Comprehensive Annual Financial Report Ending June 2011

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Fayette County Board of Education NOTES TO FINANCIAL STATEMENTS- CONTINUED June 30, 2011 NOTE C- DEPOSTS AND INVESTMENTS- continued Interest rate risk. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. However, the School System does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. Custodial Credit Risk. Custodial credit risk is the risk that, in the event of failure of a depository financial institution or of counterparties to investment transactions, the School System will not be able to recover deposits, investments or collateral securities that are in the possession of an outside party. The School System follows Georgia State law which requires bank balances to be covered by federal deposit insurance or by collateral held by the School System's agent in the School System's name. As of June 30, 2011, the School System was not exposed to custodial credit risk for investments. NOTED- DUE FROM OTHER GOVERNMENTS Due from other governments consists of grant reimbursements due primarily from the Georgia Department of Education. NOTE E -TAXES RECEIVABLE Property taxes were levied on September 1, 2010, based on property values assessed as of January 1, 2010, and were considered past due if not paid on or before November 15, 2010, at which time the applicable property is subject to lien, and penalties and interest may be assessed. State law limits the School System's tax levy for operations to 20 mills (one mill equals $1 per thousand dollars of assessed value). Taxes levied in calendar year 2010 were levied at 20.00 mills for operations and 1.65 mills for school bonds. In addition, Fayette County designates a portion of its intangible and transfer taxes for school purposes. Intangible and transfer taxes are collected by Fayette County Superior Court on behalf of the School System. Tax revenues, at the fund reporting level, amounted to $93,533,419 for maintenance and operations and $17,361,966 for school bonds. A one percent Special Purpose Local Option Sales Tax (SPLOST) is to be used for capital outlay for educational purposes and for debt service. The State of Georgia will terminate collection of this tax once a total of $115,000,000 has been collected or on March 31, 2014, whichever occurs first. SPLOST revenues, at the fund reporting level, amounted to $18,649,793 as of June 30, 2011. 56
Fayette County Board of Education NOTES TO FINANCIAL STATEMENTS- CONTINUED NOTE E -TAXES RECEIVABLE- continued June 30, 2011 At June 30, 2011, taxes receivable, at the fund reporting level, consisted of the following: • $2,312,881 (net of $1,191,484 in allowances for doubtful accounts) in delinquent property taxes receivable was recognized as receivable and as deferred revenue, • $1,527,359 of property tax was recognized as receivable and as revenue because it was considered susceptible for accmal based on collections within 60 days of year end, • $1,676,746 of SPLOST receipts recognized as receivables and as revenue because it was considered susceptible for accmal based on collections within 60 days of year end, • and $119,668 of intangible and transfer taxes collected by the Superior Court of Fayette County on behalf of the School System. NOTE F- INTERFUND RECEIVABLES AND PAYABLES At June 30, 2011, interfund receivables and payables consisted of the following: RECEIVABLE FUNDS Non-Major Funds General School Bond \'\! orkers' Fund Nutrition 2007 Comrensation Total PAYABLE FUNDS General Fund $ $ $ $ 668,000 $ 668,000 SPLOST Non-Major Funds: 18,008 18,008 Nutrition Service 284,900 284,900 Title I 115,739 639 116,378 IDEA 447,174 447,174 Vocational Grants 23,070 23,070 Dmg Free 1,024 1,024 Title II 22,629 22,629 Title III 20,395 20,395 Building Connections 22,112 22,112 Family Connections 14,119 14,119 After School 18,496 18,496 $ 951,162 $ 19,135 $ 18,008 $ 668,000 $ 1,656,305 Interfund balances resulted from the time lag between receiving and recognizing certain revenues and meeting temporary cash flow requirements. 57
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FAYETTE COUNTY BOARD OF EDUCATION F
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Table of Contents INTRODUCTORY SECT
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STATISTICAL SECTION (unaudited) Fay
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INTRODUCTORY SECTION
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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
Page 28: Fayette County Board of Education M
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
Page 79 and 80: Combining Statements and Schedules
Page 83: Revenues Fayette County Board of Ed
Page 89: Drug Free Tide II $ - $ - 7,453 381
Page 92 and 93: ASSETS Cash Investments Due from ot
Page 95: Fayette County Board of Education T
Page 100: Fayette County Board of Education T
Page 108: 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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Fayette County Board of Education T
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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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