n \r\nUnemployment Compensation \r\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\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability \r\n \r\nClaims and Changes in \r\nEstimates \r\n \r\nClaims Paid \r\n \r\nEnd of Year Liability \r\n \r\n2022 $ \r\n \r\n410.00 $ \r\n \r\n(223.04) $ \r\n \r\n186.96 $ \r\n \r\n- \r\n \r\n2023 $ \r\n \r\n- $ \r\n \r\n- $ \r\n \r\n- $ \r\n \r\n- \r\n \r\nSurety Bond \r\n \r\nThe School District purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent \r\n \r\n$ \r\n \r\n50,000.00 \r\n \r\nDriver's Education \r\n \r\n$ \r\n \r\n10,000.00 \r\n \r\n- 18 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nNOTE 9: FUND BALANCE CLASSIFICATION DETAILS \r\n \r\nThe School District's financial statements include the following amounts presented in the aggregate at June 30, 2023: \r\n \r\nNonspendable Inventories \r\nRestricted Continuation of Federal Programs $ Capital Projects Debt Service \r\nUnassigned \r\n \r\n$ \r\n1,067,478.26 721,314.14 855,500.00 \r\n \r\n44,567.04 \r\n2,644,292.40 7,113,071.70 \r\n \r\nFund Balance, June 30, 2023 \r\n \r\n$ \r\n \r\n9,801,931.14 \r\n \r\nWhen multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \r\nNOTE 10: BROADBAND SPECTRUM AGREEMENT \r\nEffective August 18, 2005, the School District entered into a five year use agreement with automatic renewals, with Nextel Spectrum Acquisition Corporation for the use of excess spectrum capacity on Education Broadband Service licenses currently held by the School District. These licenses were granted to the School District by the Federal Communications Commission. The agreement requires monthly payments over the term of the agreement, of which $28,459.44 was recognized during fiscal year 2023 as a general revenue on the Statement of Activities. \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\n \r\n- 19 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nNOTE 12: OTHER POST-EMPLOYMENT BENEFITS (OPEB) \r\nGeorgia School Personnel Post-Employment Health Benefit Fund \r\nPlan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit post-employment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board. \r\nBenefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. \r\nContributions: As established by the Board, the School OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $536,162.00 for the year ended June 30, 2023. Active employees are not required to contribute to the School OPEB Fund. \r\nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \r\nAt June 30, 2023, the School District reported a liability of $14,062,320.00 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of June 30, 2022. The total OPEB liability used to calculate the net OPEB liability was based on an actuarial valuation as of June 30, 2021. An expected total OPEB liability as of June 30, 2022 was determined using standard roll-forward techniques. The School District's proportion of the net OPEB liability was actuarially determined based on employer contributions during the fiscal year ended June 30, 2022. At June 30, 2022, the School District's proportion was 0.141998%, which was an increase of 0.011016% from its proportion measured as of June 30, 2021. \r\n \r\n- 20 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nFor the year ended June 30, 2023, the School District recognized OPEB expense of ($420,057.00). At June 30, 2023, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \r\n \r\nOPEB Deferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ \r\n \r\n561,306.00 $ 5,526,918.00 \r\n \r\nChanges of assumptions \r\n \r\n2,141,720.00 \r\n \r\n2,844,124.00 \r\n \r\nNet difference between projected and actual \r\n \r\nearnings on OPEB plan investments \r\n \r\n85,776.00 \r\n \r\n- \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n1,736,644.00 \r\n \r\n293,832.00 \r\n \r\nSchool District contributions subsequent to \r\n \r\nthe measurement date \r\n \r\n536,162.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 5,061,608.00 $ 8,664,874.00 \r\n \r\nSchool District contributions subsequent to the measurement date are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2024. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nOPEB \r\n \r\n2024 2025 2026 2027 2028 Thereafter \r\n \r\n$ (1,283,009.00) \r\n \r\n$ \r\n \r\n(909,284.00) \r\n \r\n$ \r\n \r\n(672,641.00) \r\n \r\n$ \r\n \r\n(940,394.00) \r\n \r\n$ \r\n \r\n(323,674.00) \r\n \r\n$ \r\n \r\n(10,426.00) \r\n \r\n- 21 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nActuarial Assumptions: The total OPEB liability as of June 30, 2022 was determined by an actuarial valuation as of June 30, 2021 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2022: \r\nOPEB: \r\n \r\nInflation Salary increases Long-term expected rate of return Healthcare cost trend rate \r\nPre-Medicare Eligible Medicare Eligible Ultimate trend rate Pre-Medicare Eligible Medicare Eligible Year of Ultimate trend rate \r\n \r\n2.50% 3.00%  8.75%, including inflation 7.00%, compounded annually, net of investment expense, and including inflation \r\n6.50% 5.00% \r\n4.50% 4.50% \r\n \r\nPre-Medicare Eligible \r\n \r\n2029 \r\n \r\nMedicare Eligible \r\n \r\n2023 \r\n \r\nThe Plan currently uses mortality tables that vary by age, gender, and health status (i.e. disabled or not disabled) as follows: \r\n \r\n For TRS members: Post-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% was used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \r\n For PSERS members: Pre-retirement mortality rates were based on the Pub-2010 General Employee Mortality Table, with no adjustment, with the MP-2019 Projections scale applied generationally. Post-retirement mortality rates for service retirements were based on the Pub-2010 General Healthy Annuitant Mortality Table (ages set forward one year and adjusted 101% for males and 103% for females) with the MP-2019 Projection scale applied generationally. Postretirement mortality rates for disability retirements were based on the Pub-2010 General Disabled Mortality Table (ages set back three years for males and adjusted 103% for males and 106% for females) with the MP-2019 Projections scale applied generationally. Post- 22 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nretirement mortality rates for beneficiaries were based on the Pub-2010 General Contingent Survivor Mortality Table (ages set forward two years and adjusted 104% for males and 99% for females) with the MP-2019 Project scale applied generationally. \r\n \r\nThe actuarial assumptions used in the June 30, 2021 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2018, with the exception of the assumed annual rate of inflation which was changed from 2.75% to 2.50%, effective with the June 30, 2018 valuation. \r\n \r\nThe remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2021 valuation were based on a review of recent plan experience done concurrently with the June 30, 2021 valuation. \r\n \r\nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \r\n \r\nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset Class \r\n \r\nTarget Allocation \r\n \r\nLong-Term Expected Real Rate of Return* \r\n \r\nFixed income Equities \r\n \r\n30.00% 70.00% \r\n \r\n2.00% 9.40% \r\n \r\nTotal \r\n \r\n100.00% \r\n \r\n* Net of inflation \r\nDiscount Rate: In order to measure the total OPEB liability for the School OPEB Fund, a single equivalent interest rate of 3.57% was used as the discount rate, as compared with last year's rate of 2.20%. The plan's fiduciary net position was projected to not be able to make all future benefit payments of current plan members. Therefore, the municipal bond rate as used for the long-term rate of return was applied to all periods of projected benefit payments to determine total OPEB liability. This is comprised mainly of the yield or index rate for 20-year tax-exempt general obligation bonds with an average rating of AA or higher (3.54% per the Municipal Bond Index Rate). The projection of cash flows used to determine the discount rate assumed that contributions from members and from the employers will be made at the current level as averaged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2128. \r\n \r\n- 23 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net OPEB liability calculated using the discount rate of 3.57%, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (2.57%) or 1-percentage-point higher (4.57%) than the current discount rate: \r\n \r\n1% Decrease (2.57%) \r\n \r\nCurrent Discount Rate (3.57%) \r\n \r\nSchool District's proportionate share \r\n \r\nof the Net OPEB liability \r\n \r\n$ \r\n \r\n15,906,173.00 $ \r\n \r\n14,062,320.00 $ \r\n \r\n1% Increase (4.57%) \r\n12,499,574.00 \r\n \r\nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates: The following presents the School District's proportionate share of the net OPEB liability, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates: \r\n \r\nSchool District's proportionate share \r\n \r\nof the Net OPEB liability \r\n \r\n$ \r\n \r\n1% Decrease \r\n \r\nCurrent Healthcare Cost Trend Rate \r\n \r\n12,116,370.00 $ \r\n \r\n14,062,320.00 $ \r\n \r\n1% Increase 16,453,885.00 \r\n \r\nOPEB Plan Fiduciary Net Position: Detailed information about the OPEB plan's fiduciary net position is available in the Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \r\n \r\nNOTE 13: RETIREMENT PLANS \r\nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \r\n \r\nTeachers Retirement System of Georgia (TRS) \r\n \r\nPlan Description: All teachers of the School District as defined in O.C.G.A. 47-3-60 and certain other support personnel as defined by O.C.G.A. 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple- employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \r\nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and \r\n \r\n- 24 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\ncompensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \r\nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Pursuant to O.C.G.A. 47-3-63, the employer contributions for certain full-time public school support personnel are funded on behalf of the employer by the State of Georgia. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2023. The School District's contractually required contribution rate for the year ended June 30, 2023 was 19.98% of annual School District payroll, of which 19.80% of payroll was required from the School District and 0.18% of payroll was required from the State. For the current fiscal year, employer contributions to the pension plan were $3,225,125.00 and $29,099.94 from the School District and the State, respectively. \r\nPublic School Employees Retirement System (PSERS) \r\nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \r\nBenefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \r\nUpon retirement, the member will receive a monthly benefit of $15.75, 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 $75,014.00. \r\n \r\n- 25 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \r\nAt June 30, 2023, the School District reported a liability of $36,327,650.00 for its proportionate share of the net pension liability for TRS. \r\nThe TRS net pension liability reflected a reduction for support provided to the School District by the State of Georgia for certain public school support personnel. The amount recognized by the School District as its proportionate share of the net pension liability, the related State of Georgia support, and the total portion of the net pension liability that was associated with the School District were as follows: \r\n \r\nSchool District's proportionate share of the net pension liability \r\n \r\n$ \r\n \r\n36,327,650.00 \r\n \r\nState of Georgia's proportionate share of the net pension liability associated with the School District \r\n \r\n313,354.00 \r\n \r\nTotal \r\n \r\n$ \r\n \r\n36,641,004.00 \r\n \r\nThe net pension liability for TRS was measured as of June 30, 2022. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2021. An expected total pension liability as of June 30, 2022 was determined using standard roll-forward techniques. The School District's proportion of the net pension liability was based on contributions to TRS during the fiscal year ended June 30, 2022. \r\nAt June 30, 2022, the School District's TRS proportion was 0.111874%, which was a decrease of 0.003570% from its proportion measured as of June 30, 2021. \r\nAt June 30, 2023, the School District did not have a PSERS liability for a proportionate share of the net pension liability because of a Special Funding Situation with the State of Georgia, which is responsible for the net pension liability of the plan. The amount of the State's proportionate share of the net pension liability associated with the School District is $611,553.00. \r\nThe PSERS net pension liability was measured as of June 30, 2022. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2021. An expected total pension liability as of June 30, 2022 was determined using standard roll-forward techniques. The State's proportion of the net pension liability associated with the School District was based on actuarially determined contributions paid by the State during the fiscal year ended June 30, 2022. \r\nFor the year ended June 30, 2023, the School District recognized pension expense of $5,356,428.81 for TRS and $153,683.00 for PSERS and revenue of $12,511.00 for TRS and $153,683.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \r\n \r\n- 26 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nAt June 30, 2023, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \r\n \r\nTRS Deferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ 1,507,970.00 $ 189,094.00 \r\n \r\nChanges of assumptions \r\n \r\n5,468,470.00 \r\n \r\n- \r\n \r\nNet difference between projected and \r\n \r\nactual earnings on pension plan \r\n \r\ninvestments \r\n \r\n7,137,350.00 \r\n \r\n- \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n937,716.00 \r\n \r\n809,544.00 \r\n \r\nSchool District contributions subsequent to \r\n \r\nthe measurement date \r\n \r\n3,225,125.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 18,276,631.00 $ 998,638.00 \r\n \r\nThe School District contributions subsequent to the measurement date for TRS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2024. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nTRS \r\n \r\n2024 2025 2026 2027 \r\n \r\n$ 3,696,393.00 $ 3,043,747.00 $ 2,198,220.00 $ 5,114,508.00 \r\n \r\n- 27 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nActuarial Assumptions: The total pension liability as of June 30, 2022 was determined by an actuarial valuation as of June 30, 2021, using the following actuarial assumptions, applied to all periods included in the measurement: \r\n \r\nTeachers Retirement System: \r\n \r\nInflation Salary increases Investment rate of return \r\n \r\n2.50% 3.00%  8.75%, average, including inflation 6.90%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases \r\n \r\n1.50% semi-annually \r\n \r\nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \r\n \r\nThe actuarial assumptions used in the June 30, 2021 valuation were based on the results of an actuarial experience study for the period July 1, 2013  June 30, 2018, with the exception of the investment rate of return and payroll growth assumption. \r\n \r\nPublic School Employees Retirement System: \r\n \r\nInflation Salary increases Investment rate of return \r\n \r\n2.50% \r\nN/A 7.00%, 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\n- 28 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nMortality rates are as follows: \r\n The Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale is used for both males and females while in active service. \r\n The Pub-2010 Family of Tables projected generationally with the MP-2019 Scale and with further adjustments are used for post-retirement mortality assumptions as follows: \r\n \r\nParticipant Type Service Retirees \r\nDisability Retirees Beneficiaries \r\n \r\nMembership Table \r\nGeneral Healthy BelowMedian Annuitant \r\nGeneral Disabled \r\nGeneral Below-Median Contingent Survivors \r\n \r\nSet Forward (+)/ Setback (-) Adjustment to Rates \r\n \r\nMale: +2; Female: +2 \r\n \r\nMale: 101%; Female: 103% \r\n \r\nMale: -3; Female: 0 Male: +2; Female: +2 \r\n \r\nMale: 103%; Female: 106% Male: 104%; Female: 99% \r\n \r\nThe actuarial assumptions used in the June 30, 2021 valuation were based on the results of an actuarial experience study for the period July 1, 2014  June 30, 2019. \r\nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset Class \r\n \r\nTRS/PSERS Target \r\nAllocation \r\n \r\nLong-Term Expected Real Rate of Return* \r\n \r\nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \r\n \r\n30.00% 46.30% \r\n1.20% 12.30% \r\n5.20% 5.00% \r\n \r\n0.20% 9.40% 13.40% 9.40% 11.40% 10.50% \r\n \r\nTotal \r\n \r\n100.00% \r\n \r\n* Rates shown are net of inflation \r\n \r\n- 29 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \r\n \r\nDiscount Rate: The discount rate used to measure the total TRS pension liability was 6.90%. The discount rate used to measure the total PSERS pension liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS and PSERS pension plans' fiduciary net position were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \r\nSensitivity of the School District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 6.90%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.90%) or 1-percentage-point higher (7.90%) than the current rate: \r\n \r\nTeachers Retirement System: \r\nSchool District's proportionate share of the net pension liability \r\n \r\n1% Decrease (5.90%) \r\n \r\nCurrent Discount Rate (6.90%) \r\n \r\n1% Increase (7.90%) \r\n \r\n$ \r\n \r\n54,806,394.00 $ \r\n \r\n36,327,650.00 $ 21,237,312.00 \r\n \r\nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \r\nDefined Contribution Plan \r\nIn lieu of participating in the Federal Social Security program, the School District offers all employees not covered under the program the opportunity to participate in one of two 457(b) deferred contribution plans. Recognizing that employees may want to contribute additional funds to their retirement accounts, it was the School Board's decision to offer such an option for employees. \r\nThe School District selected both VALIC and National Life Insurance Company as the providers of these plans. While the plans are the same, the School District wanted to allow employees the opportunity to choose the company with which their account is held. For each participating employee, the Board began contributing to the plan an amount equal to a 100% match of the employee's contribution up to 4% of the employee's base pay. \r\nAll contributions, disbursements, and loans are governed by Internal Revenue Service rules and regulations as well as the plan document approved by the School District. There is no vesting period for the plan and employee participation is not mandatory. \r\n \r\n- 30 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2023 \r\n \r\nEXHIBIT \"G\" \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\n2023 2022 2021 \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\n621,256.86 464,278.00 348,957.94 \r\n \r\nNOTE 14: RELATED PARTY TRANSACTIONS \r\nDuring the year under review, the School District conducted business with one related party, Rozier Auto Parts. Rozier Auto Parts is owned by the Finance Director's husband's family. Current year expenditures for Rozier Auto Parts total $8,007.80. \r\n \r\n- 31 - \r\n \r\n (This page left intentionally blank) \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"1\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion \r\nof the Net Pension Liability (NPL) \r\n \r\nSchool District's proportionate share \r\nof the NPL \r\n \r\nState of Georgia's proportionate share \r\nof the NPL associated with the \r\nSchool District \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share of the NPL as a percentage of its covered payroll \r\n \r\nPlan fiduciary net position as a percentage \r\nof the total pension liability \r\n \r\n2023 2022 2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.111874% $ 36,327,650.00 $ 0.115444% $ 10,210,252.00 $ 0.107428% $ 26,023,266.00 $ 0.108085% $ 23,241,198.00 $ 0.115564% $ 21,451,154.00 $ 0.111939% $ 20,804,208.00 $ 0.112846% $ 23,281,388.00 $ 0.113809% $ 17,326,290.00 $ 0.113422% $ 14,329,374.00 $ \r\n \r\n313,354.00 94,900.00 \r\n236,425.00 222,123.00 198,244.00 343,456.00 542,805.00 412,723.00 329,613.00 \r\n \r\n$ 36,641,004.00 $ 10,305,152.00 $ 26,259,691.00 $ 23,463,321.00 $ 21,649,398.00 $ 21,147,664.00 $ 23,824,193.00 $ 17,739,013.00 $ 14,658,987.00 \r\n \r\n$ 15,252,016.00 $ 15,159,813.38 $ 13,975,768.69 $ 13,318,312.29 $ 13,891,719.37 $ 13,064,761.59 $ 12,667,465.64 $ 12,299,400.07 $ 11,837,505.64 \r\n \r\n238.18% 67.35% \r\n186.20% 174.51% 154.42% 159.24% 183.79% 140.87% 121.05% \r\n \r\n72.85% 92.03% 77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 33 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"2\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required \r\ncontribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered payroll \r\n \r\nContribution as a percentage of covered \r\npayroll \r\n \r\n2023 \r\n \r\n$ \r\n \r\n2022 \r\n \r\n$ \r\n \r\n2021 \r\n \r\n$ \r\n \r\n2020 \r\n \r\n$ \r\n \r\n2019 \r\n \r\n$ \r\n \r\n2018 \r\n \r\n$ \r\n \r\n2017 \r\n \r\n$ \r\n \r\n2016 \r\n \r\n$ \r\n \r\n2015 \r\n \r\n$ \r\n \r\n3,225,125.00 $ 2,995,729.81 $ 2,862,858.00 $ 2,927,885.56 $ 2,757,125.03 $ 2,313,812.96 $ 1,834,059.26 $ 1,767,095.82 $ 1,579,743.81 $ \r\n \r\n3,225,125.00 $ 2,995,729.81 $ 2,862,858.00 $ 2,927,885.56 $ 2,757,125.03 $ 2,313,812.96 $ 1,834,059.26 $ 1,767,095.82 $ 1,579,743.81 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n16,290,362.45 \r\n \r\n- \r\n \r\n$ \r\n \r\n15,252,016.00 \r\n \r\n- \r\n \r\n$ \r\n \r\n15,159,813.38 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,975,768.69 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,318,312.29 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,891,719.37 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,064,761.59 \r\n \r\n- \r\n \r\n$ \r\n \r\n12,667,465.64 \r\n \r\n- \r\n \r\n$ \r\n \r\n12,299,400.07 \r\n \r\n19.80% 19.64% 18.88% 20.95% 20.70% 16.66% 14.04% 13.95% 12.84% \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 BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"3\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the Net Pension Liability (NPL) \r\n \r\nSchool District's proportionate share \r\nof the NPL \r\n \r\nState of Georgia's proportionate share \r\nof the NPL associated with the \r\nSchool District \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share of the NPL as a percentage of its covered payroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total pension \r\nliability \r\n \r\n2023 2022 2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n611,553.00 $ 61,577.00 $ \r\n411,519.00 $ 405,620.00 $ 348,127.00 $ 306,322.00 $ 405,517.00 $ 267,010.00 $ 239,626.00 $ \r\n \r\n611,553.00 $ 61,577.00 $ \r\n411,519.00 $ 405,620.00 $ 348,127.00 $ 306,322.00 $ 405,517.00 $ 267,010.00 $ 239,626.00 $ \r\n \r\n885,235.36 755,750.51 780,659.73 800,531.63 744,680.75 701,720.36 698,123.79 688,106.87 688,182.25 \r\n \r\nN/A \r\n \r\n81.21% \r\n \r\nN/A \r\n \r\n98.00% \r\n \r\nN/A \r\n \r\n84.45% \r\n \r\nN/A \r\n \r\n85.02% \r\n \r\nN/A \r\n \r\n85.26% \r\n \r\nN/A \r\n \r\n85.69% \r\n \r\nN/A \r\n \r\n81.00% \r\n \r\nN/A \r\n \r\n87.00% \r\n \r\nN/A \r\n \r\n88.29% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 35 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \r\nSCHOOL OPEB FUND \r\n \r\nSCHEDULE \"4\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the Net OPEB Liability (NOL) \r\n \r\nSchool District's proportionate share \r\nof the NOL \r\n \r\nState of Georgia's proportionate \r\nshare of the NOL associated with the School District \r\n \r\nTotal \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nSchool District's proportionate share of the NOL as a percentage of its coveredemployee payroll \r\n \r\nPlan fiduciary net position \r\nas a percentage of the total OPEB \r\nliability \r\n \r\n2023 2022 2021 2020 2019 2018 \r\n \r\n0.141998% $ 14,062,320.00 $ 0.130982% $ 14,186,434.00 $ 0.133222% $ 19,567,209.00 $ 0.132829% $ 16,300,968.00 $ 0.126814% $ 16,117,670.00 $ 0.127887% $ 17,968,072.00 $ \r\n \r\n- \r\n \r\n$ 14,062,320.00 $ 12,039,255.27 \r\n \r\n- \r\n \r\n$ 14,186,434.00 $ 11,473,420.48 \r\n \r\n- \r\n \r\n$ 19,567,209.00 $ 10,124,568.40 \r\n \r\n- \r\n \r\n$ 16,300,968.00 $ 9,728,022.24 \r\n \r\n- \r\n \r\n$ 16,117,670.00 $ 9,902,646.68 \r\n \r\n- \r\n \r\n$ 17,968,072.00 $ 9,392,659.42 \r\n \r\n116.80% 123.65% 193.26% 167.57% 162.76% 191.30% \r\n \r\n6.17% 6.14% 3.99% 4.63% 2.93% 1.61% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 36 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \r\n \r\nSCHEDULE \"5\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required \r\ncontribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nContribution as a percentage of \r\ncovered-employee payroll \r\n \r\n2023 \r\n \r\n$ \r\n \r\n2022 \r\n \r\n$ \r\n \r\n2021 \r\n \r\n$ \r\n \r\n2020 \r\n \r\n$ \r\n \r\n2019 \r\n \r\n$ \r\n \r\n2018 \r\n \r\n$ \r\n \r\n2017 \r\n \r\n$ \r\n \r\n536,162.00 $ 513,428.00 $ 487,230.00 $ 450,524.00 $ 715,377.00 $ 657,264.00 $ 666,817.00 $ \r\n \r\n536,162.00 $ 513,428.00 $ 487,230.00 $ 450,524.00 $ 715,377.00 $ 657,264.00 $ 666,817.00 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n12,640,414.19 \r\n \r\n- \r\n \r\n$ \r\n \r\n12,039,255.27 \r\n \r\n- \r\n \r\n$ \r\n \r\n11,473,420.48 \r\n \r\n- \r\n \r\n$ \r\n \r\n10,124,568.40 \r\n \r\n- \r\n \r\n$ \r\n \r\n9,728,022.24 \r\n \r\n- \r\n \r\n$ \r\n \r\n9,902,646.68 \r\n \r\n- \r\n \r\n$ \r\n \r\n9,392,659.42 \r\n \r\n4.24% 4.26% 4.25% 4.45% 7.35% 6.64% 7.10% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 37 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \r\nFOR THE YEAR ENDED JUNE 30, 2023 \r\n \r\nSCHEDULE \"6\" \r\n \r\nTeachers Retirement System Changes of benefit terms: There have been no changes in benefit terms. \r\nChanges of assumptions: On November 18, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males). \r\nOn May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed annual rate of inflation has been reduced from 2.75% to 2.50%. \r\nIn 2019 and later, the expectation of retired life mortality was changed to the Pub-2010 Teacher Headcount Weighted Below Median Healthy Retiree mortality table from the RP-2000 Mortality Tables. In 2019, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \r\nOn May 11, 2022, the Board adopted recommended changes to the long-term assumed rate of return and payroll growth assumption utilized by the System. The long-term assumed rate of return was changed from 7.25% to 6.90%, and the payroll growth assumption was changed from 3.00% to 2.50%. \r\nPublic School Employees Retirement System Changes of benefit terms: There have been no changes in benefit terms. \r\nChanges of assumptions: On December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP-2000 Blue Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females). \r\nA new funding policy was initially adopted by the Board on March 15, 2018, and most recently amended on December 17, 2020. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for the June 30, 2017 actuarial valuation and further reduced from 7.40% to 7.30% for the June 30, 2018 actuarial valuation. \r\nOn December 17, 2020, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System based on the experience study prepared for the five-year period ending June 30, 2019. Primary among the changes were the updates to rates or mortality, retirement, disability, and withdrawal. This also included a change to the long-term assumed investment rate of return to 7.00%. These assumption changes are reflected in the calculation of the June 30, 2021 Total Pension Liability. \r\nSchool OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. \r\nChanges in assumptions: June 30, 2020 valuation: Decremental assumptions were changed to reflect the Employees' Retirement System's experience study. Approximately 0.10% of employees are members of the Employees' Retirement System. \r\nJune 30, 2019 valuation: Decremental assumptions were changed to reflect the Teachers Retirement System's experience study. \r\nJune 30, 2018 valuation: The inflation assumption was lowered from 2.75% to 2.50%. \r\nJune 30, 2017 valuation: The participation assumption, tobacco use assumption and morbidity factors were revised. \r\nJune 30, 2015 valuation: Decremental and underlying inflation assumptions were changed to reflect the Retirement Systems' experience studies. \r\nJune 30, 2012 valuation: A data audit was performed and data collection procedures and assumptions were changed. \r\nThe discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017, to 3.87% as of June 30, 2018, back to 3.58% as of June 30, 2019, and to 2.22% as of June 30, 2020. \r\n \r\n- 38 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2023 \r\n \r\nSCHEDULE \"7\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Community Services Food Services Operation Total Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES(USES) Other Sources Other Uses Total Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nAdjustments \r\nFund Balances - Ending \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\nACTUAL AMOUNTS \r\n \r\nVARIANCE OVER/UNDER \r\n \r\n$ \r\n \r\n4,392,416.00 $ \r\n \r\n4,392,416.00 $ \r\n \r\n5,108,364.36 $ \r\n \r\n- \r\n \r\n- \r\n \r\n54,780.72 \r\n \r\n21,536,937.08 \r\n \r\n21,880,990.08 \r\n \r\n22,516,701.92 \r\n \r\n5,873,899.45 \r\n \r\n6,568,345.02 \r\n \r\n5,689,376.33 \r\n \r\n151,700.00 \r\n \r\n151,700.00 \r\n \r\n540,119.92 \r\n \r\n400.00 \r\n \r\n400.00 \r\n \r\n5,744.54 \r\n \r\n222,380.00 \r\n \r\n222,380.00 \r\n \r\n1,931,655.74 \r\n \r\n32,177,732.53 \r\n \r\n33,216,231.10 \r\n \r\n35,846,743.53 \r\n \r\n715,948.36 54,780.72 \r\n635,711.84 (878,968.69) 388,419.92 \r\n5,344.54 1,709,275.74 2,630,512.43 \r\n \r\n21,965,467.02 \r\n1,333,443.23 460,261.19 366,753.31 964,989.03 \r\n1,801,951.97 251,279.43 \r\n1,896,051.02 1,865,875.06 \r\n139,057.58 104,419.03 \r\n2,025,868.28 33,175,416.15 (997,683.62) \r\n \r\n22,443,030.13 \r\n1,367,537.97 532,654.19 366,753.31 962,992.93 \r\n1,842,951.97 257,279.43 \r\n2,200,514.02 1,868,936.06 \r\n139,057.58 110,475.03 \r\n2,031,217.03 34,123,399.65 (907,168.55) \r\n \r\n22,784,252.11 \r\n1,409,594.47 436,331.97 395,889.05 \r\n1,039,413.73 1,911,554.07 \r\n263,075.19 2,156,580.20 2,127,315.57 \r\n124,623.15 111,359.12 \r\n44,981.11 2,429,829.89 35,234,799.63 \r\n611,943.90 \r\n \r\n(341,221.98) \r\n(42,056.50) 96,322.22 (29,135.74) (76,420.80) (68,602.10) (5,795.76) 43,933.82 (258,379.51) 14,434.43 \r\n(884.09) (44,981.11) (398,612.86) (1,111,399.98) 1,519,112.45 \r\n \r\n72,428.00 (72,428.00) \r\n- \r\n \r\n72,428.00 (72,428.00) \r\n- \r\n \r\n- \r\n \r\n(72,428.00) \r\n \r\n- \r\n \r\n72,428.00 \r\n \r\n- \r\n \r\n- \r\n \r\n(997,683.62) \r\n \r\n(907,168.55) \r\n \r\n611,943.90 \r\n \r\n1,519,112.45 \r\n \r\n7,388,673.86 \r\n \r\n7,388,673.86 \r\n \r\n7,613,173.10 \r\n \r\n224,499.24 \r\n \r\n27,856.34 \r\n \r\n(10,063.47) \r\n \r\n- \r\n \r\n10,063.47 \r\n \r\n$ \r\n \r\n6,418,846.58 $ \r\n \r\n6,471,441.84 $ \r\n \r\n8,225,117.00 $ \r\n \r\n1,753,675.16 \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $1,737,104.13 and $1,722,492.14, respectively. \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 39 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2023 \r\n \r\nSCHEDULE \"8\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT Agriculture, U. S. Department of \r\nChild Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program COVID-19 - National School Lunch Program Total Child Nutrition Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Food Services State Administrative Expenses for Child Nutrition Total U. S. Department of Agriculture \r\nEducation, U. S. Department of Education Stabilization Fund Pass-Through From Georgia Department of Education COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund \r\nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Grants to States COVID-19 - American Rescue Plan - Grants to States Preschool Grants Total Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Rural and Low-Income School Program Rural and Low-Income School Program Student Support and Academic Enrichment Program 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 Total Other Programs Total U. S. Department of Education \r\n \r\nASSISTANCE LISTING NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 10.555 \r\n \r\n235GA324N1199 $ 235GA324N1199 225GA324N1099 \r\n \r\n451,441.72 1,774,034.20 \r\n82,024.94 2,307,500.86 \r\n \r\n10.560 \r\n \r\n235GA904N2533 \r\n \r\n5,348.75 2,312,849.61 \r\n \r\n84.425U \r\n \r\nS425U210012 \r\n \r\n1,548,638.54 \r\n \r\n84.027A 84.027A 84.027X 84.173A \r\n \r\nH027A210073 H027A220073 H027X210073 H173A220081 \r\n \r\n84.048A 84.358B 84.358B 84.424A 84.424A 84.367A 84.367A 84.010A 84.010A 84.287C 84.287C \r\n \r\nV048A220010 S358B210010 S358B220010 S424A210011 S424A220011 S367A210001 S367A220001 S010A210010-21A S010A220010 S287C210010 S287C220010 \r\n \r\n148,717.00 495,162.58 \r\n28,560.00 25,246.00 697,685.58 \r\n36,433.00 2,098.00 \r\n36,567.00 56.00 \r\n29,575.78 16,318.00 28,925.96 64,071.00 794,948.65 41,162.00 291,488.24 1,341,643.63 3,587,967.75 \r\n \r\n- 40 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2023 \r\n \r\nSCHEDULE \"8\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT Health and Human Services, U. S. Department of \r\nPass-Through From Bright From the Start Georgia Department of Early Care and Learning COVID-19 - Child Care and Development Block Grant \r\nOther Programs Pass-Through from Georgia Department of Health and Human Services Title V State Sexual Risk Avoidance Education Program Title V State Sexual Risk Avoidance Education Program Total Other Programs Total U. S. Department of Health and Human Services \r\nTotal Expenditures of Federal Awards \r\n \r\nASSISTANCE LISTING NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n93.575 \r\n \r\n2110GACCC5 \r\n \r\n35,000.00 \r\n \r\n93.235 93.235 \r\n \r\n2103GASRAE 2203GASRAE \r\n$ \r\n \r\n7,383.48 76,672.29 84,055.77 119,055.77 \r\n6,019,873.13 \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\nNote 1. Basis of Presentation The accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Bleckley County Board of Education (the \"Board\") under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position or changes in net position of the Board. \r\nNote 2. Summary of Significant Accounting Policies \r\nExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. \r\nNote 3. Indirect Cost Rate \r\nThe Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. \r\nNote 4. Transfers Between Programs \r\nFunds totaling $72,728.00 were transferred from the Student Support and Academic Enrichment Program (ALN 84.424A) and the Supporting Effective Instruction State Grants program and expended in the Title I Grants to Local Educational Agencies program (ALN 84.010A) during Fiscal Year 2023. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 41 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2023 \r\n \r\nSCHEDULE \"9\" \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nAGENCY/FUNDING GRANTS \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS FUND \r\n \r\nBright From the Start: \r\n \r\nGeorgia Department of Early Care and Learning \r\n \r\nPre-Kindergarten Program \r\n \r\n$ \r\n \r\n794,080.99 $ \r\n \r\n- $ \r\n \r\nEducation, Georgia Department of \r\n \r\nQuality Basic Education \r\n \r\nDirect Instructional Cost \r\n \r\nKindergarten Program \r\n \r\n559,795.00 \r\n \r\n- \r\n \r\nKindergarten Program - Early Intervention Program \r\n \r\n562,927.00 \r\n \r\n- \r\n \r\nPrimary Grades (1-3) Program \r\n \r\n1,486,931.00 \r\n \r\n- \r\n \r\nPrimary Grades - Early Intervention (1-3) Program \r\n \r\n1,516,998.00 \r\n \r\n- \r\n \r\nUpper Elementary Grades (4-5) Program \r\n \r\n847,107.00 \r\n \r\n- \r\n \r\nUpper Elementary Grades - Early Intervention (4-5) Program \r\n \r\n398,951.00 \r\n \r\n- \r\n \r\nMiddle School (6-8) Program \r\n \r\n1,750,704.00 \r\n \r\n- \r\n \r\nHigh School General Education (9-12) Program \r\n \r\n1,522,479.00 \r\n \r\n- \r\n \r\nVocational Laboratory (9-12) Program \r\n \r\n469,157.00 \r\n \r\n- \r\n \r\nStudents with Disabilities \r\n \r\n3,308,767.00 \r\n \r\n- \r\n \r\nGifted Student - Category VI \r\n \r\n743,525.00 \r\n \r\n- \r\n \r\nRemedial Education Program \r\n \r\n157,182.00 \r\n \r\n- \r\n \r\nAlternative Education Program \r\n \r\n122,926.00 \r\n \r\n- \r\n \r\nMedia Center Program \r\n \r\n327,692.00 \r\n \r\n- \r\n \r\n20 Days Additional Instruction \r\n \r\n96,354.00 \r\n \r\n- \r\n \r\nStaff and Professional Development \r\n \r\n63,959.00 \r\n \r\n- \r\n \r\nPrincipal Staff and Professional Development \r\n \r\n1,620.00 \r\n \r\n- \r\n \r\nIndirect Cost \r\n \r\nCentral Administration \r\n \r\n560,900.00 \r\n \r\n- \r\n \r\nSchool Administration \r\n \r\n781,617.00 \r\n \r\n- \r\n \r\nFacility Maintenance and Operations \r\n \r\n680,445.00 \r\n \r\n- \r\n \r\nCategorical Grants \r\n \r\nPupil Transportation \r\n \r\nRegular \r\n \r\n405,870.00 \r\n \r\n- \r\n \r\nNursing Services \r\n \r\n56,115.00 \r\n \r\n- \r\n \r\nOne-Time QBE Adjustment \r\n \r\n578,580.00 \r\n \r\n- \r\n \r\nEducation Equalization Funding Grant \r\n \r\n4,232,829.00 \r\n \r\n- \r\n \r\nOther State Programs \r\n \r\nFood Services \r\n \r\n74,640.00 \r\n \r\n- \r\n \r\nHygiene Products \r\n \r\n1,926.00 \r\n \r\n- \r\n \r\nMath and Science Supplements \r\n \r\n7,148.58 \r\n \r\n- \r\n \r\nPreschool Disability Services \r\n \r\n54,588.00 \r\n \r\n- \r\n \r\nPupil Transportation - State Bonds \r\n \r\n88,110.00 \r\n \r\n- \r\n \r\nTeachers Retirement \r\n \r\n29,099.94 \r\n \r\n- \r\n \r\nVocational Education \r\n \r\n71,569.07 \r\n \r\n- \r\n \r\nVocational Supervisors \r\n \r\n7,166.46 \r\n \r\n- \r\n \r\nGeorgia State Financing and Investment Commission \r\n \r\nReimbursement on Construction Projects \r\n \r\n- \r\n \r\n926,115.10 \r\n \r\nOffice of the State Treasurer \r\n \r\nPublic School Employees Retirement \r\n \r\n75,014.00 \r\n \r\n- \r\n \r\nCONTRACTS \r\n \r\nHuman Resources, Georgia Department of \r\n \r\nGeorgia Communities in Schools Dropout Prevention \r\n \r\n28,000.00 \r\n \r\n- \r\n \r\nFamily Connections \r\n \r\n51,928.88 \r\n \r\n- \r\n \r\n$ \r\n \r\n22,516,701.92 $ \r\n \r\n926,115.10 $ \r\n \r\nTOTAL \r\n794,080.99 \r\n559,795.00 562,927.00 1,486,931.00 1,516,998.00 847,107.00 398,951.00 1,750,704.00 1,522,479.00 469,157.00 3,308,767.00 743,525.00 157,182.00 122,926.00 327,692.00 \r\n96,354.00 63,959.00 \r\n1,620.00 \r\n560,900.00 781,617.00 680,445.00 \r\n405,870.00 56,115.00 \r\n578,580.00 4,232,829.00 \r\n74,640.00 1,926.00 7,148.58 \r\n54,588.00 88,110.00 29,099.94 71,569.07 \r\n7,166.46 \r\n926,115.10 \r\n75,014.00 \r\n28,000.00 51,928.88 \r\n23,442,817.02 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 42 - \r\n \r\n (This page left intentionally blank) \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2023 \r\n \r\nSCHEDULE \"10\" \r\n \r\nPROJECT \r\nThe renewal of general obligation bonds in the principal amount not to exceed $6,000,000.00 to pay the cost of, \r\n(a) Acquiring textbooks, computer technology equipment and software, safety/security equipment and technology, \r\n(b) Acquiring school buses and other capital vehicles, \r\n(c) Acquiring any capital property necessary or desirable for the foregoing purposes, both real and personal, and \r\n(d) A portion of the principal and interest on the above described general obligation bonds. Subtotal 2016 Projects \r\nPROJECT \r\nThe issuance of general obligation bonds in the principal amount not to exceed $16,000,000.00 to pay the cost of, \r\n(a) Acquiring, constructing, equipping, and furnishing new school buildings and facilities useful and desirable in connection therewith, including, but not limited to, a Primary School building, bus maintenance and storage facilities, and support and athletic/physical education facilities, \r\n(b) Adding to, renovating, repairing, improving and equipping the existing schools and facilities including, but not limited to, vocational/agricultural facilities, gymnasiums, HVAC and physical education and athletic facilities, \r\n(c) Acquiring miscellaneous new equipment, fixtures and furnishings for the School District, including textbooks, band instruments, computer technology equipment and software, interactive boards, safety and security technology, food service equipment, tables, desks and chairs, school buses and other vehicles, \r\n(d) Acquiring any capital property necessary or desirable for the foregoing purposes, both real and personal, and \r\n(e) Paying capitalized interest and/or costs of issuing. Subtotal 2020 Projects \r\nTotal \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nESTIMATED COMPLETION \r\nDATE \r\n \r\n$ \r\n \r\n- $ \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n2,204,308.51 \r\n \r\n6,000,000.00 6,000,000.00 \r\n \r\n5,681,075.00 7,885,383.51 \r\n \r\nComplete Complete Complete Complete \r\n \r\n3,391,111.67 \r\n \r\n31,890,850.72 \r\n \r\nJune 30, 2026 \r\n \r\n- \r\n \r\n203,000.00 \r\n \r\nJune 30, 2026 \r\n \r\n1,000,000.00 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n1,608,888.33 6,000,000.00 \r\n \r\n1,991,901.56 34,085,752.28 \r\n \r\n$ \r\n \r\n12,000,000.00 $ \r\n \r\n41,971,135.79 \r\n \r\nJune 30, 2026 June 30, 2026 \r\n \r\n- 44 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2023 \r\n \r\nSCHEDULE \"10\" \r\n \r\nPROJECT \r\nThe renewal of general obligation bonds in the principal amount not to exceed $6,000,000.00 to pay the cost of, \r\n(a) Acquiring textbooks, computer technology equipment and software, safety/security equipment and technology, \r\n(b) Acquiring school buses and other capital vehicles, \r\n(c) Acquiring any capital property necessary or desirable for the foregoing purposes, both real and personal, and \r\n(d) A portion of the principal and interest on the above described general obligation bonds. Subtotal 2016 Projects \r\nPROJECT \r\nThe issuance of general obligation bonds in the principal amount not to exceed $16,000,000.00 to pay the cost of, \r\n(a) Acquiring, constructing, equipping, and furnishing new school buildings and facilities useful and desirable in connection therewith, including, but not limited to, a Primary School building, bus maintenance and storage facilities, and support and athletic/physical education facilities, \r\n(b) Adding to, renovating, repairing, improving and equipping the existing schools and facilities including, but not limited to, vocational/agricultural facilities, gymnasiums, HVAC and physical education and athletic facilities, \r\n(c) Acquiring miscellaneous new equipment, fixtures and furnishings for the School District, including textbooks, band instruments, computer technology equipment and software, interactive boards, safety and security technology, food service equipment, tables, desks and chairs, school buses and other vehicles, \r\n(d) Acquiring any capital property necessary or desirable for the foregoing purposes, both real and personal, and \r\n(e) Paying capitalized interest and/or costs of issuing. Subtotal 2020 Projects \r\nTotal \r\n \r\nAMOUNT EXPENDED IN CURRENT YEAR (3) (4) \r\n \r\nAMOUNT EXPENDED IN PRIOR YEARS (3) (4) \r\n \r\nTOTAL COMPLETION \r\nCOST \r\n \r\nEXCESS PROCEEDS NOT \r\nEXPENDED \r\n \r\n$ \r\n \r\n- $ \r\n \r\n- $ \r\n \r\n- $ \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n2,204,308.51 \r\n \r\n2,204,308.51 \r\n \r\n- \r\n \r\n1,040,000.00 \r\n \r\n4,641,075.00 \r\n \r\n5,681,075.00 \r\n \r\n- \r\n \r\n1,040,000.00 \r\n \r\n6,845,383.51 \r\n \r\n7,885,383.51 \r\n \r\n- \r\n \r\n2,040,818.40 \r\n \r\n29,850,032.32 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n203,000.00 \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\n375,100.00 \r\n \r\n1,616,801.56 \r\n \r\n- \r\n \r\n- \r\n \r\n2,415,918.40 \r\n \r\n31,669,833.88 \r\n \r\n- \r\n \r\n- \r\n \r\n$ \r\n \r\n3,455,918.40 $ \r\n \r\n38,515,217.39 $ \r\n \r\n7,885,383.51 $ \r\n \r\n- \r\n \r\n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. (2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. (3) The voters of Bleckley County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. \r\nAmounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. (4) In addition to the expenditures shown above, the School District has incurred interest to provide advance funding as follows: \r\n \r\nPrior Years Current Year \r\n \r\n$ \r\n \r\n752,287.50 \r\n \r\n396,500.00 \r\n \r\nTotal \r\n \r\n$ 1,148,787.50 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 45 - \r\n \r\n Section II Compliance and Internal Control Reports \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Trey Belflower, Superintendent and Members of the Bleckley County Board of Education \r\nWe have audited the financial statements of the governmental activities and each major fund of the Bleckley County Board of Education (School District) as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements, and have issued our report thereon dated May 28, 2024. We conducted our audit in accordance with the auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. \r\nReport on Internal Control Over Financial Reporting \r\nIn planning and performing our audit of the financial statements, we considered the School District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the basic financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control. \r\nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the School District's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n Report on Compliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether the School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nPurpose of this Report \r\nThe purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\nMay 28, 2024 \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Trey Belflower, Superintendent and Members of the Bleckley County Board of Education \r\nReport on Compliance for Each Major Federal Program \r\nOpinion on Each Major Federal Program \r\nWe have audited the Bleckley County Board of Education's (School District) compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on each of the School District's major federal programs for the year ended June 30, 2023. The School District's major federal programs are identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs. \r\nIn our opinion, the School District complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2023. \r\nBasis for Opinion on Each Major Federal Program \r\nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditor's Responsibilities for the Audit of Compliance section of our report. \r\nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal program. Our audit does not provide a legal determination of the School District's compliance with the compliance requirements referred to above. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n Responsibilities of Management for Compliance \r\nManagement is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the School District's federal programs. \r\nAuditor's Responsibilities for the Audit of Compliance \r\nOur objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the School District's compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the School District's compliance with the requirements of each major federal program as a whole. \r\nIn performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we: \r\n Exercise professional judgment and maintain professional skepticism throughout the audit. \r\n Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the School District's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. \r\n Obtain an understanding of the School District's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control over compliance. Accordingly, no such opinion is expressed. \r\nWe are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit. \r\nReport on Internal Control over Compliance \r\nA deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance \r\n \r\n requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control over compliance was for the limited purpose described in the Auditor's Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified. \r\nOur audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed. \r\nThe purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\nMay 28, 2024 \r\n \r\n Section III Auditee's Response to Prior Year Findings and Questioned Costs \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2023 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS \r\n \r\nFS 2022-001 \r\n \r\nInternal Controls over Capital Assets \r\n \r\nRepeat of Prior Year Finding: FS 2021-001 \r\n \r\nFinding Status: \r\n \r\nPreviously Reported Corrective Action Plan Implemented \r\n \r\nFS 2022-002 Finding Status: \r\n \r\nInternal Controls over Financial Reporting Previously Reported Corrective Action Plan Implemented \r\n \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n \r\n Section IV Findings and Questioned Costs \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2023 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\nFinancial Statements \r\n \r\nType of auditor's report issued: Governmental Activities and Each Major Fund \r\n \r\nInternal control over financial reporting:  Material weakness(es) identified?  Significant deficiency(ies) identified? \r\nNoncompliance material to financial statements noted: Federal Awards \r\n \r\nInternal control over major programs:  Material weakness(es) identified?  Significant deficiency(ies) identified? \r\nType of auditor's report issued on compliance for major programs: \r\n \r\nAll major programs \r\nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \r\n \r\nIdentification of major programs: Assistance Listing Number Assistance Listing Program or Cluster Title \r\n \r\n10.553, 10.555 84.010 84.425 \r\n \r\nChild Nutrition Cluster Title I Grants to Local Educational Agencies Education Stabilization Fund \r\n \r\nDollar threshold used to distinguish between Type A and Type B programs: Auditee qualified as low-risk auditee? \r\n \r\nUnmodified No \r\nNone Reported No \r\nNo None Reported \r\nUnmodified No \r\n$750,000.00 No \r\n \r\nII FINANCIAL STATEMENT FINDINGS \r\n \r\nNo matters were reported. Ill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\n \r\nNo matters were reported. \r\n \r\n "},{"id":"dlg_ggpd_1559129947-2023-05-30","title":"Bleckley County Board of Education, Cochran, Georgia, annual financial report for the fiscal year ended 2022 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, Bleckley County, 32.43444, -83.32784"],"dcterms_creator":null,"dc_date":["2023-05-30"],"dcterms_description":["Began with fiscal year ended June 30, 2009.","Report year covers fiscal year.","Fiscal year ended June 30, 2014 (online surrogate) (received 6/27/16 via FTP from Georgia Dept. of Audits and Accounts); title from PDF cover (Georgia Government Publications database, viewed September 16, 2022).","Fiscal year ended June 30, 2020 (online surrogate) ((Georgia Government Publications database, viewed September 16, 2022)."],"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":["Bleckley County Board of Education--Appropriations and expenditures--Periodicals.","Education--Georgia--Bleckley County--Auditing--Periodicals.","Education--Georgia--Bleckley County--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Bleckley County Board of Education, Cochran, Georgia, annual financial report for the fiscal year ended 2022 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_1559129947-2023-05-30"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1559129947-2023-05-30"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"ANNUAL FINANCIAL REPORT  FISCAL YEAR 2022 \r\nBleckley County Board of Education \r\nCochran, Georgia \r\nIncluding Independent Auditor's Report \r\nGreg S. Griffin | State Auditor \r\n \r\n Bleckley County Board of Education \r\n \r\nTable of Contents \r\n \r\nSection I Financial \r\nIndependent Auditor's Report \r\n \r\nRequired Supplementary Information \r\n \r\nManagement's Discussion and Analysis \r\n \r\ni \r\n \r\nExhibits \r\n \r\nBasic Financial Statements \r\n \r\nGovernment-Wide Financial Statements \r\n \r\nA \r\n \r\nStatement of Net Position \r\n \r\n1 \r\n \r\nB \r\n \r\nStatement of Activities \r\n \r\n2 \r\n \r\nFund Financial Statements \r\n \r\nC \r\n \r\nBalance Sheet \r\n \r\nGovernmental Funds \r\n \r\n3 \r\n \r\nD \r\n \r\nReconciliation of the Governmental Funds Balance Sheet \r\n \r\nto the Statement of Net Position \r\n \r\n4 \r\n \r\nE \r\n \r\nStatement of Revenues, Expenditures and Changes in Fund Balances \r\n \r\nGovernmental Funds \r\n \r\n5 \r\n \r\nF \r\n \r\nReconciliation of the Governmental Funds Statement of \r\n \r\nRevenues, Expenditures and Changes in Fund Balances \r\n \r\nto the Statement of Activities \r\n \r\n6 \r\n \r\nG Notes to the Basic Financial Statements \r\n \r\n8 \r\n \r\nSchedules \r\n \r\nRequired Supplementary Information \r\n \r\n1 Schedule of Proportionate Share of the Net Pension Liability \r\n \r\nTeachers Retirement System of Georgia \r\n \r\n35 \r\n \r\n2 Schedule of Contributions  Teachers Retirement System of Georgia \r\n \r\n36 \r\n \r\n3 Schedule of Proportionate Share of the Net Pension Liability Public \r\n \r\nSchool Employees Retirement System of Georgia \r\n \r\n37 \r\n \r\n4 Schedule of Proportionate Share of the Net OPEB Liability \r\n \r\nSchool OPEB Fund \r\n \r\n38 \r\n \r\n5 Schedule of Contributions  School OPEB Fund \r\n \r\n39 \r\n \r\n6 Notes to the Required Supplementary Information \r\n \r\n40 \r\n \r\n7 Schedule of Revenues, Expenditures and Changes in Fund \r\n \r\nBalances - Budget and Actual General Fund \r\n \r\n41 \r\n \r\n Supplementary Information \r\n \r\n8 Schedule of Expenditures of Federal Awards \r\n \r\n42 \r\n \r\n9 Schedule of State Revenue \r\n \r\n44 \r\n \r\n10 Schedule of Approved Local Option Sales Tax Projects \r\n \r\n46 \r\n \r\nSection II \r\nCompliance and Internal Control Reports \r\nIndependent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards \r\nIndependent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance \r\n \r\nSection III Auditee's Response to Prior Year Findings and Questioned Costs Summary Schedule of Prior Audit Findings \r\n \r\nSection IV Findings and Questioned Costs Schedule of Findings and Questioned Costs \r\n \r\nSection V Management's Corrective Action for Current Year Findings Schedule of Management's Corrective Action \r\n \r\n Section I Financial \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Trey Belflower, Superintendent and Members of the Bleckley County Board of Education \r\nReport on the Audit of the Financial Statements \r\nOpinions \r\nWe have audited the accompanying financial statements of the governmental activities and each major fund of the Bleckley County Board of Education (School District) as of and for the year ended June 30, 2022, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents. \r\nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the School District as of June 30, 2022, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \r\nBasis for Opinions \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. \r\nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \r\nResponsibilities of Management for the Financial Statements \r\nManagement is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. \r\nAuditor's Responsibilities for the Audit of the Financial Statements \r\nOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. \r\nIn performing an audit in accordance with GAAS and Government Auditing Standards, we: \r\n Exercise professional judgment and maintain professional skepticism throughout the audit. \r\n Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. \r\n Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, no such opinion is expressed. \r\n Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. \r\n Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for a reasonable period of time. \r\nWe are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. \r\nRequired Supplementary Information \r\nAccounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis and required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or \r\n \r\n historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient appropriate evidence to express an opinion or provide any assurance. \r\nSupplementary Information \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the School District's basic financial statements. The accompanying supplementary information, as listed in the table of contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements. \r\nThe supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements as a whole. \r\nOther Reporting Required by Government Auditing Standards \r\nIn accordance with Government Auditing Standards, we have also issued our report dated May 30, 2023 on our consideration of the School District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control over financial reporting and compliance. \r\nA copy of this report has been filed as a permanent record and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\nMay 30, 2023 \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\nINTRODUCTION \r\nThe discussion and analysis of the Bleckley County Board of Education's (School District) financial performance provides an overview of the School District's financial activities for the fiscal year ended June 30, 2022. The intent of this discussion and analysis is to look at the School District's financial performance as a whole. Readers should also review the financial statements and the notes to the basic financial statements to enhance their understanding of the School District's financial performance. \r\nFINANCIAL HIGHLIGHTS \r\nKey financial highlights for the fiscal year 2022 are as follows: \r\n Government-wide net position at June 30, 2022 was $15.7 million. Net position reflects the difference between all assets and deferred outflows of resources of the School District (including capital assets, net of depreciation) and all liabilities and deferred inflows of resources. The net position at June 30, 2022 of $15.7 million represented an increase of $7.7 million when compared to the prior year. This increase in net position is primarily due to capitalized construction in progress. \r\n General revenues accounts for $11.7 million in revenue or 29.8% of all revenues totaling $39.1 million. Program specific revenues in the form of charges for services and grants and contributions accounted for the remainder. \r\n The School District had $31.3 million in expenses related to governmental activities; however, $27.5 million of these expenses were offset by program specific charges for services, grants or contributions. General revenues (primarily property and sales taxes) of $11.7 million were adequate to provide for these programs. \r\n Long-term liabilities decreased by $1.2 million for fiscal year 2022 when compared to the prior year. This decrease was due primarily to principal payments on outstanding debt. \r\n Among major funds, the general fund had $35.4 million in revenues and $32.6 million in expenditures. The fund balance for the general fund increased from $5.6 million to approximately $7.6 million. The primary reason for the increase was due to an increase in state miscellaneous and federal grant revenues along with decreases in expenditures and other uses. \r\nOVERVIEW OF THE FINANCIAL STATEMENTS \r\nThis annual report consists of three parts; management's discussion and analysis, the basic financial statements and supplementary information. The basic financial statements include two levels of statements that present different views of the School District. These include the government-wide and fund financial statements. \r\nThe government-wide financial statements include the Statement of Net Position and Statement of Activities. These statements provide information about the activities of the School District presenting both short-term and long-term information about the overall financial status. \r\nThe fund financial statements focus on individual parts, reporting the School District's operation in more detail. The governmental funds statements disclose how basic services are financed in the short-term as well as what remains for future spending. The fund financial statements reflect the School District's most significant funds. For fiscal year 2022, the general fund, the capital projects fund, and the debt service fund represent the most significant funds. \r\ni \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\nThe financial statements also include notes that explain some of the information in the statements and provide more detailed data. The statements are followed by a section of required supplementary information that further explains and supports the financial statements. Additionally, other supplementary information (not required) is also presented that further supplements understanding of the financial statements. \r\nGovernment-Wide Statements \r\nThe government-wide statements report information about the School District as a whole using accounting methods similar to those used by private-sector companies. The Statement of Net Position includes all of the School District's assets, deferred outflows, liabilities and deferred inflows. All of the current fiscal year's revenues and expenses are accounted for in the Statement of Activities regardless of when cash is received or paid. \r\nThe two government-wide statements report the School District's net position and how it has changed. Net position, the difference between the School District's assets, deferred outflows of resources, liabilities and deferred inflows of resources, is one way to measure the School District's overall financial health or position. Over time, increases or decreases in net position are an indication of whether its financial health is improving or deteriorating. Changes may be the result of many factors, including those not under the School District's control, such as the property tax base, facility conditions, required educational programs and other factors. \r\nIn the Statement of Net Position and the Statement of Activities, the School District has one distinct type of activity: \r\n Governmental Activities  All of the School District's programs and services are reported here including instruction, support services, operation and maintenance of plant, pupil transportation, food service, student activity accounts and various others. \r\nFund Financial Statements \r\nThe School District's fund financial statements provide detailed information about the most significant funds, not the School District as a whole. Some funds are required by State law and some by bond requirements. The School District's major governmental funds are the general fund, the capital projects fund, and the debt service fund. \r\nGovernmental Funds - The School District's activities are reported in governmental funds, which focus on how money flows into, and out of those funds, and the balances left at year-end available for spending in future periods. These funds are reported using the modified accrual method of accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the School District's general government operations and the basic services it provides. Governmental fund information helps determine whether there are more or fewer financial resources that can be spent in the near future to finance educational programs. The relationship (or differences) between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds are reconciled in the financial statements. \r\nii \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\n \r\nFINANCIAL ANALYSIS OF THE SCHOOL DISTRICT AS A WHOLE \r\nRecall that the Statement of Net Position provides the perspective of the School District as a whole. Table 1 provides a summary of the School District's net position for fiscal years 2022 and 2021. \r\nTable 1 Net Position \r\n \r\nAssets Current and Other Assets Capital Assets, Net Total Assets \r\n \r\nFiscal Year 2022 \r\n \r\nGovernmental Activities Fiscal Year 2021 \r\n \r\nNet Change \r\n \r\n$ 15,658,420 $ 27,069,928 $ (11,411,508) \r\n \r\n61,146,664 \r\n \r\n46,589,886 \r\n \r\n14,556,778 \r\n \r\n76,805,084 \r\n \r\n73,659,814 \r\n \r\n3,145,270 \r\n \r\nDeferred Outflows of Resources Related to Defined Benefit Pension Plan Related to OPEB Plans Total Deferred Outflows of Resources \r\n \r\n8,814,419 3,640,002 12,454,421 \r\n \r\n7,567,290 4,452,802 12,020,092 \r\n \r\n1,247,129 (812,800) 434,329 \r\n \r\nLiabilities Current and Other Liabilities Net Pension Liability Net OPEB Liability Long-Term Liabilities Total Liabilities \r\n \r\n5,151,360 10,210,252 14,186,434 20,446,463 49,994,509 \r\n \r\n5,447,109 26,023,266 19,567,209 21,652,464 72,690,048 \r\n \r\n(295,749) (15,813,014) \r\n(5,380,775) (1,206,001) (22,695,539) \r\n \r\nDeferred Inflows of Resources Related to Defined Benefit Pension Plan Related to OPEB Plans Total Deferred Inflows of Resources \r\n \r\n15,535,031 8,075,373 23,610,404 \r\n \r\n926,663 4,080,019 5,006,682 \r\n \r\n14,608,368 3,995,354 \r\n18,603,722 \r\n \r\nNet Position Net Investment in Capital Assets Restricted Unrestricted (Deficit) \r\n \r\n42,369,985 3,693,165 \r\n(30,408,558) \r\n \r\n34,991,133 7,203,172 \r\n(34,211,129) \r\n \r\n7,378,852 (3,510,007) 3,802,571 \r\n \r\nTotal Net Position \r\n \r\n$ 15,654,592 $ 7,983,176 $ \r\n \r\n7,671,416 \r\n \r\nNet position, which is the difference between total assets, deferred outflows of resources, total liabilities and deferred inflows of resources, is one indicator the financial condition of the School District. When revenues exceed expenses, the result is an increase in net position. When expense exceed revenues, the result is the decrease in net position. The relationship between revenues and expenses can be thought of as the School District's operating results. The School District's net position, as measured in the Statement of Net Position, can be one way to measure the School District's financial health, or financial position. Over time, increase or \r\niii \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 decreases in the School District's net position as measured in the Statement of Activities, are one indicator of whether its financial health is improving or deteriorating. However, the School District's goal and mission is to provide success for each child's education, not to generate profits as private corporations do. For fiscal year 2022, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $15.7 million at June 30, 2022. Total assets and deferred outflows of resources increased by $3.6 million which was primarily due to construction in progress of the new Bleckley County Primary School and athletic renovations. Total liabilities and deferred inflows of resources decreased by $4.1 million. The combination of the increase in total assets and deferred outflows of resources and the decrease in total liabilities and change in deferred inflows of resources yielded an increase in net position of $7.7 million. \r\niv \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\n \r\nTable 2 shows the changes in net position for fiscal years ending June 30, 2022 and June 30, 2021. \r\n \r\nTable 2 Change in Net Position \r\n \r\nRevenues Program Revenues: Charges for Services Operating Grants and Contributions Capital Grants and Contributions Total Program Revenues \r\n \r\nGovernmental Activities \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2022 \r\n \r\n2021 \r\n \r\nNet Change \r\n \r\n$ \r\n \r\n336,002 $ \r\n \r\n248,074 $ \r\n \r\n87,928 \r\n \r\n24,899,774 \r\n \r\n23,221,295 \r\n \r\n1,678,479 \r\n \r\n2,216,335 \r\n \r\n6,445,724 \r\n \r\n(4,229,389) \r\n \r\n27,452,111 \r\n \r\n29,915,093 \r\n \r\n(2,462,982) \r\n \r\nGeneral Revenues: Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Taxes Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nSpecial Item Loss on Disposal of Capital Assets \r\nTotal General Revenues and Special Item Total Revenues and Special Item \r\n \r\n4,601,573 14,101 \r\n \r\n4,488,570 13,766 \r\n \r\n1,536,922 78,423 \r\n3,604,034 16,380 \r\n1,798,997 \r\n(139,935) 11,510,495 38,962,606 \r\n \r\n1,447,940 76,211 \r\n3,159,097 22,682 \r\n1,193,665 \r\n- 10,401,931 40,317,024 \r\n \r\n113,003 335 \r\n88,982 2,212 \r\n444,937 (6,302) \r\n605,332 \r\n(139,935) 1,108,564 (1,354,418) \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 Community Services Food Services Interest on Long-Term Debt Total Expenses \r\n \r\n19,732,775 \r\n1,235,137 440,632 283,435 888,588 \r\n1,591,212 208,549 \r\n1,959,738 1,909,327 \r\n117,392 81,633 \r\n41,987 2,158,561 \r\n642,224 31,291,190 \r\n \r\n21,174,009 \r\n1,407,398 558,954 353,277 853,715 \r\n1,840,953 250,220 \r\n2,107,321 2,060,992 \r\n150,878 214,035 \r\n41,220 1,941,856 \r\n606,291 33,561,119 \r\n \r\n(1,441,234) \r\n(172,261) (118,322) \r\n(69,842) 34,873 (249,741) (41,671) (147,583) (151,665) (33,486) (132,402) \r\n767 216,705 \r\n35,933 (2,269,929) \r\n \r\nIncrease In Net Position \r\n \r\n$ 7,671,416 $ 6,755,905 $ \r\n \r\n915,511 \r\nv \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\n \r\nProgram revenues, in the form of charges for services, operating grants and contributions and capital grants and contributions decreased $2.5 million for governmental activities. This decrease is largely due to funds received from the Georgia State Financing and Investment Commission (GSFIC) to offset the Bleckley Primary School construction project. \r\n \r\nGeneral revenues increased by $1.2 million during fiscal year 2022. This increase is primarily due to miscellaneous revenue and grants and contributions not restricted to specific programs. \r\n \r\nGovernmental Activities \r\n \r\nThe Statement of Activities shows the cost of program services and the charges for services and grants offsetting those services. Table 3 shows the total cost of services and the net cost of services. Net cost of services can be defined as the total cost less fees generated by the activities and intergovernmental revenue provided for specific programs. The net cost reflects the financial burden on the School District's taxpayers by each activity. \r\n \r\nTable 3 Governmental Activities \r\n \r\nTotal Cost of Services \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2022 \r\n \r\n2021 \r\n \r\nNet Cost of Services \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2022 \r\n \r\n2021 \r\n \r\nInstruction \r\n \r\n$ 19,732,775 $ 21,174,009 $ (631,574) $ (1,192,052) \r\n \r\nSupport Services \r\n \r\nPupil Services \r\n \r\n1,235,137 \r\n \r\n1,407,398 \r\n \r\n769,216 \r\n \r\n832,556 \r\n \r\nImprovement of Instructional Services \r\n \r\n440,632 \r\n \r\n558,954 \r\n \r\n112,834 \r\n \r\n174,819 \r\n \r\nEducational Media Services \r\n \r\n283,435 \r\n \r\n353,277 \r\n \r\n(63,442) \r\n \r\n(6,532) \r\n \r\nGeneral Administration \r\n \r\n888,588 \r\n \r\n853,715 \r\n \r\n244,044 \r\n \r\n83,143 \r\n \r\nSchool Administration \r\n \r\n1,591,212 \r\n \r\n1,840,953 \r\n \r\n676,723 \r\n \r\n881,877 \r\n \r\nBusiness Administration \r\n \r\n208,549 \r\n \r\n250,220 \r\n \r\n202,418 \r\n \r\n237,561 \r\n \r\nMaintenance and Operation of Plant \r\n \r\n1,959,738 \r\n \r\n2,107,321 \r\n \r\n1,156,304 \r\n \r\n836,285 \r\n \r\nStudent Transportation Services \r\n \r\n1,909,327 \r\n \r\n2,060,992 \r\n \r\n1,255,059 \r\n \r\n1,145,905 \r\n \r\nCentral Support Services \r\n \r\n117,392 \r\n \r\n150,878 \r\n \r\n68,162 \r\n \r\n140,564 \r\n \r\nOther Support Services \r\n \r\n81,633 \r\n \r\n214,035 \r\n \r\n10,959 \r\n \r\n28,764 \r\n \r\nOperations of Non-Instructional Services \r\n \r\nCommunity Services \r\n \r\n41,987 \r\n \r\n41,220 \r\n \r\n41,981 \r\n \r\n41,220 \r\n \r\nFood Services \r\n \r\n2,158,561 \r\n \r\n1,941,856 \r\n \r\n(645,829) \r\n \r\n(164,375) \r\n \r\nInterest on Long-Term Debt \r\n \r\n642,224 \r\n \r\n606,291 \r\n \r\n642,224 \r\n \r\n606,291 \r\n \r\nTotal Expenses \r\n \r\n$ 31,291,190 $ 33,561,119 $ 3,839,079 $ 3,646,026 \r\n \r\nAlthough program revenues make up a majority of the funding, the School District is still dependent upon tax revenues for governmental activities. For 2022, 12.3% of total expenses were supplemented by taxes and other general revenues compared to 10.9% in 2021. \r\n \r\nvi \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \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 $39.1 million and total expenses of $50.3 million in fiscal year 2022. Total governmental fund balances of $10.4 million at June 30, 2022, decreased by $11.2 million from the prior year. The primary reason of this decrease was due to expenditures related to the construction of the new Bleckley County Primary School and athletic renovations. \r\n \r\nGeneral Fund Budgeting Highlights \r\n \r\nThe School District's budget is prepared according to Georgia Law. The most significant budgeted fund is the general fund, funded primarily through state, federal and local property tax revenue. During the course of fiscal year 2022, the School District amended its general fund budget as needed. \r\n \r\nThe School District budget is adopted at the aggregate level and maintained at the program and function levels to facilitate budgetary control. The budgeting systems are designed to control the total budget, but provide flexibility to meet the ongoing programmatic needs. The budgeting systems are also designed to control total site budgets but provide flexibility for site management as well. \r\n \r\nFor the general fund, the final actual revenues of $35.4 million were more than the final budgeted revenue of $34.1 million by $1.3 million. This can be attributed primarily to budgeting for American Rescue Plan Act (ARPA)/ESSER 3 funds that were not recorded as revenue in fiscal year 2022, but this was offset by an increase in state funds and miscellaneous revenue. \r\n \r\nThe general fund's final actual expenditures of $32.6 million were less than the final budgeted expenditures by $2.0 million. The decrease in actual expenditures versus final budget expenditures was due primarily to ARPA/ESSER 3 funds budgeted for but not expended in fiscal year. The School District did not include revenues and expenditures for school activity accounts in the original or final budget. \r\n \r\nCAPITAL ASSETS \r\n \r\nAt the fiscal year ended June 30, 2022, the School District had $61.1 million invested in capital assets, net of accumulated depreciation. These assets are made up of a broad range of capital assets, including land; buildings; transportation, food service and maintenance equipment. Table 4 reflects a summary of these balances, by class, net of accumulated depreciation. \r\n \r\nTable 4 Capital Assets (Net of Depreciation) \r\n \r\nGovernmental Activities \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2022 \r\n \r\n2021 \r\n \r\nLand \r\n \r\n$ \r\n \r\nConstruction In Progress \r\n \r\nBuilding and Improvements \r\n \r\nEquipment \r\n \r\nLand Improvements \r\n \r\n259,481 $ 29,574,100 29,105,535 \r\n1,043,811 1,163,737 \r\n \r\n259,481 13,859,182 30,222,932 \r\n1,233,395 1,014,896 \r\n \r\nTotal \r\n \r\n$ \r\n \r\n61,146,664 $ 46,589,886 \r\n \r\nvii \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 \r\n \r\nThe overall capital assets increased in fiscal year 2022 by $14.6 million is primarily due to the increase in construction in progress of a new Bleckley County Primary School along with stadium and athletic renovations. \r\nLONG-TERM LIABILITIES \r\nAt June 30, 2022, the School District had $20.4 million in total long-term liabilities with $1.2 million due within one year. Table 5 summarizes long-term liabilities at June 30, 2022 and 2021. \r\nTable 5 Long-Term Liabilities at June 30 \r\n \r\nGovernmental Activities \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2022 \r\n \r\n2021 \r\n \r\nGeneral Obligation Bonds Unamortized Bond Premium \r\n \r\n$ 17,040,000 $ 18,040,000 \r\n \r\n3,406,463 \r\n \r\n3,612,464 \r\n \r\nTotal \r\n \r\n$ 20,446,463 $ 21,652,464 \r\n \r\nCURRENT ISSUES \r\nApproximately 78.0% of general fund expenses, the main operating fund for the School District, were related to salaries and employee benefits for the year ended June 30, 2022. More than a third of certified personnel in the School District have 21 years or more of experience resulting in salaries at the highest possible state pay level. With such personnel heavy expenses, it is difficult to offset mandated expense increases such as TRS and health insurance premium expenses. The School District consistently evaluates how funds can be spent smarter and more effectively to ensure that County students receive a quality education from effective personnel. \r\nThe School District is financially stable. The School District's operating millage for fiscal year 2022 was 14.286, which produced approximately $325 thousand per mill. The one percent local sales tax revenue will continue to pay bond debts. \r\nThe School District remains confident in the ability to maximize resources to provide the best possible educational experience for all students. Additionally, the School District will continue to be a good steward of tax dollars while providing educational opportunities for all students. \r\nThe School District issued bonds in May 2020 and began construction of a new primary school in fiscal year 2020. This project is estimated to be complete in fiscal year 2023. \r\nIn December 2019, a strain of coronavirus (COVID-19) began to spread worldwide, resulting in a severe impact to the United States economy in March 2020. The spread of COVID-19 has had a negative impact on the routine operation of the School District and has resulted in the School District having to develop new models of learning and providing safety for its students. In fiscal year 2022, the School District continues to provide safety to staff and students, as well as manage the Elementary and Secondary School Emergency Relief (ESSER) funds provided to the School District to meet the needs of students throughout the pandemic. \r\n \r\nviii \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2022 The School District was awarded $7.1 million in ESSER funds in fiscal year 2021. The School District used most of these funds in fiscal year 2022 for instructional salaries. Approximately $5.4 million was expended via ESSER funds through June 30, 2022. CONTACTING THE SCHOOL DISTRICT'S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, taxpayers, investors and creditors with a general overview of the School District's finances and to show the School District's accountability for the money it receives. If you have questions about this report or need additional financial information, contact Aly Rozier, Finance Director, at the Bleckley County Board of Education, 259 East Peter Street, Cochran, GA 31014. You may also email your questions to Mrs. Rozier at arozier@bleckleyschools.org. \r\nix \r\n \r\n Bleckley County Board of Education \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2022 \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nInterest Taxes State Government Federal Government Other Inventories Prepaid Items Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Outflows of Resources \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Interest Payable Contracts Payable Retainages Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities \r\nDue Within One Year Due in More Than One Year \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Inflows of Resources \r\nNET POSITION Net Investment in Capital Assets Restricted for \r\nContinuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n11,854,442.61 \r\n \r\n3,847.89 \r\n \r\n6.82 509,331.41 2,326,483.63 804,496.99 \r\n65,511.49 53,699.99 40,599.22 29,833,581.13 31,313,082.96 76,805,084.14 \r\n \r\n8,814,418.81 3,640,002.00 12,454,420.81 \r\n \r\n649,172.05 1,667,738.30 \r\n198,250.00 1,266,407.45 1,369,792.22 10,210,252.00 14,186,434.00 \r\n1,217,311.48 19,229,151.27 49,994,508.77 \r\n \r\n15,535,031.00 8,075,373.00 23,610,404.00 \r\n \r\n42,369,984.67 \r\n \r\n1,267,787.93 952,842.90 \r\n1,472,534.50 (30,408,557.82) \r\n \r\n$ \r\n \r\n15,654,592.18 \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 BLECKLEY COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2022 \r\n \r\nEXHIBIT \"B\" \r\n \r\nGOVERNMENTAL ACTIVITIES Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Community Services Food Services Interest on Long-Term Debt \r\nTotal Governmental Activities \r\n \r\nEXPENSES \r\n \r\nCHARGES FOR SERVICES \r\n \r\nPROGRAM REVENUES OPERATING GRANTS AND \r\nCONTRIBUTIONS \r\n \r\nCAPITAL GRANTS AND CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET POSITION \r\n \r\n$ \r\n \r\n19,732,775.67 $ \r\n \r\n219,721.35 $ \r\n \r\n18,077,368.84 $ \r\n \r\n1,235,137.15 440,631.95 283,434.94 888,587.72 \r\n1,591,212.37 208,548.64 \r\n1,959,738.02 1,909,327.25 \r\n117,391.94 81,633.14 \r\n \r\n- \r\n \r\n434,153.17 \r\n \r\n- \r\n \r\n327,797.75 \r\n \r\n- \r\n \r\n346,876.99 \r\n \r\n- \r\n \r\n595,420.70 \r\n \r\n- \r\n \r\n914,489.16 \r\n \r\n- \r\n \r\n6,130.89 \r\n \r\n- \r\n \r\n776,358.64 \r\n \r\n- \r\n \r\n654,267.82 \r\n \r\n- \r\n \r\n49,229.59 \r\n \r\n- \r\n \r\n70,674.09 \r\n \r\n41,986.75 2,158,560.73 \r\n642,223.53 \r\n \r\n116,280.85 \r\n- \r\n \r\n6.21 2,647,000.30 \r\n- \r\n \r\n$ \r\n \r\n31,291,189.80 $ \r\n \r\n336,002.20 $ \r\n \r\n24,899,774.15 $ \r\n \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nSpecial Item Loss on Disposal of Capital Assets Total General Revenues and Special Item \r\n \r\nChange in Net Position \r\n \r\nNet Position - Beginning of Year \r\n \r\nNet Position - End of Year \r\n \r\n2,067,259.84 $ 31,767.95 49,123.61 27,075.19 41,108.28 - \r\n2,216,334.87 \r\n$ \r\n \r\n631,574.36 \r\n(769,216.03) (112,834.20) \r\n63,442.05 (244,043.41) (676,723.21) (202,417.75) (1,156,304.19) (1,255,059.43) (68,162.35) (10,959.05) \r\n(41,980.54) 645,828.70 (642,223.53) \r\n(3,839,078.58) \r\n4,601,572.95 14,100.86 \r\n1,536,921.83 78,423.14 \r\n3,604,034.00 16,379.82 \r\n1,798,997.62 \r\n(139,935.31) 11,510,494.91 \r\n7,671,416.33 \r\n7,983,175.85 \r\n15,654,592.18 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n- 2 - \r\n \r\n ASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nInterest Taxes State Government Federal Government Other Inventories Prepaid Items \r\nTotal Assets \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Contracts Payable Retainages Payable \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes \r\nFUND BALANCES Nonspendable Restricted Unassigned \r\nTotal Fund Balances \r\nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \r\n \r\nBLECKLEY COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2022 \r\n \r\nEXHIBIT \"C\" \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n6,294,703.84 $ \r\n \r\n5,241,310.22 $ \r\n \r\n3,847.89 \r\n \r\n- \r\n \r\n6.82 371,442.78 2,326,483.63 804,496.99 65,511.49 \r\n53,699.99 40,599.22 \r\n \r\n137,888.63 \r\n- \r\n \r\n$ \r\n \r\n9,960,792.65 $ \r\n \r\n5,379,198.85 $ \r\n \r\n318,428.55 $ - \r\n- \r\n318,428.55 $ \r\n \r\n11,854,442.61 3,847.89 \r\n6.82 509,331.41 2,326,483.63 804,496.99 \r\n65,511.49 53,699.99 40,599.22 \r\n15,658,420.05 \r\n \r\n$ \r\n \r\n422,052.55 $ \r\n \r\n227,119.50 $ \r\n \r\n1,667,738.30 \r\n \r\n- \r\n \r\n- \r\n \r\n1,266,407.45 \r\n \r\n- \r\n \r\n1,369,792.22 \r\n \r\n2,089,790.85 \r\n \r\n2,863,319.17 \r\n \r\n- $ - \r\n \r\n649,172.05 1,667,738.30 1,266,407.45 1,369,792.22 4,953,110.02 \r\n \r\n257,828.70 \r\n \r\n- \r\n \r\n- \r\n \r\n257,828.70 \r\n \r\n94,299.21 1,214,087.94 6,304,785.95 7,613,173.10 \r\n \r\n2,515,879.68 \r\n2,515,879.68 \r\n \r\n318,428.55 \r\n318,428.55 \r\n \r\n94,299.21 4,048,396.17 6,304,785.95 10,447,481.33 \r\n \r\n$ \r\n \r\n9,960,792.65 $ \r\n \r\n5,379,198.85 $ \r\n \r\n318,428.55 $ \r\n \r\n15,658,420.05 \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 BLECKLEY COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET POSITION JUNE 30, 2022 \r\n \r\nEXHIBIT \"D\" \r\n \r\nTotal fund balances - governmental funds (Exhibit \"C\") \r\nAmounts reported for governmental activities in the Statement of Net Position are different because: \r\nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land Construction in progress Buildings and improvements Equipment Land improvements Accumulated depreciation \r\nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB liability \r\nDeferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. Related to pensions Related to OPEB \r\nTaxes that are not available to pay for current period expenditures are deferred in the funds. \r\nLong-term liabilities, and related accrued interest, are not due and payable in the current period and therefore are not reported in the funds. Bonds payable Accrued interest payable Unamortized bond premiums \r\nNet position of governmental activities (Exhibit \"A\") \r\n \r\n$ \r\n \r\n10,447,481.33 \r\n \r\n$ \r\n \r\n259,480.81 \r\n \r\n29,574,100.32 \r\n \r\n42,905,282.29 \r\n \r\n4,663,314.70 \r\n \r\n1,916,814.39 \r\n \r\n(18,172,328.42) \r\n \r\n61,146,664.09 \r\n \r\n$ \r\n \r\n(10,210,252.00) \r\n \r\n(14,186,434.00) \r\n \r\n(24,396,686.00) \r\n \r\n$ \r\n \r\n(6,720,612.19) \r\n \r\n(4,435,371.00) \r\n \r\n(11,155,983.19) 257,828.70 \r\n \r\n$ \r\n \r\n(17,040,000.00) \r\n \r\n(198,250.00) \r\n \r\n(3,406,462.75) \r\n \r\n(20,644,712.75) \r\n \r\n$ \r\n \r\n15,654,592.18 \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 BLECKLEY COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2022 \r\n \r\nEXHIBIT \"E\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Community Services Food Services Operation Capital Outlay Debt Services Principal Dues and Fees Interest Total Expenditures \r\nRevenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) Transfers In Transfers Out Total Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nFund Balances - Ending \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE FUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n4,529,221.24 $ \r\n \r\n78,423.14 \r\n \r\n21,400,236.79 \r\n \r\n7,255,198.44 \r\n \r\n336,002.20 \r\n \r\n4,592.56 \r\n \r\n1,798,997.62 \r\n \r\n35,402,671.99 \r\n \r\n- $ 1,536,921.83 2,120,971.67 \r\n10,886.88 3,668,780.38 \r\n \r\n- $ 900.38 900.38 \r\n \r\n4,529,221.24 1,615,344.97 23,521,208.46 7,255,198.44 \r\n336,002.20 16,379.82 \r\n1,798,997.62 39,072,352.75 \r\n \r\n20,976,522.50 \r\n1,340,994.69 487,925.77 324,066.65 949,357.51 \r\n1,807,314.57 239,784.98 \r\n2,006,773.59 1,933,898.48 \r\n140,537.25 82,755.17 41,986.75 \r\n2,271,866.68 - \r\n32,603,784.59 2,798,887.40 \r\n \r\n- \r\n15,822,555.13 \r\n3,925.00 \r\n15,826,480.13 (12,157,699.75) \r\n \r\n- \r\n- \r\n1,000,000.00 1,750.00 \r\n818,000.00 1,819,750.00 (1,818,849.62) \r\n \r\n20,976,522.50 \r\n1,340,994.69 487,925.77 324,066.65 949,357.51 \r\n1,807,314.57 239,784.98 \r\n2,006,773.59 1,933,898.48 \r\n140,537.25 82,755.17 41,986.75 \r\n2,271,866.68 15,822,555.13 \r\n1,000,000.00 5,675.00 \r\n818,000.00 50,250,014.72 (11,177,661.97) \r\n \r\n(750,000.00) (750,000.00) \r\n \r\n750,000.00 (1,078,750.00) \r\n(328,750.00) \r\n \r\n1,078,750.00 - \r\n1,078,750.00 \r\n \r\n1,828,750.00 (1,828,750.00) \r\n- \r\n \r\n2,048,887.40 \r\n \r\n(12,486,449.75) \r\n \r\n(740,099.62) \r\n \r\n(11,177,661.97) \r\n \r\n5,564,285.70 \r\n \r\n15,002,329.43 \r\n \r\n1,058,528.17 \r\n \r\n21,625,143.30 \r\n \r\n$ \r\n \r\n7,613,173.10 $ \r\n \r\n2,515,879.68 $ \r\n \r\n318,428.55 $ \r\n \r\n10,447,481.33 \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 BLECKLEY COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2022 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNet change in fund balances total governmental funds (Exhibit \"E\") \r\nAmounts reported for governmental activities in the Statement of Activities are different because: \r\nGovernmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of capital assets is allocated over their estimated useful lives as depreciation expense. Capital outlay Depreciation expense \r\nThe net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, donations, and disposals) is to decrease net position. \r\nCapital assets purchased with Universal Service Fund (e-rate) proceeds are not reported in governmental funds. However, in the Statement of Activities, the e-rate proceeds are shown as capital grants and contributions. \r\nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \r\nThe issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts and the difference between the carrying value of refunded debt and the acquisition cost of refunded debt when debt is first issued. These amounts are deferred and amortized in the Statement of Activities. Bond principal retirements Amortization of bond premium \r\nDistrict pension/OPEB contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension/OPEB liability is measured a year before the District's report date. Pension/OPEB expense, which is the change in the net pension/OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions/OPEB, is reported in the Statement of Activities. Pension expense OPEB expense \r\nSome items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. Net decrease in accrued interest \r\nChange in net position of governmental activities (Exhibit \"B\") \r\n \r\n$ \r\n \r\n(11,177,661.97) \r\n \r\n$ \r\n \r\n15,846,292.30 \r\n \r\n(1,244,941.74) \r\n \r\n14,601,350.56 (139,935.31) \r\n \r\n95,363.20 86,452.57 \r\n \r\n$ \r\n \r\n1,000,000.00 \r\n \r\n206,001.47 \r\n \r\n1,206,001.47 \r\n \r\n$ \r\n \r\n2,451,774.81 \r\n \r\n572,621.00 \r\n \r\n3,024,395.81 \r\n \r\n(24,550.00) \r\n \r\n$ \r\n \r\n7,671,416.33 \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 (This page left intentionally blank) \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nReporting Entity \r\nThe Bleckley County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nBlended Component Unit \r\nThe Bleckley County School Building Authority (the Authority) was created by House Bill 1312 during the 2008 session of the Georgia General Assembly. The purpose of the Authority is to provide, acquire, construct, equip, maintain, and operate public service facilities, to acquire the necessary property therefore, both real and personal, and to lease or sell any or all of such facilities, including real and personal property for the benefit of the School District. The Authority consists of five members appointed by the governing authority of the School District. The Authority is a component unit of the School District and as such the Authority's financial activity has been blended with the School District's basic financial statements. \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 and its component units. 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 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\n- 8 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \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\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. Eliminations have been made to minimize the double counting of internal activities. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \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\nBasis of Accounting \r\nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, 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. \r\n \r\n- 9 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nRevenue 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 certain revenues reported in the governmental funds to be available if they are collected within 60 days after year-end. The School District considers all intergovernmental revenues to be available if they are collected within 120 days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities are reported as other financing sources. \r\nThe School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted resources available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\nNew Accounting Pronouncements \r\nIn fiscal year 2022, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 87, Leases. The primary objective of this statement is to better meet the information needs of financial statement users by improving accounting and financial reporting for leases by governments. This statement increases the usefulness of government's financial statements by requiring recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract. It establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. The adoption of this statement did not have an impact on the School District's financial statements. \r\nCash and Cash Equivalents \r\nCash and cash equivalents consist of cash on hand, demand deposits, investments in the State of Georgia local government investment pool (Georgia Fund 1) and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated (O.C.G.A.) 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \r\nInvestments \r\nThe School District can invest its funds as permitted by O.C.G.A. 36-83-4. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. \r\n- 10 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nInvestments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. All other investments are reported at fair value. \r\nFor accounting purposes, certificates of deposit are classified as investments if they have an original maturity greater than three months when acquired. \r\nReceivables \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\nInventories \r\nFood Inventories \r\nOn the basic financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (calculated on the first-in, first-out basis). The School District uses the consumption method to account for inventories whereby donated expenditures are recorded as an asset and as revenue when received, and expense/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \r\nPrepaid Items \r\nPayments made to vendors for services that will benefit future accounting periods are recorded as prepaid items, in both the government-wide and governmental fund financial statements. \r\nCapital Assets \r\nOn the government-wide financial statements, capital assets are recorded at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at the acquisition value on the date donated. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. The School District does not capitalize book collections or works of art. \r\nCapital acquisition and construction are recorded as expenditures in the governmental fund financial statements at the time of purchase (including ancillary charges), and the related assets are reported as capital assets in the governmental activities column in the government-wide financial statements. \r\nDepreciation is computed using the straight-line for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \r\n \r\n- 11 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Land Improvements Buildings and Improvements Equipment Intangible Assets \r\n \r\nALL \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ 200,000.00 \r\n \r\nN/A 20 to 80 years 10 to 80 years \r\n5 to 50 years 5 to 10 years \r\n \r\nDeferred Outflows/Inflows of Resources \r\n \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\n \r\nIn the School District's government-wide financial statements, outstanding debt is reported as liabilities. Bond premiums and discounts and the difference between the reacquisition price and the net carrying value of refunded debt are deferred and amortized over the life of the bonds using the straightline method. To conform to generally accepted accounting principles, bond premiums and discounts should be amortized using the effective interest method. The effect of this deviation is deemed to be immaterial to the fair presentation of the basic financial statements. Bond issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \r\n \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\n \r\nPensions \r\n \r\nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\n \r\nPost-Employment Benefits Other Than Pensions (OPEB) \r\n \r\nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Post-Employment Benefit Fund (School OPEB Fund) and additions \r\n \r\n- 12 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nto/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nFund Balances \r\nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \r\nThe School District's fund balances are classified as follows: \r\nNonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \r\nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \r\nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \r\nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \r\nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \r\nUse of Estimates \r\nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \r\nProperty Taxes \r\nThe Bleckley County Board of Commissioners adopted the property tax levy for the 2021 tax digest year (calendar year) on October 15, 2021 (levy date) based on property values as of January 1, 2021. Taxes were due on December 20, 2021 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2021 tax digest are reported as revenue in the governmental funds for fiscal year 2022. The Bleckley County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2022, for maintenance and operations amounted to $3,850,246.23. \r\n- 13 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nThe tax millage rate levied for the 2021 tax digest year (calendar year) for the School District was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n14.286 mills \r\n \r\nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $664,874.15 during fiscal year ended June 30, 2022. \r\n \r\nSales Taxes \r\n \r\nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $1,536,921.83 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\n \r\nNOTE 3: BUDGETARY DATA \r\n \r\nThe budget is a complete financial plan for the School District's fiscal year and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general, debt service and capital projects funds. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds, except the various school activity (principal) accounts, is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate fund level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \r\n \r\nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\n \r\nThe Superintendent is authorized by the Board to approve adjustments of no more than 10% of the amount budgeted for expenditures in any budget function for any fund. The Superintendent shall report any such adjustments to the Board. If expenditure of funds in any budget function for any fund is anticipated to be more than 25% of the budgeted amount, the Superintendent shall request Board approval for the budget amendment. Any position or expenditure not previously approved in the annual budget that exceeds $50,000.00 shall require Board approval unless the Superintendent deems the position or purchase an emergency. In such case, the expenditure shall be reported to the Board at its regularly scheduled meeting. Under no circumstance is the Superintendent or other staff person authorized to spend funds that exceed the total budget without approval by the Board. \r\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\n \r\n- 14 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nNOTE 4: DEPOSITS AND CASH EQUIVALENTS \r\nCollateralization of Deposits \r\nO.C.G.A.  45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A.  45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance. At June 30, 2022, $172,979.70 of deposits were not secured by surety bond, insurance or collateral as specified above. The School District is working with the affected financial institutions to ensure appropriate levels of collateral are maintained for all the School District's deposits. \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, 2022, the School District had deposits with a carrying amount of $8,749,975.13, which includes $3,847.89 in certificate of deposits that are recorded as investments, and a bank balance of $9,965,561.57. The bank balances insured by Federal depository insurance were $2,342,840.21 and the bank balances collateralized with securities held by the pledging financial institution in the School District's name were $7,449,741.66. \r\nAt June 30, 2022, $172,979.70 of the School District's bank balance was uninsured/uncollateralized and exposed to custodial credit risk. \r\n \r\n- 15 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nReconciliation of cash and cash equivalents balances to carrying value of deposits: \r\n \r\nCash and cash equivalents Statement of Net Position \r\n \r\n$ \r\n \r\n11,854,442.61 \r\n \r\nAdd: Deposits with original maturity of three months or more reported as investments \r\n \r\n3,847.89 \r\n \r\nLess: Investment pools reported as cash and cash equivalents \r\nGeorgia Fund 1 \r\n \r\n3,108,315.37 \r\n \r\nTotal carrying value of deposits - June 30, 2022 \r\n \r\n$ \r\n \r\n8,749,975.13 \r\n \r\nCategorization of Cash Equivalents \r\nThe School District reported cash equivalents of $3,108,315.37 in Georgia Fund 1, a local government investment pool, which is included in the cash balances above. Georgia Fund 1 is not registered with the SEC as an investment company and does not operate in a manner consistent with the SEC's Rule 2a-7 of the Investment Company Act of 1940. The investment is valued at the pool's share price, $1.00 per share, which approximates fair value. The pool is an AAAf rated investment pool by Standard and Poor's. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2022 was 43 days. \r\nGeorgia Fund 1, administered by the State of Georgia, Office of the State Treasurer, is not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of the State Treasurer for the Georgia Fund 1, does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State of Georgia Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \r\n \r\n- 16 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nNOTE 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \r\n \r\nBalances July 1, 2021 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2022 \r\n \r\nGovernmental Activities Capital Assets, \r\nNot Being Depreciated: Land Construction in Progress \r\n \r\n$ \r\n \r\n259,480.81 $ \r\n \r\n- $ \r\n \r\n13,859,181.99 \r\n \r\n15,714,918.33 \r\n \r\n- $ 259,480.81 \r\n \r\n- \r\n \r\n29,574,100.32 \r\n \r\nTotal Capital Assets Not Being Depreciated \r\n \r\n14,118,662.80 \r\n \r\n15,714,918.33 \r\n \r\n- \r\n \r\n29,833,581.13 \r\n \r\nCapital Assets, Being Depreciated Buildings and Improvements Equipment Land Improvements \r\n \r\n44,482,035.29 4,667,297.53 1,863,814.39 \r\n \r\n23,737.17 203,000.00 \r\n \r\n1,576,753.00 27,720.00 \r\n150,000.00 \r\n \r\n42,905,282.29 4,663,314.70 1,916,814.39 \r\n \r\nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \r\n \r\n14,259,102.73 3,433,902.86 848,918.78 \r\n \r\n977,462.55 213,320.45 \r\n54,158.74 \r\n \r\n1,436,817.69 27,720.00 \r\n150,000.00 \r\n \r\n13,799,747.59 3,619,503.31 753,077.52 \r\n \r\nTotal Capital Assets, Being Depreciated, Net \r\n \r\n32,471,222.84 \r\n \r\n(1,018,204.57) \r\n \r\n139,935.31 \r\n \r\n31,313,082.96 \r\n \r\nGovernmental Activities Capital Assets - Net \r\n \r\n$ 46,589,885.64 $ 14,696,713.76 $ \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction Support Services \r\nPupil Services Maintenance and Operation of Plant Student Transportation Services Food Services \r\n \r\n$ \r\n \r\n29,746.83 \r\n \r\n18,378.75 \r\n \r\n135,950.55 \r\n \r\n139,935.31 $ 61,146,664.09 $ 1,032,791.41 \r\n184,076.13 28,074.20 \r\n \r\n$ 1,244,941.74 \r\n \r\n- 17 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nNOTE 6: INTERFUND TRANSFERS Interfund transfers for the year ended June 30, 2022, consisted of the following: \r\n \r\nTransfers To \r\n \r\nGeneral Fund \r\n \r\nTransfers From Capital Projects \r\nFund \r\n \r\nTotal \r\n \r\nCapital Projects Fund Debt Service Fund \r\n \r\n$ 750,000.00 $ - \r\n \r\n- $ 750,000.00 \r\n \r\n1,078,750.00 \r\n \r\n1,078,750.00 \r\n \r\nTotal \r\n \r\n$ 750,000.00 $ 1,078,750.00 $ 1,828,750.00 \r\n \r\nThe general fund transferred property tax revenues to the capital projects fund to provide supplemental funding for capital construction projects. The capital projects fund transferred SPLOST revenue to the debt service fund to service debt associated with the ESPLOST referendum. \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, 2021 \r\n \r\nGovernmental Activities \r\n \r\nBalance \r\n \r\nAdditions \r\n \r\nDeductions \r\n \r\nJune 30, 2022 \r\n \r\nDue Within One Year \r\n \r\nGeneral Obligation (G.O.) Bonds $ 18,040,000.00 $ \r\n \r\nUnamortized Bond Premiums \r\n \r\n3,612,464.22 \r\n \r\n- $ 1,000,000.00 $ 17,040,000.00 $ 1,040,000.00 \r\n \r\n- \r\n \r\n206,001.47 \r\n \r\n3,406,462.75 \r\n \r\n177,311.48 \r\n \r\n$ 21,652,464.22 $ \r\n \r\n- $ 1,206,001.47 $ 20,446,462.75 $ 1,217,311.48 \r\n \r\nGeneral Obligation Debt Outstanding \r\nThe School District's bonded debt consists of general obligation bonds that are generally noncallable with interest payable semiannually. Bond proceeds primarily pay for acquiring or constructing capital facilities. The School District repays general obligation bonds from voter-approved 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, 2022. In the event the entity is unable to make the principal and interest payments using proceeds from the Education Special Purpose Local Option Sales Tax (ESPLOST), the debt will be satisfied from a direct annual ad valorem tax levied upon all taxable property within the School District. Additional security is provided by the State of Georgia Intercept Program which allows for state appropriations entitled to the School District to be transferred to the Debt Service Account Custodian for the payment of debt. \r\n \r\n- 18 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nGeneral 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 2009 General Government - Series 2020 \r\n \r\n2.00% - 5.00% 4.00% - 5.00% \r\n \r\n12/1/2009 5/7/2020 \r\n \r\n10/1/2022 $ 8,900,000.00 $ 1,040,000.00 10/1/2042 16,000,000.00 16,000,000.00 \r\n \r\n$ 24,900,000.00 $ 17,040,000.00 \r\n \r\nThe following schedule details debt service requirements to maturity for the School District's total general obligation bonds payable: \r\n \r\nFiscal Year Ended June 30: \r\n \r\nGeneral Obligation Debt \r\n \r\nPrincipal \r\n \r\nInterest \r\n \r\nUnamortized Bond Premium \r\n \r\n2023 2024 2025 2026 2027 2028 - 2032 2033 - 2037 2038 - 2042 2043 \r\n \r\n$ 1,040,000.00 $ 767,000.00 $ 177,311.47 \r\n \r\n485,000.00 \r\n \r\n731,300.00 \r\n \r\n167,748.12 \r\n \r\n510,000.00 \r\n \r\n711,400.00 \r\n \r\n167,748.12 \r\n \r\n535,000.00 \r\n \r\n690,500.00 \r\n \r\n167,748.12 \r\n \r\n560,000.00 \r\n \r\n668,600.00 \r\n \r\n167,748.12 \r\n \r\n3,250,000.00 \r\n \r\n2,944,575.00 \r\n \r\n838,740.59 \r\n \r\n4,145,000.00 \r\n \r\n2,074,850.00 \r\n \r\n838,740.59 \r\n \r\n5,295,000.00 \r\n \r\n992,625.00 \r\n \r\n838,740.59 \r\n \r\n1,220,000.00 \r\n \r\n30,500.00 \r\n \r\n41,937.03 \r\n \r\nTotal Principal and Interest $ 17,040,000.00 $ 9,611,350.00 $ 3,406,462.75 \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 exceed commercial insurance coverage in any of the past three fiscal years. \r\nGeorgia School Boards Association Risk Management Fund \r\nThe School District participates in the Georgia School Boards Association Risk Management Fund (the Fund), a public entity risk pool organized on August 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, errors and omissions liability, cyber risk and property damage, including safety engineering and other loss prevention and control techniques, and to administer the Fund including the processing and defense of claims brought against members of the Fund. The School District pays an annual contribution to the Fund for coverage. Reinsurance is provided to the Fund through agreements by the Fund with insurance companies according to their specialty for property (including coverage for flood and earthquake), machinery breakdown, general liability, errors and omissions, crime, cyber risk and automobile risks. Reinsurance limits and retentions vary by line of coverage. \r\n- 19 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nWorkers' Compensation \r\n \r\nGeorgia School Boards Association Workers' Compensation Fund \r\n \r\nThe School District participates in the Georgia School Boards Association Workers' Compensation Fund (the Fund), a public entity risk pool organized on July 1, 1992, to develop, implement, and administer a program to reduce the risk of loss from employee accidents. The School District pays an annual contribution to the Fund for coverage. The Fund provides statutory limits of coverage for Workers' Compensation coverage and a $2,000,000 limit per occurrence for Employers' Liability coverage. Excess insurance coverage is provided through an agreement between the Fund and the Safety National Casualty Corporation to limit the Fund's exposure to large losses. \r\n \r\nUnemployment Compensation \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. 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\nBegi nni ng of Year Li a bi l i ty \r\n \r\nClaims and Changes in Es ti ma tes \r\n \r\nCl a i ms Paid \r\n \r\nEnd of Year Li a bi l i ty \r\n \r\n2021 $ 2022 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n410.00 \r\n \r\n$ \r\n \r\n7,463.50 \r\n \r\n$ \r\n \r\n(223.04) $ \r\n \r\n7,053.50 \r\n \r\n$ \r\n \r\n186.96 \r\n \r\n$ \r\n \r\n410.00 - \r\n \r\nSurety Bond \r\n \r\nThe School District purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent \r\n \r\n$ \r\n \r\n50,000.00 \r\n \r\nDriver's Education \r\n \r\n$ \r\n \r\n10,000.00 \r\n \r\n- 20 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nNOTE 9: FUND BALANCE CLASSIFICATION DETAILS \r\n \r\nThe School District's financial statements include the following amounts presented in the aggregate at June 30, 2022: \r\n \r\nNonspendable \r\n \r\nInventories \r\n \r\n$ \r\n \r\n53,699.99 \r\n \r\nPrepaid Assets \r\n \r\n40,599.22 $ \r\n \r\n94,299.21 \r\n \r\nRestricted \r\n \r\nContinuation of Federal Programs $ 1,214,087.94 \r\n \r\nCapital Projects \r\n \r\n1,397,808.23 \r\n \r\nDebt Service \r\n \r\n1,436,500.00 \r\n \r\n4,048,396.17 \r\n \r\nUnassigned \r\n \r\n6,304,785.95 \r\n \r\nFund Balance, June 30, 2022 \r\n \r\n$ 10,447,481.33 \r\n \r\nWhen multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \r\n \r\nNOTE 10: BROADBAND SPECTRUM AGREEMENT \r\n \r\nEffective August 18, 2005, the School District entered into a five year agreement with automatic renewals, with Nextel Spectrum Acquisition Corporation for the use of excess spectrum capacity on Education Broadband Service licenses currently held by School District. These licenses were granted to the School District by the Federal Communications Commission. The agreement requires monthly payments over the term of the agreement, of which $28,459.44 was recognized during fiscal year 2022 as a general revenue on the Statement of Activities. \r\n \r\nNOTE 11: SIGNIFICANT COMMITMENTS \r\n \r\nCommitments Under Construction Contracts \r\n \r\nThe following is an analysis of significant outstanding construction or renovation contracts executed by the School District as of June 30, 2022, together with funding available: \r\n \r\nProject \r\n \r\nUnearned Executed Contracts (1) \r\n \r\nPayments through June 30, 2022 (2) \r\n \r\nFunding Available From State (1) \r\n \r\nNew Bleckley County Primary School and Athletic Renovations $ 1,353,698.54 $ 28,859,895.80 $ 926,115.10 \r\n \r\n(1) The amounts described are not reflected in the basic financial statements. (2) Payments include contracts and retainges payable at year end. \r\n \r\n- 21 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nNOTE 12: SIGNIFICANT CONTINGENT LIABILITIES \r\nFederal Grants \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\nNOTE 13: OTHER POST-EMPLOYMENT BENEFITS (OPEB) \r\nGeorgia School Personnel Post-Employment Health Benefit Fund \r\nPlan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit post-employment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board. \r\nBenefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. \r\nContributions: As established by the Board, the School OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $513,428.00 for the year ended June 30, 2022. Active employees are not required to contribute to the School OPEB Fund. \r\nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \r\nAt June 30, 2022, the School District reported a liability of $14,186,434.00 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of June 30, 2021. The total OPEB liability used to calculate the net OPEB liability was based on an actuarial valuation as of June 30, 2020. An expected total OPEB liability as of June 30, 2021 was determined using standard roll-forward techniques. The School District's proportion of the net OPEB liability was actuarially determined based on employer contributions during the fiscal year ended June 30, 2021. At June 30, 2021, the School District's proportion was 0.130982%, which was a decrease of 0.002240% from its proportion measured as of June 30, 2020. \r\n \r\n- 22 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nFor the year ended June 30, 2022, the School District recognized OPEB expense of ($59,193.00). At June 30, 2022, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \r\n \r\nOPEB \r\n \r\nDeferred \r\n \r\nDeferred \r\n \r\nOutflows of \r\n \r\nInflows of \r\n \r\nResources \r\n \r\nResources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ \r\n \r\n- $ 6,477,481.00 \r\n \r\nChanges of assumptions \r\n \r\n2,597,755.00 \r\n \r\n1,157,604.00 \r\n \r\nNet difference between projected and actual earnings on OPEB plan investments \r\n \r\n- \r\n \r\n22,495.00 \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n528,819.00 \r\n \r\n417,793.00 \r\n \r\nSchool District contributions subsequent to \r\n \r\nthe measurement date \r\n \r\n513,428.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 3,640,002.00 $ 8,075,373.00 \r\n \r\nSchool District contributions subsequent to the measurement date are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nOPEB \r\n \r\n2023 2024 2025 2026 2027 Thereafter \r\n \r\n$ (1,283,764.00) $ (1,157,699.00) $ (810,107.00) $ (596,469.00) $ (849,186.00) $ (251,574.00) \r\n \r\n- 23 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nActuarial Assumptions: The total OPEB liability as of June 30, 2021 was determined by an actuarial valuation as of June 30, 2020 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2021: \r\n \r\nOPEB: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases \r\n \r\n3.00%  8.75%, including inflation \r\n \r\nLong-term expected rate of return Healthcare cost trend rate \r\n \r\n7.00%, compounded annually, net of investment expense, and including inflation \r\n \r\nPre-Medicare Eligible Medicare Eligible Ultimate trend rate \r\n \r\n6.75% 5.13% \r\n \r\nPre-Medicare Eligible Medicare Eligible Year of Ultimate trend rate \r\n \r\n4.50% 4.50% \r\n \r\nPre-Medicare Eligible \r\n \r\n2029 \r\n \r\nMedicare Eligible \r\n \r\n2023 \r\n \r\nMortality rates were based on the Pub-2010 Mortality Tables for Males or Females, as appropriate, as follows: \r\n \r\n For TRS members: Post-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP- 2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% was used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \r\n \r\n For PSERS members: Pre-retirement mortality rates were based on the Pub-2010 General Employee Mortality Table, with no adjustment, with the MP-2019 Projections scale applied generationally. Post-retirement mortality rates for service retirements were based on the Pub-2010 General Healthy Annuitant Mortality Table (ages set forward one year and adjusted 105% for males and 108% for females) with the MP-2019 Projection scale applied generationally. Post-retirement mortality rates for disability retirements were based on the Pub-2010 General Disabled Mortality Table (ages set back three years for males and adjusted 103% for males and 106% for females) with the MP-2019 Projections scaled applied \r\n \r\n- 24 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\ngenerationally. Post-retirement mortality rates for beneficiaries were based on the Pub-2010 General Contingent Survivor Mortality Table (ages set forward two years and adjust 106% for males and 158% for females) with the MP-2019 Project scale applied generationally. \r\n \r\nThe actuarial assumptions used in the June 30, 2020 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2018, with the exception of the assumed annual rate of inflation with changed from 2.75% to 2.50%, effective with the June 30, 2018 valuation. \r\n \r\nThe remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2020 valuation were based on a review of recent plan experience done concurrently with the June 30, 2020 valuation. \r\n \r\nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \r\n \r\nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset class \r\n \r\nTarget allocation \r\n \r\nLong-Term Expected Real Rate of Return* \r\n \r\nFixed income Equities \r\n \r\n30.00% 70.00% \r\n \r\n0.14% 9.20% \r\n \r\nTotal \r\n \r\n100.00% \r\n \r\n*Net of Inflation \r\nDiscount Rate: In order to measure the total OPEB liability for the School OPEB Fund, a single equivalent interest rate of 2.20% was used as the discount rate, as compared with last year's rate of 2.22%. This is comprised mainly of the yield or index rate for 20-year tax-exempt general obligation bonds with an average rating of AA or higher (2.16% per the Municipal Bond Index Rate). The projection of cash flows used to determine the discount rate assumed that contributions from members and from the employers will be made at the current level as averaged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2145. \r\n \r\n- 25 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net OPEB liability calculated using the discount rate of 2.20%, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (1.20%) or 1-percentage-point higher (3.20%) than the current discount rate: \r\n \r\nSchool District's proportionate share of the Net OPEB liability \r\n \r\n1% Decrease (1.20%) \r\n \r\nCurrent Discount Rate (2.20%) \r\n \r\n1% Increase (3.20%) \r\n \r\n$ 16,218,276.00 $ \r\n \r\n14,186,434.00 $ 12,485,590.00 \r\n \r\nSensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates: The following presents the School District's proportionate share of the net OPEB liability, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates: \r\n \r\n1% Decrease \r\n \r\nCurrent Healthcare Cost Trend Rate \r\n \r\n1% Increase \r\n \r\nSchool District's proportionate share of the Net OPEB liability \r\n \r\n$ 12,037,739.00 $ \r\n \r\n14,186,434.00 $ 16,872,472.00 \r\n \r\nOPEB Plan Fiduciary Net Position: Detailed information about the OPEB plan's fiduciary net position is available in the Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \r\nNOTE 14: 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 \r\n \r\n- 26 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\ncompensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. \r\nContributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Pursuant to O.C.G.A. 47-3-63, the employer contributions for certain full-time public school support personnel are funded on behalf of the employer by the State of Georgia. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2022. The School District's contractually required contribution rate for the year ended June 30, 2022 was 19.81% of annual School District payroll, of which 19.64% of payroll was required from the School District and 0.17% of payroll was required from the State. For the current fiscal year, employer contributions to the pension plan were $2,995,729.81 and $27,037.08 from the School District and the State, respectively. \r\nPublic School Employees Retirement System (PSERS) \r\nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \r\nBenefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \r\nUpon retirement, the member will receive a monthly benefit of $15.50, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits. \r\nContributions: The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. \r\nIndividuals who became members prior to July 1, 2012 contribute $4 per month for nine months each fiscal year. Individuals who became members on or after July 1, 2012 contribute $10 per month for nine months each fiscal year. The State of Georgia, although not the employer of PSERS members, is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS Board of Trustees. The current fiscal year contribution was $75,524.00. \r\n \r\n- 27 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \r\n \r\nAt June 30, 2022, the School District reported a liability of $10,210,252.00 for its proportionate share of the net pension liability for TRS. \r\n \r\nThe TRS net pension liability reflected a reduction for support provided to the School District by the State of Georgia for certain public school support personnel. The amount recognized by the School District as its proportionate share of the net pension liability, the related State of Georgia support, and the total portion of the net pension liability that was associated with the School District were as follows: \r\n \r\nSchool District's proportionate share of the net pension liability \r\n \r\n$ 10,210,252.00 \r\n \r\nState of Georgia's proportionate share of the net pension liability associated with the School District \r\n \r\n94,900.00 \r\n \r\nTotal \r\n \r\n$ 10,305,152.00 \r\n \r\nThe net pension liability for TRS was measured as of June 30, 2021. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2020. An expected total pension liability as of June 30, 2021 was determined using standard roll-forward techniques. The School District's proportion of the net pension liability was based on contributions to TRS during the fiscal year ended June 30, 2021. \r\nAt June 30, 2021, the School District's TRS proportion was 0.115444%, which was an increase of 0.008016% from its proportion measured as of June 30, 2020. \r\nAt June 30, 2022, the School District did not have a PSERS liability for a proportionate share of the net pension liability because of a Special Funding Situation with the State of Georgia, which is responsible for the net pension liability of the plan. The amount of the State's proportionate share of the net pension liability associated with the School District is $61,577.00. \r\nThe PSERS net pension liability was measured as of June 30, 2021. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2020. An expected total pension liability as of June 30, 2021 was determined using standard roll-forward techniques. The State's proportion of the net pension liability associated with the School District was based on actuarially determined contributions paid by the State during the fiscal year ended June 30, 2021. \r\nFor the year ended June 30, 2022, the School District recognized pension expense of $494,242.00 for TRS and $647.00 for PSERS and revenue of ($49,713.00) for TRS and $647.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \r\n \r\n- 28 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nAt June 30, 2022, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \r\n \r\nDeferred Outflows of Resources \r\n \r\nTRS Deferred Inflows of Resources \r\n \r\nDifferences between expected and actual \r\n \r\nexperience \r\n \r\n$ 2,436,491.00 $ \r\n \r\n- \r\n \r\nChanges of assumptions \r\n \r\n1,976,161.00 \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\n14,934,714.00 \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n1,406,037.00 \r\n \r\n600,317.00 \r\n \r\nSchool District contributions subsequent to \r\n \r\nthe measurement date \r\n \r\n2,995,729.81 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 8,814,418.81 $ 15,535,031.00 \r\n \r\nThe School District contributions subsequent to the measurement date for TRS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nTRS \r\n \r\n2023 2024 2025 2026 \r\n \r\n$ (1,810,418.00) $ (1,890,889.00) $ (2,572,611.00) $ (3,442,424.00) \r\n \r\n- 29 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nActuarial Assumptions: The total pension liability as of June 30, 2021 was determined by an actuarial valuation as of June 30, 2020, using the following actuarial assumptions, applied to all periods included in the measurement: \r\n \r\nTeachers Retirement System: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases \r\n \r\n3.00%  8.75%, average, including inflation \r\n \r\nInvestment rate of return \r\n \r\n7.25%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases \r\n \r\n1.50% semi-annually \r\n \r\nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \r\n \r\nThe actuarial assumptions used in the June 30, 2020 valuation were based on the results of an actuarial experience study for the period July 1, 2013  June 30, 2018. \r\n \r\nPublic School Employees Retirement System: \r\n \r\nInflation Salary increases Investment rate of return \r\n \r\n2.50% \r\nN/A \r\n7.00%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases \r\n \r\n1.50% semi-annually \r\n \r\n- 30 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nMortality rates are as follows: \r\n \r\n The Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale is used for both males and females while in active service. \r\n The Pub-2010 Family of Tables projected generationally with the MP-2019 Scale and with further adjustments are used for post-retirement mortality assumptions as follows: \r\n \r\nParticipant Type \r\n \r\nMembership Table \r\n \r\nSet Forward (+) / Setback (-) \r\n \r\nAdjustment to Rates \r\n \r\nService Retirees \r\nDisability Retirees Beneficiaries \r\n \r\nGeneral Healthy Below Median Annuitant General Disabled General Below - Median Contingent Survivors \r\n \r\nMale: +2; Female: +2 Male: -3; Female: 0 \r\nMale: +2; Female: +2 \r\n \r\nMale: 101%; Female: 103% Male: 103%; Female: 106% \r\nMale: 104%; Female: 99% \r\n \r\nThe actuarial assumptions used in the June 30, 2020 valuation were based on the results of an actuarial experience study for the period July 1, 2014  June 30, 2019. \r\n \r\nThe long-term expected rate of return on TRS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset class \r\n \r\nTRS Target allocation \r\n \r\nLong-term expected real rate of return* \r\n \r\nPSERS Target allocation \r\n \r\nLong-term expected real rate of return* \r\n \r\nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \r\n \r\n30.00% 46.30% \r\n1.20% 11.50% \r\n6.00% 5.00% \r\n \r\n(0.80)% 9.30% 13.30% 9.30% 11.30% 10.60% \r\n \r\n30.00% 46.40% \r\n1.10% 11.70% \r\n5.80% 5.00% \r\n \r\n(1.50)% 9.20% 13.40% 9.20% 10.40% 10.60% \r\n \r\nTotal \r\n \r\n100.00% \r\n \r\n100.00% \r\n \r\n* Rates shown are net of inflation \r\nDiscount Rate: The discount rate used to measure the total TRS pension liability was 7.25%. The discount rate used to measure the total PSERS pension liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS and PSERS pension plans' fiduciary net position were projected to be \r\n \r\n- 31 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\navailable to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \r\n \r\nSensitivity of the School District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 7.25%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.25%) or 1-percentage-point higher (8.25%) than the current rate: \r\n \r\nTeachers Retirement System: \r\n \r\n1% Decrease (6.25%) \r\n \r\nCurrent Discount Rate (7.25%) \r\n \r\n1% Increase (8.25%) \r\n \r\nSchool District's proportionate share of the net pension liability \r\n \r\n$ 27,503,713.00 $ \r\n \r\n10,210,252.00 $ (3,960,547.00) \r\n \r\nPension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \r\n \r\nDefined Contribution Plan \r\n \r\nIn lieu of participating in the Federal Social Security program, the School District offers all employees not covered under the program the opportunity to participate in one of two 457(b) deferred contribution plans. Recognizing that employees may want to contribute additional funds to their retirement accounts, it was the School Board's decision to offer such an option for employees. \r\n \r\nThe School District selected both VALIC and National Life Insurance Company as the providers of these plans. While the plans are the same, the School District wanted to allow employees the opportunity to choose the company with which their account is held. For each participating employee, the Board began contributing to the plan an amount equal to a 100% match of the employee's contribution up to 4% of the employee's base pay. \r\n \r\nAll contributions, disbursements, and loans are governed by Internal Revenue Service rules and regulations as well as the plan document approved by the School District. There is no vesting period for the plan and employee participation is not mandatory. \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\n2022 2021 2020 \r\n \r\n100% 100% 100% \r\n \r\n$ \r\n \r\n464,278.00 \r\n \r\n$ \r\n \r\n348,957.94 \r\n \r\n$ \r\n \r\n379,041.82 \r\n \r\nNOTE 15: RELATED PARTY TRANSACTIONS \r\nDuring the year under review, the School District conducted business with one related party, Rozier Auto Parts. Rozier Auto Parts is owned by the Finance Director's husband's family. Current year expenditures for Rozier Auto Parts total $7,953.54. \r\n \r\n- 32 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2022 \r\n \r\nEXHIBIT \"G\" \r\n \r\nNOTE 16: SPECIAL ITEM \r\nDuring the current fiscal year, the School District demolished the former Bleckley County High School building to allow for the construction of the new Bleckley County Primary School. The demolished high school building, athletics facility and press box had a carrying value of $139,935.31. The loss from the demolished buildings is reported on the Statement of Activities as a special item. \r\n \r\n- 33 - \r\n \r\n (This page left intentionally blank) \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"1\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the Net Pension \r\nLiability (NPL) \r\n \r\nSchool District's proportionate share \r\nof the NPL \r\n \r\nState of Georgia's proportionate share of the NPL associated \r\nwith the School District \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share \r\nof the NPL as a percentage of its covered payroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total pension liability \r\n \r\n2022 2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.115444% $ 10,210,252.00 $ 0.107428% $ 26,023,266.00 $ 0.108085% $ 23,241,198.00 $ 0.115564% $ 21,451,154.00 $ 0.111939% $ 20,804,208.00 $ 0.112846% $ 23,281,388.00 $ 0.113809% $ 17,326,290.00 $ 0.113422% $ 14,329,374.00 $ \r\n \r\n94,900.00 236,425.00 222,123.00 198,244.00 343,456.00 542,805.00 412,723.00 329,613.00 \r\n \r\n$ 10,305,152.00 $ 26,259,691.00 $ 23,463,321.00 $ 21,649,398.00 $ 21,147,664.00 $ 23,824,193.00 $ 17,739,013.00 $ 14,658,987.00 \r\n \r\n$ 15,159,813.38 $ 13,975,768.69 $ 13,318,312.29 $ 13,891,719.37 $ 13,064,761.59 $ 12,667,465.64 $ 12,299,400.07 $ 11,837,505.64 \r\n \r\n67.35% 186.20% 174.51% 154.42% 159.24% 183.79% 140.87% 121.05% \r\n \r\n92.03% 77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 35 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"2\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required contribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered payroll \r\n \r\nContribution as a percentage of covered \r\npayroll \r\n \r\n2022 \r\n \r\n$ \r\n \r\n2021 \r\n \r\n$ \r\n \r\n2020 \r\n \r\n$ \r\n \r\n2019 \r\n \r\n$ \r\n \r\n2018 \r\n \r\n$ \r\n \r\n2017 \r\n \r\n$ \r\n \r\n2016 \r\n \r\n$ \r\n \r\n2015 \r\n \r\n$ \r\n \r\n2,995,729.81 $ 2,862,858.00 $ 2,927,885.56 $ 2,757,125.03 $ 2,313,812.96 $ 1,834,059.26 $ 1,767,095.82 $ 1,579,743.81 $ \r\n \r\n2,995,729.81 $ 2,862,858.00 $ 2,927,885.56 $ 2,757,125.03 $ 2,313,812.96 $ 1,834,059.26 $ 1,767,095.82 $ 1,579,743.81 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n15,252,016.00 15,159,813.38 13,975,768.69 13,318,312.29 13,891,719.37 13,064,761.59 12,667,465.64 12,299,400.07 \r\n \r\n19.64% 18.88% 20.95% 20.70% 16.66% 14.04% 13.95% 12.84% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 36 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"3\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the \r\nNet Pension Liability (NPL) \r\n \r\nSchool District's proportionate share \r\nof the NPL \r\n \r\nState of Georgia's proportionate share of \r\nthe NPL associated with the School District \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share \r\nof the NPL as a percentage of its covered payroll \r\n \r\nPlan fiduciary net position as a \r\npercentage of the total pension liability \r\n \r\n2022 2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n61,577.00 411,519.00 405,620.00 348,127.00 306,322.00 405,517.00 267,010.00 239,626.00 \r\n \r\n$ 61,577.00 $ $ 411,519.00 $ $ 405,620.00 $ $ 348,127.00 $ $ 306,322.00 $ $ 405,517.00 $ $ 267,010.00 $ $ 239,626.00 $ \r\n \r\n755,750.51 780,659.73 800,531.63 744,680.75 701,720.36 698,123.79 688,106.87 688,182.25 \r\n \r\nN/A \r\n \r\n98.00% \r\n \r\nN/A \r\n \r\n84.45% \r\n \r\nN/A \r\n \r\n85.02% \r\n \r\nN/A \r\n \r\n85.26% \r\n \r\nN/A \r\n \r\n85.69% \r\n \r\nN/A \r\n \r\n81.00% \r\n \r\nN/A \r\n \r\n87.00% \r\n \r\nN/A \r\n \r\n88.29% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 37 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \r\nSCHOOL OPEB FUND \r\n \r\nSCHEDULE \"4\" \r\n \r\nFor the Year Ended June \r\n30 \r\n \r\nSchool District's proportion of the \r\nNet OPEB Liability (NOL) \r\n \r\nSchool District's proportionate share \r\nof the NOL \r\n \r\nState of Georgia's proportionate share of the NOL associated \r\nwith the School District \r\n \r\nTotal \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nSchool District's proportionate share \r\nof the NOL as a percentage of its covered-employee \r\npayroll \r\n \r\nPlan fiduciary net position as a percentage of the total OPEB \r\nliability \r\n \r\n2022 2021 2020 2019 2018 \r\n \r\n0.130982% $ 14,186,434.00 $ 0.133222% $ 19,567,209.00 $ 0.132829% $ 16,300,968.00 $ 0.126814% $ 16,117,670.00 $ 0.127887% $ 17,968,072.00 $ \r\n \r\n- \r\n \r\n$ 14,186,434.00 $ 11,473,420.48 \r\n \r\n- \r\n \r\n$ 19,567,209.00 $ 10,124,568.40 \r\n \r\n- \r\n \r\n$ 16,300,968.00 $ 9,728,022.24 \r\n \r\n- \r\n \r\n$ 16,117,670.00 $ 9,902,646.68 \r\n \r\n- \r\n \r\n$ 17,968,072.00 $ 9,392,659.42 \r\n \r\n123.65% 193.26% 167.57% 162.76% 191.30% \r\n \r\n6.14% 3.99% 4.63% 2.93% 1.61% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 38 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \r\n \r\nSCHEDULE \"5\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required contribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nContribution as a percentage of covered- \r\nemployee payroll \r\n \r\n2022 \r\n \r\n$ \r\n \r\n2021 \r\n \r\n$ \r\n \r\n2020 \r\n \r\n$ \r\n \r\n2019 \r\n \r\n$ \r\n \r\n2018 \r\n \r\n$ \r\n \r\n2017 \r\n \r\n$ \r\n \r\n513,428.00 $ 487,230.00 $ 450,524.00 $ 715,377.00 $ 657,264.00 $ 666,817.00 $ \r\n \r\n513,428.00 $ 487,230.00 $ 450,524.00 $ 715,377.00 $ 657,264.00 $ 666,817.00 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n12,039,255.27 \r\n \r\n- \r\n \r\n$ \r\n \r\n11,473,420.48 \r\n \r\n- \r\n \r\n$ \r\n \r\n10,124,568.40 \r\n \r\n- \r\n \r\n$ \r\n \r\n9,728,022.24 \r\n \r\n- \r\n \r\n$ \r\n \r\n9,902,646.68 \r\n \r\n- \r\n \r\n$ \r\n \r\n9,392,659.42 \r\n \r\n4.26% 4.25% 4.45% 7.35% 6.64% 7.10% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 39 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \r\nFOR THE YEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"6\" \r\n \r\nTeachers Retirement System Change of benefit terms: There have been no changes in benefit terms. \r\nChanges of assumptions: On November 18, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males). \r\nOn May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed annual rate of inflation has been reduced from 2.75% to 2.50%. \r\nIn 2019 and later, the expectation of retired life mortality was changed to the Pub-2010 Teacher Headcount Weighted Below Median Healthy Retiree mortality table from the RP-2000 Mortality Tables. In 2019, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \r\nPublic School Employees Retirement System Changes of benefit terms: There have been no changes in benefit terms. \r\nChanges of assumptions: On December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP-2000 Blue Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females). \r\nA new funding policy was initially adopted by the Board on March 15, 2018, and most recently amended on December 17, 2020. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for the June 30, 2017 actuarial valuation and further reduced from 7.40% to 7.30% for the June 30, 2018 actuarial valuation. \r\nOn December 17, 2020, the Board adopted recommended changes to the economic and demographic assumption utilized by the System based on the experience study prepared for the five-year period ending June 30, 2019. Primary among the changes were the updates to rates or mortality, retirement, disability, and withdrawal. This also included a change to the long-term assumed investment rate of return to 7.00%. These assumption changes are reflected in the calculation of the June 30, 2021 Total Pension Liability. \r\nSchool OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. \r\nChanges in assumptions: June 30, 2020 valuation: Decremental assumptions were changed to reflect the Employees Retirement Systems experience study. Approximately 0.10% of employees are members of the Employees Retirement System. \r\nJune 30, 2019 valuation: Decremental assumptions were changed to reflect the Teachers Retirement Systems experience study. \r\nJune 30, 2018 valuation: The inflation assumption was lowered from 2.75% to 2.50%. \r\nJune 30, 2017 valuation: The participation assumption, tobacco use assumption and morbidity factors were revised. \r\nJune 30, 2015 valuation: Decremental and underlying inflation assumptions were changed to reflect to Retirement Systems' experience studies. \r\nJune 30, 2012 valuation: A data audit was performed and data collection procedures and assumptions were changed. \r\nThe discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017, to 3.87% as of June 30, 2018, back to 3.58% as of June 30, 2019, and to 2.22% as of June 30, 2020. \r\n \r\n- 40 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"7\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Community Services Operation Food Services Operation Total Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES(USES) Operating Transfers From Other Funds Operating Transfers To Other Funds Total Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nAdjustments \r\nFund Balances - Ending \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\nACTUAL AMOUNTS \r\n \r\nVARIANCE OVER/UNDER \r\n \r\n$ \r\n \r\n4,392,416.00 $ \r\n \r\n4,392,416.00 $ \r\n \r\n4,529,221.24 $ \r\n \r\n136,805.24 \r\n \r\n- \r\n \r\n- \r\n \r\n78,423.14 \r\n \r\n78,423.14 \r\n \r\n19,080,952.00 \r\n \r\n20,548,022.00 \r\n \r\n21,400,236.79 \r\n \r\n852,214.79 \r\n \r\n6,696,199.00 \r\n \r\n8,843,984.02 \r\n \r\n7,255,198.44 \r\n \r\n(1,588,785.58) \r\n \r\n- \r\n \r\n149,700.00 \r\n \r\n336,002.20 \r\n \r\n186,302.20 \r\n \r\n- \r\n \r\n400.00 \r\n \r\n4,592.56 \r\n \r\n4,192.56 \r\n \r\n150,000.00 \r\n \r\n200,500.00 \r\n \r\n1,798,997.62 \r\n \r\n1,598,497.62 \r\n \r\n30,319,567.00 \r\n \r\n34,135,022.02 \r\n \r\n35,402,671.99 \r\n \r\n1,267,649.97 \r\n \r\n21,131,377.33 \r\n1,399,798.39 667,740.33 351,063.80 870,679.83 \r\n1,680,454.73 247,281.40 \r\n2,242,147.53 1,893,529.56 \r\n145,351.75 105,418.36 \r\n1,372.95 2,134,606.28 32,870,822.24 (2,551,255.24) \r\n \r\n21,997,891.74 \r\n1,482,406.89 727,244.83 351,063.80 878,844.83 \r\n1,711,443.73 247,281.40 \r\n2,243,570.53 2,512,056.56 \r\n145,351.75 111,418.36 \r\n1,372.95 2,166,686.11 34,576,633.48 (441,611.46) \r\n \r\n20,976,522.50 \r\n1,340,994.69 487,925.77 324,066.65 949,357.51 \r\n1,807,314.57 239,784.98 \r\n2,006,773.59 1,933,898.48 \r\n140,537.25 82,755.17 41,986.75 2,271,866.68 32,603,784.59 2,798,887.40 \r\n \r\n48,514.00 (48,514.00) \r\n- \r\n \r\n(2,551,255.24) \r\n \r\n5,317,925.04 \r\n \r\n10,803.35 \r\n \r\n$ \r\n \r\n2,777,473.15 $ \r\n \r\n48,514.00 (48,514.00) \r\n- \r\n(441,611.46) \r\n5,317,925.04 \r\n1,586.64 \r\n4,877,900.22 $ \r\n \r\n(750,000.00) (750,000.00) \r\n2,048,887.40 \r\n5,564,285.70 \r\n- \r\n7,613,173.10 $ \r\n \r\n1,021,369.24 \r\n141,412.20 239,319.06 \r\n26,997.15 (70,512.68) (95,870.84) \r\n7,496.42 236,796.94 578,158.08 \r\n4,814.50 28,663.19 (40,613.80) (105,180.57) 1,972,848.89 3,240,498.86 \r\n(48,514.00) (701,486.00) (750,000.00) \r\n2,490,498.86 \r\n246,360.66 \r\n(1,586.64) \r\n2,735,272.88 \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $1,571,102.82 and $1,494,686.39, respectively. \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 41 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"8\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program COVID-19 - National School Lunch Program Total Child Nutrition Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Food Services State Administrative Expenses for Child Nutrition Total U. S. Department of Agriculture \r\nEducation, U. S. Department of Education Stabilization Fund Pass-Through From Georgia Department of Education COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund Total Education Stabilization Fund \r\nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Grants to States Preschool Grants Total Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Rural and Low-Income School Program Rural and Low-Income School Program 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 Total Other Programs Total U. S. Department of Education \r\nFederal Communications Commission, U.S. Direct COVID-19 - Emergency Connectivity Fund Program \r\n \r\nASSISTANCE LISTING NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 10.555 \r\n \r\n225GA324N1199 $ 225GA324N1199 225GA324N1099 \r\n \r\n538,689.58 1,493,564.81 \r\n85,948.20 2,118,202.59 \r\n \r\n10.560 \r\n \r\n215GA904N2533 \r\n \r\n2,916.18 2,121,118.77 \r\n \r\n84.425D 84.425D \r\n84.425U \r\n \r\nS425D200012 S425D210012 \r\nS425U210012 \r\n \r\n7,331.00 1,417.79 \r\n2,501,320.18 2,510,068.97 \r\n \r\n84.027A 84.027A 84.173A \r\n \r\nH027A200073 H027A210073 H173A210081 \r\n \r\n84.048A 84.358B 84.358B 84.424A 84.367A 84.367A 84.010A 84.010A 84.287C 84.287C \r\n \r\nV048A210010 S358B200010 S358B210010 S424A210011 S367A200001 S367A210001 2010A200010-20A S010A210010-21A S287C200010 S287C210010 \r\n \r\n32.009 \r\n \r\n63,753.50 491,385.44 \r\n32,150.00 587,288.94 \r\n33,049.54 3,828.00 55,647.26 29,643.97 4,524.00 36,583.85 60,605.00 656,588.57 23,035.00 294,807.89 1,198,313.08 4,295,670.99 \r\n287,000.00 \r\n \r\n- 42 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"8\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nHealth and Human Services, U. S. Department of Pass-Through From Bright From the Start Georgia Department of Early Care and Learning COVID-19 - Child Care and Development Block Grant \r\nOther Programs Pass-Through From Georgia Department of Health and Human Services Title V State Sexual Risk Avoidance Education (Title V State SRAE) Program Total U.S. Department of Health and Human Services \r\nTotal Expenditures of Federal Awards \r\n \r\nASSISTANCE LISTING NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n93.575 \r\n \r\n2110GACCC5 \r\n \r\n28,406.00 \r\n \r\n93.235 \r\n \r\n2103GASRAE $ \r\n \r\n76,177.42 104,583.42 \r\n6,808,373.18 \r\n \r\nNote 1. Basis of Presentation \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n \r\nThe accompanying schedule of expenditures of federal awards (the \"Schedule\") includes the federal award activity of the Bleckley County Board of Education (the \"Board\") under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position or changes in net position of the Board. \r\nNote 2. Summary of Significant Accounting Policies \r\nExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. \r\nNote 3. Indirect Cost Rate \r\nThe Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 43 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"9\" \r\n \r\nAGENCY/FUNDING GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Amended Formula Adjustment Categorical Grants Pupil Transportation Regular One Time QBE Adjustment Nursing Services Vocational Supervisors Education Equalization Funding Grant Other State Programs Food Services Hygiene Products Math and Science Supplements Preschool Disability Services Teachers Retirement Vocational Education Georgia State Financing and Investment Commission Reimbursement on Construction Projects Office of the State Treasurer Public School Employees Retirement CONTRACTS Human Resources, Georgia Department of Georgia Communities in Schools Dropout Prevention Family Connections OTHER Georgia Foundation for Public Education Improving School Supports Mini Grant \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nGENERAL \r\n \r\nCAPITAL PROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n732,689.30 $ \r\n \r\n- $ \r\n \r\n732,689.30 \r\n \r\n792,693.00 311,124.00 1,548,263.00 1,274,561.00 792,211.00 432,330.00 1,796,595.00 1,463,476.00 508,830.00 3,085,410.00 721,591.00 164,374.00 126,845.00 322,845.00 95,418.00 60,385.00 \r\n1,545.00 \r\n548,820.00 771,685.00 679,714.00 100,534.00 \r\n \r\n437,145.31 566,091.00 51,322.00 \r\n5,835.00 3,604,034.00 \r\n113,718.00 1,600.00 5,398.00 \r\n51,177.00 27,037.08 56,732.96 \r\n- \r\n75,524.00 \r\n \r\n25,000.00 46,484.14 \r\n \r\n1,200.00 \r\n \r\n$ \r\n \r\n21,400,236.79 $ \r\n \r\n- \r\n- \r\n- \r\n- \r\n2,120,971.67 \r\n- \r\n- \r\n- \r\n2,120,971.67 $ \r\n \r\n792,693.00 311,124.00 1,548,263.00 1,274,561.00 792,211.00 432,330.00 1,796,595.00 1,463,476.00 508,830.00 3,085,410.00 721,591.00 164,374.00 126,845.00 322,845.00 95,418.00 60,385.00 \r\n1,545.00 \r\n548,820.00 771,685.00 679,714.00 100,534.00 \r\n437,145.31 566,091.00 \r\n51,322.00 5,835.00 \r\n3,604,034.00 \r\n113,718.00 1,600.00 5,398.00 \r\n51,177.00 27,037.08 56,732.96 \r\n2,120,971.67 \r\n75,524.00 \r\n25,000.00 46,484.14 \r\n1,200.00 \r\n23,521,208.46 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 44 - \r\n \r\n (This page left intentionally blank) \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"10\" \r\n \r\nPROJECT The renewal of general obligation bonds in the principal amount not to exceed $6,000,000.00 to pay the cost of, \r\n(a) Acquiring textbooks, computer technology equipment and software, safety/security equipment and technology, \r\n(b) Acquiring school buses and other capital vehicles, \r\n(c) Acquiring any capital property necessary or desirable for the foregoing purposes, both real and personal, and \r\n(d) A portion of the principal and interest on the above described general obligation bonds. Subtotal 2016 Projects \r\nPROJECT The issuance of general obligation bonds in the principal amount not to exceed $16,000,000.00 to pay the cost of, \r\n(a) Acquiring, constructing, equipping, and furnishing new school buildings and facilities useful and desirable in connection therewith, including, but not limited to, a Primary School building, bus maintenance and storage facilities, and support and athletic/physical education facilities, \r\n(b) Adding to, renovating, repairing, improving and equipping the existing schools and facilities including, but not limited to, vocational/agricultural facilities, gymnasiums, HVAC and physical education and athletic facilities, \r\n(c) Acquiring miscellaneous new equipment, fixtures and furnishings for the School District, including textbooks, band instruments, computer technology equipment and software, interactive boards, safety and security technology, food service equipment, tables, desks and chairs, school buses and other vehicles, \r\n(d) Acquiring any capital property necessary or desirable for the foregoing purposes, both real and personal, and \r\n(e) Paying capitalized interest and/or costs of issuing. Subtotal 2020 Projects \r\nTotal \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nESTIMATED COMPLETION \r\nDATE \r\n \r\n$ \r\n \r\n- $ \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n2,204,308.51 \r\n \r\nCompleted \r\n \r\n6,000,000.00 6,000,000.00 \r\n \r\n4,641,075.00 6,845,383.51 \r\n \r\nSeptember 2022 \r\n \r\n3,391,111.67 \r\n \r\n29,850,032.32 \r\n \r\nAugust 2022 \r\n \r\n- \r\n \r\n203,000.00 \r\n \r\nAugust 2022 \r\n \r\n1,000,000.00 \r\n \r\n279,606.58 \r\n \r\nAugust 2022 \r\n \r\n- \r\n \r\n- \r\n \r\n1,608,888.33 6,000,000.00 \r\n \r\n1,616,801.56 31,949,440.46 \r\n \r\n$ \r\n \r\n12,000,000.00 $ \r\n \r\n38,794,823.97 \r\n \r\nSeptember 2022 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 46 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2022 \r\n \r\nSCHEDULE \"10\" \r\n \r\nPROJECT The renewal of general obligation bonds in the principal amount not to exceed $6,000,000.00 to pay the cost of, \r\n \r\nAMOUNT EXPENDED IN CURRENT YEAR (3) (4) \r\n \r\nAMOUNT EXPENDED IN PRIOR YEARS (3) (4) \r\n \r\nTOTAL COMPLETION \r\nCOST \r\n \r\nEXCESS PROCEEDS NOT \r\nEXPENDED \r\n \r\n(a) Acquiring textbooks, computer technology equipment \r\n \r\nand software, safety/security equipment and technology, \r\n \r\n$ \r\n \r\n- $ \r\n \r\n- $ \r\n \r\n- $ \r\n \r\n- \r\n \r\n(b) Acquiring school buses and other capital vehicles, \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n(c) Acquiring any capital property necessary or desirable for the foregoing purposes, both real and personal, and \r\n \r\n- \r\n \r\n2,204,308.51 \r\n \r\n2,204,308.51 \r\n \r\n- \r\n \r\n(d) A portion of the principal and interest on the above described general obligation bonds. Subtotal 2016 Projects \r\nPROJECT The issuance of general obligation bonds in the principal amount not to exceed $16,000,000.00 to pay the cost of, \r\n \r\n1,000,000.00 \r\n \r\n3,641,075.00 \r\n \r\n- \r\n \r\n- \r\n \r\n1,000,000.00 \r\n \r\n5,845,383.51 \r\n \r\n2,204,308.51 \r\n \r\n- \r\n \r\n(a) Acquiring, constructing, equipping, and furnishing new school buildings and facilities useful and desirable in connection therewith, including, but not limited to, a Primary School building, bus maintenance and storage facilities, and support and athletic/physical education facilities, \r\n \r\n15,623,480.13 \r\n \r\n14,226,552.19 \r\n \r\n- \r\n \r\n- \r\n \r\n(b) Adding to, renovating, repairing, improving and \r\n \r\nequipping the existing schools and facilities including, but \r\n \r\nnot limited to, vocational/agricultural facilities, gymnasiums, \r\n \r\nHVAC and physical education and athletic facilities, \r\n \r\n203,000.00 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n(c) Acquiring miscellaneous new equipment, fixtures and furnishings for the School District, including textbooks, band instruments, computer technology equipment and software, interactive boards, safety and security technology, food service equipment, tables, desks and chairs, school buses and other vehicles, \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n(d) Acquiring any capital property necessary or desirable for the foregoing purposes, both real and personal, and \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n(e) Paying capitalized interest and/or costs of issuing. Subtotal 2020 Projects \r\nTotal \r\n \r\n742,750.00 \r\n \r\n874,051.56 \r\n \r\n- \r\n \r\n- \r\n \r\n16,569,230.13 \r\n \r\n15,100,603.75 \r\n \r\n- \r\n \r\n- \r\n \r\n$ \r\n \r\n17,569,230.13 $ \r\n \r\n20,945,987.26 $ \r\n \r\n2,204,308.51 $ \r\n \r\n- \r\n \r\n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. (2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. (3) The voters of Bleckley County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. \r\nAmounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. (4) In addition to the expenditures shown above, the School District has incurred interest to provide advance funding as follows: \r\n \r\nPrior Years Current Year \r\n \r\n$ \r\n \r\n675,287.50 \r\n \r\n77,000.00 \r\n \r\nTotal \r\n \r\n$ \r\n \r\n752,287.50 \r\n \r\n- 47 - \r\n \r\n Section II Compliance and Internal Control Reports \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN \r\nACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Trey Belflower, Superintendent and Members of the Bleckley County Board of Education \r\nWe have audited the financial statements of the governmental activities and each major fund of the Bleckley County Board of Education (School District) as of and for the year ended June 30, 2022, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements, and have issued our report thereon dated May 30, 2023. We conducted our audit in accordance with the auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. \r\nReport on Internal Control Over Financial Reporting \r\nIn planning and performing our audit of the financial statements, we considered the School District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the basic financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control. \r\nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the School District's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n may exist that were not identified. We did identify certain deficiencies in internal control, described in the accompanying Schedule of Findings and Questioned Costs in findings FS 2022-001 and FS 2022-002 that we consider to be material weaknesses. \r\nReport on Compliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether the School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nSchool District's Response to Findings \r\nGovernment Auditing Standards requires the auditor to perform limited procedures on the School District's response to the findings identified in our audit and described in the accompanying Schedule of Findings and Questioned Costs. The School District's response was not subjected to the other auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the response. \r\nPurpose of this Report \r\nThe purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\nMay 30, 2023 \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Trey Belflower, Superintendent and Members of the Bleckley County Board of Education \r\nReport on Compliance for Each Major Federal Program \r\nOpinion on Each Major Federal Program \r\nWe have audited the Bleckley County Board of Education's (School District) compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on each of the School District's major federal programs for the year ended June 30, 2022. The School District's major federal programs are identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs. \r\nIn our opinion, the School District complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2022. \r\nBasis for Opinion on Each Major Federal Program \r\nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditor's Responsibilities for the Audit of Compliance section of our report. \r\nWe are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal program. Our audit does not provide a legal determination of the School District's compliance with the compliance requirements referred to above. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n Responsibilities of Management for Compliance \r\nManagement is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the School District's federal programs. \r\nAuditor's Responsibilities for the Audit of Compliance \r\nOur objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the School District's compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the School District's compliance with the requirements of each major federal program as a whole. \r\nIn performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we: \r\n Exercise professional judgment and maintain professional skepticism throughout the audit. \r\n Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the School District's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. \r\n Obtain an understanding of the School District's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control over compliance. Accordingly, no such opinion is expressed. \r\nWe are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit. \r\nReport on Internal Control over Compliance \r\nA deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance \r\n \r\n requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control over compliance was for the limited purpose described in the Auditor's Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified. \r\nOur audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed. \r\nThe purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\nMay 30, 2023 \r\n \r\n Section III Auditee's Response to Prior Year Findings and Questioned Costs \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2022 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS FS 2021-001 Internal Controls over Capital Assets \r\n \r\nFinding Status: \r\n \r\nUnresolved \r\n \r\nSee response to finding number FS 2021-001. \r\n \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n \r\n Section IV Findings and Questioned Costs \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2022 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\nFinancial Statements \r\n \r\nType of auditor's report issued: Governmental Activities and Each Major Fund \r\n \r\nInternal control over financial reporting:  Material weakness(es) identified?  Significant deficiency(ies) identified? \r\n \r\nNoncompliance material to financial statements noted: \r\n \r\nFederal Awards \r\n \r\nInternal Control over major programs:  Material weakness(es) identified? \r\n Significant deficiency(ies) identified? \r\n \r\nType of auditor's report issued on compliance for major programs: All major programs \r\n \r\nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \r\nIdentification of major programs: \r\n \r\nAssistance Listing Number Assistance Listing Program or Cluster Title \r\n \r\n84.425 \r\n \r\nEducation Stabilization Fund \r\n \r\nDollar threshold used to distinguish between Type A and Type B programs: Auditee qualified as low-risk auditee? \r\n \r\nUnmodified Yes \r\nNone Reported No \r\nNo None Reported \r\nUnmodified No \r\n$750,000.00 Yes \r\n \r\n- 1 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2022 \r\n \r\nII FINANCIAL STATEMENT FINDINGS \r\n \r\nFS 2022-001 Internal Control over Capital Assets \r\n \r\nInternal Control Impact: Compliance Impact: Repeat of Prior Year Finding: \r\n \r\nMaterial Weakness None FS 2021-001 \r\n \r\nDescription: The School District did not adequately maintain the capital asset records. \r\n \r\nCriteria: Chapter IV-7 Implementing a Capital Asset Management System of the Financial Management for \r\nGeorgia Local Units of Administration indicates that School Districts must establish fixed asset policies, define system requirements, implement a fixed asset system, and maintain fixed asset records. \r\n \r\nCondition: A review of the School District's capital asset records revealed the following deficiencies: \r\n Construction in progress was overstated by $2,574,448.52 on the financial statements and capital asset listing due to errors in recording construction cost for the new Bleckley County Primary School project, Athletic Improvements project and Stadium Renovations project. \r\n Bleckley County Middle School lighting upgrades totaling $203,000.00 were misclassified as construction in progress rather than land improvements on the financial statements and capital asset listing. Additionally, depreciation expense and accumulated depreciation were both understated by $5,075.00 for these assets. \r\n A review of depreciation revealed twenty-seven equipment items were not being depreciated in accordance with the School District's capital assets policy. \r\nAdjustments were proposed by the auditor and accepted by the School District to correct these errors on the financial statements. \r\n \r\nCause: In discussing these deficiencies with management, they stated that the cause was a direct result of lack of time and resources to ensure adequate procedures are in place to process, record and report capital assets. \r\n \r\nEffect: The failure of the School District to maintain a complete and accurate capital asset listing can lead to \r\ninaccurate internal and external reporting as well as noncompliance with generally accepted accounting principles. \r\n \r\nRecommendation: Management should correct the capital asset listing and strengthen internal controls over the capital asset process to ensure that capital assets are properly recorded and maintained in accordance with the School District's approved capital assets policy and generally accepted accounting principles. \r\n \r\nViews of Responsible Officials: We concur with this finding. \r\n- 2 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2022 \r\n \r\nFS 2022-002 Internal Controls over Financial Reporting \r\n \r\nInternal Control Impact: Compliance Impact: \r\n \r\nFinancial Reporting Material Weakness \r\n \r\nDescription: The School District did not have adequate internal controls in place over the financial statement reporting process. The original financial statements as presented for audit, contained material and significant errors and omissions. \r\n \r\nCriteria: Management is responsible for having adequate controls over the preparation of financial statements in accordance with generally accepted accounting principles (GAAP). The School District's internal controls over GAAP financial reporting should include adequately trained personnel with the knowledge, skills, and experience to prepare GAAP based financial statements and include all disclosures as required by the Governmental Accounting Standards Board (GASB). \r\nGASB Statement No. 34, Basic Financial Statements  Management's Discussion and Analysis  for State and Local Governments (Statement), requires governments to present government-wide and fund financial statements as well as a summary reconciliation of the (a) total governmental funds balances to the net position of governmental activities in the Statement of Net Position, and (b) total change in governmental fund balances to the change in the net position of governmental activities in the Statement of Activities. In addition, the Statement requires information about the government's major and nonmajor funds in the aggregate, to be provided in the fund financial statements. \r\nChapter II  2, Annual Financial Reporting of the Financial Management for Georgia Local Units of Administration provides that School Districts must prepare their financial statements in accordance with generally accepted accounting principles. \r\n \r\nCondition: \r\nThe following errors and omissions were noted in the School District's financial statements, note disclosures and required supplementary information presented for audit: \r\n \r\n The School District did not properly record long-term liabilities for general obligation bond debt. A material audit adjustment was proposed and accepted by the client to record long-term liabilities and expenses in the amount of $2,544,503.76 on the government-wide financial statements. \r\n A material audit adjustment was proposed and accepted by the client to record capital outlay expenditures and retainage payable in the amount of $948,053.91 in the capital projects fund. \r\n A reclassification audit entry totaling $973,247.16 was proposed and accepted by the client to properly classify contracts payable and accounts payable on the government-wide financial statements and in the capital projects fund. \r\n A reclassification audit entry totaling $211,285.51 was proposed and accepted by the client to properly classify expenses on the government-wide financial statements. \r\n A reclassification audit entry totaling $1,113,313.21 was proposed and accepted by the client to properly classify revenues on the government-wide financial statements. \r\n \r\n- 3 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2022 \r\n A reclassification audit entry totaling $5,957,223.45 was proposed and accepted by the client to properly classify net investment in capital assets, net position restricted for federal programs, net position restricted for debt services, net position restricted for capital projects and unrestricted net position. \r\n Other significant correction and reclassification audit entries were proposed and accepted by the client to properly present the School District's financial statements, note disclosures, required supplementary information and supplementary information. \r\nCause: In discussing these deficiencies with management, they stated that the cause was due to time constraints that prevented them from completing a secondary review of the financial statements and note disclosures presented for audit. Effect: Material and significant misstatements were included in the financial statements presented for audit. The lack of controls and monitoring could impact the reporting of the School District's financial position and results of operations. Recommendation: The School District should strengthen the internal controls and review procedures over the financial process to ensure that the financial statements presented for audit are complete and accurate. These procedures should be performed by a properly trained individual possessing a thorough understanding of the applicable GAAP statements, the applicable GASB pronouncements, and the School District's operations. The School District should also consider implementing the use of a review checklist to assist in the review process over the financial statements. Views of Responsible Officials: We concur with this finding. Ill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n- 4 - \r\n \r\n Section V Management's Corrective Action \r\n \r\n   "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bb6-b2021-belec-p-btext","title":"Bleckley County Board of Education, Cochran, Georgia, annual financial report for the fiscal year ended June 30, 2021 (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":["2022-04-22"],"dcterms_description":["Annual financial report for the Bleckley County Board of Education."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia. Department of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Bleckley County Board of Education--Appropriations and expenditures--Periodicals.","Education--Georgia--Bleckley County--Auditing--Periodicals.","Education--Georgia--Bleckley County--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Bleckley County Board of Education, Cochran, Georgia, annual financial report for the fiscal year ended June 30, 2021 (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-be26-bb6-b2021-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bb6-b2021-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records","official reports","audits","financial statements","financial records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"ANNUAL FINANCIAL REPORT  FISCAL YEAR 2021 \r\nBleckley County Board of Education \r\nCochran, Georgia \r\nIncluding Independent Auditor's Report \r\nKristina A. Turner | Deputy State Auditor Greg S. Griffin | State Auditor \r\n \r\n Bleckley County Board of Education \r\n \r\nTable of Contents \r\n \r\nSection I \r\n \r\nFinancial \r\n \r\nIndependent Auditor's Report \r\n \r\nRequired Supplementary Information \r\n \r\nManagement's Discussion and Analysis \r\n \r\ni \r\n \r\nExhibits \r\n \r\nBasic Financial Statements \r\n \r\nGovernment-Wide Financial Statements \r\n \r\nA \r\n \r\nStatement of Net Position \r\n \r\n1 \r\n \r\nB \r\n \r\nStatement of Activities \r\n \r\n2 \r\n \r\nFund Financial Statements \r\n \r\nC \r\n \r\nBalance Sheet \r\n \r\nGovernmental Funds \r\n \r\n3 \r\n \r\nD \r\n \r\nReconciliation of the Governmental Funds Balance Sheet \r\n \r\nto the Statement of Net Position \r\n \r\n4 \r\n \r\nE \r\n \r\nStatement of Revenues, Expenditures and Changes in Fund \r\n \r\nBalances \r\n \r\nGovernmental Funds \r\n \r\n5 \r\n \r\nF \r\n \r\nReconciliation of the Governmental Funds Statement of \r\n \r\nRevenues, Expenditures and Changes in Fund Balances \r\n \r\nto the Statement of Activities \r\n \r\n6 \r\n \r\nG Notes to the Basic Financial Statements \r\n \r\n8 \r\n \r\nSchedules \r\n \r\nRequired Supplementary Information \r\n \r\n1 Schedule of Proportionate Share of the Net Pension Liability \r\n \r\nTeachers Retirement System of Georgia \r\n \r\n33 \r\n \r\n2 Schedule of Contributions  Teachers Retirement System of Georgia \r\n \r\n34 \r\n \r\n3 Schedule of Proportionate Share of the Net Pension Liability Public \r\n \r\nSchool Employees Retirement System of Georgia \r\n \r\n35 \r\n \r\n4 Schedule of Proportionate Share of the Net OPEB Liability \r\n \r\nSchool OPEB Fund \r\n \r\n36 \r\n \r\n Bleckley County Board of Education \r\n \r\nTable of Contents Section I \r\n \r\nSchedules \r\n \r\nRequired Supplementary Information \r\n \r\n5 Schedule of Contributions  School OPEB Fund \r\n \r\n37 \r\n \r\n6 Notes to the Required Supplementary Information \r\n \r\n38 \r\n \r\n7 Schedule of Revenues, Expenditures and Changes in Fund \r\n \r\nBalances - Budget and Actual General Fund \r\n \r\n39 \r\n \r\nSupplementary Information \r\n \r\n8 Schedule of Expenditures of Federal Awards \r\n \r\n40 \r\n \r\n9 Schedule of State Revenue \r\n \r\n42 \r\n \r\n10 Schedule of Approved Local Option Sales Tax Projects \r\n \r\n44 \r\n \r\nSection II \r\n \r\nCompliance and Internal Control Reports \r\nIndependent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards \r\nIndependent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance \r\n \r\nSection III \r\n \r\nAuditee's Response to Prior Year Findings and Questioned Costs \r\nSummary Schedule of Prior Year Findings \r\nSection IV \r\n \r\nFindings and Questioned Costs \r\nSchedule of Findings and Questioned Costs \r\n \r\n Bleckley County Board of Education Table of Contents Section V Management's Corrective Action for Current Year Findings \r\nSchedule of Management's Corrective Action \r\n \r\n Section I Financial \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Steve Smith, Superintendent and Members of the Bleckley County Board of Education \r\nReport on the Financial Statements \r\nWe have audited the accompanying financial statements of the governmental activities and each major fund of the Bleckley County Board of Education (School District), as of and for the year ended June 30, 2021, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents. \r\nManagement's Responsibility for the Financial Statements \r\nManagement is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \r\nAuditor's Responsibility \r\nOur responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. \r\nAn audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the School District's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \r\nOpinions \r\nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the School District as of June 30, 2021, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \r\nOther Matters \r\nRequired Supplementary Information \r\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 April 11, 2022 on our consideration of the School District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control over financial reporting and compliance. \r\nA copy of this report has been filed as a permanent record and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\nApril 11, 2022 \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \r\nINTRODUCTION \r\nThe discussion and analysis of the Bleckley County Board of Education's (School District) financial performance provides an overview of the School District's financial activities for the fiscal year ended June 30, 2021. The intent of this discussion and analysis is to look at the School District's financial performance as a whole. Readers should also review the financial statements and the notes to the basic financial statements to enhance their understanding of the School District's financial performance. \r\nFINANCIAL HIGHLIGHTS \r\nKey financial highlights for the fiscal year 2021 are as follows: \r\n Government-wide net position at June 30, 2021 was $8.0 million. Net position reflects the difference between all assets and deferred outflows of resources of the School District (including capital assets, net of depreciation) and all liabilities and deferred inflows of resources. The net position at June 30, 2021 of $8.0 million represented an increase of $6.8 million when compared to the prior year. This increase in net position is primarily due to capitalized construction in progress. \r\n General revenues accounts for $10.4 million in revenue or 25.8% of all revenues totaling $40.3 million. Program specific revenues in the form of charges for services and grants and contributions accounted for the remainder. \r\n The School District had $33.6 million in expenses related to governmental activities; however $30.0 million of these expenses were offset by program specific charges for services, grants or contributions. General revenues (primarily property and sales taxes) of $10.4 million were adequate to provide for these programs. \r\n Long-term liabilities decreased by $1.2 million for fiscal year 2021 when compared to the prior year. This decrease was due primarily to principal payments on outstanding debt. \r\n Among major funds, the general fund had $32.7 million in revenues and $30.5 million in expenditures. The fund balance for the general fund decreased from $6.6 million to approximately $5.6 million. The primary reason for the decrease was a transfer to the capital projects fund to provide supplemental funding for capital construction projects. \r\nOVERVIEW OF THE FINANCIAL STATEMENTS \r\nThis annual report consists of three parts; management's discussion and analysis, the basic financial statements and supplementary information. The basic financial statements include two levels of statements that present different views of the School District. These include the government-wide and fund financial statements. \r\nThe government-wide financial statements include the Statement of Net Position and Statement of Activities. These statements provide information about the activities of the School District presenting both short-term and long-term information about the overall financial status. \r\ni \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \r\nThe fund financial statements focus on individual parts, reporting the School District's operation in more detail. The governmental funds statements disclose how basic services are financed in the short-term as well as what remains for future spending. The fund financial statements reflect the School District's most significant funds. For fiscal year 2021, the general fund, the capital projects fund, and the debt service fund represent the most significant funds. \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 statements report information about the School District as a whole using accounting methods similar to those used by private-sector companies. The Statement of Net Position includes all of the School District's assets, deferred outflows, liabilities and deferred inflows. All of the current fiscal year's revenues and expenses are accounted for in the Statement of Activities regardless of when cash is received or paid. \r\nThe two government-wide statements report the School District's net position and how it has changed. Net position, the difference between the School District's assets, deferred outflows of resources, liabilities and deferred inflows of resources, is one way to measure the School District's overall financial health or position. Over time, increases or decreases in net position are an indication of whether its financial health is improving or deteriorating. Changes may be the result of many factors, including those not under the School District's control, such as the property tax base, facility conditions, required educational programs and other factors. \r\nIn the Statement of Net Position and the Statement of Activities, the School District has one distinct type of activity: \r\n Governmental Activities  All of the School District's programs and services are reported here including instruction, support services, operation and maintenance of plant, pupil transportation, food service, student activity accounts and various others. \r\nFund Financial Statements \r\nThe School District's fund financial statements provide detailed information about the most significant funds, not the School District as a whole. Some funds are required by State law and some by bond requirements. The School District's major governmental funds are the general fund, the capital projects fund, and the debt service fund. \r\nGovernmental Funds - Most of the School District's activities are reported in governmental funds, which focus on how money flows into, and out of those funds, and the balances left at year-end available for spending in future periods. These funds are reported using the modified accrual method of accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the School District's general government operations and the basic services it provides. Governmental fund information helps determine whether there are more or fewer financial \r\nii \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \r\n \r\nresources that can be spent in the near future to finance educational programs. The relationship (or differences) between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds are reconciled in the financial statements. \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 fiscal years 2021 and 2020. \r\n \r\nTable 1 Net Position \r\n \r\nAssets Current and Other Assets Capital Assets, Net \r\n \r\nGovernmental Activities \r\n \r\nFiscal \r\n \r\nFiscal \r\n \r\nYear 2021 \r\n \r\nYear 2020 \r\n \r\nNet Change \r\n \r\n$ 27,069,928 $ 28,783,460 $ (1,713,532) \r\n \r\n46,589,886 \r\n \r\n34,079,175 \r\n \r\n12,510,711 \r\n \r\nTotal Assets \r\n \r\n73,659,814 \r\n \r\n62,862,635 \r\n \r\n10,797,179 \r\n \r\nDeferred Outflows of Resources Related to Defined Benefit Pension Plan Related to OPEB Plan \r\n \r\n7,567,290 4,452,802 \r\n \r\n6,860,293 1,821,989 \r\n \r\n706,997 2,630,813 \r\n \r\nTotal Deferred Outflows of Resources 12,020,092 \r\n \r\n8,682,282 \r\n \r\n3,337,810 \r\n \r\nLiabilities Current and Other Liabilities Net Pension Liability Net OPEB Liability Long-term Liabilities \r\n \r\n5,447,109 26,023,266 19,567,209 21,652,464 \r\n \r\n1,898,231 23,241,198 16,300,968 22,818,466 \r\n \r\n3,548,878 2,782,068 3,266,241 (1,166,002) \r\n \r\nTotal Liabilities \r\n \r\n72,690,048 \r\n \r\n64,258,863 \r\n \r\n8,431,185 \r\n \r\nDeferred Inflows of Resources Related to Defined Benefit Pension Plan Related to OPEB Plan \r\n \r\n926,663 4,080,019 \r\n \r\n1,714,840 4,343,943 \r\n \r\n(788,177) (263,924) \r\n \r\nTotal Deferred Inflows of Resources \r\n \r\n5,006,682 \r\n \r\n6,058,783 \r\n \r\n(1,052,101) \r\n \r\nNet Position Net Investment in Capital Assets Restricted Unrestricted (Deficit) \r\n \r\n34,991,133 7,203,172 \r\n(34,211,129) \r\n \r\n29,921,265 1,883,235 \r\n(30,577,229) \r\n \r\n5,069,868 5,319,937 (3,633,900) \r\n \r\nTotal Net Position \r\n \r\n$ 7,983,176 $ 1,227,271 $ 6,755,905 \r\n \r\niii \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 Net Position, which is the difference between total assets, deferred outflows of resources, total liabilities and deferred inflows of resources, is one indicator the financial condition of the School District. When revenues exceed expenses, the result is an increase in net position. When expense exceed revenues, the result is the decrease in net position. The relationship between revenues and expenses can be thought of as the School District's operating results. The School District's net position, as measured in the Statement of Net Position, can be one way to measure the School District's financial health, or financial position. Over time, increases or decreases in the School District's net position, as measured in the Statement of Activities, are one indicator of whether its financial health is improving or deteriorating. However, the School District's goal and mission is to provide success for each child's education, not to generate profits as private corporations do. For fiscal year 2021, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $8.0 million at June 30, 2021. Total assets and deferred outflows of resources increased by $14.1 million which was primarily due to construction in progress of the new Bleckley County Primary school and athletic renovations. Total liabilities and deferred inflows of resources increased by $7.4 million. The combination of the increase in total assets, deferred outflows of resources and total liabilities and the decrease in deferred inflows of resources yielded an increase in net position of $6.8 million. \r\niv \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \r\n \r\nTable 2 shows the changes in net position for fiscal years ending June 30, 2021 and June 30, 2020. \r\n \r\nTable 2 Change in Net Position \r\n \r\nRevenues Program Revenues: Charges for Services Operating Grants and Contributions Capital Grants and Contributions \r\n \r\nGovernmental Activities \r\n \r\nFiscal \r\n \r\nFiscal \r\n \r\nYear 2021 \r\n \r\nYear 2020 \r\n \r\nNet Change \r\n \r\n$ 248,074 $ 23,221,295 6,445,724 \r\n \r\n351,785 $ 20,695,103 \r\n1,226,697 \r\n \r\n(103,711) 2,526,192 5,219,027 \r\n \r\nTotal Program Revenues \r\n \r\n29,915,093 \r\n \r\n22,273,585 \r\n \r\n7,641,508 \r\n \r\nGeneral Revenues: Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Taxes Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\n \r\n4,488,570 13,766 \r\n \r\n3,924,756 13,424 \r\n \r\n1,447,940 76,211 \r\n3,159,097 22,682 \r\n1,193,665 \r\n \r\n1,422,710 57,888 \r\n3,416,436 18,170 \r\n1,791,588 \r\n \r\n563,814 342 \r\n25,230 18,323 (257,339) \r\n4,512 (597,923) \r\n \r\nTotal General Revenues \r\n \r\n10,401,931 \r\n \r\n10,644,972 \r\n \r\n(243,041) \r\n \r\nTotal Revenues \r\n \r\n40,317,024 \r\n \r\n32,918,557 \r\n \r\n7,398,467 \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 Community Services Food Services Interest on Long-Term Debt \r\n \r\n21,174,009 \r\n1,407,398 558,954 353,277 853,715 \r\n1,840,953 250,220 \r\n2,107,321 2,060,992 \r\n150,878 214,035 \r\n41,220 1,941,856 \r\n606,291 \r\n \r\n19,853,802 \r\n1,077,672 416,584 333,532 885,939 \r\n1,739,066 420,619 \r\n1,863,027 1,775,236 \r\n127,141 264,992 \r\n36,713 1,947,867 \r\n201,224 \r\n \r\n1,320,207 \r\n329,726 142,370 \r\n19,745 (32,224) 101,887 (170,399) 244,294 285,756 23,737 (50,957) \r\n4,507 (6,011) 405,067 \r\n \r\nTotal Expenses \r\n \r\n33,561,119 \r\n \r\n30,943,414 \r\n \r\n2,617,705 \r\n \r\nIncrease In Net Position \r\n \r\n$ 6,755,905 $ 1,975,143 $ 4,780,762 \r\n \r\nv \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \r\n \r\nProgram revenues, in the form of charges for services, operating grants and contributions and capital grants and contributions increased $7.6 million for governmental activities. This increase is largely due to capital grants received from the Georgia State Financing and Investment Commission (GSFIC) to fund certain construction projects and funds received from Elementary and Secondary Schools Emergency Relief (ESSER) grants due to the COVID-19 pandemic. \r\n \r\nGeneral revenues decreased by $0.2 million during fiscal year 2021. This decrease is primarily due to a decrease in miscellaneous revenues. \r\n \r\nGovernmental Activities \r\n \r\nThe Statement of Activities shows the cost of program services and the charges for services and grants offsetting those services. Table 3 shows the total cost of services and the net cost of services. Net cost of services can be defined as the total cost less fees generated by the activities and intergovernmental revenue provided for specific programs. The net cost reflects the financial burden on the School District's taxpayers by each activity. \r\n \r\nTable 3 Governmental Activities \r\n \r\nTotal Cost of Services \r\n \r\nFiscal \r\n \r\nFiscal \r\n \r\nYear 2021 \r\n \r\nYear 2020 \r\n \r\nNet Cost of Services \r\n \r\nFiscal \r\n \r\nFiscal \r\n \r\nYear 2021 \r\n \r\nYear 2020 \r\n \r\nInstruction Support Services \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Community Services Food Services Interest on Short-Term and Long-Term Debt Total Expenses \r\n \r\n$ 21,174,009 $ 19,853,802 $ (1,192,052) $ 3,850,339 \r\n \r\n1,407,398 558,954 353,277 853,715 \r\n1,840,953 250,220 \r\n2,107,321 2,060,992 \r\n150,878 214,035 \r\n \r\n1,077,672 416,584 333,532 885,939 \r\n1,739,066 420,619 \r\n1,863,027 1,775,236 \r\n127,141 264,992 \r\n \r\n832,556 174,819 \r\n(6,532) 83,143 881,877 237,561 836,285 1,145,905 140,564 28,764 \r\n \r\n751,507 163,475 \r\n(5,475) 53,662 875,748 414,012 956,971 1,185,860 123,862 28,398 \r\n \r\n41,220 \r\n \r\n36,713 \r\n \r\n41,220 \r\n \r\n36,713 \r\n \r\n1,941,856 \r\n \r\n1,947,867 \r\n \r\n(164,375) \r\n \r\n33,533 \r\n \r\n606,291 \r\n \r\n201,224 \r\n \r\n606,291 \r\n \r\n201,224 \r\n \r\n$ 33,561,119 $ 30,943,414 $ 3,646,026 $ 8,669,829 \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 2021, 10.9% of total expenses were supplemented by taxes and other general revenues compared to 28.0% in 2020. \r\n \r\nvi \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \r\nFINANCIAL ANALYSIS OF THE SCHOOL DISTRICT'S FUNDS The School District's governmental funds are accounted for using the modified accrual basis of accounting. The governmental funds had total revenues of $40.6 million and total expenses of $45.6 million in fiscal year 2021. Total governmental fund balances of $21.6 million at June 30, 2021, decreased by $4.9 million from the prior year. The primary reason of this decrease was due to expenditures related to the construction of the new Bleckley County Primary School and athletic renovations. General Fund Budgeting Highlights The School District's budget is prepared according to Georgia Law. The most significant budgeted fund is the general fund, funded primarily through state, federal and local property tax revenue. During the course of fiscal year 2021, the School District amended its general fund budget as needed. The School District budget is adopted at the aggregate level and maintained at the program and function levels to facilitate budgetary control. The budgeting systems are designed to control the total budget, but provide flexibility to meet the ongoing programmatic needs. The budgeting systems are also designed to control total site budgets but provide flexibility for site management as well. For the general fund, the final actual revenues of $32.7 million were less than the final budgeted revenue of $32.8 million by $25 thousand. This can be attributed primarily to budgeting for American Rescue Plan Act (ARPA) /ESSER 3 funds that were not expended in fiscal year 2021, but was offset by an increase in property taxes, state funds received and miscellaneous revenue. The general fund's final actual expenditures of $30.5 million were less than the final budgeted expenditures by $4.8 million. The decrease in actual expenditures versus final budget expenditures was due primarily to ARPA/ESSER 3 funds budgeted for but not expended in fiscal year. The School District did not include revenues and expenditures for school activity accounts in the original or final budget. \r\nvii \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \r\n \r\nCAPITAL ASSETS \r\n \r\nAt the fiscal year ended June 30, 2021, the School District had $46.6 million invested in capital assets, net of accumulated depreciation. These assets are made up of a broad range of capital assets, including land; buildings; transportation, food service and maintenance equipment. Table 4 reflects a summary of these balances, by class, net of accumulated depreciation. \r\n \r\nTable 4 Capital Assets (Net of Depreciation) \r\n \r\nGovernmental Activities \r\n \r\nFiscal Year \r\n \r\nFiscal Year \r\n \r\n2021 \r\n \r\n2020 \r\n \r\nLand \r\n \r\n$ \r\n \r\nConstruction In Progress \r\n \r\nBuilding and Improvements \r\n \r\nEquipment \r\n \r\nLand Improvements \r\n \r\n259,481 $ 13,859,182 30,222,932 \r\n1,233,395 1,014,896 \r\n \r\n259,481 904,308 31,072,991 1,013,066 829,329 \r\n \r\nTotal \r\n \r\n$ 46,589,886 $ 34,079,175 \r\n \r\nThe overall capital assets increased in fiscal year 2021 by $12.5 million is primarily due to the increase in construction in progress of a new Bleckley County Primary School along with stadium and athletic renovations. \r\n \r\nLONG-TERM LIABILITIES \r\n \r\nAt June 30, 2021, the School District had $21.7 million in total long-term liabilities with $1.2 million due within one year. Table 5 summarizes long-term liabilities at June 30, 2021 and 2020. \r\n \r\nTable 5 Long-term Liabilities at June 30 \r\n \r\nGovernmental Activities \r\n \r\nFiscal \r\n \r\nFiscal \r\n \r\nYear 2021 \r\n \r\nYear 2020 \r\n \r\nGeneral Obligation Bonds $ 18,040,000 $ 19,000,000 \r\n \r\nUnamortized Bond Premiums \r\n \r\n3,612,464 \r\n \r\n3,818,466 \r\n \r\nTotal \r\n \r\n$ 21,652,464 $ 22,818,466 \r\n \r\nviii \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2021 \r\nCURRENT ISSUES \r\nApproximately 80.6% of general fund expenses, the main operating fund for the School District, were related to salaries and employee benefits for the year ended June 30, 2021. More than a third of certified personnel in the School District have 21 years or more of experience resulting in salaries at the highest possible state pay level. With such personnel heavy expenses, it is difficult to offset mandated expense increases such as TRS and health insurance premium expenses. The School District consistently evaluates how funds can be spent smarter and more effectively to ensure that County students receive a quality education from effective personnel. \r\nThe School District is financially stable. The School District's operating millage for fiscal year 2021 was 14.286, which produced approximately $277 thousand per mill. The one percent local sales tax revenue will continue to pay bond debts. \r\nThe School District remains confident in the ability to maximize resources to provide the best possible educational experience for all students. Additionally, the School District will continue to be a good steward of tax dollars while providing educational opportunities for all students. \r\nThe School District issued bonds in May 2020 and began construction of a new primary school in fiscal year 2020. This project is estimated to be complete in fiscal year 2023. \r\nIn December 2019, a strain of coronavirus (COVID-19) began to spread worldwide, resulting in a severe impact to the United States economy in March 2020. The spread of COVID-19 has had a negative impact on the routine operation of the School District and has resulted in the School District having to develop new models of learning and providing safety for its students. In fiscal year 2021, the School District continues to provide safety to staff and students, as well as manage the Elementary and Secondary School Emergency Relief (ESSER) funds provided to the School District to meet the needs of students throughout the pandemic. \r\nThe School District was awarded $7.2 million in ESSER funds in fiscal year 2021. The School District used most of these funds in fiscal year 2021 for instructional salaries. Approximately $2.9 million was expended via ESSER funds through June 30, 2021. \r\nCONTACTING THE SCHOOL DISTRICT'S FINANCIAL MANAGEMENT \r\nThis financial report is designed to provide our citizens, taxpayers, investors and creditors with a general overview of the School District's finances and to show the School District's accountability for the money it receives. If you have questions about this report or need additional financial information, contact Aly Rozier, Finance Director, at the Bleckley County Board of Education, 242 East Dykes Street, Cochran, GA 31014. You may also email your questions to Mrs. Rozier at arozier@bleckleyschools.org. \r\nix \r\n \r\n Bleckley County Board of Education \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2021 \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nInterest Taxes State Government Federal Government Other Inventories Prepaid Items Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nDEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Outflows of Resources \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Interest Payable Contracts Payable Retainages Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities \r\nDue Within One Year Due in More Than One Year \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plan Related to OPEB Plan \r\nTotal Deferred Inflows of Resources \r\nNET POSITION Net Investment in Capital Assets Restricted for \r\nContinuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n21,943,522.31 \r\n \r\n3,840.21 \r\n \r\n6.80 421,750.48 3,259,373.37 1,192,498.52 107,503.65 \r\n52,113.35 89,319.74 14,118,662.80 32,471,222.84 73,659,814.07 \r\n \r\n7,567,290.00 4,452,802.00 12,020,092.00 \r\n \r\n850,733.58 1,539,455.88 \r\n173,700.00 2,439,599.32 \r\n443,620.22 26,023,266.00 19,567,209.00 \r\n1,206,001.47 20,446,462.75 72,690,048.22 \r\n \r\n926,663.00 4,080,019.00 5,006,682.00 \r\n \r\n34,991,132.57 \r\n \r\n653,373.66 189,859.65 6,359,939.30 (34,211,129.33) \r\n \r\n$ \r\n \r\n7,983,175.85 \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 BLECKLEY COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2021 \r\n \r\nEXHIBIT \"B\" \r\n \r\nEXPENSES \r\n \r\nCHARGES FOR SERVICES \r\n \r\nPROGRAM REVENUES \r\nOPERATING GRANTS AND CONTRIBUTIONS \r\n \r\nCAPITAL GRANTS AND CONTRIBUTIONS \r\n \r\nNET (EXPENSES) \r\nREVENUES AND CHANGES IN \r\nNET POSITION \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\nInstruction \r\n \r\n$ \r\n \r\nSupport Services \r\n \r\nPupil Services \r\n \r\nImprovement of Instructional Services \r\n \r\nEducational Media Services \r\n \r\nGeneral Administration \r\n \r\nSchool Administration \r\n \r\nBusiness Administration \r\n \r\nMaintenance and Operation of Plant \r\n \r\nStudent Transportation Services \r\n \r\nCentral Support Services \r\n \r\nOther Support Services \r\n \r\nOperations of Non-Instructional Services \r\n \r\nCommunity Services \r\n \r\nFood Services \r\n \r\nInterest on Long-Term Debt \r\n \r\n21,174,009.08 $ \r\n1,407,398.21 558,953.89 353,276.66 853,715.43 1,840,953.29 250,219.50 2,107,320.97 2,060,991.78 150,878.38 214,034.02 \r\n41,220.06 1,941,856.27 606,291.03 \r\n \r\n160,876.52 $ 16,408,685.58 $ \r\n \r\n- \r\n \r\n489,262.48 \r\n \r\n- \r\n \r\n384,134.49 \r\n \r\n- \r\n \r\n359,808.19 \r\n \r\n- \r\n \r\n626,649.31 \r\n \r\n- \r\n \r\n959,076.73 \r\n \r\n- \r\n \r\n12,658.21 \r\n \r\n- \r\n \r\n1,196,341.00 \r\n \r\n- \r\n \r\n683,426.70 \r\n \r\n- \r\n \r\n10,314.01 \r\n \r\n- \r\n \r\n185,270.64 \r\n \r\n87,196.92 \r\n- \r\n \r\n1,905,667.81 \r\n- \r\n \r\n5,796,498.94 $ \r\n85,580.00 - \r\n143,923.30 - \r\n74,695.11 231,660.00 \r\n- \r\n113,366.88 \r\n- \r\n \r\n1,192,051.96 \r\n(832,555.73) (174,819.40) \r\n6,531.53 (83,142.82) (881,876.56) (237,561.29) (836,284.86) (1,145,905.08) (140,564.37) (28,763.38) \r\n(41,220.06) 164,375.34 (606,291.03) \r\n \r\nTotal Governmental Activites \r\n \r\n$ \r\n \r\n33,561,118.57 $ 248,073.44 $ \r\n \r\n23,221,295.15 $ \r\n \r\n6,445,724.23 \r\n \r\n(3,646,025.75) \r\n \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous Total General Revenues \r\n \r\n4,488,570.45 13,766.34 \r\n1,447,939.63 76,210.69 \r\n3,159,097.00 22,682.40 \r\n1,193,664.30 10,401,930.81 \r\n \r\nChange in Net Position \r\n \r\n6,755,905.06 \r\n \r\nNet Position - Beginning of Year \r\n \r\n1,227,270.79 \r\n \r\nNet Position - End of Year \r\n \r\n$ \r\n \r\n7,983,175.85 \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 BLECKLEY COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2021 \r\n \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nInterest Taxes State Government Federal Government Other Inventories Prepaid Items \r\nTotal Assets \r\nLIABILITIES Accounts Payable Salaries and Benefits Payable Contracts Payable Retainages Payable \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes \r\nFUND BALANCES Nonspendable Restricted Unassigned \r\nTotal Fund Balances \r\nTotal Liabilities, Deferred Inflows of Resources, and Fund Balances \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\n$ \r\n \r\n4,119,770.10 $ \r\n \r\n16,765,224.04 $ \r\n \r\n3,840.21 \r\n \r\n- \r\n \r\n6.80 291,036.26 2,225,340.85 1,192,498.52 107,503.65 \r\n52,113.35 89,319.74 \r\n \r\n130,714.22 1,034,032.52 \r\n- \r\n \r\n$ \r\n \r\n8,081,429.48 $ \r\n \r\n17,929,970.78 $ \r\n \r\n$ \r\n \r\n806,311.77 $ \r\n \r\n44,421.81 $ \r\n \r\n1,539,455.88 \r\n \r\n- \r\n \r\n- \r\n \r\n2,439,599.32 \r\n \r\n- \r\n \r\n443,620.22 \r\n \r\n2,345,767.65 \r\n \r\n2,927,641.35 \r\n \r\n171,376.13 \r\n \r\n- \r\n \r\n141,433.09 601,260.31 4,821,592.30 5,564,285.70 \r\n \r\n15,002,329.43 \r\n15,002,329.43 \r\n \r\n$ \r\n \r\n8,081,429.48 $ \r\n \r\n17,929,970.78 $ \r\n \r\nEXHIBIT \"C\" \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n1,058,528.17 $ - \r\n- \r\n1,058,528.17 $ \r\n \r\n21,943,522.31 3,840.21 \r\n6.80 421,750.48 3,259,373.37 1,192,498.52 107,503.65 \r\n52,113.35 89,319.74 \r\n27,069,928.43 \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n850,733.58 1,539,455.88 2,439,599.32 \r\n443,620.22 5,273,409.00 \r\n \r\n- \r\n \r\n171,376.13 \r\n \r\n1,058,528.17 \r\n1,058,528.17 \r\n \r\n141,433.09 16,662,117.91 4,821,592.30 21,625,143.30 \r\n \r\n1,058,528.17 $ \r\n \r\n27,069,928.43 \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 BLECKLEY COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET POSITION JUNE 30, 2021 \r\n \r\nEXHIBIT \"D\" \r\n \r\nTotal fund balances - governmental funds (Exhibit \"C\") \r\nAmounts reported for governmental activities in the Statement of Net Position are different because: \r\nCapital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land Construction in progress Buildings and improvements Equipment Land improvements Accumulated depreciation \r\nSome liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB liability \r\nDeferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. Related to pensions Related to OPEB \r\nTaxes that are not available to pay for current period expenditures are deferred in the funds. \r\nLong-term liabilities, and related accrued interest, are not due and payable in the current period and therefore are not reported in the funds. Bonds payable Accrued interest payable Unamortized bond premiums \r\nNet position of governmental activities (Exhibit \"A\") \r\n \r\n$ \r\n \r\n21,625,143.30 \r\n \r\n$ \r\n \r\n259,480.81 \r\n \r\n13,859,181.99 \r\n \r\n44,482,035.29 \r\n \r\n4,667,297.53 \r\n \r\n1,863,814.39 \r\n \r\n(18,541,924.37) \r\n \r\n46,589,885.64 \r\n \r\n$ \r\n \r\n(26,023,266.00) \r\n \r\n(19,567,209.00) \r\n \r\n(45,590,475.00) \r\n \r\n$ \r\n \r\n6,640,627.00 \r\n \r\n372,783.00 \r\n \r\n7,013,410.00 171,376.13 \r\n \r\n$ \r\n \r\n(18,040,000.00) \r\n \r\n(173,700.00) \r\n \r\n(3,612,464.22) \r\n \r\n(21,826,164.22) \r\n \r\n$ \r\n \r\n7,983,175.85 \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 BLECKLEY COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2021 \r\n \r\nEXHIBIT \"E\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Community Services Food Services Operation Capital Outlay Debt Services Principal Dues and Fees Interest Total Expenditures \r\nRevenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) Transfers In Transfers Out Total Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nFund Balances - Ending \r\n \r\nGENERAL FUND \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n4,564,775.35 $ \r\n \r\n76,210.69 \r\n \r\n19,914,026.44 \r\n \r\n6,726,402.53 \r\n \r\n248,073.44 \r\n \r\n7,497.13 \r\n \r\n1,193,664.30 \r\n \r\n32,730,649.88 \r\n \r\n- \r\n \r\n$ \r\n \r\n1,679,301.47 \r\n \r\n6,214,064.23 \r\n \r\n- \r\n \r\n- \r\n \r\n13,702.44 \r\n \r\n- \r\n \r\n7,907,068.14 \r\n \r\n- \r\n \r\n$ \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n1,482.83 \r\n \r\n- \r\n \r\n1,482.83 \r\n \r\n4,564,775.35 1,755,512.16 \r\n26,128,090.67 6,726,402.53 248,073.44 22,682.40 1,193,664.30 \r\n40,639,200.85 \r\n \r\n19,107,039.54 \r\n1,307,268.28 548,291.43 329,258.28 761,448.09 \r\n1,715,643.24 242,269.67 2,024,338.24 2,205,669.33 140,345.52 214,309.47 \r\n41,220.06 1,846,563.78 \r\n- \r\n30,483,664.93 2,246,984.95 \r\n \r\n- \r\n13,530.00 13,338,322.32 \r\n3,602.50 \r\n13,355,454.82 (5,448,386.68) \r\n \r\n- \r\n- \r\n960,000.00 1,750.00 \r\n785,700.00 1,747,450.00 (1,745,967.17) \r\n \r\n19,107,039.54 \r\n1,307,268.28 548,291.43 329,258.28 761,448.09 \r\n1,715,643.24 242,269.67 2,024,338.24 2,219,199.33 140,345.52 214,309.47 \r\n41,220.06 1,846,563.78 13,338,322.32 \r\n960,000.00 5,352.50 \r\n785,700.00 45,586,569.75 (4,947,368.90) \r\n \r\n(3,265,215.45) (3,265,215.45) \r\n \r\n3,265,215.45 (1,078,800.00) \r\n2,186,415.45 \r\n \r\n1,078,800.00 - \r\n1,078,800.00 \r\n \r\n4,344,015.45 (4,344,015.45) \r\n- \r\n \r\n(1,018,230.50) \r\n \r\n(3,261,971.23) \r\n \r\n(667,167.17) \r\n \r\n(4,947,368.90) \r\n \r\n6,582,516.20 \r\n \r\n18,264,300.66 \r\n \r\n1,725,695.34 \r\n \r\n26,572,512.20 \r\n \r\n$ \r\n \r\n5,564,285.70 $ \r\n \r\n15,002,329.43 $ \r\n \r\n1,058,528.17 $ \r\n \r\n21,625,143.30 \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 BLECKLEY COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2021 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNet change in fund balances total governmental funds (Exhibit \"E\") \r\nAmounts reported for governmental activities in the Statement of Activities are different because: \r\nGovernmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of capital assets is allocated over their estimated useful lives as depreciation expense. Capital outlay Depreciation expense \r\nTaxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. \r\nThe issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts and the difference between the carrying value of refunded debt and the acquisition cost of refunded debt when debt is first issued. These amounts are deferred and amortized in the Statement of Activities. Bond principal retirements Amortization of bond premiums \r\nDistrict pension/OPEB contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension/OPEB liability is measured a year before the District's report date. Pension/OPEB expense, which is the change in the net pension/OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions/OPEB, is reported in the Statement of Activities. Pension expense OPEB expense \r\nSome items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. Net decrease in accrued interest \r\nChange in net position of governmental activities (Exhibit \"B\") \r\n \r\n$ (4,947,368.90) \r\n \r\n$ 13,776,894.67 (1,266,184.22) \r\n \r\n12,510,710.45 (293,800.40) \r\n \r\n$ 960,000.00 206,001.47 \r\n \r\n1,166,001.47 \r\n \r\n$ (1,286,893.56) (371,504.00) \r\n \r\n(1,658,397.56) \r\n \r\n(21,240.00) $ 6,755,905.06 \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 (This page left intentionally blank) \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nNOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nReporting Entity \r\nThe Bleckley County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nBlended Component Unit \r\nThe Bleckley County School Building Authority (the Authority) was created by House Bill 1312 during the 2008 session of the Georgia General Assembly. The purpose of the Authority is to provide, acquire, construct, equip, maintain, and operate public service facilities, to acquire the necessary property therefore, both real and personal, and to lease or sell any or all of such facilities, including real and personal property for the benefit of the School District. The Authority consists of five members appointed by the governing authority of the School District. The Authority is a component unit of the School District and as such the Authority's financial activity has been blended with the School District's basic financial statements. \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 and its component units. 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\n \r\n- 8 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nThe Statement of Net Position presents the School District's assets, deferred outflows of resources, deferred inflows of resources and liabilities, with the difference reported as net position. Net position is reported in three categories as follows: \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\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. Eliminations have been made to minimize the double counting of internal activities. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \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 longterm principal and interest. \r\n \r\n- 9 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nBasis of Accounting \r\nThe basis of accounting determines when transactions are reported on the financial statements. The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, 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 certain revenues reported in the governmental funds to be available if they are collected within 60 days after year-end. The School District considers all intergovernmental revenues to be available if they are collected within 120 days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities are reported as other financing sources. \r\nThe School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted resources available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\nCash and Cash Equivalents \r\nCash and cash equivalents consist of cash on hand, demand deposits, investments in the State of Georgia local government investment pool (Georgia Fund 1) and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated (O.C.G.A.) 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \r\nInvestments \r\nThe School District can invest its funds as permitted by O.C.G.A. 36-83-4. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. \r\n \r\n- 10 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nInvestments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. All other investments are reported at fair value. \r\nFor accounting purposes, certificates of deposit are classified as investments if they have an original maturity greater than three months when acquired. \r\nReceivables \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\nInventories \r\nFood Inventories \r\nOn the basic financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (calculated on the first-in, first-out basis). The School District uses the consumption method to account for inventories whereby donated expenditures are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \r\nPrepaid Items \r\nPayments made to vendors for services that will benefit future accounting periods are recorded as prepaid items, in both the government-wide and governmental fund financial statements. \r\nCapital Assets \r\nOn the government-wide financial statements, capital assets are recorded at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at the acquisition value on the date donated. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. The School District does not capitalize book collections or works of art. \r\nCapital acquisition and construction are recorded as expenditures in the governmental fund financial statements at the time of purchase (including ancillary charges), and the related assets are reported as capital assets in the governmental activities column in the government-wide financial statements. \r\nDepreciation is computed using the straight-line for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives. \r\n \r\n- 11 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Land Improvements Buildings and Improvements Equipment Intangible Assets \r\n \r\nALL \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ \r\n \r\n5,000.00 \r\n \r\n$ 200,000.00 \r\n \r\nN/A 20 to 80 years 10 to 80 years \r\n5 to 50 years 5 to 10 years \r\n \r\nDeferred Outflows/Inflows of Resources \r\nIn addition to assets, the statement of financial position will report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of resources that applies to a future period(s) and therefore will not be recognized as an outflow of resources (expense/expenditure) until then. \r\nIn addition to liabilities, the statement of financial position will report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of resources that applies to a future period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time. \r\nLong-Term Liabilities and Bond Discounts/Premiums \r\nIn the School District's government-wide financial statements, outstanding debt is reported as liabilities. Bond premiums and discounts and the difference between the reacquisition price and the net carrying value of refunded debt are deferred and amortized over the life of the bonds using the straightline method. To conform to generally accepted accounting principles, bond premiums and discounts should be amortized using the effective interest method. The effect of this deviation is deemed to be immaterial to the fair presentation of the basic financial statements. Bond issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued. \r\nIn the governmental fund financial statements, the School District recognizes the proceeds of debt and premiums as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures. \r\nPensions \r\nFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\n \r\n- 12 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nPost-Employment Benefits Other Than Pensions (OPEB) \r\nFor purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Post-Employment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. \r\nFund Balances \r\nFund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. \r\nThe School District's fund balances are classified as follows: \r\nNonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact. \r\nRestricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation. \r\nCommitted consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. \r\nAssigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes. \r\nUnassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance. \r\nUse of Estimates \r\nThe preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. \r\n \r\n- 13 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nProperty Taxes \r\nThe Bleckley County Board of Commissioners adopted the property tax levy for the 2020 tax digest year (calendar year) on October 15, 2020 (levy date) based on property values as of January 1, 2020. Taxes were due on December 29, 2020 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2020 tax digest are reported as revenue in the governmental funds for fiscal year 2021. The Bleckley County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2021, for maintenance and operations amounted to $3,844,485.43. \r\nThe tax millage rate levied for the 2020 tax digest year (calendar year) for the School District was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n14.286 mills \r\n \r\nAdditionally, Title Ad Valorem Tax revenues, at the fund reporting level, amounted to $706,523.58 during fiscal year ended June 30, 2021. \r\nSales Taxes \r\nEducation Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $1,679,301.47 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, except the various school activity (principal) accounts, is prepared and adopted by fund, function and object. The legal level of budgetary control was established by the Board at the aggregate fund level. The budget for the general fund was prepared in accordance with accounting principles generally accepted in the United States of America. \r\nThe budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nThe Superintendent is authorized by the Board to approve adjustments of no more than 10% of the amount budgeted for expenditures in any budget function for any fund. The Superintendent shall report any such adjustments to the Board. If expenditure of funds in any budget function for any fund is \r\n- 14 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nanticipated to be more than 25% of the budgeted amount, the Superintendent shall request Board approval for the budget amendment. Any position or expenditure not previously approved in the annual budget that exceeds $50,000.00 shall require Board approval unless the Superintendent deems the position or purchase an emergency. In such case, the expenditure shall be reported to the Board at its regularly scheduled meeting. Under no circumstance is the Superintendent or other staff person authorized to spend funds that exceed the total budget without approval by the Board. \r\nSee the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances  Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review. \r\nNOTE 4: DEPOSITS AND CASH EQUIVALENTS \r\nCollateralization of Deposits \r\nO.C.G.A.  45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A.  45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance. At June 30, 2021, $129,046.81 of deposits were not secured by surety bond, insurance or collateral as specified above. The School District is working with the affected financial institutions to ensure appropriate levels of collateral are maintained for all the School District's deposits. \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n \r\n- 15 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nCategorization of Deposits \r\n \r\nCustodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2021, the School District had deposits with a carrying amount of $9,698,928.26, which includes $3,840.21 in certificate of deposits that are recorded as investments, and a bank balance of $10,778,305.31. The bank balances insured by Federal depository insurance were $1,887,840.21 and the bank balances collateralized with securities held by the pledging financial institution in the School District's name were $8,761,418.29. \r\nAt June 30,2021, $129,046.81 of the School District's bank balance was uninsured/uncollateralized and exposed to custodial credit risk. \r\nReconciliation of cash and cash equivalents balances to carrying value of deposits: \r\n \r\nCash and cash equivalents Statement of Net Position \r\n \r\n$ 21,943,522.31 \r\n \r\nAdd: Deposits with original maturity of three months or more reported as investments \r\n \r\n3,840.21 \r\n \r\nLess: Investment pools reported as cash and cash equivalents \r\nGeorgia Fund 1 \r\n \r\n12,248,434.26 \r\n \r\nTotal carrying value of deposits - June 30, 2021 \r\n \r\n$ 9,698,928.26 \r\n \r\nCategorization of Cash Equivalents \r\nThe School District reported cash equivalents of $12,248,434.26 in Georgia Fund 1, a local government investment pool, which is included in the cash balances above. Georgia Fund 1 is not registered with the SEC as an investment company and does not operate in a manner consistent with the SEC's Rule 2a-7 of the Investment Company Act of 1940. The investment is valued at the pool's share price, $1.00 per share, which approximates fair value. The pool is an AAAf rated investment pool by Standard and Poor's. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2021 was 36 days. \r\nGeorgia Fund 1, administered by the State of Georgia, Office of the State Treasurer, is not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of the State Treasurer for the Georgia Fund 1, does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State of Georgia Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \r\n \r\n- 16 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nNOTE 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the capital assets for governmental activities during the fiscal year: \r\n \r\nGovernmental Activities Capital Assets \r\nNot Being Depreciated: Land Construction in Progress \r\n \r\nBalances July 1, 2020 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2021 \r\n \r\n$ \r\n \r\n259,480.81 $ \r\n \r\n- $ \r\n \r\n904,307.67 12,954,874.32 \r\n \r\n- $ \r\n \r\n259,480.81 \r\n \r\n- \r\n \r\n13,859,181.99 \r\n \r\nTotal Capital Assets Not Being Depreciated \r\n \r\n1,163,788.48 12,954,874.32 \r\n \r\n- \r\n \r\n14,118,662.80 \r\n \r\nCapital Assets, Being Depreciated Buildings and Improvements Equipment Land Improvements \r\nLess Accumulated Depreciation: Buildings and Improvements Equipment Land Improvements \r\nTotal Capital Assets Being Depreciated, Net \r\nGovernmental Activities Capital Assets - Net \r\n \r\n44,353,062.29 4,389,953.21 1,629,164.39 \r\n \r\n128,973.00 458,397.35 234,650.00 \r\n \r\n181,053.03 \r\n- \r\n \r\n44,482,035.29 4,667,297.53 1,863,814.39 \r\n \r\n13,280,071.03 3,376,887.11 799,835.04 \r\n \r\n979,031.70 238,068.78 \r\n49,083.74 \r\n \r\n181,053.03 \r\n- \r\n \r\n14,259,102.73 3,433,902.86 \r\n848,918.78 \r\n \r\n32,915,386.71 \r\n \r\n(444,163.87) \r\n \r\n- \r\n \r\n32,471,222.84 \r\n \r\n$ 34,079,175.19 $ 12,510,710.45 $ \r\n \r\n- $ 46,589,885.64 \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\nGeneral Administration \r\n \r\nMaintenance and Operation of Plant \r\n \r\nStudent Transportation Services \r\n \r\nFood Services \r\n \r\n20,657.60 34,740.54 18,030.08 125,783.75 \r\n \r\n$ 1,039,607.49 \r\n199,211.97 27,364.76 $ 1,266,184.22 \r\n \r\n- 17 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nNOTE 6: INTERFUND TRANSFERS \r\n \r\nInterfund transfers for the year ended June 30, 2021, consisted of the following: \r\n \r\nTransfers to \r\n \r\nGeneral Fund \r\n \r\nTrDainstsrfiecrts-wFirdoem Capital Projects \r\nFund \r\n \r\nTotal Total \r\n \r\nCapital Projects Fund Debt Service Fund \r\n \r\n$ 3,265,215.45 $ - \r\n \r\n- $ 3,265,215.45 1,078,800.00 1,078,800.00 \r\n \r\nTotal \r\n \r\n$ 3,265,215.45 $ 1,078,800.00 $ 4,344,015.45 \r\n \r\nThe general fund transferred property tax revenues to the capital projects fund to provide supplemental funding for capital construction projects. The capital projects fund transferred SPLOST revenue to the debt service fund to service debt associated with the ESPLOST referendum. \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, 2020 \r\n \r\nGovernmental Activities \r\n \r\nAdditions Deductions \r\n \r\nBalance June 30, 2021 \r\n \r\nDue Within One Year \r\n \r\nGeneral Obligation (G.O.) Bonds $ 19,000,000.00 $ - $ 960,000.00 $ 18,040,000.00 $ 1,000,000.00 \r\n \r\nUnamortized Bond Premiums \r\n \r\n3,818,465.69 \r\n \r\n- \r\n \r\n206,001.47 \r\n \r\n3,612,464.22 \r\n \r\n206,001.47 \r\n \r\n$ 22,818,465.69 $ - $ 1,166,001.47 $ 21,652,464.22 $ 1,206,001.47 \r\n \r\nGeneral Obligation Debt Outstanding \r\nThe School District's bonded debt consists of general obligation bonds that are generally noncallable with interest payable semiannually. Bond proceeds primarily pay for acquiring or constructing capital facilities. The School District repays general obligation bonds from voter-approved 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, 2021. In the event the entity is unable to make the principal and interest payments using proceeds from the Education Special Purpose Local Option Sales Tax (ESPLOST), the debt will be satisfied from a direct annual ad valorem tax levied upon all taxable property within the School District. Additional security is provided by the State of Georgia Intercept Program which allows for state appropriations entitled to the School District to be transferred to the Debt Service Account Custodian for the payment of debt. \r\n \r\n- 18 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nGeneral 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 2009 2.00% - 5.00% 12/1/2009 General Government - Series 2020 4.00% - 5.00% 5/7/2020 \r\n \r\n10/1/2022 $ 8,900,000.00 $ 2,040,000.00 10/1/2042 16,000,000.00 16,000,000.00 \r\n \r\n$ 24,900,000.00 $ 18,040,000.00 \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\n2022 2023 2024 2025 2026 2027 - 2031 2032 - 2036 2037 - 2041 2042 - 2043 \r\n \r\n$ 1,000,000.00 $ 818,000.00 $ 206,001.47 \r\n \r\n1,040,000.00 \r\n \r\n767,000.00 \r\n \r\n177,311.47 \r\n \r\n485,000.00 \r\n \r\n731,300.00 \r\n \r\n167,748.12 \r\n \r\n510,000.00 \r\n \r\n711,400.00 \r\n \r\n167,748.12 \r\n \r\n535,000.00 \r\n \r\n690,500.00 \r\n \r\n167,748.12 \r\n \r\n3,095,000.00 \r\n \r\n3,088,350.00 \r\n \r\n838,740.59 \r\n \r\n3,950,000.00 \r\n \r\n2,255,725.00 \r\n \r\n838,740.59 \r\n \r\n5,040,000.00 \r\n \r\n1,246,450.00 \r\n \r\n838,740.59 \r\n \r\n2,385,000.00 \r\n \r\n120,625.00 \r\n \r\n209,685.15 \r\n \r\nTotal Principal and Interest $ 18,040,000.00 $ 10,429,350.00 $ 3,612,464.22 \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 exceed commercial insurance coverage in any of the past three fiscal years. \r\nGeorgia School Boards Association Risk Management Fund \r\nThe School District participates in the Georgia School Boards Association Risk Management Fund (the Fund), a public entity risk pool organized on August 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, errors and omissions liability, cyber risk and property damage, including safety engineering and other loss prevention and control techniques, and to administer the Fund including the processing and defense of claims brought against members of the Fund . The School District pays an annual contribution to the Fund for coverage. Reinsurance is provided to the Fund through agreements by the Fund with insurance companies \r\n- 19 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\naccording to their specialty for property (including coverage for flood and earthquake), machinery breakdown, general liability, errors and omissions, crime, cyber risk and automobile risks. Reinsurance limits and retentions vary by line of coverage. \r\n \r\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\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability \r\n \r\nClaims and Changes in \r\nEstimates \r\n \r\nClaims Paid \r\n \r\nEnd of Year Liability \r\n \r\n2020 \r\n \r\n$ \r\n \r\n2021 \r\n \r\n$ \r\n \r\n- \r\n \r\n$ \r\n \r\n1,807.00 \r\n \r\n$ \r\n \r\n1,807.00 \r\n \r\n$ \r\n \r\n- \r\n \r\n- \r\n \r\n$ \r\n \r\n7,463.50 \r\n \r\n$ \r\n \r\n7,053.50 \r\n \r\n$ \r\n \r\n410.00 \r\n \r\nSurety Bond \r\n \r\nThe School District purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Driver's Education \r\n \r\n$ \r\n \r\n50,000.00 \r\n \r\n$ \r\n \r\n10,000.00 \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, 2021: \r\n \r\nNonspendable \r\n \r\nInventories \r\n \r\n$ \r\n \r\n52,113.35 \r\n \r\nPrepaid Assets \r\n \r\n89,319.74 $ \r\n \r\nRestricted \r\n \r\nContinuation of Federal Programs $ \r\n \r\n601,260.31 \r\n \r\nCapital Projects \r\n \r\n14,639,357.60 \r\n \r\nDebt Service \r\n \r\n1,421,500.00 \r\n \r\nUnassigned \r\n \r\n141,433.09 \r\n16,662,117.91 4,821,592.30 \r\n \r\nFund Balance, June 30, 2021 \r\n \r\n$ 21,625,143.30 \r\n \r\nWhen multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds. \r\n- 20 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nNOTE 10: BROADBAND SPECTRUM LEASE \r\n \r\nEffective August 18, 2005, the School District entered into a five year lease agreement with automatic renewals, with Nextel Spectrum Acquisition Corporation for the lease of excess spectrum capacity on Education Broadband Service licenses currently held by School District. These licenses were granted to the School District by the Federal Communications Commission. The lease agreement requires monthly lease payments over the term of the lease, of which $28,459.44 was recognized during fiscal year 2021 as a general revenue on the Statement of Activities. \r\n \r\nNOTE 11: SIGNIFICANT COMMITMENTS \r\n \r\nCommitments Under Construction Contracts \r\n \r\nThe following is an analysis of significant outstanding construction or renovation contracts executed by the School District as of June 30, 2021, together with funding available: \r\n \r\nProject \r\n \r\nUnearned Executed Contracts (1) \r\n \r\nPayments through June 30, 2021 (2) \r\n \r\nFunding Available From State (1) \r\n \r\nNew Bleckley County Primary School and Athletic Renovations $ 16,789,202.41 $ \r\n \r\n13,763,038.22 $ 3,047,086.77 \r\n \r\n(1) The amounts described are not reflected in the basic financial statements. (2) Payments include contracts and retainages payable at year end. \r\n \r\nOperating Leases \r\n \r\nThe School District leases copiers and modular units 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 $213,257.95 for governmental activities for the year ended June 30, 2021. The following future minimum lease payments were required under operating leases at June 30, 2021: \r\n \r\nYear Ending \r\n \r\nGovernmental Activities \r\n \r\n2022 2023 2024 2025 \r\n \r\n$ 163,326.44 10,777.66 10,359.84 3,458.96 \r\n \r\nTotal \r\n \r\n$ 187,922.90 \r\n \r\n- 21 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nNOTE 12: SIGNIFICANT CONTINGENT LIABILITIES \r\nFederal Grants \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\nNOTE 13: OTHER POST-EMPLOYMENT BENEFITS (OPEB) \r\nGeorgia School Personnel Post-Employment Health Benefit Fund \r\nPlan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit post-employment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board. \r\nBenefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. \r\nContributions: As established by the Board, the School OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $487,230.00 for the year ended June 30, 2021. Active employees are not required to contribute to the School OPEB Fund. \r\nOPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB \r\nAt June 30, 2021, the School District reported a liability of $19,567,209.00 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of June 30, 2020. The total OPEB liability used to calculate the net OPEB liability was based on an actuarial valuation as of June 30, 2019. An expected total OPEB liability as of June 30, 2020 was determined using standard roll-forward techniques. The School District's proportion of the net OPEB liability was actuarially determined based on employer contributions during the fiscal year ended June 30, 2020. At June 30, 2020, the School District's proportion was 0.133222%, which was an increase of 0.000393% from its proportion measured as of June 30, 2019. \r\n- 22 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nFor the year ended June 30, 2021, the School District recognized OPEB expense of $858,734.00. At June 30, 2021, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: \r\n \r\nOPEB \r\n \r\nDeferred \r\n \r\nDeferred \r\n \r\nOutflows of \r\n \r\nInflows of \r\n \r\nResources \r\n \r\nResources \r\n \r\nDifferences between expected and actual experience \r\nChanges of assumptions \r\n \r\n$ \r\n \r\n- $ 2,136,132.00 \r\n \r\n3,235,982.00 \r\n \r\n1,741,061.00 \r\n \r\nNet difference between projected and \r\n \r\nactual earnings on OPEB plan investments \r\n \r\n51,000.00 \r\n \r\n- \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n678,590.00 \r\n \r\n202,826.00 \r\n \r\nSchool District contributions subsequent to \r\n \r\nthe measurement date \r\n \r\n487,230.00 \r\n \r\n- \r\n \r\nTotal \r\n \r\n$ 4,452,802.00 $ 4,080,019.00 \r\n \r\nSchool District contributions subsequent to the measurement date are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2022. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nOPEB \r\n \r\n2022 2023 2024 2025 2026 Thereafter \r\n \r\n$ (307,427.00) $ (308,796.00) $ (180,914.00) $ 171,992.00 $ 390,308.00 $ 120,390.00 \r\n \r\n- 23 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nActuarial assumptions: The total OPEB liability as of June 30, 2020 was determined by an actuarial valuation as of June 30, 2019 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2020: \r\nOPEB: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases \r\n \r\n3.00%  8.75%, including inflation \r\n \r\nLong-term expected rate of return \r\n \r\n7.30%, compounded annually, net of investment expense, and including inflation \r\n \r\nHealthcare cost trend rate \r\n \r\nPre-Medicare Eligible Medicare Eligible Ultimate trend rate \r\n \r\n7.00% 5.25% \r\n \r\nPre-Medicare Eligible Medicare Eligible Year of Ultimate trend rate \r\n \r\n4.50% 4.50% \r\n \r\nPre-Medicare Eligible \r\n \r\n2029 \r\n \r\nMedicare Eligible \r\n \r\n2023 \r\n \r\nMortality rates were based on the RP-2000 Combined Mortality Table for Males or Females, as appropriate, with adjustments for mortality improvements based on Scale BB as follows: \r\n \r\n For TRS members: The Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree Mortality Table projected generationally with MP-2019 projection scale (set forward one year and adjusted 106%) is used for death prior to retirement and for service retirements and beneficiaries. The Pub-2010 Teachers Mortality Table for Disabled Retirees projected generationally with MP-2019 Projection scale (set forward one year and adjusted 106%) is used for disability retirements. For both, rates of improvement were reduced by 20% for all years prior to the ultimate rate. \r\n For PSERS members: The RP-2000 Blue-Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females) is used for the period after service retirement and for beneficiaries of deceased members. The RP-2000 Disabled Mortality Table projected to 2025 with projection scale BB (set forward 5 years for both males and females) is used for the period after disability retirement. Rates of mortality in active service were based on the RP-2000 Employee Mortality Table projected to 2025 with projection scale BB. There is a margin for future morality improvement in the tables used by the plan. \r\n \r\nThe actuarial assumptions used in the June 30, 2019 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2018, with the exception of the assumed annual rate of inflation which was changed from 2.75% to 2.50%, effective with the June 30, 2018 valuation. \r\n- 24 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nThe remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2019 valuation were based on a review of recent plan experience done concurrently with the June 30, 2019 valuation. \r\nProjection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. \r\nThe long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset Class \r\n \r\nFixed Income Equities \r\n \r\nTotal \r\n \r\nTarget allocation \r\n30.00% 70.00% 100.00% \r\n \r\nLong-Term Expected Real Rate of Return* \r\n0.50% 9.20% \r\n \r\n*Net of Inflation \r\nDiscount Rate: In order to measure the total OPEB liability for the School OPEB, a single equivalent interest rate of 2.22% was used as the discount rate, as compared with last year's rate of 3.58%. This is comprised mainly of the yield or index rate for 20 year tax-exempt general obligation bonds with an average rating of AA or higher (2.21% per the Municipal Bond Index Rate). The projection of cash flows used to determine the discount rate assumed that contributions from members and from the employer will be made at the current level as averaged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2118. \r\nSensitivity of the School District's proportionate share of the net OPEB liability to changes in the discount rate: The following presents the collective net OPEB liability of the participating employers calculated using the discount rate of 2.22%, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (1.22%) or 1-percentage-point higher (3.22%) than the current discount rate: \r\n \r\n1% Decrease (1.22%) \r\n \r\nCurrent Discount Rate (2.22%) \r\n \r\n1% Increase (3.22%) \r\n \r\nSchool District's proportionate share of the Net OPEB liability \r\n \r\n$ 22,988,243.00 $ \r\n \r\n19,567,209.00 $ 16,831,338.00 \r\n \r\n- 25 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nSensitivity of the School District's proportionate share of the net OPEB liability to changes in the healthcare cost trend rates: The following presents the collective net OPEB liability of the participating employers, as well as what the collective net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1-percentagepoint higher than the current healthcare cost trend rates: \r\n \r\n1% Decrease \r\n \r\nCurrent Healthcare Cost Trend Rate \r\n \r\n1% Increase \r\n \r\nSchool District's Proportionate Share of the Net OPEB Liability \r\n \r\n$ 16,291,669.00 $ \r\n \r\n19,567,209.00 $ 23,808,083.00 \r\n \r\nOPEB plan fiduciary net position: Detailed information about the OPEB plan's fiduciary net position is available in the Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. \r\n \r\nNOTE 14: RETIREMENT PLANS \r\n \r\nThe School District participates in various retirement plans administered by the State of Georgia, as further explained below. \r\n \r\nTeachers Retirement System of Georgia (TRS) \r\n \r\nPlan Description: All teachers of the School District as defined in O.C.G.A 47-3-60 and certain other support personnel as defined by O.C.G.A 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple-employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications. \r\nBenefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and 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 2021. The School District's contractually required contribution rate for the year ended June 30, 2021 was 19.06% of annual School District payroll, of which 18.88% of \r\n \r\n- 26 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\npayroll was required from the School District and 0.18% of payroll was required from the State. For the current fiscal year, employer contributions to the pension plan were $2,862,858.00 and $25,270.82 from the School District and the State, respectively. \r\nPublic School Employees Retirement System (PSERS) \r\nPlan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. \r\nBenefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. \r\nUpon retirement, the member will receive a monthly benefit of $15.50, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits. \r\nContributions: The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. \r\nIndividuals who became members prior to July 1, 2012 contribute $4 per month for nine months each fiscal year. Individuals who became members on or after July 1, 2012 contribute $10 per month for nine months each fiscal year. The State of Georgia, although not the employer of PSERS members, is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS Board of Trustees. The current fiscal year contribution was $66,670.00. \r\nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions \r\nAt June 30, 2021, the School District reported a liability of $26,023,266.00 for its proportionate share of the net pension liability for TRS. \r\n \r\n- 27 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nThe TRS net pension liability reflected a reduction for support provided to the School District by the State of Georgia for certain public school support personnel. The amount recognized by the School District as its proportionate share of the net pension liability, the related State of Georgia support, and the total portion of the net pension liability that was associated with the School District were as follows: \r\n \r\nSchool District's proportionate share of the net pension liability \r\n \r\n$ 26,023,266.00 \r\n \r\nState of Georgia's proportionate share of the net pension liability associated with the School District \r\n \r\n236,425.00 \r\n \r\nTotal \r\n \r\n$ 26,259,691.00 \r\n \r\nThe net pension liability for TRS was measured as of June 30, 2020. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2019. An expected total pension liability as of June 30, 2020 was determined using standard roll-forward techniques. The School District's proportion of the net pension liability was based on contributions to TRS during the fiscal year ended June 30, 2020. \r\nAt June 30, 2020, the School District's TRS proportion was 0.107428%, which was a decrease of 0.000657% from its proportion measured as of June 30, 2019. \r\nAt June 30, 2021, the School District did not have a PSERS liability for a proportionate share of the net pension liability because of a Special Funding Situation with the State of Georgia, which is responsible for the net pension liability of the plan. The amount of the State's proportionate share of the net pension liability associated with the School District is $411,519.00. \r\nThe PSERS net pension liability was measured as of June 30, 2020. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2019. An expected total pension liability as of June 30, 2020 was determined using standard roll-forward techniques. The State's proportion of the net pension liability associated with the School District was based on actuarially determined contributions paid by the State during the fiscal year ended June 30, 2020. \r\nFor the year ended June 30, 2021, the School District recognized pension expense of $4,130,606.00 for TRS and $82,812.00 for PSERS and revenue of ($19,248.00) for TRS and $82,812.00 for PSERS. The revenue is support provided by the State of Georgia. For TRS the State of Georgia support is provided only for certain support personnel. \r\n \r\n- 28 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nAt June 30, 2021, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \r\n \r\nDifferences between expected and actual experience \r\n \r\nTRS Deferred Outflows of Resources \r\n \r\nDeferred Inflows of Resources \r\n \r\n$ 1,133,321.00 $ \r\n \r\n- \r\n \r\nChanges of assumptions \r\n \r\n2,680,426.00 \r\n \r\n- \r\n \r\nNet difference between projected and \r\n \r\nactual earnings on pension plan investments \r\n \r\n626,775.00 \r\n \r\n- \r\n \r\nChanges in proportion and differences between School District contributions and proportionate share of contributions \r\n \r\n263,910.00 \r\n \r\n926,663.00 \r\n \r\nSchool District contributions subsequent to the measurement date \r\nTotal \r\n \r\n2,862,858.00 $ 7,567,290.00 $ \r\n \r\n926,663.00 \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, 2022. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nTRS \r\n \r\n2022 2023 2024 2025 \r\n \r\n$ 722,778.00 $ 1,278,824.00 $ 1,196,301.00 $ 579,866.00 \r\n \r\nActuarial assumptions: The total pension liability as of June 30, 2020 was determined by an actuarial valuation as of June 30, 2019, using the following actuarial assumptions, applied to all periods included in the measurement: \r\n \r\nTeachers Retirement System: \r\n \r\nInflation \r\n \r\n2.50% \r\n \r\nSalary increases \r\n \r\n3.00%  8.75%, average, including inflation \r\n \r\nInvestment rate of return \r\n \r\n7.25%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases 1.50% semi-annually \r\n \r\n- 29 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nPost-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. \r\nThe actuarial assumptions used in the June 30, 2019 valuation were based on the results of an actuarial experience study for the period July 1, 2013  June 30, 2018. \r\n \r\nPublic School Employees Retirement System: \r\n \r\nInflation \r\n \r\n2.75% \r\n \r\nSalary increases \r\n \r\nN/A \r\n \r\nInvestment rate of return \r\n \r\n7.30%, net of pension plan investment expense, including inflation \r\n \r\nPost-retirement benefit increases \r\n \r\n1.50% semi-annually \r\n \r\nPost-retirement mortality rates were based on the RP-2000 Blue-Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females) for the period after service retirements and for dependent beneficiaries. The RP-2000 Disabled Mortality projected to 2025 with projection scale BB (set forward 5 years for both males and females) was used for death after disability retirement. There is a margin for future mortality improvement in the tables used by the System. Based on the results of the most recent experience study adopted by the Board on December 17, 2015, the numbers of expected future deaths are 9-11% less than the actual number of deaths that occurred during the study period for healthy retirees and 9-11% less than expected under the selected table for disabled retirees. Rates of mortality in active service were based on the RP-2000 Employee Mortality Table projected to 2025 with projection scale BB. \r\n \r\nThe actuarial assumptions used in the June 30, 2019 valuation were based on the results of an actuarial experience study for the period July 1, 2009  June 30, 2014, with the exception of the assumed investment rate of return. \r\n \r\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 \r\n \r\n- 30 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2021 \r\n \r\nEXHIBIT \"G\" \r\n \r\nweighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target asset allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset class \r\n \r\nTRS Target allocation \r\n \r\nPSERS Target allocation \r\n \r\nLong-term expected real rate of return* \r\n \r\nFixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative \r\n \r\nTotal \r\n \r\n30.00% 51.00% \r\n1.50% 12.40% \r\n5.10% - \r\n100.00% \r\n \r\n30.00% 46.20% \r\n1.30% 12.40% \r\n5.10% 5.00% \r\n100.00% \r\n \r\n(0.10)% 8.90% 13.20% 8.90% 10.90% 12.00% \r\n \r\n* Rates shown are net of the 2.75% assumed rate of inflation with the exception of TRS, which assumed a rate of 2.50% rate of inflation. \r\n \r\nDiscount Rate: The discount rate used to measure the total TRS pension liability was 7.25%. The discount rate used to measure the total PSERS pension liability was 7.30%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS and PSERS pension plans' fiduciary net position were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \r\nSensitivity of the School District's proportionate share of the net pension liability to changes in the discount rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 7.25%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.25%) or 1-percentage-point higher (8.25%) than the current rate: \r\n \r\nTeachers Retirement System: \r\n \r\n1% Decrease (6.25%) \r\n \r\nCurrent Discount Rate (7.25%) \r\n \r\n1% Increase (8.25%) \r\n \r\nSchool District's proportionate share of \r\n \r\nthe net pension liability \r\n \r\n$ 41,266,688.00 $ \r\n \r\n26,023,266.00 $ 13,528,031.00 \r\n \r\nPension plan fiduciary net position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and PSERS financial report which is publicly available at www.trsga.com/publications and http://www.ers.ga.gov/financials. \r\n \r\nNOTE 15: RELATED PARTY TRANSACTIONS \r\n \r\nDuring the year under review, the School District conducted business with one related party, Rozier Auto Parts. Rozier Auto Parts is owned by the Finance Director's husband's family. Current year expenditures for Rozier Auto Parts total $7,770.13. \r\n \r\n- 31 - \r\n \r\n (This page left intentionally blank) \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"1\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion \r\nof the Net Pension Liability (NPL) \r\n \r\nSchool District's proportionate share of the NPL \r\n \r\nState of Georgia's proportionate \r\nshare of the NPL associated with \r\nthe School District \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share of the NPL as a percentage of its covered \r\npayroll \r\n \r\nPlan fiduciary net position \r\nas a percentage of the total \r\npension liability \r\n \r\n2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.107428% $ 26,023,266.00 $ 236,425.00 $ 26,259,691.00 $ 13,975,768.69 \r\n \r\n0.108085% $ 23,241,198.00 $ \r\n \r\n222,123.00 $ 23,463,321.00 $ 13,318,312.29 \r\n \r\n0.115564% $ 21,451,154.00 $ \r\n \r\n198,244.00 $ 21,649,398.00 $ 13,891,719.37 \r\n \r\n0.111939% $ 20,804,208.00 $ 343,456.00 $ 21,147,664.00 $ 13,064,761.59 \r\n \r\n0.112846% $ 23,281,388.00 $ 542,805.00 $ 23,824,193.00 $ 12,667,465.64 \r\n \r\n0.113809% $ 17,326,290.00 $ \r\n \r\n412,723.00 $ 17,739,013.00 $ 12,299,400.07 \r\n \r\n0.113422% $ 14,329,374.00 $ \r\n \r\n329,613.00 $ 14,658,987.00 $ 11,837,505.64 \r\n \r\n186.20% 174.51% 154.42% 159.24% 183.79% 140.87% 121.05% \r\n \r\n77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 33 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"2\" \r\n \r\nFor the Year Ended June 30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required contribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered payroll \r\n \r\n2021 2020 2019 2018 2017 2016 2015 \r\n \r\n$ \r\n \r\n2,862,858.00 $ \r\n \r\n$ \r\n \r\n2,927,885.56 $ \r\n \r\n$ \r\n \r\n2,757,125.03 $ \r\n \r\n$ \r\n \r\n2,313,812.96 $ \r\n \r\n$ \r\n \r\n1,834,059.26 $ \r\n \r\n$ \r\n \r\n1,767,095.82 $ \r\n \r\n$ \r\n \r\n1,579,743.81 $ \r\n \r\n2,862,858.00 $ 2,927,885.56 $ 2,757,125.03 $ 2,313,812.96 $ 1,834,059.26 $ 1,767,095.82 $ \r\n1,579,743.81 $ \r\n \r\n- \r\n \r\n$ \r\n \r\n15,159,813.38 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,975,768.69 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,318,312.29 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,891,719.37 \r\n \r\n- \r\n \r\n$ \r\n \r\n13,064,761.59 \r\n \r\n- \r\n \r\n$ \r\n \r\n12,667,465.64 \r\n \r\n- \r\n \r\n$ 12,299,400.07 \r\n \r\nContribution as a percentage of covered payroll \r\n18.88% 20.95% 20.70% 16.66% 14.04% 13.95% 12.84% \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 BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA \r\n \r\nSCHEDULE \"3\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the Net Pension Liability (NPL) \r\n \r\nSchool District's proportionate share of the NPL \r\n \r\nState of Georgia's proportionate \r\nshare of the NPL associated with the School District \r\n \r\nTotal \r\n \r\nSchool District's covered payroll \r\n \r\nSchool District's proportionate share of the NPL as a percentage of its covered \r\npayroll \r\n \r\nPlan fiduciary net position as a percentage of \r\nthe total pension liability \r\n \r\n2021 2020 2019 2018 2017 2016 2015 \r\n \r\n0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ \r\n \r\n- \r\n \r\n$ \r\n \r\n411,519.00 $ 411,519.00 $ \r\n \r\n780,659.73 \r\n \r\n- \r\n \r\n$ \r\n \r\n405,620.00 $ 405,620.00 $ \r\n \r\n800,531.63 \r\n \r\n- \r\n \r\n$ \r\n \r\n348,127.00 $ 348,127.00 $ 744,680.75 \r\n \r\n- \r\n \r\n$ \r\n \r\n306,322.00 $ 306,322.00 $ \r\n \r\n701,720.36 \r\n \r\n- \r\n \r\n$ \r\n \r\n405,517.00 $ 405,517.00 $ \r\n \r\n698,123.79 \r\n \r\n- \r\n \r\n$ \r\n \r\n267,010.00 $ 267,010.00 $ \r\n \r\n688,106.87 \r\n \r\n- \r\n \r\n$ \r\n \r\n239,626.00 $ 239,626.00 $ \r\n \r\n688,182.25 \r\n \r\nN/A \r\n \r\n84.45% \r\n \r\nN/A \r\n \r\n85.02% \r\n \r\nN/A \r\n \r\n85.26% \r\n \r\nN/A \r\n \r\n85.69% \r\n \r\nN/A \r\n \r\n81.00% \r\n \r\nN/A \r\n \r\n87.00% \r\n \r\nN/A \r\n \r\n88.29% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 35 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY \r\nSCHOOL OPEB FUND \r\n \r\nSCHEDULE \"4\" \r\n \r\nFor the Year Ended \r\nJune 30 \r\n \r\nSchool District's proportion of the Net OPEB Liability (NOL) \r\n \r\nSchool District's proportionate share of the NOL \r\n \r\nState of Georgia's proportionate share of the NOL associated with the School \r\nDistrict \r\n \r\nTotal \r\n \r\nSchool District's covered- \r\nemployee payroll \r\n \r\nSchool District's proportionate share of the \r\nNOL as a percentage of \r\nits coveredemployee payroll \r\n \r\nPlan fiduciary net position \r\nas a percentage of the total OPEB liability \r\n \r\n2021 2020 2019 2018 \r\n \r\n0.133222% $ 19,567,209.00 $ 0.132829% $ 16,300,968.00 $ 0.126814% $ 16,117,670.00 $ 0.127887% $ 17,968,072.00 $ \r\n \r\n- \r\n \r\n$ 19,567,209.00 $ 10,124,568.40 \r\n \r\n- \r\n \r\n$ 16,300,968.00 $ 9,728,022.24 \r\n \r\n- \r\n \r\n$ 16,117,670.00 $ 9,902,646.68 \r\n \r\n- \r\n \r\n$ 17,968,072.00 $ 9,392,659.42 \r\n \r\n193.26% 167.57% 162.76% 191.30% \r\n \r\n3.99% 4.63% 2.93% 1.61% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 36 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION \r\nSCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND \r\n \r\nSCHEDULE \"5\" \r\n \r\nFor the Year Ended June \r\n30 \r\n \r\nContractually required contribution \r\n \r\nContributions in relation to the contractually required \r\ncontribution \r\n \r\nContribution deficiency (excess) \r\n \r\nSchool District's covered-employee \r\npayroll \r\n \r\nContribution as a percentage of \r\ncovered-employee payroll \r\n \r\n2021 \r\n \r\n$ \r\n \r\n2020 \r\n \r\n$ \r\n \r\n2019 \r\n \r\n$ \r\n \r\n2018 \r\n \r\n$ \r\n \r\n2017 \r\n \r\n$ \r\n \r\n487,230.00 $ 450,524.00 $ 715,377.00 $ 657,264.00 $ 666,817.00 $ \r\n \r\n487,230.00 $ 450,524.00 $ 715,377.00 $ 657,264.00 $ 666,817.00 $ \r\n \r\n- \r\n \r\n$ 11,473,420.48 \r\n \r\n- \r\n \r\n$ 10,124,568.40 \r\n \r\n- \r\n \r\n$ \r\n \r\n9,728,022.24 \r\n \r\n- \r\n \r\n$ 9,902,646.68 \r\n \r\n- \r\n \r\n$ \r\n \r\n9,392,659.42 \r\n \r\n4.25% 4.45% 7.35% 6.64% 7.10% \r\n \r\nThis schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\n- 37 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION \r\nFOR THE YEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"6\" \r\n \r\nTeachers Retirement System Changes of assumptions: In 2010 and later, the expectation of retired life mortality was changed to the RP2000 Mortality Tables rather than the 1994 Group Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. In 2010, assumed rates of salary increase were adjusted to more closely reflect actual and anticipated experience. \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 lcllelCYYllllllC Actuaries' projection scale BB (set forward one year for males). \r\nOn May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed annual rate of inflation has been reduced from 2.75% to 2.50%. \r\nIn 2019 and later, the expectation of retired life mortality was changed to the Pub-2010 Teacher Headcount Weighted Below Median Healthy Retiree mortality table from the RP-2000 Mortality Tables. In 2019, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. \r\nPublic School Employees Retirement System Changes of benefit terms: The member contribution rate was increased from $4.00 to $10.00 per month for members joining the System on or after July 1, 2012. The monthly benefit accrual rate was increased from $14.75 to $15.00 per year of credible service effective July 1, 2017. The monthly benefit accrual was increased from $15.00 to $15.25 per year of credible service effective July 1, 2018. The monthly benefit accrual was increased from $15.25 to $15.50 per year of credible service effective July 1, 2019. A 2% cost-of-living adjustment (COLA) was granted to certain retirees and beneficiaries effective July 2016, another July 2017, and another July 2018. Two 1.5% COLAs were granted to certain retirees and beneficiaries effective July 2019 and January 2020. \r\nChanges of assumptions: JllCClclel the 1994 Group Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were YlllCY \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 YlelllllClClClC \r\nOn March 15, 2018, the Board adopted a new funding policy. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for June 30, 2017 actuarial valuation. In addition, based on the Board's new funding policy, the assumed investment rate of return was further reduced by 0.10% from 7.40% to 7.30% as of the June 30, 2018 measurement date. The assumed investment rate of return remained at 7.30% for the June 30, 2019 valuation. \r\nSchool OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. \r\nChanges in assumptions: The June 30, 2017 actuarial valuation was revised, for various factors, including the methodology used to determine how employees and retirees were assigned to each of the OPEB Funds and anticipated participation percentages. Current and former employees of State organizations (including technical colleges, community service boards and public health departments) are now assigned to State OPEB fund based on their last employer payroll location; irrespective of retirement affiliation. \r\nThe June 30, 2019 decremental valuation were changed to reflect the Teachers Retirement Systems experience study. \r\nThe discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017 to 3.87% as of June 30, 2018, to 3.58% as of June 30, 2019, and to 2.22% as of June 30, 2020. \r\n \r\n- 38 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"7\" \r\n \r\nREVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues \r\nEXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Community Services Food Services Operation Total Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES(USES) Operating Transfers From Other Funds Operating Transfers To Other Funds Total Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nAdjustments \r\nFund Balances - Ending \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\n$ \r\n \r\n3,859,323.00 $ \r\n \r\n- \r\n \r\n18,508,000.40 \r\n \r\n3,984,013.67 \r\n \r\n257,000.00 \r\n \r\n1,500.00 \r\n \r\n325,648.28 \r\n \r\n26,935,485.35 \r\n \r\n3,859,323.00 $ - \r\n18,675,476.40 9,636,886.74 \r\n257,000.00 1,500.00 \r\n325,648.28 32,755,834.42 \r\n \r\n18,423,587.75 \r\n1,028,410.17 444,272.53 326,527.84 831,822.03 1,632,604.53 213,958.46 2,259,966.80 1,869,622.89 \r\n124,173.57 210,219.26 46,812.50 2,044,252.70 29,456,231.03 (2,520,745.68) \r\n \r\n22,134,898.75 \r\n1,495,416.31 763,686.53 354,051.84 847,883.03 1,781,495.53 233,923.46 2,817,499.69 2,296,726.89 137,480.57 217,776.26 \r\n46,812.50 2,199,863.74 35,327,515.10 (2,571,680.68) \r\n \r\n50,935.00 (150,935.00) (100,000.00) \r\n \r\n(2,620,745.68) \r\n \r\n6,397,052.49 \r\n \r\n6,154.20 \r\n \r\n$ \r\n \r\n3,782,461.01 $ \r\n \r\n81,988.00 (181,988.00) (100,000.00) \r\n(2,671,680.68) \r\n6,397,052.49 \r\n(9,853.01) \r\n3,715,518.80 $ \r\n \r\nACTUAL AMOUNTS \r\n \r\nVARIANCE OVER/UNDER \r\n \r\n4,564,775.35 $ 76,210.69 \r\n19,914,026.44 6,726,402.53 \r\n248,073.44 7,497.13 \r\n1,193,664.30 32,730,649.88 \r\n \r\n705,452.35 76,210.69 \r\n1,238,550.04 (2,910,484.21) \r\n(8,926.56) 5,997.13 \r\n868,016.02 (25,184.54) \r\n \r\n19,107,039.54 \r\n1,307,268.28 548,291.43 329,258.28 761,448.09 \r\n1,715,643.24 242,269.67 2,024,338.24 2,205,669.33 140,345.52 214,309.47 \r\n41,220.06 1,846,563.78 30,483,664.93 2,246,984.95 \r\n \r\n3,027,859.21 \r\n188,148.03 215,395.10 24,793.56 86,434.94 65,852.29 \r\n(8,346.21) 793,161.45 91,057.56 (2,864.95) \r\n3,466.79 5,592.44 353,299.96 4,843,850.17 4,818,665.63 \r\n \r\n(3,265,215.45) (3,265,215.45) \r\n(1,018,230.50) \r\n6,582,516.20 \r\n- \r\n5,564,285.70 $ \r\n \r\n(81,988.00) (3,083,227.45) \r\n(3,165,215.45) \r\n1,653,450.18 \r\n185,463.71 \r\n9,853.01 \r\n1,848,766.90 \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\n(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various principal accounts. The actual revenues and expenditures of the various principal accounts are $958,278.55 and $863,653.01, respectively. \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 39 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"8\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program Child Nutrition Discretionary Grants Limited Availability Total Child Nutrition Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Food Services State Administrative Expenses for Child Nutrition Total U. S. Department of Agriculture \r\nEducation, U. S. Department of Education Stabilization Fund Pass-Through From Georgia Department of Education COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - Elementary and Secondary School Emergency Relief Fund Total Education Stabilization Fund \r\nSpecial Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Grants to States Preschool Grants Total Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Rural Education Rural Education Student Support and Academic Enrichment Program Supporting Effective Instruction State Grants 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 Total Other Programs Total U. S. Department of Education \r\n \r\nASSISTANCE LISTING NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\nPASSEDTHROUGH TO SUBRECIPIENTS \r\n \r\n10.553 \r\n \r\n215GA324N1199 $ 420,998.88 $ \r\n \r\n- \r\n \r\n10.555 \r\n \r\n215GA324N1199 \r\n \r\n1,243,249.82 \r\n \r\n- \r\n \r\n10.579 \r\n \r\n215GA350N8103 \r\n \r\n14,110.75 \r\n \r\n- \r\n \r\n1,678,359.45 \r\n \r\n- \r\n \r\n10.560 \r\n \r\n205GA904N2533 \r\n \r\n1,600.04 \r\n \r\n- \r\n \r\n1,679,959.49 \r\n \r\n- \r\n \r\n84.425D \r\n \r\nS425D200012 \r\n \r\n462,629.68 \r\n \r\n- \r\n \r\n84.425D \r\n \r\nS425D210012 \r\n \r\n2,437,873.00 \r\n \r\n- \r\n \r\n2,900,502.68 \r\n \r\n- \r\n \r\n84.027A \r\n \r\nH027A190073 \r\n \r\n31,581.00 \r\n \r\n- \r\n \r\n84.027A \r\n \r\nH027A200073 \r\n \r\n465,716.55 \r\n \r\n- \r\n \r\n84.173A \r\n \r\nH173A200081 \r\n \r\n24,585.00 \r\n \r\n- \r\n \r\n521,882.55 \r\n \r\n- \r\n \r\n84.048A \r\n \r\nV048A200010 \r\n \r\n37,539.90 \r\n \r\n- \r\n \r\n84.358B \r\n \r\nS365B190010 \r\n \r\n19.00 \r\n \r\n- \r\n \r\n84.358B \r\n \r\nS365B200010 \r\n \r\n45,137.98 \r\n \r\n- \r\n \r\n84.424A \r\n \r\nS424A200011 \r\n \r\n39,377.46 \r\n \r\n- \r\n \r\n84.367A \r\n \r\nS367A190001 \r\n \r\n31,053.00 \r\n \r\n- \r\n \r\n84.367A \r\n \r\nS367A200001 \r\n \r\n16,705.56 \r\n \r\n- \r\n \r\n84.010A \r\n \r\nS010A190010 \r\n \r\n103,187.20 \r\n \r\n- \r\n \r\n84.010A \r\n \r\nS010A200010 \r\n \r\n664,804.68 \r\n \r\n- \r\n \r\n84.287C \r\n \r\nS287C200010 \r\n \r\n312,934.51 \r\n \r\n- \r\n \r\n1,250,759.29 \r\n \r\n- \r\n \r\n4,673,144.52 \r\n \r\n- \r\n \r\n- 40 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"8\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nHealth and Human Services, U. S. Department of Direct Rural Health Development Network Grant Pass-Through From Georgia Department of Human Services Affordable Care Act (ACA) Abstinence Education Program \r\n \r\nASSISTANCE LISTING NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\nPASSEDTHROUGH TO SUBRECIPIENTS \r\n \r\n93.912 93.235 \r\n \r\nD06RH27765 \r\n42700-0400000096337 \r\n \r\n93,138.09 85,548.12 \r\n \r\n87,407.44 - \r\n \r\nTotal U.S. Department of Health and Human Services \r\nPass-Through From Bright From the Start Georgia Department of Early Care and Learning COVID-19 - Child Care and Development Block Grant \r\nTotal Expenditures of Federal Awards \r\n \r\n93.575 \r\n \r\n178,686.21 \r\n \r\n87,407.44 \r\n \r\n2110GACCC5 \r\n \r\n14,203.00 \r\n \r\n$ 6,545,993.22 $ \r\n \r\n87,407.44 \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 Bleckley County Board of Education (the \"Board\") under programs of the federal government for the year ended June 30, 2021. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position or changes in net position of the Board. \r\n \r\nNote 2. Summary of Significant Accounting Policies \r\nExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. \r\nNote 3. Indirect Cost Rate \r\nThe Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. \r\nNote 4. Donated Personal Protective Equipment \r\nIn response to the COVID-19 pandemic, the federal government donated personal protective equipment (PPE) to Georgia Emergency Management and Homeland Security Agency (GEMA/HS). GEMA/HS, then, donated PPE with an estimated fair market value of $33,530.00 to the Bleckley County Board of Education. This amount is not included in the Schedule of Expenditures of Federal Awards and is not subject to audit. Therefore, this amount is unaudited. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 41 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2021 \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 Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Amended Formula Adjustment Categorical Grants Pupil Transportation Regular Bus Replacement Nursing Services Vocational Supervisors Education Equalization Funding Grant Other State Programs Food Services Hygiene Products Math and Science Supplements Preschool Disability Services Pupil Transportation - State Bonds School Security Grant Teachers Retirement Vocational Education Georgia Emergency Management Agency Donations to LEA for COVID Georgia State Financing and Investment Commission Reimbursement on Construction Projects Office of the State Treasurer Public School Employees Retirement \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nGENERAL \r\n \r\nCAPITAL PROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\n$ \r\n \r\n726,774.60 $ \r\n \r\n- $ \r\n \r\n813,498.00 372,891.00 1,098,041.00 1,754,734.00 522,460.00 1,049,949.00 1,782,924.00 1,451,127.00 443,010.00 2,759,581.00 723,380.00 122,618.00 121,968.00 316,744.00 93,788.00 60,414.00 \r\n1,549.00 \r\n537,848.00 761,453.00 667,223.00 (501,817.00) \r\n372,439.00 154,440.00 50,807.00 \r\n6,825.00 3,159,097.00 \r\n48,586.00 1,020.00 11,403.00 \r\n48,108.00 77,220.00 28,216.72 25,270.82 54,748.19 \r\n50,118.11 \r\n- \r\n66,670.00 \r\n \r\n- \r\n- \r\n- \r\n- \r\n- \r\n6,214,064.23 \r\n- \r\n \r\nTOTAL \r\n726,774.60 \r\n813,498.00 372,891.00 1,098,041.00 1,754,734.00 522,460.00 1,049,949.00 1,782,924.00 1,451,127.00 443,010.00 2,759,581.00 723,380.00 122,618.00 121,968.00 316,744.00 93,788.00 60,414.00 \r\n1,549.00 \r\n537,848.00 761,453.00 667,223.00 (501,817.00) \r\n372,439.00 154,440.00 50,807.00 \r\n6,825.00 3,159,097.00 \r\n48,586.00 1,020.00 11,403.00 \r\n48,108.00 77,220.00 28,216.72 25,270.82 54,748.19 \r\n50,118.11 \r\n6,214,064.23 \r\n66,670.00 \r\n \r\n- 42 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"9\" \r\n \r\nAGENCY/FUNDING \r\nCONTRACT Georgia Foundation for Public Education Rural Education Fund Human Resources, Georgia Department of Family Advocate Program Family Connection \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nGENERAL \r\n \r\nCAPITAL PROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n5,000.00 \r\n \r\n25,900.00 48,000.00 \r\n \r\n$ \r\n \r\n19,914,026.44 $ \r\n \r\n- \r\n- \r\n6,214,064.23 $ \r\n \r\n5,000.00 \r\n25,900.00 48,000.00 \r\n26,128,090.67 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 43 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"12\" \r\n \r\nPROJECT The renewal of general obligation bonds in the principal amount not to exceed $6,000,000.00 to pay the cost of, \r\n(a) acquiring textbooks, computer technology equipment, and software, safety/security equipment and technology \r\n(b) acquiring school buses and other capital vehicles \r\n(c) acquiring any capital property necessary or desirable for the foregoing purposes, both real and personal \r\n(d) a portion of the principal and interest on the above described general obligation bonds. Subtotal 2016 Projects \r\nPROJECT The issuance of general obligation bonds in the principal amount not to exceed $16,000,000.00 to pay the cost of, \r\n(a) acquiring, constructing, equipping, and furnishing new school buildings and facilities useful and desirable in connection therewith, including, but not limited to, a Primary School building, bus maintenance and storage facilities, and support athletic/physical education facilities \r\n(b) adding to, renovating, repairing, improving and equipping the existing schools and facilities including, but not limited to, vocational/agricultural facilities, gymnasiums, HVAC and physical education and athletic facilities \r\n(c) acquiring miscellaneous new equipment, fixtures and furnishings for the School District, including textbooks, band instruments, computer technology equipment and software, interactive boards, safety and security technology, food service equipment, tables, desks and chairs, school buses and other vehicles \r\n(d) acquiring any capital property necessary or desirable for the foregoing purposes, both real and personal \r\n(e) paying capitalized interest and/or costs of issuing. Subtotal 2020 Projects \r\nTotal \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nESTIMATED COMPLETION \r\nDATE \r\n \r\n$ \r\n \r\n- $ \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n6,000,000.00 6,000,000.00 \r\n \r\n2,204,308.51 \r\n \r\nCompleted \r\n \r\n3,641,075.00 5,845,383.51 \r\n \r\nSeptember 2022 \r\n \r\n3,391,111.67 \r\n \r\n14,226,552.19 \r\n \r\nMay 2022 \r\n \r\n- \r\n \r\n- \r\n \r\n1,000,000.00 \r\n \r\n1,000,000.00 \r\n \r\nMay 2022 \r\n \r\n- \r\n \r\n- \r\n \r\n1,608,888.33 6,000,000.00 \r\n \r\n1,403,486.77 16,630,038.96 \r\n \r\nSeptember 2022 \r\n \r\n$ 12,000,000.00 $ 22,475,422.47 \r\n \r\n- 44 - \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nSCHEDULE \"10\" \r\n \r\nPROJECT The renewal of general obligation bonds in the principal amount not to exceed $6,000,000.00 to pay the cost of, \r\n(a) acquiring textbooks, computer technology equipment, and software, safety/security equipment and technology \r\n(b) acquiring school buses and other capital vehicles \r\n(c) acquiring any capital property necessary or desirable for the foregoing purposes, both real and personal \r\n(d) a portion of the principal and interest on the above described general obligation bonds. Subtotal 2016 Projects \r\nPROJECT The issuance of general obligation bonds in the principal amount not to exceed $16,000,000.00 to pay the cost of, \r\n(a) acquiring, constructing, equipping, and furnishing new school buildings and facilities useful and desirable in connection therewith, including, but not limited to, a Primary School building, bus maintenance and storage facilities, and support athletic/physical education facilities \r\n(b) adding to, renovating, repairing, improving and equipping the existing schools and facilities including, but not limited to, vocational/agricultural facilities, gymnasiums, HVAC and physical education and athletic facilities \r\n(c) acquiring miscellaneous new equipment, fixtures and furnishings for the School District, including textbooks, band instruments, computer technology equipment and software, interactive boards, safety and security technology, food service equipment, tables, desks and chairs, school buses and other vehicles \r\n(d) acquiring any capital property necessary or desirable for the foregoing purposes, both real and personal \r\n(e) paying capitalized interest and/or costs of issuing. Subtotal 2020 Projects \r\nTotal \r\n \r\nEXPENDED IN CURRENT YEAR (3)(4) \r\n \r\nEXPENDED IN PRIOR YEARS (3)(4) \r\n \r\nTOTAL COMPLETION \r\nCOST \r\n \r\nEXCESS PROCEEDS NOT \r\nEXPENDED \r\n \r\n$ \r\n \r\n- $ \r\n \r\n- $ \r\n \r\n- $ \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n2,204,308.51 \r\n \r\n2,204,308.51 \r\n \r\n- \r\n \r\n960,000.00 \r\n \r\n2,681,075.00 \r\n \r\n- \r\n \r\n- \r\n \r\n960,000.00 \r\n \r\n4,885,383.51 \r\n \r\n2,204,308.51 \r\n \r\n- \r\n \r\n13,355,454.82 \r\n \r\n871,097.37 \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n668,650.00 \r\n \r\n205,401.56 \r\n \r\n- \r\n \r\n- \r\n \r\n14,024,104.82 \r\n \r\n1,076,498.93 \r\n \r\n- \r\n \r\n- \r\n \r\n$ 14,984,104.82 $ 5,961,882.44 $ 2,204,308.51 $ \r\n \r\n- \r\n \r\n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. (2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. (3) The voters of Bleckley County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. \r\nAmounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. (4) In addition to the expenditures shown above, the School District has incurred interest to provide advance funding as follows: \r\n \r\nPrior Years Current Year Total \r\nSee notes to the basic financial statements. \r\n \r\n$ \r\n \r\n556,487.50 \r\n \r\n118,800.00 \r\n \r\n$ \r\n \r\n675,287.50 \r\n \r\n- 45 - \r\n \r\n Section II Compliance and Internal Control Reports \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Steve Smith, Superintendent and Members of the Bleckley County Board of Education \r\nWe have audited the financial statements of the governmental activities and each major fund of the Bleckley County Board of Education (School District), as of and for the year ended June 30, 2021, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements, and have issued our report thereon dated April 11, 2022. We conducted our audit in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit of the financial statements, we considered the School District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the basic financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control. \r\nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the School District's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that have not been identified. Given these limitations, during our audit we did not identify \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n any deficiencies in internal control that we consider to be material weaknesses. We did identify a certain deficiency in internal control, described in the accompanying Schedule of Findings and Questioned Costs in finding FS 2021-001 that we consider to be a significant deficiency. \r\nCompliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether the School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nSchool District's Response to Findings \r\nThe School District's response to the finding identified in our audit is described in the accompanying Schedule of Findings and Questioned Costs. The School District's response was not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on it. \r\nPurpose of this Report \r\nThe purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\nApril 11, 2022 \r\n \r\n Greg S. Griffin State Auditor \r\nINDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE \r\nThe Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education \r\nand Dr. Steve Smith, Superintendent and Members of the Bleckley County Board of Education \r\nReport on Compliance for Each Major Federal Program \r\nWe have audited the Bleckley County Board of Education's (School District) compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2021. The School District's major federal programs are identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs. \r\nManagement's Responsibility \r\nManagement is responsible for compliance with federal statutes, regulations, and the terms and conditions of its federal awards applicable to its federal programs. \r\nAuditor's Responsibility \r\nOur responsibility is to express an opinion on compliance for each of the School District's major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards and the Uniform Guidance require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the School District's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. \r\nWe believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the School District's compliance. \r\n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \r\n \r\n Opinion on Each Major Federal Program \r\nIn our opinion, the School District complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2021. \r\nReport on Internal Control over Compliance \r\nManagement of the School District is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the School District's internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control over compliance. \r\nA deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. \r\nOur consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. \r\nThe purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. \r\nRespectfully submitted, \r\nGreg S. Griffin State Auditor \r\nApril 11, 2022 \r\n \r\n Section III Auditee's Response to Prior Year Findings and Questioned Costs \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2021 \r\nPrior Year Financial Statement Findings No matters were reported. \r\nPrior Year Federal Award Findings and Questioned Costs No matters were reported. \r\n \r\n Section IV Findings and Questioned Costs \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2021 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\nFinancial Statements \r\n \r\nType of auditor's report issued: Governmental Activities and Each Major Fund \r\nInternal control over financial reporting:  Material weakness(es) identified?  Significant deficiency(ies) identified? \r\nNoncompliance material to financial statements noted: \r\n \r\nFederal Awards \r\n \r\nInternal Control over major programs:  Material weakness(es) identified?  Significant deficiency(ies) identified? \r\n \r\nType of auditor's report issued on compliance for major programs: \r\n \r\nAll major programs \r\n \r\nAny audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? \r\n \r\nIdentification of major programs: \r\n \r\nAssistance Listing Number Assistance Listing Program or Cluster Title \r\n \r\n84.425 \r\n \r\nEducation Stabilization Fund \r\n \r\nDollar threshold used to distinguish between Type A and Type B programs: \r\n \r\nAuditee qualified as low-risk auditee? \r\n \r\nUnmodified No Yes No \r\nNo None Reported \r\nUnmodified No \r\n$750,000.00 No \r\n \r\n1 \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2021 \r\nII FINANCIAL STATEMENT FINDINGS \r\nFS 2021-001 Internal Controls over Capital Assets \r\nInternal Control Impact: Significant Deficiency Compliance Impact: None \r\nDescription: The School District did not adequately maintain the capital asset records. \r\nCriteria: Chapter IV-7 Implementing a Capital Asset Management System of the Financial Management for Georgia Local Units of Administration indicates that School Districts must establish fixed asset policies, define system requirements, implement a fixed asset system, and maintain fixed asset records. \r\nCondition: A review of the School District's capital asset records revealed the following deficiencies: \r\n Construction in progress was understated by $904,307.67 on the financial statements and capital asset listing due to errors in recording prior period construction cost for the new Bleckley County Primary School project. \r\n Stadium lighting upgrades totaling $234,346.50 were misclassified as equipment rather than land improvements on the financial statements and the capital asset listing. An adjustment was proposed by the auditor and accepted by the School District to correct these errors on the financial statements. \r\n Depreciation expense was overstated by $259,097.49 for buildings and improvements on the financial statements and the capital asset listing due to depreciation being recorded for the new Bleckley County Primary School project and the Stadium Renovations project. Both projects are under construction and were not placed in service prior to fiscal year end. \r\n Depreciation expense was understated by $5,477.45 and accumulated depreciation was overstated by $181,053.03 for four equipment items disposed of in the current year. \r\nAdjustments were proposed by the auditor and accepted by the School District to correct these errors on the financial statements. \r\nCause: These issues were a result of the School District's inadequate controls and review procedures over capital assets. \r\nEffect: The failure of the School District to maintain a complete and accurate capital asset listing can lead to inaccurate internal and external reporting as well as noncompliance with generally accepted accounting principles. \r\n2 \r\n \r\n BLECKLEY COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2021 Recommendation: Management should correct the capital asset listing and strengthen internal controls over the capital asset process to ensure that capital assets are properly recorded and maintained in accordance with the School District's approved capital assets policy and generally accepted accounting principles. Views of Responsible Officials: We concur with this finding. Ill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n3 \r\n \r\n Section V Management's Corrective Action \r\n \r\n  "}],"pages":{"current_page":1,"next_page":null,"prev_page":null,"total_pages":1,"limit_value":10,"offset_value":0,"total_count":4,"first_page?":true,"last_page?":true},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":4}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"creator_facet","items":[{"value":"Georgia. 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