Comprehensive Annual Financial Report Ending June 2011

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Fayette County Board of Education Management's Discussion and Analysis June 30, 2011 The Statement of Activities presents information showing how the School System's net assets changed during the current fiscal year. All of the current year's revenues and expenses are accounted for in the Statement of Activities, regardless of when cash is received or paid. Therefore, some revenues and expenses are reported here that will only result in cash flows in future years, such as uncollected property taxes and earned but unused vacation leave. Additionally, this statement shows how much of the School System's activities are funded by program revenue (charges for services, State funding, grants and contributions) and how much of the School System's functions rely on general revenues (primarily taxes) for funding. Fund Finamial StatementJ Traditional users of governmental financial statements will fmd the fund fmancial statements presentation more familiar. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Fayette County School System, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All funds of the School System can be divided into three categories: governmental funds, proprietary funds and fiduciary funds. Governmental funds - Governmental funds are used to account for essentially the same functions reported as governmental activities in the system-wide financial statements. However, this set of financial statements focuses on events that produce near-term inflows and outflows of spendable resources as well as on the balances of spendable resources available at the end of the fiscal year. Because the focus of governmental funds is narrower than that of the system-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the system-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term fmancing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Fayette County School System maintains twenty-four individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures and changes in fund balances for the General Fund, the Debt Service Fund, and the Capital Projects SPLOST Fund, each of which are considered to be a major fund. Data from the other twenty-one governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements on pages 73-87 of this report. The Fayette County School System adopts an annual appropriated budget for its General Fund. A budgetary comparison statement has been provided for the General Fund to demonstrate its compliance with this budget. One should note that the budget is not prepared on the same basis as accounting principles generally accepted in the United States of America ("USGAAP"). A reconciliation of general fund revenues and expenditures on a USGAAP basis and on the budgetary basis is provided in Note B to the fmancial statements. Proprietary funds -The financial statements of the School System include one internal service fund: the Workers' Compensation Fund. Internal service funds are a type of proprietary fund used to accumulate and allocate costs internally among various functions within the School System. 18
Fayette County Board of Education Management's Discussion and Analysis June 30, 2011 Basic proprietary fund financial statements can be found on pages 41-43 of this report. Fiduciary funds - Fiduciary funds are used to account for resources held for the benefit of parties outside of the School System. Fiduciary funds are not reflected in the system-wide fmancial statements because the resources of those funds are not available to support the School System's own programs. The basic fiduciary fund fmancial statements can be found on pages 44-45 of this report. Notes to the fmancial statements- The notes provide additional information that is essential to a full understanding of the data provided in the system-wide and fund financial statements. Notes to the financial statements can be found on pages 47-71 of this report. Other information - In addition to the basic financial statements and the notes that accompany them, this report includes combining fund statements referred to earlier and schedules of the special local option sales tax (SPLOS1), lottery program and the Georgia Quality Basic Education (QBE) Program. This other information follows the notes to the financial statements. System-wide Financial Analysis As noted earlier, changes in net assets over time can be a useful indicator of a School System's fmancial position. At the end of the fiscal year ending June 30, 2011, the School System's assets exceeded liabilities by $219,597,590. The following summarizes the components to the School System's net assets at June 30, 2011 and 2010: Current assets Capital assets Other assets Total assets Current liabilities Long-term liabilities Total liabilities Net assets Invested in capital assets, net of related debt Restricted Unrestricted Total net assets $ $ 92,695,830 255,778,958 297,166 348,771,954 39,687,321 89,487,043 129,174,364 172,653,135 26,335,635 20,608,820 219,597,590 19 $ 83,113,428 262,908,072 330,405 346,351,905 42,212,131 97,445,839 139,657,970 169,508,268 8,971,932 28,213,735 $ ==2=06=,6=93=,9=3=5
Page 1 and 2: FAYETTE COUNTY BOARD OF EDUCATION F
Page 3 and 4: Table of Contents INTRODUCTORY SECT
Page 5 and 6: STATISTICAL SECTION (unaudited) Fay
Page 7 and 8: INTRODUCTORY SECTION
Page 9 and 10: Dr. Jeff Bearden Superintendent Dec
Page 11 and 12: As with most of Georgia and the nat
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Page 16 and 17: Purchasing Agent Co ordinator I nte
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Page 22 and 23: Accounting principles generally acc
Page 26 and 27: Fayette County Board of Education M
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Page 37 and 38: Requests for Information Fayette Co
Page 39 and 40: Basic Financial Statements 33
Page 42: Fayette County Board of Education B
Page 45: Fayette County Board of Education R
Page 48 and 49: Revenues Local and other funds Tota
Page 50 and 51: ASSETS Cash Investments Total asset
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Page 55 and 56: Fayette County Board of Education N
Page 59: Fayette County Board of Education N
Page 66: NOTE I- LONG-TERM DEBT General Obli
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Fayette County Board of Education N
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Combining Statements and Schedules
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Revenues Fayette County Board of Ed
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Drug Free Tide II $ - $ - 7,453 381
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ASSETS Cash Investments Due from ot
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Fayette County Board of Education T
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Revenues Local and other funds Tota
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Fayette County Board of Education A
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ADDITIONAL FINANCIAL INFORMATION 10
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Expenditures Operating costs Salari
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STATISTICAL SECTION This part of th
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2007 2006 2005 2004 2003 $ 141,200,
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2007 2006 2005 2004 2003 (B) $ 139,
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Fiscal Year 2007 2006 2005 2004 200
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Overlapping Governments City of Cit
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Collections in Total Collections to
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Special Purpose Local Option Other
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2011 $ 2010 2009 2008 2007 2006 200
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Governmental Unit Debt repaid with
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2007 2006 2005 2004 2003 2002 $ 465
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2006 70,860 675 519 52,725 450 358
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2006 94,179 800 469 94,179 800 732
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2006 2005 2004 2003 2002 139,581 13
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2006 2005 2004 2003 2002 2001 102 9
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2007 2006 2005 2004 2003 2002 337,3
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Sources: Note 1: Note 2: Fayette Co
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Comprehensive Annual Financial Report Ending June 2011

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