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 tax digest was expected to decrease at least 4%. Additionally, the maintenance and operations millage rate was already at the 20.00 mill maximum. • A continued poor economy with high foreclosure and unemployment levels may have a negative effect on property tax collections. • Federal stimulus money through the American Recovery and Reinvestment Act (ARRA) and the Jobs Bill was spent, with little likelihood that the Federal government would continue to prop up local governments. • The State may continue to reduce State aid allocations to local school districts, even after the fiscal year started. Administration also considered that as significant reductions were made in 2010 and 2011, there were few areas left to cut widwut greatly impacting student learning and achievement. Administration's goals to the 2012 budget were to 1.) maintain educational programs, 2.) maintain employee salary scales that were restored during the year, 3.) maintain benefit supplements paid by the School System, and 4.) maintain the employee work year without furloughs. By working collaboratively, system leaders built a spending plan with budget reductions in almost every department and instructional area. Additionally, due to careful spending during the last two years, the School System placed itself in a position of having fund balance available to make up for shortfalls between revenues and expenditures. As a result, the Board approved a budget that included an appropriation of fund balance of$16.4 million but also met administration's goals. During the last phases of the budget process, it became clear that the budgetary concerns for the School System are for fiscal year 2013. Administration is concerned with skyrocketing health insurance costs, increases to employer contributions to the Teachers' Retirement System (TRS), and inflationary increases in general operating costs such as bus fuel and electricity. Relief in the way of additional revenue appears remote at this time. Therefore, administration immediately began working to develop a plan for the 2013 budget after the fiscal year 2012 budget was passed. Even with tl1e anticipated decline in tax revenue, the School System was able to maintain the debt service millage rate at 1.65 mills. The School System budgeted $4.2 million of SPLOST receipts to be used toward the principal and interest payments on 2005 General Obligation Bonds. Additionally, the debt service fund has a fund balance of approximately $4.0 million to make up for any shortfalls in tax collections. During 2012, the School System will continue to use sales tax receipts from the 2008 SPLOST to fund capital improvements, including computer replacements, technology upgrades, bus purchases and safety and facilities improvements. Due to the timing of election cycles and the SPLOST life span, School System administration will also be working on developing a plan to present a continuation of the SPLOST in a referendum to the voters of the county in late 2013. This alternative funding source has been extremely vital to the School System over the last several years and will continue to be significant. As a result of its passage, technology replacements and upgrades can continue without impacting other budgetary decisions. Additionally, by shifting the funding for items that had been previously budgeted in the General Fund (such as annual textbook purchases) to the SPLOST fund, more General Fund money will be available for operating costs. 30
Requests for Information Fayette County Board of Education Management's Discussion and Analysis June 30, 2011 This fmancial report is designed to provide a general overview of the School System's fmances for all those ·with an interest in the School System's finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to Laura Brock, Comptroller, P.O. Box 879, Fayetteville, Georgia, 30214. 31
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
Page 18 and 19: Fayette County Board of Education L
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Page 22 and 23: Accounting principles generally acc
Page 24 and 25: Fayette County Board of Education M
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Page 35: Fayette County Board of Education M
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
Page 79 and 80: Combining Statements and Schedules
Page 83: 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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Page 145 and 146:
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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