{"response":{"docs":[{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bp7-b1998-h99","title":"Audit report, Polk School District Board of Education, Cedartown, Georgia, year ended June 30, 1999","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits.","Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Polk County, 34.00178, -85.18815"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["1999-06-30"],"dcterms_description":["Ceased with: Year ended June 30, 1999.","Report year covers fiscal year.","Issues for \u003c1994\u003e-1996 issued by the State of Georgia, Dept. of Audits, 1997- by the Dept. of Audits and Accounts.","Year ended June 30, 1994 (online surrogate); title from PDF cover (Georgia Government Publications database, viewed June 16, 2023).","Year ended June 30, 1999, released in 2000? (online surrogate); (Georgia Government Publications database, viewed June 16, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Polk School District Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Polk County--Auditing--Periodicals.","Education--Georgia--Polk County--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Audit report, Polk School District Board of Education, Cedartown, Georgia, year ended June 30, 1999"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bp7-b1998-h99"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bp7-b1998-h99"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"G,fl \r\nA zoo \r\n~RI \r\nE2b \r\n'P7 \r\n'\\qq$--'fq \r\nAUDIT REPORT POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\nCEDARTOWN, GEORGIA YEAR ENDED JUNE 30, 1999 \r\nSTATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 WASHINGTON STREET \r\nATLANTA, GEORGIA 30334-8400 \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION -TABLE OF CONTENTS- \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHIBITS \r\n \r\nGENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nCOMBINED STATEMENTS - OVERVIEW \r\n \r\nA \r\n \r\nCOMBINED BALANCE SHEET \r\n \r\nALL FUND TYPES AND ACCOUNT GROUP \r\n \r\n2 \r\n \r\nB \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES \r\n \r\nALL GOVERNMENTAL FUND TYPES \r\n \r\nAND EXPENDABLE TRUST FUND \r\n \r\n4 \r\n \r\nC \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \r\n \r\n(NON-GAAP BASIS) \r\n \r\n.. \r\n \r\nGENERAL AND SPECIAL REVENUE FUNDS \r\n \r\ni \r\n \r\nD NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nADDffiONAL FINANCIAL INFORMATION \r\n \r\nCOMBINING STATEMENTS \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nE \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n20 \r\n \r\nF \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\n21 \r\n \r\nCAPITAL PROJECTS FUND \r\n \r\nG \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n22 \r\n \r\nH \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\n24 \r\n \r\nSCHEDULES \r\n \r\n1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\n26 \r\n \r\n2 SCHEDULEOFSTATEREVENUE \r\n \r\n28 \r\n \r\n3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\n29 \r\n \r\n4 SCHEDULEOFEXPENDITURES \r\n \r\nLOTTERY PROGRAMS \r\n \r\n30 \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION -TABLE OF CONTENTS- \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nADDITIONAL FINANCIAL INFORMATION \r\n \r\nSCHEDULES \r\n \r\nANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS \r\n \r\n5 \r\n \r\nOVERALL \r\n \r\n31 \r\n \r\n6 \r\n \r\nBYPROGRAM \r\n \r\n32 \r\n \r\nSECTION II \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \r\n \r\nSECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n RussELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 2, 2000 \r\n \r\nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members ofthe Polk School District Board of Education \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying general purpose financial statements of the Polk School District Board of Education, as of and for the year ended June 30, 1999, as listed in the table of contents. These general purpose financial statements are the responsibility of the Polk School District Board of Education's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. \r\nExcept as discussed in the following paragraph, we conducted our audit in accordance with generally accepted \r\nauditing standards and the standards applicable to fmancial audits contained in Government Audjtini: \r\nStandards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \r\nWe did not observe the taking of either the Federal donated commodities inventory or purchased foods inventory at June 30, 1999, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. \r\nAs described in the notes to the general purpose financial statements, the Board's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: \r\n99ARL-13 \r\n \r\n * The general purpose financial statements of the Board did not contain a General Fixed Assets \r\nAccount Group to account for property and equipment owned by the Board which should be included to conform to generally accepted accounting principles. \r\n* School activity accounts maintained at the individual schools are not included in the general purpose \r\nfinancial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. \r\n* The Board did not recognize as expenditures, in the year ended June 30, 1999, a portion of salaries and the corresponding employer's cost ofrelated benefits earned for contractual services completed prior to June 30, 1999. Also funds received, subsequent to June 30, 1999, from the Georgia Department ofEducation for the State's share ofthese unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1998, were improperly recorded in the year ended June 30, 1999. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. \r\nThe aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. \r\nIn our opinion, except for the effects ofsuch adjustments, if any, on the Special Revenue Fund, as might have been determined to be necessary had we been able to satisfy ourselves as to the accuracy of the food service inventories as discussed in the third paragraph, and except for the effects on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Polk School District Board ofEducation as ofJune 30, 1999, and the results ofits operations for the year then ended, in conformity with generally accepted accounting principles. \r\nIn accordance with Government Auditing Standards, we have also issued our report dated March 2, 2000, on \r\nour consideration ofthe Polk School District Board ofEducation's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. \r\nOur audit was performed for the purpose of forming an opinion on the general purpose financial statements ofthe Polk School District Board of Education taken as a whole. The accompanying combining statements (Exhibits E through H) and the financial schedules (Schedules 1 through 6), which includes the Schedule of Expenditures of Federal Awards as required by U.S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the general purpose financial statements. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and in our opinion, except for the effect of adjustments, if any, on the Special Revenue Fund, as might have been determined to be necessary had we been able to satisfy ourselves as to the accuracy of the food service inventories as discussed in the third paragraph, and except for the effects of the matters referred to in the fourth paragraph, such information is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. \r\n99ARL-13 \r\n \r\n A copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated Section 50-6-24. \r\nRespectfully submitted, \r\n~4'. OR ul . a j ~ \r\nRussell W. Hinton State Auditor \r\nRWH:jb 99ARL-13 \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINED BALANCE SHEET \r\nALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 1999 \r\n \r\nASSETS \r\nCash and Cash Equivalents \r\nInvestments \r\nAccounts Receivable \r\nInventories Food Donated Commodities Purchased Food \r\nAmount Available in Debt Service Fund \r\nAmount to be Provided in Future Years For Payment of Bond Debt \r\n \r\nGENERAL FUND \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\n$ 1,849,637.57 $ \r\n \r\n59,354.16 $ \r\n \r\n929,639.13 \r\n \r\n14,192,900.33 \r\n \r\n380,612.85 \r\n \r\n361,507.44 \r\n \r\n68,201.91 28,084.32 \r\n \r\nTotal Assets \r\n \r\n$ 2,230,250.42 $ \r\n \r\n517,147.83 $ 15,122,539.46 \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nAccounts Payable Salaries Payable Expired Grant Balances Payable Contracts Payable Retainages Payable General Obligation Bonds Payable \r\nTotal Liabilities \r\nFUND EQUITY \r\nFund Balances Reserved For Debt Service For Inventories Food Donated Commodities Purchased Food For Purpose of Bond Issue For State Capital Outlay Projects Unreserved Undesignated \r\nTotal Fund Equity \r\n \r\n$ \r\n \r\n37,682.13 $ \r\n \r\n16,860.79 \r\n \r\n3,448.60 \r\n \r\n5,675.26 \r\n$ \r\n \r\n443,099 00 57,624 00 \r\n \r\n$ \r\n \r\n41,130.73 $ \r\n \r\n22,536.05 $ \r\n \r\n500,723 00 \r\n \r\n$ \r\n$ 2,189,119.69 $ 2.189.119.69 $ \r\n \r\n68,201.91 28,084.32 \r\n$ \r\n \r\n13,377,509.37 502,066.00 \r\n \r\n398,325.55 \r\n \r\n742,241.09 \r\n \r\n494.611.78 $ 14,621.816.46 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ 2.230,250.42 $ \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. -2- \r\n \r\n517,147.83 $ 15,122,539.46 \r\n \r\n EXHIBIT\"A\" \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \r\n \r\nACCOUNT GROUP GENERAL \r\nLONG-TERM DEBT \r\n \r\nTOTALS \r\n \r\n(Memorandum Only) \r\n \r\nJUNE 30, 1999 \r\n \r\nJUNE 30, 1998 \r\n \r\n$ \r\n \r\n12,465.09 $ \r\n \r\n14,888.33 \r\n \r\n$ 2,865,984.28 $ 3,972,940.62 \r\n \r\n543,759.94 \r\n \r\n14,736,660.27 \r\n \r\n15,046,225.55 \r\n \r\n519,244.69 \r\n \r\n1,261,364.98 \r\n \r\n1,102,594.83 \r\n \r\n$ \r\n \r\n1,075,469.72 \r\n \r\n11,084,530.28 \r\n \r\n68,201.91 28,084.32 1,075,469.72 \r\n11,084,530.28 \r\n \r\n87,282.35 20,625.03 1,295,356.27 \r\n13,584,643.73 \r\n \r\n$ 1,075,469.72 $ \r\n \r\n14,888.33 $ \r\n \r\n12,160,000.00 $ 31,120,295.76 $ 35,109,668.38 \r\n \r\n$ \r\n \r\n54,542.92 $ \r\n \r\n98,596.44 \r\n \r\n272,381.41 \r\n \r\n9,123.86 \r\n \r\n11,694.24 \r\n \r\n443,099.00 \r\n \r\n317,810.14 \r\n \r\n57,624.00 \r\n \r\n58,358.50 \r\n \r\n$ \r\n \r\n12,160,000.00 \r\n \r\n12,160,000.00 \r\n \r\n14,880,000.00 \r\n \r\n$ \r\n \r\n12,160,000.00 $ 12,724,389.78 $ 15,638,840.73 \r\n \r\n$ 1,075,469.72 \r\n \r\n0.00 $ $ 1,075,469.72 $ \r\n \r\n14,888.33 14,888.33 \r\n \r\n$ 1,075,469.72 $ 1,295,356.27 \r\n \r\n68,201.91 28,084.32 13,377,509.37 502,066.00 \r\n \r\n87,282.35 20,625.03 14,276,486.27 140,080.96 \r\n \r\n3,344,574.66 \r\n \r\n3,650,996.77 \r\n \r\n$ 18,395,905.98 $ 19,470,827.65 \r\n \r\n$ 1,075,469.72 $ \r\n \r\n14,888.33 $ \r\n \r\n12,160,000.00 $ 31,120,295.76 $ 35,109,668.38 \r\n \r\n-3- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \r\nALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND YEAR ENDED JUNE 30. 1999 \r\n \r\nREVENUES \r\nState Funds Federal Funds Taxes Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Community Service Operations \r\nCapital Outlay Debt Service \r\nPrincipal Interest Escrow Agent Paying Agent Fees \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES \r\nAccrued Interest on Bonds Sold Proceeds from General Obligation Bonds \r\nPar Value Premiums on Bonds Sold \r\nTotal Other Financing Sources \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures \r\nFUND BALANCE JULY 1 \r\nFood Inventory- Net Change in Period Donated Commodities Purchased Food \r\n \r\nGENERAL FUND \r\n \r\nGOVERNMENTAL FUND \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\n$ 26,806,951.32 $ 4,594.58 \r\n6,906,376.55 364,314.68 \r\n$ 34,082,237.13 $ \r\n \r\n747,975.34 $ 3,241,349.13 \r\n592,730.59 \r\n4,582,055.06 $ \r\n \r\n136,782.75 \r\n1,136,397.62 1,273,180.37 \r\n \r\n$ 24,089,410.17 $ \r\n1,478,307.43 673,646.84 \r\n1,163,873.80 374,538.13 \r\n2,358,024.63 381,654.54 \r\n2,455,664.91 1,291,005.04 \r\n68,433.24 3,051.56 245.20 \r\n63,464.69 \r\n \r\n1,971,171.62 \r\n175,349.39 113,771.60 \r\n14,025.41 118,058.02 \r\n1,500.58 \r\n16,136.74 28,036.29 \r\n14,746.36 2,106,265.72 \r\n$ \r\n \r\n1,820,074.63 \r\n \r\n$ 34,401,320.18 $ $ -319,083.05 $ \r\n \r\n4,559,061.73 $ 22,993.33 $ \r\n \r\n1,820,074.63 -546,894.26 \r\n \r\n$ -319,083.05 $ 2,508,202.74 \r\n \r\n22,993.33 $ -546,894.26 \r\n \r\n483,239.60 \r\n \r\n15,168,710.72 \r\n \r\n-19,080.44 7,459.29 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ 2,189,119.69 $ \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. -4- \r\n \r\n494,611.78 $ 14,621,816.46 \r\n \r\n EXHIBIT\"B\" \r\n \r\nTYPES DEBT \r\nSERVICE FUND \r\n \r\nTOTAL \r\n \r\nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \r\n \r\nTOTALS \r\n \r\n(Memorandum Only) \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30, 1999 \r\n \r\nJUNE 30, 1998 \r\n \r\n$ 27,691,709.41 \r\n \r\n3,245,943.71 \r\n \r\n$ 3,141,559.95 \r\n \r\n10,047,936.50 \r\n \r\n40,200.54 \r\n \r\n2,133,643.43 $ \r\n \r\n$ 3,181,760.49 $ 43,119,233.05 $ \r\n \r\n$ 3,419.99 \r\n \r\n27,691,709.41 $ 3,245,943.71 10,047,936.50 2,137,063.42 \r\n \r\n26,640,164.02 3,039,393.93 7,192,831.60 1,477 194.94 \r\n \r\n3,419.99 $ 43,122,653.04 $ 38,349,584.49 \r\n \r\n$ 26,060,581.79 \r\n \r\n1,653,656.82 $ 787,418.44 \r\n1,177,899.21 492,596.15 \r\n2,359,525.21 381,654.54 \r\n2,471,801.65 1,319,041.33 \r\n68,433.24 17,797.92 2,106,510.92 63,464.69 1,820,074.63 \r\n \r\n$ 2,720,000.00 676,896.05 \r\n \r\n2,720,000.00 676,896.05 \r\n \r\n4,750.99 \r\n \r\n4,750.99 \r\n \r\n$ 3,401,647.04 $ 44,182,103.58 $ \r\n \r\n$ -219,886.55 $ -1,062,870.53 $ \r\n \r\n$ 26,060,581.79 $ 23,933,229.09 \r\n \r\n3,849.98 \r\n \r\n1,657,506.80 787,418.44 \r\n1,177,899.21 492,596.15 \r\n2,359,525.21 381,654.54 \r\n2,471,801.65 1,319,041.33 \r\n68,433.24 17,797.92 2,106,510.92 63,464.69 1,820,074.63 \r\n \r\n1,477,714.50 783,592.49 909,576.67 490,237.56 \r\n2,006,901.33 570,211.33 \r\n2,497,943.39 1,300,837.61 \r\n37,708.44 16,208.04 2,147,638.73 \r\n2,509,192.94 \r\n \r\n2,720,000.00 676,896.05 \r\n4,750.99 \r\n \r\n72.00 \r\n \r\n3,849.98 $ 44,185,953.56 $ 38,681,064.12 \r\n \r\n-429.99 $ -1,063,300.52 $ -331,479.63 \r\n \r\n$ -219,886.55 $ -1,062,870.53 $ \r\n \r\n1,295,356.27 \r\n \r\n19,455,509.33 \r\n \r\n-19,080.44 7,459.29 \r\n \r\n$ \r\n \r\n33,044.70 \r\n \r\n14,880,000.00 28,444.40 \r\n \r\n$ 14,941,489.10 \r\n \r\n-429.99 $ -1,063,300.52 $ 14,610,009.47 \r\n \r\n15,318.32 \r\n \r\n19,470,827.65 \r\n \r\n4,831,195.34 \r\n \r\n-19,080.44 7,459.29 \r\n \r\n31,086.97 -1464.13 \r\n \r\n$ 1,075,469.72 $ 18,381,017.65 $ \r\n \r\n14,888.33 $ 18,395,905.98 $ 19,470,827.65 \r\n \r\n-5- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nBUDGET AND ACTUAL - (NON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS \r\nYEAR ENDED JUNE 30. 1999 \r\n \r\nEXHIBIT \"C\" \r\n \r\nREVENUES \r\nState Funds Federal Funds Taxes Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Community Service Operations \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nFUND BALANCE JULY 1.1998 \r\nAdjustments Food Inventory - Net Change in Period \r\nDonated Commodities Purchased Food \r\n \r\nGENERAL FUND \r\n \r\nACTUAL \r\n \r\n(BUDGET \r\n \r\nBUDGET \r\n \r\nBASIS} \r\n \r\n$ 26,102,149.00 $ 26,806,951.32 \r\n \r\n4,594.58 \r\n \r\n6,371,956.00 \r\n \r\n6,906,376.55 \r\n \r\n242,133.00 \r\n \r\n364,314.68 \r\n \r\n$ 32,716,238.00 $ 34,082,237.13 \r\n \r\n$ 23,919,704.00 $ 24,089,410.17 \r\n \r\n1,463,660.00 665,019.00 \r\n1,151,473.00 388,684.00 \r\n2,325,564.00 399,732.00 \r\n2,589,688.00 1,311,957.00 \r\n67,766.00 3,161.00 \r\n \r\n1,478,307.43 673,646.84 \r\n1,163,873.80 374,538.13 \r\n2,358,024.63 381,654.54 \r\n2,455,664.91 1,291,005.04 \r\n68,433.24 3,051.56 245.20 \r\n63,464.69 \r\n \r\n$ 34,286,408.00 $ 34,401,320.18 \r\n \r\n$ -1,570,170.00 $ -319,083.05 \r\n \r\n2,261,610.42 \r\n \r\n2,508,202.74 \r\n \r\n-334.71 \r\n \r\nFUND BALANCE JUNE 30, 1999 \r\n \r\n$ 691,105.71 $ 2,189,119.69 \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nACTUAL \r\n \r\n(BUDGET \r\n \r\nBUDGET \r\n \r\nBASIS} \r\n \r\n$ \r\n \r\n697,104.88 $ \r\n \r\n747,975.34 \r\n \r\n3,329,260.00 \r\n \r\n3,241,349.13 \r\n \r\n597,500.00 \r\n \r\n592,730.59 \r\n \r\n$ 4,623,864.88 $ 4,582,055.06 \r\n \r\n$ 2,026,043.08 $ 1,971,171.62 \r\n \r\n144,011.00 120,285.00 34,845.00 121,456.00 \r\n2,841.00 \r\n \r\n175,349.39 113,771.60 \r\n14,025.41 118,058.02 \r\n1,500.58 \r\n \r\n11,100.00 25,828.00 \r\n \r\n16,136.74 28,036.29 \r\n \r\n22,321.80 2,115,134.00 \r\n \r\n14,746.36 2,106,265.72 \r\n \r\n$ 4,623,864.88 $ 4,559,061.73 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n22,993.33 \r\n \r\n448,401.63 \r\n \r\n483,239.60 \r\n \r\n-19,080.44 7,459.29 \r\n \r\n$ \r\n \r\n448,401.63 $ ==4=94===,6=11=.7=8= \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. \r\n-7- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1999 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nREPORTING ENTITY \r\nThe Polle School District Board ofEducation (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the Board is a primary government and consists of all the organizations that compose its legal entity. \r\nFUND ACCOUNTING \r\nThe Board uses funds and an account group to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. \r\nGeneral Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Board. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. \r\nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances ofthese accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. \r\nThe general purpose financial statements account for all State, Federal, Taxes and Other funds under control of the Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: \r\nGOVERNMENTAL FUND TYPES - are used to account for all or most ofa Board's educational activities. Governmental Fund Types include: \r\nGENERAL FUND - the fund used to account for all financial resources ofthe Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. \r\nSPECIAL REVENUE FUND - the fund used to account for the proceeds ofspecific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department ofEducation and from the Federal government to accomplish specific educational objectives. \r\n-8- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1999 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. \r\nDEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. \r\nFIDUCIARY FUND TYPE - the fund used to account for assets held by a government unit in a trustee capacity. This fund includes: \r\nEXPENDABLE TRUST FUND Student Special Needs Fund - the fund used to account for contributions and expenditures of private funds which are designated to be used for the purpose of clothing and medical needs for disadvantaged students at the Superintendent's discretion. \r\nACCOUNT GROUP \r\nGENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding. \r\nBASIS OF ACCOUNTING \r\nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus All governmental and expendable trust funds are accounted for using a current financial resource~ measurement focus. With this measurement focus, only current assets and current liabilities generally arc: included on the balance sheet. Operating statements ofthese funds present increases {i.e., revenues and othcr financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \r\nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. \r\nGovernmental and expendable trust funds are accounted for using the modified accrual basis of accounting under which: \r\nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). \"Measurable\" means the amount ofthe transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities ofthe current period. Those revenues considered susceptible to accrual are property taxes, local option sales taxes, intergovernmental grants and investment income. \r\nExpenditures are generally recognized when the related fund liability is incurred. \r\n-9- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1999 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nA departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share of these contracts. During fiscal year 1999, a substantial number of personnel ofthe Board were employed for a one hundred and ninety day period beginning in late August 1998 and ending in early June 1999. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1998 and ending in August 1999. State grants to fund the State's share of these contracts were disbursed from the Georgia Department of Education to the Board in the same twelve months. As of June 30, 1999, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 1999, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 1999. Also, the State's portion of the compensation paid in July and August 1999 was received and recorded as revenue in the fiscal year subsequent to June 30, 1999. Conversely, the similar expenditures and relate_d revenues for contractual services completed prior to June 30, 1998, were recorded in the year ended June 30, 1999. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. \r\nBUDGET \r\nThe Polk School District Board ofEducation's budget is a complete financial plan for the Board's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level ofbudget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. \r\nThe budget process begins when the Board's administration prepares a tentative budget for the Board's approval. After approval ofthis tentative budget by the Board, such budget is advertised at least once in a newspap~ of general circulation in the locality. At the next regular meeting ofthe Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 20-2-167, to the Georgia Department ofEducation. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nCASH AND CASH EQUIVALENTS \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits in authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. \r\n \r\n-10- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1999 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nINVESTMENTS \r\nCOMPOSITION OF INVESTMENTS Investments made by the Board in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Board to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n(1) Obligations issued by the State of Georgia or by other states, \r\n(2) Obligations issued by the United States government, \r\n(3) Obligations fullyinsured or guaranteed by the United States government or a United States government _agency, \r\n(4) Obligations of any corporation ofthe United States government, \r\n(5) Prime banker's acceptances, \r\n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \r\n(7) Repurchase agreements, and \r\n(8) Obligations of other political subdivisions of the State of Georgia. \r\nRECEIVABLES \r\nReceivables consist of grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\nPROPERTY TAXES \r\nThe Polk County Board of Commissioners fixed the property tax levy for the 1998 tax year (calendar year) on September 8, 1998 (levy date). Taxes were due on December 1, 1998. The lien date for property taxes \r\n- 11 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1999 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nwas January 1, 1998. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1999. The Polle County Tax Commissioner bills and collects the property taxes for the Board of Education, withholds 2.5% oftaxes collected as a fee for tax collection and remits the balance of taxes collected to the Board. \r\n \r\nThe tax millage rate levied for the 1998 tax year (calendar year) for the Polle School District Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n13.7027 mills \r\n \r\nSALES TAXES \r\n \r\nSpecial Purpose Local Option Sales Tax is to be used for capital outlay for educational purposes and debt service. Special Purpose Local Option Sales Tax revenue during the fiscal year amounted to $3,141,559.95 and was recorded in the Debt Service Fund. The State will terminate collection ofthis tax once an additional $13,599,552.98 has been collected or on December 31, 2002, whichever occurs first. \r\n \r\nINVENTORIES \r\n \r\nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (first-in, first-out). Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time of purchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute \"available spendable resources\" even though they are a component of net current assets. \r\n \r\nCOMPENSATED ABSENCES \r\n \r\nCompensated absences represent obligations of the Board relating to employees' rights to receive compensation for future absences based upon service already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the individual funds for the current portion ofthis obligation as this amount is deemed immaterial to the general purpose financial statements. \r\n \r\nAdditionally, the dollar value ofaccumulated compensated absences at June 30, which will be payable from future resources has not been recorded in the General Long-Term Debt Account Group as this liability is also deemed to be immaterial to the fair presentation of these financial statements. \r\n \r\n- 12 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1999 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nGENERAL OBLIGATION BONDS \r\nThe Board issues.general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond premiums and discounts, as well as issuance costs, are recognized in the financial statements during the year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the General Long-Term Debt Account Group. \r\nINTERFUND TRANSACTIONS \r\nThe Board has the following type of interfund transactions: \r\nReimbursements of expenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \r\nMEMORANDUM ONLY -TOTAL COLUMNS \r\nTotal columns on the general purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation ofthis data. \r\nNote 2: DEPOSITS AND INVESTMENTS \r\nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value ofsecurities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. \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 \r\n-13 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1999 \r\n \r\nNote 2: DEPOSITS AND INVESTMENTS \r\n \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 \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n \r\nCATEGORIZATION OF DEPOSITS At June 30, 1999, the bank balances were $4,980,866.44. The amounts of the total bank balances are classified into three categories of credit risk: \r\n \r\nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. \r\nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name. \r\nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Board's name.) \r\n \r\nThe Board's deposits are classified by risk category at June 30, 1999, as follows: \r\n \r\nRisk Category \r\n \r\nBank Balance \r\n \r\n1 \r\n \r\n$ 119,657.85 \r\n \r\n2 \r\n \r\n458,091.56 \r\n \r\n3 \r\n \r\n4,403,117.03 \r\n \r\nTotal \r\n \r\n$ 4.980.866.44 \r\n \r\n- 14- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1999 \r\n \r\nNote 2: DEPOSITS AND INVESTMENTS \r\nCATEGORIZATION OF INVESTMENTS At June 30, 1999, the carrying value of the Board's total investments was $14,736,660.27 which is materially the same as fair value. This investment consisted entirely of funds invested in the Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services which are not required to be categorized since the Board did not own any specific identifiable securities in the pool. The investment policy ofthe State of Georgia, Office of Treasury and Fiscal Services for the Local Government Investment Pool (Primary Liquidity Portfolio) does not provide for investment in derivatives or similar investments. A description of the Primary Liquidity Portfolio is as follows: \r\nThe Primary Liquidity Portfolio consists of Georgia Fund 1, which is a combination local and state government investment pool, and Fund 6. Georgia Fund 1 is a stable net asset value investment pool which follows Standard and Poor's criteria for AAAm rated money market funds. However, Georgia Fund 1 operates in a manner consistent with Rule 2a-7 ofthe Investment Company Act of 1940 and is considered to be a 2a-7 like pool. The pool is not registered with the SEC as an investment company. The pool's primary objectives are safety ofcapital, investment income, liquidity and diversification while maintaining principal ($1.00 per share value). Net asset value is calculated weekly to ensure stability. The pool distributes earnings (net of management fees) on a monthly basis and determines participant's shares sold and redeemed based on $1.00 per share. Pooled cash and cash equivalents and investments are reported at cost which approximates fair value. The pool does not issue any legally binding guarantees to support the value of the shares. Participation in the pool is voluntary and deposits consist offunds from local governments; operating and trust funds of Georgia's state agencies, colleges and universities; and current operating funds of the State of Georgia's General Fund. \r\nInvestments in Georgia Fund 1 and Fund 6 are directed toward short-term instruments such as U. S. Treasury obligations, securities issued or guaranteed as to principal and interest by the U. S. Government or any of its agencies or instrumentalities, banker's acceptances and repurchase agreements. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. Fund 6 maintains a duration of approximately one year. The weighted average maturity for Georgia Fund 1 on June 30, 1999 was 27 days. The average investment duration for Fund 6 on June 30, 1999 was 1.03 years. \r\nNote 3: NON-MONETARY TRANSACTION \r\nThe Board receives food commodities from the United States Department ofAgriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \r\nNote 4: RISK MANAGEMENT \r\nThe Board is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; natural disaster and unemployment compensation. \r\n- 15 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1999 \r\n \r\nNote 4: RISK MANAGEMENT \r\n \r\nThe Board has obtained commercial insurance for risk of loss associated with torts, assets and errors or omissions. However, the errors or om.missions policy excludes coverage. for sexual harassment and discrimination. The Board has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any of the past three years. \r\n \r\nThe Board has elected to self-insure for all losses related to natural disaster. The Board has not experienced any losses related to this risk in the past three years. \r\n \r\nThe Board is self-insured with regard to unemployment compensation claims. The Board accounts for claims within the General Fund and the School Food Services Fund with expenditures and liabilities being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning ofYear Liability \r\n \r\nClaims and Changes in Estimates \r\n \r\nClaims Paid \r\n \r\nEnd of Year Liability \r\n \r\n1998 1999 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n3,225.00 $ \r\n \r\n3,225.00 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\nThe Board participates in the Georgia School Boards Association Workers' Compensation Fund, a puhli. entity risk pool organized on July 1, 1992 to develop, implement, and administer a program of worlt\"T' compensation self-insurance for its member organizations. The Board pays an annual premium to the f unJ for its general insurance coverage. Additional insurance coverage is provided through an agreement h~ th, Fund with the United States Fidelity and Guaranty Company to provide coverage for potential l(l'\"-\"' sustained by the Fund in excess of $350,000.00 loss per occurrence, up to the statutory limit. \r\n \r\nThe Board has purchased surety bonds to provide additional insurance coverage as follows: ( \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent All Other Employees \r\n \r\n$ 50,000.00 $ 50,000.00 \r\n \r\n- 16 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1999 \r\n \r\nNote 5: GENERAL LONG-TERM DEBT \r\n \r\nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \r\n \r\nPurpose \r\n \r\nInterest Rates \r\n \r\nAmount \r\n \r\nGeneral Government - Series 1997 General Government - Series 1998 \r\n \r\n4.25% - 4.50% 3.85% - 4.00% \r\n \r\n$ 2,280,000.00 9,880,000.00 \r\n \r\n$12.160.000.00 \r\n \r\nThe changes in General Long-Tenn Debt during the fiscal year ended June 30, 1999, were as follows: \r\n \r\nGeneral Obligation \r\nBonds \r\n \r\nBalance July 1, 1998 \r\n \r\n$14,880,000.00 \r\n \r\nDeductions Debt Retired \r\n \r\n2,720,000.00 \r\n \r\nBalance June 30, 1999 \r\n \r\n$12,160.000.00 \r\n \r\nAt June 30, 1999, payments due by fiscal year which includes principal and interest for these items arc u follows: \r\n \r\nFiscal Year Ended June 30 \r\n \r\nGeneral Obligation \r\nBonds \r\n \r\n2000 2001 2002 2003 \r\n \r\n$ 3,332,442.50 3,333,282.50 3,357,647.50 3,380,000.00 \r\n \r\nTotal Principal and Interest \r\n \r\n$13.403.372.50 \r\n \r\nNote6: ON-BEHALFPAYMENTS \r\n \r\nThe Board has recognized revenues and expenditures in the amount of$506,151.30 for health insurance and retirement contributions paid on the Board's behalfby the following State Agencies. \r\n \r\n- 17 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1999 \r\n \r\nNote 6: ON-BEHALF PAYMENTS \r\n \r\nGeorgia Department of Education Paid to the State Merit System of Personnel Administration For Health Insurance ofNon-Certified Personnel In the amount of $399,151.30 \r\n \r\nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of $107,000.00 \r\n \r\nNote 7: SIGNIFICANT COMMITMENTS \r\n \r\nThe following is an analysis of significant outstanding construction or renovation contracts executed by the Board as of June 30, 1999. \r\n \r\nProject \r\n \r\nUnearned Executed Contracts \r\n \r\nGSFIC-715-005 Cedartown High School Fieldhouse Euharlee Kindergarten Reroofing Rockmart High School Grading \r\n \r\n$ 23,000.00 483,395.32 14,992.00 427,480.00 \r\n \r\n$ 948,867.32 \r\n \r\nThe amounts described in this note are not reflected in the general purpose financial statements. \r\n \r\nNote 8: CONTINGENT LIABILITIES \r\n \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The Board believes that such disallowances, if any, will be immaterial to its overall financial position. \r\n \r\nThe Board is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine Board operations. The ultimate disposition ofthese proceedings is not presently determinable, but is not believed to be material to the general purpose financial statements. \r\n \r\n- 18 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1999 \r\n \r\nNote 9: ACCUMULATED EMPLOYEES' LEAVE \r\n \r\nAll twelve-month employees are eligible for annual vacation earned at the rate of .833 days for each full calendar month employed up to a maximum often (10) days. Twelve-month employees with fifteen (15) or more years of service with the school district are eligible for five (5) additional vacation days annually. Upon approval of the employee's supervisor, all unused vacation days may be carried forward into the next employment year. Upon retirement or termination of employment, employees will be paid at the current rate of pay for unused earned vacation up to the maximum which may be earned during a single year. See Note 1 - Compensated Absences \r\n \r\nNote 10: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\n \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\n \r\nTRS CONTRIBUTIONS REQUIRED AND MADE Employees of the Board who are covered by TRS are required by State statute to contribute 5% oftheir gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.95% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n1999 1998 1997 \r\n \r\n100% 100% 100% \r\n \r\n$ 2,868,183.04 $2,608,764.60 $2,380,721.29 \r\n \r\n- 19 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 1999 \r\n \r\nEXHIBIT\"E\" \r\n \r\nASSETS \r\nCash and Cash Equivalents \r\nAccounts Receivable \r\nInventories Food Donated Commodities Purchased Food \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTTERY PROGRAMS \r\n \r\nFEDERAL PROGRAMS \r\n \r\nTOTALS JUNE 30, 1999 JUNE 30, 1998 \r\n \r\n$ 394,727.16 $ \r\n \r\n5,461.17 \r\n \r\n$ 400,188.33 $ 529,325.71 \r\n \r\n3,598.39 \r\n \r\n$ 357,909.05 \r\n \r\n361,507.44 \r\n \r\n251,569.58 \r\n \r\n68,201.91 28,084.32 \r\n \r\n68,201.91 28,084.32 \r\n \r\n87,282.35 20,625.03 \r\n \r\nTotal Assets \r\n \r\n$ 494,611.78 $ \r\n \r\n5,461.17 $ 357,909.05 $ 857,982.00 $ 888,802.67 \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nCash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable \r\nTotal Liabilities \r\nFUND EQUITY \r\nFund Balances Reserved For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated \r\nTotal Fund Equity \r\n \r\n$ $ \r\n \r\n$ \r\n \r\n68,201.91 \r\n \r\n28,084.32 \r\n \r\n398,325.55 $ \r\n \r\n$ 494,611.78 $ \r\n \r\n$ 1,610.47 \r\n3,850.70 \r\n5,461.17 $ \r\n \r\n340,834.17 $ 15,250.32 \r\n1,824.56 \r\n357,909.05 $ \r\n \r\n340,834.17 $ 16,860.79 \r\n5,675.26 \r\n363,370.22 $ \r\n \r\n48,117.78 74,775.93 272,381.41 10,287.95 \r\n405,563.07 \r\n \r\n0.00 $ 0.00 $ \r\n \r\n$ \r\n0.00 0.00 $ \r\n \r\n68,201.91 $ 28,084.32 \r\n398,325.55 \r\n494,611.78 $ \r\n \r\n87,282.35 20,625.03 \r\n375,332.22 \r\n483,239.60 \r\n \r\n, Total Liabilities and Fund Equity \r\n \r\n$ 494,611.78 $ \r\n \r\n5,461.17 $ 357,909.05 $ 857,982.00 $ 888,802.67 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n-20- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nSPECIAL REVENUE FUND \r\nYEAR ENDED JUNE 30, 1999 \r\n \r\nEXHIBIT \"F\" \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTTERY PROGRAMS \r\n \r\nFEDERAL PROGRAMS \r\n \r\nTOTALS YEAR ENDED JUNE 30, 1999 JUNE 30, 1998 \r\n \r\nREVENUES \r\n \r\nState Funds Federal Funds Other Funds \r\n \r\n$ 188,354.00 $ 1,344,130.66 592,730.59 \r\n \r\n559,621.34 $ \r\n \r\n$ 1,897,218.47 \r\n \r\n747,975.34 $ 3,241,349.13 \r\n592,730.59 \r\n \r\n820,146.46 3,037,760.30 \r\n582,839.66 \r\n \r\nTotal Revenues \r\n \r\n$ 2,125,215.25 $ 559,621.34 $ 1,897,218.47 $ 4,582,055.06 $ 4.440,746.42 \r\n \r\nEXPENDITURES \r\n \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \r\nCapital Outlay \r\n \r\n$ $ 2,102,221.92 \r\n \r\n470,074.78 $ 1,501,096.84 $ 1,971,171.62 $ 1,768,612.50 \r\n \r\n39,223.23 780.89 \r\n15,470.60 \r\n16,136.74 13,151.70 \r\n739.60 4,043.80 \r\n \r\n136,126.16 112,990.71 \r\n14,025.41 102,587.42 \r\n1,500.58 \r\n14,884.59 14,006.76 \r\n \r\n175,349.39 113,771.60 \r\n14,025.41 118,058.02 \r\n1,500.58 16,136.74 28,036.29 14,746.36 2,106,265.72 \r\n \r\n174,028.01 128,773.91 \r\n9,363.47 113,771.89 \r\n506.51 14,736.51 28,907.56 11,738.20 2,147,638.73 37,454.00 \r\n \r\nTotal Expenditures \r\n \r\n$ 2,102,221.92 $ 559,621.34 $ 1,897,218.47 $ 4,559,061.73 $ 4,435,531.29 \r\n \r\nExcess of Revenues over (under) Expenditures $ \r\n \r\n22,993.33 $ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n22,993.33 $ \r\n \r\n5,215.13 \r\n \r\nFUND BALANCE JULY 1 \r\n \r\n483,239.60 \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n483,239.60 \r\n \r\n448,401.63 \r\n \r\nFood Inventory - Net Change in Period Donated Commodities Purchased Food \r\n \r\n-19,080.44 7,459.29 \r\n \r\n-19,080.44 7,459.29 \r\n \r\n31,086.97 -1,464.13 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ 494,611.78 $ \r\n \r\n0.00 $ \r\n \r\n0.00 $ 494,611.78 $ 483,239.60 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 21  \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30, 1999 \r\n \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable \r\nTotal Assets \r\nLIABILITIES AND FUND EQUITY LIABILITIES \r\nCash Overdraft Contracts Payable Retainages Payable \r\nTotal Liabilities FUND EQUITY \r\nFund Balances Reserved For Purposes of Bond Issue For State Capital Outlay Projects Unreserved Undesignated Total Fund Equity \r\nTotal Liabilities and Fund Equity \r\n \r\nREGULAR \r\n \r\nBOND PROCEEDS \r\n \r\n$ \r\n \r\n926,864.09 \r\n \r\n$ 13,690,834.33 \r\n \r\n$ \r\n \r\n926,864.09 $ 13,690,834.33 \r\n \r\n$ \r\n \r\n313,324.96 \r\n \r\n$ \r\n \r\n158,609.00 \r\n \r\n26,014.00 \r\n \r\n$ \r\n \r\n184,623.00 $ \r\n \r\n313,324.96 \r\n \r\n$ 13,377,509.37 \r\n \r\n$ \r\n \r\n742,241.09 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n742,241.09 $ 13,377,509.37 \r\n \r\n$ \r\n \r\n926,864.09 $ 13,690,834.33 \r\n \r\nSee notes to the general purpose financial statements. \r\n- 22 - \r\n \r\n EXHIBIT\"G\" \r\n \r\nGEORGIA STATE FINANCING AND \r\nINVESTMENT COMMISSION \r\n \r\n$ \r\n \r\n316,100.00 $ \r\n \r\n502,066.00 \r\n \r\nLOTTERY PROJECT \r\n \r\nTOTALS \r\n \r\nJUNE 30, 1999 \r\n \r\nJUNE 30, 1998 \r\n \r\n0.00 $ 1,242,964.09 $ 1,253,435.94 \r\n \r\n14,192,900.33 \r\n \r\n14,231,510.57 \r\n \r\n59,932.85 \r\n \r\n$ \r\n \r\n818,166.00 $ =====0.=00= $ 15,435,864.42 $ 15,544,879.36 \r\n \r\n$ \r\n \r\n284,490.00 \r\n \r\n31,610.00 \r\n \r\n$ _ _3;;;...1;...;c6..\u003c..1,;.,.;;;.o=o..;c.ooa.... \r\n \r\n$ \r\n \r\n313,324.96 \r\n \r\n443,099.00 $ \r\n \r\n317,810.14 \r\n \r\n57,624.00 \r\n \r\n58,358.50 \r\n \r\n$ \r\n \r\n814,047.96 $ \r\n \r\n376,168.64 \r\n \r\n$ \r\n \r\n502,066.00 \r\n \r\n$ 13,377,509.37 $ 14,276,486.27 \r\n \r\n502,066.00 \r\n \r\n140,080.96 \r\n \r\n0.00 $ - - - - -0.0-0 \r\n \r\n742,241.09 \r\n \r\n752,143.49 \r\n \r\n$ \r\n \r\nso2,06s.oo $ _ _ _ _o_._oo_ $ 14,621,816.46 $ 1s,1sa,110.12 \r\n \r\n$ \r\n \r\n818,166.00 $ ====0==00= $ 15,435,864.42 $ 15,544,879.36 \r\n \r\n-23- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nCAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 1999 \r\n \r\nREVENUES \r\nState Funds Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Support Services Business Administration \r\nCapital Outlay Salaries Employee Benefits Land and Land Improvements Building and Building Improvements Equipment \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nProceeds from General Obligation Bonds Par Value Premiums on Bonds Sold \r\nOperating Transfers In Operating Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \r\nFUND BALANCE JULY 1 \r\nFUND BALANCE JUNE 30 \r\nSee notes to the general purpose financial statements. - 24 - \r\n \r\nREGULAR \r\n \r\nBOND PROCEEDS \r\n \r\n$ \r\n \r\n335,723.35 $ \r\n \r\n800,674.27 \r\n \r\n$ \r\n \r\n335,723.35 $ \r\n \r\n800,674.27 \r\n \r\n$ \r\n \r\n1,363.36 $ \r\n \r\n0.00 \r\n \r\n39.90 \r\n \r\n10,480.25 \r\n \r\n354,511.15 \r\n \r\n2,790.00 \r\n \r\n$ \r\n \r\n369,184.66 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n-33,461.31 $ \r\n \r\n800,674.27 \r\n \r\n$ \r\n \r\n38,858.00 \r\n \r\n-15,299.09 $ -1,699,651.17 \r\n \r\n$ \r\n \r\n23,558.91 $ ~1,699,651.17 \r\n \r\n$ \r\n \r\n-9,902.40 $ \r\n \r\n-898,976.90 \r\n \r\n752,143.49 \r\n \r\n14,276,486.27 \r\n \r\n$ \r\n \r\n742,241.09 $ 13,377,509.37 \r\n \r\n EXHIBIT \"H\" \r\n \r\nGEORGIA STATE FINANCING AND \r\nINVESTMENT COMMISSION \r\n \r\nLOTTERY PROJECT \r\n \r\nTOTALS \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30, 1999 \r\n \r\nJUNE 30, 1998 \r\n \r\n$ \r\n \r\n82,419.12 $ \r\n \r\n54,363.63 $ \r\n \r\n136,782.75 $ \r\n \r\n934,813.26 \r\n \r\n1,136,397.62 \r\n \r\n683,014.94 \r\n \r\n$ \r\n \r\n82,419.12 $ \r\n \r\n54,363.63 $ \r\n \r\n1,273,180.37 $ \r\n \r\n1,617,828.20 \r\n \r\n$ \r\n \r\n$ \r\n \r\n706,610.35 \r\n \r\n744,279.62 \r\n \r\n$ \r\n \r\n1,450,889.97 $ \r\n \r\n$ -1,368,470.85 $ \r\n \r\n0.00 \r\n$ \r\n0.00 $ 54,363.63 $ \r\n \r\n$ \r\n1,363.36 39.90 \r\n717,090.60 1,098,790.77 \r\n2,790.00 \r\n1,820,074.63 $ \r\n-546,894.26 $ \r\n \r\n204,623.25 \r\n769,478.95 1,675,812.98 \r\n26,447.01 2,676,362.19 -1,058,533.99 \r\n \r\n$ \r\n \r\n1,730,455.89 \r\n \r\n$ \r\n \r\n$ 1,730,455.89 $ \r\n \r\n$ \r\n \r\n361,985.04 $ \r\n \r\n140,080.96 \r\n \r\n$ \r\n-54,363.63 \r\n-54,363.63 $ \r\n \r\n$ \r\n1,769,313.89 -1,769,313.89 \r\n0.00 $ \r\n \r\n14,880,000.00 28,444.40 \r\n745,979.16 -745,979.16 \r\n14,908,444.40 \r\n \r\n0.00 $ \r\n \r\n-546,894.26 $ 13,849,910.41 \r\n \r\n0.00 \r\n \r\n15,168,710.72 \r\n \r\n1,318,800.31 \r\n \r\n$ \r\n \r\n502,066.00 $ \r\n \r\n0.00 $ 14,621,816.46 $ 15,168,710.72 \r\n \r\n====== \r\n \r\n- 25 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 1999 \r\n \r\nSCHEDULE \"1\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\n \r\nCFDA NUMBER \r\n \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food and Nutrition Program Food Services School Breakfast Program 1999Grant National School Lunch Program 1999 Grant \r\n \r\n. 10.553 \r\n. 10.555 \r\n \r\nTotal Child Nutrition Cluster \r\n \r\nOther Program Pass-Through From Georgia Department of Education Food and Nutrition Program Food Distribution Program (1) \r\n \r\n10.550 \r\n \r\nTotal U. S. Department of Agriculture \r\n \r\nEducation, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Individuals with Disabilities Education Act Part B - Special Education Capacity Building Improvement 1999 Grant Flow Through 1999 Grant Preschool 1999 Grant \r\n \r\n84.173 84.027 84.173 \r\n \r\nTotal Special Education Cluster \r\n \r\nOther Programs Direct Impact Aid 1999 Grant Pass-Through From Georgia Department of Education Elementary and Secondary Education Act Title I Grants to Local Educational Agencies 1999 Grant Title II Eisenhower Professional Development 1999 Grant Title VI Innovative Education Program Strategies 1999 Grant Goals2000 State and Local Education Systemic Improvement Grants 1999 Grant Technology Literacy Challenge Fund Grants 1999 Grant Safe and Drug-Free Schools 1999 Grant Vocational Education - Basic Grants to States High School Program Basic Grant 1999 Grant Tech-Prep Education 1999 Grant \r\n \r\n84.041 \r\n84.010 84.281 84.298 84.276 84.318 84.186 \r\n84.048 84.243 \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\nN/A $ N/A \r\n$ \r\nN/A \r\n$ \r\nN/A $ N/A N/A \r\n$ \r\nNIA NIA N/A NIA N/A N/A \r\nN/A NIA \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n310,294.73 914,983.27 $ 1,225,278.00 $ \r\n \r\n(2) 1,983,369.26 (3) 1,983,369.26 \r\n \r\n118,852.66 1,344,130.66 $ \r\n \r\n118,852.66 2,102,221.92 \r\n \r\n6,871.63 $ 444,545.01 \r\n52,664.84 504,081.48 $ \r\n \r\n6,871.63 444,545.01 \r\n52,664.84 504,081.48 \r\n \r\n4,594.58 \r\n \r\n(4) \r\n \r\n946,605.65 33,549.00 40,169.00 135,968.01 114,000.00 33,645.00 \r\n57,534.00 8,000.00 \r\n \r\n946,605.65 33,549.00 40,169.00 135,968.01 114,000.00 33,645.00 \r\n57,534.00 8,000.00 \r\n \r\n-26- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 1999 \r\n \r\nSCHEDULE \"1\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nEducation, U. S. Department of Pass-Through From Hall County Board of Education d/b/a Piedmont Migrant Education Agency Elementary and Secondary Education Act Title I Migrant Education 1999 Grant \r\nTotal U.S. Department of Education \r\nLabor, U.S. Department of Pass-Through From Coosa Valley Regional Development Center Job Training Partnership Act 01-98-20-015 STEP \r\n \r\nCFDA NUMBER \r\n84.011 \r\n17.250 \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\nNIA $ $ \r\nN/A $ \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n17,491.52 $ _ _ _17~,4_9_1_.5_2 \r\n \r\n1,895,638.24 $ \r\n \r\n1,891,043.66 \r\n \r\n6,174.81 $ _ _ _6~,1_7_4_.8_1 \r\n \r\nTotal Federal Financial Assistance \r\n \r\n$ \r\n \r\n3,245,943.71 $ \r\n \r\nNIA= Not Available \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n \r\n(1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. \r\n(2) Expenditures for the School Breakfast Program were not maintained separately and are included in the 1999 National School Lunch Program. \r\n(3) Expenditures for this program include State, and/or Other Funds. Expenditures are not maintained by fund source. \r\n(4) Funds earned on this program do not require reporting of expenditures. \r\n \r\nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \r\n \r\nThe Board did not provide Federal Assistance to any Subrecipient. \r\n \r\nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Polk School District Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the general purpose financial statements. \r\n \r\n3,999,440.39 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n-27- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30. 1999 \r\n \r\nSCHEDULE \"2\" \r\n \r\nAGENCY/FUNDING \r\nGRANTS Education, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost Pupil Transportation Regular Bus Replacement Limited English Speaking Middle School Incentive Program Special Instructional Assistance In-School Suspension Mid-term Adjustment Counselors Grades 4 and 5 Technology Specialist Local Fair Share Educational Equalization Funding Grant Food Services Vocational Education Other State Programs Alternative Program At-Risk Summer School Program Environmental Science Program Health Insurance Mentoring Program Mentor Teacher Program Preschool Handicapped Program Remedial Summer School Program Special Education Low Incidence Grant Student Records Year 2000 Project Lottery Programs Assistive Technology Computers in the Classroom Exceptional Growth-Capital Outlay \r\nGeorgia State Financing and Investment Commission Reimbursement on Construction Projects \r\nOffice of School Readiness Pre-Kindergarten Program \r\nOffice of Treasury and Fiscal Services Public School Employees Retirement \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 15,536,580.00 2,673,743.00 724,311.00 665,115.00 175,573.00 4,009,164.00 \r\n715,090.00 222,964.00 209,499.00 350,712.00 363,124.00 230,296.00 \r\n72,462.00 69,338.00 86,527.00 -2,261,151.00 2,096,563.00 \r\n$ 26,800.00 \r\n97,530.00 36,495.25 \r\n1,000.00 399,151.30 \r\n8,400.00 1,143.40 78,279.36 9,442.76 29,660.00 5,099.25 67,040.00 \r\n \r\n188,354.00 \r\n11,620.08 134,710.00 \r\n$ \r\n \r\n$ 15,536,580.00 2,673,743.00 724,311.00 665,115.00 175,573.00 4,009,164.00 \r\n \r\n715,090.00 222,964.00 209,499.00 350,712.00 363,124.00 230,296.00 72,462.00 69,338.00 86,527.00 -2,261, 151.00 2,096,563.00 188,354.00 26,800.00 \r\n \r\n97,530.00 36,495.25 \r\n1,000.00 399,151.30 \r\n8,400.00 1,143.40 78,279.36 9,442.76 29,660.00 5,099.25 67,040.00 \r\n \r\n54,363.63 \r\n \r\n11,620.08 134,710.00 54,363.63 \r\n \r\n107,000.00 \r\n \r\n413,291.26 \r\n \r\n82,419.12 \r\n \r\n82,419.12 413,291.26 107,000.00 \r\n \r\n$ 26,806,951.32 $ \r\n \r\n747,975.34 $ \r\n \r\n136,782.75 $ 27,691,709.41 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n-28- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 1999 \r\n \r\nSCHEDULE \"3\" \r\n \r\nPROJECT \r\nAcquisition, construction and equipping of a new Rockmart High School \r\nAcquisition, construction and equipping of a new Cedartown Middle School \r\nRenovations and additions to existing schools, including the acquisition of all property, real or personal, necessary therefore \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED \r\nCOST(2) \r\n \r\nAMOUNT EXPENDED IN CURRENT YEAR (3) (4) \r\n \r\nAMOUNT EXPENDED \r\nIN PRIOR YEARS \r\n \r\n$ \r\n \r\n14,443,000.00 $ \r\n \r\n14,688,979.16 $ \r\n \r\n833,180.70 $ 745,979.16 \r\n \r\n10,501,000.00 \r\n \r\n10,501,000.00 \r\n \r\n205,226.00 \r\n \r\n653,182.00 \r\n \r\n6531182.00 \r\n \r\n38,858.00 \r\n \r\n$ \r\n \r\n25,597,182.00 $ \r\n \r\n25,843,161.16 $ \r\n \r\n1,077,264.70 $ 745,979.16 \r\n \r\n(1) The Board's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n \r\n(2) The Board's current estimate of total cost for the projects. Includes all costs from project inception to completion. \r\n \r\n(3) The voters of Polk County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \r\n \r\n(4) In addition to the expenditures shown above, the Board has incurred interest expense to provide advance funding for the above projects as follows: \r\n \r\nPrior Years \r\n \r\n$ \r\n \r\n0.00 \r\n \r\nCurrent Year Total \r\n \r\n6761896.05 \r\ns_ _ _ _6_76.,,8_s.6...o..5.. \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n-29- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF EXPENDITURES LOTTERY PROGRAMS YEAR ENDED JUNE 30, 1999 \r\n \r\nSCHEDULE \"4\" \r\n \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services General Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \r\n \r\nASSISTIVE TECHNOLOGY \r\n \r\nCOMPUTERS INTHE \r\nCLASSROOM \r\n \r\nPRE-KINDERGARTEN PROGRAM \r\n \r\n$ \r\n \r\n11,620.08 $ \r\n \r\n134,710.00 $ \r\n \r\n323,744.70 $ \r\n39,223.23 780.89 \r\n15,470.60 16,136.74 13,151.70 \r\n739.60 4,043.80 \r\n \r\nTOTAL \r\n470,074.78 \r\n39,223.23 780.89 \r\n15,470.60 16,136.74 13,151.70 \r\n739.60 4,043.80 \r\n \r\nTotal Expenditures \r\n \r\n$ \r\n \r\n11,620.08 $ \r\n \r\n134,710.00 $ \r\n \r\n413,291.26 $ _ _ _ _ _ss_9_,6_2_1._34_ \r\n \r\nRECAP: Salaries and Benefits Pre-Kindergarten Program Other Expenditures Assistive Technology Computers in the Classroom Pre-Kindergarten Program \r\n \r\n$ 373,967.46 \r\n11,620.08 134,710.00 39,323.80 \r\n \r\n$ \r\n \r\n559,621.34 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n-30- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL \r\nGENERAL FUND -QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 1999 \r\n \r\nSCHEDULE \"5\" \r\n \r\nMinimum Expenditure Requirements {Total Allotment) Expenditures on Combined Program Basis \r\nSalaries Operations \r\nLess: Expenditures for Media Center Programs in Excess of Total Media Allotment \r\nExpenditures per Audit \r\nAmount of Underexpenditure for Total Allotment \r\n \r\nFOURTEEN WEIGHTED AND MEDIA CENTER \r\nPROGRAMS \r\n \r\n100% TEST FOR OPERATIONS PORTION OF FOURTEEN WEIGHTED PROGRAMS \r\n \r\n$ \r\n \r\n19,672,211.00 $ \r\n \r\n581,480.00 \r\nl \r\n \r\n$ \r\n \r\n21,757,372.03 \r\n \r\n1,161,166.53 $ - - -8-26-,92-4.4-2 \r\n \r\n$ \r\n \r\n22,918,538.56 \r\n \r\n-484,921.35 $ _ _2_2\"'-,4_3.3...,.6_1_7_.2_1 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n======= \r\n \r\nSee notes to the general purpose financial statements. - 31 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - BY PROGRAM \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 1999 \r\n \r\nGENERAL AND CAREER EDUCATION PROGRAMS Kindergarten (*) Grades 1 - 3 (*) Sub-Total - K-3 Grades 4 - 5 (*) Grades 6 - 8 (*) Grades 9 - 12 (*) High School Laboratories (*) Vocational Education Laboratories (*) Total General and Career Education Programs \r\nSPECIAL EDUCATION PROGRAMS Regular Programs Category I (*) Category II (*) Category Ill (*) Category IV (*) Category V (*) Sub-Total - Regular Category VI (Gifted) (*) Total Special Education Programs \r\nREMEDIAL EDUCATION PROGRAM(*} Total Fourteen Weighted Programs \r\nMEDIA CENTER PROGRAMS Salaries Operations Total Media Center Programs \r\nTotal Fourteen Weighted and Media Center Programs \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF \r\n \r\nREQUIRED \r\n \r\nORIGINAL ...12.... \r\n \r\nORIGINAL \r\n \r\nMID-TERM \r\n \r\n$ 1,524,148.00 \r\n \r\n$ 1,371,733.20 $ \r\n \r\n4,496,674.00 \r\n \r\n4,047,006.60 \r\n \r\n$ 6,020,822.00 90 $ 5,418,739.80 $ \r\n \r\n2,065,842.00 90 \r\n \r\n1,859,257.80 \r\n \r\n3,537,342.00 90 \r\n \r\n3,183,607.80 \r\n \r\n1,999,717.00 90 \r\n \r\n1,799,745.30 \r\n \r\n822,418.00 90 \r\n \r\n740,176.20 \r\n \r\n1,090,439.00 90 \r\n \r\n981,395.10 \r\n \r\n$ 15,536,580.00 \r\n \r\n$ 13,982,922.00 $ \r\n \r\n0.00 0.00 \r\n0.00 \r\n \r\n$ 2,434,566.00 \r\n \r\n$ 2,191,109.40 $ \r\n \r\n72,462.00 \r\n \r\n$ 2,434,566.00 90 $ 2,191,109.40 $ \r\n \r\n239,177.00 90 \r\n \r\n215,259.30 \r\n \r\n$ 2,673,743.00 \r\n \r\n$ 2,406,368.70 $ \r\n \r\n$ \r\n \r\n724,311.00 90 $ \r\n \r\n651,879.90 $ \r\n \r\n$ 18,934,634.00 \r\n \r\n$ 17,041,170.60 $ \r\n \r\n72,462.00 \r\n72,462.00 0.00 \r\n72,462.00 \r\n \r\n$ \r\n \r\n534,342.00 90 $ \r\n \r\n480,907.80 $ \r\n \r\n130,773.00 100 \r\n \r\n130,773.00 \r\n \r\n$ \r\n \r\n665,115.00 \r\n \r\n$ \r\n \r\n611,680.80 $ \r\n \r\n0.00 0.00 \r\n \r\n$ 19,599,749.00 \r\n \r\n$ 17,652,851.40 $ \r\n \r\n72,462.00 \r\n \r\nSTAFF DEVELOPMENT PROGRAMS Cost of Instruction Professional Development \r\nTotal Staff Development Programs (*) Identifies Fourteen Weighted Programs. See notes to the general purpose financial statements. \r\n \r\n$ \r\n \r\n55,397.00 \r\n \r\n$ \r\n \r\n55,397.00 $ \r\n \r\n0.00 \r\n \r\n120,176.00 \r\n \r\n120,176.00 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n175,573.00 100 $ \r\n \r\n175,573.oo $====o=.o=o \r\n \r\n- 32 - \r\n \r\n SCHEDULE \"6\" \r\n \r\nEDUCATION TOTAL \r\nREQUIRED \r\n \r\nACTUAL EXPENDITURES \r\n \r\nSALARIES \r\n \r\nOPERATIONS \r\n \r\nTOTAL \r\n \r\nAMOUNT OF UNDEREXPENDITURE \r\nFOR REQUIRED ALLOTMENT \r\n \r\n$ 1,371,733.20 $ 1,536,496.75 $ \r\n \r\n67,751.94 $ 1,604,248.69 \r\n \r\n4,047,006.60 \r\n \r\n4,415,772.00 \r\n \r\n148,627.83 \r\n \r\n4,564,399.83 \r\n \r\n$ 5,418,739.80 $ 5,952,268.75 $ \r\n \r\n216,379.77 $ 6,168,648.52 $ \r\n \r\n0.00 \r\n \r\n1,859,257.80 \r\n \r\n2,375,118.75 \r\n \r\n52,773.13 \r\n \r\n2,427,891.88 \r\n \r\n0.00 \r\n \r\n3,183,607.80 \r\n \r\n4,281,212.76 \r\n \r\n65,027.34 \r\n \r\n4,346,240.10 \r\n \r\n0.00 \r\n \r\n1,799,745.30 \r\n \r\n2,393,556.42 \r\n \r\n237,159.95 \r\n \r\n2,630,716.37 \r\n \r\n0.00 \r\n \r\n740,176.20 \r\n \r\n878,134.31 \r\n \r\n71,635.48 \r\n \r\n949,769.79 \r\n \r\n0.00 \r\n \r\n981,395.10 \r\n \r\n1,145,655.93 \r\n \r\n113,860.68 \r\n \r\n1,259,516.61 \r\n \r\n0.00 \r\n \r\n$ 13,982,922.00 $ 17,025,946.92 $ \r\n \r\n756,836.35 $ 17,782,783.27 \r\n \r\n$ 2,263,571.40 $ \r\n \r\n19,504.95 $ 434,070.13 1,973,225.26 418,744.13 \r\n83,248.02 \r\n \r\n1,552.15 $ 2,371.74 48,109.03 6,978.15 1,225.76 \r\n \r\n21,057.10 436,441.87 2,021,334.29 425,722.28 \r\n84,473.78 \r\n \r\n$ 2,263,571.40 $ 2,928,792.49 $ \r\n \r\n60,236.83 $ 2,989,029.32 \r\n \r\n0.00 \r\n \r\n215,259.30 \r\n \r\n318,330.94 \r\n \r\n4,067.74 \r\n \r\n322,398.68 \r\n \r\n0.00 \r\n \r\n$ 2,478,830.70 $ 3,247,123.43 $ \r\n \r\n64,304.57 $ 3,311,428.00 \r\n \r\n$ \r\n \r\n651,879.90 $ \r\n \r\n668,507.44 $ \r\n \r\n5,783.50 $ \r\n \r\n674,290.94 \r\n \r\n0.00 \r\n \r\n$ 17, 113,632.60 $ 20,941,577.79 $ \r\n \r\n826,924.42 $ 21,768,502.21 \r\n \r\n$ \r\n \r\n480,907.80 $ \r\n \r\n815,794.24 \r\n \r\n$ \r\n \r\n815,794.24 \r\n \r\n0.00 \r\n \r\n130,773.00 \r\n \r\n$ \r\n \r\n334,242.11 \r\n \r\n334,242.11 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n611,680.80 $ \r\n \r\n815,794.24 $ \r\n \r\n334,242.11 $ 1,150,036.35 \r\n \r\n$ 17,725,313.40 $ 21,757,372.03 $ 1,161,166.53 $ 22,918,538.56 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n55,397.00 \r\n \r\n120,176.00 \r\n \r\n$ ===17=5=,5=7=3-=00= \r\n \r\n$ \r\n \r\n124,873.54 $ \r\n \r\n124,873.54 \r\n \r\n51,312.32 \r\n \r\n51,312.32 \r\n \r\n$ \r\n \r\n176,185.86 $ \r\n \r\n176,185.86 $=======0-=00= \r\n \r\n- 33  \r\n \r\n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n w. RUSSELL \r\n \r\nHINTON \r\n \r\nSTATE AUDITOR \r\n \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 2, 2000 \r\n \r\nHonorable Roy E. Barnes, Governor Members ofthe General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Polk School District Board of Education \r\nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING \r\nBASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements of Polk School District Board of Education as of and for the year ended June 30, 1999, and have issued our report thereon dated March 2, 2000. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. Except as discussed in the followinf paragraph, we conducted our audit in accordance with generally accepted auditing standards and the standard~ applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller GcncrJI of the United States. \r\nWe did not observe the taking of either the Federal donated commodities inventory or the purchased foo\u003cls inventory at June 30, 1999, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. \r\nCompliance \r\nAs part of obtaining reasonable assurance about whether Polk School District Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards. \r\n \r\n99YB-40 \r\n \r\n Internal Control Over Financial Reporting \r\nIn planning and performing our audit, we considered Polle School District Board of Education's internal control over financial reporting in order to determine our.auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. However, we noted a certain matter involving the internal control over financial reporting and its operation that we consider to be a reportable condition. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of the internal control over financial reporting that, in our judgement, could adversely affect Polle School District Board of Education's ability to record, process, summarize and report financial data consistent with assertions ofmanagement in the financial statements. The reportable condition is described in the accompanying Schedule ofFindings and Questioned Costs as item FS-7151-99-01. \r\nA material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, the reportable condition noted above is considered to be a material weakness. \r\nThis report is intended solely for the information and use of management, members of the Polle School District Board of Education, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n \r\nRWH:jb 99YB-40 \r\n \r\nState Auditor \r\n \r\n w. RUSSELL \r\n \r\nHINTON \r\n \r\nSTATE AUDITOR \r\n \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street. S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 2, 2000 \r\n \r\nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Polk School District Board of Education \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \r\nLadies and Gentlemen: \r\nCompliance \r\nWe have audited the compliance of Polk School District Board of Education with the types of compliance requirements described in the U.S. Office ofManagement and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to each of its major Federal programs for the year ended June 30, 1999. Polk School District Board of Education's major Federal programs are identified in the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility of Polk School District Board of Education's management. Our responsibility is to express an opinion on Polk School District Board of Education's compliance based on our audit. \r\nWe conducted our audit of compliance in accordance with generally accepted auditing standards; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and 0MB Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations. Those standards and 0MB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Polk School District Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Polk School District Board of Education's compliance with those requirements. \r\n \r\n99SA-10 \r\n \r\n In our opinion, the Polk School District Board of Education complied, in all material respects, with the requirements referred to above that are applicable to each of its major Federal programs for the year ended June 30, 1999. \r\nInternal Control Over Compliance \r\nThe management of Polk School District Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Polk School District Board of Education's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with 0MB Circular A-133. \r\nOur consideration of the internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a condition in which the design or operation of one or more ofthe internal control components does not reduce to a relatively low level of risk that noncompliance with applicable requirements of laws, regulations, contracts and grants that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. \r\nThis report is intended solely for the information and use of management, members of the Polk School District Board of Education, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n~u,a?_ UJ.\u003ctJ-,. \r\n~ell W. Hinton State Auditor \r\nRWH:jb 99SA-10 \r\n \r\n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1999 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFS-7151-97-01 FS-7151-98-01 \r\n \r\nFurther Action Not Warranted Unresolved - See Corrective Action/Responses \r\n \r\nCORRECTIVE ACTION/RESPONSES \r\n \r\nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: FS-7151-98-01 \r\n \r\nDue to current staffing limitations and budgetary considerations prohibiting the hiring of additional administrative staff, the Board has decided not to pursue the recording of general fixed assets on the financial statements. \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1999 \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Polk School District Board of Education's financial statements was qualified for a scope limitation and for various departures from generally accepted accounting principles. \r\n2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Polk School District Board of Education disclosed a financial statement reportable condition related to the following control category. \r\nGeneral Fixed Assets \r\nThe reportable condition described above is considered to be a material weakness. \r\n3. Noncompliance Material to the Financial Statements The audit of the Polk School District Board of Education disclosed no instances of noncompliance that were deemed to be material to the financial statements. \r\n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Polk School District Board of Education did not disclose any reportable conditions in internal control over major programs. \r\n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Polk School District Board of Education's report on compliance with requirements applicable to major programs was unqualified. \r\n6. Audit Findings Required to be Reported by Section .510(a) ofOMB Circular A-133 The Polk School District Board of Education's audit did not disclose audit findings required to be reported by section .510(a) ofOMB Circular A-133. \r\n7. Major Programs Federal awards audited as major programs are as follows: 10.553 Food and Nutrition Program - Food Services - School Breakfast Program 10.555 Food and Nutrition Program - Food Services - National School Lunch Program \r\n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000.00. \r\n9. Low Risk Auditee The Polk School District Board of Education was audited as a low risk auditee based on a waiver granted by the U. S. Department of Education. \r\n- 1- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1999 \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Reportable Condition - Material Weakness Repeated From Prior Year Finding Control Number: FS-7151-99-01 The Polk School District Board of Education did not maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. This condition results in the general purpose financial statements of the Board being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Board to establish accounting controls and procedures to provide for maintenance ofa General Fixed Assets Account Group. These subsidiary records should include an inventory of land, buildings and equipment owned by the Board and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n-2- \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bp7-b1997-h98","title":"Audit report, Polk School District Board of Education, Cedartown, Georgia, year ended June 30, 1998","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits.","Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Polk County, 34.00178, -85.18815"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["1998-06-30"],"dcterms_description":["Ceased with: Year ended June 30, 1999.","Report year covers fiscal year.","Issues for \u003c1994\u003e-1996 issued by the State of Georgia, Dept. of Audits, 1997- by the Dept. of Audits and Accounts.","Year ended June 30, 1994 (online surrogate); title from PDF cover (Georgia Government Publications database, viewed June 16, 2023).","Year ended June 30, 1999, released in 2000? (online surrogate); (Georgia Government Publications database, viewed June 16, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Polk School District Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Polk County--Auditing--Periodicals.","Education--Georgia--Polk County--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Audit report, Polk School District Board of Education, Cedartown, Georgia, year ended June 30, 1998"],"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-bp7-b1997-h98"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bp7-b1997-h98"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"AUDIT REPORT POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\nCEDARTOWN, GEORGIA YEAR ENDED JUNE 30, 1998 \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHIBITS \r\n \r\nGENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nCOMBINED STATEMENTS - OVERVIEW \r\n \r\nA \r\n \r\nCOMBINED BALANCE SHEET \r\n \r\nALL FUND TYPES AND ACCOUNT GROUP \r\n \r\n2 \r\n \r\nB \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES \r\n \r\nALL GOVERNMENTAL FUND TYPES \r\n \r\nAND EXPENDABLE TRUST FUND \r\n \r\n4 \r\n \r\nC \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \r\n \r\n(NON-GAAP BASIS) \r\n \r\nGENERAL AND SPECIAL REVENUE FUNDS \r\n \r\n7 \r\n \r\nD NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\n8 \r\n \r\nADDmONAL FINANCIAL INFORMATION \r\n \r\nCOMBINING STATEMENTS \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nE \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n20 \r\n \r\nF \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\n21 \r\n \r\nCAPITAL PROJECTS FUND \r\n \r\nG \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n22 \r\n \r\nH \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\n23 \r\n \r\nSCHEDULES \r\n \r\n1 SCHEDULE OF REQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n24 \r\n \r\n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS '. \r\n \r\n25 \r\n \r\n3 SCHEDULE OF STATE REVENUE \r\n \r\n27 \r\n \r\n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\n28 \r\n \r\n5 SCHEDULE OF EXPENDITURES \r\n \r\nLOTTERY PROGRAMS \r\n \r\n29 \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nADDmONAL FINANCIAL INFORMATION \r\n \r\nSCHEDULES \r\n \r\nANALYSIS OF MlNIMUM EXPENDlTIJRE REQUIREMENTS \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS \r\n \r\n6 \r\n \r\nOVERALL \r\n \r\n31 \r\n \r\n7 \r\n \r\nBY PROGRAM \r\n \r\n32 \r\n \r\nSECTION II \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WI1H GOVERNMENT AUDIIING STANDARDS \r\nREPORT ON COMPLIANCE WI1H REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WI1H OMB CIRCULAR A-133 \r\n \r\nSECTION ill AUDIIEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nSECTIONN FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n\" \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \r\nJuly 15, 1999 \r\n \r\nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Polk School District Board ofEducation \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE \r\nFINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying general purpose financial statements of the Polk School District Board of Education, as of and for the year ended June 30, 1998, as listed in the table of contents. These general purpose financial statements are the responsibility of the Polk School District Board of Education's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. \r\nExcept as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in GoYernment Auditim~ Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \r\nWe did not observe the taking of either the Federal donated commodities inventory or purchased foods \r\ninventory at June 30, 1998, nor could we satisfy ourselves as to the accuracy of the amounts stated as \r\ninventories through alternative procedures. \r\nAs described in the notes to the general purpose financial statements, the Board's fmancial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: \r\n98ARL-13B \r\n \r\n * The general purpose financial statements of the Board did not contain a General Fixed Assets \r\nAccount Group to account for property and equipment owned by the Board which should be included to conform to generally accepted accounting principles. \r\n* School activity accounts maintained at the individual schools are not included in the general purpose \r\nfinancial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. \r\n* The Board did not recognize as expenditures, in the year ended June 30, 1998, a portion of salaries \r\nand the corresponding employer's cost ofrelated benefits earned for contractual services completed prior to June 30, 1998. Also funds received, subsequent to June 30, 1998, from the Georgia Department ofEducation for the State's share ofthese unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1997, were improperly recorded in the year ended June 30, 1998. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. \r\nThe aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. \r\nIn our opinion, except for the effects of such adjustments, if any, on the Special Revenue Fund, as might have been determined to be necessary had we been able to satisfy ourselves as to the accuracy of the food service inventories as discussed in the third paragraph and except for the effects on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Polk School District Board ofEducation as ofJune 30, 1998, and the results ofits operations for the year then ended, in conformity with generally accepted accounting principles. \r\nIn accordance with Government Auditin~ Standards, we have also issued our report dated July 15, 1999, on our consideration ofthe Polk School District Board ofEducation's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. \r\nThe year 2000 supplementary information on Schedule \"1\" is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries ofmanagement regarding the methods ofmeasurement and presentation ofthe supplementary information. However we did not audit the information and do not express an opinion on it. In addition, we do not provide assurance that Polk School District Board of Education is or will become year 2000 compliant, that the Board's year 2000 remediation efforts will be successful in whole or in part, or that parties with which Polk School District Board of Education does business are or will become year 2000 compliant. \r\nOur audit was performed for the purpose of forming an opinion on the general purpose financial statements ofthe Polk School District Board ofEducation taken as a whole. The accompanying combining statements (Exhibits E through H) and the financial schedules (Schedules 2 through 7), which includes the Schedule of Expenditures of Federal Awards as required by U. S. Office of Management and Budget Circular A-133, \r\n98ARL-13B \r\n \r\n Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the general purpose financial statements. Such infonnation has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and in our opinion, except for the effect of adjustments, if any, on the Special Revenue Fund, as might have been detennined to be necessary had we been able to satisfy ourselves as to the accuracy of the food service inventories as discussed in the third paragraph and except for the effects ofthe matters referred to in the fourth paragraph, such infonnation is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. \r\nA copy of this report has been filed as a pennanent record in the office of the State Auditor and made available to the press ofthe State, as provided for by Official Code of Georgia Annotated Section 50-6-24. \r\nRespectfully submitted, \r\nW.~ \r\nRussell W. Hinton State Auditor \r\nRWH:gp 98ARL-13B \r\n \r\n POLK SCHOOL PISlRICT BOARD OF EDUCATION \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINED BALANCE SHEET \r\nALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 1998 \r\n \r\nASSETS \r\nCash and Cash Equivalents \r\nInvestments \r\nAccounts Receivable \r\nInventories Food Donated Commodities Purchased Food \r\nAmount Available In Debt Service Fund \r\nAmount to be Provided in Future Years For Payment of Bond Debt \r\n \r\nGENERAL FUND \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\n$ 2,219,304.31 $ \r\n \r\n481,207,93 $ 1,253,435.94 \r\n \r\n14,231,510,57 \r\n \r\n314,125.23 \r\n \r\n251,569.58 \r\n \r\n59,932.85 \r\n \r\n87,282.35 20,625.03 \r\n \r\nTotal Assets \r\n \r\n$ 2,533,429.54 $ \r\n \r\n840,684.89 $ 15,544,879.36 \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nAccounts Payable Salaries Payable Expired Grant Balances Payable Contracts Payable Retainages Payable General Obligation Bonds Payable \r\nTotal Liabilities \r\nFUND EQUITY \r\nFund Balances Reserved For Debt Service For Inventories Food Donated Commodities Purchased Food For Purpose of Bond Issue For State Capital Outlay Projects Unreserved Undesignated \r\nTotal Fund Equity \r\n \r\n$ \r\n \r\n23,820.51 $ \r\n \r\n74,775.93 \r\n \r\n272,381.41 \r\n \r\n1,406.29 \r\n \r\n10,287.95 \r\n \r\n$ \r\n \r\n317,810.14 \r\n \r\n58,358.50 \r\n \r\n$ \r\n \r\n25,226.80 $ \r\n \r\n357,445.29 $ \r\n \r\n376,168.64 \r\n \r\n$ \r\n$ 2,508,202.74 $ 2,508,202.74 $ \r\n \r\n87,282.35 20,625.03 \r\n$ \r\n375,332.22 \r\n483,239.60 $ \r\n \r\n14,276,486,27 140,080.96 \r\n752,143.49 \r\n15,168,710.72 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$' 2,533,429.54 $ \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. -2- \r\n \r\n840,684.89 $ 15,544,879.36 \r\n \r\n EXHIBIT \"A\" \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \r\n \r\nACCOUNT GROUP GENERAL \r\nLONG-TERM DEBT \r\n \r\nTOTALS (Memorandum Only) JUNE 30, 1998 JUNE 30, 1997 \r\n \r\n$ \r\n \r\n3,674.12 $ \r\n \r\n15,318.32 \r\n \r\n$ 3,972,940.62 $ 4,918,456.79 \r\n \r\n814,714.98 \r\n \r\n15,046,225.55 \r\n \r\n476,967.17 \r\n \r\n1,102,594.83 \r\n \r\n188,535.95 \r\n \r\n87,282.35 20,625.03 \r\n \r\n$ \r\n \r\n1,295,356.27 \r\n \r\n1,295,356.27 \r\n \r\n13,584,643.73 \r\n \r\n13,584,643.73 \r\n \r\n56,195.38 22,089.16 \r\n \r\n$ 1,295,356.27 $ \r\n \r\n15,318.32 $ \r\n \r\n14,880,000.00 $ 35,109,668.38 $ 5,185,277.28 \r\n \r\n$ \r\n \r\n98,596.44 $ \r\n \r\n272,381.41 \r\n \r\n11,694.24 \r\n \r\n317,810.14 \r\n \r\n58,358.50 \r\n \r\n$ \r\n \r\n14,880,000.00 \r\n \r\n14,880,000.00 \r\n \r\n$ \r\n \r\n14,880,000.00 $ 15,638,840.73 $ \r\n \r\n48,986.79 226,208.69 \r\n16,700.46 62,186.00 \r\n354,081.94 \r\n \r\n$ 1,295,356.27 \r\n \r\n0.00 $ $ 1,295,356.27 $ \r\n \r\n15,318.32 15,318.32 \r\n \r\n$ 1,295,356.27 \r\n \r\n87,282.35 $ 20,625.03 14,276,486.27 140,080.96 \r\n3,650,996.77 \r\n$ 19,470,827.65 $ \r\n \r\n56,195.38 22,089.16 \r\n714,974.01 \r\n4,037,936.79 \r\n4,831,195.34 \r\n \r\n$ 1,295,356.27 $ \r\n \r\n15,318.32 $ \r\n \r\n14,880,000.00 $ 35,109,668:38 $ 5,185,277.28 \r\n \r\n-3- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND YEAR ENDED JUNE 30,1998 \r\n \r\nREVENUES \r\nState Funds Federal Funds Taxes Other Funds \r\nTotal Revenues \r\nEXPENPITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation \r\ncapital Outlay Debt Service \r\nEscrow Agent \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nAccrued Interest on Bonds Sold Proceeds from General Obligation Bonds \r\nPar Value Premium on Bonds Sold Operating Transfers In Operating Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \r\nFUND BALANCE JULY 1 \r\nFood Inventory - Net Change in Period Donated Commodities Purchased Food \r\n \r\nGENERAL FUND \r\n \r\nGOVERNMENTAL FUND \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\n$ 24,885,204,30 $ 1,633,63 \r\n5,933,944,53 202,117,01 \r\n$ 31,022,899,47 $ \r\n \r\n820,146,46 $ 3,037,760,30 \r\n582,839,66 \r\n4,440,746,42 $ \r\n \r\n934,813,26 \r\n683,014,94 1,617,828,20 \r\n \r\n$ 22,164,616,59 $ \r\n1,297,930,74 654,818,58 900,213,20 376,465,67 \r\n2,006,394,82 365,588,08 \r\n2,483,206.88 1,271,930,05 \r\n37,708,44 4,469,84 \r\n \r\n1,768,612,50 \r\n174,028,01 128,n3,91 \r\n9,363,47 113,n1,89 \r\n506,51 $ \r\n14,736,51 28,907,56 \r\n11,738,20 2,147,638,73 \r\n37,454,00 \r\n \r\n204,623,25 2,471,738,94 \r\n \r\n$ 31,563,342.89 $ \r\n \r\n$ \r\n \r\n-540,443.42 $ \r\n \r\n4,435,531,29 $ 5,215.13 $ \r\n \r\n2,676,362,19 -1,058,533,99 \r\n \r\n$ 14,880,000,00 28,444,40 \r\n \r\n$ \r\n \r\n-540,443,42 $ \r\n \r\n3,048,646.16 \r\n \r\n$ 14,908,444,40 \r\n \r\n5,215,13 $ 448,401,63 \r\n \r\n13,849,910,41 1,318,800,31 \r\n \r\n31,086,97 -1,464,13 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ 2,508,202,74 $ \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. \r\n-4- \r\n \r\n483,239,60 $ 15,168,710,72 \r\n \r\n EXHIBIT\"B\" \r\n \r\nTYPES \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \r\n \r\nTOTALS (Memorandum Only) \r\nYEAR ENDED JUNE 30,1998 JUNE 30,1997 \r\n \r\n$ 26,640,164.02 \r\n \r\n3,039,393.93 \r\n \r\n$ 1,258,887.07 \r\n \r\n7,192,831.60 \r\n \r\n3,496.50 \r\n \r\n1,471,468.11 $ \r\n \r\n$ 1,262,383.57 $ 38,343,857.66 $ \r\n \r\n$ \r\n5,726.83 5,726.83 $ \r\n \r\n26,640,164.02 $ 3,039,393.93 7,192,831.60 1,477,194.94 \r\n38,349,584.49 $ \r\n \r\n23,963,107.40 2,672,435.74 6,047,819.25 955,665.14 \r\n33,639,027.53 \r\n \r\n$ 23,933,229.09 \r\n \r\n1,471,958.75 $ 783,592.49 909,576.67 490,237.56 \r\n2,006,901.33 570,211.33 \r\n2,497,943.39 1,300,837.61 \r\n37,708.44 16,208.04 2,147,638.73 2,509,192.94 \r\n \r\n$ \r\n \r\n72.00 \r\n \r\n72.00 \r\n \r\n$ \r\n \r\n72.00 $ 38,675,308.37 $ \r\n \r\n$ 1,262,311.57 $ \r\n \r\n-331,450.71 $ \r\n \r\n$ 5,755.75 \r\n5,755.75 $ -28.92 $ \r\n \r\n23,933,229.09 $ \r\n1,477,714.50 783,592.49 909,576.67 490,237.56 \r\n2,006,901.33 570,211.33 \r\n2,497,943.39 1,300,837.61 \r\n37,708.44 16,208.04 2,147,638.73 2,509,192.94 \r\n72.00 \r\n38,681,064.12 $ \r\n-331,479.63 $ \r\n \r\n22,100,213.28 \r\n1,321,795.10 754,369.64 861,408.93 386,529.98 \r\n1,865,366.88 392,996.15 \r\n2,281,684.05 1,219,810.39 \r\n19,973.62 14,680.15 2,161,556.35 869,410.18 \r\n34,249,794.70 \r\n-610,767.17 \r\n \r\n$ \r\n \r\n33,044.70 $ \r\n \r\n33,044.70 \r\n \r\n14,880,000.00 28,444.40 \r\n \r\n$ \r\n \r\n33,044.70 $ 14,941,489.10 \r\n \r\n$ 1,295,356.27 $ 14,610,038.39 $ \r\n \r\n0.00 \r\n \r\n4,815,848.10 \r\n \r\n31,086.97 -1,464.13 \r\n \r\n$ \r\n \r\n33,044.70 \r\n \r\n14,880,000.00 28,444.40 $ \r\n \r\n1,039,170.00 -1,039,170.00 \r\n \r\n$ 14,941,489.10 $ \r\n \r\n0.00 \r\n \r\n-28.92 $ 15,347.24 \r\n \r\n14,610,009.47 $ 4,831,195.34 \r\n \r\n-610,767.17 5,450,421.46 \r\n \r\n31,086.97 -1,464.13 \r\n \r\n-7,241.45 -1,217.50 \r\n \r\n$ 1,295,356.27 $ 19,455,509.33 $ \r\n \r\n15,318.32 $ 19,470,827.65 $ 4,831,195.34 \r\n \r\n-5- \r\n \r\n  POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nBUDGET AND ACTUAL - (NON-GMP BASIS\u003e GENERAL AND SPECIAL REVENUE FUNDS \r\nYEAR ENDED JUNE 30. 1998 \r\n \r\nEXHIBIT .C\" \r\n \r\nREVENUES \r\nState Funds Federal Funds Taxes Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation \r\nCapital Outlay \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nFUND BALANCE JULY 1.1997 \r\nAdjustments Food Inventory - Net Change in Period \r\nDonated Commodities Purchased Food \r\n \r\nGENERAL FUND \r\n \r\nACTUAL \r\n \r\n(BUDGET \r\n \r\nBUDGET \r\n \r\nBASIS) \r\n \r\n$ 23,908,033,00 $ 24,885,204,30 \r\n \r\n1,633,63 \r\n \r\n5,492,336,00 \r\n \r\n5,933,944,53 \r\n \r\n178,000,00 \r\n \r\n202,117,01 \r\n \r\n$ 29,578,369,00 $ 31,022,899.47 \r\n \r\n$ 21,818,374,00 $ 22,164,616,59 \r\n \r\n1,323,466,00 644,685,00 887,236.00 374,457,00 \r\n2,042,526,00 383,760,00 \r\n2,463,241,00 1,281,921,00 \r\n37,760,00 6,500,00 \r\n \r\n1,297,930,74 654,818,58 900,213.20 376,465,67 \r\n2,006,394,82 365,588,08 \r\n2,483,206.88 1,271,930,05 \r\n37,708,44 4,469,84 \r\n \r\n$ 31,263,926.00 $ 31,563,342,89 \r\n \r\n$ -1,685,557.00 $ -540,443.42 \r\n \r\n3,053,310,01 \r\n \r\n3,048,646,16 \r\n \r\n-3,897.30 \r\n \r\nFUND BALANCE JUNE 30, 1998 \r\n \r\n$ 1,363,855,71 $ 2,508,202,74 \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nACTUAL \r\n \r\n(BUDGET \r\n \r\nBUDGET \r\n \r\nBASIS) \r\n \r\n$ \r\n \r\n843,806,00 $ \r\n \r\n820,146.46 \r\n \r\n3,041,399,00 \r\n \r\n3,037,760.30 \r\n \r\n597,500,00 \r\n \r\n582,839,66 \r\n \r\n$ 4,482,705,00 $ 4,440,746,42 \r\n \r\n$ 1,760,100,00 $ 1,768,612,50 \r\n \r\n141,016.00 110,250,00 \r\n9,000,00 149,864.00 \r\n \r\n174,028.01 128,773,91 \r\n9,363,47 113,771,89 \r\n506.51 \r\n \r\n20,095,00 33,310,00 \r\n \r\n14,736,51 28,907,56 \r\n \r\n11,650,00 2,096,520,00 \r\n40,000,00 \r\n \r\n11,738,20 2,147,638,73 \r\n37,454,00 \r\n \r\n$ 4,371,805,00 $ 4,435,531.29 \r\n \r\n$ 110,900,00 $ \r\n \r\n5,215,13 \r\n \r\n448,401,63 \r\n \r\n448,401,63 \r\n \r\n31,086.97 -1,464,13 \r\n \r\n$ \r\n \r\n559,301,63 $ \r\n \r\n483,239,60 \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. -7- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30.1998 \r\n \r\nNote 1: SUMMARy OF SIGNIFICANT ACCOUNTING POUCIES \r\nREPORTING ENTITY \r\nThe Polk School District Board ofEducation (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the Board is a primary government and consists of all the organizations that compose its legal entity. \r\nFUND ACCOUNTING \r\nThe Board uses funds and an account group to report on its financial position and the results ofits 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. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. \r\nGeneral Fixed Assets are recorded as expenditures in the various funds at the time ofpurchase. A General Fixed Assets Account Group is not presently maintained by the Board. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. \r\nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. \r\nThe general purpose financial statements account for all State, Federal, Taxes and Other funds under control ofthe Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: \r\nGOVERNMENTAL FUND TYPES - are used to account for all or most ofa Board's educational activities. Governmental Fund Types include: \r\nGENERAL FUND - the fund used to account for all financial resources ofthe Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. \r\nSPECIAL REVENUE FUND - the fund used to account for the proceeds ofspecific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department ofEducation and from the Federal government to accomplish specific educational objectives. \r\n-8- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1998 \r\n \r\nNote 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES \r\nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. \r\nDEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, generallong-tenn principal, interest and paying agent fees. \r\nFIDUCIARY FUND TYPE - the fund used to account for assets held by a government unit in a trustee capacity. This fund includes: \r\nEXPENDABLE TRUST FUND Student Special Needs Fund - the fund used to account for the contributions and expenditures ofprivate funds which are designated to be used for the purpose of clothing and medical needs for disadvantaged students at the Superintendent's discretion. \r\nACCOUNT GROUP \r\nGENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding. \r\nBASIS OF ACCOUNTING \r\nThe accounting and financial reporting treatment applied to a fund is detennined by its measurement focus. All governmental and expendable trust funds are accounted for using a current fmancial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements ofthese funds present increases (Le., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \r\nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Tenn Debt Account Group. \r\nGovernmental and expendable trust funds are accounted for using the modified accrual basis of accounting under which: \r\nRevenues are recognized when susceptible to accrual (Le., when they become both measurable and available). \"Measurable\" means the amount ofthe transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities ofthe current period. Those revenues considered susceptible to accrual are property taxes, local option sales taxes, intergovernmental grants and investment income. \r\nExpenditures are generally recognized when the related fund liability is incurred. \r\n-9- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1998 \r\n \r\nNote 1; SUMMARY OF SIGNIFICANT ACCOUNTING POUCIES \r\nA departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share of these contracts. During fiscal year 1998, a substantial number of personnel ofthe Board were employed for a one hundred and ninety day period beginning in late August 1997 and ending in early June 1998. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1997 and ending in August 1998. State grants to fund the State's share of these contracts were disbursed from the Georgia Department ofEducation to the Board in the same twelve months. As of June 30, 1998, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 1998, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 1998. Also, the State's portion of the compensation paid in July and August 1998 was received and recorded as revenue in the fiscal year subsequent to June 30, 1998. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1997, were recorded in the year ended June 30, 1998. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. \r\nBUDGET \r\nThe Polk School District Board ofEducation's budget is a complete financial plan for the Board's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all goveQ1ffiental funds is prepared by fund, function and object. The legal level ofbudget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. \r\nThe budget process begins when the Board's administration prepares a tentative budget for the Board's approval. After approval ofthis tentative budget by the Board, such budget is advertised at least once in a newspaper ofgeneral circulation in the locality. At the next regular meeting ofthe Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions ofthe Quality Basic Education Act, OCGA Section 20-2-167, to the Georgia Department ofEducation. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nCASH AND CASH EQUIVALENTS \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits in authorized financial'institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. \r\n \r\n- 10- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1998 \r\n \r\nNote 1: SUMMARy OF SIGNIFICANT ACCOUNTING POUCIES \r\nINVESTMENTS \r\nCOMPOSITION OF INVESTMENTS Investments made by the Board in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Board to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n(1) Obligations issued by the State of Georgia or by other states, \r\n(2) Obligations issued by the United States government, \r\n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n(4) Obligations of any corporation of the United States government, \r\n(5) Prime banker's acceptances, \r\n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \r\n(7) Repurchase agreements, and \r\n(8) Obligations ofother political subdivisions of the State of Georgia. \r\nRECEIVABLES \r\nReceivables consist of grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\n- 11 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1998 \r\n \r\nNote 1; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nPROPERTY TAXES \r\nThe Polk County Board of Commissioners fixed the property tax levy for the 1997 tax year (calendar year) on October 1, 1997 (levy date). Taxes were due on December 1, 1997. The lien date for property taxes was January 1, 1997. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1998. The Polk County Tax Commissioner bills and collects the property taxes for the Board ofEducation, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the Board. \r\nThe tax millage rate levied for the 1997 tax year (calendar year) for the Polk School District Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value); \r\nSchool Operations \r\nSALES TAXES \r\nSpecial Purpose Local Option Sales Tax is to be used for capital outlay for educational purposes and debt service. Special Purpose Local Option Sales Tax revenue during the fiscal year amounted to $1,258,887.07 and was recorded in the Debt Service Fund. The State will terminate collection of this tax once an additional $16,741,112.93 has been collected or on December 31, 2002, whichever occurs first. \r\nINVENTORIES \r\nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (first-in, first-out). Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time of purchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute \"available spendable resources\" even though they are a component of net current assets. \r\nCOMPENSATED ABSENCES \r\nCompensated absences represent obligations of the Board relating to employees' rights to receive compensation for future absences based upon service already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the individual funds for the current portion ofthis obligation as this amount is deemed immaterial to the general purpose financial statements. \r\n \r\n- 12- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1998 \r\n \r\nNote 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES \r\nAdditionally, the dollar value ofaccumulated compensated absences at June 30, which will be payable from future resources has not been recorded in the General Long-Term Debt Account Group as this liability is also deemed to be immaterial to the fair presentation of these financial statements. \r\nGENERAL OBLIGATION BONDS \r\nThe Board issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond premiums and discounts, as well as issuance costs, are recognized in the financial statements during the year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the General Long-Term Debt Account Group. \r\nINTERFUND TRANSACTIONS \r\nThe Board has the following type of interfund transactions: \r\nReimbursements of expenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \r\nMEMORANDUM ONLY - TOTAL COLUMNS \r\nTotal columns on the general purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \r\nNote 2: DEPOSITS AND INVESTMENTS \r\nCOLLATERALIZATION OF DEPOSITS Official Code ofGeorgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee ofinsurance, or by collateral. The aggregate of the face value of such surety bond and the market value ofsecurities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating ~ds placed in demand deposit checking accounts. \r\nAcceptable security for deposits consists of anyone of or any combination ofthe 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- 13 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1998 \r\n \r\nNote 2: DEPOSITS AND INVESTMENTS \r\n \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n \r\n(3) Bonds, bills, notes, certificates ofindebtedness or other direct obligations of the United States or of the State of Georgia, \r\n \r\n(4) Bonds, bills, notes, certificates ofindebtedness or other obligations ofthe counties or municipalities of the State of Georgia, \r\n \r\n(5) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose, \r\n \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia, and \r\n \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 and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n \r\nCATEGORIZATION OF DEPOSITS At June 30, 1998, the bank balances were $5,371,228.54. The amounts of the total bank balances are classified into three categories of credit risk: \r\n \r\nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. \r\nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name. \r\nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Board's name.) \r\n \r\nThe Board's deposits are classified by risk category at June 30, 1998, as follows: \r\n \r\nRisk CateiWlY \r\n \r\nBank Balance \r\n \r\n1 \r\n \r\n$ 105,291.81 \r\n \r\n2 \r\n \r\n677,246.71 \r\n \r\n3 \r\n \r\n4.588.690,02 \r\n \r\nTotal \r\n \r\n- 14- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30.1998 \r\n \r\nNote 2: PEPOSITS AND INVESTMENTS \r\nCATEGORIZATION OF INVESTMENTS At June 30, 1998, the carrying value ofthe Board's total investments was $15,046,225.55 which is materially the same as fair value. This investment consisted entirely of funds invested in the Local Government Investment Pool administered by the State of Georgia, Office ofTreasury and Fiscal Services which are not required to be categorized since the Board did not own any specific identifiable securities in the pool. The investment policy of the State ofGeorgia, Office ofTreasury and Fiscal Services for the Local Government Investment Pool (Primary Liquidity Portfolio) does not provide for investment in derivatives or similar investments. A description of the Primary Liquidity Portfolio is as follows: \r\nThe Primary Liquidity Portfolio consists of Georgia Fund 1, which is a combination local and state government investment pool, and Fund 6. Georgia Fund 1 is a stable net asset value investment pool which follows Standard and Poor's criteria for AAAm rated money market funds. However, Georgia Fund 1 operates in a manner consistent with Rule 2a-7 of the Investment Company Act of 1940 and is considered to be a 2a-7 like pool. The pool is not registered with the SEC as an investment company. The pool's primary objectives are safety ofcapital, investment income, liquidity and diversification while maintaining principal ($1.00 per share value). Net asset value is calculated weekly to ensure stability. The pool distributes earnings (net of management fees) on a monthly basis and determines participant's shares sold and redeemed based on $1.00 per share. Pooled cash and cash equivalents and investments are reported at cost which approximates fair value. The pool does not issue any legally binding guarantees to support the value of the shares. Participation in the pool is voluntary and deposits consist offunds from local governments; operating and trust funds of Georgia's state agencies, colleges and universities; and current operating funds of the State of Georgia's General Fund. \r\nInvestments in Georgia Fund 1 and Fund 6 are directed toward short-tenn instruments such as U. S. Treasury obligations, securities issued or guaranteed as to principal and interest by the U. S. Government or any of its agencies or instrumentalities, banker's acceptances and repurchase agreements. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. Fund 6 maintains a duration of approximately one year. The weighted average maturity for Georgia Fund 1 on June 30, 1998 was 29 days. The average investment duration for Fund 6 on June 30, 1998 was .96 years. \r\nNote 3: NON-MONETARY TRANSACTIONS \r\nThe Board receives food commodities from the United States Department ofAgriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \r\nNote 4: RISK MANAGEMENT \r\nThe Board is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; natural disaster and unemployment compensation. \r\n- 15 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1998 \r\n \r\nNote 4: RISK MANAGEMENT \r\n \r\nThe Board has obtained commercial insurance for risk of loss associated with torts, assets and errors or omissions. However, the errors or omissions policy excludes coverage for sexual harassment and discrimination. The Board has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any of the past three years. \r\n \r\nThe Board has elected to self-insure for all losses related to natural disaster. The Board has not experienced any losses related to this risk in the past three years. \r\n \r\nThe Board is self-insured with regard to unemployment compensation claims. The Board accounts for claims within the General Fund and the School Food Services Fund with expenditures and liabilities being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability \r\n \r\nClaims and Changes in Estimates \r\n \r\nClaims Paid \r\n \r\nEnd ofYear Liability \r\n \r\n1997 1998 \r\n \r\n$ \r\n \r\n0,00 $ \r\n \r\n91.00 $ \r\n \r\n91.00 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n0,00 $ \r\n \r\n3,225.00 $ \r\n \r\n3,225,00 $ \r\n \r\n0.00 \r\n \r\nThe Board participates in the Georgia School Boards Association Workers' Compensation Fund, a public entity risk pool organized on July 1, 1992 to develop, implement, and administer a program of workers' compensation self-insurance for its member organizations. The Board pays an annual premium to the Fund for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Fund with the United States Fidelity and Guaranty Company to provide coverage for potential losses sustained by the Fund in excess of $350,000.00 loss per occurrence, up to the statutory limit. Also, should losses within the retained limit of $350,000.00 aggregate to more than seventy-five percent (75%) of the standard experience rated premium during the policy term, the policy with the United States Fidelity and Guaranty Company will pay the next $1,000,000.00 ofloss. \r\n \r\nThe Board has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent All Other Employees \r\n \r\n$ 50,000.00 $ 50,000.00 \r\n \r\n- 16- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"0\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1998 \r\n \r\nNote 5: GENERAL LONG-TERM DEBT \r\n \r\nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \r\n \r\nPUIPose \r\nGeneral Government - Series 1997 General Government - Series 1998 \r\n \r\nInterest Rates \r\n4.25% - 4.50% 3.85% - 4.00% \r\n \r\nAmount \r\n$ 5,000,000.00 9.880.000.00 \r\n \r\n$,14,880.000.00 \r\n \r\nThe changes in General Long-Tenn Debt during the fiscal year ended June 30, 1998, were as follows: \r\n \r\nGeneral Obligation \r\nBonds \r\n \r\nBalance July 1, 1997 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\nAdditions \r\n \r\n14.880.000,00 \r\n \r\nBalance June 30, 1998 \r\n \r\n$14,SBO.000.00 \r\n \r\nAt June 30, 1998, payments due by fiscal year which includes principal and interest for these items are as follows: \r\n \r\nFiscal Year Ended June 30 \r\n1999 2000 2001 2002 2003 \r\nTotal Principal and Interest \r\n \r\nGeneral Obligation \r\nBonds \r\n$ 3,396,896.05 3,332,442.50 3,333,282.50 3,357,647.50 3.380.000.00 \r\n$16,SQO,26B.55 \r\n \r\n-17 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHlBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1998 \r\n \r\nNote 6: ON-BEHALF PAYMENTS \r\n \r\nThe Board has recognized revenues and expenditures in the amount of$482,747.31 for health insurance and retirement contributions paid on the Board's behalf by the following State Agencies. \r\n \r\nGeorgia Department ofEducation Paid to the State Merit System ofPersonnel Administration For Health Insurance ofNon-Certified Personnel In the amount of $390,663.31 \r\n \r\nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of$92,084.00 \r\n \r\nNote 7: SIGNIFICANT COMMITMENTS \r\n \r\nThe following is an analysis of significant outstanding construction or renovation contracts executed by the Board as of June 30, 1998, together with funding available: \r\n \r\nProject \r\n \r\nUnearned Executed Contracts \r\n \r\nFunding \r\nAvailable \r\nFrom State \r\n \r\nGSFIC 715-005 715-006 715-007 715-008 \r\nCedar Hill Middle Reroofing Purks Middle Reroofing \r\n \r\n$ 394,092.83 $ 76,854.09 \r\n \r\n240.00 \r\n \r\n240.00 \r\n \r\n2,837.14 \r\n \r\n2,837.14 \r\n \r\n640.50 \r\n \r\n2,487.89 \r\n \r\n435.96 \r\n \r\n359.58 \r\n \r\n$ 398.606.01 $ 82.412.14 \r\n \r\nThe amounts described in this note are not reflected in the general purpose financial statements. \r\n \r\nNote 8: CONTINGENT LIABILITIES \r\n \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant tenns. The Board believes that such disallowances, if any, will be immaterial to its overall financial position. \r\n \r\n- 18 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1998 \r\n \r\nNote 9: ACCUMULATED EMPLOYEES' LEAVE \r\n \r\nAll twelve-month employees are eligible for annual vacation earned at the rate of .833 days for each full calendar month employed up to a maximum often (10) days. Twelve-month employees with fifteen (15) or more years ofservice with the school district are eligible for five (5) additional vacation days annually. Upon approval of the employee's supervisor, all unused vacation days may be carried forward into the next employment year. Upon retirement or termination of employment, employees will be paid at the current rate ofpay for unused earned vacation up to the maximum which may be earned during a single year. See Note 1 - Compensated Absences \r\n \r\nNote 10: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\n \r\nIRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systemS are covered by the Teachers Retirement System of Georgia (IRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone fmancial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\n \r\nIRS CONTRIBUTIONS REQUIRED AND MADE Employees of the Board who are covered by IRS are required by State statute to contribute 5% oftheir gross earnings to TRS. The Board makes monthly employer contributions to IRS at rates adopted by the IRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.81% and employer 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\n1998 1997 1996 \r\n \r\n100% 100% 100% \r\n \r\n$ 2,608,764.60 $ 2,380,721.29 $ 2,186,269.18 \r\n \r\n- 19- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30. 1998 \r\n \r\nEXHIBIT-E- \r\n \r\nASSETS Cash and Cash Equivalents Accounts Receivable Inventories \r\nFood Donated Commodities Purchased Food \r\nTotal Assets \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTTERY PROGRAMS \r\n \r\nFEDERAL PROGRAMS \r\n \r\nTOTALS JUNE 30,1998 JUNE 30,1997 \r\n \r\n$ 466,720.02 $ 62,605.69 \r\n \r\n$ 529,325.71 $ 505,655.53 \r\n \r\n15,058.00 \r\n \r\n$ 236,511.58 \r\n \r\n251,569.58 \r\n \r\n166,154.28 \r\n \r\n87,282.35 20,625.03 \r\n \r\n87,282.35 20,625.03 \r\n \r\n56,195.38 22,089.16 \r\n \r\n$ 589,685.40 $ 62,605.69 $ 236,511.58 $ 888,802.67 $ 750,094.35 \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nCash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable \r\nTotal Liabilities \r\nFUND EQUITY \r\nFund Balances Reserved For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated \r\nTotal Fund Equity \r\n \r\n$ 22,192.47 $ 84,253.33 \r\n$ 106,445.80 $ \r\n \r\n$ 9,966.92 43,712.84 8,925.93 \r\n \r\n48,117.78 $ 42,616.54 144,415.24 \r\n1,362.02 \r\n \r\n62,605.69 $ 236,511.58 $ \r\n \r\n48,117.78 $ 74,n5.93 272,381.41 10,287.95 \r\n405,563.07 $ \r\n \r\n14,460.63 48,986.79 226,208.69 12,036.61 \r\n301,692.72 \r\n \r\n$ 87,282.35 20,625.03 \r\n375,332.22 $ \r\n$ 483,239.60 $ \r\n \r\n0.00 $ 0.00 $ \r\n \r\n$ \r\n0.00 0.00 $ \r\n \r\n87,282.35 $ 20,625.03 \r\n375,332.22 \r\n483,239.60 $ \r\n \r\n56,195.38 22,089.16 \r\n370,117.09 \r\n448,401.63 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ 589,685.40 $ 62,605.69 $ 236,511.58 $ 888,802.67 $ 750,094.35 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n-20- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENPITURES AND CHANGES IN FUND BALANCES \r\nSPECIAL REVENUE FUND YEAR ENDED JUNE 30, 1998 \r\n \r\nEXHIBIT-P \r\n \r\nREVENUES \r\nState Funds Federal Funds Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \r\ncapital Outlay \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nFUND BALANCE JULY 1 \r\nFood Inventory - Net Change in Period Donated Commodities Purchased Food \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTTERY PROGRAMS \r\n \r\nFEDERAL PROGRAMS \r\n \r\nTOTALS YEAR ENDED JUNE 30,1998 JUNE 30,1997 \r\n \r\n$ 1n,980,00 $ 642,166,46 \r\n \r\n$ 820,146,46 $ 572,930,31 \r\n \r\n1,389,138,05 \r\n \r\n$ 1,648,622.25 3,037,760.30 2,672,435,74 \r\n \r\n582,839.66 \r\n \r\n582,839.66 \r\n \r\n598,759.18 \r\n \r\n$ 2,149,957,71 $ 642,166.46 $ 1,648,622.25 $ 4,440,746.42 $ 3,844,125.23 \r\n \r\n$ 507,167.98 $ 1,261,444.52 $ 1,768,612.50 $ 1,366,865,02 \r\n \r\n$ 2,144,742.58 \r\n \r\n38,518.48 584.25 \r\n24,858.61 \r\n14,736.51 15,298.38 \r\n652.10 2,896.15 37,454.00 \r\n \r\n135,509.53 128,189.66 \r\n9,363,47 88,913.28 \r\n506.51 \r\n13,609.18 11,086.10 \r\n \r\n174,028,01 128,n3.91 \r\n9,363.47 113,n1.89 \r\n506,51 14,736.51 28,907.56 11,738.20 2,147,638.73 37,454,00 \r\n \r\n128,984.00 72,127.71 16,406.04 106,124.85 \r\n945,62 21,783.41 22,233,90 \r\n8,983.82 2,161,556.35 \r\n18,436.00 \r\n \r\n$ 2,144,742.58 $ 642,166.46 $ 1,648,622,25 $ 4,435,531.29 $ 3,924,446,72 \r\n \r\n$ 5,215.13 $ \r\n \r\nO.OP $ \r\n \r\nO,OP $ \r\n \r\n5,215.13 $ -80,321.49 \r\n \r\n448,401,63 \r\n \r\nO.OP \r\n \r\nO.OP \r\n \r\n448,401.63 \r\n \r\n537,182.07 \r\n \r\n31,086.97 -1,464.13 \r\n \r\n31,086.97 -1,464.13 \r\n \r\n-7,241.45 -1,217.50 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ 483,239.60 $ \r\n \r\n0.00 $ _ _....0._.0.0.. $ 483,239,60 $ 448,401,63 \r\n \r\n\" See notes to the general purpose financial statements. \r\n- 21 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30, 1998 \r\n \r\nEXHIBIT\"G\" \r\n \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable \r\nTotal Assets \r\n \r\nREGULAR \r\n \r\nBOND PROCEEDS \r\n \r\nGEORGIA STATE FINANCING AND \r\nINVESTMENT \r\nCOMMISSION \r\n \r\nTOTALS JUNE 30, 1998 JUNE 30,1997 \r\n \r\n$ 752,143,49 $ \r\n \r\n1,617.69 $ \r\n \r\n499,674.76 $ 1,253,435.94 $ 1,380,986.31 \r\n \r\n14.231,510.57 \r\n \r\n14,231.510.57 \r\n \r\n43,358,01 \r\n \r\n16,574.84 \r\n \r\n59.932.85 \r\n \r\n$ 752,143.49 $ 14,276,486.27 $ \r\n \r\n516,249.60 $ 15,544.879.36 $ 1,380,986.31 \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nContracts Payable Retainages Payable \r\nTotal Liabilities \r\nFUND EQUITY \r\nFund Balances Reserved For Purposes of Bond Issue For State Capital OuUay Projects Unreserved Undesignated \r\nTotal Fund Equity \r\n \r\n$ $ \r\n \r\n$ 14,276,486.27 $ \r\n \r\n$ 752,143.49 \r\n \r\n0.00 \r\n \r\n$ 752.143,49 $ 14,276.486,27 $ \r\n \r\n317,810.14 $ 58,358.50 \r\n376,168.64 $ \r\n \r\n317,810,14 $ 58,358.50 \r\n376,168.64 $ \r\n \r\n62,186.00 62,186.00 \r\n \r\n$ 14,276,486.27 \r\n \r\n140,080.96 \r\n \r\n140,080.96 $ \r\n \r\n714.974.01 \r\n \r\n0.00 \r\n \r\n752.143.49 \r\n \r\n603.826.30 \r\n \r\n140.080.96 $ 15,168,710.72 $ 1,318,800.31 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ 752,143.49 $ 14.276,486.27 $ \r\n \r\n516,249.60 $ 15,544,879.36 $ 1,380,986.31 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n-22 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \r\nCAPITAL PROJECTS FUND YEAR ENDED JUNE 30. 1998 \r\n \r\nEXHIBIT wH\" \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ 752,143.49 $ 14,276,486.27 $ \r\n \r\n140,080.96 $ 15,168,710.72 $ 1,318,800.31 \r\n \r\nsee notes to the general purpose financial statements. \r\n \r\n 23 \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nSCHEDULE \"1\" \r\n \r\nSCHEDULE OF REQUIRED SUPPLEMENTARY INFORMATION \r\n \r\nYEAR 2000 DISCLOSURES \r\n \r\nYEAR ENDED JUNE 30. 1998 \r\n \r\nAt June 30, 1998, the Polk School District Board ofEducation had no outstanding contractual commitments for the purpose of making computer systems and other electronic equipment year 2000 compliant. The year 2000 issue is the result ofshortcomings in many electronic data processing systems and other equipment that make operations beyond year 1999 troublesome. The year 2000 issue is ofprimary concern for the Board's financial accounting system. The following stages have been identified as necessary to implement a year 2000 compliant systems. \r\nAwareness Stage - Encompasses establishing a budget and project plan for dealing with the year 2000 Issue. \r\nAssessment Stage - The actual process of identifying all of its systems and individual components of the systems to check for compliance. \r\nRemediation Stage - When changes are made to systems and equipment. \r\nValidation/Testing Stage - The process of ensuring that the changes made to systems and equipment will produce a year 2000 compliant system. \r\nIt will be necessary for the Board to progress through all four of these stages for each computer and/or electronic system, not already year 2000 compliant, in order to assure that these systems will not be adversely affected. As of June 30, 1998, the financial accounting system was determined by the Boards' software/hardware providers to be year 2000 compliant. \r\n \r\nSee notes to the general purpose financial statements. - 24- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARPS \r\nYEAR ENDED JUNE 30.1998 \r\n \r\nSCHEDULE -2- \r\n \r\nTotal Federal Financial Assistance \r\n= N/A Not Available \r\n \r\n-25- \r\n \r\n$ 3,039,393.93 $ 3,793,364.83 \r\n \r\n POLK SCHOOL DISTRICT BOARR OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30.1998 \r\n \r\nSCHEDULE *2\" \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n(1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. \r\n(2) Expenditures for the School Breakfast Program were not maintained separately and are included in the 1998 National School Lunch Program. \r\n(3) Expenditures for this program include State, and/or Other Funds. Expenditures are not maintained by fund source. \r\n(4) Funds earned on this program do not require reporting of expenditures. \r\nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \r\nThe Board did not provide Federal Assistance to any SUbrecipient. \r\nThe accompanying schedule of expenditures of Federal awards inclUdes the Federal grant activity of the Polk School District Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the general purpose financial statements. \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n-26- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EPUCATION SCHEDULE OF STATE REVENUE YEAR ENPEP JUNE 30, 1998 \r\n \r\nAGENCYIFUNDING \r\nGRANTS Education, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indired Cost Pupil Transportation Regular Bus Replacement Umited English Speaking Middle School Incentive Program Special Instructional Assistance In-School Suspension Mid-term Adjustment Counselors Grades 4 and 5 Technology Training Local Fair Share Educational Equalization Funding Grant Food Services Vocational Education Other State Programs Ad Valorem Tax Adjustment Alternative Program At-Risk Summer School Program Environmental Science Program Health Insurance Mentoring Program Mentor Teacher Program Preschool Handicapped Program Remedial Summer School Program Severely Emotionally Disturbed Special Education Low Incidence Grant Lottery Programs Alternative School Program Instructional Technology Assistive Technology Classroom Technology \r\nGeorgia State Financing and Investment Commission Reimbursement on Construction Projeds \r\nOffice of School Readiness Pre-Kindergarten Program \r\nOffice of Treasury and Fiscal Services Public School Employees Retirement \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 14,564,985,00 2,444,550,00 703,891,00 610,447,00 180,071,00 3,850,672,00 \r\n684,808.00 212,968,00 175,348.00 197,568.00 364,547,00 216,313,00 \r\n49,330,00 63,177.00 72,106,00 -2,094,084,00 1,691,101,00 \r\n$ 451,00 \r\n148,775,00 97,530,00 26,527,04 \r\n492,50 390,663,31 \r\n14,601,21 2,820,00 73,751,31 18,312,43 11,557.50 19,841,00 \r\n \r\n177,980,00 \r\n2,984,88 11,197.00 178,642,19 \r\n \r\n$ 14,564,985,00 2,444,550,00 703,891,00 610,447,00 180,071,00 3,850,672,00 \r\n684,808,00 212,968,00 175,348.00 197,568.00 364,547.00 216,313,00 49,330,00 \r\n63,177,00 72,106,00 -2,094,084,00 1,691,101.00 177,980,00 \r\n451,00 \r\n148,775,00 97,530,00 26,527,04 \r\n492,50 390,663,31 \r\n14,601,21 2,820,00 73,751,31 18,312,43 11,557,50 19,841,00 \r\n2,984,88 \r\n11,197.00 178,642,19 \r\n \r\n92,084,00 \r\n \r\n$ \r\n \r\n934,813.26 \r\n \r\n449,342,39 \r\n \r\n934,813.26 449,342.39 \r\n92,084.00 \r\n \r\n$ 24,885,204.30 $ \r\n \r\n820,146.46 . $ \r\n \r\n934,813,26 $ 26,640,164,02 \r\n \r\nSee notes to the general purpose financial statements, \r\n \r\n- 27- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30,1998 \r\n \r\nSCHEDULE \"4\" \r\n \r\nPROJECT \r\nAcquisition, construction and equipping of a new Rockmart High School \r\nAcquisition, construction and equipping of a new cedartown Middle School \r\nRenovations and additions to existing schools, including the acquisition of all property, real or personal, necessary therefore \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED \r\nCOST (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT \r\nYEAR (3) \r\n \r\nAMOUNT EXPENDED \r\nIN PRIOR YEARS \r\n \r\n$ 14,443,000.00 $ 14,688,979.16 $ \r\n \r\n745,979.16 $ \r\n \r\n0.00 \r\n \r\n10,501,000.00 \r\n \r\n10,501,000.00 \r\n \r\n653,182.00 \r\n \r\n653,182.00 \r\n \r\n$ 25,597,182.00 $ 25,843,161.16 $ \r\n \r\n745,979.16 $ \r\n \r\nOiiiij.o..o. \r\n \r\n(1) The Board's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n(2) The Board's current estimate of total cost for the project. Includes all costs from project inception to completion. \r\n(3) The voters of Polk County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. Amounts expended for these projects may include \r\nsales tax proceeds, State, local property taxes and/or other \r\nfunds over the life of the project. \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n-28- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF EXPENDITURES LOTTERY PROGRAMS YEAR ENDED JUNE 30. 1998 \r\n \r\nSCHEDULE -5\" \r\n \r\nEXPENDITURES \r\nCurrent Instruction Support services Pupil services Improvement of Instructional services General Administration Maintenance and Operation of Plant Student Transportation services Other Support services Food services Operation \r\nCapital Outlay \r\n \r\nALTERNATIVE SCHOOL PROGRAM \r\n \r\nINSTRUCTIONAL TECHNOLOGY \r\n \r\nASSISTIVE \r\n \r\nCLASSROOM \r\n \r\nTECHNOLOGY TECHNOLOGY \r\n \r\nPRE-KINDERGARTEN PROGRAM \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n2,984.88 $ \r\n \r\n11,197.00 $ 178,642.19 $ \r\n \r\n314,343.91 $ 507,167.98 \r\n \r\n38,518.48 584.25 \r\n24,858.61 14,736.51 15,298.38 \r\n652.10 2,896.15 37,454.00 \r\n \r\n38,518.48 584.25 \r\n24,858.61 14,736.51 15,298.38 \r\n652.10 2,896.15 37,454.00 \r\n \r\nTotal Expenditures \r\n \r\n$ \r\n \r\n2,984.88 $ \r\n \r\n11,197.00 $ 178,642.19 $ \r\n \r\n44~9\u0026;;;,34_2_.3_9 $ 642,166.46 \r\n \r\nRECAP: \r\nsalaries and Benefits Pre-Kindergarten Program \r\nOther Expenditures Alternative SChool Program Instructional Technology Assistive Technology Classroom Technology Pre-Kindergarten Program \r\n \r\n$ 285,662.87 \r\n2,984.88 \r\n11,197.00 178,642.19 163,679.52 \r\n \r\n$ 642,166.46 \r\n \r\n~ notes to the general purpose financial statements. \r\n \r\n-29- \r\n \r\n  POLK SCHOOL DISTRICT BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30.1998 \r\n \r\nSCHEDULE \"6\" \r\n \r\nMinimum Expenditure Requirements (Total Allotment) Expenditures on Combined Program Basis \r\nSalaries Operations \r\nLess: Expenditures for Media Center Programs in Excess of Total Media Allotment \r\nExpenditures per Audit \r\nAmount of Underexpenditure for Total Allotment \r\n \r\nFOURTEEN WEIGHTED AND MEDIA CENTER \r\nPROGRAMS \r\n \r\n100% TEST FOR OPERATIONS PORTION OF FOURTEEN WEIGHTED PROGRAMS \r\n \r\n$ \r\n \r\n18,373,203.00 $ _ _~49~2:.z.:,3~7.:::.5.:.::::0~0 \r\n \r\n$ \r\n \r\n20,001,701.31 \r\n \r\n862,467.78 $ _ _....;7:.:::34~,~36:::.::9:.:7.:..:..0 \r\n \r\n$ \r\n \r\n20,864,169.09 \r\n \r\n-275,829.34 $ _--=2:.:::0.z.:,5;.:,;88::.z.,3;:;.:3:.:::9.:.:7,.~5 \r\n \r\n$ \r\n \r\n0.00 $ _ _.......====0..0....0... \r\n \r\nSee notes to the general purpose financial statements. - 31 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS By pROGRAM \r\nGENERAL FUND QUALITY BAS'C EDUCATION PROGRAMS YEAR ENDED JUNE 30,1998 \r\n \r\nGENERAL AND CAREER EDUCATION pROGRAMS Kindergarten (*) Grades 1  3 (*) Sub-Total K3 Grades 4  5 (*) Grades 6  8 (*) Grades 9 12 (*) High School Laboratories (*) Vocational Education Laboratories (*) Total General and career Education Programs \r\nSPECIAL EDUCATION PROGRAMS Regular Programs Category I (*) category II (*) Category III (*) Category IV (*) Category V (*) Sub-Total Regular Category VI (Gifted) (*) Total Special Education Programs \r\nREMEDIAL EDUCATION PROGRAM Cl \r\nTotal Fourteen Weighted Programs MEDIA CENTER PROGRAMS \r\nSalaries Operations \r\nTotal Media center Programs \r\nTotal Fourteen Weighted and Media center Programs \r\n \r\nALLOTMENTS FROM DEPARTMENT OF EDUCATION \r\n \r\nORIGINAL \r\n \r\n~ \r\n \r\nREQUIRED ORIGINAL \r\n \r\nMID-TERM \r\n \r\n$ 1,492,948.00 4,231,917,00 \r\n$ 5,724,865.00 1,881,565,00 3,318,376.00 1,934,202,00 838,306.00 867,671,00 \r\n$ 14,564,985,00 \r\n \r\n$ 1,343,653.20 $ \r\n \r\n3,808,725.30 \r\n \r\n90 $ 5,152,378.50 $ \r\n \r\n90 \r\n \r\n1,693,408.50 \r\n \r\n90 \r\n \r\n2,986,538.40 \r\n \r\n90 \r\n \r\n1,740,781.80 \r\n \r\n90 \r\n \r\n754,475.40 \r\n \r\n90 \r\n \r\n780,903.90 \r\n \r\n$ 13,108,486.50 $ \r\n \r\n0.00 0.00 \r\n0.00 \r\n \r\n$ 2,264,172.00 \r\n \r\n$ 2,037,754.80 $ \r\n \r\n49,330.00 \r\n \r\n$ 2,264,172.00 \r\n \r\n180,378,00 \r\n \r\n$ 2,444,550,00 \r\n \r\n$ \r\n \r\n703,891.00 \r\n \r\n$ 17,713,426.00 \r\n \r\n90 $ 2,037,754.80 $ \r\n \r\n90 \r\n \r\n162,340.20 \r\n \r\n$ 2,200,095.00 $ \r\n \r\n90 $ \r\n \r\n633,501.90 $ \r\n \r\n$ 15,942,083,40 $ \r\n \r\n49,330.00 \r\n49,330.00 0.00 \r\n49,330,00 \r\n \r\n$ \r\n \r\n501,534.00 90 $ \r\n \r\n451,380.60 $ \r\n \r\n108,913.00 90 \r\n \r\n98,021.70 \r\n \r\n$ \r\n \r\n610,447.00 \r\n \r\n$ \r\n \r\n549,402.30 $ \r\n \r\n0.00 0.00 \r\n \r\n$ 18,323,873,00 \r\n \r\n$ 16,491,485.70 $ \r\n \r\n49,330.00 \r\n \r\nSTAFF DEVELOpMENI pROGRAMS Cost of Instruction Professional Development \r\nTotal Staff Development Programs (*) identifies Fourteen Weighted Programs, See notes to the general purpose financial statements, \r\n \r\n$ \r\n \r\n52,249,00 \r\n \r\n127,822,00 \r\n \r\n$ \r\n \r\n52,249,00 $ \r\n \r\n127,822.00 \r\n \r\n$ \r\n \r\n180,071.00 100 $ \r\n \r\n180,071.00 $ \r\n \r\n0,00 0.00 \r\n0.00 \r\n \r\n 32  \r\n \r\n SCHEDULE '7\" \r\n \r\nTOTAL REQUIRED \r\n \r\nACTUAL EXPENDITURES \r\n \r\nSALARIES \r\n \r\nOPERATIONS \r\n \r\nTOTAL \r\n \r\nAMOUNT OF UNDEREXPENDITURE \r\nFOR REQUIRED ALLOTMENT \r\n \r\n$ 1.343,653.20 $ 1,435.558.84 $ \r\n \r\n28,253.10 $ 1,463.811.94 \r\n \r\n3.808,725.30 \r\n \r\n3,480,756.49 \r\n \r\n208,144.46 \r\n \r\n3,688,900.95 \r\n \r\n$ 5.152,378.50 $ 4,916.315.33 $ \r\n \r\n236,397.56 $ 5,152,712.89 $ \r\n \r\n0.00 \r\n \r\n1,693,408.50 \r\n \r\n2,012,208.45 \r\n \r\n112,345.08 \r\n \r\n2,124,553.53 \r\n \r\n0.00 \r\n \r\n2,986,538.40 \r\n \r\n3,937,258.24 \r\n \r\n161,455.30 \r\n \r\n4,098,713.54 \r\n \r\n0.00 \r\n \r\n1.740.781.80 \r\n \r\n2,181.743.44 \r\n \r\n45,328.10 \r\n \r\n2,227.071.54 \r\n \r\n0.00 \r\n \r\n754,475.40 \r\n \r\n818,875.12 \r\n \r\n30,280.21 \r\n \r\n849,155.33 \r\n \r\n0.00 \r\n \r\n780,903.90 \r\n \r\n1,052,097.01 \r\n \r\n84,068.28 \r\n \r\n1,136,165.29 \r\n \r\n0.00 \r\n \r\n$ 13,108,486.50 $ 14,918,497.59 $ \r\n \r\n669,874.53 $ 15,588,372.12 \r\n \r\n$ 2.087,084.80 $ \r\n \r\n30,643.79 $ 364,914.99 1,845,947.09 296,166.29 \r\n22,834.41 \r\n \r\n1,381.33 $ 2,111.25 48,197.75 3,523.72 \r\n76.95 \r\n \r\n32,025.12 367,026.24 1,894,144.84 299,690.01 22,911.36 \r\n \r\n$ 2.087,084.80 $ 2,560.506.57 $ \r\n \r\n55.291.00 $ 2,615.797.57 \r\n \r\n0.00 \r\n \r\n162,340.20 \r\n \r\n273,050.38 \r\n \r\n2,518.80 \r\n \r\n275.569.18 \r\n \r\n0.00 \r\n \r\n$ 2,249,425.00 $ 2,833,556.95 $ \r\n \r\n57,809.80 $ 2,891,366.75 \r\n \r\n$ \r\n \r\n633,501.90 $ 1,491,468.51 $ \r\n \r\n6,685.37 $ 1,498,153.88 \r\n \r\n0.00 \r\n \r\n$ 15.991,413.40 $ 19.243,523.05 $ \r\n \r\n734,369.70 $ 19,977,892.75 \r\n \r\n$ \r\n \r\n451,380.60 $ \r\n \r\n758,178.26 \r\n \r\n$ \r\n \r\n758.178.26 \r\n \r\n0.00 \r\n \r\n98,021.70 \r\n \r\n$ \r\n \r\n128,098.08 \r\n \r\n128,098.08 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n549,402.30 $ \r\n \r\n758,178.26 $ \r\n \r\n128,098.08 $ \r\n \r\n886,276.34 \r\n \r\n$ 16,540,815.70 $ 20,001.701.31 $ \r\n \r\n862,467.78 $ 20,864,169.09 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n52,249.00 \r\n \r\n127,822.00 \r\n \r\n$ _....:1,;;;;80;;;,;,.0;;;,;7.,;,10..0. \r\n \r\n$ \r\n \r\n129.450.50 $ \r\n \r\n129.450.50 \r\n \r\n61.880.74 \r\n \r\n61.880.74 \r\n \r\n$ \r\n \r\n191.331.24 $ \r\n \r\n191.331.24 $ \r\n \r\n00..0. \r\n \r\n 33  \r\n \r\n SECTIONll COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 6562174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \r\nJuly 15, 1999 \r\n \r\nHonorable Roy E. Barnes, Governor Members ofthe General Assembly Members of the State Board ofEducation \r\nand Superintendent and Members ofthe Polk School District Board ofEducation \r\nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH \r\nGOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements of Polk School District Board of Education as of and for the year ended June 30, 1998, and have issued our report thereon dated July 15, 1999. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. Except as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditini Standards, issued by the Comptroller General ofthe United States. \r\nWe did not observe the taking of either the Federal donated commodities inventory or the purchased foods inventory at June 30, 1998, nor could we satisfy ourselves as to the accuracy of the amounts stated as ~ventories through alternative procedures. \r\nCompliance \r\nAs part of obtaining reasonable assurance about whether Polk School District Board of Education's financial statements are free ofmaterial misstatement, we performed tests ofits compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditim~ Standards. \r\n \r\n98YB-40 \r\n \r\n Internal Control OVer Financial Rportin~ \r\nIn planning and perfonning our audit, we considered Polk School District Board of Education's internal control over financial reporting in order to detennine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. However, we noted a certain matter involving the internal control over financial reporting and its operation that we consider to be a reportable condition. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of the internal control over financial reporting that, in our judgement, could adversely affect Polk School District Board ofEducation's ability to record, process, summarize and report financial data consistent with assertions ofmanagement in the financial statements. The reportable condition is described in the accompanying Schedule ofFindings and Questioned Costs as item FS-7151-98-01. \r\nA material weakness is a condition in which the design or operation of one or more ofthe internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the nonnal course of performing their assigned functions. Our consideration ofthe internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, the reportable condition noted above is considered to be a material weakness. \r\nThis report is intended solely for the infonnation and use of management, members of the Polk School District Board of Education, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\n0tfullY submitted, \r\n'),4M.. ,fJ2 fA. ~ Russell W. Hinton State Auditor \r\nRWH:gp 98YB-40 \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W. Suite 214 Atlanta, Georgia 30334-8400 \r\nJuly 15, 1999 \r\n \r\nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board ofEducation \r\nand Superintendent and Members of the Polk School District Board of Education \r\nREPORT ON COMPLIANCE WITH REQllIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND INIERNAL CONIROL OVER COMPLIANCE IN ACCORPANCE WITH OMB CIRCULARA-133 \r\nLadies and Gentlemen: \r\nCompliance \r\nWe have audited the compliance of Polk School District Board of Education with the types of compliance \r\nrequirements described in the u.s. Office olManagement and Budget (OMB) Circular A-i33 Compliance \r\nSupplement that are applicable to each ofits major Federal programs for the year ended June 30, 1998. Polk School District Board of Education's major Federal programs are identified in the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each ofits major Federal programs is the responsibility of Polk School District Board of Education's management. Our responsibility is to express an opinion on Polk School District Board of Education's compliance based on our audit. \r\nWe conducted our audit of compliance in accordance with generally accepted auditing standards; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133,Audits olStates, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Polk School District Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Polk School District Board of Education's compliance with those requirements. \r\n \r\n98SA-IO \r\n \r\n In our opinion, the Polk School District Board of Education complied, in all material respects, with the \r\n \r\nrequirements referred to above that are applicable to each of its major Federal programs for the year ended \r\n \r\nJune 30, 1998. \r\n \r\n. \r\n \r\nInternal Control Over Compliance \r\n \r\nThe management ofPolk School District Board ofEducation is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Polk School District Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the pwpose ofexpressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-133. \r\n \r\nOur consideration ofthe internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a condition in which the design or operation ofone or more ofthe internal control components does not reduce to a relatively low level ofrisk that noncompliance with applicable requirements of laws, regulations, contracts and grants that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. \r\n \r\nThis report is intended solely for the information and use of management, members of the Polk School District Board of Education, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\n \r\nRespectfully submitted, \r\n?~~.~~ Russell W. Hinton State Auditor \r\n \r\nRWH:gp 98SA-I0 \r\n \r\n SECTIONm AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\nAUDITEE'S RESPONSE \r\nSUMMARy SCHEDULE OF PRIOR YEAR FINDINGS AND QIJESTIONED COSTS YEAR ENDED JUNE 30. 1998 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QlJESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\n7151-93-01 FS-7151-97-01 \r\n \r\nFurther Action Not Warranted Unresolved - See Corrective Action/Responses \r\n \r\nCORRECTIVE ACTIONIRESPONSES \r\n \r\nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: FS-7151-97-01 \r\n \r\nDue to current staffing limitations and budgetary considerations prohibiting the hiring ofadditional administrative staff, the Board has decided not to pursue the recording of general fixed assets on the financial statements. \r\n \r\n SECTIONN FINDINGS AND QUESTIONED COSTS \r\n\" \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30. 1998 \r\nI SUMMARy OF AUDITOR'S RESULTS \r\n1. !}!pe of Rport Issued on the Financial Statements The auditor's opinion on the Polk School District Board of Education's financial statements was qualified for a scope limitation and for various departures from generally accepted accounting principles. \r\n2. Re.portable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Polk School District Board of Education disclosed a financial statement reportable condition related to the following control category. \r\nGeneral Fixed Assets \r\nThe reportable condition described above is considered to be a material weakness. \r\n3. Noncompliance Material to the Financial Statements The audit of the Polk School District Board ofEducation disclosed no instances ofnoncompliance that were deemed to be material to the financial statements. \r\n4. Re.portable Conditions in Internal Control Over Major Promms \r\nThe audit report for the Polk School District Board of Education did not disclose any reportable conditions in internal control over major programs. \r\n5. Type ofRport Issued on Compliance for Major Promms The auditor's opinion on the Polk School District Board ofEducation's report on compliance with requirements applicable to major programs was unqualified. \r\n6. Audit Findin~s Reqyired to be Rported by Section .510(a) ofOMB Circular A-133 The Polk School District Board of Education's audit did not disclose audit findings required to be reported by section .510(a) ofOMB Circular A-133. \r\n7. MWQIPromms Federal awards audited as major programs are as follows: 84.010 ElemC?Iltary and Secondary Education Act - Title I - Grants to Local Ed~cational Agencies 84.027 Individuals with Disabilities Education Act - Part B - Special Education - Flow Through 84.173 Individuals with Disabilities Education Act- Part B - Special Education - Preschool \r\n8. type \"A\" Promm Dollar Threshold The dollar threshold for type \"A\" programs was $300,000.00. \r\n9. Low Risk Auditee \r\nThe Polk School District Board of Education was audited as a low risk auditee based on a waiver granted by the U. S. Department of Education. \r\n- 1- \r\n \r\n POLKSCHOOLDm~TBOARDOF~anON \r\nSCHEDULE OF FINDINGS AND QIJESTIONEP COSTS YEAR ENDED JUNE 30. 1998 \r\nIT FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Reportable Condition - Material Weakness Repeated From Prior Year Finding Control Number: FS-7151-98-01 The Polk School District Board ofEducation did not maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. This condition results in the general pwpose financial statements of the Board being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Board to establish accounting controls and procedures to provide for maintenance ofa General Fixed Assets Account Group. These subsidiary records should include an inventory of land, buildings and equipment owned by the Board and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. \r\nill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\nNo matters were reported. \r\n-2- \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bp7-b1996-h97","title":"Audit report, Polk School District Board of Education, Cedartown, Georgia, year ended June 30, 1997","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits.","Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Polk County, 34.00178, -85.18815"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["1997-06-30"],"dcterms_description":["Ceased with: Year ended June 30, 1999.","Report year covers fiscal year.","Issues for \u003c1994\u003e-1996 issued by the State of Georgia, Dept. of Audits, 1997- by the Dept. of Audits and Accounts.","Year ended June 30, 1994 (online surrogate); title from PDF cover (Georgia Government Publications database, viewed June 16, 2023).","Year ended June 30, 1999, released in 2000? (online surrogate); (Georgia Government Publications database, viewed June 16, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Polk School District Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Polk County--Auditing--Periodicals.","Education--Georgia--Polk County--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Audit report, Polk School District Board of Education, Cedartown, Georgia, year ended June 30, 1997"],"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-bp7-b1996-h97"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bp7-b1996-h97"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":null},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bp7-b1995-h96","title":"Audit report, Polk School District Board of Education, Cedartown, Georgia, year ended June 30, 1996","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits.","Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Polk County, 34.00178, -85.18815"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["1996-06-30"],"dcterms_description":["Ceased with: Year ended June 30, 1999.","Report year covers fiscal year.","Issues for \u003c1994\u003e-1996 issued by the State of Georgia, Dept. of Audits, 1997- by the Dept. of Audits and Accounts.","Year ended June 30, 1994 (online surrogate); title from PDF cover (Georgia Government Publications database, viewed June 16, 2023).","Year ended June 30, 1999, released in 2000? (online surrogate); (Georgia Government Publications database, viewed June 16, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Polk School District Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Polk County--Auditing--Periodicals.","Education--Georgia--Polk County--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Audit report, Polk School District Board of Education, Cedartown, Georgia, year ended June 30, 1996"],"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-bp7-b1995-h96"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bp7-b1995-h96"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"GA AgoD \r\n.RI \r\nE;).6 p'l ~ \r\nICjq5-q~ \r\nAUDIT REPORT POLK SCHOOL DISTRICT BOARD OF EDUCAnON \r\nCEDARTOWN, GEORGIA YEAR ENDED JUNE 30, 1996 \r\nSTATE OF GEORGIA DEPARTMENT OF AUDITS \r\n254 WASHINGTON STREET ATLANTA. GEORGIA 30334 \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCAnON - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMAnON SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \r\n \r\nEXHIBITS \r\n \r\nGENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nCOMBINED STATEMENTS - OVERVIEW \r\n \r\nA \r\n \r\nCOMBINED BALANCE SHEET \r\n \r\nALL FUND TYPES \r\n \r\n2 \r\n \r\nB \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES \r\n \r\nALL GOVERNMENTAL FUND TYPES \r\n \r\nAND EXPENDABLE TRUST FUND \r\n \r\n4 \r\n \r\nC \r\n \r\nSTATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \r\n \r\n(NON-GAAP BASIS) \r\n \r\nGENERAL AND SPECIAL REVENUE FUNDS \r\n \r\n6 \r\n \r\nD NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\n7 \r\n \r\nADDITIONAL FINANCIAL INFORMAnON \r\n \r\nCOMBINING STATEMENTS \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nE \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n18 \r\n \r\nF \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\n22 \r\n \r\nCAPITAL PROJECTS FUND \r\n \r\nG \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n26 \r\n \r\nH \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\n28 \r\n \r\nSCHEDULES \r\n \r\n1 SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \r\n \r\n30 \r\n \r\n2 CASH AND CASH EQUIVALENTS \r\n \r\n32 \r\n \r\n3 ACCOUNTS RECEIVABLE \r\n \r\n33 \r\n \r\nSCHEDULE OF REVENUE \r\n \r\n4 \r\n \r\nSTATE \r\n \r\n34 \r\n \r\n5 \r\n \r\nTAXES AND OTHER \r\n \r\n35 \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nADDITIONAL FINANCIAL INFORMAnON \r\n \r\nSCHEDULES \r\n \r\nSCHEDULE OF EXPENDITURES BY OBJECT \r\n \r\n6 \r\n \r\nGENERAL AND SPECIAL REVENUE FUNDS \r\n \r\n36 \r\n \r\n7 \r\n \r\nLOTTERY PROGRAMS \r\n \r\n37 \r\n \r\n8 \r\n \r\nFIDUCIARY FUND TYPE \r\n \r\nEXPENDABLE TRUST FUND \r\n \r\n38 \r\n \r\nANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCAnON PROGRAMS \r\n \r\n9 \r\n \r\nOVERALL \r\n \r\n39 \r\n \r\n10 \r\n \r\nBY PROGRAM \r\n \r\n40 \r\n \r\n11 SCHEDULE OF COMPENSAnON AND TRAVEL OF BOARD MEMBERS \r\n \r\n42 \r\n \r\nSECTION II \r\nCOMPLIANCE \r\nCOMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nSINGLE AUDIT REPORT ON COMPLIANCE WITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS \r\nSINGLE AUDIT OPINION ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS \r\nSINGLE AUDIT REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION - TABLE OF CONTENTS- \r\nSECTION III INTERNAL CONTROL REPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS SINGLE AUDIT REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS \r\nSECTION IV FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS \r\n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \r\nApril 11, 1997 \r\n \r\nHonorable Zell Miller, Governor Members of the General Assembly Members of the State Board ofEducation \r\nand Superintendent and Members of the Polk School District Board ofEducation \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE \r\nFINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - \r\nSCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \r\nLadies and Gentlemen: \r\nWe have audited the general purpose financial statements (Exhibits A through D) of the Polk School District Board of Education, as of and for the year ended June 30, 1996, as listed in the table of contents. These financial statements are the responsibility ofthe Board's management. Our responsibility is to express an opinion on these financial statements based on our audit. \r\nExcept as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the provisions of the Office of Management and Budget Circular A-128, \"Audits of State and Local Governments\". Those standards and OMB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \r\nWe did not observe the taking of either the Federal donated commodities inventory or purchased foods inventory at June 30, 1996, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. \r\nAs described in the notes to the general purpose financial statements, the Board's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These vqriances are described as follows: \r\n96ARL-13 \r\n \r\n * The general purpose financial statements of the Board did not contain a General Fixed Assets \r\nAccount Group to account for property and equipment owned by the Board which should be included to conform to generally accepted accounting principles. \r\n* School activity accounts maintained at the individual schools are not included in the general purpose \r\nfinancial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. \r\n* The Board did not recognize as expenditures, in the year ended June 30, 1996, a portion of salaries \r\nand the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 1996. Also funds received, subsequent to June 30, 1996, from the Georgia Department ofEducation for the State's share of these unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1995, were improperly recorded in the year ended June 30, 1996. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. \r\nThe aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. \r\nIn our opinion, except for the effects of such adjustments, if any, on the Special Revenue Fund, as might have been determined to be necessary had we been able to satisfy ourselves as to the accuracy of the food service inventories as discussed in the third paragraph, and except for the effects on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements present fairly, in all material respects, the financial position of the Polk School District Board of Education as of June 30, 1996, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated April 11, 1997, on our consideration of the Board's internal control structure and a report dated April 11, 1997, on its compliance with laws and regulations. \r\nOur audit was conducted for the purpose of forming an opinion on the general purpose financial statements of the Polk School District Board of Education taken as a whole. The combining statements (Exhibits E through H) and the financial schedules (Schedules 1 through 11 which includes the Schedule of Federal Financial Assistance) are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the Polk School District Board of Education. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, except for the effect of adjustments, if any, on the Special Revenue Fund, as might have been determined to be necessary had we been able to satisfy ourselves as to the accuracy of the food service inventories as discussed in the third paragraph, and except for the effects of the matters referred to in the fourth paragraph, such information is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. \r\n96ARL-13 \r\n \r\n A copy ofthis report has been filed as a pennanent record in the office ofthe State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated Section 50-6-24. \r\nRespectfully submitted, \r\n~ \r\nClaude L. Vickers State Auditor \r\nCLV:cm 96ARL-13 \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n- 1- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINED BALANCE SHEET ALL FUND TYPES JUNE 3D. 1996 \r\n \r\nASSETS Cash and Cash Equivalents Accounts Receivable Inventories \r\nFood Donated Commodities Purchased Food \r\nTotal Assets \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nFUND \r\n \r\n$ 4,098,401.25 $ \r\n \r\n575,355.83 $ \r\n \r\n876,939.17 \r\n \r\n29,416.88 \r\n \r\n167,079.77 \r\n \r\n63,436.83 23,306.66 \r\n \r\n$ 4,127,818.13 $ \r\n \r\n829,179.09 $ \r\n \r\n876,939.17 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ 4,127,818.13 $ \r\n \r\n829,179,09 $ ====8=76=,9=3:=9=,1==7 \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. \r\n-2- \r\n \r\n EXHIBIT \"A\" \r\n \r\nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \r\n \r\nTOTALS (Memorandum Only) JUNE 30, 1996 JUNE 30, 1995 \r\n \r\n$ \r\n \r\n10,930.86 $ 5,561,627.11 $ 5,376,935.06 \r\n \r\n196,496.65 \r\n \r\n587,379.59 \r\n \r\n63,436.83 23,306.66 \r\n \r\n73,820.55 23,972.63 \r\n \r\n$ \r\n \r\n10,930.86 $ 5,844,867.25 $ 6,062,107.83 \r\n \r\n$ \r\n \r\n178,805.37 $ \r\n \r\n398,794.66 \r\n \r\n213,596.03 \r\n \r\n203,726.32 \r\n \r\n2,044.39 \r\n \r\n6,304.63 \r\n \r\n$ \r\n \r\n394,445.79 $ _--:6.;;..08;:.!.,.=.::82:..;;5,;.;;.6..;...1 \r\n \r\n$ \r\n \r\n21,808.78 \r\n \r\n429.39 $ \r\n \r\n2,465.03 \r\n \r\n14,582.46 \r\n \r\n28,532.37 \r\n \r\n63,436.83 23,306.66 792,732.77 \r\n \r\n73,820.55 23,972.63 411,987.93 \r\n \r\n$ \r\n \r\n916,296.89 $ \r\n \r\n540,778.51 \r\n \r\n$ \r\n \r\n10,930.86 \r\n \r\n4,534,124.57 \r\n \r\n4,912,503.71 \r\n \r\n$ \r\n \r\n10,930.86 $ 5,450,421.46 $ 5,453,282.22 \r\n \r\n$ \r\n \r\n10,930.86 $ 5,844,867.25 $ 6,062,107.83 \r\n \r\n-3- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND \r\nYEAR ENDED JUNE 30, 1996 \r\n \r\nREVENUES \r\nState Funds Federal Funds Taxes and Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Other Operations of Non-Instructional Services \r\nCapital Outlay \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nOperating Transfers In Operating Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \r\nFUND BALANCE JULY 1 \r\nFood Inventory - Net Change in Period Donated Commodities Purchased Food \r\nFUND BALANCE JUNE 30 \r\n \r\nGENERAL FUND \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\n$ 21,516,747.64 $ 8,993.64 \r\n5,739,950.59 \r\n \r\n898,848.69 2,471,392.19 \r\n593,517.66 $ \r\n \r\n$ 27,265,691.87 $ 3,963,758.54 $ \r\n \r\n45,629,60 45,629.60 \r\n \r\n$ 19,099,947.59 $ 1,485,499.13 \r\n \r\n927,0n.11 651,671.68 779,761.62 264,098.47 1,723,801.84 318,528.46 2,243,089.60 1,042,123.41 \r\n24,153.55 1,283.04 \r\n \r\n97,927.28 64,415.38 12,548.02 97,041.40 \r\n1,890.75 \r\n42,290.61 10,003.37 \r\n23,295.48 2,030,725.66 \r\n \r\n116,391.61 $ \r\n \r\n$ 27,075,536.37 $ 3,982,028.69 $ \r\n \r\n$ \r\n \r\n190,155.50 $ \r\n \r\n-18,270.15 $ \r\n \r\n211,269.68 211,269.68 -165,640.08 \r\n \r\n$ \r\n \r\n6.87 \r\n \r\n$ \r\n \r\n-6.87 \r\n \r\n$ \r\n \r\n-6.87 $ \r\n \r\n6.87 \r\n \r\n$ \r\n \r\n190,148.63 $ \r\n \r\n3,841,833.73 \r\n \r\n-18,263.28 $ 566,495,04 \r\n \r\n-165,640.08 1,035,966.25 \r\n \r\n-10,383.72 -665.97 \r\n \r\n$ 4,031,982.36 $ \r\n \r\n537,182.07 $ _ .....8..=70;:,;,.3.2.\"\"'6.=.'7.. \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. -4- \r\n \r\n EXHIBIT-B\" \r\n \r\nTOTAL \r\n \r\nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \r\n \r\nTOTALS \r\n \r\n(Memorandum Only) \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30,1996 \r\n \r\nJUNE 30,1995 \r\n \r\n$ 22,415,596.33 \r\n \r\n$ \r\n \r\n2,480,385.83 \r\n \r\n6,379,097.85 $ _ _--.-;6;...:.,3;..;;9.;;:.2.;.:,.94,.;.. \r\n \r\n$ 31,275,080.01 $ _ _--::6~,3:..::9=2.:=.94..:.. $ \r\n \r\n22,415,596.33 $ 2,480,385.83 6,385,490.79 \r\n31,281,472.95 $ \r\n \r\n20,513,603.53 2,555,598.34 6,147,945.09 \r\n29,217,146.96 \r\n \r\n$ 20,585,446.72 \r\n \r\n1,025,004.39 $ 716,087.06 792,309.64 361,139.87 \r\n1,725,692.59 318,528.46 \r\n2,285,380.21 1,052,126.78 \r\n24,153.55 24,578.52 2,030,725.66 \r\n \r\n327,661.29 \r\n \r\n$ 31,268,834.74 $ \r\n \r\n$ \r\n \r\n6,245.27 $ \r\n \r\n$ 20,585,446.72 $ 18,575,974.22 \r\n \r\n1,501.80 2,947.48 \r\n \r\n1,026,506.19 716,087.06 792,309.64 361,139.87 \r\n1,725,692.59 318,528.46 \r\n2,285,380.21 1,052,126.78 \r\n24,153.55 24,578.52 2,030,725.66 \r\n2,947.48 327,661.29 \r\n \r\n941,530.71 587,448.64 n8,412.07 308,510.14 1,601,042.15 293,356.02 2,120,884.79 1,109,740.03 \r\n22,098.06 14,726.94 1,986,210.00 \r\n3,733.06 155,802.29 \r\n \r\n4,449.28 $ 31,273,284.02 $ 28,499,469.12 \r\n \r\n1,943.66 $ \r\n \r\n8,188.93 $ \r\n \r\n717,6n.84 \r\n \r\n$ \r\n \r\n6.87 \r\n \r\n-6.87 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n6,245.27 $ \r\n \r\n5,444,295.02 \r\n \r\n-10,383.72 -665.97 \r\n \r\n$ \r\n \r\n6.87 $ \r\n \r\n107,066.48 \r\n \r\n-6.87 \r\n \r\n-107,066.48 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n1,943.66 $ 8,987.20 \r\n \r\n8,188.93 $ 5,453,282.22 \r\n \r\n717,6n.84 4,718,619.01 \r\n \r\n-10,383.72 -665.97 \r\n \r\n10,626.61 6,358.76 \r\n \r\n$ 5,439,490.60 $ \r\n \r\n10,930.86 $ \r\n \r\n5,450,421.46 $ \r\n \r\n5,453,282.22 \r\n \r\n-5- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nBUDGET AND ACTUAL - (NON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS \r\nYEAR ENDED JUNE 30,1996 \r\n \r\nEXHIBIT\"C\" \r\n \r\nGENERAL FUND \r\n \r\nACTUAL \r\n \r\n(BUDGET \r\n \r\nBUDGET \r\n \r\nBASIS) \r\n \r\nREVENUES \r\n \r\nState Funds Federal Funds Taxes and Other Funds \r\n \r\n$ 20,786,417,00 $ 21,516,747,64 \r\n \r\n8,993.64 \r\n \r\n5,110,138.00 \r\n \r\n5,739,950.59 \r\n \r\nTotal Revenues \r\n \r\n$ 25,896,555.00 $ 27,265,691.87 \r\n \r\nEXPENDITURES \r\n \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation \r\nCapital Outlay \r\n \r\n$ 18,760,524.36 $ 19,099,947.59 \r\n \r\n910,385.83 634,254.84 805,966.36 264,161.18 1,729,145,96 318,960.65 2,259,885.54 1,106,100.28 \r\n24,250.00 6,440.00 \r\n \r\n927,077.11 651,671.68 779,761.62 264,098.47 1,723,801.84 318,528.46 2,243,089.60 1,042,123.41 \r\n24,153.55 1,283.04 \r\n \r\nTotal Expenditures \r\n \r\n$ 26,820,075.00 $ 27,075,536.37 \r\n \r\nExcess of Revenues over (under) Expenditures \r\n \r\n$ -923,520.00 $ 190,155.50 \r\n \r\nOTHER FINANCING SOURCES (USES) \r\n \r\nOther Sources Other Uses \r\n \r\n$ \r\n \r\n-45,000.00 $ \r\n \r\n-6.87 \r\n \r\nTotal Other Financing Sources (Uses) \r\n \r\n$ \r\n \r\n-45,000.00 $ \r\n \r\n-6,87 \r\n \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ \r\n \r\n-968,520.00 $ \r\n \r\n190,148.63 \r\n \r\nFUND BALANCE JULY 1, 1995 \r\n \r\n3,761,913.37 \r\n \r\n3,841,833.73 \r\n \r\nAdjustments Food Inventory - Net Change in Period \r\nFood Commodities/Purchased Food \r\n \r\n1,108.10 \r\n \r\nFUND BALANCE JUNE 30,1996 \r\n \r\n$ 2,794,501.47 $ 4,031,982.36 \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nACTUAL \r\n \r\n(BUDGET \r\n \r\nBUDGET \r\n \r\nBASIS) \r\n \r\n$ 872,190.90 $ 898,848.69 \r\n \r\n1,237,317.00 2,471,392.19 \r\n \r\n1,835,157.95 \r\n \r\n593,517.66 \r\n \r\n$ 3,944,665.85 $ 3,963,758.54 \r\n \r\n$ 1,583,628,95 $ 1,485,499.13 \r\n \r\n107,651.00 92,139.95 16,672.00 97,800.00 3,438.00 \r\n \r\n97,927.28 64,415.38 12,548.02 97,041.40 \r\n1,890.75 \r\n \r\n43,838.00 28,000,00 \r\n \r\n42,290.61 10,003.37 \r\n \r\n27,811.00 2,023,415.00 \r\n16,080.00 \r\n \r\n23,295.48 2,030,725.66 \r\n116,391.61 \r\n \r\n$ 4,040,473.90 $ 3,982,028.69 \r\n \r\n$ -95,808.05 $ -18,270.15 \r\n \r\n$ \r\n \r\n6.87 \r\n \r\n$ \r\n \r\n6,87 \r\n \r\n$ -95,808.05 $ -18,263.28 \r\n \r\n546,957.36 \r\n \r\n566,495.04 \r\n \r\n-2,184.53 \r\n \r\n-11,049.69 \r\n \r\n$ 448,964.78 $ 537,182.07 \r\n,,\\ \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. - 6- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"0\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1996 \r\n \r\nNote 1: SUM:MARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nThe Polk School District Board ofEducation (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. With the exception of the departures from generally accepted accounting principles disclosed in these notes, the financial statements of the Board have been prepared in confonnity with generally accepted accounting principles as applied to governmental units and unless otherwise disclosed in these notes, the financial statements present all of the fund types and account groups of the Board. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting standards. \r\nThe more significant of the Board's accounting policies are described below. \r\nREPORTING ENTITY \r\nIn evaluating how to define the governmental unit for financial reporting purposes, management has considered the criteria set forth in GASB Codification of Governmental Accounting and Financial Reporting Standards, Section 2100, \"Defining the Financial Reporting Entity\". The primary government consists of all the organizations that compose the legal entity of the Polk School District Board ofEducation. \r\nBased upon the application of the above criteria, the Polk School District Board ofEducation is detennined to be the lowest level of government exercising oversight responsibility and control over all activities related to public education in Polk County, Georgia. The Board is not included in any other governmental \"reporting entity\" as defined by GASB Codification of Governmental Accounting and Financial Reporting Standards. \r\nBoard members were elected by the public and have decision making authority, the power to designate management, the ability to significantly influence operations, and primary accountability for fiscal matters. The Board determines the millage rate at which school taxes are levied and may incur bonded indebtedness with voter approval. \r\nFUND ACCOUNTING \r\nThe Board 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. \r\nA fund is a separate accounting entity with a self-balancing set of accounts. \r\nGeneral Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Board. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmertal fund types. \r\n \r\n- 7- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1996 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. \r\nThe general purpose financial statements account for all State, Federal, Taxes and Other funds under control ofthe Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds presented in this report are as follows: \r\nGOVERNMENTAL FUND TYPES - are used to account for all or most ofa Board's educational activities. Governmental Fund Types include: \r\nGENERAL FUND - the fund used to account for all financial resources of the Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. \r\nSPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are primarily received from the Georgia Department of Education and from the Federal government to accomplish specific objectives and are required to be accounted for separately. \r\nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. \r\nFIDUCIARY FUND TYPE - the trust fund used to account for assets held by a government unit in a trustee capacity. This fund includes: \r\nEXPENDABLE TRUST FUND Student Special Needs Fund - the fund used to account for contributions and expenditures of private funds which are designated to be used for the purpose of clothing and medical needs for disadvantaged students at the Superintendent's discretion. \r\nBASIS OF ACCOUNTING \r\nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental and expendable trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (Le., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a rr,~asure of available spendable resources. \r\n \r\n- 8- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1996 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. \r\nGovernmental and expendable trust funds are accounted for using the modified accrual basis of accounting under which: \r\nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). \"Measurable\" means the amount ofthe transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Those revenues considered susceptible to accrual are property taxes, intergovernmental grants and investment income. Property taxes are considered available if they are collected and remitted by the collecting agent to the Board within 60 days after fiscal year-end. \r\nExpenditures are generally recognized when the related fund liability is incurred. \r\nA departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share ofthese contracts. During fiscal year 1996, a substantial number of personnel of the Board were employed for a one hundred and ninety day period beginning in late August 1995 and ending in early June 1996. Personnel contracts for this employment period specify that compensation be paid in twelve equal montWy payments beginning in September 1995 and ending in August 1996. State grants to fund the State's share of these contracts were disbursed from the Georgia Department ofEducation to the Board in the same twelve months. As ofJune 30, 1996, compensation under these employment contracts had been earned, but two of the twelve montWy payments, due for July and August 1996, had not been made. Payments for these two months were made and recorded .as expenditures by the Board subsequent to June 30, 1996. Also, the State's portion of the compensation paid in July and August 1996 was received and recorded as revenue in the fiscal year subsequent to June 30, 1996. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1995, were recorded in the year ended June 30, 1996. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. \r\nBUDGET \r\nThe Polk School District Board of Education's budget is a complete financial plan for the Board's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level of budget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. \r\n \r\n- 9- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1996 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nThe budget process begins when the Board's administration prepares a tentative budget for the Board's approval. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper ofgeneral circulation in the locality. At the next regular meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 20-2-167, to the Georgia Department 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\nCASH AND CASH EQUIVALENTS \r\n \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits (including certificates of deposit, savings and N.O.W. accounts) in authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. The placement of proceeds from bond issues in certificates of deposit is limited to financial institutions located within this State. \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist ofgrant reimbursements due from State or other grantors for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\nPROPERTY TAXES \r\n \r\nThe Polk County Board of Commissioners fixed the property tax levy for the 1995 tax year (calendar year) on October 1, 1995 (levy date). Taxes were due on December 1, 1995. The lien date for property taxes was January 1, 1995. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1996 since their collection meets the criteria of GASB codification P70.1 03. The Polk County Tax Commissioner bills and collects the property taxes for the Board of Education, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the Board. \r\n \r\nThe tax millage rate levied for the 1995 tax year (calendar year) for the Polk School District Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n14.2027 mills \r\ni\\ \r\n \r\n- 10 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXIDBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1996 \r\n \r\nNote 1: SUM:MARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nINVENTORIES \r\nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (first-in, first-out). Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time of purchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute \"available spendable resources\" even though they are a component of net current assets. \r\nCOMPENSATED ABSENCES \r\nCompensated absences represent obligations of the Board relating to employees' rights to receive compensation for future absences based upon service already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the individual funds for the current portion of this obligation as this amount is deemed immaterial to the general purpose financial statements. \r\nAdditionally, the dollar value of accumulated compensated absences at June 30, which will be payable from future resources has not been recorded in the General Long-Term Debt Account Group as this liability is also deemed to be immaterial to the fair presentation of these financial statements. \r\nINTERFUND TRANSACTIONS \r\nThe Board has the following types ofinterfund transactions: \r\nReimbursements of expenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \r\nOperating transfers are recorded for all interfund transactions other than reimbursements. \r\nMEMORANDUM ONLY - TOTAL COLUMNS \r\nTotal columns on the general purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been _nade in the aggregation of this data. \r\n \r\n- 11 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXlllBIT \"DII \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30,1996 \r\n \r\nNote 2: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by 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 shall be equal to not less than 110 percent of the public funds being secured after the deduction of the amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. \r\nAcceptable security for deposits consists of anyone of or any combination ofthe 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 and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\nCATEGORIZATION OF DEPOSITS At June 30, 1996, the bank balances were $7,638,489.75. The amounts of the total bank balances are classified into three categories of credit risk: \r\nCategory 1 - Cash that ;5 insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. \r\n- 12 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30.1996 \r\n \r\nNote 2: DEPOSITS \r\n \r\nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name. \r\nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Board's name.) \r\n \r\nThe Board's deposits are classified by risk category at June 30, 1996, as follows: \r\n \r\nRisk Category 1 2 3 Total \r\nNote 3: NON-MONETARY TRANSACTIONS \r\n \r\nBank Balance $ 200,000.00 \r\n7,424,940.00 13,549.75 \r\n$ 7,638 489.75 \r\n \r\nThe Board receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \r\n \r\nNote 4: RISK MANAGEMENT \r\n \r\nThe Board is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; natural disaster; and unemployment compensation. \r\n \r\nThe Board has obtained commercial insurance for risk of loss associated with torts, assets and errors or omissions. The Board has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any of the past three years. \r\n \r\nThe Board has elected to self-insure for all losses related to natural disaster. The Board has not experienced any losses related to this risk in the past three years. \r\n \r\nThe Board is self-insured with regard to unemployment compensation claims. The Board accounts for claims within the General Fund and the School Food Services Fund with expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \r\n \r\n- 13 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXlllBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1996 \r\n \r\nNote 4: RISK MANAGEMENT \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability \r\n \r\nClaims and Changes in Estimates \r\n \r\nClaims Paid \r\n \r\nEnd of Year Liability \r\n \r\n1995 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n1.170.00 $ \r\n \r\n1.170.00 $ \r\n \r\n0.00 \r\n \r\n1996 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n1.160.00 $ \r\n \r\n1.160.00 $ \r\n \r\n0.00 \r\n \r\nThe Board participates in the Georgia School Boards Association Workers' Compensation Fund, a public entity risk pool organized on July 1, 1992 to develop, implement, and administer a program of workers' compensation self-insurance for its member organizations. The Board pays an annual premium to the Fund for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Fund with the Safety National Casualty Corporation to provide coverage for potential losses sustained by the Fund in excess of $250,000.00 loss per occurrence, up to the statutory limit. Also, should losses within the retained limit of $250,000.00 aggregate to more than eighty-five percent (85%) of the standard experience rated premium during the policy term, the policy with Safety National Casualty Corporation will pay the next $l,OOO,OOO.OOofloss. \r\n \r\nNote 5: ON-BEHALF PAYMENTS \r\n \r\nThe Board has recognized revenues and expenditures in the amount of $466,750.94 for health insurance and retirement contributions paid on the Board's behalf by the following State Agencies. \r\n \r\nGeorgia Department ofEducation Paid to the State Merit System ofPersonnel Administration For Health Insurance ofNon-Certified Personnel In the amount of$389,621.94 \r\n \r\nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of$77,129.00 \r\n \r\nNote 6: CONTINGENT LIABILITIES \r\n \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The Board believes that such disallowances, if any, will be immaterial to its overall financial position. \r\n \r\n- 14 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXlllBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1996 \r\n \r\nNot\"e 7: ACCUMULATED EMPLOYEES' LEAVB \r\nAll twelve-month employees are eligible for annual vacation earned at the rate of .833 days for each full calendar month employed up to a maximum often (10) days. Twelve-month employees with fifteen (15) or more years of service with the school district are eligible for five (5) additional vacation days annually. Upon approval of the employee's supervisor, all unused vacation days may be carried forward into the next employment year. Upon retirement or termination of employment, employees will be paid at the current rate of pay for unused earned vacation up to the maximum which may be earned during a single year. See Note 1 -:' Compensated Absences \r\nNote 8: RETIREMENT PLANS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer public employee retirement system (PERS). \r\nTRS provides service retirement, disability retirement and survivors benefits for its members in accordance \r\n with State statute. A member is eligible for service retirement after 30 years of creditable service, regardless \r\nof age, or after 1 years of service and attainment of age 60. A member is eligible for early retirement after 25 years of creditable service and attainment of age 55, at a reduced benefit. Retirement benefits paid to members are equal to 2% of the average of the member's two consecutive highest paid years of service multiplied by the number of years of creditable service up to 40 years. The normal retirement pension is payable monthly for life. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \r\nRetirement benefits also include death and disability benefits. A disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The death benefit is the amount that would be payable to the member's beneficiary had \r\n the member retired on the date of death on either a service retirement allowance or a disability retirement \r\nallowance, whichever is larger. The benefit is based on the member's creditable service (minimum of 1 years of service) and compensation up to the time of disability or death. \r\nMembers become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting of employer contributions occurs, but the member's contributions are refunded with interest. \r\nThe Board's payroll for employees covered by TRS for the year ended June 30, 1996, was $18,512,034.03; total payroll was $20,809,368.79. \r\n \r\n- 15 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1996 \r\n \r\nNote 8: RETIREMENT PLANS \r\n \r\nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Board who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. For fiscal year 1996 that rate for employer contributions was 11.81 %. The interest rate assumption (rate of return on investments) was 7.50%. \r\n \r\nTotal contributions made during fiscal year 1996 amounted to $3,111,877.41, of which $2,186,269.18 was made by the Board and $925,608.23 was made by employees. These contributions represented 11.81% (Board) and 5% (employees) of covered payroll. \r\n \r\nTRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No.5 ofthe Governmental Accounting Standards Board (GASB) that, with some exceptions, must be used by a PERS. The standardized measurement is the actuarial present value of credited projected benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salary increases. A standardized measure ofthe pension benefit obligation was adopted by the GASB to enable readers of PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other PERS and among other employers. \r\n \r\nTotal unfunded pension benefit obligation ofTRS as of June 30, 1995, was as follows: \r\n \r\nTotal pension benefit obligation \r\n \r\n$17,442,607,000.00 \r\n \r\nNet assets available for benefits, at cost \r\n \r\n15,857,066,000.00 \r\n \r\nUnfunded pension benefit obligation \r\n \r\n$ 1.585,541 000.00 \r\n \r\nThe measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1995. Net assets available to pay pension benefits were valued as of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers. \r\n \r\nTotal contributions from all employers to TRS for fiscal year ended June 30, 1996 were $607,275,000.00. The Board's contribution for the year ended June 30, 1996 of $2,186,269.18 was actuarially determined and represented .3600% of total contributions made by all participating employers. \r\n \r\nTen year historical trend information is presented in the 1996 TRS Component Unit Financial Report. Tllls information is useful in assessing TRS's accumulation of sufficient assets to pay pension benefits as they become due. \r\n \r\n- 16 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXlllBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEJ\\.1ENTS \r\n \r\nJUNE 30,1996 \r\n \r\nNote 8: RETIREJ\\.1ENT PLANS \r\nPUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA (PSERS) \r\nPSERS PLAN DESCRIPTION Substantially all bus drivers, maintenance, custodial, and lunchroom personnel employed by local school systems are covered by the Public School Employees Retirement System of Georgia (PSERS). All employer's contributions are made by the State of Georgia in accordance with State statute. \r\nPSERS provides, in accordance with State statute, service retirement, disability retirement and survivors benefits for its members. A member is eligible for normal service retirement after 10 years of service and attainment of age 65. A member applying for service retirement with 10 years of service and retires between the ages of 60 and 65 receives a reduced benefit. Monthly retirement benefits paid to members are equal to $8.00 per month multiplied by the number of years of creditable service. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \r\nRetirement provisions include death and disability benefits. Disability benefits are the same as if the employee had retired at age 65 as long as the employee has 15 or more years of creditable service. Death benefits are dependent upon the number ofyears of service. If there are less than ten years of service, a lump sum refund of the employee's contributions and interest are made to the beneficiary. If there are more than ten years of service, the beneficiary shall receive for life half of what the employee would have received upon retirement. \r\nMembers become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting of employer contributions occurs, but the member's contributions are refunded with interest. \r\nThere were 180 employees covered under PSERS for the year ended June 30, 1996. \r\nPSERS CONTRIBUTIONS REQUIRED AND MADE Covered employees are required by State statute to contribute $4.00 a month for the nine month school year. Unlike TRS, the Board makes no contribution to PSERS. The State of Georgia is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS' Board of Trustees. Total contributions from employees ofthe Board made during fiscal year 1996 amounted to $6,204.00. Total contribution for all school systems made by the State of Georgia to PSERS for fiscal year ended June 30, 1996, was $9,817,769.80. \r\nNote 9: SURETY BONDS \r\nThe School Superintendent, Mr. James J. Carter, Jr., is bonded in the amount of$50,000.00 with the Western Surety Company, Sioux City, South Dakota, their Bond No. 58554256, on which premium is paid through May 7, 1997. \r\n \r\n- 17 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 1996 \r\n \r\nASSETS \r\nCash and Cash Equivalents \r\nAccounts Receivable \r\nInventories Food Donated Commodities Purchased Food \r\n \r\nTotal Assets \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nCash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable \r\nTotal Liabilities \r\nFUND EQUITY \r\nFund Balances Reserved For Continuation of Federal Program For Inventories Food Donated Commodities Purchased Food \r\nUnreserved Undesignated \r\nTotal Fund Equity \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 18 - \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTIERY PROGRAMS \r\n \r\n$ 542,179.07 $ 30,509.42 \r\n \r\n9,519.55 \r\n \r\n22,775.00 \r\n \r\n63,436.83 23,306.66 \r\n \r\n$ 638,442,11 $ 53,284.42 \r\n \r\n$ 16,986.50 $ 84,702.93 \r\n$ 101,689.43 $ \r\n \r\n27,313.31 25;656.04 \r\n315.07 \r\n53,284.42 \r\n \r\n$ 63,436.83 23,306.66 \r\n \r\n$ 86,743.49 \r\n \r\n450,009,19 $ \r\n \r\n0,00 \r\n \r\n$ 536,752,68 $ \r\n \r\n0.00 \r\n \r\n$ 638,442.11 $ \r\n \r\ni\\ \r\n53,284.42 \r\n \r\n EXHIBIT\"E\" Page 1 \r\n \r\nGRANTS TO LOCAL \r\nEDUCATIONAL AGENCIES \r\n \r\nELEMENTARY AND SECONDARY EDUCATION ACT \r\n \r\nTITLE I \r\n \r\nPROGRAM FOR \r\n \r\nSTATE \r\n \r\nTITLE II \r\n \r\nNEGLECTED \r\n \r\nSCHOOL \r\n \r\nEISENHOWER \r\n \r\nMIGRANT \r\n \r\nAND DELINQUENT IMPROVEMENT PROFESSIONAL \r\n \r\nEDUCATION \r\n \r\nCHILDREN \r\n \r\nGRANTS \r\n \r\nDEVELOPMENT \r\n \r\nTITLE VI INNOVATIVE EDUCATION PROGRAM STRATEGIES \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n252.57 \r\n \r\n$ 112,157.72 $ \r\n \r\n12,006.27 \r\n \r\n$ \r\n \r\n1,353.76 \r\n \r\n$ 112,157.72 $ \r\n \r\n12,006.27 $ \r\n \r\n0.00 $ \r\n \r\n1,353.76 $ \r\n \r\n0.00 $ _ _......2.5..2...5.._7 \r\n \r\n$ \r\n \r\n14,240.29 $ \r\n \r\n17,357.15 \r\n \r\n80,296.92 \r\n \r\n263.36 \r\n \r\n$ 112,157.72 $ \r\n \r\n8,950.50 503.66 \r\n1,552.00 570.72 \r\n11,576.88 \r\n \r\n$ \r\n \r\n429.39 \r\n \r\n$ \r\n \r\n$ - - - -0.0-0 \r\n \r\n$ \r\n \r\n---'-0.;..;,0..:....0 $ \r\n \r\n429.39 0.00 $ \r\n429.39 $ \r\n \r\n$ 112,157.72 $ \r\n \r\n12,006.27 $ \r\n \r\n$ \r\n \r\n1,353.76 \r\n \r\n$ \r\n \r\n1,353.76 \r\n \r\n$ \r\n \r\n252.57 \r\n \r\n$ \r\n \r\n252.57 \r\n \r\n0.00 $ 0.00 $ \r\n \r\n0.00 $ 0.00 $ \r\n \r\n0.00 $ \r\n \r\n1,353.76 $ \r\n \r\n0.00 $ 0.00 $ \r\n \r\n---'-0;..;,.0..:....0 --..;;,0;.;;.0..:....0 \r\n \r\n0.00 $ _ _====2==5=2.=5_7 \r\n \r\n- 19 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 3D, 1996 \r\n \r\nASSETS \r\nCash and Cash Equivalents \r\nAccounts Receivable \r\nInventories Food Donated Commodities Purchased Food \r\n \r\nINDIVIDUALS WITH \r\n \r\nDISABILITIES EDUCATION ACT \r\n \r\nPARTB \r\n \r\nSPECIAL EDUCATION \r\n \r\nFLOW \r\n \r\nTHROUGH \r\n \r\nPRESCHOOL \r\n \r\n$ \r\n \r\n18,167.87 $ \r\n \r\n6,159.51 \r\n \r\n5,279.77 \r\n \r\nTotal Assets \r\n \r\n$ \r\n \r\n23,447.64 $ _ _..,;6;.:.,1.5.\";,9,;,,;,5,,,;.1 \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nCash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable \r\nTotal Liabilities \r\nFUND EQUITY \r\nFund Balances Reserved For Continuation of Federal Program For Inventories Food Donated Commodities Purchased Food \r\nUnreserved Undesignated \r\nTotal Fund Equity \r\nTotal Liabilities and Fund Equity \r\n \r\n$ \r\n \r\n6,090.86 $ \r\n \r\n17,356.78 \r\n \r\n$ \r\n \r\n23,447.64 $ \r\n \r\n1,978.55 4,031.36 \r\n149.60 \r\n6,159.51 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n$ \r\n \r\n23,447.64 $ \r\n \r\n0.00 0.00 \r\n.., \r\n6,159.51 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 20- \r\n \r\n EXHIBIT\"E\" Page 2 \r\n \r\nSAFE AND DRUG-FREE SCHOOLS \r\n \r\nVOCATIONAL EDUCATION \r\nFEDERAL \r\n \r\nJOB TRAINING PARTNERSHIP \r\nACT \r\n \r\nTOTALS JUNE 30, 1996 JUNE 30, 1995 \r\n \r\n$ \r\n \r\n5,874.00 $ \r\n \r\n745.64 \r\n \r\n$ \r\n \r\n603,888.08 $ \r\n \r\n574,493.44 \r\n \r\n$ \r\n \r\n3,987.70 \r\n \r\n167,079.77 \r\n \r\n456,614.82 \r\n \r\n63,436.83 23,306.66 \r\n \r\n73,820.55 23,972.63 \r\n \r\n$ \r\n \r\n5,874.00 $ \r\n \r\n745.64 $ \r\n \r\n3,987.70 $ \r\n \r\n857,711.34 $ 1,128,901.44 \r\n \r\n$ \r\n \r\n5,874.00 \r\n \r\n$ \r\n \r\n$ \r\n \r\n5,874.00 $ \r\n \r\n$ \r\n745.64 745.64 $ \r\n \r\n3,987.70 $ 3,987.70 $ \r\n \r\n28,532.25 $ 76,356.60 213,596.03 \r\n2,044.39 \r\n320,529.27 $ \r\n \r\n124,710.28 235,335.05 196,556.44 \r\n5,804.63 \r\n562,406.40 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n$ \r\n \r\n5,874.00 $ \r\n \r\n0.00 $ 0.00 $ \r\n \r\n$ \r\n \r\n429.39 $ \r\n \r\n2,465.03 \r\n \r\n$ 0.00 0.00 $ \r\n \r\n63,436.83 23,306.66 87,172.88 $ 450,009.19 \r\n537,182.07 $ \r\n \r\n73,820.55 23,972.63 100,258.21 466,236.83 \r\n566,495.04 \r\n \r\n745.64 $ =====3=,9==87=.=70= $ \r\n \r\n857,711.34 $ 1,128,901.44 \r\n \r\n- 21 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nSPECIAL REVENUE FUND \r\nYEAR ENDED JUNE 30, 1996 \r\n \r\nREVENUES \r\nState Funds .Federal Funds Taxes and Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \r\nCapital Outlay \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES \r\nOperating Transfers In \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures \r\nFUND BALANCE JULY 1 \r\nFood Inventory - Net Change in Period Donated Commodities Purchased Food \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n\" \r\nSee notes to the general purpose financial statements. \r\n \r\n- 22- \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTTERY PROGRAMS \r\n \r\n$ 162,806.00 $ 736,042.69 1,253,735.97 593,517.66 \r\n$ 2,010,059.63 $ 736,042.69 \r\n \r\n$ 533,640.60 \r\n \r\n45,375.86 2,419.43 \r\n \r\n4,499.59 \r\n \r\n$ 2,026,287.27 \r\n \r\n42,290.61 1,467.48 1,599.12 4,438.39 \r\n100,311.61 \r\n \r\n$ 2,026,287.27 $ 736,042.69 \r\n \r\n$ -16',227.64 $ \r\n \r\n0.00 \r\n \r\n$ -16,227.64 $ \r\n \r\n0.00 \r\n \r\n564,030.01 \r\n \r\n0.00 \r\n \r\n-10,383.72 -665.97 \r\n.-.... \r\n \r\n$ 536,752.68 $ \r\n \r\n0.00 \r\n \r\n EXHIBIT\"F\" Page 1 \r\n \r\nGRANTS TO LOCAL \r\nEDUCATIONAL AGENCIES \r\n \r\nELEMENTARY AND SECONDARY EDUCATION ACT \r\n \r\nTITLE I \r\n \r\nPROGRAM FOR \r\n \r\nSTATE \r\n \r\nTITLE II \r\n \r\nNEGLECTED \r\n \r\nSCHOOL \r\n \r\nEISENHOWER \r\n \r\nMIGRANT AND DELINQUENT IMPROVEMENT PROFESSIONAL \r\n \r\nEDUCATION \r\n \r\nCHILDREN \r\n \r\nGRANTS \r\n \r\nDEVELOPMENT \r\n \r\nTITLE VI INNOVATIVE EDUCATION PROGRAM STRATEGIES \r\n \r\n$ 839,216.50 $ \r\n \r\n14,720.26 $ \r\n \r\n$ 839,216.50 $ 14,720.26 $ \r\n \r\n2,677.86 $ 2....:..,6_7_7_.8_6 $ \r\n \r\n1,353.76 $ 1,353.76 $ \r\n \r\n28,740.00 $ \r\n \r\n39,946.00 \r\n \r\n28,740.00 $ _ _3--,9,..9.4..;..;6..;.;.0_0_ \r\n \r\n$ 693,623.90 $ \r\n5,689.16 14,029.96 \r\n86,403.90 1,890.75 \r\n \r\n21,498.83 \r\n \r\n16,080.00 \r\n \r\n$ 839,216.50 $ \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n13,290.87 $ \r\n1,000.00 14,290.87 $ \r\n429.39 $ \r\n \r\n2,640.36 \r\n$ 37.50 \r\n \r\n1,353.76 $ \r\n \r\n$ \r\n \r\n23,392.85 \r\n \r\n31,162.54 42.49 \r\n \r\n4,236.36 12,029.52 \r\n89.74 \r\n \r\n197.53 \r\n \r\n2,677.86 $ 0.00 $ \r\n \r\n1,353.76 $ 0.00 $ \r\n \r\n31,205.03 $ -2,465.03 $ \r\n \r\n39,946.00 0.00 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n429.39 $ \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n0.00 $ 0.00 \r\n \r\n0.00 $ \r\n \r\n-2,465.03 $ \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n2,465.03 \r\n \r\n0.00 \r\n \r\n$ ====,=0=,=.0==0 $ \r\n \r\n429.39 $ \r\n \r\n0.00 $ - 23- \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n===== \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nSPEC~LREVENUEFUND \r\nYEAR ENDED JUNE 30, 1996 \r\n \r\nREVENUES \r\nState Funds Federal Funds Taxes and Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \r\nCapital Outlay \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES \r\nOperating Transfers In \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures \r\nFUND BALANCE JULY 1 \r\nFood Inventory - Net Change in Period Donated Commodities Purchased Food \r\nFUND BALANCE JUNE 30 \r\nSee notes to the general purpose financial statements. - 24- \r\n \r\nINDIVIDUALS WITH \r\n \r\nDISABILITIES EDUCATION ACT \r\n \r\nPARTB \r\n \r\nSPECIAL EDUCATION \r\n \r\nFLOW \r\n \r\nTHROUGH \r\n \r\nPRESCHOOL \r\n \r\n$ 162,279.77 $ $ 162,279.77 $ \r\n \r\n29,074.37 29,074.37 \r\n \r\n$ 122,659.91 $ 34,056.36 145.00 5,270.31 \r\n148.19 \r\n \r\n20,866.92 358.75 503.00 \r\n7,345.70 \r\n \r\n$ 162,279.77 $ \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n29,074.37 0.00 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n,'- \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n EXHIBIT\"F\" Page 2 \r\n \r\n... \r\n \r\nSAFE AND DRUG-FREE SCHOOLS \r\n \r\nVOCATIONAL EDUCATION \r\nFEDERAL \r\n \r\nJOB TRAINING PARTNERSHIP \r\nACT \r\n \r\nTOTALS YEAR ENDED JUNE 30, 1996 JUNE 30, 1995 \r\n \r\n$ 27,398.00 $ \r\n \r\n59,064.36 $ \r\n \r\n$ 27,398.00 $ \r\n \r\n59,064.36 $ \r\n \r\n$ 13,185.34 \r\n13,185.34 $ \r\n \r\n898,848.69 $ 2,471,392.19 \r\n593,517.66 \r\n3,963,758.54 $ \r\n \r\n637,920.45 2,486,272.89 \r\n596,573.83 \r\n3,720,767.17 \r\n \r\n$ 14,491.54 $ \r\n1,237.38 11,068.33 \r\n518.50 40.25 \r\n \r\n58,909.74 $ 154.62 \r\n \r\n42.00 \r\n \r\n$ 27,398.00 $ \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n59,064.36 $ 0.00 $ \r\n \r\n1,982.44 $ 11,209.77 \r\n13,192.21 $ -6.87 $ \r\n \r\n1,485,499.13 $ \r\n97,927.28 64,415.38 12,548.02 97,041.40 \r\n1,890.75 42,290.61 10,003.37 23,295.48 2,030,725.66 116,391.61 \r\n3,982,028.69 $ \r\n-18,270.15 $ \r\n \r\n1,311,583.20 \r\n109,015.70 33,747.61 46,917.57 63,236.69 \r\n1,452.60 88,068.00 49,228.58 10,195.35 1,986,210.00 25,402.12 \r\n3,725,057.42 \r\n-4,290.25 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n0.00 $ 0.00 \r\n \r\n6.87 \r\n \r\n6.87 \r\n \r\n66.48 \r\n \r\n0.00 $ 0.00 \r\n \r\n-18,263.28 $ 566,495.04 \r\n \r\n-4,223.77 553,733.44 \r\n \r\n-10,383.72 -665.97 \r\n \r\n10,626.61 6,358.76 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n537,182.07 $ \r\n \r\n566,495.04 \r\n \r\n- 25- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30, 1996 \r\n \r\nASSETS Cash and Cash Equivalents \r\nLIABILITIES AND FUND EQUITY LIABILITIES \r\nAccounts Payable FUND EQUITY \r\nFund Balances Reserved For State Capital Outlay Projects Unreserved Undesignated Total FundEquity \r\nTotal Liabilities and Fund Equity \r\n \r\nREGULAR \r\n \r\nPROJECT 91-715-050 \r\n \r\nGEORGIA STATE PROJECT \r\n93/92S-715-070 \r\n \r\n$ 84,206.40 $ \r\n \r\n24,339.77 $ ~======O=,O=O \r\n \r\n$ \r\n \r\n6,613.00 \r\n \r\n$ \r\n \r\n24,339.77 \r\n \r\n$ 77,593.40 \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n$ 77,593.40 $ \r\n \r\n24,339.77 $ \r\n \r\n0.00 \r\n \r\n$ 84,206.40 $ \r\n \r\n24,339.77 $=====0',;;;,00= \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 26- \r\n \r\n EXHIBIT\"G\" \r\n \r\nFINANCING AND INVESTMENT COMMISSION \r\n \r\nPROJECT \r\n \r\nPROJECT \r\n \r\nPROJECT \r\n \r\n93/92S-715-071 \r\n \r\n94-715-060 \r\n \r\n715-005 \r\n \r\nTOTALS JUNE 30, 1996 JUNE 30, 1995 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n768,393.00 $ \r\n \r\n876,939.17 $ 1,035,966.25 \r\n \r\n$ \r\n \r\n6,613.00 \r\n \r\n$ \r\n \r\n768,393.00 $ \r\n \r\n792,732.77 $ \r\n \r\n411,987.93 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n-\"-0,;...;;.0-\"--0 \r\n \r\n0.00 \r\n \r\n77,593.40 \r\n \r\n623,978.32 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n768,393.00 $ \r\n \r\n870,326.17 $ 1,035,966.25 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n768,393.00 $ \r\n \r\n876,939.17 $ 1,035,966.25 \r\n \r\n- 27- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nCAPITAL PROJECTS FUND YEAR ENDED JUNE 30,1996 \r\n \r\nREVENUES State Funds Taxes and Other Funds Total Revenues \r\nEXPENDITURES Capital Outlay Building and Building Improvements Equipment Total Expenditures \r\nExcess of Revenues over (under) Expenditures OTHER FINANCING SOURCES (USES) \r\nOperating Transfers In Operating Transfers Out \r\nTotal Other Financing Sources (Uses) Excess of Revenues and Other Financing Sources \r\nover (under) Expenditures and Other Financing Uses FUND BALANCE JULY 1 \r\nResidual Equity Transfer \r\nFUND BALANCE JUNE 30 \r\n \r\nREGULAR \r\n \r\nPROJECT 91-715-050 \r\n \r\nGEORGIA STATE PROJECT \r\n93/92S-715-070 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n$ 45,629.60 \r\n \r\n$ 45,629.60 $ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n$ 199,818.68 $ 11,451.00 \r\n$ 211,269.68 $ \r\n$ -165,640.08 $ \r\n \r\n0.00 $ \r\n0.00 $ 0.00 $ \r\n \r\n0.00 \r\n0.00 0.00 \r\n \r\n$ . -380,744.84 $ -380,744.84 \r\n$ -546,384.92 $ 623,978.32 \r\n \r\n0.00 $ 24,339.77 \r\n \r\n0.00 25,309.75 -25,309.75 \r\n \r\n$ 77,593.40 $ \r\n \r\n24,339.77 $ =====0.=00= \r\n \r\ni\\ \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 28- \r\n \r\n EXHIBIT\"H\" \r\n \r\nFINANCING AND INVESTMENT COMMISSION \r\n \r\nPROJECT \r\n \r\nPROJECT \r\n \r\nPROJECT \r\n \r\n93/92S-715-071 \r\n \r\n94-715-060 \r\n \r\n715-005 \r\n \r\nTOTALS YEAR ENDED JUNE 30, 1996 JUNE 30, 1995 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n$\" \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n______ $ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n$ \r\n4.:..:5:J.::,6;.:2~9.:.;;6.;:;..0 \r\n \r\n267,316.19 29,567.96 \r\n \r\n45,629.60 $ _ _.;;.29;..;.6.,..8._8...;.4;...;..1~5 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n0.00 $ 0.00 $ \r\n \r\n199,818.68 $ 11,451.00 \r\n \r\n57,236.50 \r\n \r\n211,269.68 $ _ _...;5;;.;.7..:.;;,2=3..;;.6.;..;:.5..;;..0 \r\n \r\n-165,640.08 $ _ _2.;;.3;..;9..,.6....;4...;.7.;..;:.6..;;..5 \r\n \r\n$ \r\n \r\n380,744.84 $ \r\n \r\n380,744.84 $ \r\n \r\n107,000.00 \r\n \r\n-380,744.84 \r\n \r\n$ \r\n \r\n380,744.84 $ \r\n \r\n0.00 $ \r\n \r\n107,000.00 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n380,744.84 $ \r\n \r\n-165,640.08 $ \r\n \r\n346,647.65 \r\n \r\n5,657.41 \r\n \r\n356,681.00 \r\n \r\n0.00 \r\n \r\n1,035,966.25 \r\n \r\n689,318.60 \r\n \r\n-5,657.41 \r\n \r\n-356,681.00 \r\n \r\n387,648.16 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n768,393.00 $ \r\n \r\n870,326.17 $ 1,035,966.25 \r\n \r\n- 29- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \r\nYEAR ENDED JUNE 30, 1996 \r\n \r\nSCHEDULE \"1\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Through Georgia Department of Education Food and Nutrition Program Food Services School Breakfast Program 1996 Grant National School Lunch Program 1996 Grant Food Distribution Program (1) \r\nTotal U. S. Department of Agriculture \r\nEducation, U. S. Department of .Direct Impact Aid 1996 Grant Through Georgia Department of Education Elementary and Secondary Education Act Title I Grants to Local Educational Agencies 1995 Summer 1996 Grant Program for Neglected and Delinquent Children 1996 Grant State School Improvement Grants 1996 Grant Title II Eisenhower Professional Development 1995 Regular 1996 Grant Title VI Innovative Education Program Strategies 1996 Grant Individuals with Disabilities Education Act Part B - Special Education Flow Through 1996 Grant Preschool 1996 Grant Safe and Drug-Free Schools 1996 Grant Vocational Education - Basic Grants to States High School Program Basic Grant 1996 Grant Consumer and Homemaking Education 1996 Grant Through Hall County Board of Education d/b/a Piedmont Migrant Education Agency Elementary and Secondary Education Act Title I Migrant Education 1995 Summer 1996 Grant \r\nTotal U. S. Department of Education \r\n \r\n- 30 - \r\n \r\nCFDA NUMBER \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 $ 273,482.84 \r\n \r\n* 10.555 10.550 \r\n \r\n837,885.32 $ 142,367.81 \r\n \r\n$ 1,253,735.97 $ \r\n \r\n(2) \r\n1,883,919.46 (3) 142,367.81 \r\n2,026,287.27 \r\n \r\n84.041 $ \r\n \r\n8,993.64 \r\n \r\n(4) \r\n \r\n* 84.010 * 84.010 \r\n84.013 84.218 \r\n84.281 84.281 \r\n84.298 \r\n \r\n21,366.55 $ 817,849.95 \r\n2,677.86 \r\n1,353.76 \r\n \r\n21,366.55 817,849.95 \r\n2,677.86 \r\n1,353.76 \r\n \r\n4,026.00 24,714.00 \r\n \r\n6,491.03 24,714.00 \r\n \r\n39,946.00 \r\n \r\n39,946.00 \r\n \r\n84.027 84.173 84.186 \r\n \r\n162,279.77 29,074.37 27,398.00 \r\n \r\n162,279.77 29,074.37 27,398.00 \r\n \r\n84.048 84.049 \r\n \r\n58,352.36 712.00 \r\n \r\n58,352.36 712.00 \r\n \r\n\", \r\n \r\n84.011 84.011 \r\n \r\n10,562.47 4,157.79 \r\n \r\n$ 1,213,464.52 $ \r\n \r\n10,562.47 3,728.40 \r\n1,206,506.52 \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \r\nYEAR ENDED JUNE 30, 1996 \r\n \r\nSCHEDULE \"1\" \r\n \r\nFU~DING AGENCY PROGRAM/GRANT \r\nLabor, U. S. Department of Through Coosa Valley Regional Development Center Job Training Partnership Act 17-94-20-010 17-95-20-010 \r\nTotal U. S. Department of Labor \r\n \r\nCFDA NUMBER \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n17.250 $ 17.250 \r\n$ \r\n \r\n9,197.64 $ 3,987.70 \r\n13,185.34 $ \r\n \r\n9,197.64 3,994.57 (3) \r\n13,192.21 \r\n \r\nTotal Federal Financial Assistance \r\n \r\n$ 2,480,385.83 $ 3,245,986.00 \r\n \r\nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \r\n \r\n(1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. \r\n(2) Expenditures for the School Breakfast Program were not maintained separately and are included in the 1996 National School Lunch Program. \r\n(3) Expenditures for this program include State, and/or Other Funds. Expenditures are not maintained by fund source. \r\n(4) Expenditures on this program were not maintained by fund source. \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 31 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION CASH AND CASH EQUIVALENTS JUNE 30,1996 \r\n \r\nSCHEDULE \"2\" \r\n \r\nINTEREST BEARING ACCOUNTS \r\nFirst National Bank of Polk County, Cedartown, Georgia \r\nMoney Market Accounts (3.00%) N.O.W. Accounts (2.75%) \r\nSun Trust Bank, Cedartown, Georgia \r\nCertificates of Deposit No. 5116 (5.00%) No.5117 (5.00%) \r\n \r\n$ 2,542,172.83 19,454.28 $ 2,561,627.11 \r\n \r\n$ 1,500,000.00 1,500,000.00 \r\n \r\n3,000,000.00 \r\n \r\n$ 5,561,627.11 \r\n \r\nSee notes to the general purpose financial statements. - 32 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION ACCOUNTS RECEIVABLE JUNE 30,1996 \r\n \r\nSCHEDULE \"3\" \r\n \r\nCommunity Affairs, Georgia Department of Local Assistance Grant \r\nCoosa Valley Regional Development Center Job Training Partnership Act \r\nEducation, Georgia Department of Food Services National School Lunch Program Other State Programs At-Risk Summer School Program Middle School Mentoring Program Remedial Summer School Program Lottery Program Alternative School Program Federal Programs Elementary and Secondary Education Act Title I Grants to Local Educational Agencies State School Improvement Grants Individuals with Disabilities Education Act Part B - Special Education Flow Through \r\nOffice of School Readiness Pre-Kindergarten Program \r\nHall County Board of Education d/b/a Piedmont Migrant Education Agency Migrant Education \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n2,475.00 \r\n \r\n$ \r\n \r\n2,475.00 \r\n \r\n$ \r\n \r\n3,987.70 \r\n \r\n3,987.70 \r\n \r\n12,104.36 13,432.07 \r\n1,405.45 \r\n \r\n9,519.55 2,467.00 \r\n \r\n9,519.55 \r\n12,104.36 13,432.07 \r\n1,405.45 \r\n2,467.00 \r\n \r\n112,157.72 1,353.76 \r\n5,279.77 \r\n20,308.00 \r\n \r\n112,157.72 1,353.76 \r\n5,279.77 \r\n20,308.00 \r\n \r\n12,006.27 \r\n \r\n12,006.27 \r\n \r\n$ \r\n \r\n29,416.88 $ 167,079.77 $ 196,496.65 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 33 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30,1996 \r\n \r\nSCHEDULE \"4\" \r\n \r\nAGENCY/FUNDING \r\nGRANTS Community Affairs, Georgia Department of Local Assistance Grant \r\nEducation, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost Pupil Transportation Regular Bus Replacement Limited English Speaking Special Instructional Assistance In-School Suspension Mid-term Adjustment Counselors Grades 4 and 5 Local Fair Share Technology Training Educational Equalization Funding Grant Food Services Other State Programs Alternative Programs Apprenticeship Program At-Risk Summer School Program Health Insurance Innovative Programs Mentor Teacher Program Middle School Mentoring Program Preschool Handicapped Program Remedial Summer School Program Lottery Programs Alternative School Program Applied Technology Labs Instructional Technology Pre-Kindergarten Program Technology Installation \r\nOffice of School Readiness Pre-Kindergarten Program \r\nOffice of Treasury and Fiscal Services Public School Employees Retirement \r\nCONTRACT Education, Georgia Department of OSIRIS System Information \r\nSee notes to the general purpose financial statements. \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n9,975.00 \r\n \r\n$ \r\n \r\n9,975.00 \r\n \r\n13,056,408.00 1,740,688.00 487,415.00 556,512.00 169,608.00 3,489,373.00 \r\n633,295.00 209,536.00 \r\n35,229.00 257,654.00 194,455.00 \r\n78,812.00 \r\n38,5n.00 \r\n-1,917,566.00 77,295.00 \r\n1,694,098.00 $ \r\n97,500.00 5,000.00 \r\n36,949.10 389,621.94 \r\n3,100.00 2,730.00 13,432.07 71,395.00 7,526.53 \r\n \r\n162,806.00 \r\n112,467.00 198,946.02 \r\n1,991.37 188,500.00 \r\n90,884.37 \r\n \r\n13,056,408.00 1,740,688.00 487,415.00 556,512.00 169,608.00 3,489,373.00 \r\n633,295.00 209,536.00 \r\n35,229.00 257,654.00 194,455.00 \r\n78,812.00 \r\n38,5n.00 \r\n-1,917,566.00 77,295.00 \r\n1,694,098.00 162,806.00 \r\n97,500.00 5,000.00 \r\n36,949.10 389,621.94 \r\n3,100.00 2,730.00 13,432.07 71,395.00 7,526.53 \r\n112,467.00 198,946.02 \r\n1,991.37 188,500.00 \r\n90,884.37 \r\n \r\n143,253.93 \r\n \r\n143,253,93 \r\n \r\n77,129.00 \r\n \r\n77,129.00 \r\n \r\n1,000.00 \r\n \r\n1,000.00 \r\n.'\\ \r\n \r\n$ 21,516,747.64 $ 898,848.69 $ 22,415,596.33 \r\n \r\n- 34 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF TAXES AND OTHER REVENUE YEAR ENDED JUNE 30. 1996 \r\n \r\nSCHEDULE \"5\" \r\n \r\nTaxes County Wide School Tax Railroad Car Tax Real Estate Transfer Tax \r\nOther Sources Donations Indirect Cost Special Revenue Fund Interest Earned Reimbursements for Salaries Various Schools Sales Adult Meals Breakfast and Lunches Supplemental School Assets Tuition Other \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nGENERAL \r\n \r\nREVENUE PROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \r\n \r\nTOTAL \r\n \r\n$ 5,451,297.88 12,616.39 18,798.35 \r\n \r\n$ 5,451,297.88 12,616.39 18,798.35 \r\n \r\n300.00 \r\n \r\n$ \r\n \r\n10,826.23 191,961.03 $ 13,460.32 $ 45,629.60 \r\n \r\n3,840.96 \r\n \r\n35,743.28 10,190.34 \r\n4,376.13 \r\n \r\n82,366.25 474,247.84 \r\n22,848.30 \r\n594.95 \r\n \r\n6,392.94 \r\n \r\n6,692.94 \r\n10,826.23 251,050.95 \r\n3,840.96 \r\n82,366.25 474,247.84 \r\n22,848.30 35,743.28 . 10,190.34 \r\n4,971.08 \r\n \r\n$ 5,739,950.59 $ 593,517.66 $ 45,629.60 $ \r\n \r\n6,392.94 $ 6,385,490.79 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 35 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT \r\nGENERALANDSPEC~LREVENUEFUNDS \r\nYEAR ENDED JUNE 30, 1996 \r\n \r\nSCHEDULE \"6\" \r\n \r\nEXPENDITURES \r\nOperating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Compensation and Travel of Board Members Water, Sewer and Cleaning Services Repair and Maintenance Services Rents Insurance Communications Tuition Commodity Hauling Shared Services Other Purchased Services Supplies Energy Food Usage Books, Textbooks and Periodicals Dues and Fees Federal Indirect Costs Other Expenditures \r\nNonoperating Costs Building and Building Improvements Equipment \r\n \r\nGENERAL FUND \r\n \r\nSPECIAL REVENUE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 19,051,877.02 $ 1,757,491.77 $ 20,809,368.79 \r\n \r\n4,332,472.34 \r\n \r\n352,125.59 \r\n \r\n4,684,597.93 \r\n \r\n50,621.49 \r\n \r\n32,532.99 \r\n \r\n83,154.48 \r\n \r\n86,096.13 \r\n \r\n41,685.35 \r\n \r\n127,781.48 \r\n \r\n38,366.00 \r\n \r\n38,366.00 \r\n \r\n346,556.01 \r\n \r\n8,079.50 \r\n \r\n354,635.51 \r\n \r\n129,969.73 \r\n \r\n57,712.58 \r\n \r\n187,682.31 \r\n \r\n24,000.00 \r\n \r\n24,000.00 \r\n \r\n179,717.13 \r\n \r\n179,717.13 \r\n \r\n74,133.54 \r\n \r\n5,019.93 \r\n \r\n79,153.47 \r\n \r\n15,000.00 \r\n \r\n15,000.00 \r\n \r\n8,889.77 \r\n \r\n8,889.77 \r\n \r\n16,650.00 \r\n \r\n16,650.00 \r\n \r\n17,470.77 \r\n \r\n3,229.15 \r\n \r\n20,699.92 \r\n \r\n898,404.68 \r\n \r\n257,605.76 \r\n \r\n1,156,010.44 \r\n \r\n968,961.31 \r\n \r\n14,972.16 \r\n \r\n983,933.47 \r\n \r\n889,609.14 \r\n \r\n889,609.14 \r\n \r\n475,046.71 \r\n \r\n5,219.70 \r\n \r\n480,266.41 \r\n \r\n32,019.25 \r\n \r\n3,144.00 \r\n \r\n35,163.25 \r\n \r\n10,826.23 \r\n \r\n10,826.23 \r\n \r\n6,238.88 \r\n \r\n7,618.56 \r\n \r\n13,857.44 \r\n \r\n355,935.38 \r\n \r\n116,391.61 385,874.90 \r\n \r\n116,391.61 741,810.28 \r\n \r\nTotal Expenditures \r\n \r\n$ 27,075,536.37 $ 3,982,028.69 $ 31,057,565.06 \r\n \r\nSee notes to the general purpose financial statements. \r\n- 36 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT LOTTERY PROGRAMS YEAR ENDED JUNE 30 1996 \r\n \r\nSCHEDULE \"7\" \r\n \r\nALTERNATIVE SCHOOL PROGRAM \r\n \r\nAPPLIED TECHNOLOGY \r\nLABS \r\n \r\nINSTRUCTIONAL TECHNOLOGY \r\n \r\nPREKINDERGARTEN PROGRAM \r\n \r\nTECHNOLOGY INSTALLATION \r\n \r\nEXPENDITURES \r\n \r\nOperating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Water, Sewer and Cleaning Services Repair and Maintenance Services Rents Other Purchased Services Supplies Energy Food Usage Books, Textbooks and Periodicals Dues and Fees Other Expendttures \r\n \r\n$ \r\n \r\n887.57 \r\n \r\n$ \r\n \r\n181,787.97 \r\n \r\n$ \r\n \r\n36,989.71 \r\n \r\n1,859.78 \r\n \r\n40.00 \r\n \r\n2,940.00 \r\n \r\n1,012.89 24,000.00 \r\n1,599.12 51,651.04 \r\n9,120.00 4,303.04 \r\n \r\n4,059.48 50.00 \r\n2,740.90 \r\n \r\nNonoperating Costs Building and Building Improvements Equipment \r\n \r\n$ 112,467.00 \r\n \r\n198,058.45 $ \r\n \r\n1,991.37 \r\n \r\n9,600.00 $ \r\n \r\n90,711.61 172.76 \r\n \r\nTOTAL \r\n181,787.97 36,989.71 1,859.78 \r\n40.00 \r\n2,940.00 \r\n1,012.89 24,000.00 \r\n1,599.12 52,538.61 \r\n9,120.00 4,303.04 \r\n4,059.48 50.00 \r\n2,740.90 \r\n100,311.61 312,689.58 \r\n \r\nTotal Expenditures $ 112,467.00 $ 198,946.02 $ \r\n \r\n1,991.37 $ \r\n \r\n331,753.93 $ \r\n \r\n90,884.37 $ \r\n \r\n736,042.69 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 37 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATiON SCHEDULE OF EXPENDITURES BY OBJECT \r\nFIDUCIARY FUND TYPE - EXPENDABLE TRUST FUND \r\nYEAR ENDED JUNE 30, 1996 \r\nEXPENDITURES Operating Costs Clothing Medical Claims \r\nTotal Expenditures \r\n \r\nSCHEDULE \"8\" \r\n \r\n$ \r\n \r\n2,947.48 \r\n \r\n1,501.80 \r\n \r\n$ ===4,!::::44=9=.2::8 \r\n \r\nSee notes to the general purpose financial statements. \r\n- 38 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 1996 \r\n \r\nSCHEDULE \"9\" \r\n \r\n... \r\nMinimum Expenditure Requirements (Total Allotment) Expenditures on Combined Program Basis \r\nSalaries Operations \r\nLess: Expenditures for Media Center Programs in Excess of Total Media Allotment \r\nExpenditures per Audit \r\n \r\nTHIRTEEN WEIGHTED AND MEDIA CENTER \r\nPROGRAMS \r\n \r\n100% TEST FOR OPERATIONS PORTION OF THIRTEEN WEIGHTED PROGRAMS \r\n \r\n$ 15,919,835.00 $ \r\n \r\n4..;..;8;..;.7..!.:,9..;;.0..;..;1...;;.,00~ \r\n \r\n$ 17,064,491.81 833,878.81 $ \r\n$ 17,898,370.62 \r\n \r\n72_2....:..,4_6_9_.6_2 \r\n \r\n-211,941.22 $ 17,686,429.40 \r\n \r\nAmount of Underexpenditure for Total Allotment \r\n \r\n$ \r\n \r\n0.00 $ =====0=,0==0 \r\n \r\nSee notes to the general purpose financial statements. - 39 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - BY PROGRAM \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 1996 \r\n \r\nGENERAL AND CAREER EDUCATION PROGRAMS Kindergarten (*) Grades 1 - 3 (*) Sub-Total - K-3 Grades 4 - 5 (*) Grades 6  8 (*) Grades 9 - 12 (*) High School Laboratories (*) Vocational Education Laboratories (*) Total General and Career Education Programs \r\nSPECIAL EDUCATION PROGRAMS Regular Programs Category I (*) Category \" (*) Category III (*) Category IV (*) Sub-Total- RegUlar Category V (Gifted) (*) Total Special Education Programs \r\nREMEDIAL EDUCATION PROGRAM C*) Total Thirteen Weighted Programs \r\nMEDIA CENTER PROGRAMS Salaries Operations Total Media Center Programs \r\nTotal Thirteen Weighted and Media Center Programs \r\n \r\nALLOTMENTS FROM DEPARTMENT OF EDUCATION \r\n \r\nREQUIRED \r\n \r\nORIGINAL \r\n \r\n% \r\n \r\nORIGINAL \r\n \r\nMID-TERM \r\n \r\n$ 1,335,650.00 \r\n \r\n$ 1,202,085.00 $ \r\n \r\n3,484,561.00 \r\n \r\n3,136,104,90 \r\n \r\n$ 4,820,211 ,00 90 $ 4,338,189,90 $ \r\n \r\n1,778,070,00 90 \r\n \r\n1,600,263.00 \r\n \r\n3,021,445.00 90 \r\n \r\n2,719,300.50 \r\n \r\n1,695,801.00 90 \r\n \r\n1,526,220.90 \r\n \r\n791,500.00 90 \r\n \r\n712,350,00 \r\n \r\n949,381.00 90 \r\n \r\n854,442,90 \r\n \r\n$ 13,056,408.00 \r\n \r\n$ 11,750,767,20 $ \r\n \r\n0,00 0,00 \r\n0,00 \r\n \r\n$ 1,611,330.00 \r\n \r\n$ 1,450,197.00 $ \r\n \r\n78,812,00 \r\n \r\n$ 1,611,330.00 90 $ 1,450,197.00 $ \r\n \r\n129,358.00 90 \r\n \r\n116,422.20 \r\n \r\n$ 1,740,688,00 \r\n \r\n$ 1,566,619.20 $ \r\n \r\n$ \r\n \r\n487,415.00 90 $ \r\n \r\n438,673,50 $ \r\n \r\n$ 15,284,511.00 \r\n \r\n$ 13,756,059.90 $ \r\n \r\n78,812,00 \r\n78,812,00 0,00 \r\n78,812.00 \r\n \r\n$ \r\n \r\n448,511,00 90 $ \r\n \r\n403,659,90 $ \r\n \r\n108,001,00 90 \r\n \r\n97,200,90 \r\n \r\n$ \r\n \r\n556,512.00 \r\n \r\n$ \r\n \r\n500,860.80 $ \r\n \r\n0,00 0.00 \r\n \r\n$ 15,841,023.00 \r\n \r\n$ 14,256,920,70 $ \r\n \r\n78,812.00 \r\n \r\nSTAFF DEVELOPMENT PROGRAMS Cost of Instruction Professional Development \r\nTotrol Staff Development Programs (*) Identifies Thirteen Weighted Programs. See notes to the general purpose financial statements, \r\n \r\n$ \r\n \r\n41,875.00 \r\n \r\n127,733,00 \r\n \r\n$ \r\n \r\n41,875,00 $ \r\n \r\n127,733.00 \r\n \r\n0.00 0.00 \r\n/\\ \r\n \r\n$ \r\n \r\n169,608.00 1...;0 $ \r\n \r\n169,608.00 $ =====,0=.0:=0 \r\n \r\n- 40 - \r\n \r\n SCHEDULE \"10\" \r\n \r\nTOTAL REQUIRED \r\n \r\nACTUAL EXPENDITURES \r\n \r\nSALARIES \r\n \r\nOPERATIONS \r\n \r\nTOTAL \r\n \r\nAMOUNT OF UNDEREXPENDITURE \r\nFOR REQUIRED ALLOTMENT \r\n \r\n$ 1,202,085.00 $ 1,228,080.92 $ \r\n \r\n53,296.59 $ 1,281,377.51 \r\n \r\n3,136,104.90 \r\n \r\n3,162,895.90 \r\n \r\n166,055.97 \r\n \r\n3,328,951.87 \r\n \r\n$ 4,338,189.90 $ 4,390,976.82 $ \r\n \r\n219,352.56 $ 4,610,329.38 $ \r\n \r\n0.00 \r\n \r\n1,600,263.00 \r\n \r\n1,796,876.11 \r\n \r\n112,757.75 \r\n \r\n1,909,633.86 \r\n \r\n0.00 \r\n \r\n2,719,300.50 \r\n \r\n3,226,843.91 \r\n \r\n106,185.90 \r\n \r\n3,333,029.81 \r\n \r\n0.00 \r\n \r\n1,526,220.90 \r\n \r\n1,900,968.46 \r\n \r\n118,594.80 \r\n \r\n2,019,563.26 \r\n \r\n0.00 \r\n \r\n712,350.00 \r\n \r\n803,146.21 \r\n \r\n27,749.07 \r\n \r\n830,895.28 \r\n \r\n0.00 \r\n \r\n854,442.90 \r\n \r\n990,715.32 \r\n \r\n90,216.77 \r\n \r\n1,080,932.09 \r\n \r\n0.00 \r\n \r\n$ 11,750,767.20 $ 13,109,526.83 $ \r\n \r\n674,856.85 $ 13,784,383.68 \r\n \r\n$ 1,529,009.00 $ \r\n \r\n10,361.07 $ 361,820.24 1,447,955.82 247,739.50 \r\n \r\n106.40 $ 2,754.05 35,227.76 2,401.83 \r\n \r\n10,467.47 364,574.29 1,483,183.58 250,141.33 \r\n \r\n$ 1,529,009.00 $ 2,067,876.63 $ \r\n \r\n40,490.04 $ 2,108,366.67 \r\n \r\n0.00 \r\n \r\n116,422.20 \r\n \r\n239,496.16 \r\n \r\n1,863.51 \r\n \r\n241,359.67 \r\n \r\n0.00 \r\n \r\n$ 1,645,431.20 $ 2,307,372.79 $ \r\n \r\n42,353.55 $ 2,349,726.34 \r\n \r\n$ \r\n \r\n438,673.50 $ \r\n \r\n990,548.16 $ \r\n \r\n5,259.22 $ \r\n \r\n995,807.38 \r\n \r\n0.00 \r\n \r\n$ 13,834,871.90 $ 16,407,447.78 $ \r\n \r\n722,469.62 $ 17,129,917.40 \r\n \r\n$ \r\n \r\n403,659.90 $ \r\n \r\n657,044.03 \r\n \r\n$ \r\n \r\n657,044.03 \r\n \r\n0.00 \r\n \r\n97,200.90 \r\n \r\n$ \r\n \r\n111,409.19 \r\n \r\n111,409.19 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n500,860.80 $ \r\n \r\n657,044.03 $ \r\n \r\n111,409.19 $ \r\n \r\n768,453.22 \r\n \r\n$ 14,335,732.70 $ 17,064,491.81 $ \r\n \r\n833,878.81 $ 17,898,370.62 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n41,875.00 \r\n \r\n127,733.00 \r\n \r\n$ ==1=69=,==60=8==,0=0 \r\n \r\n$ \r\n \r\n123,538.24 $ \r\n \r\n123,538.24 \r\n \r\n46,154.58 \r\n \r\n46,154.58 \r\n \r\n$ \r\n \r\n169,692.82 $ \r\n \r\n169,692.82 $ =======0=,0==0 \r\n \r\n- 41 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS \r\nYEAR ENDED JUNE 30, 1996 \r\n \r\nSCHEDULE \"11\" \r\n \r\nBOARD MEMBER ADDRESS \r\nMr. Jerry E. Baldwin, Chairman (*) 3609 Rockmart Highway Cedartown, Georgia 30125 \r\nDr. John Atha (*) 1010 Piedmont Avenue Rockmart, Georgia 30153 \r\nMr. Greg Forrister (*) 36 Bradshaw Drive Cedartown, Georgia 30125 \r\nMr. Rick Lundy (*) 609 North College Street Cedartown, Georgia 30125 \r\nMr. Joseph McLendon (*) 331 Woodlawn Drive Cedartown, Georgia 30125 \r\nMr. John H. Moore 503 North Cave Spring Street Cedartown, Georgia 30125 \r\nMr. Gene Newton (*) 516 Prospect Road Rockmart, Georgia 30153 \r\nMr. Guy Rutland (*) 2474 Rockmart Highway Cedartown, Georgia 30125 \r\nMr. Tommy Sanders (*) P. O. Box 209 Rockmart, Georgia 30153 \r\nDr. Harold Wingfield (*) P. O. Box 960 Cedartown, Georgia 30125 \r\n(*) Denotes Board Members Serving as of June 30, 1996 \r\n \r\nCOMPENSATION \r\n \r\nTRAVEL \r\n \r\n$ \r\n \r\n5,800.00 $ \r\n \r\n3,013.23 \r\n \r\n1,650.00 \r\n \r\n3,200.00 \r\n \r\n1,303.63 \r\n \r\n3,200.00 \r\n \r\n1,700.00 \r\n \r\n120.55 \r\n \r\n200.00 \r\n \r\n3,700.00 \r\n \r\n2,469.00 \r\n \r\n1,100.00 \r\n \r\n1,750.00 \r\n \r\n4,200.00 \r\n \r\n4,959.59 \r\n \r\n$ \r\n \r\n26,500.00 $ ===1=1=,8=6=:6.=0:::::0 \r\n \r\ni\\ \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 42 - \r\n \r\n SECTION II COMPLIANCE \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS \r\n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \r\nApril 11, 1997 \r\n \r\nHonorable Zell Miller, Governor Members of the General Assembly Members of the State Board ofEducation \r\nand Superintendent and Members of the Polk School District Board ofEducation \r\nCOMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the general purpose financial statements ofthe Polk School District Board ofEducation as of and for the year ended June 30, 1996, and have issued our report thereon dated April 11, 1997. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \r\nExcept as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards and 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 general purpose financial statements are free of material misstatement. \r\nWe did not observe the taking of either the Federal donated commodities inventory or the purchased foods inventory at June 30, 1996, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. \r\nCompliance with laws, regulations, contracts, and grants applicable to Polk School District Board of Education is the responsibility ofthe Board's management. As part of obtaining reasonable assurance about whether the general purpose financial statements are free of material misstatement, we performed tests of the Board's compliance with certain provisions oflaws, regulations, contracts, and grants. However, the objective of our audit of the financial statements was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion. \r\nThe results of our tests disclosed no instances of noncompliance that are required to be reported herein under Government Auditing Standards. \r\n96CRL-IO \r\n \r\n This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a mat.ter of public record. \r\nRespectfully submitted, \r\nd'~~ \r\nClaude L. Vickers State Auditor \r\nCLV:cm 96CRL-IO \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR \r\n(404) 6562174 \r\n \r\nDEPARTMENT OF AUDITS \r\n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \r\nApril 11, 1997 \r\n \r\nHonorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation \r\nand Superintendent and Members of the Polk School District Board ofEducation \r\n \r\nSINGLE AUDIT REPORT ON COMPLIANCE WITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS \r\n \r\nLadies and Gentlemen: \r\n \r\nWe have audited the general purpose financial statements ofthe Polk School District Board ofEducation as of and for the year ended June 30, 1996, and have issued our report thereon dated April 11, 1997. This report was qualified for a scope limitation and for various departures from generally accepted accounting' principles, as identified in the auditor's report on the general purpose financial statements. \r\n \r\nWe have applied procedures to test the Polk School District Board of Education's compliance with the following requirements applicable to each of its Federal financial assistance programs, which are listed in the Schedule of Federal Financial Assistance, for the year ended June 30, 1996: \r\n \r\n(1) . Political Activity \r\n \r\n(5) Allowable Costs/Cost Principles \r\n \r\n(2) Civil Rights \r\n \r\n(6) Drug-Free Workplace Act \r\n \r\n(3) Cash Management \r\n \r\n(7) Audit Follow-UpfResolution \r\n \r\n(4) Federal Financial Reports \r\n \r\n(8) Administrative Requirements \r\n \r\nOur procedures were limited to the applicable procedures described in the Office of Management and Budget's \"Compliance Supplement for Single Audits of State and Local Governments\" and other additional procedures as deemed necessary. Our procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the Board's compliance with the requirements listed in the preceding paragraph. Accordingly, we do not express such an opinion. \r\n \r\n96CRL-40 \r\n \r\n With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph of this report. With respect to items not tested, nothing came to our attention that caused us to believe that Polk School District Board of Education hadl.not complied, in all material respects, with those requirements. \r\nThis report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \r\nRespectfully submitted, \r\nct~~ \r\nClaude L. Vickers State Auditor \r\nCLV:cm 96CRL-40 \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS \r\n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \r\nApril 11,1997 \r\n \r\nHonorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation \r\nand Superintendent and Members of the Polk School District Board ofEducation \r\n \r\nSINGLE AUDIT OPINION ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS \r\n \r\nLadies and Gentlemen: \r\n \r\nWe have audited the general purpose financial statements of the Polk School District Board of Education as of and for the year ended June 30, 1996, and have issued our report thereon dated April 11, 1997. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \r\n \r\nWe have also audited the Polk School District Board of Education's compliance with the requirements governmg: \r\n \r\n(1) Types of Services Allowed or Unallowed \r\n \r\n(5) Applicable Special Tests and Provisions \r\n \r\n(2) Eligibility \r\n(3) Matching, Level ofEffort, and/or Earmarking \r\n \r\n(6) Other Requirement Claims for Advances and Reimbursements \r\n \r\n(4) Reporting \r\n \r\nThese requirements are applicable to the major Federal financial assistance programs, which are identified in the Schedule ofFederal Financial Assistance, for the year ended June 30, 1996. The management of the Polk School District Board of Education is responsible for the Board's compliance with those requirements. Our responsibility is to express an opinion on compliance with those requirements based on our audit. \r\n \r\n96CRL-80 \r\n \r\n Except as discussed in the following paragraph, we conducted our audit of compliance in accordance with generally accepted auditing standards; Government Auditing Standards, issued by the Comptroller General oftJie United States; and Office ofManagement and Budget (OMB) Circular A-128, \"Audits of State and Local Governments\". Those standards and OMB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether material noncompliance with the requirements referred to above occurred. An audit includes examining, on a test basis, evidence about the Polk School District Board of Education's compliance with those requirements. We believe that our audit provides a reasonable basis for our opinion. \r\nWe did not observe the taking of either the Federal donated commodities inventory or the purchased foods inventory at June 30, 1996, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. However, this matter has no affect on the Board's compliance with the requirements listed in the second paragraph of this report. \r\nIn our opinion, the Polk School District Board of Education complied, in all material respects, with the requirements as disclosed in the second paragraph that are applicable to its major Federal financial assistance programs for the year ended June 30, 1996. \r\nThis report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution ofthis report which is a matter of public record. \r\nRespectfully submitted, \r\nd~ \r\nClaude L. Vickers State Auditor \r\nCLV:cm 96CRL-80 \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS \r\n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \r\nApril 11, 1997 \r\n \r\nHonorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation \r\nand Superintendent and Members of the Polk School District Board ofEducation \r\n \r\nSINGLE AUDIT REPORT ON COMPLIANCE WITH SPECIFIC REOUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS \r\n \r\nLadies and Gentlemen: \r\n \r\nWe have audited the general purpose financial statements of the Polk School District Board of Education as of and for the year ended June 30, 1996, and have issued our report thereon dated April 11, 1997. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \r\n \r\nIn connection with our audit of the fiscal year 1996 general purpose financial statements {)f the Polk School District Board of Education and with our consideration of the Board's control structure used to administer Federal financial assistance programs, as required by Office of Management and Budget (OMB) Circular A128, \"Audits of State and Local Governments\", we selected certain transactions applicable to certain nonmajor Federal financial assistance programs for the year ended June 30, 1996. As required by OMB Circular A-128, we have performed auditing procedures on the selected transactions to test compliance with the requirements goverrung: \r\n \r\n(1) Types of Services Allowed or Unallowed \r\n \r\n(2) Eligibility \r\n \r\nOur procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the Polk School District Board of Education's compliance with these requirements. Accordingly, we do not express such an opinion. \r\n \r\nWith respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the Polk School District Board of Education had not complied, in all material respects, with those requirements. \r\n \r\n96CRL-120 \r\n \r\n This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \r\nRespectfully submitted, \r\ntr/IW-~ \r\nClaude L. Vickers State Auditor \r\nCLV:cm 96CRL-120 \r\n \r\n SECTION ill INTERNAL CONTROL \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS \r\n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \r\nApril 11, 1997 \r\n \r\nHonorable Zell Miller, Governor Members of the General Assembly Members of the State Board ofEducation \r\nand Superintendent and Members of the Polk School District Board ofEducation \r\nREPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the general purpose financial statements of the Polk School District Board of Education as of and for the year ended June 30, 1996, and have issued our report thereon dated April 11, 1997. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \r\nExcept as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards, and 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 general purpose financial statements are free of material misstatement. \r\nWe did not observe the taking of either the Federal donated commodities inventory or purchased foods inventory at June 30, 1996, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. \r\nThe management ofthe Polk School District Board ofEducation is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation ofgeneral purpose financial statements in accordance with generally accepted accounting principles. Because \r\n \r\n96ICL-3 \r\n \r\n ofinherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design andl.operation of policies and procedures may deteriorate. \r\nIn planning and performing our audit of the general purpose financial statements of the Polk School District Board of Education for the year ended June 30, 1996, we obtained an understanding of the internal control structure. With respect to the internal control structure, we obtained an understanding of the design of relevant policies and procedures and whether they have been placed in operation, and we assessed control risk in 'order to determine our auditing procedures for the purpose ofexpressing our opinion on the general purpose financial statements and not to provide an opinion on the internal control structure. Accordingly, we do not express such an opinion. \r\nWe noted a certain matter involving the internal control structure and its operation that we consider to be a reportable condition under standards established by the American Institute of Certified Public Accountants. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of the internal control structure that, in our judgment, could adversely affect the entity's ability to record, process, summarize, and report financial data consistent with the assertions ofmanagement in the general purpose financial statements. \r\nAs described in the Schedule ofFindings and Improper or Questioned Costs, a reportable condition was noted in the following control category: \r\nGeneral Fixed Assets \r\nA material weakness is a reportable condition in which the design or operation of one or more of the specific internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the general purpose financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. \r\nOur consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses as defined above. However, we believe that the reportable condition disclosed above is also considered to be a material weakness. \r\nThis condition was considered in determining the nature, timing, and extent of the procedures to be performed in our audit of the Polk School District Board of Education's financial statements and this report does not affect our report thereon dated April 11, 1997. \r\n96ICL-3 \r\n \r\n This report is intended for the infonnation of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \r\nRespectfully submitted, \r\n~~ \r\nClaude L. Vickers State Auditor \r\nCLV:cm 96ICL-3 \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS \r\n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \r\nApril 11, 1997 \r\n \r\nHonorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation \r\nand Superintendent and Members of the Polk School District Board ofEducation \r\nSINGLE AUDIT REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS \r\nLadies and Gentlemen: \r\nWe have audited the general purpose financial statements ofthe Polk School District Board of Education as of and for the year ended June 30, 1996, and have issued our report thereon dated April 11, 1997. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We have also audited the Board's compliance with requirements applicable to major Federal financial assistance programs and have issued our opinion thereon dated April 11, 1997. \r\nExcept as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards; Government Auditing Standards, issued by the Comptroller General of the United States; and the provisions of Office of Management and Budget (OMB) Circular A-128, \"Audits of State and Local Governments\". Those standards and OMB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement and about whether the Polk School District Board of Education complied with laws and regulations, noncompliance with which would be material to a major Federal financial assistance program. \r\nWe did not observe the taking of either the Federal donated commodities inventory or purchased foods inventory at June 30, 1996, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. \r\nIn planning and performing our audit for the year ended June 30, 1996, we considered the Board's internal control structure in order to determine our auditing procedures for the purpose of expressing our opinions on the Board's general purpose financial statements and on its compliance with requirements applicable to major Federal financial assistance programs and to report on the internal control structure in accordance with OMB Circular A-128. This report addresses our consideration of internal control structure policies and procedures \r\n96ICL-5 \r\n \r\n relevant to compliance with requirements applicable to Federal financial assistance programs. We have addressed internal control structure policies and procedures relevant to our audit of the general purpose fin~ncial statements in a separate report dated April 11, 1997. \r\n \r\nThe management ofthe Polk School District Board ofEducation is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of general purpose financial statements in accordance with generally accepted accounting principles, and that Federal financial assistance programs are managed in compliance with applicable laws and regulations. Because ofinherent limitations in any internal control structure, errors, irregularities or instances of noncompliance may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is .subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. \r\n \r\nFor the purposes of this report, we have classified the significant internal control structure policies and procedures used in administering Federal financial assistance programs in the following control categories: \r\n \r\nGENERAL REQUIREMENTS \r\n \r\nSPECIFIC REQUIREMENTS \r\n \r\n(1) Political Activity (2) Civil Rights (3) Cash Management (4) Federal Financial Reports \r\n \r\n(1) Types of Services Allowed or Unallowed \r\n(2) Eligibility \r\n(3) Matching, Level ofEffort, and/or Earmarking \r\n \r\n(5) Allowable Costs/Cost Principles \r\n \r\n(4) Reporting \r\n \r\n(6) Drug-Free Workplace Act (7) Audit Follow-UplResolution (8) Administrative Requirements \r\n \r\n(5) Applicable Special Tests and Provisions \r\n(6) Other Requirement Claims for Advances and Reimbursements \r\n \r\nFor all of the internal control structure categories listed above, we obtained an understanding of the design ofrelevant policies and procedures and whether they have been placed in operation, and we assessed control risk. \r\n \r\nDuring the year ended June 30, 1996, the Polk School District Board of Education expended 68% of its total Federal financial assistance under major Federal financial assistance programs. \r\n \r\n96ICL-5 \r\n \r\n We perfonned tests of controls, as required by OMB Circular A-128, to evaluate the effectiveness of the design and operation of internal control structure policies and procedures that we considered relevant to prev... enting or detecting material noncompliance with general requirements and specific requirements as described above that are applicable to each of the Board's major Federal financial assistance programs, which are identified in the Schedule ofFederal Financial Assistance. Our procedures were less in scope than would be necessary to render an opinion on these internal control structure policies and procedures. Accordingly, we do not express such an opinion. \r\nOur consideration of the internal control structure policies and procedures used in administering Federal financial assistance would not necessarily disclose all matters in the internal control structure that might constitute material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a reportable condition in which the design or operation of one or more ofthe internal control structure elements does not reduce to a relatively low level the risk that noncompliance with laws and regulations that would be material to a Federal financial assistance program may occur and not be detected within a timely period by employees in the nonnal course of performing their assigned functions. We noted no matters involving the internal control structure and its operation that we consider to be material weaknesses as defined above. \r\nThis report is intended for the infonnation of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \r\nRespectfully submitted, \r\ntf~~ \r\nClaude L Vickers \r\nState Auditor \r\nCLV:cm 96ICL-5 \r\n \r\n  Ii \r\nSECTION IV FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\nYEAR ENDED JUNE 30. 1996 \r\nIi \r\nPRIOR YEAR \r\nAUDIT FQLLOW-UPIRESOLUTION Failure to Meet Expenditure Requirements Financial Statements Finding Resolved Audit Control Number 7151-93-02 \r\nThe audit report for the year ended June 30, 1993, stated that the Board had an underexpenditure of Quality Basic Education (QBE) funds 6f$13,949.91 for the StaffDevelopment - Professional Development Stipends Program. For the year under review, an adjustment was made to the Board's local fair share by the Georgia Department ofEducation to refund the underexpenditure as required. \r\nAUDIT FOLLOW-UPIRESOLUTION Overpayment ofAnnual Leave Financial Statements Amount: $2,252.55 Audit Control Number 7151-93-04 \r\nThe audit report for the year ended June 30, 1993, reported an overpayment to the former Superintendent, Mr. Ernest Burch, for fifteen days of accrued annual leave upon his retirement in the amount of$2,252.55. Neither the Board's leave policy nor the Superintendent's contract provided for this payment. During the year under review, reimbursement ofthe expenditure was not obtained. Appropriate action should be taken by the Board to secure reimbursement of the $2,252.55 for deposit to the Board's General Fund. \r\nAUDIT FOLLOW-UPIRESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $14,582.46 Audit Control Number 7151-94-01 \r\nThe audit report for the year ended June 30, 1994, reported that the Board had an underexpenditure of Quality Basic Education (QBE) funds of$14,582.46 for the StaffDevelopment - Professional Development Stipends Program. For the year under review, no adjustment was made to the Board's local fair share by the Georgia Department ofEducation to refund this underexpenditure as required. The underexpenditure of$14,582.46 should be returned to the Georgia Department ofEducation through an increase in the Board's local fair share for the QBE programs in a subsequent fiscal period. \r\n- 1- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR OUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1996 \r\n'\u003e. \r\nPRIOR YEAR \r\nAUDIT FOLLOW-UP / RESOLUTION Delinquent Completion Report Federal Financial Assistance Finding Resolved Audit Control Number 7151-95-02 \r\nThe audit report for the year ended June 30, 1995, stated that a review of the project completion reports submitted by the Board to the Georgia Department ofEducation for the Elementary and Secondary Education Act - Title I - Grants to Local Educational Agencies program (CFDA 84.010) revealed thatthe 1994 CarryOver project report was not filed by the required due date. In the year under review, the completion reports were filed in a timely manner. \r\nAUDIT FOLLOW-UP/RESOLUTION Inadequate Inventory Records Federal Financial Assistance Finding Resolved Audit Control Number 7151-95-03 \r\nThe audit report for the year ended June 30, 1995, noted property management records maintained by the Board for the Elementary and Secondary Education Act - Title I - Grants to Local Educational Agencies program (CFDA 84.010) were incomplete and failed to meet property management standards as set forth in Chapter 41, ofthe Financial Management for Georgia Local Units of Administration (FMGLUA). In the year under review, the Board implemented an inventory system that provides for the identification of all equipment purchased as outlined in Chapter 41, of the FMGLUA. \r\nPRIORYEARlCurolliNTYEAR \r\nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 7151-93-01 \r\nThe audit report the year ended June 30, 1995, noted that the management of the Polk School District Board ofEducation had chosen not to maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. In the year under review, the Board did not establish a General Fixed Assets Account Group within the formal accounting records. This condition results in the general purpose financial statements of the Board being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Board \r\n-2- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\nYEAR ENDED JUNE 30. 1996 \r\nv \r\nPRIOR YEAR/CURRENT YEAR GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 7151-93-01 to establish accounting controls and procedures to provide for maintenance of a General Fixed Assets Account Group. These subsidiary records should include an inventory ofland, buildings and equipment owned by the Board and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. \r\nNote: The Polk School District Board of Education was provided an opportunity to include pertinent comments from the Board's management concerning these audit findings, conclusions and recommendations. The Board has elected not to provide comments for inclusion in this report. \r\n-3- \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bp7-b1994-h95","title":"Audit report, Polk school district Board of Education, Cedartown, Georgia, year ended June 30, 1995","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits.","Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Polk County, 34.00178, -85.18815"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["1995-06-30"],"dcterms_description":["Ceased with: Year ended June 30, 1999.","Report year covers fiscal year.","Issues for \u003c1994\u003e-1996 issued by the State of Georgia, Dept. of Audits, 1997- by the Dept. of Audits and Accounts.","Year ended June 30, 1994 (online surrogate); title from PDF cover (Georgia Government Publications database, viewed June 16, 2023).","Year ended June 30, 1999, released in 2000? (online surrogate); (Georgia Government Publications database, viewed June 16, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Polk School District Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Polk County--Auditing--Periodicals.","Education--Georgia--Polk County--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Audit report, Polk school district Board of Education, Cedartown, Georgia, year ended June 30, 1995"],"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-bp7-b1994-h95"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bp7-b1994-h95"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"GA A8oo  R. j E2b \r\nPl \r\n19\u003c:;4 - Ci5 \r\nSTATE OF GEORGIA DEPARTMENT OF AUDITS \r\n254 WASHINGTON STREET ATLANTA. GEORGIA 30334 \r\n \r\n AUDIT REPORT POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\nCEDARTOWN, GEORGIA YEAR ENDED JUNE 30, 1995 \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \r\n \r\nEXHIBITS \r\n \r\nGENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nCOMBINED STATEMENTS-OVERVIEW \r\n \r\nA \r\n \r\nCOMBINED BALANCE SHEET \r\n \r\nALL FUND TYPES \r\n \r\n2 \r\n \r\nB \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES \r\n \r\nALL GOVERNMENTAL FUND TYPES \r\n \r\nAND EXPENDABLE TRUST FUND \r\n \r\n4 \r\n \r\nC \r\n \r\nSTATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \r\n \r\n(NON-GAAP BASIS) \r\n \r\n_ \r\n \r\nGENERAL AND SPECIAL REVENUE FUNDS \r\n \r\n6 \r\n \r\nD NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\n7 \r\n \r\nADDITIONAL FINANCIAL INFORMATION \r\n \r\nCOMBINING STATEMENTS \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nE \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n18 \r\n \r\nF \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\n20 \r\n \r\nCAPITAL PROJECTS FUND \r\n \r\nG \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n22 \r\n \r\nH \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES \r\n \r\n24 \r\n \r\nSCHEDULES \r\n \r\n1 SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \r\n \r\n26 \r\n \r\n2 CASH AND CASH EQUIVALENTS \r\n \r\n28 \r\n \r\n3 ACCOUNTS RECEIVABLE \r\n \r\n29 \r\n \r\nSCHEDULE OF REVENUE \r\n \r\n4 \r\n \r\nSTATE \r\n \r\n30 \r\n \r\n5 \r\n \r\nLOCAL AND OTHER \r\n \r\n31 \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION -TABLE OF CONTENTS- \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nADDITIONAL FINANCIAL INFORMATION \r\n \r\nSCHEDULES \r\n \r\nSCHEDULE OF EXPENDITURES BY OBJECT \r\n \r\n6 \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\n33 \r\n \r\n7 \r\n \r\nLOTTERY PROGRAMS \r\n \r\n34 \r\n \r\n8 \r\n \r\nFIDUCIARY FUND TYPE \r\n \r\nEXPENDABLE TRUST FUND \r\n \r\n36 \r\n \r\nANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS \r\n \r\n9 \r\n \r\nOVERALL \r\n \r\n37 \r\n \r\n10 \r\n \r\nBY PROGRAM \r\n \r\n38 \r\n \r\n11 SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS \r\n \r\n40 \r\n \r\nSECTION II \r\nCOMPLIANCE \r\nCOMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nSINGLE AUDIT REPORT ON COMPLIANCE WITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS \r\nSINGLE AUDIT OPINION ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS \r\nSINGLE AUDIT REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION - TABLE OF CONTENTS - \r\nSECTION III INTERNAL CONTROL REPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS SINGLE AUDIT REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS \r\nSECTION IV FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\nSECTIONV PERTINENT VIEWS OF RESPONSIBLE OFFICIALS PERTINENT VIEWS OF RESPONSIBLE OFFICIALS \r\n \r\n SECTION I FINANCIAL \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 22, 1996 \r\n \r\nHonorable Zell Miller, Governor Members of the General Assembly Members of the State Board ofEducation \r\nand Superintendent and Members of the Polk School District Board ofEducation \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \r\nLadies and Gentlemen: \r\nWe have audited the general purpose financial statements (Exhibits A through D) of the Polk School District Board of Education, as of and for the year ended June 30, 1995, as listed in the table of contents. These financial statements are the responsibility of the Board's. management. Our responsibility is to express an opinion on these financial statements based on our audit. \r\nExcept as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the provisions of the Office of Management and Budget Circular A-128, \"Audits of State and Local Governments\". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \r\nWe did not observe the taking of either the Federal donated commodities inventory or purchased foods inventory at June 30, 1995, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. \r\nAs described in the notes to the general purpose financial statements, the Board's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: \r\n95ARL-13* \r\n \r\n * The general purpose financial statements of the Board did not contain a General Fixed Assets Account Group to account for property and equipment owned by the Board which should be included to conform to generally accepted accounting principles. \r\n* School activity accounts maintained at the individual schools are not included in the general purpose financial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. \r\n* The Board did not recognize as expenditures, in the year ended June 30, 1995, a portion of salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 1995. Also funds received, subsequent to June 30, 1995, from the Georgia Department ofEducation for the State's share of these unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1994, were improperly recorded in the year ended June 30, 1995. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. \r\nThe aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. \r\nIn our opinion, except for the effects ofsuch adjustments, if any, on the Special Revenue Fund, as might have beendetermined to be necessary had we been able to satisfy ourselves as to the accuracy of the food service inventories as discussed in the third paragraph, and except for the effects on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements present fairly, in all material respects, the financial position of the Polk School District Board of Education as of June 30, 1995, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated March 22, 1996, on our consideration ofthe Board's internal control structure and a report dated March 22, 1996, on its compliance with laws and regulations. \r\nOur audit was conducted for the purpose of forming an opinion on the general purpose financial statements of the Polk School District Board of Education taken as a whole. The combining statements (Exhibits E through H) and the financial schedules (Schedules 1 through 11 which includes the Schedule of Federal Financial Assistance) are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the Polk School District Board of Education. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, except for the effect of adjustments, if any, on the Special Revenue Fund, as might have been determined to be necessary had we been able to satisfy ourselves as to the accuracy of the food service inventories as discussed in the third paragraph, and except for the effects of the matters referred to in the fourth paragraph, such information is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. \r\n95ARL-13* \r\n \r\n A copy ofthis report has been filed as a pennanent record in the office of the State Auditor and made available \r\nto the press of the State, as provided for by Official Code of Georgia Annotated Section 50-6-24. \r\nRespectfully submitted, \r\n~~ \r\nClaude L. Vickers State Auditor \r\nCLV:dt 95ARL-13* \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION - 1- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINED BALANCE SHEET ALL FUND TYPES JUNE 30, 1995 \r\n \r\nASSETS \r\nCash and Cash Equivalents \r\nAccounts Receivable \r\nInventories Food Donated Commodities Purchased Food \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nFUND \r\n \r\n$ 3,882,198.45 $ 449,783.16 $ 1,035,966.25 \r\n \r\n130,764.n \r\n \r\n456,614.82 \r\n \r\n73,820.55 23,972.63 \r\n \r\nTotal Assets \r\n \r\n$ 4,012,963.22 $ 1,004,191.16 $ 1,035,966.25 \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nAccounts Payable Salaries Payable Expired Grant Balances Payable Retainages Payable Deferred Revenue \r\nTotal liabilities \r\nFUND EQUITY \r\nFund Balances Reserved For Bus Replacement Funds For Continuation of Federal Programs For Expired Grant Balances/Questioned Costs For Inventories Food Donated Commodities Purchased Food For State Capital Outlay Projects \r\nUnreserved Undesignated \r\nTotal Fund Equity \r\n \r\n$ 163,459.61 $ 235,335.05 \r\n \r\n7,169.88 \r\n \r\n196,556.44 \r\n \r\n500.00 \r\n \r\n5,804.63 \r\n \r\n$ 171,129.49 $ 437,696.12 \r\n \r\n$ \r\n \r\n$ \r\n \r\n28,532.37 \r\n \r\n2,465.03 \r\n \r\n$ \r\n \r\n28,532.37 $ \r\n \r\n3,813,301.36 \r\n \r\n$ 3,841,833.73 $ \r\n \r\n73,820.55 23,972.63 \r\n$ \r\n \r\n411,987.93 \r\n \r\n100,258.21 $ 411,987.93 \r\n \r\n466,236.83 \r\n \r\n623,978.32 \r\n \r\n566,495.04 $ 1,035,966.25 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ 4,012,963.22 $ 1,004,191.16 $ 1,035,966.25 \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. -2- \r\n \r\n EXHIBIT\"A\" \r\n \r\nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \r\n \r\nTOTALS (Memorandum Only) JUNE 30, 1995 JUNE 30, 1994 \r\n \r\n$ \r\n \r\n8,987.20 $ 5,376,935.06 $ 4,660,207.56 \r\n \r\n587,379.59 \r\n \r\n385,905.28 \r\n \r\n73,820.55 23,972.63 \r\n \r\n63,193.94 17,613.87 \r\n \r\n$ \r\n \r\n8,987.20 $ 6,062,107.83 $ 5,126,920.65 \r\n \r\n$ 398,794.66 $ 165,372.80 \r\n \r\n203,726.32 \r\n \r\n194,049.21 \r\n \r\n6,304.63 \r\n \r\n17,468.67 \r\n \r\n28,772.00 \r\n \r\n2,638.96 \r\n \r\n$ 608,825.61 $ 408,301.64 \r\n \r\n$ \r\n \r\n30,654.66 \r\n \r\n$ \r\n \r\n2,465.03 \r\n \r\n17,698.26 \r\n \r\n28,532.37 \r\n \r\n28,532.37 \r\n \r\n73,820.55 23,972.63 411,987.93 \r\n \r\n63,193.94 17,613.87 178,908.24 \r\n \r\n$ 540,TT8.51 $ 336,601.34 \r\n \r\n$ \r\n \r\n8,987.20 \r\n \r\n4,912,503.71 \r\n \r\n4,382,017.67 \r\n \r\n$ \r\n \r\n8,987.20 $ 5,453,282.22 $ 4,718,619.01 \r\n \r\n$ \r\n \r\n8,987.20 $ 6,062,107.83 $ 5,126,920.65 \r\n \r\n-3- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \r\nALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND YEAR ENDED JUNE 30 1995 \r\n \r\nREVENUES \r\nState Funds Federal Funds Local and Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Other Operations of Non-Instructional Services \r\nCapital Outlay \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nOperating Transfers In Operating Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \r\nFUND BALANCE JULY 1 \r\nAdjustment For Unrecorded Fund Balance \r\nFood Inventory - Net Change in Period Donated Commodities Purchased Food \r\n \r\nGENERAL FUND \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\n$ 19,608.366.89 $ \r\n \r\n637,920.45 $ \r\n \r\n69,325.45 \r\n \r\n2,486,272.89 \r\n \r\n5.515,605.60 \r\n \r\n596,573.83 \r\n \r\n$ 25.193,297.94 $ 3.720,767.17 $ \r\n \r\n267,316.19 29,567.96 \r\n296,884.15 \r\n \r\n$ 17,264,391.02 $ 1,311,583.20 \r\n \r\n832,515.01 553,701.03 731,494.50 245,273.45 1,599,589.55 293,356.02 2,032,816.79 1,060,511.45 \r\n22,098.06 4,531.59 \r\n \r\n109,015.70 33,747.61 46,917.57 63,236.69 1,452.60 \r\n88,068.00 49,228.58 \r\n10,195.35 1,986,210.00 \r\n \r\n73,163.67 \r\n \r\n25,402.12 $ \r\n \r\n$ 24,713,442.14 $ 3,725,057.42 $ \r\n \r\n$ \r\n \r\n479,855.80 $ \r\n \r\n-4,290.25 $ \r\n \r\n57,236.50 57,236.50 239,647.65 \r\n \r\n$ \r\n \r\n$ \r\n \r\n-107,066.48 \r\n \r\n$ \r\n \r\n-107,066.48 $ \r\n \r\n66.48 $ \r\n \r\n107,000.00 \r\n \r\n66.48 $ \r\n \r\n107,000.00 \r\n \r\n$ \r\n \r\n372,789.32 $ \r\n \r\n3,469,044.41 \r\n \r\n-4,223.TT $ 553,733.44 \r\n \r\n346,647.65 689,318.60 \r\n \r\n10,626.61 6,358.76 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ 3,841,833.73 $ \r\n \r\n566 495.04 $ 1,035,966.25 \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. -4- \r\n \r\n EXHIBIT\"B\" \r\n \r\nTOTAL \r\n \r\nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \r\n \r\nTOTALS (Memorandum Only) \r\nYEAR ENDED JUNE 30, 1995 JUNE 30, 1994 \r\n \r\n$ 20,513,603.53 2,555,598.34 6,141,747.39 $ \r\n$ 29,210,949.26 $ \r\n \r\n$ 6,197.70 \r\n \r\n20,513,603.53 $ 2,555,598.34 6,147,945.09 \r\n \r\n18,812,076.38 2,513,071.03 6,065,306.16 \r\n \r\n6,197.70 $ 29,217,146.96 $ 27,390,453.57 \r\n \r\n$ 18,575,974.22 \r\n \r\n941,530.71 587,448.64 778,412.07 308,510.14 1,601,042.15 293,356.02 2,120,884.79 1,109,740.03 22,098.06 \r\n14,726.94 1,986,210.00 \r\n$ 155,802.29 \r\n \r\n$ 28,495,736.06 $ \r\n \r\n$ \r\n \r\n715,213.20 $ \r\n \r\n$ 18,575,974.22 $ 17,339,952.81 \r\n \r\n3,733.06 \r\n \r\n941,530.71 587,448.64 778,412.07 308,510.14 1,601,042.15 293,356.02 2,120,884.79 1,109,740.03 \r\n22,098.06 14,726.94 1,986,210.00 3,733.06 155,802.29 \r\n \r\n866,706.39 581,875.91 948,086.83 287,768.45 1,522,867.76 263,299.93 1 ,996,884.59 993,390.83 \r\n24,243.38 5,522.16 \r\n1,842,808.76 2,560.58 \r\n270,307.81 \r\n \r\n3,733.06 $ 28,499,469.12 $ 26,946,276.19 \r\n \r\n2,464.64 $ \r\n \r\n717,677.84 $ \r\n \r\n444,177.38 \r\n \r\n$ \r\n \r\n107,066.48 \r\n \r\n-107,066.48 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n715,213.20 $ \r\n \r\n4,712,096.45 \r\n \r\n10,626.61 6,358.76 \r\n \r\n$ \r\n \r\n107,066.48 \r\n \r\n-107,066.48 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n2,464.64 $ 6,522.56 \r\n \r\n717,677.84 $ 4,718,619.01 \r\n \r\n444,177.38 4,275,643.97 \r\n \r\n10,626.61 6,358.76 \r\n \r\n4,625.14 \r\n-6,071.34 243.86 \r\n \r\n$ 5,444,295.02 $ \r\n \r\n8 987.20 $ 5,453,282.22 $ 4 718 619.01 \r\n \r\n-5- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF !;DUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nBUDGET AND ACTUAL - {NON-GAAP BASIS} GENERALANDSPEC~LREVENUEFUNDS \r\nYEAR ENDED JUNE 30, 1995 \r\n \r\nEXHIBIT\"C\" \r\n \r\nREVENUES \r\nState Funds Federal Funds Local and Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services -Food Services Operation \r\nCapital Outlay \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES {USES} \r\nOther Sources Other Uses \r\nTotal Other Financing Sources (Uses) \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \r\nFUND BALANCE JULY 1, 1994 \r\nAdjustments \r\n \r\nGENERAL FUND \r\n \r\nACTUAL \r\n \r\n(BUDGET \r\n \r\nBUDGET \r\n \r\nBASIS) \r\n \r\n$ 19,111,115.00 $ 19,608,366.89 \r\n \r\n63,514.00 \r\n \r\n69,325.45 \r\n \r\n5,041,003.00 \r\n \r\n5,515,605.60 \r\n \r\n$ 24,215,632.00 $ 25,193,297.94 \r\n \r\n$ 17,346,166.57 $ 17,264,391.02 \r\n \r\n840,153.48 506,495.53 758,447.91 244,417.41 1,612,628.74 305,856.20 2,168,332.49 1,021,328.67 \r\n24,250.00 6,330.00 \r\n \r\n832,515.01 553,701.03 731,494.50 245,273.45 1,599,589.55 293,356.02 2,032,816.79 1,060,511.45 \r\n22,098.06 4,531.59 \r\n \r\n82,094.00 \r\n \r\n73,163.67 \r\n \r\n$ 24,916,501.00 $ 24,713,442.14 \r\n \r\n$ -700,869.00 $ 479,855.80 \r\n \r\n$ -107 ,066.48 $ -107,066.48 \r\n \r\n$ -700,869.00 $ 372,789.32 \r\n \r\n3,460,889.80 \r\n \r\n3,469,044.41 \r\n \r\n-110,036.62 \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nACTUAL \r\n \r\n(BUDGET \r\n \r\nBUDGET \r\n \r\nBASIS) \r\n \r\n$ 345,615.00 $ 637,920.45 \r\n \r\n2,360,743.00 \r\n \r\n2,486,272.89 \r\n \r\n601,500.00 \r\n \r\n596,573.83 \r\n \r\n$ 3,307,858.00 $ 3,720,767.17 \r\n \r\n$ 1,341,291.00 $ 1,311,583.20 \r\n \r\n94,102.00 42,252.00 47,816.00 65,848.00 \r\n \r\n109,015.70 33,747.61 46,917.57 63,236.69 1,452.60 \r\n \r\n7,461.00 51,274.00 \r\n \r\n88,068.00 49,228.58 \r\n \r\n10,725.00 1,982,817.00 \r\n117,370.00 \r\n \r\n10,195.35 1,986,210.00 \r\n25,402.12 \r\n \r\n$ 3,760,956.00 $ 3,725,057.42 \r\n \r\n$ -453,098.00 $ \r\n \r\n-4,290.25 \r\n \r\n$ \r\n \r\n66.48 \r\n \r\n$ \r\n \r\n66.48 \r\n \r\n$ -453,098.00 $ 552,159.06 48,087.13 \r\n \r\n-4,223.n 472,925.63 \r\n \r\nFUND BALANCE JUNE 30, 1995 \r\n \r\n$ 2,649,984.18 $ 3,841,833.73 \r\n \r\n$ 147,148.19 $ 468,701.86 \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. -6- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1995 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nThe Polk School District Board ofEducation (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. With the exception of the departures from generally accepted accounting principles disclosed in these notes, the financial statements of the Board have been prepared in conformity with generally accepted accounting principles as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting standards. \r\nThe more significant of the Board's accounting policies are described below. \r\nREPORTING ENTITY \r\nIn evaluating how to define the government unit for financial reporting purposes, management has considered the criteria set forth in GASB Codification of Governmental Accounting and Financial Reporting Standards, Section 2100, \"Defining the Financial Reporting Entity\". The primary government consists of all the organizations that compose the legal entity of the Polk School District Board of Education. \r\nBased upon the application of the above criteria, the Polk School District Board of Education is determined to be the lowest level of government exercising oversight responsibility and control over all activities related to public education in Polk County, Georgia. The Board is not included in any other governmental \"reporting entity\" as defined by GASB Codification of Governmental Accounting and Financial Reporting Standards. \r\nBoard members were elected by the public and have decision making authority, the power to designate management, the ability to significantly influence operations, and primary accountability for fiscal matters. The Board determines the millage rate at which school taxes are levied and may incur bonded indebtedness with voter approval. \r\nFUND ACCOUNTING \r\nThe Board 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. \r\nA fund is a separate accounting entity with a self-balancing set of accounts. \r\nGeneral Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Board. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. \r\n \r\n- 7- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1995 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these :financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. \r\nThe general purpose financial statements account for all State, Federal, Local and Other Funds under control ofthe Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds presented in this report are as follows: \r\nGOVERNMENTAL FUND TYPES - are used to account for all or most of a Board's general activities. Governmental Fund Types include: \r\nGENERAL FUND - the fund used to account for all financial resources of the Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. \r\nSPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are primarily received from the Georgia Department of Education and from the Federal government to accomplish specific objectives and are required to be accounted for separately. Also included are proceeds received from State, Federal, Local and Other sources for operations of the school food services fund. This fund could be accounted for as an enterprise fund; however, the Board chooses not to provide for depreciation, but to maintain the fund on a modified accrual basis and to report the fund as a special revenue fund under governmental fund types, which is acceptable under generally accepted accounting principles for governmental entities. \r\nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. \r\nFIDUCIARY FUND TYPE - the trust fund used to account for assets held by a government unit in a trustee capacity. This fund includes: \r\nEXPENDABLE TRUST FUND Student Special Needs Fund - the fund used to account for contributions and expenditures of private funds which are designated to be used for the purchase of clothing and medical needs for disadvantaged students at the Superintendent's discretion. \r\nBASIS OF ACCOUNTING \r\nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and the expendable trust fund are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are \r\n- 8- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATE:MENTS \r\n \r\nJUNE 30, 1995 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nincluded on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \r\nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. \r\nGovernmental funds and the expendable trust fund are accounted for using the modified accrual basis of accounting under which: \r\nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). \"Measurable\" means the amount ofthe transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Those revenues considered susceptible to accrual are property taxes, intergovernmental grants and investment income. Property taxes are considered available if they are collected and remitted by the collecting agent to the Board within 60 days after fiscal year-end. \r\nExpenditures are generally recognized when the related fund liability is incurred. \r\nA departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share ofthese contracts. During fiscal year 1995, a substantial number of personnel of the Board were employed for a one hundred and ninety day period beginning in late August 1994 and ending in early June 1995. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1994 and ending in August 1995. State grants to fund the State's share of these contracts were disbursed from the Georgia Department of Education to the Board in the same twelve months. As ofJune 30, 1995, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 1995, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 1995. Also, the State's portion of the compensation paid in July and August 1995 was received and recorded as revenue in the fiscal year subsequent to June 30, 1995. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1994, were recorded in the year ended June 30, 1995. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. \r\nBUDGET \r\nThe Polk School District Board of Education's budget is a complete financial plan for the Board's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is \r\n \r\n- 9- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1995 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nprepared by fund, function and object. The legal level of budget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. \r\n \r\nThe budget process begins when the Board's administration prepares a tentative budget for the Board's approval. After approval of tbis tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality. At the next regular meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 20-2-167, to the Georgia Department 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 Statement ofRevenues, Expenditures and Changes in Fund Balances - Budget and Actual presents actual and budgeted data for the General Fund and Special Revenue Fund. To facilitate comparison with the budget, the following adjustments have been made to actual revenues, expenditures and fund balance as reflected on Exhibit \"B\" of this report: \r\n \r\nExcess of Revenues and Other Sources of Financial Resources over (under) Expenditures and Other Financing Uses \r\nFund Balance July 1, 1994 \r\nAdjustments: Inventories July 1, 1994 Food Donated Commodities Purchased Foods \r\nFund Balance June 30, 1995 (Budget Basis) \r\n \r\nSpecial Revenue \r\nFund \r\n$ -4,223.77 553,733.44 \r\n-63,193.94 -17,613.87 $ 468,701.86 \r\n \r\nCASH AND CASH EQUIVALENTS \r\n \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits (including certificates of deposit, savings and N. 0.W. accounts) in authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. The placement of proceeds from bond issues in certificates of deposit is limited to financial institutions located within this State. \r\n \r\n- 10 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1995 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist ofgrant reimbursements due from Federal, State or other grantors for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\nPROPERTY TAXES \r\n \r\nThe Polk County Board of Commissioners fixed the property tax levy for the 1994 tax year on October 1, 1994. Taxes were due on December 1, 1994. The lien date for property taxes was January 1, 1994. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1995 since their collection meets the criteria of GASB codification section P70.103. The Polk County Tax Commissioner bills and collects the property taxes for the Board of Education, withholds 2.5% of taxes collected as a fee for tax collection, and remits the balance of taxes collected to the Board. \r\n \r\nThe tax millage rate levied for the 1994 tax year (calendar year) for the Polk School District Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n14.7027 mills \r\n \r\nINVENTORIES \r\n \r\nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost. Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time of purchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute \"available spendable resources\" even though they are a component of net current assets. \r\n \r\nCOMPENSATED ABSENCES \r\n \r\nCompensated absences represent obligations of the Board relating to employees' rights to receive compensation for future absences based upon service already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the individual funds for the current portion of this obligation as this amount is deemed immaterial to the general purpose financial statements. \r\n \r\n- 11 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1995 \r\n \r\nNote I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nAdditionally, the dollar value of accumulated compensated absences at June 30, which will be payable from future resources has not been recorded in a General Long-Term Debt Account Group as this liability is also deemed to be immaterial to the fair presentation of these financial statements. \r\nINTERFUND TRANSACTIONS \r\nThe Board has the following types ofinterfund transactions: \r\nReimbursements of expenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \r\nOperating transfers are recorded for all interfund transactions other than reimbursements. \r\nMEMORANDUM ONLY -TOTAL COLUMNS \r\nTotal columns on the general purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \r\nNote 2: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee ofinsurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities shall be equal to not less than 110 percent of the public funds being secured after the deduction of the amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n(I) 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- 12 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1995 \r\n \r\nNote 2: DEPOSITS \r\n \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities ofthe State of Georgia, \r\n(5) Bonds of any public authority created by the laws of the Stat'e of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n \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 and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n \r\nCATEGORIZATION OF DEPOSITS At June 30, 1995, the bank balances were $7,132,153.80. The amounts of the total bank balances are classified into three categories of credit risk: \r\n \r\nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. \r\nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name. \r\nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Board's name.) \r\n \r\nThe Board's deposits are classified by risk category at June 30, 1995, as follows: \r\nRisk Category \r\n1 2 3 \r\nTotal \r\nNote 3: NON-MONETARY TRANSACTIONS \r\n \r\nBank Balance \r\n$7,132,153.80 0.00 0.00 \r\n$ 7 132 153.80 \r\n \r\nThe Board receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \r\n \r\n- 13 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1995 \r\n \r\nNote 4: RISK MANAGEMENT \r\n \r\nThe Board is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illnesses or injuries to employees; natural disaster; and unemployment compensation. \r\n \r\nThe Board has obtained commercial insurance for risk of loss associated with torts, assets, and errors or omissions. The Board has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any of the past three years. \r\n \r\nThe Board has elected to self-insure for all losses related to natural disaster. The Board has not experienced any losses related to this risk in the past three years. \r\n \r\nThe Board is self-insured with regard to unemployment compensation claims. The Board accounts for claims within the General Fund and the School Food Services Fund with expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability \r\n \r\nClaims and Changes in Estimates \r\n \r\nClaims Paid \r\n \r\nEndofYear Liability \r\n \r\n1994 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n1,964.60 $ \r\n \r\n1964.60 $ \r\n \r\n0.00 \r\n \r\n1995 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n1 170.00 $ \r\n \r\n1 170.00 $ \r\n \r\n0.00 \r\n \r\nThe Board participates in the Georgia School Boards Association Workers' Compensation Fund, a public entity risk pool organized on July 1, 1992 to develop, implement, and administer a program of workers' compensation self-insurance for its member organizations. The Board pays an annual premium to the Fund for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Fund with the Safety National Casualty Corporation to provide coverage for potential losses sustained by the Fund in excess of $250,000.00 loss per occurrence, up to the statutory limit. Also, should losses within the retained limit of $250,000.00 aggregate to more than eighty-five percent (85%) of the standard experience rated premium during the policy term, the policy with Safety National Casualty Corporation will pay the next $1,000,000.00 ofloss. \r\n \r\nNote 5: CONTINGENT LIABILITIES \r\n \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 granter agency for any expenditures which are disallowed under grant terms. The Board believes that such disallowances, if any, will be immaterial to its overall financial position. \r\n \r\n- 14 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1995 \r\n \r\nNote 6: ACCUMULATED EMPLOYEES' LEAVE \r\nAll twelve-month employees are eligible for annual vacation earned at the rate of .833 days for each full calendar month employed up to a maximum often (10) days. Twelve-month employees with fifteen (15) or more years ofservice with the school district are eligible for five (5) additional vacation days annually. Upon approval of the employee's supervisor, all unused vacation days may be carried forward into the next employment year. Upon retirement or termination, employees will be paid at the current rate of pay for unused earned vacation up to the maximum earned during a single year. See Note 1 - Compensated Absences \r\nNote 7: RETIREMENT PLANS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer public employee retirement system (PERS). \r\nTRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. A member is eligible for service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. A member is eligible for early retirement after 25 years of creditable service and attainment of age 55, at a reduced benefit. Retirement benefits paid to members are equal to 2% of the average of the member's two consecutive highest paid years of service multiplied by the number of years of creditable service up to 40 years. The normal retirement pension is payable monthly for life. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \r\nRetirement benefits also include death and disability benefits. A disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The death benefit is the amount that would be payable to the member's beneficiary had the member retired on the date of death on either a service retirement allowance or a disability retirement allowance, whichever is larger. The benefit is based on the member's creditable service (minimum of 10 years of service) and compensation up to the time of disability or death. \r\nMembers become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting of employer contributions occurs, but the member's contributions are refunded with interest. \r\nThe Board's payroll for employees covered by TRS for the year ended June 30, 1995, was $16,906,011.92; total payroll was $19,106,148.80. \r\n \r\n- 15 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXIDBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1995 \r\n \r\nNote 7: RETIREMENT PLANS \r\n \r\nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Board who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. For fiscal year 1995 that rate for employer contributions was 11.81%. The interest rate assumption (rate of return on investments) was 7.50%. \r\n \r\nTotal contributions made during fiscal year 1995 amounted to $2,841,904.59, ofwhich $1,996,599.01 was made by the Board and $845,305.58 was made by employees. These contributions represented 11.81% (Board) and 5% (employees) of covered payroll. \r\n \r\nTRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 ofthe Governmental Accounting Standards Board (GASB) that, with some exceptions, must be used by a PERS. The standardized measurement is the actuarial present value of credited projected benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salary increases. A standardized measure ofthe pension benefit obligation was adopted by the GASB to enable readers of PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other PERS and among other employers. \r\n \r\nTotal unfunded pension benefit obligation of TRS as of June 30, 1994, was as follows: \r\n \r\nTotal pension benefit obligation \r\n \r\n$15,313,743,000.00 \r\n \r\nNet assets available for benefits, at cost \r\n \r\n14,254,785,000.00 \r\n \r\nUnfunded pension benefit obligation \r\n \r\n$ 1 058,958,000.00 \r\n \r\nThe measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1994. Net assets available to pay pension benefits were valued as of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers. \r\n \r\nTotal contributions from all employers to TRS for fiscal year ended June 30, 1995 were $565,117,811.00. The Board's contribution for the year ended June 30, 1995 of $1,996,599.01 was actuarially determined and represented .3533% of total contributions made by all participating employers. \r\n \r\nTen year historical trend information is presented in the 1995 TRS Component Unit Financial Report. This information is useful in assessing TRS's accumulation of sufficient assets to pay pension benefits as they become due. \r\n \r\n- 16 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXIIlBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1995 \r\n \r\nNote 7: RETIREMENT PLANS \r\nPUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA (PSERS) \r\nPSERS PLAN DESCRIPTION Substantially all bus drivers, maintenance, custodial, and lunchroom personnel employed by local school systems are covered by the Public School Employees Retirement System of Georgia (PSERS). All employer's contributions are made by the State of Georgia in accordance with State statute. \r\nPSERS provides in accordance with State statute service retirement, disability retirement and survivors benefits for its members. A member is eligible for normal service retirement after 10 years of service and attainment ofage 65. A member applying for service retirement with 10 years of service and retires between the ages of 60 and 65 receives a reduced benefit. Monthly retirement benefits paid to members are equal to $8.00 per month multiplied by the number ofyears of creditable service. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \r\nRetirement provisions include death and disability benefits. Disability benefits are the same as if the employee had retired at age 65 as long as the employee has 15 or more years of creditable service. Death benefits are dependent upon the number ofyears of service. If there are less than ten years of service, a lump sum refund of the employee's contributions and interest are made to the beneficiary. If there are more than ten years of service, the beneficiary shall receive for life half of what the employee would have received upon retirement. \r\nMembers become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting of employer contributions occurs, but the member's contributions are refunded with interest. \r\nThere were 181 employees covered under PSERS for the year ended June 30, 1995. \r\nPSERS CONTRIBUTIONS REQUIRED AND MADE Covered employees are required by State statute to contribute $4. 00 a month for the nine month school year. Unlike TRS, the Board makes no contribution to PSERS. The State of Georgia is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS' Board of Trustees. Total contributions from employees ofthe Board made during fiscal year 1995 amounted to $6,184.00. Total contribution for all school systems made by the State of Georgia to PSERS for fiscal year ended June 30, 1995, was $9,162,000.00. \r\nNote 8: SURETY BONDS \r\nThe School Superintendent, Mr. James J. Carter, Jr., is bonded in the amount of $50,000.00 with the Western Surety Company, Sioux City, South Dakota, their Bond No. 58554256, on which premium is paid through May 7, 1996. \r\n \r\n- 17 - \r\n \r\n POLK SCHQQL DISTRICT BOARD OF EDUCATION CQMBINING BALANCE SHE~T PECIAL REVENUE FUND JUNE 30 1995 \r\n \r\nASSETS \r\nCash and Cash Equivalents \r\nAccounts Receivable \r\nInventories Food Donated Commodities Purchased Food \r\n \r\nELEMENTARY AND SECONDARY \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTTERY PROGRAMS \r\n \r\nDRUG-FREE SCHOOLS AND COM\\1UNITIES \r\nACT \r\n \r\nEDUCATION OF CHILDREN IN \r\nSTATE SCHOOLS \r\n \r\nCHAPTER 1 \r\n \r\nEDUCATION OF \r\n \r\nSTATE \r\n \r\nDEPRIVED \r\n \r\nPROGRAM \r\n \r\nCHILDREN \r\n \r\nIMPROVEMENT \r\n \r\n$ 560,357.36 \r\n \r\n8,883.16 $ 240,225.75 $ \r\n \r\n15,499.00 $ \r\n \r\n408.00 $ \r\n \r\n137,213.48 $ \r\n \r\n2,547.67 \r\n \r\n73,820.55 23,972.63 \r\n \r\nTotal Assets \r\n \r\n$ 667,033.70 $ 240,225.75 $ \r\n \r\n15,499.00 $ \r\n \r\n408.00 $ \r\n \r\n137,213.48 $ \r\n \r\n2 547.67 \r\n \r\nblABILITIES AND FUND EQUITY \r\n \r\nLIABILITIES \r\n \r\nCash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable Deferred Revenue \r\n \r\n$ 50,092.82 $ \r\n \r\n$ 21,957.31 \r\n \r\n185,709.63 \r\n \r\n81,046.38 \r\n \r\n4,423.30 \r\n \r\nTotal Liabilities \r\n \r\n$ 103,003.69 $ 240,225.75 $ \r\n \r\nFUND EQUITY \r\n \r\nFund Balances \r\n \r\nReserved \r\n \r\nFor Continuation of Federal Programs \r\n \r\nFor Inventories \r\n \r\nFood \r\n \r\nDonated Commodities \r\n \r\n$ \r\n \r\nPurchased Food \r\n \r\n73,820.55 23,972.63 \r\n \r\nUnreserved Undesignated \r\n \r\n$ 97,793.18 466,236.83 $ \r\n \r\n0.00 $ \r\n \r\nTotal Fund Equity \r\n \r\n$ 564,030.01 $ \r\n \r\n0.00 $ \r\n \r\n15,342.09 $ 156.91 \r\n15,499.00 $ \r\n0.00 $ 0.00 $ \r\n \r\n408.00 $ \r\n \r\n38,097.28 $ 17,659.12 80,938.54 \r\n518.54 \r\n \r\n408.00 $ \r\n \r\n137,213.48 $ \r\n \r\n2,251.77 295.90 \r\n2 547.67 \r\n \r\n0.00 $ 0.00 $ \r\n \r\n0.00 $ 0.00 $ \r\n \r\n0.00 0.00 \r\n \r\nTotal Liabilities and Fund Equity $ 667,033.70 $ 240,225.75 $ \r\n \r\n15,499.00 $ \r\n \r\n408.00 $ \r\n \r\n1371213.48 $ \r\n \r\n2,547.67 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n-18 - \r\n \r\n EXHIBIT\"E\" \r\n \r\nEDUCATION ACT \r\n \r\nMIGRANT PROGRAM \r\n \r\nCHAPTER2 BLOCK GRANT FLOW THROUGH \r\n \r\nTITLE IIEISENHOWER MATHEMATICS AND SCIENCE EDUCATION \r\n \r\n$ \r\n \r\n4,909.02 $ \r\n \r\n140.00 $ \r\n \r\n3,696.27 \r\n \r\nINDMDUALS WITH \r\n \r\nDISABILITIES EDUCATION ACT \r\n \r\nTITLEVI, B \r\n \r\nFLOW \r\n \r\nPRESCHOOL \r\n \r\nTHROUGH \r\n \r\nPROGRAM \r\n \r\nJOB TRAINING PARTNERSHIP \r\nACT \r\n \r\nTOTALS JUNE 301 1995 JUNE 30, 1994 \r\n \r\n$ \r\n \r\n5,390.79 \r\n \r\n$ 574,493.44 $ 589,174.51 \r\n \r\n$ \r\n \r\n46,914.59 \r\n \r\n$ \r\n \r\n4,923.17 \r\n \r\n456,614.82 \r\n \r\n211,905.56 \r\n \r\n73,820.55 23,972.63 \r\n \r\n63,193.94 17,613.87 \r\n \r\n$ \r\n \r\n4,909.02 $ \r\n \r\n140.00 $ \r\n \r\n3,696.27 $ \r\n \r\n46,914.59 $ \r\n \r\n5,390.79 $ \r\n \r\n4,923.17 $ 1,128,901.44 $ 881,887.88 \r\n \r\n$ \r\n \r\n799.24 $ \r\n \r\n3,755.08 \r\n \r\n354.70 \r\n \r\n$ \r\n \r\n4,909.02 $ \r\n \r\n140.00 $ 140.00 $ \r\n \r\n$ 1,231.24 \r\n \r\n13,595.15 6,732.88 $ \r\n26,230.16 356.40 \r\n \r\n1 231.24 $ \r\n \r\n46,914.59 $ \r\n \r\n$ 652.82 4,586.28 151.69 \r\n5,390.79 $ \r\n \r\n4,923.17 $ 4,923.17 $ \r\n \r\n124,710.28 $ 235,335.05 196,556.44 \r\n5,804.63 \r\n562,406.40 $ \r\n \r\n35,143.78 84,544.67 188,400.39 17,426.64 \r\n2,638.96 \r\n328,154.44 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n$ \r\n \r\n4,909.02 $ \r\n \r\n$ \r\n \r\n2,465.03 \r\n \r\n$ 0.00 0.00 $ \r\n \r\n2,465.03 0.00 $ \r\n2,465.03 $ \r\n \r\n0.00 $ 0.00 $ \r\n \r\n0.00 $ 0.00 $ \r\n \r\n$ \r\n \r\n2,465.03 $ \r\n \r\n17,698.26 \r\n \r\n$ 0.00 0.00 $ \r\n \r\n73,820.55 23,972.63 100,258.21 $ \r\n466,236.83 566,495.04 $ \r\n \r\n63,193.94 17,613.87 98,506.07 \r\n455,227.37 553,733.44 \r\n \r\n140.00 $ \r\n \r\n3,696.27 $ \r\n \r\n46,914.59 $ \r\n \r\n5,390.79 $ \r\n \r\n4,923.17 $ 1,128,901.44 $ 881,887.88 \r\n \r\n 19  \r\n \r\n POLK SCHOOL DISTRICT BOARD OF !;DUCATION COMBININg STAT!;;Ml;NT QF R!;;VENUl;S !;;XP!;;NDITURES ANQ !:,HANg!;;S IN F!JNQ BALAN!:;!;;~ \r\nSPECIAL REVENUE FUND YEAR ENDED J!JNE 30 1995 \r\n \r\nELEMENTARY AND SECONDARY \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTTERY PROGRAMS \r\n \r\nDRUG-FREE SCHOOLS AND COMMUNITIES \r\nACT \r\n \r\nEDUCATION OF CHILDREN IN \r\nSTATE SCHOOLS \r\n \r\nCHAPTER 1 \r\n \r\nEDUCATION OF \r\n \r\nSTATE \r\n \r\nDEPRIVED \r\n \r\nPROGRAM \r\n \r\nCHILDREN \r\n \r\nIMPROVEMENT \r\n \r\nB~NUES \r\n \r\nState Funds Federal Funds Local and Other Funds \r\n \r\n$ \r\n \r\n151,300.00 $ 486,620.45 \r\n \r\n1,248,300.19 \r\n \r\n$ \r\n \r\n596,573.83 \r\n \r\n33,499.00 $ \r\n \r\n2,094.00 $ \r\n \r\n802,931.95 $ \r\n \r\n22,547.67 \r\n \r\nTotal Revenues \r\n \r\n$ 1,996,174.02 $ 486,620.45 $ \r\n \r\n33,499.00 $ \r\n \r\n2,094.00 $ \r\n \r\n802,931.95 $ \r\n \r\n22,547.67 \r\n \r\nEXPENDITURES \r\n \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Maintenance and Operation of Plant Student Transpor1ation Services Central Support Services Other Support Services Food Services Operation \r\nCapital Outlay \r\n \r\n$ 293,269.55 $ 34,059.91 1,140.21 1,269.00 \r\n \r\n$ 1,985,164.56 \r\n \r\n88,068.00 40,669.25 \r\n1,761.97 1,045.44 25,402.12 \r\n \r\n9,267.59 $ 7,698.76 8,618.15 7,750.14 \r\n112.21 \r\n52.15 \r\n \r\n610.32 $ 1,483.68 \r\n \r\n754,009.29 $ \r\n4,539.09 \r\n858.52 56,598.44 \r\n1,452.60 \r\n \r\n10,348.80 \r\n3,473.93 291.56 \r\n \r\n8,433.38 \r\n \r\nTotal Expenditures \r\n \r\n$ 1,985,164.56 $ 486,685.45 $ \r\n \r\n33,499.00 $ \r\n \r\n2094.00 $ \r\n \r\n817 457.94 $ \r\n \r\n22,547.67 \r\n \r\nExcess of Revenues over (under) Expenditures \r\n \r\n$ \r\n \r\n11,009.46 $ \r\n \r\n-65.00 $ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n-14,525.99 $ \r\n \r\n0.00 \r\n \r\nOTHER FINANCING SOURCES \r\n \r\nOperating Transfers In \r\n \r\n65.00 \r\n \r\nExcess of Revenues and Other Financing \r\n \r\nSources over (under) Expenditures \r\n \r\n$ \r\n \r\n11,009.46 $ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n-14,525.99 $ \r\n \r\n0.00 \r\n \r\nFUND BALANCE JULY 1 \r\n \r\n536,035.18 \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n14,525.99 \r\n \r\n0.00 \r\n \r\nFood Inventory - Net Change in Period Donated Commodities Purchased Food \r\n \r\n10,626.61 6358.76 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ \r\n \r\n564,030.01 $ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 20- \r\n \r\n EXHIBIT \"F\" \r\n \r\nEDUCATION ACT \r\n \r\nMIGRANT PROGRAM \r\n \r\nCHAPTER2 BLOCK GRANT FLOW THROUGH \r\n \r\nTITLE 11EISENHOWER MATHEMATICS AND SCIENCE EDUCATION \r\n \r\nINDMDUALS WITH \r\n \r\nDISABILITIES EDUCATION ACT \r\n \r\nTITLEVI, B \r\n \r\nFLOW \r\n \r\nPRESCHOOL \r\n \r\nTHROUGH \r\n \r\nPROGRAM \r\n \r\nJOB TRAINING PARTNERSHIP \r\nACT \r\n \r\nTOTALS YEAR ENDED JUNE 301 1995 JUNE 301 1994 \r\n \r\n$ 29,706.72 $ $ 29,706.72 $ \r\n \r\n40,128.00 $ 40,128.00 $ \r\n \r\n19,000.00 $ 207,886.19 $ 19,000.00 $ 207,886.19 $ \r\n \r\n64,151.31 $ 64,151.31 $ \r\n \r\n$ 16,027.86 \r\n16,027.86 $ \r\n \r\n637,920.45 $ 2,486,272.89 \r\n596,573.83 \r\n3,720,767.17 $ \r\n \r\n573,029.60 2,426,044.53 \r\n596~03.96 \r\n3,595,278.09 \r\n \r\n$ 28,518.89 $ \r\n \r\n1,187.83 \r\n \r\n$ 29,706.72 $ \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n857.85 \r\n$ 39,167.43 \r\n102.72 \r\n \r\n$ \r\n19,656.80 50.44 \r\n \r\n157,758.95 $ 45,314.92 \r\n4,812.32 \r\n \r\n56,701.96 $ 130.00 \r\n \r\n7,319.35 \r\n \r\n40,128.00 $ 0.00 $ \r\n \r\n19 707.24 $ 207,886.19 $ \r\n \r\n-707.24 $ \r\n \r\n0.00 $ \r\n \r\n64,151.31 $ 0.00 $ \r\n \r\n240.00 $ 15,789.34 \r\n16,029.34 $ \r\n \r\n1,311,583.20 $ 1,175,598.83 \r\n \r\n109,015.70 \r\n \r\n65,583.10 \r\n \r\n33,747.61 46,917.57 63,236.69 \r\n1,452.60 \r\n \r\n48,819.97 251,908.13 \r\n60,985.33 \r\n \r\n88,068.00 49,228.58 \r\n10,195.35 1,986,210.00 \r\n25,402.12 \r\n \r\n31,381.99 4,357.80 \r\n1,842,808.76 \r\n \r\n3,725,057.42 $ 3,481,443.91 \r\n \r\n-1.48 $ \r\n \r\n-4,290.25 $ 113,834.18 \r\n \r\n0.00 $ 0.00 \r\n \r\n-707.24 $ 3,172.27 \r\n \r\n0.00 $ 0.00 \r\n \r\n0.00 $ 0.00 \r\n \r\n1.48 \r\n0.00 $ 0.00 \r\n \r\n66.48 \r\n \r\n-4,223.77 $ 553,733.44 \r\n \r\n113,834.18 445,726.74 \r\n \r\n10,626.61 6,358.76 \r\n \r\n-6,071.34 243.86 \r\n \r\n0.00 $ \r\n \r\n2,465.03 $ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n566,495.04 $ 553,733.44 \r\n \r\n- 21 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30, 1995 \r\n \r\nASSETS Cash and Cash Equivalents Accounts Receivable \r\n \r\nREGULAR \r\n \r\nGEORGIA STATE FINANCING \r\n \r\nPROJECT \r\n \r\nPROJECT \r\n \r\n91-715-050 \r\n \r\n93/92S-715-070 \r\n \r\n$ 623,978.32 $ \r\n \r\n24,339.77 $ \r\n \r\n25,309.75 \r\n \r\nTotal Assets \r\nLIABILITIES AND FUND EQUITY LIABILITIES \r\nRetainages Payable FUND EQUITY \r\nFund Balances Reserved For State Capital Outlay Projects Unreserved Undesignated Total Fund Equity \r\n \r\n$ 623,978.32 $ \r\n \r\n24,339.77 $ \r\n \r\n25,309.75 \r\n \r\n======== \r\n \r\n$ \r\n$ 623,978.32 $ 623,978.32 $ \r\n \r\n24,339.77 $ \r\n \r\n25,309.75 \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n24,339.77 $ _ _ _2_5__,_3_0_9_.7_5 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ 623,978.32 $ \r\n \r\n24,339.77 $ ===25=,3=0=9=.7=5 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 22 - \r\n \r\n EXHIBIT\"G\" \r\n \r\nAND INVESTMENT COMMISSION \r\n \r\nPROJECT \r\n \r\nPROJECT \r\n \r\n93/92S-715-071 \r\n \r\n94-715-060 \r\n \r\nTOTALS JUNE 30, 1995 JUNE 30, 1994 \r\n \r\n$ \r\n \r\n5,657.41 $ \r\n \r\n356,681.00 $ 1,035,966.25 $ \r\n \r\n689,739.80 \r\n \r\n28,350.80 \r\n \r\n$ \r\n \r\n5,657.41 $ \r\n \r\n356,681.00 $ 1,035,966.25 $==7=18=,0=9=0=.6=0 \r\n \r\n$ \r\n \r\n28,772.00 \r\n \r\n$ \r\n \r\n5,657.41 $ \r\n \r\n356,681.00 $ \r\n \r\n411,987.93 $ \r\n \r\n178,908.24 \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n623,978.32 \r\n \r\n510,410.36 \r\n \r\n$ \r\n \r\n5,657.41 $ \r\n \r\n356,681.00 $ 1,035,966.25 $ \r\n \r\n689,318.60 \r\n \r\n$ \r\n \r\n5,657.41 $ \r\n \r\n356,681.00 $ 1,035,966.25 $ \r\n \r\n718,090.60 \r\n \r\n- 23 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nCAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 1995 \r\n \r\nREVENUES \r\nState Funds Local and Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCapital Outlay Land and Land Improvements Building and Building Improvements Equipment \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nOperating Transfers In Operating Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \r\nFUND BALANCE JULY 1 \r\n \r\nREGULAR \r\n \r\nGEORGIA STATE FINANCING \r\n \r\nPROJECT \r\n \r\nPROJECT \r\n \r\n91-715-050 \r\n \r\n93/92S-715-070 \r\n \r\n$ $ 29,567.96 \r\n$ 29,567.96 $ \r\n \r\n0.00 $ \r\n \r\n31,627.94 \r\n \r\n0.00 $ \r\n \r\n31,627.94 \r\n \r\n$ $ 23,000.00 \r\n \r\n$ 23,000.00 $ \r\n \r\n$ \r\n \r\n6,567.96 $ \r\n \r\n0.00 $ \r\n \r\n20,925.45 \r\n \r\n0.00 $ 0.00 $ \r\n \r\n20,925.45 10,702.49 \r\n \r\n$ 107,000.00 \r\n \r\n$ 107,000.00 \r\n \r\n$ 113,567.96 $ 510,410.36 \r\n \r\n0.00 $ 24,339.77 \r\n \r\n10,702.49 14,607.26 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ 623,978.32 $ \r\n \r\n24,339.77 $ ====25=,3=0=9.=75= \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 24 - \r\n \r\n EXHIBIT\"H\" \r\n \r\nAND INVESTMENT COMMISSION \r\n \r\nPROJECT \r\n \r\nPROJECT \r\n \r\n93/92S-715-071 \r\n \r\n94-715-060 \r\n \r\nTOTALS YEAR ENDED JUNE 30, 1995 JUNE 30, 1994 \r\n \r\n$ \r\n \r\n5,918.25 $ \r\n \r\n229,770.00 $ \r\n \r\n267,316.19 $ \r\n \r\n91,884.78 \r\n \r\n29,567.96 \r\n \r\n20,081.02 \r\n \r\n$ \r\n \r\n5,918.25 $ \r\n \r\n229,770.00 $ \r\n \r\n296,884.15 $ \r\n \r\n111 965.80 \r\n \r\n$ \r\n \r\n$ \r\n \r\n13,311.05 \r\n \r\n0.00 $ \r\n \r\n$ 57,236.50 \r\n \r\n34,400.32 172,072.89 - 3,705.00 \r\n \r\n$ \r\n \r\n13,311.05 $ \r\n \r\n0.00 $ \r\n \r\n57,236.50 $ \r\n \r\n210,178.21 \r\n \r\n$ \r\n \r\n-7,392.80 $ \r\n \r\n229,770.00 $ \r\n \r\n239,647.65 $ \r\n \r\n-98,212.41 \r\n \r\n$ \r\n \r\n107,000.00 $ \r\n \r\n$ \r\n \r\n107,000.00 $ \r\n \r\n21,358.00 -21,358.00 \r\n0.00 \r\n \r\n$ \r\n \r\n-7,392.80 $ \r\n \r\n229,770.00 $ \r\n \r\n346,647.65 $ \r\n \r\n-98,212.41 \r\n \r\n13,050.21 \r\n \r\n126,911.00 \r\n \r\n689,318.60 \r\n \r\n787,531.01 \r\n \r\n$ \r\n \r\n5,657.41 $ \r\n \r\n356,681.00 $ 1,035,966.25 $ \r\n \r\n689,318.60 \r\n \r\n- 25- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \r\nYEAR ENDED JUNE 30. 1995 \r\n \r\nSCHEDULE \"1\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture. U. S. Department of Through Georgia Department of Education Food and Nutrition Program Food Services School Breakfast Program 1995 Grant National School Lunch Program 1994 Grant 1995Grant Food Distribution Program (1) \r\nTotal U.S. Department of Agriculture \r\nEducation, U. S. Department of Direct P. L. 81-874 1995 Grant Through Georgia Department of Education Drug-Free Schools and Communities Act 1995 Grant Elementary and Secondary Education Act Chapter 1 Education of Children in State Schools 1994 Regular 1995 Regular Education of Deprived Children 1994Summer 1994 Regular 1994 Carry-Over 1995 Regular State Program Improvements 1995 Regular Chapter 2 Block Grant - Flow Through 1995 Regular Title II Eisenhower Mathematics and Science Education 1994 Regular 1995 Regular Individuals with Disabilities Education Act TitleVl,B Flow Through 1994 Regular 1994 Carry-Over 1995 Regular Preschool Program 1994 Regular 1994 Carry-Over 1995 Regular Vocational Education  Basic Grants to States High School Program Basic Grant 1994 Grant 1995 Grant Consumer and Homemaking Education 1995 Contract Tech-Prep Education 1995 Grant \r\n \r\nCFDA NUMBER \r\n \r\nAWARDS IN PERIOD \r\n \r\nFEDERAL FUNDS RECEIVED IN PERIOD(NET OF REFUNDS) \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 $ \r\n. 10.555 \r\n. 10.555 \r\n10.550 \r\n \r\n268.473.43 $ \r\n813,782.67 166,044.09 \r\n \r\n$ 1,248,300.19 $ \r\n \r\n268.473.43 $ 268.473.43 \r\n \r\n8,096.94 804,899.51 NIA \r\n \r\n813,782.67 $ 166,044.09 \r\n \r\n1,081,469.88 $ 1,248,300.19 $ \r\n \r\n(2) \r\n1,819,120.47 (3) 166,044.09 \r\n1,985,164.56 \r\n \r\n84.041 $ \r\n \r\n7,920.00 $ \r\n \r\n84.186 \r\n \r\n33,499.00 \r\n \r\n7,920.00 $ \r\n \r\n7,920.00 \r\n \r\n18,000.00 \r\n \r\n33,499.00 $ \r\n \r\n(4) 33,499.00 \r\n \r\n84.009 84.009 \r\n* 84.010 * 84.010 * 84.010 * 84.010 \r\n84.218 \r\n84.151 \r\n \r\n186.00 1,908.00 \r\n85,625.00 789,590.00 \r\n27,736.00 \r\n40,128.00 \r\n \r\n186.00 1,500.00 \r\n27,504.01 111,661.03 \r\n85,625.00 588,000.00 \r\n20,000.00 \r\n40,128.00 \r\n \r\n186.00 1,908.00 -7,387.99 85,625.00 724,694.94 22,547.67 \r\n40,128.00 \r\n \r\n186.00 1,908.00 7,138.00 85,625.00 724,694.94 22,547.67 \r\n40,128.00 \r\n \r\n84.164 84.164 \r\n \r\n23,026.00 \r\n \r\n19,000.00 \r\n \r\n19,000.00 \r\n \r\n3,172.27 16,534.97 \r\n \r\n84.027 84.027 84.027 \r\n84.173 84.173 84.173 \r\n \r\n14,238.00 199,044.00 \r\n23,003.00 41,300.00 \r\n \r\n26,381.95 14,238.00 147,090.00 \r\n-15,427.26 23,003.00 41,300.00 \r\n \r\n14,238.00 193,648.19 \r\n22,852.33 41,298.98 \r\n \r\n14,238.00 193,648.19 \r\n22,852.33 41,298.98 \r\n \r\n84.048 84.048 \r\n84.049 \r\n84.243 \r\n \r\n58,932.74 2,472.71 \r\n \r\n10,550.00 \r\n \r\n54,424.74 \r\n \r\n58,932.74 \r\n \r\n(4) \r\n \r\n1,760.71 \r\n \r\n2,472.71 \r\n \r\n(4) \r\n \r\n2,404.00 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n 26  \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \r\nYEAR ENDED JUNE 30. 1995 \r\n \r\nSCHEDULE \"1\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nEducation, U. S. Department of Through Hall County Board of Education d/b/a Piedmont Migrant Education Agency Elementary and Secondary Education Act Chapter 1 Migratory Education Program 1994 Summer 1995 Regular \r\nTotal U.S. Department of Education \r\nLabor, U. S. Department of Through Coosa Valley Regional Development Center Job Training Partnership Act 17-93-20-011 17-94-20-010 \r\nTotal U.S. Department of Labor \r\n \r\nCFDA NUMBER \r\n \r\nAWARDS IN PERIOD \r\n \r\nFEDERAL FUNDS RECEIVED IN PERIOD(NET OF REFUNDS) \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n84.011 \r\n \r\n$ \r\n \r\n84.011 $_-\"2\"-7'-',6-\"-0-'-5.c.c8..c...4 \r\n \r\n$ 1,376,214.29 $ \r\n \r\n3.469.07 $ 27,605.84 \r\n \r\n2.100.88 $ 27,605.84 \r\n \r\n1,256,324.09 $ 1,291,270.29 $ \r\n \r\n2,100.88 27,605.84 \r\n1,237,178.07 \r\n \r\n17.250 \r\n \r\n$ \r\n \r\n17.250 $ _ _2_2~,5_85_._oo_ \r\n \r\n$ 22,585.00 $ \r\n \r\n16,062.90 $ 16,062.90 $ \r\n \r\n11,104.69 $ 4,923.17 \r\n \r\n11,104.69 4,924.65 (3) \r\n \r\n16,027.86 $ _ _ _16~,0_2_9._34_ \r\n \r\nTotal Federal Financial Assistance \r\n \r\n$ 2,647,099.48 $ 2,353,856.87 $ 2,555,598.34 $ 3,238,371.97 \r\n \r\nMajor Programs are identified by an asterisk(\") in front of the CFDA number. \r\n \r\n(1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. \r\n(2) Expenditures for the School Breakfast Program were not maintained separately and are included in the 1995 National School Lunch Program. \r\n(3) Expenditures for this program include State, and/or Local and Other Funds. (4) Expenditures are not maintained by fund source. \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 27 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION CASH AND CASH EQUIVALENTS JUNE 30. 1995 \r\n \r\nSCHEDULE \"2\" \r\n \r\nINTEREST BEARING ACCOUNTS \r\nFirst Federal Bank of Northwest Georgia, Cedartown, Georgia \r\nCertificates of Deposit No. 01-24-134 (5.51%) No. 01-24-135 (5.53%) No. 01-24-136 (5.68%) \r\nFirst National Bank of Polk County, Cedartown, Georgia \r\nN.O.W. Account (3.04%) \r\nTrust Company Bank of Northwest Georgia, N. A., Rome, Georgia \r\nCertificate of Deposit No. 4612 (5.75%) Money Market Accounts (4.00%) N.O.W. Accounts (2.00%) \r\n \r\n$ 500,000.00 1,000,000.00 2,000,000.00 $ 3,500,000.00 \r\n \r\n-436, 174.14 \r\n \r\n$ 500,000.00 1,799,232.38 13,876.82 \r\n \r\n2,313,109.20 \r\n \r\n$ 5,376,935.06 \r\n \r\nSee notes to the general purpose financial statements. - 28 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION ACCOUNTS RECEIVABLE JUNE 30, 1995 \r\n \r\nSCHEDULE \"3\" \r\n \r\nCedartown High School Summer School Tuition \r\nCoosa Valley Regional Development Center Job Training Partnership Act \r\nEducation, Georgia Department of Food Services National School Lunch Program Vocational Education Federal Funds Other At-Risk Summer School Lottery Program Distant Learning Instructional Technology Safe School Grant Technology Installation Federal Program Drug-Free School and Communities Act ESEA - Chapter 1 Education of Children in State Schools Education of Deprived Children State Program Improvements Individuals with Disabilities Education Act Title VI, B - Flow Through \r\nGeorgia State University Reimbursement of Salaries \r\nPolk County Tax Commissioner County Wide School Tax \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n7,920.00 \r\n \r\n$ \r\n \r\n7,920.00 \r\n \r\n$ \r\n \r\n4,923.17 \r\n \r\n4,923.17 \r\n \r\n5,220.00 19,845.30 \r\n17,285.93 80,493.54 \r\n \r\n8,883.16 \r\n12,100.00 163,008.63 \r\n47,085.00 18,032.12 15,499.00 \r\n408.00 137,213.48 \r\n2,547.67 46,914.59 \r\n \r\n8,883.16 5,220.00 19,845.30 12,100.00 163,008.63 47,085.00 18,032.12 15,499.00 \r\n408.00 137,213.48 \r\n2,547.67 46,914.59 \r\n17,285.93 \r\n80,493.54 \r\n \r\n$ \r\n \r\n130,764.77 $ \r\n \r\n456,614.82 $ ===5=8=7,=37=9=.59= \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 29 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 1995 \r\n \r\nSCHEDULE \"4\" \r\n \r\nAGENCY/FUNDING \r\nGRANTS Education, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost Pupil Transportation Regular Bus Replacement Special Instructional Assistance In-School Suspension School Counselors Grades 4 - 5 Mid-term Adjustment Local Fair Share Educational Equalization Funding Grant Food Services other State Programs At-Risk Summer School Program Environmental Science Program Innovative Programs Mentor Teacher Program Preschool Handicapped Program Remedial Summer School Program Lottery Programs Distant Learning Instructional Technology Pre-Kindergarten Program Safe Schools Grant Technology Installation \r\nFinancing and Investment Commission, Georgia State Reimbursement on Construction Projects \r\nother Education, Georgia Department of Student Information System Project \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 11,928,714.00 1,537,788.00 517,967.00 514,004.00 153,625.00 3,373,557.00 \r\n \r\n634,321.00 199,038.00 211,000.00 183,020.00 \r\n28,832.00 439,872.00 -1,831,723.00 1,602,516.00 \r\n$ \r\n \r\n151,300.00 \r\n \r\n27,943.89 500.00 \r\n3,500.00 690.00 \r\n73,244.00 7,458.00 \r\n \r\n12,100.00 163,008.63 165,691.70 127,788.00 18,032.12 \r\n \r\n$ 11,928,714.00 1,537,788.00 517,967.00 514,004.00 153,625.00 3,373,557.00 \r\n634,321.00 199,038.00 211,000.00 183,020.00 28,832.00 439,872.00 -1,831,723.00 1,602,516.00 151,300.00 \r\n27,943.89 500.00 \r\n3,500.00 690.00 \r\n73,244.00 7,458.00 \r\n12,100.00 163,008.63 165,691.70 127,788.00 \r\n18,032.12 \r\n \r\n$ 267,316.19 \r\n \r\n267,316.19 \r\n \r\n2,500.00 \r\n \r\n2,500.00 \r\n \r\n$ 19,608,366.89 $ 637,920.45 $ 267,316.19 $ 20,513,603.53 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 30 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF LOCAL AND OTHER REVENUE YEAR ENDED JUNE 30, 1995 \r\n \r\nSCHEDULE \"5\" \r\n \r\nTaxes County Wide School Tax Railroad Car Tax Real Estate Transfer Tax \r\nOther Donations Various Sources Indirect Cost Special Revenue Fund Interest Earned Reimbursements for Salaries Georgia State University Sales Adult Meals Contracted Meals Lunches Supplemental School Assets Supervision and Assessment of Student and Beginning Teachers and Performance Based Certification Berry College Shorter College Tuition Other \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nGENERAL \r\n \r\nREVENUE PROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \r\n \r\nTOTAL \r\n \r\n$ 5,171,677.59 14,649.54 19,668.47 \r\n \r\n$ 5,171,677.59 14,649.54 19,668.47 \r\n \r\n$ \r\n \r\n10,372.72 201 ,935.56 $ \r\n \r\n16,334.40 $ \r\n \r\n29,567.96 \r\n \r\n51,853.93 \r\n \r\n19,682.22 \r\n \r\n81,016.45 8,701.50 \r\n467,926.33 22,595.15 \r\n \r\n6,197.70 \r\n \r\n6,197.70 \r\n10,372.72 247,837.92 \r\n51,853.93 \r\n81,016.45 8,701.50 \r\n467,926.33 22,595.15 19,682.22 \r\n \r\n250.00 150.00 18,405.00 6,960.57 \r\n \r\n250.00 150.00 18,405.00 6,960.57 \r\n \r\n$ 5,515,605.60 $ 596,573.83 $ 29,567.96 $ 6,197.70 $ 6,147,945.09 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 31 - \r\n \r\n  POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30. 1995 \r\n \r\nSCHEDULE \"6\" \r\n \r\nEXPENDITURES \r\nOperating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Compensation and Travel of Board Members Water, Sewer and Cleaning Services Repair and Maintenance Services Insurance Communications Tuition Commodity Hauling Shared Services Other Purchased Services Supplies Energy Food Usage Books, Textbooks and Periodicals Dues and Fees Federal Indirect Costs Other Expenditures \r\nNonoperating Costs Land and Land Improvements Building and Building Improvements Equipment \r\n \r\nGENERAL FUND \r\n \r\nSPECIAL REVENUE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 17,466,592.46 $ 3,565,841.43 47,222.91 221,964.41 41,855.31 351,407.36 96,877.06 164,930.89 71,039.92 15,000.00 \r\n16,237.50 19,074.49 898,065.17 876,386.35 \r\n246,922.51 25,206.39 \r\n7,338.72 \r\n \r\n1,639,556.34 $ 352,784.03 14,776.85 48,717.52 \r\n3,906.25 60,586.44 \r\n4,445.74 \r\n8,712.68 \r\n7,249.51 245,719.77 \r\n6,742.31 884,735.31 \r\n4,779.39 3,592.50 10,372.72 12,796.54 \r\n \r\n19,106,148.80 3,918,625.46 61,999.76 270,681.93 41,855.31 355,313.61 157,463.50 164,930.89 75,485.66 15,000.00 8,712.68 16,237.50 26,324.00 1,143,784.94 883,128.66 884,735.31 251,701.90 28,798.89 10,372.72 20,135.26 \r\n \r\n1,180.00 49,250.67 531,048.59 \r\n \r\n7,370.00 18,032.12 390,181.40 \r\n \r\n8,550.00 67,282.79 921,229.99 \r\n \r\nTotal Expenditures \r\n \r\n$ 24,713,442.14 $ 3,725,057.42 $ 28,438,499.56 \r\n \r\nSee notes to the general purpose financial statements. - 33 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT LOTTERY PROGRAMS YEAR ENDED JUNE 30, 1995 \r\n \r\nEXPENDITURES \r\nOperating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Communications Other Purchased Services Supplies Energy Food Usage Books, Textbooks and Periodicals Other Expenditures \r\n~onoperating Costs - Land and Land Improvements Building and Building Improvements Equipment \r\nTotal Expenditures \r\n \r\nDISTANT LEARNING \r\n \r\nINSTRUCTIONAL TECHNOLOGY \r\n \r\n$ \r\n \r\n4,795.00 $ \r\n \r\n10,115.24 \r\n \r\n7,370.00 \r\n \r\n152,893.39 \r\n \r\n$ \r\n \r\n12,165.00 $ ===1=63=,0=08=.6=3 \r\n \r\nSee notes to the general purpose financial statements. - 34 - \r\n \r\n SCHEDULE \"7\" \r\n \r\nPRE-KINDERGARTEN PROGRAM \r\n \r\nSAFE SCHOOLS \r\nGRANT \r\n \r\nTECHNOLOGY INSTALLATION \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n71,769.38 \r\n \r\n14,149.82 \r\n \r\n1,951.70 \r\n \r\n1,705.00 \r\n \r\n250.00 \r\n \r\n1,761.97 \r\n \r\n29,194.68 $ \r\n \r\n23,814.00 \r\n \r\n194.25 \r\n \r\n1,045.44 \r\n \r\n2,968.79 \r\n \r\n1,536.17 \r\n \r\n$ \r\n \r\n71,769.38 \r\n \r\n14,149.82 \r\n \r\n1,951.70 \r\n \r\n1,705.00 \r\n \r\n250.00 \r\n \r\n1,761.97 \r\n \r\n67,918.92 \r\n \r\n194.25 \r\n \r\n1,045.44 \r\n \r\n2,968.79 \r\n \r\n1,536.17 \r\n \r\n39,164.50 \r\n \r\n$ 103,974.00 \r\n \r\n18,032.12 \r\n \r\n7,370.00 18,032.12 296,031.89 \r\n \r\n$ \r\n \r\n165,691.70 $ 127,788.00 $ \r\n \r\n18,032.12 $ 486,685.45 \r\n \r\n- 35 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT \r\nFIDUCIARY FUND TYPE - EXPENDABLE TRUST FUND YEAR ENDED JUNE 30, 1995 \r\n \r\nSCHEDULE \"8\" \r\n \r\nEXPENDITURES \r\nOperating Costs Clothing Medical Claims \r\n \r\n$ \r\n \r\n1,285.87 \r\n \r\n2,447.19 \r\n \r\nTotal Expenditures \r\n \r\n$ ========3=,7=3=3=.=0=6= \r\n \r\nSee notes to the general purpose financial statements. - 36 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 1995 \r\n \r\nSCHEDULE \"9\" \r\n \r\nMinimum Expenditure Requirements (Total Allotment) Expenditures on Combined Program Basis \r\nSalaries Operations \r\nLess: Expenditures for Media Center Programs in Excess of Total Media Allotment \r\nExpenditures per Audit \r\nAmount of Underexpenditure for Total Allotment \r\n \r\nTHIRTEEN WEIGHTED AND MEDIA CENTER \r\nPROGRAMS \r\n \r\n100% TEST FOR OPERATIONS PORTION OF THIRTEEN WEIGHTED PROGRAMS \r\n \r\n$ 14,938,345.00 $ \r\n \r\n542,047.00 \r\n \r\n$ 15,791,947.02 934,147.00 $ _ ___;;,;82;;;..;3C..?..,4.;,.,;1..;.7.;.;;.6~5 \r\n$ 16,726,094.02 \r\n \r\n-208,387 .14 $ 16,517,706.88 \r\n \r\n$ \r\n \r\n0.00 $=====0=.0=0 \r\n \r\nSee notes to the general purpose financial statements. - 37 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - BY PROGRAM \r\nGENERAL FUND QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30 1995 \r\n \r\nGENERAL AND CAREER EDUCATION PROGRAMS Kindergarten () Grades 1  3 () Sub-Total  K-3 Grades 4  5 () Grades 6  8 () Grades 9  12 (') High School Laboratories () \r\nVocational Education Laboratories ci \r\nTotal General and Career Education Programs SPECIAL EDUCATION PROGRAMS \r\nRegular Programs \r\ncategory I cJ Category II (J \r\nCategory 111 () \r\nCategory IV cJ \r\nSub-Total - Regular \r\nCategory V (Gifted) cJ \r\nTotal Special Education Programs REMEDIAL EDUCATION PROGRAM(\\ \r\nTotal Thirteen Weighted Programs MEDIA CENTER PROGRAMS \r\nSalaries Operations \r\nTotal Media Center Programs \r\nTotal Thirteen Weighted and Media Center Programs \r\nSTAFF DEVELOPMENT PROGRAMS Cost of Instruction Professional Development \r\nTotal staff Development \r\nci Identifies Thirteen Weighted Programs. \r\n \r\nALLOTMENTS FROM DEPARTMENT OF EDUCATION \r\n \r\nREQUIRED \r\n \r\nORIGINAL \r\n \r\n% \r\n \r\nORIGINAL \r\n \r\nMID-TERM \r\n \r\n$ 1,219,601.00 \r\n \r\n$ 1,097,640.90 $ \r\n \r\n3,230,587.00 \r\n \r\n2,907,528.30 \r\n \r\n$ 4,450,188.00 90 $ 4,005,169.20 $ \r\n \r\n1,592,578.00 90 \r\n \r\n1,433,320. 20 \r\n \r\n2,810,010.00 90 \r\n \r\n2,529,009.00 \r\n \r\n1,520,963.00 90 \r\n \r\n1,368,866.70 \r\n \r\n672,431.00 90 \r\n \r\n605,187.90 \r\n \r\n882,544.00 90 \r\n \r\n794,289.60 \r\n \r\n$ 11,928,714.00 \r\n \r\n$ 10,735,842.60 $ \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$ 1,406,484.00 \r\n \r\n$ 1,265,835.60 $ \r\n \r\n439,872.00 \r\n \r\n$ 1,406,484.00 90 $ 1,265,835.60 $ \r\n \r\n131,304.00 90 \r\n \r\n118,173.60 \r\n \r\n$ 1,537,788.00 \r\n \r\n$ 1,384,009.20 $ \r\n \r\n$ \r\n \r\n517,967.00 90 $ \r\n \r\n466,170.30 $ \r\n \r\n$ 13,984,469.00 \r\n \r\n$ 12,586,022.10 $ \r\n \r\n439,872.00 0.00 \r\n439,872.00 0.00 \r\n439,872.00 \r\n \r\n$ \r\n \r\n409,324.00 90 $ \r\n \r\n368,391.60 $ \r\n \r\n104,680.00 90 \r\n \r\n94,212.00 \r\n \r\n$ \r\n \r\n514,004.00 \r\n \r\n$ \r\n \r\n462,603.60 $ \r\n \r\n0.00 0.00 \r\n0.00 \r\n \r\n$ 14,498.473.00 \r\n \r\n$ 13,048,625.70 $ \r\n \r\n439,872.00 \r\n \r\n$ \r\n \r\n36,205.00 \r\n \r\n117,420.00 \r\n \r\n$ \r\n \r\n36,205.00 $ \r\n \r\n117,420.00 \r\n \r\n$ \r\n \r\n153.625.00 100 $ \r\n \r\n153,625.00 $ \r\n \r\n0.00 0.00 \r\n0.00 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 38 - \r\n \r\n SCHEDULE \"10'' \r\n \r\nTOTAL REQUIRED \r\n \r\nACTUAL EXPENDITURES \r\n \r\nSALARIES \r\n \r\nOPERATIONS \r\n \r\nTOTAL \r\n \r\nAMOUNT OF UNDEREXPENDITURE \r\nFOR REQUIRED ALLOTMENT \r\n \r\n$ 1,097,640.90 $ 2,907,528.30 \r\n$ 4,005,169.20 $ 1,433,320.20 2,529,009.00 1,368,866.70 605,187.90 794,269.60 \r\n$ 10,735,842.60 $ \r\n \r\n1,179,542.74 $ 3,272,825.75 4,452,368.49 $ 1,697,018.22 3,004,278.07 1,812,102.89 \r\n746,005.98 925,851.83 12,637,625.48 $ \r\n \r\n32,153.57 $ 1,211,696.31 \r\n \r\n106,306.32 \r\n \r\n3,379.132.07 \r\n \r\n138,459.89 $ 4,590,828.38 $ \r\n \r\n39,527.75 \r\n \r\n1.736,545.97 \r\n \r\n91,376.53 \r\n \r\n3,095,654.60 \r\n \r\n64,894.29 \r\n \r\n1,876,997.16 \r\n \r\n27,695.92 \r\n \r\n773,901.90 \r\n \r\n256,671.11 \r\n \r\n1, 182.522.94 \r\n \r\n618.82549 $ 13.256.450.97 \r\n \r\n0.00 0.00 0.00 0.00 0.00 0.00 \r\n \r\n$ 1,705.707.60 $ \r\n \r\n$ 1,705,707.60 $ \r\n \r\n118,173.60 \r\n \r\n$ 1,823,681.20 $ \r\n \r\n$ \r\n \r\n466,170.30 $ \r\n \r\n$ 13,025.894.10 $ \r\n \r\n9,222.16 $ 342,077.04 1,157,197.74 244,091.67 \r\n1,752,568.61 $ \r\n237,750.00 \r\n1,990,338.61 $ \r\n552,321.14 $ \r\n15, 180.285.23 $ \r\n \r\n1,580.59 $ 7,280.84 181,600.22 2,574.33 \r\n \r\n10,802.75 349,357.68 1,338,797.96 246,666.00 \r\n \r\n193,035.96 $ 1,945,624.59 \r\n \r\n3,753.00 \r\n \r\n241,503.00 \r\n \r\n196,788.98 $ 2,187,127.59 \r\n \r\n7,803.18 $ \r\n \r\n560,124.32 \r\n \r\n823,417.65 $ 16,003,702.88 \r\n \r\n0.00 0.00 \r\n0.00 \r\n \r\n$ \r\n \r\n368,391.60 $ \r\n \r\n94,212.00 \r\n \r\n$ \r\n \r\n462,603.60 $ \r\n \r\n611,661.79 $ \r\n611,661.79 $ \r\n \r\n$ 110,729.35 \r\n110,729.35 $ \r\n \r\n611,661.79 110,729.35 \r\n722,391.14 \r\n \r\n000 000 \r\n \r\n$ 13,486,497.70 $ 15.791,947.02 $ \r\n \r\n934,147.00 $ 16,726,094.02 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n36,205.00 \r\n \r\n117,420.00 \r\n \r\n$ _ _1_53,,.,6=2==5_00_ \r\n \r\n$ \r\n \r\n55,930.69 $ \r\n \r\n55,930.69 \r\n \r\n98,235.18 \r\n \r\n98,235.16 \r\n \r\n$ \r\n \r\n154,165.87 $ \r\n \r\n154,165.87 $-=======0=.00= \r\n \r\n- 39 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS \r\nYEAR ENDED JUNE 30. 1995 \r\n \r\nSCHEDULE \"11\" \r\n \r\nBOARD MEMBER ADDRESS \r\nMr. Jerry E. Baldwin, Chairman (*) 3609 Rockmart Highway Cedartown, Georgia 30125 \r\nDr. John Atha (*) Monarch Drive Rockmart, Georgia 30153 \r\nMr. Greg Forrister(*) 36 Bradshaw Drive Cedartown, Georgia 30125 \r\nMr. Rick Lundy(*) 303 Marshall Street Cedartown, Georgia 30125 \r\nMr. John H. Moore (*) P. 0. Box 845 Cedartown, Georgia 30125 \r\nMr. Gene Newton (*) 516 Prospect Road Rockmart, Georgia 30153 \r\nMr. Odell Owens, Jr. 902 Jones Street Cedartown, Georgia 30125 \r\nMr. Guy Rutland (*) 2474 Rockmart Highway Cedartown, Georgia 30125 \r\nMr. Tommy Sanders(*) \r\nP. 0. Box209 \r\nRockmart, Georgia 30153 \r\nDr. Harold Wingfield (*) \r\nP. 0. Box 960 \r\nCedartown, Georgia 30125 \r\n \r\nCOMPENSATION \r\n \r\nTRAVEL \r\n \r\n$ \r\n \r\n5,250.00 $ \r\n \r\n2,645.05 \r\n \r\n1,350.00 \r\n \r\n15.33 \r\n \r\n2,350.00 \r\n \r\n589.70 \r\n \r\n3,100.00 \r\n \r\n4,150.00 \r\n \r\n3,440.22 \r\n \r\n3,500.00 \r\n \r\n2,684.41 \r\n \r\n2,050.00 \r\n \r\n743.53 \r\n \r\n1,200.00 \r\n \r\n2,750.00 \r\n \r\n2,150.00 \r\n \r\n3,887.07 \r\n \r\n(*) Denotes Board Members Serving as of June 30, 1995 \r\n \r\n$ \r\n \r\n27,850.00 $ ===14=,0=0=5=.3=1 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 40 - \r\n \r\n SECTION II COMPLIANCE \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 22, 1996 \r\n \r\nHonorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation \r\nand Superintendent and Members of the Polk School District Board ofEducation \r\nCOMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the general purpose financial statements of the Polk School District Board ofEducation as of and for the year ended June 30, 1995, and have issued our report thereon dated March 22, 1996. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \r\nExcept as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards and 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 general purpose financial statements are free of material misstatement. \r\nWe did not observe the taking of either the Federal donated commodities inventory or the purchased foods inventory at June 30, 1995, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. \r\nCompliance with laws, regulations, contracts, and grants applicable to Polk School District Board of Education is the responsibility ofthe Board's management. As part of obtaining reasonable assurance about whether the general purpose financial statements are free of material misstatement, we performed tests of the Board's compliance with certain provisions oflaws, regulations, contracts, and grants. However, the objective of our audit of the financial statements was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion. \r\nThe results of our tests disclosed no instances of noncompliance that are required to be reported herein under Government Auditing Standards. \r\n95CRL-10 \r\n \r\n This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \r\nRespectfully submitted, \r\n;:7~~ \r\nClaude L. Vickers State Auditor \r\nCLV:dt 95CRL-10 \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 22, 1996 \r\n \r\nHonorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation \r\nand Superintendent and Members of the Polk School District Board ofEducation \r\n- \r\nSINGLE AUDIT REPORT ON COMPLIANCE WITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS \r\n \r\nLadies and Gentlemen: \r\n \r\nWe have audited the general purpose financial statements of the Polk School District Board of Education as of and for the year ended June 30, 1995, and have issued our report thereon dated March 22, 1996. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \r\n \r\nWe have applied procedures to test the Polk School District Board of Education's compliance with the following requirements applicable to each ofits Federal financial assistance programs, which are listed in the Schedule of Federal Financial Assistance, for the year ended June 30, 1995: \r\n \r\n( 1) Political Activity \r\n \r\n(5) Allowable Costs/Cost Principles \r\n \r\n(2) Civil Rights \r\n \r\n(6) Drug-Free Workplace Act \r\n \r\n(3) Cash Management \r\n \r\n(7) Audit Follow-Up/Resolution \r\n \r\n(4) Federal Financial Reports \r\n \r\n(8) Administrative Requirements \r\n \r\nOur procedures were limited to the applicable procedures described in the Office of Management and Budget's \"Compliance Supplement for Single Audits of State and Local Governments\" and other additional procedures as deemed necessary. Our procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the Board's compliance with the requirements listed in the preceding paragraph. Accordingly, we do not express such an opinion. \r\n \r\n95CRL-50 \r\n \r\n With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph of this report. With respect to items not tested, nothing came to our attention that caused us to believe that the Polk School District Board of Education had not complied, in all material respects, with those requirements. However, the results of our procedures disclosed immaterial instances of noncompliance with those requirements, which are described in the Schedule ofFindings and Improper or Questioned Costs. \r\nThis report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \r\nRespectfully submitted, \r\n \r\nCLV:dt 95CRL-50 \r\n \r\nClaude L. Vickers State Auditor \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 22, 1996 \r\n \r\nHonorable Zell Miller, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Polk School District Board of Education \r\n \r\nSINGLE AUDIT OPINION ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS \r\n \r\nLadies and Gentlemen: \r\n \r\nWe have audited the general purpose financial statements of the Polk School District Board of Education as of and for the year ended June 30, 1995, and have issued our report thereon dated March 22, 1996. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the gen~ral purpose financial statements. \r\n \r\nWe have also audited the Polk School District Board of Education's compliance with the requirements governing: \r\n \r\n( 1) Types of Services Allowed or Unallowed \r\n \r\n(5) Applicable Special Tests and Provisions \r\n \r\n(2) Eligibility \r\n(3) Matching, Level of Effort, and/or Earmarking \r\n \r\n(6) Other Requirement Claims for Advances and Reimbursements \r\n \r\n(4) Reporting \r\n \r\nThese requirements are applicable to the major Federal financial assistance programs, which are identified in the Schedule ofFederal Financial Assistance, for the year ended June 30, 1995. The management of the Polk School District Board of Education is responsible for the Board's compliance with those requirements. Our responsibility is to express an opinion on compliance with those requirements based on our audit. \r\n \r\n95CRL-80 \r\n \r\n Except as discussed in the following paragraph, we conducted our audit of compliance in accordance with generally accepted auditing standards; Government Auditing Standards, issued by the Comptroller General of the United States; and Office of Management and Budget (0MB) Circular A-128, \"Audits of State and Local Governments\". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether material noncompliance with the requirements referred to above occurred. An audit includes examining, on a test basis, evidence about the Polk School District Board of Education's compliance with those requirements. We believe that our audit provides a reasonable basis for our opinion. \r\nWe did not observe the taking of either the Federal donated commodities inventory or the purchased foods inventory at June 30, 1995, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. However, this matter has no affect on the Board's compliance with the requirements listed in the second paragraph of this report. \r\nIn our opinion, the Polk School District Board of Education complied, in all material respects, with the requirements as disclosed in the second paragraph that are applicable to its major Federal financial assistance programs for the year ended June 30, 1995. \r\nThis report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \r\nRespectfully submitted, \r\n~~ \r\nClaude L. Vickers State Auditor \r\nCLV:dt 95CRL-80 \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 22, 1996 \r\n \r\nHonorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation \r\nand Superintendent and Members of the Polk School District Board ofEducation \r\n \r\nSINGLE AUDIT REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS \r\n \r\nLadies and Gentlemen: \r\n \r\nWe have audited the general purpose financial statements of the Polk School District Board of Education as of and for the year ended June 30, 1995, and have issued our report thereon dated March 22, 1996. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \r\n \r\nIn connection with our audit of the fiscal year 1995 general purpose financial statements of the Polk School District Board of Education and with our consideration of the Board's control structure used to administer Federal financial assistance programs, as required by Office of Management and Budget (0MB) Circular A128, \"Audits of State and Local Governments\", we selected certain transactions applicable to certain nonmajor Federal financial assistance programs for the year ended June 30, 1995. As required by 0MB Circular A-128, we have performed auditing procedures on the selected transactions to test compliance with the requirements governing: \r\n \r\n(1) Types of Services Allowed or Unallowed \r\n \r\n(2) Eligibility \r\n \r\nOur procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the Polk School District Board of Education's compliance with these requirements. Accordingly, we do not express such an opinion. \r\n \r\nWith respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the Polk School District Board of Education had not complied, in all material respects, with those requirements. \r\n \r\n95CRL-120 \r\n \r\n This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \r\nRespectfully submitted, \r\n \r\nCLV:dt 95CRL-120 \r\n \r\nClaude L. Vickers State Auditor \r\n \r\n SECTION III INTERNAL CONTROL \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 22, 1996 \r\n \r\nHonorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board of Education \r\nand Superintendent and Members of the Polk School District Board of Education \r\nREPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the general purpose financial statements of the Polk School District Board of Education as of and for the year ended June 30, 1995, and have issued our report thereon dated March 22, 1996. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles., as identified in the auditor's report on the general purpose financial statements. \r\nExcept as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards, and 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 general purpose financial statements are free of material misstatement. \r\nWe did not observe the taking of either the Federal donated commodities inventory or purchased foods inventory at June 30, 1995, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. \r\nThe management ofthe Polk School District Board ofEducation is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation ofgeneral purpose financial statements in accordance with generally accepted accounting principles. Because ofinherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to risk that \r\n95ICL-3 \r\n \r\n procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. \r\nIn planning and performing our audit of the general purpose financial statements of the Polk School District Board of Education for the year ended June 30, 1995, we obtained an understanding of the internal control structure. With respect to the internal control structure, we obtained an understanding of the design of relevant policies and procedures and whether they have been placed in operation, and we assessed control risk in order to determine our auditing procedures for the purpose ofexpressing our opinion on the general purpose financial statements and not to provide an opinion on the internal control structure. Accordingly, we do not express such an opinion. \r\nWe noted a certain matter involving the internal control structure and its operation that we consider to be a reportable condition under standards established by the American Institute of Certified Public Accountants. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of the internal control structure that, in our judgment, could adversely affect the entity's ability to record, process, summarize, and report financial data consistent with the assertions of management in the general purpose financial statements. \r\nAs described in the Schedule ofFindings and Improper or Questioned Costs, a reportable condition was noted in the following control category: \r\nGeneral Fixed Assets \r\nA material weakness is a reportable condition in which the design or operation of one or more of the internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts-that would be material in relation to the general purpose financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. \r\nOur consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses as defined above. However, we believe that the reportable condition disclosed above is also considered to be a material weakness. \r\nThis condition was considered in determining the nature, timing, and extent of the procedures to be performed in our audit of the Polk School District Board of Education's general purpose financial statements and this report does not affect our report thereon dated March 22, 1996. \r\n95ICL-3 \r\n \r\n This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \r\nRespectfully submitted, \r\nd~~ \r\nClaude L. Vickers State Auditor \r\nCLV:dt 95ICL-3 \r\n \r\n L. CLAUDE VICKERS \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 22, 1996 \r\n \r\nHonorable Zell Miller, Governor Members of the General Assembly Members of the State Board ofEducation \r\nand Superintendent and Members of the Polk School District Board of Education \r\nSINGLE AUDIT REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS \r\nLadies and Gentlemen: \r\nWe have audited the general purpose financial statements of the Polk School District Board of Education as of and for the year ended June 30, 1995, and have issued our report thereon dated March 22, 1996. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We have also audited the Board's compliance with requirements applicable to major Federal financial assistance programs and have issued our opinion thereon dated March 22, 1996. \r\nExcept as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards; Government Auditing Standards, issued by the Comptroller General of the United States; and the provisions ofOffice of Management and Budget (0MB) Circular A-128, \"Audits of State and Local Governments\". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement and about whether the Polk School District Board of Education complied with laws and regulations, noncompliance with which would be material to a major Federal financial assistance program. \r\nWe did not observe the taking of either the Federal donated commodities inventory or purchased foods inventory at June 30, 1995, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. \r\nIn planning and performing our audit for the year ended June 30, 1995, we considered the Board's internal control structure in order to determine our auditing procedures for the purpose of expressing our opinions on the Board's general purpose financial statements and on its compliance with requirements applicable to major Federal financial assistance programs and to report on the internal control structure in accordance with \r\n95ICL-5 \r\n \r\n 0MB Circular A-128. This report addresses our consideration of internal control structure policies and procedures relevant to compliance with requirements applicable to Federal financial assistance programs. We have addressed internal control structure policies and procedures relevant to our audit of the general purpose financial statements in a separate report dated March 22, 1996. \r\n \r\nThe management of the Polk School District Board of Education is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that, assets are safeguarded against loss from unauthorized use or disposition, that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of general purpose financial statements in accordance with generally accepted accounting principles, and that Federal financial assistance programs are managed in compliance with applicable laws and regulations. Because ofinherent limitations in any internal control structure, errors, irregularities, or instances of noncompliance may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness ofthe design and operation of policies and procedures may deteriorate. \r\n \r\nFor the purpose of this report, we have classified the significant internal control structure policies and procedures used in administering Federal financial assistance programs in the following control categories: \r\n \r\nGENERAL REQUIREMENTS \r\n \r\nSPECIFIC REQUIREMENTS \r\n \r\n(1) Political Activity (2) Civil Rights (3) Cash Management (4) Federal Financial Reports \r\n \r\n(1) Types of Services Allowed or Unallowed \r\n(2) Eligibility \r\n(3) Matching, Level of Effort, and/or Earmarking \r\n \r\n(5) Allowable Costs/Cost Principles \r\n \r\n(4) Reporting \r\n \r\n(6) Drug-Free Workplace Act (7) Audit Follow-Up/Resolution (8) Administrative Requirements \r\n \r\n(5) Applicable Special Tests and Provisions \r\n(6) Other Requirement Claims for Advances and Reimbursements \r\n \r\n95ICL-5 \r\n \r\n For all of the internal control structure categories listed above, we obtained an understanding of the design of relevant policies and procedures and determined whether they have been placed in operation, and we assessed control risk. \r\nDuring the year ended June 30, 1995, the Polk School District Board of Education expended 64% ofits total Federal financial assistance under major Federal financial assistance programs. \r\nWe performed tests of controls, as required by 0MB Circular A-128, to evaluate the effectiveness of the design and operation of internal control structure policies and procedures that we considered relevant to preventing or detecting material noncompliance with general requirements and specific requirements as described above that are applicable to each of the Board's major Federal financial assistance programs, which are identified in the Schedule ofFederal Financial Assistance. Our procedures were less in scope than would be necessary to render an opinion on these internal control structure policies and procedures. Accordingly, we do not express such an opinion. \r\nOur consideration of the internal control structure policies and procedures used in administering Federal financial assistance would not necessarily disclose all matters in the internal control structure that might constitute material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a reportable condition in which the design or operation of one or more ofthe internal control structure elements does not reduce to a relatively low level the risk that noncompliance with laws and regulations that would. be material to a Federal financial assistance program may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control structure and its operation that we consider to be material weaknesses as defined above. \r\nThis rep~rt is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies and should not be used for any other purpose. This restriction is not intended to limit the distribution of this report which is a matter of public record. \r\nRd~~ \r\n \r\nCLV:dt 95ICL-5 \r\n \r\nClaude L. Vickers State Auditor \r\n \r\n SECTION IV FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1995 \r\nPRIOR YEAR \r\nAUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $13,949.91 Audit Control Number 7151-93-02 \r\nThe audit report for the year ended June 30, 1993, reported that the Board had an underexpenditure of Quality Basic Education (QBE) funds of$13,949.91 for the Staff Development - Professional Development Stipends Program. For the year under review, no adjustment was made to the Board's local fair share by the Georgia Department ofEducation to refund this underexpenditure as required. The underexpenditure of$13,949.91 should be returned to the Georgia Department ofEducation through an increase in the Board's local fair share for the QBE programs in a subsequent fiscal period. \r\nAUDIT FOLLOW-UP/RESOLUTION Overpayment Of Annual Leave Financial Statements Amount: $2,252.55 Audit Control Number 7151-9304 \r\nThe audit report for the year ended June 30, 1993, reported an overpayment to the former Superintendent, Mr. Ernest Burch, for fifteen days of accrued annual leave upon his retirement in the amount of$2,252.55. Neither the Board's leave policy nor the Superintendent's contract provided for this payment. During the year under review, reimbursement ofthis expenditure was not obtained. Appropriate action should be taken by the Board to secure reimbursement of the $2,252.55 for deposit to the Board's General Fund. \r\nAUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $14,582.46 Audit Control Number 7151-94-01 \r\nThe audit report for the year ended June 30, 1994, reported that the Board had an underexpenditure of Quality Basic Education (QBE) funds of$14,582.46 for the Staff Development - Professional Development Stipends Program. For the year under review, no adjustment was made to the Board's local fair share by the Georgia Department ofEducation to refund this underexpenditure as required. The underexpenditure of $14,582.46 should be returned to the Georgia Department ofEducation through an increase in the Board's local fair share for the QBE programs in a subsequent fiscal period. \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1995 \r\nPRIOR YEAR/CURRENT YEAR \r\nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 7151-93-01 \r\nThe audit report for the year ended June 30, 1994, noted that the management of the Polk School District Board of Education had chosen not to maintain a system wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. In the year under review, the Board did not establish a General Fixed Assets Account Group within the formal accounting records. This condition results in the general purpose financial statements of the Board being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Board to establish accounting controls and procedures to provide for maintenance of a General Fixed Assets Account Group. These subsidiary records should include an inventory ofland, buildings and equipment owned by the Board and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. \r\nCURRENT YEAR \r\nFEDERAL FINANCIAL REPORTS Delinquent Completion Report Federal Financial Assistance Nonmaterial Noncompliance Audit Control Number 7151-95-02 \r\nA review ofthe project completion reports submitted by the Board to the Georgia Department of Education for the Elementary and Secondary Education Act - Chapter 1 Education ofDeprived Children program (CFDA 84.010) for the year under review, revealed that the 1994 Carry-Over project report was not filed by the required due date. As set forth in guidelines established by the Georgia Department of Education, the completion report was due July 31, 1995, but was not filed until September 19, 1995. This deficiency occurred because management neglected the specific limitations imposed upon the Board by the Georgia Department of Education. Appropriate procedures should be implemented by the Board to ensure that completion reports are filed in a timely manner. \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1995 \r\nCURRENT YEAR \r\nADMINISTRATIVE REQUIREMENTS Inadequate Inventory Records Federal Financial Assistance Nonmaterial Noncompliance Audit Control Number 7151-95-03 \r\nProperty management records maintained by the Board for the Elementary and Secondary Education Act Chapter 1 - Education of Deprived Children Program (CFDA 84.010) were incomplete and failed to meet property management standards as set forth in Chapter 41, of the Financial Management for Georgia Local Units of Administration (FMGLUA). The inventory records as presented for audit did not contain accurate costs. This condition occurred because management did not ensure that accurate equipment purchase costs were included in property management records. An inventory system should be implemented that provides for the identification of all equipment purchased as outlined in Chapter 41, of the FMGLUA. \r\n \r\n SECTIONV PERTINENT VIEWS OF RESPONSIBLE OFFICIALS \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION PERTINENT VIEWS OF RESPONSIBLE OFFICIALS \r\nYEAR ENDED JUNE 30, 1995 \r\nFEDERAL FINANCIAL REPORTS Delinquent Completion Report Federal Financial Assistance Nonmaterial Noncompliance Audit Control Number 7151-95-02 \r\nAll completion reports are filed as timely as possible. Changes were made in the reporting requirements for FY 95 and this was an oversight. Measures are being taken to file these reports as timely as possible due to limited number of staff and heavier workload during summer months. \r\nNote: The Polk County Board ofEducation has elected not to provide comments for inclusion in this report other than the above. \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bp7-b1993-h94","title":"Audit report, Polk School District Board of Education, Cedartown, Georgia, year ended June 30, 1994","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits.","Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Polk County, 34.00178, -85.18815"],"dcterms_creator":["Georgia. 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(online surrogate); (Georgia Government Publications database, viewed June 16, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Polk School District Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Polk County--Auditing--Periodicals.","Education--Georgia--Polk County--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Audit report, Polk School District Board of Education, Cedartown, Georgia, year ended June 30, 1994"],"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-bp7-b1993-h94"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bp7-b1993-h94"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"GA ASOO \r\n.Rl \r\nf:2G p,7 \r\n, I qq 3--q!J \r\nSTATE OF GEORGIA DEPARTMENT OF AUDITS \r\n254 WASHINGTON STREET ATLANTA. GEORGIA 30334 \r\n \r\n AUDIT REPORT POLK SCHOOL DISTRICT BOARD OE EDUCATION \r\nCEDARTOWN, GEORGIA YEARENDEDJUNE30, 1994 \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \r\n \r\nEXHIBITS \r\n \r\nGENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nCOMBINED STATEMENTS - OVERVIEW \r\n \r\nA \r\n \r\nCOMBINED BALANCE SHEET \r\n \r\nALL FUND TYPES \r\n \r\n3 \r\n \r\nB \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES ' \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nAND EXPENDABLE TRUST FUND \r\n \r\n4 \r\n \r\nC \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES - ACTUAL AND BUDGET \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\n6 \r\n \r\nD NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\n7 \r\n \r\nADDITIONAL FINANCIAL INFORMATION \r\n \r\nCOMBINING STATEMENTS \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nE \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n18 \r\n \r\nF \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\n20 \r\n \r\nCAPITAL PROJECTS FUND \r\n \r\nG \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n22 \r\n \r\nH \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES \r\n \r\n24 \r\n \r\nSCHEDULES \r\n \r\n1 SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \r\n \r\n26 \r\n \r\n2 ANALYSIS OF CASH AND CASH EQUIVALENTS \r\n \r\n28 \r\n \r\n3 ACCOUNTS RECENABLE \r\n \r\n29 \r\n \r\nSCHEDULE OF REVENUE \r\n \r\n4 \r\n \r\nSTATE FUNDS \r\n \r\n30 \r\n \r\n5 \r\n \r\nLOCAL AND OTHER FUNDS \r\n \r\n31 \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nPage \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nADDITIONAL FINANCIAL INFORMATION \r\n \r\nSCHEDULES \r\n \r\nSCHEDULE OF EXPENDITURES BY OBJECT \r\n \r\n6 \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\n32 \r\n \r\n7 \r\n \r\nLOTTERY PROGRAMS \r\n \r\n33 \r\n \r\n8 \r\n \r\nFIDUCIARY FUND TYPE \r\n \r\nEXPENDABLE TRUST FUND \r\n \r\n34 \r\n \r\nANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS \r\n \r\n9 \r\n \r\nOVERALL \r\n \r\n35 \r\n \r\n10 \r\n \r\nBY PROGRAM \r\n \r\n36 \r\n \r\n11 SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS \r\n \r\n38 \r\n \r\nSECTION II \r\nCOMPLIANCE \r\nCOMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nSINGLE AUDIT REPORT ON COMPLIANCE WITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS \r\nSINGLE AUDIT OPINION ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS \r\nSINGLE AUDIT REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION - TABLE OF CONTENTS - \r\nSECTION ill INTERNAL CONTROL REPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS SINGLE AUDIT REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS \r\nSECTIONN FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\nSECTIONV PERTINENT VIEWS OF RESPONSIBLE OFFICIALS SCHEDULE OF PERTINENT VIEWS OF RESPONSIBLE OFFICIALS \r\n \r\n SECTION I FINANCIAL \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR (404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 6, 1995 \r\n \r\nHonorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation \r\nand Superintendent and Members ofthe Polle School District Board ofEducation \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \r\nLadies and Gentlemen: \r\nWe have audited the general purpose financial statements (Exhibits A through D) ofthe Polk School District Board of Education, as of and for the year ended June 30, 1994, as listed in the table of contents. These financial statements are the responsibility of the Board's management. Our responsibility is to express an opinion on these financial statements based on our audit. \r\nExcept as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General ofthe United States, and the provisions of the Office of Management and Budget Circular A-128, \"Audits of State and Local Governments\". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant \r\nestimates made by management, as well as evaluating the overall financial statement presentation. We believe \r\nthat our audit provides a reasonable basis for our opinion. \r\nWe did not observe the taking of either the Federal donated commodities inventory or purchased foods inventory at June 30, 1994, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. \r\n \r\n94ARL-13 \r\n \r\n As described in the notes to the general purpose financial statements, the Board's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: \r\n* The general purpose financial statements of the Board did not contain a General Fixed Assets Account Group to account for property and equipment owned by the Board which should be included to conform to generally accepted accounting principles. \r\n* School activity accounts maintained at the individual schools are not included in the general purpose financial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. \r\n* The Board did not recognize as expenditures, in the year ended June 30, 1994, a portion of salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 1994. Also funds received, subsequent to June 30, 1994, from the Georgia Department ofEducation for the State's share ofthese unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1993, were improperly recorded in the year ended June 30, 1994. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. \r\nThe aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. \r\nIn our opinion, except for the effects ofsuch adjustments, ifany, on the Special Revenue Fund, as might have been determined to be necessary had we been able to satisfy ourselves as to the accuracy ofthe food service inventories as discussed in the third paragraph, and except for the effects on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements present fairly, in all material respects, the financial position ofthe Polk School District Board ofEducation as of June 30, 1994, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. \r\nOur audit was conducted for the purpose of forming an opinion on the general purpose financial statements of the Polk School District Board of Education taken as a whole. The combining statements (Exhibits E through H) and the financial schedules (Schedules 1 through 11 which include the Schedule of Federal Financial Assistance) are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the Polk School District Board of Education. Such information has been subjected to the auditing procedures applied in the audit ofthe general purpose financial statements and, in our opinion, except for the effect of adjustments, if any, on the Special Revenue Fund, as might have been determined to be necessary had we been able to satisfy ourselves as to the accuracy of the food service inventories as discussed in the third paragraph, and except for the effects of the matters referred to in the fourth paragraph, such information is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. \r\n94ARL-13 \r\n \r\n A copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code of Georgia Annotated Section 50-6-24. \r\nRespectfully submitted, \r\n~~ \r\nClaude L. Vickers State Auditor \r\nCLV:gp \r\n94ARL-13 \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION - 1- \r\n \r\n  P9LK SCHOOL DISJBIQT BOARD Of EQUCAIJQN COMBINED BALANCE SHEET ALL FUNQ TYPES JUNE30 1994 \r\n \r\nEXHIBfT A \r\n \r\nC8ah and C8sh EquiYalents \r\nAccoun1a Receivable \r\nll'Mll'ltorie6 Food Donated Commoditie6 Purcha\u0026ed Food \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \r\n \r\nTOTALS (Memolllndum OnM JUNE 30. 1994 JUNE 30. 1993 \r\n \r\ns 3,409,914.47 $ 554,030.73 S 689,739.80 S \r\n \r\n6,522.56 S 4,660,207.56 S 4,198,388.82 \r\n \r\n145,648.92 \r\n \r\n211,905.56 \r\n \r\n28,350.80 \r\n \r\n385,905.28 \r\n \r\n386,339.10 \r\n \r\n63,193.94 17 613.87 \r\n \r\n63,193.94 17 613.87 \r\n \r\n69,265.28 17,370.01 \r\n \r\nTotal Assets \r\n \r\nS 3,555,563.39 $ 846 744.10 S 718,090.60 $ \r\n \r\n6,522.56 S 5, 126,920.65 S 4,671,363.21 \r\n \r\nUABtLmEs AND FUND EOUIJY \r\nLIABILmEs \r\nAccouru Payable Salaries Payable E\u003ecpiled Giant Balances Payable Contni:cts Payable Relainages Payable Oefemld R - - \r\nTotal llabllitles \r\nfUNDEOUIJY \r\nFund Balances ReaeMld For Bia R ~ Fund\u0026 For Continuation rl Federal Programs For E\u003ecpired Grant Balanees/Questioned Coats Forl~ Fo;o,,d Donated Commoditie\u0026 Purchased Food For State Capital outlay Projects \r\nUl\"ln!UMld Undesignated \r\nTotal Fund Equity \r\n \r\n$ \r\n \r\n80,828.13 $ \r\n \r\n84,544.67 \r\n \r\n5,648.82 \r\n \r\n188,400.39 \r\n \r\n42.03 \r\n \r\n17,426.64 \r\n \r\ns \r\n2638.96 \r\n \r\n28,n2.oo \r\n \r\n$ \r\n \r\n86,518.98 $ 293.010.66 $ \r\n \r\n28.n2.oo \r\n \r\ns 30,654.66 \r\n \r\n$ \r\n \r\n17,698.26 \r\n \r\n28,532.37 \r\n \r\n63,193.94 \r\n17,613.87 \r\ns \r\n \r\n178,908.24 \r\n \r\n$ \r\n \r\n59,187.03 S \r\n \r\n98,506.07 S 178,908.24 \r\n \r\n3,409,857.38 \r\n \r\n455,227.37 \r\n \r\n510,410.36 S \r\n \r\n$ 3,469,044.41 $ 553,733.44 S 689,318.60 $ \r\n \r\ns 165,372.80 $ 134,746.56 \r\n \r\n194,049.21 \r\n \r\n184,434.06 \r\n \r\n17,468.67 \r\n \r\n221.44 \r\n \r\n38,837.17 \r\n \r\n28,n2.oo \r\n \r\n37,480.01 \r\n \r\n2,638.96 \r\n \r\ns 408,301.64 S 395.719.24 \r\n \r\ns \r\n \r\n30,654.66 S \r\n \r\n34,635.02 \r\n \r\n17,698.26 \r\n \r\n460.80 \r\n \r\n28,532.37 \r\n \r\n13,949.91 \r\n \r\n63,193.94 17,613.87 178,908.24 \r\n \r\n69,265.28 17,370.01 153,470.58 \r\n \r\ns 336,601.34 S 289,151.60 \r\n \r\n6.522.56 4.382.017.67 3.986.492.37 \r\n \r\n6,522.56 $ 4.718.619.01 $ 4.275.643.97 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ 3,555,563.39 $ 846 744.10 $ 718 090.60 $ \r\n \r\n6,522.56 S 5,126,920.65 $ 4,671,363.21 \r\n \r\nThe notes to the general purpo\u0026e financial statements are an integral part rl this statement. \r\n-3 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND YEAR ENDED JUNE 30, 1994 \r\n \r\nREVENUES \r\nState Funds Federal Funds Local and other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation other Operations of Non-lostructional Services Community Services Operations \r\nCapital Outlay \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nFUND BALANCE JULY 1 \r\nAdjustment For Unrecorded Fund Balance \r\nFood Inventory Donated Commodities July 1 June 30 Purchased Food July 1 June 30 \r\nFUND BALANCE JUNE 30 \r\n \r\nGENERAL FUND \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL REVENUE \r\n \r\nCAPITAL PROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\n$ 18,147,162.00 $ 573,029.60 $ \r\n \r\n87,026.50 \r\n \r\n2,426,044.53 \r\n \r\n5,443,416.18 \r\n \r\n596,203.96 \r\n \r\n$ 23,677,604.68 $ 3,595,278.09 $ \r\n \r\n91,884.78 20,081.02 111,965.80 \r\n \r\n$ 16,164,353.98 $ 1,175,598.83 \r\n \r\n799,976.29 533,055.94 696,178.70 226,783.12 1,522,867.76 263,299.93 1,996,884.59 962,008.84 \r\n19,885.58 5,522.16 \r\n \r\n65,583.10 48,819.97 251,908.13 60,985.33 \r\n31,381.99 4,357.80 \r\n1,842,808.76 \r\n \r\n60,129.60 \r\n \r\n$ \r\n \r\n$ 23,250,946.49 $ 3,481,443.91 $ \r\n \r\n$ 426,658.19 $ 113,834.18 $ \r\n \r\n3,042,386.22 \r\n \r\n445,726.74 \r\n \r\n210,178.21 210,178.21 -98,212.41 787,531.01 \r\n \r\n-69,265.28 63,193.94 -17,370.01 17,613.87 \r\n$ 3,469,044.41 $ 553,733.44 $ 689,318.60 \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. -4- \r\n \r\n EXHIBIT\"B\" \r\n \r\nTOTAL \r\n \r\nFIDUCIARY \r\nFUND TYPE EXPENDABLE TRUST FUND \r\n \r\nTOTALS \r\n(Memorandum Only) YEAR ENDED \r\nJUNE 30, 1994 JUNE 30, 1993 \r\n \r\n$ 18,812,076.38 2,513,071.03 6,059,701.16 $ \r\n$ 27,384,848.57 $ \r\n \r\n$ 5,605.00 \r\n \r\n18,812,076.38 $ 2,513,071.03 6,065,306.16 \r\n \r\n18,339,837.57 2,477,503.72 6,060,775.35 \r\n \r\n5,605.00 ' 27,390,453.57 $ 26,878,116.64 \r\n \r\n$ 17,339,952.81 \r\n865,559.39 $ 581,875.91 948,086.83 287,768.45 1,522,867.76 263,299.93 1,996,884.59 993,390.83 24,243.38 \r\n5,522.16 1,842,808.76 \r\n270,307.81 \r\n$ 26,942,568.61 $ \r\n$ 442,279.96 $ \r\n4,275,643.97 \r\n-69,265.28 63,193.94 \r\n-17,370.01 17,613.87 \r\n \r\n$ 17,339,952.81 $ 16,793,594.80 \r\n \r\n1,147.00 2,560.58 \r\n \r\n866,706.39 581,875.91 948,086.83 287,768.45 1,522,867.76 263,299.93 1,996,884.59 993,390.83 24,243.38 \r\n5,522.16 1,842,808.76 \r\n2,560.58 \r\n270,307.81 \r\n \r\n803,064.15 487,030.36 712,781.09 304,856.62 1,435,732.46 213,047.74 1,903,765.65 953,870.37 \r\n17,291.53 \r\n1,787,741.21 \r\n52,522.49 866,994.57 \r\n \r\n3,707.58 $ 26,946,276.19 $ 26,332,293.04 \r\n \r\n1,897.42 $ \r\n \r\n444,177.38 $ \r\n \r\n545,823.60 \r\n \r\n0.00 \r\n \r\n4,275,643.97 \r\n \r\n3,727,699.08 \r\n \r\n4,625.14 \r\n \r\n4,625.14 \r\n \r\n-69,265.28 63,193.94 \r\n-17,370.01 17,613.87 \r\n \r\n-65,299.96 69,265.28 \r\n-19,214.04 17,370.01 \r\n \r\n$ 4,712,096.45 $ \r\n \r\n6,522.56 $ 4,718,619.01 $ 4,275,643.97 \r\n \r\n-5- \r\n \r\n PoLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES \r\nACTUAL AND BUDGET GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30. 1994 \r\n \r\nEXHIBIT \"C\" \r\n \r\nACTUAL PER \r\nEXHIBIT\"B\" \r\n \r\nADJUSTMENTS \r\n \r\nACTUAL PER \r\nBUDGET BASIS \r\n \r\nBUDGET \r\n \r\nVARIANCE FAVORABLE {UNFAVORABLE) \r\n \r\nREVENUES \r\nState Funds Federal Funds Local and other Funds \r\n \r\n$ 18.812,076.38 $ 2,513,071.03 6,059,701.16 \r\n \r\n0.00 $ \r\n \r\n18,812,076.38 $ 19,041,377.33 $ 2,513,071.03 2,544,622.00 6,059,701.16 5,516,466.00 \r\n \r\n-229,300.95 -31,550.97 543,235.16 \r\n \r\nTotal Revenues \r\n \r\n$ 27,384,848.57 $ \r\n \r\n0.00 $ 27,384,848.57 $ 27,102,465.33 $ \r\n \r\n282,383.24 \r\n \r\nEXPENDITURES \r\ncurrent \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 \r\nFood SeMces Operation capital Outlay \r\n \r\n$ 17,339,952.81 $ \r\n. 865,559.39 581,875.91 948,086.83 287,768.45 1,522,867.76 263,299.93 1,996,884.59 993,390.83 24,243.38 \r\n5,522.16 1,842,808.76 \r\n270,307.81 \r\n \r\n0.00 $ 17,339,952.81 $ 17,713,509.00 $ \r\n \r\n865,559.39 581,875.91 948,086.83 287,768.45 1,522,867.76 263,299.93 1,996,884.59 993,390.83 24,243.38 \r\n5,522.16 1,842,808.76 \r\n270,307.81 \r\n \r\n852,238.00 580,521.45 973,576.00 308,031.00 1,542,232.00 298,054.00 2,191,053.00 1,028,754.00 24,250.00 \r\n6,500.00 1,891,460.00 \r\n447,415.15 \r\n \r\n373,556.19 \r\n-13,321.39 -1,354.46 25,489.17 20,262.55 19,364.24 34,754.07 \r\n194,168.41 35,363.17 \r\n6.62 977.84 48,651.24 177,107.34 \r\n \r\nTotal Expenditures \r\n \r\n$ 26,942,568.61 $ \r\n \r\n0.00 $ 26,942,568.61 $ 27,857,593.60 $ \r\n \r\n915,024.99 \r\n \r\nExcess of Revenues over (under) Expenditures $ 442,279.96 $ \r\n \r\n0.00 $ \r\n \r\n442,279.96 $ -755,128.27 $ 1,197,408.23 \r\n \r\nFUND BALANCE JULY 1 1993 \r\nADJUSTMENTS \r\nPrior Year (Net) \r\n \r\n4,275,643.97 \r\n \r\n-86,635.29 \r\n \r\n4,189,008.68 4,167,012.67 \r\n \r\n21,996.01 \r\n \r\n4,485.n \r\n \r\n-4,485.n \r\n \r\nFOQD!NYENIQBY \r\n \r\nDonated Commodities \r\n \r\nJuly 1, 1993 \r\n \r\n-69,265.28 \r\n \r\n69,265.28 \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\nJune 30, 1994 \r\n \r\n63,193.94 \r\n \r\n-63,193.94 \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\nPurchased Food \r\n \r\nJuly 1, 1993 \r\n \r\n-17,370.01 \r\n \r\n17,370.01 \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\nJune 30, 1994 \r\n \r\n17,613.87 \r\n \r\n-17,613.87 \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\nFUND BALANCE JUNE 30 1994 \r\n \r\n$ 4,712,096.45 $ -80,807.81 $ 4,631,288.64 $ 3.416,370.12 $ 1,214,918.52 \r\n \r\nlhe notes to the general purpose financial statements are an integral part of this statement. -6- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1994 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nThe Polle School District Board ofEducation (Board) was established under the laws ofthe State ofGeorgia and operates under the guidance ofa school board elected by the voters and a Superintendent appointed by the Board. With the exception ofthe departures from generally accepted accounting principles disclosed in the following paragraphs, the financial statements of the Board have been prepared in conformity with generally accepted accounting principles as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting standards. \r\nThe more significant ofthe Board's accounting policies are described below. \r\nREPORTING ENTITY \r\nIn evaluating how to define the government unit for financial reporting purposes, management has considered the criteria set forth in GASB Codification of Governmental Accounting and Financial Reporting Standards, Section 2100, \"Defining the Financial Reporting Entity\". The primary government consists of all the organizations that compose the legal entity of the Polle School District Board ofEducation. \r\nBased upon the application ofthe above criteria, the Polle School District Board ofEducation is determined to be the lowest level ofgovernment exercising oversight responsibility and control over all activities related to public education in Polle County, Georgia. The Board is not included in any other governmental \"reporting entity\" as defined by GASB Codification of Governmental Accounting and Financial Reporting Standards. \r\nBoard members were elected by the public and have decision making authority, the power to designate management, the ability to significantly influence operations, and primary accountability for fiscal matters. The Board determines the millage rate at which school taxes are levied and may incur bonded indebtedness with voter approval. \r\nFUND\"ACCOUNTING \r\nThe Board uses funds to report on its financial position and the results ofits operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. \r\nA fund is a separate accounting entity with a self-balancing set of accounts. \r\nGeneral Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Board. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. \r\n \r\n- 7- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1994 \r\n \r\nNote I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To confonn to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. \r\nThe general purpose financial statements account for all State, Federal, Local and Other Funds under control ofthe Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds presented in this report are as follows: \r\nGOVERNMENTAL FUND TYPES - are used to account for all or most ofa Board's general activities. Governmental Fund Types include: \r\nGENERAL FUND - the fund used to account for all financial resources ofthe Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services traditionally provided by a board ofeducation. \r\nSPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are primarily received from the Georgia Department of Education and from the Federal government to accomplish specific objectives and are required to be accounted for separately. Also included are proceeds received from State, Federal, Local and Other sources for operations of the school food services fund. This fund could be accounted for as an enterprise fund; however, the Board chooses not to provide for depreciation, but to maintain the fund on a modified accrual basis and to report the fund as a special revenue fund under governmental fund types, which is acceptable under generally accepted accounting principles for governmental entities. \r\nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. \r\nFIDUCIARY FUND TYPE - the trust fund used to account for assets held by a government unit in a trustee capacity. This fund includes: \r\nEXPENDABLE TRUST FUND Student Special Needs Fund - the fund used to account for contributions and expenditures of private funds which are designated to be used for the purchase ofclothing and medical needs for disadvantaged students at the Superintendent's discretion. \r\nBASIS OF ACCOUNTING \r\nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and the expendable trust fund are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are \r\n- 8- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEl\\.ffiNTS \r\n \r\nJUNE 30, 1994 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nincluded on the balance sheet. Operating statements of these funds present increases (i.e., revenues) and decreases (i.e., expenditures) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \r\nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. \r\nGovernmental funds and the expendable trust fund are accounted for using the modified accrual basis of accounting under which: \r\nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). \"Measurable\" means the amount ofthe transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities ofthe current period. Those revenues considered susceptible to accrual are property taxes, intergovernmental grants and investment income. Property taxes are considered available ifthey are collected and remitted by the collecting agent to the Board within 60 days after fiscal year-end. \r\nExpenditures are generally recognized when the related fund liability is incurred. \r\nA departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share ofthese contracts. During fiscal year 1994, a substantial number of personnel of the Board were employed for a one hundred and ninety day period beginning in late August 1993 and ending in early June 1994. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1993 and ending in August 1994. State grants to fund the State's share of these contracts were disbursed from the Georgia Department ofEducation to the Board in the same twelve months. As ofJune 30, 1994, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 1994, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 1994. Also, the State's portion ofthe compensation paid in July and August 1994 was received and recorded as revenue in the fiscal year subsequent to June 30, 1994. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1993, were recorded in the year ended June 30, 1994. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. \r\nBUDGET \r\nThe Polle School District Board of Education has a legally authorized nonappropriated budget which is formally approved by the Board at the aggregate level. Budgets are prepared to provide a basis for funding operations and there is no legal prohibition regarding overexpenditure of the aggregate budget. The budget process begins when the Board's administration prepares a tentative aggregated budget for the Board's approval. After approval of this tentative budget by the Board, such budget is advertised at least once in a \r\n- 9- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1994 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nnewspaper ofgeneral circulation in the locality. At the next regular meeting ofthe Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 20-.2-167, to the Georgia Department ofEducation. \r\n \r\nThe Board prepares its budget on the modified accrual basis, which is the same basis on which it presents its financial statements. The budget comparison on Exhibit \"C\" presents actual and budget data for all governmental funds on a combined basis. To facilitate comparison with the budget, donated and purchased food inventories as reflected on Exhibit \"B\" have been eliminated from fund balance. \r\n \r\nCASH AND CASH EQUIVALENTS \r\n \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist ofdeposits (mcluding certificates ofdeposit, savings and N.0.W. accounts) in authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. The placement of proceeds from bond issues in certificates of deposit is limited to financial institutions located within this State. \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist ofgrant reimbursements due from Federal, State or other grantors for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\nPROPERTY TAXES \r\n \r\nThe Polk County Board of Commissioners fixed the property tax levy for the 1993 tax year (calendar year) on October 1, 1993 (levy date). Taxes were due on December 1, 1993. The lien date for property taxes was January 1, 1993. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1994 since their collection meets the criteria ofGASB codification section P70.103. The Polk County Tax Commissioner bills and collects the property taxes for the Board ofEducation, withholds 2.5% oftaxes collected as a fee for tax collection, and remits the balance oftaxes collected to the Board. \r\n \r\nThe tax millage rate levied for the 1993 tax year (calendar year) for the Polle School District Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n14.70 mills \r\n \r\n- 10 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1994 \r\n \r\nNote I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nINVENTORIES \r\nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost. The Board uses the consumption method to account for donated food commodities whereby commodity items are recorded as an asset when received, revenue and expenditures are recorded as the inventory items are used. The Board uses the purchases method to account for purchased foods inventories whereby expenditures are recorded at the time of purchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations offund balance which indicates that these amounts do not constitute \"available spendable resources\" even though they are a component of net current assets. \r\nCOMPENSATED ABSENCES \r\nCompensated absences represent obligations of the Board relating to employees' rights to receive compensation for future absences based upon service already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the individual funds for the current portion ofthis obligation as this amount is deemed immaterial to the general purpose financial statements. \r\nAdditionally, the dollar value ofaccumulated compensated absences at June 30, which will be payable from future resources has not been recorded in the General Long-Term Debt Account Group as this liability is also deemed to be immaterial to the fair presentation ofthese financial statements. \r\nINTERFUND TRANSACTIONS \r\nThe Board has the following type ofinterfund transactions: \r\nReimbursements ofexpenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \r\nMEMORANDUM ONLY - TOTAL COLUMNS \r\nTotal columns on the general purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation ofthis data. \r\n \r\n- 11 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1994 \r\n \r\nNote 2: DEPOSITS \r\n \r\nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee ofinsurance, orby collateral in an amount of not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. \r\n \r\nAcceptable security for deposits consists ofany one ofor any combination of the following: \r\n \r\n(I) Surety bond signed by a surety company duly qualified and authorized to transact business within the State ofGeorgia, \r\n \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n \r\n(3) Bonds, bills, notes, certificates ofindebtedness or other direct obligations ofthe United States or of the State of Georgia, \r\n \r\n(4) Bonds, bills, notes, certificates ofindebtedness or other obligations ofthe counties or municipalities \r\n \r\nofthe State of Georgia, \r\n \r\n, \r\n \r\n(5) Bonds ofany public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia, and \r\n \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations ofa subsidiary corporation of \r\n \r\nthe United States government, which are fully guaranteed by the United States government both as \r\n \r\nto principal and interest and debt obligations issued by the Federal Land Banlc, the Federal Home \r\n \r\nLoan Bank, the Federal Intermediate Credit Banlc, the Central Bank for Cooperatives, the Farm \r\n \r\nCredit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage \r\n \r\nAssociation. \r\n \r\n \r\n \r\nCATEGORIZATION OF DEPOSITS At June 30, 1994, the bank balances were $6,677,823.83. The bank balances were entirely covered by Federal depository insurance or by collateral held by the Board or the Board's agent in the Board's name. \r\n \r\n- 12 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXIDBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1994 \r\n \r\nNote 3: NON-MONETARY TRANSACTIONS \r\n \r\nThe Board receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \r\n \r\nNote 4: RISK MANAGEMENT \r\n \r\nThe Board has established a limited risk management program for Unemployment Compensation. Estimated claims are budgeted by management based on known claims and prior experience. During fiscal year 1994, a total ofSl,964.60 was paid in claims. \r\n \r\nNote 5: SIGNIFICANT COMMITMENTS \r\n \r\nAt June 30, 1994, the Board had encumbrances in the amount of$83,341.96 for the unperformed portion of purchase orders, contracts and other commitments for goods and services associated with the Lottery programs. The Georgia Department ofEducation has funding available to the Board in an amount equal to these encumbrances. The revenues and expenditures associated with these encumbrances will be recognized in the subsequent fiscal year. Encumbrances outstanding do not constitute expenditures or liabilities in the current year because these commitments will be honored during the subsequent year. These encumbrances are identified by Lottery Program as follows: \r\n \r\nComputers in Classrooms Distant Learning Safe Schools Grant \r\n \r\n$ \r\n \r\n648.96 \r\n \r\n1,990.00 \r\n \r\n80,703.00 \r\n \r\n$ 83,341.96 \r\n \r\nThe following is an analysis of significant outstanding construction or renovation contracts executed by the Board as.ofJune 30, 1994, together with funding available: \r\n \r\nProject \r\n \r\nUnearned Executed Contracts \r\n \r\nFunding Available From State \r\n \r\n93/92S-715-070 93/92S-715-071 \r\n \r\n$ 31,738.29 20,774.50 $ 61,211.82 \r\n \r\n$ 52,512 79 $ 61,211.82 \r\n \r\nThe amounts described in this note are not reflected in the general purpose financial statements. \r\n \r\n- 13 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1994 \r\n \r\nNote 6: CONTINGENT LIABILITIES \r\n \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by \r\n \r\ngrantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures \r\n \r\nwhich are disallowed under grant tenns. The Board believes that such disallowances, if any, will be immaterial \r\n \r\nto its overall financial position. \r\n \r\n \r\n \r\nNote 7: SIGNIFICANT TRANSACTION \r\n \r\nDuring the year under review, the Polle School District Board ofEducation became the fiscal agent for the Student Special Needs Fund. The Cherokee Elementary School, the fiscal agent through June 30, 1993, transferred the program's fund balance to the Polle School District Board ofEducation. This transaction is shown as a fund balance adjustment on Exhibit \"B\" ofthis report. \r\n \r\nNote 8: ACCUMULATED EMPLOYEES' LEAVE \r\n \r\nAll twelve-month employees are eligible for annual vacatio1_1 earned at the rate of .833 days for each full calendar month employed up to a maximum often (1 O) days. Twelve-month employees with fifteen (15) or more years of service to the school district are eligible for five (5) additional vacation days annually. Upon approval of the employee's supervisor, all unused vacation days may be carried forward into the next employment year. Upon retirement or termination, employees will be paid at the current rate of pay for unused earned vacation up to the maximum earned during a year. The terminal leave payment does not include unused vacation carried forward. See Note 1 - Compensated Absences \r\n \r\nNote 9: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\n \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer public employee retirement system (PERS). \r\n \r\nTRS provides service retirement, disability retirement and survivors benefits for its members. A member is eligible for service retirement after 30 years ofcreditable service, regardless of age, or after 10 years of service and attainment of age 60. A member is eligible for early retirement after 25 years of creditable service and attainment of age 55, at a reduced benefit. Retirement benefits paid to members are equal to 2% of the average of the member's two consecutive highest paid years of service multiplied by the number of years of creditable service up to 40 years. The normal retirement pension is payable monthly for life. Options are available for distribution ofthe member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \r\n \r\n- 14 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1994 \r\n \r\nNote 9: RETIREMENT PLANS \r\n \r\nRetirement benefits also include death and disability benefits. A disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The death benefit is the amount that would be payable to the member's beneficiary had the member retired on the date of death on either a service retirement allowance or a disability retirement allowance, whichever is larger. The benefit is based on the member's creditable service (minimum of IO years of service) and compensation up to the time of disability or death. \r\n \r\nMembers become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting ofemployer contributions occurs, but the member's contributions are refunded with interest. \r\n \r\nThe Board's payroll for employees covered by TRS for the year ended June 30, 1994, was $15,897,050.37; total payroll was $17,872,038.98. \r\n \r\nTRS CONTRIBUTIONS REQUIRED AND MADE Employees of the Board who are covered by TRS are required to contribute 6% of their gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees as advised by their independent actuary. For fiscal year 1994 that rate for employer contributions was 11.81%. The interest rate assumption (rate of return on investments) was 7.50%. \r\n \r\nTotal contributions made during fiscal year 1994 amounted to $2,831,259.23, ofwhich $1,877,439.54 was made by the Board and $953,819.69 was made by employees. These contributions represented 11.81% (Board) and 6% (employees) of covered payroll. \r\n \r\nTRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 ofthe Governmental Accounting Standards Board (GASB) that, with some exceptions, must be used by a PERS. The standardized measurement is the actuarial present value of credited projected benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salary increases. A standardized measure ofthe pension benefit obligation was adopted by the GASB to enable readers of PERS :financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other PERS and among other employers. \r\n \r\nTotal unfunded pension benefit obligation ofTRS as ofJune 30, 1993, was as follows: \r\n \r\nTotal pension benefit obligation \r\n \r\n$13,912,014,000.00 \r\n \r\nNet assets available for benefits, at cost \r\n \r\n12,821,722,000.00 \r\n \r\nUnfunded pension benefit obligation \r\n \r\n$ 1.090.292.000.00 \r\n \r\n- 15 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1994 \r\n \r\nNote 9: RETIREMENT PLANS \r\nThe measurement ofthe total pension benefit obligation is based on an actuarial valuation as ofJune 30, 1993. Net assets available to pay pension benefits were valued as of the same date. TRS does not make separate measurements ofassets and pension benefit obligation for individual employers. \r\nTotal contributions from all employers to TRS for fiscal year ended June 30, 1994 were $521,550,000.00. The Board's contribution for the year ended June 30, 1994 of $1,877,439.54 was actuarially determined and represented .3599% oftotal contributions made by all participating employers. \r\nTen year historical trend information is presented in the 1994 TRS Component Unit Financial Report. This information is useful in assessing TRS's accumulation of sufficient assets to pay pension benefits as they become due. \r\nPUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA (PSERS) \r\nPSERS PLAN DESCRIPTION Substantially all bus drivers, maintenance, custodial, and lunchroom personnel employed by local school systems are covered by the Public School Employees Retirement System of Georgia (PSERS). All employer's contributions are made by the State of Georgia. \r\nPSERS provides service retirement, disability retirement and survivors benefits for its members. A member is eligible for normal service retirement after 10 years ofservice and attainment of age 65. A member applying for service retirement with 10 years of service and retires between the ages of 60 and 65 receives a reduced benefit. Monthly retirement benefits paid to members are equal to $8.00 per month multiplied by the number of years of creditable service. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \r\nRetirement provisions include death and disability benefits. Disability benefits are the same as ifthe employee had retired at age 65 as long as the employee has 15 or more years of creditable service. Death benefits are dependent upon the number ofyears of service. Ifthere are less than ten years of service, a lump sum refund ofthe employee's contributions and interest are made to the beneficiary. Ifthere are more than ten years of service, the beneficiary shall receive for life half ofwhat the employee would have received upon retirement. \r\nMembers become fully vested after ten years of service. Ifa member terminates with less than ten years of service, no vesting ofemployer contributions occurs, but the member's contributions are refunded with interest. \r\nThere were 178 employees covered under PSERS for the year ended June 30, 1994. \r\nPSERS CONTRIBUTIONS REQUIRED AND MADE Covered employees are required by State statute to contribute $4.00 a month for the nine month school year. Unlike TRS, the Board makes no contribution to PSERS. The State of Georgia is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS' Board ofTrustees. \r\n- 16 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1994 \r\n \r\nNote 9: RETIREMENT PLANS \r\nTotal contnbutions from employees ofthe Board made during fiscal year 1994 amounted to $6,128.00. Total contribution for all school systems made by the State of Georgia to PSERS for fiscal year ended June 30, 1994, was $9,150,000.00. \r\nNote 10: SURETY BONDS \r\nThe School Superintendent, Mr. James J. Carter, Jr., is bonded in the amount of$50,000.00 with the Western Surety Company, Sioux Falls, South Dakota, their Bond No. 58554256, on which premium was paid through May 7, 1995. \r\n \r\n- 17 - \r\n \r\n POLK SCHOOL DJSTRJCT BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 3Q, 1994 \r\n \r\nCuh and Cash Equivalenla Accounts Receivable Inventories \r\nFood Donated Commodities Purchased Food \r\nTotal Assets \r\n \r\nELEMENTARY AND \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTTERY PROGRAMS \r\n \r\nDRUG-FREE SCHOOLS AND COMMUNITIES \r\nACT \r\n \r\nEDUCATION OF CHILDREN IN \r\nSTATE SCHOOLS \r\n \r\nCHAPTER 1 EDUCATION OF \r\nDEPRIVED CHILDREN \r\n \r\n$ 546,127.78 $ 20,441.17 $ \r\n \r\n1,456.76 $ \r\n \r\n0.00 \r\n \r\n8,096.94 \r\n \r\n24,395.00 \r\n \r\n$ \r\n \r\n1'46,783.76 \r\n \r\n63,193.94 17,613.87 \r\n \r\n$ 635,032.53 $ 44,836.17 $ \r\n \r\n1,456.76 $ \r\n \r\no.oo s_ _1_46_._183_.1_s \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nCash Overdraft Accounts Payable Salaries Payable \r\nExpired Grant Balances Payable Deferred R8YllnUe \r\nTotal Liabilities \r\nFUNDEOUITY \r\nFund Balances \r\nReserved \r\nFor Continuation of Federal Programs For Inventories \r\nFood Donated Commodities Purchased Food \r\nUnreserved Undesignated \r\nTotal Fund Equity \r\nTotal Liabilities and Fund Equity \r\n \r\ns $ 17,742.32 $ 40,704.n \r\n81,255.03 1,\"92.44 2,638.96 \r\n$ 98,997.35 $ 44,836.17 $ \r\n \r\n1,456.76 1,456.76 \r\n \r\n$ 63,193.94 17,613.87 \r\n$ 80,807.81 455,227.37 $ \r\n$ 536,035.18 $ \r\n \r\n0.00 $ 0.00 $ \r\n \r\n0.00 $ 0.00 $ \r\n \r\n$ 635,032.53 $ 44,836.17 $ \r\n \r\n1,456.76 $ \r\n \r\n$ \r\n \r\n27,208.90 \r\n \r\n18,526.84 \r\n \r\n86,291.30 \r\n \r\n230.73 \r\n \r\n$ \r\n \r\n132,257.n \r\n \r\n$ \r\n \r\n14,525.99 \r\n \r\n$ 0.00 0.00 $ \r\n \r\n14,525.99 0.00 \r\n14,525.99 \r\n \r\no.oo s_ _1_46_._1.8..3...1...s. \r\n \r\nSae notes to the general purpose financial statements. \r\n \r\n-18- \r\n \r\n EXHIBIT\"E\" \r\n \r\nSECONDARY EDUCATION ACT \r\n \r\nMIGRANT PROGRAM \r\n \r\nCHAPTER 2 BLOCK GRANT FLOW THROUGH \r\n \r\nTITLE fl. EISENHOWER MATHEMATICS AND SCIENCE \r\nEDUCATION \r\n \r\n1,385.91 $ \r\n \r\n33.53 $ \r\n \r\n3,172.27 \r\n \r\nINDIVIDUALS WITH \r\n \r\nDISABILITIES EDUCATION At;T \r\n \r\nTITLE VI, B \r\n \r\nFLOW \r\n \r\nPRESCHOOL \r\n \r\nTHROUGH \r\n \r\nPROGRAM \r\n \r\nJOB TRAINING PARTNERSHIP \r\nACT \r\n \r\nTOTALS JUNE 30, 1994 JUNE 301 1993 \r\n \r\n16,557.09 \r\n \r\n$ 589,174.51 $ '438,140.04 \r\n \r\n1,013.49 \r\n \r\n26,658.16 \r\n \r\n$ \r\n \r\n4,958.21 \r\n \r\n211,905.56 \r\n \r\n151,109.65 \r\n \r\n63,193.94 17,613.67 \r\n \r\n69,265.28 17,370.01 \r\n \r\n2,399.40 s _ _ _ _33_.53_s \r\n \r\n3,172.27 $ \r\n \r\n26,658.16 $ \r\n \r\n16,557.09 $ \r\n \r\n4,958.21 $ 881,887.88 $ 676,884.98 \r\n \r\n$ \r\n \r\n546.96 $ \r\n \r\n1,852.44 \r\n \r\n$ 2,399.40 $ \r\n \r\n33.53 33.53 \r\n \r\n$ \r\n \r\n2,991.57 \r\n \r\n$ \r\n \r\n5,502.44 $ \r\n \r\n16.15 \r\n \r\n17,887.94 \r\n \r\n1,113.68 \r\n \r\n276.21 \r\n \r\n15,427.26 \r\n \r\n$ \r\n \r\n26,658.16 $ \r\n \r\n16,557.09 $ \r\n \r\n4,943.31 $ 14.90 \r\n4,958.21 $ \r\n \r\n35,143.78 84,544.67 $ 188,400.39 17,426.64 \r\n2,638.96 \r\n328,154.44 $ \r\n \r\n46,502.74 184,434.06 \r\n221.44 \r\n231,158.24 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n$ \r\n \r\n2,399.40 $ \r\n \r\n$ \r\n \r\n3,172.27 \r\n \r\n$ 0.00 0.00 $ \r\n \r\n3,172.27 0.00 $ \r\n3,172.27 $ \r\n \r\n0.00 $ 0.00 $ \r\n \r\n0.00 $ 0.00 $ \r\n \r\n$ 17,698.26 $ \r\n \r\n460.80 \r\n \r\n$ 0.00 0.00 $ \r\n \r\n63,193.94 17,613.87 98,506.07 $ 455,227.37 \r\n553,733.44 $ \r\n \r\n69,265.28 17,370.01 67,096.09 358,630.65 \r\n445,726.74 \r\n \r\n33.53 $ \r\n \r\n3,172.27 $ \r\n \r\n26,658.16 $ \r\n \r\n16,557.09 $ \r\n \r\n4,958.21 $ 881,887.88 $ 676,884.98 \r\n \r\n-19- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nSPECIAL REVENUE FUND \r\nYEAR ENDED JUNE 30, 1994 \r\n \r\nREVENUES \r\nState Funds Federal Funds Local and Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement d lnltructional Services Educational Media Services General Administration Student Transportation Services Central Support Services Food Services Operation \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nFUND BALANCE JULY 1 \r\nFood Inventory Donated Commodities July 1 June30 Purchased Food July 1 June30 \r\nFUND BALANCE JUNE 30 \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nELEMENTARY AND \r\n \r\nLOTTERY PROGRAMS \r\n \r\nDRUG-FREE SCHOOLSAND COMMUNITIES \r\nACT \r\n \r\nEDUCATION OF CHILDREN IN STATE SCHOOLS \r\n \r\nCHAPTER 1 EDUCATION OF \r\nDEPRIVED CHILDREN \r\n \r\n$ 149,134.00 $ 1,194,067.52 596,203.96 \r\n \r\n423,895.60 $ \r\n \r\n$ 1,939,405.48 $ 423,895.60 $ \r\n \r\n52,059.00 $ 52,059.00 $ \r\n \r\n2,124.00 $ \r\n \r\n892,811.03 \r\n \r\n2,124.00 $ \r\n \r\n892,811.03 \r\n \r\n$ 208,174.56 $ \r\n191,326.04 24,395.00 $ 1,842,808.76 $ 1,842,808.76 $ 423,895.60 $ \r\n \r\n17,636.94 \r\n2,326.25 $ 1.C,588.51 17,359.15 \r\n118.15 30.00 \r\n52,059.00 $ \r\n \r\n$ 96,596.72 $ '445,265.94 \r\n \r\n0.00 $ 0.00 \r\n \r\n0.00 $ 0.00 \r\n \r\n$ 2,12.C.OO \r\n \r\n81.C,761.59 \r\n835.'41 58,230.2.C 4,357.80 \r\n \r\n2,124.00 $ \r\n \r\n878,285.04 \r\n \r\n0.00 $ 0.00 \r\n \r\n1.C,525.89 0.00 \r\n \r\n-69,265.28 63,193.94 -17,370.01 17,613.87 \r\ns 536,035.18 s_ _ _o_.oo_s \r\n \r\n0.00 $ \r\n \r\no.oo s_ _ _1__.s_2s_._99_ \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n 20- \r\n \r\n EXHIBIT \"F\" \r\n \r\nSECONDARY EDUCATION ACT \r\n \r\nMIGRANT PROGRAM \r\n \r\nCHAPTER 2 81.0CK GRANT FLOW THROUGH \r\n \r\nTITLEII EISENHOWER MATHEMATICS AND SCIENCE \r\nEDUCATION \r\n \r\nINDIVIDUALS WITH \r\n \r\nDISABILITIES EDUCATION ACT \r\n \r\nTITLE VI B \r\n \r\nFLOW \r\n \r\nPRESCHOOL \r\n \r\nTHROUGH \r\n \r\nPROGRAM \r\n \r\nJOB TRAINING PARTNERSHIP \r\nACT \r\n \r\nTOTALS YEAR ENDED JUNE 301 1994 JUNE 30, 1993 \r\n \r\n$ 15,564.37 $ $ 15,564.37 $ \r\n \r\n47,653.00 $ 47,653.00 $ \r\n \r\n23,399.00 $ 161,157.95 $ 23,399.00 $ 161,157.95 $ \r\n \r\n19,937.74 $ 19,937.74 $ \r\n \r\n$ 17,270.92 \r\n \r\n573,029.60 $ 201,556.00 \r\n \r\n2,426,044.53 2,345,224.89 \r\n \r\n596,203.96 \r\n \r\n638,443.96 \r\n \r\n17,270.92 $ 3,595,278.09 $ 3,185,224.85 \r\n \r\n$ 15,564.37 $ \r\n \r\n$ 15,564.37 $ \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n4,320.30$ \r\n43,222.94 109.76 \r\n47,653.00 $ \r\n \r\n50.61 $ \r\n20,345.30 69.62 \r\n \r\n115,090.46 43,609.93 $ \r\n2,457.56 \r\n \r\n20,465.53 $ 161,157.95 $ \r\n \r\n30.00 $ 12,950.75 6,956.99 \r\n19,937.74 $ \r\n \r\n$ 1,175,598.83 $ 1,061,385.97 \r\n \r\n17,492.92 \r\n \r\n65,583.10 48,819.97 251,908.13 60,985.33 31,381.99 \r\n4,357.80 1,842,808.76 \r\n \r\n87,214.91 45,451.59 50,917.29 65,852.98 \r\n7,563.63 \r\n1,787,741.21 \r\n \r\n17,492.92 $ 3,481,443.91 $ 3,106,127.58 \r\n \r\n0.00 $ 0.00 \r\n \r\n2,933.47 $ 238.80 \r\n \r\n0.00 $ 0.00 \r\n \r\n0.00 $ 0.00 \r\n \r\n-222.00 $ 222.00 \r\n \r\n113,834.18 $ 445,726.74 \r\n \r\n79,097.27 364,508.18 \r\n \r\n$ \r\n \r\no.oo s_____o..,.00_$ \r\n \r\ns 3,1n.21 \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n-69,265.28 63,193.94 \r\n-17,370.01 17,613.87 \r\n \r\n-65,299.96 69,265.28 \r\n-19,214.04 17,370.01 \r\n \r\n0.00 $ 553,733.44 $ 445,726.74 \r\n \r\n- 21 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30, 1994 \r\n \r\nASSETS Cash and Cash Equivalents Accounts Receivable \r\n \r\nREGULAR \r\n \r\nPROJECT 91-715-050 \r\n \r\nGEORGIA STATE PROJECT \r\n93/928-715-070 \r\n \r\n$ 510,410.36 $ \r\n \r\n24,339.77 $ \r\n \r\n15,028.46 \r\n \r\n16,506.80 \r\n \r\nTotal Assets \r\n \r\n$ 510,410.36 $ \r\n \r\n24,339.77 $-==3=1'==53=5=.2=6 \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nContracts Payable Retainages Payable \r\nTotal Liabilities \r\nFUND EQUITY \r\nFund Balances Reserved For State Capital Outlay Projects Unreserved Undesignated \r\nTotal Fund Equity \r\n \r\ns_ _ _16..,.9._2_s_.o_o s _ _ _1_s..._,9_2_s_.o_o \r\n \r\n$ $ 510,410.36 $ 510,410.36 $ \r\n \r\n24,339.77 ,$ \r\n \r\n14,607.26 \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n24,339.77 $ _ _ _1__4_._,_6_0_7=.2~6 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ 510,410.36 $ \r\n \r\n24,339.77 $ ========3==1=,5=3==5=.2==6 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n-22- \r\n \r\n EXHIBIT\"G\" \r\n \r\nFINANCING AND INVESTMENT COMMISSION \r\n \r\nPROJECT \r\n \r\nPROJECT \r\n \r\nPROJECT \r\n \r\n93/92$-715-071 \r\n \r\n94-715-060 \r\n \r\n94-715-061 \r\n \r\nTOTALS JUNE 30, 1994 JUNE 30, 1993 \r\n \r\n$ \r\n \r\n13,050.21 $ 126,911.00 $ \r\n \r\n0.00 $ \r\n \r\n689,739.80 $ \r\n \r\n684,741.18 \r\n \r\n11,844.00 \r\n \r\n28,350.80 \r\n \r\n179,107.01 \r\n \r\n$ \r\n \r\n24,894.21 $ 126,911.00 $ \r\n \r\n0.00 $ \r\n \r\n718,090.60 $ \r\n \r\n863,848.19 \r\n \r\n$ _ _ _11__,844_._oo_ \r\n$ - - - - - - - 11,844.00 \r\n \r\n$ $ _ __;;;2_.8,--77..;;;2...0....;...0 \r\n \r\n38,837.17 37,480.01 \r\n \r\n'$ \r\n \r\n28,772.00 $ _ _ _76__,3_1_7_.1_8 \r\n \r\n$ \r\n \r\n13,050.21 $ 126,911.00 \r\n \r\n$ \r\n \r\n178,908.24 $ \r\n \r\n183,369.65 \r\n \r\n0.00 \r\n \r\n- - - - - 0.00 $ \r\n \r\n0.00 \r\n \r\n510,410.36 \r\n \r\n604,161.36 \r\n \r\n$ \r\n \r\n13,05021 $ 126,911.00 $ \r\n \r\n0.00 $ 689,318.60 $ \r\n \r\n787,531.01 \r\n \r\n$ \r\n \r\n24,894.21 $ 126,911.00 $ \r\n \r\n0.00 $ 718,090.60 $ \r\n \r\n863,848.19 \r\n \r\n-23- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nCAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 1994 \r\n \r\nREVENUES \r\nState Funds Local and Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCapital Outlay Land and Land Improvements Building and Building Improvements Equipment \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nOperating Transfers In Operating Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \r\n:.. \r\nFUND BALANCE JULY 1 \r\n \r\nREGULAR \r\n \r\nPROJECT 91-715-050 \r\n \r\nGEORGIA STATE PROJECT \r\n93/92$-715-070 \r\n \r\n$ $ 20,081.02 \r\n$ 20,081.02 $ \r\n \r\n0.00 $ 0.00 $ \r\n \r\n54,049.67 54,049.67 \r\n \r\n$ 34,400.32 $ 54,368.70 3,705.00 \r\n$ 92,474.02 $ \r\n$ -72,393.00 $ \r\n \r\n0.00 $ \r\n0.00 $ 0.00 $ \r\n \r\n57,518.01 \r\n57,518.01 -3,468.34 \r\n \r\n$ -21,358.00 $ -21,358.00 \r\n$ -93,751.00 $ 604,161.36 \r\n \r\n0.00 $ 24,339.77 \r\n \r\n-3,468.34 18,075.60 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ 510,410.36 $ \r\n \r\n24,339.77 $ =-====1=4=,6=0=7.=26= \r\n \r\nSee notes to the general purpose financial statements. -24- \r\n \r\n EXHIBIT\"H\" \r\n \r\nFINANCING AND INVESTMENT COMMISSION \r\n \r\nPROJECT \r\n \r\nPROJECT \r\n \r\nPROJECT \r\n \r\n93/92$-715-071 \r\n \r\n94-715-060 \r\n \r\n94-715-061 \r\n \r\nTOTALS YEAR ENDED JUNE 30, 1994 JUNE 30, 1993 \r\n \r\n$ \r\n \r\n37,835.11 $ \r\n \r\n$ \r\n \r\n37,835.11 $ \r\n \r\n0.00 $ 0.00 $ \r\n \r\n0.00 $ 0.00 $ \r\n \r\n91,884.78 $ 20,081.02 \r\n111,965.80 $ \r\n \r\n336,403.57 60,734.07 \r\n397,137.64 \r\n \r\n$ \r\n \r\n$ \r\n \r\n38,828.18 \r\n \r\n$ \r\n \r\n38,828.18 $ \r\n \r\n$ \r\n \r\n-993.07 $ \r\n \r\n0.00 $ \r\n0.00 $ 0.00 $ \r\n \r\n$ 21,358.00 \r\n21,358.00 $ -21,358.00 $ \r\n \r\n34,400.32 $ 172,072.89 \r\n3,705.00 \r\n210,178.21 $ \r\n-98,212.41 $ \r\n \r\n44,518.42 666,394.15 \r\n14,586.31 \r\n725,498.88 \r\n-328,361.24 \r\n \r\n$ \r\n \r\n21,358.00 $ \r\n \r\n21,358.00 $ 639,936.05 \r\n \r\n-21,358.00 \r\n \r\n-639,936.05 \r\n \r\n$ \r\n \r\n21,358.00 $ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n-993.07 $ \r\n \r\n0.00 $ \r\n \r\n14,043.28 \r\n \r\n126,911.00 \r\n \r\n0.00 $ 0.00 \r\n \r\n-98,212.41 $ -328,361.24 \r\n \r\n787,531.01 \r\n \r\n1,115,892.25 \r\n \r\n$ \r\n \r\n13,050.21 $ 126,911.00 $ \r\n \r\n0.00 $ 689,318.60 $ 787,531.01 \r\n \r\n-25- \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE \r\nYEAR ENDED JUNE 30 1994 \r\n \r\nFUNDING AGENCY \r\nPROGRAM/GRANT \r\n \r\nCFDA \r\n \r\nAWARDS \r\n \r\nNUMBER IN PERIOD \r\n \r\nFEDERAL FUNDS RECEIVED IN PERIOD (NET OF REFUNDS) \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\nAgriculture, U. S. Department of Through Georgia Department of Education Food and Nutrition Program Food Services School Breakfast Program 1994 Grant National School Lunch Program 1993 Grant 1994Grant Food Distribution Program (1) \r\n \r\n10.553 $ \r\n* 10.555  10.555 \r\n10.550 \r\n \r\n21e,n4.78 $ \r\n799,613.99 160,367.81 \r\n \r\n21e.n4.78 $ \r\n6,304.82 791,517.05 NIA \r\n \r\n21e,n4.78 \r\n799,613.99 $ 117,678.75 \r\n \r\n(2) \r\n1,725,130.01 (3) 1171678.75 \r\n \r\nTotal U.S. Department of Agriculture \r\n \r\n$ 11236,756.58 $ \r\n \r\n110741596.65 $ 111941067.52 $ 118421808.76 \r\n \r\nEducation, U. S. Department of \r\n \r\nDirect \r\n \r\nP. L. 81-874 \r\n \r\n1994 Grant \r\n \r\n84.041 $ \r\n \r\nThrough Georgia Department of Education \r\n \r\nDrug-Free Schools and Communities Act \r\n \r\n1994 Grant \r\n \r\n84.186 \r\n \r\nElementa,y and Secondary Education Act \r\n \r\nChapter 1 \r\n \r\nEducation of Children In State Schools \r\n \r\n1993 Regular \r\n \r\n84.009 \r\n \r\n1994 Regular \r\n \r\n84.009 \r\n \r\nEducation of Deprived Children \r\n \r\n1992 Carry-Over \r\n \r\n 84.010 \r\n \r\n1993 Regular \r\n \r\n 84.010 \r\n \r\n1993 Carry-Over \r\n \r\n 84.010 \r\n \r\n1993 Carry-Over Summer School \r\n \r\n* 84.010 \r\n \r\n1994 Regular \r\n \r\n 84.010 \r\n \r\nChapter2 \r\n \r\nBlock Grant - Flow Through \r\n \r\n1994 Regular \r\n \r\n84.151 \r\n \r\nTitle II \r\n \r\nEisenhower Mathematics and Science \r\n \r\nEducation \r\n \r\n1993 Regular \r\n \r\n84.164 \r\n \r\n1994 Regular \r\n \r\n84.164 \r\n \r\nIndividuals with Disabilities Education Act \r\n \r\nTitle VI, B \r\n \r\nFlow Through \r\n \r\n1992 Carry-Over \r\n \r\n84.027 \r\n \r\n1993 Regular \r\n \r\n84.027 \r\n \r\n1993 Carry-Over \r\n \r\n84.027 \r\n \r\n1994 Regular \r\n \r\n84.027 \r\n \r\nPreschool Program \r\n \r\n1993 Regular \r\n \r\n84.173 \r\n \r\n1993 Carry-Over \r\n \r\n84.173 \r\n \r\n1994 Regular \r\n \r\n84.173 \r\n \r\nVocational Education - Basic Grants to States \r\n \r\nHigh School Program \r\n \r\nBasic Grant \r\n \r\n1993 Grant \r\n \r\n84.048 \r\n \r\n1994 Grant \r\n \r\n84.048 \r\n \r\nConsumer and Homemaking Education \r\n \r\n1993 Contract \r\n \r\n84.049 \r\n \r\nSupplementary State Grants for Facilities \r\n \r\n1993 Contract \r\n \r\n84.253 \r\n \r\n8,758.00 $ 52,059.00 \r\n2,124.00 \r\n134,380.00 34,892.00 790,607.00 47,653.00 \r\n23,399.00 \r\n14,376.00 158,110.00 \r\n11,852.00 31,089.00 \r\n51,047.50 \r\n \r\n8,758.00 $ \r\n \r\n8,758.00 \r\n \r\n52,059.00 \r\n \r\n52,059.00 $ \r\n \r\n(4) 52,059.00 \r\n \r\n890.00 2,124.00 \r\n1,233.00 104,817.47 134,380.00 \r\n611,878.00 \r\n47,653.00 \r\n \r\n2,124.00 \r\n134,380.00 34,892.00 723,539.03 \r\n47,653.00 \r\n \r\n2,124.00 \r\n134,380.00 20,366.01 \r\n723,539.03 \r\n47,653.00 \r\n \r\n23,399.00 \r\n \r\n23,399.00 \r\n \r\n238.80 20,226.73 \r\n \r\n-152.00 20,193.23 14,376.00 120,400.00 \r\n13,097.59 11,852.00 23,513.00 \r\n \r\n14,376.00 146,781.95 \r\n11,852.00 8,085.74 \r\n \r\n14,376.00 146,781.95 \r\n11,852.00 8,085.74 \r\n \r\n10,798.39 \r\n \r\n40,497.50 \r\n \r\n51,047.50 \r\n \r\n(4) \r\n \r\n700.00 \r\n \r\n1,617.00 \r\n \r\n- 26 - \r\n \r\n fQLts; SQ!::!QQL DlfilBIQI aQABQ QE EQUQAIIQN \r\nQHEQULE QE EEt:!EBAL EINANQIAL AlIANQE \r\nYEAR ENQEQ JUNE 30. 1994 \r\n \r\nSCHEDULE 1\" \r\n \r\nFUNDING AGENCY fROGBAM/GRANI \r\n \r\nCFDA NUMBER \r\n \r\nAWARDS IN PERIOD \r\n \r\nFEDERAL FUNDS RECEIVED IN PERIOD(NET OF REFUNDS) \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\nEducation, U. S. Department of Through Georgia Department of Education Vocational Education - Basic Grants to States High School Program Tech-Prep Education 1993 Grant 1994Grant Through Han County Board of Education d/b/a Piedmont Migrant Education Agency Elementary and Secondary Education Act Chapter 1 Migratory Education Program 1993 Regular 1994 Regular 1994Summer \r\n \r\n84.243 84.243 $ \r\n84.011 84.011 84.011 \r\n \r\n$ 27,221.00 \r\n14,550.88 3.469.07 \r\n \r\n6,677.00 \r\n \r\n24,817.00 $ 27,221.00 \r\n \r\n(4) \r\n \r\n76.56 14,550.88 \r\n \r\n14,550.88 $ 1.013.49 \r\n \r\n14,550.88 1.013.49 \r\n \r\nTotal U. S. Department of Education \r\nLabor, u. S. Department of \r\nThrough Coosa Valley Regional Development Center Job Training Partnership Act 17-92-20-010 17-93-20-011 \r\n \r\n$ 1.405.587.45 $ \r\n \r\n17.250 17.250 $ \r\n \r\n$ 19.015.00 \r\n \r\n1.290.205.62 $ 1.301.732.59 $ 1.191.246.63 \r\n \r\n16,588.25 $ \r\n \r\n12,312.71 $ 4.958.21 \r\n \r\n12,534.71 4.958.21 \r\n \r\nTotal U.S. Department of Labor \r\n \r\n$ 19.015.00 $ \r\n \r\n16.588.25 $ 11.210.92 $ \r\n \r\n11.492.92 \r\n \r\nTOUII Federal Financial Assistance \r\n \r\n$ 216611359.03 $ \r\n \r\n213811390.52 $ 215131071.03 $ 310571548.31 \r\n \r\nMajor Programs are Identified by an asterisk(*) in front of the CFDA number. \r\n \r\n(1) The amounls shown for the Food Distribution Program represents the Federally assigned value of normonetary auistance for donated commodities received and/or consumed by the system during the current fiscal year. \r\n(2) Expenditures for the School Breakfast Program were not maintained separately and are included in the 1994 National School Lunch Program. \r\n(3) Expenditures for this program include State, and/or Local and Other Funds. Expenditures are not maintained by fund source. \r\n(4) Expenditures on this program were not maintained by fund source. \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 27 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION ANALYSIS OF CASH AND CASH EQUIVALENTS \r\nJUNE 30, 1994 \r\n \r\nSCHEDULE \"2\" \r\n \r\nINTEREST BEARING ACCOUNTS \r\nFirst Federal Bank, Cedartown, Georgia \r\nCertificate of Deposit No. 122-24 (4.05%) \r\nNationsBank of Georgia, Cedartown, Georgia \r\nCertificates of Deposit \r\nNo. 35402-0008 (3.7%) No. 35402-0009 (3.5%) \r\nTrust Company Bank of Georgia, Cedartown, Georgia \r\nMoney Market Account (2.63%) Money Market Account (2.98%) Money Market Account (3.02%) N.O.W. Accounts (2.02%) \r\n \r\n$ 800,000.00 \r\n \r\n$ 1,200,000.00 1,000,000.oo \r\n \r\n2,200,000.00 \r\n \r\n$ 546,127.78 414,664.67 689,739.80 9,675.31 \r\n \r\n1,660,207.56 \r\n \r\n$ 4,660,207.56 \r\n \r\nSee notes to the general purpose financial statements. \r\n- 28 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION ACCOUNTS RECEIVABLE JUNE 30, 1994 \r\n \r\nSCHEDULE \"3\" \r\n \r\nCoosa Valley Regional Development Center Job Training Partnership Act \r\nEducation, Georgia Department of Food Services National School Lunch Program Vocational Education Federal Funds State Funds Lottery Program Safe Schools Grant Federal Programs ESEA - Chapter 1 Education of Deprived Children Individuals with Disabilities Education Act Title VI, B - Flow Through \r\nGeorgia State Financing and Investment Commission Reimbursement on Construction Projects \r\nGeorgia State University Reimbursement for Salary \r\nHall County Board of Education d/b/a Piedmont Migrant Education Agency Migratory Education Program \r\nPolk County Tax Commissioner . County Wide School Tax \r\nVarious Sources Reimbursement for Prior Year Audit Finding Vendor Refunds \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nGENERAL REVENUE PROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 4,958.21 \r\n \r\n$ 4,95821 \r\n \r\n$ 12,954.00 278.00 \r\n \r\n8,096.94 24,395.00 \r\n \r\n146,783.76 26,658.16 \r\n \r\n8,096.94 12,954.00 \r\n278.00 24,395.00 \r\n146,783.76 26,658.16 \r\n \r\n15,843.81 \r\n \r\n$ 28,350.80 \r\n \r\n28,350.80 \r\n \r\n15,843.81 \r\n \r\n1,013.49 \r\n112,139.92 \r\n1,851.00 2,582.19 \r\n \r\n1,013.49 \r\n112,139.92 \r\n1,851.00 2,582.19 \r\n \r\n$ 145,648.92 $ 211,905.56 $ 28,350.80 $ 385,905.28 \r\n \r\nSee notes to the general purpose financial statements. - 29 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30. 1994 \r\n \r\nSCHEDULE 4 \r\n \r\nAGENCY/FUNDING \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\nGRANTS Education, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost Pupil Transportation Regular Bus Replacement Special Instructional Assistance In-School Suspension Mid-term Adjustment Local Fair Share Educational Equalization Funding Grant Food Services Vocational Education Other State Programs Mentor Teacher Program Preschool Handicapped Program Supervision and Assessment of Student and Beginning Teachers and PerformanceBased Certification Lottery Program\u0026 Algebra Classrooms Computers in Classrooms Distant Leaming Media Center and Library Equipment Safe Schools Grant \r\n \r\n$ 11,583,095.00 1,270,879.00 370,472.00 496,691.00 149,922.00 3,307,901.00 \r\n584,m.oo 193,745.00 234,617.00 173,923.00 88,106.00 -1,917,295.00 1,533,384.00 \r\n$ 600.00 \r\n1,440.00 72,905.00 \r\n500.00 \r\n \r\n149,134.00 \r\n4,631.15 194,660.57 \r\n8,882.84 191,326.04 \r\n24,395.00 \r\n \r\n$ 11,583,095.00 1,270,879.00 370,472.00 496,691.00 149,922.00 3,307,901.00 \r\n584,m.oo 193,745.00 234,617.00 173,923.00 88,106.00 -1,917,295.00 1,533,384.00 149,134.00 \r\n600.00 \r\n1,440.00 n,so5.oo \r\n500.00 \r\n4,631.15 194,660.57 \r\n8,882.84 191,326.04 24,395.00 \r\n \r\nFinancing and Investment Commission, Georgia State Reimbursement on Construction Projects \r\n \r\n$ 91,884.78 $ \r\n \r\n91,884.78 \r\n \r\nOTHER Education, Georgia Department of Reimbursement for Computer Forms \r\n \r\n1,500.00 \r\n \r\n1,500.00 \r\n \r\n$ 18,147,162.00 $ 573,029.60 $ 91,884.78 $ 18,812,076.38 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 30 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF LOCAL AND OTHER REVENUE YEAR ENDED JUNE 30. 1994 \r\n \r\nSCHEDULE5\" \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nGENERAL REVENUE PROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \r\n \r\nTOTAL \r\n \r\nTaxes County Wide School Tax RaUroad Car Tax Real Estate Transfer Tax \r\n \r\n$ 5,229,753.17 347.36 \r\n14,234.08 \r\n \r\n$ 5,229,753.17 347.36 \r\n14,234.08 \r\n \r\nOther Donations Various Sources Indirect Cost Special Revenue Fund Interest Earned Recovery of Prior Year Questioned Cost Student Travel Reimbursements For Salaries Georgia State University Sales Lunches and Breakfast School Assets Tuition Other \r\n \r\n$ 5,605.00 \r\n12,928.83 83,554.96 $ 10,270.20 $ 20,081.02 \r\n1,851.00 \r\n \r\n5,605.00 \r\n12,928.83 113,906.18 \r\n1,851.00 \r\n \r\n47,489.42 \r\n \r\n25,832.88 \r\n15,947.50 11,476.98 \r\n \r\n580,181.43 5,752.33 \r\n \r\n47,489.42 \r\n580,181.43 25,832.88 \r\n15,947.50 17,229.31 \r\n \r\n$ 5,443,416.18 $ 596,203.96 $ 20,081.02 $ 5,605.00 $ 6,065,306.16 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 31 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30. 1994 \r\n \r\nSCHEDULE -s \r\n \r\nEXPENDITURES \r\nOperating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Compensation and Travel of Board Members Water, Sewer and Cleaning Services Repair and Maintenance Services Insurance Communications Tuition Commodity Hauling Other Purchased Services Supplies Energy Food Usage Books, Textbooks and Periodicals Dues and Fees Federal Indirect Costs Other Expenditures \r\nNonoperating Costs Land and Land Improvements Building and Building Improvements Equipment \r\nTotal Expenditures \r\n \r\nGENERAL FUND \r\n \r\nSPECIAL REVENUE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 16,361,600.29 $ 1,510,438.69 $ 17,872,038.98 \r\n \r\n3,367,211.48 \r\n \r\n316,791.08 \r\n \r\n3,684,002.56 \r\n \r\n51,160.72 \r\n \r\n10,499.24 \r\n \r\n61,659.96 \r\n \r\n207,927.71 \r\n \r\n33,825.46 \r\n \r\n241,753.17 \r\n \r\n42,630.35 \r\n \r\n42,630.35 \r\n \r\n365,012.45 \r\n \r\n3,830.34 \r\n \r\n368,842.79 \r\n \r\n84,530.67 \r\n \r\n59,199.96 \r\n \r\n143,730.63 \r\n \r\n153,867.99 \r\n \r\n153,867.99 \r\n \r\n53,625.53 \r\n \r\n4,293.96 \r\n \r\n57,919.49 \r\n \r\n15,000.00 \r\n \r\n15,000.00 \r\n \r\n9,078.58 \r\n \r\n9,078.58 \r\n \r\n37,839.57 \r\n \r\n4,289.12 \r\n \r\n42,128.69 \r\n \r\n811,543.59 \r\n \r\n226,495.05 \r\n \r\n1,038,038.64 \r\n \r\n945,250.70 \r\n \r\n5,674.19 \r\n \r\n950,924.89 \r\n \r\n780,754.60 \r\n \r\n780,754.60 \r\n \r\n334,695;87 \r\n \r\n1,020.00 \r\n \r\n335,715.87 \r\n \r\n17,219.34 \r\n \r\n2,215.00 \r\n \r\n19,434.34 \r\n \r\n12,928.83 \r\n \r\n12,928.83 \r\n \r\n8,205.18 \r\n \r\n4,036.48 \r\n \r\n12,241.66 \r\n \r\n5,251.70 54,877.90 3331495.45 \r\n \r\n496,073.33 \r\n \r\n5,251.70 54,877.90 829,568.78 \r\n \r\n$ 2312501946.49 $ 3,481,443.91 $ 26,732,390.40 \r\n \r\nSee notes to the general purpose financial statements. - 32 - \r\n \r\n PQLK SCHOOL DISTRICT BOARD Of EDUCATION SCHEDULE QF EXPENDITURES BY OBJECT LOTTERY PROGRAMS YEAR ENDED JUNE 30, 1994 \r\n \r\nSCHEDULE '7'\" \r\n \r\nEXPENPITVRES \r\nOperating Costs Supplies \r\nNonoperatingCosts Equipment \r\n \r\nALGEBRA CLASSROOMS \r\n \r\nCOMPUTERS IN \r\nCLASSROOMS \r\n \r\nDISTANT LEARNING \r\n \r\nMEDIA CENTER AND \r\nLIBRARY EQUIPMENT \r\n \r\nSAFE SCHOOLS \r\nGRANT \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n4,631.15 $ \r\n \r\n5,912.73 $ \r\n \r\n8,882.84 $ \r\n \r\n28,194.53 \r\n \r\n$ \r\n \r\n47,621.25 \r\n \r\n188,747.84 \r\n \r\n163,131.51 $ \r\n \r\n24,395.00 \r\n \r\n376~74.35 \r\n \r\nTotal Expenditures \r\n \r\n$ \r\n \r\n4,631.15 $ \r\n \r\ns_ _ _ 194,660.57 \r\n \r\na._88_2_.84_ \r\n \r\n191,326.04 $ \r\n \r\n24,395.00 $ 423,895.60 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 33 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT \r\nFIDUCIARY FUND TYPE - EXPENDABLE TRUST FUND YEAR ENDED JUNE 30, 1994 \r\nEXPENDITURES Operating Costs Clothing Medical Claims \r\nTotal Expenditures \r\n \r\nSCHEDULE a \r\n \r\n$ \r\n \r\n2,560.58 \r\n \r\n1,147.00 \r\n \r\n$-====3=,7=0=7=.5=8 \r\n \r\nSee notes to the general purpose financial statements. - 34 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 1994 \r\n \r\nSCHEDULE \"9\" \r\n \r\nMinimum Expenditure Requirements (Total Allotment) \r\nExpenditures on Combined Program Basis Salaries Operations \r\nLess: Expenditures for Media Center Programs in Excess of Total Media Allotment Expenditures for Staff Development Programs in Excess of Total Staff Development Allotment for: Cost of Instruction \r\nExpenditures per Audit \r\nAmount of Underexpenditure for Total Allotment \r\n \r\nTHIRTEEN WEIGHTED AND MEDIA CENTER \r\nPROGRAMS \r\n \r\nSTAFF DEVELOPMENT \r\nPROGRAM \r\n \r\n$ 13,809,243.00 $ \r\n \r\n149,922.00 \r\n \r\n$ 14,952,749.83 884,272.27 $ \r\n$ 15,837,022.10 $ \r\n \r\n150,039.80 150,039.80 \r\n \r\n-192,403.44 \r\n \r\n$ 15,644,618.66 $ \r\n \r\n-14,700.26 135,339.54 \r\n \r\n$ \r\n \r\n0.00 $ =====1.=.,=58=2=.4=6 \r\n \r\nSee notes to the general purpose financial statements. - 35 - \r\n \r\n eou\u003c SCHOOL DlSJRICT BOARD Of EDUCATION \r\nANALYSIS Of MINIMUM EXPENDITURE REQUIREMENTS BY PROGRAM GENERAL FUND CUALIJX BASIC EDUCATION PROGRAMS YEAB ENDED JUNE 30 1994 \r\n \r\nGENERAL AND QAREER EDUCAJIQN PROGRAMS \r\nKindergarten M Grades 1  3 M \r\nSub-Total-K-3 \r\nGrades 4  5 (\") \r\nGrades 6  8 M Grades 9  12 M High Sc:hool Laboratories M Vocational Education Laboratories M \r\nTotal General and career Education Programs \r\nSPECIAL EDUCAIIQN PROGRAMS Regular Programs Category I (\") \r\nCategaryll M CategoiylllM Category IV M \r\nItinerant SUpplemental Speech \r\nSul\u003e-Total  Regular \r\ncategory V (Gifted) M \r\nTotal Special Education Programs BEME;P!AL E;DUCAIIQN PROGRAM (~ ME;QIA CE;NTE;R PROGRAMS \r\nTotal Thirteen Weighted and Media Center \r\nSJAEE QE~LQPMENT PROGRAMS (1) \r\nCoat d Instruction Proressional DelJelopment \r\nTotal Staff DelJelopment \r\nMIdentifies Thirteen Weighted Programs. \r\nNote: (1) $17,426.55 dthe allotment for Professional Dew!lopment has been transferred to Coat d Instruction as authorized by OCGA 20-2-182. \r\nSee notes to the general pwpose financial statements. \r\n \r\nALLOTMENTS FROM DEPARTMENT OF EDUCATION \r\n \r\nREQUIRED \r\n \r\nTOTAL \r\n \r\nORIGINAL ...JL ORIGINAL \r\n \r\nMIO.TERM \r\n \r\nREQUIRED \r\n \r\n$ 1,185,716.00 \r\n \r\n$ 1,067,144.40 $ \r\n \r\n3,201.660.00 \r\n \r\n2,886,894.00 \r\n \r\n$ 4,393,376.00 90 $ 3,954,038.40 $ \r\n \r\n1,615,872.00 90 \r\n \r\n1,454,284.80 \r\n \r\n2,632,219.00 90 \r\n \r\n2,368,997.10 \r\n \r\n1,470,437.00 90 \r\n \r\n1,323,393.30 \r\n \r\n627,446.00 90 \r\n \r\n564,701.40 \r\n \r\n843,745.00 90 \r\n \r\n759,370.50 \r\n \r\n$ 11,583,095.00 \r\n \r\n$ 10,424,785.50 $ \r\n \r\n0.00 $ 1,067,144.40 \r\n \r\n0.00 \r\n \r\n2,886,894.00 \r\n \r\n0.00 $ 3,954,038.40 \r\n \r\n0.00 \r\n \r\n1,454,284.80 \r\n \r\n0.00 \r\n \r\n2,368,997.10 \r\n \r\n0.00 \r\n \r\n1,323,393.30 \r\n \r\n0.00 \r\n \r\n. 564,701.40 \r\n \r\n0.00 \r\n \r\n759,370.50 \r\n \r\n0.00 $ 10.424,785.50 \r\n \r\n$ 1,160,815.00 \r\n \r\n$ 1,044,733.50 $ \r\n \r\n88,106.00 $ 1,132,839.50 \r\n \r\n$ 1,160,815.00 90 $ 1,044,733.50 $ \r\n \r\n110,064.00 90 \r\n \r\n99,057.60 \r\n \r\n$ 1.210,879.00 \r\n \r\n$ 1,143,791.10 $ \r\n \r\n$ \r\n \r\n370,472.00 90 $ \r\n \r\n333,424.80 $ \r\n \r\n$ \r\n \r\n496,691.00 90 $ \r\n \r\n447.021.90 $ \r\n \r\n88,106.00 $ 0.00 \r\n881106.00 $ 0.00 $ 0.00 $ \r\n \r\n1,132,839.50 99,057.60 \r\n1.231.897.10 333,424.80 447,021.90 \r\n \r\n$ 13,721,137.00 \r\n \r\n$ 12,349,023.30 $ \r\n \r\n88,106.00 $ 12,4371129.30 \r\n \r\n$ \r\n \r\n51,171.55 100 $ \r\n \r\n51,171.55 $ \r\n \r\n98,750.45 100 \r\n \r\n98,750.45 \r\n \r\n$ 149,922.00 \r\n \r\n$ \r\n \r\n149,922.00 $ \r\n \r\n0.00 $ 0.00 \r\n \r\n51,171.55 98,750.45 \r\n \r\n0.00 $ \r\n \r\n149,922.00 \r\n \r\n$ 13,871,059.00 \r\n \r\n$ 12,498,945.30 $ \r\n \r\n88,106.00 $ 12,587,051.30 \r\n \r\n 36  \r\n \r\n SCHEDULE \"10\" \r\n \r\nREQUIRED ALLOTMENT \r\n \r\nDISTRIBUTION BY RESPECTIVE PORTIONS \r\n \r\nSALARIES \r\n \r\nAMOUNTOF \r\n \r\nUNOEREXPENOITURE \r\n \r\nFOR REQUIRED \r\n \r\nREQUIRED \r\n \r\nACTIJAL \r\n \r\nALLOTMENT \r\n \r\nALLOTMENT \r\n \r\nOPERATIONS ACTIJAL \r\n \r\nAMOUNTOF UNDEREXPENOITURE \r\nFOR REQUIRED ALLOTMENT \r\n \r\n$ 1,041,204.60 $ 1,154,585.93 \r\n \r\n21801,756. 7 0 \r\n \r\n219541189.86 \r\n \r\n$ 3,842,961.30 $ 4,108,TT5.79 $ \r\n \r\n1,413,054.90 \r\n \r\n1,709,439.67 \r\n \r\n2,303,973.90 \r\n \r\n2,831,005.02 \r\n \r\n1,269,459.00 \r\n \r\n1,724,408.70 \r\n \r\n541,TT8.40 \r\n \r\n675,267.28 \r\n \r\n667,514.70 \r\n \r\n9041243.46 \r\n \r\n$ 10,038,742.20 $ 11,953,139.92 $ \r\n \r\n$ \r\n \r\n25,939.80 $ \r\n \r\n36,408.91 \r\n \r\n85,137.30 \r\n \r\n155,092.73 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n111,on.10 $ \r\n \r\n191,501.64 $ \r\n \r\n0.00 \r\n \r\n41,229.90 \r\n \r\n63,661.82 \r\n \r\n0.00 \r\n \r\n65,023.20 \r\n \r\n107,418.68 \r\n \r\n0.00 \r\n \r\n53,934.30 \r\n \r\n95,880.49 \r\n \r\n0.00 \r\n \r\n22,923.00 \r\n \r\n29,365.54 \r\n \r\n0.00 \r\n \r\n911855.80 \r\n \r\n1011153.27 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n386,043.30 $ \r\n \r\n588,981.44 $ \r\n \r\n0.00 0.00 0.00 0.00 0.00 0.00 0.00 \r\n \r\n$ \r\n \r\n19,566.90 $ \r\n \r\n27,399.75 \r\n \r\n231,185.70 \r\n \r\n304,504.59 \r\n \r\n713,785.50 \r\n \r\n1,000,217.82 \r\n \r\n52,176.60 \r\n \r\n266,851.41 \r\n \r\n2,130.30 \r\n \r\n865.80 \r\n \r\n$ \r\n \r\n923.40 $ \r\n \r\n1,110.33 \r\n \r\n4,557.60 \r\n \r\n5,036.97 \r\n \r\n106,003.40 \r\n \r\n168,469.65 \r\n \r\n1,644.30 \r\n \r\n2,568.18 \r\n \r\n$ 1,019,710.80 $ 1,598,973.57 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n113,128.70 $ \r\n \r\n1TT,185.13 $ \r\n \r\n0.00 \r\n \r\n961527.70 \r\n \r\n213,847.67 $ \r\n \r\n0.00 \r\n \r\n21529.90 \r\n \r\n2,590.07 $ \r\n \r\n0.00 \r\n \r\n$ 111161238.50 $ 11812,821.24 \r\n \r\n$ \r\n \r\n115,658.60 $ \r\n \r\n1791TT5.20 \r\n \r\n$ \r\n \r\n3271967.20 $ \r\n \r\n607,749.50 s \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n5,457.60 $ \r\n \r\n5,460.36 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n352,634.40 $ \r\n \r\n579,039.17 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n94,387.50 $ \r\n \r\n110,055.27 $ \r\n \r\n0.00 \r\n \r\n$ 1118351582.30 $ 141952,749.83 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n6011547.00 $ \r\n \r\n8841272.27 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n51,171.55 $ \r\n \r\n65,871.81 $ \r\n \r\n98 750.45 \r\n \r\n84167.99 \r\n \r\n0.00 14 582.46 \r\n \r\n$ \r\n \r\n149,922.00 $ \r\n \r\n150,039.80 s _ _ __,.,14...58...,.2..4..6,.. \r\n \r\ns s 11 835,582.30 14,952,749.83 s _ _ _ _ _ _o._oo_ 1 \r\n \r\n$ \r\n \r\ns s_ _ _ 751,469.oo \r\n \r\n11034,312.01 \r\n \r\n_,.,14..,.5.8.2...4...6. \r\n \r\n- 37 - \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS \r\nYEAR ENDED JUNE 30, 1994 \r\n \r\nSCHEDULE \"11\" \r\n \r\nBOARD MEMBER ADDRESS \r\nMr. Jerry E. Baldwin, Chairman (*) 3609 Rockmart Highway Cedartown, Georgia 30125 \r\nDr. John Atha (*) Monarch Drive Rockmart, Georgia 30153 \r\nMr. Bobby Brooks 501 W. Ellawood Avenue Cedartown, Georgia 30125 \r\nMr. Greg Forrister(*) 36 Bradshaw Drive Cedartown, Georgia 30125 \r\nMrs. Betty Fay Lewis(*) 180 Flint Hill Road Aragon, Georgia 30104 \r\nMr. Rick Lundy (*) 303 Marshall Street Cedartown, Georgia 30125 \r\nMr. John H. Moore (*) P. 0. Box845 \r\n- Cedartown, Georgia 30125 \r\nMr. Odell Owens (*) 902 Jones Street Cedartown, Georgia 30125 \r\nMr. Guy Rutland (*) 2474 Rockmart Highway Cedartown, Georgia 30125 \r\nMr. Tommy Sanders(*) P.O. Box209 205 Marquette Road Rockmart, Georgia 30153 \r\n \r\nCOMPENSATION \r\n \r\nTRAVEL \r\n \r\n$ \r\n \r\n5,500.00 $ \r\n \r\n5,111.66 \r\n \r\n2,050.00 \r\n \r\n248.00 \r\n \r\n850.00 \r\n \r\n2,750.00 \r\n \r\n692.70 \r\n \r\n2,450.00 \r\n \r\n70.50 \r\n \r\n900.00 \r\n \r\n70.05 \r\n \r\n3,500.00 \r\n \r\n4,337.52 \r\n \r\n4,700.00 \r\n \r\n4,794.09 \r\n \r\n1,200.00 \r\n \r\n279.03 \r\n \r\n2,900.00 \r\n \r\n226.80 \r\n \r\n(*) Denotes Board Members Serving as of June 30, 1994 \r\n \r\n$ \r\n \r\n26,800.00 $ ====1=5,=83=0=.3=5 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 38 - \r\n \r\n SECTIONil COMPLIANCE \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR (404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 6, 1995 \r\n \r\nHonorable Zell Miller, Governor Members of the General Assembly Members of the State Board ofEducation \r\nand Superintendent and Members ofthe Polle School District Board ofEducation \r\nCOMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the general purpose financial statements ofthe Polk School District Board ofEducation as ofand for the year ended June 30, 1994, and have issued our report thereon dated March 6, 1995. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \r\nExcept as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards and 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 general purpose financial statements are free of material misstatement. \r\nWe did\"not observe the taking of either the Federal donated commodities inventory or the purchased foods inventory at June 30, 1994, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. \r\nCompliance with laws, regulations, contracts, and grants applicable to Polle School District Board ofEducation is the responsioility ofthe Board's management. As part of obtaining reasonable assurance about whether the general purpose financial statements are free of material misstatement, we performed tests of the Board's compliance with certain provisions oflaws, regulations, contracts, and grants. However, the objective of our audit of the financial statements was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion. \r\n \r\n94CRL-10 \r\n \r\n The results of our tests indicate that, with respect to the items tested, the Polle School District Board of Education complied, in all material respects, with the provisions referred to in the preceding paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the Board had not complied, in all material respects, with those provisions. \r\n \r\nThis report is intended for the information of management, the Federal cognizant audit agency and other \r\n \r\nFederal grantor agencies. This restriction is not intended to limit the distribution of this report which is a \r\n \r\nmatter ofpublic record. \r\n \r\n \r\n \r\nRespectfully submitted, \r\n~-~ \r\nClaude L. Vickers \r\nState Auditor \r\n \r\nCLV:gp 94CRL-10 \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR (404) 6562174 \r\n \r\nDEPARTMENT OF AUDITS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 6, 1995 \r\n \r\nHonorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation \r\nand Superintendent and Members ofthe Polk School District Board ofEducation \r\n \r\nSINGLE AUDIT REPORT ON COMPLIANCE WITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS \r\n \r\nLadies and Gentlemen: \r\n \r\nWe have audited the general purpose financial statements of the Polk School District Board ofEducation as ofand for the year ended June 30, 1994, and have issued our report thereon dated March 6, 1995. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's !eport on the general purpose financial statements. \r\n \r\nWe have applied procedures to test the Polk School District Board of Education's compliance with the following requirements applicable to each of its Federal financial assistance programs, which are listed in the Schedule ofFederal Financial Assistance, for the year ended June 30, 1994: \r\n \r\n(1) Political Activity \r\n \r\n(5) Allowable Costs/Cost Principles \r\n \r\n(2) Civil Rights \r\n \r\n(6) Drug-Free Workplace Act \r\n \r\n(3) Cash Management \r\n \r\n(7) Audit Follow-Up/Resolution \r\n \r\n(4) Federal Financial Reports \r\n \r\n(8) Administrative Requirements \r\n \r\nOur procedures were limited to the applicable procedures described in the Office ofManagement and Budget's \"Compliance Supplement for Single Audits of State and Local Governments.. and other additional procedures as deemed necessary. Our procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the Board's compliance with the requirements listed in the preceding paragraph. Accordingly, we do not express such an opinion. \r\n \r\n94CRL-40 \r\n \r\n With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph of this report. With respect to items not tested, nothing came to our attention that caused us to believe that Polk School District Board ofEducation had not complied, in all material respects, with those requirements. \r\nThis report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \r\nRespectfully submitted, \r\n~~ \r\nClaude L. Vickers State Auditor \r\nCLV:gp 94CRL-40 \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR (404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 6, 1995 \r\n \r\nHonorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation \r\nand Superintendent and Members ofthe Polk School District Board ofEducation \r\n \r\nSINGLE AUDIT OPINION ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS \r\n \r\nLadies and Gentlemen: \r\n \r\nWe have audited the general purpose financial statements ofthe Polk School District Board ofEducation as ofand for the year ended June 30, 1994, and have issued our report thereon dated March 6, 1995. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \r\n \r\nWe have also audited the Polk School District Board of Education's compliance with the requirements governing: \r\n \r\n(1) Types of Services ,._ Allowed or Unallowed \r\n \r\n(5) Applicable Special Tests and Provisions \r\n \r\n(2) Eligibility \r\n(3) Matching, Level ofEffort, and/or Earmarking \r\n \r\n(6) Other Requirement Claims for Advances and Reimbursements \r\n \r\n(4) Reporting \r\n \r\nThese requirements are applicable to the major Federal financial assistance programs, which are identified in the Schedule ofFederal Financial Assistance, for the year ended June 30, 1994. The management ofthe Polk School District Board ofEducation is responsible for the Board,s compliance with those requirements. Our responsibility is to express an opinion on compliance with those requirements based on our audit. \r\n \r\n94CRL-80 \r\n \r\n Except as discussed in the following paragraph, we conducted our audit of compliance in accordance with generally accepted auditing standards; Government Auditing Standards, issued by the Comptroller General of the United States; and Office ofManagement and Budget (0MB) Circular A-128, \"Audits of State and Local Governments\". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether material noncompliance with the requirements referred to above occurred. An audit includes examining, on a test basis, evidence about the Polk School District Board of Education's compliance with those requirements. We believe that our audit provides a reasonable basis for our opinion. \r\nWe did not observe the taking of either the Federal donated commodities inventory or the purchased foods inventory at June 30, 1994, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. However, this matter has no affect on the Board's compliance with the requirements listed in the second paragraph ofthis report. \r\nIn our opinion, the Polk School District Board of Education complied, in all material respects, with the requirements as disclosed in the second paragraph that are applicable to its major Federal financial assistance programs for the year ended June 30, 1994. \r\nThis report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \r\nRespectfully submitted, \r\ncY~~ \r\nClaude L. Vickers State Auditor \r\nCLV:gp 94CRL-80 \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR (404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 6, 1995 \r\n \r\nHonorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation \r\nand Superintendent and Members ofthe Polle School District Board ofEducation \r\n \r\nSINGLE AUDIT REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS \r\n \r\nLadies and Gentlemen: \r\n \r\nWe have audited the general purpose :financial statements of the Polk School District Board ofEducation as ofand for the year ended June 30, 1994, and have issued our report thereon dated March 6, 1995. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditors report on the general purpose financial statements_ \r\n \r\nIn connection with our audit ofthe fiscal year 1994 general purpose financial statements ofthe Polk School District Board of Education and with our consideration of the Board's internal control structure used to administer Federal financial assistance programs, as required by Office ofManagement and Budget (0MB) Circular A-128, \"Audits of State and Local Governments\", we selected certain transactions applicable to certain nonmajor Federal financial assistance programs for the year ended June 30, 1994. As required by 0MB Circular A-128, we have performed auditing procedures on the selected transactions to test compliance with the requirements governing: \r\n \r\n(1) Types of Services Allowed or Unallowed \r\n \r\n(2) Eligibility \r\n \r\nOur procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the Polle School District Board ofEducation's compliance with these requirements. Accordingly, we do not express such an opinion_ \r\n \r\n94CRL-120 \r\n \r\n With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the Polk School District Board of Education had not complied, in all material respects, with those requirements. \r\nThis report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \r\nRespectfully submitted, \r\n~~ \r\nClaude L. Vickers State Auditor \r\nCLV:gp 94CRL-i20 \r\n \r\n SECTION ID INTERNAL CONTROL \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR (404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 6, 1995 \r\n \r\nHonorable Zell Miller, Governor Members ofthe General Assembly Members of the State Board ofEducation \r\nand Superintendent and Members ofthe Polle School District Board ofEducation \r\nREPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the general purpose financial statements of the Polk School District Board ofEducation as ofand for the year ended June 30, 1994, and have issued our report thereon dated March 6, 1995. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. \r\nExcept as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards, and 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 general purpose financial statements are free ofmaterial misstatement. \r\nWe did' not observe the taking of either the Federal donated commodities inventory or purchased foods inventory at June 30, 1994, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. \r\nIn planning and performing our audit of the general purpose financial statements of the Polk School District Board ofEducation for the year ended June 30, 1994, we considered the internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the general purpose financial statements and not to provide assurance on the internal control structure. \r\nThe management ofthe Polle School District Board ofEducation is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives ofan internal control structure are to provide management with reasonable, but not absolute, \r\n94ICL-3 \r\n \r\n assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation ofgeneral purpose financial statements in accordance with generally accepted accounting principles. Because ofinherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to risk that procedures may become inadequate because of changes in conditions or that the effectiveness ofthe design and operation of policies and procedures may deteriorate. \r\n \r\nFor the purposes of this report, we have classified the significant internal control structure policies and procedures in the following categories: \r\n \r\n(I) Cash and Cash Equivalents \r\n \r\n(6) Employee Compensation \r\n \r\n(2) Inventories \r\n \r\n(7) General Ledger \r\n \r\n(3) Revenue/Receivables/Receipts \r\n \r\n(8) General Fixed Assets \r\n \r\n(4) Procurement \r\n \r\n(5) Expenditures/Liabilities/ Disbursements \r\n \r\nFor all ofthe internal control categories listed above, we obtained an understanding ofthe design ofrelevant policies and procedures and whether they have been placed in operation, and we assessed control risk. \r\n \r\nWe noted a certain matter involving the internal control structure and its operation that we consider to be a reportable condition under standards established by the American Institute ofCertified Public Accountants. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control structure that, in our judgment, could adversely affect the entity's ability to record, process, summarize, and report financial data consistent with the assertions of management in the general purpose financial statements. \r\n \r\nAs descnbed in the Schedule ofFindings and Improper or Questioned Costs, a reportable condition was noted in the following control category: \r\n \r\nGeneral Fixed Assets \r\n \r\nA material weakness is a reportable condition in which the design or operation ofone or more ofthe specific internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the general purpose financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. \r\n \r\nOur consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might Qe reportable conditions and, accordingly, would not necessarily disclose all \r\n \r\n94ICL-3 \r\n \r\n reportable conditions that are also considered to be material weaknesses as defined above. However, we believe that the reportable condition disclosed above is also considered to be a material weakness. \r\nThis condition was considered in determining the nature, timing, and extent ofthe procedures to be performed in our audit of the Polle School District Board of Education's financial statements and this report does not affect our report thereon dated March 6, 1995. \r\nThis report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter ofpublic record. \r\nRespectfully submitted, \r\n~~ \r\nClaude L. Vickers State Auditor \r\nCLV:gp 94ICL-3 \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR (404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nMarch 6, 1995 \r\n \r\nHonorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation \r\nand Superintendent and Members of the Polle School District Board ofEducation \r\nSINGLE AUDIT REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS \r\nLadies and Gentlemen: \r\nWe have audited the general purpose financial statements of the Polle School District Board ofEducation as ofand for the year ended June 30, 1994, and have issued our report thereon dated March 6, 1995. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We have also audited the Board's compliance with requirements applicable to major Federal financial assistance programs and have issued our opinion thereon dated March 6, 1995. \r\nExcept as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards; Government Auditing Standards, issued by the Comptroller General ofthe United States; and the provisions of Office ofManagement and Budget (0MB) Circular A-128, \"Audits of State and Local Governments\". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement and about whether the Polk School District Board of Education complied with laws and regulations, noncompliance with which would be material to a major Federal financial assistance program. \r\nWe did not observe thetaking of either the Federal donated commodities inventory or purchased foods inventory at June 30, 1994, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. \r\nIn planning and performing our audit for the year ended June 30, 1994, we considered the Board's internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the general purpose :financial statements and on its compliance with requirements applicable to major Federal \r\n94ICL-5 \r\n \r\n financial assistance programs and to report on the internal control structure in accordance with 0MB Circular A-128. This report addresses our consideration ofinternal control structure policies and procedures relevant to compliance with requirements applicable to Federal financial assistance programs. We have addressed internal control structure policies and procedures relevant to our audit of the general purpose financial statements in a separate report dated March 6, 1995. \r\n \r\nThe management ofthe Polle School District Board ofEducation is respoilSlble for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs ofinternal control structure policies and procedures. The objectives ofan internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of general purpose financial statements in accordance with generally accepted accounting principles, and that Federal financial assistance programs are managed in compliance with applicable laws and regulations. Because ofinherent limitations in any internal control structure, errors, irregularities or instances ofnoncompliance may nevertheless occur and not be detected. Also, projection ofany evaluation ofthe structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness ofthe design and operation of policies and procedures may deteriorate. \r\n \r\nFor the purposes of this report, we have classified the significant internal control structure policies and procedures used in administering Federal financial assistance programs in the following control categories: \r\n \r\nGENERAL REQUIREMENTS \r\n \r\nSPECIFIC REQUIREMENTS \r\n \r\n(1) Political Activity (2) Civil Rights (3) Cash Management (4) Federal Financial Reports \r\n \r\n(1) Types of Services Allowed or Unallowed \r\n(2) Eligibility \r\n(3) Matching, Level ofEffort, and/or Earmarking \r\n \r\n(5) Allowable Costs/Cost Principles \r\n \r\n(4) Reporting \r\n \r\n(6) Drug-Free Workplace Act (7) Audit Follow-Up/R.esolution (8) Administrative Requirements \r\n \r\n(5) Applicable Special Tests and Provisions \r\n(6) Other Requirement Claims for Advances and Reimbursements \r\n \r\nFor all of the internal control structure categories listed above, we obtained an understanding of the design ofrelevant policies and procedures and whether they have been placed in operation, and we assessed control risk. \r\n \r\n94ICL-5 \r\n \r\n During the year ended June 30, 1994, the Polk School District Board ofEducation expended 67% ofits total Federal financial assistance under major Federal financial assistance programs. \r\nWe performed tests of controls, as required by 0MB Circular A-128, to evaluate the effectiveness of the design and operation of internal control structure policies and procedures that we considered relevant to preventing or detecting material noncompliance with general requirements and specific requirements as descnbed above that are applicable to each ofthe Board's major Federal financial assistance programs, which are identified in the Schedule ofFederal Financial Assistance. Our procedures were less in scope than would be necessary to render an opinion on these internal control structure policies and procedures. Accordingly, we do not express such an opinion. \r\nOur consideration of the internal control structure policies and procedures used in administering Federal financial assistance would not necessarily disclose all matters in the internal control structure that might constitute material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a reportable condition in which the design or operation of one or more ofthe internal control structure elements does not reduce to a relatively low level the risk that noncompliance with laws and regulations that would be material to a Federal financial assistance program may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control structure and its operation that we consider to be material weaknesses as defined above. \r\nThis report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. \r\nRespectfully submitted, \r\n~~ \r\nClaude L. Vickers State Auditor \r\nCLV:gp 94ICL-5 \r\n \r\n SECTION IV FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1994 \r\nPRIOR YEAR \r\nAUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $13,949.91 Audit Control Number 7151-93-02 \r\nThe audit report for the year ended June 30, 1993, disclosed that the Staff Development - Professional Development Stipends Program had an underexpenditure of Quality Basic Education (QBE) funds of $13,949.91 for the required minimum allotment. For the year under review, no adjustment was made to the Board's local fair share by the Georgia Department ofEducation to refund this underexpenditure as required. The underexpenditure of$13,949.91 should be returned to the Georgia Department ofEducation through an increase in the Board's local fair share for QBE programs in a subsequent fiscal year. \r\nAUDIT FOLLOW-UP/RESOLUTION Improper Expenditure - Students' Travel Financial Statements Finding Resolved Audit Control Number 7151-93-03 \r\nThe audit report for the year ended June 30, 1993, noted that payments of $1,851.00 were made from the General Fund for student travel for extracurricular and interscholastic activities which were not an integral part ofthe total school program.: During the year under review, reimbursement of this expenditure had not been deposited to the Board's General Fund. However, payments of$1,851.00 were secured and deposited to the Board's General Fund in the subsequent period and this amount is included in the Accounts Receivable as shown on the Combined Balance Sheet, Exhibit \"A\", ofthis report. \r\nAUDIT FOLLOW-UP/RESOLUTION Overpayment of Annual Leave Financial Statements Amount: $2,252.55 Audit Control Number 7151-93-04 \r\nThe audit report for the year ended June 30, 1993, reported an overpayment to the former Superintendent, Mr. Ernest Burch, for fifteen days of accrued annual leave upon his retirement in the amount of $2,252.55. Neither the Board's leave policy nor the Superintendent's contract provided for this payment. During the year under review, reimbursement ofthis expenditure was not obtained. Appropriate action should be taken by the Board to secure reimbursement of the $2,252.55 for deposit to the Board's General Fund. \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1994 \r\nPRIOR YEAR \r\nAUDIT FOLLOW-UP/RESOLUTION Delegation of Superintendent's Duties Financial Statements Finding Resolved Audit Control Number 7151-93-05 \r\nThe audit report for the year ended June 30, 1993, stated that expenditures in the amount ofSl,683,587.56 were made under the authoriz.ation ofthe Food Services Director. Georgia Code Annotated Section 20-2-109 provides, in part, that\"...the local school superintendent shall be the agent of the local board in procuring such school equipment and materials as it may order\". In the year under review, the practice of disbursing funds under the authorization of the food services director was discontinued. \r\nAUDIT FOLLOW-UP/RESOLUTION Reimbursement Requisitions not Supported by Accounting Records Federal Financial Assistance Finding Resolved Audit Control Number 7151-93-06 \r\nThe audit report for the year ended June 30, 1993, stated that the Board's financial records for the Job Training Partnership Act (CFDA 17.250) program administered by the Board and funded through a cost reimbursement contract with Coosa Valley Regional Development Center, Contract No. 17-92-20-010, failed to support $222.00 ofexpenditures reported on the Board's claim for reimbursement. During the year under review, additional documentation was provided which indicated that expenditures were properly charged to the program. Additionally, the Board implemented procedures to assure that all such program reimbursement requisitions will be supported by the Board's accounting records as required. \r\nPRIOR YEAR/CURRENT YEAR \r\nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 7151-93-01 \r\nThe audit report for the year ended June 30, 1993, noted that the management of the Polk School District Board ofEducation had chosen not to maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. In the year under review, no action was taken by the Board to establish this account group. This condition results in the general purpose financial statements of the Board being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Board to establish accounting controls and procedures to provide for maintenance of a General Fixed Assets Account Group. These subsidiary records should include an inventory ofland, buildings and equipment owned by the Board and should include but may \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1994 \r\nPRIOR YEAR/CURRENT YEAR \r\nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 7151-93-01 \r\nnot be limited to date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. \r\nCURRENT YEAR \r\nEXPENDITURES/LIABILITIES/DISBURSEMENTS Failure to Meet Expenditure Requirements Financial Statements Nonmaterial Noncompliance Amount: $14,582.46 Audit Control Number 7151-94-01 \r\nFor the year under review, the Board reported to the Georgia Department ofEducation on DE form 0420 \"General Fund QBE Program Expenditure Summary\" expenditures totaling $65,871.81 for the Staff Development - Cost ofInstruction Program. A review ofthe underlying source documentation for the Quality Basic Education (QBE) Program disclosed that the Board expended more than 15 percent of its initial allotment offunds for Professional Development Stipends for StaffDevelopment - Cost ofInstruction Program purposes resulting in an underexpenditure of$14,582.46 for the minimum required allotment of$98,750.45 for the StaffDevelopment - Professional Development Stipends Program. \r\nThis questioned cost resulted from management's reliance on incorrect information received from the Georgia Department of Education, resulting in a violation of the Official Code of Georgia 20-2-182. These funds \r\nshould be returned to the Georgia Department ofEducation through an increase in the Board's local fair share \r\nfor the QBE programs in a subsequent fiscal period. \r\n \r\n SECTIONV PERTINENT VIEWS OF RESPONSIBLE OFFICIALS \r\n \r\n POLK SCHOOL DISTRICT BOARD OF EDUCATION SCHEDULE OF PERTINENT VIEWS OF RESPONSIBLE OFFICIALS \r\nYEAR ENDED JUNE 30, 1994 \r\nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 7151-93-01 \r\nWe concur with this recommendation. Due to current staffing limitations and budgetary considerations prohibiting the hiring of additional administrative staffthe Board has decided not to pursue the recording of general fixed assets on the financial statements. \r\nEXPENDITURES/LIABILITIES/DISBURSEMENTS Failure to Meet Expenditure Requirements Financial Statements Nonmaterial Noncompliance Amount: $14,582.46 Audit Control Number 7151-94-01 \r\nWe concur with this finding. This finding will be resolved by Georgia Department of Education through a future increase in Board's local fair share portion of QBE Allotment. \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":6,"first_page?":true,"last_page?":true},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":6}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"creator_facet","items":[{"value":"Georgia. 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